ML20076E722
| ML20076E722 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 03/15/1983 |
| From: | Brown R MAINE PUBLIC SERVICE CO. |
| To: | |
| Shared Package | |
| ML20076E650 | List: |
| References | |
| NUDOCS 8308240651 | |
| Download: ML20076E722 (20) | |
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8308240651 830727 ,1 PDR ADOCK 05000 I
directors eXCCUi5Ve Officers RALPH A. BROWN C. HAZEN STETSON
, I* President and Chairman of the Board f Chief Executive Officer
~
/' FRANK E. LIVINGSTON
- p G MELVIN HOVEY Treasurer. Secretary Vice President and Clerk Engineenng and Operations CLARENCE E. CAMBRIDGE DON ALD A. LINDSAY Assistant Secretary ce President-Subsidiary RALPH A. BROWN C. HAZEN STETSON President and Chief Executive Chairman of the Board. PAUL R CARIANI OHicer. Maine Public Service Maine Public Service Company' Assistant Treasurer Company, Presque Isle. Maine Presque Isle, Maine contents President's Letter 1 OC -
Analysis of Financial Condition and Review of Operations 2
'/ Financial Statements and Notes 5-16
. _;;,e Auditors' Opinion 17 DONALD F. COLLINS D. JAMES DAIGLE Consolidated Financial Statistics 18-19 President. President.
S. W. Collins Co. David D Daigle Farms. Inc. Five-Year Summary of Canoou. Maine. Fort Kent. Maine and Selected Financial Data 20 Chairman. Acoostook Trust Orlando, Florida Company. Canbou. Maine Eleven-Year Operating Statistics Inside f
Back Cover
,j ,
ANNUAL MEETING: Second Tuesday en May.
PRINCIPAL OFFICE. 209 State Street, Presque Isle. Maine 04769 r I N
N' Transfer Agent: Manufacturers Hanover Trust
\. Company New York M. Stock Registrar: Common Stock-Manufacturers Hanover Trust Company New York G. MELVIN HOVEY THOMAS S. PINKHAM Vice President- General Manager, pera o s a ne Ashi d Ma ne Public Service Company l
T k / / N s
IRWIN F. PORTER WALTER M. REED. JR.
Director. President.
Northern National Bank. Reed Farms. Inc..
Presque Isle. Maine Fort Fairfield. Maine
5 1982 was $31,144,070, up $1,870,257,6.4% over 1981.
[)TCS[(/Cnl S [CllCT More importantly, total base revenues, which exclude the effects of fuel, rose $2,479,722, an increase of to our Stockholders and 15.1% over 1981 Such improvement was basically due Emplovces '
to rate increases received in 1981 and 1982, and the increase in firm customer sales previously mentioned.
The Company's 1982 hydro production at 95.8% of normal, was considerably below 1981, which was one A number of important events occurred in 1982 which of the highest years of record (143% of normal), The have and willimpact significantly on your Company. below normal water flow, in addition to the ten week refueling period for the Maine Yankee nuclear plant, I am pleased to report that a second referendum to increased the Company's reliance on oil fired genera-close the Maine Yankee Nuclear Plant was defeated' tion. However, due to falling oil prices, the impact on This second initiative petition to end the use of nuclear our customers was not great. The Company's genera-power for producing electricity in the State of Maine ting mix in 1982, consisted of nuclear providing 37.2%
af ter Novem,ber 2,1987, received sufficient signatures of its energy, hydro 21.5%, and fossil fuel 41.3%.
to bring the issue to referendum on November 2,1982.
If this referendum had passed, our customers' electric The Company's consolidated earnings per share bills would have increased drastically, since approxi- rose $1.91 (47.3%) to $5.95 compared to $4.04 in 1981.
mately 40% of the Company's load requirements Earnings continue to be heavily influenced by large would need to be replaced with higher cost generation. amounts of AFUDC (Allowance for Funds Used Dur-In 1981 the Public Utilities Commission initiated an ing Construction) arising from heavy borrowings I
investigation into the power supply, planning and pur- needed for the large construction program.
chases of fMac PMc QMce CGmpany which finally Lower interest rates and inflation will have a very came to an end after almost a year and one-half. Bas- positive impact on the Company, as it will reduce sig-ically the investigation was directed towards the nificantly the cost of new construction and the cost of Company's investment in the Seabrook Nuclear Plant money to finance that construction.
being constructed in Seabrook, New Hampshire. This investigation was combined with another docket aris. Ef fective March 1,1983, the Company had a change ing from a Company requested retail rate increase. in executive officers. Frank E. Livingston, Treasurer, The combined rate order provided for an annualized Secretary and Clerk, retired af ter 35 years of loyal and retail rate increase for the Company of $1.393.108. dedicated service. The Company's Board of Directors This, together with retail rate increases granted in elected Paul R. Cariani to succeed Mr. Livingston.
1982, and increases pending approval by the Federal Your Company is relatively small when compared to Energy Regulatory Commission with respect to our many other electric utilities. However, the Company wholesale customers, will raise the Company s annual revenue by approximately $2.6 million. The same has many dedicated and highly competent employees, order requires that the Company make a good-faith ef- who over the years have contributed in large measure fort to sell 50% of its Seabrook . 4 nership. This deci- toward the reliable electric service to which the Com-sion was based upon the Public Umities Commission s pany has provided its customers at reasonable and belief that the Company s projected load to the year competitive costs. Your Company's rates at the pre-2000 would only increase at an average annual rate of sent time are among the lowest in New England.
five tenths (.5) of one per cent. The Company is pursuing new load management Your Company believes such a forecast to be un- techniques, co-generation possibilities, and has an realistically low. The Company's load requirements ongoing conservation program designed to reduce the since the oil embargo of 1973, have increased at ar{ Company's need for new high cost generation facil-average rate of 3.5% per year, and the Company's 1982 ities.
firm load requirements adjusted for abnormalities ac- Canada, and in particular the Provinces of Quebec tually rose 3.7% over 1981. (Load requirements unad- and New Brunswick, has been farsighted and aggres-justed grew 6.1%.) sive in its construction of new power generation, and Public Service Company of New Hampshire, the th refore has some lower cost surplus power avail-lead participant in the Seabrook nuclear units. an- a a nounced another significant cost increase for the con- Your Company's service area is located adjacent to struction of these units. in-service dates have been the Canadian border. Consequently the Company extended to December,1984 for Unit 1 and July,1987 since 1957 has enjoyed economies from the purchase for Unit 2. This new cost estimate will raise the Com- and sale of power with New Brunswick. We hope and pany's expected total cost, including Allowance for expect this very desirable relationship to continue.
Funds Used During Construction, to approximately
$95 million, including nuc! car fuc!. We wish to thank all of our stockholders, employees, and customers for their valued support.
Of course, such significant cost increases cause the .
Company's management to be concerned. The Com. Sincerely, j pany has and may continue to have dif ficulty financing its share of the Seabrook construction costs.
j,f/
Firm sales continue to increase and were /
[
l 538.805.000 KWh. up 5.7% over 1981. Total kilowatt- . A"M-st/
hour sales were 558,057,000, down 2.2% from 1981.
The decrease resulted entirely from reduced surplus sales to other utilities due to lower hydro production Ralph A. Brown and a ten week shutdown of the Maine Yankee nuclear President plant for refueling. Total consolidated revenue for Presque Isle, Maine March 15,1983 1
Analysis of Financial Condition and Review of Operations-1982 Revenues and Energy Sales that this amount will not be collected until a future ac-counting period.)
tm,ued Consolidated 1982 con- Hydro production during 1982 achieved a level of to establishoperating revenues new highs, reachingfor$31,144,070. 95.8% of normal compared with a record water year in This amount exceeded revenues of the previous year 1981, which recorded hydro output reaching 143.0% of by $1,870,257 and those of 1980 by $3.354,430. Base- normal, and a 1980 production of 95.4% of normal. A rate revenue, excluding fuel cost recoveries, increased total of 128,101 MWh was generated in the hydro by $2,479,722, or 15.1% over 1981, and were plants in 1982 compared with 191,698 MWh in 1981
$4,360,042 greater than 1980. This two-year growth in and 127,630 MWh in 1980. Because of the much lower revenues is related to retail rate increases, which be- hydro-generation, more energy was purchased from came effective June 10,1981, August 6,1981 Sep- outside sources in 1982. Such ourchases totaled tember 18,1981, June 1,1982 and December 1,1982 431,475 MWh compared with 365,947 MWh in 1981.
along with an increase on the wholesale level effective Nuclear energy purchases from Maine Yankee Atomic February 1,1982. The annualized amounts of these Power Company (Maine Yankee) are contingent upon rate increases totaled approximately $5,000,000 that plant's capacity factor and were 33,771 MWh less though the full annual eff,ect has not yet been realized. than the 256,068 MWh purchased from that source in The Subsidiary also received an increase in its whole- the previous year due to refueling of the unit in late sale rate, effective November 1,1982, though that rate 1982.1980 purchases of such nuclear energy were has yet to rec,eive final approval by regulatory author- 216,252 MWh. Energy purchased from Maine Electric sty. During this year, as m the past, the major portion Power Company (MEPCO) was up from 37,824 MWh of fuel costs were imbedded in the base rates, with in 1981 to 71,406 MWh in 1982 arising from a 5 MW in-only the related, changes in the levels of such costs crease in capacity entitlement from that source begin-beer;g reflected in fuel adjustment revenues. In sum- ning November 1,1981, acquired from other New mary, fuel cos England utilities. A combination of below-normal tinued to dech,tne re::overies recorded in revenues in 1982 ($12,132,825) con-as compared hydro conditions and less nuclear energy from Maine with 1981 ($12,735,897) and with 1980 ($13,166,792). Yankee resulted in a greater need to buy power from This decline reflects the positive effects of fuel price The New Brunswick Electric Power Comrnission stabilization that h, ave been passed on to ratepayers in (NBEPC). Thus, purchases from NBEPC increased the three-year penod. from 72,037 MWh in 1981 to 137,740 MWh in the 1982 Energy sales of 558,057 MWh were 2.2% less than calendar year.
those for 1981, but were 3.4% above sales in 1980. In The total cost of purchased power increased fro.n comparing 1982 with 1981, sales to residential custo- $11.323,103 in the previous year to $16,020,231 in mers increased by 0.8% and the commercial and 1982, whereas such costs in 1981 were lower by mdustrial-small customers registered a comparably $1,428,870 than those of 1980 ($12,751.973). Pur-small 0.7% gain for the year. Conversely, commercial chased power expense from NBEPC was 70.8% higher and industriallarge customers posted a 1.8% decrease than the year before, while purchases from MEPCO for the year, while combined street and area lighting recorded a substantial 66.6% increase over 1981.
sales declined 3.8% from those of 1981. Sales to other public authorities posted an 8.3% gain, much of which in 1982, fossil fuel prices continued at a relatively is attributable to additional sales to Loring Air Force stable level. This trend was due in large part to con-Base. The least impressive classification was the sales tinued conservation coupled with abnormally warm for resale category, which in 1982 registered an 11.2% weather in the last quarter of 1982. It is not possible to decline from such sales in 1931. The primary reason predict when fuel prices will resume their upward spi-for this decline was sales to The New Brunswick Elec- ral, but it seems safe to assume that the present oil glut tric Power Commission, which were lower due to a re- will not be long-term in nature.
turn to more normal water conditions from the Operating expenses of the steam plants declined by the e e na r ve - Io s n 19 1, sale's EP $771,549 in 1982 as compared with the previous year's were 21,459 MWh greater than in 1980. A steady growth steam operations expense. Most of this reduction in firm sales has occurred during the recent three (93.3%) may be attributed t,o decreased generatio years, from 480,245 MWh in 1980 to 509.741 MWh in and a consequent reductio,n m use of fuel at the Can,n-1981, and then to 538,805 MWh in 1982. Additional in- bou and Wyman Units. Diesel operating costs were formation on revenues, sates, etc., may be found in the less than last year by $17.448, mostly related to re-duced production requirements from the diesel units.
eleven-year consolidated operating statistics sum-mary that appears near the end of this report. Production maintenance expenses were 56.8%
($178,355) more than m 1981. This increase may be at-tributed to higher scheduled maintenance charges from the steam units at Caribou and to an unusual amount of maintenance required at the Tinker plant in 1982. Steam maintenance expenses went from Operating Expenses $172,389 in 1980 to $140,669 in 1981 and $208,316 in 1982, while Tinker costs of maintenance were approx- .
Deferred fuel expenses in 1982 were a negative imately $118,000, $59.000, and $185,000, respectively. l
$1,357,278 compared with a positive $2.256.127 re- j corded in the previous year and a positive $929,114 in Operation and maintenance of the transmission sys-the year before that. (A positive deferred fuel expense tem incurred expenses which were above those of indicates that a similar amount has been collected in 1981 by 2.6%, up from $1,020,477 to $1,047,030. In revenues, a negative deferred fuel expense signifies turn,1981 transmission maintenance costs were 4.8%
2
over the $974,120 of 1980. Increased maintenance of cilities required the expenditure of $315,400. Distribu-overhead lines was the largest factor in the current tion line extensions, rebuilds, and highway relocations year's increase. Distribution operation and mainte- were $697,800 and improvements to the transmission nance charges were 9% higher than those in 1981, with system required $39,700. Street lighting, general increases occurring in numerous accounth in that ex- equipment, and miscellaneous items absorbed the penso class. A 17% increase in records and collection remaining $157,300.
enpenses (from $304,464 to $356,170) caused overall customer accounts expense to rise 12.5% or $78,784 Cash expenditures m. 1981 are expected to to,tal ap-since 1981. Customer service and information rose by proximately $15,900,000, including an estimated 6.2% for the recent year from $142,731 to $151,665. $3,500,000 for mterest on borrowed funds used during Administrative and general expenses showed a 16.7% construction. The major portion of the total will be for increase over last year, up from $2,409,441 to the Company's share of the continuing construction of
$2,811,934. The primary reason for this increase is Seabrook Units 1 and 2, which is estimated at about regulatory commission expenses that increased 294.4% $14,000,000 for the year meluding expenditures for
($438,618) from 1980 to 1981, and 49.1% ($288,661) nuclear fuel. Transmission improvements will require from 1981 to 1982. Excluding regulatory expenses, the about $300,000, while distribution expenditures will net increase in administrative and general accounts approximate $1,223,000. The remaining $377,000 is was held to 6.2% from 1981 to 1382 and to 6.0% from budgeted for numerous miscellaneous improvements 1980 to 1981. and needed equipment throughout the consolidated system.The Company's share of the cost of Seabrook i
Depreciation and amortization expense decreased Units 1 and 2, including nuclear fuel, is presently esti-by $6,960 for the year, as a result of computer software mated at $94,918.600, including allowance for funds I being fully amortized in 1982. Taxes other than in- used during construction of $37,301,500. Unit 1 is ex-I come taxes charged against income in 1982 were up pected to be in-service on December 31,1984 and Unit l $87,208, reflecting higher property taxes, more social 2 on July 31,1987.
security taxes, and an increase of about $20,000 in the assessment by the Maine Public Utilities Commission.
Including deferred taxes and investment tax credit ad-justments, income taxes charged to operating ex-penses went from a positive $168.800 to a negative
($168,793) f rom 1980 to 1981 and declined further to a Affiliated Companies negative ($272,394) in 1982. The current provision for income taxes decreased from $346,885 in 1981 to a The Company owns 100% of the Common Stock negative ($693,776) in 1982, which is due to an operat- (except for directors' qualifying shares) of Maine and ing tax loss carry-back to prior years. The annual pro. New Brunswick Electrical Power Company, limited, vision for deferred income taxes relating to deferred hereinafter referred to as the Subsidiary. The Sub-fuel expense was $563,410 in 1982 compared with a sidiary owns and operates the Tinker Station which is negative ($1,071,987) in the previous year. Deferred primarily a hydro generating facility located in the income taxes related to accelerated depreciation of Province of New Brunswick, Canada, just a few miles property and other minor deferrals totaled $500,526 in across the international border. Tinker station has five 1982 versus $372,494 in the previous year, investment hydro units with a total capacity of 34,300 kilowatts tax credit adjustments charged to income in 1982 were and a small diesel unit of 1,000 kilowatts. As a re-a negative ($340,924) compared with $196,107 in 1981. quirement of its Charter, the Subsidiary serves the As a result of the operating tax loss carry-back, de- communities of Andover, Perth and Carlingford in ferred taxes were reduced by $289.338. New Brunswick, with the remaining energy being ex-ported to the Parent Company in Maine.
As an owner of 5% of the Common Stock of the Maine Yankee Atomic Power Company (Maine Yan-kee), the Parent Company is entitled to approximately I
COnStruCllOn 5% of the output from Maine Yankee's 850,000-
. kilowatt nuclear plant located in Wiscasset, Maine.
The Company and its Subsidiary expended Maine Yankee has proved to be a very economical
$12.46,1,895 on , additions, replacements and equip- source of energy for the Company and its customers, ment in 1982, including allowances for borrowed due to its low fuel cost. Except for hydro energy, funds used during construction amounting to which has no fuel cost, nuclear energy is the most
$2,964,020. Of that total amount approximately economical of all sources available to the Company
$11,101,000 was expended for progress payments on and its customers. Fuel costs would be considerably the Company's 1.4,6% int,erest in Seabrook Units 1 and higher without the availability of large amounts of nu-2, nuclear generating units being constructed by Pub- clear energy' lic Service Company of New Hampshire, and interest on related borrowed funds. Additional work on William The Company also owns 7.49% of the Common F. Wyman Unit 4, a jointly owned, oil-fired unit being Stock of Maine Electric Power Company, Inc., here-operated by Central Maine Power Company required inafter referred to as MEPCO. MEPCO owns and
$43,400, but a refund of $51,700 from an insurance operates a 345-kilovolt transmission line about 180 recovery was received during the year, reducing miles in length, which connects The New Brunswick Wyman Unit 4. charges to a negative $8.300. The re- Electric Power Commission (NBEPC) system with the construction of the Caribou dam required $40,300 for New England Power Pool. In addition, MEPCO has
, completion. Improvements to the transmission line contracts with NBEPC under which it purchases Ca-from Presque Isle to Mapleton necessitated the ex- nadian energy and sells it to various New England util-penditure of $79,300 for the first year of a two-year iiies. The Company presently has entitlements of 13.4 project. Approximately $39,400 was expended for volt- megawatts of MEPCO capacity, which includes 10 age conversions and substation improvements. Meters, megawatts assigned to it by two other New England services, transformers and other customer-related fa- utilities. This transmission line also provides the major 3
route through which the Company's share of Maine pation in the construction of Seabrook Units 1 and 2.
Yankee and Wyman Unit 4 energy is delivered to the in January of 1983, the Company issued $9,000,000 Company's system. principal amount of 14% Debentures due 1990 and
$7,000,000 principal amount of 13%% First Mortgage and Collateral Trust Bonds due 1992. The proceeds of these financings were used to reduce the short-term bank notes then outstanding. Secause of lower water Regulatory Proceedings conditions and abnormaiiy hi 9h maintenance costs, the Subsidiary increased its short-term bank borrow-On January 14,1982, the Company filed for a rate ings by $50,000, leaving a balance of $150,000 (Cana-increase with the Maine Public Utilities Commission dian funds) outstanding at year end.
(MPUC). The .MPUC issued an ~ Interim Order" on May Many stockholders took advantage of the Com-28,1982, based on the parties to the proceeding enter- pany's Dividend Reinvestment and Stock Purchase ing into a Stipulation of Selected issues. In the Stipula- Plan (DRIP), which became effective on January 1, tion the parties agreed to an increase in annual 1982, and as a result 11.077 shares of common stock revenues of $558,393, and, at the same time, the tem- were issued under the Plan, thereby increasing com-porary rate relief authorized by the MPUC on Sep- mon equity $191,179. In addition to the DRIP,5.520 tember 11,1981 became permanent. The Commission shares of Common Stock were issued under the Em-further ordered a consolidation of this rate case ployce Stock Ownership Plan, resulting in an increase (MPUC Docket #82-5) and the Investigation of Power in common equity of $102.802. The stockholders by a Supply Planning and Purchases (MPUC Docket #81- substantial majority voted to increase the authorized 114). On November 30,1982, the MPUC concluded its shares of Common Stock from 1,000,000 to 2,000,000 investigation as a result of a stipulated agreement by shares at the May 11,1982 Annual Meeting. The Com-all parties requiring the Company to put forth its best pany did not have a large Common Stock issue in efforts to sell fifty percent of its investment in Sea- 1982.
brook Units 1 and 2. A retail rate increase of
$1,393,108 was also granted in the order which ended Due to the Company's heavy construction program, the investigation. internal cash generation provided only approximately 10% of construction requirements, with the remainder The Company filed a Wholesale rate request with financed through short-term bank loans. Construction the Federal Energy Regulatory Commission (FERC) requirements are estimated to be $15.9 million (in-on December 31,1981. An interim increase of approx- cluding $3.5 million AFUDC) in 1983 with approxi-imately $335,000, subject to refund, became effective mately $12.3 million expected to come from outside February 1,1982. On August 18,1982, the FERC ap- financing, principally debt borrowing, though limited proved the requested rate increase in the annual equity issues may be undertaken sometime during the amount of approximately $289,000 in place of the year.
$335,000 approved on February 1,1982, subject to re-fund. The amounts of over-collections were refunded by the Company on October 5,1982, including interest in accordance with FERC regulations.
On September 7,1032, the Company and its whole- Employees sale customers jointly filed with FERC a , final Setti,e- The total number of permanent employees in-ment Agreement which is intended to maintain panty creased to 177 from 174 in 1982. Total payroll costs for between wholesale and retail rates. On December 3, the Company were $3,720.146 compared to $3,432,830 1982, the Company filed with FERC the, Order of the in 1981, Union employees o, the Parent Company re-MPUC granting a $1,393,108 retail rate increase. On ceived an 8% increase effective October 1,1982, and December 6,1982, the Company filed a new rate tariff non-union hourly employees received an 8% wage in-with FERC requesting approval of a further increase of crease effective December 1,1982. Non-union salaried
$244,214 in wholesale rates. The Company is pre- employees were increased the same percentage on sently awaiting final approval from the FERC. February 1,1983. The Subsidiary is currently involved The Subsidiary has completed rate negotiations in contract negotiations with the International Broth-with its Canadian wholesale customers, and is await. erhood of Electrical Workers.
ing final approval by the New Brunswick Board of Commissioners of Public Utilities. The new rate rep-resents a $110,000 increase in revenues, and is being phased in during the months of November,1982 through May,1983 by agreement with the Canadian customers. It will be necessary to change the inter- General company contract between the Parent Company and the Subsidiary, which changes will have to be ap- The Parent Company provides electric service to proved by the National Energy Board of Canada. Aroostook County and a small area of Penobscot County in Northern Maine. An area of approximately 3,600 square miles is served, with a relatively sparse population.
On November 2,1982, an initiated bill, An Act to End Financial Conditions tne Use of Nuclear Power for Producing Electricity in Five Years was presented to Maine voters. This bill Bank notes at year end were $24,700,000 for the l would have prohibited the operation of the Maine Parent Company, reflecting additional short-term bor- Yankee Nuclear Plant after November 2,1987. We are rowings for the year of $11.200.000. This increase in pleased to report that the people of Maine rejected this bank notes is primarity due to the Company's partici- bill by a 56% to 44% margin.
4
Maine Public Service Company and Subsidiary w -
/ x statements of consolidated income Year Ended December 31, 1982 1981 1980 Operating Revenues. ...... .. ... . .. .. . . $31,144,070 $29.273,813 $27,789,640 Operating Expenses Operation:
Power Purchased . . ... . .. .. . . .. ... 16,020,231 11,323,103 12,751,973 Other .... ..... .. .. . . ... .... . . . ..... . 6,868,087 10,693.918 8,013,782 Maintenance . . . . . . . . . . . .. .. . .. ... ... .. . . 1,067,742 824,415 916,875 Depreciation (Note 1) . . . .. ... 1,756,007 1.762,967 1,770,604 Taxer Other Than income ..... ... .. ... ... 993,157 905,949 878,008 State income .. ..... .... .. ...... .... ... . (141,086) 57,951 21,832 U.S. and Canadian Federal Income (Note 5):
Current............................... .. . (552,690) 288,934 132,317 Deferred-Related to Deferred Fuel Expenses. .. . . 563,410 (1,071,987) (462,162)
Other Deferred-Net . ... . . 198,896 360.251 458,419 Investment Tax Credits . . ... . .. . .. (340,924) 196.107 18.317 Total Operating Expenses . . . .. 26,432,830 25,341.608 24,499,965 Operating income . . . . . .. . .. .. 4,711,240 3,932,205 3.289.675 Other income (Deductions)
Equity in income of Associated Companies (Notes 1 & 3) . . 333,661 344,669 339,635 Allowance for Equity Funds Used During Construction (Note 1).................... . 1,813,859 758,416 652,191 Foreign Exchange Gain (Loss) . . ... ... .. . .. 270 (38,161) (21,845)
Other-Net . . . . . . .... . . .. . . (36,574) (24,413) 16,012 Total .. ..... . . . .. . .... . ... 2,111,216 1.040,511 985,993 Inc:me Before Interest Charges. . . .... . ... .... . 6,822.456 4,972.716 4,275,668 Int: rest' Charges Long-Term Debt and Notes Payable . . . . . . . . . . . .. 5,126,050 4,330,755 3 263,503 Less Allowance for Borrowed Funds Used During Construction (Note 1) . . . .. .... .... (2,964,020) (2,655,497) (1,475,677)
Tota l . . . . . . . . . . . . .. . .. . .. 2,162,030 1,675,258 1,787,826 N;t income . . . . . . . . . . . . . . . . . . ... . . 4,660,426 3,297,458 2,487.842 Dividends on Preferred Stock . . . . .... ... . . . . .. 541,918 549,211 556,509 N;t income Available for Common Stock . .. . $ 4,118,508 $ 2,748,247 $ 1,931.333 _
Errnings Per Share of Common Stock . . .. . .. . $5.95 $4.04 $2.66 I Av: rage Shares Outstanding . . . . .. . .. . 692,694 680,885 675,723 l
i l
See Notes to Consolidated Financial Statements.
5
As of December 31,1982, there were 699,807 shares of Common Stock outstanding. Shares were held by 3,297 shareholders located in all fifty states, the District Market Price Dividends of Columbia. Canada and the Virgin Islands. The Company's Common Stock is listed and traded on the gh . Low Pold Per Shore American Stock Exchange. Only Common Stock- First Quarter - 15% --- 14 $0.48 holders are allowed to vote at the annual meeting, ex- Second Quarter 15%. - 14% 0.48 cept in the event of default (considered unlikely) . Third Quarter 15% - '13% 0.48 under the provisions of the Articles of incorporation relating to Preferred Stock, or as may be required by Fourth Quarter . 15% --' 13% 0.48 applicable law. There were 89 shareholders of the 1982 7.780 shares of 4.75% Preferred Stock outstanding, while three institutional investors owned the 27,300 First Quarter 16% ' - 14%- 0.48 shares outstanding of 9%% Preferred Stock. Two in- Second Quarter - 19 . ' - 15% 0.53 :
surance companies own the 80,000 shares of 9%% Pre- Third Quarter 20 % - 17% 0.53 ferred Stock. The Annual Meeting of Stockholders is . Fourth Quarter held each year on the second Tuesday in May at the 23% - 20 0.53 Company's headquarters in Presque Isle.
Dividend data and market prices related to the Common Stock are tabulated as follows for the two most recent calendar years:
l Maine Public Service Company and Subsidiary statements of consolidated preferre Redeemable Cumulative Preferred Stock 4.75% Series 9%% Series Shares Amount Shares Amount Balance, January 1,1980 . 11,380 $569,000 30,000 $1,500,000 Net income . . . . .
Dividends:
Preferred Stock . . . . . . . . . . .. .
Common Stock ($1.92 per share) .
Stock issued-Common Stock . . . . .
Stock repurchased-Preferred Stock (1.200) (60,000) (900) (45,000)
Miscellaneous charge . ..
Balance, December 31,1980 . . 10,180 509,000 29.100 1,455.000 Net income . . . . .. .
Dividends:
Preferred Stock . . . . . . . . ....
Common Stock ($1.92 per share) .
Stock issued-Common Stock . . . . .
Stock repurchased-Preferred Stock (1,200) (60,000) (900) (45,000)
Dalance, December 31,1981 . 8,980 449,000 28,200 1,410,000 Net income . . . . .
Dividends:
Preferred Stock . . . . . . . ... ...
Common Stock ($2.12 per share) .
Stock issued-Common Stock . . . . .
Stock repurchased-Preferred Stock (1,200) (60,000) (900) (45,000)
Balance, December 31,1982 . 7.780 $389,000 27.300 $1,365.000 See Notes to Consolidated Financial Statements.
6
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stock and common shareholders' equity Common Shareholders' Equity Common Stock Additional 9%% Series Pald-in Retained Shares Amount Shares Amount Capital Earnings 80,000 $4,000,000 673,025 $4,711,175 $1,697,256 $11,818,810 2,487,842 (556,509)
(1,297,388) 5,282 36,974 53,566 22,735 (52,984) 80,000 4,000,000 678,307 4,748,149 1,773,557 12,399,771 3,297,458 (549,211)
(1,307,303) 4,903 34,321 37,636 14,130 80,000 4,000,000 683,210 4,782,470 1,825,323 13,840,715 4.660,426 (541,918)
(1,468,709) 16,597 116,179 177,803 18.031 80,000 $4,000,000 699,807 $4,898,649 $2,021.157 $16.490.514 7
Maine Public Service Company and Subsidiary consolidatea December 31, assets 1982 1981 Utility Plant (Notes 1 and 4)
Electric Plant in Service . .. . .. . .. . ... $58,816,961 $57,917,773 Less Accumulated Depreciation.. . . .. ... . . . 22,989,753 21.501.312 Net Electric Plant in Service.. . .. . . . 35,827,208 36,416.461 Construction Work-in-Progress .. . . . . . . . . . 41,750,930 28,772.536 Total . . . . . . .. .... . . .... 77,578,138 65,188.997 investments in Associated Companies (Notes 1 and 3)
Maine Yankee Atomic Power Company . .. . . .. . . 3,339,405 3,340.577 Maine Electric Power Company, Inc. . . . . . . . . . . . . . . 76,388 81.668 Total .. .. .. ... .. . .. . ... .. . .. 3,415,793 3.422.245 Net Utility Plant and investments in Associated Companies 80,993,931 68.611,242 Current Assets Cash .... . ...... ............ . . .. .. 661,830 349.325 Deposits for interest and dividends . . .. . .. . .. . ... .. 557,117 516.577 Accounts Receivable:
Customer (less allowance for uncollectible accounts-1982,
$125,792; 1981, $108,477) . . .. . ... .. . 2,768,264 2.613.321 Other............. .... ...... . ... . ....... .. . 124,834 462,146 Refundable income Taxes (Note 5) . . . . . . . . . . . . . . . . .... 682,325 Deferred Fuel and Purchased Energy Costs (Note 1). . . . . . .... . 300,784 Deferred income Taxes Related to Deferred Fuel Costs (Note 1) . . 413,794 Materials, Fuel, and Supplies (at average cost) . .. . .. ... 1,640,971 1.857.538 Prepayments. . . . . . .. . 111,832 53.495 Total . .. ......... ... .. .... .... . 6,847,957 6.266.196 Deferred Debits Unamortized Debt Expense (being amortized over terms of related debt) . ..... .. . ... .. . . .. . 197,921 217.303 Miscellaneous .. ..... . . .. ... . . 599,820 463.530 l Total . . . . . .. . . ... . . . . 797,741 680.833
$88,639,629 $75.558.271 l
l See Notes to Consolidated Financial Statements.
8 '
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' ~ ~
kalance sheets December 31, liabilities and capital 1982 1981 Capitalization Common Shareholders' Equity (Note 9):
Common Stock * .... .. . .. .. . ..... ... . . . . $ 4,898,649 $ 4.782,470 Paid-in Capital . . . . .. . . ... . . . . . 2,021,157 1,825,323 Retained Earnings. . . . . . . . . . . . .. . . 16,490,514 13,840,715 Total .. . .. . . . . . .. . . 23,410,320 20,448,508 Redeemable Cumulative Preferred Stock * (Note 10) . . . 5,754,000 5,859,000 Long-Term Debt * (less current maturities) (Note 7) . . . 39,833,480 24,913.112 Current Liabilities Long-Term Debt Due Within One Year. .. ........ . .... . 446,560 506,368 Notes Payable to Banks (Note 6 and 7) .. ... ..... .. ... 8,821,500 13,584,300 Accounts Payable . . . . . . . . . . ....... ............ . .. 3,294,548 2,290,103 Deferred Fuel and Purchased Energy Costs (Note 1). . . . . . . . . . . . 831,879 Deferred income Taxes Related to Deferred Fuel Costs (Note 1) 149,616 Dividends Declared . . .. .. . ... . . .. .. .. 505,466 464,332 Customer Deposits . . .. .. . .. . . . .. 48,675 32,636 Taxes Accrued.. .. .. .. . . . . .. . . .. 35,922 131,153 Interest Accrued . .. . . ... .. . . . .. . . 620,657 640,943 Total .. . .. . . . .. . 13,922,944 18.481.714 Deferred Credits income Taxes (Note 1) . . . ... . .. 2,801,483 2,602.648 investment Tax Credits (Note 1). . .. . 2,762,514 3,102,495 Miscellaneous . . . .. . . .. .. 154,888 150,794 Total . . .. ... . . . 5,71P 885 5,855,937 Contingencies (Note 11)
$88,639,629 $75,558,271
- See schedules of capitalization data.
l 9 ;
1
statements of source of 2l /
lCx consolidatedfundsfor plant additions and replacements Year Ended December 31, 1982 1981 1980 Source of Funds Funds From Operations:
Net income . . . . . . . . . . . . .............. . .. $ 4,660,426 $ 3,297,458 $ 2,487,842 Principal Non-Cash Charges (Credits) to income:
Depreciation (Note 1) .... . .. . . 1,756,007 1,762,967 1,770,604 Deferred Income Taxes-Net . .. . . 198,896 360,251 458,419 Deferred Investment Tax Credits . . . . . . . . . . (339,981) 190,996 437,394 Allowance For Equity Funds Used During Construction (Note 1) . . . . . . . . .... ........... ..
. (1,813,859) (758,416) (652,191)
Foreign Exchange Loss (Gain) (Note 1). . . . .
(270) 38,161 21,845 Other .. . .... . . ... . . . . . 10,816 184,852 109.085 Funds From Operations . . ... .. 4,472,035 5,076,269 4,632,998 Less: Dividends on Preferred and Common Stock. .. . (2,010,627) (1,856,514) (1,853,897)
Miscellaneous Charge to Retained Earnings --
(52.984)
Funds Retained in the Business .. . . . 2,461,408 3,219.755 2,726.117 Funds From (For) Financing-Net:
Notes Payable to Banks . . . . . . . . . . . . . .. (4,762,800) 5,484,300 5,500,000 Short-Term Debt Refinanced (Note 7) .... ...... . 16,000,000 --
Reduction of Long-Term Debt and Capital Stock-Net.. (932,157) (557,298) (1,263,202)
Funds From Financing-Net . . 10,305,043 4,927.002 4,236,798 Net Funds Available .. . . 12,766,451 8,146,757 6,962,915 increase (Decrease)in Available Funds (Increase) Decrease in Working Capital (see below) .. (317,923) 1,768,265 232.796 Other-Net ... .... ..... . .. . . . 13,367 14,130 16,818 Funds Used For Plant Additions and Replacements *. . .
$J2,461,895 $ 9,929,152 $ 7.212,529 i
lucrease (Decrease) in Working Capital by Components (excluding long-term debt due within one year and notes payable to banks):
Cash..... ... .............. .. .. . . $ 312,505 $ (384,645) $ (227,357)
Deposits for Interest and Dividends . . . . . . . . . ..... . 4(' M40 (67) 24,277 Accounts Receivable-Net and Refundable income Taxes 49 36 (576,687) 396,835 Deferred income Taxes Related to Deferred Fuel Costs-Net.................. . .. (563,410) 1,071,987 462.162 Materials, Fuel and Supplies .. . . . .. .. .. .. (216,567) 47,190 469,851 Prepayments . . . . . .. .. . . 58,337 10,443 (47.166)
Accounts Payable . . . . . . . . . . . .. ... .. . (1,004,445) 310,947 i (941,968)
Wholesale Surcharge Refund .. ..... ... . .
l 632,615 Deferred Fuel and Purchased Energy Costs-Net . . 1,132,663 (2,155,366): (929,114)
Taxes Accrued . . . . . . . . . . . . . . . . ....... .... 95,231 (63,494) (6,452)
Interest Accrued and Other Current Liabilities-Net (36,887) (28.573) (66,479)
Increase (Decrease) in Working Capital. .. $ 317,923 $ (1,768.265) $ (232.796)
See Notes to Consolidated Financial Statements. l, l' j l
- Net of Allowance for Equity Funds Used During Construction.
10 l
l
notes to consolidatedfinancial statements
- 1. ACCOUNTING POLICIES, ETC.
Regulations The Company is subject to the Depreciation Depreciation is provided on com-regulatory authority of the Maine Public Utilities posite bases using the straight-line method for Commission (PUC) and, in respect to wholesale financial reporting purposes. The composite rates, the Federal Energy Regulatory Commis- depreciation rate, expressed as a percentage of sion (FERC). As a result of the rate making pro- average depreciable plant in service, was approx-cess, the applications of accounting principles imately 3.3% in 1982 and 1981 and 3.6% in 1980.
by the Company differ in certain respects from For tax purposes, the double declining balance applications by non-regulated businesses. method is used for property acquired prior to l 1981 and, in accordance with the Economic j Consolidation The accompanying consolidated Recovery T.sx Act of 1981, the Accelerated Cost
- financial statements include the accounts of the Recovery System (ACRS) is used for property l
Company and its wholly-owned Canadian subsid- placed in service after 1980.
iary, Maine and New Brunswick Electrical Power Company, Limited. Intercompany items By order of the PUC, the Company records in-have been eliminated in consolidation. Non-U.S. come tax reductions, which result from the use assets and liabilities are translated into U.S. dol- of liberalized depreciation, by the "normaliza-lars at year-end exchange rates. except for prop- tion" method for all property additions. Related erty, plant and equipment, which are tran: lated at deferred income taxes recorded in 1982,1981 approximate rates prevailing when acquired. In- and 1980 amounted to approximately $450,000, come and expense items are translated at aver- $410,000 and $420,000, respectively. The Subsi-age exchange rates prevailing during the year, diary records income tax reduction by the " flow-except for riepreciation which is translated at his- through" method for all differences between torical ra'.is. Foreign currency translation ad- book and tax depreciation.
justments are reflected in income currently.
Investment Tax Credit The Company defers in-Deferred I tel and Purchased Energy Costs vestment tax credits utilized (none in 1982 and The pouions of fuel ad purchased energy 1981 and approximately $548,000 in 1980) and costs which are recoverable from or refundable amortizes the credits over the estimated useful to customers under the operation of fuel and lives of the related utility plant. In all three years purchased energy adjustment clauses are de- the available investment tax credit exceeded the ferred in order to match costs with the maximum allowable to offset current federal in-related revenue. come taxes. The 1982 excess of approximately
$989,000 expires in 1997. The 1981 excess of ap-Utility Plant Utility plant is stated at original proximately $739,000 (includes approximately t cost which, as to construction, includes all direct $278,000 arising from 1982 tax losses carried
! labor and material, as well as related indirect back) expires in 1996. The 1980 excess was car-construction costs including general engineer- ried back resulting in approximately $409,000 of ing, supervision and similar overhead items, and refundable income taxes.
allowances for costs of funds used during con-struction (AFUDC) at 14.36% during 1982, at Investments The Company records its invest-l 15.00% during 1981 and at 12.69% during 1980. ments in the Common Stock of Maine Yankee In accordance with an order of the FERC, Atomic Power Company (Maine Yankee) (5%
AFUDC applicable to borrowed and equity funds ownership), a jointly owned nuclear electric are shown separately in the accompanying power company, and the Common Stock of statements of consolidated income and the Maine Electric Power Company (MEPCO)
AFUDC associated with equity funds have been (7.49% ownership), a jointly owned electric excluded from funds provided from operations in transmission company, on the equity method the statements of source of consolidated funds (See Note 3).
for plant additions and replacements. Main-tenance and repairs, including replacement of The Common Stock of the Subsidiary is minor items of property, are charged to mainten- pledged as additional collateral for the first ance expenses as incurred. The companies' mortgage and collateral trust bonds of the properties, with minor exceptions, are subject to Company.
a first mortgage lien.
11
- 2. GEOGRAPHIC BUSINESS SEGMENTS The following table summarizes the companies' operations in the two countries in which they operate (G00 omitted):
Company Subsidiary Adjustments and United States Canada Eliminations Consolidated For the Year Ended December 31,1982:
Sales to Unaffiliated Customers $30,978 $ 166 $31,144 Intercompany Revenues 81 723 $ (804)
Total $31,059 $ 889 $ (804) $31,144 Operating Profit Before income Taxes $ 4,338 $ 99 $ 2 $ 4,439 income Taxes (279) 7 (272)
Operating Income $ 4,617 $ 92 $ 2 $ 4,711 Identifiable Assets at December 31,1982 $83.709 $4,931 $88.640 For the Year Ended December 31,1981:
Sales to Unaffiliated Customers $29,125 $ 149 $29,274 Intercompany Revenues 81 993 $(1,074)
Total $29,206 $1,142 $(1,074) $29,274 Operating Profit Before income Taxes $ 3,236 $ 519 $ 8 $ 3,763 Income Taxes (372) 203 (169)
Operating income $ 3,608 $ 316 $ 8 $ 3,932 Identifiable Assets at December 31,1981 $70,492 $5,066 $75,558 For the Year Ended December 31,1980:
Sales to Unaffiliated Customers $27,638 $ 152 $27,790 Intercompany Revenues 81 775 $ (856)
Total $27,719 $ 927 $ (856) $27,790 Operating Profit Before income Taxes $ 3,188 $ 262 $ 8 $ 3,458 income Taxes 83 86 169 Operating income $ 3,105 $ 176 $ 8 $ 3.289 Identifiable Assets at December 31,1980 $63,679 $4,935 $68,614 The identifiable assets, by company, are those assets used in each company's operations, excluding intercompany receivables and investments.
- 3. INVESTMENTS IN ASSOCIATED COMPANIES Dividends received during 1982,1981 and 1980 from Maine Yankee are approximately $319,000,
$337,000 and $325,000, respectively, and from M!!PCO approximately $9,800 in 1982, $10,000 in 1981, and $11,000 in 1980. Substantially all earnings of Maine Yankee and MEPCO are distributed to investor compames.
Condensed financialinformation for Maine Yankee and MEPCO is as follows:
Maine Yankee MEPCO (Dollars in Thousands) 1982 1981 1980 1982 1981 1980 Earnings Operating revenues $110,000 $102,650 $ 84,245 $111,522 $139,293 $111,604 Earnings applicable to Common Stock $ 6,477 $ 6,698 $ 6,574 $ 128 $ 137 $ 146 Company's equity share of net earnings $ 324 $ 334 $ 329 $ 10 $ 10 $ 11 12
Investment Total assets $354,175 $346,452 $334,481 $ 26,812 $ 23,855 $ 31,100 Less:
Preferred Stock 10,795 11,295 11,980 Long-term debt 139.575 129,862 134,823 8,580 9,240 10,484 Other liabilities and deferred credits 137,025 138,464 120,845 17,206 13.515 19,443 Net assets $ 66,780 $ 66,831 $ 66,833 $ 1,026 $ 1,100 $ 1,173 Company's equity in net assets $ 3,339 $ 3,341 $ 3,340 $ 76 $ 82 $ 88
- 4. INVESTMENTS IN Allowance for Funds Used JOINTLY-OWNED During Construction (48.3) (50.6) (38.4)
UTILITY PLANTS Other 2.7 2.8 3.2 c h Ram (2 M o @2Fo 5.6Yo The Company is a participant in two jointly-owned utility plants: W. F. Wyman Unit No. 4 (Wyman) and Seabrook Units No.1 & 2 (Sea- In 1982 the Company incurred a loss for in-brook) (Note 11). come tax purposes of approximately $2,460,000.
As a result of the carry back of a portion of the The Company's proportionate share of the direct loss la orior years, the Company anticipates a re-expenses of Wyman are included in the corre- fund o; "O,325. The Company has reduced net sponding operating expanses in the income deferred income tax credits by approximately statement. $294,000 for the benefii applicable to the carry forward of the remaining portion of the tax loss, Each participant must provide its own financing. which expires in 1997. The charge to deferred The Company's share in each of the two jointly- tax expense relates principally to depreciation.
owned plants at December 31,1982 and Decem- (See Note 1).
ber 31,1981 is as follows:
Wyman Seabrook 6. NOTES PAYABLE TO BANKS AND SHORT-TERM CREDIT ARRANGEMENTS 1982 Electric Plant in Service $6,856,188 The Company has had various credit arrange-Accumulated ments with two banks. Those in effect at De-cember 31,1982 are as follows: 1) an open credit Depreciation (857,099) arrangement up to $1,200,000 with interest at the Construction lender's prime rate plus 1/4%. 2) a line of credit Work-in-Progress $41,631,632 up to $23,500,000 with interest at 108% of the Total $5.999,089 $41,631,632 lender's prime rate, plus a commitment fee of 5%
cf the prime rate, and a compensating balance 1981 averaging $100,000, Certain information relating Electric Plant in Service $6,864.498 to these arrangements is as follows:
Accumulated 1982 1981 Depreciation (641,109)
Construction Totallines of credit Work-in-Progress $28,720,115 at year end $24,700,000 $14,200,000 Total $6,223,389 $28,720,115 Maximum amount of borrowings outstand-Company's Ownersh.ip ing at any month end $24,700,000 $13,500,000 Perce ntage at Dece' iber 31,1982 Borrowings outstand-and 1181 3.3455 % 1.4606% ing at year end $24,700,000 $13,500,000 Amount
- 5. INCOidE TAXES refinanced (Note 7) (16,000,000)
The consolidated provisions for federal income Total $ 8.700,000 $13,500,000 taxes dif fer from amounts computed by applying Unused lines of credit the statutory rate as follows: at year end $ $ 700,000 1982 1981 1980 Average outstanding Statutory Rate 46.0% 46.0% 46.0% borrowings for the Tax Benefits of Lower year $17,191.000 $10,758,100 Am ge nterest rate tt ib b to r y r 59% 2t46%
Dividends Received (2.8) (4.4) (5.2) 13
Effective interest rate Total S2,972,305 $2.227.053 at year end 12.41% 16.96 %
ene s $22,2% $2M665 Other short-term debt at December 31,1982 and 1981 are unsecured demand notes of the Subsi- The assumed rate of return used in determining diary and payable to a Canadian bank. Interest is the actuarial present value of accumulated plan at the fender's prime rate and is payable monthly. benefits was 6%.
Certain information relating to this arrangement is as follows: 9. COMMON SHAREHOLDERS' EQUITY 1982 1981 Maximum amount Under the most restrictive provisions of the outstanding at any Company's long-term debt indentures, retained month end $121,500 $190.000 earnings available for the payment of cash divi-dends on Common Stock were approximately Amount outstanding at $11,400,000 at December 31,1982.
year end $121,500 $ 84,300 Average interest rate Paid-in capital increased by approximately for the year 15.92% 19.75 % $196,000, $52,000 and $76,000 in 1982,1981 and Effective interest rate 1980, respectively, representing the excess of the at year end 12.50 % 17.25% proceeds received over the par value of common stock issued to: the employees' stock ownership
- 7. REFINANCING ARRANGEMENTS plan (5,520,4,903 and 5,282 shares in 1982,1981 and 1980, respectively) (see Note 13), share-During January 1983, the Company issued holders reinvesting dividends under the Com-
$9,000,000 of 14% Debentures due February 1, pany's dividend rcinvestment plan (11,077 shares 1990, with interest payable semi-annually, and in 1982) and the excess of par value over reac-
$7,000,000 of 13%% First Mortgage and Collat- quisition cost of Preferred Stock (see Note 10).
eral Trust Bonds due December 1,1992, with in-terest payable semi-annually. The proceeds of On May 11,1982, the shareholders approved an these issues were used to retire short-term debt. amendment to the Articles of Incorporation in-Accordingly, $16,000,000 of notes payable have creasing the authorized Common Stock, par been reclassified as long-term debt at December value $7, to 2,000,000 shares (Formerly 1,000,000 31,1982. shares).
In addition, during December 1982, the Company 10. EEMABLE CUMULATIVE retired $594,000 of the 5% Debentures, due 1987, at a gain of $42,760. The Debentures were retired The Preferred Stock is redeemable, with certain in order to remove burdensome restrictions on restrictions, at the option of the Company, or in long-term borrowing contamed m the related the case of voluntary liquidation at $51.00 per Indenture- share for the 4.75% Series, $51.65 for the 9%%
- 8. PENSION PLAN Series, and $54.81 for the 9%% Series (all plus accumulated dividends).
The Company and its Subsidiary have insured non-contributory defined benefit pension plans The 9%% Series has a sinking fund requirement (terminable at any time) for the benefit of all whereby the Company must redeem 5,333 union and non-union employees, based on age shares at $50 per share and accrued dividends and period of employment conditions. Pension on October 1 of each year commencing in the expense, which includes amortization of prior year 1985. In addition, the Company has a non-service costs ove a period of twenty years, was cumulative option to redeem up to an additional approximately $29G,000 in 1982, $284,000 in 5,333 shares at the same price and dates as the 1981, and $255,000 in 1980. The Companies' pol- sinking fund shares.
icy is to fund pension cost accrued. Certain in-formation relating to these plans at December Purchase funds for the 4.75% and 9%% Series 31,1981 and 1980, the dates of the most recent provide that the Company will annually offer to actuarial valuations follows: purchase on July 1, at prices not to exceed $50 December 31, December 31, per share and accrued dividends,3% of the max- 1 1981 1980 imum number of shares issued prior to May 15 of l Actuarial present value such year, less any shares theretofore purchased of vested accumu- and surrendered by the Company to the transfer lated plan benefits $2,714,755 $2.227,053 agent as a purchase fund credit for such year. ,
Any shares so purchased and surrendered are )
Actuarial present value retired. Under this offer 1,200 shares of 4.75%
of non-vested ac- Series were purchased in 1982,1981 and 1980, cumulated plan and 900 shares of the 9%% Series were pur-benefits 257,550 not availatse chased in 1982,1981 and 1980.
14
- 11. CONTINGENCIES year period, the PUC will review the Company's continuing need for extraordinary rate relief.
As disclosed in Note 4, the Company is a joint To date, the Company had received no firm owner of the Seabrook nuclear generating plants offers for the purchase of any amount of its in-being constructed by 1,he Public Service Com- vestment in Seabrook. Other Joint Owners are pany of New Hampshire (PSNH) as the lead also attempting to dispose part of their interest owner. Construction of the plants has been plagued by numerous delays that have resulted in the plants. See Page 3 for discussion of in significantly increased costs. PSNH has for Seabrook costs.
some time been experiencing difficulties in fi- 12. CONSTRUCTION PROGRAM nancing its construction program. Additionally, various regulatory commissions of the Joint See Construction Section on page 3.
Owners are closely monitoring the construction program and the related financing difficulties. 13. EMPLOYEES' STOCK OWNERSHIP PLAN On June 29, 1981, the Maine Public Utilities The Company has an employee stock ownership Commission (PUC) issued a Notice of Investiga- plan that provides eligible employees with the tion to determine what portion of the Company's opportunity of becoming shareholders of the investment in Seabrook is required to meet fu- Company and, at the same time, achieves certain ture demands, and if the Company can divest it- tax benefits for the Company. All employees with self of a portion of its Seabrook investment on a one or more years of service are eligible to partic-reasonable basis. On November 30,1982 the ipate in the plan; each year the Company con-PUC issued its decision in this investigation tributes to the plan shares of common stock (or whereby the Company agreed to make a good an equivalent amount of cash to be used to pur-faith effort to dispose of one half of its ownership chase common stock) with a value, as defined, in Seabrook over a one year period. The PUC did equal to 1% of the Company's qualified invest-not limit the Company to divesture of one half of ments in property for that year. The contribution its ownership should it become uneconomical to to the plan amounted to approximately $90,000 retain fifty percent. The PUC granted the Com- in 1982, $67,000 in 1981 and $50,000 in 1980.
pany approximately $1.6 million in extraordinary Amounts contributed are accumulated in indi-rate relief to maintain its continuing investment vidual member accounts and are available for in Seabrook until a portion can be disposed of distribution upon termination of employment on a reasonable basis. In the event the Company after an appropriate waiting period required by is unable to dispose of a portion of its Seabrook federal statute. Amounts in individual member investment on a reasonable basis within the one accounts are 100% vested at all times.
- 14. QUARTERLY INFORMATION (unaudited) ,
Presented below are financial data showing results for each quarter in the two years ended December 31,1982:
(Dollars in Thousands Except Per Share Amounts) 1982 By Quarter 1st 2nd 3rd 4th Operating Revenues $8,757 $7,533 $6,689 $8,165 Operating Expenses (7,454) (5,742) (5,794) (7,443)
Operating Income 1,303 1,791 895 722 Interest Charges (269) (586) (681) (626)
Other income-Net 407 507 557 640 Net income $1,441 $1,712 $ 771 $ 736 Earnings Per Common Share: $ 1.90 $ 2.28 $ .91 $ .86 1981 By Quarter 1st 2nd 3rd 4th Operating Revenues $7,671 $6,566 $6,942 $8,095 Operating Expenses (6,602) (5,792) (6,089) (6,859)
Operating income 1,069 774 853 1,236 Interest Charges (609) (668) (330) (68)
Other income-Net 315 342 138 245 Net lncome $ 775 $ 448 $ 661 $1,413 Earnings Per Common Share: $ .94 $ .46 $
.77 $ 1.87 15
Maine Public Service Company and Subsidiary w -
/ x schedules of capitalization data long-term debl: December 31, 1982 1981 Maine Public Service Company:
First Mortgage and Collateral Trust Bonds:
3.35% Series due 1985-Interest Payable, February 1 and August 1 $ 1,480,000 $ 1,500,000 5%% Series due 1990-interest Payable, March 1 and Sept.1. 1.560,000 1,580,000 4%% Series due 1995-interest Payable, January 1 and July 1 . 2,075,000 2,100,000 7%% Series due 1998-interest Payable, May 1 and November 1. 3,480,000 3,520,000 7.95% Series dus 2003-interest Payable, March 1 and Sept.1 . 2,300,000 2.325,000 10%% Series due 1995-Interest Payable, March 1 and Sept.1. . 3,400,000 3,520,000 10%% Series due 2004-Interest Payable, April 1 and Oct.1. . 8,000,000 8,000,000
]
Debentures:
5%, due 1987-interest Payable, May 1 and November 1 . .. 648,000 9%%, due 1995-interest Payable, May 1 and November 1. . .. 1,026,000 1,080,000 Maine & New Brunswick Electrical Power Company, Limited:
First Mortgage Bonds-5%% Series due 1989-Interest Payable, June 1 and December 1.... . ... . . 959,040 1.146,480 Total Outstanding . . . . . . . . . . . . . . . ... . . .. . .. 24,280,040 25,419,480 Less-Amount due Within One Year . .. .... . .. ... . 446,560 506,368 Total ............... ........ . .. . . . . . .. . 23,833,480 24,913,112 Short-Term Debt Refinanced (Note 7) . .. .... . .. . . 16,000,000 Long-Term Debt . . . . . . .. . ... .. . . . ... . $39,833,480 $24,913.112 Current Maturities of Long-Term Debt for the Succeeding Five Years (based on present arrangements which include the refinancing of short-term debt) Are as Follows:
1983-$446,560 1985-$2,266,560 1987-$826.560 1984-$446,560 1986-$826,560 preferred stock:
Redeemable Cumulative Preferred Stock, $50 Par Value-Authorized, 270,000 Shares (issuable in series):
4.75% Series-Originally issued 40,000 Shares; Outstanding, 7.780 Shares in 1982 and 8,980 Shares in 1981. ... .... . . $ 389,000 $ 449,000 9%% Series-Originally Issued 30,000 Shares; Outstanding, 27,300 Shares in 1982 and 28,200 Shares in 1981. . . . . . . . . . . 1,365,000 1,410,000 9%% Series-Originally issued and Outstanding,80,000 Shares. . . 4,000,000 4,000,000 Total .. . . .... . .. . ... .. .. . .. . $ 5,754,000 $ 5,859.000 common stock: l Common Stock, $7 Par Value-Authorized 2,000.000 Shares; Issued and Outstanding. 699,807 Shares in 1982 and 683,210 Shares in )
1981 (Note 9) . . . . . . . . . .. .. .. .. . $ 4,898,649 $ 4,782,470 See Notes to Consolidated Financial Statements.
16
Gud[lOf3'OD[Il[Oll auditing standards and, accordingly, included 3 such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
MAINE PUBLIC SERVICE COMPANY:
In our opinion, such consolidated financial We have examined the consolidated balance statements and schedules present fairly the fi-sheets of Maine Public Service Company and its nancial position of the companies at December subsidiary, Maine and New Brunswick Electrical 31,1982 and 1981 and the results of their opera-Power Company, Limited, and the related sched- tions and the source of funds for plant additions ules of capitalization data, as of December 31, and replacements for each of the three years in 1982 and 1981, and the related statements of the period ended December 31,1982, in con-consolidated income, preferred stock, and com- formity with generally accepted accounting mon shareholders' equity, and source of consol- principles applied on a consistent basis.
idated funds for plant additions and replacements for each of the three years in the period ended December 31, 1982. Our examinations were DELOITTE HASKINS a SELLS made in accordance with generally accepted Boston, February 23,1983
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i Maine Public Service Company ,
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1982 1981 1900 Capitalization (year end)
Long-term debt . . . . . . . . . 45.43% 49.14 % 51.0'>0 Preferred Stock . . . . . ... . . . . 10.77% 11.33% 11.740 Common Shareholders' Equity . . 43.80 % l 39.53 % . 37.248/.
Times Interest Earned
- l Before income Taxes . . . 1.86 1.73 1 1.83 l After income Taxes . . . . . . 1.91 1.76 l 1.76 '
Times Interest and Preferred Dividends Earned
- Af ter Income Taxes . . . . . ...... . 1.73 1.56 1.51 Embedded Cost of Long-Term Debt (year end).... . 8.37 % 8.28% 8.27%
Embedded Cost of Preferred Stock (year end) . . ..
9.50 % l 9.46% 9.428/d Common Shares Outstanding (year end) . ..... .. 699.807 683.210 678.307 Earnings Per Share of Common Stock (average shares) $ 5.95 $ 4.04 $ 2.86 Dividends Per Share of Common Stock-Declared Basis . . . . $ 2.12 $ 1.92 $ 1.92 Paid B a s is . . . . . . . . . . . . . . . . . . . . . .
. . $ 2.07 $ 1.92 l $ 1.90 Common Stock Dividend Payout Ratio . .. . .... . . 35.63 % l 47.53% l 67.13%
Book Value Per Share of Common Stock (year end) . $33.45 ,
$29.93 >
$27.90 Market Price Per Share of Common Stock l High . . . . . . $ 23% l $ 15% $ 18%
Low. .. . .. . . . .. $ 14'/s i $ 13% ;
$ 13%
Close ... ......... .... $ 21 % $ 14% i
$ 15%
Price Earnings Ratio (year end) . . . . . .... . . 3.57 3.53 5.38 r Number of Common Shareholders (year end). .. . 3.297 3.351 3.482
- Consolidated net earnings include AFUDC.
1982 SOURCE OF INCOME 1982 DISTRIBUTION OF INCOME Mmons of Donars tTotal $33 3) and percent of total Milhons of Donars (Totai $33.31 and percent of total cCMME.DAL
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93 AND PE.QUISITEs l
18
l financial statistics (Rest t:d) (Restated) (Restated) (Restated) (Restated) 1979 1978 1977 1976 1975 1974 1973 1972 52.50 % 50.63 % 53.59 % 56.39% 57.94 % 56.08 % 57.73 % 55.64 %
11.73 % 5.48% 5.77% 6.07 % 6.29% 6.76 % 7.00 % 7.56%
35.77% 43.89% 40.64 % 37.54 % 35.77% 37.16 % 35.27 % 36.80%
2.48 4.27 3.92 3.01 2.80 3.53 3.14 2.70 2.02 2.89 2.67 2.10 2.01 2.35 2.21 1.99 1.84 2.58 2.39 1.87 1.76 2.02 1.90 1.70 8.10% 7.16% 7.15% 7.12% 7.10% 5.88% 5.88 % 5.57%
9.38% 8.51 % 8.41 % 8.32% 8.24% 8.16% 8.09 % 8.01 %
673,025 667,038 665,734 665,734 l 665,734 665,734 665,734 665,734
$ 3.80 $ 3.97 $ 3.54 $ 2.25 : $ 1.79 $ 2.41 $ 1.87 $ 1.40 I
$ 1.84 $ 1.61 $ 1.46 $ 1.34 $ 1.31 $ 1.28 $ 1.26 $ 1.20
$ 1.79 $ 1.58 $ 1.43 $ 1.32 $ 1.30 $ 1.28 $ 1.24 $ 1.20 48.42% 40.55 % 41.24 % 59.56 % 73.18 % 53.01 % 67.51 % 85.49 %
$27.50 $25.57 $23.16 $20.91 $19.74 $19.54 $18.37 $17.76
$ 19% $ 20% $ 19% $ 16% 1
$ 14% $ 15% $ 16% $ 17%
$ 16% $ 17% $ 15% $ 13% $ 9% $ 8% $ 13 $ 15%
$ 16% $ 17% $ 18% $ 15% $ 13% $ 9 $ 14 $ 16 4.41 4.41 5.12 7.06 7.47 3.73 7.49 11.43-3,522 3,577 3,616 3,683 3,753 3,807 3,835 I 3,821 1
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vtat t hDisiG OEcta89t# 56 et Moine Pubke Service Company-Residential Service Unit Revenue vs Average Annual Consumption per Customer.
19
l five-year summary of l selectedfinancial data ,
i 1982 1981 1980 1979* 1978*~
Operating Revenues . l$31,144,070 $29,273,813_ $27,789,640 $21.239,729 $19,868,765 Net income . . . . . . . . . . . . . . . . $ 4,660,426 $ 3,297,458 $ 2,487,842 $ 2,802,916 $ 2,826,036 Dividends on Preferred Stock . . 541,918 .549,211 556,509 262,134 179,428-
! Net income Available for ,[
1 Common Stock . . . ~$ 4,118,508 0 $ 2,748,247 $ 1,931,333 $ 2,540,782 $ 2,646,608 Earnings Per Share of Common Stock '-
$5.C.5 - $4.04 $2.86 $3.80 $3.97 Dividends Per Share of Common Stock:
Declared Basis. $2.12 - $1.92 _
$1.92 $1.84 $1.61 -
Paid Basis . $2.07 $1.92 $1.90 $1.79 $1.58 Total Assets . $88,839,629 $75,558,271 $68,613.583 $62,879,849 $54,825,853 Long-Term Debt Outstanding . , . $39,833,480** $25,419,480 $25,919,704 $27,169,336 $19,670,472 Less amount due within one year 446,560 506,368: 505,664 1,228,128 516,544 Long-Term Debt . . .$39,386,920 $24,913,112 $25,414,040 $25,941,208 $19,153,928 Redeemable Cumulative Preferred Stock . !$ 5,754,000 $ 5,859,000 $ 5.064,000 $ 6,069,000 $ 2,129,000
- Restated
- lncludes $16,000,000 of short-term debt refinanced.
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20
Maine Public Service Company consolidated 1982 More Average or (Less) Annual Than 1972 increase Amount Percent 1982 1981 1980 ,
Operating Revenues Residential . . . . . . . . . . . . . . . . . . . . $ 7,414,877 11.3 $11,291,761 $10,298,542 $10,113,502 l Commercial and Industrial-small . . . . 4,386,438 10.3 7,034.425 6,551,906 6,422,076 Commercial and Industrial-large . 3,977,920 14.8 5,308,631 5,181,950 5,156,489 Municipal Street Lighting .. .... . 226,666 9.5 380,628 350,279 339,557 Area Lighting . . . . . . . . . . ..... 140,600 8.4 254,072 243,592 240,991 Other Municipal and Other Public Authorities . . . . .. .. . 1,556,907 15.4 2,047,700 2.051,833 1,668,506 Other Electric Utilities .. .... 3,503,494 14.9 4,672,924 4,435,389 3,722.945 Other Operating Revenues . . . . . . . . . 62,843 5.4 153,929 160,322 125,574 Total Operating Revenues. . $21,269,745 12.2 $31,144,070 $29,273,813 $27,789,640 3 Number of Customers (average)
Resid e ntial . . . . . . . . . . . . . . . . . . . . . 2,487 1.0 25,725 25,593 25,516 i Commercial and Industrial-small . . . (131) (.3) 4,584 4,599 4,611 ) '
Commercial and Industrial-large .. 6 4.1 18 16 16 Municipal Street Lighting . . . . . . . . . . 2 .6 36 36 36 '
Area Lighting . . . . . . . . . . . . . . . 48 .3 1,594 1,680 1,733 Other Municipal and Other Public Authorities ... . .. 1 1.2 9 10 10 Other Electric Utilities ... .... ...
- - 7 7 7 Total Customers . . . . . . 2,413 .8 31,973 31,941 31,929 Net Generation, Purchases and Sales (thousands of kilowatt-hours)
Net Generation:
Steam . .... . ....... ... .. (17.452) (3.7) 38,165 48,645 46,849 Hydro . . .. .... . .. .. .. . . (29,387) (2.0) 128,101 191,698 127,630 Diesel . . . . . . #. . ... . . (11,609) -
(868) (676) 200 ,
Purchases:
Nuclear Gener ated . . . . . . . . . . 222,297 - 222,297 256,068 216,252 Fossil Fuel Generated . .. . . (5,530) (.3) 209,178 109,879 182,382 T otal . . . . . . . . . . . .... 158,319 3.1 596,873 605,614 573,313 Losses and Unaccounted for . .. .. . . 7,459 2.2 37.492 33,447 32,447 Company Use . . . . . . . .. (388) (2.5) 1,324 1,445 1,384 '
Electricity Sold . .. 151,248 3.2 558,057 570,722 539,482 Sales:
Residential . . . . . . . . . . . . . . . . . . . . . . 32,227 2.3 160,061 158.734 156,403 Commercial and Industrial-small. 26,965 2.9 108,376 107.607 107,275 Commercial and Industrial-large. 29,701 3.2 109,985 112,026 111,519 Municipal Street Lighting . .. . 26 .1 2,733 2,809 3,012 Area Lighting . . . . . . . . . . . . . 201 1.0 2,036 2,150 2.194 Other Municipal and Other Public Authorities . . . . . . . 10,972 2.7 46,792 43,190 36,942 l Other Electric Utilities . . . 51,156 5.2 128,074 144,206 122.137 }
Total Sales . . . . 151,248 3.2 558,057 570.722 539,482 l I
Average Use and Revenue Per Residential Customer Kilowatt-hours . ... . 721 1.2 6.222 6,202 6,130 Revenue........ . .... . . .... $272.11 10.2 $438.94 $402.40 $396.36 Revenue per Kilowatt-hour... . 4.02c 8.8 7.05C 6.49C 6.47C '
i
l
/i l operating statistics Restated Restated
- 1979 1978 1977 1976 1975 1974 1973 1972
$ 8,033,191 $ 7,531,515 $ 7,073,874 $ 6,617,492 $ 6,498,277 $ 5,241,793 $ 4,306,306 $3,876,884 4,950,151 4,770,989 4,148,247 4,258,303 4,153,889 3,317,147 2,870,766 2,647,987 3,578,710 3,220,676 2,765,238 2,859,436 2,752,432 1,874,967 1,434,155 1,330,711 l 293.577 282.505 273,902 213,590 197,190 189,980 174,618 153,962
! 213,744 208,765 207,990 161,924 147,531 140,239 128,587 113,472 1,309.218 1,186,878 1,045,997 926,200 889,789 744,038 538,689 490,793 2,722,707 2,535,654 2,334,404 1,820.158 1,855,254 1,415,135 1,191,488 1,169,430 138,431 131.783 149,008 145,342 149,690 145,385 103.841 91,086
$21,239,729 $19,868,765 $17,998,660 $17,002,445 $16,644,052 $13.068,684 $10,748,450 $9,874,325 25,537 25,470 25,272 24,990 24,709 24,421 23,805 23,238 4,671 4,689 4,731 4,756 4,778 4,710 4,691 4,715 16 17 17 15 14 13 13 12
. 36 36 35 34 34 34 34 34 1,751 1,753 1,824 1,825 1,763 1,723 1,681 1,546 l 8 8 8 8 8 8 8 8 l 7 7 6 6 6 6 6 7 32,026 31,980 31,893 31,634 31,312 30,915 30,238 29,560 i
20,373 26,913 6,193 14,791 50,748 32,385 33,263 55,617 162,107 116,894 167,874 173,421 105,726 140,362 153,898 157,488 243 627 (175) (80) 78 (209) 875 10,741 1 220,218 263,137 252,829 52,976 -- -- -- --
158,699 157.854 127,109 275,731 319,334 286,649 262,210 214,708 561,640 565,425 553,830 516,841 475,886 459,187 450,246 438,554 38,706 30,040 34,536 33,462 32,313 32,401 27,391 30,033 1,277 1,296 1,229 1,281 1,312 1,396 1,537 1,712 521,657 534,089 518.065 482,098 442,261 425,390 421,318 406,809 156,399 158,820 154,420 154,060 145,361 140,702 134,747 127,834 105,055 111,002 98,999 96,910 90,211 86,304 86,464 81,411 110,452 106,757 100,122 96,499 87,712 79,504 78,414 80,284 2,981 2,944 2,952 2,889 2,804 2,706 2,744 2,707 2,233 2,236 2.269 2,305 2,182 2,085 1,992 1,835 38,762 42,438 42,493 41,157 34,752 35,617 39,754 35,820 105,775 109.892 116,810 88,278 79,239 78,472 77,203 76,918 521,657 534,089 518,065 482,098 442,261 425,390 421,318 406.809 6,124 6.236 6,110 6,165 5.883 5,762 5,660 5,501
$314.57 $295.70 $279.91 $264.81 $262.99 $214.64 $180.90 $166.83 5.14 C 4.74C 4.58C 4.30C 4.47C 3.73C 3.20C 3.03C n