Text

Interim Change Request ISI-1R3-02 to Rev 3 to Unit 1 ISI Plan
	ML20081F113
Person / Time
Site:	Comanche Peak
Issue date:	03/12/1995
From:	; TEXAS UTILITIES ELECTRIC CO. (TU ELECTRIC)
To:	;
Shared Package
ML20081F109	List: ML20081F107; ML20081F113;
References
	PROC-950312, NUDOCS 9503210532
	Download: ML20081F113 (20)
	v • d • e

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/5/- /U ~ #L Plan Title /Rev. O' ICR No.

Reference:

Page dec. bl o n s fQy I o {, N Table t.j, y y y 4,g Relief Request, and/or Component: /?prenclsg 8, E Reason for Change: &c c.behed ecme L of La Proposed Revision: $C 2-t1CLcLc.Y1ecf f><ji 2 o( SO Y 0Gw kYesci bhy Y bS$ Sh2f'}s Initiator ' ' Departrnent Date / Approved: k Yes ( ) No [3 a y's, d W 3 - /) f 5 CodesandStandardsSuperspr / Date ?.eason for Disapproval: (h O STA 703-5 Page 1 of *. R-0 9503210532 950316 PDR ADOCK 05000445 Q PDR

i ,w- . ICR-ISI-lR3-002 () PAGE2OF M REASON FOR CHANGE: 1. FOR MORE EFFICIENT IMPLEMENTATION OF THE ISI PROGRAM SEVERAL EXAMINATION ITEMS REQUIRE ADDITION, DELETION OR RESCHEDULING. THE CHANGES IEQUIRED MAINTAIN THE ISI PLAN COMPLIANCE WITH THE ASME CODE FOR INSPECTION SAMPLE SIZES, SCHEDULES AND EXAMINATION METHODS. 2. SOME OF THE ISI DRAWINGS LISTED IN APPENDIX E HAVE CHANGED REVISION LEVEL. PROPOSED REVISION: - REPLACE THE EXISTING SECTION 4.1,4.2 AND 4.3 PAGES 6,7,47,82,83,109,265,266,267,269,270,272,273 AND 496 WITH THE ATTACHED MARKED UP PAGES - ADD PAGE 125.1 TO SECTION 4.2. - REPLACE THE EXISTING APPENDIX B PAGE 3 WITH THE ATTACHED APPENDIX B PAGE3. - REPLACE THE EXISTING APPENDIX E PAGES 1 AND 2 WITH THE ATTACHED APPENDIX E PAGES 1 AND 2. 4 I

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SLActRRY EXAMIK3 TION AREA CATGY NDE l ---0U.TAGE--- -l INSTRUCTIONS msIBER IDENTIFICATION ITEM NO METH l1 23 1 2 1 2 l " CAL!sRATION BLOCX" REACTOR COOLANT TBx RCPCRV 01 002700 Tex 1 1100=LIG BG1 UT 1-C X X - 83 1/3 PER PERICO. TDLR RV FLANGE LIGAMENTS (1/54) B6.40 VERIFICATION BOLalDART. e.gy.3.. .f 002800 T5X 1 1200-INT 8N1 VT 3 1C X X 82 TDLR VERIFICATICII BOUNDARY. RV INTERNALS (ACCESS OURING B13.10 REFUELING) R157 860Rs 002805 TBX 1 1200 CSS 8 N-3 VT 3 1* X 82 TDLR VERIFICAT10s 80UNDAAT. RV INT CORE SUP STRUCT (No 813.70 O ACCESS S RFO) (\\ 003100 feX 1 1300 1 8A UT 1C -

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83 1/3 PER PERIOD. TDLR RV CLOSURE HEAD TO FLANGE WELD B1.40 MT VERIFICATION ammay. R155 860Rs " T BX-29'* 003200 TBX-1 1300 2 8A UT 1C X X 83 1/3 PER PERIOD. TDLR RV CLOSURE HEAD RING To D!$C B1.21 VERIFICATION BOUISARY. WELD R155 860Rs " Tex 29" 003300 TsX 1 1300 3 BA UT 1-83 TDLR VERIFICATION SOUMDARY. RV CLOSURE HEAD MERID10NAL B1.22 WELD R155 860Rs

- Tex-29'*

X 003400 78X 1 1300-4 BA UT 1-X 83 TDLR VERIFICATION BOUNDARY. RV CLOSURE HEAD MERIDIONAL 81.22 WELD " Tex 29" O ICIC-L.

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- CALIBRATION BLOCK'*

REACTOR COOLANT TRX RCPCRV 01 83 TDLR VERIFICATION BOUNDARY. 003500 TBM 1 1300 5 5A UT 1C RV CLOSURE HEAD MERIDIONAL 81.22 WLD

- TBx 29**

'c N-003600 TBx 1 1300-6 BA UT 1-83 TDiR VERIFICATION BOU S ART. RV CLOSURE HEAD MERIDIONAL B1.22 I' * ' ..TBx.29

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$L88tARY EXAMINATION AREA CATGY MDE l-

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- -l INSTRUCT 1031 -

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- RV 6**

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- Tex 57**-

' REACTOR COOLANT 31 RC 1024-WST 1 [ ( 82 TDLR VERIFICATION BOU S ARY. 9600 TBM 1 4200 5 5F UT 1-X SG liOZZLE SAFE E m To ELBOW B5.70 PT - A25 829Rs

- Tex 57" REACTOR C00LANT 27.5-AC 1 025 WEST 1 x

82 TDLR VERIFICATION BolmeARY. 030400 Tax 1-4200 13 8J UT 1-ELBOW TO SAFE END 89.11 PT A25 827tB gy.6** x 82 TDLR VERIFICAfl0N BOUNDARY. 030500 TBX 1 4200 14 BF UT 1-SAFE EWD TO RPV N0ZZLE B5.10 PT A25 827tB ..R,.... ~_ 2.- ..s. m.- x = = = = :- = - - -- yy. .a ,o _ m %Enm- -w-- - - A11-m m n-j T ca -2. 1 l i

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- TBM 30**

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- TBX 31**

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l INSTRUCTIONS IhMBER IDENTIFICATION ITEM No METN l1 2 3 1 2 1 2 l

- CALIBRATION BLOCK" CNENICAL 8 VOLUME CONTROL TBX CSANRG 01 Y

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- TEX-31**

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- CAtlBRATION BLOCE**

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- TBX 44**

? ~ SAFETY fMJECTION 4 SI 1 039-1501R 2 273400 TBX 2 2563 3 CF1 UT 1-X 82 REDUCING ELBOW TO PIPE d.21 PT A60 775Se

- TBX 45**

T8X 2 2563- - if CF1 UT 1-X 82 73500 PIPE TO ELs0W C5.21 PT R60 786ss

- TsX 45**

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==TBX 4** 276300 fsX 2 2564 4 CF1 UT 1C NA ELBOW TO PIPE C5.21 PT R203 814A8

- TBX 4**

l }AFETY INJECTION 4 SI 1-021 2501R 2 280100 feX 2 2564 42 C71 UT 1-X 82 ELBOW TO PIPE C5.21 PT R773 81238 /m

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A DATE: 03/12/95 COMANCHE PEAK UNIT 1 PAGE:

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- CALIBRAfl0N BLOCK **

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- TBX-11**

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0UTAGE------l INSTRUCTIONS

-ItseER IDENTIFICAT10el ITEM NO METN l1 2 3 1 2 1 2 l

- CALIBRATION BLOCK'*

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~ J f c t;*. JS o 14 % er DATE: 03/29/94 CommCNE PEAK UNIT 1 p.y (l f 2.0 PAGE: 266 INSERVICE INSPECTION PLAN 'p CLASS 2 SCNED/CCIPL Coir 0NENTS INSPECTION INTERVAL,, PLAN STATUS _ ,,PRESERVICE TEAR l FIRST SECOND THIRD l ASME l PERICD PERIOD PERICO l SEC. XI l--------------------l SuletARY EXAMINATION AREA CATGT NDE l- -0UTAGE--- --l INSTRUCTIONS NUMBER 10ENTIFICAfl0N ITEM No METN l1 2 3 1 2 t 2 l

- CAttsRATION BLOCK'*

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- CALIBRATION BLOCK

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l INSTRUCTIONS NUMBER IDENTIFICATION ITEM No METH l1 2 3 1 2 1 2 l

- CALIORATION BLOCK" MAIN STEAM 32-MS 1 002-1303-2 747700 T5X 2 2200 N6 FC VT*3 1-NA SNUBSER. TDLR VERIFICATION X

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L.,..... - ICR ISI-1R3-002 Page ' t b < b 2 c, t) ISI-1R2-004 Appendix C Add Code Case N-457 " Qualification Specimen Notch Location for Ultrasonic Examination of Bolts and Studs" Section 4.1 Replace the following pages: 51,52,53 Add the following pages: 37.1,45.1,51,1,62.1 ISI-IR2-005 Section 4.1, 4.2 Replace pages: 4-2,9,11,16,17,19,24,25, 26,31,32,39,54,140,145, 147,189,190,191,261,262, 265,266 Add page 54.1,93.1,96.1, 96.2 ISI-1R2-006 Section 5 Add reference to Note 8 on Table 9 page 115 and add Note 8 to note pag't ISI-1R3-001 Section 5 Add reference to Note 9 on Table 9 line 2"-MS-1-919-1303 2, add note 9 to the note page, and delete note 7. ISI-1R3-002 Sections Replace pages: 4.1, 4.2, 4.3 6,7,47,82.83,109.265,266,267, 269,270,272,273,496 Add page 125.1 Appendix B Replace page 3 Appendix E Replace pages 1 and 2 O Appendir B - Page 3

.n.n - 161 ~ >A 3 - o 2-f y M of-w Appendix E TBX ISI Sketches TBX # Rev # TBX # Rev # ISKJ Rev # TBX-1-1100 1 TBX-1-4200 1 TBX-1-4403 1 TBX-1-1100A 2 TBX-1-4201 1 TBX-1-4404 1 TBX-1-1200 2 TBX-1-4202 1 TBX-1-4405 1 TBX-1-1300 1 TBX-1-4203 1 TBX-1-4406 1 TBX-1-1300A 2 TBX-1-4204 1 TBX-1-4407 1 TBX-1-1400 1 TBX 1-4205 1 TBX-1-4408 1 TBX-1-2100 - 2 TBX-1-4206 1 TBX-1-4409 1 TBX-1-3100 1 TBX-1-4207 1 TBX-1-4410 1 TBX-1-4100 1 TBX-1-4208 1 TBX-1-4500 1 TBX-1-4101 1 TBX-1-4300 1 TBX-1-4501 1 l TBX-1-4102 1 TBX-1-4301 1 TBX-1-4502 1 TBX-1-4103 1 "BX-1-4302 1 TBX-1-4503 1 TBX-1-4104 1 TBX-1-4303 1 TBX-1-4504 2 l TBX-1-4105 1 TBX-1-4304 1 TBX-1-4505 2 TBX-1-4106 1 TBX-1-4305 1 TBX 1-4600 1 x TBX-1-4107 1 TBX-1-4306 2 TBX-1 5100 0 ) TBX-1-4108 1 TBX-1-4307 1 TBX-1-5100A 1 TBX 14109 1 TBX-1-4308 1 TBX-1-5100B 0 TBX-1-4110 1 TBX-1-4309 1 TBX-1-51000 0 TBX-14111 2 TBX-1-4400 2 TBX 1-4401 1 TBX-1-4402 2 544-t l l l l O Appendix E - Page 1 of 2 _-.-----------_--------.-a

[. .1 i:... j . g ut. 1st-ta3-oo2. p gy za 4w , TBX ISI. SKETCHES (cont.) TBX-21100 - 1 ~ TBX-2-2534 1 TBX 2 2573 1 ' TBX-21110 1 TBX-2 2535 1 TBX 2-2574 0 TBX-2-1120 1 TBX-2-2536 1 TBX-2-2575 - 0 TBX 2-1140 1 TBX-2-2537 1 TBX-2-2576 1 TBX 2-1150 1 TBX 2-2538 2 TBX 2-2577 0 TBX-2-1160 1 TBX-2-2538A 1 TBX-2-2578 - 0 1 TBX 2-1180 1 TBX-2 2539 1 TBX-2-2579 0 TBX-2-2100 3 TBX-2-2539A 1 TBX-2 2580 0 TBX-2-2101 3 TBX-2-2540 2 TBX-2 2581 0 1 ~ TBX-2-2102 1 TBX-2 2541 1 TBX-2-2582 0 TBX-2-2200, 3 TBX-2-2542 1 TBX-2-2583 2 TBX-2 2201 4 TBX-2-2550 2 TBX-2-2584 0 TBX-2 2202 1 TBX-2-2551 1 TBX-2 2585 0 '? TBX-2-2300 4 TBX-2-2560 2 TBX-2-2586 0 TBX-2-2301 3 TBX-2-2561 2 TBX-2-3100 1 TBX 2-2302 1 TBX-2-2562 1 TBX 2-3110 1 ' TBX-2-2400 4 TBX 2-2563 1 TBX-2-3140 1 g,s TEX-2-2401 3 TBX-2 2564 1 TBX-2-2402 1 TBX-2-2565 1 TBX-2-2500 2 TBX-2 2566 1 TBX 2 2501 2 TBX-2-2566A 1 TBX-2-2520 1 TBX-2 2567 1 TBX 2-2521 1 TBX-2-25S8 2 TBX 2-2530 1 TBX-2-2569 0 TBX 2-2531 1 TBX-2 2570 1 TBX-2-2532 1 TBX-2-2571 1 TBX 2 2533 1 TBX-2 2572 0 i O Appendix E - Page 2 of 2 j ( -r--, 4,

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c / D 1, $g0 y . je:, p g j HIGHLIGHTS!.'4R MURCWmE 'N Ry g' ' $n 7(,Ljh i ) }j H M EM ED CUMEN 18 MM MH I f U DECEMBER 31,1994 HAR OF 880WTN i . ymy g,k. J g,' Earnings per Common Share $3.01 8.7% 0.6% Earnings on Common Stock $307,505,000 8.6 1.2 E m. \\ g.Q ff Dividends per Common Share $2.395 2.6 3.4

3 Ay;" %;#: e'h M Common Stock Price-Year End

$353/8 (9.9) 7.9 4, ., ag Ilook Value per Common Share $22.22 2.9 2.7 ) '3 E%i a u $[E@hF,]g

j Property and Plant (gross)

$8,650,144,000 3.7 2.8 8_ k Total Operating Revenues $2,056,116,000 (0.5) 3.8 Q%y

i a.. y ? $ ",

m $ Total Kilewatthour Sales 31,975,000,000 1.3 1.8 p, a ,A YM 7- ' \\k s h ?. s?.i' N ,e ww f: f _p l'f p g g e : % orfb $klN . e. MNt MWnW AMABOUT UNION ELECTRIC ? g M;g % agg NE ARE U i a-p q'y q; g j%;;[.[, ' 7 F M-)i g ;n : n on Electric's 6,266 employees provide energy, l Y 6 ~,Y, sih a[>, 31y etwtricity, to 1.2 million customers who live and work in l l\\i - J a m p n <,yd@ ,Q W 1,. fM t < ;j s issouri and southwestern Illinois. UE's electric rates are < y%w y xst w%b a @ 'W M ,Mi wer than the national average and competitive with those of t M . y.a ye;" m'Auwtk O surrounding utilities, and our customers give us high marks for r M n.. ta x.e y %ea w 4. 4 p 3

@f 1

9* y.j qu$lity service. As a result, our stockholders have been reward- [ h ]hI [e d with a steady stream of cash dividends, paid since 1906. if& .g " ' W G#7 HOW WE DIO IN 1994 UE was awarded the electric utility indus- @(%y C d try's highest honor in 1994, the Edison Award (above, left), for r NJ' ~ " heroic efforts" during the previous year's flooding. The award u, marked a banner year, as UE earned $3.01 per share, based on .[ O y revenues powered by a rebounding economy and the company's l ] hr@4 q d continued cost control. $$[ Me WHAT'S MEAD While our low electric rates give UE a competitive [ advantage, our long-term value to our customers lies in helping j:g.' ~ j[ d them use energy more efficiently. Of course, our long-term j i ty: 1 "~+= M7 g a ';$ ' j value to our stockholders means providing a fair reward for their - mf;P ff confidence in our ability to succeed in a changing environment. w a g&y s&D,6 A b g m y

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g During a year thqt baitered electric utility stock prices, Union, Electric was rewarded f r staying a ste dy c urse. Our 1994 annual earnings ranked among 1002 the company's best yearly results we raised stockholders' dividends and our STOCKHOLDERS stock price outperformed the industry norm, despite rising interest rates that eroded utility stock values. But UE's success came amid a watershed year for the industry, as long-foreseen I changes started to become reality. Competition between utilities Mr wholesale 3 y customers - customers who resell electricity they buy from other ce nanies - is beginning, and competition for other large-use customers looms closer. The issue of competition, widely covered up 7 by the business press, is so critical that we ) + devoted the main section of this report to -n pf seg:LQ gp bW b, an overview of the topic and its effect on ~- UE. I won't belabor the issue here, but E y g please take a few minutes to read the fol- . t;' ~g . ~[' *W lowing pages. n g f04 5 = e ,gg EARNINGS RISI 9 PERCENT Yh ;; < %,y a ~ ~ " - / tstettsseu8I** The company's 1994 earnings totaled g@ W $307.5 million, or $3.01 a share, a 9 percent .s -a i e;,.$,s F rise from last year's results of $283.1 million, or $2.77 a share. Much of the l increase was predictable, since no refueling at our Callaway nuclear plant was [{ h M scheduled for 1994. But our higher kilowatthour sales and aggressive cost con. , h MN[ trol also translated into bottom-line earnings. lb +4 Qk a$# Wi SALESINCREASE 1.3 PERCENT Q[Npf( q The growing regional economy buoyed kilowatthour sales by 1.3 percent com-h- y pared to 1993 sales, led by 2.5 percent and 3.7 percent sales increases to indus-Cf trial and commercial customers, respectively. Residential sales, which tend to wa fluctuate widely according to weather patterns, fell 2.3 percent from the previ-I ous year. Ef That same pick-up in the local economy has changed the view from our St. Iouis ff office, which overlooks a newly rebuilt Kiel Center arena. A few blocks away, e construction continues on the new addition to the city's convention complex, l ]g;g I pg and each of the h> cal Big Three automobile plants is undergoing a major expan. h} sion or retooling. As a result, the local unemployment rate subsided to its lowest J levelin 20 years, and we expect to benefit from the area's economic health, h 8 COST CONTROL CONTINUES yk M ' Cost control, a message we integrate into daily operations, transforms the com-Ny pany's sales increases into additional earnings. For example, UE's seven-year-g > e[) %$$ [e k old program to improve employee productivity through planned attrition has decreased our employee count by 17 percent from its peak in mid-1987 without

'I J (w ;g ' w costly layoffs. Now UE's 6.266 employees serve 8 percent more customers and a

r d produce 11 percent more kilowatthours than before we began the program. 'N < %}((l@J b b, The same focus on cost control pays off in cost-efficient power generation. Our 'f s ([Il coal-fired plants, subject to varying degrees of emironmental regulations under Nis&ek$

STOCKHOLDERS LETTER the Clean Air Act Amendments of 1990, generate a, bout 70 percent of UE's power. And as we reported to our stockholders fast year, these plants are meet-ing stringent new clean air standards ahead of schedule without imposing a financial burden on the company. UE's other plants set impressive records this year. Our Callaway nuclear plant's 1994 capacity factor ranked as the highest in the country and the second high-DMDEND GRDWTH est in the world. Capacity factor s one of the most commonly used efficiency i . measurements in the industry. And the company's Keokuk hydro-powered plant set a new generating record for individual performance in 1994, after DMDINDS PAID upgrades in technology and related employee training. PER COMMON SHARE Underpinning these efficiencies, UE's total fuel cost dropped to 1.01 cents per kilowatthour compared to last year's 1.24 cents, due to many factors - enter-0 "$ = prising use of lower cost, more environmentally friendly coal from the Western =$ United States; economic use of purchased power, and aggressive negotiations ,3 d 9, ( for fuel-related services. For example, UE reduced fuel cost by almost $19 million N 4 t 1 ) in 1994 by aggressively buying and selling power on the interchange network. 1 h} i, h a J Due to UE's companywide cost discipline, we have been able to reduce cus-H < aM M a tomers' electricity cates throughout our two-state area over the past six years, pig 1 making us one of the country's low <ost electricity producers. N d j N fi I d a ($ l I 0 ADDING VALUE 4 si Our low rates create a powerful market advantage, but customer satisfaction E 3E p i drives our business. Our residential customers, whom we routinely survey, [ )i g i y again signaled increased satisfaction with UE's service in 1994; essentially all of Il h j our wholesale customers decided to renew contracts with us at their first oppor-f h k [ tunity to leave, and many of ou-industrial and commercial customers think of dIIh I us as energy consultants, not as just the local utility. We know our customers _hk! i demand more than low <ost, reliable service, so we offer expertise, community NOOd leadership in economic development and active corporate citizenship. UE's history of continuous cash STOCKHOLDERS BENEfly dividend payments to common stockholders spans 89 years. The Our business success enables us to provide a fair return to our stockholders. In company has increased the divi-1994 UE's Board of Directors increased dividends on common stock to an dend in nine of the last ten years. annual rate of $2.44, the ninth dividend increase in ten years. UE provides low rates and good service - a simple, but unbeatable, business formula that's much easier to articulate than to accomplish. At the same time, we know our future in an increasingly competitive industry depends on our abil-ity to improve our business every day. look to UE to remain focused on our core business, to emphasize cost control. to provide our customers with low-cost energy and high-quality service, and to reward stockhoders fairly. C.W. Mueller l' resident and Chief Executive Officer February 10,1995 3

ggg. For years, some have said that heightened competition in the electric utility indus-

- Y I" I" "*""*' ""d '"'*"* '

"d'"""'**"'"***I* WHERE WE'VE titi n has concerned some investors and affected utility stocks. BEEN AND WHERE WE'RE GOING Investors, of course, seek to anticipate the future. Currently, diey're trying to sepa- - rate industry winners from losers in a scenario of increased cempetition. We are pleased that the investment conununity generally puts UE in tL oinners' column. And we believe we know why Wall Street has favored UE during industry turmoil. He fact is, we have long agreed with the view of Ironard S. Ilyman, recently l retired first vice president of Merrill Lynch: " Die strongest value resues in the utili-ty that ispnanced and run as ifcompetition were already here." nat sums up UE's focus for the last several years. As a result, we have built a company that is, today, a formidable competitor, no matter what may happen in the future. To provide perspective on the industry's situation - and UE's particular circum-stances - following is an overview of watershed events that have brought change to the industry and to UE. tyn g! y ; -l p it t W gnt p f((h I b ! $2 $, k,,

h k6 Lf 1978 THE PUBLIC UTILITY REGULATORY POLICIES ACT. Designed to reduce the nation's appetite for imported oil, this Act required local utilities to buy power from other, non-utility power producers, known as qualifying facilities, or QFs, if they could produce power more cheaply than utilities could by building new capacity.

In other words, for the first time in history, utilities had to demonstmte they were l more efficient producers than other power generators. With oil prices hovering l around $40 a barrel, many utilities couldn't beat these new competitors' prices. l So they had to sign contracts with QFs at prices now above market prices. UE escaped this trap, because our existing generating capacity pmvided louwost ener-gy With incipensive power produced from hydro and abundant, domestic coal, UE could and did beat competiton' prices. Today, uith nuclear part of our generating mix, UE pacing continues to be competitive with other power supplien, including the relatively new independent power-producing companies. That's not the casefor many other utilities. 1984 UE'S CALLAWAY NUCIIAR PLANT BEGAN OPERATION, Some utilities have had problems with nuclear plants. In some cases, they have become financial burdens rather than efficient sources of environmentally f:iendly energy. UE's Callaway Rant has established itself as one of the country's premier nuclear plants, consistently setting recordsfor effciency and safety 1988 UE REALIGNED MANAGEMENT AND INITIATED ATTRITION-BASED DOWNSillNG. To remain competitive, some companies have resorted to expensive layoffs and retirement programs, often with negative effects on morale and customer service. UE started early to tdm penonnel costs thmugh attation, to avoid beingfo*ced into more wrenching and costly actions. Today, UE serves 8 percent more customen with 17 percent fewer employees. UE people have become more productive than ever before, and our customer approval ratings are consistently high. 1990 UE LOWERED RATES. In this year,83 utilities around the country announced plans to increase electricity rates; only 10 companies fikxl with regulatory commis-sions to reduce their rates.

INDUSTRY OVERVIEJ . UE was one of thefew companies to cut rates in 1990. To improve our competitive position and resolve a long-standing rate design issue, UE reduced ratesfor industrial and commercial customen and agreed to hold residential rates at existing levels in bfissouri. At the same time, UE's filinois electricity rates decreased as we loweredfuel costs. These moves reduced revenues. But they also strengthened our competitiveposi-tion for the long term. Today, UE residential customen pay 15 percent less than the average U.S. customer Our commercial rates are 22 percent below the nationalaver-00NUEIlIlEE age, and our industrial rates are 13 percent below average. CUSTOMER PRICES

1998 THE CLEM AR ACT AMENOMENTS MMOATED EINIRONMENTAL GOALS but allowed individual utilities some discretionary freedom to choose how to meet them.

UE realized that retroRtting plants to burn lowsulfur coal was the most cost <ffective CEll1s PER KILonATin0Un solution to meeting mandated environmental goals, because lower coal costs would offset retropt costs. UE successfully managed the change and met environmental goals ahead ofgovernment deadlines - without any borrowing or cost increases { forcustomen. 1992 THE ENERGY POUCY ACT opened utilities' transmission lines Cines that carry large amounts of electricity long distances) for customers that buy electricity in .'(-- ACTUAL bulk to resell to other customers. 'Ihese wholesale customers could shop for low cost electricity from a host of power suppliers. 1 UE's imck record with its wholesale customen offen the best evidenceyet ofits compet-itive advantage. Customers representing more than 70 percent ofour wholesale busi-in sellingpower to other utilities in 1994,furtherproofofUE's competitive advantage. 0l ness have had options to discontinue UEservice; none did. And we set a new record DECEM8ER 1992 UE COMPLETED A SIGNIFICANT TERRITORY REORGANIZATION, selling a small, lowgrowth territory in Iowa and buying a territory in blissouri. UI has nar-h rowed its long-term focus to two home states, which will ultimately reduce costs and { improve service. i I 1993 UE AGAIN LOWERED RATES. Reflecting the end ofdeferred expensesfor construc-l tion of Callaway, UE reduced biissouri electric rates 2.5 percent, further strengthen-ing the company's competitive position. Since UE's last rate increase in 1987, GCTOBER 1993 - STANDAR0 ft POOR'S REVISED RATING OUTLOOKS on about one-third the average customer's electricity cost - as measured by electric rev-i of the industry. S&P cited concern about, ereasing interest rates and the potential m enues per kilowatthour - dropped l effects of competition for its unprecedented move. Battered by the threat of rising 4.3 percent. Adjusting for inflation, l interest rates, utility stock prices continued under siege. as shown in the graph above, our The company's ratings were not changed. UE's stock price declined with the rest ofthe custon s' electricity coets per kilo-

- h "' h* d "li"'d 24 P''*t

I industry, but not as sharply, and our AA-credit ratingfrom S&P and Al from bfoody's have remained the same despite industry turmoil.

'l'* * *" *l *'

,l l 1994 - UTIUTIES PRESSURED STATE COMMIS$10NS to set aside long-term contracts ment. with QFs that had become uneconomic. l UE was unaffected by these battles with regulators and QFs. law production costs

Excludes wholesale customers j_

have meant that UE is competitive with QFs. l .1994 THE CAUFORNIA PUBUC UTIUTIES COMMIS$10N ANNOUNCED A SWEEPING PRO-l POSAL FOR FulbSCALE, STATEW10E COMPETifl0N for utility customers beginning j in 1996. Consumer advocates criticized the decision, arguing it would hurt poor customers. Environmental groups voiced concern that cheaper power sources might not be environmentally sound, and owners of small businesses feared l increased costs. UE's rates are well below those oflarge California utilities and below the national average, reducing local public emphasis on the needfor competition. 5

COMPETITIVE ADVANTAGES j AND HERE WE ARE ? y s Public perceptions aside, increasing competition has not sur-g prised many companies in the industry. Predictably, some com-fj [h panies, including UE, are in far stronger positions than others. 'Ihe reason is that some companies have been more effective .j than others in responding to change. LW LOW FUELCOSTS 9 3 (bd UE saw the potential for change coming years ago. The actions g Kil0WATIN00R that we've taken haven't necessarily been dramatic. They've FUEL COSTS 'q ct - simply been effective. t .m; e+m y Our consistent prescription for success has four parts: y g- %g a-Control costs. ? Hold dozen customerprices. improve service continually through g training and technology. e 49w_~ M Stick to the business see know kI MM w l

L',) '.

i FIRST, COST CONTROL k<tPL[ L 'L$ k For any company in a mature industry to be competitively 3Gi t - d[Eh;) jj h strong, it must have effective cost control. UE cost control 3@ F targets three basic areas: employee related costs, fuel costs, - :M - 4 and debt expense. We've achieved significant improvement in n "'" p M

4 e

all three. i B 'pilg4 giW ~. Employee numbers, for example, have declined steadily and 9 f c y.19h / without the expense or disruption of layoffs. UE serves 8 per-g 4-E N% 7 $N-{4 h cent more customers than in 1987 - when our employee count 1 P( UE continues to decrease fuel gent fewe go# c{ } ga -w costs, as the company uses an increasing proportion of lower-We have also driven down our fuel costs dramatically. At the kh $b3, i dlqqq end of 1994, the company's fuel cost per kl. swatthour decreased gp/ dm p priced, more environmentally friendly Western coal. In addition. the company reduces fuel costs by from 1.2 cents the previous year to 1.0 cents, or over 18 peicent. ( ,,,, 7{%[* ( y_ aggresnively negotiating contracts l- , gg ; involving nuclear fuel operating Much of this savings came from greater use of lo,v-ouitur coal, hydro plants efficiently. and buying which is cheaper and more environmentally friendly than the e5 i MS P

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and selling power on the intercon-ne<ted power network. g. ? high sulfur, higher-Btu coal UE's plants were originally designed to burn. ( )g Additional fuel savings resulted from aggressive buying and ~M.,"' b.r, - s vi y m lo: S % yy[ [ $ ' [ E/@qu dd-dl selling on the power network. Leveraging the advantage of hh[,ik]hg UE's central location and interconnection with almost 20 utili-ties, our interchange business has almost quadrupled in less J's N . m& w... ~ o , %,@ yf MfC than a decade. 1;tst year, UE offset fuel costs to the tune of a. @f[SL~ [ Q[ Q@ $18.8 million by sales and purchases on the network. ggNM k 4y m + W ' m %::lg' ;p% I 4 -rt% Qi y;pr g

l h);l0 I s-f >y V 1 i \\f? l ~ '). "3l ;4. > j. e COST CONTROL i PAIRED WITH QUALITY SERVICE. UE saw the potentialfor e change years ago. Experts in ..[ p. our Energy Supply Operations ~' constantly hay and sell elec. y tricity from other utilities to reduce UE's fuel costs, while [ J new technology-call t routing, voice response, on. 3 hoard computers, a new J y [ Supervisory Control and Data ~ C t Acquisition (SCADA) system- / helps control expenses. But j w customer service remains 4 e key. For enample. UE ensi-l gyg seers helped the local Union i f ""?l+ Pacific representatives p revamp their office energy j l system, as part of the UE energy audit program for J commercial customers. l l. t. +1 4 )J MF Msmegav ggge ; +p j ~ c -Ws ~ a 7

{ Debt costs have been pushed down 25 percent since 1990. Taking advantage of falling interest rates during the early part l l of the decade, UE has refinanced more than $1.3 billion of long-term debt. In addition, the company issued low <ost debt in the form of tax-free Missouri emironmental bonds. Today, UE's embedded cost of debt stands at 6.9 percent - one of the lowest in the industry. m 'f. u ; /* i ,(n.- ~ / ~ .,. 4, :.,. s.- LOWER FUEL COSTS. hi ;. -..i p- - NEW ENVIRONMENTAL E' . t STANDARDS ,1 .c f '. 1 E': 9.,; As described in our previ- [. J h, ~- J J ,F oss a:nuai reports, UE is j ' 4- ~ { J. achievi:g self imposed (

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-q ~ !..N ~ new environmental regula-j' ' f..,. ticas ntthoutiacreasing N everall generaties costs.

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4 - - -h l ' ' 'I' L h~ ~ L. 'i f' Due to the company's finan-4~ 1 'E-t j? cial strength, UI can invest in capital projects -such [i<. ~ _ ~- 'E as brjing coal cars, - C. ' " ? 5k' i: stalling equipment that fyg]( y J:. ;;...- ..l ^# reduces nitrogen oside emissions and retrofitting i '.( coal handling equipment - 3 "s, without increasing debt. Now.Labadie Plant UI's s largest baseload plant, has ,j stet new Federal eaviron-a. mental regulations ahead of sched:le, and UE's fuel buy-g,j, ers have successfully nego-i tiated contracts to knag is E-lower cost Westers coal. 1 p, ea N. -j t g h_ ',l .'l* 4.

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COMPEllTIVE ADVANTAGES HOLD DOWN CUSTOMfR PRICI$ As competitive pressures mount, electricity is regarded more and more as a commodity. Obviously, that makes low prices imperative. UE's record on prices is clear and strong. Since 1990, we have COMPETITIVE lowered rates twice. Today, UE's residential customers pay 15 PRICES percent less than the average U.S. customer. Our commercial rates are 22 percent below the national average, and our indus-AVERAGE REVENUE'PER Ril0 WATTHOUR BY CUSTOMER CATEGORY trial rates are 13 percent below average. In short, UE doesn't need to play catch-up on pricing. We already have a strong competitive position. N 4 lMPROVE SERVICE CONTINUALLY As important as pricing is, customer loyalty also depends on high quality service. y For large customers, high quality service means relationship. g building and problem-sohing. Photographs and brief stories on the surrounding pages illustrate examples of that process and its tangible results for customers. For other customers, high quality service means prompt atten-tion to their needs and knowledgeable, fast responses. UE has adapted technology to meet those needs economically. Meet Barbara, for example. Barbara is the name given to UE's voice that tirelessly answers our customer phone lines 24 hours a day. M UE E National Ilere's how Barbara works. A friendly, upbeat voice asks for the caller's telephone number, gently urges the customer to stay on Rec gnMng manow prices provide substantial competiuve advantages, the line and provides information and alternate call routing. Union Electric has reduced rates to When the customer gives Barbara his or her phone number, well below natimal averages. UE's Barbara's computer instantly pulls up the caller's service record residential rates are 15 percent below average; comrnercial rates 22 and holds it at the ready if a service representative needs it. percent below average; and indus-Barbara's computer also sends outage reports directly to dis-triat rates 13 percent below average. patchers, enabling them to quickly pinpoint developing prob- .Most recent data avatiabic: ve. lems and speed repair crews to trouble areas. 1*en*er 31. lW; National June 1994 frorn the Edi.*>n Electric Institute UE's voice response unit - Barbara's technical name -is only one year old, but already is on the way to winning over customers. I

} F' UE WORKS WITH CUSTOMERS T0 g'W" FORM BUSINESS PARTNERSHIPS Ut's largest customer, the!! Oil, refines petroleum, 3. ~(' an energy-intensive busi. ness. To help shell make e, +: . :. t the most of their energy 1. dellars, Uf and Shell ' T$ y, employees have formed e i: ' -{ 'y, ' ~ quality team called QUEST 'T that meets regularly to 'i - t I review thell's energy use -h1,j. and UI's service quality. Many of the team's recem- - :e i ta 4 mandations have been s implemented, and, just as i w' ' 1 4 ~A 1 important, the team mem. ' ~ hers have used each oth-ers' expertise and feedhack 4 to improve their respestive f;j. -U r c

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businesses. Some team y members are shown on l - 7 3 this page. f 'D!y 3lf ge.) :. -xm um 5: 1 t.: . &h62 I E4 C [W, e 5- - N W ..t + 44 ,4.i.' t w.

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COMPETITIVE ADVANTAGES HOLD DOM CUSTOMER PRICES As competitive pressv es mount, electricity is regarded more and more as a commodity. Obviously, that makes low prices imperative. UE's record on prices is clear and strong. Since 1990, we have COMPETITIVE lowered rates twice. Today, UE's residential customers pay is PRICES L e percent less than the average U.S. customer. Our commercial AVERAGE REVENUE

PER KILOWATTHOUR rates are 22 percent below the national average, and our indus-BY CUSTOMER CATEGORY trial rates are 13 percent below average.

l In short, UE doesn't need to play catch-up on pricing. We aircady a i have a strong competitive positior. g g IMPROVE SERVICE CONTINUALLY As important as pricing is, customer loyalty also depends on { high quality service. { ] For large customers, high quality service means relationship- / building and problem-solving. Photographs and brief stories on the surrounding pages illustrate examples of that process and its tangible results for customers. For other customers, high quality service means prompt atten-Om* tion to the - needs and knowledgeable, fast responses. UE has BUSINESS adapted technology to meet those needs economically. CUSTOMERS. IIOK FDR IMeet llarbara, for exaniple. Ilarbara is the name given to UE's f voice that tirelessly answers our customer phone lines 24 hours FROM UE - d y. n UE E National .,TO llere's how llarbara works. A friendly, upbeat voice asks for the M' gnMng that low pdces proMe caller's telephone number, gently urges the customer to stay on substantial competiuve advantages, ,. AND HND the line and provides information and alternate call routing. Union Ek ctric has reduced rates to GPPDRTUNI-When the customer gives llarbara his or her phone number, well bdow national averages. UE's TIES 10 < Ilarbara's computer instantly pulls up the caller's service record '""Id""'I"I '"'"" " " " P""'""' below average; commercial rates 22 and holds it at the ready if a service representative needs it. percent below average: and indu+ Ilarbara's computer also sends outage reports directly to dis-trial rates 13 percent below average. patchers, enabling them to quickly pinpoint developing prob-

h rnent data avaHak l'E, lems and speed repair crews to trouble areas.

Iwendwr 31. M National June IW from Jr Edison 1:1cetric InsPure UE's voice response unit - Ikirbara's technical name - is only [ ' one year old, but already is on the way to winning over customers. 9 e D

/; +.4 UE WORKS WITH CUSTOMERS TO FORM BUSINESS i ' [. > PARTNERSHIPS UE's largest customer, Shell Oil, refines petroleum, i t as enerly intensive busi-l ness. To help 5 hell make / ~1, - the most of their energy ]ij 1 dollars UE and Shell j J a Y employees have formed a ~^ quality team caned QUEST t_ that meets regularly to ,,[' }; . } review $ hell's energy use } 3 and UE's service quality. ... I Many of the team's recom-A mendations have been 4;9 Y' implemented, and, just as important, the team mem- 'J bers have esed each oth-ers' expertise and feedback - N to improve their respective i k' i businesses. Some team members are shown on ') m this page. j l p _% b. fI \\ 'r? ^" n _m x y t l7fyg m .ia Q Q l Agp

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COMPETITIVE MPAlETAGES STICK TO THE BUSINESS WE KNOW 1 Little elaboration is necessary on this point. We're proven experts in our business, and we have no intention of diluting our focus or our resources. Any new ventures we would con-J sider would have to be natural extensions of our existing strengths with clear benefits for stockholders and customers. 1 I l i AND NOW, THE FUTURE, WE ENTER IT WITH STRONO CASH FLOW AND THE PRODUCTMTY FLEX 1BILITY CASH FLOW BUYS. NUMBER Of CUSTOMERS l g , p in uncertain times, few advantages are more important to a PER EMPLOYEE 3 company than strong cash flow and the flexibility it provides. 'd UE enjoys both advantages, to an emiable degree. E = i E" 1 d Our steady, strong revenue stream produces enormous bene-3~ j gg yg fits. It helps keep our credit ratings near the top of our industry g j p (AA-from S&P and Al from Moody's), which, in turn, helps l k X / Mhg hokl down our debt costs. It buys the technology and training 7 i t Q h p that enable UE people to become more productive and provide i [a i R Q y ~ . pcsq@ y J p better service. And it buys flexibility, an important ability m any u business situation and a critical ability if expanded competition ?, -f 4" 4 . +- m .-A 4 i f5S@ j j pf ky% gj were to become reality. p 4 l h UE's steady cash flow and financial strength also translate into f b N hh} operational strengths which, in turn, increase long-term com-l l L M .$ am a jMphfM petitive abilities and service quality. For example, two years [ t Lj e m 4 D. w%ph e a h [ $n y; ago we funded two casn-intensive maintenance efforts at our ap -M,$ Callaway Plant. We weren't forced to conduct these projects gg at precisely that time. The point is, we could afford to schedule {g gg the projects in a proactive way. And this ability, combined with hy" 'b4:pOh h Callaway people's expertise, is the reason why the plant runs c si e ntrol requires constantly '~1 improving employee productivity. 4 pp((W]s9 ,gj at a lifetime capacity factor of 90.8 percent, s.igmficantly better Using better technology and more Qu gn than the industry average. (A plant's capacity factor refers personnel training, UE has reduced h;h h j to the amount of time a plant actually operates compared to the the nurnber of employees by 17 per-A Wi Wd cent since our 1987 peak, even theoretical maximum for which it was deo.gned.) ig qf though the company serves 8 per-Y- n}[ Financial strength also has made it possible for UE to modern _ cent m re customers. The f((D% %g[w ize two of our hydro plants, retrofit coal-fired facilities to meet through attrition, means UE now E% employee reduction, handled j $M G $ Clean Air Act emission deadlines, provide the best training in has a smaller emphiyee count than bh7 hhN the indudry to Callaway personnel and use document imaging any time since 1950. W g 1 e %$h g y to convert decades of records to computer files. The list could hfk h go on and on to embrace every aspect of our operations, large 'N'd in 'sw,3 " and small. Ilut the poin. is clear: UE's financial strength enables us to take advantage of technology to improve service yy gQ a'; jk s and increase operating efficiency. 7;pf3 'p ,,4 &- e'Q&v e v 11 5%Q A

- - =. COIIPETITIVE ADVANTAGES Of course, another result of UE's financial strength is our ability j'a to fairly reward our stockholders. We have paid cash dividends y annually for the last 89 years, and we have increased the divi-dend nine times in the last ten years. N UE'S FUfURE PROSPECTS 'Ihe fact that UE already has a strong competitive position is highly significant. We don't have to play catch-up as many other utility companies do. Instead, we can concentrate on further strengthening our position. DIVERSIFIED We also have the advantage of a highly diversified market. So CUSTOMER MIX we're not hostage to any single industry or vulnerable to cycli-cal downdrafts. Our 50 largest customers account for less than = % M0WATIN00R SALES pen unws an ur largM customer less Wan m:tm1ER CLAS$1FICAT10N 1.5 percent. g1 Our diversified market performed well in 1994. A $2.5 billion ! li d coistruction boom altered St.12)uis' skyline and helped push l 1 W L1 1 - employment to its highest levelin 20 years. Each of the area's r O three automobile plants began to either retool or expand last y am year. A new mass transit system completed its first full year of service with ridership well over projections. And St. Ix)uis' new Kiel Center arena opened for business. An increased reliance on electricity is the theme that links all UE PROVIDES, these new projects. An auto plant, for example, uses an infra-red electrotechnology system to dry paint on cars not just 9 6 faster, but better. The cystem's precise control improves the ABOUT quality of the paint job, using methods that are friendlier to the environment. The MetroLink light rail system runs on electric-ity. And the Kiel Center arena's infrastructure relies on a maze LIE's diverse customer mix is one of electrically-powered communications and control systems. of the company's strengths: no sin-gle customer classification domi. UE works closely with local governments to encourage busi-nates the company's sales either in ness expansion and relocation. For example, the company terms of kilowatthour sales, as helped fund the move of a Huffy bicycle plant to Missouri. We shown in the above chart, or in terms of revenues. Industrial and established specialincentive rates for new and expanding busi-wholesale customers represent just nesses, and we helped pay for a statewide computer system that ~ c 19 percent and 3 percent, respec-tracks community development data for relocating businesses. tively, of the company's 1994 elec-e tric revenues. For new and existing customers, we provide expertise ak t a variety of ek ctrotechnologies with problem-solving apphcations for industrial, medical and governmental customers. From all these sources, we project an annual growth rate of 2 percent in electricity sales. 9p 12

When we combine our market's strengthening economy and CAriONDELET CHOSE increased use of electrotechnologies with continued improve. TO STAY IN UE'S Inents in cost control and employee productivity, we have confi-er M yean, Caradelet dence in our future, Corporation's foundry began Our stable, sustainable earnings improvement has worked 3"ki"I I" "*> l8'I" extremely well for UE and its stockholders for many decades

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We don't see that changing. negotiated with UE and a neighboring utility competi-tor, and decided to stay is ecass i pa hg with the company had been successful over the years. ~, / Then, after a year in their new location, Carondelet ]:- asked UE engineers for advice ahest a change. The ad hoc team helped with the process and identi-l5 g .?./ r

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ef ~ .'O' +- - A revived regional economy. symbolized here by a new N' bridge across the [. h - Mississippi River at Alton. .J ' J'j lilinois. sparked Urs sales [' this year. Jeffersen City- . $ f *, Ay,. " based Scholt, tic lac., a ~ publisher and national dis-tributor of children's books. j u 3 4 stadium took shape, and tha 'f, i, d 3 expanded; St. Louis' new \\, I S, " e j take of the Ozarks outlet ^ \\ r*b Iat ers B t more as at work than a booming ,j q p g g fq t '. t economy. Businesses are / 0 i'. 3 / / using electrotechnologies to make better quality prod. /

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When we combine our market's strengthening economy and CARONDELET CHOSE increased use of electrotechnologies with continued improve-TO STAY IN UE'S N ments in cost control and employee productivity, we have confi-dence in our future. Mter m ynn, Carondela Corporation's foundry began Our stable, su tainable earnings improven ent has worked leeking la new. larger quarters to house its expand-extremely well for UE and its stockholders for many decades. ing business. Carendelet We don't see that changing. negotiated with UE and a neighhering stility competi-tor, and decided to stay in UE's service area,in part because their partnershlp wi:b the company had been successful over the years. ... r Then, after a year in their .;.c new location. Carondelet S asked UE engineers for advice about a change. The ad hoc team helped y, with the process and identi-U.1e. lied other ways the foundry ~ ' ' I, ,/ ~ could get the most efficient ~ electricity rate. + -s g + N. \\ l 3 W'.. o r 1 j; ~ l y -g' I 7 V 5 / i 5,4 g s s 7 - r h E l a, 1 12 ( l ..? ~ ~ J

? GROWTH IN BOTH 7" & ' ! . THE ECONOMY AND ELECTROTECH. N0 LOGY BRIGHTENS UE'S FUTURE A revived regional economy, symbolized bare by a new bridge across the ' Mississippi River at Altes. Illinois, sparked UE's sales this year. Jefferson City-based Scholastic Inc., a publisher sad sational dis-tributor el children's teoks, L >jj j, l, h }.j .g t f. 'j. \\ jM './ / / - j fj expanded; SL Louis' new g 1 E ' >/ i / ' (! - jt

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/ / -3 stadium teek shape, and the 3 //! # 7 E' b % lake elthe Ozarks estlet mall drew taas of thousands el customers. But mers was }y;. ' i at work than a booming y j jj ; 3- /,/ j/ ' j/ / / / l/ 0,! l 3 j;{ - g /

==- ecenemy. Basinesses are id l using electrotechselegies (' to make better quality prod. [/[/ / / (> g n4 i acts using more environ- .} j i (; mentally friendly methods. g 3 d For example, the local g ~ -d General Meters plant, one './'fc '/ j } i 3' 4 { jp} g of threelocalsetomakers ~, 4 l t espanding er updating facilities, uses electronic .h j l b< . ' ?' ' ' ((/h, Y .,y l Nt robots throughout the plant. And a lecal business, Black / \\ " ~ >/ !Tf--3 //'[j'"i.* I ) M- //j/ /0 /// a( Body, makes castem r / / ///b O. f [M l ti / electronic evens for every. i'i f / thing from bakeriss to golf + e I [.I ff kN fff club manufacturers, y .l .j m , ^, i j} f I PAff63y g 7 ~~~~-,,%; ; l i m: p _ .= N k h h l h A888* 3 E"tmg g ') 3 A y T f f n e ma m z

C5MPETITIVE CVANTAGES $0 WHAT'S THE BOTTOM LINE7 UE is ready for the future - whatever it may bring. However, from our vantage point in the heart of the country (recognizing that our viewpoint may not hold true nationwide), the current system isn't broken. Indeed, our customers enjoy some of the .j lowest electricity prices and highest quality service. 2 On the other hand, we also believe that change in our industry gg has had positive effects. It has forced managements to reexam-gg ] ine " business as usual." It has led to increased productivity and 4 new efficiencies. 'Ihese changes benefit utilities, their cus-TOTAL R!l0 WATTHOUR SALES k temers and stockholders. And that, obviously,is all to the good. (biHions) }j Change also could encourage incentive regulation. Incen-tive regulation would mean recognition -long overdue, in our opinion - that efficient companies' success should 3 j be rewarded.

,, xg h 'p Bottom line: UE stands ready, today, to succeed in whatever yhy 4

environment the future may bring. That doesn't mean we're j w' )E ? d complacent. To the contrary, it means that, years ago, we 1 f lj s g adopted Merrill Lynch analyst Leonard liyman's view that, to ?j )) repeat. "The strongest value resides in the utility that is { [ [ financed and run as if competition were already here " f I A y 3 That is and will be our focus. Because we firmly believe that q j UE's future success will come from continuing to improve on J@ our proven strengths. Again, our four-part prescription is this: E Control costs. w } lloid down customer prices. 4 II :' O

U Improve service continually through training 4

3/ and technology. UE's kilowatthour sales have been y yh 3; tick to the business we know. n an upward trend ver the past a-4,, few years. The cornpany expects Nhh[g]hf/ It may not be dramatic. But it works. sales to rise about 2 percent per $7 'I[ "q year, excluding the effects of Mj$, p.j weather, as the regional economy

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1 MANAGEMENTS DISCUSSIDN AND ANALYSIS RESULTS OF OPERATIONS properties of Arkansas Power & L.ight Company in March Ikrnings and earnings per share fluctuated due to many 1992. In 1993, normalized kilowatthour sales decreased 0.8% conditions, the primary ones being: weather variations, reflecting the loss of sales from disposition of our Iowa and electric rate reductions, sales growth, fluctuating operating northern Illinois service territory partially offset by an costs, the purchase and sales of utihty properties, new improved kral economy. In 1994, normalized kilowatthour accounting requirements, changes in interest expense and in sales were 2.9% over 1993, demonstrating an improving local income and property taxes, economy. Other less significant factors contributing to Varir.tions in electric sales are conservation, installation of The impacts of the more s.igmficant items affectm.g revenues, energy efficient appliances, and changes to and from costs, and earnings during the past several years are analyzed alternative fuels. and discussed below. ELECTRIC OPERATING REVENUES OPERATING EXPENSES W Variation from Prior Year r (Millions of Dollars) 1994-1993 1992-(Millions of Dollars) 1994 1993 1992 Hate variations 6 $(42.9) $ (.9) Fuch Effect of abnormal weather. (33.9) 74.9 . (135.7) Variation in generation 8 52.6 $(18.3) $(36.7) Growth and other . 37.5 4.5 59.8 Price (76.9) (.4) ' (6.1) $ 3.6 8 36.5 S (76.8) Anartization of uranium litigation settlement 2.7 Generation efficiencies (3.6) 6.7 (.3) The increase in 1994 electric revenues reflects growth in sales Department of Energy assessment 1.6 .4 to commercial and industrial customers, offset by reduced Net Interchange sales and sales to residential customers, primarily due to milder weather Punhased power variation (57.2) 17.6 35.7 $(83.5) $ 6.0 S (4.7) . the first and third quarters of 1994 compared to 1993. m The increase in 1993 electric revenues primarily reflects The decreased 1994 Fuel and Purchased Power costs reflect increased sales from colder, more normal w. ter weather.m m w p s Imn u ng tomsuHur cod aMur bsd fuel the first quarter 1993 followed by warmer spring and summer power plants and greater Callaway Plant generation due to the weather when compared to 1992. These m.ereased revenues a nee of a nm ar mfu ng outap in N Mu were partially offset by the November 1992 Missouri rate settlement effective January 1,1993, which decreased rates for ffset by reduced net purchased power costs and increased all Missouri electric customers and reduced annual revenues E'*"""" by approximately $4L million. The sale of the Company's Iowa a wee s ec ncmad pudad pown ad and northern Illinois retail properties in December 1992 lower generating efficiencies offset in part by greater hydro reduced 1993 electric revenues $52 million which was offset unna n and Mud foWuM gnadon. Inneased by growth in other service areas, including the territory p we punham from other utilities were required in 1993 purchased from Arkansas Power & I.ight Company in March "E I" # N 1992. 'Ihe lower 1992 electric revenues were primarily oue to Company's fossil-fueled power plants. The decreased 1992 unusually m.ld summer weather which reduced a.ir i ue a u sed Wwn coMs wh dud peahn conditioning use as compared to 1991. associated with lower electric sales and a Callaway refueling 'the variation in electric revenues attributable to growth and outage in 1992, greater hydro generation and lower fuel prices, other factors in 1992,1993, and 1991 primarily reflects the offset in part by greater net purchased power costs. differences in economic growth in the Company's service Mer vari tions in 1992 through 1994 operating expenses territory for these periods. In 1992, normalized kilowatthour sales increased 32E compared to 191)1, which reflects both an wage nd benefit increases. In 1994, operations expenses, improved local economy and the addition of new customers o a an fu nd pudased power costs decreased $10 resulting from the purchase of the Missouri distribution million, primarily due to a $7 million reduction of natural gas 16

purchased for resale, a $5 million decrease in labor costs and a In 1994, other taxes charged to operating expenses increased S3 million decrease in employee benefit expenses, p~rtially $4 million, primarily due to increased real estate taxes and offset by increased provision for injuries and damages and greater corporate franchise taxes. In 1993, other taxes higher consulting and communication expenses. In 1993, charged to operating expenses increased $6 million, primarily operations expenses, other than fuel and purchased power due to higher gross receipts and real estate taxes. In 1992, costs, increased SM million, primarily due to a $32 million other taxes charged to operating expenses increased $3 increase in employee postretirement benefits expense milliEm due to a $7 million increase in real estate taxes, pursuant to Statement of Financial Accounting Standards partially offset by a $4 million reduction in gross receipts taxes (SFAS) No.106, " Employers' Accounting for Postretirement associated with lower revenues. Ilenefits other than Pensions", a $14 million increase in natural CALLAWAY RATE PHASE.lN PIANS gas purchased for resale, a $5 million increase in labor costs-See Note 1 under Notes to Financial Statements for and higher pensions, professional and computer services, information relative to Callaway rate phase in plans. regulatory fees, and provision for injuries and damages. In INTEREST 1992, operations expenses, other than fuel and purchased in 1994 interest expense increased $12 million, primarily due power costs, increased $7 million, primarily reflecting a $5 to greater amount of total debt outstanding and higher interest million increase in labor costs, a $4 million increase in rates on variable rate debt. In 1993 and 1992 interest expenses employee benefit expenses, a $2 million increase in natural gas decreased $6 million, and $32 million, respectively, primarily purchased for resale, offset in part by a $5 million decrease in due to the refinancing of high-cost debt with lower cost issues, nuclear spent fuel disposal cost, primarily due to the refueling lower interest rates on variable rate debt and a reduction in outage at Callaway Plant and a refund of overcharges from the total debt outstanding. Department of Energy. CONTINGENCIES In 1994, maintenance expenses increased $8 million primarily See Note 10 under Notes to Financial Statements for material due to increased maintenance expenses at our fossil fuel issues existing at December 31,1994 that could affect the power plants and greater tree trimming expense, partially Company. offset by lower Callaway Plant maintenance (no refueling LIQUIDITY AND CAPITAL RESOURCES outage in 1994) and reduced labor costs, in 1993, maintenance expenses increased $3 uillion primarily due to flood-related labor expenses. In 1992, maintenance expenses increased $17 Actual Forecast million, due to a S20 million increase in Callaway Plant 1 9 9 4 1995 1996 1997 1998 1999 maintenance expenses primarily associated with Callaway's Nt nditures nstruct oy fifth refueling, partially offset by reduced maintenance at other % of Construction Requirements fossil-fueled generating plants. Generated Internally 103% 113% 105% 140% 106% 10M Depreciation expenses increased $6 million in each of the years 1994 and 1993, due to increased depreciable property. The Company completed the construction of its Callaway Plant Depreciation expense increased $10 million in 1992, primarily in I te 1984. Additional base load electric gene ation capacity due to the purchase of the Missouri distribution properties of is n t anticipated until after the year 2013. In addition to funds Arkansas Power & light Company in early 1992, a $3 million required for construction expenditures during the 1995-1999 increase in nuclear plant decommissioning expense and periods, $248 million will be required to repay long-term debt increased other depreciable property. and preferred stock maturities. Income taxes from operations in 1994 increased $27 million due to higher pre-tax income and a higher effective Missouri Mady'8 Al Standard & Poor's AA-income tax rate, income taxes from operations in 1993 reflect Duff & Phelps A+ a higher federal income tax rate offset by lower pre-tax income. Income taxes from operations decreased $43 million Under the Clean Air Act Amendments of 1990, the Company is in 1992 due principally to lower pre-tax income. required to significantly reduce total annual emissions of 17

MANAGEMENTS DISCUSSION AND ANALYSIS ((continued) - sulfur dioxide by the year 2000. Significant reductions in one time up to $600 million of short-term unsecured debt - nitrogen oxide will also be required. With switching to low-instruments. sulfur coal and early banking of emission credits, the Company TAX MATTERS anticipates that it can comply with the requirements of the See Income Taxes in Note 7 under Notes to Financial -) law with no significant revenue increases because the related Statements regarding Statement of Financial Accounting ~ capital costs, estimated at about $300 million, are largely' Standards No.109, -Accounting for Income Taxes." offset by lower fuel costr. At December 31,1994 about 65 3800T TM DMOEND percent of the Clean Air Act related capital costs had been The Board of. Directors does not set specific targets or payout expended. parameters for the Company's dividend payments. In their On March 12,1992, the Company purchased the Missouri annual review of dividend payments, however, the Board retail electric distribution properties of Arkansas Power & considers various issues, including tLe following:. the Light Company (a subsidiary of Entergy Corporation) for $63 Company's historic earnings and cash flow; the Company's million. This acquisition increased the Company's customers projected earnings, cash flow and potential cash flow by 26,000 in 10 counties in southeastern Missouri adjacent to requirements; dividend increases among other utilities; the Company's existing service territory. In connection with return on investments with similar risk characteristics, and the transaction, the Company entered into a long-term power overall business considerations. In 1994, Union Electric paid purchase agreement with AF&L which allows the Company to 79.6 percent ofits earnings to its common stockholders. 1 serve the new customers cost-effectively and without building ABOUT OUR STRATEGY i additional generating capacity. The Company's management and Board of Directors In December 1992, the Company sold its lowa retail and recognize the increasing probability of more intense wholesale electric distribution properties to lowa Electric competition in the utility industry in the future. Although no Light & Power (a subsidiary of IES Industries, Inc.) and its one can accurately predict the time or precise nature of this northern Illinois electric distribution properties to Central competition, the Company operates its business assuming this Illinois Public Service Company. The Company served competition will occur. Union Electric's basic business approximately 21,000 customers in the areas sold. The net strategy is threefold: 1) to improve our competitive position by book value of the properties sold was $34 million. Sales continually enhancing customer service; 2) to maintain proceeds totaled $68 million. As a result of these sales, the competitive electricity rates, and 3) to reduce costs to the Company realized a gain in 1992 of $18 million, net of tax. The lowest levels possible without compromising customer service, Company's hydroelectric generating station near Keokuk, employee safety, environmental stewardship, fair returns to lowa and related transmission facilities were not included in stockholders and fair rewards to employees. j the sales. EFFECTS OF INFLATION AND CHANGING PRICES I A nuclear fuel lease agreement provides financing for the The current replacement cost of the Company's utility plant ] Company's nuclear fuel requirements. Effective February 1, substantially exceeds its recorded historical cost. Under 1994, the maximum which can be financed under the existing regulatory practice, only the historical cost of plant is recoverable from customers. As a result, cash flows designed agreement was increased from $100 million to $120 million. At December 31,1994, $118 million of nuclear fuel was financed to provide recovery of historical plant costs through under the lease. depreciation may not be adequate to replace plant in future years. However, past practice indicates the Company will be .The Company plans to cont.mue utih..zmg short-term debt as allowed to earn on and to recover the increased cost of support for normal operations and other temporary replacement facilities when replacement occurs. The impact requirements (see Note 3 under Notes to Financial on common stockholders is mitigated to the extent Statements). The Company is authorized by the Federal deprec. ble property is financed with debt that can be repaid ia Energy Hegulatory Comnu.ssion to hase outstand.mg at any with dollars of less purchasing power. i II

RESPONSIBILITY FOR FINANCIAL STATEMENTS Re nfanagement of Union Electric Company is responsible for the information and representations contained in the financial statements and in other sections of this Annual Report. The financial statements have been prepared in conformity with generalb reepted accounting principles. Other information included in this report is consistent, where applicau.e, with the financial satements. The Company maintains a system of internal accounting controls designed to provide reasonable assurance as to the integrity of the financial records and the protection of assets. Qualified personnel are selected and an organization structure is maintained that provides for appropriate functional responsibility, Written policies and procedures have been developed and are revised as necessary, The Company maintains and supports an extensive program of internal audits with appropriate management follow up. He Board of Directors, through its Auditing Committee comprised of outside directors,is responsible for ensuring that both management and the independent accountants fulfill their respective responsibilities relative to the financial statements. Moreover, the independer.t accountants have full and free access to meet with the Auditing Committee, with or without management present, to discuss auditing or financial reporting matters. REPORT 0F INDEPENDENT ACCOUNTANTS One Boatmen's Plaza Telephono 314-425-0500 St. Lows, MO 63101 Pdce Watediatise LLP To the Stockholders and Board of Directors January 31,1995 of Union Electric Company in our opinion, the accompanying balance sheet and the related statements of income, long-term debt, preferred stock, retained earnings, other paid-in capital, and cash flows present fairly, in all material respects, the financial position of Union Electric Company at December 31,1994 and 1993, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 1994, in conformity with generally accepted accountirg principles. These financial statements are the responsibility of the Company's management; our responsibiiity is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, asessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. As discussed in Note 8 to the financial statements, the Company changed its method of accounting for postretirement benefits other than pensions in 1993. M 19

r[ m I fi [ I iSTATEMENT OF INCOME UNmN nECTmc COMPm ,,{ - (thousands of Dollars Except Shares and Per Share Amounts) " Year 1994 ~ Year 1993 eye'ar 1992 - 1 1 OPERATING REVENUES: ii Electric 31,969,533. $1,965,980 - ' $1,929,468 ' Gas ' 86,109

99,552-L 84,159 l Other 474-

'472

s1,494' L

Total operating revenues - L 2,056,116 2,066,004 2,015,121-p b . OPERATING EXPENSES: L Operations-329,562-L413,054 407,067 H Fuel and purchased power Other ~ 435,666 - 445,535 381,690 -765,228 858,589. 788,757' Maintenance

197,760

.190,097: 187,267 - Depreciation and nuclear decommissioning .226,045' 219,633 214,029 32,291. Amortization of phase-in plans deferred costs Income taxes 206,421 179,475 179,691 - N Other taxes 210,476 206,913 201,069 - Total operating expenses 1,605,930 1,654,707. 1,603,104-OPERATING INCOME 450,186 411,297 412,017' OTHERINCOME AND DEDUCil0NS: 34,810 - Gain on sales of electric property (16,711)- Income taxes related to gain on sales of electric property Allowance for equity funds used during construction. 5,767 6.418 ~ 3,115, ' Miscellaneous, net 403 3,919 (71) Total other income and deductions, net 6,170 10,337 21,143 i, INCOME BEFORE INTEREST CHARGES '456,356 421,634 L 433,160 INTEREST CHARGES: Interest 141,112 129,600 135,319. l Allowance for borrowed funds used during construction (5,513). (5,126) (4,907) ] Net interest charges 135,599 124,474 130,412 ] 1 l NEiINCOME 320,757 297,160 302,748 -) i

PREFERRED STOCK DIVIDENDS 13,252 14,087 14,058 EARNINGS ON COMMON STOCK

$ 307,505 - S 283.073 $ 288.690 EARNINGS PER SHARE OF COMMON STOCK (based on averace sharen outstandind $3.01 $2.77 $2.83 OlV10 ENDS PER SHARE OF COMMON STOCK $2.395 82.335 $2.26 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 102.123,834 _ 102.123.834 102.123.834 ~ See Notes to Financial Statements on pages 27 through 32. 20 -

iSTATEMENT OF CASil R0WS uNiONaiCmCC0urANr [figusands of Dollars) 3 Year 1994 ' Year 1993 - Year 1992 CASH FLOW $ FROM GPERATING: Net income $ 320,757 8 297,160 .S 302,748 . Adjustments to reconcile net income to net cash - . provided by operating activities: Depreciation and amortization 216,731, 210,341. 237,659 Amortization of nuclear fuel-44,267 46,441. 47,816 . Gain on sales of electric property - (34,810) Allowance for funds used during construction (11,280) (11,544) (8,022) - Postretirement benefit accrual 24,680 31,970 Deferred income taxes, net. (18,430)' 51,154 44,950 ~ Deferred investment tax credits, net - (6,182) (7,626) (7,414) Changes in assets and liabilities:- Receivables, net 23,020 (23,568) 22,408 ' Materials and supplies (10,643) 46,741: (9,938) Accounts and wages payable (94,180) (8,258) 12,207-Taxes acerued 10,710 (5,762) (10,958)- Interest and dividends accrued or declared 14,657 2,351 ' (4,242) Other, net 29,966 (2,378) (1,393) Net cash provided by operating activities 544,073 627,022 591,011 - CA2H FLOW $ FROE INVEfflNG: Construction expenditures (314,050) (266,433)- (259,652)- Acquisition of electric property (62,430) Sale of water property ' 8,500 Sales of electric property- ' 63,702 Allowance for funds used during construction 11,280 11,544 8,022 Nuclear fuelexpenditures (30,458) (37,494) (63,779) Net cash used in investing activities (333,228) (292,383) (300,637)' CASH FLOWS FROM FINANCING: Dividends on preferred and common stock (257,838) (252,546) (244,858) Environmental bond funds 12,583 30,474 (4,915). Redemptions-Nuclear fuellease (32,137) (52,907) (50,693). Short term debt (59,600) (34,500) long-term debt (25,000) (605,500) (520,076). Preferred stock (26) (73,751) (26) Issuances - Nuclear fuellease 51,386 51,593 40,534 - Short-term debt - 37,600 Ieng-term debt 100,000 455,000 521,500 Preferred stock 74,438 Net cash used in financing activities (210,632) (335,599) (293,034) NET CHANGE IN CASH AND CASH EQUIVALENTS 213 (960) . (2,660) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,297 2,257 4,917. - CASH AND CASH EQUIVALENTS AT END OF YEAR S 1,510 S 1,297 8 2,257 Cash and cash equivalents include cash on hand and temporary investments purchased with a maturity of three months or less. Cash paid during the perimis: i Interest (net of amount capitartzed) $108,319 $112,296 $128,007 Income taxes $217,417 $145.129 S169.910 See Notes to Financial Statements on pages 27 through 32. 21

N tBAl.ANCE Si1EEIniattECinicCommi t ' (Thousands of Dollars) - -l ASSETS' December 31,1994 : December 31',199') PROPERTY AND PLANT, AT ORIGINAL COST: i Electric $8,200,09'4 $7,916,493 - 'l . Gas

160,7294

.149,167 Other 135,033 34,884 -8,395,856-8,100,544. less accumulated depreciation and amortization .3,305,582 3,079,509 5,090,274 5,021,035 Construction workin progress:. Nuclear fuelin process. 134,815: 101,265 : Other 119,473 142,656 - Total property and plant, net - 5,344,562.- 5,264,956. i: r REGULATORY ASSET - DEFERRED INCOME TAXES 732,478 762,331 DEFERRED CHARGES AND GTHER ASSETS: Unamortized debt expense. 49,432-53,451 . Nuclear decommissioning trust fund 53,906- ,44,420 Other 22,508-28,552-Total deferred charges and other assets 125,846 126,423 t CURRENT ASSETS: Cash 1,510 1,297 Accounts receivable - trade (less allowance for doubtful accounts of $6,277 and $6,194, at respective dates) 164,803 178.559 Unbilled revenue 71,321 79,957 Other accounts and notes receivable 17,691 18,319 Materials and supplies, at average cost - Fossil fuel 61,533 53,123 Construction and maintenance 89,683- ' 87,450 Other 15,274 23,155 Total current assets 421,815 441,860 TOTAL ASSETS $6,624,701 S6,595,570 See Notes to Financial Statements on pages 27 through 32. 22

rb. ~ r ICAMikt AND UA88UTIES December 31,1994 December 31,1993 4 ECAMTAll2AT10N: Common stock, $5 par value, authorized 150,000,000 shares - outstanding 102,123,834 shares (excluding 42,990 shares at par valuein treasury) = $ - 510,619

$. 510,619.

Other paid-in capital, principally premium on common stock - . (see accompanying statement)- 1717,669-717,669' Retained earnings (see accompanying statement) 1,040,766 - 977,880 Totalcommon stockholders' equity 2,269,054-2,206,168-Preference stock, $1 par value, authorized 7,500,000 shares - none outstanding Preferred stock not subject to mandatory redemption (see accompanying statement) - -218,497. 218,497 ' ~ Preferred stock subject to mandatory redemption (see accompanying statement) .676 702 long-term debt (see accompanying stateme at) 1,833,623-1,777,153 Unamortized discount and premium on debt -(10,134) (10,498) Total capitalization 4,311,716 4,192,022 - ACCUMULATED DEFERRED INCOME TAXES -1,349,239 1,360,159 4 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 172,705 178,887 -i REG _ULATORY UA81LITY (Note 7) 229,333 266,399 ACCUMULATED PROVISION FDR NUCLEAR DECOMMIS$10NING - 55,579 46,093 GTHER DEFERRED CREDITS AND LIABILITIES 131,543. 92,227 CONSTRUCTION COMMITMENTS AND CONTINGENCIES (Notes 9,10, and 11) CURRENT LIABILITIES: Current maturity oflong-term debt 68,318 30,539 Accounts payable 61,575 153,474 Wages payable 35,045 37,326 59,600 Ilank loans Accumulated deferred income taxes 28,574 28,871 Income taxes accrued 36,481 25,147 Other taxes accrued 16,954 17,578 Interest accrued 55,909 41,252 Dividends declared 3,301 3,301 Other 68,429 62,695 Total current liabilities 374,586 459,783 TOTAL CAPITAL AND LIABILITIES $6,624,701 $6,595,570 23

m wx t ..LONG TERM DEBT UmoNEucimec0McANv f(thousands of Dollars) December 31,1994 ' December 31,1993 ? ~ : FIRST M0RIGAGE BONDS SERIES - note (a) 4%% Due 1995 S 35,000 i4 %%' Due 1995' 3,000-j 5 %%. Due 1996 30,000 30,000 - 5%%.Due 1996 5,000 5,000-5%% Due 1997 40,000 ' 40,000-p 5%% Due 1997 .5,000 5,000 6%% Due 1999 100,000 100,000 8.33% Due 2002 75,000 75,000 7.65% Due 2003 ' 100,000 100,000 ' 6%% Due 2004 188,000 188,000 7%% Due 2004 85,000 85,000 '6%% Due 2008 - 148,000 148,000 7,40% Due 2020- note (b) 60,000 '60,000 8 %% Due 2021 125,000 125,000 8% Due 2022 85,000 85,000 8 %% Due 2022 104,000 104,000 i 7,15% Due 2023 75,000 75,000 7% Due 2024 100,000 5.45% Due 2028-note (b) 44,000 44,000 '4 UNSECURED LOANS-note (c) Commercial paper-note (d) 25,000 MISSOURI ENVIRONMENTAL IMPROVEMENT - f Revenue bonds, 1984 Series A due 2014-note (e) 80,000 80,000 1984 Series B due 2014-note (e) 80,000 80,000 1985 Series A due 2015-note (0 70,000 '70,000 1985 Series B due 2015-note (0 56,500 56,500 1991 Series due 2020-note (0 42,585-42,585 1992 Series due 2022-note (0 47,500 47,500 NUCLEAR FUEL LEASE-note (g) 88,038 68,568 LONG TERM DEBT-note (h) $ 1,833,623 $1,777,153 (a) At December 31,1994, substantially all of the property and plant was mortgaged under, and subject to tiens of, the respective indentures pursuant to which the bonds were issued. (b) Environmentalimprovement Series. (c) A bank credit agreement duc 1999 permits the Company to borrow up to $20) million. Interest rates will vary depending on market conditions and the Company's selection of various options under the agreement. At December 31,19S1. no such borrowings were outstanding. (d) A bank credit agreement due 1997 permits the Company to borrow or to support comrtiercial paper borrowings up to $300 million, Intet est - rates will vary depending on market conditions. At December 31,1994, no such borrowings were outstanding. (c) ")n Jun-1 of each year, the interest rate is established for the following year, or alternatively at the option of the Company, may be fixed until maturity. A per annum rate of 315% is effective for the year ending May 31,1995. Thereafter, interest rates will depend on market conditions and the selection of an annual versus remaining life rate by the Company. - (0 Interest rates, and the periods during which such rates apply, vary depending on the Company's selection of certain defined rate modes. The average interest rates for the twelve months ended December 31,1994, for 1985 Series A 1985 Series B,1991 Serica and 1992 Series bonds were 2.85%,2.91% 3.07% and 3.12% respectively. (g) In addition to Nuclear Fuel trase long-Term Debt, at December 31,1994 and 1993. S30 million and $31 million, respectively, were included under current maturity of king-term debt. (h) 'the estimated fair value of long term debt at December 31,1994 is $1.728,346,000. This estimate is based primarily on market values of actual or comparable securitien at year end. The estimate rnay not represent actual values of fmancialinstruments that could have been realized as of year end or that may be realized in the future. See Notes to Financial Statements on pages 27 through 32. l 24

s o y s: PREFERRED STOCK niumCTmcCOMPmV: NThousanda of Dollars)' i ~ !l December 31,1994 December 31,1991 ' PREFERRE0 STOCK NOT SutJECT TO MANDATORY RE0EMPil0N:

Preferred stock outstanding without par value (entitled to cumulative dividends) - note (a) =

Stated value of $100 per share -. ..$. 33,000 _ $ 33,000.- - $7.64 Series - 330,000 shares. $7,44 Series -' 330,001 shares. ..33,000 33,000 $6.40 Series - 300,000 shares - '30,000 30,000 -$5.50 Series A - 14,000 shares 1,400 1,400 ~ $5.50 Series B. 3,000 shares 300 300 $4.75 Series - - 20,000 shares 2,000 2,000- $4.56 Series - 200,000 shares 20,000 20,000 $4.50 Series - 213,595 shares 21,359 21,359 $4.30 Series - 40,000 shares 4,000 4,000 $4.00 Series - 150,000 shares - 15,000 15,000 $3.70 Series - 40,000 shares 4,000 4,000 $3.50 Series - 130,000 shares ' 13,000 .13,000 Stated value of $25.00 per share- $1.735 Series-1,657,500 shares 41,438 - 41,438 - I TOTAL PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION $218,407 ' $218.497 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPil0N: Preferred stock outstanding without par value (entitled to cumulative dividends) - note (a) Stated value of $100 per share- $6.30 Series - 6,760 and 7,020 shares at respective dates, due 2020- note (b) $676 $702 t TOTAL PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 8676 S702 (a) Authorized Linion Electric Company total preferred stock - 25,000,000 shares. (b) The Company is required to retire 260 shares at $100 per share on June 1 of each year. l See Notes to Financial Statements on pages 27 through 32. 25

A STATEfhENT OFRETAINED EARNINGS vm0NnEcim ^ j (Thousands of Dollars) - Year 1994 ' Year 1993 - Year 1992 i BALANCE AT BEGINNING OF PERIOD ' $ 977,880 $ 934,9191 $ 877,029 Add: b ~ Netincome 320,757-297,160 '302,748: 1,298,637 1,232,079 - 1,179,777 r Deduct: Preferred stock dividendsk '13,252 14,087 '14,058 - Common stock cash dividends - $2.395, $2.335, and $2.26 per share,respectively 244,586 238,459 230,800' Capital stock expense _ 33 1,653-257,871 254,199 244,858, BALANCE AT CLOSE OF PERIGO - $ 1,040,766 ~ $ 977 880 $ 934,919 ' (Under mortgage indentures as amended. 8ree and unrestricted retained earnings at December 31,1994 amounted to $1,005.284,000 ) '

Preferred stock dividends include dividenadeclared, applicable to subsequent periods.

i STATEMENT OF OTHER PAID IN CAPITAL . (Thousands of Dollars) Year 1994 Year 1993 Year 1992 BALANCE AT BEGINNING OF PERIOD ' $717,669 $718,482 $718,507 Capital stock expense (813) (25) . BALANCE AT CLOSE OF PERIOD $717,669 $717,669 $718,482 - SELECTED QUARTERLY INFORMATION <Unaeaiied) (Thousands of Dollars Except Per Share Amounts) on Per Share Operating Operating Net Common of Stock Revenues Income Income Stock Outstanding QUARTER ENDED: March 31,1994 $438,900 $ 65,151 $ 38,226 $ 34,913 $.34 March 31,1993 452,966 75,049 ' 44,2(M 40,523 .40 June 30,1994 532,944 127,806 97,392 94,078 .92 June 30,1993 512,209 '115,298 86,846 83,401 .82 i September 30,1994 677,240 205,473 166,475 163,163 1.60 September 30,1993 689,330 188,513 161,288 157,641 1.54 December 31,1994 407,032 51,756 18,664 15,351 .15 December 31,1993 411,499 32,437 4,822 1,508 .01 Net income and Earnings on Common Stock for the fourth quarter of 1993 reflect the Callaway Plant refueling, the ef feet of which decreased earnings on common stock by about $21 million (S.20 per share).1hc cost of flooding in the Company's service territory in 1993 reduced ecrnings on common stock by $10 million ($.10 per share), primarily in the third quarter. See Notes to I~mancial Statements on pages 27 through 32. 26

NOTES TO FINAEIAL STATEMENTS maiuCTmCC0mNT NOTE 1 - SUMART 05 ACCOUNTING POUCIES ' common stockholders' equity) applicable to the Csmpany's. The Company is regulated by the Missouri Public Service construction program are capitalized as a cost of construction. Commission, Illinois Commerce Commission, and the Federal His accounting practice offsets the effect on earnings of the Energy Regulatory Commission. De accounting policies of cost of financing curreat construction, and treats such financing the Company are in accordance with the rate. making practices costs in the same manner as construction charges for labor and of the regulatory authorities having jurisdiction and, as such,' materials. conform to generally accepted accounting principles as applied ~ Under accepted rate-making practice, cash recovery of AFC, as to regulated public utilities. Following is a description of the-well as other construction costs, occurs when completed - Company's significant accounting policies: projects are placed in seruce and reflected in customer rates. - Property and Plant AFC rates are established by the Company consistent with the The cost of additions to and betterments of units of property methodology prescribed by the Federal Energy Regulatory and plant is capitalized. Cost includes labor, material. Commission. Average annual AFC rates were 8.9% in 1994,. applicable taxes, and overheads, plus an allowance for funds 7.8% in 1993, and 6.2% in 1992. used during construction. Maintenance expenditures and the p renewal of items not considered umts of property are charged . The Callaway rate phase-in plans effective in 1985 as a result of to income as incurred. When units of depreciable property are regulatory commission orders provided for the retired, the on..gmal cost and removal cost, less salvage, are partial deferra'. of a cash recovery of costs related to the charged to accumulated depreciation. Callaway Plant during the early years of the plans with Depreciation recovery of such deferrals in the later years of the plans. Depreciation is provided over the estimated lives of the various A 1987 order of the Missouri Public Service Commission classes of depreciable property by applying composite rates on a provided that $159 million of deferred costs at December 31,- straight-line basis De provision for depreciation in 1994,1993, 1987, applicable to Missouri be recovered in rates over the five and 1992 was approximately 3% of the average depreciable cost. 3ggg g 3gg7 Nuclear Fuel g,ygg,,, De cost of nuclear fuel is amortized to fuel expense on a unit-of-The Company accrues on its books estimated, but unbilled, production basis. Spent fuel disposal cost is charged to expense revenue. based on kilowatthours sold. Operating Revenues include excise taxes of $97.9 million, Income Tam $97.8 million and $93.0 million' for the years 1994,1993,and Effective January 1993, the Company adopted Statement of 1992, respectively. Financial Accounting Standards (SFAS) No.109, " Accounting for Income Taxes". Under SFAS No.109, deferred tax assets NOTE 2-DEBT RETIREMENT PROW 4 and liabilities are recognized for the tax consequences of During the five years from December 31,1994, the amounts of transactions that have been treated differently for financial debt maturities totaling S248 million are: $68 million in 1995; $35 3 reporting and tax return purposes, measured using statutory million in 1996; $45 million in 1997, and $100 million in 1999. tax rates. Amounts for years subsequent to 1995 do not include nuclear fuelle se payments since the amounts of such payments are not Investment tax credits utilized in prior years were deferred currently determinable. and are being amortized over the useful lives of the properties to which they relate. Debt retirement provisions contained in some mortgage bond indentures of the Company require, subject to certain i 1 Allowance for I,unds Used Durm. g Constructm.n alternatives, the redemption annually of 1% of the principal l Allowance for funds used during construct. ion (AFC).is a utility amount (as defined) of each series of bonds. In substantially all mdustry account.ing pract. ice whereby the cost of instances, as permitted by the indentures, the Company has borrowed funds and the cost of equity funds (preferred and been pledg.mg property additions m h.eu of such redemptions. l 27

n .\\ 's : NOTES TO FINANCIAL STATEMENTS vm0NitiCmcC0mPaNr - (Continued)1 l NOTE 3-SNORTTERM B0RR0NINGS 1992, the. total interest charges under the lease were $5.2

Short-term borrowings of the Company consist of bank loans

'million, $3.1 million, and $4,4 million (based on average

(meturities generally on an overnight basis) and commercial '

interest rates of 4.7% 3.6% and 4.3%, respectively) of which s paper (maturities generally within 10-45 ddys), At December. $2.7 million, $1.4 million, and $1.3million,~ respectively, were - q - 31,1994, no such borrowings were outstanding The weight 6d. capitalized. average interest rate on borrowings outstanding for each of the NOTE 5-PREFERRED STOCK periods ended December 31,1993 and 1992 was 3.3%. During the' three years ended December 31,1994, preferred ' At December 31,'1991, the Company had committed bank lines - stock, without par value, was issued or redeemed as follows: I of credit aggregating $184 million (all of which were unused) ' issued 1,657,500 shares, $1.735 Series and 330,000 shares, $7.64 which make available interim financing at various rates of Series in 1993; redeemed 350,000 shares, $8.00 Series and ' = ' interest based on IJBOR, the bank certificate of. deposit rate, 425,000 shares, $8.00 Series of 1971 in 1993. The Company - or other options, and in support of which the Company has - retired 260 shares, $6.30 Series in 1994,1993, and 1992, agreements with its lending banks to pay annual fees up to . Preferred Stock Redemption Price - 0.1251 These lines of credit are renewable annually at various (per sun > dates throughout the year. S7.64 series - $103.82 (a). $7.44 Series 101.00 NOTE 4-NUCLEAR FUEL LEASE $6.40 series 101.50 S5.50 Series A 110.00 The Company has a lease agreement which.provides for the gg g,g,, g 3g g financing of nuclear fuel. Effective February 1,1994, the S-1.75 series 102.176 ' maximum amount which may be financed under the agreement $4.56 series 102.47 was increased from $100 million to $120 million. Pursuant to the - $m series .110.00 (b) . $4.30 Series 105.00 - terms of the lease, the Company has assigned to' the lessor ' . $4mries 105.625 certain contracts for purchase of nuclear fuel. The lessor obtains, $3.70 series - 104.75 through the issuance of commercial paper or from direct loans . S3 50 series 110.00 8 2 co (c) under a committed revolving credit agreement from commercial ((**g. g 9 banks, the necessary funds to purchase the fuel and make - (a) Beginning February 15,2003, eventually declining to S100 per share. mterest payments when due, . (b)In the event of voluntary liquidation, $105.50. - (c) On or after August 1,1998. The Company is obligated to re. imburse the lessor for all (d) The Company is required to retire 260 shares at $100 per share on i expenditures for nuclear fuel, interest, and related costs. June l of each ycar. Obligations under this lease become due as the nuclear fuel is NOTE 6 - PREFERRED STOCK MANDATORY REDEMPTION consumed at the Company,s Callaway nuclear plant..The PROMMS - Company reimbursed the lessor $34.5 million during 1994, $55.0 million during 1993, and $54.3 million during 1992. During ea6 of the Sve years 1995 through 1999, the Company will be' required to redeem $26,000 of the preferred stock The Company has capitalized the cost, including certain outstanding at December 31,1994. i interest costs, of the leased nuclear fuel and has recorded the !~ related lease obligation. During the years 1994,1993,and l 5 28

e m --ry (.. ' i hoiti1 COME TAXE8 - ' expected to occur when the temporary differences reverse. - 1N c Total income tax expense for 1994 resulted in an effective tax -- -has been recorded along with a corresponding deferred tax-6 rue of 3% on earnings before income taxes (38% in 1993 and' liability. Also,' a Regulatory Liability recognizing the lower 39% in 1992), %e principal reasons'such rates differ from the expected revenue resulting from reduced income taxes statutory Federal rate are 'as followsi . associated with amortizing accumulated deferred investment 1994 1993. 1992 tax credits, has been recorded. The deferred tax asset 1 [ Statutory Federal income tax rate ' -35%- .35% [34% corresponding to this Regulatory liability has been combined

Increases (Decreases) from:

. with the deferred tax liabilities. , Depreciatwn differences 1 2-1 way rate phasein plans 2 SFAS No.109 requires that deferred tax liabilities be adjusted ' Miscellaneous, net - (1). '(1)' (1) ~ for enacted changes in tax laws or rates. ' Accordingly, the-FJfective income tax rate {39% y ] Company reduced it's deferred tax liabilities for amounts income tax expense components for the years shown are ~ previously recorded in excess of the current statutory rate, as follows (in thousands): Recognizing that regulators will probably reduce future revenues for these excess tax deferrals, the reduction in the LTaxes currently payable deferred tax liability was credited to the Regulatory Liability.. . principally Federal): ( . Adopting SFAS No.109 increased both assets and liabilities at included in operating expenses $232,811 $147,062. $147,887 - lacluded in other income-December 31,1994 and 1993, by approximately $732 million Miscellaneous, net (4,373) (7,874) 11,586 and $762 million, respectively, but did not affect the Company's Deferred taxes earnings on common stock in these years. (principally Federal): . lncluded in operating expenses,. Under SFAS No.109, temporary differences gave rise to (];I,$"f(({ g$) deferred tax assets 'and deferred tax liabilities at year-end 1994 37,588 Other (8,795) 2,394 1,630 and 1993 as follows (in millions): included in other income - 1994 1993 Depreciation differences - 816 9,638 6,978 Depreciation 8 809 $ 806 Other 963 - 1.477 (1,246) Regulatory asset-net 503 496. Deferred investment tax credits, net Capitalized taxes and expenses 117 127 Included in operating expenses ~~' (6,182) -~(7,626) (7,414) . Deferred benefit costs (41) (30) Disallowed plant costs (10) (10) Total income tax expense $203,827. $182,716 $197,009 ~. Total accumulated deferred income tax liabilities $1,378 $1,389 - Effective January 1993, the Company adopted SFAS No.109, NOTE 8-RETIREMENT BENEFITS ~ " Accounting for Income Taxes." Prior to 1993, in' accordance ne Company has non-contributory, defined-benefit retirement - with. accepted ratemaking practice, deferred income taxes were plans covering substantially all of its employees. Benefits are not provided for certain temporary differences flowed through based on the employees' years of service and compensation. to customers and the equity component of Allowance for Funds ne Company's ftmding policy is to contribute annually at least Used During Construction. SFAS No.109 requires recognition the minimum amount required by government funding - of the income tax effect of such temporary differences, standards, but not more than can be deducted for Federal - Accordingly, a Regulatory Asset, representing the probable income taxes. Plan assets consist principally of common stocks ruovery from customers of future income taxes which is and fixed income securities.

NOTES TO FINANCIAL STATEMENTS umNmcTmccomu (Continued), NOTE 8 - RETIREMENT BENEFITS (cont'd) Effective January 1993, the Company adopted SFAS Pension costs for the years 1994,1993, and 1992, were No.106, " Employers' Accounting for Postretirement Ilenefits $31 million,'$27 million, and $25 million, respectively, of which other than Pensions," which requires accrual of expected approximately 18% was charged to construction accounts in postretirement benefit costs during employees' years of each of the years. service. Postretirement benefit costs for the years 1994 and 1993 were $46 million and $53 million, respectively, of which 'Ihe plans' funded status follows (in millions): approximately 18% was charged to construction accounts in A' Dec',mb" cach of the years. The Company's transition obligation at

3gg,

,g December 31,1994 is being amortized over the next 18 years. - Actuarial present value of benefit obligation: ' Vested benefit obligation S552 $607 $492 'Ihe plans' status follows (in millions): "' = " - Accumulated benefit obligation $622_ $686 $521 At December 31, ~ Projected benefit obligation for service Accumulated postretirement benefit obligation: rendered to date $779 $820 $688 Active employees eligible for benefits S 42 $ 47 Jess: Plan assets at fair value 706 738 671 Retired employees 188 169 Deficiency of plan assets versus Other active employees -325 60 109 projected benefit obligatmn 73 82 17 T talbenefit obligation 290 Unrecognized net gain 18 4 55 Prior service cost not yet recognized in net Unrecognized - transition obligation (225) (265) 4 _ 21) ( periodic pension cost (89) (93) (84) - gain /(loss) Unrecognized net assets at transition 10 11 12 Accrued postretirement Iwnefit costs S 69 8 39 Accrued pension cost S 12 $_ 4 $_ - ~ ~~ ~ Components of net periodic postretirement benefit cost are as Pension costs include the following components (in millions): follows (in millions): Service cost - benefits carned during '~" 1993 ' ~ '1992

3 1994

' ~ ' Service cost - benefits earned dudng the period S 11 $9 the period $ 21 S 18 $ 17 Interest cost on projected benefit obligation 21 28 Amortization - transition obligation 13 16 Interest cost on projected benefit obligation 60 59 56 Actual return on plan assets 8 (89) (52) - unrecognized loss _1 ,, 58). _4 Net periodic cost S 46 .S 53 Net amortization and deferral ( 39 Pension cost S 31 $ 27 _$ 25 ' ~~ ~~~ Assumptione for the obligation measurements are as follows: Assumptions for actuarial present value of projected benefit 1994 1993 obligations are as follows: Discount rate at measurement date 85% 7.25% 199:I 1993 1992 Sledical cost trend rate -initial 11.0% 11.25% Discount rate at measurement date 8.5% 7.25% 8.5% - ultimate 6.0% 5.25% Increase in future compensation 5.5% 4.25% 6m Ultimate medical cost trend rate expected in year 2000 2000 Phm assets long-term rute of return 8.5% 8.5% 8.5% A one percent increase in the medical cost trend rate is In addition to providing pension benefits, the Company provides estimnted to increase the net periodic cost and the certain health care r.nd life insurance benefits for retired accumulated postretirement benefit obligation by employees. Substantially all t,f the Company's employees may approximately $3 million and $22 million, respectively. become eligible for those benefits if they reach retirement age Adopting SFAS 106 reduced the Company's earnings on while working for the Company. Prior to 1993, the costs of common stock by $14 million or 14 cents per share in 1994 and retiree health care and life insurance benefits were recognized $20 million or 20 cents per share in 1993. on the basis of claims paid. For 1Wl,1993, and 1992, the actual claims paid were $15.6 million, $14.6 million, and $13.5 million, j respectively. 1 30

y 4 m e s a ~ bJ N8TEI -CONSTOOCTION C8MINTMENTS

available, the company will self-insure the risk. Although' the;

'ThkCompany is engaged in a construction program under Company has no reason'to anticipate a serious nuclear. p %hich expSnditures averaging approximately $290lmillion; incident,'if on'e did occur it could have a material but- ~ Ninchiding AFC are anticipated during each of the next'five _ undeterminable adverse effect'on the Company's financial xyears. ~ position.- ~ NOTE II C8NTINGENCES. Under the Clean Air Act Amendments of 1990, the Company is : The Compariy's insurance coverage for its Callaway Plant is as required to reduce total annual emissions of sulfur dioxide} significantly' by the year 2000. Significant reductions in - follows: nitrogen oxide will also be required. With switching to lowe - Typ aid Source of Coverage. Maximum sulfur coal and early banking of emission credits, the Company : (MiDions of Dollars) , Assessments for anticipates that it can comply with the requirements of the law Maximum - Coverages.. Single incidents with no s,gm.ficant revenue increases because the.related i ~~ ~ ' Public!) ability: American NuclearInsurers $ 200.0 S-capital costs, estimated at about $300 million, are largely offset -

Peal Participation' 8.720.3 79.3 ta) by lower fuel costs. At year-end 1994 about 65 percent of the: Nuclear Worker liability:

f American Nuclearinsurers S 200.0(c) $,,3.1 As of December 31,1994, the Company was designated.a . Property Damage: = American Nuclear Insurers i 8 500.0 S-potentially responsible party (PRP) by federal and state

Nuclear Electric insurance tid.

2.250.0(d). 19.6 environmental protection agencies at five hazardous waste S2,750.0 -8 19.6 sites. Other hazardous waste' sites have been identified for : rIcInsurance Ltd.-. 8 419.1(c). S 3.2 -which the Company may be responsible but has not been ar I . designated a PRP. The Company continually reviews the ~- - (a) Retrospective premium umler the Price Anderson liability provisions of. - remediation costs that will be required for these sites / thc Atomic Energy Act of l954, as amended, (Price-Anderson). Subject flowever, such costs are not expected to have a material to retrospective acessment with respect to loss from an meldent at any . if.S. reactor, payable at $10 million per year. adverse effect on the Company's financial position. ' ((b) limit of liability for each incident under Price. Anderson. c) Total industry potential liability from workers claiming exposure to the The Company is involved in legal and administrative hazard of nuclear radiation. The policy includes an automatic proceedings before various courts and agencies with reinstatement thereby providing total coverage of $400 million. ' (d)lncludes up to $250 million for premature decommissioning costs in respect to matters an.. sing m the ordinary course of business,. i excess of costs previously collected. some of which inv'olve substantial amounts. The Company - . (e) Weekly indemnity of $3.1 million, for 52 weeks which commences after believes that the final disposition of these proceedings will not - the first 21 weeks of an outage, plus $2.5 milhon per week for 104 weeks thereafter. have a material adverse effect on its financial position. Price-Anderson limits the liability for claims from an incident In November 1992, the Missouri Public Service Commission invohing any licensed U.S. nuclear facility. Such limit is based (MoPSC) approved a settlement among various parties on the number of licensed reactors and is adjusted at least involving the Company's Missouri electric rates. Under the every five years based on the Consumer Price Index. Utilities terms of the settlement, rate decreases for all classes of owning a nuclear reactor cover this exposure through a Missouri electric customers reduced 1993 annual revenues by . cornbination of private insurance and mandatory participation approximately S42 million. in a financial protection pool as established by Price-Anderson. See Management's Discussion and Analysis - Liquidity and

If losses from a nuclear incident at Callaway Plant exceed the Capital Resources for information regarding the Company's limits of, or are not subject to, insurance, or if coverage is not acquisition and sales of electric properties.

f. 31

L NOTES TO FINANCIAL STATEMENTS umoN arCwe Conm (Continued) NOTE 11 - CALLAWAY NUCLEAR PLANT ' Accounting Standards Board is reviewing the accounting for Under the Nuclear Waste Policy Act of 1982,'the U.S. removal costs, including nuclear decommissioning. Department of Energy (DOE) is responsible for the ~ Electric rates charged to customers provide for recovery of permanent storage and disposal of spent nuclear ft el. DOE Callaway Plant decommissioning costs over the life of the currently charges one mill per kilowatthour sold for future . plant, based on an assumed 40-year life, ending with expiration disposal of spent fuel. Electric rates charged to customers - of the plant's operating license in 2024. The Callaway site is provide for recovery of such costs. ' DOE is not expected to assumed to-be decommissioned using the DECON ' ' have its permanent storage facility for spent fuel available until (immediate dismantlement) method. Decommissioning costs, at least 2010. The Company has sufficient storage capacity at including decontamination, dismantling and site restoration, the Callaway Plant site until 2005 and has viable storage are estimated to be $383 million in current year dollars and are alternatives under consideration. Each alternative will likely expected to escalate 4.5% per year through the end of ~ require Nuclear Regulatory Commission approval and may decommissioning activity in 2033. Decommissioning costs are - require other regulatory approvals. %e delayed availability of - charged to depreciation expense over Callaway's service life DOE's disposal facility is not expected to adversely affect the and amounted to $6.7 million in each of the years 1994 and continued operation of the Callaway Plant. 1993, and $1.7 million in 1992. Every three yeais, the MoPSC The llalance Sheet at December 31,1994, includes a $21 requires the Company to file updated cost studies for million liability and a corresponding asset representing a decommissioning Callaway and electric rates may be adjusted - special DOE assessment on all utilities owning nuclear plants. at such times to reflect changes in assumptions. Costs The assessment is for the future decontamination, decom. collected from customers are deposited in an external trust. missioning and reclamation of DOE uranium enrichment fund established to provide for Callaway's decommissioning. facilities. It will be paid and charged to expense and recovered Fund earnings are expected to average 10.4% through 2017 in rates over the next 14 years. and 8.4% thereafter. If the assumed return on trust assets is not earned, the Company believes it is probable that such The staff of the Secun.t.ies and Exchange Commission has earnings defic.iency will be recovered.m rates. '1, rust fund quest.ioned certa.in account.mg pract. ices of the electn.c utility earnings, net of expenses appear on the balance sheet as industry, regard.ing the recognit. ion, measurement and increases in Nuclear decomm.issioning trust fund and in the class,ificat, ion of decomm.issionmg costs for nuclear generat.ing Accumulated provision for nuclear decomm.issioning. stat. ions. In response to these quest,ons, the I,inancial i His report and the financial statements comained herein are submitted for the information of the stockholders of the company and are not intended to - induce, or for use in connection with, any sale or purchase of any securities of the Company. l l-i- 32

x-m . p'; i s ? - LDPEllylNG STATISTICS UmNEuCTRicCOMPANv: i r a 1994' 1993 1992-1991 1990-LELECTRIC OPERATING REVENUES'(000)! ' Residential 8 800,117.. - $. 817,713 ' S 754,667 ; ' $ 831,106 $ ' 763,539 1 Commercial-705,505: 684,446.. 676,761-685,799 ~ _673,037 4 . Industrial :- 368,450-373,353 ; 410,370 l -395,116-411,809 - ' Other electric utilities 61,985 59,160' -57,226 65.317 - ' 62,167-Miscellaneous 33,476- .31,308 30,444-28,920. 28,619 L TOTAL ELECTRIC OPERATING REVENUES S1,969,533 $1,965,980 $1,929,468 ' $2,006,258.- $1,939,171 - KILOWATTHOUR SALES (000,000): Residential 10,619

10,867' 9,I 10,646 9,810

. Commercial 11,393 10,989 10, 10,678 10,276 Industrial 8,203-8,003 - 9,030 8,524 8,706 - Other electric utilities J 1,623-1,580 ' 1,488 1,623 1,511 Miscellaneous. 137 139-144 139 142 TOTAL KILOWATTHOUR SALES 31,975 31,578 - 30,905 31,610 30,445 ELECTRIC CUSTOMERS (End of year): Residential - .985,6091 976,390 ' 972,153 962,629 957,102 ~ Commercial 128,505: 126,542 125,196 '122,152 121,090 Industrial -6,228 6,605 - 6,530 . 6,778 - ' 6,752 Electric utilities 17-

17

.19 , 20 21. Other 11,628-1,630 1,599 1,599 1,644, TOTAL ELECTRIC CUSTOMERS 1,121,987 ~ 1,111,184 1,105,497 1,093,178 1,086,609 ~ RESIDENTIAL CUSTOMER DATA (Average): ' Kilowatthours used 10,833 11,151 0,864 -11,106 10,283 Annual electric bill $816.25 - $839.11 S768.20 $867.00 . $800.80 - Revenue per kilowatthour 7.54 C 7.52C 7.79C 7.81C 7.78C GROSS INSTANTANEDUS PEAK DEMAND (Kilowatts) 7,430,000 7,540,000 7,135,000 7,365,000 7,465,000 CAPABILITY AT TIME 0F PEAK, INCLUDING NET PURCHASES (Kilowatts) - 8,469,000 8,597,000 8,407,000 8,285,000 8.132,000 GENERATING CAPABILITY AT TIME OF PEAK (Kilowatts) 8,057,000 7,963,000 7,868,000 7,868,000 7,760,000 COAL BURNED (Tons) 11,444,000 9,803,000 10,314,000 10,732,000 10,643,CK)0

PRICE PER TON OF COAL

$24,49 $31.66 S31.96 $32.26 $33.85 33

[ ISELECTED FINANCIAL INF0llMATION Nm0N mCimC C0 war - f. . (Thou' sands of Dollars Except Shares and Per Share Amounts and Ratios). g '1994' L1993 1992 '1991 , RESULTS OF OPERAil0NS: Operating revenues $2,056,116 $2,066,004 ' . $2,015,121 $2,096,940 ' ~ Operating expenses 1,605,930 -1,654,707 1,603,104-1,614,127 -

Operatingincome 450,186 411.297

, 412,017-482,813 - Callaway rate phase-in plans.- 60 107- - Deferred costs disallowed. Callaway Unit No. I costs disallowed, net ' c l Ioss on cancellation of Callaway Unit No. 2, net -- Allowance for allfunds used ' during construction - ~ 11,280 11,544 8,022 - - 8,519J Gain on sales of electric property, net 18,099 Miscellaneous, net 403. 3,919 (131) (2,718) Interest - (141,112) (129,600)- (135,319) (167,209), Netincome 320,757-297,160 302,748 321,512 Preferred stock dividends. 13,252 . 14,087 14,058 14,059, Earnings on common stock 307,505 283,073 - 288,690 307,453 Average common shares - outstanding - 102,123,834 102,123,834 102,123,834 102,123.834-ASSETS,08UGAil0NS, AN0 EQUITY CAPITAL (YEAR END): Total assets ' $S,624,701 .$6,595,570 - $5,797,363 $5,733,479 - long-term debt obligations 1,823,489 1,766,655 1,659,553 .1,730,277 Preferred stock subject to mandatory redemption 676 702 728 754 Preferred stock not subject to mandatory redemptio'n . 218,497 218,497 217,784-217,784 Common equity _ 2,269,054-2.206,168 - 2,164,020 2,106,155 ' FINANCIALINDICES: Earnings per share of common stock (based on average shares outstanding). $3.01 $2.77 $2.83 $3.01 Cash dividends per share of common stock $2.395 ' $2.335 $2.26 $2.18 Return on average common stock equity ' 13.84% 13.01% 13.70% 14.99% Ratio of earnings to fixed charges (a) 4.68 4.66 4.66 4.21 Book value per common share $22.22 $21.60 $21.19 $20.62 CAPITAllZATION Rail 0S (YEAR END): Common equity 52.6% 52.6% 53.5% 51.9% Preferred stock not subject to mandatory redemption 5.1 5.2 5.4 5.4 Preferred stock subject to mandatory redemption 3 Long-term debt 42.3 42.2 41.1 42.7 100.0% 100.0% 100.0% 100.0% (a) Earnings used in computing the ratio of earnings to fixed charges consist of net income plus fixed charges Onterest on debt. amortization of debt discount, premium and expense, and a portion of rentals representative of the interest factor) and income taxes. 34

T ~ ~ ^~ ' -+ Eg m g g '"' n p , ' s.. 2 r, '1990 -1989i ~ 1988 ~1987-1986 '1985' 1984 1 $2,023,017, ' $2,010,306. $2,029,107 $1,946,411' $1,807,182 - $1,591,763 $1,412,414 L A

1,565,477

1,543.838.

1,544,953 - '.1,457,957.. '1,287,572.

1,173,187

1,172,128 j j f' 457,540 466,468-484,154 = .988,454 519,610 418,576' 240,286 - l' ~237.

227 2,408 92,791.

59,861-74,631 (23,169) (234,780) (30,196) a g, '14,145 '17,908 14,885-20,477 15,812-106,754 329,669 y! }g l 0881 7,769 (10,648). (15,714)' 3,947 - (1,709)

1,619 (187,584)

(176,571)

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3 A 6 DIRECTORS AND OFFICERS miamcimcc0mm e ' / 00A80 0F SIREcT005 ADVISERS TO THE 80ARO t [ 'I*\\ William E. Cornelius Charles J. Dougherty - Paul A. Agathen

Retired Chairman and Retired Chairman and Vice President-Environmental

. Chief Executive Officer . Chief Executive Officer ' and Safety ~* Thomas A. Hays Isaac B. Grainger M. Patricia Barrett Deputy Chairman-De May Retired President-Vice President-Corporate 4 . Department Stores Company. ChemicalBank Communications, a nationwide retailing organization. James J. Beisman -

%dmas H.Jacobsen V ce President - Customer Service

" Chairman, President, and Chief Executive Officer-Mercantile. 0FFICER$ Donald W. Capone Bancorporation Inc., a bank Vice itesident-Engineering and - holding company. Charles W. Mueller Construction ~ President and

- Richard A. Ilddy.

Chief Executive Officer William J. Carr President and Chief Executive Officer-Vice President-Regional West General American Ilfe Insurance Donald E. Brandt Company, which provides insurance Senior Vice President-William E.Jandes . products and services. Finance and Corporate Vice President and GeneralCounsel Sei vices John Peters MacCarthy R. Alan Kelley Chairman and Chief Executive Officer-Charles A. Bremer Vice President-Energy Supply. Boatmen'sTrust Company, Senior Vice President - . which conducts a generaj Information Services lierbert W. Ioeh trust business. Vice President-Human Resources Robert O. Piening Senior Vice President - Michael J. Montana - .. o SYes d at h ef Executive Officer-Power Operations Vice President -Industrial Relations P. L Miller & Associates, a l Donald F. Schnell. Gary L Rainwater managementconsulting firm. SeniorVice President. Vice President-Corporate Planning Nuclear Charles W. Mueller. Garry L Randolph President and Charles J. Schukai Vice President-Nuclear Operations Chief Executive Officer Senior Vice President-Customer Services William A. Sanford Robert H. Quenon - Retired Chairman of the Board - Vice President - Supply Service Peabody Holding Company,Inc. Robert J. Schukal Vice President-Power Plants Retired Chairman of the Board - William C. Shores . INTERCO INCORPORATED. Vice President-Regional East

Janet McAfee Weakley Jerrel D. Smith
President. Janet McAfee. Inc.,

Vice President-Environmental a residential real estate company, and Safety (retired February 1,1995)

Member of Executive Committee Ronald C. Zdellar
Member of Auditing Committee Vice President-Transmission and Distribution Joseph M. Pfeifer Controller James C. Thompstm Secretary Jerre E. Birdsong Treasurer

~~

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