ML20082Q181

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City Public Svc 1990-91 Annual Rept
ML20082Q181
Person / Time
Site: South Texas  STP Nuclear Operating Company icon.png
Issue date: 12/31/1991
From: Legan P, Von Rosenberg
SAN ANTONIO, TX
To:
Shared Package
ML20082Q163 List:
References
NUDOCS 9109110287
Download: ML20082Q181 (9)
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Text

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CITY PUBLIC SERVICE

$an Antanto,itsas

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y 1990 91 ANNUAL REPORT 910M10287 910905 PDR ADOCK 05000490 I

PDR

Profile of Highlights of the Year City Public Aweis inonned b)

Service.

u 29mn xno-saiu,uno city Pvt 14 serike San Antania inaual

. Ciy equn) mocased ps and tintne ut*ty ptodes tevne to Cih papnents acueasut abouttN W: customers The twy ser ea s

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g some 4f1D90 t ecthe tyslame's M Betar L

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  • nuo de m ed N I 9IhM " I" UINbIU3""'

County enc smaliportio*s of surf ountng toun!tes en rtd tMe'Ing abNt t,%6 per KWil desteased 1.2' to it49e saaerndes Abwn000custometsin g

the fM-tropl!!an 9't'a ret etVe thatural gas IWI hlCI'of pas nieleash! IJPi to

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\\lnnuuni elet trte sptem load from CPS.

inacasni 44.l(MI KW to 2.741,ltwi Onned by the C4 o%n Antonio, CPS s 3.4%4 elet-tris tostoniers one et the irgesi municipTI utihies in the wcre midcd to1otal.

.469.962 Kwll sales mercasol 1.7', in l l,9 0.tni.137 covey The nta.tr operate s w power _

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  • \\lCl sales deocasal iiy to 24,1 M 927 pants m the San Antomo rea eth a combined tapatity of !.2M er,egawat:s and car,s 2t puted et the Lutn Triaa Pioso Summary of Application of Revenue nuclear Nant wtuen sadunethe' 700 Grow tes enue for 19'O-91.

581K,$10juM1 iMQD48he d cap 3 City-n Tot QS$ 6)$ltitt 4 CoqN5sM Cf j D mues Apphgatjon p[ l(eg enne.

i peh purthwd pown and reWe pas.

, $20l yob u m cf fncm thregs wtuch gos is ockmed to Other operatmg and pencral espenses.

.127,ostjuo CPS customers hlamtenance of the splenn.

.f d,2(u ux ni bor debl regulfements Ct*y Pubhc Serece had 31,4 employees as mal other interest..

-5245.234j slo Ot.fdfMu y 31 s 199)

Net den requirements and other interest.

s226.14 I M O l'a)Hietils in th? City of San Antonto.

.1(N.653 J R W)

Italance f rom operations in mlable lor const.

. WI,612M kl T otal.

. % l M,$ 10j W o.

y unptmements and espandon of gas and electric sptemt

. 5272.46kD o funds obt.uned trom.

Operations A W),629JNU Commercial Paper.

.l46323JMN)

Improwment and Contmrencies I und.

. 2,hl33410 Contribunoth und ads ances in md of const.,

2,179f MIO

.NalC of propeft).

. 43MM 30jKWiput latipanon hettlement l'rm eed, total.

. $272.468Jit U d

leItet itom the en3 pohnt sen it e in ont vi mmor emplo3 en m an ellon to nedu e Chaifmanof theBoardand aann ements m wn mg i ustomen un83.PS u,nunun io pet hnm w ell Genef at Manager.

and fnaHitalmpf its lIndth IJI stahihly because of the dt'diVation of its w ork it) Pubhc Sen ne haqui.

j tioned ibell w cll to *en e the "I

needs ol San Antomo tor the los 2J-hour electnc usage and houdy sene the San Antonio area lhe decade of the 19% Atlu.n e-

%I ments durmg t e tu O 91) cat peal demand utiht) is poned hu ontmue prouding utihty sen a e to the nation's tenth indicate that pad decnium are lWat-As ein tric sa:n nn icased, the t ost larpnt uty as San Antonio maintams mg fruit untay and w ill allow the per Lilow att hour det kned shrhtly itquitive econonuc pat e.

utihty ta take ath antare of an et o^

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f rom the prn nous ) ear, a iet ord nomic f uture in the San Anton:o area L.

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w ha h contmun to place CPS cles tut u hh h again n hemp dew ribed in the rates ainong the low e,1 m the state ami Pat I.epan, media in guitn e tema gg the 6ountr), the CPS cmtonwr s

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De(idons. Auch auto ersifinition of L

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monthl hill for as crape uwpe of gas 3

the f uel base through(omf ruction 01

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utal-fired generating plank and the South Tesas Pmject nuclear plant.

are pay ing dn idends fo: CPS cue torners thmurh low raf n. lhe t ur-rent hscal) car marts the fint f ull CPS w ill centinue u pmude quaht>

> ear of operation bs both units of the sen we at low rates in the future.

South Teias Project mn leur plant.

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g With nmlear fueled generation woik forte msure that the San Anto-supplung more than one-fourth ol nio area w di connue to lx.elit h om the Ulow ain houtmld, CPS c uv rehable utihty sen ite and s cry com-tomen are benchttir'p hum the use of pet-tn e rates wluch help proude the low <ost fuel I kcidons to de.

mtentn n for bminew pmw th and s clop alternatn es to coal and pas reh s ation to $.an Antomo.

supply needs and det isions to follow a wnsen ath e finanaal strategy While the sucteu of CPS (an be w hich mamtaim f as niable tmnd attribuicd m p.irt to bminen straterin ratmgs and low er interest wsb os er the years.the real secret is the translate intolow er utihty rates f or CPSemployees Althoughoperating CPS untomen.

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tuu yea et opmbon t3 te uma ot tmnal eles ttit requiremenu on the i the MXI mi gas att SNth h te s Miuthemt side of the til). Cofistrut - Ptoject Ttie twc nnit'nt umis prpNced gg lion b st heduled (of completion tn erm than 1; tme U">w hou*s o, o niert the deinands oI n d)' May IW1. Propert) acqunition einwty be onetaled % ; wcent M namic communit). CPS has beyan f or the Pan.om 51teet hubst.i-14Imv deing f atsiytat t9M 9L Ai { modertiiT 1111ies u hit h are tion to sene the Alatinidoine and t n, am, am is. -s a., w a m .unea ie poi, u< pnis iac aaaniona teh.inihi> h,Iihe if ueled on 10 rnordh cydes, the reluible sets it t 'I he utiht) aho dow ntow n electuc netw ork f t actor is expected teincraim ..nunu to dnetsify its utiht) f capaut Imta!ianon ol a new (omputes so-mth et suit.ng benef da to CPS s3 stetus and to build to meet f.11ute ""~ cvrome'sinauw of the teatwey low demand w hit h n projes ted became tiom Cenici w in impf m e qiced and tw of nuocar feel CP5 owns 28 of han Antonio laation inihe s percent ct the project ind recoves 7D0 prow ing Southwest and at the pate- "T triegwath of decinoty asits thate way of Mesico. meet tuvomet heedt 't he new 't h. J K Spruu Plant.ticing built splenu nhans es the abiht, to auto under a 0144 nulhon ined ptice Inancally 5 ontrolpiroute and flow contract, w as 76N precent t umplete of gas and the uansimuion und by hwal eat end,intluainy enpi-dninbutionof eletttinty An added 3 neenny, procurement 4 omtruction teatuie allow s cononuous analy sn to and f abrication of equipment. When delernune il purt hases of sales of completed in the sununct of 1992, etet trkity ine c6 onomically ath anta-the unit w di add 500 megaw atts of prout coal lited penciallnp cati.icit) Iroin low 4ultur enal to the 3,430 mega-sembly liuildnig w au ompleted to w atts ol.(urrent generating capacity. ~ cnhmce use of the facihties and to CPS completed t omtructmn of one make it more compatible w nh its new substation and berun w ork on Rnerw all and 1.a Vilhta surtound-Iw o additional ones. T he Sucis h mpt Completion of the tenm ation Road substation sen iny the Golden w of L allow s CPh to ins tease tental Alununum plant and other neatb) use of the iacthties by comentions emtomers w as completed dunny the and non profit organuMnent y ear. Site preparation w as completed tot the liet k Road Substation. u i I; 3

CPS opefates eH.,icienuy to ienas unniihe end oi:M Uranhun i.e.,ew s nown, s a sefee customeIs-in ing entory w iH suppin the op t a- 'h "'"" d "" "# 'd" tmn of both nuclear umh through N Pr#6.and the utihty esliettuo obtam M'"# '"" # l he CPS mis of fuels for rener-fg)(if dhlt' cIlntlacIs lof tbc h*I o' me%nuemo of mme t%n 51 atmy cles tricity-nuclear, coal attet F896. m%vn mep.,n nwr 6 w as set and riatural pdW*ers ed the ar,o thMM M,4 cem.md nas 0 utihty's customers w cil dunny W anu>unt et distribunon rauoid in punepm estnoveynd the facalycar. The abihty to 19491 dechned hoin use the pres i-urim m ermd m een paen m choose among the three b.ned on the ou, y,a, due io nulder w inter w eaiher-asynt w 8 v4i megoaaits. n mou competith e prices resulted in a males w cre 21 1 miHion MCI'. } mst pr kilo

  • att hour w hoch de' dew n 3.3 milhon MCHrom the j

r hel nearly 3.5 percent from the e ,gg gy,, { pn mw) car and reached in low cu bel since 1982. Financialstfength Nuclear fuel w as used to pencraie b8ID 26.A percent of the electricity prw duced v.hile coal pcnetated 12.1 3rreent and gas accounted for 31 . ; uring the fncaly car, CPS under-g took a cost reduction program to prcent.The utility paid less than help maintain in competitn e during the pres inus ) car for fuel used edge in the utdity industry.htaf f for pencration due to the low er unit w as reduced tp percent through cost of natural gas and coalcombined attrition as the first step tow ard a total 10 mith greater use oflow-cost nuclear percent reduction during a two-year ener gy. Diversification of the fuels.ned for g Ieneration coupled w ith anurance of CPS customt rs(ontmued to pay low supplies through favorable contracts rates w hen compared with ratepayers and good delbery systems w ill help in other maiot cittes in the state and mcintain the utihty's posith e com-ptitive position. CPS currently is 3 car generally w ere in the low est connected toIwo major pipehnes quartde among the 25 larFest cities in w hich provide access to mariy ps .The combined aserage o suppliers. More than fhe years remain on the CPS contract for low-Sulfur Western coal and a fasorable contract for coal transpirtation e s-4 l

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I cince inle xn und the low nt of the ,e,nhei.iel.unt pas sain and lv, ause sun Anwn 0 04 Cm 10 larpnt cities in the l'1 oflowerIueluish wom a 4N m iteerMt inner.e tor CP5 c abmen to tde As the cost of tlettricity has te. NumyhwalIW "l.41Nnabn etint Jmury 31.1WI the erm td mained stable during the past ses eral in (" c W"iP1 ' """"C 'I dPCf

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IneImr yw heinnest wdl y ean. cps notomers bas e inucased 'ohl to P'oude f und, needed to pay gyn,,,,,pp,ggnggy g37 7 their usage. During the loc 91 f or iapital addioon. The uohts ah" enn eurvenve in tbe nent tmW focal) ear, CPS had recoid cles tric ntabbshed a deoinnunuoning f und yr d

  • Inc tot increast: by saln w ith i19 bdhon Lilow uit houri
  • h 4 h w di be used at the end of the CPhnnoethanIweye.?s ben sold.The 1,7 gwicent increase us er Luthlew Proiett nudar planti mintheintreew ten Antowns the prn ious y car h due to greater l'IC to P3) lor the cost of temos me the wilt tontmve to py less than in
s. ales to tommercial and industrial radioat tn e parts f ronneruc e.

caher mtgot tenan 6nd u S cities customers and sain to other utihtin. for the ame e,ioant of enerp Developmentof thework uw Natural gas customeruns re.ned by Iorce assures quality em- - 137$ to 2h5h99 and continued to

ployees, bencht trom stahte pas prit n. Rn e-nue per hKT da lined from 14.26 to 54 25(ompared uith lwu tu fotal 1% ontuiun to des elop its pa snenue diopped by 514 2 nul-employ en to auuie the utilit) hon how n er, as a rnuit of the mild has an c wclient w ork ioice, w cather this 3 car, both for the prnent and ihe W future.

Totalin enue w us SS1H.S Inilhon for the facat year.The dechne of 51K Speci.o proprann proude tianung 1or million It om last y etiri total rn enue current employ en. Dunng the y ear reprnents a 2 I peic ent decrease 1.300 employ en attended 20(outsn primarily because of the low er offered by the CPN training dn nion- [ I .} A mark of the dn nionbut cew w as s,m,e e au, ,he > m, h,* Americati Society Iof 1 raumnp and Dn clopment I:or the second time m x lk ( (a b N tis naniek ' dN N [h

  • tion of the Year for its oubtanding and Colnpreherlsi% e tr4 lining prografia.

3 k v' CPS emplovces aho took uds antage F wG of the oplwirtunit) to allend irntdu-tions of higher eduuttion. A totalof 6

k 8 mones in the es emnps nial on w eck. Communityintetest call.s donate dwin i air share cai h 6ints at CPS e spense to punue stod through their activities gar. ies telated to then jobt %es eral cps employ ees take the utihi)i mun,es w ele bupht los the fu st tune mewa; es about saf ety and mnsen a-a, CP m th,m, _daca mm en. r,,,,,,,,,_,_,,, non io he mnununity Ihrourb pie-icin e Iof cruploy ces to impros e thC er sentaliom to w hool ptoup% busi- "d "' "N"" ' a unicly of pmpiams durmy neues and orpanisations During the the s rar. Atin uses uwiudal lo mure mntmoed management 3 car, CPS pe%onnel presented 706 not och partit Ipation in the saf el) propiams 19 60,512 [k'nons sitet;pth the utibly ttitensihed a program to identity and tonn pet. Infom:inon about the cflicient use of 4 ontribullorn to the l.IDlled Wil) sointel u ho sh m the potetitiai to pas athl etectrit il) w as ptewnied to inos e up in management positiom. more than 4Wh ustomen Also nunnt) pmups uhout satets andcon hjkt ial cout ses has e been des ci-the Mlet) tmd cotwen atHin itiewages oped 1o proude these future CPS w cle piesentc<t through the metha m leaden w ith the sk dh and know l-puhhc ser n e announcements and Employees spent 7M houn of their edge they will need to awure the mten ie w s dg Phwg w utibly b untmued sutcon profit or p ain/ations and acern ies CPS heyaii a minimunit3 outrein h CI'S also contmued to recruit high proptam to prmide s idcotaped w hool studenn f oi the summer w oik inf onnation to school (lawes. A " ' ' " "~ program and milege students for the hbrary ol progrann about the utiht) coc p program. Iloth pim ide oplw n as ailable w uhout t han ge lor use by tunities foi >tudents to yet on thc gob (laexun teachers trammy w hile allow my CPS to and then recimis emplos ces to w ork es aluate those w ho might be f uture ~ WP On projet b w hh h ate seles led F employ eet 1 hn emphasn on help-mg studenn in their acadeinic y ears gg should assure that CPS can mntinue f N-g. dOmonmq 9W i. reauump highquahiy penonnel. No a i d . j ~ sk s $407.N e scceded the s ear's goal b3 ~ f.; - ] relationship w ith in tetired penonnel l.S pert ent and pei capna pn ing !y ' through the CPS Retirees Awua-p as mcreased bs 9.7 peicent More than L. A tion Durmp the 3 car, membership pew to 353 memlen w ho sen e as another strong link w ith the commu-nny. /

i i j i i j huIing the )Calt,(IN niade as allhbli I)es elopinellt l'oundation projet l that G.;ms t a.a%Np rits l 1 I toibe nmununny a pin e oi poign> new manniatiurersionnoy intoine m mnets c om nmpum w hk h is ow ned f or lhi control area w all spend a coinbined MINI emple ers twpena en r l fnIposes near one of kts C!cctf'ke [en-Iln$ bon hn tbe lle AIlcw )eelss to btnid alumnum tun entci.ng prog om I crating statfolli Olohrip tak et The facibiles thJ1 w dI L Itale D out 1.2t10 s.Neh nDI oMy Odie the h 1 property w dl be deieloped tiuough new Joht CPS perwnnel has e prom enmonna nt of waste but al,o t i j s plunteet labot und donations itato a s ided autstant e in utihty plaumnp Ior produces income whwh the pubhc parL. I:and rumnp ettoets by these busmeues w hit h use atiracted votsntmi rn rotac somt e can I i i the Voluntech itt Pubbe Serv ice by thet styiproiuiiity to Meuco, use to fmance communay projects. i re'.ulled in donal1ons w hich w ill be quahty of hfe,skdiedlabor Iorte and Cr5 ekg starled an ofhc t sapet used to build a pas ihon.Other dona-af f ordable real estate in addition to tet ye kng ettyt and gelMbOVt t@ j tions and volunteers f rom San Anto-rehable and inespence utihuet tons of wate paper each rnonth. mo busi- .eurc especied io mate j I i the part a reaht) irl the tie At f ew r i Feat $ CPS helps make San Antonio i att! active to businesses. i "h'"ew duade rea undn-l j Economic development [ ectivities promote business w a). the econonuc outhut for j growth. the Southw est pan of the RS., i E and especiall) Tesas,has l imprm ed m er the situuhon of (forb lo bring larpi: users of gas IEE thelastfew ) cart Aspartof the and electrial) to the city re' rep on where grow th b expected. San j suited in pround break ing for } Anionio hLewisc is m the limelight as n Golden Aluminumirolling a city w here the cuinomy is e spected - 1 mal near the Braunig Power Plant on t to impros e, land leased from CPS.The 5170 million recy chny plant w ill eniplo) 1.ilewisc. San Antonio % role as a ubout 200 persons and is expnied to inedwah enter w iU be c nhant ni as have un cicetrie load of 20 megaw aith and use nearly 275,000 cubic feet of ge per hour, O ~ t CPS continues its work w ith the 3 l Economic Development i oundation, ,u d y an organitation dedicated to attract-p 5 i ing new busmeues to the San Anto- .~ 3 f wv,. i l gjn rgge caelars of eh. 52mmumic

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the tourist houstry w orks w ith medi. crease m the pase d wa;. thou mat. tMemns tccus een inwo s (al fatihhen to inucase the flow of ing a w ide! gap bciw een gas and u,ul a, oxepot paim:i, ag c,.nu ties pallents flom outside the 01). part of 4 osts bir !Wling electilc generallon ett Mt We Whgh 6't e1 pelted 10 the inct ase ts espected to come ttom llecwse of the positn e poring Sce tor ety in a geco resman as Me hic 6. relallonship for codl. Cph e n pet'Is to ( pTnMtt e oth Me W0 tapancs A bte generate 59 pcrt ent of its electricity t*ase wcement tet*een the U S rd The empha as on tournm h e spet tcJ from coal m the y car 2000 ucieo a engcted to motase San to continue as Ilestal es as a theme Ardomo s importanc e as a d'stribullon park owned by Opryland and USi.A. Nuclear fuelcurrently costs atuut Lefder. a la ally headquancred mutual one f ourth as much as natural gas insurance company.is completed. It and is espec ted to temain telatis cly is espet ted to share visitors w ith the stable. I or ihn scamn. nuclear gen-Alamo.Riverw all, Sea World and eranon will remain an important part other San Antonio attractions A new of the CPS generation plan. resort hotelis planned near Sea atural pas datrWuhon sales are World and is especte'lio attract p ecte o rennun re atnely M profewional conventions. Comple- " "E "'# "# " " } #* " "' N# "'"" ~ tionof the Alamodotae,alarge I"'#"""*#

  • I*'#

multi use Iacihty,in 1992 wdl pro- "#"" "" "'#'"E # "I ""Il I "#"' I vide additional space for large con-eat cat unogh uw y ear 2m ne ventions. buildmg of all electric tesidences n A? San Antonio's economic outlook espected to reduce the number of improves, CPS likew isc e spects use new gas customers, with CPS pmjec-of electricity toincreaw.The peak tionuhow ing residential gas usage demand for electricity is projected to declining during the nest 20 years. increase at e rate of 33 percent

  1. "" ""# '" I# >

annually during the nest 25 years, low rates wlich will make the San while gross sales for the electrie Antonio nica attracin e for liung and system are espected to mcicase at an "E " I" average rate of 4.1 percent per y ear '" I until the year 2010. low ra,e5 will contmue to be a posi- %c fuch dnersificanon propiam tn e force in helping the hwal econ-w ill allow the utdity to continue omy expand. selecting fuels for generation based on competitive pric es w ith a positive result for CPS custorners' bilh. Forecasts show very malestin-10 1

l CPSDOARDOFTiiUSTEE5 CPS MANAGEMENT STAFF e j_. g.- e ( PAT LEG AN AldllUR Chainnan VON ROSENilERG 1.cgan Properties General hianaFer ~ s. e f- '..x, DR. lRANK llRYANT. AL ALEA1AN JANilE E. AXTELL P.OBERT J.COSTELLO Vice Chainnan Trustee Anistant General hianager Assistant General hian.iger Physician Aleman fixx' Service for Planning and for Operations Development .s 1 o a ? 4 .y f ear j - 1 GLOklA llERNANDEZ LILA COCKRELL llOW ARD IREEN1 AN KENNETil ' aZ Truste5 Ex-officio Trustee Assistant General h1anager Assistant Genent h1anager Such>'s l'ioners and Gifts hlayorof San Antonio for Finance for Administration 11 l

~ - - CPS DEPARTMENT MANAGERS

v.. ',.

y k., i w RALPil E. ALON70 L. E. lSOULDEN r Customer Senices hiaterial A Transiurtation i l l q) - ~. "y;. - e ' j f-g$ g g }$ gy a .. t l ,,r. ~ STEVEN iiRAlhtER h1ARTIN CLAUSEWITZ ANTilONY C.FI AVARDS KENNETil J. FIEDLER PAUL R.GARZA [ Administrative Services Power Plant Engineering Employee Relatic Operations Field Administration

  1. O

\\ .u w n ~ WALLACE fl GEISSLER WILLIAM C.GUNST CYllUTCillNSON Jol!N J. LEAL JAMES W.PETTINOS Generation & ' I%!uction Data Pnwessing Services Perwnnel Construction p Environmental Planning .v-p 3

  • ~"V

'4}% ff' i .}'\\ ^ fj' i J;, i j. DONALD R.SCliNITZ STEWART SClKX)LER IIARHARA K. STOVER DONALD S.Tilo\\1AS JOE O.TREVINO Gas Engineering & Fuels LeFat Services Public Relations Financial Senices Transmission & Distribution Engineering T1 a

L

  • ei hied a'eraFe inte on 52 4 Mariagement's Financial F

Summary for Fiscal Year biihon of nei rn enue bonds outstandmg. induding tunent City Public Senice contirmed to matunties as of January 31,1991, esperience financial stabihty durmg ~ 1990 91 because of the generally in the fiscal year 1990-91, total conservatise strategy desclo;ied by electric sales were a record i1.9 ELECTRIC SALES management. Major ituhcatiota of billion kilow att hours, n.c.i v.,e inding January 31 this trend included growth in total renecting nuxlest grow th is-to l 8 104 assets to 54.6 billion, as net utihty which has been the trend plant increased fnun construction in recent yean. {o expenditures, especially fer the e 1992 coal generating plant. Another Total ps sales of 24.4 E i l measurement of City PuNic milhon MCF de(reased 3 Service's success with its financial signiiicantly from last m. me w strateFy was the continuation of year when unusually cold g,,,, h,AS , gn ,y g, favoraole ratirp of tonds and temperatures occurred. e$ 'l ~ C3' C3 p@g

e..

-2 commercial paper debt by sescral l{ owner, gas salo v.cre prominent financial evaluation only slightly less than ( K[$ '~^ l QU i < M i $O j g}D b { ! .:) MG A i s u >@-l p u %m % j services. These ratings enable CPS expected from normal a- s a h i to compete for the low est internt weather trends. i f I W D@ Mk I jd l W v5 d% costs on new debt issues. f- >SMk. M4 i di N}-j 4 4 w s 3 w a- - L g k , v >,,.v,g: Gross tevenue for the CPS financing plans this year year, whieh amounted to 5H19 included expansion of the tax million, dechned slightiy from the exempt commercial paper program prior > ear due to lower GROSS REVENUE AND APPLICATION OF REVENUE to i. $300 milhon hmit. This electric f uel and a' Cb^l riscal Yea <e f adiae Janue'v #1 F M expansion allowed CPS the recoscries and to the gas g '"'~ .a , '*f ,. L* i ,,,3 , y.- _g flexibility to issue commercial paper sales decrease. Electric o 3eK W Y '+,.:$3 ~

  • 'f for interim construction financing sales provided more than ?....

while deferring the issuance of 5677 million i a revenue, g 1. I long term bonds in order to achiese or about 83 percent of I y interest cost savings. total CPS revenue in so " 1990-91. The gas system um gaa,myj;'a,,, su g. geime. O est, normaat O avuasi.scom conateuction l Management's financial strategy pnxluced almost 13 percent, was beneficial in controlling interest or a httle more thim 5104 miHion, in Electric revenue was only shghtly costs as the 5275 million outstand-rnenue. 'the sources of the below the prior year as lower fuel ing balance of commercial paper at remainmg 4 percent of ross costs recoscries exceeded additional F year-end had a weighted average rnenue, more than %37 mill on, revenue (n.m slightly ingher electric t ( l interest rate of 5 31 percent coupled were interest on investm ts and sales. Revenue from fuel recoscries with a very good 7.1I percent other nuscellaneous incorne sources, were down this year because of 13

more gencradon w ith lower cost Coal-fueled electric ELECTRIC GENERATION & CAPACITY DV FUEL TYPE nuclear fuel and coal. The electne generation accounted for Of Nt AAtION fBttttON #**e) cAPACsTvh>LUOmnwI sales increase was attributed to sal" 42 percent of CPS "l M u ;; ut ee as j .n. se h la other utilities and to commercial generation for the year, u I and industrial customers, A modest while 27 percent w as {re increase of 3,481 electric a ustomers from nuclear fuel; these l continues the trend of the let %e wcrt the lowest cost fuel Io ..o =n years. Sources in 1990 91. CPS .'.'.T,*,"' sa oa m suu r.nat est =vct s.= use of natural pas has The oserall aserage resenue of gradually decimed to 31 percent of operating and maintenance costs, 5.0565 per KWH reft eted the total generation, since the tw o South showed a small uds ance from the lowest cost to CPS electric Texas Project (STP) nuclear plant presious year, This smallincrease customers sin,:e 1982. Total gas units w cre in commercial operation reDected efforts started in late 1989 revenue was down 12 percent from for this entire fiscal year, The cost to control thne costs, especially the last year which generally of gas purchased for resale to staf fing leveh, labor and related compared with the decrease in pas customers decreased more than 12 expenses,in view of the slower sales. Gas revenue per MCP percent. The dechne is attributed to customer growth experienced for remained relatiu'y unchanged in greater s olumes purchased last year averal years. This year, however, 1990-91 as pas costs were stable due to the unusually colder weather other operating (osts included a for the year. in late 198940.1he unit price of significant, newly-implemented gas for resale w as dow n only charge for reuse w ater supphed to Opeintmg and maintenance slightly during the year. lakes that cool major CPS electric expenses f or the fiscal OPERATING & MAINTENANCE EXPENSES generation facilities in the San Fiscal Wars Eneng J.nvary 31 Antonio area. year totaled $392 mi'iion "f ""l ! r-- - and were shphtly under 4 g l w ',,,,, ,,s, s-~7 the prior year. The cost of g p 1-,en] j Debt requirements, almost entuely for principal and interest payments a fu 0 for generation and ?,,... on bonds and commercial paper. gas for resale of about o 5202 million accounted wcre comiurable to the prior fiscal year. As part of this year's financial for almost $1 percent of w mu

==

    • o en the costs to operate and

" !?Off."" " ' .L.',.".". 2l'J. ' " strategy to achiese lower debt costs, J .m maintain the electric and gas Non-fuel operating, maintenance more commercial paper was issued, systems. Electric generation fuel and decommissioning costs for STP while a resenue bond issue w as costs decreased almost 9 percent as increased as both units were in deferred in an attempt to realize a result of the continuing benefits sersice for the full fiscal year, while more adsantages in the future as reahied from the CPS fuel diversifi-Unit 2 was in service only sesen long-tenn interest rates were cation program and to reduced months of the prior year. Other expcetet to drop turther, following prices for both natural gas and coal operating espenses which ac-a trend which began during the later during the year. counted for 33 percent of total part of the year. i li

l'ayments and services to the City of mahdy to electric transtnission costs. Other funds for (onstrue. San Antonio of nearly $110 militon facihty work,includmg projects in non of 532 million from decreased sligbCy due to lower preparation for o[vration of the coal htigation proceeds and customer oiwating revenue. Operations in plant in 1993 and some general contributions remained nearly 199n91 resulted in about 569 property additions in compariwn, unchanged from prior years. million more of revenue being construction esponditures for asailable to fund construction which electric and gas customer extensions CPS plans to use the balance of allowed CPS flexibility in its and syrtem improsemems wete its authorized tax exempt fmancing plans. relativt ly low as CPS customer commercial paper with a current growth continued the slower trend maximum limit of $300 million. The CPS construction program has that started in the late 1980% This supplemented with long term N EXPENDITURES debt. to finance most of its been unJer a major CONSTRUCTIOEnsuiumor si n.c.i we transition for seseral capital requirements in 1991 92. years as the two STP {""'!sm ~ or'g-tenn debt aho will be used s.o. periodically to advance refund ututs were completed, g u un certain new series bonds for while durii.g this same y use. l n y 1 time period,buildmg has y h( interest sas ings and to convert a i s been underway on a new l 40 portion of the outstanding nu was

== wee w" commercial paper to long-tenu i coal-fired generating M * **

  • m ne azia senoce l

facility. Total capital d-bt during perinh w hen expenditures of 5272 million were year management implemented interest mies are advantageout at their iowest point in five yeart further measures to hmit e:he. With STP Unit 2 in senice as of construcuan to essential current June 1989, capital expenditan for needs and, w here practical, to delay STP were 533 million less this par espenditures for larger projects as l The largest component of the 19% long as practical. l 41 construction program, the L K. Spruce Fenerating plant, represent. The CPS stra'egy for the payment of l ing 62 percent of CPS capital costs, its construction ern-CONSTRUCTION FUNDING SOURCES i hacal Years Endmg January 31 experienced a shght decrease, as the gram this fiscal year Licility exceeded the 75 percent relied on commerc'al { "" un-paper rather than tund 2 n== l completion mark at year-end. a un l fnnds to fmance ab P u,. g The remainder of CPS capital most 54 percent of the we l, projects accounted for 32 percent of capital expenditures. j ~ this yeari total expenditures, or Revenue frmn current approximately 5M7 million. This and prior years paid a comacm *=na sa g ag g enocsiw expenditure represents some for 593 million, or almost 34 merease.from the prim year due percent of 1900-91 construction 15 l

BALANCE SHEETS JANUARY 31,1991 AND 1990 - Notes 1991 19W) ASSETS an,4oma,so UTILITY PLANT, al cost: 1,3,8 Electric... $3,542,218 $3,495,763 Gas 249,958 239,447 General. 96,665 92,769 Total plant in service... 3,888,841 3.827,979 Less-Accumulated depreciation. 704,212 608.257 Plant in service, net.. 3,184,629 3.219,722 Construction uork in progress... 473,940 279,642 Nuclear fuel, less accumulated emortization of $31,525 in 1991 and 516.030 in 1990 109,390 112.489 Ileid for future uw. 33.501 33,102 Utility plant, net. 3,801,460 3.644.955 - RESTRICTED CASil AND INVESTMENTS: 1,2,3 Bond reserve - Old series bonds.. 4 17,554 17.400 New series bonds.. 4 192,810 191,221 Improvements and contingencies fund, 105,703 108.536 Other 1 48,886 44,633 Total restricted cash und investments. 364 95) 361.7 %) 1 - CURRENT ASSETS: Cash, including temporary cash investments. 1,2 73,910 49,597 Customer accounts receivable,less allowance for doubtful accounts of 51,856 in 1991 and $1,479 in 1990.. 55,746 52,669 Other receisables, 8,9 45,716 45,727 inventories and supplies, at average cost -- Matcrials and supplies... 46,402 46,371 Fuel stock, 13,555 21.321 Prepayments., 7,2M 6.088 Total current assets... 242,530 221,773 LITIGATION SETTLEMENTS BENEFITS RECE1VABLE 8,9 40,500 82.500 DEFERRED DEBITS AND OTilER 1 162,209 170,778 TOTAL $4,611,652 $4.481,796 The aavmpan> rng runes a, e un integralpart if thesefinancial statements 16

EQUITY AND LIAlllLITIES Notes _199L Imo sin th,nnanJn - LONG TERM DEllT: Revenue lionds - 3.4 Old series, $ 63,060 $ 74.560 New series. 2,385,120 2.443,155 Less - Onamortiied discount on new series bonds. (146,325 ) (154.094 ) Revenue bonds, net 2,301,855 2,363,621 1 Commercial paper 5 275,000 125.0(0 Long-term debt, net. ,_2,576,855 2.488,621 EQUITY: Appropriated retained earnings - 3 11ond reserve - Old series bonds 17,554 17.400 New series bonds 140,352 138,764 Improsements and contingencies fund 105,703 10S,536 Total appropriated retained earnings. 263,609 264.700 Reinvested earnings... 1,438,422 1,409,694 I,702,031 1,674.394 Total equity, CURR ENT LI AlllLITIES: Current maturities of resenue bonds 4 69,535 64.570 . Accounts payable and accrued liabilities. 80.646 71,795 ~ Litigation settlernent benefits payable to customers 9 12,629 11,174 Customer service deposib_ 22,101 19,928 Total current liabilities. 184/]li 167,467 DEFERRED CREDITS ANL)OTilER: - Customer advant.es for construction 8,344 10,861 Other 41,674 3 ^L,813 Total deferred credits and other. 50,018 44.674 LITIGATION SETTLEMENT flENEFl13 PAYAllLE 9 36,500 48 m2 I 61,337 58.598 CONTRillUTIONS IN AID OF CONSTRUCTION COMMITMENTS AND CONTINGENCIES. 3.6.8,9 TOTAL $ 4,611,652 5 4,481,796 The accamsparning notes ont un mitgralpart af thtAr financtal statements. 1/

STATEMENTS OF EARNINGS AND APPLICATION OF EARNINGS Years Ended January 31, Notes 1991 1990 fin thouwnslo REVENUIh 1 Electrie.... $677,062 $683,106 - Gas 104,360 118.607 Interest and other income., 37,088 J4 73 2 Gross revenue.... _81&510 83h486 1 EXPENSES: 1 Fuel, pr and resale gas. 201,803 223.008 Otber ~.:neral. 127,081 -117,423 -Maintei. 63,200 60.508 Depreciatiu.i.. 111,158 102.498 Interest and debt expense. 200,071 193,715 Allowance for interest used during construction.. (22,093) (24.780 ) Payments to the City of San Antonio. 7 109,653 112.345 Total expenses 790,873 784,717 . NET EARNINGS. 27,637 51,769 ADD; Depreciation... 111,158 102.498 Accretion of capital appreciation bond discount._ 4,703 963 Amortization of bond discount and refunding debt costs.. 13,448 10,708 Interest requirements on new series bonds (payable from improvements and contingencies fund). _ 165,787 !68.675 AVAILABLE FOR APPLICATION.,. $322,733 $334.613 - APPLICATION: To pay lo' g-term debt requircments-n Old series bonds - [ ' Principal payments. $ 10,945 $ 10.375 - Bond reserve 154 121 To reinvested earnings - net gain on sale of assets. 3 90 To improvements and contingencies fund - Minimum regt rement (121/2 percent of gross resenue). 3 102,314 104.561 Balance of avr dable net earnings.. 209,317 219,466 -APPLICATION,. $322,733 M14Al) .The an ompanyin,t notes re an insceralpart of thesefinam ial statements 1

STATEMENTS OF CHANGES IN EQUITY Years Ended January 31, I991 1990 ilnth m andtI BOND RESERVE, old series tmnds: Balance, beginning of year. 17,400 $ 17,279 Additions - Net accumulation of income not transfened 114_ 13, Balance, end of year. 17,554 $ 17,400 BOND RESERVE, new series bonds: Balance, beginning of year. $ 138,764 $ 128,460 Additions - transfer from improvements and contingencies fund for detx service 1,588 10,304 Balance, end of year. $ 140,352 $ 138.764 IMPROVEMENTS AND CONTINGENCIES FUND: Balance, beginning of year.. $ 108,536 $ 156,167 Additions - From application of earnings - Minimum requirement (121/2 percent of gross res enue) 102,314 IN.561 Balance of available net earnings. 209,317 219,466 Total. 420,16,7_ 480.194 Deductions - New series bonds - Additions to reserve 1,588 10.304 Payment of bond interest 165,787 168,675 Payment of bond principal 53,625 42,995 Construction ey:nditures. 93,464 149,684 Total. 314,464 371,658 Balance, end of year. $ 105,703 $ 108,536 REINVESTED EARNINGS-Balance, beginning of year. $1,409,694 $ 1.320,719 Additions - From improvements and contingencies fund - For construction. 93,464 149,684 For new series tmnds principal payments 53,625 42,995 From application of earnings - Old series tends principal payments. 10,945 10,375 Net gain on sale of assets. 3 90 Total., 158,037 203.144 Deductions - Depreciation. 111,158 102,498 Accretion of capital appreciation bond discount. 4,703 963 Amortization of bond discount and refunding debt costs 13,448 10,708 Total.. 129,309_ l I4,169 Balance, end of year. $ 1,438,422 $ 1,409,694 The anomt'an> int twtrs are un miet'a'Imrt of these finam tal statements l 19

- STATEMENTS OF CASH FLOWS l Years l'nded January 31, 1991 1990 fin thou5fo CASil FLOWS FROh! OPERATING ACTIVITIES: Net earnings 27,637 $ $ 1,769 Noncah items included in net earnings - Allowance for interest used during construction. (22,093 ) (24,780 ) Depreciation expense. ii1,158 102.498 Amortization expense - Debt expense. 10.382 8.617 Discount on long-term det,t 3,066 2,091 Accretica of capital appreciation bond discount. 4,703 963 Gain on sale of utility plant. - (3 ) (90 ) Changes in current assets and current liabilities.. 15,080 6,376 Proceeds from freight litigation settlement 11,500 l l,(KK) Refund of freight litigation settlement benefits payable to customers. (10,0S7 ) (10,516 ) Decrease in other assets 3.206 6,273 increase in other liabilities, 5,941 14.430 Net cash provided by operating activities. 160,490 16S,631 NET CASH FLOWS FROh! INVESTING ACTIVITIES: Proceeds from sale of utility plant 4 93 Additions to utility plant.. (250,627 ) (273,375 ) Net cash used by investing activities ~il50,623 ) ~D7K2D ) CASil FLOWS FRON1 FINANCING ACTIVITIES: Contributions in aid and customer advances for construction 2,179 3,461 540,931 Sale of refunding bonds Sale of commercial paper. 150,000 127,000 (397,200 ) Defeasance of bonds refunded (100,(XX) ) Commercial paper refunded. (2,466 ) Debt costs. Excess of reacquisition amounts mer principal of bonds refunded in advance. (44,120 ) Principal payments on revenue bonds (64,570 )- (53,370 ) Proceeds from STP litigation settlement 30,000 30,(XX) Net cash provided by financing activities. 117,609 1(4,736 NET INCREASE IN CASil AND CASil EQUIVALENTS. 27,476 5 85 CASil, including temporary cash insestmente Beginning of ear. 49,597 $ 47,198 3 End of year, 73,910 49.597 Net increase. 24.313 2,399 RESTRICTED CASil AND INVESTN1ENTS: 361,790 3M,1(M Beginning of year. End of year,, 364,953 361.790 Net increase (decrease). 3,163 (2,314 ) NET INCREASE IN CASil AND CASil EQUlv ALENTS. 27,476 $ M5 The acwmpanying n.res are an entexral part of thesrfinam sal statemenet ) l n

l NOTES TO FINANCIAL STATEMENTS JANU ARY 31,1991 AND 1990 l 1. SUMM ARY 01: SIGNil'lCANT ACCol'NTING depreciable property as deie mined by pemwhc engmeenny j pol ICiliS: stuches 1)epicciation as a penentage of m erage depreciable plant w as 2.% ;vicent in 1991 and 2.9S percent in 1990. I ORG ANIZ ATION - City Public S,en ice t CPS L a mumcipal utihty owned by the Cuy of San Antonio Ohe Cny L pmvides Contributions in akt of construction are amorti/cd mer a electricity and natural pas to the San Antonio menopohtan period equal to the lhes of the related awets. area. As a municipal utilitv, CPS is esempt f rom payment ot 01 tiliR RES.I.Rlt,I, lid (,Ahli .these f unds which are income lases, state t.ranchise and sales tases and real and generalb testricted as to use f or other than current operanons, perwoal propeny taxes L,PS ;mn ides certain pay ments and or aie designated f or expenditutes in the atquiunon or con-benefits to the City as desen. bed more f ully.m Ste 7 struction of noncurrent awets, consist primarily of. he tunent t ilASIS OF ACCOUNTING - The awounting records of portion of the New Series lionds sinking fund, customer CPS are maintained in accordance with generally accepted assistanee program funds msurance reserses retainage on accounting pnnciples for rate regulated enterprises as pre-long-term construction contrach and short-term im estmenh scribed by the i inancial Accounting Standards lloard ti'ASill f rom tavesempt conunercial paper proceedt and, where applicable, the Gosernmental Accountmp Stan-gygggg,.1 S - I d4made dards lloard (GASIO. I he accounting records of CPS follow appmsimates nuuket value..ihe sgrcific.dentih. cation methat i the Umform $.3 stem of Accounts f or G.as andlilectne Utih.. ties is used to detennine cmt in computing pain or hws on sales of. iwued by the National Asweiationof Regulatory Utilny C,om-securities Amoni/ation of premium and accretion of discount miwioners. (,ertain prior penod amounb has e been redawi-is recordetl mer the term of the imes.tment. tied for comparatis e pmixwes DEFl?RRiiD DiilllTS ANI) OTill!R - These amounts FISC,Al. I.!!AR .The tiscal year ended January 31,1991, comist primanly of the unamorti/ed balances of bond issu-is ret. erred to herein as 1991 and the sear ended January 31, ~ """' # ' E# "'#' !""' # ' #" "

    1. ""I"

'i"" """""h UF0, as FMX). res enue bond pnneipal a'nounb sefunded m ads anee, Amor. RiiViiNUliS AND liNPl!NSl!S-Resenue is recognized as ti/ation is recorded mer the period of the ouStandmg bonds, billed on a cycle basis Rate schedules include tuel and gas S1. Al.liMl!N i OF C, ASil i.1.0%.$.-I or purposes of report-cost adjustment clauses that permit recovery o' t.uel and gas ing cash now s (,PS, comiders all highly hquid debt instru-costs in th, month incurred. (,PS charges to expense the cmt ti.ents purchased with a maturity of. -appimimately three of electric pmduction fuch in the period that it a comumed months or lew to be short tenn imestmentt At cordmply, and the cost of. resale gas in the period of. purchase. (,PS. tenymrary cash imestments and restricted cash and CPS amorti/es ib share of nuclear fuel for the South Texas im estment s are cash equiv alenh. No matenal noneash im est-Project (S1 P) to fuel expense on a unit-of-pnxtuction methal. ing or financing transactions were recorded during 1991 and Under the Nuclear Waste Policy Act of 1982, the Federal 1990. Gmenunent assumed responsibihty for the pennanent dh-In order to detennine net cash prm ided by operating aetis ities, posal of. spent nuclear t.uel.C,PS,.n charged a f.ee for dn[xwal net earnings have been adjusted by, among other things, of. spent nuclear fuel, w hic h h included in t uel expense, m the changes in current asseh and current liabilities, excludmp-amount of $101 per kilowatt hour (KW.II) for is share of. changes.m cash and temporary c.n,a imestraents, currem electricity pnxtuced by STP, other than for precommercul maturities of. long term debt and hug. mon settlements bene-n power generation. I,or f urther discuwion regarding the S.I.P. fits receivable and payable..I. hose changes shown as an (in-see Note S. crease) decrease in current awets and a, an merease idecrease) UTILITY PLANT - These awets are stated at the cost of in cunent habihties are as follow s: comtruction, including costs of contracted senices direct material and labor, indirec t costs, including general engineer-nm m, ing, labor and material overhead, and an allow ante for interest a4 n-a., u.ed during construction ( AiUDC). CPS computes AIUDC moma uwa, m me+ s non wm using rates representing the cost of horrow ed funds on projech wmemem, bencia. m m abh-91I 4 eh' estimated to cost in escess of 51 million. Retiremenh of utility n,, g,_,,o sm.ne m iuon 4 plant, together with remm al cost less salvage, are charged to Nee m= C n' m accumulated depreciation. 'lhe maintenance of property, and $,"(('(($] replacements and renew ah ofitems determined to be lew than amm m mm -mou,m n.,nw s r nw s n on a unit of property, are charged to maintenance expeme. General utility plant awet consist of land, buihlings and The following prmides informanon related to cash interest equipment for general and administrative purposes that are p ud by CPS tor the years mthcated. used commonly in electric and gas operationt au noon omh a CPS cornputes depreciation using the suaight-line method Hmot im! of sn I K i s if d. 4 ~' sM? 110 mer the estimated ser ice lises of the sarious classes 01

i-2. CASil,TEh1PORARY CASil!NVESThiliN1S AND the tiust indentme cmcring the Old Series Bonds becomes INVESThiliNTS: inoperative, resenues will be applied as follows: (a) los CP'i deposits t., January 31,1991 and 1990, were entiiely

  • " ""'"""" ""k"M" "E # P"* "I collaterah.ied by banks for the account of CPS. Deposits are pay ments of the New Seties Bonds, (c)for the pay ment of any obh.

collateralu.ed by securities held by a third pany in L,PS.name. ' cations mfenor in hen to the New S.eries Bonds which may be iwued.t di t. Fully collaterah.ied cash w as 53.9 million at January 31,1991. or an amount equal to h percent ol the grow resenues of the systems to be deposited in a repair and CPS'im estments, including both reuncted and unrestricted, replacement fund, tel for cash payments and benehts to the at January 31,199i and 1990, were all in U.S. Treasury City not to cweed 14 percent of the pross resenues of the securities and c ere held for the account of CPS at its general systems and (f) any remaining resenues to the repair and deixwitory bank. CPS' investments are generally limited to replacement fund.The New Ser'es BonJs ordinances require U.S. Gmernment or U.S. Gosenunent guaranteed ohhpa-that a bond resen e f und at lea 4 equal to the as erage annual tions. Imestments, including restricted amounts of $361.8 principal and imerest requirements of all outstanding New million, were $435.0 million with a market salue of $442.3 Series Bonds be estabbshed. milhon at January 31,1991. g, 3 39 g gg 3. REVENUE BON D INDENTUR E R EQUI R E N1 EN1 S: Series Bonds and New Series Bonds haw been met. The trust indenture esecuted by the City in conjunction with ggg g 3, the issuance of the revenue bonds dated February 1,1951, thmugh August 1,1974(Old Series Bonds), contains among A summary ofies enue bonds is as tollow s: others, the follow mg provisions: wr e va a m y (1) All of the awets of the gas and electric ostems Inki" k" together w ith the net res enues of the sy stems,as defii$ed, are ""["77 pledged with the llatris Trust and Savings Bank of Chicago, Mannes nnuary Ri+n twi Iwo Illinois, as Corporate Trustee, to secure the pay ment of the iu-Mn Old Series Bonds. "Q'"p,, ,, g g,, se. sene,. (2) Gross res enues of the pas and electric sy stems shall e% i,: mn 7 i r, ww3 m,3n be applied to:(a) expenses of operating and maintaining the t naonma nr*,cnn """"d""""' "C"' svstems.(b) debt sen ice and reserve requirements on the Old S'eries Bonds,tc) pay ment of an "in lieu of tas" amount to the $$ '2$$ i _ n m n,,n nn, City (d) an amount equal to 121/2 percent of grow res enues kneau domk ne MM W'"$ to the improvements and contingencies fund (e) additional benefits and paymems to the C ty to bring C t) benehts and payments to 14 percent of gross res enues t f) additional pa)- due un OmmanM f or du' nnt r. yean ann nncip ments to the improvements and contingencies fund until such . fund equals 20 percent of the value of fixed capital awets and Pnnoi* De (g) the balance to a sarplu, tund. ow senn s.. sene, tw nonas

nona, t,ca (3) The following funds are established: (a) general iwy nano som no.u s fund, (b) impmvements and contingencies l.und, (c) bond pm m

un m,o t onstruction fund (containing the proceeds of resenue bonds), W IU2o eni xo.5 m (d) principal and interest current requirements (contaming the [ [ monthly payments of annual debt requirements) and (e) bond reserve fund (containing an amount equal to the next Escal During prior years, CPS refunded previously issued and year's principal and interest requirements). These funds may outstanding New Series Bonds through the iwuance ,ew be imested with authorized depository banks or in U.S. Series Resenue Reftmding Bonds The refunded txmd issues Govemment securities. and trust accounts are not included in CPS financial state-ments. At January 31,1991, portions of the bonds w hich have Beginning with the year ended January 31,1976, new series been defcased in-substance were still outstanding as follows: electric and gas systems revenue improvement bonds (New Fiscal year 1986 refundmg 5 97,130.(MW) Series Bonds) were nsued. These txmds are junior and sub-g gg g" ggg ordinate to the Old Series Bonds.The bond ordinances author-1 ncal year 19S8 refunding 213.345jkK) izing these. issues provide that no further bonds or obligations Fiscal year 1990 refunding 397,2(XUKX) wd' he authonted or nsued under the tenns of the trust indenture for Old Series Bonds. While any of the Old Series CPS is currently considering inuing New Series Revenue Bonds are outstanding, the New Series Bonds are payable Refunding Bonds during fiscal 1991-1992, it is anticipated so'cly from the net revenues of the systems (l) deposited and that these bonds will advance refund certain outstandmg New available for deposit in the improvements and contingencies Series Bonds and a portion of the currently outstanding fund end (2) from funds payable to the City. At such time as commercial paper.

COMMERCI Al. PAPEIO appmsimately $10.4 mdhon,59S million and 59.4 million, l respectig ch, was f unded each year to em er nonnal costs of in October 198N,the (,ns (,ouncilof S.an Antomo, I esad,its J the Plan..I he temaining contubution in each > car w as l.unded (,ouncil), adopted an ordmance audu n iting ihe issuance el up to cmer the amortvation of the unlunded actuarial accrued to S300 million in.l av Exempt t,ommercial Paper fi ll P) to liabihty ' aui,t in the financing of eligible projects, including luel acquisition and capital improsemenh to the utility sy stems G ASit Statement No 5. cliectise for years beginning alter Ohe SystemsL l'he program's wheduled masimum maturities December 14* sequire, that a pension benefit obhpation be will not estend beyond Nosember 1. 202K. As of January 31. measured using the astuanal present 5 alue of credited pro-1991,5275 mdlion in principal amount w as outstandmp, w ith jected bencins as adjusted tor projected salary mercaset This a weighted ascrape interest rate of appmsimately 5.31 per-measure is mdependent of the tundmp method used to deter-cent and an as erage life outstan ling of approximately 73 day s. mine ( ontubutions to the Plan; how es es, the sigmficant actu-In February 1991 CPS,old 525 million in TECP hiinging the arial assumptions used io compute the contohution tequite-total outstanding to 5300 milhon. All pmeceds has e been, or ment aie ihe same as those used to compute the gension benefit will be, used for construction purposes. obligation. On January 1,1491, the Plan was amended to determine (onttibutions udny total compensation rather than The TECP ha, teen classihed as long term in connection w ith bx p m ima prmd to dg du n doon in ca@ the refinancing terms under a res olving credit apteement w ith reE m bewfQimo m 55 ImC W mccm g r wm a consortium of banh w hich suppons the commercial papet. g .g ,g g g gg linder the tenns of the agreement, CPS may honow up to an d pim h-Q oblpwn M wminh N mib aggregate amount not to e scred $300 million f or the purpose TNdmp M m WM k PW991 ud mn of paying amounts due under the TECP.The credit agreement Mdm h iM n sN Tk has a term of tw o y ears, currently estended until Nos emirr 1, Id i Wk h-d mik 1992, and may be nenewed f or additional periods. T here has e t on requirement as 01. December 31,1090, weie computed van no borrow ings under the credit agreement as of. January 31, W91, The TECI' is secured by the net resenues of the g g gg ,g g g salan m. crease, as erapme 6.5 percent. As a resuh,'under Systems, Such pledge of net resenues i, subordinate and g g g 3 g,gg,

ppg,

,g inferior to the pledge securing payment of the Old Series M W fi R W9 d llonds, the New Series llonds and any New Serie, llonds to be

9, issued in the future.

n,,o n~ nm 6. IIENEFIT Pl.ANS: %nm wm no-ou sat o.mm.ano i my 5 ew s m su CPS has a self-adm istered, defined benefit contributory ho m m monmu m ""'""*'""'"*0" pension plan (Plan)cos ering substantially all employ ces w ho unanaa -a wms mm w'w wo s base completed one ycar of senice. 'lhe Plan assets are held t mg. m on.maa mema in a separate trust which is periodically audited and which W7 3m ?is statements include historical trend information. Generally, M * " = Nueb e n m o" w us r2

  • m aw participating emp:oyees contribute 5 percent of their total 2,"C"[$7" *"""'

,g n y compensation and are normally fully s ested in CPS' con'ribu. t,.,g 3 tion alter completing 15 years of credited senice. Normal retirement is age 65; however, early retirement is asadable w ith 25 y ean of benefit senice, Retirement benefits are based Prior to G ASil No. 5, CPS reponed the Plan status as the on length of service and compensation, and benefits are actuarial present value of accumulated plan benefits. Under reduced for retirement before age 55. such method,the actuarial present s alues of accumulated plan benefits using an assumed rate of return of 8.5 percent was The total employer and employee pensie i cost (all f unded), Sl96,145JKK) at December 31,1989. At that time, net assets which includes amortizanon of past-senice costs oser 30 as ailable for plan benefits were 5201,601,000 at fair market years using the unit credit cost actuarial method,is summa-value. As of December 31,1990, the actuarial present 5 alue rued as follow s: of mMad M Nnefin was 5217,377AXKt This value compares ta the net asset value of $219,678jK)0 as reported un rsvuwn,io y ' I mph *ge munbuboew 5 4M95 4.29% s 4M4 (M contnhutum i? hx7 12M4f i t )% E,mployees that retired prior to 1983 are receising annuity to m..nmsunom s is s mm5 mn pqnen m an nsurance cans as w W as weMng mne cmreaconu. s nmo s ms na s em benefits directly from CPS. These incremental costs for 1991 ho c mu. 5 nwi s nera s io xn e and 1990 w ere 56383100 and 5694 J NX), respectively,and w ere recorded w hen paid. CPS also provides certain health care and Employee an i CPS contributions were approximately 5 per-life insurance benefits for retired employ ees. All former CPS cent and 14 percem, respectively, of total cos ered pay roll for employees were ehpible for these benefits upon retirement each of the three years in the period ended 1991. Of the from CPS. The cost of retiree heaith care and life msurance amounts contributed during years 1991,1400 and 1989 benefits iunded by CPS is recognized as an expense of CPS i

. - - - - ~ - i as employer contributions are made to the programs, These and should supersede llL&P's district court actions againu ~ + U costs approsimated 51,116.(MKl and 51,07 0KK1 for 1991 and CPL and CPS,' asserts issues concerning (1i the estent to jP ' 1990; tesiretivelyi which lil &P has breached its obligations under the Pan on Agament and thehmouip oMunag6 caud { 7, PAYMENTS'lO Tile CITY: by such breach and (2) that neither CPb nor CPL is liable to The trust indenture provides for benefits and ser.s ices totaling ilL& P for any portion of the damages alleged against IIL& P 14 percent of CPS ross revenues, as defined, to be paid or by Austin. CPS has filed a pleading denying ilL&P's allega. L F 4; provided to the City. Paymems to the City for 1991 and 1990, tions, seeking an order compelling arbitration and subject ~ 1'

based on allowable revenues, were as follow s:

17ereto, urging acounterclaim fordamages.Trialof Austini claims in Dallas resulted in a jury verdict on July 5,1989,: finding that, although IIL&P failed to supply the participants M-N s. with infonnation as and when required by the Participation t in imn.m... ~. _ s oms D* Agreement. no costs w ere incurred in the construction of STP [.2 ... l due to that breach, w hich in reasonable probability, w ould not j: 5 mm5 m.m hase been otherwise incurred. Austin has appealed the ad-l verse judgment, and that appeal k pending, in the meantime, both IIL&P and Austin named arbitrators in the CPS / CPL 8. SOUTil TEXAS PROJECT (STP): arbimuion. On August 20,1990, the Dallas District Coun L CPS is one of four participants in the STP, w hich consists of ruled that _the disputes raised in the call for arbitration of CPS Iwo-l.250 megawatt nuclear genenuing units in Matagorda and CPL are arbitrable and should be submitted to arbitration County, Texas. The' other participants 'in the project are before a panel chosen as provided by the STP Participation .llouston Lighting &_ Power Company (11L&P), the project Agreement. llL& P's motion for reconsideration or modifica. manager, Central Power and Light Company (CPL) and the lion of that order has been heard by the Court but has not yet City of Austin ( Austin). Under the terms of the STP Participa. been decided. CPS cannot predict how these issues will be re-tion Agreenient/cach_ participant provides funding for_ its solved, the forum in w hieh its claims w ill be determined or the share of construction and operatilig expenditures. Full pow er - outcome of these actiom but does not belies e there is any basis operating licenses were issued by _ the Nuclear Regulatory for liability to llL&P for Austin's claims or otherwise, in the - - Commission (NRC)on March 22,1988;for Unit I and March opinion of management of CPS. the outcome of such proceed.

28,1989, for Unit 2. In-service dates for STP were August ings will not have a material ads erse effect on the financ ial po-

.1988 for Unit I and June 1989 for Unit'2. CPS' 28 percent sition or results of operations of CPS.

ownership in the STP is for 700 megaw atts of plant capacity.

In December 1985, a suit invoh ing the STP was settled on the - At January 31,1991. CPS' investment in the STP utility plant agreement of Ilrown & Root, the former architect /encineer was approximately $2 billion, net of accumulated deprecia-and constructor for the STP.to pay the plaintiffs. CPS and the - ' I""' other participants 5750 million, CPS commenced receipt of LITIGATION - its 5210 million share of the settlement in January 1986. of On January 7,1988, llL&P filed pleadings against CPS, cpl. w hich 545 million w as outstanding at January 31,1991 Quar-terly mstallments, without interest, in the amount of 57.5 and its parent company, Central and Somb West Corporation. (CSW),in the State District Court in Matagorda County, Suit million are remitted to CPS pursuant to an unqualified con-3was,also filed by llL&P against these parties in the Dallas tradual obligation of Aetna Life Insurance Company. Pay- . County District Court in which htigation by ' Austin against mems expeded to be receis ed during 1992 have been recorded IIL&P was pending, seeking to have CPS and CPL /CSW as current other receivables with the remaming expected brought into the Austin litigation as third party defendants. payments secorded as litigation settlements benefits receiv. The causes of action asserted by llL&P against CPS and CPL /

CSW are basically the same'in both suits. HL&P denied NUCLEAR INSURANCE

- Austin's claims based on breach of contract, including mis-The Price-Anderson Act, a comprehensive statutory arrange- _ management, in connection with liL&P} performance as ment providing limitations on nuclear liability and govern-- ' pmject manager, but asserted that it is enutled to mdemm,ty mentalindemnities.isineffect until August 1,2002.Thelimit and contribution from CPS and CPL /CSW to the extent any ~ _ ofI ability under the Price-Anderson Act for licensees of nu- - liability is imposed on llL&P for these nr. Austin's other clear power plants is $7.8 billion per incident.The maximum. . claims, which include fraudulent inducement and breach of amount that each licensee may be assessed following a nu. obligation by llL&P as pmject manager, clear incident at any _ insured facility is $56.15 million for each in March 1988 CPS and CPL made a call for binding arbitra. licensed reactor, but not more than 510 million per reactor for tion and designated arbitrators, under the terms of the ST P each nuclear incident in any one year. CPS and each of the Participation Agreement. concerning their disputes with HL&P other participants of STP are subject to such assessments, over the STP including any breach of its obligations by which CPS and the other participants have agreed will be HL&P. und have requested that any proceedings on llL&P's borne on the basis of their respective ow nership interests in pleadings against CP3 and CPL be stayed pending the arbitra, STP. For purposes of these assessments. STP has Iw o licensed tion.The arbitration call.which is hi ding on the participants reactors. The participants has e purchased t he ma ximum limit s - n

of nuclear; liability insurance, as required by law, and have-railmads imohed in dnputed issues about the proper and esecuted indemni0 cation agreements with the NRC,in ac-lawtul freight rates.- As a result. CPS receised an 511.5 (cordance with the financial protection tequiremenh of the nullion paynwnt from the railroadyin January 1991, and an Price. Anderson Act NRC reputatiom retpiire licensees of 511.0 million payment in January 1990. CPS will receive ' nuclearpov erplanktoobtainon site pmpert3 amareinsur-additional annual pay ments ranging from $12.0 to $13.0 d unee in a minimum amount of 5106 billion. NRC regulanony milhon. totaling $37,5 million.over the next three y ears from uho require that the pmeceds from this imurance be used first the rmtroads w hich is expected to be teturned to customers .to ensure that the licensed reactor is in aiafe and stable as payments are receised. The amounh due in 1992 have

condition so as to present any significant rid to the pubhe tren recorded as cunent other tecch ables with the remain.

'heahh or safety, and then to complete any decontamination ing amounts due recorded as htigation settlements benefits Loperationv that may be ordered by the NRC, Any funds receivable. remaining w ould then be avnilable for cos enng direct lowes OTM to property. I" """""I'""' I" The participants of STP currently maintain on-site property on gal pmm nys relate oaHeg pemmal and prop-damage insurance in the amount of $1.5h5 bilhon. which

  1. "}

"""E# ""EP## "" amount n lew than the total amount of such imurance cut-E"" " E# """""" "#~ rently m ailable to cos er such losses but more than reqmred t sities and other utility operatiom are subject to extensive . by NRC regulations. state and federal em ironmental regulation. In the opinion of NUCLEAR DEComilSSIONING management of CPS, the outcome of such proceedings will not e a matenal a enee atonIhe financialpositionor in July 1990, CPS 1opether w ith the other ow ners of the S1 P E"""""'" fHed w ith the NRC a certificate of Gnancial awurance for the decommiwioning of the nuclear plant.The certificate assures . Purchase and comtruction commitments amounted to ap-

that CPS will meet the minimum decommiwioning funding proximately.5493 million at January 31,1991. This amount i=

requirements mandated by the NRC. CPS' ponion of the ev includes approsimately $170 million that is expected to be - ~ timated costs for decommiwioning the STP nuclear p(mer paid for natural gas purchases to be made under the contracts plant is approximately $150 million.in 1989 dollars which currently in ef fect; the actual amount to be paid will be exceeds N RC minimum requirements.This cost estimate w ill dependent upon CPS' actual requirements during the contract he res iewed and updated periodically and could change by a period. Also included is $78 million for coal purchases,561 material amount. CPS w ill reemd the eyeme of decommis-million for cual tramportation and $26 million for treated sioning oser the hre of the STP nuclear power plant. Begin-cooling water based upon the minimum firm commitment ning in 1991, CPS started accumulating the decommiwion. under these contracts, Also included is $102 milhon for the . ing funds in an extemal trust,in acccrdance with the NRC's balance still owing on a turnkey contract for construction of regulations The trust accounts and related decommiwioning a new 300 megaw at coal-fired electric generating plant to be. liability are not included in CPS' financial statements completed by the summer of 1992. Comtruction and engi. '#'# #EE'"'i* "t#l 77 #'c#"ic"

  • E #tc I E l

"#" "E " E"

9c COMMITMENTS AND CONTINGENCIES:

as of January 31,1991, in December 1986, CPS approved a settlement offer from

10. - SEGMENTINFORM ATIONi 1991 1940 Electric Gas Total Electric Gas Total tin thatnando.

tin thousandO ~ REVENUE.. -. ~. . 5 ~ 677.062 - $ 10.1.360 $ - 781,422 5 683.106 s 118.607 % 801.713 EXPENSES-- Operating and maimenance espemes. 312.298 79.876 392.084 315,734 - 85.185 400.939 Depreciation 103,999 7, t 59 - 1 I l.158 95.545 6.953 - 102,498 , Total...- _.. 416.207 87R$ 50.3J4; 41 L299 _lM 503.437 OPERATING INCOME 1_2WL&$$ 1_ fl 325 5 278.180 L_H130] 1_26M $ 298.276 3, Interest and other income. 37,0NM -34.773 Net intertnt and debt expeme and , paymenh to the Cuy of San Antonio (287.63 > (281.280 ) NET EARNINGS. 27f617 5 5,12 69 CAPITAL EXPENDITURES. 5~ 25'.154 $ 15,314 5 272.468 s 280.213 5 lad)26 5 295,139 Identifiable awets. 13221032 _L22]L3H $ 4.003.379 13A12hl1 _1_2_20 _S235 3.893.543 Corporate aucti. 60K 223 Slid.253 - Total as,ets 1_4A11_b52 ibl813 9 -p-e. -g.,g 9 -.9-7 v. ,.--g e-g,-- ,-___,--,,m u-W

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the lloard of Trustees of City Public Ser ice: We hase audited the accompanying balance sheets of City Public Service as of January 31,1991 tnd 1990, and the related mements of earnings and application of earnings, changes in equity and cash flows for the y ears then endad. These financial statements are the responsibility of the management of City Public Service. Our responsibnity is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standardt Those standards require that we plan and perform the audit to obtain reasonable assurance about w hether the financial statements are free of material misstater sent An audit includes examining,on a test basis evidence supporting the tunounts and disclosures in the fir.ancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as w cil as evaluating the overall imancial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to abos e present fairly, in all material respects, the financial position of City Public Sen ice as of January 31,1991 and 1990, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Md, 4e e San Antonio, T,exas, /, March 8,1991 l 2b l

m..

FIVE YEAR FINANCIAL REVIEW Years linded January 31. 1991 1990 1959 1488 14K7 sin tho.n.mdo RINENt'E AND Al'pl.lCKIION Res enues: Electrie sales.. 5 677,062 5 683.100 5 636.086 5 626,726 5 639,626 Gas sales. 104.360 118,6tt7 106.114 126,581 127.x14 interest and other incorne. 37,088 34.773 36 191 38.450 36,778 1 'lotal resenues.. 5 818,510 $ 816d86 5 778.391 5 _74 l J57 5 8NJ 18 Revenues applied: Cost of operating systems: Fuel, purchased power and resale gas 5 201,803 5 223.tK18 5 228,547 5 284.019 5 316,251 Other opera:ing and general expenses

  • 127,081 117.423 84.581 69,302 67,479 Maintenance 63.200 60.505 42.948 36.023

~416.491 32.761 ~W,iiM S ~.isiT59 5 356.276 5 TUMi> 5 Total. 5 3 Operating fund.. 5 4 5 4 5 -R 5__4 5_ e Debt requirements for Old Series Bonds: Interest 5 5.337 5 5,938 5 6,454 5 6,954 5 7,426 Principal requirements 10.945 10.375 9,905 9,435 9,(K K) Resene requirements. 154 121 -0 (74 ) (84 ) Debt espense _10 l1 12 ___j A 14 Total. 5 16,446 16 445 5 16.371 5 16.329 5 16,356 Payments and senices to City: Payment in lieu of tases. 5 11.353 5 11.050 5 9,891 'i, 8,946 5 7,799 Refunds for services. 17,378 17,059 16,255 15,656 15,286 Additional payment 80,922 84.236 78.638 75,N4 73,106 Total. 5 109.653 % 112.345 5 104,7h4 5 99.M6 5 46,191 Debt requirements for New Series Honds/Other: Interest expense 5 165,787 5 168.675 5 172.023 5 162.143 5 153,411 Principal requirements 53,625 42.995 27.535 25.385 23,350 Reserve requirements. 1,588 10.3N (l,720 ) 8.852 20,112 Debt expense (95 ) 110 9,N9 8.956 5,178 Other interest

  • 10#83 7 310 (M9 5A19

_jM 1 Total. 5 231,788 5 229..'94 5 213.166 5 210,955 5 203.570 Allowance for funds used during-construction (22.093 ) (24,780 ) (88,008 ) ( f 07.025 ) (101,402 ) Additions to plant: Total expenditures for year.. 5 272,468 5 295,134 5 351,122 5 408,852 5 430.610 1.ess construction funds provided by sources other than revenues. 179,003 145.365 191,409 234.985 315.451 Revenues used for additions to plant 5 93,465 5 149.77' 5 1f 9,713 5 173.867 5 115.139 Additions to Impmsements and Contingencies fund. _g833 ) (47fi31 ) 16p89 8.639 57,853 Total. 5 _ _90p3] 5 jo2,143 $ j]5.802 5 _l82.506 5 173.012 Total resenues applied 5 818,510 $ 836,486 5 778,391 5 791.757 5 804,218 BA1.ANCE SilEET DAT A Utility plant at cost. 5 4,505,672 54,253,212 5 3.979.589 5 3,646.858 5 3.255.479 Annual construction additions 272,468 295,139 351.122 408,852 430.610 Accumulated depreciation 704,212 608.257 522.371 473.275 446,913 Annual depreciation allowance i11.158 102,498 66.397 44.609 41.811 Principal and interest coserage. 1.81s 1.91x 1.95x l.47 x 2.O l x y < nia y at van muted w ween vihc, vrwmi

Years linded January 31, FIVE GR OPERATIONS REVIEW I 1991 19m) 1989 1988 1987 tin ihoenanta OPERATING REViiNUES Electric: Residential 5 305,974 5 311,1(4 5 283,355 $ 271,402 $ 276,307 Commercial and mdustrial, 268,098 268,738 256,794 254,156 266,747 Street lighting. 9,207 9,015 8,459 8349 7,781 Public authorities 78,100 79,538 75.259 73,319 71,073 Oth r utilities 10,426 9,133 7,572 14,795 13,982 Miscellaneous, 5,257 5,578 4.M7 5jx)5 3,736 Total electric 677,062 $ 683.106 5 636,086 5 626,726 5 639,626 Gas: Re.sidential 5 63,779 $ 73,330 63,858 5 76,060 75,091 Commercial and industrial. 33,614 37,112 34,662 41375 44,357 Public authorities 6,230 7,367 6,746 8,185 7,442 Miscellaneous, 737 798 848 96i 924 Total gas,- 104,360 $ 118,607 $ 106,114 5 126,581 $ 127,814 SALES OK10 OMilTED) Electric - KWil: Residential 4.711,423 4,732,736 4.343,500 4,141,938 4.036,562 Commercial and industrial. 5,157,802 5,001,737 4,833,460 4,M 5,938 4.636,308 Street lighting. 85,058 82,791 81,257 79,548 78,732 Public authorities 1,650,207 1,646,668 1,551,533 1,468,775 1,358,027 Other utilities 296,500 238,741, 179,981 237,855 257,848 Total. I1,900,990 11,702,673 10,989,73I I 0,574,054 10,367,477 Gas - MCF: - Residential 13,116 15.237 12,949 14,846 13,576 Commercial and industrial, 9,467 10,291 9,240 9,814 9.770 Public authorities I,816 2,131 1,838 1,988 1,657 Total,. 24.399 27,659 24,027 26,M 8 '5,003 PURCilASE FOR RES ALE: Electric (i,(XX)) KWil, 24,214 3,986 18,148 15,039 398.401 Gas (1,(KK)) MCF. 25,260 28.286 23,968 27,127 25,701 ELECTRIC GENER ATION - (l.lXX): KWil' 12,509,782 12.425.041 1 1,677,624 1 1,213,230 1 0,617,859 Electric Gen. Capacity, KW (GaW* 2,41)0,000 2,4(K)JKM) 2,400JX M) 2,4(X)JKM) 2.400jKX) Electric Gen, Capacity, KW (Coal) 836,000 836,(M10 836,0lK) 8363KM) 836JMK) Electric Gen. Capacity, KW (Nuclear), 700,000 700JXK) 350fKK) El,ECTRIC PEAK DEM AND - KW 2,741,100 2.697JXH) 2,664 JXX) 2,551 dKK) 2 596JkX) NUMBER OF CUSTOMERS: Electric 469,962 466.478 462,849 459,766 458,037 Gas 285,699 284,324 284,130 284,122 2h5,697 RESIDENTIAL AVERAGES: Electric: Resenue per customer 740,93 $ 758.65 5 696.61 671,35 5 692.51 KWil per customer. I1,409 11,541 10,678 10,246 10,117 Revenue per KWil. 6.49 e 6.57 e 6.52 e 6.55 e 6.84 e Gas: Revenue per customer 5 241,32 277,94 242.46 288.33 284.45 MCF per customer 49.6 5'!.8 49.2 56.3 51.4 Revenue per MCF. 5 426 4.81 +1.9 3 5.12 5 5.53 1989 and IV'k) tm lude Ts si inery, of 2WW4 amt 1,49.Y72 respes its elt Od ranng _for the tm wnn is : lYhJkM kH for thefi,evar period 23

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