ML20082Q297
| ML20082Q297 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1994 |
| From: | Critchfield J, Korpan R FLORIDA PROGRESS CORP. |
| To: | |
| Shared Package | |
| ML20082Q295 | List: |
| References | |
| NUDOCS 9504280143 | |
| Download: ML20082Q297 (44) | |
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- gm yj _ ".17-v3_ ;~1 n , . ~-m FL ORIDK / PROGRESS a w m a m n. w a a w w a- n w :a w s m. a a a m uu.a w.: r - a w .. a n
;C O R P'O R ATI O N,
- ormed in 1982, Florida Progress Corporation is a diversified utility holding E company with annual revenues of about S2.8 billion and assets of S5.7 billion.
Based in St. Petersburg, Fla., the company owns a growing electric utility and certain select diversified businesses. Its principal subsidiary is Florida Power Corporation, the state's second-largest electric utility. Looking ahead, Florida Progress will focus on maintaining Florida Power's operational and financial strength. Florida Progress' diversification strategy calls for investing in businesses that will help the company achieve higher earnings and increase total returns for shareholders. emmn:w nnym nm -- n4p -
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Me .. 1, MNGMJ - m i FLORIDA POWER CORPO ' ATION An electric utility headquartered in St. Petersburg that provides service to more than 4 million people in Florida. Incorporated in 1899, Florida Power is involved in the generation, purchase, transmission, distribu- ; j ,
.[ tion and sale of electricity. It has a strong tradition of providing quality electric service at reasonable rates. Florida Power:
t j e~ , o Provides electricity to about one-third of Florida's population. o Operates in a state with a fast-growing population. Florida currently ranks as the fourth most populous state in the United States. i e Provides service in 32 of the state's 67 counties, covering about l l 20,000 square miles in Central and North Florida and along the .' Em . west coast of the state.
, ? .g e Serves "PP&m St. Petersburg wasset <
, .) u 8
E and Clearwater g,/ %q 10 g
- I' x as well as the areas sur- .
] L I -i rounding Walt Disney World, e Service Area . Orlando, Ocala and Tallahassee.
- .j k } g4 3 o l , "
o Has a total electric generating capacity of f
.e .
. . . about 7,300 megawatts of power. Its energy sources in 1994 were 45% coal, i 17% nuclear,16% oil,1% gas and 21%
purchased power. e Has earned an average return on equity of 12.1 percent during the last three years. l l O
%.%n.ny - - ,.- - m. n m m nm.,m,.y mem a p a .ac u n n ac a. a m $ m.m h -a a m a a.. A b s. A w a d M u'm's ELECTRIC FUELS CORPORATION r i An energy and transportation company that serves electric utilities, l l j including Florida Power, and industrial companies. Formed in 1976, * ' l Electric Fuels has operations in 15 states and is involved in the min-ing, procurement and transportation of coal; bulk commodities trans-portation; and rail services. Electric Fuels. e Provides Florida Power with about 5 million tons of economical, - l l low-sulfur coal annually. l o Sells in excess of 6 million tons of coal annually to other utilities 1 and industrial customers. . o Serves the U.S. railroad industry with a fully integrated operation i that reconditions rail-car parts, sells rail and other track material, repairs freight cars and locomotives, and manufactures rail-car
' , MI 1
hydraulic-cushioning units. l l o Operates a diverse transportation network and owns or manages k
~
about 550 barges and approximately 1,500 rail cars. - e Has eamed an average return on equity of 12.4 percent during the ., last three years. i 1 MID-CONTINENT L.IFE .INSURANCG COMPANY 7 g?1e ,. we n :. ; -c ; A life insurance company headquartered in l I!!!Ig - .
.l 4 '
Oklahoma City that serves 37 states and , ' '* ' i sells its policies through about 9,000 inde-
- t. s ,. .., n s
.s' "N1 I
<-% < 4;- pendent agents. Mid-Continent's principal h-[;
~
. . 4 product is a low-premium death benefit
.j . - -
. N '.' policy. Nearly all of the company's financial
- o portfolio is in investment-grade securities. l
~
J - Founded in 1909, Mid-Continent: [5 Yj 7 ' k.?- n e Has $13.9 billion of life insurance poli-t e cies outstanding. I e Has achieved success with low adminis-i . trative costs, competitive commissions E
. and a conservative investment portfolio.
1 e Has held an insurance rating of A+ ! (Superior) for 16 consecutive years from A.M. Best Company, a nationally recog-l OTHER ' DIVERSIFIED OPERATIONS nized insurance-rating agency. i Florida Progress continues its orderly withdrawal from those diversi- e Has earned an average retum on equity l' fied operations that no longer fit into the company's long-range of 11.4 percent during the last three strategic plan. These operations include: years. o A lending and leasing business with assets of about 5512 million relating to commercial aircraft and real estate. 1 o A real estate operation with investments of about 5133 million in
! office buildings and undeveloped land.
N I I 3
! i
- u While tne board is proud of our company's track record of increasing the t dividends paid per share for 42 consecutive years, it also recognizes that l
l TO OUR the electric utility industry is changing, and that change could come even SHAREHOLDERS f ster than currently forecast. As a result, the board must continue to re-examine dividend policy and consider a range of options that would be [ ! appropriate in a more competitive industry, given Florida Progress' operat-t Florida Progress, we,re driven by a
- ing results, earnings outlook and business strategies.
j solid combination of people, power, precision To assist the board, the timing of future annual dividend policy reviews and performance -- our forrnuta for success. has been changed from November to February. This will follow the sched-it's the right formula at the n.g ht time, in
. ule of our annual corporate planning process. Available at future reviews in today's business chmate, performance is February will be year-end results and measured by a company's ability analyses as well as our company's to offer a product customers l .. annual five-year financial forecast, which A
l want, at a competitive pnce, ' . is completed in December of each year. while providing qual.ity service.
~
The next dividend policy review by the You not only need to be continu-board is scheduled for February 1996. ously responsive to the demands , of your market, but also must be able to adjust to change. . Electric Utility Stock Prices Declinein f994 .. l We selected the image of a Rising interest rates, higher inflation and well-designed, high-performance the threat of increased competition in racing car to symbolize these - the utility industry pushed down utility l quahties. Throughout this report, stock prices during the year, a trend that l we will show examples of how ctually began in September 1993. l our people are developing _ Despite the unfavorable market condi- [1 innovative ways to serve our , tions, our company's common stock customers better. performed better than most other elec-We continue to fine-tune th.is l .. Jack 8. critchfield tric utility stocks, largely because of i winning formula, because Florida Florida Power Corporation's solid fundamental characteristics. Although our Progress intends to stay a winner. company's total investment return declined in 1994 for Florida Progress
. . , shareholders, it still outperformed the Standard & Poor's Electrics Index by
" 1 8.5 percent. Florida Progress' common stock closed the year trading at $30
*[,
per share. In November, the Florida Progress board of directors increased the annual dividend rate on I [ our company's common stock by 4 cents per M gs h a7994 share to $2.02. The decision to increase the Consolidated eamings for 1994 totaled $212 million, or $2.28 per share, annual dividend rate by 2 percent was made compared with 5196.6 million, or $2.23 a share, eamed in 1993. Earnings based on our company's current business plan, per share increased in 1994 because of improved operating results from projected earnings growth and the outlook for our company's diversified operations. the electric utihty industry. l l O i
v ! Electric Fuels Corporation, Florida Progress' energy and transportation e The act also mandated that electric utilities unit, continues to show excellent growth in revenues and earnings. Electric provide access to their transmission systems Fuels posted higher earnings in 1994 because of improved results from so power produced by others could be sent, its marine and rail operations, including recent acquisitions. Diversified or " wheeled," to wholesale customers. earnings were 521.3 million, or 23 cents per share, compared with $14.3 e The Federal Energy Regulatory Commission million, or 16 cents per share, in 1993. The acquisition of FM Ir;dustries, is developing new rules for the pn.cing and inc., completed in December 1994, increased diversified eamings by $2.4 delivety of power within the i million in 1994. wholesale market. In 1994, Florida Power earned 519u7 million, or $2.05 per share,
- Nonutility firms now can com-4 gg .
compared with $181.5 million, or $2.06 Pete more easily with utilities per share, in 1993. Although utility in selling power to wholesale earnings increased in 1994, earnings customers. By using the high-per share declined due to the issuance .f' efficiency designs of today's , of additional shares of common stock. N! electric power technology, these Customer growth of 2.4 percent and firms are able to build cost-M,g ; effective generation and offer a stronger economy contributed to y customers competitive prices. higher energy sales. Retail kilowatt-hour c,7 , sales at our utility increased during I- e Regulators in Califomia, Michigan 1994 by 3.1 percent over 1993. and New Mexico are considering i Partly offsetting the higher sales was , landmark measures that would the need to recognize further restructur- %~ estabb.h . ew policies for setting j ing costs in 1994, induding expenses electric rates and allow large j associated with a voluntary early retire- customers to choose among j ment program and work-force reduc- Richard KorPaa electricity suppliers. In the years tions. These costs reduced Florida Power's earnings per share by 12 cents in ahead, many other states are likely to con- ! 1994. And in September 1994, subsidiaries of our utility withdrew as equity sider regulatory reform and institute pricing i j partners from a proposed natural gas pipeline project. This resulted in a structures that are more market-driven. I charge of 4 cents per share against net earnings in the third quarter. Recent Changes Reshaping Utility industry i 3 New Energy Markets Emerging l Not all electric utilities will be affected the same l What is different about today's electric utility business? What exactly has way by industry changes and increased com-changed? Well, today, for the typical consumer, very little has changed. petitive pressures. Some utilities will struggle, Most consumers still receive their electricity the same way they always while others will thrive. Full implications of the have - from their local power company. However, much has been wntten Energy Policy Act are not yet known. Some of about the significant changes that are reshaping the nation's electric utility the anticipated changes caused by this act ] industry. Here is a summary of some of these key changes: likely will occur slowly over a period of several o The National Energy Policy Act of 1992 further changed the electric years and into the next century. Eventually, utility industry by encouraging more competition in the wholesale though, electric services are expected to be power market. "unbundled" into at least three market 5 1 4 L_ - _ _ . -. .
./
segments - generation, transmission and Restructuring Continues at Florida Power ,' distribution. This will give utility customers Restructuring moves, made now and in the future, will be designed with a more choices in the future single purpose in mind: To provide our customers with the best possible Competitive pressures already are being felt electric service at a competitive price. Though price tends to be the top within the reneration market. But changes in concern, our customers also want high-quality, reliable service. Our the way electricity is distributed to homes and challenge is to assure that they continue to receive both. businesses are probat ly still years away. How-Florida Power continued to streamline its I ever, changes could come more rapidly and o erations and improve efficiencies in 1994. As we need to be prepared for that possibility. a result, some positions were combined while 1 ther job functions were eliminated. During the Changing the Corporate Culture ^ year, our utility's total work force was reduced For several years now, we have been commu-by about 800, including 178 employees who nicating to our employees that the utility busi-opted to take early retirement under a company ness is changing and that we must begin program, effective February 1,1994. preparing for a new environment. For us to Restructuring is never easy and change can succeed in the years ahead, we will need to be difficult, especially when it involves having to continue efforts to lower our costs. being a reduce a work force. But management has an low-cost provider of electricity will give us an bligation to develop the best framework for edge on the competition. ensuring continued success, both in the short We know the strategies that have served us term and over the long term. This becomes an well in the past will not ensure our success in even greater challenge when a company faces l the future. Anticipating change and taking the 1 . . the prospect of . increased competition. l appropnate action are vital to our success. We are replacing traditional utility business prac- w tices with more aggressive, market-driven Florida Poweris Well . .. Positioned for the Future strategies aimed at retaining and increasing Investors are beginning to look more closely at each utility's strengths and weaknesses. In 1994, we took further steps to lower And financial analysts now are assessing a expenses at Florida Power in order to keep our , company s exposure to competition relative utility costs competitive. Decisions were made to the rest of the .industry. during the year that will prepare our company a sQ of h nanon's larges insoF 'NR,
- and our employees - for the future. We '
w uthes,9andad & Poofs, a nadonal have made changes, and we will continue to { make changes, that will improve Flonda #S"" Y' U" # e Power's competitive position is above average, Power,s long-term competitive position. famnegWWE9M*, j the highest ranking in the report. Strong growth p g l potential, operational strength and a manage- [< able construction program are factors cited by f%4@[ KM[' others who believe our utility is well positioned q gg7 ' - ' ' for the future. j reasonsMereguhnory <
; enwonment. '
G > ~ . .- i O
s ' in the years ahead, electric companies that have strong fundamentals Serving Our Customeri likely will be viewed more favorably by investors, particularly as the industry with an Eye to the F4ture changes and becomes more competitive. The reason is simple: Utilities in the next section of this report, some of the with good fundamentals can minimize their business risks and improve innovative ways our employees are providing their ability to succeed in a competitive marketplace. Shown below is a list improved customer service will be discussed. l of what we think will be required for a utility to succeed in the future and New strategies are being developed to help how florida Power is positioned. Our company better understand and respond
. . . to the changing needs of our customers. We are committed to this effort.
~
People. Power. Precision. Performance.
' Offers competitive rates in Fl$rida add does not plan to 9e for[a retail base These raer words (j are more than a theme. They 4
increase for at least the next five years. . represent our formula for success - for staying Provided customers in 1994 with rehable elednc senace 99.98 pestent ci the timej j ahead of the competition and winning the
' And, in a customer opinion survey conducted dwing Wie year, flonde Power
~~ '
race.ranked j This strategy will keep our energies high in overall customer satisfaction. . L I' > d focused on achieving our goals and building shareholder value, well into the future. i erves S about one-thini of the state's populaten,indudmg neme of Flonda's fastest-growing areas. - ..
]
Has a projected anrv't customer growth rali that is ~ Euicetie national N7g'
/'
y. averagein the eledricuk industry ,
. w_.#-
Is recognized as a nationalledePdne aflicent operation of its cookand ! 4 j / /
/
f1 Mred power W lr Dr. Jack B. Critchfield
. .- Chairman and Chief Executive Officer y]
- Has operated its nudear unit during the past four Wars.atits' highest inwel at ;-
performance ever,induding an astercent capeaty factor in 1996uhich ranked J,
~
well above the industry average among Ul nudear plantsd L. j] l Has the secondergest transmnsion system in Flonda fd Richard Korpan President and Chief Operating Officer
.k 1
.a February 1,1995 l j
l- Has financial flexibility, access to capital and a stedng capital structure. j 1 l . , ' , ' . . .. ' is financially strong -its secured debt is rated AA- by all of the major credit-ra
~ *
agendes.- a i. 1, t . l Has received Standard and Poor's highest ranking - above average - for its ; i competitive position. ,h l
, . .. . n'J i l Has developed long-range business strategies that will enhance the utilay's j 7 competitive position! I Has implemented a series of cost-cutting programs to maintain a competitive cost ;
. structure. 7
< Conducts business in an above-average regulatory dimate, according to the I
nation's securities analysts. O
p., advanced and environ-F fl } l {n t -!p mentally sensitive as v Uh1 - possible. Called Celebration, the pro-Our Progress team is prepanng for d . ject will be comprised championship race We're leaner and of housing, schools, more focused We've regrouped to recreational and med d(hieve a higheslevel of results ical facilities, and retail through teamwork We ve facecf shops. The first phase change head on with a new mental is scheduled to open toughness A fresh competitive spint in 1996. When com-And we're c ~~ - pleted, the 5,000-acre moving full - development is speed ahead. s . expected to have as relying on'the many as 20,000 resi-talent, energy i g; dents living within its and skill of our , boundaries. people Disney officials selected Florida Power to K provide electric service to Celebration. Florida Power was one of several utilities competing
, * *
- i " ? " " A % % ' f./ / , S for this opportunity. By the year 2010, it is estimated that the project will have an electri-cal demand of 100 megawatts.
fo succeed in a changing business envi-E ronment, we must stay focused on our Since their decision, Disney planners have core mission. Today, that mission continues to been working with Florida Power engineers be customer-driven. Florida Power Corporation and technicians to help turn this bold idea is committed to offering its customers the best into reality. The project will use sophisticated possible electric service at a competitive price. systems for achieving optimal energy use. # Achieving this mission requires that we get State-of-the-art features may include in-home to know our customers better. We need to technologies and integrated electricity learn more about their operations so we can management programs. continue to meet their needs. Our vision is to Several energy-saving ideas, recommended I be more than just an electric company. We by Florida Power, have been incorporated into want our customers to think of us as their full- the final design of Celebration. A continuous service energy adviser. loop of condensing water will run underground Highlighted in this section are examples throughout the project's downtown area in that illustrate how Florida Power is reahzing its order to cool and heat businesses and resi-core mission. We're working hard at listening dences efficientiy. This will eliminate the need to our customers, particularly when their needs for condensing units to be located outside change. And as the industry becomes more these buildings. By moving the units indoors, competitive, our strategies and our actions will they will operate more efficiently, last longer determine our future success. and improve the project's aesthetics. Another innovation will be the installation of
,7 a broadyband fiber-optics network. Through (
- interactive communications, electric meters Near Orlando, Fla., an exciting, new project is within Celebration will be read via remote beginriing to take shape. It's being hailed as equipment. This will resu't in more efficient dules the showcase community of tomorrow. A aty with 21st century infrastructure and high billing procedures for bo:h the customer and Florida Power. ,,ggggg%
energy efficiency. A true prototype of electro ~ Additional energy information, such as cus- L - technology for the future. tomer usage habits and load data, also may be Lamees agueseig This unique and ambitious project is the obtained using this fiber-optics network. b 8'idusigenemis m , brainchild of The Walt Disney Company. The goal is to create a oty as technologically Disney recently decided to expand the inter-active technology to allow collection of billing f cN,,,,,, 7 elshuman. O
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e Establishing teams of account executives Uhh'[,b ' < 7kr ' h who are trained to be energy experts in g P
??? eaO , specific types of businesses. For example, yN! *M
- l( ;M@NM7UM((ii M4NF M" ' M <
Florida Power now offers advice from employees who are familiar with the special M needs of hospitals, restaurants, schools or
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a with our product. If there s a concern, we want 1 - h Menyany% to help correct it. We will do what we can to 431 m MNE f design new services to meet our customers' %' fdure* changing energy needs. h g < '
' &' l Florida Power believes that providing quality el ble o e t custo e t ean serving information for other utility services within ur customers' needs beyond the electric Celebration, including water, cable TV and meter. It means helping them get the most out telephone. f their energy dollar.
Today, services are being offered to better The use of ultraviolet air-purification sys-meet the unique needs of our large industrial tems is being considered for the health-related customers. We're working with them to identify facilities at Celebration. These energy-efficient electrical problems before they become larger, systems utilize a unique filtration process that more expensive problems. helps lower cooling and heating costs while At a hme rock mining site in Central Florida, improving the quahty of indoor air. Also being reviewed for use at Celebration are centrally h em was identified by Florida Power technicians. Within the facihty, they based recharging stations for electric vehicles. found that a cable supplying power to a For its other commercial customers, Florida huge dragline was weak and frayed. A special Power also is providing improved service. The voltage test quickly indicated where a short utility is: circuit had occurred in the line. e Providing customers with energy consulting Service breaks of this type essentially shut services at no cost. Customers can receive down a mining facikty. They can cost a cus-advice from Florida Power when they are tomer valuable operating time. Without the planning expansions or buying new electri- assistance of the voltage test, considerable cal equipment. time would have been spent by the customer o Offenng incentives that encourage develop _ in trying to locate the problem. Such power ers to incorporate energy-efficient systems uuge aiso can damage expensive equip-into new commercial buildings. When effi- ment and reduce a company's profit. aent hghting, air conditioning or humidity Florida Power also is improving service to control is included in the design of a new other large industrial customers by: building, Florida Power will contnbute funds e Helping them troubleshoot electrical prob-to help offset the costs of these systems. lems within their faalities. By assisting with o Plaang businesses on electric rates that Preventive maintenance, Florida Power can provide the most cost savings. For example, help save its customers from paying costly time-of-use rates can result in lower costs rep ur bills. for businesses that are able to shift a e installing special electric meters to help sizable portion of their energy usage to customers monitor load and energy usage off-peak hours. of speafic equipment. O
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If the fire proved to be electrical in nature, the specialist said, power would have to be on so the fire could restart itself. Then, thermal
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heat coming from the fire could be more With leading-edge technology and effectively detected by the scanner, he added. focused teamwork, we're ready to hag < After weighing the risks, fire officials agreed die the challenges commg our way-g and electrical service was restored to the con-change We're measunng our opert tionslwith new standards in efhdency Twelve fire trucks from three cities stood by a ws"' while the Florida Power technician used the We're (.ustommng servnes to meet e me m re scan h Wng. A sh
- exact customer needs That's the art of time later, on the third floor, the fire was locat-I*#',"
ed. A PVC electrical conduit, supplying power That s to a sign at the building, had melted and a 8 Preosion. connecting soffit was carrying the smoke throughout the high-rise. Electricity to the sign
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of the condominium remained on, and after a total of nearly four hours, anxious residents t ,,, <1 s - .- .- . were allowed to return to the building. c .
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The special needs of other customers are being met as well. Florida Power: o Offering power-quality seminars to facility e Urged state regulators to establish a new , managers and maintenance personnel. tanff that will allow Florida Power to collect o Providing company work crews to help costs on behalf of municipakties for moving W y'/dspm*= % service substation equipment located at power lines underground. The tariff will give industrial facilities. Florida Power also can communities a cost-effective mechanism - furnish spare and replacement parts during for directly assessing those customers who - emergencies. will benefit from such lines. Florida Power is " the only utility in Florida to offer this tariff. e is able to provide bill-processing services to Serving the Spedof Needs a outside firms and municipalities. This is of our Customers r # more cost-effective for these entities be-Sometimes, emergency situations arise at a cause it reduces their personnel expenses customer site that involve our employees. On nd eliminates the need for them to invest September 22,1994, a fire broke out at a 15_ in sophisticated equipment. Florida Power, ~%m , , ' .' story condominium in St. Petersburg Beach. in turn, is able to genente additional rev-Emergency crews arrived and evacuated the enue and better utilize its capita! q residents. Electricity to the building was discon- investment. q nected to prevent the fire from spreading. e is dedicating a group of employees to focus on meeting the special needs of customers Smoke poured from the high-rise but the source of the fire could not be located. in the wholesale power market. Firefighters believed they were deahng with some type of electrical fire. . Serving Customers Through ^ An energy services speciahst from Florida imprDFed filid8Ddes , , , Power was called to the scene. He had used an infrared scanning device to detect faulty Florida Power continues to look for ways to do wiring before, but never during a fire. The things more efficiently. It wants to reduce costs ; . device's thermal heat sensor can look inside while still providing its customers with safe, [N% walls and locate electrical " hot spots." Escorted rehable service. by firefighters, the speciahst began scanning An example of this can be found in a ! sSept y the building. Two hours later, several hot spots heavy-duty machine used by Florida Power to were found and smoke continued to pour tnm trees away from electrical wires. The utikty from those locations. Still, no fire was found. began using the machine last fall in its North O
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. e Establishing special employee work teams i t
[F to identify areas of the company where
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- business processes can be improved or eliminated.
This is the bottom kne This is what it's all about Produong results. It's the culmina. In an effort to serve its customers better, tion of our people. power and preosson. F orida Power is completing the installation of a it's what makes the company competitive. new customer service system, one of the most it's what maintains our finanaal strength
' dv nced of its kind in the country. Under
. And it's what devebp:nent since 1992, the system will help cinpl yees respond more quickly to questions keeps our cus- " s nd requests from customers by integrating tomers satisfied ; h y multiple types of billing and service information.
Progress.
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performaale is Divers / Red Operations
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Florida Progress' diversified businesses continue it's the reason to focus on meeting the needs and require-ments of their customers. Whether it's selling 3 business coal or life insurance policies, these businesses have remained profitable in part because of y as.*
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;. E their commitment to customer service. They a '1 have strengthened Florida Progress through ,
steady earnings growth and building long-term ! Florida Region, largely a rural and sparsely pop-investment value for shareholders. ulated area. Florida Power was able to operate the machine, called a Timberland, at a signifi_ Florida Progress' energy and transportation a' unit, Electric Fuels Corporation, continues to '? cant cost savings. It lowers maintenance expenses and allows utthty crews to work more achieve sizable earnings growth. Electric Fuels ; efficiently. has built profitable operations through a j/ , Only two workers are needed to run the . Y machine - one at the controls in the cab and
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the other who helps guide the operator. Five 4 , x , rotating blades connect to the end of the
' O6 machine's long boom, which can swivel and .y '
tilt, enabling swaths to be cut up and down, or . side to side. The boom can reach heights of i up to almost 60 feet. Clearing branches and
- r.: .a.4N - ,.
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foliage from power hne nghts-of-way is the ?* -' e 4 most cost-effective use of the machine. A second Timbe. land unit is being consid- Q / ered for use in other parts of Florida Power's 20,000-square-mile service territory. o Morida Power also is operating more effi-ciently by: o Continuing to restructure the organization to - ' ' prepare for changes in the electric utility , industry. This has resulted in work-force
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reductions and an early retirement option . offered to some employees. O Consolidating many customer service
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activities, such as credit, billing and meter , , reading. Also, Florida Power's three main Operating new, more efficient equipment, like this large operating regions are reorganizing to tre,_ trimming machine, has t esulted in significant cost become more centrahzed and cost efficient. savings at norida Power. O
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strategy that hoses on synergy between its in 1994,150 barges were added to Electric Fuels' shipping operation, ; vertically integrated businesses. Today, the bringing its river and ocean-going fleet to about 550 units. In addition to company is involved in coal mining and pro- carrying coal, these barges transport dry-bulk cargoes, such as grain prod- l curement, rail and water transportation, rail-car ucts, fertilizers, limestone, salts and steel products, on the Mississippi and ! and barge repair, rail and track components, Ohio rivers and across the Gulf of Mexico and the Atlantic Ocean. l and transloading services of bulk products. Electric Fuels also owns or manages approximately 1,500 rail cars that l With assets of approximately 5500 million, carry steel products and coal from Appalachian Mountain mines to Florida j Electric Fuels now owns operations in 15 states. power as well as other utilities and industrial customers. Over the years, . In recent years, Electric Fuels has expanded Electric Fuels' coal sales to companies other than Florida Power have ! its presence in the nation's rail-services indus- increased considerably. Today, sales to this growing market segment repre- ! try. The company has benefited greatly from sent about 55 percent of the company's total coal sales. { acquisitions it made in 1993 and 1994. Added Florida Progress also is maintaining a steady growth strategy for its life l to Ebctric Fuels' operations were the assets of insurance business, Mid-Continent Life Insurance Company. Mid-Continent a rail-car services and parts-reconditioning firm, is we I-positioned in the insurance industry because it has low administra- ; and a large manufacturer of cushioning units tive costs, competitive commissions and a conservative investment [ for rail cars. These acquisitions have proven to portfolio. With plans to open several new offices during the next five years, I be excellent investments, boosting 1994 Mid-Continent expects to increase market share through expansion of its ! operating results above projections. regional office network. l The acquisition in December 1994 of Over the years, Mid-Continent has achieved success by creating I FM Industries, Inc. (FMI), a privately held products its customers want. For more than a decade, the company has ; manufactunng firm, was important to the concentrated on selling a death benefit policy that does not include a expansion strategy of Electric Fuels' rail-services large savings feature. Instead, this " extra-life" policy provides a significant operations. FMI manufactures and reconditions amount of protection for the least amount of premium. Because " hydraulic-cushioning units used on certain payments are relatively low and stay constant over the term of the types of rail cars. Its main product is the policy, this product is popular with Mid-Continent's customers. FreightMaster line of cushioning units, which . { A consistent business strategy and a conservative approach to investing l have been used by the railroad industry for have resulted in Mid-Continent receiving favorable ,ndustry i ratings. A. M. more than 30 years. Based in Fort Worth, , Best Company, a nationally recognized insurance-rating agency, has desig-Texas, FMI is a significant supplier of cushion- l n ted Mid-Continent an A+ (Superior) company for 16 consecutive years. ; ing units in the continental United States and i Canada. The next section of this report, titled Management's Discussion 8 Another strategic move during 1994 ^" kS'S: "".1 review key operating highlights from 1994. Also included in the section is a summary of how competition is affecting the company j involved the acquisition of Electric Fuels' first nd its strategies for the future. rail-to-barge terminal, Ceredo Dock, a large coal-transloading facility located on the Ohio River near Huntington, W. Va. Featured at the facility is a rotary car unloader that turns rail cars upside down. This technique unloads coal l faster and is more cost-efficient than the conventional method of using a rail-car shake-out system. The acquisition of Ceredo Dock allows Electric Fuels to handle more coal and expand l service to its third-party customers, such as I other coal companies and electric utilities. The j 150-acre facility is the only dock on the Ohio i River that serves both the CSX and Norfolk Southem railroads, two of the biggest rail ; carriers east of the Mississippi River. Electric ; Fuels also will use the site as a base to expand ! its growing river-barge operations. l r O ;
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'1 . $l than 90 perc:ent of FlonddPowhb
'h, natn 4 & tric if%y induttry expects incteasing < onyrtition in mar - - . _ totalj[p illow 'attchour sales corries trorqAetail bus it t 4..h n aby <...rw d by regulated utikties Pa% age of thi:- Nabonal f nergy .
ness,.in/hKh is rt>gulated by the I'lorida Public i '."
- s in s A i ,it iv i.' new gudelines at the F ederal ! nergi Regukiton Service ( omny,sion Most ni th" uti9ty's retad
, . r un icyn pu i+i. .m.ing r ompetitnan t'ury: n(insegulated energs supph kildwatt hour % t me to residential and com-
. . cur ey i t d !n r. dt in 3ome utrhts ; ustornert having alternativt ' mercidl customeis Hondd Power agfees With.
. 4 it . e fi o thod e fletpy ile 't b. Nr 11 dI! t de '( l-f R Utlhtisk Wdl IN dfit (1f Tl in tht' M8My i'hhWSIfV UXpeft Ihdt f hangeS 40.tbe Wdy
. r i. ' w g 'n o a :ca',c, I ( , mpeStion some wdl ..trupfh Whde other . Wdl . OledtrK ity 05 distnblited to hTnes dnd business mw M.ncnyment; b.4ve th.c a the indu:,try undergoes further r hange; ta. iire pidbably std} year. away Howefier, man. .
I brtd i U w. e c d' be aNe to m mt.un its favoiable ompetitive poution agement beheves it is eportant to antiapate
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? change. Today, steps are being taken that will . .: .
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EARNINGS PER SHARE and take advantageof new opportunities. - me :." :% A threat for some utilities is the risk of losing %. a Fw : o w.- s2.05 ' 1 4 o i ',
, industrial customers. Morida Power is well posi- i A m. : wmo
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12 percent of the utility's total kilowatt-hour , (([" $2 ) .. , , sales. The average in the electric utility industry - < yy. g w . . (.os) , .
< o for industrial kilowatt-hour sales is about 35 wm _ .23 ~
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5 in Florida, electric utilities have certain retail
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. service territorial rights granted by the state -
Pubhc Service Commission. In providing elec-i1 . tric service, utilities have negotiated franchise .
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agreements with local municipalities outlining priced. Federal regulators are encouraging the formation of reponal trans ' the terms associated with the use of public mis 3 ion groups to set pricing policies and work closely with r. ate regulators rights of-way. Traditionally, municipalities have ' in the siting of new transmission lines. Because it owns the second-largest signed 30-year franchise agreements with transmission system in the state, Florida Power believes it is important to electric utilities. Increasing competition may establish fair policies for pricing and access, particularly as the' industry. affect new franchise agreements between evolves into a more competitive business.- utikties and municipalities. As a result, some in 1994, Florida Power took steps to streamline operations 'and reduce : municipalities may consider operating their costs to improve its competitiveness. These actions will help the utility off-own electric utility systems. However, over the set rising costs, such as environmental expenses, insurance costs, and years, municipalities have seldom decided to nuclear decommissioning and depreciation expenses. Florida Power purchase and operate their own systems expects to eam its authorized retum on equity while maintaining competi-
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because the economics generally have been tive prices and offering high-quahty, r}}