ML20083K919
| ML20083K919 | |
| Person / Time | |
|---|---|
| Site: | Cooper  |
| Issue date: | 12/31/1994 |
| From: | Gustafson B, Horn G, Watkins R NEBRASKA PUBLIC POWER DISTRICT |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NLS950114, NUDOCS 9505150241 | |
| Download: ML20083K919 (44) | |
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h* NEBRASKA PUBUC POWER DISTRICT
.c' P. O. BOX 499 N
% a.-ebraska Public cos'e'uS'"e*SI2L
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. - . = = . - . - - District
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CUY R.IIORN Vice President. Nuclear (402) 563-5518 NLS950114 May 10, 1995 Document Control Desk U. S. Nuclear Regulatory Commission Washington, DC 20555
Subject:
Nebraska Public Power District 1994 Annual Financial Report NRC Docket No. 50-298, DPR-46 Gentlemen:
In accordance with the requirements of 10CFR50.71(b), the Nebraska Public Power District submits its Annual Financial '
Report for calendar year 1994. Copies of this report are being distributed in accordance with JCCFR50.4.
Should you have any questions ; quire additional information, do not hesitate to contact me.
Si cerely, L
. . Horn
-President, Nuclear
/tja:94afr Enclosure (4) cc: Regional Administrator USNRC - Region IV NRC Recida.it Inspector Cooper Nucinar Station R. Hall (URC) w/ encl.
J. T. Gilliland (NRC) w/ encl.
R. J. Singer w/ encl.
R. B. Abernethy w/ encl.
NPG Distribution w/o encl.
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(* LIST OF NRC COMMITMENTS ATTACHMENT 3 l Correspondence No: NLS950114 The following table identifles those actions committed to by the District in this document. Any other actions discussed in the submittal represent intended or ;
planned actions by the District. They are described to the NRC for the NRC's l information and are not regulatory commitments. Please notify the Licensing Manager at Cooper Nuclear Station of any questions regarding this document or any associated l regulatory commitments.
CG E TTED DATE COMMITMENT OR OUTT.GE None a
l 1
l l
l PROCEDURE NUMBER 0.42 l REVISION NUMBER 0 l PAGE 10 OF 16
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0 4-i CELEBRATING 25 YEARS
' Nebraska Public Power District wasformed onJanuary 1,1970, as a result ofa merger between theformer Consumers Public Power Distnct, Platte Valley Public Power and Irrigation District and Nebraska Public Power System. The existence of those entities dates back to the 1930s. NPPD has now com-pleted its 25th year ofoperation, and the District has emerged as Nebraska's largest electric utility. Thepopulation of the char-tered territory is estimated at one million.
l 1 I l HW 2L therful 4% m Mhmsla N$$N?.$$$$?w2 wmme. . , _ . .. .,,._, _,.
Board of Directors p%*f-My WV'l
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p , ey yk ' q d, ' 0 4:
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linxe W Gustafwn Clwirman, litrmer. Rancher lloidrsge, sert ing sincejanuary 1%) Ratph E. Itoldaster Fin't Vice Chainnan. .Qribusineuman thrmer, thrlon. sert in:4 si:neJanuary 1%) Duralene E Wstti decund Mce Chairman. thuineviruman.Ilomemaker Rearney. serving sincejanuary 1993 Darrdi). Nelwn Secretary, larmer kansher Oconto, serving sinceJanuary 1%5 Wayne E. l%ul .tlemher Attorney South sioux City. serting since.tlanh 1%J
, Warren R. Cook . .\lember, liwinessnuin. Norfolk, sert ing sincejanuary 1987
} U.nki L Duren . .\lember Clh Columbus, sertvrp sinceJanuary 1973 j John D. l taunniton . .\lemher. Railnxsd Employee. I.incoln, sert ing sinceJanuary 1991 Ralph D. }ohnson . .\lemher Ikonomist, lincoln, serting smcejanuary 19M5 l.cs & Tnior .tlember (lusinewnan ibrk. sening sinceJanuary 193 Gan G. Thompson .\lemher Alturnsy licatrice serting sinceJanuary ITU Senior Management ElMM t RonahI W %stknns -I' resident and ChiefExes utit e Offirer. Ruhert L Ganyel \1ce l' resident, Finance & Administralian
%ilham A Mernll- tice l'renident. Operations. Guy R. I1orn tice l' resident. Nuclear fuhn R. McVhail Generalconnxi Board Staff Rotukt W W.nkuts l'reudent and ChiefEwcu: ire ql1cer lohn R. % Yfuti- GeneralConniel Ronald D A.,che Treasurer and Controller Ronda F 'Irmers .kwlant % retary T I:ugene Trmha . .ksistant Treasurer 1
.. j
. Gene W,itwn retirecidurirly l'hi as General (ouusel lhud Clknrnum firuce Gustafion has expreutdgrantudefor .\lr \tatvon a coninhutions to liv l>utrir I and hu many wart of l wrrice to tiv thirdand marunement i
, 40 l l ( - .. - - - . _.
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, NPPD Nucirr Fccility t
- ($1.2 million). issuance costs ($03 million) and call
~
premium 42.4 million) has been presented in the Statonents of Revenues and Costs under _" Operating Expenses ' - Open tien and maintenance." If this transaction had been recorded under generally accepted accounting principles, the charge in 1992 would have been $5.6 million. The issuance of the 1992 Series Bonds will result in approximately $12.5 million of gross debt service savings and the District will realize an economic ga:n (difference between present value of debt service on old and new bonds) of approximately $9.8 million over the life of the b(mds. The fair v Jue of existing debt at December 31,1994, is determined using rates currently available to the District. 'Ihe fair value is estimated to be $249.5 million.
- 10. GENERALCONDITIONS On January 27,1994, at a public meeting, the NRC identified CNS as a plant with performance trending downward. On May 25,1994, CNS was voluntarily shut down by the District- due to concerns with plant equipment. On June 23,1994, at another public meeting, the NRC updated the status of nuclear power plants under their jurisdiction. CNS was identified as one of three plants which received a follow-up " trending" letter from senior NRC management discussing the continuing need ta make improvements to resolve NRC concerns about declining performance trends. On February 22, 1995, CNS returned to commercial generation of electricity with the NRC's concurrence.
During the shut down period, the District incurred certain non budgeted, extraordinary operations - and maintensnce costs in responding to operating and regulatory concerns. In accordance with the Nuclear Resolution, these extraordinary costs can be funded by amounts in the Reserve and Contingency fund. Accordingly, the total costs reflected in the Statement of Revenues and Costs for the period ended December 31, 1994, do not include $6.1 million of extraordinary costs associated with the sh'u t down. These costs were chargni to Operating Reserves in the Statement of Assets an.1 Liabilities. These costs were originally paid with Operating funds. These amounts were reimbursed to the Operating fund from the Reserve and Contingency fund subsequent to year-end. 39
2 { o NPPD Nucint Frcility 1,056 assemblies results in certain additional costs to GE Court in connection with the disposal facility project: One then the District shall be responsible for such costs. Such of the suits seeks a declaratoryjudgment that Nebraska, as costs would be collected through revenues of the Nuclear the host state of the CentralInterstate Compact,is entitled Facility as part of fuel costs. to be represented by two additional commissioners on the Compact Commission; the other suit seeks a declaratory
- 7. LOW-LEVELRADIOACTIVEWASTEDISPOSAL: judgment that rebate funds provided to the Compact Commission by the U.S. Department of Energy be made The Low 4.evel Radioactive Waste Policy available to the host state. The District is unable to predict Amendments Act of 1985 (the "1985 Act") requires each - what effect these lawsuits would have on the disposal state to be responsible for providing for the availability of facility project.
capacity for the disposal of low-level radioactive wastes There are currently no disposal facilities in the United generated within its borders except for certain defense States accepting low-level radioactive waste from states in related radioactive wastes. Among other things, the the Central Interstate Compact. The ' District has 1985 Act authorizes and encourages states to enter into constructed an on-site temporary storage facility which interstate compacts, subject to Congressional consent, to consists of concrete storage modules placed on a provide for the establishment and operation of regional reinforced concrete pad. The temporary storage facility is disposal facilities for low-level radioactive waste designed to provide approximately five years of storage generated within the states entering into a compact. capacity. The cost to construct the facility was Pursuant to the 1985 Act, Nebraska has entered into approximately $1.2 million. Annual operating costs, the Central Interstate Low-Level Radioactive Waste including the purchase of additional concrete storage Compact (the " Central Interstate Compact") with the modules, are expected to be approximately $1.5 million. states of Arkansas, Kansas, Louisiana, and Oklahoma. The Central Interstate Compact has been approved by 8. DEPARTMENT OF ENERGY FACILITIES cach of said states and by Congress. ASSESSMENT: The District is a party to an agreement under which partial funding for the prelicensing costs of a proposed Under the provisions of the National Energy Policy disposal facility (approximately $60.6 million through Act adopted in 1992, the District is subject to assessments February 1995) has been provided by the estimated to be $1.67 million per year (to be adjusted for owners / operators of nuclear plants within the Central inflation) for a period up to 15 years for the purpose of Interstate Compact. He District's share of such costs is paying the costs of decontaminating and decommissioning 16.51 %. Department of Energy operated uranium enrichment Numerous obstacles exist regarding the proposed facilities. Such assessments commenced in 1993 mth t vo facility, including, among other things, strong local scheduled payments made in 1994. The present value for opposition to the site, and lawsuits filed by the State of such annual assessments for the 12 remaining years is Nebraska. De State's first lawsuit was filed in January approximately $19.8 million. The District has recorded ' 1993 in the U.S. District Court for the District of on the Nuclear Facility financial statements, the present Nebraska (the U.S. District Court), and alleged that the value of such annual assessments by recording a liability developer had not obtained " community consent" for the and a matching deferred charge of approximately project. The suit was dismissed by the U.S. District $ 19.8 million as of December 31,1994, and $23.4 mWion Court; the dismissal was affirmed by the U.S. Eighth as of December 31,1993. Circuit Court of Appeals; and review was denied by the U.S. Supreme Court. After the applicant later 9. LONG-TERM DEBT: reconfigured the proposed site to reduce its site from approximatdy 320 acres to approximately 110 acres, the On October 8,1992, the District issued $176.9 million State filed a second lawsuit in January 1994, contending in Nuclear Facility Revenue Bonds,1992 Series, to refund the applicant had ret obtained community consent for the the outstanding Nuclear Facility Bonds,1970 Series,1974 reconfigured site. Such lawsuit was subsequently Series,1975 Series and 1983 Series. i dismissed and has not been appeaico. In February 1995 The refunding cost of $4.6 million, which includes the State filed two additional law suits in the U.S. District original issue discount (50.7 million). underwriters fees l 38 l
NPPD Nuclar Fullity semi-annually at January I and July 1 at the lower of cost beyond that necessary to terminate the District's operating or market in accordance with requirements of the Nuclear license. For purpose of accumulating amounts for Resolution. Gains or losses on valuations are included in complete dismantlement and site restoration of CNS, the investment income. District is estimating the total decommissioning costs, in ; I 1993 dollars, to be approximately $424 million.
' 2. RATE COVENANT: It is expected that the costs of decommissioning will be funded from revenues, certain reserve funds The District is required under the Nuclear Resolution established under the Nuclear Resolution, and surplus to charge rates for electric power and energy from the funds derived from the ownership and operation of the Nuclear Facility so that revenues will be at least sufficient ~ Nuclear Facility. 'Ihe District anticipates sufficient funds to pay operating expenses, aggregate debt service on the will be available in accordance with the NRC Nuclear Facility Revenue Bonds, amounts to be paid into decommissioning rules to decommission CNS at the end the Debt Reserve Account and Reserve and Contingency of its useful life. The District intends to periodically .l' Fund, and all other charges or liens payable out of review the costs and methods of funding as a result of revenues of the Nuclear Facility. The debt service changing conditions and requirements for payments of the Nuclear Facility Revenue Bonds are decommissioning. The next review is scheduled to be
$35.1 million per year for the years 1995 through 1998 performed in 1996 and $35.0 million for the year 1999 and principal payments, as a component of debt service payments, are 5. CAPITAL ADDITIONS:
$22.4 million, $23.4 million, $24.5 million, $25.7 million and $26.9 million for each of the years 1995 through The Nuclear Facility construction plan includes j 1999, respectively. authorization for estimated expenditures of $4.9 million for 1995. These expenditures will be billed to participants
- 3. POWER SALES CONTRACTS: as " Provisions for operating reserves" on the basis of -
estimated cash flow requirements. Under terms of a power sales contract with Midwest Power Systems Inc. (Midwest Power), the District makes 6. CONTINGENCIES:
. available one-half of the production of CNS to Midwest Power with the balance available to the District's Electric Under the provisions of the Federal Price-Anderson System. Midwest Power and the Districts Electric System . Act, the District and all other licensed nuclear power plant -
each pay a proportionate share of the nuclear fuel costs operators could each be assessed for claims in amounts up (based on energy actually delivered) plus one-half of all to $79.3 million per unit owned in the event of any other costs of the facility, nuclear incident involving any licensed facility in the The District has also agreed to make available, nation, with a maxinrim of $10.0 million per year per through its Electric System,12.5% of the output of CNS incident per unit owned. Midwest Power would be liable to the City of Lincoln, Nebraska. to the District for one-ha f of such assessment under the Power Sales Contract. To satisfy the obligation, the
- 4. PLANT DECOMMISSIONING COSTS: District has obtalacd a $5.0 million line of credit and Midwest Power has demonstrated its financial integrity Pursuant to regulations promulgated by the Nuclear and responsibility for $5.0 million.
Regulatory Commission (NRC), the District established in As part of the 1989 settlement agreement between GE July 1990, an external trust fund segregated from the and the District, GE has agreed to store at its facility at District's assets in which amounts accumulated to pay the Morris, Illinois, the 1,056 spent nuclear fuel assemblics decommissioning costs of CNS are to be deposited. The from the first two core loadings at no cost to the District NRC prescribed minimum amount to be accumulated by until May 2002, which is the expiration of the current the District in said fund for decommissioning costs, in license for the GE facility. After that date, storage will be 1994 dollars, is approximately $383.6 million. This at no cost to the District so long as GE can maintain, j amount does not include the cost of removal and disposal without certain additional costs, the NRC license for the 1 of spent fuel or of nonradioactive structures and materials facility. If after May 2002, storage of the 1 37 i
y
.NPPD Nuctur facility a
i Depreciation is not recorded as a costi Had the (v) As part of a 1989 settlement agreement with District provided straight-line depreciation over a General Electric Company (GE), the District will 30-year life rather than including amortization of debt receive discounts on future purchases of certain principal over the same period, costs would have equipment and services for Cooper Nuclear Station decreased $8.0 million in - 1994, decreased (CNS) and will receive credits and discounts under an
$6.1 million in 1993, and increased $1.7 million in amendment to the fuel fabrication contract. The 1992. Accumulated depreciation through ' District amortized over a two. year period ending in Cecember 31,1994,. would have increased costs 1991 the entire amount of the benefits allocated to approximately $25.8 million. The . reserve wr operations. .Under generally accepted accounting depreciation shown on the Statements of Assets and principles, such benefits would be recognized when Liabilities was provided by recording amounts equal received which in the case of the settlement would be to repayment of debt. Upon retirement of property over the next 16 years. This difference results in an subject to depreciation, the cost of property is increase in revenues during the two-year amortization removed from plant accounts and charged to the period and increased costs thereafter. Negotiations reserve for depreciation, along with the removal costs, held with GE to determine the extension of discounts net of salvage. for future purchases of certain equipment and services (ii) Billings to provide capital for renewals and that were to expire in 1994 resulted in a portion of the replacements of property, capital additions, and discounts being extended beyond 1994 and a write nuclear fuel are included in the accompanying down of the related receivable for a portion of the statements as " Operating Reserves" and " Provisions unused discounts that expired in 1994. The agreement for operating reserves." Under generally accepted stipulates that the dollar value of the settlement should accounting principles, capital additions and provisions not be disclosed.
for renewals and replacements are not expenses but (exclusive of minor items of property) are charged to C. Nuclear Fuel-utility plant. Provisions for working capital for The District has entered into several long term nuclear fuel are not expenses under generally accepted contracts for the various nuclear fuel components of accounting peiples until the fuel is used. Renewals uranium concentrates, conversion, enrichment, and and replacements of property and capital additions fabrication. Nuclear fuel in the reactor is being amortized funded from revenues are fully reserved. on the basis of energy produced as a percentage of total (iii) Interest income on construction fund energy expected to be produced. Fees for disposal of fuel investments is credited to utility plant. Under in the reactor are being provided as part of the fuel cost generally accepted accounting principles, such and collected through revenues of the Nuclear Facility. income would have increased revenues $0.1 million in 1994, $0.2 million in 1993, and $0.3 million in 1992. D. Cash andInvestments-(iv)1nvestment securities are classified as being Funds consist of $118.0 million of investment available-for sale and are recorded at cost. Interest securities and $11.0 million of cash deposits at f income on these investments is recognized ratably December 31,1994, and $128.1 million of investment over the term of the securities. Under generally securities and $17.0 million of cash deposits at accepted accounting principles, the difference between December 31,1993. the carrying value of the securities and the fair value Cash deposits, primarily interest bearing, at is to be recognized as a net amount in equity. Had this December 31,1994, and throughout much of the year, n'ethod been followed. Cash and Investments as of were covered by federal depository insurance or December 31, 1994, would have decreased by unregistered U.S. Government and municipal securities
$0.7 million and Accounts Receivable would have held by various depositories. Investments at December 31, increased by $0.7 million as the Nuclear Facility has 1994, were in unregistered U.S. Government securities
, no equity as stated above. Additionally, the External and Federal Agency obligations held in the District's name Decommissioning Fund would have decreased by by the custodial banks.
$3.1 million had tids method been followed. The Debt Reserve Account and the Reserve Account
, in the Resave and Contingency Fund are valued a 36
' NPPD Nucizr Facility Statements of Revenues and Costs for each of the Three Years in l the Period Ended December 31,1994. Prepared Pursuant to l Requirements of the Nuclear Facility Revenue Bond Resolution 1994 1993 1992 (Thousan Is) j Revenues (Notes I and 2):
Sales- - Electric System $ 82,720 $ PS,569 $ 85 095 Midwest Power Systems Inc. 82 ",19 83,568 85,l90 Investment and other income 6,067 5,302 14.870 Totai revenues $ 171,506 $ 176.439 $ 185,055 Costs (Note 1): Operating expenses-Production-Fuel (Note 1) $ 11,067 $ 18,914 $ 32,161 Operation and maintenance (Note 9) 83,061 83,360 68,902 Provisions for operating reserves (Note 1) 28,693 26,615 40,878 General and administrative 13.308 13,334 12.731
$ 136,129 $ 142,223 $ 154,732 Debt service-Principal (Note 1) 21,660 19,722 11,708 Interest 13,717 14.494 18.615 Total costs $ 171,506 $ 176,439 $ 185,055 The accompanying notes tofinancial statements are an integralpart of these statements.
Notes to Financial Statements statements should be read in conjunction with such other financial statements,
- l.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES: B. Basis ofAccounting-Revenues are seegnized and billed at an amount A. Organization- equal to costs as defined W the Nuclear Facility Revenue The District has three separate divisions for Bond Resolution (Nuclear Resolution) waich include accounting purposes as follows: operating expenses (excluding deprecir. tion), and debt service on the revenue bonds, less investment income. Electric System Revenues are computed and billed so that no equity is Power Supply System accumulated in the Nuclear Facility. Nuclear Facility Revenues and costs as dcuned by the Nuclear Resolution differ in the following respects from generally As required by Bond Resolutions, separate records are accepted accounting principles: maintained for each division. The Nuclear Facility financial statements exclude the Electric System and (i) Amortization of the debt principal is included Power Supply System, for which financial statements are as a cost in the eccompanying Statements of Revenues presented separately herein. He Nuclear Facility financial and Costs s " Debt service-Principal." 35
wt NPPD Nuclacr'Frcility Statements of Assets and Liabilities December 31,1994 and 1993 -
' Prepared Pursuant to Requirements of the Nuclear Facility Revenue Bond Resolution 1994 1993 (Thousands)
ASSETS Utility Plant, at Cost $ 694,382 $ 679,346 Less-Reserve for depreciation (Note 1) 230,239 209,129 Amounts funded from revenue (Note 1) 284,757 270.675
$ 179,386 $ 199,542
~ Nuclear Fuce-Net of Amortization (Note 1) $ 97,290 $ 77,026 Cash and investments (Note 1):
Debt service fund $ 6,140 $ 5,925 Debt reserve account 19,631 19,852 Reserve and contingency fund 22,956 22,790 Additions and improvements account 1,471 5,651 General reserve fund '1,654 - Construction fund 3,470 4,006 Fuel reserve account 35,494 52,892 Operating fund 10,492 7,512 Revenue fund 387 209 Decommissioning fund (Note 4) 27,264 26,244
$ 128,959 $ 145,081 Accounts Receivable $ 19,851 $ 26,695 Interest Receivable $ 1,436 $ 1,133 Deferred Charges and Other Assets $ 20,809 $ 25,239 External Decommissioning Fund (Note 1 and 4) $ 48,306 $ 28,295
$ 496,037 $ 503,011 LIABILITIES Revenue Bonds (Note 9):
1992 Series Serial 1994-2003 3.60 % - 5.70 % $ 158,070 $ 169,920 1968 Series Term 1994-2002 5.10 % 96.655 106,250
$ 254,725 $ 276,170 Operating Reserves (Note 1) $ 154,357 $ 163,796 Accounts Payable and Other Accrued Liabilities (Note 1) $ 18,859 $ 11,377 External Decommissioning Fund (Note 1 and 4) $ 48,306 $ 28,295 DOE Facilities Decommissioning Assessment (Note 8) $ 19,790 $ 23,373
$ 496,037 5 503,011 The accompcmying notes tofinancial stateme st:: are an integralpart of these statements.
1 i l
w.- , NPPD Nucl: r Ficility l Report ofIndependent Accountants L-To the Board of Directors
. Nebraska Public Power District:
We liave audited the accompanying special-purpose statements of assets and liabilities of the Nuclear Facility of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1994 and 1993, and the related special-purpose statements of revenues and costs for each of the three years in the period ended December 31,1994. These financial statements are the responsibility of the District's management. Our responsibility is to expresr. an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. The accompanying special-purpose financial statements referred to above have been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Nuclear Facility Revenue Bond Resolution adopted by the District on August 22,1968, as supplemented, as described in Note IB, and are not intended to be a presentation in conformity with generally accepted accounting principles. In our opinion, the accompanying special-purpose financial statements of the Nuclear Facility of Nebraska Public Power District present fairly, in all material respects, the assets and liabilities as of December 31,1994 and 1993, and its revenues and costs for each of the three years in the period ended December 31,1994, on the basis of accounting described in Note IB. Coopers & Lybrand L.L.P. Omaha, Nebraska March 13,1995 i 1 l l 1 33 l
p NPPD P0w;r Supply Syst:m j term ending December 31,1996. The agreement provides
- for the District to purchase a minimum of 2,700,000 tons per year through 1996, and all requirements up to a maximum of 3,800,000 tons per year during the calendar years 1994 through 1996. The District also has in existence two agreements which provide for, among other things, transportation of coal to Gerald Gentleman Station. One contract expires December 31,1996, and the other expires December 31,2002. Both transportation contract rates are escalated or de-escalated pursuant to an index promulgated by the Interstate Commerce Commission.
8, SUBSEQUENTEVENTS: The District and the Central Board of Directors approved at theh March 1995 board meetings new agreements between the parties to provide for the dismissal of arbitration proceedings and settlement of claims resulting under existing contracts. Approval was obtained by the District's Board to purchase Central's 107 MW fossil fuel plant for approximately $8.8 million. Such purchase will be financed and accounted for in the Power Supply System. Also approved were, amendments to existing agreements to provide for continued purchase of power by the District from Central's existing hydro generating facilities and for the coordination and cost alkwation of relicensing activity prior to and after issuance of new licenses by the FERC. + 9 At
i NPPD Psw2r Supply Systzm
. l i
l l l
- 3. PREPAID CAPITAL COSTS: result in cumulative gross debt service savings of J
approximately $86.8 mWon and the District will obtain i Prepaid capital costs are associated with the purchase an economic gain (difference betwo m the present value of l of the capacity of a 50 MW hydroelectric generating the debt service of the refunded an( refunding bonds) of facility owned and operated by ne Central Nebraska approximately $47.2 million. Public Power and Irrigation District (Central). The The fair value of existing debt at l'ecember 31,1994, prepayment is being amortized over the life of the bonds, is determined using rates cwrentiv available to the the proceeds of which were used to pay these costs, ne District. The fair value is estir..a'ed to be $740.7 million. arnottiration is included as part of debt service cost. As mentioned in Note 4, certain costs were incurred during 5. DEFEASANCE OF DEBT. 1993 to refund Power Supply System Revenue Bonds. A portion of these bond issuance costs ($9.1 million) which The Power Supply System Revenue 00nds, were associated with the refunding of the original bonds 1986 Series, were defeased by placing a portion of the used for the prepayment of capacity were capitalized. proceeds from the 1993 Series Bonds in an irrevocable These costs will be amortized over the remaining life of trust account with an escrow agent. Such funds were used the bonds as a component of debt service, to purchase din ct obligations of the United States The District has an agreement whereby Central makes Government, the principal of and interest on which is available all of the production of the facility and the sufficient to pay for all future debt service payments on District pays al1 costs of operating and maintaining the the old bonds. The defeased bonds are treated as facility plus a charge based on the amount of energy extmguished debt for finadal reporting purposes and delivered to the District. Costs of $0.8 million in 1994, have been removed from the Statements of Assets and $1.0 million in 1993, and $0.9 million in 1992 are Liabilities. The remaining principal balance of such included in " Production-Operation and maintenance," defeased bonds at December 31,1994, was $69.6 million. The Power Supply System Revenue Bonds,
- 4. LONG TERM DEBT: 1986 Series were issued to advance refund the outstanding Power Supply System Revenue Bonds,1985 Series. The in January 1993, the District issued Power Supply 1985 Bonds were defeased by placing the proceeds from System Revenue Bonds,1993 Series in the amount of the 1986 Bonds in an irrevocable trust account with an
$346.4 million for the purpose of refunding Power Supply escrow agent to provide for all future debt service System Revenue Bonds,1978 Series A and advance payments on the old bonds. Accordingly, the trust refunding Power Supply System Revenue Bonds, account assets and the liability for the defeased bonds are 1986 Series. In March 1993, the Distnct issued Power not included in the District's financial statements. The Supply System Revenue Bonds,1993 Series B in the remaining principal balance of the defeased bonds at amount of $132.6 million for the purpose of refunding the December 31,1994, was $60.6 million. Power Supply System Pevenue Bonds,1976 Series B. In addition, in September 1993, the District issued Power 6. CAPITAL ADDITIONS: Suppiy System Revenue Bcnds,1993 Series C in the amount of SR! 4 million to refund Pcur Supply System The Power Supply System construction plan includes Revenue Bonds,1972 Ser'es and 19/7 Series A. authorization for estimated expenditures of $18.6 million Bond issuence costs for all issues totaled $36.2 million for 1995. nese expenditures will be funded from existing consisting of $16.0 million for original issue discount, bond proceeds that have been transferred to the General $6.0 million for underwriting fees, $1.0 million for Reserve Fund and proceeds from an anticipatad 1995 issuance costs, and $13.2 million for call premiums. Of bond issue. this amount $8.6 million has been presented in the Statements of Revenues and Costs under " Operating 7. COAL SUPPLY AND TRANSPORTATION Expenses . Production - Operation and maintenance." If AGREEMENTS: this transaction had been recorded under generally accepted accounting principles, the charge in 1993 would The District has in existence a coal supply agreement have been $30.3 million. De issuance of the bonds will which permits the District to purchase coal for an initial 31
e NPPD P&w;r Supply Syst:m and accumulated depreciation through December 31, D. Cash andlnvestments- j 1994, would have increased costs approximately Funds consist of $103.0 million of investment
$78.4 million. The reserve for depreciation shown on securities and $15.5 million of cash deposits at the Statements of Assets and Liabilities was provided December 31,1994, and $125.8 million of investment j by recording amounts equal to repayment of debt. securities and $10.2 million of cash deposits at !
Upon retirement of property subject to depreciation, December 31,1993. I the cost of property is removed from plant accounts Cash deposits, primarily interest bearing, at and charged to the reserve for depreciation, along with December 31,1994, and throughout much of the year, the removal costs, net of salvage. were covered by federal depository insurance or I (ii) Previous billings to provide capital for unregistered U.S. Government and municipal securities renewals and replacements of property and capital held by var'ous depositories. Investments at December 31, additions are included in the accompanying statements 1994, were m unregistered U.S. Government securities as " Operating Reserves" and " Provisions for operating and Federal Agency obligations held in the District's name reserves." Under generally accepted accounting by the custodial banks. pc..w.gles, capital additions and provisions for The Debt Reserve Account and the Reserve Account renewals and replacements are not expenses but in the Reserve and Contingency Fund are valued (exclusive of minor items of property) are charged to semi-annually at January I and July I at the lower of cost utility plant. Renewals ar.d replacements of property or market in accordance with requirements of the Power and capital additions funded from revenues are fully Supply Resolution. Gains or losses on valuations are reserved. Renewals and replacements and capital included in investment income. additions are currently being funded from existing E. Memd Chages-bond proceeds that have been transferred to the Costs arising from the termination of incomplete General Reserve Fund. generati n and transmission projects are being amortized (iii) Interest income on construction fund ver the life of the bonds, the proceeds of which were investments is credited to utility plant. Under used in part to pay these costs. This amortization is generally accepted accounting prirciples, such income ed as part oNt seMee cost. would have increased revenues $0 in 1994,
$0.7 mi!! ion in 1993, and $2.3 mi: lion in 1992. 2. RATE COVENANT:
(iv) Investment securities are classified as being available.for-sale and are recorded at cost. Interest The District is required unce.- the Power Supply income on these investments is recognized ratably Resciution to charge rates for electric power and energy l over the term of the securities. Under generallv from the Power Supply System so that revenues will be at least sufficient to pay operating expenses, aggregate debt accepted accounting principles, the difference between the carrying value of the securities and the fair value service n the Power Supply System Revenue Bonds, is to be recognized as a net amount in equhy. Flad this amounts to be paid into the Debt Reserve Account and method been followed, Cash and Investments as of Reserve and Contingency Fund, and all other charges or December 31, 1994, would have decreased by liens payable out of revenues of the Power Supply
$0,1 million and Accounts Receivable would have System. The debt service payments of the Power Supply increased by 50.1 million as the Power Supply System System Revenue Bonds are $67.8 million per year through has no equity as stated above. 1999 and principal payments, as a component of debt service payments, are $25.3 million, $26.3 million, C. Utility Plant- $27.4 million, $28.5 million, and $29.7 million for each Interest expense, less interest earned on investment of the years 1995 through 1999, respectively, securities, all financing costs and all other costs related to construction projects are capitalized.
l l 30
s NPPD P w;r Supply Syst:;m A Statements of Revenues and Costs for each of the Three Years in the Period Ended December 31,1994. Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution 1994 1993 1992 (Thousands) Revenues (Notes I and 2): Sales to the Electric System $ 161,184 $ 142,782 -$ 150,469 Investment and other income 6,387 14,37I 9,503 Total revenues $ 167,571 $ 157,153 $ 159,972 Costs (Note 1): Operating expenses-Production-Fuel (Note 7) $ 62,574 $ 62,922 $ 55,751 Operation and maintenance (Note 3) 30,693 25,656 25,161 , Provisions for operating reserves (Note 1) - - - General and administrative 6.500 14.929 7,206
$ 99,767 $ 103,507 $ 88,118 Debt service-Principal (Note 1) 24,470 5,130 17,420 Interest 43,334 48.516 54.434 Total costs $ 167,571 $ 157,153 $ 159,972 The accompanying notes tofinancial statements are an integralpart of these statements.
Notes to Financial Statements B. Basis ofAccounting-Revenues are recognized and billed at an amount
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING equal to costs as defined by the Power Supply System POLICIES: Revenue Bond Resolution (Power Supply Resolution) which include operating expenses (excluding A. Organi:ation- depreciation), and debt service on the revenue bonds, less The District has three separate divisions for investment income. Revenues are computed and billed so accounting purposes as follows: that no equity is accumulated in the Power Supply System. Revenues and costs as defined by the Power Supply Electric System Resolution differ in the following respects from generally Power Supply System accepted accounting principles: Nuclear Facility (i) Amortization of the debt principal is included as a cost in the accompanying Statements of Revenues As required by Bond Resolutions, separate records are and Costs as " Debt service-Principal." maintained for each division. The Power Supply System Depreciation is not recorded as a cost. Had the linancial statements exclude the Electric System and District provided straight-line depreciation over a Nuclear Facility, for which financial statements are 40-year life rather than including amortization of debt presented separately herein. The Power Supply System principal over the same period, costs would have financial statements should be read in conjunction with decreased $4.5 million in 1994, increased such other financial statements. $13.6 million in 1993, increased $1.2 million in 1992, 29
3_. >. o NPPD P:W;r Supply Syst m Statements of Assets and Liabilities December 31,1994 and 1993 Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution 1994 1993 (' thousands) ASSETS Utility Plant, at Cost (Note 1) - $ 765,542 $ 748,906 Less-Reserve for depreciation (Note 1) 131,195 - 109,860 Amounts funded from revenue (Note 1) 18,687 16.038
$ 615,660 $ 623,008 Prepaid Capital Costs (Note 3) - $ .73,119 $ . 74,613 Cash and Investments (Note 1):
Debt reserve account $ 43,486 $ 43,589 Reserve and contingency fund 16,032 19,003 Additions and improvements account 10,634 ' 9,426 Construction funds - - Revenue fund 694 219 Operating fund 22,113 19,788 General reserve fund 25,499 43,964
$ 118,458 $ 135,989 Accounts Receivable $ 1,644 $ 62 Interest Receivable $ 1,488 $ 1,681 Fuel Inventory, at average cost S 6,906 $ 8,463 Deferred Charges and Other Assets (Note 1) $ 38,239 $ 39,015
$ 855,514 $ 882,831 LIABILITIES Revenue Bonds (Notes 4 and 5):
1993 Series Serial 1994-2009 3.90 % - 6.10 % $ 180,385 $ 188,380 Term 2010-2014 6.125 % 96,080 96,080 2015-2019 5.75 % 58,890 58,890 1993 Series B Serial 1994-2007 3.25 % - 5.30 % 80,160 84,725 Term 2008-2313 5.25 % 47,120 47,120 1993 Series C Serial 1994-2009 3.30 % 5.00 % 248,435 260,345 Term 2010-2016 5.00 % 119,695 119.695 5 830,765 $ 855,235 Accounts Payable and Other Accrued Liabilities $ 10,727 $ 14,391 Operating Reserves (Note 1) $ 14,022 $ 13,205
$ 855,514 $ 882,831 The accompmying notes tofinancial statements are an integralpart of these statements.
2:
t, > , y , K , ,l- . NPPD Pawsr Supply Syst:m 1 4 7 L Report of Independent Accountants ~
" To the Board of Directors Nebraska Public Power District:
- We have audited the accompanying special-purpose statements of assets and liabilities of the Power Supply System
, . of Nebra3ka Public Power District (a public corporation and political subdivision of the State of Nebraska)'as of :
_ . December 31,1994 and 1993, and the related special-purpose statements of revenues and costs for each of the three years .
'in the period ended December 31,1994.These financial statements are the responsibility of the District's management.
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing - Standards.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the~ financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting :
' the amounts and disclosures in the financial statements. An audit also includes assessing the accounting' principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We 4 believe that our audits provide a reasonable basis for our opinion.
The accompanying special-purpose financial statements referred to above hav' e been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Power Supply System Revenue B6nd Resolution adopted by the District on September 29,1972, as supplemented, as described in Note IB, and are not . intended to be a presentation in conformity with generally accepted accounting principles. In our opinion, the accompanying special-purpose financial statements of the Power Supply System of Nebraska Public Power District present fairly, in all material respects, the assets and liabilities as of December 31,1994 and 1993, and its revenues and costs for each of the three years in the period ended December 31,1994, on the basis of accounting : described in Note IB. Coopers & Lybrand L.L.P. Omaha, Nebraska
- March 13.1995 27
,. . . . , . . . - . . . . , - . . . . . _ _ . _ _ . _ _ _ ,__~-_.__m
m
.' i . .
NPPD El;ctric Syst:m e facilities for 54.2 million. Such purchase will be financed and accounted for in the Electric System. New agreements ; and amendments to existing agreements provide for continued purchase of power by the District from Central's existing hydro generating facilities and for the coordination and cost allocation of relicensing activity prior to and after issuance of new licenses by the FERC. Pursuant to contract, the District notified wholesale customers in August 1993 of proposed rate increases for transmission and wholesale power service to be adopted for 1994 In November 1993, the Municipal Energy Agency of Nebraska (MEAN), a transmission service customer of the District, as provided for under the contracts, requested and was granted a rate hearing with the District Board of Directors. Such hearing was requested to object to certain allocations and other methodologies used in establishing the proposed rates. Recognizing the complexities of the issues involved, the the District Board of Directors in January 1994 adopted the. rate increases as proposed and directed Management to perform a definitive study of the issues raised by MEAN and any related issues deemed appropriate. In January 1995 MEAN filed an application with the FERC under the Federal Power Act requesting FERC to take jurisdiction over the dispute and establish the transmission services to be provided by the District and the rates for such services. The District is contesting MEAN's FERC application on jurisdictional, procedural and substantive grounds based on federal constitutional and statutory provisions. The District has filed an action in Lancaster County District Court seeking a declaratory judgement that MEAN does not have authority under state law to proceed against the District at FERC. De District has also filed a complaint against MEAN with the Nebraska Power Review Board seeking to have the Power Review Board take jurisdiction of the matter and rule on the transmission services aspect of the dispute, except as to rates. The FERC, State Court, and Power Review Board proceedings are all pending at this time. Dere have been no rulings on the merits in these actions and there is no schedule for their conclusion or resolution. 26
NPPD El:ctric Systrm charged.off to expense totaled approximately $4.8 million. 1992 Series A Bonds were issued to refund the District's outstanding $71.4 million Electric System- Revenue
- 8. CAPITAL ADDITIONS: Bonds,1976 Series A, and retire $13.0 million of commercial paper notes. The remaining $55.6 million he Electric System construction plan includ:s was used, in part, to fund 1992 and 1993 capital projects. i authorization for estimated expenditures of $63.5 million Generally accepted accounting principles require l for 1995. These expenditures will be funded from calculating the net carrying amount and reacquisition revenues, proceeds from an anticipated 1995 bond issue price of the 1976 Series A debt. He difference between and other available funds. the reacquisition price and the net carrying amount of the extinguished debt of $2.3 million was recognized as an
- 9. FERC HYDROELEC'IRIC PROJECT LICENSES: extraordinary charge in 1992. The components of this charge consist mainly of the call premium ($1.4 million),
The District is currently seeking a new long-term
. unamortized discount ($.5 million), and issuance expenses license from the Federal Energy Regulatory Comm.ission
($.4 million) associated with the 1976 Series A debt. De (FERC) for the District's hydroelectric Proj.ect No.1835. refunding portion of the 1992 Sen.es A Bonds will result Project No.1835 includes the North Platte hydroelectric
'" E** * **' ** vin 85 f aPProximately generating station and related facilities. Said North Platte
$4.8 million and the Distnct wd. l realize an economic gain generating station and related facilities are part of the (differene between the present value of the debt service Electric System. Lands and waters of Project No.1835
. of the old and new bonds) of approximately $3.2 million.
are utilized by Gerald Gentleman Station for cooling
. . He District issued $116.6 million of Electric System water purposes. Gerald Gentleman Station is part of the Revenue Bonds,1993 Sen.es A, on March 1,1993. The Power Supply System.
1993 Series A Bonds were issued to refund the District's ne Central Nebraska Public Power & Irrigation . outstanding Electne System Revenue Bonds,1970 Sen.es, District (Central) .is currently seeking a new long term 1977 Series A and 1979 Sen.es A. The difference l license for FERC Project No.1417. Project No.1417 between the reacquisition price and the net carrying includes the Kingsley Dam, Lake McConaughy, four am unt f the extinguished debt of $3.2 million was hydroelectric generating plants and related facilities. recognized as an extraordinary charge m 1993. The The relicensing of both projects .is addressing c mPonems of isdarge mndst pnmady M tk cau numerous environmental issues including, among other
. prernium on the bonds being refunded ($1.7 million),
things, species protected under the Endangered Species . unam rtized discounts, and issuance costs associated with Act. In order to obtain these new kng-term licenses, the the refunded debt ($1.5 million). De issuance of the District and Central could be required to meet certain 1993 Series A Bonds will result in gross debt service terms and conditions which may adversely impact the
** vin 85 I aPproximately $10.2 million and the District operations of the project facilities and Gerald Gentleman .
will realize an emnomic benefit of approximately Station. The District is unable to predict the nature of the
$6.9 million.
terms and conditions that will be conta.med in the new licenses for the projects; however, the District does have
. II, SUBSEQUENT EVENTS:
the right tojudicial review of those terms or conditions. As of December 31,1994, $17.6 million of costs The District and the Central Board of Directors mcurred related to obtaining the new long. term license for .
. approved at their March 1995 board meetings new Project No.1835 are be.ing capitalized. When the license agreements between the parties to provide for the is obtained these costs will be amortized over the life of dismissal of arbitration proceedings and settlement of the license.
claims resulting under existing contracts. In connection
- 10. EXTRAORDINARY CHARGES DUE TO EARLY with the dismissal and settlement, the District recorded in EXTINGUISHMENT OF DEBT: the first quarter of 1995 the receipt of approximately
$3.0 million from Central. Also involved is the District's The District issued $140.0 million of Electric System purchase of certain Central assets, including Revenue Bonds,1992 Series A, on January 22,1992. The approximately 350 miles of transmission lines and related 2s
NPPD El:ctric Systsm o
$20.0 million, $21.0 million, and $22.0 million for each for financing OPEB. The District, as indicated above, of the years 1995 through 1999, respectively currently funds OPEB on a " pay-as-you-go" basis and has The fair value of existing debt at December 31,1994, not elected to fund OPEB through advance funding on an is determined using rates currently available to the actuarially determined basis. The District does not District. The fair value is estimated to be $291.9 million. contemplate any changes to the method for funding OPEB ontil results of the GASB's project on recognition and
- 4. RETIREMENTPLAN: measurement of OPEB are available for analysis. j I
The District has a retirement income plan covering its 6. DEFERRED COMPENSATION PLAN: regular full time employees, substantially all of whom have elected to participate. Employee's contributions to The District offers its employees a deferred I the plan are based on salary, and the District's compensation plan created in accordance with Internal contributions are allocated to each employee's trust Revenue Code Section 457. All amounts of compensation account based on the employee's contributions to the plan. deferred under the plan, all property and rights purchased The plan provides for retirement income equal to the total with such amounts, and all income attributable to such of the employee's trust account, including trust earnings. amounts, property, or rights are (until made available to The District's contribution was $7.8 million for 1994, the employee or other beneficiary) solely the property and
$7.6 million for 1993, and $7.3 million for 1992. rights of the District (without being restricted to the provisions of benefits under the plan), subject only to the
- 5. POSTRETIREMENTBENEFITS: claims of the District's general creditors. The District has recorded the assets of its deferred compensation plan and The District, for employees hired on or prior to the corresponding liability to reflect its fiduciary December 31 1992, pays the entire cost of certain responsibility under the plan. In the past, the plan assets hospital-medical and life insurance premiums for these have been used for no purpose other than to pay benefits.
employees when they retire. Substantially all of the The District believes it is unlikely that it will use the District's retired and active employees are eligible for assets to satisfy the claims of general creditors in the such benefits. Currently, the cost of these benefits is future. The plan is administered by The Equitable Life recognized as expense as the premiums are paid. The Assurance Society of the United States. total cost of postretirement hospital-medical and life insurance benefits was $2.0 million for 1994; $2.4 million 7. LITIGATION: for 1993, and $2.2 million for 1992. The District amended the plan effective January 1. A large industrial customer filed several lawsuits 1993. Employees hired on or after that date must against the District and members of its Board of Directors, participate in the plan as an active employee the last five both in federal and state court, requesting judgements for years of employment in order to qualify for these benefits. alleged overcharges since 1972 and for alleged violation In addition, employees hired on or after January 1,1993, of various legal rights of the customer, in addition, the are subject to a contribution cap that limits the District's customer refused to make full payment of billings for portion of the cost of such coverage to the full premium electric service provided to it during the period of January the year the employee or retired employee reached age 65, 1988 through March 1992, withholding approximately or the year in which the employee retires if older than $7.1 million, exclusive of interest. By reason of a age 65. Any increases in the cost of such coverage in settlement agreement that was concluded by the parties, subsequent years would be paid by the retired employee. the customer's federal and state lawsuits and the District's Statement 12, Disclosure of Information on counterclaim were dismissed with prejudice in May 1994. Postemployment Benefits Other Than Pensiott Benefits by ^5 Part of the settlement agreement, the customer agreed State and Local Governmental Employees (Ol'EB), issued to pay $4.0 million of the amount previously withheld, by the GASB provides that entities should provie certain The District charged-off to expense in March 1994 the minimum disclosures regarding the OPED pro <ided. remaining amount withheld by the customer, together with Additionally, Statement 12 provides for differing me hods accrued interest on the withholdings, which amounts 24
NPPD El:ctric Syst2m requirements for future rate periods. Such treatment of purposes of the District, and (4) for an Advance to the wholesale revenues is stipulated by the District's Power Supply System of which $6.1 million was long-term wholesale power supply contracts. outstanding at December 31, 1992. During 1993 the The surpluses and dc6cits which arose in current and Power Supply System repaid the $6.1 million to the prior years from the PCA, wholesale, and retail service Electric System. have been accounted for in these financial statements by In 1994, no commercial paper notes were retired. The l either a deferral or an accrual of revenue. In addition, $55.9 million of commercial paper notes outstanding at unreahzed gains and losses related to investments held for December 31,1994, are anticipated to be retired by future sale are included in deferred revenues. De cumulative collections through electric rates and long-term surplus at December 31,1994, to be reflected in future borrowings. The carrying value of commercial paner revenue requirements is approximately $8.3 million. notes approximates market.
- 1. Revenue Recognition- 3. LONG-TERM DEBT:
Wholesale revenues are recorded in the period in which service is rendered, and retail revenues are December 31. 1994 1993 recorded in the month retail customers are billed. (Thousands) Consequently, revenues applicable to service rendered to Revenue Bonds: retail customers from the period covered by the last billing 1993 Series A in a year to the end of the year are not recorded as Serial Bonds revenues until the following year. Operating revenues are 1994 2009 3.25% - 5.40% $104,635 $111,555 also impacted by the surplus or deficit in revenues as 1992 Series A described in Note 111. Serial Bonds 1994-2002 4.50 % -5.70% 51,645 56,805
- 3. AccumidatedNet Revenues- Term Bonds Accumulated net revenues consist primarily of 2003-2005 6.00 % 25,920 25,920 cumulative operating revenues collected for utility plant 2006-2021 6.25 % 49,450 49,450 additions net of related accumulated depreciation. De remaining accumulated net revenues will be fully offset by 1978 Series A future depreciation expense. In addition, accumulated net Serial Bonds 1994-2007 5.40 % - 5.75 % 45,990 48,345 revenues include cumulative interest income earned on Construction Funds which is not subject to the deferred I" 3*'
revenue accounting described in Note 111. This interest income was $.7 million in 1994, $1.3 million in 1993, and 8#'I*IU "d' l 4,350 4,780 1994-2002 5.00 %
$1.2 million in 1992.
1968 Series
- 2. COMMERCIAL PAPER NOTES: Term Bonds 1994 2002 5.10 % 25,195 27,695 The District is authorized to issue up to $75.0 million
$307,185 $324,550 of commercial paper notes. A credit agreement is maintained with a bank to support the sale of the Lease Purchase Payables-commercial paper notes. This credit agreement expires in 2.00%,due 1994 to 2005 2,064 2,236 September 1997. The effective interest rates on Unamortized Bond Discount (2,141) (2,417) outstanding notes for 1994 and 1993 were 2.8% and $307,108 $324,369 2.4%, respectively.
The proceeds of these notes are being used (1) to The debt service payments of the Electric System I finance certain capital additions of the Nuclear Facility, Revenue Bonds are $34.5 million per year through (2) to provide short-term financing for certain capital 1999 and principal payments, as a component of debt additions of the Electric System. (3) for other lawful service payments, are $18.3 million. $19.1 million, 23
NPPD El:ctric Syst;m System Revenue Bonds,1975 Series was also included in AVAILABLE-FOR-S ALE SECURITIES these costs. DEBT SECURITIES ISSUED BY TIIE F. Unamorthed Payment Received for Refinancing
#U
- 9g 9 y R , CORP 9 T19Ng
####~ AND AGENCIES This reimbursement from the Nuclear Facility was for certain refinancing costs of the Electric System incurred December 31,1994 )
in 1968 and is being amortized over the life of the Debt Reserve f 1968 Revenue Bond issue using the bonds outstanding Investments Fund method. (Thousands) Anwitired Cost S 36,303 $ 34,627 G. Cash andInvestments-Gross Unrealized Gains 26 312 Gross Unrealized Losses 46 116 December 31. 1994 1993 Approximate Market Value 5 36,284 5 34,823 (Housands)
$ 21,085 $ 17,658 The U. S. Treasury and Government Agencies Revenue Fund Securities have maturity dates ranging from less than one -
Operating Fund 4,706 11,616 12,679 20,858 year t f ur years. Construction Funds 8,870 7,062 Cash deposits, primarily interest bearing, at Commercial Paper Account 1,236 December 31,1994, and throughout much of the year, Reserve and Contingency Fund 1,267 13,746 18,581 were c vered by federal depository insurance or General Reserve Fund unregistered U.S. Government and municipal securities S 62,353 $ 77,011 held by various depositories. Investments at December 31, 1994, were in unregistered U.S. Government securities Funds consist of $36.3 million of investment securities and Federal Agency obligations held in the District's name and $26.1 million of cash deposits at December 31,1994, by the custodial banks. and $47,4 million of investment securities and De Debt Reserve Account is valued semi-annually at
$29.6 million of cash deposits at December 31,1993. January I and July'I at the lower of cost or market in On January 1,1994, the District adopted the accordance with requirements of the Electric System provisions of Statement of Financial Accounting Revenue Bond Resolution (Electric Resolution).
Standards No. I15 (FAS I15), " Accounting for Certain Investments in Debt and Equity Securities." In H. DeferredRevenues-accordance with the Statement, prior period financial As provided in the Electric Resolution, the District statements have not been restated to reflect this change in covenants to charge rates for wholesale and retail electric accounting principle. The cumulative effect of adopting service so that revenues will be sufficient to pay annual this Statement was considered immaterial and there was operating expenses including: 1) Nuclear Facility and no impact on Net Revenues for the year. Power Supply System charges,2) operating expenses Unrealized holding gains and losses for securities other than depreciation, 3) debt service, and 4) certain classified as available-for-sale are reported in Deferred capital additions. Revenues until realized. Variations between actual energy costs (primarily fuel) The carrying amounts and approximate market values and the estimated energy costs included in the basic rates ofinvestment securities are summarized in the following are recovered by a Production Cost Adjustment (PCA). ! table. The specific identification method was used in Billings for the PCA provide for the recovery of the computing realized gains or losses. variation in energy costs either in current or future years. In the event the District's rates for wholesale and retail service, excluding the PCA, result in a surplus or deficit in revenues during a rate period, such surplus or deficit is taken into account in projecting estimated revenue 22
NPPD El:ctric Syst:m i I Notes to Financial Statements totaled $83.3 million at December 31. 1994, and
$76.1 million at December 31,1993. .
The District charges maintenance and repairs, l
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING including the cost of renewals and replacements of minor ! POLICIES: items of property, to maintenance expense accounts. Renewals and replacements of property (exclusive of A. Organt:ation- minor items of property, as set forth above) are charged to The District has three separate divisions for utility plant accounts. 'Upon retirement of property accountmg purposes as follows: subject to depreciation, the cost of property is removed -{ from the plant accounts and charged to the reserve for i Electric System depreciation, along with the removal costs, net of salvage. Power Supply System j Nuclear Facility C. Allowance for Funds Used During Construction (AFUDC}- As required by Bond Resolutions, separate records are This allowance, which represents the cost of funds maintained for each division. The Electric System used to finance construction, is capitalized as a financial statements exclude the Nuclear Facility and component of the cost of utility plant and is credited to , Power Supply System, for which financial statements are Interest and other revenues. The capitalization rate l presented separately herein. The Electric System depends on the source of financing. The rate for J financial statements should be read in conjunction with construction financed with revenue bonds is based upon l such other financial statements. the interest cost of each bond issue less interest income. l Nebraska Public Power District, a public corporation The rate for construction financed by revenues is based and a political subdivision of the State of Nebraska,is an upon the weighted average rate of interest of the current electric utility which sells electric energy to wholesale and outstanding borrowings. Construction financed on a tetail customers in the Midwest. The District's contracts short term basis with tax-exempt commercial paper and rate schedules specify the time period in which (TECP) is charged a rate based upon the weighted average billings are to be paid after services are rendered. of TECP outstanding. For the periods presented herein, l Accounting guidance followed in preparation of these the AFUDC rates for construction funded by revenne l financial statements is provided by the Governmental bonds or revenues vary from 5.1% to 6.8E For Accounting Standards Board (GASB). Absent GASB construction financed on a short-term basis with 'ECP, I standards on any particular situation, the pronouncements the rate charged in 1994 and 1993 was less than 3% j of the Financial Accounting Standards Board (FASB) are presumed to apply. D. Deferred Charges-Deferred charges as of December 31,1994, represents B. Depreciation, Amortization andMaintenance- $22.2 million of Nuclear Facility billings for certain The District records depreciation over the estimated capital additions. The District has written off deferred useful life of the property. Depreciation on Utility Plant charges of $1.3 million in 1994, $0 in 1993, and was approximately 3% in each of the years $16.0 million in 1992 and included such reductions in ended December 31,1994,1993, and 1992. power purchased expense. Future write-off of deferred 1 The District has long term lease agreements with charges are expected to be as follows: 1995 $12.0 293 municipalities. These lease agreements obligate the million; 1996-$4.5 million; 1997-$4.5 million; 1998-$0.6 District to make lease payments and pay for normal million; 1999-$0.6 million. property additions during the term of the lease. The Distiict has recorded provisions, net of retirements, for E. Unamortized Financing Costs-I amortization of leased plant additions of $8.1 million in Rese costs represent issuance expenses on all bonds l 1994, $7.2 million in 1993, and $7.2 million in 1992. and are being amortized over the life of the respective l These leased plant additions, which are fully reserved, bonds using the bonds outstanding method. As of December 31,1992, the premium to retire the Electric 21 i ? _ - _ _ _ _ _ _
n-h NPPD El:ctric Syst:m
. e Supplemental Schedules-Calculation of Debt Service Ratios in
, accordance with the Electric System Bond Resolution for each of the
- Three Years in the Period Ended December 31,1994 1994 1993 1992 (Thousands)
Operating revenues (Note 1) $ 433,253 $ 396,012 $ 408,745 Operating expenses (Note 1)* (416.032) (379,783) (391,742)'
- Net operating revenues $ 17,221 $ 16,229 $ 17,003 Interest and other revenues 7,224 8,776 10,076 Interest deductions (18,960) (19,856) (22,157)
Extraordinary charges due to early extinguishment of debt - (3,169) (2,268) Net revenues $ 5,485 5 1,980 $ 2,654 Add: Accrued revenues included in operating revenues (Note 1) $ (19,775) $ (3,315) $ (18.319) Interest deductions 18,960 19,856 22,157 Depreciation and amortization 34,536 33,N7 32,781 Extraordinary charges due to early extinguishment of debt - 3,169 2.268
$ 33,721 $ 52,757 5 38,887 Deduct:
Provision for operating expense reserve (Note 1)** $ (19,775) $ (3,315) $ (18,319) Allowance for funds used during construction 1,574 1,587 1,445 Investment income retained in construction fends 717 1,274 1,152
$ (17,484) $ (454) $ (15,722)
Net revenues available for debt service under the Electric System Bond Resolution (Note 1)* $ 56,690 $ 55,191 $ 57,263 Amounts deposited in the Electric System Debt Service Account: Principal $ 17,365 $ 14.NS $ 13,815 Interest 17,115 18,172 20,102
$ 34,480 $ 32,217 $ 33,917 Ratio of net revenues available for debt service to debt service deposits (Note 1) 1.64 1.71 1.69 The accompanying notes topnancial statements are an integralpart of these statements.
The reduction of deferred charges is repected in these sumir.e.ry statements as Operating Expenses to avoid overstating Net Revenues. These deferred charges werefunded by commercial paper notes and other matured short-term indebtedness, which constitute subordinated indebtedness under the Electric Sys:em Bond Resolution. The Electric Resolution requires subordinated indebtedness to be paidfrom the General Reserve Fund created under the Electric Resolution.
" The Llectric Resolution defines Operating Etpenses to include payments into reserves in the Operating Fundfor the payment offuture operating expenses. The provisionfor operating expense reserve represents the net change in the cumulative surplus revenues in each respective yearfrom both wholesale and retail service.
20 a
l NPPD El:ctric Syst:m Statements of Cash Flows for each of the 'Ihree Years in the Period Ended December 31,1994 1994 1993 1992 (' Thousands) Cash flows provided by (used in) operating activities: Net operating revenues . $ .17,221 $ 16,229 $ 17,003 Adjustments to reconcile net operating revenues to net cash provided by operating activities: Depreciation and amortization 33,173 31,920 31,647 Vehicle depreciation charged to operations and capital 1,36? 1,127 1,134 Reduction of deferred charges-Nuclear Facility 1,333 - 15,975 Changes in assets and liabilities: Advance to Power Supply System - 6,100 - Receivables,less reserves 26,090 (19,192) 3,8N Materials and supplies 1,463 (1,527) 1,N0 Prepayments and other assets 2 (8) (90) Addition to deferred charges-Nuclear Facility (3,905) (3,123) (9,491) Other deferred charges (48) (753) (1,290) Accounts payable and accrued leased payments (1,099) 1,040 401 Deferred revenues (20,489) (3,315) (18,319) Other liabilities (420) (462) (345) Net cash flows provided by operating activities 5 54,684 $ 28,036 $ 41,469 Cash. flows provided by (used in) capital and related financing activities: l Utility plant additions $(49,800) $ (41,336) $ (57,270) Other non-operating revenues 1,343 1,700 822 Proceeds from notes receivable for sale of property 885 905 1,530 Repayment of long-term debt - principal (17,537) (14,213) (14,548) Payment of interest an long-term debt (16,839) (17,883) (20,102) Repayment of notes payable principal - - (13,000) Payment ofinterest on notes payable (1,845) (1,684) (2,055) l Net change in Debt Reserve Account (63) 421 (5,017) l l Issuance oflong term debt - 115.491 138,649 j issuance oinotes payabic 10,000 l Early extinguishment of long-term debt - (116,798) (73,628) j
- Net cash flows (used in) capital and related financing {
activities $(73,856) $ (73,397) $ (44,619) j l
- l. Cash flows provided by (used in) investing activities: l
- j. Interest on cash and cash equivalents $ 369 $ 829 $ 956 j interest from investments 3,938 4,660 6,853 l Sale ofinvestment securities 192,411 179,491 300,090 )
Purchase ofinvestment securities (181.093) (153.321) (302.825) Net cash flows provided by investing activities $ 15,625 $ 31,659 $ 5,074 Net increase (decrease)in cash $ (3,547) $ (13,702) $ 1,924 Cash beginning of year 29,635 43,337 41,413 Cash end of year . 5 26,088 $ 29,635 $ 43,337 The accompanying notes tofinancial statements are an integralpart of these statements. l l 19 {. _ _ . _ _ _ _ _ _ _ _ _ . _ _ _ _ . _ _ . _ . _ _ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ .
h s 4 g ? NPPD El;ctric Syst;m q l I' l L Statements of Revenues and Expenses and Accumulated Net i; LL Revenues for each of the 'Ihree Years in the Period Ended i December 31,1994 1994 1993 1992 l l (Thousands) ' Revenues and Expenses: Operating Revenues (Note 1) 3 433,253 $ 396,012 $ 408,745 f L Operating Expenses: j 1 Power purchased- ] Nuclear Facility and Power Supply System (Note 1) $ 241,669 $' 225,517 $ 240,833 Other 47,740 35,583 35,416 Production-Fuel 13,050 10,529 10,528 Operation and maintenance 15,274 14,677 16,295 Other operation and maintenance 44,775 42,126 38,907 Lease payments (Note 1) 14,771 14,071 13,080 Depreciation and amortization (Note 1) 33,173 31,920 31,647 5,360 5,036 Payments in lieu of taxes _ 5.580 Total operating expc nses $ 416,032 $ 379,783 $ 391,742 Net operating revenues $ 17,221 $ 16,229 $ 17,003 Interest and Other Revenues: Alk,wance for funds used during construction $ 1,574 5 1,567 $ 1,445 { 'ntereg and other 5,650 7,189 6,631 Total interest and other re nues $ 7,224 $ 8,776 $ 10,076 Net revnues before other deductions 5 24,445 $ 25,005 $ 27,079 C ther Deductions: Bond interes- $ 17,115 $ 18,172 $ 20,102 Other interest 1,845 1,684 2,055 Total otar deductions $ 18,960 $ 19,856 $ 22,157 Net h-a :ca Be are Extraordinary Charges (Note 1) $ 5,485 $ 5,149 5 4,922
. 'xtraordinary Cha ges Due to Early Extinguishment of Debt iNote 10) -
3.169 2,268 Net Revenue < $ 5,485 $ 1,980 $ 2,654 Accumulated Ne Revenues (Note 1): Beginninr,"oaEnce 225,152 223,172 220,518 Ending La!.ince $ 230,637 $ 225,152 $ 223,172 The accompanying n es tojinancial statements are an imegralpart of these staten,ents. 18
, _.v,= m NPPD Elatric Systein' P Balance Sheets - Deember 31,1994 and 1993 1994 1993 (*Ihousands) ASSETS UtilityPlent, at Cost S 857,762 $ 820,498 Less-Reserve for depreciation and amortization (Note 1) _ 405,667 385,034
$ 452,095 $ 435,464
, Debt Reserve Account (Note 1) _
$ 34,830 $ 34,767 Receivables from sale of property ,
$ 4,129 $ 5,014 Current Assets:
Cash and investments (Note 1) $ 62,353- $ 77,011 Receivables,less avrves 44,052 70,142 Materials and supplies, at average cost 10,260 11,723 Prepayments and other assets _ 611 613
$ 117,276 $ 159,489 Deferred Compensation Plan Assets (Note 6) $ 3,028 $ 13,322 Deferred Charges:
Nuclear Facility billings (Note 1) $ 22,221- $ 19,649 Unamortized financing costs (Note 1) 2,062 2,336 Other 1,341 1,293
$ 25,624 $ ' 23,278
$ 646,982 $ '671,334 LIABILITIES AND CAPITAL Accumulated Net Revenues (Note 1) $ 230,637 $ 225,152 Long-Term Debt (Note 3) $ 307,108 $ 324,369 Commercial Paper Notes (Note 2) 55,915 45,915
$ 363,023 $ 370,284 Less--Currer: *nrities (Note 3) 18,274 17,536
$ 344,749 $ 352,748 Current Liabilities:
Current maturities $ 18,274 $ 17.536 Accounts payable 18,739 19,959 Accrued lease payments 3,327 3,206 Other 9,298 9,856
$ 49,638 $ 50,557-Deferred Compensation Plan Liabilities (Note 6) $ 13.028 $ 13,322 Deferred Revenues (Note 1) $ 8,338 $ 28,827 Unamortized Payment Received for Refinancing Costs (Nete 1) $ 592 .$ 728
$ 646,982 $ 671,334 The accompanying notes tofinancial statements are an ir,tegralpart of these statements.
17
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S*7' NPPD Ebctric Syst:m
;n' >e 3 ,
9;
/ Report ofIndependent Accountants u
To the Board of Directors j Nebraska Public Power District: ]
' We have audited the accompanying balance sheets of the Electric System of Nebraska Public Power District (a public corporation and ' political subdivision of the State of Nebraska) as of December 31,- 1994 and 1993, and the related
~
' statements of revenues and expenses and accumulated net revenues, and cash flows for each of the three years in the . ;
period ended December 31,1994. Dese financial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial statements based on our audits. j
~
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing . ) Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting . -l the a.uounts and disclosures in the financial statements; An audit also includes assessing the accounting principles used : i and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Electric System of Nebraska Public Power District as of December 31,1994 and 1993, and the results of its operations and its cash flows for each of the three years in the period ended December 31,1994, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole he supplemental schedules of the calculation of the debt service ratios in accordance with the Electric System Bond Resolution for each of the three years in the period ended December 31,1994, are presented for purposes of additional analysis'and are not a required part of the basic financial statements. Such supplemental schedules have been subjected to the auditing pmcedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Coopers & Lybrand L.L.P. Omaha, Nebraska March 13,1995 l' 16
i 1
. 1 1994 St:tisticsl Ravi3w '
1 j Increase i GENERAI. 1994 1993 I (Decrease) l (Thousands) l Utility Plant (at cost): (1) i Electric System 5 857,762 $ 820,498 $ 37,264 Rnver Supply System 765,542 748,906 16,636
.. Nuclear Facility 694,382 679,346 15,036 lbtal Utility Plant $ 2,317,686 $ 2,248,750 $ 68,936 Outstanding Debt: l Electric System (2) $ 363,023 $ ' 370,284 $ (7,261)
Ibwer Supply System 830,765 855,235 (24,470) l Nuclear Facility 254,725 276,170 (21,445) lbtal Outstanding Debt $ 1,448,513 $ 1,501,689 $ (53,176~) l Accredited Number of Capability Ibrcent ) Plants (3) (MW) of1btal l Production Plant Facilities: l Steam-Conventional 3 1,506.3 57.4 % Steam-Nuclear (4) 1 778.0 29.6 IIydro 10 158.8 6.1 Diese! 9 38.1 1.5 Itaking lbrbine 3 143.0 9.4
'Ibtal Pniduction Plant Facilities 26 2,624.2 100.0 %
l (1) Neltf attirtsntsth l (21 incitales Taricusnpt Osmmercial Paper l (3) Inchutes six hnim plants arul mute theselplants suruler contract to the Dutrict } ( H Inchules yn AtWcontractal to Alishtest l'ouer Systems Inc l l l Miles of Transmission line in Sen-ice 6,231 ' Number of Ibrmanent Empk>yees 2,252 1994 Contmetual and 1hx Payments (Thousands): l Irase Payments to Retaillbwns $14,649 5% Gross Revenue lix $5,128 In I.ieu of'Ihx Payments $207 IlOW NPPD'S DOI.I.AR WORKS FORYOU-1994 1 au ef1+xtucatorniwer sans me.m an s yy
%T==,. 4 . : .- - 2 6" '# '*'"'"""-^'"'*"' h'd" 8 8 %
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u mt of mterest imvme amt <alvr rettvtues) 41% j l I 15
(...t~ y;; 1994 St tistic:1 R:vixw Electric System, Nuclear Facility, and Ibwer Supply System Combined Revenues from f Electric Sales N of Muh Sales (Thousands) SAlfS Customers AMOUNT % AMOUNT % Retail: Residential 83,804 880,605 - 8.0 $ 60,688 14.0 Rural & Farm 3,250 57,637 0.5 4,194 1.0 Commerci:d 18,793 763,495 7.0 46,585 10.8 Industrial 68 903,500 8.2 31,238 7.2 Public Ughting 251 25,259 0.2 2,352 0.5 Municipal Ibwer 193 41,104 0.4 2,456 0.6 Miscellaneous Municipal 2,746 106,687 1.0 5,123 1.2
~
'!btal Retail 109,105 2,778.287 25.3 $ 152,636 35.3 Mholesale:
48 Municipalities Obtal Requirements) 1,360,922 12.4 $ 48,640 11.2 21 Municipalities (Interconnections & Partial Requiremen's) 50,757 0.5 1,696 0.4 25 Public Ibwer Districts & Cooperatives (1btal Requirements) 3,816,594 34.8 121,914 28.1 Tbtal wholesale Sales (Excluding Nonfirm and Participation Sales) 5,228.273 47.7 $ 172,250 39.7 lbtal Retail and wholesale Sales (Excluding Nonfirm and Participation Sales) 8,006,560 73.0 $ 324,886 75.0 Other Utilities (Firm and Nonfirm) 1,070,815 9.7 16,628 3.8 Participation Sales (1) 1,898,497 17.3 60,433 14.0 lbtal Revenues from Electric Energy Sales 10,975,872 100.0 $ 401,947 92.8 Other Operating Revenues (Net of Deferred) $ 31,306 7.2 lbtal Electric System Operating Revenues $ 433,253 100.0 Production Costs MWh Ghousands) GENERKFION AMOUNT % AMOUNT % Pnxiuction: Electric System (including Interchar.ge) 1,463,492 12.6 $ 28,324 8.9 Purchased: H >wer Supply dystem (1) 6,871,237 59.0 $ 161,184 50.7
' Nuclear Facility (1) 1,113,715 9.5 80,485 25.4 Other 2,201,775 18.9 47.740 15.0 lbtal Ibwer Purchased 10,189,727 87.4 $ 289,409 91.1 Tbtal Ibwer Pnx!uced and Purchased 11,653.219 100 0 $ 317,733 100.0 (It Tiv 11xtric Svitem ptm kwes Icxrt. qf tlw net generwion arulpouvr purchases oftiw Ibu er supply Systern and5(% of the Nuclear Facility brued upun liv toud cwts qf the res[veti e systems Pumtara to tiv Ibuer % des Contract, alidtvest Ibuer Ssstems Inc. purtlwed 1.11.1545.Whfrurn the Nuclear facittry Slidurst Ibeter Sptenu inc. participation h not inchulalin the table.
14
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.. . .f ( air condaloners. tainly bodes well for the future of our unlity.
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- Sitel, an Omahrhased senice business, The baschne projection for total system l
h M M uPP f announced new k> cations in two commu- energy shows growth of 146 percent annually QU%f ' g- - nities in cor senice area. from 1995 to 2023. Our system load facto", jh h ~~
- Across the state, numerous firms added or average load compared to the peak load
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, manufactunng and pnicessing capacity is projected to rise from %2 percent in
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a _ ;_ and employment. 1995 to 57.4 percent in 2023 Growth in
- a_ _ _
so% - - - - - ". Total employment in nonmetropohtan residential customers is projected at 0.24
-"" ^ - - - ~~
Nebraska, which we principa!!y serve, has percent annually for the period 1995 to 30% i - - - - - - experienced significant growth since 1986. 2023, while the projection for commercial
- y ; 20g - - - _ _ -
Growth in manufacturing employment dur. customers shows growth of 0.61 percent 10% ~ ~ - - -- -- ing the 1961994 period, which grew by 32.2 annuauy over the period. o% 90 91 93 - w',m 9, o n w a=~ percent, has offset declines in agricultural After completing a survey of our senice employment. linemployment rates in non. area,it appears that saturation rates for elec-
& source of the energy used to 'l. supply tbc em'rgy requ/rements of metropolitan Ncbraska are consistently lower tric appliances will continue to increase.
NPPLYs customers. h energy - than unemployment rates nationally This Central air conditioning is projected to reach r resources utill:cd are afactor of
' arallability ami cost. pattern his continued to prevail with the a 75 percent rate for residential customers by November 1991 unemployment rate in non. 2023, from 59 percent in 1994. Electric water metropohtan Nebraska ofless than 3 percent, heating saturation is pro,ected to increase improved conditions in the state's agricul. from 40 percent in 1994 to C parcent in Estimated Loads and Resources tural sector are reflected by recent trends in 3023. The projection for electnc heat pump (Summer Season) -
farm real estate values After experiencing a saturation reaches almost 20 percent in 2023, 2300 compared to the 1994 rate of 7 percent. continuous decline between 1982 and 1987, the value of farm re;d estate improved signifi. Since 1988, our customers added 11,024 new 2m ---- cantly during the 19G1994 pend Personal electric heat installations which added a total 2m-
' =
income in the state grew by 46 3 rcent of 2017 megawatts ofload to the system. We between 1986 and 1993. continue to sponsor an electric heat incen-
. 2,200 - -- - - - - -
An unprecedented package of investment, tive program for our retail and wholesale employment and other tax incentives are customers which places emphasis on equip-23ao _ _ _ _I_ 28 ss
'sa.m.w.m.a n n n s,-
now atadable to encourage business expan. sion and kication in our state, and our ser. ment efficiencv. The outkok concerning relative fuel prices is fmrable for electricity The projection for em sice area has benefued significantly from the resuhing economic growth and hversifica. real electricity prices shows a decline of 1.01 hsources ofNPPD, irtcludingpurchases, percent annually, while the projection for hon. Since 198~',70 expansions hase been mwilable to meet thepmjectedpouer mjulenents ofNPPD sfirm rcquire- announced in our senice area involving a residential natural gas increases at a real ments customers, inchulms an amount . annual rate of 2.28 percent, a difference of p M invem of $1.3 bilhon and
. for tvserses. & surplus is availablefor og-sptern sales TheincreaseIn net ' employment expansion of 6,0C jobs. We esti. 129 [wrcent annually
- resources arallable during 1996 results nure the addmonal industnal electric sales to We wtil continue our tradaional role of
- fmm an anticipated imreasein the he ISO 6 mdlion k:lowatt hours annually delivenng low cost, rehable, environmentally
. accredited capactly of &rald Gentleman Atation alog :rith termination of a com- Forty-three cines il Neoraska are locanons sound electricity to our ces tomers. As the
; bustknt turbineparticipation sale. .
traditional economy diversifies, so will we for % of the Fortale %0 industnal corpora. tions with Ii1 manufacturing plants. This cer. to meet the needs and senices our b customers deserve. 12
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y , [ . > , Ibttelle Pacific Northwest and funded Data will aho be compiled from approxi- h3 y a 7 v. g .
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under a c intract with the 115 Department mately 400 residential load research cus-- O ,' p ' Westric System . . of Energy. We are also a participant in a . tomers and approximately 500 commercial, , };e} { gnergy Sales) g Nebraska Power Asswiation study that will industrial and irrigation load research cus- ' * ^ 37,, kjok at eight sites in the state to determine tomers which wiu be used in retail cost of . .q; 3 ej W 7m q! h y G
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q'.'a'q a(, wind generation potential, senice studies and rate development. b x - M
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, We have established a core group to work - Q s,me d q q g , (' " T toward compliance with the 1990 Clean Air NPPD will promote sustained < z J. iw l O economic development in d Act Amendments which have had a pro- -.'
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the communit.ies and regions N .g 't
- y ._
I found impact on utihties. Several compli- which we serve. I L ; 7l 4 y, ( @W ance projects are already underway, but the la.ewf ., We are committed to developing and 4y scope of the regulations and final cost of . maintaining a program of area and industrial L 8 --' n ~~ et et ; ; es J m meeting them are stul evohing. We are p ,gggwgj y
' developmem to increase statewide employ- n * ' "
required to interpret the regulanons to ,
;; j Totalamunineleicfdoctrk' energy byi ^ ,
determine their effect on our operations ment and economic growth. Our goah are 4 yg,,g g ,g , ,, g Nnonfirm 8Uandpartkpation "'M 8"kN
~
and then implement appropriate action to increase electric sales, increase awareness sales SainL One project critical to our future is the of Nebraska's locational achantages, encour- [ g4,,,,yj,,,f,,3,c4 y ~ Wide Area Network (WAN) which electroni- age new business investment in the state, , mesteeramteconomk conditions, g ' L[ %' ',
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cally connects our facihties throughout the and maintain the present h>ad and business. [ r j - s '.#= 1 state. The WAN allon personnel to ex- The area we serve continues to experi- h, '
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1 w<- change information via personal computer ence significant industrial expansion with p , i
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quickly and efficiently. Initially, it is being existing firms adding electric kiad and 4 1 * ' used for the new Materials Management employment as well as several new firms SummerdWinterM M : Information System, but it is the foundation announcing new manufacturing and pro. p 7 a.ese of other uses being explored that wiu bring cessing I)lants. 0 E ' m many benefits during the next several years. . Minnesota Corn Processors announced p ' J tsoo 2 J'
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E" The Materials Management Information a $ 140 million expansion of its existing h' g d, System is the largest and widest reachin8 $ E
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facility that converts corn into a variety 4
~ J,tese _ _' . w; information system yet undertaken to of Products :I 7
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address our expansive senice territory. . The Nebraska Energy Cooperative began ' see I E -
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; it will streamhne pmcesses, operations work on a 25 million gaHon ethanol f 9 1 (
and communications in many areas of plant. I
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< 9e - , . 91 ; e 94 '
- r. .
Se.. 5ML I our organization. . ACCUMA Corporation announced it 'a w w ]*=w? I', 4 A Metenng Data Retneval System (MDRS) !2 ' woukt build a 52,000 square-foot my6est demaatjbr docsrkity,ist a f "
- ts intended to replace out obsolete magnetic plastics injection molding plant. M>"rjoriaddunisq de supscrise < <9
- . sasson, ofNPPD'sfilim. , '
tape recorder data retrieval system installed . Iludson Foods, s Fortune 500 company, p ,,,,,,,,,,, 3,,,,,,,,, g g,gg.; j in the 19'th Our goal is to have au magnetic began work on a plant to fabricate i "tdos, user unusuadn 19941993/
, ape recordeis upgraded to solid state beef Patties-e , ",",',g,, n,g,,g g',;,g,e - s metertecorders by the end of 1995. MDRS
- Re!iance Electric, another Fortune 500 '
andirr(pstion idad. l
< y will be used to cullect interval data from company, announced it would build a J [ '
.v some 700 metenng points used for biUin8 25,000 squa.e-foot facility to assemble ; '
customers located throughout the state. state of-the-art motors for commercial 1 e k N p , m,
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t p ik (!nt tra:n ros, ho tarraM Gentlemen Matton on the neu fur hnhn tiv i nion nictpc and Klorrun 44 Ihu der Ru cr Smn cmd utpphes we g.unc! sigmfi, am new knowledge as a An opportunny to replace a maior porhon A new railroad spur linking Gerald Gentle- ! icsuh of ilus o,d delner) ( rnn and will be of our oki nuerowase (ommunicanons ss s- man Sunon with the l'nion P;u ific railroad i I in a heuer [winiin m luture negotunons tem with fiber optws presented itself with the was completed three weeks ahead of sched-for i oal suppk and transporunon wntracts rehm!d of Ni nules of a 3 6 kV transmnuon ule and $1 mdhon under budget. l kne lhe knei ret onstrui non a!! owed for The 9 2-nule hne prosides a second means NPPD wdi understand, utilize the unulbuiin of new stueld wu'es con- of delnenng mal from brntngN Powder I and encourage development . I t.umng fiber opta s Rncr liasin to the sute s largest power plant. i of new and existing technolo-gies which are cost ef f e(tive, T 'PU' ' f f"" ' " P"" '*"'" " *" """ "* "" " increase productivity and for soiu c. immumt anons. dau transfer .ind i onnet non to Ihe liurhngton Northern enhance c ustomer confiden(e higher dau transter specth There n i ap.a in trai ks but the addinonal spur will allow for and loyalty-for base sunon i onnot t irt uns addinonal mmpenniin in the freight market for coal
.\ toul i d .'." nuit s i d I 15 kV .Mo kV and land mi thile radh i % slem t irt uus, our energs deiner) It n esunured that saungs in cod! ,
I
\ 6 k\ tiansmmhin hnes in the cast 4 entral nunagernent esteni and prtitet !nc rel.ning f r Unp pria!!iin e\peines u suId p.n hir the por non of Nebraska lud to he restored f4 Future opponumnes for use of fdtr opnn new spur before the year bino li w lng ses cic sh y !?n hesh iratli m w( trk w.n inclus je sidet t s tinfereth M.g and imaging pD e- D'e are partit llMiing in tw(t wind genera- l l
t Liinl deled in 5f i!as s. II!.luks in a large parl [cc[ s ()yr gt i,d p {t i repijt e the c\nting jnj (pin s[ydles in the state ()ne n a o niptTatne h (H Q.im/cil efh siis t d (lur emph 6 ces athl the L >g mwriin.nc %steni wah digital mn row;ne stuJs with KilR Rural Pubbt h >wer Dntnct. a response at i omrat tors het onst rut ni in and hher opnt s throughout the sute to w holesale customer. and ILutelle Pacific hwed impn nements to be nude m the nuprose the osera!l re!ubihn of our com. Northwest L1 hor.itones uhn h esuhlnhed a ostem ihniugh use or enhant ed hoe des:gn nunucan in e stem wmd generanon stuih ute in Nebraska's {ct hnh jucs a:h! strui f ur.d m.l:eriih santihi% Tlin studs will he perbirmeilin 10
1 under stressful situations-such as our Station have set a new safety record by with Burlington Northern, Union Pacific, and . storm repair efforts of the past couple of recording three million work-hours without Chicago and Northwestern Railroads. We also I years or our efforts to trim hudgets due to a hist-time accident. This shattered the old leased additional train sets. Sales of electricity lower-than projected sakt-they develop mark of 1.5 milhon work-hours. Sheldon to other t..an contracted custorners were ter-an understanding and trust in those they Station empk>yees clearly demonstrated their minated, off-peak generation from the coal , { work with. ; oactive stance in the area of personal safety plants was reduced and we purchased energy 1 i for the third consecutive year, we were th ough their compliance with OSilA con- from other utilities. Additionally, we identified challenged to reduce budgets to meet lower fined space regulations and kxkout tagout other mines in the Powdr V - Dc,in that , rewnue projection 3. This was again due to a reguctions. Rather than resist change, they could be used for alternate supply and also l. summer season with atx>ve nonnal precipita- embracco the new regulations with the atti- k>cated interim supply outside this region l tion. We are very weather dependent and rely tude that, with careful planning and imple- served from less congested rail corridors.
! on irrigation pumping and air-conditioning mentation, these regulations could signifi- These actions, along with the completion , loads to pn x!uce summer peak demands on cantly enhance the safety program without of additional double tracking in the Powder j our system. As a resuk, we were projecting a seriously impacting pnxiuctivity. River Basin corridor in Wyoming, where we i' $12 to $15 millio loss it. revenue, but our Teamwork was never more evident than get most of the coal, improved deliveries employees re< ponded by reducing and'or when various discipknes joined together to and began to restock the pdes. We will con-4 deferring e penses rather than raising rates improve our seriously depleted coal supply at tinue to lease some trains during 1995 to to offset the emire deficit. Gentleman and Sheldon Stations. We initiated meet projected coal burns and completely The employees at our Cooper Nuclear several actions including a series of meetings rebuild the stockpile.
l y'
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i Du ironmental.ywialist ilope flawnhimp Gibbs ret ieu s dwa recorded at one qfour trindgeneration study sites in Nebrada. 9
p 3g 15 percent reduction in freight rates for coal focuses on training management candidates deliveries to Gentleman Station resuhed in to assist others in developing their skilk and [p higher energy costs and triggered increases their careers.
- k; in our Production Cost Adjustment (PCA) We have also demted significant resources factor due to a defeit habnce in our PCA to ensure a highl'; skilled, well-trained work Long-Teem Debt qm __ account. As a result, the PCA factor for force. Our expansive training program cov-
~
m- . wholesale and retail cuwomers went ers all aspects of our operation from a tech-
*; ZZ 7 Z .Z from a credit to a charge w hich increased nical 3tandpoint. There it had been lacking l-m_ a . _ _ . _ _ . _
. . _ _ .___ _ . the cost of elec tricity. We are in litigation somewhat was in emphasizing the impor-
- m. .- -.- _ __ -
with Burhngton Northern over the freight tance of management skilk. A well accepted
- h. m ., '.~E Z ~T Z ~~~ ' rate issue. fact in business today is that management M~
{ { :- -1p We provide not only the electricity prod- requires a distinctively different set of skilh
'*; f: d, uct, but ako service in the forms of reliabihty than those required to do specialized work.
m- ,
- f 'T 4-M-
and responsiveness. We firmly believe that During 1994, w e formally began a compre-0 ..
, - " , " , , , ".. price, though very important, is not the sole hensive review of our entire operation. The cmen for choosing an energy suppher. The Competitive Positioning Strategy (CPS) nar.endbalanceofoutstaruh g ong-term debt. In addition to annualgicht real costs aswiated with alternatives for project's goal is to perform a thorough l retirements, fluctuations in outstqul' energy supply must be communicated in functional analysis, and identify and recom-1 Ing debt rendredfmm issuance of new debt in 1W and refinancings ofcer. terms of value parameters that our cus- mend improved business practices. This goal
. tain existing debt in IW and IM. ~ tomers understand, such as service reliabili- fully supports our Vision to be recognized as ty. power quality, technical support and a regional leader in achievmg customer loy-emergeng service availability. alty by providing reliabic, competitively-priced electricity and related senices.
Annual Debt Servke _ _.a _ _ _ _ _ . _ _ . NPPD will attract and retain The CPS will be carried out in a three-capable, accountable employ-phase appn ach. The first is project design.
- _.- ._ _._ ees and encourage them to During thmond phase, there will be a T Z Z _ _ [~~; develop new skills and excel
_ -_. --- - - through training and career complete functional analpis of what we g _._ i _ _ ___ growth opportunities. Team- do and how we do it, resuhing in identi-7 7 7; work. innovation and the need fication of what is not adding customer hp !. - a p _.- for continuous improvement _ i. _ 4 K wd. l be emphasized. value ed what needs to be added to
. v. .
[ 4 J L increase value. The ongoing third phase t_ 1 e-90 h[L =. n _n1 n h(_.ul_. Developmg future management ' ; a com. plex task. We need effectne leadeSup in u implementauon as ,se, u mo / teamwork attitude encourages our
* '"r *"* order to be a successful organizatioi .
Accrued unmudprf,1p,d and interest emplgees to develop an appreciation and Our Management Deselopment Program on outstandinglor(, m debt. tu in ihe knowledge and expertise of fel-Nuctuathms in /W, IW and 1991 provides employees with skilk to carry out low workers. The objective is to build a resultedfrom issuance of new debt in the many pbns we are making tabv to meet " 1992 and refinancings of certain existing camaraderie so that the achievements d debt in 19mnd 1993 the needs of tomorrow The scope of the each become the accomph3hments of al. program empna3izes the big picture of By bmadening thts vision of teamwork, developing skills for all supenisors and man-we can further improve senice. agers, as well as those who have the poten-Nothing spawns teamwork hke a crisis. tial to become future leaders. The oxam
'r Then our people are brought together a l
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h/ OperedngReseauss? Elecedc 9ystestp g
- NPPD 'will foster the confidence i NPPD's well-established power supply . f g [aseI m GO
,s.,. m of our customersi regulators, __ ;: n,,,,,,,< am y;m ,
program with a diversified generating p, .m ,ass w,,,, . Lbondholders, employees and m .mm y y -e
- the general pubile by openly, mix has given the utikty sufficient @r 4"2.m -Cm ' w- ' m R honestly, and effectively listers capacity to meet projected loads for an W
p' >y M= M m m M^Em'E
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M'M m M a: W;i a-bo . men g . m g m . m '. ym .J %, . Ing.to and communicating with extended period. g ;I
.e m..m a,a m our stakeholders, and by We and our customers are members of y"]l'*-S F ;' 3. m m, m emos E y E ~ 4 emphasizing individual and corporate integrity in every-one team-the electric utility team in U "
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Nebraska. As such, we have formed senice i p m' Mm' ': Mum- - a m 2. - thing we do. NPPD will be B 4
.E KmM M J my;f timely, accurate and and communication alliances with these cus- :7m m^ m1 m M
. sg p 1m;ya1 ; ss ,
responsive in dealing with tomers. fully rcahzing the importance of our w$ gross rewswMEsiric) g" requests from customers and 1 customer base. Y M @8!** 8P"8'd8"' fl"Cl"dd"8 '8"I > I other stakehofders* / ' ?from electric sales ' rent and surface; - I , We have enhanced our large retail cus- ;- j j, 4 , g gg & ] Mthough noting that Cooper Nuclear tomer visitation program and continue to *E 4. .y nim Station performance problems, while being . communicate with our wholesale, retail and sf m O ~.' m f g h rr% mg b F g^ ~ tiet Revouses j
#e Electric 5joessa t s addressed, remain a challenge, Standard irrigation customer representatives through p , t and Rx>r's continued its A+ rating and appointed committees. I.istening and seeking j ( hD ' ; hkxdy's Investors Senice continued an Al input is helping us provide the types of ser-i
[ s-
.. y ay zd :~
rating on our $1.4 bdhon of outstanding rev- * }fh _. w vice they want. ',L4 7 3gg , - enue bonds. Standard and Puor's rating did, Customer senices is an area which we are p
. g [ ', -
3f s i' however, assign a "neganve outh xik" to expanding. Provision of supplementary ser- {; - 4 : NPPD due printuity to the problems associ- vices will enhance our basic product. At last [ ated with Cooper Nuclear Station. To support count, we had 64 utility-related senices avail- ri 2L . r M% p . m j lts rating, hkrxly's cited, among other things: able to ou customers. We provide these ser. [ y # e . es
- NPPD's senice to a major portion of vices u 1 couped so customers can choose ij , 3 so .. M= lm; ;my m{ Q
! Nebraska on a retail and wholesale only the cc.es that are valuable to them. [ D** h'88"'!"""" Y b deducting allanpensn and mnts. Net _rer( basis, with its extensive intrastate trans- We have a firm commitment to actively [: ,,,,,,,,,gc,go,,gg,,,,,,g,c,,ggl mission network, makes it the state's
~
respond to customer needs. Communication L C*arr"lly Act*P88d A'58"*'d8W lYd"C@i'8- 1 dominant electric utility. NPPD.s V ; Net emnuet}iw1992and1993 includen and shanng information are crucial in meet- , gjg, ,, f,,,ff- ! dominance is enhanced by substantial ing that commitment. [l5
',d."2 -- t qf kaw ferm ddt/ ' '
I and dwerse generation resources and We continue to be a low-cost provider of J. . , , .
'N its broad community support for its electricity. Rate increases, ahhough some- p KServicehuo Electric Systeen ,
f y~ %,7 mission. times necessary, are never ea3y. Mild summer D
;. " 2.se - -
4
- Despite protection afforded by the weather in 1992 and 1993 resulted in lower L ctn, . . .
re i i statutonly derived exclusive role of pub- than expected revenues and, despite exten-
?ts ,< - -
n ~T e ? . lic power in the state, NPPD is in a sive cost cutting measures, a rate increase b;tts.. y .
+
7 ... t
~_ ,,
favorable competitive position with its us unavoidable. We increased base rates an J .~, l m low cost structure. NPPD's w holesale e . too - overall average of 2.4 percent for our retail e w i '
? w and retail rates remain competitive, customers and 3.4 percent for our wholesale {. , g,n . , .
'gm~
~ ..
includmg rates well below the regional customers in early 1994. i t * , i
,,,._ i average for Ltrge industrial users. The king shutdown at Cooper Nuclear ,
m E . v see , Station and the failure of Burlington >! 88 ~ m7'n -.m 4 M-a.- .. ,.. .1, ....: Northern Railroad to enact an anticipated p{ {jlated Ratio ofElatric Sstem nety in accordance <h the Elstric Systomy ' ' ~ l., Rmnur Bond nrsolution, to necrued nununt
.. ~. ~
, i.ggg y,pg,gggf ' . . . in <W ,
4 v- ------ ,,- - -w -c,. -
- i' 9
i l .. !.. within the Platte River flasin can save a nect two major substations and relieve a mated total net benefits of $213 million over a , 100. car train of nul esery six days. All cus- serious transmission bottieneck that hinders 35-year period. Voluntary public meetings and , tomers will aintinue to benefit from these providing reliable and economical service to state mandated hearings were held during important resources. our customers. 1994, several supply contracts were approved,
- Improved system reliability, safety and a Construction of the line continues and the process continues to be on schedule.
positive impact on future costs are the driving to be challenged by some of the affected Contracts are to be let in 1995 for the con-2 struction of the 96 mile, $57 million line. forces behind our plans to construct an addi- property owners who do not agree that tional 345 kV transmission line. The line will the line is needed. Problems identified at our Cooper Nuclear connect our generation resources in the west Reliability is key, bat in addition, the line Station during the year were associated with with the larger population and rapidly grow- would be a financial benefit, allowing electric our voluntary shutdown of the facility in May ) ing areas in the eastern portion of our ser- rates to be from 2.3 to 3.4 percent below The NRC brought to our attention various
- vice area. The Pauhnc-Moore hne will con- what they wouki otherwise be. We have esti- operating deficiencies that were not consis-
- tent with our or the NRC's commitment to
~
excellence. Many of these deficiencies were l { - 4 the result of program and process weakness-I " , es, as well as inadequate independent over- ! & h
- e og. '
NRC as having " declining performance." Investing in our future, we perfc aed an l 7 intensive self-assessment of our nuclear l. actiMties by industry peers. A new manage-ment team was brought in, and we took owner-i ship of and began finding and fixing our prob. l lems. We are doing what we believe is neces-o ;' sary to become, once again, an above average l performer in the industry We learned that we cannot rest on our excellent record of past l performance and become isolated from mcreasing industry expectations. We must strim for the highest performance possible. t l Cooper Nuclear Station returned to the I commercial generation of electricity on February 22,1995, and we are firmly deter-mined ta ensure that our standards of perfor-
- mance exceed the NRC1 4 i yk ..
f l hd ; W;g d
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W,W MM j@, NN 9 8 nd , yj NPPD will. provide safe work- megawatt hours, which set a new annual hIk %' "b
- ing conditions for our employ. production record, whde Unit 2 at the facility
'3 ees and construct and operate
@g w;< Q,.
, :y -
generated 1202 million megamat houn, - a gt, w mA ; facilities in a manner which $ g g i *# w hich was the second highest annual pn>
,. f. dN protects public health, safety ;' /uerage novastas per Wh sow h ,' and the environment. duction on reant.
g JinnWholesale Customers Only)?
'Ingether, the two units produced 6389 hj >
With a more competitive emironment nem mepw,n hmm which was the sec-u Li ,4 s
. . , , N, y on the horizon, the major emphasis during s[g[p ,w,i ' ;.
- n , .- . ,,
W i p j g w,a Ms hnsic n ond highest annual production on record y n . 3 .c., with the highe3t coming in 1993 jU s m j nuintain our competitive position within Wg a L
-_.a y Me indg We inwnd to aiminue m be a The smaller Sheklon Station also had an M A a wwanding year. Generation totaled 1.294 3:eL ' b i ,' low-cost suppher, and pnnide additional nGon megawatt hours, second only to the
%ey p. _ N- _s j rebted senices to our amomers by
- j 1973 record generation of 1.311 million
'N ay l<
3 e developing a well-trained and effective
+ - e - ,
,"7 ~ mepwsu hwa
~: i work force receptive to the myriad of
^
un? a g , ,c>w; m: -- - en. se x , k changes that will be required. Abo at Sheklon Station, we received
, . ?
*w , a permanent permit from the Uncoln.
g i , We are participating in the U.S, Depart-
' ^ lancaster County lleahh Department to ment of Energy's "Chmate Challenge burn, on a continuing basis, tire-derived o
^
- t. .. ..,
..4
]M Program," thus committed to reducing car-
. . fuel (TDF) as an additive to coal' Although g bon dioude gas emissions from our coal-
[ % c These ratios measure the aceragej d Me pennit aHows uMmm up to 5 per-sf ' irlwomat of recense receivedfor3 burning generating stations by more than 6 ' i cent TDF, we have been burning consider-y, s/sco JiboleNie AW6and retail ofetertricity customers l used byy % G I00,M uins during the next five yeun. ably less than this because of abnormal
+ ~ l respect / rely! The ratlos refled the l j This will he brought about through
( ~l istabilityjof NfMrs ratesh ' hoiler ibgging problems. Even with the mcrdfnciencies nNch reduce Me kiwer i lend rate, we 3 rill rid the state of
@ f' , h' amount of fuel bumed, indudmg convert b>' .y M ing streetlights in many tow ns we serve to appr: xinutely 600,000 discarded tires annu-
, 7 m a& om of Me 1.6 miHion scrap tires gener-( , ,
j energy efncient, h;gh pressure sodium ~
' ated each year. We have abo renewed the
,~ 1 bmps, impnning transformer and distribu.
mntract with our TDF supplier to panide s
?Average'aevenue por Wh sow . tion sptems, modif)ing hydro-electric geo k b ,
- $ eration to obtain greater output, and approximate!y 6,000 tons during 1995. We
- 530; -- + have been using rubber as an additive to
j upgrading equipment at our coal-burning {
ha coal at Sheklon Station for three years ^ m sh - a " 3-Gerald Gendeman and Sheldon Stations.
; 4 L gw w Our customers are counting on us to meet w e suamhng M not increasmg the cost
; l sp -
ofgene on to our customers. We have
,ggL 2 A , n their elettncal needs through more imagi-
; heen presented the lincoln and lancaster
]s ?..., og - a. .2 ,7 ,
natise and innovative technohx,;v. County Environmental Award in the waste Our two Gentleman Station mal-fired [saoy -
? + e & ra on and n@ng cawgoq forcon-3 generating units had outstaneng produc.
^
" wrting scrap tires into electrie energy.
tion and safety performance during 199+ Ouhion umnovate the 106-year-The faality completed 1994 without a " days Q[&' b se[ MN w ~ n 7 esf ~ , ,
,5 '
away from work' accident. Unit I at Gerakl old Kearney liydro Stanon was based on i , ("'a mnsiderations, area impact and ea> d Gentleman Station generated 3M7 milhon
'^ S nonue benefits. The study determined that
, . .:?
b' 1 a
@ W, m_
- p. ,
n 8
; 1 r v
- y. ~y y , +
3 ,. , _m ~ L 4
, 5 ., +
;M,
< ?
- Completed a sewad co;d delwery rail We are already very well positioned to E < , +
m ,~ , ,
; spur to Gerald oent!cman Station, compete. Our strategic planning analysis P* ' '
M.
! ahead of schertule and under budget; "
- shows that our generation is among c the best f.i -
- Created a new Cooper Nudcar Station and most economical in the Midwest. Our ,
w y g g i- managenent team, devek> ped impnnul industrial customers enjoy rates that are bb.
! olerational procedures, forged a - among the lowest in the region. And .
6.. , ,
, - .v. . < ,
stronger relationship with the Nudcar we are dedicated to not only maintaining, b g,
! s
- Regulatory Commis3 ion (NRC), and was but raising our status as Nebraska's premier Qg ju well on its way toward putting the electric utility. F 7 Average Rowenue per Wh sow,19931 station lxnk on line; and Nebraska ts fortunate to have a thriving 1E W '
v; . A% (Retau-4N Gesses)1 <a , s
- Effectivdy dealt with the District's = $, '
economy Our work ethicis high and our , ' . .:y I 7:"Y , y , 1 j wemher induced budget crisis with mini- unemployment rate is low New industries (y imF e x 4 mal adverse impact on our customers. are discovering "The Good ufe" of Nebraska { g f.,s y b All this Inles very wdl for the future that we have long enjoyed. Our economy - D Lb .. n s is becoming a bnrad mix of industry and is r 7% W, -
; a
- o ,
of our utih.tv. sc!
' p : ~ - .
#i .c less dependent on the vagaries of agriculture. F l : * ~~ ;
"-~ "' U u hile deahng with these pniblems, 7 7i,
! We hope you will read our Annual Report h , , "2.co - -
- NPPD. .3 management and staff completed ,
- ~
v - t very dosely Wu will be impressed with how , ,,- j desciopment of our Strategic Plan, which ' ~~
.m
&+
has been presented to the lloard of we addressed and overcame challenges. t p
', W - '
-7 Directors for approval And along this hne, It is a story of strong people dedicated to b 4*m :s e =musanne=
ao ' 5"" 4 : WS M ~ making NPPD an even stronger utility < NPPD management and employees launched
~'
I the first phase of our " Competitive ; '[ ' g y~
- lbsitioning Strategy" study. We formed a ' > s >
~ ,
{ team which will be desoted full time to a .
; ,c- -- jQ l comprehensive review of our organization , xAverage Revenuever Wh sow,1993, $
liruce Gustafson B '
, Ondustrial)L '
to identify and recommend improved busi' Churinan y ' ' 1 d ! nc3s practkes. f r _a l Great competitive changes are con ing to - c . dectric unhties. No longer wdl the indmtry AI m,8. b 6 l enjoy the protection of monopoli3 tic legisla- R003ld Watkirts ,,_,. m tion. More than half of all new generating I' resident and CE O " ( i. m , a
! p :O c i
p 3 capacity is being built by nonunhty genera- * /2 - - tors. large industrial customers, f.n ed with I;5 .. ? [ M Wolral compt tinon. expect to be abic to ; 1i [ l y- s. dmse their electric suppliers The Energy n , Q oo ws4 e Ibhg AtI of 1992 mandates wholesale
" ' "" d"" " \ "'
towedomspusesagst a < - l wheding. Retad w hechng will give the end a ., ,, t V
.. +
user a choice of power supphers. # M nalti %di'irts etnrnosensestIsis restgnatient cis ^?
- liccause of the einerging emphasis on ' '
imulent and c r a on I.* it twi o awmne h , competition in the utihty industry. NPPffs *I*""" #'"d""'""d C #### I
' \ ~
l lMmmerm Flectric Cmferative in Glen Niert W, i , l Strategte Plan, melded with the Competitive andI'rn Jeni,(t/r virer,uaatantandtuurare l . Ca terattre Awaanort lih near feition h effw ibsitioning Strategg wdl set the direction we ' E ug,9,.d L Nri h /km/ namw/ MAcrt L , , , will foHow in ihe ears to come. 6d"w/ at #"4 '*/dr'd d"d CM < 3 i. k '1't 3 r s , , . 1 ,
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a-e REFERENCE GUIDE. War at a Glarxe- 1 Mewage from the Chairman and President 2 1%iin Review 4 1991 Statistical Review 14 Electric System 16 nmer Supply System 27 Nudear Facility 33 Ihtrd of Direttors and Senior Management 40 YE AR AT A GLANCE Kilowatt hour San.s (Electric Sptem) 11.0 Billion Xikmatt hour Sales to Midwest hmer Systems Inc. (Nuclear Facihty) 1.1 Billion Operating Hesenues (Electric Sprem) $433.3 Million Operating Revenues from Sales to Midwest Power Splems Inc. (Nudear Facihty) $82.7 Milhon Cost of hmer Purchased and Generated (including Nudear Facihty and Ibwer Supply Sptem) $317,7 Mdlion Other Operating Expenscs $98.3 Million Net Revenues $5.5 Milhon Debt Servi < e Coserage 1M THE DISTRICT Nebr;nka Public Power District is a pubhc corporation and political sulxlivision of the State of Nebraska. Control of the Dntnct and its operations is vested in an 11-member Board of Directors popularly ciected from sulxlisisions within the Disinct's chartered territory, which includes all or parts of 91 of the state's 93 counties. The District oper-ates an integrated ekctrie unlity system, including facilities for generation, transmission and dt.;tribution of electric [xmer and energy for sale at wholesale and retail, and a surface water irrigation system. Prmt d m rtusItd gug r
3 4, '
; i
- y. .
'F VISION NPPD will be recognized as a regional; leader in achieving customer loyalty by providing reliable, competitively-priced electricity and related services. l
= MIS $10N STATEMENT
.NPPD's mission is to enhance the c]uality. .
oflifefor Nebraskans by safely providing electricity, irrigation, and related services, while balancing costs, reliability andprotection of the environment. y = -* - r -~
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