ML20084D260
| ML20084D260 | |
| Person / Time | |
|---|---|
| Site: | Duane Arnold  |
| Issue date: | 12/31/1994 |
| From: | CENTRAL IOWA POWER COOPERATIVE |
| To: | |
| Shared Package | |
| ML20084D235 | List: |
| References | |
| NUDOCS 9506010059 | |
| Download: ML20084D260 (32) | |
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excssd the compstition in ssrvice excellence, product value and rssource davslopment.
Introduction . . . . . . . . . . . . . . . . . .. . . .. .2 CIPCO at a Glance... .. . . . . . . . .. . . . . .. 2 Charts . . . . . . . . ... .3 A Report from the President and CEO. . .. ..4 Administrative and Atanagement Report.. . . . .6 CIPCO's Subsidian and Affiliated Companies . . . .9 Alarketing and Communications.. . . . . . .12 Business Development., , . ..12
. Operating Report.. . .. . . .. .13 l Financial Report.. . .16 Independent Auditors' Report.. . .. . .19 Consolidated Balance Sheets.. . . .. .. .20 Consolidated Statements of Revenue and Expenses.. . .21 Consolidated Statements of Alembers' Equity. .22 Consolidated Statements of Cash Flows.. . . . . .23 Notes to Consolidated Financial Statements.. .. 24 Ten Year Financial Summary. .. .28 Alember Cooperative Operating Statistics . . . .30 CIPCO Systems.. . . .32
, ,n yr 4 n y .
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Introduction Central lowa Power Cooperative (CIPCO)
.' is a consumer-owned, nonprofit cooperative and one of more than 50 generation and transmission cooperatives in the United WAL* MART "'"'""'"'""'""""""".'
electricity to 16 member utilities who serve
.s4. , %(g q.
"- residences, farms, municipals, businesses
.- and industries across the state of Iowa.
CIPCO's senice territory stretches 300 miles diagonally across the state and is
. headquartered in Cedar l<apids. Operating offices are at Wilton and Creston. Five generating facilities which include nuclear, gg coal-fired, coinhustion turhines and diesel units are ouned or co-owned by CIPCO to Maquokota Valley Rural supply the power and energy for its members.
Electric Cooperative, The transmission system to serve the 16 meinher systems is integrated with other Anamosa, provides li di Tb pMip b Ad CIPW m pide niin electric service to the Wal-Mart, Dubuque. This electrical service to its consumers at the most economical cost.
site includes an urban residential development and a proposed Sam's complex. During 1994 in a
) g Q loint proiect of CIPCO.
(1994 Statistics)
Maquokota Valley, and Interstate Power Energy Sales. . . . . . .. . . . . .. . . . 1,63 3,2 73 mWh Company, a new 'lbtal ()perating llevenue . .. . . .. . . .. . $85,714,391 transformer was installed NetAlargin . . .. . . . . $1.909,555 at the Julien Substation
'Ihtal:\ wets. . . . . . . . $297,669,200 to convert 161,000 volts of electricity to 12,470 Average Wholesale Rate to Alembers. . . . . . . 50.93 Atills/kWh volts. This substation is .\lemher Systems . . .
. . . . 16 -
s the first of its kind on the lhtal Retail Consumers (apptosimate nuinher of meters). . .100,000 CIPCO system. Wal. Mart.
.250,000 Approsimate Population Served .
Dubuque, was recognized by lADG as one of the 1 4 cak lkmand . . . . ... . 343,189 kW recipients of the 1994 ()w netl/Co-on ned/ Purchased Capacity . . . . . . 448.3 mW lowa Venture Awards. .\1ites of Transmission 1.ine. . .. . . . . . 2,000 Employees (including affiliated anti subsidiary companies) . ... . 123 ill
g . . -- ._
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A Report from tae Presicent & CEO < 1994 was a year of signi6 cant monopoly. Customers will have choices accomplishment at CIPCO. Financial never before imagined. Our
- We choose not performance continued to reflect the customer / members will be able to play a stability and solid financial condition of large role in controlling their costs of our cooperative. These results were made energy as they select from an array of to passively ,
j powible by the outstanding efforts and senices not typically associated with teamwork of all directors, officers, and electric 1mer providers. The bottom line I cwait our fate at employees of the CIPCO Systems. We are should be better services and lower power grateful for their many contributions and costs for consumers, recognize them as the most distinguishing There will be fewer electric utility I the hands of resource that we have. companies as consolidations and mergers While we are proud of our financial occur. The companies that sunive will be others because performance for 1994, we believe the market driven and efficient. There will be process for setting CIPCO's strategic little time to lament the good old days or l course may have far more profound long- the uneven competitive playing fields ' we think we can term benefits to our members and the betw een investor-owned, municipal and j 100,000 lowa residential and business rural electric utilities. All electric utilities serve our consumers we serve. Our industry is will be compelled to rationalize anew their unquestionably going to experience station in this new competitive unprecedented change in the years ahead. marketplace. markets better As these changes occur we will require We think this new environment is vision in order to perceive them as exciting, that it will be good for the than can our opportunities and not threats; but, more consumer, and that it will be to the benefit importantly, we must possess the courage of ClPCO and our member systems. As a to implement timely revision of our cooperative, we have long understood the competitors. business strategies. In anticipation of these importance of the consumer. Unlike many demands, we continue to refine our of our competitors, our consumers have planning systems and improve our always beer our owners. As a result,it is 1 communications skills. casy for us to embrace a vision of the l The foundation of our strategic future that is customer driven. planning process is the Issue Assessment I and Athisory Group (IAAG) formalized in Significant 1994 Events ' 1N3 to recommend the strategic course IPSCO of Regina, Saskatchewan, for CIPCO. This group includes managers Canada, announced its decision to select a and directors from CIPCO and the site near Alontpelier, Iowa, to locate a l CIPCO Systems. sizable mini-mill facility. Eastern Iowa l During 1993, IAAG developed the 1.ight & Power Cooperative, a CIPCO l long-term vision for CIPCO w hich was System, played a key leadership role in l featured on ibe cover of our 1993 annual making Iowa a competitive alternative for i report. During 1994, this vision took shape IPSCO. This new customer will increase 1 l with the creation of specific strategies and mtal power sales of CIPCO by more than tactical plans for their implementation. 30 percent and will have a significant l Eftectively, mr vision has become economic impact to the area and the State, energized with action as we move on We at CIPCO believe that the IAAG several fronts to execute these programs. l process of the last two years contributed l This effort by the I AAG is ongoing with materially to our success with the IPSCO continuing evaluation of our progress, as project. As a result of our strategic well as with the refinement and revision of
, preparation we were able to respond our mmatives.
.. . quickly and decisively to the opportunity I he future we envision is a presented by IPSCO. While we can't recite deregulated industry w here electric a specific strategy that explains our success, I supphers wdl no longer enjoy most, if any, we do believe we can clearly link the IAAG l of the historic benefits of territorial
] process with the competitive attitude that l _____ - _ - _ _ _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _
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..- y .2 % % k y { f.{ g @ y f. .g }.ll.g,.].]..' g pT g g. g ,, Q gyy.g g y. y n y., 7. p.7. 9q .qy.g..,q' ' '
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f_ ;; [ .y.) ~ enabled us to convert this important ' prospect to a customer and member of the CIPCO Systems. The repricing of high cost FFB debt was completed in 1994. This effort will .
. ;. 4 reduce interest costs more than $2,400,000 L &
each year for many years to come.
- I CIECO, our taxable subsidiary, was restructured during 1994. CIECO's primary purpose is to own property for -
I future use as generation plant sites, to lease l machinery and equipment to CIPCO I Systems companies, and to hold other - properties for future commercial ' i development within the CIPCO Systems' senice territories. CIECO's subsidiary activities have ~ grown to include the operation of Lake _ Panorama National Golf Course, the development of an office and laboratory complex on the Oakdale Campus at the University ofIowa's Research Park, and the addition ofinstitutional fund management and investment banking a' expertise for venture capital and economic development portfolios. These subsidiary We choose not to passively await our l functions now lend stability and a y promising future outlook for CIECO. fate at the hands of othets because we Executive Vice As a manifestation of CIPCO's new think we can serve our markets better than President and CEO strategic attitude, we completed the can our competitors. The first step in this Dennis Murdock development of an interruptible rate for direction was to act upon the belief that we can compete by doing it better.1994 was Ueft) and President commercial customers during 1994. This the year this beliefinspired new James Wenstrand, rate schedule, known as Rate Schedule D, is yet another innovative tool available to momentum thanks to the leadership of the all CIPCO Systems member cooperatives IAAG, some fortuitous external events, and to assist them in maintaining a competitive the splendid teamuork of the directors, posture with current customers and to officers, and employees of our CIPCO compete for new economic development Systems family of cooperatices. opportunities. The successes we've achieved during 1994 are many, but none is so important as New Attitiede the collective' endorsement of the
,' We at CIPCO believe strongly in the conviction that w e have a legitimate claim to the benchts of change and the pouer to fundamental idea of cooperative contml our future. Let others argue at the ownership. We recognize that change will st rting g te as to when the race will begin require us to retool and breathe nelv life and by what rules it u di be run; we accept into our tradm. .onal concepts, but we are confident that these principles are as O'*" '"* P O' ' "F'the"".leadership well pos.'}.'moned to play role appropriate today as yesterday. .I.he . . .
in the new eleta unh.ty mdustry. practice of any cooperative is to deal with customers as owners of the business. In a market driven, competitive, and , deregidated world we think we are . uniquely positioned to compete because of & our tradition of cooperative operation. AntAM) & eA.) l
m ,m m,m ,, Q 3 , l l l When a company learns the science oftransfonnation, change is the ultimate opportunity. Embracing radical new concepts in theface of today's rapidly changing industry may become the nonnal way ofdoing business. Companies may need to , reinvent ihemselves to sm vive.
}
Over the past severalyean, CIPCO has been working with its membership to , l address the changes that were coming. During the pmcess ofadopting an attitudefor change, the board ofdirecton, management, staf], and membership becameforward-thinking, problem-solven ready to meet the challenge that the G&Tfaces in the new competitive arena ofthe utility industry. The waitfor change is over: The new competitive industiy that has evolved requires the CIPCO Systems tojoin forces and develop a long-tenn economic plan that assures success through the strategic use ofresources in the best interest of the member-consumers. Thmugh the work of the issue Assessment and Advisory Group (IAAG), CIPCO is now supported by a network of CIPCO Systems' directors and inanagement. Administrative and Management Report
. Planning These items included:
The work of the IAAG e Announcement inJanuary 1994 of
- ,( ' continued in 1994. the decision ofIPSCO, Regina, The structure of this Saskatchewan, Canada, to construct group includes a and operate a steel mini-mill near a
representative from Afontp> . in Afuscatine County. LN 9 . each of three groups The senice provider is Eastern Iowa within the member Light & Power Cooperative, Wilton, systems: the general one of the CIPCO Systems. IPSCO's v ' . [ L
- manager of each energy requirements will increase total system, a member of CIPCO mWh sales by more than 30 the board of directors, percent. Construction of the mini-mill '.
and their has begun on a 2,000 acre site near LA representative on the CIPCO board of Fair Station. CIPCO's transmission Dennis Murdock, CEO directors. Senior members of the CIPCO plant to serve this load will consist of (center) makes a point during a board meeting as staff also participate. Due to significant 345 kV and 161 kV lines, stations and James Wenstrand, changes impacting CIPCO's situa:ional related facilities. President, and Teresa analysis occurring after the 1993 planning
- Repricing of high interest 12-year Schneider, Executive
- Assistant, look on. sessions, the group had a new set of criteria old Federal Financing Ilank debt. It to examine as they began the 1994 work. is estimated that the penalty for repricing will be recaptured in 3.08
e
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i l years and that the net interest savings bene 6ts of over 100 individual demand per year less amortization of side measures. The list was ultimately prepayment penalties amounts to screened to twelve viable programs.
$2,362,H68. Based on current sales of
- Duane Arnold Energy Center (DAEC).
1,633,273 mWh, this equates to a CIPCO revisited its strategic savings of 1.42 mills per kWh. alternatives regarding DAEC. CIECO restructuring / subsidiary operations. In 1993 the IAAG reviewed current and past operations of Central lowa Energy Cooperative - . y* ',[ l (CIECO). CIECO owns Lake Panorama, the dam and 2,600 acres of
] -
land in Guthrie County, as well as 45 miles of abandoned railroad right-of-way, and twenty 6ve percent of the 1,922 acre Allied Plant Site. Reorganized in 1994, the CIECO s
~
board of directors was expanded from l 6ve to nine directors to allow for more l l representation. CIECO's three subsidiery companics include: Lake Panorama National, Inc. (LPN), Capital Alanagement Associates, Inc. Performance at DAEC has shown clear g (CA1A), and Alyriad Developers, L.C. improvement. On-line electric capacity CIPCO's Executive e IRP Process Improvements. Due to factor has increased steadily over the Committee. From the left: Executive participation of CIPCO departments last three years. Iloiding operation and Vice President & and staffin the Integrated Resource maintenance costs to the rate of CEO Dennis Plan (IRP) process, it has resulted in in6ation, declining capital spending Murdock, vice and overall gradual reduction in President Dale better definition and quality of the Newman,
, input variables and improvement of the refueling duration has resulted m. an analytic tools used in the process. The improvement in the economics of the secretary.
. 20-year load forecast has been updated, DAEC. These factors and the need for Treasurer Duane A'* ** * *d' and a new financial forecast model has economic energy to serve the IPSCO Secretary-been developed. The demand-side load have increased the value of DAEC Treasurer Eldo management (DS.\l) process has as a resource for CIPCO. Meyer, and a Economic Development. Expansion President James j evolved from one that identi6ed the
. Wenstrand.
potential bene 6ts of generic changes m. of business and m. dustry contmues to overall system load shape to a process he a factor in the growth of the that evaluated the specific costs and CIPCO Systems. Pursuing 1
m w. m 7 5.q q g q g'y g g y p g p g n g y ~p r qkn%% y 7 M. mdSO,. , . M21bild f V:% %
- Y opportunities in the targeteil markets as defined by the loua Area Develop-ment Group (IAIXa will enhance the
" success of the CIPCO Systems.
$ 4 7*
l' e External Trends in the Marketplace. 3 p a ~ f N-
\ i H
/ f Over the past tuo years the electrie g -
/- utility industry has undergone a series I
s 1 of dramatic changes unparalleled in the d \ g history of the industry. Underlying these changes has been an accelerating s transition from a monopolistic and i - highly regulated inarket for electricity to one of increasing colnpetition and bi CIPCO's Board of Directors. Back row from the left: Melvin W. Neil, Buchanan deregulation. The transition to a County Rural Electric Cooperative,Inc.; Alvin Lund, Midland Power Cooperative; Ray Hitchcock, Farmers Electric Cooperative, Inc.; Norman L Van Zante, Pella competitive marketplace has clearly Cooperative Electric Association; and Lawrence L. Quinn, Eastern towa Light & come far more quickly and with far Power Cooperative. Front row from the left: Richard G. Mickelson, Rideta Electric Cooperative, Inc.; Wayne R. Wilcox, T.1. P. Rural Electric Cooperative; Keith D. Wirt, gn.ner consequences than anu. .espated Guthrle County Rural C.ectric Cooperative; Franklin G. Walter. Adams County and led Standard and Poors to Cooperative Electric Co.; Phyllis J. Hoge, Linn County Rural Electric Cooperative; E. . ! Wayne Hornocker, Clarke Electric Cooperative,Inc.; and James B. Paper, Marshall conclude in ()ctober 1993 that the County Rural Electric Cooperative, electric utility industry "is in long-term decline." The move of im estor-ow ned utilities to restructure and s # v *- / . . Y
.a- f <,.
/ increase operational cl,hciencies, to
( .
)k .
4 , aggressively pursue opportunities to 3h
't
?j. '
e expand their revenue base, and to d n.ersify into new non-electric markets
^ '
results in their having a much i 3 s improved position in the new
. competitive marketplace. In every Other indnstry that has gone through M
deregulation, once the door is open, CIPCO Systems' Managers. Standing from the left: Melvin D. Nicholas, Eastern towa Light & Power Cooperative; Darrel Heetland, T.1. P. Rural Electric Cooperative; the regulatory structure collapses far Dorothy Postel, Maquoketa Valley Rural Electric Cooperative; Timothy Stewart, more quickly than espected. No Rideta Electric Cooperative, Inc.; John Wietike, Farmers Electric Cooperative, Inc.; and John Smith, Pella Cooperative Elsctric Association. Seated from the left: Ken organization or sector, however ucll Stone, Adams County Cooperative Electric Co. and Nyman Electric Cooperative. inc.; Kir) Colberg, Linn County Rural Electric Cooperative; Frank Mains, Guthrie mmmd pli&dly, has been able to County Rural Electric Cooperative; Tom Killebrew, Clarke Electric Cooperative,Inc.; escape having to compete. Dave Ferris, South lowa Municipal Electric Cooperative Association; and Don Severson, Midland Power Cooperative. Not pictured, Martin Gardner, Benton
- Huy-out Oppomun, nic. Wheats.
County Cooperative Electric and Duchanan County Rural Electric Cooperative, and
.\lacroeconomic phenomena, industry Daniel Bohlke, Marshall County Rural Electric Cooperative.
trends, and capital market perception are comerging to make the acquisition
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m a m m s a m .a a. m a A~uea
- as CIPCO's Subsidiary and AElisted Companies
$ CIRCO I. I I I l
$cuco fdgph ICC IEG IMG
-fmMA ,
lake ' Panorama J u ca c- .
= ,
?. . Central Iowa F.n:rgy - .
.* Lake Panorama Nationd,Inc. lows to stimulate rural development ;
j Cooperative (CIECO) was organized - (LPN), has operated the Lake by investing in businesses with - s ( in 1977 to purchase from bankruptcy < Panorama National Golf . significant growth potential. j
- l. . Lake Panorama and anociated - ' Course since 1991. LPN has - - -
. The Iowa Environmental 4
. properties.'In addition to the - three full-time employees.
{g Group (IEG)is an affiliated $ onginal purchase, CIECO holds title g
*
- E*"' " '.' is a rganizat n that is a j.mn . t venture -
I to the Guthrie County plant site, a l Irp t c mpany at j me
. tween 0, &n Beh Pan , j 7
b . 21 percent share of the Allied Plant .j Coopenun, Nordiwat Iwa Pan , wi na r cw p ent,- YO site in western Iowa and the Wilton . b "Y" Operations Center. CIECO also Inc.,(a subsidiary of Lmn County Rural Electne Cooperative, the Iowa Association of . Electric Cooperatives and Sulbven & -
. )'
J provides the corporate structure for t
.. l the consolidation of CIPCO .
Wendu) to constmet a four Wajd. Due to the mmplexity of the qj building complex at the ' environmental regulations, this ) M - financialinterests and diversifihd L - munity Hwa Oakdale
. gmup was formed to provide legal:
J investments. CIECO has two : Research Park, advice to the RECS regarding EPA? a4
%}@.:. . employees and a 9-member bekrd and -
of'OShmThe IEG ha en d* directors. CIECOh financial
- sistementslare consolidated in'this -
; Group The Iowa Area Development (IADG) was formed in 1985.
;* *r " P e ts e d ,
j
- by CIPCO, Corn Belt Power 8 88 2 mmP*m- j y D report with CIPCOh.'
+
D a. CapN Management AsAxistes nth e and Northwest lows : EThe Iowa Marketing.Grou'p - G
; Power Cooperative to pmmote .(IMG) was organised in 1998 by a
,g' j , economic developmenti n rural; . Jcoalition of G&'Ik serving in Iown to
"e j g g ,9 '
-- lows. IADG is a limited liabili9e.
i develop a statewide marketiaf P ~l.an .. J
, p... . . : manage.the ito meet the wants and needs of the. -
g Iowa Caphalg corporanon with an advisory board - . irepresentmg nu members.; members.The group works to j h
, g ' Prea'at a *W, unM mesuge , 7 I sapinyonsandprovides (The Iowa Capital Corporation financialasel l aneraleemsmidng < (ICC)is afor-profit public/ private
'" * "I" ency, and -
e serwises to business and . venture capital corporation.' . ~ 'I"*IW ' " '" M h # P*"d" Pmgranis minnenen, ^ E , , inseitselnnelcliemia. ~ i established by CIPCO, Corn BeltL. 3 tm e PmWonale, @ and >. j Power Cooperative and the State of ; g , , 3
. directors, and the z
j
'b general pubhc. g' u.
X , Y( li G O kk h L M & u % , i $ s u d.d.i ,.a M , a M a.a :.u w , w + , u .a. L . . : .u :.Jae..J w,d y.4 4
hy huy-out of physical assets, market member systems can help assure strateg.c share, and strategic advantage less load growth by offering cost effective l expensive and more attractive than benefits for DSA1 program participants and more conventional growth strategies. by exhibiting a collective conunitment to In short, the industry and all obtain DSAI objectives. Done properly, companies within it are potentially in pursuing core business development I play as acquisition targets. strategies via an integrated resource plan
- approach will result in lower rates and
- Executive Staff. From the l{ey findings of the 1994 IAAG increased benefits over time for all retail in lud d d y lop n of frainewwk members (i.e., DS.\1 program participants sista t ice President of Corporate Operations; under which measurement of the vision and nonparticipants alike).
j Patrick Murphy, Assistant statement can he made. Several key A list of eleven action items were
"" " " "F coinpleted by the 1994 lAAG with s ness Dev i pment; "mon. "tatement can be truncad inm a I
Dwayne Augspurger, Vice direction to staff to evaluate and President of Corporate realistic and measurable plan of recommend strategies and tactics that may Operations; Craig Fricke, implementation. The answers to these he emph>yed to pursue these identified Vice President of Corporate Planning and opportunities. These will be presented at Business Development; organitational paradigms that will the 1995 sessions of the IAAG. and Richard Anderson, profoundly alter the future. Vice President of Utility Operations, The IAAG determined that CIPCO d(intin/Str(Itit'e Changc5 g can best meet the future energy services in the fall of 1994 the CIPCO hoard needs ofits members through of directors named several vice presidents
- a combination of
- 1) as officers of the cooperative. This was a demand-side management,2) step to title these officers to similar i bulk power purchases and positions of authority within the industry.
sales, and 3) the addition of The following positions were retitled: { supply-side resources (i.e., . Dennis I.. Alurdock, Executive Vice primarily combustion turbine President and Chief Executive Officer (CT) and combined cycle
- Richard Anderson, Vice President of (CC) units). The planning Utility Operations group also fects that the Dwayne Augspurger, Vice President of CIPCO Systems can improve Corporate Operations their competitive position by
- Craig Fricke, Vice Pruident of playing an anive role in creating the future, rather than letting Corporate Planning and Ilusiness others set the pace. Developnwnt CIPCO is bound by the wholesale
- lames Fogt, Assistant Vice President of contract to serve the member systems, via Corporate Operations building or purchasing supply-side
- Patrick Alurphy, Assistant Vice g resources. 'Ibgether, CIPCO and its President of Ilusiness Development
. PIONEER L,onipnter Addittons .
- - ~ ~ . , ,
and Enhancements wsmcvnu~ ~ w.v All of the work done by the CIPCO , staffin preparation for the IAAG includes l 1 hundreds of hours of computer time. The ,l' '> l CIPCO staff has access to the latest technology in computer hardware and software and was able to meet the demands for complicateil, detailed studies to aid the planning process. Not only can employees respomi to recluests for long-term planning situations, but the day-to-day husiness of the cooperative is enhanced e M e [ through this technology. : interaction with the member systems gm continues to imprm e through computer . n:l . :; links uhich provide volumes of data for [N' ' $ .- . s . their use in making informed decismns, . 4r K including distributed report generation, u ,., retail metering data collection, and load Q- N. research'. U CIPCO's accounting infonnation Pioneer Hi-Bred International, Inc., system underwent a tnajor upgrade durm.g invested $2.65 million at the new the year. Coinmunications to the remote Pioneer Livestock Nutrition Center operating centers at Creston, Wilton and near Sheldahl, Iowa. This facility, a cated n 240-acres,is a member of
,\1ontpelier were improved as the system
- Midland Power Cooperative, Jefferson.
was upgraded. This research facility represents a In response to the IAAG tlirective, company wide effort to better understand the forage and feed CIPCO has launched a load research quality characteristics needed by
" E' ., # ' " W'"" #" ""'
today's livestock producer. Not only sultants are uorking on a plan to snatimize did Midland Power see this research l the use of existing data. lly collecting in. center es a great bencfit to the og industry, but it confirmed the formation not currently availahle, a com-commitment of the CIPCO Systems to plete picture should emerge of CIPCO's promoting development in rural lowa. electrical load assets. With this infor- Dick Gosselink. Construction Manager f r Pioneer, expresses it like this. "The mation CIPC() can plan for future grouth speed with which Midland responded and manage present situations in an to our needs, beginning with our informed environment. Computer tech- request for temporary service, was remarkable. They are just an excellent nology makes these kinds of complicated ,,_ group to work with." processes manageable in a timely manner,
9
' ~'
Marketing and 'P""'" r""'Y C' PC" f""he '"c"d*r Commumcations *r*"" C"'C" 6" ""d ""cada"" a"d provided certified instructors supporting CIPCO supports its member systems . the educational efforts of both the member I in their marketing efforts with incentive . sernce personnel and area contractors. dollars in the form of power hill credits . Technical support on a monthly basis and rehates. In 1994 $2,000,000 was Myriad Technology Plaza at comes to the member systems through returned to the Inemher systems, the University of towa such CIPCO in-house publications as 7hc Oakdale Research Park in Alarketing and economic development . lechm. calIlulletin,1he Engineering and Coralville is currently under programs generated sales of i10,000,000 construction. The building /warkus nu tin an at . ach LWhs, and sates contributed over complex is a joint project of carries industry and personal skill Myriad Developers and
$1,750,000 net toward CIPCO's fised informauon to the employees of the Corridor Development, a costs. 'lhenty-two all-electric homes wcre ClPCO Systems, subsidiary of Linn County added to the CIPCO Systems under the Rural Electric Cooperative, Providing publications, brochures, and Alodel 1Iousing Program. These programs who is the electric provider to '
inanuals and assisting with energy filings the Oakdale Research Park, contribute to stahihred rates, increased and mandated reports are onh, the~ This professional complex is load factors, and improsed inemher ideal for firms seeking access . heginning of CIPCO's support services to satisf. action. to a major public research the melnher systems. Research, focus university which annually Dnring 1994 DS.\1 programr were groups, and pilot programs also help the attracts nearly $200.')00,000 in screened and prioritized, and the impacts external funding. Two - enn stay b & forekont of were evaluated from tuultiple perspectives. buildings are currently under today,s competition.
" " " ' " " "N construction. It is expected that the first building will be program effects on rates and revenue occupied by the spring of requirements. The member systems 1995 by UroSurge, Inc., a CIPCO supports business supported load research by providing retail medical devices company' Li; account and substation data to C,IPCO to de\clopment within the CIPCO Systems
, . in a number of ways. Funding is available for sending individuals to approved trade
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., shows. Up to $3,000 per memher system in t matching funds is provided for approved local economic development group .
participation. t: r During 1994 low interest loans were
- g made to ses eral qualifying projects. Grants
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and forgivable loans were approved to qualifying companies by CIPCO's wonomic development conunittee and the i leverage all the existing resources before l CIPCO hoard of directors. embarking into a full blow n metered IADG has provided external assistance research effort. in addition to the annual to incinlm in load aur ction and Gnana packaging. In 1994 IADG placed 25 marketing /conununications workshop
projects in the state of Iowa, adding 865
// I.
/j jobs and $400 million in total investment.
IADG reached a historical landmark in its V endeavors to improve economic growth in . rural areas. Since 1985 IADG has helped - 4 bring $1.3 billion in capital investment to rural Icwa and the service territory of lou a's rural electric cooperative systems. , . ;'/ In 19941ADG moved to a totally . ?, C . electronic and portable database with the , N $
. <j/ $
acquisition of the Iowa .\luttimedia ... .y-o p'. Economic Development Information
. N -
Assets (I-Aledia). This multimedia , 1'l . presentation is being developed in h { conjunction with the Iowa Department of . Economic Development and will allow the staff to present information about Iowa, 4 CIPCO, the member systems, and the sites .
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and buildings they serve from a powerful notebook computer.
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- g are run at minimum output due to more g Capital Atanagement Associates (C.\1A)is a subsidiary of Central lowa costly operation. Sumnut Lake and all -
-. 'eum diesel capacity owned by Sl.\1ECA and ;
l Energy Cooperative and the manager of the Iowa Capital Corporation (ICC). This other municipals are used during peak TJ , periods or in case of emergency. group provides Gnancial and general consulting for CIPCO, the member The DAEC nuclear plant had its ystems, and other business clients. CA1A second best year of production in its M assists in evaluation ofinvestment twenty year history in 1994. The plant Bill Webb, Chief opportunities in buildings and properties. generated over 4.1 million mWh with a Boiternurbine shift capacity factor of 88.1 percent. Safety Engineer, monitors Fair station operations from Operating Report performance at the plant was extremely
'h'*"' "'Th' good, and DAEC operated for the entire instrument panel in the Generation year without a lost-time accident. All of inset represents the CIPCO's generating facilities include these things were accomplished with s400,000 investment in base load units, the DAEC nuclear plant, continuous emissions operations and maintenance expenses on monitoring equipment coal-f: red C,ouned. illuffs L.mt. N.o. 3 and budget and capital expenditures below on Unit No. 2 at Fair Fair Station IJnit No. 2, and the Western budget. station.
Area Power Administration hydroelectric 1994 marked the first full year of allotment. Intermediate units, Eouisa operation of the joint dispatch Generating Station and Fair Statmn No. I arrangement with the merged companies [Q
- - - - - ~ ofIowa Southern Utilities (ISU) and towa Utilities to install switches which benefit Electric, now known as IES Utilities, all customers. Combined operations Along with routine maintenance S resulted in a savings to projects the Creston crews completed a m g CIPCO in overall line modification project in their area for system energy cost. the proposed Three Mile Lake northeast CIPCO's share of the of Creston. They also constructed a 34.5 new energy management kV capacitor bank at the AnitaJunction system and operations substation. and maintenance of the Crews at Wilton were heavily involved dispatch center were also in 1994 with projects associated with the
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decreased by the IPSCO steel mill being constructed in the addition ofISU to senice territory of Eastern Iowa Light & the pool. Power Cooperative near Montpelier. Two Id 69 kV transmission hnes crossing the plant Dreams come true in rural OpcT(1//011S (111([ M(t/11/ cit (111cc site were relocated. The Blue Grass Tap lowa. Ask Ken Dickerson Pow er quality and se. , ice reliability (left), president of S&K was completed and will allow construction Racing Products, Panora. to proceed on a higher voltage line Ken's idea to manufacture consumer, the member systems and ,. iW to sene IPSCO. snd market a radio control CipCO's management and staff. The The CIPCO substation, relay and car kit through auto parts gglj .of electricity to the CIPCO communication people are tuntinually stores and auto racing magazines appears to be on Systems depends on a well-maintained' doing maintenance, monitoring tstget. The lows Capital reliable network of high-voltage performance, and testing new technology Corporation (ICC) has transmission lines, substations, switching invested in S&K Racing. to ensure all equipment meets the demands Capital Management
**"d"" " 'C""""""iC" ti""S I Cili tics' of the system. Additionally, within the Associates (CMA) manages Keeping this system in the best possible Integrated Area CIPCO supenised private the ICC. Jude Conway (right), condition allows CIPCO to provide the contractors tightening hardware, adding qu hty nd U bihty that is expected. The arresters and completing substation clos y with I companiesin the ICC portfolio. Bringing p nn ng o a enance aml conmucdon projects.
industry to rural lowa is an ongoing process which must keep Under CIPCO's new-to-replace-old l snhances the economic pace uith the requirements of the CIPCO future of the state. S&K (NTRO) EtoEram,26.45 miles of Racing is in the electric I ' " "E "Y 'f transmission line w ere rebuilt in 1994. The service region of Gutt rie improvements and maintenance projects program was put into affect in 1986 with a County REC, one of the uere completed. Dal of replacing 3 percent of the cooper- ! CIPCO Systems. llemote motor-operated switches have ative's older unshielded lines each year with i prmen to be invaluable in senice new shielded line, thus reducing exposure restoration. The Creston and Wilton areas during storms. Approval was given in 1994 continue to monitor strategic locations to by the Power Supply Conunittee and the install this type of switching. In the CIPCO Board of Directors to expand the i Integrated Area CIPCO works with IES NTRO mam by rebuilding 7 miles
, _ _ _ _ _. _ _ _ _ ~ _ . = _ . . _ . _ . . _ . . . _ . _ . . . _ . . . _ _ _ _ _ _ . _ _ _ . _ _ _ _ . . . _ _ _ . . _ _
- W One of the commercial buildings that Linn County Flural Electric Cooperative, 4
. Marion, serves actually houses two industries in ; Hiawatha. CCB Packaging i ? provides three services for other businesses: 1) packaging of commercial products,2) display units for grocery stores to advertise a 4 product, and 3) service as a distributor and warehouse. 1 Personal Safety Corporation per year of the aging system in the that the computer simulation results will (PSC) manufactures and nationally markets crime Wilton Area. give an accurate representation of the real prevention personal safety New line construction in 1994 includ- system. CIPCO continues to emphasize products. A sample of their I
ed 9.8 miles of 69 kV line known as Rock the goal of providing safe and reliable product line would include Creek to Clinton. This line w as con- service to the member systems, and the 'P Y '"d " ' d* *I* **' " well as anti break-in structed using 161 kV specifications. A 4.0 future loint planning practices of the equipment. The company has i mile tap to the Ilig Creek REC Substation Engineering Planning group help achieve expanded considerably in the that goal. past four pars. Below, Dick was put into service near Sheldahl. l Olson, PSC's Senior Vice ' l For several years CIPCO and IES President of Sales and l f II$##Iff#'###$ Utilities have been installing a new Energy Marketing, stands beside a ] For several years now CIPCO has Alanagement System WA1S). The EAIS product display rock used in j made engineering planning a regular part provides monitoring and control over the i of doing business. With the outlook for the encration and transmission systems, but future changing as rapidly as it is, flesibility do allows for more efficient operation may be the key to success. The through Automatic Generation Control , Engineering Planning group, as the result and optimum scheduling and dispatching of this need,is carefully considering many of units. CIPCO has installed an EAIS w. I alternatives in making decisions for Qa L.ij l terminal at the Cedar Rapids office. l tomorrow. This group meets regularly with This terminal allows Operations and f planning groups from neighboring Engineering personnel to monitor the day- ' investor-owned utilities to identify to-day operation and performance of the l potential future problem areas in the system. They see exactly the same i transmission system, to perform computer information that is available to the system simulations and area studies, and to l dispatchers at the IES Utilities control i 9 recommend solutions to these potential center. The EA1S functions allow advanced problems before they become a reality. l SCADA capability and for historied and j Estensive computer models of the statistical data to be compiled in a manner a transmission system are maintained and that is useful to entineers from both ,- . M coordinated with neighboring utilities so l l
q ,
^ expenses for monitor installation and companies. A program will be available soon that will allow engineers to take a permit fees at these plants.
" snapshot" of the existing system conditions and perfonn "what ir Financial Report simulations moments before an operator The board of directors and staff are action is required. Dispatchers will be able committed to keeping CIPCO in a strong to make the best possible decisions and financial position. The solid financial increase service reliability to the members. performance for 1994 continued the trend of maintaining our positive operating !
E,nvironntental Profile , results. ' The Creston crew is working on a 3 pole lished neady 70,000 pages of Oj;c7fffjng Regnffy structure on Three Mile Environmental Protection Agency (EPA) The consolidated financial statements Lake crossing. Tim Root, and Occupational Safety and llealth reflect a net margin of $1.9 million. During 11ft, and Joe Feld are ready to dead end the m n stration % W regulJdons in the ]994 SI.8 million in patronage Was ) conductor they have Federal Register during 1994. In most allocated to the members, and the 1973 ) installed. cases these regulations convert into added patronage dividend of nearly 50.2 million W cost to electrie utilities, was returned to the members. At the end of
% g"4 q1 / The Clean Air Act 1994, member equity totaled $39.5 million m=#/ w /- Amendments of 1990 resulting in a 15.1 percent total equity v . .
f contmue to merease the capitalization as compared to 14.9 percent
%[/
' cost of doing business for CIPCO. Installation ratio in 1993.
' [ 1994's total energy sales of SH3.2 I i a a continuous minion ,emainca the same as i993. The 3
y emissions monitor on
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/ 7 F demands were lou er than forecasted and Fair Station Unit No. 2 the total 1994 budgeted demand charge in 1994 cost $400,000-f[ was not collected. The revenue per
(
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j Annual operation and kilowatt-hour averaged 50.93 mills /kWh as g %y - mamtenance expense is compared to 50.95 mills /kWh in 1993. f p [" 4 expected to be S!0,000. g Purchased power dropped dramatically hy 3 j Annual pennit fees are from 59.5 million to $6.1 million because f # , [ required for Fair Station the DAEC remained on line all year. Y jp , '!.s j. j' ' and Sununit Lake based During 1993, the DAEC was offline for
'M j
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E . , on tons of emissions per scheduled refueling and additional power p o - year from these fossil had to be purchased. The increase in fueled plants and total production plant fuel of $2.5 million
$275,000. The fossil resulted from a 27 percent increase in I
fueled plants at Council megawatt-hours generated by the DAEC. Illuffs and Louisa were Except for one FFB note, CIPCO's also affected by the new regulations, and as long-tenu debt repricing was concluded in joint owners, CIPCO saw increased 1994 with a total of $73.9 million of debt t . - . . _ - . - - - . ,
repriced. This will decrease the net interest expense approximately $2.4 million annually over the remaining life of the outstanding debt. A related $8.5 million , , was paid as a repricing penalty and will be q" ~ l amortized over the life of the repriced debt m, E l in the amount of approximately 50.4 y%7 # . million per year. A portion of the repricing . 1 penalty of $3.9 million was financed through the increase in long-term debt. , Assets me m Consolidated total assets are $297.7 'C.'- L "Le - million, an increase of $9.0 million from a -
- . j a .
s
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year ago. Net electric plant increased by ..~
$0.4 million, non-utility property by 50.6 million, investments by $2.3 million, u
current assets by $1.0 million and deferred Eastern Iowa Light and Power Cooperative, Wilton, serves the Iowa City charges by $4.6 million. The large increase Wastewater Treatment facility. The sanitary sewer collection system transports in deft tred charges is the result of the wastewater away from homes, businesses, industries, the University of Iowa and the county landfill. The most recent construction resulted in the third expansion 1994 penalty on the FFil interest rate to the original plant and completion of an entirely new treatment system three repricing, miles south of Iowa City. According to Dave Elias, Division Supervisor, plans are CIPCO adopted Statement of underway to double the size of the new facility by 1996. Financial Accounting Standards No. I15 l onJanuary 1,1994, which changed the committee reviews CIPCO's rate structure k - reporting on the decommissioning funds and reconunends to the board appropriate $j from actual cost to the current market billing arrangements and rate structure 3 2.E value of the fund. The impact of the changes.
,. m adoption of SFAS No. I15 was a decrease CIPC(Ts Times Interest Earned Ratio .l
'I . , .ll h in value of approximately $52,000. This (TIER) for 1994 was 1.13, compared to [- * \ .
decrease was reflected in the 1994 net margin. 1.16 for 1993. The Debt Service Coverage (
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(DSC) ratio was 1.25 for 1994 and 1.30 for '
. r-1993. CIPCCys ratios continue to be in Nates and Nat!OS cxcess of the minimum requirements for Strategic planning is the key to debt compliance, which are 1.00 for both Ea survival in the era ofincreased Brian caffey, operator, R DE GPC(Ts equity to asset competitiveness and CIPCCTs directors . . oversees testing and ratio remams strong at 13.3 percent up and staff are committed to proactivelv monitoring at the from 13.1 percent the prior year. laboratory at the lows address twues in order to remain a Equity to asset ratios for CIPCO,s City Wastewater competitive power supplier in today's Treatment Plant.
member REC,s averaged 4.,.3 percent for tough market. The lludget/ Rate 1994, and equity as a percentage of
19 * " capitalizat. ion was 45.2 percent for 1994. by additional long-term debt of $10.9 p , y These ratios compare fasorably to million. I'.nding cash and cash equivalents b " U 1993 results. totaled S21.2 million at 1)ecember 31, 1994, a net increase of S2.5 million. (. -
. . :, e
.l Financial Goals and Outlook
. . ~,....'..M
.. CIPCO's board of directors has a
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.s. .1 ( .); ; mission to review and recommend financial AA:, .5
\ pol cy guidelines that will contribute to
,- %. ggy. .: mamtainmg and enhancing its financial
.[i.- '
.,,, g .
e strength and stability. U I "
. I)uring 1995 the board of directors will I E'p- presuremp"*' .
review, redefine and establish new rates and I
..e.. w" '
Inonitor equity development }dans,
- . financial ratios, debt / equity and 1
y equity / asset ratios. Adherence to these and One mark of a thriving Cash Flow other sound financial goals and the community certainly Net cash provided by operating inaintenance of our strategic planning I could be that it has a activities was $19.2 million, w hile the net process and focus will position CIPCO to ! Mcdonald's restaurant. I This one is served by cash used in investing activities totaled meet the challenges of the future and Stuart Municipal, a $15.8 million. Investing activities consisted provide even greater value to its members. SIMECA member and primarily of net electric utility plant one of the CIPCO E" ^" '""""""# Systems. SIMECA recently completed fuel purchases of $3.8 million.
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negotiations with ]?inancing activities during 1994 used
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CIPCO for the 12 cash of $0.9 million. Principal payments purchasing municipals on a long term on ong-terin (Mt antl the payment of wholesale power the l'i'll repricing penalties w ere offset contract. .,
.P
hl This aerial photo of the Boone to Grand Junction 115 kV line shows the right of way clearing that is done to keep the lines free of debris and underbrush and ensure greater service reliability. s
r m #m Peat Marwick LLP 2500 Ruan Center P.O Box 772 i Des Moines,IA $0303 A
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The Board of Directors
- i. 9 Central towa Power Cooperative y
p k;e We have audited the accompanying consolidated balance d shee Cooperative and subsidiary as of hDecember flows for the years31,1994 then and statements of revenue and expenses, members'bli equity, and cas f h Cooperative's d ended.These consolidated financial statements are the responsi i ty o t elida management. Our responsibility is to express an opinion on these conso statements based on our audits. We conducted our audits in accordance with generally accep Those standards require that we plan and perform the audit to o An audit includes about whether the financial statements are free of material m examining, on a test basis, evidence supporting the amounts i il ansignificant ed and statements. An audit also includes assessing the accounting pr nc sentation. Wep es us estimates made by management. as well as the overall fmancial statemen believe that our audits provide a reasonable basis for our opinion. g i (. In our opinion, the consolidated financial statements refe all material respects, the financial position of Central lowa as of December 31,1994 and 1993, and the results ll of their ted operations and their cash flows for the years then ended in conformity with gene accounting principles. KPMG Peal k ajudeJe> u) y February 24,1995 p. e
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4 Central Iowa Power Cooperative and Subsidiary Consolidated Balance Sheets December 31,1994 and I993 1994 1993 , Assets (Note 6) IElectric utility plant, at cost (Notes 2 and 9): , In senice $ 327,141,824 316,416,467 I,ess accumulated depreciation 132,276,176 124,731,927 194,H65/>4H 191,6H4,540 Construction work in progress 7,535,H I 1 9,721,459 Nuclear fuel, at cost less accuinulated amortiration of 548,496,181 in 1994 anil 543,909,905 in 1993 13,H47,908 14,409,580 Net electric utility plant 216,249,367 215,815,579 Non-utility property, at cost less accumulated depreciation of $983.3H7 in 1994 and $1,139,027 in 1993 (Note 3) 9,415,965 H,760,131 Investments: Investments in associate $1 organizations 9,805,23 H 9,790,651 Imestments-decommiwiomng funds (Note 4) 12,296,573 9,949,036 Other investments 1,731,063 1,767,H74
'Ibtal investments 23,H32,H74 21,507,561 Current aucts:
Cash and cash equivalents: Cash, general 1,793,673 4.583,061 Cash, construction 265,035 72,607 Cash equivalents 19,157,932 14,052,113 Accounts receivable, members 7,065,457 7,404,324 Other receivables 557,785 563,141 l'ossil fuel, materials and supplies 6,980,093 4,165,669 Prepaid espenses 503,629 H 32,056 Interest receivable 91,124 69,066 I)cferred charges 754,99H 4,442,270
'lbtal current assets 37,169,726 36,184,307 Deferred charges 11,001,26H 6,442,156
$ 297.669.200 288,709,934 Capitalization and Liabilities Capitalisation:
Alembers' equity: Membership t'ces $ 1,700 1,700 l Patronage capital 18,334,H2 H 16,724,266 i Other equities (Note 5) 21,129.262 21.019,707
'Ibtal inembers' equity 39,465,790 37,745,673 1 ong-tenu debt, less current maturities (Note 6) 221,732,790 215,429,551
'Ibtal capitalitation 261,19H,580 253,175,224 Current I.iabilities: .
Current maturities oflong-term debt (Note 6) H.386,03 3 7,294,479 Accounts payable 5,325,005 5,024,996 Accrued property taies 5.186,663 5,131,313 Accruni mterest 2,311,635 2,553,450 Other iccrued expenses 249,413 243,109 l Aihances from members 300,000 2,400,000 Special assessment - 81.130
'lbtal current habihties 21,75H,749 22,728,477 Other liabilities:
Decomminioning reserves 11,920,177 10,325,365 Special assessment 2,498,169 2,413,952 Other 293.525 66,916
'Ibtal other habilities 14,711,H71 12,806,233 Commitments and contingent liabilities (Note 10) 9 See Aasmpanying Notes to Consolidated Financial Statements,
I Consolidated Statements of Revenue and Expenses Wars Ended December 31,1994 and 1993
. 1994 1993 Operating revenue: ,
. Electric: 1 Energy sales S 83,185,169 83,213,839 Rent of pmperty 640,247 609,425 Aliscellaneous 549,030 575,471 Other 1,339,945 1,830,006 "Ibtal operating revenue 85,714,391 86,228,741 Operating expenses: 1 Purchased power 6,118,306 9,492,228 Operations: Production plant - fuel 14,572,366 12.128,164 Production plant - other 14,988,557 13,160,510 Transmission plant 1,706,780 1,654,905 Alaintenance: Production plant 6,798,431 5,593,330 Transmission plant 1,352,172 1,656,764 Sales and information actisities 1,725,399 1,493,870 Administrative and general 3,737,015 3,831,890 Depreciation and amortization 11,375,564 10,799,746 Decommissioning provision 1,594,812 1,770,725 Property and other taxes and insurance 7,182,612 7,044,412 Other 1,546,230 1,963,244
'Ibtal operating expenses 72,698,244 70,589.788 Net operating margin 13,016.147 15,638,953 Other revenue:
Investment income 2,436,105 1,256,945 Patronage capital allocations 151,185 183,394 Aliscellaneous income 404,024 447,517
'Ibtal other revenue 2,991,314 1,887,856 Net margin before interest charges 16,007,461 17,526,809 Interest charges:
Interest on long-term debt 14,333,960 15,377,566 Allowance for borrowed funds used during construction (236,054) (316,436) Net interest charges 14,097,906 15.061.130 Net margin S 1,909,555 2,465,679 See Accompanying Notes to Consolidated Financial Statements. 1 I l
CentralIowa Power Cooperative and Subsidiary Consolidated Statements of Members' Equity ) hars Ended December 31,1994 and 1993 > l ) Total . l Alembership Patronage Other inembers' l ! fees capital equities equity l l Italance at
- l December 31,1992 $ 1,700 14,724,266 20,554,028 35,2 '9,994 '
l l Net margin - - 2,465,679 2,465,679 Patronage capital allocateil - 2,000,000 (2,000,000) - ( flalance at December 31,1993 1,700 16,724,266 21,019,707 37,745,673 l l Net margin - - 1,909,555 1,909,555 Patronage capital paid - (I H9,438) - (189,438) Patronage capital allocated - 1,800,000 (1,800,000) - l l Italance at December 31,1994 5 1,700 18,3 34,H28 21.129,262 39,465,790 l
-= !
Ntf iltcoINf96 hying Notts to Consolit$atttl $'inancial Statt!Nettis. l l l I, 1 I 1 \ l i l i 1 l l l _.m.J
Consolidated Statements of Cash Flows nars Ended December 31,1994 and 1993 1994 1993 C=h flows from operating activities:
. Net margin S 1,909,555 2,465,679 Adjustments to reconcile net margin to net cash
, provided by operating activities: L Depreciation and amortization of electric utility plant and non-utility property 10,208,176 10,294,114 Amortization of deferred charges 5,028,784 3,034,275 Amortir.ation of nuclear fuel 4,586,276 3,234,458 Decommissioning provision 1,594,812 1,770,725 Patronage capital allocations not received in cash (92,303) (183,394) Amortization ofinvestment premium 10,560 15,840 l Amortization of repricing costs 311,284 33,532 l Gain on disposal ofinvestments in associated organizations - (270,936) Gain on disposal ofinvestments - decommissioning funds (550,309) - ; Unrealired loss on investments - decommissioning funds, net 52,378 - 1 Interest income reinvested (612,014) (297,927) Decrease in receivables 344,223 233,344 (Increase) decrease in fossil fuel, materials and supplies (2,814,424) 1,315,929 i i Decrease (increase)in prepayments and interest receivable 306,369 (307,131) l Increase in investments-decommissioning funds (1,248,152) (1,780,(X)0) Refueling outage and other costs deferred - (3,907,500) Increase in accounts payable, accrued liabilities, and other liabilities 346,157 3,645,607 Decrease in special assessment (222,077) - Net cash provided by operating acthities 19,159,295 19,296,615 Cash flows from investing activities: Additions to electric utility plant, net (11,154,360) (9,895,454) Additions to non-utility propeny, net (915,993) (212,958) Purchases of nuclear fuel (3,813,521) (4,161,904) l Purchase ofimestments in associated organizations and other im estments (65,525) (585,864) Receipt of prior years' patronage capital allocation 142,216 183,887 Pn,ceeds from disposal ofinvestments in associated organizations and other investments 37,836 840,469 Net cash used in investing activities (15,769,347) (13,831,H24) Cash flows from financing activities: Decrease in advances from members (2,100,000) (547,064) Principal payments on long-term debt (7,393,442) (9,159,409) Proceeds from long-tenn borrowings 10,860,000 22,987,000 Patronage capital paid (189,438) - Interest rate adjustment repricing costs (2,058,209) (2,510,983) Net cash (used in) provided by financing activities (881,089) 10,769,544
. Net increase in cash and cash equivalents 2,508,859 16,234,335 Cash and cash equivalents at beginning of year 18,707.781 2,473,446 Cash and cash equivalents at end of year S 21,216,640 18,707,781 Supplemental disclosure of cash flow information:
Cash pavments for interest S 14,112,378 12,899,716 Supplemental disclosure of non-cash investing and financing activities: Additional lone-tenn debt incurred to reduce interest rates on Ione-term debt S 3,928,235 - See Accompanying Notes to Consolidated Financial Statements, , . .
h* " CentralIowa Power Cooperative and Subsidiary Notes to Consolidated Financial Statements December 31,1994 and 1993 Note 1: Stensmary ofSignificant Accounting - (a) liasis of Accounting The comolidated financial statenents include the accounts of Central lowa Power Cooperatise (the Cooperative) and its maiority ow ned subsidiary, Central low a Energy Cooperatise (CIFCO). The Cooperatise is an electric generation and transnussion cooperatise prmiding - u holesale electric ser&c to its 16 members. CIECO owns certain power plant sites, includmg a lake and dam suitable tier construct on and operanon of an electric pencrating plant. CIECO also operates a golf course. All significant intercompany balances and transactions have been chminated in consohdanon.
'I he accounting records of the Cooperative are maintained in accordance with the Uniform System of Accounts prescribed by the Rural Utilities Senice (R US). The Cooperatise is not subject to esternal regulation other than by the RUS.
Ihstnbution of margins of the Cmperative and CIFCO (collectiscly, the Compan>) are made in accordance with the provisions of the Cinic of low a. (b) I'Icetric Utility Plant I)cpreciation of'clectrie utility plant in service is provided mer the estimated useful hses of the respective assets on the straightdine basis. Mamtenance and repair of property and rcplacement and renewal ofitems determined to be icw than umts of property are charged to npeme. Replacement and renewal ofitems considered to be units of property are charged to the property accounts. At the time properties are dnposeil of, the origmal cmt, plus cost of remm al less sah age of such property, is charged to actumulated depreciation. (c) Nuclear Demmmiwinning flased upon a ute-speatic study completed in 1993, the Cmperatise's share of the costs to decommission the Duane Arnold Energy Center (I)M C) is estnuated at S73,000,000 in 1993 dollars. Such deconunissioning costs include the cost of decontamination, dismantlement and sue restoranon in accordance with the Nuclear Regulatory Commiwion guidelinn. The study recognizes that spent fuel storaye facilities will be actne for 5 cars S after operations chese, but the ont to thspose of spent fuel is not considered a decommissioning espense. I he Cmperatis e indudes a prm-ision for dninsal in its nudear fuel espense. The site 4pecific estimate is being used as the basis for deconunisiioning funding. For purposes of deseloping a decommissioning funding plan, the Cooperatise awumes decommissioning costs will escalate at an annual rate of 5 percent. The funding plan assumes decomnuwiomng wdi start in 2014, the antiapated plant shutdown date. The deconunissioning costs are being recognized mcr the espected service life of the plant and are imluded in the cooperames seruce rates. At December ll,1994. the Cmperative has 512,296,573 in investments set aside for deconunissioning. (d) Non-utility Property Non-uohty pmperty is cerried at cost Icw accumulated depreciation. Depreciation is computed by the straicht-kne method over the estunated useful Inn of the respectise awets, which range from 5 to 10 years for equipment, and 33 to 40 years for the dam, operation center, and conference center. 'l he golf course lease is being amortized on the straightdine method mer the term of the lease, approumately 41 years. (c) Allowance for Funds Used During Construction The allow ance for funds used dunng construction represents the estimated cost, during the perioJ of construction, of horrowed funds used for construaion purposes. The mmposne rates used to calculate the allowance for 1994 and 1993 were apprmimately 5.5 percent and 43 pt rcent, rnpectis ely. (f) Nuclear Fuel The cost of nuclear fuel, including capitalized interest and tases, is being amortized to fuel npeme on the basis of the number of units of thermal energy produced in relatiombip to the total thermal units opected to be pnaluced over the life of the fuel. Nudcar fuel expense induda a prousion for estimated spent nudcar fuel dnposal cost w hich is being mllected currently from members. (g) Fouil Fuel. .\laterials and Supplies Fossil fuel, materials and supphes are stated at monng average cmt. (h) Imntments imestments in as.owted organizations consist primarily of apprmimately SU,00,000 in capital tenn cernficates iwued by National Rural Unhties Cooperatn e finante Corporation (Cl C) and member, hips in other cooperatn n. These investments are stated at cost, adjusted for patronage capital alh> cations. Im estments - decommissionmg funds consist primarily of U.S. Treasury notes, other innds and notes, conunon stock in i money market funds. Under Statement of Financial Accounting Standards No.115 (SFAS No.115), which was adopted effectisc January 1,1994, these imnnnents are comidtred tradmg securities and are stated at market. The impact of the adoption of SFAS No. l15 was not material and is mduded in 1994 net margin. Other imntments c' onsist prunanly of an myntment in a senture capital corporation in whi(h the Cooperatise owns apprmimately 31 percent of the mting shares and is accounred for on the equity method. (i) Pemion Plan The Company's pohcy is to fund pemion msts accrued. (j) Deferred Charges Deferred tharges comist prinapally of a one-time fee for spent nuclear fuel u<,ed to generate dcctricity assessment estahinhed hv the Energy Polict Att of 1992 foi decontanunation and deconuniwinning of the l) prior to Ap faahtie , and repriang cmts incurred to obtam lower interest rates on long-term debt. '! hoe msts are being recmcred through rates over vanous amortizanon penods as follows: the one-time fee for spent nuclear fuel,13 vears enthng in 1998; the special assessment,15 years enthng m 2007; and the repncing emts,17-21 years ending in 2014. The amount of these cmts to be amortized m 1995 has been reflected as a current asset on the balance sheet. I mm i
I i 1 l
. (k) Cash Equivalents -
. Cash equivalents of $19,157,932 and $14,052,113 at December 31,1994 and 1993, respectively, consist of CFC commercial paper
. and principal payments on mortgage notes paid in advance of the due date. For purposes of the statements of cash flows, the Company considers all highly liqmd investments with original maturities of three months or less to be cash equivalents.
(1) Fair Value of Financial Instruments Fair value estimates, methods, and assumptions are set forth below. Cash and Cash Equisalents, Accounts and Other Receivables, Interest Receivable, Accounts Payable and Advances from Members The carrying amount approximates fair value becaun of the short term nature of these instnnnents. Investments ' it was not practicable to estimate the fair value i vestments in associated organizations. The investments are carried at their original cost, adjusted for patronage capital alb. ans. The untraded capital tenu certificates currently bear interest at 3 percent to 5 f percent and pri,marily mature in 2020 through 2080. The patronage capital alkications are noninterest-bearing and mature based upon the grantmg cooperatives' policies. The fair value ofimestments-decommissioning funds is based on quoted market prices published in financial newspapers or quotat ons received from securities dealers. At December 31,1994, the esumated fair value of investments-decomnussioning funds was $12,296,573, long Term Debt The fair value of long-term debt is calculated by discountin scheduled cash flows throuFh maturity using estimated market discount rates. The discount rate is estimated using the rates current offered for long-term debt of similar remam, m F maturities. At December ll,1994, the Company estimated the fair value o its long-tenn debt as $210,000,000. I. imitations 1 Fair value estimates are made at a specific point in time, based on relevant market information and infonnation about the financial ( instrument. Ilecau e no market exists for a portion of the Company's financial instruments, fair value estimates are based on judgments re gardmg current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in natt.re and invohc uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. (m) Restatement and Reclassifications Certain amounts for 1993 have been reclassified to confonn to the 1994 presentation. Note 2: Electric Utility Plant in Savice ' The maior classes of electrie utility plant in service at December 31,1994 and 1993 and depreciation and amortization for 1994 and 1993 are as follows: Depreciation and Composite Cost amortization rates 1994 1993 1994 1993 % Intangib,le plant $ 289,298 287,176 6,121 6,643 4.00 production plant 230,215,863 226,643,018 7,301,792 7,295,770 3.10-3.50 Transmission plant 89,443,205 82,397,943 2,156,597 2,187,771 2.75 Distribution plant 454,256 454,256 12,915 12,915 2.75 General p! ant 6,739,202 6,634,074 470,392 456,127 3.00-16.00 Electric utihty plant in service $ 327,141,824 316,416.467 9,947,817 9.959.226 Note 31 Non-utility Property At December 31,1994, and 1993, non-utility property consists of the following: j 1994 1993 plant sites held for future use: Guthrie County $ 2,687,809 2,687,809 Minouri River 1,845.251 1,845,251
- 1. ale and dam . Guthrie County 1,228,609 1,228,600 Wilton operation center 650,000 650,000 Equipment 1,412,098 1,427,869 Golf course property and eqmpment 1,520,337 1,507,510 Other pnq>erty 1,055,248 552,310
$ 10,399,352 9.899,358
Central Iowa Power Cooperative and Subsidiary Notes to Consolidated Financial Statements December 31,1994 and 1993 - Note 4: Investments-Decommissioning Funds - At December 31,1994,in estments-decommissioning funds consisted of the following: Amortired Unrealized Unrealiicd Alarket - l Cost Gains 1.oses Value l U.S. Treasury notes $ 4,016,875 - 177,515 3,839,360 { Other bemds and notes 1,364,987 64,45H 46,481 1,382,963 l Common sto(L 3,6H H,045 291,360 174,213 3,H05,192 Aloney market funds and other 3279,N5 - 9,987 3,269,058 l
'Ibtals $ 12,348,951 3 5 5,H l 8 408,196 12,296,573 l
l Note 5: Other Equities l At December 31,1994, anil 1993, other equities consist of the following: 1994 1993 Unallocated margin $ 1,909,555 2,465,679 Resene for contingent losses 12,727,630 12,727,630 l Surplus 6.492,077 5,H26.398
$ 21,129,262 21,019,707 The resene for contingent losses is a discretionary resene established by the Company for unexpected future losses.
Note 6: Long-term Debt At Daember 31,1994, and 1993,long-term dcht consists of the following: 1994 1993 RUS,2% and 5% mortgage notes payable, due in quarterly imtalknents apprmimating 51,384,000 adjusteil quarterly, including interest, maturing through June 2019 5 60,991,334 58/,48,041 Federal Financing llan!:(FFil),5.418% to 12.506% mortgage notes payable, guaranteed by the RUS, due in quarterly installments approximating $3,013,000, including interest, maturing from December 2010 through 2020 132,096,719 130,989,2H2 Cl C,7% mortgage notes payable, due in quarterly installments approximating
$293,000, ir.cluding interest, maturing from December 2006 through December 2015 9,74H,831 10,476,456 Cl C, variable interest rate (6.2% at December 31,1994) notes payable, due in quarterly installments apprmimating $272,500 adjusted quarterly, including interest, maturing through Alarch 2027 14,300,405 H,5 53,43 3 CFC, variable interest rate (6.2% at December 31,1994), notes payable, due in quarterly instalknents apprmimating $27,000, including interest, maturing through September 1999 516,726 600,665 CFC,6.125% mortgage notes payable, due in quarterly installments approximating $56,800, including interest, maturing through Alarch 2014 2,559,050 2,626,959
- CFC,9.75% mortgage note payable, due in quarterly installments approximating $19,700, J incluthng interest, maturing through December 2008 600,621 619,961 i
Cooperative members, variable interest rate (4.3 5% at December 31,1994) unsecured notes payable, due in quarterly installments approximating $31,000, including interest, maturing on December 31,2005 914,417 1,138,841 City of Council illuffs, Iowa 5.70% to 6.125% Pollution Control Resenue lionds guaranteed by CFC, due in semi-annual installments ranging from $75,000 to $165,000, maturing on December I, 2007 3,090,000 3,240,000
- I.ouisa County, Iowa, 3.40 % - 4.65 % Pollution Cunttof Revenue lionds guaranteed by r CFC, due m annual installments ranging from $220,000 to $305,000, maturing on December 15,2003 2,345,000 2,560,000 Fastern lowa 1.ight and Power Cooperatise,4% - 7% capital lease obligarmns, due in quarterly installments. meluding interest, approximating $109,000 thmugh second quarter 1998, and $50,000 adjusted quarterly thertafter through 2011 2,934,795 3,244,319 Note payable,9.5%, due in annual instalknents apprmimating $6,500, including interest, maturing Januarv 1999 20,925 25,073
'lbtal long. term debt 230,118,823 222,724.030
- 1. css current maturities H,3H6,033 7,294,479
'thral long-term debt, icw current matunties $ 221,732,790 215,429,551 L- -
The aggregate maturities oflong. term debt for each of the five years subsequent to December 31,1994 are as follous: PW5, 58,386,03 3; 1996, 58,25 3,539; IW7, 58,771,003,1998, 59,101,H78 and 1999, 59,300,420. At December 11,1994, the Cooperative had $10,00),000 of unadvanced funds available under a short term line of credit agreement with CFC which expires in November, PMS, and approximately 523,0W),000 of unathanced funds available for various construction projects.
, All swers of the Company are pledged to secure the long-term debt to RUS, FFil and CFC.
Note 7: Pension Plan . The Company participates h nmiti-employer pcmion plan w hich covers substantially all employees. The accumulated plan benefits and net awets of the plan are not determiw' or allocated separately by individual employer. Pension expense for the years ended December 31,1994 and 1993 announted to $161,000 and M19 fM)0, respective!y. Note 8: Income ' lax Status The Cooperathe is a nonprofit corporation under the laws of Iowa and is exempt from federal and state inemne taxes under applicable tax law s. CIECO is organized as a enable cooperathe under the laws of Iowa. At December 31, P194, CIECO had net operating hiss carr> forwards of appnnimately $1,540,000 for federal income tax purposes available to reduce future federal taxable income through 2008. CIECO aho has unused investment en credits of apprmimately $44,(xx) available to reduce future income tnes through 2(XX). For Gnancial reporting purposes, a [untion of the tax low carr> forward and unused imestment tas crethts have been applied to eliminate net deferred tax credits. 'lo the extent the tax low carr> forward and imestment tas credits are used to offset income taxes for tax purimses, net deferred tax crechts will be restored at the then current rates. Note 9: Jointly owned Electric Utility Plant The Coverathe's share of jointly owned generating facilities as of December 11,1994, is reflected in the following table. These facilities provide apprmimately 50% of the Cooperatne's total generating capacity. The Cooperative is required to prmide Gnancing for its share of the units. 'the Cooperative's share of expenses awociated with these units is included with the appropriate operating expenses in the statements of revenue and expenses. The following table provides the net balance recorded in the Electric-Utility Plant by facility, at December 31,1994. Percentage Capacity Electric
- l'acility Ow nership MW Utility Plant Net DAFC 20.0 % 106 5 H3,701,618 Council Illoffs Unit No. 3 11.5 78 25,276,104 1.nuisa Generating Station 4.6 30 20,372 000 Note 10: Commitments and Contingent Liabilities
'Ihe Cooperathe has entered into an agreement w1th IPSCO Inc. to provide electrical service for IPSCO Inc.'s manufacturing facility under construction in Montptlier, Iowa. In accordance with the agreement, the Cooperative must furnish and maintain certain transmission facilities, transmiwion lines, switching stations and other items (collectively " Facilities"), as denned in the agreement. The Cooperative will be respon ible for up to 523,000,000 of the cost of constructing the Facilities, subject to certain conditions as defined in the agreement. Upon completion of its manufacturing facility, IP5CO Inc., will pay a monthly customer charge to the Cooperative regardless of the amount of pimer used by IPSCO Inc, in a&htion, IPSCO Inc. will pay certain other charges as dc Aned in the agreement, if IPSCO Inc. does not complete its manufactming facility or ceases to purchase p<mer through the Cooperative, IPSCO Inc. is obligated to pay the Cooperative for its amortiec I im estment in the Facilities as de6ned in the agreement. Financing for the Facilities to be constructed by the Cooperative has been appnned by the RUS.
The Cooperative is comnutted under a subscription agreement with an af61iated venture capital corporation to purchase the remaining one-half of their subsenhed preferred shares at a price of $1,650,000 upon 60 days notice from the corporation's of6cers. The Cooperathe has entered into a mal supply contract that requires the annual purchase of 85,000 tons of coal (at 524 per ton) through F/95. The Coop (rative's operations and activities with respect to its coabfired facilities are subject to des eloping emironmental legislation and reFidatium by Federal and State authorities. Recent amendments to the Federal Clean Air Act require utilities, including the Cooperative, te comply with more restricthe emiwions standards commencing in 1995. The Coorerative will recover any increased costs resulting from compliance with the environmental legislation through increased rates. The Pnce-Anderson Amendments Act of 1988 (1988 Act) prmides DAEC with the benefit of $8.9 billion of pubbe liability coverage consisting of $200 million ofinsurance and 58.7 billion of potential retroactive assessments from the owners of nuclear power plants. Under the 1988 Act, DAEC could be assewed a mnimum of $79 million per nuclear incident, with a maximum of $10 million per year (of which the i Cooperathe's 20 percent ownership portion would be $15.8 million and S2 milhon, respecti ely), if losses relat ng to the accidents exceeded
$200 nullion. Pursuant to provisions in various nuclear in urance pobcies, DAEC could be awessed retroactive premiums in connection with a future accident at a nucirar facihry ow ned by a utihty participating in the particular insurance phn. With respect to exceu property damage and replacement p<mer emerages, DAEC could be assewed a maimum of $8.5 milhon and 50.7 million, respectively,if the insurer's losses rciating to an accident exceeded its reserves. While awewments may also be made for losses in prior years the Coo [wrative is not aw are of any lowes in such years that it behem are hLely to result in an assessment.
1 l l
Central Iowa Power Cooperative and Subsidiary p' hTen Year Financial Summary Unaudited 1994 1993 1992 -
SUMMARY
OF OPERNTIONS
- Operating revenue S 85,714,391 86,228,741 82,750,091 Operating expenses and interest:
Purchased power 6,118,306 9,492,228 6,238,944 Operations, maintenance and other 40,964,536 36,156,917 36,718,806 Sales and information activities 1,725,399 1,49),870 1,070,687 Administrative and general 3,737,015 3,831,890 4,435,408 Depreciation and amortization i1,375,564 10,799,746 10,205,712 Decommissioning provision 1,594,812 1,770,725 1,204,770 Property and other taxes and insurance 7,182,612 7,044,412 7,055,071 Net interest charges 14,097,906 15,061,130 15,482,054
'Ibtal operating expenses and interest 86,796,150 85,650,918 82,411,452 Alargin (loss) before other revenue (1,081,759) 577,823 338,639 Other revenue 2,991,314 1,887,856 2,000,743 Net margin $ 1,909,555 2,465,679 2,339,382 ASSETS Electric uti!ity plant S 397,021,724 384,457,411 371,882,103
- 1. css accumulated depreciation and amortitation 180,772,357 168,641,832 156,930,198 Net electric utility plant 216,249,367 215,815,579 214,951,905 Net non-utility property and investments 33,248,839 30,267,892 28,352,028 Current assets 37,169,726 36,184,307 18,749,147 Deferred charges 11,001,268 6,442,156 5,197,969
'Ibtal assets $ 297,669,200 288,709,934 267,251,049 CAPITALIZNflON AND LIAlllLITIES Alembers' equity 5 39,465,790 37,745,673 35,279,994 1.ong-tenn debt 221,732,790 215,429,551 202,507,475 Current liabilities 21,758,749 22,728,477 18,411,229 Decommissioning resen es 11,920,177 10,325,365 8,554,640 Special assessment and other liabilities 2,791,694 2,480,868 2,497,711
'Ibtal capitalization and liabilities $ 297,669,200 288,709,934 267,251,049 l
o' Mt restated to rrJlen conwlidation ofrnajority owned suirsidiary, CIECO. 1 o
i l l 4 :- 1991(" 1990'" 1989"> 1988") 1987"> 1986") 1985"> l -e 1 80,783,023 76,062,827 72,678,218 71,552,131 68,805,228 67,660,629 71,132,939 f 5,093,377 6,994,000 3,271,280 1,911,799 4,511,217 3,228,972 10,651,421 ! 37,160,245 32,720.503 33,383,176 - 34,725,741 31,144,655 29,793,316 27,569,688 l 953,*00 766,550 558,900 672,772 488,890 454,964 204,200 3,658,238 3,248,493 2,823,631 1,937,683 1,757,731 1,470,326 1,692,874 l 9,398,207 10,788,846 9,400,390 9,377,277 8,910,470 8,546,967 7,253,123 1,009,870 1,725,699 1,001,790 1,028,832 929,960 838,831 754,887 7,374,852 6,715,566 6,469,109 6,112,232 5,784,505 5,527,953 5,171,281 15,453,492 15,237,629 15,283,640 14,830,577 15,323,888 15,769,131 14,500,285 80,101,981 78,197,286 72,191,916 70,596,913 68,851,316 65,630,460 67,797,759 l 681,042 (2,134,459) 486,302 955.218 (46,088) 2,030,169 3,335,180 2,090,006 4,098,528 2,093,041 1,744,943 1,713,438 1,726,608 1,034,308 l 2,711,048 1,964,069 2,579,343 2,700,161 1,667,350 3,756,777 4,369,488 I l l 361,894,125 348,703,621 351,945,766 339,859,546 315,296,237 305,693,465 295,189.519 f l 145,171,769 133,099,805 137,980,323 127,792,910 117,308,959 107,009,719 96,551,822 216,722,356 215,603,816 213,965,444 212,066,636 197,987,278 198,683,746 198,637,697 23,142,382 18,448,543 16,234,231 16,301,544 14,016,197 11,290,315 9,341,109 19,900,184 23,024,779 22,686,762 19,708,998 29,492,565 29,299,708 25,142,825 3,986,348 5,012,018 7,537,685 9,343,599 10,335,627 11,591,849 12,522,126 263,751,270 262,089,156 260,424,121 257,420,777 251,831,667 250,865,618 245,643,757 33,418,329 30,707,281 28,743,212 26,163,869 23,495,994 21,828,644 18,071,867 204,381,424 209,197,377 213,767,922 212,957,991 213,794,778 215,331,259 213,309,618 18,601,647 15,904,498 13,358,686 14,746,407 12,017,216 12.111,996 13,507,385
- 7,349,870 6,280,000 4,554,301 3,552,510 2,523,679 1,593,719 754,887
- 263,75i,270 262,089,i s6 260,424,i2i 257,420,777 25i,83i,662 25<>,865,618 245,643,757
)
19 g Member Cooperative Operating Statistics Unaudited Adams llenton lluchanan Clarke Eastarn Fanners Guthrie SUMMAltY OF OPEltKFIONS: - Operating Resenue 2,412,028 4,860,681 6,535,677 5,228,531 25,469,707 7,431,451 5,272,23 H Purchased P<mer 1,350,993 3,07H,5 39 4,204,077 2,720,484 16,534,760 4,742,216 2,984,746 ()perating ISpenses 569,735 910,319 901,658 1,3 H0,3 86 4,327,458 1,266.904 1,363,074 I)cpreciation 189,897 220,685 317,602 418,661 1,611,162 512,522 302,213
'lh ISpense 59,220 113,347 131,712 191,702 577,103 158,206 97,782 Interest Expense 184,176 265,735 469,30H 419,727 1,154,446 481,107 343,31 H Total Cost - Electric Sersice 2,354,021 4,5 8 H,62 5 6,024,357 5,130,960 24,204,929 7,160,955 5,091,133 Operating Alargins 58,007 272,056 511,320 97,571 1,264,778 270,496 181,105 Non-operating Alargins
& Capital Credits 89,252 8H,946 237,373 136,039 690,449 153,324 207,77H Patronage Capital or Alargins 147,259 361,002 748,693 233,610 1,955,227 423,820 388,883 ASSETS AND OTIIER DEBITS:
'lbtal Utility Plant 6,242,460 10,207,387 12,765,156 15,366,739 55,707,300 16,445,148 12,072,764 Accumulated I)epreciation
& Amortization 1,999,239 2,352,287 1,267,691 5,138,718 15,894,377 4.243,159 4,582,876 Net Utility Plant 4,243,221 7,855,100 9,497,465 10,228,021 39,H 12,92 3 12,201,98 7,489,88H Property & Investments 1,172,214 1,459,394 1,803,591 1,971,719 10,543,730 .',018,116 1,408,791 Current & Accructi Assets 599,297 564,817 2,8H7,711 1,633,660 7,52H,951 3,03),037 3,736,085 l)eferred I) chits 9,366 224 29,440 2,617 82,579 14,496 12,684 Total Assets &
Other Debits 6.024,095 9,879,515 14,218,207 13.836,017 57,968,183 17,265,638 12,647,448 LIAllILITIES AND OTIIER CREDITS: Alargins & Equities 2,13 H,l H6 4,532,936 5,977,203 4.282,590 28,554,4 H7 6,282,312 4,927,481 1,ong term 1)cht 3,661,023 4,904,119 7,941,070 8,909,039 26,615,001 9,985,844 7,081,670 Current & Accrued I.iabilities 215,585 433,289 286,928 5 H2,991 2,666,682 726,207 637,998 I)cferred Credits
& Alise. Oper, Resen es 9,304 9,591 13,006 61,397 132,013 271,275 299 Total 1.iabilities &
Other Credits 6,024,09H 9,H 79,5 3 5 14,218,207 13,836,017 57,968,183 17,265,638 12,647,448 OTIIER STNFISTICS:
,\ lites of 1.ine 786 949 1,220 1,744 4,440 1,756 1,385 Consumers Sened 1,709 3,530 3,518 4,255 19,H90 4,706 4,586 Consumers Per Atile 2.2 3.7 2.9 2.4 4.5 2.7 3.3 LWhs Sold per Consumer 14,695 16,090 23,467 11,431 15,288 20,769 12,023 .\lWh Sales 25,113 56,796 82,557 48,639 304,083 97,741 55,136 Annual Revenue per Consmner $ 1,111 S1,377 Sl,H5H S t ,229 S1,2 H 1 $1,579 S1,150 Plant im estment per Consumer S(,i53 S2,892 $ 3,629 $ 1,611 S2,801 53,495 S2,633 * 'I his data represents the combmed sers: territones of Gretne County Rural 1:lecuie Cooperatne and llarihn County Rural Electric Cooperatise.
Linn Ataquoleta Alarshall Alidland* Npnan Pella Itideta T. I. P. Total 14,684,143 16,596,989 5,661,142 13,364,839 1,960,438 2,989,364 3,005,680 8,034,033 123,506,941 9,502,391 I I,H 34,804 3,637,135 8,5 H2,424 1,057,797 1,964,194 1,600,947 5,088,934 78,884,441 2,794,066 2,587,339 1,148,714 2,344,357 570,929 611,991 745,422 1,760,688 23,283,040 67? ?20 75 H,170 326,160 959,334 108,230 138,518 260,823 386,185 7,182,882 315,4 6 327,22 H 122,341 302,314 50,847 55,846 100,407 159,195 2,766,140 923,480 563,317 277,862 856,534 116,151 144,509 242,722 421,722 6,864,114 14.211,147 16,070,858 5,512,212 13,044,963 1,903,954 2,915,058 2,950,321 7,817,324 118,9S0,817 472,w 526,131 148,930 319,876 56,484 74,306 55,359 216,709 4,526,124 255,115 404,045 141,680 133,494 37,628 92,344 63,666 275,382 3,006,515 728,i 1 I 930,176 290,610 453,370 94,112 166,650 119,025 492,091 7,532,639 27,987,407 2 H,104,546 11,2 H2,9H6 33,171,748 4,225,620 5,890,760 9,418,937 15,173,000 264,061,958 6,138,769 10,67 H,099 4,205,881 8,896,742 1,399,234 2,103,696 2,903,521 4,487,036 78,291,325 21,848,638 17,426,447 7,077,105 24,275,006 2,826,386 3,787,064 6,515,416 10,685,964 185,770,633 3,247,544 4,854,070 1,648,051 3,380,074 514,266 1,254,956 791,392 2,065,130 38,133,038 2,802,H 59 5,429,132 2,017,826 2,696,929 424,357 1,081,134 710,231 3,339,404 38,483,430 202,406 83,391 3,251 42,718 14.094 14,040 - 8,659 519,965 28,101,447 27,793,040 10,746,233 30,394,727 3,779,103 6,137,i94 8,017,039 16,099,157 262.907,066 H,514,500 15,275,481 4,627,'37 11,503,193 1,327,233 2,847,161 2,396,669 7,870,797 111,056,966 14,697,711 10,H 79,327 5,570,194 16,724,H 15 2,231,44' 2,997,236 5,221,597 7,413,430 134,833,519 4,H62,978 1,509,534 543,491 2,145,257 217,86, 284,258 330,602 811,738 16,255,402 26,2 5 H 128,698 5,410 21,462 2,563 8,539 68,171 3,192 761,178 28,101,447 27,793,040 10,746,232 30,394,727 3,779,103 6,137,194 8,017,039 16,099,157 262,907,065 l l . 1,719 2,999 1.073 2,782 592 585 1,216 1,723 24,969 I 12,106 11,803 4.048 8,192 1,430 2,076 2,605 5,437 89,891 7.0 3.9 3.H 2.9 2,4 3.5 2,1 3.2 3,6 13,749 17,812 16,060 20,105 13,849 16,514 11,641 17,345 16,188 166,450 210,240 65,010 164,698 19,804 34,283 30,324 94,307 1,45 5,1 H 1 51,213 51,406 $1,399 $1,631 51,371 51,440 $1,155 $1,478 51,374
$2,312 52,381 S2.787 54,049 $2,95 5 52,83 H S3,616 $2.791 52,938 Yb.
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i Adams County Cooperative Electric Co.
- Corning llenton County Electric Cooperative Association
- Vinton lluchanan County Rural Electric Cooperative, Inc.
- Independe m Clarke Electric Cooperative, Inc.
- Osceola Eastern Iowa Light and Power Cooperatise
- Wilton Farmers Electric Cooperative, Inc.
- Greenfield 1 Guthrie County Rural Electric Cooperative
- Guthrie Center Linn County Rural Electric Cooperative
- Atarion Alaquoleta Valley Rural Electric Cooperative
- Anamosa
, Marshall County Rural Electric Cooperative
- Alarshalltown Alidland Power Cooperative
- Jefferson Nyman Electric Cooperative, Inc.
- Stanton
. Pella Cooperative Electric Association
- Pella Ridera Electric Cooperative,Inc.
- Alovnt Ayr South lowa Alunicipal Electric Cooperative Association (SIMECA) e llrmklyn, Cascade, Corning, Eartville, Fontanelle, Gowrie, Greenfield, Lamoni, Lenox, Stuart, Villisca, Winterset .
T.I.P. Rural Electric Cooperative a llruoklyn i , Central Iowa Power Cooperative 1400 Ilighway 13 S.E. P.O.110s 2517 Cedar Rapids, Iowa 52406
, 319-366-801I l .- _ - - .. . . _ .}}