ML20084D377

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Corn Belt Power Cooperative 1994 Annual Rept
ML20084D377
Person / Time
Site: Duane Arnold NextEra Energy icon.png
Issue date: 12/31/1994
From:
CORN BELT POWER COOPERATIVE
To:
Shared Package
ML20084D235 List:
References
NUDOCS 9506010091
Download: ML20084D377 (24)
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5 M i 4 C orn Belt Power Cooperative, headquartered at Humboldt, Iowa, is a Generation and transmission electric cooperahve owned by its member systems. Corn Belt provides electric power to 12 member distribution electric .I cooperatives and one municipal electric cooperative (NIMECA). i 4 Corn Belt serves form members, rural residences, small towns, and commercial and industrial members across 27 counties in north centra! lowa. mn~mmynvm ' ' ih yff if 7 -..- f,..m o t I 'l% >f ')? W:. 14[ }.g &NQ(, a u i W

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l 4 J t COOPERATIVE HIGHUGHTS 1 Bene valley Electric Cwperative 2 Butler County REC Total Energy Sales: 3 Calhoun County Electric Cooperative Assoc. 1994: 966,149,251 kWh 4 Franklin REC i 1993: 953,505,381 kWh 5 Glidden REC 6 Grundy County REC 7 Hancock County REC Peak Demand-RECS: 9 Humboldt County REC 1994: 169,320 kW Y lown Lakes Elutric Cwperative 1 Mdl nd Power Cooperot;ve 4. 1993: 170,426 kW 11 Soc Couny REC 12 Wright County REC Miles of Transmission Line: 1,58] North lowa Municipal Electric Cooperative Association (NIMECA): Includes municipal electric utilities of: Alta Milford i Distribuh,on Substoh,ons: 113 Bancroft New Hampton Coon Rapids Spencer Employees: 88 Gro*"i"9er Sumner Grundy Center Webster City Laurens West Bend I C.__.._.._.,.________--____.__._--.______.__.____ l efhkb Y 4f0638 EXECUTIVE REPORT-powerful harvest-of grain. electricity and ideas put into action- -) best sums up 1994 for Corn Bek Power Cooperat,ve. It was a year of trad;honal nfluences such as drying a bumper com crop, but was also a j i .,mm,.ma development and ~,petihon. j Once again, a powerful harvest of Iowa gram helped push kilowatt-l hour sales up in 1994, resuking ir alltune record high energy sales to our members Mounds of com spilled out of elevators as lowa formers bounced back from their poor harvest in flood torn 1993. Nineteen-ninety-four provided Rates Will a nearly perfect aro*ing season for towa s gra n farmers. Continue Co,n Beirs gene,ohng sou,ces connnue,o be some of the iowe3, cost to be Stable unas in the area Dunno 1994 we were aue io sansf y our increased enagy in 1995 rgaenents wah these unas a1 ! wWh had a my good operating year. Since 1990, Corn Bek has seen energy sales increase ea:h year, reversing a trend of lower sales set in earlier years. Because of this growth, Corn Be!t reWewed sole projechons during 1994. The new projechons show a sales increase higher than previous forecasts had shown This growth will help stabhze rates in future years. } Nmeteen-ninety four also provided g [7hp a harvest of information and edeos. The K Strategic Plan formulated during 1994 l Y$h emphasizes communicahon, economic 3 . [ ', ' development, evaluohon of gensat,on I '. ' * /. ~" ' alternatives, and the continued g k importance of re!iabday. Also important to the plan are ideas for working with l' r 1 others to reduce costs As Corn Beh looks ahead, it continues to diversify its load by strengthening economic deselopment efforts. We've had good success getting more member cooperchves invol,ed in economic develc ment Com Be!! Power y became more insolved in helping Dale M. Arends, executive vice prer,ident and general mar.ager, (left), and Eugene Droger, president, finance projec!s that increase aod oF Corn Belt Power Cooperative-dwerufy kilowatt hour sales All the cooperahves need to work together becauss ahen one member gets a new load all members in the Coin Ben Power system benef a. l During 1994, Com Be!t pned w,rh the towa Baniers Assoaahan and NorthwesiIowa Power Cocperatise to form lora Homes Inc In many 1 l 2 l T of our service areas, affordoble he.using is hard to find. Sensing this shonage, we feb we could help the communities in our service area by developing cooperative housing projects for senior uhzens, thus freeing up m'llions ENERGY SALES affordab.le homes for younger families. kwh Rates in 1994 were stable as they will continue to be in g 1995. Morgms for 1994 were bener than budgeted, resub ng g in Corn Belt returning a modenng rebate to members during - g 1994 in excess of $600,000. + 5 l Higher sales and stable rates in 1994 were m part Mtanta nto attributed to the success of our markehng program. In 1994, the market;ng program helped in the sale of 783 new electric water i heater s 2.040 kW of new resu,tonce heat and 477 new tons of heat pumps on Corn Ech systems' Imes. One program co!!ed Power Ol mpics gets oH employees and daectors of our member y sptoms mvoked m the madeting effort In fact, Power Olympics I has b%n so successful that NRECA'S Couned of Rural Electric Communicators j namnd it the most outstand ng ember communicohons program in the Unded States. li is cur Imhng that bener public relations makes for a better system. As a resuh of the success we have had marketing elechic heat. cur members decided to study the impact of vanous types of electoc hechng equipment on our system. This study w:ll give us saluable input into future madehng efforts The Com Beb Power headquarters builchng was remodeled during 1994 Replacing the cWginal voof and wmdows in the 35 year-cJd building modo the facihty much more energy efficient. Improved appearance of the budding borl, inside and out, makes the image of the facihty consistent with the cooperchve's prog' ressive attitude and mists per kwh MEMBER REC COSTS confidence m the future In reviewing our year, we connot leo-st the many )))) ))Ii } d)))) organizations that have helped contobute to c. r success. Our / participahon with our fellow cooperatives in the lowo Area --..y

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~.. & -.. -. - Desclopment Group, the lowo Environmental Group and the .. - =. ..... I.. J.i >.... - i Iowa Marichng Group has he! ped hold costs down by sharing _. __... 4 _.y.. i l. / 4 valuabh, resources Our working relationships with the gr7 ( Mid Connnent Area Pcwer Pool, the Western Area Power b_ _ /sdm nistrahon, the North lowo Municipal Electric Cooperative _,.. 4. _. a... _..... - _. Assoaahon and as members and the investor owned uthhes of . ; _ j. lowa have he! ped us och; eve our goals during 1994. We all im im i* im work together to praede o reliab!n energy supply and an Average REC member system cost, includirg substation exceVent tronsmission system in our area We have woded close!y charge; calculated overage REC rote reflects power sold logether for many voors, to the benef t of oh. to municipals served by RECS. /fAf M.A. N, vn-Eugene Drager, President Dale M. Arends, Executive Vice President & General Manager 3 GYhkb Y AYUG$b OF KILOWATT-HOUR SALES he combmation of a bumper crop of corn to dry, a bitter cold .,[. V January and a streak of hot humid weather in June pushed Corn a.jM. MN.. Beh Power Cooperative firm power soles to on all-time record high in 1994. . - ao Experiencing bdter cold temperatures in late January, residents in the East Central United States were dramatically reminded how necessary electricity is to ' eep warm and how valuable excess generahon from the r 1994 Power Olympks Total Points Midwest can be. Coin Beh Power Cooperative ran its Wisdom Stahon in Spencer and its Wobster City Combustion Turbine in response to urgent ca!!s for adddional electocity during the week of January I c. Temperatures in Iowa dunng that week plunged to IO N 28 degreos below cero with wind chill plummeting. wen lower e.ooo - Wah hotJune weather dovmg up electricity usage. Com Beh g und'. Once again reyx:>nded to the demand for power, with Wisdom dM-Stahon operahng several aays straight in June, averaging a 65 2 000 percent load fac. tor. On f riday. June 17. Corn Beh had overy o availablo unit runnmg to meot power no. ads All peaking un.ts, includ<ng Webster Cay Combust;on Turbme. Spencer Combustion Tuibine and o!! North lowa Municipal Electric Cooperanve Associot,on (NiMEC A) units, were running to fulfill electncay needs f ar Com Belt Power, NIMECA and Midwest Power Systems consumers. Ideal growmg and harvestmg conddions resulted in a bumper crop of corn to dry. with much of the drying demand occoning in October in Iowa, 193 bilhon bushels o! corn was harvested in 1994, on all-time high record for the state Ymlds averaged 150 bushels per acre statewide, accord ng to the Nononal Agricuhural Stahshcs Service. Record so!es can also be attnbuted to succen m marlehog Water Heater installation Rebate Program erfori3 In 1994. Power Olympics, a Corn Belt systemwide program ,oo s 21 that encourages goal sethng and increased REC employee i involvement in madehng and custome: service, helped in the sale 800 - '-====== of 783 electnc water hea+ers, 2,040 6W cJ new resistance heat and 477 new tons of heat pumps by Com Beh Power member l J., w 700-r systems. a Mid!and Power Coopeichve won the Power Olympics Grand Award for greatest percentage increase owr os previous year and Sac County PEC once again reemed the Top Pomts Award. Addinano!!y. Corn Beh Power Cooperathe was recognized nancnally for the Power Olympic r program, receiving the Edgai f Chesnutt Award. the highest communicanan award granted by the Council of Pural Electnc Communmans at the Spothght on EveUenm Awards July 26. 4 l Research continues with electronic demand meters that have been placed on targeted heating and coohng loads. Approximately 150 meters J tecord kilowatt hour use and demand characteristics of various types of heat I pumps and electoc resistance heahng systems. The project analyzes costs and revenue in relohon to marketing program incent ves. Corn Belt Power parhcipated in projects 3 with the Public Informahon Commmee of the J i \\l% A U Iowa Association of Electric Cooperatives. R a. including developing displays for the REC Day e

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D at the Iowa State Fair, donat.ng time to the . o ' y.! s l e Camp Courageous project and developing N,,.. x prornotional materials and presentations , n% (' g.3 e g' ^, ,w obout electrotechnologies. Corn Belt also. fgg"g [ jf ) co-sponsc.ed a booth at the Clay County Faa, i' Spencer, with lowo tak es Eleoric Cooperahve and Northwest towa Power Cooperative. Projects with the Iowa Marketing Group induded the second " Momentum is Building" contractors' confemnc e in February. ideal growing conditions resulted in a bumper crop of corn to i store At the Hardy Cooperative Elevator, mounds ot corn were $tored on the ground. Worker $ Used voCUum tubes to Scoop Corn into Semi-trailer 5. .y. .m k, / f .') ' .,[ ,b bt ' i(. J m y., s l s n V ' f~ (c', s' ..} if, g c s.. + > ,+,. g. - c' ',I e i S

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.s yyr;j t... "' j -- 1. y,y' } ;., 'id; .y M ys ' '] V 'c v.s ,,, ve.. 's lJ ( 1 T ,b s a N J 5 ~. _ _ _.. _. _ _ _.. _ _ _ _ _ _ _ _., _ _ _.. _._ _._ dYhkb Y ttYUd$$ OF ELECTRICITY AND RESPECT FOR THE ENVIRONMENT roviding the power behind the 1994 record energy sales, Corn Belt's k4 wholly-and jointly owned generating stations had a productive year. p f [> 'ml d e; Duane Arnold Energy Center, Polo, finished the year with a 88.1 n ww m percent capacity factor, the second highest generation total reached in its 22 year history. Other plants also had good production years, with capacity factors at 79 percent for Neal 4 and 62.6 percent for Council Bluffs 3. l Copacity factors for Wisdom Statior, and the Webster City Combustion Turbine were seven percent and one-half percent, respectively. Striking 500 Line Railroad workers halted coal shipments to Wisdom Station, Spencer, in late summer. The United Transportation Union was ordered CEM Systems bocli to work temporarily by the U.S. government before Wisdom Station Comply operations could be hampered by delayed shipments. with the Corn Belt's jointly-owned Neal 4 and Council Bluffs 3 coal-fired plants Clean Air Act expe,ienced reduc, ions in their coal inventories caused by increased turn cround time in cool deliveries. High demand of low sulfur cool from the ~ Powder River Basin in Wyoming limited the availability of timely shipments. The Clean Air Act of 1990 requires Phase I power plants to use low sulfur cool. Phase I plants are those 100 units identified as emitting the highest concentrations of sulfur dioxide. All of Corn Belt's coalfired plants were port of the 2,300 plants identified as Phase 11 units. 4 ,w' yg 'i+'+ J ' W n l:; f@.y, \\.L v e EOL . f.,,;,

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, a - Q:.::::w ~ ,/, 4 / ,s .59, 0 4 Corn Belt's generation and transmission facilities operate in harrnony with lowa's environmeni. 6 I l l i To assure clean operation and to demonstrofe Corn Belt Power's concern for the environment, continuous emissions monitoring (CEM) systems were installed at all of Corn Belt's cool fired focihties. The Clean Air Act of 1990 9 requires oil Phase ll units to have CEM systems insto!Ied and in operation by January 1.1995 At Wisdom Station, Corn Belt employees insto!!ed the , r-I,. +.,.. CEM system in the surnmer After o contracted stock gas sompling firm completed certification testing in November, Corn Belt opplied to the I Environmental Protection Agency for certification of the CEM system in December Response to that opphcotion will be returned in early 1995. Duone Arnold Energy Center, a nuclear Quorterly data reports frorn the CEM systems. which monitor gaseous boiler power plant jointly owned by Corn Belt emissions will be submitted beginn nq in 1995. Power Cooperative and other utilities, had on excellent operating year in 1994, finishing with its sewnd highest capacity factor. Also part of Corn Bell Power's environmental program, on oil cor;tainment project was comp eted at the Hope 161 LV to 69 kV Substation l the Humboldt Station. Corn Belt employees formed a circular berm neo oround the 161/69 kV transformer and 16 kV breaker and then hned the bermed crea with high density polyethylene. Workers then covered the liner with rock A hoiding pond, also hned with polyethylene, was constructed outside the substation. In the event the transformer should ever have a major spill, the Containment area Will Control it. l l 1 l tw>-- p q :ll d{ N q /h. .Ib T V @a;y<t? t y ~ u y v- - a u, ..k,,7,'., - u , -n. s, Power Plants n r +g j x. we Achieved 1}g'. High Capacity + Factors a, h I i l l - a 7 ethkb Y AfUe$l ehabilq of electrical service is a primary objective of Corn Belt Power i o, a and its member cooperahves. In 1994, Corn Belt was on line to its 4 g. 1 members 99,9927 percent of the time. a m,n,ad Several projects were underway during the year to further increase rehability. Emmetsburg and Humboldt hansmission crews constructed nine miles of 69 kV hne west of Marathon, completing the first of three phases j that will further strengthen rehabihty in the Maiothon/laurens area The j new hne will replace a 34.5 kV line previously owned and operated by IES l Uhhtees. Corn Belt's new hne assumed the right of-way of IES Unhnes' old '..' ~#j. j4,A hne which was leaned away from construction work. i l / Beaver Creek Substation in Butler County REC's territory was completed

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in August. The substahon will serve the town of Aplington. g l n ' Corn Belt staff members spent many hours working on franchise heonngs 1 I ,' t to try to locate transmission hnes, finding that the General pubhc is of ten not i /' , Af.. as accephng of transmission hnes or substohon sites as it used to be. . j< (. {; Maintenance programs are ongoing in both transmission and electrical maintenance. Walking and hehcopter pahols examined hoes for rnaintenance problems. Surveys were also conducted to identify where galloping lines l Corn Belt Power transmission crews constructed nine miles of line west of Marathon, the first of three phases that will strengthen reliability in the Marathon /Lourens urea. ~ ^ li'eliability .y. dMg7F f -pggq } l _})y yy-% 36 h y. lg f \\{ 3.l } f ,3 ~~ .i .0n 1994 r 4 Corn %tt few ,.e' j. was en line to its .y mcm ces 99.9927 o, %4< ? e' " ' l ef the time. f<y, N. Bob Gress, journeyman lineman, operates the digger derrick during construction of the Marathon kne. l 8 l oie most hke!y to occur. Ground line treating involved inspection of poles for rotten areas. In addition to completing regular substation maintenance, y electrical mamtenance wcders changed out insulators with higher than average fa, lure rates and installed wildhfe protection devices at substations ,N, 7 where anima!s have caused outoges. A Substorion Study Committee was l formed, which includes Com Belt staff members and three distribution Co-op manOgers who examine reliabihty needs and future technology . y, Ond Communications requirements of distrtbution substations. General maintenance projects included point,ng the communications tower at Pocahontos and purchase of a skid loader that will save time 4 and money in substo! ion construction. Installation of the ne.v System Control and Data Acquisition (SCADA) i system in the Corn Belt control center was 90 percent complete by the end of 1991 The new sys'em will be faster than the 1977 model it replaces and will of fer more capaary, handle more remotes. and increase rehabihty. A rad:o control switch system will also be incorporated into a# the SCADA system The new computer equipment will also be more John Larson, journeyman lineman, tightens o efhcient to operoto dunng storms. final testing will be completed in early through bolt while finishing Framing a pole. 1995 and the system will be in full operation in March. E . s - g ,.i ' r.tc u '..: 0. h. ;. 2:i' I - : - '. . ip h . :f. ; 3 ~ [... ;; * ;..V ~:0.h.s e y +, ; j a ?- .C. . > N;..[. -. e 4 b l .M y t, O .a,;3 w h J' s Ty y [ TWf .e j' 5% M . Nf,1 I;t The Coin Belt Power Emmetsburg crew deans off the ouger of+er digging a hole to set a pole for the Marathon line. Service Reliability is a Primary Objective 9 l l 3 i 4 hethkb Y Afue$l OF EMPLOVEE CONTRIBUTION, HARD WORK AND DECISION MAKIN aos hummed and hammers pounded as Humboldt headquarter s t underwent extensive remodehng throughout 199& Since construction ,M in 1958, the only major modihcation the building had received was o ne w wum." heating system in the late 1980s. leaks in the roof and windows necessitated renovation. With an updated handicapped-occessible entry and mod;hed rest rooms, the building is now in comphonce with the Americans with i s Disabihties Act specihcotions. The remodeled facilities reflect Corn Beh' progressive attitude and conhdence in the future. In on interestmg side note, the original 1950s ero kitchen cabinets gg and opphonces removed from Humboldt headquarters were donated to l lmng % tory f orms Urbondale to be induded in a new exhibit showing Fac, lit,ies how esct,,c,ty and,cchnoiogy heiped,he 1950s ro,m wife. i i Reflect Our A new digaol phone system featunng voice mail, automatic call back. Progress.ive ang speeg g;anng,as ins, anes in yo,ch. Attitude In preparation for the future, the Com Beit Power Cooperative Board cd Dnectors initiated a strategic plannmg process to ident1fy the cooperative' s objectives and strategy for achieving those objectives in the future. Th e Com Belt Power Cooperative Strategic Plor. conhrmed the cooperative's mission: 'To be a proactive generation and transmission cooperative providing rehable and competitively pr:ced electrical energy meenng the needs of emisung members and potentia! new members and to proactisely eva!aare other sersices that m ght improve the compet>tive position of member organizations and the Corn Belt system, and to provide such other services as mutually agreed upon by a member organization and Corn Belt.' % i: j,, T ~ . ! ? l" f, y[t i i ~ p, ,a,c<"' 4 ll ' e % m. '\\ Q_ ' (w k q c N,., g C f g Ab$# 'L LQf@h r.. n - r$ Corn Bek Power Coopero6ve headquarters underwent extensive remodehng to inaease energy eff.ciency and to be in comphonce with the Ammicans with Disabihties Act 10 CORN BELT POWER'S 1994 STRATEGIC PLAN SERVICE A. WARD.S FOCUSES ON: Each year, Corn' Belt Power. Cooperative honors its ' longterm employees e communication of informution to the boord and employees by presenting them witk special awards.

  • investigation of repowering options for Corn Bell plants IN 1994, THESE EMPLOYEES
  • continued focus on economit development efforts

, WERE RECOGNIZED:

  • tonlinued evoluotion of elettric energy needs of members ons superintendent m
  • improvement and consolidation of services where possible

-20 years Joseph Henrohon -

  • development of a human resources plan that includes system supervisor-20 years employee training

' Paul Clay

  • development of a program to evoluote alternative system supervisor-25 years; sources of generation g;gpg ourneymon electrician,
  • development of a legislat.ive and regulatory act. ion plon iumboldt-25 years
  • development of a plan for maintaining and upgrading the Normon MoNiet transmission and substotion system control ' operator,:

- Wisdom Station-25 years

  • development of a system of measurement to implement the strategic plan communications technicion, -

Hampton-30 years Myron cord ..line foreman, Hampton. -35 years Ralph Larsen shift operator, Wisdom Station -35 years NEW EMPLOYEES ' RETI' 3 Philia Roth chie : engineer, Wisdom Station Bruce Davis, - George Toyne -35 years plant engineer, executive vice president and Wisdom Station-Feb. I general manager-May 31 Roxanne Bormann,- Dole Patton file clerk / word processor - meter technician-Dec. 31 operator-May 2 James Fevold custodian-June 6 11 efhk$ S 4f0438 C orn Belt hos always been a strong suppor:er of economi ? ? and growth. In August, the board of directors voted to strengthen its %J."~ f x role by becoming a direct financial participant in the purchase of industrial sites, construction of speculative buildings and the development of rural housing projects. In 1994, Corn Belt, in partnership with its member cooperatives, was d instrumental in several new economic development ventures. They included: The purchase of additionolland in the Humboldt Industrial Park D'VeloPmont of the lakes Business Pak in Spirit loke and the construction of a speculative building in the park Construction of a speculative building in the Spencer Technical Park Support of possible expansion into new markets by Green Products, o The usation of a revolving loan fund for housing rehabilitation and company served by Grundy County RK development in Sos County RK's service territory Construction of a speculative building near Glidden - Rehabihtotion of an existing industrial building in lowo Falls Corn Belt Power continued to actively support lowa Area Development Group {lADG) efforts in 1994. During the year, IADG announced a total of 63 new projects, 22 of which are served by Corn Belfs distribution coop members and four aie served by members of North lowa Municipal Electric Cooperative Association. 1 Several New in April, Corn Belt teamed up with Northwest lowa Power Cooperative i Development (NIPCO) and the Iowa Bankers Association to create Iowa Homes, Inc., a j pm tive h using pr ject f r s ni r I w ns. I w Homes works with Ventures Began c communities to assess housing need and provide high amenity, aPordable In l994 l housing for seniors while freeing up quality housing for young families. The all electric lowa Homes projects will be built in areas served by members of Corn Belt or NIPCO and will have energy efficient electric heating and ( cooling systems. Coopmative housing is non profit and residents own a share in the entire building. They have control over management and operations and resale of units and can enjoy tax benefits of home ownership. Com Belt Power again co hosted the Mid lowa Community Development Conference in february with lowa State University Extension The conference is designed for small town leaders to share ideas about successful community h us ng roj t H es ro e en might look like. development programs. K L L. . s, $] ' e i si7 'ef. 6 dl ' N, ,~ t) f' _.. rq 12 t i \\ L d;, BALANCE SHEETS \\ \\ 'MjDeceniber 31,1994 and 1993 V \\f @. l l' d s ASSETS f' f' ,a3 7 1994

19. 93

\\'r ELECTRIC PIANT (Notes 2 and 6): ( i ( In ser ice. $ 199,459,396 S 196,474,699 . kl h less. accumulated depreciation. 103,064,047 97,372,f 60 q S 96,395,349 99,101,639 o iPu , %j [(Co istructioniork n progress...)... q 3,823,754 3,203,L45 h([jp i #CNucle.fr fuelt net onamortization 6,835.981 7,056,292 p* '( ' ' // \\ o 107,055,084 109,36I,076 / M r ':, \\ j ., p s w m 422! 3k ;[, %" f 3Q-OTIIER PROPER,TY AND INVESTMENTSi-l Nonutility i toperly;.. ..x.b..,, q 422,131 {a f 3 InYestment in\\the yatioiial Rural ' N[ M% ,'s Q[M U ilitiD Odperative l'inance { r t NN Corporation'(Nye 2)... ..L. '2 515,707 2,51,890 y Land he,ld fbr (iutu' generatings Q k _' DEESEsdissihq),.:.. Aa....,.5..h A..mg fimd (NMd i.L., 7,925,336 6,742,738 ..l}k 3,856,509 3,856,509 gited Note 8 y W / g! Qtidinvestments'and recIivableM ...Q....\\,s...yg /N[N&s 2 ahd 10iU;.;i.. 22,591,258 { 20,931,173 jA .W 7,871,575 7,393,905 ,e P 4 hM@% CURRENTASSETSd ..d}......h'...# 6,930,938 %g[ %Od7,058,22 3 i 4 fCash'and cillisquivalents,.... l I hort-terhlinnstn$tsd..?.. i2 563,927 ..d./,$ 8.88,935 S }k2:1,797,128 M Membe' Mc/mhh itceivabib.. ...M.Zd( l r 3,520,203 ik 1 'Other receival4eN'.h... 3.. ..,df. ' 188,624 242,3'24 b' Ykr N,, [ Insenthries h $ 7 I'marils ohl at last in [h3Mg' } \\F.Oi, ->g 4$8 .N r r 4 ~ u s s e'

  • tirst-out costh.t..

..g...i. 4.. c.d 989p9 \\ M, h \\ 9 Materials and sn ifies at averagetost 2,119,491 h{. ' ; /g004.74d.3Il L Prepav5cnts:.E3;. h[,'7,7,75d!..M.., 3 1 813.690, 1 1 T khi[s 1 )d. - Ck j ge. t J p _lis,451,130/

17,519,368

- 9 o 3. - a Q, .a c51 s A i, j. <r&, s .g' @i #. Disunnso,citAnaES: 7 k W 3 gi,,1Mrrc4Dehartment pf Enerhy] A /l d %, ' h / g.. 766 %. %,789 147 , Q4y""g, d.dec/mmissioning com(Note l2 .........g 9 1,863,/ ML ' 1., 9 %g 1 %a />acrellidi6nt nmsear a&diepoultosts L y ~ \\ w a m ~ m v ote ...u.,. s ~ FNdfehacim6osts,hotNQO...w..

  1. [ 311,782 TY E

\\ t,780,226 -[ m) 7 _s sp,pd 3.9e$ y N Otis 04aie 7)A..a.Li.L.:.., ..a.....f.p? / 569,61s ~ge1h2As05 wnan3onised reanancins cos4 Note 4) x.... % M91g77 g / e '1,500.2sa; N. g.gg g g n,.I.,oo5 f g m.%7 y Wjf f b M4

  • s149,8sa,sa7 Np' s154,321,0643:

r,;ht 0-4 x ]/k m G ;V, $ I, )f j W & Wb$d kk [M[k 7 dh #h

  • 0 4.

.N is h/k Mt[b g; a r.1he accompanying potes titinanciahtatememore an imegral part .: '1 f* y-e ..q ev .;s,s n. b ^ gy, a v a hl w.J Lu. n'yy x,.z"'" t; > $. f, f'. l k u' f W r. bL Ya % a a & a n,.,w '&$ l fllW: >.,l l ',, f LI obtf ,#^ , ms 8.:.'M Lx.i w '

.s;

.M ...&A 13 I e I BALANCE SHEETS m\\l '. /[ o '. '. 4 0. '4 December 31,1994 and 1993 \\r MEMBERSHIP CAPITAL AND LI. ABILITIES'; Y,/ \\

  1. /

1994 1993

s g

A ]h M ' lllERSillP CAPITAL: t Mf mberships, at 5100 per membership..h...$ 1,400 1,400 'N Deferred patronage dividends, per f{ k l accompanying statements (payment g' estricted as indicated in Note 3). .f. 7,067,255 6,717,255 j', O her equities, per accompanying Ubrialiecd gain in market value 14,284,088 . 13,799,243 gh , statements. W% J e 01% g.g Minvestments (Note 2).. b 66,292 y { / 21,419,035 g - ~ 20,517,898 WQQ , 's / f. p/7j/ ' %j g, ' ' p#" ^. LONG TERM DEllT (Note 4): 6 7 43,014,564 8 ' kdral Utilitics Service. .... 9 / 40,973,564-FdlSral Financing llank.. ..[f.b..,- 69,522,725\\. 71,330,'792 ~$ pf[ j y / Capital lease obligatimb (Note 2 )...fi.<..!.L., 5,170,523 f/l5,9 If,708 f Pollution control revenue bonds./....{.jil. 2,605,000 / 2,735,000 ,/ f[ ll 118,271,812 I 122,.999,064 k f eq d 9 'N aJ.'.

e. -

k;11*w - Current maturitics of I [$ %$ \\h +d fQ ' k 4 740 918 84,876,8k,7# }! W ge( long-term debt. ...g. h7 #q l13,394,995i ? ? I18,258,O M%. 146 N s OTHER LONG-TERM LIAlllLITIES): h DA I/ j % A: 9 Mf M*.1 f h R . I h'yT M Y { '- '1 h N/

4. jh 1,594,095 %}%

lieferred I?cpaiiment of Energyfl2)..~% f QA15,132 h l decomniissioningssts (NoteJ !. 4 .M Q f Deferred'compemation. f.J. gf 188,595 f 3_ AM37,540 f g { Dy' g i

  • ya 1,782,693i M p 1,852,672

)/ F^g\\' CURREIT LlIdlllLITIES:. Ig ffMb h kbf/# } wI 4 p yy4y any v < >b wa Cdrrent (natiirities oflong icrm dqbt ..l... Il 4,876,817

  • h4r4,740,918 f

l V,606,310 3,07I270 i decrued propsty jnd other taxes %.,.. ..}.. 2,864,51'7 1p[ %j2,4d,044 i $@}, IcGunts'pdable.I.. d..c 2 3 3 !),902.40957 ((H '. 7 [ M}.V f 2,'l16,716 Accrued interest and ofher. .......r.. 4.. i i 2 \\ . jf vb! '1 4 11,740,053 y -12,340,948 i 3 h;, V. D.EFE. RRE,I,) CREDITS: ~~gi s a& 3, a er ' m fr x f4" btl,.s Aby C 1,506,761.('b%8 M.; 0 AV p, %p %.il,4 u ;.her (Note 7). ..v.....g ;l ;.1..c.4.\\g :..,i. A g x se s we e%y 0 A,a 103f f &a4_ f,M 4 .. A e ,6 $p.qh 1 u f -t'i _s 1 w tv[4 1q Q p /q+;44{g pg sia84u37 A W:@ 4 M f 4 15,n)g'n w \\ v g sis u n 064 a e n g w ~V :h:}r : m sp n\\ w:. s! i, A - q)).f3 f,f YWg}, n;gh i f.v i b&~*p.,. $, g-n p n wA n en p p %; e c W W %. y( f f, ~ E fj h: x ... y. s q, e The nuomp,nying notes es fm.m;lal nucments arq An iruegral part of these starcmems,- :%e DQ

V tC W.x\\

w V(2, ?

  • Gy/a n,gp.

v.,,,,; - M 'iss2 6 M. M.% h y 9;: a y ? ~ u .~o -a s i., \\ y +A gy n , nt o -.e; f, 9 T - m r a s% y ; u s /:s n" i

vna, w(M

.c. p ~~. , Q P.+u a m a I L.T E WtS

g, %_j K D..,W...

' ',' ' d J ' ( J_,

a' J '

n . m.a m t.w.am. m. _..m 14 1 1 -1 \\

l STATEMENTS OF REVENUES AND EXPENSES t

'{ .. O .o GIjfor ths Years Ended December 31,1994 and 1993 \\s - ~ y s,p,. rf s./ . g' ,d >pf 3 y W If g r 1994 1993 W 4 Q +j OPERATING REVENUES: g ( g, Sales of electric energy. .a S 40,642,276 5 40,435f/69 f.. Other 2,812.581 2,794,h58 Q 43,454,857 43,230,127 4 e 4 5 J% OPERATING EXPENSES: \\ 9 . k E.sO 3er.ation - ' I \\ l I' I A t ker generation.. ..f 15,274,435 14,483,[02 ,a $ p., s 1 / 7 gN#' Ste.im and o'herhp/t... v s /97 Purchaseli power, n .1... 1,068,005 1,354,008 / MY TransmissioIU.....s.'. \\ { 1,548,817 1,520,528 "... I f Sales,...g....i .. h..........,.g 726,394 439 405 j{ %, b. I . Administrative 1.0d . n..),i...S.s 3 3,57f 792 h'& M.lintenanch {. general. ' % k,645,669 k, .\\ I / .. b. f.. % 3,511,169 3,969,906 Q Steam.ind other power generation. e %( Transmissioir... .. d \\. 678,439 540 625 \\'

a..

..d \\ 36,143 31kiS9 h' M Getie.ral plant,..j... .....g.n.. ., Deprniktion and decommissioning }! sq "(nut $2));.. [..{.h. m.F9.U..... I Prt%Yt 6,222,442 6,064,995? o .y / *$y And other tsxesi... .50............ eq 2,518,692 2,548,761 / . j in J 6 ,g E 35,230,205 34,528,911 + .U h $NeiOp/ratinpitcVcNues. ...E.A. (.G....T,8 2.JL652 ( 8.701.216% i' 2

p su w

,; t. Ml y6a 94 ,4 5 IN. TERESTA(fND, O, THER DEDUCTIONS:t&c'.;gp ec.>.,o 4 y. m y y W

  1. g '

,'o e , Interest og f. sonpterm' debt ..:.%....;f..,.:f 7,758,991 g% # 38,316,920. l 13 d i y { Othedntercat JNoic'2)/....,... %,: } (496,273 t \\.. .).'.d,j.0 520,963 y.}9 d V 264,$89) p [ linterestiturity construction (Note 2)7.f ' (261,090) /qQg j b 3( Other deductiont y.j.. .. g.) K,.. ..{ 54{,,436 8 472r 4 89,627 p r bdO f Amorth.ition oftdahinred debt (Nop4f. ..f 4 5 300,680 / h hI Ai1@di/Ition't"of fiah 6 pense...".ld k. ..} l 22,07*/ s & I 22:126 Y) ') b. M, g*M 1" IQ72,849 N % -(259,521) < [t \\ V 8.960;737 R4 NE;l; OPERATING MARGINJDEFICIT). 7(448,197) '5 (;,! a,9) p ,sQh 'y f y Y l?? W%$' W, \\ t/A ^ } %l< N 3t . Wl i.

  • NON OPERATING MARGIN:

i 6 s -- s p.,. }t ...b.ir/';'1,035,607 a t w 31nierut mcome- - . t.... r g l',115'385J n'k[ VA Other, rim.b. y.g. 2,A....,' 595 .. /, P '472, f% X-4 335,241 ... 3.... ['.. M, / a1,50s,202 N g& udg we.1,450,626 gh /o np.y V. A, _ o $. 6 -ds.lk n c dV N f. f.3S 1,060, +L l,e 'y h0 5 ( s.h b Q \\ h:l ll $ $ ' * ' k2... Y: ? *f I f &'" } NIG' AIARGIN ;,${, j.. N a 3 119!\\1d5 '

  • kg

... c.. 1 i bd gM pp wp tk a. aw ats,v: y n,a q 3 fu; y o , h Q nj g.. .,:r n r t .-ng . W pp, wn fc x s t:a g Q%ying notes to finansial r,tatements are a 4 % $y[,g,My E 'ihe accompan art of thek s'tatements: A F A. O:, e n.' . k,u. [,'p f ' ' l 4,,. g ' f+ L P f) g afi y/

y

.g y f. g

u. a, w2....

o.w,a s au b , w w..~ .+.m> u...< w i .mamw.s w u 15 t / / STATEMENTS OF CASH Fl.OWS i / I l f O,i i for the Years Ended December 31,1994 and 1993 (Note 2) ~% i,' / / \\ s ss.. s 1994 199 7. s i., k' CASil FLOWS FROM OPERATING ACTIVITIES: M $ 1,060,005 $ 1,191,105 Net margin .. f... Ajustments to reconcile net margin to f ') @l pash prinided by operatiom: j pepreciation and anmrtitation.....$y 5,944,678 5,815,567 yf (Anmrtiration of nuclear fuel. .. f).. 2,249,594 1,578,531 /q ! morti/ation of tieferred retlicling cos6.. 1,466,126 1,314,897 A f' fAmortitation of spent nuclear fliel f l disposal costs. 160,176 { 160,176 #1 %nortiration of rclinancing cost. [ 544,436 i ~ 300,680Mi h$norti/ation of Department of Energ... ( j, % j( . t 108,779 { ' ' 125,485 / decommissioning costs. 7 sq y Changes in current assets and liab:lities; / O k 6; A ,&,'f..',.;/ 330,625 ', I } fig 'g% [ 7 Accounts receivable. f 144,142 9 \\,} Drepayments. 334,645 339,192 l Imentories. d.i. A3p' ' h f ]7 (399,309) '06 / 94 / ' fAccounts payable ' ~ ...U... 11.2.... (464,960)' ' l -[ jAccrued property and other tads...J.l.y.. (57,527) ' / 711,179 / 6 ^ ' " (4'k,224 ) (p " f Accrued interest and other liabilitics.$).. (130,008) / 1 22,072 f )ccrease in deferred compensation. 48,945 d-g % Payment ro Department of Energy..d.. [ (M,' ),gp \\ Np 3[60,313) d p w..g A' f[1 182,583. ?228,731)' j ' p' "J(99,750).Y >i ~ lbr decommissioning. q , Ot her. ..L./..... J ~ f - 14H,810 , Net cash provided by operating actisitiew;,7} Til 052,16h 4 4 ISIT@ %. s y %p e/ j .h 9 A< !< N - - j ~- k {( M,/f g kcj dg.. o$ ['CASil FLOWS FROM FINANCING A. \\. Tr1ES: s[ V. [.y N l [ . f M A G ..N.7.?,Q (4,727,252)K / [4,206,143) kg Repaymcpt of kiniterm debt'.d. (250,000)%[MB L(504,497) i 9 h?(250,000) f,,% Deferred patron' age dividenth paid. J. 'S., h Y jn I. !v i;h. j '. l, % (422,277)!. 3 e / Cost of rc6if,sn,cing. D ..d. /g" T s1 Net'castiy's. d in Gn,... 1 I N Lg-.- .c ?(5E399,529)b 4d-j )s M .3...l/'N.% \\ y tse ancing (4,960,640) Uyr acrisitic .g. 3... ..i.. p',, fff f Ny, l p y $p%k lg u. ..y.. t CASH FLOWS FROM INVESTING ACTIVITIES:MM 1Y b 4l Additions io 'clectrid plant, nct... l. .j.. (3,'6A,N7)y g (D28,'5$4) [U j ^# & p# Addition.< to imcle.9 filep...a. A.3...i... 1.. (2,029,2813) e o O - (2,134,906) 1 g d.y>" t Additions to de;rred retlicilng 'cqts L.1,....ht.. f 2,318 "

  • M,90,979) h[.

/ Clia:Ucjn defi (1,116,306) - 072,860)-.M ! 977.915Nh,.. %],221510A [y p Clia.nhe$Ihcr investments p.,d..l..(!. commissioning furid. . #(5,779,923) J( y.f@f e > 7j Q.L g P $$ct cash Ged jn' investing activitics o !!..i. 1ly (9,284,789) E ' ', hqh8, pkh i Qf l f g yf*R Net decrche in tastiand cashk h} f f). jq yl s / /y 5 h (127,28k.b i890,286 k ily : A A W ii V Qf / yquivalints2. .b..,b,.M :.t.Q.0,d.y ' .h.. ,L d 7%lQ i l/Q \\p% EAQ

  • g, W] p. { d h, f A j tp ]1 S4

..9%A bi CASif AND CASH EQUTVALENTS ATi p$ (H jDj f? f ! End of yeat.N......%.. "!......Z..a.18.. (..O LSJ7 p s,223 % # _ "7.948.509 y l.ll ligiidiihg ofycar......:O.g..d...M..). g I . m.Uu.:114531!3n.E u? j q' f' u 3'e' *,Ihe accompJnying Antes to financial statemcmi arc'an% a3Q FM 'i uf n. %. VM ih 4"S Ll r

  • 1 12, d

fi t 7 . Jf- [3 Q E% t ~A } ( g L aw.H k. L \\

  • 'n.

b.6 f 9 w.u

w..

. A (. a';* . A5 ky y,. w,..,

  1. %.y 1r b"

tu 7 + r

. m k t v

w. w nm a~ a 16 e t- \\, \\ \\ ySTATEMENTS OF DEFERRED PATRONAGE lh.DlyIDENDS AND OTHER EQUITIES 1/ \\a\\ s,. // h f h'br the Years Ended Decernber 31,1994 and 1993 \\* ~.,py n If f 1994 lh93 'V! DEFERRED PATRONAGE DIVIDENDS: P ,1 .r 1 $ 6,717,255 S 6,367,f 55 Italance assigned beginning of year.. %n Nc margin. . 33.% 1,060,005 1,191,105 I Revenue deferred patronage dividends. 24,840 16480 h 4 \\ 7,802,100 7,575,340 h,qs N \\ ghk hIPatronage dividendj paid.. ...h,... .I (250,000) (25,)00) 4 3 .m. f pp, f s f MY' Appropriation'of margin - N . ?. ~ h(^ Res6rve Jbr coi tingent losses. ... y._..g '(234,845) (358,085) ( *N, t N Statutoryhurpl6s'. s....h (250,000) (250!000). 5A llalance assiglied cNd ofyear. ' Uf.i N:457,067,255 5 6,717l255, h 'y g, ) g %, 's- +(, h, y Ig ; Kg 9,

  • t)

OTliER EQUITIlh b '\\ N (Approprjated Margibs) h M 1.4., / V Reserve for i. e s y

  1. -a

[ h.! / @C.3 *

k Statutory Contingent h

v e . ?d je / g S a lus 1x>sses Total _ fy [jBalanslwcember 31t1992. 94 .0; s 2,599,484 5 10,591,674, s13,i91,15g Appropriadon gffnargiri. .I D250,000 358,085 608,085\\ i '2,84.9,484,h ,949,759 {

Balance Depmbcr 31; 1993.

.9.M 10 13,799,243 4 jAppropriafion oIihargin. ..WA '25'O.000' 234.845N~ % 484,s45 y{ Balanc' Dfelnber 31,1994 'n 1 ..M} $J,099,484 T511,184,6041 :$ 14,284,088 g c i p / k NQl A c ~. k, t %. f o @- n { g-K. / (a f, 3 ;, 1y or;Q3 p j N nm m i ~ , h4 l { ,[O yfg y '4 p(lp p,# 41 3 The accompam ig notes to financhi statements are ah integral f } (; j l lV y \\ %;f;Q f f' /}, m?}}?] K ya ff i,w f Q,f mf 4.s i h, } l1, ., n ; ;. s u .A s f n b ~ '7 , ?g b. / i-pm N gr (Dhf h I h h,,$ h N l w, f [ k N } 4 :l Q,,y k)l p,fhf %}H[f;f?wQM e((:f,,ff i%., b Q Q k f q y. n a m j w m A r@ m1,hfkkkhhsx$ fna e3 ga m uw mm x s;y k/p;a;a g g 4 e; _ n y-wp-g h w m md,n v/ ,n# ra i y, s.e x m; N ts 9 ep. W,.;pM,W,jlN@.q%lR n y 3 al Ll)lII_f(?y~JN % WOW, a d;u g %, a u.~..m, v c. v, 8 s e s v. - e,,

,,.n

, m,. r. 9 j ++ u n m y.. y w e ,r. v. - ;. n. x g. m . r} r,3,, bN bdIbm.a.. 2 Mwp,JEL3b$ " Mi((y((Ad$ k/N,, Y bc.U I

A [N1shaidG.

ue. o, p p x 17 1 NOTES TO FINANCIAL STATEMENTS. ' h4 December 31,1994 and 1993 1 \\\\ ,*h b, I, j ',. No][E (1) ORGANIZATION: 4-1 / 4 Corn licit power Cmperative (the Cmperati4)is a Rural Utditics Service (RUS), formerly Rural Electrifi-Lation Administration, fmanced generation and tiramminion oxiperative srcated and owned by tucIve distribution cooperatises and one muniopal anyrative aswdation. Electricity supplied by the Cooperative i henen farms, small tow ns and commcnial and imfustrial businesses across 27 counties in north central lowa. i The Cooperatise's lloard of thrcunn is compresed of one representarisc from cash member amperative and in respomible for, anmng other things, establishing rates charged to the member ax>peratives. NOTl;(2) SIGNII! CANT ACCOUNTING PO ICIES: [ l vif } ' ewntwd by the RUS. The sigmtica'nt account hg policies tre destnbed beloud

  • pt'em o

~ k [(g ! he Cooperative maintains its annunting reo rds in accordA e with the Unifons S c ./ = s i . 1 ,e; ' s i r ;w .. Electric Plant -

  • M # e -X/,I / Electne plant is stated at original dost wWh int des payroll and related bensti, salcQnd Ne taxe d

8 property tases and interest during the padlos{of struction. 0 / f ./ s ' f Cmts in mnnection with repairs of greigs tid replacement ofitemsless than a 9 of '/ property are charped th maintenance airpenE& Additions to and replacemeins d unis(of pppIrty are p$) i t 'p " ',{r. / Qp tharged to dectric plani accounts. F k / .,a ='[ / 4 [ l

t. Depreciation and Decommissi sing -

Depredation is provided using straight im4rnethanis and R hseribed lidt.. Thcie prohidons, /

h., $ ' esdudmg nudear facilines, wcre equisalent j6 a composne.

yDasy%Apn rate vpnmtpl.naPr/Dellnur e d (MQ Under a joint ow nership agreement, thii ooperanvc h5a,jlA undiedde$tur/ re both 1994 and 1993. f j. 3 f. 4 i nergy Center ( DAl C), a nudcar fueletf geheratingAtatnise.h hich w a in senisM9Nij sey Cooperainf is deprcuating its interest in tlpe DpB(Iand each year's pr(M' "ak tion /st d N T j' f / 1984 on a)traight line basis mer the tem.eJoingwrm ot'sluiinitial Nut. i tory 'eWelMan $f iatonind on grms pl 1Cs 13hd% l We.ne,tur DAl C (2014). The t s 3 I Sy et 1994 and 1993, refungively%.N4jdeslaw $sppfatory Conuttission estimate (the pny.Mih5hi h iM( sup A 19)e/ThIggiort estimated dei Cooperatifs oIuist o the decomnAsicWhg wats ifI. Gge%W W ,g appspidsesecty 536,500,000 (in'lv94 dollarp. Thefas(ocrative is p f l r]h],\\ g } wonmp fmts ming a funding snethod whids assumes J Sh rate ofinflatiorn al6944 ji M_ sgipBB. S c, 4 ? j %:D mesho is deugised tu accunistlate a deconuhiseoniniy1eerve sufhcient tdicamen Edg iedWelund -of deo{ne,nmsoning (Yisen b/the year 2014.l dation add dec A ,4 "QM y p/ f q 3 3 ecus misdoning sustoire indugled in depre Mpe*e in <r / \\ and (xpcmUi$sgli osts were $5Jj9,221 and 10Mr4V2 for 1994 i)J ! ~ ctisdf 7 f Re i S '. /ble total depmmisdon'Eg finkl/ accumu%ted at DcccrWIMy,8y1994, werg of w hwh P ^ k k961,090 h.e licen placed in a Eihl legallj restricted fod5Ehelwenumis4A MA$CiThy rcficining 1 ,,t t 1 igl1AEC. 'I hSich companen(ted, has7bren designatdd bMsCasyIsiast $$,N4,246,%IblE out legally restri ' ene R &r'omndsiikm- ,j Ad i t Sou n 15 other intercs was WO3 and "19% and , ) Yh l p3 '; h'fT N W

k.h.

.E Ie ud. ' f.f .i 1 .M f93frespectivtly. @p / 4 g i N6'. ==%. pqd.anl a/ Tie er nu$ar fueliswws)eks j 2%.4p ' '~ w v i, f %. f3 ,h n \\. @? mwu fan.ea tcim and otherpwcr gamesedne eqpetus, based a .tl 4 e t pj pnufuced Arile gswrfuod clcenic crargv. Smenowrtiandestinn pu3 g quasu@p3iggnagpt m m.., n.y a, m g. a, w.n dea m on, 3_ w, m aap, 4 n gsja,5 9 g4 gg pg ,oc,,u tsm w L w x# ,A,j (page 6r DAEC. nisse uk are kingsnaniecd so cipeme n cd snihe espaggedgmasseloh of q 3 p%nere ena cyde whis,h tbgepenisb wNh skperbt Alw Cooperaisurb2eoveul @fM ,t 2 1 Qpt @{if hghh((5R(% 4 MMgNk?pegnesy.yE y pvq Gunardanden me. 51,4e6126 and $1,M 4 lesMr.1994 amij ges gm 7 W$ $hk h d1 M f kl fM M %\\M l n g m% 3 m mm m n w%.w y$ A,% hW, LLA e ~.w.. u ua wew m a w%a v,M e, L m wu 6.A emLh a a k.w w wa e A a ac e 44 18 t 4 4 \\ .u\\

1. TNOTES TO FINANCIAL STATEMENTS

\\ M . y/ Dodernber 31,1994 and 1993 li / Q >f # / E, Interest During Construction - s jd* Interest during construction represents the cost of funds used for construction and nudcar fuct hk retincment. The average rate w as 6 4% and 6.1% for 1994 and 1993, respectively, and is based on the . f Cpcratne's levels and costs of 6nancing. r W). 1 I I F. Capital lease - h e .kJ j The Cooperative has a long term lease agreement q h the City of Webster City (Webster City ) unde N{ which Webster City has agreed to pnwide cert'in generation and transmiwion facilitics to the Cmperad i tnc. In return, the Cooperatis c will pay a minimum charge w hich approximates the debt service on thhe %g}, facihtics. The Cmperative has capitahied this lease and reflected it in electrie plant and has reticcted the related obligatu n as a capitalIc.ne obligation. [ 3 ,/s G, Income Taxes - A ,h

w

'Ihe Coo'peratnc s exempt from fcdtral and state insome cases under section 501(c)(12) of the } [ ' h I"'""'I W '""# \\ f kt [*[\\

11. Statemenis of Cash'i ows -

} [ For putposes of reporting cash Jhm s, the G uiperatf} c considers temporary cash investments purch.nncd. *i % ~' with a maturity bf three months or less to be cast equi,valents. Cash paid ihr interest, nct ofinterest. T,,,. 7 % ** l t , capitahdd,'uas 17,569,443 and $6,574,071 ti 994 stid 1993, respectncly, a /- [ i[ k(% g f F 's I, Cash and Investments - M, b' 9a k.7%]q ( TIM pc'rativ has cash and investments in the following3 hI \\ q a i a N i d \\ D k I,' 's 1994 1993 i \\ Obligations,pf the U.S. government and its agencies$ 4,683,826 5 5,489,H92 T s .m s p$ jdCVS)mrfte befidt / Q@ y 1,181,969 1,747,099 A tjanimon and preferryd r,toch 2,280,154 1,755,250

  • g A

Naskir$4110erall)sdisics Coope;athe rinance 'j $j / {h i $ Casta and CD's deposited with federallyln[ tired 1 h f M k^ P(t L. Car}mration comuniercialpap rd g p i jj 5,364,062 , 6,529,737 i [4 Q( i t ,py

iEMI fh

$34 880,746 1,154,295 i h}p.f* g [ Piiph held ir\\ trust invested primardy withQ [h y c loya Public Agency Investment Trust %W p C 6,809,844 g/A S,s48,878 ,y f' e Fposaic devylopnient mvestmeists j . </ 'O,081,285 N 1,390.I47 }d ff 4 334,898 N 143A95 ,ythfierirnestmenest 4 i-a y[9 }[ h0 }M y g $. %@j \\ Q l b %.. 4 f Q l s23,ei6084 s 23,7sa;93 %g }y 4 q h 4 L u _ <y p3s c hm7 s e g MN y h h absm invNt t5 are indudsd as blious y,Q][k - M. Aash andfashFquivalem4 f \\,[ ^ i f (1 @n the snpid.c bai.mu sheete T d K3 '_ ohsiofing runa sJ [ 7,92s,sso N s 6,742,138 a j Other invaliments and r9ccidsides] Y ",871,575 'N,.993,905 " .q 7 d1 6 d '7,058,223 % gp ~ A/ h, N jJ ishneteriniiivesanniinia 1 i i ,930,938 K 2,563,927 k J $,$$ m/[M PN [k n! e'5.21616dal s 2biskb

k. I 888,935, m

t a /we. w gj thg(x .hiarm,a s,;,d,t,a,na conauction oraedia t.ahuie ampuntsinclude $6,57 m [Q %f. X h/s p-f It p's 4,- am n J 3:g yy W thMainauch 45sh And castiequnatents endibbrt-tenninvestmends'of 57,s19,fl7J and h p[g!Q6Q i g* Wc w// 59: 6 1 n 2, iso a ss3y1,99,a993,,acti,ew,tge,,,im,,s the fair,h,accausme shnri 1 %.,=yor.h a vesimw.m a v.iuc ofenf, io e.,a immm ad odierworu m ? ~ $(A M3. N Q[ h fair Tidue and custying ctEt/of thedn~cstmenIn art {aA lollde ~ Nrhe Nnd receivuhlen kd on bsM market prices it those Edinilar invnisiInenen, w h2rc a4fabidThe M ' %4. ,1 4 %, 3*Wg Wyv \\ 'M m. 4 he/ p tp 7y" Q

  • g u,nn,i,w.ning,si %q.ing t. dug.AcjjI y: sa,s.9,849 7,#7,onc pq runn.

5 y,92s,aso say42 Jug d q co q .onn d e.,a,is iue k ;, A yherinve une.mnarivis,value us,317,s9s %. L s ? 5449,ea6 9 f fy y,s g b J j p iherne m.anenn t.iri.due q y,, M e/sl s,a22,257 72 s p.695,iOwm g. f,s y &a Q q {, /m m, m wn v Q y O f a )+%.3 9 fy Qp +j p._'n,g) )my / KRgff' 4s] 2y4/{m - @84 1 on y 4' w. n p Q%- @y w -. wo n bin g af 4 nwwa. was xd kw. wm w;y.~exxw, -. w % ., n-g u a w a,, a 19 ,t / NOTES TO FINANCIAL STATEMENTS. // / o b. \\'.[p' /# December 31,1994 and 1993 ,Y e/ j For other imestments and rescitables of $2,553,682 and $1,743,969 at December 31,1994 and 1993, respritnely, fiir w hich there were no quoted market prices, a reasonable estimate of fair value tould not be made / w nhout inturring cxuwne costs. These investments included $1,000,000 invested in the preferred stak of the.5'* luw a Capital Corporation (ICC). The ICC is a forhrotit corporation established Ihr the purpose of advancing chinomic dcrclopment in the state of low a. t l, pfter payment of operatmg cmts and certain rewrses, the net procceeds ofICC will tw paid to the preferred 1 (z stuitkholders,induihng the Cooperathe, until the p(eferred st<wk imestment plus a 15% cumulat lien returned. After whith, any remaining pnicced willlw spht 2/3 to the preferred stockholders and 1/3 to the I. %g tommon stockholders (the state of hmal A f jihe Cooperatne has an investment of $2,515J07 and $2,515,N90, at 1)cccmbcr 31,1994 and 1993, respec-t$ cly, with the National Rural l'tihtics Cooperatig 1:inancial Corporation (CI:C). This investment is required in yler to allow the Civiperatwc to twirrow funds frpm Cl C. ~lhe imc$uncnt carns intiftest of 5% on $2,195,507 gr wins,h matures between 2070 and 2080 and 3% nij $319,2H9 whichinatures between\\2007 and 2025. $ h;% A The Cooperatne adopted S t-As No I15 "Accotinting fier Cert /n Imentments in liebt and equiry. ~ r Sc}ciiritice cHectne January 1,1994. L'pdcr the stjtement, thc[npcrative's invvym[ntsin mar ,( A-scipritics are reported at fair value uith unreali/cd pains and kases reported as a rtct amount in (scparaic compo. ,16 g h \\ nep of membership capital untd realised. The C nyerative acht imestmentiare }ntended to be held to maturity. y}% ",, yc - Ayu(h, the ad ption of NI:As No. I15 did not dumgc the ixperative's awounting tiir these debt imestments. 1j ndi l l' h ' { ,,Y l-ftfJ/ s NOTI 3) DEFliRRl!D PATRONAGE DIVIDENDS AND OTilER !!QUITiliS: l' / 9X j q yM y / . ya In'ascordance with the hm a Code, the lkrard of. Directors is required to allocate,t piirtion ofIbe currdt year's h5j / nt{nargm to statutory surpim until the yr$tutory serpim equals 30% of total eqmtya h'o addinons canbe made to / statutory surplus u hcncser it estecds 50% of total Qtiny. The Itoardpf })irectors api opriated $25g/)00 of the p-1994 oct margin to statutory surplut y p,,7f N g

p. % The eqmty designated "Itcserve liir contmgent Iqc.cc in the StatemeistW Ocle,ric fatrynage Dnjdends.uul" U+dther 1:qmtics is an appropriation of equity by the floard of Direytoes The IWierd'uf Directorj appropriated

$234,845 of the 1994 net margin to Resene fiQuitingent hmses.Jhcre is rio esseus $The !!aard of Direstors is permitted by the Iowa, Code tpilocate the curreiit year's net margin to diferW N patpnage dnidenps upon meeting (crtain requirernenui and h tespiired to make nuc.hMk '/ (9 16e the 3 car esreeds specified maximumt The Ilddd a(Directcws has approprinsed 8606000 pthe 1994 not i L hnrgin to defened pauonage dwidendst Defcrred haemnage dividends are to be paid i the it he an detestubted l l

  • annel(l. hiredwithout' ( NM ',5 by the lloard of theetott W yV

[';# ff, $j ~ l Undtr the conditens tif the Ciuyerathr's mortgag%defervell patronage dh.q y l .tppnwal of the RU$ mld the 01 C unlew the remai mgt eyutt@cets certain'tessi.5The CWiipept c dars ent enrct a 7f3 these test (at December 31,1994. litiwes cr, the < u peratwc tetened perfninidn'and tetired.1280,000 of the ' [ 'T h (']+}~ ;p g g4 pdOf j p}h p{ 1982 patro'nipt dwidends during 1 4. p y y ,f. m j uGTr<43.roNw}renuDriiresy ( \\. s s ,s 3 fjea ,gg j4p / V G3 d i I h4 s ~.N j ung igm debt mnssis dmoringe nmes payaW to the Urbd $utes of Amer. aetag through theyOS and f'1h r - p he itWr'ai Finandng Jtank @l iti?apital) case obligatiom, and nosenisskd in conrgpction with the iwnance of 3 hifhtion comnel resepoc bonds. Substaritially all the awets and,dl rentiuwamue.redchtse and not snargir% the i 's pg7 ,, {hk Midpcratin hre pleagkauollateral for the long drm acht of thicunpersem,ynie =,m debais cimprMd of: g y 1 gf. '1 -h [ f ) p h [ i N M '}y93, [h g jM, p.,m6p,notaauem,anuly y,4 m a a m %m 4 g v 3 Ly _.Agr,54 w a, j ,pg < \\ gp. w2=aue ip5 20q0s4 n,d.s y e m-c L.. s i4,543,375NLn$FN27),52,72/ imi 1 4 e 37. inh 5%; de 1995-2019.h._,,.y.,. E 24,430,1se # W R1 k e. m s 'tA Jhdd.fq(/ fi p 69.522/ 15 ' %q u/,f t 5.5M1pduc 1905 2019a / W % ff, m% y J40 & aa.j)i p c Q f, y% G,y% , y " y 071JtW92 W , * ' tim'wo >, p capusi.iense obhgath m.a g[ds h m,, pt q u 'y W .g p4 m 4 int a b ymes s tog 3g gSG j g[%j 4y l Websect City Resch c Bon ?h 1h/#. t\\,Q D! 3 . y y@ 4,7%,7A,duc 19w3002 v,. yM.. d. b{[?- n,170,523 %, H,n s 9 JrYM ". 5,9111,708" %% %.b+.i Q, 3 6 4 p(- 5 4 p+ r 3 v .r g W,, 4 s ' ty \\ e s 1 4 p t _ n ;a q 3, s a a c a et 4 .o,. b fCsen ikH 1 1 s h i% }. ^h) Iblluhoi Contg-. g gg g g g gg ( >qg Q.y jM 7 f >q' ( Ty f;g y, p; @ N951997 and term due2007dp,., Tw !,,,L69poub "( 3 d ~! 2,735.000 4 1 .f 3 g,2,,%.ge 4a.., ,y. a 3 3 )u 3 g+ 3< p f3 tc%. . e,e;y w_ 3 -s 5 t ET,,A.M d,W.,, ;Oh,,1 dd 1 M \\M,9% M, 4 d, ,dugh W,, a ,3 m 20 1 s t \\\\ ISOTES.TO FINANCIAL STATEMENTS \\ m zs, q \\'$ 'Dpcomber 31,1994 and 1993 Q "r // \\ .r / \\ Uf ,A ~ ff + Matunties of lonp term debt for ihe nest five > cars are as followv a gI { Year Matorn } 1995. . S 4,M76,817 4 [ ji f 1996. 5.092,05M 4 $j o %iy '[ l997 5.297,M62 y V

199M, 5,0MO,561 {

1999 5.366,319 y f fi %l In sonnestion with the mortgage notes, the Cooperatne h11 nailable at 1)cccmber 31,1994,53M2,000 trinn ) ClC to meet future boinpung necdt lig 1993, the Cooperain c recen cd approul ihr 516,939,000 of n adalje i i Il loan funds to be use t for quahtying mostruction proles 7 'I he Cooperain e has $2,219,909 of unreimbursed t s ',6. capnal addnions w his h it annapates will be fitnited by the most rescnt I'l 11 kun m 1995. ~1 he Cooperaine bad ' [ avadabic at 1)eccanber 31;1994, an unused $12,000,000 knf of ac6ht with ( l C of w hish 51,000,000 k asailable unic m the es ent of a nut! car swident I i ) liased on the boirvwing rdes surrently nadabid to the CMperathe for debt with similar terms and rnaturities, the / g ( ) fair ulue oflong terrn debt uas 5112,775,003 and n 130,4 72,36M, at 1)cccmber 31,1994 and 1993, re pes th cly. ' ' ~ ~.. N The Cooper.unc panj the i Hi 5422,278 and $504,4V7 in W94 and 1993, respecthcly, to reduce the interc9 rate _ ' i b on a numltr ofin i Hrdcbt moet The tres hne been Afefred and are bemg amortiecd iner three 3 cars shk h / wirpponds unlithe pc' nod the ( hveratnc is recovenng the fees in rates. The present ulue savmps as a rh, ult nf ) f { the interch taic reduction,Icw the ters, was SM54,1In for the 1994 transactions and s1,13M,033 tor the 199.0 1 transactionu S 1 - ~ {f i ,a 1 r {l 1 + s\\ i t,. L,, s. . NOTE 45) T4)NSTRt'CTION COMMITM ENTS: ( 4T . /,' G y / lotal construction expenditures tor 1995,indudmg c peddititres for the inintly ow ned umts, are esumated 16.c ) S6.801,%0 of whn h 5400,250 islthr the pntchase of nuslead fud at 1)Al(:. i 1 J ge g / NOTE (6) ]OINT !1 ANT OWNERSillP: \\ hg d 3 [ , 7),,, } \\ + ) s . Under joint pe ncrship agrectnents with other loua utilitics,.the Coycratne had undhided intercsts at 1)ccrinber.

31.1994 in thiite elet tne generating umts as shown bddu

] }? g P i gt = k j; 6 i 4 l I [ D y J liuanc Counal Arnold ! { g s, l' 3

1

). Neal d liluth l.ncrgy f

  • (-

Cenier f I I l' nit #4 i L? nit #3, N b j s Total electic plant. - '

5 44,604.240 5 14,241,773 (S 60/64,951 -

g j { k umulated deprcoation.. ' 5 21,175,04N $ b,342,I l 0 $ 24,506,5735, i o s Umt auredited cap.uiry MW 4... A24 / 675,q N Y 530f; Q Co perativchhare percentz, .;e 11M ( 3.N% i. 10.0% p 1 + i i Capnal cost per KW4 7 j j \\; < ~ ^{ .[ p 5 n33 555 p' St ( ) 1,250 j .. Each partidpant pnwided its own finandng' tor as sharc of the unitc The Coulwratnci shart of ducet expenses of m p[ s thy jnintly frened uruts k induded in the operating and maintenance expenscs on thc Statements o( Rej enues and D$ I j [ Luperset D g %(j; ({ l .1)unng 1991, thc Lamperative,one of us monbers, North Ida MumcipalINetric Onverative AMdation p { r INIMI CA), and the City of Gmndy Center ithe City 6, a,Nihjl CA memler, entered into a Inng term lease 9 l- 'agtcement for the use by the City of tw o rn'cgas ain oQhc Coopirath;ci c:rpaat) in the Nc.d 84 genciation ( l, ,4 fadlitics. The Cmpratne uill contintic to act as the Neal fl parnier on behalf of the ChdThe alee plant ( ) L , 4atistics have been redaced tu retlett the.greemenem 6, ; j l^ ' ' (' ) ({ i r .\\ e'

s l

t s v, '( t- ,{ o ,Ll '?. /" f ': } 4 b w 21 I t f I NOTES TO FINANCIAL STATEMENTS Y. // U! I/. p< h December 31.1994 and 1993 \\ pV ( / \\,i.'"[L,/ NOTli(7) PF.NSION Pl.AN; plin is tunsicd p.mily by sontnbutiom inem the Co(ined twncfit plan whkh unen nulwtantially all employe , Ihe Ompcratne has a delwnit admmhtration dc The *' ri Assets are held on depmit by an 3 [# $.pcratne and all partiopanit l Q, iq]iurantc oimpany m its pencral aaount. f cnctits paid to retircit empknccs are equal to 2y/4% of the ascrape monthly carnmgs mukiplied by the > cars of yi. smisc km(c lanuary 1,1973. h

p*

j A he Gqwratne hai recorded pension espense sapial to its fundmg contnbution in its tatements of Resennes and 5 l thixnses ainmtent u nh the rate treatment allowed this cmt. [' JNet perimhc pcmion sost for the gcars ended l' 4 and 1993 instudes the folkming componente / th94 j f.b, 1993<:, w, Q. i il f 1-i i f %cruce ont lwnctits carned dunng the penod {.. . /.. $ 276,894 / $ 242,966SQ % inte cut one on proicacd benclit obligation.... .q.. 425,327 36s 944 " $$\\Q fReductii>ti in pensi<iviiint t'roin actu.il return i i aswts.. C. (407,023), [ (422,027) li%l% 54,934 Nd 'jNet amortuatnin and deterral.. ..f. 22,952?

  • ' [ N..*

Y e Net pctiodw pcmion ont 4 cmplo>ces.... rp.../.. (99.rC3i ' 172,545) j sci periahc pension ont - emphncr. .M...? 217,9, 169.272 O g ~, thange m espenses due in rate rei.ul.itiop#.[Mk'c.... \\ ./ i , M6,9 7 14.5*'2 f;N .e [c j] . ! 2.. 5 304.904 . /g i H A.844 "I'otal pension espcmc.. 0.. y) n l r. -&w '.f} A g7 i j / l f f yl ./ c y q. a / f Ps. . f h. b- (. o. \\ gQ \\ h M ,3 r .A q w A7 79 Q' A

N w$%;.

N 'A

  1. !IU94

+: f Q t h a i I f (Q d

4. ' M

% m '172 7 Awumptions utd w crc: g g.g, 7/ e,y y .y, Diwount tarcu.. y. .... 47.J..Tl .d. k. .. M. [.. ' 7.5Q% / i 6.Es4 1 ~5 h' Rate of 1,Wreser in copipcmauon kvrh. .......N h 4.5 % l% (sm.h0E[ l iwetidi,m,frm 6tc or rnuren.iswis.n.%.... A.. j o n.m, Es l t WL Q WQt$ j WM t.. 5 %yby f %l_ l p,,3 4 lhe foamiag tabic presentiihe pid tund ng natuunit annunts recognved in the Con,i e M;{x;M.

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t ybelence y m W thens as onwember 31,1994 and,,1993: / [$ c10 tg # f y . ng ,p ~Q q 7Q q% }ysp-1994 M b+f \\ w 19473 D [*4 k' jy % % ) bf { %,a,,a,,,wnt.a m e m n 4

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d Lh / 4N. f ( n v 4 467.949 .yh e . xcged brnati ohhpiion. M. .f yl~ D $ 3,97p220 mnt k)a la R 4. .I konveyt d twnctit t.bhgation. . J.. ..hly% 23 S$7 e ' W 234 3 1, y jn.r, h.' D A92.9 N h [ 6 m m g D,/N7 C4,212,5%yi $ c+4,702.930 ,s'1 .9.. y Mumu ated benefit ingation]... 3)..........f.. 4 ..f 2.1 E 242 3Provini$n jor future ph iMawi ug /z 3 k-cea wnce ehkynow.._..uA........... .r{ ';5,Vo5,50s=M),mv,y,42<dsf Ngg q ...a. + Q(, rifn acita Air unc. ..J.h h cQ...h..J.4 s.246 08 pq[Y .a , x.897si23 s tus 33 rn+9hm obhyiion a,uie.mgi en. ..f. 4 .... fd, 4723.s4sb 4 '. 25,Mi4J: i9 D,ncu pg, edict (pu0h m.2.k'.i.C...L. S....,...'mecA . 2.3.kk

  • 17,834$UM5q20J24, Y s:

w y34 ortcorthesi p/ww sen ke o*lt.d 1 ....,1,y.... Ff k M$. [l[yWS[ k [3761 Y % mA95' KS;d 3.,51400 Q L SJ1,3 y 9 g y \\g y g Y (g 1, Im unt ttstagnued srithe ba! ante twrtC' p$. A. d $ i,364,146); ' a

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.(()v.$ J 4 T uddpests ,4 3 s %.N N, atne aho pnniles a 40D10 planwhku W,it is as Alabic to all empkeyecs,beh she - d s 4 % S F % W.* M g-[. ~3 ' / *' N ff 25w.si rioy.;.,ontnba, ion:.c so 4petwe enpa;we,<.agcsw q-ri ta,Couperosivehuicpn hJ g(4 fhe M i;.E j $1n iddjahm, the fenperstisc'pnpidesicrialnheahh sind li(c insurance bcMEti td active employees. Esit.nl W. y[& w a r g Lg fcgko ces ma3 warhlne medicat in.ia ance o n enige lit,their imn mt. A 1. t J e (. N q,

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.. ;m;%, %. , deb L 2. OJ A;:2 w n,.s m, y v ,m, p m. w y c mm m, w og g c.3 m w .w t k ellLE o N,I0.LAAY .d..fi w'ir Ah GL LA g, u e r s wh % h.a w m & L1.i,Q v 22 t \\, tu NOTES TO FINANCIAL STATEMENTS e s . ti a s \\i i Dxembe 31,1994 and 1993 ' r

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/ ' 'f)NOrlHN)1.AND IIELD LOR I UTURE GENERATING SITE: 4 k / 'Ihe Cooperatise is a parnupant m AHicd Power Cooperatne of hma ( Athedh Albcd w as organiecd for the . A,f g pur}uc of buildmg a generatum plant and related transnuwon tauhues to pnnide for the future power needs o.f t*> [ us mcmixt cooperatnes lionng 1980, Albed determined th*at the esumated tuture pimer necch of its member [ uw Swratncs had dechned and tlut the ainonued Jesclopment of m plant site u as not feasible it is sontempGted 4" l that the plant ute will tw dcscloped in the luture as the needs for power increase. { ~ l NOTE (9) LI ABILI1T l OR SPENT NUCLEAR 17UEL DISPOSAL COSTS: 7 L i he Nuclear Waste 1)nposal Att of 1982 p.nc appnnal to'tbe Itdcral pinernment to (unstruct a reimiton dir {( the natnini uuhan spent nosIcar tucl: The Act stated that tundmg for ilus reimsiton would be pmuded b3 l awessmg noticar generating umt em ncrs.1one tune fee for spent malcar tuci bemg stored on4ite at cash nudt,ar ! Mihts m Apnl 1983, and h awcwng aH turure energ) gencrared b) nuclcar f acihties at a raic of 1.0 nul per i'., kilou att hour. The Coopyratiye a paymg the post-1983 ten pn a current basis and suth ices are bemg charged to secam and uther p mcr g@crat on cwemet 'IheJ u pcratne h,n prcuoush paid the one tirne tcc tnd is i annertumg it io'espco c iner a flurtccn s car pendd endmg id 1998 winsh concsponds with the pcriod the.\\ J ('o pcraine n nun enng thesc cosa m m ratcv ht both 1991 and 1993, $160,176 was amortucd to srcandmd - + !? i othtr pown pencratu m cypcmet ( 'J w \\ { g i

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} NOTl; 0 0) NIMII'A COMltlNI.D TRANSAllSSION $YSTI31: g5 41 s 4 s s e f in Ip9,ibe pa peranic and one of its memtwrs NIMEG, entered into a toint transmiwon agreemenis hkh ath m <ucraf mcmixtuit$1M1 C A an mdnidual undnided ow nentup intercsr in and acccw to the Cooperatnci trammmbn wstem The Nyeraine has a reten ahic of $4,665,999 from a trmt ntabinhed by NIMI'CA IN. ulomate p.yment to the Coverame ;lhew fundssan only be med to thnJ 14 US appnned trammiwion prod 1s. ,j The Coopuatwe udi Jonnnue so rperate pod mamtain the system. NIMI CA memben will rennbur*.c the 6 ( wnpera'he Jbr the propnrtionate share ofoperatmg espenes of the sysicm and will contribute proportionarcly. t tbr aH auture capital additions of the w. tent. The rennbursement of the 1994 and 1993 operating espcmn ucrc; 2. ' 552M,057 and 5554 A83 rc5pectinl, and scre actorded as operanng resenues. Add tionalh, the Cuperaine and 3 NIMPCA entered into a Japacity v.hanng agtecreent%hk h pnnides for the shanng of generating resourecs fk thnmgh at least 2009 g y I is % [' 5 ( y, 4, Q. X I R>

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NOTE (l1) CLEAN Al,R yT:? ,L, ,ai( 1 I /f h h Tl e Clean tkA amend <d, made s ficantIhahn m the ' ationN tican hlaws.The Arti spcot c n E ' (' amendments th.uildciwnkm (ontrol 4 acid ram)inake signunant redudkh in the amounts ofsulfut dioude 5 s, and nitroul crdde t tniwdns allou cd on an annu.d bads natn ju ide ^1 hc (b ycratn c% coal tired generating .C stations are in canphance with the standards c>tal4hed b Phase I ot'the Act and management Iptwgun d 3 isnplenunting programgwesvry to nuct tbd mmp(mec rcqmrements ot {hast likhkh will bqrtfccuse m the k: i. ~ i i ( l-I s c ar 2000. . S 5 [$ 3, j g

  • i~

t' B F l y l \\' .~% 3 LNOTI' (12) NATIONAL ENERGY POLICY ACli t h l1 4 'jf l If ' ,5 N \\ 8 g h 3 ; ipe stia! National bne iblicy Act d Ib92 rqmres e nm of nudear power pidd to ph a spebal$ 1 aucumen into a *Urania'n vnrichment i >cconianunation da Decusunu3sionmg ifn4TI he aecament is badt g k( s s, s 'S upon prnw poclear l'uef rurthases and for thf DAl ( ascrages appmunmeh 31,424 A00 annuath througV00~ 6 4 e[ ot* hQtti Uferath c's,10% share is 514t460 The (is perarl%otal awesMent of 52.03N.030. Which u di ' 1(W "j / H bchmredin ratys has been recorded as a liabihts, net of payrncnis",4n the balanic shecit~l hu, b.ibdM torahng - e 7c h j ' .. al JO9.54p 6n December Al,1994,hb been' esorJed u nh 6 yyespondhig deterred charge animhcd Mr a. d g [ ' 4 5way/rht. bqpanmgin W92J }, o . f/ [+!b f,4/ O / Q 4,% ' "9 / klN sf-Wk+% g' ( ft n r ^ kmV.p(LE- . >i a> m [. l. f V w , m,( 3, t; s. m, &j; v t. e p dhl ql n .; m g g g s f, ~ ~$? hM?* p', ky y t ? V7, e Qel[l,k pl,.. lL %;, _q Q,\\i>^c7 y(Y Q s \\ y; y, e, j >r ' o; --l'd (, ' s f T- %s .'^ ,f y} l l c j [f t fp 3

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U y , o y pe, r -fa ,3 ip - I +f ' e_ ,Gt 0, ! ? )J' ( i l {:"s l t {J l li : ' l~% 'qi / 'r e, A ,w w 'a. s [rc j{ j i ; S s A a0 O.3 i 'i I J.mn.$ b \\. - - ~N a u ++ 23 r" 1 t t / y' NOTES TO FINANCIAL STATEMENTS // l' [ December 31,1994 anc! 1993 ,\\< O. // \\,.*s/ r NOTE (13) NUCIIAR INSURANCE pKOGRAM: \\. l'lic iperatnc, under the prmisions of the pnce-An rrum Amendments Act of 1988 nhe 1988 Act),has the benttit of I p{ s $8.9 tul$ ni of pubhc habihtv 06 crape. The on crage conWsts of $2(M),000,000 ofinsuranir and $8.7 bilhon of potential Q retroactfc aucwments from the ouncrs of exh commerdal nudcar power plant.1.'nder the 198N Act for lowes rdatmg to ph nudcar xcident$ in nun of $2(H),000,000 cxh nudcarljextor may be awcwed a masimum of 579,300,000 per nudear l insidentf payable in annualimtallments of not nuire thanllo,000.(M)0. The Cooperathe's asscwment DAbC Giay be up to $7,930,000 per noticar inddent u nd) a masimum of $1,000,Ono per ) car. These lismts are subics t to adphtmf nn for inflation in tuture ) cart f P pursuhnt to pnntsioto m sarious nihlear imurante pulgics, the (hiperathe cduld be awcw.cd retroxtice premiunn in ornnccijon with future auidents at a nudcar fxihtiim nkd by a utihty paru/j ating in the p}rticular imurance plan. In j% p additio4 the Con}wratnc could be awcweJ 51,200,000 hiated to o n crages for ocess proltrty dam't.ge if the imur6t's lossek, relating tQan acadent cwced its rewrset While awcwm<nt may aim bsrmade tbr kiwes in certam prior g,ns the Co6perathe Q p not ad e of an) lowes in soth years that it bcheses archkch to rcMt in an awcwmentN l %

  • N.m Si{Q]m$

/ \\ b' / ~ c: l / h y , /,. Q J/ l Q j n p ) f. pk // - 't / (4 s !";0 %/ < s. . s 1 \\ f f t? e i., .r 1 , t p /j l M N M p 1 y y RERdkT OF INDEPEhDEbT PUBLIC NCCOdNTANN V #....?%. W J V:p M,w W ff f lg \\ n, .,s g'., J w 11 4 su ,w-(lM@ %%. ls., (a d y$ J V V n b. TO THliiBOARD Oli,DiRliCTORS 01: CORN l@UI' POWiiR COOPliRATIVEP, - R Q y,7, k > 3(q N(k l 6 o t: g ty t 2 ~ t. f f'.%> p. Qy gy 6a p)l 3, m + t p 14 We have audacd the accompandng balanceiherts of Corn $h J'ouer Cooperathejahoopostn e ass & ation incorporaica in .Na 1 ,3 m x r1 w lowai as of Desembcq31J 1994 and 1993, and the rdated staijments of tes enues and espcuses3 ash tkm ai deferred patronage f [h dnidends amt other egnhies (nt the years then coded. Thew touncial statiments are the respiasibPhtg"Cogierative's )h th f/ < 7 r l 89 . man. gement Our respresbihty h to esprew art 6pmion on tiscw finandal statements ha ed on amt audits.p 4 f# K y j k (M$.$'hl ' $h We sunducted our andi$s m anordance uith generally acecpted \\ y ( 3 perform the audit to (ihtain reamnable asntnic about w hethdr the tinincial staiements arc trcQ~ t matena!misstatemcpt. An aushi %f ,/, dn'a ef i bast ( cuJct' ice supportidg tbc anjunna and diecinnurcs in the finatuialheatenacut. An airdit ahn f,4 indudes edimng, M'accAu9 ting ynnciples uOd arygnificang estuutes made by ardnagementlM y i indudes.isdupp th P t inantial statem@t tresentAnon We behese that our avdas ptovide a teamn.iblehenis for.uur ophioni M 8,L 1 ne prmnt f.,;rh,i an n rw rnpuiqta, nnana'N i' g N i kb M i,en of o,rn l bh a l N p in outop,f Q 1 'N Q ,, 4 )c .i ea nion,the nn,nd.u stma=n rewa i+, po

  1. ,' k?"

$ h ttpow er Cooperath e as of Daember 1,1yJ994 ahd j 9V3, an4 the results a d its operations atid its Nut fimMr the%can then . M g,.,' Y. e:t Ged in confonniniin generany aaentcimununting prendegs. M M sb 4. " A p%gM } br41 1 %w h h@ j j e Nv' 3 g k 0s w h o m,bparuustuoaxsua ttryta-k kh Q. I I o w e # %,w 34 a,m.g / v. - c 6, 4 /f a p e va 4 raruur m l (o A 0 4 n -7 m,,,, d %v A '4*P 1 w n 4 d N 9 y gi +a99 g g e.1 % ymysg Q@f 'o 4,l L WL - g sq X x% y i ; ..) a r&wo % + y .x ena s m n, o m>

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1 c e i (p 1 n 4 m wy -~u r t. a ,Y^ . ( c. [ y' ag g A:~ ft i 3 +D M 0 ! e l J V s3.r.g? 1 ,,e.- la p. is 3 .v n e c. g s <>;4s .s y._ 1 jt .s /#. Tdhabh 4 e. 4I d I M ,,hh g ,d gpg, g,. ,gpy 4e, f y,,, y9 {j g 24 1 e, 1994 kWh BILLED BY CORN BELT rCo. C 1 4 Calhoun Co. ECA 30,016,353 Franklin REC 38,038,553 Glidden REC 37,571,483 g Grundy Co. REC 47,742,853 Hancock Co. REC 44,544,082 ~ .i 'g' ~ Humboldt Co. REC 40,804,422 lowa Lakes 217,171,439 Midland Power 72,996,382 Soc Co. REC 21,154,447 Wright Co. REC 87,271,769 President Vice President Secreto NIMECA 79,639,160 Hum t ORC Ni tier Co. ] + y ? '4jgg. g 4' " *$ *>,; ' g re w y v f

  • N* h*.

g^1W( % ' %,(7, Corr hnke db F obin REC d'k g f ' [S, 't #

  • Y.j Hancock Co. REC Colhoun Co. Electric Cxp

(' h6 \\ " se m i \\% m-6 . Q g f, ' P t Lawrence Witir i Donald McLean L Kirby Range Glidden REC ' Grundy Co. REC lowo Lakes Electric 1994 LOAD

SUMMARY

(kWh) Cooperative l* DAEC (nuclear): 410,838,140 .g g CB #3 (coal-fired): 107,771,000 '~ Neal #4 (cool-fired): 470,371,000 1y j h Wisdom (cool-fired): 23,090,400 i l Webster City (oil-fired): 805,050 Keith Gelder Normon Kolbe Russell Krog Midland Power Soc Co. REC Wright Co. REC WAPA (hydropower):154,644,000 Cooperative NIMECA/Other: 6,465,030 i

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  • h i

( d h Corn Belt Power Cooperative 130013th Street North Humboldt, Iowa 50548 '515/332 2571 -}}

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