ML20086A819
| ML20086A819 | |
| Person / Time | |
|---|---|
| Site: | Clinton  |
| Issue date: | 12/31/1994 |
| From: | Phares R ILLINOIS POWER CO. |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| L30-95(06-23)LP, L30-95(6-23)LP, NUDOCS 9507050049 | |
| Download: ML20086A819 (28) | |
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.s' 'l lilinois Power Company Clinton Power Station P O. Box 678 Clinton. IL 61727 Tel 217 935-8881 U-602464 L30-95(06 - 23)LP j IA.120 June 23, 1995 Docket No. 50-461 10CFR50.71(b)
Document Control Desk Nuclear Regulatory Commission Washington, D.C. 20555
Subject:
1994 Annual Report i
Dear Sir:
Attached is the 1994 annual report for Illinois Power. This submittal provides the annual financial report, including certified financial statements, in accordance with the requirements of 10CFR50.71(b). Sincerely yours,
\
Richard F. Phares Director, Licensing GBS/csm Attachment cc: NRC Clinton Licensing Project Manager NRC Resident OfIice, V-690 Regional Administrator, Region III, USNRC 1 300cu; i 9507050049 941231 PDR 1 ADDCK 05000461 PDR w __-
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countdown to 2000 : _ _ _ _ . . _ . _ ~ O p e t alin g ; n the cover of this rept nt, w e used a stopwatch to suggest the urgency income ; of meeting our goal to be the best by the year 2000. Surrounding the gy ,,yy,y, q j,y g j l stopwatt h are the signatures of everai etnployees, representing all I 9 those w ho luse committed to help nuke Ilhnova the best. We inity beliew we are 335 f20 ; in a race, and that it's a race we can and must win. 212 286 ( ; 3 f 4 255 3 i financial hig hlig h t s E it ; : V c r
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Oldlums eraptpershare amounts. % Increase Y l k common stin ieprtas and emptomsi 199s 1993 O lecrease)
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(* j'. Financial Highlights k I Operating resenues 5 1, l.5 $ 1,135 6 f f( / l 4 Ilettric 3.7 }; L Gas 5 512 0 $ 314.8 (11) g , Operating expenses and taxes $ l .2th 1 5 1.275.9 (.5) f . , Operaung income 5 320 l $ 305.3 49 h , %t income thess) apphcable to common stak 5 1;82 5 (H1.9) - y @j M1 inmme (excludmg curss of carrying amotmt @b) 4
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over ionsideranon paid for redeemed preferred ]5 j i su n k of subsidary in 1994 and excluding #, 3 dnallowed Clinton costs in 1993) 5 1;l 8 5 118.5 2H 1 90 s1 92 ea 94 j Total assets 55.51 7 $ 5c123.5 2B ; Common Stock Data Average number of common shares r,atstanding (thousands) %1 75n14 - brnings doss) per aimnxin share 5 2 09 $ (l.08) - -, l' unings per common share (excluding excess of i carr)ing amount oser consideration paid for Total inierest retkrnut preferred st,nk of subsidiary in 1994 Expense , and exduding dnallowed Clinton aists in 1993) $ 2at $ 1.57 281) (m mt# ions ofdonan) Return on ascrage comnyin equity { (iruluding cuss of carrying anuaint oser ' I consideration paid for retkvmed preferred , sh(k of subsidiary in 1991 and including g, l disallowed Chnton o>sts in 1993) I10% (6.0)% - Ik uik value per ownmon share s 19 l- $ 17A6 9.H n 169 165 l I O>mngni sh x k pnces r IT l liigh 5 22 4 $ 25 % - 1 144 low $ lHi $ 20 % - 0 ? Close 5 21' $ 22 % - i i Volume Sales q}i }s 1:kstnc sales to uhinute consumers [$ ( , in kihm att-hours r,r; 16.249 6.3 L I l f 1:kuric interchange sak+ in kilowatt-hours 4.83' 6,015 (19.6) L l [ j Gas sales in therms (sold and trans,orted) 8 lu H26 2.4 1 Q i p p Capitalization : h
- i Onmmon sta k m 3'% -
4 Preferred sh A k of uhsidury % 1(N - A ]h y long h1m delW of subsidury V 53 % - l l l Total im , lWs - b llj -! l so si or sa s4 Employees at Year-End i;Ko 4,%0 H.2) l i i _ _ _
ne year ago, our slunkkkn appn wed on the future of our annpany tlan for any- Two years ago, wr tilk d this regw >rt 7hc the formatu nu al the holding comruny thing we auinnphshed in those 12 months. Anwrof mnin, because we knew then tlut llhnova Girin nation. Ily abnost any measum, l~irst, in PN 4 we mcen ed regulatory the race toward becoming competitive had we've enjoyed an outstanding hrst year. approval for the Ilhnova Cor;w eration lu ilding already begun and that companies tlut hesi-In P>W. we reduced < nir o[rraung and annpany, a cortwirate stnriure dut gives us tated unal the writing was <m the wall wotdJ nuintenan e ex;rnses, w e exnuksi nur tar- the flexilnhty na essary to operate ede tively either fight just to catch up or simply fail. We gi1 for cf ficient plant operanons, w e cxploited in an increasingly (ompetitive nurketplace. followed dut reiwnt with Mahng Our Gion nurket < >pi n ntunitas i< > rnhre firuncing o >sts, Then, tow ard the end of IV>1, w t- mirl'. our desenption of how our dwory was we impn wed < nir ctist( nier satisfadion ratF :g, anru nuiced i iur new a >rtw irate visic in:"We w ill w< erking in practice. we nude strategic mestments in mdepen- be the Iest by the year 200C lt's a l= >ld state- Incemisc w e started this transfonnation dent power pn.doction, we fonnal a inmer ment and it lus tremendous implications for into a compeutive organization several years nur kcong sul Ndury, and w c wntinual imple- our employecN, our customers, and our ago, we lute a Considerable advantage over menting key parts of our (ompanymide st< x kholders. companies just starting today. We are in the re engineenng program. lor employees, it means committing midst of dranutic changes in our company, in a(khoon. w e met tw o ingx ntant linan- ourselves to the singular purpose of being 11y implementing them over time, we avoid cial goals in 19)i At the ieginning of the year. the best at w lut u e duo cmaung and devel- having to struggle through the unnecessarily we s.ud we expnied to increase our camings oping ways to men our customers' needs abrupt and disruptive adions we're seeing per sh tre by a doubledgit nurpn over 19)i better dun anyone else. elsewhere in the industry. This isn't to say We sucurded. We postal per-slure earnings l'or our customers, it means terciving that all the hard work is behind us. It isn't anJ of $2. t 9. urluding a l eneht of H cents r siure suirnor value from a range of choices that nn er w ill be. Ilut whereas many of our peers in nu the nemptu m ol llin ns Power G xnpany meet their dunging nents. are trying to unde stand and assess wlut the pmferrni siu k. And for our st< m kholders, it means ow n- changes in our industry mean, we have a We aho sant we expnint to r;use our ing a [urt of a leader dut lus Iw >tential for clear vision of where we are going and how common stoc k dnidend in stcp wiih our high earnings and dn idend gn >wth and a total we will get there. carnings impnnement We succeeded here, mturn at the top of its mdustry. I'd hke to share a few insights on how too,Imsting the annual payout 25 peru ni to Of course, I recognize there will be we will achieve our ambitious goals. 51 a slure, irginning with the l'chnury 1. skepocs We lus e lud some difficult 3 cars in IWS, guyment. our rn ent past. and no orgamzation ever Recording donhle-digit eatnings and la cones the best sunply by saytng it will. Nev. When we made a con.mitment to be the best dn alend growth in FM i is one w ay we luve ertheless, w e are comnutted to being the best by the year 3m. we establishal six " guiding j distinguished oursch es in an industry increa+ by the ye.u 3m, and tlut is a commitment elements? 'lhrough these, we will develop ingly charactental by uninspinng carrungs we intend to keep strategies and nuintain benchnurks for our potential and payout inels dut le.n e httle daily business densions. nw un for dnidend gnmth These guidmg elements may v>und ' Ahhough we luven't widely articulated our simplistic, but I'm convinced that the win- ; pul to be the best unal now, we luve htrn ners in our industry will be the companies t' laying the grotniwork for several ycars. luder that a(h;ese three goalv they will excel at I l We have also distmguished ourseh es than diagging our feet, resisting clunge, and customer ser ice, they w31 become a combi j tbrough our usion tien upng tocompress a2 of the work we must rution of low-cost pneducers and low-price Notwithstandmg our nuni sucu sses, do nto lust a few years weic inrn following paniders. and they will develop new nur- i i think we'll mmember PNi nn ue los its imiud a unwstent, mcreasmgly aggmssive course. Lett In the coming years, achieving these 2
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c h a i r m a n 's letter to stockholders - o three goals will Irlp us repeat our rust sur- only way to achieve the highest possible value a.ss and it w ill help us seat h our goal to le for cust< nners is to deregulate electric genera-the lest by the Scar 2an tion, allowing for a fair and reasonable transi-nP uill mah> customernun/s ourfint tion, and to nulernize regulats umf the custc sner . cornern: This first guidmg element says tlut service business. we will maximi /c customer s alue by cus- We will use these guiding elements to ., tomi/ing < >ur sern es arxi prn t s and ti >nstantly draw a straight path frorn otir [xrition tocby impiuving our mx kr,tarx hng of cust< n ner need, to being the best by the year 2000. Io nuintain our senice and prRe advantage. . u c u1// / vin tuninnimm-cuv/omer 'l i s i o n niii r <> w a r d invnstors _.__ 3cmce am/ enerxr sujy>/r- Our se ond guid- I understand tlut some ins estors' horizons are , ing element says that despite the lantude a shoner than the year 2000, and it's reasonable holding company structose imphes, we will for you to ask wl.at you can expect between focus on our two core businesses. now ar.d then. u cu r///manethe nunh1/ vn/ erin asch As you know, our industry is undergo-ofour tun humnws We will define sturkets ing stressful clungewompetition and uncer- , 4 for cat h of our businesses and we will set tain regulatory and legislatise treatment have esphot grriornunte puts. If we fail to meet seen to tlut - and I think analyst.s and investon, . these p uls in either business, w e w ill dispose are respondmg s ery cautiously and tentatively - of or otherwise cut tlut business. This nuy to good news. Thus, esen though our stock sound dranunc, but in a competitne nurket- price okvlined ]3 percent, only four eketric s place there are winners and losers, and we utihiies finished the year with a letter com-intend to he winners. mon stock performance tiun Illinova, and our We n1// uelcome continuous (hange to total return for stockholders was sixth Irst m be/p us o/h>r our customers holter ra/ne our industry. Still, while our p(dormance in -
- Otir fourth guiding ekinent sJys that in es cry ]W$ Was outstanding, it mij.tht not have been nurket, customers are attracted to superior enough to condnce investors.
value, and we must offer llut superior value. As I said earlier, though, we intend to ,
~
H P in// attract. des e/< p <nu/ retainpu- repeat our superb performance in IW5. In an ple uvth the di//s. Inte//nI, direnitr, and trylustry where most companies are anticipating p nonal com mitment to larome <md emain fbt or perlups 1- to 2ptcent earnings and div- i t/vlevt % w than es er, our sua ess u ill depend idend gn swth for the year, I don't think well luve , , l on our employees, w hit h is v, hy our htth guid- any trouble attrading Wall Street's attention. . f ing element says t!ut ae wil! hire and keep I also think that by setting aggressive peopic w ho can initute and partitipate in gi uts and then demonstrating that we can meet dunge and mom ate people around them. them. we will add to our growing reputation , 4ch noing to encourage nsk. celebrate suc- as a leader. Eventually, when we say "We will n ss, and learn hum f ailure. Iv the Iest by the year 2n W investors will be u e u1//<weniw/rlosdef/ints to mod- as confident of our success as we are, and all - yniw rei;ulatwn to ensure ojual comjetitu e of us w sll reap the rew ards.
< yp avu ni/r tn Ilv maderji/aw Our final guid- ,
ing element affinns our strong ivhet tlut the % 3 \ A
outstanding performance leads to double-digit gains Ihnova finished IW4 in excellent stupe, luting impnwed in ewry b mapir aspect of its business over the course of the year. liirnings per share for IWi wcre $2M including a benefit of H cents per share from the redemption of Illinois Power pn ferred stmk.1hese earnings (excluding the htvicfit) w(vc 28-grnrnt higliet' tlun in IW3 (excluding a write-oK of appnainutely $2 65 per slure. net of taxes, of deferred Clinton Power station costst a l'arnings would lus e leen hig! er still il not for milder temperatures thniugh most of the > car. F.xperiencing nomul unither would lu e added an esti-mated to cents to c.irnings per slure, no: ec increocc d e <, p i t e orother I.1ettnc sales volume (cu ludmg interclunge sales and w hechng) at Illinois Power, Ilknova's electric and natural gas utihty. rose more ilun 6 penrnt overall fn >m IW3 les els, w ith Ihe commcrcial and industrial wgments advancing strongly - R3 penrnt and 7 percent, reslwtisely. Residential electric sales finished the year sirtually unchanged from IW3 Overall gas sales volume, induding transponation, nise more than 2 penrnt on the back of a 13-percent gain in industrial sales. Residential sales, how. crer, wcre dow n 3 percent, and comnwrcial sales wcre dow n a percent. i; o t t man , 'mcnt p ro v:.ir < 'o bonst in an ensironment where utihties can't expect to raise energy prices and still nntuin competitis e, redut ing costs is one of tl e elkxtive ways to im;>n n e margins. Ilhnova's standmg clullenge is to n duce these msts and to improvt the quahty of sen ice we offer customers In IWi, Illinova did a superb pib of meeting this dullenge. Ilknova cut operating and nuintenance costs by 5.5 percent, or $20 milhon. in IW L Part of those sasings can be attributed to lusing had no refueling outage at Clinton Power Star. ion Clinton also contributed by oper;aing 57 inilhon under its target for the year. Ilhn< n a's ongoing re-engineering efforts also contributed to the cuts. last Jantury, Ilhnois Pow er placed eight oil and gas-fin d generating units in ' cold shutdow n," a m<n e that we expect to sase appnninutely 526 million by the end of the decade We exped to continue nuking significant O&M reductions in IW5. In September. for example, we announml tlut we will mothfy our Vennilion Power Station in 1% to uw rutural gas wl.ich will reduce staffing reqmrrments by two-thints lhe switch to tleaner buming rutural gas uill also reduce the co t of com-pipng with Pluse I of the 19M Cle.in Air Ad Amendments. Total savings from the t hange shouhl be about s15 milhon oser the next ine years. ii.. . n e. .. 4
c h a i r m a n 's letter to stockholders three goah w di help us rercat our past suc- only w ay to achieve the highest possible value for customers is to deregulate c'e(tric genera-cesses and it w dl help us re.u h our goal to be , the lest by the > car Am tion, allowing for a fair and reas >nable transi-u e u1// main intomen ' nash ourfint tion, and to ny lernize regulatioruil the customer concern This first guiding element says that service business. - we will nuximi/c customer value by cus- We will uw these guiding elements to " ta nni/ing our sers ires arul prices af kl constantly draw a straiglit pJth [roin our positjcin today , , impn wing our urnlerstanding t hustomer needs to being the best by the year 2nnO. j to inaintain our sers n e and price advantage. 1 u i> u1// /r in tu u htninewctatomer Vision wi!I reward invistars ~ service and enerxr supptr: Our second guid. I understand that some investors' horizons are ing element says that despite the latitude a shoner flun the Scar 3m and it's reasonable holding company stnicture implies, we will for you to ask wlut you can expect between b KUs (in (pur lwi) cfIrv husille%es. ntIW and den. ui u1/i/u omethe madet/nsderm on h As you know, our industry is undergo-mg stressful change-competition and uncer-Y
<fourtuuinninews M wdl dehne nurkets for cath of our businesses and we w di set lain regulatory and legislative treatment base s expl.cn perturnunt e goals. If we fail to meet seen to that -and I tlunk analysts arxl investors these goals in either businew, u e will dnguse are respondmg very cautiously and tentatively of or otherwise esit tlut business. This nuy to good news. Thus, esen though our stock sound dr.unanc, but m a competitis e nurket- price declined 1.3 percent, only four electric plaw there are winners and losers. and we utilities finished the year with a better com-intend to be winners. mon su n k perfornunce than Illinova, and our u sa u ill ro k ome contmuous change to total return for stoc kholders was sixth best in bc/p us eger our cintomers better ralue: our industry. Still, w hile our perfornunce in t )or hiunh guidmg element says Ilut in es erv 199 i was outstanding, it might not have been -
nusket, customers are attracted to superior enough to convince imestors. value, and ue must offer tlut superior salue. As I said earlier. though, we intend to u i n11/atin u t. der clop, and retain /m- repeat our superb perfomuna in 1Wi in an ple u1th the skills, intcl/ct t, direnity, and indu4ry w here most companies are anticipating penonalcommitment to /m me and remum flat or perlups 1- to 2-perant camings and div- , j the Mt We ttun ewr, our suewss u ill depend ideixi gn mth for the year, I don't thmk well have on our emplo es. w hich is u by our htth guid- any tn nible attr.nting Wall sinxt's attention. ing dement sa3 s tlut we will lure and keep I also think that by setting aggressive i people w ho can initiate and partiopaic in goah and tien demonstrating that we can meet l clunge and motnate people around them them, we will add to our growing reputation . -~. . We're gomg to enu airage nsk. (cichrate sur- as a leader llentually, w hen we say "We will cess, mxl learn in un iadure. he the t wst by the year 2t m." investors w ill be u e uvilagt rcuim/r toed <fhe to mal- as confnlent of our success as we are, a .d all , er ni:e omniation to conure equal wmperaiw of us will reap the rewards. off k s!1H nf t}' Ul tt Y mat $c([n/< h V ( iul f inaI gtild - ' ~ ing element athnus our strong belief tlut the 3
outstanding performance leads - to double-digit gains lhnova finislast pf>l in ext eDent shape, lusing improved in ewry mapir asput of its business over the course of the year. liirrungs per share for 19)) were 52.W. including a f rnefit of 8 cents - per share from the redemption of Ilknois Power preferred stak. These carnings (excluding the ienefin wen 2& percent higher than in IW3 (excluding a write-off of appnninutely $2 65 per slure, net of taxes, of defernsi Clinton Power Station costs). 10irnings wouk! lure been higher still if not for milder temperatures , thn> ugh most of the year Fxpenencing normal wcather would lure add"d an este 4 nuted 10 cents to carnings per share. sale incr. ae dnsoite weather ikctric sales so! - ne (excluding interchange sales and winthng) at Ilhnois power, Ilknova's electric and rutural gas utility, rose more ilun 6 percent overall frtnn 17)3 les els, w ith the cr n nmertial and industrial segments advancing strongly- R3 percent and 7 penent, respectively Residential electric sales finished the year virtually unclunged inun IW3 (herall gas sales volume, including transportation, rose more than 2 pen ent on the lut k of a 13-pen ent gain in industrial sales. Residential sales, now-escr. wcre dow n 3 penent, and commercial sales were dow n 4 percent.
\
cost management prov:de< hig boost in an enuronment u here utihnes can't expect to raise energy prices and still nenuin , compeotive, rnlucing costs is one ofIhe effative ways to improve nurgins. Ilhnova's standing challenge is to aslu(e tiese costs and to impnne the qtulity of senice we oiler customers. In pnt Ilhnova dat a superb bib of meeting this challenge. Illinova cut operating and nuintenance costs by 5.5 percent, or $20 e s milhon, in IW i. Part of those s.nings can he attributed to having lud no refueling outage at Chnton Power Station. Clinton also contributed by operating $7 rnillion under its target for the year. Illinova's ongoing re-engineenng ellons also contributed to the cuts. a last JanuJTy, Ilhnt ais Power planst eight oil- and gas-firts! generating unit.s in "rold shutdown," a mose tlut we expn1 to s.ne approxinutely $2n million by the end of the decade.
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c Swassum W. ensuus-assessess anssam mmmer esses Osantes W. Waus-emmeno esse Aussens, aussy aiaper 4 s, .. 88mesaner O. Dennounsm-muses asamuneqpementet, sheadr Agygr Tamugs E. Gasserr-emamer aupammeneessnese, assases
l i I 1he imguct of our efforts, though, will be offset somewhat by two ewnts: a sclwduled refueling outage at Clinton Power Station beginning in Manh i IWS, and impk Twntation of an tairly retirement prognim, stated for the fourth quartty. The Clinton refuelmg outage will add approximately $20 million in OMM costs that we dsd not incur in JW j. This increase will be offset somewhat by l= lower expenditures on whedulul fossil plant maintenance in 1W5 of appn>xinutely 57 million. ! I wi are dealing with the need to reduce staff thn> ugh the early retire-l ment program. If we incet our pn $x1 ion for reduced employment levels primarily
- through the early retirement program-assuming current hargaining unit negotia-l l tions resuh in the same pa( kage offemd to salarini employees-w e will take a one- , ,
l- time clurge of approxinutely M2 million, before ta),es, in the fourth quaner. Ilowever, l ( we ex;m1 these staffing ruluctions to sase an estimated $35 million annually in f~ . O&M expenses beginning in 1Wh. gf I $ 41* anticipate a work fon e astuction of about 650 employees over Wv " ! the next two years. This, mupled with reductions of about 2'5 since the beginning t i of IW3, will represent a 24 percent overall stalling mduction. T l 1hus, while we will nuke significant progress on further reductions, j with the Clinton refueling outage we probably will finish IW5 with O&M cost.s alxiut 3.5 penent higher than in IW4 texcluding the early mtirement charge). Our goal, of constant change requires i course, is to minimi/e this increase. constanny tearning new skills 5 - weanng new hats. j Power pla<t performance '>n target i As competition in our industry increases, the pressure on power plants to produw broadbanding ensures t5at 4 at tiuximum efficiency also incmasea in lWi, Clinton achiesed equivalent avail-ernployees can change hats abihty of 92 percent. This represents the planrs Ivst perfornunce yet. woncui cnanging eornpantea systcmwide equivalent availabihty-the percentage of time during which the plants were asailable for operating at full capacity-was better than 80 percent, exceeding our goal for the vear. De;t- a n t.in g r make * , cosi tib tioi to eaen.ngs
~ llhnovai aggressive rennancing strategy was most efintive in the early IW0s when internt rates w cre f.dling steadily. In the past five years, it has been extemely suc-cessful. reducing interest expenses by an average of $16 milhon annually. Since August 1W3, howes er, rates has e been rising, sharply reducing the opportuniti s for savings fnim refuuncings w, ..nro . ,.s 6
1994 Revenues Even so, interest on kang-term debt fell by $19 million in 19W, due nn pnenn largely to refinancing activity completed in 1993, and our aggressive program to reduce preferred dividends produced another $1.2 million in savings. Going forward, we will luve the flexibility to use expened healthy [ } cash flows to reduce delx and preferred stock even further, regardkss of the inter-ggy cy est rate environment. y;j~ g )g ~ Gas rate increase is tirsi in 10 years in April, the Illinois Commerce Commission granted an $18.9 million annual increase g , ,,., in base gas rates to help ofTset the cost of our Ifillsboro pipeline and gas storage . O way e- project and to reflect rising ogmting and maintenance costs in our gas business. ___] Disidend increase mattne9 earnings gain in October, our Ikurd of Directors rai. sed the common stock dividend 25 penxnt to
$1.00 per share on an annualized lusts, beginning with the February 1,1995, payment.
'the decision to raise the dividend folk)wed several quaners of excel-lent earnings powered by solid operations and outstanding cost management. At an ,
l annual rate of $100 per share, Illinova's dividend payout level is ck>se to 50 percent of eamings, which is the level we expect to sustain to allow nuximum flexibility in 1994 Disposition the evolving clearic and gas utility industry. of Revenue This payout level leaves plenty of room for us to increase the divi-ny p.,.u un dend in step with eamings gains without unduly constraining other uses of cash. 1994 sets 3o16a frondation tar future We begin 1995 stronger in every irspect tiun we were a year ago: we are a more I streamlined organization; we have a better cost stn cture; we have higher plant etli-ciency; we have a more flexible capital struaure; and we have higher retained earn-ings. We are also mort dedicated to our mission to succeed in a competitive marketplam. Our sucass in these areas is especially important because we're oper-O q.u ""* * - " ating in an industry dut is clunging mpidly. With the prospxt of dramatic legislative w..e smow, i r-O w ne. and regulatory changes, it's an indusuy dut nuy change even more rapidly in the
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0 % %n< % ' next few years. By pdonning very well at the things we can control, we give our-O ikle uits, & Wevmo I l*- O - m., im sehes increased flexibility to respond to the things we can't. g we. . %,o* We finished 1991 with a full head of steam and in 1995 we expet to I e o m.. . - a>ntinue outperfonning the rest of the industry. In other words, wire confident that our ongoing efTons to manage costs, improve service, and re-engineer the way we I work will produce double <ligit camings and dividend grmth in 1995 and beyond. 1 iO%% 4 P) f. (- 2D% f3 8py4 l ' 1
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being the best by the year 2000 3 - uring 1Wi, our strategic thinking thanged very httle, but not due to gwip%$N y h a lack of imagination.
;j , We simply behere, as we did a year ago, that the keys to being
$ successful in an increasing!y competitive industry are 1) becoming a low-cost u
-? / .
producer and a low-price provider, 2) becoming an excellent customer senice orga-t , j ( $ nization, and 3) seeking new nurkets to achieve pnfitable growth. What did dunge in lWi is the degree of our commitment to execiling i at those fundamental goals. A year ago, we thought we had an excellent chance to
.s
? -
become a competitive forte in our industry. Totlay, we believe that we can become not just a competitive force, but the best in our industry-and we are committed to doing so by the year 2tm Customer Service' l ui 3 ch :ic. , me < ,l: l cn,o: t u: i 1 increasing mmpetition mean.s increau a choices for consumers. IJntil recently, most of our customers were " free": tlut is, we didn't base to compete for them. Within the next decade, however. we nuy have to compete for every one of our customers. and to be the Ivst. lilinova must become the vendor of (hoice. To do that, the Customer Sen ice Group is focusing on ways to under-stand customers' needs letter and to create and develop innovative ways to meet
. _ _ . _ _ _ __ those needs. It also recognizes that the rules for customer senice luve changed.
Prior to the ads ent of competition, quahty and excellent customer ser-site were considered competitise advantages. TotLiy. they are the opening ante. C<nnpanies that do not offer quahty and excellent customer senice won't even get the dunce to compete. To attract and retain customers we need to make radical s
< hanges in our approach to serving therr, That means going beyond ex(ellent senice and quahty.
[ Consumers huik for value, so. hke most consumer products manu-fadurers, weie h w > king for ways to add value for our customers, w hich we Irhese is the key to lving successful in a competitise nurketplace. In our wre business, we have been making considerable strides. A few years ago. ue opened the 2 FIlour Customer Center, w hich provides customer assistance any time of the day, sesen days a week. In IW5, we will legin offering customers new, more comenient ways to pay their bills and we will begin testing new, more efficient w sys to colled infomution for those bil!s. We will also begin using computers in our senice trot ks to streamhne job drpatching and reporting i 1 w e A e ; a 0 er,t 9
amms y or s Doing the same p>b-only better-is an impntant gun of impn>ving mstomer sen ke. Another is developing new pn xhnts and senices to meet changing customer nenh. We formed the Ilknova liasiness Deselopment Group to bring a rnarketing-orienasi persputive to our eff ons to expand our nurkets. This gnmp w ill rescan h our various customer segmenh and create and develop new products and senices that lewrage our existing experience and expertise to meet emerging cus-tomer needs. . - - Energy Supply' n ,+ vv i i.! ; f 11:e 1:ncrgy Supply Group has a straightforwant mandate: make its cost of energy low er than the competition's. To fulfdl this nundate,1:nergy Supply is taking aggres- 3 sive steps. l'or example. although tiie fossil stations bas e an excellent operating ~ g tra(k ruord and histiirically have been competitive with neighh< ning utilities, we're still looking for ways to reduce costs. Earber, we mentioned that in l'/n we placed eight oil- and gas-fins!
=
generating units in Nold shutdown' and announced a plan to swihh fuels at our Vennihon Pow er Station. Plants that h.n e or can be made to have a competitis e pn>- file as part of an integratal sy stem w di remain in senice. These actions stnke the most efficient balance between our cost con-trol obectises i and our nuintenance requiremenh and refled our detennination to , evaluate the operation of our generating units against nurket-basal criteria.
~
l'oel represenb a nupr cost for Energy supply, and we hase been , . especially aggressive in negoniting ciul contrads In a competitn e nurketplace, we think w e can nuintain a significant conyrtitn e advantage through our relatively low fuel costs. Our fossil generating plints are aim addressing envininmental nun-dates lly pun lusing emission allowan( es, we are complying with the I'luse I require-menn of the WM Clean Air Ad A mendments and meeting our cost control olintives. l'or I'luw II-w hich start 3 in 3 M 10 arki calb for stncter emission standards-we plan to crvate as inuch fleubihty as possible as we study our (omphance opti<nis in light id evohing emi+ ion rnloction technologies. 10
i being the best by the year 2000 l uring IWi, our strategic thinking changed very htt!c, but not due to E a lac k of inugination. We simply believe, as we did a year ago, that the keys to being successful in an increasingly competitive industry are 1) becoming a low-cost I pn (lucer and a low-price pnwider,2) becoming an cuellent customer service orga-g s! nization, and 9 seeking new markets to achieve pnifitable growth y What did c hange in IW i is the degree of our commitment to excelling
. ,.4 E
/
f]. } , at those fundarnental goak A year ago. we thaught w e had an excellent chance to s ,- D N- become a competitive force in our industry. Today, we beliese that we can locome not just a competitive force, but the best in our industry-and we are committed to doing so by the year 2f ul Customer Service:
, 4 3 , < -
Increasing competition means increasing choices for consumers. Until recently, most of our customers u cre " free": that i<, we didn't have to compete for them. Within the next decade, how cs cr. w e may have to compete for every one of our customers, and to be the Ivst, Illinova must locome the sendor of choice. To do that, the Customer sen ice Group is focusing on ways to under-stand customc6 needs better and to create and deselop innovative ways to meet those needs. It also recognizes tlut the rules for customer senice have clunged. gF O I
, %; Prior to the advent of competition. quality and excellent customer ser-Q V ,
sice were (onsidered competitise advantages. Today, they are the opening ante. 7"!l' Companies tlut do not offer quahty and excellent customer service won't es en get w, . / the clunce to compete. To attract and retain customers we need to make radical
# \ ',
t hanges in our appnuch to sening them. That means gomg beyond enellent
~
1 ( r
\ '. service and ytuhtv.
Coi sumers look for value, so, hke most consumer pnxlucts manu-facturers. wc're looking for w ays to add value for our customers, a hich we beliese
~
is the key to lving successful in a competitis e nurketplate. In our core business. we have been making corniderable strides. A few years ago, we opened the 2 6-Ilour Customer Center, which pnnides customer assistance any tune of the day, sesen days a week. In IWS, we will begin offering customers new, more convenient ways to pay their bills and we will begin testing new, more effnient w ays to tolket infomution for those bills. We will also begin using computers in our service trucks to streamhne Job dispatching and reponing. et A C ! 9
-um esumusuur Doing the same job-only letter-is an important part of impnning customer sen L e. An< ther is des cloping new pn ducts and sen ices to meet changing 9
custfilner needs. We formed the Ilknova Ilusiness Development Group to bnng a nurkenng-onented persgutive to our ettorts to expand our markets.1his group will , rescart b our various customer segments and cn ate and desclop new pn duct.s and < s. Sen n es llut leverage our existing expenen(e and expertise to incet emerging cus- .: - tomer nttils. l Energy Supply, n , The 1:nergy supply Gn>up has a straightforward mandare: make its cost of energy low er than the rompetition's. To f ulhil tius nundste.1:ncrgy ' supply is taking aggres-sne steps. l'or ex.unple, ahhough the fossil stations h.ne an exce!!cnt operating trat k retord and historically has e been competitis e with neighh >nng utihties, we're still looking for ways to rtsluc e costs. liirher. w e mentioned that in IW 6 w e placed eight oil- and gas fml > generanng umts in ' cold shutdown' and announced a plan to suitc h fuels at our Vermihon Pow er stanon. Plants that h.n e or can le nude to h.n e a competitis e pn >- ble as part of an integrated system will renuin in senice. These actions sinke the most efhcient balante hetween our cost con- . trol obiutnes and our nuintenance requirements and reflect our deternmution to , culuaic the operation of our generanng units against market-lused enteria. l'oel represents a nuror cost for Energy Supply, and we base Iven eslu ially aggressn e in negorianng a ul contrads. In a competitive marketplace. we think u e can nuintain a significant competitis e ads antage through our relanvely low . fuel t osts. ; Our fossil generating plants .uv alv> addressing emironmental man-dates by purtlusing emission allowances, w e are complying w ith the Pluse 1 require- . ments of the 1(m Clean Air Act Ank ndments and meeting our cost control objedis es . l'or Pluse 11-w hich starts in 3 nI and calls for stricter emission stand.uds-w e plan
- to create as much fleuhihty as possible as we study our comphance options in bght 7
tif euils ing etnissis in teductit in techn(ih igles t 9 10
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