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) | |
Text
{{#Wiki_filter:. .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 ADDCK 05000461 1 PDR w
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l l i i 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 j of meeting our goal to be the best by the year 2000. Surrounding the gy,,yy,y, q j,y g l stopwatt h are the signatures of everai etnployees, representing all I those w ho luse committed to help nuke Ilhnova the best. We inity beliew we are 335 f20 9 212 286 ( in a race, and that it's a race we can and must win. 3 f 4 255 3 i it financial hig hlig h t s E &j c V r Oldlums eraptpershare amounts. % Increase Y l k ^ll (* j' common stin ieprtas and emptomsi 199s 1993 O lecrease) I f( Financial Highlights k / Operating resenues f Ilettric 5 1, l.5 $ 1,135 6 3.7 }; L 4 Gas 5 512 0 $ 314.8 (11) g Operating expenses and taxes $ l.2th 1 5 1.275.9 (.5) f @j Operaung income 5 320 l $ 305.3 49 h %t income thess) apphcable to common stak 5 1;82 5 (H1.9) y ]5 @b) '( 4 M1 inmme (excludmg curss of carrying amotmt j over ionsideranon paid for redeemed preferred su n k of subsidary in 1994 and excluding 3 i 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' Total inierest carr)ing amount oser consideration paid for 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, disallowed Chnton o>sts in 1993) I10% (6.0)% l l Ik uik value per ownmon share s 19 l- $ 17A6 9.H n 169 165 l O>mngni sh x k pnces r IT I liigh 5 22 4 $ 25 % 1 144 low lHi $ 20 % 0 ? i i Close 5 21' $ 22 % q}i }s Volume Sales 1:kstnc sales to uhinute consumers [$ ( l in kihm att-hours r,r; 16.249 6.3 L I f l 1:kuric interchange sak+ in kilowatt-hours 4.83' 6,015 (19.6) L [ Q i j Gas sales in therms (sold and trans,orted) 8 lu H26 2.4 1p p h Capitalization ]h i Onmmon sta k m 3'% 4 Preferred sh A k of uhsidury 1(N A l long h1m delW of subsidury V 53 % y l l Total im, lWs b llj l so si or sa s4 l Employees at Year-End i;Ko 4,%0 H.2) 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 laying the grotniwork for several ycars. luder that a(h;ese three goalv they will excel at t' 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 think we'll mmember PNi nn ue los its imiud a unwstent, mcreasmgly aggmssive course. Lett In the coming years, achieving these 2
+ b. 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-for cat h of our businesses and we will set tain regulatory and legislatise treatment have 4 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 cesses and it w dl help us re.u h our goal to be for customers is to deregulate c'e(tric genera-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-Y <fourtuuinninews M wdl dehne nurkets mg stressful change-competition and uncer-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 s e 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. We cApect to continue nuking sigmlicant ( AOl redadions in 1WS. In ^ Nptemler, for example, we announced tlut we will mothfy our Rtmilion Power Station in IWs to use natural gas. w hich will reduce staffing requirements by twm thints The suitch to (le.ucr hurrung rutur.il gas will al c nslute the cost of com-plying with l'luse I of the two Clean Air Act Amendments. Etal sasings from the (hange should be about $15 nuthon oser the next fne yearv <>ss... 4
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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 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, we ex;m1 these staffing ruluctions to sase an estimated $35 million annually in ( f~ . O&M expenses beginning in 1Wh. gf 41* anticipate a work fon e astuction of about 650 employees over W v 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 est rate environment. cy 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 $100 per share, Illinova's dividend payout level is ck>se to 50 percent of eamings, which is the level we expect to sustain to allow nuximum flexibility in 1994 Disposition the evolving clearic and gas utility industry. of Revenue This payout level leaves plenty of room for us to increase the divi-ny p.,.u un dend in step with eamings gains without unduly constraining other uses of cash. 1994 sets 3o16a frondation tar future We begin 1995 stronger in every irspect tiun we were a year ago: we are a more streamlined organization; we have a better cost stn cture; we have higher plant etli-ciency; we have a more flexible capital struaure; and we have higher retained earn-ings. We are also mort dedicated to our mission to succeed in a competitive marketplam. Our sucass in these areas is especially important because we're oper-O q.u ""* * - ating in an industry dut is clunging mpidly. With the prospxt of dramatic legislative w..e smow, i r-and regulatory changes, it's an indusuy dut nuy change even more rapidly in the O w ne. } 0 % %n< % next few years. By pdonning very well at the things we can control, we give our-O ikle uits, & Wevmo I l*- O - m., im sehes increased flexibility to respond to the things we can't. g we.. %,o* We finished 1991 with a full head of steam and in 1995 we expet to I e o m... - a>ntinue outperfonning the rest of the industry. In other words, wire confident that our ongoing efTons to manage costs, improve service, and re-engineer the way we I work will produce double <ligit camings and dividend grmth in 1995 and beyond. 1 iO%% 4 P) f. (- 2D% f3 8py4 l ' 1
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being the best by the year 2000 3 gwip%$N uring 1Wi, our strategic thinking thanged very httle, but not due to 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 .s at those fundamental goals. A year ago, we thought we had an excellent chance to ? 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
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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 and our nuintenance requiremenh and refled our detennination to i 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-s! nization, and 9 seeking new markets to achieve pnifitable growth g / What did c hange in IW i is the degree of our commitment to excelling y .,.4 E f]. }, at those fundarnental goak A year ago. we thaught w e had an excellent chance to D N-become a competitive force in our industry. Today, we beliese that we can locome s,- 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 Prior to the advent of competition. quality and excellent customer ser-O I V sice were (onsidered competitise advantages. Today, they are the opening ante. Q 7"!l' Companies tlut do not offer quahty and excellent customer service won't es en get / the clunce to compete. To attract and retain customers we need to make radical ~ \\ ', w,. t hanges in our appnuch to sening them. That means gomg beyond enellent \\ '. 1 ( service and ytuhtv. r 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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~ _. _ Long-Term Debt At Clinton Power Station, w e are nuking steady impn>vements in the I tas a penentaxe <{ \\ efficiency of our operations, in the duration and cost of outages, and in Nuclear Reg- ,g,,f capj,yfgy,,,,y, ulatory Conunission ratings of plant safety and performance. hl We have also set goals for Chnton that, when achieved, will put it j$ among the top-rated nuclear plants in its class in the industry. There's a direct cor-h 533 ys a relation irtween operating efficiently and ogrrating safely. In other words, plants y that operate safely also operate efficiently and mst-effedively. Thus, our goals at d
- 4 s2.s Clinton support each other. Operating safely supports impn>ved efficiency and cont-q h
cffectiveness, and vice versa. su To this end, Clinton is cuttmg its outside contractor work to a mini-J $f {c x d h mum, redu< ing its own work force, and benchnurking its operations to the best in fj g [" the industry. Chnion's nurginal cost of generation is already the lowest of any of h @e - h a a h] our plants O b {I h In our rutural gas business, we expanded our total storage field capac-ity by 42 percent and then constructed a 62-mile pipehne from our nuin storage h y e a field near Ilillsinro to a major supplier in 1993. Since then we have been able to h U] d b b of fer extremely competitive gas prices to our large industrial customers, competitive 90 91 92 11 94 choices that are ir.creasingly I uuming available to the same class of electric custonm Our gas business is doing more tlun buying and selling a commothty, however. We're findmg that despite the deregulation of the gas industry, customers are basing decisions on mom than price-they are also concerned with service and [~ reliabilitv. Through a numler of new customer service programs, we are distin-Preferred guishing ourselves in both of these areas. This fad, along with our low gas prices, Dividend is helping us win new business and may help us win back customers who earlier l Requirement i dedded to bypass our service. Perlups more importantly, w e're establishing a rep- ! Isn millions <f<follan> utation for reliabihty, low prkrs, and innovative sersices. p t 31 l g 29 siQ 26 2 3 W Q 1 ga 3 e 1 [ n I N l !is $g l
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~. L f I I Support Services: t 1,. aa a y Our Support Senices Group tus defined its mission as being "the best at satisfying lilinova's needs by providing a stmng foundation of business support senices and innovative ideas." The group comprises more than fulf a dozen different support senices, and each is creating and developing new, cost-effective ways to serve its custonwrs throughout the !!!inova organization. Support Services is doing some of its most signincant work in the human resources area, and one focus is leadership. The trend toward teamwork hasn't diminishal the need for leaders in an organization, and Support Senices is making special efTorts to identify and develop leaders within the company. The group al.so introduced % degree reviews, giving empkiyees the ienefit of construdive feediutk not just from their managers, but from their peers, g '. - }.. and people who work for them too. Support Sen ices is renewing efforts to empower ~ 1 employws throughout the company, adjusting c unpensation to emphasize team guls, p,
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'I and ensunng that employees slure in corporate profitabihty. r We recognize dut to achieve our a>rporate goals, we will neal to jC I '. hase dedicated, committed employees. lleing the best in an evohing industry will require empk>yces who welcome change, who are flexible, and who are constantly renning and expanding their skills. To ena>urage this type of employee at Illinova, i Support Senices lus intnxtuced the entire corporation to broadbanding-using fewer salary grades to provide more opportunities for lateral movement and per-hac% trophy empIoyeeS sonal development. Along this same line, the group is determined to attract and develop creauve, motivated, multi-skilled employees. und epy m - m "~ r+.o i j rnane' of Using ihe right In lW4, support senices began implementing a new materials man-lures. w rc agement paress that replxes a dispersed, high<>verhead operation with central-personaI deveIopment, ired cosieffeaive, just-in-time material delivery praaices. ne new system eliminates incentiye pay, rm the need for large regional supply storehouses and redundant inventory. Along with rewards em teamwork. P"*id2ng ivuer wrvice to field personnel, this new system is expected to reduce inventory u>sts substantially. Over the Memorial Day weekend, Support Services completed a three-year, multimillion-dollar project to replace an aging and inflexible customer infomution system with a highly flexible and adaptable system. This new software system, w hich comprises more than 1 AO programs, affects how we treat every one of our customers and will help us betier address their chinging need3. In thew an J dozens of other efforts. Support Sen ices employees are l aiming to improw cu<omer and employee satisfaction, pmvide superior value, and f help lead cultur.d change throughout the compary. We must achieve these goals for Illinova to lecome the lest. tv e rv. 13
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Financial, L e g al, and Regulatory Services:
L e v e r a gin g 3 hart holder return Slurcholders tend to assess a company's value by lookin.. it its financial n sults. 'the l'inancial, legal. and Regulatory N n ices Group impact.s financial results dinrI{r by nuintaining flexible, cost effutive financings; mdinrt(r by pan iding the infornution and arulysis necessary for the other business gn>ups to achiese impnned financial 7rtant in an industry that is chang-ing as rapidly as ours. The company must lure. sufficient cash not only to finance new business sentures. but also to support its own core operations and pay a competitise dnidend one result of this sound firuncial strategy is that u hile nuny electric and gas utilities are saddled with dnidend payout kvels of 80 percent or more, Illinova has the flexibility to establish a payout that is more appropriate in a (ompetitive emironment and to raise tlut dividend without also raising concems abour w hether the payout les el is sustainable.
We began re-engineering our financial processes late in 1W3, and u cie already matie significant progress. Our l'inancial Sen ices Group now mirrors other workt-class financial senice providers. recognizing that employee compe-tency, development, and leadership are among the keys to achies ing "best' overall perfomunc e. Ily the end of IW-i, w e had reduced the time it takes to close the lx x iks to tw o days, and in IM w e expect to measure how long w e take to < ?ose our I n x >ks in hours rather ilun days, and providing real. time" infonnation w ill help nunagement nuke better decisions. This year we also will begin implementing improvertients in auditing and regulatory processes.
Weie insisted for years that the traditional ratenuking pnress must be res amgul in tasor of a pricing model based on a competitive marketplace, and in lw a, w e at hiemi some snull, but significant pnigress on this front. In our north-crn temtory, three municipally onned electric systems were luring customers from our service by offering rates we could not nutch as long as we were encumlered by the traditional regulatory process. We argued against the disadvantage imposed by these regulatory rtyuirements and we won. More importantly, our customers won.
wet e begun lW5 with a much larger legislath e initutive. In lantury w e introduced a legislatise proposal pennitting the transfer of our generating facilities to a subsidiary of Illinova. Such k gislation. if cru(ted, would effutively pennit our generat-ing facilities to Ir valued, for ratenuking purposes. lused on ilx ir pn xiu(tion caiubili-ties. 'lhis k gisLa in would help acktress existing o iruTns over nuclear awi o nuvitration and establish a franxwork more consistent w ith tony rn nv's a nupetitive envin niment.
In the past decade, our legal posture lus esohed from prinunly defen-sn e in the fat e of Clinton-related issues to one tlut more aggressis cly supp wts the clung-ing needs of our business groups in IW; and following years, we ex]u1 to nuintain this posture, iase a.u! *eret i 15
a New Markets: t a ot r e <, co lit.- i Pcwer M a r e v ii n g i;!, A few years ago w ben we k nked at the future of our clet1ric and rutural gas utihty bustness, we saw tlut mtreasing comixtition woukl lead to pricing pressure and / contrading nurgins. We also saw that a competitis e ensironment would leave I ttle j p or no om nn for rate mireases. Our options for expandmg nurgins in the core busi- ,j ness then, wcre hmited to two: growing revenues and reducing costs. A thinj opuun. growth by expanding the nurket outside the traditiorul (ore business, offered excellent pnential, but also risk. li> minimize this risk, we r estabbshed tw o guidehnev iirst, we w onld irn est m attivities only w hen the p > ten-tial to enlunce shan holder salue on a risk-ad usted basis is at a lesel greater than i the level produced by a similar imestment in our core business, and second, we wouki enter businesses that not only are related to our core business, but also are able to transfer skills and operating tet hniques tlut will improve our core business. Our first ellort was to fonn 11hnova Generating Company (fonnerly IP Group, incl This independent power subsiduty aheady lus investments totalhng nearly 115 megawatts m the Mstern and Southwestern I nited States, as well as in 1:ngland anti Central America. In IWi. Ilhnova Generating became partners uith Tenaska, an expe-rient ed and w cli reslu1cd [urticipant in the independent p mer marketplace, and began woiking on ses cral pn pts In August Illinos a Generating acquired 50-pen ent ow nership of Nonh Ameri(an I:ncrgy sen ices Onnpany from Montana Power, w hkh niains on nerslup of the renuining 50 pen ent North American is a leader in the power plant operating and nuinterunce busuiess, with contracts to operate more Ihan 2.100 megawatts of cietinc generation. ,, f M fomed a second subsidury, Illinova Poa er Marketing, Inc., in IWi k 4 s to stake a dum m the ekstncity hn Lenng and nurkenng business. We think tlut clunges in the ekstne utihty inclustry-drnen hv prxing irxibciencies, unnxt cttstomer rxxxis, and regulatory clunge-will create an opputunity for ekstric power brokering and nurketing intermeduries g ilhnova h m er Marketing plans to leverage its expenence and its asso-cution with Ilhniiis Power to proude w holesale and ruail customers in the w estern turt of the l'nited States low-cost electnc pmer aherrutnes and innovatise, cus-tomer-tailoux.I energy pn sluus and sen ices 14 offering the pitential for rapid gnm th and a significant transfer of skills and expertise, I!!inos a Generating and llhnova Power Marketing are excellent ex.unples of how we will atluese gnmth by expanding the nurket. More impor-tantly, lihnova Generaung and llhnos a Power Marketing are operating at ulut we beles e are the new Inundanes of our industry. To It an industry leader, we must he at those Inurxiarms. helping to slupe anti extund them. 4 16
Fin a n cial, L e g al, and Regulatory Services: Leveraging snareholder return y Sharehoklers tend to assess a tumpany% value by h u > king at its financial results. The Iinancial. I.egal, and Regulatory knites Group impacts hnantial results dmtl(r by [ j.. nuintaining Hexible, cost <trative financings; indmrt(r by pn widing the infonnatu >n Y" and analysis necessary for the other business gniops to achieve impnwed financial ..f results; and strato;ical/r by helpmg shape and implement the initiatnes that will 1 g. - y unpnn e long tenn financial suucss. g I inant ial Hexibihty is especially important in an industry that is chang-2 ing as rapidly as ours. The company must luse sufficient cash not only to finance new business ventures, but also to suppon its own core operations and pay a competiine dividend. One resuh of this sound financial strategy is that u hile many ,~ ~ clectric and gas utihties are saddled with dividend payout lesels of Hn percent or more, Ilknova has the flexibility to establish a payout that is more appropriate in a competitise enunmment and to raise that dnidend without also raising (oncerns alwiut u hether the payout les el is sustainable. M began re-engineering our financul pn(esses late in IWA and weie already made significant progress. Our f~inantial M nites Gniup now mirnirs other world4l ass financial senite prouders. recognizing that emplo)ce compe-teng, des elopment, and leadership are among the keys to at hics ing 'best" in erall perfonnance. Ily the end of Prh. w e had redut ed the time it takes to close the I x x >ks to two days, and m P7X we expect to measure how long w e take to close our Ix x >ks in hours rather than days, and pn widing "real-time' infonnation will help nunagement make better decisions. 'Ihis y ear we also will htym implementing impn n ements in audinng and regulatory pn(esses. .a f; WeTe insisted for years ilut the trad:tional ratemaking pnicess must be resamped in fasor of a pricing model based on a competitne nurketplace, and in P'9 i. w e at hieved s< nue snull, but significant progress on this fnint. In our nonh-crn terntory, three munkipally owned ekstric systems uere luring customers from our sen ice by of fering rates w e cooki not nutt h as long as w e w ere encumitred by the traditional regul.itory pnvess. We argued against the disadvantage imposed by these regulatory requuements and we won. More imponantly, our customers won. Weie Ivgun FM with a much larger legislatwe initiath e. In January we intniduwd a legistihve pn p isal pernutting the transfer of our generating facilities to a subsidun of Ilknova such legislation, if eruttal, u ould elketn cly pennir our generat-ing facihnes to be valued. for ratanaking purposes. lusal on their pn sluttion capabili-ues. lhis legtstation w oukt help address existing concerns m er nuck ar asset a nicentratii ni and establish a framew ork m< ne consistent w ith tonu >nuw % competitive em ironment. In the past decade. our k gal p >sture has es ohed f rom primarily defen-sn e in the face of Chnton-related issues to one tlut more aggmssh cly supinns the chang-ing needs of our busmess groups. In Um and following years, we cynt to nuintain this pisture 2 9. 4-no,,
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15
r New Markets-P o s, or Marwoting Il!in <at na lir!, _,, h 6 A few years ago when w e looked at the future of our electric and natural pas utihty ( business, we saw that mcreaung competition wouki lead to pricing pressure and contracting inargins. We also saw tlut a (ompetitive environment wouki leave little A w or in n x un for rate mcreases. Our options for expanding margins in the core busi- ,G e ness, then, were hnuted to two growing tevenues and reduang costs. ,,r !' 1 s A tlurd opuun. growth by expanding the nurket outside the traditional sure business. ottered excellent pi acntial, but also risk. To minimi/c this risk. we g ( } estabinhed two guidehnev hrst. we would invest in activities only w hen the poten-ti.il to enlunce sharehokler value on a risk-adiusted basis is at a lesel greater than the level pn Klu(ed by a sinnlar imestment in our core business; and scaind. we wouki enter businese tlut not only are related to our mre business, but also are \\ able to transfer skills and operating tec hniques that will impnn e our core business. j our first elfon was to fonn llhnova Generating Company t fonnerly IP Gn>up, Inc.L Tlus independent gnwer subsidury aheady lus insestments totalhng nearly 115 megawatts in the Western and Southwestern l'nited States, as well as in l'.ng'and and Central Amenca. In PN1. Ilhnova (;eneratmg became panners with Tenaska, an expe-rien< ed and w cil respected partkipant in the independent power nurketplace, and I vgan u oiking on e crai pn nects. In August. Ilhnova Generating acqmred W percent ow nership of Nonh American Energy services Company from Montana Power. ,, 3 w ha h retains ownership of the remaining 50 pertent North American is a leader in the pow er plant operaung and nuintenant e business, w ith mnirads to operate more ilun 1100 megawatts of electnc generauon h f wi fonnut a second subsidury, Illinova Power Marketing, Inc. in PMi k i to stake a e laim in the ekstrk it) brokenng arxl nurketi g busirkw wi think tlut clunges in the ekstric utihty industry-dnven bs priang inethriencies. unmet mstoner neetts, and regulatory clunge-w di av.ne an op[nnunity fin ekrtnc power brokenng and j IL. ') nurkeung intermedunes g Ilhnova Pow er Marketing plans to les erage its experient e and its asso-(iation with Ilhnois Pow er to proside w holesale and retail customers in the western part of the 1 nited Naies low sost clettric power alterrutnes and innovative, cu+ tomer t.nlored energy pnxlucis and sen k es. Ily of fenng the potential for rapal gn >wth and a sigmhcant transfer of skills and expertise. Ilhnova Generaung and llhnos a Power Marketing are excellent examples of how we will aduese growth by expanchng the market More impor-tantly. Ilhnova Generating and llhnova Power Maikenng are operatmg at w hat we Ichesc.ur the new h >undanes of our industry. To le an industry leader, we must le at those boundants helpmg to slupe and expand them 16
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l l i lifinoya Corporat6on r e s p o n sibilit y for information I he condensed consohdated tained so that ibese systems [mwide rea- 'lhe Audit O nnnuttee meets with Price Water-financial statements and all sonable assurance that assets are safeguarded house LLP and the internal auditors and g information in tlus sumnury against loss from unauthorized use or nukes recommendations to the Ikurd of ) annual reiwirt v.cre densed from the Con-disposition and that the financial records Dirn1 ors a inceming the apirintment of the sohdated 1 inancial Statements that apgrar in are reluble for prepanng the consohdated indegrndent accountants and services to be the Apgendix to the proxy statement for the financial statements. perfornnl. Additionally, the Audit Commit-IW5 annual meetmg of slurcholders Man-The consolidated financial statements tee meets with Price Waterhouse LLP to agen ent n iesp insible ti er preparing the con-have been audited by lihnova% independent disetiw the results of dicir ani.ual audit. Ilk-i sohdated finarn ial statements and for account ots. Prit e Waterhouse llP, in accor-nova's internal au ounting tuntroh and finan-maintaining and momtonng Ilknova's sys-dant e with generally accepted auditing stan-cial reponing nutters. 'Ihe Audit Committee tem of internal acuiunung controh 'lhe con. dards. Such standanh include the evaluation meets w ith the internal auditors to assess the sohdated hnancial statements base been of internal accounung contn>h to estabbsh internal audit work performed, inc !uding pn g urni in a n dormity w ith generally aa epint a basis for des cloping the scope of the exam-tests of internal acce'inting controh. acomnung principles apphed on a twsis-ination of the consohdated financul state-tent lusis and indude anu unts tlut are hasnt ments. In aikhtion to the use of independent on nunagement's best estinutes and judg-accountants,llhnova m.unt uns a professional ments. Maiugement alv, prepared the other statf of internal auchtors w l u conduct hnan-lany 11 llaah J . ~~ infom urn in in ti n annual reg n x1 and is resp wi-cial. pn n edural and special audits. Tii assure Chairinan. I'nwi. lent. sible f or its accur.ny and consistency w ith the their independence, both Price Waterhouse aml thiefAututiie qJ?ar consolatned linani iah.tatements. In the opin-LLP and the internal auditors have direct ) I it in i nf nurugement, tin- (tirw >lidated knan-act w t< > tir Ataht Conututtn < >f de lksard cul statements lairly ref ktt Ilhnovai finant ut of Directors. p isioon. results of oivratons and cash flows. The Audit Commntee is composed of Lirty I'. Altenbaumer llhnova hehes es that the accounting and memlers of the ik urd of Dirntors u ho are Chi <f Financialq/lcer. intenul at counang control systems are nuin-active or retired employees of Ilhnou. Trnumvr. ant / Gintn.//cr report of independent accountants Price Waterhouse LLP To the Board ot Dir ecto r s Apirndix to the pn ny statement for the IW5 on pages 19 through 22. when read in con-of f IIi n c v a Corporation annmd mechng of shareholders of the junction with the consolmlated financial state-We h.oe atkhted. in accordance with Corp namn Mich statements are not pre-nrnts fn nu w hich it has been derived. is fairly genet.dly auepted au hting standards, sented hereint and in our report dated stated in all uutetul respuis tn relanon thereta the wnsolidated hnantial statements of Fehnury 1.1Wi we expressed an unqual-Ilknou O>rporation and its subsidunes as ilied opmion on those consolidated n'un-M LL./ of Dewtnher 31. I'm and PM and h n each cul statements. In otu opinion. the infomunon Price Waterhouse 11P of the three 3 cars in the period ended set forth in the accompanyir..g condensed St. Inuis. Missouri De( emner 31. 1994. appearing in the consolnLued financial statements appeanng l ehnury 1, IW5 .,t e,..,,i.. 18
i F i Illin e v e Cof poratio n condensed c o n s olid a t e d statements of income i (3!dlioru rfdalkm anpt fer sharr amounts) l'or the % ara Lukd Daunirt 31, I'm 1W3 1992 t Operating Rev enues I:listnc 5
- 1. I' 5 5
1,135.6 1,117.9 Flatric interdange i10.0 ly)8 73 0 Gas U2h 314H 2xH 6 7 T< til 1%6 1.581.2 1,0) 5 Operating Expenses and Taxes bri for ein1nc plants 2 A6 235 1 2MH l'ower pirduwd (26 M5 21 0 Gan parliawd for resale l'24 lH7.3 171 9 Ottrr <qrrata e and nuinten.uu e 3oa 3'o 0 3'34 Ikpnuus o and anu an/ars o 1" x 163 6 1%7 General tnes Iio 3 125.6 122 2 t h fernd Cine m uN* 3; 93 11.2 huunr t.nes 11h 3 1%5 n2 Ti til i291 1.T5 9 1,193 4 I Operaung inctmie 320 4 yri3 2H61 Other income and Deductions Allowarve for otuity tuni!* uste donng a swinnte m 38 27 1.5 Ihsalk mni Clum o a ca (271.0) lik iWTit 1.4% cIlot'ts of dl%11b mWI L this 70.6 Eccllain,ius-nti i9 Ii (3 0) ( 6) Total d i 3: On?) 9 loner Irture interew durges $15 : los6 2H'.0 Interest Charges inten se exgenw IC9 164 9 168 6 All m arkv for Iw wn m ni f unds used dunng a we nkin at is Si (4.5) (3 71 hchvint tinkkwl re<guirttients of stilwnlur) 24 0 26.1 28 9 Total 1M 3 1%A 193H Ni iname 14 r.0 Mik M1.9) 93 2 hrew of raming ann amn mer a uwnleranon pial foi navnint preferred stock of sulwnliary 04 %1 ino or ilm appinable to o nnmon o L 4 1%2 5 ml 9) 5 93.2 l Linungs (k m) pt o uruiu e durr 4 2 09 1 (l.m) 1.23 r Ca4 dnakwis datand per unanun siure s I5 .40 5 1.#) Cash dnskwh piti pt ommum dure m .H0
- 1 Weightnl nerage n nunuin slun s
'sbi3 93' 75443937 7W3.93' Stv !)w accornpistyistg CoriderN4l Abtes to Corideran%I Corvsolidatsti FtoutricialStaternents. I 4ou. n,m,,,..... 19
a 1 ") 1 tila n o v s Corporatton condensed c o n s olid a t e d balanca sheets i O1it! ions of&dlars) ? !+a c4nM 31, 1)nmber 31, j tW1 IW3 Asae!s Nni and pnqvny 'iN2 5 6P),3 1m - uumulaint deprnution 1 IW ' 1.974.6 ( btn k"at fuCl under CJpKal leat 4%; 4,504 7. j Net utility pl. int lI ~ j35,j 1 Invtwiments arni other aw1s e 20.1 i Cash arut t adi rquivahvit-9.9 u Oih r runent amis W 335 1 [ iklerrnj t hargt1 W' 418.6 I , _ Total 5 f. C 5 5A215 p Capital and L ia bilitie s -[ Ownnion +ak ' I il n 5 1A138 t Ikfennt a grynwinon - IV)P WM (28.2) l lietaurd canungs hk hciil "65 ((d.6) l%irmsl + m k of hulantury t.'.1 303.7 t Marxiatorily retkenubic preferrni += k of sulwulury no 48.0 i im& term (kis of r.ulanlury 19i 1,926.3 i i Total rapnahunon sN4 3,$W 0 Currern luNhto Wi ' 606.7 Ikfenul crnhis arkt other norwurrent habihtaes 1.it 4 1,217.8 l KLF ~ s sw s sa23.s r condensed c o n s olid a t e d statements of cash flows Oldlwmjddlarsk j f or the Years Erxks! 1)eteml=131, i i+4 IW3 1992 Cash Ficws f rom Operating Activities Ni trunne t hm) 4x (81 9) 93 2 j hems not rniuinng yinwahngt cash F"< 437.7 220 3 Clunms in awet5.iral lutulito 13 9 31.3 Nei radi prwaled 13 operating aan nio .e 3097 juH Cash Flow s f rom in v es tin g A ctivitie s i undmainon cerrahturts No (270.5) '239.2) ) Other investing adivlun 'Dn (8.2) 9.7 j Net cash umt in invtsing a(tunw _ itn 1) (2"H.7) (229 5) Cash Flow s f r om Fincncing Ac tiville n I thvkk nth on unnmon nt:sk n i (60 5) t W.5) (kiiremrnt of luwkin arkt othtT debt of ml%!urg d i9 t 1,lHO 9) (712.2) lwunces of hwwh ;md other ikh of mtwiduty 1.1M0 6Hl.7 Otfrr funndng adn uns.. _. _. _ _ _.. _ i (3% (26.6) s Net tash uwd in fLurwing adn thes iF (E 8) (117.6) Ntt ilunge in cash and cA njunalerus 4N 1.2 (2 3) - CA arwl cash equwalents at irgmn ng of par 87
- 11i, j
Cada and cadi equaalents at erwl at year 5-9.9 5 8.7 s I w tiv acanntfrutrysurg G>ndensed Nudes to Omdensal G>ns<didatal Ftrusnckd Statenwnts, j .s c.. : 34,,, n c. 20 j
+ 'o Illin o y a CefporatIon c o n s o li d a t e d statements of retained earnings (deficit) { (.4fillkms rfdolkm) l For tir Years Inkd Dimnin131, im IW3 1992 lubrkr (tkfa iO at liegintnng si Year i u,i M 41.0 75 H Net traume (kw infore dvnk nits 1Y (55.8) 122.1 II/ I (14 H) 197.9 p to-Dwkk rulv Prefermi stirk <isulanhary i11 20.1 514 Cannum erk es 6 29.7 105.3 Pluv Extm <t carr),ng anuunt ova timakunon Juni for rukenudprderrni st< x k it sulakhary 64 fB9 (49.8) (l%9) Iblarm e (din 1u at I:rxl <t Year s ws (M M 41.0 Se the aa om]xmysng GorulensalNota to G>rulensal GinsolklattJ FinancialSkuenwnts. condensed notes to condensed consolidated financial s1a t e m e n t s 1 } 'Ihis 1991 Sumnury Annual Rep ut to Shany No1e 1-Summary oi related projats and competes in the inde-l S ni an1 A c c o u niin g l hoklers provides an overview of the mn-pendent power market. solidated financial position and results of n e g u t a r m, IP is subject to regulation g f operations of Illinova Corporation and its On May 27,1994, Illinova Corporation, a by the Illinois Onnmerce Onnmission subsidiaries. More detailal financial infor-holding mmpany, was created pursuant (ICC) and dy> Federal Energy Regulatory nution apgrars: 1) within the Illinova Proxy to a r and share-for-share conver. Onnmission and aaurdingly, prepares its Statement nuilal with the Sumnury Annual sion of Illinois Power (IP) common stock mnx>lidated financial statements lusal Rep >rt to all common shareholders of into Illinova common stock. The consol. on the mncepts of Statement of Financial l record at the chise of business on Febru-idated financial statements include the Aauunting Standards No. 71, "Acmunting ary 13,1995; and 2) within the Illinois d Ilhnova, IP and Illinova for the Effects of Certain Types of Power Qunpany infonnation Statement Generating Company (IGC). IP, the pri. Regulation," which require that the efTects nuiled with the Sununary Annual Repon snary business and subsidiary of Illinova, of the ratemaking prowss be recorded to all preferrni shareholders of remrd at is engaged in the generation, transmis-Amirdingly, IP records various wgulatory the ckise of business on Febnury 13,1995, s on, distnbution and sale of clatric ener. assets and liabilities to reflat the actions in anurdance with the regulations of the gy and the distribution, transportation and of mgulators. Illinova's principal aauunt-Secu-ities and Exchange Commission. sale of natural gas in the State of Ulinois. ing policies are: IP's mnsolidated fmancial position and vrit,ty eia n t 'Ihe cost of additions j i ( results of operatiorts are currently the to utility plant and replacements for pnncipal faaors afTating Ilhnova's con-retimd property units is cardaM Cost solidated fin.mcial position and resuhs of includes labor, materials and an allocation operations. IGC is a wholly owned sul. of general and administrative msts, plus sidiary of Ilhnova that invests in energy-the mst of lorrown! funds usal for con-1994 AMnuel Hfport 21
stnution purpnes and a reasonable rate Clinton and its related defermd msts mp-nyuirements, IP is not able to detennine on other funds when so used (AFCI)C1 resented appnixinutely 52% of Illinova's its ultimate liability for the investigation total assets at I)ecember 31, 1991. and remuliation of the sites. IP has esti-n e a u Iaio r y Assers 1(egul:uory assets inchale d&mti Chnton Power Station Chnton-mlated costs represenast 32% of inated and remrded a minimum liability (Clinton) posicinstmaion msts, urunor. Illinova's total 1991 other operating, of $35 million for such costs. II, has also ti/ed debt disaunt, premium and exg nse, maintenance and depreciation expnses. recorded a regulatory asset in the nunrable income taes, deferral ekstric Ownership of an operating nuclear amount of $35 million, refksting man-fuel and purcluxtl gas msts and manufac-generating umt exposes IP to significant agernent aint in dut da aws turnt-gas plant site cleanup onts. risks, including increased and changing will be recovered [ rom Cuskas. IP is DepreciafIon Por financial state. mgulatory, safety and environmentaj ment purpnes, IP depreciates the vari requirenents and the uncertain future currendy recovering MGP site cleanup l ous classes of deprecuble pro [rny over mst of cl<ning and dtsmantling the unit. costs from its customers as appnnul by q -) their estinuted useful lives by applying IP expxts to be allowed to continue to the ICC in April 1993 o)mposite rates on a straight.line basis. operate Clinton; however, if any unfort-wn or una[d hopments wud Hevenue and Cneray Cosf IP Note 4 SIgnIfIcant reconis revenue for services provided pmwnt IP from doing so, Ilhnova and IP Transactions but not yet billed. The cost of fuel liir the mum be inakviaHy adveisely affened. g _,g g generation of electricity, purchased 6,1991, the ICC approved an ir crease of ' p>wer and gas purtlused for res.de is Note 3 Commitments $18.9 million, or 6.1%, m. IP.s natural gas. and C o n i r. g e n c i e s ntuvemd from custonrrs pursuant to U " # # * '" ' ' ' ' "8'""""'' the clediic fuel and purclused gas D#*88' C ' ' ' IE IS N'I""~ adjustment clauses. Hedempf eon of IP Pref e rred ~ ible for its ownership share of the msts of s s e o e a in I Atrmt er 1991, IP axicemed in c o m e 7aaea Under Statement of demnunissioning Clinton and for spent financial Accounting Standards No.1(D, S9.1 million (principal value~) of pre-nuclear fuel dispnal msts. A liability for " Accounting for income Taxes," defernti ferral stock and recordal the $6.4 million demmmissioning costs ts tring accrual tax assets and habilmca are recognized exmss f carrying amount over consid-l>y o es de apedal xniw life of for the tax consequ nces of transactions Clinton. IP is milatmg future danmmis. ention paid.m equity and also. duded in tlut Irve been treawd diff.erently far sioning ants thniugh its rates tused on an this amount in net income applicable to h,nancal tvporting and tax retum [.ur-KX>appnnut fonnula tlut allows IP to mmmon stock. poses, measurvd on the basis of the adjust rates annually for dunges irulecom-statutory tax rahm. dis a ao we d c iin t o n casts in l missioning mst estinutes. l the third quarter of 1993, IP recorded a Ma nu f actured.Ga s Pla n t Stres Note 2 C1i n t o n kiss of $20() milhon, or $2.65 per sham, Power Station (MGP) IP is responsible for potential net of income taxes, for disallowed ' IP owns Mh% of Chnton, which was environmental impairment at 21 former plami in senkt in 19r and represents nunufactured-gas plant sites. Ilecause of Clinton post.construdion costs as a result approxinutely 18% of IP's installal gen. the unknown and unique characteristics of a September 1993 Illinois Appellate l cration capacity. The inwstment in of each site and uncertain regulatory Court decision. oooo m,,,.... O
e Illinova Corporetton and lilinois Power Company board of directors l R,N> d R F L n y 63 0 t Hetms! Exetutive Vke f*nskkvit and Ihretic e of Ohn O rgw ranon, Wmford, CF (dmTsifast nunufatturer tv nurntrated in therrucals, rnetals and acn r.patvAlefenw prulutta 11 rad JWN I cer y D Hn; 57 "
- Si duirnun, Presu k nt, aral Chrf Executive Offuer of tlw Gnnguny, Ikratur, IL 11s Ad 19%
Dnn v1 I 1a.0f 69 "* E N ketms! Cluinrun cd the lv unt and Chwf Exisuave Off a et of MtTrariult-Ilarunrlw rain vt Inc., St basis, MO Ounk hokhng (tunguny). Ihs Ad JWI. In ,J S ho 670** Netin'll duirriun id the lh uTd and Chic l Issutne Of f n er of Jewel G wngunws, Inc., Chicago, II. hin ersifkst retailer) 1%s Ad IWN ""^'D '"' "*^II * */~' ihteq f A l mwe ' 632881 i: : U t \\ <r 's a 11 1.wr Isis O /e;;n. r Hetned Pnsuk nt arxl Chwf Executne Othter of o nae wi,u u,. I,m,c t s /wa, r, A to, r it : 1 ts J w I, ru l s A E Suley Manul.acturing G unpany, !)ct atur,11. ,, i ;e ,3 ., i m, ,o%, (grain and oil vrd pn a ew n L las Ad IWJ wa :.y (; . :t 6308* Executive Vkr Presklent and Gercal ManagtT Pn dew w of M.uugtinent ark! Yruor Ausun td Ogilvy Adarns & itinehart 4xibhc rtiations iellow, J L Kellogg Graduate klu a d of firtnt Clutugo, IL 11s Ad 19'#1 Marugenwnt, N wthwestern l'nnersity, I'vanston, IL 1%s Ad I!F#J Chh W Wet. 60 ". S l.xecuf ne Yn e Presklent of the Gunruny, R-m dt N na u,45o+ ikratur, IL 1%s Ad 1976 duintun arul Chai 1:mecutis e ( >tiner of Mntwest Namping arwl Manuf attunng Qi .ke D. Ze;, 4700 t nunufat1urrr of autininitive gurt4. tuvsl NTm a Var remavu OctxTal O ninwl arxl in ikiwhng Grts n Oil las Ad IWI. Gtnernnwn! Affairs t4 AT&T,11asking Rnige, NJ l lbs hd IW L W rM V.:<vy 67G'l b mon K 7 mmorman. 66 n.r.m duritun id l'tggie InitTfutH nLil, Irk'. hintrufust o ungun) wrving et wwunuv. RW arch anti Amonting arx! Ihsungunlusi iratustnal, tirhnmal, alwl wrvar nurkds M rvkr Pndtw w of Actuuntang, UnnsTuty wtakt w aliq, Willoughby, Oil las Ad I'r#) id liknins. Uduru, IL las Ad 197.1
e Illinova Corporation and Illin oi s Power Company board af directors t o A m1 H P try. 63 4t 2 68 t itetind Extrutive W c Presnk ni arni 1)nnHW of Oi.a G wgw ra u ni. Starnfortl. t.T hhversifud r nunufaturer onurntralist in t twmit als. rrrtals arxl acrosru< e/ilefertw pn nltut.s) /15 lev / /w l.m h H i n 570458 Cluirnun Presnient, arni(hict l'.xecutive 00'u17 of tir O enguny, I kratur, IL /15 tal /wr, Oc w1 L m.. e 69 os r.si Returnt Cluinnan of tir Ikartt. arul Climf 1;xeruuve ( >ff wet of Mercannie li.iru r;w watu nt Inc., St 12 uns, MO (bankLu ikhng u nnguny) Iht tn/ /%I. Den en < h, 67 T d' ketirol Cluirnun of tir Ikurtl arnt Cliicf 1:xnuove OUR er of Jewel u nnrunws, Iru.. (Ln ago. II. hhversinctl retailer). /15In/ /WI 'n Am ~U t n.~rr, s. n 63(21 41 , 'u ( ; > le > :t tA f J r o rr I s m a:. i t la~,wo I, h rs ( < fn w Retiftd Presnk*nt ark) Cluel 5 xnuhve OlintT of /o i l' e r a u,
- waM s Nka s
.'r , ae es / r - 1.1 ) i r / s aw to A I:. Staley Manuf uiunng O nnpany, l accatur,11. , '; A yu ,u i,,,, (grain arul oil wn! pnn ew n las to/ /w/ w: .t 63 N 3 di Extrutive Vu e Presnient arxl General Manager Unifewn of Managenwns aml Seno r Ausun of Ogih y Adinw & Rurlurt (pulibc relatu nis Frik nv, j L Aclh gg Gr.nhute si in v 11 of fam), (hnuge s, IL / At In/ /W1 Marugt1nent, Northwe dern Illuversity. I' var.itort IL /1. sin / /W) C h in 4.- W Wds 60 0. 5> I xnuove Wr Prewlent of tlw Onnpany, h a1t it, p m 45 o *, I)tratur IL 11 sin /19M Cluttnun arnt (hwl l'xnutne oth s of Mntwest Siamgung aint Manuf.utunng ni .h
- D 7 gr. 47 n *>
(nunufaitures of aut< ntuitnr parts), luwd Ws t Wr Presnient Ocrural O ninwl arul Gonmnn,it AHairs of AT&T, Itasking Rnige, NJ. in b mhng Greert Oil //n sol 1991. /ht tal 19'8 noMG ey 67 E2 61 ver on K 1, c wrnac.66n.2te Cluirnun of liggw Interruiu nut. Im. l>stnts of tic Center for inityrutsinul litucatnin hinemtud nun;uny scrung oinsunwr Hewarch aint Acaminung arniIhsungtuslust uklu*tnal, in hnn'al..unt wn u e nurkets Sertue Pnittww of Arunantancy, University workl wale). Wilknighly, Oil /%$ In/ /W) of illnw us, l'rluru. IL /1s in/197.I
IIlinoya Corparation principal o f fic e r s l 1 i Larry D. Haab. 57 Larry F. Al'enimirner. 46 Leah Manning Stetzner. 46 l Quinnan, lhsuh va, arul ukflus sau c Offhr Guffenancial ifiar, 7nusune, arul Gintn/kr GyuralGwnelarulcorp mtest nstr}' 1 filanois Power Company principal officers Larry D. Haab 57 Paul L Lang. 54 Lairy L. Idleman,56 (hunrum.1%skkws, arulGkfliut.utart'ifiar %wkn ikel41sklent \\krihsuksit /try4 nt 1%T Respmsd de for customer service, operating Respmsible for eltstric and gas supply. 9 dnisions, nurketing, attniunic developnrnt. Em/ 9nt fix29. 4 Charles W. Wolis,60 aral transmisskn distributi<m engirurring. fin /4 n/19 % Leah Manning Stetzner. 46 /;ut take lk e /ttskliva 9 Resp nJ de for ciertne genttatic n ekerk ik:e /hsi.4wt, GerumlGwnd, and gn supply, power plant engirarring and Wi!tred ConneIL 57 andGir/notstes%tir*4rv tr.uning, and fuel purtlusing 1.ny4 ed 1956 th cl'rtu4wt Hesponsible for corprate wxrctary activities 9 Resp wwible far kr.sil peer generation and and legal nutters. Ilm//gul /W). Larry F Ahenbaumer. 46 (lean air nunpliarar. Cny4 nt /Wf. 9 Nwser thclt 4&vaaru/ Guf/y,,aru-ksl(1/br Aiec G. Dreyer,36 W sp osible for hnarutd, regulatory and legal John G. Cook,47 7nusuneaiu-lointn/Ar matters, sudding. inwsu r relatiorw, and a upo-Ik c /hsk&wt Respmsible for financi.d nutters, accounting, rate developnnvit. I.ny4 el1931 He,p osible for operations, maink nance, budgeting tax nutters, firunt.ial reputing and 9 raduthm protection, arnt training at Clinum financial planning. Lnyd<9nt II)92. Larry S Brodsky,46 hmer Stati(n Luy4 nt 1975 9 %wk# At1%sklent kesp wwible for public attiirs infornutu m tech-nol%, enun onw ntal alTairs. employer sen a es. nulydy sc%rs, administrative sen a es. arwi atmmh and dewloguent. I ny4 nt 1075 9 lilinova Generellag C o rn p a n y (formerly IP Group. Inc.) principal o flic e r s Larry D Haab. 57 David W Gotts. 40 Gary B. Pasek 39 chenvum 14tskkwt Stntary Enyinnni 1%1 /no/4 nt19M Eny4 nt1991. 9 9 Michael R. Heneghan,48 lhwune f^m/ 9nt tws. 4 Illinova Power Marketing, Inc. principal officers Larry D Haab. 57 Robert A. Schuttz. 54 Thomas M. Rainwater,36 t heuwwt 1%sklewt \\ke14tskkwt-Atarittirm / nyih r.nl f %S Iny4 nt 1%ts I:m/4 nt1995 9 9 i Geraid P OConnor 43 Mchael S Beer 36 l lh e lh n4 wt.-lbueruv- .%t st*4rt I?ny4 nl lW. 9 \\ andAdmnustntturn fny4 ni /WL 9 li ccp.1<,n 24
L f '.- l 'llli n o v a Corporation and lit a n oi s P o w e r C o rn p e n y s t o c k h o l.d e r i n f o r rn a t i o n Annua 1 ist e e t t n g Written nimmunication regarding Illinova Ta2 6 n f o r m a tio n lhe Anntul Meetings of Illinova Corp >ra-Q uporatx o and Ilhru ns Pow er G nnpiny stock illity wa O rp ration and Illinois Power Gun-tion and Illinois Pow er O nnpany will be held sixiuki be.ukimssed to. pany estimate tlut 100 percent of dw divi-l at to a.m. Winessby, April 12, IW5. at the Ilhnou Anwremyunf dends paid to stocKhoklers in 1W4 is fully
- '"""# #M""
Girporate licadquarters, 500 South 27th taxable as dividend ina uw for Fakral lna ar sujensur-Mwn bukhr semces Stret t,1)ecatur, Ilhnois 62525-1805. wr%rb27hsrne Tax purposes. fonn 10Ws were maikd to Iwatur, Muus 6J525-lMM all registemd conunon and pmferred stock-Stock Exchange Listi,gs holders inJanuary IW5 sluming dividends ilhni wai common stock is hsted on die New Change pi Ad" ,s paid during the year. Participants in the Auto-York St< m k I.xclunge and the Chicago Sri n k Rajucsts for address dianges must be sub-nutic Reinvestment and Stock Purchase Plan Eniunge. Illinois Power % preferrni stotk. mined in w nting and shoukt include old and who seinvested cash disidends or nude w ith the esct1xx o of the 7.75% issue, is Itstal new addrmes exatt nanx4s) in w hich the optiorul cash payments for shares that were on dw New York Nin k Exclunge.11w olli. stot k is registered, and Social Security or tax purchased on the open inarket were maik,d cbl New York Stock I.nlunge symixil for ideruification number on the account. An a Form 10W to recognize as federal taxable lihruwa is llX but its stott is listal in seune addmss dunge fonn is nuila! quarterly to ncon dn allocable stun of any broker-newspapers as !LNt wa The offkul New York all registemd st(n khokk rs. Stoc k Exclunge symini for Illinois Power is .T u t o m atec n ein v e sim a n t (hase such shares as stated in the Plan "IPC "lut tlw G unguny% stoc ks am aiso listed and sIock Purchase Pian prospeous NocM u sklers should a nsult w ith in sonw newsgupers under 1llPwr" If you hokt certtficates in your own name their own tax advisors for further infornu- "" di"*8h J l'" T FU "r" CIi i' tion on tax o>nsequences. F O u a rIe r1y Reports tc 51ockhoIders ble to participate in the Automatic Rein- ", [ { In an effort to redtur costs but still pnnide vestment and Simk Purchase Plan. The r i nova infotnution desimd by our Min kholders, a Plan offers stakhoklers a unnvenient and Corporat6on and iIli n o ) s P wer Company Quanctly Repin to Stmkhoklers will be ru m' nnkul way to inercase their investment lihnon ibrwr Gnntuny mailat only to those stathoklers requesting in llhnova. I'nder the plan, dwkk nds fnun y,yn,3g,g.,% it. If you would hke to receive the quarterly llhnova common and Illinois Power pnu Soosouth 27tb sinw Amtun anon 6252Wan tepnt but luse not yet mquested it, pkase ferred shams nuy be autom tically apphed contact SIutthokler Senites. toward the Ptniuse of !!hty WJ a mmon stock. Fcrm 10 K 1hn nigh an optu nul e.tsh frature stocklx Alers Stockhoklers nuy oltain, without ciurge, a StockheIder tnaoiriei nuy alw> pun.iuse ackhtiorul slums of a nn-copy of Fonn 10-K as filal with the Securities Nu khoklers desiring assistance with lost or mon stotl without paying bn>kerage wcs artl Exiunge O mmtssiun ipending a ruluest stolen stott a nifwates or dividend rhet ks, m o Wei M to h holk hia s rume changes stock transfers infomution M w Pbn prospectus. For nx >re infornutu m, on the Autonutk' Reimestinent and Stock Investor R eia1ic n s ,g g,, kuwW Ad>A,r Purciuse Plan, or other nutten nuy unntact Participants in the Pbn nuy als<nk pisit nncor -Inwer Rarnuru . Sharebokler Scrviws during dicir ollkr hours h-mon stock cernficates they are Soo soutb Jnb Strwr of 7 a m. to 4 45 p m., G ntral time, Mond.ty holding into their Plan accounts for safe. through t'ritby, W*" b2# N2## 5 keeping. If you are a Pbn partwipant and 64v numlar 1-2/ 7-424 6659 7W!frmldMine nwnin.,,lmms19 are interested in this 3enice, please send a This report and the condensed connli-nty num/w. .1-JI 7-42RW wntten request to Slurchokler Senices for (bted financial statements contained herein 14wrur.1!1 mons omt. 41MkW additional infonnatkn are submitted for the general infonnation of ilw slotthoklers of Illimwa and Ilhnois Power Onnpany and as such are not intended to sohcit or to be used in connection with any oe eis ao e ea a pee a u e e e as y o a e o r a a o,+..n a sile or purcluse of securities,
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