ML20087L420
| ML20087L420 | |
| Person / Time | |
|---|---|
| Site: | Fort Saint Vrain  |
| Issue date: | 12/31/1983 |
| From: | Person R, Walker R, Warembourg D PUBLIC SERVICE CO. OF COLORADO |
| To: | Boyd R Office of Nuclear Reactor Regulation |
| References | |
| P-84090, NUDOCS 8403270192 | |
| Download: ML20087L420 (57) | |
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i Stctem:nt cf Ccrporc.t Purpose ,,.; 1 O P ublic Service and committed Company to serving of Colora the needs and interests of its customers, employees and shareholders. E t
! Customers l The Company will provide high quality electric, natural gas and steam services to customers within its l
service territory efficiently and effectively. The Company's
- objective is to provide these services at reasonable and affordable prices, while maintaining sound financial integrity.
Employees i The Company will provide a quality work i environment for its employees. Corporate objectives are best accomplished through highly motivated, committed employees. Employees have authority to execute their l
; responsibility and are held accountable for their results.
- They are given the training and resources to accomplish their goals and will be compensated on the basis of their performance.
Shareholders l , The Company's objective is to earn a fair and l competitive return on its shareholders' investment, provide a consistent annual increase in common stock dividends am not dilute shareholder equity.
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l I i e l a 1, t 1 f , O h' I Pubiic service company s service ( * ( O.? l territory embraces praaically all o. Q vC l Colorado's most populous areas.
? l Company employees, facilities and
; service equipment are positioned geographically throughout the stat <
part of the overall commitment to service reliability. b I e i
Financial Highlights ,, Financial 1983 19M2 9 Change
- v . .
Earnugs Per Share $1.86 4 .' 1' ,14 4i Ihshlends Paid Per share $1.82 si '4 4n , Return on Aserage Eqtuts 11.2 % i l' i la 31 - Common Equity Rano 1 Ye.n i na , 41.5 % Jo l ' s 5 Operating Res enues dMun $1,628h41 s ! .*W ! W 24 Operaung Eywases auxh $ 1,449,146 i D'i Ni 44 Net income akxh $ 106,379 ' : In Jun is i - Capital I y,enditures o M * ; $ 195,485 ' b)im 1 :s o, Plant los estment HN x h $3,065,348 32 m N _ . - 54 Operations I l . Elecnic Res enues :oh $ 853,743 ' u4n 1: Miow att-Hour sales < \1 die s 15,654 !*4;' .
;a % .
Elettra customer s 892,569 wns J on i: Gas Res enues o x a n $ 761,629 ' ' 2. s sa 4o Nici sates oxMn 177,585 < rx 'n4 Gas Customers 744,348 'iw.4 m 1n Farnings & [Mstdends Per % arc < l: ramihs enant, Return on Fauity* ii: n=mihs ermksii m .; .;- l 1981 -- -- 1982 ---- --- 1983 - 1981 -- 1982 --- - --1983 E Earnings EPWo E Ihskiends Paid E Industry berage 4surte Arge Re earch'
- Aserage c.mn..m Wuiis Comnwn Equity Ratio Pretas Coserage of Interest Fipenses :12 nimths en*edi - - 1981 - 1982 -- - - 19N3 -- 19MI L - 1982 -- -
1
- - - --1983 1
E PNCo E PWu y E Industry berage Nu e egus Re,cann- E Industry berage ' s Argu' Rewarth i j rda r - 3
t Year in Rctrospect . . - Dividend Rate Increased n~
. - To $1.84 in March 19x1 ine Board ot : -t Financiai Measures - n u e m ra nea ine quaneriy Remain Strong 4 Jn idend rate on all shares or .-L
% Most of the measures ui our N3 """"'" 't"'k h M"b- '4W '
d financial performance durmg 1983 1
'nt wase os er the pres ious r.nc ot 44 At the cumnt nue, annual u
5" remained in hne with our ob ectnes i
'ent s da Ands uc Si M per share ( )u r '<"
n We hase a sohd balance sheet. onican e n f or a consstent annual h
~
including a lower percentage or debt mmase in dn idends and higher common stock equity . Our cash flow n stronger and the percentage ot cash generated f rom Higher Credit Ratings operations for construction spending For Company Securities is at a record high a_ M ood y 's insestor sers ice and Our interest expenses remamed - Stand.u d A Poor 's Corporat ion sirtually unchanged m 1983. upgraded their credit ratings of 1 prosiding for a strong ratio <>t pretax l'ubt h Sers ice Ci nipany 's 1(ing-terni i meome to total mterest charges on debt and preferred stock to a strong our debt securines. The percentace Smele V Ihe upg;adings are -- of earnmgs derned from re< < >gnition hs the rating agencies - d construction credits remamed below that w e h n e impros ed substant ally 109. The oseral! quahty of carnings our nnancial condit on since losmg a y remained abine mdustry us erages 1)ouble A r anng m 14Xii W e want q h) rega;n that ihmble A rating Economy, Higher Costs Suppress 1983 Earnings Rate increase Request I y ~ Earmngs per share and icturn on ;gy Totals $123 Million shareholdcrs insestment m luk3 -" ( >n Nos enwr i K. 1983. we s Qq 6 , were unsatistattory Earnmgs were as requested an incr ease in elettric, _ [ $1 Sh. compared w nh 5217 in 5 natural gas anJ steam heatmg rates 1982 Return on shareholder w hhh would mucase annuai ..' msestment was 1I 2S a drop hom res enues i y X 4', or 512 3 nulhon - 1 the 1315 of the presious year W e r equested and wer e pernutted to These downturns were caused. m pat 93 nulhon of that total mio part. by substantial cutbacks by et tet t on Det ember I k. 19S3. It industrial electra and natura! cas the hnal des istun. expe< ted thi . customers hit hard by the past sprmg . pern uts less than the recession, higher non tuel operanng mterun amount. customers will .-. costs, no mereases m rates and a recent a retund.
- 4. 8 G mcrease m the n erage _
number of common shaies Coal Is Primary Source outstanJmr of Fuel ' We behes e this setback n la,w -sultar u a! trom t ,oorado m m temporay and our immediate task is 4 and W.sonung n the mapr sourte of
- to restore earnings to lesels closer to f ue! used In the pri>ductiim ist those authorved by the Cohirado _
cla t rl( 'ls ( Ju! pencrailng units Pubhc Utihues C.an mu ssion s i m su;iiJd h Y nlii' h in ! 'ns l'l LOX 3 Electric and gas sale, crowth a mst of our elet tric as sunnne f.a forecasted to be higher in 1%4 and we hase requested a rate uhr fase to eener anon *( help us accomphsh thn task
?
I 4
Coal will contmue to proside , Fuelco had a larger than expected more than 9W; of our electric year end attei tax w rite-ott of generation through the belante of appro+ inutely 51 h nulhon f or this century it is the least expensn e certain non produt tiu assets w hich fouil fuel t'or us and wt has e long- resuhed in a net loss of 512 nuihon term supply contracts. In 19X T
\ bout 53 I nulhon was spent in Two Resign From Iox3 hs Banno< k Center Commission Cornuanon as it < onnnued to Andra Schmidt was appmnted m '""'"hd"!C it' d'st mbla ge of early 19X3 to the Colorado Pubhc property near dow ntow n Dens er lls Util ties Comnussion for a term tha: total awets wm 5 nulhon as 'I
_f l expires m January 1989. Schnudt year end lux 3 took the seat s a :ated by Duane Woodard, who resigned Dividend Reinvestment Damei Muse re igned f rom the Participation Rises CPUC ettectne nnuar' 31. 19 X4 Parncipanon m the Comparn 's A new commiwii net will be A Dn idend Rems e stment Plan -11 : appunted to the remamder of contmued to mtrease durmg 1951 - MuseN term. w ha h ends in Januars At s car end.15' of au 1985. shareholders were enroHed m the M)
~~.e m Edythe Miller is the Chairwoman Plan l his :s up trom 40', '?
of the CPUC She is sers mg a parncipanon during 19x2 1)uraig (g,J - second six t ear term of ottice. 19X3. the l'ompans reah/cc il2 9
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w hich expires m Januars 1987 nulliot, trem uie Pian 't ' c. .
':.g , . n Construction spending Shareholder Meetings '$.g' $
On Downward Trend Held in Seven Cities f.%~ ' Construction expenditures m 1983 Approsunately 850 Company shareholders and hun r epresentatn es k totaled 5195 nulhon daw n f rom the g', [ 5230 nulhon spent i" 1982 and of the inancul woununity attended g( sharpls lower than the 5269 onthon meetines held os the l'ompans in - gt .g _ budgeted toi 1983. The low er sesen cities T he meetmgs are part fQ3 spendine continued the dow nw ard of a continuine program to open [.;. trend characteristic or recent years new hnes ot <onuuurucanons .M. 5 Internal cash generanon was ~l', bet w een nur.agement and .ns estor t dj of 1983's net construcnon spendmg. and to unprost recopmtion and 7 J .] a record les el. and up f rom h5', m nur kets%s ut our se< urities %I. 1982 and 47'i in 1981 SantLu meetmgs w ill be held in tis e %.C The only financing m 198 3 w as < mes Jurmy im .gE the sale of 542 nulhon ut tas esempt pollution control res enue bonds to [p[, tinance equipment on existmp 9.',,.- generatmg uruts M Ay.. M. r Non-Utility operations Limited In Scope 7l
- . p :
r .. Our dnersitication into oil and gas y exploration and real estate g. , insestments through our subsiduu ies Fuel Resources Des elopment Co .
. ,3 (Fuelco) and Bannotk ('emer 'i!)i Corporation are hnuted s entures Q.h designed to complement our 'p%
l .y principal business unhty scrs ise - .. % 5
Management Commentary adjust to a changing utility environment. We are committed to There is no such thing anymore as Providins electricity and gas at the m st reasonable prices. A broad an " ordinary" year. Providing electricity and natural gas to r nSe f rograms P has been implemented to inform, educate and customers has become an assist the consumer in using our extraordinarily complicated services efficiently. responsibility. Each year brings a new set of circumstances, challenges Energy suppiy strategy and opportunities. The electric and gas utility Our long-term energy supply industry is in a period of slower strategy is cl.anging because of the sales growth, compared with the Pool of surplus electric power rapid growth experienced during the resulting from industry's slower 1960s and early 1970s. Sales growth growth rate. We have entered into in Colorado also will slow down, Purchased power contracts to utilize but is still forecasted to be well same of this surplus power at eco-above the national average through nomically attractive prices. This the rest of the decade. strategy also enables us to defer We have adjusted our operating building expensive new generating plans and corporate directions to Pl ants without risking serious conform with these new forecasts degradation in the quality of our for growth. In broad terms, we will service. concentrate on providing service at We have enough purchased power the lowest cost consistent with under centract to supplement our continued high reliability and generating capability. We are quality. In this way we will assured of an adequate supply of minimize the adverse effect of rising electricity to meet projected peak-prices on energy sales. demand periods in the near-term. Included in this supply is reserve New Trends In Growth capability sufficient to cover periods f m intenance and power outages. Let's look at the future and a few Additional transmission lines will of the specific trends that will Provide expanded access into the influence our decisions during the western power pool network. next few years. We expect the bulk This strategy has enabled us to of our electric and gas sales growth reduce construction expenditures to come from the residential and commercial sectors. Industrial sales, substantially, allowing us to defer construction of additional major particularly those in mining and steel, were severely curtailed during generating capacity to the benefit of the recession. We expect these sales ur overall financial condition. This is an enviable position compared to recover at a slow pace over the next few years, with many utilities struggling to complete expensive new plants. We Our service territo y is caught up in the economy's transition from n w have more time to achieve the financial strength we believe will be energy-intensive manufacturing necessary before undertaking a industries to the less energy. . m j r expansion program. intensive information process and service industries. The rising costs of utility services have increased our awareness and sensitivity in helping customers 6
Progress Temporarily slowea moderatin8, we asked for a modest merease m our base rate prices in Four years ago our financ.ia l late 1983. Details of this request and condition began to improve. Today, an analysis of our operating and many of the measures of our f nancial positions are presented for financial health are better than at your evaluation in this report.
- any time in the past four years and Our immediate future wi!! be compare favorably with the industry characterized by efforts to increase in general, sales, reduce construction In 1983, we were successful in expenditures, effectively use firm having our bonds and preferred purchased power from other utilities -
stock upgraded to a strong Single A and continue the battle against ' credit rating. Our balance sheet was higher operating costs. We intend to strengthened, as was the overall manage our current resources wisely quality of our earnings. Moreover, and seek those opponunities that will we were able to increase th bring profitability on a long-term dividend in keep,ng i with our obj.ec- basis. tive of consistent, annual mereases. We would be remiss if we did not We were unable to ach,iev acknowledge the importance of our satisfactory levels of earnings per employees who perform all the share and return on shareholders' necessary jobs inherent in high investment. Earnings were $1.86, quality utility service. We thank compared to $2.17 m, 1982. Return them for their past efforts and rely' on shareholder investment was on their talents and commitment to 11.2%, below the 13.1% earned m.
& fu m '
1982 and the 15.7% allowed by the
#* *pecial mention of Colorado Public Utilities
. Robert "Ed,, Kelly, Vice Pres, dent i
Comm.ission. These earn.mgs were for Fuel Supply and Gas Operations, affected by lower levels of electric . who retired on September I after 40 and gas consumption by large ye rs of service. His expertise in the industrial customers, higher non-fuel g s business was extremely valuable operating costs and inadequate in guiding our Company through a revenues from rates. continuing period of growth and c mplishment. Rate Increase Necessary Revenues, at present rate levels, For the Board of Directors, are simply inadequate to cover the cost of doing business. Our last _ , general rate increase was granted in h late 1981. Operating costs continued R. T. Pers(m to increase, but at a slower rate Chairman of the Board since 1981. Many of our customers have been experiencing economic hardships because of the past recession. We felt we had a responsibility to help them through this difficult - g period. We shared their burden by R. F. Walker resisting price increases for as long President and as possible. Chief Executive Officer However, we could not defer the need for a rate increase indefinitely. Because we believed the major February 3,1984 impact of the recession was past and the rapid rise in our gas costs was y
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. Dimensions in Utility Service . .
I lectric technology has not advanced to the point
$ where large quantities of power can be stored economically for future use. Consequently, we mus:
F produce and deliver electricity at the moment our
! customers use it. How many people think about that fact when flicking a light switch? We at Public Service ,
Company do. It is critical that we are able to analyze accurately l customer consumption. One important way is by a complex l study of usage patterns on an hourly, daily, seasonal and I annual basis. The anticipated peak demand determines how much capability, including purchased power, must be available. ! We include in this amount reserve capability sufficient to
- allow for maintenance and forced outage of major generating capacity. This insures reliability to our customers.
In 1983, we had a total capability of 3,512 i megawatts available to meet anticipated maximum demand. l This total included 3,107 megawatts of Company-owned i generation and 405 megawatts of firm purchased power j under contract with other utilities.
; System peak demand was 2,%8 megawatts, reached
- l on December 21. This left us with an 18.3% reserve l
margin or 544 megawatts. Normally, the annual peak
; demand of the Company and its subsidiaries combined
. occurs in the summer. Severe weather conditions caused I the peak to occur in December.
t Surplus power from other western utilities was j plentiful in 1983. Cost of that power averaged 2.5 cents
- per kilowatt hour, about 30% lower than 1982. We used l this price situation to advantage by making spot purchases
- _- t to supplement generation during periods when maintenance
, was being performed on operating units. Customers ,
j benefited from this price reduction by receiving refunds l under the Electric Cost Adjustment policy. l l Our electric system is a complex network of human l 5 l l and technical resources. Eight generating stations-six coal-j fired, one nuclear-powered and one oil- and gas-fired-form a i the heart of our system. Electric generation by class of fuel
- j in 1983 was coal,93%; nuclear,6%; and oil and gas,1%.
i i 9
s. The compl;xity of our system becomes more apparent when one considers that in addition to these generating stations we have hundreds of substations and transformers; approximately 15,000 miles of transmission and distribution lines; countless poles and wires; nearly 9 7,000 skilled men and women; service vehicles, equipment r _, . and tools; and sophisticated computer technology. At year-end the Company had 136 million tons of cod under contract. Nearly 7 million tons of coal were used in 1983; that translates into almost 200 railroad a carloads each day. Coal will be the primary fuel used in generation for the rest of the century. The coal used in our generating plants comes from l Colorado and Wyoming. It is in abundant supply and low in sulfur content. Our delivered coal costs average about one-third less than the electric utility indwry averages.
~ The comparative gas cost for us is three times that of coal and oil is about four times higher.
The outlook for the demand in electric energy through the 1980s is characterized by modest growth. Projections of the compound annual rate of growth in L major components of our operation are: customers 3%;
- electric sales 3.4%; and peak demand 3%.
' Energy management in the balance of the 1980s will
- focus on improving the efficiency of our present generating '
stations, expanding transmission and distribution facilities, utilizing economic surplus power from other utilities and negotiating beneficial firm purchased power agreements. We will maintain our strong energy supply position through the 1980s, whi!e shaping the financial and regulatory ; climate necessary to permit construction of additional generating facilities needed to meet anticipated demands in the 1990s. l
-m Sectricity is deliveredfrom p i generating statsons to itsfinal destination at the speed oflight.
As quickly as electricity is ; { produced in the turbine inside the i generating station, it is rushed through transmission and distribution Jkcilities to our customers. ! i [ 10
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f Dimensions In Utility Service
)
[ atural gas is a vital component of Public Service g ;
.- Ccmpany's vision of Colorado's energy future. It is high in energy value, reliable, efficient, clean-burning and P
low in cost compared to most fuels. Nearly all of our l
. customers count on natural gas for everyday heating needs.
We delivered 177.6 billion cubic feet of gas in 1983. , l
- Gas sales produce 47% of our total revenues and 12% of
' our pretax operating income. We purchase our natural gas primarily from Colorado Interstate Gas Company (CIG) i and from our subsidiary, Western Slope Gas Company.
l Our gas distribution network, including subsidiary ! ! operations, consists of more than 13,000 miles of
, transmission, distribution and gathering facilities and
! storage units capable of holding 17.8 million cubic feet,
! insuring that we have an anple supply during winter peak j demand periods. Our supply was more than adequate i
! during the sub-zero cold wave in December 1983, when i record amounts of gas were needed.
( The cost of gas has been the industry's dominant ( issue since the inception of phased deregulation in 1978.
) We believed that legislation providing for phased l deregulation was necessary to increase the country's i available gas supply. Financial incentives to producers ignited an upsurge in drilling and exploration. The intent of
'{
the deregulation legislation is to equalize the prices of natural gas and fuel oil by 1985, when the price of all new natural gas will be deregulated. New sources of gas, developed from 1978 to the l g present, came on line faster thaa the market could absorb l l the resulting higher prices. As prices rose, industrial cus-l l tomers used less gas and found alternative energy sources, t Residential customers used less. The declining price of oil
. . _ l brought competitive pressure on the price of gas.
{ ' I i a l l } m f t l i j 13
.i .
'Ihe fundamentals of supply and demand are starting to work. Producers are reacting to these " signals" in the marketplace by reducing gas prices. By the end of 1983 it appeared that the unit cost of gas to our customers would g be lower during the 1983-1984 winter than at any time since 1978. However, the amount of gas used is r
-- determined by weather and individual consumption habits.
We expect market demand and supply forces . eventually will come into a better balance. The process of h deregulation has to be gradual because the economic principles at work here need time to reach a workable level and the censumer must be given ample opportunity to adjust to the changing gas industry environment. Our primary goal is to keep the price of gas to the consumer as low as possible within the framework of this changing situation. We believe that, in the long run, the i consumer will continue to rely on gas as a major energy source if it can be purchased at reasonable prices. Our subsidiary, Western Slope Gas Company, performs several important functions in helping us meet our objectives in the natural gas business. Western Slope is i a pipeline company that buys gas from producers and transports it to Public Service Company and to other large
; users. Western Slope also takes on the specialized role of negotiating for corporate supply at favorable prices and storing large amounts of gas to bring about balance between supply and demand in a fluctuating market.
l Phasa deregulation of se e natural gas industry has succeeded in substantially
- Improving de sapply of natural i ses a ut bringing prices more in Line with the cost ofproduaion.
}
1he Conpany's mqjor concem , {
; now is helping customers adjust to
- Als necessary process of change.
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l 16 L___-________________________________________ - . - - - - - -- -
Dimensions In Utility Service A service company. The dimensions of ru h are as broad and diverse as the The quality of that service is an important consideration in territory we serve,
~
evaluating our performance and potential. Company franchises cover a wide and diverse geographical area in Colorado and southern Wyoming. This O includes the Denver metropolitan area, where 70% of the Company's customers live. It is this Front Range area that provides much of the impetus for the state's economic vitality and growth.
- Commercial and industrial C istomers consumed i
twice the amount of electricity and about the same amount of natural gas as our residential customers. Office j i buildings, shopping centers, manufacturing plants and high-
) tech industries form the lifeline of a regional economy that has been more stable and secure than the economy in
{ most parts of the country. Utility services are a critical j element in keeping those lifelines open.
! The Rocky Mountain environment adds another l dimension to the broad concept of service. Tourism, recreation, mining, agriculture, and cattle and sheep raising i thrive throughout our service territory. This economic ;
diversification and the varied landscape of our service area f present us with a set of challenges different from those j 3 faced by many utilities. It takes special skills, training and equipment to keep l
) utility facilities serving customer needs in our unique l service territory. In the event of power outages, continuously-monitored systems pinpoint problem areas, l l i and repair crews and equipment are rushed in to restore service day or night.
Not only are we dedicated to maintaining a reliable
- energy network, but we are committed to maintaining it in an environmentally acceptable way. Construction and ,
! installation techniques are constantly being developed so that we can control our costs and still preserve the aesthetic l
j value of the land. i 17 l
'Ihe millions of dollars warth cf pollution-control equipment at electric generating stations is an investment in the quality oflife in Colorado. We believe that economic growth and clean land, air and water are compatible with r
j any scenario for the future of utility services. Changes in utility service in the 1980s and 1990s
~
will take on a dimension far different than we've experienced in the past 10 years. Growth is still very much a part of our future, but it will be slower, steadier and b more manageable. We believe growth is important because it enables us to utilize our facilities in a more cost-effective manner and provides a healthy stimulus for increased revenues and net income. Another significant factor affecting utility service is the changing emphasis from a manufacturing and mining economy to one that is computer-based and service-
. oriented. These ever-present changes in the way customers use electricity and gas and the unique characteristics of our service territory require the flexibility and imagination which are part of our long-range planning process.
)
l l l 1 l l i I l P bergency repair crews are on 1 standby 24 hours-a-day to respond to emergency power outages anywhere in the Congpany's diversiped service area. k l18
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< ontriburn i > < . .mm emn p ro t u de an nianc to a u stomers do clopme nt tuth rehable elr< tr u nha hase a Iveatmarc need for yg5? scru. e to c ommer, tal < u stomer8 help m paune unhn hits ihne su< h as shoppin e < < nten. ottia e reps are tramed t~ help b il buildmes and bunnen. < uh tral mJniduals find proper anntam e
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creda information on enero- ._ ravine improvementt ***%f .
. k 20 xs. - P9 _
Dimensions In Utility Service
, people company. "I smell gas." "I can't get the furnace pilot light on." "I can't pay my bill this G month." "What kind of insulation is best?" "Which uses P
; more electricity, my microwave oven or my electric toaster i oven?" "How can I transfer stock to my son's name?" "Do I get a tax credit for caulking my windows?"
~
Questions. Hundreds of them every day from the b people served by Public Service Company. Giving answers and assistance is part of what it means to be in the business of providing utility services. Communications. Never before have effective j communications been such an important element in the
, : operation of a utility. Men and women, trained in the major aspects of our business, relate on a person-to-person
; basis with customers, shareholders, the media, regulators
, and legislators.
i Our communications take many forms. A personal j accounts representative works with a customer who has l , financial problems because the customer is unemployed, j : elderly, handicapped, has a low income or numerous { dependents. Skilled technicians respond promptly to locate l ; gas leaks and make safety checks on furnaces, water heaters and other electric or gas appliances. Trained l representatives in our Customer Information Center give advice on residential energy conservation and offer free educational materials. Energy consultants provide home
; energy audits. Customer service representatives handle r; inquiries about billing and service.
g On the broader scale, Public Service people are a speaking at seminars, business and community meetings and at shareholder meetings throughout the country.
; Interest focuses on today's utility issues: deregulation of
! natural gas, nuclear energy, inflation, interest rates, rate
-1~ f relief and the economy.
l A dominant issue in 1983 was the continuing i concern about the cost of utility services. In addition to
) communicating extensively on the issues and attempting to l clarify common misconceptions about utility costs, we
)
f continued to offer special help to customers in need. E i f 21
- - , - + - - w ,,y-v,,-, -- , , , - - - - - , - , . , , , _ . , , - ~ . - - , - . , . _ - - - - , - - - - _ . _ _ _ ___._,_-.---__-------,,....___m- ------ --__--_
We received approximately 6,500 customer service . calls each working day - over 1.7 million calls during 1983 - asking for assistance and information. Our Company has several customer assistance programs. G P Working with some 300 community agencies, our customer service representatives devoted about 30,000 employee-E hours to helping individuals work out their problems and avoid service interruptions. We established the Energy Assistance-Foundation in ' - 1982 to help customers who face emergencies or extreme hardships to cope with increased utility costs. In 1983, we again contributed $100,000 to the Foundation and matched contributions from other sources up to an additional
$150,000. Distribution of funds from the Foundation is administered by the Salvation Army.
The essential ingredient in providing utility services is people. Our Company brings together people with an extensive range of skills,' work backgrounds and career objectives. They operate and maintain our facilities, read meters, work on construction and repair crews, interact i directly with customers, and perform the variety of behind- ! the-scenes administrative and service functions. i We are committed to compensation, training and career-development policies that will enable us to keep and attract the quality talent needed to provide the kind of utility service that complements the changing face of the Colorado economy. t P
\
Our cuuren are at +e teasing edge ofa new age ofIq/brmation processing. Dke transitionpom a b manufacturing +riented economy
,f to a cornputersased economy will
; influence the uoy ourpeople plan K
., to meet the utility needs ofour customers.
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Pubiic se~ce companx . ommon and preferred stock n Inted on the New York Stock Eu hange under the ticker nmhoi ' F5R
- Total - - - -
trading volume durine 19M3 uas more than 33 mdhon shares, the i most active year en Company '. .' hntory. _- -. . 24 .
Dimensions In Utility Service i i he investor perspective. Our philosophy and overall
.A. corporate planning process are designed to r,chieve a 94 '
; financial strategy that satisfies investor expectations and 7
,,. provides flexibility in a changing utility environment.
An important element in this strategy has been the reduction of capital expenditures while maintaining long-range plans to satisfy future utility service requirements. 3 Construction expenditures in 1983 totaled $195 million, which was $74 million under budget. This continues a downward trend through the early 1980s from an all-time
, high of $321 million in 1979.
l The 1984 budget has been set at $266 million, of ( ,' which $36 mihn is.for subsidiary operations. This is a l forecast only and we fully expect to spend less. t The improvements in our financial condition are reflected in the higher quality of our earnings, the financial community's interest in our future and the market's activity ,
; in our securities. Many of the traditional measures of our l financial health remain strong.
! The percentage of construction expenditures l produced from internal cash sources reached 71% in 1983, a far cry from the 19% in 1979. Our objective is to exceed
{ 50% during periods such as now when no new plants are
!. being built. The combination of higher cash generation and
} lower spending eliminated the need for the public sale of l l 4 first mortgage bonds or common stock in 1983. We raised l $42 million by selling tax-exempt pollution control revenue
! bonds to upgrade air quality equipment on existing plants.
) Capitalization ratios have also improved steadily.
( Debt, including debt due within one year, decreased to
! 46.4% and preferred stock to 11.7%. Common equity j climbed to 41.9%. Our long range objective is to be closer
^
i to 45% long-term debt,10% preferred stock and 45% common equity. Our pretax income was 3.4 times higher than our interest expenses, a drop from 3.7 times in 1982. Our long range objective is at least 3.5 times and we expect to
! exceed that objective in 1984.
I As a result of these and other improvements in our , financial measures, both major rating agencies, Moody's 3 Investor Service and Standard & Poor's Corporation, raised our long-term debt securities to a strong Single A credit 25 i
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1 rating in the spring of 1983. Our objective is to eventually regain a Double A credit rating. In March,1983 the Board of Directors increased the l annual dividend rate to $1.84. This is a 4.5% increase over ' l the $1.76 rate that was in effect during 1982. The increase
~
is in keeping with our objective of consistent annual increases. Our Company has paid common stock dividends i every year since 1943, when we became a publicly traded investor-owned company. i The success of our efforts to provide and manage the utility resources for a growing service territory rests firmly
~
on the continued development of a strong financial condition. One critical element in this pursuit is that revenues compensate us adequately for our costs. On August 22,1983 we requested higher electric
. rates that would have increased annual revenues $57.4 million, or 7.5%. We believe that this request was within guidelines already allowed by.the Commission.
Consequently, we proposed that the rates go into effect on November 15 and the CPUC bypass the lengthy hearing process. On November 2, the CPUC turned down the proposal and suspended the request for fo.rmal hearings. We immediately withdrew the request. On November 18,1983, we requested an increase in our electric, natural gas and steam heating service base rates which would increase our overall revenues by 8.4% or $123 million. On December 18, we were permitted to place into effect a revenue increase of $43 million, subject to refund pending a final CPUC decision on our full request. Formal hearings began in late January. We expect ! a final decision in the spring. We will also strengthen our financial condition by continuing to use effective management techniques, pursuing constructive regulatory policies and developing
! favorable public perceptions.
The company co n-t-eu to Providing high quality utility service is equalled only by he j conunisment to provide shareholders wia apir and
}* competitin return on Acir b
Innstment. We believe our a shareholders rely on uspr sound manage.a.: of their investment
^i and a growd hat willhelp them i achieve 6elv own personal objectives. -- l# _ _ _ . _ _ _ _ _ _ __ _ _ _ _ __ _ _ _ _ ___ _ , _ . . _ _ _ _ _ _
74A
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Selected Fin nci:1 Data cnd Rntios year Ended December 31, 1983 1982 1981 1980 1979 1978 1973 Operating Revenues: rrhouunds or Duttaro Electrie $ 853,743 843,436 742,104 M0,749 507,587 421,732 $189,467 Gas 761,629 732,334 582,434 502,919 410,537 303,300 116,872 Other 13,269 14,269 11,633 11,976 8.386 4,746 2,160 1,628,M1 1,590,039 1,336,171 1,155,M4 926,510 729,778 308,499 Op: rating Expenses: - Fuel used in generation 172,802 184,386 170,128 182,581 175,896 117,491 37,769 Gas purchased for resale 611,283 587,187 462,291 388,852 310,129 224,840 63,141 Purchased power 98,978 101,6M 113,235 91,414 29,425 22,722 2,193 Other operating expenses 260,773 226,919 192,639 168,114 162,858 132,647 59,857 Maintenance M,123 58,418 49,735 46,M6 37,092 28,249 14,787 Depreciation 91,577 86,431 73,529 61,480 55,933 49,541 32,168 l Taxes (other than income taxes) 55,e47 53,631 64,001 40,433 38,033 35,424 27,883 Income taxes 93,763 103,155 67,914 52,190 26,826 25,601 10.215 i 1,449,146 1,401,791 1,193.472 1.031,710 836,192 636,515 248,013 Opera:Ing Income 179,495 188,248 142,699 123,934 90,318 93,263 60,486 Other Income and Deductions 5,814 5,6M 21,821 20,226 12,588 6,196 11,270 Interest Charges 78,930 77.416 63,765 59,133 47,097 41,758 29,805 Net Income 106,379 116,496 100,755 85,027 55,809 57,701 41,951 Preferred dividend requirements 16,661 16.661 16,661 15,020 13.536 13.536 6.556 Earnings Available for Common Stock $ 89.718 99.835 84,094 70.007 42,273 44,165 5 35,395 Earnings Per Average Share $1.86 2.17 1.97 1.92 1.35 1.66 $2.10 Dividends Per Share: Paid $1.82 1.74 1.66 1.60 1.60 1.49 % $1.18 Declared $1.84 1.76 1.68 1.60 1.60 1.53 $1.19 Common Stock Shares Outstanding (000): Average 48,135 45,948 42,728 36,412 31,225 26,572 16,8'I8 Year-end 49,182 47,020 44,896 39,990 32,326 29,250 17,010 Earnings & Dhidends Per Share Return on Equity
- Common Equity Ratio
. _ m . .
_ _ _ _ _ _ _ _ _ . _ _ . _ _ . _ _ ___. En _ _ p . - . - _ _ - _ _ . _ - - _ . . _ _ _ _ _ _ _ _ _
. ._ __ _ . . . -L..~___-- -_
, . _ . . . . . - . _ _ . ~ _ _ - - . - _ , _ . O Es2P i ass N PSCo E PSCo J O Dhidends Paid B Industry Aterage (Source' EEL E Industry Aterage (Smrce; EEI) l
- Average Cornme Equay Debt Ratio Pretas Colerage of Intered Expenses Internal Cash Generation' l -
l .
. .. . .x ..._ . . . - - _ _x._ _
r ___m__ 1 . O PSCo E PSCo E PSCo O Industry Aterage (Sourw EED E Industry Aterage (Source: EED E Indu4ry Aterage tkute. LE4
* % of Net Congructuin Expenditures t
33
Fin nci:1 Data 1983 1982 1981 1980 1979 1978 1973 Total Assets (millions) $2,665 2,575 2,422 2,205 2.000 1,746 $1,090 Long-term Debt (millions) $ 886 891 866 840 767 711 $ $25 Preferred Stock (millions): Subject to mandatory redemption $ 88 89 89 89 M M $ 30 Not subject to mandatory redemption $ 140 140 140 140 140 140 $ 105 Common Equity (millions) $ 821 785 736 656 555 516 $ 300 Capitalization Ratios - Year-End: Long-term debt (inci. due within 1 yr.) 45.9 % 45.6 45.8 48.9 48.3 49.0 53.I % Short-t:rm borrowings 1.0% 2.6 3.2 0.5 3.9 1.5 3.0% Preferred stock (incl.due within 1 yr.) 11.6 % 11.7 12.1 13.1 12.9 14.1 13.6 % Common equity 41.5 % 40.1 38.9 37.5 34.9 35.4 30.3 % Total Capitalization (millions) $1,979 1,959 1,895 1,751 1,591 1,456 $ 989 Gross Construction Expenditures (millions) $195.5 230.0 256.7 262.6 320.8 209.9 $160.4 Rates of Return Earned: Total capitalization (Oper. Income) 9.2 % 9.9 7.8 7.1 5.9 6.5 6.3 % Avg. common equity (Net to Common) 11.2 % 13.1 12.1 11.6 7.9 9.1 12.8 % Pretax Coverage of Interest Expenses 3.42x 3.67 3.24 2.86 2.50 2.74 2.75x Payout Ratio on Dividends Paid 97.8 % 80.2 84.3 83.3 118.5 90.1 56.2 % Ik>ok Value Per Share - Year-End $16.70 16.69 16.39 16.40 17.18 17.63 $17.61
.\larket Price Per Share - Year-End $18.50 17.38 14.25 14.25 13.38 16.75 $16.75 Dividend Yield - Year-End 9.9% 10.1 11.8 11.2 12.0 9.6 7.2%
Number of Employees - Year-End 6,857 6.794 6,424 6,145 6,310 6,082 5,547 AH)C* (5 of Ear.ungs) Effective Income Tam Rate Electric Generation By Coal l D PSCo E PSCo E PSCo Q Industry Average (Source: EEI) E Industry Average (Soww EEI) E Industry Aterage (Suce. EE!)
- Alkmance for Funds Used Dunns Construcuos Composite Fuel Cost Per Million BTU
- Average Annual Residential Kilowatt-flour Usage Average Annual Resenue Per Resider.tial Electric Customer C PSCo E PSCo E PNCo O Industry Average (Source: EED E Industry Average tsnurce: EU) E Industry Average tsuurce:EED
- Brap h Thermal UMt 31
Electric Service Statistics 1983 1982 1981 1980 1979 1978 1973 Kilowatt-llour Sales (millions) 15,654 15,433 15,473 15,194 14,659 13,754 9,465
% Change 1.4% (0.3) 1.8 3.6 6.6 6.8 8.8%
Customers (000) 892.6 865.0 846.1 820.5 794.5 7M.8 609.8
% Change 3.2% 2.2 3.1 3.3 3.9 4.3 6.9 %
Arg, Annual Residential Kwh Usage 6,076 5,963 5,734 5,937 5,913 5,724 5,383
% Change 1.9% 4.0 (3.4) 0.4 3.3 3.7 4.0 %
Asg. Residential Revenue Per Kwh 6.45c 6.52 5.74 5.12 4.19 3.75 2.67c
% Change (1.1)% 13.6 12.1 22.7 11.7 4.2 1.5 %
Average Annual Revenue Per Residential Customer $392 389 329 3(M 248 215 $144
% Change 0.8 % 18.2 8.3 22.7 15.4 8.0 5.4 %
Net Effectise Capability at Time of Peak-Alegawatts 3,512 (w) 3,401 (s) 3,116 (s) 3,072 (s) 2,743 (s) 2,594 (s) 2,094 (s) Net Firm System Peak Load (Alw) 2,%8 2,892 2,820 2,776 2,N2 2,559 1,762
% Change 2.6% 2.6 1.6 5.1 3.2 5.0 5.4 %
Reserve Alargin at Time of Peak 18.3 % 17.6 10.5 10.7 3.8 1.4 18.8 % Generation by Class of Fuel: Coal 93.4 % 94.0 85.3 76.1 79.2 85.0 65.3 % Natural Gas 0.9% 1.4 8.4 17.8 17.6 12.1 28.7 % Oil 0.4% 0.3 0.3 0.8 1.8 2.9 6.0% Nucicar 5.3 % 4.3 6.0 5.3 1.4 - - Avg. Cost Per Unit of Fuel: Coal - Ton $23.87 22.95 21.84 18.81 16.60 13.90 $6.72 Natural Gas - Alef $ 4.07 3.81 3.12 2.68 2.00 1.30 $0.31 Oil - Barrel $27.35 38.01 39.96 26.37 17.19 13.03 $6.09 Avg. Fuel Cost Per AINIBTU $ 1,23 1.23 1.23 1.30 1.10 0.85 $0.35 b) Summer peak load (w) winter peak load Natural Gas Service Statistics 1983 1982 1981 1980 1979 1978 1973 Bef Gas Sales 177.6 189.8 176.1 203.3 213.3 206.7 217.7
% Change (6.4)% 7.7 (13.4) (4.7) 3.2 4.3 10.3 %
Customers (000) 744.3 718.5 701.3 680.6 658.2 633.6 542.4
% Change 3.6% 2.4 3.0 3.4 3.9 4.0 5.7 %
Average Annual Residential Alef Usage 120.2 125.0 112.9 140.1 157.3 151.2 187.9
% Change (4.0)% 10.7 (19.4) (10.9) 4.0 3.3 6.3 %
Annual lleating Degree Days 6,429 6,109 4.570 5,768 6,396 6.006 6,112
% Change 5.2% 33.7 (20.8) (9.8) 6.5 15.6 4.0 %
Average Residential Revenue Per Alef $4.61 4.11 3.48 2.70 2.08 1.M $0.68
% Change 12.2 % 18.1 28.9 29.8 26.6 14.8 3.2 %
Average Annual Resenue Per Residential Customer $554 513 393 378 327 249 $128 I % Change 8.0% 30.7 3.9 15.4 31.7 18.7 9.7 % Daily Availability - (AIAlcf) 1,459 1,462 1,457 1.425 1,371 1,3(M 1,188 Alasimum Peak-Day Sendout (AIAlef) 1,356 1,302 1,278 1,246 1,143 1,160 1,037
% Change 4.1 % 1.9 2.6 9.0 (1.5) 2.7 (3.4)%
32
Consolidated Report of Management Financial Information Report of Management 33 The accompanying financial statements of Public Service Company Management's Discussion r.nd Analysis of Financial Condition of Colorado and subsidiaries have been and Results of Operations 34 Prepared by Company personnel in. conf rmity with general!y accepted Consolidated Balance Sheet 36 accounting principles consistent with the Consolidated Statement ofincome 38 Uniform System of Accounts of the Consolidated Statement of Federal Energy Regulatory Commission. Retained Earnings 39 The integrity and objectivity of the data in these financial statements are the Consolidated Statement of responsibility of management. Financial Source of Funds For Plant Construction Expenditures 40 inf rmation contained elsewhere in this Annual Report is consistent with that in Notes to Consolidated the financial statements. Financial Statements 41 The Company maintains and enforces Report of Certified a system of internal accounting controls, Public Accountants 54 which is designed to provide reasonable assurance, on a cost effective basis, as to the integrity, objectivity and reliability of the financial records. This system includes a program of internal audits to assure management that proper procedures and methods of operation are used to implement the plans, policies and directives of management. The accounting and internal control procedures of the Company are reviewed by the Audit Committee of the Board of Directors. The Committee, which is composed of directors who are not employees of the Company, meets regularly with the Company's management, the imernal audit staff and the independent accountants. The accompanying financial statements have been examined by Arthur Young & Company, independent accountants, whose report is on page 54. It D. D. Hock Vice President and Chief Accounting Officer Rk waLLr R. F. Walker President and Chief Executive Officer February 3,19&4 33
Mcn gein:nt's Discussion 8'83 l'82 Other operating and maintenance
*"""""'*""* expenses have increased since 1981 end Anal7sis of Financial Electric revenues pnmarily as a result of higher payroll Condition and Results Ba=r=iaae== 5 8.3 5m2 and related exECnses, the effects of Energy cost adjustment t 12.8) (0.3) of Operations saes oume ana general inflation on the prices of other changes 14.8 (7.6) materials and services, and increased Net increase $103 $101.3 expenses associated with system expansion, including the commercial Base rate increases $ 5.1 $ 25.0 operation of Unit I of Pawnee.
The followm.g factors, which may not c., cogg aaju,tment 92.7 86.4 Depreciation expense has also increased be indicative of future operations or sales volume and in each year due to plant additions, earnings, have had a significant effect other changes (68.5) 38.5 Allowance for funds used during upon the results of operations during _ Net increase _ _ _ _$ 29.3_ $ 49 9 construction (AFDC), both equity funds 1983 and 1982. and borrowed funds, decreased in 1982 The increases (decreases) in operating as a result of expenditures for Unit 1 of Results of Operations expenses from the preceding year were Pawnee being transferred from Operating revenues in 1983 did not as follows: construction work in progress to plant keep pace with operating costs as a 1983 1982 in service. result of declining gas sales and only muu w o.a o nominal electric sales growth, lack of Fuel used in generation $(11.6) $ 14.3 Impact of Inflation and Changing sufiicient additional rate relief, and, to a cas purchased for resale 24.1 124.9 Prices lesser degree, continuing inflation. Electne revenues have mereased in
^d
,p,,7,,,p,,,,,
Maintenance QQ 5.7 8.7 The financial statements are prepared in accordance with generally accepted each of the two years primarily as a Depreciation 5.2 12.9 accounting principles and are based on result of increases in base rates and, in Taxes (other than the results of business transactions as 1983, a modest increase in sales in=ne taxes) 2.2 (10.4) Inane tam a4) 312 recorded in actual amounts of dollars at volume. While residential sales have the time of each transaction. However,
-Net increau _ $ 47A $208]
increased in each year, due in part to _ during periods of changing prices, these customer growth, electric revenues were financial data based on actual historical adversely affected in both years by The cost of fuel used in generation costs tend to become distorted and fail decreases in se'es to industrial decreased in 1983 as a result of a to reflect real economic costs or value, customers r.a a result of the slow decrease in generation along with For example, in capital intensive economic recovery for this customer relatively stable fuel prices. While more ndustries, such as the utility industry, group. energy was purchased in 1983 than in the cost of maintaining productive Gas revenues continued to increase in 1982, significantly lower unit prices capacity has been particularly affected each of the two years primarily as a caused a decrease in the cost of by significant long-term inflation. Very result of increases in base rates and the purchased power also, in 1982 the simply, depreciation expense on utility recovery of the increased cost of gas merease m the cost of fuel used m property, plant and equipment which is purchased for resale through the generation and the decrease m the cost charged against current earnings for adjustment clause of the gas tariff. Gas of urchased P power reflected the impact assets acquired in the past does not sales volume increased in 1982 but of lacing P Unit 1 of the Pawnee Steam reflect the inflated cost of acquiring decreased in 1983. Despite colder than Electric Generating Station (Pawnee) in similar assets at current prices. As a normal weather, all classes of gas sales service in December 1981. The trade- result, higher profits may be reported in 1983 were depressed by the overall off between generation and purchase of on a continuing basis with no impact of a slow economic recovery and energy as it occurred in 1983 and 1982 accompanying gain in real purchasing the effect of continued energy is a consequence of the Company's power or economic value. (See Note 13 conservation throughout the Company's energy management programs by means of Notes to Consolidated Financial service area. The most significant of which, through the use of several Statements.) portion of the decrease in 1983 gas agreements which provide for the sales occurred in the industrial customer purchase of power from neighboring category. utilities, the Company attempts to Electric and gas revenues reflect the optimize the mix of internal and effects of rate increases and adjustment external sources of electric energy using clauses on prices of units sold. the lowest cost energy available at any Operating revenuca also reflect the given time. volume changes 11. unit sales. The Higher gas prices from the foregoing factors contributed to annual Company's supplier of natural gas ' ' increases in revenues over revenues for caused gas purchased for resale to the preceding year as indicated in the increase in 1983, despite a decrease in following table, the volume of gas purchased. Gas purchased for resale increased in 1982 as a result of higher gas prices coupled r with increased sales due to colder than normal weather.
.h a
l ammmil
CA Liquidity and Capital Resources At December 31,1983 the Company For 1984 the Company and its subsidiaries anticipate raising external The Company's Restated Articles of Incorporation prohibit the issuance of EN . > ".j and its subsidiaries estimated the cost of funds of approximately $38 million additional preferred stock without M., their construction program, including from the sale of common stock through preferred shareholder approval, unless .~W AFDC and other capital requirements, in 1984,1985, and 1986 to be as the Company's Automatic Dividend Reinvestment ar.d Common Stock the gross income available for the payment of interest charges for a recent [N q h q# follows: Purchase Plan and its Employee Stock twelve month period is at least 1.5 T. 19s4 19s5 1986 Ownership' Plan, $18.4 million from the times the total of (1) the annual interest ~y k aw .t oa sale of subsidiary unsecured long-term requirements on all indebtedness to be f f( comruny: debt and $20.8 million from pollution outstanding for more than one year and [{ ".. " Elame control revenue bond proceeds held in (2) the annual dividend requirements on Yt a' tmst. These financing plans are subject all preferred stock to be outstanding. At Tr s ion h!! 4 6 to change depending on market and December 31,1983, gross income i v. . , Dstribution 50.500 51.459 55.372 a other 583 364 371 business conditions and changes, if any, available under this requirement would Gas 24.335 24,722 24.329 in the construction plans of the permit the Company to issue t.;.f.,d
.o: '
General 26.037 22.816 24.309 Company and its subsidiaries. Plans for approximately $691,000,000 of su es 63 g s les of securities beyond 1984 have not additional preferred stock at an assumed @[4$ ^; been formalized at this time. annual dividend rate of 12.81% .. (assuming no additional long-term debt > The construction estimates shown c ruction 265.871 255.000 294.462 is issued). Coverage at December 31, uss: AFDC above are subject to continuing review ,g ... A&i: sinkins funds and 17.383 20.746 16.445 and adjustment. Actual expenditures may vary from such estimates due to 1983 was 3.02 times. The Company's Restated Articles of ( 1., i fact rs such as changes in business Incorporation prohibit, without ma unnes 23.679 17.90s 16.453 conditions, environmental requirements, preferred shareholder approval, the ;.(~ c [ Total ava lability and cost of labor and issuance or assumption of unsecured 4i~J materials and other costs. In addition, indebtedness, other than for refunding ments
$272.167 $252.162 $294.470 unless it appears that the Company's purposes, greater than 15% of the N;! V.{ .
objectives for the financing of its aggregate of (i) the total principal Yg The Company's objectives for the construction expenditures in future years amount of all bonds or other securities P,N. can be attained without significant representing secured indebtedness of the ;. financing of these capital requirements common equity dilution from substantial Company, then outstanding, and (ii) the 93 include internal generation of at least one-half of the funds required, sales of common stock below book total of the capital and surplus of the ; j ).2 y value, such estimated construction Company, as then recorded on its maintenance of a sound capitalization ]y#. ,l expenditures will be reduced. Under books. At December 31,1983 the structure consisting of not less than p 40% common equity, not more than such circumstances, construction will be Company had outstanding unsecured indebtedness, including subsidiary .o. . 45% long-term debt and the balance in limited to commitments previously made, such as the installation of indebtedness which is guaranteed by the D@;/ 6 y preferred stock, and the maintenance of high credit ratings for its securities. Pollution control equipment required to Company, in the amount of .gl 4 . bring the Company's facilities into $62,793,000. The maximum amount Q +' At December 31,1983 the Company compliance with various governmental permitted under this limitation was Q A: standards, regulations or variances and approximately $286,000,000 at and its subsidiaries estimated that their to the maintenance of existing facilities. December 31, 1983. @gy 19841986 capital requirements would The Company's Indenture permits the Arrangements for bank lines of credit W. f.'. be met with funds provided from the following sources: issuance of additional first mortgage totaled $111,849,000 at December 31. M'7 bonds to the extent of 60% of the value 1983. The entire amount of these - - - sources 1984 1985 1986 of net additions to the Company's utility a rangements was available to the
$ 77,247 $188.127 5 52.933 Property, provided net earnings before Company at December 31,1983.
Euernal Net change in depreciation, taxes on income and short-term interest expense for a recent twelve month period are at least 2.5 times 7"85 6.563 annual interest requirements on all investmertts 67.565 t34.530) Internal 234.974 bonds to be outstanding. At December 127.355 98.565 ~- 31,1983 the amount of net additions Toca, sources $272.167 $252.162 $294.470 would permit (and the net earnings test
= = = = = _ . . = = = - would not prohibit) the issuance of approximately $363,000,000 of additional bonds at an assumed annual interest rate of 13.76%. Coverage at December 31,1983 was 4.89 times.
35
Consolidated Balance Sheet December 31,19s3 and 1982 Public Service Company of Colorado and Subsidiaries Assets 1983 1982 (Thousands of Dollars) Property, Plant and Equipment, at cost: Electric $2,259,281 $2,151,%1 Gas 544,537 514,714 Steam and other 50,307 44,049 Common to all departments 159,863 140,314 Construction in progress 4,208 27,522 3.018,196 2,878,560 less accumulated provision for depreciation 831,949 744,110 2,186,247 2,134,450 Nuclear fuel 47,152 30,668 2.233,399 2,165,118 Investments, at cost 3,114 433 Current Assets: Cash 10,234 10,466 Temporary cash investments 59,519 9,503 Accounts receivable, less provision for uncollectible accounts (1983-$3,287; 1982-53,033) 157,102 170,416 Notes receivable 19 292 Fuel inventory, at average cost 54,248 60,334 Materials and supplies, at average cost 51,116 ,48,861 Gas in underground storage, at cost (LIFO) 15,901 14,004 Prepaid expenses 2,886 2,779 Other - 1,189 Total Current Assets 351,025 317,844 Deferred Charges: Deferred gas and electric costs (Note 1) 62,280 58,179 Debt expense (being amortized) 8,996 8,010 Other 6,189 25,189 77,465 91,378 Total Assets $2,665,003 $2,574,773 See accompanying notes. 36
C pital and Liabilities _ 1983 1982 (Thousands of Dollars) Common Equity: Common stock (Note 2) $ 652,115 $ 616,346 Retained earnings 169,299 168,517 821,414 784,863 Preferred Stock (Note 2): Not subject to mandatory redemption 140,008 140,008 Subject to mandatory redemption at par 88,200 89,400 Long-term Debt (Note 3) 885,810 891,334 1,935,432 1,905,605 Current Liabilities: Notes payable and commercial paper (Note 4) 19,790 51,387 1.ong-term debt due within one year 22,219 2,289 Preferred stock subject to mandatory redemption within one year (Note 2) 1,200 - Accounts payable 194,632 194,972 Dividends payable 26,789 24,867 Customers' deposits 7,194 6,161 Accrued taxes 66,121 69,027 Accrued interest 18,396 18,084 Amount subject to refund (Note 12) 25,766 20,877 Otner 26,048 13,727 Total Current Liabilities 408,155 401,391 Deferred Credits: Customers' advances for construction 46,367 31,569 Investment credit (being amortized over the productive lives of the related property) 148,927 138,525 Accumulated deferred income taxes (Note 8) 122,260 92,583 Other 3,862 5,100 321,416 267,777 Commitments and Contingencies (Note 6) Total Capital and Liabilities $2,665,003 $2,574,773
Consolidated St:tement of Incoms Years ended December 31.1983,1982 and 1981 Public Service Company of Colorado and Subsidiaries 1983 1982 1981 (Thouswds of Dollars Except Per Share Data) Operati'sg Revenues: Electric $ 853,743 $ 843,436 $ 742,104 Gas 761,629 732,334 582,434 Other 13.269 14,269 11,633 1,628,M1 1,590,039 1,336,171 Operating Expenses: Fuel used in generation 172,802 184,386 170,128 Gas purchased for resale 611,283 587,187 462,291 Purchased power 98,978 101,664 113,235 Other operating expenses 260,773 226,919 192,639 Maintenance M,123 58,418 49,735 Depreciation 91,577 86,431 73,529 Taxes (other than income taxes) (Note 9) 55,847 53,631 64,001 Income taxes (Note 8) 93,763 103,155 67,914 1,449,146 1,401.791 1,193,472 Operating Inconce 179,495 188,248 142,699 Other Income and Deductions: Allowance for equity fundt used during construction (Note 1) 5,158 2,029 17,M8 Miscellaneous incon,e and deductions-net 656 3,635 4,173 185,309 193,912 IM,520 Interest Charges: Interest on long-tcrm debt 77,109 73,000 66,481 Amortization of debt discount and expense less premium 502 544 650 Other interest 4,866 8,422 7,667 Allowance for borrowed funds used during construction (Note 1) (3,547) (4,550) (11,033) 78,930 77,416 63,765 Net Income 106,379 116,4 % 100,755 Dividend Requirements on Preferred Stock 16,661 16,661 16,661 Earnings Availalde for Common Stock $ 89,718 $ 99,835 $ 84,094 Shares of Common Stock Outstanding (thousands): Year-end 49,182 47,020 44,896 Average 48,135 45,948 42,728 Earnings Per Average Share of Common Stock Outstanding $1.86 $2.17 $1.97 Dividends Per Share of Conunce Stock: Paid $1.82 $1.74 $1.66 Declared $1.84 $1.76 $1.68 See accompanying notes. 38
Consolidated Statement of Retained Earnings Years ended December 31,1983,1982 and 1981 Public Service Company of Colorado and Subsidiaries 1983 1982 1981 (Thousands of Dollars) Retained Earnings at Beginning of Year $168,517 $150,166 $141,248 106,379 116,496 100,755 Net Income 274,896 266,662 242,003 Dividends: On cumulative preferred stock:
$100 par value:
4.20% series 420 420 42G 744 744 744 4-l/4% series 4-1/2% series 293 293 293 4.M% series 742 742 742 4.90% series 735 735 735 735 735 735 4.90% 2nd series 787 1,787 1,787 7.15% series 2,250 2,250 2,250 7.50% series 2,890 2,890 2,890 8.40% series 3,125 3,125 3,125 12.50% series
$25 par value:
2,940 2,940 2,940 8.40% series 16,661 16,661 16,661 On common stock:
$1.84 per share in 1983, $1.76 per share in 1982 88,916 81,225 72,984 and $1.68 per share in 1981 105,577 97,886 89,M5 20 259 2,192 Expense of Issuing Stuk 105,597 98,145 91,837 Retained Earnings at End of Year $169,299 $168,517 $150,166 See accompanying nes.
39
Consolidated Statement of Source of Funds For Plant Construction Expenditures Years ended December 31,1983,1982 and 1981 Public Service Company of Colorado and Subsidiaries 1983 1982 1981 Source of Funds: Ghousands of Dollars) Funds from Operations: Net Income $106,379 $116,496 $100,755 Non-cash Charges (Credits) Against Income Not Involving Working Capital in the Current Period: Depreciation charged to operating expenses 91,577 86,431 73,529 Depreciation charged to clearing and other accounts 9,005 6,538 6,000 Allowance for funds used during construction (8,705) (6,579) (28,680) Investment credit - net of amortization 10,403 10,615 22.147 Deferred income taxes 29,525 29,340 22,579 Funds from Operations 238,184 242,841 1%,33d Dividends: On preferred stock (16,661) (16,661) (16,661) On common stock (88,916) (81,225) (72,984) Funds Retained in the Business 132,607 144,955 106,685 Fun 6 from Financing - Net Proceeds: Proceeds from sale of common stock 35,719 30,222 69,154 Proceeds from sale of first mongage bonds - - 49,531 Proceeds from sale of pollution control bonds and notes 9,123 384 28,489 Proceeds from issue of long-term notes 8,782 27,661 1,633 Funds from Financing 53,624 58,267 148,807 Funds from Settlement Agreement (Note 11) 38,601 24,513 7,993 Reduction in Long-term Debt (24,322) (2,322) (54,611) Other Sources (Applications) - Net 12,687 (44,210) 800 Total Funds Available 213,197 181,203 209,674 Increase (Decrease) in Working Capital 26,417 (42,257) (18,393) Net Plant Construction Expenditures 186,780 223,460 228, % 7 Allowance for Funds Used During Construction 8,705 6,579 28,680 Gross Plant Construction Expenditures $195,485 $230,039 $256,747 Increase (Decrease) in Components of Working Capital: Current Assets: Cash $ (232) $ (9,827) $ 11,384 Temporary cash investments 50,016 5,001 551 Accounts and notes receivable (13,587) 40,859 6,691 Fuel inventory (6,086) (5,370) 5,025 Materials and supplies 2,255 2.554 6,474 Other 815 (35,731) 10,631 33,181 (2.514) 40,756 Current Liabilities: Notes payable and commercial paper (31,597) (9,743) 52,020 Long-term debt due within one year 19,930 (448) (14,489) Accounts payable (340) 21,094 11,569 Accrued liabilities (2,594) 20,906 8,981 Other 21,365 7,934 1,%8 6,764 39,743 59,149 Increase (Decrease) in Working Capital $ 26,417 $(42,257) $(18,393) See accompanying notes. 40
- - . ~. .~ . . - -. . . . -
acc5 rated dePreciatim a pmperty and the Tcx Reform Act of 1976 an
' Notes 'ts Consolidated additions made on or after December 1, additional one percent investment credit Fi ial b t D Dts, 1975. Effective December I,1977, the . on its 1976-1982 consolidated federal Company began providing for these . tax returns for contributions to a trustee deferred income taxes. The CPUC in an for eligible employees. Contributions order dated December 1,1981, with - were made in cash or the Company's respect to the Company's application Common Stock and, if cash, were for a rate increase, authorized the invested in the Company's Common r
Company to take advantage of the Stock. The Plan also enabled the
- 1. Sununary of Significant ' Accelerated Cost Recovery System Company to claim an additional one-Accounting Pblicies normalization provided by the. half percem investment credit to the Economic Recovery Tax Act of 1981 extent employee contributions were C=diddk: for property acquired after December ' matched by the Company. The Plan
, The Company follows the practice of- 31,1980. also permited limited additional. consolidatmg the accounts of its in compliance with the Federal contributions by employees. significant subsidiaries. Energy Regulatory Commission (FERC) Effective January 1,1983, the Order 144, d ferred taxes are provided Employee Stock Ownership Plan was ,- Depr-Adl= policy: ~ ~ for all book-tax timing differences to amended and restated, subject to
- The Company and its subsidiaries, the extent included in FERC approval by the Internal Revenue CXc8Pt Fuel Resources Development -. jurisdictional rates. For CPUC Service, to reflect the changes brought 4- Co; (Fuelco) and Bannock Center- jurisdictional purposes deferred taxes about by the Economic Recovery Tax
- .. Corporation (Bannock),' use straight-line are not provided on other book-tax Act of 1981. The investment-based tax depreciation for accounting purposes. timing differences, except for credits for contributions to such a plan Composite rates are used for the various differences in amortization relating to have been replaced, with payroll-based l classes of depreciable assets. certain pollution control facilities, the tax credits. This change enables the Depreciation rates include provisions nuclear fuel and spare parts. Company to claim a tax credit equal to for disposal and removal costs of - In an order dated November 14, one-half percent of the annual
- PmPerty, plant and equipment, 1978, the CPUC allowed Western Slope compensation of all employees covered ^
including the nuclear plant. Total Gas Company (Western) to include as by the Plan. As before, the Company i depreciation expense in 1983. an operating expense the provision for contributions to the Plan are made in approximates an annual rate of 3.52% deferred income taxes resulting from the cash or the Company's Comraon Stock on the average cost of depreciable - use of accelerated depreciation on and, if cash, are invested in the PmPerties. Fuelco uses the unit-of- - property additions made on or after Company's Common Stock. No production depreciation method for April 1,1977. Deferred taxes are not provisions exist for matching or limited i n Purposess s For income tax provided on other book-tax timing additional contributions by employees. purposes, the Company and its - differences. subsidiaries use accelerated depreciation in accordance with an order dated Aniorization of debt premium, and other elections provided by the tax June 13,1969, from the Public Service discount and expense: lawsc .. Commission of-Wyoming, Cheyenne Debt premium, discount and expense Pursuant to an order of the Public L ght, Fuel and Power Company is being amortized by charges to income Utilities Commission of the State of provides for deferred federal income over the respective original lives of the e . Colorado (CPUC), the composite taxes on the difference between - applicable issues.
@igion rates include a provision l ls depreciation as computed for accounting for the estimated cost of ' purposes and tax purposes. . Allowance for funds used during
- decommissionmg the nuclear plant after in accordance with an order from the construction (AFDC): its service life. Funds equal to the. CPUC, Home Light and Power AFDC, which does not represent provision for A.: - 2ssioning costs are . Company provides for deferred inccme current cash earnings, is defined in the t: transferred to an independent trustee taxes on the difference between straight system of accounts prescribed by the l- and can be used only for the- - line depreciation and accelerated FERC and the CPUC as the net cost 1------ -ioning of the nuclear plant. depreciation. during the period of construction of RM-ments and betterments - In accordance with the requirements borrowed funds used for construction i m ming units of property are . of the Financial Accounting Standards purposes, and a reasonable rate on !; capitalized, items that represent less Board (FASB),1480 Welton, Inc., funds derived from other sources. In L, than units of property are charged to Fuelco and Bannock provide for accordance with such system of L OPeratens as maintenance. The cost of deferred income taxes on all book-tax accounts, the Company capitalizes n units of property retired, together with timing differences. AFDC as a part of the cost of utility
- cost of removal,'less salvage, is charged plant, with a credit to nonoperating in full against the accumulated provision Investment credit
income for the portion of AFDC for depreciation- The investment credits are being attributable to equity funds and a deferred and amortized to income over reduction of interest charges for the Deferred inecine taxes: the productive lives of the related portion of AFDC attributable to
- In an order dated November 1,1977, property. borrowed fands. The capitalization of the CPUC allowed as an operating The Employee Stock Ownership Plan AFDC results in the inclusion of AFDC F expense a provision for certain deferred ' was established, effective January 1, in rate base and the recovery thereof income taxes resulting from the use of 1976, to enable the Company to claim through future billings to customers. In under the Tax Reduction Act of 1975 its November 1977 order, the CPUC 41-
Notes to Consolidated Deferred gas and electric costs: In compliance eith an order from the
. . In compliance with c CPUC order Public Servic] Commission of Financial Statements effective September 7,1982, the Wyoming, Cheyenne Light, Fe:! -d continuco Company revised its Gas Cost Power Company utilizes deferred Adjustment (GCA) tariff provisions and accounting procedures for certain gas established deferred accounting and c!ectric costs. The order allows for procedures for certain gas costs. The an annual recalculation of the Electric order allows for a semi-annual Cost Adjustment and GCA increments recalculation of the GCA increment with an annual deferral of the difference directed that in the future, the Company ' w th an annual deferral of the difference between actual electric and gas costs b to capitalize AFDC at its authorized between actual gas costs and the and the amounts recovered from rate of return, but not to exceed the amounts recovered from customers customers.
amount allowed by the formula through the GCA. prescribed by the FERC. Accordingly, Effective September 7,1982, Revenues: the rates used by the Company in 1981 pursuant to an order from the CPUC, The Company reads customers' were 10.19% for the first eleven Western established deferred accounting meters on a cycle basis, and renders months and 10.75% for December. For procedures for certain gas costs. The bills each month. Revenues are 1982 and 1983, the rate used was order allows for a semi-annual recorded when the customers are billed. 10.75%. These rates represented the recalculation of the Purchased Gas Company's authorized rates of return at Adjustment (PGA) increment with a that time and did not exceed the amount semi-annual deferral of the difference allowed by the formula prescribed by between actual gas costs and the the FERC, amounts recovered from customers through the PGA. 2 Capital Stock 1983 1982 Shares Amount Shares Amount Ghousands Ohousands Cumulative preferred stock, $100 par value: Authorized 3,000,000 3,000,000 Issued and outstanding: Not subject to mandatory redemption: 4.20% series 100,000 $ 10,000 100,000 $ 10,000 4-1/4% series (includes $7,500 premium) 175,000 17,508 175,000 17,508 4-1/2% series 65,000 6,500 65,000 6,500 4.64% series 160,000 16,000 160,000 16,000 4.90% series 150,000 15,000 150,000 15,000 4.90% 2nd series 150,000 15,000 150,000 15,000 7.15% series 250,000 25,000 250,000 25,000 Total 1,050.000 $105,008 1,050,000 $105,008 l Subject to mandatory redemption: 7.50% series 300,000 $ 30,000 300,000 $ 30,000 8.40% series 344,000 34,400 344,000 34,400 12.50% series 250,000 25,000 250,000 25,000 894,000 89,400 894,000 89,400 Less: Preferred stock subject to mandatory redemption within one year (12,000) (1,200) - - Total 882,000 $ 88,200 894,000 $ 89,400 42
- 2. Capital Stock (conemua!)
1983 1982 Shares Amount Shares Amount (Timusands (Ihousands of Dollars) of Dollars) Cumulative preferred stock ($25), $25 par value: Authorized 4,000,000 4,000,000 issued and outstanding: Not subject to mandatory redemption: 8.40% series 1,400,000 $ 35,000 1,400,000 $ 35,000 Common stock, $5 par value: Authorized 80,000,000 80,000,000 issued and outstanding 49,182,153 $245,911 47,019,528 $235,098 Premium on common stock 406,204 381,248 Total $652,115 $616,346 Changes in common stock and premium on common stock for the Premium three years ended December 31,1983 are as follows: Price range Common on common per share stock stock (Thousands of Doliars) Holance, January 1,1981 $199,949 $314,442 895,405 shares sold under Dividend Reinvestment Plan $12.94 to 14.69 4,477 7,530 475,073 shares sold under Employee Stock Ownership Plan $13.50 to 14.56 2,375 4,114 21,960 shares sold to employees $11.50 110 143 12,041 shares sold to employees $13.13 60 98 3,501,707 shares sold the the public and employees $15.00 17,509 35,017 Balance, December 31,1981 224,480 361,344 1,611,582 shares sold under Dividend Reinvestment Plan $13.00 to 16.00 8,058 14,875 504,264 shares sold under Employee Stock Ownership Plan $13.81 to 15.38 2,521 4,952 7,743 shares sold to employees $15.00 39 _ 77 Balance, December 31,1982 235,098 381,248 1,990,151 shares sold under Dividend Reinvestment Plan $15.79 to 18.25 9,951 22,918 172,474 shares sold under Employee Stock Ownership Plan $16.69 to 17.69 862 2,038 Balance, December 31,1983 $245,911 $406,204 r 43
i Notes to Consolidated $100 par velue: shall be entitled, at its option, on any
, . Not subject to mand: tory redemption: one of the sinkmg fund redemption Financial Statements 4.20% series: $101; 41/4% series: dates, to redeem up to 50,000 share; of (continued) $101; 4-1/2% series: $101; 4.64% the 12.50% series, in addition to the series: $101; 4.90% series: $101; shares otherwise required to be 4.90% 2nd series: $101; 7.15% series: redeemed on such sinking fund
$102.50 prior to March 1,1987, and redemption date, at $100 per share plus
$101 on and after that date. an amount equal to the accrued and unpaid dividends thereon to such During 1984 the Company will offer Subject to mandatory redemption: sinking fund redemption date; provided, to repurchase 12,000 shares of the 7.50% series: $105 on or prior to however, that the option of the 7.50% cumulative preferred series August 31,1984, reducing each year Company to so redeem up to 50,000 subject to mandatory redemption at thereafter by $.25 per share until additional shares of the 12.50% series
$100 per share plus accrued dividends August 31,2003, after which the may be exercised only once, to the date set for repurchase. redemption price is $100; 8.40% series:
Consequently, this preferred stock to be $112 on or prior to July 31,1984, $105 $25 par value: redeemed has been reclassified as on or prior to July 31,1985, and Not subject to mandatory redemption: preferred stock subject to mandatory reducing each year thereafter by $.25 8.40% series: $26.50 prior to redemption within one year. No per share until July 31,2004, after December 1,1986, $25.75 thereafter other changer in preferred stock which the redemption price is $100; but prior to December 1,1991, and occurred in the three years ended 12.50% series: $106.25 on or prior to $25.25 on or after that date. December 31,1983. June 30,1984, $105.21 on or prior to The preferred stock may be redeemed June 30,1985, $104.17 on or prior to at the option of the Company upon at June 30,1986, $103.13 on or prior to least 30, but not more than 60, days' June 30,1987, $102.09 on or prior to notice in accordance with the following June 30,1988, and $101.05 on or prior schedule of prices plus an amount equal to June 30,1989, after which the to the accrued dividends to the date redemption price is $100. fixed for redemption: In 1984 and in each year thereafter, the Company will offer to repurchase up to 12,000 shares of the 7.50% series at $100 per share, plus accrued dividends to the date set for repurchase; starting in 1985 and in each year thereafter, the Company will offer to repurchase up to 13,760 shares of the 8.40% series at $100 per share, plus accrued dividends to the date set for repurchase; startmg in 1986 and in each year thereafter, the Company will set aside in a sinking fund an amount sufficient for the redemption of 50,000 shares of the 12.50% series at $100 per share, plus accrued dividends to the date set for redemption. The Company 44
3, Long-term Debt 1983 1982 (Thouunds of Dollars) Public Service Company of Colorado: First mortgage bonds: 3-1/8% series, duc October 1,1984 $ - $ 20,000 15% series, due March 1,1987 50.000 50,000 4-3/8% series, due May 1,1987 30,000 30,000 5/8% series, due May 1,1989 20,000 20,000 4-1/2% series, duc October 1,1991 30,000 30,000 4-5/8% series, due March 1,1992 8,800 8,800 4-1/2% series, due June 1,1994 35,000 35,000 5-3/8% series, due May 1,1996 35,000 35,000 5-7/8% series, due July 1,1997 35,000 35,000 6-3/4% series, due July 1,1998 25,000 25,000 8-3/4% series, due September 1,2000 35,000 35,000 7-1/4% series, due February 1,2001 40,000 40,000 7-1/2% series, due August 1,2002 50,000 50,000 7-5/8% series, dae June 1,2003 50,000 50,000 9-3/8% series, due October 1,2005 49,500 49,500 8-1/4% series, duc November 1,2007 50,000 50,000 9-1/4% series, due October 1,2008 50,000 50,000 16-1/4% series, due December 1,2011 49,500 50,000 Pollution Control Series A,5-7/8%, due March 1,2004 24,000 24,000 Pollution Control Series E: 6-5/8%, due December 1,1985 10,500 10,500 7-1/8%, due December 1,1990 2,000 2,000 7 5/8%, due December 1,1995 2,500 2,500 8%, due December 1,2004 35,000 35,000 Pollution Control Series C: 7-1/4%, due October 1,20M 15,000 15,000 7-3/8%, due October 1,2005 1,960 1,960 7-3/8%, due October 1,2006 2,105 2,105 7-3/8%, due October 1,2007 2,260 2,260 7-3/8%, due October 1,2008 2,425 2,425 7-3/8%, due October 1,2009 26,250 26,250 Pollution Control Series D: 13-3/4%, due November 1,2011 27,380 27,380 Less amounts held in construction fur,d (479) (41) Pollution Control Series E: 9-1/8%, due May 1,2013 42,000 - Less amounts held in construction fund (31,192) - Unamortized premium 1,181 1,275 Unamortized discount (1.196) (936) 8N,494 814,978 , Cheyenne Light, Fuel and Power Company: First mortgage bonds: 3-3/4% series, due May 1,1985 847 870 5-1/2% series, due April 1,1990 1,278 1,302 7-7/8% series, due April 1,2003 4,000 4,000 Unsecured notes, due December 31,1988, interest rates are based on the certificate of deposit rates at Northern Trust Company 3,000 3,000 l. 45
Notes to Consolidated Financial Statement.: uominoeo)
- 3. Long-Term Debt (cont:nued) 1983 1982 Ohousands of Douars)
Western Slope Gas Company: Unsecured promissory notes: 10%, due September 25,1986 2 3 7-3/4%, due December 1,1997 20,000 20,000 , 10.35%, due December 1,1999 10,000 10,000 l 1480 Welton, Inc.: 4-3/4% secured notes, payable in equal quarterly installments of
$168,388 to June 1,1992 covering principal and interest 4,229 4,688 6%-12% mortgage notes, due in installmen*s through 1987 270 106 Secured promissory note, due in annual installments to January 9,1984, interest rate at prime rate less 2% -
72 Secured promissory note, due January 25,1988, interest rate fluctuates with the prime rate - 11,859 12.50% secured promissory note, due March 1,1998 13,310 - Fuel Resources Development Co.: Unsecured note, duc January 1,1986, interest rate fluctuates with the New York Federal Funds rate 10,000 10,000 Home Light and Power Company: First mortgage bonds: 4% series, due February 1,1986 357 366 5-1/2% series, due September 1,1989 320 328 6% series, due April 1,1997 684 699 7-7/8% series, due December 1,2002 2,088 2,125 10-3/8% series, due January 1,2003 3,460 3,520 Bannock Center Corporation: 5-1/8%-14% mortgage notes, due in installments through 1999 7.471 3,418
$885,810 $891,334 Substantially all properties cf the $3,320,000 (1987) and $3,442,000 Company and its subsidiaries, other (1988) for its subsidiaries. The than expressly excepted proper *y, are Company may satisfy its sinking fund subject to the liens securing the obligations through the application of Cc npany's First Mortgage Bon.ls end property additions, and Cheyenne Light, the mortgage bonds and notes of Fuel and Power Company may satisfy subsidiaries. $60,000 of its sinking fund obMgation The aggregate annual maturities and annually through the applicatioa of sinking fund requirements during the property additions.
five years subsequent to Decembe.- 31, 1983 are: $25,938,000 (1984),
$16,438,000 (1985), $5,938,000 (1986), $85,638,000 (1987) and
$5,638,000 (1988) for the Company; and $2,279,000 (1984), $8,793,000 (1985), $13,653,000 (1986),
46
a r u
- 4. Notes Peyr.ble Information regarding notes payable l for the years ended December 31,1983 g
and 1982 is as follows: a . F 1983 1982 E (Ihousands of Dollars) Notes payable to banks (weighted average interest rate 10.48% at
$ 6,350 December 31,1983 and 11.83% at December 31,1982) $13,137
-- Commercial paper (weighted average interest rate 9.75% at December 31, 1983 and 9.26% at December 31,1982) 13,440 38,250
$19,790 $51,387
{ Maximum amount outstanding at any month-end during the period $19,790 $72,481 h Weighted average amount (based on the daily outstanding balance) outstanding gtp n F i for the period (weighted average interest rate 9.63% for the year ended k December 31,1983 and 12.23% for the ye,.r ended December 31,1982) $10,637 $47,937 iykp:p
..~. ri:
g . .:, _ w ; ;:: L
- 5. Bank Lines of Credit, borrow under these uncommitted capitalized, the balance sheet at $yl'y%
Compensating Bank Balances and preapproved lines of credit upon December 31,1983 and 1982 would W #f , Bankers' Acceptance Facilities request, however, the banks have no include in property, plant and - i Arrangements for bank lines of credit firm commitment to make such loans. equipment $11,330,000 and J.'.%" 9 ) totaled $111,849,000 at December 31, 1983 and $112,362,000 at December 6. Commitments and Contingencies
$11,243,000, respectively, representing capitalized leases with an accumulated {;
(k.;M 4 Y f.: - amortization of $3,043,000 at 31,1982. These lines of credit Commitments made by the Company consisted of $17,549,000 at December for the purchase of various items of December 31,1983 and $2,185,000 at e r-r 31,1983 and $18.062,000 at December plant and equipment aggregated December 31,1982. Long-term debt 31,1982 maintained by compensating approximately $192,000,000 at would include noncurrent obligations ' .d:@1 M. balances and $94,300,000 at December December 31,1983 and $135,000,000 under capital leases of $7,670,000 at i_ 31,1983 and 1982 maintained by fee at December 31,1982. December 31,1983 and $8,506,000 at f(.f. L payments in lieu of balances. The Rent and lease exnense charged to December 31,1982, and current D ._, ;; ) compensating bank balance arrangements provide that the Company operations aggregated approximately
$6,600,000 in 1983, $6,000,000 in liabilities would include current obligations under capital leases of ' {4 r;.p
[ .s 1N g- maintain average compensating balances 1982 and $6,600,000 in 1981. $882,000 and $825,000, respectively. in the amount of $877,450 for the The aggregate estimated commitments The charges to the income statement representing total lease payments g
- h. periol ended December 31,1983 and as of December 31,1983 under long- e;w .
= $1,806,200 for the period ended term leases are as follows: recorded as rent expense were greater W. December 31,1982, and do not legally by $5,000 in 1983, and less by $58,000 ^'<
.X I restrict the right of the Company to in 1982, and $87,000 in 1981, than the , f. . y L
withdraw these compensating cash Year commitments m e ro m amounts that would have been charged as amortization and interest expense had W balances. These bank lines of credit are 53785 py 1984 these leases been capitalized. also used to support the Company's { issuance of commercial paper. At the $85 The Internal Revenue Service has ,[..gf r Company's request, arrangements for 86 1987 1,674 under examination the Federal income tax returns of the Company and certain gj; o E bankers' acceptance facilities amounting 1988 1.683 g.w I to $10,000,000 at December 31,1982 1989 and later 10.553 of its subsidiaries for 1970 through h4;y 7 were discontinued July 1,1983. These The Company has entered into 1979. The examiners propose to include in income, contract refunds on the Fort
- " "J_
arrangements were not supported by ]fgg K fees or compensating balances. In various leases for transportation St. Vrain Nuclear Generating Station ayy jh;) P addition, on December 31,1983, the equipment and miscellaneous office which were recorded as a reduction of Company had confirmed uncommitted equipment which would he classified as the plant cost and part of the amounts % U bank lines of credit totalling capital leases as defined by the received in the 1979 contract settlement % ': ? y $53,000,000 that are not supported by Secunties and Exchange Commission for this plant (see Note 11). The ? % and the FASB in Statement No.13, Company is resisting these proposals M# % fees or compensating balances. These
" Accounting for Leases. " The h uncommitted lines of credit were and believes that the final outcome of reduced, at the Company's request, Company has been advised by the , these matters will not have a material from $207,000,000 at December 31, CPUC that it has not adopted Fmancial effect on the reported finar.cial position a
Acc unting Statement No.13 and it has or results of operations of the L 1982. The Company, generally, may mstructed the Company to continue to Company. E adhere to the existing Uniform System of Accounts. Had these leases been 2 47 P EBEI
December 31,1983 and 1982 were not
' Notes to Consolidated 1983 1982 made. However, the market values of
[ Fm, ancial Statements m-* *
- mc ,m,,ct, avelse for benentut Actuarial present vrdue gcontinued) these dates were approximately of accumulated plan benefits.
$220,992,000 and $186,601,000, Vested $110,800 $ 97,000 respectively.
Nonvested 12,400 10,700 Effective December 1,1978, the Total $123,200 $107,700 Company's Board of Directors began authorizing supplemental payments to Market value of net retired employees and surviving
- 7. Retirement Plan Total provision for pension expense aysets
, available for
$214R3 $150,813 beneficiaries for employees who retired under the Company's noncontributory prior to January 1,1977. These defined benefit retirement plan covering payments were approximately $385,000 all eligible employees was $18,495,000 The we,ghted i average assumed rate of in 1983, $442,000 in 1982 and in 1983, $15,636,000 in 1982 and return used in determining the actuarial $472,000 in 1981. They did not
$13,708,000 in 1981. The Company's Present value of accumulated plan constitute an employee pension benefit policy is to fund pension cost accrued. benefits was 9% %. The actuarial plan and were subject to approval A comparison of accumulated plan Present value of accumulated plan annually. Payments were made from the Ix, efits and plan net assets as of the benefits is generally based on ,
general assets of the Company. end of the plan's fiscal years, June 30, employees' history of pay and service Effective December 1,1983 the 1983 and 1982, is as follows: and other appropriate factors as of the retirement plan was amended to provide benefit valuation date and does not supplemental payments as part of the melude anticipated future increases in regular employee pension benefit employee compensation. Evaluations of Paynnts. accumulated plan benefits as of
- 8. Income Tax Expense Total income tax expense was different from the amount computed by applying the federal statutory rate to pre-tax accounting income. The reasons for this difference are as follows:
1983 1982 1981 (Thousands of Dollars) Tax computed at statutory rate on pre-tax accounting income $92,037 $100,956 $77,702 Increase (decrease) in tax from: Difference between tax and book depreciation 6,492 5,327 4,255 Allowance for funds used during construction (3,940) (2,985) (13,167) Amortization of investment credit (5,666) (5,026) (4,399) State income taxes, net of federal income tax benefit 3,829 3,885 2,399 Other - net 1,011 998 1,124 Total income tax expense $93,763 $103,155 $67,914 Income tax expense consists of the following: Current income taxes: Federal $48,418 $ 58,026 $22,149 State 5,417 5,174 1,039 53,835 63,200 23,188 Deferred income taxes: Nuclear fuel and spare parts 28 777 1,264 Accelerated amortization 1,069 1,201 439 Accelerated depreciation 28,911 26,666 18,217 Intangible drilling costs 144 806 1,466 lease and well impairments - net (1,749) (294) 1,168 Capitalized interest 513 40 25 Other book-tax timing differences 609 144 - 29,525 29,340 22,579 Charge equivalent to reduction in income taxes due to deferred investment tax credit, net of amortization 10,403 10,615 22,147 Total income tax expense $93,763 $103,155 $67,9y he Company has state investment tax credit carryovers totalling $5,029,000, expiring in 1988,1989 and 1990, available to offset future state income taxes. 48
9, Taxes (Other Than Income Taxes) 1983 1982 1981 (Ihousands of Dollars) Real estate and personal property taxes $36,332 $35,057 $33,667 Franchise taxes 952 1.111 16,664 Social security taxes 13,403 11,903 9,969 City and state use taxes 4,713 5,746 3,794 Miscellaneous taxes 3,628 2,360 2,2 %
$59,028 $56,177 $66,390 Charged:
Directly to income: Operating expenses $55,847 $53,631 $64,001 Other 160 170 159 To property, plant and equipment and various clearing accounts 3,021 2,376 2,230
$59,028 $56,177 $66,390 10, Segments of Business Segment information for the year ended December 31,1983 is as follows:
Electric Gas Other Total (Thousands of Dollars) Operating revenues $ 853,743 $761,629 $ 13,269 $1,628,641 Operating expenses, cxcluding depreciation 544,488 711,756 7,562 1,263,806 Depreciation 72,355 17,485 1,737 91,577 Total operating expenses 616,843 729,241 9,299 1,335,383 Operating income * $ 236,900 $ 32,388 $ 3,970 $ 273,258 Plant construction expenditutes** $ 142,536 $ 43,427 $ 9,522 $ 195,485 Identifiable assets, December 31,1983: Utility plant ** $1,769,303 $394,047 $ 70,N9 $2,233,399 Materials and supplies $ 43,475 $ 7,608 $ 33 51,116 Fuel inventory $ 54,080 $ -
$ 168 54,248 Gas in underground storage $ - $ 15,901 $ - 15,901 Other corporate assets 310,339
$2,665,003
- Before income taxes and interest expense
" Includes allocatwo of common utility property 49
Notes to Consolidated Fin:Incial Statements (continued) Segment information for the year ended laccember 31,1982 is as follows: Electric Gas Other Total (Thousands of Dollars) Operating revenues S 843,436 $732,334 $ 14,269 $1,590,039 Operating expenses, excluding depreciation 527,568 673,587 11,050 1,212,205 Depreciation 69,014 16,156 1,261 86,431 Total operating expense- 5 % ,582 689,743 12,311 1,298,636 Operating income' S 246,854 $ 42,591 $ 1,958 $ 291,403 Plant construction expenditures" $ 142,268 5 55,922 $ 31,849 $ 230,039 Identifiable assets, December 31,1982: Utility plant" $1,724,232 $377,891 $ 62,995 $2,165,118 Materials and supplies $ 41,117 $ 7,697 $ 47 48,861 Fuel inventory $ 60,105 $ -
$ 229 60,334 Gas in underground storage $ - $ 14,0N $ - 14,004 Other corporate assets 286.456
$2,574,773 Segment information for the year ended December 31,1981 is as follows:
Electric Gas Other Total (thousands of Dollars) Operating revenues S 742,104 $582,434 $ 11,633 $1,336,171 Operating expenses, excluding depreciation 499,709 547,071 5,249 1,052,029 Depreciation 58,043 13,753 1,733 73,529 Total operating expenses 557,752 560,824 6,982 1,125,558 Operating income * $ 184,352 $ 21,610 $ 4,651 $ 210,613 Plant construction expenditures" $ 191,491 $ 38,546 $ 26,710 $ 256,747 Identittable assets, December 31,1981: Utility plant" $1,703,138 $308,023 $ 68,682 $2,079,843 Materials and supplies, excluding
$192 of merchandise for resale $ 36,738 $ 8,733 $ 644 46,115 Fuel inventory $ 65,475 $ -
$ 229 65,704 Gas in undergrocad storage $ - $ 12,728 j - 12,728 Other corporate assets 217,271
$2,421,661
- Before income taxes and interest expense
** Includes allocauon of common utility property 50
- 11. Fod St. Vrain Settlement The amount at issue at December 31 amounts to the extent that sp:cific On June 27,1979, the Company and 1983 is estimated to be $6.2 million, prices have increased more or less than i
~
E the prime contractor for the Fort St. including interest, to Amoco and other prices in general. Vrain Nuclear Generating Station, parties having ownership interests in While the rate-making process gives General Atomic Company (GAC), those wells. To protect Western in the no recognition to the current cost of entered into a Settlement Agrecinent, a event of further claims under this replacing property, plant and Services Agreement and a Fuel and contract, Western filed and was granted equipment, based on past practices the Fabrication Agreement satisfying and permission by the CPUC in August Company believes it will be allowed to # settling all contracts and claims between 1981 to include in the PGA those earn on the increased cost of its net . the Company and GAC relative to Fort additional costs which may be incurred investment when replacement of .> St. Vrain. Among other things, the in the future. In the event Western facilities actually occurs. terms of these Agreements include the receives an adver:e ruling, it will be As shown in the following statement, following: (a) GAC paid to the necessary to apply to the CPUC for rate income from continuing operations ;@M.; M Company $60,000,000 as an adjustment relief to recover approximately $3.6 developed under both Constant Dollar of the plant cost for the reductica in the million accumulated prior to August and Current Cost methods is lower than @@..;f plant's capacity from 330 Mw at 80% 1981. that determined under the historical cost
*'3 -
capacity factor to 200 Mw at 60% method used for the primary financial capacity factor; and (b) GAC will 13. Effects of Changing Prices statements. Of the revenue and expense contribute to the Company, between (Unaudited) elements from which the income figure 1980 and 1984, $97,050,427 for the The following supplementary is derived, only depreciation expense cost of replacing the 130 Mw reduction information is supplied in accordance has been restated by applying the in capacity at Fort St. Vrain with future with the requirements of FASB Company's depreciation rates to the electric generating facilities. Statement No. 33, " Financial Reponing indexed amounts of Constant Dollar and and Changing Prices", in order to Current Cost adjusted property, plant
- 12. Amount Subject to Refund provide certain information about the and equipment. All other income Western is the defendent in lawsuits effects of general inflation and changes statement items are considered to have brought by two gas producers who in specific prices on the historical cost been effectively transacted at average claim underpayment for gas purchases financial data of the Company. This price levels for the current year, and under contracts containing " favored supplementary information should be accordingly have not been restated.
nations" provisions. To protect viewed as an estimate rather than as a Fuel inventories, the cost of fuel used Western in the event of further claims precise measure. in generation, and gas purchased for under other contracts having similar Two methods have been prescribed resale have not been restated from their provisions, the CPUC on September 7, for measuring the effects of changmg historical cost in nominal dollars. 1977, granted Western's application to prices. The Constant Dollar method Regulation limits the recovery of fuel increase rates subject to refund. As of restates historical financial data to units and purchased gr costs through the December 31,1983, the amount at issue of equivalent purchasing power by operation of ad>onent clauses or under all such contracts was applying the Consumer Price Index for adjustments in basic rate schedules to approximately $24.9 million, including All Urban Consumers (CPI-U) to the actual costs. For this reason fuel and interest, of which approximately $1.7 original historical cost of the gas inventories are effectively monetary million had accumulated prior to Company's surviving property, plant assets. September 7,1977. Western and legal and equipment. Constant Dollar As prescribed in FASB Statement No. counsel believe that the prices paid to adjusted information indicates how the 33, income taxes were not adjusted to producers are in accordance with the Company has been affected by the reflect the effects of changing prices. provisions of the contracts and that the decline in purchasing power of the This requirement is appropriate, since position of Western in this matter will dollar (general inflation). current income tax policy ignores the be sustained. In the event that The Current Cost method adjusts eff-cts of inflation in measuring taxable Western's position is not sustained and historical financial data to reflect income and the higher depreciation final settlement of these claims results changes in the specific prices of the expense experienced under Constant in Western being responsible for Company's property, plant and Dollar and Current Cost accounting is additional costs for gas purchased prior equipment from the date these assets not tax deductible. The Company's to September 7,1977, Western will were acquired to the present. This effective income tax rate, when taxable apply to the CPUC for rate relief to estimated cost of replacing the income has been adjusted for inflation, recover these costs. productive capacity of existing plant is 91% under the Constant Dollar Western is also a defendant in a assets is primarily determined by method and 129% under the Current lawsuit brought by Amoco Production indexing surviving property, plant and Cost method for 1983, both of which Company (Amoco) alleging equipment (incluaing land, land rights, exceed the reported effective tax rate of underpayment for gas purchases in property held for future use, and 47% and the statutory rate of 49% for accordance with the natural gas construction work in progress) by the Federal and state taxes. purchase contract between the parties. Handy-Whitman Index of Public Utility Construction Cc::ts. Current Cost adjusted information indicates how the Company has been affected by the increased cost of maintaining its existing productive capacity. Current Costs differ from Constant Dollar 51
Notes to Consolidated Financial Statements (conunued) Statement of Income from Continuing Operations Adjusted for Changing Prices For the year ended December 31,1983 Constant Current As Reported / Dollar / Cost / Historical Average Average Cost 1983 Dollars 1983 Dollars (Tnousands of Dollars) Operating revenues $1,628,MI $1,628,M1 $1,628,641 Depreciation expense 91,577 188,421 219,283 Other operating expenses and other income and deductions 1,430,685 1,430,685 1,430,685 1,522,262 1,619,106 1,649, % 8 Income (loss) from continuing operations (excluding adjustment to net recoverable amount) $ 106,379 $ 9,535* $ (21,327)
*In6:udmg the adjustment to net recoverable amount, the income from continuing operations on a constant dollar basis would have been $20,082 for 1983.
Effects of Changing Prices on Common Stockholders' Equity For the year ended December 31,1983 Constant Current Dollar / Avg. Cost / Avg. 1983 Dollars 1983 Dollars (Thousands of Dollars) Current annual costs in excess of the historical cost of property, plant and equipment not recoverable in rates as depreciation expense under current regulatory policy: Effects of cumulative inflation reported as an additional provision for depreciation expense $ %,844 $127,706 Reported as an adjustment to net recoverable amount (Note A) (10,547) (33,058) 86,297 94,648 Excess of specific price level changes ($190,%2)" in the current year over the general price level changes ($182,611) (8,351) Offsetting effect of debt financing (Note B) (49,231) (49,231) Net erosion of common stockholders' equity $ 37,066 $ 37,066
**At December 31, 1983, current cost of property, plant and equipment, net of accumulated depreciation was $4,719,189, while historical cost (or net cost recoverable through depreciation) was $2,233,399.
52
[ Note A. Agustment to Net Note B. Offsetting Effect of Debt property, plant and equipment. (In Recoverable Amount Financing (Gain From Decline in calculating this grin. preftrred stock has Under the CPUC ami FERC raic~ P6.rdermitr.g rawer 6f Nu Amounts beca cbsified as a monct. ry item, making provisions to which the Owed) which is consistent with its treatment Company is subject, only the historical This memorandum caption shows the for rate-making purposes.) Such amount cost of plant is recoverable in revenues net effect of inflationary value changes does not represent funds available for as an amount equal to depreciation on those Company assets and liabilities distribution to shareholders. gxpense. Therefore, the portion of the carried on the balance sheet at fixed or To properly reflect the economics of cost of plant stated in terms of Constant determinable monetary settlement rate regulation, the " Adjustment to Net Dollars or Current Cost which differs amounts. During a period of inflation, Recoverable Amount" and the "Off-from the historical cost of plant has holders of monetary assets sustain a loss setting Effect of Debt Financing" been reflected as the " Adjustment to of general purchasing power while should both be included in the Net Recoverable Amount." holders of monetary liabilities calculation of income from continuing experience a gain. The Company's operations.
" Offsetting Effect of Debt Financing" is primarily attributable to the substantial amount of debt and preferred stock which has been used to finance Hve-Year Comparison of Selected Financial Data
' Agusted for Effects of Changing Prices In Average 1983 Dollars (except "As repo:'ted" amounts)
' Year Ended December 31, 1983 1982 1981 1980 1979 (Thousands of Dollars Except Per Share Data) Operating Revenues: As reported $1,628,MI $1,590,039 $1,336,171 $1,155,M4 $ 926,510
- Adjusted to constant dollars 1,628,641 1,638,904 1,463,122 1,397,730 1,271,555 Income (loss) from continuing operations (excluding agustment to net recoverable amount):
As reported 106,379 116,4 % 100,755 85,027 55,809 Adjusted to constant dollars 9,535 29,097 24,809 28,533 18,749 Adjusted to current cost (21,327) (11,457) (18,187) (19,81 h (40,082) Income (loss) per common share (after dividend requirements on preferred stock): As reported 1.86 2.17 1.97 1.92 1.35 Adjusted to constant dollart (excluding adjustment to net recoverable amount) (.15) .26 .15 .30 .01 Adjusted to current cost (.79) (.62) (.86) (1.04) (1.88) Excess (deficiency) of increase in specific prices over changes in the general price level after adjustment to net recoverable amount 41,409 16,901 (70,252) (136,895) (167,2%) Gain from decline in purchasing power of net amounts owed 49,231 66,572 118,417 161,051 178,545 Net assets at year end at net recoverable amount 806,288 789,980 773,337 755,832 719,902 Cash dividends declared per common share: As reported 1.84 1.76 1.68 1.60 1.60 Adjusted to constant dollars 1.84 1.81 1.83 1.94 2.21 Market price per common share at year-end: As reported 18.50 17.38 14.25 14.25 13.38 Adjusted to constant dollars 18.16 17.49 14.97 16.43 17.35 Average consumer price index* 298.5 289.6 272.6 246.8 217.5
- Base year 1%7 = 100.0 53
Notes to Consolidated iFinancial Statemenh
- (continued) '
- 14. Quarterly Financial Data (Unaudited) .
. Summarized quarterly data (dollars in thousands except for per share amounts) for 1983 and 1982 are as follows:
1983 Three months ended March 31 June 30 September 30 December 31 Operstmg revenues $525,132 $409,505 $302,424 $391,580 - Operating income $ 52,025 $ 43,511 $ 39,499 $ 44,460 Net income $ 34,080 $ 24,988 $ 21,484 $ 25,827 Earnings availabic for common stock * .
$ 29,915 $ 20,823 $ 17.319 $ 21,662 Average common shares outstanding (thousands) 47,310 47,797 48,426 49,007 Earnings per average common share * $0.63 $0.44 $0.36 $0.44 1982 Three months ended March 31 June 30 September 30 December 31 ' Operating revenues $486,782 $358,577 $314,848 $429,832 Operating income $ 59,463 $ 40,443 $ 42,928 $ 45,414 Net income $ 42,088 $ 21,%7 $ 24,470 $ 27,971 Earmngs available for common stock * $ 37,923 $ 17,802 $ 20,305 $ 23,806 Average common shares outstanding (thousands) 45.136 45,548 46,253 46,855 Earnings per average common share * $0.84 $0.39 $0.44 $0.51
- Due to rounding, quarterly figures do not add to annual total.
R: port of Certified We have examined the accompanying 1982, and the consolidated results of c ns idated balance sheet of Public operations and source of funds for plant Public Accountants Service Company of Colorado and construction expenditures for each of The Board of Directors subsidiaries at December 31,1983 and the three years in the period ended and Shareholders 1982, and the related consolidated December 31,1983, in conformity with Public Service Company of Colorado statements of income, retained earnings generally accepted accounting principles and source of funds for plant applied on a consistent basis during the construction expenditures for each of period. the three years in the period ended December 31,1983. Our examinations
# y were made in accordance with generally accepted auditing standards and, f accordingly, included such tests of the Arthur Yeun;; & Cempany accounting recorcts and such other Denver, Colorado auditing procedures as we considered February 3,1984 r.ecessary in the circumstances.
In our opinion, the statements mentioned above present fairly the consolidated financial position of Public j Service Company of Colorado and subsidiaries at December 31,1983 and
Board of Directors Brye.nt O'Donnell Executive Officers Denver, CO (1972) and Officers Executive Vice President and Robert T. Person (47) , General Counsel Chairman of the Board Age 58 Age 69 Nkholas R. Petry Richard F. Walker (34) Den CO( President and Chief Executive Officer y ard Board of Directors Petry-Vappi Construction Company Managing Partner of Bryant O'Donnell (33) N. G. Petry Construction Company Executive Vice President and Robert T. Person Age 65 General Counsel Denver, CO (1957) Age 58 Chairman of the Board J. Michael Powers Age 69 Cheyenne, WY (1978) C. Keith Millen (37) Richard F. Walker Powers Builders, Supply Age 61 Denver, CO (1976) Age 41 President and Chief Executive Officer Jack W. Rouse (37) Age 59 Jack W. Rouse Senior Vice President, Utility Services I"" "C "'" S. Presiden , Utility Services J N. Bumpus (19) 8 Vice President, Finance and Treasurer R:sident Partner Vt.ughey, Vaughey & Blackburn
- Thomas T. Farley, Attorney, was Age 49 (Independent Oil Producers) elected as a member of the Board of Clark B. Ewald (24)
Age 67 Directors succeeding Robert E. Vice Presidem, Employee Relations Kelly, Vice President, Fuel Supply & Age 49 Doris M. Drury, PhD Gas Operations, who retired on Denver, CO (1975) September 1. J. Kenneth Fuller (35) Umversity of Denver Electric Professor of Economics "On February 21,1984 Keith L. V ce President'd Planning Engineering an Chairman, Center for Business Brown, a private investor, was elected a member of the Board of A8e @ end Economic Forecasting Age 57 Directors succeeding John A. John M. Hassoldt* (33) McKinney, Chairman and CEO of Vice President, Gas Operations Thomas T. Farley* Manville Corp., who resigned from Age 54 Pueblo, CO (1983) the Board. Mr. Brown has been Attorney at Law president of Brown Investment Corp. Delwin D. Hock (21) Petersen & Fonda Professional Corp. in Denver and recently served as Vice President, Accounting Age 49 U.S. Ambassador to the Kingdom of and Secretary Age 48 George B. McKinley Lesotho in Africa. Grand Junction, CO (1976) ( ) Year elected to the Board of Oscar R. Lee (33) President and Chief Executive Officer Directors Vice President, Electric Production Central Bancorporation, Inc. Age 57 Ages as of December 31,1983 Age 56 Robert T. Person Jr. (12) John A. McKinney** . Vice President, Public Affairs Denver, CO (1979) Executive Committee A8e 41 Chairman of the Board and James H. Ranniger (25) Chief Executive Officer Robert T. Person Vice President, Rates and Regulations Manville Corporation Richard F. Walker Age 47 Age 60 William T. Blackburn George B. McKinley
- John M. Hassoldt, Vice President, C. Keith Millen Nicholas R. Petry Gas Operations, succeeded Robert E.
Denver, CO (1%9) Kelly as an Executive Officer. Senior Vice President of Operations Age 61 ( ) Denotes years of service with the Audit Committee Company through December,1983 Will F. Nicholson, Jr. Ages as of December 31,1983 Denver, CO (1981) Doris M. Drury President J. Michael Powers Colorado National Bankshares, Inc. Will F. Nicholson, Jr. Age 54 55
Board of Directors Managers, Managers ad Ofhis . Geographic nivisions subsidiary companies I""""""U N. Keith Coombe (31) James N. Bumpus (19) high Plains President Age 55 Bannock Center Corp. Age 49 Robert J. Cottle (35) Nonheast Metropolitan Michael J. Geile (19) Other Officers Age 61 Vice President and General Manager Hor::e Light & Power Company Robert J. Fairchild (44) l Ronald E. Donovan (29) Front Range ^8' 4I Assistant Vice President Age 62 Dmsson Support Services John M. Hassoldt (33) Vice President and General Manager Age 56 Ronald L. French (31) Western Slope Gas Company Dan McNellis (31) Manager, Southern Region Age 54 Assistant Vice President Age 56 James L. Higday (33) Governmental Affairs President and General Manager Age 55 M. Gordon Parker (35) Southeast Metropolitan Cheyenne Light, Fuel Richard R. Midwinter (34) Age 61 and Power Company Controller and Assistant Secretary Manager, Nonhern Region Age 58 Douglas C. Lockhart (19) Age 61 Dale V. Fetchenhler (26) g,"4 Robert F. Jonas (36) Assistant Secretary Vice President and General Manager Age 50 Robert E. Moninger (36) Fuel Resources Development Co. Richard C. Kelly (16) Ag 60 Age 63 Assistant Secretary ( ) Denotes years of service with the Age 37 Ross C. King, Jr. (18) Company through December,1983 Po h Ages as of December 31,1983. Steven R. Loeshelle (11) g[42 Assistant Secretary and Assistant Treasurer Lawrence F. Petrini (28) Age 34 San Luis Valley Legal Counscl Age S John E. Martin (35) Assistant Secretary Wallace K. Reed (37) Kelly, Stansfield & O'Donnell Age 60 Boulder Denver, Colorado Manager, Foothills Region Glenn M. Steepleton (9) Age 59 Assistant Secretary Auditors Age 60 Harold L. Rust (28) Platte Valley Leo L. Beem (36) Age 48 Arthur Young & Company Assistant Treasurer 1670 Broadway, Suite 2500 Age 62 Iouis W. Supancic (32) Denver, Colorado P " Rich:rd L. Hunt (17) fg"e 6 Assistant Treasurer Transfer Agents and Registrars Age 41 S. James Temple, Jr. (37) g , g g, g gg Susan G. Pollack (12) Manager, Western Region Assistant Treasurer Age 63 Principal Transfer Agent, Dividend Age 39 Paying Agent, Dindend Reinvestment Robert J. Vidick (28) Plan Agent Douglas S. Robertson (5) Northwest Metmpolitan Public Service Company of Colorado Assistant Treasurer Age 56 Denver, Colorado Age 41 Homer R. Sessions (6) () " ** I * * *** Registrar Company thmugh Decemb, M83 Central Bank of Demer Assistant Treasurer Age 58 Ages as of December 31,1983 Denver, Colorado ( ) Denotes years of service with the Co-Transfer Agents and Co-Registrars Company through December,1983 Morgan Guaranty Trust Company Ages as of December 31,1983 of New York New York, New York Bank of A nerica National Trust and Savings Association San Francisco, California 56
Please take a few minutes to complete and return the postage-paid, self-addressed cards below The top card is a brief survey which will help us make our communications with you as effective as possible. The bottom c:rd concerns our upcoming regional shareholder meetings and how to get additional information about the Company or your investment. __ ________________________m Shareholder Communications Survey 1983 Annual Report Quarterly Reports
- 1. How much of PSCo's 1983 Annual Report did you read? 5. How much of PSCo's tjuarterly Reports do you read?
O all O % to % 0 all O less than % 0 % or more O less than % O more than % O m ne O % to % O none 6. How would you describe the Quarterly Reports readability?
- 2. Is the 1983 Annual Report easy to read and understand? O very readable O somewhat difAcult O very readable O somewhat difficult O somewhat readable O very difficult O somewhat readable O very difficult 7. Please rate the PSCo 1983 Quarterly Reports by circling the
- 3. Please circle the number which represents your feelings about number below which best describes your overall impression:
the quality of information, presentation, and readability of the following: Overall. I felt the 1983 Outstanding > Poor Outstanding > Poor Quarterly Reports were - l 2 3 4 5 6 7 8 9 10 1983 in Retrospect i 2 3 4 5 6 7 8 9 10 Management Commentary 1 2 3 4 5 6 7 8 9 10 Dimensions In Utihty Service: Electricity 1 2 3 4 5 6 7 8 9 10 Communications Programs - Natural Gas 1 2 3 4 5 6 7 8 9 10 A Service Company 1 2 3 4 5 6 7 8 9 to 8. How would you describe PSCo's shareholder and investor A Peopic Company 1 2 3 4 5 6 7 8 9 10 relations programs? The Investor Perspective 1 2 3 4 5 6 7 8 9 10 0 very gm! O adequate Operating and Financial Data 1 2 3 4 5 6 7 8 9 10 0 gml O inadequate Shareholder triformation i 2 3 4 5 6 7 8 9 10 9. Do you feel you are beir.g adequately informed about PSCo Charts i 2 3 4 5 6 7 8 9 10 ,,;g; ,7
- 4. Please rate the overall PSCo 1983 Annual Report by circling O yes O mostly O not entirely 0 no the number below which best describes your overall impression:
- 10. What is your Zip Code?
. Overall, I feel the 1983 Outstanding > Poor Annual Report is - 1 2 3 4 5 6 7 8 9 10 -__________--__.___________c Regional Shareholder Meetings Public Service Company of Colorado will coatinue to hold regional shareholder meetings during 1984. Invitations to attend these meetings have been sent to shareholders who own Public Service Company stocic in their name and who live within a 50-mile radius of the cities listed below.
If you wish to attend a meeting and have not already received a letter from us, please complete and return this card, indicating the meeting you wish to attend. We will send you the materials necessary for admittance. Meetings will be held in the following areas on the indicated dates: Additional Informat,on i and Duplicate Mailings O Chicago - June 12th (tentative) Shareholders interested in receiving the publications or addi-O St. leuis - June 13th (tentative) tional information listed below, or those who receive duplicate O Seattle -September mailings of the Annual Report, are asked to check the ap-0 Fort Lauderdale - October Propriate box. Fill in account number, name and address and mail this postage-paid card. O Tampa /St. Petersburg - October O Statistical Review 1973-1983 O Form 10-K O Dividend Remrestment rian intermation O Currently receive more than one copy of Annual Report. Please climinate report mailings for (fill in account number (s) from Annual Repon maihng label): Please Print: NAME STREET AND NUMBER CITY STATE ZIP
l NO POSTAGE l NECESSARY IF MAILED IN THE UNITED STATES BUSINESS REPLY MAIL FIRST CLASS PERMIT NO. 265, DENVER CO 1 POSTAGE WILL BE PAID BY ADDRESSEE I Public Service Company of Colorado . . Investor Relations, Room 1040 P.O. Box 840 Denver CO 80201-9958 l A l NO POSTAGE NECESSARY IF MAILED IN THE UNITED STATES BUSINESS REPLY MAIL FIRST CLASS PERMIT NO. 265, DENVER CO m POSTAGE WILL BE PAID BY ADDRESSEE l Public Service Company of Colorado - Investor Relations, Room 1040 P.O. Box 840 Denver CO 80201-9958 m m
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