ML20087M205

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Annual Financial Rept 1982
ML20087M205
Person / Time
Site: Clinton Constellation icon.png
Issue date: 12/31/1982
From: Ferguson C, Williams E
SOYLAND POWER COOPERATIVE, INC.
To:
Shared Package
ML20087M198 List:
References
NUDOCS 8403290102
Download: ML20087M205 (22)
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Text

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e eSoyland Power Cooperative, Inc.

1982 Annual Report m

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Clay Electric Co-operative,Inc.

Flora, Illinois James E. Campbell, Afanager Clinton County Electric Cooperative,Inc.

Breese, Illinois Robert W. VanderPluym, Afanager

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Coles-Moultrie Electric Cooperative Mattoon, Illinois

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C. E. Ferguson, blanager Corn Belt Electric Cooperative Inc.

Bloomington, Illinois Jeffrey D. Reews, Afanager Eastern Illinois Power Cooperative Paxton. lllinois David A. Fricke, blanager Edgar Electric Co-operative Association Paris, Illinois hiaurice C. Johnson, Afanager Farmers Mutual Electric Company Geneseo, Illinois Edgar G. Arnn, Afanager Illini Electric Cooperative Champaign, Illinois it' alter R. Smith, blanager Illinois Valley Electric Cooperative,Inc.

Princeton, Illinois Timothy L. Christensen, Afanager McDonough Power Cooperative Macomb, Illinois

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Robert E. Pendell, Afanager Monroe County Electric Co-Operative, Inc.

Waterloo, Illinois i

joseph J. Fellin, blanager Shelby Electric Cooperative Shcibyville, Illinois it7ll lam E. LeCrone, Stanager Southwestern Electric Cooperative, Inc.

Greenville, Illinois Robert II. Neece. hianager Tri-County Electric Cooperative,in:.

Mi. Wrr.on, Illinois APen:Isk,fieropt Wayne-White Counties Elestric Cooperative Fairfield, Illinois BiP Endicott, hianager i

1j Member cooperatives i

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Soyland Power Cooperative, Inc., was organized in 8

September 1963 under provisions of the General Not For-Profit Corporation Act of the State of Illinois. The organizers were six ciectric distribution cooperatives whose leaders saw Soyland as the means to gaining selfmwned electric energy generation at a time when wholesale bulk power supplies were not assured and costs were an increasing burden on cooperative memberships.

With just six member systems, feasibility studics deter-mined that Soyland could not economically develop self-owned generation. All that changed when, on April 23,1975, nine additional electric distribution cooperatives joined the original six, and plans were launched for a long term power generation mix to meet the needs of the 15 cooperatives and their member-owners.

It was against a background of high bulk power costs that Soyland entered into an agreement to purchase a 10%

percen t ownership share in the nuclear Clinton Power Station, located in DeWitt County, Illinois. The Clinton Power Station will provide Soyland with approximately 100 megawatts of generating capacity to help meet the ciectricity demands ofits 15 member-systems.

Soyland is exploring options for long-term bulk power supply for its 15 distribution cooperatives. When long-term arrangements are agreed upon, all member-cooperatives will benefit by lower bulk power costs than would otherwise be obtainable, and members will exercise full control over their bulk power supply.

As a generation and transmission cooperative, Soyland is owned by the 15 member-systems that joined to provide their own electric generation. Its owners are also coopera-tives, owned by the more than 100,000 consumers who depend on the cooperatives for their electric energy require-

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mer ts. The distribution cooperatives are governed by a board of directors ele:ted from among their membcrships. Each m(mbei-cooperative board of directors annually elects two from its number to strve on the board of trectors of Soyland. It is Soytar.d's 30 elected ditectoa whh sat the policies that govern the oparation* of the cooperative.

Sayiand is deaicated to the tive cooperative spiiit, work-

?ng as cne for th: be,cfit of all to secure a icng tem., reli.'ble electric power supply.

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&hrld brking as One for the Benefit of All 1

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Officers and directors seated from left: Tiranthy L. Christensen, Joe Danielson, C. E. Ferguson, Allen Sisk, L3 ndall Pigg, David A. Fricke, William D. Champion and Maurice C. Johnson. Second row: Jack Ludwig, D. E. Hanes, John W. H. Tompkins, Walter R. Smith, Jef frey D. Reeves, James F. Beatty, James E. Camp-hell, William E. LeCrone, William L. Stanford, Donald F. Sanders and Edgar G. Arnn. Top row: J oseph J.

Fellin, Byron G. McCoy, Inin W. Wessel, Robert W. Vander Pluym, Larry llosselton, L. Eugene Boldt, Robert E. Pendell, Bill Endicott, Thomas W. Rosenberg (alternate) and Robert H. Neece. Absent: Paul Mallinson and Preston Mosbacher.

_,,,.3 Board of directors 2

President C. E. Ferguson P.O. Box 709 Mattoon, Illinois 61938 Vice President Secretary-Treasurer Assistant Secretary Allen Sisk David A. Fricke Lyndall Pigg P.O. Drawer 309 P.O. Box 96 RFD 1 Mt. Vernon, Illinois 62864 Paxton, Illinois 60957 Bushnell, Illinois 61422 Edgar G. Arnn D. E. Hanes Robert H. Neece P.O. Box 43 RFD 6 P.O. Box 409 Geneseo, Illinois 61254 M t. Vernon, Illinois 62864 Greenville, Illinois 62246 James F. Beatty Larry L. Hosselton Robert E. Pendell RFD 1, Box 120 RFD 2 P.O. Box 352 Philo, Illinois 61864 Clay City, Illinois 62824 Macomb, Illinois 61455 L. Eugene Boldt Maurice C. J ohnson Jeff Reeves v

RFD1 P.O. Box 190 P.O. Box 816 Stewardson, Illinois 62463 Paris, Illinois 61944 Bloomington, Illinois 61701 James Campbell William E. LeCrone Donald F. Sanders P.O. Box 517 P.O. Box 166 RFD 2 Flora, Illinois 62839 Shelbyville, Illinois 62565 Ramsey, Illinois 62080 William D. Champion Jack Ludwig Walter R. Smith RFD 1, Box 66 RFD1 P.O. Box 637 Gays, lilinois 61928 Fithian, Illinois 61844 Champaign, Illinois 61820 Timothy L. Christensen Paul Mallinson William L. Stanford s

P.O. Box 70 RFD 2 RFD1 Princeton, iliinois 61356 Gei.esco. Illinois 61254 Fl ora, Illinois 62839

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Joe Datiie: son 3yron C McCoy Joan W. b. lompkins

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. p Princt ton, Illino:s 61356 Pa is, blir.o's 61944 LeRoy, !!Iinois 61752

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l Bill F*idicott Preston A Mosbadw.

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P.O. Drawer E P.O. Box 5 P.O.130x 40 Fairfield, I!iinoi3 62337 Fults, Illmc is 62244 Breese, I,linois 62230 4

s Joseph J. Fellin irvin W. Wessel P.O. Box 123 RFD 4 Waterloo, Illinois 62298 Centralia, Illinois 62801 r.

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vide a dependable source of electric power in the most economical fashion.

There has been and perhaps will continue to be real con.

cern over deferral of the Pike project. When the Pike project was initiated, Soyland was experiencing average load growths in the 8 percent range and long-term interest costs were in the 8 percent to 9 percent range. At that time these figures

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looked realistic and, based on projected load growth of 7 per-k cent to 7.5 percent, the decision was made to construct Pike.

,N 4 We all know what happened next Through conservation

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and changing economic conditions, costs associated with this

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project nearly doubled. At the time your Board of Directors c!

took action to defer, we were looking at capital costs in the

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f area of $900 million for the Pike plant alone, resulting in ao ja.k..

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annual revenue requirement to be paid by the members of

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$135 million for ownership costs only. In addition, the coop-

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4 erative is committed to 100 MW of ownership in the nuclear

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Clinton Power Station that is now estimated to require a capital investment of approximately $450 million, or $70

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million annu11 revenue to be paid by the members. Had Soyland's load growth remained in the 8 percent annual

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reasonable increases in wholesale power costs. When we are s

6' experiencing minimal load growth in the 2 percent to 3 per-cent range, it is esident that costs to the consumers would have increased very significantly.

The Pike generating site is a valuable asset of Soyland and I n conjunction with decisions made by the Board of Direc-will be utilized in the future as a ;>enerating site to meet tors of Soyland Power Cooperatise, I came on board as Soyland's requirements. In the interim we are proceeding to general manager on April 1,1983, to help in the endeavors of obtain ownership in existing generating plants, such that your Board. In resiewing the situation at Soyland, there were these lower costs can be blended with the high costs asso-two courses of action that required immediate attention: (1) ciated with the Clinton ownership and provide a dependable establishing an ongoing utiliti operation, and (2) deferring source of electric power to our members at reasonable rates.

the Pike project.

With your continued cooperation, these goals are attainable.

Soyland's 400-plus megawatt load is primarily being I wish to express my appreciation to the Board of Direc-sersed by lilinois Power Company and Central Illinois Public tors and staff in their support of these endeavors and through Service Company. We utilize the generation and transmission continued cooperation we will all make Soyland a generation facilities of both companies for service to our members. We and transmission cooperative of which we can be proud.

hase been working since April with these companic<. in negotiations that will proside for Soyland's future as an

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independent power supplier. To reach this point, Soyland must hase generation, transmission rights, and dispaiching of

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power and energy to its delivery points. Due to the present E. H. Williams excess capacity of most major utilities in our area and sur-rounding states, we have available to us capacity for owner-ship or purchase as required. From negotiations that have gone on, we fully expect to reach fair and equitable agree-ments with our utility neighbors, such that Soyland can pro-General manager's report 5

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,y id[;. ' y, T he 950-megaw att ( hnton Power Station is scheduled for c om mer c ia: oper a tion m Ni is ern bei 1966. lilinois Po w e r z.f

, 7 t iimpans, with its 50 percent mier est, is the operatmg g,s']

par tner of the Clinton Peiwer 5tation. W estern Illinois Power

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L megaw at ts iit gener atmg tapatits.

I w o man a t hanges in management of tonstruc tion at the Lhnton nuclear pi>wt r station site weie made during 14h2. In Sep te m be r, a new Ilhnois Pi iw ei C ompans site president, Donald P. Hall, was gisen responsihihts f or the Clinton Power S ta t ion quahts assurante ac tiuties. IIall is also r esponsible for star t-up and operathins of the plan t, and im Ilhnois Pow er ( ompans 's nuticar station engineering Jepartmen t I bll is a retired U.$. Nass rear admiral with experiente in management of the Defense Department's large3t w eapons program and usihan experiente in management of nuclear energs programs.

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In October, Ilhnois Power obtained the sersites of Stone

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and Wet > ster F ngineerma ( orporation to augment protec t management at the construction site during the tritical later phases of construction and pieparation f or operation of the plant. $ tone and W ebster has i.ompleted 10 nuclear plants for sesen utihties and is working on tise other nuclear plants.

Constr uc tion at the site proceeded at a reduced rate in ses cral areas during much of the year bec ause of sescral st. ip-w or k orders attet ting specifit jobs. The stop w or k iuJers resul tt J trom tontern that, m gent. al, mspec tion and Jotumentation of completed w or k was not adequately keeping pace with construction. 'T he tratt wor k forte at the plan t was rcJuted hs about one-f ou r t h because of the stop wi n k i n ders. Howeser wor k is being resumed, with the Nuties Regula tor s commission's approul, on an inue-ment.d Nsis in cath

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Two maior licensing milestones were reached in 1982:

the :ssu.mte of the 5atet) Luluation Report by the NRL, h illow ed ns r es iew s and a ta.orable letter ns the Adusory L ommittee in. Reat tia Sateguards. Lath contiuded that the (hnton Power 5 anon tar, he operated without undue risk to the health and saf et, of the public.

Another milestone, f uel loading and testing, will mark the beginning of the end of construc tion at Clinton Power Station. Because of the significar.cc of this procedure in the start-up of the plant, the nuclear fuel cscle is explained on the following pages of this report.

Clinton Power Station 7

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The nuclear fuel cycle Neactor T he f uel o cle represen ts all the elements that rnust be deseloped to base a complete nuclear power system. This s( hema tit shows the es olution and mosement of nuclear fuel, f rom mine to waste storage. Based on a 1,000-megawatt

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reactor, the aserage annual solume of material in this cycle

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would total about 30 tons of refined and enriched uranium.

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Enrichment The uranium, in the form of a gas, is pumped through various compressors, diffusers and pipes to achiese the des' red enrichment for ultimate use in a nuclear power plant.

The first step in f abritating the f uel assemblies is to redute the raw uranium inide ti> the desired par ticle si/c by compat th,n, trushine, and st reemng. I t is then pelleti/ed at high pressures. T he pellets are tin. lk heated into a coherent high temperature in a rcJuting atmosphere and s

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stack !cngths and thet ked f or ur aniun, content. T he proper stac k length and weight is inserted into a /irtaloy t u be, w hic h has one end c ipped and welded. Helium is then inlet te d int < the tu be and the othei cod of the tube is y

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Nuclear power inherently of fers enormous sasings in f uel m

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The costs

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railcars of coal, or 10 million barrels of oil a year 1or compar-

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able fossi! plants), nuclear luel is delisered to a plant site once each year or two. Nuticar f uel accounts for less than 15 percent of the total electricity production costs in a nuclear Q{ge _

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g power plant. The fuel tosts for a nuclear plant is only half

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that of a comparably sized coal-fired generating plant.

Nuclear reactors are made safe through good engineering, carefu' construction, thorough inspection and quality assur-Uranium fuel fabrication ance, and comprehensive operator training. To make certain After enrichment, uranium oxide powder is formed into half-that radioactive materials, the hy-products of fission, are inch-long pellets. The energy content of each fuel pellet is retained within the reactor system, they are enveloped by a about the same as one ton of coal, four barrels of crude oil, series of physical barriers.

or 157 gallons of regular gasoline.

First is the nuclear fuel itself: dense ceramic pellets inside 10

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BENNETT & MIDDENDORF, LTD. 90i vort street Quincy, Illinois 62301 217/222-1142 The Board of Trustees Soyland Power Cooperative, Inc. Decatur, Illinois We have examined the balance sheet of the Soyland Power Cooperative, Inc. .w as of December 31, 1982', and the related statements of operations and changes in financial position for the period from June 1,1%3 to December 31, 1982. Our examination was made in accordance with generally accepted auditing standards for a development stage enterprise, and included such other auditing procedures as we considered necessary in the circumstances. As discussed in Note 6 to the financial statements, the Board of Directors, at its February 24, 1933 board meeting adopted a resolution stating that -y all work on the Soyland Generating Facility cease immediately. The ultimate outcome of financial obligations relating to the suspension of this facility including contract cancellation charges cannot presently be determined. -w In our opinion, subject to the effects of the uncertainty referred to in the preceding paragraph, the financial statements referred to in the first paragraph present fairly the financial position of Soyland Power Cooperative, Inc. as of December 31, 1982 in confomity with generally accepted accounting i principles applied on a basis consistent with that of the preceding year. =. Quincy, Illinois A'""* WEAj, #- March 3, 1983 Certified Public Accountants August 1, 1983 r 12

Balance Sheet l . -. ~ 1 ~ DECEMBER 31,1982 l ASSETS UTILITY PLANT Construction work in progress. $ 280,537,180.02 General plant. 103,105.98 Less: Accumulated depreciation. . _26,527.86 76,578.12 INVESTMENTS Patronage capital from associated organization. 668,341.00 Other insestment in associated organization. 1,0_00.00 669,341.00 CURRENT ASSETS Cash - general. 100,147.01 Cash -- construction funds - trustee. 42,914.80 Temporary cash insestment. 2,699,054.11 Accounts receivable - customers 3,838,586.26 Accounts receivable - employees. 3,587.85 Prepayments. _ _ _ _ _3 010.39 6,687,300.42 1 DEFERRED DEBITS. _ _ _54,3_54.62 Total Assets. $_288,024,754. _ _ __ - _ 18 LIABILITIES AND EQUITIES EQUITIES Memberships. 1,500.00 LONG-TERM DEBT Mortgage notes payable. 249,130,000.00 OTHER CURRENT LI ABILITIES Notes payable - CFC $ 16,651,724.19 Notes payable - other. 1,078,296.71 l Accounts payable - purchased power. 5,333,804.15 l Accounts payable - other. 11,784,631.95 Accrued taxes - nayroll 3,386.34 Accrued interest 559,087.82 Accrued expense. 26,298.06 35,437,229.22 DEFERRED CREDITS. 3,456A24.96 Total Liabilities and Equities. $ 288,0_24J_54.18 The accompanying Notes to Financial Statements are an integral part of this statement. 13

Statement of operations . >._ _ m.. _a_____ ~m. -_s--- ---~m FOR THE YEAR ENDED DECEMBER 31,1982, AND FOR THE PERIOD FROM JUNE 1,1963,TO DECEMBER 31,1982 [O1.d v June 1,1963

  • M N.

Year ended to ~ %. n,. December 31,1982 December 31,1982 p &.E,,.' OPERATING REVENUE ? Electric energy revenue. $36,923,215.21 $36,923,215.21 l[pf% Proceeds from assessments to Member Cooperatives. 32.583 13 pfV. 13_6_,9_2_3,2.15.2_1 AE955,799.04 C.YCM OPERATING EXPENSES $ 36.518,343.31 $36,518,343.31 . i; Purchased power. T; General office salaries and expense. 228,057.29 228,71.'>.60 $[;p(N fC Special services. 16.608.55 43,526.37 %.a,%.? Insurance. 3,235.25 3,235.25 Employee welfare expense and insurance 51,287.24 51,287.24 Directors' fees and mileage. 32,226.39 33,291.39 WMv3' Ducs paid associated organizations. 5,546.75 9,746.75 fQf. Miscellaneous general expense. 35,645.41 35,645.41 &Q( Maintenance of general plant. 4,113.96 4,113.96 ) d Depreciation expense 6,640.32 6,640.32 AQ}C Taxes - payroll. 24_,374.07 24.374.07 M;' G/' $ 36,926.078.54 $36.958,919.87 gs-4 Z wn A-

b. ' g. -

Net Loss From Operations ($ 2,863.33) ($ 3,120.83) .e At 2,863.33 3.120.83 M.W7 NON-OPERATING INCOME Interest income. $. 4 'y. w, 3'. 1* . i. L. p,w + :.:..- Net income. pr, g.., g } g '.,- The accompanying Notes to Financial Statements are an integral part of this statement. E jd41M. s w. 4 &.v p ;,. %. t. NOTES TO FINANCIAL STATEMENTS debt within the next twelve montns will aggregate approximately l4 6 7p g DECEMBER 31,1982 530,767,999, all of which will apply to interest.

g. y
1.

SUMMARY

OF ACCOUNTING POLICIES

3. P,E N PL n n ne s for subs tan tially all employees are provided

.$ i " I ' / '. 'l' The Cooperative maintams its accountmg records in accordance through participation in the Pension Trust & Group Pensson Plan f the Uni orm System of Accounts prescribed by the Rural wit h with Massachusetts Mutual Insurance Company. H,',J - / '3? E lectri ication Administration. As a result, the application of f generally a cce p te d accounting principles by the C oo pera tive The Cooperative makes monthly contributions to the plan equal b 'g ? ',7 '4 -[ U; dif fers in certain respects f rom the acDhcation of nonregulated to the amounts accrued for pension ex pense. In this master . ilF #. enterprises and also dif fers due to being a development stage multiple. employer plan, the accumulated benefits and pian assets w%a's # M enterprise. T he more significant policies of the Cooperative are are not determined or allocated separately by individual employer. % f "i 4 described telow. The total pension expense f or 1982 and 1981 was $34,346 and ,f..I g'g t ' $26,710, respectivein for this Coomative. Property and Plant T he cooperative has entered into a purchase agreement with

4. LITIGATION w'.%

. -f 3 lilinois Power Cnmpany f or the purchase of 10.5% of the Clinton T he Cooperative *s attorney stated that there are no pen ding 1 f N uclear Power Plant for a cost Currently estimated at lawsuits, unsatisfied judgments or outstanding Claims against the N M 'h .. f, $2 7 5,000.000. This plant is currently under construction and the Cooperative of which he is aware. f ', ! ' k' s., ' Cooper ative has con t ributed $ 173,404.95 3 to linnois Powe r Company for its 10.5% of the construction cost through Decem.

5. CONTINGENT LI ABILITIES
Lr ber 31,1982.

The Cocperative has entered into a number of contracts with various suppiiers and manuf acturers for engineering, design and The C ooper a tive has also committed themselves to contracts as production of a proposed new generation f acihty. At December f ollows : (1) 198 7 Coal-F ired Generatmg Facelsty, $439,04 7,322; 31, 1982, the contract cancellation charges were estimated at (2) CAES Pl a n t, $ 223,105.031;. (3) T ra nsmission

Plant,

$ 50.509.52 5 on contracts that have been signed by the Coopera- $2.403.683, (4) Headquarters Building 5954.339. Ap prox im ately tive. As noted herem below, under Subsequent Events, construc- $35,92 2.893 has been either disbursed or recorded as a liability tion on the Soyland Generating Facihty ceased as of February 24 as of December 31,1982. 198 3. At that time, the Cooperative had one conditional coal contract outstanding. Management has advised the Accountant for The Cooperative is capitailling all expenditures for these projects the Cooperative that any contingent liability associated with that durmg this development and construction stage. contract is unknown at this time.

2. LONC-TERM DEBT - FFB The F coeral F mancing Bank (FFB) has committed itself to a loan
6. SUBSEQUENT EVENTS in the amount of $ 338,7 70,000 to Soyland Power Cooperative, The $0yland Board of DireClors at its February 24,1983, Board inc. with such loan being guaranteed by the nural Electrification Meeting adopted a resolution stating that alt work on the Soyland Administration (R E A) f or the purchase of 10.5% of the Chnton Generating Facihty cease immediately and that all vendors be N uclear Power Plant. During the current year advances on this advised that the Soytand Generating Facility is deferred. As of the note have been received.n the amount of $66,4 51.00. The interest date of this report, with the exception of the Contract cancellation rate for each advance is eshblished at the time of such advance charges of $50,509,525, we have been unable to determine the and varied f rom 9.668% to 16.725% on the advances that have ultimate result of the suspension of all work and deferment of the been received. These advances are secured by all the assets of the 1987 Coal Fired Generating Facility, it could be months before Cooperative and mature in 34 years from the end of the year in final se t tlernen t can be reached on the nurnerous contracts in which the advances are ma 1e. Quwterly payments to service the process at February 24,1983.

14 Y ~

Statement of changes in financial position e- _...--...._.....c .---_mu. 3 s,m_m .m.m. FOR Tile YEAR ENDED DECEMBER 31,1982, AND I l FOR THE PERIOD FROM JUNE 1,1963, to DECEMBER 31,1982 i l l J une 1,1963 l Year Ended to December 31,1982 December 31,1982 FUNDS PROVIDED l Depreciation prosision 6,640.32 5 6,640.32 Depieciation redistributed. 2,998.70 19,887.54 Loan adsance from CFC. 64,504,883.38 Loan adsance from FFB. 66,411,000.00 249,130,000.00 Memberships. 1,500.00 Increase in deferred credits. 1,479,919.96 3,456,024.96 Decrease in working capital. ___19,845,480.05 _ 28,749,928.80 $87_,746,039 03 _$ 3.45,868,865.00 FUNDS APPLIED Plant construction. $ 87,518,370.72 $280,537,180.02 General plant. 30,596.69 103,105.98 Principal payment on CFC debt 64,504,883.38 Insestment in associated organi/ation. 142,717.00 669,341.00 Increase in deferred debits. 54,354.62 54,354.62 _ $87,7.46,039.03 _$ 3.45,868,865.00 CHANGES IN WORKING CAPITAL Current Assets Cash - general. 90,048.82 5 100,147.01 Cash - construction funds - trustee. ( 10,297.87) 42,914.80 Temporary cash ins estments. 2,040,854.11 2,699,054.11 Accounts receivable - customers 3,838,586.26 3,838,586.26 Accounts receivable - employees. 3,304.26 3,587.85 Prepay ments. 2,60_0.49 6,68L3_0_0.4_2 __3,0.10.39 _ $ _ 5,9_65,096.07 Current Liabilities Notes payable - CFC $ 8,146,706.41 $ 16,651,724.19 Notes payable - other. 1,075,042.71 1,078,296.71 Accounts payable - purchased power. 5,333,804.15 5,333,804.15 Accounts payable - other. 10,689,098.19 11,784,631.95 Accrued taxes - payroll ( 3,654.31) 3,386.34 Accrued interest 543,280.91 559,087.82 Accrued espenses ._ _ _ _ _.26,2 98.06 _ _ _ _ _$ 35,437,229.22 i 26,298.06_ $_25,810,576.12 Decrease in Working Capital _($_19,845,480.05) .{$ 28,749,92JL80) The accompanying Notes to Financial Statements are an integral part of this statement. 15

Member Cooperatives' 1982 Operating Statistics Clinton STATEMENT OF OPERATIONS: Clay County Coles-Moultrie Corn Belt Operating Revenue.... $2,637,867 $4,666,882 $' 7,006,251 $ 9,856,b42 Purchased Power.. 51,711,229 $ 3,336,914 $ 4,352,264 $ 5,718,156 Operating Expenses. 612,348 708,255 1,496,008 1,942,921 Depreciation Expense. 128,858 218,695 315,950 624,975 Tax Expense. 45,788 42,179 105,928 161,794 Interest. 20,077 211,870 268,498 1,057,673 Total Cost - Electric Service......._.. $2,518,300 $4',51k913 $ 6,538,648 Operating Margins.. 5 119,567 $ 148,969 5 467,603 351,123 Non-Operating Margins and Capital Credits. 29,028 42,903 123,130_ 202,243 _ Totai Patronage Capila'l[or Nargins[... T '148395 ((5 195,8-[2[ [$E '590',7I5 [@, ASSETS AND OTHER DEBITS Total Utility Plant. 54,445,518 $ 7,460,135 512,595,257 $ 26,387,012 Accumulated Provision for Depreciation and Amortization. 1,641,518 1,984,446 3,220,971 4,468,439 _,_..,.m._,___._,-.__.,__.__.__ Net Utility Plant... ......._..... _._ $ 2,804,000 _. $5,475,689.. $ 9,374,286 ,$21918 573 Total Other Property & Investments. $ 459,627 $ 294,193 548,247 $ 1,151,809 Current & Accrued Assets. 375,585 820,527 1,501,148 2,639,195 Deferred Debits. 123,144 197,990 216,247 315,687 .~.. To tal Ass,e ts..,._...........,.,. ... ; $3,762,356 _$ 6,788,399 $ 11,639,928 $26 025 264 LI ABILITIES & OTHER CREDITS Margins & Equitics. $ 2,473,288 52,807,004 $ 5,482,038 $ 7,405,968 Long-Term Debt. 1,063,222 3,866,382 5,611,457 17,631,693 Current & Accrued Liabilities. 225,846 76,381 247,113 806,298 . 38,632 299,320 181,305 Deferred Credits.. v Total, Liabilities................... $3,762,356 $6,788,399 ' $11,639,928 - _ $M OTHER STATISTICS Miles of Line. 878 941 1,737 2,739 Consumers Served. 3,146 4,605 7,880 10,826 Consumers Per Mile... 3.65 4.89 4.54 3.95 13,397 19,808 13,215 13,324 KWil Sold Per Consumer... 42,147 91,216 104,133 144,248 Total MWH Sales.. Annual Revenue Per Consumer... 838 1,013 889 910 Plant investment Per Consumer... 1,413 1,620 1,598-2,437

t "l Illinois Eastern Edgar Farmers lilini Valley McDonough Monroe (( 8,160,212 - $4,087,377 ..$ 996 212. [$' I,85[9583 $' 5,830,469 M4,184,813" $3,f64,371 T w ...w. $ 5,049,965 $ 2,653,252 $ 593,233 $ 2,589,414 $ 2,298,092 $2,463,837 $2,067,698 1,642,098 734,323 185,796 1,076,470 1,347,634 791,848 553,570 408,632 169,144 65,442 356,438 501,547 187,885 187,864 177,242 64,900 18,426 64,684 79,829 57,362 51,533 311,211 129,430 66,443 397,580 1,232,577 117,823 181,131 I$ 7,589,148 $3,751,049 $ 929,340 II,484,58[][5',455,67i $1618,555' [, $3,0d1,796 ~~ ~~ w . s.. 571,064 $ 336,328 66,872 327,372 370,790 $ 266,058 $ 122,575 159,687 53,314 32,561 44,496 35,114 73,493 74,541 i E$~ '730,751 ~$' 389,642 ".$'~'99l433"i5371l868P$7405,904~.T: 339,551 "$ " 197,116 L .a $ 16,189,872 $7,740,558 $ 2,540,383 $ 13,335,488 $23,525,683 $6,664,965 $7,222,258 l 5,194,863 2,387,630 758,390 2,460,559 2,085,227 2,675,960 2,145,702 [$10,995,009 $5,352,928 $1,781,993 ] $ 10,874M9]$ 217446,'4T6]$3J89',065-[ $ 5,076,556 823,240 $ 348,887 $ 154,227 602,414 702,692 $ 994,934 $ 326,318 1,770,179 1,178,589 296,027 1,746,005 1,534,488 613,720 677,080 329,250 125,086 46,435 159,624 374,164 409,007 149,045 $7,005,490 $2,278,682,_]$13,382,972 ]$24,051,800 ]$6,006,666l]'[$6',2'28,999 [$13,917,678, $ 6,940,448 $3,332,319 $ 910,238 $ 2,775,556 857,636 $2,703,331 $1,724,264 j 6,072,379 3,129,787 1,326,637 10,223,930 22,588,734 2,778,406 4,206,417 ) 749,475 167,178 41,481 373,751 590,197 381,793 295,138 j 155,376 376,206 326 9,735 15,233 143,136 3,180 1 7 . $2,278,682 g13,382,972 y$24,051,800. : ~ $6,228,999 H $13,917,678 $7,005,490 . $6,006,666 2,937 1,464 332 1,592 1,629 1,379 934 8,806 5,393 1,322 4,474 6,121 5,088 4,432 3.00 3.68 3.98 2.81 3.76 3.69 4.75 13,888 11,513 11,425 13,913 9,884 12,787 12,089 122,299 62,088 15,104 62,248 60,501 65,063 53,578 927 758 754 1,076 952 822 714 1,839 1,435 1,922 2,981 3,843 1,310 1,630

1 s'. i j Shelby Southwestern Tri-County Wayne-White Total Average $ 8,097,937' "$ 1'2,'li8',560 $10,820,268 }} $13,868,312' '$ 1'00,358,131 '$ '6,690,542~] ~ ~ $ 5,390,999 $ 7,410,471 $ 7,371,869 $ 10,463,543 $ 63,770,936 $ 4,251,396 1,371,902 2,028,923 1,906,912 1,851,852 18,250,860 1,216,724 353,352 757,949 563,218 608,617 5,448,566 353,238 517,321 175,165 147,328 170,655 1,880,134 125,342 11,249 760,993 570,402 360,845 5,697,802 379,853 $ 7,644,823 $11,133,501 $10,559,729 $13,455,512 $ 95,048,298 $ 6,336,553 ] 453,114 $ 1,035,059 260,539 412,800 $ 5,309,833 353,989 359,713 73,154 88,776 129,886 1,522,039 101,469 812,827 ~ $ 1,'108,213 ~$ 349,315 $' ~ 542,686 ~ $ ~6,831,872 '$ ~ 455,458' ] $ 11,130,429 $ 26,771,140 $20,217,232 $21,806,217 $ 208,032,147 $ 13,868,810 5,158,342 6,989,366 5,595,572 7,246,635 54,013,620 3,600,908 $ 5,972,087 $19,781,774 ' $14,621',660 ' jl4,559,582 [$154,018,527~J $10,267,902 ] $ 2,009,970 $ 1,326,884 857,481 $ 1,065,616 $ 11,666,539 777,769 489,018 2,803,877 1,067,894 2,974,463 20,487,795 1,365,853 773,067 388,675 392,400 240,705 4,240,526 282,702 $ 9,244,142 $'24,30(210' ' $16,939/35' ~ $18,845,366 $190,413,387~ ~ ~ $ 12,694,226 ] l $ 7,860,852 $ 8,325,119 $ 5,366,099 $ 10,781,624 $ 69,745,784 $ 4,649,719 449,327 14,962,333 11,214,307 7,615,628 112,740,639 7,516,043 732,139 1,000,053 359,029 265,694 6,311,566 420,771 201,824 13,705 177,420 1,615,398 107,693 .__.,.,,q $ 9,244,142' $24,301,210 3 _ $16,939,435 $18,840,366 _ $190,413,387 $12,694,226 2,040 2,922 2,590 3,167 27,281 1,819 8,764 13,121 13,771 12,964 110,713 7,381 1 4.30 4.49 5.32 4.09 4.06 l 14,499 14,823 14,264 18,833 13,844 ) 127,071 194,486 196,431 244,153 1,584,766 105,651 l 924 ,927 786. .1 07.0 J@ 3}}

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