ML20090L875

Omaha Public Power District 1991 Annual Rept

ML20090L875
Person / Time
Site:	Fort Calhoun
Issue date:	12/31/1991
From:	Gates W, Wear F OMAHA PUBLIC POWER DISTRICT
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
LIC-92-094R, LIC-92-94R, NUDOCS 9203230296
Download: ML20090L875 (29)

Text

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(( ,.pA l Omaha Public Power District 444 South 16th Street Mall Omaha Nebraska 68102-2247 March 18, 1992 402/636 2000 LIC-92-094R V. S. Nuclear Regulatory Commission ATIN: Document Control Desk Mail Station Pl-137 Washington, DC 20555

Reference:

Docket No. 50-285 Gentlemen:

SUBJECT:

Annual financial Report As required by 10 CFR 50.71(b), enclosed is one (1) copy of Omaha Public Power District's 1991 Annual financial Report, i If you should have any questions, please contact me.

Sincerely, c1 V, ) & c W. G. Gates Division Manager 4 Nuclear Operations WGG/sel Enclosure c: LeBoeuf, Lamb, Leiby & MacRae (w/o Enclosure)

D. L. Wigginton, NRC Senior Project Manager (w/o Enclosure)

S. D. Martin, R. D. Bloom,NRCNRC ProjectAdministrator, Regional Engineer (w/o Enclosure)IV (w/o Enclosure)

Region R. P. Mullikin, NRC Senior Resident inspector (w/o Enclosure)

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O M A H A P U B L l C PO W E R D IS T R I CT EXECUTIVE OFFICES Energy Plaza 444 South 16th Street Mall Omaha, Nebraska 68102-2247 TRUS1EES Morgan Guaranty Trust Company of New York New York, New York (1966,1968 and 1969 Bonds)

The First National Bank of Chicago Chicago, Ilknois (1972.1973,1977 Series A, B and C, 1985 Senes A,1986 Series A and 1989 Series A Bonds)

PAYING AGENTS Morgan Guaranty Trust Company of New York New York, New York (1966,1968 and 1969 Bonds)

First Chicago Trust Company of New York New York, New York (1972,1973,1977 Senos A, B and C, 1985 Series A,1986 Series A and 1989 Series A Bonds)

The First National Bank of Chicago Chicago, Illinois Norwest Bank Nebraska, N.A.

Omaha, Nebraska GENERAL COUNSEL Frasor, Stryker, Vaughn, Meusey, Olson, Boyer & Bloch, P.C.

Omaha, Nebraska 2

OPPD Servico Area Map .3 Highlights . , .4 Chairman's Report. . . . . . .G Board of Directors. .7 President's Report . .8 Vice Presidents. .9 Operations Review . . . . .10 14 Financing . . . . . . . . . .15 Independent Auditors' Report. .15 Balanco Shoots . . . .. . . . . .16 17 Statomonts of Not Earnings and Accumulated Earnin0s Rolnvested in tho Business . . . . . . . ..18 Statomonts of Cash Flows, . . . .19 Notes to Financial Statomonts.. . . . . .20 23 Net Receipts and Debt Service Coverage. . . . .23 1991 1990 Comparisons . . . .24 Electric System Revenue Donds Outstanding . . . . .25 Electric Statistics. . . .. . . .20 OPPD Corporato Officers . ,, . . . . . .27 OPPD SERVICE AREA: 5,000 SQUA AE MILES OPPD servos 599,000 poopio in all or part of 13 counties in eastom Nebraska. Electric service is provided to the following 49 incorporated communities af relat , 3 Aivo Colon Manley fcy.h rLhd I Arkngton Cook Mead 5(ongfieW ,,'.., ~ ,,,o i , , , , ,

Ashiand I ag e Mu'Tw*nn Va%y Avoca i khorn Morse Divit Washington

-K I W yue r Imwood M edock Wai++rkko "*

Henevngton r ort Calhoun Nickurson Wee,geng Wate#

Bier Gretna Nonnhond Winslow Boys loan t ier man Onuha Yutan "" [ 5"*'

Buff Hooper ' Farutison _ty F Carter take 6thaca Peru Dowa) k enr'ard Ralston "a Cini,v Hiof4 L aVesta nogors - ~'~'~

Cod.v Creek ieshara nso . . .

ceresco Lou-r vdai Saw.9 Y '.

OPPD also ne'ves i in creek, Greenwood. Syracur.e b ~-

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OPER ATING REVENUES Operating revenues for 1991 were $381,959,000. a decrease of $4.689,000, or 1.2%, from 1990 operatin0 revenues of $386,648.000.

OPERATION Af4D MAINTENANCE EXPENSES Operation and maintenance expenses for 1991 were $237,230.000, a decrease of $4,179.000, or 1.7%. from 1990 operation and maintenance expenses of $241,409,000.

NET OPER ATING REVENUES Net operating revenues, betore depreciation and decommissioning,

, were $130,370,000, a decrease on F '

t $499,000, or 0.4%, from 1990 not f operating revenues of $130,869,000.

j 14ET EARNINGS REINVESTED IN THE 3'JSINESS Not earnings reinvested in the business totaled $35.209,000, a decrease of $5,128,000, or 12.7%,

from 1990 net earnings reinvested in the business of $40,337,000.

GENER AL BUSINESS SALES General business sales to District customers wero 6,705,518,000 kilowatt hours crews reptace a hoon vottage power tone in 1991, an increase of cown,w or an octodcoce storm 220,052,000, or 3.4% f rom 1990 sales of 6,485,466,000 kilowatt hours.

AVERAGE NUMBER OF CUSTOMERS The District served an average total of 252,427 customers in 1991, an increase of 3,367, or 1.4%, from the 1990 averene total of 249,060 customers.

AVERAGE RESIDENTIAL USE Average annual use per residential customer in 1991 was 10,991 kilowatt hours, an increase of 491, or 4.7%

from the 1990 average of 10,500 kilowatt-hours.

AVERAGE RESIDENTIAL COST The District's residential customers paid an average of 6.34c per kilowatt hour during 1991 compared to 3.39c per kilowatt-hour in 1946, OPPD's initial year of operation.

1991 NET CONSTRUCTION EXPENDITURES Expansion and improvement of system facilities during 1991 required net construction expenditures .

of $106,962,000.

Otrosite An OPPD test eroneer inspects the top of a nuclear fuel assemb4 at fort calhoun Stabon.

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Despite the recession which plagued and continues to plaguo much of the nation, the Omaha Pubhc Power Distnet maintained financial stabihty in 1991 while providing customer-owners with reliable electric service at a pnce well below the national average, in f act, the cost of electricity for the consumer was lower in 1991 than in 1990. Our residential

'*g custorrvrs paid an avoroge 6 34 cents per kilowatt hour, which was nearly hvo percent less than '.no 1990 average and about 20 percent less than the national average d 4 The average poce per kilowatt hour when all retail customer classif cations are considered was 5 57 cents. compared to 5 81 cents the pr0Vious year.

Ther e lower costs were achieved in a number of ways: Droduction costs woro lower; sales to other utilities were higher than ospected, and the Utikty continued its commitment to broadly based cost containment.

Frank .l. W,,, As a result of the savings in production costs, approximately $13.9 milhon was Chamm or the (Omd returned to consumers through the Fuel and Production Cost Adjustment in Omaha PotWe Pcmer Omtrer the form of credits on their electric bills.

$Ur#$npany, ye Total energy sales in 1991, including firra Sales to other utikties, were almost Pic9 dent. Wem Con.*Puction 6 9 bilhon kilowatt hours, We also had more than 2.2 billion kilowatt hours in not interchange sales.

Operating revenues for the year were $382 milhon. Capital expenditures amounted to

$107 milhon, the bulk of the spending for production and transmission and distnbution assets.

At year end, not earnings wero $35 2 milhon, and the return on equity was 5.9 percent. There were no rato increases effectivo in 1991, and no long-term borrowing was required.

At this juncture, I hasten to point out that these outstanding achievements were made while this Board was under the leadership of my colleague, Frederick J. Ulrich, who was Chairman of the Board the past two years. Fred remains on the Board of Directors, and I intend to call on his experiise in the year ahead as well as that of my fellow Directors - Keith B. Edquist, John K. Green, Dennis D. Jorgensen, Eugono T, Mahoney, Michati J. OHara ano Gene P, Spence. I'm confident this Board will continue to work closely with senior management, providing the required resources to ensure a continued high level of customer servico.

Certainly 1992 looks to be as promising as 1991 turned out to be. Financialindicators are expected to romain strong, with net earnings projected to be $41.6 million and a return on equity of 6.5 percent. A 3.7 percent general rate increase was effective January 1 of this year WhiCh Will allow us to maintain debt service coverage and help our internal financing of projects. Credits to our customers through the Fuel and Production Cost Adjustment should continue in 1992.

Total energy sales are expected to increase a modest one percent in 1992, reflecting a cont:nuing steady growth rate in the number of customers served. Operating revenues are projected to be $409 8 milhon, up 7.3 porcent from 1991.

Capital expenditures are expected to bo $116 milhon, with major emphasis on upgrading the transmission and distribution system.

All in all,1992 p' imises to be as good a year as 1991, and possibly better. One thing is certain With a supportive Board, a committed management and a highly competent work forco. OPPD's customer owners are ensured of quakty electric service at the lowest posstle price.

'l 0 & 4/7 Frank J. Wear Chairman of the Board 6

4 Keith B. Edqvist Vre Chaman Presdent.

Husker Hawkeye Destibut<ng Co , Inc.

John K. Creon MichaelJ. O'Hara, Ph.D.

Treasurer Secretary Attorney at law Attorney at law Assoctate Professor and Inteam Dorector oIthe InternationalCenter for Telecommutucations ManJgement, Cosiege of Busoness 9- Administraten,

,ie $"{5[0'N"##d5Ad

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k C"n*A*"" I"&'LL"d"*" r Business Con 53 tant becutwe Director, Omaha Zoo Foundation ER Gene P. Spence Board Member Presdent.

Westmark FinancialCoro Frederick J. Ulrich Board kfomter Farmer Catue (twier 7

Since its formation in 1946. OPPD has incorporated techno!ogical and work method advances which promote the best service to customer-owners In 1991, the men and women of OPPD again demonstrated what can be accomphshed when people put progress to its best use.

Some of the most noteworthy results occurred in the areas of power production and delivery.

. Following are a f v examples:

• Industry statistics pubhshed late in 1991 showed that Nebraska City Station was the third

< least-expensive power generator in the nation in 1990, producing electncity at an average cost of 511.06 per not megawatt hour. As good as that performance wan. It was even better in 1991 when the average cost plunged to just $10 21 per net megawatt hour.

• While Fort Calhoun Station operated well below its budget in 1991, performance continued to improve. The Nuclear Regulatory Commission recot?ized that by Fred M. Petersen giving the plant "supenor" ratings in four of seven key operating aiaas and ' good" P'*S * "' ratings in the remaining three categones. The plant also received improved ratings Chef Ewcurw Oncer from the Institute of Nuclear Power Operations.

• North Omaha Station produced nearly 2.2 bilhon kilowatt hours of elcctncity in 1991, the second-highest production at this facihty in the last ten years.

Co:lectively. OPPD's three major power stations produced more than 9.1 bilkon kilowatt hours of electricity in 1991, a record for this utikty.

The OPPD personnel charged with delivering that power also performed admirably, particu-larly following an ice storm that struck southeast Nebraska October 31 and November 1. Ice and high winds did more than $3 million in damage and caused outages to about 00,000 OPPD customers, more than any other storm in our history. Several hundred OPPD people worked around the clock for six days, battkng bad weather and travel conditions, to successfully restore service.

While OPPD employees were workin0 to meet the needs of customers in 1991, they were in'ensifying efforts to meet the needs of future customers as well. Planning continued for new peaking and baseload generating units, and considerable attention was also given demand side management (DSM) strategies.

DSM is cesigned to help delay additional plant construction by reshaping customer consump-tion pattems and encouraging onergy conservation. Efforts included a pilot project which allowed commercial customers to purchase high-efficiency compact fluorescent I ght bulbs at a discount. A Residential Energy Conservation Program was also introduced to reward customers who install high efficiency heating and air conditioning equipment in their homes.

There were other accomphshments as we!I. Our efforts to develop and maintain equakty in our work force wore recognized by the Urban League of Nebraska, which presented OPPD with its Equal Opportunity Day Award.

Our Tree Promotion Program received a first-place award in the Local Govemment category of the 1991 Nebraska Take Pnde in America Awards Program, a campaign to promote stewardship of our natural resources.

The technology and people of OPPD have chan0ed since this utikty was formed 45 years ago. But our mission is the same - provide reliable, economical service to our customers.

We succeeded in doing that in 1991, and we're working to build upon that success in 1992, Ask h. - Sam Fred M. Petersen President 8  ;

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Fortunately some things never change. That's true of OPPD's commitment to providin0 reliable, attordable electric power to eastern Nebraska. That commitment was made more than 45 years ago when OPPD was founded, and it has been renewed overy year since.

m:* OPPD's efforts in 1991 again reflected a continuing dedication to providing customers With the best electric service possible.

^ RECORD GENER ATION -

11 was a challenging and successful year for OPPD and its customer-owners Power plants produced more electricity than ever before, Over 3.6 bilhan kilowatt hours was generated at Nebraska City Station, OPPD's 585,000-kilowatt coal fired plant, which was credited for producing some of the least-expensive electricity in the nation in 1990.

The cost was even more economical in 1991.

Fort Calhoun Station, OPPD's 476.000 kilowatt nuclear plant. produced more than 3.2 billion kilowatt hours of electricity - over 35 percent of the net generation in 1991. The plant had a successful year thanks to the company's commitment of resources and the 4D^ employees' commitments to achieving excel-p' len x in all nuclear operations. One example ~

. of that commitment is the Cost Eficctiveness Review Program that was initiated in 1991.

Under this program, employees are encouraged to submit ideas to make Fort CainuuTs operation more efficient. Over 200 suggestions were turned in last year, helping the plant operate well below budgeted figures. Improved performance was also achieved when some 170 employees were consolidated in the no v 100,000 square-foot Administration Building.

Increased efficiency and performance at other OPPD f acilities were also realized in 1991.

Work completed on Units 4 and 5 at the coal-fired Nonh Omaha Station has improved the reliability of those units and will help ensure that the plant is available to meet customers' needs as they increase in the coming years.

A 56,000-square-foot facility-expansion program is scheduled to begin later this year I

at North Omaha to consolidate and better g g,g ,g_, ,

accommodate the addit'onal equipment and at a wutuem ama an twsmess 10

1 personnel that have been strong winds to fortxb electrical wires is not the average person's added to the plant over the idea of an easy way to make a living," wrote one supportive customer.

] years to meet increasing OPPD Directors approved a resolution recognizing OPPD employees system demand. for their perseverance and customers for their patience following e storm.

WEATHER REPORT l

Sophisticated, state-of the art equipment also contributed to the

As it has done many times in success of the restoration. OPPD's automated trouble call system

OPPD s history, severe was upgraded in 1991 to

weather did its part to chal- reduce the processing time N lenge OPPD s system for needed when customers

delivering electricity. A call to report service i* 4" ,

Halloween ice storm, one of i- pr gems.

L the warst in OPPD's history, ,

played havoc with OPPD's EFFICIENT OPERATIONS -

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. system. More than 500 poles A considerable amount and numerous power lines of effort was devoted to l

i were knocked down by ice and containing costs and wind, causing outages to as improving efficiency of i ,

OPPD operations many as 80,000 customers, in the southern part of OPPD's without jeopardizing service territory alone, nearly system reliability or  :

26,000 customers were lett employee safety.

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without power, some for As a result of a ,

several days. Transmission and l Despite being inconvenienced Distribution Operation m,th Omaha Staton fab emper ee eghs dsoden I and Maintenance Study, phosphafo wheh is adM io todur asfor to mainfaen  ;

by the loss of electricity' OPPD b*' d"r 3* *d"h""S8 the overall effectiveness i i and efficiency of the l transmission and distribution system were increased. Numerous changes took place in operations, one being the creation of a streetlight maintenance group that oversees the metropolitan streetlight system. -

l Another improvement involved the decision to install f ault indicators on  ;

most of the company's underground residential distribution trans-  !

formers. These fault indicators, to be installed in 1992, will allow OPPD l crews to more quickly locate cable problems, resulting in faster J restoration and reduced repair costs.

i System availabiluy and performance will also improve in 1992 as construction of a new 345 kilovolt line is completed. Work on the '

Missouri-lowa Nebraska-Transmission (MINT) line progressed rapidly i in 1991. The project is well ahead of schedule and under budget. l Through the MINT project, OPPD will gain additionalinte connec-  !

' 1 - -' tions with utilities in the middle south areas, enhancing electric j transmission reliability.

j"G;1 [ Q - - *' M OPPD's proactive approach to system reliability was boosted by the purchase of an infrared imaging system, which ,s i used to perform ,

$uIn'gN$oNNtYmf'" '** thermographic inspections on the transmission and distribution system.

A van equipped with infrared equipment was used primarily to inspect three phase lines and electrical components along the roadside customers were patient and

, throughout OPPD's service area. The equipment helped identify almost I

appreciative of the employees, 200 " hot spots," 68 of which required immediate repairs. An estimated restoration efforts. " Hanging 56,000 customers may have experienced outages had those hot spots from ice-covered poles in not been corrected before problems occurred.

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Other operation accomplishments in 75,000 school age children were 1991 inciude: taught how to fly kites safely, away from trees and power lines.

. Constructing a new 161 kilovolt through OPPD's extensive Kite substation near downtown Omaha' Safety Program.

. Beginning construction on two Committed to providing its customers other substations in southwest w th accurate, up to-date information, Ornaha. OPPD continued participation in a

. Making 5,000 inspections of nationwide study of residential existing substations. electromagnetic fields.

To alleviate customer

• Replacing approxi- .r inconveniences, mately 75,000 feet of 6, OPPD increased its underground cable I 3 E etiort to search for in various residen- 4# ; - causes and cures of tial areas. ~

momentary outages.

Additionally, OPPD COMMITMENT TO continued supporting CUSTOMERS AND rosearch and COMMUNITY g development that OPPD's commitment benefit the company to quality customer and its customers. In service grew in 1991 1991, OPPD's mem-with the continuation bership in the Electric and addition of several Power Research new programs. [f,'n*8 $ 7, g l y [,yj g 7 Institute resulted in uw awr %ntay o S " "

A new service being o eu of tested allows cus. research results.

tomers to pay their electric bills with VISA or Customer convenience has always MasterCard, in addition, the been a high priority at OPPD, With Automatic Bill Payment Program the addition of the Southwest and the Level Payment Plan Customer Service Office in 1991, continued to be popular and OPPD now has five customer service convenient methods of bill-paying offices in the metropolitan area and for OPPD customers. 13 other offices located in communi-8

• 89"" U OPPD's Ener9y Advisor helped more service territory, Several offices with than 5,000 customers with their high traffic flow ara open on energy-related inquiries last yoar,

, Saturdays for customer convenience.

and over 27 tree-plant,ing pro ects OPPD's Tecumseh, Nebraska, office were funded through OPPD s Tree was completely remodeled in 1991 Promotion Program. In one of the to better serve the customers in that 1991 projects, the City of Papillion area, and construction work began planted 25 trees around picnic and on the new 35,000 square foot playground areas at a ,:ity park. More Syracuse, Nebraska, Service than 36,000 trees have been planted Center, which will be the center since the Tiee Promotion Program of operations in OPPD's began in 1990. In addition, over South Subdivision.

Oppostte OPPD empicyees brawa severe seaner to repair damp caused by an Octater ice storm. the worst on OPPD s tustory 12

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OPPD is also concerned about the economic x ~x- a a m ..m  :

development of the rural areas. OPPD received an

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award from Governor Ben Nelson on behalf of the state L < . _w e of Nebraska for its activities in advancing the economic growth of rural communities in the 13-county service territory.

OPPD continued to promote wise energy use through such efforts as the Energy Management Credit Program. Nearly $197,000 was returned in the form of credits to more than 55,000 residential wstomers who only used small amounts of electricig during the hot summer months.

p While OPPD worked hard to be a good

) 4 corporate citizen, OPPD employees dm .,

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s continued a long tradition af responding warmly to the nceds of their neighbors.

Employees pled 00d more than $178.000 to the United Way/ CHAD campaign, surpassin0 the $170,000 Doal. More than

$8,000 was raised to help the Heartland Chapter of the American Red Cross pay for local activities related to Operation Desert Storm.

A new company division - the Environmental and Governmental Affairs Division-was O formed in 1991 to address the ever-y,g, y ,y,,

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%,,,,,,,, increasing importance of environmental and out the year ina<nta,ning orro snes vere, an govemmental issues. Employees showed oPro hne fechnsc4an teplaces a SQuenel puard their concern for the environment by launching a company wide recycling program last year and participating in the phone book recycling drive.

, ,, OPPD customers and employees also donated over $79,000 last year to the Energy Assistance Program. Through this program, funds are collected to help families and individuals with emergency energy expenses, The total amount raised since the program's inception in 1988 exceeds a quarter million dollars.

A successful year should not always be b~ measured by dollars alone, although OPPD did manage to end 1991 Q' $12.8 million under budget. The true measure of success at OPPD depends

$aYoYeIo$nI$sE'er'[$o#N1,ces v on understanding and responding to oemnment in 199 r the needs and wants of its customers.

On that basis, despite sometimes unpredictable circumstances,1991 proved to be a prosperous anniversary year. The same team-work, dedication and commitment that made it so will enable OPPD to successfully face the challenges of the next 45 years and beyond.

14

N

. FINANCING INDEPENDENT AUDITORS' REPORT ,

in December 1946, Omaha Public Power Omaha Public Power District:

District funded the purchase of The Nebraska Power Company with a bank loan We have audited the accompanyin0 balance for $42,000,000. Revenue bonds were sheets of the Omaha Public Power District as of December 31,1991 and 1990 and the issued in February 1947 to pay off this loan.

Since then, $1,587,930,000 of additional related statements of net earnings and accu-revenue bonds have been sold. mulated earnings reinvested in the business and of cash flows for each of the three years The District retired $19,540,000 of revenue in the period ended December 31,1991.

' bonds in 1991. These retirements bring These financial statements are the the total of bonds redeemed and refunded responsibility of the District's management.

through 1991 to $738,205,000, leaving Our responsibility is to express an opinion

. outstanding bonds of $891,725,000 at on these financial statements based on December 31,1991 During 1991, our audits,

$53,298,000 of interest expense was c arged to operations on outstanding We conducted our audits in accordance with bonde, representing an average annual 9 Y Pg 9 -

rate of 6.0%. Those standards require that we plan and perform the audit to obta,n i reasonable r%tanding commercial paper at assurance about whether the financial December 31,1991, was $100,000,000, statements are free of material misstate.

. During 1991, $4,530,000 of interest expense ment. An audit includes examining, on a tect

- was charged to operations on outstanding basis, evidence supporting the amounts and commercial paper, representing an average disclosures in the financial statements. An annual rate of 4.5%;The outstanding sub- audit also includes assessing the accounting ordinated obligation at December 31,1991, . principles used and significant estimates totalled $4,616,000. During 1991, $417,000 made by management, as well as evaluating of interest expense was charged to opera- the overall financial statement presentation.

' tions on the outstanding subordinated We believe that our audits provide a obligation, representir") an average annual reasonable basis for our opinion.

rate of 9,0%. .

In our opinion, such f.inancial statements Gross Electric Plan amounted to present fairly, in all material respects, the-

$1,849,479,000 and Nuclear Fuel (at financial position of the Omaha Public Power amortized cost) amounted to $137200,000 District as of December 31,1991 and 1990, at December 31,1991. Accumulabd and the results of its operations and its cash earnings reinvested in the business flows for each of the three years in the period increased $35,209,000 to a total o'r ended December 31,1991 in conformity with

$635,695,000 during 1991 while total _ generally accepted accounting principles.

assets increased $52.601,000 to a total of $1,833,577,000.

DELOITTE & TOUCHE Omaha, Nebraska February 19,1992 l

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OMAHA PUBLIC POWER DISTRICT BALANCE SHEETS, DECEMBER 31,1991 AND 1990 ASSETS NOTES 1991 _ 1990 (thousands)

UTILITY PLANT - At cost: 2.9 Electric plant (includes construction work in progress of $95.583,000 and $82,986,000, respectively) , . . . $1,849,479 $1,753,802 Less accumulated depreciation .,. .

610,514 560,145 Electric plant - net. ....,.. . .

1,238,965 1,193,657 Nuclear fuel - at amortized cost. ,. . ... 137,200 143,744 Utihty plant - not . . , . ... ... 1,376,165 1,337,401 SPECIAL PURPOSE FUNDS (primarilv 4 a . zed cost): 3,4 Construction fund . .. . ... .. .. . 71,271 79,970 Electric system revenue bona fund (not of current portron) . . ... ,.. . , . . 51,993 52,815 Debt service fund . . ........ . , , . .. . . 6,160 7,391 Segregated fund (see contra) . ..... . . 10,634 -4.809 Segregated fund - collaterahzed securities. . .

12,400 11,145 Decommissioning funds. . . , . .... . . . . 46,396 39,256

- Deferred compensation fund . . . . .. . .. . 33,775 24.270 Total special purpose funds . . . . . . . . . .. ... 2321629 219,656 CURRENT ASSETS:

Cash otrJ cash equivalents . . . .. ... . 18,743 7,916 Revenue fund - U.S. Government securities (at amortized cost) . . . . 4 22,182 Electric system revenue bond fund - current portion. . . . . . .. . .. . .. 35,923 34,474 Accounts receivable . ,.. . . . .. . 27,253 23,868 Unbilled revenues . . . . . . , . . . . . , 14,917 - 16,571 Fossil fuels - at average cost. . ... . . . . .. . . 10,431 7,959 Materials and supplies - at average cost . .. . . 40,590 35,868 Other, . ,, ., . .. . .. ... ...... . . 3,967 4,953 Total current assets . . . . . . . . . . , ... .

151,824 153.791-DEFERRED CHARGES . . . . . . 5 72,959 70,128 TOTAL.. . .. . . . ... S1,833,577 $1.780.976 .

See notes to financialstatements.

16

4 -

4 LIABILITIES . NOTES 1991 1990 (thousands)

LONG TERM DEBT: 2 Electric system revenue bonds - net of current portion:

Serial bonds. 4%% 10 7.4% due annually from 1992 to 2010 . .. $ 177,220 $ 197.675 Term bonds, Sh% to 7%% due at various dates from 1995 to 2017. . , , , . .,, . 694,050 694,050 Total electric system revenue bonds. . . . . ..... . . . 871,270 891,725

' Electric revenue notes - commercial paper series 6 100,000 100.000 Subordinated obligation . . , , .. . . 4,550 4,616 .

Total............. . .... ..... . ..., .. .. .. 975,820 996,341 Less unamortized discounts . . . . ,

, 9410 10.194 - ,

Long-term debt - net . ........... ... .,,,.. .. . 966,310- _986.147 COMMITMENTS AND CONT!NGENT LIABILITIES 9.10 LIABILITIES PAYABLE FROM SEGREGATED FUND (see contra); .. . . ..... .. . 3 10,634 4.809 CURRENT LIABILITIES:

Current portion of electric system revenue bonds. . . 2 20,455 19,540 Current portion of _ subordinated obligation . , , , , , .. .. . 66 61 Accounts payable . , . . . . . . . , ,, ,.. .. .. . 36,129. 38,710

-- Accrued payments in lieu of taxes , , . . . . , , . ,.,. . .... . 13,431__ 13.448 Accrued interest ,. , , _

,, , .,. . . , , . 24,009 24,612-Accrued production costs .,,,.,,. .. ,,. ... .,,. 10,300 4,318 Other,,,,. ,.. . . . . . . . ., ,,, .. 25,924 15.001

- Total current liabilities. . . . . . .. . .. . . . 132,314 115,690 OTHER LIABILITIES:

Decommissioning costs. . . . . . .. .... . ,,,. . 46,396 39,256' Deferred compensation. . . . , , , 8 33,775 - 24,270 Other..... ... .. . . .... . . ...... . ... .... - 8,453

-10,318;

_ Total uther liabilities . . .... ,, , ,.... ., ,. , 88,624 73,844 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS . , . . . ... . . . 635,695 . 600,486 TOTAL .. , , .. . . . ,. ., . . $1,833,5E $1.780.976 l

17~

~ - - .

, J I

STATEMENTS OF NET EARNINGS AND ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS

- FOR THE THREE YEARS ENDED DECEMBER 31,1991 1991 1990 1989 (thousands)

OPERATING REVENUES . $381,959 $386.648 S375.643 OPERADNG EXPENSES:

- Operation:

Fuel . .. , , , 75,017 64,309 61,520 Other production. . ... . - 54,872 80,821 78,120 Transmission. . . . 2,356 2.232 2,438 Distribution , , .. 14,600 12.963 12,308 Customer accounts. ,, . 10,488 9.396 9.746 Customer service and information. .. 4,189 3,737 3,397 ,

Administrative and generai . 29,806 28,726 32.245 Maintenance. . . ,, , . .. 45,902 39.225 46,430 Total operation and maintenance. . . 237,230 241,409 246,204 Depreciation. . , , .. . .... . 50,237 47.514 44,498 Decommissioning.- ., , , ,, , ,. . .

3,853 4,175 4,382 Payments in lieu of taxes , , , 14.,359 14.370 13,817 Total operating expenses , ,, 305,679 307,468 308,901 OPERATING INCOME. ,

76,280 79,180 66,742 OTHER INCOME CREDITS (CHARGES):

Interest income. . .. , , ,. ,, 16,631- 19,790 16,560 Allowance for funds used during construction . .. . 3,993 3,687 - 5,780 Allowance for funds used for nuclear 1uel . . 3,071 3.313 4,467 Amortization of cancelled project costs. (1,295)

O,her -- net . . . ... . . .,,,,, , , , (3,319) (1,888) j 1,491)

. Total other income credits - net. . 20,376 24.902 24,021

- EARNINGS BEFORE INTEREST EXPENSE. . 96,656 104.082 90,763-INTEREST EXPENSE . . . , ... . . . _ 61,447 63,745 61,179 NET EARNINGS . . . . 35,209 40,337 29.584 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, BEGINNING OF THE YEAR . 600,486 560,149 530.565 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, END OF THE YEAR $635,695 $600,486 S560,149 See notes to hnancial statements.

18

g STATEMENTS OF CASH FLOWS FOR THETHREE YEARS ENDED DECEMBER 31,1991 i

1991 _ 1990 _ 1989 (thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

Oporating incomo . . . . . . .. ... ,. $ 76,280 $ 79,180 $ 66,742

- Adjustments to reconcile operatireg income to not cash provided by operating activities:

Deprociation . . . . . . . . , , , , , , .. 50,237 47,514 44,498 Amortization of nuclear fuci, , . 23.881 17,798 24,824 Decrease in other liabihties . . . .. . (1, CSS) (4,057) (7.690)

Other. . ..

. . (7,692) (10,118) (11.327)

Changes in current assets and liabihtios:

Revenuo fund - U S. Govemment securites 22,182 (19,188) 27,877 Accounts receivable . . .. . . . (3,385) 13,672 (5.757)

Unbilled revenues . .. . . . . 1,654 (1,015) (2.753) ,

Materials and supplies. . . . . . . . . . . .. (4,722) (3,436) (5.055)

Fosdl fuels . . , , ,. ... .. .. (2,472) 610 (433)

Accounts payable . .. .. ,, ,

(581) (9,352) (6,434)

Accrued taxes . . . . . . . . . . . . . . , ,,

(17) 539 1,455 Other , . . . .. .. .. .

16J73 _ 9.129 _20,47j

' Net cash provided from operating activities , , .

_170 1473 121,276 146,426 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Proceeds from long-term tx;rrowings . , ,. .

129,020 Principal reduction of long-term debt . . . ,,. (19,601) (17.626) (16,811)

Interest paid on long-term debt, . . ,, (59,823) (62,548) (55.191)

Acquisition and construction of capital assets. . .

. (91,552) (78,310) (101,856)

, Acquisition of nuclear fuel, .. _ (14,266) _(1,8'/6) j11,505)

Net cash used for capital and related

financing actiWties . . , . .., . .. __(185,242) (160,360) j56,343)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of special purpose funds -

investment securities . . , , ,, . .. . . (590,413) (283,719) (256.554)

Sale and matunties of special purpose funds -

investment securines , , , .. .. . .. . 599,910 288,023 171,934 Nat change in electric system revenue bond fund - current. .............. .. . .. (1,449) (365) (4,323)

Interest on investments , , . , . ,, ..,, , ,. . 17,548 _ 19,675 15.57f Net cash provided from (used for) investing activities. . . . . . . . .. . , ,, _ 25_,596 23.61_4 _(73.371)

' INCREASE (DECREASE)IN CASH AND CASH EQUIVALENTS . . .. ..... ... 10,827 - (15.470) 16,712-CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR . . , 7,916 23,386 6,674 CASH AND CASH EQUIVALENTS, P END OF THE YEAR . . .. ..... , , ..

.__')

S 18,74 _ _ . .$_ 7,916 .$__23,386 See notes to financialstatements.

i

! 19

NOTES TO FINANCIAL STATEMENTS FOR THE THREE: YEARS ENDED DECEMBER 31,1991

1.

SUMMARY

OF SIGNIFICANT Deferred Financing Costs - Debt discount and

-- ACCOUNTING POLICIES' expense and amortizable charges relating to refunded debt are amortized ratably over the lives Organization and Business - The Omaha Public Power of the related issues to which they pertain. >

District, a political subdmsion of the Stato of Nebraska. is a public utility engaged solely in the generation, trans- Safety Enhancement Program (SEP) Fort mission, and distribution of e;ectric power and energy and Calhoun Station - Certain costs arising from the other related activities. The Board of Directors is District s SEP at the Fort Calhoun Station have authorized to establish rates. The District is not hable for been d9ferred and are being amortized over ten >

Federal and state income or ad valorem taxes on years tt~ough 1999.

property; however, payments in lieu of taxes are made to various local governments. Nuclear Fuel Disposal Costs - Permanent disposal of spent nuclear fuelis the responsibility of the Federal Basis of Accounting-The accounting records of the Government under an agreement entered into with the District are maintained general!y in accordance with the United States Departmont of Energy (DOE). Under the Uniform System of Accounts prescribed by the Federal agreement, the District is subject to a one mill per net Energy Regulatory Commission. kilowatt-hour fee on all nuclear energy generation, which is paid quarterly to the DOE. The spent nuclear fuel Accounting for Revenues - Meters are read and bills disposal costs are included in the District's nuclear fuel

- are rendered on a cycle basis. Revenues eamed after amortization and are collected from customers as part of meters are read are estimated and accrued as unbilled fuel costs.

revenues at the end of each accounting period.

~

Nuclear Decommissioning - The Districts Board of Utility Plant - The costs of property additions, replace- Directors has approved the collection of nuclear-ments of units of property, and betterments are charged decommissioning costs based upon the Nuclear to electric plant. Maintenance and replacements of Regulatory Commission's (NRC's) extemal minimum minor items are cnarged to operating expenses. Costs funding requirements. The NRC's requirements are based of depreciable units of electne plant rebred are ehminated on a genenc estimate of the cost to decommission the from electric plant accounts by charges, less salvage radioactive portions of a nuclear unit based on the size plus removal expenses, to the accumulated and type of reactor. The estimate accepted for the depreciation account. decommissioning of the Fort Calhoun Station - Unit No.1, An allowance for funds used, apptrx:imating the District's when its operating license is scheduled to expire in 2008, is $114,900,

- current cost of financing electric plant construction and these costs ,000 in 1991 in accordance withdollars.

the NRCThe District is funding s requirements the purchase of nuclear fuel, is capitalized as a component of the cost of the utility plant. This allowance and will periodically review and adjust, if necessary, the was computed at 5,7%,5.7% and 6.1% for both funding level for changes in the estimated cost of

- construction work in progress and nuclear fuel for the decommissioning the plant, years ended 1991,1990 and 1989, respectively. Cash and Cash Equivalents- For purposes of the Depreciation and Amortization - Depreciation is - Qatements of Cash Flows; the District considers highly computed on the straight-line basis at rates based on the liquid investments of the Revenue Funa purchased with a estimated usefullives of the various classes of property. maturity of three months or less to be cash equivalents.

' Depreciation expense has averabed approximately 3.6% Reclassifications - Certain reclassifications have been 3.7% and 3.6% of depreciable prcperty for the years made to the prior years' f;nancial statements to conform ended December 31,1991i 1990 and 1989, respectively, with the 1991 presentation.

Amortization of nuclear fuel is based upon th,e cost 2 LONG-TERM DEBT thereof, which is pro-rated by fuel assembly in accordance with the thermal energy that each The District utilizes proceeds of debt issues primarily in assembly produces. financing its construction program.

/ Accrued Production Costs - Accrued production costs Electric System Revenue Bonds - Maturities of account for advance collections subject to refund under Electric System Revenue Bonds outstanding at

the Fuel and Production Cost Adjustment clause of the December 31,1991, due 1992 through 1996, are as District's rate schedules. follows (in thousands):

Deferred Charges - Certain costs and charges are 1992., ..$20,455 deferred and amortized over the period that ratepayers 1993_ . .$21,460 are expected to benefit. The most significant items are: 1994.. ..$22,600 1995.. ..$23,765 1996.. ..$24,9/5 20

~~ _ . _ .

The District s bond indentures provide for certcin The Segregated Fund - Collateralized Securities restnctions, the most significant of which are: represents investments in short term securities (generally,

. repurchace agreements collateralized by Government Additional bonds may not be issued unless secunties) as permitted by State statute.

estimated not receipts (as defined) for each future year will equal or exceed 1.4 times the debt Decommissioning Funds are utihzed to account for the service on all bonds outstanding including the investments held to fund the estimated cost of additional bonds being issued or to be issued in the decommissioning Fort Calhoun Stat:on - Unit No.1 when case of a power plant (as defined) being financed its operating !icense is scheduled to expire in 2008 The in increments. Decommissioning Funds include an external trust fund to comply with the NRC's minimum funding requirements An amount at least equivalent to 125% of gross (ree Note 1) The balances of the funds at December 31 -

operating revenue (as defined) must be spent were as follows:

annually for maintenance, replacements, or additions to the electric system, or if not so spent is D21 1MQ to be placed in a special fund to be used for such (thousands) purposes or for retirements of original bands Decommissioning Trust - 1990 Plan $40,452 $33,147 (as defined)in advance of matunty. Segregated fund - riecommissioning _5344 _6109 Total Decommissioning funds $4M95 $39256 in any three-year penod. at least 7 2% of general business income (as defined) must be snent for The Deferred Compensation Fund is valued at market replacements, renewals, or additions to the electric value and is used to account for employee and Distnct system. Any deficiency is to be spent within two contobutions and related earnings pursuant to the years thereafter for such purposes or if not so Distoct's Supp'emental Retirement Savings Plan spent is to be used for bond retirements in Evance (see Note 8).

of maturity. 4. DEPOSITS AND INVESTMENTS At December 31,1991 and 1990, $57,245.000 and The Distnct s bank accounts and investments included in

$57,880,000, respactively, of 7.25% - 9.35% Series the Construction Fund Electric System Revenue Bond 1985A Electric Sy? m Revenue Bonds remained Fund, Debt Service Funri, Segregated Funds, Decommis-outstanding. Such bonds are funded by Covernment sioning Funds and the Revenue Fund are held by the r 3curities that were deposited by the District in an District's agents in the District's name in accordance with irrevocable trust in 1986. The bonds and the Govemment the District's bond covenants and State statutes. The securities were removed from the District s balance sheet investments, carried at a cost of $253,521.000 and at that time.

$259.958,000 at December 31,1991 and i990, Subordinated Obligation - The subordinated obligation respectively, are comprised primanly of securities of U.S.

is payable in annualinstallments of $481,815, includin0 Govemment and related agencies and repurchase interest, through 2014. agreements (collateralized by Government secunties).

The aggregate market value of the District's investments

3. SPECIAL PURPOSE FUNDS at December 31,1991 and 1990 is $256,337,000 and

$ 65,847,000, respectively.

Special purpose funds of the District are as follows:

The Construction Fund is to be used for capital improvements, additions and betterments to and The composition of deferred charges at December 31, extensions of the District s electric system, or for 1991 and 1990 was as follows:

payment of principal and interest on Electric System Revenue Bonds. IM1 M20 (thoutands)

The Electric System Revenue Bond Fund and Debt Deterred financing costs $30,198 $31,741 Service Fund are held by Trustees for the retirement Safety Enhancement Program - Fort of term and serial bonds and the payment of the Calhoun Stat:on 20.633 20.526 related interest. Other 22,128 17.861 Total 372.959

~ ' ~ ~~

$70.128

~

The Segregated Fund represents assets held for payment of customer deposits, refundable advances and certain other habih+;es or refunds.

21

. . _ . _ _ .. . . . . _~

l NOTES TO FINANCIAL STATEMENTS FOR -

THE THREE YEARS ENDED DECEMBER 31,1991 (CONTINUED)

6. ELECTRIC REVENUE NOTES- Net periodic pension cost fur 1991,1990 and 1989 COMMERCIAL PAPER SERIES included the following components:

The District has authorized the issuance of tax exempt 19 2 1920 1939 .

commercial paper of up to $150,000,000 which is (thousands) supported by a credit agreement which expires in June service cost 5 3,357 5 3.160 $ 4,872 1993; At December 31,1991 and 1990, the District had Interest cost 17.495 15.382 13.979

$100,00C ,000 of commercial paper issued and outstand. Actual retum on assets (62,154) (9,907) (40,372)

Net amortization and deferral 41,486 (9.688). 24.396 ing. The average borrowing rates at December 31,1991 Net pension expense (income) $ 184 $ (1,133) $ 2,875 and 1990 were 4.1% and 5.9% Nspectively. _

7. PENSION PLAN The pension benefit obligation, which is the actuanal present value of credited projected benefits, is a standard-

- Substant ally all employees of the District are covered by ized disclosure measure of the present value of pension a defined benefit plan (the Plan) which provides benefits, adjusted to include the effect of projected salary -

retirement and death benefits. Employees are eligible for increases estimated to be payable in the future as a result coverage at the time of employment with a vesting period of employee service to date. Based upon the most recent of five years. Generally, the Plan provides for normal actuarial valuation on January 1,1991, the pension i retirement at age 65. In to41, the Plan was amended to benefit obhgations at December 31,1991 and 1990 were

- provide unredaced early reurement benefits at age 62 as follows:

with reduced benefits for retirements prior to age 62.

Total payroll for all employees and covered payroll for the 1231 E

- year ended December 31,1991 were $102.059,000 and (thousands)

Retirees and benehcianes

$90,761,000,iespectively; Employees contribute 4.0% of th<t er base pay to the Plan. The District is obligated t Ter N e"st employees '

contribute the balance of the funds needed on an Accumulated current employee actuarially determined basis. The Plan s funded status contnbutions 53.595 47.679 and amounts recognized in the District's balance sheets Distnct-hnanced vested benefits 60.666 52;499 at December 31,1991 and 1990 were as foliows: District hnanced nonvested benehts 10,162 10.775 Total pension beneht obhgations $222,381 $210,116 g yggg -

. (thousands) Contribution requirements are actuarially determined.

Plan assets at tair value $301,127 $247,341 using the Attained Age (level percent of pay) Method. The j ,(n "

frozen initial fiabihty is amortized over a 30-year period.

Assumption changes and Plan amendments are amrr-tized over a 10-year period;The actuarial assumptions es e b el s 161,028 142.463 used to compute the actuarially determined contribution Nonvested benefits 7,716 6.311 46.788 requirements were the same as those used to compute Effect of projected salary increases 53.637 Excess of plan assets over the projected benefit obligation, except a 9.0% discount projected beneht obligation - 78.746 _ 51;779 rate was used. Plan contributions by District employees Unrecognized transitional asset (9.391) (10,330) for the years ended December 31,1991 and 1990 were Unrecognized net gain. (91,253) = (48,155) $3,630,435 and $3,390,205, respectively, The District has Unrecognized prior service cost - 19.378 4.370 not entributed to the Plan during the last three years. All Un'unded accrued pension cost . $ (2.520) . ITf3%) assumptions and methods used for the January 1.1991 valuation are the same as the January 1,1990 valuation.-

The projected benefit obligation was determined us.ing an assumed discount rate of 8.5% for 1991 and 1990. Plan Three-year historical trend information as of December 31

. assets are primarily listed stocks; corporate bonds, and is as follows:

U. S. Govemment securities, There are no District ^

securities included in the Plan assets. The expected long. Yja^$' Penson Col t E e?s Annua! cot 4 term rate of retum on assets was 8.0% and 7.0% for 1991 for Beneht as % of Pens. Den, - Covered - . as % of and 1990, respectively. An average cnnual rate of j" f;}$ gag" y- g q;o"anor jag g".3 compensation increase of 6.0% was also assumed for qmgosanesi - 3

- 1991 and 1990. The unrecognized transitional asset is 1989 $24s243 $184308 132 6 $60.335 $79.108 76 being amortized on a straight-line basis os er fifteen years 1990 24E341 210.116 1177 37225 84155 43 9 by annual credits to net periodic pension cost. e 30 u 27 - 222 38 i35 4 7e>4s 9026i . es.8 Ten-year historical trend information, as available, is disclosed in the District's comprehensive annual

- hnancial report.

22

. . - . - . = - - - - -._ _ .- - - - -.- - - - - , -. - .~

l

8. SUPPLEMENTAL RETIREMENT SAVINGS PLAN Contcacts with estimated future payments of $7,100,000 am in effect for nuclear fuel. In addttion, the estimated The District has established a Deferred Compensat, ion cost of fumishing uranium enrichment services through Fund for all eligible employt as that allows contributions 2008 is $120,C30,000, of which $45,000,000 is by employees that are partially matched by the District. By under contract at December 31,1991.

agreement, contributions and related eamings under the Plan remain the property of the D! strict until an employee 10. CONTINGENT LIABILITIES leaves the District. The District's matching share of contributions in 1991,1990 and 1989 was $1,522,000. Effective August 22,1988, the Price Anderson Act was-

- $1.144,000 and $1,043,000, respectively. amended and extended to the year 2002. Under the provisions of the Act. the District and all otuer licensed

9. COMMITMENTS nuclear power plant operators could each be assessed for claims in the event of a nuclear incident in amounts The District's Construction Budget provides for not to exceed a total at $63.000,000 per reactor per expenditures of approximately $116,007,000 dunng incident with a maximum of $10,000,000 per incident in 1992 and $67,757,000 during later years, of which any one calendar year. These amounts are subject to '

approximately $17,000.000 was under contract at - adjustments every five years in accordance with the December 31,1991.

Consumer Price Index.

- The District has coal supply contracts which extend The District is engaged in routine liti0ation incidental to

. through 1998 with m,nimum i future payments of the conduct of its business and, in the opinion of its

. $45,530,000, The District also has a coal transporta- General Counsel, the hggregate amounts recoverable

- tion contract with minimum future payments of . ftom or to the District, taking into account estimated

$73.400,000. These contracts are subject to pnce amounts provided in the financial statements and escalation adjustments- insurance coverage. are not material.

NET RECEIPTS AND DEBT SERVICE COVERAGE FOR

. THE FIVE YEARS ENDED DECEMBER 31,1991 (UNAUDITED):

- 1991 1990 1989 1988 -1987 (thousands)

Operating revenues . . . . . . . . . $381,959 $386,648 $375,643 $350,837 $322,113

Operation and maintenance expenses 237,230 241,409 -246,204 214.703 193,173 Payments in lieu of taxes . . . . .. 14,339 14.370 ' 13,817 12.358 11.347 Net operating revenues . . . . 130,370 130,869 115,622 123,776 117,593 Investment income (1) .. . . . . 4,874 5.286 5.166 = . 4,819 5.537

. Net receipts . . . . , . . . . . . . . $135,244 $136.155 $120.788 S128.595 $123,130 t

Total debt service (2) . . . .,, .. S 73,676 $ .73,638 $ 69,320 $ 65.867 - $ 65,866 Debt service covercge . .... ... , 1.83 1.84 1.74 1.95 1.86

. (1) income denved frorn the investment of rnone.js in t50 Debt service Fund and tre Reserwe Account o' the Eiuctric systesa Revenue Bond Fund under the District's bond indentures (nesobhon No 19 and Resolution No 1788L l (2) Total Debt Servre it4 bom Resoluten Na 19 and Resobicn No.1788 Bonds is accrued on a calencar year bass omdar 10 the con putation of Net Receipts interest furoxt from bond proceeds Is not inctuced in Totai Debt Servica 23

1991-1990 COMPARISONS OPERATING REVENUES Percent mil /lons of dollars (thousands; Percent of 1bar of ' year increase 375.6 382.0 ci,secoton 199i w 1930 toecrease,

%3.0 p

322.1 () wsets .

herai servo - srnan 5154.215 13 m s 40 4 35 3 sis 2.464 13sy74 11 m s, 272.8 ' General Se'vice - Lage 76222 20 0 78.375 222.5 TR,?f: ,'NN i 1.14g 2

1 4 Je y>i .4, ocuemment and uurocw 9 ssi 2s o cas (2 71 to 4 >

L. , y c, L y . Other Electnc Utates 3 095 06 3.824 (19 1) 77

" t - i

. 4.. . . >'. l y

....J. -

f, .' Accrued UntWed Revenues . (1654j (0 4j i015 (263 0)

QL Jjp  ; . : 7, y-l )* @ q r ' '* [ 'c r .. ,.,.y'  ?( Total Rectoc Revenues $376.588 99 6 $381,137 (12)

,f' .

)y g - , .t Mescemeous Revenues . 5.371 14 5 511 (2 5) 6.h, N ,i: .. .:LSL &p. f -h Mu in L

"" " " .u. dtai o;weng nmenues 5381.9so _1po o _ $3ec.648 _ (i 2, millions of Mowatt. hours KILOWATT-HOUR SALES 6,859 (thousands, 6,628 ..

[?i class 6caten 6,261 6,11 0  %,

6,417:

t

( C ::.W ';.y Reso3nwp. . p 2A3t2es 35 4 229237s 60 e, S 5,997 w 2,372.f 48 2 2'5.647 42 D.j}.r., . . *

• General Service - Small 34 6 i

y .. y J.

1.0

>- c ' C.9%

( . ' ;.[.. M' /, . ..[. 's 7,.  : '.

o - .. j~. ... .-

N General Sorvice - Lage 1;849,141 27 0 1.83' 335 07

. , . . . . Govemment and Municipal 79.087 1.2 'o,614

/;y g  : .; $3 n ys' n' '4'... Other Ew;tnc Uwtes 153,669 22 137,166 1EO s . . ' .9

.'Sq;' (26,123) 6 695 14:0 2) g.G.; -  :., f. 7 Accmed Unbmed Mowatt Hours (0 4)

., . ; ; p:. 3..l.r

. .. r .,v, Acw .M .A Aa3 .mu  :.h

.i nu w e 6,t i-. .s e 36 Total Eneq;y Saies . 6.859 187 100 0 6.622.632 OPERATlON AND mi!! ions of dollars MAINTENANCE EXPENSES tthausands) 246.2 237.2 ciaswicat.on ff.) .y. : ..

193.2 b. '. . , Generat ng Expense . $ ?77J59 74 9 $168.07 58 172.4 Pur$ased and InterchangwJ 157.0 . .7 /.7 e< i

.'.7 power 3y34 (i5932) (s.7) 4524 4) q' . ; ' lf.s j 7.,% :lc. Y l l "

136.1 Transnusion and Distnbuten - 29.844 12 6 26.669 11 9 y.:- .; .

.;, - ,,l ..,

Customer Accounts . t 0.488 44 9.396 11 6 0

.e e . '? .. , 1 ;  ! Q  :; 7 .- Customer Semce and 4.-

; ; - informaton . . . 4 189 18 3J37 12 t 30.882 29.782 37

[.h' .7, '-

,f.

. 3lt .

ak ; . . ' .9:' "'. . .

Administrative and General 13 0 l :lyd F. L'dE. . '_ ' c N, - f.

_ ' fz s%

m:.- h."y " "* '"

Tatal Operation and Mantenance Expanses $237.230 1000 $241409 _17) thousands of customers AVERAGE NUMBER 25,. ,u OF CUSTOMERS

• 245.2 kg' classmcanon ry 4 1J8.5 it y a Resmentat . ... 221214 87 7 218.373 13

'7?'. General Service - Sman 30 626 12.1 30.t 17 1.7 5 ~ 'd'9* 99

~

8* -

- G'"*.'

4 Other 496 02 480 33 219.4 a. ' :r M Average customers 252 427 100 o 249oso 14 2291Il.~.]'E 214.8  %  %

L F hk a .

it - e , n e, - ,,s _ e -

24

~

ELECTRIC SYSTEM REVENUE BONDS OUTSTANDING (in Thousands) as of December 31,1991 g.

. . ( iW Gtt .1971109$ . 13' ?

• M l t#615 SUI ; 1 M9 i! 14 puesey imssor i te esut : ma sat 4 anew:. uus a unasos um  : me A" sms4

,_ _ ._ ___.....__u.,_.- - __

k .

-auy L- wenue ~ Amaams:

. Date I ki. - . W -Int. . Id 1% . .

im Ir4 tri - Int M M&tss Cept .

% yI b f Amu % Am (Re <- Amt2 % W Ra ; M '  % Ax :Ra Amti  % Aw  : % _ Ard ; % Aw 16 eb y . Tewo h) N . OJ ** 2 No I5.' ' t Ac , S& S I10 15 30 c 9'$ $ 40 18v' 5 to 3E 6 UW s' 2 1 m3 & 4-2 n 627?

m3 {' n ni n t. 2a s iam s ao sm ae a 5 4 no no 3sr sS -in so me - ri e - n 34e tW  !.4% ; -J.3f4 4% 24N ! $ to 1.100 5N 5W$ ' 5 40 1100

$ 63 45N 5 'N i8w L445 h 1 200 22 800 73 615; tWS [4W: 1.500 4 *+ 2LN E5 IQ t310 ~

W 6W ; W LC60 5 70 4H iE 1M 6% i 't SP5 -- b iN 2376 ;y - 73 544 y 1 1996 - J4 i194 a 2 400 .5 10 . 1.100 W 6 330 i $V 1,1 tC D 5N $ 40 4 I ?Q .7 . t 71$ ' 6b LWf  ! .70?$ ' ' 73 564 <

l n -

n. __.

i

. - - - _.~.-...n_ -

. - - - - - - n~me 1997 t .

4% 2 tXI '$ 10 1,100 W 6 MU l W 1.170 -5N 13c0 5 45 4 465 . 7.10 1.635 in i 400 . 26. ?0 73 6 & '

-me fh. i 4 2 500 m . l<t00 W 7.045 5h'. 1.235 5% 7+C '

51 4W ' 7 20 1E0 6'- t 500 t 7/ 960 - 73 955 .

1999 jdh' 1 100 Sv 2 430 ;5b* ' 110 5 90 10 n 5% 49T 7.f 2 t't0! Es f ots ' 73,4 D 74 345 }

2xe w 7 a40 w .tsm e 12 u m sm :73s t.3m sw Zw a1945 - . 74 krt z 2001  %( {j $4 4.'75 . 5 % ', 1 450 5- 13 450  % 5 CD ,7 40 2.400 6 60 2 t40 '. 11 725 7412b .

2cc2 k .- W e ns {5d 1xs r 14 m sh s ne :7vr'2tw sn a rte ' as se . n 412 -

na L W 9 2es L ov uio r ts u w su u r ois - e co 2n '

mon ns 2004 L- + W 9 715 6' 17 A10 C. n 68N ' N ' E180

. 6 TO 3 D00 30 *t) < i 73 048-2905  ? f' W 10250 F D3 SM W 6 973 W 2 365 6 70 3 000 41 13% ;  : 73 f)61 '

2pr4 7: , i 5V 10 $10 0 19 9 @ Su 7 140 , TV . 2% 64 3 N0 , 43 610 : 72.977 i 2f07 [) .,

W 9 Mb : FW . 2,770 6 '. 3 'i@ 46.05$ . *A961! t

< 2006 p s ,, r Y 100 ... N 1L900. W 103b0 ' 7V) 1010 66 3 700 30 390 '

' $4.167 l 2009 9"' 8V 13 C70 5 r 11200 17W 3 200 6u 3 60 .- 31.960 - 54.026 ,

, 20t0 E "

lr  : 6Y ' 14,441 $F 117E 7V 3 5dC 64 4 100 3J $i0 -- 54 065 :

2011 s 1. ~ BV 1$ 09) 5 90' 12 345 7W 5tE 6AT 4 500 . 36.040 - 54 205 ;

p --- ._

. 2Cf2 [u , .!' 6V. 16 M 5 9tP G Wi ' FV ' d 165, 6 80' L OLC  ? $$.45$ - R32$i

?013 i' -

-W 17J60 $ 90- 11 715 ' 6' 4$2D 68r S5W 40.145 ~ 53 C25 -

2014 g

) 5 _ 8W 18 2 % 5T*144M , ll* ~ 4 830 ' .C 6 700 44.200 ; 54.806 2

2015 6%* :191% $ F 15 215 6* 51%4 f t10' 6 900 -. 46 610 - 54 593, I. ~ .

2016 { : u, ., , , ,

l= EV _ 20,5$5 t 90' 16 775 6Am 12 Nic 49.330 - 47.911-l 2017 f y

T '

1[$ .O .

6V12t N0 6 80'- 1242 I 3( 240 7 N5

, *.- -+

__ _ ~ _ _ _ _ -

W h' . _ d 3^

, . . 2 z

Quts:mmg [ %5% 16 700 . BM; 114 4A1 14.E75 1K N 17U 000 205 3t0  : 65 130 96 911 , dal 725 i. 161304

[Yl

~

3 pg E

- _ Ox to

. 11 71 91  :. 11,800 20 ? 00 '11400 M Sia 10,325: 9 650 23 S:0 15M i1M --.163 205 j ,

-, - - - .m Ongm4 a- lt.> ~

hsue f ?.num[- 45 000 - 20Rd 170 000 25 Ct10 2v0 00C 170 000 a 200 70 130 IN 000 t t054 930

' Term Smas "The 1985 Se:n A &;.N ku en e.mM b W 1*e Leres 4 %*

1 25 J

ELECTRIC E'ATISTICS 19 9) 9 90 1989 N88 1937 1986 1W35 0 84 083 D82 Total Utility Plant, including Nuclear Fuel (at year eM)

(m thousands of povarst 1,986,679 1 897.546 1.824.757 1.735 054 1.646 734 1,56 I MO 1.495254 1.425 461 1,3f4 553 1.323 435 Bonded indebtedness (at year enc')

(m thousands of do#rs) . 891.725 911265 9'8 835 845.595 861f05 876.945 88a r ,5 833.350 646.505 859.135 Operating Revenues tin ovusands of donws)

Restdental . .... 154.215 152.464 146 C 3 137,105 125 095 121,541 111,975 116 368 108 722 89 949 Gene <af Seance - Sma# 135,059 135.774 134 821 117.711 108 543 105 445 97.321 98 300 81e80 72A95 General Seryce - Large . 76,222 78 375 72 416 61 637 57,561 57.776 55.360 55 444 46 226 41293 Govemment and Muntrpal 9.651 9 685 8 417 7M1 7.726 7.574 7.388 7.099 6.519 5.570 Otner Eisctne Ur %es 3,095 3 824 f P25 20 592 18 623 17,395 21 451 25.129 22 958 21.867 Accrued Unt#ed Revenues . (1,654) 1.015 2 r63 674 211 (2.482) 5 500 @00) 1.900 (B001 Mmenaneous . 5.371 5,511 4 963 + M7 4 354 4249 4 041 4 259 3.642 2,945 Lta/ . 381.950 386;648 37b 643 350 837 322.113 311 498 303 036 305 999 272 847 233 319 Operation & Maintenance Expenses Charged to Operations (in twusands cf dolws). 237.230 241A00 2462D4 214 703 193,173 188.099 172 438 177.0C t 156 950 145 666 Payments in Ueu of Tax 4 (in thousands c/ do/! art) 14,359 14.370 13 817 12Xe 11,347 10 968 10.107 10292 9.034 7,565 Net Operating Revenues before Depreciation and Decommissioning (m thousands of do%sts). 130.370 130 869 115 622 123 776 117 593 112 431 120.491 110.706 106 863 80 %

Net EarNngs Reinvested in the Business . .

(o thousands of do#rs) . 35,200 40 337 29 584 36 929 31,020 28016 40 256 40.007 27.929 1.880 Kilowett-Hour Sales en tMusands)

Resdential . . .. 2.431,265 2 292.975 2 246,496 2.311242 2,153.681 2.109.493 IM 119 2 041 395 2.115 696 1.898 606 Genera! Service - Small 2,372,148 2.275.647 2.304 856 2246353 ? 130,425 2.073.d47 1.926.936

• 940.767 1,830,190 1,743J4 General 5ervice - Lage, . 1,849,141 1.831f 35 1,713 362 1.655 600 1.562 108 1 535.819 1.497.052 1.471.372 1,384.986 1,334.043 Government and Mumopat 79,007 78,514 77 215 76 133 75 622 75.356 75 279 74 696 74 781 74.388 Other ElectW UtAties . . 153.669 137,166 44.935 961298 719 807 405.512 529 759 691.792 590 987 501.704 Accrued Unbmed Kdowatt-Hours . (26 123) 6,695 29 914 17.010 t13 682) (56.1041 114,720 bral . 6,859,157 6 022.632 - 6 416.778 7 267.636 6 627,951 6.143.523 6.109 865 6 220 002 5.996 640 5 552.545 Number of Customers (aVerQQe fel yVM)

Residentel . . .... 221,214 218 373 215,194 212.324 209900 205.538 201.662 197,750 193A38 191 808 General 5ervice - Small 30,626 30.117 29 433 28.731 28.109 27.623 26 966 26.271 25 245 24 264 General Service - Large. . 91 90 75 75 76 76 75 73 73 73 Govemment ar.d Muntapal. 491 475 457 433 417 405 391 400 392 403

Other Ectnc Uteties. 5 5 4 5 6 7 6 7 7 8 Tofat , 252.427 249 060 245,169 241568 238 508 233.649 229.100 224.501 219.355 216.556 Residential Statistics (average) kWh. Customer . . . 10.991 10.500 10.439 10.835 10 261 10263 9 750 10 323 10.926 9 898 Dollar Revenuatustomer_ . 697.13 60818 680 59 645 73 595 97 591 33 555 26 588 46 561 47 468 95 Cents 6 Wh . 6.34 6 65 6 52 5 93 5 81 5 76 5 70 5 70 5.14 4 74 Generating Capability (et year end)

(in Mowattsl . . 1.883,300 1.867200 1,667 930 1.823.000 1.846.900 1,892,300 1 896200 1.994,500 1.997,500 1.997.500 System Peak Loads (in Mowatts! . L605,900 1.652.300 1.597.000 1.600,400 1 532.700 1 431600 1.331 200 1.383.900 1.411,500 1.330.200 Net System Requirements (Mownhours e thousands)

Generahid , ..... . .

9,129.971 7,721.410 7202585 7.756 360 7.511.779 7 322.990 6,850 069 6.712.772 6.302.725 6255287 Purchasco and Net Interchanged . (2,038,980 (864 931) (426 299) (1.t_ _ 747) (1.237.120) (1.187.400) (915.987) (860,3821 (483 636) (868.271)

Net. 7,090,991 6.856,479 6,776266 6Z5 613 6274659 6.135 599 5.934 082 5.852.390 5.819 089 5.387.016

( ) Denotes Neja!Ne 26

, , ,. g - ._ . _ _ _ . - . _ _ _ . . . _ - , . . ~ . - - ~ _ . _ _ . _ _ _ . . _ .

-i ( .

.... i

l

!O P-P.;D- C OLR-P O R A T E O FFiC ER S

- Frank J. Wear -

i Chai_rman of the Board Keith B. Edquist --

Vice Chairman of the Board ,

i John K. Green Tree grer ~-*

' Michael J. O'Hara, Ph.D.

Secretary ,

3 Fred M. Petersen

- President Chief Executive Officer

. . . Eldon C. Pape Executive Vice President -

Chief Financial and Planning Officer Assistant Treasurer Assistant Secretary William C. Jones Senior Vice President William D. Dermyer Vice President ' ,

. Kenneth S. Fielding

-Vice President Dayton D. Wittke, Ph.D.

- Vice President 4

Martin L Champion -

- Assistant Treasurer -

Assistant Secretary L

. John W. Marcil

. Assistant Treasurer s Assistant Secretary L

~

Carol J. Kelley Assistant Secretary .

= Robert C. Learch Assistant Secretary Michael J. Czerwinski Assistant Treasurer-

Charles P. Moriarty Assistant Treasurer Richard C. Sha

1eyfelt

- AssistantTreasurer 4

27--

, _ . _ - _ , . - - - -. . _ _ ~ ,

Omaha Public Power District Energy Plaza 444 South 16th Street Mall Omaha, Nabraska 68102-2247 A business managed, publicly owned electric utility An equal opportunity employer

__ _ _ _ _ _ - - _ _ _ - - - _ _ - _ _ _ _ _ _ _ - _ _ _ _ _ - _ _ _ - _ - - - - ___