ML20098C776
| ML20098C776 | |
| Person / Time | |
|---|---|
| Site: | 05000000, 05000515 |
| Issue date: | 12/31/1974 |
| From: | Warren F PORTLAND GENERAL ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML20093C821 | List:
|
| References | |
| CON-WPPSS-044, CON-WPPSS-44, FOIA-84-603 NUDOCS 8409270197 | |
| Download: ML20098C776 (450) | |
Text
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8409270197 840824
.' PDR FOIA COHEN 84-603 PDR 3- !
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Operating revenues. . 5 46,'00i,158 ~ "S1241832 7? IJet income. S 32,918,143 5 26 015 U Average comr.'on shares outstanding . 12,125,00.] 10.50;: Earnings per share. S2.17 U~ T Tctei cc r. mon sr. ares cutstand ng . 13,500.000 10 nr;'. - ~ Earnings ner share . S1.95 : ' Dividends cairl por com/non share . S1.51 S '. " . Operating payroll. S15,703,236 S 13.982.2:. 12 117 " Construction End other p'.syroll . _ 14,493.277 = ' Total payroit . S 30,196,513 S ,26 0 99 5 ? Taxes-Operating: g Taxes other than income taxes. S 14,322,520 S 12.745.01,' laxes on income. (830,348) 2.219 00 _ Total taxes. S 13A92,178 s 14.90 '. . ." Utility plant construction for year. S153,581,028 5152.106 OE: _ Kilowatt-hours sold (in thousands). 11/ 02.004 11,563.3';- Customers (at December 31): , Residential . 347,671 333 1Ei s Commercial and industrial . 44,3e2 41.E . E' Miscellaneous. 1,293 1.CC Total customers. 393A11 380.M: h Average kilowatt-hour use per residential customer . 13,733 14.1c r r b' Notico of Annual Mccting The annual meeting cf stockholders wil! be held at the Port:end Genua! Einh!:
, Company Scnice Ccnter. 3700 S E.17th heque. Port!and. Oregcn. Apm :, ; L ';
at 2:00 p m /.dvcnce 9:anderd Time.
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i This remrt ta3 Lcon in r,sid fe.r the intctmain;,o of Siockha!ders F.rd amdoyer.Of thc comxny. cnd is not intended to M us9.1 in connce. ton with eny E! salo, ofie ts se!!, c.r sche:tr'ica of en c'fer to but
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i-t 121 1 Quarter ._ Fir at _ _ _ __Second. .. Third .. R,!- Operatinn revenuca. .S42,046,133 S34,30.208 S31,02:.:.S 45 Income taxes. .S 59,603 S 1,314.T307 5(1.2ia.20.6 r a ('.'., , Earnings availaMo for common steck .S13,020,000 0 :.5/3,703 . S ?.6':0.P ,
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q Common s!cck (1): y Totat shares outstandin2 12,000,000 12,000,003 12,003,0M 1' CC.~e Earnings per share. S1.006 .S.715 S.3:2 sL ,-- Prico range . 19 %.17 % 19 %-14 % 15h-13 147 -- r Divider.ds paid per share. S .37 5 .30 S 20 : t. -~ Preferred stock-divicands psid per sMre (2)(3): 9.76S serics . S 2.44 f2.44 S 2.4.' E' 7.93% serics. s 1.9s% cimu 31 s h r;" 7.68% series. $ 1.97 S1.97 51.97 Ti.. K 8.209, series. S 2.05 S2.05 42.03 f y.N - 1973 Quarter Fiist Second Th;rd l'ou J E Operating revenues. .S33.594.657 S29.623.454 527.390 GWO ; 223 $ Incomo taxes. .S 1.070.370 S 488.978 5 233.349 5 421 ' i Earnings availab!e for common stock . .S 9.968.860 S 5.073.920 S 2.391.412 S O 934 CJ . Common stock (1): Total shares outstanding . 10.500.000 10.500.000 10.500.003 iO em i Entnings per share. S949 5483 S223 . u. Price range . 225-20' > 21 % 20 20 - 18 ' 19 . , Dividonds paid per share. S .355 S .37 E .37 : F F Picle' red steck-dividends paid t.ser share (2)(3'. E 9 7C . seiies S244 SPA 4 52Ai ;.
- ser;ce, 51.93' 51 0:'.i E1 .
F s &i scoes. S - S - 51 91 'i B.20 , Seties 5 - S - S - 2 lia 011he to ,.w 5:.e Euenw is:r.c rn.: M c A.v on v.h ch tc.4 Cor.any s cs nwn su A e tu 'e:t , (?) The Cmmy s outstawn 1 woes cf Pu feu.1 S o am not Istat m an och.rw aw ir.c r iq:e ci tx:: ..no cg cw '.cos u - aan.v. A 7 (3' On .tavry 23 1N5 tr." Co or ::. w rd E @ ut( 6 __ -_ __ 11 !.a1 Miy . C:.__= nJ cui' I'rthirN_ _U n w L,ctc h s.: i N m..
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Tetdo of Contents J' tj- - Highlights i insido Front Cover [ Presidenrs Letter 2 3 L Rata inctease"2,6 f)i Financing-f 2,4, G I-Operating Statistics A i -Berr Gor. crating P; ant 7 - ; } Trojan Nuclear Project - 8 i j 4 . Energy Conservation ~ 12 - j Rese::rchtnd Development 116 ' Financti Review Section ' 17 ~ Troian nucicar piant was es per cent corno'ete as of Balanca Sheets 18 19 year end. In the center forooround is the Vi lte s Stitementsof Capitalization 20. . information conter. Actoss the trating lake is tne g! ant 49310o high coonng tower. aiIno n;;ta.1r.o Statementsofincome 21 ' domed structure, at the left is the conteir*r%nt Statementsof Reta.ined Earnings 21 t>ulding wh;ch houses the nu:Icar roottor. T.t c paa!
- - is due to go on line in late 1375 or es.riy isis.
St:tementsof Sourcesof Funds 22 m- - - - - - - - Notes to Financial Statements. 23-28 ' Rtport of Independent Public
- ' Accountants 29 Mr.nigement's Discussion and -
- Analysisof Statementsof income- 30-31 Service Area Map 32
' len-Year Summary incido DcchCover Directors and Officers Ccek Cover Fisp 9 Y s
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. 1974 and most of our customers contina Our report to you this year emphasizes -- to conserve electricity. Even the wee:%r the fact that .in many ways 1974 was a
.' very good year for PGE By the tra ditional. _~ cooperated thus reducing by producing our ecosure to hi<jn c'.ea m X measures of financia! success this is. petroleum-generated cower. It also-11 ' - certainty true. Earnings cer comrnen ' appears nou that .the snovoacm it, $ -
% share were 52.17. an in ,rcaso of GX c <er Columb:a river s:crage sea w.3 la ma 1973 This is a s;gnificant im:;rovement in than enough to fill the rcgt:,r. s -
view cf the fact that average common hydroelectric storage reservoirs so ths' shares outstanding increased from 10.51 adequate hydro power will be avaliab!e million to over 12.1 million during the year. through the fall and winte* of 1975 Operating revenues were sligntly over During a time of uncertainty in iha y- $146 million, an increase of 17% over last - financial markets the Company year. Net income before provision for - successfully sold securities which preferred dividends was almost $33 - produced $116 million. This included 1.5 million.an increase of about 24% million shares of common stock in !.'me-
. over 1973. 1.5 million shares of common stock in More than 10.000 new residential September. $40 million first mortgcge J customers began receiving PGE service in bonds in November and 300.000 sharc:.
- =
of preferred stock in January of 1975 n We are particularly pleased with1he
,, , \ acceptance of our securities b/ peo.9 m - ~- -
- . . . _ , , who know the Company best: thct.e b <
- service area, in Oregon. and en the i .
t i 1- } Coast. Ourofresearch 30 per cent indicates the $40 million iri fitst that
.. cm mortgage bonds and an caus! pronon er ll8 . .. .. .
i d of the 300.000 preferred shares scM h
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r January 1975 were m. chse by l {!I JiiI " investors in the Pacific Noqheca N c 3
-i ~,! * <- f !! the sa!e of 3 million new smrec of 1
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'mj bycommon stock, about 62 r er ecn! ir, iJ ?
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shareholders in the thrr a Pee?: Coast states.
. , The Company received a rdic incw l,, a of 9.7 per cent which wr.s E5 per cet + r '
t, { what we recuested.We codcist.te the i,' i
. :s need for additiom.I rate increane; it.
- suppcet the invstm-nt n-c." x a
-( i f;c.;ty eco-ri :t J S& rustion it t.'!:t c:ing prCVi dO thS plant 'eQuipT L'M C?'ff -
desiewi. cw4 woenMed an 1 kne. cud to ts to render reliable elcctric se;vice to j; a pu-f bino:Ma. ' our customers.' t During the year we ccm:leted insN. '.c
? of the 433-megawatt Scaver cembe.- -
turbina p! ant, pcrt of v<hich v.w bec , - t by long-term leases. We ciso conchte ,
! negotiations for accuisition of a se n.
! Arkngton, Oregon (i ebb!e Snnny i v l will accommodato tv.o 1260-maps.wc" i nuclear generating plants. We aie ia ti
- I final stages of acquiring a si:e twr Boardman. Oregon (t;rz Cnrty rca: .i
; site), on vehich we p!:.n to Iccrc a 502 megawatt coa!-fired p; ant and up to i.;-
' 1200-megawatt-class nucicar plan:t. A 20-year contract for low sul;ur Rrecky l Mountain coal is under negotiation to u --- ~__ ~ ,_m -_ d assure an adequate fuel supply.
Our conciruction program is isce and .. e are investigating alternatives 1o tho traditional financing methods of r.ortgeu debt and equity. These include possib!2. , third party financing of all or a por tion , of the proposed Carty coat or Pebbia ! '. Springs nuclear plants. We are n;sa i analyzing saic-lease back of our pianv; new headquarters comp lex. f-f 2
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IThe cxercise of skill and ingenuity to . ' Company of cdecuata pl ant locations to reduce costs;without sacrificing Quality - meet our generatinC requirements
/ of service,is on3 of our major efforts. A . through the 1980s. Our long-range plan
- ?6 per c:nt reduction in the construct;on is to tailor our construction program to fit budget was possible because of a ~ . tne anticipated electric energy I j
? carlfully revised load forecast which requirements of our service area and to permitteri postponement of comoletion' fit the financial capacility of the Company da' of .ome clanned generating plants The primary means of accompl!shing this
. ari, 7 tension of normal system additions goal is to maintain enough flexibility in -
over a longer period of time. - bcth our construction and financing , 1 Transportaticn costs have been cut by programs to permit us to adapt to i using til vehicles and power equipment changing conditions. longer, As customer density in our service The next few years will be challenging for
- area has increased. changes in our Company and the entire energy distribution system equipment plus ~ indus'ry but we believe the challenges
. incr:ased productivity have resulted can be met successfully.
in savings. Sincerely, In the area of customer service,
- installation of a direct entry system .
' combined with rerouting and consolidation '~
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. of meter reading route has effected f.
savings as well as resulted in better '. customer relations. Despite the fact that Frank M. Warren President nearly 70 per cent of PGE's costs are .. associated with generation, we are February 14,1975 continuing to make every effort to hold costs down in all areas of the system. Specific action was taken in 1974 when ;
' review of our load forecast indicated a
, moderate reduction in growin rate-from ,
cight to nine per cent annua!!y to about . seven percent annually This pcmutted us to reschecole the two Pebb!c Scrings nuclear pianis frora 10C182 to 19C2-ES. and the Carty coal plant from 1979 tc 1980. The Pebb!e Springs and Carty sites, assuming arspropriate regulatory- _cp revEts uc reci,rciamt tha _ ._. ,
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- Frank M. Warren. President, and Rcbeit it s? o*!
.l (rigt.1), Executive Vice hcddent.
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.' dividend reinvestment' service ~ At
~ {0porating' Statistics ( ~
December 31.1974.422 empfoyes ere
. participating in the Emr.,icye Stcck f - ;. Purchase Pian and have inves:1 mm
'f . - than $ 751.000 s;nce its interacn in D7 2J l " Common cividends o!!ct tax t;rcuk:
' i The Company estimatcs ihm VJ rs cc c
! of the common cividend paio .n 19,'4
. represents a return of capttai.This figurc
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j 'is subject to final determ; nation by the : Internal Revenue Service,Th: n' r.:* ,- : v portion of such dividend may alsn o.uatW
< q as nontaxable return of capital in svncs.
5 such as Oregon, which presently f ol!ow the Internal Revenue Service method for - purposes of determining taxable ir;come. Stockholders should consult tax adviscrn.
' ) " Financing done in severa! ways"'
-- -- u The Company financed its 1974 1 Total kilowatt-hour sales in 1974 were ' 1975 the CompanVs Board of Directors r +< + ~~ ~
slightl/ below those for 1973: 11.4 billion declared a dividend of 393c per share ;
.kwh compared to 11.6 billion kwhc payable April 15.1975. t
- However after adjusting for sales for ,Thisis the 15th consecutive annual I I
r: sale.1974 energy sales to ultimate increasein dividends and raises the customers were almost identical to 1973. indicated annual dividend from $1.52 - l' 10.8 bill, ion kwh this year compared with per share to S1.58 per share. l 10.7 billion k.vh last year. - 1 Dividends paid to the Company's : Most of tho lack of crowth was due to preferred sharchciders v cre 56.577,000. conservation and warmer than normal - weather.While use per customer dec!ined 4,496 . Atpreferred Dacember 31.1974 the stockhoidcrs. Company During the had in response to appeals for conservation year, the number of common sharecwners starting in August 1973 tott! load held. increased frem 43.768 to 53.189. about even duc to the continuin;; Edcition
- of new customers. Since September 1974 'Tns Ccmt:n/s Reinvestment Service Automatic t.nd the Emp!cye- Dividend'
. totalload and use per customer Stock Purchase Plan continue to be well
- experienced an upturn. Lccds tro received At year end. 3.469 stockholderc
- currently projec'ed to grow at about pg g.;regeri S1.317.OOD thrnitph thre '
roven pe r cent p?r year. a reduction irnm 1 ( ji 0ht per ccr,t to ninc p;r cent , . emerienecd p,ior to the f a!! cf 1973. , 1 "Opercting icvenues u,: 17%" !
'letal operating revcnue was up 17 per l j
cent to 3146 million and net income , increased 23.7 per cent to $32.9 million. ' After provision for preferred dividends. income availabic for common stcck wss S26.3 million up 23.3 per cent over 1973. , Earnings per common share for the year - .' ! were 52.17 which is En increase of 6.4 l! per cent over the 52.04 earned in 1973. The number of average shar es cutstanding :! t increased from 10.5 million for 1973 to ' .l 12.125 million for 1074. , f!
- The common stock quarterly dividend i tl was increased to 38c per share from 37c 1 '
l CHective April 15.1974, On February 11. 8
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with interna!!y genert!cd funds.. ! easing - s short- term borrowings and the safe of - - -" U,ecurities;ln March 1974,1,500.0001 ishares of common stock were soid, and ; Lan anti <>naf 1,500.000 shsrcs viere sofC in September 1G74,in Nev6mter 1974 .
- 140 mdi:on of 10.5 per cent Itra mortgnge iperf *icre told to mature in 1980. At - _
yea, and short-term bank loans werc . e c 552 m;tlion.The Company ha arrcnged = s separan financing for its nuclear f uci ar d ' ,
- at yearind 527 million had been financed: ,
J A description of the financing agreements a ,
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, is contained in the notes to financial
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; statements. . i
- t in October 1974 PGE finalized a 25-year -
ziease arrangementf or the Beaver t rj I-- combustion turbines with an effective -
' int: rest rate of 6.56 per cent. The lease ,
,, i!$
' covir3 the generating coulpment which . ' $ +
? cost approximately 329 mi: lion-land, oil
; storcge tanks. switching f acilities, etc.,
are not included.The Company may buy the equipment at the expiration of the ' lease t:rm at the then f air market value. ~ ,i L . In 1975 the Compnny's construction i program is estimated to b9 0140 million. J nct including the ptoccsed new L headauarters comp lGx which is exoected
! to be financed by a sele-lease bcek 1 arrangement ,
The Company's financinc p'en for 1975
. includes tne Janu0ry 1975 e-Je of 300,003 snares of 11.50 per cent.
5% sinLing fund. 0100 par value i preferreo stock. i
- In addition. two i?sucs of first mortgngo " ^ "' ' "- *" - ' ~" ~ ~ " ~
- ty Ms aro plenoc<i. Wh ia toe EOM 05 -
- 4 k n Enh vi-a iwwr. U c . a.c w. u
- m:* rcogc.cnd uptotviom;lho t swes
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' ct c...imon ttock are exorccted to be eo!c. } "*t3h 62'
. The bonde are planned for sse in Apri: -
1975 and in the fall of 1975.The common 1 stock cale is expected to be concluded , during tha Ime spdng o carly t.ummer i ' of 1975c ' j
!. PGE has entered into an agreement with the Port of St. Hylens. Oregon. to provide i Up to 360 million of financing fer tiie pollution control f acilit:cs at the 'Iv oisq nuc; car p't.nt.Tne Ccmpany wil! lease the .!
= facilit;en to the Port r nd in tura sub!ws .
l , . the f acilitice from the Po:t. ; In Neveinber 1975 the Fort inued W million of 6'1i per cent short-tenn 8 i 1 pollutien control bonas toinnks on a privat 0 placement basis, in November - 1
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1974 the 527 million was extended to L.- = - . May 15; 1975 at By per cent. P:nding a rt "ng from the Internal Revenue Service,the Port and the Company expect to conclude
' ' agreements covering the sale of two
$30 million issues of long-term tcx-exempt pollution contrel bo:1ds in 1975.
a pottion of which will be used to refund 1the existih0$27 million short-term bonds e e-5 7
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r = ~ ' y , 7I "R*ith reli;f giant:d-more requirer Idependent on changes in the mer.e/ .
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I: . rnerket.' construction costs an-; icvN u ay . .' [ The OregonPubhc issued Uality Commissicne an order whict grantedof
. ' < cower consurestion. Even vntr. in ";
,. N ' 5 the Compeny a 9.7 per cent r: .e increase encreasts the Ccmpt.ny S hvS e.20 r, s j effective December 23.1974. This order will be below those in most crrgs a rA -
i allowed an 8.8 p5r cent return on ra:e - country and this tMer/r: pcsircr. 4 1 br.se nnd 13.5 per cent retorn en comnion racccted to remain
. . equity. The Company's reqJest for a rate. ' Tr.e wea:her was gooc to us in 1Ne i j increase includid an application for - ; providing above-average r6ir.iaK era
,f L authority to recover possible excess - snowpack.pluswarmerthan normaty " -
-J power c0sts dunrc the is!! and winter. tempsrature;. The result 'cr W I months of 1974 75. . available low-cost hydroelcctre p n.-
- On September 3.1974, the Commissioner. and less demand. This reduced the j, issued an order permitting the Company . necessity of higher cost combustica j to recover power costs in excess of 4.8 turbine operation.
mil s per kwh during the 1974-75 winter. "Bonneville agreement a big 1:'ctor in un-l The power cost adjustment was applied to 330 million power cost saving in
; by adding 2 mills per kwh to all bills .
1974-197C" - beginning September 5.1974. The order : The Company's 1.5 million kilowatts of
< stated that the adjustment was to . hydroelectric resources. either owned r-continue until all excess power costs - under long-term contract. w?s furst-were recovered. supplemented byan ExchangO A2:Em
- Excess power costs through December with Bonneville Pcwcr Acmtrustrn0-1974 were less than anticipatcd as a ~ under which the Company apreeo to te.V. '
result of favor;ble weather condnions. ti5billionkwhduringoff-peakhoui2in. t
. water cond:t i ons. and energy purch &ses. . pcriod August 1.1974 throu;;h ApN 1FE As a result the 2 mill adjustment was
- reduced to 1 mii! offective January 7.
; - 1975. Because of continaed warmor--
i than-average weather during mcst ol
! January 1975 tne remaining 1 mill charge
'i was suspended EUective w th bilkngs '
) inht v.ere meiled Fctrusty 5.1975.
iho Co.nc ry exoscis to resd re:o . l,.Kj%Q$'j,.Q((MG,N,.(( { incter.ses 25 ner c:nt inin1975 thec.nd ran;;E cf 15 per tv ccnt m e to naproximzic n,i., ma: , u ,, e <.n e . ,r ,c m
. 10 psr ecn!in 197 G.The amount arJ i .9 s - o c.uM, M 11 e e m
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e_ . _ _ _ - _ _ - - _ _ . Tree exchenge staius of this energy will - " Combined cycl? addition bei g planned ' te determir cd cs'of August.1.19/6.' At .f:r Beact:' An additional 160.000 kw w,thout i a cent - that time if BOMevillo's reservoirs hwe (Aen substanti;fiy fill % in? Company ; more fuel cost is the beneut of the mi:1 pay fo* the encrgy in cash.-If the/ are . : ccenbened cyc!c addition to the Beaver not subs:arnially fWed, the Comdsny ' . plan *. kt ecuted for comp!ction in 1977 - t;utt '#tum ine enercy in ecual rwith y; et en cstimated ccst of SSG millicn these - inme'4 J until April 3bJ 1977. cxcept that L . uni:s cooture the high tempsrature stact t 3 the txtent the Trojan plant is not then gases and reuse thcm to generate . _ .
- cperab;e at full capacity there wi!! be a addgional electricity in conventional .
pro rat 2 reduction in the Company's turomex l The Beaver compfexi ,s situated on .
- obligation to return the energ/ in kind,. ;
With the amount of the reduction being : 125 acres of Company owned land and ,
' paid for in cash at the rate of 9 mills _- includes a dock that will accommodate J' per kwh; ; barges or ocean-going tankers, a rait line.
- The(ffecNf the Exchange Agreement _ 3 and fuel storage facilities. ,
' and improved operating conditions was to ' ,
- reducqthe Compcny's exposure to
. cxcess power costs during the years 1974_
and 1975 by approximately $30.000.000. i Beavsr combustion turbino installation
-on line. On time"' *
> Ybth g:nerating capacity approximately c coualling that of Bonncville dam, the i { 1 . f439,004kw Beaver industrial type i '. ~ Nmm'Jm'wr m
- combustion turbine plant was available to : '
J Generate power en August 1.1974 ' precine!y as scheduloiThe units are
^ - designed to burn a wide ran;;e.of fue!3.- '
- including crude oil, a variety of petro: cum '
nis,tillates or nature.l pac. Total coat of '. f acilities will be $69 m:!:icn_ cf which S20 rail! on repre ents th cost Of p;neri.fing
- cou:pment which is Ocing temJ from f;nancing institutions. '
The turbines are expectec'to be used <
!Primarit/ fer peakiap reruirerncnic c: to
- meet er.$eTency enerr y nac<.;sl h?y cn
;be fb up cad ready ia go in 20 miats -
--cr ::, oxtreme cmergenc:cs that timo -
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o 4 o I i i s... .-- - ....... -. - m a n' Modctr' techniques enab'r'd PGE to set ca'es for Dona'd J. ErocN. Manse, f Jutler Proiccis tad transmission tino over rugyd tc' rein from the - Joseph L. Williams (right).Vice President. S f , Boaver p; ant to BPA s Allston substation. Engineering-Construction.
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MGCWugiff@F@/WTAYryen ni.cir ar %ncrer. red cost @us Io interest d ring . scheduled for 1932 and Un;t =2 in iL . plant i; being apedited as much as construction, labor and cnginc:rin0 cnd Thirty (sr cent of the design work cr. m
- possible with additionct manconer, disi ;n changas" first unit is a! ready ccmcto:w N; supervisio'i an'J equioment be;ng The est.m :ttd 5375 million cost of Troian nccessary land has teen c . cum ",
- suppli6d wherc/er procti r.l. Tris stage is up about 9 per cent over last year. The The pre!:mmary c:tirrate n' :hr. teri c .
of conMrc';! en is mucn it.c re :chmq '.he increate iefice: . the e/tenced rariod of fr the first r.uc;r .r r;en: m n : - -
- finn, herg c:cge ci L h';um. .there De a ccndruct n and tr.e rWr ccy of oi :1,003 000.Og0 w ;1 f, C . '
myred of cractmo r.nd to cc ' uma.g - rnrnr./ itter cnd erT.nwmg cxclu: ave ci trcnsm.3:.:c in.;u -
- to comp lete Operatrcn is cchedu!cd " License fcr 40-year Troicn operation project is excscted to be ic? 2.j u..r.e -
I.
. . ! ate 1975 or early 1976. expected in next few months. No further the Company and otner Northwer: U'N-f.'icre than 160.000 vicitors toured the pub:ic hearings required? under arrangement; s rn*r :S :-
Visitors informat;on Cen;er at ino sua it appear c that the green light is on for rnade in connection w.in inc Trc;an
. A spot survey showed that 68 per cent Trojan licensing Ori February 4.1974, plant, with the Company 5 c7. net sh!p viewed the exhibits favorably. 5 per cent an Atomic Safetyand Licensing Board share presently expected to be unfavorably and 7 per cent were made find.ngs and issued an order 65 per cent.
Undecided. authorizing the Director of Regulation of the Nuclear Regulatory Ccmmission (NRC), after making requisite findings. to issue an operating i: cense for 40 yects.
. __._m. The Company expects that the license as ._ ~ , , . , ,
.,.--] requested will be granted prior to **',
- presently anticipated for:i loadm'; data i"Pebb l one c!c Springc hoice site tccomas fer next nucluar p!snt? numbe-r
- Because the U S. Navy has not been ab!e ,
to find a suitable end accep:an:e alternate , site for its air training fac!'ity at Boardm9n.
. the Comcany is now p'snning to bu:Id P e next tfro n.fc!c. r p: ants ni tP.c 1200 CDS-kifonatt c! ass at the Pctb!e Sprin';c sne.
which is th'ce n6ies southeast c! Arlington in nortn c;ntra! Ore ^on. All nuc!ctr wo::: ha.s been thifie:! to thct loc %on ', i : cDW!C'.GD Ci Un.; - 1 1 I t E i 8 6 I 6 9 t I
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EYh6 Compar y anUcipates n I mited work W.e Company ha, recei/ed cc 31
'authorintion from the NRC in the second . prospccting permits frcm the S: ate of -
cuarter of 1975 and a site certificate f om Alacka cmbracing about 4 EGG 3 acres tne State Nut! car and Thermal Er.ergy located abcut 100 n. des r,c-th of
' Council try m:d-summer cf 1975. Ar:cl'oreg : end bergan core criiling caring s ) he Ccmpan/ h6s contrac:Od fcr the mon'h of Dectmbre 19M but b7.d nufi:':!ent vrcn! Um f Cr the initt nuc' cst //f E;her cGu ?d 6mnt<re;5xe um.i . ;o'o a' Pcttle S;>ings Und r-1 wnicn spong if such dat:irg inoiu.:ec incra is a v;i!!l er the first 1//o yerrs of operation signibcnnt ornount of cconcm~cN;y it hsaiso contracted for ennchment recoverable coal. the Company would services an.) fabricstisn for tnis and prob?b'y cerfect rzrarmmems nnd adcittonei cores but not for reproccu.ing. commence surice misung ectivity, but ,
i No ur nium has yet been procured for there is no assura.1ce that economically . P;bbb Springs Unit F2, although the - recoverable coal will be developed The ! Company has contracts for ennchment tentative plan calls for rait transportation , services and fabrication. frcm the surface mines to Seward. somo 200 miles south, and water transportation i to Orecon. Also as the technology I advances. coal casif; cation is snpther L._. _ _ , , , , , , , , _ , _ , _ , _ , , _ . , _ . . , 7- _ ..,-_._,. ,,, ,. , possible dimension. I
, . 4 i h'.cp sby : tocat'ra c.? /F rT;] ecres nortti of I,r. tn t cc 1:r v3r:n i;.~ r:rar, ,n y ns tw;d t wl rrosr,:::a.g p :w..:s Co ' wiim of rv rmi cr.J weter tar,sp ;,:t from t% s'.irkr.e r na c,): etion Frimitive bwu!v of A!a:t.: aboer.r# in arca of I'GL t.
esp'or:.W/ (; -ng hr(ca r;: rv;;s r!. rent:0 II l "C*t TS r.:V f- N u it.n;Tr; C.; rGt 01 syght bg U M iaf W j. Sy; na(P.cf.r.ur*.
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Now Western Dvsen Center compic x is cc::sinered g r to be can of the most rutWcrn and ef hen ntly I (* designed ut.hty line operation centers in the nation. ' The facihty'went operational this past surnmer. , i, t 10 i.
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r The Como ny Opects to rece!ve c:1e which is dcveloping these projects. is erabcation ir, la:e February 1975 from encour tenng env.rcntrental ce!ays s/Nch i
!.c Oregon I!u. lear and Tc.e m;! Er.srg/ ere as yet unrested
- r,ur.ci! for a 50.,077r bic + ceni. fired The Cr.m7.y aIso b & 10.E c3m cyrr,dng n ar
- : a ;M Car:/ - , y cr cro-e in & . v: M;r. M '.; P's ver h%rdmar. in ncr ri-cnn:rci Cn : ort Su Th Si$ t L i 2 U CO dc/~ t, Scht 1 to" Cotrdetton in IMO f,1 an nec' car W.! C 66:503. . .m n j 07.
3stm.ed cost cf 5'440 m;inon in0 p%nt wh:cn is now piants a for t 42 ccmc.'em.n <<ill diversify generahng ictou c e s and 'Mr'd:e Snako hycro p olrstr, wou!d i.@ bcl? mGe; prGy':Cd ic:.2 q:v: n prop: cf. : LrE M t:ct= d GTC Coal-fired pl ants cost shchtly less than As the on and gas suppbes owind;e and nucl ar plants and can be constructed tne cost of energy hceps going up, tho and put on line more c;uickly but proposed Pleasant Valley-Mountain coerating costs are cone:derably higher. Sheep hyd celectric project on the The Company is current;y nepotiaang a Midd e Sna*.e rver merits ex osat /s long-term contract for a supply of low- one of the four investor-owned uMties sulfur coal which will meei nrcsent sponsorina the project in pcrtnersh:p with Environmental Protect;cn Agency the Washington Pubhc Poeser Supply ; standards. The plant is estimated to System. the Company strcngly beheves L__ -- . .-- that the 2.770 033-ktlowatt capaMdy of recuim 50 million tons cf coat over its this non-pe!!uting ,crcjcc is imcortant to eshmated hic of 30'years. Adecuate supp!ies of cor) will ne assured before the peop:e of the region. It cc.n picvice commitment to the project. Iow-cost power and rnare rcc.reation for A 1500-acre cochng pond will be more peopic. stollecting a 400-mile constructed to strve r,lant needs. This is stretch of free flovcing water
!ar90 onough 10 sen/e an aCdit:Onal co'.! "Wo.'erns D; vision Centr / ccM:!nes p!an' of nirm!nr sde and c?n bs excnnaed c'iicier.cy with *c:a 'oc; "
to accorr.rr.od:.te f ato:e nuc' car piant Comr4:Ed in in0 ic:i e' 074. IN MUUn e.ochn" nce n Divscn Ccn ' n . Le: n cad by r %rproval of ntt.fcm citing c C;:ty f! O BcMcn consult in' : s ' th & c0;t mo:2:a
- ourht hom Strit .
crd etticient;y WM .i u'. ../ " .c o-tra.ioq c n; ic: y r: c7' O , c r r S.te accWhc'u f or fu:u e cenE'ructico GI I?co nuCith c% iM 0; *. e Ci rt e Ae img g:nv Gf 1: g , t . r.c ,. .; , 0 !:. ar also are peno;n, btic'c tne Nude: r and The actual an c;cena ey tre fach. Tnermal Encicy Councd. Au'horizatbn located in tne Br avMon e e: . is 23 cco < f o ecnstruct;nn wili be conSngent on the wh;ch inc udes 72 COG taunte ICC cf U.C K.:lse;:c m ; 'V."^ -. ! 4 ?.c i: P'
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ert -19 d ooua. -e i parr, n : <. . M E oe . '. ;< ' /. .i.., i@gs .sc ns i re cv w.d.g;. Es !! c;- ,.rL rcmh ci in. .. . : n ' ' ' W. . .. _ n. ni tnis time t'.ui tM Cany site r , mea of tnc P3E scrW e tcmtc<y. the Daardman wi;l Lcccmmodat 2 up to Iw fcc:hty p.es 'y cc:cmde's E c:<> c Nc! car rian's cnd ic.o cc-1 o! ants. :nd end 160 ;Oct'c " cit:. c) p'sdn would nMe temo'o in". caro ir. c.hcn carbhrn D 30 cyc r . ! 250 pc.L' potential cl r mi-crid hnJ hov.Wer duc Commamt/ &ctivias r.rc cc.. ere ; ?> omu to the uncertmn;y of Nr.vy rticentica it a 403 scat auditeaum. cose nactm has been necessary to pe:Wa0 planncd roams. and a ctm nMraDol Mch in. T hD nuclear construchen rd Socrdman unt:I facility his enab!cd ina Ccmpany 1o later in thri Compr.ny b schedule. pr obcbly imprcre both service and eNdency. - the hte 1K.'0 s
' PcrtnerchV in c'.hc r c'critiu,' t re!"'
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Fromh.e TMilt :: :. -
/. 20 pu <. cat in't:W in the o/carr aa nqc centtruct.na e tc, ) 70103 L.' w s cost-fitc d nenerating units r.t Co'Mn.
Montana. scheduled IGr compiet;0n m 1970 and 1bo el.oJ'd proece subomntiai addihonal energy in the yeais ahdej However. The Montana Pov cr Company. L__ _ __ v t.c m-.,- Aud.tonum in tha new Wermn ru.cc.n C t e7 seat up to G rwpfe The mu.her; w
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*Newberg District C:nter to ccrvo end to save it whene9er possible-is the " Electric hcot insta!!ation; so3rin<f
- 25,000 customerf continued thrust of marketing and service Now rev.:entiai connects wure dr. " :'.
After 36 yous in its cid crowded build:ng. po'sonr.e: ss wet! as Company ad vertis'ng. 10.3C4 in '.974 refie tina tha d. in : - Tre ccmt:nstion cf inwri" e conservation net / houdog rn:.rkst, tr *r.e cc -C'.
'~
viith the storcroom five bhc% ana/ and fne pole yvd 8 miiG away. the Nc7.norg effort an econom:c sfondown. dcmanc for electric heat in single isre. , l ord.ru!on h2r con;0'c7R d cod c or.e P:tt',u!6'ly to th . housin';. lumber and homet is giv.t deso::e ti:<;' or ro .' I rnocort,. Ti:e 12./ aW. n. ccrra::st% aM:r! heb . an r:ci b!y s.Sm::: '%:.cney D;cr:nrr 19 74 4'a 5 t Y , 'c - l
.M r.00: m.re feet of ofhce snoa an; cf e -md da >r To h , ~ rates, re su Md new conne-t;inciacs": - r: ' .
r( d starage tpace., pics pSrrung. yerd in a fla:M.n.r r cui c: not/an-hour compr. red to th; low c;mt cf L3 5 : stt,,ago and room f or expan', ion demand in 1974. Tctai sales (incluaing cent in February 1973. It is e.sirrcte.f im Customer serv:co e;tiviacs in lud.:9 a sMes for reta'ei were dce.n i t 1974 as the overtf l load gro.uh rt:0 fcr th. : s 100-seat mes:ing recm. bre crG ideJ as corr.;;2!eu to tr.t: previuus year, but saies five years w.ll be aceut 'i per cun w::ll as facilitics for commercial cr,a kne to u!nmate customers were up s'igntly. annually. f unctions. The center is about one mile Tne Company maintained the Customer east of donntown Newborg. Conservction Centers in principal cffices Conservation-chcring customers how and cont:nued te set a ccnservr:tien to uso electricity wisely and efficiently examp'e !;y reducir.g use at Company facilities in excess of the target goal cf 15 per cent.
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r Voters rejccted Pubt;c Power in Portland At the seme election a 10-year Portland j
- by 31D 1 margin:* streetlighting M7f for a t;*3t of $35 6 '
milliCn was DBE%d t// 8 M6fgin Of 2101. 'l A group of DJr,hc PO.'/f :r f.NOc3t's "Corrpany continues appressive program gathered enO4h sgnetures to state a
- raasurr. On tr.c th. On'.P,' r 1976 cn.;t cf eq:<tJ cmployment cgr,oritir.i;y.'
which wouir orce:e c:ti:Moce' t+ *nc /.c.:in D74 q C;m-~i/h;;p.ascsd PO'; b ^ P O
- l, L:*;rd ,',r.t/t'r' n cd Alf:rcratrJG A".!%7 F.'G'f t'ii to t 030!.
Po . Ycu Corr;r.n/;c ntd Noti:in p:po!stion ;.cef in rnir.:: :/ cenp!cymen: h Conte:ntra*ed ef! Cit to del eat thr' and job Categottes SS WO'i as to prGvice i mensure b; coint;ng ct;t that Donnevi:!G mc e c;rr.rtun.nes for wome.n in jet;
- stzted that ir,r.rc v.as na f.mi p ,t.tr classif watrons tr,ci r.we ncoricaSy Leen
; assured for a mun Oipal ut!hty in male cricnted.
Portland. Therefore costs for electricity The work-study program initiated with i
- would be higher. rather tnan !c//er. several schoo s is continuing with i The measure was roundly de:fectr.d reascrab'e success. It ders heio minority 101.000 NO. to 33.000 YES. Pacific students comp:ete incir education an0 serves one-third of Portland. PGE offers them work experience at the same serves two tnirds. time to help focus academic gcals.
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T6rnothy Lake. F GE s 1DO cero storage reservc4r, The vo*u s of Port:and cceiwcely rc:x:<d a r '.' rests e crenelv in the nads,t of c:egon s scenic power rnccsoro wh;ch wouid have .tu ;comj l!.c City to buy Pacific Fower & Ught Compan / s Mt. Hood National Forest. Port!and propert.cs. a ys I
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n ,_ Along with its : xtensive construction progr _rn the Compeny is intense!y ' inter sted in resr.crch cf new viabfe pG//er cources and irr.croved tr:cnnc!cgy. , We don't have our nood in the sand in ., 19N PGE i: vcs:c; U EO U/.!in reterch effcrt.Tm cudgc! for D75 is 51.2 rracn Of "iis c%unt. acoat 5770 000 e.1 go :o tf .setric Power Research Innitus: (Er HI) for research and deve!opment of . moih0m End 10:hnc:c;y retate 2 to J improving electric power productico. distribution and transmission. A portion of th's . EPRI funding is for
, , ...m research on nuclear power plant safety. ~ ' , '- i r liability and operations. Other research .
projects are related to sc!ar powcr. ,e g - h . g<-[f geothermal. fossil fue:s. energy + k a I conv:rsion oevices and energy systems. C' ' p i; .,
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An additional 5219.000 is for a joint *' 4 r- *I .2 ' a0reement betwcen EPRI and Breeder i 7 ~ Reactor Corporatica for research on the ' Ltauid Metal Fast Breeder Reactor. Th 7 remaining 20 per cent of the , , Company's research budget is for use in - g-local research projects Approximate ly
- 10 of these are tentatively schedu!ed.
Heading ino list is 093 000 for research into the fels:cility cf incc'ccrating a Cata!ytiC Converint ir.to En existing s Turbopoveer and ht'rine Con. bust on -- Terbine Generato: S:. stem. Othe locai restcrch ;-okcts inciude Dr.rticm'.*e n in t% :. , ? "%ng Engineering Nationel RNccrch progrt:'n rc,scarch on f!sh behavior, a necr-sho o - oceanography pre!cc! to dete:mine the reheronship bcN .:{ c' t.c <t r kr'-G nnci . t!, r:r.,4; ~.. .;r.c r . Ed C.: ;. ; TC *; C'T ca r! O reiCarchicrinc 60^.vci CC:r.cMed- Ort'c,;i-9r-": ve c.yn t 7-. CyuQ U:litC. coc'00 t t'. ! ,,d r.;m: .asc'.r..;t ,:v. . . s . . Cary:nJ C; II."10 t'; h M f r ? *
- S 10P t.: j.* L $21' . 23 I '-' U .P f: . ' , ' ' . . '
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Construct on work in orogmss including S217.273,003 for 264.047 P i l: ' . the Trc'; n Nuclear P ant at Deccm'aer 31,1974 (Note 9) . 2ff. m i r. , Nucie ;r ivJ. 785,312. .
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2,252 1 -~ Nonut!!) y property. SubstantiWy at cost. less reservo. . 3.CTM 3i. Other Property and investir,ents: Sales contra:!s rece;vab!c and other . .
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Long-terra ccbt. . 657,309 59^, ' , < Total capitahzation. . . . .. 27,1!G .- Long-term dcb! matering with:n one ye?r. 2,0cii ;* . Curicnt Liabmtics: Current siAng fund recu;roments on icng-term debt . 95.791 6 ', . Short-terrn ncts c payC.bfe (Note 10,. -
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Cap!<J uc-1 egense. (1,432) (1.26: . Retainec earning:(Note 13) . . 84,626 77A52 To:ci common stock eavity. . _241,,0G5 3G.8% 167.7/,0 Cumulativo Pre lctred Stock. $100 Par Vefue Per Share,2,000,000 Sharet Authori2cd (Nc:o 11): Serics outstand.og (rcdeen.ab;e et ther i Corr:sny L cp%n). n.. r.: u <.n - r~".,,.co..-- - r r.. r .w. .. w. r. ,> New.rc.cer 1 10:0 c' S110 c'.d et reduceJ orcons ther u.f'e- 10.G00 10 0;. 7.95L 300.000 Shm-s. redeomcb!o 1o July 1.1977 at S103 and at redo .cd arnou/m. thc :cef:cr 03,003 0 0.00'. ' 7.805 E'S OC 2 Mrirr. rc - erek to An :' i. ii S :: : W , v. n .' <
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(a) Bank loans. At f.nc:rrtir 31 1972. tiva Como;ny Lsd crer,tt agreer.er.a m banks maturine Au;;ust 31.1974. wh:ch provic'ed that tne Commny couk' borrom " the r, rime ccm nercW rmc in effcct on 16'c dme c! bcrroc/ing. 0%pw avi s e:v from time 10 timo Up to a m3ramum amOdot of 5150.000.000. The crew a;sc: c n:.
. provided for e err;cr.itment ice of 4 of 14 per annum cn the unused ccn u. iter.u.
Tns Cemcar y le i re.; c'tv : a:.urem vma cenks 9fectwa Aur=: #1 n. drd mMur.y ,'.u p # 4.1970 " ' h - ..f t 3 tr M "ic Com:'any mg rr ; and rcoorrow from tirre to time up to a muimurr, amoun: o' 5100.003,00.t ilt interest rate en the first 575 000.000 cl tbc ccmTdtrasnt is the p:ime c?mmwr!J r:- in of'ect trcm t;me to t; re cr.d or, thh ba!ance l* 5" of the primo ecme.Sc2 ' 's... < 5 Of fcO! f rom tie ,011 tMT . T ra ri', C'On f C)fA'" mon p:07Gi:S f0; b comn
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bcnds mmarca in No.crer l'J74 and il e Port itsu?.i A 3.000 c' i.' .l. refunding (;oMeon centrot bon:Is The Company had rce.en cJ ".,12.714.CC . Decernbn 31.1973 anct $24.541000 at Decem!'or 31.1974 f c,r complete" ; Ltm. contro! facilines. the ba:ance of tne proceeds hasng b"en placed in t udt Ic. investmtn rencing cc:rpkten of the fr-i!. ties Tb; Poq p:rin<, to H . ; Le *. 5 00 ('?C 07 0f 17 0 tc '.d r nt't on cc . ~' - c + plt'.',! O ;in.' O p?'
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In June 1974 tne Cornanny entered in:o cn a;,rcemen: to f; nance nuc! ear co et t' i. seemd netter c'at en tu r: nwmum amoum cf 540 000.000 The tora -is rc.','N., u.' acrectrent are sernientie:i/ itk-nuta to tnose in the . er cian . agreernOnt f:nancir.;; unm.r th'e accceirmn; t'..% pc re :n A gr' 1974.
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Ik tained Emo!nm. et 5 74.660.000 a: DecemN r 31.1973 and EP2 052.C . December 31 1974 a-o net rettricted re cash dwidond*, unJer the pw cos -:it indenture of IAort;; age and Cecd at Trust. dated July 1,194h t eurin;; 9.m Ure first in-xtg't00 00nds i
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automoo.ie cealer
. Robert H. Short
. "Mation ratios: Erecuwe vu Prwxn. Franklin G Drake 1,r,.
President, Dona'd f.' D Ge Go Po.% .c-
.Lmmon stock equity. Hilbert S. Johnson generar comrct .,r r umulative preferted stock. SC*" V'ce Pre;.ncr,t Ernest H. Miller 1E:
I r c.q-term debt . ArthurJ Porter prescent.r. yig y e c:nc m m en Senior vice rYcside v sa'em-reat u:m ems am n e;:~ 2nr C. W. Bricscnden
- Wade Newbsoin 1b h omo Statement (Thousands of D v.ce P, man: Prevdent. R i A was A cc . Penns-
. ,ra:ing revenues (1) . G. E. Erodemeier * '*'***""'#;'
.atin Vice Peew cn: Robert W Roth 19..
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. r income nnd deduction:(ne!)
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PACIFIC POWEPs& UGHTCOMPANY 4 19 A NJAL
~
~
RPOR . s t 1
\
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.t Table of Contents Page
. Pacific Power & Light Company is an operating pub!ic Review of The Year. ........................... 2
. '* utility which powdes electric seruce in more inan 7,'. 240 communities in Oregon, Wyoming. Washington, Revenues, Expense and Income. . . . . . . . . . . . . . . . . . . 4 California, Montana and Idaho. It aho provides water
.'. ' ' ' and steam heat acrvice in certain communities. The Construction Program . . . . . . . . . . . . . . . . . . . . . . . . . S
./
- Company has an 80G interest in Telephone Utilities, Fin a n cing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
..%. inc,whose 23 operating subsidiaries provide telephone ,
service in Washington, Oregon. Montana, Idaho and Subsidia ry Operations . . . . . . . . . . . . . . . . . . . . . . . . . . 7
- y$ Nevada. Through another subsidiary, the Company has
,l a 50% interest in Decker Coal Company, which is Resea rch Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 engaged in rnining and scihng coal from holdings
*^N
,m located in Montana. Reclaiming of Land Af ter Mining. . . . . . . . . . . . . . . . . . 11
?.
h, S-Yea r Summa ry a nd Analysis . . . . . . . . . . . . . . . . . . . . 13 Bala nce Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
., .' Statement of income . . . . . . . . . . . . . . . . . . . . . . . . . . 16 r . . .'a hpi Statement of Changes in Financial Position. . . . . . . . . . 17
. . , a,,
Notes to Financial Statements . . . . . . . . . . . . . . . . . . .19
. [j Energy Sales and Customer Statistics. . . . . . . . . . . . . . . 22 m .I ..- The 1975 Annual Afecting of StocLholders will be Market and Dividend Information. . . . . . . . . . . . . . . . . 23 heldin Portland. Oregon. on fune 11. Notice of the rnceting and prosy statements will be unanled to Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . 24 shareholders in Afay. System Map. . . . . . . . . . . . . . . . . . . . . . . Inside Back Cos er 1 ?~ .- .
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i i . To Our Stockholders: 1 .y The divergent and sometimes conflicting events aj,n. G p. p of 1974 made the year difficult for virtually ever.-
. .'. a. 3 business and every individual in our society. These Y *~-
4 l'Y{ } ' t.'. g, ' ..
"y- \ N ) /{(f'{%
events were particularly troublesome for the efec-tric utility industry as it struggled to meet its 3eruce A _ ;'l . P. hG f
,~
Q responsibilitie.; against the pressures of inflation, fue! shortages, a continuing wave of environmental de-
" fI ! , j ~
,' mands, and a downturn in economic activities.
. , . 1. J Although your Company was buffeted by these
'l m , / h k '_ ~
forces, we emerged from the year encouraged by the strong financial condition of the Company, the con-
. ~ ~-- --- - ~~ 77'1 '
tinued high performance of employees and their abil-f,4 ity to respond to change, the increasing va!ue and i r usefulness nf the Company's large coal holdings. the {
- - l% -
s resilience of the broadly diversified service territory. a dernonstrated responsiveness on the part of state h 1 ~ . lC.1 'oIi 1 gi regulatory agencies to the increased revenue needs I j
} g{. []
8g of the Company. and the relatively favorable accep-
;% .4 , .." - tance of the Company's securities in the financial
..-...e,.. g '. b w " _
) >
markets. h, .+. t. r- Early in the yea vvc viguiou>Iy >uusiit electric rate
.<~ W .pi ' Q 'MY.-
', j f relief in Oregon, Washington, California. Montana and Idaho. The States of Oregon, Idaho and Wash-1 F -
m .. N ,,,, j ington granted about 95c'c of the requested amounts late in 1974, thereby contributing to a reversal in the
~ ~ ~ ~
"NT 'g downward trend in earnings recorded during the first j j gy{, {g mne months. .
i
' =---
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A planned construction and financing program. the largest in the Company's history, was trimmed back as the year progressed, reflecting the second his C) Q Afa-(. 7[*? (-t 3 a l year in a row of relatively level kilowatt-hour cus-
' tomer requirements. This afiorded the opportunity to g\ r '., r , .
4 i .
-'t'.*',J.[',) stretch out new plant construction to match revised
% %,r j load growth projections and help reduce financinc.
y { ' Even so, the Company's sale of $180-million of secur-
---- ities during the year was the highest in its history.
,)
.N . h.. .j .
Operating expenses were held under tight control
' ; ~. o .
-% by careful management in the field and in the general i
1 office departments. As we entered 1975 some new
-I .
_2 - c. ;_ __: , . ' administrative and operating guidelines were estab-1 2 o b
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p l President John Y. lansirig (lclu. Asst. Vice President Rich .rd D. Jones, who is assigned to held operations, and Chairrnar, Don such as ours, which serves many small communities t
, C. frisbee are outside of the Portland, Oregon. District Office. where our people know and converse with a great many of our customers on an informal, neighborly e
i lished to assure continued, strong emphasis on cost and civic basis. This kind of communication link is
. control. Construction budgets are under continuous one of the important strengths of the Company, and its continuing effectiveness is a tribute to the quality review.
< . of the organization's employees.
The Company,s commercial coal venture, in part-
~
nership with Peter Kiewit Sons', Inc., through our With high money costs and many other inflation- , 50% ownership of Decker Coal Company, was ex. ary pressures persisting, it was necessary to apply ior panded both in voleme and profits and contributed higher rates in Oregon in January,1975. This will be 17t per share to earnings as compared to 7c in 1973. followed soon by similar applications in Washington and other states. In the meantime, the Company is Telephone operations, through our 80% ownership in Telephone Utilities, Inc., also showed operating still awaiting the results of its 1974 applications for improvements and higher earnings. hi 8her rates in California and Montana. General office and field management personnel We are pleased to present the highlights of the q year 1974 in greater cfetail on the pages that follow. assembled at Coburg, Oregon,in August for two days AH of us are particularly appreciative of the support d of give-and-take sessions aimed at identifying the roles for each of us in meeting the challenges facing and confidence of the shareholders and other in-vestors. the Company. Knowledgeable people associated with the industry, along with Company specialists, helped to place in perspective how the problems of inflation, ' incerely, 1 capital scarcity, high money costs, low stock prices,
.j >hortages of domestic oil and natural ga. supplies,
/
4 spiraling construction costs, expanding environ- ,4,(,,.g.// c4 ,
~
mental requirements have brought radical change
; to the economics of the utility industry. Small group Chairman of the Board 9 sessions focused on the need for rate increases and .
redesign, on the continuing role of energy conserva- j j tion, and on the challenges of developing regulatory and customer understanding as to why the Company dh,,, 4 bAQ will be requiring higher rates, and why it is in the near (
, and long-term interests of the region's power supply President j to support higher electric rates.
I 4 Sessions of this kind, which are illustrated in the
- pictures to the left of this review, plus many other forms of internal communication, have served to in-
! -1 crease the responsiveness of the organization and the ' j 'j* support of employees in meeting today's changed ! and changing conditions. This responsiveness and i cooperation is particularly important to a company March 15,1975 l 3 m -
~
w,, - - - - W
-- -="5 m --- r ~ v , - - - - -
_ a ~. - - -
-a i -
t I f b Revenues, Expenses and income $11,784,000 over 1973. included in Other income is
$16,799,000 representing the " Allowance for funds Although revenues from the Company's regular Used During Construction." This was an increase of electric custorrers were ahead by 8G for 1974, total 58,912,000 and reflects a continued high level of electric operating revenues of $216,789,000 were construction activities. Other Income also i,cludes down 1.6G because of a tectine in sales to other $7,132,000 of equity in earnings of joint ventures, up utilities.
53,425,000. These earnings represent primarily the The gain in the regular business revenues was Company's one-half interest in Decker Coal Com-attributable largely to increases in electric rates effec- pany. Income for 1974 also includes a nonrecurring tive in Oregon during the last four months of the year item in the amount of $1,976,000 net of taxes, w hich and in Washington and Idaho beginning in Novem- resulted from the transfer to Idaho Power Company ber. There also was an increase of 16,389 in the f an undivided one-third interest in the coal reserves number of customers, which totaled 540,876 at year's that supply the Jim Bridger project. ,
; end.
Operating expenses amounted to $164,130,000 l ; On the basis of 1974 operations, the electric rate for the year, up 5ft. Two major components o:.
' i ,
increases approved in the three states are expected these expenses, power purchased and fuel, showed
- to produce approximately 533,000,000 of additional little change from 1973 because of the lower enerp revenues annually. Certain customers and the City of requirements in 1974 as well as the very favorable Portland have sought court review of the Corn- water conditions for hydroelectric operations dur-
! pany's Oregon rate order, charging generally that the ing the year. Other operation expenses, totaling
' increase was not properly spread amo1g various $50,860,000 and up 16G from 1973, more than on-customer groups. These cases are pendir g. Rate ap- set the e* torts by everyone in the Company to re-plications filed in Montana and California in 1974 duce costs. Maintenance expenses amounted to are still pending and seek a total of approximately $18,870,000, an increase of 419, reflecting the ,m- i
$4,000,000 annually. On January 31,1975, the Com- pact of the high rates of inflation on costs as well a;
' pany filed in Oregon for further rate relief, asking an the Company's growing reliance on steam-electm-generating facilities which require comparativea l estimated $18,000,000 annually, and intends to file shortly in other states. larger maintenance expenditures than the systemi hydro-generating fac:*.acs. Federal and state mcome Sales to utilities for resale amounted to taxes declined 510,212,000, primarily as a result of
$15,209,000, down $18,358,000 due to expiration of construction-related expenditures that reduced tav temporary sales contracts and the Company's need able income.
for the power to service customers. Interest charges were $50,920,000, up 514.203N' Other revenues include 52,124,000 from steam because of additional bonds outstandirg. short-term
- heat services and $2,438,000 from 11 water sys- borrowings for interim financing of construction anc 1 tems. Total operating revenues on the Statement of the inclusion of interest charges of Telephone Uts-Consolidated Income also record $25,628,000 from ities for the entire year 1974 whereas such charge-j telephone operations, were included for only a portion of 1973.
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$22,200,000 for the year 1974, an increase of After provision for dividend requirements on the preferred stock, the balance of net income applicable 4
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Cahtornia commumty of Att. Shasta.with 3.500 population. 1 is typicalof the size of most PP&L service areas in the year progressed opportunities arose to reschedule West, where grou th as 5teady and free of many urban issues: certain projects and approximately $10-million of Southw estern Division Afanager E. f. 5mith (rightJ and R. D. work was shifted into future years, with the result that c$ ^'
- al$'fa a er rNn' tin":o[$'ffshasta construction expenditures were held to $241.million.
With two years nf relatively little growth in pow er de-mand during 1973 and 1974, a further stretch-out of to the common stock amounted to $45,722,000, up some projects was incorporated in the 1975 capital
$587,000 from 1973. Based on the average number of budget of $242-million. Because of the shorter con-common shares outstanding for the year, which was struction lead time on coal-fired plants as compared j 2,617,000 greater, earnings per share amounted to to nuclear, the Company continues to have the ad-
$2.03. This represents a 24c decline in earnings per vantage of some flexibility in adjusting plant sched-share of common, which is attributable, as discussed uies to conform to changing load growth trends.
earlier, to the generally higher costs for all aspects of the business, the impact of high interest rates on Progress of the work in 1974 included: borrowed capital needed to finance the Company's -Completion of the first 500,000-kilowatt steam-construction, and the delays encountered in increas- electric unit at the Jim'Bridger complex,which Pacific ing service rates. Power and Idaho Power Company are building near
~
There were quarterly dividends of 40c per com- Rock Springs, Wyoming. Work on the two additional units scheduled for commercial service in f une,1976,
-i mon share paid in January, April, July and October, and on December 11, 1974, a payment of 40c was and March,1977, is progressing satisfactorily.
authorized for stockholders of record December 26, -Completion of additional electrostatic fly-ash
; 1974, payable January 10,1975, maintaining the 51.60 precipitator capacity at the Centralia, Washington,
.] annual rate. On the basis of a tentative determination project.
subject to review by the Internal Revenue Service, tax -Completion of primary foundations for the counsel has advised that 90G of all dividends paid on Wyodak 330,000 kilowatt steam plant which Pacific common stock in 1974 is excludable from gross in- Power and Black Hills Power and Light Company are
! come for federal income tax purposes, and all divi- building in northeast Wyoming. -
dends pa,d i on the preferred stock are fully taxabic. It is expected that a major portion of the dividend on -Start on the foundations for the electrostatic fly-the common to be paid in 1975 also will be exclud- ash precipitators tc be retrofitted on the three older I able from gross income but the percentage of such generating units of the Company's Dave Johnston d exclusion cannot be determined until later in the steam plant near Glenrock, Wyoming, so those units year. will conform to Wyoming and federal particulate emission standards. All of the power output from the initial unit at lim Construct, ion Program Options Bridger, which w ent into commercial service Decem-
.c permit Stretch-Out of Work ber 1,1974, with relatively few prob! cms, is being
, taken into the system of Idaho Power Company.
's Due to the scale of the generating and transmis- When the second unit comes on the line, each com-sion work, the Company's capital expenditures for pany will have half the combined output of the two 2
construction in 1974 were the greatest ever. As the units. Upon completion of the third unit, scheduled
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Wyoming Division Atanager Robert W. Aloench and Wortand A now for March,1977, total output will be divided Districi stanager Robert L west are in tront ol the Wortanct two-thirds to Pacific Power .and one-third to Idaho o/iice, which serves a north-centrar sector of the state that Power. The two utilities anticipate constructing a ha5 ertensive oit and gas production and beet :ugar output fourth 500,000-kilowatt unit, for which a construction . application has been filed, at the same site.
~
On january 31,1975, the Wyoming Environmental for which preliminary engineering and construction Quality Council adopted regulations which would work is underway. These include 109 ownership of impose restrictions on emissions of sulfur dioxide in - a 1 A00,000-kilowatt coal-fired plant being consid-stack Eases much stricter than applicable federal reg. ered for Colstrip, Montana, and participation of trom ufations. The regulations appear to require installa. 10% to 259 in three nuclear-tueled plants scheduled tion of scrubbers at all of the Company's existing and f r service between 1982 and 1985 in Oregon and proposed plants in Wyoming under a compliance Washington. time schedule yet to be determined, though the Council's staff has stated publicly that none would be i required at the Dave Johnston plant. In any event, capital expenditures and operating costs associated . FinancinE Broadens'OWnershiEr-with such scrubbers would be substantial. The Com- Authorized Shares increased
' pany and others affected by the regulations have sought court review to set them aside. The Company marketed two issues of first mort-gage bonds and one offering of common stock during
< During the fall months of 1974 the supp!emental 1974 to raise approximately $180,000,000 to finance
, electrostatic fly-ash precipitator equipment mstalled at the Centralia, Washington, plant achieved a level construction and to redeem an issue of bonds that of efficiency that permits the coal-fired plant to oper- matured November 1. Short-term f nancint needs were met through a 565,000,000 line of credit with a ate at capacity and fully meet air quality regulations group of commercial banks that supplanted a similar for the southwestern Washington locality.
agreement that expired June 30, a S35,000,000 loan a Growth in electric power needs in Wyoming and facility in the Eurodollar market, and authorization to
,1 certain areas of Oregon and Washington will require sell up to 560,000,000 of commercial paper. The Euro-the expansion of transmission and related substation dollar facility enabled the Company to borrow funds
.< capacity and several major phases of this work will be in foreign money markets at various times during the
; completed or started during 1975, in Wyoming the year at rates more attractive than were available 2 needs of new petroleum and gas fic!d pumping, domestically.
! -. uranium mining and milling. and new coal and trona 1 production will require boosting the capacity of the The first of the bond issues was marketed on 161,000-volt Casper-to-Yellowtail transmission cir- January 9,1974, when 560,000.000 of 30-year first mortgage bonds, bearing interest of 8%9 were sold l ,q cuit up to 230,000 volts and t,reater capacity in sub-at an effective interest cost to the Company of 8.457. stations near Rawlins, Rock Springs and Medicine The terms of the second bond issue, which will ma-q Bow. ture October 1,1983, were negotiated with under-h Looking ahead to the system's power require. writers,whose offer on October 23 of 98.9234 for the M, ments for the 1980s, the Company is participating in $70,000.000 issue bearing 9%9 interest resulted in coal-fired and nuclear-fueled steam-electric projects an eficctive interest cost to the Company of 10.06G. a q 6 3- - -
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4 .. l 1 4 A Sale of 2,500,000 shares of common stock was Shipments to Commonwealth Edison Company accomplished March 27 when the Directors accepted under its contract extending to 1978 represented the ; a bid of $20.233 per share, netting the Company larger portion of l974 output. la August, the Chicago ! y $50,557,500. The shares were reoffered to the public utility and Decker concluded a new agreement pro-at $21 per share. viding for delivery of 80 million tons over a 20-year At a special meeting of the stockholders held period. Shipments to Detroit Edison Company are l scheduled to exceed one million tons ,n i 1973 under December 11 in Portland, the authorized shares of terms of a 26-year contract for180 million tons from the Company's common stock were increased to Decker. Sales of smaller tonnages were made during 50,000,000 shares and the limit on the unsecured debt 1974 to several other midwestern utilities when they which may be outstanding at any one time was raised to 30% of total capitalization. It is expected the addi- were stockpiling coal. tional shares will be sufficient to carry the Company's On October 29 Decker concluded an agreement future equity financing well into the 1980s. with the Lower Colorado River Authority, which is an j
- A sale of 3,500,000 shares of common stock on agency of the State of Texas, and the City of Austin, Texas, for purchase of 50 million tons for a period January 9,1975. netted $15.88 per share to the Com-beginning in 1978 and ending 2003. Of the total re-pany for a total of $35,580,000. The shares were re- serves held by . Decker Coal Company or approxi-offered to the public at 516.75. mately 750 million tons,330 million tons have been During the balance of 1975 the Company ex- committed to date under these long-term contracts, pects to issue 5150,000,000 of long-term debt and equity securit,es i and may guarantee up to approxi- Other coal reserves that are contro;ied bYPacific.
Power and are available to fuel future power plants or mately 593,000,000 of new pollution control bonds. , the Company and other utilities include 400 million At the end of the year there were 85,674 holders tons in Montana located near the Decker operation, of the Company's common stock, up 7,718 from the and two major fields and several minor deposits in prior year, and 10,346 blders of the preferred, with Wyoming that contain an estimated 700 million tons. 67G of the common and preferred shareholders re- Aside from these uncommitted reserves the Com-siding in states west of the Mississippi River. Approxi- pany controls the Glenrock coal field which supplies j mately 75G of the common share owners owned the Dave Johnston plant and two-thirds of the coal
, fewer than 500 shares. reserves that supply the Jim Bridger plant. The other J one-third of the Bridger field was acquired from
! Pacific Power early in 1974 by Idaho Power Company.
L Subsidiaries Record Gains; in Washington state, the Company has a one-half
; wnership and Washington Irrigation & Develop-More Coal Sales Arran8ed ment Company, a subsidiary of The nashincton Decker Coal Company, in which a PP&L subsidi. Water Power Company, owns the other half of the ry, Western Minerals,Inc., has a one half ownership, coal reserves that are committed to supply the Cen-increased its shipments of the low-sulfur Montana tralia, Washington, steam electric plant.
s coal to more than six and one-half million tons, and Legislation to provide federal regulation of sur-j will boost shipments another half million tons in face mining is pending in the 94th Congress, but it
-M 1975, cannot be determined,as this report is prepared,w hat 1
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.- * ' 3% /w~% .~l it.4:t- ~' lerry A. Warner, local Atanager at Dallas, OR and Afid. Oregon Division Afanager Glen W. Spicer. Dallas area has 11,000 people, .
The m. dustry,s largest program ns coordinated by is a typical sma!I n estern Oregon city uith an economy of metals the Electric Power Research Institute, which was
. manulacturing, lorest products industries and agriculture.
formed in 1972 with the support of the utilities, the federal government and manufacturers. EPRI has more than 300 research projects under r ontract. will be the outcome of the proposals. In its present These include studies of advanced systems for con-form, the legislation would not prevent the Company version of nuclear, sclar and geothermal energy to from mining its coal reserves, although it would in- electricity; studies directed to environmental con-crease costs. siderations, and development of new technologies f r using fossil fuels, particularly coal. 1 The Company's telephone interests involve an 80% ownership of the common stock of Telephone Several hundred utilities, including the Company, Utilities, Inc., a holding company headquartered at contribute funds for the development of a gas-cooled llwaco, Washington, with 23 operating subsidiary fast breeder nuclear reactor prototype system, a sys-units in Washington, Oregon, Montana, Idaho and tem which is gaining scientific recognition and en-Nevada. The systems service 115,750 stations. During gineering feasibility. the year TU had gross operating revenues of Studies in 1975 for which the Company is the
$25,627,000, up S2,636,000; consolidated net income principal sponsor include research on the dispersal j of $3.732,000, up 129 or 5413,000, and earn;ngs of of particulate matter from coal-fired generating plant 82( per share of common on the average of 4,504,295 stacks, assigned to the Northwest Air Pollution Cen:ct shares outstanding as compared with 73c for the of the Oregon Graduate Center; development at Ore-1 same average number of shares m the prior year. On gon State University of a method for measuring phss-1 february 22,1974,TU's Board of Directors authorized ical, chemical and ecological characteristics of- the payment of a 59 stock dividend to shareholders of Pacific Ocean surf zone where future power plants record March 18,1974. TU announced on January 15, might be located; work with the Washington Sta:e 1975, that an Oregon subsidiary had concluded ar- Department of Fish and Game on steelhead trou:
rangements, subject to regulatory approvals, to ac- productivity in PP&l.'s Skookumchuck River reservoir, quire two independent systems in central Oregon which supplies water for the Centralia plant; mom-serv ng1,400 telephones. toring of the operation of four electric-powered se-hicles utilized in the Company's operation, and q research conducted at Oregon State Univer<itv for The Company Supports Research improved methods for retarding decay of wood pules. in a Broad Range of Technolog.ies A program to determine whether solar energy can i Research activities to develop and improve a be utilized to preheat water before it is raised to l broad range of technologies needed for production, household temperatures with standard c!cctric water ( I transmission and the efficient use of electricitv are heating equipment will be evaluated in five homec on j being supported by Pacific Power in association aith the system. The Company also is a prime financ:al other utilities and in cooperation with universities, sponsor of work being done at the Solar Enerp corporations and individuals. Center, University of Oregon, relative to collectini; _n
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,-_ - . .- . wijwa ;' Columbia Basin Division Atanager Robert A1. Smah is with Sunnysude. WA District Atanager John K. Ness. The .c I Sunnyside area has a da ersiired agri-industry economy that is power planning and production functions; Karl Hoff-j common to the PPat areas in centrat and castern Washington. mann,51, to be Treasurer, and Fredric D. Reed,37, to .
be Controller. The position of Treasurer was previ-A ously held by Vice President John H. Geiger, who, as " Vice President-Finance, continues as the principal meteorological data and optimizing equipment de- financial officer of the Company. At the same meet-sign for supplemental solar heating units. ing, the Directors noted the retirement of Senior Vice President George L. Beard, who had served the Com-h Geothermal field investigations were conducted pany since 1954 in engineering management posi-i! during 1974 on Weyerhaeuser Company lands near Klamath Falls, Oregon, to delineate drilling targets for tions.
. J, hot water or steam. Preliminary evaluations were also Retirement of two Directors and election of two undertaken on other potential geothermal areas in occurred during the year. Henry G. Lambert, New southern Oregon and northern California. York, N.Y., who had served from 1950 and as a mem-ber of the Executive Committee from 1954, retired as Among the projects concluded in 1974 was a study by the Marine Science Center at Oregon State of September 11 and was elected a Director Emeritus.
Kenneth W. Self, President of Freighthner Corpora-I University of the feasibility of using heated water from power plants or other sources to accelerate pro. tion, Portland, Oregon, was elected to that vacancy. duction of Pacific Ocean salmon and oysters. Pre. Thomas F. Sandoz, Astoria, Oregon, a Director since liminary evaluations of the data are favorable. 1963 and a member of the Executive Committee for s ten years, retired December 15 and also was elected a Director Emeritus. Dr. Roy A. Young. Vice President for Research and Graduate Studies at Oregon State 6 Employees, Off.icers and D.irectors University, Corvallis, Oregon, was elected to fill that vacancy. The work force of the Company totaled 3,519 full-time employees at year's end. In addition, the At the special meeting of the Board on January 8 coal mining and telephone subsidiaries employed the Directors adopted a memorial resolution record-y 628 full-time employees on that date. Of the 189 ing the valued services to the Company of Alfred S. V.
' I employees added during 1974, all but 30 were re. Carpenter, who passed away at his home in Medford.
! quired to staff necessary expansion in our power Oregon, on December 17 at the age of 93. Mr. Car-
' supply and coal mining activities. As in prior years, penter had served as a Director of The California Oregon Power Company from 1948 to 1961, and.
4 { the competency and commitment of the employees
. contributed to the ability of the organization to cope upon its merger with Pacific Power in 1961, he be-
- with the special economic circumstances affecting came a member of the Pacific Power Board and a the industry. member of its Executive Committee. He retired in 9
1971 and was elected a Director Emeritus. d Reassignment of certain executive responsibilities n was effected in September when the Board of Di-rectors c!ccted C. Eldon Drennan, 53, to Senior Vice President in charge of engineering, constrdction,
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j.Y$$ M Healthy stand of crested n het tgrass planted *o reclaim the Clenrock mine area contrasts wsth sparse desert vegetation visuble n; in background. Rehabilitation program was nnstituted four > cars before the 1969 Wyoming legislature adopted regulations.
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I .I4 G.,i w ,35.N..d.i.'inhad..titauo :.Niii R H C "*! * * .E 'n.dfb ..G; ./4 n'.5.i',..d. : *' ' N.I .I. e .d i l . , l Various n ed matures n ere planted os er the y car > A rcstored area produced this hea:the stand or grass l before Patshc fon er determoned the best method. one year after 1973.<pring scedsng and rcrta: sng. 10 -
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__ ~ f i e 4 r' l . Our Source of Coal...and Pride _ This is the story of your company's attempt to reconcile the energy demands of America's civiliza-tion with the necessity of preserving her great claimed beautyareas now exceed the nativ
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a story of Pacific's mining operation at Glenrock, Wyoming. ductivity. Nature herself can prove this. The numb of animals which can feed in any given area is lems facing our country. America regulatedneeds by naturr> morebalance. domes-Energy On our S50 reclaimed shor {
~ tic energy supply, but some don't want to mine antelope are increasing markedly, po coal the productivity of the land has also increased People may dream of solar and geothermal energyconstruct coa .
the topsoil is removed to the fmal se
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available to us today, exotic energy supplies in mean.but about 2% years and costs about S2,000 per acre
, withot ingful quantities will remain only a dream.
Though the surface acre may be valued at only 530 of the p, rime answers to this we proportionenergy the reclamation cost to the value of. country's theprairie, prob-Coal coal mined. The final bill will amount which ou lems for the next quarter century. Under the ifcents a theton. Ourofcommitment to support reclamation is lands of coal withof the Northern Great Plains an energ Arabia's oh ,eserves. y equivalent greater than Saudi lie billions ever value of the tons ti n c sts, the land will not be disturbed coal will not reclama thick that canseamseasily and that lie close economically be to s surface the carth's exploiting lentlessly mined. surface seamMuch the earth, must of thisb This mining method maximizes the efficientpreserve Many use of are often at the forefront in the strugg'e to this resource by recovering a mu'ch greater percent the environment, and preserve the land en-. trusted to them. Pacific has been reclaiming Wyomin is virtually no waste. Safety factors land since There are were 1965 an ma,ny importantage four years before it became technical problems, g than but most is ofpol state benefit. Surface miners have substantially them lessare fre-solved now. There may be more prob!c ms, miners. This is hurman conservation, an but the recognition often of ignoredquency that fact is the that we will overcome thern. The responsibilit best assuranc and se aspect of ecology. In addition to achieving a high y to level ofpnonties. corporate productivity, safety is always at serve the top necessitates of the obligation to keep trying. g g in harmony with his surroundings, not g the layer of topsoil and piling by it aside them. As the foradvance respreadingThe of society must not minin be ma the coal scam.glines remove the subsoil that covers at the expense of nature, so the preservation of nature later. Then dra j plosives,it is loaded into trucks and Theycarried must to acoexist, rail ~After andthe incoalman's isalert technou broken and ever advancing, lies our only answer,y, es er
- head. Now comes a techn cally difficult and most t controversral part of the mining operation-reclama-if man would strive for knowledge and under-standing, reason not emotion, must be the guidepost.
lay of the land. Scrapers then - replace the believe our p,erformanc, e speaks ongmal toption. I Bulldcl soil. This reclaimed portion is then mulched with small grained straw, seeded with special perennial is uncovering one of nature's great resources [ is sup grasses, and fertilized with nitrogen. plying one of America's vital nceds, and is revitali part of the prairielands of Wyoming 1 Our reclamation processes have undergone nature are many benefiting from our recove. Both man and l fossil fuel. That's our story .ry. of. necessary l our source of pride
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htajor stages of the norL or redaiming surtaces of the Clenrock coaliscid in ea> tern n yoming are illustrated in this aerial photograph. The loreground area t D is undisturbed land of the northern Crest Plains. u hich has a sparse desert tegetatuon of nat vc granes. ueeds and sagebrush. n othin the circled area (2) can bc scen a healthy grou th of grass p! anted atter the disturbed area nas acidled. recontoured, topsoil app! red, then sveded and fertshred. To the lef t (3) is a sector u here os er-burden material we remoscd to mene the coal the matersal rep! aced and contoured but not }ct re;! anted. The pdes of , overburden unosed to get at the coallook lule this N) bciore.reclaimin.c begons. Topsoil has been slummed oft a strnp t3) l f' to be mined nest. The sod uill be stocLpiled unta used in the reclaiming cy c!c. The < tone, clay and sandy os citurden }
.; material under the top >oni and os er the coalis placed m the trench (6) from which the coal has been mined: An as crage of 70 acres of the coalincid area mil be mined annua!!y and about 300 acres of land may be unreclaimed at ans gnen time.
.) with a large portion or thns requured far road >. permanent buuldung> and coal handling racuhtues.
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SUMMARY
OF CONSOUDATED OPERATI 1974 1973 1972 1971 1970 sands omo#ars 5 171,679 5 152.842 5 190,170 1,293 5 220,377 1,369
$ 216,789 1,533 1,545 OPERATING REVENUIS: . . ......... 2,124 1,465 2,188 1,815 1,563 4,932 tiectric . . ... .. .. . . . . . . . . . . . 5.t:19 2,438 6.552 160.617 Steam Heating 25,628 11,905 235.935 200,075 180,230 Water . . 246,979 y' Telephone . .
69,031 TOTAL OPERATING REVENUIS . 81,981 75,757 17,943 100,193 19,960 111,882 21,097 16,812 OPERATING EXPENSI5:. . ....... 30,901 26,062 19,723 17,440 5,919 Operation and maintenance . . . . ....... 24,087 22,365 10.250 9.451 109,725 Depreciation .
........ (2.740) 7,472 122.608 Taxes other than income
. . . . .taxes . . .. . . . . 164,130 156.092 133.051 67,024 57.622 50.892 income taxes . . . . . . 79.841 82,849 TOTAL OPERATING .EXPENSES .
5,357 10,447 NET UTILITY OPERATING INCO%t[ 7,887 12.324 16,799 525 132
. . . 3,707 (836)
OTHER INCO\tf (DIDUCTION5hAlkrwance . . . . 7,132 3,203 42 for funds used durir169g (206 (20) (3) (3) construction Equity in camings of point ventures . . . . (167) 483
. . (805) (62)
(1,053) 5.655 Other income-net of deductions . . . . . (4,129) _ 10,416 12.561 10.091 Minority interest
. . . . 56.547
. . . . . 22.200 67,713 79,585 Income taxes .
_ 90,259 105,049 OTHER INCOME GES (D[ DUCTIONS)
. . . . NET 31,703 28.829 25A96 31,051 (NCOME BEFOR[ INTERI5T CHAR . .
50.970 36.717 47,682 33,864 3.693
. . . 53,542 5.115
. . 54,129 6.815 INTEREST CHARCES . . . 8.407 5 27.355 8,107 5 33.769
. . . .. 5 41.067 NIT INCOME .
5 45,722 5 45.135 Preferred dwidend requirements . CK . 16,234 17,074 NET INCOME APPLICABLE TO COMMON 19,881 STO 18,292 22,498 51.69 Average number of shares . . . . of cornmon stock
$2.25
$1.98 51.28 outstandmg On thousands! . 52.27 51A0 52.03 51A7
. . . . 51.575 Per common share:. .
. . . . . 51.60 Het income . .
Dividends declared d with the year ended December 31. s Of
SUMMARY
OF OPERATIONS ear ended Decemberf 31,1974 as compare f ctric drates m relation to contmuing m MANAGEMENT'S The decline in electric operating O!5CU55 h dorrevenues TON resale and AND for tinadequate ey ANALY5ts leselsmth the o resuit e eesthatwere net mcon'ef substantia 1973 is principaHyd the increased aHowance for n fundses isused espected dunng to reserse constructioncostsasand th 1973.result The decime of mreduced elecrric operating salesin reseasuco 31,1974 operating mpared with the scar equity in cam np of joint sentures. an s See page 4 for entormation regardme e e increased slightly for 1974 as comparecf to h e for the year ended December dmit. The merease in ope'atm sed from increased electric 31,1973 reitects an merease rates h is years rcilected ended December m such resenue .during t c and 1974
' I ended Occc nberincludmg fuct and other m depreciation, production espense, h
mamtenance, for t eg ct admirwtra steam.clectr M a d due to increases tbc ComNnt s ccatmumg constru
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d utility plant put into sersice, as well as to hig er ecfer tesults from the Company's increannhydroelectric additional capital tmg sources. for mcome Operating tases. J'lowan esp genetai espense whichdwidends are related reelect to mcrease l Statements for miormation relating to account obtamed to finance 13 senture
}ncreated program oce amounts page SLof5ee mterest Notesand to Fmancia funds u>ed dunng wnstruction. equit, m carnm;:s of p n74 sersus 1973 operations income" on pJge 4 for further descuwion of 19
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PACIFIC POWER & LIGHT COMPANY t CO LSO ._ JA~~ E J 3A _A L C E S - 3E~ .
. . - - - . - - ~
ASSETS DECEMBER 31 1974 1973 UTILITY PLANT (Note 11: Thousands of Douars Utility pfant in service: Electric . . . . . . . . . . . . . . . . . . . . . . . . . . , $1,240,995 51,173.775 Steam heating . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,765 2,957 Telephone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,553 96.289 Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,020 21.212 g TOTAL . . . . . . . . . . . . . . . . . 1,368,333 1,294,233 Eess accumulated provision for depreciation and amortisation . . . . . . . . 228,902 206.fS4 UTILITY PLANT fN SERVICE-NET . . . . . . . . . . . . . . . . . 1,139,431 1.057,34') Construction work in progress . . . . . . . . . . . . . . . . . . . . . 325,639 165,14S Utility plant held for future use . . . . . . . . . . . . . . . . . . . . . . 4,757 5,29)
. Electric pfant acquisition adjustments . . . . . . . . . . . . . . . . . . . . 3,720 3.916 UTitlTY PLANT-NET . . . . . . . . . . . . . . . . . . . . 1,473,547 1,261.712 i
a OTHER PROPERTY AND INVESTME!4TS: Nonutility pecperty (! css accumulated provision for depreciation and amortization-1974,5212,000; 1973. 5191,000) . . . . . . . . . . . . 2,823 1,929 investment in joint ventures (Notes 1 and 2) . . . . . . . . . . . . . . . 14,214 12,119 Other . . . . . . . . . . . . . . . . . . . . . . . . 5,761 6.124 TOTAL OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . 22,793 20,172 CURRENT ASSETS: Cash (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,357 8,718 Working funds and deposits . . . . . . . . . . . . . . . . . . . . . . . 1,461 1,157 Temporary cash irwestments . . . . . . . . . . . . . . . . . . . . . . . 2,840 1,663 Accounts recchable: Customers (less accumulated provision for uncollectible
; accounts- 1974,5556,000; 1973,5582.000s . . . . . . . . . . . . . . . . 16,395 17,197 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,038 9,298 Materiafs and supphes fat average cost or less) . . . . . . . . . . . . . . . . 20,470 13,150 hepayments . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605 1.492 4 TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . . . . 61,053 52.018 1
1 1 DEFERRED DEBITS: Unamort. sed debt espense . . . . . . . . . . . . . . . . . . . 2,341 2,190 j Preliminar/ surse) and irnestigation charges . . . . . . . . . . . . . . . . . . . 7,665 4.389 jobbing and other work in progress . . . . . . . . . . . . . . . . . . . . . 8,833 6.833 Other .
. . . . . . . . . . . . . . . . . . . . . . .,. . . . . . . 12,138 8.6SO
.U. TOTAL DEFERRED DE81TS . . . . . . . . . . . . . . . . . . . . . 31.032 22.105 1' TOTAL A55ETS .
. . . . . . . . . . . . . . . . . . . . . . . . . 51.588.430 51.356 C
_ = . _ = i (See accompanQng Notes to hnancial $tatemenu)
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, t LIABILITIES . 4
" DECEMBER 31 I 1974 1973
- Thousands of Dollars CAPITAllZATION:
Capital stock and retained earnings (Notes 4 and 8):
$ 117,236 $ 117.236 Preferred stock (Schedule 1) . . . . . . . . . . . . . . . . . . . . . \. .
. . . . . . '. . 75.350 66.936 Common stock (Schedule 1) . . . . . . . . . . . . . . . .
232.179 186,487 Premium on capital stock . . . . . . . . . . . . . . . . . . . . . . . . 11 22 6 Installments received on common stock . . . . . . . . . . . . . . . . . . . . * (8,104) (6.046: Capital stock expense . . . . . . . . . . . . . . . . . . . . . . . . . . i '. . . . . . . . . . . . . 135.187 125.434
- Retained earnings . . . . . . . . . . . . .
] 490,119 TOTAL CAPITAL STOCK AND RETAINED EARNINGS . . . . . . .
.'. . . . 551,859 I
. . . . . . . . . . . . . . 749.169 637.814 t Long. term debt (Schedule 2) . . . . . . . . .
1,301,028 1.127.933 TOTAL CAPITAllZATION . . . . . . . . . . . . . . . . . . . . CURRENT EIABillTIES:
. . . . . 13,878 8,803 Long. term debt currently rnaturing . . . . . . . . . . . . . . . .
69,400 50.873 Notes payable to banks . . . . . . . . . . . . . . . . . . . . . . . . . . 43,665 11.000 Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . .
; . . . . . . . . . . . . . . 35,490 36.794 Accounts payab!e . . . . . . . . . . . .
11,379 10,333 Dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,253 27,144 Taxes accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,575 10.537 Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.916 6.312 Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 219.956 163.821 TOTAL CURRENT LIABILITIES . . . . . . . . . . . . . . . . . . . . j DEFERRED CF;[DIT5:
. . . . . . . . . . . . . . . . . . . . 4,183 2.704 Customer advances for construction .
7,954 10.047 Accumulated deferred investment tax credits (Note 1) . . . . . . . . . . . . . . . .
\ Accumulated deferred income taxes (Note 11:
1 27,367 29.034 l Accelerated amortiradon . . . . . . . . . . . . . . . . . . . . . . . . . 10,260 6.050 Liberalized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . l 7,184 5.161 Repair allowance . . . . . . . . . . . . . . . . . ., . . . . . . . . g 974 2.556
, Other deferred credits . . . . . . . . . . . . . . . . . . . . . .,. . . . .
57.922 55.532 TOTAL DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . . t l 1.146 1.661 OPERATING RESERVE 5 . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . .'. . . . . . . . 8,378 7.793 MINORITY INTEREST IN SUBSIDIARY COV >ANIES COMMITMENTS AND CONTINGENT UABILITIES (Note 5).
TOTAL LI ABillTit!, . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.588.430 51.356 fr i (Sce accompanying Notes to financialStatements)
. . ~. . . 15 .
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e. 8 i 1 STATEMENT OF CONSOLIDATED IN.COME
- Years ended December 31 1974 1973
'I 7housands of Dol.gr3 OPERATING REVENUES: 5216,789 5220.377 Electric . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . .
2,124 1,465
$ team heating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,438 2,183 Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *g 25,628 11.905 Telephone (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
246,979 235.915 TOTAL OPERATING REVENUES . . . . . . . . . . . . . . . . . . . . . OPERAllNG EXPENSES: Operation: Electric utility: 25,213 26.121 Power purchased and interchanged-net . . . . . . . . . . . . . . . ..... 16,939 16.894 Fuel expense . . . . . . . . . . . . . . . . . . . . . . ..... 5,654 4,611 Other production . . . . . . . . . . . . . . . . . . . . . ..... 10.344 11.460 Transmission and distribution . . . . . . . . . . . . . . . . . ..... 9,899 9,464 Customer service espense . . . . . . . . . . . . . . . . ..... 5,833 3,693
' Other utilities . . . . . . . . . . . . . . . . . . . . . . . ..... 18,014 15,675 Administratne and general . . . . . . . . . . . . . . . . . . . ..... 18,870 13.391 Maintenance . . . . . . . . . . . . . . . . . . . . . . . . ..... 30,901 76,062 Depreciation . . . . . . . . . . . . . . . . . . . . . . . . ..... 24,087 22.365 Taxes-other than income . . . . . . . . . . . . . . . . . .....
. . . . . . ..... (2,740) 7A72
, Federal and state income tases (Notes 1 and 51 . . . .
164,130 156.092 TOTAL OPERATING EXPENSES . . . . . . . . . . . . . . . . ..... 82,849 79,843 NET UTILITY OPERATINC INCOME . OTHER INCOME (DEDUCTIONS): 16,799 7,887 Allowance for funds used dunng construction (Note 1) . . . . . . . . . ..... 7,132 3,707 Equity in earnings of joint ventures (Notes 1 and 2) . . . . . . . . . . ..... 4,445 1,142 Interest, dnidends and other income . . . . . . . . . . . . . . . . . .... (1,242) (1,100)
' Other deductions . . . . . . . . . . . . . . . . . . . . . . . ..... (167)
(805) Minority interest . . . . . . . . . . . . . . . . . . . . . ..... (1,0531 (4,129) income taxes . . . . . . . . . . . . . . . . . . . . . . . ..... i
. . . . . . . ..... 22.200 10A16 OTHER INCOME (DEDUCTIONS)-NET . . . .
105.049 93.259 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . . . . ..... INTEREST CHARCES. 30,892 42,798 Interest on long term debt . . . . . . . . . . . . . . . . . . . ..... 232 161 Amortization ol debt discount, premium and espense--net . . . . . . . . . ..... 7,890 5,664 Other interest . . . . . . . . . . . . . . . . . . . . . . . . .....
. . . . . . . . . ..... 50.920 36117 TOTAL INTEREST CHARGES-NET . . .
. . . . . . . . . . . . . . . . . . . . . 5 54.129 _5 53. _542 NET INCOME . . . . .
[arnings per share, based on average number of common shares outstanding during each year (after 52.27
. . . 52.03 recognition of preferred dnidend requirements of 58,407,000 for 1974 and 1973) . . .
STATEMENT OF CONSOLIDATED *"?ad'd **;g ,
- RETAINED EARNINGS Thousands or Dd%
. . . . . . . . . . . . . . . . . . . . . 512 5.4 84 5111.4'2 Balance, January 1. . . . . . .
53.H2 54,129 I Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . 179.613 165D34_
Total . . . . . . I "-
.d Deduct:
.,' Cash dnidends: 8,407 s.407 Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . .
'6 36.019 _ 31,14) i Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44.426 19. W Total deductions . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 51R137 ,512; 4M
'*I Balance, December 31 . . . . . . . . . .
(See accompanying Note > to Iinancial Statements)
.d 16
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STATEMENT OF CHANGES IN ~ i CONSOUDATED FINANCIAL POSITION Years Ended December 31 1974 1973 Thousands of Dollars o "
. 5 54,129 5 53,542 SOURCE Of FUND 5: s . .
Irom Operations: Het income .
.......,.................. .30,901 26,062
. . . . . .. .. .. .. .. ,. .. ,. .. .. .. .. .. .. .. .. .. ., .. .. .. .. ., 2,662 Non cash charges (credits) to income: 4,536 4 2,277 Depreciation O,093)
Deferred income taxes-net ................. (16,799) (7,887) Investment tax credit adjustment,-net (2,095) (4621 Allowance for funds used dur ng construction 167
- 805 Undatributed earnings of joint ventures Minority interest in net income of subsidiaries
................. (419) 421 76,78; Other-net . . . . . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 68.965 TOTAL FROM OPIRATIONS ,
- 137,155 45.593 f rom Outside Sources: ....,,,................ 51,984 37.107 57,081 Long term debt . . . . 56,262 Common stock . . . . . . . . . ..' . . .. .. .. ..... .. .. .. .. .. .. .. . . .. .. .. .
8.810 l Net increase in short-term debt
. . . . . . . . . . . . . . , . . . _ 245,401 148.591 Nel decrease in temporary investments
' TOTAL FROM OUTSIDE SOURCES .
(7,185) 18,857 i h investments) (5.975? Other Sources: 6.684-l Decrease (Increase) in working capital (excluding short term_5313.865 debt and5233 temporary 255 Other-net . . . . . . . . . . . . . . . . . . . . ..'.. .. .. .. . . . . . - - TOTAL SOURCE Of FUNDS . . . . . . . . . . i ' 5173,010 8 Ai?LICATION Of f UNDS: $258.992 Construction expenditures: 128 I Utility plant . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ......... .. .. . 213 259,205 173,138 l g Nonutility plant Total construction expenditures . 16.799 242,406 7.837 165,251 l Less allowance for funds used during construction
. . . . .............. 61,653 Construction expenditures-net . .
t . Purchase of Telephone Utihties, Inc., less working espital acquired: (2,573) Property-net . . . . . . .. .. .. .. .. .. .. ....... .. .. .. .. .. .. .. .. .. .. .. .. . (33,492) Other as<ets and trabilities-net long term debt assumed . ....................... 8,407 8,407 y 31,143 g Dividends:
. . . .. . . . . . . . . . . . . . . . . ...' ..n ... ...~~"~~' .. .. .. 25,856 36,019 7,866 l
Preferred stock Common stock
.1. . . .
1,177 Long term debt reduction . 5313.865 5233255 l Net increase in temporary irnestments TOTAL APPLICATION Of FUNDS
) f$ec accompanying Notes to financial Statements) 1 4
This 1974 Annual Report has been prepared by the ! I Company to provide general and stathrica!informa. ( tion concernung the Comp.tny.and not un connectuon with any sale.oirer for sale or solicitation of an cher to buy any securities. -l e
! 17
-J j .
s_-
g ,. . , 1 O CAPITAL STOCK and LONG-TERM DEBT
- 4 December 3:
issued LONG. TERM DEBT (Contd)
-{ , . SCHfDUlf 1 . and outstanding.
1974 ny3 CAPITAL STOCK Thousands of Dollars i ) December 31,1974 Number 7housands 4%% Series due 1993 .. . .......... 30,000 30.000 Description of Shares of Doffats 30,000 30,000 f 4%% 5 cries due 1994 ... . .......... 5 % Series due 1995 . . . . . . . . . . . . . . . . 30,000 30,000 5"e preferred, cumulatne: authorised" 126,533 5 12.653 25.000 126,533 shares of $100 par satue each 8 % series due 1999 . . ........... 25.000 g 3%% 5enes due Nov.1,1999 .. ..... 20,000 20.003 5erial preferred, cumu'atn e; authorized. . g 25,000 25.003 1.500,000 shares of $100 par value each: 9%% Series due 2000 ... .... .......
.s 40,000 40.000 l 4.52%........................... 9.833 984 7%% 5eries due 2001 . ............
7.00% (non.ca!!able) . . . . . . . . . . . . . . . . 18.060 1,806 8 % 5eries due Oct.1,2001. .. ..... 35,000 35.000
$ 30,000 30,000 .
5,932 593 7%% 5eries due 2002 . .............. 6.00% (non-callabt e) . . . . . . . . . . . . . . . . 60,000 - 42.000 4,200 8%% 5eries due 2004 .. ......... ... 5.00"e............................. i, 5.40%............................ 70,000 7,000 Rawlins !!ectnc Company-100,000 10,000 First Mortgage Bonds: I 4.72%............................ 90 93 100,000 10,000 4%% 5e ries due 1975 . . . . . . . . . . . . . . 4.56%............................. 128 132 8.92%............................ 150,000 15,000 6 % 5eries due 1977 ........ ... .
- 300,000 30.000 Guaranty of Pollution Control Resenue 9.08%.............................
250,000 25,000 Bonds,6% Series due 2003 (525,000.000 7.96%............................. No par serial preferred. outstanding less 57,755.000 held by Trustee at December 31,1973J . .. . 25.000 17,245 authoris ed, 4,000.C00 sha res . . . . . . . . . - 1,792 4%% Convertible Debentures due 1974.. Total preferred stock . . .. . . . . . .... 1,172.360
"*"""" 5117.236- 1,060 832 Miscellaneous . . ... . . . . . .. .. ..
Common, authorired. 50,000.000 Unamortized premium and discount
. shares of 53.25 par salue each .. .... 23.184.623 5 75.350 on long. term debt. .. .... ... ... (3.262) f2.101)
Totallong-term debt of Pacific
, Power & Light Company .... 690.5P6 567.017 SCHEDULE 2 Subsidiaries: '
D"'*b" Telephone utilities,Inc.- LONG-TERM DEBT U## "I3 2% First Mortgage Notes due 19901999. 909 951 Pacific Power i Ught Company Thousands of Doffars 4%%.10%% First Mortgage Notes First Mortgage Bonds: 20,163 21.70S
- 511.434 due 1975-1995. . . . . . . . . . . .. .
i 3gg $,,;es due Nos.1,1974 ... .. 7%% Second Mortgage Note due 1980. 11.000 11.000
. . . . . . $ 29,000 29.000 3%". Series due 1977 . ..... 5%%-9%% Ucsecured Notes 4,500 4,500 3%% 5eries dee Annl1.1978 .
due 1978-1999. . . . . . . .. . .. .. . 12.875 13.149 3%% 5eries dve Aug. I,1979 .. ... .. 4,951 4,951
- 9,000 Total Telephone Utilities,Inc. . 44,947 46,C3 9,000 3 % 5eries due 1983 ............ ..
4%% Series due lune 1,1981. .. . 5,849 5.849 Other Subsidiaries.- 12,500 12,500 7%-8% Unsecured Notes due in 3%% 5eries due 1932 . . ... ....... installments through 1997 . 1,953 2,C56 3%% 5eries due Sept.1,1982 .... . 7,500 7,500 .. . .
- 8,000 4%% Series due Oct.1,1982 ......... 6,157 6,157 9%% Unsecured Note due 1975... ..
l - 10%' Unsecured Note due in 95% 5e ries due 1953 . . . . . . . . . . . . . . 70.000 installments through 1978. . . .. . 4,653 6.933 3%% Series due March 1,1984 ... .. 8.659 8,659
. 7,000 7,000 3%% 5eries due 1984 .. .. .........
8,000 8,000 7%% Unsecured Note due 1980. ..... J 30,000 30,000 Total long-term debt of 3%". Series due Aug.1.1984 ... . . 10,000 subsidiaries .. .. .. . .. 58.583 70.797 3%% Series due 1955 .... ........... 10.000 4%% 5ene due May 1,1986 . .. . .. 14,454 14,454 Total long-term debt. .. . . 5749.K9 H37 6'4 -
. ...... 15,000 15,000 4%% 5eries due 1853
- Interest rate at December 31,1974: rate is based on pr.me ra:c 4%% Series due Jufv 1,1988 .... ... 20,000 20.000 20,000 plus 3%; such rate to be not less than 6% nor more than 104.
.. ............ 20,000 5%% Series due 1990 substantially all of the utility plant is subiect to the liens of the 35,000 35.000
\ 4%% 5eries due 1992 ... ... ..... mortgages underlying the First Mortgage Bonds and Notes.
4%% 5eries due Dec.1,1992 .. ..... 32,000 32,000 i ' e i I 1
.v i
18 +. 4
- _. . ..-. - , -. . -- .- - * .-w -.e . -.1 m c-.----w m. - ~. vv. - =. - -ec- . - e "T".**""*~
- . , N d methods c mpute depreciati n under theliberalize Ran;;c System allowed by the Asset Depreciationdeferred For electric. (ADR) which became eficctise in 1 i Notes to FinancialNTING Statements steam heating, andR erwater h t the use utilit 1.POUCIES:
SUMMARY
OF SIGNIFICANT reductions ACCOU attributable to the use of AD osd of liberalized depreciation methods an h t include the lives used prior to the adoption of ADR f Sasis of Presentation-
-The consolidated financial statemen acqui- sb idiaries, ductions all relating to the d difference iation are ility be accounts of the Company andcits su s prior herein liberalized methods andided flowed through to net income, for book epre For tele majority-owned,since dates" All of organization sig- ot sition. The Company and such subsidiaries properties, deferred income h e cessof taxes the are the totalartax reduction resulting from t e x bl ces have sometimes referred to as ll the ADR"method Companies.nificantinterc c,ver book depreciation. f l t other the been eliminated. i Financial statements for 197. , which origina yfc investment tax d amortized torelatin credit d to mass in-included the subsidiaries on an l fithe ct equity comebasis oarea deferred
- periods solidated than telephone over five-year d forforthose those re counting, have been tures restated are to property the conbasis additions and ten.
related to major additions. Imestment f ofd tax and present creditsperio year amor-on previously reported net income. investments in unincorporated h jointquity venrelating to telephone plant are de erred use included in the financial statements tized to income on t eover e the estimate 1964 property. basis. Deferred income taxes accumulated i tion of certain are being
~~
i are subject to Regulatory Authorities-
, Utility operations of the Compan d rates by resulting from accelerated a ncies es amortized to income.
regulation with respect to accounting perate. an Federal agencies and the i public regulatory age i are of the various states in which the Compan es o Retirement Plans-Stbstantially Current sers- all em covered under various retirement based on plans. i ll at t arebeing Utility Plant-Utility plant in service is istated clude thesubstant ice costs a yare funded as the liability rs accr original cost. Additions to utility d material, plant nactuarial determinations. P cost of contracted services, d:i fi rect n and fundslabor an Com-indirect charges for engineering, h represents superv Account Reefassifications-- s osimilar f llov.ing o used during constructiond (AFDC) for such pur- whic mission orders effective on a retroactise J f ds. AFDC the net cost of borrowed funds annualusereclassifications have been made
; poses and a reasonable 74, rate on basis: other unwas Contributions in aidapplied of constru f cus-i rate of 7G in 1973 and d replace- throughan June 3 ,an anntial accumulation tomers for construction, were cre of amoun rate Maintenance and repairs of property, ating ex-and to be less ments than units and renewals of property, areofcharged items to determine operapplicable plant accounts sind f im d under
, pense-maintenance. Depreciation h stimatedh serv-term of utility debt plant have been is compute co per-
, the straight line method based oniation tee balance sheet.
Ice lives of the various classesofof property. T e centage relationship of provisions for deprec57G in 1974 (T.t. utility plant in service (averaged) was 2.2. SUBSIDIARIES AND JO l tateme-and 2.589 in 1973. are included in theh Compa con 6c ofe f its sub-facome Taxc5-The Company includes the operations t x return. panies since o October 1,1973, Washinm a thro; t l sidiariesin a consolidated ll outstanding common Federalincome aIncome sto ! are computed on a separate return basis.For incom . _ _. _ . -.~. .,. ~ . j) .
.. . . . . . . . . . ~ . . _ . ~ . . . . _ - - - - _..m,,,
3
~
, . \
subsidiaries, principally in Washington, Oregon, 5. INCOME TAXES: 4~ . Idaho and Nevada. On November 30.1973, the Com- Provisions for income taxes in 1974 and 1973 were j .,
' pany exchanged all of the outstanding common stock less than the amounts computed by ap;i!) ins th$
- of its subsidiary, Northwestern Telephone Systems, statutory Federal income tax rate of 48G to income
; _ inc., for an additional 1,800.000 common shares of - .before tax. The reasons for these differences are as
- ' T.U. This transaction resulted in the Company's own- follows (in thousands):
ership of approximately 80G of the outstanding com- . 1974 1973 mon stock of T.U. , computed income tax basedon investments in joint ventures at December 31, statutory rederal income tax rate...... 526,904 529.393 - 4 Reduction in tax resulting from: i 1974 and 1973, include S13,918,000 and 511,902,000, , b
$ respectively, representing the 509 rqu;ty interest in Decker Coal Company, an unincorporated joint ven-I
^7,[g",','cif,'nf,f,7,,I,',,",,,,,,,,s,061) (3,897, Excess of tax over book depreciation
{ ture.The Company's equityin the accounts of Decker (now.through basis) . . . . . . . . . . . . . . . (10,208) (10,262) ;
) for the years ended December 31,1974 and 1973 are Ad vatorem, payror! and sales summarized as follows (in thousands): taxes capita $1ed . . . . . . . . . . . . . . . . . . (2,237) (1,647, investment tax credit restored. ...... (1,570) (14 3;
" 74 1973 Other items capitalized and misce!!aneous differences . . (3,439) (3.494, j Asse ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 17,231 513,694 1,792 Total income tax expense . . . . . .,.*. .
. . 1.389 .L525 1 t ia bili t ies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,313 11,802 Amount charged to other income : . (4.129) d.cs3 Joint venture capital . . . . . . . . . . . . . . . . . . 1?,918 i
~
9,014 Federal and state income tax expenst R eve n ues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,527 f xpe nses . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 5, 9 ancluded in operating expenses. . . . . . . 5 (2.740; y y joint venture income before applicabfe 6,816 3,245 Income tax expense consists of the fo!!owing (in thousande: income tases . .. . .. . .. .......
, .- . 0 74 1973 Taxes currently payabfe (renfr.dabie): '
Federal . . . . . . . . . . . . . . . . . . . . . . 5 (1,4 5 9) 5 2.593 j 3. COMPENSATING BALANCES. State.............................. 405 993 Substantially all of the funds included in cash are Deferred income taxes: in the form of demand deposhand include com- Deferred . . . . . . . . . . . . . . .......... 6,588 4,65s f pensating balances informally required by banks un. Restored ......................... (2,052) (1.99'- der credit arrangements with respect to outstanding investment tax credit adjustments-net. . (2,093) 2.2-* short-term loans and unused lines of credit. These Total income tax expense .. . . . . . . . 5 1.389 5 6525 4 balances may be withdrawn without restriction for use as general operating funds on a day-today basis, Deferred income taxes relate primarily to timing provided the Company maintains average bank bal- differences between book and tax depreciation
- am unts.
. ances totaling 109 of the banks' commitment under
, the credit arrangements or 15G of the outstanding borrowings, whichever is greater. Average balances 6. COMMITMENTS AND CONTINGENT
- - required during the years ended December 31,1974 LIABILITIES:
and 1973 were 56,500,000. The Company's construction program conteme plates expenditures of $242.000.000 in 1975, includ-ing S117,304,000 budgeted for the Jim Bridger steam-('
- 4. NAPITAL STOCK: electric project near Rock Springs, Wyoming. This 1
Under the Employees' Stock Purchase Plan,28,397 project is described elsewhere in this report. TFe
" shares of common stock wcre held by the Company: Company has substantial commitments in connection a as Trustee and 109,706 shares of unissued common with the foregeing.
I stock were reserved for unpaid subscriptions of the . Rentals under . lease commitments of the Com-participants in the Plan at December 31,1974. In ad- panics for the years ended December 31,1974 and l dition,253,943 shares were reserved fot future offer- 1973 were as follows (in thousands):
-i ings under the Plan.
cross rentats charged to: 1974 1973 in June 1973. the Company sold 1.600.000 shares Operating expenses . . . . . . . . . . . . . . . . . . . . . 51,593 11.53, of its common stock to the public for S35.066,000 ang
- Other income accounts . . . . . . . . . . . . . . . . . . 628 623
.. In April 1974 sold 2,500,000 shares of its common Utility plant, c! caring. and sundry accounts.. 2.294 _1_:.s.16 a .< stock to the public for' 550,557,000. 3' W Total ' " " * " " " ' " " " " " " " " 4's20 in December 1974, the Company's sharehlders " ' ' " ' ' N" * " " " " " " " "*" ##8-approved an increase in authorized common stod #
} from 25.000.000 sha,es to 50,000,000 shares. Net rentais ..~..m. ...m..m o o m.m.
5 {43 ${ f f
' . . k
'*****'* ** **.***'"*erme.=e*=*r".=* * *r =* t **.=r==
. a ===se==g ** q*
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.'.= a'=a=--* .,.y- * . i ; PY (i
The minimum gross rental commitments of the 7. EMPLOYEES' RETIREMENT PLANS: Companies under all noncancelable leases for the' . Retirement plan costs were 53,739.000 in 1974 e periods indicated are as follows (in thousandsh and 53,430,000 in 1973, of which S311,000 and
.i .1975 .... ... .... .............. . .$ 3.251 5544,000, respectively, were for prior sersice. Oi 1976 ........... ... ........ ... ... 3,170 these costs, 51,399,000 and S1,206,000, respectis eis ,
'. ". ". l l l . '. 2 . ~. ~. 7. .~ '. ". l l $. '. " ; ] l
- were applicable to construction payroll and were 1979 ....... ........ ... ............ 2.770 charged to plant accounts. Unfunded prior serm.e 1980 1984 .. .... ..... .... .... . 11,343 cost at January 1,1974 (exclusive of interest) was ap-198 5 19 8 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,725 proximately $6,250,000.Of this totalliabi!;tv, approsi-1990 1994 ... .......... ............. 7.626 mately 52,998,000 represented the amount by whtch
. Remainde r . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.925 g Total . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 2;83 September 1974, the Federal 1974 Pension Reform Act was enacted and will become applicable to the Rental payments are calculated upon the bas.is of Companies, in pertinent part, in 1975. The Com-elapsed t,me. i Substantially all options to renew exist- anies have estimated that retirement plan costs will ing leases provide for negotiation of the amount of increase approximately 5300,000 to 5700,000 annually rental at the time of exercising such options. Except as a result of such Act.
for relatively minor leases, there are no existing op-L tions to purchase or escalation clauses. The Com-panies are also committed to pay all taxes and 8. SUBSEQUENT EVENTS:
~
expenws of operation (other than depreciation) and in January 1975, the Company sold 3,500.000 maintenance applicable to the leased property, ex- shares of its common stock to the public ior 555.-
~
cept for the property under several relatively minor 530,000. leases. ACCOUNTANTS' OPINION To the Directers and Stockhofders of g PACIFIC POWER & LIGH / COMPANY: We have examined the consolidated balance sheet and the schedules of capital stock and long. term debt of Pacific Power & Light Company and subsidiaries as of December 31,1974 and 1973, and the related statements of on. soiidated income, retained earnings, and changes in financial position for the years then ended. Our esaminaticn was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
! In our opinion, the above. mentioned consolidated financial statements and schedules present fairly the financial position of the companies at December 31,1974 and 1973, and the resuits of their operations and the changes la their l financial position for the years then ended, in conformity with generally accepted accounting principles apphed on a consistent basis after restatement for the change, with which we concur, to the consolidated basis of presentation as expf; %d in the second paragraph of Note 1 to financial Statements.
HASKINS & SELLS Po'rtland, Oregon february 28,1975 i 1 - t - 21 r g . .
**1** P .Et9% **, .' ow _ .---T.h'MpW".' .m.ss- .pte.'.WDM ,,yf9W W'"* - , , --N F ~** *** '
b
! . CONSOLIDATED FINANCIAL RATIOS s,aE,<ccmbe,3ii 1 , 1974 1973 w.2 1971
_1970
} CAPITAllZATION: Thousands of Dollars i Mortgage bonds . . . . . . . . . . . 5 667J88 5 549,229 5 549,236 5 519,243 5 444,250 j Guaranty of pollution control bonds- net . . . . 25,000 17,245 - - ~
g Convertible debentures . . . . . . . . . . . - 1,792 1,877 2,013 2354 Long term notes , . . . . . . . . . . . . - - 5,000 15,000 25,000 Long term subsidiary debt . . . . . . . . . . 58,583 70J97 11,515 2,351 2,317 Installment contracts . . . . . . . . . . 1,060 852 1,153 777 1,149
. Unamortized premium and discount on debt . . . O.262) (2,101) (1.907) (1,550) (490; TOTAL LONG. TERM DEBT . . . . . . . 749,169 637,814 566,874 537,834 474,580 Preferred stock . . . . . . . . . . . . . .
117,236 117,236 117,236 92,236 62,236 q Common stock and retained earnings . . . . . . 434,623 372,883 321,700 270.508 259372 TOTAL CAPITAllZATION . . . . . . . $1301,028 51,127,933 51,005.810 5 900378 5 796.183 RATIOS: Mortgage bonds . . . . . . . . . . . . 5133% 48.69 % 54.61 % 57.66 % 55.80 % Guaranty of pollution control bonds.-net . . . . 1.92 1.53 - - - j Convertible debentures . . . . . . . . . - 0.16 0.19 0.22 030 1 Long-term notes payabic . . . . . . . . - - .50 1.67 3.14
.u Long term subsidiary debt . . . . . . . . 4.50 6.28 1.14 0.26 0.29 Installment contracts . . . . . . . 0.08 0.08 0.11 0.08 0.14 1 Unamortized premium and discount of debt . (0.25) (0.19) (0.19) (0.17) (0.06)
TOTAL LONG. TERM DEBT . . . . . . 57.58 56.55 5636 59.72 59.61 Preferred stock . . . . . . . . . . . . 9.01 1039 11.66 10 24 7.81 Common stock and retained earnings . . . 33.41 33.06 31.98 30.04 32.58 TOTAL CAPITAllZATION . . . . . . . 100.00G 100.00G 100.00G 100. COG _100.00 % 1 ENERGY SALES, CUSTOMER and OTHER STATISTICS A, ENERGY SALES (Thousands of kilowatt hours): 1974 1973 1972 1971 1970
, Residential . . . . . . . . . . . . . 5,653,332 5,529,310 5.235 760 4,962,472 4,55v,470 Commercial . . . . . . . . . . . . . 3,418,127 3,388,342 3,184,198 2,940J70 2J52,649 Industria! . . . . . . . . . . . . . . 5,286,592 5,230,515 5,076,847 4,828,399 4,761,404 i; Government and Municipal . . . . . . . . 141,144 157,407 152,374 139354 149,045 TOTAL GENERAL BUSINESS . . . . 14,499,195 14,305,574 13,648,679 12,870,995 12,221,568 4
a Sales for resafe-temporary . . . . . . . 1,434,813 2,864,894 2,394,948 1,091,980 667,991
-other . . . . . . . . . . . 526,575 525,611 509,671 448,132 417,551 Interdepartmental . . . . . . . . . . . . 15,996 13,139 14.288 13,832 13.872 TOTAL ENERGY SALES . . . . . . . 16.476,579 17,709.218 16.567.586 14.424.939 13320.9S2 y Power plant output-including power purchased (Thousands of Lifowatt-hours; . . . . . . . . 18,218,967 19,172,047 18,215,458 15,837,969 14,668302 i
Kilowatts of generating capacity installed at year.cnd . 2,320,279 2,320,279 2,097,626 1,365,018 1,365.263 l J Number c,f customers at gear.end: Electric . . . . . . . . . . . . . . . . . 540,876 524,487 507,746 480,383 466,197 d Water . . . . . . . . . . . . . . . . . 25,840 24,820 24,252 23J74 23.345
; Sicam heiting . . . . . . . . . . . . . . 623 683 714 724 755
) Telephone stations served . . . . . . . . . 115J57 107,719 38,406 35,700 34,207 1
g Residential electric service statistics: Nurnber of customers at icar.cnd . . . . . . 467,522 453,691 437,930 412,532 3'39J03 Kilowatt-hour safes per customer-average . . . 12.251 , 12,391 12,331 12,237 11,539 l 22 l : .
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. MARKET AND DIVIDEND INFORMATION
- COMMON STOCK:
. The Company's Common Stock 153.25 Par Valuet is Inted on the New York and Paiisc S
.V t shows the high and low sales prien of the Common Stock on the New York ir decated as reported in 7hc Wall Street journal:
ming e M. Sto
. 1974 1973
; Quarter: 1st . 2nd
- 3rd 4th 1st 2nd 3,d th High' . . . . . . . . . . . . . . . 25% 21 % 18 % 17 % 26 %
low . . . . . . . . . . . . . . . 21 17 % 15 24 % 29/. 25 % 13 % 22 % 22 % 21 % 20 % 40 cents per share for each quarter thereafter. Quarterly cash dividends have been paid at
. PREFERRED STOCK:
on the American Stock Exchange.The fo!!owing table shows the high and low sales prices , 1974 1973 Quarter: 1st 2nd 3rd 4th 1st 2nd 3rd High . . . . . . . . . . . . . . . 66 4th '* 63 55 53 % 68 % 68 65 % 65 Low . . . . . . . . . . . . . . . 59% 51 % 51 % 50 63 % 63 % 61 % 58 % of quarterly pri:e ranges for 1973 and 1974 is based on the be held and infrequently traded and, therefore. the prices quoted should be treated as reasonab?e appr 1974
- 1973 Quarter: 1st 2nd 3rd 4th
' 1st 2nd 3rd 4th 4 52 % No quotations available.
7.00 % High . . . . . . . . . . . . . 80 80 NQ NQ 84 83 80 60 Low . . . . . . . . . . . . . . . 80 NQ NQ NQ 83 NQ NQ 6.00 % High . . . . . . . . . . . . . 70 NQ 66 NQ NQ 73 70 70 70 Low . . . . . . . . . . . . . . NQ NQ NQ NQ 70 5.00 % High . . . . . . . . . . . . . . . 57 NQ NQ NQ 55 43 Low . . . . . . . . . . . . . . . 57 NQ 62Va 61 61 % 53 9 NQ NQ NQ 61 NQ 58 5.40 % High . . . . . . . . . . . . . . . 67 NQ 60 NQ
$ NQ 69 67 NQ 67 low . . . . . . . . . . . . . . . NQ NQ NQ NQ 68 NQ NQ NQ 4.72 % High . . . . . . . . . . . . . 55 52 NQ 42 61 NQ tow ............... 53 NQ NQ NQ 60 NQ 60 NQ NQ NQ 4.56 % High . . . . . . . . . . . . . . . 55% 50 NQ 41 56 57 % NQ Low ............... 52 NQ NQ NQ 55 55 55 8.92 % High . . . . . . . . . . . . . . . 104 NQ SQ 98 84 84 107 Low . . . . . . . . . . . . . . . 101 1% 106 104 85 79 76 105
- 106 103 103 9.06 % High . . . . . . . . . . . . . . 104% '100 81 85'/p 108 108 104 104 Low . . . . . . . . . . . . . . 103 87 80 77 107 108 NQ 7.96 % High . . . . . . . . . . . . . . . 94 NQ 84 71 74 % 102 Low . . . . . . . . . . . . . . . 88 NQ NQ 100 75 70 68 102 l NQ NQ NQ NQ- No quote avadable.
Quarterly cash disidends were paid on each class of the Company's Preferred Stock at their stated rates 23 1 ., l
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s_...._ , PACIFIC POWER & LIGHT COMPANY General Offices: 920 5.W.Sixah Avenue,Portlancl, Ore;.;on 97204 __ OFFICERS ,
- BOARD OF DIRECTORS '
- DON C. FRISt,EE Chairman of the Board C. M. BISllDP, lR. Portland. Oregon 5 President.Pe*,d.eton Wooten Atills and Chict Enecutive Oiricer Afanufacture cl u rulen sport.a rar lOHN Y. LANSING Pic>ident DON C. FRISBEE Portland. Oregon ALLAN C. BARTHOLOMEW Senior Vice President Chairnun oi the Cnard a nd Chool Enecutive Ollicer ol the Company G. ELDON DRENNAN Sonicr Vice rtesident .
j- GREGORY A. HARRISON $2n Francisco Calilornia HOWARD ARNETT Vrce Pre.sident . t Partner, CrobecL.Phleger & Ilarrison-Attorneys at law C. P. DAVENPORT Vice President i l CtENN L. lACKSON Aied ord, Oregon DOHN H. GEIGER Vice President-finance Chairman of theIsecutise Committee of the Company y A. M. GLEASON Vice President C. HOWARD LANE Po tland. Oregon President. Mt. Hood Radio & Televis.on Broadcasting Corporation ELWOOD B. HEDBENG VicePresident IOHN Y. LANSING Portland, Oregon . PHILIP G. HUMPHREYS Vice President President of the Company R. B. LISBAKKEN Vice President CONRAD F. LUNDGREN Kali3pell, Montana ROBERT W. MOENCH Vice President Co-owner Tour Seasons A!otor Inn and West Glacier LACK T. STILES Vice President
- Mercantile Company-Moucl. stores. restaurants KARL HOFFMANN Treasurer FAU,L F. MURPHY Porfland, Oregon LEONARD BENNETT Corporate Secretary Presodent ladd Estate Company l
. ..FREDRIC D. REED Controller Realestate development LOUIS B. PERRY Portland, Oregon '
President,5tandJrd InsurJnce CompJny DIRECTORS EMERITUS Eife, health and accident insurance IDHN C. BOYLE Mediord, Oregon l GEORGE D. RIVES Portland, Oregon A. S. CUMMINS Charleston. West Virginia Senior Partner, Rn es. Bonyhadi & Drummond }OHN DlERDORFF Portland. Oregon Attorneys at law W. D. JOHNSTON Casper, Wyoming "t WILLIAM E. ROBERTS Portland, Oregon HENRY G. LAMBERT New York,New York Co. owner, B & D Des clopment Company
.) GEORGE MACKENZIE Walnut Creek.Calliornia Realestate des clopment HENRY H. PRINGLE ' . fediord, Oregon ,
KENNETH W. SELF Portland, Oregon
- President, Freightliner Corporation-Truck manufacaring T. F. SANDOZ Astoria. Oregon DONALD SHERWOOD Walla Walla, Washington Director,5heravoJ & Rob,nts,Inc. GENERAL COUNSEL Peal cstate, ins estments and linancing RIVES, BONYHADI & DRUMMOND Portland. Ore 3er l
HowAnl> YOLLUM Pordand, Oregon
- 1 Chairman of the Boacd 1cLtronix,Inc. ,
Manufacture and marinermg of oscilloscopes and associated electronic products ROY A. YOUNG Corvallis, Oregon
' Vice President for Research and Graduate Studies Oregon State University I
FISCAL AGENTS , PREFERRED STOCK BONDS *
*^' TRUSTEE, REGISTRAR AND PAYING AGENT:
TRANSFER AGENTS: FIRST NATIONAL B ANK OF OREGON, Portland, Oregon for first Mortyge Bonds of the Company: FIRST NATIONAL CITY B ANK. New York MORGAN GUARANTY TRUST COMPANY OF NEW YORK , CROCKER NATIONAL BANK, San Francisco for Bonds assumed fro n Rawlins Electnc Company: REGISTRARS: IRVING TRUST COMPANY, New York UNITED STATES NATIONAL BANK OF OREGON, Portland,0: econ BANKERS TRUST COMPANY, New York . OTHER RECISTRARS AND PAYlNG ACENTS: WELLS FARCO EANK, Nat:onal Association, San Francisc for first Afortgage Bonds of the Series Due Aprif f.1973: Att? 1,1979; fune 1,1987; Oct.1,1932; March 1.1934 and Mav l. COMMON 5TOCK 1986: TRANSFER AGENTS: WELLS FARGO BANK, National Association, San Franchco UNITED STATES NATION AL BANK OF OREGON, iA Portland. Oregon CONTINENTAL ILLINOIS N ATIONAL BANK AND TRU5T I THE FIRST NATIONAL BANK OF CHICAGO COMPANY C,F CHICAGO THE Cil%$E M ANH ATTAN BANK, National Association, for first htortgage Bonds of the Series Due April 1,19~B New Yosk CROCKER NAllONAL DANK, San Francisco and Aug.1,1979: i_ CHEMICAL BANK, New York REGISTRARS: THE D ANK OF CAtiFORNI A. Natiwal Association, for first Mortyge Bonds of the Series Duc lune 1,1931; Oct
] Portland, Oregon T,1932; Afarch 1,19S4 and May 1,19S6:
HARRIS TRUST AND 5 WINGS BANK, Chicago THE CilASE M ANH ATTAN BANK, National AssociJtion, CHEMICAL S \NK. New imk WEtLS FARGO U \%, National Assodation. San Franckco New York N 24 I i -- -- _ m ,.n.m .,-..,.p.,-..--...- c- - _ _ _ ,,.n p - y ,,,-
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----....i.,* '. l DIVISION AND DISTRICT OFFICES AND MANAGERS COLUMnfA BASIN DIVISION WYOMING DlVislON MIO-ORIGON DIVI 5 ION $OUf flWIM[RN DIVISION
; llc.uleguarters I fe.u fcgua'tet s Ileadvinarters ifr.uh naners i Casper, Wp,,ning 5
Merlfonf. Oirge,n Yakima, Washington
- Portfan f. Oregon Robert M. Smith ,Rohret W. Wern h Gl. n W 5pger [.f.5nuth l
1 Ontm t Ofhe es in Oregon District Offices in Washmgton thstrie t Office in Idaho Dntm Oita rs
- D. .tn t ohn es Yakima-Druce G. I caudom Sanelpoint-Thomas A. Lockhart ra per Date D. A.hfangton Ath..ny- llenry A. llurlbut, f r. Cmn Itay-J.u k !! Dunham 1
Sunnyvefe-John K. New Dntne t Offius in Oregon 3."d""" f 3"55 "*I \ i r. " l Ast. .r.. Gr. nts Pass--P. C. Quisenberry RMlun Ro?H-et R Gerla,'h J. D.m We bster Watta Walfa-M. Wiyne Goin Pend!cton-Melvin E. loy
!!rnel Itarold G. Ilaunhman kl.nnath f a!!s--Wdham t. Scholtes Rar'fon- ihue e V. Trrtifer Cors. ell.s-C. Roy Roth t ..Les iew .- Donald [. l'icre e Dhtric I OIfi< n in Montana [nterprne-Livin M. Adams L summ beph R Ung
- ponnt.rtd -Russell M. l'oei Medfont - 0. rbfford Jones Rainpell- Ch.ules t . Mi Qurary R".'u tamt R. .heit I . Wr t W
Iun ota t sty Albert C. Itustnn Roscimer, . Witham R. Parrett l'oe rlane t W.une Nn+m Onten t ()lta e. ut Cahhnnia ifn. ! Rn rr -Fenm th C. Medraris ( n.s ent ( ity . Robert it. /ike
. Ihc Daffr$ --Chtfont V. Perra " Yreka. R. I ?.de ( olkns -
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e. 1 1974 ANNUAL REPOltT . PAClflC POWER & LIGilT COMl?ANY Public Service Building Pordand, Oregon 97204 .
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's, ATTACHMENT 7(c)-1 4
INVESTOR-0WNED UTILITIES j 1975 QUARTERLY FINANCIAL STATEMENTS O O .? j \. O b 9
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y -- fxhibit A {/~' . . e
- p /'T,<,-_/ '. PorciL MdC G E N s t:1 A L E. L E C T r!! C C O M -'
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!!otes 3(d) imd 3(c), en a consist ent basis during the periods..
r...,.,, , Ct.v ,- . c a s. . , w . . . . . ,~ v
/s/ Ja.ncs M. Woodcoch Jccies H. Woodcock, Treasurer
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$1 ATD!D,7.i OF .INCO:iE l'OP. T!I !;I';E t*0?.TES A'O TL'ELVi: M3 :n!5 I:QLL LT.rT &.Eh 30, 1975 1.20 1974 (CO:7.0L:n*nn /T t rPTO'?ro - V:.2. ? t,7 5 -. rfrrr. I s-(L*naudit e d) f; ire l'.cnths Fnded Twelve Months C + d L-:n:43r M Scrted er ?O J !.7 % I< 7 1915 ' _...
(TI.O J W M b Of IM11 TIC.) Operating Revenues (Noce 11) $ 10 9. M 7 $ 10A 009 $ 167,71' s 10. 7 P Operatic;, Exper.r,* 6 An? Taxes Up c ra t i:. r.:
- 17. * : , orb m -d M.t r*.:ia -r" i; , 0 *> M. W '. 3 T. , '
I tt ' . t ict; 6.*L5 ' . P.
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a rs: - irtisa en Q.t r w. ch .. 6,ld s 5, ir f- e f. , ( .': C' i.* I.ra r.. . t i c. met. 13,/.33 10 *4 3 l '/ , 3.' ) 't u
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t- Ity e; erctin; ;r.;c: 47,07 09,4 $3,704
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(xc: S 3. ) 2 5, P;f 12, P 9 20.CO 1:. . Ott.cr incere ad d;Jutd ; ; - i,ct ( i c i', _- ( v '..)
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Cress inceme ( 2, %13 i,2g 71g- G ,, lotercn Ctt.rve4: internt c- leng-te m d:b'. 20,f ? IS, _? 25,7'" U, , ?. . Int er. :,t un C. cit-tet n rote r t v rM . 0 , 7.'. (," S,.... Q: Y.1 ,. -I st" d. . .0.s*. "* invi :n:cz r* tb . . : .l.'.. . . . ___ 7_1 :_
- .c t lneo.c Ava:1:ibic 34,717 3.~),159 3 7,4M *t,7 l're f erred Divf &nd Re p.,itc aeat 7.?l ? _ 4 3 03: 1M --
Inco:.c Avt.ilabic f or ceu.un Stock $ 27.l.?5 I
?5 @ 5 I b_'.'E $ I -
Average cc:=wn Shares outstandire 13,944,444 11,666.667 13,833,333 11,3 / 5, f,f.J Earnir.r.s per Avetag. Cct:st Thare $ 1.97 $ 2.16 $ 2.01 ( 2 Divi.ier.dr. a.cla rca 1 c r C. t et S h ir.- 5 1. lh $ 1.14 5 1.i?\ ? I a-Thi e, c r.it s . .. rc a uli e, 'er intsriza p.riod- cte r.ot r.. _ < n ;* y inJt c.,tive r f res.ul t s to 14 crp. -;.c.! fer t6 y e.? c' ac :
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PORTLAS GE:!WI ET,1CTFIC COMPANY .*G SUP.::TIG ".D.Y w.u . m . = , .c...=.=.---..=---:~... . . . . . . . . . - DAL/C."CC L}iE1JS AS OP 3EiTL'IBCa 30,1975 M;D 1974 ( (CO';SOLIDA7 f.D AT SI:Pi D O'.R 30,_1975 - :,0TE 1) (Unaudited) Assets Septer.ber 30 1975 1974 (Thousands of Dollars) Elcetric Utility Plant: In service, at original cost C:ote 8) $587,323 $524,S83 Lest. - Reserve for depreciation (Note. 2) 107.700 97.M S
$. 7. 9" , (.O, .. .'> (. '.n. . . v .:
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,cr_., t, c , ,/ s ,, , s, .. o.. ior (.Le A rc p. .,uc car t..aaat at Ec p t ca n c:- 30, 3975 (:'ote 8) 378,S19 292,76 Nacicar fuei _3 4.7 !,'.': 2 7 . r :. .'
-.-. w i . e, w .
l Other hope rty aw' T m;e s ttru t r: . s Coas t:tt' Orion *..or! f u prc;;vesc , i.'n?@;:n crn ce"M c ' D' T e ii 1. 2 , 6 ' ':
- .,au c i hr.', ra7- e, .u <: . .;- *c. ct cocr, 1csc recervc: 2,164 1. C 0 Seles cont.racto iccciveble cnd other 2 . 3 9.~i 3.23:
17.577 4.(03 Cerrcnt Asratt . Cash (Kote 2 0) 10,9% 12,]35 Special depssita 176 - Rec.:ivab.l ec: Custercrc' cecounts 8,)96 7 , 2 C 's Other accot:rts m3 note , 829 ?,9(
) , :. 7 v - k.c encolicet M a rc:., .ta (133) (30. )
L.tirated incem2 tax refut.Ca 5,290 - Materialc and supplier., at average cent: Fuel oil 20,216 7,7S7 Other 9,557 6,273 Prepapents 1,436 1.2f;9, 56,235 37,3bs Doferred Charnec: Pre) Lainary engineer inr, an( survey cocts on propoced pencratinr. plants 7,930 3, %7 Una:r.at tire debt c::p en r.e 2,928 1,!i: Other deftrrcJ chacres 5,222 1 2 .e.. [, Og ] ,1 r._'C. } ,;
.$.~./.I '.' . . . .
*[!!j SC C L Jpudy I f.[', DO! C ~ 44TP All intCia'al pi.Tl Oi L} tC Se !! L a l Ull Cli t i, .
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.p74 (00 ;SOLIDATF.D AT STPIDI:dn 30. 1975 - NOTE 1)
(Unaudiced) Liabilitics September 30 1975 .'. 9 M -. (Thousands cf Polle:r) Capitalization (Scc Accompanying Statetents): vo .n.e3m. . 9,7 f- - Cc :.:ar. s t o c .r,ecm.ty (,.-
.wc.-
Cuz ' n the preb . v .tec!. 11:.',006 - L o m . -t.; r. &b t !. G l . ' ' P J. , Totni ccplu.11: .:tir o: '/9 3 . 4' ? . s r.,. Cur r c. n . il .'<:1 i - Ls.t_- i ci . ed.: . '.t. m ; .
- i tiln .ec e ya --
- 2. . , ' -
Cu n er.L r, ink'.np inad rce,uirer.entr, on lan: ten. Jab; 2,3:- 6 2,3C Short-cel. na c 4 pc y t.b le (Nato 10) l '.'. l . 95 ', '17,0:
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r.... . ., I:
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lu. .vu on% prp.,o.t c vgr t) , ., :
/.r.c n a r;r.:"al ty - 4, f;25 3, f ' :
Accrue d inec.c.c tene a ('.:ote 3) 403 U5
/.c< re .d in t f rer,t 0 , h.. D ',s 4
- .r
- 3
. 3 a,. 0. 0 o >- - - .r. .
Other: Deferred inccia: taxec - accelcrated at.ortization (t:ot e 3) 6,602 7 ,1 '. ' Deferred incor- t anca 'libc ta'.ima degree.4tica (;:eccc 3) 19.1 - In:f e rre d in ce :r r.- t tra: credia (o m. 3) 3,M; 3,f-Possible additiar.cl incore tuca and other
' contingencic.s (Note 11) - 1, 9 '.' 9 Miscellaneous 443 1. 3 Y-10, D e .t 4 .@,
Commitments and Contingent Liabilities (Note 16) e, q *r. , ve ,L ,
, e,n;- .
. , . . + s.
es.ese--.e .4.3 w s..- II;C ilCC Omi1316yluf. ID L e t; are ilu inl07,rril piirl Of thCSO S t a t et.On L G . e %
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,t.r.. y a.t ~ ys.T a s ?.t-ru. ..:
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. I.'m - OTF. 7 )
Seger.5er 30 i <> D 197e , (Thousands of Lollare) Coc= . Stock Eciut ty: Core.an stoc k, $3.75 par value p.:r s harc , 20,00";,000 r. hares aut horited,15,500,C% and 12,000,%9 e.hsies ou*standir.S at S ep ter.Se r 30, 1375 sr..A !)73 (:;cte 1/) * '8'123 Other paid-in capital (kte 12) 130,416 7 ' "' Ca pa ta;. stoc.r. txper.se (- b(1,.>0) 3 f. htair.e4 earnings (Sote 14) ct,12) 5
- 24 r, FS,0:-r4.
< Total cor.r.sn stack equity 2t1*374 3 5 . 6,. 2y --a 37..,
Cuat.lctive Fref erred Sterk, $1001.r Value por Eh.ne, 1.6%,0",0 Rares A &r;zcJ (n te r.12 u.d li)
- 5. h .. '.ri e , ;C :, : s r1 ,rce r 2tmni 2 5,0M 40
; # . r;.it., ' ;, , .m .w .c.; Si., Wa 30 I
~.U f< rf.u , a ,' .
4i: ct6:t = Jirc 20,*Na 23,( C.2)~ 5tties. ?( , , t 2 , s'; c.r. s et.t s tanii t ;; 20,000 2 0. tv 1;.R rer'ee, w ,r n v.,m Ntstar.dir. 30, VU L v .. r.: Fr . 5'. 1 .
; . u.
1 LG c,'O' b... - a '.'n: v x .* t ? ~.,14t; 16.tal emLict .v. __3 _ _ .- Fr.h n 1 ric ch
,,1,10 , 0 n 13.9 L0. 0 32.3 Le nr.-Ter' 1, i t T 1. s.t n.1 i , v L.d. .
i4 .i e: ,. i 1 . ~ r,' J !;.. i. . 4 c .. m .m i, 107 5,750 5,1 5-2 /. . Su sc.d Se a m <1 * .r.sr 1, 1777 2,75S 2,7 v. > 3-3/8" 5arter. cue :m. ur 1,3'#. 7,511 E , ' .~ ' 4 -l i c. So it &c Sqtc -te r 1, JJES 11,5!.0 12,3C 4-7. t SOies 4. c .1:w ), I r.r.7 7, g 3 7, f- . 5- 1/ 4 ', f er ic t J a .' r. - 3, .*f10 12, GO 12, '* :. 1-1/ U. krica e. r L. ve;/..e 1, it 'll 10, f.00 10, f ' ' 4-!!' scric . O M rut.ry'3, I M.i 13,614 13,l'2 4 .F4:, a t .: s 6 .h. e 1, I f 9 3 lb,425 I t,,00 4-3/41 Serica cue /.rtf1 1, 1994 16,650 16,M;
- 4. 7G Se r i e s d.r I'mh ] , ISM 13,125 13,30?
5-7/R Series d.m Ju.w 1,1M 11.433 11,D 6 G - f yrice d.c Oct.-der 1, JWi 22,7?*i 70, 7 5 E './4*, Ec ricz ne / ; r'1 1, ?! 77 20, V'O C-I '! . 0 tiL % :s s M '
. a 1, ; 0. .: 20,r T) V,U -
M h r ter cue ?::vn :.. 1, 2h 20,000 D, U' . 7 .U42 Scries & c ?.verbct 3, 2002 20,000 20,R0 7.M'. Serina duc Apr!) 1, 2003 33, nD 35,0: 0 E-3/4% Scries (ce 0.tet er 1 ?O73 17,000 17,003 1D-1/?' :4rics da pecc';:r 3, Ic'O 40, CC O - 10' Scris:s due April 1, 1982 40,000 - 9-7 /h', series t.ut. June 1. 1985 27,010 - 5-1/?'. Sinar.r. fu:.d debent urc e. due 1983 (Nota 15) 10,500 10,MS Real estate purchase centracts 50,3, 7i;3 Total 402.)25 326,lh L*n n rti.no prr:.b. cn laa;;-t em icht. 6 2C " t'nc artirst Jir.ce.:.t c t. Icng-ttr,s dett Q%) (T ;) 402,435 3.'b t .r Lc: r. - k.'aats incW.cd in et.r tcat 11ctili t h a (:aitc 3 's,'. L & I c i.. .% . v:th: (. .e - , (&'! . 4!s. 'L. I, , .fi tL 2, h t i e t .s ! le' -t'.. dtli !. ( ~. . f " ' M .$ letal u.; italJ s ..tica 's t-
,5.iww ll.+14 l. .i_'T.
w- a. '..-. Tr u a..t q ac.y; " n. m r.s ar. int s t,t s] p .r t of ti.t. e ue.tercrt s.
- 4
.Coatinuc.i.l
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k~ I'GRTif.I.7 CC'!EPsU, ELI:CTRIC CC'i?/.tTi AND SL'ESILI.'iMY__
.STATCENTS OF RETAINED E/.T;TNGS FOR THE NINE MONTHS 30, 19,/a ana 1c,,.4
- e. . o .a... , , .
r.a,u,, & .,...e,. _ . ,.. ..a a._,__,..,u,
. a.o n. n... 1. , rw s (CONSOLIDATED /.T SEPIElmER 30, 1975 - N0TE 1)
(Unaudited) Eine Months Endc d Twelvc Months E Jr.i . S c r, t e/..e r O Sc9:.uuacr 30.. 1975 1974 1975 1974 (Thousands of Doll .rs) hlnnce et Metinnin:2 01 Pt rW $fi,C27 577.25.' fu-,t'14 .i, ' . . 34,737 30,1 % a d . 7 7. A:'d - E = :. Inccrc 37 e,s / e ,- .-
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La
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IlivMer ' dct? rree : un c. . a st~ h 1 r. " E 7 13 ,(M T 9.3 ~ 1?. W ce pr,- .ec r t. > .
/ , n:' .i ,1, c i s .; e u ,
Krite-of f (oeer tha five-ycc) period en&d 1574) of r. portior. of invttt:wnt in Othe'! 1.G;iutili E.y prG[ci*. ' IP cc:1plic.acc with I ederrJ I'e ,
- Con d tuo- reqait e,r ent . -
3% . _2l_z_O_') 9- 10 9E9 3
- 10. . . ' l' '. . I
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.. - - u-51 ATI27.! TS 01 WCILi, CT Tt'.t!,1Pif.51T.D 17. ELICIRIC l'TILIIT PIJJ.*r TOP. ThL l;1 i': !'./ %S N 'l TkTLVE !M.ThS C~0CD STFIC"ID 30, 1975 /2:0 1974 (Ctr:'m. p n .- A7 swir_1 Er. M, }9n !.v g 1)
(Ur. audited)
! ine ::enths Ert J Twelve Month T c'ed fe:t+V,6r M L et e-2.c r . .
1975 1974 l's / > 191 . (Thechands of Oc31cr ) To:.b. Lc c re. t( d I::t a r all-' ! ?;.,224 s 2.4,5?; y ;., ;; ,. I:. ne .;i.11, . . r e n .. ra us M rril< m 4 ;r r.c 'P ; r. r i.:. : .. tc 11,: 3 5,C2 1.,77; c ti.c r c.c.c t.x . ) L .f m i h. c,.. . t e c+ ( :e s s. 3) 5,(05 - 3,rc 1,20' ( '. ; irm. t: ,c' <t ;. c- a; (10<.*.) ' 7, ~ )
- .. l:
. :. A' , . ,
u.. .- < . n. c n ,. C. ,;. a) 1.- , t 5
~Ih w . r i- -
( 1 % .., _
.__ (e' ._ H. J t
i.e r e rv.c ti .er.6f e r cs d t e revcszt C:uc if . 25, W 2'.,;." 23,4(2 c, -c e- In h 4 1. - tre ?1J M 7 3>.' Lx Divi. e : , i :Ir e . , ,
~~,.A 3 s
$ D (.g*= ) 2 1" i . ' 's! t jt ,, . ..
- 1. h : md .k ina . 1 :.. . .. i s r.
67,000 - 107,e' r, ,0 , - 1.c c:cr" U1 ! 30,3c) - 30,c c': - h etert d sm a 2c.770 27,63S 49,3;. .:7 A ? Com e, rar:L f h:: -:c.rn m' rey % 126,5;2 65,212 1(3,53: :
- betinc:.-;. r. c.f .-:,vu t u ;;;.L;t G p,
_ (. %- .'. 'a A - (:
. T .,.'P.
- ) .-(W. I..,.u t .) (: ' .
lunf-ar: tim: ' 3 's 6 ,04 '; t$ l$ ,/,. .....
$ C t c.) f U". d t. [ri'. C t f4' r s;. " 1
'i[
Other Tt:r.h PrcvidM (Red): (2,377) (30,171) (3,20.9 hetm: mt r f ' e:.t-:cru dubt (29,346) CL . ..h r.n cu; rs ; t asr i s cr , . : N.L-ter.: ceSt i vi th h, c . y, :.t in.1 r :s r. -t e. u t e
- p.- n! 1c (1, t n i O ',27l. ) 2,;3 . ,'
* ( , , '- r i - (t ,1,i 1:w ds.t. .n. c. , (r. t ))
;C ,f : . 1C ,'
Al le :a, . e i.r f u *noi da ' .: ce:r.t .ctn . E ,0 0 , 1;,2f o N f e rr e 14..: c ...' . a s . a t :it< J tc cer.strucun, w u an ;;oarerc (:W:c '-) (5,412) - (5,412) Other - net Tet:.1 ott.cr funds previted (uced) (a _10 0,1 ?.) . ( .4 3, i .c 1,g25
. :. , U g
- a (c,E*a) i ...J s o) c'.*'
IJ}J c. Furds Investi.! in Electric l'tility Picat $124,543 $ 90,535 $164 N 2 f ) S '. . . The accepanying vo6r s. are nn integral part of these statements. , cut inua w n - m ,..,u. c. 4
. , . , .. . L. . . .,s.
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- n = a w.-- -=e - -u. -
}. LOTE 5 'io H:!x;cI/.L SIATTJiENTS G:i.cudit.ed) 1;otes 1 through f, suaaarize the Company's significant accounting policies.
- 1. Principles of Con.4olidation. The'Septen.ber 30, 1975 financial stater.cncs
-include the accoanta of the Ccrpany and it.s wholly' owned subsidiary which was organized in April 1975 to own a headquarters complex currently under construction, which will be Icased by the Company. All intercot.pany balances have beer climinated in cuch consolidated financie.1 statements.
Through Septe:.ber 30, 1975 the subsidiary has had no operations. The Company had incurred costs of $4,740,000 at September 30, 1974 on the headquarters cer.. plex and such c. mounts were included in Electric Utility Plant - Construction Work in Progress.
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porterien . ,% m.t ) nav; am. . rqui s u. , > 3.. r inc.i:, f ri .: : ~, . appro,ed by :u .w ; J e Uti.li ty Cc7.icsicae r of Crcisc (t he "Cc . ci e t. ;.c.2 : '7. . + cre er ci epac th. cut N t: A -:: roix li', m of the vc'.inar 1"ns r e7 - . r;; r: 3;; - . re -: r .
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chr.rifd to v;..untin, Lc;.c.n,:.u, w;.erces tbc portion ic:- m. m * ..: c c a - t. the c.epreciatioq vtserva in innledcd in Intercc.t Charp.e . In t.hc acec.: ,ie S ta t e.ac n t : of lhen.. t he erruiry anu interect p n t i cio, ha . 2 icut cer %. c g r, ...
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r s m a ca . . 10 . y L s t~ ; t tc . t .. . ..; . - . . e p h .. : -in--i.crn e e iM ancer vele 2.5% cr.'. 2.G. for t.Le t.- 4 mat % ere ? i. tu.7,'.a r 3 ",, 19 7 5 zu.c JC7'.,recpctivM ". The "crec.am, 's r iab;, fur d ; ch e-depreciation yieldt dorreciation provisions tF;t are sabs.rc.t.tiaily ti.e c i c c- pr ovi r,I . r.: rec.olting, .t riv i the us c oC strei! ht-irn d ec.cirri.: en s : o c, corpacite W.ir u pr ;ticc6 hy enn r.ajority cd e t.111.t ier . Prevl<in c - de, recie.i bm of t.rensp ',t+.c *-J en er,t:1pr. cal cnd noi utilit y prcper.; h w e '.4
- cre.pu:ca at utic.ignt -live rr.tcs based upon the estiru.ted service 2 i car, of therc propertier.
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tis sq . 'ccio'a Ica'J7VU UIl l. Lt. : Cu: t, 300U net t.a l Vc;.e , o,I pr. , i ri. y 1 tri retired ether than 12.ad.
- 3. J nce.g Tme: .. .The Coup.my's accounting for inacco ta: es as decerite bele..
has been authorized or ordered by the Cer.raissioner: (a) Federal and state incorte taxes. The Corapany follows flou-throur.h accounting (olher than ac discuSHCd below) for reductirms of incon.a t r;c: resultiq, f roc varicas provisions in t he L:tx law (prir.arily accclerated deprn ic Lion cad al.lowance for Lunds u.:ed durint, cen-r.truction),uhich has ti.e ef fect cf past.ir.r, r.uch redretiens cn to tM Corpany'.. evatm.ars. '. e e hate 'l Ibr detai]s of i w n .' tv re- .nfr k ,
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. u.. u u I_! ORES TO FIN!SCIAL STATI:li.M_S
'(b) Investment tax credits. Ef f ect ive Jac.uarj 1,1972 the Company elected to defer the tax reductionc renulting fron job developacnt investment tax creditc. /ss a result of the accounting change, ,...
taxes ou incou: t;<. r e u, c c i e r. :.c c v y ,c
.. .u. ws cno. in crec sec,. by .e.,. , 4 c,.,i , % 9 for the 12 renths ended Septenbcr 30, 1975 and 1974, respectively.
The deferred tax rcluction , arc being anortized to incone over a 30-yec.r period, the apptc,xi=nte life of the related propertics. (c) Income taxes deierced in prior years. Prior years' tcx reductiona attributeble to the exccas of 5-yccr arortiration of defen e fa:.ili-ticc ovcr depreciation co:r.puted substantir.lly oa the sum of the ye.ars-digits t:ethod vere deferred by crediting the reductions to Dcierred Incoma Taxen - liccclerated A:artizotior.. The crounts deferred nre ; - nv r i : ..: i v.' bein: restond to incere nce- S.c 2~ p at.- fo) loving th< peri. . (d) Daferred .incon; i nr.e s - r.upi.talia;d intn er.. The Coac.irsicncr, b e
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chcupc, p c(. n v.cus a c t.. t c r re c. ute. s t cu c, increus a, ,i a':w o n ;1.c .. for the r,ine r rnths enc'ed Septer ser 30. 19'/5 nrd tharefore the tralc r.onths th o c mo i; G.412,0CO. Ta. eficct oi tha ccccentin. ci .c va ec: d e: . in este :;rh:- : :.t c :, chm 3ei' to cesteucre 1a(.- Jann.4cy a, 3 9, .,, . .,, ex t,i cr.. 1;, no e.,ict.L on t.i.c I :.n:.ncac.. strtm _ c for p.*rio6s e:cled on or Lciore Duc, ,.bc 31, 197!,. (e) Deferred ir.ce:ce tcw , - libculiud depreciation - asset deprecict.ic-- m.m (l. . ;) . 'i h. C- . r ., t ' :m t a Nop: im f c ut a i ; y p] t cG - 1a r .. .l c r ' . , i: ,.v :. t ,D c o , .. _ !: r 4 r e c au._e 4 in , d a c e: .c. u ' pm g , t t t s.< s,; . a1 ' u m. P s .> ' Th 'c c -' i" 7V' d ur in ^, 19 / S . 'ine Co,;e:g har clected t.o def e. th t.ax redu L icr. . attribut2]c to the ucc cf ADP. over the tax deprecintion which r:u30 renult fro:n previour crhods. In coraput ing ince:." tnx previsac.'- fcr 1975, the Cenpany has nsc.uced that Trojan vill be placed in scrnce. and, accordingly, the tan reduct. ions attributabic to t.he use of ADR :.rc being deferred. As a result, provisior.s for deferred inconc ta::ec increased Tarcs en Income for the twelve r.'onths ended Septeober 30, 29'ii by $193,000.
- 4. '.11ce nce for ver h. t.c ! N iir construction (!MC). AnC is defincl in t!
reder::t Po/e: L:. m rica ( t he " r"C.") N J J o r:.: P uter of Accou'itF af the 1 : , . s J. . L l i. i" 1. 6C .
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mu 1.:; cap.ta ..n purpoces nn' a n a se...:1. ale rate on olhar t une:- vatn o usco. idX, a as part of the cost of ut.111ty plcat cad is credit.ed to other incone. not capita 11 red for incoue tax purposec. The Ccepany is currently using a 7% rate, vaich 1.cs been in effect since 3 968, on cow,truction expenditures vu.or than nuclear fuel vhich is capitalized at Li c.> acccal interent rate of t.hc nuclear core not.es. See I;cte lO(d). The cciount of ADC c spitalized hu increa.cf subctantially cubsequent to 1970, reficcting the increace in the Co:pany'. construction pro; rari expenditurec.
- 5. Dcht P r c r. lum , Di c wnt and E::9ence. hb t premium, discount, and expc nce c.re bei ne, ar.or tiz eo ov e r t.he 1 r.ies c,t t.ue respcetive issues.
- 6. h tiv er e: ' P.len. Th.: Corpany has a retire ~: ant plen for the beam *it of its Cwra r.> funds pere.!m cert: cet rued c: 2 m .v . 'O Prior-rervice cor :
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