ML20101B681

Commonwealth Energy Sys Annual Rept 1983

ML20101B681
Person / Time
Site:	Seabrook, 05000000
Issue date:	12/31/1983
From:	Anderson G COMMONWEALTH ENERGY SYSTEM
To:
Shared Package
ML17054D536	List: ML20101B681 ML20101B692 ML20101B696 ML20108F405 ML20108F409 ML20108F413 ML20108F416 ML20108F429
References
NUDOCS 8412200460
Download: ML20101B681 (40)

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p. i. '. ' an -4xempt'pt$inc utility holding STaddition the utility comgianesl 'inc generating facilitssy~;.}& %', {,

bateam.dialtilgp-The System e a business trust,,; 3 J company with irWgtrftents in drganized in 1926'un21er. the laws of

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CONEragy Commonwaalth Ensrgy Systcm 1983 Annual Report Contents Financial Highlights President's Letter 2

1983 1982 Year in Review 5

Financial Statistics Management's Discussion and Analysis 18 Total Operating Revenues

$619,655,000

$607,081,000 Financial Statements 20 Total Operating Expenses 575,862,000 575,007,000 Comparative Statistical Data 34 Net income 42,728,000 23,597,000 Trustees Earnings Applicable to Common Shares 39,127,000 19,863.000 and Officers Inside back cover Property Plant and Equipment (including Work in Progress, net) 715,876,000 663,245,000 Construction Expenditures 61,082,000 60,775,000 Common Stock Data Earnings Per Common Share

$4.63

$2.45 E rning and Dividends am NW Ram at N d War MM OM O Earnings EE Dividends Weighted Average Common Shares (per snare ssoo Outstanding 8,451,316 8,103,922 Common Shareholders 23,277 24.129 Operating Statistics 4 00 Customers Served Electric (including seasonal) 287,000 278,000 Gas 202,000 200,000 3 00 Unit Sales (in thousands)

KWH-Retail 3,349,755 3,164,336 Wholesale 1,396,427 2,109,969 E

E 2 00 MCF-Firm 30,830 32,448 Interruptibfe 4,717 3,844 I

1 00 An Ideal Place To Be This year's report features a ists so si e2 u

photographic journey through an area that evokes a special response Pt nt in Service from us. Selected scenes depict the CElectnc EGas E stearn and otner mood, rhythm and diversity of the people and locate which we are on M.nons) 5750 privileged to serve. The contrasting riches of the region are as high as the hills of central Massachusetts and eco as deep as the ocean encircling Cape Cod. They quicken the pulse EEII and lift the spint; they touch us and I ve us with feelings of gratitude.

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l I I I I 300 Annual Meeting All shareholders are invited to attend the next Annual Meeting which will I

be held on May 3,1984. A formal notice of the meeting together with a 33o proxy statement and a form of proxy II, will be mailed on Apnl 2,1984 to shareholders entitled to vote at the g

igre 80 si a2 sa 1

r President's Letter Ta Our Shareholders:

petitive posture. Fortunately the high-and instituted reductions in public l am pleased to report that our tech industry, then in its infancy, began funding for research and develop-System's 1983 earnings reached $4.63 to rjrow and a skilled work force was ment of alternative energy sources.

per common share, representing an essential for its survival. Meanwhile. While we agree that some additional all time high; up $2.18 over the state government working w'th industry, energy savings will occur as less effi-

$2.45 we reported a year ago.

began to address the problem of our cient automobi!es and energy con-Prompted by these earnings and our reliance on foreign oil by introducing suming equipment are replaced, we improved cash position, the Board of energy awareness and conservation in planning for the future are con-Trustees raised the quarterly dividend programs. Today Massachusetts' fronted with these irrefutable facts: oil rate effective November 1,1983, by total energy and oil consumption has is a finite resource; two-thirds of the four cents per snare to 53C or $2.12 declined from 1972 levels by an im-world's proven oil reserves are con-on an annual basis. This came after pressive 26% and 40%, respectively. trolled by OPEC countries; the an-an earlier quarterly increase of two Additionally, in the late 1970's, a tax nual price tag for this country's oil cents per share effective February 1, reform measure called " Proposition imports, excluding the dollars spent 1983. We believe these increases 2W" was in plemented. This voter-to stabilize the turbulence in the Mid-are consistent with our long-standing mandated reform has steadily reduced die East is approximately $60 billion policy of providing an attractive return the total Massachusetts tax bite from and, a recently concluded study by to our shareholders when it has been among th.) nation's highest to a level the Department of Energy states that properly supported by strong earnings. currently below the national average.

this country will be faced with a shor-While the $48.2 million of rate in-This abihty and willingness to adapt tage of electric generating plants by creases granted in 1982 provided to a changing business environment the 1990's. All of these factors com.

the major impetus for our eamings has led to the full-fledged blossoming bined give us real and immediate success, there were a number of of the high-tech and service in-problems when we are faced with a other positive factors:

dustries and a resurgence within the current cycle of 10-15 years to com-o the downward trend in the rate of general business sector, plete a major generating facility.

inflation, The economic promise of the The system's efforts to expand and o lower interest rates, future bodes well for the system and extend its current electric generating o our continuing commitment to its long range financial health. However, sources have not gone unrewarded.

controlling costs and improving future benefits will only accrue to those In 1983 we were able to negotiate operational efficiency, and who accept the cloak of responsibility one short-term nuclear and several o sales growth stimulated by the together with its challenges. Our long term hydro-power contracts and economic climate in our service area. responsibilities revolve around our our load management and conserva-ability to deliver energy and services tion programs continued to yield Some of the credit for the positive at prices which will not undermine positive results. However, we recognize Crection the economy has taken in our competitiveness or hurt our that significant amounts of base load our service area belongs to our customers. The challenge will be to generation will be required to meet educational institutions which have utilize our current energy sources to future demand. Our options are few provided business and industry with their fullest possible extent while pro-and herein lies our real problem.

one of our most prized assets, a viding new sources to meet future Vulnerability to world oil prices has highly skilled and stable work force.

demand.

necessitated a prohibition against ad-This resource was particularly impor-Today, the planning and construc-ditional oil and gas fired plants. Price l tant when, after a decade of strong tion of new generating facilities is a disincentives and funding cuts have growth, industry was beset with a thankless, if not a perilous task. The cast serious doubts over the develop,

combination of problems coming recent stability of energy prices has ment of attemative sources of fuel j

together during 6.ie early 1970's, slowly permeated a previously energy and energy. Coal generation, with its i

among which were the erosion of conscious society with a false sense acid rain oilemma, has become in-our oldur, less efficient industrial of secunty. As witness to this energy creasingly less attractive and, the base, dwindling defense contracts maraise, one has only to note the re-nuclear option is being el;minated by and the energy crisis. All of these, cent revision of our national energy political expedience and a lack of combined with Massachusetts' in-policy. It has abandoned the goal of understanding about the advanced creasing tax burden, dulled our com-energy independence in this century stage of its technology. Yet, it has 2

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1 been coal and nuocar generation, projects would be jeopardized if con-not the more glamorous alternatives tracts can be altered after the fact by like wind and solar power, wh;ch legislative fiat. We support the cur-have produced the energy necessary rent decontrol schedule because gas to reduce oil consumption and fuel has been and, in our opinion, will the current economic recovery.

continue to be price competitive with

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1 Unfortunately, New England has alternate energy forms.

.j only two base load energy projects Throughout 1983 our communica-either planned or unoer construction.

tions with you have highlighted our t

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The system has a 3.52% ownership customers, their diversity and con-

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interest in the Seabrook nuclear project. tnbutions to our local economy, in 1,

j While some of the project's long the upcoming year we would like to l

l standing critics perceived the joint-shift our focus to the Massachusetts l

owners' recent vote to reduce work lure, by shanng with you some of the i on the second unit as a first step sights and sounds of our service ter-l cancellation measure, I want to ntory. We believe that our service i assure you again that our support for terntory with its countryside, hundreds the entire project has not wavered.

of miles of shoreline, tradition and Our decision to vote in favor of the historical significance is indicative of slowdown was difficult, but one we the attraction Massachusetts holds j felt was necessary in oroer to ease for its citizens and tourists alike.

! the unnecessary financial and in conclusion,1983 was a gratify-

! regulatory hardships which have ing year in terms of both financial l been imposed on some of the pro-performance and operations. We l ject's participants. We remain confi-continue to be thankful for the sup-l dent in our ability to finance our share port of you, our shareholders, and of the total project on reasonable our employees, who make these things l

terms and, that the overall project happen. Much more needs to be cost will be less than any new base load done, however, if we are to secure options. The " bottom-line" is that we the future for our customers and the see the need for the capacity from System. We are confident that we will both units as we reach the 1990's resolve our current prob! ems in plan-i because there is no other major unit ning for future energy growth based committed or even planned for this on a foundation of financial strength region in the 1990's.

which is essential to serve our The gas supply picture remains customers, pay our employees and

! bright. However, there are many achieve an attracti/e return for our legislative bills aimed at delaying the shareholders.

January 1985 completion of the phased-in decontrol of new natural gas prices. Frankly, many of the principles embraced in these pro-l posals disturb us. As an example, some legislators would like to roll-i back pnces on both old and new i

gas to their 1982 levels and change

' existing contract provisions. This For the Trustees, could be catastrophic! Not only are

' 1982 prices higher than our current

[Mwdh prices but producers say the financing G. E. Anderson.

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I l for their current and future drilling President and Chief Executive Officer l

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Pilgrim pride, thatched-roof cottages built from rustic matenals the environment provided, sand fruits and a symbol of our nation's beginnings moored in Plymouth Harbor Year in Review Our Role in the Community ei

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carefully controlled to ehminate or The spraying of herbicides along g, y f' g, [ ~ ' f'f minimize environmental disturbances electnc transcrussion nght-of-ways has A.r quahty is continually monitored at been a major concern of environ-s.

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't constantly upgrade and replace our personnel in cur service temtory precipitators and filtration equipment.

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-3 that encircle our facihties Coohng tion. concern over possible con-wate, at Canal Electnc is returned to tamination of aquifers cannot and wd M,[Cj J<[*[-

the adjacent Canal at temperatures not be ignored in addressing these

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which will not endanger meine hfe concerns. COM/Electnc has discon-M Recently a college studere polled tinued the practice while alternative the residents of Sandwich. tAA as procedures are evaluated The more part of a business research assign-costly approach of mechantzed cut-ment His objective was to ascertain ting is being considered Expen-the residents' perception of the ments aimed at Controlkng vegetation Canal Electnc generating station growth are also being conducted on situated in their community To his r gnt of-way properties surpnse, he discovered that most We take our citizenship rc'e respondents considered the plant to senously and wil' continue in our ef-be an asset to the community.

forts to hve harmon.ously with our COM/5nergy also stnves to enhance neighbors and our environment.

the asthetic appeal of utihty services.

The apphcation of underground elec-Load Management inc distnbution equipment has been Although the eventual investment in made possible by improved designs additional capacity is inev! table, we are Conventiona! gas and electnc facihties explonng a wide range of conservat on 5

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A sturdy perch at day's end, a waterfront studio, lazy afternoons in the Cape Cao dunes and salt meadow-marsh grass silhouetted against a setting sun.

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and load growth control techniques to conduct a comprehensive analysis of F

more effectively utalize existing generat-the customers' homes, major ap-ing facilities whi!e addressing customers' pliances and energy consumption long-term energy requirements.

habits. This information is accumulated The term " load management" and processed by computer to deter-refers to the modification or shifting mine what cornrvation measures f

W of peak electric use to periods of can be taken, their implementation greater availability resul6ng in hwer costs, potential savings and pay-j production costs. A flatter demand back periods.

curve also reflects a more consistent Generally, the heat retention i

use and operation of base load gen-capabilities of most homes are erators and keeps reserve capacity substantially improved with the sim-N i

at respons ble levels. These peak ple application of weatherstripping, L

reductions can be readily achieved calking and inrulation in those areas l

with minimal impact on customers' where cold air is likely to infiltrate.

lifestyles tnrough rate incentives, These measures, combined with low-equipment improvements, and con-cost insulation wraps, which reduce servation measures. As an example, the heat loss from water heaters, 2

the availability of interruptible and off-have already resulted in substantiC peak water heating rates has already energy savings for our customers.

. altered consumption patterns.

System companies have exempl fied Our latest electric conservation their commitment to extending their program, initiated in the 1982 Energy current power base to its greatest Management Plan, is called "Saving potential by monitoring their own Togethe," Mail campaigns, newspaper energy consumption and improving

' and radio advertisements, public efficiencies wherever possible. The presentations and other instructive insulation of oil tanks that store fuel

vehicles have stimulated a very for electnc generators has saved favorable response. Consequently, significant quantities of oil otherwise f

thousands of customers, who may used to heat oil and lower its viscosity.

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'Wg i not have known they were using too Chemicals added to fuel oil have y

much energy, have adopted conser-resulted in a cleaner burn reducing vation measures in their homes. The

!!'e clean-up costs of residue on g

focal point of this as well as our other boiler tubes. Conventional lighting l

i conservation programs is a Mass-oquipment at system facilities has Save energy survey. Energy specialists i een replaced with energy efficient h

lamps, and the strategic installation of d

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1 of our electric distribution system in j periods of greater demand. By con-

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,1 d conservation and self-eva!uation pro-i

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N its commitment to realize the fullest b--

possible benefit from our existing l

energy supply.

New Sources of Generation m.m A&y"4, Despite conservation and load M

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Precious Sandwich glass hou.

n a village museum. a towenng whits steeple reaching up from a solid foundation symbolizing the area's simple piety. lighthouses dotting the windswept coast and windmills providing tourists with places to reminisce

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sources of electnc energy wdl be p w/

necessary to meet the growing s,

energy needs in our service ter-

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ntones Whde the system carefully

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%l reviews the ments of new energy f 3 m c.-

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w the Seabrook nuclear project remains h > NA:;-i 7 s jh,. r G, "

consistent with these objectives The

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completion of Unit 1 wm provide the I

system with 40 megawatts of add.

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jf'[(#p y,[j pletion is vita! to the New England

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region because there are no new customers from its Swift Piver facdity

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for tne 1990 s. a per'od :n whicn the o<ent of additionai hydro-power bom

-f "J g ? '[1 region wm f ace a shor+ age in Loweh when the $38 mdhon Boot 4 j.% i-?.{-;{.$d

~ ;j(f generat ng capacity Mdis hydro-el3ctnc station is com-

..Q-Following the July 1983 approval pleted in 1985 In harnessing the of the Canadian Nationa! Energy currents of the histonc Loweh Canal

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Board COMtElectoc began receiving System. the oeveloper wdl have

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elecincity from the Point Le Preau transformed an under-utihzed resource f((

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nuclear power facihty. which has into a formidable power source f. ".:

maintained an excellent production COM/E!ectnc has contracted to pur-f[ O

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• record dunng its first year of opera-cnase an of the 22.9 megawatt

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~j tion. Our 25 megaw itt entitlement in capacity and energy produced from this unit is avadable 1, rough 1991 this facihty w,

and wdl provide the t / stem with The prospect of relatively inexpen-jJ f

additional capacity at a reasonable sive hydro-electncity from Canada 3

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cost became a reahty in March 1983 with m r.

By fostenng independent energy the sign:ng of a $5 bdhon contract initiatives in Massachusetts the between Hydro-Quet'ec Electnc Cor-system has acquired several poration and the New England renewab!e and less expensive Power Pool. The contract has the sources of electncity Since January potenttal to reduce New England s 1983 COM/Electnc has been the foreign od dependence by 4% and recipient of up to 200 kdowatts of provide 33 beon knowatt hours of Capacity of locally-generated hydro-power over an eleven-year penod power from the Tremont facihty in beginning in 1986 Wareham The Pioneer Hydro power The power wd be transmitted Company has cornracted to produce through a new transmission hne that 1.5 megawatts af capac.ty for cur wd run from Sherbrooke Quebec 9

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Deep-sea f;shing trawlers returning with the catch. a whalin' out o the port o' New Bedford. a master craft.sman expertly fashioning a

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through Vermont to a converter facih-Gas has taken special precautions to 9 ^F ty to De bunt at Comerford Station in ensure the adequacy of gas supphes

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New Hampshire The kne will be for its customers COM/ Gas. through designed to carry 690 megawatts of the satelhte storage facihties of an af-electncity with " capabihty for ex-fikated company. Hopkinton LNG a3,

pans;on to 2.000 megawatts When Corp. has 3 5 milhon MCF of 3

g' the initial phase of the project is reserve capabihty This represents r.

e3 completed COM/Electnc wm be one of the highest storage to con-

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entitled to approximately 30 sumption ratios in the natic.1 These y -: gs,

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rnegawatts if the t'e capabihty is nessee. can sustain gas supply con-expanceo tinuity and rehabihty even dunng pro-

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-t3y' By 1988. purcnased eiectnc,ty longed penods of se/ere weathdr

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t from Hydro-Quebec and other low-To get the gas to homes and inoustry

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7 cost hydro sources will represent dunng these penods. gas pressure y y q..

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generatio. Presently the system pipehne network in September.

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. '. '.? h./ ".1 J ye estimates purchased power costs for COM/ Gas irtegratea the control of these projects wih be 15% to 25%

the entire gas network into one cen-lower than convent.onal electnc pro-tral station with the installation of a o }.g 4,3 ?. ;.?. C '. ;

duction costs. producing savings for Supervisory Control and Data Acquise Our customers tion (SCADA) system This innovative e g Q 7p &g.. k.;

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being sought with renewed zeal by pressure readings contin;ously and Amencan industnes COM/ Energy not.hes dispatchers of any abnormahty J ff

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pohcies have always reflected a com-High or !ow hmit pressure violations d

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mitment to customer satisfaction as or incomplete device movements are demonstrated by our supenor record signaled with audible or visual warn-of service. rehabikty. and dedication ings Using the pnontized data pro-Jg

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to high operating standards.

vided by the system. gas dispatchers t -. 7

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Similarly in 1984. COM/Electnc will

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cu!minate five years of design and t'

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construction by instalhng an electnc

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An eminent native dressed for the air the Worcester Common providing mid-day strollers with a quiet refuge in rho miast of a bust ling city and time-worn sagan wheels at resi ed targotwn W. ',WM #

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i Gas Supply

1. J Since the passage of the Natural Gas Pohcy Act (NGPA) in 1978

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2 producers have accelerated explora-i tion ano extraction efforts result;ng in 9

' 7(

m an increased supply of natural gas

'w f, yy s

Currently. the country s natural gas I

supply remains excellent. and reports i

YD w 2

from the Department of Energy pro-

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j;$._j,9

%~'

g ject an upward trend in proven-q::

reserve additions Whde NGPA pro-Progress is stdl being made on a fpAv f M ', J :.2 4:. A t_

E vided the incentrve necessary to in-Canadian importation project as well

[ !a ' * [ Y T-[ Q -

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crease supply. Via h;gher pnces at as on a purchase of surplus domestic s. [h I*e

h. hd.

i the wel! head phased-in deregulatron gas from Algonou:n These projects.

Wh./ ' > '

N ',/ $ ':.

7

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jj

.g g

.h; 1 - ^

[ {T % f;,,

..pg

,f.?1 has also forced gas pnces up more when complete wdl allow us to fur-J, n

i Ed sharply than antiopated cousing ther increase our dady firm volumes

' ^ Q [. ~ '.h if k2~

[

customers to cut back 'ne!r use of and in-ground storage capacty j

~ j f"w;' ' *f. ' e

%,,4-( i T

natural gas These combined factors wdl allow g

J W Z. A Dunng 1983 the corrpet:t.ve onc-the company to replace more expen.

j

[Qpp.

M j

ing structures of a!!ernative energy sive supp;ementa! supphes which 1

ip -

7 sources such as od and e'ectnoty should result in substantial savings

.hp 9 4 ;.j J

p q~.(

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prompted producers and pipehne for our customers fa

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d companies to stabthze and even ds 9

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lower their pnces to sour demand

" Gopher Conservation"

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and sell excess gas supphes Tempered by the forces o' an in-H The improved gas supply situation creasingly competit:ve energy market.." p

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gm

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y

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< <, +

3 snould allow COM/ Gas to strengthen for many, espeaally tne elderly and

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combined with more stable onces natural gas onces have stabikzed Yet..3 Q A.

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r.

-[

3 its own supply picture in 1984 Both iower income customers. the pay-q.pl4.,]-

,Q Tennessee and Algonquin pipehnes ment of gas bdis is still a significant finan-g are continuing to offer ful! contractua!

oai burden COM/ Gas has created

%y, e s j

quantities of gas and we expect to an innovat:ve energy conservation QiQ purchase add'tional volumes of firm program to assist these customers in 7 f.i ig: 4 gas from Tennassee in 1L84 to reduong unnecessary fuel con-

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supply interrupt ble customers and sumption gg displace scme higher %nced suppte-In November 1983. tne Gopner mental gas Energy Conservation Program was Additionalty. Tennessee wd! of4er introduced ut!hz:ng an industnous

" firm transportation service of 7.858 gooher Cartoon Character to inform MCF/ day from our in-ground storage gas customers of the conservation gas located in New York and Penn-potent'ai in tneir homes The initial sylvania This new serv:ce wdl greatly response has been enthusiastic enhance and secure our winter A onmary element of the program supply and wW allow us to continue is a free home energy survey de-our rr,arketing efforts signed to identify areas of energy 13

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A Weathered images of Indian summer. a mouth-watenng harvest.

pride and anticipation at a local country fair and the unspoiled.

mid-winter beauty of a hidden pasture r

h 6 11.

'i d

1 loss and recommend solutions.

tively promoting conservation.

h. },,..

Customers must recognize the COM/ Gas has enhanced the value

'ii-14 sources of inefficiency before they and appeal of natural gas as a fuel

} l'

'A can be eliminated source in our service areas

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The company is offenng free The fund:ng for our conservation

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f surveys for the first 5000 residential program was provided by a portion 4) gas-heatng appkcants In addition of a refund of the Louisiana First Use s,

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$100 worth of free weathenzation Tax. This tax was declared unconstitu-1

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...N matenals will be given to residential tional by the U S Supreme Court e e

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p heating customers, provided they The Court ordered Louisiana to re-if -s E

'a j d.

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have had a Mass-Save energy fund all the previously collected

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survey and are on fuel assistance amounts plus interest to distnbution 2F i

with special pnonty for those who are companies Most of the monies

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4 :.%

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.t s 4 elderly, chronically ill or handicapped-COM/ Gas received were refunded to All customers may purchase. at the our customers through reductions in k,p.y[.. a $[

T Company's cost, home weather-the cost of gas. However. the portion

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.Oc f' ization matenals for do-it-yourself of the refund the company would

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normally be allowed to retain was 4

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• r-Customer awareness of conserva-placed in escrow and used to fund tion techniques has been developed the conservation program as ordered ppj gnj?""@

through a number of company-by the Massachusetts Department of gg

" g" p sponsored education programs.

Pubhc Utihties (DPU).

Ongoing grade school presentations introduce conservation pnnciples to Real Estate Activities thousands of students every year Darve! Realty Trust has developed Company exhibits at home shows the first phase of a joint venture, and energy fairs demonstrate the known as Riverfront Office Park. with wide range of low or no-cost conser-three partners. The Saddiebrook

?

vation techniques. Only the most effi-Building. named for its lead tenant.

y cient gas appliances and heating was formally dedicated in May 1983

.O e=s.*.

equipment are sold at company The building. containing 316.000 gy stores and free energy surveys are square feet of office space and NY..

offered to municipal, commercial and 14.000 square feet of retail space, is industnal customers alike. By effec-currently 60% leased and occupied by such pnme tenants as The Sad-Ry.

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diebrook Corporation. IBM, AT&T gg

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[ 7.f "e ~ and The Bay State Health Care Foundation.

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% i,.i The second phase of the Riverfront I

Office Park development is to be a

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x r thirteen-story structure with approx-O.. c M. e R' imately 250,000 square feet of office hi 9 i n,Y b~

space A three-level parking facihty

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l-will connect the two buildings This J ]j...,. ]g(i. ;,

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second structure has development

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1'M and design approval from the City of G/{5l

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We are also in the process of f

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Research Parn project which is to

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The solid geornetry of MIT overlooking the Charles. bnched charm ntt the teaten track, rephcas of Puntan antiques fastened to Camboage

=

doors and a wrought iron gateway to tne. rcomred nuMinas of the 2

Harvard Yard mm.

T R.<

We are corsidenng the use of a por-issue $20 mdhon of First Mortgage h

J- {hNl COM/ Energy Researcn Park Rea!ty.

tions improve Cana! Electnc plans to P

tion of this site for ou. gas and elec-Bonds and $30 mdhon of common M l ' dd l '

h. f R@

s dhi 3

tnc operations This nine-acre parcel stock dunng 1984. This financing

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gl Q Q]j is in the midst of the Kendall Square program requires additional pubhc J

I area of Cambodge, which is rapidly heanngs and approval from the f

i

%, Q g g.W.F. 4 lW M p'y becoming the center for new high-DPU.

y technology and genetic engineenng For the f;ve-year penod 1984-1988.

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firms spun off by locai university we anticipate that internal funds wdl f [% 4 research activities provide approximately $304 mdhon b.-

f of our total capital requirements.

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P Construction and Financing wnich include $107 mdhon necessary The system s 1983 construction ex-to satisfy matunng long-term debt Y.

pend:tu es. including allowance for and sinking fund requirements The

? #,"

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funds used dunng construction balance of our needs wdl be raised 2#

'I '

• f -

k(6 N@*'" 0,.Mtb (AFUDC) and nuclear fuel totaled from external sources Financings for

$611 mahon Of this amount $32.1 inis penod include long-term debt

)

mdnon was spent for our 3 52%

issues by the operating subsidianes share of the Seabrook nuclear of $109 mdhon. including $49 muhon generating project For the five year for the refunding of matunng long-NR' k, J., p g " e cg,giON 9 penod 1984 through 1988. we are term debt issues and a $15 milhon

=

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7-projecting tnat expenditures for eiec-nuclear fuel lease Funds from our 5

O i

L k j,' " :P D'h ~

inc. gas and steam projects wdl be d!vidend reinvestment and common

.y.-

$329 mi! hon. incluJing $137 mdhon share purchase plan and short-term

- I,'

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l E.I( \\

? i for the Seabrook project borrowings are expected to provide

$1T 4

2 In December 1983. Canal Electnc the balance of our requirements.

y.-

CQ[g g[(;T f I.D..M

[y issued $9 3 milhon of Pollution Con-There has been no need for addF trol Revenue Bonds and Cambndge tional pubhc ofienngs of System

.s Electnc and Commonwealth Electnc common shares since the inception

,e IQ z.

T negotiated three-year termloans of of our dividend reinvestment plan in

,j,

.k f

j

'.7

?; y

$4 and $10 mdhon. respectively 1977 This plan has raised over a

. 1 '.P. %, w. 6.

Each of the debt issues offer

$20 mdhon of new equity funds to l

3 g,,.., Q'. -

favorable terms The Canal Electnc date and we hope to raise an adde

~

A issue. financing our share of Seabrook tional $50 mdhon over the next five

,.: p y

j pollution control facthties. is tax-exempt years.

and. the three-year term loans in.

Presently. under the provisions of

[J " 7 gggg clude several floating rate options the Economic Recovery Tax Act of M

1

~

W and the abthty to " lock-in ' the loans 1981 participants in a quahfied h

at fixed rates, should mamet condr pubhc utihty dividend reinvestment

+

plan. such as ours are permitted to exclude from income up to $750 (or Change in Board of Trustees

$1500 on a pnt return) of dividends Mr Wdham R. Dnver. Jr.. a member This exclusion. in eeneral does not of the Board of Trusteec. nas an-apply to corporatioas. trusts. estates.

nounced his intention not to seek re-or nonresident ahens election to the Board Mr. Dnver has If you are not presently a plan been a dedicated and valued participant additional information Trustee since 1961 Mr. Wdham M relat'og to the plan may be obtained Crozier Jr.. Chairman of the Board by wnting to Commonwealth Energy and President of BayBanks Inc. has h

MDN, System Dividend Reinvestment Plan.

been named as a nominee for the d-y

~7 P O Box 190 Cambndge MA 02139 position of Trustee 17

]

0

mi Management Discussion and Analysis of Financial Condition and Results of Operations Regulation tions in the level of wholesale electnc done on an individual company basis The system's operating subsidianes and interruptible gas sales have httle, The System purchases 100% of all are subject to the junsdiction of state if any. impact on net income subsidiary common stock issues and and Federal regulatory agencies with Except for tne partial effects of the provides. to the extent possible. a respect to the estabhshment of rates above-mentioned rate increases, the portion of the subsidianes' short-term affecting retad electnc and gas sales degree to which operating revenues financing needs. The System s pnnc;-

and wholesale electnc sales.

increased dunng 1982 and 1981 largely pal sources of capital are its retained Whde the Massachusetts Depart-reflects changes in the cost of gas. earnings and equity funds provided ment of Pubkc Utikties (DPU) stdl re-fuel and purchased power Dunng by its dividend reinvestment and E

quires histonc test-year information to the three-year penod 1981 through common share purchase plan g,

support rate increase fdings. it has 1983, theper MCFcostof gas averaged However, these sources may be sup-become more progressive in other

$3.65 $4.78 and $4 81. respectively.

plemented. if necessary with new rate-making practices. In 1982. the whde fuel and purchased power costs equity and/or debt issues y

DPU allowed our system retad com-per KWH were 4 Sc. 4 3C and 4 4C Subsidiary companres also par-

_6-panies to include known and measur-The sharp increases in the cost of ticipate in the COM/ Energy Money 3I able changes in their cost of service gas dunng 1981 and 1982 were due Pool (the Pool) This is an arrange-and rate base calculations and granted to the phased-in deregulation of natural ment whereby the subs!d:ary com-

-E inflation allowances together with higher gas while the relatively stable cost of panies short-term cash surpluses are returns on common equity These fuel and purchased power reflect the used to help meet the short-term bor-allowed equity returns ranged from stabikty in the system's per barrel roung needs of the utihty sub-15% to 15.5% on capital structures cost of od throughout the three-year std: anes in general, lenoers to the Pool

]._ - -

with equity components of shghtly penod receive a higher rate of return than they Q

more than 50%

in general. other operating and main-otherwise would on such investments.

At the wholesa!e level, the Federal tenance costs have nsen throughout whde borrowers pay a lower interest p

Energy Regulatory Commission the tnree-year penod However the rate than those offered by banks

{

(FERC) allowed Cana! Electoc, effec-rate of,ncrease in these expenses System companies also maintain

~"

tive January 9,1984, to include one-has slowed over the past two years hnes of credit with banks At hal1 of its Coastruction Work In Pro-due to a dechne in the general rate December 31.1983 short-term notes gress in rate base. The impact of this of inflation payable to banks were $615 mdhon Q

order which is subject to refund Other income increased in 1983 by or $28 6 mdhon less than the $901 45 pending further regulatory heanngs.

$5.8 mdhon or 67 7% after dechning mdhon reported a year ago is descnbed in the hquidity segment by $2.4 milkon or 21.7% in 1982.

of this discussion The higher level of other income was Liquidity 7

due in large part to $2 2 mdhon of The system is able to generate an ad-h Results of Operations interest income associated with the equate level of cash to meet its reeds

-y Operating revenues for 1983 in-uncollected portion of approximately through the col:ection of accounts creased by $12.6 mdhon or 2.1%

$20.3 mdhon of deferred gas costs receivable generated from the sale of over 1982 This increase pnmanly which are expected to be fully re-electnc and gas energy to retad and

(

reflects the continued impact of the covered in 1984, the absence of the wholesale customers Other cash g

$48.2 mdhon in rate increases

$1.5 mdkon a+ter-tax wnte-off of the sources include dividends from in-a granted to the system's retail utility unrecoverable portion of two aban-vestments, the sa!e of common

$2 companies dunng 1982 and a 5 9%

doned nuciear projects recorded in shares through the dividend reinvest-increase in retad electnc sales The 1982 and a $13 mdhon increase in ment plan and penodic short-term

]

impact of these factors was moder-the equity component of AFUDC.

borrowings from banks Additionally 4

ated however, by dechnes in unit Total interest charges have dechned if Canal E!ectnc s petition to include sales to firm gas and wholesaie elec-dunng the two most recent years as one-half of its Construction Work In y

tnc customers of 5.0% and 33.8%

a result of lower average interest Progress in rate base is approved by C ~

respectively The lower level of firm rates.

FERC without significant modification.

m gas sales was the result of mdder the system should reahze a rash weather conditions expenenced dur-Capital Resources benefit estimated at $20 mdun over ing the first half of the year Fluctua-Intenm and permanent financing is the next five years

{

Y, h.

18 4

'D-

Commonwear E ~g, System and Subs 4 diary Cornpames 4

Presently. total system capital Net income Revenues requirements for the five-year penod 3 Electnc D Gas E Other M Electnc E Gas E Electnc Wholesale ending December 31,1988 are este n Steam and atner i

mated at $436 milhon. This amount

~

~

includes approximately $329 mdkon on wi.ons) 550 en wi.ons) 5750

~

for construction expenditures. $80 mdhon for matunng long-term debt eco and $27 mdkon for sinking fund re-g 40 quirements Financing these needs y

and reducing our short-term bank borrowmas to less than $10 mdhon h,

g 450 q

wdl requne subsidiary companies to p

1 issue $109 mahon of new long-term g

it debt. $78 mdhon of additional equity g 4 El 20 300 and a $15 mdhon nuclear fuel lease HER The Parent company wdl purchase H.

g Q

the subsidiary equity issues with the g

10 150 funds provided by a $15 mdhon si revolving loan. its dividend reinvest-

_]

ment plan proceeds and retained o

o earnings.

1979 80 81 82 83 1979 80 81 82 83 9

3 Unaudited quarterly information pertaining to the results s

of operations for the years ended December 31,1983 and 1982 is presented in the following tables:

2 1983 by Quarter 1 st 2nd 3rd 4th (Dollars in Thousands Except Per Share Amounts)

Operating Revenues

$205,617 $131.054 $118,709 $164,275 Operating Income 15,491 7,527 7,629 13,126 income Before Interest Charges 19,213 11,963 10,349 16.510 Net income 14,891 7,793 6,838 13,206 Earnings per Common Share" 1.67

.82

.70 1.44 Dividends Declared per Common Share

.49

.49

.53

.53 Price of Common Shares-High 20 22 22 %

23 %

Low 18 %

18 %

19 %

19 1982 by Quarter 1 st 2nd 3rd 4tn (Dollars m 40VSandS E ACeOt Per Share Arnoo ts) n Operating Revenues

$184 250 $117.876 $135 060 $169 895 Operating Income 8 613 5.259 7.844 10 358 income Before Interest Charges 12 408 5.982 9 823 12 365 Net income 8.192 1 695 5 871 7 839 Eamings per Common Snare" 91 09 61 84 Dividends Declared per Common Share 47 47 47 49 Pnce of Common Snares-High 15 1553 17 3 19 Low 13 13%

135%

15'i me %acem amoum ' ear,mos ner cce~ mon sr,ve am mea v v oes orwo.s, +occeo

>r a year Po-date bass and r ave reer ' T Dded _5%

• o A @ gmed 1,orage ignre of core r-srarm Outs'andmQ %frg Pe per.OCS 19 m-

1 Financial and Statistical information Management's Report Report of Independent Public Accountants The financial statements presented herein are representa-To the Board of Trustees of Commonwealth Energy tions of the management of Commonwealth Energy System:

System. Management recognizes its responsibility for the We have examined the consolidated balance sheets preparation and presentation of financial statements in and statements of capitalization of COMMONWEALTH conformity with generally accepted accounting principles.

ENERGY SYSTEM (a Massachusetts trust) and subsidiary To fulfill this responsibility, management maintains a companies as of December 31,1983 and 19P2, and the system of internal accounting controls including estab-consolidated statements of income, changes in common lished policies and procedures and a comprehensive in-sharehoiders' investment, redeemable preferted shares

';rnal auditing program to evaluate the adequacy and ef-and sources of funds used for construction, fer each of fectiveness of accounting and operating controls, com-the three years in the penod ended December 31,1983.

pliance with system policies and procedures and the Our examinations were made in accordan;e w!th safeguarding of system assets.

generally accepted auditing standards ano, accordingly, The responsibility of our indepenoent auditors' ex-included such tests of the accounting records and such amination is limited to the expression of an opinion as to other auditing procedures as we considered necessary in the fairness of the financial statements presented. The in-the circumstances. We did not examine the consolidated l

dependent auditois are selected by the Board of financial statements of Algonquin Energy, Inc., the investment Trustees and report their findings thereto through the in w:,w is reflected in the accompanying financial Audit Committee, which is comprised of tnree outside statements using the equity method of accounting. The Trustees. The Board of Trustees is responsible for ensur-financial statements of Algonquin were examined by ing that both the independent auditors and management other auditors whose report thereon has been furnished fulfill their respective responsibilities as they pertain to to us, and our opinion expressed herein. insofar as it

~

these financial statements.

relates to amounts reported by Algonquin. is based sole-k ly upon the report of the other auditors.

q In our op!nion, based upon our examination and the report of other auditors, the financial statements referred to above present fairly the financial pos: tion of the System and subsidiary companies as of December 31, 1983 and 1982, and the results of their operations and 5

their sources of funds used for construction, for each of the three years in the penod ended December 31,1983.

in conformity with generally accepted accounting prin-ciples applied on a consistent basis.

E. G.' Cheney, Arthur Andersen & Co.

Finanaal Vice President Boston. Massachusetts, March 1,1984.

March 1,1984.

i y

COMEnergy commonwea!!h Energy System and Subsidiary Companies Consolidated Statements of income Years Ended December 31, 1983 1982 1981

""* '" ** "d*)

Operating Revenues:

Electric

$356,895

$361.908

$361,154 Gas 246,224 231,003 187,u39 Steam and other 16,536 14,170 15,262 619,655 607,081 563,455 Operating Expenses:

Fuel used in electric production, principally oil 160,571 198,610 216,140 Electricity purchased for resale 45,939 26,217 21,506 Cost of gas sold 171,034 173,493 131,098 Other operation 102,339 93,249 85,043 Maintenance 25,780 26,371 24.410 Depreciation 19,846 18,936 18,188 Taxes-Local property 14,628 17,575 20,179 income (Note 8) 30,709 15,787 13,753 Payroll and other 5,036 4,769 4,182 575,882 575,007 534,499 Operating income 43,773 32,074 28,956 Other income (Expense):

Equity in earnings of Algonquin Energy, Inc. (Note 2) 5,860 5,839 4,999 Allowance for equity funds used during construction 3,672 2.349 551 Abandoned nuclear projects, net (1,472)

Other, net 4,730 1,788 5,313 14,262 8,504 10,863 Income Before Interest Charges 58,035 40,578 39,819 Interest Charges:

Long-term debt 15,154 16,088 13,701 Other interest charges 7,310 7,576 10.543

_ Allowance for borrowed funds used during construction (7,157)

(6,683)

(5,682) 15,307 16,981 18,562 Net income 42,728 23,597 21,257 Dividends on preferred shares 3,601 3,734 3.898 Earnings Applicable to Common Shares

$ 39,127

$ 19,863

$ 17,359 Weighted Average Number of Common Shares Outstanding 8,451,316 8.103,922 7,817,321 Earnings Per Common Share

$4.63

$2.45

$2.22 ine accompanying notes are an iniegrai part or inese financia statements z

21

r, Consolidated Balance Sheets December 31, 1983 1982 (Dollars in Thousands)

Assets Property, Plant and Equipment, at original cost:

Electric

$436,114

$420,117 Gas 144,295 137,746 Other 22,086 21,548 602,495 579,411 Less-Accumulated depreciation 202,265 186,673 Accumulated deferred income taxes 68,570 d4,328 331,660 328,410

~'

~

s Construction work in progress, net (Notes 7 and 8) 113,381 83,834 L

445,041 412.244 5

Equity in Corporate Joint Ventures:

Algonquin Energy, Inc. (34.5%)

42,912 41,213 e

2 Nuclear electric power companies (2.5% to 4.5%)

8,991 8,228

[

Hopkinton LNG Corp. (50%)

1,658 1,643 Other investments 2,264 2.532

[

55,825 53,616

[

Current Assets:

Cash 21,219 3,586 Accounts receivable, less reser,'es of $2,930.000 in 1983, and $2,656,000 in 1982 60,386 55,542 c.

Unbilled revenues 31,460 38,088 3

Inventories, at av ' rage cost-Electric production fuel oil 5,146 5,453 g

Natural gas 11,696 17,468 Materials and supplies 9,832 5.239 Prepaid property taxes 6,904 9.200 Other 5,505 5,529

=

152,148 140,105 7

[

Deferred Charges, net 6,922 9,541 y

$659,938

!^15,506 i

?

E N

i T

22 7

COMEnergy c-m Ew e and suway cees s

December 31, 1983 1982 (Dollars in Thousands)

Capitalization and Liabilities Capitalization (See separate statement):

Common share investment

$202,713

$174,628 Redeemable preferred shares, less current sinking fund requirements 40,380 42,200 Long-term debt, less current sinking fund requirements and maturities 206,303 186,374 449,396 403,202 Current Uabilities:

Interim Financing-Notes payable to banks 61,500 90,100 Maturing long-term debt 169 61,669 90,100 Other Current Liabilities-Current sinking fund requirements 4,137 5,501 Accounts payable 59,783 47,772 Accrued taxes-Local property and other 10,469 10,132 Income 15,594 7,796 TG; l?. ' 3 Accrued interest 3,867 3,754 4.lg y..y.e, Dividends declared 5,437 4,958 Other 13,771 10,270 T$N 174,727 180,283

[

~J.

i*.. ^ :

.g.y.... -

+-.,

Osferred Credits:

': b s.-.

Unamortized investment tax credits 31,199 27,463

[ 1f,r gA Other 4,614 4,558

{j g-35,813 32,021

.F'.,.-

ti.; :) :.,

Commitments and Contingencies (Note 7)

f. 73..d tQ '. T.

$659,936

$615,506 yj. yf The accorr.mnying notes are ari integral part of these finanoal statements.

g.,,: [

y f.

- g

? :I'tl '

i[ } h j '.; :h;.;

17,.fj.g gn-;

s

• -w 23

Consolidated Statements of Sources of Funds Used for Construction Years Ended December 31, 1983 1982 1981 Sources of Funds-

@ " 'S 'n m usams)

Intcmal Sources From Operations-Net income

$42,728

$23,597

$21.257 Items not requiring or (providing) funas:

Depreciation and amortization 23,120 20,709 18,188 Deferred income taxes-long-term 6,568 6.063 10,496 Investment tax credits, net 3,736 4,23G 6,334 Equity in earnings of joint ventures, reduced by cash dividends of $4,940,000 in 1983.

$2,928,000 in 1982 and $2,711,000 in 1981 (2,477)

(4.175)

(3,339)

Allowance for equity funds used during construction (3,672)

(2.349)

(551)

Abandoned nuclear projects, net 1,472 70,003 49.547 52.385 Less-Payment of dividends 20,915 19,189 18.631 Retirement of long-term debt and preferred shares through sinking funds 5,022 5,488 5.451 Other (1,540)

(3,646)

(1.441) 24,397 21.031 22.641 Change in net current assets (exclusive of interim financing)-

Cash (17,633)

(1,684) 31.859 A, counts receivable and unbilled revenues 1,784 (8,874) 11.535 Local property and other taxes 2,633 (5,211) 3,389 Accrued income taxes 7,798 (2,814)

(4.196)

Accounts payable and other 16,250 (20,996)

(3,798) 10,832 (39.579) 38.789 Net available from internal sources 56,438 (11.063) 68,533 External Sources Sale of common shares 6,272 5.480 3,216 Notes payable in banks. net (28,600) 64,100 (22,950)

Long term debt issues 23,300 6,000 20,000 Long-term debt issues refunded (6,091)

Net available from external sources 972 69,48S 266

$57,410

$58,426

$68,799 Funds Used for Constructior-Electric

$52,395

$51,428

$59,374 Gas 7,508 7.558 8.514 Other 1,178 1,789 1,462 61,082 60,775 69.350 Less-Allowanco ~. equity funds used dunng construction 3,672 2,349 551

$57,4 0

$58,426

$68,799 The accompanying notes are an integral Dart of these hnancial statements

i:

b I

Commonwealth Energy System and Subsidiary Companies Consolidated Statements of Capitalization December 31, 1983 1982

"*'"""**"d'I Common Share Investment:

Common shares, $4 par value-Authorized-12,000,000 shares Outstanding-8,596,802 in 1983 and 8,295,123 in 1982

$ 34,387

$ 33,180 Amounts paid in excess of par value 48,177 43,112 Retained earnings (Note 4) 120,149 98,336 Total common share investment 202,713 174,628 Redeemable Preferred Shares, Cumulative, $100 par value (Note 3):

Series A,4.80%

4,200 4,320 Series B,8.10%

6,240 6,400 Series C, 7.75%

14,760 15,300 Series D,9.80%

17,000 18,000 Less current sinking funa requirements (1,820)

(1,820)

Total redeemab!e preferred shares 40,380 42,200 Long-Term Debt, including premiums (Note 5):

System Bonds, collateralized by common stock of utility operating subsidianes, due-1987, 6 % %

13,224 13.381 1988, 6740/o 2,964 3,049 1996, 8 % %

3,757 3,857 1999, 4.80 %

3,060 3,240 Less current sinking fund requirements (521)

(521)

Total System long-term debt 22,484 23,006 Subsidiary companies' long-term debt Mortgage Bonds due-1992, 8 % %

5,750 6,000 1993, 9 %

10,372 10,706 1994, 6 % %

1,615 1,770 1996, 7 %

12,716 13,509 2006, 8.85 %

35,015 35,015 2007, 11 % %

9,300 Notes due-1984, 3 %, 6 % %

196 273 1386, 4 % %

3,937 4,000 1986, vanable rate 9.60% in 1983 and 12.50% in 1982 26,000 26,000 1986, variable rate 10.83% in 1983 4,000 1986, variable rate 10.83% in 1983 10,000 1987, 4.90 %

2,590 2,625 1988, 3 % %

3,332 3,377 1992, 5 % %

8,363 8,501 1994, 6 % %

502 548 1995, 8 % %

6,580 6,844 1997, 6 % %

4,956 5,085 1997, 6 % %

4,975 5.106 1998, 8 % %

15,777 16.437 2000, 10 % %

12,398 12,921 2001, 9 % %

3,600 3,800 2002, 7 % %

3,810 4,011 Lees current sinking fund requirements and matunties (1,965)

(3,160)

Total subsidiary companies' icog-term debt 183,819 163,368 Total long-term debt 206,303 186,374 Total capitalization

$449,396

$403,202 ine accornpanying notes we an integrai can of mese financ;ai statements 25

A 9

Consolidated Statements of Changes in Com' mon _ Shareholders' investment

~ Years Ended December 31,1983,1982 and 1981 5

Amounts Paid in 7

Par Value Excess of -

Retained Shares

$4 Per Share Par Value Earnings Total si (Dollars in Thousands)

- Balance December 31,1980 7,694,501

$30,778

$36,818

$ 91,302

$158,898 Add (Deduct)--

3 Net income 21,257 21,257 Sale of shares 231,744 927 2,289 3,216 Cash dividends declared-Common shares-2 f

$1.88 per share (14,733)

-(14,733)

Preferred shares (3,898)

(3,898) 3 Balance December 31,1981 7,926,245 31,705 39,107 93,928 164,740 Add (Deduct)-

Net income 23,597 23,597 h

Sale of shares 368,878 1,475 4,005 5,480 Cash dividends declared-Common shares-

$1.90 per share (15.455)

(15,455)-

3 Preferred shares (3,734)

(3,734)

Balance December 31,1982 8,295,123 33,180 43,112 98,336 174,628 s

Add (Deduct)-

Net income 42,728 42,728 1

Sale of shares 301,679 1,207 5,065 6,272 3

Cash dividends declared-w Common shares-

_f

$2.04 per share (17,314)

(17,314)

Preferred shares '

(3,601)

(3,601)

Balance December 31,1983 8,596,802

$34,387

$48,177

$120,149

$202.713 J

7 i

. Consolidated Statements of Changes in' Redeemable Preferred Shares

=

Years Ended December 31,1983.1982 and 1981

)

Authorized and Outstanding Cumulative Preferred Shares-$100 Par Value 6

Series A Series B Series C Series D Total

=!

4.80 %

8.10 %

7.75 %

9.80 %

Shares j

Balance December 31,1980 45,600 67,200 163,800 200,000 476,600 Less-Sinking fund redemptions 1,200 1,600 5,400 10,350 18,550 i

Balance December 31,1981 44,400 65,600 1E3,400 189,650 458,050 Less-Sinking fund redemptions 1,200 1,600 5,400 9.650 17,850

_d Balance December 31,1982 43,200 64,000 153,000 180,000 440,200 amil Less-Sinking fund redemptions 1,200 1.600 5,400 10,000 18,200 y

Balance December 31,1983 42,000 62,400 147,600 170,000 422,000 5

]

ine accompanyng notes are an inteors part or riese r,nancis statem.nts.

d

C0% commee.eerin see,ov svetem eme sees.ae,v comoem,ee t

Notes to Financial Statements

1. Significant Accounting Policies over their estimated economic lives. The average com-Gzneral and Regulatory posite depreciation rates were as follows:

Commonwealth Energy System, the parent company, is referred to in this report as the " System" and together 1983 1982 1981 with its subsidiaries is sometimes collectively referred to Electnc 3.65 % 3.64 % 3.64 %

as "the system". The operating companies are regulated Gas 3.02 2.90 3.04 Steam 3.59 3.50 3.53 by various authorities including the Federal Energy Regulatory Commission (FERC) and the Massachusetts Department of Public Utilities (DPU).

Allowance for Funds Used During Construction Principles of Consolidation Under applicable rate-making practices, system com-The consolidated financial statements include the accounts panies are permitted to include an allowance for funds of the System and all of its subsidiary companies. All used during construction (AFUDC) as an element of their

.}

significant intercompany accounts and transactions have depreciable property costs. This allowance is based on been eliminated in consolidation.

the amount of Construction Work In Progress which is Equity Method of Accounting not included in rate base on which utility companies earn The system uses the equity mthod of accounting for a return. An amount equal to the AFUDC so capitalized investments in corporate joint ventures. Under this method in the current perica is reflected in the statements of it records as income the proportionate share of the net income.

earnings of the joint ventures with a corresponding increase While AFUDC does not provide funds currently, these in the carrying value of the investment. The investment amounts are recoverable in revenues over the service f_

amount is reduced as cash divideeds are received.

life of the constructed property. The amount of AFUDC 4

The system does business with the corporate joint ven-recorded was at a weighted average rate of 10% in 4

tures in which it has investments including: Algonquin 1983,12% in 1982 and 17% in 1981.

Energy, Inc., whose subsidiaries are principal suppliers of natural gas and substitute natural gas for the system,

2. Algonquin Energy, Inc.

Hopkinton LNG Corp., a liquefied natural gas service The System uses the equity method of accounting for its

.[

company; and four nuclear generating facilities located in 34.5% investment in Algonquin Energy, Inc.

New England.

During 1983, Algonquin an1 a group of its major Operating Revenues customers reached a settlement agreement on several Customers are billed for their use of electricity and gas rate matters which date back to 1980. This agreement, on a cycle basis throughout the month. To reflect approved by the FERC, required Algonquin to refund ap-4

{

revenues in the proper period, the estimated amount of proximately $22,919,000. Algonquin has restated its unbilled sales is recorded each month.

financial statements for the years 1982 and 1981 for the

(

System utility companies are permitted to bill effect of the refunds applicable to those years.

customers for the total costs of purchased power, fuel Since 1980, the System has provided a reserve used in electric production and gas. The amount of such against its share of the Algonquin earnings which it costs incurred but not yet reflected in customers' bills, estimated might ultimately be refunded. Accordingly, the which totaled $4,650,000 in 1983 and $19,317,000 in restatement of Algonquin's prior year financial statements 1982, is also recorded as unbilled revenues each month.

did not necessitate further adjustment of the System's Depreciation equity in Algonquin's earnings or net assets. Condensed Depreciation is provided using the straight-line method at consolidated financial information of Algonquin is as rates intended to amortize the original cost of properties follows:

27

1983 1982 1981 can make additional voluntary redemptions, not exceed-(Douars in Thousands) ing the required redemption, at par, on a non-cumulative Condensed Stataments basis, on each sinking fund date. Preferred shares may also be called for redemption, in whole or in part, in As r d by Algonquin excess of the required and voluntary sinking fund (1982 and 1981 restated)

Operating revenues

$759,744 $/46,587 $569,103 redemptions. The obligation to make the mandatory redemptions is cumulative and the System is not allowed income before income taxes 33,300 31,068 29,684 to pay dividends to common shareholders or make any Provisions for optional sinking fund payments if mandatory redemptions income taxes 17,497 13,040 15,129 are in arrears. Details of redemptions for the four series Net income

$ 15,803 $ 18,028 $ 14.555 of Cumulative Preferred Shares are contained in the System equity in following table:

Algonquin's net income

$ 5,456 $ 6.224 $ 5.025 Sdna Funds Optional Adjustment for restatement 1984 1988 Dividend Redemption ed ea ng 404 (385)

(26)

_Mandatery Optional Call Pnces Rate (Dollars in Thousands)

Reported equity Senes A 4.80 %

$ 120

$ 120

$102 in earnings S 5,860 $ 5,839 $ 4.999 Senes B 8.1 C 160 160 108 to 101 Condensed Balance Sheets Series C 7.75 540 540 106 to 101 As reported by Algonquin Senes D 9.80 1.000 1,000 110 to 101 (1982 and 1981 restated)

Total Assets

$292,458 $330,502 $285,376 Preferred shareholders have no voting rights except in Less_

the event that six full quarterly dividends have not been Long-term debt 45,600 56,600 38,702 paid. In this circumstance, the preferred shareholders are Other liabilities entitled, voting as a Class. to elect two of the nine and deferred credits 121,505 152,299 137,072 Trustees of the System.

The preference of these shares in involuntary liquida-Net assets

$125,353 $121.603 $109,602 tion is equal to par value. The shares are of equal rank System equity in and are entitled to cumulatia dividends at the annual Algonquin's rate established for each senes. No dividend can be net assets

$ 43,276 $ 41,982 $ 37,839 declared on any series unless proportionate dividends

^

gonqu n!s pr are concurrently declared on the other outstanding series y

reported earnings (364)

(769)

(385) and in the event that dividend payments are in arrears.

the System may not redeem any shares unless all shares Reported equity in net assets

$ 42,912 $ 41,213 $ 37,454 of all preferred series are redeemed.

Financial statements of Algonquin are included in the

4. Dividend Restriction System's Annual Report on Form 10-K filed with the At December 31,1983, approximately $31,941,000 of Securities and Exchange Commission.

consolidated retained earnings was restricted against the payment of caso dividends by terms of the indentures

3. Redeernable Preferred Shares securing long-term debt. As of the same date, retained The System's four series of preferred shares have been earnings included approximately $41,268,000 represent-issued at par value, $100 per share, and are subject to ing the system's equity in undistributed earnings of cor-periodic, mandatory sinking fund payments. The System porate joint ventures.

28

g COMEg commonwealth Energy System and Subsidiary Companies 3

[

M Q

=

~

N 5d-4 E

5. Interim Financing and Long-Term Debt A comparison of accumulated benefits and net assets "h

Notes Payable to Banks for the system's benefit plan is presented below:

-1 System companies have banking relationships under 4

y which borrowings are arranged as required for interim January 1,

_,Er_

financing of their construction programs. The borrowings 1983 1982 3--

kl' are unsecurec and are evidenced by notes having (Dollars in Thousands) i-maturities of 90 days or less which are renewable at Actuanal present value of E

maturity. At December 31,1983, notes payable totaled accumulated plan benefits:

e Ves d

$66,686

$55.

E

$61,500,000. Lines of credit with banks, against which No these notes are applied, totaled $162,000,000.

$67,922

$56.962 y

i The terms of one line of credit require the payment of a fee equal to 3/8 of 1% of the line. Another line re-Net assets available for benefits

$60,983

$51.881 r-quires that when the system is borrowing, it must main-

=-

tain normal operating balances foi cash demand and The system has an Employees Savings Plan which bank service charges.

provides for system contributions equal to contributions T_-

The interest rate on the outstanding borrowings is at by eligible employees but not in excess of four percent the lower of the prime or an adjusted money market rate. of each employee's compensation rate. The total system

_ T-Long-Term Debt Maturities contribution was approximately $2,163,000 in 1983,

^

__=-

Under terms of their various indentures, the System and

$1.947,000 in 1982 and $1,750,000 in 1981.

T certain subsidiary companies are required to make periodic sinking fund payments for retirement of outstan.

7. Commitments and Contingencies 4

Construction f

ding long-term debt. The required sinking fund payments and balances of maturing debt issues for the five years The system is engaged in a continuous construction pro-subsequent to December 31,1983 are as follows:

gram presently est; mated at $329 million for the five-year period ending in 1988, including $70 million in 1984.

L u g The program is subject to periodic review and revision.

Sinking Fund Payments e

A substantial portion of the total construction program g

Year System Subsidianes issues Total is related to the system's 3.52% joint-ownership interest (DoHars in Thousands) 1984

$521

$1.796

$ 169

$ 2,486 in the Seabrook nuclear un ts. This project, being con-a C

1985 522 3.311 3.833 structed in Seabrook, N.H. with Public Service Company 1986 521 3.750 43,850 48,121 of New Hampshire (PSNH) as its lead participant, is de-I signed to provide approximately 81 megawatts of capac-ity to the system. The project has experienced numerous

6. Pension and Employee Benefits delays due to regulatory, legal and other problems, E

The system has a noncontributory pension plan covering resulting in significant increases in cost estimates. In substantially all regular employees who have attained the November 1982, PSNH announced a change in the

' _ = _

age of 25. Pension costs are funded as accrued and in-estimated cost of the project from $3.56 billion to $5.24 clude amounts applicable to prior service costs wnich billion, and projected December 1184 and July 1987 as l-are being amortized over a period of 30 years. Total the in-service dates for Units 1 and 2, respectively.

pension expense was approximately $6,067,000 in 1983.

On March 1,1984, updated cost and completion date

$5,324,000 in 1982 and $5,239,000 in 1981. The as-schedules were reviewed at a meeting of joint-owners.

_I sumed rate of retum used in determining the actuarial These schedules projected in-service dates of July 1986 d-present value of accumulated plan benefits was 71/2%

and December 1990 for Units 1 ar'd 2, respectively, and in each of these years.

a total project cost of $9 billion. This increased estimate m'k 5

I-sg

_,,=

29

_x

U was largely a result of the extended timetable required interest is required to cancel the unit.

for the completion of the units. Approximately one-half of Should Unit 2 be cancelled now, the system's invest-the $9 billion estimate relates to each unit and is based on ment and related future costs would amount to approx-a continuation of reduced construction activi;y on Unit 2 imately $35 million. Completion of the Seabronk Un.ts will until fuel is loaded in Unit 1. Different costs have been in any event be dependent upon a number of factors, in-estimated by the project architect / engineer and others.

cluding the continued ability of PSNH and other partic-The joint-owners have decided not to accept any new ipants to finance their respective shares of project costs.

estimates until the management of PSNH can complete Costs associated with Seabrook Units 1 and 2 are sub-an analysis designed to reduce both the time schedule ject to a Capacity Acquisiton Agreement between Canal and related costs. This analysis should be completed Electric and its customers, Commonwealth Electric and within the next two months. Based on the above in-Cambridge Electric. This Agreement, which has been ac-service dates and costs our system's interest will cost ap-cepted for filing as a rate schedule by FERC, entitles Canal proximately $295 million, including AFUDC and nuclear Electric to recover, from its customers, costs incurred in fuel. At December 31,1983, the system had incurred connection with any unit covered by such Agreement.

$119.3 million for its share of the project.

whether or not the unit becomes operational.

Each of the Seabrook participants and regulatory Power Contracts bodies which have considered the matter to date favor The system has long-term contracts for the purchase of prompt completion of Unit 1. However, in September electricity from vanous utilities. Genwally, these contracts 1983, the Seabrook participants voted unanimously to are for fixed periods and require that the system pay a reduce construction on Unit 2 to the lowest feasible level demand charge for its entitlement in the generating until fuel loading for Unit 1 occurs. Certain participants capacity of each unit and an anergy charge to cover the (not including the system), either on their own volition or cost of fuel. Total costs under these contracts are includ-in response to suggestions or orders from their regulators, ed in electricity purchased for resale in the statements of have been attempting unsuccessfully to sell some or all income and are fu'ly recoverable in revenues under the of their interest in the Seabrook Units or have been seek-system's power cost charges.

ing mothballing or cancellation of Unit 2 because of con-cern by the participants or their regulators as to in-

8. Income Taxes creases in its projected costs, delays in scheduled com-The system files a consolidated Federal income tax pletion and their own need for its power. At the March 1, return. For financial reporting purposes, the subsidiaries 1984 meeting the joint-ownerc voted down a proposed provide taxes on a separate return basis and the System resolution to cancel Unit 2. Participants holding 41.8% of records the tax effects which result from including its tax-the project (including PSNH's 35.57% ) voted against able loss in the consolidated return.

cancallation,39.9% voted for cancellation and 18.3%

The following is a summary of the consolidated provi-abstained. An affirmative vote of 80% of the ownership sions for income taxes for the years ended December 31,1983,1982 and 1981:

1983 1982 1981 Total Federal State Tote Federal State Total Federal State (Dollars in Thousands)

Currently payable

$26,177

$21,740 $4,437

$ 561 $

(91) $ 652

$ 2,023 $ 675

$1,348 Currently deferred (5,772)

(4,951)

(821) 4.933 3.423 1.510 (5,100)

(4.368)

(732)

Long-term deferred 6,568 5,867 701 6.063 5.489 574 10,496 9.124 1,372 investment tax credds, net 3,736 3,736 4,230 4.230 6.334 6.334 J

Tax credit on unrecoverable nuclear projects (942)

(818)

(124)

$30,709

$26,392 $4,317

$14.845 $12,233

$2.612

$13.753 $11.765

$1,988 Income taxes are provided for the tax effects of timing pense for tax purposes in periods different from those differences other than certain construction related costs.

used for financial reporting purposes. The accumulated Timing differences result from reporting income and ex-deferred income taxes resulting from long tenn timing dif-j 30

COMEnergy commee.ee,1 eme,cv svstem ano seim e,e,v om amie, c

ferences are presented as reductions in the assets to Other operations of the system include the development which they relate, consistent with rate-making treatment.

and operation of rental properties and other activities Additionally, Construction Work in Progress is presented which do not presently contribute significantly to either net of accumulated deferred income taxes which totaled revenues or operatir g income.

312,408,000 in 1983 and $8,182,000 in 1982.

Operating inume of the various industry segments The system's long-term deferred provision for income includes income from transactions with afi';ates and is taxes results from the use of the following:

exclusive of interest expense, incomo taxes, and equity in earnings of unconsolidated corporate joint ventures

=

1983 1982 1981 which provide energy and services for the system's gas (Doaa's in Thousands) operations.

Accelerated depreciatien for The amount of identifiable assets represented by the t

u

$ 3,766 $ 4.359 $ 4.580 syders investment in corporate joint ventures consier dunng construction 4,123 3,919 2,813 princpally of a percentage ownership in the aimts of Cancelled nuclear units (1,424)

(2.510) 2,515 Algt nquin Energy, Inc., whose pnncipal sub Sary is a Other 103 296 563 rog itated natural gas transmission company opereng in Long-term deferred the northeastern United States; Hopkinton LNG Co'p.

income tax provision

$ G,568 $ 6,G33 $10,496 which operates in the sys. tem's franchise areas; and four The tax effects of unbilled revenue and other current timing differences are included in the current deferreo 1983 1982 1981 provision and accrued income taxes. Investment iax (DJarCr' Thousands) credits are deferred and amortized over the life of the Revenues from IJnaffdiatec Customers:

property giving rise to the credits.

income taxes 'otaling approximately $2,580,000 at

[,ectnc

$35 8

$3 g

December 31,198^ have not been provided on tp un-Steam and other 16,536 14,170 15.262 I

distributed camings of Algonquin Energy, Inc. because R'

Nnsohdated

, such earnings are expected ic be reinvested ir. afinitely.

,;es

$619,655 $607.081 $563,455 Th; total income tax provision set forth t ove represents 42% in i983 and 39% in 198 and 1h 3 income before such ta::es.1 3 follow; J wbie reconciles S 47,153 $ 37,424 $ 28,76a :

the statutcry Federal '.come '

rate to these pe, it ' ages:

24,274 9.097 13,965 I r

3,055 1.340 (2'))

1983 1982 198)

M Statutory Federal income tax ra;e 46 %

46 %

1 le $ 74,48? $ 47,861 $ 42,709 Decrea',e from statutory rate:

/

Effect of dividend

. ric 13,655 $402,067 $384.053 received eduction (4)

(8)

W 3a 14,650 162.548 144,318 S'aie tax ce,f Ste n ar, 17.548 15.038 12.283 Federal tax benefit 3

4 3

579[653 540,654 615,853 Amortization of investment (17 763)

(25,703)

Intercompany ehnanaticns (11,742) tax credits (2)

(2,,

(2s, Investrnent in corporate Allowance for equity funds joint ventures 55,825 53,610 48.751 4.

used during construction (2)

+b l1)

Omer. net 1

2 (1)

Total Consohdated Assets

$659,936 $615,506 $563,702 h

^

42 %

19 %

39 %

Depreciaton Opense:

9. Segment Information Electric

$ 15,285 $ 14.734 5 14.147 System companies provide electric, gas and steam ser.

{,s 4

37 3 5 vices to retail customers in service territorier tocated in Total Consohdated central sid eastern Massachusetts and, in addition, sell Depmaabon

$ G,846 $ 18,936 $ 18188 electriciry at wholdsale to Massachusetts customers.

Additional segment :nformation relating to property additions is shown in the Consobaa'ed staunents of sources of Funds Used for Cos stvton g

$t

p k

10. Supplementary Information to Disclose and cost of gas sold have not been restated from their the Effects of Changing Prices (Unaudited) histoncal cost in nominal dollars. Regulation provides for The following supplementary information is supplied in the recovery of fuel and purchased gas costs through accordance with the requirements of Financial Accounting the operation of adjustment clauses. For this reason fuel Standards Board Statement No. 33 for the purpose of inventories are effectively monetary assets. Since only providinc certain information about the effects of changing historical costs are deductible for income tax purposes, prices. It should be viewed as an estimate of the approx-the income tax expense in the historical cost financial imate effect of inflation, rather than as a precise statements is not adjusted.

measure.

Under present ratemaking procedures prescribed by Constant dollar amounts represent historical costs the regulatory commissions, only the historical cost of stated in terms of dollars of equal purchasing power, as plant is recoverable in revenues as depreciation. Because measured by the Consumer Price Index for All Urban the excess cost of plant stated in terms of constant Consumers (CPI-U). Current cost amounts reflect the dollars and currer t cost is not recoverable in rates, a changes in specific prices of plant from the date the plant write-down to net recoverable cost is required. While the was acquired to the present and differ from constant dollar ratemaking process does not recognize the current cost amounts to the extent that specific prices have increased of replacing plant, regulatcd companies have, historically, more or less rapidly than prices in general.

been allowed to earn a retur, on the increased cost of The current cost of plant is determined pnmarily by in-its investment when replacement actually occurs.

dexing surviving phnt by the Handy-Whitman Index of During periods of inflation, holders of monetary assets Public Utility Construction Costs. Since the utility plant is suffer a loss of general purchasing power while holders not expected to be replaced in kind, current cost does of monetary liabilities experience a gain. The gain from net necessarily represent the replacement cost of the the decline in purchasing power of net amounts owed is system's productive capacity. Depreciation is determined primarily attributable to the substantial amount of debt by applying the system's depreciation rates to the revised which has been used to finance property, plant and

[

esset amounts.

equipment. These gains are unrealized and, therefore.

f Fuel invuntories, the cost of fuel used in generation do not contribute to cash flow or distributable income.

P--

Selected Financial Data 1983 1982 1981 1980 1979 On T1ousands Except Common share Data)

Operating Revenues:

Electnc

$356,895 5361,908

$361.154

$326.050

$250,41n Gas 246,224 231,003 187.039 169.807 124,563 Steam and other 16,536 14.170 15,262 16,678 11,870 Total

$619,655

$607,081

$563,455

$512.535

$386,843 Net income

$ 42,728

$ 23,597

$ 21,257 5 26.925

$ 22,715 Common Share !.:a-Earnings per aare

$4.63 32.45

$2.22

$3.01

$2.50 Dividends declared per share

$2.04

$1.90

$1.88

$1.69

$1.60 Weighted average shares outstanding 8.451,316 8,103,922 7,817.321 7.604,290 7.456.489

$659,936

$615,506

$563.702

$561,211

$489,423 Total Assets

$206,303

$186,374

$184.042 5173,764

$177,471 Long-term Debt -

Redeemable Prt'en ad Share Investment 40,380 42,200 44,020 45,840 47,660 Common Share lhvestment 202,713 174,628 164,740 158.898 146,240 Total Capitalization

$449,396

$403.202

$392,802

$378.502

$371,371 32

COMFmgy commonwearin energy System and Subsidiary Comparues Five Year Comparison of Selected Supplementary Pnancial Data Adjusted for Effects of Changing Prices (in Thousands of Average 1983 Dollars)

=

Year Ended December 31.

1983 1982 1981 1980 1979 3

Operating Revenues:

Actual

$619,655

$607,081

$563,455

$512,535

$386,843 Adjusted to average 1983 dollars

$619,655

$626.610

$617.236

$619,443

$530,552 Histancal Cost information Adjusted for General inflation-income (loss) from continuing operations (excluding adjustment to net recoverable cost)

$ 16,150

$ (2,159)

$ (1,118)

$ 10,237

$ 9,328 Income (loss) per common share (after C

dividend requirements on preferred stock) 1.48

(.73) 9

(.64)

.70

.66 Net assets at year-end at net recoverable cost

$199,307

$178,211

$174,630

$183,495

$189,687 Current Cost Information-4 income (loss) from contir uing operations (excluding adjustment to net recoverable cost)

$ 9,013

$ (10.094)

$ (8,915)

(169)

(769) income (loss) per common share (after j

dvidend requirements on preferred stock)

S

.64

$ (1.71)

$ (1.64)

(.55)

(.65)

Excess of increase (decrease) in general pnce level over increase in specific pnces after adjustment to net recoverable cost

$ (14,928)

$ (16,036)

$ 5.493

$ 23.138 5 35.930 Net essets at year end at net recoverable cnst

$199,307

$178,211

$174,630

$183,495

$189.687 General information-Gain from decline in purchasing power of

?

net amounts owed

$ 13,345

$ 12,805

$ 26.058

$ 33,147

$ 37,901 Cash dividends declared per common share 2.00 1.96 2.06 2.04 2.20 Market price per common share at year end

$ 19.38

$ 18.37

$ 15.77

$ 16.50

$ 18.50 g

Average consumer pnce index 298.4 289.1 272.4 246.8 217.4

-j Statement of incomo from Continuing Operations "E

Adjusted for Char ging Prices

_], For the Year Ended December 31,1983 Conventional Constant Dollar Current Cost

=

-n Historical Average Average M

Cost 1983 Dollars 1983 Dollars 3

(Dollars in Tnouseds) 9-Operatag revenues

$619,655

$619,655

$619,655 3

] Operation, maintenance and other 557,081 557,081 557,081 q Depreciation 19.846 46.423 53.560

-4 Total 576,927 603,504 610,641 am 1 g - Income from continuing operations

=

(excluding reduction to net recoverable cost)

$ 42,728

$ 16,151 *

$ 9,014

-d Decrease in specific prices (current cost) of property, plant and equipment held during the year * *

$ (18,431)

Adjustment to net recoverable cost

$ 7,791 69,387 Effect of increase in general pnce level (36,028) h Excess of specific pr,ces over the increase in general price level after adjustment to net recoverable cost 14,928 z

E Gain from decline in purchasing power of net amounts owed 13.345 13,345 Net

$ 21,136

$ 28,273

• Including the 80]ustment 10 net recoverable Cost. the u1Come from Continuing operations on a Constant dollar basis would have been 123.941.000 for 1983

• • At oecember 31.1983. current ecst of property. plant and equipment. net of accumulated deprecation was $959.324 000 while historical Cost or net cost recoverable through deprecation was $512.037.000 33

~

h Comparative Statistical Data-1983-1974

'1983 1982 1981-Operations (Dollars in Thousands).

' Revenues

$619,655

. $607,081

$563,455 ~

Operating exoenses-Operations 479,883 491,569 453,787' Mairnenance 25,780 26,371 24,410 -

Depreciation, 19,846

.18,936-

.18,188 Taxes-50,373 38,131 38,114_

- Total 575,882 575,007 534,499 Operating income 43,773

'32,074 28,956-Other income 14,262 8,504-

--10,863 Total income 58,035 40,578 39,819:

Interest charges 15,307

.16,981 18,562 Net income 42,728 23,597 21,257

. Preferred dividends 3,601 3,734 3,898; Earnir*gs applicable to common shares S 39,127

$ ' 19,863 -

$ 17,359 Sources of Consolidated Net income-

$ 12,401 Electric

$ 24,382

- $ 15,172 -

Gas -

10,929 1,162 3,306:

Steam and other 7,417 7,263 5,550 Total

$ 42,728

$ 23,597

$ 21,257 -

Financial (Dollars in Thousands)

Property, plant and equipment (including construction work in progress. net)

$715,876

$663,245

$613.216 -

- Accumulated depreciation 202,265 186.673

'174,298 Accumu!ated deferred income taxes 68,570 64,328 61.656 -

. Capitalization-Long-term debt -

$206,303

.$186,374

$184,042.

Preferred shares 40,380 42,200 ~

- 44,020, Common equity 202,713-

-174,628 164,740

^

Total

- $449,396 -

$403.202

$392,802 Statistics and Ratios 3,349,755 3,164,336' 3.072,810 Unit sales-(In Thousands) KWH-Retail Wholesale 1,396,427 2,109,969 J 2,230,786 MCF-Firm 30,830 -

32,448.

32,309 Interruptib!e 4,717 3,844

'3,586 -

. Capitalization ratios-Long-term debt 45.9% ~

46.2 %

46.9%

Preferred shares.

9.0 -

'10.5 11.2 -

' Common equity 45.1

'43.3 41.9

Total 100.0 %

100.0 %

100.0 %

. Return on common equity 20.7% -

11,7 %

10.7%

Cc,mmon share dividend pay-out 44.3 %

77.8% '

84.9%

" Average price / earnings ratio -

4.5 6.5

' 6.4 -

Data Per Common Share Earnings per share *

$ 4.63

$ 2.45

$ 2.22 2.00 1.88 1,84 J

-Dividends paid 2.12 1.96 1.88,

Annual dividend rate at end of year

' Book value-23.58 21.05 20.78 '

-- Common share price range--

High 23 %

19 15% 4 Low.

18 %

13 12% l eased on ine we,9med average number or snam outs anding 3f i

b:. -

m

b Commonwealth Energy System and Subsidiary Companies

1980'

.1979 1978

'1977-1976

'1975 1974 i.

$512,535

- $386,843 1 $339,195 -

- $359,746

$324,277

$288,330

$269,049 '

394,683 ~

285.678?

236,264-255,942 230,879 216,433 199,004

21,702

'16,422 15,505 14,174-

'10,819.

9,305

^ 9,277 J17,172:

16,721' 16,119 15,590 14,439

. 10,910; 10,166

?-43,878 L 37,770

' 41,277 42,368

~ 37,427 -

'27,205 26,383 :

' :477,435 -

356,591-309,165 328,074 293,564-263,853 244,830 9

c 35,100 30,252' 30,0301 31,672-30,713.

.24,477 24,219-

.9,097 (7,170:

6,490

.4,463 4,360 3,179 =

3,613 ~

/44,197 37,422; 36,520 36,135-35,073 27,656

.27,832:

17,272:

14,707 -

14,652 14,676 16,785 14,266-14,938 ~

326,925 22,715 21,868 21,459 18,288 13,390:

12,894 L 4,033.

4,093 4,154 4,183

'3,042

-2,260 2,279 -

- $ 22,892

$ 18,622 -

$ 17,714

$ 17,276

$ 15,246.

S'11,130-

$.10,615 --

s

? $ 15,550i

$ 113,939

' $ 14,165

' $ 114,578 S 12.376-

$ ' 10,150

$ 6,520 -

- i 6,135-5,257 4,817 4,837.

'2,375

- 931 3,708 '

5,240

- 3,519 2,886 2,044 3,537-2,309:

'2,666

> $ ' 26,925

$ 22,715

-S.21,868-

$ 21,459

$ 18,288

$ 13,390

$ 12,894

?$559,772

$528,674 1 $504,160

$484,848

$466,621

$445,257I

$415,651?

1160,654 -

147,068-133,470 ~

121,019-109,473

'99,363 92,752 -

~

54,475' 47,096-43,137 38,668 35,463 25,984 24,083 1$173,764 l

. $177,471

' $180,056

. $186,699 -

- $190,532

$154,553 :

$148,5872

~45,840 :

E47,660

48,480 -

49,300

. 50,120 30,400' 30,680 s158,898-4 46,240:

x138,133 130,551

.122,843 111,102 98,979

$378,502

$371,371 -

$366,669..

$366,550

$363,495

$296,055 -

$278,246

' [42 418 540?

T3,048,612 -

~ 2.974,570 -

2,888,557 2,825,076 2,651,377:

2,618,225 3.121,5835 2,586,954 2,687,955 3,023,877

3,319,815 2,970,122 2,620,738

-33,174i 29,590-30,795 29,063 30,158 29,006 29,786'

'3,5711 4,549-4,674 3,648 2,156-1,085 5,004 L 45.9% -

47.8 %

49.1 %

50.9 %

52.4 %

52.2 %

' 53.4%

12.1:

12.8 13.2 13.5 13.8 10.3 11.0

' 42.0 L 39.4 37,7

'35.6 33.8

-37.5 35.6-7 100.0 %,

100.0 %

100.0 % -

100.0 %

100.0 %

100.0 %

100.0 %

L 15.0% '

.13.1% -

13.2% ~

13.6 %

13.0 %

10.6 %

10.9 %

i 56.3% f

64.1%

62.6 %

60.3 %

62.7 %

76.4 %

'70.7%

- 4.71 6.1 -

~ 6.9

- 7.2 6.8 6.5 6.7-

$$ 3.01i

, $ 2.50.

$ 2.40

- $ 2.36

$ 2.15

$ 1.71

$ 1,77 a > <1.66.

-1.58-1.48 1.40 1.31 1.28 1.24 11.721

-1.60 -

1.52 1.44 1.36 1.28 1.28 i20.65,

e 19.48 18.63 17.75 16.82 16.21 16.49 S163/[

.16%

_18% '

18 %

16%

13 %

15%

113A i 13% ~

15-15 %

12%

8%

8%

35 d

1 i

E System Facts System Companies Darvel Realty Trust (joint-owner of tne Customers Riverfront Office Park complex)

Electric-287.000 (including 49.000 Electric in addition. tne System owns 34 5% of seasonal)

Cambndge Electnc Light Company Algonquin Energy. Inc. whose sub-Gas-202.000 Canal Electnc Company sidianes are pnncipal supphers of natural Commonwealth Electnc Company gas and SNG tn the system. and 50% of Employees and Shareholders at Gas Hopkinton L..G Corp an LNG service Year-End Commonwealth Gas Company company En ployees-2.454 Steam The system has a 14% interest in a Snareholders-23 277 COM/ Energy Steam Company jointly-owned oil-fired generating unit and also owns from 29 % to 4"2% interests Electric Plant Other Companies 2

COM/ Energy Services Company in four pnt venture nuclear power plant Capabihty-1.260.200 KW. includ:ng (service company) projects in New England (orojects capacity entitiements under power con-COM/ Energy Acushnet Realty (leases located in Massachusetts. Connecticut.

tracts with otner New England util. ties a land to Hopkinton LNG Corp.)

Vermont and Maine)

Canadian utikty and 860.000 KW tor COM/ Energy Cambnoge Rea!ty (organized Canal Electnc Company of which to hold vanous system non-utihty Territery of Utility Operating Companies 426.000 KW is sold to otner utiht'es properties)

E!ectnc Operations-1.112 square mdes Peak demand-665 000 KW on July 19 COM/ Energy Realty Trust (owns and covenng 41 communities with population 1982 operates an office building in Cambridge of 560.000 with system companies as major tenants)

Gas Operations-1012 sauare mues Gas Plant COM/ Energy Research Park Rea!ty covenng 47 cities and towns 0ncluding Distnbution ones-2.377 mces (organizeo to develop a research com-12 served with electncity) wth population Peak day send-out-285 800 MCF on plex in Cambndge) of 991.000 January 17.1982 f

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- C% - commonweartn Energy system and Subsdiary Companies Trustees and Officers Trustees of Commonwealth System Management Transfer Agents and Registra:3 Energy System Gerald E. Anderson, President and Chief Corporate Division Common Shares Executive Officar of the System and its

. Gerald E. Anderson, President and Chief Transfer Agent and Registrar:

subsidirnes Executive Officer The First National Bank of Boston MThomas H. Bilodeau, Partner, May*

William F. Burt Assistant to the Preferred Shares - Series A, B, C Bilodeau. Dondis & Landergan. Boston, President Transfer Agent: Commonwealth Energy Massachusetts (Attorneys)

System Earl G. Cheney, Financial Mce President Registrar: State Street Bank and Trust

. (1) William R. Dnver, Jr., Partner, Brown Bros., H1rriman & Co., Boston,

• Forest W. Grumney, Vice President -

Company i

Massachusetts (Bankers)

Human Resources Preferred Shares - Series D

11) Haynes H. Fellows, Jr., formerly Vice

• John J. Mol'oy, Vice President -

Co-Transfer Agents: Commonwealth President-Finance and Comptroller, Public Relanons Energy System and New England Telephone and Telegraph

• Michael P. Sullivan, Vice President, R istrar S te tree Ba k and Trust Company, Boston, Massachusetts Secretary and General Attomey Company plJohn F. Rich, Chairman of the Board of J. James Tasillo, Jr., Vice President -

Dividend Payments Trustees of the System Rates (Paid by the System subject to

0) Calvin Siegal, Corporate Group President Walter J. Cotting, Assistant Mce President declaration by Trustees)

- Men's Wear, Palm Beach incorporated, - Information Services Preferred on the 1st day of January, M;w York, New York April, July, October Robert S. Parker, Treasurer p) Robert E. Siegfried, Chairman of the Board Common on the 1st day of February, John A. Whalen, Comptroller May, August, November rnd Chief Executive Officer, The Badger Company,Inc., Cambridge Massachusetts Trustees Under indentures of Trust

1. ^I *"

"~

A George P. Wadsworth, Professor of Mathe-Electric Division mitics, Ementus, Massachusetts institute System s Bonds of Techno!ogy, Cambridge, Massachusetts

• Jeremiah V. Donovan, Executve Vice Citibank, N.A. - Cana! Electric Company President Series B and D Bonds 0)Sinciair Weeks, Jr., President and Chief State Street Bank and Trust Company -

Executive Officer and Director, Reed &

Andrew S. Griffiths, Vice President -

Other Subsidiary Companies' Barton Corp., Taunton, Massachusetts Administration Long-term Debt and the System's Bond Robert E. Healey, Vce President -

Sinking Funds Member of Audit Committee Human Resources Member of Executive Compensation "O

Ronald F. MacDonald, %ce Presioent -

) Merr r of Nominating Committee

{k Stock Exchange. Inc.

Customer Services William R. Smith, Mce Pres; dent -

Boston Stock Exchange Energy Supply Pacific Stock Exchange, incorporated Richard G. Velte, %ce President -

Preferred - Series D Form 10-K Facilities Development New York Stock Exchange, Inc.

The System files annually a report on Form 10-K with the Securities and Ex.

Gas Division change Commission. Many of the infor-maton requirements of Form 10-K are

• William G. Poist, Executve %ce satisfied by this 1983 Annual Report.

President The name " Commonwealth Energy System"

- However, a copy of Form 10 K is Donald Johnson, Mce President -

means the trustees for the tme being (as Evailable upon wntten request addressed Customer Services to Michael P. Sullivan, Vice President, trustees but not individually) under a James M. Meikle, Vice President -

Declaration of Trust dated December 31, Secretary rnd General Attomey, Common.

Administrative Services 1926, as amended. which is hereby wealth Energy System, P. O. Box 190.

Cambndge, Massachusetts 02139.

Harold A. Melden, %ce President -

referred to, and a copy of which has Gas Supply been filed with the Secretary of The Commonwealth of Massachusetts. Any Franklir' J. Morrison' Vice President -

agreement, obligation or liability made, The sole purpose of this report is to give Facilities Development entered into or incurred by or on behalf present secunty holders information about this System and its subsidiary companies John R. Williams, Vice President -

of said System binds only the trust estate, and it is not a representation, prospectus Human Resources and Administration and no shareholder, director, trustee, of-or circular in respect to any security of ficer or agent assumes, or shall be held this System or of its subsidiary companies.

• Member of Policy Committee to, any liability by reason thereof.

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Telephone (617) 864-3100

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f-EDe Eanunontucatt0 of Alassachusetts i.

RETURN OF THE

.................TPN P......

.......0F

..IW.DSO.N..MQiT, 4. RQHER..QEPARTM.SUT....

TO THE DEPARTMENT O? PUBLIC UTILITIES OF MASSACHUSETTS I

For the Year Ended December 31, 1933 6

Name of officer to whom correspondence should l

Horst Huehmer g-be addressed regarding this report.

j'

~~

Oiticial tit e Manager.

g)irie,..ni,lre-. 4 9 Fores t Ave. Iludson, Ma. l i

l l'<wm AC19. 50012-71050 708

.\\1

3 GENERAL INFORMATION.

w I.

1. Name of town (or dty) making this report.

Hudson, MA 01749 s

2. If the town (or dty) has acquired a plant, Kind of plant, whether gas or electrie.

E1ectric 0***'Imn who82 purchased. If so acquired. Hudson E1ectric Liah t Cofroan Date of votes to acquire a plant in accordanes with the parisions of chapter 164 of the Generna aws. yg

~ '- -

Record d votes: P1rst vote: Y 30

No.

7 second vote: Yes. 69

o. 11 Date when town (or dty) began to sell gas and electricity, January 15, 1897

3. Name and address d manager d munidpallighting:

Horst Huehmer IN $0n/arbgg749 esg Av

4. Name and address mayo n:

Chairman:

Paul R. Boire, 10 Ridge Rd. Hudson, MA 01749 Clerk:

Albert A. Morel, Jr. 364 Main St. Hudson, MA 01749 George McGee, 271 Cox St.,

Hudson, MA 01749 Joseph J. Durant, 22 Hai riman Rd. Hudson, MA 01749 William G. Collette, 29 Maple St. Hudson, MA 01749

5. Name and address d town (or city) treasurer:

David J. O'Neil

~

49 Temi Road

{-

Hudson, MA 01749 C. Name and addreas of town (or city) clerk:

Ralph Warner 18 Riverview Street Hudson, MA 01749

7. Names and addresses of members of municipallight board:

Chairman:

Roland L.

Plante, 136 Murphy St. Hudson, MA 01745 Clerk:

Richard J. Dion, 110 Murphy St. Hudson, MA 01749 Robert F. Wood, 14 Parkhurst Drive, Hudson, MA 01~49 i

8. Total valuation of estates in town (or city) according to last State valuation $ 309,000,000.00

9. Tax rate for all purposes during the year:

8 20.03 Res.

34.77 Com.

10. Amount of manager's salary:

3 52,593.78 L

11. Amount of manager's bond:

1,000.00 ik

12. Amount of salary paid to members of municipal light board (each):

500.02 M

20 N OF liUDSON LIGilT AND P0;ER DEPARTENT 4

. veer ended oect.mw,33,39,j,3 Annuu report af..

FURNISH SCllEDULE OF ESTIMATES REQUIRED BY GENERAL LAWS. CHAPTER IM SECTION 57 FOR CAS AND ELECTRIC LIGHT PLANTS FOR THE FISCAL YEAR. ENDING DECEMBER 31. NEXT.

.)

).

Ampunt.

INCOME FROM PRIVATE CONSLTMERs*

l 1

From sales of gas.

2 From sales of electricity.

h 11.043.400.00 3

TOTAL 13,043,400.00 4

\\

5 Exrzwsss:

6 For operation, maintenance and repairs.

11,906,000.00 7

For interest on bonds notes or scrip.'

None 8

For depreciation fund ( 5 per cent. on $

11,347,368. 3628 per page 9).

567,368.42 9

For sinking fund requirements..

+

19,400.00 10 For note payments.

11 For bond payments-None 12 For loss in preceding year..

None 13 7 TAL 12,492,768.42 14 15 aurT:

16 Of gas to be usec. for municipal buildings.

None 17 Of gas to be used for street lights...

U"'

18 Of electricity to be used for municipal buildings.,

, 00.00 19 Of electricity to be used for street lights.

,000.00 20 Total of the above items to be included in the tax levy......

402,000.00 21 22 New construction to be included in the tax levy.

None 402.000_00

)

23 Total amounts to be included in the tax levy.

s

~

CUSTOMERS Names of the cities or towns in which the plant supplies Names of the cities or towns in which the plant supplies GAS, with the number of customers' meters in each ELECTRICITY, with the number of customers' meters in each Number of Customers' Number of Customers' City or Town Meters. Dec. 31 City or Town Metere. Dec. 31 s

Iludson 6405 Stow 2005

.9 NOT APPLICABLE Berlin, Bolton, Boxboro,liarvard, 100 Maynard, Marlboro a-

• )

total total 8510

.\\f

l.

-TOWN OF ll0DSON LIGtiT AND : POSER DEPARTME,N3 5

..Y9sr eadsd ostsment 31.19.0)

AnnWI FI' pert el..

APPROPRIATIONS SINCE BEGINNING OF YEAR ilnclude also all items chargmi direct to tax levy, even where no appropriation is made or reinturni.)

'5' 4'

ro' R CONSTRUCTION oR Pt*RCHASE or Pl. ANT:

'At meetire.

19

. to tie pair' from t 5

'At meeting 19

. to be paid from f TON.

$. _ None FOR THE ESTIM ATED COST or THE CAS OR Et.ECTRICITY TO DE USED fly THE CITY OR TOWN FOR:

S 78,000.00

1. Street !!ghts.

..tunicipal buildings. Amounts.are included in overall-appropriations -

\\

3-for each department

- ~ ~ ~ ~ - ~ ' - ~

T *'

3=.=7 8,00 0,.0 0,,

• tiate of a cesing and wl. ether regular or sterest.

fliere insert bonde. neees or ens levy.

CHANCES IN THE PROPERTY

1. Dewribe briefly all the important physical changes in the property during the last fvical period including additions, alterations or improvements to the works or physical property retired.

. In electric property:

NONE

(

in gas property:

NOT APPLICABLE

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TOWN NOTES (Issued on Account of Cas or Electric Lighting.)

1 I

Period of Paymente interest Amount Outstand,ing sirad orves o,.Amouni et 1

sins Isovest Amounts whea Payable flate When Payable wnen a.m..aed.

Deie etisave Dec.18,1896. Spec Jan. 1, 1897 5 18,000.00 3

i June 20,1897. Spec Jan. 1, 1898 17,000.00 b

June 10,1898. Spec. July 1, 1898 5,000.00 Nov.5,1903. Spec.

Nov. 2, 1903 13,000.00 j0-Mar.7,1904. Reg.

Jan. 1, 1905 5,000.00 iQ Apr.2,1912. Spec.

May 1, 1912 2,000.00 i :c,,

Aug.4,1941 Spec.

Oct. 15, 1941 100,000.00 Sept.14,1942 SpecOct. 15, 1942 100,000.00 38 Fe b. 8, 1943 Spec Feb. 15, 1943 50,000.00 Mar.6,1950 Reg.

Sept. 15, 1950 241,000.00 lC

n

!k it

!=

=0

• O

a

• n j 93 iO

. M

.: :n i2 iE ise-ia 1

li O

• ^'

S 551,000.00 The bonds and notes outstanding at end of year should agree with the Balance Sheet. When bonds and notes are repaid report the Arst three columns only.

E h

.o.

et and.h.sh., e i., er es ins.

tIJ. e,teamet is e.et boede med i se a. dine these then b.

h e e.ii,ed.

w -a

L

~,

TOTAL COST CF PLAPC -EIACTRIC

1. Report bdow the cost of utility p! ant in service ceding year. Cuct. items shouldic l'ncluded in column effect of such ai;.ounts.

~'

accarding to prescribed accounts.

(c) or (d) as aprrepriate.

4. Reclassilleations or transfers within utility plant j

2. Do not include as adjustments, corrections of

3. Credit adjustments of plant accounta should accounts should be shown in column (!).

5 additions and retirements for the current or the pre-be enclosed i.: parentheses to indicate the negative Selence Beginning Bolence tine Account

' of Year Additions Retirements Adjustments Transfers EnJ of Year Ho.

(a)

(b)

(c)-

(d)

(e)

(f)

(g) 5m

o

:s 1

1. INTANGIBLE PLANT 3

3 g

g g

2 O

w 3

I=

(

• 'C

e 5

2. PRODUCTION PLANT

u

o 6

A. Steam Production

2

!t.

7 310 Land and Land Rights......

.m 8

311 Structures and Improvements.

o

'N 9

312 Boiler Plant Equipment..

i 10 313 Engines and Engine Driven I D-

. ta Generators.

o 11 314 Turbogenerater Units.

.t 12 315 Accessory Electric Equipment.....

j k 13 316 Miscellaneous Power Plant i$

14 Equipment.

o 15 Total Steam Production Plant.

16 B. Nuclear Production Plant i $

17 320 Land and Land Rights..

944.00 944.00 jg 18 321 Structures and improvements.

[g 19 322 Reactor Plant Equipment.

j es 20 323 Turbogenerator Units.........

I 21 324 Accessory Electric Equipment....

f 22 325 Misec11sncous Power Plant Equipment.

g 23 Total Nuclear Production Plant g

944.00 None None None None 944.00 E

sI e

b 1

a V

Q

1 w

.e s

j-a TOTAL COST OF PLANT - ELECTitIC (Continued)

(

E' e sane.

l

~

Desinmes esta nce i

t.3,

Account of ha, Additions Reti,ements.

Adjustments 7,ansfe,s Enp of Yes, No.

(a)

(ed (c)

(d)

(.)

(r) cg3 1

jg 1

C. Hydraulie Production Plant 3

3 3

3 3

g j2 2

333 Land and Land Rights..

a 3

331 Structures and Improvements

o 4

312 Reservoirs. Dams and Waterways jw 5

333 Water Wheels. Turbines and

.i T C

Cenerators.

7o 6

334 Accesary E!cetric Equipment.

7 335 Misce!!ancous Power Plant i*

Equipment.

!C 8

33G Roads. Railroads and Bridges.

Nnna Nnna mna unna unno unno j8 9

Total liydraulie Produes.on Plant 10 D. Other Production Plant 11 343 Land and Land Itights.

5,500.00 5,500.00 5"

12 341 Structures and improvements.

332,767.70 332,767.70 j2 13 9 31: Fuel !!olders. Producers and

si

tn j

Accessories 124,588.30 124,588.30 i 8' 14 j 3r! Prime Movers 2,456,445.92 2,456,445.92 i ti 15 24 4 Gentrators -

287,549.94 287,549.94 I *C 17. 34G Mivellanevus Power Plant

!y$

16 J45 Accessory Electric Equipment 832,477.01 832,477.01 i

Equipment.

26_A76_07 l

? _ t ? n 73.-.

90 ioA in ig is Tu.at Other Production Plant.

4,0EER im a nAa R95 17

!9 Total Production Plant lJ^ 7. l' % *

'.320 23_-

4,og9,4g9_1, i

20

3. TItANSMISSION PLANT

t 3.0 Land and Land Rights.

53,804.14 53,804.14

^

22 351 Clearing Land and Rights of Way None None 23 312 Structures and Improvements.

168,166.08 168,166.08 "f

4 313 Station Equipment.

298,288.34 298,288.34 25 351 Towers and Fixtures.-

None None A

26 355 Poles and Fixtures.

796,839.02 796,839.02 k

27 35G Overhead Conductors and Devices 227,329.01 227,329.01 i

s 3*,7 Underground Caduit.

258.07 258.07 l

29 3*,8 Underground Conductors and t

None ione-2 Deviets None one 30 3*,J Roads and Trails.

31 Total Transmission Plant.

.1,544,684.66 1,544,684.66

$=

g

y TOTAL CO5bF PLANT (Concluded)

I e.

e I

3 Bal.nc.

f.

I i

Dct nneng Setence Line Account of Vee 8 Addetsons Rettr ments Adjustments Transfers End of Yo.t Nc -

(J)

(D)

(c)

(J)

(e)

(fs (s)'

1

4. DISTRIDUTION PLANT S

3 5

3 2

3GO Land and Land Richts..

None None None 3

3G1 Structures and Improvements..

3,441.77 None 3,441.77 397,357.87 1,572.61 398,930.48 4

3G2 Station Equipment..

5 3t.3 Storage Battery Equipment...,

None None None

{E 6

364 Pcles. Towers and Fixtures....

437,703.52 26,834.56 464,538.08

.g 7

361 Overhead Conductors and Devices 1,206,288.09 137,324.82 1,343,612.91 3o 118,295.92 12,182.80 130,478.72 8

36G Underground Conduit.......,

9 367 Underground Conductors & Devices 276,691.37 7,848.33 284,539.70

!5 to 368 Line Transformers...

963,892.44 121,229.13' 21,188.73 1,063,932.84 58 11 3Gs Services.

310,236.34 21,979.12 332,215.46 j@

12 370 Meters..

322,556.85 37,208.75 5,578.75 354,186.85 i

t-13 371 Insta!!ations on Cust's Premises.

None None None

!5 14 37214ased Prop. on Cust's Premises..

None None None

:t 15 373 Street Lighting and Signal Systems

• #91 53

' 196_Q1 76; AIR _44

!d 16 Tetal Dist"bution Plant.

A.295.l E 70 373,307.03 76.'6' 49 A Adi A49 79 D

17

5. GENERAL PLANT i

18 3S9 Land and Land Rights..

None None None

!o 19 330 Structures and Improvements.

429,351.20 None 429,351.20 20. 391 Omce Furniture and Equipment-251,105.14

( 5,680.53) 245,424.61 i 8

21 3'c Transportation Equipment.

263,660.16 159,172.00 26,344.96 396,487.20 jE 2-2 393 Staes Equipment..

11,255.77 None 11,255.77 i@

23 394 Touls. Shop and Garage Equipment 10,626.63 2,440.00 13,066.63 i*

19,627.53 981.50 20,609.03 i N 24 305 Laboratory Equipment.

!h 2s 39c Power Operated Equipment..

1,138.25 711.55 1.849.80 26 397 Communication Equipment.

24,321.81 1,391.19 25,713.00 j

27 333 Miscellaneous Equipment...

}g.

g g

j 28 399 Other Tangible Preperty...

1.019.696_60 159_.015.71 26.944.89 1,151,767.42 3

23 Total General Plant.....

30 Tota! Electrie Plant in Service.. LO.926.685_10 534.642.97 53.712.37 11,407,616.50 31 Tot:.1 Cost of Electric Plant...

11,407,616.50 32 33 Isse Cost of Land. Land Rights, Rights of Way.

60.248.U _

34 Total Cost upon which Depreciation is based..

e11.1d*r-[6n 16 R

n..w c

pr. pert,. jeas it,

...wu.s.

sh.

.t m,asi.

rerir.. re an.., p.,s.t the r pe-i>. id., reiw. m ec.e.: i..pany.h..u be o.awied rr ch. e.: ihe pi..

Th..

.n.

.t ise La&d..M.h.ukt b. i. ken

. basi. le Egmas deprecess.a.

g D

%6

.M i

Annualreport of............T.owN.O.F HUDSON LIGirr AND POWEB DEPARTMENE..... Veer ended December 31.19,3 0

COMPARATIVE BALANCE SHEET Assets and Other Debits

' T. (

8...n..

8eginning of Selence Increase Title of Account

yes, End of Year o, (Decrea se)

Peo.

(e)

(b)

(c)

(d) i UTILITY PL4NT 2

101 l>tility Plant - Electric (P.17)..

$4,942,990.19

$5,391,044.35 448,054.16 3

101 Utility Plant - Gas (P. 20)..

None None None 4

5 Total Utility Plant.

4,942,990.19 5,391,044.35 448,054.16 6

7 8

9 10 11 FUND ACCOUNTS 12 125 Sinking Funds.

None None None 13 126 Depreciation Fund (P.14).

1,903,394.95 1,676,762.01 (226,632.94) 14 128 Other Special Funds..

?o ??6_?A 56.264.36 27.038.08 15 Total Funds...

1 oto s91_91 1.711_n?6 17 J199.594.86) 16 CURRENT AND ACCRUED ASSETS 17 131 Cash (P.14).

9,166.90 40,631.84 31,464.94 18 132 Special Deposits.

117,743.71 133,762.20 16,018.49 19 135 Working Funds.

200.00 300.00 100.00 20 171 Int. & Dividends Receivablo 12,631.59 19,355.20 6,723.61

1 142 Customer Accounts Receivable.

971,951.72 1,172,904.82 200,953.10 22 143 Other Accounts Receivable.

15,066.33 24,357.71 9,291.38

)

23 146 Receivables from Municipality.

None 29,814.36 29,814.36

((

4 151 Materials and Supplies (P.14).

908,765.30 942,102.20 33,336.90

\\

25 26 165 Prepayments.

219,070.49 189,982.87 (29,087.62) 37 174 hfiscellaneous Current Annets.

452.51 10.2 20

(

270.31) 88 Total Current and Accrued Assets.-

7_?;5_ndR_5%

2.553.393.40 298.344.85 29 DEFERRED DEBITS 30 181 Unamortized Debt Discount.-

None None None 31 182 Extraordinary Property losses..

None None None 32 185 Other Deferred Debits.

34,387.96 36,489.49 2,101.53 33 Total Deferred Debits.

34,387.96 36,489.49 2,lT)l. 53 34 3.>

Total Assets and Other Debita.

9,165.047.93 9,713,953.61 548,905.68 O

51

~

11

........ T..OWN...O.F llV D.S. O. N...L..I..G..l.i.T...A..N. D..P..O..W..E..R...D.E..P..A..R..T. ni. ENI...

.v.a, ena.4 o.cono., 3 t, i s, 8 3 annuas,rport of..

COMPARATIVE BALANCE SHEET Liabilitice and Other Credite Galance h

8eginning of Balance in.rease gg

\\

Line

vea, End of Taar or (Decrea se)

No.

(a)

(b)

(C)

(d) 1 APPROPRIATIONS 2

201 Appropriations for Construction.

None None Nong 3

SURPLUS 4

205 Sinking Fund Reserves.

None None None 5

206 Ioans Repayment.

1,925,000.00 1,925,000.00

.00 6

207. Investment by Municipality 20,093.39 20,093.39

.00 7

208 Unsppropdated Earned Surplus (P.12).

6.743.689.71 7.411.496.35 667.806.64.

8 Total %rplus.

8.688.783.10 9.356.589.74 ti67. 806. 64 9

LONG TERM DEBT 10 221 Bonds (P. 6).

None None None 11 231 Notes Payable (P. 7)..

None Nono Nnno 12 Total Bonds and Notes.......

None Nnno Nnno I

13 CURRENT AND ACCRUED LIABILITIES 284,906.11 41,656.23 (243,249.88) 14 232 Acco 2nts Payable..........

15 234 Payables to Munidpolity....

None None None 16 235 Customers' Deposits.

117,743.71 133,762.20 16,018.49 17 236 Taaes Accrued.

None None None 18 237 Interest Accrued.

None None

( 4,668.39)

None None 19 242 Miam!!aneous Current and Accrued mbilities 4,668.39 20 Total Current acd Accrued mbDities..

an7 1in 9i i7e aia 21 DEFERRED CREDITS a,

,92i noo vni 22 251 Unamortised Premium on Debt...

None None None 23 252 Customer Advances for Construction.

32,400.00 34,450.00 2,050.00

(

24 253 Other Deferred Credita.....

4,276.50 115,225.32 110,948,82 25 Total Deferred Credits..

,g g.rc sn iao c rq 1>

i 1, con n r 26 RESERVES

~

27 260 Reserves for Uncollectible Accour.ts.......

23 261 Property Insurance Rassrve.........

29 282 Injuries a ad Damasse Reserves.

30 263 Pensions and Benents Reserves....

31 265 Miscellaneous Operating Reserves....

32 Total Reserves None None None 33 CONTRIBUTIONS IN AID OF CONSTRUCTION 34 271 Contributions in Aid of Construction...

32,270.12 32,270.12 None 35 Total Limbuities and Other Credits.....

9,165,047.93 9.713,953 61 548,905.68 State below if any earnings of the municipallighting plant have been used for any purpose other tha dscharging indebted.

ness of the plant, the purpow for which used and the amount thereof.

PAID TO Tile TOWN OF !!UDSON S175,000.00 s

M

13 TOUN OF !!UDSON LIGilT AND POWER DEPARTMEN2

,,,,,.e.,e,e,............

.................................................................................v-,ene.o.co.n..,n.is.83, STATEME.VT OF INCOME FOR THE YEAR a

Total increseeo, Account (D **'** **) 0',n Un, Cu, rent Yest P,eceding Yes No.

(e)

(b)

(c) 1 OPERATING INCOME 2

400 0perating Revenues (P. 37 and 43)..

11,375,003.72 1,677,342.50 3

Operating Espenses:

4 401 Operation Espense (P.42 and 47).

9,801,703.05 1,561,433.65 5

402 Maintenana Espense (P.42 and 47)...

343,417.29 1,074.57 6

403 Depreciation Expenan.......

543,321.88 11,29' ~9 7

407 Amortization of Property Losses.

None None 8

9 408 Tazes (P. 49).

6,560.03 1,771.92 10 Total Operating Espenses.

10,695,022.25 1,575,574.73 11 Operating Income..

679.981.47 101,767.77 12 414 Other Utility Operating Income (P. 50)...................

13 None None 14 Total Operating Income.........

C74 4A1 47 101.767.77 15 OTHER INCOME 16 415 income from Merchandising, Jobbing and Contract Work (P. 51) 836.72 (122.07) 17 419 Interest Income.

163,776.72 (52,004.83) 18 421 Mhcellaneous Nonoperating Income..

None None 19 Total Other Income..........

.1Aa All aa f52.126.90) 20 Total Income...

nad Ana 41 49.640.87 h

21 MISCELLANEOUS INCOME DEDUCTIONS T}

22 423 Miscellaneous Amortisation.......

None None 33 426 Other Income Deductions.....'.....

None None 24 Total Income Deductions.

um,

unn, 23 Income Before Interest Charges..........

p33_qqa 41 49.640.87 26 INTEREST CHARGES 27 427 Interest on Bonds and Notes..........................

None None 28 428 Amortization of Debt Discount and Erpense......

Ncne None 29 429 Amortization of Premium on Debt - Credit................

None None 30 431 Other Interest Es pense................................

1,788.27 (461.18) 31 432 Interest Charged to Construction - Credit.................

33 Total Interest Charges..........

1.788.27 (461.18) 33 NET INCOME...

842.806.64 50,102.05 EARNED SURPLUS ur Debits C,odite f4o.

(e)

(b)

(c) 34 208 Unappropriated Earned Surplus (at beginning of period)....

6,743,689.71 35 36 37 433 Balance Transferred from Income...

842,806.64 33 434 Miscellaneous Credits to Surplus (P. 21).

39 435 Miscellaneous Debits to Surplus (P. 21).

40 436 Appropriations of Surratus (P. 21).

175,000.00 41 437 Surplus Applied to Depreciation.

.}

42 208 Unspproprinted Earned Surplus (at end of period).

7 4I1,496.35 43 44 7,586,496.35 7',586,496.35

.7' 13 town OF HUDSON LIGirr AND POWER DEPARTMENT Annual report et.......................................................................................... Vee STATEMENT OF INCOME FOR THE YEAR e

Gee Uectric lacrease or increase or (Decrease) from (Decrease from

+

Current year Precedtag Yeer current veer Preceding Yeer une (d)

(e)

(f)

(g)

Pto.

1 2

3 4

5 6

7 8

9 10 11 12 13 14 15 16 17 18 19 20 21 23 24 25 26 27 28 29 30 31 32 33 l

1 I

iitl l-(,

i I.

M

14.

P RL'. MEN 2...............y

,,o o o,,,,,,,,,,,,, g

.......1084 9F,110,DSO..U I,IG.H..T.. A..ND POWER DE A an-se,-.r.....

CASil BALANCES AT END OF YEAR (Accoune131)

Line items Amount fee.

(e)

,(b) 40,631.84 1

Operation Fund.

2 Inteenst Fund.,

None None 3

Bond Fund.

36,710,48 4

Construction Fund... (128 )..

5 Miscellaneous Cash (128) 19,388.48 6

Advances from Contractors (128) 165.40 7

8 9

10 11 12 Tuvat 96.896.20 MATERIALS AND SUPPLIES gAccounta 151 859. 163)

Summary Per Balance Sheet Amount End t f Yeer Account Elect,5c Gas Lin*

peo, (e)

(b)

(c) 13 Fuel ( Account 151)(See Schedule. Page 25).

739,987.42 14 Fuel Stock Expenses ( Account 152).

15 Residuals ( Accour.t 153).

NO'I'

}

16 Plant Materials and Operating Supplies (Account 154).

202,114.78

)1 APPLICABLE 17 Merchandise (Account 155).

la Other Materials and Supplies ( Account 156).

19 Nuclear Fuel Assemblies and Components -In Reactor (Account 157).

20 Nuclear Fuel Assemblies and Components-Stock Account (Account 158) 21 Nuclear Byproduct Materials (Account 159).

22 Stores Espense (Account 163)..

23 Total Per Balance Sheet 8

aa9 1no on DEPRECIATION FUND ACCOUNT (Account 136)

Line Amount feo.

. (a)

(b) 24 DEBITS 25 Balance of account at beginning of year.

1,903,394.95 26 Income during year from balance on deposit.

145,476.37 27 Amount transferred from income.

543,321.88 28 Reimbursement for Plant Sold or Damaged 40,939.09 29 TOTAL 1,631,132.29 30 CREDITS 31 Amount expended for construction purtne,(Sec. 57, C 168 of G.L >

956,370.28 32 Amounts expen<ted for reneur.ls. viz.:-

33 34 35 36 37

• p 38 39 Italance on han<f at end of year lM7_6,762 a0L _

40 t

Tofat 2.611.132.29 M

e

,O m

e e

D M

UTILITY PLANT-ELECTRIC j

1. Ileport below the items of utility plant in service ceding year. Such items should be included in column efteet of such amounts.

4. Reclassifications or transfers within utility plant j

accordir.g to prescribed accounts.

(c).

accounts should h2 shown in column (f).

2

2. Do not inciwle as adjustments, corrections of

3. Credit adjustments of plant accounts should aJditions and retirements for the current or the pre-be enclosed in parentheses to indicate the negative p

seience Beginning Adrastments potence t ne account of Year Addstions Depreciation.

other Credits Transfers End of Veer No.

(e)

(b)

(c) th (e)

(f)

(g)

- es

1. INTANGIBLE PLANT 8

8 8

8 8

8 i n

.m 2

• 3:

3

c 4

.o-

en 5

2. PRODUCTION PLANT

o*

6 A. Steam Production 7

310 Land and Land Rights.

3O' 8

311 Structures and Improvements.

i 9

312 Boiler Plant Equipment.

10 313 Engines and Engine Driven

,g

O Cenerators.

314 Turbogenerator Units.

• g

3 12 315 Accessory Deetric Equipment.

13 316 htiscellaneous Power Plant fE io 14 Eqdpment.

15 j Total Steam Production Plant.

• Q 16 '

B. Nuclear Production Plant jg 17 320 Land and Land Rights.

944.00 944.00 i

i 18 3?! Structures and Irnprovements.

l 19 322 Reactor Plant Equipment.

i 20 323 Turbogenerator Units..

21 324 Accessory Dectric Equipment

(

B 22 325 htiscellaneous Power Plant

[

Equipment.

23 Total Nuclear Production Plant 944.00 None None Ione None

'944.00 1

1I u

h so

<.a cn

r

>E ITTILITY PLANT-ELECTRIC (Continued) ll 1;

{

,';l=;,

am si e.

e une accovat

ofYee, Additions Dep,ecletion Othe, C, edits 7,enefe,s

nd of Yest No.

(e)

(b)

(c)

(d)

(e)

(f)

(s) 7 i

C. Hydraulie Production Plant 8

8 8

8 8

8 I

2 330 Land and Land Rights..

3 331 Structures and Improvements....

5 4

332 Reservoirs. Dams and Waterways 5

333 Water Wheels. Turbines and

gr.

Generators...............

jo 6

334 Accessory Electric Equipment...

• =e 7

335 5fiscellaneous Power Plant j@

Equipment..........

jg 8

336 Roads. Railroads and Bridges..

o 9

Total Hydraulie Production Plant None None None Note None None i8E 10 D. Other Production Plant

t*

e*

11 340 Land and Land Rights..

5,500.00 None None None None 5,500.00 j@

12 341 structures and Improvements.

25,487.11 4,159.59 21,327.52

• • 3 13 342 Puel Holders. Producers and II Accessories..

21,197.84 3,114.71 18,083.13 14 343 Prime Movers..

415,494.97 122,822.96 292,672.01 i

15 344 Generators......

34,279.08 3,594.38 30,684.70 j,

16 345 Accessory Electrie Equipment..

100,846.88 20,811.93 80,034.95 58" 17 346 5fisce!!aneous Power Plan

• j$

l Equipment...

A 1nn 11 9,3?n_91 1,393_An 9,226.5C i.b o

l l

18 Tota! Other Production Plant..

611,Ing 01 7_,1_9 n _ 7_1

_t c_ c, 0_ 0_ 7 _17 AM7 49A A7 4

19 Total Production Plant.

512,050.01 2,320.23 155.397 27 "one "one 458,472.9' jac 20

3. TRANS5 FISSION PLANT i

21 350 Land and Land Rights...

53,804.14 None None None None 53,804.14 22 351 Clearing Land and Rights of WaY 21,760.28 4,204.15 17,556.13 j

23 352 Structures and Improvements..

69,151.74 8,408.30 60,743.44 3

24 353 Station Equipment.

75,031.14 14,913.87 60 117.27 25 3$6 Towers and Fixtures.

None None done k

26 355 Poles and Mxtures.

354,684.60 82,776.21 271,908.39 h

27 356 Overhead Conductors and Devices 128,906.79 11,366.45 117,540,34

{

28 357 Underground Conduit.

184.00 12.90 171.10

'9 358 Underground Conductors and Devices.

None None None 30 359 Roads and Trails..

Mene u

c. c ene u

31 g

Total Transmision Plant.

703,522.69r None 121,681.88 None None 581,840.81 8

9 8

e

q y

m m

e i

i I

M UTILITY PLANT-ELECTRIC (Continued)

?

3 satance E

seeinnene Adjustments selance teae Account et Yea, Addeslons Depreciation Othe, C, edits T,ansfers End of Yea, He.

(e)

(b)

(c)

(d)

(e)

(0 (a)

I

4. DISTRIBUTION PLANT 3

3 I

[

~

2 360 Land and Land Rights..

None None None None

'None None j

3 3G1 Structures and Irnprovements..

1,303.13 None 172.09 None 1,131.04 4

362 Station Equipment....

227,556.31 1,572.61 19,867.89 None 209,261.03 5

363 Storage Battery Equipment....

None None None None None 6

364 Poles. Towers and Fixtures......

74,031.60 36,196.10 21,885.18 9,361.54 78,980.98 io 7

365 0verhead Conductorn and Devices 330,507.77 155,269.18 60,314.40 17,944.36 407,518.19 s

366 Underground conduit...

75,502.08 14,820.03 5,914.80 2,637.23 81,770.08

!5 9

367 Underground Conouctors & Devices 197,306.28 30,630.68 13,834.57 22,782.35 191,320.04 iE 10 36S IJne Transformers.

338,838.31 124,166.65 48,194.62 2,937.52 411,872.82

!O Il 369 Services.

108,628.91 22,858.54 15,511.82 879.42 115,096.21

' 4:*

12 370 nieters.

112,757.26 41,656.53 16,127.84 4,447.78 133,838.17

!E 13 371 Installations on Cust's Premises..

None None None None None 14 372 teamed Prop. on Cust's Premises..

None None None None Ne>ne i>

15 373 Street Lighting and Signal Systems 5S,061.35

"' 125.91 12,934.50 "or.:

53,053.GG

. g 16 Total Distribution Plant.

6525,293.00 434,297_23 214.757_79

^^ 99^ 20 "N

1,693,942 24 i

17

5. GENERAL PLANT

• E 18 339 Land and Land Rights.

None None None None None 8"

s os IS 390 structures and improvements.

38,983.50 None 21,467.56 None 167,515.94 20 391 Offin Furniture and Equipment-178,009.20 6,835.07 12,555.26 12,515.60 159,773.41

E 28 392 Transportation Equipment.

102,665.36 167,522.00 13,183.01 8,350.00 248,654.35 j >**

22 393 Stores Equipment.....

7,223.92 None 562.79 None 6,661.13 i$

23 394 Tools. Shop and Garage Equipment 7,124.87 2,440.00 531.33 None 9,033.54 jg 24 395 Laboratory Equipment.

16,631.52 981.50 981.38 None 16,631.64 i,

25 396 Power Operated Equipment.

880.01 711.55 56.91 None 1,534.65 y

26 397 Communication Equipment.

9,868.95 1,391.19 1,216.10 None 10,044.04 -

j 27 393 hiisce!!aneous Equipment.

2,343.06 None 430.50 None

},Q.g%

{

29 399 Other Tangible Prcperty.

4,^71.^3 500.03 o

29 Total General Plant..

518,702.32 170.nR1 u En.qR4_R4 21.465.53 None 626.133.26 g

30 TotaI Electric Plant in service.

b359.558.02 616. ' 9" "

Ed'""A R2 d55 73 3^

^

^

31 104 Utility Plant Lenard to Others...

None None None 32 105 Property Held for Future Use....

None None -

None 33 107 Construction Work in Progree.. 1,;^3,422.17 457,333.00

"^^^

' nan; m 17 34 Total Utility Plant Electric..

4,942,990.19 1,073,831.77 543,321.88 82,455.73 None 5,391,044.35 w

-e l

i

PitODUCTION FUEL AND OIL STOCK 3 tincluded in Account ISI)

(Escept Nuclear Materiale)

U 3

I. Report below the information called for concerr.ing production fuel and oil stocks.

2. Show quantities in tons of 2.000 lbs.. gal.. or Mef whichevee unit of quantity is applicable.

[

3. Each kind of coal or oil should be shown separately.

jL -

4. Show gas and electric fuels separately by speciAc use.

i j

Einde of Fuel and 064 Total a> n4 meat MC Mt* P t ime 8 tem Coat

' Quentity Cost Quentity Cost

$30.

(a)

(b)

(c)

(d)

(e)

(f) 1 On IIand Beginning of Year.

3 710,958.95 1,181,961 3 710,958.95 None 3

None Q

2 Received During Year.

966,809.45 196,330 166,213.00 176,968 800,596.45 3

TOTAL.

1,677,768.40 1,378,291 877,171.95 176,968 800,596.45 j=

4 Used During Year (Note A).

935,649.98 184,801 135,053.53 176,968 800,596.45 i@

to 5

.o

2 6

= t*

7

s

c4 8

.- g 5

j$

to 11 Sold or Transferred.

2.111_00 2.272 2.131.00 None llone iD 12 TOTAL DISPOSED OF...

917 J19 98 187.073 137.184.53 176,968 800,596.45

• 8 13 BALANCE END OF YEAR..

739,987.42 1,191,218 739,987.41 None None i

Kinds of Fuel and 061 - Continued

- to c

P3

• "U t no item Quentity Cost Quentity Cost

• >=

No.

(s)

(h)

(i)

(D (b)

{$

E 14 Ovi liar.d Beg.ining of Ytar.

8 8

lE

se 15 Received Durs.ig Year..

16 TOTAL.

17 Used During Year (Note A).

k 3,

IS

{

13 1

20 o

21 g

y

[

2J 24 Sold or Trarderred.

23 TOTAL DISPOSED OF.

t.,

24 BALANCE END OF YEAR.

Note A -Ir.dicate specine purpose for which used, e.g. Boiler Oil. Make Oil Generator Fuel, etc.

y e

--+

ds.

TOWN OF !!UDSON LIG1fT AND.

21 A nnu al r eport o9.............................................................p1R D EP A RTMENt

..................................... Year ended Dec em ber 31. 19,g 3 MISCELLANEOUS NONOPERATING INCOME (Account 421)

Une l item Amount No.

(a)

(b) 8 1

2 3

8 3

6 None OTHER INCOME DEDUCTIONS (Account 426)

Une item Amount No.

(8)

(b) 7 8

9 10 11 12 13 14 None MISCELLANEOUS CREDITS TO SURPLUS (Account 434)

Une item Amount No.

(a)

(b) 15 16

/

17

\\

18 19 20 21 22 23 None MISCELLANEOUS DEBITS TO SURPLUS (Account 435) une item Amount No.

(a)

(b) 24 25 26 27 28 "9

l 30 31 32 None APPROPRIATIONS OF SURPLUS (Account 436) t une item Amount No.

(a)

(b) 33 TRANSFERRED TO '1VWN TREASURY 175,000.0^

34 e

35

\\

36 37 38 39 Total.

175,000.00 hi

TOWN OF HUDSON LIGtfT AND POWER DEPARTMElg,,,,,,,,nd3d oecemi,c, an.19 83

-.22 canu.i, epo,t et....... - - - ~ ~. - - " " - " " * "

" " ' ' ' ' * * ~ " ~ " ~

MUNICll' I. REVENUES (Accounts 4147, 444)

(K.W.l!. nold under the provisions of Chapwr :lG9. Acts of 19;:7)

Average Revenu e Ces Schedule Cubic f eet Revenue Received per M.C F.

)

0 0.0000)

Line Acc t No.

No.

(a)

(b)

(c)

(d) 1 482 3

NOT APP LICABLE TOTALS AvereseRevenue per M.W.H.

Electric Schedule M.W.H.

Revenue Receeved n

(e)

(b)

(c)

(d) 5 444 Municipal: (Other than Street Lighting) 6 All Electric 5,578,800

$ 337,684.36 6.0530 7

Power 3,578,471 265,051.31 7.4068 8

Commercial 300,935 28,546.01 9.4858 9

Yard Lighting 21,025 2,035.35 9.6806 to 11 7 TALs 9.479.911 633.317.03 6.6R11 12 13 Street Lighting: Town of Hudson 1,066,900 66,064.57 6.1922 14 Town of Stow 52,069 5,769.92 L1.0813 15 Towns of Bolton & Berlin 779 92.16 L1.8306 15 17 TOTALS 1 114,'7dA 71;9 E 45._ _6,4235_

gg

).

ToTAts 10,598,979 S 705,243.68 6.6539 is PURCilASED POWER (Account $35)

Cost per K.W.H Names of Utilities Where and at What from which Electric voltage Receeved K.W.H.

Amount (cents)

(0.0000)

Line Energy is Purchased No.

(a)

(b)

(c)

(d)

(e) 20 21 22 23 SEE PAGE S

54 AND SE F0R D E T i' I r e 24 25 26' 27 23 29 144,580,053 6,361,317 4.3999 TOTALS SAI.ES FOR ltESAI.E (Account 447)

Revenues perk W.H.

Names of Utihties Wh to and at vl hat Amount gts Voi age Deisvered g M.W.H.

to Whech Eigtrec l.')*

". (b)

(c) i (d) re) no.

31

$a a

SEE PAGES 52 AND 53 I-OH DETAl' hS 34

+

35 26 37 38 TO'*LS 321,717 1

20,639 6.4153 39 f.I

A r

e i

/

K f

El.MTl'illC OPERATING ltEVENUES (Account 400)

1. Rcport below the amount of operating revenue for added for billing purposes, one customer shall be counted

4. Unmetered sales should be included below. The E*

the year for each prescribed account and the amount of for each group of meters so ad. led. The average number details of such sales should be given in a footnote.

1 increase or decrease over the preceding year.

of customers means the averrge of the 12 figurer $t the

5. Classincation of Commercial and Industrial Sales.

o,

2. If increases and decreases are not derived from close of each munth. If the customer count in the resi. Account 442. according to Small (or, Commercial) and d"

be ac ding to the b sis o previously reported figures explain any inconsistencies. dential service classification includes customers counted

'd;'n te y sed yt

3. Number of customers should be reported on the more than once because of apecial services such as water basis of classification is not greater than 1000 Kw of

e.s basis of number of meters, plus number of flat rate heating, etc., Indicate in a footnote the number of such demand. See Account 442 of the Uniform System of io accounts, except that where separate meter readings are dupilente customers included in the c!sasification.

Accounts. Explain basis of classification, jg

.:o Average Number of operating ftevenues Kilowett. hours Sold Customers per Month i:::

C

• C3 Increase or increase or increase or iM Amount for (Decrea se) from Amount for (Decrease) from Number for (Dec, ease) from :h Lina Account Year Preceding Year

. Year Preceding Year Year PreceJing Year N 3.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

!o

!N 1

SALES OF ELECTRICITY 2

440 Resi.lential Sales.

4,090,357.34 289,582.2:

56,021,185 3,371,528 7324 203 3

442 Ccramercial and Industrial Sales:

cit ie 4

Small (or Commercial) see instr. 5..

588,219.51 85,604.91 6,263,926 679,734 761 58 io 5

Large (or Industrial) see instr. 5..

5,983,251.13 1,079,757.51 93,554,385 15,578,064 163

( 2)

!S 6

4 44 hiunicipal Sales (P. 22).

705,243.68 12,866.3:

10,598,979

( 35,840) 86

( 1) i$

7 445 Oiher Sales to Public Authorities.

None None N,one None None None

!e 8

446 Sales to Railroads and Railways.

None None None None None None 9

449 Fuel Charge Adjustmen,t;,

(110,625.72) 167,289. 9E None None None None j a, 10 4t9 hliscellaneous Electric Sales.

51,329_a5

,9 A 4. 9!

49a,6?o 7a 11a lan 7

• M

^

11 Total Sales to Ultimate Consumers....

11,307,775.79 1,640,046.0:

166,937,104 19,627,624 8474 265

""A'#

• Al' I

12 447 Sales for Resale.

13 Total Sales o! Efectricity*.

11.378.414.55 1 257.928.11 167.258.821 19.926.141 8475 265 l

14 OT!!ER OPERATING REVENUES 15 450 Forfeited Discounts.

None 16 451 hiiscellaneous Service Revenues...

None i

17 453 Sales of Water and Water Power..

None

' includes revenues from application of fuel clauses 8. 5,,,10,1, $,4,9,,9 4, 18 454 llent from Electric Property..

17,087.27 17,087.27 I

19 455 Interdepartmental Rents.

None Total KW:t to which applied...M.'! r.8.?0,,,20,4,,,,,,,,,

i 20 456 Other Electric Revenues... RC S.

29,501.90 2,327.12 1

21 22 9

i sr*

23 24

.d 25 Total Other Operating Revenues..

a A A Ao 17 10 ala 10 3

26 Total Electric Operating Revenues..

11,375,003.72 1,677,342.50 b

i

TOWN OF liUDSON LIGHT AND P02EE DEPARTMENE

' I' sa A nnu. i,., t e r.............................................................................................. v4.,.n4 4 0.c sm o., 31. 19 8 3 SALES OF ELECTRICITY TO ULTI5 FATE CONSUSIERS Report by account, the K.W.H. sold, th? amount derived and the number of customers under each Gled schedule or contract.

Contract sales and unbilled sales may be reported separately in tot.tl.

^ *

• 8' Numb,6f Custom.es

.. =.

.....n.....,

(c.nts)

Lin.

Account Sch.dvl.

M.W.H.

Rev.nu.

(0.0000)

July 31.

Dec.mb., 31 g

No.

No.

(.)

(b)

(c)

(d)

(.)

(f)

.;g

'e9 1

440 "A" Rate Domestic 32,036,597 2,500,379.16 7.8048 5560 5652 2

442 "C" Rate Commercial 6,161,418 581,402.99 9.4362 796 753 3

442 "D" Rate Power 93,534,385 5,983,251.13 6.3955 164 164 4

A40 "E" Water Heater-Res10,420,788 728,886.28 6.9945 1088 1079 5

440 "F" Rate All Elec.

13,563,800 861,091.90 6.3485 663 737 6

442 "G" Rate Com. Heat 102,508 6,816.52 6.6497 3

3 7

444 Street Lighting 1,119,748 71,926.65 6.4235 3

3 8

444 Municipal Sales 9,479,231 633,317.03 6.6811 85 85 8

449 Yard Lighting 498,629 51,329.85 10.2942 141 144 10 449 Fuel Charge Adjt.

(110,625.72) 11 12 13 14 15 16 17 18 19 fi 20 21 22 n

24 25 26 27 28 29 30 31 32 33 34 35

~

1 36 l

37 l'

38 l

39

[

40 l

41

/'"'

42 U

43 44 45 46 47 48 43 TOTAL SALES' TO ULTIMATE l

CONSUMERS (Pare 3711ne ll) 166,937,104 11,307,775.79 6.7737 8503 8620 l

E

.L s

1,..

O TOWN OF IfUDSON LIGitT 'AND P03R DEPARTMENT Annual report 2f...... !........................!.......*.....................................................Ystr Ended December 31.1983 4

ELECTRIC OPERATION AND MAINTENANCE E.YPENSES g

1. Enter in the space provided the operation and maintenance expenses for the year.

2. If the increases and decreases are not derived from previously reported figures explain in footnote.

e increase or (Decrease) from Amount for Year Account p, g,,y,,,

(e)

(b)

(c) 1 POWER PRODUCTION EXPENSES 3

3 2

STEAM POWER GENERATION 3

Operation:

4 500 Operation supervision and engineering...........

5 501 ruei., ~.-.....................

6 502 Steam expensee.........

7 503 Steam from other sources........

8 504 Steam transferred - Cr.............

9 505 Electde expenses..................

10 506 MWlanaous steam power expenses.............

11 507 Rents...................

unne nnno 12 Tota 1 operation.......

13 Maintenance:

14 510 Main (enance supervision and engineering..

15 511 Maintenance of structures....

16 512 Maintenance of boiler plant.........

17 513 Maintenance of electric plant........

18 514 Maintenance of miscellaneous steam plant..

unni unnn 1I 19 Total maintenance...............

t' 20 Total power production expenses - steam power....

~

~ ~ ~

u_

u_

21 NUCLEAR POWER GENERATION 4.

22

- Operation:

23 517 Operation supervision and engineering.......

24 518 Fuel......

25 519 Coolants and water..............

26 520 Steam expenem..............

27 521 Steam from other sources

(

28 522 Steam transferred - Cr...........

29 523 Electrie expenses............

30 524 Miscellaneous nuclear power expenses..

31 525 Renta...

None None 32 Total operation.......

33 Maintenance:

34 528 Maintenance supervision and engineering.

35 529 Maintenance of structures....

36 530 Maintenance of reactor plant equipment.

37 531 Maintenance of electric plant......

38 532 Maintenance of miscellaneous nuclear plant.

Nono Neno 39 Total maintenance........

gnn, gnn, l

40 Total power production expensee nuclear power....

j 41 HYDRAULIC POWER GENERATION 42 Operation:

[

l 43 535 Operation supervision and engineering.

l 44 536 Water for power........

4 45 537 Ilydraulie expenses..

46 538 Electrie expenses....

47 539 Miscellaneous hydraulic power generation expenses.

l 48 540 Rents..

+

i m-l 49 Total operation.....

l

___ - - _. _ ~, - -

r-00FN OT IfUO50N LIGHT Af!D PO!ER DEPARTMENT Annues soport of........

......Yeer onded December 31.1983 ELECTRIC OPERATION AND MAINTENANCE EXPENSES-Continued Increase o,

,****I Account Amount for Year g,

c, g

No.

(a)

(b)

(c) 1 IlYDRAULIC POWER GENERATION-Continued 8

8 2

Maintenance:

3 541 Maintenance supervision and engineering....

'4 542 Maintenance of structures..

5 543 Maintenance of reservoirs, dams and waterways.

6 544 Maintenance of electric plant.

7 545 Maintenance of miscellaneous hydraulic plant.

8 Total maintenance.....

None None 9

Total power production expenses - hydraulic power..

None None 10 OTHER POWER GENERATION 11 Operation:

12 546 Operation supervision and engineering.........

13,109.56 1,545.07 13 547 Fuel....

935,649.98 (132,205.19) 14 548 Generation expan==......

,155,719.77 408.50 15 549 Miscellaneous other power generation expenses...

48,385.86 12,492.06 16 550 Rents.....

None None 17 Total operation.......

1.152.865.17 (117.759.56) 18 Maintenance:

19 551 Maintenance supervision and engineering...

12,946.12 1,370.14

) )3 20 552 Maintenance of structures...

15,200.86 376.67 21 553 Maintenance of generating and electric plant...

106,738.63 (26,412.57) 22 554 Maintenance of miscellaneous other power generation plant...

2.609_1?

I 740_A11 23 Total maintenance......

1 t?.494.7 t t7s.4nA_s71 14 Total power production expenses - other power.........

3,7qn tqq_An (141_1AK 111 25 OTHER POWER SUPPLY EXPENSES 7,345,310.70 1,549,656.39' 16 555 Purchased power.......

25,067.29 8,130.84 27 556 System control and load dispatching........

28 557 Other expenses.......

88,615.57 (29,393.33) 29 Total other power supply erpenses........

7,458,993.56 1,528,393.90 30 Total power production expenses......

n 31 TRANSMISSION EXPENSES

',3 a

,e, u

i

,oe 33,

~ ' ' ' ' ' ' '

'~~

32 Operation:

33 560 Operation supervision and engineering.......

None None 34 561 Load dispatching...

None None 35 562 Station expenses.......

525.94 252.29 36 563 Overhead line expenses.

None None 37 564 Underground line exp-na*=..

None None 38 565 Transmission of electricity by others.

324,317.42 130,242.46 r

39 566 Miscellaneous transmission expen.ws.......

None None 40 567 Renta.....

None None 41 Total operation..

324,843.36 130,494.75 42 Maintenance:

i 43 568 Maintenance supervis'en and engineering..

None None 44 569 Maintenance of structures..

99.00 99.00 45 570 Maintenance of station equipment...

422.45 256.39 i

46 571 Maintenance of overhead lines.

818.85 594.85 r

47 572 Maintenance of t:nderrround lines.

None None 48 573 Maintenance of miscellaneous transmission plant.

None Nonn 49 Total malatenance.

1.340.30 950.24 50 Total transmission expenses..

126.1R1_66 111.444.40

..q 41 WE OF HUDSON LIGttT AND POWER DEPARTMENT Annuet,epo,t of........................................................................................... Yes, ended December 31. i t..h.3 ELECTRIC OPERATION AND MAINTENANCE EXPENSES-Continued Inc,oeseor I '

'I g y,"'

Account Amount for Year p

--6 No.

(a)

(b)

(c) 1 DISTRIBUTION EXPENSES 2

Operation:

3 580 Operation supervision and engineering.

14,961.09 2,124.15 4

581 14ad @Wiag..........

None None 5

582 Station apenses...............

1,862.76 1,862.76 16,455.18 13,846.51 6

583 Overbud line expensee..

284,71 248.11 7

584 Underground !ine espenses.

8 585 Street lighting and signal system expenses......

5,601.54 529.91 12,960.26 (54.78) 9 586 Meter expenses........

10 587 Customer installations aspenses......

7,405.13 J 4,5 59. 34)._ _

4,824.99 11 588 Miscellaneoun distribution esponses....

3,510.76 12 589 Rents....

None None 13 Tota 1 operation................

64,355.66 17,508.08 14 Maintenance:

15 590 Maintenance supervision and engineering...

14,830.23 2,071.63 16 591 Maintenance of stru ctures..........................

None None 17 592 Maintenance of station equipment......................

None None 18 593 Maintenance of overhead lines...................... i.

127,653.53 8,949.68 19 594 Maintenance of undergro und lines.......................

3,987.30 184.05 20 595 Maintenance of line transformers..........

3,373.51 14.65 21 596 Maintenance or etreet lighting and aignal systems..

14,792.40 8,525.34 22 597 Maintenance of meters................

1,305.19 690.39 g(

23 598 Maintenance of mine=Itaneous distribution plant....

mnl, un, 24 Total maintenance........

igq_qay_91 9n_ain_ya L

25 Total distribution esponses..................

91n.?o i n 7 17 cat n?

26 CUSTOMER ACCOUNTS EXPENSES 27 Operation:

28 901 Supervision...

7,197.11 1,554.54 29 902 Meter reading esponses..................

31,841.51 4,128.30 30 903 Customer records and collection expenses.................,

85,938.36

( 466.77) 31 904 Uncollectible accounte.......

12,780.17 1,248,13 32 905 Miscellaneous customer acmunta expenses.........

None

's None 33 Total customer accounta espenses.............

i 3.,

.n.., 3e 34 SALF'St EXPENSES

~~ ~~

35 Operation:

36 911 Supervision..

None None:

37 912 Demonstrating and selling expenses..

None None 38 913 Advertising espensee...

285.00 240.00 39 916 Miscellaneous sales esponses.

17,658.17 (4,808.02) 40 Total sales empenses.........................

17,943.17 (4,568.02) 41 ADMINISTRATIVE AND GENERAL EXPENSES 42 Operation:

43 920 Administrative and general salaries....

127,710.60 12,137.82 44 921 Of5ee supplies and esponses..

7,594.68 (1,920.49)

-f 45 922 Administrative esponses transferred -Cr..

None None A/

46 923 Outside services employed...

13,262.25 1,094.53 47 924 Property insurance....

6,147.24 (12,688.96) 48 925 injurips and damages.

41,810.16 (700.85) 49 926 Employee pensions and benefits..

387,267.53 453.75 Q

50 928 Itetulatory commission expenses-1,985.00 (7,344.89) 51 933 Transportation I?xpanse..

39,596.04 8,157.60 52 980 Miscellaneous general expenses.

19,571.48 1,711.79 53 931 Rents.

None None 54 Total operation.

644,944.98 900,30

d f03 OF !!UDSON LIGHT AND POWER DEP&hrgggg Annu.i,epo,t a f..

................... Yea, e no ws Docunbtr 31.19.113 ELECTRIC OPERATION AND M AINTENANCE EXPENSES-Continued inc,eese o, Account Amount fo, Year O

Ho.

(a)

(b)

(c) 1 ADMINISTRATIVE AND GENERAL EXPENSES-Cont.

8 8

2 Maintenance:

3 932 Maintenance of general plant.

38,640.05 5,095.16 4

Total adminiatrative and general expense...

683,585.03 5,995.46 5

Total Electric Operation and Maintenance Expenses.

LO,145,120,34 1,562,503.22

SUMMARY

OF ELECTRIC OPERATION AND MAINTENANCE EXPENSES Une Functional Classification Operation Maintenance Total No.

(e)

(b)

(c)

(d) 6 Power Production Expensee 8

8 8

7 Electric Generation:

8 Steam power......

9 Nuclear power...

10 Hydraulle power..

11 Other power.....

1,152,856.17 137,494.73 1,290,359.90 12 Other power supply expenses..

' 459,993.50

.00

' 459,993.SE 13 Total power production expenses..

8,611,858.73 137,494.73 8,749,353.46 324,843.36 1,340.30 326,183.66 I,'

14 Transmisdon Expenses..

15 Distribution Expenses...

.I 64,355.E6 165,942.21 230,297.87 16 Cus6emer Accounta Expenses.

137,757.15

.00 137,757.15 s

17 Sales Expense.........

17,943.17

.00 17,943.17 18 Administrative and General Expenses..

6,94'.99 3a an ng m _ m _ n1 19 Total Electrie Operation and 20 Maintenance Expenses.......

9,801,703.05 343,417.29 10,145,120.34 21 Ratio of operating expenses to operating revenues (carry out decimal two places, e.g.: 0.00%)

Q' 06 Compte by div,weaanes (venues (Aeet. 400) into the eum of Operation sad biaissennaes Espensee (Pase 42 idias Re has go(d). Dep Atet. to3) and Amortea aca (Aces. 4o7)..............

22 Total salaries and wages of electrie department for year, including amounts charged ta oper.

766,078.65 sting expenses, construction and other accounts.

23 Total number of employees of electrie department at end of year including administrative, operating, maintenance, construction and other employees (including part time employees) am

m-(.

p Y

pm 5

I TAXES CllARGED DURING YEAR N

,e

1. This achedule in intended to give the account dis.

i tribution of total tazem charged to operations and other

3. The aggregate of each kind of tax should la listed number of the appropriate balance sheet plant account nnat accounta during the year.

under the appropriate heading of " Federal." " State," and or subaccount.

E

2. Do not include gasoline and other sales taxes which " Local"in such manner that the total tax for each State

5. For any tax which it was necessary to apportion 2

have teen charged to accounta to which the material and for all subdivisions can readily be ascertained.

to more than one utility department or account, state in a footnote the basis of apportioning such tax.

on which the tax was levied was charged. If the actual

4. The accounta to which the tanea charged were dis-

6. Do not include in this schedule entries with respect or estimated rmounta of such tases are known they tributed abould be shown in columna (c) to (h). Show to deferred income taxes, or taxes collected through pay.

should be shown as a footnote and designated whether both the utility department and number of account roll deductions or otherwise pending transmittal of such estimated or actual amounta.

charged. For taxes charged to utility plant show the taxes to the taxing authority.

Total Tases Distribution of Tames Charged (omit cents) fg Cher #

(Show utility department where applicable and account charged)

During Year Doctric Gas

{

Lene mend of Tan (ornit cent:)

(Acca. 404, 409)

(Acct. 408. 409) ho (a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(l)

(s)

o 1

g Real Estate Taxes 6580.03 6580.03 o

2 vi 19 4

j p

3

.: n 6

:c

e 8

p.

t

es 3

m

+

o 10

a

.sm

:o g

. n 13 i y 14

:n 8 ",

M 3

16 I~

18 19 i

23 y

21 I

22 2a 23 o

24 I

a 25 i,

s 27

,8 p

6580.03 6580.03 0..

-Jo e nues,eoo,t e................... TOWN.02.Em SC.U..M.QE. 4. R..?.0WER,pJl' AR.MNT,,,,y..,9,,,, o,,,ni.e at. t983.

M OTHER ITTILITY OPERATING INCO.\\lE (Account 414)

Report below the particulars called for in each column.

f Amount

, Gain or

}

/

Amount of Amount of of Operating (Loss) from

"""Y une investment Revenue Espenses Operation No.

(e)

(b)

(c)

(d)

(e) 9 2

-2 3

4 6

7 8

9 10 11 12 13 14 15 16 17 18 NONE 19 20 21 22

)' }/

23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47

• )

48 i

49 TOTALS 3g I

i

TOWN OF !!UDSON LIGttT AND P.O.W.ER. DE.P..A..R.T..h.i 51 Annual r eport e t...................

.. Year toded December 31.19f]

j INCOML FROM MERCIIANDISING. JOllfilNG. AND CONTRACT WORK (Account 415)

Report by utility departments the revenues, costs, expenses and net income from merchandising jobbing, and contract work during year.

t i

Other Electric Get Utusty Line item Department Department Department Totes No.

(a)

(b)

(c)

(d)

(e) 1 Revenues:

8 8

8 8

2 Merchandise sales, less discounts.

3 allowances and returne.

836.72 836.72 4

Contract work.

5 Commissions.

6 Other (list aMing to major classes).

7 8

9 10 Total Revenue 4.

n_,g

_3 -

o_ _3,_.._3 12 13 Costs and Espenses:

14 Cost of sales (list according to major 15 classes of cost).

16 17 18 19 20 21 22 23 24 25 26

, Sales espenses.

27 Customer accounts espensee.

28 Administrative and general expenses.

29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 f

48 49 50 TOTAL COSTS AND EXPENSES pg, j_. _..

g,.,

ug,

.ig n y 51 Net Pront (or leul au_n i

tu n,.

unru.

n v. 7 ?

$2 "

Annual report of................T.OWN OF llVDSON LIGitT...AND POWER DEPA.RT.. MEN.1....... Year ended 31,19 83 SALES FOR RESALE (Account 447)

1. Report sales during year to other electrie utilities and and place an "a"in column (c)if sale involves export seroes to cities or other public authorities for distribution to a state line.

ultimate consumers.

3. Report separately arm, dump, and other power sold to

2. Provide subheadings and classify males as to(1 Ansoci.

the same utility. Describe the nature of any sales claneined ated Utilities. (2) Nonassociated Utilities. (3) Munie)palities, as Other Power, column (b).

(4) R.E.A. Cocperatives, and (5) Other Public Authorities.

4. !! deliver in column (e)y is made at a substation indicate ownership For each sale designate statistical classiocation in column (b ),

, thus: respondent owned or leased, Rs; thus: Arm power FP; dump or surplus power, DP; other, G, customer owned or leased CS.

e a

Kw or Kwe of Domend

'E $

h2 j

(Specify which) 3e ue 32 4s S

Aversee Sales to g3 Ye Point of Delivery j

Monthly Annual

2 j

Contract Mealmum Mozamum Une U

w Demand Demand Demand No.

(e)

(b)

(c)

(d)

(e)

(f)

(a)

(h) 1 MMWEC G

Marlboro-Hudson 3000 NA NA 2

Town Line 3

4 5

6 7

8 9

10 11 14 15 16 17 18 19 20 21 22 23 24 25 1

26 27 28 29 30 31 32 33 S

35 36 37 38

• )

39 40 41 (1

$3 TOWN OF IfUDSON LIGHT AMD POWER DEPA.R.T..M..E..N..T............. year ended December 31.190 Annual report of..................

SALES FOR RESALE (Account 447)-Continued

[

g

5. If a axed number of kilowatta of maximum demand

6. The number of kilowatt-hours sold should be the is speci8ed in the power contract as a basis of billings to quantities shown by the bills rendered to the purchasers, the customer this number abould be shown in column (f).

The number of kilowatts of manimum demand to be shown

7. Esplain any amounts entered in column (n) such as in column (g)hould be furnished whether or not used in theand (b) should be actual based on monthly f u'1 'th *dj"*"'"****-

readings and s

8. If a contract covers several points of delivery and determination of demand charges. Show in column (i) type small amounts of electrie energy are delivered at each point.

of demand reading (instantaneous.15. 30. or 60 minutes such sales may be grouped.

integrated).

Revenue (Omit Cents)

Voete e Revenue n

Type of et per hwn Demand Which Milowett.

Dernand Other (Cents)

Reading Delivered hours Charges Energy Chersee Total (0.0000) Une (Q

(D (k)

(Q (rn)

(n)

(e)

(p)

No.

60 Min.

Il5KVA 321,717 17,434 2,554 651 20,639 6.4153 1 2

3 4

5 6

7 8

9 10

/

11 f

12

(

13 14 15 16 17 18 19 20 21 22 23 24

• i s

23 27 28 29 30 31 32 33 h

34 35 36 37 e

38 39 40 41 toms 42 u t.117 17_au 9_ nu rra 9n r.10 r Att,

St

.. I.OWN OF !!UDSON LIGtiT AND PO ER DEPARTMEN2 cnnual report cf....

,,.,,,,.,,yee, ongea oece no, a g, g g.

PURCllASED POWER (Account $55)

(escept interchange power)

1. Report power purchased for renale during the year.

Authorities. For each purchase designate statistical cleani.

i Esclude irom this schedule and report on page 56 particulars fication in column (b), thus: firm power. FP; dump or concerning interchange power transactiore during the year, surplus power, DP: other,0, and place an **s in column (c)

2. Provide subheadinge and clanty purchases as to if purchase involves import acrom a state line.

(1) Aamociated Utilities, (2) Nona=<w4ated Utilities, (3)

3. Report separately arm, dump, and other power pur.

Associated Nonutilities. (4) Other Nonutilities. (5) biuni-chased from the anme company. Describe the nature of any cipalities (6) R.E.A. Cooperatives, and (7) Other Public purchases ela-M as Other Power, column (b).

_g i

e n.e,x

.fo.m.nd 3

2 (Specih which)

=3

I e

5*"'*a*a' i:e a.co o w.e noto.a.,. nee u

jg M.-

43 ta) tc) u3 t.)

43 ten tai

. ca O

I NEPEX X

Marlboro-Hudson Line 115 KV 27,977,500 5,901,180 22,076,320 990,679.60 !h Used as station power and charged to (549)

(143,478)

(143,478)

(6,685.63) !Efk 4

i, s

6 i,k 2

i 8

!N 9

je to IE 11 12 S7 au n99 5.901.180 21.9~12.842 4R1.941_97 Tofats B.

Detaile of Settienent for Interchange Fewer

se une h me at Commeny Emeteention Amount M*-

0) 40 tei)

a l

i 13 NEPEX Energy received by H.L.EP. - Economy 1,257,769.41 14

- Scheduled Outage 137,029.78 1

I 15

- Unscheduled Outage 189.92 16

- Deficiency

.284.14 I

IV Energy delivered by H.L. & P.

(304,277.55)

E 30 NEPEX savings (112,245.87)

IS NEPEX expenses 11,929.77 g

20 e

1

(

Tota' 990,679.60 W

21 1

l v.

a

57 f0Wid 0F HUDSON LIGHT AND POWER DEPARTMEN Annual,eportof.................................................................................T

..............Yes, ended Decembe, 3:. 3 9.g3 ELECTRIC ENERGY ACCOUNT Report twta. the aieemataea called fe, seeeersias the dispostion of eteescie emerar see.,at.d. purchased, and senerehaased during the y,ar.

[

Line item Milowatt-hours No.

(a)

(b) e 1

SOURCES OF ENERGY 2

Generation (exduding station une):

f 3

Steam..

L 4

Nudear.

5 Hydro 6

Other.

18,737,900 7

Total generation....

18,737,900 8

Purchases,..

144,580,053 9

In (groes).

27,834,022 10 Interchanges.

Out (groes).

.: oni inn 11

, Net (kwh)...

~

21,932,842 12 Remived.

13 Transmission for/by others (wheeling).....

Delivered.

• e* ****

14

, Net (kwh).

15 TOTAL.......

185.250.795 16 DISPOSITION OF ENERGY 17 Sales to ultimate consumers (induding interdepartmental sales).

166,937,104 18 Sa!,e for resale..

321,717 19 Energy furnished wit! out charge......

None 20 Energy ussi by the company (esduding station use):

273,600 21 Electrie departrwat only....

22 Energy losses:

23 Transmunion and conversion loanes.

6,530,278 24 Distribution losses.........

~

8,471,496 25 Unnecounted for lowes.......

,,sc enn 26 Total energy losses....

17,718,374

~~

~

27 Energy loses as percent of total on line 15..

28 total 185.250.795 MO.VrHLY PEAKS AND OtfrPtTT

. Repet sweeunde, the noternames solame fe,

'as to emuk

3. Sense type of eneena.tr pank rendise (laetantaneeue 18. 30. e,80 amenehar tem kale essen meeshly euspus (in enamesse inneerseed.)

saaeous penh,a ma-m a kde-esmu e) fe, the sentised seurome of adsenne emersy of,empsedame-and pu,eeshly eisepe,t shouW be the aman of ;

4. M me.1 aus s.et.es.tarehnase med pains e,t's an l

3. Meathly pe k.

L 00 ho ld be, ondset*e ma==use h

.a.

d as

-e e.es.us page e eh e,u. 2 t,..ea.es,.

.s.a.u.d-e u.m.s.,3.*

n a.d o..,a.e e.eu.,

w i.ee is e eee.

e

-e auesee..u.ame-me - e aase lL.M.,.su.e"en*.".ei :vm.re.e ".e" m fee :3,a".7':i'.*',':*ma'::'

a,**1:"d *3*.4 e 6ae t.e e, me,e

-e, -.et,g'"

s. u a.

e

"=~a "" d "' **" * *ad 6* "'***d ee.eom e-r.

r System Monthey Pesti Monthly Output Day er (kwh)

Line Month Kilowette Derof Week Month

Hou, Type of fleeding (See inst,. 4)

No.

(e)

(b)

(c)

(d)

(a)

(r)

(s) 5 January..

30,500 Wednesday 19 10:00 a.m. 60 Min.

16,243,309 30 February.

26,000 Friday 11 9:00 a.m. 60 Min.

14,241,871 31 hiarch.

26,900 Wednesday 30 8:00 a.m. 60 Min.

15,437,548 32 A pril.

25,500 Tuesday 19 12:00 a.m. 60 Min.

13,845,049 33 afay.

25,200 Wednesday 4

12:00 a.m. 60 min.

13,700,120 34 June-31,000 Wednesday 15 2:00 p.m. 60 min.

15,087,755 e

35 July.

30,600 tenday 18 3:00 p.m.

60 Min.

15,787,503 36 August >.

31,000 Monday 8

4:00 p.m. 60 Min.

16,146,297 3:00 p.m. 60 Min.

15,425,232 37 S' Pt'* h -

12,700 Tuccday 6

26

' 11:00 a.m. 60 Min.

15,516,181 Od"' -

27,500 Wednesday 28,800

!!bnday 14 6:00 p.m. l60 Min.

15,660,305 3!8 Novemt*'

i to Deo.mt"' _ ' 11,500. _ JTucralay_

.20 9100.a.m.'.00 Min.

J L8,159,625

!!85,250,795 si rotat

sa po;N OF llVDSON LIGHT AND PCER DEPARTMENT u nu. i r e n re c f............................................................................................... m e t rd

• d D ee emi e r 31. 19. C.3 GENERATING STATION STATISTICS (Large Stations)

(Ezeept Nuclear. See Instruction 10)

,I l

I. tarse staamas for the purpose of the eskedu;e are steam and hydre

4. If peak demand for Go minutes la met avadable, aM that whieb le uene of 2.300 E=* er more of installed earmeity sad other stauene of avadable, opeefy.ns persed.

et'o E=* er niere of imetailed empneity (name plate retieseh (*10.000 K' So

8. tf a group of eenployees attende amore than one semerating piation, and 2.500 Me. re.pecovely. if namual electrie operskas revenues of re*

report en laae it the appresumate averase number of eenployees assianable pendent are823,000.000 or smore.)

to eneh stainen.

2. If any plant is leased, operated under a lacease from the Federal

s. If one is uend and purehamed en a there ban e, the B.t.o. e.atent of Pseer Cesimsessen er operated as a,oint ineuaty, indicate such faete by t!.e one should be even and the quashly of fuel comeussed eenverted to the use of meteriske and feetmeten.

M eu.fL

3. Speedy if total plant espnesty is reported la kva instead of kale =atte

7. Qunamenes of fuel seasumed sad the aversee eeet per unat of fuel as called for es lame S.

eeneumed abound be eenenetant asth chargem to empense accounts.401 and I

une item Pfent Plant Pfent NS

(*)

Cherry % T.Sta.

H.L.&l9 Peaking (d) 1 Kind of plant (steam. hydro int. comb., gas turbine)

Int. Comb.

Int. Comb.

2 Type of plant construction (conventional, outdoor Conventional Conventional l

boiler, full outdoor, etc.)....

i 3

Year originauy constructed....

1897 1962 4

Year last unit was lastaued...................

1972 1962 l

5 Totalinstalled capacity (manmum generatcr name l

plate ratings in kw).........................

17,150*

4,400 6

Net peak demand on plant-kilowatts (60 min.).

14,000 4,200 7

Plant hours connected to load.......

]

8 Net continuous plant capabuity,idlowatta:

l 9

(a) When not limited by condenser water.......

15,200 4,400 10 (b) When limited by condenser water.......

15,200 4,400 11 Average number of employees.................

11 l

12 Net generation, ezeiusive of station use.

15,094,764 3,643,136 l

13 Cost of plant (omit cents):

)

4 14 1.and and land rights..

5,500 None J

15 Structures and 1mprc vements...........

332,640 None 16 Reservoirs, darn, and waterways..

None None

~

17 Equipment costs...

3,019,275 712,054 18 Roads, railroads, and bridges................

None None 19 Total cost........

3.357.415*

712.054 20 Cost per kw of lastaUed capacity............

S 207

$ 162 21 Production espenses: TOTAL COMBINED PLAF TS 22 Operation supervision and engineering........

13,109.56 23 Station labor.....................

137,128.13 24 Puel............................

935,649,98 25 Supplies and expennes, including water...

66,977.50 26 Mainten ance..............

137,494,73 j

27 Rents........

None 28 Stesta from other sources......... a.........

None 29 Steam transferred-Credit....

None 30 Total production expenses.......

1,290.359.90 31 Expenan per net Kwh (5 places)....

.068864 32 Fuel Kind 12 DIESEL NATUPAL GAS 33 IJnits (Coal-tons of 2.000 lb.) (OH-barrels of 42 gals.) (Gas.M cu. f t.) (Nuclear, Indleste).....

42 Gal.

M CU. Pt.

34 Quantity (units) of fuel consumed...,,..

4,400 176,968 35 Average heat content of fuel (D.t.u. perlb. of coal, per gal, of ou. or per cu. ft. of gas).....

140,000 BTU 910 UTU 38 Average cost of fuel per unit del. f.o.b. plant.

S35.5573nDL S4.52396 MCP 37 Average cost of fuel per unit consumed.

$30.6940 HHL

$4.52396 MCF 33 Average cost of fuel consumed per iniUlon D.t.u..

$ 5,22004

$ 4.97139 39 Aversge cost of fuel consumed per kwh not ren..

.049933 l

40 Average B.t.u. per kwh net generation.

9s975 l

41 l

42

• LIMITED TO 16,200 BY DIESEL

TOWN OF HUDSON LIGHT AND P01tES DEPARTMEMt 53 A n nu.4 r ep.rt of................. J............................................................................... Y t. nd.d 0.c om b er 3 t. t 9 8 3 GENERATING STATION STATISTICS (t.arge Station.)-Continued (Except Nuclear. See Instruction 10) 34r

.h..... t 34.

om.u

=a n.

.t-.

i.a.s-4-h.

.h.wt,.weiw,

8 Th.e..ba. t.o

.i l t d prod et..sp

n. r. pre e.t.

O* 'g*g*"r

.een t it.s u.d r ca.6.: p g

(.). bri.i.d t.p.r.tse..wele.t p.*-.

l eco.h t pr artb 4 by.b. U l.r.s Syst

'j :'..a, ;',,';7.:',.l=t tory.t.t se.t

.e r

.r

.,.t.u..

b.u t.

s t

,or th.

• "la".".I'th "o"'"e.* "i"*dd'r Tt.

d i!.A~ii,it

",,p y/.J. ",'lst

;n.',.2.. 7.m.,,;,;;

c

,-.t.

. w - va-e.--e.,,trs. -

a

.t e..i -.4.

.a-,..,.,

.e a. r.

.i. 4 m.,,a.m6.,.a

. u.t,,,i.u a

a..-i.a.. m.*.a.t.6.

w b,,* at-.a.

.- 6 a.

~ -.

i i tu.

L.

t.,.-u..... -..c a. --m.4 a--.

.a.-l.., a. w,

w a

at.

a.por h-n.nt n.ni n.nt Pl.nt Pl.nt Pl.nt Lin v>

w v.>

v>

w et.

1 3

4 5

6 7

8 9

10 11 12 13 14 15

• ((m 16 b

17 18 19 20 21 22 23 s

24 25 26 27 28 29 30 31 32 23 34 35 36 38 o

39 40 41 42

TOWN OF llVDSON LIGitT AND P01tER DEPARTMEH2

.. veer ended Decembor 33, g;6 3 A n nue l r e port e 8...........................................................

STEAM GENERATING STATIONS

/

1. Report the information calledifor concerning gener.

lessor, date and term of lease, and annual rent. For any

t. ting stations and equipment at end pl year.

generating station, other than a leased station or portion

2. Exclude from this schedule, plant, the book cost of thereof for which the respondent is not the sole owner but

)

)

which is included in Account 121 Nonutility Property.

which the respondent operates or shares in the operation of.

3. Designate any generating station or portion thereof furnish a succinct statement explaining the arrangement and for which the respondent le not the sole owner. If such giving particulars as to such matters as percent ownership property is leased from another company, give name of by respondent, name of exwner, basis of sharing output.

\\

Bettere Roted Men.

Name of Stellen Location el $letlen Nurnber Mind of Fuel Reted Roted Continuove and Veer end Method Pressure Steam M lbs. Steam Installed of Firing in Ibe.

Temperature

• per Hour Uree No.

(e)

(b)

(c)

(d)

(e)

(f)

(g) 1 2

3 4

5 6

7 8

9 10 11 12 NOT APP 1 ICAB LE 13

)

)

14 15 16 17 18 19 20 21 22 23 24 25 26 i

27 28 29 30 31 32 33 34 35 d

36 31 Note reference:

' Indicate reheat boilers thu. sly, 1050/1000.

61

.f.0NN OF li D30ELIGttf AND POWER DEPARTMEH2 U

.. Veer ended oecember 33, ggg 3 annual report et.......

STEAM GENERATING STATIONS -Continued I(

expenses or revenues. and how e nses and/or revenues are

5. Designate any plant or equipment owned. not oper-accounted for and accounts ted.

Specify if lessor, ated, and not leased to another company. If such plant or co. owner, or other party is an sanociated company.

equipment was not operated within the past year explain

4. Designate any genersting station or portion theraof whetherit has been retired in the books of account or what leased to another company and give name of leases, date and disposition of the plant or equipment and its book cost are term of lease and annual rent and how determined. Specify contemplated.

whether lessee is an associated company.

Turbine 4enerators' Name Ptete Rating in Kilowetts Station II***

Nydrogen Cepecity I'"*"

At At Pressureg Menimum Minimum Menimum Power voltese et Veer Name Plate Factor K.v.tt Ih R.P.M

• Hydrogen Hydrogen Installed Typet Reun.n

+

P,eeeure P,eeeu,e Min.

Me..

a,,e (h)

(a)

(D (h)

(1)

(m)

(n)

(o)

(p)

(4)

(r)

P6o.

1 2

3 4

5 6

7 8

9 10 11 12

^

I3 NOT APP LIC ABL E

[

14

-k 15 16 17 18 19 20 21 22 23 24 25 26 27 28 23 30 31 32 33 34 35 fb 36 e

forats 37 Note references:

e

• Report cronwompound turbine-generator units on two line - li.P. wetion and L.P. swtion.

t!ndicate tandem. compound (T.C.); crow-compound (C.C.); all single casing (S.C.); topping unit (T), and noncondensing (N.C.). Show back precuret

! Designate air cooled generators.

ttif other than 3 phase. 60 cycle, indicate other characterutie.

I!Should agree with column (m h

TOWN OF HUDSON LIGitT AND F03R DEPARTMEH2..... veer en<ed oatmi>>>r ai.19 unvei,.,e,,ef...............................................

HYDROELECTRIC GENERATING STATIONS

1. Report the informados called for concerning men.

property is leased from another company, give name of ersting stations and equipment at end of year. Show lessor, date and term of lease, and annual rent. For any associated prime movers and generators on the same line.

generating station other than a leased station, or portion

2. Exclude from this schedule, plant, the book cost of thereof, for which the respondent is not the sole owner which is included in Account 121, Nonutility Property, but which the respondent operates or shares in the oper.

3. Designate any generating station or portion thereof stion of, furnish a succinct statement explaining the ar-for which the.,--fnt is not the sole owner. If such rangement and giving particulars as to such matters as water wheele Cross Static Name of Stetton Location Name of Stream Attended or Type of veer Head with Une

-Unsttended Unit

• Installed Pond Full No.

(e)

(b)

(c)

(d)

(e)

(f)

(g) 1 1

2 3

4 5

6 7

8 9

10 11 12 13 NOT APPLICABL E

v 14

~)

15 18 17 18 19 20 s

21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 e

'38 39

'llorizontal or vertical Also Indicate type of runner - Francis (F), Ased propeller (FP), automatically adjustable propeller (AP), Irnpulse (I).

63

..T. O.W-.N...OF HU.DSO.N...L..I.Gi.tT AND PO.W.ER DEPARTMEllt......... Year (nfed Decsmber 31.1 Annual report of.....

IIYDROELECTRIC GENERATING STATIONS-Continued

'(

percent of ownership by respondent, name of co-owner, Specify whether lessee is an associated company, basis of sharing output, expenses, or revenues, and how

5. Designate any plant or equipment owned, not oper-e expenses and/or revenues are accounted for and accounta ated and not leased to another company. If such plant afected. Specify if lessor, co-owner, or other party is an or equipment was not operated within the past year explain associated company.

whether it has been rettred in the books of account or what

4. Designate any generating station or portion thereof disposition of the plant or equipment and its book cost are leased to another company and give name of leasee, date contemplated.

and term of lease and annual rent and how determined.

Water Wheels - Continued Generators Total Insteiled Maximum hp.

Name Piete Number Genereting Capacity of Fre-Rating of of Capecity in Kil.

Unit at Year quency Unit in Units in owetts (nome Design Head R.P.M.

Design Head Installed Voltage Phase or d.c.

Kilowetts Stetten plate ratings)

Line (h)

(I)

(D (k)

(f)

(m)

(n)

(o)

(p)

(q)

No.

1 2

3 4

5 6

7 8

9 10 11 NOT APP LIC ABL C

12 13

(

14 15

(

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 i

TOTALS 39

TEN OF HUDSON LIGHT AND POWER DEPARTMENT Annual report (f....

.. Year Ended December 31,1983 f COMBUSTION ENGINE AND OTHER GENERATING STATIONS (except nuclear stations)

1. Report the information called for concerning gen-property is leased from another company, give name of ersting stations and equipment at end of year. Show aseo-lessor, date and term of lease, and annual reng. For any s) cisted prirne movers and generators on the same line.

generating station, other than a leased station, or portion

,)

2. Exclude from this schedule, plant, the book cost of thereof, for which the respondent is not the sole owner but which is included in Account 121, Nonutility Property.

which the respondent operates or shares in the operation

3. Designate any generating station or portion thereof of, furnish a succinct statement explaining the arrangement for which the respondent is not the sole owner. If such and giving particulars as to such matters as percent owner.

Prime Movers Olesel or Belted Name of Station Location of Station Other Type Year 2 or 4 or Direct Line Epstne Nome of Meher Instelled Cycle Connected feo.

(a)

(b)

(c)

(d)

(e)

(f)

(s) 1 Cherry St.

Cherry St. Hudson Diesel American Inco.

1937 2

Direct 2

Cherry St.

Cherry St. Hudson Diesel Nordberg-Mfg.Co 1951 2

Direct 3

Cherry St.

Cherry St. Hudson Diesel Nordberg-Mfg.Co 1955 2

Direct 4

Cherry St.

Cherry St. Iludson Diesel Nord berg-mfg.Co 1960 2

Direct 5 Cherry St.

Cherry St. Hudson Diesel Cooper-Bessemer 1972 4

Direct 6

7 8

8 Hudson Light 10 Peaking Plt. Cherry St. Hudson Diesel Fairbanks-Morso 1962 2

Direct II Hudson Light 12 Peaking Plt. Cherry St. Hudson Diesel Fairbanks-Morso 1962 2

Direct 13 14 15

)

)

,16

?

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 l

37 38 39

')

l

F 00"N OF HUDSON LIGitT Annual report of..............................................A..N D P..O..W..E..R....D..E.P..A.R..T..u..gu..I............ Year ended Dec omi er31.19.83 COMBUSTION ENGINE AND OTHER GENERATING STATIONS-Continued (except nuclear stations) ship by respondent, name of exwner, basis of sharing Specify whether leasse is an associated company.

output, expenses, or revenues, and how expenses and/or

5. Dignate any plant or equipment owned, not oper.

revenues are accounted for and accounts afected. Spedfy if sted J not leased to another company. If such plant lessor. co-owner, or other party is an associated company, or eqwpment was not operated within the past year, explain

+

4. Designate any generating station or portfor thereof whether it has been retired in the books of account or what leased to another com y and give name of lessee, date disposition of the plant or equipment and its book cost are and term of lease an annual rent and how determined.

contemplated.

Prime Movers-Continued Generators Total Instelled Total Rated hp.

Name Plate Numtber Generating Capacity Reted hp.

of Station Year Frequency Reting of Unit of Unite in Kliowetts of Unit Prime Movers installed Voltese Phase or d.c.

In Knowetts in Station (name plete ratings)

Une (h)

(l)

(D (k)

(t)

(m)

(n)

(o)

(p)

No.

~

1480 1480 1937 2300 39 60 cyl.

1000 1

1000 1

4250 5730 1951 4160 39 60 cyl.

3300 1

3000 2

5100 10830 1955 4160 39 60 cyl.

4000 1

3600 3

4250 15080 1943 4160 39 60 cyl.

3250 1

3000 4

7760 22840 1972 4160 39 60 cyl.

5600 1

5600 5

6 7

8 9

3168 3168 1962 4160 39 60 cyl.

2200 1

2200 10 11 3168 6336 1962 4160 39 60 cyl.

2200 1

2200 12 13 14 15 ya 16 I'

17 18 19 20 21 22 23 24 25 24 27 28 29 30 31 32 33 34 35 O

36

/

37 38 TOT A UB g},qgg 7

70,600 33 e

e

n t 8 GENERATING STATION STATISTICS (*=.ts Statione) g

1. Small generating stations, for the purpens of this or operated as a joint feeGity, and give a concise

5. If peak demand for 60 minutas is not avaD-schedule, are =ta== and hydro stations og less than statmaamt of the facts la a footnote.

able, give that which is available, specifying period.

j 2.500 KW' and other stations of less than 500 KW'

3. IJet to appropriately under suW "n-for

8. If any plant is equipped with cosabinations of 5

insta!!ed especity(name plate ratings). (*10.000 KW steam, by muelear laternal combustion engine and

steam, dro, laternal - - -- ^'- englas or saa tur-e and 2.500 KW, respectively,if namual electrie operat-gas turbine stations. For nuclear, see Instruction 10 blae eq t, each abould be reported as a separate las revenues of :==panhat are 325,000,000 or more.)

page 59.

t.

owever if h exhaust heat from the gas t

2. Designate any plant leased from others, operated

4. S y if total plant capacity is reported la kva ne is utilisedia a steam turblas regenerative feed '

i under a heense from the Federal Power em=mm of kilowatts.

water cycle, report as one plant.

Ps Production Exponese Fuel Cost j O Instoned Met Plant Esclusive of Deprecletion Por FWH j h Cepecity Peek Generation Cost and Tomes Not fteme et Plan 8 Meme Demand Eactuding Per KW (Omit Cente)

Kind Generation Year Plate KW Station Cost of Plant Inst.

of (Cents)

Line Const.

Rating-KW (60 Min.)

Use (Omit Cents)

Cepecity Labor..

Fuel Other

• Fuel (0.0000)

No.

(e)

(b)

(c)

(d)

(e)

(f)

(3)

(h)

(f)

(D (k)

(1) yj

ca 1

o

a:

2 Ir

s 4

is 5

i k tr 6

i o 7

m a

i S 9

M

Jo 10 i o 11 NOT APPLI C ABLE

!5 12 13

!h l'

15 j,

16 j

17 i

18 i

19 i

20 3

21

==

23 24 I

25 g

26 27 s.

28 TOTALS to ta ea 6

67 TOmi 0F HUDSON LIGtfT AND POWER DEPARTMENT Annual report of............................................................................................... Year ende TRANSMISSION LINE STATISTICS

(

Report information concerning transmission lines as indicated below.

Length (Pole Miles)

Designetten On Mrudures of On Mrwum of M*j,,

yo Operating Su les une Designated Another Un*

C3rcuits and Meterial une Voltese Serveture p6o.

(a)

(b)

(c)

(d)

(ep (f)

(g)

(h) 4arl-fludson Forest Ave.

rown Line Substation 115KV Steel 3.2 2

336.4 MC 4 I

at River St.

Iludson Poles ACSR 2

3

" Linnet" 4

5 6

7 8

9 10 11 12 13 14 15 16 17 18 c'

19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 43 44 e

45 46 s

rotats 3.2 None 2

47

• Where other than 60 cycle,3 phaw, so indicate.

SUBSTATIONS

?$

3 ei.n l.adient.e.si e. ele.noa.er t,the fienesional ch. ares.te.r.e.l.d.ch sub.

e7ie"_"en.e-. m.,a.d. a re.I Lee..,.egee - of.ie,.or Lendetsem sweesa of male ownershi b the n endent free se 4

la M

ea e,1 R. epees ha.3.e.w.e.e.i.nformeass.e. embed fee esmeermang substasieme th ie. a,-

g a

ee

- er d.e,.h.

i.eo.er

..d

.h.

..se.ed e e.d

g. ror e. - ee i-et z sa a. w h - h.4e e.d

,.ise e e4 a..,

e w een, aehe id nas he losed hereunder.

S. Show in eetusene GL GL saJ M epeanal equips ent eueh me other same by ressen of sole eweereby or Icase. s,io o n.*ase of e++weier 3

3 S=tesas. nee wish --m*- of Isas than anos hen. sesys these emeary emmeernese. sees.6ere esa,and amadeary equayment er other petty emplain bas.e of einrins escen-of =ts.cr aer u.t.as 9

eerwes <=ese=ree muk emersy fee roue 38. **y be groused esamedsag for meremmeg empaesty, betweme the paartaas. and state amenenste end arenomla nefe,cted 6e as temstamana characeae, het she m.m. nee of e ch embeses.ees enues

8. Dgasse emboast.ses or messe stame of equip.nent leased frese resinadenle beets of necount. lapsedy la seet. ease eheta we.

he one.a.

eth ke.many owned wish othere, or operased other=me then by en-* emer, or other party la na -sed esapany.

nwa Apparatus emi Special Equipment

• 8*

Cepecity of Number Number i

- ~i -- e' s =~-

Sub. u of T,e.e. of 5,e,e s,,,,,,,,

Second.

In hva formers Trans.

Number Total W

Primary ery Tertlery (g, s,,,ge.)

in s.,,ge, go.mers Type of Equipment of Unite Capacity i

l'e.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(I)

(j)

(m) 18 iG 1

Cherry St. Hudson, MA Unattended 80001 2400I Not 19,200 2

None None None None jg 2

Distribution 13800 4160 Brougt: t

! as 3

Out

.C

o 5

Forest Ave. Hudson, MA Unattended

i. o" g

13.8 Distribution

:c E Diesel Tie ll5KV 8000I NA 80,000 2

None None None None T1e with NEPCO 13800 j@

8 10 11

.c 12 14

M

2 15

. ts 16 M

w 17 2s

H 18

.g 20 ig 19

l. as 22

.,4 E

i.

25 2b o

U 2

28

]

s l

30 31 lis TOTALS W

33 99.200 4

nn n,.

unna um u

5" G

I,.'

'J v

e s

r-t town of HUDSON LIGitT AND Po:ER DEPARTMENT 71 A nnu et report of....................." I...............................'.. 7.I............................. Year e nd ed Dec eanber31.1983 STREET LAMPS CONNECTED TO SYSTEM Type C#t#

([

Total Incendescent Mercury Vepor Fluoreec'ent li. P. S.

t Municipet other Mun6cipal Otner Municipal other Municipal other No, (e)

(b)

(c)

(d)

(e)

(Q (g)

(h)

(1)

(g 1' Hudson 1896 473 17 1065 312 None None 17 12 2

Stow 132 57 3

18 54 None None None Mone 3

Berlin 1

1 None None None None None None None 4

Marlboro 1

None None None 1

None None None None 5

Bolton 2

None None None 2

None None None None 6

7 8

91 lo s 11 l 12 13 14 15 16 17 18 19 20 f

21 22

• (

1 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 l

41 42 43 i

44 45 46 47 48

}

49 50 51 totals 2032 531 l 20 l 1083 369 fNone Hone l 17 12 52 i

b_.

n _

19fM OF HUD8ON I.IGtfT AND Aaa e c re et....................................................... F0WER... D E.P..A..R..T. M. ENJ,,,,,,,,,,, y,,, e o,,,,,,, 3 3, i e, c3 OVERHEAD DISTRIBUTION LINES OPERATED

[**

t.neta <eos. un..)

,c un.

n w a r.e se.. T r.

Toe.s

_175.6 175.6 1

Milm-Beginning of Year....,

2 Added During Year.......

None 3

Retired During Year......

4 Miles - End of Year...........

175.6 175.6 5

6 7

8 Distribution System Characteristics - A.C. or D.C., phase, cycles and operating voltases for Light and Power.-

8 Primary distribution at 2400/4160Y, 4800/8300Y, 8000/13800Y' volts, 60 cycle, 10 3 phase secondary power at 600 volts, 60 cycle, 3 phase 3 wire; 480 volts 3 11 phase, 3 wire; 277/480 volts, 3 phase 4 wire; 220 volts, 3 phase 3 or 4 wire; 12 120/208 volts, 3 phase,'4 wire lighting, heating and air conditioning 13 120/240 volts,120/208 volts, 60 cycle single -or three phase.

14 15 ELECTRIC DISTRIBttr!ON SERVICES, Mt.TERS AND LINE TRANStrORMERS une Trenetermero Nummer of

' Tot.4 El.ctr6c W.tt hout Ceestety U.ne z-n.m servic..

u.e.t.

Numa.c (mv.)

e

.. k 16 Number at beginning of year.....

6960 8909 2849 68620.5 17 Additions during year:

18 Purchased............

586 94 3400.0 19 Installed...

138 20 Associated with utility plant acquired......

mn, mno mn.

mn.

21 Total additloes.....................

11a ene aa mann n 22 Reductions during year

~

23 Retirements...........................

53 220 241 2432.5 24 Amociated with utility plant sold......,.

None None None None 25 Totai reductions....

,_ 241 2432.5 26 Number at End of Year.

53

_. 220 7045 9275 2702 69588.0 27 In stock............

740 244 8690.5 28 Locked meters on customers' premises.,..

None None None 29 Inactive transformers on system..

None None None 30 In customers' use....

8510 2450 60763.5 31 In company's use...

9e n

i 11 n 32 Number at End of Year..

o99e onno enena n

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CONDUIT, UNDERGRHUND CALLE AND SUBMARINE CA".LE-(Dietribution Systent)

{ b..)

Report below the informstion called for concerting conduit, tchderground cable. cad subinarine c:_ble at end of year..

{

i underground cabse subene,ine cebie 3

g Designation of underyound Distributeen Systeen M61es of Conduit Bank (Att Sizes and Types)

Miles

• Or.e, sting voltage Fest*

Operating Voltage No.

(a) 9= -

)

(C) -

(d)

(e)

(f)

{

1 Route 495' Underpass-2 Harvard Acres Estates, Stow

- 6.',1,', r

.1 13,800 i

5 6 13,800 i

3 Meadowbrook Mobile Home Park, Hudson 1.8 1.9 13,800 j 'd l

4 Colburn & Margaret Circle, Hudson

.0

.2 4,800 i

5 Main, Felton, Central St. Hudson

.7

.7 13,800 j$

6 Seven Star Lane, Stow, MA

.0

.09 4,800 io 1

Forest Avenue, Hudson, MA' 1.5 1.5 13,800 8

Juniper ~ Estates, Stow, MA

.5

.5 13,800 iE 9

Carriaoe Lane, Stow, MA

.0

.14 4,800

!E 10 BrighamJCircle, Hudson, MA

.9

.9 13,800 i@

11 Rustic Lane, Hudson, MA

.0

.2 4,800 i t-12 Wildwood Subdivision, Stow, MA

.0-

.6 13,800 iE la Birch Hill: Estates, Stow, MA 3.3 3.3 13,800 is 14 Appleton Drive, Hudson, MA

.1

.1 13,800 jg 15 Cedar Street, Hudson, MA

.03

.03 4,800 ie 16 Country Estates, Hudson, MA

.0

.34 4,800 jy IT Deacon Benham Drive, Stow,'MA

.0

.07 8,320

ig 18 Forest Road, Stow, MA

.0

.22 8,320 iE 18 Francis Circle, Stow, MA

.0

.1~

4,800 ie 20 Karen Circle, Hudson, MA I.0

.07 8,320 i5 II Main Street, Hudson, MA (Whispering Pines)

}.11

.11 13,800 l$

22 Glen Road, Hudson, MA 23

,.24

.24 13,800 i$

Brigham Street (Valley Park) Hudson, MA i.12

.12 13,800

!g-l Brigham Street (Assabet Village) Hudson, MA

.04

.04 13,800 i

Chapin Road, Hudson, MA

.07

.07 13,800 i

26 Great Road, Stow, MA

. 07

.07 13,800

• I Cahill Taylor Road, Stow, MA

.25

.25 13,800 I

, Digital, Kane Industrial Drive, Hudson, MA

.05

.05 13,800 g

Peter's Grove,' Hudson, MA

.05

.05 13,800 1

Johnston Way, Stow, MA

.20

.20 13,800 f

Hudson Town Hall, Hudson, MA

.08

.08 13,800 3

32 33 34 t*.

TOTALS 16,71 18.84 None

' Indicate number of conductors per cable.

e

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TOWN OF HUDSON LIGitT AND POWER DEPARTMEl Annuesreportof.....................................................................................m............ Veer ended oecember 31,19. 8..

l RATE SCHEDULE LVFORMATION

~

1. Attach copies of all Eled Rates for General Consumers.

2. Show below the changes la rate schedules during year and the estimated increase or decrease in annual revenue predicated on the previous year's operatfona.

Estimated Effect on Oete M.D.P.U.

Rete Annual Revenues Effective Number Schedule sacrosses oecrease.

7/1/83 87 Residential Rate "A"

91,000.00 7/1/83 88 Commercial or General Rate "C" 33,800.00 7/1/83 89 Industrial / Power Rate "D" 379,800.00 7/1/83 90 Residential / Water lieater Rate "E"

26,400.00 7/1/83 91 Residential /All Electric Rate "F"

43,200.00 7/1/83 92 Commercial All' Electric Rate "G" 350.00 7/1/83 93 Street Lighting Schedule 2,100.00

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w., h.,-...

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s-a Page

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Appropriations of Surplus.

21 Appropiations Sinoe Beginning of Year.

5

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5

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Changes la the Property.*-,1,9 - p..*

,q..,4 64-46 1

P==6.tia= E.agine and Other Generating Stations ea;.. s.e :..

F..

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. : k m.;;

J' 8%=p=stive Balames Sheet

'i. :eJ' s ~?:.4

• u.b.c w

• v -0 W t : ;-M.'.

10-11 Conduit, Underground Cable and no6a=(as, Cable.-'. % '; . t. 5.8',"".'" ' d!.'s'. Y.1 '.i' 70

....:.m r.;, n v*....r :,n.u u v... na ?., '.

v.. r. ~ ~ sc i e

. r. :

u s..

8-9 Costof Plant

... v.,9

?,

4 y

Casteeners la each City or Tows.

.., r.u. e.;

...y. u,,,;. 3.t.s.,

y,

.. t.,..

3. 3 s.

E

' " n Fund A -+

r Oc a.. '

. ::s.b. si c

o6.' r,, e..;v.er.l. ;

...:.9:..

1 a.

f...:

... a a,

14

.4 T '. 4 N <*,' i; m :.* 1

m. cc. ' 4 v.

.' d:r 12 p,

Earned Surplus.

. '".' " ' *."' O.C t [d'. ".H',. '.

Electric Distribution Se# Metars and IJae Treamforusses..R.

69 r

[,il(('..

f,#

[M:j Electric Energy Accounts.,.,..,.{.,.,m,. [Q~ g..,

57 M,22 M Ensrsy Purcheesd y w,r.e.bri>s. im..

i Electric Operating Revennes 37 39-42 Electric Operstles and M 3====== hy==== s.

.. ;,, + s..,,, :,.. :., 3..

3 GeneralInfern.aties.

.9 # 3..o i.

4.;.

p Generating Station Statisties 4 :,,U F. 4*".

58-69 Generating Station Statistics (SmaII Stations),' ~.'.. ;. '

'. '.. l.'

.",...' '# '.,,,j 9..f...' .,

66

,4

..m. c 6,.....,;..,....~.

62-68 f.,....-

,.,g.,

g

.___,_c_--

_%_ gg,gg,,,.

T-frasa MerA==di==r Jobbing and Contract Work.. a.

• =

_as

%. /. a,i 6 51 r

........., ; 4.3 i....

u.:...i;..; ; r a. :.. 4..; Icart:s :39, L.,. ;. :, -

.12-13 T-neat-=-t g..

7"V PU. * %. ~. '"/..T'.

". + '. *

• j'. i ~. -

14

.u.'

W 'W.>.-

Materials and Supplies MI=a.n==.~ia= Credits to Surplus J '.

Q ":. ' P. *>.:. ~.:1; ~

3..s

• s.'. "%. rT,t' ?. 2..u Ve 21 v'

r..r.

,, e f.

.-;.,.,.....;.,,, f.,.. i:e, s. g..,.,,. r ~,..

21 Mi==n==aaus Debits to Surplus 21 us--n==aa= Nonoperating Ineses

..e

.i?. ~..s. v :r..~......' x

.u..,,..,..

M.!uf<a."u e e a.<.n a..it.c.6 s.

l Monthly Peaks and Output

.ve t 9 5.'

'... '. ?

- 57

' - ;"".d.

22 o.vf'.' ~~ B '.*

.l*. ~ '. : F ';

Q Municipal Revenues OtherIncome Deductions.

21

.., ~,..

s Other Utility Operating T-U. ~..j...' s...l..;

J y,,. '..'(.,... e..

. ' 60 7

69

(,

Overhead Distribution IJaes Operated w...... ; -&- u.

.,,,n.

3....

. ProducMon Fuel and Oil Stads:

T.

... <.1

... > ;m:r w...

n7 Im

.1 18 Rate Secedule Information

• /. '. '

. ' '.. ' ~. *.

79 L

' Sales of Electricity to Ultimate '%i====s

....,'i ;" f '.5.' ~. {, y '? ' '.

52 22 38

...:., -..,...f.....T 4,, a" ~.'rM, ; j '..p '.;

.,3., [..,,.

/-

Sales for Rosale -Electrie

.,r..

..7.i.....;.. c p.6 ::c;: < ;..... m r.,,r 4

L-Schedule of F=e%=*=

Steam Generating Stations

r. v.. h -a c.? 2'. c..r >r

.A ist.. ufe.,

ro:.,. wec 80-41 71 H

Street Lamps

.a

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J <..

.'.. %:U.n Ur.: Oi k w si.-Ja, M

- e. < -...

68 i

Substations.,

r.

f*:.';.".~,6" 4.* *'.'W !'4-P.*2*.'2 R

Jm ~

'. W 49 l

Taxes Charged During Year ~

E.% !!'

'.,. c'.:w.

- s. e..w s q.L

. v.. s e.

7

..m.

Town Notes

.t. J...

....<.d~..,:.

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..,4,.,,r; e,.f...;-..

.,...,. ' *. ~.

67 Tr===at lon Ilne Statistbs

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.15-27 Utnity Plant - Electric

e......,.

l Page i

FOR GAS PLANTS ONLY:

75 Boilers Gas Distribution Serviese and House Governors and Meters 78 74 Gas Generating Plant.

43 Gas Operating Revenues 45-47 Gas Operation and Maintenance Espenses '.

76 Holders 48 PurAmmad Gas 76 Pun 6ers

. 72-73 Record of Sendout for the Year in MCF Sales for itesale 48 44 Sales of Gas to lfitinista Consuiners 48 Sales of Residuals 75 Scrubbers. Condensers and Exhausters 77 Transmission and Distribution Mains t

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EXTRACTS FROM CRAPTER 164 OF THE' GENERAL LAWS AS AMENDED Section 64. The Mayor of a city, or the selectmen or municipal hght board, if any, of a town acquiring a gas or slectric piznt shall appoint a manager of municipal lighting who shall, under the direction and control of the mayor, selectmen or municipal light board, if any, and subject to this chapter, have full charge af the operation and rnanagement of the plant, the manufacture and distributixn of gas or electricity, the purchase of supplies, the employment of agents and servants, the method, time, price, quantity and quality of 6 supply, the collection of bills, and the keeping of secounts. IUs compensation and term of omce shall be azed in citsas by the city council and in towns by 6 selectmen or municipallight board,if any; and, before entering upon b performane ].* ) i of his cScial duties, he shall give bond to the city or town for h faithful performance thereof in a som and form and with suretia '

to tha satisfaction of the mayor, selectmen or municipal light board, if any, and shall, at the end of each municipal year, render a

to them such detailed statement of his doings and of the business and Snancial matters in his charge as the department may pro-scribe. All moneys payable to or received by the city, town, manager or municipal light board in connection with the operation of tha plant, for the sale of gas or electricity or otherwise, shall be paid to the city or town treasurer, All accounts rendered to or kspt in the gas or electric plant of any city aball be subject to the inspection of the city auditor or OScer having similae duties, r.ad in towns they shall be subject to the inspection of the selectmen. N auditor or oScer having similar duties, or the selectmen, may require any person presenting for settlement an account or claim assinat such plant to make oath before him or km,in such farm as he or they may prescribe, as to h accuracy of such account or claim. h wilful making of a falso cath shall be punlah-eble as perjury. N auditor or oscar having similar duties in cities, and the selectmen in towns, shall approve the payment of all hills or pay rolls of such plants before they are paid by the treasurer, and may disallow and refuse to approve for payment, in i

while or in any claim as fradulent, unlawful or axeessive; and in that case the auditor or oscar having duties, or b seleet-men, shall ale th the city or town treasurer a written statement of the reasons for the refusal; and the treasurer shall not pay i

any claim or bill so dia=Howed. This section shall not abridge the powers conferred on town accountants by sectiona afty.8ve

] to sixty.one, inclusive, of chaptar forty-one. The manager shall at any time, when required by the mayor, selectman, municipal light board, if any, or department, make a statement to sneh oscars of his doings, bnainoas, receipts, disbur==== ants, halane==, and of 6 indebtedna== of the town in his department.

Section 57. At the beginnine of each ascal year, the manager.of municipal lighting shall furnish to the mayor, selectmen annicipallight board,if any, an estimate of the income from sales of gas and electricity to private consumers during b ensning e:ascal year, and of the expense of the plant during said year,===ning the groes expenses of operation,==ine-am and repair, the interest on the bonds, notes or certiScates of ladebtad===, lasued to pay for the plant, an amount for roeistion equal to three per cent of the cost of the plant ezelusive of land and any water power appartenant thereto, or sneh or larger amount sa the department may approve, the requirements of the ainkinr fund or debt incurred for the plant, and the loss,if any,in the opew tima of the plant during the precedmg year, and of h costs, as de8ned in section 58, of the gas and d.mi to be used by the town. N town shall include la its annual app tions and in the tax levy not less than the estimated east of the gas and electricity to be used by the town as above dann and estimated. By cost of the plant is intended the total amount expanded ca the plant to the beginning of the ascal year for the purpose of es+=hlishing, purch*=ing. =*anding or enlarging the same. By loss in cperation is intended the difference between the actnal income from private consumers plus the appropriations for mainte.

nance far b preceding ascal year and the actual expense of the plant, reckoned as above, for that year in case sneh expensen exceeded the amount of such income and appropriation. N income from sales and the money appropriated as aforesaid shall be used to pay the annual expense of the plant, dannad as above, for the ases! year, except that no part of the som therein included for depreciation shall be used for any other purpoea than renewais in excess of ordinary repairs, ex+anaiana

---A enlaren.

m:nts and additions. h surplus if any, of said annual allowances for depreciation after nsaMng the abo;ve payments sha!! be i

I kIpt as a separate fund and used for renewals other than ordinary repairs, extensions, reconstructions,==' 6 - ^ and addition in succeeding years; and no debt shall be incurred andae section forty for any extension, E-a.64on or enlargements of the plam.

)

in excess of the amount needed therefor in addition to the amount then on hand in said depreciation fund. Said depreciation for1 shall be kept and managed by the town treas trer as a separate fund, subject to appropriation by the city eoancil or enlactmen or umnicipal light board, if any, for the foregoing purpose. So much of said fund as the department may from time to thne appron i

may also be used to pay notes, bonds or certi8 cates of indebtedness issued to pay for the cost of reconstruction or renewals in excars of crdinary repairs, when sneh notes bonds or certiocates of indebtedness become due. All appropriations for the plant shall to either for the annual expense deaned as above, or for extensions, reconstruction, enlargements or additions; and ne appropriation shall be used for any purpose other than that stated in b vote== kine the same. No bonde, notes or eartiSeates af indebtednese shall be lasued by a town for the===n=1 expenses as dannad in this aa-+h i

Smertow 88. A town manufacturing or seIllng gas or electricity for lighting shall keep reeards of its work and dolags at its manufacturing station, and in respect to its distributing plant, as may be required by b department. It shall lastall and malm-satisfartory to the department, for the z.c_.. ant and recording of the on of gas and electricity, and shsa tain apparatus $y meter to private consumers when required by the department, and, if by it, shall measure all gas or eleo-l sell the same tricity consumed by b town. h books, accounts and returns shall be made and kept in a form prescribed by the t,

j and tha accounts shall be closed annually on the last day of the ascal year of such town, and a haranea sheet of that shall i

be taken therefrom and included in the return to the department. h mayor, selectman or municipal lirbt koard and manager shall, et any time, on request, submit said books and accounts to the inspection of the department and furnish any statement or infirmation required by it relative to the condition, management and operation of said ba=in===

h department shall, in its annu:1 report, describe the operation of the several municipal plants with such detail as may be na-a==aey to diaela=, the n==neial conditina and results of each plant; and shall state what towns, if any, operating a plant have failed to comply with this chapter, and what towns if any, are selling gas or electricity with the approval of the department at less than ecst.4'ha mayor, or M ^ - - -,

er municipal ligInt board, if any, shall annually, on or before such date as the cepartment axes, make a return to the department, fzr the proceding Sacal year, signed and sworn to by the mayor, or by a majority of the selectmen or munici light board, if any, and by the manager, stating the Snancial condition of said business, the amount of authorized and existing i h+=d====, a sta*=====t of incoma and expenses in such detail as the department may require, and a list of its salaried oscers and the salary paid to each.

The mayor, the selectmen or the municipal light board may direct any additional retn.ns to be made at such time and in sneh detail

l as he cr they may order. Any oseer of a town manufacturing or selling raa or electricity for !!ghting who, being required by this l secti:n tc make an annual return to the department, negie:ts to make such annual return shall, for the Arzt afteen days or portion thtreof during which such neglect continues, forfeit ave dillars a day; for the second afteen days or,any rtion thereof, ten dollare a day; and for each day thereafter not more than afteen dollare a day. Any such oscer who unreasonaby refuses or neglects t ll m:ks such return shall, in addition thereto, forfeit not more than Sve hundred dollars. If a return is defective or appears to be crroneous, the department shall notify the omeer to ar. send it within afteen days. Any such omeer who neglects to amend asid e

return within the time specided, when notined to do so, shall forfeit afteen dollars for each day during which such neglect continues. M All fctfritures incurred under this section may be recovered by an information in equity brought in the supreme judicial court t-tha attorney rencral, at the relation of the department, and when so recovered shall be paid to the commonwealth.

T,b Sacrrow 69. % supreme Judietal court for the county where the town is situated shall have juriadaction on petition of the drpartmsnt or of twenty taxabfe inhabitants of the town to compel the axint of prices by the town' la compHanee with acetions afty seven and afty-eight, to prevent any town from purchasing, operating or selling a gas or electric plant in violation of any provisian of this chaptar, and generully to enforce compliance with the terms and provisions thereof relative to the manufacture av di:tribution of gas or electricity by a town.

1 i

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i lu FINANCIAL STATEMENTS AND AUDITORS' REPORT l

1 TAUNTON MUNICIPAL LIGHTING PLANT December 31, 1983-l l

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AlexanderBrant.

& COMPANY i

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..:.a:...a.:~.z.-....a.-...,..---.-_...---._---.._

FINANCIAL STATEMENTS AND AUDITORS' REPORT TAUNTON MUNICIPAL LIGHTING PLANT December 31, 1983

\\

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l 1

)

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CONTENTS Page h-AUDITORS' REPORT-3 FINANCIAL STATEMENTS BALANCE SHEET 4

)

STATEMENT OF EARNINGS 5

STATEMENT OF SURPLUS 6

STATEMENT OF CHANGES IN FINANCIAL POSITION 7

)

NOTES TO FINANCIAL STATEMENTS 8

SUPPLEMENTAL INFORMATION

)

AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION 14 UTILITY PLANT 15 OPERATING EXPENSES 17 I

)

{

1 I

)

Alexander Grant;

& COMPANY MEMBER FIRM CERTIFIED PUBLIC ACCOt:NTANTS GRANT THORNTON INTERNATIONAL Municipal Light Commission of the City of Taunton Taunton, Massachusetts We have examined the balance sheet of Taunton Municipal Lighting Plant, (a department of the City of Taunton) as of December 31,

1983, and the related statements of

)

earnings, surplus and changes in financial position for the year then ended.

Our examination 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.

)

As discussed in note G,

Taunton Municipal Lighting Plant records pension expense based on a formula determined by the Town;

whereas, generally accepted accounting principles require the use of actuarial methods in determining annual pension expense.

In our opinion, except for the effect on the financial statements of the accounting policy discussed in the second i

paragraph, the financial statements referred to above present fairly the financial position of the Taunton Municipal Lighting Plant at December 31, 1983, and the results of its operations j

and changes in its financial position for the year then ended, i

i in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

)

Boston, Massachusetts March 29, 1984

)

3 99 HIGH STREET BOSTON, MA 02110 (617) 357-5787 L

20 ~

Taunten Municipal Lighting Plcnt BALANCE SHEET i

(

Decembe r 31, 1983 i

ASSETS UTILITY PLANT - AT COST Plant in service

$55,767,369 Less accumulated depreciation (note A2) 25,645,067 s

Net utility plant in service

$30,122,302 Construction work in progress (note D) 3,030,752 Total utility plant 33,153,054 1

DEPRECIATION FUND Cash 3,210,200 l

CURRENT ASSETS l

Cash (note F)

.i Customer deposits (note F) 1,718,826 J

Principal fund 168,358 i

Interest fund 28,984 Accounts receivable 5,709,825 1

Less allowance for doubtful b

receivables 569,426 5,140,399 y

1 Materials and supplies inventory (note A4) 2,707,348 Prepaid insurance 36,549 0

Total current assets 9,800,464

$46,163,718

(

d 2

The accompanying notes are an integral part of-this statement.

[

4

i LIABILITIES AND SURPLUS SURPLUS Appropriated surplus Loans repayment

$10,637,000 Construction repayment 32,434 10,669,434 Unappropriated surplus 7,897,584 Total surplus

$18,567,018 LONG-TERM DEBT (note C)

Bonds payable 22,554,064 Less current maturities 495,000 Total long-term debt 22,059,064 CURRENT LIABILITIES Accounts payable 3,151,580 Customer deposits 168,358 Current maturities of long-term debt 495,000 Accrued liabilities Interest 730,309 Compensated absences 930,025 Payroll 62,364 Total current liabilities 5,537,636 COMMITMENTS AND CONTINGENCIES (notes D and E)

$46,163,718 l

l

)-

Taunton Municipal Lighting Plant STATEMENT OF EARNINGS Year ended December 31, 1983 y'

Operating revenues Sales of electricity Commercial and industrial

$14,205,987

)

Residential 10,731,291 Sales for resale (note D) 10,117,574 Municipal 1,600,197

$36,655,049 Other operating revenues 78,838

)

Total operating revenues 36,733,887 Operating expences Power production 25,484,571 Transmission and distribution 1,110,988 Customer accounts 1,003,964

)

Administrative and general 3,213,447 Depreciation (note A2) 2,173,809 Total operating expenses 32,986,779 Earnings from operations 3,747,108 Other income (expense)

Gain on sale of fixed assets 128,000 Interest income 230,703 Interest expense on bonds (1,751,640)

Other 27,748 Total other income (expense)

(1,365,189) l NET EARNINGS BEFORE PROVISION l

FOR PAYMENT IN LIEU OF TAXES 2,381,919 Provision for payment to the City of l

Taunton in lieu of taxes (note B) 1,059,400 l

EXCESS NET EARNINGS AFTER PAYMENTS TO CITY OF TAUNTON

$ 1,322,519

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The accompanying notes are an integral part of this statement.

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Taunton Municipal Lighting Plant STATEMENT OF SURPLUS Year ended December 31, 1983 p

Appropriated Surplus Loans Construction Unappropriated Repayment Repayment Surplus Balance at January 1, 1983

$10,167,000

$32,434

$7,045,065 ADD OR (DEDUCT)

Transfer from unappro-priated surplus of bond payments during year 470,000 (470,000)

Excess net earnings after payments to City of I

Taunton 1,322,519 Balance at December 31, 1983

$10,637,000

$32,434

$7,897,584 t

D D

D The accompanying notes are an integral part of this statement.

I 6

Taunton Municipal Lighting Plant STATEMENT OF CHANGES IN FINANCIAL POSITION Year ended December 31, 1983 p

Sources of working capital From operations Net earnings before payment in lieu of taxes

$2,381,919 p

Charges (credits) to earnings not using (providing) working capital Depreciation of utility plant (note A2) 2,173,809 Amortization of bond premium (3,353)

Funds from operations before payment in lieu of taxes 4,552,375 Provision for payment to City in lieu of taxes (note B)

(1,059,400)

Net working capital provided from operations 3,492,975 Applications of working capital Current maturities of long-term debt (note C) 495,000 Utility plant additions - net 2,044,179 Increase in depreciation fund 667,216 Total applications of working capital 3,206,395 INCREASE IN WORKING CAPITAL 286,580 Working capital at January 1, 1983 3,976,248 Working capital at December 31, 1983

$4,262,828 Char.ges in components of working capital Increase (decrease) in current assets Cash 311,094 Customer deposits 27,253 D

Accounts receivable - net 875,224 Inventories (170,846)

Prepaid insurance (78,288) 964,437 (Increase) decrease in current liabilities I

Accounts payable (523,222)

Customer deposits (19,145)

Current maturities of long-term debt (25,000)

Accrued liabilities (110,490)

(677,857)

D INCREASE IN WORKING CAPITAL 286,580 The accompanying notes are an integral part of this statement.

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Taunton Municipal Lighting Plant NOTES TO FINANCIAL STATEMENTS December 31, 1983 NOTE A -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES A summary of Taunton !!anicipal Lighting Plant's

("the Plant's")

significant accounting policies consistently applied in the preparation of the accoinpanying financial statements follows.

1.

Rates Rates charged by the Plant are not subject to-the approval

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of regulatory agencies.

Pursuant to state

laws, rates must be such that the resulting net earnings less bond payments do not exceed 8% of the cost of utility plant.

During

1983, the Plant's earnings amounted to 3.5%

of utility plant.

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2.

Depreciation Pursuant to state laws, depreciation is calculated as a percentage of depreciable property at January 1.

Depreciation was computed at 3% of.the cost of depreciable property for 1982.

For

1983, the Plant increased the 3

/

percentage to 4%

with approval from the Department of Public Utilities.

The amount transferred from the operating fund to the depreciation fund during the year was $4,213,809.

Depreciation Fund cash is used in accordance with state laws for replacements and additions to the electric plant in service.

3.

Pension Plan Substantially all employees of the Plant are covered by a contributory pension plan administered by the City of Taunton in conformity with State Retirement Board requirements.

In

addition, the Lighting Plant has a

separate Employees Retirement Trust for the financing of future pension premiums.

At December 31,

1983, the Retirement Trust had net assets of approximately

$2,022,000.

The Plant contributed approximately

$1,364,319 for pensions in 1983, which included $700,000 I

to the separate Retirement Trust.

4.

Inventory Materials and supplies inventory is carried at

cost, principally on the average cost and first-in, first-out methods.

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Taunton Municipal Lighting Plant NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 1983 NOTE B - CONTRIBUTION TO THE CITY OF TAUNTON IN LIEU OF TAXES By vote of the Municipal Light Commission, the Plant contributed p

$1,059,400 in 1983 to the City of Taunton in lieu of taxes.

All contributions to the City are voted by the Municipal Light commission and are voluntary.

NOTE C - LONG-TERM DEBT I

Long-term debt at December 31, 1983, is comprised of the following:

Electric loan, Act of 1969 Interest rate - various rates from 7% to 8.5% dated February 1, 1976.

Interest payable February 1 and August 1.

Due serially from February 1, 1977 to February 1, 2006

$22,190,000 Unamortized premium 74,064 Electric loan, Act of 1963 Interest rate 3.1% dated August 15, 1965.

Interest payable August 15 and February 15. Due serially from August 15, 1966 to August 15, 1985 90,000 I

Electric loan, Act of 1963 Interest rate 3% dated January 1, 1965.

Interest payable January 1, and July 1.

Due serially from January 1, 1966 to January 1, 1985 200,000 22,554,064 Less current maturities 495,000 Total long-term debt

$22,059,064 D

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Y Taunton Municipal Lighting Plant NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 1983 p

NOTE C - LONG-TERM DEBT - Continued Annual maturities of long-term debt are:

7% - 8.5%

3% Bonds 3.1% Bonds Bonds Total 1984

$100,000

$45,000 350,000 495,000 1985 100,000 45,000 380,000 525,000 1986 410,000 410,000 1987 445,000 445,000 1988 480,000 480,000 1989-2006 20,125,000 20,125,000 Bond premium 74,064 74,064

$200,000

$90,000

$22,264,064

$22,554,064 NOTE D - COMMITMENTS p

Interconnection Agreement The City of Taunton, acting by vote of its Municipal Lighting Plant Commission, has entered into an agreement with Montaup Electric Company ("Montaup"), dated July 31, 1970, as amended, concerning interconnection of electrical operations, purchase D

and sale of kilowatt capacity, and construction by Taunton of a generating unit of approximately 110 megawatt capability.

The agreement is for a

period of twelve years following the commencement of operations of Unit No. 9 on December 1,

1975.

Under the interconnection agreement, the City agrees to sell and Montaup agrees to purchase all capacity of Unit No.

9 not B

utilized by the City with a maximum not to exceed 95 megawatts in the first year of operation and on a declining scale in subsequent years.

It is estimated that by 1986 or 1987 Montaup will have purchased the maximum capacity allowed by law for sale to that utility.

The Plant credited to sales for resale

$9,019,181 of capacity and energy charges billed to Montaup I

Electric Company in 1983 for its share of power under the interconnection agreement.

This agreement includes a provision that Taunton will purchase 8.2163%

of the capacity and associated energy from Montaup's Somerset No.

6.

generating unit for the period November 1, 1978 through October 31, 1984.

D D

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• aunton Municipal Lighting Plant NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 1983 y

NOTE D - COMMITMENTS - Continued Entitlements The Plant is a joint owner of the Seabrook Units 1 and 2 nuclear generating station located in Seabrook, New Hampshire.

The lead participant in the project is Public Service Company of New Hampshire.

The Plant's ownership share is

.10034%.

Expenditures of

$2,621,042 through December 31,

1983, are D

included in the Construction work-in-progress account.

Several participants in the Seabrook Units have unsuccessfully attempted to bring about the cancellation of Unit 2.

The Plant is unable to predict whether any action will be ordered by the New Hampshire Public Utilities Commission or what effect such

action, or any financing difficulties of PSNH or any other participant, may have on the cost of completion of the units.

It is estimated that Unit 1 will be completed in August, 1986.

The completion date of Unit 2 is uncertain at this time because of the curtailment of construction.

Public Service Company's latest estimates put the cost of building Unit 1 at $4.5 billion.

NOTE E - CONTINGENCIES Several contractors have initiated litigation to recover additional costs alleged to have been incurred during the construction of Unit No.

9.

The Lighting Plant has disputed these claims which total approximately $282,000.

Although it is not possible. to determine the outcome of this litigation, management of the Lighting Plant does not anticipate that the ultimate disposition of these suits, even if adversely decided, will have a material adverse effect on earnings or financial position of the p

Plant since such amounts would be capitalized to the cost of Utility Plant.

NOTE F - CASH Municipal Lighting Plant cash is in the custody of the City of Taunton Treasurer and is commingled with other city funds.

NOTE G - DEPARTURE FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES B

Pension expense is not recorded in accordance with generally accepted accounting principles which

require, as a minimum, an annual provision equal to the total of normal cost of present employees under the plan, an amount equivalent to interest on any unfunded prior service cost, and a provision for vested benefits.

11

Taunton Municipal Lighting Plant NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 1983 NOTE G - DEPARTURE FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES -

Continued Instead, the Plant's pension expense is based on the current year contributions to the City's retirement fund and the Plant's retirement trust.

The contribution to the City's retirement fund is based on the projected benefits to be paid during the year, while the contribution to the retirement trust is a straight-line funding of

$350,000 per year for ten years.

Due to the availability of

funds, the Plant contributed

$700,000 to the i

retirement trust in 1983.

The Plant's retirement trust is presently being actuarially viewed.

The effect on the accompanying financial statements of this departure from generally accepted accounting principles has not been determined.

D D

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SUPPLEMENTAL INFORMATION

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P AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION Taunton Municipal Lighting Plant Our examination was made for the purpose of forming an opinion on the basic financial statements taken as a whole of D

Taunton Municipal Lighting Plant for the year ended December 31, 1983, which are presented in the preceding section of this report.

The supplemental information presented hereinafter is presented for purposes of additional analysis and is not a required part of the basic financial statements.

Such information has been subjected to the audit procedures I

applied in the examination of the basic financial statements, and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

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Boston, Massachusetts g

March 29, 1984 D

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1 Taunton Municipal Lighting Plant

!i UTILITY PLANT h

Year ended December 31, 1983 4

.3j Balance j

January 1,

.j 1983 3

. ![

Utility plant in service f

Steam production plant j

Land and land rights 245,509 Structures and improvements 5,805,070 Boiler plant equipment 14,349,408 j

Turbo-generator units 13,755,016 i

Accessory electric equipment 2,528,553 J

Miscellaneous power plant equipment 403,816 4'

f Total steam production plant 37,087,372

,jj Other production plant 3

Fuel holders, producers, and accessories 507,964 i

Generators 83,407

.]

Accessory electric equipment 402,423 1

1 Total other production plant 993,794

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Transmission plant Land and land rights 217,807

l Clearing land and rights of way 28,901 i

Structures and improvements

.129,489

!j Station equipment 2,312,120 Towers and fixtures 859,446

'3' Poles and fixtures 304,605

!j Overhead conductors and devices 308,032 Underground conduit-3,104

,j Underground conductors 6,113 r;

Total transmission plant 4,169,617 I?

Distribution plant d

Land and land rights 189,056 1

Structures and improvements 101,704 ij Station equipment 1,679,872 Poles, towers and fixtures 1,904,708 1

?

Overhead conductors and devices 1,881,906 i[

Underground conduit 1,395,539 ij Underground conductors and devices 1,432,135 l}

Line transformers 1,191,756

r Services 277,764

~(

Meters 992,021 ff Street lighting and signal system 607,990

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Total distribution plant 11,654,451 Forward 53,905,234 bl 15 f tl j % 2 0 o % o - o n

N Accumulated Net Book Balance Depreciation Value December 31, December 31, December 31, Additions Retirements 1983 1983 1983 245,509 245,509 5,805,070

$ 3,387,007 2,418,063 456,202 14,805,610 6,506,789 8,298,821 502,151

$454,247 13,802,920 4,280,268 9,522,652 35,359 2,563,912 1,679,705 884,207 23,452 427,268 99,268 328,000 1,017,164 454,247 37,650,289 15,953,037 21,697,252 3

507,964 136,335 371,629 83,407 22,333 61,074 402,423 108,453 293,970 993,794 267,121 726,673 217,807 217,807 28,901 28,901 129,489 24,012 105,477 21,421 2,333,541 457,121 1,876,420 859,446 226,691 632,755 304,605 65,553 239,052 1,290 309,322 56,255 253,067 3,104 625 2,479 6,113 875 5,238 22,711 4,192,328 831,132 3,361,196 189,056 189,056 1,637 103,341 96,953' 6,388 6,200 1,686,072 1,411,796 274,276-80,187 1,984,895 1,684,935 299,960 49,860 34,459 1,897,307 895,907 1,001,400 3,142 1,398,681 1,034,255 364,426 73,963 22,770 1,483,328 869,697 613,631 36,991 58,968 1,169,779 729,120 440,659 20,921 17,907 280,778 71,810 208,968 28,161 1,020,182 679,645 340,537 15,053 2,069 620,974 338,911 282,063 316,115 136,173 11,834,393 7,813,029 4,021,364 1,355,990 590,420 54,670,804 24,864,319 29,806,485

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

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Tcunton Municipal Lighting P1-int UTILITY PLANT - CONTINUED Year ended December 31, 1983 Balance January 1, 1983 Forwarded

$53,905,234 General plant Land and land rights 35,691 Structures and improvements 281,965 Office furniture and equipment 108,730 Transportation equipment 571,065 Stores equipment 1,740 Tools, shop and garage equipment 13,093 Laboratory equipment 14,888 Power operated equipment 27,271 Communication equipment 86,858 Miscellaneous equipment 15,649 Total general plant 1,156,950

'Less contribution-in-aid of construction Total utility plant in service 55,062,184 Construction work in progress 2,284,773

$57,346,957 f

s' I

8y/lbOO%C-g3 16

c:

Accumulated Net Book Balance Depreciation Value December 31, December 31, December 31, Additions Retirements 1983 1983 1983

$1,355,990

$590,420

$54,670,804

$24,864,319

$29,806,485 35,691 35,691 281,965 238,918 43,047 15,748 2,174 122,304 61,319 60,985 8,973 562,092 401,121 160,971 1,740 1,740 13,093 13,093 14,888 10,897 3,991 27,271 16,207 11,064 86,858 24,455 62,403 15,649 12,998 2,651 15,748 11,147 1,161,551 780,748 380,803 (64,986)

(64,986)

(64,986) 1,306,752 601,567 55,767,369 25,645,067 30,122,302 745,979 3,030,752 3,030,752

$2,052,731_

$601,567

$58,798,121

$25,645,067

$33,153,054

Taunton Municipal Lighting Plant OPERATING EXPENSES Year ended December 31, 1983 POWER PRODUCTION EXPENSES Operation Supervision and engineering 223,756 Fuel 8,462,213 Labor and expenses 815,035

$9,501,004 Maintenance Supervision and engineering 66,346 Structures 39,879 Boiler plant 633,602 Electric plant 1,050,661 Miscellaneous 22,936 1,813,424 Purchased power 14,170,143 Total power production expenses 25,484,571 TRANSMISSION AND DISTRIBUTION EXPENSES Operation Supervision and engineering 197,605 Labor 57,148 Supplies and expenses 35,915 Meter expenses 32,947 Customer installation 1,418 Street lighting and signal systems 28,150 Miscellaneous 143,299 496,482 Maintenance Lines - electric 436,006 Lines - steam 199

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Street lighting and signal systems 24,711 Meters 50,005 Structures and equipment 17,190 Line transformers, 20,073 Station equipment 57,456 Miscellaneous 8,866 614,506

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Total transmission and distribution expenses 1,110,988 Forward 26,595,559

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Taunton Municipal Lighting Plant OPERATING EXPENSES - CONTINUED Year ended December 31, 1983 Forwarded

$26,595,559 CUSTOMER ACCOUNTS EXPENSES Operation' Meter reading labor and expenses

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102,123 i

Accounting and collecting expenses 483,737 Unco 11ectible accounts 401,393 Advertising expense 16,711 1

Total customer accounts expenses 1,003,964 ADMINISTRATIVE AND GENERAL EXPENSES Operation Administrative and general salaries 291,472 Office supplies and expenses 132,279 Outside services employed 125,347 i

Property insurance 102,755 Injuries and damages 145,936 Employee pensions and benefits 2,198,527 Miscellaneous general expenses 44,127 Transportation expenses 77,117

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Regulatory commission expense 34,977 3,152,537 Maintenance General plant 60,910 l

Total administrative and general expenses 3,213,447 DEPRECIATION EXPENSE 2,173,809

$32,986,779

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