ML20117D729
| ML20117D729 | |
| Person / Time | |
|---|---|
| Site: | Duane Arnold  |
| Issue date: | 12/31/1995 |
| From: | Newman D CENTRAL IOWA POWER COOPERATIVE |
| To: | |
| Shared Package | |
| ML20117D721 | List: |
| References | |
| NUDOCS 9605140201 | |
| Download: ML20117D729 (33) | |
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Table of Contents 1 w i
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Introduction . .2 { CIPCO at a Glance. .2-3 (l A Report from the President. .4 l A Word from the CEO.. .6 Administration and Management.. .8 ri r t ng I ac i i s .. I 1 Business Development.. . 12 "y , ][ Generation . . 14 Operations and Maintenance .14 i Environmental Profile . .16 im m: 7- ~q . Financial Profile. .17 The {lMO Sptms, j Independent Auditors' Report. .19 Jthrou5hwity of purpose. d Consolidated Balance Sheets.. .20 h nd he.grehinid![hMQ [! Consolidated Statements of Revenue and Expenses. .21 h willexceed thicompdnisi N Consolidated Statements of hjembers' Equitv. -
.21 i.-
r in smkiexce!knce, 1 Consolidated Statements of Cash Flows.. .22 < .- .c j Notes to Consolidated Financial Statements. .23 ?"U*d "!" " ' 4 Ten Year Financial Summary. .28 h inane devekpment/ q N1 ember Cooperative Operating Statistics. .30 [;, ,
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CIPCO Systems.. .32
l; .....................f 3 .g.................... 1 1 w 4 i j introduction { . . The electric utility industry is entering a new era. To prepare for the advent i .
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of a more competitive environment in the business of providing electric ser-i r g. ' ] . 7 j vice, utilities across the country are consolidating, merging, examining non- { electric revenue sources, investigating expanded services for their customers, ! 4 ". 1 and offering innovative rates to attract new loads. Central Iowa Power
. V i .
Cooperative (CIPCO), as a consumer-owned, nonprofit cooperative, has T
' E always embraced the philosophy of providing the most reliable, economical 1
service to its members. The Vision Statement promises a common purpose and progressive leadership to meet the competition head-on. CIPCO's goal is l _ to remain strong and viable in a changing business envirenment. CIPCO's 15 member utilities serve residences, farms, municipalities, busi-nesses and industries across the state of Iowa. Each of the 250,000 ultimate consumers of these systems expects their electric supplier to give them the most dependable, competitively priced service possible. CIPCO is committed _' to creating opportunities that will ensure the growth and success of the ) CIPCO Systems. This report shares the highlights of how a dedicated team (IPCO dedicates this annual of directors, management and staff cooperate on a day-to day basis to improve the quality
- report to Dwayne Augspurger, of life and economic well-being of the CIPCO Systems, their consumers and their
{ who retired from the coopero-communities. j tive December 31,1995, j of ter 33 years of loyalty and commitment. W. Augspurger joined the CIPC0 at a Glance C0 Perotive in 1962. 5erving (1995 Statistics) es the chief financial officer, he l has helped guide (IPCO's Energy Sales. . .1,700,792 htWh ; j progress and support its Total Operating Revenue. . . $90,023,805 f growth into a corporation with Net hiargin- . . . . $2,309,453 assets exceeding $317 million, Total Assets . . $317,260,443 15 member systems and over Average Wholesale Rate to hiembers . . 51.45 hiills/kWh 100 employees. hiember Systems . . . . 15 Thank you, Dwayne, for your Total Retail Consumers (approximate number of meters) ,100,000 contributions which have Approximate Population Served . . . 250,000 h*'P*d
- I"'"i" 'h' I'9'i'Y 1995 Peak Demand . . 385,411 kW ond financio! stchility of the Owned /Co-owned / Purchased Capacity. . 451.3 hiW Cooperative through years of . .
hiiles of T.ransmission L.me . . . 2,000 change and growth. Employees (including affiliated and subsidiary companies) . 123
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. . .9 A Report from the President DALE NEWAIAN was electedpresident of we will need to change the the GRT, as well as the the CIPCO board of directors in Septeinber to way we do business and member distribution sys-cornplete an unexpired terin. Afr. Newinan has experiment with new ideas. tems, strong as utilities and served on the CIPCO board of directors since 1986. Another key to our financially sound as busi-During his tenure he has been Assistant Secretary- .
continued success was rec- nesses. In anm. dustry m Treasurer, Secretary-Treasurer and Vice President.
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As a long-tirne mernber of his conununity, he has served as president of Afaquoketa Valley Rural ^ "*" m 'nt ^"d ^ dvis"'Y Prises almost daily, a united Electric Cooperative, Anamosa, and on nunterous Group (I A AG) when they front is our strongest ally. Other boards and corntnissions. Dale and his wife, developed the ClPCO In the coming months Doris, live on a farm near Afartelle. They have two Systems' Vision Statement. there will be many impor-children and three grandchildren. Part of that statement calls tant issues debated. Our for the CIPCO Systems to future as a cooperative The electric utility they present. Keeping industry is resounding with abreast of these day-to-day han a conunon purpow. In dernands that w tak tb new " buzz" words, such as doing so, we will be a viable knowledge that we have headlines is part of running retail wheeling, open access, a successful business. A playn n the new unpeti- anurnulated and seize deregulation, stranded tive industry. opportunities as they pre-competent staff and an costs, and more. Utilities sent themselves. The old informed, pro-active board are merging and consolidat- will ensure our success in We will need to '#f "E' """ * #" ' ing to form very large enti- the new environment. thunge the way While many utilities are haw inom incaning in our ties. Some say it is necessary W d b5 5 industry than it does now. as the industry prepares for downsizing and re-trench-and experiment I am confident the the new competitive envi- ing, we continue to control with new ideas. CIPCO board of directors ronment that will emerge. our costs and improve ser. will remain unified and There is speculation vice excellence to the Our god of a conunon deWeated to ruaintaining that Congress willintro- CIPCO Systems, serving over 250,000 lowans. We purpose will require that we our position of leadership duce an electric utility work as one as a naluate in the industry. This will restructuring bill in 1996, are conducting business the opportunities and chal- allow the member systems and power pools are reorga- with the latest technology knges that will make the to continue to grow and nizing into regional trans- and expertise, preparing CIPCO Systems the best it prosper, and collectively, we mission groups. ourselves for the future. can be. Everyone must will remain a viable c. upo-l CIPCO is aware of We know we can be work toward a common nent of utility competition. these activities and the successful in a new era of go I and sobtions that keep During this time of change, opportunities and threats utility operations. To do so,
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I will make every effort to President Dale R. Newman be the leader who keeps the cooperative spirit alive among the CIPCO Systems.
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. APAWJ ' #p A Word from the CEO 1995 was a good year view the deregulation of 1995 - A Year of Passage Electric cooperatives for CIPCO. Our solid our industry, not as a In addition to 1995 were formed to do a task no financial performance did threat, but as a welcome being a year of financial one else really wanted to not happen by accident but opportunity which we are accomplishment,it was also perform . . bring power to was the result of careful determined to develop to a year when external events rural areas. Members who planning, aggressive cost our advantage. confirmed the appropriate- remember life before elec-containment initiatives in We've accomplished a ness of our key assumptions tricity were grateful and our core business, and the great deal to contain costs identified in prior years. their loyalty is still a valued dedication and hard work and expect to do more, but Progress toward a deregu- part of the cooperative ethic of our employees, officers we won't be able to save lated environment proceed. today.
and directors. ourselves into prosperity ed more quickly than Younger and increas-Financially, our objec- and competitiveness. From expected by many. ingly more urban members tives for the coming years this point forward, most of can take their access to elec-are even more ambitious. our future financial tricity for granted. The new
...we fully .intend To be competitive, we are progress will be growth competitive environment convinced we must ask driven. to step into the will especially speak to their more of ourselves and our This growth will result fray - to compete tendency to function less resources than ever before from the continued eco- and win. like a traditional member as the traditional bench- nomic development of our and more like a discerning marks won't be good present service territories, as Industry consolidation has consumer. This change in enough. well as from success gener- altered the competitive perspective will profoundly A great deal of what we ated beyond our existing scheme for all electric utili- impact the relationship with accomplished is credited to borders. When permitted ties which will force us all cooperatives and , heir initiatives formulated and by law and regulation, we to continually appraise how members.
endorsed by the I AAG fully expect to compete for we approach our business Other changes are Task Force. This group was selected target markets cur- and construct the services going on with equally formed in 1993 to guide the rently served by others. required by our customers. strong impacts upon the strategic planning process We are continually con- Deregulation is economy of Iowa and the of CIPCO. The officers sidering business alliances inevitable and will break rural areas we serve. One and directors comprising and other opportunities to apart the traditional territo_ only needs to look at the the IAAG Task Force have reduce costs, improve mar- rial monopolies enjoyed by flurry of recent mergers given generously of their gins, increase revenues, and electric utilities. All electric among Iowa's investor time, their courage, and provide additional products utility customers will be owned electric utilities to their leadership. This lead- and services to our mem- able to choose their power understand how profound ership has encouraged us to bers and their customers. provider. these changes will be.
i i i ! i i I l l l l A little over three years { ago, Iowa was served by six - investor owned electric utili- - -
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- ties whose corporate head-quarters were in Iowa. Soon,
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I i the number of major Iowa 1 domiciled electric utilities will .s., I i be reduced to just one. l l New Attitude Taking Hold ! Last year's annual report spoke to a new attitude at v l CIPCO. We are pleased to i report that attitude is alive and well. More than ever, we are convinced of our ability to react to change and pros-per in a competitive market. Accordingly, we see change as a positive event. / s Change does not require us p to throw out the old to i embrace the new. Fortunately, I we serve in an environment j where our cooperative tradi-tion of service to customers, intend tc, step into the fray - Executive Vice President and who are owners, uniquely to compete and win. GO Dennis L hrdock prepares us to understand We see no other course as what it is to be customer viable. To do anything else driven. would constitute surrender to We don't have time to our competitors without a j ponder the complex fringes of fight and would be an abdica-I deregulation and competition, tion of our responsibility to i Whatever their final form, we our rural and small communi-accept these changes as an ty constituents. g gg j imminent reality, and we fully
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gm I 1 i 1 l CIPCO BEGAN to prepare for the new com- take the cooperative into the 1995 was the renegotiation
; petitive industry that is einerging for electric utili- new competitive world. of the contract with South l ties inany years ago. The cooperative has never lowa Municipal Electric
- been one to wait for change. In fact, CIPCO has Plannir9 Cooperative Association j always aggressively approached its way of doing one such cffort that is a (SlMECA), one of the business with vision and a sense of adventure, direct result of the IAAG CIPCO Systems comprised j' unafraid of risk. Alceting future challenges inay initiative is the load research of municipal utilities. As include new risks, innovative strategies, and program. Recognizing the part of this agreement,
! imaginative thinking, but CIPCO will never lose value of carefully considered SIMECA members dedicate } sight ofits inission to provide reliable, economical, data and analytical strate- their 34.9 megawatts of j environmentally responsih/c power [or the gies, CIPCO began a com- locally-owned and operated CIPCO Systerns. prehensive load research { diesel capacity as peaking j effort. Specific concrete data reserve for the CIPCO i Adm.inis . trat. ion and work and dedication on the
- would be applicable to a Systems.
j Mana ement part of the board of d.irec-variety of areas .meluding: Through this contract
, tors, management and staf .
rates, marketing, resource SIMECA has the privileges ! 4,hile keeping an eye on the And 1995 was a successful . changing industry, CIPCO year, both financially and #"" "E' .st . uuon P lan- and responsibilities of mem-ning, customer acquisition bership as one of the has moved ahead during operationally,. CIPCO,s
. and customer retention. CIPCO Systems, including 1995 with an enduring com- planm.ng efforts continue
- This customer research w.dl marketing, communications, i mitment to member service. through the IAAG, as staff l . tell CIPCO who the cus- economic development, i Reporting a successful year directs stud.ies and imple-l . tomer is, what the customer engineering assistance, and
. comes as a result of hard ments programs that wdl j wants, and how C,IPCO can training pror % SIMEC 2 l 7 . best use this knowledge to also participates in the Iowa
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4 [j .. .. . cap talize on its strengths Area Development Group O. 4 .y j3,c- . . and mimnuze its weaknesses on behalf ofits members { [. [y k 1 - r - in the competitive customer and has felt the positive f -
- service arena. effects of economic growth Phase I of the load in their service areas
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research program was the through this association. j - .
. ., =, development of a draft pro-
! ject plan. Phase II was an Meinher Consolidation
//[ implementation plan to Another significant l ,
determine how the program change in the CIPCO l .
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. would be accomplished; and Systems during 1995 was
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Phase III was the implemen- the consolidation of Benton The Executive Committee indvdes tation process itself. CIPCO County Electric from the lef t: Vice President Keith is currently in Phase III of Cooperative Association, Wirt, President Dale Newman, CEO the program. Vinton, and Buchanan Dennis L Mordock, Seuetary. County Rural Electric New SIMKA Pact . Cooperative, Independence. Treasurer Eldo Meyer, and Assistan, l ng-term accom- Martin Gardner, general Senetary-Treasurer Norman Van plishment implemented in manager, worked with the
! d i two boards of directors over ment with Lotus SmartSuite sion-making concerning a period of five years. software. Many additional final program design and Neither of the organizations software applications are implementation issues. .Y l . j imagined the journey they provided for those with spe- A survey to determine . were beginning, but at the cial project needs. CIPCO the satisfaction level of com- -
.. ?3 end of the road was an remains a leader in efficient mercial and industrial cus-informed board of directors and productive utilities tomers revealed significant M "'f
{ . and membership that over- operation. information for the CIPCO g l whelmingly approved the Systems. On behalf of its
- consolidation. Effective MOTheling and members, CIPCO conduct- .
October 1,1995, these two {0mmuniCalions ed studies of commercial
- CIPCO Systems became Incentive dollars in the and industrial customers -
2 East-Central lowa Rural form of power bill credits throughout the CIPCO husolidatid Electric Cooperative with and rebates for the CIPCO Systems. These surveys g,,, c, g,7; the headquarters office at Systems were nearly addressed customer satisfac-Cooperat.ive Vinton. $2,500,000 in 1995. tion levels while focusing on Associat. ion and Marketing and economic the value of customer rela-
- Technology development programs gen- tionships in a competitive """"'I i
CIPCO's employees ' ' ' ' erated sales of 140,000,000 environment. j continue to meet the cIial- kilowatt-hours and over The information was CMPerotive reduced i lenge of today's changing $2,225,000 toward CIPCO's then presented in a work. their representation i industry by utilizing the lat- fixed costs. The Model shop for system managers on the (IP(0 board of est advancements in the Housing program added and account representatives directors. Melvin Heil, ] ! management of data and twelve all-electric homes to to help them understand the "h' h"5 5""d '" electric utility information. the CIPCO Systems. These customer's perspective in a the (IPCO board since During 1995 CIPCO con- member incentive programs period of increased competi. 1986, resigned ] j tinued to upgrade the com- contribute to stabilized tion and anticipated deregu. Ovober 1,1995, to ] puter technology in its rates, increased load factors, lation. Supported with addi. allow for a smooth j offices. Nearly all of the and improved member satis- tional information and transition for the new j systems are now operating faction in CIPCO's goal of training, member represen- cooperative, East-in a Windows @ environ- service excellence and tatives can now improve and Central lowo Rural
- product value, implement customer devel- Electric Cooperative.
! opment programs. Surveys and Studies The Iowa Marketing During 1995 a direct Group commissioned a load control and distribu- study of non-electric heat Once a tion automation study was purchase decisions. This line is completed. The study was research studied the deci-de-energized, the intended to provide a basis sion-making process of rural voltage sensor is used to for continued dialog among electric cooperative mem-determine if it is scle to proceed the CIPCO Systems, and to bers who had recently pur-
' . . - with grounding. generate program commit- chased a non-electric heat-ment and informed deci- ing system. CIPCO further ej .M_
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k requested an analysis of var-ious behavior, opinion and .. ., demographic differences ;
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between REC members who chose electric heatmg
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systems and those who
'% 4 chose gas heating systems.
4 e k) 'k Training and Technical Support In addition to the annu- . al marketing communica- .. .- . tions workshop sponsored s M { 3 for the CIPCO Systems, the ; .. .; members attended a work- p i . shop aimed specifically at - -
.Y pubhcation production.
Included were newsletter member handbooks, CIP(O's Board of Directors front row critiquing, personal consul- newsletters, marketing from the lef t: Richard Mkkelson, tation about publications, packets, and economic Wayne Wilcox, and Kenneth Wstings. basic skills for producing development promotionals. Back row from ihe left: Lawrence printed materials, and spe- CIPCO also provided certi- Ovinn, James Wenstrand, Donald cific assistance on better fied instructors to support Mayes, Phyllis Hoge, Duane Armstead, Franklin Walter, Wayne Hornocker, and
. James Paper. l l
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m l 1 CPCO Ixecutive Staff from the left: James Fogt, Assistant 1 j Yke President of Corporate Operations: Rkhard Anderson, j Yke Presidest of Utility Operations; Patrkk Murphy, j Assistant Yke President of (orporate Pianning and j Business bevelopment; Dwayne Augspurger, Vke President j of Corporate Operations; and Craig Frkke, Yke President of f Corporate Planning and Business Development. f ....................... l ........................ L
i i { CIPC0 Generating Facilities i l CIPCO's GENERATINGfacilities ( ' J inchede base load, intermediate andpeaking y #*l
.. 7 units. These units are who -owned and .
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co-owned plants and are part of a joint dispatch _y l ; arrangement. The transmission system over l which this electrical energy is transported is G.; ..
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integrated with other Iowa utilities. These .. ; %;_l^ A l { l contractual arrangements with other utilities : xi
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.%i have allowed CIPCO to provide reliable elec-trica[ service to the CIPc0 systems at the The Duane Arnold Energy Centu located near Palo is a 535 MW nudear generat-most economical cost. ing station. CIPCO owns 107 MW of the station which is operated and main-
. toined by IES Industries. In 1995 DAEC produced 42.7% of the kilowatt-hours
.. . required by the ClPC0 Systems.
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Fair Station at Montpelier is a coal-fired 66 MW unit owned and oper- The Louisa Generating Station located near Muscatine is a 700 MW coal-fired l ated by CIP(0. The coa! supply at Fair Station is from the Illinois Basin unit using low-sulphur Western coal. CIPCO owns 32 MW of this unit which is in Illinois, Indicna and Kentucky. operated and maintained by MidAmerican Energy.
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i CIP(0 owns 78 MW of the Council Bluffs Unit #3 which is a coal-fired Summit Lake Station at Creston is a 101 MW plant and indudes combustion
} unit near Council Bluffs. This unit is fueled with low sulphur Western and steam turbines and diesels. This station is owned and operated by CIPCO coal. The unit is operated by MidAmer; con Energy. und is used primsr!!y dring peck periods or in raw of emergency.
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tionship at Lake Panorama.
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.] ;,iN CIECO has also been working with the Greene 0
l and Guthrie County l !o,,'~
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7** , # l Conservation Boards in the l Rails to Trails project that i
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" - The first phase of ilJ i
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Myriad Technology Plaza at I y the University of Iowa Oakdale Research Park in Coralville is complete. The Myriad Technology Plara is a the educational efforts of review of competitive issues four-building complex is a professional business complex both the member service indicated a need for new joint project of Myriad located in the University of personnel and area contrac- commercial and interruptible Developers and Corridor i Iowa Oakdale Research Park tors. rate schedules. These sched- Development, a subsidiary in Coralville. The first phase Technical support is ules allow the CIPCO of Linn County Rural of the project is complete. This provided monthly for the Systems to offer competitive Electric Cooperative, is a loint project of Myriad CIPCO Systems through rate structures to Developers and Corrido, in-house publications from prospective busi-Development, the Marketing, Engineering, ness and industry .. and Communications in their service - I departments of CIPCO. areas. . g 2 ' Each offers industry and personal skill information OKO . for engineering, member Central lowa service and communication Energy - professionals of the CIPCO Cooperative Systems. Publications, man. (CIECO) and its ' uals, brochures, displays, subsidiary busi-specific task assistance, and nesses, Capital updates for mandated Management reports are only a few of the Associates services provided to keep (CMA), Lake Panorama The management team of the member systems on National,Inc., and Myriad Capital Management track in today's changing Developers, offer diversifica- Associales, Inc.,is James industry. tion opportunities to the rage, lef t, and jode conway. core utility business of (MA is the investment advisor BUSilleSS Development CIPCO. CIECO finalized a ,, the i,,, cop;,ai CIPCO's business new contract with the home- c ,po,,, ion and prwides development efforts were owner's association that will Isanda and genera conseing stepped up in 1995. A extend their working rela- , , g ,.nesses and institriona dients.
1 v.3gy l: 1 l Marion, one of the CIPCO the Outstanding gg == . . ~ w j Systems. Business of the Year. g I. inn County REC was I ADG keeps c . . .c . l x I honored by the Iowa City abreast of new tech- .~ + k
! Chamber of Commerce for nologies in economic .
its participation in the development that - 1 ' -
~ ! Myriad project. This award will allow them to . .
better serve Iowa's
- is presented to entities mak-l ing major contributions to rural electric cooper-
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44 . I the growth of the county's atives. During 1995 j . , economic base. Currently they unveiled the 15 l the two buildings that are Iowa Multimedia k~ completed are partially Economic leased. Development ',j . A1 - ~
.k' CMA is the investment Information Access j advisor to the Iowa Capital (I-MEDI A) system. -
i . j Corporation in which This was developed . J - ' lg- f ".
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CIPCO is a major investor. in cooperation with F
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N . CMA continues to work
- the Iowa .
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with portfolio companies Department of . . j and to provide financial and Economic l general consulting services Development and is used The Iowa Area Development Group, L.C., to business and institutional during trade shows to pro- solicits new business and assists expanding busi-
- clients. Vide prospects with instant ness in town. The total IADG-assisted investment l TheIowa Area interactive data about Iowa in Iowa surpassed the $1 billion mark and has I
- Development Group,1..C. communities and their avail- created over 18,000 jobs. The lADG staff indudes (I ADG), now a limited lia- able sites and buildings. from the lef t
- Craig Hamilton, Manager; Carol l
l bility company, celebrated IADG also developed a Ramsey, Administrative Assistant; Dan Anderson, its tenth birthday in 1995. home page on the Internet, Manager of Community Marketing; Bob McLaury, Over the ten year period so that clients can access Monoger of Business Development; and Jack i more than 500 new or information via the World- ga;iey, oirector. expanded commercial and Wide Web. industrial loads were added in rural lowa. There were 15 Major Growf/t significant developments An international steel I announced in the service manufacturing company, territory of the CIPCO IPSCO, announced in Systems in 1995. The North January 1994 that they I$iberty Plastics facility intended to construct and served by I. inn County operate a mini-steel mill Rural Electric Cooperative near Montpelier. This was recognized by I ADG as announcement set CIPCO
. . . . . . . . . . . . . . . . . . . . .- c. i [
and Eastern Iowa Light & CIPCO will be the power the site of the IPSCO steel Louisa Generating Power Cooperative supplier. CIPCO's commit- mill. The plant is scheduled Station recorded the lowest (EIL&P), Wilton,in motion ment to the project includes to come on-line in 1996. forced outage rate since to serve what will become 13 miles of 161 kV line,7 going on line in 1984. The the largest REC member in miles of 345 kV line, a Generat,on i unit was available 99.9% of the state. IPSCO will be a switching station near The CIPCO generating the year. member of EIL&P, and Walcott, and a substation on stations, profiled on page 11, performed very well in Operations and 1995. As a group they set an Maintenance historic record of availabili- Weather conditions as ty. Individual records were always played an important s set at Duane Arnold Energy role in the reliability of the g . Center (DAEC), Council system. The Midwest is g Bluffs #3 and Louisa. often exposed to ice, wet 5
- At DAEC, the nuclear snows, tornadoes, floods generating facility, the best and lightning. These condi-( .
[ [. . megawatt output ever for an tions jeopardize the perfor-7*g
- outage year was recorded. It mance of lines and substa-exceeded 3.7 million tions. Therefore, good I
megawatt hours. It also maintenance programs pre-received its historically best pare the system for these ratings from the Nuclear conditions. f 7'
; Regulatory Commission. Even though weather
/ ;i All of this was achieved can bring surprises for oper-while working without a ating systems, CIPCO lost-time accident and reports an excellent operat-reaching three (3) million ing year in 1995. In fact, The contractor strings manhours of accident-free based on the three-year out-conductor on CIPCO's W . r e ng age figures, reliaMty is 161 kV transm. .ission outage of the DAEC was the shortest recorded and line near Davenport.
also was completed under This line will bring budget. service to the IPSCO d Mfs #3 bd steel plant near the highest net genera- ; hscatine. tion and coal burn on .% record. Over four (4) n; million megawatt hours Rubber gloves were generated, and 2.6 mil- are part of the per-lion tons of coal were sonal protective equipment burned. Unit availability worn by tronsmission per-was also the highest in 3,nnet. I history. I i
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Bobby Radiff RCtG-TV photogropher. Reprinted eth panman from lhe Ceds tape Gazene. Shown in the cerial view of the IPSCO steel millis j the (IPCO substation that will serve the electrical requirements of the plant,left:looking through on enlarged view of the steel structure of the sub-station is the IPSCO plant. e e e e e e e e e e e e e e e e e e e e e e e 4 4 4 9 e e e 4 e e e e 4 e e e e e e e e e e
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e e e e e e e e e e e e e e e e e e e e e e ( ;. . e e e .. e e e e . .e e e e e , e . . 1 1 increasing each year, areas, and new maintenance ceeded to add additional was reviewed during the CIPCO recorded 0.59 of an programs are continually grounding in several areas past year. Required changes hour per consumer of out- evaluated that will enhance across the system. This pro- are being made to improve age in 1995 with 0.88 of an reliability along with power gram reduces breaker opera- operations. hour per consumer in 1994 quality. A new program tions and improves perfor- The New-to-Replace-and 0.99 of an hour per con- implemented in 1995 was a mance of lightning arresters Old (NTRO) projects, as sumer in 1993. ground rod testing program. on the unshielded 34.5 kV well as several capital ) Regular maintenance is in analyzing the results of line. Protective relaying in improvement line projects, scheduled in all operating these tests, CIPCO pro- all Wilton area substations were completed in 1995. The total unshielded 34.5 kV line l replaced under the NTRO yW [ <
~M M /! since its inception is appcox- :
m :g , 1 * ' g"g*% ;[] 'Ql "P T 3 O'; 4 {, gTR gMjS@ M. $; imately 213 miles. There is !
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- s Q The planning of opera-tions, mamtenance and con-f struction is an ongoing
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of the member cooperatives. This process must continue asM cach vear to further guaran-1*~ ; tee that the system provides jp.<we.hz F _ = - s - o the best service possible to the CIPCO Systems. UPCO's Wilton new assists in Environmental Profile the restoration of the In no other area is the Masonville RfC Top fo!!owing a j government more active ' tornado in July 1995. than m. health, safety and the environment. Seventy-nine percent of all new regula-tions concern health, con-sumer job safety, or the environment. Costs continue to climb each year as new l and revised regulations to l the Clean Air Act plague business and industry. 3p:;..m.3 .
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W$4.4 l i Federal regulations cost 1995 continued the trend of - l the U.S. economy more maintaining positive operat-than $400 billion per year, ing results. or $5,467 per household. l CIPCO is embroiled in the Operating Results l The consolidated finan-struggle with this regulatory . nightmare. Cooperative cial statements reflect a net .
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resources are often stretched margin of $2.3 million. , to comply with the ever- During 1995 $1.5 million in increasing regulations. The patronage was allocated to j solume of regulations now the members, and the 1974 l on record can keep an entire patronage dividend of nearly l I $46,000 was returned to the staff busy. Several years ago . CIPCO and three other members. At the end of ' organizations decided to 1995, member equity totaled - . . . l
$43.3 million, resulting in a . .
j combine resources to deal with the growing regulatory 15.6 percent total equity ' capitalization as compared , challenge. As a result, the . . Iowa Environmental to 15.1 percent ratio in 1994. , . . . f 1995's energy sales l Group (IEG) was formed. ~ l The staff of the IEG coordi_ totaled $87.5 million. The o . revenue per kilowatt-hour - nate regulatory compliance, l - averaged 51.45 mills /kWh as L' - - - j strategies, training, and gov _ . compared to 50.93 .:. . - l ernment relations for " " ' mills /kWh in 1994. , N ! CIPCO. l CIPCO supports clean Purchased power l ' increased nearly $0.5 million 1 j air, a clean environment and .
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a common sense approach because DAEC was off line - to regulation which will for scheduled refueling dur- , . l j achieve those goals. In ing 1995 and additional doing so, CIPCO will con _ power had to be purchased. l tinue to work closelv with The increase in production i regulators to protect both plant fuel of $1.3 million l i the environmental and eco_ resulted from a 4 percent . nomic interests of our increase in megawatt-hours . - - j I members. generated by the plants. A linernon's beh and hard hat are 1 Pan d thquipent tht bep ( Financial Profile Assets l The board of directors Consolidated total assets hi"' 5d' "5 h' (o"ie 5 Y @Ib l are $317.3 million, an in_ out his duties. l and staff are committed to crease of $19.6 million from j keeping CIPCO in a strong financial position. The solid a year ago. Net electric plant j financial performance for increased by $3.0 million, .. i e 9 9 6 4 9 e t 9 e 9 6 4 4 e G G . . O e 4 6 9 4 6 6 4 9 9 9 9 4 6 9 9 9 e 6 e e O G G G 4 9
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investments by $5.4 million liudget/ Rate committee minimum requirements for financial Goals and Outlook and current assets by reviews CIPCO's rate struc- debt compliance, which are CIPCO's board of
$14.1 million. ture and recommends to the 1.00 for both TIER and directors is committed to board appropriate billing DSC. CIPCO's equity to maintaining a sound finan-Rates and Ratios arrangements and rate struc- asset ratio remains strong at cial policy guideline. During Strategic planning is the ture changes. 13.6 percent up from 13.3 1995 the board of directors key to survival in the era of CIPCO's Times Interest percent the prior year. reviewed and established increased competitiveness, Equity to asset ratios for Earned Ratio (TIER) for new rate schedules and and CIPCO's directors and 1995 was 1.15 compared to CIPCO's member RECS monitored equity develop-staff are committed to 1.13 for 1994. The Debt averaged 42.4 percent for ment plans, financial ratios, proactively address issues in Service Coverage (DSC) was 1995, and equity as a per- debt / equity and equity / asset order to remain a competi- 1.18 for 1995 and 1.25 for centage of capitalization ratios.
tive power supplier in 1994. CIPCO's ratios con- averaged 44.9 percent for Alanagement maintains today's tough market. The tinue to be in excess of the 1995. These ratios compare internal accounting controls favorably to 1994 which it believes are ade-results. quate to provide reasonable
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., ih ,? m totaled $20.1 mil-h,on. Investing Linn County Rural Electric activities consisted primarily Cooperative, Marion, erected a of net electric utility plant new sign in front of their head- purchases of $17.1 million quarters building. It reflects and investments in associat-their relationship to the CIP(0 ed and other organizations organization and their commit. of $1.3 million. Financing ment to the CIPCO Systems activities during 1995 pro-Vision Statement. vided cash of $14.2 million.
Principal payments on long-term debt were off-set by additional long- &nd held term debt of $21.9 mil-meter reading lion. Ending cash and dev,ue used to interrogate cash equivalents totaled CIPC0 Systems' substation
$34.5 million at December 31,1995, a net increase of $13.3 million.
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$@*?$ % MC Peat Marwick LLP 2500 Ruan Center P.O. Box 772 Des Moines. lA 50303 The Board of Directors Central Iowa Power Cooperative We have audited the accompanying consolidated balance sheets of Cen Cooperative and subsidiary as of December 31,1995 and 1994 dated statements of revenue and expenses, members' equity, and ca he responsibility of the then ended. These consolidated financial statements are t Cooperative's management. Our responsibility is to express a idated financial statements based on our audits.
We conducted our audits in accordance with generally accepted audi Those standards require that we plan and perform the audit to obtain An audit ance about whether the financial statements are free d disclosures in of materi includes examining, on a test basis, evidence h supporting ti the amounts an princ the financial statements. An audit also includes assessing f t eil accoun nt ng and significant estimates made by management, as well as tlic overall presentation. We believe that our audits provide a reasonable In our opinion, the consolidated financial statements i d sub- referred t all material respects, the financial position of Centrallowa i Power d their Cooperat ve sidiary as of December 31,1995 and 1994, and the dresults accountingof their operat cash flows for the years then ended in conformity with generally accepte principles.
-KPMG Pat Mo>uad> uP February 23,1996
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g.Y.M.................... y Ceniral lowa Power Cooperolive and Subsidiary L/ Consolidated Balance Sheets December 31,1995 and 1994 1995 1994 Assets (Note 6) Electric utility plant, at cost (Notes 2 and 9): In service $ 341,705,868 327,141,824 1.ess accumulated depreciation 141,112,703 132,276,176 200,593,165 194,865,648 Construction work in progress 8,395,669 7,535,811 Nuclear fuel, at cost less accumulated amortization of $52,894,319 in 1995 and $48,496,181 in 1994 10,220,649 13,847,908 Net electric utility plant 219,209,483 216,249,367 Non-utility property, at cost less accumulated depreciation of $1,189,954 m 1995 and $983,387 in 1994 (Note 3) 7,743,804 9,432,028 investments and note receivable: Investments in associated organizations 9,906,948 9,805,238 Investments in other organizations 2,700,006 1,650,000 investments-decommissioning trust fund (Note 4) 7,659,562 5,387,287 Other investments (Note 4) 7,846,367 6,974,286 Note receivable from affiliate 1,100,946 - Totalinvestments and note receivable 29.213,829 23,816,811 Current assets: Cash and cash equivalents: Cash, general 2,224,253 1,793,673 Cash, construction 64,604 265,035 Cash equivalents 32,248,793 19,157,932 Accounts receivable, members 7,752,950 7,065,457 Other receivables 910,150 557,785 Fossil fuel, materials and supplies 5,364,520 6,980,093 Prepaid expenses 469,152 503,629 Interest receivable 321,478 91,124 Deferred charges 1,934,387 754,998 Total current assets 51,290,287 37,169,726 Deferred charges 9,803,040 11,001,268
$ 317,260,443 297,669,200 Capitalization and Liabilities Capitalization:
Members' equity: Membership fees $ 1,700 1,700 Patronage capital 19,788,463 18,334,828 Other equities (Note 5) 23,492,231 21,129.262 Total members' equity 43,282,394 39,465,790 Long-term debt, less current maturities (Note 6) 235,124,252 221,732,790 Total capitalization 278,406,646 261,198,580 Current liabilities: Current maturities of long-term debt (Note 6) 9,286,032 8,386,033 Accounts payable 4,871,993 5,325,005 Accrued property taxes 5,082,451 5,186,663 Accrued mterest 2,455,235 2,311,635 Other accrued expenses 350,493 249,413 Advances from members 300,000 300,000 Total current habilities 22,346,204 21,758,749 Other liabilities: 1)ecommissioning reserves 13,744,507 11,920,177 Special assessment 2,308,560 2,498,169 Other 454,526 293.525 Total other liabilities 16,507,593 14,711,871 Commitments and contingent liabilities (Note 10)
$ 317,260,443 297,669,200 See Accompanying Notes to Consolidated FinancialStatements.
La Consolidated Statements of Revenue and Expenses l' ears Ended December 31,1995 and 1994 1995 1994 Operating resenue: Electric: Energy sales $ 87,504,022 83,185,169 Rent of property 679,740 640,247 hiiscellaneous 515,298 549,030 Other 1,324,745 1,339,945 Total operating revenue 90,023,805 85,714,391 Operating expenses: Purchased power 6,606,936 6,118,306 Operations: I roduction plant - fuel 15,826,496 14,572,366 I Production plant - other 16,244,449 15,218,184 ' Transmission plant 1,923,712 1,817,823 hlaintenance: Production plant 7,167,473 6,903,412 l Transmission plant 1,718,793 1,506,468 ' hiember services 2,407,C89 1,767,958 Administrative and general 2,936,127 3,039,463 Depreciation and amortization 10,449,639 11,375,564 Decommissioning provision 1,824,330 1,594,812 Property and other taxes and insurance 6,670,838 7,182,612 Other 2.195,911 1,546,230 Total operating expenses 75,971,793 72,643,198 Net operating margin 14,052,012 13,071,193 Other revenue: Investment income 2,818,438 2,381,059 Patronage capital allocations 182,029 151,185 Aliscellaneous income 43,351 404,024 Total other revenue 3,043,818 2.936,268 Net margin before interest charges 17,095,830 16,007,461 Interest charges: Interest on long-term debt 15,337,450 14,333,960 Allowance for borrowed funds used during construction (551,073) (236,054) Net interest charges 14.786,377 14,097,906 Net margin $ 2,309,453 1,909,555 See Accompanying Notes to Consolidated financialStatements. Consolidated Statements of Members' Equity l' ears Ended December 31,1995 and 1994 Total Membership Patronage Other members' fees capital equities equity Balance at December 31,1993 $ 1,700 16,724,266 21,019,707 37,745,673 Net margin - - 1,909,555 1,909,555 Patronage capital paid - (189,438) - (189,438) Patronage capital allocated - 1,800,000 (1,800,000) - Balance at December 31,1994 1,700 18,334,828 21,129,262 39,465,790 Net margin - - 2,309,453 2,309,453 Patronage capital paid - (46,365) - (46,365) Patronage capital allocated - 1,500,000 (1,500,000) - Unrealized gain in market value of investments - - 1,553,516 1,553,516
- Balance at December 31,1995 i 1,700 19,788,463 23,492,231 43,282,394 See Accompanying Notes to Consolidated FinancialStatements.
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Centrol lowa Power Cooperative and subsidiafy Consolidated Statements of Cash Flows Years Ended December 31,1995 and 1994 1995 1994 Cash flows from operating activities: Net margin $ 2,309,453 1,909,555 Adit.stments to reconcile net margin to net cash provided by operating activities: Depreciation and amortization of electrie utility plant and non-utility property 10,612,746 10,208,176 Amortization of deferred charges 4,050,241 5,028,784 Amortization of nuclear fuel 4,398,138 4,586,276 Decommissioning provision 1,824,330 1,594,812 Write-down of non-urility property 1,052,426 - Patronage capital allwations not received in cash (181,939) (92,303) Amortization of investment premium - 10,560 Amortization of repricing costs 396,602 311,284 Loss on disposal of investments - decommissioning trust fund and other investmenta 128,348 - Gain on disposal of investments - decommissioning trust fund and other investments (512.121) (550,309) Interest income reinvested (591,866) (612,014) (Increase) decrease in receivables (1,001,160) 344,223 Decrease (increase) in fossil fuel, materials and supplies 1,615,573 (2,814,424) (Increase) decrease in prepayments and interest receivable (195,877) 306,369 Refueling outage and other costs deferred (4,591,230) - (Decrease) increase in accounts payable, ccrued liabilities, and other liabilities (144,307) 346,157 Other (6,649) (169,699) Net cash provided by operating activities 19,162,708 20,407,447 Cash flows from investing activities: Additions to electrie utility plant, net (17,129,102) (11,154,360) Additions to non-utility property, net (112,671) (915,993) Purchases of investments-decommissioning trust fund and other investments (8,929,746) (6,792,843) Sales of investments-decommissioning trust fund and other investments 8,314,546 5,544,691 Purchases of nuclear fuel (595,798) (3,813,521) Purchase of investments in associated organizations and other organizations (1,347,956) (65,525) Receipt of prior years' patronage capital allocation 227,610 142,216 Sales of investments in associated organizations and other organizations 128,358 37,836 Increase in note receivable from affiliate (622,301) - Net cash used in investing activities (20.067,C60) (17,017,499) Cash flows from financing activities: Decrease in advances from members - (2,100,000) Principal payments on long-term debt (7,567,343) (7,393,442) Proceeds from long-term borrowings 21,858,804 10,860,000 Patronage capital paid (46,365) (189,438) Interest rate adiustment repricing costs (19,734) (2,058,209) Net cash provided by (used in) financing activities 14,225,362 (881,089) Net increase in cash and cash equivalents 13,321,010 2,508,859 Cash and cash equivalents at beginning of year 21,216,640 18,707,781 Cash and cash equivalents at end of year $ 34,537,650 21,216,640 Supplemental disclosure of cash flow information: Cash pavments for interest $ 15,193,850 14,112,378 Supplemental disclosure of non-cash nvesting and financing activities: Additional long-term debt incurred to reduce interest rates on long-term debt 5 - 3,928.235 See Accompanying Notes to ConsolidatedFinancialStatements. i i
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1 1 1 1 Centrollowa Power Cooperative and Subsi&ry Notes to Consolidated Financial Statements December 31,1995 and 1994 Note h Summary ofSignificant Accounting (a) liasis of Accounting The comolidated financial statements include the accounts of Central lowa Pow er Cooperatis e (the Cooperatis e) and its maiority owned sub-sidiary, Central lowa Energy Cooperatise (CILCO). The Cooperative is an electric generation and transmission cooperatise prmiding wholesale electric service to its 15 members. Cll'CO owns certain power phnt sites, including , lake and dam suitable for construction and operation of an electric generating plant. CIFCO also operates a golf course. All significant intercompany balances and transactions hase been climinated in comol-idation. The accounting records of the Cooperatise are maintained in accordance with the Uniform Sy stem of Accounts prescribed by the Rural Utihties Service (RUS). The Cooperath e is not subject to external regulation other than by the RUS. Distribution of margins of the Cooperative and CIECO (collecthcly, the Company) are made in accordance with the prmisions of the Code of Iowa. (b) Use of Estimates l The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and discimure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Electric Utility Plant l Depreciation of electric utilitj plant in service is provided mer the estimated useful lives of the respectise assets on the straight-line basis. i Maintenance and repair of property and replacement and renewal of items determined to be less than units of property are charged to expense. Replacement and renewal of items considered to be units of property are charged to the property accounts. At the time properties are dispmed of, the original cost, plus cost of removal less sahage of such property,is charged to accumulated depreciation. (d) Nuclear Decommissioning liased upon a site-specific study completed in 1994, the Cooperative's share of the costs to decommission the Duane Arnold Energy Center (DAEC)is estimated at $75,000,000 in 1995 dollars. Such decommissioning costs include the cost of decontamination, dismantlement and site restoration in accordance with the Nuclear Regulatory Commission guidelines. The study recognizes that spent fuel storage facilities will be active for 5 years afte< operations close, but the cost to dhpose of spent fue; is not considered a decommissioning expense. The Cooperath e includes a i provision for disposal in its nuclear fuel expense. l The site-specific estimate is being used as the basis for decommissioning funding. For purposes of developing a decommissioning funding plan, I the Cooperathe assumes decommissioning costs will escalate at an annual rate of 5 percent and the aserage return on imestments will be approxi-mately 10 percent. The funding plan assumes decommissioning will start in 2014, the anticipated plant shutdow n date. The decommissioning costs are being recognized over the expected service life of the plant and are included in the Cooperative's service rates. At December 31,1995, the Cooperative has $7,659,562 in investments set aside for decommissioning in a legally restricted external trust fund and has also designated $6,084,945 of other investments for decommissioning. (e) Non-utility Property Non-utility pmperty is carried at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated usefullives of the respective assets, which range from 5 to 10 years for equipment, and 33 to 40 years for the dam, operation center, and conference center. The golf course lease is being amortiicd on the straight-line method over the term of the lease, approximately 41 years. (f) Allowance for Funds Used During Construction The allowance for funds used during construe 6on represents the estimated cost, during the period of construction, of borrowed funJs used for construction purposes. The composite rates used to calculate the allowance for 1995 and 1994 wcre approximately 6.7 percent and 5.5 percent, respectively. (g) Nuclear Fuel The cost of nuclear fuel, including capitaliicd interest and taxes,is being amortized to fuel expense on the basis of the number of units of ther-mal energy proJuced in relationship to the total thermal units expected to be produced mer the life of the fuel. Nuclear fuel expense includes a provision for estimatcd spent nuclear fuel disposal cost which is being collected currently from members. (h) Fossil Fuel, Materials and Supplies Fossil fuel, materials and supplies are stated at moving average cost. (i) Investments and Note Receivable investments in associated organizations consist primarily of approximately $5,600,000 in capital term certificates issued by National Rural Utilities Cooperath e Finance Corporation (Cl C) and memberships in other cooperatives. These imestments are stated at cost, adjusted for patron-age capital allocations. Investments in other organizations consist primarily of imestments in a venture capital corporation (31 percent ownership) and a retirement home limited liability company (42 percent ownership) w hich are accounted for on the equity method, and an approximate i percent investment in a telecommunications corporation w hich is carried at cost. In estments - decommissioning trust fund is a legally restricted external trust fund and consists primarily of U.S. Treasur, notes, other bonds and notes, common stock and mo,ey market funds. i h ........................
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8.................... Centrol lowa Power Cooperative and Subsidiary (/ Notes to Consolidated Financial Statements gontinued) December 31,1995 and 1994 Other investments consist primarily of U.S. Treasury notes, other bonds and notes, common stos k and money market funds. Note receisable from an affiliated joint venture bears interest at 8.30 percent to 8.65 percent, and is due in quarterly installments of $29,600 including interest through May 2010. The Company adopted Statement of Financial Accounting Standards No.115 (SFAS No.115) effective January 1,1994. Under SEAS No.115, the Company's investments in marketable Jebt and equity securities must be classified at acquisition. (j) Pension Plan The Company's policy is to fund pension costs accrued. (k) Deferred Charges Deferred charges consist principally of a special assessment estabhshed by the Energy Policy Act of 1992 for decontamination and decommis-sioning of the Dcpartment of Energy enrichment facilities and repricing costs incurrcJ to obtain lower interest rates on long term debt. These costs are being recovered through rates over various amortization periods as follows: the special assessment,15 years ending in 2007, and the repricing costs,17-21 years ending in 2014. The amount of these costs to be amortiicd in 1996 has been reflected as a current asset on the balance sheet. (1) Cash Equivalents Cash equivalents of $32,248,793 and $19,157,932 at December 31,1995 and 1994, respectively, consist of CI C commercial paper and principal payments on mortgage notes paid in advance of the duc date. For purposes of the statements of cash flows, the Company considers all highly liquid in estments with origina! maturities of three months or less to be cash equivalents. (m) Fair Value of FinancialInstruments Fair value estimates, methods, and assumptions are set forth below. Cash and Cash Equivalents, Accounts and Other Receivables, Interest Receivable, Accounts Payable and Advances from Members The carrying amount approximates fair value because of the short-term nature of these instruments. Investments and Note Receivable It was not practicable to estimate the fair value of investments in associated and other organizations. The investments in associated organiza-tions are carried at their original cost, adjusted for patronage capital allocations. The untraded capital term certificates currently bear interest at 3 percent to 5 percent and primarily mature in 2020 through 2080. The patronage capital allocations are noninterest-bearing and mature based upon the granting cooperatives' policies. The investments in untraded other organizations are accounted for on the cost or equity method The fair value of investments-decommissioning trust fund and other investments are based on quoted market prices published in financial newspapers or quotations received from securities dealers. At December 31,1995, the estimated fair value of investments-decommissioning trust fund and other investments were $7,659,562 and $7,846,367, respectively. The carrying value of the note receivable approximates the f air value. Long-Term Debt The fair value of long-term debt is calculated by discounting scheduled cash flows through maturity using estimated market discount rates. The discount rate is estimated using the rates currently offered for long-term debt of similar remaining maturities. At December 31,1995, the Company estimated the fair value of its long-term debt as $252,000,000. . Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instru-ment. Because no market exists for a portion of the Company's financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. (n) Reclassifications Certain amounts for 1994 have been reclassified to conform to the 1995 presentation. Note 2: Electric Utility Plant in Service The maior classes of electric utility plant in service at December 31,1995 and 1994 and depreciation and amortization for 1995 and 1994 are as follows: Depreciation and Composite Cost amortization rates 1995 1994 1995 1994 % Intangible plant $ 554,170 289,298 11,372 6,121 4.00 Production plant 235,288,942 230,215,863 7,518,944 7,301,792 3.10-3.50 Transmission plant 98,506,125 89,443,205 2,341,299 2,156,597 2.75 Distribution plant 454,256 454,256 12,914 12,915 2.75 General plant 6,902,375 6,739,202 482.117 470,392 3.00-16.00 Electric utility plant in service 5 341,705,868 327,141,824 10,366,646 9,947,817 e a e e e e e e e e e e e e o e e e e e .e e e e e e e e e e e e e e e e e e o e e e e e
) )
....................... 4....................... si Note 3: Non-utility Property At December 31,1995, and 1994, non-utility property consists of the following: 1995 1994 Plant site held for future use - Guthrie County 2,687,809 2,687,809 I h1issouri River site "' 792,825 1,845,251 l Lake and dam - Guthrie County 1,228,609 1,228,609 l Wilton operation center 650,000 650,000 Equipment 1,445,001 1,412,098 Golf course property and equipment 1,560,572 1,520,337 Other property 568,942 1,071,311
$ 8,933,758 10,415,415
During 1995, the company decided that the jointly owned hiissouri River site would no longer be held for future use, In conjunction with that decision, a write-Jown of approximately $1 million was made to carry the site at estimated fair market value. The Company and its joint own-l ers intend to sell the site. '
Note 4: Investments At December 31,1995, investments-decommissioning trust fund and other investments were classified as available-for->ak and consisted of the following: Decommissioning Trust Fund Other Investments Amortized Unrealized Unrealized Starket Amortized Unrealized Unrealized Alarket Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury notes $ 1,020,973 95,817 - 1,116,790 4,628,096 331J05 - 4,959,401 Other bonds and notes 540,489 17,387 4,312 553,564 65,000 - - 65,000 Common stock 4,273,080 1,150,296 40,033 5,383,343 1,823,125 47,079 44,023 1,826,181 hloney market funds and other 605,865 - - 605,865 995,785 - - 995,785 Totals 5 6,440,407 t,263,500 44.345 7,659,562 7,512,006 378,384 44,023 7,846,367, At December 31,1994, investments-decommissioning trust fund and other investments consisted of the following: Decommissioning Trust Fund Other Investments Amortized Unrealized Unrealized N1arket Amortized Unrealiied Unrealized Starket Cost Gains Losses Value Cost Gains L.osses Value U.S. Treasury notes 5 - - - 4,016,875 - 177,515 3,839,360 Other bonds and notes 835,126 20,298 46,481 808,943 594,860 44,160 - 639,020 Common stock 3,688,044 291,360 174,213 3,805,191 - - - - Aloney market funds and other 773.153 - - 773,153 2,505.893 - 9,987 2,495,906 Totals $ 5,296,323 311,658 220,694 5,387,287 7,117,628 44,160 187,502 6,974,286 Note 5: Other Equities At December 31,1995, and 1994, other equities consist of the following: 1995 1994 Unallocated margin $ 2,309,453 1,909,555 Reserve for contingent losses 12,727,630 12,727,630 Surplus 6,901,632 6,492,077 Unrealiicd gain in market value of investments 1,553,516 -
$ 23,492,231 21,129,262 The reserve for contingent losses is a discretionary reserve established by the Company for unexpected tuture losses.
325 7 a, 4
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.....................pp .................... Centrahowa Power Cooperative and Subsidiary L/ Notes to Consolidated Financial Statements gonnnuea December 31,1995 and 1994 Note 6: Long-term Debt At December 31,1995, and 1994,long-term debt consists of the following: 1995 1994 RUS,2% and 5% mortgage notes payable, due in quarterly installments approximating
$1,498,000 adjusted quarterly, including interest, maturing through June 2019 $ 65,786,165 60,991,334 I cderal Financing Ilank (H B),5.418% to 10.584% mortgage notes payable, guaranteed by the RUS, due in quarterly installments approximating $3,313,0000, including interest, maturing from December 2010 through 2020 141,919,965 132,096,719 CI C,7% mortgage nes payable, due in quarterly installments approximating $293,000, including sterest, maturing from December 2006 through December 2015 9,245,047 9,748,831 CI;C, variable interest rate (6.2% at December 31,1995) notes payable, due in quarterly installments approximating $286,000 adjusted quarterly, including interest, maturing ,
through h1 arch 2027 14,135,766 14,300,405 i Cl C, variable interest rate (6.2% at December 31,1995), notes payable, due in quarterly l installments approximating $27,000 including interest, maturing through September 1999 425,086 516,726 i CI C,6.125% mortgage notes payable, due in quarterly installments approximating $56,800, ! including interest, maturing through March 2014 2,486,886 2,559,050 CFC,9.75% mortgage note payable, due in quarterly installments approximating $19,700, including interest, maturing through December 2008 579,326 600,621 Cooperative members, vaiiable interest rate (6.35% at December 31,1995) unsecured notes payable, due in quarterly installments approximating $29,000, including interest, maturing on October 1,2005 852,753 914,417 City of Council Bluffs, Iowa 5.75% to 6.125% Pollution Control Revenue Bonds guaranteed l by CI:C, due in semi-annual installments ranging from $85,000 to $165,000, maturing on December 1,2007 2,930,000 3,090,000 1.ouisa Countv, Iowa, 3.70 % - 4.65 % Pollution Control Resenue Lionds guaranteed by CFC, due in annual installments ranging from $230,000 to $305,000, maturing on December 15,2003 2,125,000 2,345,000 Eastern Iowa I ight and Power Cooperative,4% - 7% capital lease obligations, due in quarterly installments, including interest, approximating $190,000 through second quarter 1998, and $50,000 adjusted quarterly thereafter through 2013 2,783,237 2.934,795 National Cooperative Services Corporation (NCSC),8.30% to 8.65% mortgage notes payable, due in quarterly installments approximating $29,600, including interest, maturing through May 2010 1,124,670 - Note payable,9.5%, due in annual installments approximating $6,500, including l interest, maturing Januarv 1999 16,383 20,925 Total long-term debt 244,410,284 230,118,823 l [ ess current maturities 9,286,032 8,3 86.0 H l Total long. term debt, less current maturities $ 235,124,252 221,732,790 The aggregate maturities of long-term debt for each of the five years mb>equent to December 31,1995 are as follows: 1996, $9,286,032; 1997, $8,918,521; 1998, $9,379,024,1999, $9,834,461, and 2000, $10,278,458. At December 31,1995, the Cooperatise had $10,000,000 of unadvanced funds available under a short term Une of credit agreement with CFC which expires in November,1996, and approximately $3,000,000 of unadvanced funds available for various construction projects. The Cooperative has received preliminary approval from the RUS,1 FB and CFC for an additior:21 $54,600,000 of funds available for various construction projects. Final approvalis penJing the completion of certain conditions as specified in the preliminary appros al. All assets of the Company are pledged to secure the long-term debt to RUS,I FB and CFC. Notc7: Pension Plan The Company participates in a multi-employer pension plan which covers substantially all employees. The accumulated plan benefits and net assets of the plan are not determined or allocated separately by individual employer. Pension expense for the years ended December 31,1995 and 1994 amounted to $406,000 and $361,000, respectively.
5
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I l 1 1 Note 8: Income Tax Status The C(operative is a nonprofit corporation under the laws of Iowa and is exempt from federal and state income taxes under applicable tax CIECO is organi/cd as a taxable cooperative under the laws of Iowa. At December 31,1995, CIECO had net operating loss carryforwards of approximately $1,100,000 for federal income tax purposes available to reduce future federal taxable income through 2008. CIECO also has unused investment tax credits of approximately $44,000 available to reduce future income taxes through 2000. For financial reporting purposes, a portion of the tax loss carry forward and unused investment tax credits have been applied to climinate net deferred tax credits. To the extent the tax loss carry-forward anJ investment tax credits are used to offset income taxes for tax purposes, nei deferred tax credits will be restored at the then current rat es. Note 9: Jointly owned Electric Utility Plant The Cooperatise's share of jointly owned generating facilities as of December 31,1995,is reflected in the following table. These facilities pro-vide approximately 50% of the Cooperative's total generating capacity. The Cooperative is required to provide financing for its share of the units. The Cooperative's share of expenses associated with these units is included wi:h the appropriate operating expenses in the statements of revenue and expenses. The following table provides the net balance recorded in the Electric-Utility Plant by facility, at December 31,1995. Percentage Capacity Flectric Facility Ownership MW Utility Plant, Net DAlC 20.0 % 107 $80,620,799 Council liluffs Unit No. 3 11.5 78 24,373,093 Louisa Generating Station 4.6 32 19,464,164 Note 10: Commitments and Contingent Liabilities The Cooperatise has entered into an agreement with IPSCO Inc. to provide electrical service for IPSCO Inc/s manufacturing facility under construction in Montpelier, Iowa. In accordance with the agreement, the Cooperative must furnish and maintain certain transmission facilities, transmission lines, switching stations and other items (collectively " Facilities"), as defined in the agreement. The Cooperatise will be responsible for up to $23,000,000 of the cost of constructing the Facilities, subject to certain conditions as defined in the agreement. Upon completion of its manu. facturing facility, IPSCO Inc., will pay a monthly customer charge to the Cooperative regardless of the amount of power used by IPSCO Inc. In aJdition, IPSCO Inc. will pay certain other charges as defined in the agreement. If IPSCO Inc. does not complete its manufacturing facility or ceas- i es to purchase power through the Cooperative, IPSCO Inc. is obligated to pay the Cooperative for its amortized investment in the Facilities as I defined in the agreement. Financing for the Facilities to be constructed by the Cooperative has been approved by the RUS The Cooperative is committed under a subscription agreement with an affiliated venture capital corporation to purchase the remaining one-half of their subscribed preferred shares at a price of $1,650,000 upon 60 day s notice from the corporation's officers. The Cooperative's operations and activities with respect to its coal-fired facilities are subiect to developing environmental legislarLm and regu-lations by Federal and State authorities. Recent amendments to the Federal Clean Air Act require utilities, including the Cooperatise,:o comply with more restrictise emissions standards commencing in 1995. The Cooperatis e is recovering any increased costs resulting from compliance with the environmentallegislation through increased rates. The Price- Anderson Amendments Att of 1988 (1988 Act) provides DAEC with the benefit of $8.9 billion of public liability coverage consist-ing of $200 million of insurance and $8.7 billion of potential retroactive assessments from the owners of nuslear power plants. Under the 1988 Act, DALC could be assessed a maximum of $79.3 million per nuclear incident, with a maximum of $10 million per year (of which the Cooperatise's 20 percent ownership portion would be $15.9 million and $2 million, respectisely),if losses relating to the accidents exceeded $200 million. Pursuant to provisions in various nuclear insurance policies, DAl C could be assessed retroactive premiums in connection with a future accident at a nuclear facibty owned by a utility participating in the particular insurance plan. With respect to primary and excess property damage and replacement pow er coverages, DAl C could be assessed a maximum of $12.9 million and $0.7 million, respectively, if the insurer's losses relating to an accident exceeded its reserves of which the Cooperathe's 20 percent ownership would be $2.58 million and $0.14 million. While assessments may also be made for losses in prior y cars the Cooperative is not aware of any losses in 3uch y cars that it believes are likely to result in an assessment. 1 1 i l R).......................
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,. i f Central lowa Power Cooperative and Subsidiary (L/ l Ten Year Financial Summary Unattdited 1995 1994 1993
SUMMARY
OF OPERATIONS Operating revenue $ 90,023,805 85,714,391 86,228,741 Operating expenses and interest: Purchased power 6,606,936 6,118,306 9,492,228 Operations, maintenance and other 45,076,834 41,564,483 36,156,917 Member services 2,407,089 1,767,958 1,530,166 Administrative and general' 2,936,127 3,039,463 3,795,594 Depreciation and amortization 10,449,639 11,375,564 10,799,746 Decommissioning provision 1,824,330 1,594,812 1,770,725 Property and other taxes and insurance 6,670,838 7,182,612 7,044,412 Net interest charges 14,786,377 14,097,906 15,061,130 Total operating expenses and interest 90,758,170 86,741,104 85,650,918 Margin (loss) before other revenue (734,363) (1,026,713) 577,823 Other revenue 3,043,818 2,936,268 1,887,856 Net margin $ 2,309,453 1,909,555 2,465,679 ASSETS Electric utility plant $ 413,216,505 397,021,724 384,457,411 I ess accumulated depreciation and amortization 194,007,022 180,772,357 168,641,832 Net electrie utility plant 219,209,483 216,249,367 215,815,579 Net non-utility property, investments, and note receivable 36,957,633 33,248,839 30,267,892 Current assets 51,290,287 37,169,726 36,184,307 Deferred charges 9,803,040 11,001,26S 6,442,156 Total assets $ 317,260,443 297,669,200 288,709,934 CAPITALIZATION AND LIABILITIES Members' equity $ 43,282,394 39,465,790 37,745,673 1.ong-term debt 235,124,252 221,732,790 215,429,551 Cur rent liabilities 22,346,204 21,758,749 22,728,477 Decommissioning reserves 13,744,507 11,920,177 10,325,365 Special assessment and other liabiliti:s 2,763,086 2,791,694 2,480,868 Total capitalization and liabilities $ 317,260,443 297,669,200 288,709,934
"' Not restated to reflect consolidation of majority mened subsidiary, CIECO.
- Beginning in 1994, certain salaries, benefits, and other costs previously classified as administrative and generalhave been reclassified as member servico or operations, maintenance and other to be more reflective of the services provided.1' ears 1993 thi h 1986 have not been reclassified on a comparative basis as it seas not practical.
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1 1992 19910' 1997 " 1989'" 1988"' 1987(" 1986"> 82,750,091 80,783,023 76,062,827 72,678,218 71,552,131 68,805,228 67,660,629 l l l 6,238,944 5,093,377 6,994,000 3,271,280 1,911,799 4,511,217 3,228,972 36,718,806 37,160,245 32,720,503 33,383,176 34,725,741 31,144,655 29,791,316 l 1,101,637 982,531 794,000 529,285 645,776 463,929 431,887 1 4,404,458 3,629,407 3,221,043 2,853,246 1,964,679 1,782,692 1,493,403 l 10,205,712 9,398,207 10,788,846 9,400,390 9,377,277 8,910,470 8,546,967 1,204,770 1,009,870 1,725,699 1,001,790 1,028,832 929,960 838,831 7,055,071 7,374,852 6,715,566 6,469,109 6,112,232 5,784,505 5,527,953 , 15,482,054 15,453,492 15,237,629 15,283,640 14,830,577 15,323,888 15,769,131 l 82,411,452 80,101,981 78,197,286 72,191,916 70,596,913 68,851,316 65,630,460 l 338,639 681,042 (2,134,459) 486,302 955,218 (46,088) 2,030,169 2,000,743 2,090,006 4,098,528 2,093,041 1,744,943 1,713,438 1,726,608 l 2,339,382 2,711,048 1,964,069 2,579,343 2,700,161 1,667,350 3,7'>6,777 371,882,103 361,894,125 348,703,621 351,945,766 339,859,546 315,296,237 305,693,465 156,930,198 145,171,769 133,099,805 137,980,323 127,792,910 117,308,959 107,009,719 214,951,905 216,722,356 215,603,816 213,965,443 212,066,636 197,987,278 198,683,746 28,352,028 23,142,382 18,448,543 16,234,231 16,301,544 14,016,197 11,290,315 18,749,147 19,900,184 23,024,779 22,686,762 19,708,998 29,492,565 29,299,708 5,197,969 3,986,348 5,012,018 7,537,685 9,343,599 10,335,627 11,591,849 267,251,049 263,751,270 262,089,156 260,424,121 257,420,777 251,831,667 250,865,618 35,279,994 33,418,329 30,707,281 28,743,212 26,163,869 23,495,994 21,828,644 202,507,475 204,381,424 209,197,377 213,767,922 212,957,991 213,794,778 215,331,259 18,411,229 18,601,647 15,904,498 13,358,686 14,746,407 12,017,216 12,111,996 8,554,640 7,349,870 6,280,000 4,554,301 3,552,510 2,523,679 1,593,719 2,497,711 - - - - - - 267,251,049 263,751,270 262,089,156 260,424,121 257,420,777 251,831,667 250,865,618 i
.g...................
Member Cooperative Operating Statistics Unaudited Adams Clarke East-Central Eastern Farmers Guthrie Einn I
SUMMARY
OF OPERATIONS: I Operating Revenue $ 2,467,064 5,589,762 11,638,267 26,584,135 7,546,948 5,469,676 15,661,687-Purchased Power 1,389,869 2,827,294 7,457,996 17,338,975 4,797,487 3,109,082 10,435,479 Operating Expenses 608,817 1,488,194 1,987,641 4,298,415 1,327,848 1,341,790 2,699,347 Depreciation 194,279 436,291 571,229 1,672,847 529,089 339,014 724,294 Tax Expense 59,223 187,351 235,856 556,701 164,557 130,937 333,260 Interest Expense 206,128 496,728 827,010 1,140,708 554,737 400,826 1,291,288 Total Cost - Electric Service 2,458,316 5,435,858 11,079,732 25,007,646 7,373,718 5,321,649 15,483,668 Operating Margins 8,748 153,904 558,535 1,576,489 173,230 148,027 178,019 Non-operating Margins & Capital Credits 122,587 213,013 404,831 734,070 238,549 298,562 339,731 Patronage Capital or Margins $ 131,335 366,917 963,366 2,310,559 411,779 446,589 517,750 ASSETS AND OTHER DEBITS: Total Utility Plant $ 6,474,713 15,800,096 23,945,817 58,257,303 17,106,572 12,525,977 29,759,930 Accumulated Depreciation
& Amortization 2,103,566 5,428,672 5,913,503 16,955,545 4,486,997 4,852,905 6,379,689 Net Utility Plant 4,371,147 10,371,424 18,032,314 41,301,758 12,619,575 7,673,072 23,380,241 Property & Investments 1,075,976 1,741,296 3,383,306 10,884,103 2,086,661 1,505,887 3,458,210 Current & Accrued Assets 1,065,738 2,509,100 4,367,986 6,622,511 3,061,865 4,228,046 2,794,365 Deferred Debits 6,173 22,619 9,873 (5,821) 33,194 -
199,266 Total Assets & Other Debits $ 6,519,034 14,644,439 25,793,479 58,802,551 17,801,295 13,407,005 29,832,082 LIABILITIES AND OTHER CREDITS: Margins & Equities $ 2,210,142 4,591,986 11,350,921 30,049,666 6,587,563 5,148,383 8,830,636 Long Term Debt 4,075,123 9,369,429 13,623,632 25,694,866 10,173,723 7,631,941 17,532,534 Current & Accrued Liabilities 223,966 608,741 788,267 2,738,168 721,009 619,055 3,446,265 l Deferred Credits & Misc. Oper. 9,803 74,283 30,659 319,851 319,000 7,626 22,647i Total Liabilities & Other Credits $ 6,519,034 14,644,439 25,793,479 58,802,551 17,801,295 13,407,005 29,832,082 OTHER STATISTICS: Miles of Line 782 1,749 2,174 4,456 1,764 1,385 1,743 ' Consumers Served 1,648 4,244 7,145 19,869 4,719 4,645 12,606 Consumers Per Mile 2.1 2.4 3.3 4.5 2.7 3.4 7.2 - kWhs sold per consumer 15,763 11,815 19,616 15,961 20,904 13,509 14,105 MWh Sales 25,977 50,142 140,157 317,137 98,644 62,751 177,805 Annual Revenue per Consumer $1,497 $1,317 $1,629 $1,338 $1,599 $1,178 $1,242 ; Plant Investment per Consumer $3,929 $3,723 $3,351 $2,932 $3,625 $2,697 $2,361
- This data represents the combined service territories of Grecae County Rural Electric Cooperative and Hardin County Rural Electric Cooperative.
....................... SQ ;.......................
,,/ l
( s l l l l l Maquoketa Manhall Midland
- Nyman Pella Rideta T.1. P. Total l
l l 17,378,930 5,837,468 14,154,536 2,055,922 3,226,391 3,214,670 8,587,754 129,413,210 12,343,236 3,774,145 8,914,364 1,105,998 2,092,037 1,653,149 5,377,873 82,616,984 1 2,850,366 1,153,637 2,460,909 571,417 606,271 747,330 1,719,340 23,861,322 786,470 340,392 1,014,761 112,764 150,470 269,284 399,106 7,540,290 316,601 134,659 315,844 50,229 66,538 104,026 160,285 2,816,067 l 639,024 318,071 973,899 122,183 173,798 263,483 417,207 7,825,090 16,935,697 5,720,904 13,679,777 1,962,591 3,089,114 3,037,272 8,073,811 124,659,753 443,233 116,564 474,759 93,331 137,277 177,398 513,943 4,753,457 545,849 193,402 304,663 47,237 142,917 86,989 302,686 3,975,086 1 1 989,082 309,966 779,422 140,568 280,194 264,387 816,629 8,728,543 l l l l l 28,789,259 11,633,101 33,990,505 4,400,542 6,246,367 9,814,487 15,695,216 274,439,885 l 11,229,124 4,402,851 9,079,480 1,494,877 2,197,902 3,033,000 4,694,691 82,252,80? l l 17,560,135 7,230,250 24,911,025 2,905,665 4,048,465 6,781,487 11,000,625 192,187,083 ' 5,083,451 1,721,098 3,474,810 561,043 1,213,865 822,725 2,159,960 39,172,391 j 6,366,457 2,929,033 3,579,626 448,165 1,185,018 979,536 3,444,355 43,581,801 1 58,248 1,706 57,816 5,455 9,174 - 5,017 402,720 29,068,291 11,882,087 32,023,277 3,920,328 6,456,522 8,583,748 16,609,857 275,343,995 15,498,252 4,694,197 12,046,673 1,439,267 3,055,084 2,632,259 8,549,576 116,684,605 11,745,970 6,614,592 18,437,939 2,261,431 3,088,607 5,490,550 7,187,247 142,927,584
- 1,688,671 566,102 1,518,669 213,316 304,464 375,173 860,854 14,672,720 l 135,398 7,196 19,996 6,314 8,367 85,766 12,180 1,059,086 l 29,068,291 11,882,087 32,023,277 3,920,328 6,456,522 8,583,748 16,609,857 275,343,995 l
3,009 1,074 2,782 592 588 1,215 1,725 25,038 11,993 4,112 8,244 1,416 2,130 2,561 5,392 90,724 4.0 3.8 3.0 2.4 3.6 2.1 3.1 3.6 17,769 16,235 20,979 14,956 17,470 12,312 18,315 16,689 213,107 66,758 172,948 21,177 37,212 31,531 98,755 1,514,101
$1,449 $1,420 $1,717 $1,452 $1,515 $1,255 $1,593 $1,426
$2,401 $2,829 $4,123 $3,108 $2,933 $3,832 $2,911 $3,025
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- Corning I 5' Clarke Electric Cooperative, Inc.
- Osceola Eos ern I aLght o d
Cooperative; Darrel Heetland, T. l. P. E.u t-Central lowa Rural Electric Cooperative
- Vinton Rur ric Cooperativ ; Dorothy
, ,9 ,, p, Eastern Iowa Light and Power Cooperative
- Wilton
- Electric Cooperative; Timothy Farmers Electric Cooperative, Inc.
- Greenfield nc. Jo n iet k , farme E t Guthrie County Rural Electric Cooperative
- Guthrie Center Cooperative, Inc.; and John Smith, Linn County Rural Electric Cooperative
- h1arion Pella Cooperative Electric Association. .
, Sected from the lef t: Kenneth Stone, hiaquokera Valley Rural Electne Cooperative
- Anamosa Adams County Cooperative Electric hlarshall County Rural Electric Cooperative a h1arshalltown Co. and Nyman Electric Cooperative, .
- inc.; Kim Colberg tinn County Rural hiidland Power Cooperative
- Jefferson
- Electric Cooperative; Franklin f%s, Nyman Electric Cooperative, Inc.
- Stanton l Guthrie County Rural Electric .
Cooperative; Tom Killebrew, Clarke Pella Cooperative Electric Association
- Pella l
t Electric Cooperative, Inc.; David Rideta Electric Cooperative, Inc.
- hiount Ayr Ferris, South towa Municipal Electric Cooperative Association; and Donald South Iowa hiunicipal Electric Cooperative Association (SIh1ECA)
- 5everson, Midland Power Brooklyn, Cascade, Corning, Eariville, Fontanelle, Gowrie, a Cooperative. Not pictured, Martin I Gardner, East-Centrollowa Rural Greenfield, Lamoni, Lenox, Stuart, Villisca, Winterset l Electric Cooperative, and Daniel T.I.P. Rural Electric Cooperative
- Brooklyn Bohlke, Marshall County Rural Electric Cooperative.
Central Iowa Power Cooperative 1400 Ilighway 13 S.E.
. . P.O. Box 2517 T~
#I Cedar Rapids, Iowa 52406 a 0 -~ t 7.c. ,
319-366-8011 r - p 'w
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