ML20117M464
| ML20117M464 | |
| Person / Time | |
|---|---|
| Site: | South Texas  |
| Issue date: | 01/31/1996 |
| From: | Emerson A, Von Rosenberg SAN ANTONIO, TX |
| To: | |
| Shared Package | |
| ML20117M337 | List: |
| References | |
| NUDOCS 9609170452 | |
| Download: ML20117M464 (38) | |
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PROFILE OP CITY PUBLIC SERVICE City Public Service is one of the largest municipal utihties in the country, serymg 519,269 electric cut tomers throughout its 1,566 square mile rervice area; The gas system supplies 299,167 customers in the San Antonia urban area. CPS generates power for its customers at two coal-fired and five natural gas fired plants with a combined capacity of 3,815 raagawatts in the San Antonio area. The utility also owns 28 percent of the South Texas Project nuclear plant on the Texas coast, which adds another 700 megawatts of capacity. The gas system is comprised of 4,023 miles of gas lines through which natural gas is delivered to CPS customers. The CPS goal is to produce reliable, low <:ost energy to serve the San Antonio area, which has a population of approximately 1.4 million Tourism, manufacturing, construction, insurance, retailing and medical care have been the traditional economic mainstays, along with one of the largest concentrations of military installations in the US In recent years, San Antonio has broadened its economic base to include numerous firms in the fields of electronics, data processing, biotechnology and telemar-keting. Purchased bv the City of San Antonio in 1942, the utility is governed by a fivemember Board of Trustees, which includes the Mayor of San Antonia City Public Service had 3,565 employees as of January 31,1996.
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1 SIGNIFICANT FACTS FOR THE YEAR Gross revenue increased $21,694.000 to $914 850,000 Fuel and operating and maintenance expenses increased $6,478,000 to. ...$454,714,000 City payment increased $3,070,000 to $122,922,000 Long term debt service requirements on bonds increased $1,604,000 ta.... ..$211,013,000 Maximum electric system load increased 197,000KW to 3,249,000 KW 12,623 electric customers were added to total 519,269 KWH sales increased 5 6% to.. 14,255,289,817 KWH Cost to residential customer per KWH decreased 1.8% to 6.43c 2,967 gas customers were added to total 299,167 MCF sales increased 2.5% to 25,302,948 MCF Cost to residential customer per MCF of gas decreased 3.6% to... $5.09
SUMMARY
OF APPLICATION OF REVENUES (S000s) Gross revenue for 199596. $914,850 Application of revenue: Fuel, purchased power, and resale gas $203,337 Other operating and general expenses. 172,745 Maintenance of the systems 78,632 For debt requirements and other interest $240,338 Interest charged to construction. 2.818 Net debt requirements and other interest $237,520 Payments to the City of San Antonio. 122,922 Balance from operations available for construction 99 694 Total $914,850 Gross amount spent for replacement, improvements and expansion of gas and electric systems. $153,326 Funds obtained front Operations - $99,694 Commercial Paper 33,299 Bond Construction Fund.. 16,109 Improvements and Contmgencies fund. (3,537) Contributions and advances in aid of construction. 7,727 Sale of' property.. .. 34 Total . $153,326 e h
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. ,,s 4 Nundamental changes rarely happen suddenly to an industry. Rather, change usually occurs as a gradual ' metamorphosis in response to changing needs and demands. ,
. In the elec6ic utility business, however, change is coming quickly. The Public Utility
$ Commission m Texas, for example, has approved rules which provide for the unrestricted use of -
[ transmission lines for wholesale transactions across the state. New PUC rules also call for the sep'a- - l4t n, ration of generation from transmission functions in each utility in an effort to promote competitive' f prices. As regulations continue to change, successful utilities will use all their resources to change * [\ r from a regulated environment in which they are required to provide service in a particular geographic area to a competitive one in which they must vie for customers. The succes's ful utiliti5s will emphasize reliability, competitive rates and, above all else, service to '- customers. They will draw on the skills of their employees and advancements in technology to meet
>the changing needs and demands.
CPS has a long history of reliability, competitive rates and good service but the utility will not
, rest on its laurels. Recognizing that those who stand still will be left behind as others make changes, CPS has taken steps during the year to continue preparing for a future that includes competition for both wholesale and retail customers. -
' CPS is ready to meet the challenge. Its operating and financial strengths give the utility the
(/ resou ces it needs to continue being successful and on which it can build in a competitive future.
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p Arthur R. Emerson Anhur von Rosenberg Chairman General Manager-jaf" , h 3 j s_ - s
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d Comparison of Residential Gas and Electric Bills for'the 20 Largest U.S. Cities l
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*+4 ':W FOCUSING ON CHANGE
, As the drama of deregulation in the utility industry unfolds, the reaction of many utilities has been to consol-idate in preparation for competition. Others fear change and prefer to sell their assets. City Public Service, San Antonio's natural gas and electric utility, falls into yet another category -- those that accept the challenge. As CPS navigates in uncharted waters, it anticipates the years ahead as an era of opportunity, especially if the utility's strengths are considered. CPS has always strived for excellence and fares well in performance comparisons with other utilities. Thus, CPS is positioned to embark on the changes that will take it into the competitive era. As one of the premier utilities in the country, CPS is in a good position to focus on change and use the changing utility business environment to the customers' benefit.
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* "Ourl Mission - * $,
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d To improve'the quality- G. ofhfefor custoniers'by. .
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1 I 7 j OPPORTUNITY: TO CONTINUE PROVIDING LOW-COST SERVICE i j is an efficient utility when measured by the most impmving existing plant capacity and efficiency and saving j important gauge -- rates. During 1995-96, CPS cus- more than $1 million per year. An on-line performance moni- ! tomer bills compared favorably with those of other toring system for the coal-fired J.T. Deely Power Plant saves f ** cities. CPS residential bills of $86.85 for 1,(XX) kilowatt hours $160,(XX) per year by determining the source of energy losses in l l of electricity and 5,(XX) cubic feet of natural gas were 33.6 per- the two units. A load demand computer is projected to save cent lower than the average bill for the 20 largest cities in the $428,0(X) per year by enhancing the load regulating capabilities
- country. The utility ranked second lowest among the nation's of the coal-fired Deely units, while a control system retrofit at
) 20 largest cities. CPS electric bills for 1,(XX) kilowatt hours also the Braunig Plant will extend the life of its three units and save 1 measured favorably within vy.ww wm mym.v, -.yp $437,000 per year, a t W
- Texas. The average electric bill NW . < N ,
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$62.86 for CPS customers, a 1, . 4 utility is reducing costs.
] 4 gn [$) { aavings of 18 percent to CPS g .s i g Operations troublemen can now 4
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j customers. y ' f restore both overhead and under-The utility's ability to pro- ground service by using special- , vide low-cost service is due in ly-equipped aerial basket trucks. part to efficiency at its power $. ~ Radar equipment in the trucks is I plants. The 1994 Utility Data Qgh used with electrical system maps , Institute study rated two CPS " on personal computers to quick-i ) i plants among the most cost efti- ly kicate the point of cable fail-1 J j cient in the nation. The coal- l yps g ure. Crews then isolate the fault, j fired Deely and Spruce power - M significantly reducing the i plants ranked 19th and 38th, amount of time required to 1 l respectively, in production costs - restore service.
- among 791 plants. The criteria ,
in its natural gas distribution included maintenance, operation business, CPS saves up to 5.5 {
- and fuel costs. percent on gas facilities con-t 3
CPS continues to pursue struction through the use of a j reduced operating expenses. For . coiled gas pipe technology. ]. example, CPS staff is studying the potential of using longer These 450-foot long polyethylene pipes replace the traditional coal-hauling trains to reduce the cost of shipping coal from 40-foot lengths for gas construction projects, reducing the num-Wyoming to coal-fired power plants. Lengthening trains from her ofjoints that require fusing. Fewer fused joints reduce labor i i 15 cars to as many as 128 also would replenish the coal inven- costs and enhance gas system reliability. I j tory more quickly, an important aspect of reliability. Trains 1I The utility also is evaluating the distribution of natural gas at 4 j percent larger would deliver the same annual volume of coal but higher gas pressures. This new standard would allow the use of j would reduce the number of unit train trips by 40. less expensive, smaller diameter pipes. i CPS is delaying the need to build new power plants by 1 i ll i
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8 OPPORTUNITY: TO CONTINUE ADDING VALUE TO SERVICE p g he 1995-96 fiscal year was a year of preparation for the the pilot program provides information on energy usage and future, a future that will be marked by increased use of outages. 1i technology to meet customer needs. CPS not only upgrades infrastructure through technology but
. CPS completed a major transmission project with the con- also uses technology to simplify functions. During the year, struction of the 345-kilovolt transmission loopjoining the high CPS began the purchasing process for the Integrated Mobile voltage system from western Bexar County to northeast San Data Communications System which will dispatch gas and elec-Antonio. Ilaving the 345 KV transmission kiop in place both tric service personnel electronically to correct problems. The enhances CPS electric system reliability and strengthens the tie system will monitor the location of crews and will issue elec-between CPS generation and off-system electric markets. In tronic work orders to personnel in the vicinity of the problem, addition, as CPS adds or rebuilds transmission lines, fiber optic significantly reducing response time. To aid them on service cable is being installed. Currently 60 miles of cable are in place calls, CPS employees will have access to digitized information representing the first phase of a 306-mile fiber optic backbone and facilities maps, improving their understanding of both CPS to be completed at the end of 1997. The fiber network will facilities and the customers' needs. Implementation of the sys-serve as the backbone for a communication system to enhance tem is forecast to save $1.4 million per year on labor, vehicle the transfer of data and automate load transfer functions. The expenses and system maintenance.
network ultimately will provide a segment of the communica-tion link between CPS and its indi-vidual customers, an important step in serving customers. 0 To test the viability of automat- ; ing the electric distribution system, - CPS is working to automate two dis- a tribution circuits in a pilot project jointly sponsored with the Electric Power Research Institute. The pro-ject involves communication with two distribution feeder circuits through a fiber optic network to
, allow CPS to control equipment on )
a the circuits. The project also will
, provide automated services to 134 single-family residences and 12 -
businesses so CPS can monitor resi-dential customer appliance use; automatically read gas and electric meters; and decrease energy demand by cy cling air conditioners, heat pumps and other high-usage appli- h,' ances. For commercial customers, .: . I
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p; ,74 y4 ji. _, -9 4j DPPORTUNITY: TO CONTINUE PROVIDING EXCELLENT CUSTOMER SERVICE 1 is recognized as a leader in addressing customer mated call answ ering systems. Customers can more efficiently , needs because it continuously enhances customer report outages and obtain account information 24 hours a day. service. The Texas Public Power Association pre- The llELP Line allows customers to report outages in Spanish , sented CPS the 1995 customer service award for utilities with and English through an interactive soice response unit. The 50.000 customers or more. Award-winning initiatives include a computerized system elicits responses from customers and customer call-back program during outages, customer notifica- records utility problems, then generates work orders so crews tion to avoid service disconnections for non-payment and high can be dispatched to restore service, success in collecting delinquent accounts during 1994. The Customer account information also is as ailable electronically, award also cited a summary billing program for customers with Ily dialing the EASY Line, customers can obtain basic billing multiple k) cations. information and make payment arrangements 24 hours a day. Improved customer service has resulted from installing auto- Another service enhancement includes the use of 20 cus-
11 tomer service representatives to answer calls from their homes during emergencies such as after-hours storms. These represen- . . tatives use utility-installed data terminals and telephone equip- . ment to take calls immediately when an emergency begins I ;~ rather than traveling to the office. D:y ... i. pr%7 : L?;i9. af1;
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The CPS Electronic Payment Plan affords convenience to fi
* ..s ~ j customers by automatically deducting their utility payments -
^ q Fq .f from their bank accounts. The payment program completed its d,{W dsq '.C first anniversary during the 1995-96 fiscal year with 1 I,734 cus- l
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, y to improve reliability and make service more widely available in outlying areas. The utility expects to complete the project during '
the next five years. In the meantime. CPS is directing market-ing efforts to developers and businesses by emphasizing the sav-
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OPPORTUNITY: TO CONTINUE SERVING AS A GOOD CORPORATE CITIZEN n the face of cost-cutting, many organizations reduce their CPS informs its customers about energy-related topics. For - I commitment to the community. CPS, however, con the fourth consecutive year, the utility co-sponsored "Our its role as a good corporate citizen through a variety of pro- llouse," the 13-week television series on energy conservation grams. through home improvement. In addition, the gas and electric CPS improves the appearance of the community by offering utility staff gave 95 energy and conservation-related presenta-design alternatives for everhead lines and by converting some tions, reaching 3,382 persons. CPS hosted power plant tours, overhead lines to underground service. The Overhead participated in career days and loaned videos on utility topics to Conversion Fund appropriates I percent of retail electric sales schools, to convert some existing overhead service to underground in Active and retired employees assisted the community by projects identified by the City of San Antonio and surrounding contributing more than $486,000 to the local United Way cam-governmentaljurisdictions. paign. More than 1,100 employees volunteered 11,650 hours in the community and wemwww wwmmmm
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to exhibit winners of n% (e g4 < an art contest spon-y [ ' sored by a local school
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/ A Citizens Advisory Committee, established during the year, provided the util-ity valuable feedback on customer needs and <
utility resource plan-
- ning. The committee represents business and community lead-ers, as well as a cross Gas and electric safety remains a priority. The extensive section of ethnically-diverse, socio-economic groups. Identify-CPS safety education campaign consisted of 447 programs to ing ways to improve service places CPS in an advantageous 54,025 persons at schools and in civic and business groups. position.
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SUMMARY
Efficiency at City Public Service is a core value of the organization. Minimizing costs while adding value to its products has long _ been the CPS philosophy, a philosophy that has produced an environment conducive to technologicalinnovations. This corporate culture, coupled with the municipal utility's more than 50 years of experience in the industry, gives CPS a competitive edge as g the utility looks ahead to a deregulated
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. In the dawn of a new era, City Public Service proudly accepts the opportunity to
^ compete. The utility's favorable bond jl ratings, low rates, competitive production costs and excellent customer service place CPS in an advantageous position.
.. Competition provides the opportunity for
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CPS to sharpen its focus as the utility looks [, _ for more ways to maximize efficiency. CPS will continue to provide low-cost service through conservative financial strategies, i1 , . fuel diversification, cost reductions and
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utility will continue to upgrade infrastruc-
~ .
e ture and improve processes through technol-
- f' ogy. As CPS examines new methods of
~'
g providing convenience for customers and
, M addressing their needs, excellence in A3
,., customer service will continue to be the
' ' ' o
. standard.
, ,. The years ahead will be challenging.
'i CPS embraces the opportunity of meeting M
the needs ofits customers. The municipally-w-. - ' owned utility is poised to provide safe and
* . *ts i _f _
reliable natural gas and electric service at low rates in a deregulated and competitive marketplace. l
4 14 ! OPERATIONAL AND FINANCIAL REVIEW FOR 1995-98 nB n WH s In Ya a M[r l 30 24.8 ^ ' 25 4 - 25.3 - 26.3 - ' 24.7 1992 Electric Generation by Fuel Type in Bilhon KWH
. * . p- yp 1996 H.s l
1995 13 8 1994 13.4 . nm:r 1993 12.7 1992 . . 12.5 f Nuclear . Coal
- Gas 0:1 fin al Years Endmg January .fi
i 15 l l l l gG Q8' hmReg sion during the year was Citicorp which increased to 519.269 at year end, up 2.5 enlarged its facilities and added 400 percent from the previous year. The
, y un iM8,g]VhTh m. new jobs. record number of electric customers and s
New home sales in 1995 totaled high summer temperatures helped push usa L mropriliL 4 r,wq wu i 5,402, a robust showing in the housing electric sales to an all-time record of as4 N MN7 "" market. Sales are expected to increase 14.3 billion kilowatt hours, a 5.6 per-an Mg@g ,, between 5 and 10 percent in 1996. At cent increase over last year, and was the same time, housing starts numbered partially responsible for new peak au 6,*gdP7 MLy pu i 1 5,306 in 1995, with the third quarter of demand and 24-hour usage records. n.,,,,, u .,o-...,, the year reaching the highest level in The hourly peak demand for electricity n..e. n..._. n..._ any quarter in 10 years. increased 6.5 percent from the previous Retail sales provide another measure year with an all-time record of 3,249 City Public Service concluded a suc- of economic activity. At a time when megawatts set on July 27. The 1994-95 cessful year marked by growth, finan. many areas of the country experienced record for 24-hour usage was broken on cial strength and continued low rates, a decline, San Antonio retail sales dur- July 26 with the new level reaching Where there is growth, demand for ing 1995 are estimated to have 60,821 megawatt hours, a 7.4 percent natural gas and electric service increas- increased 5 percent over 1994. The increase over the previous year's maxi-es. San Antonio experienced growth State Comptroller of Public Accounts mum daily use. and brisk business activity during indicates that the steady growth in San The number of natural gas cus-1995-96. Antonio's retail sales since 1988 is tomers increased by 1.0 percent to a . The San Antonio area added 30,000 expected to continue. record 299,167. Despite mild winter jobs in 1995, the largest increase ever. The phase-out of Kelly Air Force weather in early 1995, sales increased Texas Workforce Commission figures Base represents new challenges and by 2.5 percent and totaled 25.3 million j i show total wage and salaried employ- opportunities in the city's economic MCF compared with 24.7 million MCF ' - ment reached 633,900 at the end of picture. The San Antonio City Council in 1994-95. 1995 compared with 603,900 a year has begun a privatization efTort for the earlier. San Antonio's rate ofjob base, in an effort to provide a new eco-Gross Revenue and Application of Revenue growth came to a robust 5 percent for nomic boost. The City Council In W1hons of Dollars the year. appointed seven members to the Local l "" Among the newjobs are 3,125 Redevelopment Authority, which is 85 Tl id[ b 5 brought to the city through the efforts responsible for privatization of the ,, gi,7pgM ,, of the Economic Development base's wr kload and attracting addi- l - -- - - Foundation. The 18 companies relocat- tionalindustries. An" industry day"in as4 F 9 ii T wn ' l ing to the city during 1995 equaled the the fall drew about 500 representatives "88 EM number of the previous year but from approximately 200 firms nation-l
,, gyrjiiin
.me brought nearly 43 percent more wide.
o,e,. , a w o, a..._ employment opportunities. The largest Business activity in San Antonio has ,- %.~.. a r.-. a .-+ Emperimes other beer.se Lenstrw tien of the new companies, Brylane L. E, produced increases in the number of employs 900. The most notable expan- utility customers. Electric customers ,, , ,
16 l l l l 1 Operating & Maintenance Expenses f r e al, CPS signed a favorable con- 3 percent. As a result oflower fuel and in Klhons of Dallar' tract with its long-term supplier to resale gas costs, the average revenue of *I issa extend the contract through 2000 and to 5.4 cents per kilowatt hour and $ 4.26 h{ J y S M [ sus . provide the balance of the coal require- per MCF were about 3.6 percent and ass Qas..W " ' sus g ments which have been purchased on 4.3 percent, respectively, lower than the 1994 h s'" the spot market. The utility expects to previous year.
.33 ,;;; gg' ,,, -
save $2 million in the contract's first Operating and maintenance expens-E year compared with the other options. es for the fiscal year totaled $454.7 mil-issa MissP hg~ sne The increased generation from the lion, up only $6.5 million from the pre-
,,r.. m. , .r - South Texas Project coupled with the vious year. Administrative and general
,w...
t..~
+n, l
performance of the coal units helped expenses accounted for $6.3 million of l reduce the average unit fuel cost. The the increase. cost of fuel for generation declined South Texas Project maintenance from $1.05 per million BTU in 1994-95 and operating costs, excluding fuel, Operations to $0.98 in 1995-96. Natural gas was were 590.2 million, an increase of $1.6 The South Texas Project nuclear used to generate only 12.5 percent of million compared with 1994-95. The plant, of which CPS is a 28 percent the total electricity, increase is attributed to $3.7 million I owner, recorded a successful year of more in decommissioning expenses operation. Despite refueling outages which were offset by decreases totaling for both units, the plant achieved capac- Revenue and Expenses . .
$2.1 milh.on m production costs and ity factors of 85.9 percent and 86.3 per- CPS recorded a good year financial- .
adm. .inistrative and general expenses. cent for units I and 2 respectively. ly with gross revenue of $914.9 million. l The utility's coal-fired units also The 2.4 percent increase from last performed well during the year, produc- year's revenue was due to strong elec- Construction ing 52 percent of the total generation. tric sales during the late summer. This year CPS capital additions The coal-fired plants continue to rank Revenue was moderated somewhat by increased $15.9 million for total con-among the most cost efficient in the lower fuel cost recoveries. struction expenditures of $167.3 mil-nation. In the Utility Data Institute's By contrast, gas revenue was down U n. M st of the increase resulted from ; 4 most recent study of average operating 1.9 percent from last year, totaling Funding of Capital Projects I in Mdhans of Dollars costs for 1994, the Deely and Spruce $108.6 million. The decline was due ' g power plants ranked at numbers 19 and mainly to the lower cost of gas recov- 1888 CE1' b 8 S 38 respectively. Among the 791 plants ered through the rates. Gas sales by ,3, g~ ,,, in the study, only one other Texas plant volume were up 2.5 percent. - was ranked among the 50 best. During About 85 percent of total CPS rev-res4 lNf3. sin the five-year period from 1990-1994, enue was from electric sa!es and us3 g*p(y p sna p the Deely Plant ranked number 15. The Spruce plant was not included in that approximately 12 percent from gas sales. Other sources of revenue,includ-
,p g ,
study, since it began operating in 1992. ing interest on investments and miscel- " - - P=,_"""-**" "-* l To help assure continued low prices laneous income, made up the remaining ncal Vean Endmg January 31
17 Capital Expenditures . percent. The interest rate is the second In Maans of Douars industrial customers. As the electric
$ lowest CPS has received on revenue utility industry is deregulated, the largest
"'8 b.5$b p
bonds since 1973. customers will present the most promis-L isu QKI sm The utility continues to maintain the ing targets for competitors, so CPS is __ highly favorable Aal bond rating by evaluating the special needs of those isu eo a sus p " g' Moody's investor Services, AA+ rating customers.
"" k "2 '"'
by Fitch lovestor Service and AA rating Marketing efforts also are underway I esa ful IM sm by Standard and Poor's Corporation. to increase the number of natural gas These ratings continue to place CPS debt customers. CPS is targeting subdivi-3 Ah Othe . STP . et i M lip w.e among the highest rated for municipal sions and potential customers in areas mai rean odmdaa=o 3' utilities in the country, w hich results in where gas mains have been installed lower financing cost to CPS and its cus- nearby. Another category of potential
$14.6 mil! ion more in construction activ-t mers. customers includes those who use ity for electric production and distribu-Fitch Investor Service has awarded propane or other fuels which are more tion facih. . ties and general property addi-tions. CPS the second best rating awarded to expensive and less convenient than using the 85 municipal and investor-owned natural gas.
During 1995-96, CPS sold $125 mil-utilities which they considered in their CPS has not raised rates since lion in revenue bonds and used $16.1 c mpetitive indicator rating. Standard January 31,1991, and does not antici-million to finance construction during the year. The $108.9 million balance in and Poor's rated CPS at the top of the pate any rate increases this decade. sec nd highest category among the 62 Modifications to both the natural gas and bond proceeds will be used for future electric utilities it assigned to business electric rate structures for the largest capital additions. indicator rankings, which also addresses customers are expected to put the utility Revenue from current and prior years provided 66 percent of this year's con-conipe n an nen m re ma e gmsition when CPS expects that its strong financial a more competitive environment comes struction expenditures. Tax Exempt health will continue as it combines a to Texas. Commercial Paper financed 20 percent, c mmitment to service with rates that As CPS is working to maintain its while bond proceeds funded 9 percent. ar am ng the lowest in the state and cost competitis eness, the utility also is The remaining 5 percent came from cus-n ti n. During the fiscal year, the aver- looking at ways to improve service to tomer contributions. age monthly bill for residential cus- customers. Severallong-term projects tomers using 1,000 kilowatt hours of are expected to increase reliability, Financing
. electricity and 5,000 cubic feet of gas shorten the duration of outages and pro-With no major power plant projects was lower than in either of the two pre- vide the basis for communication with planned, CPS expects to continue to vious years and was the third lowest customers' homes and businesses. As fund its lower capital needs during the average bill during the last ten years. competition becomes a nality, it is next few years primarily from internally expected that a higher level of service generated funds, revenue bonds and will be required as a standard, commercial paper Future Plans CPS sold $125 million in revenue CPS is making a concerted effort to bonds at an average interest rate of 5.5 sign long-term contracts with its largest
18 4 i BALANCE SHEETS ' January 31, l 1996 I995 Assets u" 'h""""'" UTILITY PLANT, at cost (Notes 1. 3. and 9): j Plant in service- , Electric.. . .. . .. . . . . $ 4,427,212 $ 4,343.247 Gas.. . . . 302,619 289.582 General.. . .. . 127,682 121.047 Total plant in service.. . . . 4,857,513 4,753,876 Less-accumulated depreciation . . . 1,269,7 t o 1.159.599 s Plant in service, net . . 3,587,803 3.594.277 Construction work in progress. . .. . 175,164 148.097 Nuclear fuel less accumulated amortization of $116.298 in 1996 and $93.763 in 1995. 60,229 78.312 Ileid for future use. .. .. 30.380 __ 32.735 Utility plant, net . . . . 3,853,576 3.853.42i RESTRICTED CASil AND INVESTMENTS (Notes I,2,3, and 4): Bond construction fund.. . .. .. 108,891 0 Bond fund current requirements-Old series . . .. 933 843 New series.. . 23 17 Bond reserve-Old series . ... 16,639 16,725 . New series.. . . . 199,205 199.826 I Commercial paper redemption fund.. . 0 56 Improvements and contingencies fund. 93,305 110,416 Overhead conversion fund. . . 20,851 14,150 Commercial paper construction fund . . . - . . 0 3.053 Other... . . . . .. 18.357 15.637 Total restricted cash and investments.. . . 4f8,204 360.723 1 CURRENT ASSETS: Cash and temporary investments (Notes / and2).. . 30,696 41,881
' Cash restricted for customer service deposits payable.. . 25,776 25.569 Customer accounts receivable, less allowance for doubtful accounts of $2,43I in 1996 and $2.638 in 1995.. . 54,424 48.929 e Other receivables.. .. 12.383 5.336 Inventories and supplies, at average cost-Materials and supplies.. .. . . . . 57,611 56.285 /
Fuel stock. . . 32,761 22.804 , Prepayments and other.. . .. . 5,330 4.177 Total current assets.. . . 218,981 204.981 DEFERRED DEBITS AND OTilER (Notes I and 6).. . 46,203 40.838 TOTAL. . 1 4,576,964 5 4.459.963 The an ompanymg notes are on integralpart of thesefinant ial statements. CPS
19 January 31, 1996 1995 Eauity and Liabilities "" '*"a'"ad" LONG-TERM DEBT: Revenue bonds (Notes I. 3. and 4)- Old series . $ 0 $ 13,500 New series. 2,787,915 2,738,115 Deductions - Unamortized discount on new series bor . (72,577) (78,026) Unamortized discount on capital appreciat rbonds.. (254,778) (271,483) Unamortized costs of bond reacquisition.. (183,568) (201,180) Revenue bonds, net.. 2,276,992 2,200,926 Commercial paper (Note 5).. 277,800 264,800 Long-term debt, net. 2.554,792 2.465,726 EQUlTY: Appropriated retained eamings (Note 3)- Bond fund current requirements-- Old series . 933 843 New series.. 23 17 Bond reserve-Old series . 16,639 16.725 New series.. 146,747 147,368 Commercial paper redemption fund.. 6 56 Improvements and contingencies fund.. 93,305 110,416 Overhead conversion fund. . 20,851 14.150 Total appropriated retained earnings.. 278,498 289.575 Reinvested eamings.. 1,482,832 1,456.509 Total equity . 1,761,330 1,746.084 CURRENT L. LABILITIES: Current maturities of revenue bonds (Note 4).. 88,700 81,810 Current portion of commercial paper redemption (Note 5). 17,300 16,700 Accounts payable and accrued liabilities.. 72,103 74,243 Customer service deposits.. 25,776 25.569 Total current liabilities . 203,879 198.322 DEFERRED CREDITS AND OTilER (Note 1): Customer advances for construction.. I1,669 10,722 Other.. 45,294 39,109 l Total deferred credits and other. 56,963 49.831 COMMITMENTS AND CONTINGENCIES (Notes 3,6. 7. 9, and /0) . O _ 0 TOTAL $ 4,576,964 5 1.459,963 The an ompanyrne notes ar e an integralt wrt of thesefinancial staternents. CPS
20 s STATEMENTS OF REVENUES AND APPLICATION OF REVENUES I Years Ended January 31. 1996 1995 REVENUE (Note I): ' l" d" * '""'!" Electric.. $ 777,657 5 757,937 - Gas.. 108,625 110.694 Interest and other income . 28.568 24.525 Gross revenue.. 914,850 893.156 j EXPENSES (Note /): Fuel, purchased power and resale gas . 203,337 210.503 ., Other operating and general . 172,745 h.i Maintenance.. 78,632 164.885 72.848 [ N Depreciation.. 142,102 138.939 Interest and debt expense.. . 182,718 181.788 Allowance for interest used during construction (Deduction) . (2,818) (3.072) , Tax equisalent to City of San Antonio (Note #1.. 13,696 12.736 Total Expenses . 790,412 778.627 EXCESS OF REVENUES OVER EXPENSES.. 124,438 11.'.529 ADD: Depreciation.. 142,102 138,919 Amortization of di, count on capital appreciation bonds . 16,705 15.579 . Amortization of bond reacquisition costs and debt issue expenses. 18,069
- 18.437 Arrectiza: ion of discount on new series bonds.. 5,449 5.474 Interest requirements on new series bon <ls . 127,269 129.89')
Interest requirements for commercial paper redemption.. 7,102 5,982 AVAILABLE FOR APPLICATION. . . $ 441,134 5 428.839 APPLICATION: To pay long-term debt requirements (Note 31: Old series bonds-Prireipal payments.. $ 12,840 $ 12.235 Bond reserve (Deduction). (87) (327) To impros ements and contingencies fund Minimum requirements (121/2 percent of gross revenue).. 114,356 l 11.644 Additional cas!' payments to and services for the City of San Antonio (Note #J.. 109,226 107.116 l To improvements and contingencies fund Balance of available net revenue.. 204,799 198.17i TOTAL APPLICATION . $ 441,134 5 428.839 The accompenwing notes ore an integralpart of thesepnancial uatements CPS
21 STATEMENTS OF CHANGES IN EQUITY Years Ended January 31. 1996 1995 ESOND CUR RENT REQl'IREMENT S. old senes txmds- (/n thousando llalance, beginrung of year. $ 843 5 607 Additums- Transfer to proside for debt service .. 14.678 14.913 Deductions - Payment of old senes principal and interest.. (14,588) (14.677)
- Elalarse.end of year.. 5 933 5 g43 130i.0 RESERVE. old series txnh:
Balance, beginmng of year... $ 16,725 5 17.052 g Addithm - Allocate carmngs to resene . 9 13 965 Deductions - For current debt sen we requiremenis .. (1.034) (l.292) ItalarKc, end of year... 5 16,H9 5 16.725 llOND CURRENT REQl'!REMENTS. new senes tunds: Bal,mce, beginning of year... $ 17 5 0 Addiinms - From imprmements and contingencies fund for debt sen ice... 196,335 194,496 Deductions- Pay nrat of new senes principal and interest .. (196,329) (194.479) llalance. nd of year... 5 23 5 17 flOND RESERVE, new senes tunh: lialante, beginning or year... $ 147.368 $ 146,218 Additions - Allocate earnings to resene 12,158 11,I86 Dedw:tions - F or current debt sen ice requirenrots .. (12,779) (10.036) Balance, end of year... $ 146,747 5 147.36x COMMERCIAL PAPE.R REDEMI'fK)N FUND: Balance, tryinning of year. . $ 56 5 143 Additnms - From improsenents and contingencies f und f or pnncipal and mterest.. 23,746 22,795 Deductions- Payment of pnncipal and interest.. (23,8021 (22.882) llalance, erxl of year. 5 0 5 56 OVERilEAD CONVERSION FUND: llalance, teginmng of y ear... $ 14,150 5 0 Additums -I rom improvements arkt contingencies fund , 6,701 14.I50 Deducuons - Pay ments from overhead com erwm fund .. 0 0 flalarre.cnd of ycar.. 5 20.M51 5 14.150 IMPROVEMENTS AND CONTINGENCIES FUND: Balance. teginnmg oI y ear... $ 110.416 5 93.918 Additions - From applicatum of resenue-Mmimum requirement t12 I/2 percent of gross resenue)... I14,356 111.644 l BAance of available net resenue.. 204,799 198.17i j Total .. 319.155 309.815 Deductions - l New senes tunh-Net deducthms (additums > to resen e... 621 (1,150) Pay nwnt of txmd interest (127,2691 ( 129.H99) l Pay ment of bond pnncipal (69,067) (64.597) l l Ctwnmercial paper - l Pay ment of comnercial paper redempikm interest... (7.102> t 5,982) Pay ment of commercial paper redeened .. (16,7006 ( 16M NO Deductions (adda nms) to commercial paper redemptam fund .. 56 87 l Construction espendituret.. (l10,104) t 60.7261 l Transfer to us erbead comenum fund .. t 6,701 ) t14.150> l Total .. (336.266) <29OIh Balance, erst of gear.. g 93.305 5 110,416 l R EINVE.STED EARNINGS: Balance, begmning of ycar... 5 1.J56.509 5 1.4xo.732 Adda nos - Fnwn improsenrnis and contmeencies f und - For cimstruction... I10,104 60.726 For new senes borhls pnin ipal pay ments... 69,060 64.580 i or commercial paper pnncipal pt., mentt.. 16.700 16.900 F rom applicalam of camings-hw old wnes huh prn spal pay menn ., i2,750 12.000 Pmceeds fnun sale of assets .. 34 0 Total .. 204 6A I 54.2n6 Deduchons - Depreoat um .. - il42,102) ( 13M.9 49) Amortuanon of discount on capdal appreeiatu ni hnh I 16,705 i (l5,579 Amonvaihm of t=nd re.uquisitam costs and debt mue espene... E18.069> ( l K.4 37 : Amonsunon of diwount nr. new senes bonsh .. t 5,449 i t5.474i Total .. (INMh LL142,4j Bala - cn ' of 3 car.. hh4MM, hd^M n,. a. , ,,,,,o,,,o ,,,, ,,. .in .,,,,,, aan ae ,m ,,n a ,,,,.,, marc,,waa , CPS
22 STATEMENTS OF C ASH FLOWS 1996 1995 CASil FLOWS FROM OPERATING ACTIVITIES: f Excess of revenues over expenses.. $ 124,438 $ 114,529 Noncash items included- * ( Allowance for interest used during construction.. . (2,818) (3.072) Depreciation expense.. 142,102 138,939 , L Amortization expense - Bond reacquisition costs and debt issue expenses.. 18,069 18,437 Discount on new series bonds. . 5.449 5,474 Discount on e mital appreciation bonds.. 16,705 15.579 Additional cash payments to and services for the City of San Antonio. (109.226) (107.1161 Changes in current assets and current liabilities (Note 1).. (26,911) (19.702) Refund of freight litigation settlement benefits payable to customers.. . 0 (8.814)
- (Increase) decrease in other assets.. 15,940 12,735 2,756 S Increase (decrease) in other liabilities .
Net cash provided by operating activities . 186,504 (3.755) 163.234 l CASil FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Additions to utility plant.. (167,082) (149,7(4) Allowance for interest used during construction.. 2,818 3,072 b Contributions in aid and customer advances for construction. 7,727 9,402 Sale of revenue / refunding bonds.. . 125,000 777,700 Sale of ccamercial paper.. . 30,300 65,(X X) Defeasance or call of bonds.. . 0 (666,745) Defeasance of commercial paper.. . 0 (65.(NWh Principal payments on revenue bonds . (8l,810) (76,580) Commercial paper redeemed.. (16,700) (16.9(K)) Excess of reacquisition amounts over principal of bonds refunded in advance.. . 0 (46.01l) Debt issue expenses (254) nog) Nei cash u .ed to, capital and related financing activities . _ (100,001) (160.664) NET INCREASE (DECREASE)IN CASil AND CASli EQ. .lvALENTS. 86.503 $ (3,430) [ CASil, CURRENT RESTRICTED CASH, AND TEMPORARY INVESTMENTS: Beginning of year.. $ 67,450 5 84.862 End of year.. 56.472 67,450 Net increase (decrease) . (10,978) .17.412) RESTRICTED CASil AND INVESTMENTS: i Beginning of year.. 360,723 346.741 ' End of year.. 458,204 360.723 Net increase (decrease). 97,481 13.982 NET INCREASE (DECREASE)IN CASil AND CASil EQUlVALENTS. $ 86.503 5 (3.430) z u aa vmpanung noin are an nacerat carr ,,1it,ocpr. annat aaremenrw L - CPS
23 NOTES TO FINANCIAL STATEMENTS JANUARY 31,19 9 6 AND 19 9 5 , 1. Significant Accounting Policies be less than a unit of property, are charged to maintenance I expense. General utility plant assets consist of land, build-ORGANIZATION - City Public Service (CPS), a munici. ings, and equipment for general and administrative purposes pal utility owned by the City of San Antonio (the City), pro- that are used commonly in electric and gas operations. , vides electricity and natural gas to San Antonio and surround. P ing areas. As a municipal utility, CPS is exempt from pay. CPS computes depreciation using the straight-line method ment of income taxes, state franchise and sales taxes, and over the estimated service lives of the various classes of de-g real and personal property taxes. CPS provides certain pay- preciable property as determined by periodic engineering stud-ments and benefits to the City as described more fully in ies. Depreciation as a percentage of average depreciable plant Note 8. was 2.95 percent in 1996 and 1995. BASIS OF ACCOUNTING - The financial statements of RESTRICTED CASil AND INVESTMENTS - These CPS are presented in accordance with generally accepted ac- funds are generally restricted as to use for other than current counting principles for rate-regulated enterprises. The ac- operations or are designated for expenditures in the acquisi-counting records of CPS follow the Uniform System of Ac- tion or construction of non-current assets. Funds consist pri-counts for Gas and Electric Utilities issued by the National marily of unspent bond issue proceeds, debt service and re-Association of Regulatory Utility Commissioners. Also, CPS sen es required for Old and New Series Bonds and commer-has elected not to follow the pronouncements of the Finan- cial paper, and funds for future construction or contingen-cial Accounting Standards Board (FASB) issued after No. cies. The Overhead Conversion Fund was established in 1995. vember 30,1989, w hich is an alternative of the Governmen- This fund includes I percent of the prior fiscal year's electric tal Accounting Standards Board (GASB) Statement No. 20, revenue from cities in the CPS service area. The current AEf0Mnting and Financial Reporting for Proprietary Funds amount represents the unused balance from the 1996,1995 and Other Governn_tental Entities That Use Proprietary Fund and 1994 revenues. Customer assistance program funds, in-Accounting. This election avoids conflicts created when the surance reserves, and short-term investments of tax-exempt FASB issues standards that conflict with GASB pronounce- commercial paper proceeds are also included in this category. ments. Investments are stated at cost which approximates market FISCAL YEAR - The fiscal year ended January 31,1996, value. The specific identification method is used to deter-is referred to herein as 1996; the fiscal years ended January mine cost in computing gain or loss on sales of securities. 31,1995, and January 31,1994, as 1995 and 1994, respec- Amortization of premium and accretion of discount are re-tively. corded oser the terms of the investments. REVENUE AND EXPENSES- Revenue is recognized as DEFERRED DEBITS AND OTilER -- These amounts billed on a cycle basis. Rate schedules include fuel and gas consist primarily of the unamortized balances of debt issu-cost adjustment clauses that permit recovery of fuel and gas ance expenses, nuclear fuel assessment and STP litigation costs in the month incurred. CPS recognizes fuel and resale expenses and noncurrent litigation settlement receivables. gas costs on the same basis as it recognizes revenue. Amortization of debt expense is recorded over the period of l the outstanding bonds. Also included are assets of an em-CPS amortizes its share of nuclear fuel for the South Texas ployee deferred compensation plan held by a trustee. l Project (STP) to fuel expense on a unit-of-production method. Under the Nuclear Waste Policy Act of 1982, the federal gov. DEFERRED CREDITS AND OTilER - These amounts l ernment assumed responsibility for the permanent disposal consist primarily of liabilities relating to employee deferred of spent nuclear fuel. CPS is charged a fee for disposal of compensation, nuclear fuel assessment, customer assistance l* spent nuclear fuel, which is included in fuel expense, in the program contributions, and customer advances for construc-amount of 5.00094 per generated kilowatt hour (KWH) for tion. Operating resenes for property insurance and injuries its share of electricity produced by STP. For further discus- and damages are also included in this category. sion regarding the STP, see Note 9 STATEN1ENT OF CASil FLOWS - For purposes of re-UTILITY PLANT - Utility plant is stated at the cost of porting cash flows, CPS considers all highly liquid debt in-construction, including costs of contracted services, direct strunents purchased with a maturity of approximately three material and labor, indirect costs, including general engineer- months or less to be short-term investments. Accordmgly. ing, labor and material os erhead, and an allow ance for inter. CPS' temporary investments and restricted cash and insest-est used during construction ( AIUDC). CPS computes AIUDC ments are cash equivalents. No material noncash investing using rates representing the cost of borrow ed funds on projects or noncapital financing transactions occurred during 1996 estimated to cost in excess of $250,000 Retirements of util- and 1995. ity plant, together with removal cost less salvage, are charged to accumulated depreciation. The maintenance of property, To determine net cash prosided by operatmg activities, net as well as replacements and renewals of items deterrnined to earnings bas e been adjusted by changes m current assets and CPS
24 current li bilitits, excluding changes in cash and temporary (2) Gross revenues of the gas and electric systems investments and current maturities oflong-term debt. Changes shall be applied to: (a) expenses of operating and maintain-shown as an (increase) decrease in current assets and as an ing the systems,(b) debt service and reserve requirements on increase (decrease) in current liabilities are as follows: the Old Series Bonds, (c) payment of an "in lieu of tax" amount to the City [ tax equivalent], (d) an amount equal to 121/2 percent of gross revenues to the improvements and contin-g,, gencies fund, (e) additional benefits and payments to the City a, gm,,g,j to bring City benefits and payments to 14 percent of gross Customeraccountsreceivable $ 's.e $ 7,769 revenues, (f) additional payments to the improvements and ;/ Otherreceivables - .) (3,154) contingencies fund until such fund equals 20 percent of the Inventoriesandsupplies (11,283) (2,679) Prepayments ar&.fna (1,153) 2,191 value of fixed capital assets, and (g) the balance to a surplus Accounts payable and act rued liabilities -. (2,140) (3,052) fund. Constructionretainagegr.yable - 0 (21,739) Customerservicedepost a 207 962 Changes in current ast.4s and current liabilities ..$ (26,91 I) $(19,702) (3) The following funds are established:(a) gen-eral fund, (b) improvements and contingencies fund, (c) bond construction fund (containing the proceeds of rev-enue bonds), (d) principal and interest current requirements Cash interest paid by CPS, net of AIUDC, was $137,954 and (containing the monthly payments of annual debt re-
$139,695 in 1996 and 1995, respectively. quirements), and (e) bond reserve fund (containing an amount equal to the next fiscal year's principal and inter-
- 2. Cash and Temporary investments est requirements). These funds may be invested with au-thorized depository banks or in U.S. government securi.
CPS cash deposits at January 31,1996, and 1995, were en- ties. tirely insured or collateralized by tw&s for the account of CPS. For deposits that were collateralized, the securities were U.S. Govemment obligations held in book entry form by a Beginning with the fiscal year ended January 31, 1976, third party in CPS' name. CPS' cash book values were $7.4 new series electric and gas systems revenue improvement million at January 31,1996, and CPS' bank balances were bonds (New Series Bonds) were issued. These bonds are
$9.4 million also at year end. junior and subordinate to the Old Series Bonds. The bond ordinances authorizing these issues provide that no fur-At January 31,1996, and 1995 CPS' investments, both re- ther bonds or obligations will be authorized or issued un-stricted and unrestricted, were all in U.S. Government obli- der the terms of the trust indenture for Old Series Bonds.
gations and were held in book entry form by a third party in While any of the Old Series Bonds are outstanding, the CPS' name. CPS' investments are generally limited to U.S. New Series Bonds are payable solely from the net revenues Govemment or U.S. Government guaranteed obligations by of the systems (1) deposited and available for deposit in Trust Indenture, Ordinances, and State Law. Investments car- the improvements and contingencies fund and (2) from ried at amortized cost plus accrued interest weie $507.3 mil- funds payable to the City. At such time as the t<ust inden-lion with a market value of $514.1 million at January 31, ture covering the Old Series Bonds becomes inoperative, 1996, and were $42.1.1 million with a market value of $419.9 revenues will be applied as follows: (a) for maintenance million at January 31,1995. and operating expenses of the systems,(b) for payments of the New Series Bonds,(c) for the payment of any obliga- , tions inferior in lien to the New Series Bonds which may
- 3. Revenue Bond indenture Requirements be issued, (d) for an amount equal to 6 percent of the gross revenues of the systems to be deposited in a repair and -
The trust indenture executed by the City in conjunction with replacement fund, (e) for cash payments and benefits to the issuance of the revenue bonds dated February 1,'1951, the City not to exceed 14 percent of the gross revenues of ) through August 1,1974,(Old Series Bonds) contains, among the systems, and (f) any remaining revenues to the repair { others, the following provisions: and replacement fund. The New Series Bonds ordinances require that a bond reserve fund at least equal to the aver-age annual principal and interest requirements of all out-(1) All of the assets of the gas and electric systems' standing New Series Bonds be established. together with the net revenues of the systems, as defined, are pledged with the liarris Trust and Savings Bank of Chicago, Illinois, as Corporate Trustee, to secure the payment of the As of January 31,1996, bond reserve requirements for the Old Series Bonds. Old Series Bond; and New Series Bonds have been met. CPS
25
- 4. Revenue Bond] to fixed rate obligitions during fiscal yrar 1995, with the remaining $1 million being converted by the bondholders to fixed rate on February 1,1995. The bondholders' con-A summary of revenue bonds is as follows: verted rates are higher than CPS' contract fixed rate. Dur-ing the fiscal year, CPS was exposed to minimal market risk. This risk is equivalent to the difference between CPS' Weighted Average res contract fixed rate and the converted fixed rate on these bonds for one interest period. CPS does not anticipate non-Bonds at January 31 Performance by the contract counterparty, who is rated
; Maturities January 31,1996 1996 1995 AAA by Standard & Poor's Corporation.
(la thousands) Old Series, 1974 1997 7.000 % $ 13,500 $ 26,250 5. Commercial Paper New Series Serial Bonds, 1977-1995 1997-2018 5.606W 2,360,550 2,304,619 in October 1988, the City Council of San Antonio, Texas Unamortized NewSeries (City Council) adopted an ordinance authorizing the issu-Bondsissue discount (72,577) (78,026) New Series Capital Appreciation Bonds, ance of up to $300 million in Tax-Exempt Commercial 1989 & 1991 2002-2012 502,56) 502,565 Paper (TECP). This ordinance as amended provides for
" '^P
, "" funding to assist in the fmancing of eligible projects, in-Ynds oun (254,7 E (271,483) ciuding fuel acquisition and capital improvements to tne 5.607 % 2,549,260 2,483,916 utility systems (the Systems), and to refmance or refund I,ess: Current maturities ofbonds 88,700 81,810 any outstanding obligations which are secured by and pay-Unarnortizcuost orbond reacquisition 183,568 201,180 able from a lien on and/or a pledge of net revenues of the Revenue bonds, net Systems. The program's scheduled maximum maturities ofcurrent maturities $2,276,992 $ 2,R 0,926 will not extend beyond November 1,2028.
- All new series bonds, including capital appreciation bonds. Based upon the revised ordinance authorization, CPS is-sued $211 million of TECP to call long-term bonds during Principal amounts due (in thousands) for the next five years fiscal year 1994. CPS has self-imposed a schedule to pay are: off the balance of the principal used for the redemption of long-term debt. Under this payback, $16.7 million of the PrincipalDue
$21] million Was redeemed during 1996; $16.9 million ,
Year, old Series Bonds New series Honds Total Was redeemed during 1995; and $5.6 million was redeemed ' 1997 $ 13.500 $ 75,200 $ 88,700 .
, P E al P papd dWd b 1998 93,145 93,145 $17.3 milhon with slightly greater amounts scheduled for 1999 94.555 94.555 the following four fiscal years.
2000 102.890 102,890 200i i20,545 120.545 In 1996, $30.3 million of TECP was sold to fund construc-In prior years, CPS refunded certain previously issued and ti n costs. As of January 31,1996, $295.1 million in prin-outstanding New Series Bonds through the issuance of New cipal amount was outstanding, with a weighted-average Series Revenue Refunding Bonds. The refunded bonds and interest rate of approximately 3.67 percent and an average related trust accounts are not included in CPS financ,al life of approximately 94 days. l i state-I ments. At January 31,1996, portions of the bonds (in thou-t The TECP has been classified as long-term in accordance sands) which have been defeased were still outstanding as with the refinancing terms under a revolving credit agree-foll0*S; ment with a consortium of banks which supports the com-mercial paper. Under the terms of the agreement, CPS may l Fiscal year 1988 refunding . ..$ 79,350 borrow up to an aggregate amount not to exceed $300 mil-l, Fiscal year 1992 refundbg . 4,100 lion for the purpose of paying arnounts due under the TECP. l Fiscal year 1993 refunding = 160,205 The credit agreement has a term of two years, currently l Fiscal year 1995 refunding . 100,990 extended until November 1,1997, and may be renewed for
, additional periods. There have been no borrowings under i In 1996, CPS issued $125.0 million of New Series 1995 Rev- the credit agreement as of January 31,1996. The TECP is enue Bonds at an average interest cost of 5.50 percent, with secured by the net revenues of the Systems. Such pledge of delivery on November 16,1995. The proceeds from these bonds net revenues is subordinate and inferior to the pledge se-will be used for CPS' construction program. curing payment of the Old Series Bonds, the New Series Bonds and any New Series Bonds to be issued in the fu-In February 1994, CPS issued New Series Bonds which in. ture.
cluded $37 million ofLondon Interbank Offered Rate (L1BOR) Floater Bonds, the rates on which are reset semi-annually. 6. Benefit Plans CPS entered into a rate hedge contract with a counterparty which resulted in the LIBOR Floater Bonds being a fixed rate CPS has a self-administered, defined-benefit contributory payment obligation for CPS. At the option of the bondhold- pension plan (Plan) covering substantially all employees ers,1,6 million of the LIBOR Floater Bonds were converted who have completed one year of service. The Plan assets are CPS
26 held in a separate trust that is periodically audited and which Net assets available for plan benefits were 99.7 percent of statements include historical trend information. Generelly, total pension benefit obligation in 1995, as compared with participating employees contribute 5 percent of their total com- 83 percent in 1994 and 91 percent in 1993. Unfunded pen-pensation and are normally fully vested in CPS' contribution sion benefit obligation was equal to 1.2 percent of annual after completing 15 years of credited service. Normal retire- covered payroll in 1995, as compared with 61 percent in 1994 ment is age 65; however, early retirement is available with and 33 percent in 1993. 25 years of benefit service. Retirement benefits are based on , length of service and compensation, and benefits are reduced Prior to G ASB Statement No. 5, CPS reported the Plan status for retirement before age 55. as the actuarial present value of accumulated plan benefits. The total employer and employee pension funding, which in- Under such method, the actuarial present value of accumu. . cludes amorti'.ation of past-service costs using the unit credit lated plan benefits using an assumed rate of return of 8.5 cost actunal method, is summarized as follows: percent was $334.5 million at December 31,1994. At that time, net assets available for plan benefits were $350.9 mil-1996 1995 lion at fair market value. As of December 31,1995, the actu-On dwusands) arial present value of accumulated plan benefits was $363.2 Employee cont ~ .stions S 5,738 $ 5,742 million as compared to net assets of $454.0 million. CPS contributions - 14.078 13,971 Total contribuuons $ 19.816 $ 19,713 Employees who retired prior to 1983 are receiving annuity Covered payroll - $ 118,178 papenh an bswance cas as d as meng me 5 115.634 benefits directly from CPS. CPS costs for fiscal 1996 and Total payroll $ 125,315 5 125,132 1995 were $498 thousand and $542 thousand respectively, The actuarially determined contribution requirement as of December 31,1995, was computed using an assumed rate of Deferred Compensation Plan return of 8.5 percent. For 1996 and 1995 the past-service costs were amortized over 20 years, as compared to a 30-year CPS ofTers its employees a deferred compensation plan cre-amortization for prior years. There were no changes m, plan ated in accordance with Internal Revenue Code Section 457. provisions, actuarial assumptions or cost methods from 1995 The plan receives no contributions from CPS. It is available to 1996' to all CPS employees and permits them to defer a portion of , CPS contributions amounted to 12.2 percent of covered pay- their salary until future years. Funds are managed by an in- l roll in 1996, and 11.8 percent in 1995 and 14 percent in 1994. dependent trustee. The deferred compensation is net avail- 1 Of the amounts contributed during years 1996,1995, and able to employees until termination, retirement, or death, or 1994, approximately $13.9 million, $13.4 million, and $12.9 due to an unforeseeable emergency. million, respectively, was to fund the normal costs of the Plan e ch year. The remaining contribution in each year was to All amounts ofcompensation deferred under the plan, all prop-fund the amortization of the unfunded actuarial accrued li- erty and rights purchased with those amounts, and all in-ability. come attributable to those amounts, property, or rights are (until paid or made available to the employee er other benefi-GASB Statement No. 5, Disclosure of.Pensioninformation ciary) solely the property and rights of CPS (without being by Public EmployeeRetirement Systems and State and Local restricted to the provisions of benefits under the plan), sub-Governmental Employers, requires that a pension benefit ob- ject only to the claims ofCPS' general creditors. Participants' ligation be measured using the actuarial present value of ered' rights under the plan are equal to those of general creditors ited projected benefits, as adjusted for projected salary m-of CPS in an amount equal to the fair market value of the creases. This measure is independent of the funding method .. def. erred account for each participant. used to determine contributions to the Plan; however, the sig-nificant actuarial assumptions used to compute the contribu-tion requirement are the same as those used to compute the it is the opinion of management that CPS has no liability for , pension benefit obligation, losses under the plan and that it is unlikely CPS will use the assets to satisfy the claims of general creditors in the future. Under GASB Statement No. 5, the following represents CPS' , pension benefit obligation (in thousands) as of December 31, 7. Other Postemployment Benefits 1995, and 1994: CPS provides certain health care and life insurance benefits 1995 1994 For retirees. benenciaries and inactive for retired employees. All former CPS employees are eligible participants .. $ 173.396 $ 154.874 for these benefits upon retirement from CPS. The annual cost for active parncipants: of retiree health care and life insurance benefits funded by Employer and employee - 6nanced CPS is recogni7ed as an expense of CPS as employ er contri-Employe rnar ed nonvested benents , 7 8
"* N" ***
Total pension benefit obligation .. 455.331 423.280
$2.0 million and 1.8 million for 1996 and 1995, respectively.
Net assets available for plan benents CPS reimbursed $46.10 per month for Medicare supplement (at fair ma-ket value) 453.985 350,922 for certain retirees and their spouses enrolled in Medicare Unfunded pension benent obligation . $_ l.346 $ 72.358 Part B in 1995 and $42.50 effective January 1,1996. CPS
l 1 27 Retired employees and covered dependents contributed $762 Pursuant to a 1992 settlement between CPL and liL&P, CPL thousand and $701 thousand for their health care and life withdrew its demand for arbitration and llL&P reimbursed insurance benefits in fiscal 1996, and 1995, respectively, in CPL for certain costs and expenses incurred in pursuing the fiscal 1996, there were approximately 1,638 retirees and cov- arbitration and litigation. Also, ilL&P and CPL have agreed ered dependents eligible for health care and life insurance to support and to seek consent of the other owners of STP to l benefits, as compared to approximately 1,578 in 1995. certain amendments of the Participation Agreement,includ-le ing changes in the management of the Project through w hich b in view of the potential economic significance of these ben- HL&P would be replaced as Project Manager by an indepen-efits, CPS has reviewed the present value of the dent entity. Austin and CPS have also filed suit in llouston,
)
I i postemployment benefit obligations for current retirees. The Texas, against ilL&P alleging that ilL&P is liable for the l January 1,1996, valuations are $51.4 million for health and failure of STP to operate from February 1993 until Spring
$14.0 million for life insurance benefits. The actuarial analy- 1994. IIL&P has denied liability and counter-claimed for the sis of the present value of postemployment benefit obliga- reasonable value of its services as Project Manager. Trial of tions for other participants fully eligible for benefits are esti- Austin's suit began in March 1996. Trial of CPS' suit did not i
mated to be $34.1 million for health, $90 thousand for life begin because of ongoing setttlement discussions between CPS insurance and $1.9 million for disability benefits. CPS began and ilL&P, In the opinion of management of CPS, the reso-partial accrual and funding of projected future benefits in lution of these proceedings will not have a material adverse 1992. Funding totaled $7 million in fiscal year 1996 and $5 effect on the financial position or results of operations of CPS. million per year in 1995,1994, and 1993. , NUCLEAR INSUllANCE The Price-Anderson Act,a com- l l
- 8. Payments to the City prehensive statutory arrangement providing limitations on nuclear liability and governmental indemnities, is in effect The trust indenture pmvides for benefits and services total- until August 1,2002. The limit of liability under the Price-i ing 14 percent of CPS gross revenues, as defined, to be paid Anderson Act for licensees of nuclear power plants is $8.92 or provided to the City. Payments to the City for 1996 and billion per incident. The maximum amount that each licensee 1995 (in thousands), based on allowable revenue, were as may be assessed following a nuclear incident at any insured follows: facility is $75.5 million, which may be adjusted for inflation, i for each licensed reactor, but not more than $10 million per Tax equisalent - 6 st % reactor for each nuclear incident in any one year. CPS and 5
! Refund gas and elecuie sen ices ....-... 16.587 16.163 each of the other participants of STP are subject to such as-Additional cash pay menn 92.639 9n,953 sessments. CPS and the other participants have agreed that Total payments to the Gty $ 122.922 5119.852 any such assessments will be borne on the basis of their re-spective ownership interests in STP. CPS' ownership interest
- 9. South Texas Project (STP) in STP is 28 percent. For purposes of these assessments, STP j has two licensed reactors. The participants have purchased )
CPS is one of four participants in the STP, which consists of the maximum limits of nuclear liability insurance, as required two 1.250-megav"att nuclear generating units in Matagorda by law, and have executed indemnification agreements with j County, Texas. The other participants in the project are the the NRC, in accordance with the financial protection require- i j project manager, llouston Lighting & Power Company ments of the Price-Anderson Act. i ! (11L&Ph Central Power and Light Company (CPL). and the l City of Austin ( Austin). Under the temis of the STP Partici- A Master Worker Nuclear Liability policy, with a maxi- , pation Agreement, each participant provides funding for its mum limit of $400 million for the nudear industry as a j share of construction and operating expenditures. Full power whole, provides protection from nuclear-related claims of ! operating licenses w ere issued by the Nuclear Regulatory Com- workers employed in the nuclear industry after January 1. mission (NRC) on March 22,1988, for Unit I and March 28, 1988 w ho do not use the workers' compensation system as 1989, for Unit 2. in-service dates for STP were August 1988 sole remedy and bring suit against another party. STP could for Unit I and June 1989 for Unit 2. CPS
- 28-percent owner- be assessed up to approximately S3.7 million to pay its I ship in the STP represents 700 megawatts of plant capacity. share for this liability coverage during the life of the plant.
j At January 31,1996, CPS' investment in the STP utility plant l was approximately $1.8 billion, net of accumulated deprecia- NRC regulations require licensees of nuclear power plants j tion. to obtain on-site property damage insurance in a minimum j amount of $1.06 billion. NRC regulations also require that ! LITIG ATION -The participants in STP hase made claims the proceeds from this insurance be used first to ensure against ilL&P regarding the perfonnance of its obligations as that the licensed reactor is in a safe and stable condition 4 4 Project Manager during construction of STP - Austin by suit so as to present any significant risk to the public health or filed in 1982, and CPL and CPS by call for arbitration made safety, and then to comp lete any decontamination opera-l in 1988 in resp (mse to llL&P's suit for contribution for any tions that may be ordered by the NRC. Any funds remain-l damages owed Austin. The Austin trial in 1989 resulted in a ing would then be available for cmcring direct losses to i jury verdict in favor of flL&P which was upheld on appeal. property. 1 i CPS
28 l The owners of STP currently maintain $2.75 billion of nuclear in addition, CPS power generation activities and other utility property insurance, which is above the legally required amount operations are subject to extensive state and federal environ-of $1.06 billion, but is less than the total amount available mental regulation. In the opinion of management of CPS, the for such losses. The $2.75 billion of nuclear property insur- outcome of such proceedings will not have a material ad-ance consists of $500 million in primary property damage verse efTect on the financial position or results of operations insurance, along with $2.25 billion of excess property dam- ofCPS. age insurance that is subject to a retrospective assessment being paid by each electric utility which is a member of Purchase and construction commitments amounted to approxi- A Nuclear Electric Insurance Limited (NEIL). In the event that mately $339 million at January 31,1996. This amount in- , property losses as a result of an accident at the nuclear plant cludes approximately $126 million that is expected to be paid of any utility insured by NEIL exceed the accumulated fund for natural gas purchases to be made under the contracts cur-available to NEIL, a retrospective assessment could occur. rently in effect through the year 2002; the actual amount to The maximum aggregate assessment under current policies be paid will be dependent upon CPS' actual requirements is $25.8 million during any one policy year. during the contract period and the price of gas. Also included is $28 million for coal purchases through 2000, $106 million NUCLEAR DECOMMISSIONING -In July 1990, CPS, for coal transportation through 2004, and $16 million for together with the other owners of the STP, filed with the NRC treated cooling water through 2005, based upon the mini-a certificate of financial assurance for the decommissioning mum firm commitment under these contracts. of the nuclear power plant. The certificate assures that CPS will meet the minimum decommissioning funding require- The Public Utility Commission (PUC) of Texas is currently ments mandated by the NRC. The STP owners agreed in the modifying certain rules to comply with current legislative financial assurance plan that their estimate of decommission- changes affecting the utility industry. All electric utilities which ing costs would be reviewed and updated periodically. In 1994, operate in the State of Texas will be affected by these new the owners conducted a review ofdecommissioning costs. The rules. One such rule, which has recently been approved by the results estimated CPS' share of decommissioning costs at ap- PUC and for which CPS is currently evaluating its options for proximately $270 million in 1994 dollars, which also exceeded compliance, is theTransmission Pricing and Access Rule.This NRC minimum requirements. rule requires utilities to separate their personnel engaged in selling power in the wholesale market from the personnel who In 1991, CPS started accumulating the decommissioning operate the transmission system. The rule also mandates that funds in an external trust, in accordance with the NRC's regu- electric utilities charge customers for open transmission ac-lations. The trust accounts and related decommissioning li- cess according to a formula based 70 percent on a single state-ability are not included in CPS' financial statements. At Janu- wide fee and 30 percent on the calculated economic impact of ary 31,1996, CPS has accumulated approximately $47.1 open access on each electric utility in Texas. This rate struc-million of decommissioning funds in the external trust. Based ture potentially would cost CPS $2 million to $3 million per upon the 1994 decommissioning cost study, the annual year in revenues paid to the state to subsidize competing utili-levelized funding increased to $8.8 million for 1996. Decom- ties with higher transmission costs. The Commission also missioning trust funding was $5.1 million for 1995. adopted a rate-moderation plan that will minimize the rate impact of the new pricing mechanism for the first three years
- 10. Commitments and Contingencies that the rules are in effect. Under this plan, CPS' payment to the State in the first year would be 10 percent of the total cost in the normal course of business, CPS is involved in other mentioned above; payments in the second and third years would legal proceedings related to alleged personal and property be 20 percent and 30 percent of the above cost, respectively.
damages, breach of contract, condemnation appeals and dis- CPS has not decided ifit will take legal action to oppose this crimination cases. new Transmission Rate Structure. e CPS
29
- 11. Segment int 2rmatl2n:
1996 1995 Electric Gas Total Electric Gas Total (in thousandst (in thousands) REVENUE. 5 777.657 5 108.625 5 886.282 5 757.937 5 110.694 5 868.631 EXPENSES: !e Operating and maintenance expenses . 374,468 80.246 454.714 367,429 80.807 448,236 g Depreciation . 132.413 9,689 142.102 129.729 9.210 138.939 Total expenses . 506.881 89.935 596.816 497.158 90.017 587,175 i OPER ATING INCOME . 5 270.776 5 18.690 289,466 5 260,779 5 20.677 281,456 Interest and other income . 28,568 24.525 Net interest and debt expense and tax equivalent to the City of Sn Antonio.. (193.596) (191,452) EXCESS OF REVENL'ES OVER EXPENSES S 124.438 5 114.529 CAPITAL EXPEN DITURES . 5 126.203 5 27.123 5 153.326 5 124.813 5 24.706 5 149.519 Identifiable assets . 5 3.760.528 5 260,494 S 4.021.022 5 3.743.683 5 243.092 5 3.986,775 General assets . 555.942 473.188 TOTAL ASSETS . 5 4,576.964 5 4.459,963 Report ofIndependent Auditors Board of Trustees City Public Service i 1 We have auditet. the accompanying balance sheets of City Public Service as of January 31,1996 and 1995. and the related statements of revenues and application of revenues, changes in equity, and cash flows for the j years then ended. These financial statements are the responsibility of the management of City Public Ser- l vice. Our responsibility is to express an opinion on these financial statements based on our audits. l l We conducted our audits in accordance with generally accepted auditing standards. Those standards re-l quire that we plan and perform the audit to obtain reasonable assurance about whether the financial state- l ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting 1 the amounts and disclosures m the financial statements. An audit also includes assessing the accounting l principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. i l \
. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial l position of City Public Service as of January 31,1996 and 1995, and the result of its operations and its cash j flows for the years then ended in confomiity with generally accepted accounting principles.
&+ LLP wg Q aww San Antonio, Texas March 15,1996 CPS
30 FIVE YEAR FINANCIAL REVIEW Years Ended January 31, iln thousands) (Unaudited) 1996 1995 1994 1993 1992 REVENUE AND APPLICATION Revenues: ' Electric Sales.. $ 777,657 $ 757,937 5 781.661 5 708,257 $ 672,434 C Gas Sales.. 108,625 110,694 125,49I I I 2,6I i 106,927 i , Interest and other income . . 28,568 24.525 23.353 26,508 36.023 Total revenues. $ 914,850 $ 893,156 $ 930.505 5 847.376
$ 815.384 Revenues applied: i Cost of operating systems:
Fuel, purchased power and resale gas . $ 203,337 $ 210.503 $ 260,215 5 201,699 $ 174,758 Other operating and general expenses.. 172,745 164.885 166.054 143,753 136,975 l Maintenance.. . . 78,632 72.848 88.528 65,170 63,860 Total.. l
. .. .. $ 454,714 $ 448,236 $ 514.797 5 410,622 5 375,593 _ i Operating fund. .. . $ 0$ 0 $ 0 $ 0 $ 0 Debt requirements for Old Series Bonds:
Interest expense.. $ 1,838 $ 2,678 $ 3,390 $ 4,067 5 4,720 Principai requirements.. 12,840 12,235 13,112 12,306 11,500 j Reserve requirements.. . (87) (327) (346) (239) 83 l Debt expense . . 3 4 6 7 9 j Total.. . .. $ 14.594 $ 14,590 $ 16,162 $ 16.141 $ 16.312 Payments and services to City: Tax equivalent to City of San Antonio.. $ 13;696 $ 12,736 $ I1,817 $ 11.244 $ I I,722 Refunds for services., 16,587 16,163 16,464 16,387 17,110 Additional payment. 92,639 90.953 85,884 _ 96.601 80,185 Total.. . . .. . . $ 122,922 $ 119.852 $ 124.882 $ 113.515 $ 109.017 Debt requirements for New Series Bonds /Other: Interest expense.. . . $ 127,268 $ 129,899 $ 150,588 5 159,169 $ 160,959 Principal requirements.. 69,067 64,597 66,460 69,965 62,520 Reserve requirements.. . (621) 1,150 1,239 5,568 13,886 Debt expense . . 17 14 42 69 81 Other interest.. . . 6,267 3,721 3,252 5,394 9,158 Commercial paper redemption requirements. 23,746 22,795 8,429 0 0 Total.. . . $ 225,744 $ 222,176 $ 230,010 $ 240,165 $ 246.604 Allowance for interest used during construction $ (2,818) $ (3,072) $ (I,977) $ (29.055) $ (31.418) Additions to plant: Gross construction for year.. ... $ 153,326 $ 149.519 $ 124,162 $ 171,952 $ 229,831 Less construction funds provided by sources other than revenues . 43,222 88,792 59,679 78.089 134.497 Revenues used for additions to plant.. .. $ 110,104 $ 60,727 5 64,483 $ 93.863 $ 95.334
- Additions to Improvements and .
Contingencies fund., . . . . (17,111) 16,497 (17,852) 2,125 3.942 Additions to Overhead Conversion fund (Paid by I&C fund).. . 6,701 14,150 0 0 0 Total.. .. . .. $ 99,694 $ 91.374 5 46.631 5 95,988 $ 99,276 Total revenues applied.. . .
$ 914.850 $ 893,156 $ 930.505 5 847.376 5 815.384 BALANCE SilEET DATA Utility plant at cost * , .. $ 4,427,212 $ 5,013,020 $ 4.911.599 5 4,793,976 $ 4,641,841 Gross construction.. . .. . .~ 153.326 149,519 124,162 171,952 229,831 Accumulated depreciation.. . 1.269,710 1,159.599 1,042,183 917,783 806,770 Annual depreciation allowance.. . 142,102 138,939 136,957 120,879 114.332 Bond principal and interest coverage .. 2,18x 2.12x 1,78x 1.78 x 1.83 x
- Prsorfiu alyears tra laniford to reflect Conn obutions in Aid of Con sunn toon n_..__ ___
31 FIVE YEAR OPERATIONS REVIEW Years Ended January 31, t for Humwndo (Unaudited) 1996 1995 1994 1993 1992 lo OPER ATING REVENUES g Electric: Residential.. $ 360,484 $ 346,396 $ 350,583 $ 320.067 $ 306,709 Commercial and industrial . 304,090 301,319 315,156 284,289 267,241 Street lighting.. 10,762 10,454 10,468 9,845 9,367 Public Authorities.. 80,812 78,504 86,370 78,061 75,392 Other utilities , 15.546 15,239 10,805 8,548 13.569 Miscellaneous.. 5,963 6,025 5,516 5,190 5.177 Total electric . $ 777.657 $ 757.937 $ 781,662 5 708,257 $ 672,434 Gas: Residential.. $ 65,668 $ 65,965 $ 75,708 $ 68,208 $ 65,768 Commercial and industrial . 36,305 37,982 41,944 37,332 34.110 Public Authorities.. 5,763 5,824 6,905 6,283 6,225 l Miscellaneous.. 889 923 934 788 824 Total gas.. $ 108,625 $ I10,694 $ 125,491 5 112,6 l 1 5 106.927 S ALES ((XX) OMilTED) Electric - KWil: Residential.. 5,606,699 5,287,483 5,005,292 4,831,794 4,793,631 Commercial and industrial . 6,090,667 5,881,461 5,604,418 5.420.383 5,281,292 Street lighting.. 95,428 92,392 90,619 87,567 86,661 Public Authorities.. 1,854,042 1,765,728 1,668,884 1,619,005 1,0.23,979 Other utilities . 608,454 472.864 _ 356,164 328,547 225,942 Total.. 14,255,290 13,499,928 12,725,377 12.287,296 12.011,505 ,
=
1 Gas- MCF: ' Residential.. 12,902 12,488 13,921 13,397 13.340 Commercial and industrial . 10,683 10.566 10.584 10,166 9,658 Public Authorities.. 1,718 1,639 1,803 1,800 1,812 Total.. 25,303 24,693 26,308 25,363 24.810 PURCll ASE FOR RESALE: Electric (1(XX)) KWii
- 345,107 327,082 70,977 292,686 67,900 Gas (l(NK)) MCF. 25,927 24,975 27.112 25,326 25.078 El.ECTRIC GENER ATION -
( l(X)O) KWI1.. I4,764,596 13,945,516 13,43I 946 12,710.278 12.621,547 Electric Gen. Capacity, KW (Gas) . 2,430,000 2,400,(K)0 2,4(XUMM) 2,4(x) (K)0 2,400,000 Electric Gen. Capacity, KW (Coal).. 1.385,000 1,336,(XK) I,336,(XK) I,336.(XX) 836,(XM) Electric Gen. Capacity, KW (Nuclear)., 700,000 700.(K X) 7(XUKX) 700,(N M) 700,(X K)
- - ELECTRIC PEAK DEM AND- KW. 3,249,000 3,052.(K K) 2,908,000 2,817.(KX) 2.799,(K X)
NUMBER OF CUSTOMERS: Electric.. 519.269 506,646 494,385 485,345 476,122 Gas.. 299,167 296,200 292,241 290,497 287,502 RESIDENTIAL AVERAGES: Electrie: Res enue per customer.. $ 799,26 $ 786.61 $ 814.44 S 756.51 5 734.82 KWil per customer.. 12,431 12,(K)7 11,628 11.420 11,485 Resenue per KWil.. 6.43e 6.55e 7.00e 6.62e 6.40e Ga ,: Resenue per customer.. $ 237.20 $ 240.75 5 279.13 5 253.96 5 247.32 MCF per customer.. 46,6 45.6 51.3 49.9 50.2 Resenue per MCF. $ 5.09 $ 5.28 5 5.44 5 5.09 5 4.93 Ivd son loodo Indorov aC3,M CPS
32 CPS MANAGEMEfff STAFF f (, ' f Arthur von Rosenberg Jamie A. Rochelle l General A1anager Assistant General Afanager i for Planning and Development l l l [ ,.- - [ ! Kenneth J. Fiedler floward Freeman Assistant General Afanager Assistant General A1anager for Operations for Finance Joe O. Trevino Assistant General Afanager for Transmission and Distribution Engineering and Construction
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K B E CPS DEPARTMENT MANAGERS l ; Ralph E. Alonzo ; Customer Services
- l. Les Barrow Construction I
Steven Brainer i Administrative Services l Martin Clausewitz 1 Generation and l l
- l. Environmental Planning . ;
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- _ Anthony C. Edwards l l' Employee Relations i
Lou Fleckenstein Materials and Transprtation Nick Flores Operations l-i Paul Garza l Field Administration i i Wallace H. Geissler
- Power Plant Engineering I
William C. Gunst Production ! Leonard Hill Transmission and Distribution Engineering Cy Hutchinson Data Processing Services ; John J. Leal Personnel
. Donald R. Schnitz Gas Engineering and Fuels Stewart Schooler i 11galServices I
Barbara K. Stover Public Relations i Donald S.'Ihomas
- FinancialServices l
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i e i l CPS BOARD OF TRUSTEES i I i lb .
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! Arthur Rojas Emerson Pat Legan Dr. Frank Bryant l Chainnan Vice Chainnan Tntstee l KVDA-TV Legan Properties Physician I l . . 4 I i
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i., i Gloria Hernandez William E. Thornton Tntstee Er-of]icio Trustee l Suchy's Flowers and Gifts Mayor of San Antonio i f 1 ! l u b .c City Public Service of San Antonio P. O. Box 1771 San Antonio, Texas 78296 Phone: (210) 978-2484 - General Information l (210) 978-2345 - Financial Information i Fax: (210) 978-3058 Q pr,mes <m rea u tes; wire
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