ML20126D236
| ML20126D236 | |
| Person / Time | |
|---|---|
| Site: | Grand Gulf, Arkansas Nuclear, Waterford  |
| Issue date: | 12/31/1979 |
| From: | MIDDLE SOUTH UTILITIES, INC. |
| To: | |
| References | |
| NUDOCS 8004220535 | |
| Download: ML20126D236 (40) | |
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Middle South Utilities, Inc. Performance Highlights Percent 1979 1978 Increase Total Operating Revenues $1,823.1 million $1,622.2 million 12.4 Tor Operating Expenses $1,604.9 million $1,393.9 million 15.1 1 _ Costs $ 697.6 million $ 623A million 11.9 Net !ncome $ 182.1 million $ 185.4 million ( 1.8) Earnings Per Share $ 2.13 $ 2A6 (13{ Dividends Paid per Share $ 1.52 $ 1.44 5.6 Customers (Electric - Year end) 1,520,142 1,489,188 2.1 Electric Energy Sales (Total) 53.0 billion kwh 52.0 billion kwh 1.9 System Peak Load 10,687,000 kw 10,648,000 kw 0.4 Gross Utility Plant (Year-end) $ 7.0 billion $ 6.1 billion 14.8 Construction Expenditures $1,024.7 million $ 901.0 million 13.7 S1SU Common Stock $16 3/8 High $17 3/8 High Alarket price per share $121/4 Low $141/4 Low Contents 2 Letter to stockholders 4 Ikiard of Directors & Officets 5 Customer & wickho' der Information 8 Load Management Research
& Development 10 Construction 14 Fuel 3 for Electric Generanon
)6 Financial Review 20 Con 3olidated Financial Statement.s JJ Management s Diwuwion and Anahsis l of the Summarv of Operations 3410n9 19~9 Financial Record 36 system Electric stan3to 1
Cot'er: l AP&l's.\rkansas .Yuclear One, l unot one, the Wstern'sforst nuclear generating facility. has been in cornnsercialsers'sce since 19~L
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Middle South Utilities, Inc., an imestor.owneJ pubhc 6 unhts holding company. uwns 100 percent of the common stock - n .. n - . <:
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of fac operaung companies - Arkansas Power & Light ,
.2 gg Compant Arkansas.Mosouri Power Company Louisiana Power t" W '
& Light Companv. %ssasippi Power & Light Company, and New Orleans Pubhc 5ervice Inc The two other principal subsidiaries M
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compant and Shddle south Energy. Inc . which is undertaking - . the construction. fmancing. and ownership or Grand Gulf ' Nuc! car sunon. a 23-nulhon-kilowatt facihty h>cated in , 17 . , , . 'r / N I -
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'nstem Fuels. Inc . is a fuels procurement subsidiarv ul 5 "UMW 'N ' - -
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s i . W,ith Nhddle . south l nhties. Inc.. these companies consutute ', 4,. .,.
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. 3 Annual Meeting: The Annual Meennu of stockholders is '
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Dear Fellow Stockholders:
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.,;].,-4 p' \,_. 4 The year 19'9 was one of mixed results This was the first year in the for the .\ liddle South Utilities system. history of the Svstem in which g .. _
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Although consohdated net inco'me was capitai expenditures exceeded
$1 billion. For 1980, we expect * @' '
down slighdy, the year closed with indications of long-awaited progress in that capital expenditures for our T the area of rate relief. In addition, the construction program will be ? System looked forward to 1980 as the approximately $928 million. i year in which our second nuclear-fueled Our principal commitment ; l generaung unit and our first modern continues to be to maintain the . l coal fueled umt, both located in System's ability to serve its cus- i i Arkansas, will go into commercial tomers' needs for electrical ' operauon. The addition of these units energy nhde providing a fair , will be a significant step in the direction return to our stockholders. To j i of further fuel diversihcation, a course accomplish the service portion K j upon which our System embarked more of that commitment, timely con- 4 than a decade ago -long before OPEC, struction of additional facilities natural gas shortages, and growing is essential. To achieve the fair {- dependence on imported energy return, the System companies
, resources became the dominant facets seek from regulatory authonnes rates for outstandmg record of safe operanon
' of the energy picture of America. electric service that adequately will be even further improsed. One our financial results for 19'9, a3 compensate investors on the capital of the special arucles in this report reflected m the statistical highlights on investments they have made. The key to presents specifics on our response to the inside front cover, were adversely appropriate rate levels which will be Three N!ile Island.
l affected bv higher operating expenses most beneficial to ultimate customers' If Amenca hopes to keep the lights which were not offset by rate relief interests as well as those of shareholders burning and the factories running. l and by a small decrease in residenual is the inclusion in the rate base on which nuclear power must play a larger and I kilow att hour usage. Despite this decline allowable earnings are computed of the larger role in the overall energy mix for l and substanually level energy current cost of capital invested in the balance of this centurv and into the ! requirements in the commercial sector, projects under construction. Such capital next. In the Niiddle South Cuhties l l the 5vstem's ulumate customers must, of course, be serviced, and those i System, we feel an obligation to present I required six percent more electric costs are an appropnate part of the the facts supporting this conclusion to l i eneruvin 19~9 than m the previous year, current costs at meeung customers you , ou r shareholders, to ou r c'istomers, l l as there was a 1.Upercent increase in electnc service needs. We will continue appropriate governmental authonties, I i industnal requirements. Total electne our efforts to persuade governmental and the general public. Our industry t eneruv sale' increa. sed a modest two agencies who set our rates of the vahdity < must take the offensive in informme the i i percent, however, because of a dechne l Jf this approach to rate-makmg. See;uge American public of the essennal p' art i m sales to other unlines As you may i 19 for a detailed discussion of the rate I nuclear energy must plav in our energy I ' recall.19~M sales to other unlities ' situanon as it now stand 3 for System future. I hope that you w111 read the %r-were unusual!y large because of the companies. " mini. articles" m this report which i nanonnade coal stnke,and 19~9 sales to The Alarch 28,19 9, accident at the relate to this subject. unhues reflected a return to a more Three Niile Island nuclear plant in Ultimately it is the Amencan people normal level Pennsthania wa.s certamlv the most who will decide the fate of nuclear Our stu dies indicate that the energy pubhdzed utihtv subiect m 19~9. power and, of cou rse, ou r energy su pply. requirements of our customers wall Although this was the most senous l.awmakers and regulatory authonnes expenence growth in the years ahead at incident in the historv of Amencai ! who wnte the rules, may be expected in , a rate siumf cantly above the nanonal nuclear power industrv. there were no ! the final analysis to reticct the will of the i
. figure. To ensure the ability to meet the miunes or deaths to either emplovees at , people.Today,the maiontvof Ameneans !
needs of our customers. the svstem the plant or to the pubhc. The electnc j support nuclear energyand recognizeits pent tust oser $1 billion m 19 0 tor unhty industrv, alonu with other j importance. It is essennal that this
, new energy facthties. , industne3 imolved m nuclear power. . maionty be maintained and increased. I
- has moved swetly to analvze the accident The Niiddle South System l md arriv he Jewn .' earned from it companies have played an acuve role,in i
Immeducely aner the acc: dent the l cooperanon with others in our industrv, l electnc unhty indu trv established an l m seekmg to protect the legiamate j execuuve. level comminee to coordinate ; interests of our customers and our
, effectne and appropnate responses to i shareholders in the rea!m of energy ,
j the accident. As chairman et that , !eutslation and regulations. Numerous l
; committee, I can attest to the diligent i
! efforts which have been. and are hetnu, I i expenJeJ to ensure hat nuclear power s j 2
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1 The Need. for Nuclear Power , J i i maior proposals have been carried over I into the second session of the 96th :i Congress and will require continued %l attention. , , .\lanagements of Arkansas..\lissouri l Power Company and Arkansas Power & ,y ., l Light Company are currently seeking .a J regulatory approval of the planned
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. ,. J r consolidation of operanons of the two ,
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i companies, which was first announced
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in last year'3 annual report. inJanuary 1980,you wereinformed - that a portion of your 1979 common I stock dnidends represented a - nontaxable return of apital. The major C. M. : reason for this is that che substanual . , . - . . - , . ....wj.. .p, .. 4 4 porunn of book income which results 1 .' ..'.-, trom the. capitalizauon of the costs of the capita; funds invested m proiects under Ar . . 3 ..- o .e.r,...~...+p-2.-, s o. .r .a; I .
. . . c . % L gw4 - , ~ , y e..g 7 , .
s - vr.ineqvnyspeheren construccon does not consutute taxable . ggg.m we6g,,.g fn A. o jpgy., g.g
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income under the Internal Revenue , s.; ... %,n u,,,s,g Code. fience, dmdends paid tram such ;--JC . !
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Q. earnings are, for tax purposes, treated as - - l,",7 a ;. ; ~ 1 'm@b+ y,,@M l a return of a pornon of the stockholder's . Q ,,t y . . -. r" y
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Invested capital. kP. ,F.~'.>N**7. M.T "(7,;. i N. No# f g,%' mth the dividend ,as i
.lanuary 2,1980. your ooard at directors able on 2
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e~ c .. 4 M,, , . d." 7 . De. %f ." ^a,9fiQ" ag ) share, equal to an armual rate of $1 M
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N . N $ $$ $ ~ M d Y M N h N;"$ d N N $5J N /-N D '~ l has been able to incre.Ie ne dividend rate eserv sear smse s nceIsuon. E, : _,a4W"P . - wrm c.C,n:Zn' 9f n P wwWewWhh*Nw
.\lant stoddWers have elec:ed to r: w d - .
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kfM'a$"WWaD'Nihad4M7.*WeMLNW.$W4W6 kef 'I ;,aracipauen in the Dividend ;- Reimestment and Stock Purchase Plan. 3 you may obtam mformauon concerning I j this plan hv wnune to Dan E. Stapp. ,,g.,,,,.m,,,,,m w, ,
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g secretan at the unoam -
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l to thank you f r - ur jonunued interest g%g - I , md suppen u me you our _' sustained best 's to assure that y +;@Mg W .mW m*"e*@_MV+m-l vour Compam pa s well its n de m the ' m
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- i eneruv picture at our -mee area and -
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Oficers & Directors l OfHcers Directors .
~
a " FLDYD W. LEWIS GEORGE F. BENNETT DR.bALTER WASIGNGTON
' JERRY L. MAULDEN Ouadraman 4 anscf Execimere Premdent of state Mrect investnscsw Pressdent of Arkansas PWswer Premdent of Alcorn Mate Onsverway Garporatum and Eceletal Street .& I.sWit Company Imranan. Minaiansppe F. E. AUTREY . . Fund. Inc lattic Rock. Arkannan Audit and Nosninating Cmaannuces Premadest monton Mannachuncats Casapensasson and Nomsnating LeROY P. PERCY R. E. L WILSON Cottom dermer; Osastman of the Boards Cinaarman of the Boards of tre Wilaue C' ="'""ca DONALD J. WINFIELD*
honier Vice Preddent - Finance of Minnannappe unenascal Omapany & G .( Aggricultural and Agers-JAMES M. CAIN and I-srst Minassnapps Garporasson uuneness)anstilie sank of W6 anon EDWIN A. LUPRERGER Premalent of New Orleans Putdu Greenysuc. Menneenappa Press' d ent of Drita Pros 8ucts v6ce President - Fmasme serv 6cc inc. Executsve. Audst. and Nominaung G supany ((mtsonsced Ost Miu) New Orleans tossimana ( Otastnean) Comsattices Wilnosi. Arkastaan DAN E. STAPP EXcCut8ve. GMnPennathm ( Onaerman ). secretary ' RICHARD W. PREEMAN ROBERT D. PUGH and Nouninanng Comumstaccs Ossermaass of the imesstaana Coca-(maa Presidesy of Portland Gin Cosupany . 8 " '838 " 5 C"'nPany, lad.. ( Aggraultural and Agn-Eum6nene) JACK M. WYATT BODNEYJ. ESTRADA Chaareman of the Finance and Osastman of the Board of Pressaicas of Louissassa Power i
.Tre murer Osninettacc of Deka Air D6 rectors of Portland Bank & JJahr (msupany Il"'" 3" ' P"'d'"d A'"""' N'*"d'*""L""""
R. EUGENE RROWN -
. Asesha and Nonunating Comemittees Executive Comsnsatec New Oricans. Emesenaana W==is Trc- EEccutive. Atedet (Chairnaasi), anst , ~. .
Nonennamag Osammestaccs DOROTHY M. ANTOINE GEORGE K. REEVFM / 7
. ,w Partner of Ward and stecys. p FLOYD W. LEWIS Caruthersvinc. Mas .str Chaaranam of the uomrd and Onsef Casapensasson and Nonsanatsng[
.g,,g Executive C==matccs New Orleans, h=pe==
h M Ny s I gggy.7gg,ms7 Execuelve(mennan)and Nomas=ig FRANK G. SMITH,JR. ro an- p,,,ia,,, og 3,g,,,,,. g3,,,,,,, Power (nsap=ny W ' DONALD C. LITIXEN , BlyttarvtEc. Arhammas ./
% .. Pr-=ed--a of Missiemppe Power -
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Customer Information Customers' Energy Requirements
~ . ~ . . . , [
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- ; n; ; Response to.,Three. Mile Island i 1
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'f'$ 1W77 1979 f.
3
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M iosai mm usumm customers , pc.,l Customers ~
' N.y 2 The Svstem's five operating companies -
.< l' serve some 1.5 million customers in -
'T parts of Arkansas, Louisiana,5tississippi, .
.g and southeast Stissoun. Approximately '
. . , . g. y 8' percent are residential customers.
> ' *4.w C;%ms %Me&W,, 1.;. a n The rate of ultimate customer growth 4 a' ', ' t nathin the Middle South Svstem
- ,: .t . ..Mi amounted to 2.1 percent in 19~9 '
.mi.i hQm.hp . n O.. e.
~+
o,t :...-. c.hIiN 4 N. d - t Electric EnerU
-e p..g w i eau.h v^yd . e q<m-im: vert.r *m ~ ~ w. m 4 i Requirements -
1y wL 2.1-l The systemi re4dential, commercial.
, industnal and ',; wrnmental customers ' "' -
y' '+ p' '..,x ' W . T , 4' " 'Pfemu
%W MM*$!M}Q
.: er.9.
'NVM 2N M%
w D'f D%.s; O
. used 4 M billion kilowatt-hours of I
' '- - -a.. . .#' kV Y.*>dg'Wr?.J.y, ' t 'x y4y.
e M.n p 7 7 M~
- es .E,
. electric energy in 19~9. nearly six ,
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{, Ref perlecung customers energycent more than in. the previous v. ear. y :n. L . f. 4.A 34+sJW x- . y, .,,..,,, p.W
. '" 4 M . WNW O A @ & ;Q A M ,1 conserv uion and summer temperatures
' that were somewhat more moderate .
'f, ,. ' ~ .[T .$7 iwrh,$gd%tg;6sg. HM!LDS y tnan normal residential usage in 19 9 was la obilhonkilowatt-hours.down L2 6 .<. "
( M!M *.QQs,WQM mmwmm,,ZQ..
; percer! trom that of the previous year. .'%..t.E..* "'..J
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.pgggtyygg,ygg,g,,,,~n pyp+ M.
i Ommevul usage rose 1.4 percent. to
"> ' watt-hours. industrul j 7 '1 g h M' Q G E; M E. 3 3 @'; M; M -
N@.4.Mt d4 . - "6..,-
+ ~-w"7.," N ' .. - .,.'~..
m a #. au. .,. n.~:.M~m.W~ .=+r- . - ~.*. w y ~ ~ e +~- . ~ . . e.m ..e ened 13 3 percent. to 22 3 l watt. hours; and { Z J @S U.c 16' /T"MITD.L. E . ^"" -) M.x . ' 6 7P : A wr . mental usage was up 2 o percent, i WW 94SMb1 MNMcWMMW*"W"hb o -
. to 13 bilhon kilowatt hours. kf .
.,.8F 3M lh l The nse in industrial usage was to a i large extent attnbutable to plant %g, n y7%. MS_l, J ~ MP.34 x ,. 'g AW4
,, O '.
~ ~ ., . F . 7,.s. .!f '. ,.L . .
expansions. the locanon of new .e . -.- NM nm T: thin the system service .*'""#' "*'#"'
$rea. a 4, Improved business Conddions,
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" Te: nts and other utility c. stems i y- -
w % 4.,w.sy,sq,m,g , , .- . l if 9 - Mr* ce: e MMWM W l'*N 1miiunted to 4 4 billion %*d h *MAC~" O' - +
- D" ' U '*" ab^
A. .-4., o >urs. 33 percent i.ower than . vrmgwc. e,.w . . _=
"h: nia,4% .. ..kkmW*P P "'"W * **~~'t* ****
%N 1! [W iales to utilities i,ther *""*'N e "-'*
.un municipahnes and cooperantes aec e m percent trom those a
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m m ;, ... m . _., ; _ . . .. m._ .. iW w nen the nanonwide coal stnke pr i ch'd '.ome coal-dCpendent utihne5 i
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'uo .aattal'\tiddle amounts .4 s' energy. W/h"qM outh svste"mMLarrw tu gm.,,,,ggy.;g,.;g.. ,,.a.4 OG.ubhMr w'
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1 Customer & Stockhokler Information tconnnueds The 19 9 System peak occurred on August 6, when usage of 10,68',000 kilowatts was recorded. This was only shghtly above the 19~8 peak of 10,648,000 kilowatts. In 19~9 there were no extended penods of hmh summer temperatures throughout the System service area, such as generally \ accentuate peak power requirements. A '
\
Industrial Growth All of the companies of the Sliddle , N / South 5vstem are active in promoting" econom'ic development within their 7' - 1 A / p-respective, sernce areas. The System also coordinates with the state counsm
\
. / '
/'f departtnents a cooperative travel \x *
/
/ i development program for Arkansas, 'N Loutstana, and Alississippi. ,,,
f; /
/
Dunng 19~9, industries announced i / plans to locate or expand 2-65 facilities f l
' ~in the system *eruce area, creating
-/ -
t .g
+
.%~ new iohs and adding an estimated \ .
innual patroll of $~6 9 million. When . in tull operation, these additions , , and expansions should produce y i
' ipproumatch !;0 4 million in J /
- adJitum.t! annual :evenues for the j h M stem a impanies. L4 l $
4 ,"7 em
.s.
tag [ .- FE ' Gene ' Autrey 'W'} .,2%.glsg 1^ onys m a,e vstem 30 y ears of electric utinty nutustry
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New j M P. //e E b f 4 C+w P: esidents 4
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- 9 #. ' p
- Frank Eugene ( Gene) Autrev became l presiJent of .\l5L' and .\lM on June 1.
< Uro. Flovd W. Lewis, president of Nist: ,ff 7j \$aq e'
t@/ .Na
'mee lo~n hecame chairman of the m a ~.nnueu m:c.
E, .
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Ef ~ cmm e mer ne naa, um.mie L* ja uh u s % ldl \l3% l'rb >r T.o li st!'alla !})e . Vert es o[s tre/ an4/ Cons tant
~ c , , \wre <va . esecutn e We attention to satery are
'r * ::t t' !L Txda V wer & Licht reansrett n] system linerrien ' '
s
- , ,anu. li,nda u I"> v!ren teorA' at hew'ts N. b
'm! \taulJen w.1. elected '" CNCCSS "f IO" .fert, ,
/ N* r presiat at s.t Al%L < in Apnl 30 .\lr p Y 7/ .%
\lataut u ni , heg.tn his \huJie south g//
- .n ema siwt . retu rned to that compant dJ t/*g afnd - /y. g
.iner sers um a3 president of \lw **
- _ - Yb @
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l l'y ~~~ L~p ;f _ :y / ) , 6 l t I
, t ,bg Hoyv Nuclear Power Plants Work Annual Meeting of I -
Stockholders p e The 30th Annual Meeting of Stockholders was held in 1.ittle Rock on May 18,1979. Holders of 67.388.787 shares were raoresented in person or by l >roxv. Thi: e '9.-i ercent of the
'm
\ d[es oOU ' ."ek. Ib / Stockh. u.h r Growth . At the close o. >, MSU had 144.068 . s stockholders or 31.500 more than a ,,. j .4 ia ' .., d tear earher. The nurnber of shares of
, , , . . . . . gwn.3 9., , s ,.,.. , . .
common stock outstanding increased D from ~6.098.231. i the end of 19~8 to ,. ,
" r 4ytg.' A.- l.. . D pgf 00..eN.998 as of December 31,19 4 ', %
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- 5tock Purchase Phn. under which W * ~ " ' '
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W.O share nere m!J m 10 0 Un [ the rn amdena -mems ,e m. der }- . - ,- -. but new share of M4 a >mmon -tock. .- ; . Csh purchases at adational sh..res k ***.W','l / xv ^ 4. . "N %. . ,4. ,h
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I Load Management / Research & Development I i ? At the Systern Operations l Center in Pine Bluff, y Arkansas. .tfiddle South clispatchers rnonitor anct U mo & Q $ controlIbe tilstribution of ,9 q Q. ~ ' " q ** $ potwrgenmtlion using the -*,
' ~~ #
latest cornputer technologv. , _ _ g . p
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W h e- e 4 9 ,f Load Management
, - en a k ( 8. .e.e-d - -* e3 and Conservation . , . .
- 4. _d -
With escalating construction costs, o . .e W" ;- linuted access to the financial markets. ' higher customer bills and uncertainties .
^ * ' '
as to the continued sadability of _. - .- l l' tradinonal fuels for electne generation, en - j unline, mu.st look to load management . ', - for some of the solutions to energy - problems. This necessarily involves a dynamic and continuous progr .,; of research and development. The Middle
, $ N .
g' ~ ~ J south Unlities system is recognized as a - progressive leader m this field l ..,,. All of the system companies are .aga ma u ;, g ., ,, . . , , _ dedicated to helping their customers >
; conserve energy, especially dunng g' . , y. .
g% . I I, y p. %
,f . x t
lpenods of high usage. Both customer w ,. 4p .yx , yg ! , and snickholder benent from this atutude-the customer through lower g.fggy y. ,' electne hills nd the stockholder a w yy ew. 7
,y . ..g .
4 ,.,*{ l g .2
~j g throuah reduced requirements for .C.,,..% ;.' -
W , f )( W
. ~/
ut r ams as the energy * , (4 'g pf ettiaent home. computenzed energv ' W .4 - p $4.gy i, . . .
- s audits under Zip-Up Your Home. and
- (p a y [. . ,,
the Consumer Energy Team, voluntanly i J.a..e......,;. <(c N % f ,
^
adopted by 5ystem companies long *e .c -gC hetore federal mandates entered the i ' - pNture base anen the 9 stem a head actually u ing lew e!ectricitv. but it also (,99 e c. l tart in implementme rendenual audits improses the efficiencv of the air e w '")p. ' /[ e) g l l required under the Nanonal Energy t Con eruu. >n Poliev Act , condinoner in the Systemi continuing effort N ' wtem wide te tmuis under wav on to reduce the rate of growth in < u.aer ne.ur an.1 < i ' a en more ! reak demand seseral innovauve rate
, p -n u -m .: : ..t reo .er water heaters. L.hedules have been adopted or l hicn appear to (>ue excellent proposed. Alreadv in ettect at AP&L and Research and {
I possd>dmes for conservauon withm the MP&L and underitudy at NOPSI are Development, Fuel I ExPl oration
$ stem service area This appliance reduced rates for customers who allow recovers warm air normally di charged the unhty to mstall a remote. controlled by the air condinoning compressor, swuch on their air conditiomng SFI in 19'9 conunued work on lea.se i uung :t to heat water in a conventional compressors. This allows the companies acquistoon ofland in southern Louiwana j water heater Not only can this svstem to hnetly off-escie the airsondinoners on which to implement as expenmental r provide all 4 the summer hot water dannu penods of high demand.thereby project to extract natural gas from j nee 6 4 a typical tamilv of four while redua ng e;ccincal load w:thout matenal hydro pressured salt water formanons discomfort to the customer. underiving the Lou siana Texas coast.
In as pendma rate case. AP&L has Federal esumates indicate that the gas proposed to oder opnunal ume of day di sobed in this water may exceed all of rates to reudenual customers in order the natural gas heretofore discovered to encouraue them to shitt some of m the Umted states. A detailed arucle the:r use af mectric energy to periods on this subiect appeared m the August ! j of lower Jemand n 19 9. issue of Bam>nk The job of findmg. purcha3mg. and denvenng , fuel for system generauna plants l belong 3 to 5FI. Because 5FI operates on an at cost. not-for profit baus benefits denved from this experimental project wou!d accrue to tne customer. S
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l 1 Construction
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.> t .s+k f-l 1' s l m Waterford j tras j approximately ~4 percent complete atyear-end 19~9 Construction tenrkers tratet by crane to
}" Here, uvrk continues on the the top of the containment building at
. , unst's turbsne generator. LP&l/s Waterford 3 nuclear unit.
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.. I Nuclear Waste: . - ;
1 Problem or Resource? ' I . . ? To serve the projected electric energy R ', needs of our customers, the .Wddle south L'ulities System plans to install
~
T some 8 million' kilowatts of generating I capacity within the decade of the 1980s. Reflecting management's clear l - i recogninon of the political economic. and supply realities with respect to N 1 energy alternauves. all of these planned generanon addnions will be either nuclear or coal /hgnite-fueled. The system's construction 3 (
- expenditures in 19'9 approximated s
$102 billion, almost all of which were for addnions to electric facilities. For
- s
'r l luxo. planned construction is expected .
y
! to cost some $928 nulhon.
T i g ., - i Nuclear Units
; ; 4 .
. g- .g The wstem s second nuclear unn, A '
a- '
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\PAlf s Arkansas Nudear One. umt two. ;[
,l began generaung power in December . 'di,'
i ICk and by year-end 19 9 had carried ,$
- 3. , , 4#,- .
'. +' , '. . , . . _ . .
.,,y m . . , . ..
power !cs els as high a 40 percent of capacur The 912.000-kilowatt nuclear W- "k . O F: 4~~i ? M4 7 ' -
## . , Tf , .' T ~ ' ' - [f ,I ! una is expected to go into full 1,. - '" '
[.,) i i commercial operation m the first quarter ~;s
~
.>r 1980 Its total construction cost will g, . " + .~Y .
approxanate 561 million. ~7 The system has three additional 3 g.. . y _ . g ,, e 1,;; .gy ,,g(. pP ++- ggg j i
, l nutlear umts under construcuon and
; scheduled for commercia! operanon .A - JW.3. 3,,M %y# MrM 3 -m 't 71 Qws dW%n ~ "Mn i hetween 1982 and 19% oc% b.' 7 ~ b N MW M . y .
/0 l LP&Li 1.166-milhon. kilowatt . E, x k,,, % -p,{
, %earrem)d cn . is 3 umt. at located ~4Tatt.
percent complete Louisiana. 2; *43. M.[' N.. Adbr, at. [.$ g., . b ylTj^j %,kw A g. j- ,.,A;,,;" ., @, +m 9 jppr ypigg g m.@ nu!cs up the .Wsstwippi I@.er from New d*+snmyy#r4idd3dkit'iNpyg,usM4g,w$ dOND 3M '
' MNDb*
N 'W " tJ y'o6nM M M M " J Orleans The total cost ut that racihtv, l scheduled for commercial operauon in 1952. is esumated at 51.23 bilhon.
]-J ..;
i Grgg;Qipif units one and two are l hemu huilt for M5E near Vicksburg. y p Wwisstppi l na one was 50 percent L '--
} g u s.
~
%.# - ,; n ct}mplete at the close of 19~0 while the (z 4 *e l .nd umoted at n percem. . R.c i
j<egulatorv uncertainnes and delavs in pty Mp YQ , pg Q j:P14$c;g,7*y',f9 l utensina < if nuclear plants have caused a . - -
..4 n Mp Jhe% p yt M. 02kyf i neu ear postp< inement . if the I 'Eih@il Nhb.
s .mmercial i >peration Jate < >t Grand [JO fygN. N M. ." d**T M d @!IsENdd@ E l-l (,uit 1. ntoch had been scheduled for 7' i,7h r. @M
~ The second Grand Guu una has w e -
s % g bp g %g %gl
.A > neen deiated by approumately one ""' '
h,y m. 4 1e.;r. wah the new operanon d.ne set y a mQ, .fff ' m{ qty Wme or m scuonanons are under w
- u the possible acquisition ut up to a Ap w .
- x s
rr ' Ayy'gy y > p g, gy, W,2 M
'en pertent interest in the Grand Gulf .wd f.,
nm Cf. M.A4 iM6 1 'M %, umts hv eu icianons i >f electric power T M itMDiGi " ' W'f"kd 'W ~ D' N n ' WAdi8 M -+w %(dN @ i s 'peram es in Wssissippt .\lS E1 W K L, h3665 4/'V l wesent share ot tne esam.ned ernect c,nna vemu uwa I mt s 2 'o billion. .@4,,L J7$J MwH id&, M'. ff .%%b
' 2.'Msf % s $g,?M ER,3 Y:W$WNr
.e 19 @v $ g'g M h h
\ I
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l
- Construction <connnued)
Coal Units AP&L% White Bluff #1, the System's first coal-fired unit, was 84 percent complete 7E@] M MW at yeari end, with commercial operation WM d scheduled for the summer of 1980. . h.H - ] The second White Bluff umt. 30 percent complete at December 31,19"9, QtAM
- W ul is expected to go into commercial unu.4 '.J.'~ M '"*** W re service in 1981. The System will have approumatelv v percent ownership of ""r
*' MC
- J '"UM@-
these two ~40.000-kilowatt units, which Nu. -- -*
' N "- - - -
are estimated to cost AP&L a total of $391 million~ ~ --- - ~ dN w,., Construction on the two $*_hMWJ g UN -M
~40.000-kilowatt coal units at AP&Li Independence Steam Electric
,g" g .; y Wg._.,@-j-7~~. --
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Generaung ' station was begun in 19 9 _ ;a. . f.f ~ ..~.x;- M$. .. The Independence units. which are '~' .Ng.s uhstannal duplicates of those at White - la
- Olutf. Will a WI AP&L an estimated $482 ~" *.~
,, w,'.4*.:",L;W
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,; p*^.,,4 - "m ,,,,
4,3,3,gt-+ ' I,,,.gyg g C,.. g c1.m ~.., ,
+. .y I milhon, with unnplenon scheduled y 4.
N % -dw%, teg for 199 and 19M As wnh Whne Blutf. the sstem wdl own , percent ut .%g* jay ,y j. ,O, ,,,,.p pw d',$(.r ~.2 .s YHg n.a-e o
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. . a. y .. .T s these unn, - ~
c~.f , m. . . The White Blun and independence JO' ' C # ' Z., '* r . ., 'y~e-'W$ WW plants. usina low-uitur coal as fuel will Rm j - - ,
*"* m 7 '
g -' _ . . . .- %.NP he able to meet all appbcable air t ualitv
$7'
..~
g'.,* 3 1 ,F[' M,; *~~'+*a* h - 5I h'g - .IE':'b'"*b,Er standards without having to m3ta 1 ,2 ^"
.. 2 suck-gas wruhhers. Customers and -
M ". N/ N I stockholders will be benefited hv virtue . b; - l' ' ..
+
L.. b. .x .... - U a a tyy.p 3 wc.g:34 % x %,g..m.43,. p. .
- ~ .~
. or not havmu m rav the addmanal * -
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.,f. w I sso mohon of auded t.mnal and 8s
! milhon annual operanng'and
%, 3
~
# VA e '. 'w""*$mMe w % C :>* m MGw *IN%gg l m.untenance expense. which
; wruhners wooid h.ne em.nied s
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, , , Gg ,....
Plants cuoiang uneas are unen associated ,cun nuclear "W -
..f H M
~.
pou er pianis. but inany 'on ' ^ ' ~ d #q A number of addioonal coal-tired unas coauucted xene anne : i are planned for commercial operanon .,y y en.
'** g[ . wwm 1
3 CA in the !aner halt of the 1950s and early ' sf,a,ony mo, in order to eneet savings m une n/ug cooune rows onc ~f use:rdt ri,c,,, nat e ta ,2 C.%%ggg~ggMX ' gm='~~Mw *{ . design. o 'nstrucuan. and m.untenance. u bich u ae still under _ gawj.f..[aa, ,gh. - _hN.,f i, *** d' diese w ooo kdow.at units wiii he l co"f trucn~n at toe <<me 1; i . it a undardized eewn ' l d ; -mee - - l l The nr .t . >t t hese standard coal unas i' wi!! he busit hv LPAL at a sue in south M T@MhnOm $sjeAWe. 5GJ 4 . .WC W is ui una on the \bui-ippi Ibver for 5'" s U )mmercial s ferani >n in } V... 'S gyg
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, uneduled for completion in the Later .l i
en the vummer ~r rm j h.ad 6 4 the 10% I.ne tinits are eNPeC'UJ , T,W 7*M - I* *g,;=W#M'g$9.igfeg,
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l llistoncahy, the Middle South l'tilines Natural gas of thi3 requirement was under firm t wstem was fueled almost enurelv hv con:rnct at the begmning of the year. Anv natural gas. In the 1900s. management F.e deral programs aimed at discouraging addmonal requirements will be met '
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; decided it would be wise to diversify the utihties from burning natural gas as a l
fuel for electric generation were at lea.st duoud hrtem comtn or l < wstem's tuel base, and plans were made purchases on the spot market. If natural
' for the addioon of nuclear powered temporarily moderated in 19 9 due gas becomes available on an eeneraung facihues !..ater, this to an unforeseen abundance of gas. imtqmW be m sky mle l
dnersihcanon was expanded to include l This phenomenon. known as the than anocipated the System's oil oil and coal These decisons took on , " gas hubble, enaljled the System to new meanme w hen. beginmng m 19'O. I d splace almost 8 m milhon barrels of. requirements could be turther reduced l-i under federal regulatorv rules on natural l increasingly expensive fuel oil dunng aas pnonnes. certain of our supphers ; 19~9 ny burning natural gas which Nuclear Fuel I det kned to perform under our contracts f became nailahic some under new. N. uclear fuel accounted for 10 percent tor hing term gas supphe3 for system l relatively short. term, interrupable e the Sywmi generauon in 19 9. a , in mer plants Mant exisung generaung contracts but the m.uontt hv reduced compared wnh 11 percent in the prior tacihues had to be converted to oil ' I curtailment under existuig contracts with mersate pipeline supphers. year. It is expected to account for 20 the only pracucable ahernante fuel' I percent of generanon m 1980 Eo inonuc. legal. and suppir l Natural gas in 10"4 accounted for
%e ' system has under contract consideranons now require that for the ': approximately Fpercent of the wstemi sudi em urammn to meet protected
!m eseeable future new base load generanon mit up from 42 percent
' i veir earhe- needs through the rear 1954 A portion aeneraung unas he enher nuclear or -
! of Me wvA's nuclear fuel needs
- c. ul fueled j p e} } { through(1994 is also under tirm contract.
SH s uranium exploration program. Dunnelo') 4'<' . " percent !aunched m 19 N progre-ed in loN a-
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. < un ,n uus ! cases and c!.ums were acquired on fueled ht al. ucrev y ~ nc 24 ' pro,pectn e nune sites m 11 4.ces mdhon barreh B:. umpanson, in 197 Tesung to determme the extent and oil s share was 4-.2 percent, amounung quahtv of ore deposus is alreadv under i to 391 milhon harrels Way at a number of the sites. at leaq l Approximately 214 milhon barrek three of which hase exhihned fasorable t 6 HI .tre expected Io h used in 1080. ,\ll results u > d.ne.
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Financial Review Eunings and DMdende Paid to0H.'5 p.f S'idrip) Operating Revenues Consolidated Net a so The System's total operating revenues InCOnle in 1979 were $1.8 billion,12 percent g g higher than those of the previous vear. Net income of $182 million in 19 9 Electric revenues were also up in l'979, reflected a two-percent decrease from i climbing 12 percent, to $1.' billion. 1978 income. The decline in earnings II y
" Tith oniv moderate increases in energy sales, the principal reason for resulted primarily from a small decrease in residential kilowatt. hour sales and l
l 1 o the nse in revenues can be traced to flat sales to commercial customers, in 1 ~
' I recovery of higher fuel costs. combination with higher operating
*~
7, expenses not offset by rate relief. Delay
-l---
e Revenues from sales of natural gas so _
^
j i
, j a
j increased 22 percent in 1979, totaling approximately $117 million. Most of the in bringing unit two of Arkansas Nuclear One (ANO) on-line also had an impact Tj 1 d 5
'l 1
increase is attributable to recoverv of higher costs for purchased gas. ' on earnings. Earnings per share declined from
" I l- A o
T5 1976 19?7
' Transit revenues for NOPSI rose $2 46 in 19 8 to $2.13 in 19 9. when 19*8 1979 jf ,
g-. -. ghere ggs 3 ]3. percent gre3(ep 3yer3ge uma o,n.no. as oi..o.no* number of shares out. standing. The increase resulted primanly from increased ridership in the wake of I Revenues. Expenses and substantially higher gasoline prices. In . . Energy Costs an Mohona of ocuarsi 2 Qcgh.7](j9dw3evm em av Diwdends Council adopted a resolution stating 'a policy objective of achieving ownership Dividends of $1.52 per share were paid of the transit system at an unspecified y _._ 1 time in the future. The council also on Middle This South was up from the 19 common stock 9 rate of $1.44 in
. granted a 10e fare increase and certam per share. Due substantiallv to the large !
., other changes to help offset the transit ! ponion of book earnings a'ttnbutable to !
capitalizing the costs of capital invested
")* deficit in 1980. In January 1980 SOPSI j in projects soll under construction.
, , , and the city once again entered into a transit subsidv and indemnitv agreeme' ' which is not considered taxable income.
to guarantee that company its authorved the Company's tax position in 19 9 wa3 + m_
} A_ _._
return on transit rate base. such that 49.04 percent of the Tulv 2 l 7 __ dividend payment and 61. 5 pe' rcent of f
) a ! i *
, the October I dividend avment are i I
! ! } l esumated to be non taxa le as dividend i
, . , m um o,,,.un, n...no..
,..,m Operating Expenses :"So"!e to the stockholder The pornon or a dividend pavment wnich doey
. 2 o..,.un no.n... Ih;her fuel prices and maintenance not represent income is treated for en.,oy co.i.. costs incurred dunng schedule <J and :ederal mcome tax purposes, as a
~..~.m,,4 .~
unscheduled generaung unit outages I return of the shareholder's capital and ,1 helped push the System's totaloperaung I necessitates a reduction in the tax basis ' i expenses to $10 billion in 1979. These of the shares on which these dividends m .- - 1 - expenses were 5211 million. or 14 were paid. ! *lommon stock Data - ,- percent. ahose those recorded in M i The quarterly dividend paid on l
.T. t: - s The cost of fuel and purchased i lanuary 2,1980,was increased by l'8 to l Quarte'"'E u ,. .;. ., , ;. e , .T l
Ofjn,tj 4erand ' 1 Third ; Foirrth power 10 dunnu mereased a dramanc 0, totaling 29 'or
$956 milhon percent 39 8 per share. This is equivalent to an l 19 3 "
I annual rate of $1.58 per share. Tith only , c,% ug.we s , the rear. I one exception. the Compant has been l b g"*m g'
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+e i n > ' - m.
e n. Expenditures for natural ea- j able to increase the dividen'd rate n, u . purchased for resale were 589 million r paiJ each year since its organir.auon. o...a.ua Na so u , so w
. 'T9 't " 7] dunne the year up 20 percent.
The costs of fuel purchased power. 4 In . . and gas for resale accounted for 51.04 "UN a,( x <m- iv -u hilhon. or 65 percent of 19 0 tota!
.. m.' , w. - . m, se - operatmg expenses.
UtvianJ Paid so .W E8036 .8036 . 40. % i
+ ,- ' 1, 16
I n November 1979 the Company 1979 Financing had a second offering. this time selling SISE's financing was accomplished through its term bank loan agreement. The Company had two common stock to underwriters at competitive bidding increasing the balance owed by 5310 offerings during 1979. The first, in five million shares at $12,62 per share, million, and through the sale of 5113.7 January, raised 5127 million as 8.5 netting 563 million. Shares were million of AISE common stock to SISU at million shares were sold to underwriters resold to the public at 513.00 per various times during the year, through competitive bidding at a price of share. Proceeds from this sale were LP&L in February sold 535 million 514,94 per share, for resale to the public used to reduce outstanding bank loans. of $100 par value 1148% preferred at 515 30 per share. Proceeds from Of the alSU subsidiarv companies, stock. In April, that company sold 545 the sale, along with other available AISE raised the greatest amount of capital million of 10 ~/8%,10-year first funds, were used to retire all of the in 19 9, followed closely by LP&L and mortgage bonds. LP&L returned to the Company's then outstanding bank loans. AP&L. preferred market in July, selling 560 million of $25 par value 10.'2% preferred stock. In October that company sold an additional 540 million of $25 par value 13.12% preferred stock. Finally, in November, LP&L sold 555 million of 13'2%,30 year first mortgage bonds The cost of money was a maior area of concern to LP&L during the year. Due in part to the unresponsive j regulatory climate in Louisiana, the , overall cost of money for these tive sales i ot securities by LP&L was 12.3 percent. l M.,g ,w. n . .w,. However, in its December opinion on i
-e '
~
4 ;: LP&Us H 14. million retail rate case ( see t i" c '
.i E ,
_ "Mf.k hDY7p Rules.page 19).theLouisiana PSCforthe '
, g ~
first time recogmzed LP&L's "ditticult I r g" .jgjg m 2.y ,,, r., financial position" and made a concerted i effort to address the problem ot ; I. * *
& %a-
.u- _ w earnings attnuon facing that company. j Mk d 1 y q., AP&L made three trips to the ;
% RTilfR_ financial markets in 19 9, resultin
.m .
y+twA*h
$Myyp y
4%g[g$gy d average cost of money of 10.1rcent. pe'g in an ! g g N#1 g/$ i' In Januarv 19 9 AP&L sold 515 fg.gy/.44 ,a; j isirr 7 g' . &
- N@@- - -'"
milh.on or 52; par value 10.40% tf M t n A g - i1
~
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. .,bm preferred stock. Concurrentiv,, that pow;g. -
a p& w wmsg y.g,, .sm company sold $60 million ut 10%.
;" M ElMQr- / 'l' ,, M$I ~ , M] to the market in June. AP&L sold $4030 year first x
-d p' * .r'r.wsd,y million of $25 par value 9,92%
W [$'8?$M W preferred stock. t y J
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%.a e AIP&L inJanuarv retired a matunng
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] -
4 bond issue. In 51 arch Arkalo reured M p'g n QAd1 53 3 milhon of matunng 3% tirst m , -. %j 4, - - - ' mortaaue bonds. if. Md h *47 2i h$ Equitv invest ments bv the Company h'tn Sc, f p..,
~
t se . %m~%Wp%4,gg. E m the common stocks ut hisE. LP&L. .md g;,7 gvi g ' Ji } sp % g egg AP&L totaled 521C million in 19N m p w . o Pun + rmnese inetmemmere r.ma i
~ % g^ w hfr[da, ) y- i l
7y, U ,. - j 1 . . . 1 y c through sho"t-term bank loans, which have been or will be repa:d from l h a y, f . Wmmon $d M b) _u w the nue
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Financial Review <continueils 1980 Financing The balance of projected capital Capitalization System construction expenditures for requirements, an estimated $197 The System's consolidated capitalization 1980 are estimated to be 5928 million. million, will be met by the system n,th ratios at year-end 19 9 were: long-term excluding nuclear fuel costs. SFI expects internally generated funds. debt. 58 percent; preferred stock 10 j to increase its invest ment in fuels-related Total investments by SlSU in the percent; and common equity,32 programs other than nuclear by 562 common stocks of System companies in percent. These rauos are significantly million. Nuclear fuel costs other than 1980 are estimateda' t approximately impacted by the relatively high debt rauo those already provided for under 5218 million. Funds for such investments of MSE. After the first AISE generating existing lease agreements will amou nt to are expected to be raised through unit goes into commercial operation in 1 5-e nullion. The System expects to raise short-term borrowings which will be 1982, the 3tSE capital structure is l approximately $622 million of the repaid through the sale of additional expected to be brought more in line with I required funds from external sources, shares of SISU common stock. that of the other System companies, l including the sale of first mortgage honds and preferred stock, long and l short-term bank borrowings, sales and I leasebacks of property, pollution contral and mdustrial revenue bonds. l The Company expects to raist I approximately $1'5 million in 1980 through the issuance of new common stock. A portion of these funds will be ,. raised through a public common - stock offering at competitive bidding.
- tentatively scheduled for late April 1980 r -
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inssde the control voorn at 4% Ww' ~ l Arkansas Nuclear one. unit '~ W N{k & Q,,;i,,,h*p tun To assure safety and -- %:n w w y
~,
reliable operation. MM Wu M extenstre tests are made at o & 5' MYQ& e *%i&%km rarrous pourr levels long e' WWMN before a unst goes into '" ~ JC]h co..,maai operatson. -
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5..s I.g 1 c f. ~ . Rate Matters - ' 7x y The System's efforts to achieve needed rate increasea continued in 1979. On - *~ Dv"'.[ - December 18, the Louisiana Public X '4- Eo - +, a d Service Commission (LPSC) granted ' LP&L the second general retail rate increase in that company's history. { Approval wa3 given to implement new Ark-Mo ^s previously mentioned. LP&L in December received a decision from the 1 rates to produce an additional $59.6 Ark-Mo and its subsidiarv, Associated, LPSC on its $114.7 million retail electric million annually based on the 19'8 test each had one retail application pending case. which had been the System's l year. at the end of 1979. In July 1979 Ark-Mo largest pending application. Although ! With this case resolved, at year-end filed with the Public Service Commission the Company was disappointed that the 19"9 System companies had pending or of Missouri (PSCM) an application for ) entire $114.7 million requested by on appeal approximately $53 million $5.9 million in additional annual LP&L was not allowed, the net effect in electric and gas rate increase revenues. Of this amount. Ark Mo of the $59 6 million increase granted applicanons During 19 9, rate cases requested approximately $2.7 million on should allow LP&L to raise the capital l were under way at all System operating an emergency basis effective August required for its construction program companies except MP&L and NOPSL 19~9. in order to offset the effect of a during 1980. ) t l Missouri Supreme Court decision that of particular note in that case disallowed the collection of fuel was the LPSC's willingness to addre3s adjustment revenue. Consideration bv MM the P5CM of both the original and ' the problem of earnings attrition facing LP&L. In response to the At year s end AP&L had two pending emergency requests ha.s been recommendation of LPSC consultants. rate cases AP&L requested a $2 million suspended unal lune 1980. some $15 million of the $59.6 million retail rate merease in October 19 8. On Pending bef' ore the APSC at year's granted was in the form of an attrition February 29.1960, the AP5C granted end was a $15-million retail gas allowance. This amount wa_s added AP&L an mcrea.se of $14. million. to be apphcation filed in September 19~9 by to give LP&L an opportunity to earn the placed m effect when that company's Associated. Completed during 19 9 10.5 percent rate of return on rate base i second nuclear unit. ANO #2. is placed were two Ark-Mo rate cases and one held appropriate bv the commission. applicanon by Associated. In Mav the Pending before the Council of the m commercul operanon. This is . expected to occur toward the end of the PSCM allowed Ark Mo $3 85 mill' ion in City of New Orleans at year end 19~9 was hrst quarter of 1980. additional annual revenue, of a a $3.2 million LP&L retail case tiled in Also pendmg at AP&L was a 36. . requested $4 3 million. in a retail electric March 19 9. LP&L amended the filing in ease dating from August 19~8. In June January 1980 to reduce the proposed million w holesale rate case tiled in Apnl g9 9 the PSCM settled a 19~8 Associated
#9 A tentaine settlement aereement increase to $1.3 million annuallv.
retail case. approving approximatelv in line with the rates approved bv the , m the amount of H. milhon wu' re.iched utth the affected customers ! m$ 1.2 inmilhon Louisiana Public Service Commidion and the f ederal Energy Regulatory ilhon higherannuallv ga3 rates.ofFinallv. a requested in $1.4 in December 19 9. In late Februarv
, l August the FERC issued an order' 1980 the Council granted LP&L the Lommnsion iFERC) staff. The case is I l grlmtmg full $1.3 million requested under the still awamna the decision of an adminstrative law judge. annualfy inArk-Moapproximately higher wholesale electric$354.000 amended filing.
AP&L m January 19~9 recened I rates. Ark Mo flad requested $568.000in Awaiting a decision bv the FERC
! that 19 8 filing. was an $8.5-million whole' sale rate ; approsalyt a 3ettlement agreement -
l on a 19 ~ wholesale request for mcrea3e application filed in July 19~- { approumatelv $ l.a milhon. The FERC t order authonzed approximately $12 i' milhon m addmonal annual revenues. LP&L Management recogmm thatfair and j Earlv in 19 9 the LPSC allowed LP&L to time /r rate reliefis rita/ to thefinancial adopt deferred fuel accounting. thus hea/tb of the System and u d/ aa/re/r permitting deferral on that company's /ninue rate increases m ther are nceded. book 3 of the uncollected portion of its fuel expense until these costs are reflected m bilhngs to customers through the tuel adjustment clause. 1 1 19
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The Cr.mpanyand ituub.sh.fikleshavenciou3 pension pbru/cohcrinpubstanti.tUy all oitheir eispliifeipehsio6 coMsin 1979 - . and m .annunted to 1IM.60%000 :md $ !M B000. re*pec' JvelycincludMg amorttntiorr of unfunded rder sen ice sosts oyer ynoe excesaof10tn mted 30vearc1hepoHenithe Ler,etits. ,a 7..~ 0 mpmn,mdits sulmdiariesistofundpen ioncosts acenie<f Aueta of thep+lanrarein
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- e ay M ' erdance wh the rwulatorpywm of acmur.Nthecompanyk submdiaries capiuhze,:raciappropriatecbst-ofM lao an Jonnce i a foiA uwd s .N ccostructionl This allowance 61 nonoh.ltpm).ftprevmt the nctiost bf un+ Pret " 9n nc cctnnmic ; The crec*n f mmpmfre mte ter the Campamw opemtmg subskliadeWiM.% and '
Ve Mr FP and WR respec&efv - Midd'c s 'uth Enern. Inc 1 W d den - - c . ~ ruai : ue for ahnce for funds seiNidring coidtructiuti bMd o'n'an t 11 ns recum em .nerue commm em m . pius .an nrete.c rosts ou of reured inume taxese - 4 ;. , - The COnipanV'$ dubidiari.S Ceprirtyh th;pt t! fe 3]tt 4,5, .gtg for fund thed du r1rN conStrUGIOn Ofi pr'OiedS dunOQ peridd4 ' -
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#ndb ~ nA.! agaceeentus'91ts
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pC f,mayTxarrow 6p to $60,( YO_d e# dI4*4 l$dpn . t -- N et ~ ' ~ ' MW Mas:td%ithdritwalind C - 7midefgreehicigbogprqu Wies 1rr4 paldbartikf Minisd+hinR)JmmlW
.., Mffheo@(atingwb.gniWa~ve qqu3,tsnie}.pr$ididgy,g , , for ,short term burrafngs (Tirougfi banic loanund .withlcommerct2T paperdehleo:'
i ' iT orcommercial paperag ; 3l.e m dainta MancekwidKcc sfbeiQdyidi ~ 1minRwive MA4the Systeni *io!w[thdtpul@M 0% rating dobsidfsles{g%ppensatin(g/%l[OWdijf feggg, en- w% g L / F5' O 9& f'. ifarei.d4ystetn 600 te,qtrteted)Inislxmk.weementalkmt Fuels, og$up.tg ta .
- . ; bir market wbe o(br!'s fyelhilinvehrwy;tMddittyisi imay.heri Q N.,., nan d0@al crci btM,
/ff paper. Bommin:.y undephe!c agreements ag das ale ~
N.S- ,J.p .nuc"lesil - % A I! inventories ancI accinua;iecsidblearlsrpfr iale Q " ; f , -,m. r N..y w.., m e.. The,. hnes'dcrbdit. -:
.q.f. m,ys,qN wingrand bompet ' ' ~y b.y 56,rfo,g 4 ,.L p.%g'p.u. g, g . . w .n h alp,.,ccV p 2yq~31,.gp,g t tep
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'Ihe sh, ort-term horrowirms and the intere,t rates fartheMiddle South Swtem4wereas t*QfW W y.,.,) .) yi L~ '
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Stahsequem i. > tardnd e.t3 cr.J char.c have be ;n'propred in the credit lines discuwed ab ' e. 3!SF k a;'pl ing ra , ihesli toincrea. mda h.,e for L e n . a ' .. nwm;s :o $80%000 rea Ms4 is ceeking,.:sahan: cica fr.n thesLC . M na W m00I cneef ae d + m erm bom mimes and m h.w requete J the sFC 3.pront' for a 31N 000 600 l m ".u -
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' 1 tC @ %__@ih W A J M' ',%@l5 R6hthctllidytt!I lI fntyIeW50ppTO 'dba f!omfm $..d fbe Vef ' ii%6Eliit6vhkhisexpecte(D '
4* to provide 150 to 210 million tons ov'er a period of 2tf t6 42 years:An operating substdiary of die Companv h:ts agreed to ? 4 $urcliaiein) additidnsi 100 in!!!Ibn toris of'cdd overSe tivedtyl ycar per!6d. S$f h tMeEuted it letter ofibtent.Nubject to
, p' regabtory approvat to pnrd136eSve hundred coal cars for deliverv in bte 1960 stan estimate'd' cost of $21,000.000 for use, in transportmg t'Te Thal. " PQ* ~~'%' '" ~~
~
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\ sutr4dur) , a n der t he ternis of W 'n~~f nucle uel ieve % w min r,.t . < a n! i rm, r, n'tu ter fuei &
chmdirt b re Muatha its policy resaiding any sahuge va!S". 4 m' . [ '
~
/ie . .<.,e ,, d! .p ;rd c#: for wt mck ar fue!. The subsidiarv expects t!ut a!! cues. Jetermined t u he : ia51.m . connectian mth the u>e inudea: furt i
. a:e priir'tr'compendats of'n'ud6r finl~exi3ebs.and presisions to recoverjucn co3ts have been made in appheauons ' i to regulatory com,missionghequ';isidiary is presently recoverin*: 3pp-oxirinte'y B5 million of nuclear piant decomnussionina coM3 through mcreas,ed deprerbtion charte- ' cr he i'f;. .
ds nu iear pbm. ILred upon :' s:ndt
] i performeel by the Wirtiorv. decommi"iomng cmt* yre vc crofectedu be in excess shi amoant:The uhsinieT ts ' j requestme rm 'i m f 9 s !n rewed ::= > w - r- -
';! w . v omm .! in ;n ! '-' W 8 % -
rerjuests for future incre. des;)ubsequent t~, year end the subsidiary recchedi an order from its regulatory commbsion' I l reprdingits then pending retail rate ca.sc Indu:leJ 10 'h.a ca #T was gpraval of the conection of the addinonal costs - j a"..w..fre lh esc * -iated
., " with the <torage of dispon! cf spent nac!Uar ;bc! :.nd decomm:sf aning the ndde::r umu ' a:
l' the end The Wmpam % myueded th. W. r provt ~v nr - . : c mm " s'ock m M.tv I puo p+ pn .cre+ ,v.a h.. , ned n - r n t <> Ne~ -
~
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- t- A d in unturv 1m W emered& ;r yree nerei -: F q .,e. Nu N The procesds from the scheduled saler v m be med t; reuuce barnm,no out _ r. ':- 'e r ' . xr ~me:v and for con truction i
+
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Note 5. Retained Earnimts , , ;
.. . , ,, .. . :.,- ~ ~s ~~.m. ~ .
1 .. . The indenttue proyisions reladng to the.op..erating subsidiaries' , . long-teriu, debt and. transfers by such'subsidiarie:, ' # from retained canui$ (6 the3tated *.alue of common stock and the provisions bf the MSE hank loan agreement and . ~ ' mdenturche3trict the amourit ofconsolidated retained earningnvallable for cash dividends on common stock. As of '
'Wember"31, !N9, $3 3.023.001 cf conwaJ..w J rc . I t . nk,, were free fiom such re>tne;ias.
u .: Note 6. Rate Matter h.;ney Generd < . .iam ided a compbm: v.a.. tm s:a .as runne ' . ,s , ,, t 3 u w m , y,
~ vhich he * *
- n.:: trk:msa< emer . = cc ,q, m..u owat elJu3c lit ietail CDMomers from Apnl 19*~' throuvn %rch JM9 an.1 mete- * *- v. , % ,, o . s
~ N N1he cc:npar al!cged that uch osercharges would continue as hq.; 3 w, d- ; p':,, :re m .q .
u + .. or ct:e~ln '6:im e nianner APEdnes not be!!e, c that there stanv er rc ~ ' - - ', ,
- he APC cJ .m ::u rh arda direc'me Al ed. t.; wuda;, as .p$ca ,, m _ ,, ,
- r>," . :cr stated a w.w or Jecut ogthe pmpriety and Ic v of c,rderine c o '. a, , , , ,,r.
i ; ! . .t.<luent chase ttga ',tJy 2h IWo tu the d;uc o:;, - W S orde: , ym. , y ,, z I +non for rehearme ! me mues in the,lidy .3,1r0. - v ,..d w o e t . tar m I mrt et Pularki 0 ~
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Middle South Utilities, Inc.
.. 4 Opinion of Independent t y<<m -
Certified Public Accountants h[ [ f i
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Certified Public Accountants One Shell Square New Orleans. Louisiana 70139 E.$S 'I gQt
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i Aliddle South I'tilities. Inc.. Its Directors and Stockholders: f ..kr 77& .fgM*'E%f G.._; L % .C r 1 . We have examined the consolidated balance sheets of
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4 L Sliddle South l'tilities. Inc. and its subsidiaries as of De- S r u .m> O 1. W'i ? g-, - rYN"M/IMN:*6
"" w~ .- h/E cember 31.1979 and 1978 and the related statements of
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income, retained earnings. paid in surplus, and source of , 4_.., . funds for unlity plant additions for the years then ended. y g , . . ,s. : s.-- M J W n ~ q g p' Our examinations were made in accordance with gener. ally accepted auditing standards and, accordingly. In. y ag gg ;. :
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! ciuded such tests of the accounting records and such other gh GyA@w o gg[y 7~pgp.%p%m 4 hg% pM
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audiong procedures a.s we considered necessary in the p,%g.h.d@y&wg@4 ,: 4aj)y : 1 $p g#gpti 9, circumstances. yg .scei, p ia2.Ch %;W M.W Q79.'*'l$MOU W % 00 d $ d - As more fully discussed in Note 6. in Apnl 19~9, the W g J l MFw.M$y; b Tk I Attornev General of Arkansas alleged that \rkansas Power 66,6 3 msbe nWEG# hhumt V@N@"# r%y asich 4 t + WW M i
& Light' Company ( AP&lJ had erroneously apph.e d its fuel adiustment clause to retail customers and therebv over. cw ggclauws 9'n + and ggg,gggg w w w e w g .w w u w newba.esucs AvpW ;Qg**g?ew p
charged the e customers !l~.29'.000 On fuly 3.19'~9, the Arkansas Pubhc Service Commis4on issued an interim S;7 QJ[gQ~
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g 3 . g73hp9pr- k1htik 5 order moddvmg the appheanon of AP&L's fuel adjustment clause. The order stated it 'cas not decidmg the propriety ( o tesIW M {h" .- operat6g:rewnues itwre$ptibyk gd fu 13Dgar# and legabtv of ordenng rerunds and stated that decision would be made later. In our report dated February 16. 19'9 our opimon on the 19'M anancul statements was P45163
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present opinn in as exprev ed herem e u.nerent from that the inci ehse wak tht'recowtv of hig hct iuelets thfouf expressed m our preuous report tuei adtsiment riau' s es suidbashrateb;MN8MNE q g,,vences for thdyed 19Uand:- In our opinion. subiect ro the erfecit d ant. of the outcome 1978 ($21 niiUI,onf 22T and.$12biliigihl4%,4 %,s E af he matter di cuoce in the precedmg parar.ph. the dv&M dW W % rnii6W rea3ed cesu throul.W ;N Miased p adiunment 'clau.5e:,. ab.ne mennoned fmancial statements present f. ant ge cons didated h cember 41.10,nantui Tm ma- m mm J M 19Q'P MM
' 9 and 19ppinon cr the 8 and the o mpanies results at De-ig their opera. f IM primanly due to a ciure:in the repprting of
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reven'ues tmong lhe t> a ree types uons and source or funds for unlity olant additions for the tears then ended. in conformity ivsh generally accepted
, vi undddes;iamdunt5receivedtrdenheheraticas itrof New Qrle uty of A*
accounung pnnciples apphed on a consistent basis. C < hs p^ art Lflthedransit' subsidy adr6ementC ' i a pta .p.u ;, e ,, . j a;fe,4.
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l l l l t l l l i i i a fired gesi ~' ' gwqty;8/$34 miD "m fC 4 miluen,u [ & ' s-
- q. ma IbissFdemands aiid. taadditiisnal3huteddv so sos h* . i.
,g . lgr. generating, ,unitscan econ the s.
rarter ~ dg.. u.1978g .. n,s c,. m,%_s ~. w a g e .M4y ,- C
" 't.l1 It h the pelicy of the Middle sout sysmm to buy;%
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)? lifiereof R less the incrementa!
S 19'e increasem milhon or u% tamdtheqr; due*primnrify T td increa 9($8 Lie ;3j;
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97 ad valorem tnes local franchise taxes 5ndTederalG'#'E iM ET n~m+< ", Insurance Contribution Act taxe,s',;4 6.9%M$M
. Gas Purchased for Res.de - ,, . A3.. .--, ~ wc ' m.eu,u y
%www >]/ pu - " i, N@U?
4 s . . Th.eincrease i,ngaspurchasedIh.r resnieIn IM9and.1978m,.
. . . . ~...m
% p%. U e.interest % .! O and. TWct.G D vidends 6mA ,.
+- m
" " eggge ~ ~arc L 'and-pre M?*fea;p: . M11 ? *-lJ "dm b 4y rid ndfp4dirementsi..%,.m dg :^
7 520 to the rang ndiccrat or n'and pure.avia H gam 0 millieri. re@ecdve!Q N yO$ attributab!hf%g~inc reased dunng each year as a resultof., additional 4he , rq;q?;.#,. Other Operau. .x . G
, Maintenance on 1:. penses MFand. .,. Q,Mthe.
- f. d.iftising . . _.interestand ,. .gyistiuaree.sofdgbtaadpreferred3t construction dividen4 prograrsofrates.S:6M,% theMiddleSohSys A M. e ,
. in 1 9%x.e+..+%m.ede te ,wm ~ ,e~v$W:.,sehm,e<&q~Ai n;:
orher opstation expen<es increased 50.9 milhon 3 + WWe,ww,..* ' e" v maa $N naMien u 1978 Excludine the effecta,f thd;rigfNet income and, Earnings ~ Per Stiare ' 4W #
- 1 mn arein, i resme and deterred fuel cost accountin}4D3dt incomddecreaAed o
$fmiNidd dr2%
mr:3, t ar e a.xpenses increased $31 million or 15% tor theDndIncreased'540 million oi- 24% for'the year 1978. .ii- M1 res mJ $29 milbon or 17% for the p ar 1976 These&' Min each. year the percentige change in earnhjus per" "YC N
.n e crim wh> amihutah!e to the Middle douth - . share did not change proportionatelvto the chance in net
, [. ... ._[ i,.., , ._'. . . J M.m
,2Z mcome due prima'rily to common stocx sa!es in Jac ary
. . . . . ., a m -a s.' and November t t 197918.5 and 5 mdlion 3 hares.
- e a e m m.unte:unce egense for the year- respecuvely) and January.1976 (8.5 million .luren F9 ; $ i 1 an.p!calis .
o - due pa , mat ;!y to a maiar m crhaulof a ,
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. Nenerating unf t, the'contintiounise'of oil as a.bollbr fueW. :. .q~
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.nnd inflationary pressuresz 0;MF. 3c PM the@' W9frMff$
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.A 'f 4.;Mi,he, increases'.fn maintenancecex 10 L., m!ydon3 4 due to more khb Oled maintenan'se . .P' e r . yesi MAY W. -
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