ML20127L641

Forwards 1985/1986 Statement of Cash Flow Operations as Guarantee for Payment of Deferred Retrospective Premiums for 850630-860630

ML20127L641
Person / Time
Site:	Fort Calhoun
Issue date:	06/25/1985
From:	Hironori Peterson OMAHA PUBLIC POWER DISTRICT
To:	Saltzman J NRC OFFICE OF STATE PROGRAMS (OSP)
References
NUDOCS 8506280077
Download: ML20127L641 (3)

Text

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Omaha Public Power District 1623 Harney Omaha Nebraska 68102 402/536 4000 June 25, 1985 Mr. Jerome Saltzman Assistant Director for State & Licensee Relations Office of State Programs U.S. Nuclear Regulatory Commission Washington, D.C.

20555 Re: Omaha Public Power District Fort Calhoun Power Station, Unit No.1 Guarantee for Payment of Deferred Retrospective Premiums Period:

June 30, 1985 to June 30, 1986

Dear Mr. Saltzman:

In compliance with Section 140.21 of 10 CFR Part 140, the Omaha Public Power District files the attached"1985/1986 Statement of Cash Flow From Operations" as its guarantee for payment of deferred retrospective premiums for the period June 30, 1985 to June 30, 1986. As noted in the prior years approved guarantees, the cash flow statement deviates somewhat from NRC Regulatory Guide 9.4 because the District is a political subdivision of the State of Nebraska, and the Bond Resolution 1788 was filed with our 1979 guarantee.

We also attach a copy of the District's 1984 Annual Report as part of the 1985 payment guarantee filing.

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Commission review and approval of the Cash Flow Statement furnished herewith in satisfaction of 140.21 of 10 CFR 140 is solicited.

If there are any questions, please advise.

Sincerely,

/

H. E. Petersen Manager - Insurance HEP /jh Attachments j

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R. C. Learch

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ADOCK05000g85 PDR 455124 Employmen hEqu Opportunity

3 OMAHA PUBLIC POWER DISTRICT 1985/86 STATEMENT OF CASH FL0ll FROM OPERATIONS (a)

FORT CALHOUN POWER STATION UNIT N0. 1 (Dollars in Thousands)

ACTUAL PROJECTED 12 Months 12 Months Ended 5=31=05 Ended S=30=85 Operating Revenues

$ 311,947

$ 299,658 Interest Receipts (b) 12,510 12,747 Total Cash Receipts 324,457 312,405 Less: Operating Expenses (c) 195,053 180,591 Payments in Lieu of Taxes (c) 10,295 10,167 Funds Available for Debt Service 119,109 121,647 Less:. Debt Service Payments (d) 61,484 64,094 Funds Available for Other Valid Corporate Purposes (e)

$ 57,625

$ 57,553 Average Quarterly Cash Flow

$ 14,406

$ 14,388 Percentage Ownership - Fort Calhoun Power Station Unit No.1 - 100%

Maximum Total Contingent Liability Annually - $10,000,000 Notes to accompany " Statement of Cash Flow From Operations" (a) The format of this cash flow statement is in accordance with the payment priorities as established by the Bond Resolution 1788.

The payment priority scheduled for funds realized from operations is as follows:

First Priority: Operation and maintenance expenses and payments in lieu of taxes.

Second Priority:

Debt service (principal and interest) on all outstanding bonds.

Third Priority:

All other valid corporate purposes. These purposes would include construction, nuclear fuel, working capital, and any other use of the funds to provide for an on-going utility business.

The payment of any funds for the NRC guarantee would fall into the third priority.

(b)

Interest collections have been normalized to reflect only the types of interest collections from normal on-going funds and do not reflect any interest collections made from special construction funds.

(c) Operating and Maintenance Expenses and Payments in Lieu of Taxes have first priority on the use of funds derived from operating revenues.

(d) Debt Service Payments have second priority on the use of funds derived from operating revenues.

(e) These funds represent the internal cash flow available for all other corporate purposes and have third priority on funds derived from operating revenues.

Supplementary General Statements:

The following statements are offered to explain some of the District's options and capabilities with respect to its financial management.

The District maintains a working fund balance of approximately $20 million in addition to special construction and restricted funds.

The District's Board of Directors is empowered to establish electric rates.

The State of Nebraska does not have a public utility commission.

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2 OMAHA PUBLIC POWER DISTRICT OPPD SERVICE AREA: 5,000 SOUARE MILES EXECUTIVE OFFICES Electric Building The District serves 555,000 people in all or 1623 Harney Street part of 13 counties in eastern Nebraska. Electric Omaha, Nebraska 68102-2247 service is provided to the following 49 incorpo-rated communities at retail: Morgan Guaranty Trust Company of New York, Iington u svi$e o New York, New York (1956,1958,1961, Ashland Cook Manley Salem 1966,1968; and 1969 Bonds). Avoca . Eaale Mead South Bend The First National Bank of Chicago, Chicago, Bellevue . Elkhorn Memphis Spnngfield Illinois (1972,1973,1975 Series A and B, Bennington Elmwood Morse Bluff Valley 1976 Series A and B, and 1977 Series A, B, Blair - Fort Calhourt Murdock Washington Boys Town . Gretna Nickerson - Waterloo and C Bonds) Burr. , Herman North Bend - Weeping Cader Lake H@per - Omaha Water ~ PAYING AGENTS (lowa) lthaca Papillion. Winslow The Bank of New York, New York, New York.- Cedar Bluffs. Kennard Peru Yutan (1975 Series A Bonds) Cedar Creek.LaVista Ralston Morgan Guaranty Trust Company of New York, New York, New York (1956,1958,1961, OPPD also serves Elk Creek, Greenwood, Syracuse, and - Tecumseh at wholesale. 1966,1968,1969,1972,1973,1975 Series B, 1976 Series A and B, and 1977 Series A, B, and C Bonds) - + - Continental lilinois National Bank and Trust a i 4 Company of Chicago, Chicago, Illinois (1956,. ~ 1958,1961,1966,1968, and 1969 Bonds) ' ~ The First National Bank of Chicago, Chicago, lilinois (1972,1973,1975 Series A and B,- 1976 Series A and B, and 1977 Series A, B, a ,,,,,,.,r and C Bonds)

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m, Norwest Capital Management & Trust Company ~ of Nebraska, Omaha, Nebraska GENERAL COUNSEL Fraser, Stryker, Veach, Vaughn, Meusey, Olson, Boyer & Bloch, P.C., Omaha, Nebraska. r gsq

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CONTENTS 1984 HIGHLIGHTS 3 OPPD Service Area Map 2 Operating Revenues 1984 Highlights 3 Operating revenues for 1984 were Chairman's Report 4-5 $305,999,000, an increase of $33,152,000, or Board of Directors 5 12.2%, over 1983 operating revenues of Pr:sident's Report 6-7 $272,847,000. Vice Presidents. 7 Operation and Maintenance Expenses 1984 Operations Review 8-10 Financing 11 Operation and maintenance expenses for 1984 11 were $177,001.000, an increase of $20,051,000, Auditors' Opinion or 12.8%, over 1983 operation and mainte-Balance Sheets 12-13 nance expenses of $156,950,000. Stat ments of Net Earnings and Accumulated Earnings Reinvested in the Business 14 Net Operating Revenues Stat:ments of Sources of Funds for Construction 15 Not operating revenues, before depreciation and decommissioning, were $118,706,000, an Notes to Financial Statements 16-17 n oP a ng e en ,6.00 fo ont n in pe ions Adjusted for Changing Prices 18 Net Earnings Reinvested in the Business Supplementary Five-Year Comparison of Selected Financial Data Adjusted for Net earnings reinvested in the business totaled the Effects of Changing Prices 18 $40,007,000, an increase of $12,078,000, or Notes to Supplementary Financial Data 43.2%, over 1983 net earnings reinvested in Adjusted for the Effects of Changing the business of $27,929,000. Prices 19 General Business Sales N:t Receipts and Debt Service Coverage. 19 El::ctric System Revenue Bonds General business sales to District customers Outstanding 20 were 5,528,230,000 kilowatt-hours in 1984, an 1984-1983 Comparisons 21 increase of 122,577,000, or 2.3%, over 1983 sales of 5,405,653,000 kilowatt-hours. Electric Statistics 22 OPPD Corporate Officers 23 Average Number of Customers The District served an average total of 224,501 customers in 1984, an increase of 5,146, or 2.3%, over the 1983 average total of 219,355 customers. Average Residential Use Average annual use per residential customer in 1984 was 10,323 kilowatt-hours, a decrease of 603, or 5.5%, under the 1983 average of 10,926 kilowatt-hours. Average Residential Cost The District's residential customers paid an average of 5.70c per kilowatt-hour during 1984 compared to 3.39c per kilowatt-hour in 1946, OPPD's initial year of operation. 1984 Construction Expenditures Expansion and improvement of system facilities during 1984 required construction expenditures of $60,997,400.

4 CHAIRMAN'S REPORT Attention to customer concerns more than a year ago and the and excellent financial per-highest in OPPD history. Oper-formance were hallmarks for ating expenses increased Omaha Public Power District 11.9 percent in 1984, primarily in 1984. due to fuel and other costs Higher-than-anticipated energy $sociated with higher energy sales and an April rate in-crease enabled OPPD to OPPD's financial planning achieve net earnings of called for the sale of $60 mil-540 million in 1984, compared lion of Electric System Reve-to $27.9 million in 1983. The nue Bonds in late summer of rate increase, originally pro-1984. Proceeds were to be / jected to be 6.6 percent, was used to retire $30 million in reduced to 4.4 percent follow-revenue notes matunng in j/ ing a financial tumaround September and for other gen-which began in 1983. This eral construction projects. Entry rate increase was the final step into the bond market was in the planned financial recov-deferred, however, because of g ery program which we initiated unfavorable market conditions in 1982. at the time. The maturing revenue notes were retired All of this, of course, is good \\ news for customer-owners. For through a $30 million extension the first time in eight years, of the District's Tax Exempt ~

I the pressure on rates is re.

Commercial Paper program. duced. There will be no rate The decision to defer entry increase in 1985, and any into the market last summer .y 3-increases in the next few years turned out to be a prudent f y{ 4 W should be moderate, at the one. In January of this year, rate of inflation or possibly OPPD issued and sold Richard P. Jef' ries s d less. $60 million in long-term reve-nue bonds at a most favorable j g m pleased to report that the Chairman of the Board _ effective interest rate of 9.29 Omaha Public Power District ' average cost per kilowatt-percent. We estimate the im,ll Attorney at Law, Omaha ' s = hour for our residential cus. proved t, ming of th,s issue wi i i ~~ tomers, 5.70 cents, remains approximately 20 percent lower save our customer-owners than the national average. $750,000 in reduced interest Our commercial and industrial costs annually over the aver- ' l rates also compare favorably. age life of these bonds. s

A Total retail sales increased 2.3 Even as we strengthened our d

percent in 1984, reflecting financial position in 1984, we 3 strong activity in the commer-made a diligent effort to .} cial and industrial sectors. This strengthen communication with -] can be attributed to the gen-our customer-owners. The Citi- '] eral economic recovery in zens Advisory Committee, our service area and in the established by the Board of nation. Total electric energy Directors in early 1984, has sales in 1984 increased 3.7 worked long and hard over percent compared to 1983, the past year studying three 4 including a 17.1 percent in-critical areas: management crease in sales to neighboring compensation, customer com-utilities. munications, and electric rates. Their recommendations and Primarily because of these viewpoints will be helpful in the higher energy sales and the future direction of this utility. revision of rates mentioned previously, total operating reve-Dennis D. Jorgensen and nues for 1984 were $306 mil-Morris F. Miller, who were ap-lion, which is 12.2 percent pointed by the Governor in

BOARD OF DIRECTORS 5 "] Vice ChairmanDennis D. Jorgensen (L) March 1983. won election in 7 ~ November to six-year terms commencing in January 1985 Vice President, Both have provided excellent 't Applied m#.~ service to the Distnct as have Communications, e M Directors Keith B Edquist. M n inc.LOmaha i ~~~-O e. .n% Gene P Spence. and Warren .M R Swiqart All are to be J orris F.' Miller.(R)f 4,- paswerp _ ' ' commended Omaha busirw p man Frank J Wear also began T Retired Chairman /. / ' E a six year term in January. Omaha National? ~L replacing Mary Ahce Race 1BaniqOmaha-{yy whose term was completed i ,_,. Ap4 - m IS [c jg[,g:bjQ s Mr Wear. who owns an 77:1 %[" l ~ '~ ~ ~~ " - ~ i,. ;';s.. %g ' % l @ N *;p Omaha real estate firm. bnnqs g' strong bustness and construc !yg[( tun expertise to the Board ,fy

4-.

Seastery ' g- ,3- [Real Estne Broker'd..e ' j - i.>. Final!y. corporate title changes { j? - h.. 1 0eser ai were made early in 1985 i ft / b _W.L.

• ~ ["

The former position of Presi-dent on the Board of Directors M E';.rt c/ now carnes the title of Chair-5 ghg Ww ME [' man of the Board The title -. :k %,, (([ 3 [if; of the chief operating officer. [ f o' .qq$ p p = mg %y + l formerly General Manager. 7,Q %gg is now President These and qwy%] u .p ., e gg, i "i ' other title changes better de-

g '-gpl.g g dtW6s jf(iMjy Q(gg y

scrrbe the positions held and _ g g. are more consistent with the Q y, _ q z.g g:4]-j k t-As Ag;g-titles commonly used in the ,-m --+4 w industrial environment g' Y ]; gp With 1984 behind us. Our 7 g y. g_ ,,;,.xy 3, commitments remain undimin-R ~ h E-Preendent,u '.,ilNo sN' k -1 CseekN C 5 M ; CO{ " 5% p? ished for 1985 We will main-i tain the financial integrity of [ { h. Q this utihty operating in a { $ I Frank'J.TWser(R)? ' li% 'jJ'jQ y 'A sBoard Member; M professional and businesshke j hresidentf ' ' N '/9 rnanner and remaining atten-tive to the interests of our 4* Z O Wear Company? customer-owners In so doing.

Tand President, J C,ob

,p j.g c Wear T p,. / l we will ensure them a rehable y J A4 dConstruction,a f. C1 l and plentiful supply of electnc- {j, [. y 2 ' i Omaha ' 7 bs; o -e j ' g ity at an affordable cost both i, today and for years to come u s / ~ g g.) ~ t t Richard P. Jeffries Chairman of the Board

6 PRESIDENTS REPORT The outstanding financial than during any previous achievements of 1984 were month in its history. accompanied by top-quality OPPD's newest generating operational performance and unit, the 585,000-kilowatt Ne-braska City Station, completed o foundatio f te e its first five years of service r: Several major cost-saving in 1984. Since first going on measures were implemented in fine in 1979, the unit has s 1984 which have both immedi. produced 13.4 billion kilowatt-ate and long-term impact. A hours of electricity and has m. new contract for nuclear fuel a 79.9 percent availability enrichment services was nego. factor which is excellent for a tiated with the U.S. Depart. plant of that size. / ment of Energy. This contract, With our financial house in which runs through 2008, is order and with no major gen-expected to save OPPD more erating plants under construc-than $77 million over the tion, we are now working licensed life of the Fort to upgrade our general plant. Calhoun Nuclear Station. A new $3 million service cen-In the fossil fuels area, a new ter has been completed in price for coal at the Nebraska Omaha. Construction will begin in 1985 on the Elkhorn Center, ^ - City Power Station was negoti. t ^ ated with the supplier in 1984. an $18 million service facihty The resulting price reduction on the western edge of the I will save an estimated $14.8 metropolitan area. Also, prelim-i million over a three-year inary planning has been com-4wt - period. pleted and design is to begin O g g .* ua. 2 ' ~.- 'z in 1985 for an addition to Another program with long-our existing corporate head- <j, range financial impact was quarters in downtown Omaha. Bernard W. Reznicek launched in 1984. OPPD is The new complex will be called President y' Chief Executive Officer conducting a life extension Energy Plaza. These projects Omaha Public Power District j study to determine whether it are tangible evidence of 1 will be economically feasible to OPPD's commitment to con-j use our older coal-burning tinue providing our customer-j power plants beyond their nor-owners with quality service. y mal 35-to 40-year lifetimes. Other evidence of that commit-j We are assess.ing the critical ent cm be seen in me components of these units strengthened customer com- - boilers, turbines, and gener-munication programs imple-ators - with an eye toward mented in 1984. Customers extending their usefulness are now receiving a new state-by 10 to 15 years. An eco-ment billing designed to give nomic analysis will compare them concise, accurate, up-to-the cost of life extension with date information about their the cost of building new energy use. in addition, a gensadon. newsletter is included each i Overall, the operating perform-month to keep customer-owners ences of our major generating informed about the activities units were excellent in 1984. of their utility and to provide Early in the year, the Fort them with energy-saving tips. Calhoun unit completed a rec-Also in 1984, as part of our ord 302 days of continuous Energy Management Program, operation before being taken we introduced the Energy out of service for a scheduled Advisor service. Customers refueling outage. In addition, can phone or write the Energy in October, the unit produced Advisor and obtain answers 1.5 percent more electricity to their questions on a wide mm-mmmm

sir -3

== = m VICE PRESIDENTS 7 5 Ae 7 Gerhardt P. Bahle (L) 2 vanety of energy related '. /,. Senior Vice President m matters The off-peak load-budding J. ? Eldon C. Pape (R) = Senior Vice President-g gM; ) g phase of the Energy Manage. N ment Program also gained ] i momentum in 1984 with heat pump instahations exceeding 4 ] the 1200-unit objective and rr ,Lf 71 ~ i ; $g_ _y providing more than 5400.000 f _7 in additional revenues ~. -,.3 7 g l- , -]T Z 4 6 hd 'h f, k. ",k, i A' In December Wdham C Jones .T = gf gdhi%%97 E was appointed assistant gen-eral manager. a position which %h, hWpY { 7[ $] y y, ]'y c[Qg =l now carnes the title of vice A i aW i ,,d*'( gtA; y;,lv %VqWQ9- . Kenneth:Sf Fielding '(L)Lu president Mr Jones. formerly g% 4 lVice President; J T yi ~ division manager of Production f.a a 2#M Operations has assumed re-AT

l-YY #

sponsibihty for the Production h,i Milam C;l Jones (R)b Q g , hf juj %q ce p p g V g,[(( Operations Nuclear Produc-hr -j q tron Fuels and Quahty Assur-pj g j pQ g ance and Regulatory Affairs '4 JJp%,,4%(@ _ %f. 1 s.

== I E d Divisions He replaced Wilham Thy I )" NiQ/ .g E Mdler who retired af ter

• md more than 35 years service M

l 4 iM[y * ~,yg$ f % s. a N n 's In retrospect 1984 was an f j p

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outstanding year for Omaha ? ?, p efg g gJ, C[F 1$ y%. s gJ;&yg y p Pubhc Power Distnct Much f l hlNYM;NANZ6-( credit. of course goes to the b O'j' / 27SM 96 Mn 4 Fred' M) Peterson (L)s@f s ; employees who are the back-L-L-b-m+ Jmd i+. J _ _ --.J. i bone of this utihty Wan conti. C< dence in them I can project Ej ice;Pressdentg:?. }p 'K continued success in tho MJlShblia (R['UliN ' months and years ahead We S g Vice PfeSidentfM ' 'M -d will maintain our strono finan- --,M g m: 'p[N [.[ 9-N,~M ~ $_,A ~ Te ; 9 N I 1 ~ aal position We win continue t M to provide rehable service to Y@ j'r-f ' "6, s df Q r_u' - _- ' Q' Na; c', our customers at reasonabie I ~. t ,_,.Jn

• [

4 i cost and through prudent pianning we wdl ensure that 'M UD L,

- ra fufuIe eflNIQy reQuiIeIIleflIs WIII g [,

.. 5 Y be SatiSiled by th!s utdit / .g f) [E D.[.k., Y ] 7 9 p,p~ .A g4 4 ' ~ ' 1

t. J

,4 y / s ( -m F 1 Bernard W. Reznicek Pres. dent Chief F e utw Off ( er c i iw R 9 1 E g

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8 1984 OPERATIONS REVIEW As the books are closed on A major project in 1984 was 1984, there are many outward construction of the $3 million signs that this has been a Omaha Service Center. The P most successful year for the recently completed facility 3~ eL Omaha Public Power District. houses OPPD Electric Opera-j g OPPD has met its primary tions line service personnel l objective of producing and and equipment and also serves f}3 ' ?'&I F transmitting electricity to a research and development customer-owners in a safe, function. State of the art. J se efffctent, and rehah!e manner. energy-savmg measures incor- 'M Beyond this most important porated into the design of 3 ,d%,* function, OPPD has many the building will be monitored Nd* other accomplishments to its for efficiency and effectiveness. 7 , + @g?;g' \\ 't N credit: two new service centers The facility will serve as a =- v 2 - one ready for groundbreak-model for architects, engineers, ing and one ready for dedica-and contractors interested in g 'N tion - a new computenzed new energy-system applications. y M,,- r,, $? g A. meter reading system, and an Site preparation got under way i expanded energy awareness in 1984 for the new Elkhorn %e program for customer-owners. Service Center, an $18 million These programs and events facility to be completed in e 4 represent OPPD's overall com-late 1986. The center will con-g mitment to maintaining a p, M business-managed utility that siM of a IMe sese center', transportation repair garage focuses attention on serving 4 shts @ mete the needs of its customer-4y owners. This commitment in-house' and yard storage area. y ma de volved considerable planning Design of the new Energy +' ~ ] and many changes that worked Controi Center was completed together to make the 1984 in 1984. The 32,000-square-story an exciting one for foot center will house the f OPPD. Energy Management System computer, line dispatchers, and L-vg OPPD's major generating facil-System Operations Headquar-ities produced 6,712,771,600 ters. The $5.6 million computer ,1 kilowatt-hours in 1984, a seven system is designed to monitor percent increase over 1983 and control power system K! 4 4 and the most since 1979 when operations and to expand r M the record for annual genera-OPPD's current capabilities in J'i tion was established. Of the evaluating and planning those total electricity generated, 65 operations. Y p% N' ~ ~ percent was produced by OPPD's coal fired units at the OPPD gained approximately 'y Nebraska City and North 3,000 new retail customers in g Omaha Stations. OPPD's nu-April 1984 with the purchase i _,/. " clear power plant, the Fort of the City of Blair, Ncbraska Calhoun Station, produced 34 electrical generation and 1 ~ ' percent of the total, and oil distribution system for 7 ~, l and natural gas accounted for $5,950,000. The acquisition (top) OPPD is using this cable-laying ma. less than one percent. All helped consolidate OPPD's chine in an ongoing program to replace generating units were available service territory, and Blair ,L overhead lines with underground cable in the to meet OPPD's heaviest Customers are benefiting rural service areas. summer requirements. The through reduced electric rates (bottom) Jack Boeder checks the joumal 1984 summer peak of and reliable electric service. f diameter on the high-pressure turbine rotor 1,383,900 kilowatts was A new office serves customer-which was instatted at Fort Calhoun Station reached between 5 and 6 p.m. Owners in the area, and two = dunng the 1984 maintenance and refucting on August 28. It compares to new 13-KV lines have been M r "#"9" the record summer peak of constructed to double the 1,411,500 kilowatts set number of heavy-capacity lines August 18, 1983. linking OPPD's system to g 5

~,,. l 9 Blair. New transformer poles 400 mobile radio units through

• M. ?

and conductors were installed seven base stations. This will -4 in a number of residential be particularly helpful during areas, and improvements have storm restoration efforts. been made to the underground distribution system, the street After four successful years of lighting system, and the operation in OPPD's rural power plant. districts, the company's Cus-3 tomer Service Representatives ). An upswing in the construction (CSR) program was expanded -mL industry during 1984 was into the metropolitan area in Jf7 4 *E '" matched by a substantial in-1984. As business representa-r 7 crease in OPPD's overhead tives for the company, CSR /-_ and underground construction employees work closely with 1 activities. In April, OPPD crews contractors, architects, builders began working nine-hour shifts, and developers, and with six days a week, in an effort OPPD's commercial and resi-to keep up with requirements dential customers to meet I(<;V' /' for service, specific electrical service needs. The CSR program has As part of an ongoing program enhanced efficiency by reduc-to replace older overhead ing the steps required to pro-lines with underground cable vide new or additional service e in rural areas, OPPD installed to residential and small com-approximately 65 miles of mercial customers. underground cable near the communities of Ceresco and Many new sophisticated com-Swedeburg during 1984. Un. puter applications are being derground cable installations incorporated throughout the a -n cost more initially, but they company, including the devel- ,j 9

, 1,,.. O have many advantages. They opment of a new corporate l7 are aesthetically more pleasing.

planning model, a records 4 f.- ,-,'s They eliminate the need for management service, and new p% p j tree trimming maintenance and stores inventory and purchas- {' y ' ~u i pole replacement. Most impor. ing programs. An additional 30

g tantly, they are not subject personal computers were

] to storm-related outages which placed in various office loca-require costly repairs and tions throughout the company. cause inconvenience for Many of those new computer customer-owners. applications are now possible Work continued on OPPD's due to installation of an up-j effort to rebuild its 85-mile graded corporate computer portion of the 42-year-old 161, system. The new IBM 3083, KV Kansas line. During 1984, which became fully operational OPPD worked on a 30-mile in July 1984, is three times section of the line between the faster and holds twice as Platte River and Nebraska much information as the pre-City, installing new line and vious system. replacing old wooden poles with new and taller steel A computerized system for i . (top) Steve Gregory was frcquently ques. t H-frame structures

• recording meter readings,

, tioned by customers like Jan Lee about the ITRON, was put into service new hand-held microcomputers now being Mobile radios were installed in last March. The hand-held used by meter readers to record customer 220 OPPD vehicles as part microcomputers are used to electricity use and other data. of the new 800-MHz common record customer information (bottom) The final shipment of Rosebud Mine radio system. When the sys-which is fed daily into the coal arrived at the North Omaha Station in ' tem is complete in mid-1986, main ITRON computer. Work August. OPPD now uses Rawhide Mine coal also continued in 1934 on [abhef rth Omaha and Nebraska OPPD personnel throughout, another major computer proj-9n the 13-county service area will be able to communicate from ect, the customer information w..

10 1984 OPERATIONS REVIEW (CONTINI. LED) system. This project entails OPPD's planning. Load fore-total revamping and reorgani-casters use a number of tools zation of the OPPD customer to help them determine what data base which will improve OPPD's growth patterns will service to customers. be, including an end-use model for judging future residental -~ During 1984, OPPD reduced load. The model is based on - _J[%,.- ~ 7 ; q g-the inventory of coal at the appliance-use surveys con-z_.._ 2, Q4g -: ' Nebraska City Station by ducted in the service area for u 597,600 tons. The reduction the past 10 years. Although < ~., .M was accomplished in part by OPPD is cur'ently using a r diverting 337,500 tons of Raw-service area economic model y hide Mine coal to OPPD's to forecast commercial and , i44 North Omaha Station. This industrial energy growth, an = d zarl eliminated the need for pur-end-use model is in the devel-C. chasing additional coal for opmental stage. When it is North Omaha on the, spot implemented, it will be one of market and resulted in an the first in the utility industry. $8.8 million cash-flow savings. ONs 25 ear load forecast 9 With uses for fly ash expand-calls for residential sales to ing OPPD is turning this gr w h 8 pscent annua 4 WA' forriier expense item into a The commercial and industrial revenue source. In the past OPPD paid to have fly ash' forecast projects annual in-creases of 1.5 percent through ~ s removed from the Nebraska Wa ye r 20010%s cment k City Station. Now, OPPD re-net generation capability of, ? ceives a 20 percent royalty on 1,994,500 kilowatts is sufficient ~< any Nebraska City Station fly to meet these projected cus-C ash the hauling firm resells. o & lo s Wough at kast The District plans to do the e mM90s we no new ~* same at the North Omaha P upply needed until Station when its current dis-tha t me posal contract expires. Fly ash has many commercial uses, such as a replacement for cement in concrete, a mineral filler in asphaltic concrete, a z s material for structural fill, and g gd.. 4 a supplement for plant foods. O ~ is" OPPD's emphasis on providing a safe environment for its 5 work force continued in 1984 m with the expansion of a num-l ber of safety training programs. All employees now have the opportunity to complete first aid, cardiopulmonary resuscita-(top) Many energy-selated features, such as tion, and driver training pro- 'i these snow-melting mats emplaced in the grams which in the past were concreto driveways and sidewalks, were available mainly to personnel incorporated into the design of the recentlY involved with the generation, completed Omaha Service Center. transmission and distribution of (midd'e) Rod Poe, Jerry Matza, and Joe electricity and with operating Marchause examine one of the new billing company vehicles. statemsnts which are printed on OPPD's new laser printer. Long range forecasting of fu-(bottom) Gary Comic develops 16mm film ture electricity needs is an rolls for it.e Records Management Depart-important component of ment which is microflming documents and i paperwork for easy storage and retneval. u -.i.

FINANCING AUDITOR 5' OPINION II In December 1946, Omaha Public Power Omaha Public Power District: Diltrict funded the purchase of The Nebraska We have examined the balance sheets of Power Company with a bank loan for Omaha Public Power District as of December $42,000,000. Revenue bonds were issued.in 31,1984 and 1983 and the related statements February 1947 to pay off this loan. Since then, of net earnings and accumulated earnings $1,357,200,000 of additional revenue bonds reinvested in the business and of sources of h".v3 been sold. funds for construction for each of the three I The District retired $13,155,000 of revenue years in the period ended December 31,1984. bonds in 1984. These retirements bring the total Our examinations were made in accordance of bonds redeemed and refunded through 1984 with generally accepted auditing standards and, to $565,850,000, leaving an outstanding bonded accordingly, included such tests of the account-debt of $833,350,000 at December 31,1984. ing records and such other auditing procedures During 1984, $46,879,000 of interest expense as we considered necessary in the was charged to operations on outstanding circumstances. bonds,,epresenting an average annual rate of in our opinion, such financial statements present 5.6%. In January 1985, the District sold fairly the financial position of the District at $60,000,000 o,f Electric System Revenue Bonds December 31,1984 and 1983, and the results (the 1985 Senes A Bonds) at an effective of its operations and the sources of funds for int:r:st rate of 9.29%. construction for each of the three years in in August 1984, the District authorized an the period ended December 31,1984, in con-additional $30,000,000 of Tax Exempt Commer-formity with generally accepted accounting ci;l Paper. The proceeds of this issue were principles applied on a consistent basis. used to pay off the $30,000,000 of Electric Rev:nue Notes due September 11,1984. As of Dec:mber 31,1984, $94,500,000 of commer- / cial paper was outstanding and $10,500,000 g M 9x) j / wrs drawn against the supporting revolving line of credit agreement. During 1984, $5,376,000 DELOITTE HASKINS & SELLS of interest expense was charged to operations Omaha, Nebraska on outstanding commercial paper. In connection February 22,1985 with the purchase of the assets of the City of Bl;ir, Nebraska Electric System in April 1984, thJ District incurred a subord,nated obligation of $4,950,000, bearing interest at 9% Outstanding not s and subordinated obligations at Decem-ber 31,1984, totaled $5,470,000. During 1984, $1,799,000 of interest expense was charged to operations on outstanding notes and subordi-nited obligations. Gross Electric Plant amoun.ed to 31,262,803,000 and Nuclear Fuel (at amortized cost) amounted to $162,658,000 at December 31,1984. Accu-mutated earnings reinvested in the business in-creased $40,007,000 to a total of $394,344,000 during 1984 while total assets increased $39,230,000 to a total of $1,430,008,000.

1 l i OMAHA PUBLIC POWER DISTRICT 12 BALANCE SHEETS, DECEMBER 31,1984 AND 1983 ASSETS NOTES 1984 1983 (thousands) UTILITY PLANT - At cost: 2,7 Electric plant (includes construction work in progress of $56,233,000 and $40,357,000, respectively)... $1,262,803 $1,208,677 336,776 302,796 Less accumulated depreciation.............. Electric plant - net................ 926,027 905,881 162,658 156,876 Nuclear fuel - at amortized cost. 1,088,685 1,062,757 Utility plant - net SPECIAL PURPOSE FUNDS: 3 Construction fund... 22,340 40,276 Electric system revenue bond fund (net of current portion)....... 43,554 43,787-Debt service fund 9,934 10,547 4,280 4,557 Segregated fund (see contra)..... Revenue fund - decommissioning............ 5,671 1,781 Total special purpose funds...... 85,779 100,948 CURRENT ASSETS: Revenue fund - cash... 28 25 Revenue fund - U. S. Government Securities (at amortized cost which approximates market)............ 76,515 26,326 Electric system revenue bond fund - current portion.... 3 24,100 23,771 Accounts receivable - net 27,558 31,326 Unbilled revenues 8,700 9,300 Fossil fuels - at average cost.. 22,076 41,052 Materials and supplies - at average cost... 19,576 17,425 5,946 2,450 Deferred production costs... 4,394 3,369 Other....... Total current assets.... 188,893 155,044 4 66,651 72,029 DEFERRED DEBITS............ TOTAL $1,430,008 $1,390,778 See notes to financial statements.

7, 13 l ) LIABILITIES NOTES 1984 1983 (thousands) LONG-TERM DEST: 2,9 Electric system revenue bonds - net of current portion: Serial bonds,3% to 5.9% due annually from 1986 to 1999.......................... $ 225,945 $ 239,240 Term bonds,5%% to 6%% due at various dates from 1995 to 2017.............. 594,110 594,110 Total long-term bonds 820,055 833,350 Electric revenue notes - commercial paper series......... 5 75,000 Subordinated notes due December 1990,6%%.... 520 520 Subordinated obligations......... 4,914 Tctal................................................... 825,489 908,870 Less unamortized discounts......... 9,106 9,850 Long-term debt - net........................................ 816,383 899,020 COMMITMENTS AND CONTINGENT LIABILITIES 7,8 LIABILITIES PAYABLE FROM SEGREGATED FUND ( see contra).................................................. 3 4,280 4,557 CURRENT LIABILITIES: Current portion of long-term debt................... 13,331 13,155 Electric revenue notes due September 1984, variable rate 30,000 Electric revenue notes - commercial paper series........ 5 105,000 Accounts payable........................................... 23,194 18,101 Nuclear fuel disposal costs 22,841 Accrued payments in lieu of taxes......... 9,387 8,130 Accrued interest........................................ 21,113 20,280 Other....................................................... 5,001 4,224 Total current liabilities............................... 199,867 93,890 OTHER LIABILITIES: Nuclear fuel disposal costs.............................. 4,418 32,327 Decommissioning costs..................................... 5,671 1,781 Other.......................................................... 5,045 4,866 Total other liabilities................... 15,134 38,974 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS........................... 394,344 354,337 TOTAL............................................................ $1,430,008 $1,390,778

STATEMENTS OF NET EARNINGS AND ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS 14 FOR THE THREE YEARS ENDED DECEMBER 31,1984 1984 1983 1982 (thousands) OPER ATING REVENUES........................ $305,999 $272,847 $233,319 OPERATING EXPENSES: Operation: Fuel.............. 90,456 69,392 69,789 18,751 23,826 20,769 Other productinn Transmission. 1,572 1,658 1,526 Distribution......... 9,002 8,358 7,671 Customer accounts............. 6,516 5,751 5,326 Customer service and information.. 2,265 2,319 2,229 Administrative and general... 20,698 20,013 17,666 Maintenance....................... ..t........... 27,741 25,633 20,690 Total operation and maintenance.................... 177,001 156,950 145,666 Depreciation.... 37,279 36,038 35,160 Decommissioning....... 3,531 1,781 Payments in lieu of taxes 10,292 9,034 7,565 Total operating expenses.......................... 228,103 203,803 188,391 OPERATING INCOME........... 77,896 69,044 44,928 OTHER INCOME CREDITS (CHARGES): Interest income............... 14,791 11,853 13,913 Allowance for funds used during construction. 2,382 2,178 1,056 Allowance for funds used for nuclear fuel.......... 5,321 5,693 6,271 Amortization of cancelled project costs........... (5,181) (5,181) (5,182) Other - net (390) (266) 341 Total other income credits - net............ 16,923 14,277 16,399 EARNINGS BEFORE INTEREST EXPENSE...... 94,819 83,321 61,327 INTEREST EXPENSE 54,812 55,392 59,447 NET EARNINGS........ 40,007 27,929 1,880 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, BEGINNING OF THE YEAR............. 354,337 326,408 324,528 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, END OF THE YEAR............ $394,344 $354,337 $326,408 See notes to financial statements.

STATEMENTS OF SOURCES OF FUNDS FOR CONSTRUCTION FOR THE THREE YEARS ENDED DECEMBER 31,1984 15 1984 1983 1982 (thousands) SOURCES OF FUNDS: From operations: . Net earnings............... $ 40,007 $ 27,929 $ 1,880 Charges (credits) to operations not affecting funds: Depreciation 37,279 36,038 35,160 Amortization of nuclear fuel........ 14,340 14,770 14,512 Allowances for funds used... (7,703) (7,871) (7,327) Amortization of cancelled project costs............ 5,181 5,181 5,182 Funds from operations. 89,104 76,047 49,407 From financing: Long-term borrowings........................... 4,950 75,000 54,205 Increase (decrease) in short-term borrowings.............. 75,176 30.525 (28,960) Long-term debt reduction...... (88,331) (98,155) (12,630) Funds from (applied to) financing....................... (8,205) 7,370 12,615 Funds applied: Increase in net current assets (excluding short-term borrowings and current portion of long-term debt).............. (3,047) (12,131) (19,844) Decrease (increase) in special purpose funds....... 14,892 (16,789) (20,251) Decrease in deferred debits................ 196 3,427 13,806 Increase (decrease) in other liabilities................. (23,095) (6,810) 11,399 Funds applied................................. (11,054) (32,303) (14,890) Allowances for funds used............................. 7,703 7,871 7,327 TOTAL.................................................. $ 77,548 $ 58,985 $ 54,459 USES OF FUNDS FOR CONSTRUCTION: Electric plant............................ $ 57,426 $ 33,997 $ 38,686 Nuclear fuel................ 20,122 24,988 15,773 TOTA L............................... $ 77,548 $ 58,985 $ 54,459 See notes to financial statements. 7

NOTES TO FINANCIAL STATEMENTS 16 FOR THE THREE YEARS ENDED DECEMBER 31,1984

1.

SUMMARY

OF SIGNIFICANT Nuclear Fuel Disposal Costs - In 1983, the ACCOUNTING POLICIES Nuclear Waste Disposal Act of 1982 was enacted, Organization and Business - Omaha Public Power under which the Federal government assumed District, a political subdivision of the State of Ne. responsibility for the permanent disposal of spent nuclear fuel. In June 1983, the District and the braska, is a public utility engaged solely in the generation, transmission, and distribution of electric United States Department of Energy (DOE) entered power and energy and other related activities. The into a contract for disposal of the District's spent Board of Directors is authorized to establish rates. nuclear fuel. Under the terms of the DOE contract, The District is not liable for Federal and state income the District is subject to two separate fees: (1) a or ad valorem taxes on property; however, payments one-time fee for all spent nuclear fuel generated prior in lieu of tam so MJu 10 Warics bc;; to April 7,1081 and (2) a one mill per gross kilo-watt-hour fee on all future nuclear energy generation. govemments. The District has elected to pay the one-time fee Basis of Accounting - The accounting records of the District are maintained generally in accordance totaling approximately $22,841,000, en June 1985, with the Uniform System of Accounts prescribed The one mill per gross kilo, watt-hour generation fee is paid on a quarterly basis to DOE. Spent nuclear by the Federal Energy Regulatory Commission. disposal costs are included in the Districts nuclear Accounting for Revenues - Meters are read and amortizat n r e and are collected from cus-bills are rendered on a cycle basis. Revenues eamed t em after meters are read are estimated and accrued as unbilled revenues at the end of each accounting

2. LONG-TERM DEST period.

The District utilizes proceeds of debt issues primarily Utility Plant - The costs of property additions, in financing its construction program. replacements of units of property, and betterments Electric System Revenue Bonds - Maturities of are charged to electric plant. Maintenance and electric system revenue bonds outstanding at replacements of minor items are charged to operating December 31,1984, due 1985 through 1989 are as expenses. Costs of depreciable units of electnc follows (in thousands): plant retired are eliminated from electric plant ac-1985 .... $13,295 counts by charges, less salvage and plus removal 8 expenses, to the accumulated depreciation account. ] An allowance for funds used, approximating the 1988..... .. $14,960 District's current cost of financing electnc plant con-1989 $15 655 The District's I nd indentures provihle for certain 2 a ompo e he cos of t e utli p t. restrictions, the most significant of which are: This allowance was computed at 6.3%,6.7% and 7.5% for both construction work in progress and Additional bonds may not be issued unless esti-nuclear fuel for the years ended 1984,1983 and mated net receipts (as defined) for each future 1982, respectively, year will equal or exceed 1.4 times the debt service on all bonds outstanding includi, g the, n Depreciation and Amortization - Depreciation is additional bonds being issued or to be issued in computed on the straight-line basis at rates based on the case of a power plant (as defined) being the estimated useful lives of the various classes of financed in increments. property. Depreciation expense has averaged ap-proximately 3.4% of depreciable property in each of An amount at least equivalent to 12%% of gross the three years ended December 31,1984. operating revenue (as defined) must be spent annually for maintenance, replacements, or addi-Amortization of nuclear fuel is based upon the cost tions to the electnc system, or if not so spent thereof, which is pro rated by fuel assembly in is to be placed in a special fund to be used for accordance with the thermal energy that each as-such purposes or for retirements of original bonds sembly produces. (as defined) in advance of maturity. Deterred Production Costs - Certain production in any three-year period, at least 7%% of general costs are recovered under the Fuel and Production business income (as defined) must be spent for Cost Adjustment (FPA) clause of the District's rate replacements, renewals, or additions to the electric schedules. These costs are deferred until they are system. Any deficiency is to be spent,within two collected by FPA billings. Deferred Debits - Certain costs and charges are fpe"nt i to us d nd et re nts in deferred and amortized over the period that rate advance of maturity. ye are expected to benefit. The most significant Subordinated Obligations - In April 1984, the District purchased the assets of the City of Blair, Deterred Financing Costs - Debt discount and Nebraska Electric System for $5,950,000. The District expense and amortizable charges relating to. incurred an obligation of $4,950,000 payable in refunded debt are amortized ratably over the hves annual instalments of $481,815 (including interest at of the related issues to which they pertain. 9%) through 2014 in connection with this acquisition. Deferred Cancelled Project Costs - Fort Cal-houn Station - Unit No. 2 - Costs arising

3. SPECIAL PURPOSE FUNDS from the termination of contracts relating to Fort The assets of the special purpose funds of the Calhoun Station - Unit No. 2 are being amortized District (Construction Fund, Electric System Revenue over ten years through 1989.

Bond Fund, Debt Service Fund, Segregated Fund

17 and Revenue Fund - Decommissioning) consist costs accrued. Accumulated plan benefits and net primarily of securities of the U.S. Government and assets at January 1,1984 and 1983 were as follows: related agencies, stated at amortized cost which 1984 1983 approximated market. (thousands) The Construction Fund is to be used for capital Actuarial present value of improvements, additions and betterments to and accumulated plan benefits: (xtensions of the District's electric system. or for Vested.................... $ 63,094 $52,555 payment of principal and interest on Electric System Non-vested........ 6,169 3,364 Revenue Bonds. Total. $ 69,263 $55,919 The Electric System Revenue Bond Fund and Debt Servica Fund are held by Trustees for trie retirement N:t ::: cts avd!ab!c fer benef!!3 $101.662 !S8,660 serial bonds and the payment of the d W h actuarial present value of plan benefits was 10.0% The Segregated Fund represents customer deposits for retired members and 9.3% for all other members and refundable advances. of the plan at January 1,1984 and 1983. The Revenue Fund - Decommissioning was estab-lished to cover the estimated cost of decommissioning

7. COMMITMENTS Fort Calhoun Station - Unit No. I when its operating The District's Construction Budget provides for ex-license expires in 2008. The fund was created as a penditures of approximately $82,631,000 during 1985 result of a decommissioning plan adopted by the and $241,398,000 during later years, of which ap-l District in 1983 and additions will be made to the proximately $26,000,000 was under contract at fund monthly.

December 31,1984. The District has established a deferred compensation

4. DEFERRED DEBITS plan for all eligible employees. All contributions to The composition of deferred debits at December 31 the plan are made by the employees. By agreement, 1984 and 1983 was as follows:

contributions under the plan remain the property of { 1984 1983 the District until an employee leaves the District. (thousands) Funds on deposit at December 31,1984 and 1983 Deferred financing costs.... $33,293 $34,580 of approximately $3,400,000 and $2,000,000, respec-Deferred cancelled project costs - tively, are not recorded in the accompanying financial Fort Calhoun Station - statements. Unit No. 2................. 22,017 27,198 The District has a coal supply contract which extends Othe r......................... 11,341 10,251 through 1998. Minimum future payments amount to $66,651 $72,029 $136,850,000. The coal contract price is subject Tot,1. to escalation based upon the supplier's costs. Contracts with estimated future payments of

5. ELECTRIC REVENUE NOTES - COMMERCIAL

$50,406,000 are in effect for nuclear fuel. In addition, PAPER SERIES a contract with the United States Department of In 1983, the District authorized the issuance of up to Energy with estimated future payments of $75,000,000 of commercial paper, which is sup- $303,840,000 for the fumishing of uranium enrich-l ported by a revolving credit agreement with four ment services extends to the year 2008. financial institutions. As of December 31,1983, $67,500,000 of commercial paper was issued and

8. CONTINGENT LIABILITIES outst;nding with the remaining $7,500,000 drawn Under the provisions of the Federal Price-Anderson against the revolving credit agreement. The borrowing Act, the District and all other licensed nuclear power rita ct December 31,1983 was approximately 5.C%.

plant operators could each be assessed for claims In 1984, the District authorized the issuance of an in the event of a nuclear incident in amounts not to additional $30,000,000 of commercial paper which is exceed $5,000,000 per incident to a maximum of tiso supported by a revolving credit agreement $10,000,000 in any one calendar year, with four financial institutions. As of December 31, The District is engaged in routine litigation incidental l 1984, $94,500,000 was issued and outstanding with to the conduct of its business and, in the opinion the remaining $10,500,000 drawn against the revolv-of its General Counsel, the aggregate amounts ing credit agreement. The borrowing rate at Decem-recoverable from or to the Distnct, taking into account ber 31,1984 was approximately 6.2%. The estimated amounts provided in the financial state-( agreement expires in June 1985. ments and insurance coverage, are not material. l . 6. PENSION PLAN

9. SUBSEQUENT EVENT Substantially all District employees are members of in January 1985, the District sold $60,000,000 of Its contributory pension plan and are not covered by Electric System Revenue Bonds,1985, Series A, due Soci11 Security. Generally, the plan provides for -

in various instalments through 2015 at interest rates benefits at age 65 with reduced benefits for earlier ranging from 6% to 9.30%. retirements. Provision is made annually for actuarially computed current costs, which were $4,811,000, $5,078,000 and $4,691,000 for 1984,1983 and 1982, respectively. The District's policy is to fund pension 1 T n. _._,__.__,.-._,,,,_..,,._._m.n,, -m -_---a. _,. -, ~ -

SUPPLEMENTARY STATEMENT OF EARNINGS FROM CONTINUING OPERATIONS ADJUSTED FOR CHANGING PRICES 18 FOR THE YEAR ENDED DECEMBER 31,1984 (UNAUDITED) Conventional Current Cost Historical Average Cost 1984 Dollars (thousands) Operating revenues $305,999 $305,999 Total operation and maintenance expenses 177,001 179,623 Depreciation 37,279 77,996 Decommissioning. 3,531 3,531 Payments in lian of taxes 10.292 10.292 Total operating expenses 228,103 271,442 Operating income 77,896 34,557 Other income credits....... 16,923 16,923 Earnings before interest expense..... 94,819 51,480 Interest expense. 54,812 54,812 S 40,007 $ (3,332) Earnings (loss) from continuing operations... Increase in specific prices (current cost) of utility plant held during the year........ $120,490 Reduction to net recoverable cost. (39,070) Effect of increase in general price level. (75,840) Excess of increase in specific prices after reduction to net recoverable cost over increase in general price fevel..... 5,580 Gain from decline in purchasing power of net amounts owed 27,346 N et.................. $ 32,926 SUPPLEMENTARY FIVE-YEAR COMPARISON OF SELECTED FINANCIAL DATA ADJUSTED FOR THE EFFECTS OF CHANGING PRICES (UNAUDITED) Year Ended December 31, 1984 1983 1982 1981 1980 (Average 1984 dollars, in thousands) HISTORICAL COST INFORMATION ADJUSTED FOR GENERAL INFLATION Operating revenues.. $305,999 $284,459 $251,074 $254,257 $286,043 CURRENT COST INFORMATION Loss from continuing operations......... $ (3,332) $ (15,020) $ (42.902) $ (37,595) $ (27,508) Excess of increase (decrease) in general price level over increase I in specific prices after change to net recoverable cost.. $ (5,580) $ (6,639) $ (5,090) $ 57,395,$j0g9,,2 Net assets at year-end at net recoverable cost.... $388,845 $363,210 $347,283 $358,653 $383,102 GENERAL INFORMATION Gain from decline in purchasing power of net amounts owed. $ 27,346 $ 27,911 $ 29,827 $ 70,077 $103,187 Average consumer price index 311.1 298.4 289.1 272.3 246.9 See notes to supplementary financial data.

6 NOTES TO SUPPLEMENTARY FINANCIAL DATA ADJUSTED FOR THE EFFECTS OF CHANGING PRICES FOR THE YEAR ENDED DECEMBER 31,1984 (UNAUDITED) 19 The supplementary information is supplied in accord-from their historical cost in nominal dollars. The tnca with the requirements of FAS Statement No. District's rate structure limits the recovery of fuel

33. Financial Reporting and Changing Prices, for the through the operations of adjustment clauses or ad-purpose of providing certain information about the justments in basic rate schedules to actual costs.

eff; cts of changing prices. It should be viewed as an For this reason fuel inventories are effectively mone-estimIte of the approximate effect of inflation, rather tary assets. than as a precise measure. Effect of the District's Rate Structure - Under Utility Plant, Depreciation and Amortization - the rate making structure adopted by the District. Current cost amounts reflect the changes in specific only the historical cost of utility plant is recoverable prices of the utihty plant from the data the plant in revenues as depreciation or amortization. w s acquired to the present. The current cost of the To properly reflect the economics of the District's utikty plant represents the estimated cost of replacin9 rate structure in the Statement of Earnings from existing plant assets. The current cost of the electric Continuing Operations Adjusted for Changing Prices, plint was determined by indexing the surviving the reduction of the utility plant should be offset plint by the Handy Whitman Index of Public Utility by the gain from the decline in purchasing power of Construction Costs. The electnc plant was aged net amounts owed. During a period of inflation, on the basis of clearings from construction work in holders of monetary assets suffer a loss of general process to electric plant in service. The current cost purchasing power while holders of monetary liabilities of nuclear fuel in the reactor was based upon the experience a gain. The gain from the decline in actuti cost of the most recent assemblies to be purchasing power of net amounts owed is primarily placed in the reactor. The cost of nuclear fuel was attnbutable to the substantial amount of debt which not adjusted from historical amounts. The current has been used to finance the utihty plant. Since ylifs provision for depreciation and nuclear fuel am-the depreciation and amortization on this plant is ortization was determined by applying the District's limited to the recovery of historical costs, the District effective depreciation and amortizaten rates to does not have the opportunity to realize a holding current cost amounts of the utihty plant. gain on debt and is limited to recovery only of the inventories - Fossil fuel inventories and the cost of embedded cost of debt capital. full used in generation have not been restated NET RECEIPTS AND DEBT SERVICE COVERAGE FOR THE FIVE YEARS ENDED DECEMBER 31,1984 (UNAUDITED) 1984 1983 1982 1981 1980 (thousands) Operating revenues............... $305,999 $272,847 $233,319 $222,546 $227,014 Operation and maintenance expenses............ 177,001 156,950 145,666 136,135 135,629 Payments in lieu of taxes.......... 10,292 9,034 7,565 6,400 6,191 . Net operating revenues 118,706 106,863 80,088 80,011 85,194 inv:stment income (1).............. 5,012 5,058 5,307 4,798 4,490 N :t receipts....................... $123,718 $111,921 $ 85.395 $ 84,809 $ 89,684 Total debt service (2)......... $ 60,162 $ 60,528 $ 60,470 $ 59,826 $ 58,969 Debt service coverage............. 2.05 1.84 1.41 1.41 1.52 (1) Income demred from the mvestrnent of moneys m the Debt Service Fund and the Reserve Account of the Electre System Revenue Bond Fund under the Distnet a bond indentures (Resoluta No.19 and nosolution No.1788) (2) Total Debt Sennce for both Resoluton No.19 and Resolution No.1788 Bonds is accrued on a calendar-year basis smlar to the computation of Net Recepts Interest funded from bond proceeds is not octuded m Total Debt Sennce.

20 ELECTRIC SYSTEM REVENUE BONDS OUTSTANDING (in Thousands) as of December 31,1984 ymq py 7 --, ym 3 p m %,,;,,g pw~f( tN$ IIRE j 1958 ISSif g[IN1 GIE l 1966 ISSUE I.- 'f F tl77155ME 7 19'T ISSUE } 1977 ESE i ['I ' EM ' :I ! 15198WE, 1969 issla I, 197215Sif 1973 ISSUE ; SEINS A" 3 SEMSB ; $fMF C*** i 3 ftNEWlfir !. : $ ('.. 3 h l l Tota I sid 1 hty Dam !N'. 1w am ' .J w !n: 1; w r W. - ,w ru. jw fn .a pnnood iAssume : am j Fearwy i j Am Amt ] bu Amt h Age Amt. - Rate Amt l Risp ' Amt. ! Nte W [ Ras Amt. j Rate Amt [ Re '. Ast J Rate Amt \\ Ras Ast { Matwers e taust : - Suusi j 1965 i3 13 l 3% 600 E 34. 84 'I 4* t 1 000 I 4 % ' 22 j 44 900 l 4 M $ 5101 4 95 650 i. i 54W 22, 13 295 [ em - N15 33 500 f.34 ; 1m ! 4't 1040 14%,230} 44 950 74 5 - 3m j 5 680 ! L '1 I 4Je ; 221 13 640 3em ; N.108 k < Im ! 3% 1986 3 3% 500 4 3% Im ; 4't t 150 { 4% 2B i 4 80 950 a 4 W 3m A. 5 to 710 L 4 88.1.300

• l 45 22 i 14 300 ) 4 NI - N N8 1987 1988 h' d 35s 500 3% Im1 4't 1250 i 4% ' 2 m i 4 90 990 i 5 415 4 515 745 V 4 N - 1JN !

i 45 2m 4 14 960 r 4 se ' r-NNO 1989 P ] t' eg t ass 4 4% 1 ann 5 4% f ms i 4 in 1 nm f 6 4 ye 3 5 70 780 f5.'fW4 ? 4 5 > 2 915 4 15 655 f 44117 -' 1 972 1990, JJ { 146. Im j 4% t 425 4% e 22 d 5 t 000 j 510. 42 l 5% 820 ) 1.15 2J50 j k 5. 3.015 4 16 400 f 454 - EN5 1991 4 1 t 344 ' Im I 44 1 500 4% tm ! 5 1000 t 518 4 tot i 5 30 860 e 5 3 2mi L l# 321 17 205 6em Nm l 4tm ' '. Nm '1 4% 1 500 4% i 2m ! 5 1000 t 55 5.110 4 530 905 i 5 4 3m3 I5is 32 7 18 045 1993 k [i f' 14's 1 500 i4% 23 j 5 1000 { 5N SD ! 5 40 950 j 54; 4.158 ! )55 3m -j 18 910 1992 j 4tm Nm j 1994 b' g j d's I.500 i 4%. Im ] 5 to 1.100 l 5.20 la t 5 40 1000 !. 5 N 4 NB : 45% 3 FM.- 18 905 y em ' Mm. 2

4% 1 500 ! 444 % tm ! 5 to 1.100 [ 5%* 6e i 9c 1050 t 5 3 4mj s

3R01 20.920

• RWT

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• 19.918 j i 54' 7.14 '.,

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25%* 985 39 965 g 19 N8 ' 'E7N [ '. 2007 s j 6Y t2 900 2 5%* 10 FIB '; 23 680 t 17.4B 4tm 2000 L 2009 i: I ] I' ~ t 6't* 13 670 i LW 11,2N 24 870 [ 14m - 40m m' L 6't* 14 490 ! 5 W 11.7N, 26 220 1 14.321' ' 4.741 2010 4 .I j 4't" 15 360 27 705 512. set ' 4 til 20t t [- L ( i. ' j ev is a5 [ 5 F 12315 e a s 5 w iuN s a m e iim em o mi2 s. s {- I i' l'n* 17 260 I. 5W 13 715 3 3L 93 i52 20t4 $ 1 6't* 'I 295 SF 1445 s 32 730 7.est _ ee 20t3 4' 4R1 4 i sv $9 m i S r 152151 34 40

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• tenn Gonds "ine 1975 Senes A and O Boad Issues swe %nded by tw 19'7 Seres A issue "the 19.l Senes A and 8 Soad issues eses nr%nded try the 1977 Seres C lssue

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19841983 COMPARISONS 21 millions of dollars OPERATING REVENUES Percert 306*0 wousands) w d Year d Year h:rease cassfcahon 1984 Total 1983 (Decease) 33.3 227.0 nesdered........... $t16.368 38.1 $t08.722 7.0 General Serwce-Smal. 98.% 0 32.1 82.800 18 6 General Servu ~ targe. 55.444 18.1 46.226 19 9 Govemmert and Minapal 7.0% 23 6.519 8.9 147.1 neer Elecinc Ubhes. 25.129 82 22.958 95 120. hinsod Reyermes (600) (2) 1,900 (131 6) TotalElecinc Revenues $301.740 98 6 $269.205 121 33.1 Msmtaneous Revenues 4250 14 3.642 16 9 TotW Operahng Revenues $305,999 100 0 $272.847 f22 millions of kilowatt ~hout K)LOWATT-HOUR SALES 6,419 wousands) cassdcaton 5,633 5,553 R85de'es........... 2w395 32 8 2.n5s;6 (35) General Serwoe-Smas. t,940.767 31 2 f.830.190 6.0 General Serwoe -Laroe. 1.471 372 23 7 1.384.986 62 Governmert and Murreal 74.096 12 74.781 (.1) 4,810 Olher Elecenc ubhbes. 691,792 11 t 590 987 17.1 Taal Energy Sales. 6.220.022 100 0 5,996,640 37 millions of dollars OPERAT10N ANO MAINTENANCE EXPENSES 177.0 (thousands) 135.6 Generanng Egense Sf 36.118 76 9 $t0631 m and w g (9.021) (51) 2.256 (499 93 l .2 Transmmsion and'% 20 u4 11 3 20.170, g 33 customer Amourts.. 6.516 37 5,73 33.3 66.7 customer Senace are Hermanon 2 (2 3) 41. htranve and bal 2 ~ g' d0 11 Taaloperanon and $177,001 1000 $156.950 12 8 22A'5 thousands of customers AVERAGE NUMBER OF CUSTOMERS

• 211.8 cassdcanon

\\ 205.5 nesnienes........... 197.750 88 1 190.638 21 General Sennm -Smal. 26271 11 7 25245 41 196.6 General Senam-Large. 73 73 189.5 399 20 Other. 407 2 Average Custrners 224.501 100 0 219 355 23 ' Average Total Twelve Months Endrd Decenter

p.. 22 ELECTRIC STATISTICS 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 Total Utility Plant, including Nucieer Fuel (at year end) (m thousands of dollars). 1,425,461 1,365,553 1,323,435 1,286.174 1.223.659 1,167,444 1.072,189 946,864 825.597 652,688 9 ended indehnednees (at year end) (m thousands of do#ars), 833,350 846,505 859,135 870,725 881.015 890.930 900,480 890,480 699.344 497,680 Opereting Revenues (a thousands of do#ars) Residenhal. 118,360 108,722 89.949 77,500 78.708 65,388 60.819 54.392 51.684 45.629 General Service - Small 90,300 82,880 72.495 60.992 57,515 49,581 44.277 41,197 38.592 33,830 General Servce - Large. 55,444 46.226 41.293 36.345 34291 29.249 24.916 22,217 21,162 17.465 Government and Municipal 7,099 6,519 5.570 4,516 3.983 3.462 2,541 3.282 3,260 2.917 Other Electnc Uhlebes 25.129 22.958 21,867 40.003 49.931 44,008 12,926 9,081 4.285 2.890 Accrued Untxtied Revenues (600) 1.900 (800) 1,000 600 500 Miscenaneous 4,250 3,642 2.945 2.190 1.986 1,899 1,637 1.636 1.593 2,929 Totaf. 305,999 272,847 233,319 222,546 227.014 194.087 147.116 131.805 120,576 105,660 Operation & Meir**snence Expensee Charged to Operations (m rm: sands of do#ars), 177,001 156,9SO 145.666 136,135 135,629 112.045 86.237 64,461 66.688 55,509 Peymente in Lieu of Temos (m thousands of do#ars), 10,292 9.034 7.565 6,400 6.191 5.252 4.636 4 428 4224 3,763 Not Operating Revenues before Depreciation and Dec: - 1 :., (in thousands of do#ars), 118,706 106.863 80,088 80,011 85,194 76,790 56.043 62,916 49.664 46,388 Not Earnings Reinvested in the Business (in thousands of do#ars). 40,007 27.929 1.880 6.323 9,162 25,452 19.043 25.015 18.068 18202 Kilowett-Hour Sales (in thousands) Residential............ 2,041,395 2,115,696 1.898.606 1,824.285 1.952.851 1,835.250 1.881.529 1,717.117 1.665,518 1,674.761 General Service - Small 1,940.767 1,830,190 1,743.804 1.691,815 1,684.631 1,666.849 1,649.361 1.580.095 1,500.223 1.437,146 General Service - Large. 1,471,372 1,384,986 1,334.043 1.411.394 1,431,067 1.438,732 1,382.366 1.302,821 1.270,736 1.163,250 Govemment and Municipal 74,006 74.781 74.388 74,444 75.325 74.653 77,675 127.367 144.932 134,176 Other Electre Utahhes 691.792 590.987 501.704 1.258.803 1.275.171 1.452.337 642,399 491.884 229.073 219,924 Total, 6.220,022 5.996.640 5,552,545 6.260,741 6.419.045 6.467,821 5.613,330 5,219,284 4.810.482 4.629.257 Number of Customers (average per yearl Resdential.........., 197,750 193.638 191.808 190,451 187,802 185.358 182,156 178,259 174.331 171239 General Sennce -- Small 26,271 25,245 24264 23,833 23,541' 23,484 22,919 22,250 21,824 21,387 General Sennce - Large 73 73 73 75 89 88 85 80 84 85 Govemment and Munopal 400 392 403 418 403 386 363 363 351 331 Other Electnc Uhhtes 7 7 8 to 12 15 16 12 10 9 Totaf. 224.501 219,355 216.556 214.787 211,847 209.331 205.539 200,964 196.600 193.051 Roaldential Statistice (average) 10,323 10,926 9.898 9,579 10.398 9.901 10.329 9.633 9.554 9.780 kWhCustomer.., 500.46 561.47 468 95 406 93 419.10 352.76 333 89 305.13 296.47 266.46 Dollar Revenue Customer CentskWh 5,70 5.14 4.74 4 25 4 03 3.56 3 23 3.17 3.10 2.72 f Generseig Capability (at year end) (m Mowatts) 1,994,500 1,997.500 1,997,500 1,992.100 1.979.800 1.960,000 1,3f!2.000 1,373.700 1,371,700 1.411,000 System Peek Loads (in Howatts), 1,343,900 1.411,500 1.330 200 1,382,400 1,348,400 1,265.200 1,257,300 1 222.900 1,188.100 1,134.000 t Not System Requiremente (Mowatthours a thousands) Generated................. 6,712,772 6,302.725 6255.287 6.667,831 6.581,819 6.823.834 5.538.844 5.631,403 5.092.064 5.023,719 Purchased and Net Irr rchanged. (000,382) (483.636) (868.271) (1,335,512) (1,084.095) (1,413.746) (163,599) (586,776) (165,542) (310.093) Net. 5,852,390 5,819.089 5.",87.016 5.332,319 5,497,724 5.410,088 5.375.245 5.044.627 4.926.522 4.713.626 ( ) Denotes Negative L

f OPPD CORPORATE OFFICERS 23 Richard P. Jeffries Chairman of the Board Dennis D. Jorgensen Vice Chairman of the Board Morris F. Miller Treasurer Warren R. Swigart Secretary Bernard W. Reznicek President Chief Executive Officer Gerhardt P. Bahle Senior Vice President Eldon C. Pape Senior Vice President Assistant Treasurer Assistant Secretary Kenneth S. Fielding Vice President William C. Jones Vice President Fred M. Petersen Vice President Lloyd C. Shalla Vice President Martin L. Champion Assistant Treasurer Assistant Secretary John W. Marcil Assistant Treasurer Assistant Secretary Herbert H. Voss Assistant Treasurer Assistant Secretary Carol J. Kelley Assistant Secretary Robert C. Learch Assistant Secretary Charles P. Moriarty Assistant Treasurer Ronald W. Short Assistant Treasurer .. ~.. _. _

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