Text

Texas Utils Co 1984 Annual Rept
	ML20128H048
Person / Time
Site:	Comanche Peak
Issue date:	12/31/1984
From:	Brittain P, Farrington J; TEXAS UTILITIES CO.
To:	;
Shared Package
ML20128H037	List: ML20128H039; ML20128H043; ML20128H048; TXX-4506, Forwards 1984 Annual Repts for Brazos Electric Power Cooperative,Inc,Texas Municipal Power Agency & Texas Utils Co.TEX-LA Electric Cooperative of Texas,Inc Financial Statements for 1983 & 1984 Encl;
References
	NUDOCS 8507090393
	Download: ML20128H048 (40)
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m Contents 1985 Annual Meeting Management's I.etter....... 2 The Annual Meeting of Shareholders of the Company System Companies......... 4 will be held at 9:30 a.m. on System Report............ 5 Friday, May 17,1985, at the Operations.............. 5 Fairmont Hotel, Ross and Fuel.................. 6 Akard Streets, Dallas, Texas. Construction............ 8 Shareholders are cordially Employees............. 12 invited to be present at the Rates and Regulation..... 13 annual meeting. Those unable Research and to attend are urged to exercise Development......... 14 their right to vote by proxy. Notice of meeting and proxy Financial Report.......... 15 statement and form of proxy Directors and Officers..... 36 will be mailed shortly after March 29, the record date for the meeting. Following the meeting, a report of the proceedings will be prepared and distributed to all shareholders. HIGHLIGHTS 1984 1983 Change Utility Plant *.................... $11,031,699,000 $9,967,653,000 10.7 % S3Y, D Construction Exirnditures.. $ 951,323,000 $ 906,930,000 4.9 Electric Energy Sales in Kilowatt hours (000's)...... 69,125,771 62,709,927 10.2 Peak Demand (Kilowatts)t.. 15,265,000 14,020,000 8.8 Operating Revenues........... $ 3,932,235,000 $1,487,916,000 12.7 Fuel and Parthawd Power.. $ 1,682,699,000 $1,526,525,000 10.2 Operating Exirn.o*.......... $ 1,492.159,000 $I,296,841,000 15.I Conelidated Net Income... $ 526,041,000 $ 461,468,000 14.0 Earnings irr Share............ $ 4.15 $ 3.00 6.4 Dwidends lhlared rr i S h a re............................ $ 2.36 $ 2.20 7.1 ikok Value per Share *...... $27.79 $26.16 6.2 Customer s*....................... 1,913,791 1,788,147 7.0 Employeso....................... 16,208 16,148 0.4 3 ' DN.w "2 t Iml I.nbalo its,M hl,ns.un,vf entsmosNe sL,n,nl ~~ $ libeln li.f int ikh ml lb o

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htANAGEhtENT'S Because of delays during The plan is based on LET fell e nstructi n nd uncertainties aggressive use of con crvation about the time needed to and load management To the Shareholders: complete the licensing effort, programs to hold down The Company continued t Unit I will not be placed in growth,in demanJ. Since experience difficulties in 1984 full power operation before 1981, the<e programs have with nuclear licensing and in early 1986. Unit 2 is expected succeeded in limiting growth obtaining adequate rates. to be in operation in in peak demand by aluut However, the Company has mid 1987. The estimated total 600,000 kilowatts. taken positive steps to respond cost of the project has been One-third of the growtly in to these problems. Included is raised to $4.56 billion, up demand that takes place m a new plan for future from $3.39 billion. the next 10 years will be met development of the System, Comanche Peak's cost still with cogeneration, nas ' oil-which incorrurates additional compares favorably to the fueled combustion turbine resources for meeting the costs of other nuclear power generating units and alternate electric energy needs of the plants. The Company's share energy sources, such as wind people we serve. of the project is $3.9 billion, and solar. The process of obtaining an or $1,930 per kilowatt, almost The additional base-load operating license for the 25% below the industry generation that must be Comanche Peak nuclear plant average for plants scheduled to provided in the next decade continued at a slow pace, and begin full.;mwer operation in will be supplied by Comanche as part of that activity, the the same time period. Peak and four lignite units. plant was subjected t Because of its relatively low. The estimated operanon dates exhaustive scrutiny by the cost nuclear fuel, Comanche of those lignite unit have Nuclear Regulatory Peak will bt a long-term been rescheduled. Unit I of Commission staff. economic benefit to our the Twin Oak lienite plant As a result of this detailed cunomers, and its generating will go into service in 1*)1 inspection effort, the staff capacity is essential to the and Unit 2 in 1902, a delav identified potentially seriou' System's effort to continue of two years each. The date problems in several areas, providing reliable electricity, for the Fore t Grove plant was which raised questions about The System serves the most delaycJ from 1080 to l*b, the quality assurance program economically vigorous part of and the fourth unit at the for the plant. Texas and one of the most Martin 1.ake plant was thlaved We remain fully committed vibrant areas of the nation. from 1901 to 1904. to the safe construction and The population of the service The Company s resource operation of Comanche Peak. area continues to increase at a plan is a thoughtful re pon e All netewary resourtes are record pace. The System to the changed econismic and being concentrated on an ga ned more than 125,000 new regulatory clim.ne in which we action program to determine cunomers in 1984, in adJition operate today. the %lgnificance of flw findinCN to about 92,000 the year The regulatt rv enviri nnwnt i i and resolve all safety before. has a significant 1scarine t',n questions. This rapid growth poses a the long term adequait ist Construction of Comanche pan cular challenge to the electricity upplies lle pon ise Peak Unit 1 Was crentially Company, and tbe reSpon"e~a a"J $"rr "i r#"L"i " " '" complete in early 1985 and new plan for meeting the be necerary for the Anein to much of the pre operational neej, of our conomers continue presiding a high testif)g of tlne utlil Wils gh7ggglj lQ0]_repre3et)tg a qu y4 M ini W sigt)ificant developilwnt ill !!w Y course of N'telli p! anti 11N-The plan asseres ilw service ensWn* b I" area's fleed* for efeCII kily' liW energy resourse. available and con lnhuon of N 'e k d flie Collipally's filiath idl MN Y siiu.1114111. these Ilh readtle lwed - 2

The Company's efforts to During 1984, the System obtain rates adequate to meet raised about $505 million the financial requirements for through long-term financing, l { serving customers' growing including about $110 million demand for electric service through participation in the were stymied in 1984. dividend reinvestment and l In hiay, Texas Utilities employee plans. At year-end, i Electric Company filed a almost 50% of shareholders request for an 8% increase in were reinvesting dividends. In revenues with the Public hiarch 1985, the Company Utility Commission and sold five million shares of its municipal regulatory common stock for l authorities. In Octolwr, the approximately $131 million. PUC ordered a revenue In February 1985, the Board I decrease of about $7 million. of Directors raised the regular A number of negative quarterly dividend from 59 actions were taken during the cents to 63 cents per share. year on the Company's bond The new quarterly rate is ratings. hiajor rating agencies payable April 1. Dividends lowered their ratings of the declared on the common stock Company's bonds two to three of the Company have been I steps, from Triple A to high increased for 3S consecutive t Double A, then to medium or years. low Double A, citing primarily Programs aimed at holding 1 the deteciorating regulatory down operating costs remain climate in 'lexas, as well as integral to the Company's uncertainty over licensing of efforts to provide a high i Comanche Peak. quality of service as F l Earnings per share of economically as feasible. The l common stock were $4.15, System reorgani:ation, which compared to $3.90 in 1983. took effect January 1,1984, Although 1984 results were has improved productivity, pgg g mg. not significantly affected by allowing the Company to gg,g,yggg the rate order, its negative serve a growing number of impact will be felt in 1985. customers while reducing l [ g^~-- The System's summer peak growth in number of demand increased 8.8% in employees. 1984, an i electrie energy sales Our first commitment is were up 10.2%. The increase serving the needs of people in sales reflects the healthy who depend on us for reliable, economy and the 7% growth economical electricity. Difficult in the System's total number periods, such as we presently f of customers. confront, test the skills and Y"f Construction expenJitures demonstrate the resourcefulness during the year totaled $951 of employces. million-$49 million lew than The dedication and lovahy b' forecast. Funds from of employees, and the l operations provided 58.4"o of tontinued support and interesi 1984 construction expenditures, of shareholders, are esinially appreciated at times such as these. Only with suth support cati the System's cotitinued h strength and its future progrew lililiY 1.\\lllilNGTON be awured. P m a ni N1arth 14, IOS; )

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Q 3: mate's population. f$9 for 4 ' M j. W W ,yVsh A..~ MdZ 3 .hhlding Mi@&=idi-iei Ym [~luj3.a t M"' W wh611y owned = f T... , _ % [0_ 5 ] Company provides test @f ds ubsidiaries with caanseent ~ s N.- M stock capital and sisart<ersar .~ ,7, %g I'.. 'u funds required for1heit% h, i.,<.. MrwicesY;f%.,Icosi.'. construction emmo N' e . C m n s. y 4,b is Texas" ~ ~ 'amiipanies9dB 2 l .,. Y ' E a:.' ~ Company."At

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d ~P.. sM3gvg y n,4sies C& horas;.;;1La :_ %sumisaanti ha L B' Septemb:er1962.'Omjan. u. s m . k N qpj Er 5,i i- ~,'- 1,1964, Dallas Bemere. 'dsisi Company, Tsaas:Elesstics/sh ^ maRfersex ... M ) , Service C+h@t Omuyenn% mW Power & Lig j* . j @. /G.G{e.6,3gh' - formerly the electdc4 W M ~ E subsidiaries of Tecaslitilities grientened:blsMasids' i Company-merged into end 0 centrel7eds,' 256$$g$ ajyy;.p.j sp;5EWin;".I'; became divisions of the 'Mr b Electric Company slang withl east 4 N' est Mf/ M 4 Utilities Generating Counpany., ands"JEhidni4 led. - $ M $ T.: a fourth division, Texas 1,W 'and 8sMs4 T.. J h Q Q ft W. j engagd in the genenadonysf. W ~ M.Qhg'a{.g' The Electric CompartyA.E.:: 4 W w w purc,ase, transmisson, f'd ?' aresdeo Is-hD[-YU V 9. distribution and seie of AsGfG8d i 1 M # O %70.*P electricity.. " ", MM I ~ Wij:' 9 Dallas Power 4Meht? gddi N M'N.< Company serves EbEasi.6e; ujg.O Q 5 k;. nation's eighthhugset#es. ' $dQQ ,d'$p'gy W ff well as three My nh L J #w w c. mmunities w "qu. F/.' d!? '. .,, [ $ CountyM-5Mfti @((. w land Park. M .G/?p/N /4 - p. per.'nie m.as.eessr. der 4 h.g. .k N,benidnp Oneuranote 'k ' } p .... F~.y, w.<.M A ?.. ,s w cultur( actMess. espeed "N(UiW $1, . 4 distribution."W'iend.(W""t '( 6a 6 'Q. indade sisctuosess h WD vf ,c',f 9eerospacem Sie og ~ ' O.lM k,Ul, W.I h. '. ^ ? f national M ~

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' with efficiency and d jf% SYSTEM REPORT ductivity that helped keep ..^d*} - pr OPERATIONS sts down and reliability ~ 1 c The area of Texas served by high. The System's cost of a = ,,n;.g v' the System required more sidential kilowatt-hour re ectricity in 1984 than ever m ned below the average ^ ,o* = el efore. Energy sales rose 10.2% mr the 25 largest cities in the w a new high of 69 billion tion and among the g;n= f a b r n to kilowatt-hours. I west m Texas. p A new System peak demand The System reorganization, f f 15,265,000 kilowatts, If"CIIV' 3 "" 'Y I'I984' ic ncluding interruptible demand 'mvided opportunities to p o i p f 76,000 kilowatts, was set on mah:e long tenn savings in g o August 29, 1984, exceeding by m ny functions, such as data otNutATiNo 8.8% the previous record of pr cessmg, which began STA110NS 14,029,000 kilowatts set in entrali:ing during the year. 8 m c 1983. The System's net Consolidating the four existing A capability at the time of the centers into one will eliminate O q'7 1984 peak was 17,905,000 duplication of hardware, g'"';""" kilowatts, leaving a firm s ftware and personnel, and l reserve margin of 17.9% This will en ble more services to be record usage reflects the pmvided. Also, the new Texas addition of more than 125,000 Utilities System Operations new customers in 1984, the Center was activated during largest single year increase in the year, allowing the more the System's history. economic dispatch of System generating units. Area Economy thpand, Texas will soon become the Load Manaunwn: M.unw second most populous state in Construction expenditures the union with continued and increasing customer growth expected in the demand have made load j number of residents. Since m nagement and energy gr n' 's-0 much of this growth will be in c nservation integral to the C the System's service territory, System's plans for the future. p'*C a qI the area's economy should Aggressively pmm ted System 3 remain stmng. 1 d management efforts, Economic expansion in the includmg interruptible service service area continued in 1984, c ntracts with some industrial especially in the Dallas-Fort users, haw Innited peak load Worth Metroplex. Construction by about 600,000 kilowans activity remained at an alltim since the program began m e high. Reflecting that economic 1981. Tius reduction is almost 7 health, the area's unemploy. the equivalent of a large a, ment rate was less than 4% a generanng unn. t year's end. This figure was Inn v tive programs that much lower than the year-end enc m ge the use of tnom d. Texas rate of 5.6"6 and the energy efficient equipment and national rate of 6.9% other methods that reduce peak demands will play an [ c Added Productisity, increasingly important role in Saving* Achieved hmiting the need for expensive Employee skills and a strong tiew generating capacity. i power system met the Accordingly, the System took d i, unprecedented demand last steps in 1984 to centrali:e an summer, and growing custom intensify its load management er needs throughout the year, efforts. ~-- ""rsi, %=- t%m

FUEL Innovative techniques have l The System's fuel program contributed to this j continued in 1984 to save productivity and the favorable customers money and ensure cost of lignite. One such i ample fuel supplies for System innovation, the Easi-hiiner, generating plants. was put into operation at Lignite, at an average cost hionticello in 1984. A of $0.94 per million Btu, continuous surface miner, it is accounted for 52% of the designed to cut, si:e and load System's fuel requirements in 2,800 tons of lignite per hour. 1984. Natural gas provided it also can remove the parting, 47.7% and cost an average of the non-lignite material ~~ $3.74 per million Btu, the between lignite seams, which is same as in 1983. This was the prevalent at some System first year since 1966 that the mining sites. System's cost of natural gas did not increase. Oil, which is hiining Enters Computer Age i used primarily when natural The System's mining gas is curtailed, accounted for operations entered the only 0.3 o of 19S4 fuel computer age in 1984 with the requirements. The average cost installation of the Texas of all fuels for 1984 was $2.34 Utilities hiine Planning and g ig;,, per million Btu. Information System, one of nm,y..,... .n, Careful acquisition and the most advanced mine m_ s. ns planning and the dexibility of planning programs in the 2,090 miles of pipeline and industry. j about 28 billion cubic feet of With its data storage and i underground storage capacity planning capabilities, this l enabled the Fuel Company to system enables greater meet System gas needs under productivity from mining the extreme conditions of both equipment, while freeing j summer and winter. mining engineers from much i of the associated time-l Lignite Benefits Customers consuming manual The System's lignite has calculations. saved customers more than j $3.4 hillion, compared to what Nuclear Fuel On Site l they would have paid for the The imtial fuel load for lk N'" l Mt" M" 5 """ "" " ' " 2 i same amount of generation Comanche Peak's Unit I-j over the years using higher. about 222,000 pounds of fuel (( '"",g priced natural gas. The System in 193 assemblies-is on site owns in fee or ha. under lease and stored in the fuel an estimated 835 million building. .h. proven recoverable tons of this The System has enough 1 relatively lowsost fuel. nuclear fuel under contract to hiining Company operations power Comanche Peak for 17 a remained the fourth largest in years, and it is planning for W3 ) the country, with more than the purchase of future supphes. ] 29,000,000 tons produced in 1984. This was an average of A' < about 45 tons per man-day, l which compares very favorably with similar operations in the ig,, United States. 3 3 m. wyh il t. s h.n ile l ..n ) .ina 6

l The System also has long-term which have made the contracts for related fuel-commercial mining of this coal ,1 processing services. There is uneconomical. The suit seeks capacity at the site for the safe to have the agreements storage of spent fuel for declared void and approximately 17 years of unenforceable and also seeks I operation, and this can be damages and other relief. increased, if needed, until the Discovery is proceeding; federal government opens a however, the suit is not yet permanent disposal facility. set for trial. In January 1983, the Chaco Litigation Continues Company and Chaco settled i Chaco Energy Company, a all claims against Thercol and non utility subsidiary of the Peabody. The settlement did Company, signed agreements not affect the claims asserted in 1977 for more than 320 in the suit against Santa Fe million tons of coal in north-Industries and its subsidiaries. western New Mexico. In December 1981, the Company and Chaco filed suit against Santa Fe Industries, Inc., and two of its subsidiaries and against Thercol Energy Company and Peabody Coal Company, alleging, among other things, violation of federal and state antitrust laws and other unlawful conduct involving these agreements, y, nm n.,yyyvery.;wyy :.ny .4 ....,-+y-1 ? ;.

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3g. -l 7 . The System sems the W l , L needs of its customers in F g __n i . ~ '. many uays-fmm planning and building for the future to maintaining round the clock service in all kinds of weather and providing special assistance, such as help in efficient energy use or senior citizens' programs. This continuing commit-ment to customers has resulted in a long record of dependable service at reasonable rates. 7 ~

CONSTRUCTION Combustion Turbine Major construction work in Generating Units Planned 1984 included expansion of Combustion turbines are transmission and distribution relatively small gas-or oil-systems and other facilities to fueled units. They produce '\\. serve the growth in customers. electric power by directly using This activity accounted for energy from the burning of more than 4096 of 1984 fuel to turn a turbine-expenditures for utility generator, thereby eliminating / property. the steam cycle of y A new resource plan for conventional power plants. meeting expected growth in They are designed to meet customers' needs for electricity peak demand, and their quick-through 1994 was developed starting capability makes them ~ ~ ~ during the year. Without useful in other critical concentrated load management operating situations. L k' n and conservation efforts, Because they are L "c L. ' ' increases in peak demand preassembled, simpler and during the next ten years are smaller (55,000 to 100,000 estimated to average between kilowatts), combustion turbines 3.596 and 490 annually. Such can be designed, purchased 5555 W{ efforts, however, should reduce and installed in about two Q the amount of growth to be years. They can be built for met by additional generation less than half of the cost per to less than 3o6. kilowatt of a lignite plant, but The use of nuclear and this savings must be g lignite fuels is planned to meet considered along with the more than half of this growth. higher cost of gas or oil. Other elements of the Pending regulatory approval, plan-cogeneration, work is expected to begin on combustion turbines and the the System's first combustion ed rescheduling of lignite units turbines in 1985. They will be A. ced under construction-make it installed at existing gas-fueled D.e - <m responsive to the projected power plants and are expected mac d m c n nu n needs of customers as well as to provide 100,000 kilowatts of 'en e om - ' m *y to the System's financial capability by the end of 1988. " N Lignite Plant Changes b'99N99f Cogeneratmn Sought Announced Cogeneration involves the Included in the new resource simultaneous production of plan was a revision of load,b ^ steam for use in industrial scheduled operating dates for % "'gernent [. 37%. processes and the generation the four lignite units under Co fm of electricity. This power construction. The service date t80n 34%. [$5 Cornbu ' n Turbine, source can be developed of the single-unit Forest Grove relatively quickly compared to plant near Athens, Texas, was 3 the time required to build new changed from 1989 to 1993, F,s-base load power plants. and the date for the fourth Lign"' ' l' During 1984, a cogeneration unit at the Martin Lake plant f 30%, group was organi:ed within near Henderson, Texas, was FN the Electric Company to changed from 1991 to 1994. Nuckar develop this alternative. Since Unit I of the Twin Oak plant ggg the System's service area has in Robertson County, Texas, hn limited cogeneration potential, was rescheduled for 1991 and m a the group also is actively Unit 2 for 1992, a postpone-y, pursuing cogeneration ment of two years each. no a. J<- possibilities near the Texas am s Gulf Coast. l

l The Electric Company full-power operation before became sole owner of the early 1986. Unit 2 is expected ,~ Twin Oak units in 1984 to become operational in through the purchase of mid-1987. Alcoa's 30% share of the plant Based on this schedule, the and associated lignite fuel. The cost of the plant is estimated share of the mining equipment to be $4.56 billion. The owned by Alcoa for use at previous cost estimate of $3.89 Twin Oak was purchased by billion, developed in 1983, was the Mining Company. based on having Unit 1 in operation in early 1985 and Construction Schedule Unit 2 about 18 months later. c.p.bairy service The Electric Company's si.iion unii Saow.rio share of the new estimated Comambe reak 1 1.010AP 1986 cost is about $3.9 billion, or comhe reat 2 i.ei0 a e ios7 T*l,Q j N,y [j $1,930 per kilowatt, some 25% below the industry average for Forest Grove 1 750.000 199n Martir, l ale 4 N 000 1944 Comparable plants going into

Nei capaNav to the Elearw Company service in the same time period.

l The new estimate takes into l Comancht Peak Rescheduled account the additional cost of Revisions in the estimated money used to finance the cost and schedule of plant during construction, Comanche Peak were anticipated costs that will be announced in early 1985. incurred while operation is Because of uncertainties about delayed by licensing the time and effort necessary complexities and other costs to obtain an operating license, not anticipated in the 1983 Unit I will not be placed in estimate. } .q.,. y q@ J m.wP@ik.,. inif l a M g%:,un.x ,4 w pey* gr .... ?:.M _1 W a-- n 3 g

encommgingindividual%l4 y

? :smwth and dmL+ r.ent ta. end through concem for safety and welfare, both on and off the job. This y w commitment to employees is reflected in the long service, the performance and the dedication of ~ employees that enable the ) System's continued success. I

l Construction Expenditures Estimated 1984 1985 1986 1987 h1illions of Dollars Electric property: Production $387 5 382 $ 445 $ 428 Transmission 44 63 62 77 Distribution 241 258 280 273 General. 35 39 38 34 Other utility property 72 154 187 280 Total. 779 896 1,012 1,092 AFUDC*. 172 229 138 133 Total construction e> penditures. $951 $1,125 $1,150 $1,225 Such expenditures do not include: Nuc! ear fuel $44 $58 $22 $46 i Non-utility property 19 25 29 40 'Alkmarke h fund-u ed Junne mn ervin.m l Unit 1 Essentially Complete Additional hearings are By year's end, construction expected to be held in 1985. of Comanche Peak's Unit 1 The public hearings focused gg l was essentially complete. Unit on the one remammg kj) ,wy'. c 2 was 65% and the entire contention, construction gafg

p' c3p,g))))g))gg",y".

project was 84% complete. quality assurance. In mid-1984, Significant accomplishments a second ASLB was formed jjj;jjj during 1984 included: specifically to hear a sub-issue a

Implementation of full of this contention, that of l

security for Unit I alleged harassment and T

Installation of a training intimidation of auality control

~ simulator, an exact replica inspectors at the plant site. e-of the Unit I control The Company continued to .gy, implement its plan to provide .* ",. g g < ' l room

Completion of the second the assurance on the design exercise of the Comanche quality of the plant the ASLB

{;'""'[j,{,.'] (,., Peak emergency plan, in asked for m, late 1983. t., i, g cooperation with state and Included were reviews by an l local officials independent engineering firm

An increase in the engaged by the Electric number of licensed reactor Company. Also, detailed ItW { K operators to 53 testimony and evidence were
Progress in preoperational filed with the ASLB.

testing In hiarch 1984, the NRC established a task force to .C 1 8 hfore Hearings Held consolidate and carry out the Reviews by the Nuclear various reviews necessary for s Regulatory Commission and the NRC staff to complete its public hearings conducted by work on outstanding the NRC's Atomic Safety and regulatory items. This led to Licensing Boards concerning the establishment of a ,,,., ] .ig, Comanche Peak's operating Technical Review Team, which ,,, c,, g, 7m, license were held throughout in July 1984 began an

1. o.,.

m., 1984 and into early 1985. intensive on-site investigation. c;u, ,c 2-c;u e n.,, 0-10

i The TRT has.since issued 1985, contained a number of three reports identifying concerns about the plant's potential problems in several quality assurance program. areas and requesting the The report did not assess the development of a program to safety significance of these answer questions and concerns findings. raised in those reports. The Electric Company has in response, an action plan asked the ASLB to defer any was submitted by the Electric further hearings until the i Company in October. The Comanche Peak Review Team plan established a Comanche can develop action plans to Peak Review Team with respond to the TRT concerns. independent, recognized The Company is committed to experts in each of the areas a complete review of these examined by the TRT. issues and to providing a Implementation of the plan comprehensive resolution of all began in late 1984 and it has concerns involving the safety l been expanded to address the of Comanche Peak. design quality issues. Because of the numerous l In late December, the NRC uncertainties in the licensing i appointed senior staff members process, no assurance can be to two panels to determine the given that the estimated staff's positions and findings commercial operation dates of on the construction quality these units can be met or that assurance contention and on the estimated completion costs the sub-issue of alleged thereof will not be exceeded. harassment and intimidation. The latest of the TRT a reports, issued on January 8, 3 png. w m -- h] l ^ L IServing the Needs_ A a 2 .of Investors - ~,LL,, .l (k Teachers and par- < f ;.,. ~ ~ - ticipants in hundreds of.. "- e l other pension and retire-l ment funds, insumnce ( s policyholders and individual shareQalders are amoing the hundredh I l of thoushnds of people ' n 1 who have a stake in l t' Texas Utilities Company. v The System is dedicated k> to meeting their needs by l maintaining the financial integrity necessary to pro-vide a secure, quality in. l vestment that earns a fair return. Common stock dividends, which have been increased for 38 consecutive years, are evidence of this commit-t nmyt

E.\\lPI_OYEES .\\ lore Safett Records Set The System's long record of System employees set records serving the needs of customers, and received national recogni-investors and communities has tion for their safe work habits been established through the during 1984. A team approach, skills, dedication and coupled with the System performance of employees. attitude that no job exists that Working together as a team, cannot be done safely, helped employees enabled the System make the year safer. to continue this record of Power operations employees service throughout 1984. at the Monticello plant received the National Safety 8 Emplosec l'ractice Council's Award of Honor Communitv Citi:en hip and the Edison Electric System employees continued Institute's Industrial Health their participation in many Award for working five million community programs. Included man-hours without a disabhng were volunteer fire, law-injury. Operations employees enforcement and life-saving at the hiartin Lake, Stryker medical services as well as Creek and Comanche Peak work on a myriad of civic, plants also worked a note-youth and charitable projects, worthy one million man-hours such as repairing and without a disabling injury. winterizing homes of senior The hiining Company i citi: ens and the disadvantaged worked its first one million and building a new man-hours in 1984 without a playground for children at a lost-time injury. On August Head Start center. 23, 1934, employees at hiartin Lake set a national safety yYMEI,l i Wrtunitic l'ros iJed record for surface mines by 't l Employees are afforded equal working 2,018,076 hours .w * "g* T }. opportunity in all phases of without a disabling injury. . t l emploiment and personnel Employees in the three activities. This objective is operating divisions exceeded M' - i I-7 3] i3 carried out effectively through safety goals in 1984, working 23 affirmative action programs over 16 million man-hours l developed by the companies. with no fatalities. M#. I Educational opportunities s also are available to all employees. On-the-job training during 1984 included seminars and technical courses at the System's accredited training center in Athens, Texas. Niany employees took advantage of the financial assistance provided for job-related courses offered at colleges, universities and technical schools. h,( L b -dJ e atw s_- s J l 12

l l RATES ANil Fuel.R0e AdoricJ REGUI.ATluN On January 12,1984, the In January 1984, Dallas PUC adopted its final rule Power & Light Company relating to fuel <ost recovery. received an order from the A fixed fuel factor was Public Utility Commission of approved in April 1984 and Texas on a July 1983 will remain in effect until the application for higher rates next general rate increase or granting an increase in PUC reconciliation. operating revenues of about No less than 12 months 6.5%. after implementing a change in The Electric Company filed fuel-cost recovery, a utility is a request in March 1984 for a required to request reconcilia- $304 million, or 8%, increase tion of any over-recovery of in System-wide rates. Following fuel costs and may recuest seven weeks of hearings, the reconciliation of any under-PUC issued an order in recovery of fuel costs. Under October 1984, providing for a the rule, emergency requests to decrease in Electric Company change the fixed fuel factor revenues of $7 million. must be acted on within 30 Based on the final order, days by the PUC if unforesee-new uniform rates were placed able circumstances substantially into effect throughout the change the cost of fuel from System in November 1984. the approved factor. F g 7 / gem g y,.qyypapyg ~ _. - M:) u.a.

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'*A lf h Serving the Needsj)'y].MW. l' '. of CommunitiesMjW - + ~ 7 1 .The Systeni has'lSig

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served the needs of com-hp.f I munities with much more M than reliable electry ser. E _. I \\ l

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fighting to dharitable 5 causes, emp!pyees help in (:. 'f 1 l l virtually every kind'of V 4 community effort. The companies have tradi-l tionally shouldered com-munity responsibilities W'- and are partners in civic projects and economic development. The System is committed to being a a good corporate citizen in all of the communities it serves.

l RESEARCH AND special construction materials DEVEl.OPMENT for energy savings. All of these The System continues to programs were aimed at support research programs reducing customers' use of on-aimed at finding new energy peak electricity, which in turn sources and alternative could help postpone new technologies in order to meet power plant construction. future energy needs and to ensure the continued reliability BveroJuct Use lucreases of electric service to its Favorable results of research customers while safeguarding and development programs are the environment. . moving the System towards The System's major research marketing the materials that efforts are through the Electric are byproducts from burning Power Research Institute, the lignite, thus avoiding the cost independent research arm of of disposing of them. the electric utility industry. In 1984, opportunities to sell Participation in 19S4 enabled fly ash increased as a major the System to share the cost building-materials company of approximately 1,400 placed in service a processing research projects with other facility at the Monticello utilities, station near Mt. Pleasant, Texas. After several years of i n oonmental Re earch successful testing, the Texas G n d n oc-Department of Highways A unique environmental ordered 20,000 tons of bottom research program has been an ash for a resurfacing ongoing effort by the System demonstration project that will to study the effects of mining gain state and national and power plant operations on attention. And 1,000 tons per air, land, water and wildlife. day of synthetic gypsum made Guided by an independent from a byproduct of the i committee of university Martin Lake plant's flue-gas professors, graduate-level desulfuri:ation process will r i studies are conducted through soon be sold to produce the Environmental Research wallboard competitive in gM Center, adjacent to the Big quality and cost with natural l g, ,, g, Brown lignite plant. gypsum. gy_g gm g.. m,. 3. j R%: cen.. i. Re carch Aids 1.oad IL ic Rc ome nyt w a c. .\\ la n agement Deulor-Technolony Research programs focused A leader in the development on load management are of in-situ lignite gasification, receiving increased System Bas.e Resources Inc., a attention. Such research on subsidiary of the Company, thermal storage systems in plans a large-scale test of this high-rise buildings has technology. The process has contributed to the success of the potential to produce usable energy from vast deposits of this program. Texas lignite that cannot be Projects in 1984 included t l studies on the remote control mined economically. of electrical equipment, the Other Basic projects include effects of solar heating on developing and marketmg residences and the use of energy-related training $'1,'E',[.,7 C. programs. im m _ .. m mi:ne m is .n, o o c! : 1 i y i

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g y ? 'Q j10st SuSect to Mandatory'Redenspdan k: 3 MD - gn- . J. ~ s' M % ~ ~ % :.. ' ' ' '. = ~ e ..s.;. b.W4.50 se' ries inlf.*.al1M.w,f.hM;74,'367 " ?M.430 'S 4440 % T7;443 U.4110.00 ' =$110.00 i 1 .fs.-4:00 series E was Powec)s;&Q.%10,000 Wf30,000 %000 ~ 37,000. * <102.00 102.00 s G 4.56 series Rexas Power) '..WAM433,753 - ytS3,786 'v13,377 13,3?9 & 112.00 I12.00 M. 7*J4.00 series Rexas Beatend 4.'.d.W110,000 e130,000 :7.51,000

11,000 N@102.00 ' ~102.00 P

/;4.563 112.00 112.00 e s k %;s.M4.56 sedes (Texas Escarid :.pd.W44,947 l;4EJ000ME4561T4.M series..'..... W.ic.A JJ a' r f fi'<$ 444 series J/W.O.C4.jfA/ M40,000 MW,000 3 30,016 ?10.016 S1103.25W 103.25 E'l'.T.MGZdlM40900PR . l 7,800-th79 9101.79 e A4.30 series (Dallas Boi or$.M;vacampe0M,D00 U,1h000 [, T, My%e4 series... M 4849 ' M7,009 @$03.56 ':103.56 c. W f.; 5%c00 < '10,000 : W502.00 : 1 102.00 WD4.76 series ; a ec..%;M;d..V. lii.0100,000g.W. '.reo,L 00 am,000 ' ' e,004 48,0047/ tent e 103.60 I - 4 Pd5.08 series..J.C, 30,409 ' '30,009 wae2.79 - ? 102.79 c'(G4.80 series..,.!dM c.W;.../

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t'_I, . in n4.44 series !b2 J.;:cir.WILPete,000,.408A00 a r&%e61 ;15,061 4 302 61 4 102.61 f '- - C 'W MD7.30 series ;...y.e4 gm.:...M300,000. WA00120,044 30,044 QJun3.21 4103.21 V M7.80 series...ZZ.Mth/di'T.M'299,875 9500,000%'30,021 $30,030 Tuass.15' (103.25 . '? q ' ; %n;g.92 series. P.'..E.: /...;li T300,0003'300,000 ' ~< 38,076 7230,076. Wae5.83 :. '103.60 19it84 series..Mr.O....v. c.GH7'300,000.a200,000 g30,022 clJ0,022 dad 4.76 103.05 " 25.113:7 985.23 ' 103.42

. l 4 J7.24 series c....L..c.;.L.L. 9 249,900. 250,000 - :35,100300,000 300,000 ' "38,406 m30, a

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100.00

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DIRECTORS AND OFFICERS Directors Officers PERRY G. BRITTAIN PERRY G. BRITTAIN Dallas, Tesas Chainnan of the Board and Chainnar, of the Board Chief Executite d k#l b' #i'* BURL B. HULSEY, JR.

S'f' ""P""3 Vice Chainnan of the Board JAMES K. DOBEY JERRY FARRINGTON Aptos, Californ,a gg i

Retired Chainnan of the Board, Wells Fargo B ERLE NYE Company Excaaise Vice President JERRY FARRINGTON H.A. HORN Dallas, Texas Treasurer and Assistant Secretary President of the Canpany S. S. SWIGER WILLIAM M. GRIFFIN Controller Hartford, Connecticut PETER B. TINKHAM DYect andYl.a of the ecraary Asshtant Treasurer Finance Committees of Hanford Fire insurance Company and Subsidiaries BURL B. HULSEY, JR. Fort Worth, Texas Vice Chainnan of the Board of the Company MARGARET N. MAXEY Austin, Texas Director of the Chair of Free Enterpnse and Professor, Biomedwal Engineering Program, College of Engineering at the Unitersity of Texas at Austin ABNER V. McCALL Waco, Texas Chancellor of Baxtor Unitersity J. C. PACE, JR. Fort Worth, Texas Chainnan of the Board and Director of Kimbell, Inc. CHARLES N. PROTHRO Wichita Falls, Texas Ouner, Perkins-Pmthro Company WILLIAM H. SEAY Dallas, Texas intestments, Retired Chainnan and Chief Excaaite Officer of Southuestem Life Insurance Company 36

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. punke of, or any offer or : ' Nor#dWise pad in coh m d-%.ho are not p=tmp rq in the 7 4=y se set,.sery securitie:J. Mc AQyR&Mr.dMeammadiEMehad ah =-sud CommariSnodc Purchase - < mv.pWWa%he==emportale for rederal incxxne tax m ,.3 Texas Udities CornAmy duerJ=m4'issanitt assashd Mh ammmael 8mmuasses sasuding amstaann esAprehreryJuumimd incnme.lderein is mack so Note 4 to 'y iria decaded Sywon fmancud and apassingMain,ggscg 7. t =Mhne been compdal for de namensup NWhenomenmeres&. u ;m E...e 1 Si NM.hP81mlier pmulmaru'si'4he EcEmoma: Recznerf Tax Act d 1981, fmandd analysts; s copy ed 64 l - %; C;#Fff%r.jWgpf% oneshluul simmeholde of the Company may dect to quest, yw gff. l MMMhgWm:Rf Med humme ammes an dvidends nsnwsted under the 5,t ?A copy V de Anr.ud RossaisheMfnil M$D4mmemusic Ekd4=d amenuistmum and Common Seock Punhe n , zaa., c w % mc- ~ w e$ven, ,:=sson,,,on soine =tums or s750. MfQ Neur.unnestatesel asums77his provniori d the"Act apphes en by de Corgany upon requem f,gEP'h.ph %@ essam4 mand.es.,asud fr l.7.1' r " : u Wos o Requens for spies or e Aer MassimI$ d W4 e nseurlSL M 5. W [ informatuns:Asuid be Areceed asi4% %; %d @#n:' -@? +gW 9 g, ey'. %4 MQ9 c + @4..% M.AQ+ 4/M0L y%p:. V f .Earadder Rdarh "W A ~ ,M

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