ML20138M764
| ML20138M764 | |
| Person / Time | |
|---|---|
| Site: | River Bend  |
| Issue date: | 12/31/1984 |
| From: | CAJUN ELECTRIC POWER COOPERATIVE, INC. |
| To: | |
| Shared Package | |
| ML20138M761 | List: |
| References | |
| NUDOCS 8511040377 | |
| Download: ML20138M764 (28) | |
Text
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Cajun Electric _
Power C. ooperative, Inc. .. -
L. . . , W d/ f
. 1984 ANNUAL REPORT ._ _m-..----
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um General Manager's Report re
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.,U a ineteen Eighty-6ve marks the 50th anniversary of the Rural Electrincation Administration. ,
i President Franklin D. Roosevelt emphatically ob3erved 2 that, " Electricity is a modern necessity of hfe and ought i to be found m every village, every home and every farm in every part of the United States." From this compelling m , sentiment emerged the Rural Electri6 cation a c' % Administration. This revolutionary program brought, for I sj , the 6rst time, the " modern necessity of life" to rural [ j Amencans. 3 ,j At such an anniversary, a brief retlection on the past is ,j helpful in understanding the present and planning for + lj the future. !i 4 The Louisiana rural electnc cooperative movement has ! a rich history of successful accomplishment, bome out of l pressing necessity and hard work.
- Dreams and hard work propelled Louisiana's rural elec- s tric cooperatives to create Cajun Electric Power Coopera-
- tive as the bulk power suppher of electricity to its mem-
; bership.
Cajun, too, has traveled a remarkable distance since its founding more than twenty-6ve years ago. Dreams and prodigious hard work brought forth Cajun's 6rst generating plant, Big Cajun I, in 1972. This 2 30- 9 dd l Mohre b ecurne b.ee prestfen:/ General Manager megawatt, gas 6 red facility provided a new era of electric independence to Louisiana's rural electric customers, and Cajun's members that possible future foreign oil ., a savings,to members of $110 million during its 6rst ten embargoes, or domestic restrictions of oil and gas, will f years of operation. not interrupt their supply of electricity. % As rural Louisiana grew, so, too, did its need for With the imminent completion of River Bend, Cajun i electricity. To meet this need, Cajun committed itself to is extremely well positioned to reliably meet the 3 electricity needs of rural Louisiana well into the r; building the state's 6rst coal-6ted generating plant, Big Cajun 11, which would burn low-sulphur coal from mid-1990s and beyond with its existing coal, gas and I: Wyoming. Bringing the three units of Big Cajun II on- uranium-based generation. No new base-load generation '; line was a monumental achievement. During 1984, the will be required within that time period based on current 6rst complete calendar year that the three units were on- load growth projections. As a consequence Cajun's capital investment requirements during this period will h line, this facility provided 5,159,229 megawatt-hours of electricity to the farms and hamlets of the state. be de minimis. At the same time Cajun will have the To guarantee a dependable supply of electricity for its ability to market non-oil and gas excess energy to other customers in future decades, and to assure a diversity of utilities to help keep rates to members as reasonable as fuel to supply that electricity, Cajun, in 1979, acquired a possible. i 30 percent share of River Bend Nuclear Station from its During 1984, sales to member cooperatives were 2% owner, Gulf States Utilities. above 1983 despite the continuing economic shnvdown 1 affecting Louisiana and a beleaguered farm economy. The Cajun's 6nancial commitment to thi3 project during performance of Cajun's 6ve generating units was
)
1984 was an amount in excess of $279 million. Based on information supplied by Gulf States Utilities Company, extremely good, indicating that many of the problems l River Bend is expected to receive its comraercial license that had plagued the Big Cajun II units have been in late 1985. Without question, the biggest benent that mitigated. Cajun's margins for 1984 amounted to $6.2 River Bend will provide Cajun is the addition of a new million, or 1.9 percent of Cajun's total revenues. l fuel to generate electricity: uranium. This will ensure Continued high interest rates, although substantially 4
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lower than interest rates of recent years, are still The rural electric cooperative movement in Louisiana troublingly high, part icularly when compared to the is today - and has been since its founding - a strong I intlation rate. High interest rates seveiely penali:e capital voice and a strong player in shaping the destiny of its intensive businesses such as Cajun, as well as its membership and the entire state. As 1.ouisiana's rural members, who serve relatively few consumers per mile of electric cooperative movement has grown in scope and line invested. An encouraging sign in this area was mission, so has Cajun. Cajun's reduced interest costs for debts from The challenges and opportunities facing Cajun - in approximately 10.8 percent in 1983 to 10.6 percent in the short- and long-term: fmancial, technical, personal-- 1984. are limitless. By continuing to work together, in common Cajun's overhead expenses during 1984 were held at purpose, Cajun and the entire Louisiana rural electric the 1 mill level. This translates to an average member cooperative family look forward to an unparalleled future paying approximately 70e per month to support the of growth and prosperity in the coming decades. The l j general and administrative expenses of Cajun. future is bright at Cajun because its mission is clear. , A major corporate thrust that will be made in the wrking and buildmg together for the betterment of all. ! months and years ahead at Cajun will be the implementation of a dynamic marketing program.
-N Working in collaboration with Cajun's 13 distribution cooperatives, programs will be created to encourage g commercial and industrial development and efficient residential energy usage that will lead to an increased
( , David Lee Mohre load density base, an expanded load diversity and an Executive Vice President and improved load factor. General Manager g . ,. m-, _ - h.S ., s . Y l r r A* d' . 4; m' f fj f i 3, [ f w ...,'w 4 9q ,43, .. a 9 y9 I .l
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Finance
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l , d l Cajun experienced signincant 6nancial activity during l e - 1 -d l 1984 with a cash thiw that exceeded $6N million. % ' - j Results from operations were encouraging. Electric energy revenues amounted to 5305,459,713, an merease 7 _ gj g
/f ,
a_ J of $34,026,604 over 1983 energy revenues. Total M i h operating revenues amounted to $329.825,269. Sale >to , yJ members averaged 5.7e per kih> watt hour, a 5.5 percent # " increase from 5 4e per kilowatt-hour in 1983. Margin ; totaled $6.220,000. Electric riant in service at year's end was
$ 1,178,834,774, an increase of 516,363,851 from 198 3.
Construction-in-progress at year's end was -- 51,261,244,164, an increase of $278,660,918 from year- _ , end 1983. Construction at River Bend Station accounted for $1,140,432,671 of the total amount. Total _f- __ _~~, E
' ~ ~ '
i investment in new utility plant assets dunne 1984 was in - - -
, excess of $294 million.
l The cost of borrowed money remained a signi6 cant I component of operatine expenses durme 1984. Interest expense during this renod amounted to arrroximately 35 percent of total operating costs. Cajun was able, during Gerald W. pellar D. Jack Harpole, Jr. 1984, to reduce its average interest rate for all debt from Manager of Fm.mcc Vice President of Fmance 10.8 percent in 1983 to 10.6 percent, a reduction of 1.9 percent. automation of cash receipts, bank wire transfer and ( l More than 5208 million of tax-exeopt Pollution repurchase agreement journals, and their coordination I Control Bonds were placed as floating-rate issues Juring with the general ledeer. Automation allows for increased 1984. These bonds will provide interest rates as low as 6 accuracy and ef6ciency - the prerequisites for assuring a l percent. The issuance of these thirty-year bonds is sound, strong 6nancialProgram at Cajun. conservatively estimated to produce an annual savings to Cajun in excess of $4 million. ; Louisiana National Bank, headquartered in Baton Rouge, was seleuted as Trustee for certain of these 1981 Revenue Dollars pollution securities as a means of strengthening Cajun's yerel' commitment to Louisiana and its economy. ' Ta A vitally important Revenue Deferral Program was enacted in May that allowed Cajun to reduce electric ! rates to its customers in 1984 and 1985, in an amount of pepreciation more than $56 million. Ib accommodate this program, W '* i j the corporation's credit was increased to $60 million with ^/ng" ',i[e , i its two principal sources of liquidity loans: the Jackson - in Bank for Cc peratives and the National Rural Utihties Tranuniwien , l Cooperatise Finance Corporation. \- Other In;ernal audit procedures continued to be st: .d '\ M i and expanded, in an effort to become more \ Purchased Iber y 43 i responsive to the corporation's expanding operations. Operations Audits of the construction programs were expanded as and Maintenance { projects neared completion, most speciscally, yo,, construction activity at River Bend Station and at Big n n, Cajun II. Net Mardn , In l Another area of continued emphasis was the j 6 i
Operations yd i The fundamental responsibility of Cajun is to provide
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,p the most economical bulk pmer available, when it is needed and where it is needed, to member systems v 7T[1-b w' '
K ~ ' located in tifty-four of Louisiana's sixty-four parishes. The Power Supply Department met this demanding challenge i
~~%
with the technological assistance of the Supervisory Control and Data Acquisition System (SCADA). This ,i , computer communication system, with machine (\ interfacing equipment and Remote Terminal Units _ (RTUs), is linked to 150 delivery points throughout the
, Cajun system and to both of Cajun's generating facilities. ~ l j This system collects energy requirement data from the i member cooperatives which is then instantaneousiv ..
3 5;5 ; transmitted to Cajun's generating plants. Generatma *' , levels are then adjusted to accommodate system demand 1 and off-system requirements. 1 The SCADA system allowed Cajun disratchers to l maintain an outstandine record of system reliability and l j integrity during 1984. j Through careful monitoring of the Southwest Power Jeff A. Williams Jack L. Gambrell ! l Pool System, Cajun wa3 able to sell 603,185 MWHs to Planning Analyst Mce Prestfent of Operations i neighboring utilities during 1984. These sales represent a 136 percent increase over the 255,824 MWHs sold Annual Work Plans of seven member cooperatives were during 1983. reviewed and approved. Long range plans for two member Load growth was the impetus for the Engineeririg cooperatives were also completed. Department to design and arrrove the ii.stallation of Regulations affecting the utility industry, generally, three new bulk substations: the 115 kV Provencal and Louisiana, specifically, were closely monitored by the Substation, the 13S kV Semere Road Substation and the Environmental Affairs Department. Air emission testing 69 kV addition at East Leesville. Anticipated load and monitoring at Big Cajun 11 for stack emission i growth necessitated the design and start of construction compliance at full load was successfully completed. of six additional bulk substations: Bayou L'Ourse, Cane The PCB monitoring and t:acking system was updated River, Persimmon Mill, Scanlan, Talisheek Conversion and baseline environmental data for Big Cajun 11 was and Log Cabin. compiled. Data circuits were installed in 1984 that connected, Borrower's Environmental Reports were prepared for for the first time, the Energy Control Center and the the sub3tations at Scanlan, Ferriday, Bayou L'Ourse and l power plants with the engineering computer system, Cane River. , The Land Department negotiated and collected hwated at the company's headquarters. This installation greatly enhanced the availability of instant generation $219,000 in leases from properties owned by Cajun that and transmission data for ana!ysis by management. are not required for operations. Cajun's 6rst two-block energy rate structure was Successful monitoring of the present energy needs of I designed and implemented by the System Planning & member cooperatives, as well as planning for their future Rates Department, providing reduced energy rates for energy requirements, is the essence of the Operations j high load factor delivery points. Division. A transmission service agreement with Arkansas Power and Light Company was negotiated for wheeling of the i company's Southwestern Power Administration peaking power alhxation. l Power Requirement Studies were performed for six member cooperatives during 1984 to determine the future demand and energy requirements of each member. 7
Production - m f . y A spirit of shared purpose, dedication and enthusiasm , was evident throughout the Production Division during '
" ' ~
- 1984. Demanding and challenging goals were set at the "
beginning of the year, and in large measure were met at -
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the end of the year. (R % 7 Pnxiuction Division goal 3 includeJ: maintainmg an k -- { " W annual generating availability tactor above 85 percent: holding unscheduled outaces to less than 3 percent; ;
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g 1 T- s' keeping generating unit heat rates below 110 percent of I. [1 9 design; reducing coal costs at Big Cajun 11 to less than $2 t per hih1 BTU; kwvering recordaHe accidents to less than n d [ the national average; and, expandine cooperative . programs between Power Encineerine, Construenon ! Division and the Power Plants, to enhance the ethciency r p and pnxlucnvity of all three groups. > ' ' I Operating stanstics graphically illustrate how successfully these coals were met: the overall plant availability at Big Cajun I was 89.9 and the overall plant . _- , availability at Big Cajun It was 84.5 percent. The %:: percentage of unscheduled outaces at Bie Cajun I was --
" _C 1.8, and at Big Cajun 11, the percentage of unscheduled N " # E C"i" I""f* 1 **
A1ccharucal mnterumcc \. ice PrestJent of Prodi criori
- outages was 3.1. All generating unit heat rates were ker t ,43,,unntrator beknv 110 percent of desien.
Coal costs for the year amounted to 52.26 per then traveling 850 miles down the hiississippi River to hih1 BTU. Recordable accidents were dramatically the site of Big Cajun 11: another success. The fuel cost at reduced at both generating plants in 1984 from the Bie Cajun 11 dropped from 28. 36 mills per htWii in previous year. In over 820,000 hours worked at both 1983 to 25.86 mills per htWii in 1984, which represents facilities, only 24 accidents were recorded, representing a 9.6 percent decrease. The maintenance cost dropped an incident rate of 5.85, compared to the national from $2.87 N1WH in 1983 to 52.21 in 1984. average during the same year of 5.82. The Production Cajun's nationally recognized computerized Coal Car Division participated in a number of cooperative ventures Fleet hianagement System, an innovativo preventive during 1984. Typical of this commitment to cooperation maintenance program, and the new railcar maintenance was the implementation of the Phase 11 coal handling facility in St. Louis, continue to hold Cajun's addition at Big Cajun II. Throughout this project, the maintenance charges on its fleet of 770 cars to a cost well Construction Division, Power Engineering and plant below the industry average. personnel worked closely to facilitate this critical To ensi re a derenJable and long-term supply of coal undertaking. to Big Cajun II, Cajun entered into a 15-year coal The Production Division exnerienced a remarkable transportation agreement with the Burlington Northern increase in pnxluctivity arid efficiency during 1984. One Railway during 1984, which will provide Cajun with one important factor explaining this turnabout was the sharp of the more favorable rates, on a mills per ton basis, of decrease in emergency downtime at Big Cajun 11 during any utility in the country that is moving coal. 1984, which totaled 825.3 hours, an almost five hundred The advances that were attained by the Production percent improvement over 1983, which totaled 4,982.4 Division during 1984 provide an incentive to establish emergency downtime hours. and to achieve even greater goals in 1985. Net generation at Big Cajun I during 1984 totaled 271,996 N1WH, an Ii percent increase over 1983. The Fuel and Transportation Department managed the movement of 4.05 million tons of coal in 1984, employing seven trains of approximately 110 cars traveling 1,300 miles from Wyoming to St. Louis and 8
n , Administration
~',
l ~ _ . The si:e of Cajun has grown at an almost exponential _. , rate in recent years - 1984 was no exception. Two y striking indicators that illustrate this growth are operanng ' c:j expenses and net anhty pLmt which totaled 5354,411,143 -R ' and $2,342,179,035, up more than $36 million and 5258 _ i 7 h, million from 1953. The Administrative Division Provides central surport in the areas of Purchasing, Electronic Data Processine, ," q ( Policies and Procedures, Risk hianagement, and Personnel and Industrial Relations, which greatly help 4 (} facilitate Cajun's comprehensive operations. During 1984, Policies and Procedures put into operation a Project Trackitle System that monitored the
- costs of 157 capital projects, 76 operating projects and _
ISS preliminarv investigations. An on-line computeri:ed spare parts accounting, reporting and expediting system (SPARES), became fully operational early in the year. Niinute-by minute, SPARES tracks the availability and quantity of each item ] in stock at the power plants. This Cajun-designed Russell D. Huffman Ronald L McCabe program contains more than 13,000 line items, vjccp7c3fjen,ofadminjs,7 anon yanagerofpurciusmg representing over 55.4 million in inventory. When parts are needed - from gaskets to gearboxes - information is In an attempt to be of further aristance to employees, now only a keystroke away. and to their families, - while not being intrusive - Cajun Data Processing and Purchasing collaboratea a began an employee assistance program aimed at offering designing an advanced on-line purchasing system, to be outside wunsel to employees and their family members fully operational in 1985, that will greatly enhance the who felt they could benefit by such intervention. Forty. I efficiency of tracking expenses and monitoring cash flow. six emrloyees and forty-two family members have availed The need for immediate access to, as well as the themselves of this service. ' retention and retrieval of, corporate data increases in ! direct proportion to the growth of Cajun. To better fulfill the need to husband information, Cajun embarked on a Assets l l computeri:ed records management system during 1984 - - - - - - - l with a goal to have it encompassing all areas of the company, and fully operational, within five years. l In addition to administering a thorough risk 3500 l management Program that embraces all areas of the < l corporation, Cajun offers risk management counseling to j3000f all thirteen member-cooperatives. Assistance ranges from 375gg i evaluating members nsk management programs to aiding ,e : . . _ . . _ in the negotiations with insurers. Premium savings in c 2000 excess of 5650,000 was reali:ed as a result of these 4 o cooperative efforts. O 1500 just as Cajun is sensitive to the needs of its member- - - consumers, and to the marketplace, it is equally sensitive 1000 to the needs of its employees. Cajun strives to provide clear cut responsibilities for each of its six hundred 500 employees to perform, as well as to offer an atmosphere where each emph>yee cao succeed and help others to 0
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Oversight of Cajun's capital projects is the 4 '~ responsibility of the Construction Division. i-Construction activities during 1984 at Big Cajun 11 I "17 7 ""7 A ' involved monitoring the $2,739,758 painting contract ~R~ : O -?. l f ' l for unit 3, and the $3,795,710 6nal site preparation fit" ; . p' p contract, which included the installation of permanent *-+- 3
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roads, street lighting, grading and planting of grass. p e er An additional $3,481,814 was spent on the Phase 11 .'
. L coal handling addition. When completed, the new coal -
n , handling system will A) permit coal to be moved Jirectly .j from the barges on the Niississippi River to the coal silos, i bypassing the coal pile, and eliminating a double handling of the coal, B) provide an additional stock-out \' >
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m and reclaim capability for the coal and C) allow the : blending of coals that contain various heat values, as a E means of increasing the performance and ef6ciency of 7 the boilers. Big Cajun Oxbow, Unit 1 Niinemouth Lignite Plant, (*{ e T :J planned for construction in Northern Louisiana was placed on inde6ntre hold due to reduced load grmvrh William C. Tolbert Eva B. Bissonnette projections. As a result of this decision, renegotiations Mce Presifent of Constnenon Consmermn Analyst
, with affected parties resulted in Cajun coming to an l agreement with eighteen contractors during 1984. from its inception to December 31,1984 includes Construction at River Bend Nuclear Station $752,689,419 for construction, $68,717,712 for nuclear progressed from 81.8 to 94.4 percent 6nished during fuel, $8,464,273 for taxes, $306,007,560 for interest 1984. At year's end, engineerine was less than 7 percent during construction, $14,570,408 for transmission lines, t away from completion. Completion of structural work and $950,241 for overhead. These expenses total reached 99 percent, pipine reached 96 percent, and $1,151,399,613. Total dollars expended on this project electrical work reached 90 percent. Construction of the by Cajun during 1984 amounted to $279,847,419.
Reactor Buildine progressed from 79 to 95 percent complete. The 6nal concrete placements for the shield . - - m-m--w--w m
- building roof dome were made, and the plant exhaust l stack was fully erected. Control n>ds and control rod ,
l drives were fully installed in the reactor pressure vessel. - Among the 184 equipment releases that Stone & + Webster, the engineer / contractor, gave to its Preliminary
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l Test Organi:ation during the year were the service water, . 4 l high-/ low pressure core spray and reacmr water cleanup. _ ;N- ,, Another, in a gnxving list of comp;eted systems, was $s the auxiliary steam-generating system, which was . '[f m ' ' .
- successfully tested while operating at full power.
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Cajun's cost of River Bend Nuclear Station, Unit 1, [ Computen ed three-dimenwmal Jesgn malelmg is bemg uscJ extensnely p-to asust m the plotnng and coordmatmg of engmeerme ard constnan,m i, y , j'4 "1",g'( l acnunes at Rner Hend hicar Stanon. To date, oter oncJuff mdimn pLmt compmenn hate been mafeled at Rner Hend -fnnn as small a
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gg l9g l , , annpment as a quarter-mth p pe to the ennre r actor huumg gg' s s At left n a computer malel silwtratmg the mapr Jryuell area m the 'T i reattor Nuumg. u huh mtlades the mam steam imes. the feeduater Imes. Concrete bemg pla<ed on the roof of the Contamment Diuumg at Rner i and the safety systemt Hend % lear Manon. I1
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Scankm Cajun Electric Power Cooperative, Inc. Board of Directors Beauregard Electric Concordia Electric JcKerson Davie Electric P6inte Coupee Electric Cooperndve, Inc, Cooperadve, Inc, Cooperndre, Inc. Membership Corporation I4on St4acener, Sugartown Prer*.on Welch, Monterey J. H. de Confova, Jennings Rkhard Glynn, Ventress Edward Fontenot, Kinder Wcafrow W. Martin,Jonesville Charles M. Davis,Jennings J. M. Hollowsy, Manngouin Boneier RuralElectric Dixie Electric Membership Northeast Louisiana South Louisiana Electric Membership Corporadon Comoration Pbwer Cooperadve, Inc, Cooperndve Association Mrs. Dianne Beard, Elm Grove . Robert L. Harbour. Jr., Baton John E. Randall Newellron Douglass Talbot, Houma C. A. blgers, Jr., Plain Deahng bige John C. Tucker, Winnstero Buford Aucoin, Amelia A. C. Raux, Jr., Prairieville Coopersdre, Inc. Elmer J. bs, Homer G. F. Thomas, Haynesville 12
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- CAJUN ELECTRIC POWER COOPER.ATIVE, INC.
MEhfBER COOPERATIVES' STATISTICAL INFORMATION i PERIOD ENDING: DECEhfBER 31,1984 ($ THOUSANDS) SUlvlMARY OF OPERATIONS Beauregard Bossier Claiborne Concordia Dixie Jeff Davis Northeast Operating Revenues $ 28,939 $ 15,179 $ 19,760 $ 15,025 $ 67,606 $ 13,718 $ 13.129 Expenses: Purchased Power $ 20.094 5 10,580 $ 14,878 $ 9.601 $ 46.340 $ 10,123 $ 9,786 Operation & Maintenance 3,918 2.010 2,173 2,716 8,714 1,928 1,875 Depreciation 1,258 675 821 779 3,359 583 481 Taxes 750 290 320 335 1,668 253 212 Interest 2,177 1,104 932 1,077 5,667 739 618 Other 33 6 0 0 368 2 8 , Operating Margins $ 709 $ 514 $ 636 $ 517 $ 1.490 $ 90 $ 149 Non-Operating Margins 682 405 639 281 1.594 773 371 Net Margins $ 1,391 $ 919 $ 1,275 5 798 $ 3.084 $ 863 $ 520 BALANCE SHEET DATA Assets: Total Utildy Plant $ 49,209 $ 23.561 $ 29.12. $ 29,983 $116.088 $ 20,617 $ 18,704 Less: Accumulated Depreciation 8.870 4,829 7,414 6,607 13,645 3,806 4.731 Other Property & Investments 4.272 2,190 2.531 3.259 9,005 1,727 1,876 Current & Accrued Assets 3,412 2.606 4.285 2.271 12,519 2,501 2,545 Deferred Debits 30 68 36 9 1,682 506 0 Total Assets S 48,053 $ 23.596 $ 28,566 ;$ 28.915 $125,649 $ 21,545 $ 18,394 Llibilities: Margins & Equities $ 9.110 $ 3,702 $ 9,085 $ 4.535 $ 13.849 $ 5,348 $ 5,098 Long Term Debt 35,922 18,252 17.489 22,927 100,546 14,679 11,972 Current & Accrued Liatilities 2.997 1,637 1,919 1,440 11,254 520 1,305 Deferred Credits 0 4 73 3 0 998 19 Operating Reserves 24 1 0 10 0 0 0 Total Equity & Liabilities $ 48,053 $ 23.596 $ 28,566 $ 28,915 $125.649 $ 21,545 $ 18,394 OTHER STATISTICS l Miles of Line 4,217 1,863 3,381 2,382 7,067 1,490 2,298 Consumers Served 26,656 11,717 17,666 11,037 49,378 8,671 13,276 l Consumers Per Mile 6 6 5 5 7 6 6 i Total MWH Sold 334,062 170,910 235,600 152,820 736,413 162,249 151,958 l KWH Sold Per Consumer 12,532 14,586 13,337 13,846 14,914 18,711 11,446 Revenue Per KWH Sold (cents) 8.663 8.882 8 387 9.832 9.180 8.455 8.640 Annual Revenue Per Consumer $ 1,086 $ 1,295 $ 1,119 $ 1,361 $ 1,369 $ 1.582 $ 989 l Investment Per Consumer 5 1,818 $ 1,991 $ 1,622 $ 2,544 $ 2,301 $ 2,208 $ 1,339 1934 1933 1982 NPeakDemand 14 1931 500 600 700 800 900 Megawatts 1000 1100 1200 1300 l
i 1 1 Pointe South Southwest Washington '
SUMMARY
OF OPERATIONS Coup 4e Louisiana Louisiana Teche Valley St. Tammany Total Operating Revenues $ 10.225 5 30,006 $105,514 $ 9,598 $ 34,472 $ 31,701 $394,872 Expenses: Purchased Power S 6,922 $ 20,552 $ 82,114 $ 7.629 $ 23,334 $ 24,666 $286,619 Operation & Maintenance 1,459 3,547 8.255 1,267 4,926 3,180 45,968 Depreciation 424 1,139 3,398 224 1,669 1,253 16,063 Taxes 167 621 1,352 126 721 674 7,509 Interest 761 2,258 2,992 87 2,675 1,850 22,937 Other 29 22 0 0 0 29 497 Operating Margins 5 443 $ 1,867 5 7,403 $ 265 $ 1,147 $ 49 $ 15,279 Non-Operating Margins 293 694 8,972 190 1,135 1.570 17,599 Net Margins $ 736 $ 2 561 $ 16,375 $ 455 $ 2,282 $ 1,619 $ 32,878 l BALANCE SHEET DATA Ascets:
- Total Utility Plant $ 16.242 $ 49,129 $116,161 $ 7,935 $ 58,206 $ 46,625 $581,588 j Less
- Accumulated Depreciation 1,823 5,475 17,763 1,553 8.962 7,495 92,973 i Other Property & Investments 1,887 3,726 7,584 695 5.170 3,974 47,896 Current & Accrued Assets 2,387 3,137 22,648 1,226 6,081 5,503 71,121 l Deferred Debits 157 36 (316) 39 544 139 2,930 Total Assets $ 18.850 $ 50,553
$128,314 $ 8.342 $ 61,039 $ 48,746 $610.562 Liabilities:
i Margins & Equities $ 3,016 $ 10.312 $ 70,701 $ 6.078 5 11,898 $ 10.996 $163,728 Long Term Debt 13,838 37,447 45,013 1,273 42,532 34,901 396,791 Current & Accrued Liabilities 1,809 2,77G 11,774 709 6,591 2,783 47,508 Deferred Credits 85 2' 826 282 18 66 2,398 Operating Reserves 102 0 0 0 0 0 137 Total Equity & Liabilities $ 18,850 $ 50.553 $128,314 $ 8.342 5 61,039 $ 48,746 $610,562 OTHER STATISTICS i Miles of Line 945 1,117 7,506 755 6,213 4,075 43,309 Consumers Served 8,345 15,416 76,152 8,057 33,430 25,486 305,287 Consumers Per Mile 9 14 10 11 5 6 7 Total MWH Sold 105.023 339,549 1,344,390 116.129 362,011 384,540 4,595,654 KWH Sold Per Consumer 12,586 22,026 17,654 14,414 10,829 15,088 15,054 Revenue Per KWH Sold (cents) 9.736 8.837 7.848 8.265 9.522 8.244 8.592 l Annual Revenue Per Consumer 5 1,225 $ 1,946 $ 1,386 $ 1,191 $ 1.031 $ 1,244 5 1,293 Investment Per Consumer 5 1,716 $ 3.076 $ 1,505 $ 975 $ 1,642 $ 1,778 $ 1,846 1 Average Cost Per Ton of Coal Used i 1934 1933 i932 -- l93I __ _ _ _ _ _ l
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o s to is 20 25 30 35 40 Dollars 15
Boards of Directors of Distribution Cooperatives,1984 Be uregan! Electric Cooperative, Inc. C3nt "Cv' Barnos, Baton Rouge Ntargarer LeJet, Rxcland James E. Lott, Albany Norns Andras, hjorgan City Row Niaggio, Slaughter Bnan River, Gheens Almon R. Cole, Intenm Nianager, Pitkm Dallas hiatrhews Ethel Nitk hiessma, flouma EJward Fontenor PresJent, Kinder FreJJv hier:. St. Francovu,le LhwJ Gibson, Gibson Homer C. Beeson, Vice President. Pitkin Leon Stracener SecretaryTreasurer Sugartiwn Jack t Nhlhcan. Baron Rouge James Ballard, Lake Charles T mue n nnin Southwest louisiana Electric hiembenhip EJ Brandt, DeRidder Eva W. Casev. Fields "dd E T'N " c* " Eugene O. Tra3ammond L,"r, H' I'"' U"*
- James H. Hardm, Leesulle Lens S Zeuer, WaRer Hennan J. Kesel, General Ntanager, Lafayette hhke Pigott, Sulrhur Larry W. Stephenson, Lake Charles NL W p, anlan, Preudent, Church Ihnt Clark bras, Secretary, Lrowley Jefferson Davis Electric Camperative Inc. Dave Aymond Treasurer, Lat..vette Bonier Rural Electric hiembenhip Laun Berard, Breaux BnJee Corporation J H. Je Cordova, General Atanager, Jennings Dennn J. Bn ussard, Karlm Joserh L. Turrer Sr., PreuJent, Elton Jxques Camrbell, Guevdan Eugene C. ToJJ. Vice Preudent, Wehh Wilham R. Hural, St. Ntarnaulle James H. Roach, intenm hianager, Benton Charles N1. Davn SecretaryrTreasurer, Jennmgs Dewes Ledoux Jr., Opelousas Donny A1. HmJ. President Benton Jern E Nteaux, Lafaverre Richard J. B5ler, Lake Arthur C. A. Rodgers, Vice President, Plam Deahng Sidney IVnsuen, Bell City H E Lung Jr., Orelousas Dianne Beard, SecretaryTreasurer. Elm Grae W. E Hentv Jr., Cameron O. B. histchell, Dmbne Gamer Nune:, Grand Chenier Sheila T. Durhn, Pnneeton Louis O. Trahan Jr., Guevdan Teche Electric Cooperative, Inc.
5u:an hfurrhv. Dmime Charles S. Hxkert Bell City G,erald R. Rohnette, Coushatta Arthur L. Verrer, Ntanager, Jeanerette FreJJie E. Nternte, Rmegold HarolJ J. Junca Sr., Preudent, Frankhn Joe Caphs Jr., Bower City Northeast louisiana Power Jo,crh N1. Daus Jr., Vwe PreuJent, Jeanerette Cooperative, Inc. Anthom ibnald Sigue, Secretary, Jeanerette Claiborne Electric Cooperative. Inc, an einreter reasurer New Nna John C. Tucker. Nianager. %, nnshiro Roland J. Stansbury]dr., Jeanerette John E. Randall, Prendent, Newellton Antome S. Luke, Frankhn Elmer J. Poss, hianager Homer E. W Parnck, Vue Preudent, Lake Pnnidence Ernest hiet:, Frankhn James S Wade PreuJent, Farmerulle Rav Bryan, Secretan Treasurer, Wmnsboro RaharJ Legnon, Frankim Ralph Harmon, Vice President, Homer George A. Pnce, Winnshiro Emest Frevou, New Ibena A.J. Smith, SecretarvTreasurer. Havnesulle Corhs L Henry, Ravulle Jatkie Judice, New Ibena G. E Thomas, Havne>ulle Roy W hicInryre Delhi Lloyd Berard. St. htarnnulle C.O. Brown, Farmerulle Nhchael E. Kilratnck, Pioneer Daud Sanders, Nhnden Rudoirh ht Elkms, Oak Gnne He: Elkins, Spearsulle Lum Das, Bastrop Valley Electric hiembenhip Corporation Lonnie hh: ell, Hethn Leny Perntt, Arcadia Homer Cox, hianager, Natthm>ches l Pointe Coupee Electric Alembenhip G. A. Metther, P tudent, Ntontgomery 1 Corporation Wilham S. Tren Vice PreuJent, Coushatta Concordia Electric Cooperative, Inc. Elh it Gm, SecretaryTreasurer, Hombett l l Joserh H. Cotten Jr., Nianager, New Roads J. C. Ablev Camrri Edwin E. Grases, hianager, hionrercy J. h1. Hulkway, President, hianneoum Ortn Les me, hiany l L C. Coon, PresiJent Jena Rahard S. Ghnn, Vice Preudent, Ventress P. F. Cloutier Jr., Natchinx.hes l W. T. hichhllan Vice PreuJent, Jonesulle Frnest Swanson, Treasurer, Birt Allen John G. Burford Jr., Gloster W. C Ntarrin, Secretary, Jonesulle N1rs. Frank II. Rice Secretan, Barthelor Darrell Welch, Treasurer. Vidaha L G. Cnsher, Labarre Ann Barron, Swily bland Air . bernwe Chust:, Barchelor Washington.St. Tammany Electric Girault Bird, Sicily bland sicVea Benton, Lettmorth Cooperative, Inc. Keith Ford, Ai well W. D. Hxknev, Harnsonburg L31e Kilhngsworth, Generil hianarer Frankhnton Preston Welch, Afonte ey South louisiana Electric Cooperative J. T. Wmd, Preudent, Tahsheek Anociation Joe Laird, ' Ace PresiJent, Fohom Alcous Stewart, Treasurer. Ibgalusa Dixie Electric hiembenhip Corporation Edgar P. Benoit, Acnne Ntanager, Houma Chfron Faunth niy, Secretary, Bush Ibuelass Talh>t, Pteud(nt, Houma J. J. Warner Jr., t' ankhnton Robert L Harbour Jr., hianager, Baron Rouce Buford Aucom. Vice PreuJent, Ameha Lenard hioran, Lacembe A. C. Roux Jr., PresiJent, Praineville David Luke, Secretary, Houma Rev. Reuben Comist, Atount Hermon Helen B. Carter, Vice Prendent, Greensburg Hilda Bnen, Treasurer Houma Ernest Branch, Angie Lassie hicCall, Secretaryffreasurer, SrnneticlJ Cleveland D.ugle, Gray 'P A. Ibers, Kentwood l l I 16
Ernst &Whinney 226 teui iaoa sationai naat nuiiaioy Baton Rouge, Louisiana 70801 504/383-0166 i Board of Directors Cajun Electric Power Cooperative Inc. Baton Rouge, Louisiana We have examined the balance sheets of Cajun Electric Power Cooperative, Inc. as of December 31,1984 j and 1983, and the related statements of revenue and expenses, changes in equity and margin and i changes in financial position for the years then ended. Our examinations were made in accordance with 4 generally accepted auditing standards and, accordingly, included such tests of the accounting records and l such other auditing procedures as we considered necessary in the circumstances. In our opinion the financial statements referred to above present fairly the financial position of Cajun Electric Power Cooperative, Inc. at December 31,1984 and 1983, and the results ofits operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. l dm1d-l Baton Rouge, Louisiana l March 8,1985 17
BALANCE SHEETS CAJUN ELECTRIC POWER COOPERATIVE, INC. i December 31 1984 1983 UTILITY PLANT- Notes B. C and F Electric plant in service $1,178,834,774 $1,162,470,923 Construction-in-progress 1,261,244,164 982,583,246 2,440,078,938 2,145,054.169 Less accumulated depreciation 98,280.029 61,794,283 i 2.341,798.909 2,083,259,886 Electric plant held for future use 380.126 380.126 2.342,179,035 2,083,640,012 OTHER PROPERTY AND INVESTMENTS Nonutility property 685,079 713,142 Restricted funds held by trustees- Note F 43,549,417 2,144,879 Other restricted funds Note E 17,189,135 27,357,861 Investments in associated organizations - Notes D and F 63.185,776 55,474,180 Notes receivab!e from associated organization 240.000 255,000 124.849,407 85,945,062 CURRENT ASSETS Cash 618,169 194.342 Certificates of deposit 343,177 318,863 U.S. Government investments 59,137,851 Accounts receivable - electric customers (including amounts due from nonmembers of $1,254,716 in 1984 and $191,072 in 1983) 26,392,023 26,799,788
- Accounts receivable - other 10,825,335 6,673,266 Fuel and supplies inventories - Note K 56.394.424 55,930,504 Prepayments 741,041 402.910 Other 1,144,043 1,387,089 96,458,212 150,844,613 DEFERRED CHARGES - Notes E and F 148,804,760 116,211,642
$2,712.291,414 $2,436,64j ,329
( EQUITY AND MARGIN l Memberships 5 1,300 $ 1,300 i Patronage capital credits 23.903,139 17,683,139 ( Donated capital 405.942 405,942 l 24.310.381 18,090.381 LONG-TERM DEST, less curre-t pvrtion - Note F 2,577.710,542 2,131,522,889 i SHORT-TERM DEET EXPECTED TO BE REFINANCED - Note G 5.284.346 31,084,370 CUHHeiivi LIABILITIES Notes payable - Jackson Bank for Cooperatives - unsecured 18,611.198 Notes payable - National Rural Utilities Cooperative Finance Corporation - unsecured 3.461,324 16,745,670 Accounts payable - general 99,060 657,710 l Accounts payable -construction, including contract retainage of $3,072,484 in 1984 and $10,831,401 in 1983 3.101,373 50,619,107 i Accrued interest and other expenses 32,036,313 68.139,365 Current portion of long-term debt - Note F 12,684,548 62,211,791
- 69,993,816 198,373,643 DEFERRED CREDITS - Note L 34,992.329 57,570,046 COMMITMENTS AND CONTINGENCIES - Note K
$2,712,291,414 $2.436,641,329 j
See notes to financial statements 18
STATEMENTS OF REVENUE AND EXPENSES CAJUN ELECTRIC POWER COOPERATIVE, INC. Year Ended December 31 1984 1983 OPERATING REVENUE Sales of electric energy - Note B $ 305,459,713 $ 271,433,109 Proceeds from amendment of gas purchase contract - Note J 15,891,000 38,700,000 Other 8,474,556 329.825,269 310,133,109 OPERATING EXPENSES Power production: Fuel - Note K 134,564,305 104,388,737 Operations and maintunance 18,906,621 16,623,395 Purchased power 14,448.622 21,869,829 Other power supply expenses - Note B 301,288 25,603,225 Transmissien 20,865,698 19,983,168 Administrative and general - Note 1 4,197.460 4,036,293 Depreciation and amortization - Note B 35,989.602 24,973,934 Taxes, other than income 1,627,671 1.273,622 Interest - Note F 122.536,816 93,707,394 Other deductions - Note E 973,060 3,284,557 Current provision for income taxes - Note H 1,996,774 354,411,143 317,740,928 OPERATING DEFICIT (24,585,874) (7,607,81f) NONOPERATING MARGIN Interest, rents and leases 9,589.865 6,5G8,959 Other income 727,350 52,145 Extraordinary item: Sale of tax benefits - Note L 20,4R8,659 8,322,789 30,805,874 14,883,893 NET MARGIN $ 6.220,000 $ 7,276,074 STATEMENTS OF CHANGES IN EQUITY AND MARGIN vears Ended December 31,1984 and 1983 Prior Patronage Period Member- Capital Net Margin Donated ships Credits (Deficit) Capital Total CALANCE JANUARY 1,1983 $1,300 $15,783,139 G(5,376,074) $405,942 $10,814,307 Net margin for the year 1,900,000 5.376,074 7,276,074 CALANCE DECEMBER 31,1983 1,300 17,683,139 405,942 18,090,381 Net margin for the year 6.220,000 6,220,000 CALANCE DECEMBER 31, t984 $1,300 $23,903,139 $ $405,942 $24,310,381 See notes to financial ststements. 19
STATEMENTS OF CHANGES IN FINANCI AL POSITION CAJUN ELECTRIC POWER COOPERATIVE, INC. Year Ended December 31 1984 1983 FUNDS WERE PROVIDED BY Net ma: gin $ 6.220,000 $ 7,276,074 Add items not requiring a current outlay of funds: Depreciation expense 35,468.673 24,973,934 Amortization of deferred charges 1,519.463 5,483.277 TOTAL FROM OPERATIONS 43,208,136 37,733,285 issuance of long-term debt 535,985,000 305.827,000 Decrease in nonutility property 28.063 Cecrease in other restricted funds 10,168,726 increase in deferred credits 55,936,805 Increase in short-term debt expected to be refinanced 31.084,370 Decrease in notes receivable 15,000 646,196,789 430.581,460 FUNDS WERE APPLIED TO Increase in utility plant - net 294,007,696 331,293.686 Increase in investments 7,711.596 6,577,833 Increase in restricted funds 41,404,538 2,034,355 Increase in other restricted funds 27,357,861 Increase in deferred charges 34.112.581 41,698,045 Decrease in short-term debt expected to be refinanced 25.800,024 Decrease in deferred credits 22.577,717 Reductions in long-term debt 89,797,347 117,330,122 515.411,499 526.291,902 INCREASE (DECREASE)IN WORKING CAPITAL $ 73,993,426 $ (95,710,442) CHANGES IN COMPONENTS OF WORKING CAPITAL Increase (decrease) in current assets: Cash, certificates of deposit and U S. Government investments $ (58,689,710) $ 54,567,819 Accounts receivable 3,744,304 (9,096,948) Fuel and supplies inventurics 463,920 (78,070,379) Prepayments 338,131 28,699 Other (243,046) 1,120,691 (54,386,401) (31,450,'18) (Increase) decrease in current liabilities: Notes payable (5,326,852) 44,292,858 Accounts payable 48.076,384 (11,048,159) Accrued interest and other expenses 36,103,052 (38,626,627) Current portion of long-term debt 49,527,243 (58,878,396) 128,379,827 (64,260,324) INCREASE (DECREASE)IN WORKING CAPITAL $ 73,993,426 $ (95,710,442) See notes to financial statements. 20
NOTES TO FINANCIAL STATEMENTS CAJUN ELECTRIC POWER COOPERATIVE, INC. December 31,1984 NOTE A-SIGNIFICANT ACCOUNTING POLICIES amounts recenrd from the furnishing of electnc energy m excess of Method of Presentation: The accompanying 6nancial statements the sum of operanne en and expenses and amounts requind to have been prepared in accordance wtrh generally accepted accountmg If*C' '"Y "'C"' VC ' I 'ses are assigned to members' patronage pnnciples, includmg those presenbed by the United States c pit I credit accounts on a patronaec bac, or, at the durenon of Department of Aenculture Rural Electnncation Admmistranon the Board of Directors, these amounts may be otiset agamst Loses of any pnor 6 scal year. All other amounts recened from its operations in (REA). excess of costs and expenses are used to offset losses mcurred Junne Electric Plant in Service: Electnc plant m service is stated en the the current or any prior tiscal year an I to the extent not needed basis of cost. Depreciation is computed en the straicht.lme meth<d therefor are assigned to members on a patronage basn. As of
, over tne expected useful hves of the related component assets. December 31, IW4, no retirements of patronace captal credits hase beca made.
Construction-in-progress: Construction.in. progress is stated on the basis of cost, which includes interest on borrewed funds and Reclassi6cationi Certam reclassi6catmm of 1953 amounts h. ve been alkmance for funds used dunne comtruction, adjuaed for costs made to conform with the 1%4 presentation. alkicable to joint parncipanon aercements and, Junne the restme phase of constructmn certain operanne expenses offset by a pornon of the sales of test energy cenerated. NOTE B - ELECTRIC PLANT IN SERVICE Invectments: The terms of 6nancmg arrangements with Nanonal Electne plant in service consists of the folkmmg: Rural Utihties Cooperante Fmance Corporanon (NRUCFC) and 19H 1983 Jackson Bank for Cmperatnes (JBC formerly the New Orleans Bank for Coop rantes) require mve3tment in capital term cern6 cates and Electric plant in service: Class "C stock, respecnvely. These inve3tments are carned at cost m Pnduction $ 1,171,0D,336 $ 1,154,918,951 the accompanyinc 6nancial statements together with undarnbuted General plant 7,804,438 7,551,972 patronage captal from these orcani:anons.
$ 1,178,8 34,774 $ 1,162.470,923 The Company allocates patronace received from associated organi:ations to assets and expense in the same rat o as the interest paid is capitah:ed and expensed re pectively.
Fuel and Supplies inventories: Fuel and supphes mventories are Big Cajun No. 2. Unit 3, a coal.hred facihty, was declared to have stated at cost. A con lsination of the 6rst.in,6rst-out and averace cost achieved commercial operation status on December 31,1983 and the methals are used for tuel inventones. The average cost method is Companyi share ofits cost is mcluded in electnc plant in service in used for supphes inventory. the accompanying balance sheet. The Company's cost of Unit 3 was reduad h a puon of sales of rest energy generated during the Deferred Charges and Credits: Deferred charces represent costs rest.ng phase of Umt 3. Sales of test energy generated are recorded as mcurred which, under generally acceped xcountmg rrincirles, are sMes of electnc energy an a p nion thereof, in the amount of recoverable from future revenues. Deferred charges comist rrimanly of
$25,535,000 as measured by the related cost of fuel consumed, was the costs of devekipment and operanon of electrical generatmg facihties (includmg costs associated with common facihties and charged to other puer supply expnse with an offsetting reduction to resultmg from stockphng fuel inventory) pior to commercial thdaahtnoa. Dudadity was conamcted under a joint ownership operation status and'or thereafter, but before the facihties achieve full and participation agreement with Gulf 5tates Utiht es Company (GSU) whereby the Company was responsible for 6nancing and , capacity, or as otherwise speci6cally appnwed by the REA. These costs are being amorti:ed over periods prescnbed by REA which managmg cetmmon o e poject and GSU participated m 42,L generally do not exceed 15 years. Deferred credits consist pnmanly of cmt d cetmchon and ongmng operah he kiW ad proceeds received in a sale of the tax bene 6ts associated with certain cenain cmnm n 6ciMes in retum br a sindar mcentage Wuture assets of Big Cajun No. 2, Unit 3 (see Note L). These proceeds will PI '"' ""'P"
Ez recogni:ed in future renods in accordance with the rate makmg pokcy as determined by the Board of Directors of the Company. The net change in accumulated depeciation is as folkms: income Taxes: Certain revenue and expense items are recogni:ed in 1984 1983 different penods for 6nancial reporting and income tax purposes, thus giving rise to timing differences. Deferred mcome taxes are rnuiJed Charged to operanne expenses $ 35,468,673 $ 24,973,934 on these timing differences which are trincipally depreciat on on Deferred deneciation:
! electric plant in service, income and deductions related to the Fuel inventones - . additions to and amorti:ation of deferred charges and credits, and the coat handhng equipment 1,276.438 1,041,299 l sale of tax benefits. Common facihties attributable to The Company uses the flow-thmugh method for recogni:mW wnstruction-in pogress 926,090 irwestment tax credits. Other 470,068 ] Patronage Capital Credits: The Company is organi:ed and operates 36,745,111 27,411,391 j on a nonpro6t basis. Iarronage captal credits repeset't that port on Less asser dnposah (259,365) (493,091) of the Company's retained net margins which have been assigned to 1 member cooperatives. As pnuided in the Company's bylaws, all $ 36,485,746 $ 26,918,300 21
NOTE C - CONSTRUCTION.lN. PROGRESS 1%4 1981 Construcnon-in-progress consists of: Nanonal Rural Unheies Cooperative Emance gg) Corporation 5 9,656.087 $ 7,664,984 River Bend, Umt 1 $1,140,4 32,671 $ 880,133,060 Jackson Bank for Gioperatnes 51,476.004 47,761,690 108.052,646 58,925,573 Western Fuch, Inc. 1,000 1,000 Big Cajun Oxhm, Umt i 12,758,847 13,524,613 Other 52,685 46,506 Other
$1,261,244,164 5 982,581,246 i 63,155,776 $ 55,474,150 River Bend Unit I, a nuclear facihty, is being constructed under a The Company's invenmenn in the NRUCFC and JBC are 1 joint ownership and participation agreement with GSU, whereby subsannally P ledged to secure certam hirrow mgs frony those I
GSU is responsible for 6nancmg and managing construction of the mgani: anon.s. The mvestment m htern Fuels, Inc. is carned at protect and the Company will share m 30% of the cost of cou. Eamings or hues of hrern Fueh, Inc. attnbutaHe to the j construction and ongomg operation of the facihty in return for a b"Pd"V 're, in the opnion of management, immaterial. simdar percentage of future output. The einmated cost to the NOTE E - DEFERRED CHARGES i Company to comrlete construcnon of its portion of Rntr Bend is
, $305.000,000 at December 31,1984, includmg $30,000,000 of post Deferred charges at December it, net of xcumulated amorti: anon, commercial operanon deferred payments. The Company intends ta consnt of the folkwing:
6 nance these corr 4t erion costs through loans guaranteed by the REA, g934 g933 inchidme the Federal Fmancme Bank (FFB) and the JBC. At
- December 31,1984, the Company had availaHe and unadvanced FFB Interest on excess coal $ 66,454,254 $ 52,818,395 and JBC loan commitments and restricted funds held by trustees for Charges for nondehven of l pollution control hinds totahng $268,000,000. Under the coal 41,371,245 26,991,694 I
contractual terms of its agreement with GSU, the Company is Losses resulting from decrease l obhcated to use its best efforts to obtain the additional 6nancing. m Bru content Jf stockpiled
. The Company and GSU have also agreed that GSU wdl buy back a
'" 1 I3*816*709 13'816,709 Di preciation and interen on portion of the Company's propornonate interest in the aggregate capacity and output of River Bend. Unit 1, in tages folkming the m- cmnm n facihnes at j senice date of the facihty. This agreement calls for GSU to purchase j. l{caHe to Unit 3 12,573,577 15,849,146
. the entire 6rst year capacity and output to which the Company is Prehmmary surveys anJ entitled' investigations and other 14.588,975 6,735,693 j The Company and GSU have entered mto a Financial Option' $ 148,804'760 $ 116'211'642
- Con nct dated November 3,1950 which pr wiJes in part that if the 1 Cong any Jefaults under the River Bend Agreement, GSU can require the Company to purchase GSU's mterest in Big Cajun No. 2, Erfectne January 1,1984, the Comranv. wich the arrnwal of the ,
Unit 3, to the extent of the amount of the Company's Rntr Bend REA, suspended unni 1986 the amorn: anon of deferred charges default. The agreement has a contra pnwision related to GSU Jefault relarmg to mterest on excess coal, charges for nondehvery of coal and i
- under the Big Cajun No. 2 Unit 3 agreement whereby the Company kwes resulong from a decrease m Bru wntent of stoskriled coal.
j can require GSU to purchase the Company's mterest in River Bend to Dunne 1983, the Company abandoned two generanon fxihty i the extent of the amount of GSU's Umt 3 default. projects. Accumulated prehmmarv survey and invesneanon costs Big Cajun Oxhu, Umt 1 is a planned henire.6ted facihty. Cost totahne $2,57W awoaated w uh these projects have been mcluded
- incurred to date, which aggregates $108,000,000, consists pnmanly of in other deductions in the accompanyme hnancial statements.
1 land acquisioon. prehminary surveys and mvestigations, plant design, Other restricted funds mcluded in other troperty and imestment j turbme generator and associated pumps and captah:ed interest. comist of U.S. Gwemment imestments torahne $17.169,135 at
; Subsequent to December 31,1984, the Company decided to defer December 31,1984 mhich are resencred to the pasment of adJmonal i Jevelorment of this Project and has determmed that certam facihty charges for nondehvery of coal and the repasment, beginnma in I costs, aggregating arproximately $99,000,000, have no future bene 6t. 1988, of certam FFB notes payaHe related to ihe 6nancine of These costs, less salvage value, will be deferred and amorn:ed
] previousl> stockrded excess coal. beginning in 1995 over a period not to exceed 15 years in accordance ] with the rate making pohcy as determined by the Board of Directon NOTE F- LONG. TERM DEHT j of the Company and with the arrroval of the REA. The land is long term debt consists of the folkmmg:
) retamed as the site for the deferred generanng facihty.
l 1954 1983 Other construction.m. progress comists pnmanh of r,cw transmimon fxihties and general adJirions to existmg riants. The esnmated cost Mortgage notes ravaHe to to complete these projecn and certain in.scrvice project' " REA, mterest at 2% to 5% l'
$20, W , W . per annum, due m quarterly i installments through June j 2016 $ 37,471,451 5 39,759,822 l NOTE D -lNVESTMENTS IN ASSOCIATED Construcnon notes pavaHe to j ORGANIZATIONS AND OTHER RELATED ffB, interest at 7.7% to 1 PARTY TRANSACTIONS 14 6% per annum, due m quarterly installments investments in associated orgam:anons comist of: thmugh December 2018 1,622,190,677 l 527,612,000 j 22 4
. .------------_-.-~_-~--.m. _ _ . - - - . _ - - - _ - . - _ . _ - . . - - _ . - - ~ ~ - . , . . - . . - ~ . - - . _ - , , . _ . .
Excess coal notes pavaHe to matunty Jare would be 34 years after the end of the calendar year in FFB, interest at 10.2% to which the advance was maJe. I nncipal repayment is generally 11.2% per annum, due 7 Jeferred for 7 years. Under the terms of the notes outstandmg at years after 6rst advance, due Lkccmber 31,1984, aggregate pnncipal repayments of $702,352,000 in 1958 and 1%9 125,000,000 125 000,000 mature in 1985 and 1986, htwever, the Company plans to ultimately Construction notes payaHe to re6 nance these notes for 14 years, therefore, the pnncipal JBC, interest at sarsme amorti: anon on these notes ha3 been mchided in future maturities rates as determined by the beginnme in 1987 m the maturity schedule behw. JRC (11.75% at December The Pollution Control Refund ne Revenue Bonds, Senes 1982, 31,1984), due in quarterly outstanJme at December ll,1983 were defeased in 1984 by the installments throuch Company denstme into an irremcaHe trust, an amount from the December 2016 503,382,962 421,047,249 proceeds of the ibilunon Control Refundme Revenue 13onds, Senes ibilution Control Refunding 1984. suf6cient to retire the Series 1982 bonds m the amount of Revenue Bonds, Senes $76,815,000 in May 1955. No siem6 cant gain or loss was i,;cogm:ed 1982, interest at 9.625%, on this transaction. due May 1986 76,815,000 The inJenture agreements of the Series 1984 pollunon contnil industrial Development revenue and refundmg revenue hinds contam certain provisions Revenus Bonds, Senes whereby the bundholders may, at their opnon, redeem the bonds at 1982, in erest at twu-thirds the end of each interest adi ustment renod, w hich typically is in>m I of prime (7.2025% at to 90 days. Should the Company, through its remarketing agent, not Deceraber 31.1954), due be aHe to remarket such redeemed bonds, the Company has the July 1997 4,500,000 4,500,000 ahhty to re6 nance such hinds thniugh long term nnancing Pollution Control Refundmg commitments from the FFB and'or through the use of the resencred Revenue Bonds, Series funds held by the trustees bee behm). AccorJmgly, these bonds have 1984, interest at varying been classi6ed as long-term debt in the accompanyme 6nancial rates based on a nationally statements. The long-term 6nancing commitments expire in varying recogni:ed mJex of amounts from 19n through 1991. The Company anticipates that the comparaHe tax-exempt Senes 1984 bonds will be converted to serial and'or term bonds with bond issues (5.5% to 7% at sinking fund arrangements at some nme prior to the expiration of December 31,1954), due no these commitmentt later than December 2014 SN 250,000 At December 31,1984 and 1983, restricted funds held by trustees Ibilution Control Revenue were restricted to the payment of the costs of acquiring, constructing Bonds, Series 1934, interest and installing rollution control equipment at Big Cajun No. 2 and at varying rates beed on a River Bend, Unit 1, and to the payment of principal and interest on nationally recoem:ed index the pollution control bonJ3. of comparable tax-exempt Maturities on long term Jebt are as folkms at December 31,1984: hind issues (6.1% to 6.25% at December 31,1984),due Due Amount no later than May 2014 25.800,000 1985 $ 12,684,548 lbilution Control Revenue 1986 14,227,444 BonJs, Series 1984, interest 1987 27,949,200 4 at varying rates based on a 1988 115,661,905 nationally recogm:ed index 1989 78,882,378 of comparable tax exempt Thereafter 2,340,959,615 bond issues (6.125% to 6.375% at December 31, R590,39L090 1984), due no later than Nember 2014 H,600,000 Under the terms of its loan agreements, the Company is subject to certa n covenants, includmg the maintenance of certain lesch of Ibtlution Control Revenue interest coverage and annual debt service cmerage. As of December Bonds, Series 1984, mrerest 31, 1984, the Company was in comphance with all such covenants. at varying rates based on a nanonally recogni:ed inJex Interest on notes payaHe anJ long tenn debt incurred consnts of the of comraraNe tax. exempt folkming: bond issues (5.875% to 7% I934 I983 at December 31,19S4), due no later than November Charged to operatmg expense $ 122,536,816 $ 91,707,394 AJJirions to deferred charges-2014 55,000,000 Interest on excess coal 13,635,859 18,987,450 2,590,395,090 2,193,734,680 Interest on common Iesa current portion (12,684,548) (62,211,791) M *** 49N M Prehminary surwvs and
$2,577,710,542 $2,131,522,889 investiganons 5,774 219,144 AJJirions to construction-in-Construction notes payable to FFB have, at the ortion of the progress 118,893,679 122,705,082 i
Company, rparunty datem( 2 to 7 years from the dare of the advance, $ 255,072,128 $ 240,548,739
, unless the Lompany elects a long tena matunty, in which case the 23
i Substantially all of the Company's utihtv Pl ant and its mvestmenn m NOTE J - AhtENDhtENT OF NATURAL GAS CONTRACT assocbred orgam:ations are pledged to secure lonc-term debt pasaNe In Arni 1%3 the Company negonated an amendment to u.s pnmary to the REA, the FFB and the IBC In adJinen, lone. term Jebt pavaHe to the FFB and substantialb all of the long. term Jebt pavaHe
""' I d'? purchase conrr,x t, whereby the surrlier of the gas was
IC#d "' 'ts obbeatmn to deiner a pornon of the cas sopulatcJ m to the JBC is guaianteed by the REA. the contratt for the renod January 1,19,1 to January 1,198, m 3
At December 31,1954, rL- Company had unadvanced and availaHe ex< hance for cash consideranons of $ 38,700,000 m 1981 and j loan commitments from the fFB and the JI;C of arrroximatelv $7,571,000 in 1954. The Gimpam esnmates that its cas wnsumpoon
$329,000,000 in excess of tF perion control bond commitments requirements tor 1985 and 199 will not exceed the quannnes of gas it discussed ahwe. has a contrattual nehr to purchaw under the terms of that p>rtion of the contract not atiected by the amendment. Also included m the NOTE G -SHORT-TERht DEBT EXPECTED TO BE suppher its nght to receive (ertam quannnes of cas under the REFINANCED ! amended delnvry schedule. Sales unJer ihn, Prov nion rotaled At December 31.1984, the Company had neres pivaHe to NRUCFC $8 W-@ in 1084.
torahng $5,284,346 which mature m 1985. The Company will re6 nance these notes in 1985 with lone term Jebt. Accordmeh, these NOTE K - COhthilThtENTS AND CONTINGENCIES notes payaHe to NRUCFC at December 11,1984 have not been The G,mpany is a parts to two contracts related to the acqumtion of clas3itied as current hahhties m the accomranymg nnancial coal. Purchases related to these centracts (includmg charges for l statements. nondelmy a contractual quannnes) Junne 1984 and 1981 were arrroximately $165,000,000 and $83.000,0N, respectively. Under the terms of these contracts, the Company n obhgated to purchase. NOTE H -INCOhtE TAXES twer the next rive years coal m arrroximately the toihiwing amounts l Lhnng 1983, less than 65%4 the meome of the Comparn wa' inor includmg am tharges for nondehverv or contractual quannnesh collected from members for the sole purpre of meetmg loues and expenses. As a result, punaant to Secnon 501(c)(12)( A) of the 1983-5I40000 000 1953-$171000 000 (W6 - $ 159,000,000 1989 - $130,000,000 Intemal Revenue Gxte of 1954 as amended, the Company became a taxaHe entity m 1981. The C mpany ha received a privare letter 1987-flIN000.000 t 4 ruime fram the Intemal Revenue Service statum that once taxaHe, Stanagement n of the opmon that thew coal contrases will meet the j the Company shall remam taxaHe unni an arrht anon is submitted annapated coal fuel needs of the Company through the final contract and apprtwrd for redeternunanon of its taxaHe status. The Company sear,1997. has made an election unJer the Intemal Resenue Cale to remam a taxane entity throuch the year 2003 m order to participate in certain The Company is the defendant in certam hnganon concerning claims i equirnat leases. of connatton, pnncipally refared to the construction ofits utihty riant. The results of some of these lawsuits cannot be Predicent with i The Company had no current mcome tax rnwision for the year terramty; however, it is management's orinion that the nnal outcome ended December 31,1984. The current income tax rrovision for the of these matters wdi not have a materially adverse effect on the
! year ended December 31,1981 was net of arrroximately $18,000,000 Comrany's nnancial posinon. The Company is also the riamtiffin j of investment and energy tax credits. other hogation concemmg related construcnon issues.
Certain timme differences existed at December 31,1984 which resulted in a deferred income tax provi3 ion which was suhtannally NOTE L- EXTRAORDINARY ITEht etiset by $8,600,000 ofinve<tment and energy tax credits. For the Dunng 1981, the Company entered into safe harbor leases for income year ended December 31,19M, deferred mcome taxes were not tax purposes and sold the tu. hts to tax benc6ts awociated with its
! recogni:ed due to the existence of mvestment and energy tax credit undnided ownership mterest in the boiler and turbme assets of liig I carr> forwards. Cajun No. 2, Umt 3. Total cash rroceeds received on the sale were
$ 57,816,913. The Company was required dunng 1984 b, the REA to At December 31,1984, the Comrany had investment anJ cnergy tax credit carryforwards which can be used to otiset future ino me taxes use the proceeds and any meercst camed thereon exclusively to pay all 30 nansunon en and retire outstanJmg FFI) debt. The Company has of approximately $18,000,000 with arrroximately $12, agreed to mJemnify the purchasen through the issuance of lee ren of expinng in 1995 and $26.000,000 expnng in 1999. In addition, the i credit by the htkson llanL for Ox'retantes again.se terram events Company has loss carr3torwards of approximately $409,000,000
, which may be used to offset future taxaHe income. which would result in the low of the tax benents.
As a result of the Company's mvestment m River llend. Unit I (See in 1984, $21,279,600 of the proceeds, net of $790,941 of transacnon Note C), substannat additional tax benefits wdl become avadaNe as ""' "~a' recoum:ed in nonoretanng marg n as an extraordmary construction contmues and at the date the facihty is placed m service. item. In 1981, $10,457,951 of the troceeds, net of $2,135,162 of
! transatnon costs, was hkewise recognized as mcome, Due to the existence of operanng loss and tax crcJit carryforwards at December
]i 31,1984 and the unh:ation ofinvestment and energy tax credits in NOTE I- EMPLOYEE BENEFIT PLAN 1983, no de(crred mcome taxes have been provided on this Suhtantially all of the Company,s emphiyces r . apare in the transaction. As a result of the anticipated reah:ation of substantial National Rural Electnc Looreranve Auociaoon (NRECA) income tax bene 6ts. rnncipally related to the Company's investment Retirement and Secunty Program. The Company makes annual m Rint 13end. Unit I (See Notes C arid 10, future income taxes contnbutions to the plan equal to the arnount, ottiued for pension gqggg,ajg gg, ggg 4 expense. In this master mulople.cmrk'yer plan, which is avadaNe to '* """'; ' 1 all member cooreratives of NRECA, the accumulated bene 6ts and rian assets are not Jetermined or alkrated separately by individual The balance of the Proceeds is bemg deferred and will be recogni:ed i empkwer. The Company's pension expense unJer the plan for 1984 m future penals in accordance with the rate making pokcy as and 1983 was $1,199,090 and $1,539,875, respectively. determined by the 130ard of Direcron of the Company. 24
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