Text

1996 Financial Statements, for Central Iowa Power Cooperative
	ML20141A867
Person / Time
Site:	Duane Arnold
Issue date:	12/31/1996
From:	Darrell Murdock, Newman D; CENTRAL IOWA POWER COOPERATIVE
To:	;
Shared Package
ML20141A830	List: ML20141A823; ML20141A867; ML20141A904; NG-97-0841, Forwards 1996 Annual Financial Repts for Ies Utilities,Inc, Corn Belt Power Corp & Central Iowa Power Cooperative;
References
	NUDOCS 9705150033
	Download: ML20141A867 (22)
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' }w m 4 t g h.;, yA - ~ h- ~e. .-_.( f r. .. / TABLE OF CONTENTS CIPCO at a Glance.. .. I A Report from the President and CEO., .2-3 Financial Profile. ..4-6 Independent Auditors' Report.. .7 Consolidated Balance Sheets. .8 Consolidated Statements of Revenue and Expenses... .9 Consolidated Statements of Members' Equity. ..9 Consolidated Statements of Cash Flows... .10 Notes to Consolidated Financial Statements.. ..!l-15 Ten Year Financial Summary. 16-17 g.@0 E ' L. Member Cooperative Operating Statistics.. ..18-19 d

g y2d ClPCO Systems.

70 - i> .f. CIPCO AT A GLANCE (1996 Statistics) Energy Sales. ..... 1,779,025 MWh Total Operating Revenue. .... $91,732,592 Net Margin. .... $6,467,080 Total Assets. .. $332,965,040 Average Wholesale Rate to Members . 48.63 Mills /kWh Member Systems 15 Total Retail Consumers (approximate number of meters)... 100,000 Approximate Population Served.... . 250,000 1996 Peak Demand ... 370 M W Owned /Co-owned / Purchased Capacity . 449.2 MW Miles of Transmission Line.. . 2,000 Employees (including affiliated and subsidiary companies). .122 1

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g;j j] v j u -),, CENTRAL IOWA POWER COOPERATIVE AND SUBSIDIARY A REPORT FROM THE PRESIDENT AND CEO We are pleased to be able to report that As a w holesale power supplier operating

19'Xi was again another good year in a within prescribed service territories, growing succession of strong years from CIPCO s historical interest in retail financial perspectises. Margins carned of customer needs has been defined by the nearly 63 million dollars exceeded li> recast members of CIPCO and limited to an and our diversified investment portfblio advisory function. llercin lies a major contributed directly to increases in member impediment to the implementation of Fe ale c[o./f[if equity.The isaiance shecis reriect signiricant produci and service vaiue propositions. it is cash and cash equivalent balances and the difficult in the existing business model,if

[O((BiP[/lg ((Jf Statements of Resenue and Expenses show not impossible, to deliver customer sen ice stabilized operating expenses.These proposals and innovative energy products [/thlt./[/*1/d,#[/ nnancial statements document CIPCO's via a marketplace defined individually by progress toward financial security. cach of the CIPCO member systems.The CPOfvC<f a/1ha/*C ' ~ " ~ * * ' ' ' N*' Y '" ~""" " Y'" "~" ' y our financial and operating performance any particular initiatis e are not consistently ah, file //[Ill] Olll*l0Cila# measure of the success for energy supphers Ib the extent that our member systems in the future will be determined by how are not homogenous,there are numerous /# l/lCl*fde/C Oll/* well they are prepared to deal with the points of difference and legitimate conflicts realities of unrestricted competition. We are in the perception of urgency on a variety of C#/12/7E/(([PC/lfe/e/[1,l/ pleased to report that the change w hich matters To expect that these discrepancies will be affecting all industry participants can be sohed quickly would be naive. Yet /*Chllf[/lffC#flef(P[J((f has been well anticipated by the CIPCO to fail to respond to market driven demands lloard of Directors. Ihe formal business could prove fatal to the long-term viability [/11/7/*OP[/lg eft /*P[Cfef. planning processes w hich began in 1989 of CIPCO. In developing our template for have been instrumental in positioning your the new competitive environment we must cooperative to become a competitive define our legitimate business interest partner as opportunities open to us in a beyond the w holesale power contract. new era Concurrently,CIPCO's long standing floweser,the real proof of CIPCO's power generation. transmission, and capabilities depends upon how well we are dispatch relationships with IES and able to embrace change and how Interstate Power are destined to change aggressively we can execute a new business materially given the pending merger model.Whether competition is our between these parties and WPI. Iloldings opportunity to continued success or and the implications of a new marketplace w helher it is a threat to our future viability currently being defined by the various is 3ct to be determined.The ultimate judge legislative and regulatory bodies.Our of our competitive design will be the attempts to date,to understand the consumer. Regardless of financial posture magnitude and nature of these changes or tradition,the utilities that will prosper have been unsuccessful but we have will be those that create relevant. lasting concluded that it is in the interests of all and sustainable value propositions for parties to evaluate the alternatives to these l customers. As we refine our agenda for the traditional alliances. coming year w e will focus our resources in Accordingly, CIPCO has retained this critical area. Goldman Sachs to assist in the exploration ') i

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of a variety of prospecthe ahernatives. 'lhese evaluations will li>cus on a target of significant reduction in the w holesale cost /,</t: U""#'" f8'" of power supply to our current members. Pn.ddent and GO we briiese that this pn> cess will enable fy,.ny;, J/a, d. d-C1100 to disert its managtment energy and financial resources from our traditional role of a w holesale generator to desclop the business acumen of a direct retail marketer. Below: With this new expertise of retad marketer, py,gg,yf w e will be positioned to explore new Dale R. Newman market segments and new k>cales intohing the delistry of power and related services direct!) to consumers. While these (hanges will constitute a major cultural shift for CIPCO, we beheve such change to be comfiirtably within the skill set of management and the core 3, competencies of the company. We also are .h-convinced that competitive change -a mandates such strategies if we are to The board of directors has taken continue our mission and live up to our significant steps to prepare liar the responsibilities. future.Their continuing diligence is We recogni/c that in some quarters our critic:ll in making CIPCO a ficxible, strategic actions will produce anxiety and responsive and competitise utility.We that our actions will be greeted with will not sit back and watch change take skepticism and doubt. On the other hand, place around us.We arc closcl> we are convinced we cannot fail to act following the industry as it evolves,and decisively and aggressitcly if we are to are adjusting our focus to inc rease our continue our role in scrsing the energy competitiveness h) reducing costs needs of the member cooperathe systenn. w hile improsing services.We expect We belicsc this strategy will circumsent CIPCO to be your utihty of choice. the understandable obstacles to decision CIPCO will find stability through making being experienced by the majority leadership and growth that uill allow of our members without prejudicing their us to stand together as we mosc ahead , abihty to henctit from the changes inherent into the.!Ist century. to deregulation. Whi!c it is premature to predict the ' o'utcome of these various dehhcrations and evaluation of alternative businew tiermats.it .44t4%2) 6 el) is a powihihty that CIPCO may exit some of the traditional components of the w holesale generation business during 199 while .p 0/ A M"#G concurrently ininating new activities deahng directly wiih the end consumer. l )_

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~ _ p. .7_, ?b,.,, jfy p % Q Q y ?. V '.' ] 3..... ,4, % w p.llQ.yq' u.g ;.;.. . _,. -- o ? w s-Qp, .,.. q n..,. ..e-b$5 - bkb d .[. :- U T. A a_ aAam;cAnwh of a varict) of prospectnc alternatiscs. These evaluatiom will liwus on a tar et of sigmlicant reduction in the wholcsale cost I,gre of powcr suppl) to our current memhcrs. Pre,oident and CI:n Mc behese that this process will enable f;<ny;,J/urA>J (:lP(:() to dnert its management encrg) 4 and financial resources from our traditional role of a w hdes;!c generator to desclop the business ac umen of a direct retail marketer. He/me: W nh this new expertise of retail markeer. Pec..ident we will be positioned to explore new IJa/< R. X<.eman market segments and ocu locales insohing the delivery of power and related seniccs directly to consumers 4 hile thcsc changes will constitute a major cultural shif t for CIPCO we beliese sut h thange to be comfortably within the skill set of management and the core competencies of the company we also are 4 consinced that competitisc change k mandates such stra:cgics if we are to The board of directors has taken N continue our mission and In c up to our significant steps to prepare ihr the responsibihties. future.Their continuing diligence is %c recogni/c that in some quarters our critical in making CIPCO a flexibic, strategic actions uill produce anxiety and responsisc and competiti.c utilit).uc that our actions will be greeted with will not sit back and watch change take skcpticism and doubt ( hi the other hand. place around us %c are closely w e are cominced w c cannot fail to act following the industry as it evokes.and decishcly and aggressisely it uc are to are adjusting our focus to increase our continue our role in sening the energy competiticenew by reducing costs needs of the member cooperathe sy stems. n hile improsing senices we expect Mc belicsc this strateg) wil.1 circumsent CIPCO to be your utility of (hoice. the undr ;standable obst.kles to decision CIPC() will find stability through making bring experienced by the majority leadership and grow th that uill allow of our members wnhout prejudicing their us to stand together as ue move ahead hikt) to benefit from the thangc3 inherent imo the.!lst century. to deregulation W hile it is premature to predict the

o'utcome of these various dchberations and ccaluation of ahernatne busmew formats it lotmu)c3 u/s cl) is a powihility that (:lP( () nu) (xit some of the tr.nhtionJl components of the % holesale generation business durmg lw w hile f

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dh FEE 4 mandahieAwanudhib wa ma=unk p.,_.G CENTRAL lOWA POWER COOPERATIVE AND SUBSIDIARY FINANCIAL PROFILE The board ofdirectors and staf ars committed to keeping b CIPCO in n 'stwngfinancialposition as we enter'the new era +

of competition, Net margins of $6.5 million in 1996 capped ' (. over a decade ofpositive operating resultsfor CIPCO. ) Long-lfrn! OPER ATING RESULTS "'h 'd""~"' "'

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estimated fair market value.The Missouri [#Pfet/nif#[et [JaPC Energy sales in 1996 totaled $86.5 River site was sold during 19% million after marketing rebates.The revenue Inng-term investments have created frcalf0 etn[htlant[a[ per kilowatt-hour averaged 48.63 mills /kWh substantial increases in value for CIPCO as compared to 50.87 mills /kWh in 1995, during the last two 3 ears. Investments [Herfde/fet [n Pa[nf Purchased power increased $1.9 million increased by $20.3 million during 19% during 19(Xi for a number of reas<ms.The mainly as a result of writing certain stock for CIPCO DAEC was off line fi>r scheduled refueling holdings in the decommissioning funds and in the late fall of 1996 while other in CIECO to their market value at httr[HtJ ((fc [a,p[ generation units were down. Demand was December 31,1996. CIPCO also recognized i larger than anticipated during this time and accumulated earnings in the Iowa Capital l6Po yfdret. additional power had to be purchased at a Corporation investment during 1996. higher rate. Total operating expenses for Total current assets decreased by 1996 were nearly the same as 1995. $9 million as some of the temporary During 19(Xw $1.H million in patronage investments were moved to longer was allocated to the members, and the 1975 maturities to gain higher earnings. patronage dividend of nearly $.3 million was returned to the members. At the end of RATES AND RATIOS 1996, member equity totaled $56.9 million, l CIPCO's directors and staff remain resuhing in a 19.7 percent total equity committed to strategic planning in order to capitalization as compared to 15.6 percent rem:un a competit,ve power supplier m, i ratio in 1995, today's increasingly tough market.The ""d " '"* *i" "i'"'" C'"CU ASSETS 8 rate structure and recommends to the board _.. _ _ _ _ _ _ _. _ - _. _... ~ Consolidated total assets are nearly $333 appropriate billing arrangements and rate million,an increase of $15.7 million from a structure changes. l year ago. Net electric plant increased by CIPCO'sTimes interest Earned Ratio i j $7.5 million primarily due to construction (TIER) for 1996 was 1 A2, compared to 1.15. of IPSCO facilities w hich are nearly for 1995.The Debt Service Coverage (D'sC) complete. Non-utility property decreased by was 1.39 for 1996 and 1.18 for 1995. I $2 6 million. During the past two years CIPCO's ratios continue to be in excess of C!PCO decided that certain property held the minimum requirements for debt i fi>r future use would no longer be held,and compliance,w hich are 1.00 for both TIER 4

and D.sC.CIPCO's equity to asset ratio million, purchases of other investments ~ ~ w remains strong at 17.1 percent, up from totaling approximately $7 milhon.and 13.6 percent a year ago. purchases of nuclear fuel of $4.1 million. H,. Equity to asset ratios for CIPCO's 17inancing activities during 1996 used f. member RECS averaged 43 percent and 5.8 million Principal payments on long-y, equity as a percentage of capitalization term debt were offset by additional [. averaged 46 percent for 1996.These ratios borrowings of $10.7 million.CIPCO repaid I are slightly higher than the 1995 ratios. approximately $1 million of pollution (. control bond 3 during 1996. In addition, L CASH FLOW CIPCO s new construction loan was released during 1996.and funds were Net cash provided by operating actisities was.*21.9 million,while the net cash used cash equivalents totaled $25.3 million at in M 'esting activities totaled $30.3 million. investing activities consisted primarily of net electric utility plant purchases of $19.4 j,,,, p, g I7et Prc.*ic)cnt of Corporate Operation.o TOTAL ASSETS MEMBERS' EQUITY 350 - 60 - 300 - 50 - 250 - 40 - E E o .o 5 200 - E 30 - E E e c $ 150 - E 20 - .8 8 100 - 10 - 50 - 50 - l 0-0- '92 '93 '94 '95 '96 '92 '93 '94 '95 '96 Years Years 5

~ g' ' O .Th " ] );. < bN w[l,/i 3 1 ~ ..w.a w. : =.., _. -. n-. re,':,w PEAK DEMAND ENERGY SALES 1,800,000 - ~ 1 I

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^ 1,600.000 - -60 1,400,000 - 250 - 1,200,000 - 1,000,000 - 200 - -50}; I u0 - E 600,000 - -455 g 100 - '~ 400,000 - 200,000 - '.gg '.gg '.90 87 88 89 90 91 92 ' 93 '94 ' 95 96 .g7 '91 '92 '93 '94 '95 '96 Years Years I UTILITY PLANT INVESTMENT OPERATING EXPENSES (As a percentage of revenue) Margin 7.0% 1995 ~ ER* ' '"*"" g'g 1994 m 1993 I Interest 15.5% 5 1991 1990' ~ 1989 4 1988 Decommiss onin 1.6% Generation ~ 1g37 7 21.0 % H 50 100 50 200 250 300 350 400 g Production [ Transmission g GeneralPlant

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Niscember at 370 Jill? a,,,,,, t,,, _ i Kili> watt-hirur.oale.* were fair Station 14.2 % 1,779,02-1,913 in 1996. C l'":'1H lb' one 43.0% g j p O O O y.fte m. W a.o Louisa 7.1% l 48.65 mill.o per kili> watt hirur. 25.7% 6

m;, e 4 i Y [ - % ]IQg f, g,gg ?q' ow + _m. .. s sutil's w mi:&4 T ;.. MPeat Marwick LLP 2500 Ruan Center P.O. Box 772 Des Moines, IA 50303 The lioard of Directors Central towa Power Cooperative + We have audited the accompanying consolidated balance sheets of Centra Cooperative and subsidiary as of December 31,1996 and 1995, and j i d cash flows for consolidated statements of revenue and expenses, members' equ ty, anh responsibility the years then ended. These consolidated financial statements are t e inion on these the Cooperative's management. Our responsibility is to express an op consolidated financial statements based on our audits. We conducted our audits in accordance with generally accepted auditin Those standards require that we plan and perform the audit to obtain re l i t An assurance about whether the financial statements are free of mat d audit includes examining, on a test basis, evidence supporting the amounts an disclosures in the financial statements. An audit also includes assessin h ll principles used and significant estimates made by for our opinion. In our opinion, the consolidated financial statements referred to a i d all material respects, the financial position of Central lowa Power Cooperat ve a l fhi rations and subsidiary as of December 31,1996 and 1995, and the resu ts o t e r opei h ge their cash flows for the years then ended in conformity w t accounting principles. 4(PMG Pact Maxuak> ccp February 21,1997 i EREL==- f y s.

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77M7;gy 7 m. % % g M 5 M g y %mq.. ', < g t u, o m 1 r .s 1 Q, l, _, wn M. 'Vr ;, ? ". G ,3 llQ ( x< J p-t n s n a QWx Qyg:o)) n, g ,i ~"' $$$l 04L%Ak%McLeaM w.2%s$M wn& MadwDLnOuion % wasAv. Gad 2%5 % (pl j CENTRAL lOWA POWER COOPERATIVE AND SUBSI ... ;v .x 7,yy CONSOLIDATED BALANCE SHEETS ~ December 31,1996 and 1995 1996 1995 Assets (Note 6) Electric utility plant, at cost (Notes 2 and 9): In service 358,281,962 341,705,868 I. css accumulated depreciation 151,629,495 141,112,703 206,652,467 200,593,165 Construction worlt in progress 10,360,835 8,395,669 Nuclear fuel, at cost less accumulated amortization of $57,502,201 in 1996 and $52,894,319 in 1995 9,702,096 10,220,649 Net electric utility plant 226,715,398 219,209,483 Non-utility property, at cost less accumulated depreciation of $1,392,752 in 1996 and $1,189,954 in 1995 (Note 3) 5,131,609 7,743,804 Investments and notes receivable: Investments in associated organizations 9,790,712 9,906,948 Investments in other organizations 4,720,939 1,950,000 investments-decommissioning trust fund (Note 4) 9,803,053 7,659,562 Other investments (Note 4) 24,041,595 8,596,373 Notes receivable from affiliate 1,131,137 1,100,946 Total investments and note receivable 49,487,436 29,213,829 Current assets: Cash and cash equivalents: Cash, general 4,503,454 2,224,253 Cash, construction 121,633 64,604 Cash equivalents 20,722,918 32,248,793 Accounts receivable, members 8,025,694 7,752,950 Other receivables 414,963 910,150 1 ossil fuel, materials and supplies 5,234,781 5,364,520 Prepaid expenses 442,276 469,152 Interest receivable 242,606 321,478 I)eferred charges 2,579,380 1,934,387 Total current assets 42,287,705 51,290,287 Deferred charges 9,342,892 9,803,040 332,965,040 317,260,443 t Capitalization and Liabilities Capitalizatiom Members' equity: Membership fees 1,600 1,700 Patronage capital 21,290,557 19,788,463 Other equities (Note 5) 35,577,972 23,492,231 Total members' equity 56,870,129 43,282,394 1.onprerm debt, less current maturities (Note 6) 231,480,716 235,124,252 Total capitalization 288,350,845 278,406,646 Current liabilities: Current maturities of long-term debt (Note 6) 8,988,773 9,286,032 Notes payable (Note 6) 3,412,715 Accounts payable 4,894,203 4,871,993 l Accrued property taxes 5,062,007 5,082,451 l Accrued mterest 13,680 2,455,235 Other accrued expenses 322,032 350,493 Advances from members 300,000 300,000 Total current liabilities 22,993,410 22,346,204 Other liabilities: Decommissioning reserves 15,876,847 13,744,507 Special assessment 2,360430 2,308,560 Deferred taxes (Note 8) 3,075,C25 Other 308,383 454,526 4 Total other liabilities 21,620,785 16,507,593 i Commitments and contingent liabilities (Note 10) l 332,965,040 317,260,443 See Acannpanying Notes to Consolidated Financial Statements, l

CONSOLIDATED STATEMENTS OF REVENUE AND EXPENSES Years Ended December 31,1996 and 1995 1996 1995 Operating revenue: Electric: Energy sales 86,505,541 86,517,725 Rent of property 3,552,648 679,740 hiiscellaneous 396,762 515,298 Other 1,277,641 1,324,745 Total operating revenue 91,732,592 89,037,508 Operating expenses: I urchased power 8,519,525 6,606,936 Operations: Production plant - fuel 15,927,044 15,826,496 Production plant - other 13,462,185 16,244,449 Transmission plant 2,246,762 1,923,712 hiaintenance: Production plant 6,028,031 7,167,473 Transmission plant 1,631,367 1,718,793 hiember services 1,214,659 1,420,792 Administrative and general 3,134,472 2,936,127 Depreciation and amortization 11,476,590 10,449,639 Decommissioning provision 2,132,340 1,824,330 Property and othet taxes and insurance 6,228,222 6,670,838 Other 3,014,901 2,195,911 Total operating expenses 75,016,098 74,985,496 Net operating margin 16,716,494 14,052,012 Other revenue: Investment income 4,010,261 2,818,438 Patronage capital allocations 171,520 182,029 hiiscellaneous income 38,886 43,351 Total other revenue 4,220,667 3,043,818 Net margin before interest charges 20,937,161 17,095,830 Interest charges: Interest on longterm debt 15,283,117 15,337,450 Allowance for borrowed funds used during construction (813,036) (551,073) Net interest charges 14,47C,081 14,786,377 Net margin 6,467,C80 2,309,453 CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY Years Ended December 31,1996 and 1995 Total hiembership Patronage Other members' fees capital equities equity lialance at December 31,1994 1,700 18,334,828 21,129,262 39,465,790 i Net margin 2,309,453 2,309,453 l Patronage capital paid (46,365) (46,365) Patronage capital allocated 1,500,000 (1,500,000) Unrealiicd gain in market value of invesments 1,553,516 1,553,516 Italance at December 31,1995 1,700 19,788,463 23,492,231 43,282,394 Net margin 6,467,080 6,467,080 Patronage capital paid (297,906) (297,906) Patronage capital allocated 1,800,000 (1,800,000) ) Unrealiicd gain in market value of 1 imestments, net of taxes 7,418,661 7,418,661 l Return of membership fees (100) (100) llalance at Decemi cr 31,1996 1,600 21,290,557 35,577,972 56,870,129 See Acwmpanying Notes to Consolidated FinancialStatements. 9 l

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ggy s p.s. I d, y ~S ag ad f n J a p.a CENTRAL IOWA POWER COOPERATIVE AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31,1996 and 1995 1996 1995 Cash flows from operating activities: Net margin 6,467,080 2,309,453 Adjustments to reconcile net margin to ne cash provided by operating activities: 1)ep:cciation and amortization of electric utility plant and non-utility property 11,660,590 10,612,746 Amortization of deferred charges 1,794,233 4,0$0,241 Amortization of nuclear fuel 4,607,882 4,398,138 Decommissioning provision 2,132,340 1,824,330 Write-down of non-utility property 1,650,000 1,052,426 Patronage capital allocations not received in cash (171,420) (181,939) Amortieation of repricing costs 396,690 396,602 Loss on disposal of investments - decommissioning trust fund and other insestments 335,677 128,348 Gain on disposal of investments - decommissioning trust fund and other insestments (1,070,097) (512,121) Equity in net income of unconsolidated investees (911,213) Interest income reinvested (540,682) (591,866) Decrease (increase)in receivables 222,443 (1,001,160) Decrease in fossil fuel, materials and supplies 129,739 1,615,573 Decrease (increase)in prepayments and interest receivable 105,748 (195,877) Refueling outage and oth< r costs deferrcJ (2,375,7+ s) (4,591,230) Decrease in accounts payable, accrued liabilities, and orl-r liabilities (2,614,393) (144,307) Other 124,080 (6,649) Net cash provided by operating activities 21,942,929 19,162,708 Cash flows from investing activities: Additions to electrie utility plant, net (19,444,434) (17,129,102) Additions to non-utility property, net (86;924) (112,671) Procech from sde of Missouri River site 736,285 Purchases of investments-decommissioning trust fund and other investments (18,219,209) (8,929,746) Sales of investments-decommissioning trust fund and other investments 10,509,617 8,314,546 Purchases of nuclear fuel (4,089,329) (595,798) Purchase of investments in associated organizations and other organizations (53,490) (1,347,956) Receipt of prior years' patronage capital allocation 220,408 227,610 Sales of investments in associated organizations and other organizations 150,679 128,358 Increase in note receivable from affiliate (30,191) (622,301) Net cash used in investing activities (30,306,588) (20,067,060) Cash flows from financing activities: Principal payments on long-term debt (10,230,640) (7,567,343) Principal payments on notes payable (1,000,000) Proceeds from notes payable borrowings 4,412,715 Proceeds from long-term borrowings 6,289,845 21,858,804 Patronage capit.d paid (297,906) (46,365) Interest rate adjustment repricing costs (19,734) Net cash (used in) provided by financing activities (825,986) 14,225,362 Net (decrease) increase in cash and cash equivalents (9,189,645) 13,321,010 Cash and cash equivalents at beginning of s car 34,537,650 21,216,640 l Cash and cash equivalents at end of year 25,348,005 34,537,650 l Supplemental disclosure of cash flow informatiom Cash payments for interest 17,176,582 15,193,850 See Accompanying Notes to Consolidated FinancialStatements. 10

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/ QQ - ~., r .l hk $ +xwp m s w %&&%MdMasL%uGN% M M C.. +: CENTRAL IOWA POWER COOPERATIVE AND SUBSIDIARY NOTES TO CONSOL! DATED FINANCIAL STATEMENTS December 31,19% and 1995 Note h Summary ofSignificant Accounting (a) Basis of Accounting i The consolidated financial statements include the accounts of Central towa Power Cooperative (the Cooperative) and its majority owned subsidiary, Central lowa Energy Cooperative (CIECO). The Cooperative is an electric generation and transmission cooperative providing wholesale electric service to its 15 members. CIECO owns a lake and dam suitable for construction and operation of an electric generating plant and various equipment rented primarily to the Cooperative. CIECO also owns other assets held for sale and invests in joint ventures primarily with members of the Cooperative. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting records of the Cooperative are maintained in accordance with the Uniform System of Accounts prescribed by the Rural Utilitics Service (RUS). The Cooperative is not subject to external regulation other than by the RUS. Distribution of margins of the Cooperative and CIECO (collectively, the Company) are made in accordance with the provisions of the Code of Iowa. (b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual resuhs could differ from those estimates. (c) Electric Utility Plant Depreciation of electric utility plant in senice is provided over the estimated useful lives of the respective assets on the straight-line basis. Maintenance and repair of property and replacement and renewal of items determined to be less than units of property are charged to expense. Replacement and renewal of items considered to be units of property are charged to the property accounts. At the time properties are disposed of, the original cost, plus cost of removal less salvage of such property,is charged to accumulated depreciation. (d) Nuclear Decommissioning Based upon the Nuclear Regulatory Commission (NRC) minimum formula (which exceeds a site-specific study completed in 1994), the Cooperatise's share of the costs to decommission the Duane Arnold Energy Center (DAEC) is estimated at $80,000,000 in 1996 dollars. The cost to dispose of spent fuel is not considered a decommissioning expense. The Cooperative includes a provision for disposalin its nuclear fuel expense. The.NRC minimum formula estimate is being used as the basis for decommissioning funding. For purposes of developing a decommissioning fundi.ng plan, the Cooperative assumes decommissioning costs will escalate at an annual rate of 5 percent and the average return on investments will be approximately 10 percent. The funding plan assumes decommissioning will start in 2014, the anticipated plant shutdown date. The decommissioning costs are being recogniicd over the expected senice life of the plant and are included in the Cooperative's service rates. At December 31,1996, the Cooperative has $9,803,053 in investments set aside for decommissioning in a legally restricted external trust fund and has abo designated $6,073,741 of other investments foi decommissioning. (c) Non-utility Property Non-utility property is carried at cost less accumulated Jepreciation. Depreciation is computed by the straight-line method over the estimated useful hves of the respectis e assets, w hich range from 5 to 10 years for equipment, and 33 to 40 years for the dam, operation center, and conference center. The golf course lease is being amortized on the straight-line method over the term of the lease, approximately 41 years. (f) Allowance for Funds Used During Construction The allowance for funds used during construction represents the estimated cost, during the period of construction, of borrowed funds used for construction purposes. The composite rates used to calculate the allowance for 1996 and 1995 were approximately 6.4 percent and 6.7 percent. respectively. (g) Nuclear Fuel The cost of nuelcar fuel, including capitalized interest and taxes,is being amortiied to fuel expense on the basis of the number of units of thermal energy produced in relacionship to the total thermal units expected to be produced user the life of the fuel. Nuclear fuel expense includes a provision for estimated spent nuclear fuel disposal cost which is being collected currecly from members. (h) Fossil Fuel, Materials and Supplies Fossil fuel, materials and supplies are stated at moving average cost. (l) Investments and Notes Receivahie Investments in associated organizations consist primarily of approximately $5,500,000 in capital term certificates issued by National Rural Utilities Cooperatke Finance Corporation (CFC) and memberships in other cooperatives. These investments are stated at cost, adjusted for patronage capital allocations. In estments in other organizations consist primarily of an in estment in a venture capital corporation (31 percent ownership) which is accounted for on the equity method. Investments - decommissioning trust fund is a legally restricted external trust fund and consists primarily of U.S. Treasury notes, other bonds and notes, common stock and money market funJs, which are carried at market value with net unrealiied gains and losses reported in other equities until realiicd. Other investments consist primarily of U.S. Treasury notes, other bonJs and notes, common stock and money market funds, w hich are carried at mar ket value with net unrealiied gains and losses reported in other equities until realiicd. Notes receivable from an affiliated joint senture bear irterest at 8.30 percent to 8.65 percent, and are due in quarterly installments of $29,600 including interest through hlay 2010. (j) Pension Plan The Company's policy is to fund pension costs accrued. 11 L

w.& y v m je ~ I i) dyyfk-- w-pm.i CENTR AL lOWA POWER COOPERATIVE AND SUBSIDIARY wy-NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) December 31,19% and 1995 (k) Deferred Charges Deferred charges consist principally of a special assessment established by the Er.:rgy Policy Act of 1992 for decontamination and decommissioning of the Department of 1.nergy enrichment facilities and repricing costs incurred to obtain lower interest rates on long-term debt. These costs are being recmcred through rates over various amortization periods as follows: the special assessment,15 years ending in 2007, and the repricing cmts,17-21 years ending in 2014. The amount of these costs to be amortiecd in 1997 has been reflected as a current asset on the balance sheet. (l) Cash Equivalents Cash equivalents of $20,722,918 and $32,248,793 at December 31,1996 and 1995, respectively, consist primarily of CFC conunercial paper and in 1995 included principal payments on mortgage notes paid in advance of the due date. For purposes of the statements of cash flows, the Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. (m) Impairment of Long-1.ived Assets and long-Lived Assets to lie !)isposed Of The Company adopted the provisions of Statement of Financial Accounting Standards (SFAS) No.121, Accountingfor Impariment of Long-Lived Aucts andfor I.ong-Lived Anets to Ife Digmed of, on January 1,1996. This Statement requires that long-lived assets and certain identifiable intangibles be resiewed for impairment wheneser events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are comidered to be impaired, the impairment to be recogniecd is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets. Assets to be disposed of are reported at the lowe: of the carrying amount or fair value less costs to sell. (n) Fair Value of FinancialInstruments Fair value estimates, methods, and assumptions are set forth below. Cash and Cash Equivalents, Accounts and Other Receivables, Interest Receivable, Accounts Payable and Advances from Members The carrying amonnt apprmimates fair value because of the short-term nature of these instruments. Investments and Notes Receivable It was not practicable to estimate the fair value of investments in associated and other organizations. The investments in associated organizations are carried at their original cost, adjusted for patronage capital allocations. The untraded capital term certificates currently bear interest at 3 percent to 5 percent and primarily mature in 2020 through 2080. The patronage capital allocations are noninterest-bearing and mature based upon the grantmg cooperatises' policies. The investments in untraded other organriations are accounted for on the equity me hod. The fair value of investments-Jecommissioning trust fund and other investments are based on quoted market prices published in financial newspapers or quotations received from secunties dealers. At December 31,1996, the estimated fair value of investments. decommissioning trust f und and other imestments were $9,803,053 2nd $24,041,595, respectively. The carrying value of the notes receisable approximates the fair value. long-Term Debt The fair value of longterm debt is calculated by discounting scheduled cash flows through maturity using estimated market discount rates. The discount rate is estimated using the rates currently offered for long-term debt of similar remaining maturities. At December 31,1996, the Company estimated the fair s alue of its long-term debt at $240,000,000. Limitations Fair value estimates are made at a specific point in time, based on relesant market information and information about the financial imtrument. Ilecause no market exists for a portion of the Company's financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financialinstruments, and other factors. These estimates are subjective in nature and involve uncertaint;es and matters of significant judgment and, therefore, cannot be Jetermined with precision. Changes in assumptions could significantly affect the estimates. (o) Reclassifications Certain amounts for 1995 have been resiassified to conform to the 1996 presentation. Natc 2: Electric Utility Plant in Service The major classes of electric utility plant in service at December 31,1996 and 1995 and depreciation and amortization for 1996 and 1995 are as follows: Deprecia, tion and Composite Cost amortizatmn rates 1996 1995 1996 1995 intangible plant 5 561,234 554,170 16,911 11,372 4.00 Production plant 238,281,367 235,288,942 7,851,632 7,518,944 3.10-3.50 Transmission plant 111,786,822 98,506,125 3,035,424 2,341,299 2.75 Distribution plant 454,256 454,256 12,914 12,914 2.75 General plant 7,198,283 6,902,375 503.085 482.117 3.00-16.00 Electric utility plant in sersice 358.281.962 341,705.868 11.419,966 10.366.646 12

Note 3: Non-utility Property At December 31,1996, and 1995, non-utility property consists of the following: 1996 1995 Guthric County site'" 1,687,809 2,687,809 Missouri River site "' 792,825 Lake and dam - Guthrie County 1,228,609 1,228,609 Wilton operation center 650,000 650,000 Equipment 1,471,9 0 1,445,001 Golf course property and equipment + 896,429 1,539,913 Other property 589,601 589,601 6,524,361 8,933,758 "'During 1996 and 1995, the Company decided that the Guthrie County site and the jointly owned Missouri River site, respectively, would no longer he held for future use. Write-downs of approximately $1 million for each site were made to carry the sites at estimated fair market values. The Company sold the Missouri River site to its joint owners in 1996. "During 1996, the Company also decided to sellits golf course property and equipment. A write-down of $650,000 was made to carry the property and equipment at estimated fair market value. Write downs of non-utility property are classified as other operating expenses in 1996 and 1995. Note 4: Investments At December 31,1996 and 1995, investments-decommissioning trust fund and other investments were classified as available-for-sale and consisted of the following: Decommissioning Trust Fund Other Investments Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Cost Gains Losses Value Cost Gains Losses Value 1996 U.S. Treasury notes t,437,390 38,439 4,916 1,470,913 4,680,474 232,026 4,912,500 Other bonds and notes 673,026 890 14,119 659,797 7,000,000 7,000,000 Common stock 5,319,852 1,748,487 34,050 7,034,289 3,568,764 8,222,165 23,411 11,767,518 Money market funds and other 638,054 638,054 361,577 361,577 Totals 5 8,068,322 1,787,816 53,085 9,803,053 15,610,815 8,454,191 23,411 24,041,595 1995 U.S. Treasury notes 1,020,973 95,817 1,116,790 4,(28,096 331,305 4,959,401 Other bonds and notes 540,489 17,387 4,312 553,564 65,000 65,000 Common stock 4,273,080 1,150,296 40,033 5,383,343 2,573,131 47,079 44,023 2,576,187 Money market funds and other 605,865 605,865 995,785 995,.785 Totals 5 6,440,407 1,263.500 44,345 7,659,562 8,262,012 378,384 44,023 8,596,373 Notc 5: Other Equitles At December 31,1996, and 1995, other equities consist of the followinr 1996 1995 Unallocated margin 6,467,080 2,309,453 .Reserse for contingent losses 12,727,630 12,727,630 Surplus 7,411,085 6,901,632 l Unrealized gain in market value of investments, net of taxes of $3,075,025 in 1996 7,090,486 1,553,516 I Share of equity method investee's unrealized gain in market value of investments, net of taxes 1,881,691 $ 35,577,972 23,492,231 The reserse for contingent losses is a discretionary reserve established by the Company for unexpected future losses. H

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c..a the tax loss carryforward and unused investment tax credits has e been applied to climinate net deferred tax credits. To the extent the tax loss carryforward and investment tax credits are used to offset income taxes for tax purposes, net deferred tax credits will be restored at the then current rates. In 1996, CIECO established a deferred tax liability of $3,075,025 against the unrealized gain in market value of investments recorded in other equities.

Note 9: Jointly owned Electric Utility Plant The Cooperative's share of jointly owned generating facilities as of December 31,1996,is reflected in the following table. These facilities provide approximately 50% of the Cooperative's total generating capacity. The Cooperative is required to provide financing for its share of the units. The Cooperative's share of expenses associated with these units is included with the appropriare operating expenses in the statements of revenue and expenses The following table provides the net balance recorded in the Electric-Utility Plant by facility at December 31,1996. Percentage Capacity Electric Facility Ownership MW Utility Plant, Net DAEC 20.0 % 107 $76,947,849 Council Bluffs Unit No. 3 11.5 78 23,405,053 Eouisa Generating Station 4.6 32 I8,534,460 Note 10: Corninisments and Contingent Liabilities The Cooperative has entered into an agreement with IPSCO Inc. to provide electrical service for IPSCO Inc 's manufacturing facility -b construction in Montpelier, Iowa. In accordance with the agreement, the Cooperative must furnish and maintain certain transmission facilities, transmission lines, switching stations and other items (collectively " Facilities"), as defined in the agreement. The Cooperative will be responsible for up to 523,000,000 of the cost of constructing the Facilities, subject to certain conditions as defined in the agreement. Beginning in 1996,IPSCO Inc., pays a monthly customer charge to the Cooperative regardless of the amount of power used. In addition, IPSCO Inc. will pay certain other charges as defined in the agreement, if IPSCO Inc. does not complete its manufacturing facility or ceases to purchase power through the Cooperative, IPSCO Inc. is obligated to pay the Cooperative for its amortiied investment in the Facilities as defined in the agreement. The Cooperatise is committed under a subscription agreement with an affiliated venture capital corporation to purchase the remaining one-half of their subscribed preferred shares at a price of $1,650,000 upon 60 days notice from the corporation's officers. The Cooperative's operations and activities with respect to its coal-fired facilities are subject to developing environmental legislation and regulations by Federal and State authorities. Recent amendments to the Federal Clean Air Act require utilities, including the Cooperative, to comply with more restrictive emissions standards commencing in 1996. The Cooperative is recovering any increased costs resulting from compliance with the emironmental legislation through increased rates. The Price-Anderson Amendments Act of 1988 (1988 Act) sets a statutory limit of $8.9 billion for liability to the public for a single nuclear power plant incident and requires nuclear power plant operators to provide financial protection for this amount.The DAEC provides this financial protection through a combination of $200 million of insurance and $8.7 billion of industry-wide retrospective payment plans. Under the industry-wide plans, DAEC could be assessed a maximum of $79.3 million per nuclear incident, with a maximum of $10 million per year (of which the Cooperative's 20 percent ownership portion would be $15.9 million anJ $2 million, respectively),if losses relating to the accidents exceeded $200 million. Pursuant to provisions in various nuclear insurance policies, DAEC could be assessed retroactive premiums in connection with a future accident at a nuclear f acility owned by a utility participating in the particular insurance plan. With respect to primary and excess property damage and replacement power coserages, DAEC could be assessed a maximum of $9.4 million and $0.7 million, respectively,if the insurer's losses relating to an accident exceeded its reserves (of which the Cooperative's 20 percent ownership would be $1.88 million and $0.14 nullion.) While assessments may also be made for losses in prior years the Cooperatise is not aware of any losses in such years that it believes are likely to result in an assessment. In the unlikely event of a catastrophic loss at DAEC, the amour.t of insurance available may not be adequate to cover property damage, decontamination and premature decommissioning. Uninsured losses, to the extent not recovered through rates, would be borne by the DAEC ow ners and could have a material adverse effect on the Company's financial position and resuhs of operations. l 15 l

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SUMMARY

Unatidited 1996 1995 1994

SUMMARY

OF OPERATIONS Operating resenue 91,732,592 89,037,508 85,028,734 Operating expenses and interest: Purchased power 8,519,525 6,606,936 6,118,306 Operations, maintenance and other 42,310,290 45,076,834 41,564,483 Member services 1,214,659 1,420,792 1,082,301 Administrative and generaln 3,134,472 2,936,127 3,039,463 Depreciation and amortization 11,476,590 10,449,639 11,375,564 Decommissioning provision 2,132,340 1,824,330 1,594,812 Property and other taxes and insurance 6,228,222 6,670,838 7,182,612 Net interest charges 14,470,081 14,786,377 14,097,906 Total operating expenses and interest 89,486,179 89,771,873 86,055,477 Margin (loss) before other revenue 2,246,413 (734,365) (1,026,713) Other revenue 4,220,667 3,043,818 2,936,268 Net margin 6,467,080 2,309,453 1,909,555 ASSETS Electric utility plant 435,847,094 413,216,505 397,021,724 Less accumulated depreciation and amortization 209,131,696 194,007,022 180,772,357 Net electric utility plant 226,715,398 219,209,483 216,249,367 Net non-utility property,imestments, and notes receivable 54,619,045 36,957,633 33,248,839 Current assets 42,287,705 51,290,287 37,169,726 Deferred charges 9,342,892 9,803,040 11,001,268 Tinal assets 332,965,040 317,260,443 297,669,200 CAPITALIZATION AND LIAllILITIES Members' equity 56,870,129 43,282,394 39,465,790 f.ong-term debt 231,480,716 235,124,252 221,732,790 Current liabilities 22,993,410 22,346,204 21,758,749 Decommissioning reserves 15,876,847 13,744,507 11,920,177 Special assessment and other liabilities 5,743,938 2,763,086 2,791,694 Tiital capitalization anJ liabilities 332,965,040 317,260,443 297,669,200 "' Not restated to reflect consolidation of majority owned subsidiary, CECO.

Beginning in 1994, certain salaries, benefits, and other costs previously classified as administrative and general have been reclassified as member services or operations, maintenance and other to be more reflective of the services provided. )kars 1993 through 1987 have not been reclassified on a comparative basis as it was not practical.

16

y3 y y 'y,c . MN,gm,. f, kWH'uf ?:.. : 1993 1992 1991* 199?" 1989+ 1988'" 1987'" 85,785,058 82,376,927 80,491,877 75,817,988 72,561,582 71,479,289 68,716,915 9,492,228 6,238,944 5,09.5,377 6,994,000 3,271,280 1,911,799 4,511,217 36,156,917 36,718,806 37,160,245 32,720,503 33,383,176 34,725,741 31,144,655 1,086,483 728,473 691,385 549,161 412,649 572,934 375,616 3,795,594 4,404,458 3,629,407 3,221,043 2,853,246 1,964,679 1,782,692 10,799,746 10,205,712 9,398,207 10,788,846 9,400,390 9,377,277 8,910,470 1,770,725 1,204,770 1,009,870 1,725,699 1,001,790 1,028,832 929,960 7,044,412 7,055,071 7,374,852 6,715,566 6,469,109 6,112,232 5,784,505 15,061,130 15,482,054 15,453,492 15,237,629 15,283,640 14,830,577 15,323,888 85,207,235 82,038,288 79,810,835 77,952,447 72,075,280 70,524,071 68,763,003 577,823 338,639 681,042 (2,134,459) 486,302 955,218 (46,088) 1,887,856 2,000,743 2,090,006 4,098,528 2,093,041 1,744,943 1,713,438 2,465,679 2,339,382 2,771,048 1,964,069 2,579,343 2,700,161 1,667,350 384,457,411 371,882,103 361,894,125 348,703,621 351,945,766 339,859,546 315,296,237 168,641,832 156,930,198 145,171,769 133,099,805 137,980,323 127,792,910 117,308,959 215,815,579 214,951,905 216,722,356 215,603,816 213,965,443 212,066,636 197,987,278 30,267,892 28,352,028 23,142,382 18,448,543 16,234,231 16,3N 544 14,016,197 36,184,307 18,749,147 19,900,184 23,024,779 22,686,762 19,7C 3,998 29,492,565 6,442,156 5,197,969 3,986,348 5,012,018 7,537,685 9,343,599 10,335,627 f 288,709,934 267,251,049 263,751,270 262,089,l56 260,424,121 257,420,777 251,831,667 37,745,673 35,279,994 33,418,329 30,707,281 28,743,2?2 26,163,869 23,495,994 215,429,551 202,507,475 204,381,424 209,197,377 213,767,922 212,957,991 213,794,778 22,728,477 18,411,229 18,601,647 15,904,498 13,358,686 14,746,407 12,017,216 10,325,365 8,554,640 7,349,870 6,280,000 4,554,301 3,552,510 2,523,679 2,480,868 2,497,7l 1 288,709,934 267,251,049 263,751,270 262,089,156 260,424,121 257,420,777 251,831,667 17

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SUMMARY

OF OPERATIONS: Operating Revenue $ 2,486,487 5,624,456 11,607,120 29,477,084 7,578,285 5,866,555 Purchased Power 1,368,718 2,798,452 7,384,868 20,071,486 4,777,824 3,623,473 Operating Expenses 637,496 1,556,289 1,964,542 4,599,827 1,410,922 1,345,071 Depreciation 194,581 482,124 636,181 1,738,454 556,352 339,486 Tax Expense 59,476 189,231 249,400 537,755 169,492 129,220 Interest Expense 218,713 490,839 837,740 1,139,540 537,123 395,545 Total Cost - Electric Service 2,478,984 5,516,935 11,072,731 28,087,062 7,451,713 5,832,795 Operating Margins 7,503 107,521 534,389 1,390,022 126,572 33,760 Non-operating Margins & Capital Credits 104,085 212,500 369,244 688,796 210,370 320,318 Patronage Capital or Margins $ 111,588 320,021 903,633 2,078,818 336,942 354,078 ASSETS AND OTHER DEBITS: Total Utility Plant $ 6,548,298 16,784,428 25,044,569 61,143,765 17,419,909 12,965,738 Accumulated Depreciation & Amortization 2,176,298 5,770,625 6,252,069 18,034,814 4,526,647 5,083,630 l Net Utility Plant 4,372,000 11,013,803 18,792,500 43,108,951 12,893,262 7,882,108 Property & Investments 950,495 1,644,556 3,634,903 9,792,837 2,138,727 1,628,846 Current & Accrued Assets 1,334,375 2,317,244 3,428,641 7,496,563 2,700,588 3,933,768 Deferred Debits 20,165 18,787 3,963 38,707 53,647 Total Assets & Other Debits $ 6,677,035 14,994,390 25,860,007 60,437,058 17,786,224 13,444,722 LIABILITIES AND OTHER CREDITS: Margins & Equities $ 2,231,907 4,820,524 11,986,645 31,240,805 6,757,314 5,264,831 Long Term Debt 4,174,974 9,066,608 13,160,384 25,705,741 9,619,101 6,887,760 Current & Accrued Liabilities 252,968 1,011,765 667,822 3,149,764 1,076,455 740,502 Deferred Credits & Misc. Oper. 17,186 95,493 45,156 340,748 333,354 551,629 Total Liabilities & Other Credits $ 6,677,035 14,994,390 25,860,007 60,437,058 17,786,224 13,444,722 OTHER STATISTICS: Miles of Line 779 1,752 2,176 4,481 1,770 1,385 l Consumers Served 1,661 4,314 7,211 20,168 4,795 4,673 l Consumers Per Mile 2.1 2.5 3.3 4.5 2.7 3.4 kWhs sold per consumer 15,933 12,121 19,919 16,740 21,249 15,521 MWh Sales 26,464 52,288 143,637 337,605 101,889 72,529 Annual Revenue per Consumer $1,497 $1,304 $1,610 $1,462 $1,580 $1,255 Plant Investment per Consumer $3,942 $3,891 $3,473 $3,032 $3,633 $2,775

This data represents the combined service territories of Greene County Rural Electric Cooperative and Ilardin County Rural Electric Cooperative.

18

N[Gff $Qp } ll_I.. N S l k Y Y }h N}$ $ ? ! L ~ ^ ~ ~' I. inn Maquoketa Manhall Midland + Nyman Pella Rideta T. I. P. Total 16,168,573 16,787,384 5,817,840 15,089,537 2,067,972 3,381,497 3,386,903 8,531,103 133,870,796 10,428,935 11,921,822 3,720,370 9,553,081 1,121,676 2,137,897 1,735,720 5,195,778 85,840 l00 3,082,583 2,929,365 1,200,466 2,472,982 594,036 732,670 748,101 1,836,326 25,110,676 771,072 811,481 350,730 1,047,683 115,915 162,216 278,422 414,637 7,899,334 341,976 322,068 127,687 347,706 52,565 64,201 108,326 162,778 2,861,881 1,316,646 690,097 342,295 958,545 125,328 185,715 283,088 415,067 7,936,281 15,941,212 16,674,833 5,741,548 14,379,997 2,009,520 3,282,699 3,153,657 8,024,586 129,648,272 227,361 112,551 76,292 709,540 58,452 98,798 233,246 506,517 4,222,524 339,707 403,394 218,528 360,732 47,610 123,090 102,452 303,597 3,804,423 567,068 515,945 294,820 1,070,272 106,062 221,888 335,698 810,114 8,026,947 31,643,932 29,846,975 12,052,199 34,898,346 4,494,916 6,613,420 10,183,385 16,312,981 285,952,861 6,866,759 11,855,945 4,557,318 9,591,368 1,522,249 2,317,802 3,148,907 4,940,095 86,644,526 24,777,173 17,991,030 7,494,881 25,306,978 2,972,667 4,295,618 7,034,478 11,372,886 199,308,335 3,682,731 5,290,012 1,772,869 3,660,610 576,098 1,234,558 850,561 2,238,612 39,096,415 2,855,772 6,522,019 2,398,275 3,513,186 494,122 989,108 1,563,993 3,518,044 43,065,698 90,118 50,801 31,031 57,432 2,103 21,028 4,992 392,774 31,405,794 29,853,862 11,697,056 32,538,206 4,044,990 6,540,312 9,449,032 17,134,534 281,863,222 9,200,641 15,259,501 4,718,459 12,821,298 1,522,584 3,191,354 2,901,989 9,169,410 121,087,262 1 18,239,879 12,798,518 6,391,450 17,829,179 2,227,330 2,928,428 6,069,402 6,553,309 141,652,063 l 3,925,206 1,627,672 578,420 1,784,148 290,145 299,490 354,963 864,010 16,623,330 40,068 168,171 8,727 103,581 4,931 121,040 122,678 547,805 2,500,567 1 1 31,405,794 29,853,862 11,697,056 32,538,206 4,044,990 6,540,312 9,449,032 17,134,534 281,863,222 1,772 3,018 1,079 2,792 589 602 1,215 1,728 25,138 13,189 12,214 4,193 8,324 1,430 2,165 2,591 5,453 92,381 7.4 4.0 3.9 3.0 2.4 3.6 2.1 3.2 3.7 14,332 17,916 16,429 24,207 15,597 18,428 13,580 18,209 17,421 189,028 218,828 68,888 201,497 22,304 39,897 35,185 99,291 1,609,331 $1,226 $1,374 $ 1,388 $ 1,813 $ 1,446 $ 1,562 $1,307 $1,564 $1,449 $2,399 $2,444 $2,874 $4,192 $3,143 $3,055 $3,930 $2,992 $3,095 19

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Corning Clarke Electric Cooperative,Inc.
Osceola j

East-Central lowa Rural Electric Cooperative

Vinton l

Eastern Iowa Light and Power Cooperative

Wilton i

Farmers Electric Cooperative, Inc.

Greenfield Guthrie County Rural Electric Cooperative Guthrie Center a

f L. inn County Rural Electric Cooperative

Marion Maquoketa Valley Rural Electric Cooperative
Anamosa I

Marshall County Rural Electric Cooperative

Marshalltown Midland Power Cooperative a Jefferson Nyman Electric Cooperative, Inc.
Stanton Pella Cooperative Electric Association
Pella Rideta Electric Cooperative, Inc.
Mounc Ayr a

f South lowa Municipal Electric Cooperative Association (SIMECA)

Brooklyn, Cascade, Corning, Eariville, Fontanelle, Gowrie, Greenficki, Lamoni, Lenox, Stuart, Villisca, Winterset l

T.I.P. Rural Electric Cooperative

Brooklyn

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