ML20141J594
| ML20141J594 | |
| Person / Time | |
|---|---|
| Site: | Cooper  |
| Issue date: | 12/31/1996 |
| From: | Boyd W, Graham P, Mayben W NEBRASKA PUBLIC POWER DISTRICT |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NLS970104, NUDOCS 9705280168 | |
| Download: ML20141J594 (47) | |
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P.O. BOX ILLE NEB SKA 68321
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Nebraska Public Power District
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l NLS970104 May 19,1997 U S. Nuclear Regulatory Commission Attention: Document Control Desk
)
Washington, DC 20555-0001
Subject:
Nebraska Public Power District 1996 Annual Financial Report NRC Docket No. 50-298, DPR-46 Gentlemen.
In accordance with the requirements of 10CFR50.71(b), the Nebraska Public Power District submits its Annual Financial Report for calendar year 1996. Copies of this report are being distributed in accordance with 10CFR50.4.
Should you have any questions or require additional information, please contact me.
Sincerely, PD w
- P. D. Graham Vice President of Nuclear Energy
/nr Enclosure cc:
Regional Administrator w/ enclosure USNRC - Region IV Ij()Ok'f Senior Project Manager w/ enclosure L
USNRC - NRR Project Directorate IV-1 i
l-
. Senior Resident Inspector w/ enclosure USNRC l
J. T. Gilliland (NRC) w/ enclosure NPG Distribution w/o enclosure P&
9705280168 961231 L (:
PDR ADOCK 05000298
. l"ower u tide in Nebr4ska bll?
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ATTACHMENT 3 LIST OF NRC CONMITMENTS l
Correspondence No:
NLS970104 l
The following table identifies those actions committed to by the District in this document.
Any other actions discussed in the submittal represent intended or planned actions by the District.
They are described to the NRC for the NRC's information and are not regulatory commitments.
Please notify the Licensing Manager at Cooper Nuclear Station of any questions regarding this document or any associated regulatory commitments.
COMMITTED DATE COMMITMENT OR OUTAGE None l
l l
l PROCEDURE NUMBER 0.42 l
REVISION NUMBER 4 l
PAGE 8 OF 9 l
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REFERENCE GUIDE i
Message from the President and Chairman 1
Power Supply System 30 1996 in Review 6
Nuclear Facility 35 1996 Statistical Review 18 Map 42 Electric System 20 Board of Directors and Executive Team 44 YEAR AT A GLANCE Kilowatt hour Sales (Electric System) 13.3 billion Kilowatt hour Sales to MidAmerican Energy Company (Nuclear Facility) 3.2 billion I
Operating Revenues (Electric System)
$ 4 6 7.9 million Operating Revenues from Sales to MidAmerican Energy Company (Nuclear Facility)
$9 2.4 million Cost of Power Purchased and Generated Uncluding Nuclear Facility and Power Supply System)
$ 3 3 4.9 million Other Operating Expenses
$10 9.6 million Net Revenues
$14.8 million Debt Service Coverage 2.30 i
NEBRASKA PUBLiC POWER DISTRICT Nebraska Public Power District (NPPD) is a public corporation and political subdivision of the State of Nebraska. Control of NPPD and its operations is vested in an 11-member Board of Directors popularly elected from subdivisions within NPPD's chartered territory, which includes all or parts of 91 of the state's 93 counties. NPPD operates an integrated electric utility system, including facilities for generation, transmission and distribution of electric power and energy for sale at wholesale and retail, and a surface
{
water irrigation system.
T COVER: BARN INLAND. NEBRASKA l
'JPPD has been Nebraska's energy leader for more than 25 years. We've invested a lot in rural Nebraska-and it's more than financial.
I We live in the communities we serve. Our customers are our neighbors. our family and our friends. We don't make decisions in a skyscraper thousands of miles away; we make them on the plains where our customers live. We strive to serve the customer in the best way we can, because we're going to see them tonight at a school event or tomorrow at church. And we want to say that we did f
the best thing we could for the customer.
l 1
k, m.m_ _ _ - - _ - -
MESSAGE FR0M THE PRESIDENT AND CHA1RMAN OF THE B0ARD Changes are inevitable in tua electric utility long learning opportunit;es and continued develop-Industry during the next three to five years, and mont for each employce. NPPD is committed to to be successful NPPD knows it is critical to being this type of learning organization-where pg-focus on our customers. While elected officials all employees are encouraged to achieve their will be grappling with electric utility restructur-fullest potential by becoming performance-p ing issues, NPPD stands committed to being not focused, with corresponding rewards going to only Nebraska's energy leader, but also becoming employees and ultimately to our customers.
a " total energy" company.
Learning about our customers' needs led us to an There is no sure way to predict the future for the effort in early 1997 to change state law to allow electric industry; however, NPPD will not com-NPPD to enter both the natural gas and telecommu-promise its values in support of rural Nebraskans.
nication markets. Our customers have requested We plan to serve the needs of all consumers living we provide these services. On the natural gas side, in rural areas, either directly or indirectly in part-five communities in Nebraska voted on initiatives nership with our wholesale rural power districts to municipalize their natural gas systems in 1996, and municipal utilities, by providing the lowest Some of those communities approached NPPD cost electrical energy possible to consumers in asking if they took over their system, wouhl we the communities and in the farm and ranch areas contract with them to operate it, bringing us one we serve. We will work to enhance the quality of step closer to becoming a " total energy" company.
life in rural Nebraska in all ways possible. NPPD, s
at the same time, will continue its dedication to in reference to technology, much of rural operating its facilities in an environmentally Nebraska does not have affordable local access to responsible and safe manner, digital technology. liasic Internet access requires a long distance call for many Nebraskans. Private During the past year, NPPD made a number of companies see bringing access to technology to changes to become more effectivm 1) " Flattening" smaller communities as purely an economic issue the organization and delegating duties to individu-without an adequate return on investment. Our
)
als closer to the customer where the knowledge commitment is to help bring the new technologies and experience resides to make a sound decision of communication to all of the state, not just the on a given issue has helped us to moro quickly meet urban areas.
our customers' needs; 2) Restructuring placed our business units in a much better position to llecause we use an integrated telecommunication increase efficiency, lower costs and establish network to operate our electric system, we can join strong, responsive relationships with our c u s-with entities in the private and public sectors to tomers; 3) Restructuring the floard of Directors' develop a statewide telecommunications system 1
committees allowed them to mirror the organiza-that serves the needs of our customers. For exam-tion's primary areas of business, plc, hospitals and university research centers could be linked through the statewide system, or hospitals The new organization allows NPPD to be rapid in could be linked to specialt3 clinics, universities its decision making and carefully creative with linked to community colleges, community colleges respect to new market o p p o r t u r. it ie s, products to high schools. Adding telecommunication and I
and services. Winners in these areas will be learn-natural gas services would offer our customers even ing organizations adaptable to rapidly changing greater opportunities for choice and convenience, conditions. Electric utilities in the new world of and will allow us the opportunity to offer a variety co m pe titio1. must be committed to creating life-of integrated services down the road.
NPPD is tha only statewide service provider in are prepared to service the future needs of our Nebraska to deal with emerging technological and customers with low-cost, efficient, environmen-service issues in rural areas. As a contributor to tally protective energy and to be a prime rmver of the economic development of rural Nebraska, we information on a statewide telecom m u n i :a tions see these as quality of life issues as well as criti-network. Ily offering these services, we will con-cal to rural Nebraska's survival. IIelping the rural tinue to demonstrate our leadership by a :sisting economy and quality of life are two guiding all areas of Nebraska in maintaining economic 3
principles for this organization as we work with strength. Whether there are dramatic public
[,
policy makers to determine the future of public policy changes or not, NPPD will be Nebraska's ss power in Nebraska.
energy leader when it comes to serving the needs of all Nebraskans.
As we attempt to anticipate changes in public policy concerning the electric utility industry, we are preparing for customer choice and wide-open competition with a "no regrets" approach. What customers decide they want from an energy com-pany will help NPPD determine the types of diverso services and products we will offer to meet these needs. If, however, the public policy in g
Nebraska is to not let individual customers choos" Wayne E. Iloyd their electric supplier, we fully intend to bring the chairman of the nourd of nirectors
~
benefits of an active competitive market to our customers. We will pass on any cost-saving bene-fits as well as broaden their selection of products and services as a " total energy" company.
Five years from now, the electric utility industry g;;;;, g g
could be changed dramatically in Nebraska. We President unct chie'f Exm utive Of fu er
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I C
NUCOR STEEL NORFOLK, NEBR ASK A Business analysts predict that utilities who have close relationships with their largest customers have the best chince of success in a deregulated environment. We've been hving that philosophy for years. John Fernola tief ti runs NUCOR Steel, NPPD's largest industrial customer. He involved NPPD carly in planning for NUCOR's latest expansion which is set to begin operation in August. Working side by side to ensure the success of both of our companies is a philosophy NPPD President and CEO Bill Mayben (middle) and Chairman of the Board Wayne Boyd (nght) use to guide our daily operations. Success and good relationships add up to a great future for us all.
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F0CUSED 0N OUR CUST0MERS Understatuling what makes our customers sur-No ef fort would be complete without research cessful will be a key to NPPirs own success in into our customers' needs. Through our < orporate 1997 and beyond. The electric utility industry development and marketing area. NPI'D is con-and market are f acing a nuinher of changes, and ducting researt h and having discussions with our NPPD is not only prepared for these ( hanges, but customers to better understand their business M
will also work with its customers to ensure their needs, and will then design and offer products
~ l needs are met as these thanges take place.
and services to meet those needs.
g To meet our customers' needs, particularly those in As part of this continuing drive to make our cus-rural Nebraska. we restructured our organization tomers suc cessf ul, NI'PD will work to lower cler-so that we could focus on the two tore businesses trit oosts for Nebraskans. That is why it is we will need to succeed in the f uture: energy supply important our nuclear program continue to and customer services. linergy supply includes our demonstrate a high level of per f ormaru c. It is imper.e generating facilities and our live that Cooper Nuclear irrigation business. Customer Station (CNS) tontinues to servi ( es enc ompasses our tw" BY BETTER UN D E R ST A N DIN G IIH P IO \\ " puflu f Hid HL" HHd key business units, w holesale OUR CUSTOM E R $' NEEDS THROUGH lower its Lost of electricily.
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and retail.
RESE ARCH, WE C A N DESIGN AND particularly in light of deregu-
)
0FFER PRODUCTS AND SERVICES 70 lation of the electrit utility This new structure will allow MEET THOSE N E EDS.
industry and resultant tom-us to work with our cus-petition. CNS is competitively tomers in a number of w ays.
positioning i t sel f, while Energy supply's goal is to provide safe, reliable, improving its regulatory standings and generating l
low-cost electritity to the inlet to the transmission elertricity in a safe manner. It will continue to he grid, while ( onlinuing to iluprove overall perfor-an integral part of NPPirs diserse generating l
mance, providing savings which will ultimately mix. Its vision is to operate for its lic ensed he passed on to customers at wholesale ami retail.
life-t h rough 2014.
W will make our resources wailable to our wholesale customers to help them het ome Although NPPirs fossil energy group has already more ef ficient in supplying the energy needs of their made significant strides in this area, it will customers in rural Nebraska. At the retail level, continue to focus on lowering overall energy costs l
we will focus on maintaining our presem e in the in the fossil and hydro generation areas, and will l
t o nun u n i t ie s we serve and protiding low-c ost pass these sas ings onto our c ustomers. Reduced electricity and other s ulne-added servit es.
expenses and increased produt tion will con-tribute to these savings for this business line.
l Water resources' focus on our irrigation customers As part of our continuing efforts to enhance the aims to urulerstand their needs and implement cluality of life for rural Nebraska, NPPD will share l
actions to satisfy them. Hy becomiag more effi-technologies we use to operate our vast transmis-
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cient in tho water resources area, we will be able sion and distribution systems. This will facilitate 10 offer our rural water users more cost-efficient access for rural communities to the same tech-I irrigation services. Efficiency saves the fa r m e r nologies available in metropolitan areas. We will h
money, builds the state econorny and ultimately also share our engineering knowledge to assist
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j contributes to the growth of the national and other utilities in designing distribution or sub-jf international economics by keeping costs low for transmission system improvements.
the food we all consume.
Advancements in technology provide significantly NPPD customers can also expect continued rate more capacity on our telecommunications system l
l stability in the coming year. While natural gas than we expect to need in the near future.
prices rose during 1996, N P P D's electric rates Therefore, we have developed a strategy to I
were 3, table. Stable electric rates will continue in provide some capacity to schools, the medical 1997, benefitting all of our conununities and municipali-customers, particularly rural ties in rural Nebraska. The Nebraskans. This winter's cold Northeast Distance I. earning S TAB LE EL E CTRIC R ATES WILL superb weather increased bills, in pilot project is a CONTINU E IN 19 9 7, B E N E FIT TIN G ALL response, we of fered cus-example. We allow access to 0F OUP CUSTOMERS, P ARTICUL ARLT tomers a choice to " level" the infrastructure (excess RUR AL NE8R A$K ANS, their electric bills throughout capacity on the network), and the year-average the pay-Northeast Conununity College ment for the full year and pay uses the telecommunications the same amount each Inunth-thus allowing cus-system to offer distance learning for students in tomers to budget more accurately.
South Sioux City. We hope to foster more of these arrangements, working together with our cus-New issues facing the industry will present chal-tumers for educational and economic opportuni-l e n y,e s. NPPD looks forward to addressing and ties for rural Nebraskans.
- wsolving any new legal challenges, including those related to competition and competitors. Gur Another example of our customer focus is Gmeral Counsel's Of fice will support the busi-improvements completed in 1996 on our transmis-l l
ness units in our drive to serve our customers sion system to provide electricity more reliably to competitively in the coming years. There is much our customers. In April 1990, we completed con-work to be done in a deregulated market, and our struction of the Pauline-Moore 345 kV line in l
legal department stands poised to assist each busi-south central Nebraska, and put it into service.
ness unit at NPPD to better serve the customer.
This line helps us better serve customers in Nebraska by improving reliability, reducing l.,
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will not likely guarantee employment, but will
" employability.' We believe that Record peak loads, for example, were set during help guarantee both the summer and winter of 1996.
whtm we help our employees develop to their A record potential, they will feel confident summer peak load of 2,029 megawatts was estab-greatest aiul empowered, and as a result, will proside us with lished in July 1990, exceeding the previous sum-a competitive edge.
mer peak load of 1,939 megawatts established in July 1995. A record winter peak load of 1,011 Our commitment to our people and custorners is m ega wa t t s was established in December 1990.
further reflected in our initiation of a performante-This exceeded the previous winter season peak demand of 1,600 based environment where employees are rewarded m ega wa t t s. Energy sales and for their contributions to the success of the organi-operating revenues were also at an all-time high.
e zation. For the firs t time in our history, our Two employees will be eligible for gainsharing dollars plants-Sheldon Station and CNS-set all-When we, as an organization, can provide our cus-.
time generating records. During the record pro-electricity, our employees duction year. CNS experienced a planned outage tomers with low-cost in June 1996, to locatc and remove a leaking fue:
will likewise ben e fit fin a n -
clally. Our employees can bundle. This was completed look forward to a process in 10 days and is an industry where they will be evaluated OUR COMMITMENT TO IMPROVEMENT record for this type of outage.
on their achievetnent of goals a No PasstNo LONs-TERM s e y:NGS The plant also experienced ON TO OUR rather than on tenure. We are CUSTOMERS SNOWS N PPD'S IN TE N TIO N T0 f.E A D IN A its lowest personnel radiation moving toward an organiza.
RES TR UCTU R E D E NVIT DNME N T, exposure in history in 1996.
tion which develops its employees to enable them to C N S 's next refueling and achieve goals and truly benefit from the achieve-maintenance outage is planned ment by rewarding them for performance.
for March and April 1997. The last such outage, in 1995, lasted 77 days. The goal for the 1997 outage This coming year will build on is 40 days. Tlis is a challenge for the staff of CNS successes we but achieved during 1996. Restructuring efforts dur-by suueasfully demonstrating our commit-ing the past year improved our ability to serve our improvement and passing the long-term ment to savings customer base effectively. Similarly, we elevated onto the customer, NPPD is showing its our employees' awareness of our customer needs, intention to lead in a restructured electr;ic market, starting " voice of the customer" training.
However, our successes were not only focused on Additionally in 1996, Gerald Gentleman Station established its second highest generation level internal efforts to establish a company-wide ef fort to be more custoiner-oriented. NPPD's efforts in ever. These records wern set while continuing to improve overall safety and regulatory perfor-1996 also resulted in a number of tangible " firsts" on our bottom line.
mance. We are focuse a on < onlinuing to improve this record-setting performance.
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F0CUSED ON OUR CUSTOMERS
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1 IlilderStainling What makes our customers suc-No ef fort would be c omplete without research ressful will be a key to NPPI)'s own success in into our custurners' needs. Through our corporate I
3 1997 and bey orni. The electric utility industry development and marketing area, N PPI) is ton-and market are facing a ntunber of changes, aint ducting research arul having discussions with our NPPI) is not only prepared for these changes, but customers to better understand their business will also work with its customers to ensure,their needs, and will then design arul offer products needs are met as these < hanges take place, ami services to meet those needs.
g To ineet our customers' needs, particuhirly those in As part of this continuing drive to make our cus-rural Nebraska. we restructured our organization tomers successful. NPPD will w ork to lower elec-30 that we could focus on the two core businesses tric costs for Nebraskans. That is why it is we will need to succeed in the future: energy supply important our nuclear program continue to and customer services. Energy supply includes our demonstrate a high lewl of perfornunn e. It is impera-generating f acilities and our tive that Cooper Nuclear irrigation business. Customer Station (CNS) continues to ser\\ ices encoinpasses our two BY BET TER UNDERST A NDING im prove performance and key business units, wholesale OUR CUSTOME RS' NEEDS THROUGH hiner its c ost of elm tricity.
and retail.
RESEARCH, WE CAN DESIGN AND particularly in light of deregu-0FFER PRODUCTS AND SERVtCES T0 lation of the elec t ric utility This new structure will allow MEET THOSE NEEDS.
industry and resultant com-us to work with our cus-petition. CNS is competitively tomers in a nuinber of ways.
positioning i t s e l f, while Energy supply's goal is to prot ide safe, reliable, improving its regulatory standings and generating low-cost electricity to the inlet to the transmission electricity in a sale manner. It will continue in be grid, while continuing to improve overall perfor-an integral pati of N PPI)'s diverse generating mance, providing savings which will ultimately mix. Its vision n to operate for its licensed be passed on to customers at wholesale and retail.
lif e-t hrough 2014.
We will make our resources available to our wholesale customers to help them become more Although NPPI)'s fossil energy group has already e f ficie n t in supplying the energy needs of their niade significant strides in this area, it will customers in rural Nebraska. At the retail level, continue to focus on lowering overall energy < osts we will focus on maintaining our presence in the in the fossil and hy dro generation areas, and will conununities we serse and providing low-cost pass these savings onto our customers. Reduced elm tricity and other value-added services.
expenses and increased production will con-tribute to these savings for this busines, line.
- ~ - ~ - ~ - - - - - - - - - - - - - - - - - - - - - - - - _ - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ -, - - - -. _. _ _ _ _,, _ _ _ _ _ _ _ _ _ _
As part of our continuing efforts to enhance the Water resources
- focus on our irrigation custoiners aims to understand their needs and irnplement quality of life for rural Nebraska, NPPD will share actions to satisfy them. Ily becoming more effi-technologies we use to operate our vast transmis-cient in the water resources area, we will be able sion and distr'bution systems. This will facilitate same tech-for rural communities to the to offer our rural water users more cost-efficiunt access irrigation services. Efficiency saves the farmer nologies available in metropolitan areas. We will also share our engineering knowledge to assist money, builds the state economy and ultimately contributes to the growth of the national and other utilities in designing distribution or sub-international economies by keeping costs low for transmission system improvements.
the food we all consume.
Advancements in technology provide significantly NPPD customers can also expect continued rate more capacity on our telecommunications system stability in the coming year. While natural gas than we expect to need in the near future.
a strategy to prices rose during 1990, N P P D's electric rates Therefore, we have developed capacity to schools, the medical were stable. Stable electric rates will continue in provide some communities and municipali-1997, benefitting all of our ties in rural Nebraska. The customers, particularly rural Northeast Distance Learning Nebraskans. This winter's cold STABLE ELECTRIC R ATES WILL pilot project.
a superb is
. increased bills, in weather CONTINUE IN 19 9 7, B E N E FIT TIN G A L L example. We allow access to response, we offered cus-0F OUR CUSTOMERS, P ARTICUL ARLY the infrastructure (excess tomers a choice to " level" 54R AL NEBR A$K ANS, capacity on the network), and their electric hills throughout Northeast Community College the year-average the pay-uses the telecommunications ment for the full year and pay the same amount each month-thus allowing cus-systern to offer distance learning for students in South Sioux City. We hope to foster more of these tomers to budget more accurately.
arrangements, working together with our cus-New issues facing the industry will present chal-tomers for educational and economic opportuni-lenges. NPPD looks forward to addressing and ties for rural Nebraskans.
legal challenges, including resolving any new those related to competition and competitors. Our Another example of our customer focus is General Counsel's Office will support the busi-improvements completed in 1996 un our transmis-sion system to provide electricity more reliably to ness units in our drive to serve our customers our customers. In April 1990, we completed con-competitively in the coming years. There is much work to he done in a deregulated market, and our struction of the Pauline-Moore 345 kV line in south central Nebraska, and put.t into service.
legal department stands poised to assist each busi-This line helps us better serve customers in ness unit at NPPD to better serve the customer.
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n N P PI)'s Nebraska that NPPI) continue to improve at what is outage time and increasing ca pai i!
done well-providing safe, quality service as well as t ra n s mis sio n system. We also continued our planned program of refurbishing our obla trans-reliability and dependability at competitive prices.
mission lines. These improvements enable the I)istritt to meet greater load requirements from our Whether addressing wholesale or retail customer custonu rs and give them more reliable service.
needs, NPPI)'s traditional customers have fallen
}M into one of four market segmentation groups: resi-in general, we will be looking to expand our pm t-dential, industrial, commercial and irrigation, in nerships with wholesale customers during 1997 a deregulated marketplace, it will be important to y
that they, too, may better serve their end-use further segment each of these groups in relation to so customets. This cooperative rebitionship with the their specific requirements.
e
. o r.. ! power districts and municipalities will benefit their customers by providing them with Meeting these specific needs requires creativity tre targeted resources they need. With discussions and ingenuity. For example, we recently completed of "reia!I wheeling" and other issues related to a "home automation project" in a laboratory at restrutturing of the elettric our Columbus o f fice. This industry, there is a certain project, which is one we are level of concern with our using to help us learn more E XP ANDING OU R P A RTN ERSHIPS WITH wholesale c'tstomers on about the marketplace in WHOLES ALE CUSTOM E RS DURIN G 1997 where the. industry is headed.
Nebraska, involves a system WILL H ELP THE M BETTER SERVE N PI'l) will continue to work which manages home energy THEIR E N D-US E CU STOM E R S.
wit h these customers by usage. And it could be used sharing inforination on issues for other applications for the and demonstrating our com-h o m eo w n e r, such as home mitment to lowering costs and being more respon-security. It is another way we can serve the spe-moves toward a cial needs of each of our customers.
sive. As the electric industry more competitive world, NPPI) intends to ensure that our wholesale customers are successful in the Internally, we are focused on our goal of being the changing industry.
customer's choice in a deregulated environment.
To meet this goal, our business plan for energy Wholesale power costs will also dramatically supply in 1997 set targets which continue to aff ect retail operations. In fact, approximately 70 improve performance and regulatory standings per< ent of the total costs of retail operations are while reducing costs through 2001. These goals the result of our wholesale power costs. The retail are primarily designed to lower costs incremen-area must work closely with our energy supply tally over the next.four years. This will also result business unit to ensure maximum utilization and in improved reliability of our products, leading to efficiency of our transmission and generation greater customer satisfaction.
resources. It is important for end-use customers in
Extensive benchmarking against tho best in r-exlmrtise to negotiate this "new roadmap,' and forming energy providers has been done in order ensure we support efforts to maintain safe, reliable, performance and competitive goals, cost-competitive electric service to our customers to set our CNS, for example, has used this type of compara-throughout the state.
live information to continue improving its infra-structure. Plant processes and practices are being As we anticipate and prepare for this new continuously improved to reduce costs and roadmap of a much more competitive environ-improve efficiency. CNS will also devote inton-ment, we recognize more than ever that in order g
sive effort toward improving design and license for us to be successful, our employees must he
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considered "the" essential ingredient. We are conunittml at NPPD to the helief that people are NPPirs fossil energy group will control and our most important asset, and we have taken reduce expenses as part of this company-wide steps to demonstrate our commitment to our effort to improve on industry standards, We will employees. We firmly helieve that employees, if halance a strong environmental advocacy with the given the opportunity, will rise to the occasion to cost-officiency needed to suc-meet new challenges, and we ceed. ()ne of the largest are committed to not only expenses NPPD couhl face is giving them such opportuni-tougher environmental stan-WE BELIEVE TH AT PEOPLE ARE OUR ties but also provid.ing them MOST IMPOR TA NT ASSET A ND H AVE dards which could impact us with the tools which enable TAKEN STEPS TO DEMONSTR ATE OUR directly as a generator or thm m NMWn um iWm
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through increases in cost from pendently to meet the needs our fuel suppliers. Therefore, of our customers.
we will monitor environmen-tal legislation at the state and federal level, work-To provide our employees with the necessary ing together with the Nebraska Legisla t u re and tools for them to becomo customer-focused and regulating agencies to ensure any changes work free to make decisions, we have created a new well to protect the environment and keep the elec-area which has the employees' development as its tric industry competitive for the consumer.
main focus. Each employee will be given the
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opportunity and coaching needed to develop As NPPI)'s business lines address these new regu-plans for their personal growth and to help them lations and legislation, or expand to meet future succeed in their work environment.
customer needs, our legal services will respond to ensure we support these initiatives e f fec t iv ely.
As a result of this change in focus. The Energy There are likely to be a number of new legal Institute of Nebraska has been created to provide issues facing the industry, from restructuring of our employees and ont customers a learning envi-the market to making environmental regulations ronment which will focus on the development of more stringent. ()nr legal department provides the skills and competencies. Individual development
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will not likely guarantee employment, but will help guarantee " employability." We believe that Record peak loads, for example, were set during help our employees develop to both the summer and winter of 10%.
when we their A record potential, they will feel confident summer peak load of 2.029 megawatts was estab-greatest and empowered, and as a result, will provide us with lished in July 199th exceeding the previous sum-a competitive edge.
mer peak load of 1,939 megawatts established in July 1995. A record winter peak load of 1.611 Our commitment to our people and customer.; is m eg a wa t t s was established in l}ecember 1996.
This exceeded the previous further reflected in our initiation of a performance-based environment where employees are rewardeddemand of 1.600 winter season peak megawatts. Energy sales and for their contributions to the success of the organi-operating revenues were also at an all-time high.
zation.
P For the firs t time in our history, employees will he eligible for gainsharing dollars Two plants-Sheldon Station and CNS-set all-our When we, as an organization, can provide our cus-.
time generating records. During the record pro-electricity, our employees duction year, CNS experienced a planned outage tomers with low-cost in June 1996, to locate and remove a leaking fuel will likewise ben e fit fi n a n-cially. Our employees can bundle. This was completed look forward to a process where they will be evaluated OUR COMMITMENT TO IMPROVEMENT in 10 days and is an industry on their achievement of goals A ND PA s stNa LON s.TER M s AVING srecord for this type of outage.
The plant also experienced rather than on tenure. We are ON To OuR CUSTOMERS sHOWs NPPO'S INTENil0N TO LE AD IN A its lowest personnel radiation moving toward an organiza-RES TR UCTURE0 ENVIRONMENT.
exposure in history in 1996, tion which develops its employees to enable them to CNS 's next refueling and achieve goals and truly benefit from the achieve-maintenance outage is planned ment hy rewarding them for performance.
for March and April 1997. The last such outage, in 1995, lasted 77 days. The goal for the 1997 outage coming year will build on successes is 40 days. This is a challenge for the staff of CNS This we but achieved during 1996. Restructuring efforts dur-by successfully demonstrating our commit-.
ing the past year improved our ability to serve our ment to improvement and passing the long-term customer base effectively. Similarly, we elevated savings onto the customer, NPPD is showing its our employees' awareness of our customer needs, intention to lead in a restructured electric market, starting " voice of the customer" training.
llowever, our successes were not only focused on Additionally in 1996, Gerahl Gentleman Station internal efforts to establish a company-wide effort established its second highest generation level to be more custorner-oriented. NPPD's efforts in ever. These records were set while continuing to improve overall safety and regulatory perfor-1996 also resulted in a number of tangible " firsts" on our bottom line.
mance. We are focused on continuing to improve this record setting performance.
's..
We were also successful at negotiating new coal As Nebraska's energy leader, NPPD stands poised contracts, which will help better our position in to enhance our focus on customer choices during a competitive market. And, we settled a long-1997, particularly in rural parts of the state. We term dispute with Iturlington-Northern Railroad, have a willingness and desire to expand opportu-which ultimately resulted in the establishment of nities for citizens of Nebraska to use energy safely a new long-term transportation contract.
and wisely, and also to have access to other tools which can help them financially, medically or Net revenues and debt service coverage levels e d u c a t io n a lly. Through proposed legislation, for NPPD in 1996 were at their highest levels NPPD would share its telecommunications net-since 1989. Net revenues were S t4.8 million for work and create the ability for citizens to use the e
the year and the debt service coverage ratio.
digital technology needed to succeed in a global which reflects the amount of Electric System net economy. Another piece of proposed legislation l
revenues available to meet the annual debt before the Nebraska Legislature would allow service payments on outstanding; revenue bonds, NPPD to enter the natural gas market. At the same was 2.3:1. NPPD issued $30 mil'. ion in additional time, we plan to keep offering low-cost, reliable electricity so that Nebraskans tax-exernpt commercial paper have greater opportunities to notes in 1996, The proceeds grow their businesses and the were used to refund 543.5 WE H AVE A WILLINGNESS AND state,s economy.
mill. ion of long-term Electric DESIRE TO EXP AND OPPORTUNITIES System revenue bonds or.. ige FOR THE CITIZENS OF NEBR ASK A TO Stable, competitive electric nally issued in 1978.
USE ENERGY S AFELY AND WISELT, rates will allow businesses.
farmers and government The credit ratings by Standard agencies throughout the state
& Poor's (S&P) and Moody's on our outstanding revenue bonds remained at A+
to make sound decisions which help them and A1, respectively. S&P had issued a " negative" effectively compete in the years to come. From outlook for the District in 1994, but in the spring offering new products and services to improving of 1990, S&P revised NPPD's outlook and upgraded existing ones, Nebraska's energy leader, NPPD, it to " stable. ' This improvement was due primarily will move through the coming year focused on our to CNS returning to service in February 1995, customers' needs.
after a shutdown that had lasted approximately nine months, and successful operation since that time. A successful transition to a new senior management team was also cited for the change in outlook.
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1 1996 STATISTICAL REVIEW j
Electric System, Nuclear Facility and Power Supply System Combined Revenues from Average Electric Sales Number of MWH Sa_i_es
_ _ (Thousands)__ _
5 ALES Customers Amount Amount Retail:-
Residential 85,439 930,794 7.0
's 66,613 14.2 l.
Rural & Farm -
3,179 55,432 0.4 4,133 n.9
- Commercial 19,144 812,651 6.1 48,772 10.4 Industrial 66 942,668 7.1 32,057 -
6.9 Public Lighting 250 25,139 0.2 2,360 0.5 Municipal Power 196 45,111 0.4 2,643 0.6
_M,is c ella n eo u s.M.u n.ic_ip al Total Retail
_ 2,768 117,068 0.9
_5,505 1.2 111.,042 2,928,863 22.1
$ 162,083 34.7 L
Wholesale:
48 Municipalities (Total Requirements) 1,436,356 10.8 s
52,267 11.2 l
21 Municipalities (Interconnections & Partial Requirements) 51,566 0.4 1,625 0.3 l
25 Public Power Districts & Cooperatives (Total Requirements) _ 4,238,548 31.9 140,469 30.0 Total Wholesale Sales (Excluding Nonfirm and Participation Sales)
_ 5,726,470 43.1 s 194,361 41.5 l
Total Retail and Wholesale Sales
[
(Excluding Nonfirm and Participation Sales) 8,655,333 65.2 s 356,444 76.2 Other Utilities (Firm and Nonfirm) 2,276,414 17.1 34,423
'7.4 i
Pa rticipation_ Sales II) 2,350,926 1_7,7 64,656 13.8 i
Total Revenues _from Electric _ Energy _ Sal _es 13,282,673 100.0 s 455,523 97.4 Oth'sT0peTitinTR'~ venues (N'ef 6f Dsfeifid)
_s _J 2,348 2.6__
~
e
____Jotal Elqctric Sy. stem Operating Revenues s 467,871_
100.0 i
i-Production Costs
.MWH____
._ _.Rhousands) _ _
SENERATieu Amount Amount Production:
Electric System (including Interchange) 1,520,859 10.9 s
32,182
9.6 Purchased
Power Supply System (1) 7,532,472 53.9 s 154,829 46.3 Nuclear Facility (1) 3,169,203 22.7 104,085 31.1 Other 1,7_50,824 12.5 43,470 13.0 Total Power Purchased 12,452,499 89.1.._ $ _ 302,384 90.4 1
Total Power Produced and Purchased 13,973,35.8 100.0
$ 334,56_6 100.0 I
l.
A
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1 4
I (O The Electric System purchases 100% of the not Generation and power purchases of the Power supply System and 50% of the Nucleer f acihty based upon the total costs of the f
respective systems. Purevent to the Power Seles Contract. MidAmerieen Energy Company purchased 3.169.695 MWH from the Nuclear Facihty; MidAmerican Energy Company
)
l participatice is not included b the table.
l I
u
___m GENERAL 1996 1995 1994 1993 1992 (Thousands)
Utility Plant (at cost): (1)
Electric System S
943,107 5
892,069 857,762 s
820,498 s
784,451 Power Supply System 842,248 817,689 765,542 748,906 725,931 Nuclear Facility
_ _ 731,381_ _ _ _ 717,2 7 3.. _ _.._._6 9 4,3 8 2_... _ _ 679,346_
_ _ _66 5,718._ _
. - _ _ - -. - -. -. - - _ - -. - - -Total _Uti.lity Pla nt_._.._ __ $ _ _2,516,736_ _s _2,427,031 _
.__.s._ 2,317,686_ _ _.S. _ _2,248,7 50_ _ _s._ 2,17_6,100 _
l4 Outstanding Debt Electric System (2) 361,399 390,889 s
363,023 370,284 s
382,411 Power Supply System 855,465 881,765 830,765 855,235 837,140 Nuclear Facility 208,985 _._
_232,360_ _ _ _. 254,725
. 276,170._ _. _ 292,300 _ _
_. Total Outstanding _ Debt. _ $_1,4 2 5,8 4 9_ _ s _ _1,50 5,0_14_ _ __ s _ _ I A 4 8,513_ _ $ _1,501,689_ _s _1,511,851_.
Accredited Number of Capability Percent Production Plant Facilities:
. Plants (3)_
( M WL ___ _
...of Total _
Steam - Conventional 2
1,590.0 58.5 %
Steam - Nuclear (4) 1 774.0 28.5 Hydro 10 158.8 5.8 Diesel 9
43.1 1.6 Peaking Turbine
__ _ 3 _ _...
_152.0_ _ _
_ 5.6. _
_._. Total Production Pla nt Fa cilities _ _ _ _. __ __
25 2,717,9_.
_100.0. %
__.~_.._.-_ _ _ ___...--.. _____ _._._ _ _. _.. _ _. _..
lll kat of retore,nents (2) includes res4sempt Commercial Paper (3)lacludes son hydre plants and nine dieselplants under contract to the Distr,ct IM Includes 50% of MW contracted to MadAmst,can Energy Company Miles of Transmission Line in Service 6,340 Number of Regular Full Time Employees 2,111 1996 Contractual and Tax Payments (Thousands):
Lease Payments to Retail Towns s
15,417 5% Gross Revenue Tax s
5,701 In Lieu of Tax Payments s
207 l
H0W NPPD'S DOLLAR WORKS FOR Y O U - 19 9 6
~"
- 1. Cost of Production-Power supply sy. inn 33.1%
l TURNRtu Digil@EHI MORMJ Mfut AM N1 M. '
l
- 2. Cost of Prod uction-nnti.., romay 22.2%
- ~**
J 73 4315( ~3 A 3 E.5 N
- 3. Cost of Other Operation and Maintenance Expenses 14.2%
i e
- 4. Bond Retirements, Construction From Revenues. Etc. 11.1%
- 5. Cost of Purchased Power-oiher 9.2%
M '*'<..f' g g,
. [7h31503 A~
>L
- 6. Cost of Production.other 7.0%
h, f plo 10 y ML
- 7. Interest. Other income Deductions and Taxes 3.2%
l (net or interest 6nrome and other revenuns)
~
l 1s l
NPPD ELECTRfC SYSTEM Report ofIndependent Accountants j
To the Board of Directors Nebraska Public Power District:
We have audited the accompanying balance sheets of the Electric System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1996 and 1995, and the related statements of revenues and expenses and accumulated net revenues, and cash Dows for each of the three years in the period ended December 31,1996. These financial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Electric System of Nebraska Public Power District as of December 31,1996 and 1995, and the results of its operations and its cash flows for each of the three years in the period ended December 31,1996, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic fmancial statements taken as a whole. The supplemental schedules of the calculation of the debt service ratios in accordance with the Electric System Bond Resolution for each of the three years in the period ended December 31,1996, are presented for purposes of additional analysis and are not a required part of the basic Hnancial statements. Such supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated March 7,1997 on ur consideration of Nebraska Public Power District's internal control structure and a report dated March 7,1997 on its compliance with laws ar.d regulations.
J Coopers & Lybrand L.L.P.
I Omaha, Nebraska March 7,1997 l to l
Balance Sheets - December 31,1996 and 1995 1996 1995 (Thousands)
ASin"7 Utility Plant, at Cost 5 943,107
$ 892,%9 Less-Reserve for depreciation and amortizatioc (Mo;e 1) 474,038 437,537
?
$ 469,069
$ 454,532 Debt Reserve Account (Note 1) 35,690
$ 41,825
- Receivables from Sale af Property 2,694 3,438 Current Assets; Cash and investments (Note 1) 3 85,932 5 101,013 Receivables,less reserves 56,475 47,557 Materials and supplies, at average cost 10,502 10,178 Prepayments and other assets 475 502
$ 153,384
$ 159,250 Deferred Compensation Plan Assets (Note 6) 14,638 14.080 Deferred Charges:
Nuclear Facility billings (Note 1) 7,039 16,931 Unamortized financing costs (Note 1) 2,445 2,802 Other 1,155 373 10,639
$ 20,106 TOTAL ASSETS 5 686,114 5 693.231 LIABILITIES AND CAPITAL Accumulated Net Revenues (Note 1)
$ 255,576
$ 240,748 Long-Term Debt (Note 3)
$ 305,484
$ 3(,4,974 Commercial Paper Notes (Note 2) 55,915 25,915
$ 361,399
$ 390,889 Less-Current maturities (Note 3) 18,271 19,103
$ 343,128 5 371,786 Cunent Liabilities:
Current matunties
$ 18,271
$ 19,103 Accounts payable 25,195 15,489 Accrued lease payments 3,540 3,402 Other 8,404 9,494 5 55,410
$ 47,488 Deferred Compensation Plan Liabilities (Note 6)
$ 14,638
$ 14,080 Deferred Revenues (Note 1)
$ 17,006
$ 18,662 Unamortized Payment Received for Refinancing Costs (Note 1) 356 467 TOTAL LIABILITIES AND CAPITAL
$ 686,114
$ 693,231 The accompanying notes tojinancial statements are an integralpart of these statements.
21
NPPD ELECTRIC SYSTEM Statements of Revenues and Expenses and Accumulated Net Revenues for exh of the Three Years in the Period Ended December 31,1996 1996 1995 1994 (Thousands)
Revenues and Expenses:
Operating Revenues (Note 1)
$ 467,871
$ 452,402
$ 433,253 Operating Expenses:
Power purchased-e Nuclear Facility and Power Supply System (Note 1)
$ 258,914
$ 266,607
$ 241,669 Other 43,470 33,851 47,740 Production-Fuel 12,414 12,888 13,050 Operation and maintenance 20,070 16,376 15,274 Other operation and maintenar,ce 50,602 46,059 44,775 Lease payments (Note 1) 15,555 15,235 14,771 Depreciation and amortization (Note 1) 37,426 35,624 33,173 Payments in lieu of taxes 5.971 5.935 5,580 Total operating expenses S 444,422
$ 432,575
$ 416,032 Net operating revenues
$ 23,449
$ 19,827
$ 17,221 Interest and Other Revenues:
Allowance for funds used during construction 782 1,742 1,574 Interest and other 6,885 7.159 5,650 Total interest and other revenues 7,667 8,901 5
7,224 Net revenues before other deductions
$ 31,116
$ 28,728
$ 24,445 Other Deductions:
Bond interest
$ 13,288
$ 16,382
$ 17,115 Other interest 3,000 2,235 1,845 Total other deductions
$ 16,288
$ 18,617
$ 18,960 Net Revenues (Note 1)
$ 14,828
$ 10,111 5,485 Accumulated Net Revenues (Note 1):
Beginning balance 240,748 230,637 225,152 Ending balance
$ 255,576
$ 240,748
$ 230,637 The accompanying notes tofinancial statements are an integralpart of these statements.
E2 t
Statements of Cash Flows for each of the Three Years in the Period Ended December 31,1996 1996 1995 1994 Cash flows provided by (used in) operating activities:
(Thousands)
Net operating revenues 5 23,449 19,827
$ 17,221 Adjustments to reconcile net operating revenues to net cash provided by operating activities:
Depreciation and amortization 37,426 35,624 33,173 Vehicle depreciation charged to operations and capital 1,358 1,331 1,363 Reduction of deferred charges-Nuclear Facihty 14,688 15,708 1,333 Changes in assets and liabilities:
Receivables, less reserves (8,918)
(3,505) 26,090 Materials and supplies (324) 82 1,463 Prepayments and other assets 27 109 2
Addition to deferred charges-Nuclear Facility (4,796)
(10,418)
(3,905)
Other deferred charges (782) 968 (48)
Accounts payable and accrued leased payments 9,844 (3,176)
(1,099)
Deferred revenues (1,656) 10,324 (20,489)
Other liabilities (844) 669 (420)
Net cash flows provided by operating activities
$ 69,472 67,543
$ 54,684 Cash flows provided by (used in) capital and related financing activities:
Utility plant additions
$ (52,829)
(38,404)
$ (49,800)
Other non-operating revenues 590 1,432 1,343 Proceeds from notes receivable for sale of property 744 691 885 Repayment of long-term debt - principal (59,984)
(18,385)
(17,537)
Payment of interest on long-term debt (12,794)
(16,121)
(16,839)
Repayment of notes payable - principal (30,000)
Payment of interest on notes payable (3,000)
(2,235)
(1,845)
Net change in Debt Reserve Account 6,135 (6,995)
(63)
Issuance of long-term debt 75,879 Issuance of notes payable 30,000 10.000 Net cash flows (used in) capital and related financing activities 5 (91,138)
(34,138)
$ (73,856)
Cash flows provided by (used in) investing activities:
Interest on cash and cash equivalents 5
232 408 369 Interest from investments 6,063 5,320 3,938 Sale of available-for-sale securities 259,823 329,768 192,411 Purchase of available-for-sale securities (228,321)
(376,579)
(181,093)
Amortization of accrued interest (666)
Net change in gross unrealized gains on available-for-sale securities 119 (279)
Net change in gross unrealized losses on available-for-sale i
securities 252 (1)
Net cash flows provided by (used in) investing activities
$ 38,168 (42,029)
$ 15,625 Net increase (decrease)in cash
$ 16,502 (8,624)
$ (3,547)
Cash beginning of year 17,464 26,088 29,635 Cash end of year 5 33,966 17,464
$ 26,088 The accompanying notes tofinancial statements are an integralpart of these as. *:ments.
23
1 NPPD ELECTRIC $YSTEM Supplemental Schedules-Calculation of Debt Service Ratios in accordance with the Electric System Bond Resolution for each of the Three Years in the Period Ended December 31,1996 1996 1995 1994 (Thousands)
Operating revenues (Note 1)
$ 467,971
$ 452,402
$ 433,253 Operating expenses (Note 1)*
(444,422)
(432,575)
(416,032)
Net operating revenues
$ 23,449 19,827
$ 17,221 Interest and other revenues 7,667 8,901 7,224 Interest deductions (16,288)
(18,617)
(18,960)
Net revenues
$ 14,828 10,111 5.485 Add:
Accrued revenues included in operating revenues (Note 1) 351 8,303
$ (19,775)
Interest oeductions 16,288 I8,617 18,960 Depreciation and amortization 38,784 36,955 34,536
$ 55,423 63,875
$ 33,721 Deduct:
Provision for operating expense reserve (Note 1)**
351 8,303
$ (19,775)
Allowance for funds used during construction 782 1,742 1,574 Gain on sale of property 344 Investment income retained in construction funds 215 439 717 1,692 10,484
$ (17,484)
Net revenues available for debt service under the Electric System Bond Resolution (Note 1)*
$ 68,559 5
63,502
$. 56,690 Amounts deposited in the Electric System Debt Service Account:
Principal
$ 16,519 18,100
$ 17,365 Interest 13,288 16,382 17,115
$ 29,807 5
34,482
$ 34,480 Ratio of net revenues available for debt service to debt service deposits (Note 1) 2.30 1.84 1.64 The accompanying notes tofinancial statements are an integral part of these statements.
. The reduction of deferred charges is reflected in these summary statements as Operating Expenses to avoid overstating Net Revenues. These deferred charges werefunded by commercialpaper notes and other matured short-term indebtedness, which constituti subordinated indebtedness under the Electric System Bond Resolution.
The Electric Resolution requires subordinated indebtedness to be paidfrom the General Reserve Fund created under the Electric Resolution.
" The Electric Resolution defines Operating Expenses to include payments into reserves in the Operating Fundfor the payment offuture operating expenses. The provisionfor operating expense reserve represents the net change in the cumulative surplus revenues in each respective yearfrom both wholesale and retail service.
24
Notes to Financial Statements The District has long-term lease agreements with 203 municipalities. These lease agreements obligate the District to make lease payments and pay for normal
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING property additions during the term of the lease. The POLICIES:
District has recorded provisions, net of retirements, for
[
amortization of leased plant additions of $9.2 million in A. Organi.ation-1996, 59.1 million in 1995, and $8.1 million in 1994.
The District has three separate divisions for These leased plant additions, which are fully reserved.
accounting purposes as follows:
totaled $102.2 million at December 31,1996 and
$93.2 million at December 31,1995.
Electric System The 1)istrict charges maintenance and repairs, Power Supply System including the cost of renewals and replacements of minor Nuclear Facility items of property, to maintenance expense accounts.
Renewals and replacements of property (exclusive of As required by Bond Resolutions, separate records are minor items of property, as set forth above) are charged to mahtained for each division. The Electric System utility plant accounts. Upon retirement of property finan:ial statements exclude the Nuclear Facility and subject to depreciation, the cost of property is removed Pov er Supply System, for which fmancial statements are from the plant accounts and charged to the reserve for presented separately herein.
The Electric System depreciation, along with the removal costs, net of salvage, financial statements should be read in conjunction with such other financial statements.
C. Allowance for Funds Used During Construction Nebraska Public Power District, a public corporation (A FUDC}-
and a political subdivision of the State of Nebraska, is an This allowance, which represents the cost of funds electric utility which sells electric energy to wholesale and used to finance construction, is capitalized as a retail customers in the Midwest. The District's contracts component of the cost of utility plant and is credited to and rate schedules specify the time period in which Interest and Other Revenues. The capitalization rate billings are to be paid after services are rendered.
depends on the source of financing. The rate for Accounting guidance followed in preparation of these construction financed with revenue bonds is based upon financial statements is provided by the Governmental the interest cost of each bond issue less interest income.
Accounting Standards Board (GASB). Absent GASB The rate for construction financed by revenues is based standards on any particular situation, the pronouncements upon the weighted average rate ofinterest of the current of the Financial Accounting Standards Board (FASB) are outstanding borrowings. Construction financed on a presumed to apply.
short-term basis with tax-exempt commercial paper The preparation of financial statements in conformity (TECP) is charged a rate based upon the weighted average with generally accepted accounting principles requires of TECP outstanding. For the periods presented herein, management to make estimates and assumptions that the AFUDC rates for construction funded by revenue affect the repated acunts of assets and liabilities and bonds or revenues vary from 5.1% to 6.2%.
For disclosure of contingent assets and liabilities at the date of construction financed on a short-term basis with TECP, the financial statements and the reported amounts of the rate charged was 3.8% in 1996, 3.9% in 1995, revenues and expenses during the reporting period, and 2.6% in 1994.
Actual resulty could differ from those estimates.
D. Deferred Charges-B. Depreci2 tion, Amortication and Maintenance-Deferred charges as of December 31,1996, represents The Diswict records depreciation over the estimated
$7.0 million of Nuclear Facility billings for certain capital usefullife of tM propety. Depreciation on Utility Plant additions. The District has written off deferred charges of was approximately 3% in each of the years
$14.7 million in 1996, $15.7 million in 1995, and ended December 31,1996,1995, and 1994.
$1.3 million in 1994, and included such reductions in 25
NPPD ELECTR1C SYSTEM power purchased expense. Future write-off of deferred tables. The specific identification method was used in charges are expected to be $7.0 million in 1997.
computing realized gains or losses.
E. Unamortized Financing Costs-AVAILAllLE-FOR SALE SECURITIES These costs represent issuance expenses on all t ands and are being amortized over the life of the re<pective DEBT SECURITIES ISSUED BY Tile U.S. TREASURY AND OTilER bonds using the bonds outstanding method.
U.S. GOVERNMENT CORPORATIONS AND AGENCIES F. Unamortized Payment Received for Refinancing December 31,1996 This reimbursement from the Nuclear Facility was for Debt Reserve certain refinancing costs of the Electric System incurred investments Account in 1968 and is being amortized over the life of the 1968 Revenue Bond issue using the bonds outstanding Amortized Cost 5 52,078
$ 35,106 g'
Gross Unrealized Gains 177 679 Gross Unrealized Losses 288 107 G. Cash and Investments-Approximate Market Value
$ 51.967 5 35.678 Dqce. Mr 31.
1996 1995 December 31,1995 (Thousands)
Debt Reserve Debt Service Fund 43
$ 4,275 investments Account Revenue Fund 24,527 12,478 Ohousands)
Operating Fund 9,235 4,737 Amortized Cost
$ 83.289
$ 39,926 Construction Funds 18,828 38,897 Gross Unrealized Gains 296 1,896 Gmss Unrealized L sses 36 8
Commercial Paper Account 4,225 9,067 Approximate Market Value
$ 83,549
$ 41,814 Reserve and Contingency Fund 1,278 1,281 General Reserve Fund 27,796 30,278 The U. S. Treasury and Government Agencies Securities,
$ 85,932
$ 101,013 at December 31,1996, have maturity ranges as shown behw:
Funds consist of $52.0 million of investment Investments Debt Reserve Account securities and $33.9 million of cash deposits at Maturity Market Amortized Market Amortized December 31,1996, and $83.5 million of investment Rance Value Cost Value Cost securities and $17.5 million of cash deposits at Less than (Thousands)
December 31,1995.
1 year
$ 51,967
$ 52,078 $ 7,788 $ 7,738 On January 1, 1994, the District adopted the 1 - 5 years 27.R90 27.36R provisions of Statement of Financial Accounting TOTAL
$51.967 5 52.078
$ 35,678 5 35,106 Standards No. I15 (FAS 115), " Accounting for Certain Investments in Debt and Equity Securities."
In Cash deposits, primarily interest bearing, at accordance with the Statement, prior period financial December 31,1996, and throughout much of the year, statements have not been restated to reflect this change in were covered by federal depository insurance or accounting principle. The cumulative effect of adopting unregistered U.S. Government and municipal securities this Statement was considered immaterial and there was held by various depositories. Investments at December 31, no impact on Net Revenues.
1996, were in unregistered U.S. Government securities Unrealized holding gains and losses for securities and Federal Agency obligations held in the District's name classified as available-for-sale are reported in Deferred by the custodial banks.
Revenues until realized.
The Debt Reserve Account is valued semi-annually at The carrying amounts and approximate market values January 1 and July I at the lower of cost or market in ofinvestment securities are summarized in the following 26
accordance with requirements of the Electric System remaining accumulated net revenues will be fully offset by Revenue Bond Resolution (Electric Resolution).
future depreciation expense. In addition, accumulated net revenues include cumulative interest income earned on II. Deferred Revenues-Construction Funds which is not subject to the deferred As provided in the Electric Resolution, the District revenue accounting described in Note 111. This interest covenants to charge rates for wholesale and retail electric income was $2.1 million in 1996,50.8 million in 1995, service so that revenues will be sufficient to pay annual and $0.7 million in 1994.
operating expenses including: 1) Nuclear Facility and Power Supply System charges, 2) operating expenses
- 2. COMMERCIAL PAPER NOTES:
other than depreciation,3) debt service, and 4) certain capital additions.
The District is authorized to issue up to $75.0 million Variations between actual energy costs (primarily fuel) of commercial paper notes. A credit agreement is and the estimated energy costs included in the basic rates maintained with a bank to support the sale of the are recovered by a Production Cost Adjustment (PCA).
commercial paper notes. This credit agreement expires in Billings for the PCA provide for the recovery of the September 1997. The effective interest rates on variation in energy costs either in current or future years.
outstanding notes for 1996 and 1995 were 3.4% and In the event the District's rates for wholesale and retail 4.1%, respectively, service, excluding the PCA, result in a surplus or deficit The proceeds of these notes are being used (1) to in revenues during a rate period, such surplus or deficit is finance certain capital additions of the Nuclear Facilit;,
taken into account in projecting estimated revenue (2) to provide short term financing for certain capital requirements for future rate periods. Such treatment of additions of the Electric System, and (3) for other lawful wholesale revenues is stipulated by the District's purposes of the District.
long-term wholesale power supply contracts.
In 1996, the District issued an additional $30.0 million The surpluses and deficits which arose in current and of commercial paper notes. The proceeds from this issue, prior years from the PCA, wholesale, and retail together with other available funds, were used to currently service have been accounted for in these financial refund the Electric System Revenue Bonds, statements by either a deferral or an accrual of revenue.
1978 Series A.
In addition, unrealized gains and losses related to The $55.9 million of commercial paper notes investments held for scle are included in deferred outstanding at December 31,1996, are anticipated to be revenues. The cumulative surplus at December 31,1996, retired by future collections through electric rates and to be reflected in future revenue requirements is long-term borrowings. The carrying value of commercial approximately $17.0 million.
paper notes approximates market.
I. Revenue Recognition-
- 3. LONG-TERM DEBT:
Wholesale revenues are recorded in the period in which service is rendered, and retail revenues are In June 1995, the District issued Electric System recorded in the month retail customers are billed.
Revenue Bonds, 1995 Series A, in the amount of Consequently, revenues applicable to service rendered to
$78.0 million for the principal purpose of paying the costs c
retail customers from the period covered by the last billing of acquisition and construction of various improvements in a year to the end of the year are not recorded as and additions to the Electric System. Proceeds of the S
revenues until the following year. Operating revenues are 1995 Series A Bonds, together with other available funds, also impacted by the surplus or deficit in revenues as were also used to increase the Debt Reserve Account to an described in Note IH.
amount equal to the maximum annual debt service on all outstanding Electric System Revenue Bonds.
J. Accumulated Net Revenues-In March 1996, the District called the 1978 Series A Accumulated net revenues consist primarily of Bonds as indicated in Note 2.
cumulative operating revenues collected for utility plant The debt service payments of the Electric System additions net of related accumulated depreciation. The Revenue Bonds are $34.6 million for each of the years n
I 1
NPPO ELECTRIC SYSTEM 1997 through 2001 and principal payments, as a 4.
RETIREMENT PLAN:
component of debt service payments, are $18.3 million,
$19.1 million, $20.0 million, $21.1 million, and The District has a retirement income plan covering its
$22.1 million for each of the years 1997 through 2001, regular full-time employees, substantially all of whom respectively.
have elected to participate. Employee's contributions to The fair value of existing debt at December 31,1996, the plan are based on salary, and the District's is determined using rates currently available to the contnbutions are allocated to each employee's trust District.The fair value is estimated to be $306.7 million.
account based on the employee's contributions to the plan.
The plan provides for retirement income equal to the total December 31.
1996 1995 of the employee's trust account, including trust earnings.
(Thousands)
The District's contribution was $7.9 million for 1996, Revenue Bonds:
$7.8 million for 1995, and $7.8 million for 1994.
1995 Series A Serial Bonds 5.
POSTRETIREMENT BENEFITS:
1997-2009 4.10% - 6.00% $ 18,735 $ 18,735 Term Bonds The District, for employees hired on or prior to 2010-2012 5.50%
6,475 6,475 December 31, 1992, pays the entire cost of certain 2013-2014 5.40%
4,930 4,930 hospital-medical and life insurance premiums for these 2015-2027 5.25 % 47,935 47,935 employees when they retire. Substantially all of the 1993 Series A District's retired and active employees are eligible for Serial Bonds such benefits. Currently, the cost of these benefits is 1996-2009 3.90 % - 5.40 %
90,075 97,490 recognized as expense as the premiums are paid. The 1992 Series A total cost of postretirement hospital-medical and life Serial Bonds insurance benefits was $2.3 million for 1996, $2.0 million 1996-2002 4.90 % - 5.70 %
40,605 46,255 for 1995, and $2.0 million for 1994.
Term Bonds The District amended the plan effective January 1, 2003-2005 6.00 %
25,920 25,920 1993. Employees hired on or after that date must 2006-2021 6 25 %
49,450 49,450 participate in the plan as an active employee the last five years of employment in order to qualify for these benefits.
1978 Series A In addition, employees hired on or after 2anuary 1,1993, Serial Bonds are subject to a contribution cap that limits the District's l
1995-2007 5.50 % - 5.75 %
43,505 portion of the cost of such coverage to the full premium the year the employee or retired employee reached age 65, 1973 Sen.es or the year in which the employee retires if older than Serial Bonds age 65. Any increases in the cost of such coverage in 1996-2002 5.00 %
3,430 3,900 subsequent years would be paid by the retired employee.
Statement 12, Disclosure of Information on 1968 Series Postemployment Benefits Other Than Pension Benefits by j
Term Bonds State and Local Governmental Employees (OPEB), issued 1996-2002 5.10 %
19,800 22,565 by the GASB provides that entities should provide certain
$307,355 $367,160 minimum disclosures regarding the OPED provided.
Lease Purchase Payables-Additionally, Statement 12 provides for differing methods 2.00%, duc 1996 to 2005 1,710 1,889 for financing OPEB. The District, as indicated above, Unamortized Bond Discount (3,581)
(4,075) currently funds OPEB on a " pay-as-you-go" basis and has not elected to fund OPEB through advance funding on an
$305,484 $364,974 actuarially determined basis. The District does not con emplate any changes to the method for funding OPEB
until results of the GASB's project on recognition and 8.
CAPITAL ADDITIONS:
measurement of OPEB are available for analysis.
The Electric System construction plan includes 6.
DEFERRED COMPENSATION PLAN:
authorization for estimated expenditures of $65.9 million for 1997. These expenditures will be funded from existing The District offeu its employees a deferred bond proceeds, revenues, and other available funds.
compensation plan created m accordance with Internal 9.
FERC HYDROELECTRIC PROJECT LICENSES:
Revenue Code Section 457. All amounts of compensation deferred under the plan, all property and rights purchased The District is currently seeking a new long-term with such amounts, and all income attributable to such license from the Federal Energy Regulatory amounts, property, or rights are (until made available to Commission (FERC) for the District's hydroelectric the employee or other beneficiary) solely the property and Project No.1835. Project No.1835 includes the North rights of the District (without being restricted to the Platte hydroelectric generating station and related provisions of benefits under the plan), subject only to the facilities which are part of the Electric System. Lands and claims of the District's general creditors. The District has waters of Project No.1835 are utilized by Gerald recorded the assets of its deferred compensation plan and Gentleman Station for cooling water purposes. Gerald the corresponding liability to reflect its tiduciary Gentleman Station is part cf the Power Supply System.
responsibility under the plan. In the past, the plan assets The Central Nebraska Public Power & Irrigation have been used for no purpose other than to pay benefits.
District (Central) is currently seeking a new long term The District believes it is unlikely that it will use the license for FERC Project No.1417. Project No.1417 assets to satisfy the claims of general creditors in the includes the Kingsley Dam, Lake McConaughy, four future. The plan is administered by The Equitable Life hydroelectric generating plants and related facilities.
Assurance Society of the United States.
The relicensing of both projects is addressing numerous environmental issues including, among other things, 7.
LITIGATION:
species protected under the Endangered Species Act. In order to obtain these new long-term licenses, the District On May 19,1995, MidAmerican Energy Company, and Central could be required to meet certain terms and 50 percent participant in the District's Cooper Nuclear conditions which may advarsely impact the operations of Station, filed suit against the District alleging that the the project facilities and Gerald Gentleman Station. The District failed to operate and maintain Cooper Nuclear District is unable to predict the terms and conditions that Station in accordance with the Power Sales Contract. On w 11 be contained in the new licenses for the projects.
May 23,1995, Lincoln Electric System, a 12.5 percent As of December 31,1996, $19.5 million of costs participant in the District's Cooper Nuclear Station, filed incurred related to obtaining the new long-term license for suit, making similar allegations. The District has been Project No.1835 are being capitalized. When the license and intends to continue defending these cases vigorously; is obtained these costs will be amortized over the life of however, no assurance can be given at this time as to the the license.
outcome of either cr.e. The District has not accrued any amount for these claims, which in the aggregate, could total $59 million.
A number of other claims and suits are pending against the District for alleged damages to persons and property and for other alleged liabilities arising out of matters usually incidental to the operation of a utility such as the District. In the opinion of management, the exposure under these claims and suits would not materially affect the financial position of the District as of December 31,1996.
29
i N'P P'O PCWER SUPPLY SYSTEM Report ofIndependent Accountants To the Board of Directors Nebraska Public Power District:
We have audited the accompanying special-purpose statements of assets and liabilities of the Power Supply System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1996 and 1995, and the related special-purpose statements of revenues and costs for each of the three years in the period ended December 31,1996. These financial statements are the responsibility of the District's management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about w' nether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
The accompanying special-purpose financial statements referred to above have been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Power Supply System Revenue Bond Resolution adopted by the District on September 29,1972, as supplemented, as described in Note IB, and are not intended to be a presentation in conformity with generally accepted accounting principles.
In our opinion, the accompanying special-purpose financial statements of the Power Supply System of Nebraska Public Power District present fairly,in all material respects, the assets and liabilities as of December 31,1996 and 1995, and its revenues and costs for each of the three years in the period ended December 31,1996, on the basis of accounting described in Note IB.
- In accordance with Government Auditing Standards, we have also issued a report dated March 7,1997 on our consideration of Nebraska Public Power District's internal control structure and a report dated March 7,1997 on its compliance with laws and regulations.
Coopers & Lybrand LLP.
Omaha, Nebraska March 7,1997 38
Statements of Assets and Liabilities December 31,1996 and 1995 Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution 1996 1995 (Thousands)
ASSETS Utility Plant, at Cost (Note 1)
$ 842,248
$ 817,689 Less-Reserve for depreciation (Note 1) 176.894 154,03I c
Amounts funded from revenue (Note 1) 16,114 16,114
$ 649,240
$ 647,544 Prepaid Capital Costs (Note 3)
$ 69,94i
$ 71,531 Cash and Investments (Note 1):
Debt reserve account
$ 47,539
$ 47,642 Debt service fund 54 4,290 Reserve and contingency fund 16,353 20,005 Additions and improvenwnts account 19,871 12,862 Construction funds 7,522 24,451 Revenue fund 1,048 733 Operating fund 22,199 24,031 General reserve fund 8.556 13.604
$ 123.142
$ 147,618 Accounts Receivable 287 296 Interest Receivable 1,676 5
2,672 Fuel Inventory, at average cost 9,023 6,668 Deferred Charges and Other Assets (Note 1)
$ 37,329
$ 38,143 TOTAL ASSETS
$ 890,638
$ 914,472 LIABILITIES Revenue Bonds (Notes 4 and 5):
1993 Series Serial I996-2009 4.60 % - 6.10 %
$ 163,390
$ 172,065 Term 2010-2014 6.125 %
96,080 96,080 2015-2019 5.75'7c 58,890 58,890 1993 Series B Serial 1996-2007 3.90 % - 5.30 %
70,560 75,450 Term 2008-2013 5.25 %
47,120 47,120 1993 Series C Serial 1996-2009 3.50 % - 5.00 %
223,395 236.130 Term 2010-2016 5.00%
119,695 119,695 1995 Series A Serial 1998-2010 4.10 % - 6.00 %
18,325 18,325 Term 2011-2012 5.50%
6,330 6,330 s
2013-2014 5,375 %
4,815 4.815 2015 2021 5.25 %
21,365 21,365 2022-2027 5.25 %
25,5(X) 25,5(X)
$ 855,465
$ 881,765 Accounts Payable and Other Accrued Liabilities
$ 19,915 18,531 Operating Reserves (Note 1)
$ 15,258 14,176 TOTAL LIABILITIES
$ 890,638
$ 914.472 The accompanying notes tofinancial statements are an integralpart of these statements.
u
NPPDPOWER SUPPLY 5Y5 TEM Statements of Revenues and Costs for each of the e
Three Years in the Period Ended December 31,1996.
Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution 1996 1995 1994 (Thousands)
Revenues (Notes 1 and 2):
Sales to the Electric System
$ 154,528
$ 159,380
$ 161,184 Investment and other income 8.595 7.970 6.387
{
-Total revenues
$ 163,123
$ 167.350
$ 167,571
~ Costs (Note 1):
Operating expenses-Production-Fuel (Note 7)
$ 56,369
$ 70,673
$ 62,574 Operation and maintenance (Note 3) 32,556 22,744 30,693 General and administrative 6.379 6.117 6.500
$ 95,304
$ 99,534
$ 99,767 Debt service-
- Principal (Note 1) 26,300 25,335 24,470 -
Interest 41.519 42.481 43.334 Total costs
$ 163,123
$ 167,350
$ 167,571 The accompanying notes tofinancial statements are an integralpart of these statements.
)
Notes to Financial Statements -
B. Basis ofAccounting-Revenues are recognized and billed at an amount
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING equal to costs as defined by the Power Supply System POLICIES:
Revenue Bond Resolution (Power Supply Resolution) which include operating expenses (excluding
-A. Organi:ation-depreciation), and debt service on the revenue bonds, less
_The District has three separate divisions for investment income. Revenues are computed and billed so I
accounting purposes as follows:
that no equity is accumulated in the Power Supply System.
Revenues and costs as defined by the Power Supply Electric System Resolution differ in the following respects from generally Power Supply System accepted accounting principles:
\\
Nuclear Facility
( ) Amortization of the debt principal is included As required by Bond Resolutions, separate records are d
rv P
maintained for each division. The Power Supply System Depreciation is not recorded as a cost. Had the financial statements exclude the Electric System and District provided straight-line depreciation over a Nuclear Facility, for which financial statements are 40-year life rather than including amortization of debt presented separately herein. The Power Supply System principal over the same period, costs _would have financial statements should be read in conjunction with d
. decreased $4.3 million in. 1996, decreased such other financial statements.
$4.4 million in 1995, decreased $4.5 million in 1994, and accumulated depreciation through December 31, 1996, would have increased costs approximately
. 32 m--
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$69.7 million.The reserve for depreciation shown on Cash deposits, primarily interest bearing, at the Statements of Assets and Liabilities was provided December 31,1996, and throughout much of the year, by recording amounts equal to repayment of debt were covered by federal depository insurance or principal. Upon retirement of property subject to unregistered U.S. Government and municipal securities depreciation, the cost of property is removed from held by various depositories. Investments at December 31, plant accounts and charged to the reserve for 1996, were in unregistered U.S. Government securities depreciation, along with the removal costs, net of and Federal Agency obligations held in the District's name salvage.
by the custodial banks.
(ii) Previous billings to provide capital for The Debt Reserve Account and the Reserve Account renewals and replacements of property and capital in the Reserve and Contingency Fund are valued additions are included in the Statement of Assets and semi-annually at January I and July I at the lower of cost Liabilities as " Operating Reserves." Under generally or market in accordance with requirements of the Power accepted accounting principles, capital additions and Supply Resolution. Gains or losses on valuations are provisions for renewals and replacements are not included in investment income.
expenses but (exclusive of minor items of property)
E. Deferred Charges-are charged to utility plant. Renewals and Costs arising from the termination of incomplete replacements of property and capital additions funded generation and transmission projects are being amortized from revenues are fully reserved. Renewals and over the life of the bonds, the proceeds of which were replacements and capital additions are currently being used in part to pay these costs. This amortization is funded from existing bond proceeds that have been neluded as part of debt service cost.
transferred to the General Reserve Fund.
(iii) Interest income on construction fund
- 2. RATE COVENANT.
investments is credited to utility plant. Under The District is required under the Power Supply generally accepted accounting principles, such income Resolution to charge rates for electric power and energy would have increased revenues $1.0 million in 1996, from the Power Supply System so that revenues will be at
$0.8 million in 1995, and $0 in 1994.
least sufficient to pay operating expenses, aggregate debt I
(iv) Investment securities are classified as being service on the Power Supply System Revenue Bonds, available-for-sale and are recorded at cost. Interest ints to be paid into the Debt Reserve Account and income on these mvestments is recogmzed ratably Reserw and Contingency Fund, and all other charges or over the term of the securities. Under generally I ens payable out of revenues of the Power Supply accepted accounting principles, the difference between System. The debt service payments of the Power Supply the carrying value of the securities and the fair value System Revenue Bonds are $72.9 million per year 1997 is to be recognized as a net amount in equity. Had this through 2001 and principal payments, as a component of method been followed, Cash and Investments as of debt service payments, are $28.4 million, $29.6 million, December 31, 1996, would have increased by
$30.8 million, $32.2 million, and $33.7 million for each
$1.0 million and Accounts Receivable would have o
1997 h 200L m i 4 decreased by $ 1.0 million as the Power Supply System
,f has no equity as stated above.
- 3. PREPAID CAPITAL COSTS:
C. Utility Plant-Interest expense, less interest earned on investment Prepaid capital costs are associated with the purchase securities, all financing costs and all other costs related to of the capacity of a 50 MW hydroelectric generating construction projects are capitalized.
facility owned and operated by The Central Nebraska Public Power and Irrigation District (Central). The D. Cash and Investments-p payment is being amortized oser the life of the bonds, Funds consist of $116 ! million of investment the proceeds of which were used to pay these costs. The securities and $7.0 million of cash deposits at amortization is mcluded as part of debt service cost.
December 31,1996, and $134.0 million of m, vestment The District has an agreement whereby Central makes securities and $13.6 million of cash deposits at available all of the production of the facility and the December 31,1995.
District pays all costs of operating and maintaining the 33
s NPPD POWER SUPPLY SYSTEM facility plus a charge based on the amount of energy defcased bonds were called and redeemed from proceeds delivered to the District. Costs of $1.0 million in 1996, in the irrevocable trust account on January 1,1995.
$1.0 million in 1995, and $0.8 rnillion in 1994 are included in " Production-Operation and maintenance."
- 6. CAPITAL ADDITIONS:
- 4. LONG-TERM DEBT:
The Power Supply System construction plan includes authorization for estimated expenditures of $7.3 million In June 1995, the District issued Power Supply System for 1997. These expenditures will be funded from existing Revenue Bonds,1995 Series A, in the amount of bond proceeds that have been transferred to the General
$76.3 million. Proceeds from the bond issue were used for Reserve Fund.
the purchase of the Canaday Station Steam Plant from Central and construction costs associated with the
- 7. COAL SUPPLY AND RAIL TRANSPORTATION I
Pauline-Moore Transmission Line. Net interest expense AGREEMENTS:
through December 1996 and bond issuance costs of $2.7 million are being treated as construction and acquisition The District has two coal supply agreements which costs. Proceeds of the 1995 Series A Bonds, together with permit the District to purchase certain quantities of coal.
other available funds, will also be used to increase the One agreement provides for purchase of a minimum of Debt Reserve Account to an amount equal to maximum 3,000,000 tons and up to a maximum of 3,900,000 tons amaal interest on all Power Supply System Bonds to be annually through 2000. The other agreement provides for outstanding after issuance of the 1995 Series A Bonds.
purchase of a minimum of 850,000 tons and a maximum The fair value of existing debt at December 31,1996, of 1,150,000 tons annually through 1999. The District is determined using rates currently available to the also has two rail transportation agreements which provide District. The fair value is estimated to be $838.5 million.
for, among other things, transportation of coal to Gerald Gentleman Station. Both transportation
- 5. DEFEASANCE OF DEBT:
agreements expire December 31, 2002 and both transportation agreement rates are escalated or y
The Power Supply System Revenue Bonds, de-escalated pursuant to an index promulgated by the 1986 Series, were defeased by placing a portion of the Surface Transportation Board.
proceeds from the 1993 Series Bonds in an irrevocable trust account with an escrow agent. Such funds were used
- 8. LITIGATION:
to purchase direct obligations of the United States Government, the principal of and interest on which is in 1996, a settlement was reached with Burlington sufficient to pay for all future debt nervice payments on Northern Railroad Company, the amount of which was the old bonds. The defeased bonds are treated as used to decrease Production---Fuel expense.
extinguished debt for financial reporting purposes and have been removed from the Statements of Assets and A number of claims and suits are pending against the Liabilities. He defeased txmds were called and redeemed District for alleged damages to persons and property and from proceeds in the irrevocable trust account on f r other alleged liabihties arising out of matters usually January 1,1996, incidental to the operation of a utility such as the District.
The Power Supply System Revenue Bonds, In the opinion of management, the exposure under these 1986 Series were issued to advance refund the outstanding claims and suits would not materially affect the financial Power Supply System Revenue Bonds,1985 Series. The position of the District as of December 31,1996.
1985 Bonds were defeased by placing the proceeds from the 1986 Bonds in an irrevocable trust account with an escrow agent to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the District's financial statements. The 34
NPPD NUCLEAR FACILITY Report ofIndependent Accountants To the Board of Directors Nebraska Public Power District:
)
We have audited the accompanying special-purpose statements of assets and liabilities of the Nuclear Facility of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1996 and 1995, and the related special-purpose statements of revenues and costs for each of the three years in the period ended December 31,1996. These financial statements are the responsibility of the District's management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
The accompanying special-purpose financial statements referred to above have been gep. red w the purpose of complying with, and on the basis of, accounting requirements specified in the Nuclear Facility Ren 'ue Pond Resolution adopted by the District on August 22,1968, as supplemented, as described in Note IB, and are nct intended to be a presentation in conformity with generally accepted accounting principles.
In our opinion, the accompanying special-purpose financial statements of the Nuclear Facility of Nebraska Public Power District present fairly, in all material respects, the assets and liabilities as of December 31,1996 and 1995, and its revenues and costs for each of the three years in the period ended December 31,1996, on the basis of accounting described in Note 1B.
In accordance with Government Auditing Standards, we have also issued a report dated March 7,1997 on our consideration of Nebraska Public Power District's internal control structure and a repod dated March 7,1997 on its compliance with laws and regulations.
Coopers & L) brand L.L.P.
Omaha, Nebraska March 7,1996 s
35
NPPD NUCLEAR FACILITY Statements of Assets and Liabilities December 31,1996 and 1995 Prepared Pursuant to Requirements of the Nuclear Facility Revenue Bond Resolution 1996 1995 (Thousands)
ASSETS Utility Plant, at Cost
$ 731,381
$ 717,273 Less-Resene for depreciation (Note 1) 276,126 252,688 Amounts funded from revenue (Note 1) 321,960 307.242
$ 133,295
$ 157,343 Nuclear Fuel.-Net of Amortization (Note 1)
$ 95,553
$ 81,209 Cash and Investments (Note 1):
Debt service fund 6,663 6,421 Debt reserve account 19,788 19,736 Reserve and contingency fund 14,720 16,499 Additions and improvements account 1,629 2,779 General resene fund 1,789 595 Construction fund 4,920 4,632 Fuel reserve account 43,941 52,877 Operating fund 20,498 17,741 Revenue fund 359 256 Decommissioning fund (Note 4) 19,292 29.120
$ 133,599
$ 150,656 Accounts Receivable
$ 17,348 18,090 Interest Receivable 1,625 1,858 Deferred Charges and Other Assets
$ 16,538
$ 18,536 External Decommissioning Fund (Note I and 4)
$ 106,039
$ 69,766 TOTAL ASSETS
$ 503,997
$ 497,458 LIABILITIES Revenue Bonds (Note 9):.
1992 Series Serial 1996-2003 4.30% '.70%
$ 133,015
$ 145,790 1968 Series Term 1996-2002 5.10 %
75,970 86.570 t
$ 208,985
$ 232,360 Operating Reserves (Note 1)
$ 147,623
$ 156,676 o
Accounts Payable and Other Accrued Liabilities (Note 1)
$ 25,287
$ 20,704 External Decommissioning Fund (Note 1 and 4)
$ 106,039
$ 69,766 DOE Facilities Decommissioning Assessment (Note 8)
$ 16,063
$ 17,952 TOTAL LIABILITIES
$ 503,997
$ 497,458 The accompanying notes tofinancial statements are an integralpart of these statements.
n
Staten.rts of Revenues and Costs for each of the Three Years in the Pericd Ended December 31,1996. Prepared Pursuant to Requirements of the Nuclear Facility Revenue Ilond Resolution 1996 1995 1994 (Thousands)
Revenues (Notes I and 2):
T Sales-Electric System
$ 92,408
$ 101,290
$ 82,720 o
MidAmerican Energy Company 92,410 101,290 82,719 Investment and other income 8,53' 7,903 6.067 Totai revenues
$ 193,375
$ 210,483 5 171,506 Costs (Note 1):
Operating expenses-Production-Fuel (Note 1)
$ 35,295
$ 22,158
$ l1,067 Operation and maintenance (Note 1) 75,434 98,403 83,061 Provisions for operating reserves (Note 1) 36,779 42,848 28,693 General and administrative 10.483 I I,693 13.308
$ 157,991 5 175,102
$ 136,129 Debt service-Principal (Note 1) 23,650 22,613 21,660 Interest 11,734 12,768 13,717 Total costs
$ 193,375
$ 210.483
$ 171.5%
The accompanying notes tofinancial statements are an integralpart of these statements.
Notes to Financial Statements statements should be read in conjunction with such other financial statements.
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES:
- 11. Elasis ofAccounting-Revenues are recognized and billed at an amount A. Organization-equal to costs as defined by the Nuclear Facility Revenue The District has three separate divisions for Ilond Resolution (Nuclear Resolution) which include accounting purposes as follows:
operating expenses (excluding depreciation), and debt g
service on the revenue bonds, less investment income.
Electric System Revenues are computed and billed so that no equity is Power Supply System accumulated in the Nuclear Facility.
Nuclear Facility Revenues and costs as defined by the Nuclear Resolution differ in the following respects from generally As required by Bond Resolutions, separate records are accepted accounting principles:
maintained for each division. The Nuclear Facility
( ) Amortization of the debt principal is included financial statements exclude the Electric System and as a cost in the accompanying Statements of Revenues Power Supply System, for which financial statements are and Costs as " Debt service-Principal."
presented separately herein. The Nuclear Facility financial l
37
NPPD NUCLEAR FAC1L1YY Depreciation is not recorded as a cost. Had the (v) As part of a 1989 settlement agreement with District provided straight.line depreciation over a General Electric Company (GE), the District will 30-year life rather than including amartization of debt receive discounts on future purchases of certain principal over the same period, costs would have equipment and services for Cooper Nuclear Station decreased $10.0 million in 1996,59.0 million in 1995, (CNS) and will receive credits and discounts under an and decreased $8.0 million in 1994. Accumulated amendment to the fuel fabrication contract. The 7
depreciation through December 31,1996, would have District amortized over a two-year period ending in increased costs approximately $6.8 million. The 1991 the entire amount of the benefits allocated to e
reserve for depreciation shown on the Statements of operations. Under generally accepted accounting Assets and Liabilities was provided by recording principles, such benents would be recognized when amounts equal to repayment of debt principal. Upon received which in the case of the settlement would be retirement of property subject to depreciation, the cost over the next 15 years. This difference results in an of property is removed from plant accounts and increase in revenues during the two-year amortization charged to the reserve for depreciation, along with the period and increased costs thereafter. Negotiations removal costs, net of salvage.
held with GE to determine the extension of discounts (ii) Billings to provide capital for renewals and for f~ure purchases of certain equipment and services replacements of property, capital additions, and tha nre to expire in 1994 resulted in a portion of the nuclear fuel are included in the accompanying discounts being extended beyond 1994 and a write statements as " Operating Reserves" and " Provisions down of the related receivable for a portion of the for operating reserves." Under generally accepted unused discounts that expired in !994. The agreement accounting principles, capital additions and provisions stipulates that the dollar value of the settlement should for renewals and replacements are not expenses but not be disclosed.
(exclusive of minor items of property) are charged to utility plant. Provisions for worlting capital for C. Nuclear Fuel-nuclear fuel are not expenses under generally accepted The District has entered into several long term accounting principles until the fuel is used. Renewals contracts for the various nuclear fuel components of s.
and replacements of property and capital additions uranium concentrates, conversion, enrichment, and funded from revenues are fully reserved.
fabrication. Nuclear fuel in the reactor is being amortized (iii) Interest income on construction fund on the basis of energy produced as a percentage of total investments is credited to utility plant.
Under energy expected to be produced. Fees for disposal of fuel generally accepted accounting principles, such in the reactor are being provided as part of the fuel cost income would have increased revenues $0.3 million in and collected through revenues of the Nuclear Facility.
1996, $0.2 million in 1995, and $0.1 million in 1994.
(iv) Investment securities are classified as being D. Cash andInvestments-available-for-sale and are recorded at cost. Interest Funds consist of $127.3 million of investment income on these investments is recognized ratably securities and $6.3 million of cash deposits at over the term of the securities. Under generally December 31,1996, and $141.0 million of investment accepted accounting principles, the difference between securities and $9.7 million of cash deposits at the carrying value of the securities and the fair value December 31,1995.
is to be recognized as a net amount in equity. Had this Cash deposits, primarily interest bearing, at method been followed, Cash and Investments as of December 31,1996, and throughout much of the year, December 31, 1996, would have increased by were covered by federal depository insurance or 50.9 million and Accounts Receivable would have unregistered U.S. Government and municipal securities decreased by $0.9 million as the Nuc! ear Facility has held by various depositories. Investments at December 31, no equity as stated above. Additionally, the External 1996, were in unregistered U.S. Government securities Decommissioning Fund would have increased by and Federal Agency obligations held in the District's name 50.5 million had this method been followed.
by the custodial banks.
The Debt Reserve Account and the Reserve Account in the Reserve and Contingency Fund are valued 38
semi-annually at January I and July I at the lower of cost
- 4. PLANT DECOMMISSIONING COSTS:
or market in accordance with requirements of the Nuclear Resolution. Gains or losses on valuations are included in Pursuant to regulations pmmulgated by the Nuclear investment income.
Regulatory Commission (NRC), the District established in July 1990, an external trust fund segregated from the
[
E. Operation and Maintenance-District's assets in which amounts accumulated to pay the Beginning in 1996, the annual excess nuclear property decommissioning costs of CNS are to be deposited. The insurance premium was paid directly by the District's NRC prescribed mimmum amount to be accumulated by Electric System and MidAmerican Energy the District in said fund for decommissioning costs, in Company (MEC) with each paying one-half the cost as 1995 dollars, is approximately $418.8 million. This described in Note 3 under terms of a power sales contract.
amount does not include the cost of removal and disposal None of the premium is included in the Nuclear Facility's of spent fuel or of nonradioactive structures and matenals Statement of Revenues and Costs. Had the premium been beyond that necessary to terminate the District's operatmg included, " Sales" and " Production-Operation and licer se. For purpose of accumulating amounts for maintenance" expense would base increased $3.0 million.
complete dismantlement and site restoration of CNS, the District is estimating the total decommissioning costs, in
- 2. RATE COVENANT:
1996 dollars, to be approximately $474.0 million.
It is expected that the costs of decommissioning will The District is required under the Nuclear Resolution be funded from res enues, certain reserve funds to charge rates for electcic power and energy from the established under the Nuclear Resolution, and surplus Nuclear Facility so that rei enues will be at least sufficient funds derived from the ownership and operation of the to pay operating expenses, aggregate debt service on the Nuclear Facility. The District anticipates sufficient funds Nuclear Facility Revenue Bonds, amounts to be paid into will be available in accordance with the NRC the Debt Reserve Account and Reserve and Contingency decommissioning rules to decommission CNS at the end Fund, and all other charges or liens payable out of of its useful life. The District intends to periodically revenues of the Nuclear Facility. The debt service review the costs and methods of funding as a result of payments of the Nuclear Facility Revenue Bonds are changing conditions and requirements for
$35.1 million per year for the years 1997 and 1998, decommissioning.
$35.0 million for the years 1999 through 2001 and principal payments, as a component of debt service
- 5. CAPITAL ADDITIONS:
payments, are $24.5 million, $25.7 million, $26.9 million,
$28.3 million, and $29.8 million for each of the years The Nuclear Facility construction plan includes 1997 through 2001, respectively.
authorization for estimated expenditures of $7.5 million for 1997. These expenditures will be billed to participants
- 3. POWER SALES CONTRACTS:
as " Provisions for operating reserves" on the basis of estimated cash flow requirements.
Under terms of a power sales contract with MidAmerican Energy Company (MEC), the District
- 6. CONTINGENCIES:
makes available one-half of the production of CNS to MEC with the balance available to the District's Electric Under the provisions of the Federal Price-Anderson j
System. MEC and the District's Electric System each pay Act, the District and all other licensed nuclear power plant a proportionate share of the nuclear fuel costs (based on operators could each be assessed for claims in amounts up energy actually delivered) plus one-half of all other costs to $79.3 million per unit owned in the event of any of the facility.
nuclear incident involving any licensed facility in the The District has also agreed to make available, nation, with a maximum of $10.0 million per year per through its Electric System,12.5% of the output of CNS incident per unit owned. MEC would be liable to the to the City of Lincoln, Nebraska.
District for one-half of such assessment under the Power Sales Contract. To satisfy the obligation, the District has obtained a $5.0 million line of credit and MEC has 39
NPPD NUCLEAR FACILITY demonstrated its financial integrity and responsibility for Department of Energy operated uranium enrichment
$5.0 million.
facilities. Such assessments commenced in 1993. The L part of the 1989 settlement agreement between GE present value for such annual assessments for the 10 and the District, GE has agreed to store at its facility at remaining years is approximately $16.1 million. The Morris, Illinois, the 1,056 spent nuclear fuel assemblies District has recorded on the Nuclear Facility financial from the first two core loadings at no cost to the District statements, the present value of such annual assessments
'.t until May 2002, which is the expiration of the current by recording a liability and a matching deferred charge of license for the GE facility. After that date, storage will be approximately $16.1 million as of December 31,1996, I
at no cost to the District so long as GE can maintain, and $18.0 million as of December 31,1995.
without certain additional costs, the NRC license for the facility.
If after May 2002, storage of the 9.
LONG-TERM DEBT:
1,056 assemblies results in certain additional costs to GE The fair value of existing debt at December 31,1996, then the District shall be responsible for such costs. Such is determined using rates currently available to the costs would be collected through revenues of the Nuclear District.1he fair value is estimated to be $212.1 million.
Facility as part of fuel costs.
- 10. GENERAL CONDITIONS:
- 7. LOW-LEVELRADIOACTIVEWASTEDISPOSAL:
On January 27,1994, at a public meeting, the Nuclear The Low-Level Radioactive Waste Policy Regulatory Commission (NRC) identified CNS as a plant Amendments Act of 1985 (the "1985 Act") requires each with performance trending downward. On May 25,1994, state to be responsible for providing for the availability of CNS was voluntarily shut down by the District due to capacity for the disposal of low-level radioactive wastes c neerns with plant equipment. On June 23,1994, at generated within its borders except for certain defense n ther public meeting, the NRC updated the status of related radioactive wastes. Among other things, the nuclear P *er P ants under their jurisdiction. CNS was l
1985 Act authorizes and encourages states to enter into identified as one of three plants which received a interstate compacts, subject to Congressional consent, to provide for the establishment and operation of regional ff w-up " trending" letter from senior NRC management discussmg the continuing need to make improvements to disposal facilities for low-level radioactive waste resolve NRC concerns about dechning performance generated within the states entering into a compact.
trends.
Pursuant to the 1985 Act, Nebraska has entered into During the shut down period, the District incurred the Central Interstate Low Level Radioactive Waste certain non-budgeted, extraordinary operations and Compact (the " Central Interstate Compact") with the m intenana costs in responding to operating and states of Arkansas, Kansas, Louisiana, and Oklahoma.
The Central Interstate Compact has been approved by regul tory concerns. In accordance with the Nuclear Resolution, these extraordinary costs can be funded by each of said states and by Congress.
am unts in the Reserve and Contingency fund.
The District is a party to an agreement under which partial funding for the pre!icensing costs of a Aa rdingly, the total costs reflected in the Statement of proposed disposal facility has been provided by the Revenues and Costs for the period ended December 31, owners / operators of nuclear plants within the Central 1994, do not include $6.1 million of extraordinary costs interstate Compact.
ass ciated with the shut down. These costs were charged to Operating Reserves in the Statement of Assets and g;
- 8. DEPARTMENT OF ENERGY FACILITIES Liabilities. These costs were originally paid with ASSESSMENT:
Operating funds. These amounts were reimbursed to the Operating fund from the Reserve and Contingency fund Under the provisions of the National Energy Policy during 1996.
Act adopted in 1992, the District is subject to assessments On February 22,1995, CNS returned to commercial estimated to be $1.67 million per year (to be adjusted for generation of electricity with the NRC's concurrence. In inflation) for a period up to 15 years for the purpose of June 1995 the NRC notified the District that CNS was no paying the costs of decontaminating and decommissioning longer a " downward trending" plant and that it appeared et
the corrective actions being taken were addressing the NRC's concerns. Since this time, the District has continued to aggressively pursue its performance improvement plans to solidify CNS's regulatory status.
Since returning to operation in 1995, CNS has operated at or near capacity. Plant operations were interrupted for a scheduled refueling and maintenance outage that was completed late in 1995. This outage set the stage for a w
very successful year of operations in 1996.
During 1996, CNS set a new generating record of 6,339,000 megawatt hours. The previous record of 6.228,000 megawatt hours was set in 1992. This record was achieved in spite of a 10-day outage in June to replace a leaking fuel element in the reactor. The unit Capacity Factor for the year was 94.5%, which is also a record. Another refueling and maintenance outage is scheduled for March 1997.
I1. LITIGATION:
A number of claims emd suits are pending against the District for alleged damages to persons and property and for other alleged liabilities arising out of matters usually incidental to the operation of a utility such as the District.
In the opinion of management, the exposure under these claims and suits would not materially affect the financial position of the District as of December 31,1996.
D
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