ML20141N895
| ML20141N895 | |
| Person / Time | |
|---|---|
| Site: | Pilgrim |
| Issue date: | 12/31/1985 |
| From: | Sweeney S BOSTON EDISON CO. |
| To: | |
| References | |
| NUDOCS 8603180259 | |
| Download: ML20141N895 (60) | |
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C Boston Edison is an operating public utility engaged principally in the generation, purchase, transmission, distribution and sale of electric 1 I energy. It was incorporated in 1886.The com-
.g pany supplies electricity at retail to an area of approximately 590 square miles within 30 miles ,
of Boston, encompassing the City of Boston and i surrounding cities and towns.The population of the territory served at retail is appn)ximately , 1,500,000. I I Boston Edison also supplies electricity to ' i i I other utilities and municipal electric departments j at wholesale for resale, and provides steam q ! to approximately 280 customers in the City ! of Boston. l
/ 1
! About 84 percent of the Company a revenues a 1
- are derived from retail electric sales,10 percent from wholesale electric sales,4 percent from k steam sales and 2 percent from other sources.
i l 1 I-1 l ' i l Tame of Contents 2 Financial ihehhnhts . 3 Letter to Shareholden T_ : Corporate Pnsress Report 29 th rorical Review l l l l 31 Fmancial Section
]
l 53 Statistical Review .l
)
l 56 Directon anJ (%en j i 57 Shareholder Information , i l t i
- l l . ~ , , , - - - , - ,,__ . - _ - , - .
The Eason Electricilluminating
. ConapenyofAnton l886 "The Company was organi:cd December 26, 1885. . .There were then four or 6ve are light companies otTering for sale various inferior in-
- candescent lamps...Notwithstanding this com-petition, w hid. to those not familiar with the business, uvuld have appeared somewhat dis-
. couraging, the Edison light at once acquired a Boston Edison Company 1986 6rm foothold within the territory opera ced ...
the 6nancial outcome of the business has been " . ..The accomplishments of 1985 build on a very gratifying and the prospecu for its future are century of increasing strength and provide solid even more so (from the 6nt annual neport to footing for the second century. Earnings and shareholders) returns reached record levels. . History has tested the Company's ability to adapt and to intmare. An impressive growth pattern testi-l 6es to our success . . . (We have developed) a r.cw business plan to take advantage of the Company's strengths and to prepare us to pros-per in a nwre competitive future." (from the l l 1985 annual report to shareholders) l l u 1 7 0 8 to 1 p: I
FinancialHighlights 14M 19 9 _ '4 Clunge , ym ended Ekccmhv 31
$1,203.972 $1,316,668 -8.6'b Operating revenues (0CO)
$80,350 $74,811 +7.4%
Balance for common stock (000) Common shares outstanJing-15,982 15,436 +3.5% weighted average (000) , Common stock data:
$5.03 $4.85 +3.7'%
Earnings per share Dividends declared per share $3.34 $3.12 + 7.1% 65 % 63% +3.2% Payour ratio
$ 35.H $ 33.61 +5.1 %
Book value per share Return on average common equity 14.54 % 14.69 % -1.0% Fixed charge coverage (SEC) 3.01 x 3.02x -0. 3% f
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, 45 0 6
2 ~ O ~ 31.5 5 ,
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q _ _ _ g - ._ --- 15 0 sa 2 M 81 82 83 84 85 M 81 82 83 M 85
- Total retwn (%)-Fw 1985, stod appreciation and dvidend
[omings pd share ($)-famings inoemed 4 ponent to a record growth cominned to generate a total shareholder return of over
$$.03 per shore.
44 percent, wel above enruket overages. 2
m DearShareho!Jen Very few chief executive atficers have the opn>rtunity to send to shareholden an annual report that chdes out one century of accomplishment and introduces another. I am fortunate to be one of them. He Company's centennial is a time for proud retlection and healthy optimism. Out of the 6rst century evolved a tradition of engineering innovation, marketing leadership,6nancial strength and emphiyee commit-ment.Le qualities that made us strong are just as important and abundant today. We are in excellent 6nancial shape. Our operations are senmg. Under the guidance of an experienced executive team, a skilled and dedicated work force is applymg innovation and creativity to today's challenging environment. The accomrlishments of 1985 build on a century of increasing strength and pn> vide sohd footing for the second century. Earnings and returns reached record levels. Outstandmg operating results were paced by records in employee safety and nuclear plant performance. History has tested the Company's abihty to adapt anJ to innovate. An impressive growth partern testi6es to our success.Re Company began m February of1886, w hen it signed its 6rst customer. At the begm-ning of the second century, over 600,000 customers use our services. From an mitial investment of $1(X),000, assets have grown to $23 billion, and revenues to over $1.2 bilhon. We began in an environment marked by 6erce comper tion.The streng h nd commitment that brought the Company through trying days serve us again today as the regulatory and economic environment returns us to a competitive climate. Trends towards diversi6 cation and consolidation wahin the electnc unfit y industry are hicly to continue and, as in the early days, competitive forces u ill nutenally slupe the way we operate. We recogni:e trends as opportunities to create, search out and participate in new endeavors. Supplymg electric energy reliably and economically will continue to be the major focus of activities; however, the expertise we have developed as an electnc campany has potential arplications outside traduional unhty boundaries. In 19S61 exrect that a number of regulatory uncertainties reported on last year will be clarined. Speci-6cally, rules will hkely be estabhshu : hat will allow us to undertake energy supply and demand planning with a greater degree ofcon6dence in the relative investment potennal of availaNe ortions.This will allow us to con-tinue aggressive efforts to seek investment opportunities that be r meet both the needs of ctatomen and you, our shareholders.These efforts will, of course, continue to be undertaken in the open pnicess wiuch we began sever;d years ago to involve representatives of interested parties in the decision malmg process. Last year I reported on the development of a new business plan to take advantage of the Company's strengths and to prepare us to prover m a more compennve future.%at plan was completed in 1985, and we are proceeding with its carefully timed implementanon.The business plan adJresses ihe uncertainties that exist 3
ttd h In .tred 4h li A rcCultt h li Uni s T h ds Jd duimC l's m ut pt:t;s .;r fis uni-r:ct M lmr> flu tc hu4ne, w h r\[ualmc fla L. . m p.e1 - t% s a +!M s is : n o is t r .i k i ru s cr a, f; a, i ia l i i : r is;ien < u hl f ic :I d ie, t. n i i x ' rm.m uh u d.i I hr ,ich t hh f- s .! t < ;s tni , !, t ( ! 4 ; i l m t he n r t L's m c- i .en ; r b( ' , thht , r, reJN !' ns,ni ! ,s m1ph . i' Ih' , il \lT't AN\l\ l ib \ln l [ Nu n t rt h l l /' l ,. - t , s
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y 3. A.: ;,. % ,1 . - - . + . From left to right. Executtve Vke Preudentlonph P fyrrel Semor Vke Preudent Waam 6 Hamngton Eserutive Vke Preudent bornes k lydon and Preudent and QuelExecutive 0ffker Stephen J Sweeney 4
~
W _ Mnemedallbrioemance 18 OnJanuary 8,1886, the Company uns incorp>- - 5 3
- 15 .,,, a E E rated uish a capital base of $100,000. One of the ? E - M E E 12 g 3 g Company's first major insessors uns the promment a m l 3_
fmancier,J. P. Morgan. Retenues in that frrst year of _ _c $x580 uu, co, m.,, IIII I __.,_
^
$3,577 Sales grew rapidly, hourser. and in 1899, only 13 years later, resenues first exceeded $l mil- 80 ~ 81 82 83 84 85 lion. By the end ofa century ofoperations, resennes Resum en equity (%)-Rohan en equiry was 14.5% in 1985; are now wellin excess of$1 bdlion.'- endudse el ARIOC, this seewn teneinues le eased induary
' In 1985, the Company achieved record earn- evenges.
ings of $94 million, or $5.03 per share.The re- In April. $75 million of Series V,12%%, Fint turn on shareholders' equity remained semng at Mortgage Bonds were issued.The proceeds were 14.54 percent, close to the 15.25 percent alloud used to reduce borrowings incurred during the
; .by the Massachusetts Department of Public Uti!- 1984 extended refuelmg and maintenance out-ities (DPU).The high quality of the Company's age at P Igrim Station.The Company began ,
earnings improved in 1985, as the allowance for issuing commercial paper in October under the funds used during construction (AFUDC) repre- Boston Edison name and credit for the 6nt time sented only 10 percent ofincome.nis strength in 12 yean.The program has received enthusias-was further evidenced by the fact that the return tic investor surport, and has both reduced bor-on equity, exclusive of AFUDC, was 12.6 percent, rowing costs and enhanced the Company's or almost twice the industry average. Interest short-term 6nancing flexibiliry. t coverage and capitah:ation ratios remain strong, In January 1986, the Company 61ed an eppli-reflecting the fundamental 6nancial progress cation with the DPU for approval of the issuance reali:ed by the Company over the last three yean. of an additional two million shares of common The Company's favorable cash fknv per share stock.This 6nancing constitutes the Company's position continues to rank among the industry's 6rst major public 06enng of common stock in highest. Construction expenditures totalled more than six yean and will funher strengthen ,
$219 million in 1985, of which $40 million repre. its capital structure.
sented a non-recurring payment for spent nu- In January Boston Edison's Board of Direcron clear fuel disposal costs. Over $171 mii; ion, or 78 voted to request the arrroval of its stockholden percent of these requi ements, were met with internally generated funds. 5
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. . ~ _ _ _ . . . - - - _ - _ - - _ _ - . - . - _ . - . . . _ _ - . . . - . . . .-. _._ -..- _- ! to srht the Gimpany's common stock 2 for 1 Regulation I
with a change in par value from $10 to $5 per As a result of numerom unbry cong ALuions m ehe i
- . i share after increasma the Company's authori
- ed early PAVs, many cicctnc comtunies, meludmg common stock from 21.5 million to 25 milhon Boston Edison, exomded therr scrtice terntories.
shares.These matters w di be submitted to the This grou th uns accinnpuucd by cm:en concern 1 i j stockholders at meetings to be held on April 15, ah na pernuttny a pidk senice of such significance ; i ! l 1986.The stock spht requires arproval of the to be perf wmed by a prisure company. Charles Edsur, I t .
- DPU. After regulatory approval, the Ibard of Cmnpany prestlent fnnn 19N to 19.U, took a l l
I Directors wdl proceed with the stock sphe based nats .rullcalcrslup tmirs m m adsucarma gon ernment l , i i . on market conditions. regularmm of 4tihrics as th, aptm.piutr,3ol:4t*nt I _, Sixh efforts u cre mccessfid and f wmed she lusis of
+ state and federal regulath m as they cust talay. ;
- f. m 5 For Boston Edison, significant regulatory ac-l+ ,.
I r, , i nvity occurred in 1985. In December, the Com- 1 t .i . ~ ! .\ rany nled with the DPU a request for an annual l t I , ,.' increase in retail rates of $ 35.7 mdhon.This l
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, represented the Company's nrst retail rate re-
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"Issus Edm(s posise tasadel esagt is des is part to es quest in two years. If approved, this wuidd result I l
i ) [ lett est us me est isseised is a muist mesmdies param " in a three-and-a-half percent increase in retad I ;- Simpienp C. Tlempion, Finc~s and Ausewing revenues, the smallest in over a decade.The
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( fding is based up sn estabhshed DPU gualehnes i Retlecting Boston Ednon's record 6nancial and Pron>ses compterion of the Company's progress and commitment to its shareholden, transition to equah:cd rates of return for all I the common stock dividend was increawd 6.1 customer clasws. percent, or $0.20 per share.The dividend action Eaiher in that same month, the Company repre ented the sixth increase in the put seven nled a Prop mal to offer ornonal interruptible yean. Boston Edison's stockPrice hit a 16-year ratn on a rest basis to its largest customers.Thn high in December, and closed the 3 ear at 454, 6hng aho mcluded propisett odot conwrvation up 3 3 percent over the beginning of the year. and load management Programs that, in con-This g;un, w hen combined with dividends, re- juncnon with the propr ed rates, would offer sulted in a total return to investors for the 3 ear m incentisn and measures to manage elecenciry excess of 44 percent. use Junng penah of reak deraand. A DPU deci-sion on the two December nhngs is expected by July 1,1956. 6
i He DPU issued an interim order in Septem- _.4 50 !
- ber reganhng the purcha3e and sale of electri- _.
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315 w _ l j city from cogeneration and small pmer produc. . 3_ _$_LE___ " _ _ ! tion facilities.%e onfer outlined the DPU's _. _ _ _ _ _ ___ _ l 2.25 i goals and objectives in this area and discussed _ _ _ _ _ . . _ _ _ _ _ . _ _ l.50 l
- key issues including pricing methodologies, con- l l 25 r
i tract terminohn, transmission w heeling require- _ _ _ _ _ _ _ _ _ _ _ _ _ . ments, and reliabdity. %e DPU also requested 80 81 82 83 84 85 j additional comments on these issues from inter. Dividends dalarmi pu sim ($)-N common evidal was
- l i
! ested parties and is expected to issue Proposed increasmi 6.2% in 1985, tlw sixtli increase in its last seven years. i i regulations in 1986. Boston Edison is surportive Company's dependence on foreign od.Wlute I of the DPU's efforts to Provide guidelines in this Boston EJnon had obtained necewry arrrovals i j area and believes that these and other alterna- fn>m environ ental. legislative and community tive energy sources willPlay an expandmg role in consntuencies, the decision to suspend unver-future capacity rianning. During the year, the sion plans folh>wed a DPU order w huh con-l Company received arproval for a number of chded that they could not find ihar ihe rronwed l 1 energy purchase contracts from such facilities. coal conversion Project offered a " substantial rrobabdity of net fuel savings" to emtomers over l ,_ a f l the hfe ofihe project.%e onler also under-f scored the continumg uncertainty surrounding l i t , hing term od and coal prices uhich influenced i the DPU's conclusions. A few dap earher, the DPU allowed Ibston j ( Edison recovery of arrroximately 377 of 387 i l l .
"Agnedes met senaul papenilmse conseveed to the days of replacernent pmer used during ihe 1981- , V !
(empus(sneed Anmulelpodenuous" 84 outage at Pdgrim Station.Whde dnarpointed ,
+
' 5esen 1 Alem, Finente and Acceeming that recovery of replacement emer for any part l l
l
.,_ . - . _ . . , __ J d the our. ige was disallowed, the Company was l i
l In July, the Company suspended plans for ricased wich the DPU's recognition of the mac. l converting its New Boston generating Pl ant to nitude of Boston Eibson's accomrinhments dur- ; t i coal.Re project originated in response to direc- mg the outage. I l i , tives in previous DPU orders to reduce the ,
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'c'l ~1n 1886 Boston Edison begon with a capita investment d $100 000 ] f s,
5 enson, of the end d 1985, Bostonidison had total assets o ovw
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$ $2 bi!! ion. finomd with a wule vonety d investment vehedes Today's treasury fu
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e with the eva changmg finonual mortetpkxs " ogo, but we have the necessary tods and the talented people to eep pac James P fdey, knonce and Aaountog Orgeruzary,n
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Reprewnnne over 50 percent of terntory sales, the commercial sector contmues to race Ie
- he Companv's gn m th. Tlus sector is composal t ofIkwron's service inJustries, w hich mchde 4
eJucation, representeJ by the areis many col-leges and omversuies; world renow ned medical i i
; MWhle posent mWalen has dessinped some onertainty let institutions; financial services, w nh Ikwton
\ tapsilly plumpinl, it has alie ceased a pseettable and sensissent second only io New YorL as a tmar.;ial (enter; l
- cast slanin pens."
government; and the arts.Whea coupled w ith l t insodore 5. C nvissw. Legal. the area's high technology industnes, ik wton's i l service-onented economy forms the founda- l r t Afar!cer Review non of a strong. Progressis e anJ Jn ersitied ! l The electric stat e u as first intnduccd to the puble terntory base. ( Jurmg the " roaring tu ennes". It uas nor, hou ci er, in hne w ith contmumg economic expansion, ( i receised unh the inst.mr enthususm accorJc3 the the builJmg boom of the past few 3 cars contm- ! I dance race af the era. the Charicston. lbston EJnon, ucJ m 1985. ArProximarcly 15 million square ( .l realgmg the tremendous oppirranay for sales feet et new mdu tnal and commercial pace were j expansion present<J by thn men ductu en, resp aded added to the real estate base. Boston filnon's I by irut:armg a scues of codmg sih. iols at ILston's market penetranon remamed high as developers j HortictJrural Hall. Ahita che same emic, the Cim- selected electnc hear tier 72 pertent of thn new , { pany opencJ as first shoucase all<learic house. space. Major Jts elopments completed Junne l Thmugh cfkru sich as these, customers u ere sucu ss- . . _ _ _ _ _. __ _. l 100 oa=_ fully miroduced to the many uses ard aritantages a f . . . . - - ._ - 80 _. _ _ _ . - %d lewiswd electncuy in the modern home ard udes grew rapdly. - _ _ - _ - _- _ ._ ._ _- __ 60 l In recent years, there has been a resurgence of * ' , .40 the sales expansion exrerienced in that carher _ _ _ _. . l .i .20 t period of the Company's history. The Comrany's . . _ _ _ ___ _ _ __ _ _ . _ retail kilowarthour sales mcreawd 1.9% in 1985, 80 81 82 83 84 85 4 but when aJ;usted for weather, grew 4.8 percent Territory total revenue breakdown (%)- A strong tornmerdal sector
- a contmumg three years of sohJ growth.Tlus continues to provide econornic stability and pace Cornpany growth.
gnmth was fueleJ by the Ikwton arcis emnomic l vitahty, reflected in an unemployment rate of 3.1 j 10
the year included the Ibur Seasons llotel, with Company initiated Energy And Savings for You 500,000 square feet of luxury condominiums (EASY), an innovative energy atxht program and hotel accommodations; the Lafayette Place des eloped and implemented in cooperation with Hotel, complementing the retail space com- representatives of consumer gn>ups. pleted in 1984; and htarket ? lace Center, the Another 1985 project w hich received con-
- latest expansion in the well-known Faneuil liall sderable attention was the Syniphony Ibad, 1
Market Place complex. Ikamn housing rehabilitation project. Ibston
- In 1986, numerous other projects are scheduled Edison helped convert a 16-unit building ; ,to I
i for completion. Among them are BOSCOht, ationlable energy-etficient housing for low and ; i a 900,000 square-fmc computer market center on moderate-income fanubes.The Company re- l { l i i Commonwealth Pier; the 240.000 square-foot ceived state and federal energy awards for its role l 1 1 hiassachusettsTechnokw Center near Logan in demonstrating the integration of currently l Airport; a 950,000 square-foot downtown office available energy efficiency techniques into urban ! complex on Federal Street; and the 350,000 revitah:ation erforts.1985 was the second con-i square-foot Atrium htallin Newton. secutive year m which the Company reved l r i Other major developments include the 1.4 these awards for its hud management and mn-million square-foot New England Life Complex servation etTorts. I l in Boston's Back Bay; the 1.1 million square-foot j .. l 1
, International Place in Boston's fmancial district i l t
,c I and Rowes Wharf hotel, office and condominium :
i f 3 ! j complex on the city's waterfront. In addition, i b . F r comtruction on the new Hynes Auditorium
-' l j
ve ' ! continues which, when opened in 1988, will I 'l ? l transform Ibston into one of the nation's pri- ! l l l mary convention cities. ! 4e whom denen emessy' ad endashg haddag beam l t i . l While sales growth inteady and has contrih- ; pende e smens lessismen ist isneery miss possh." : I 1 ; ured to the Company's (mancial pnwperity, the Jame M. teid, Commmiel
~ ~ ~ ~ ~ ~ ~ " ~ ~ ~ ~ ~~~~~~-
efficient use of electricity is a major marketing l i t focus today. New marketing programs promote l and encourage load management and conwrva. s tion, thus minimi:ing peak demand w hile sur-
! l l pcrting economic development. In 1985, the j 1 i l ! 11 l
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i System CapabilityanJ Planning whether they haJ been prud ntly planned, sig-l Nton's first etcctric ,ter.nu ms rehcd up m sma", nificant aJJitionalinvestment nsk ha,been l isolned hghnngPL mts uhkh suppucd electriaty to placed up>n companies and their shareholJen. I speape hathngs. In contrast, Thnrus Edson had Such a pohcy Promotu construenon of mu'nple 1 l the resuluthnury susm o[dstrihaing clccinary to small units as oppml to larger more economical I many Ndhngs from a central p m er stare ,n By generanng units, thus increasing the uncertamty i l l impicmentmg the imentor's dream. Beton Edson of a rehable power.surrly. l Jutmedshed usclffnnn its many competuurs and _ gradually acqmred t&m to form a smale consollued i \ clectric surply unhty. The Canomy's Ileal Ptace , i i Statum uas called the first true p >uer stanon m the e. ! i l uurLI. By the turn of the century. thuentralp uer i i . . k j concept lud resolutu>ni:cJ the uay clectuaty t:us to .
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- While the Company's tirst gtnerating station "Ieden E&en is amanuely seudung fer nem end innevesse (
I consisted of two dynamos which provided only ' cepedty soones, induang noemenel as well as eherneuve l , j enough nmer for two modern. Jay homes, Ibs- ensigy splianc ! i ton Edison's 1955 net capabihry arrroached Philip DiDomeno, Ewgy Sup;Jy and Corporee Relarens I i 3000 megawatts (MW), sufficient capiary to . I wrve over 15 nullion homes.The Jemand for ibston Ednon is well pinoned to assess l t electricity continues to reach new all-time hiehs. numerous viable a!ternatives for future carabihty li in August 1935, a new record peak Jemand of in a time trame adequate to develop the most ! l l
. 2,416 MW was set,1.2 percent above the 1984 arrn'rnate and cosr.ttfecrise strarecies. Optiens i i
i I l summer peak.The Comrany is forecasting reak include e m er pun hases, consen anon, loaJ { i l ! load through the year 2000 to grow appnni- management, hfe extension rn, grams and, if . l mately two percent annually. required, new corntruenon. f
; Capacuy rianmng to meet future load gnmth A maior p mer rurchase w dl wme f rom the l I I I remains uncertain due to the current regulatory New Eneland Power Ib.!(NEPOOL) wiuth will j envminment censernmg a unhty's p >rennat for begm receivmg up to 3 3 milhon megawatthoun cost recovery of future plant investment Snce of Canalan hydroelectric energy over an 113 car f ! (
i electnc utihnes must now prove new plants or penal, starong in mid-lW6.The receipt of thn l 1 l pmer contncts to be "used and useful" upon ! complenon, r.uher than the carher stanJard of , e i l I . I 16 i l i _ _ _ _ . - - _ __ _ _ , _ - - - ----- - ,.-,-_.- - .- - #_., , , - ~ -
-.- __- . _ _ - _ =_ .. _- - - _ - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
power was negotiated under a Phee I agreement with the Canadian Province of Quebec. In Octo-f { ' ber NEPOOL and HydroQuebec signed an .
)
energy contract to expand the 690 htW inter-i. k. connection of Phase I to 2000 htW in Phase 11. I His Phase 11 contract uill piovide New England ! P .. i i utihties with up to seven bilhon kilowatthours of.
&/ ;
I . I 1 hydroelectric energy annually at a rrice below ,
"11b me poed d the fort shot she pedersume d the Campesy's 1 .
the average price of New England fossil cnergy. genesung main maks emens the money's best." ~ < t The new contract is scheduled to commence in Frank li, RomA 5:som one Elects Opersions i i I i
; 1990 and extends 10 yeirs. In a related proceed- i r
ing,6nal agreements were signed in late 1985 by power from that umt via an agreement with the I t i .i participanng New England utihties to construct New Brunsw wk Electnc Power Commmion, ( the necessary facthries to transtmt the additional which runs unni 1958 with ortions to extend to , Hydro-Quebec Phaw 11 pm er to the regi, - 1991.The riant achieved a capacity factor of l f i Boston Edison's level of particir ation in the 97.4 percent in 1985. , i
- Hydro-Quebec agreements is arproximately Throughout 1985, the Comrany ale ex-11 percent and the agreements are subject to randed its activities wich cogenerators and small I regulatory approval power pnducers as part of ongtung efiorts to .
l Another signi6 cant Canadian pow er pur. haw secure alternative future energy wurces. Exam- , s j involves the Point Lepreau Nuclear Power Plant. pies include a 25 year contracr with Diamond The Company continues to receive 100 MWof Emt Energy Corporation for 80 h1W fnim a ! tiuidt:eJ bed, coal 6 red urut, a 20-> car contract l 6_ <* 4
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_c. with Peat Products of Amenca for 10 MW trom 5 t _ __ pear-6 red generation, a 30-year contract with l i TDEnerg3, Inc. involving 10 MW from w mJ l 3 m
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r _ farm generation, and a 20$car contras t with , Ocean State Power for approximately 110 Mhf I 2 __ E ___ ___ _ __ _. gas 6 red c iracity. 80 81 82 83 84 85 The Company also took hignihcant sic [w in l Sales growth (%)-Territory ades increased l.6% in 1985. 1945 to assure that short-term capacity require-l Continued strong econoni. growth was partiaHy olhet by mild ments neeJed during peak demand situanons are ; weather tordtions. [ l t i 17 '
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