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Forwards 1993 Annual Rept of Sacramento Municipal Utility District,For Info
	ML20149E449
Person / Time
Site:	Rancho Seco
Issue date:	05/16/1994
From:	Baxter T; SACRAMENTO MUNICIPAL UTILITY DISTRICT, SHAW, PITTMAN, POTTS & TROWBRIDGE
To:	Bechhoefer C, Cole R, Murphy T; Atomic Safety and Licensing Board Panel
References
	CON-#294-15063 DCOM, NUDOCS 9405310110
	Download: ML20149E449 (34)
	v • d • e

{{#Wiki_filter:. bb3 DOCHEIED SHAW, PITTMAN, PoTTs & TROWBRIDG$HRC A PARTNt RSMiP (NCLWQtNG PMOFt BSsONAL COR*0NAfiONS I 2300 N STREET, N. W 8 P 3.yFaRM CREOrt DRivt tt.L E u/C AnLE WASMtNGTON D. C. 20037 a N A O C-89 2693 (SMAwt.Aw wSM) i McLE A N, VIRGINtA 2210# v (703)700-7900 <ro,e t g awoNg 0FFICE Gr r,t TARY,AC-,u . a.O.0 00CHE TjNr:.. pARVIC***' ***' 'O May 16, 1994 TsouAs A sAxten. r> c Charles Bechhoefer, Esq. 1 Dr. Richard F. Cole Mr. Thomas P. Murphy Atomic Safety and Licensing Board U.S. Nuclear Regulatory Commission Washington, D.C. 20555 In the Matter of Sacramento Municipal Utility District (Rancho Seco Nuclear Generating Station) Docket No. 50-312-DCOM Gentlemen: Please find enclosed, for your information, a copy of the 1993 Annual Report of the Sacramento Municipal Utility District. Respectfully submitted, h. Thomas A.

Baxter, Counsel for Licensee Enclosure cc:

Service list (w/ encl.) Mc0124:044 TAB.94 h) 9405310110 940516 PDR ADOCK 05000312 Q PDR .a

DCChc7 n j USNPC " UNITED STATES OF AMERICA '94 g 18 P3:gg NUCLEAR REGULATORY COMMISSION 1 Before the Atomic Safety and Licensing _ Board urtIC'O.'r-CR DOCK i, q, *1 RY c-In the Matter of ) Docket No. 50 rah 3gD E ) SACRAMENTO MUNICIPAL UTILITY ) (Decommissioning Plan) DISTRICT ) ) (Rancho Seco Nuclear Generating ) ASLBP No. 92-663-02-DCOM J Station) ) SERVICE LIST Administrative Judge Dana S. Appling, Esquire Charles Bechhoefer, Esq., General Counsel Chairman Sacramento Municipal Utility Atomic Safety and Licensing Dist. Board P. O. Box 15830 U.S. Nuclear Regulatory Sacramento, CA 95813 Commission Washington, D.C. 20555 Office of the Secretary Attn: Docketing and Service Administrative Judge Branch Dr. Richard F. Cole U.S. Nuclear Regulatory Atomic Safety and Licensing Commission Board Washington, D.C. 20555 U.S. Nuclear Regulatory Commission Adjudicatory File Washington, D.C. 20555 Atomic Safety and Licensing Board Administrative Judge U.S. Nuclear Regulatory Mr. Thomas D. Murphy Commission Atomic Safety and Licensing Washington, D.C. 20555 Board U.S. Nuclear Regulatory Office of Commission Appellate Commission Adjudication Washington, D.C. 20555 U.S. Nuclear Regulatory Commission Mitzi A. Young, Esquire Washington, D.C. 20555 Office of the General Counsel U.S. Nuclear Regulatory James P. McGranery, Jr., Esquire Commission 1255 23rd Street, N.W. Washington, D.C. 20555 Suite 750 Washington, D.C. 20037

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= 4 onnenna. Manassa s massass Wthe post of General Manager on f e hen the Board of Direcmrs named me, a veteran employee, to Jear message to District employees and customers: we're on the nght track. Their action showed confidence in the talent and capabilities of SMl;Di management team and employees. I take the reins at SMUD after 15 years in the legal office, the last tive as general counsel. From this perspective, I believe it is

P evident that the organization is in good shape financially and opera-tionally, customer satisfaction is high, and employee morale is good.

3 Without question, SMUD is on the right track Yet, there is much to be done. ~ We are now at the brink of SMUD's future. We have new power plants to build and a " Conservation Power Plant to complete. We face these tasks while entering a new, competitive era, where electric utilities must provide more than kilowatts and kilowatt. hours. This will mean that we must continually re-evaluate how we serve our customers, so that we are adding value that goes beyond simply keeping the electricity flowing. Of course, we must achieve a!! this while holding down races. SMUD has not raised rates to customers since January 1990-4 wqlcome contrast to the steady hikes that characterized the 1980s. As we build Sacramento's power future, we can't promise rates will never go up. We can promise that we will approach everything we do with a cost consciousness aimed at holding the line on electric bills and races, just as we have done for the past four years. The theme of this year's annual report is " Serving Sacramento: yesterday.. and today*, which underscores the fact that SMUD has been a cornerstone of the community for many years, first providing electric service to Sacramenu in 1947. Today, we must continue this leg 2cy and build for tomorrow. With the able leadership and guidance of our Board, the hard work and vision of employees, and with a clearly defined roadmap for the future, we are in a great position to maintain SMUD's leadership role, both in public power and in the community. Jan Schori W I General Manager -1

y O 1 \\ J There is no singleyardstickjbr measuring a urihty1perfbrmance. To a cuaomer. rate, and rehabihty are essential For a bond int 1stor. financialhealth is a key l'aramount to an environmentahit are improv-ine andprotecting air quahrv as utilas land use and other issues. And. to the population as a whole, a commitment to the community is vital The Sacramento Alunicipal Utility Distrwt entered I993 dedicated to measurmg up to allofthere ditrrse and demanding stanbrds. And u hen theyear ci:sedon DecemberJI, it was clear that the Distmr had fared u rli by allcounts. Tus i.sants ans en 4/so vws' mares ans o ww The last time SN1UD custom in January 1990. Since then, rates have remained stable, even declining for some customers. A comparison of California's major utilities shows that SA1UD customers enjoy some of the lowest electric rates in the Golden State. hicanwhile, customer outage time continues to be.unang the A comemmison 'or some catironn A lowest in the nation, thanks largely to the dedicated line crews, uveurers ran iesa sissiernviat troubleshooters, tree crimmers and energy operations statTwho work sills aT 700 MWH / month around-the-clock making sure all systems are go. While most utilities scrive to limit customer outages to no more than two hours per year. ShiUp once again came in under one hour in fact, interrupted ser ice was just 49 minutes per customer for all of 1991 In an efTort to improve customer convenience, ShtUD estab-og lished a new customer service location in Elk Grove. Since opening on ~~~~~ November 9, customer usage has grown steadily. Ground was broken on the new Customer Service Center adjacent to ShlUD's Headquar. ters building on S Street. The 179,000 square. foot facility will be a one-stop shop for curomers who want to hr.ndle their accounts, discover energy ediciency technologies, learn about employment opportunities, and even conduct a meeting for their group or organiw tion. I A major change to customer services in 1993 was the introduc. tion of OSCAR, the On-line System for Customer Account Records. This new system software package replaces an aged program and will j allow SAIUD to provide more and better services to customers. i 1 m ,m._.__ _ _ _ _ _ _ _.. _ _. _ _. _ _. - - - - - _ _ - - - - - - - - - - - * - - - - -~ - - - - - - - " - - - ^ " ' - ~ ~

t . A mas ances suosat awe mensv m tus mAmu - I n retent years. SMUD emphn their part in holding the line on rates by achieving goals while g. saving money. Once again in 1993 SMUD came in under budget. .h saving $51 million from the Operations & Maintenance / interest ~ ip F.xpense budget, while holding dow n capnal expendnures by 5133 {'I~ million. or 45 percent of the capital budget. $g Though much of the O&M savings came from above average hydroelectric output, fasorable natural gas prices, a slower economy, -i p 4 ,n. and lower interest rates, virtually every department came in under , p^ e budget, demonstrating a commitment to the bottom line. h Approximately $30 mdhon of these savings were added to the Umism.. O-m me i 9a S Rate Stabihzation Fund, which now holds an imprnsive $88 I million. This " money for a rainy day" can be used to stase otT svuo o-awum future rate increases. , hf Though socking away money for the future, SMUD u.s e ac a,so4~a i still met its net income target of $27 million, money that goes l 2 H A N C s E O C v 5 ' '.w E R - 4l> to building customer equiry in the publicly owned utility. i Another important financial indicator-the Fixed Charge cw ro,o. Ratio--<xceeded goals. At year end the FCR was 1.65, ou~rc u.,c..*"*" _ meaning that SMUD's cash tiow could meet its debt service N"kE**d'Ed" ,s,c u., 1,1, v e u This strong financial pert' rmance prompted the major rating o agencies to once again give SMUD a thumbs up. By the end of 1993, es.utasuuo Standard & Poors rated SMUD "A/'. Moody's Investors Service came cu sm e n in at "A", and Fitch Investors Service's was "A ", u a = e s ru s r u. s s T a er 1993 FINANCI ALS AT A GLANCE .u.c a uc.nc r 4% B 4 5 OOo C A ;. s N 1993 Nt r Ir. i % ' m. //nm r.., p, / (, l u., ., ~ ,...,, ~. , ~ m.s . ${ n r p (,;.t5 ..r.,,,.

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j Sa\\1CDiIntegrated Resource Phn ,.Jaim from as far away as Japan and Austraha. Indeed, AIt enercy poligmakers from around the world refer to SMUD's plan when ihev talk about btdiding a sustainable energy furure, .] The plan, uafted in the wake of the 1989 dosing of the Rancho t> Seco Nudear Plant and updated in 1993, emphadies energy etE-0 i ,.s. oency. renewable energy, as well as highly etEcient, super dean r When togeneration gas plants to meet Sacramento's energy future. J Mc. completed near the turn of the century, SMUD will have one of the J deanest generating systems of any major utility in the world. -Y-7 ,f'y At the cornerstone of this energy system is " Conservation ) '\\ Power," a plan to controlload growth District-wide by about 650 megawatts by the end of the decade. While not the only utilirv in the nation to help customers use energy more efficiently, SMUD invests approximately 8 percent ofits revenues in energy etEciency-among Usuom.O r is im suuo the highest of all major U.S. utilities. Lowering energy use by gn-customers enables SMUD to defer investments in new power e-r a caa w its plants and helps to reduce electnc bills to our customers. Among the innovative and successful programs SM L:D ,, s,, w o,..u c. g([Crs! re w ;. E C 7 -~ f w E u p P E R Shade Trees - Offered free to customers, shade trees can cut home air conditioning costs by 25 to 40 percent in the A v ( to t. a N R.. E R summer. Through the end of 1993, SMUD and its partner, the Sacramento Tree Foundation. had planted 113.000 trees. ra w eso-Refrigerstor Recycling - 63,000 energy-guzzling units have ocue.rr been carted otT and dismantled, replaced by more energy efficient models. SMUD offers customers as much as $175 to haul away an mou cr. c. s,3tm gy ggmy,.c g,,,c ni m suuo on s Solar 110: Water lleaters - 900 solar hot water heaters were soo a oos<wc canso~ installed, replacing inetEcient electric ones, Peak Corps - This air conditioning load management program ) a t c, t s c x c w e.. r ' f tTers residential customers monthly savings during the summer months in exchange for allowing SMUD to cycle their air conditioners ,, m r,... r o,, % on and otTon selected summer days. More than 96,130 residential ,aw. mrw *oo r.a s s customers now participate in this popular program, providing the District with more than 100 megawatts of peak load-reducing rwa r W1L L 9E W,( capability. On the commercial side, Commercial Peak Corps s.c..nsrc,sro rn 2 nr ce~ru.< - - - - - - - - - - ~

q i other dispatchable programs account for 73 megawatts ofload-reducing capability. These were just a few of the 20-plus programs customers could take advantage ofin 1993, SMUD reduced summer peak capacity by 36 megawatts in 1993. In all," Conservation Power' has reduced capacity by approximately 309 megawatts. keeping SMUD on target for its decade-ending goal. Looking ahead, SMUD is continuing to play a leadership role in advancing new energy etlicient technologies, including white roofs, geothermal heat pumps and other leading-edge heating and cooling systems. Cogeneration -1993 saw the first projects in the Integrated Resource Plan jump from the drawing board into reality. The first shovel of dirt was turned at the Carson Ice-Gen plant, the first of four planned gas-tired cogeneration plants to be built in the Sacramento area. The $142.7 million plant will be built 16 miles south of downtown Sacramento, adjacent to the Sacramento Regional County Wastewater Treatment Plant in Elk Grove. The 95-megawatt plant uses natural gas to produce electricity for ratepayers and steam for producing ice at a newly constructed manufacturing plant adjacent to the power plant. Steam will also be used by the wastewater treatment plant in the winter to help heat the facility. In all, the plant will create up to 200 construction jobs and 41 permanent jobs. This unique project has two additional benefits as well. First, the digester gas at the site, which is currently flared into the air, will be added as a second fuel for the cogeneration plant. This reduces existing air pollution caused by the flaring and decreases the amount of natural gas SMUD must buy. Second, in the event of a maior 7 4 power outage, the cogeneration plant provides backup power to the wastewater plant, helping to prevent raw sewage from discharging into the Sacramento River. In similar fashion, SMUD's other three plants-Procter & Gamble, Campbell Soup, and Sacramento Ethanol-help SMUD, its. customers and the industrial " hosts'. Together, the four plants will produce more than 500 megawatts of power, or more than 3 million kilowatt-hours a year-enough to serve 300,000 typical homes. When completed, these plants will have contributed to cleaner air in the Sacramento area. 3

4 To serve these plants, SMUD is procuring reliable natural gas supplies. At present, SMUD holds 12.5 million cubic feet per J y upacity on the PGT/ANG Expansion Pipeline from Alberta.C. nada to the Northern California border. In June. SMUD okayed a long-term natural gas transport contract with Mojave Pipeline Operating i y-Company. The agreement provides SMUD with 55 mdlion cubic thet y per day of natural gas capacity on a planned pipeline from the Arizona-j California border to SMUD's proposed local pipeline system. This is the first pipeline-to-pipeline competition in northern California, which ? should result in more than $30 mdlion in sasings for SMUD's ratepayers over 30 years when compared to the PG&E alternative. District staffis also pursuing the purchase of gas reserves and analning gas storage as pssibilities for further cost savings. Advanced and Renewable Technologies - Aho taking shape is ] r r. .r. the first of SMU Ts next generation of advanced and renewable technology proircts: a wind energy project in Solano County. Utilio ~ ing,n ad. nnd wind-turbine design, this 5-megawatt pilot plant will begin producing energy in 1994. If the pilot effort proves successful. SMUD will proceed with an additional 45 megawans by 1997 L "* Ir Q tJ i P M E N T A N D i Photovoltaic power is also proving increasingly more 7 feasible. One hundred customers have asked SMUD to put u cmues u -.a 40tovoltaic panels atop their roofs, paying a green power s scen suero new premium as they help demonstrate the effectiveness of ntial PV systems and do their part to clean up the local u.c m um our muo ihe power each syrtem generates-roughly enough for

u. average household-is distributed into the SMUD system.

m n uu..s.u m SMUD will also get a boost of sun power from its new , n e t s r 1.. c, n a 200-kilowatt photovoltaic plant near the Hedge Substation in 1 the eastern part of Sacramento County. Due to come on line in 1994, 1 -c s r 5 % a n + ~ * * " Hedge PV" will generate enough power for scores of Sacramento s.t es homes. The Distnct also installed a 200-kilowatt phosphoric acid fuel cell at Kaiser Hospital, with startup expected in 1994. Then are some of the advanced and renewable technologies taking root today. SMUD is also exploring other technologies for 1

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-. ~. 1 [ hed in: tomorrow. llcre are mme of the proncts ulUD is mvo e 2-megaw att Santa Clara Mohen Ca,ic ne fuel Cell Demonstranon e Solar Hydrogen f uel Cdl flus e 10-megawatt Solar Thermal Demonstration Plant . Adsansed Gas Turbmes e sterlmg Solar Engine Esisting Resources - SMUD's exhting resources already suppl' ld ~' a dn'erse, rehable, environmentally sendthe, and economicalh so i 4 339 ear f energy Supply. The crown jewel of SMUD's energv nnx h its old Upper American River Project. a 660 megawatt system that 'tc~'. j 170.000 homes. Outstandmg reliabibry produces enough energy for ~ '~~~ ~ f has always been UARPi norm. and 1993 was no exception. During f f he time-more the year. forced outages occurred just 0.11 percent o t h li bility and ,,, mag than ten times bciter than industry standards. T is re a 2 D 1993's drought-busring rains enabled UARP to produce 2.1 millio gy A megawatt-hours of electricity for the year, which is 37 percent more than forecasted. u -,. o s mo me m os x 'P' "' owned photovoltaic power plant also enjoyed a good year. mas suo The two megawatt plant produces enough electricity for wo 4 rmco m a ncu m u m nearly 500 homes. Seventy five miles west of Sacramento, in the hilk of 8 -o e t e e m Sonoma County, SMUD's two geothermal plants continued to churn our power. SMUDGEO produced a e e.~ m wo, - gocal of 506,084 megawatt-hours, operating with a near-perfect availability factor of 99.8 percent. The Coldwa e< marcv= c wes Creek Geothermal Planr. a joint venture between SMUD, the me mos. suuo Santa Clara, and the Modesto irrigation District, also operated without interruptions with an availability fac 3r of 99.98 percent, ncw gac%sts producing 484.446 megawatt-hours, of which SMI") get At the closed Rancho Seco Nuclear Plant, staff provided the Nudear Regulatory Commission with its Decommissioning ce m u m -cw to bluepnnt for disassembling the plant. The NRC is expected t The approve the plan sometime 'aerwecn late 1994 and esily 1 " o"c r mm District aho made headway in its plan to transfer used nucle r.cactaicAL use. mmout into transportable cask 3 that willinitially be stored on-site. On l NRC environmental assessments are completed, SMUD w sacw.cma coma.1 c. f l 1995. i with construction of the casks, with fuel transfer slated or ate i e ~ ~ - - - -w--v 'f= m..a

n casarmo sees, soostmo twe scenomy WCustomer Services Center, histo hen SMUD broke ground in October on its new it mark the start of a maior new facility to serve customers, the proiect rolled out SMUD's new m nority and women-own.d business poliev. A full 42 percent of the construction project will go to women-or minority-owned firms. Local community and business leaders have hailed SMUD's effort. At the groundbreaking ceremony, Mayor Joe Serna called SMUD's approach "a way to lead and a great example for the rest of us to follow." Under the District-wide program, race and gender goals have been set in four contracting areas: construction, commudities and supplies, maintenance, and professional services. Participation goals range from i1-39 percent of work going to minorities and 15-19 percent to women. This is only one way SMUD is taking -ive part in local economic development. Though the concept of an electric utility participating in economic development is new to Sacramento, utilities across the country help their communities with joh-creating and economy-boosting activities. During 1993 SMUD endeavored to stimulate local business in many ways. These included-Campbell Soup - In cooperation with other local agencies and organizations, SMUD worked to keep this large employer from moving out of state. Attractive steam prices from SMUD's proposed cogeneration plant were cited by Campbell Soup last year as one reason for their decision to stay in town. Incentive Rates for Businesses As the year closed, the SMUD - Board of Directors was considering offering reduced electric rates to businesses creating 50 or more jobs. In early 1994, the Board - approved three rates that lower electric rates to such customers for a two-year period. "The SMUD Challenge" - SMUD offered up to S37,500 in matching funds for the Sacramento Area Commerce and Trade Organization's Targer 10.000, an effort to bring 10,000 new jobs to the area over the nc.t five years. SMUD also coordinates business recruitment and retention activities with SACTO snd has earned a seat on SACTO's Board of Directors.

Electric Vehicles - ntUl > has been the tentral player in bnngmg mmpanies together to make Sacramenm the "EV Capitol of the Nationf Dunng 1993 61UD ioined wnh public and pnvate organiunons to desclop elecint schitles and components at McClellan Air Force Base. By.utracnng federal funds and fornung these acanse partnerships, SMUD is doicg its parr to transform defense technologies and faulities hke NkClellan into peatenme uses. _,,,a,. . f).p _.

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y[gy the nation, with EV charging stations installed throughout the county

= ,{;_,. J, c, ,,3,, ,,,g,m,gm,,,, 7,,,,,,,,, ; n i,,,,,a,,, M 4 g'f M.'.;. p g.p8 lP - [g the Satramento arcai rnass transit system. The Distritt is also working with Regional Transit to further cleetniv A. ~. 9., ~.. g g. '7-_ t-Rancho Seco - Design and pernutting continues for a proposed c t golf course at Rancho Seco park. In addition, tent campsnes have been developed at the park, and the lake is gaming a a _. r - m - e % - e. s iwp 3 growmg reputanon as a hot nshmg, swimming and windsurtmg l .n-.- W spot. An unoccupi.:d building located just outside of the plant -..e o as ou m ,i has generated some interest from cornpanies and organintions mu rs e n a s.c>cs e s. ) @.1_ - ,\\ looking to relocate. g Contributing to the Community - SMUD is one of rc:- s .re. ene-s g Sacramento's biggest employers, and SMUD employees give back to the community in a big way. The District has panner. sm ~c amno ships with Burbank High School, Goethe Middle School and 1.a,, v. o r, r. Arcohe School. These partnerships offer students tutoring, mentoring and other academic and career guidance. Juniors at w .e v n u n4,, Burbank take part in a daylong " Career Day" to learn about possible career opnons by working side.by-side with SMUD m a <. u a m e employees. A summer jobs programs gives many of these same na., students the opportunit, to earn real-world experience as well as a paycheck. SMUD's Employee Volunteer Program taps the energy and creativity of SMUD employees, who during 1993 devoted 2500 hours to the community. Among the 24 organnations and activines supported were Big Brothers / Big Sisters, Salvation Army, Sacramento Food Bank, American River Parkway Foundation, Sacramento Children's Home, and the National Federation of the Blind of California. Employee volunteers also " adopted' a stretch of Highway 50 near the Headquarters building, working regularly to keep the area litter-free. M

19C3 ANNU AL, REPORT FIVE YEAR

SUMMARY

(UNAUts ! T F. D) OPER ATING ST AT85 TICS 1993 tn% 1992 1991 1990 1989 Cunomen ar br End -i 6 ~. l ~~ 468 F 1 t6 U62 456A09 HI,21' KWil Nlc', thousands): sales so (:unomerr ReuJennal t6 H. 1 ; 3.620.303 3.626.07~ 3.5 50 A(>4 3.36'.350 ('ommen ial. Induurul N ( W r L812.;oi 4.850.899 4 [95.464 4,'14,135 g 82,95' iuhrotal

8. ++ 8.219 8A'l.202 8 M 21,441 8,264.599

S 50,30' si!cs of surplus Power! Energy Bank Deposm 155.18' 46&659 ~05.897 11,320 210.012 Tot al C8b% SM39.861 9.12 ] 38 8,275319 8,160.319 Resenues thouunds of dollars) Sales m Customers-Reudennal $ 2943 - $ 296,640 $ 296.741 $ 291,218 $ 268308 Commental. Induunal & Other 359.234 366,196 366.070 358,448 313.053 Subtotal 6s4,215 662,836 662,811 649,666 581,961 5 ales of Surpius Power 1.916 321 3,780 lbral

5. 6j6,131% $ 662.8 36u $ 662,811% $ 649387

$ 585.741 Aserage KWli Sales per Residennal Customer 8.732 8,742 8,863 8,893 8,730 Average Revenue per Residennal KTli Sold kents) 8.11 8 19 8.18 8.20 ~,99 Power Supply hhouunds of KWii): Hydroelectric 2,162,609 812,236 962,794 1,052,757 1,203.394 Nuclear Generanon 1,439,327 Geot hermal 506.084 479,762 513.015 621.113 578,187 Photovoltaic 2,673 2,505 3.290 IM18 1,669 GaSTurbine 3,086 7,177 5,281 5,165 2,954 Purchases 6,613,205 8,228,215 ',967.687 7,141,595 5.340,629 Net System Pealt Demand - I hour (KW) 2,145.000 2,103.000 2,166,000 2,194,000 1,998.000 EmployecuPermanent & Other) at Year End 2,411 2,409 2,362 2,125 2,324 FIN ANCI AL ST ATISTICS (thousands of dollarsh Operaung Revenues $ 61]l,7 $ 648,170 $ 644,393 $ 649,987 $_s 85,741 Upcranog Expenses: Punhased and Interchanged Power 275,754 292,963 297,541 327,391 199,940 Operation and M4intenance 125.023 120,819 126,901 122,482 185,033 \\ Depreuation and Amortiunon 79,875 72l>095 68.2615 64,559$ 81,9455 Decomminioning 20.088 15.422 15,587 14.011 13,905 Total Operating Expenses 500.740 502.113 508,290 528,443 480.823 Operanng income 116,377 146,057 136,103 121,544 104,918 h, Other income 50.815% % 33.879 38.589%g 45,932 36,119 intome Before Interest Charges 167,192 179.936 174,692 167,476 141,037 Interest Charges 140,191 142,03', 1 a3,613 145,390 131,136 Intome Before Abandonment of Nudear Plant 26.999 37,901 31.079 22,086 9,901 Net Lou on Abandonment of Nuclear Plant -0 _.15.8MJ0) Net intome il oss) 26,999 $.6901 % _R079 $_221086 $ E4S9) Funds Avadab[e for Revenue Bond Debr Service $ 267,126 5 268.645 5 263,339 $ 253,775 $ 246,578 Revenue Bond Debt Service $ 152,082 $ 152.646 $ 144,022 5 137,390 $ 127,131 1 Revenue Bond Debt Service Coverage Ratio 1.76 1.76 1.83 1.85 1.94 Total All Bonds Repaid $ 28,652 5 26.490 $ 19,580 $ 15,713 $ 12,644 Electric Utility Plant-Net $1.320,270 $1,224.323 $ 1,158,342 $ 1,116,404 $ 1,084,516 Capitalization long-Term Debt $2,110.555 $ 1,891,436 $ 1.740,645 $1,599,533 $ 1,517,3'9 Customers' Equiry $ 214,786 $ 187,787 $ 149,886 S 118,807 $ 96,721 % hiudes Ar 4,ru etuatum at abandoned nudea, plam tuel 4%% Induden the rewg-unon of the Pi.R5 redlousmas cadet on $ 12 8 mdi on. the IME % Per so the Je+enal of reanoen m the Rea yabdamm iund I$ N 0 mAon m niedrar tuel esposal fee retund of! t I mdi,on and the gm on the extmgunhmera of debt iW lu ' moon,o loo; and $18 4 mdlum.n IWn of 54 7 mdlam m iW %H himses che pmeed, of the Hed,o ermenung wetdemem of 12 0 mdlwn in 19"l. %%% 1he finanaal mtormai,on conemed herein u ton.obdared (manual informwon I t :r ' t

f 7r S ACRAMENTO C4UNICIPOL UTILITY DISTRICT F1NANCl AL STATEMENTS February 18. IM4 li; the Board of Directors of Sacramento Niunicipal Utility Distritt: In our opmion, the accompanying consolidated balance sheets and the related conschdated statements ofincome and of cash Dows present fairly, in all material respects, the financial position of Sacramento Atunicipal Utility District (the District) and its component units at Decernher 31,1993 and 1992, and the results of their operations and their cash dows for the years then ended in conformity with generally accepted aaounting principles. These financial statements are the FIN ANCI A L CONTENTS responubility of the District's management; our responsibility is to Repon of Independent express an opmiun on these financial statements based on our audits. Pubhc Aaountants 1 We conducted our audits of these :tatements in accordance with Consolidited Balance sheets 2 generally auepred auditing standards which require that we plan and consolidated suicment5 perform the audit to obtain reasonable assurance about whether the of Income 4 fmancial statements are free of material misstatement. An audit k Consohdated Statements includes examining, on a test basis, evidence supporting the amounts of Cash Flows s and disclosures in the financial statements, assessing the accounting Notes to Consolidated principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Te believe that Financial Statements 6 our audits provide a reasonable basis for the opinion expressed above. The financial statements of the District for the year ended December 31,1991 were audited by other independent accountants whose report dated February 14,1992 expressed an unqualified opinion. n A m m Price Waterhouse

1993 ANMU AL SI2PO8t? n. CONSOLIDATED BALANCE SHEETS December 31, _ ASSETS ioss iosz .rnomana ne dollan, ELECTRIC UTILITY PLANT Plant in scru c. at onginal cost. 51.429,922 51.339,618 I os - accumulated depr.uanon. 406.686 368.796 Plant m sernce - net. 1,023,236 970.822 Construction work m progred. 166,245 122.893 investment in iomt powers agencio. 130.789 _130.608 Total cicutic unlicy plant - net. 1,320,270 1.224,323 RESTRICTED, DESIGN ATED AND TRUST FUNDS Rnenue bond reserve and construction funds. 249,482 131,226 Nudear decommissiorung crust fund. 124,122 106,738 Designated for rate stabilizanon fund. 88,768 49,754 Designated for deferred compensation benefits. 27,980 24,253 Due to unresentted fund. (17,479) (4.071) ' Total restricted, designated and trust fund. 472,873 307,900 CURRENT ASSETS Cash and mvestments Unrestricted. 176,626 217,586 Restricted for payment of debt service. 40,490 45,682 Due from restncted fund. 17,479 4,071 Receivables net Customer revenues and other, 87,139 84,770 Conservation loans,. 6,290 5,800 Accrued interest. 23,543 14,891 Regulaiory costs te be recovered within one year. 60,418 53,698 Materiah and supplies, at average cost. 22,905 20,517 Prepayments.. 6,29_3 7,940 Total current 4< sets. 441,263 454,955 NONCURRENT ASSETS AND DEFERRED CHARGES Regulatory cows for future recovery Nuclear plant. 352,353 381,716 231,571 186,777 Decommissioning. Energy etTiciency investment, 79,732 57,073 Enrichment facdity decommissioning assessment.. 12,369 16,425 Advance upacity payments. 141,183 159,017 Un2mortired low on refunding., 140,870 84,555 1 Unamortized debt issuance costs. 35,673 35,778 Conservation loans - net.. 26,734 17,058 Other. 12,122 12,421 Total noncurrent assets and deferred charges.. 1,032,607 _ 950,820 l' Total assets.. $ 3,267,013 52,937,998 I The accompanying notes are an. integral part of these financial statements. 'l t'

SOCRAMENTO MUNICIPAL UTILITY DISTQiCT CONSOLIDATED BALANCE SHE 3 December 31, C APITALIZATION AND LI ABILITIES 1993 1992 thim.inds. t doi:n C A PITA LIZ ATIO N ('unomers' equur emplosed on the bus:neu P,alante. bepnning of tear. 5 187,787 $ 149.886 Net intome tar the vcar 26,999 3'.901 Ibtal customeri egmty. 214,786 18'78' long-terrn debt. 2.110,555 1.891.436 Toral capita!iration. 2,325341 _2.0'O.223 CU RRENT LI ABILITIES Commeraal paper notes 195.121 195.121 Acwunts payable.. 49,672 40.294 Payable for power purchases. 29,061 2',190 1.ong term debt due within one year.. 42,940 2S.652 Accrued nuclear plant lavup cous. 2.972 4.231 Duommioionmg accrual.. 27.600 22,718 Aurued interest. 33,278 38,'38 Cuuomer deposits.. 8,499 9.496 Accrued s.daries and vacation.. 15,169 14,0.,1 Energy enhange account.. 1,503 12,635 Other. 22,636 12,838 Total current liabilities.. 428,451 405.944 NONCURRENT LI ABILITIES AND DEFERRED CREDITS Unamortized gain on refunding. 4,716 54,694 Decommissiomng accrual., 339,276 291,971 Er.ergy exchange account.. 9,996 8.386 Enrichment facility decommissioning assessment., 11,486 16,425 Deferred compensation benetics. 27,980 24,253 Rare nabilization fund.. 88,768 49,754 Other - 11,999 7.348 Total noncurrent liablities and deferred credits. 513.221 452.831 COMMITMENTS AND CONTINGENCIES (notes to Awo 11) Total capit21iration and liabilities. 5 3,267,013 $ 2,937,998

1G53 AMNU AL REPOST CONSOLID ATED STATEMENTS OF INCOME Year Ended December 31, 1993 1992 1991 .e,. man,h,e doibni OPER ATING REVEN U ES Reudental. $ 294,977 $ 296.640 $ 296,741 Commeraal and industrial. 352.817 359,596 360.692-Surplus pow er sales.. 1,916 Orher. 6,421 6.600 5,3 ~~ f Deterred revenues - rate uabiluanon tund. (39,014) I14.666) t 18.41") Net operannu resenues. 617,117 698,170 644.39) OPER ATING EX PENSES Operations Purchased and inten. hanged power. 274,144 292,963 297,541 Power supply cmts - over recovery - net. 1,610 2,593 Production. 23,760 22,463 21,; )2 Administranve and general and other. 73,883 66,847 68.248 Maintenance. 27,354 27,528 25,848 Depreciation. 44,816 41,387 38.474 Decommmioning. 20,088 15,422 15.587 Abandoned no ear plant operations costs. 26 3,981 9.059 Amortiution of abandoned nuclear plant. 29,363 29,363 29,454 Amortiurion of energy effkiency investment. 5,696 2,159 334 Total operanng expenses.. 500,740 502.113 508,290 Operating income. I16,377 146,057 136.103 OTHER INCOME Interest income and other.. 32,058 33,800 36,475 A.llowance for equity funds used during construction.. I10 79 94 Income before interest charges, settlements and extraordinary item. 148,545 179,936 172,672 INTEREST CH ARGES Interest on debt. 141,430 142,963 144,740 (928) (1,127) Allowance for borrowed funds used during construction,. (1,237) - 37,901 29.059 Income before settlements and extraordinary item _ 8,352 S ETTLE M E NTS Sonoma County electricity generation tax seidement. 16,672 -0 l 1lydro relicensing settlement. -0 2,020 Transfer to rate stabiliation fund. - (16,672) PERS realkwation credit, 12,838 DOE nuclear fuel disposal fee refund. 1,128, Income before extraordinary item. 22,318 37,901 31,079 EXTRAORDIN ARY ITEM Gain on extinguishment of debt, 4,681 NET INCOM E. 5 26,999 5 37,901 5 31.079 The accompanying notes are an integral part of these financial statements. 4'I

EACRAMCNTO MUNICIPAL UTILITY DiETRICT CONSOLID ATED STATEMENTS OF C ASH FLOWS Y E A R ENDED DEC E M BE R 31. INCRE ASE (DECNE ASE) IN C ASH AND C ASH EQUIV ALENTS 1993 1992 1991 .. w.ww a a w C ASH FLOWS FROM OPER ATING AC*1VITIES t )peranne msome 5 116,3-~ $ 146,05' 5 136.103 \\diustrnenn to <csonale operanng mtomc to oct cash prosided bv opaanng a tn mn Depreaanon. 44,816

41. F 38.4-4 Aniortuanon of regulator >.usen.

55,147 46.944 44.3~6 Amorozanon of adtance capauty 17,834 12.623 12.623 Energy bank repayments. (9,522) ( P,378) t19,1731 l>SCR recovery. 1,610 -0 2.592 Ocferred revenues and transfen to rate stabilaanon ft.r.d.. 39,014 31.338 18.41" settlement-PERS. 12,838 Changes m operanng assets and habihties: Ac;ounes recen able. (l1,407) i9.156) (196i Auuunts payable and other auruais. 153 3,149 t 1,323) Ads ance capacity obbganon. (13.300) (129.0321 Au rued nudear plant layup costs. (1,259) (10.059) (l2,5281 Other 1,652 (13.3821 f 3,465) Set c;s,h prosided by operaung acuvuies.. 267,253 218.223 8-'J68 C ASH FLOWS FROM INVESTING ACTIVITIES Purchases ofinvestments. (295,247) (393.442) a24,873) Ptweeds ofinvestments.. 315,773 322,771 432,1 ~9 Interest income on investments. 29.932 31,l78 40,696 Net cash provided bynused in) mvesting activities.. 50.458 09A93) 48.002 C ASH FLOWS FROM CAPITAL FIN ANCING ACTIVITIES Construction expenditutes. (117,434) (86.404) (75,389) Energy erficiency program expenditures.. (33,467) 136,753) (22.949) Net praeeds from bond issues. 959,089 610.095 238,307 Repayment and refunding of bonds.. (825,132) (524,120) (110.801) Interest on long-term dtbt.. (136,639) (133,513) (133,517) Imerest on commerdal paper. 0,573) (4.322) (6,51') ProceeJs fmm sale of assets. 895 1,195 435 1 Other net.. (6.372) (14,839) (7452)- Net cash used in capital financing acuvities.. (162,633) (188,661) (117,883) l C ASH FLOWS FROM NONCAPITAL FIN ANCING ACTIVITIES Interest paid on commerdal paper.. (2,153) (3.051) 0,927) Net cash used in noncapital 6nancing activities.. (2,153) 0,051) 0,927) Net increasendecrease) in cash and cash cquivalents - 152,925 (12,982) _14.060 Cash and cash equivalents at the beginning of the year. 99,429 112.411 98.351 Cash and cash equivalents at the end of the year. 5 252,354 5 99A29 $ 112.4 I i SUPPLI 4 ENTAL DISCLOSURE OF NON-C ASH FIN ANCING ACTIVITIES Enrichment facihrv decommissioning assessment., $ 16.425 Construction expenditutes Gnanced by issuing a nore payable. 5, 5,000 The accompanying notes are an integral part of these fmancial statements.

k .I-4 'N ^""u^'***" NOTES TO CONSOLIDATED FINANCIAL STATEMENTS i i NOT E 1. ORGAN 8ZATION AND SUMM ARY OF SIGNIFICANT ACCOUNTING POLICIES ORG A NIZ ATION AND E X E M PTION FROM INCOME Board has aho established a rate making balancing account AND PROPERTY TAXES. The Sacramento Municipal for deferral of material losses and gains, ansmg from resolu-Urduy Ibtrn c < Distrist> w.n tormed and operates under the nons or setdemcots of daims and htigation. not previously state of Cahforma Municipal Utility District Act (AttL The wnsidered in District races. Ar u,nfen upon the [htti t the rights and powers m tix rates 7 W W Dn h e and charges for sommodmes or sermes turnnhed, to mcur enues and designates them m a rate stabilization fund which indchiednew and mue bonds or other obhgatiom and. under n med to defer the need tor tuture rate msreases..T.he tunds certam tirtumstantes to levy and w lect ad valorem property m thn account are recognized as revenues and the cash i rues I.he D.ntritti power to lerv property ines is restnued unrestncred upon direction from the Board. In 1993, the - hy the L,ahtornia Consntunon Arn.de Xill A, which places Board deferred approximately 530 I million ofover recusered limits on the taxmg power of all Cahfornia pubhc agencies. Power supply cost revenues and appmximatelv $8.9 millinn The Distuct n exempt from payment of federal and state in. of base rate revenues. In 1992. the Board deferred approxi-wme tam snd real and personal property taxes m its service mately 514., mdlion of over recovered power supply cost rev- .I he Distoct is. iso eyempt from property taxes on gen-aM I & W dh l area eranor, and transmission tacdity improvements it owns out-Son ma County electricity generation taxes. side of m servite area. ENERGY EFFICIENCY l N V EST M E NT. The District METHOD or ACCOUNTING. Fhe accounnng rewrds of. defers, as a regulatory asset, certain energy efficiency invest-the Dutrict aic rnaintained in accordance with generally ac-ment expenditures. Es of December 31.1993 and 1992, the septed acwunnng principles for proprietary funds as prescnbed energy erriciency asset was 590.2 million and 562.4 milhon, oy the 4 ;overnmental Accounting Standarh Board (GASB) respectively, which.mcludes the short-term portion. These l and, where not m untlict with GASB pronouncements, ac-assets are amornzed and collected through rates over the ex-counnng pnnaples prescnbed by the Financial Accounting pected beneht pened of the investment up to a m2ximum ] 5tandants Board (FASBh The District's accounting rewrds Pi d "f f f'"" I'*' generally tidlow the Uniform System of Accounts for Public l'cihnes and Licensees prescribed by the Federal Energy Regu-DEFERRED NUCLE AR PL3.NT COSTS. The District latory Commission (FERC) and are comparable with other has established a regulatory asser for the unrecovered debt-7 municipal /public-owned electric utdities operating in Califor-financed portion of abandoned nuclear plant costs (see Note

7) for race-malang purposes. As of December 31.1993 and mt 1992, the regulatory asset was $381.7 million and 5411.1 mil-THE FIN ANCI AL REPORTING ENTITY. As required lion. which.mcludes the short-term portion, and will be by generally accepted accounting pnnciples, these consolidated amortized and collected throug,n rates through the year 2008.

c hnancial statements present the Distnct and a.s component units. Ahhough the component umts arelegally separate from

ENRICHMENT F ACILITY DECOMMIS510NING As.

The Energy Policy Act of 1992 provides for l the Dntrict, they are reported a if they were part of the re-SESSMENT. pornng entity because of the extent of their operational or the Secretary of the Treasury to assess fees for the decontami-tinancial relanonships with the District. All significant inter-nation and decommissioning of federal nuclear fuel ennch-wmponent transactions have been climinated in consolida-ment facilities. The Secretary is authorized to collect 5150 0 tion. million per year (inflation adjusted), for fifteen years, from domestic utilities that received nuclear fuel enrichment ser. COMPONENT UNITS. The commnent units include the vices. In 1992, the D,istnct origmally estimated that its share L.entral %11ey Finanung Authority (CN,FA) which was formed of the total assessment wodd be 516.4 million which was later by the execution of a joint powers agreement between the M D's b hd Dmnct and the Sacramento Regional County Sanitation Dn-this usessment for rate-making purposes as a regulatory asset. The romary purpme of CVFA and the other compo ncnt un;is is to tinance, construct. and operate electric utih. - It wdl be amortized and collected in rates over a fifteen year r nct ty penod beginning in 1994. plants to supply power to the District. The other component units had not commenced any fma cmg or construction ac-VAC ATION. SICK LE AVE AND OTHER LE ave. The rivities at December 31,1993 District accrues vacation leave a a liability as the benefits are carned by the employees. The liability is recorded based on l-R ATE =M AMlHG B AL ANCING ACCOUNTS..The

" dver28e Pay gmup rate per employee group in effect at the Districti Board of Directors (Beard) has authority to estab-balance sheet date. phts 7.65 percent for the employer portion lish the level of rates charged for all District services. The of social security benefits. The District does not record sick

/ Board hu estab!hhed a race-making balancing account to re-leave or other leave as a liabih.ty untd. such time as it is taken i move the effect on the results of operations of fluctuations in by the employee, due to the fact that there a're no cash pay-net power supply cosa (parchased and m.terchanged power, ments c nd.noned upon an employee's termination or retire-fuel and steam supply wsts, offset by surplus power sales).

- " f ' 'u I"

Fluctuations from budgeted levels utilized in the race-setting process are recorded in the Power Supply Cost Rate (PSCR) ENERGY EXCHANGE ACCOUNT TR ANS ACTIONS. balancing acwunt, and wdl be reticcted in future rates. The Under the terms of a now expired integration contract with

y.. SAct2AMENTO MUNICIPAL UTILITY OfSTTilCT NOTES TO CONSOLID/JED FINANCIAL STATEMENTS NOTE 1. ORG ANIZATION AND SUMM AR Y OF SIGNIFIC ANT ACCOU bfTING POLICIES ecommeunon Pade Gu & Ucane Company i PG&fD. an energy exchange of fees pid of $11 million transmission and diunbution auount wn cuabinhed At the ome the wntraa expired, the losses on electnary generated by the nudear plant which is Ibtrht had an ohhgation to repav PG&E the balante m rhis recorded n a sect!cment pin for the year ended December adount by Duember 31. lW9. If the Datnct ha not re-31.1993. turned the energy by December 31.1999, then the Diurio INVESTMENT IN JOINT POWERS AGENCIES. In-muu par tor any remaimng balante at agreed upon rates. vesunenn n io ne powns agendes when the Dnui e does Eriero enhange account habdities are valued at the estimaicd not have a comrolhng interest. are accounted for under the smt Of purchasmg energy on the Cahtornia and the Paatit %nhwenaouthwen markets at the ame planned to r-turn

4""Y*#'h"Y#'9'unnngf t he Dntnct record) its pro the GWh obhgation.

?" "I. ' " *' " ^E'"'F "' I ' "P"" tmns and maintenance expense, inclusive of amortiration. ELECTRIC UTILITY PLANT. The Diurict provides for depreciation. and decomrnissioning as purchau power expeme. depreauion on the hmoncal cmt of elcaric properties on a The District records its pro rara share of the Transmission uraight-kne. service-hfe baus a rates determined by FERC or Agency c Nonhern Cahfornia's operations and maimenance f w here apphcable, engincenng studies. The average annual expense inclusive nidepreciation. a wheeling expenses w hic h tamposue deprecianon rates for the yean ended December is included in other operanons costs See Note 6h 31.1993.1992 and 1991 were 3A6 percent. 3.37 percent AsAND NED NUCLEAR RANT OPE R ATIONs and 3 34 percent. respecuvelv The cost of replacement prop-erty unus are capitalized. Repair and maimenante costs are Cosys. una incuned cosn for mamtaining Rancho f d rmancy (Sat 5r r) which were retleued as Sec m a state charged to expense. When the Diuritt retires portions ofits tunent peri d expenditures until decommissiomng aaivities electnc unbrv plant, retirements are :etorded against accu-c mmenced. mtdated deprecation and the component piece of electric utd-u> riant is removed from Plant m Service. The costs of re-ACCRUED NUCLEAR PLANT LAYUP costs. Dur-moval and the ulvage value. if any. are charged or credned as ing the years ended December 31,19911992 and 1991. the appropriate m accumulued depreciation. District expended approximately $1.3 mdlion, $10.1 mdlion. and $12.3 million, respectively, m prepare Rancho Seco for DECOMMisslONING. In }991, the District commissioned the Saf5 tor period. Estimated future costs have been mauded an independent site.specifie study of the cost to decommis-in accrued nuclear plant layup costs. uon the abandoned Rancho Seco Nuclear Power plant (Rancho Secot The study auumes a uorage period to the year 2008. ALLOW ANCE FOR FUNDS UsED DU RING CON = followed by dtcontamination and dismandement which will sTR uCT ON. The Diurict capitalizes. as an additional cost commente u the end of Rancho Seco's original operuing li-ofconstruction work in progren and its participuion in joindy sense in the year 2008 and be completed by 2011, and that owned projects under construction, an allowance for funds the diunanding/ removal method wdl be used. The esumated used during construaion ( AFUDC) which represents the cost decommissioning habdity was revised m 1993 and totals of bormwed funds used for such purposes and a return on $366.9 million (including $40.4 rmilion for minimum site equity funds when so used. AFUDC is a non-cash item and is resmrationl ar December 31,1991 The unfunded portion of capitalized and depreciated along with the related fixed asser the decommissioning liabdity is recorded as a regulatory auer and retlected in rates for future recovery. The amount capital-whit h is to be collected in rates (and interest earnings on the ized is determined by a formula prescnbed by FERC. The Decomrnissiomng Trust fund) through the year 2008. The total allowance for funds used during comtruction for the years se reworation liabihty is to be collected in rates commencing ended December 31,1993,1992 and 1991, amounted to. m the year 2009. The District amortizes the regulatory anet approximnely 6.1 percent,6.9 percent and 7.1 percent, re-by record ng decommissioning expense equal to the amount spectively, of eligible plant under conuruction and participa-funJed to the DecommissioningTrust Fund and interest earn-tion in joindy owned projects under construction. ings thereon. Decommissioning activities which began in UNBILLED REVENUES. The District records an estimate September 1992 are being funded using unreuricted cash f r unbaled revenues earned (mm the dates the custorners were pending appmval of the Decommissioning Plan by the Nuclear Ian billed to the end of the month. The accrual at December Regulatory Commission (NRC). Upon approval of the plan, 31,1993,1992 and 1991, for unbilled revenues was $30.0 the District meends to withdraw these amounts from the De-milli n. $32.5 million and $33.3 mdhon, respecovely. In June tommissioning Trust Fund and accordingly, the District has 1991, the District refmed the calculuion for unbilled revenues recorded a current auet Du: from Restricted Fund, for the f aPproxi. and re; rded a ne-time adjustment t revenuc5 cumulative amounts. marciy $7.0 mdlion. DOE NUCLE AR FUEL Disposal FEE REFUND. Un-SAiNsa ssEs N nOND REmNtnNos. Gains and. der the Nuclear Waste Policy Act of 1982, the Federal govern-ment usumed responsibility for the permanent disposal of I nes emm bond refundings are defened pursuant to Board res lutions fm rate-making purposes and are recognized spent nuclear fuel and charged the District for the dispou! of through amortiution over the life of the applicable bonds is-spent nuclear fuel in the amount of one rnill per kWh on ciectriciry generated by the nuclear power reactor, which was sued for purposes of the refundings using the bonds outstand-recorded as a period expense. The District received a refund ing method. o ?

s St3 ANMU AL REPO5tT NOTES TO CONSOLIDATED FINANCIAL STATEMENTS N OT E 1. ORGANIZATION AND SUMM ARY OF SIGNIFIC ANT ACCOUNTING POLICIES aco=%o, G AINS/ LOSSES ON EXTINGUISHMENT OF D E D T. menn purihned with an onemal maturirv of three mombs or Gaim and lunes on the onneutshment of debt uung Distna less and allinvestmenn m the iocal Agency In estment Fund. teh. as oppmed to proteeds trom new bond nsuances, are Putnam Fund and VISTA Fund. rctoga aed a curaordmirv ucm, in the penod m whah the RECLA SSIFIC ATIONS. Certam amounts in the 1902 and debt n atmgunbed. 1991 huanual sutements hue been reJass. ied in order m d C ASH AND INVESTMENTS. I~he (htnct's mvestments tonform with the 1993 presentation are reconled at tost. (:nh equnalenu mdude all debt m,uu-NOTE 2. COMMERCI AL PAPER NOTES of Deternber 31.1903 and 1992. the mtal pnnapal amount I he Disuict's authority to issue Notes is prmided under two j oununding of the Dntrict's wmmeraal paper notes t Notes) separate Anicles of the Act. To date, the D;stnct has the au-wn $1%I milhon. I he etfectne mterest rate for the Notes thority to nsue $240.0 million of Notes. The Dntrict main. ountandmg dunng the 12 months ended December 31,1993. tains letters of credit in the amount of $200.0 million to sup-1992 and 1991, was approumately 3 0 percent,3.43 percent port the sale of these outstanding Notes. There has not been and 43I percent. respeonely, the average Notes outstandmg a term advance under the letter of credit agreements. was $195.1 mdhon. $195.1 milhon and $195.1 million, re-speunely; and the nerage term wn 60 davs. 64 days and 54 dap rnpetnvely. NOTE 3. LONG-TERM DEBT i ne Ibuict's total longqerm debt is presented below: The discounts on bonds issued are amortized over the lives of December 31. the bonds using the bonds outstanding method. Annual debt 1Ria 1992 maturitics for 1994 through 1998 are $42.9 million. $44.5 a,.- e aa.= million,548.2 million, $59.9 million and $67.2 million, re-Eleuric Re,enue Bonds spectively, Lieunc Rnenue Bonds. SOUTH SUTTER WATER DISTRICT, HYDROELEC-3 4 8 %.1994-2022. $1.987,855 $1.599,035 TRIC REVENUE BONDS. The District is obligated to Subordinated Eleanc Roenue Don.b. 7%S%.1994-2010 36.805 337.4d5 purchase power from the South Sutter Water District project under a c ntract that has the effect of transfernng substan-Total electnc revenue bonds. 2,024.660 1,936.500 tially all of the economic benefits of the project to the District CVFA Coceneration and making the District liable for all debt service on bonds l'rotect Roenue Bonds, issued by the South Sutter Water District to tinance the con-50% A32% 1908-2020. 142,700 -0 struction cost of the project. The District is obligated for an. CVFA Note Payable, I IN. nual debt service payments of approximately $2.0 million 19960 023. ' 5,000 without regard for the level of operation of the project. Pay-s uth s tter Tater Dntriu. ments for debt service under this agreement are reponed as o u IMO Hvdroeleunc Revenue Bond [6.146 85 % purchased power expense. 1994 2002. 13,460 14.545 1993 DONDs. On May 6,1993, the District issued Elec-Purthne Agreement, tnc Revenue Bonds.1993 $eries E,4.3% 5.75%,1994 2022, 3.~5% 199M000.. 588 660 in the amount of $75.0 million. l lbrai long-term debt On May 6.1993, the District issued $498.4 million of its outuandme. 2.186.408 !.951.705 Electric Revenue Bonds,1993 Series D,5.25% 5.4%,1994-I en - amount d'uc within 2020. m partia!!y refund a portion of the 1985 Subordinated 42.940 28,652 one ycar. Electric Revenue Bonds (1985 Subordinated Bonds), having I ns - Bond dixounts a principal amount of $72.0 million, with a weighted average Eleuric Revenue Bonds. 30,539 28,096 CVFA Proicer Revenue Bonds. 1.969 0-interest rate of 9.0 percent: to refund a portion of the 1985 Series P Bonds having a principal amount of $7.3 million with Subordinated Electric Revenue Bonds. 405 3.521 a w'eighted average interest rate of 8.2 percent: to refund a Totallong-term debt. $2.110.555 $1.891.436 portion of the 1986 Series Q Bonds having a princip.d amount of $35.7 million with a weighted average interest rate of 7.4 ~ = = = - percent: to reftmd a portion of the 1987 Series R Bonds hav-ing a principal amount of $111.4 million with a weighted t v'

S ACR AMENTO MUNIC_tPAL UTILITY DISTRICT .~.- - NOTES TO CONSOLIDATED FIN ANCIAL STATEMENTS NOTE 3. t.ONG-TERM OEST me.emeuros neta.T mrerest rate of E l pctcent; m refund a pornon of the to decrease its aggregue debt service payments by 53U md-lion over the next to sear,. thus obtammg an nonornic gam 19r senn s Bonds hasmg a pnnapal amount of 5120 6 of 518.1 milhon. nulhon wh a w eighted averace mrerest rate or 6.8 percent; to refund a ponuin ot the t w senes V Bonds havmg a pinci. On October 13.1993. the Dismcr issued ileunc Resenue pai am me of 511M mdhon mth a weighted a.crage internt g gy q g 3 perant; to retund a pomon of the 1984 ' senn 4 C" ""' *" pam a e und a porn 7n or tb rate or """"'F " Bonds h.nmg a pnnapal amount of $12A rmlhon with a "E'P"""P^**"""'"' unghted nerage mternt rue of 18 pen.ent; and to retund a '*E# """"'"#"

f "'i 5 Bonds hning a princip.d amount pornon of the 1W sem X Bonds harme a prinapal amount crr n of. he 198 5er es t

ot 500.I milhon with a wciehted averad interest rate of"10

'"#E# **"#" *# #

"I pertenr. The net pmtceds of 54M19 milhon (including 514 '? retund a portion of me 1990 5enes X Bonds having a prin-mdhon m au. rued mteren and after payment of $7.5 mdlion P#I "".unt o0%; and to refund a ponion of the 1991 Se > million wah a weighted average mter m underwriting fees and other issuance costs, and after de-cu rate t ducong the $8I4 mdhon origmal issue discountL plus an ad-Bonds having a prinapal amount of 598.6 rm!! ion wuh a iiinonal 5423 million of Electric Revenue Bond Resene Fundweighied average interest rate of 67% 1he net pmceeds ut and Sinking fund monies applicable to the refunded 1985 $136.5 million (including $0.6 mdlion accrued mccrest and Subordinated Bonds and the refunded Series P, Q, R, S. V W i nulhon in underwritmg fees and other issu-paytnem o and X Bonds were used to hmd the reserve and sinking funds ance c sis, and after deducting the $2.6 mdhon eriginal mue tor the new 1993 Senes D Bonds t 529.6 milhon) and to pur-discounch plus an addmonal 59.6 milhon of Electric Revenue ohne Umted Stues tU. SJ government securines (5496.8 Bond Resuve Fund and Sinlung f und monies applicable to mdhont ^I he setunties were deposited in an irrevocable trust the retunded S,eries R,5, X and i Bonds were used to fund with an exmw a6ent to Prmide for all remaining future debt the reserve and sinking funds for the new 1993 Series G Bonds vruce pnmenn on and redempoon of(at the carbest can n) 2n9 m Purchase U.S. government securities ,,, In date) r.he refunded pornon of the 1985 Subordinated Bends ($138.4 milli nL The securities were depouted in an irreso-and tae refunded portions of the Series P, Q, R, S.V.W and X . " #" ** #E'"'

P ' "i # '"' 'Il '#*";"i"E d

Bonds. As a resuh,ihe refunded portion of the 1985 Subor. future debt service payments on and redemption of the re; dinated Bonds and the iefunded portions of the Series P, Q, fimded portions (at the earliest call darch of the Series R. 5. A R. S. V. W and X Bonds have been legally defeued, and the and Y Bonds. As a resuh, the rerunded portions ot'the Series liabibry for these bonds has been removed from the Balance R, S X and Y Bonds have been legally deteased, and the li2bd-Sheet..the retundmg resulted in an accounting loss under iry f r these bonds has been removed from the Balance Sheet, generally accepted aanunung prinoples of 556.7 million for The refunding resulted m the recognition of an accounting the scar ended December 31I 1993. The District wp able in I 55 under Senerally 2ccePred accounting principles or 518.0 dedease its aggregate debt service payments by 559.3 million million for the year ended December 31,1993. The District mer the next 26 yean, thus obtaining an economic gain (the was able to decrease its aggregate debt senice payments by difference between the prnent values of the old and the new $16.2 million over the next 27 years. thus obtaining an eco. debt scruce paymenta of $31.6 mdlion. nomic gam of $7.3 million. On August 12.19% che District issued Electric Revenue on November 15,1993, the Distrie edled $34.4 million of. as outstanding 1985 Subord. mated E!cctnc Revenue Bonds Bonds.1993 Series h a1%. 6.7%,1994 2004, m the prin-apal amount ot 5187 4 mdhon, to partially refund a portion with a weighted average interest rare of 8.0%. The Distritt of the 1935 Subordmated Bonds, havmg a prmcipal amount used general fund monies m defcase these bonds. The call of 5184.3 mdhon with a weighted average interest rate of regatted in the recognition of an euraordinary gain of 54.,< 58N The net pmceeds of $186.2 million (including 50.3 mdlion for the year ended December 31,19% The Disuict milhon in mrued interest and atter payment of S t.5 milh. gregate debe service payment by 544.4 on was able to decrease its ag'6 years, thus obtaining ) m underwriting fees and other issuance costs), plus an addi-million over the next l tional 5118 mdlion of Electric Revenue Bond Reserve Fund8' " I $8 and Smking Fund monies applicable m the refunded portion of the 1985 Subordinated Bonds, were used to fund the re* CENTRAL V A t.L E y FINANCiNO AUTHORITY sene and sinkmg funds for the new 1993 Series F Bonds ($11.7 soNos. On July 29,1993, CVFA issued $142,7 mEon mdhon) and to pur.hase U.S. government securities ($194.3 principal amount of Cogeneration Project Revenue Bonds, milhont The secunties were deposited in an irrevocable trust with interes: rates ranging from 5% to 6.32% and maturities with an escrow agent m provide for all remaining future debt commencing 1998 through 2020. These bonds are non-re-servia payments on and redemption of f at the earliest call course bonds and were issued for the purpose of nnancing daich the refunded portion of the 1985 Subordinated Bonds. substantially all of the costs of developing, financing, engi-As a result, the refunded portion of the 1985 Subordinated ' neering, procuring and constructing the Carsc*n Ice Gen Bonds has been legally defe2 sed, and the l_iability for these Project. Principal and interest associated with these bonds are bonds has been removed from the Balance Sheet. The re-paid solely from the revenues and receipts derived in connec-funding resuhed in the recognition of an accounting gain un-tion with the Carson ice-Gen Project. The ability of CVFA der generally accepted accounting principles of $17.4 million to service the debt is dependent upon the successful comple-for the year ended December 31,1993. The District was able tion and operation of the Carson Ice-Gen Project.

+ + e- - ~. ~. - - - ifC3 AMMu AL T(EPOM NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4. C ASH AND INVESTMENTS A summary of the District's cnh and investments is presenred Cash deposits are held in an %nturion :nsured by the Federal { below: Depository insurance Corporation and, as required by the j D. Diurict's bond resolutions, in a bank, savings and loan asm-l """'S-ciation or trust company of the U.S. or National banking as. sociation having capital stock, surplus and undivided earn-ings segregated c,f at least $10,000.000. Deposits to the ev Cayh and Cash Equwalents: tent pmsible are invested. In accordance with state laws and Uh. $ 10.558 5 3.248 the District's bond resolutions. the Diunct is authorized to E i f i 52 l the U.S. or its agencies or instrumentahnes, repurchase agree-1 ocal agency investment ment obligations unconditionally guaranteed by the U. S. or 5 000 its agencies, corporate mdebtedness, direct and general obh- -0 986 gorporate securities.. gations of any state of the U. S. (provided such obligations are Cotnmercial paper.. 942 rated by a nationally recognized bond rating agency in either 5 Deterred compenution. of in two highest rating categories), public housing bonds., commercial paper, bankers' acceptances and certificates of Investments: deposit. Investments in corporate indebtedness must be rated U.S. government securities. 321,297 291,857 in the highest rating category of a nationally recognized rating Corporate securaies. 57,272 38,678 agency and in one of the two highest rating categories of at Commercial paper.. 14,769 44.344 leur une other nationally recognized rating agency. The Certificates of deposit.. 47,003 49,999 District's custodial agent mair.eains records showing the secu. Bankers' acceptances.. 14.773 50.932 rities are in fact solely owned by the District, or CVFA where 455,114 475.810 applicable. All of the District's investmems deposits and in-Total. $ 707,468 $ 575.239 vestments are insured or collateralized with securities held by ~ the Disnict or by its agent, in the District's name or CVFA, '.Ibtal Cash and Investments: where applicable. Revenue bond reserve and con truction funds. $ 249,482 $ 131,226 Nudear decommissioning trust fund.. 124.122 106,738 Designated for rate stabditanon fund. 88,768 49,754 Designated for deferred compensation benefits - 27,980 24,253 Unresencted funds.. 176,626 217,586 Funds reuricted for payment of debt servite. 40,490 45.682 Total. $ 707,468 $ 575,239 NOTE 5. FAIR VALUE OF FIN ANCI AL INSTRUMENTS The following methods and assumptions were used to esti-LoNo venM oser. The fair value oflong term debt was mate the fair value of each class of financial instruments for calculated by deterrnining the net present value of future debt - which it is practicable to estimate that value; service payments discounted at the Bond Buyeri 25-year Rev-enue Bond index. A similar fair value calculation was derived INV EST M E NTS. The fa.r values ofinvestments are bued for the CVFA Bonds, except that.5% (the spread at date of on quoted market prices. The carrying value of the invest-bond issuance in comparison to market) was added n the Bond ments m the table below mclude a portion of accrued interest Buyers' 25 year Revenue Bond Index to account for the rating when the fair values do. of BBB and the fact they are non-recourse bonds to the Dis-C ASH AND C ASH EQUIV ALENTS. The Carcying values trict. approximate fair value because of the short maturity of the investments. '2 L. ~

___.-_m

6 + S AC MM ENTO MUNICIP2.L UTlLgyy oggypict-.- -. NOTES TO CONSOLID ATED FIN ANCI AL STATEMENTS N OT E 5. FAIR VALUE OF FIN ANCI AL INSTRUMENTS icom.weo, I he nomated tair value of the Dinncti tinancial muruments _l he mmad ra;r u!ue of the Dntrat's tin.maal mstrumems at 1Lember 31.1992. n presented below: ar ( b cmber 4 L IM h FrcsemcJ briow. u.mber n m % e+a n nt G m bmoJrwys Fwursv.s CAem m ey wys rate m ws i ,um Im est menn. !m cu me nn. .s 1 D ;6 5 iso 242 Us er.ernment wcunna.. s 300.0 $ 312,000 U 's m trnmem m urnies. %Lis 39.209 9.e N4 ( brporate sceunnes. t orporm sec unun ~ om;nertial paper. 19 540 1 t.~00 Commerual paper,. 41.M 20 4 4.5~0 f Cern6sarn oi depout. C. I no 40.909 Cern6tates of deposit. 49.9 M 50.199 B mkers amprantes !QS2 1mn Bankers' acceptances.. _ _5 W _ jo;. 9 99 Ibt al ins estmenn Cl36 +9 W 5 Total mvestments. 4821 16 49-'06' (: ash.md tash equivalents. 252.354 2;2.354 Ush and cash equivalenn. 99.429 99A29 I onwrcim debi 6 2,110.5 5 h (2.322.dN I ong-term debt. . (l.891.4 % (2,04193% NOTE 6. INVESTMENT IN JOINT POWERS AGENCIES The Datntti ir" ntment in joint powen agencies a presented and the assumption of all Steam field leases by CCPA No. I tor a payment of $1.0 mdlion efTecove March 31,1992. bdow: Because of rechnical and financial ditTiculties experienced by Ibmber u. Steam Geld a currently less than that necessary to support %- ao. CCPA No.1 Plant operations at rated capacity, with the re-Central Fahfornu Power suh that the present combined net capacity of the tv.o umts is Agency No I. . $ 128,354 $ 130,533 48 MW and may decrease further. Due to the low steam Franumsuon Agency of supply. CCPA No. I has generally only operated one geother-Northern Cah6 rma, 2a3s _s The steam mal generating unit st a time at reduced output. Foul mscument in jomt ticids in the Geysers Area, have expenenced a serious dedine powers agencies. . $ Ifo.'89 $_13040s ohin The CCPA No.1 Steam fictd may be ~ ~ ~ ~ ~ ~ in afTected to some degree by a similar overall dechne in steam CENTR AL C ALIFORNI A POWER AGENCY NO.1. In 1982. the Dbtnet together with the Modesto irrigation Dis-The District beheves that the rehabilitation of existing wells intt and the City of Santa Clara, formed a joint powers agency and the mstallation of certain other additiona! Steam Geld im-entuled Central Cahfornia Power Agency No.1 iCCPA No. I L tor the purpose of panicipating in the exploration, devel-provements will enable the District to recover its insestment in CCPA No.1. It is the Diurict's intent to recover through opment and production of electricity from geothermal re-rates any portion ofits Steam field investment not recovered CCPA No. I has constructed and is responsible for operanng the Coldwater Creek Geothermal Power Plant thmugh the operation, subsequent disposinon or restructur. soort et ing of the Steam field. Summary Snancial information for il1antL a 120 MT two umt generaung plant. The Dutritt CC PA No.1 is presented bdow: ha; been designated proicct manager for the construcnon and operanon of both units. whith became commercially oper-able in 1988. Each member participant of CCPA No I has inn tasa agrnd to pronde its o.s n f.inancing to pay for its pro rata share ot ( CPA No. I costs. For the ' years ended December 31, tma of $13 5 rmlhon $13 8 mnhon and $15.1 mdhon. re- $ 225.428 IW.19"2. and 1991, the Distnct recorded purchased power Total assets. . $ 232.309 spetovely. for in 50 percent share of the electricity generated ot al habilities.. 17.541 5 8.160 hv CCPA No 1. Total memberi equiry. 214,768 217 268 Prior to March 31,1992, CCPA No. I had obtained steam Total liabilities and nr the operanon of the Plant from the Coldwater Creek Steam members equity. . $_232,309 $ _225.428 neld (Steam Geld) under a contract with subsidiaries of Geo-(8.258) $ E 644) ihermal Resources International Inc. (GRIL The GRI sub-Net loss for the year.. .5-siduan that ow ned leaschold interests in the Steam field have been in Ch2pter 1I bankruptcy since June 1989. The bank-ruptev court appnned the purchase of the Steam field assets

lW AM*kWW NOTES TO CONSOLID ATED FIN ANCI AL STATEMENTS N OTE 6. INVESTMENT IN JOINT POWERS AGENCIES icommon TR A N SM t$510N AGE NCY Or NORTH E RN C AU FOR-FAN (: with funds on a momhly basis for us shue of the NIA. In M L the Dntrht and fourteen other Cahtornu monthlv NOI transmission seruse tmn. for the yean ended mumupal unhua tormed a num powen agency enmled the Dec ember 31.1993 and 1992, the Dntact recorded 52.2 Irammns on Apener of Nunhem CahtbrruaiTANCE IANC mdhon and 50 3 mdhon, respettively,in transmnuon wheeb puned w nh nearlv au Cahforna unhoes to share in the deseh ing wsts. for the year ended December 31.1991. the Dn-md ow nership of the Cahtornia-mct had no transmisuon wheeling wsn related to m parnci-onurn rnm

opment, s

t iregon lun.mnuon Protest (O)I Ph a ;00W tranunnuon patmn m I ANC. summary tinanual mtormanon for FANC hne between temral Cahfornu and,outhern Oregon whkh n presented below: I.u daates power exchance, with the Pacilit Northwest. fhe A"""N

n)f P was declared tornmeraally operable on Marsh 24.

ma ma 1902. l'nder an intenm Partiupanon Agreement, TANCi ownerdup of COTP irander capabdirv is t ro MW or ~9.9 pertent ot *he total 1600 MT transmisuon capauty. TANC s .I.otal aucts. i 542,100 --519.580 sou shanng responubihty for the C,O.I.P n H5 2 percent..The 3 O )TP is proietted to tou $4 50.0 mdlion. The Dntriu u Tot.d liabihties.. .5 541,862 $ 519.393 obligated tu pay approunutely T.I percent otTANC's COTP tinancmg tostI in exchance for ownership of 330 MW of Tot I memben' ettuiry. 238 Fr Total liabilities and I ANC's IT9 MW tramter capabihty. As of March 1.1991. rnemben' equuv . OMM ON,sW TANC began retcinng 300 MW of firm, bi-directional trans-mnuon over 14 ;& Ei mrem hetween PGNE's Tesla and Mid. _J_. 2 3 5 way suhuanont The Dntner had a 46 MW share of the 300 Net incomehloss) for the year.. $_ _ o MW rrammnuon senice wnh a mst sharing percentage or i U percent u of December 31,1993. The District provides NOTE 7. RANCHO SECO NUCLEAR POWER PLANT I S T O R Y. Rantho seco is a 913 MW nutlear power plant Rancho Sem is one of the first large commercial nuclear power which wu placed in,crcice m 19M On June 6,1989, a plants to be removed from service. Due to the substantial referendum pernutting wnnnued operation of Rancho Seco technicah regulatory and legalissues that will be faced in con-by the Dntrict wu rejected by the voters. On June 7.1989, nection with the decommissioning, the District cannot pre-ihe Darna began the process et shutting down Rancho Seco dict with certainry how long various decommissioning actions and abandoned the plant as an operating nuclear generating will take nor the eventual cost of decommissioning. These taahty. financial senements reflect the Distncti current estimate of its obligation for the cost of decommissiomng. OEcommes Omno. I he Dntrict has fded a proposed de-wmmnuonmg plan w hh the NRC and will be subie:t to con-Based upon intervention by the Environmental Conservation unumg regulation hv rhe NRC unnl the decommissioning of and Resources Organizanon (ECOL the NRC remanded cer-Rantho Sew n wmplete. L'nder the proposed decommis-tain contentions of the Decommissioning Plan to an Atomie donmg plan. the Dntrict wdi proceed with the decommis. Safety and Licensing Board (ASLB) The ASLB ruled in No-of Raniho sew in two phases - a storage phase fol-vember 1993 that certain ECO contentions relating to the nonm lowed bv a decontamination phase. During the storage phase, District's financial planning for decommissioning should be the plant w dl be mamtained to the extent necessary to pmtect reviewed in a formal heanng. The District is appealing the the fuel and other raJioacove matenals. At the end of the ASI B decision to the full commission. Therefore, at this time, uorage phase m 2008, the plant will be decontaminated by the District is unable to predict when the Decommusioning remoung.dl fuel, other radioactive materials and radioactive Plan will be appmved by the NRC. However. the District is plant wmponenn to otT site locations yet to be determined proceeding with planned closure activities based upon 'ef by federal and state authorities. Decontamination oithe plant granted by the NRC through the issuance of the possi a and in ute wdl be mmpleted when the remaining detectable only license in t w2. radioacriuty hn been reduced below the pre approved release FIN ANCI AL EFFECTS. On N,ovember 16,1989, the Board critena. at w hk h time Ranc ho Sem will be released from reg'u-appr ved the recovery of $661.9 million of abandoned Rancho lanon by the NRC. Seco costs through future rates to be charged to customers i t __w

w e --_ _2ACM M E NTO M U NICIPA L U TILITY Ol2TQlCT NOTES TO CONSOLIDATED FIN ANCIAL STATEMENTS NOT E 7. R A N C H O S ECO N U C L E A R #OW E R PL A NT scomo.vuo, m.er a period 4,i scumeen vean I he h<urd's r. ire asuon ad - Dntott expect.s to reuew us current fundine ot the Jemm. Jrcued se 2 m Aon of Ran<ho sem men that had been mis 6oning habihty due to the revimin m the decomrnnsion-w mr<n-ort and slt.2 ~ mdlion of unfunded decommisuon-ing esomate. ta ensure it wdl be fully furided (w nh the evep-i L nm> iM die l hstra t m<rcascJ its Jewm-non of site restoranoni, bv commencement oidemmmnsion. me habst i mLuorum habihn and regul.uorv men by $N mdhon m mg. As of December 31. Um the regulaton auet had a retint the < hance m dwm.mnunning unt esomates in De-remaimng balance of 5251.5 mdlion Nhah meludes the 4hort-iember Im. the Ibma mamd in demmma ionmg h-term pornoni to be recmered through tuture r.un. ihduv md rmulcon met bv so; 6 nulhon to rc6eu the most rnem <hange m ihe demmnumomng esnmate. In lW the NOTE 8. PENSION PLANS DE FIN E D B EN EFl1r PE NSION PLA N. The Darritt con. attnbutable to ment and general salary m:reases. and idi po+ mbutes to the Pubhc Emplovees Retiremei t System of the reurement benefit mcreases of up m 5 percent per year com-sure of Cahfornu IPERM. an agent mulopled.polover re. pounded annuallv. The coul pension benctir obhganon ap-nrement nuem that acn u a wmmon investment Ed ad. phcable r the Dntria is presented below: nunmranvc agent for paracipanng state and kw.al governme'" June Ml'N2 ul enones m Califorma 'I he District's paymil for employees ,,,gi, wsered by PERN for the vean ended December 31.1993' Peauon bene 6 obhgation 1992 and 1991 wa., $112.4 mdhon. 546.9 mdlion and $88.8 Retirees and beneficiaries currently nothom the Dntriui total patroil for the urne period was receiving benetits and terminated $121.2 mdhon. $103 8 and $95.9 mdhon, respectively-employees not yet receiving benefin. $ l ~h i All permanent Diuna employees woriang more than twentv Current employees: houn per week are chgible to parucipate m PERS. Benetits Accumulated employee contributions vest after the yean of sen he. Upon retirement parncipants induding allocated investment earnings ~ 82 I are enntled to an annual renrement bene 6t. payable monthly Employer tinanced vested. I16.5 for hfe. m an amount equal to a benefit factor nmes their Employer 6nanced non-vested.. _ _.3j higheu average mumbly salarv over any 36 wnsecunvc months Total pension benetic obligation. 378 Net assets available for benents - at cost of employ ment. The applicable benefit facmr is based on age at renrement and scars of archted service. and ranges from (market value. $394.8 mdhon). _ _3E 1.1 percent per vrai of aedited service for retirement a't age merfunded pension bene 6t % to la percent per year of credited service for retirement at obligation.. 5(12y or after ace 61 PERS aho pmvides death and disability benenn toin ered employees. Benefit provisions and all other PERS uses the Entry Age Normal Actuanal Cost Method requiremenn are estabbshed and governed by sure statute. w hich is a projected benetit cost method. That is it takes into account those benefits that are expected to be earned in the Ihe " pennon bene 6 obhganon' is a standardized disdosure future as well as those already accrued. According to this cost measure of the presem value of pension bene 6ts, adjusted for method, the normal cost for an employee is the level amount the etfecn of pnneaed salary incream and step-rate bene 66-which would fund the pmiected benefit ifit were paid annu-nonwed m be payable m the fiature as a result of employee ally fmm date of employment until tenrement. PERS uses a service m dare. The measure is mtended to help usen usess, modification of the Entry Age Cost Method in which the on a gome wnsern basn. the fund ng status of PERS. assns employer's total norrnal cost is expressed as a level percentage pmgress made in accumulating sufficient assets to pay of paymil. PERS also uses the level percentage et payroll benc6n when due. and make comparisons among employers. method to amortize any unfunded actuarial liabilities. The The measure is the actuanal present value of credited pro-sign;6 cant actu2 rial assumptions used to compute the actu-ieaed benetits and n mdependent of the handmg method used anally determined contribution requirement are the same a to determine wnmbutions to PERS. those used to compute the pension benefit obligation as de-scribed above. The pemion benefit obhganon was computed as part of an actuarial uluation performed u of June 30,1992 (the most The contribution to PERS for the plan year ended June 30, recent aauarial valuation). Significant actuuial assumpoons 1993, of 516.3 million wu made in accordance with actuari-used in the valuation include (2) a rate of return on the invest-ally determined requirements computed through the actuarial ment of present and future usets of 8.75 percent compounded valuation performed as of June 30,1992. The contribution annually. (b) projected salary increues of 4.5 percent per yen consisted of(a) 515.3 milbon normal cost (14.1% of current wmpounded annually attnbutable to inflation. (c) additional covered payrolh and (b) $1.0 mdlion amortiurion of the un-ulary increues of 2.5 percem per year compounded annual!y funded actu2 rial liab;lity (l.0% of current covered paymlb.

NOTES TO CONSOLID ATED FIN ANCI AL STATEMENTS N C., ?

8. DENSION PLANS 6coamuros (la lhurn t antnbuted $10 2 rnilhon t1 %

' t un-nt Dntnti employees parti.jpanng in the 40lik) Plan are wn-sidered vested once enrolled and are responsible for deternun-uncred pn r4 2nd emphn ecs conmhmed 5ol miamn 'O.1"n ng how their funds are to be invested. The Dismct n respon. a iorrent acred pn roth henJ mformanon pres an irde anon or the prop w made m x.umulanng sursient assers uble for ensuring complunce with internal Resenue Senise requnements concernmg the 40 Uk) Plan and not for market m pn bcnes e n due. varunons m the 401(ki Plan value. The Distnct does not match any wninbunons. All fees are paal by the District employees panicipating in the *)Uk) Plan. The 401 ki Plan ,wsy, w<mo i m wr L.mo %m n a gmernmental plan and n not subiect to dnwnminanon rmw a Nu oni resang or the requiremenn of the Emp!mee Renrement in-ws ou rm.miu ,, w + o 4 hrow come Semity Act of 1974. The Dismet employees partim ge m i %3.n < w M Jt et c,md r$stfi_ pating in the 401&) Man are aHowed m wnmbute up to 20 1990 100. 4 N i1.21 N llA % percent of their gmss ncome not to exceed the annual dollar 1991 los I iIim 9.3 1992 1034 i12 0; 10 2 lima < presenbed by the Internal Resenue Semce. DEFERRED COh PE N E ATION B E N E FIT PLAN. Phe Svuem wide ten-year trend mformation may be found in the Dktrict orTers in employees a deferred compensation plan tre-Cahturma Pubbc 1. mph yees Rentement System Annual Re. ated in accordante with Internal Revenue Code Section W pm t s. H57 Plan). Unnl paid or made available to the employee or DEFINED CONTRIBUTION PLAN. l he Distnti proVides other beneficiarv. all amounts of deferred compensation, all a enh deferred compensanon plan pursuant to Internal Rev-property and nehts purchased with those amou us, and all enue Code 5etoon.Oltk) HOUk) Plan) m which all of in i om ambu [2hle to those amounts, property or rights are regular tull-ume or permanent part-nme employees are cli-subject to the claims of the District's bondhokfers and generd phie to parutipate. fhe 40llk) Plan is a contributory plan credttors. Participants' nghts under the 457 Plan are equal to whereby the funds are conmbuted soleiv by the Dntrict's hd a Mma The District has the duty of rea-employees and are held by a Trustee in trust for the employees sonable care in the selection of investment ahernan'ves, but upon reurement from Dnmtt service and subsequently are neither the District nor its directors or officers have any habd- ~ not wlyett to the general Jaim< of the Dntrict's uediton. icy for losses under the 457 Man. NOTE 9. OTHER POST-EMPLOY M ENT DEN EFITS in addmon io the employee pension benefits descnhed in Note service for employees hired after January 1,1991. The Dn-A the Dntna prmides post. retirement health care benents in trict records post-retirement health care benetit expenses on a au ordante wich Onmet policy and negotiated agreements wkh pav.as.you-go basis. During the years ended December 31, 1993,1992 and 1991, post-retirement health care benefit ex-employee representation groups. to all employees who retire penditures were $2.4 mdlion, $2.2 million and $2.0 million, from the Distnut on or after attaining age 50 with at least 5 Bued on its most current actuarial study, the yean of scruce Currendy,"84 retirees and survinng spouses respectn ely District estimates that in post-reurement benetit obligation is meet those ehpbdity requiremenn. The District conmbutes $'2 8 mi!! ion at December 31,1993 the tull wst of wserage for employees hired before January 1, 1991, and a pornon of the con based on credited years of NOTE 10. COMMITMENTS connection between the District and PG&E. Based on the PG&E POWER S ALE AGREEMENT. The PG&E i'ower minimum amount of capacity the District is required to pur-sale Agreement prmides for the purchase by the District from chue under the PG&E Power Sale Agreement, the District PGNE, dunng the penod January 1,1990 through Decem-will pay PG&E approximately $170.9 million for capacity ber 31,1990, of $50 MW of firm capacity and usociated The Distrkt ha reduced the 6rm capacity to 500 prior to termination ofits commitment in 1997 Addition MW effective November I,1993. The Distrkt ha given ally, the District will pay for any energy received at rates speci-energy. 6cd in the contract. PGNE the required five vean advance notice to reduce this tommitment to zero in February 1997 PG&E is obhgated SouTNERN C ALIFORNI A EntsON (EDISON) POWER to deliver capacity and energy purchased from it by tne Dis-S ALE AGREEMENT. T.he District hu a 300 M4, Power trkt to the Rancho S.eco swnchvard or other poinn ofinter-Sale Agreement with Edison which expires on December 31.

tt-j l rACn AMENTo MUNICIPAL UTILITY Dit'rnlCT NOTES TO CONSOLID ATED FIN ANCI AL STATE ENTS NOTE 10. COMMITM ENTS ream =vsoi 1999 The Dntrat has gnen Ednon four yean adunce nc-u;,on the termt of this wntraa. ihe Dntncti mimmum obh. n.c to redute ihn comemtment to 200 MW m March IM gwon is for $4.1 milhon. f dnon n dnputing the vahdity oithe nonce. Based on the } und s budgeted opi. C AMAL EDENNE mmimum amount of opuity the Ihurict is required to pur-tal expenduures (exJuding Af LIK) for 1994 total 526u thase under the Edison Power ble Agreement. rhe Distnct "" ""' APP"nnnately my n nanummn and in w di pav EJnon il N 4 mdhon for tapaacy mer the hfe of the unbunon pms. N nnon W ener eaeng in-aercement if I.Jnon preuh m the dispute. the min mum seunients. 5 5 4 nuunm new enew cesounes and the amount wu!d mcrease by appmumnely 5 i 10 mdimn. Ad- " # """ E dmonallt the Diurst wdi pay for any energy received at rates speutied m the contract. ALDERTA N A T U R A l. GAS AND P ACIFIC GAS ^ ^ has entered into a contract with Alberta N,"uural (as ( ANG) PAcirtc PowtR & LIGHT Co. (PP&L) power S ALE AGR E EM ENT, [he Dntrat has entered into a series of agree. menn with PP&l. providing for the purchue by the Ddtrict and Pxitic Las Transpan (PGT) to reserve capacirv ger a of 100 MW of firm power through 2015. The District has a 3 hen peri d on a new interstne nanyral gas pipehne from the Canadian border to the Cahtorma/ Oregon border. Tn, e minimum annual take-or pay commitment for this energy of District is obligued to make capacity payments of approm approximatdv $3 6 mdlion through the term of the aerce-mately 52 mdlion per year through 2023. WESTERN ARE A POWER A D MINIST R ATIO N. The service AGREEMENT. The District hu entered into an Diunct has a loneterm contract wnh Western that allows the Dntrict to purchue El MW of capacity and assoaated en-agreens wah gave Pipeline Company tor firm naural ergy from the Central Vallev Project (CYP). The annual ob-E" "an5Pon C2Px ty at 55 mdlion cubic feet per day com-menang in 1997 on the proposed Mojave Pipehne Company bguion under this contract is approximately $30.0 mdhon '*'I P^*i n Pnyect. I his agreement is t,or tifteen > cars j per year for capaaty and 530.0 mdlion per year for energy, fr m the later ot the aate that Mojave is ready and able to subject to rate changes, through the hfe of the contract. The P**'de transportation services or January 1,1996, with the District hu the right to cancelits energy obliguion with six extend f r future peri ds. Ihe projected commit-months advance n'orice and to cancel its capacity obhguion optt ns r ent beginning in 1996 is approximately 59A million per with eighteen months advance notice. year escalated for subsequent years. sTE AM PURCH ASES. The Disaitt's [ Int geothermal unit, The Da, tnct s total purchase power, steam and gas transporta-SMUDGLO al became commercially operable in Decem. ti n c mmitments t r the years 1994 through 1998 are 5116.0 ber 1983. Uader irs ucam supply agreement, the Distnci has 8 * "' II " #"d the right to tancel the contract upon 180 days notice. Based $85 7 million. respecttvely. NOTE 11. CONTINGENCIES pNperty damage. This claim names nine present and former l R ANcMo SEco LlQUID EFFLUENT DISCH ARGE LIT 8G ATroN. A $ l.0 bdlion class action suit was fded against District employees a defendants, and alleges that those em-P oyees made intentional false representuions to the NRC and l l the District alleging the Dntrict allowed excessive amounts of radioactmry in the liquid eMuent disch.uges from the Diswict's public regarding the eMuent releues. The claim seeks 51.0 l nuJear power plant, R2ncho Seco, injuring the claimants and inHi n in c mpensnory damages and $100.0 miUion per in-their land, crort livestock and business. 'Fhe Courts denied d;vidual in punitive and exempluy damages. The District's teruticanon of the tfut Unlen the ruling is reversed, the mmion for summary judgement in the main action was granted plainntfuan proceed only u a group ofindividuals with indi-in ScPtember 1990. The plaintiffs appealed this decision and vidual claims. A second clus action claim in the amount of the trial court's decision was atTirmed by the Third District l 5500.0 mdlion wu tiled alleging intentional misconduct and Can ofAppeals in June 1992. The Coun of Appeals denied decen in connection with such releues. An amended com-the plaintiffs' petition for rehearing and the plaintiffs peri-plaint combming the 5500.0 mdlion claim with the $1.0 bil. ci ned for review to the California Supreme Court. In August lion sun wa 6 led on february 10.1987. Tests conducted by 1992, the Supreme Coun decided the case will be heard or remanded after the court's decision in certain other cases with nationally recognized experts show that the muimum expo, sure to any one individual m the Rancho Seco area wu well Potentially similu issues. The secondary action hu been stayed below the' rate allowed by the U.S. Environmental Protection pending the appeal of the main action. Any liability of the District for compensatory damages due to the discharges Agenev (EPA). alleged should be within the limits of the insurance and O, October 25.1989, the District was served with another indemnity agreement. The District does not believe that the dus action claim by the plaintitTs for personal injuries and claim against the named employees will result in any punitive k

L 1993 ANNu AL REPORT i NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. CONTINGENCIES icommunes damagn aw ud Under fahfornu law. punane damages may dent whme cause of death was accidental inhalation of smoke not be msured. but the l hora t itseit is exempt from suth and duu aeated by a hre. Plamoffi usertion is that the damges lhe t hsma beheses that anv habdity on auount Dutrats negligent mstallation and maintenance of a power at uah dnsh iree, n hmacd to an amount covered by habdity pole caused the fire. I he pianuff seeks 51.0 mdlion in dam-the Dktna cunes excess inwrance for this type iclaim. msurante and a I eJeral pernment mdemnity agreement and am wdi not hne a ouraul >bt rw immt on the Dntnui finan. This case went to judicd arbinanon on 1ebruary It 1994, ual p%non and resuln ut operanons. and the outcome is unknown at this time. The Dntrict be-heses that the outcome of thn cue wdl not hae a muerial F A$5 M ETALs. I he Dntrar hu been not. -d thn soapped adsene impaa on the Dntrict s financial position or results of dninbuuon transformen w hu h were 7dd bv the Dntnct and dnposed of hs a dealer are suspeued of contaming polyt hlon-n.ned biphemh @ W and responuble fi>r tontaminating ELECTROM AGNETIC FIELD LAWSUlT. OnJanuary 19,. ihe dealer s site 1 he Dntriu has completed a feuibility nudy 199L the District wu served with a complaint seeking $11.0 ahith evaluated 14 pnuble sml remedies at the site, from mdhon in monetary damages. The plaintiffs allege that sales of pawne mnrainment to otT4ite incineration, with wst esti-property ow ned by them have been compromned or precluded matn ranging from 3R9 mdlion to $221 rndhon. In january and the propertv devalued, because of buyeri fean of possible im. the Datriu commented wnstrutnan of the couipment clearomagnetic ticids created by the Districti power lines which pad for the w xer ueatment wstem and entountered rwo steel crms the property withm the existing nght of way. Several drums buned m the work area. f urther delay in construuion other utihties have been included as party defendants as their a probable. The Dutnai management is unable to predict power hnes also stand in the power corridor. The District views w hat effeu if any this dnwvery w dl have on either the projea the lawsua as having no merit, however, the District's liabdiry whedule or hudget. The Darna currently estimates that the insurance carners have been notified of the acnon. roral wst will be approummely 5%i milhon which hu been NUCLEAR LI A BILITY INSURANCE..fhe District hu aurued. I.he Dntna hn nontied its msurers thu a..miends msurance cmer.ge f $ q nulli n, through private insur-o punue claims for teimbursement under its insuranu. poli-ance pools. For potenna! claims that may exteed the $200.0 ~ million primary insurance c-werage limir, the Dntrict has en-J t o sooM J U N KY A RD SUPERP'U N D SITE. The Dis-tered into indemnity agreements with the federal governrnent ena wn nontied by the EPA that it and three other genera-that provide additional protection to a limit of $560.0 md-ton mtludmg wuthern Pacific Transportation Company hon. Due to the closure of Rancho Seco, the NRC ha autho-Kouthern Pautici and PG&E have been named u respon-rized the District to withdraw from the industry retrospective uble puties hable tot the cleanup of the Jibboom Junkyard rating plan. Any claims existing prior to withdrawal will po-ute, the EPA sened the Dmrict a claim for recovery of costs tentially impose retrospective usessments up to $75.0 million mturred in rnponse to relenes of hazardous substances totab on the District and on each of the other commercial nuclear ing $ii mdhon on July 14.1993. The District is presently reactor operators. should those claims exceed the $160.0 mil-purunng seulement negonanons uhith reflect the District's lion primary insurance lima which existed at the time the claims mun mal wntnbution or saap meuls to the Jibboom Junkyard were incurred. Such retrospective usessments are payable in site and ha aho fded uoss-mmplaints against Southern Pa-annualin tallments of no more than $10.0 million. utic and PG& E. The Distnct believes that ifit does have any TNER M ATTERs. In the normal operation of business, ' ire or hahibrv for the hbbmm lunkyard site that it wouki the District is party to various claims. legal actions and com-be mmimal and would not hne a meenal adverse impact on pla uts. Management and the Distnct s legal counsel are of the Distns ti tinannal position or results of operations. the opinion that there are no other materialloss contingencies PERSON AL INJURY LAWSulT. The Dutrict hu been that would have a muerial advene impact on the fmancial named n a defendant in a wrongful death and negligent in-pmition of the District, except u disdosed withm the foot-danon ot emononal dnness !awsua tiled on behalf of a dece-notes to these financial statements. l l b W .L.

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