ML20149K207
| ML20149K207 | |
| Person / Time | |
|---|---|
| Site: | La Crosse File:Dairyland Power Cooperative icon.png |
| Issue date: | 12/31/1996 |
| From: | DAIRYLAND POWER COOPERATIVE |
| To: | |
| References | |
| NUDOCS 9707300059 | |
| Download: ML20149K207 (34) | |
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E FACTUALLY SPEAKING 1996 FINANCIAL SYNOPSIS GENERATING STATIONS OTHER FACTS
- Dainland Power Cooperative provides 1226 1921 Opacity- Founded Dec.16.194I the wholesale electrical requirements and (in thousands) h Statm n Um.ts h1erawans uther senices for 28 electric distribution Geographic service area -.44.500 square !
5 Totale $ 174.075 5477,930 miles (62 counties in Wisconsin, cixsperatives and 19 municipal utilities ^3paha w hich supply the energy needs of more hiinnesota, Iowa, Illinois and hiichigan) I Equity 5 87,343 $ 91,675 than half a million people. 1 d FilS 3 2 Employees 573 Ibbihties $386.732 $386.255 1lectricity from Dairyland's four gen- Total l TotalEquity& thbilitics $474,075 5477,930 12 979 Customers in system 219.461 erating stations-979 megawatt capacity- ' produce electricity which is transmitted Economic devekspment loans approved 19 Equiry%ofTotal Assets 18.4% Coal burned - tons in 1996 1,796,507 sia 3,227 miles of transmission lines to (totalling more than 51.8 million) 318 substations located throughout the Total Revenue $186,089 $165.343 ad m n ge n apabilky -.105 A1W system's -14,500 square mile service area. Annual meeting June 18,1997 Net .Wrpns $ 2,019 5 3,110 June 10,1998 Dairyland's service area encompasses 62 counties in five states (Wisconsin, June 9,1999 - , TRANSMISSION / SUBSTATIONS .stinnesota, Iowa, Illinois and Michigan). T mcs Interest Earned Ratio Board meeting 1.11 1.16 Transmission lines 3,227 miles third Friday of month j Dainland has provided low <ost, reliable Debt Service Cmtrage 1.46 1.51 as constructed clectrical energy and services to its cust-
*For year ending Dec. 31,1996 omers in the upper Midwest for 56 years Cass A ShhfWh 3.365.291.658 3XR193M) Substations (plant / transmission /
Total Sales-h1Wh 6.141,500.617 4.M3,181311 distribution) - 318 printed on recycled paper i t
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1[ VISIGN, MISSION & VALUES EXECUTIVE MANAGEMENT OUR VISION- emphasiring honesty, quality and other trilliam L Berg IF SOMEONE SHOULD ASK .j
- s. is to be the pmrfder ofchoice for sound business princip!cs. General Slanager 5 energy and services to our customers. Our employees an<f thepcople u e FACTS & FIGURES serre are vital to our success.To John P. Lerfer -l
. Assistant General blanager, Generation !
OUR Mission promote excellence, we will support . i Dairyland Power Cooperattvc
...is, as a cooperative organization, to and encourage employee development Robert C Mueller !
provide competitively priced energy and for the purpose of matching qualified Assistant General Manager Finance & Administration Building ! services to our customers and maximum peopic to the right jobs while being Administration PO Box 817 l valm to our owners, consistent with the sensitive to the importance of job 3200 East Avenue South ! Orarles V.Sans Crainte wig use of resources. satisfaction. We will encourage open, la Crosse, WI 54602 0817 Assistant General Manager. Transmission t M e will work with our members to honest and timely two-way communica. [ improve the quality oflife of their tion. Working as a team, we will respect Alisonf Thimis customers and the economic and social each other and balance empowerment Assistant General Manager, Customer M ONI'OFIFl D 788" W O i well being of the region. with accountability.. Sersices & Planning FAX:608-787 1221 -; As we conduct our business, we wil.1 Web Sile; www.dairynct.com Richardf Roettcher [ OUR VALUES be responsible members of our commu. nity, good stewards of the environment Director, Information Technology Our members are the reaw>n for our l existence. We will strive to provide and fcIlow sound safety practices, while Mary L Lund ; services that exceed their expectations. continually improving our processes Director, iluman Resources VISITORS WELCOME { and services. f i i i f
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m-.m._m._._.m_-__m.__..m___ _ _ _ _ . _ _ _ _ _ _ _ _ _ . , _ . _ _ _ _ _ _ _ _ , , _ , _ _ _ _ _ , , _ _ _ _ _ _ _ _ _ , _ _ _ _ _ _ _ _ _ _
i l - 4 i i p l l FORWARD As the electric utility industry moves toward the competitive frontier of the 21st century, Dairyland Power Cooperative's board of directors, senior management team and stellar workforce l continue to focus on the needs of their customers...their guiding stars. This report offers an opportunity to learn more about Dairyland's accomplishments, challenges and opportunities on their quest to conquer new frontiers. WHO W E A R E...
- Dairyland Power Cooperative, La Crosse, Wisconsin, provides the wholesale electrical require-I ments and other services for 28 electric distribution cooperatives and 19 municipal utilities which supply the energy needs of more than half a million people.
Dairyland was formed in December 1941. Today, electricity from the generation and transmis-sion cooperative's four generating stations-979 megawatt capacity-produce electricity which is transmitted via 3,227 miles of transmission lines to 318 substations located throughout the system's
}
44,500 square mile service area. , C Dairyland's service area encompasses 62 counties in five states (Wisconsin, hiinnesota. Iowa, (' lilinois and hiichigan). Dairyland has provided low-cost, reliable electrical energy and related services l to its customers in the upper hiidwest for nearly 56 years. \1 CONTENTS 0U President's & General hianager's message . . . . . . . . page 2 1996 at a Glai:ce . ..... . .. . . . . . . . page 3 I Iloard of Directors . . . . . . . . . . . . . . . page 4 Conquering New Frontiers - 1996 in Review . . . . . . . . . . . . . . . . page 6 i Glossary of Annua! Report Terms and Vision, hiission & Values. . . . . . page 19 4 j System hiap . , , . . . .. .. . . . . . . . . . . . page 20 Financial Report. . . . . .. . . . . . . . . . . page 21 [bCO
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2 * * . , OU R GUIDING STARS
- A year ago (March 1996), Dairyland manage-ment, directors and distribution cooperative man-Throughout history, successful explorers have agers initiated a system-wide strategic planning utilized the stars to guide them as they pioneered -
process to develop the strategies and organizational and conquered new challenges. As we venture into structures to position us to succeed in the new fron-the new frontier ofincreased competition and tier of competition. opportunities in the utility industry, our reference .
- w,e are lookm.g closely at the needs of today,s and guiding stars are our customers. .
customers and are seeing results m reducing costs, For 56 years, the member cooperatives and cus- improving reliability and reducing wholesale rates. tomers of Dairyland Power Cooperative have brought - Actions implemented to achieve these targets have safe, reliable and cost-effective electricity to their cus- included a buyout of our John P Madgett Station romers' homes and businesses. Our goal is to not only coal contract resulting in substantial cost savings, reliably and efficiently meet their energy needs, but to . completion of the sale of the E.J. Stoneman Station create energy solutions to meet today's challenges. in Cassville, Wis., and entering into a new trans-2 .
. . missmn network agreement.
( As their wholesale energy supph.er, Dairyland
, y Power Cooperative works closely with our member -
e [N]M cooperatives and municipal utility customers to 7' > * { exceed the high expectations of today's society and s
,L 1
to prepare for a rapidly changing marketplace. We . - . have implemented a number of strategic initiatives ,! y to reduce costs, increase reliability, add new energy-related products and services, enhance customer ser-j "y vice and keep our wholesale electric rates among the - lowest in the country. ( GEN-SYS, our partnership with Cooperative . Power, a neighboring Minnesota generation and transmission cooperative, is in its second year of . operation. This alliance has helped strengthen our , competitive position with generation costs well - below the national average. Thmugh GEN-SYS' , combined resources, Dairyland is marketing power - to serve municipal utilities and is seeing success with l the addition of four new municipal utility customers
- in 1996. .
In the past few years, Dairyland has strengthened I its long-term competitive position by implementing Ili// /fergi, rieneral Alanagi, and actions to ensure growth, contain costs, and add or -
, ricra/d Lc//cr. President.
improve services. Dairyland is listening to and com- . municating with our member disitibution coopera-
- tives, directors and customers a%ut industry changes. .
as a s
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. We are proud to be recognized among the top lhin land member ss stems . . > H' .
10 generation & transmission cooperatives named Muniopal t uuon0 s . . . . . . . . ........ 19 . best positioned for competition by Resource Data loiaf tonuntrer meten . . . . . . . . . . 219 AM nanationa a provider market and competitor
, intelligence to the utility industry.
ApproUmate population eened . . . . . . . 550.( H) , Pe- d " . We re lize we must continue t be <esponsive i ! >e rtedrtonand M APP). . . . . . . . t. l .>co . .20,
. . l',. . .) . . . -' I I
, to the changing environment and are confident r sale =.. . . . m . . . . . . . 6. I mdliog M
- that system uaity is the key to meeting the chal-
' ,Pr
- lo o ating arvenue . . . . . . . . . . $ t 86 mill.
- lenges ahead. .At Dairyland, we continue to pro-vide leadership as we work closely with our cus-N 'ns.L....
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. . , tomers to actively promote changes to electric utd.-
. assets . . . '. . . . . . . . . . . . .j$474 .
icy regulation which will provide benefits to all 4.<-. - . .n capacity] coal) . . . . 9D '
~
customers. That's what being a cooperative is all
,o . . 1 . . capacity (hydrp) . . . '. : 2 V ~
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, We compliment the dedication of Dairyland's
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tr. gruGji j. g..> NN" * ' k f{E@:
- workforce, which continues to be responsive to the hs ' *"E "E " "T #" " *#"' # # "
f# qA www.ma e.w Ww e . o : -""d"i"8 "e".~"r" ra i"8 """8' "="- g ,, - t of our partnerdup wn. h our labor union, IBEW iMR.aniu.uukwM wA [ 953, has received national attention, and the ratifi- 0 Satisfying customer needs is our guiding star. l cation of a five-year labor agreement through k4 gf We realize today's customer wants more than reli- January 2001 has enhanced our focus on the future. n- s able electricity from their power provider. As you - i" will see throughout this report, new energy man-
. Dar.ryland was created to meet the needs of our t. .e >
u
; customers nearly 56 years ago. 'Ibday, w.n h cus- #; EM.'e ~ aJ agement and consulting services have been devel-oped to assist our wholesale customers attract and tomer satisfact on as our gu dm.g star, we are explor- f os ,;
1 ing new opportunities and energy solutions for our - retain retail customers. Power quah.ty, standby gen-
; customers as we conquer the new fronn. er.
eration and key account management are among recent efforts. ; Educating customers has ,1 ways been a key , cooperative principle. We have been leaders in - developing and implementing effective new region- l President al marketing and national " branding" efforts to ; communicate the benefits of electricity and the advantages of electnc cooperatives to consumers. g ( s General Manager Reliability and responsiveness of their energy , provider are what today's consumers expect. - Dairyland continues to be aggressive in not only . I maintaining but increasing the reliability ofits ; transmission system. . i
=
4 - * ' BOARD OF DIRECTORS Gerald Koeller " " ' ' " ~ ~ " ' ' * ~ " " " ' " ~ " " " ~ ~ " " " " * * * * ~
~'
1+esident s A, .
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Grant-Lafiyette REC % .L Q;. ~. ? Art Riemer h y ' First Vice [>esident 3 BayfieldREC , George Webb s 9
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Second Vice Prrsident - Chippewa Udley REC
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Judy Murphy Secretary - . :' RichlandREC s
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t Robert Anderson ' n s p gf( lirasurer p l} b;l } Tii-County REC
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1 Mary S,exton Front tvusfrom left: Mary Sexton, Gerald Koeller and Judy Murphy. Back rous
. 'l fem hft:Niles flerman, Robert Anderson, George Webb and Art Riemer.
.. n Assistant Secirtary
' ~ ^
l .. DairyLmd Pourr Niles Berman nm -msn 7-~ -w- em---~ ,-- Legal Counsel Sandra Davidson
"'s N f
Cmufi>rd REC y
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Richard Dierauer - Bufdo REC kk ..i John Donner Jump Riier REC , Dennis Engel I , y d Dylor REC I( 3 mh k Dean Fisher -AM Hawkeye Tri-County REC 3 W - Francis Hager
,.v Pienr-Pqin REC >
Robert Kelbel Front rou from hft: Robert Kelbel, Sandra Davidson and Dean Fisher. Back Urnon REC rou. from 4ft: Francis Hager, Dennis Engel, John Donner, Roland Kelley and Richard Dierauer. l _
l l
. ym gmewrym my m ~y m ,. .~ m 7-o-Roland Kelley Oakdale REC Francis Klart St. Croir REC Selmer Nelson JLirron REC Ironard Ricke Jo-CanvilREC ,
l John Roberts Eau Claire REC Quentin Rucker Peoples REC g Irv Schnick Jackson REC Front row,fum 4ft Quentin Rucker, Francis Klatt and John Roberts. Back Robert Schroeder , rou;fivm lefi: Ervin Schultz, Schner Nehon, Inin Schnick, Leonard Ricke, C lar Udley REC Robert Schroeder and Bernard Welsh. !. Erv Schultz yt-
..,.,.m,+,,y-,-.--.n~,, , ,.n , ,, . , , . . , , , Price REC V i .
^
0i ,* I Roger Solomonson
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i A\' e W'innebago REC
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Duane Solum @ ": Polk-Burnett REC Ken Sonsalla Irnnpealcau REC Ray'Iblicy Class BMembers
- Wayne Weber Dunn County REC
- llernard Wckh Allamaker-Cliyton REC
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l Ralph Woik l Finnt routfivm Aft: Raymond Tolley, Roger Solomonson and Wayne Weber. Clark REC Back rous from 4fi: Gordon Yost, Ken Sonsalla, Duane Solum and Ralph Woik. G de h j 1 reeborn-Mourr REC i l L _ - - - - -~. --. --- - - - - - - - - , . . - - - . - - - , - . - . . - -
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....a. n CONQUERING NEW FRONTIERS
- 75 2
, , _. 3 ( [.y .
y . A new frontier of changes, challenges, freedoms . and opportunities awaits Dairyland Power
- Cooperative, its customers and the electric utility 1 m
. dustry. This competitive journey to uncharted
- M r frontiers has Dairyland focusing on the changing a needs ofits customers-its guiding stars.
Dairyland management has set a course of u action by implementing a multitude of strategic ini- . Power surges um bc <levastating to electronk tiatives in 1996 which are resulting in substantially . equipment andlcan also euli in las of valuable lower costs, innovative new products, enhanced cus- . business or personal data. , tomer service, increased system reliability and signif- l Power surges and dips can be produced by % icant system growth. nearby lightning strikes, as well as inadequate t in 1996, Dairyland stalTmade great advances ; wiring in the house or many other common causes. Trees, birds anchanimals can cause m in positioning Dairyland as one of the leading gen _ . M,.[M}'f eration and transmission cooperatives (G&Ts) in surges by interfering wisppwer lines. Surges
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1 . the nation, including the implementation of . may be carried by phone, cable TV or antellite
*f~ GEN ~SYS, a strategic generation and power mar- l [.I g TV lyu'dware. '
keting alliance, with a neighboring G&T. , In early 1997, Dairyland was named one of the . h .* o3- ' g ty - gyp;llll q top 10 G&Ts bestpositionedfor cornyetition (source: :l?q^ ~
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Resource Data huernationab. Low wholesale power ~ - h Y ' wa.n. m a. . n Yi ,a n rates, combined with innovative new wholesale rate
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options that meet the needs of the new market- . wm 4 m.$1 mggty yp."mg:+ e,pg ' wNQ c place, provide a strong foundation for our quest to k hkW hh bhhb h j EXECUTIVE conquer new frontiers. $ WNN$ MMfD$MEON ' 'd'i .. t MANAGEMENT HAM M E M E3 E R Dajryland management, l h '~ ' . .. ' directors and distribution Coop- l erative managers have expanded ;
~T , the strategic planning process .
with a focus that has produced f ; . A real results, including aggressive s ; retail and wholesale rate t. gts. sale of the E.J. Stoneman Station, regulatory asset d,/ ~ . .
. write-down plans, ir.novative new rate options and Actions implemented to . . . .
2 a transnussion network agreement wah Northern
. ach.ieve these targets have
~
; States Power to reduce transmission costs and included the buyout of th coal .
'
- enhance access to competitively pn.ced energy.
contract for the John F. Madgett Wi//iain L. Berg Station (JPM) resulting in sub- . During the past year, Dairyland management i General Manager stantial savings, closure on the explored the opportunities of several new business I 1
i I frontiers. Some routes help shape the future direc-
- liest Power Company (Necedah, Wis.), a member tion of the industry, while others impact Dairyland's .
of Oakdale Electric Cooperative. strategic direction and directly benefit its members. l Some of Dairyland's Beyond the Meter services Dairyland has been a leader in supporting include power quality, standby generation, key industry changes that will result in lower costs for
- account management, economic development, al/ consumers. Dairvland cont:nues to work with its . competitive pricing, marketing, KeyWater freight members and costomers to shape the future regula- management, graphic design, printing, mail ser-tion of the electric utility industry and will continue .
vices, engineering, energy management, human to strive to protect the interests of all consumers. resources, safety training and billing. Throughout this report, the benefits of many of these services are highlighted. TOOLS FOR TH E NEW FRONTIER *
. Dairyland has . implemented a number of strate-The management and stafTat Dairyland realize gic initiatives to ensure growth, contain costs and that each cooperative and municipal utility in the .
improve service. For several years, Dairyland has system needs different tools to be successftd in the been actively educating distribution cooperatives, E X EC U TIV E n n obnySon. . Dairyland Mecmrs and municipd WWmers W MANAGEMENT better understand industry trends, anticipate major Dairyland has packaged TEAM MEMDER , , challenges and reposition their organizations to muovauve new products with . value-added services to assist its e member cooperatives and . Successftd utility strategies, the changing utility municipal utilities in attracting
, industry, federal and state deregulation perspectives,
{p ' and retaining customers. Staff - managing key accounts and utilities in the 21st cen- I > are partnering with leading tury were among the topics presented at The Nerv ' equipment makers throughout
- Frontier, a two-day educational symposium held in $l ]{ g,' h l lq 4k the country to develop a vari- . iebrua.f 997.1 ety of power protection pack-
- ages. Among these partners is .
AlisonJ. 7himis
- Assistant General Manager, Customer Services ck Planning e
Dairylands annualcustomer symposiums are orcognized as an ixceptional resourcepr members and customers throughout our _ ngion. Nearly 350 people attended e The Nete Frontier in February h V' ' 1997, Dairdandsfurth annual N. b - . customer symposium. 7
*
- Dairyland's annual customer symposiums are access to monitor breaker status for the transmis-N,* recognized as an exceptional resource for members -
sion system. k* and customers throughout our region. They are one 4*
- of many ways Dairyland offers our distribution -
Du. .s innovanve unlization of technology provides
$ 4*
- users throughout Da.iryland's five-state system access
- cooperatives' staffs and directors and municipal cus- .
# to mformation which allows them to respond more tomers an opportunity to be better informed about *
* . emciently and efTecu.vely to their consumers' needs.
competition and industry-related issues. Major cus- .
$ # 5 tomer forums such as the symposium and annual l, meeting are augmented by workshops, newsletters, .
- magazines and videos.
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Dairyland recognizes the importance of reach- . [v. g'M[ b~ ing energy users in this new frontier and is partici-pating in and helping to develop a national " brand
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identity" with the National Rural Electric
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- . . b Cooperative Association (NRECA). Dairyland has o? .I [
OMMO[$ also put its advenising dollars to work more effi-
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%k '% jj ciendy by initiating a regional marketing and adver- .
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tising group with other generation and transmission T ,i ' C
,,,14 cooperanves to posinon electricity as the energy of -
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."k choice and cooperatives as the providers of choice.
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j ,;^ Tediadogy continues to drive ~chapp in 3D % 1 In addition to its Internet web site . bien =es. An emarnple is the postal industry. (rumdairynet.com), Dairyland continues to upgrade - with the est recem chsge ancoting besinen
~
the capabilities of DPC Online, a unique personal - mailers. D ' enhanced its state-of-the-art - computer-based network developed to facilitate mailing facilities to maximize savings for its information transfer among Dairyland, its member
- custanters.,
cooperatives, municipal customers, alliance partners, ' vendors and consultants.T.iu. .s is accomplished By automating and bar<oding their mait. - ExccuTivE through file transfers, E.-mad 1)airviand's Mail krvices is saving its curn ni cus-MANAGEMENT and electTonic bulletin board . . tomers over 5125.000 per year in postap. TEAM MEMDER forums which enable parn.ci- . . Classification Reform. which wem into effect pants to share expen. ences on
. July 1.1996. could have had a large fmancial '
impati on I)airyland and its customers. such issues as safety, power .
. quality and member service. I he basic pnntipal hehind the reform is thai Y-
- ihr Postal sen ac wanis mailers in automaic then DPC Onh.ne continues to A,7-
, mail and otkrs im emhes to do so. Ik tomphing provide customers instant
- i access to bus.iness informan.on with .ihe new regulanons.1)airviend redumi n s mclud.ing industry news, an postage t osis bv 1 I pencni. rather than seemg an electronic shoppm.g mall to .
mi rease of 1 i pen.cni m er prior lmsial raies. Richardf. Hvettcher purchase pmducts online, , , Director, infiormation sample service agreements and . , 7ichnology A l k
Aiember cooperatives are able to utilize In addition, economic development specialists Dairyland's Iluman Resources expertise for assis- . assisted member cooperatives with a number of tance in a diverse variety of people-related issues. , other development projects and major new cus. During 1996, Dairyland became the Job Training - tomer opportunities as well as applications for eco-and Safety (JT&S) provider for all 25 Wisconsin . nomic development fmancial assistance from other electric cooperatives. The JT&S instructors, previ- - sources for projects in their service areas. ously employees of the Wisconsin Electric Cooperative Association, have become Dairyland ; employees. . POWER M ARKETING FRONTIER Dairyland safety stafTare a resource center for . Dairyland has successftdly positioned itself as a Dairyland employees, member cooperatives and leading competitor in the region's rapidly growing municipal utilities in the areas of safety, security, - power marketing frontier. OSilA and other regulatory compliance issues. Taking an innovative approach to an increasing-liuman Resources provides expertise for diverse . ly competitive industry, Dairyland created requests including: developing protective clothing l GEN ~SYS, a strategic generation operation and guidelines and internal policies for other regulatory- . power marketing alliance with Cooperative Power related measures, drug screening, creating and (CP) of Eden Prairie, hiinn., which combined updating cooperative board and administrative poli. . resources of the two utilities on January 1,1996. cies, workers' compensation issues, recruitment and l The immediate benefits achieved through this L testing. Dairyland will continue to provide these
- alliance quickly positioned GEN ~SYS as the lead-services and develop other liuman Resources-relat- l ing edge model for " synthetic mergers" within the h4.U' ed services to meet the latest requirements.
industry. y u: GEN ~SYS provides an opportunity to enhance < M Id / ECONOMIC DEVELOPM ENT
$ Dairyland's already strong position as a regional dM
, power marketer. S.mce January 1996, a power mar-PROGR A MS SPU R GROWTH -
keting team has been ;. .omily marketing power for While competitive rates continue to be one of GEN-SYS. Dairyland's members are already seeing Dairyland's best contributions to the economy of - savings generated from the power marketing arm of the region, Dairyland's economic development pro- l GEN ~SYS.Three new municipal utility customers gram helps attract new businesses and expand oth- l are now receiving power from GEN ~SYS: St. ers in rural communities, improving the quality of . Charles and Rushford, hiinn., and hicGregor, Iowa. life ofits consumers and the economic and social l In addition, Grove City, hiinn., has signed a letter well-being of the region. In 1996, the Dairyland . ofintent to purchase power. board of directors granted 19 economic develop- l ment loans (including one large industrial cus- - tomer) providing nearly $1.8 million oflow-inter- l est,10-year funds which will promote economic - growth in rural areas. These funds will help create 279 new jobs and generate new annual sales of 74.8 GEN ~SYS 9
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increased efficiency in all l f - areas ofopemtions at h l Dairyland. Rigorous . i .
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; maintenance inspections j contribrar to Dairylinds 'l
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y,'l'lj clearic generation. ys =
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By integrating their generation resources, ENH ANCED GENER ATION EFFICIENCY
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9 4 Dairyl.tnd became more cost emcient. Dairyland's . . L.- ,I here .ts an emphas.is on increased efh. .ciency m 9 seasonal and daily demand patterns are comple-
- all areas of operations at Dairyland. In 1996, meuted by CP's. Savings result from combining .
Da.iryland reduced fuel costs per kilowatt-hour Dairyland's 979 megawatts (MW) of emcient coal . (kWid produced at its coal-fired generating stations and hydro generating capacity in Wisconsin with .
- by. implementing new operational strategies which the low-cost generation from CP's 56 percent share -
enhance availabih.ty and operations of the units. of Coal Creek Station, an 1,100 MW lignite-fired . power plant m North Dakota. . Rigorous maintenance inspections contribute to Dairyland's cost-effective, reliable electric genera-Joint power marketing, economic dispatch of . l , tion. During a scheduled out-energy, coordinated power plant maintenance c2c EC uri v E age and inspection at the scheduling, purchasing emciencies and the opti- . mannoEmENr TEAM MEMBER mization of federal sulfur dioxide allowances for all l 377 No. 3MW Genoa (G-3), staff found anStation generating facilities all result in benefits for .
. area of potential future failure Dairyland's members.
in the boiler where water wall y, Assuring the needs of Dairyland's existing . tubing was too thm.. members and municipal customers are being mer Extremely thin tubes were and auracting new wholesale customers to the sys- . replaced and special tube pro-tem are keys to success and tied dirc:ctly to tection methods have been Dairyland's aggressive growth and development . implemented to help reduce strategy. . future damage. In addition, l special test ports have been John n /W/dr installed to help monitor boiler Assistant Genend Alanager, Genennion
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12 , , generating facilities to provide infbrmation for efli- Ahhough electric cooper. EXECUTIVE cient maintenance. AhiPS allows Dairyland to . atives have not traditionally MANAGEMENT
. TEAM MEMBER reduce inventory investment and to more cost efl.ec- . been regulated by FERC,, pro-tively utilize equiprnent, facilities and the expertise -
visions in the new rules indi-of Dairyland personnel. l cate that generation and transmission cooperatives ~ Da.iryland continues to invest to improve the .
. must adhere to open access 94 capabih. .nes of the state-of-the-art control and secu-rules if they wish to take *%( ?4 nty funcn.ons of our Energy hianagement System .
(EMS). S.everal Eh1S funcn.ons have been automat-
. advantage of them. + . a.'
ed, including load control notices, municipal -
'Ib reduce transmission '
billing, dispatch log distribution and outage notices. costs and gain access to a larger wholesale market, Charles V Sans Cminte
. Da.iryland entered into a Assistant General RELI ADILITY AND RESPONSIVENESS
- transmission network agree-
. Manager, Transmission A reliable delivery system is a major ingredient
. nient with Northern States 6 to success in an increasingly competitive industry. Power (NSP) during 1996. This agreement also Dairyland achieved significant improvements to its pmvides interconnections to our GEN ~SYS part-yf g %gy["]transmission system, increasing reliability, reducing . ner, Cooperative Power.
?. .. nggj costs and supporting new customers. . Also, in step with current federal and state reg-
; ular ry trends. Dairyland has supported the devel-e/ ^., ? In 1996, federal regulators took a major step in
. opment of Region 1 Transmission Group by the deregulating the electric industry and introducing
- mcreased competition into wholesale power markets. Mid-Continent Area Power Pool (MAPP). This will help to ensure compensation to providers of trans-The Federal Energy Regulatory Conunission l mission service within MAPL!
(FERC) issued governing rules regarding stranded . cost recovery, open access to transmission networks ; and electronic information nerworks. .
+
3 . . w. Electricity has hdped ;_ A enhance the quality of hp in our rrgion. 4 _ Dairyland workr with . its customert to create kV "
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energy solutions to f fi 4
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g t 9 W~ $ meet their consumers y changing needs.
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Operations Center ~ ,' q momtor and contml
}:v Dairgands counplex Q generation, pourr
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__ sales / purchases and transmhsion systems. Dairyland staff continues to provide customers : GENERATING STATIONS with competitive prices on transmission and ancil- . Total Net Net - ) lary services. acity in MWh % of ,
. . Type Station M (Winter) (000's) Total ;,
Coal: Alma . ... 204 406 6.36 - ,
'lo enh:mce system reliability, Dairyland is pur- .
JPM. . . ... 377 1,182 .18.52 k[0 '; suing an accelerated program to rebuild aging trans- .
. Genoa #3. . . . . 377 1.671 26.18 mission facilities. Dairyland is augmenting the .
; Total Coal, . . ... 961 3,259 51.06. ,1 efforts ofits own design and construction teams Hydro: Hambeau . . 21 88 L38 N wnh the services of an engineering consulu.ng h. rm . Total Generation . .. 979 3,347 52.44 s a
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c .s . and construcuon contractor to improve transmis- . ! Purchased Ibwer . . . 3.036 47.56 sion performance. There were 71 miles of transmis_ . Thral uniuirements . . . . 6.383 100.00 sion line rebuilt / upgraded and 9.6 miles of new line . . TRANSMISSION LINES built in 1996, resulting in substantial improvements Mila as V ltage-KV Miles as Constructed in reliability and lower costs through reduced ener- l 161 606.52 gy loss. (These line projects were completed at 11 69 2,559.56 member cooperatives including: Grant-Lafayette, . 34.5 60.63 Oakdale, Polk-Burnett, Clark, Vernon, Barron, Eau 3.227.91 Claire. Chippewa Valley, Allamakee-Clayton,
- S U DSTA TIONS Hawkeye Tri-County and Freeborn-Mower). *
. 'I.me Number 1bcal Capacity KVA Increased utilization of technology continues to ant 3 954.000 Transmission 30 1,383,000 play a key role in improving transmission reliability' Distribution 285
. 909.250 enhancing all phases from the survey process . Tbtal - 318 3.246.250 through final design.
13
y,; g ,y I L y Dairylands' new switching trailer j . provides hands-on trainingfor , . - i member cooperative lineworkers / ' - r Y , j ' throughout the system. Ilere, llawkeye Hi-County Electrie Cooperativepersonnellearn tech- mw1 . . . 4 ni<jues to enhance response time. In 1996, additional radio repeaters were installed
- Working together to enhance response time,
[ to improve mobile communications in northern - Dairyland's Transmission Division and Safety { Wisconsin. Transmission system security was also , employees designed a switching training trailer that 4.y enhanced with the installation of electronic control replicates a working substation on wheels. This and communication devices at more than a hilf- facility allows performance-based training for mem-
,; 1g[f
]
- i3 dozen sites throughout the service territory, allowing
- ber cooperative lineworkers throughout the
] enhanced communication between Dairyland's Energy Management System computer in La Crosse Dairyland system.
Once distnbution cooperative employees com-and the remote sites. .
. plete the half-day training, they are certified to do Since Dairyland's transmission system is intercon- -
specific emergency work during outages, greatly nected to other utilities, staff works with neighboring enhancing reliability for Dairyland's members. utilities to ensure Dairyland's customers have contin-
$ The training trailer was a recommendan.on by ued reliable transmission service. Currently, Dairyland . . .
t he Outage Restoranon Team during the is working with NSP to enhance transmission reliabil-Compen. .nvc Advantage Program, Da.iryland's bus.i-iry in northwestern Wisconsin and eastern Minnesota. . . .
- ness process re-engmeenng. It was completed .in Growing business and residential electrical use in this region has enhanced the need for the proposed
; January of 1997 and through April,24 of
. D.a.ryland's 28 member cooperan.ves have used the Chisago Iroject. . ..
trailer for traming. The proposal calls for constructing a 230-kilo-voh transmission line from NSP's Chisago County , (Minn.) substation to Dairyland's Apple River sub- . PROTECTING THE FUTURE station near Amery, Wis. These structures could also Dairyland remains committed to the wise use carry a 115-kilovolt line from the Chisago County - of o s. While pmviding its customers with substation to a proposed new substation near Taylors i idy priced energy and services, it operates Falls. The proposal includes a 161-kilovolt line from - .
. as coal-fired units with lower emissions than federal NSP's Stone I.ake substation near Hayward, Wis., to -
and state environmental standards require. W,ith NSP's Bay Front substation in Ashland, Wis. .
. over $50 milh.on mvested m. pollution control Permitting has begun for the project in Minnesota .
equipment, Dairyland remains committed to and Wisconsin.
increasing efliciency, consistent with the wise use of the issued SO2 allowances, representing an increase our Earth's resources. . in Dairyland's SO2 balance of over $2 million for 1996' Highlighting Dairyland's acid rain program compliance is the cooperative's ability to control . In 1996, Dairyland lowered its SO2 generating sulfur dioxide (S02) emissions signi6cantly below system emission rate to 1.02 lbs/MBtu, the lowest the level authorized by the Environmental . ever for the system. Dairyland's SO2 emission rate Protection Agency. Dairyland used less than half of , has declined steadily over the past 25 years due pri-marily to burning coals with k,wer sulfur content, Switching the coal blend at G-3 to 50 percent
. Powder River Basin coal and 50 percent southern m j
- lilinois coal in 1996 has contributed to the decrease p . in emissions, as well as more than $600,000 in fuel L savings.
h 6 [l Similariy, nitrogen oxide (NOx) emissions have w . D
- continued .
to decline due to the installation oflow-g %n . NOx burners and a shift of Dairyland's generation p ,* mix from higher emitting units to lower emitting , y . units. Dairyland has an option to recycle or landfill the {, l ash resulting from its three coal-fired generating L facilities. Forty-five percent of the coal ash produced b'- l
. by Dairyland's three coal-fired generating stations ;, ,
was recycled in 1996. The ash is used as a strength WW ~ > ,
>-y enhancer in many concrete applications and as a s j %d *, .y" substitute for crushed limestone in road building N projects. This means Dairyland is landfilling less ash,
, saving our members money and delaying the need for additional landfill capacity farther into the future.
, All remaining PCB (polychlorinated biphenyl) capacitors in the Dairyland system have been retired from service and sent for proper disposal in 1Ph Dairyland was committed to phasing out all PCB capacitors by 1998, and is proud that this goal has been met two years ahead of schedule. Dairyland
. continues to replace generating station PCB-filled transformers.The Genoa and Flambeau sites are PCB free.
15
13 . . Many state and federal resource agencies as well Dairyland's involvement in this project is a as environmental groups have been working to save . strategic measure to reduce long-term costs fbr its and recover several species of native prairie grasses members. Dair>4and owns the 50 hiW La Crosse in western Wisconsin and southeastern Minnesota.
- Boiling Water lleactor at Genoa, Wis., which has Dairyland is assisting in this environmental efibrt been shut down since April of 1987. Spent nuclear by maintaining; its closed ash pond at Genoa, Wis., ; fuel is maintained on site and Dairyland has the as a prairie, revegetated with about 60 species of . potential responsibility of maintaining it for another native prairie plants. ; 25-30 years. Dairyland has been reviewing more cost effective options for fuel storage which currently Da.iryland is proud ofits hydro-electnc facih.ty
- costs Dairyland approximately $2.8 million annually.
and recreational opportunities provided to the pub-
- lic. Environmental monitoring is currently under-way and is key in the five-year relicensing process of
- PARTNERS FOR THE N EW FRONTIER Dairyland's 21 MW Flambeau Hydroelectric .
Station at Ladysmith, Wis. 'Ib renew the station's ; The innovative and forward-thinking l license, which expires in February 2001, Dairyland . Partm rship Agreement signed in 1995 between g gi. . . staff are conducting studies and preparing reports fbr the Federal Energy llegulatory Commission Dairyland and labor union IBEW 953 has received national attention during the past year. The agree-
]9 W (FEllC). The license applic.uion will be filed with ment allows greater flexibility to meet customer
~ A FEllC in January 1998. .
needs in an atmosphere of creativity and security fbr f+ ?4 ~ *
- employees.
The Flambeau Station, Ihr 46 years, continues EXECUTIVE 4
; to be an eflicient low-cost facility, generating . Major components of the MANAGEMENT 88,000 MWh in 1996, the sixth highest in the partnership include no layoffs RAM M MDER plant's history. . fbr the duration of the labor agreement and the pursuit of Dairyland provides a 2,000-acre reservoir at the ; safe multi-skilling of%person- - ~
Flambeau Hydroelectric Station. In partnership .
- nel. .The nu. .ssion of the agree-
/
- m. M, -
with Rusk County, Wis., Dairyland and the county . . < ment is to make Da.iryland "a '1 Y -i. '# jointly maintain several areas adjacent to the reser- .
>p
- more successful, responsive 1 voir and downstream of the plant.
- l business through the com-
. bined, focused efforts of all of .
Dairyland's workforce by con- - PRIV ATE FUEt STOR AGE INITI ATIVE .
. tinuing to buiki an environ' hiy L. Lund Genoa Fueffech, a subsidiary of Dair>1and, is
- ment of mutual trust and Diirctor. Human among 10 U.S. utilities which have fbrmed Private . understanding." Resouires Fuel Storage, Limited Liability Company. This As part of enhancing Dairyland's fbcus on cus-group has s.igned a lease agreement fbr the poten:ial
. tomer service employees are learning new techm, cal development of.a temporary storage faciln.y for and personal skills to implement into their daily spent nuclear fuel on the Skull Valley lleservan. on .
of the G,oshute Indians m Utah.
. . . activities. Employees have the opportunity to 3 enhance skills and knowledge, to increase their responsibility and authority levels in their positions, while working to exceed customer expectations.
l l F'I N A NCI A L H IGH LIGHTS
- POWER S A LES (lh' ousands ofhf Wh)
Dairyland's members are harvesting the rewards O s CP n OTHER of Dairyland's successes in conquering the new . QEMBER frontier. Dairyland has reduced its wholesale rate for its member cooperatives four times since 1995, . 5.o" ' achieving a wholesale rate . EXECUTIVE 2} percent beloW }98b levels.
- MANAGEMENT
- TEAM MEMDER bales and revenue mile- ;
stones were achieved in 1996. . a.ooo - Dairyland's total operating I revenues increased 12.5 per- - g *
;, cent to $186.1 million in o. .t_ ._ .___
y+ . 1996, while total electric sales *
&'. _ .. ~
increased 29.8 percent to . 6.1 billion kWh.These sub-
- Revenues from energy sales to Dairyland's 28 stantial increases were primar- . Class A member cooperatives (Dairyland's owners) ily due to sales that Dairyland ; increased slightly in 1996 to $l26.3 million.
made on behalf of . Robert C. Afueller
- Revenues from sales to Class C (G&Ts), D GEN-SYS, Da.iryland.s .
Assistant General . (mun.icipal. utih. . ) & E (m.vestor-owned utih.
. ues ues .)
Afanager. Finance dr alliance with Cooperative . b
- tnembers increased 50 percent to $55.9 million, Administnuion Power.
i wh af i inn da m wiviq rkd m ;,
%tal margins, the difference between revenues GEN ~SYS. These members include the Western 0 C
n ' a and expenses were $2 million in 1996 compared to ; Wisconsin Municipal Power Group, Cooperative m 7
~.
$3.1 million in 1995. Dairyland's margins continue .
Power, other members of the Mid-Continent Area "jgp,(al to be positively influenced ($6.6 million) by the Power Pool and interconnected municipal systems. C 's < S
- N s.
income from its investment program. .
- =
- g. ,.g w i liy changing its trans-portation arrangements and taking advantage of morefnvrable coalsup-ply options, Dairylnid
, has been successfidin 2 orducing deliveredcoal costs in eight ofthe last 10 years.
17
13 * * * + Sales to Class C, D & E members increased to 2.7 , which account for a major portion of delivered billion kWh in 1996. . coal costs, were renegotiated at more favorable Electric sales to Class A members were 3.4 bil-lion kWh a slight increase over the 1995 sales of By changing its transportation arrangements 3.3 billion kWh. Class A sales constitute 56 percent and taking advantage of more favorable coal sup-of total energy sales. . ply options, Dairyland has been successful in
. reducing delivered coal costs in eight of the last 10 The cost of fuel burned, the largest single -
years. As noted earlier in this report, Dairyland's annual expense item at Da.iryland, amounted to . commitment to the environment and its members
$47.2 million or 25.4 cents of each revenue dollar
- is reflected in its fuel supply strategies which m 1996. Dairyland took delivery of 1,958,000 .
. includes not only selecting low-cost sources, but tons of coal .in 1996 from m.ines in Wyom.ing and Illinois, approximately 43 percent of which was ; also blending various types of coal to achieve
. . . favorable economic and environmental goals.
deh.veredv.ia umt tram to JPM and the other 57 percent by barge to Da.iryland,s coal-fired ; These efforts have directly lowered costs, con-
. tnbuting to wholesale rate decreases passed on to U plants at Alma and Genoa, Wis. .I.he cost of coal n .
Dairyland's members. y deh.vered to JPM by Da.iryland's 245-car um.t tram - j Heet decreased nearly 10 percent on a unit of l Dairyland's fmancial credentials are excellent [dh' g j}) energy basis. At the barge plants a 4.2 percent decrease in delivered cost was achieved. System-
; as reafdrmed by Standard & Poor's AA bond rat-
. ing. While the fmancial ratings of many other util-T f wide, delivered fuel costs in 1996 were 7.1 percent ; ities have been downgraded due to the volatility of lower than 1995 on a unit of energy basis. . the industry, Dairyland remains one of the only
. two G&Ts in the country with a AA bond rating.
A major contribun.ng factor to the reduction - in fuel expense was the successful termination of a The accompanying pages highlight the 1996 long-term, high-cost coal supply agreement. New ; audited Gnancial statements of Dairyland's opera-arrangements permitted the purchase of replace- . tions. ment coal at lower current market prices. In addi-l tion, rail and barge transportation agreements, . 1996 REVENUE DOLLLAR 1996 EXPENSE DOLLLAR CP OTHER 8.988.. 6.69% M "h","o',E,8
. eu... ' ' " -
AL .
~ 21.10 % -
. M agoggs 1.09%
- OTHER 2.0 5 *. F Eo
- 26.87%
c
\ ALE.
67.87*, po D 49,73g 3
g I VisseN. Mission '& VALUES
- GLOSSARY
, (A .
. Cipacity - Facilities in place to serve electric customers.
e u n vis ion . .. Fixed capital cost per kilowatt (kW). Known as " demand charges.,,
, . . .is : prmider of(hoke her energs and .
- Capindization - the total oflong-term debt, preferred
.serut es u - siomers. . stock and common stock equiry.
Cogeneration - joint pnxtuction of electricity and commer-
. cially useful heat from a common source.
Decommissioning costs - expenses incurred in connection
% . with the removal and disposal of components of a nuclear as. ata moperatne orgamianon. to provide .
power plant that has permanendy stopped pnxluc.mg elec-wmpeticisch prked energy and serdes to our cus-
- tricity.
tomers and maximum salue to our owners tonsis
- Demand-side management - managing electric demand
' tent with the wiy use of. resources. . .
with programs that help customers use energy more etL ciendy or shifr usage to non-peak times, reducing the
%, wd. l work with our members to improve the * '
, . need for addm. .onal generation supply.
quality oflife of their customers and the emnomic ' and sotial well-being of. the region. ~.
. Energy - Delivered power measured in kilowatt-hours t -
(kWh).Typ.ica lly priced at vanable cost (fuel and O&M). FERC- Federal Energy Regulatory Commission-a feder-al agency created in 1977 to regulate, among other things, interstate wholesale electric rates that investor-owned utili- i Our members are the reaso our custence. ties charge other wholesale utilities. Also licenses hydro-electric projects. Formerly the Federal Power Commission. [f We will strive to provide services exceed their Q expectations, emphasizing honesty, quality and other , 6EN~ SIS ' S" SI C Ili3" f 'h* 6*"*' 'i"8 $""#5 and power marketmg activmes of Dairyland Power h sound business'paciples. . F-fc u.,
.Tg,?
, , ; Cooperative and Cooperative Power. .,
Our employees and the people we serve are vital s IBEW'- International Brotherhood of Elecnical Workers. J h d, io our success. To prosnore e-II,neri. vp will sup- @y yw 3%" port and encourage employee developmers for, thy kuomitt (4W')-a unit of power or capacirv. A kilowart- yhf hour (kWh) is equal to one kW of pimes supplied for one Ma purpose of snaphing qualified peoph to the right , f .. hour. A 100-watt light hulb hurned for 10 hours uses 1 t One d ousand kWs is a megawatt (MW). One jobs vdtile be!ing:eensithe to:the imponanceofjoh[ j. \ thousand kV hs i,s a megawatt-hour (MWh).
*atiebrian$e~wiU c!gnotagge,gppag,,hos cgg gd 6 7
'_ sptiaQ ; MPMd-Continent Area Power Pool.
##dawiptwimayn=aprakad 9dB 8n2Mttk#!@.eth@6lth %,c#t Woispy$0hlMNQ . Peak demand- the maximum a jg.(e ;:t.di>m. Whk stWtithiNishdfi N
ph f l required during periods of highest usage. Rdiability - a measure of a utility's ability to deliver unin-44 e.,o j 9phggpp4{a) ; terrupted electric service to its customers. ',7 , cf g;w > M
' g . Retad ,d,eding - the delivery of electricity to end-users by
%%4 g'{;*"" , y
- a third party using the kical utility's transmission system.
4.1,o .... ..o..~ P. %
- 3 8%[, np
' (($ br lIDD' Stranded Co3ts -Investment in electric generation and M[EfL}W
- transmission facilities that is not price competitive in a
[ F{E4 , ,s' 1 l Q' &W @ 9Q &jff ;M, y*l[$ / market-based economy. y' ' r 4
,1 , , ,
eg .
- ? <
~ ,
'? W'W' MPG- Western Wisconsin Municipal Power Group C ._MdhEd.auhMbudalkuamaua s <
19
4 29 - DAIRYLAND POWER COOPERATIVE SYSTEM M AP l MEMBER DISTRf DUTION COOPER ATlV ES 4 hulicain %uledSmice Areas . MINNESOTA SCf.._ Class A Memlers h p' : qIg sg*ls f* h_anutn
- 1. Barron Eleuric Oxperative/ Barn >n
- 2. Bayfie!J I:learic Goperative, inc> .d,?
Iron River 35 M
.l . IlutTaL> Eleuric Guperarise/ Alma
- 4. Chirpewa Valley llearic ,.
Guiperative/ Cornell ~ n r *9
- 5. Clark E.learie Cooperative / '94' m< 39-4*?g is Greenwomi
- 6. Crawford Electric Gxperative/ " !1si. _. %A
- Gays Mills u li
- 7. Dunn County Elearic Oxperative/ %
Menomonic #6 N. Eau Claire fleuric Goperative/ Iall Creek ^ [' . bd
/,
- 9. Grant-lafavene Elcaric ' ? ' d r V/lSCO.NSIN u'
s Lmperanve/Lancaster d si q ys n
,i
- 10. Jack. son Electric Oxperativel Black River 1%Ih 7 , , , ,
I onnon%h y f* , l 1. Jump River Electric Cooperative. ;. L 5 -- bm s %tSe . '"' ' (
- t Wi ,Ns s* [ k g $g [ !
IncJl.adysmith
- 12. Oakdale Electric Oxperativel o 76L%
II
,, j=
%p k7[.k p]p((an-{ ( y Oakdale l.1 Pierce-IVpin Electric Cmperative/ t#'1 L 94
.m -Q li Ellswonh yg/ de P%'
x1 90' [D D I 4. Iblk-Burnett EL ctric Cmperative/ Centuria f '
.i 15. Price Electric Cmperath e, IncJ Q- s s.
3, 1 Phiihes ILLINOIS
- 16. Rithland Elcaric Cmperative/
Richland Center
)
- 17. St. Croix Fleuric Cooperanve/
Baldwin
- 18. Taylor Electric Gxperative/ Class il Members MUNICIPAL CUSTOMERS Medfoni AdameCohtmbia Electric
- 19. Trempealcau llectric Guyerative/ Goperative/ Friendship, Wis. ' -.-Indicain A/uniardCustomm Arcadia Cemral hconsm Electric Class D Members
- 20. Vernon Electric Goperative/Westby Cmperative/lola, Wis.
- a. City of Arcadia. Wis.
Ocu.uo Elecinc Cmperan. vel Oumto I alls, Wis. b. Village of Argvic, Wis. I""i'. 21 Allamakee-Clayton lleuric Rak County Elearic Cmperative Cmperative, incdPostville
- 22. Cedar Valky Electric Cmperativel Asuiation/Janesville, Wis. -Cary c.
"E'r "
b"" $""'":" ' of Elny b n. St. Ansgar f. City of Fennimore, Wis. 2.1. llawkeye Tri-County Electric G & T COOPERATIVES - C5f? " "fC 0 7 ! "*3 Cmperative/Cred . Grove City, "Minn.'
- 24. Winnebago Rural Electric Class C Members i. City of independence, Iowa CmperIrive Association / Thompson Cooperative Ibwer/laien Prairie, Minn. [ City ofla i arge, Wis.
Minnkota Power Cmperative, k. City oflake Milh, Iowa Ahnnnota incdGrand f orks, N.D. 1. City oflanesboro, Minn.
- 25. Freeborn-Mower Elcaric United Ibwer Asn.iation/ m. City of McGregor, Iowa' Co7erative/ Albert Ira IIk River, Mmn. n. Village of Merrillan. Wis.
- 26. Pec, s Gwyerative lhver o. City of New 1.isimn, Wis.
Association / Rochester p. City of osage, lowa 27 Tii-County 1.lectric Guperativel DAlRYLAND FACILITIES q. City of Ru3hford. Mmn.* Rmhfi>rJ r. City of St. Charles, Minn.* Q bulica:n 19ahry laation ,_ y;;j,ge ,( y;ug,, y;,, ll!nwis
- 28. Jo-Carnell Electric Gxperative. H'ddfb.3"c"/12 Crosse, Wis.
Alma . , , incdEhubeth encranng Site llambeau flydro Station Genoa Generating Site a
I O * *
- FIN ANCI AL REPORT 1
REPORT OF M AN AGEMENT RESPONSIBILITY l Management is responsible for the preparation and integrity of the financial statements and representations in the annual report. Management uses the best judgement and resources to ensure that such statements present fairly the i I financial positions, results of operations and cash flow of Dairyland Power Cooperative. Dairyland maintains a system ofinternal controls which is designed to provide reasonable assurance that iransac-tions are recorded in accordance with management's authorization, that financial statements are prepared in conformity with generally accepted accounting principles applied on a consistent basis and that assets are safeguarded.
)
1 The board of directors, through its Audit Comminee. has responsibility fbr determining that management fulfdis its responsibilities for preparation of financial statements and financial control of operations. The Audit Committee meets regularly with management, Dairyland's internal auditor and the Cooperative's independent public accountants to dis-cuss internal control, financial reporting and auditing matters. DAIRYl.AND POWER COOPERKriVF La Crosse, Wisconsin February 28,1997 REPORT OF INDEPENDENT PUBLic ACCOUNTANTS To the Members and 11oard of Directors of Dairyland Power Cooperative: We have audited the accompanying consolidated balance sheets of Dairyland Power Cooperative (a Wisconsin coopera-tive) and Subsidiaries as of December 31,1996 and 1995, and the related consolidated statements of revenues, expens-es and patronage capital and cash flows for the years then ended. These financial statements are the responsibility of the Cooperative's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and the standards fbr financial audits contained in Government Auditing Standards (1994 Revision), issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence support-ing the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all m nerial respects, the financial posi-tion of Dairyland Power Cooperative and Subsidiaries as of December 31,1996 and 1995, and the retults of their rev-enues, expenses and patronage capital and their cash flows ihr the years dru ended in conformity with generally l accepted accounting principles. l In accordance with Government Auditing Standards, we have also issued a report on our consideration of the j Cooperative's internal control structure and a report on its compliance with laws and regulations, both dated February 28,1997. ARTHUR ANDERSEN LLP Minneapolis, Minnesota February 28,1997 31
i . ERi , , 1 CONSOLIDATED BALANCE SHEETS ASSETS l December 31 l 1996 1995 (In Thousands) ELECTRIC PLANT: Plant and equipment, at original cost . . .. . .. $ 602,146 $ 582,500 Less- Accumulated depreciation . . (332,029) (315,139) Nuclear decommissioning trust (Notes 1,2 and 9) . . . . . 44,591 36.925 314,708 304,286 Construction work in progress . 10.711 16,889 Total electric plant . . . . . . 325,419 321.175 OTHER ASSETS: Marketable securities (Notes 1 and 2) . . . 52.435 61,294 Economic development loans and other investments . 9,822 4,664 Investments in capital term certificates of National Pural Utilities Cooperative Finance Corporation .. . . . 9,856 9,856 Pollution Contml Bond proceeds on deposit with trustee. . 2.291 2,140 Deferred charges . . . . . . . 14,223 24.239 Total other assets . . 88.627 102,193 CURRENT ASSETS: Cash and cash equivalents . .. . . .. . . . .. . 1,115 2,093
. Accounts receivable-Energy sales. . . .
16,336 15,821 Other . . . . .... . .. . ., , . 2,894 906 Inventories, at average cost-Fossil fuel . .. .. . . . ...... 29,629 24,755 Materials and supplies . . . . . 9,220 9,925 Prepaid expenses . . . . .. .. .. . 835 1.062 Total current assets. . . . . 60.029 , 54,562
$ 474,075 5 477.930 l
l l The accompanying notes are an integral part of these consolidated financial statements. 1
l CONSOLIDATED B ALANCE SHEETS I l CAPITALIZATION AND LI ABILITIES l December 31 1996 1995 ; (In Thousands) CAPITALIZATION: Member and patron equiries-Membership fees . . . ,, . . . $ 11 $ 11 Patronage capital . . . . . . . 87,184 90,262 ) Net unrealized gain on marketable securities (Notes I and 2). . . 148 1,402 Total member an
- patron equities. 87,343 91,675 j Long-term obligt. ions . . . . ... . . . . 334,188 316,899 j Total can%itzation. . . . . . . . . . 421,531 408,574 j DEFERRED CREDITS , 4.622 21,765 COMMITMENTS AND CONTINGENCIES (Note 7)
CURRENT 1. LABILITIES: Current maturities oflong-term obligations. . . 12,178 12.083 Short-term borrowings . . . 16.000 10,500 Advances from member cooperatives. . . . .. 1,656 2,723 Accounts payable . . . . . . . 7,934 9,492 Accrued expenses-Payroll and vacation pay. . .. . . . . .. 5,264 4,565 Taxes. . . . . .. .. .. . 2,202 1,963 Interest . .. ... . ... . . .. . 767 4,235 Other . .. .. . . .. . .. , . 1,921 2.030 Total current liabilities . . 47.922 47,591
$ 474.075 $ 477.930 The accompanying notes are an integral part of these consolidated financial statements.
. as i
- c. .
,.A , . , I CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES AND PATRONAGE C APITAL For the Years Ended December 31 1996 1995 (In Thousands) OPERATING REVENUES: Sales of electric energy . . . $ 182,282 $ 162,385 Other . . 3,807 2,958 Total operating revenues. . . . .. 186,089 165,343 OPERKTING EXPENSES: Fuel. . 47,235 54,762 Purchased and interchanged gmwer . . . . 45,295 17,922 Other operating expenses . . 34,608 36,235 Maintenance . . . . 13,281 10,922 Depreciation and amortization . . . 21,970 22,068 Taxes, other than income . 7,856 7,669 Total operating expenses. . . 170,245 149,578 Operating margin before interest and other deductions . 15,844 15,765 INTEREST AND O f lier DEDUCTIONS (INCOME): Interest . . . 20,844 20.363 Other, net . .. (245) 12
.Thral interest and other deductions. . . .. 20,599 20.375 Operating dc6 cit . . . . (4,755) (4,610)
NONOPERATING MARGIN, principally investment income 6.774 7,720 Net margin . . 2,019 .110 PATRONAGE CAPITAI.. heginning of year. 90,262 87,474 Retirement of capital credits . . . .. (5,097) (322) PATRONAGE CAPITAL, end of year. including margins usignable of $2,019 and $3,110. . . $ 87,184 $ 90.262 The accompanying notes are an integral part of these consolidated fmancial statements.
CONSOLIDATED STATEMENTS OF CASH For the Years Ended December 31 1996 1995 (In Thousands) OPElW11NG ACTIVITIES: Net margin . . . . . . $ 2.019 $ 3,110 Adjustments to reconcile net nurgin to net cash provided by operating activities. - Depreciation ar.d amortization . . . . . .. . . . 21,970 22,068 Other . . . . . , 1,727 762 Changes in current operating elements: Accounts receivable . . . . . (2,503) 1,324 Inventoriu . . . . . . (4,169) (6,123) Prepaid expenses .. .. . 227 (73) Accounts payable. . . .. (1,558) 4,152 Accrued expenses. . . (2.639) (733) Net cash provided by operating activities . 15.074 24.487 INVESTING ACTIVITIES: Electric plant additions. . , , ... . (18,266) (15,957) Purchase of investments . . . . . . . (17,429) (11,690) Sale ofinvestments. .. . . .. 22,202 16.880 Advances to nuclear decommissioning trust. . . . (5,578) (6,077) Proceeds from sale of plant . . . . . . . 3.670 - Additions to deferred charges . ... . . (17,371) - Net cash used in investing activities . . . . (32,772) (16.844) FINANCING ACTIVITIES: Short-term borrowings, net. 5,500 6,650 Borrowings under long-term obligations . 34,372 5,000 Repayments oflong-term obligations . . . (16,988) (16,908) Retirement of capital credits . . . . (5,097) (322) Funds reftmded under cost sharing agreement, net. .
- (1,900)
Advances to member cooperatives. . . . (1.067) (381) Net cash pro ided by (used in) financing activities. . 16.720 (7,861) Net decrease in cash and cash equivalents (978) (218) CASH AND CASH EQUIVALENTS: Beginning of year. . .. . 2.093 2.311 End of year . ... . .. . .. $ 1.115 $ 2.093 - SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized 5 24.312 $ 20.583 The accompanying notes are an integral part of these consolidated fmancial statements.
. 25
a
? . l l
18 6 i * ) NOTES TO CONSOLIDATED FIN ANCI AL STATEMENTS l NOTE 1, N ATURE OF BUSINESS AND SUMM ARY OF primarily o[ Commercial paper, stated at market, which approximates SIGNIFICANT ACCOUNTING POLICIES: cost. The Cooperative dassifies certain cash and cash equivalents as imestments when they relate to trust funds held for long-term pur. Orgam.r.ation and Bun. ness p9,,, g,,e g,, 3y_ Dairyland Power Cooperanve (the Cooperative) is an electric genera-tion and transmission cooperative association organized under the /nrestwnts laws of Wisconsin and Minnesota. The Cooperative, whose principal Investments in marketable debt and equity securities are classified 00 ices are k>cated in Wisconsin, provides wholesale elettric service to as held-to-maturity-securities purchased with positive intent and abili-Class A members engaged in the retail sale of clearicity to member ty to hold to maturity; trading-securities bought with the intention of l comumers located in Wisconsin. Minnesota, Iowa, Illinois and selling in the near term to generate a profit; or available-for-sale-secu- l Michigan and provides elcaric and other services to Class C, D and E rities not classified as trading or held-to maturity. Securities classi6ed members. as held-to-maturity are reported at amortiied cost; securities dassified The accounting records of the Cooperative are maintained in as trading are reported at fair value, with unrealized gains and losses , accordance with the uniform system of accounts prescnbed by the iridaded in nonoperating margin; and securities cla..sified as available- l Federal Energy Regulatory Commission as adopted by the Rural for-sale are reported at fair value, with unrealized gains and losses l Uti nies Service (RUS), the Cooperative's principal regulatory agency. excluded from margins and reported as a separate component of ' FITective January 1,1996, the Cooperative emered into an inte. member and patron equities. grated generation alliance agreement with Cooperative Power (CP). At December 31,1996 and 1995, all marketable equiry and debt This agreement integrates the power generation capabilities of the securities have been categorized as available.for sale and, as a resuh, are Cooperative and CP, leading to increased elTiciency of both entities' stated at fair value. Unrealized holding gains and losses are induded as power generation systems and reduced operational costs. a component of member and patron equities until realized. During 1995, the Cooperative, along with 12 other utilities, invested in the Mescalero Project (the Project) for the purpose of T"I'""'YA"" establishing a site to store spent nuclear fuel. During 1996, the Fhe Cooperative's accounting pob. .oes and the accompanying con-Cooperative abandoned the Projea, wrote offits investment of solidated financial statements conform to generally accepted account-5365.000, and invested, along with the same 12 other utihties, ing pnn plcs applicable to electric cooperatives in accnidance with 5407,000 in Private Fuel Storage LLC for the same purpose. Statement of hnanaal Aaounnng Standards (SFAS) ha. 71, Accounting for Lertam l'ypes of Regulanon. In the event that a Pnnriples efconw/iduwn portion of the Cooperative's operations is no longer subject to the The consolidated financial statements indude the accounts of the provisions of SFAS No. 71 as a result of the effects of competition, Cooperative and its wholly owned subsidiaries, Curtis Telecommuni- the Cooperative could be required to determine any impairment to cations, Inc. and Genoa FuelTech, Inc. All intercompany balances assets and write down the assets to their fair value. and transactions have been eliminated in consolidation. SFAS No.121, " Accounting for the Impairment ofIong-Lived Assets and for Long-Lived Assets to Be Disposed Of," which became Incow Exn dreaive for 1996, establishes accounting standards for the recogni-The Cooperau.ve is generally exempt from federal and state mcome tion ofimpairment oflong-lived assets. SEAS No.121 also requires taxes and, accordingly, no provision for such taxes is recorded in the that regulatory assets which are no longer probable of recovery consolidated finanaal statements. thmugh future revenues be charged to earnings. Initial adoption of Pmperry Addition, the provisions of St AS No.121 did not have a material etTect on the The cost of renewals and betterments of units of property (as distin_ Cooperatise's financial position or results of operations. guished from minor items of property) is charged to electric plant
~
During 1996, the Cooperative entered into a scrdement agree-accounts. The cost of units of property retired, sold or otherwise dis. ment with one ofits coal suppliers to buy out the remainder ofits posed of, plus removal costs, less salvage, is charged to accumulated contract by making a lump-sum payment in December 1996 to fulfill depreciation. No profit or loss is recognized in connection with ordi. this obligation. In May 1996, the Cooperative also sold a nonoperat- 1 nary retirements of property units. Maintenance and repair costs and ing coal-fired electric generating plant to an unrelated third party. replacement and renewal of minor items of property are charged to The gain recognind from the sale of the plant and the amount of the operating expenses. coal contract setdements have been deferred and are being recovered in service rates over three years. Dereciation in 1996, the Coopenitive's board of directors authorized a plan Depreciation is provided based on the wraight-line method at rates w hereby all regulatory assets or liabilities refleued as deferred charges which are designed to amortire the original cost of properties over or credits would be accumulated and recovered in service races oser a their estimated useful lives and includes a provision for the cost of period no longer than three years. Accordingly, previously deferred removing and decommissioning the properties. The provision for charges consisting primarily of coal coniract seulements, debt repric-depreciation averaged 3.9% of depreciable plant balances in 1996 and ing penalties and early retirement costs totaling $24,764 were recog-1995. niwd as extraordinary expense. Deferred credits consisting primarily f advanced transmission payments and the gain from the sale of A//omance/hr Funds Uwd During Construaion I **"'#"'E"U"****"'"'"Y"'* I Allowance for funds used during construction represents the cost of P '"' .'"!'N"E ' Remaimng deferred charges of $7,879 are bemg amortued to expense external and internal funds used for construction purposes and is capi-with appropnate recogmnon m servwe revenues over the next three tahzed as a component of electric plant. The amount of such Feath. Oc net irDPaa of the exuaordinary items had no impact on allowance is induded in interest and other deductions; approximated the staternent of revcnues, expenses and patronage capital and, there-5674,000 in 1996 and $299,000 in 1995; and is determined by fom, an not mwn on this statement. applying a rate (6.5% in 1996 and 5% in 1995) to certain electric plant additions under construaion. Reunue Ruognition Revenue from electric energy deliveries is recognized when such cler- j Cuh and Cash Equivalent, nie enugy is delivered. Cash equivalents include all highly hquid investments with original maturities of three months or less. Cash and cash equivalents comist
l r e . . Use ofStimates Information regarding the sale of marketable securities classified as l The preparation of 6nancial statements in conformity with gener, available-for-sale for the years ended December 31 is as follows (in I ally accepted accounting principles requires management to make esti. thousands): mates and assumptions that affect the reported amounts of assets and W96 1995 liabilities at the date of the financial statements and the reported Proceeds fann ule of wcuriues amounts of revenues and capenses during the reporting period. ! Actual results could dif fer from those estimates. Gubnant y aH ohhich have been reinvested) . 522.202 516.880 l Realued gains . 489 442 New Aavunting %wuncement Realued kssses . 345 78 ErTective January 1,1997, the Cmperative will adopt the provi-sions of Statement of Position (SOP) 96-1,"Envimnmental For the purposes of. determining gross unrealized gains and losses, l Remediation Liabilities." This statement provides authoritative guid- the cost of securitics sold is based upon specific identihcan,on. I ance for the recognition, measurement, display and disclosure of envi. ronmental remediation liabilities in financial statements. Adoption of I these provisions is not expected to have a material impact on the NOTE 1 LINES M CREM l Cooperative's financial position or results of operations. To provide interim financing, the Cooperative has arranged lines of credit aggregating $35 million, principally through the National N3TE 2, M ARMET ABLE SECURITIES: Rural Utilities Cooperative Finance Corporation (NRUCFC) at a rate g gg g g Investments classified as available-for-sale, including the nuclear rnM n at December 31,1996 and $10.5 million at December 31, ' decommissioning trust, at December 31 include the following (in 1995. Aver ge borrowings outstanding were $12 million in 1996 and thousands): $&O numon in 1995. Compensating balance requirements and fees gyg ,993 relating to the lines of credit were not significant m 1996 or 1995. The Cooperative also allows member cooperatives to prepay their f air Fair power bills and pays interest on these prepayments based on current Value Cost Value Cost short-term burrowing rates. Interest expense on rnember cooperative Cash and ush equivalems . 5 6.082 5 5.686 5 4,l73 5 3,690 advances ($385,000 in 1996 and $459,000 in 1995) has been includ-U.S. government wcurines. 48.222 48.327 72,924 71,80g ed in interest expense. Corporace bonds . 24.983 25,148 9,341 9,236 Common stod . 17.739 13.096 11.781 9,549 NOTE 4. LONG-TERM OBLIG ATIONS 597.026 592.257 598.219 594.283 Long-term obligations at December 31 conshred of the following (in Sirice the Cooperanve . Intends to adjust rates in the future to thousands): reflect changes in the market value ofinvestments held in its nuclear gyn gys decommissioning trust, unrealized gains of $4,622,000 and
$2,534,000 at December 31,1996 and 1995, respectively, on these interal Financing Bank oblipions 6 0% to 9.9%. . 5207,858 5205,692 investments are included in deferred credits. RUS obligations, 2% . 31,720 36.753 RUS obhgations 5% . 26.657 27.624 The contractual maturities of marketable debt securities, which N RUCI C eblig.nions. 6.4% . 2,046 2.694 include U.S. government securities and corporate bonds, at December NRUCFC intermediate loan. 6.4% . 3uo4 10.704 31,1996, were as follows (in thousands);
. City of Alma. Wiscomin. Ibilution Control Bond,:
Fair Value Cost fixed rate,5.9% . , 8. 45 8.620 Adjustable rare,4.0% at December 31,1996 . 13.900 13,900 Due within one year . 5 12.823 5 12,845 City of la Crosw. Wisonsin, industrial Deveh pment Due after one year through five years. 34,071 34.132 Rewnue Bonds, adjustable rate,4.0% at Due after fhe years through ten years. . 15,829 16,037 December 31,1996. 4.160 4.160 Due after ten years . 10.482 10.461 Other, rates ranging from 4% to 8%, due in installments chrough 2025. 18.576 18.8 % 5 7t205 5 71475 346.366 328,982 tr+ Current n aturities n 2.178) (12283) Gross unrealized gains and losses at December 31 (excluding investments in the nuclear decommissioning tru.st) were as follows Tnial L ng-term obhgations . 504.188 5316.899 (in thousands): 1996 1995 Quarterly principal and interest payments on the long-term oblig-Unrealked gains . 5 485 5 1.480 ations to the Federal Financing Bank (FFB) extend through 2021. Unrealierd losses. (3 r) (78) long-term obligations to the RUS are payable in equal quarterly prin-Net . 5 148 5 1.402 cipal and intcrest installments through 2016. Principal and interest payments on the NRUCFC obligations are payable quarterly through 2001. The fixed race Pollution Cimtrol Bonds are payable in increas-Unrealized gains and losses during 1996 and 1995 were as follows ing annual amounts through 2008. (in thousands): The adjustaue-rate Pollution Control Bonds and Industrial 1996 1995 Development Revenue Bonds mature in 2015 unless previously called for redemption. Bank letters of credit aggregating $20 million, which Net unrealked gain (1-1 at beg.mning of year . $ 1,402 5 (t,913) expire in February 1997, have been issued on behalf of the Net unre trd ga n cow during year . (I.254) 3,315 Cooperative to the trustee to provide funds for payment of principal Net unrealimi gain at end of year . 5 148 5 1.402 of any such bonds redeemed or repurchased prior to that date. 27
as! , . , Substantially all of the Cooperative's assets are pledged a. collateral NOTE 8. PENSION PLAN AND POSTRETIREMENT BENEFITS: for these obligations. The Cooperative is required to and has main-tained certain Gnanaal ratios related to earnmgs and hqtudity in Pension benefits for substantially all employees are provided accordance with the covenants ofits loan agreements. through participation in the National Rural Electric Coopeenve Scheduled maturities of the Cooperative's lonp-term obh.ganons at Anociation (NRFCA) Retirement and Security Pr f .a. 4 December 31,1996 were as follows (m thousands): Contributions are determined in accordance wit ne provisions of the program and are based on the salaries, as defineu, of cash participant. Year Amount A moratorium on plan contributions was in etTect from July 1,1987 through October 1994 and was reinstated May 1,1995. Accordingly, i 1997- 3 I2 I78 1998, normal pension expense was substantially reduced in 1996 and 1995. 11,813 Pension costs fer this pension plan were $732,000 and $1,182.000 in 1999. 23,781 1996 and 1995, n spectively, As of bnuary 1,1996, die due of the 2000. 13,122 last available actuariel valuation, net assets of the plan exceeded the 2001. 13,648 actuarial present value of accumulated plan benefits. Thereafter . 270.824 Effective January 1,1995, the Cooperative offered a special early Total . 5 346,366 retirement plan (the 1995 Plan) ro employees meeting certain prede-termined criteria. The incremental emt of benefits under the 1995 Plan of 58.9 million was deferred and is being amortized to expense NOTE 5. FAIR VALUE OF OTNER FIN ANCI AL INSTRUMENTS: v r three years beginning in 1995, with appropriate recognition in rates charged to members for electric service. The cost of these bene. The fair value of the Cooperative's financial instruments other than fin will be funded through the NRECA Retirement and Security marketable securities and short-term borrowings, based on the similar Program, and the unpaid portion is included in long-rcrm obligations y rates for similar securities, is estimated to be as follows at December in the accompanying consolidated bal - sheets. 4 31 (in thousands): 1996 1995 NOTE 9, NUCLE AR REACTOR: Carrying Fair Carrying Fair The La Crosse Boiling Water Nudear Reactor (LACBTR) was volun-Value Value Value Value
- tarily remmed from service by the Cooperative effective April 30 E
Economic development 1987. The intent was to terminate operation of the reactor and a possession only" license was obtained from the Nudcar Regulatory r t t 5 9,822 5 8413 5 4.664 5 3,776 Con 7nMon in Auguu IE Vic fachy is in a Ve uorage" unus lovestments m capital and is expected to remain so until at least the year 2019, at which 6 daommissioning is expected to commence, ahhough the man-
. 9,856 7,5(X) 9,856 8,061
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Pollution Control Bond
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m g charge .m 1987 and are being amortized to operating expense over a t tr st . 2,291 2,291 2,140 2,140 cen-year peri d end ng in 1997, with appropriate recognition in rates charged to members for electric service. ILMain: The provision for depreciation to provide for the estimated costs I ong-term obligations . 346,366 340,349 328,982 332,027 of decommissioning the nuclear generating facility is equal to the amoums contributed to the nuclear decommissioning trust as well as the re'ated earnings of the trust. The provision for the cost of decom-NOTE 6. RETIREMENT OF C APITAL CREDITS: rnissioning was $5.8 million in 1996 and $6.0 million in 1995. The Cooperative has adopted a policy of funJing decommissioning costs The Cooperative's board of directors has adopted a policy of retir- currendy. and the related investments of $44.6 million are induded as ing capital credits alkicated to members on a first-in, first-our basis so a component of coral electric plant, while the decommissioning that at no rime will the Cooperative retain as parmnage capital any reserve of $40.1 million is induded in accumulated depreciation. capital contributed or deposited more than 20 years prior to the cur-L rent year. Accordingly,1976 and 1975 capital credits were retired in 1996 and W95, implementation of this policy is subject to annual review and approval by the board of directors and the RUS, and no cash retirements are to be made which would impair the financial con-dicion of the Cooperatise or violate any terms ofits agreements. NOTE 7. COMMITMENTS AND CONTINGENCIES: The Cooperativefs estimated 1997 construction program is $28.6 million. Financing of cimstruction is expected to be provided by bor-rowings from the FFB and internally generated funds. The Cooperative has been named a defendant in several lawsuits and daims, primarily related to construction and operation ofits elec-tric plant. Ahhough the outcome of these maners cannot be deter-mined at the present time, rnanagement and legal counsel believe these actions can be successfully defended or esohrd wid out a mater-ial effect on the financial position or results at operations of the Cooperative.
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