ML20196B851
| ML20196B851 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 12/31/1987 |
| From: | Anderson G, Siegfried R COMMONWEALTH ENERGY SYSTEM |
| To: | |
| Shared Package | |
| ML20196B791 | List: |
| References | |
| NUDOCS 8806300387 | |
| Download: ML20196B851 (136) | |
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Commonwe lth Energy communities including New electric generating facilities.
- Svstem
/ Profile System is an exempt public Bedford, Cambridge, The System is a business utility holding company Plymouth and Worcester. trust organized in 1926 under with investments in four in addition to the utility the laws of Massachusetts.
operating public utility com- companies, the system in- Subsidiaries of the System panies located in central cludes a steam distribution have common executive and eastern Massachusetts. company, five real estate and financial management System electric operations trusts and a company and receive technical are involved in the produc- engaged in the operation of assistance as well as finan-tion and sale of electricity LNG facilities. The retail cial, data processing, in 41 communities in- electric subsidiaries receive accounting, legal, corporate cluding New Bedford, a portion of their capacity planning and other services Plymouth, Cambridge and and energy requirements from a service company the geographic area com- from their respective subsidiary.
prising Cape Cod. Gas ownership interests in one opera'. ions serve 49 oil fired and four nuclear Highlights 1987 1986 Financial Statistics Total Operatmg Revenues $ 660,443,000 $612,940,000 Total Operating Expenses 622,433,000 573,015,000 Net Income 32,354,000 41,173,000 Earnings Applicable to Common Shares 30,085,000 38,093,000 Property, Plant and Equipment (including Construction Work in Progrecs) 1,025,440,000 947,673,000 Construction Expenditures 85,569,000 90,590,000 Common Stock Data Earnings Per Common Share $3.20 $4.12 Common Share Dividend Rate at End of Year $2.80 $2.72 Average Common Shares Outstanding 9,408,026 9,253,694 Common Shareholders 19,373 19,639 Operating Statistics Customers Served Electric 322,000 320,000 Gas 216,000 211,000 Unit Sales MWH - Retail 4,216,C42 3,908,642 Wholesale 1,799,748 2,088,355 MMCF - Firm 35,171 33,541 Interruptible 4,033 2,328 Annual Meeting All shareholders are invited to attend the next Annual Meeting which will be held on May 5, 1988. A formal notice of the meeting together with a proxy statement and a form of proxy will be mailed on or about April 1,1988 to shareholders entitled to vote at the meeting.
Contents Letter to Shareholders 2 Gas Divisicn 4 Electric Division 8 Financial Section i1 Trustees and Officers 32 System Facts inside back cover 1
mitted to resolving the and other gas companies. but it is still twolicense steps r
To Our Seabrook and Pilgrim pro- We believe that this bodes away from full operation.
- Shareholders: biems, but it is essentiai weii ror our gas operations in while there were severai E that you, as investors, are a fast growing service area positive developments, there ful'y cware of our elTarts in as we move into the future. was no solid movement other areas whic) will con- We are currently taking toward the establishment of .
dnue to make CCM/ Energy steps to improve the returns a date for commercial i an attractive investment for of our other distribution operation.
the future, regardless of the subsidiaries. At the same Pilgrim station remains outcome of the Seabrook time, we have undertaken a closed. During this prolonged I and Pilgrim problems. This complete review of our outage, which is now ap-Annual Report focuses not holding company capitaliza- proaching two years, we l tion structure to ensure have tried to work with During 1987, two pro- only on the past, but also k blems continued to speaks of our future-a future that we are taking full ad- Boston Edison in an attempt dominate our time and which is filled with both vantge of this type of cor- to reduce the financial L1' attention. These were the challenge a*.d opportunity, porate organization. The impact of this outage on our inability of Seabrook to and which COM/ Energy has steps being put in place customers and shareholders.
move closer to commercial been preparing to meet. should result in more con- Unfortunately, our concerns operation as a result of While our earnings declined sistent returns in the future. remain unresolved, leaving delays in the issuance of a in 1987, we are optimistic 1987 also marked the first us with no alternative but low-power license and the about the prospects for the time in three years that our to file for relief from our prolonged and ongoing future. We are very en- earnings were not impacted wholesale power contract outage of Boston Edison couraged by our December by extraordinary gains. As a with Boston Edison at both Company's Pilgrim nuclear Commonwealth Gas Com- result, our 1987 earnings the Federal Energy Regulatory power plant. We believe pany rate order from the include only the results Commission and the Federal these issues have contributed Massachusetts Department from ongoing operations District Court. These filings, substantially to the decline in of Public Utilities. This order The nuclear industry con- made simultaneously on 'i our common share price dur- approved the highest return tinued to struggle during December 29,1987, were a 4
- Ing 1987. We also believe on equity received by any 1987. Regulators made no necessary step in protecting jq-real progress in establishing our customers and that these concerns have Massachusetts utility during 2 '...
b overshadowed the accom- the past four years. Our rate a system which provides shareholders. $ e :7.
E plishments and strengths of structure changes and new relief to investors in nuclear in the non-regulated area, .; .'.
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our System. We remain com- transportation rates approved generation. Our two major our diversified subsidiaries in this proceeding leave us nuclear commitments were continued to show real '":i ]
in a very competitive situation among those which remain strength during 1987, and ..
both as to other fuel sources unresolved. Seabrook has now represent slightly less
- been completed and ready to operatd since mid 1986 E
M 1 2
l than 10% of the System's third project planned for recent years and we are overall earnings As was the future will take advan- adjusting to those changes.
r ported to you last year, tage of our undeveloped There are many challenges we acquired approximately real estate holdings in the and opportunities awaiting six hundred acres of land in Kendall Square area of our gas and electric Freetown, Massachusetts in Cambridge Through con- businesses and these are 1986 This site has been tinued use of the joint ven- discussed in later sections identined as an excellent ture Gnancing techniques of this report. Our non-location for future electnc utihzed in the Grst two regulated activities continue generation because of the projects, we expect little to offer potential for greater l proximity to fresh water, additional investment will contribution to earnings l fuel supplies. and transmis- be necessary by the System and we are assigning addi-I sion and transportation We also expect to expand tional resources to these facilities During 1988, we our situm business efforts We appreciate your l are hopeful of developing signi0cantly with the addition support as shareholders of i
the site in ceNunction with of a major new customer COM/ Energy as we prepare l
others as a location for within the next year to meet our future challenges future elec:ric generation We often And it helpful to projects This can be ac- point out to investors that For the Trustees.
complished without signiG- long before diversincation cant additional cost to the became the buzz word of l
j System cause of our the industry, COM Energy
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l ability to act through the was quietly going about the R E Siegfried l subsidiary in a landiord business of balancing its Chairman I
capacity diversi0 cation between its our two principal com- electric. gas. and non utihty mercial real estate ventures holdings We believe our - .
located m Cambridge. diversi0 cation is a strength /
Massachusetts continue to often overlooked by some G E Anderson experience high occupancy investors The regulatory President and Chkf rates and to provide a picture and overall operating Executive Of0cer steady stream of cash and environment in our industry l income to the System A has changed signincantly in l
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Meeting the gas industry is
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stockholders. At COM/ Gas, The net efTect of these "Marathon Project." Algon- of customers on mains
' we have the necessary cost adjustments will make quin is in the process of already in service. Our 2 kills to take advantage of COM/ Gas more competitive obtaining regulatory marketing personnel en-these new opportunities in the commercial and in- approval for and plans to courage oil to gas conver-(nd continue our leadership dustrial markets while con- construct an eight mile sions and energy savings role within the industry and tinuing to provide com- pipeline which will bring a through the installation of the communities we serve. petitive rates in the residen- new source of natural gas new, high efficiency gas in the future, when we look tial market. This will ensure supply to Hopkinton 1.NG equipment. This lowers the
= oack on 1987, we will _ the retention of present Coip/s liquefaction facility capital cost of adding a recognize it as one of the loads as well as the con- (which is also our major new customer and spreads most significant years in tinuation of our success in sendout point for the existing costs over a positioning our company to obtaining new business. westerly portion of our ser- broader base resulting in a meet these new challenges. A further improvement in vice territory). As a result of lower cost to the customer.
An important part of our our competitive posture has this project, which is We continue to emphasize positioning strategy was ac- resulted from deregu ation scheduled for completion in expansion in the traditional complished during 1987 and competition at the pro- November 1988, COM/ Gas commercial at d industrial with the filing of our first ducer and pipeline levels of will have the necessary gas markets and are pursuing base rate case with the the gas industry. In the supply arrangements in new opportunities such as ,
Massachusetts Department past, the price of natural place to meet the growing gas fired cogeneration and of Public Utilities since gas was largely regulated energy requirements in our air conditioning.
1982. Through 'he diligent by the Federal government service territory in the As an additional measure efforts of our staff, an effec- and a local distribution foreseeable future. The new to enhance our competitive tive and persuasive presen- company had minimal pipeline will allow us to position and to respond to tation resulted in a very opportunities to seek out deliver LNG supplies to a changes in regulation and favorable order. different supply options greater portion of our ser- the marketplace, we pro-We received a revenue which could give it a com- Vice territory, reinforcing posed to provide gas increase of $12.5 million petitive advantage in the our ability to meet growing transportation services to per year including an marketplace. However, with peak-day requirements with our larger, more price-
"allowed return on equity" the changing regulatory an energy supply source sensitive customers as a of 13.25%. This represents environment, we are now costing significantly less part of our 1987 rate case a 6.7% increase in rates able to pursue our own than any other available filing. The DPU agreed with over those in effect in 1986 unique opportunities and supply project in New these proposals and, as a and should provide a have emerged as one of the England. In addition, the result,COM/ Gas has become significant boost in industry's leaders. line will increase our pur- the first Massachusetts gas COM/ Gas's earnings. chasing leverage since we utility to offer its large As part of its decision, Supply Planning will have the ability to in. customers a comprehensive the DPU also ordered The successful energy com- terchange supplies between package of firm and inter-changes in COM/ Gas's raa pany of the late eighties our two pipeline suppliers ruptible transportation ser-structure so that customer and nineties will offer a depending on the most vices. Large customers can bills will more closely low cost energy source favorable price and terms now reduce their energy mItch the cost of providing combined with a level of of purchase. Upon the suc- costs by transporting gas service. New rates will customer commitment and cessful completion of the purchased from producers tchieve an equalization of satisfaction unmatched by Marathon Project, we will across COM/ Gas's system -
rates of return among all any of its competitors. Over have the necessary gas while at the same time not classes of customers. Larger the last several years, supply facilities in place to adversely affecting commercial and industrial COM/ Gas has been very meet the competitive COM/ Gas's earnings.
customers, who have been successful in purchasing challenges of the future.
paying a higher than low-cost gas in the spot operations
, averrge rate of return for market. This strategy has Marketing We experienced another l many years, will reccae resulted in significant COM/ Gas has always record construction year at lower rates while residential reductions in our cost of marketed gas aggressively COM/ Gas during 1987 with customers, who have been gas - leading to more in order to retain existing over 300,000 fem of new l paying a lower than average satisfied customers and a load and to add new mains and over 5,000 rate of return, will receive more competitive posture in customers. We believe in customers added. For 1988 l higher rates, since the cost the marketplace. maintaining a strong, active and beyond, we look for of providing gas service is A very important step in presence in the marketplace. this level of expansion to l gre:.ter in the winter than it assuring both supply securi- For 1988 and beyond, we continue in many parts of I is in the surnmer, COM/ Gas's ty and lower gas costs was are again emphasizing full our system. In particular we rites have also been revised taken May 1,1987 when utilization of existing expect continued rapid ex-to reflect these seasonal COM/ Gas signed an agree- facilities by pursuing oppor- pansion along Interstates I
changes. ment with Algonquin Gas tunities to sell additional 495 and 290 and Route 9.
Transmission Company load to present customers (Algonquin) for the and to increase the number 5
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yM M Holden where we retently ppm
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continue to select the most hh! A ' ;;pY[ ' '
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.- expenses we must embrace the technological methods
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@@ M We have been recognved as 3
leaders in deselopmg m
, novative solutions that im prove customer services and operatmg etliuency
!j = and are continumg to ex piore nev technnlogtes as they become avadaNe
/ 3m~ For example COM Gas is
" ' paruc>pating m an -lec
< *"*W4 / tromc meter readmg pro}ect
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Accurcad Automath Meter NQ . %f?)F* ., , , Reading Pdot Program
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A COM Gas servh e van atme) houses data countksn equipment Oeft) for the esperimental t hsC AN automath meter reading sptem ts
While still in the early sacuum equipment capable facility management system. COM/ Gas found that all of stages of testing, it appears of removing pawment and implementation of this very the organizations were that the system has the earth from an area as small substantial improvement struggling Snancially and potential to read meters as two feet by four feet. will put COM/ Gas in the the $200,000 dedicated to this more efficiently and ac- This procedure replaces the forefront of the industry in project was very helpful. As a curately than present conventional backhoe, its ability to manage, create result of this program, methods. With a capability which forced crews to dig and disseminate critical COM/ Gas was one of three of reading from 24,000 to much larger holes, requiring safety-related information companies in Massachusetts, 30,000 meters per 24-hour sigrincant additional man- and will produce signincart and the only utility, to period, we could read all hours to excavate and savings in maintenance of receive the Massachusetts our customers' meters on a restore. Once a crew has maps and facilities records. State Energy Award.
monthly basis and essen- cut the hole, a vacuum is The recovery of the cost of in the interest of continu-tially eliminate the need for used to remove the this system was approved by ing our commitment to ser-bi monthly estimates. materials which are then the Massachusetts Depart. ving the elderly population, our service fleet is also crushed and stored in a ment of Public Utihties ns COM/ Gas sponsored the using new technologies to holding bin. The hole, part of our 1987 rate order. first Elders Energy Expost-cut costs. As you might roughly one-third the size tion in April 1987.
imagine, COM/ Gas spends of that made using conven- Community Service COM/ Gas provided a significant amount of tional techniques, is large COM/ Gas continued its transportation, lunch and time and money repairing enough to a!!ow crews to commitment to providing rafDe prizes for the over and maintaining its under- perform most required customer-oriented, 400 people who attended. The ground distribution system. maintenance and repairs. community-based programs participants represented The costs of materials, When the work is complete, in 1987 through several nearly all of COM/ Gas's combined with the level of the crew simply empties activities. In 1987 we service -tritory and includ-street excavation repak re- the bin into the hole and expanded our services pro- ed merr. rs and directors quired by local governments the excava'. ion is ready to vided through the "Gopher of various councils on ag-and environmental con- be sealed. This is just Gas Energy Conservation ing, senior centers and area cerns, have added another e> ample of the way Program." This program agencies on aging. The ex-signincantly tc the total in which COM/ Gas works now provides residential position provided everyone cost of these activities. To to be the lowest cost pro- customers with a com- with an opportunity to address these problems, vider of energy in our area. puterized energy audit, up learn how the company, COM/ Gas engineers have implementation of a com- to $50 in materials installa- state and Federal energy-I helped to design a new puterized maps and records tion, work orders on any related programs could be "vacuum truck" for use by system has begun. The major energy conservation coordinated to provide our street crews. Standard *CAMRIS" project, when com- improvement contemplated, maximum beneSt to tne fleet vehicles are outfitted plete, will provide us with an contractor arranging ser- elderly population.
with special high-powered automated mapping a.nd vices, post installation COM/ Gas also provided inspections and comprehen- speakers on health and sive inter program network- nutrition. This program was g; o a ing services for customers very well received and has 3__ .. ma re @ eligible for other state and been nominated for an u [i n: : ~
- p Federally funded services. American Association of This year the Gopher Gas Retired Persons award.
C"'"
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program served approx- These are just a few of imately 2,700 customers the services provided by f5 'y , with nearly 40% being low- COM/ Gas to the com-J T ~~ g
- income, handicapped or munities we serve. These
< ,, elderly. elTorts are consistent with
", Another service provided our belief that we must do
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t- throughout 1987 was our our share in promoting "Operation Heat Save" pro- ideals which ensure our M" # '
gram. This program provid- place as a partner in ed up to $1,500 in energy progress.
conservation services to nearly 200 gas-heated, non-prent charitable institutions. gy ^ pg The participating organiza- W. G. Poist tions included shelters for President and Chief Prornoung energy conservation is the homeless, safe houses lf" g*"M ,",*,,57""" 8** *"d for battered women, centers OP#'#""S O ##'
for the elderly, and halfway houses for special groups.
7
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" In 1988 COM/ Electric h dyg continues toward its goat of iWI . providing a reliable supply j %H of energy to its customers
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?CT 1,9, to satisfy the demands of W customers However, many of these traditional values, including the ideals of energy independence, seem to
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- W- d l ';Qj } i[ ~ 'b Boott Hydropower Inc.'s plant I{ y J ,u ; ** '
(above) currendy provides the
D systern with approntmately 20,000 4
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Lilowatts of electricity annuaDy.
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pubth; of0cials. Electric customers and greater than the rate of return for a QF needs of up to 90,000 distribution companies are 200,000 kilowatts of de- would be set by market COM/ Electric customers.
faced with the requirement mand; put another way, it forces as opposed to the This plant is scheduled to a to "serve upon demand" is like having added the normal regulatory rate- begin operation in late
, despite the regulatory equivalent of one of our setting procedure. The pro- 1988. COM/ Electric has changes taking place and ewn System subsidiaries, cess begins with an annual been a supporter of the the constraints being placed Cambridge Electric Light filing of a Request For Pro- project from its inception, upon them. Company. posal (RFP) with the Massa- and has contracted to pur-In order to meet the de- chusetts Department of chase the entire output of mand for electricity, Regulatory Policy Public Utilities (DPU). This the plant.
COM/ Electric has establish- In addressing the task of document details each utili- COM/ Electric is a partici-ed an integrated resource obtaining an adequate ty company's capacity pant in several hydro pro-development strategy which supply of energy, there are needs over a specific jects which are presently addresses how we obtain regulations we must follow, number of years. Upon ap- delivering a total of 25,000 adequate supplies as well in 1978, the Federal govern- proval, the RFP is sent out kilowatts to our system on as how to help customers ment passed the Public for bid to prospective con- a regular basis. COM/Elec-use energy more efficiently. Utilities Regulatory Policies tractors who in turn are tric is also involved through This strategy has been put Act,which initially established evaluated and ranked based the New England Power in pla:e in order to ensure a body of regulations on several considerations. Poolin both phases of the that our customers con- designed to promote interest Rankings and recommenda- Hydro-Quebec project, tinue te experience the in the development of alter- tions are sent to the DPU which will allow New standard of living they have nate energy sources. The for approval, after which England companies to im-come to expect. The issues Federal government has the utilities are free to port up to 2.7 million addressed by this program since deferred to the states negotiate contracts with kilowatts of electricity from include: cortservation, load the implementation of these selected bidders. Canada each year.
management, alternative regulations, and Massa- Our first RFP, tStaling in cooperation with Con-energy resources, cogenera- chusetts has recently 109,000 kilowatts, is now solidated Power Company tion, purchases from other established specific nearing the bidding stage. (CPC), COM/ Electric has utilities and surrounding guidelines for electric We are cautiously op- contracted to purchase the regions and lastly, the con- utilities. timistic that the results will electrical output of a co-struction of our own These regulations allow achieve the desired objec- generation project under generating facilities. It is entrepreneurs to achieve tives of securing adequate construction in Lowell, very important that each qualified facility (QF) status, and reHable energy supplies. Massachusetts. CPC will sell element plays a part. Cen- which permits them to act Though the RFP process is the entire output from the sider that during the last as a utility without many of relatively new, COM/ Electric 25,000 kilowatt gas fired 4M years COM/ Electric has the attendant regulations has been active in the QF cogeneration system to added more than 40,000 we must face. For example, arena for quite some time, COM/ Electric and a local having secured 206,000 fabric manufacturer will kilowatts of capacity during purchase from CPC the
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the last five years, including steam by product for space 98,000 kilowatts which heating. With a test power u *A should be on line by the date scheduled in April, we 2 end of 1988. hope to begin receiving the
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full output from the plant by
<3 N
, Alternative Energy July 1988.
t l Sources and Cogeneration Other cogeneration
... The SEMASS waste to- facilities will also play a M ,%g energy facility in Rochester, major role in COM/ Electric's
+'i Massachusetts, is an exam- supply planning strategy.
7 .. ple of how regulators, in- Two of these proposed
- .F i' dustry and utilities can plants in which we already
, work together to benefit have contracts are located communities. Constructed in Lee and Bellingham,
' by the SEMASS Partnership Massachusetts. We will in cooperation with Bechtel receive the total 47,000 National Inc., the project kilowatt output from the will help to reduce and/or Lee facility, which will run meters equipped to contros eliminate numerous landfill ruidenual water heaters are oa*
example of coM/Dectric's conser- sites, thereby reducing the vttion efforts through demand-side potential for ground-Water management. contamination and other related hazards while at the same time generating enough electricity to meet the 9
1 i
provide the ste m by- The
- Commercial Energy contractors to make energy "The Good Neighbor Energy i product to a local paper- Conservation Service"is a savings improvements. The Fund,""Speakers Bure u" l company, and 25,000 of the comprehensive energy audit size of the rebate is deter- and "Community Action '
300,000 kilowatt output offered to small commercial ' mined by the level of Programs" are still very well from the Bellingham customers. COM/ Electric energy savings, received. A new effort this cogenerator which will sends a specialist trained in year includes the "School supply the steam by- commercial energ' ranage- Customer and Community Safety and Energy Conser-product to a nearby cold ment to a customu , place of Activities vation" program which storage facility. Both units business to conduct a detailed Customer and community offers classroom presenta-are scheduled for operation analysis of energy use. The activities remain a high tions, publications, energy in 1990. These are but a results are used to deter- priority at COM/EICtric. We kits and Ems designed to ,
few of the projects that will mine how energy costs can are committed to achieving promote electrical safety provide approximately 18% of be reduced. the highest possible level of and the emcient use of our net generating capability Our "Electric Heat Rebate customer satisfaction, and energy. Last year we reach-within a few years. In addi- Program" reimburses our employees work hard ed 16,000 students with tion, COM/ Electric has residen,,al eletric space to improve the quality of these programs. In the formed a task force to heating customers for up to life in and around the com- "Gatekeeper Program," our research and recommend 15% (to a maximum of munities we serve. employees assist the other cogeneration and alter- $150) of the cost of making Our newest endeavor Massachusetts Executive native energy possibilities, improvements recommend- deals with "Technology Omce of Elder Affairs in
, ranging from other hydro- ed in a Mass Save energy Transfer." COM/ Electric has identifying senior citizens t
electric plants to wind audit. joined with three other New who may be in need of turbines. We also have a
- Wrap- England utilities as well as medical or other services.
Up/ Turn Down" water regulatory and economic As you can see, we have conservation and Load heater program. COM/Elec- development omclats to never stopped searching for Management tric will wrap a residential form an ad hoc comrr attee alternate sources of energy COM/ Electric is also very or commercial electric water which will assist in the and additional savings involved in the areas of heater with a blanket of transfer of new technologies through conservation.
conservation and load insulation, set back the from the research and Energy independence also management. thermostat to a proper development stage to the remains important to us "Survey Plus" is a new temperature, insulate 12 production line. This pro- although it is receiving residential audit program feet of water lines Lnd in- gram, known as the fewer headlines today. It which includes free installa- stall a water saving shower "Southern New England in- was not that long ago that tion of energy savings head and two faucet flow itiative," has introduced to Americans were s!!ung in materials. Trained energy restrictors. local companies various long gaslines, electric 90wer advisors are sent to a During 1987, we retained electro-technologies plants were being mn based customer's home to identify the services of an energy developed or advanced by on fuelavailability w. er than improvements that will consulting firm to conduct the Electric Power Research running tie most economical reduce energy consumption. a Conservation and Load Institute (EPRI). Waterjet units, and experts were The advisor is equipped to Management study. This is and laser beam cutting, predicting oil prices ranging install a number of energy an audit based analysis of electric induction heat from $100-$200 per barrel.
saving materials on the the potential for reducing treating and melting, and These circumstances raised spot which will help the energy demand requirements electro-plating techniques are concerns that our standard customer to begin saving of residential, commercial some of the technologies of living had somehow energy immediately. and industrial customers in introduced thus far. The been compromised by out-Customers who par- COM/ Electric's service ter- purpose of the program is side influences. We remain ticipate in Survey-Plus are ritories. The study has been to help our industries re- committed to working with also eligible for the "Home completed and we are cur- main competitive in regulators and other Energy Assistance Team rently reviewing the findings national and world markets governmental and private (HEAT)" program. Sponsored which should ultimately by improving productivity agencies to maintain a by the Massachusetts lead to the development of and reducing energy use, a reliable and secure supply Executive Omce of Energy cost-effective, reliable, and major cost element in most of energy at the best ,
Resources, HEAT is a zero feasible programs that are of these proces.,es. available cost while at the interest energy improve- responsive to the needs of We continue to maintain same time pursuing energy ment loan program for our customers. those customer and com- independence and striving owners and tenants of We have several other pro- munity programs discussed for excellence in service to residential properties who grams underway including in prior years. Our "Con- our customers.
meet a gross annual in- a study to determine the sumer Advisory Panel" come test. feasibility of a residential load control system and an ggf q j , gg energy emciency rebate program designed to en- J.v. Donovan courage customers and in- President and Chief dependent energy services Operating Omcer 10
ggggggggp['S-O The financial statements presented herein are representations of the management of '
Commonwealth Energy System. Management recognizes its responsibility for the prepara-
> Report tion and presentation of financial stater 1ents in conformity with generally accepted ac-counting principles. To fuldll this responsibility, management maintains a system of inter- i nal accounting controls including established policies and procedures and a comprehen-sive internal auditing program to evaluate the adequacy and effectiveness of accounting ;
and operating controls, compliance with system policies and procedures and the safeguarding of system assets.
The responsibility of our independent auditors' examination is limited to the expression !
of an opinion as to the fairness cf the unancial statements presented. The independent auditors are selected by the Board of Trustees and report their undings thereto through !.
the Audit Committee, which is comprised of three outside Trustees. The Board of Trustees is responsible for ensuring that both the independent auditors and management fulfill their respective responsibilities as they pertain to these unancial statements. +
)/ J R. D. Wright v Financial Vice President February 23,1988.
Manaoement's u su'= tion i O The System's operating subsidiaries are subject to the jurisdiction of state and Federal !
Discussion and regulatory agencies with respect to the establishment of rates affecting retail electric and gas sales and wholesale electric sales.
Analys/S o[ The Massachusetts Department of Public Utilities (DPU) requires historic test year informa-Financial tion to support changes in rates. In a December 1987 decision, the DPil granted a $12.5 million base rate increase to Commonwealth Gas Company, the Orst such increase requested by any Condition and System subsidiary since 1982. As part ofits decision, the DPU aDowed a return on equity of Results or , J i3 25%, the highest granted to any Massachuxtts utility since 1984. In addition, COM/ Gas will become the first gas distribution company in the state to offer its large customers a operations comprehensive package of Orm and interruptible transportation services. These services will allow customers to move their own gas across COM/ Gas's system as an alternative to buying gas directly from COM/ Gas. Other significant changes in rates and rate design -
include a 20% price reduction to customers receiving Supplemental Security income and the initiation of seasonal rates to all customers to redect the higher cost of gas during ,
COITlbM the winter months. Since 1982, both Commonweahh Electric Company and Cambridge commonwealth Energy system Electric Light Company allowed equity returns have remained at 15.5% and 15%, respec-
, and subsidury companies tively, on capital structures with equity components of slightly more than 50E We con-stantly evaluate the earnings performance of our regulated subsidiaries to determine the need for rate relief.
DPU proceedings involving Cambridge Electric's rate restructuring and realignment of l power cost recovery methods 1, ave been held since late 1985. In November 1987,in ac-cordance with DPU requirements, Cambridge filed revised base rates which reflect the final stage in its move to equalize rates of return across rate classes. The proposed rates were suspended by the DPU until June 1988. These proceedings are not expected to have a materialimpact on revenues or net income.
Cambridge Electric and Commonwealth Electric have Power Cost Charge rate schedules subject to DPU regulation under which they seek current recovery of fuel and substantial-ly all purchased power costs. During 1985, as part of the rate restructuring proceedings noted above, the DPU ruled that the Cambridge Electric capacity related fixed charge por-tion of purchased power costs associated with certain long-term power arrangements were no longer recoverable through the power cost decimal, and ordered that such charges be collected in the future through base rates. Annually, the DPU reviews the per-formance of companies relative to the operation of generating facilities, purchased power and fuel procurement and is empowered to disallow recovery of costs found to have been incurred imprudently. The DPU conducts such reviews of electric companies on a continuing basis, including certain of the system's suppliers of electricity. Refer to Note 6 !
of the Notes to Consolidated Financial Statements, "Replacement Power Costs" for further ,
discussion of this issue. '
t i
i1
In September 1986, Canal Electric filed with the Federal Energy Regulatory Commission (FERC) new rates designed to recover its $33 million investment in the abandoned .
Seabrook 2 unit. In November 1986, the FERC allowed the rates to become effective April i 11,1987, subject to refund. Consistent with FERC precedent, these rates do not include
'-. carrying costs on the investment. Refer to "Seabrook Unit 2" section of Note 6 of Notes '
to Consolidated Financial Statements for further inforrytton.
Results of Operations i Operating revenues for 1987 increased by $47.5 million or 7.8% over 1986 primarily due to increases in the cost of fuel used in electric production (principally o11--$6.9 '
million), purchased power ($30.6 million) and, in part, to an increase in retail electric unit sales of 7.9%. Gas revenues declined, despite an increase of 4.9% in firm unit sales, due r to significantly lower gas costs. Fuel, the energy portion of purchased power, and gas costs are automatically adjusted in rates billed to customers. Also contributing to the ,
change in operating revenues was a substantial increase in gas unit sales to interruptible customers due primarily to lower gas costs in comparison to competing fuels for those industrial customers having dual fuel chpability. Fluctuations in the level of wholesale electric and interruptible gas sales have little, if any, impact on net income. All segments of our retail customer base experienced growth in 1987; however, residential and com-mercial sales to both gas and electric customers were the primary contributors to the improved sales performance reflecting a combination of factors including colder weather, the healthy economic climate of the region and an increased number of customers.
In 1986, operating revenues decreased by $65.1 million despite an increase of 4.7% in retail electric unit sales due to lower oil and gas costs, combined with declines in both firm and interruptible gas and wholesale electric unit sales.
Fuel and purchased power costs per KWH were 4.2C,3.3C and 3.9C for 1985 through 1987, respectively. Costs for 1987 increased over those for 1986 because of the decreased availability of lower-cost nuclear generation and an increase in oil prices at our Canal generating facility which averaged $25.18, $14.48 and $17.59 per barrel in those years, respectively.
During 1985 through 1987, the cost of gas per MCF averaged $4.34, $3.90 and $3.37, respectively, reflecting the increased availability and purchase oflower-cost spot market gas, particularly in 1986 and 1987.
In general, other operation and maintenance costs have risen throughout the three-year period reflecting increases in the cost of labor, materials and other services. Additionally, in both 1986 and 1987, these expenses contain costs associated with the relocation to our new corporate headquarters building and extensive repairs and improvements to transmission and distribution facilities and equipment. In both 1985 and 1987, extended overhaul repairs were required on system generating facilities. In 1987, expenses were also impacted by the costs associated with "wear and tear" on generating facilities in providing for the continued rapid growth in sales in our service territories, a utility pole replacement program and costs to correct damage caused by severe weather conditions.
Other income for 1987 decreased by $6.8 million due largely to the absence of the one-time gain from the sale of our investment in Algonquin Energy, Inc. in July 1986 and the equity earnings previously attributed to Algonquin, offset somewhat by an increase of .
$1.2 million in the equity component of allowance for funds used during construction !
(AFUDC), in 1986, other income decreased slightly due to the absence of interest income i on certain contested tax issues and lower equity earnings as a result of the sale of 7 Algonquin mid way through that year. Both of these items were substantially offset by the gain realized from the Algonquin sale. ,
I Total interest charges rose only slightly during 1987 despite a 56.9% increase in the allowance for borrowed funds used during construction. The changes in long and short-term interest charges reflect the impact of permanent financings by four system sub-sidiaries in late 1986 and early 1987, in addition, short term interest charges have con-tinued to decline during the three year period due primarily to lower average interest rates and a lower average level of borrowings in 1987 as a result of the previously noted .
financings. I Inflation can have a significant impact on the cost of fuel, purchased power, gas, labor, i materials and other services. However, regulatien does provide for the recovery of fuel, !
the energy portion of purchased power, and gas costs through the operation of adjust-ment clauses.
l Capital Resources i interim and permanent financings are secured on an individual company basis. The l l
System purchases 100% of all subsidiary common stock issues and provides, to the ex-tent possible, a portion of the subsidlaries'short term financing needs. The System's prin-12 1
_ - _ - ._.J
. cipal sources of capital are retained earnings and equity funds provided through its Divi-dend Reinvestment and Common Share Purchase Plan. These sources are supplemented, when necessary, with new equity and/or debt issues.
In late 1986 and early 1987, proceeds from the sale of $117 million of new long term
+
debt and $41 million in subsidiary company equity were used primarily to refund matur-ing long term debt issues and reduce short term borrowings. These financings enabled the retail subsidiaries of the system to signincantly reduce their short term borrowing levels in 1987.
As part of a program to reduce controllable costs and improve earnings performance, the System's Board of Trustees elected to retire a significant portion of outstanding preferred shares during 1987. The System retired in full Series D 9.80% Cumulative Preferred Shares on July 1 and, at the same time, exercised the optional sinking fund of 1,600 shares of Series B 8.10% Cumulative Preferred Shares. On October 1, the System further reduced its preferred shares level with the optional redemption of 5,400 shares of Series C 7.75% Cumulative Preferred Shares.
System companies also maintain lines of credit with banks. At December 31,1987, short term notes payable to banks were $102.7 million, up $18.5 million from last year's level of $84 2 million, $55 5 million of which was reclassified for financial reporting pur-poses in 1986 to reflect the impact of the early 1987 financing activity.
Subsidiary companies also participate in the COM/ Energy Money pool (the Pool). This is an arrangement whereby subsidiary companies'short-term cash surpluses are used to help meet the short-term borrowing needs of the utility subsidiaries. In general, tenders to the Pool receive a higher rate of return than they otherwise would on such investments, while borrowers pay a lower interest rate than those available from banks.
Liquidity A portion of the system's cash requirements are provided through the collection of accounts receivable generated from the sale of electricity, gas and steam to retail and wholesale customers. Other cash sources include rental income, dividends from investments, the sale of common shares through the dividend reinvestment plan and periodic short term borrowings from banks.
Construction expenditures for 1987 were approximately $85 6 million, includmg both components of AFUDC and nuclear fuel. Of this amount, approximately $22 million relates to our participation in the Seabrook project.
Over the next five years, the system projects capital requirements of $453 million, which includes $383 million for construction expenditures and approximately $70 million for retirement and redemption of long-term debt and preferred shares.
We anticipate generating approximately $240 million or 53% of these capital re-quirements internally. By the end of 1992, our financing program calls for the System g UJ y and its operating subsidiaries to issue $60 million and $193 million, respectively, in new long term debt. Additionally, the subsidiaries forecast the need for $114 million in new commonwealth Energy system equity capital. The System's expenditures in seabrook I at December 31,1987 were and subsidary Companies approximately $200 million. Assuming for financial planning purposes only, a commercial operation date of March 1989, the System's investment in the unit will be approximately
$230 million.
Tax Reform Act of 1986 The primary provisions of the Tax Reform Act of 1986 affectmg the system include: the reduction in the corporate income tax rate from 46% in 1986 to 34% in 1988 with a blended rate of 40% for 1987, the repeal of the investment tax credit for most property additions after December 31,1985, the lengthening of depreciable lives; and the lowering of tax depreciation rates for certain property. The Act also requires the use of a new cor-porate alternative minimum tax if applicable and the recognition of income at the time that services are provided rather than at the time those services are billed or metered Unbilled revenues at December 31,1986 will be included in taxable income ratably over a four-year period which began in 1987.
The benefits of the reduction in Federal income tax expense resulting from the lower tax rate are being passed on to customers as a reduction in rates in compliance with a July 1,1987 order by the DPU requiring all utilities under its jurisdiction to recalculate and file rates to renect the impact of the lower tax rates mandated by the Tax Reform Act of 1986 Although provisions of the Act have affected the system's cash flow,it has not had a significant impact on earnings 13
1 To the Board of Trustees of Commomvealth Energy System:
Report of we have examined the consolidated baiance sheets and consolidated statements or fpdC CDdCD[ capitaliza' ion of COMMONWEALTH ENERGY SYSTEM (a Massachusetts trust) and
. subsidiary companies as of December 31,1987 and 1986 and the related consoljdated Pub /C statements or income, changes in common shareholders' investment, changes in redeemable preferred shares and cash flow for each of the three pars in the period Accountants ended December 31,1987. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We did not examine the 1985 consolidated financial statements of Algon-quin Energy, Inc., the investment in which is reflected in the accompanying financial statements using the equity method of accounting. The 1985 consolidated Gnancial statements of Algonquin were examined by other auditors whose report has been fur-nished to us and our opinion, expressed herein, insofar as it relates to amounts reported by Algonquin for 1985, is based solely on the report of the other auditors.
As more fully discussed in Note 6, the System, through its subsidiary Canal Electric Company, has ownership interests in Unit I and Unit 2 of the Seabrook Project. The amount and timing of recovery by the System of its investment ir. Unit 2 is subject to the outcome of current settlement negotiations including regulatory approval at the state and federal jurisdictional levels. There are continuing uncertainties with regard to the recovery of the System's investment in Unit I which is not yet in commercial operation.
Contributing to these uncertainties are the ongoing difiiculties in obtaining final approval of emergency response plans, and the January 1988 bankruptcy filing by the lead owner of the Seabrook Project and the related impact this action may ultimately have on the ability of Unit I to reach commercial operation The recovery of the System's investment in Unit I is also dependent upon future regulatory approval. It is not possible to predict what portion, if any, of the System's investments in these units may not be recovered.
In addition, C discussed in Note 6, in prior years the Massachusetts Department of Public Utilities (DPU) has disallowed Commonwealth Electric Company (Commonwealth Electric), a subsidiary, recovery of a portion of the replacement power costs required dur-ing Pilgrim Unit I outages by imputing in past orders the deemed imprudency of Pilgrim's operator to this subsidiary. Commonwealth Electric has been incurring replacement power and other costs since April 1986 due to a Pilgrim Unit I outage. On December 29, 1987, Commonwealth Electric filed a petition with the FERC seeking relief from the operator of Pilgrim Unit I and concurrently initiated a complaint with the United States Federal Court for the District of Massachusetts. It is not possible to predict the outcome of these actions against Pilgrim's operator and further, it is not possible to predict what portion, if any. of the replacement power and other costs resulting from the outage Com-monwealth Electric may not ultimately be allowed to recover.
In our opinion, based on our examinations and the report of other auditors and subject to the effects on the above financial statements of such adjustments, if any, as might have been required if the outcome were now known of the uncertainties referred to in the second and third paragraphs, the financial statements referred to abeve present fairly the financial position of the System and subsidiary companies as of December 31,1987 and 1986 and the results of their operations and their statements of cash tiow, for each of the three years in the period ended December 31,1987, in conformity with generally accepted accounting principles applied on a consistent basis.
Arthur Andersen & Co.
Boston, Massachusetts, February 23,1988.
14
Consolidated Years Ended Decernber 31, 1987 1986 1 _985 Statements ope,atin, aey,nue,,
(Douars in Thousands)
Electric $429,851 $373,882 $415,723 O((DCOMC Gas 219,841 228,113 248,901 Steam and other 10,751 10,945 13,453 660,443 612,940 678,077 Operating Expenses:
Fuel used in electric production, principally oil 122,991 116,058 185,406 Electricity purchased for resale 114,175 83,531 66,166 Cost of gas sold 131,977 139,808 162,154 Other operation 148,527 136,520 122,073 Maintenance 43,570 34,765 32,261 Depreciation 25,288 24,609 22,921 Amortization of abandoned nuclear units 5,627 -
218 Taxes-Local property 8,775 10.256 11,965 income (Note 5) 14,866 20,880 28,602 Payro:1 and other 6,637 6,388 5,876 622,433 573,015 637,642 _
Operating Income 38,010 39,925 40,435 other Income:
Algonquin Energy, Inc.- (Note 2)
Equity in earnings -
2.114 7,381 Gain on sale of investment, net - 5,124 -
Allowance for equity funds used during construction 8,377 7,218 5,420 Other, net 1,369 2,054 4,429 9,746 16.510 17,230 Income Before Interest Charges 47,756 56,435 57,665 Interest Charges:
y Long term debt 20,876 16,576 17,371 F Other interest charges 4,019 4,738 5,440 Commonwealth Energy system Allowance for borrowed funds used during construction (9,493) (6,052) (9,108) 15,402 15.262 13,703 Net income 32,354 41,173 43,962 Dividends on preferred shares 2,269 3,080 3,264 Earnings Applicable to Common Shares $ 30,085 $ 38,093 $ 40,698 l Average Number of Common Shares Outstanding 9,408,026 9.253,694 9,040,220 Earnings Per Common Share $3.20 $4.12 $4 50 l
The accompanytng notes are an integral part of these convMated financial statements.
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Consolidated oecember 3i,' i987 i986 Balance' Sheets *"a" ~s*nd')
Assets Property, Plant and Equipment, at original cost:
Electric $547,839 $508,410 Gas 199,446 182,862 Other 64,575 62,969 811,860 754,241 Less-Accumulated depreciation 276,374 262,892 Accumulated deferred income taxes 96,134 91,258 439,352 400,091 Construction work in progress, net (Notes 5 and 6) 190,149 173,635 629,501 573,726 Leased Property, net (Note 9) 9,880 11,410 Equity in Corporate Joint Vemures:
Nuclear electric power companies (2.5% to 4.5%) 9,175 9,072 Other investments 1,582 1,786 10,757 10,858 Current Assets:
Cash 1.526 2,967 Accounts receivable, less reserves of $3,136,000 in 1987 and $3,037,000 in 1986 59,808 57,602 Unbilled revenues 3/.,236 30,140 inventories, at average cost-Electric production fuel oil 4,272 4,134 Natural gas 12,163 15,356 Materials and supplies 8,384 7,113 Prepaid property taxes 5,039 5,605 Other 5,475 3,846 130,903 126,763 Deferred Charges, net (Notes 5 and 6) 25,926 28,536
$806,967 $751,293 I
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December 31, 1987 1986 1
(Dollars in Thousands)
Capitalization and 1. labilities Capitalization (See separate statement): l Common share investment $292,730 $275,010 Redeemable preferred shares, bss current sinking fund requirements 20,400 33,920 Long term debt, less current sinking fund requirements and maturities 230,799 235,164 533,929 544,094 Capital Lease obligations (Note 9) 7,923 8,887 Current Liabilities:
Interim Financing- (Note 7)
Notes payable to banks 102,650 28,660 Maturing long term debt 5,815 15.236 Other Current Liabilities-Current sinking lund requirements 2,988 4,341 Accounts payable 54,591 51,797 Accrued taxes-Local property and other 6,993 8,620 Income 12,788 17.566 Accrued interest 5,700 3,534 Dividends declared 8,352 6,761 Capital lease obligations (Note 9) 1,957 2,523 Other 10,774 8,219 212,608 147,257 Deferred Credits:
Unamortized investment tax credits 37,919 38,653 Other 14,588 12,402 52,507 51,055 Commitments and Contingencies (Note 6)
$806,967 $751,293 The accompanying notes are an integral part of these consolkbted financial statements Commonwealth Energy system and Subskhary Companies 17
Consolidated Years Ended December 31, i987 1986 '1985 ,
bIOIOINONb Cash Flow From Operating Activities:
Net inwme $ 32,354 $ 41,173 $ 43,962 of cash Flow Gain on sale of interest in Algonquin Energy, Inc., net - (5,124) -
Effects of non-cash adjustments-Depreciation and amortization 30,915 24,609 23,139 Deferred income taxes 9,133 8,883 10,344
- Investment tax credits, net (734) 1,390 3,866 Allowance for equity funds used during construction (8,377) (7,218) (5,420)
Change in working capital, exclusive of cash-Accounts receivable and unbilled revenues (6,302) 18,793 (5,113)
Accrued income taxes (4,778) 8,560 538 Local property and other taxes (1,061) 818 1,378 Accounts payable and other 7,342 (16,248) 2,335 All other operating items 2,567 1,367 2,960 Net cash provided by operating activities 61,059 77,003 77,989 Cash Flow For Investing Activilles:
Additions to property, plant and equipment (exclusive of AFUDC)
Electric (46,423) (59,935) (38,157)
Gas (17,786) (16,244) (15,263)
Other (3,490) (1,141) (1,086)
Allowance for funds used during construction (17,870) (13,270) (14,528)
Puichase of land and facilities - (16,300) -
Acquisition of remaining equity in flopkinton LNG Corp. - - (2,500)
Dividends from corporate joint ventures 1,430 2.722 17,919 Equity in earnings from corporate joint ventures (1,533) (3,868) (9,041)
Proceeds from sale of interest in Algonquin Energy, Inc, net - 42,182 -
Net cash used for investing activities (85,672) (65,854) (62,656)
Cash Flew From Financing Activities:
Sale of common shares 4,951 6,325 6,608 Payment of dividends (28,463) (27,831) (25,661)
Proceeds from (payment oO short-term borrowings 73,990 (32,590) 7,150 Long-term debt issues 4,160 112,540 -
Retirement of long term debt and preferred shares through sinking funds (3,830) (7,175) (6,518)
Redemption of preferred shares (Note 3) (12,700) (1,000) -
Long-term debt issues refunded (15,?,36) (60,862) -
Net cash provided by (used for) Onancing l activities 23,172 (10.593) (18,421) l Net increase (decrease) in cash $ (1,441) $ 556 $ (3,088)
The auon'panying notes are an integral part or these consohdated financial statements 1
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Consolidated December 31 1987 1986 Statements of common 33,,, iny,,,,,,,,
Capitalization Common shares. $4 par vaiue-Authorized-12,000,000 shares Outstanding-9,479,301 in 1987 and 9,328,666 in 1986 $ 37,917 $ 37,315 Amounts paid in excess of par value 68,639 64,290 Retained earnings (Note 4) 176,174 173,405 Total common share investment 282,730 275,010 Redeemable Preferred Shares, Cumulative, $100 par value (Note 3):
Series A,4.80% 3,720 3,840 Series B,8.10% 5,440 5,760 Series C, 7.75% 12,060 13,140 Series D,9.80% - 13,000 Less current sinking fund requirements (820) (1,820)
Total redeemable preferred shares 20,400 33,920 Long Term Debt, including premiums (Note 7):
System Bonds, collateralized by common stock of utility operating subsidiaries, due-1987, 6 % % - 12,751 1988, 6 % % 2,625 2,625 1996, 8 % % 3,357 3,457 1999, 4.80 % 2,340 2,475 Less current sinking fund requirements (2,905) (13,115)
Total System long-term debt 5,417 8,193 Subsidiary companies' long-term debt Mortgage Bonds, collateralized by property of operating subsidiaries, due-1992, 8 % % 3,850 4,550 1993, 9 % 9,141 9,612 1996, 7 % 9,692 9,784 1996, 10 % % - 2,436 COyEN lVi I996, 8 99 %
2001, 8.99 %
10,000 40,000 10,000 40,000 Commot ealth Energy system 2006, 8 85 % 35,012 35,012 and subsdary companies 2007,1I% % 9,300 9.300 Notes due-1987, 4.90 % - 2,485 1988,3% % 3,190 3,190 1992,5% % 7,938 8.048 1992, 8.48 % 10,000 10.000 i 1993,8 40% from 1987 91 and variable from 1992 93 7,000 5,000 1995,8% % 5,772 6,103 1997,6% % 4,706 4,805 1997, 6 % % 4,764 4.815 1998, 8 % % 13,873 14,444 2001, 9 % % 2,800 3.000 2002, 7 % % 3,422 3,489 2002, 9.30 % 30,000 25,540 2012, 9.37 % 20,000 20,000 Less currer't sinking fund requirements and maturities (5,078) (4.642)
Total subsidiary companies' long term debt 225,382 226,971 Total long term debt 230,799 235,164 Total capitalization $533,929 $544.094 The accompanying notes are an mtegral part of these consolklated finanual statements 19
Consolidated Yens Ended December 31,1987,1986 and 1985 (cottars in Thousands)
Statements Par Value Amounts Paid in ofChanges $4 eer excess or Retained Shares Share Par Value Earnings Total in Common Balance December 31,1984 8,904,086 $35,616 $53,056 $141,762 $230,434 S11ar.eholders, Add (Deeuct)_
Net income 43,962 43,962 Investment Sale of shares 256,271 1,026 5,582 - 6,608 Cash disidends declared-Common shares-
$2.47 per share - - - (22,397) (22,397)
Preferred shares - - - (3,264) (3264)
Balance December 31,1985 9,160,357 36,642 58,638 160,063 255,343 Add (Deduct)~
Net income - - - 41,173 41,173 Sale of shares 168,309 673 5,652 - 6,325 Cash dividends declared-Common shares-
$2.67 per share - - - (24,751) (24,751)
Preferred shares - - - (3,080) (3,080)
Balance Decem*!er 31,1986 9,328,666 37,315 64,290 173,405 275,010 Add (Deduct)~
Net income - - - 32,354 32,354 Sale of shares 150,635 602 4,349 - 4,951 Cash disidends declared-Common shares-
$2.78 per share - - - (26,194) (26,194)
Preferred shares - - - (2,269) (2,269) l Redemption costs tNote 3) - - -
(IJ 22) (1,122) '
Balance December 31.1987 9,479,301 $37,917 $68,639 $176,174 $282,730 Consolidated Years Ended December 31,1987,1986 and 1985 Statements Authorized and Outstanding Cumulative Prererred Shares-$iOO ear value ofChanges
. Series A Series B Series C Series D Total m Redeemable 4 80 % 8.10 % 7.75 % 9.80 % shares Balance December 31,1984 40,8')0 60,800 142,200 160,000 403,800 Preferred tess-Sinking rund redempoons i2m i,6 m 5.4 % i0.w0 i82
- Shares 39,600 136,800 150,000 385,600 Balance December 31,1985 59200 i Less-Sinking fund redemptions 1,200 1.600 5,400 20,000 28200 i Balance December 31,1986 38,400 57,600 131,400 130,000 357,400 Less-Sinking fund redemptions 1,200 3,200 10,800 20,000 35,200 Optional redemption (Note 3) - - - 110,000 110,000 Balance December 31,1987 37,200 54,400 120,600 -
212.200 The accompanymg notes are an integral part of these consohdated financial statements 20
Notes to i. mSnWcant Acceting Policlu Consolidated '
General and Resulatory Cornrnonwealth Energy System, the parent company, is referred to in this report ./ the "System" Financial and together with its subsidiaries is sometimes coitectively referred to as "the system." The Statements perat ng c mpanies are regulated by various authorities including the Federal Energy Regulatory Commission (FERC) and the Massachusetts Department of Public Utilities (OPU).
Principles of Consolidation The consolidated financial statements include the accounts of the System and all of its subsidiary companies. All significant intercompany accounts and transactions have been eliminated in consolidation.
Redassifcations Certain prior year amounts are reclassified from time to time to conform with the presentation used in the current year's financial statements.
Equity Method of Accounting The system uses the equity method of accounting for investments in corporate joint ven-tures. Under this method, it records as income the proportionate share of the net earn-ings of the joint ventures with a corresponding increase in the carrying value of the in-vestment. The investment amount is reduceu as cash dividends are received.
The system does business with the corporate joint ventures in which it has investments, principally four nuclear generating facilities located in New England.
Operating Revenues Customers are billed for their use of electricity and pas on a cycle basis throughout the month.
To reflect revenues in the proper period, the estimated amount of unbilled sales is recorded each renth.
System utilit) <ynles are permitted to bill customers for substantially all of the costs of purcha.4., w 'r, fuel ud in electric production and gas. The amount of such costs 1 incurred but not ,- lected in customers' bills, which ts.aled $4,981,000 in 1987 and
$3,348,000 in 1986, is recorded as unbilled revenues. ,
Depreciation Depreciation is provided using the straight line method at rates intended to amortize the original cost of properties over their estimated economic lives. The average composite depreciation rates were as follows:
1987 1986 198s Electric 3.74 % 3 69 % 3 67%
Gas 2.59 3 03 3 03 COMEnergy =" = n: u:
$n*&'$co^m$nief'" Allowancefor Funds Used During Construction Under applicable rate-making practices, system companies are permitted to include an allowance for funds used during construction (AFUDC) as an element of their depreciable property costs. This allowance is based or the amount of Construction Work in Progress (CWIP) which is not included in the rate base on which utility companies earn a return.
An amount equal to the AFUDC so capitalized in the current period is reflected in the consolidated statements of income.
l As a result of a 1984 FERC cornpliance audit and subsequent settlement in 1986, Canal Electric Company modified its method of computing AFUDC for the Seabrook project by reducing Seabrook CWIP by '.he related accumulated deferred income taxes. The com-putation of the AFUDC rate was also modilled. [
While AFUDC does not provide funds currently, these amounts have been historica'ly recoverable in revenues over the service life of the constructed property. The amount of AFUDC recorded was at a weighted average rate of 10% in 1987,1986 and 1985.
- 2. Sale of Algonquin Energy, Inc.
On July 15,1986, the System sold its 34 5% ownership interest in Algonquin Energy, Inc.,
j a Massachusetts based natural gas pipeline company, to Texas Eastern Corporation. The ,
) System received $563 million for its 520,134 shares which had an original cost of $5 9 million and a carrying value, at the time of the sale, of $37.1 million. After a capital gains i tax of $14.1 million, the System recognized a book gain of $5.1 million l
21
l
- 3. R deemibl3 Pr;firr;d Sharss , l Each series of the System's prefe red shares have been issued at par value, $100 per ;
share, and are subject to periodic, mandatory sinking fund payments. The System car. I make additional voluntary redemptions, not exceeding the required redemption, at pu, I on a non-cumulative basis, on each sinking fund date. This option was exercised on uly 1, l 1987 for Series B and Series D and on October I,1987 for Series C.
Preferred shares may also be called for redemption, in whole or in part, in excess of the required and voluntary sinking fund redemptions. This option was exercised on July 1, 1987 with the total redemption of Series D. Redemption costs associated with tnis series amounted to $1,122,000 and were charged against retained earnings. The obligation to make mandatory redemptions is cumulative and the System is not allowed to pay dividends to common shareholdens or make optional sinking fund payments if mandatory redemptions are in arrears. Details of redemptions for each series are contained in the following table:
Sinking Funds Optiona Dividend 1988-1992 Redemption Rate Mandatory Optional Call Prices (Dollars in Thousands)
Series A 4.80 % $120 4120 $102 Series B 8.10 160 160 104 to 101 Series C ' 75 540 540 101 Preferred shareholders have no voting rights except in the event that six full quarterly dividends have not been paid. In this circumstance, the preferred shareholders are entitl-ed, voting as a class, to elect two of the ni.ne Trustees of the System.
The preference of these shares in involuntary liquidation is equal to par value. The shares are of equal rank and are entitled to cumulative dividends at the annual rate established for each series. No dividend can be declared on any series unless propor-tionate dividends are concurrently declared on the other outstanding series and in the event that dividend payments are in arrears, the System may not redeem any shares unless all shares of all preferred series are redeemed.
- 4. Dividend Restriction At December 31, i987, approximately $35,662,000 of consolidated retained earnings was restricted against the payment of cash dividends by terms of the indentures securing long-term debt.
- 5. Incon:e Taxes The system files a mnsolidated Federal income tax return. For financial reporting pur-poses, the System and its subsidiaries provide taxes on a separate return basis.
The following is a summary of the consolidated provisions for income taxes for the years ended December .51,1987,1986 and 1985:
(Dollars in Thousands) 1987 1986 1985 Total Federal State Total Federal State Total Federal State Currently payable $13,129 511,018 $2,111 $12,559 $10,224 $2,335 $ 7,769 $ 5,981 $1,788 Currently deferred (6,662) (5,697) (%5) (1,952) (1,316) (636) 6,623 5,857 766
, Long-term deferred 9,133 7,624 1,509 8,883 7,834 1,(M9 10,344 9,030 1,314 Investment tax cred;ts, net (734) (734) - 1,390 1,390 - 3,866 3,866 -
Tax on gain from sale of:
Buildings - - -
446 377 69 609 533 76 Algonquin Energy, Inc. - - - 14,113 14,113 - - - -
$14,866 $12,111 52,655 $35,439 $32,622 $2,817 $29,211 $25,267 $3,944 Timing differences result from reporting income and expense for tax purposes in periods dif-ferent from those used for financial reporting purposes. The system provides income taxes currently on all timm differences. The accumulated deferred income taxes resulting from long term timing diffencnces ar presented as reductions in the assets to which they relate, consistent with rate-making treatment. Additionally, CWlP is presented net of ac-cumulated deferred income taxes which totaled $23,431,000 in 1987 and $19,797,000in 1986.
Deferred charges have also been presented net of accumulated deferred income taxes 22
which totaled $9,431,000 in 1987 and $8,808,000 in 1986.
The system's long-term deferred provision for income taxes results from the following:
(twitars in Thous.nds) 1987 1986 1985 Non-construction costs relating to Seabrook Unit 1 $ 2,710 $ - $ -
(
Abandonment of Seabrook Unit 2 (2,096) 746 (159)
Accelerated depreciation for tax purposes 5,379 5,470 5,434 Capitalized interest during construction 3,727 3,429 5,117 Other (587) (762) (48)
Long-term deferred income tax provision $ 9,133 $8.883 $10,344 The tax effects of unbilled revenue of $1,587,000 in 1987 and $3,882,000 in 1986 and other current timing differences are included in the current deferred provision and ac-crued income taxes. Investment tax credits are deferred and amortized over the life of the property giving rise to the credits. In accordance with the Tax Reform Act of 1986, investment tax credits were recorded in 1986 based upon the transition rules in the Act.
The total income tax provision set forth above represents 31% in 1987,46% in 1986 and 40% in 1985 of income before such taxes. The following table reconciles the statutory Federal income tax rate to these percentages:
1987 1986 1985 Statutory"Federal income tax rate 40% 46% 46 %
increase (Decrease) from statutory ate:
Effect of capital gain from sale of Algonquin Energy, Inc. -
7 -
Effect of capital gain from sale of buildings -
(1) (1)
Effect of dividend received deduction (I) (2) (4)
State tax net of Federal tax benefit 3 2 3 Amortization of investment tax credits (3) (2) (2)
Allowance for equity funds used during construction (7) (4) (3)
Other, net (1) -
1 31 % 46% 40%
in December 1987, the Financial Accounting Standards Board issued a new standard on accounting for income taxes. The system is required to adopt new accounting and disclosure rules in 1989. The standard requires the use of the liability method under which existing deferred taxes will be adjusted to income currently to reflect the expected 1
tax rates in years in which these taxes become payable. Based on current rate making and tax law,it is not expected that the new standard will have a material impact on the .
System's financial position, results of operations or earnings. However, there will be a l reduction in accumulated deferred income taxes and the recognition of a liability to I CO gEQ$ ratepayers for those deferred taxes established in excess of the tax rates currently in ef- l fect. Additionally, deferred taxes would be provided at current rates on those cumulative Commonwealth Energy system and subsidiary companies timing differences for which no deferred taxes have been provided resulting in a deferred asset in the same amount since it is expected that taxes payable relating to these timing differences will be recovered through future rates. The System expects to adopt this stan-dard in 1989. Restatement of prior periods is not anticipated. j
- 6. Commitments and contingencies Construction The system is engaged in a continuous construction program presently estimated at
$383.2 million for the five-year period 1988 through 1992. Of that amount, $115.7 million is estimated for 1988, including $24.7 million related to the system's 3.52% interest in the Seabrook project, discussed below. The progrem is subject to periodic review and revision. I see Management's Discussion on page 1I for a desctiption of the system's financing plans.
Scabrook Status The system's interest in the Seabrook project (the project) is owned by Canal Electric Company (Canal) to provide for a portion of the capacity and energy needs of Cambridge Electric Light Company (Cambridge) and Commonwealth Electric Company (Com-monwealth Electric). The project, which is currently under the management of New Hampshire Yankee (NHY), a division of Public Service Company of New Hampshire (PSNH), was originally designed to have two pressurized water reactors, each with a rated capacity of 1,150 MW.
23 6
\
Seabrook Unit I Construction of the unit has been complete since mid 1986. However, difficulties an ' ,
delays in plant licensing procedures have resulted in postponement of commercial o, era-tion and could, in fact, prevent commercial operation of the unit. As of December 31,
'1987, Canal's expenditures in the unit were approximately $200 million, including AFUDC and nuclear fuel. Assuming, for financial planning purposes only, a commercial operation date of March 1989, Canal's investment in Unit I will be approximately $230 million. The majority of the incremental capitalized costs represents carrying charges of approximate-ly $1.6 million per month. Canal continues to finance its share of Seabrook costs with short-term borrowings and internally-generated funds due to an April 1985 DPU decision which efTectively denied the financing requests of Canal and three other Massachusetts joint owners. The DPU stated that it was not precluding the companies from continuing to finance additional Unit I construction by means, if any, which do not require DPU ap-proval. However, if financing requiring DPU approval were to be used, such approval would be conditioned on assurances by the utilities that the financial risk associated with their continued participation in the project would be placed solely on shareholders. The DPU also indicated that it did not expect shareholders to absorb the cost of prudently in-curred expenditures up to the date of the order. Canal's expenditures at that date amounted to $129.1 million.
NHY is presently seeking a low power (5%) testing license from the Nuclear Regulatory Commission (NRC) which is required before a full power license can be granted.
Emergency Response Plans A review by the Federal Emergency Management Agency (FEMA) is required for emergency response plans for Unit 1 in order to meet the conditions established by the NRC for low and full-power operation. These conditions include the establishment of ap-propriate emergency response plans far those cities and towns within a ten-mile radius of the plant site. Massachusetts Gover ar Michael S. Dukakis has refused to submit such plans for the six Massachusetts communities included in that zone based on his stated belief that there is no absolute guarantee that the health and safety of people near the plant can be protected.
On September 21,1987, NHY submitted revised emergency response plans for the six Massachusetts communities to the NRC which addressed certain inadequacies discovered by the NRC in hearings held during the first half of 1987. These plans will be the subject of future hearings, as the NRC commenced hearings on the New Hampshire commumties' emergency response plans on October 5,1987. The outcome of these hearings will likely impact the proceedings dealing with the emergency response plans for the Massachusetts communities. It is not possible to predict when these proceedings will conclude, the final outcome or the efTect on commercial operation of the unit.
On October 29,1987, the NRC unanimously adopted a rule change which permits full-power operation of a nuclear power plant if the plant's owners provide sufficient health and safety assurances, including adequate emergency response plans,in lieu of a state or local government's refusal to cooperate in the preparation of such plans. As a result, on November 25,1987, the NRC removed its stay on the issuance of a low-power license for the unit, leaving the decision to the Atomic Safety and Licensing Board (ASLB). The ASLB has been conducting hearings on the emergency resoonse plans since mid-December. These hearings are ongoing and no specific date has been established for a final ruling.
Financial Condition of Lead Participant On January 28,1988, PSNH, lead owner (35.6% interest) of the project, liled for bankrupt- ,
cy protection under Chapter 1i of the Federal Bankruptcy Code. By filing for voluntary '
bankruptcy, PSNH's management reportedly hopes to maintain control over the utility so I that it may propose measures, such as reorganization and debt restructuring, that could I enable PSNH to recover from its present financial problems.
This filing followed a January 26,1988 decision by the Supreme Court of New Hamp-shire (the Court) wherein the Court ruled as constitutional a 1979 anti-CWIP law, which prohibits utilities in that state from charging customers for construction projects not yet I in operation. In conjunction with this decision, the New Hampshire Public Utilities Com-mission denied PSNH a $70.9 million emergency rate increase, since that request had sought, in part, to recover some portion of costs related to the Seabrook project.
It is not possible to predict what impact the financial difficulties of PSNH will have on the project or on the issuance of remaining licenses by the NRC; however, it is possible that events arising in these bankruptcy proceedings could lead to additional complica-tions for the project. To date, PSNH has continued to perform its current obligations related to the project and the Bankruptcy Court has not interfered with such performance.
24
Scabrook Unit 2 In September 1986, Canal filed new rates with the FERC in response to the abandonment of Seabrook 2 which are designed to recover, through amortization over three years,its Seabrook 2 costs of $23 million. In November 1986, the FERC allowed the rates to become effective April 11,1987, subject 'o refund. Consistent with FERC requirements, these rates do not include carrying costs on the unamortized balance. As of December 31,1987, Canal has recovered aproximately $5.6 million of these costs from Cambridge and Com-monwealth Electric in accordance with the Capacity Acquisition Commitment and im-piementing agreements covering that unit. Canal is in the testimony phase of this pro-ceeding; but the proceeding has been suspended by reason of settlement negotiations.
There is no assurance that such negotiations will be successful or that, if a final agreement is reached, requisite approval of the FERC will be obtained.
Two other cases involving recovery of the Seabrook 2 investments of two Massachusetts utilities have been decided by the FERC. The first provided for amortiza-tion of 85% of the company's costs over a seven year period while the second provided recovery of 100% over a ten-year period. Neither decision provided for the recovery of carrying costs on unamortized balances. The second case is subject to requests for fur-ther regulatory and judicial review.
Other Seabrook Related Matters in December 1986, the Financial Accounti J, Standards Board issued Statement No. 90, "Regulated Enterprises-Accounting for Abandonments and Disallowances of P! ant Costs."
The Statement, which Canal will adopt m 1988, requires, among other things, that recoverable costs associated with an abandoned plant be renected in the lir.ancial statements at the present value of future resenues, such value to be det:rmined using an incremental borrowing rate as the discount rate whenever the return allowed on recoverable costs is less than the incremental borrowing rate. If Canal were to be granted recovery of Seabrook 2 costs by the FERC in a fashion similar to the aforementioned cases, a "discounting" loss of between $1.5 million to $2 million would be recognized in 1988 and amortized to income over the FERC allowed recovery period. The Statement also requires the current recognition of a loss for disallowed costs of a completed plant.
At this time, Canal is unable to determine what Seabrook costs, if any, will not be allowed recovery in rates.
In addition, the Statement imposes a stricter standard on the capitalization of AFUDC.
Under this standard, AFUDC for 1988 and subsequent years is to be capitalized only if subsequent recovery from ratepayers is probable. As a result of this new standard,1988 net income will be adversely impacted since less AFUDC will be capitalized when com-pared to the system's past practice and generally accepted accounting principles prior to Statement No. 90. The actual impact of this new standard will depend on future Seabrook project developments.
COMIlllLNN in January 1988, the FERC issued a ruling which requires a sharing of the costs of Commonwealth Energy system Canceiled electric power projects between ratepayers and shareholders. This ruling will and subsidiary Companies not affect Canal's recovery of Seabrook 2 because of the ruling's exclusion of units for l which recovery was sought prior to January 15,1988. However, the amount of recovery to be allowed should Seabrook 15e cancelled would be tamatically affected. Under this l ruling, ratepayers and shareholders will each bear one-ha!f the cost of an abandoned project's prudently incurred costs. The ratepayers' share would be collected over the previously anticipated life of the abandoned plant and would include carrying costs on unamortized balances.
Canal's participation in the Seabrook 'Jnits is subject to a Capacity Acquisition Agree-ment with its affiliates, Cambridge and C)mmonwealth Electric This Agreement, which has been accepted for filing as a rate schedule by the FERC, en .bles Canal to recove costs incurred in connection with any unit covered by such Agreement whether or i the unit becomes operational. Accordingly, Canal has billed Cambridge and Com-monwealth Electric for certain costs associated with units subject to this Agreement, in-cluding abandoned units such as Seabrook 2. Cambridge and Comrnonwealth Electric, in turn, have billed those charges to their retail customers through rates which are subject to DPU regulation. This Agreement, as it pertains to Seabrook 1, will be affected by the aforementioned FERC ruling should that unit be cancelled. It is anticipated that final set-tiement of the negotiations described above with respect to the FERC proceedings for Seabrook 2 will also encompass the settlement of related proceedings at the DPU.
The system believes that Canal's participation in the Seabrook project has been pru-dent, reasonable, appropriate and an integral and necessary element in planning for the power needs of its electric customers. Accordingly, the system will vigorously pursue all rights to recovery of its investment. How:ver, the system is unable to predict the out-come of future regulatory proceedings, the amount of investment recovery which will ultimately be allowed, or the recovery period.
25
i Power Contracts '
Commonwealth Electric and Cambridge have long term contracts for the purchase of electricity from various sources. Generally, these contracts are for fixed periods and re-quire payment of a demand charge for their entitlement in the generating capacity of s each unit and an energy charge to cover the c< st of fuel. Total costs under these con-tracts are included in electricity purchased for . sale in the consolidated statements of income and are normally recoverable in revenues through their respective Power Cost Charge or base rates.
Replacement Power Costs in previous performance reviews, the DPU has disallowed the cohection by Commonwealth Electric and Cambridge, through the operation of their respective Power Cost Charges, of a portion of the costs incurred for replacement power required when units, in which en-titlements are contracted for, experience extended outages. In particular, such dis-allowances have been experienced in the pasi by Commonwealth Electric as a result of extended outages at the Pilgrim nuclear power plant (Pilgrim), located in Plymouth, MA.
Pilgrim is owned and operated by Boston Edision Company (BECO); Commonwealth Elec-tric purchases approximately 11% of the capacity and energy of the unit under a tife-of-the-unit contract The DPU found that part of the prior outage periods was due to impru-dent conduct by BECO and imputed such imprudence to Commonwealth Electric. By reason of the finding ofimputed imprudence, the DPU further rwed that Commonwealth Electric could not recover certain replacement power costs Commonwealth Electric ap-pealed the DPU's decision to the Massachusetts Supreme Judicial Court, which upheld the decision of the DPU, and Commonwealth Electric later unsuccessfully petitioned the U.S.
Supreme Court to review the decision. These decisions do not limit Commonwealth Elec-tric's right to challenge subsequent rulings relating to recovery of replacement power costs incurred during other power plant outages.
Further cost disallowances may occur from time to time based upon the DPU's position and that of the Massachusetts Supreme Judicial Court in these matters for either Com-
' monwealth Electric or Cambridge, including action relative to the current Pilgrim outage.
Pilgrim was taken out of service in April 1986 aller being forced to shut down because ]
of equipment failure. Since that time BECO has been criticized by both state and Federal I ollicials over management of the plant. Although BECO has most recently reported that it l pims to return Pilgrim to service by the summer of 1988, it is uncertain as to when or if the unit will actually operate again. This outage has recently become the subject of a per-formance review by the DPU and could result in future disallowances to BECO as well as imputed imprudency disallowances to Commonwealth Electric, which has been forced to purchase replacement power costing approximately $1.2 million more per month since April 1986 than power from the Pilgrim unit. The system is unable to predict the amour, of replacement power costs,if any,it may ultimately be unable to recover as a result of the current Pilgrim outage.
In addition, Commonwealth Electric pays contractual demand charges on a monthly basis to BECO, interruptions of service notwithstanding. These costs are being recovered currently through application of its Power Cost Charge.
On December 29,1987, Commonwealth Electric filed a petition with the FERC seeking relief from BECO for BECO's breach of its obligations under the Pilgrim nuclear power contract.
Commonwealth Electric's contract calls for BECO to use due diligence and apply good utility practice in the maintenance, repair and operation of the Pilgrim plant. In its peti-tion, Commonwealth Electric has specifically requested that the FERC: a.) commence a full investigation to review Commonwealth Ekctric's claim th?t BECO has not fulfilled its obligations to manage Pilgrim prudently and diligently during its current and prior outages; b.) order BECO to refund to Commonwealth Electric all unjustilled charges which it has paid to BECO and pay to Commonwealth Electric additional costs incurred for replacement power during these outages; and c.) order that Commonwealth Electric be allowed to terminate the Pilgrim contract, or,in the alternative, order that the Pilgrim contract be changed to protect Commonwealth Electric and its customers in the future.
Other contract purchasers of power from Pilgrim have also filed claims with the FERC with respect to the current outage at Pilgrim.
Concurrent with the FERC filing, Commonwealth Electric initiated a complaint with the United States Federal Court for the District of Massachusetts requesting relief for viola-tions of the Pilgrim contract by BECO. Commonwealth Electric believes that the FERC has primary jurisdiction in this case, and has taken this step to halt the running of any time limitation periods applicable to its clairas and to invoke the assistance .f another forum if and to the extent that the FERC does not award complete relief to Commonwealth Electric.
26
- 7. Int: rim Financing rad Long-Tcrm Debt Notes Payable to Banks System companies have banking relationships under which borrowings are arranged as required for interim financing of their construction pro; rams. The borrowings are unsecured and are evidenced by notes having maturities of 90 Jays or less. Lines of credit with banks, against which these notes are applied, total $216,000,000.
The terms of one line of credit require the payment of a fee equal to m of 1% of the unused portion of the line. Another line requires that when the system is borrowing, it must maintain normal operating balances for cash demand and bank service charges.
Interest rates on the outstanding borrowings generally are at the lower of an adjusted money market rate or the prime rate. Notes payable to banks totaled $102,650,000 and
$84,200,000 at December 31,1987 and 1986, respectively. For financial reporting pur-poses $55,540,000 was reclassified to long-term debt as of December 31,1986 to reflect repayment of notes payable from the proceeds of two financings which closed in early January 1987.
Iong-Term lyht Afaturities Under terms of their various indentures, the System and certain subsidiary companies are required to make periodic sinking fund payments for retirement of outstanding long-term debt. The required sinking fund payments and balances of maturing debt issues for the five years subsequent to December 31,1987 are as follows:
Sinking Fund Payments Ma ing Year System Subsidiaries issues Total (Dollars in Thousands) 1988 $280 $1,888 $ 5,815 $ 7,983 1989 280 2,983 - 3,263 1990 280 3,170 - 3,450 1991 280 6,806 - 7,086 1992 280 6,006 18,666 24,952
- 8. Employee and Postretirement Benefits The system has a noncontributory pension plan covering substantially all regular employees who have attained the age of 21. Pension benefits are based on an employee's years of service ano compensation. The system ma'tes monthly contributions to the plan consistent with the runding requirements of the Employee Retirement income Security Act of 1974.
A comparison of accumulated benefits and net assets for the system's benefit plan is presented below:
COME08 October I, January 1, Commonwealth Energy system (Dollars in Thousands) 1987 1986 and subsidiary companies Actuarial present value of accumulated plan benents:
Vested $112,668 $ 93,724 Nonvested 2,354 2,106
$II5.022 $ 95.830 Net assets available for bene 0ts $ 150.619 $101,360 Assumed rate of return 8.5% 7.5%
During 1987, the system adopted the new pension expense calculation and disclosure standards as required by Financia! Accounting Standards Board Statement No. 87 (FASB 87), "Employers' Accounting for Pensions."
Pension expense for 1987 includes the following components:
(Dollars in Thousands) 1987 Service cost $ 4,264 Interest cost 11,784 Return on plan asets (33.959)
Net amortization and deferral 25.608 Total pension expense 7,697 Less amount capitalized 1,087 Net pension expense $ 6.610 27 s.
l I
f Pension expense for 1987 reflects the use of the projected unit credit method, as '
prescribed by FASB 87. The system also adopted this actuarial cost methed in determin-ing future funding of the pension plan.
Total pension expense net of capitalized amounts has not been restated for 1986 and 1985 and were $7,480,000 and $6,909,000, respectively. Pension expense in 1986 and 1985 was determined in accordance with the provisions of accounting pronouncements in effect at that time.
The funded status of the system's pension plan at December 31,1987 using a measure-ment date of October 1,1987 is as follows:
(Dollars in Thousands) 1987 Accumulated benefit obligation $ 115,022 Projected benefit obligation $(152,843)
Plan assets at fair market value 150.619
\
Projected benefit obligation greater than plan assets (2,224)
Unamortized transition obligation 22,499 Unrecognized gain during 1987 (21,567)
Plan contributions made in the fourth quarter of 1987 771 Accrued pension cost $ (521)
The projected benefit obligation was determined using a discount rate of 8.5% and in-creases in future compensation levels were projected at a rate of 5.5% The expected long-term rate of return on plan assets is 8.5% Plan assets consist primarily of fixed in-come and equity securities. The fair market value of plan assets as of December 31,1987 was $132,921,000. Fluctuations in fair market value will affect pension expense in future years.
In addition to providing pension benefits, the system provides certain health care and life insurance benefits for eligible retired employees. System employees become eligible for those benefits if their age plus years of service at retirement equals 75 or more; pro-vided, however, that such service was performed for a subsidiary of the System. The cost of retiree health care and life insurance benefits is recognized as claims are paid, and totaled $1,437,000 in 1987, $1,253,000 in 1986 and $1,202,000 in 1985.
The system has an Employees Savings Plan which provides for system contributions equal to contributions by eligible employees up to four percent of each employee's com-pensation rate. The total system contribution was $3,099,000 in 1987, $2,962,000 in 1986 ana $2,719,000 in 1985.
- 9. Lease obligations I
System companies lease property and equipment under agreements, some of which are capital leases. Several subsidiaries renegotiated certain lease agreements during 1987 and 1986. These new agreements are for a term of one year and are renewable monthly thereafter. COM/ Energy Services Company, the System's major capital lessee, has agreements in effect for office furniture, computer, transportation and other equipment, one of which is supported by a letter of credit. Generally, these agreements require the lessee to pay related taxes, maintenance and other costs of operation. Leases currently in effect contain no provisions which prohibit system companies from entering into future lease agreements or obligations.
The following is an analysis, by major class, of property under capitallease at 3
December 31,1987 and 1986:
(Douars in Thousands) 1987 1986 Office furniture and computer equipment $10,888 $13,596 Other 66 108 10,954 13,704 Less: Accumulated amortization 1,074 2,294
$ 9,880 $11.410 Future minimum lease payments, by period and in the aggregate, of capital leases and non-cancellable operating leases consisted of the following at December 31, l')87:
28
, Capital Operiting (Dollars in Thousands) Leases Leases 1988 $ 2,658 $ 8,424 1989 2,627 8,122 1990 2,007 6,324 1991 1,576 5,028 1992 1,576 4,429 Beyond 1992 1,540 16,157 Total future minimum lease payments 11,984 $48,484 Less: Estimated interest elemer included therein 2,104 Estimated present value of future minimum lease payments $ 9,880 Total rent expense for all operating leases, except those with terms of a month or less, amounted to $9,455,000 in 1987, $6,100,000 in 1986 and $3,248,000 in 1985. There were no contingent rentals and no sublease rentals for the years 1987,1986 and 1985.
- 10. Segment Information System companies provide electric, gas and steam services to retail customers in com-munities located in central and eastern Massachusetts and, in addition, sell electricity at wholesale to Massachusetts customers. Other operations of the system include the development and operation of rental properties anc -*lvities which do not present-ly contribute significantly to either revenues or ope; me but did provide 9.3% of net income in 1987.
Operating income of the various industry segmen .icome from transactions with affiliates and is exclusive of interest expense, inct . ;s, and equity in earnings of unconsolidated corporate joint ventures.
The amount of identifiable assets represented by the system's investment in corporate joint ventures consists principally of a percentage ownership in the assets of four regional electric generating plants.
(Dollars in Thousands) 1987 1986 1985 Revenues from Unaffiliated Customers:
Electric $429,851 $373,882 $415,723 Gas 219,841 228,113 248,901 Steam and other 10,751 10,945 13,453 Total Consolidated Revenues $660,443 $612,940 $678,077 g U F
Operating income Before Income Taxes:
Electric $ 33,901 $ 42,747 $ 45,823 commonwealth Energy system Gas 17,368 16,507 20,449 and subsidiary companies Steam and other 1,607 1,551 2,765 Total Consolidated Operating income Before income Taxes S 52,876 $ 60,805 $ 69,037 Identifiable Assets:
Electric $575,086 $526,862 $489,755 Gas 186,414 177,000 178,799 Steam and other 53,536 59,367 37,290 815,036 763,229 705,844 Intercompany eliminations (18,826) (22,794) (25,724)
Investment in corporate joint ventures 10,757 10,858 46,924 Total Consolidated Assets $806,967 $751,293 $727.044 l Depreciation Expense:
l Electric $ 19,516 $ 17,699 $ 16.490 l Gas 4,767 c,l n 7 4,756 Steam and other 1,005 1,723 1,675 Total Consolidated l Depreciation $ 25,288 $ 24,609 $ 22,921 l
j Additional segment information relating to property additons is shown it, the Consolidated statements of Cash i Mow.
29
i Selected 1987 1986 1985 1984 1983 ,
(In Thousands Except Common share Data)
Financial Data Operating Revenues:
Electric $429,851 $373,882 $415,723 $465,891 $356,895 Gas ,
219,841 228,113 248,901 242,617 246,224 Steam and other 10,751 10,945 13,453 15,139 16,536 Total $660,443 $612,940 $678,077 $723,647 $619,655 Net income $ 32,354 $ 41,173 $ 43,962 $ 44,968 $ 42,728 Common Share Data-Earnings per share $3.20 $4.12 $4.50 $4.75 $443 Dividends declared per share $2.78 $2.67 $2.47 $2.27 $2.04 Average shares outstanding 9,408,026 9,253,694 9,040,220 8,747,626 8,451,316 Total Assets $806,967 $751,293 $727,044 $687,181 $668,412 Long-term debt $230,799 $235,164 $ 160,240 $200,721 $206,303 Redeemable preferred share investment 20,400 33,920 36,740 38,560 40,380 Common share investment 282,730 275,010 255,343 230,434 202,713 Total Capitalization $533,929 $544,094 $452,323 $469,715 $449,396 1987 by Quarter ist 2nd 3rd 4th (Dollars in Thousands f.xcept Per share Amounts)
Operating Revenues $193,703 $149,791 $144,056 $172,893 Operating income 16,345 3,929 5,258 12,478 Income Before Interest Charges 18,449 8,049 7,626 13,632 Net income 15,191 3,992 3,416 9,755 l
I Earnings per Common Share 1.55 .34 .32 .99 Dividends Declared per Common Share .68 .70 .70 .70 l
! Closing Price of Common Shares-High 42 % 39 % 34 32 Low 37% 32 30 % 25%
l 1986 by Quarter ist 2nd 3rd 4th j
(Dollars in Thousands Except Per share Ar >unte Operating Revenues $210,856 $126,163 $117,799 $ 158,122 Operating income 14,791 5,587 8,296 11,251 Income Before Interest Charges 19,186 7,364 16,196 13,689 l
Net income 16,153 4,837 9,336 10.847 Earnings per Common Share 1.67 .43 .93 1.09 Dividends Declared per Common Share .63 .68 .68 68 l
l Closing Price of Common Shares-l High 37 39 % 45% 43 %
Low 29 % 34 % 38 38 l
1 30
Comparative 1987 1986 1985 1984 1983 j Statistical Operallons (Dollars in Thousands) !
Dg[g-Jp@ ]p@ Revenues $660,443 $612,940 $678,077 $723,647 $619,655 Operatirg expenses-Operations 517,670 475,917 535,799 582,011 476,609 Maintenance 43,570 34,765 32,261 28,899 25,780 Depreciation and amortization 30,915 24,609 23,139 22,345 23,120 Taxes 30,278 37,724 46,443 46,937 50,373 Total 622,433 573,015 637,642 680,192 575,882 Operating income 38,010 39,925 40,435 43,455 43,773 Other inccme 9,746 16,510 17,230 15,589 14262 Total income 47,756 56,435 57,665 59,044 58,035 Interest charges 15,402 15262 13,703 14,076 15,307 Net income 32,354 41,173 43,962 44,968 42,728 Preferred dividends 2,269 3,080 3,264 3,423 3,601 Earnings applicable to common shares S 30,085 $ 38,093 $ 40,698 $ 41,545 $ 39,127 Sources of Consolidated Net income-Electric $ 22,195 $ 23,576 $ 26,323 $ 23,588 $ 24,382 Gas 7,249 6295 7,426 8,251 10,929 Steam and other 3,009 11,302 10,213 13,129 7,417 Total $ 32,354 $ 41,173 $ 43.962 $ 44,968 $ 42,728 Financial (Dollars in Thousands)
Property, plant and equipment (including construction work in progress) $ 1,025,440 $947,673 $849,500 $754,451 $728284 Accumulated depreciation 276,374 262,892 248,547 216.514 202,265 Accumulated deferred income taxes 128,996 119,862 110.618 97,192 81,192 Capitalization-Long-term debt (including maturing long-term debt) $ 236,614 $250,400 $204.077 $200,721 $206,303 Preferred shares 20,400 33,920 36,740 38,560 40,380 Common equity 282,730 275,010 255,343 230,434 202,713 Total $539,744 $559,330 $496,160 $469,715 $449,396 Statistics and Ratios 0 0 iE M V 7
unit saies-Mwn-Retaii Wholesale 4,2i6,042 3.908.642 3.734,360 3,552.535 3,349,755 1,799,748 2,088,355 2,191,032 2,557,652 1,396,427 Commowealth Energy System MMCF-Firm 35,171 33,541 34,081 32,568 30,830 and subsidiary companies Interruptible 4,033 2.328 3269 4.741 4,717 l Capitalization ratios-i Long-term debt 43.8 % 44.8% 41.1 % 42.7 % 45.9 %
Preferred shares 3.8 6.1 7.4 8.2 9.0 Common equity 52.4 49.1 51.5 49.1 45.1 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
, Return on common equity 10.8 % 14 4 % 168% 19.2 % 20.7 %
l Common share dividend pay-out 87.1% 65.0 % 55 0 % 48.0 % 44.3 %
Average price / earnings rotio 10.6 9.1 5.9 4.4 4.5 l
l Data Per Cornmon Share l
Earnings per share
- S 3,20 $ 4.12 $ 4.50 $ 4.73 $ 4.63 Dividends paid 2.76 2.62 2.42 2.22 2.00 Annual dividend rate at end of year 2.80 2.72 2.52 2.32 2.12 Book value 29.83 29.48 27.87 25.88 23.58 Common share closing price range-High 42 % 45% 30 % 25 23 %
Low 25% 29 % 22 % 16 % 18 %
- Based on the average number of shares outstandmg l
l 31
Trustees Tru: :cs er syst:m m:nig:m:nt si:ctric Divisi:n -
Ccmm:nwalth C:rporit] Divisi:n cJeremiah V. Donovan and Officers energy system
- Gerald E. Anderson, President and Chief Gerald E. Anderson, Chairman and Chief Operating Officer President and Chief Executive OITicer S. Robert Fox, Jr., Vice
'R,ussell D. Wright, Finan. President-Facilities le an a rman and Development ief Executive Officer of clal Vice President its principal subsidiaries
- James M. Brown, vice Andrew S. Griffiths, Vice President and Chief Infor- President - Administration m (4) William M. Crozier, Jr.,
Chairman of the Board and mation Oflicer Robert E. Healey, Vice President of BayBanks, Inc., ' Peter B. Spillane, Vice President - liuman Boston, Massachusetts President - Public Resources Relations Ronald F. MacDonald, (2) Henry Dormitzer, Executive Vice President,
- Michael P. Sullivan, Vice Vice President - Customer Wyman-Gordon Company, President, Secretary and Services Worcester, Massachusetts General Attorney John M. Powers, Vice m (4) Haynes H. Fellows, Jr.,
- John R. Williams, Vice President - Energy Supply formerly Vice President - President - fiuman Finance a Resources Gas Division New Engla,nd Comptroller, nd Telepnone William F. Burt, Assistant
- William G. Poist, President to the Chief Executive and Chief Operating Officer o on A as chuse s '
. nn rs, ce o) (4)
Walter J. Cotting, Assis. President - liuman Franklin M. Hundlef' A tant Vice President - Infor. Reso,ur,ces and il eu Fla er A ministration P.C., Boston, Massachusetts m tion Services (Attorneys) Edwin M. Holmes, Leonard R. Devanna, m Treasurer esident - Gas Calvin Siegal, formerly {ce President and Chief John A. Whalen, Executive Officer, Palm Comptroller Richard D. Johnston, Vice Beach incorporated, New President- Marketing and York, New York Customer Relations
- Member of Policy 01 Robert E. Siegfried, Committee Kenneth, Chairman of the Board of Vice Presi dent -M. Magosslan, Trustees of the System, Operations formerly Chairman of the Form IO-K Board and Chief Executive The System files annually a Officer, lhe Badger Com. report on Form 10-K with pany, Inc., Cambridge, the Securities and Exchange Massachusetts Commission. Many of the information requirements of m o) Sinclair Weeks, Jr., Chair- Form 10 K are satisfied by man of the Board, Reed & this 1987 Annu il Report.
Barton Corp., Taunton, flowever, a copy of Form Massachusetts to.K is available upon writ-m Gerald L. Wilson, Dean of ten request addressed to the School of Engineering, Michael P. Sullivan, Vice Vannevar Bush Professor, President, Secretary and Massachusetts Institute of General Attorney, Com-Technology, Cambridge, monwealth Energy System, Massachusetts P.O. Box 9150, Cambridge,
- Massachusetts 02142-9150
! m Member of Audit Committee m Member of Executive Com-pensation Committec l
m Member of Nominating Committee m Member of Benefit Review Committee 32
S"stem Facts syst:m campani:s jointly-owned .oii.rired Transr:r ag:nts cnd
, J generatmg umt and also Registr:rs Electric owns from 2M% to 4%% Common Shares Cambridge Electric Light interests in four nuclear Transfer Agent and Company power plants (located in Registrar'-
Canal Electric Company Massachusetts, Connecticut, Commonwealth Electnc The First National Bank of Vermont and Maine). Boston Company Territory of Utility Preferred Shares -
Gas Operating Companies Series A, B, C Commonwealth Gas Electric O rations-1,112 Transfer Agent: Common-Company wealth Energy System square mi s covering 41 Steam communities with popula- Registrar: State Street Bank COM/ Energy Steam tion of 560,000 and Trust Company Company Gas Opera' ions-1,067 Dividend Payments Other Companies square miles covenng 49 (Paid by the System subject COM/ Energy Services cities and towns (includin8 to declaration by Trustees) f Company (service company) 12 served with electricity) Preferred on the ist day of 1 COM/ Energy Acushnet Realty with population of January, April, Juiy, October l (leases land to Hopkinton 1,007,000 Common on the 1st day of l LNG Corp.) Customers February, May, August, COM/ Energy Cambridge Electric-322,000 November Realty (organized to hold Gas-216,000 Trustees Under Inden-vanous system non-utility tures of Trust Properties) Empi ces and Shareholders at The First National Bank of COM/ Energy Freetown Boston - The System's Realt (organized to Year-End Empt yees-2,649 Bonds deve op a parcel of land) Citibank, ?!.A. - Canal Elec-COM/ Energy Research Park Shareholders-19'373 tric Company Series B.and Realty (orgam, zed to Electric Plant D Bonds develop a research complex Capability-1,422.6 MW, in- State Street Bank and Trust m Cambridge) cluding sales under long- Company - Other sub-Darvel Realty Trust (joint- term contracts with other sidiary Companies' Long-owner of the Riverfront utilities of 429 MW term Debt and the System's Office Park complex) resultin in a net capability Bond Sinking Funds Hopkinton LNG Corp. (LNG of 993. MW service company) Peak demand-874 MW on Listing Affiliations in addition, the system January 14,1988 Common has a 1.4% interest in a Gas Plant New York Stock Exchange, Distribution lines-2,542 inc.
miles Boston Stock Exchange Peak day send-out-331,134 Pacific Stock Exchange, E~ ' 7 ' ' ' ' " '
. " ~ "~ ~~ 1 MCF on January 14,1988 incorporated
- %f
' A $o! e mes. .
+
r .
a ,? ..
j The name "Commonwealth The sole purpose of this
) c=*W $ 1- d Energy System" means the report is to give present
! en i trustees for the time being security holders information yp d'W '
d (as trustees but not in-
- j dividually) under a Declara-about this System and its i
. ', 4 subsidiary companies and it
- . is not a representation, pro-1 W.J)
[ . ...e . - -- ? ' ' . a, jy - 0] tion Decemberof Trust 31,1926,asdated spectus or circular in
-'yd4 ! amend-d, which is hereby 3 ,
respect to any security of lU' ,.< ._g 4 m . k e 4 c css es, pt y referred to, and a copy of this System or of its sub-r'
,. '5 ft .. '
which has been filed with sidiary companies.
the Secretary of The Com-
, co se I ' k' g jj 7 y .hdMg w y om -
monwealth of Massachusetts.
t A ( y IOggi,,p @&j 1% Thh3 Any agreement, obligation l \.,
'Rt e NNr.' '[gsT_ p '
, j or liabili,ty made, entered Into or incurred by or on
[
- Qq aT\4w h y[;,; # / 'lh, .,n, p -
,a=s i behalf of said System binds j, Q 1 only the trust estate, and
?jn 3 m;w, W
. -. m m w a - gs uw ,u - m -
] no shareholder, director,
- a trustee, officer or agent mE Gas Service Area assumes, or shall be held
- Electric Service Area to, any liability by reason al Gas and Electric Service Area thereof.
1 i . . . . . . . . . . . . _ . . .
COMEnergy -
~. Commonwealth Energy System
' Post Office Box 9150 i
, ) Cambridgei Massachusetts 02142 9150 Telephone (617) 225-4000 4
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EastemUtliitles 1987 Financial Suppiement i
Including Financial Statements of: ,
BlackstoneValleyElectric EastemEdison MontaupElectric This booklet has been prepared primarily for institutional investors and security analysts as a reference source. It is not intended for use in connection with any sale, or offer to sell, or solicitation of an offer to buy any securities. Allinquiries shou'd be directed to:
John R. Stevens Executive Vice PresHent Eastern Utilities Associates P.O. Box 2333 Boston, MA 02107 Telephone (617) 3S7 9590
Table of Contents 1 EUA' System Profile 1 EUA System Companies 2 Rate Relief and Regulation 3 Consol; dated income and Retained Earnings Statements 4 Consolidated Balance Sheet 5 Consolidated Capitalization 6 Consolidated Statement of Changes in Financial Position 7 Consolidated Operating Statistics 9 Subsidiary Company income and Retained Earnings Statements 10 Subsidiary Company Balance Sheets 11 Subsidiary Company Statements of Changes in Financial Position 12 Association Officers 12 Trustees ;
13 Dividend Reinvestment and Common Share Purchase Plan 13 Transfer Agent and Bond Trustee EUA System Territory
~
-::::::::~+'
q*I h-Y s k-(
! -b 52->
I i t c'
Legend G Blackstone Valley Electric Service Area O Eastem Edison Service Area O Montaup Electric Wholesale Territory
EUA System Profile System Companies
. astern Utilities Associ- Eastern Utilities Associates ates is an investor EUA Service Corporation owned holding com- EUA Power Corporation pany and the parent Montaup Electric Company company of the EUA Sys-EUA Energy investment Corporation tem. The EUA System is One Liberty Square principafly engaged in the P.O. Box 2333 generation, transmission, Boston, MA 02107 distribution and sale of elec-tricity to 248,000 custom- (617) 357-9590 John F. G. Eichorn, Jr., Chairman ers, covenng an area of Donald G. Pardus, President about 540 square miles.
The EUA System includes. Eastern Edison Company two retail electnc companres 110 Mulberry Street
- Eastern Edison Company Brockton, MA 02403 serving 167,000 customers (617) 580-1213 in southeastern Massacnu' Arthur A. Hatch, President setts and Blackstone Valley Electric Company serving Blackstone Valley Electric Company 81,000 customers in north- Washington Highway ern Rnode Island and two Lincoln, RI 02865 wholesale generation com- (401) 333-1400 panies - Montaup Electnc William R. Bisson, President I
Company, which supplies electricity to Eastern Edison, EUA Cogenex Corporation Blackstone and three unaffili. One Liberty Square ated utilities for resa!e and Boston, MA 02107 EUA Power Corporation, (617) 357-9590 which expects to sell power Joseph S. Fitzpatock, President to other utilities within New England.
In addition to the above utility companies, the EUA System includes EUA Cogenex Corporation, an en-ergy management and cogeneration company, EUA Energy Investment Corpora-tion a new subsidiary estab-lished to invest in cogeneration and small power production and EUA Service Corporation, which provides vanous manage-ment services to all EUA System companies.
1
R:t3 R:li:f cnd R:gulation The EUA System companies are subject to regulation by the Federal Energy Regulatory Commission (FERC) and by the Massachusetts and Rhode Island Commissions as more fully described below. FERC regulates about 76% of System operating revenues while Massachusetts and Rhode Island regulate about 15% and 9% respectively. The following I
table details recent rate relief granted.
Apphed For Irroiemented ( 1 ) E f'ect:s e ( 2 )
f Do!!ar Amovms /n Thousands /
Return on Annua' Annua! Annua' Equrty Revenue Date Rev enue Date Resenue Date Ahowed Federat Vontaup - M 7 $ 10.532 09/04/81 510,532 11/05/81 5 9,129 05/08/87 17 33 %
- M 75 4.165 02/19/82 4.165 04/21/82 -
06/30/87 17 33
- M-8 13.876 11/08/82 12.590 01/09183 11.078 05/08/87 16 80
- M-9 17.393 10/2//83 15.027 12/28/83 14.677 12/28/83 16 20
- M- 10 17.569 11/05/84 17.569 06/06/85 13.157 01/30/87 1540
- V- 11 27.379 12/05/85 23.483 04/23/86 23.002 01/30/87 14 50 Pagom 2 ( 3 ) (1.408) 06/04/37 (1.408) 07/21/87 14 50 FIT ( 4 ) t 7.086 ) 08/03/87 (7.086) 09/22/87 14 50 Massachusetts Eastern Ed son 6.900 07/15/83 109 01/31/84 15.25 FIT (4 ) (1.397) 06/11/87 (1.397) 07/01/87 15.25 Rhode Is'and B'adstone 7,400 04/11/86 2.410 02/01/87 12 40 FIT (4) (348) 01/04/88 12 40
( ) Denotes revenue decrease Notes:
- 1. All Montaup revenue requests were imp!emented on a subject to refund basis.
- 2. Per final FERC order or settlement agreement disposing of all outstanding issues.
- 3. Filing to terminate the co!!ection of the Pilgnm Unit 2 abandonment loss upon completed recovery.
- 4. Ref'ects the impact of reduced federat income tax rates resulting from the Tax Reform Act of 1986.
R:gulatory Commission Highlights e Federal Energy Regulatory a Massachusetts Department of a Rhode island Public Utilities Commissio.i: Public Utilities: Commission:
e Regulates Montaup which accounts for a Regulates Eastern Ed son which ac- a Regu!ates B!ackstone which accounts about 76% of System operating rese- counts for about 15% of System oper- for about 9% of System operat,ng nues ating revenues resenues c Consists of five members appointed by a Consists of three members, appo nted a Consists of three members, appointed the Pres: dent and conf,rmed by the by the Governor. Comm:ssioners serse by the Gosernor and confirmed by the Senate. Commtss:oners serse four-year for 4 years Term runs co-term < nous Senate. Commissioners serse six-year staggered terms Cha>rperson w th the Governor The Cha rman is staggered terms. The Cha rman is ap-appointed by the Pres: dent appo:nted by the Govemor. oointed by the Govemor o Present Commissioners are: a Present Comm<ss:oners are. m Present Cnmmiss:oners are Martha Hesse, (Cha rperson term ex- Bern ce K McIntyre (Cha roerson). Edward F. Burke (Cha rman, term ex-pires 1987* ) Anthony G Sousa. Robert N. Werl.n and Robert J. Keegan p<res 1989 ), Frank Nunes (term ex-(term exp:res 1988) . C M Naeve ( terms a'l exp.re 1991 ) . p res 1991 ) and Lva M Sapins!ey (term exp:res 1989), J Chades G (term expires 1993 )
Sta'on ( term exp.res 1987 * ), and Charles A. Tratandt (term expires 1988).
o Utazes pro;ected test per:od for rate m Utizes histor;c test per.od with adjust- a Uta zes n.stor.c test penod w th adjust-making rnents ments o A!!ows norma 52at:on for acce'erated de- m Acows normavat,on for acce'erated de- m Alows norma 5zation for acce:erated de- i preciat on and investment tax cred ts preciat>on, insestment tax cred ts and preciat:on. :nsestment tax cred4ts and deferred fuel costs deferred fuel costs e Perm,ts fuel and purchased power ad- a Perm.ts fue! and purchased power ad- m Perm ts fuel and pu' chased power ad-justment ciause justment c!auscs justment ciauses e Perm ts construct:on work in progress a Does not alow Cn1P in rate base a Does not anow CWIP in rate base (CWiP) in rate base for a'l ponut;on control expend tses and up to 50% of other CWIP expend tures
- Term has expired but may serve one more year or until successor appointed. Reappointment is I,kely.
2
1 l C:ns: lid;t:d incom: St.:t:m:nt Years Ended Decemter 31 1987 1986 1985 1984 1E83 1992 1977 (In Thousands & cept Number of Shares and Per Share Arnounts)
Operating Revenues $367.129 5343.324 $333.510 5361.325 5302.450 $288.417 $ 170.117 Operating E>penses:
Fuel 112.264 99.436 125.716 164.258 127.898 137.308 49.371 Purchased Power Demand 57.892 51.818 48.237 43.902 39.560 32.732 51.700 Other Operaten 65.787 54.722 48.710 45.639 43.107 40.156 25.876 Ma ntenance 13.941 11.134 10.771 10.764 7.609 7.852 4.851 DepreciaDon and Amort 2abon 21.132 20.423 16.752 14.953 14.571 13.379 8.659 Taxes - Other Than income 14,184 14.694 13.719 13.700 12.950 14.143 12.493 I
- 1,come ( Cred t ) 5.302 12.795 15.270 6.821 10.162 6.858 (1,113)
- De'ened 15.409 16.577 6.263 14.521 10.056 4.693 2.291 Tota! Operating Expenses 305,911 281.599 285.438 314.558 265.913 257.121 154.188 Operat ng locome 61.218 61.725 48.072 46.767 36.537 31.296 15.929 Equity in Ea nings of Nuc!ea Generat.ng Compan.es 1.480 1.692 1.657 1.428 1.331 1.121 6 54.c' .
Ahance for Oter Funds Used Durirg Construct on 19.534 6.852 11.694 11.536 12.684 6.657 452 Other income { Deductons ) - Net 124 I745) 303 1.117 751 152 (100)
Income 8efore Interest Cha ges 82,356 69.524 61.726 60.848 51.303 39.226 16.935 Interest Charges interest on Long-Term Dett 63.555 37.460 35.757 34.470 29.148 23.760 9.468 0:her Interest Expense 9,493 4.849 2.635 1.106 2.691 3.764 3.956 AMowance for Bonowed Funds Used Dunno Construct on (Cred ) (38,393) I10.381) (12.092) (10.516) (11.713) (9.203) (1.531)
Net interest Charges 34.655 31.928 26.300 25.060 20.126 18.321 11.893 Income Before Cumuatae Ef'ect of Change to Ve hod of Record ng Revenue 47.701 37.596 35.426 35.788 31,177 20,905 5.042 Cumu!aae E"ect on Years Pr or to 1977 of Accruing Est, mated UnhTed Revenue A+ter Deducbon of Re-lated Taxes of 52.630.600 2.526 Net income 47.701 37.596 35.426 35.788 31.177 20.905 7.568 Preferred Dwends of Subs.d, anes 4,155 5.106 5.656 5.735 5.813 3.964 1.633 Conschdated Net income $ 43.546 5 32,490' S 29.770 $ 30.053 $ 25.364 5 16.941 5 5.935 Average Common Shares Outstand ng 12.596.381 11.537.677 11.156.941 10.562.324 9.062.810 7.519.381 3.970.459 Consoldated Eam.ngs Per Awrage Common Sha'e $3.46 $2 82* $2 67 $2 85 52 PO $2 25 $ 150 Dvdends Per Common Share $2.2 7 $ 2 15 $2 03 $ 1 91 $179 51 70 $ 160 Consolidated Retained Earnings Statement Years Ended Decemter 31 1987 1986 1985 1984 1933 1982 1977 (In Thousands}
Consobda'ed Reta r ed Eamrgs -
Beg on+ng ef Year $ 64.698 5 56.943 5 49.727 5 39.731 S 30.396 5 26.137 5 21.440 Consondated Net income 43.546 32.490 29.770 30,053 25.364 16.941 5.935 Tota! 108.244 89.433 79.497 63.784 55.700 43.078 27.376 Decends Pa d - EUA Common Sha'es 28.482 24.735 22.554 20 057 16.n29 12.682 0.253 V<sce1aneous Ad.ustment - Detst 6 ConsoLdated Reta ned Earr,ngs -
End of Year $ 79.762 5 64.698 5 56.943 S 49./27 $ 39.731 S 30 396 5 21.116
- Includes a charge of $ 1. 784.000 or $O f 5 Ter sha'e a h>ch resu:taf l'om a rate case set!vmcr't reata to t?t cance:ed Seabrook Un.12 hnancialinformation includea hetern a'e not tr,terded to represert comp'ete Fmnca! Sw? rents 3
1 C~nsolid:t:d B2nc3 Sheet .
December 31, 1987 1986 1985 1984 1983 1982 1977 (In Thousands)
Assets Utd:ty Plant and Other Investinents:
Utsty Ptant-In Service $ 656,782 $614.330 $407.497 $ 394,107 $374,132 $358.599 $302.020 Less Accumulated Prowson for Depreciaton and Amorttzaton 174,173 157.813 143.497 134.077 125.568 117.396 80.597 Net Utdity Plant in Sennce 482.609 456.517 264.000 260.030 248.564 241.203 221.423 Constructon Work in Progress 429,245 358.708 335.130 283.216 249.700 172,057 33.739 Net Utsty Ptant 911,854 815.225 599,130 543,246 498,264 41 J,260 255.162 NonutAty Propere Net 152 153 886 892 901 903 1.088 lovestments in Nuclear Generating Compan4es 9,115 9.139 9.457 9,152 9.139 8,313 7,232 Decomm4ssoning Fund 10,000 10.011 Other 1,228 1.222 100 69 69 69 314 Total UtAty Plant and Other investments 932,349 835.750 609.573 553 159 508.373 422.545 263.796 Current Assets:
Cash and Temporary Cash investments 14 873 5.944 6.129 5,305 564 299 3.829 Accounts ReceNabte.
Customers. Net 32.445 29.803 34.005 34,187 30.831 t o.502 15.030 Accrued Unbtlied Revenues 7.069 9.839 7,799 11.859 10.801 5.810 5.864 Other 9,335 1.827 1.682 960 608 820 763 Matenats and Suppbes (at average cost).
Fuel 7,218 8.969 8.131 11.600 12.899 9.090 5.548 Plant Materss and Supp;es 7.323 6.882 6.417 5.893 5.653 5.578 4.455 Otner Current Assets 4,704 3.083 1.444 823 387 271 357 Total Current Assets 82,967 66.347 65.607 70.627 61.743 47,370 35,846 Deterred Debts:
Unamort' zed Debt Expense 18,811 16.201 5.579 5.853 5.734 2.170 915 Extraord: nary Property Losses 9.760 11.448 16.153 25.294 7,187 10.164 Other Deferred Deb:ts 27,329 24.768 17,524 6.338 2.098 7.010 4.340 Tot
- Deferred Debits 55,900 52.417 39.256 37.485 15.019 19.344 5,255 Total Assets $ 1,071,216 $954.514 $714.436 $ 661.4 71 $585.135 $489,259 $ 304.897
~
Litbilities and Capitalaation Cap.tahzaron:
Common Equ:ty $ 285,383 $225,156 $208.211 $ 191.619 $ 172.32 7 $ 140.973 $ 75.417 Non-redeemabte Preferred Stock of Subsid anes 15.079 15.079 15.079 15.079 15.079 15.079 21.000 Redeematie Preferred Stock of Subsid a'ies - Net 29.852 29.852 31,457 33.240 34,155 34.457 Long-Term Debt - Net 479.217 423.789 285.491 288.876 256.398 199.850 118.658 Total Cap <taSzaton 809.531 693.876 540.238 528,814 4'7,959 390.359 215.075 Cerent bakhties Long-Term Debt Due W, thin One Year 26,125 28,125 4.125 1.125 4,458 13.996 3.880 Notes Payab:e 38.035 63.444 25.373 51.850 Accounts Pa3abte 24,464 20.983 24.659 26.011 20.154 25.865 7,962 Redeemarte Preferred Stock Sinbng Fund Reautrement 897 856 309 268 Customer Desnsas 2,055 2.052 1.958 1.837 1.799 1.880 1,051 Tames Accrued 5,922 5.009 5.881 4.659 7.231 3.541 1,407 Deferred Taxes 2,714 4.083 3.830 3.046 3.240 2.4 45 2.991 Interest Accrued 13.282 12.348 10.032 9.982 5,749 6.340 1.603 Other Current LabAt:es 10.009 9.690 8.531 4.828 3.537 1.135 99 Total Current L:abat es 122,606 145.734 85.286 52.344 46.477 55.470 70.843 Deferred Cred ts -
Unamort> zed imestment Cred.t 47,832 41.253 30.647 27.089 21,254 t 3.619 6.921 Other De+ erred Cred ts 1,191 225 148 951 104 122 512 Total De' erred Cred ts 49,023 41.478 30.795 28.040 21.358 13.741 7.433 Accumutated Defe' red Ta=es 90,056 73.426 58.117 52.273 39,341 29.689 11.546 Total Liabees and Capitanzaton $ 1,071.216 $954.514 $714.436 5661.471 $585.135 $489.259 $304.897 financoa! rnfonravon sncluded herein are not intended to represent comp >te Financial Statements I
l 4
C:nsolid;ted St:t m:nt of C: pit::liz: tion Decernber 31, 1987 1986
((Wlar Amounts in !housands}
Eastern Utdives Associates:
Common Shares,
$5 par va've. authorized 36.000.000 shares, outstanding 12.966.062 shares in 1987 and 11.676.229 shares in 1986 $ 64.830 $ 58.381 Other Paidon Cap 4tal 142.841 104.030 Common Shares Expense (2.050) (1.953)
Reta,ned Earnings 79,7S2 64.698 Total Common Ecu'ty 285.383 35.2% 225.156 32 4 %
l Preferred Stock of Subsidanes:
Non Redeemable Preferred.
B:ackstone Vaney Electre Company l 4 25%. $100 par vatue 35.000 shares (1) 3.500 3.500 l 5 60% 5100 par va:ue 25.000 shares (1) 2.500 2.500 Premium 129 129 Eastern Ed. son Company.
4 64%. $100 par value 60.000 shares (1) 6.000 6.000 8 32%. $100 par va've 30.000 sha'es ( 1 ) 3.000 3.000 Expensc. Net of Premium (50) (50) 15.079 1.9 15.079 22 Redeemable Preferred Eastern Edison Company 9 00% $100 par va!ue 150.000 shares ( 1 ) 15.000 15.000 13 25% S100 par va'ue 150.000 shares ( 1 ) 15.000 15.000 Expense. Net of Prem;um (148) i 148) 29.852 3.7 29.85? 43 Long-Term Debt:
Eastem UtAties Assoc:ates Senior Notes 10%% due 1999 18.000 19.125 EUA Service Corporation-Notes Payable (Vanous Matunt-es at Money Market rates) 15,750 9.738 EUA Pov.er Corporat:on 17%% Senes A Secured Notes due 1991 180.000 149.450 B ackstone Va"er Electre Company.
First Mortgage Bonds 14%% due 1995 (Senes A) 24.000 27.000 Vanab:e Rate Demand Bonds Due 201412) 6.500 6.500 Eastern Ed son Cortpany.
First Mortgage and CoHatera! Trust Bonds 4%% due 1987 3.000 13 9% due 1987 (second ser:es) 10.000 13 9% due 1987 (tNrd senes) 11.000 14 2% due 1988 (second senes) 19.000 19,000 4%% due 1988 3.000 3.000 16%% due 1992 24.000 4%% due 1993 5.000 5.000 6%% due 1997 7.000 7.000 10%% due 1997 35.000 8%% due 1999 5,000 5,000 7%% due 2002 8.000 8.000 8%% due 2003 10.000 10.000 12%% due 2013 39.000 40.000 9%% due 2016 55.000 55.000 10% due 2017 35,000 Po!1uton Control Revenue Bonds.
10%% due 2008 40.000 40.000 Unamort zed Prem um 92 ,
101 505.342 451.914 Less Portion Due W>th>n One Year 26.125 28.125 Total 479.217 59 2 423.789 61 1 Totat Capitatzaton $809.531 100 % $693.876 100 %
(1) Authonted and Oatsta'>d,ng.
(2) Wergnied a','erage inte? cst rate us 5 2% for 1987 and 4 9% for 1986 financial soformation oncluded herein a'e not intended to represent complete Financial Statements 5
Y l Cons: lid:t:d St::tzm:nt of Chrng:s in Fin:nci:1 Position Years Ended December 31, 1987 1986 1985 1984 1983 1982 1977 (In Thousands}
Source of Funds Interna!!y Generated:
Income After Interest Charges $ 47,701 S 37.596 5 35.426 5 35.788 5 31.177 5 20.905 5 7.568 Poncipai Non-Cash Charges (Cred.ts) to income Depreciaton 20.322 17.336 13.650 12.653 11,618 11.277 9.360 Amorteaton 5.845 5.915 3.970 3.103 3.450 3.223 211 Deferred Taxes 15.409 16.577 6.263 14.521 10.056 4.694 1.974 investment Tax Cred.ts. Net 6.578 10.607 3.558 5.835 7.635 5.565 (123)
Ecu tv in Und:stributed Earnmgs of Nuclear Generat ng Companies 24 318 (304) (13) (753) (500) (40)
A%ance for Funds Used Dunng Constructon (57,927) (17.234) {23.786) (22.052) (24.357) (15.860) (1.983)
Funds from Operatens 37.952 71.114 38.777 49.835 38.786 29.304 16.967 Proceeds from Osl Conservaton Ad;ustment 9.239 3.559 16.934 16.815 10.314 Less Dvdends Declared EUA Common Dvdends (28.482) (24.735) (22.554) (20.057) (16.029) (12.682) (6.253)
Subs:d ary Preferred Dvidends (4,155) (5.106) (5.656) (5.735) (5.813) (3.964) (1.633)
Intema"y Generated Funds 14.554 44.832 27.501 40.858 27.258 12.658 9.081 External Sources-Proceeds from Sa e of Common Shares 45.260 9,224 9.377 9.443 22.239 26.975 10.976 Proceeds from Sa e of Bonds - Net 106.562 211.438 750 66.081 61.019 24.000 Proceeds from Sa:e of Preferred Stock 15.000 15.000 (Decrease) Increase in Short Term Debt (25.409) 38.071 25.373 (27.100) 8.425 Other - Net 2,034 4.269 421 3.602 5.140 2.418 339 Funds from External Sources 128.447 278.002 35.921 79.126 88.398 41.293 19.740 Total Source of Funds $ 143.001 5322.834 5 63.422 5119.984 5116.656 5 53.951 S28 821
_==
ApphcatH)n of Funds Constr cton Expend tures $126.856 5 64.371 5 78.192 5 95.211 S103.309 $ 77.096 524.008 Less Ahance for Funds Used Dunng Constructon (57.927) (17.234) (23.7861 (22.052) (24.397) (15.860) (1.983)
Cash Construct on Espend tures 68,929 47.137 54.406 73.159 78.912 61.236 22.025 Acesston of Add:tona Seabrook Ownership 176.484 Decomm'ss.onrng Fund 10.011 Ret,rement of Long-Term Debt 53.125 49.125 1.125 36.925 13.996 Rcteement of Preferred Stock 17.690 1.800 310 300 300 investment in Subs.d.ary Company 1.067 increase (Decrease) in Work.ng Cap.ta! 10.969 1.719 (8.764) 39 14.663 (10.454) 5.264 Other Apphcations - Net 9.978 19.601 14.855 9.551 7.785 2.869 1.532 Total AppFcat:on of Funds $ 143.001 S322.834 5 63.422 5119.994 5115.656 5 53.951 S28.821 Changes en Components of Working Capital
- l Cash and Temporary Cash investments S 8.929 5 (185) S 824 S 4.721 S 264 S (809) 5 (414) i Accounts Recervabte 7.381 (2.017) (3.520) 4.767 10.107 (4.546) 5.011 l Matena's and Supp'es (1.310) 1.303 (2.945) (1,059) 3.884 3.152 (429) 1 Other Current Assets 1.620 1.639 621 435 117 (176) 120 l Accounts Payabte (3.481) 3.676 1.352 (5 856) 5.711 (7.331) 710 ;
Accrued Taxes (914) 873 (1.223) 2.572 (3,690) (73) 1.038 I Other Current Liabat es (1.256) (3.570) (3.873) (6.561) (1,730) (671) (772) l l
Increase (Decrease) in Work.ng Cap:ta! S 10.969 5 1.719 5 (8.764) S 39 5 14.663 $ ( 10.454 ) S 5.264
- (&cluang Short Term Det>t. Current Deferred Taxes and Redeemab'e Preferred Stock Sog Fund Reqwrement)
Financialinformaton included herein are not intented to reocsent ccnwete financia! Statenents 6
l C:n:olidnt:d Oper: ting St:tistics Years Ended December 3 6 1987 1986 1985 1984 1983 1982 1977 Energy Generated and Purchased (mahons of kah):
Generated - by Somerset Stanon 1,294 887 1.31 f 1.180 1.123 738 667
-by Nuclear Units 390 543 1 065 458 1.019 861 782
- by JointN-Owned Un<ts 2.050 2.101 1.595 1.507 1.724 1.632 1.599
- by Lfe of the Un:t Contracts 569 667 697 814 452 706 830 '
Purchmed Power - Unit Power 207 309 223 480 168 161 259 intercharge with NEPOOL 236 157 (387) (136) I285) (49) (284)
Total Generated and Purchased 4,746 4.664 4.509 4.303 4.201 4.049 3.85J
=
Operating Resenues (thousands):
Resident 6a! $ 124.047 5115.744 5110.682 5121.623 5104.101 5 97.161 $ f J.012 Commercial 114.857 105.777 98.826 105.310 89.225 83.519 44.931 Industria! 72.218 6/.973 66.707 75.850 58.901 56.468 30.054 Other Electric Utiht es 18,740 16.189 15.779 23.909 16.212 18.289 11.418 Other 11.192 15.019 8.990 9.396 13.463 10.761 8,324 Totat Pnmay Sa'es Resenues 341.054 320.702 300.984 336.088 281.902 266.198 150.739 Unit Contracts 23,372 22.622 32.526 25.237 20.548 22.219 6.961 Non Elmtre 2,703 Total Operating Revenues $367,129 5343.324 5333.510 $361.325 5302.450 $288.417 $ 157.700 Energy Sales imilhons of kah):
Res dent,a! 1,328 1.262 1.212 1.205 1.197 *1.137 1.121 Commercia 1,325 1.243 1.169 1.113 1.103 1.044 1.000 Industnal 863 855 833 856 810 772 788 Other Electnc Utd.t es 365 372 382 396 386 365 399 Other 28 28 29 30 34 36 48 Totai Pnma y Sa'es 3.909 3.760 3.625 3.600 3.530 3.354 3.356 Losses and Co rpany Use 231 211 197 215 201 206 242 Tota! System Reqpemerts 4,140 3.971 3.822 3.815 3.731 3.560 3.598 Unit Contracts 606 693 687 48t 470 489 255 Totat Energy Sa:es 4.746 4.664 4.509 4.303 4.201 4.049 3.853 Number of Custorrers Res: dent:a! 221.480 217.899 214.454 211.622 209.678 207.702 199.063 %
Commercia! 25.480 24.356 23.161 22.177 21.605 21.133 21.501 Industnal 1,237 1.250 1.238 1.209 1.189 1.210 1.513 Other Electoc Utit es 7 15 15 16 12 18 16 Other 29 30 30 29 31 31 222 Tota! Customers 248,233 243.550 238.898 235.053 232.515 230.094 222.315 Aserage Resenu e per Resident a! Customer (S ) 560 531 516 575 496 468 281 Aserage Use per Res, dent <al Customer Own) 5.996 5.792 5.582 5.694 5.708 5.474 5.621 A erage Res enue per kn h:
Res. dent;al 9.34 c 917e 913c 10 09 c 8 70c 8 55c 5 03c Commercia' 8 67c 8 51 c 8 45c 9 46c d 09c 7 99c 4 53c Industr.a! 8.37 c 7 95c 801 c 8 86e 7 27c 7 31 c 3 83c hnancialinformation inc60ed l'erein re not omenoM to represent comOcte hnsnca Statemems 7
Ccn olidated Operating St:tistics - G:n:r:I ,
Years Ended December 31 1987 1986 1985 1984 1983 1982 1977
(.1 Thousands)
Caoitalizat on:
Bonds (Net) $267.500 $246.500 $263.500 $266.500 $226.219 $165.950 $ 83.658 Other Long-Term Debt 211,717 177.289 21.991 22.376 30.179 33.900 35.000 Tota! Long-Term Debt 479.217 423.789 285.491 288.876 256.398 199.850 118.658 Preferred Stock 44.931 44.931 46.536 48.319 49.234 49.536 21.000 Common Equ ty 285.383 225.156 208.211 191.619 172.327 140.973 75.417 Total Cap,tal<zat.on $809.531 $693.876 $540.238 $528.814 $47 7.959 $390.359 $ 215.075 Common Shares Data:
Earn <ngs per Average Common Share ($) 3.46 2 82 2 67 2.85 2 80 2 25 1 50 Dedends per Share ($) 2.27 2.15 2 03 1 91 1.79 1.70 1.60 Payout ( % ) 65.6 76 2 76 0 67 0 63.9 75 6 106 7 Average Common Shares Outstand.ng 12.596.381 11.537.677 11.156.941 10.562,324 9.062.810 7.519.381 3.970.459 Total Common Shares Outstand'ng 12.966.062 11.676.229 11.376.471 10.892.886 10.192.304 8.788.991 4.232.862 Book Va've per Share (5) 22.01 19 28 18 30 17.59 16 91 16 04 17 82 Percent Eamed On Aserage Common Eau,ty ( % ) 17.1 15 0 14 9 16 5 16.2 13 5 85 Market Pr.ces ($)
H.gh 40% 39% 26 4 18 18 % 14 % 19 %
Low 24 25% 16 % 12% 13 N 11 16%
Year End 28 38% 25?v 18 14 ?b 14% 1646 Misceaaneous ($ en thousands):
i Total Construction Expend:tures ($) 126.856 64.371 78.192 95.211 103.309 77.096 24.008 i Cash Constn;ct.on Empend tares ($) 68.929 47.137 54.406 73.159 78.912 61.236 22.025 l Internah Generated Funds as a % of Cash
- l Constructon ( % ) 21.1 95 1 50 5 55 8 34 5 20 7 77 0 insta9ed Capabaty - MW 1.091 971 987 931 931 927 988 Less Short-Term Sa'es - VW 108 108 110 75 75 70 49 l
System Capabety - MW 983 863 877 856 856 857 939 System Peak Demand - MW 782 691 738 716 700 680 668 Reserve Marg n ( %) 25.8 24 9 93 19 5 22 3 26 0 40 6 System Load Factor ( %) 60.4 65 6 59.1 60 6 60 8 59 8 61 5 Sources of Energy ( % )
Nuc! ear 15.1 19 0 26 2 10 9 23 8 22 2 18 7 Coai 31.1 22 0 34 1 29.3 16 3 OJ 53.8 59 0 39 7 59 6 59 9 77 8 81.3 Cost of Fuel (Mas per kwh).
Nuclear 9.2 86 70 89 65 63 24 Coa' 20.5 23 7 23 7 27 8 21 6 OJ 28.3 23 6 41 2 43 6 41 5 41 5 21 5 M Fue s Corrt,ned 23.0 20 8 26.3 36 1 30 7 34 1 17 5 l
I l
fonancialinformation included herein are not intended to represent cornpie.'e Financ'al Statements 8
L /
Subsidiary incoma St:tzm:nts Blackstone Vaney Eastern Edison Montaup Electnc Ye'rs a Ended Decerreer 31, Elect c Company Company ( A) Company
- (M 17)ousands) .
~ '
1987 1986 1987 1986 1987 1986
. Operatog Revenues $115,402 $ 110.063 $207.366 $195.472 $279,126 5256.168 i
. Operating Expenses:
~
Fuel 112,264 - 99.436 Purchased Power . 81,107 '/ 5.984 151,874 '138.738 58,637 51.623 Other Operaton 13,846 12.111 26,188 23.918 26,091 22,316 Maintenance 2.722 2,198 4,387 3.714 6,816 5,215 Depreciaton and Amortizaten 3,202 2.866 6,709 6.237 11,168 11.313 Taxes - Other Than income 7,647 7,250 2,951 3,730 3.474 3.712
-income (Credit) 1,079 (396) 4,003 (1,090) 13,146 l b.955 -
- Deferred (Cred.t) (437) 2.147 890 7.946 5,772 5.213 Total Operatng Expenses 109.166 102.160 197,002 183,193 237,368 214.683 Operating income 6,236 7,903 10.364 12.279 41,758 41,485 Equity n Eamengs of Subs.d, anes 29,871 28.563 1,480 1,693 Interest from Associated ComiW 22,891 22.963 ADowance for Other Funds Used Dunng Constructon 43 65 126 6,802 5,732 Other 1ncome (Deducions ) - Net 295 (75) (79) (15) (110) (1.480)
Income Before Interest Charges 6,574 7.893 63,047 63,916 49.930 47.430 Interest Charges:
Interest on Long-Term Debt 4,114 4.589 26,121 27.881 22,891 22.563 Other interest Expense 519 393 1,320 834 5.088 3.216 A3owance for Borrowed Funds Used Durog Constructon (Cred.t) (55) (100) (103) (165) (7.920) (7,312)
Net interest Charges 4,578 4.882 27,338 28.550 20.059 18.867 income Aher interest Charges 1,996 3.011 35,709 35.366 29,871 28,563 Preferred Dmdend Reauirement 289 289 3,866 4.818 fiet income $ 1.707 $ 2,722 $ 31,843 $ 30.548 $ 29.871 $ 28.563*
J Subsidiary Retained Earnings Statements Years Ended December 31 1987 1986 1987 1986 1987 1986 (in Thousands)
Retaned Eamings - 8eg>nnog of Year $ 5,697 $ 6,145 $ 84.637 $ 79.210 $ 57,826 $ 53.627 income After interest Charges 1.996 3.011 35,709 35.366 29,871 28.563 Total 7,693 9.156 120,346 114,581 87,697 82,190 Dedends Pa4 - Preferred 289 289 3,866 4.818 438 429
- Common 1.896 3.170 26.803 25.!26 24,420 23.935 Reta<ned Eamings - End of Year $ 5.508 $ 5 697 $ 89.677 $ 84.637 $ 62,839 $ 57.826
- Inchades a charge of $1,784000 whrch resulted from a rate case seWement relative to the cancelled Seabrook Unit 2.
Note k Montaup Ekctnc Company is a wholly owned subsidiary of Eastem Edison Company. For the purposes of these fenancialstatements Montaup has not been conso!> dated with Eastem Ed. son.
Financialinformaton onckhed hetern are not sntended to represent compkte financial Statements.
9 t .
Subsidi:ry B2nce Sh::ts ,
B'ackstone Vaney Eastern Ed son Montaup Electric December 31 Electric Company Company ( Al Company (In Thousands) 1987 1986 1987 1986 1987 1986 Assets Utsty Piant and Other Investments:
Ut4ty Plant in Serwce $ 99,083 5 94,508 $170.529 5160.978 $357,736 $350,017 Less Accumufated Provison for Depreciaton and Amorteat>on 26,734 25.414 44,',31 41.198 99,213 88.291 Net UtAty Plant in Serece 72,349 69.094 125.898 119.780 258,523 261,726 Constructon Work n Progress 584 1.064 433 1.250 176,293 168.540 Net Ut+ty P: ant 72,933 70,158 126,331 121.030 434.816 430.266 Nonut Aty Property - Net 55 56 96 96 1 1 insestments in Subsda y Compan e? t at Equ:ty) 357,690 358.253 9,115 9.139 Other Investments (at cost) 24 24 95 95 18 18 Tota: Ut My Plant and Other investments 73.012 70.238 484,212 479.474 443,950 439.424 Current Assets:
Cash and Temporary Cash Ir%estments 582 319 10,477 463 254 315 Accounts Recesab'e' Customers. Net 8,520 8.592 17,078 16.415 5.924 4.795 Associated Compan,es 366 317 6,321 6.360 3,030 10.F 4 Accrued Unbmed Revenues 1,133 3.219 5,936 6.620 Other 1,726 611 1,383 756 5,728 347 Matena's and Supptes (at aserage cost)
-Fuel 7,218 8.969 Plant Mater +a's and Operat>ng Suppies 1,447 1.262 3.585 3.506 2,290 2,113 Oter Current Assets 449 277 849 576 3,183 2.039 Total Current Assets 14,223 14.597 45.629 34.696 27.627 28.842 Deferred Detats.
Unamorttzed Debt Expense 638 729 11,701 9.135 37 40 Estraord.na'y Property losses 9,760 11.448 Other Deferred Debits 4.524 4 353 14,743 14.118 4,169 1.869 Total Deferred Deb:ts 5,162 5.082 26.444 23.253 13.966 13.357 Tota! Assets $ 92,397 $ 89.917 $556,285 $ 537.423 $485.543 $481.623 Lilbstes and Capitataation Catura&zarcn-Common Eauw $ 29,319 $ 29.508 $209,166 $ 204.12 7 $175.967 $ 170,954 Non-Redeemab'e Preferred Stock 6.130 6.130 8.950 8.950 1,500 1.500 Redeematie Preferred Stock 29,852 29 852 Long-Term Dett - Net 27,500 30.500 239,092 216.101 180.223 185.799 Tota: Cap tat zat on 62.949 66.138 487,060 459.030 357.690 358.253 Current bab.:.t:es 1 Long-Term Dett Due Within One Year 3,000 3.000 22.000 24.000 l Notes Payable 4.539 29.930 22.789 Acccunts Payade - PubSc 1.947 384 1,198 816 16.281 15.264 ;
- Assoc <ated Compan es 2.947 2.224 774 8.143 429 265 I Customer Depos is 1.142 1.038 913 1.013 Tames Accrued 3,731 3.602 1.274 1.516 1,562 3.712 Deferred Taxes 853 1.290 1,861 2.793 Interest AccNed 564 470 7,957 8.235 6.041 6.196 l 0:ner Current babat es 5,046 1.348 4,635 486 139 7.819 Tctal Current L<aN t es 19.230 13.356 40.612 51 541 54,383 56.041 l D=?e' red Creats l Unamort zed Investment Cred t 4,049 4.351 7.561 7.274 21,087 20.633 l 0:ner De' erred Cred ts 254 84 101 106 1 ;
1 Tota! De' erred C'ed ts 4.303 4.435 7.662 7.380 21.088 20.633 Accumu!ated Deferred Tases 5,915 5 988 20,951 19.472 52,383 46.696 Tota' Liaba t es a^d Cap.ta'zaton $ 92.397 $ 89 917 $556.285 $ 537.423 $485.543 $481.623 hn8Mial n/ iO! mal!On it'clDM hertr) a'e rCl intended tC mp'esent comp' ele Enanc al Statements 10
Subsidi;;ry St:t:m:nts of Ch:ng:s in Fin:nci:t Position B!ackst; ne Vaney Eastern Ed. son Montaup Electric Yets Ended December 31. Electr c Company Company ( A) Company Un Thousandsj 1987 1986 1987 1986 1987 1986 Source of Funds Interna!!y Generated Income After Interest Charges $ 1,996 5 3.011 $ 35,709 $ 35.366 $ 29,871 S 28.563 Princ pal Non-Cash Charges (Cred,ts) to income Depreciat on 3,202 2.866 6,709 6.237 9,279 7,761 Amortizaton 91 91 321 254 3,837 5.431 De' erred Taies (439) 2,147 890 7.946 5,772 5.213 investment Tax Credits, Net (303) (217) 288 (137) 453 1.966 Equity in Und,stributed Earnings of Substd aries 565 (4.199) 23 318 Anowance for Funds Usea Danng Constructen (98) (166) (103) (290) (14,722) (13.044)
Funds from Operatons 4,450 7.732 44,379 45.177 34.513 36.208 Proceeds from Oil Conservaton Ad,ustment 9,239 3.559 Less Dedends Dec!ared Common Oncdends (1,896) (3.170) (26,803) (25,126) (24.858) (23.935)
Preferred Onodends (289) (289) (3.866) (4.818) (429)
InternaW Generated Funds 2.265 4.273 13.710 15.233 18,894 15.4 5 External Sources-Proceeds from Cap tal Contr buton 5.000 Proceeds from Sa e of Preferred Stock 15.000 Proceeds from Sa'e of Long-Term Debt 70,000 55.000 (Decrease) Increase in Short-Term Debt (4,539) 4.539 7,145 (2.588)
Other - Net 256 8 945 1 4.048 Funds from Externa: Sources 256 5.008 65,461 75.484 7,146 1.460 Total Source of Funds $ 2,521 5 9,281 $ 79.171 5 90.717 $ 26.040 $ 16.863 Application of Funds Constructon Expend.tures $ 5.383 5 4.886 $ 11,954 $ 12.542 $ 24,949 $ 31.227 c Less Allowance for Funds Used Daring Constructon (98) ( ,6) (103) (290) (14.722) (13.044)
Cash Constructon Expend tures 5,285 4.720 11,851 12.252 10.227 18.183 Retirement of long-Term Det:t 3.000 3.000 49,000 45.000 5.577 (124)
Retirement of Pre' erred Stock 17.690 (Decrease) Increase in Worbng Cap'tal (6.602) 1.012 14.392 7.546 7,587 (2.614)
Other Appbcatons - Net 838 549 3.928 8.229 2.649 1.418 Total Apptcatton of Funds $ 2,521 $ 9.281 $ 79.171 5 90.717 $ 26,040 5 16.863 Ch:nges in Components of Wortung Capital' Cash and Temporary Cash insestments $ 263 5 (241) $ 10.014 5 280 $ (60) $ 170 Accounts Recevab'e (995) 1.491 567 2.081 (724) (9.922)
Mater 1a's and Supphes 185 (16) 79 236 (1.574) 1.083 Other Current Assets 172 139 271 250 1,143 1.202 Accounts Payao'e (2,286) 1,309 6,988 5.605 i1,180) 6.060 Accruea Taxes (129) (300) 242 (1.380) 1 3,892) (1.310)
Other Current Liabat,es (3.812) (1.370) (3.769) 474 '3.874 103 iDecrease) increase in Woring Capta' $ ( 6.602 ) $ 1.012 $ 14.392 5 7.546 $ 7,587 5 (2.614)
- (Exc:ad:ng Short-Term Deb', Current Deterred Tanes and Redeemab e Pre' erred Stock Sneg Fund Reseerrent) r r~anDa! deformal:on inc?UYtY rWein a?@ nOf on[Und&j IO reQreWr'$ cord (Oe?e fM(ts! Stmerner:ts l
11 I _ _ - _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Trustee 3 Associztion Offic:rs '
OlivIr F. Am s ( A, P) John F. G. Eichorn, Jr. .
Director, Fiduciary Trust Company, and Chairman and private trustee, Boston, Massachusetts Chief Executive Officer John E. Conway ( A, P) Donald G. Pardus Chairman, Jack Conway & Co., Inc. President and Hanover, Massachusetts Chief Operating Officer Robert 1. Dexter ( A, P) Robert E. Maguire Chairman, Abington Mutual Fire Executive Vice President insurance Company, John R. Stevens Abington, Massachusetts Executive Vice President John F. G. Eichorn, Jr.
Robert P. Tassinari Chairman and Chief Executive Officer Vice President of the Association Richard M. Burns Patar B. Freeman (C, F)
Comptroller Corporate Director and Trustee Providence, Rhode Island Clifford J. Hebert, Jr.
reaswer Nathan H. Garrick, Jr. (C, F)
Retired William F. O'Connor Secretay Robert E. Maguire Executive Vice President of the Association Wasizy W. Marple, Jr. (C, F)
Professor of Business Administration, Northeastern University.
Boston, Massachusetts Donald G. Pardus President and Chief Operating Officer of the Association Mitgiret M. Stapleton ( A, P)
Vice President, John Hancock Mutual bfe Insurance Company, Boston, Massachusetts D. R:id Weedon, Jr. (C, F)-
Senicr Vice President, Arthur D. Little, Inc.
Cambridge, Massachusetts A-frdcates member of Audit Committee C-irdcates member of Compensaton and Nominating Committee F-Indicates member of F^ance Commatee P-Indicates memter of Penson Trust Committee 12
- - _ _ _ _ _ _ _ _ _ _ _ _ l
Divid:nd R:inv:stm:nt cnd Transf:r Ag:nt Cqmm6n Sher 3 Purchts: PI:n The First National Bank of Boston A Dividend Reinvestment and Common Share Purchase P.O. Box 644 Plan is available to all registered shareholders and System Boston, MA 02102 company employees. (Common and Preferred Shares)
Participants in the Plan are given a 5% discount o i shares purchased with reinvested dividends. Participants Bond Trustee may also make additional cash payments as frequently as State Street Bank and Trust Company once a month to purchase additional shares with no 225 Frankhn Street discount. Optional cash payments are kmited to a Boston, MA 02110 maximum of $5,000 per calendar quarter and must be (Bends of all senes) received no later than the 5th day preceding the Investment Date to be invested in that month.
The investment Date for all shares purchased under the plan is the dividend payment date for the mor.ths in ,
which dividends are payable. For each month in which a The name Eastem Utihties Associates is the designation devidend is not payable the Investment Date is the 15th of the Trustees for the time being under a Declaration of of such month. The price of shares purchased as based Trust dated Apnl 2,1928, as amended, and allpersons on the average closing pnce of EUA shares for the five dealing with Eastern Utihties Associates must look solely trading days preceding each investment date. to the trust property for the enforcement of any claims against Eastern Utilities Associates as neiti,:.r the Trustees.
Officers nor Shareholders assume any personalliability for obligations enteredinto on behalf of Eastern Utilities Complete details regarding the Plan may be obtained by Associates.
wating:
Wilkam F. O'Connor, Secretary Eastern Utikties Associates P.O. Box 2333 Boston, MA 02107 m Annual Meeting The 1988 Annual Shareholders Meeting will be held on Tuesday, Apnl 26,1988 at 10 a m. in the Board Room on the 33rd Floor at State Street Bank ar.d Trust Company, 225 Frankhn Street, Boston, Massachusetts.
13
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6 ()}92Q~~ tYA );c.. FINAL 4
, , UsDA REA This dita u di be s. sed by REA to review y one r Forr., .typrm , ,g finar.eial situation. Your resporue is required 0.51B No. 05 7.'.thfit; 17 tlS C. 901 et seq I and is not con fidentual. Es pirws 06/30169 FINANCIAL AND STATISTICAL REPORT BORROWER DESIGNATION N.H. MerrimaCk INSTRUCTIONS Submit an original and four copies to REA. Hound arl MONTH ENDING REA USE ONLY~
amounts to nearest ooiiar. se. ncA E c u.2. December 31, 1987 CERTIFICATlON We hereby certify that the entries in this report are in accordance with the accounts and other records of the system and reflect the status of the system to the best of our knowledge and belief.
ALL INSURANCE REQUIRED BY PART 1788 OF 7 CFR CHAPTER XVil, REn.WAS (N FORCE DURING THE REPO TING PERIOD AND RENEWALS HAVE BEEN OBTAINED FOR ALL POLICIES.
l bl /7 '# , ,, / _
March 4, 1988 8 GN ATUJE_c,F @4W3MM6sE.ACCcVNTANT CATE
./ e-71 ] dMM -- - ._ March 4 1988
// SIGN ATURE oF MANAGER oATE PART A. STATEMENT OF OPERATIONS Y E A R.T O-DAT E ITEM THIS MONTH LAST YEAR THIS YEAR BUDGET (M tbl fel id)
- i. econ.n, n.. nue ano puronas. Casitu $38.229,326 $44,261,284 $38,796,530 $4,464,835
- 2. po.u proeuction e,o.ni. -- -- -- --
3.Costolpurcnn opo u S22,939,478 S27,507,098 $23,834,579 $2,797,496 4 T,a ninuiiio n c a pe, . .
3,503 1,012 16,400 21
- s. o.n,,evoon c ocens. . oconion. 324,601 960,392 909,850 75,715
- 6. oint.ovoon c,oens. . uaint nance 1,135,959 1,209,389 1,233,550 139,497
- 7. Consumu Accounti E,ceni. 1,113,308 1,228,775 1,213,975 118,765
- s. Custome s.r..c. ano inf ormanona e,cens. 59,708 68,749 61,053 6,705
- 9. s.ies e ,ceni. . -- -- -- --
- 10. Admin.suniv. a nd G enpal E m pense 2.051.095 2,293.216 2,317,587 280.203
- n. Totu ocouion i. Muntenance E ncense (2 thu 10) $28.128,152 $3',268.631 $29.586,994 $3,418,402
- 12. c.c,ec. anon ana Amorunoon c ceni. 2.515.873 2.788.880 2.996.498 242.760 t a. Ta c,seni. . procuiv 828.4f5 1 991.980 909.060 156.753 14 T a . c , c.n s. . o u. .,
591.701 669.018 626.264 63.480
- 15. ntouton tons.Tu-n ceet. 14.026.682 14.705.207 15.276.057 L_283. 866
- 16. Interest Charged to Constrwction . Crec.t l__10.040.3631 ( 10.397.571 1 ( 10.555.456 I ( 909.130 1 i i. inineit c c.nse . ctru (29.R50 (28.605) (30 dQ0) 13.488 is. cinu ceascnons . __
?n (.Lu '4.961 4 131,880 24,533
- 19. T ot al Co*t of E ier.tr'c se r vic e (11 t* ru 13) 536,228,797 $42,041,810 $38,941,197 $4,299,152
- 20. puronn. Cacav a. ccuaun, ua,rni n -nes is) $ 2,000,529 S 2,219,474 S (144,667) $ 165,683
- 21. non ecu u m vuons . intuest . 535.574 662.902 675,500 74,318 2 2. Allowa nc e fc r F undi Use d Curin g C ensur ! cn 2 3. non c cou.n y e. v e ns . o r o 15,682 16a 191 16,555 1,066
- 24. Ceceration an d T ra%w p an Cacital C rects 2s. Loss on Abandoned Plant - Sea.11 S(13.399.455) .
- 26. E ntraoremary items 27 P u r ne a e C a p.t 31 e-r '.' p M s ( 2 0 t h r u I F ) $ 2,5523 94 $(10,501,397) $ 547,368 $ 241,067 PART B. DATA ON TRANSMISSION AND DISTRIBUTION PLANT YE AR.TO DATE YE AR.TO DATE ITEM L AST 't E AR THIS YE AR ITEM LAST Y E AR THIS YE AH (d ib) (d (bJ
- 1. f.e t serv.ces C on nec t ed 3, % 6,, s. Mae. T r a e.im,s pe n 3 193.,4 38.53 gn f ,
-o.e
- 2. su. ees netirea 395 ,,3 '[R'y"#' 3 999 gg 9 3,, , 9
- a. Tctu suaen in nac. 7 Miles Castrioutism .
56,566 60,277 uneuacuna 240.02 277.50 4 to . se v;c n tru.ade remmu
- a. T c.t o v.in t r ,p u - !
9.nq 2,17s ts . c . 73 4,245.41 4,370.74 l l
RE A Forn 7 (Rcr.1046) PAGE 1 Of 7 PAGES l i .. _ - - - - - - - .-- ]
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USDA . REA
(' FINAL l BORROWER DESIGNATIOM l N.H. Merrimack FINANCIAL AND STATISTICAL REPORT MONTH ENolNG REA usE oNtv INSTRUCTIONS . See AEA EOM 2. December 31, 1987 PA R T C. BALANCE SHEET ASSETS AND OTHER DEBITS LIABILITIES AND OTHER CREDITS
- 1. Totan utility Piani in service. . . . . $ 86.497.106 26. Membersnios . . . . . . . .
- 3. Conttruction Work in Progress . . . 125.860.038 27. Patronage Capitai . .
- 3. Total utinty Piant (1 + 2) . . . . .
. . . . $ 10.058.685
$212.357.344 28. operating Margins . Prior Years . . . .
- c. Accum. Provision for Ospreciation and Amort.. 21.586.104 29. operatin, Margins . Current Year . . . 2,219.474
- 5. Net utlHty Plant (3 4) . . . . . . $ 190. 7 71. 24 Q._, 30. Non operating Margins .
- 6. Monutility Property . Net . . . . .
. . . . . 678.584 160.847 31. oiner Margins and Equities .
- 7. Intest. in Assoc. Org. . Patronage Capital
. . . . (13.399.455)
. . 163.724 32. Total Margins & Eausties (26 thru all. . . $ (442,712)
- 8. Invest. In Assoc. Org. .Other. General funds --
- 33. Long Term Debt REA (Net) . . . . . 63,031,219
- 9. Invest. !n Assoc. Org..other .Nongeneral Funds 1.903.535 (Payments unaconed s )
lo. cther tnvestments . . . . 2.000
- 34. Long Term oebt . other (Net) . . . . 139,670,226
- 11. Scecla! Funes . . . . . . . . 110.577 (Payments unappuea s )
- 13. Total other Property & lnvestments (6 thru ll). $ 2.140.681 as. Totai tong. Term oebt <33 e 34). . . . $202,701,445
- 13. Casn . General Funcs , . . . . . l.284.461 36. Notes Payable . . . . . . . .
- 14. Cash . Construction Furids . Trustee . . . I77.854 37. Accounts Payable . . . . . . . 4,114,143
- 15. $Pocial Deposits . . . . . . . 500 38. Consumers Deposits.
- 16. Vamporary investments.
. . . . . . 255.989
. . . . . 6.111.501 39. Other Current & Accrued Llabilities
- 17. Notes Receivable . Net . . . . . . --
. . . 1.372.528
- 40. Total Current & Accrued Liabnities (36 thru 39). $ 5 . 7 4 2 . 6 69_,,_.
- 18. Accounts Receivable . Net Sales of Energy. 1.126.056
- 41. Deferred credits . . . . . . . 736.694
- 19. Accounts Receivable . Net otner. . . . 495.182 42. Miscellaneous operating Reserves. . . .
2o. Materials & Supplies . Electric and other . . l 4A7 611 43. Total LlablHtles & Other Credits (32 + 35 +
- 31. Prepayments . . . . . . . .
817.160 4o tnru 42i $208,738,087
- 22. other Current & Accrued Assets . . . . 51.777 EST! MATED CONTRIBUTIONS IN AIDCF4ONSTRUCTION
- 83. Total Current & Accrued Assets (13 thru 22) $ 11.517,1?6 Balance Beginn:ng of Year
. . . . . . $ 712,749
- 34. ceterred oebits . . . . . . . 7.10R.A1R Amounts Received This Year (Net) . . . . (57,756)
- 29. Totat Assets & Otner cebits tS + 12 + 23 + 24) MnQ MQ AQ7 total. Contributions.In Ald Of <onstruction . . $ 654,993 PART D. NOTES TO FINANCIAL STATEMENTS THE SPACE ADDITIONAL SPACE BELOW IS NEEDED, IS PROVIDEO USE SEPARATE FOR IMPORTANT SHEET.) NOTES REGARDING THE FINANCIAL STATEMENT (IFCONTAIN An allowance of $13,367,472 has been set up to reflect costs associated with the Cooperative's investment in Seabrook I' nit II which are deemed unrecoverable through rates. This write-off of Unit II costs was necessary under the provisions of Financial Accounting's Standards Board Statement No. 71. The loss reflects $350,000 for projected net dismantling costs, $197,000 in property taxes and $12,820,472 in direct costs and accumulated AFUDC. The total loss of
$13,367,472 is reflected on line 25 of Part A.
I i
l C1E A form 7 (Rey,10 85)
PAGE 2 OF 7 PAGES I
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, uson.Rta BORROWER oESIGNATION
-1 . ..
FINANCIAL AND' STA?!STICAL REPORT N.H. Merrimack 4 YEAR ENDING RE A USE ONLY INSTQUCTIONS see pf A roua December 31,1987 i PART E. CHANGES IN UTILITY PLANT !
BALANCE BEG NNING I 8 ADDITIONS RETIREMENTS h R NS R$ SALANCE END OF YEAR T10N TE (n) (b) (c) (d) f,3 - ff)
- 1. Land and tand Ri9 ht:(360). . . $ 543.335 $ 2.868 $ '546,203 & m>
- 2. Structures and improvements (361) -1.292 1,292 3.48 e
- 3. Station Eavipmeni tse2) . . 4,249,771 301,714 38,522 4,512,963 3.48 ,
- 4. Poles. Towers. and Fixtures (364). . 20.103.661 1.094.257 291 d33 20,906,185 J.48 i
- s. overnesa. conductor: and oeacn (sm) 28,197.163 4.518,968 298,950 32,417,131 3.48 I
- 6. Underground Conduit (366). . . --
~~ --
- 7. Uneersround conductor a cevien o671 1.355.124 340.159 35,434 1,659,849 3.48
- s. Lim Transformeri(368) . 9.959,395 1.052,780 64,083 10,948,092 3.48
- 9. Sorvices (369). . . . 3.023.819 185.438 34.038 3.175,219 3.48 i to. ueter <37o) . . .
_. 3.025.976 438.151 17,973 3,446,154 3.48
- 11. InstaHat;on on Conssmers' Prem sesO71) 857.620 68.262 29.935 895,947 3.48
- 12. Lenod Property cn Cawn#s Prrnes on 5.004 5,004 3.48 is. strm Leiing(373) . . 255.654 30.908 3,716 282,846 3.48
- 14. susioTAt . o;stribut;on (t tsrv tal.
-3;iM
- 15. Land and Land Rights (389). . .
$ 71.577.814 82 J_49
$ 8.033.505 $814.384 $78,796,935 82,749 Mi "W"
- 16. Structv+es and impro,ements (390) 1.865.974 288.290 31.273 2,122,991 3.00
- 17. 0%e Furn twee & Eow;pment (391) . 862,5R1 183.083 U QO __
1.043,366 VAR
- 18. Transportnion Equipment (3921. . 2.066.746 100.768 32.091 2,135,423 VAR.
- 19. Stores. Tools. Stap. Garage, and
- Laboratory Ecu;pm.nt :393. 394. 39s) 394,987 61,090 1,764 454,313 6.00 ,
ro. Pe or.opersied Eavipment (296) . 166.784 166,784 VAR
- 21. commun;cn.on Equipment (397) . 221 856 3 99.252 3 d 0.6 317,702 5.00
- 22. uncouaneous Eow.pment (398) 20_1R2
. . 192 20,574 6.00
- 23. Other Tangible Prc.perty (399) 3
-> 8 ,-
q"
- 24. susToTAL . cenera Ptant o s thrv 231 $ 5,682.061 $ 732 2 675 $ 70,834 $6,343,902 ,
- 25. intensen (3oi.3o2.303: _ $ 49,783 49,783
$ g4
- 26. Land and Land R eghts. Roads and '
Trs;is (3so. 359) . . .
115.080 115,080 ' U*+4 '
- 27. strucwrn and improvementi(352i , 3.415 3,415 2.75 ;
- s. stn,on Eauipment tass) . .
132,783 1,246 163 133,866 2.75 !
- 29. '.'owers and Fiatures and Poles and Fi.tures (3s4,3ss) 401.048 345 4,040 397,353 2.75 ,
3o. overweas cenevctor> & onicn (356i . 624.377 R.160 1,L10 631,327 2.75
- 31. Unden;round Condva (3s7) . . _
- 32. Underground Conductor & Daus (3s8) --
- 33. SUBTOTAL - Traw u;nn Plant s (28 'h'w 32L . . $ _1,277.303 $ 9,751 $ 6,013 $1,281,041 'q' , '
- 34. Production Ptart . Steam (31o .3'6) . >
3s. Product,cn Plant Nuclear (320 325) . M
- 36. Production Plant Hyd:o (33o.336) . ,
37 Product;on Pract . Other (34o . 346)
- 28. AM Cter UW P'.n002.1041C6,H4.H8) 25,645 25,645 .
C
- 39. sueToTAL o4+24+2s+33 34 evu ss) $ 78,612,606 $ 8,775,931 $891,231 $86,497,306 .i N,s3.., iW
- 40. conservct:en won in Prostni n en 109,886,047 15,973,991 M +
.5 125,860,038 h 5W 4i TOTAL UTILITY PLANT (39 + 4on $188,498,653 424,749,922 $891,231 E212,357,344 [K{h RE A Form 7 pec.1243) PAGE 3 OF 7 PAGE -
+ 1
- I !- FINAL i
- USDA REA BO9 ROWER DESIGNATION
- 9 i FINANCIAL AND STATISTICAL REPORT YEAR ENDING REA USE ONLY INSTRUCTIONS See REA EOM 2. December 31,19 PART F. ANALYSIS OF ACCUMULATED PROVISION FOR DEPRECIATION - TOTAL ELECTRIC PLANT
' " TRA $ SS'ON ITEM PLANT GENERAL PLANT OTHER PLANT l'
(al (b) (c) (d)
- 1. Balance Beginning of Year. . , , . .
- 2. Additlor s . Depreciation Accruals Charged tos
. a. Cepreclation Expense . . . . .
D. Clearing Accounts and Others . . .
- c. Suoto:al (a + t) . . . . . . .
- 3. Less . Plant Retirements:
- a. Plant Retired . . . . . . . .
- b. Removal Colts . . . . . .
4
- c. Suttotal (a + b) . . . . . . .
- 4. Plus $alvaged Materials . . . . .
- 5. TOTA 1. (2r . 3c + 4) . . . . . . .
- 8. Other Adjustments . Debit or Crecit . . .
- 7. Balance End of Year (1 + 5 2 6) .
PART G. MATERIALS AND SUPPLIES -
^L^" ""
PURCHASED SALVAGED USED (NET) SOLD ADJUSTM ENT
^
ITEM OF Y AR EN EAR (a) 169 (e) (d) (e) (f) (g)
- 1. Electric
- 2. Other (155 + 156) l
- 3. Ratio of inventory Turnover - Electric 4. Inventory - Electric as Percent of Total Utllity Plant item Id + I') * '* Hem 41efPart EX 100 =
PART H. SERVICE INTERRUPTIONS-AVERAGE HOURS PER CONSUMER BY CAUSE ITEM TOTAL POWER SUPPLIER EXTREME STORM PREARRANGED ALL OTHERS (c) (6) (c) (d) (e)
- 1. Present Year
- 2. Five Year Average PA51T l. EMPLOYEE HOUR AND PAYROLL STATISTICS
- 1. Number of F ull Time Eerlevees 4. Payroll . E m oense d
- 2. Employee . Hours Worked Regut'r Time 5. Payrott Capitalized
- 3. Emoloyee Hours Worked 0.ortime 6. Payroll
- Otter PART J. PATRONAGE CAPITAL PART K. DUE FROM CONSUMERS THIS YEAR CUMULATIVE FOR ELECTRIC SERVICE ITEM (a) tb)
- 1. Geeeral Ret rement 1. AMOUNT uvE Oi E R 60 DAYS
- 2. Scecial Retirement s $
- 3. Total Retirements (1 + 2) 2. AMOUNT WRITTEfl OFF DURING YEAR
- 4. Patronage Capital Assigned p
- 5. Pattr>nete Capital A svon a tae PART ! kWh PURCHASED AND TOTAL COST RE A USE ONLY AVERAGE INCLUDED IN TOTAL COST _
kWh PURCHASED EE NAME OF SUPPLIER SUPPLIER TOTAL COST PE R k Yh FUEL COST ofggR CHA S CODE gc a n t,; ADJUSTME NT (or credus)
(a n (b) () (d) te) (f) (t) 9,268,184 170,839
- 1. Ba b ce forward 553,214,961 29,270,270
- 2. Creon Mr. Power 1.911.300 1181 277 6.19 19,639 480
- 3. Muce11nneous 6.586 258 3.92 121 4.
- 5. TOTAL. 555,132,847 29,388,805 9,287.944 171.319 R E A Forrn 7 (R e v. J N J) PAGE 4 OF 7 PAGES
l FINAL l * '*
USDA . R E A BORROWER DESIGNATION N.H. Merrimack FINANCIAL AND STATISTICAL REPORT YEAR ENDING REA USE ONLY INSTRUCTIONS . SeTWEA E6W2 December 31, 1987 PART F. ANALYSIS OF ACCUMULATED PROVISION FOR DEPRECIATION - TOTAL ELECTRIC PLANT UUON TRA S 10N ITEM PLAN GENERAL PLANT OTHER PLANT fa) (bl (c) (dl
- 1. eaiance seeinning oe vear. . . . , . $16.684.233 $2.341.656 $348.657
- 2. Additions. Depreciation Accruals Charged ton
- a. oso,ecianon Expense . . . . . . 2.560.876 196.326 31.687
- b. Clearing Accounts and Others . . . . 217.081
- c. subtotai ta + b) . . . . . . . 2.560.876 413.407 31.687
- 3. Less Ptant Retirements:
- a. Plant Retired . . . . . . . . 805.987 29,637
- e. Removai Costi . . . . . . 175,056
. c. suototal t + b) . . . . S 981,043 29,637
- 4. Plus $alvaged Materlats . . . . . 216,268 5, TOTAt. (2c . 3c + 4) . . . . . . $ 1,796,101 383,770 31,687
- 8. Other Adjustments . Debst or Crecit . . .
- 7. saiance End of year (1 + 5 + si . . . $18,480,334 $2,725,426 $380,344 PART O. MATERIALS AND SUPPLIES
^^" PURCHASED SALVAGED SOLD ITEM OF Y R US E D (NEr> ADJUSTMENT END EAR (c) (b) ,
tc) (d) (e) (f) (s)
- i. Eiectrie ,
1,375,244 2,498,539 216,262 2,485,057 (117,355) 1,487,633
- 2. Other (155 + 156)
- 3. Ratio of inentory Turnover - Electric 4, inventory - Electric as Percent of Total Utility Plant item Id + 3) " = 1.74 '
Mem Me Part E X 100 - .70 PART H. SERVICE INTERRUPTIONS AVERAGE HOURS PER CONSUMER BY CAUSE ITEM POWER CUPPLIER TO N EXTREME STORM PR E AR R AN'IE D ALL OTHERS (a) (b) (c; (d) (e)
- 1. Preieni voar .48 7.13 .32 1.72 9.65
- 2. me venteLverase .58 4.23 .29 1.34 6.t 4 PARTl. EMPLOYEE HOUR AND PAYROLL STATISTICS n umer et ruis vi-o Empiovees 204 4. Payrosi . E= censed 3.107.600
- 2. Employee . Hours Worked . Regular Time 402.957 5. Payroil - capitaiiaed 1.973.240
- 3. Erncioyee . Hours Wurked Overtime ] 7,0 ~4 Q 6. Payroll . Other 195.259 PART J. PATRONAGE CAPITAL
._ PART K. DUE FROM CONSUMERS THIS YEAR CUMULATIVE FOR ELECTRIC SERVICE ITEM (a) (b)
- 1. General Retirement 1. AMOUNT DUE OVER 60 DAYS
- 2. r esciai Retiremeat s S 55,037
- 3. Totat Retieements (1 + 2) 4, Patronage Capital Assi9ned
- s. patesnage espitai amenarse $10,058,685 S 84,272 PART L. kWh PURCHASED AND TOTAL COST RE A USE ONLY AVERAGE INCLUDED IN TOTAL COST
- NAME OF SUPPLIER SUP LIER kWh PURCH ASED TOTAL COST C 8 PER h FUEL COST [HER CHA ES (ce n ts; ADJUSTME NT for credits)
(e p (b) (el (dl (e n m (tl
_ . ablic Se rv. Co. O f N. H.
- i. 507,150,341 27,273,443 5.38 9,221,066 96,385
- 2. Maine Yankee Atomic 29,642,300 1,113,979 3.76 47,932 s.N.E. Power Co. 5,624,000 307,135 5.46 99,803
- 4. Central Vermont 10,798,320 575,713 5.33 (52,685) 26,522
- s. YEE Soh' Tot al- 5 5't ,214 ,9 61 29,270,270 9,268,184 170.839 RE A Form 7 (Rev. J 243) PAGE 4 OF 7 PAGES
? ( I
. FINAL
'
- USDA . R EA BORROWER OLSIGNATION
- d"#
FINANCIAL AND STATISTICAL REPORT y,"gg ggofya REA USE ONLY INST R UCTION S . See RE A E OM 2. December 31, 1987 PART M. LONG TERM LEASES (Ifadditional space is needed, use separate sheet.)
LIST BELOW ALL "RESTRICTED. PROPERTY"" HELD UNDER "LONG. TERM" LEASE. (11 none state "NONE")
RENTAL NAME OF LESSOR TfPE OF PROPERTY THIS YEAR 1.
2.
- 3. TOTAL
- "RESTRICTED PROPERTY" neens all properties other than automokdes, trucks, trailers tractors, other vehletes (including without limitation aircraft and ships), office, garage and were aouse space and offtee equipment (ineltding without limitation computers). "LONO. TERM" means leases having unexpired tems of more than 12 months flaking into account terms of rental at the option of the lessor, whether or not such leases have been renewedi.
PART N. ANNUAL MEETING AND BOARD DATA
- 1. Date of Last Annual Meeting 2. Total Number of Metters 3. Number of Members Present at 4. Was Quorum Present?
06/02/87 47,686 247 CO YES O NO
- 5. Number of Members Voting cy 6. Total Numcer of Boarc Memters 7. Total Amount of Fees and Expensen 4. Does Manager Have Written Contract?
Proxy or Mall for Board Memcets 9,532 11 s 36,366 O vES (3) NO PART O. LONG. TERM DEST-OTHER AND DEBT SERVICE HEQUIREMENTS BALANCE BILLED THIS YEAR REA USE ITEM END OF YEAR INTEREST PRINCIPAL TOTAL ONLY la) (b) tel (d) tel
- 1. Nation i Rurai utmiin coocerative Finance corocration S 6,249,530 590,882 27,141 618,023
- 2. Bank for Cocoeratives
- 3. Feceral Financing Bank 133,244,507 11,523,733 11,523,733
- 4. Other (List Separatelyl
- s. PlycCuth Guaranty Savings Bank 117,200 10,854 19,342 30,206 6.AT f. T Tnfnr~irinn 9vstem. Inc. 58.989 7.290 7,533 14,823 7.
- a. TOTAL (Sum of 1 thru 7) M39.670.226 12.132.769 54,016 12,186,785 PART P. CONSERVATION DATA LAST YEAR THIS YEAR LAST YE AR THIS YEAR ITEM ITEM tal Ibl (of fe1
- i. Numeer of Empieven . run Time 1 1 4. payron 22,086 22,923
- 2. Numter of Ereployees Part Time 1 - 5. Other Excensu 2,950
- 3. Tetat Emoloyees Hours 1.571 1,330 6. Memeer contacti 225 237 PART O. TYPICAL MONTHLY BILLS FOR ELECTRIC SERVICE
- 1. RESIDENTI AL SERVICE (rarm and nonform for domestic and farm i.se.)
SCHEDULE NAME AND DESIGNATION Residential MINIMUM BILL 250 kWn 500 kwn 250 kwn 1,000 kwn 2.s00 kwn 0 m 5.40 21.59 46.59 70.81 94,50 236.63
- 2. COMMERCI AL SERVICE PCommercial business establ.shments: stores. offices. restaurants, carates. etc. for lighting and pcuer purpons.)
SCHEDULE NAME AND DESIGNATION General 6 kW 12 kW 30 kW 40 kW So kW 100 kW 750 kWn 1.500 kWn 6,000 kWn 10.000 kWn 12,500 kWn 30.000 k "n l 91.49 184.17 61.8,08 951.17 1.175.54 2,655.52 f 3. INDUSTRI AL SERVICE tindustnal establishments basing demands of more than 50 kW or consumption of more than 13.000 k Wh per month.)
j SCHEDULE NAME AND DESIGNATION ,
Primrv (herd 150 kW 300 kW 500 kW
( 30.000 kWn 60.000 kWn 6 0.000 k Wh 12 0.000 k Wn 100.000 kWn 20 0.0 0 0 k WM I
2.645.43 4,657.86 5,290.86 c.315.72 8,818.10 15.526.20 1.000 kW 5,000 kW 200.000 kWn 4 00.000 kWn 1.5 00.0 00 k u n 2.500,000 kWn
{ 17,636.20 31,052.40 121,721.50 188.602.50 REA Form 7 (Rev. J 2 33J PAGE 5 OF 7 PAGL5 '
i l
- 2 - . . . ~ . .
, .k + f ( 'f. .
- 5
- USDA*asA BORROWER DESIGNATION
' FINANCIAL AND STATISTICAL REPORT N.H. Merrimack YEAR ENDING REA USE ONLY INSTRUCTIONS . see ps A sow 2. ' December 31, 1987 PART R. POWER REQUIREMENTS DATA BASE '
CLAS$lFICATION AND #" # ^ " ^ '
(a) (b) ' (c) (d) (e) (()
.. u..co -ae, se-4 47,276 47,489 47,618 47,754 47,823 48,158
' 38,843,559 29,715,274 23,911.310 20,733,810 7
"'fj',,',s. ",e
. 6m s*d 37.882.713 40,119,105
- e. ne*~e 3.028.523 3.075.996 2,975,938 2,293,291 1,995,264 1,840,149
.. No.Conw,ne,s served 2.' ResMent:al $ates . ,
Seasonal
- c. Ren%e a, No.C.awnere se~d
- 3. Irngstion Sa:cs b. km said
- e. ne.e~e
.. .. c. eri se=4 5.561 5.581 5.606 5,623 5,661 5,719
- 4. cgvndA ,, 1Y;,, n.6 m ssa 13.647.369 14.073.433 13.701.074 11.979.331 10,894,466 10,993,817
- e. a *~e 1.0s4.92s 1.048.872 '1.034.727 923.073 924,802 998,241
.. u.. c. wee, se=* 6 6 6 6 6 6 5 DM'y"i d
.. m ><4 4.683.124 3.483.560 2.509.940 1.243,924 1,161,768 787,804
- e. pea *e 26s.2R2 191.906 144.735 79,415 81,248 62,223
.. u.. ce-, se-4 1.989 1.991 1.993 1,993 2,001 2,001 8' $,s7t 9,sfn, e7t i o.im s** 115.24R 115.736 115.345 114,595 115,260 115,496
- e. a a~e ?n.1A1 2n.011 19.956 20.072 20,715 21,521
. w.. c., ,,,,,, se~ e
- 7. Other Sa:es to Puu;c Auth. * *
- 8#d
- e. Rew%e ,
..No.Cn e ,se~e
- 8. Sales for Resales .
R E A Borrowers b.a m swa
- e. pew %e
.. u ceuw, s. a
- 9. Sales for Retales. ,
Others
- e. new%e
- 10. TOTAL No.Cor swmers (lion 16 94) 54,832 55,067 55,223 55,376 55,491 55,884
- 11. TOTAL kWh icadit;res Ib.9bl 56,328,454 57,791,834 55,169,918 43,053,124 36,082,804 32,630,927
- 12. TOTAL Revenue Received From Sates cf t!ect,;c twsy tr.rn ie. sci 4,368,893 4,336,805 4,175,356 3,315,851 3,022,029 2,922,134 7
- 13. cee, Eiecir;e Re.env. 122,826 116,380 192,025 24,866 106,843 113,932l 141,714 124,134 97,342 78,392 49,064'
- 14. hwh o*a use 128,267 ts. TOTAL twh Purc* ed 42,309,360 36,417,652 36,363,251 l
63,852,371 67,700,943 51,055,623 i - --
- 16. TOTAL kWh Generated __ __ __ --
- 17. cosi ot Pechun .w cen e*.o" 2,644,856 2,275,179 1,941,634 1,963,732 1,999,7S7 2,683,402 is intercs . s..hww. Nei __ __ __ __ --
- 19. Peak . Swm All kW Input (Vaterec)
C Co,newent tX Nonto;nc: dent 135,595 148,923 119,533 97.324 75,826 80,32' l
PAGE 6 OF 7 PC RE A Fevm 7 (Acr. I M I) l
, , , FINAL US DA . RE A BORROWER DESIGNATION FINANCIAL AND STATISTICAL REPORT ya'AR EN NG REA USE ONLY INSTRUCTIONS . See RFA EOM.2. December 31,-1987 PART R. POWER REQUIREMENTS DATA BASU (Continued)
(SEE PRECEDING PAGE 6 OF REA FORM 7 FOR HEADINGS OF LINE ITEM NUMBERS BELOW) l gi AJLY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL NUMBER op th) til in (k) 0) (Columns a thru l)
- a. 48.506 48,870 49,225 49,568 49,731 50,068 1
__3
- 1. b. 21,225,504 22,617.228 22,595,908 22,756,000 25,258,231 32,461,997 338,120,639 t 1.878.516 1,999,379 1,991,244 1,915,019 2,397,227 2,948,236 28,338,782 s.
- 2. b.
e.
a.
- 3. b.
. 5.789 5,836 5,f 75 5,910 5,926 6,028 :
- 4. b. 12,823,822 13,642,461 13,172,793 11,947,126 11,386,826 12,438,621 150,701,139
- e. 1.143,339 1,198,965 1,170,310 1,023,660 1,100,467 1,130,603 12,751,984
- e. 6 6 6 6 6 7 L
- 5. b. 1,025,096 1,059,168 1,133,496 1,149,120 2,329.228 4,190,328 24,756,556
- c. 77.170 77.89R R4.320 81.328 171.371 283,770 1,600,816
- s. 2.000 2.000 1.996 1.996 1.997 1,999 :
- 6. b. 115.392 115,354 114,787 114,752 114.797 114,796 1,381,558
- e. 21.522 21.486 21.358 20,936 22,144 21,200 251,104 3.
7 b.
c.
e.
- 8. b.
e.
a.
- 9. b.
s s-10.
56,301 56,712 57,102 57,480 57,660 58,102 s 11 35,189,814 37,434,211 37,016,984 35,966,998 39,089,082 49,205,742 514,959,892
- 12. 3,267,232 3,040,943 3,691,209 4,383,809 42,942,686 3,120,697 3,297,728
- 13. 1,318,598 117.712 119.378 116.195 117.503 120,051 50,867 14, 59,065 57.261 56.032 67.774 81.962 100,988 1,041,995 15.
A1 R14;91A 61,771.545 17.564.219 40.573.015 47.750.555 47.952,777 555,132,847
- 16. --
17, 9_9ni_991 2,233,226 2,057,958 2,000,896 2,707,113 2,797,497 27,507,098
- 18. -- -- .. --
19- 85,967 87,236 87,578 103,135 121,467 127,411 105,859 REA Form 7 (Rev. 12.s 3) PAGE 7 OF 7 PAGES
- f E ,s :
_p f # <
r
,- D' O A $ & ft l D8 } /1 *
$ A b />1 / W ($ A CffO l *
/
USOA = RE A This date u Ut be used to determine your operating results ' YD'* APP' end financial situation. Your response is required OMB No. 05 7"Ha'l ri l.'.9.C. 901 e t sec ) and is not con fiden tial. ExplWE20/3I100 OPERATING REPORT . FINANCIAL BORROWER DESIGNATION REA USE ONLY Yermont 12 llannshire SNSTRUCTIONS . Submit en cricinet and tour eoples to itEA. MONTH ENotNG 2-or detaued instructio a. see neA tom 2. Decceber 31, 1987 CE RTlFiC ATION We hereby certify that the entries in this report are in accordance with the accounts and other records of the system and reflect the status of the system to the best of our knowledge and belief.
ALL INSURANCE REQUIRED BY PART 1788 OF 7 CFR CHAPTER XVil, REA,WAS IN FORCE DURING THE WALS HAVE EN OBTAINED FOR ALL POLICIES. ML coveraoe cancelled REPORTING 8-24-86; tie PERIOD have been AND RENEmable t tain replacenent coverage.
" OF As @C R OR ACdOUNTANT
. %d 7O /T E/9fP IG M T
<~y(~ SIGNATURE e --
OF6 Mr b/n / M 1AGER DATE SECTION A. STATEMENT OF OPERATIONS ITEM THIS MONTH LAST YE A R THl$ YEAR BUDGET fel (b) (el (d)
- 1. Electric Energy Revenues. . . .... 10 683 675 11 201 900 12 121 926 833 068
- 2. Income From Leased Property . Net . . . . .
- 3. Other Operating Revenue and income . . . . 1 300 _
- 4. Totol Oper. Revenues & Patronage Capital (I thru J). 10 684 975 11 201 900 12 121 926 A33 06A S. Oporation E aper se . Production . Excluding Fuel . 222 945 361 044 373 462 6 374
- 6. Operation Expense . Production Fuel . . . . 232 343 246 579 23(1 469 7. Operation Expense .Other Pcwer Supply . . . 5 79 R 914 5 R14 044 6 01R 615 172 04R
- 8. Operation Expense Transmission . . . . . 503 844 627 455 610 303 61 440
- 9. Operation Expense . Distribution. , . . .
io. Operation Expense Consumer Accounts. . . . 1 056 1 161 1 791 68 _
- 11. Operation Expense . Consumer Service & Inform. .
- 12. Operation Expense Sales. . . . . . . .
a3. Operation Expense . Administrative & Generat 191 783 276 993 '
. 197 691 32 053
- 14. Totai Operation Expense (s thru JJ). . . . 6 952 905 7 327 276 7 441 J31 473 383
- 15. Ma;ntenance Espense . Production . . . 59 511 159 754 70 066 893__ _
- 16. Maintenance Expense . Transmission. . . . . 384 17, Maintenance Expense . D'stribution . . . . .
- 18. Maintenance Expense . General Plant. . . .
- 19. Total Maintenance Expense (15 thru J AJ , 59 511 160 138 70 066 898
- 20. Oopreciation & Amortization Expense . . 1 031 388
. 782 176 920 690 79 774
- 21. Taxes . . . . . . . . . 2?4 R99 249 102 2(1 183 19 400
- 22. Interest on Long Term Deb' . . . . . . 1 570 111 2 949 15R 3 99R 745 282 572
- 23. Interest Charged to construction . Credit. . . . (1 197 140 ) ( 1 01R 911 ) ( 1 019 000 ) ( 86 447 )
- 24. Other Interest Expense . . 400 709 567 606
. . . . . ?56 009 64 1R9
- 25. Other oeductions . . . . . g7 320 88 131 80 211 8 095
- 26. Total Cost of Electric Service (14 + 19 thru 28) .
10 680 711 11 243 368 12 119 926 841 864 27, Operating Margins (4 - 26) 4 264 (41 468) 2 000 (8 796)
- 28. Interest income . . . . . . . . 20 61R 47 457 8 796
- 29. Aitowance for Funds Used During Construction .
- 30. Other Noncperating income . Net . . . . .
- 31. Generation & Transmission Capital Credits . .
- 32. Other Carota! Credits & Patronage Dividends. .
- 33. Extraord. nary items . . . . . .
34, Net Patronage Capital er Margins s2 7 thru 33; 7L A82 5 QP4 2 000 ITEM M*llsikWh (Optional t;*r by Borrower)
- 35. Electric Energy Revenue Per kWh Sold . . . . . .
- 36. Total Operation & Maintenance bpense Per kV.% Sold .
- 37. Total Cost of Electre Service Per kWh Sold . .
- 38. Purchased Pomr Cost Per kWh REA FORM 12a [h v.10-8 6) PAGE 1 OF 2
( i USDA . StEA BORROWER DESIGNATION REA USE ONLY Ve rmon t 12 Hampshire OPERATING REPORT - FINANCIAL MONTH ENDING December 31 1987 SECTION B. BALANCE SHEET ASSETS AND OTHER DEBITS LIABILITIES AND OTHER CREDITS
- 1. Total Utility Plant in Service. . . . . . *31 824 025 27. Memberships. . . . . . .... 40
- 2. Construction Work in Progress . . . 22 630 020 28. Patronage Capital
- 3. Total Utdity Plant (1 + 21 . . . . . . 54 454 045 a. Assigned and Assignable . . .... 104 370
- 4. Accum. Provision fot Depreciation & Amort. . 2 050 989 b. Retired This Year . . . ...,
- 5. Nat Utility Plant (3 - 41 . . . . . 52 403 056 c. Retired Prior Years . . . ....
- 6. Non Utility Property . Net . . . . . . d. Net Patronage Capital . . .... 104 370
- 7. Invest. in Assoc. Org. . Patronage Capital . . 60 996 29. Operating Margins . Prior Years . ....
- 8. Inws. in Assoc. Org. . Other . Geneial Funds
. . 1R 177 30. Ograting Margins Current Year .... 5 984
- 9. Invest. in Assoc. Org. . Other .Non Gen. Func's . 31. Nonoperating Margins . ....
- 10. Other investments . . . . . . . 258 016 32. Other Margins and Equities . ... 10
- 11. Special Funds . . . . . . 33. Total Margins & Equities (27 + 28d thru 32) 110 404
- 12. Total Other Property & Investments (6 thru J JJ. 337 189 34. Long Term Debt . REA . . . .... 14 124 335
- 13. Cash General Funds. . . . . . . 18 781 35. Long Term Debt .Other. . . .... 28 682 731
- 14. Cash Construction Funds . Trustee . . 47 320 36. Total long Term oebt (34 + 351 ... 42 807 066
- 15. Special Deposits . . . . . . 37. Notes Payable . .... 5 268 179
- 16. Temporary investments . . . 38. Accounts Payable . . . . .... 6 874 124
- 17. Notes Receivable . Net . . . . . . 39. Taxes Accrued . . . .... 71 0??
- 18. Accounts Receivable Net . . . 7 301 347 40, Interest Accrued. , . .... 950 574
- 19. Fuel Stock . . . . . . . 41. Other Current & Accrued Liabilities. . . . ** 7 761 111
- 20. Materials and Supplies .Other . . . . 42. Total Current & Accrued liabilities (37 thru 41) 20 925 010
- 21. Prepayments . . . . . . . . . . 63 470 43. Deferred Credits. . . . ....
- 22. Other Current and Accrued Assets . 44. Operating Reserves . . . . .
- 23. Total Current and Accrued Assets (13 thru 22) . 7 430 918 45. Accumulated Deferred Income Taxes ...
- 24. Unamortized Debt Disc.& Extraord. Prop. Losses 3 076 593 46. Total Liabilities and Other Credits
- 25. Other Deferred Debits . . . . .*** 594 724 (J3 + 3s + 42 thru f 31 . . . .... 61 R42 480
- 26. Total Assets & Other Debits t5 + 12 + 23 24. 25) . 6'4 942 490 SECTION C. NOTES TO FINANCIAL STATEMENTS THE SPACC BELow IS PROVIDED FoR IMPoRTANT NOTE $ REGARDING THE FINANCIAL STATEMENT CONTAINzD IN THIS REPORT.
IIT ADDirloNAL kPACE IS NEEDED, USE SEPARATE SHLET.)
- Included in Utility Plant in Service are Project Costs for Millstone 3, North liartland Hydroelectric, and Highgate Transmission. Costs for these are not finalized and, thereforel not unitized.
Plant in Service Costs to Date Millstone 3 $14 257 521 North Hartland 16 767 855 Highgate Transmission 770 519 Other 28 130
$31 824 025*
- Includes past due principal 363 913 interest 7 397 198
- Includes REA & FFB deferred interest costs ( May 15-July 14,1987) $425 865 REA FORM 12J (li st. 12 84J PAGE 2 OF 2 M
USDA - 84 E A DOHROWEH DESIGNATION nis data wn! be used to detmaine your operettat Form Approved results and financial attuation. Your response es 0313 N1 G5 72 0011 * .-
required (7 U.S.C. 90 et see) and se not ermfidextiet. gxpire,gj3g;.7 OPERATING REPORT - SALES OF ELECTRICITY Vermont 12 Hampshir( YEAR ENDING REA USE. ONLY nNSTRuCTIOnS - s u mit .. or.cinat nd tour cor ers to resA. For deraturd instructio-s see asA East.s. DcCcmber 31. 1987 .
NO.OF t.NNUAL PEAK MtLLS PURCHASER PURCHASERS DEMAND (LW) MWh DILLED ($1 AMOUNT BILLED ($) PER kWh gap 46) (c) (d) (e) It)
- 1. SALES TO ULTIMATE CONSUMERS (Totets only for this item.)
SALES FOR RESALE - REGULAR SALES TO REA BORROWERS (List separately)
- 2. s s 3.
4 s
- 5. '
- 6. '
s s (h;
- 7. .' '
- 8. $is.$
9.
- 10. NOT APPLICABLE ' ' E ^
11 ' -
12.
- 15. ,
- 14. s
- 15. ,
16.
17 '
i 18.
- 19. - ' h9[
- 20. ...:.:. .,
.m....
22.
!N?fi
- 23. -
24 '
25.
- 26. N.)
21, '
- 28. ~
- 29. ' ' ;.:..,..:: -
- 30. '
31.
s 32.
s 33.
34, < >
..;g:. .;
3, . . - .
- 36. "' - ., yg
- 37. +
s%
- 39. TOTAL REGULAR SALES TO REA BORROWERS (som of fines 2 thru JSJ HEA FORM 12b (Rev 12,84)
PAGE 1 OF 2
USDA- REA BORROWER CESIGMATION YEAR ENDING HEA USE ONLY .-
OPERATING HEPORT - SALES OF ELECTRICITY ~ '
Vermont 12 Hampshire Decembt:r 31 1987 s
NO.OF Af@JUAL KAV MILLS NRCHASE R PURCHASERS DEMAND (kb B OUNT BIN W PER kWh (as (b) (c) (dD (el (r)
SALES FOR RESALE .SPECIAL SALES TO REA BORROWERS (List separerely) c0. Vermont Electric Cooperative, Inc. ,- 31,650 82,853 4 S8,368,012 109.4 )
ci. (Vermont 7) % s) 42.
s' y
c4 4b* .: si;;
g< -
- 47. . -
^
48.
49, ' ^
50.
- 51. TOTAL SPECIAL SALES TO REA BORROWERS (Sum o/ fines 40 thru so)
- 52. TOTAL SALES TO ACA BORROWERS (Sum ottines 39 + st) 31,650 82,859.4 $8,368,012 109.49 SALES FOR RESALE TO OTHER THAN REA BORROWERS (List separately)
- 53. Green Mountain Power Corporation --
, 14,808 44,862.3 1,048,474 23.37 54.
- 55. Connecticut Light & Power Company 19,500 50,044.4 1,290,573 25.79 te. .
- 57. Unitil t d:
10,000 14,160 442,080 31.22 58.
- 59. Cen'.ral Vt. Public Service Company .
10,000 -
52,760 -
ro. - -
61
- 62. ,; y ,
- 63. . . , f[ip!..
E'"- '
- 65. R.::
gg, , [$$
61- gg, > s
- 68. ^
- 69. ,
- 70. ( s.
71 72.
- 13. , 55i '
~
~
74
- 75. TOTAL SALES TO OTHER THAN REA BORROWERS (Sum oflines 53 thru 74) 109,066.7 2,833,US7 25.98
- 76. TOTAL SALES FOR RESALE (sum orfines s2 + rss 191,926.1 ll,201,899 58.37
- 77. TOTAL SALES (sum orriaes i + ns 191,926.1 11,201,899 58.37 54LA FORM 12b (/ der, r 2.s 4J PAGE 2 oF 2
U$0A - RCA DORROWER DESIGNATION nin data soitt be used to determine your opurating FO'M APProFed ObtR Nos 05 72 00J 7 resulta
""'~d and f'inancial situation. Your response i,
"""'"~""~""*"f'd'""*'~ ""'~' #'# "# #
OPERATING REPORT - YEAR ENDING SOURCES AND DISTRIBUTION OF ENERGY .
REA USE ONLY ,
Vermont 12 Ilampshire INSTRUCTIONS - susmit en aricin.s and four co!> ice to REA. For detailed instructione, see RRA Fnint.1 "U"W 3l* l9 07 REA USE ONLY ANNUAL NET ENERGY AVERACE SOURCE OF ENERGY NAMEPLATE PEAK RECEIVED DY COST ($) COST NO.OF PLANTS CAPACITY DEMAND (kW) SYSTEM (MWh) (Mats /kWh) gas n) Yef (& (el til let GENER ATED IN OWN PLANTS (Defods on Forms 124. c. f. and g)
- 1. FOSSIL STEAM
- 2. NUCL E AR Millstone 3 .35% jointly owned 1 4,023 26,619.4 2,019,431 75.8f
- 3. HYDRO North Ilartland 1 4,000 9,898.9 2.028.382 204_92
- 4. INTERNAL COMBUSTION AND OTHER
- 5. TOTAL IN OWN PLANTS (Sum of lines I thru 4) 2 8,023 36,518,3 4.047.813 110-,Ei PURCHASED POWER (List each supplier sepomtery) CODE G. Vt. Electric Power, Company-Merrimack 2-coal 1.909 9.565_5 303.889 11 71 7 -Vt. Yankee-Nuclear 5.477 37.265_6 1.515.17R 40 6f
- 8. -NEPOOL Purchas2R -
7.626_7 368.127 48 71
- 9. -NEPOOL sales of Sut olus -
(21.994_5) ( 478.527) 21_ 7 f'
- 10. State of Vt. -Dept. Public Service-Ilinhoate (Cnnadian) 5.229 45.738.7 1.226.479 76_R!
11- Northeast Utilities-Gas Turbines 7.800 959_8 178.779 1R6 ?1
- 12. Central Vt. Public Service company-system nOwer 10.000 76.246. ?.56s 017 'n 6 4 13.
~
15.
16.
17.
18.
19.
- 20. ~
21 TOTAL POWER PURCHASED tsum of14=ee 6 thm 20) 30,415 155,407.8 5,678,887 36.54 INTERCHANGED POWER
- 22. RECEIVED INTO SYSTEM (Gross) N/A
- 23. DELIVERED OUT OF SYSTEM (Gross) 24 NET INTERCHANGE ILine 22 minus 23)
TRANSMISSION FOR OR BY OTHERS . (WHEELING)
- 25. RECEIVED INTO SYSTEM N/A
- 26. DELIVERED OUT OF SYSTEM
- 27. NET ENERGY WHEELED (Line 25 minus 26)
- 28. TOTAL ENERGY AVAILABLE FOR SALE (sum of IInee 5 + 2J + 24 + 27, 191,926.1 '
MN . Q
- 29. TOTAL SALES (Form J26 - Isne 77) 191,926.1 '
)
- 30. ENERGY FURNISHED TO OTHERS WITHOUT CHARGE $$
- 31. ENERGY USED BY BORROWER (Encluding Stat.on Use) -
f-
- 32. TOTAL ENERGY ACCO83NTED FOR (som of line 29 thru JJ) 191,926.1 ,
5
%9
- 33. ENERGY LOS$[S - mWh (Line 28 minus 32) ,
< r /
- 34. ENERGY LOSSES PERCENTAGE (Line JJ e Ime 28 X Ji/0) -O- % '
'N' -'
R t. A FOHM 12c ( H en*. J 2-8 4)
l usO A . t:EA Thw dats wul be used to dtterrnine your operating results Form Approved and financial situation. Yes.r response is required (7 U.S.C. OMB No. 05 72 0017 901 et sen > end is not confidential. Es pire s 10!39190 i l
B RR WER ESIGNATION REA USE ONLY OPERATING REPORT -
HYDRO PLANT Vermont 12 Hampshire PLANT North Hartland
\NSTRUCTIONS Submit an original and four copies to REA. O Tsr dstalled instructions. see REA EO.tt.3. December 31, 19 87 SECTION A. HYDRO GENERATING UNITS OPERATING HOURS LINE UNIT NO. SIZE (kW) # #"
GENERATC (MWh) IN SERVICE ON STANOBY NO*
Seneduled Unsenedvied (a) (b) (e) (d) (e) (f) (g)
- 1. 1 4,000 10,899.28 3.406 alon an1 cc,
~~- -
- 2. 0.9pf 3.
4.
5.
- 6. TOTAL
- 7. Station Service (MWh) *3 274.539 cee attachori HYDRAULIC DATA ITEM (oJ MAXIMUM (6) MINIMUM 8- Net Generation (MWh) 10,745.7 3. POOL ELEVATION (Ft.) *1 525.8 *2 410'
- 9. Station Service 2. TAIL R ACE ELEVATION (Ft.) 358 352.5
% of Gross 2.5 WATER spittEO Ey) vEs O NO SECTION B. LABOR REPORT SECTION C. FACTORS & MAXIMUM DEMAND
" l'" l ITEM VALUE ITEM VALUE ITEM VALUE N0. N0. N
- 1. No. Emp. Full Time 5. Maint. Plant Payroll ($) 1. Load Factor (%) 27.8 (inc. Superintendent) e, o,n ,, ,,,,, n ,s 2. Plant Factor (%) 31.1
- 2. No. Emp. Part Time 1 Plant Payroll ($) 3. Running Plant Capacity Factor (%) e att;y4 ed
- 3. Total Emp., Hrs.Ykrud d1 7. TOTAL 4. 15 Min. Gross Maximum Demand (kW) -
- 4. Oper. Plant Payroll (S) /1b Plant Payroll ($) 715 5. Indicated Gross Max. Demand (kW) 44An SECTION D. COST OF NET ENERGY GENERATED LINE PRODUCTION EXPENSE ACCOUNT AMOUNT ($) MILLS / NET kWh NO. NO. fa) (6)
- 1. Operation, Supervision and Engineering 51 10,561
- 2. Water f or Power 536 14,668 1 16
- 3. Hydraulic Expenses (Veb.depr.) 537 17.921 1 67 4 Electric Expenses 538 3,929 .37
- 5. Miscellaneous Hydraulic Power Generation Expenses 539 23,885 2.22
- 6. Rents 540
- 7. OPERATION EXPENSES (1 thru sp 70,964 6.60 C. Maintenance, Supervision ar'd Engineerir'g 541 12,720
- 9. Maintenance of Structures 542
- 10. Maintenance of Reservoirs. Dams and Waterways S3 '
in. Maintenance of Electric Plant 544 147,419
- 12. Maintenance of Miscellaneous Hydraulic Plant 545
- 13. MAINTENANCE EXPENSES (s thru 12) 160,139 14.90 14 TOTAL PRODUCTION EXPENSES (7 + 13s 231.103 91 91
- 15. Depreciation 403.3 334,OOA
- 16. Taxes 408 158,096
- 17. Interest 427 1 .221,907
- 18. Insurance 924.925.926 il,756
- 19. TOTAL FtXED COSTS (15 thru it) cl .745,767 1A2_46
- 70. POWE R COST (14 + J S) 1 .Q76.A7n 1o1 r) 7 REMARKS (including L%chedaled Outages)
- Interest deferral May 15-July 14, 1987 additional S217,880 interest not see attached schedulo of notee .n _
r_T REA FORM 12e ( R e v. 12 64)
1 i
1 VERMONT ELECTRIC CENERATION AND TRANSMISSION COOPERATIVE, INC.
School Street Johnson, Vernwnt 05656 (802) 635 2331 For Calendar Year 1987 Fcrm 12 Sch. E-1
- 1. Corps of Engineers stored flood waters.
- 2. Reservoir drawn down to do maintenance by Corps of Engineers.
3 Station Service: 153.58 MWH generated 120 959 MWH purchased 274.539 MWH combined
- 4. Running plant capacity factor:
This cannot be determined for North Hartland. The microprocessor operates the plant at the raost ef ficient point for the amount of water available during the day. If the unit was run at full load all the time, then the hours of operation would be less since the volume of water available each day is a fixed number.
5 Vermont 12 has no payroll although a couple of staff people from Vermont 7 are partially salaried by Vermont 12. There is a contract with New England Power Company for operation and maintenance services for the site. Other contractor costs are included in the costs listed in Section D.
t .
e ~, l USDA . REA This date will be used to determine your operating form Approved results and finenelat situetion. Your restisnse is reeutred 0h18 No.05120017 (7 U.S.C. 901 e t s*4.) end is not confiden tial. Espires 8/31/81 BORROWEH DESIGNATION REA USE ONLY OPERATING REPORT -
Vermont 12 Hampshire NUCLEAR PLANT pugn7 Millstone 3- Total Pla t.t ~
INSTRUCTIONS , submit en original end four toples to REA. YEAR ENDING For diteiled Instructions. see REA EOh! 3. DOCOMUtf Ole 59 8]
SECTION A. BOILERS AND GENERATING UNITS OPERATING HOURS UNIT TIMES GROSS LINE SIZE (kW) GENE R ATION OUT OF SERVICE NO* STARTED IN SERVICE CN STANDBY NO. (MWh) Se neduled Unscheduled (a) Ibi (c) (d) (e) (fi (D th}
- 1. 1 13 1,149,350 7,076,188.5 6234.6 - 2,167 358.4 2
3.
4.
5.
- 6. TOTAL 1,149,350 7,076,188.5 '
- 7. Station Service (MWh) 334.319.3 ,; ,s his , , s '"g
- 8. Net Generation (MWh) 6.741.869.2 J '
s ,
s
- 9. Station Service % of Gross 4 '7 'v ' '
SECTION B. LABOR REPORT SECTION C. FACTORS & MAXIMUM OEMAND N"fo ITEM VALUE ITEM VALUE NO. ITEM VALUE
- 1. No. E mp. Full Tirre -5. Maint. Plant Payroll (S) 1. Load Factor (%)
(inc. Superintendent) 2. Ptant Factor (%)
- 6. Other Accounts No. Emp. Part Time ant Payton ($) Running Plant Capacity Factor (%)
- 2. , 3. _
- 3. Total Emp.. Hrs. Worked 7. TOTAL 4 15 Minute Gross Maximum Demand (kW
- 4. Oper Plant Payroll (S) Plant Payroll ($) 5. Indicated Gross Maximum Oernand (k%1 SECTION D. COST OF NET ENERGY GENERATED LINE PROOUCTION EXPENSE ACCOUNT AMOUNT ($) MILLS / NET kWh NO. NUMBER (e) f6)
- 1. Operation. Supervision and Engineering 517
- 2. Fuel 518.1
- 3. Less Fuel Acquisition Adjustment 518.2
- 4. NET FUEL EXPENSE (2 3J
- 5. Coolants and Water 519
- 6. Steam Expenses 520
- 7. Steam From Other Sources 521
- 8. Eiectric Expenses 523
- 9. Miscellaneous Nuclear Power Expenses 524 Ul
'10. Rents 525
- 11. OPERATION EXPENSES (1 + 4 rheu 101
- 12. Maintenance, Supervision and Engineering 528
- 13. Maintenance of Structures 529 14 Maintenance of Reactor Plant Equipment 530
- 13. Maintenance of Electric Plant 531 s
- 16. Maintenance of Miscellanenus Nuclear Plant 532 M
- 17. MAINTENANCE EXPENSES (J2 thru 161
- 18. Reactor Credits
- 19. TOTAL PRODUCTION EXPENSES (JJ + 17. Is)
- 20. Depreciation 403.2 j55
- 21. Taxes 408
- 22. Interest 427
- 23. Insurance 924.925.926
- 24. TOTAL FIXED COSTS (20 thru 23) __
- 23. Less Plant Acquisition Adjustment 406
- 26. POWER COST (19
- 24 2SJ RCA FORM 123 (Rev. 12 84)
[
s .
U$OA= REA ThU dsts will be used to dstermins pour operating Ferns Appem ed results and finanelat situation. Your response is required OSIB No. 0312 0017 47 U.S.C. 901 et see3 and la not confidential. Espires 3/31/81 BORROWER DESIGNATION RE A USE ONLY OPERATING REPORT -
NUCLEAR PLANT Vermont 12 Hamoshire PLANT Millstone 3 (.35% Ow;1ership)
INSTRUCTIONS . submit on original and four copies to ItEA, YEAR ENDING For detailed instructions, see REA EOh! . 3. December 31,19 SECTION A. BOILERS AND GENERATING l' NITS OPERATING HOURS GROSS LINE SIZE (kW) GENERATION OUT OP SERVICE NO' ST RTED IN SERVICE ON STANOBY NO. (MWh) $cneculed Unscheduled fa) (bl (c) (d) (e) (f) (t) th)
- 1. 1 13 4,023 24,766.7 6,234.6 2,167 358.4
- 2. ,
3.
4.
5.
- 6. TOTAL 4,023 24.766.7
- 7. Station Service (MWh) 1,170_1 '
< s
, g,s' W
- 8. Net Generation (MWh) 71.596.6 '
W s
- 9. Stat.on Service % of Gross 4 7 s '
E' ' '
SECTION B. LABOR REPORT SECTIO,N C. FACTORS & MAXIMUM DEMAND k ITEM VALUE NO ITEM VALUE o, ITEM VALUE
- 1. No. Emp. Full Time 5. Maint. Plant Payroll ($) 1. LosJ Factor (%) 74.2 (inc. Superintendent)
- 6. Other Accounts 2. Plant Factor (%) 74.2 Plant Payroll (S)
- 2. No. Emp. Part Time 3. Running Plant Capacity Factor (%) 80.8
- 3. Total Emp.. Hrs. Worked 7 TOTAL 4, 15 Minute Gross Maximum Demand (kW
- 4. Ooer. Plant Payroll (S) Plant Payroll (S) 5. Ind:cated Gross Maximum Demand (kW "O&M Costs in 4.1 a/C 51/SECTION D. COST OF NET ENERGY GENERATED L E PRODUCTION EXPENSE NU BER
- 1. Operation, Supervision and Engineering 517 282,246 -
- 2. Fuel 518.1 246,579 10.45
- 3. Less Fuel Acquisition Adjustment 518.2
- 4. NET FUEL EXPENSE (2 - 3) 246,579 10.45 _
- 5. Cociants and Water 519 Steam Expenses 520
- 6 521 *
- 7. Steam From Other Sources Electric Expenses 523 * '
8.
O. MiscaCaneous Nuclear Power Expenses 524 10,954 525 *
- 10. Rents
- 11. OPERATION EXPENSES (1 + 4 thru 10) 539.779 22.87
- 12. Maintenance, Supervision and Engineering 528 *
- 13. Maintenance of Structures 529 *
- 14. Maintenance of Reactor Plant Eauipment $30 *
- 15. Maintenance of Electric Plant 531 *
- 16. Maintenance of Misce!!aneous Nuclear Plant 532 *
- 17. MAINTENANCE EXPENSES (12 thru 1s; *
- 18. Reactor Credits s
- 19. TOTAL PRODUCTION EXPENSES (11 + 11. J8) _5_39,779 22.87 2o. cepreciation 403.2 397,194
- 21. Taxes 408 91,200
- 22. Inte m t 176,655 deferred interest not expensed 427 991,258 924.925.926 *
- 23. Insu ra nc e
- 24. TOTAL FIXED COSTS (20 thru 23) 1,479,652 62.71
- 25. Less Plant Acquisition Adjustment 406
- 26. POWER COST IJ 9 + 24 25) 2,019,431 85.58 REA FORM 12g t R ev. 12 84)
t us O A . REA This dats will be used to determine acur operating results l Form A em e U%TAJli'e"O.2h' "l'e*o"MM'"' "i",NL sMis7
OPERATING REPORT -
0 RR WER ESI NATI N REA USE ONLY ANNUAL SUPPLEMENT Vermont 12 Hampshire INSTRUCTIONS . submJt an original and four cooles to ##
REA. For dotaded tutrsetions, see REA EOM . J. December .,1, 1987
$ECTION A. UTILITY PLAM(
BALANCE ADJUSTMENTS BEGINNING ADDITIONS AND BALANCE ITEM RETIREMENTS END OF YEAR OF YEAR TRANSFERS
(*) (b) (e) (d) (e)
- 1. Totai iniansibre Piant (301 thm J 0Ji. . . 19,667 19,667
- 2. Total Steam Production Plant (J10 thru JJ6) .
- 3. Total Nuclear Production Plant (3J0 thru JJSA
- 4. Total Hydro Production Plant (JJO thru JJ8) . 3,000 3,000
- 5. Total Other Production Plant (J40 thru 348) .
- 6. Total Production Plant (J thru 3) . . 3,000 3,000
- 7. Land and Land Rights (J50) . . . .
- 8. Structures and improwments (J33) . . .
- 9. Station Equipment (353) . . . . . .
- 10. Other Transmission Plant (354 thru J5s) . .
- 11. Total Transmission Plant (7 thru 10) . .
- 12. Land and Land Rights (J60) . . . .
- 13. Structures and improwments (382) . . .
- 14. Station Equipment (J62) . . . ,
- 15. Other Distribution Plant (J63 thru J 73) . .
- 16. Total Distribution Plant (JJ thru 18) . .
- 17. Total General Plant (Ja9 thru J99) . . . 8,699 236 8, Aft 3_
- 18. Electric Plant in Service (1 + 6 + JJ + 16 + 17) 31,366 23E 31,133_
- 19. Electric Plant Purchased or Sold (10J). . .
- 20. Electric Plant Lened to Others (104) . . .
- 21. Electric Plant Held for Future Use (J03) .
- 22. Completed Construction Not Classified (Joe) . 30.799.508 278.505 11. n 7 R _. n 1 1 *
- 23. Acquisition Adjustments (114) . .
- 24. Other Utility Plant (J J 8) . . .
- 25. Nuclear Fuel Assemblies (JJ0.1 thru 130.4) .
1,568,512 140,811 1,709,323
- 28. Total Utility Piant in Service (Ja thru J5). .
32,399,386 419,316 236 32,818,466
- 27. Construction Work in Progress (107) . , ,
19,278,269 2,357,310 21,635,579
- A Total Ut;Iity Plant (28 + 2n 51,677,655 2,776,626 236 54,454,045 SECTION B. ACCUMULATED PROVISION FOR DEPRECIATION AND AMORTIZATION - UTILITY PLANT COM. BALANCE ANNUAL RETIREMENTS ADJUSTMENTS BALANCE N ACCRUALS END OF YEAR ITEM R OF E NET AGE TRANS ERS ,
(el (b) (c) (dl (el (f)
- 1. Depr. of Steam Prod. Plant (108.1) .
- 2. Dept. of Nuclear Prod. Plant (108.J) 2.86 252,944 384,304 637,248
- 3. Depr. of Hydraulic Prod. Ptant (108.Jj 2 453,339 320,004 773,343
- 4. Depr. of Other Prod. Plant (108.4) .
- 5. Depr, of Transmhsion P: ant 008.3). 5.96 113,017 89,027 202,044
- 6. Depr. cf Distribution Plant (108.8) ~
- 7. Depr. of General Piant (108.7) . 633 4,953 237 5, 143 _
- 8. Retirement Work in Progress (108.8)
- 9. Total Depr. for Elec. Plant in Serv /1.di -
819,933 1,617,984
- 10. Depr. of Plant leased to Others (109)
- 11. Depr. of P ant Held for Future Use(JJc,
- 12. Amort.cf Elec. Pf ant in Service (JJ J)
- 13. Amort.of Leased Plant (1JJ)
- 14. Amort of Plant Held for Future (1J3)
- 15. Amort, of Acqusition Adj. (J J 3) .
- 16. Depr. & Amort. Other Plant (119) .
Q3W
~
- 17. Amort.cf N ac' ear Fuet (J Jo s; 222a138
- 18. Tow PWcr Ceor. & Amut. f 9. J n 2 L010R.
1,030,000 1,021,226_ 237 2,050,989 REA FORM 12n (R e v. J J ad) PAGE 1 OF 4
, ,,--v ----g---ev
VERMONT ELECTRIC CENERATION AND TRANSMISSION COOPERATIVE, INC.
Schccl Street Johnson, Vermont 05656 (802) 635 2331 De ce mb e r 31, 1987 Form 12 H page 1 of 4 Section A. Line 22 - Completed Construction Not Classified - 31,078,013 Transmission Plant 692,531.45 35,787.60 770,519.26 1,498,838.31 1,500,000 Hydro Plant 16,025,471.11 16,050,000 Nuclear 13,129,170.24 377,680.61 13,506,850.85 13,500,000 General Plant 46,852.81 46,852.81 50,000
(
U$0 A
- REA BORROWER DESIGNATION REA USE ONLY Vermont 12 Hampshire OPERATING REPORT ANNUAL SUPPLEMENT YEAR ENDING December 31. 1986 SECTION B. ACCUMULATED PROVISION FOR DEPRECIATION AND AMORTIZATION . UTILITY PLANT (Cimtim ed)
- 19. Amount of Annual Accruel Charged to Empense 20. Amount of Annual Accrual Charged to Other 21. Scok Cost of Property Retired
^****""
S 920,690.00 $224,771.00 $ 237.00
- 33. Removal Cost of Property Retired 23. Sainge Material from ProMety Retired 24. Renewal and Replacement Cost S $ 100.00 s -
SECTION C. NONUTILITY PROPERTY BALANCE RETIREMEN,S ADJUSTM E N TS DALANCE BEGINNING OF YEAR ADolTIONS AND TR ANSFERS END OF YEAR ITEM (s) (b) (c) (d) tt)
- 1. WONUTILITY PROPERTY (#21). . . .
- 2. PROVISION FOR DEPR. & AMORT. (122) .
SECTION D. DEMAND AND ENERGY AT POWER SOURCES MONTHLY PEAKS LOAD Operating PEAK OEMANO DAY OF WEEK OAY OF MONTH HOUR OF CAY ENERGY OUTPUT FACTOR MONTH TYPE OF READING (MWh)
(MW) (%)
tal (b) (c) idl te) tt) (t)
- 1. JANUARY . . 38.4 16,559.1 58.0
- 2. FEBRUARY . 38.4 19,675.4 68.9
- 3. MARCH. . . 38.4 17,883.,0 69.3
- 4. APRIL , . . 38.4 18,8722 4 6 6_.].
S. M AY. ... 38.4 16 ,1.l_6_ t7 Sjj
- 6. JUNE ... 38.4 18,149.2 63.5
- 7. JULY ,.. 42.9 _ . . _ _ . _ _ _ _ _ _ . _ __ _ _ _ _ . . . _ _ _ . _ . . _ _ .
.18,756.S 6 0 <~?
- 8. AUGUST . , 42,9 18,076.3 56.C
- 9. SEPTEMBER . 42.9 _
16,.02L.3 __
50.:
- 10. OCTO B E R . . 38.4 7.661_4 27.9
- 11. NOVEMBER , 38.4 13,597.5 47 r
- 12. DECEMBER . 33.4 10,552.6 41.9
- 13. ANNUAL PE AK 42.9 ANNUAL TOTAL 191.924.4 96 r REMARKS SECTION E. DEMAND AND ENERGY AT DELIVERY POINTS DELIVERED TO REA BORROWERS DELIVERED TO OTHERS TOTAL DELIVERED OEMAND ENERGY LOAD DEMAND ENERGY DEMAND ENERGY LOAD MONTH FACT. N (MW) (MWn) FACT.N (M W) (MWn) (M W) (MWn) tal (b) (c) id) to) (f) fel th)
- 1. JANUARY. . 31.6 8,504.4 36.2 6.8 8,054.7 ._33_,_4 1 62 559.1 58.0
- 2. FEBRUARY , 28.4 10,291.9 48.7 10.0 9,3_8_3.5 _33_.4 19,675.4 68.9
- 3. MARCH. , 28.4 9,423.8 49.4 10.0 8,459.2 38.4 18,872.4 60J
- 4. APRIL ... 27.1 8,609.2 42.7 11.3 10,263.2 38.4 18,872.4 66.1 5.MAY. ... 23.9 6,389.0 37.2 14.5 9,727.7 38.4 16,116.7 58.3
- 6. JUNE ... 23.6 6,110.4 34.8 . 14.8 12;038.8 3 8._,_4 18,149_2 6 3J
- 7. JULY ,.. 23.4 5,973,1 35.5 19.5 12,783.4_. 42.9 18a756.5 6 0 _ ~'
- 8. AUGUST , . 23.4 4,462.2 25J 19.5 13,614.1 42.9 18a076.3 _SEJ
- 9. SEPTEMBER . _,23.4 4,993.8 28.7 19.5 11,029.5 42J 16.,023.3 - _5IL 2'
- 10. OCTOB ER . . 24.4 4,999.6 28.5 14.0 246L8_ _3 3 A_ 7 4.6 12 J ??:'
- 11. NOVEMBER , 28.4 6,147.5 2L_1 10.0 7.450.0 . __31_4 1 ( 3 12_ 5 _ A l ,_L 12.OECEMBER , 28.4 6,952.6 34.0 5.0 3,600.0 .. 3 3 . A_ 10,5;? 6 _41.1
- n. PE AK on TOTAL 82,857,$ 109,066.9 lQ1,Q?j j 9f [
__ - ~
HEMARKS
- REA FORM 12h (Res. J J 541 PAGE 2 OF 4
.. vsoA.REA BORROWER DESIGNATION REA USE ONLY Vermont 12 Hampshire OPERATING REPORT - yegg guoina ANNUAL SUPPLEMENT December 31, 19 87 SECTION F. CASH AND INVESTMENTS FORM OR TYPE MATURITY REA USE CURRENT IN TITUT N D ITO$lY OF INVESTMENT DATE ONLY BALANCE (a) (b) (c) (d)
- 1. INVEST. IN ASSOCI ATED ORG.. PATRONAGE CAP (JtJ.JJ (1) NRUCFC YEAR ENDED MAY 31, 19E 4 18,278 (b) NRUCFC YEAR ENDED MAY 31, 19f;5 42,718 (c)
- 2. INVEST.IN ASSOCIATED ORG..OTHER (123JJ + JfJ.23)
(a) NRUCFC CAPITAL TERM CERTIFIC/ TE 17,167 (e) NRUCFC MEMBERSHIP 1,000 (c) NRECA MEMBERSHIP 10 (d)
- 3. OTHER INVESTMENTS (J24)
(a) PASE I HYDRO-QUEBEC INHRDtECITCL SHARES 258,016 (b)
(c)
(d)
(e)
If)
(9)
- 4. SPECIAL FUNDS (J25 thru J#s)
(a) 1 (b)
- 5. CASH GENERAL IN ALL DEPOSITOR!ES & WORKING FUNOS '
(a) Specify Number of Depositories _ l (J3J.J + J35) , ., 1 A . */ A 1 M. . . . . , .
- 6. C ASH . CONSTRUCTION FUND .TRUSTE E (131.tJ c
.M s J _ .t y n
- 7. SPFCI AL DEPOSITS (1341 (a)
(b)
- 3. TEMPORARY INVESTMENTS (136)
(a)
(b)
(c)
(d)
(e) 9 TOTAL (Sum of fian J thrw #1 403,290 SECTION G. MATERIAL AND SUPPLIES INVENTORY pfg BALANCE PURCHASED BALANCE ITEM BEG. OF YEAR & SALVAGED ED & SOLD END OF YEAR fel (b) fel (dl
- 1. COAL. . . . . . . . . . . . .
- 2. OTHER FUEL , . . . . .
- 3. PRODUCTION PLANT PARTS AND SUFPilES .
- 4. STATION TRANSFORMERS AND EQUIPMENT < . .
- 5. LINE MATERI ALS AND SUPPLIES . . , ,
- 6. OTHER MATERIALS AND SUFPLIES. . . .
i
- 7. TOTAL (sum o(lines J thrw 6) . . .
REA FORM 12h ( R e v. J 2 41) PAGE 3 OF 4 l
1
l .
USDA .RgA BORROWER DESIGNATION REA USE ONLY Vermont 12 Hampshire OPERATING REPORT ANNUAL SUPPLEMENT YEAR ENDING December 31, 1987 SECTION H. LONG TERM DEBT.OTHER AND DEBT SERVICE REQUIREMENTS PAYEE LOAN BALANCE INTEREST PRINCIPAL TOTAL
, p END OF YEAR PAYMENTS PAYMENTS PAYMENTS (a) (6) (c) (d)
- 1. Federal Financing Bank 28,682,731 ~*2,E06,662 *38,734 2,645,346 '
2.
3.
4.
S.
- 6. TOTAL (Sum of fines J thm 5)
SECTION 1. ANNUAL MEETING AND BOARD DATA 1, Date of Last Annual Meeting 2. Total Number of Eligible Voters 3. Was Quorum Present? 4. Number of Members Voting tf Proxy or Mail 5-26-87 6 0 YES C NO S. Number of Members Present at 6. Total Number of Board Members ?. Annual Cost of Directors' Fees and 8. Does Manager Have Written Corinct?
M*eting Expenses 6 $ 4,537.00 C YES DO NO SECTION J. MAN HOUR AND PAYROLL STATISTICS
- 1. NUMBER OF FULL TIME EMPt.OYEES 1** 4. PAYROLL EXPENSED 1,527
- 2. MAtl HOURS WORKED . REGULAR TWE 67 S. PAYROLL CAPITAllZED -
- 3. MAN HOURS WORKED OVERTIME -
- 6. PAYROLL OTHER -
SECTION K. LONG TERM LEASES (If additionalspace is needed, use separate sheet,)
LIST BELOW ALL RESTRICTED PROPERTY
- HELD L*NDER LCNQ TERME
- LEASE tif NONE, state NONE.) RENTAL NAME OF LESSOR TYPE OP PROPERTY THIS YEAR 1.
2.
3.
110 T A_L
- "RI:STillCTED PROPERTY" means s!! properties other than automobiles, trucks, trailers, tractors, other vehicles (includ!nt withou t limitation eletreft end ships). offlee. garete end warehouse spect and office equipment (including without limitation computers).
- 1.ONG TERM" means leases having unespired terms of more then it months (taktnt into secount terms of rental et the option of the lessor, whether av not such leases have been rensu ed).
SECTION L NOTES IF ..DDillON.tL SPACE IS NEEDED. L'SE SEPAR ATE SHEET.
- Section H L.I b,c,d interest and principal patments on guaranteed loan made by REA
- Section J L.I This employee was also employed by Vermont Electric Cooperat is Inc. (Vt.7). He terminated in May 1987
)
e REA FORM 12h (Rey, l2 mas PAGE 4 OF 4 I
t
s
. (' (
S
~
USDA* RCA Thk dzts wW be used to determine your operating f orm APPront neulte end financial situation. Your neponse is OME No. 0512 0011 OPERATING REPORT . ""'"d""'""'*d""*'*"d""" '"'"'"
B RR WER ESIGN ATI N REA USE ONLY LINES AND STATIONS Vermont 12 Hampshire INSTRVOTIONS submit en crisiael and fou, copics to AsA. YE AR ENDiNG re. .tetaned enstructions. see nes sO.u.s. December 31,19 gy SECTION A. EXPENSE AND COSTS gyggs ACCOUNT LINES STATIONS NUMBER (e) (6J TRANSMISSION OPERATION
- 1. SUPERVISION AND ENGINEERING. . . . . . . . . . 550 31,265
- 2. LOAD DISPATCHING . . . . . . . . . . . . 561
- 3. STATION EXPEN$ES . . . . . . . . . . . 562 El 4 OVERHEAD LINE EXPENSES . . . . . . . . . . . 563 , , s
- 5. UNDERGROUND LINE EXPEN5ES . . . . . . . . . . 564
- 6. MISCELLANEOUS EXPENSE 5 . . . . . . . . . 566 32 100.__
7 SUBTOTAL (f ihm 6) . . . . . . . . . . . . 34,365
- 4. TR AN5 MISSION OP ELECTRICITY BY OTHERS . . . . . . 565 593.090 ve - -
- 9. RENTS . . . . . . . . . . . . . . . . 567 627,455
- 10. TOTAL TRANSMIS$10N OPERATION (T thrw f) . . .
TRANSMISSION MAINTENANCE
- 11. SUPERV1510N ann ENGINEERING . . . . . . . . . 568
- 13. STATION EQUIPMENT. . . . . . . . . . . 570
- 14. OVERHE AD LINES . . . . . . . . . . . . 571 '4 Q 4 s
- 15. UNDERGROUNO LINES . . . . . . . . . . . . 572
- 16. MISCELLANEOUS T R AN5 MISSION PLANT . . . . . . . . 573 17 TOTAL TRANSMIS$10N MAINTENANCE (li shm Jti . . . , 't R d
- 18. TOTAL TRANSMISSION EXPENSE no + 1f) . , . . .
6 21 yQ
- 19. DISTRIBUTION EXPENSE - OPERATION . . . . . . . . 580 thru 549
- 20. OtSTRIBUTION EXPENSE - M AINTEN ANCE , . . . . . . 590 theu 598
- 21. TOTAL DISTRIBUTION EXPENSE us + 20) . . . . .
22 TOTAL OPER ATION AND MAINTEN ANCE (18 + 21; , . . .
FIXED COSTS
- 23. OEPRECI ATION - TR ANSMIS$lON, . . . . . . . . . 403.5 89,027
- 24. CEPRECI ATION - Ol5TmBUTION . . . . . . . . . 403.6
- 25. TAX E5 - T R ANSMIS$lON. . . . . . . . . . . 404
- 26. TAXES - CI5TRIBUTION . . . . . . . . . . . . 408
- 27. INTE REST - TR AN5 MISSION , h.3 M, b W . . . . . 427 109,564
- 28. INTEREST - Ol5T RIBUTION . . . . . . . . . . . 427
- 29. INSURANCE - TR AN5MI55 TON . . . . . . . . . 924.925.926
- 30. INSU R ANCE - Ol57ttlBUTION . . . . . . . . . . 924.925.926
- 32. TOTAL DISTRIBUTION (21 + 34 + ts + #s + Jo> . . . , o l 33. TOTAL LINES ANO STATIONS (JJ + J2) . . . .
826,430
- 4/ h SECTION B. FACILITIES IN SERVICE g SECTION C. LABOR AND MATERf AL
SUMMARY
TR ANSMIS$10N LINES SUBST ATIONS 1. NUMBER OF EMPLOYEES VCLTAGE (kV) MILES TYPE CAPACITY (kVA) ITEM LINES STATIONS 3+ 9. S T E PUP AT G EN- 2. OPE R. LABOR '
ER ATING PLANTS 1 VMT. WOR 2.
- 3. 4 CPER. M A T E R IAL '
lo, T A AN5MI5510N
- 4. 9 VA ir4 7 p.* A T F rH A t.
- 11. Ot$T RIBUTION
- 6. TOTAL ti tou S) 1. TOTAL
- 8. TOTALIS + 7) #9 8W ill 3 ave No wou R5 0ui Pir R ccNs REA FORM 1 21 (12 $4B
G&T ACCOUNTS PAYABLE DETAIL -
DECEMBER 31, 1987 PFOJECTS: NORTH HARTLAND ACRES 422,007 VOEST-ALPINE 164,563 BUFFALO TANK 155,121 PIZZAGALLI 651,787 LAKESIDE 10,916 LANE 270,000 BURNS & ROE 13,018 N.E.T. 10,289 1,697,699 MILLSTONE 3 - NORTHEAST UTILITIES JT. CONS. INV. 426,811 JT. TRANSM 13,845 JT. SITE 8,140 PROP. TAXES 52,476 INTEREST 85,901 587,194 SEABROOK YAEC-CONS INV 2,033,265 YAEC-UNIT 2 35,593 YAEC-INTEREST THRU 12/87 296,575 PSNH-TRANS SPPT 47,530 PROP TAXES & FEES 184,914 LAWYERS 2,226 2,600,103 PILGRIM 2 BOSTON EDISON CO 3,120 3,120 OPERATING INVOICES CV-DEC INV-NOV CAP 123,980 VEC-DEC PAYROLL SERV. INC IN A/P ASSOC. CO. $11,618 MISC. INVOICES 38,409 162,390 ACCOUNTS PAYABLE-GENERAL 5,050,506 ACCOUNTS PAYABLE-ASSOCIATED COMPANY (VEC) 555,618 ACCOUNTS PAYABLE-CASH ADVANCED (VEC) 1,268,000 TOTAL DECEMBER ACCOUNTS PAYABLE 6,874,124
_ _ _. _ _ _ _ . -_ .__._.m. ._. . _ ._
i VEG & T SUMMART OF REVENUES SCHEDULE #1 FINANCIAL STATEMENT MONTN JAN 87 TEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 NOV 87 DEC 87 TOTAL CALENDER MONTN DEC 86 JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 NOV 87 VERMONT ELECTRIC Co-OP.
M (deliveeed) 7925590 9633710 8822380 8071820 5957580 5702070 5356730 4051180 4506110 4508180 5503160 6391750 76430260
, MILLS %.24 74.10 83.98 95.30 99.92 84.27 120.38 164.54 172.55 17' .M 128.17 115.13 109.49 AMOUNT 762740.26 713885.21 740908.00 769232.28 595289.18 480510.43 644859.25 666598.20 777521.46 775237.11 705363.24 735867.72 A368012.34 NORTNEAST UTILITIES CVPSC SYSTEM M 5050000 7200000 7440000 7440000 0 3600000 30730000 MILLS 25.00 ERR ERR ERR ERR ERR 26.00 26.00 26.00 ERR ERR 27.00 25.95 ArouuT 126250.00 187200.00 193440.00 193440.00 97200.00 797530.00 VERMONT YANKEE M 1304670 3478500 3255740 663410 8702320 MILLS 19.00 ERR ERR ERR IRR ERR 26.00 26.00 26.00 ERR ERR ERR 24.95 AMOUNT 24788.73 90441.00 84649.24 17248.66 217127.63 MILLSTONE 3 M 2104880 2918380 2926100 2662760 10612120 MILLS 26.00 26.00 26.00 26.00 ERR ERR 26.00 AMOUNT 54726.88 75877.88 76078.60 69231.76 275915.12 TITAL N.U. M 6354670 0 0 0 0 0 '2783380 13614120 11029510 2662760 0 3 2 000 50044440 TOTAL N.U. COSTS 151038.73 0.00 0.00 0.00 0.00 0.00 332367.88 353967.12 286767.26 69231.76 0.00 97200.00 1290572.75 CREE 3 MOUNTAIN M 1700000 1943460 1739170 10263200 9727680 12038780 7450000 44862290 MILLS 24.30 18.00 18.00 28.34 24.19 20.52 ERR ERR ERR ERR 22.50 ERA 23.37 AMouMT 41310.00 34982.28 31305.06 290887.23 235314.27 247050.64 167625.00 1045474.48 OTNER UTILITIES l ~ ~ ---UNI T I L ~ - ~ ~ l SEPT- CV CAP 0 KWH M 7440000 6720000 0 14160000 CILLS ERR 29.50 33.13 ERR ERR ERR ERR ERR [RR ERR ERR ERR 34.95 AMauuT 219480.00 222600.00 52760.00 0.00 494840.00 REVENUES: ELECTRIC SALES M 15980260 19017170 17281550 18335020 15685260 17740850 18140110 17665300 15535620 7170940 12953160 9991750 185496990 MILLS 59.77 50.92 57.57 57.82 52.95 41.01 53.87 57.77 68.51 125.12 67.40 83.38 60.39 AnouMT 955088.99 966347.49 994813.06 1060119.51 830603.45 727561.07 977227.13 1020565.32 1064288.72 897228.87 872988.24 833067.72 11201899.57 OTdt ELECTRIC REVENUES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 "TOTAL REVENUES 955088.99 968347.49 994813.06 1C40119.51 830603.45 727561.07 977227.13 1020565.32 1064288.72 297228.87 872988.24 833067.72 11201899.57
VEG & T
SUMMARY
OF PURCNASED POWER COSTS SCHEDULE #2 FINANCIAL,5fATEMENT MONTW JAN 87 FEB 87 MAR 87 APR 87 MAY ST JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 Nov87 DEC 87 TOTAL CALENDER MONTN DEC 86 JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87
- OCT 87 Nov87 CVPSC CAPACITY ,
m 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 5000 115000 UNIT COST: S/W 13.19 13.19 13.19 13.19 13.19 13.19 13.19 13.19 13.19 13.19 13.19 14.00 13.23 AMOUNT 131910.00 131910.00 131910.00 131910.00 131910.00 131910.00 131910.00 131910.00 131910.00 131910.00 131910.00 70020.00 1521030.00 ENERGY WN 6875570 7440030 6730410 7440000 7190000 7440000 7200000 7440000 7440000 0 7450000 3600000 76246010
] Ou!T COST: MILLS /WW 12.71 '3.94 13.52 17.77 12.47 11.38 12.10 13.54 21.48 ERR 12.20 14.99 13.69
- AMOUNT 87397.43 103703.60 90999.85 95037.07 89645.64 84650.09 87127.20 100742.06 159812.69 0.00 90905.65 53960.40 1043981.68 i
TOTOL 219307.43 235613.60 222909.85 226947.07 221555.64 216560.09 219037.20 232652.06 291722.69 131910.00 222815.65 123HIO.40 2565011.68 CVPSC-AVG COST + MILLS /KWN 31.90 31.67 33.12 30.50 30.81 29.11 30.42 31.27 39.21- ERR 29.91 34.44 33.64 MERRIMACK CAPACITY
) m 1909 1909 1909 1909 1909 1909 1909 1909 1909 1909 1909 1909 22908 Ou!T COST: S/W 7.93 3.90 4.23 5.51 5.68 5.81 5.42 5.69 6.99 5.76 4.48 4.54 5.50 AMOUNT 15141.44 7449.64 8074.08 10523.97 10851.84 11088.u1 10350.33 10860.19 13350.71 11005.10 8558.03 8658.57 125911.91 l ENERGY i
] WH 981230 1049960 847450 759040 0 192650 974290 1293830 1208360 1042780 1215880 9565470 l Ou!T COST: MILLS /WH 19.28 12.98 28.83 0.89 ERR ERR 43.77 34.89 17.12 16.49 17.17 27.17 20.19 Amalmi 18921.68 13627.32 24436.05 677.12 - 0.00 8432.49 33993.17 22156.70 19927.15 17907.45 33030.42 193109.55 i ADJUSTMENT -15133.08 -15133.08 TOTAL 18930.04 21076.96 32510.13 11201.09 10851.84 11088.01 18782.82 44853.36 35507.41 30932.25 26465.48 41688.99 303888.38-MERRIMACK-AVG COST - MILLS / GH 19.29 20.07 38.36 14.76 ERR ERR 97.50 46.04 27.44 - 25.60 25.38 34.29 31.77 l
4 l
J I
- --._. - _ -__- . -. - . . . . - . . - _ _ . . - - - - - ~ . . _ - - - . - _
VERMONT YANKEE JAN 87 FE8 87 MAR 87 APR 87 MAY 87 JUN ST JUL 87 AUC 87 SEP 8T OCT 87 NOV 87 DEC 87 TOTAL DEC 86 JAN 87 FES 87 MAR 87 APR ST MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 VN 87 CAPACITY Ku $477 5477 5477 5477 5477 5477 5477 5477 5477 5477 5477 5477 65724 UNIT Cosi: $/KW 19.87 13.67 17.73 15.67 17.30 16.12 15.76 20.56 25.23 24.02 21.76 18.56 18.85 AMOUNT 108819.85 74864.74 97099.48 85806.07 94773.06 88275.31 86325.55 112628.57 138171.72 131560.08 119203.57 101636.79 1239164.79 ENERGY KWN 4020660 4056880 3631480 4031430 3728280 3847850 3478580 3255740 663410 0 3070780 3480540 37265630 UN!T Cost: MILLS /KWH 7.30 7.30 7.32 7.30 7.31 7.31 7.33 7.34 8.20 ERR 7.65 T.63 7.41 AMOUNT 29352.19 29610.97 26580.74 29431.07 27271.83 28124.45 25494.14 23907.16 5437.51 753.27 23506.39 26543.18 276012.90 TOTAL 138172.04 104475.71 123680.22 115237.14 122044.89 116399.76 111819.69 136535.73 143609.23 132313.35 142709.% 128179.97 1515177.69 VT-YANKEE-AVC COST - MILLS /KW 34.37 25.75 34.06 28.58 32.73 30.25 32.15 41.94 216.47 ERR 46.47 36.83 40.66 NEP00L ENERGY SALES SOME DUMPED KW -2930360 -928560 -1133670 755510 -1008560 -902280 -284430 -1994460 -1310830 -1526820 -5900550 -3318510 41994540 UNIT Cost: MILLS /Kw 17.04 29.19 21.92 20.03 J.94 3',.38 27.78 28.97 28.64 21.41 16.70 23.65 21.76 AMOUNT -49940.22 -27108.54 -24846.87 -15132.04 -21120.97 -27414.C -7902.47 -57784.79 -37540.36 -32688.66 -98568.10 -78479.00 -478526.99 PURCNAsEs KW 207680 709030 1080870 1519900 944330 679380 1417210 321270 347480 313560 5560 80470 7626740 UNIT Cost: MILLS /Kv4 53.01 55.78 54.98 36.25 33.26 49.46 59.81 62.86 64.72 23.84 43.85 35.68 43.27 AMOUNT 11010.13 39550.02 59422.37 55092.63 31409.49 33603.17 84762.57 20195.71 22490.04 7475.82 243.79 2871.49 368127.23 EXPErsEs 2139.44 8814.19 11025.90 -19382.18 7478.54 8218.69 11949.GJ 16805.01 14382.96 5756.32 -19812.58 197.29 47572.66 TOTAL KVM -2722680 -219530 -52800 764390 -64230 -222900 1132780 -1673190 -963350 1213260 -5894990 -3238040 -14367800 TOTAL COST -36790.65 21255.67 45601.40 20578.41 17767.06 14406.89 88809.18 -20784.07 -667.36 -19456.52 -118136.89 -75410.22 -62827.10 NEP00L-AVC COST - MILLS /KWH 13.51 -M.82 -863.66 26.92 -276.62 -64.53 78.40 12.42 0.69 16.04 20.04 23.29 4.37 It!CMCATE ENERGY VDPs & VEL T (SUMMER)
Kw 3962940 3976450 3542100 3962640 3489980 3824520 3756740 39*5770 3933840 3600850 3847120 3854780 45738730 uuti Cost: MILLS /KWN 27.72 28.42 28.78 24.42 24. 72 23.21 24.35 26.12 26.06 28.38 30.19 29.42 26.81 AMOUNT 109860.99 112992.50 101949.36 96765.93 86275.09 88782.83 91469.22 104126.65 102533.22 102202.04 116131.74 113389.48 1226479.05 VELCO 1241.08 616.59 1648.64 13778.11 9327.64 5182.03 3731.48 3881.43 4105.51 13719.65 154.00 512.25 57898.41 TOTAL 111102.07 113609.09 103598.00 110544.04 95602.73 93964.86 95200.70 108008.08 105638.73 115921.69 116285.74 113901.73 1284377.46 NIGNCATE AVC COST - MILLS /KWH 28.04 28.57 29.25 27.90 27.39 24.57 25.34 27.09 27.11 32.19 30.23 29.55 28.08 I
g DEC 87
- NOPTHEAST UTILITIES JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 -NOV 87 TOTAL.. i DEC 86 ' JAN 87 FEB 87 MAR 87 APR 87 MAY 87 - JUN 87 JUL 87 AUG 87 ' SEP 87 OCT 87 NOV 87 CAPACITY Ku 7800 7800 7800 7800 7800 7800 12300 12300 12300 7800 7800 7700 107000 .
UNIT COST: S/KW 1.03 0.98 0.98 0.98 0.98 0.98 1.17 1.17 1.18 - 0.98 0.98 0.98 1.05 AMOUNT 8067.00 7618.00 7618.00 7618.00 7618.00 7618.00 W 13.00 14417.00 14469.00 7618.00 7618.00 7520.00 112212.00 ENERGY KVH 72200 38800 69300 16500 48600 42800 70100 322216 198330 9300 22900 48800 959816 65.61 77.78 69.47 83.52 72.94 71.14 73.02 65.44 67.64 66.34 82.49 79.00 69.30 UNIT COST: MILLS /KWH AMOUNT 4737.00 3018.00 4814.00 1378.00 3545.00 3045.00 5119.00 21087.00 13413.00 617.00 1889.00 3855.00 66517.00 TOTAL 12804.00 a .'636.00 12432.00 8996.00 11163.00 10663.00 19532.00 35504.00 27882.00 8235.00 9507.00 11375.00 178729.00 l
NU TURB.-AVG COST - MILLS /KVH 177.34 274.12 179.39 545.21 229.69 249.14 278.63 110.19 140.61 885.48- 415.15 233.09 186.21 YANKEE DOWNTIME 0.00 0.00 ,
1592.53 761.67 583.35 324.36 2P26.84 3211.31 2950.00 1737.00 3M4.54 2596.07 7581.6? 1316.73 29375.02
'VC 957 + 557.1) EXPENSES 6015.56 -2715.66 -151.33 -2195.28 -4298.05 -4621.29 -3134.23 -6485.08 -5218.93 850.29 -3366.41 27914.01 2093.60 (A/C 555.1) PHASE I TOTAL KWH 13189920 16342590 14767940 16974000 14392630 14932270 15830850 14305826 12566030 3605250 9538590 8961960 155407856 j TOTAL P CCHASED POWER COSTS 471133.02 504713.04 541163.62 191632.83 477513.95 461672.63 552997.36 332021.08 603368.31 403302.13 403362.15 372946.61 5815826.73 AVG. "URCH. PWR. - MILLS /KVH 35.72 30.88 36.64 28.96 33.18 30.92 34.93 37.19 48.02 111.87 42.29 41.61 37.42 9i
VEG & T
SUMMARY
OF TRANSMISSION, CENERATION, INTEREST, A & G EXPENSES SCHEDULE #3a FINANCIAL STATEMENT HONTH JAN 87 FER 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 57 NOV 87 DEC 87 TOTAL CALENDER ENTH DEC 86 JAN 87 FE8 87 MAR 87 APR 87 MAV 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 NOV 87 NOTH HARTLAND WH 396800 593200 440800 903200 136000 911200 820800 852100 531200 1394400 13268V 1592400 9898900 IOVEREST LONG TERM DE8T 98775.04 89216.15 98775.04 95588.74 98775.04 95588.74 98775.04 98775.04 95588.74 98775.04 95588.74 98775.04 1162996.39 SHC3T TERM DEST 24085.08 21390.84 23705.48 25375.61 26521.21 26193.98 29381.30 28893.67 28141.71 32179.83 30784.84 31649.11 328302.66 DEFERRAL AMOUNT -61467.14 -108471.43 -47941.01 -217879.58 PRC7ERTY TAX 14150.00 14150.00 14150.00 14150.00 14150.00 14150.00 14150.00 11845.97 11800.00 11800.00 11800.00 11800.00 158095.97 POOPERTY INSURANCE 2610.00 2610.00- 2610,00 2610.00 2610.00 2610.00 2610.00 2886.00 2650.00 2650.00 2650.00 2650.00 31756.00 DEPRECIATION TRCNSMISSION 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 14004.00 CECERATION 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 320004.00 OPEPAVION & MAINTENANCE 8132.64 8207.40 5981.61 114355.80 14816.08 17514.96 24447.74 10097.21 4453.88 5847.26 10142.21 7105.78 231102.57 70TAL 175586.76 163408.39 173056.13 279914.15 123239.19 75420.25 149257.07 180331.89 170468.33 179086.13 178799.79 179813.93 2028382.01 COVH HARTLAND - MILLS /WH 442.51 275.47 392.60 309.91 906.17 82.77 181.84 211.63 320.91 128.43 134.76 112.92 204.91 M!tASTONE WM 2972330 2739560 2674250 095240 1588060 2305710 2104880 2918380 2926100 2662760 2732130 0 26619400 INTEREST LC G TERM DEST 82206.08 74250.65 82206.08 79554.27 82206.08 79554.27 82206.08 82206.08 79554.27 82007.75 79362.35 82007.75 967321.71 SHO T TERM DEBT 12605.35 12012.92 12741.11 14669.99 15153.69 20131.57 17241.15 18110.58 17583.58 20042.19 14165.38 26133.72 200591.23 DEFERRAL AMOUNT 49868.41 -88003.06 -38783.57 NU INT INV LATE -176655.04 P80PERTY TAX 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 91200.00 PRC7ERTY INSURANCE 0.00 0.00 0.00 0.00 DEPRECIATION 32886.22 32915.33 32956.39 32984.79 33029.75 33061.92 33088.98 33203.92 33241.82 33264.51 33271.50 33288.93 397194.06 G7ESATION & MAINTENANCE 22568.68 32845.65 27675.47 16965.69 18000.39 29453.93 25866.79 25257.84 20720.23 29465.31 40593.06 3786.60 293199.64 TRANSMISSION EXPENSE 2752.56 2770.06 2822.19 2445.02 2642.89 2632.83 2510.71 2507.04 2511.33 2551.09 2536.53 2582.60 31264.85 ADMINIS!RATIVE & CENERAL 0.00 0.00 0.00 0.00 0.00 0.00 ADJ 3RD OTR 0.00 FUEL EXPENSE 28573.61 27832.66 10380.35 16563.47 24048.53 21953.90 30438.70 30519.22 27772.59 28496.12 0.02 246579.17 TOTAL 189192.50 190227.27 176381.59 170783.23 132812.92 106385.36 160168.84 199404.68 188983.82 203426.97 177528.84 155399.60 2050695.62 MILLSTONE 3 - MILLS /WH 63.65 69.44 65.96 171.60 83.63 46.14 76.09 68.33 64.59 76.40 64.98 ERR 77.04 CRAND TOTAL SCHEDULL 3a 364779.26 353635.66 349437.72 450697.38 256052.11 181805.61 309425.91 379736.57 359452.15 382513.10 356328.63 335213.53 4079077.63
.~
VEG & T
SUMMARY
OF TRANSMISSION, CErERATION, INTEREST, A & G EXPENSES SCHEDULE #3b FINANCIAL STATEMENT MONTH JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 NOV 87 DEC 87 TOTAL CALENDER MONTH DEC 86 JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AJC 87 SEP 87 OCT 87 NOV 87 TRANSMISSION EXPENSE YELCO 41208.49 39327.86 39071.86 34290.46 31713.44 36045.99 27946.98 32805.35 33588.83 30262.61 31793.65 42946.39 421001.91 NORTHEAST UTsLITIES 4069.00 3533.00 3533.00 3533.30 3533.00 3533.00 5571.00 5571.00 5571.00 3533.00 3533.00 3488.00 49001.00 NEW ENGLAND POWER 2863.38 2863.38 2863.38 2863.38 2863.38 2863.38 4515.33 4515.33 4515.33 2863.38 2863.38 2826.67 39279.70 CYPSC - N. HARTLAND 6496.50 6496.50 6496.50 6496.50 6496.50 6496.50 6496.50 6496.50 6496.50 12345.50 64V6.50 9596.50 86907.00 TOTAL 54637.37 52220.74 51964.74 47183.34 44606.32 48938.87 44529.81 49388.18 50171.66 49004.49 44686.53 5S857.56 596189.61 AMORT!ZAT!ONS PILCRIM I! 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 2958.00 35496.00 SEA 1 ROOK II 6406.00 6406.00 6406.00 6406.00 6406.00- 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 76872.00 HICHGATE 6166.67 6166.67 - 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 74000.04 TOTAL 15530.67 15530.67 15530.67 15530.67 15530.67 1s330.67 15530.67 15530.67 15530.67 15530.67 15530.67 15530.67 186368.04 INTEREST EXPENSES LONG TERM (P 11+S II) 15354.80 13868.86 15482.38 14743.64 15235.11 14743.64 15153.17 15148.75 14649.78 15342.33 14847.39 15342.30 179912.15 I SHORT TERM 8501.53 4653.13 5937.83 5979.11 5547.26 5963.13 6637.99 5747.62 5566.97 7252.72 6112.27 6406.04 74305.60 OTHER DEFERRED INTEREST -8859.60 -15634.57 -6836.49 -31330.66 l INTEREST INCOME 0.00 0.00 -9734.24 0.00 -342.40 -8971.92 0.00 -8796.09 -344.28 -8796.00 -36984.84 I TOTAL 23856.33 18521.99 11685.97 20722.75 11580.37 -3899.72 14954.67 20896.37 11420.75 22595.05 20615.38 12952.34 185902.25 l CENERAL & ADMINISTRATIVE l
DIRECTORS 0.00 0.00 388.64 751.62 115.16 541.84 0.00 67.46 72.61 1433.15 1166.78 4537.26 INSURANCE & START UP 3088.93 2776.75 2 776.75 2776.75 2776.75 3639.75 2776.75 2776.75 2776.75 2776.75 2776.75 2776.75 34496.18 SALARIES,0VHD,CONSULTAWTS 19647.18 18829.97 21464.40 30687.78 22357.02 19224.04 36936.00 19791.32 21429.87 21133.55 28254.98 32820.85 292576.96 OFFICE SL? PLIES 274.79 0.00 280.00 15.0C 0.00 16.64 0.00 283.00 160.25 0.00 733.08 1762.76 B!tLING 141.44 118.67 120.55 121.39 71.10 90.74 75.96 73.92 138.56 140.27 0.00 68.55 1161.15 TOTAL 23152.34 21725.39 25030.34 34352.54 25320.03 23513.01 39788.71 22992.45 24345.18 24283.43 32464.88 37566.01 334534.31 TOTAL (SCHEDULES 3a & 36) 481955.97 461634.45 453649.44 568486.68 353089.50 265888.44 424229.77 488544.24 460920.41 493926.74 469626.09 460120.11 5382071.84 TOTAL PURCHASED PWR (SCHED. 2) 471133.02 504713.04 541163.62 491632.83 477513.95 461672.63 552997.36 532021.08 603368.31 403302.13 403362.15 372946.61 5815826.73 l MARGINS 2000.00 2000.00 0.00 0.00 0.00 0.00 0.00 0.00 4000.00 TOTAL COST of SERVICE 955088.99 968347.?? 994813.06 1060119.51 830603.45 727561.07 977227.13 1020565.32 1064288.72 897228.37 872988.24 833066.72 11201898.57
VEC & T REVENUES WITH LINE LOSSES SCHEDULE #4 FINANCIAL STATEMENT MONTH JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 NOV 87 DEC 87 TOTAL CALENDER MONTH DEC 86 JAN 87 FEB 87 MAR 87 APR 87 MAY 87 JUN 87 JUL 87 AUG 87 SEP 87 OCT 87 NOV 87 YOTAL COST OF SERVICE KVH 16559050 19675350 17882990 18872440 16116690 18149180 18756530 18076306 16023330 7662410 13597520 10554360 191926156 UNIV COST 57.68 49.22 55.63 56.17 51.54 40.09 52.10 56.46 66.42 117.09 64.20 78.93 58.37 AMOUNT 955088.99 968347.49 994815.06 1060119.51 830603.45 727561.07 977227.13 1020565.32 1064288.72 897228.87 872988.24 833066.72 11201898.57 .
TRANSMISSION LINE LOSS -578790 -658180 -601440 -537420 -431430 -408330 -616420 -411006 -487710 -491470 -644360 -562610 -6429166 POWER AVAILABLE FOR SALE KWH 15980260 19017170 17281550 18335020 15685260 17740850 18140110 17665300 15535620 7170940 12953160 9991750 185496990 UNIV COST 59.77 50.92 57.57 57.82 52.95 41.01 53.87 57.77 68.51 125.12 67.40 83.38 60.39 AMOCT 955088.99 968347.49 994813.06 1060119.51 .830603.45 727561.07 977227.13 1020565.32 1064288.72 897228.87 872988.24 833066.72 11201898.57 SALES t'ERMONT ELECTRIC CO-OP.
KWH 7925590 9633710 8822380 6071820 5957580 5702070 5356730 4051180 4506110 4538180 5503160 6391750 76430260 UNIT COST 96.24 74.10 83.98 95.30 99.92 84.27 120.38 164.54 172.55 171.96 128.17 115.13 109.49 AMOUNT 762740.26 713885.21 740908.00 769232.28 595289.18 480510.43 644859.25 666598.20 777521.46 775237.11 705363.24 735867.72 8368012.34-OTHER UTILITIES KVH 8054670 9383460 8459170 10263200 9727680 12038780 12783380 13614120 11029510 2662760 7450000 3600000 109066730 UNIT COST 23.88 47.12 30.02 28.34 24.19 20.52 26.00 26.00 26.00 45.81 22.50 27.00 25.98 AMOUNT 192348.73 254462.28 253905.06 290887.23 235314.27 247050.64 332367.88 353967.12 286767.26 121991.76 167625.00 97200.00 2833887.23 OTHER ELECTRIC REVENUES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL SALES (KuM) 15980260 19017170 17281550 18335020 15685260 17740850 18140110 17665300 15535620 7170940 12953160 v991750 185496990 VOTAL SALES (REVENUES) 955088.99 968347.49 994813.06 1060119.51 830603.45 727561.07 977227.13 1020565.32 1064288.72 897228.87 872988.24 833067.72 11201899.57 TOTAL SALES (UNIT COST) 59.77 50.92 57.57 57.82 52.95 41.01 53.87 57.77 68.51 125.12 67.40 83.38 60.39 O
'l MUNICIPAL LIGHTING PLANTS l
l Eijc C0111111011ucalth of fMaggachttgetts RETURN OF THE TOWN OF HUDSON LIGHT AND POWER DEPARTMENT TO THE DEPARTMENT OF PUBLIC UTILITIES' OF MASSACIIUSE'ITS For the Year Ended December 31,
1Efje Commentucaltf) of JNassacfjusetts RETURN .
0F THE TOWN .0F HUDSON LIGHT AND POWER DEPARTMENT TO THE DEPARTMENT OF PUBLIC UTILITIES JP MASSACHUSETTS l
For the Year Ended December 31, 1987 - -
1987 Name of officer to whom correspondence should i. HORST,HUEHMER, ,
be addressed regarding this report, f 00icial title. MANAGER , 00 ice add re.- ..
Form AC 19.
HUDSON, MA 01749 M
2 ,
t ,
, t*
\ I TABLE OF CONTENTS l i
, Page General Information 3 Schedule of Estimates 4 Customers in each City or Town 4 !
Appropriations Since Beginning of Year 5 i Changes in the Property 5 (i s
Bonds 6 i Town Notes 7 !
Cost of Plant 8-9 !
Comparative Balance Sheet 10-11 :
Income Statement ,
12-13 '
Earned S'irplus 12 i' Cash Balances 14 Materials and Supplies 14 i Depreciation Fund Account 14 Utility Plant-Electric 15-17 Production. Fuel and Oil Stocks 18 Miscellaneous Nonoperating Income 21 Other Income Deductions 21 Miscellaneous Credits to S lus 21 Miscellaneous Debits to S lus 21 Appropriations of Surplus 21 i Mumcipal Revenues 22 :
Purchased Power 22 !
Sales for Resale 22 Electric Operating Revenues 37 Sales of Electricity to Ultimate Consumers 38 Electric Operation and Maintenance Expenses 39-42 Taxes Charged During Year 49 Other Utility Operating Income 50 3 Income from Merchandising, Jobbing and Contract Work 51 !
Electric Energy Account 57 ,
Monthly Peaks and Output 57 l' Generating Station Statistics 58-59 Steam Generating Stations 60-61 Hydroelectric Generating Stations 62-63 Combustion Engine and Other Generating Stations 64-65 Generating Statistics (Small Stations) 66 Transmission Line Statistics 67 Substations 68 Overhead Distribution Lines Operated 69 Electric Distribution Services, Meters and Line Transformers 69 Conduit, Underground Cable and Submarine Cable 70 Street Lamps 71 Rate Schedule Information 79 Signature Page 81 FOR GAS PLANTS ONLY:
Page Page Utility Plant-Gas 19-20 Gas Generating Plant 74 Gas Operating Revenues 43 Boilers 75 Sales of Gas to Ultimate Consumers 44 Scrubbers, Condensers and Exhausters 75 Gas Operation & Maint. Expenses 45-47 Purifiers 76 (
Purchased Gas 48 Holders 76 s Sales for Resale 48 Transmission and Distribution Mains 77 Sales of Residuals 48 Gas Distribution Services, House Governors Record of Sendout for the Year in MCP 72-73 and Meters 78 PAGES INTENTIONALLY OMITTED: 23 to 36 and 53 to 56 M
GENERA L INFORM ATION.
- 1. Name of town (or city) making this report. Hudson, MA 017/.9
- 2. If the town (or city) has acquired a plant, Kind of plant, whether gas or electrie. Electric Owner from whom purchased, if so acquired. Hudson Electric Co. 7/11/1891 Date of votes to acquire a plant in accordance with the provisions of thapter 164 of the General Laws.9/ll/185 Record of votes: Fint vote: Yes, 30 ; No. 7 Second vote: Yes, 69 ; No, 11 Date when town (or city) began to sell gas and electrielty, January 15, 1897
- 3. Name and address of manager of municipal lighting:
22 Plant Avenue Hudson, MA 01749
- 4. Name and address of mayor or selectmen:
William Jackson, 7 Wood St. Hudson, MA Joseph J. Durant, 22 Harriman Rd. Hudson, MA Steven W. Kerrigan, 89 Broad St. Hudson, MA Rosemary Marini, 42 Church St. Hudson, MA Robert Smith, 41 Richardson Rd. Hudson,IM
- 5. Name and address of town (or city) treasurer: .
David O'Neil 49 m mi Road Hudson, MA 01749
- 6. Name and address of town (or city) clerk.
Ralph Warner 3 Lincoln Street .
Hudson,IM 01749
- 7. Names and addresses of members of municipal light board:
Roland Plante, 136 Murphy St. Hudson, MA Peter Keane, 15 John Robinson Rd. Hudson, MA Weedon Parris, 9 Champlain Dr. Hudson, PA
- 8. Total valuation of estates in town (or city) according to last State valuation : 50-,470,328 g, Tax rate for all purposes during the years 18.80Res 32.24Com
- 10. Amount of manager's salary: s 70,618.60
- 11. Amount of manager's bond: $ 1,000.00 1
- 12. Amount of salary paid to members of munleipal light board (each): $ 600.00 h!'
h
[
,,,,,,,,,,,,, TOMI 0? HUDSON LIGHT AMD P0 ITER DEPARTMEN'1 yo, ,,g,, o,,,,3,, 3 3, i ,8 7 .
l FURNIS!! SCllEDULE OF ESTDI ATES' REQUIRED BY GENERAL LAWS, CIIAPTER If f, SECTION 57 FOR GAS *)
AND ELECTRIC LIGllT PLANTS FOR THE FISCAL YEAR, ENDING DECESIDER 31, NEXT. l INeous rROM PRIVATE OoNSUMERS:
1 From sales of gas -
2 From sales of electricity I
24.900.000 SQ 3 TOTAL 2A _ orymayyn l
$ EX PENSES: '
6 ?or operation, maintenance and repairs 26,160,000 00 l 7 For interest on bonds, notes or scrip 8 For depreciation fund ( 77, per cent. on 8 13.374,282.47 Page 88-9A 401,228 47 0 For sinking fund requirements 10 For note payments 16,900 00 For bond payments None 11 3
12 For loss in preceding year 13 TOTAL
__26.578.128 47 14 15 cost:
16 Of gas to be used for municipal buildings None 17 Of gas to be used for street lights None 18 Of electricity to be used for municipal buildings 718,000 00 13 Of electricity to be used for street lights 124,000 00 20 Total of the above itams to be included in the tax levy 642,000 00 21 22 New construction to be included in the tax levy None 23 Total amounts to be included in the tax levy TOTAL 842.000 00 CUSTO51ERS Names of the cities or towns in which the plant supplies Names of_the cities or towns in which the plant supplies GAS.with the number of customers' meters in each ELECTRICITY, with the number of customers' meters in each City on Town ! Nu of m' Cr #a Town No of C mm' Hudson 7037 Stow 2140 i Berlin, Bolton, Boxboro l
Harvard, Maynard, Marlbor o 104 l
l l
l C
^'
TOTAL 9281 M
l
[
1 i
4 A nnw e l ti port o f. . . . .TOWN
. . . . . .OF
. . . HUDSON
. . . . . . . . .LI
. . . . . . . . . . . . . . . . . . G. .l. i.T. . . A. .N.
.D. . .P. 0.endid I..........Y3tr .'J. .E.D$.l.l. . D. . E.31.
comber . P.Id2.
. A. h. . .
i
- APPROPRIATIONS SINCE IlEGINNING OF YEAR
- ilnelude aho all items charged direct to tax levy, even where no appropriation is made or required.) '
{ (. l FOR CONSTRUCTION OR PL'RCH 45E OF Pl. ANTI
- At meeting 19 , to be paid from i s
'At meeting 19 , to be paid from i - - - . . _
TOTAL.
s- None ..
FOR THE ESTIMATED COST OF THE CAS OR ELECTRICITY TO BE 11 SED BY THE CITY OR TOWN FOR:
- 1. St reet lights. . . . . . ...... ...... . .. ... ..... . .... .. . ... . ... .. .. .. s 105,000.00
- 2. Municipal buildings. . . . Ara 3unts .are. . included . in. overall. appropr.iations 3- for each department
, TOTA t. s 105,000.0. - ,0
- l ate of awetina and wl. ether resular t siecial, filere inners bonds, marce or ta.: Bery.
CIIANCES IN Ti!E PROPERTY
- 1. Describe briefly all the important physical changes in the property during the fast fiscal period including additions, alterations or improvements to the works or physical prorecty retired.
In electric property:
NONE
(
In gas property:
NOT APPLICABLE l.
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3 TOWN NOTES (Issued on Account of Gas or Electric Lighting.) E.-
Period of Payments interest Amount of i Amount Outstand,ang at End of Yea 1
when Authertied* Date of issue Orialnal issuost Amount s When Payable Rete When Payable Dec.18,1896. Spec Jan. 1, 1897 S 18,000.00 j
June 20,1897. Spec Jan. 1, 1898 17,000.00 :
June 10,1898. Spec , July 1, 1898 5,000.00 !b Nov.5,1903. Spec. Nov. 2, 1903 13,000.00 !$
Mar.7,1904. Reg. Jan. 1, 1905 5,000.00 :O Apr.2,1912. Spec. May 1, 1912 2,000.00 :w Aug.4,1941 Spec. Oct. 15, 1941 i :::
100,000.00 jj, Sept.14,1942 Specoct. 15, 1942 100,000.00 j8 Feb. 8,1943 Spec Feb. 15, 1943 50,000.00 : ::
Mar.6,1950 Reg. Sept. 15, 1950 241,000.00 ~
! E* *
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I S 551,000.00 * * '
b
.~
The bonds and notes outstanding at end of year should agree with the Dalance Sheet. When bonds and notes are repaid report the Arst three columns only. ;
.p.i. .t u.a 4 6. A, r.s.t., ., .p,et.t. tu.s orig 6 or t..d. ..a nos sect.4;., she sh. hv. w.. e.c,.4. g
TOTAL COST OF PLANT -ELECTRIC >e
- 1. Report below the cost of uti;ity plar.t in service ceding year. Cuch items shouldhe lacluded in column $
efTect of such a.;.c.unts. !
according to prescribed accounts. (c) or (d) as appropriate.
- 2. Do not include as adjustments, corrections of 4. Reclassincations or transfers within utility plant i
- 3. Credit adjustments of plant accounts should accounts should be shown in column (!).
additions and retirements for t!.c current or the pro. Le enclosed f.a parentheses to indicate the negative 1'
Beienc. :
Beginning ;
Line Account
- of Yeer Botence {
Additions Retirements Adjustmente Transfers No. (e) (b) (c)-
gnd of Year :
(d) (e) (f) (g) ;
- a 1 1. INTANGIBLE PLANT $ $ $ 3 i*
$ 3 2
3 i 9
4 :.-
. C
- 'o 5 2. PRODUCTION PLANT ##
6 A. Steam Production :c 2
310 Land and Lane Rights.
7 S 311 Structures and Improvements. ...
!{[
312 Boller Plant Equipment. ,{
9 ..
5E 10 313 Engines and Engine Driven Generators. .. . ..
[.%
11 314 Turbogenerator Units. . . . .. [D IN-12 315 Accessory Electric Equipment. .. : O 13 316 Miscellaneous Power Plant
- 3. g 14 Equipment. . . ..
i to o
15 Total Steam Production Plant. .
19
- 4 16 D. Nuclear Production Plant . D.
17 320 Land and Land Rights. 944.00 944.00 { *:xs 18 321 Structures and Improvements. ..
19 322 Reactor Plant Equipment.
i 20 323 Turbogenerator Units. . ...
21 324 Accessory E1cetric Equipr,ent. .
[
22 325 Misectlaneous Power Plant
, Equipment. . .
{
23 Total Nuclear Production Plant 1 944.00 None None None None 944.00 1 s
I
.e CD 4
^
- M
_ v
_ _ _ _ _ _ _ _ _ _ . - ~ .
I TOTAL COST OF PLANT (Continued) i ;.;_ ...... sor. 6..:..;ne
,ut;.. :
tal (61 (4 (di
.is %.3, ..,s
,,, ,, ;,, }
33 Ornta PaooucTtors Pta,sr (.) (en
$ $ i,j .
- 4 (340) Land and land rights.... ..... 5,500.00 tbn tbn tbn 33 (341) Structures and improvements.... 332,767.70 the tbn 5,500.00 b sa tbn tbn (342) ruel holden, prod and access n.. . Ibn 332,767.70 37 124,588.30 ftJn tbn (3 4 3) Prime m, vers .. . ... .. . .. . ... .. . 2,456,445.92 tbn Ibn fl2n mn 120" E 30 S 3
- (3 4 4) Cenera ton . . . . . . . - . . . . . . . .. . . . ' 297,549.94 the Ibn 2,456,445.92 3,
tbn tbn the Bi (345) Accessory efeciric equipment...... 832,477.01 the 287,549.94 5 the Ibn ibn 40 (346) Misc. power plant equipment..... 30,152.35 tbn thn thn 832,477.01 S 4: Total other prod. plant... ... ..... 4,069,481.22 the ihn the 30.152.35 [
42 Total production plant .. . . .. ... .. . 4,070,425.22 t'- n the tbn 4,069,481.22 tbn the . the g Ibn 4,070,425.22 43
- 3. TRANSMISSION PLANT k,*
44 . (350) Land and land rights.. .. .. .... 53,804 14 _
Ibc tbn the ?
43 (352) Structures and improvements.... 168,166.08 tbn Ibn tire 53,804.14 ;g 46 (353) Station equipment... ... ....... . .M Ibn Ibn 168,166.08
- n Ibn t$
47' (354) Towen and 6xtures. . . ... ... .. . n Ibn Ibn DE IDE D 298,288.34 5 as (35 5) Poles a nd fi x t ures . . . . . . . . . .. . . .
! Dn IDn 796,839.02 tbn [' 4 49 Ibn the m (356) Overhead conductors and devices.. 227,329.01 run Ibn 796,839.02 >
30 (357) Underground conduit........... Ibn the-258.07 tbn 227,329.01 3 (358) Underground conductors and dev.. Ibn tbn ibn the the $
32 Ibn tbn tbn 258.07 $
(359) Roads a nd trails. . . . . . . . . .. .. .. . IDn PDn the tbn 4 33 1,544 M .66 the tbn IDn Total transmission plant.......... tbn the 3a
- 4. DISTRIBUTION PLANT ty tbn !bn 1,544,684.66 33 (360) Land and land rights......... ..
3e th'n by .n Ibn (361) Structures and improvements.... 3,441.77 , flIn Flye tbn the lhe .
37 (362) Station equipment ... ..... . ... . 398,865.82 the the 3,441.77 3s tbc tbn Ibn .
(363) Storage batecry equipment...... tbn Ibn 1 398,865.82 37 the IIIe the # :
(3G4) Poles. towers. and fiatures...... 574,269.09 Ibn 40 (365) Overhead conducion and devices.. 1,767,524.92 51,667.70 92,024.30 tbn Ibn ibn the 625,936.79
{
61 lbe Ibn ibn (366) Underground conduit........... 179,005.57 3,891.64 1,859,549.22 tbn the 6 62 (3G7) Underground conductors and dev.. ,458.73 48,144.59 the 182,897.21 as (36s) Line tranarormen... ... . .. ... .. 1,473,234.63 96,238.82 the 8,181.01 the tire Ibn 446,603.32 {
tbn 64 63 (369) Services . . . . . . . . .. .. . . .. . . . . 412,871.08
( 3 70) M eter s . . . . . . . . . . . . . . . . . . . . . . . 492,530 62 42,986.58 tbn Ibn the 1,561,292.44 455,857.66 f
42 14:134.66 1,445.33 the Ibc 3 (371) Instattations on cust. premises... ?De Dn . 505,219.95 -
M D D D M eo N
l Dataew e TOTAL COST OF PLANT (Concluded) I af Decinti og line Accuunt of Year Balance Additions Retirements Adjustments Transfers gnd of Year No. (J)
.(b) (c) (J) (e) (f) (g)
^
t 4. DISTRIBUTION PLANT S 3 3
$ 3 $ {,
2 3GO Land and Land Richts.. . ..
")
3 4
3G1 Structures and Improvements. :5 3G2 Station Equipment. .. . . .
5 3G3 Storage Battery Equipment.... . [Q G 368 Poles, Towers and Fixtures. ..
- 4 7 365 Overhead Conductors and Devices j 'g~
8 3GG Underground Conduit. . .
- 33 9 367 Underground Conductors & Devices i2 10 3G8 Line Transformers. . . . . . . . . ![
11 3G9 Services. . . . .... .
jj 12 370 hieters. . . . . ... . .
id l
13 371 Insta!!ations on Cust's Premises. . !$
372 Isased Prop. on Cust's Premises.. Ibn iO )
14 the Ibn the tDe the 'S 15 373 Street Lighting and Signal Systems 302. % 1.45 9.541.00 tbn the rhn !
Total Distribution Plant. 6.002.706.8 358 JO9.29 9.626.34 the
'W) ms _49 3Q IG 17 5. GENERAL PLANT
. the 6.351.759.63 j Tj 3S9 Land and Land Rights.
i o 18
. ... tbn thn the the Ibn
- tm 1 19 390 Structures and Improvements. bbe i j 458,679.20 tbn the the 20 391 Office Furniture and Equipment..
the 458,679.20 i 'n i 21 22 392 Transportation Equipment. ..
393 Stores Equipment.
368,543.10 401,177.87 11,255.77 46,033.60 114,425.00 the 17,994.32 the the Ibn Ibn 414,576.70 497,608.55
!h i5 790.00 the the Ibn 12,045.77 i 23 394 Tools.Shopar.d Garage Equipment 13,466.39 the the the the 13,466.39 !
24 395 Laboratory Equipment. 20,609.03 lbn the the Ibn 20,609.03 25 39G Pcwer Operated Equipment. .... 1,849.80 the i l 397 Communication Equipment. ...
the the the 1,849.80 26 *i 27 393111sceIInneous Equipment.. . ....
35,968.00 925.00 me Ibn Ibn 36,893.00'
. .60 g7 Jg g 28 399 Other Tangible Property. .... . 4,gg - j 29 Total Cencral Plant.. .. .. 1.E M 9 W _91 70 1R 617 O nm &m 1 An AA) in 3
DM _m WMM j
30 TL,tal Electric Plant in Scrvice. . % m n1 % % gdgm_ g1 Total Cost of Electric Plant. . . . . . . . . . . . . . . . . 13.434.530.61
[
3*
y Isse Cost of Land. Land Rights. Rights of Way. . . . . . 60.248.14 Total Cost upon which Depreciation is based.. ... .. . ,13,374,282.47
{
T1 eless above Egwree shou]J e r pro,orrty. In case any part of the prope'ty le sold er retired. the ccet of siecle propertF ehouM be dcJucted froom the eoet el the plant. Tlee met oost of the ehosbethe e * ' al Cost of the omist' '
property the need weluce, shouhl en no a buis for he.uring dereceutloa.
- 4 M .
10- ;.00107 HUD505' I,IOT A!!D PC'R!I DEPA!N1'EN1 A n nuit , e port e t. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yt a r g nd id D e c e m b s r 31.1987 ,
I COMPARATIVE BALANCE SHEET Assets and Other Debits
- Beta nce Beginning of Balance increase gn, Title of Account Year End of Year or (Decrease)
No. (a) (b) (c) (d)
I UTILITY PLANT 2 101 Utility Plant - Electric (P.17). . . . . . . . 6,244,259.75 6,505,670.91 261.411.16 3 101 Utility Plant - Gas (P. 20). . ........ thu tbn ttn3 4
5 Total Utility Plant. . . . . .. . .
c,9_y 9m x_ g., a_ _ , g g3 o_3 9g3 .f 3 _3 g 7
8 9
10 11 FUND ACCOUNTS 12 125 Sinking Funds. . . .. ..... . Ibn Ibn Ibn 13 126 Depreciation Fund (P.14). . .... ... 2,166,345.58 2,265,288.13 98,942.55 14 128 Other Special Funds. . . ... ........ . 1,375,285.85 1,623,325.28 '248,039.43 15 Total Funds. .... . ..... . 3,541,631.43 3,888,613.41 346,981.98 16 CURRENT AND ACCRUED ASSETS 2,195,411.85 2,156,687.81 (38,724.04) 17 131 Cash (P.14). . .. .. .. .
132 Special Deposits. 172,464.31 205,737.14 33,272.83 18 .. . . . .
135 Working Funds. . 500.00 500.00 .00 19 .. . .. .... . ...
20 171 Divichrl ad Div,,8xcivible. . . 19,419.90 14,680.25 (4,739.65) 21 142 Customer Accounts Receivable. . 1,572,440.05 2,106,315.26 533,875.21 22 143 Other Accounts Receivable. . 26,222.44 72,128.25 45,905.81 23 146 Receivables from Alunicipality. . .
. .00 .00 .00 - }'
24 151 Materials and Supplies (P.14). . .. 993,8G4.33- 937,203.10 (56,601.23) 25 26 105 Prepayments. .. . .. 440,754.40 600,199.38 159,444.98 27 174 Miscellaneous Current Assets. . .. . . .00 .00 .00 28 Total Current and Accrued Assets.. . .
_ 5 421.017.28 ,_6.C93.451.19 672.433.91 29 DEFERRED DEBITS 30 161 Unamortized Debt Discount. . . .. . .. .00 .00 .00 31 183 Prelsnisty surw/ Orztra. . . .. 4,000.00 6,817.86 2,817.86 32 IS5 Other Deferred Debits. . .. ... .00 .00 .00 33 Total Deferred Debits. . . .... 4,000.00 6,817.86 2,817.86 34 35 Total Assets and Other Debits. . . . 15,210,908.46 16,494,553.37 1,283.644.91 M s
lD PUU3 UN# II
'* Aanud r:psrt et........,'v....tlOy HUDS014 LIGWf Al. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMPARATIVE BALANCE SIIEET Llabilities and Other Credits Balance Beginn:ng of Balance increa se Title of A ccount ' fear End of Year or (Decrea se)
Line No. (a) (b) -(c) (d) 1 APPROPRIATIONS 2 201 Appropriations br Construction. . . tbn Ibn ibn 3 SURPLUS 4 205 Sinking Fund Reserves. .. . .. . . tbn ibn Ibn 5 206 Ioans Repayment. . . ......... .. 1,925,000.00 1,925,000.00 .00 6 207 Appropriations for Construction Repayments 20,093.39 20,093.39 .00 7 208 Unappropriated Earned Surplus (P.12). . . 9,263,509.10 10,259,833.79 996,324.69 8 Total Surplus. . . . . . .. ....... . 11,208,602.49 12,2(M ,927.18 996,324.69 9 LONG TERhi DEBT 10 221 Bonds (P. 6). . ... .... . . Ibn ibn tbn 11 231 Notes Payable (P. 7). . . . ... . . Ibn ibn Ibn 12 Total Bonds and Notes. . . . . . . ... . tbn tbn Ibn 13 CURRENT AND ACCRUED LIABILITIES 759,800.38 935,517.25 175,716.87 14 232 Acccunts Payable. . .. . ..
15 234 Payables to Afunicipality., .. Ibn tbn tbn 16 235 Customers' Deposits. . . .. . 172,464.31 205,737.14 33,272.83 17 236 Taxes Accrued. . . . . Ibn tbn Ibn 18 237 Interest Accrued. . .... .. Ibn Bbn ibn 19 242 hiiscellaneous Current and Accrued Liabilities 32,251.71 18,949.61 (13,302.10) 20 Total Current and Accrued Liabilities... 961,516.40 1,160,2(M .00 195,687.60 21 DEFERRED CREDITS 22 251 Unamortized Premium on Debt. . . tbn Ibn tbn 23 252 Customer Advances for Construction.. .. 45,900.00 64,900.00 19,000.00 24 253 Other Deferred Credits... . 2,107,669.17 2,101,867.87 ( 5,801.33) 2r Total Deferred Credits. . . 2,153,569.17 2,166,767.87 13,198.70 26 RESERVES 27 260 Reserves for Uncolle:tible Accounts. . .. Ibn Bbn Ibn 28 261 Property Insurance Reserve. . . . . . . Ibn ibn Ibn 29 262 Injuries and Damages Reserves. . 700,000.00 700,000.00 tbn 30 263 Pensions and Benefits Reserves. . ..
n the tbn Ibn 31 265 hiiscellaneous Operating Reserves. Ibn tbn tbn 32 Total Reserves. ..... . 700,000.00 700,000.00 tbn 33 CONTRIBUTIONS IN AID OF CONSTRUCTION 34 271 Contributions in Aid of Construction . . . 184,220.40 262,654.32 78.433.92 35 Total Liabilities and Other Credits. . . 15,210.908.46 16.494,553.37 1.283.644.91 State below if any earnings of the municipal lighting plant have been used for any purpose other than discharging indebted-ness of the plant, the purpose for which used and the ammnt thereof.
PATD 'IO DN 6 RIEN $200,000.00 A1
i'00N OF HUDSON LIGilT AND POWER DEPatal.!EN'l e An nuit rt port c f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yxt e nd ed Decim b or 31,19Y.'. .
STATEhlENT OP INCOAfE FOR THE YEAR Total increase or Account (Decree se) from uns Current Year Preceding Year No. (a) (b) (c) 1 OPERATING INCOh!E 2 400 Operating Revenues (P. 37 and 43) . .. ......... . ....... 20,681,413.46 5,792,830.25 3 Operating Expenses:
4 401 Operation Expense (P. 42 and 47) . . . . . . . . . . . . , . ..... 19,008,943.35 5,399,825.52 5 402 Af aintenance Expense (P. 42 and 47) . . ...... .. ..
429,888.69 (57,536.90) 6 403 Depreciation Expense . . . . . . . . . . . ... ... .. ......... 386,438.13 12,206.66 7 407 Amortization of Property Losses. ... ... .......... ... Ibn ?bn 8
9 408 Taxes (P. 49). ... . . , ,
13,734.41 (1,740.53) 10 Total Operating Ex penses. . . . . . . . . . . . . . . ..
19.,839.,004 SR % W :754.75 11 Operating Income. . .. . . .. . .. .. . . M2.40R.RR 440.075.50 121414 Other Utility Operating Income (P. 50). . ... .. ..
13 I tbn tbn 14 Total Operating Income. . .. . ...
R42.408.RR 440.075.ca 15 OTIIER INCOh!E 16 415 Income from Merchandising, Jobbing and Contract Work (P. 51) 736.10 (595.48) 17 419 Interest Income. . . . .. . .. . 185,695.66 9,457.72 18 421 hilsce!Ianeous Nonoperating Income. .. . . . .. . .. Ibn fbe 19 Total Other Income. . . ... . . .... . .. ... 186,431.76 8,862.24 20 Total Income. .. . . .. . ..... . .. 1,028,840.64 448,937.74 21 AflSCELLANEOUS INCOh!E DEDUCTIONS j 22 425 hliscellaneous Amortization. . .. .. .. .. lbn Ibn J 5 23 426 Other Income Deductions. . . ..... .... .... . . Ibn Ibn 24 Total Income Deductions. . . . . . ....... .. .. Ibn tbn 25 Income Before Interest Charges. .. . . .. . 1,028,MO.M 448,937.74 26 INTEREST CIIARGES :
27 427 Interest on Bonds and Notes. . . .. ..... . ..... .. tbn Ibn !
2S 428 Amortization of Debt Discount and Expense. ..4. . Ibn Ibn 29 429 Amortitation of Premium on Debt - Credit. . . . . .. ... Bbn Ibn 30 431 Other Interest Expense. . . . , . . . . .. . 3,246.98 2,207.32 31 432 Interest Charged to Construction - Credit. . ... ... .. Ibn Ibn 32 Total Interest Charges. ... .. .. . .... 3,246.98 7 33 NET INCOA!E. . . . 1,025,593.66 4%,' 30 2 EARNED SURPLUS Debits Credits Une No. (a) (b) (c) 208 Unappropriated Earned Surplus (at beginning of period). ..
9,263,509.10 35 36 37 433 Balance Transferred from Income. .. .
1,025,593.66 ~
h 33 434 Miscellaneous Credits to Surplus (P. 21). . . . . . . . . .
170,731.03 30 435 Miscellaneous Debits to Surplus (P. 21). . . .
40 436 Appropriations of Surplus (P. 21). . . ... ..
- 200,000.00 41 437 Surplus Applied to Depreciation. ... . ..
42 20S Unappropriated Earned Surplus (at end of period).. . .. . 10,250,833.79 43 N ^ts 10,459,833.79 10,459,833.79 44 Next Page is 14 1
u
I4 Annuet report cf...%.07..!!!!CM.'I..hI.gfT,,A,tj,q,, POWER DEPWNEW3 .
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,yu,(,,,,,,c,,,,3,,,,gy ..
CASII BALANCES AT END OF YEAR (Account 131)
Line stems No. Amo snt (e) (b) 1 O pe r a tio n Fun d . . . . . . . .*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ...
2,156,687.81
-2 Interest Fund . . . . . . . . .. .......... . . .
- .00 3
4 BondFund................................................................... . .00 Construction Fund . . . . (128) . . . . . . . . . . . .... . ..... .. ..... ..... 208.93 5 Mb11 anus Cash (128) 49,784.95 6 A),rans frtm Cuhu,iub (128) 4,588.46 7 Irsumn3 Drttw W (128) 968,742.94 8 Proycts Pesene (128) 600,000.00 9
10 11 12 totAt 3.780.013.W MATERIALS AND SUPPLIES (Accounta 151-159. 1 0 )
Summary Per Balance Sheet Amount End of Year Line Amunt No. Doctr e Ces (s) (b) (c) 13 Fuel ( Account 151) (See Schedule, Page 25). . . .. . ......... ..... (A4,256.85 14 Fuel Stock Expenses (Account 152). . . . . . . . . . .. . .. . . .. ....
15 Resid uals ( Account 153). . . . . . . . . . . . . . . . . . .. .. ...... BUl' 16 Plant Matenals and Operating Supplies (Account 154). . . . . .. '
.... 292,946.25 17 M erch a ndise ( A cecunt 155) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . #
18 Other Materials and Supplies (Account 156)... .. . . ... . ....... AMLICTRE 19 Nuclear Fuel Assemblies and Components -In Reactor (Account 157). . .
20 Nuclear Fuel Assemblies and Componecta - Stock Aceount (Account 153) 21 Nuclear Byproduct Materials (Account 159)...... ..... . ...
22 S t ores Ex pense ( A ccoun t 163) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 Total Per Balance Sheet 8.
.. . 937,203.10 DEPRECIATION FUND ACCOUNT (Account 136)
Lie No. Amownt (n) (b) 24 DEBITS 25 Balance of account at beginning of year... . . 2,166,M5.58 26 Income during year from balance on deposit. 133,021.6~
27 Amount transferred from Incorne . . . . . . . . . . . .. . .. . ... ... . 386,438.13 is Peinturmrmt frtm sale cf p1mt & dmyd pp/ 160,309.44 29 30 total 2.846.114.82 CREDITS 31 Amount expended for construction purposes (Sec. 57, C.164 of G.L). .. .. . . .. .. ..
580,826.69 32 Amounts expended for renewals, viz.:-
33 .
34 35
- 3M 37 38 )
39 Balance on hand at end of year. 2,265,288.13
{
40 torat 9 m 114,po M
a.
K ~
UTILITY PLANT- ELECTRIC -
{
- 1. Report below theitemsoi utility plant in service ceding year. Such items should be included in column of such amounts. E' secording to prescribed accounts. (c), 4. Reclarsifications or transfers within utility plant
- 2. Do not include as adjustments, corrections of 3. Credit adjustments of plant accounts should be accounts should be shown in column (f).
additions and retirements for the current or the pte. enclosed in parentheses to indicate the negative effect 1 o
sotons. -
beg;nning f.djustmente Bolonce ..
Line Account of year Depreciation Add;t;ons Other credits Transfers end of Yeor : D~
No. (o) (b) (c) (d) (g) l (e) (f) }
- :o
. . ,.s i 1. INTANGIBLE PLANT $ s S 5 $ S [.C:5 2
-o 3 : eno 4 z None None None None None None j t-5 2. PRODUCTION PLANT -w G A. Steam Production :o
.c l 7 310 Land and Land Rights :
>3 8 311 Structures and Improvements 9 312 Boiler Plant Equipment -
- =
10 313 Ertgines and Engine Driven -~a
- o Generators :
- c, 11 314 Turbogenerator Units '"
12 315 Accessory Electric Equipment y i 13 31G Miscellaneous Power Plant g 14 Equipment :p 15 Total Steam Production Plant IG B. Nuclear Production Plant .
None None None None None None N
' 'd 17 320 Lcnd and Land Rights 944.00 944.00 18 321 Structures and Improvements l 19 322 Reactor Plant Equipment
( 20 323 Turbogenerator Units .
21 324 Accessory Electric Equipment . '-<
3 22 325 Miscellaneous Power Plant Equipment i 23 Total Nuclear Production Plant L 944.00 944.00 ?
s I
.e m
[ M
> *~
UliLITY PLANT-ELECTRIC (Continued) :
5 Solonce 3 beg;nning AAM- Bolence Line Accovat of Yeor Addit.ons Depresineese Other OradMe Tronsfers end of Year .
No. (o) (b) (c) (d) (e) (f) (g)
I C. Ilydraulie Prmiuction Plant $ 5 5 5 5 3 2 330 Land and Land Rixhts .s 3 331 Structures and Improvements d 4 332 Reservoirs. Dams and Waterways 'o 5 333 Water Wheels. Turbines & 2 Generators .E 6 334 Accessory Electric Equipment iS 7 335 Miscellaneous Power Plant :O-Equipment i t-8 33G Roads. Railroads and Bridges io]
9 Total liydraulic Production Plant {T-s 10 D. Other Production Plant d.
11 340 Land and Land Hights 5,500.00 None None None None 5,500.00 5 12 34I Structures and Improvements 12,468.10 None 998.30 None None 11,469.80 h 13 34% Fuel IIolders. Producers and 5 Accessories 12,225.70 None 737.64 None None 11,488.06 5 14 343 Prime Movers 144,385.95 None 7,693.37 None None. 136,692.58 6 15 344 cencrators 20,408.83 None 1,626.49 None None- 18,782.34 IE 16 345 Accessory Electric Equipment 42,055.99 None 2,974.31 None None 39,081.68 $
17 346 Miscellaneous Power Plant Q Equipment 6,622.27 None 604.57 None None 6,017.70 y 18 Total Other Production Plant 243,666.84 None 14.634.68 None None 779.017_16 #-
19 Total Production Plant 244,610.84 None 14.634.68- None None 779_976.16 20 3. TRANSMISSION PLANT 21 350 Land and Land Rights 53,804.14 None None None None 53,804.14 22 351 Clearing Land and Rights of Way 10,635.10 None 1,063.51 None None 9,571.59 a 23 352 Structures and Improvements 24 353 Station Equipment 40,056.65 None 5,044.98 None None 35,011.67 I 35,733.07 None 894.86 None None 34,838.21 25 354 Towers and Fixtures None None None None None None 1 26 355 Poles and Fixtures 144,454.63 None 23,905.17 None None 120,549.46 y 27 356 Overhead Conductors and Devices 79,742.62 None 6,819.87 None None
- 72,922.75 1 28 357 Underground conduit 130.81 None 8.74 None None 122.07 f 29 358 Underground Conductors and a
~
Devices , None None None None None None 30 359 Roads and Trails None None None None None None ?
E 33 Total Transmission Plant ,
J64,557.02 None 37,737.13 i None ; None 776 A14 A4 M
,,4
O UTILITY PLANT-ELECTRIC (Continued) I' Solon<e begianing time Accovet Adjustments Bolcat*
of Year Additions Depree:ation OLEer Credit. Treasfers No. end of Year 4 (o) (b) (c) (d) (e) (f) (g) $
1
- 4. DISTRIBUTION PLANT $ $ $ $ $ $
2 3Go Land and Land Rights None None None None None None 3 361 Structures and Improvements 857.07 None 102.25 None None 754.82 ;,
4 3G2 Station Equipment 5 363 Storage Battery Equipment 156,539.65 None None None 11,965.97 None None None None None 144,573.68 None
- j 6 3G4 Poles. Towers and Fixtures 99,363.10 52,715.98 17,228.07 1,048.28 None 133,802.73 7 365 Overhead Conductors and Devices j 520,436.51 93,385.88 83,025.74 1,361.58 Ncne 529,435.07 8 366 Underground Conduit:. 100,147.91 g 3,891.64 5,370.16 None None 98,669.39 3 9 367 Underground Conductors and Devices 271,758.58 48,144.59 36,953.76 None None 282,949.41 to 368 Line Transformers 3 599,429.36 97,328.82 74,197.03 1,090.00 None 621,471.15 11 3G9 Services 165,723.20 43,384.99 f.
12 370 Meters 22,386.13 398.41 None 186,323.65 241,880.53 18,400.31 19,075.13 4,265.65 None 236,940.06 13 371 Installation:: on Cust's Premises None None None m!!
I4 372 Leased Prop. on Cust's Premises None None None 8:
None None None None None None IS 373 Street Ltg. and Signal Systems 73,568.38 9,738.86
.E 16 4,760.04 147.86 None 78,399.34
Totd Distribution Plant 2,229,704.29 366,991.07 17 5. GENERAL PLANT 275,064.28 8,311.78 None 2,313,319.30 ;.
18 389 Land and Land Rights None None None None None None
" I in 390 Structures and improvements
' 132,465.6G None 13,760.37 None None 118,705.23 5 20 391 Omcc Furniture and Equipment 202,400.50 47,033.60 21,056.29 1,000.00 None 227,377.81
- 21 392 Transportation Equipment 159,502.62 114,450.00 22,035.33 25.00 22 393 Stores Equipment None 251,892.29 .,
23 4,542.67 790.00 337.67 None None 4,995.00 -jj 394 Tools. Shop and Garage Eqpt- 7,634.53 None 403.99 None None 7,230.54 5 2: 395 Laboratory Equipment 11,233.08 None 618.27 None None 10,614.81 25 396 Power Operated Equipment . 1,172.14 None 55.49 None None 1,116.65 26 397 Commynication Equipment 27 15,166.75 925.00 373.76 None None 15,717.99 393 Miscellar.cous Equipment 28 3% Other Tangib!c Property 6,433.47 397.60 360.87 None None 6,470.20 2.028.04 None 29 30 Total General Plant 542I579.40
~
163.596.20 Nono 59.002.04 618.35 1.643.35 None None 1.403 69 645.530.21
.{'
Total E1cetric Plant in Scrvice 3,3g j .4 51.55
~
31 t04 Utility Plant Leased to Others ~
540.587.27
~
386.438.13 9.955.13 None 3.515.645.56 Ii o "'
32 105 Property field for Future Use bb b E 33 107 Cor,struction wor i.. P ogres, 2,862,808.20 127,217.15 5 None None None 2,990,025.35 g 34 Total titiiity Plant Eiccarie . 6s2443 259-75 657,804 42 3863 438 13 93955 13 None 5 505r670 91 ;
co 4
PRODUCTION FUEL AND OIL STOCKS (included in Account 151) **
IEscept Nuclear Motorialsi k-
- 1. Report below the inforrnation called for concerning production fuel and oil stocks. 3
- 2. Show quantities in tons of 2.000 lbs gal.. or Mef., whichever unit of quantity is applicable. 1
- 3. Each kind of coal or oil should be shown separately. )-
- 4. Show gas and electric fuels separately by specific use.
KINOS OF FUEL AND OIL n Total #2 Diesel Gas MCF k time item Cost Quantity Cost 1
W. (o) (b)
Qvoatify Cost g (c) (d) (e) (f) y 1 On lland Beginning of Year . s 719,526.05 ],140,158 s 719,526.05 0 g .w @
2 Received During Year 553,179.93 271,015 144,586.50 143,201 408,S93.43 g 3 TOTAL 1,2/Z,/lh.W3 4 Used During Year (Note A) 1,411,1/.5 864,112.55 143,201 408,593.43 3 624,136.99 344,986 215,543.56 143,201 408,593.43 d-5
- 6 7
9 5
'O 3 e2 Sold or Transferred 4,312.14 12 1
TOTAL DISPOSED OF 4,513 4,312.14 0 .00 $
628,449.13 349,529 219,855.70- 143,201 408,593.43 m 13 BALANCE END OF YEAR . tM,ZDt) O 1,061,644 644,256.85 0 .00 $
KINDS OF FUEL AND OIL--Confiaved f.j C
t;.. Item On ality Cost Qventity W. tel Cost ]'s (b) (il til (k) 14 On lland C2 ginning of Year s s 15 Received During Year 16 TOTAL 17 18 Used During Year (Nete A) f 19 1
20 2t 22 f?
23 u
24 Sold or Transferred . .~
~
25 'IDTAL DISPOSED OF g 26 BALANCE END OF YEAR j$
Note A -Indicate specific purpose for which used. e.g.. Iloiler Oil. Make Od Ce nerator Fuel. etc.
. e e
- r. -
~
- Axav il t rpor t a f. . . . . . . . . . . . IO.\.M. 01. .tRI.O.S.Qii . hl GHT. M.P. . .R.@J.B. . .M T.6.5.T.k.f.4!i.?. . . . . . . . . . . . v a AflSCELLANEOUS NONOPERATING INCOAIE (Acc2unt 421) .
Line Item No, *
(a)'
Amount (b) 1 2
3 4
g TOTAL OTilER INCOAf E DEDUCTIONS (Account 426)
Une item No. Amount (a)
(b) 7 ,
8 9
10 12 13 34 TorAL
.%!!SCELLAN'OUS CREDITS TO SURPLUS (Account 434)
Une item No. Amount (a) (b) 15 RERIN T PIIIRIM PiMGIS HC4 IGKN EDISCN 170,731.03 16 17 18
%. - gg 20 21 22 23 TorAL 170,731.03
.\f!SCELLANEOUS DEBITS TO SURPLUS (Account 435)
Une item No. Amou nt (a) (b) 24 l 25 l
26 27 l 28 29 l 30 31 32 '***'
APPROPRIATIONS OF SURPLUS (Account 436)
Une item Amount No. (a) (b) 1 33 'IFREEPRED 'K) 70N SPE: SRI 34 200,000.00 35 36 37 33 39 40 TorAL 200.000.00 1
M
22' 00WN OP' HUDS~0N LIGHT AMD PCKER DEPARTWINT ,
A nimi rrport et. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...v.ar ended oecember 31.19 8.7 MUNICIPAL REVENUES (Accounts 482. 444)
(K.W.H. sold under the provisions of Chapter 269, Act.s of 1927)
Gas Schedule Cubic Feet Revenue Received YePM.U.
Lini Acc*t No. No. (a) (50.0000)
(b) (c) (d)
- - - - . -- - _ _ _ ~ _
1 482 EN 2
,1 3
4
(
Avera ge Revenue Doctric Schedule K.W.H. Revenue Received (a) (b) (c) (d) 5 444 Municipal: (Other than Street Lighting) 6 All Elmtric 6,1M ,100 $ 491,251.18 $0.079696 7
lber 4,768,889 497,251.37 $0.1N270 8
Cbmacial 385,418 50,903.70 .40.132074 9
Yatti Lightirg 23,435 3,226.96 $0.137698 to 11 ---
12 TOTALS 11 y R2 A1; m 611.71 _
cn _mlom 13 Street Lighting:
14 h cf lidrn 1,246,022 " $ 88,843.86 $0.071302 15 h cf Stcw 46,244 7,335.43 $0.158624 16 17 h cf hlh 388 69.72 $0.1 M 18 TOTALS 1.292.6M A 46 74Q_n1 &n 071dcA 39 TOTALS
- 12. 6M .496 A1.119 m7_?? *n mom PURCilASED POWER (Account 555)
{
Names of Utilsties Cost per Where and at What K.W.H.
from Whsch Dectrec Voltage Received K.W.H. Amount (cents)
Lins Energy is Purchased N 3. (a) (0.0000)
(b) (c) (d) (e) 20 21 22 23 See Pages 54,55, and 56 for detai ls 24 25 26 27 28 29 TOT ^ts 221,326,360 $16,236,920 0.0732 62 SALES FOR RESALE (Account 447)
Names of Utileties Revenues Where and at What per K.W.H.
to which Deetrec Voltage Delevered K.W.H. Amount eats Line Enern is Sold No. (a) (b) (c)
(.000 )
(d) (e) 30 ,
31 32 .
33 34 See P ages 52 and 53 for details 35 36 37 38 39 TOTAts 890,823 $34,784 0.039047
. . . . _ ~. _ _ _ ._
o
.T K
ELECTRIC OPERATING REVENUES (Account 400) E
- 1. Report below the amount of operating revenue for. t the year for each prescribed account and the amount of added for bi!!ing purposes, one customer shall be counted 4. Unmetered nales should be included below. The j increa e or decrease over the preceding year. for each group of meters so added. The average number details of such sales should be given in a footnote.
- 2. If increases and decreases are not derived from of customers means the average of the 12 Sgures at the 5. Classification of Commercial and Industrial Sales, 3
o, previously reported figures explain any inconsistencies. close of each month. If the customer count in the resi. Account 442, accordmg to Small (or, Commercial) and
,' tion re y O "d" i
- 3. Number of customers should be reported on the dential service classification includes customers counted dmg to the b is o -
basis of number of meters, plus number of flat rate more than once because of special services, such as water y heating, etc., indicate in a footnote the number of such basis of classification is not treater than 1000 Kw of :
accounts, txcept that where ceparate meter readings are duplicate customers included in the classification. demand. See Account 442 of the Uniform System of :
Accounts. Explain basis of classification. , -
Operating Revenues Average Number of Kilowatt. hours Sold
- I Customers per Month -
increase or : a' Amount for increase or Une Account Year (Dec,eese) from Proceding Year Amount for (Decrease) from Number for increase or (Decrease) from i)
No. (e) Year Preceding Year :
(b) Year Preceding Year
- (c) (d) (e) (f) (g) ((
- a 1
SALES OF ELECTRICITY 2 440 Residential Sales. .
6,310,178.06
$ !M 1,337,940.63 65,216,016 2,069,801 i,
, 3 442 Commercial and Industrial Sales: 8,058 156 ig 4 1,305,276.00 :
Sman (or Commercial) see instr. 5. . 367,567.62 9,700,661 1,379,339 5 Large (or Industrial) see instr. 5. . 11,755,672.03 2,817,860.09 128,923,612 949 36 !E 6
7 444 Atunicipal Sales (P. 22) . .. 1,138,882.22 304,599.66 12,634,496 9,028,043 1,371,600 166 92 3 !S i*
445 Other Sales to Public Authorities. . .00 .00 2 0 0 8 446 Sales to Railroads and Railways.
449 h.1 Omp edjtstnmt.. ..
. .00 .00 0 0 0 0 !N
- 9 5,801.30 903,405.83 0 0 0 0 iE l 10 449 AtisecIlaneous sectric Sales. ..... .
- 8" % 13,cm s7 559.724 4.816 149 0 0
( 2) 11 Total Sales to Ultimate Consumers. . . . i;20,597,283.40 $5,715,326.40 217,031,539 13,853,602 i
9,414 195 12 447 Sales for Resale. .... ... . ..
34.784.01 14.784.01 890.823 890.823 i
13 Total Sales of Electricity *. . . . . . .
?;20,632,067.41 $5,700,110.41 217,925,362 14,744,425 1 1 j 14 9,415 196 OTilER OPERATING REVENUES i, 15 450 Forfeited Dise'unts. . . . . .. i 16 451 Afisceslaneous Service Revenues. . . . .00 .00 i 17 453 Sales of Water and Water Power. . .. .00 .00 i 4
18 454 Rent from Electric Property. . 36,486.64 21,730.64
- Includes revenues from app!! cation of fuel clauses 3. 5,,@,,,@:3,,,,,,,,,, h 19 455 Interdepartmental Rents. .. .00 2
. .00 ;
20 456 Other Electric Revenues. . . . . . . ... 12,859.41 (9,0]0.80) 21 i Total KWII to which appIIed. . . .M,788,,,51,?,,,,,,, ,,,,,,
22 22 3 24 .
25 Total Other Or oim tevenues. . 3 49,346.05 12,719.84 %!
- 2G Total Dectrit r.v9,g Revenues..
l
- 0.681.413.46 5,792,830.25 b t a
3S '
Annuei report af..........mMY..O P..HURS.TI..kIOMT.. AF.P...P,Q,57;f,,,7,5,Q,7,',G,$.I................Y;a r sndsd Deeember 31. !9 87 *'
SALES OF ELECTRICITY TO ULTIMATE CONSUMERS Report by necount the K.W.H. sold, the amount derived and the number of customers under each filed schedule o' ec'ittnet. Municipal sales, contract sales and unbilled sales may be reported separately in total.
A* 8' Number'of Customers
, ' ' " ,H.' (Per Bills Rendered)
(cents)
Lin3 Account Schedule K.W.H. Revenue (0.0000) July 31 December 31 Nr. No. (a) (b) (c) (d) (e) (Q 1 ~A~ Inmstic Rate 36,330,766 $ 3,7/4,616.41 $0.103896 5,982 6,024 2 ~C" (bmercial Rate 9,591,745 1,294,946.27 0.135006 920 945 3 'If Iber Pate 128,923,612 11,755,672.03 0.091183 16 6 166 4 "E" htr. Htr. Rs. 11,222,3M 1,050,039.88 0.093567 1,130 1,136 5 ~F' Rate All Elec. 17,662,946 1,485,521.77 0.0N1N 901 838 6 "G" Rate (bn. Ibat 108,916 10,329.73 0.094N1 4 4 7 Strmt Lightirg 1,292,6M 96,249.01 0.074438 3 3 8 Rnicipal Sales 11,M1,N2 1,(M2,633.21 0.091928 88 88 9 Yard Ligiting 559,724 81,473.79 0.145561 146 150 10 Ftn1 Ourtp Idj. 0 5,801.30 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 .
27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 f
43 44 45 46 47 43 49 TOTAL SALES TO ULTIM ATE 2 0 ,034,33; 520,Ya,283.40 so.c94903 9,MO 9,414 CONSUMERS (Page 37 line 11)
M
. 39
.. Anno u rwori c e. .. . . . . . . .M. i.d 9.F. . .H. .U. .D.S. .O. .N. . .L. . I.G. .H. .T. . .&. . .P. .O. .W. .E. R. . .D. .E. .P. A. .R. .'I.M. . .E ELECTRIC OPERATION AND alAINTENANCE EXPENSES
- 3. Enter in the space provided the operation and maintenance expenses for the year.
- 2. If the increases and decreases are not derived from previously reported figures explain in footnote.
Increase or Line Account Amount for Year (Decrea se) from Preceding Year No, g,) (b)
(c) 1 PO%ER PRODUCTION EXPENSES $ $
2 STEAh! POWER GENERATION 3 Operation:
4 500 Operation supervision and engineering. . . . . . . . . . . . . . . . . . . . .
5 501 Fuel . . . . . . . . .. ... . .. . .. .. ...
6 502 Steam expenses. . ..... .... . ... ..... . . .
s 7 503 Steam from other sources. . . .. . . . . . . . . .. . . ..
8 504 Steam transferred - Cr.. . . . . . . . . .......... . .... . .
9 505 Electrie expenses. , . ... . .... ...... . .
10 506 Afiseellaneous steam power expenses. . . . . .... ... ......
11 507 Rents. . .. .. . . ... .. ... . .... .. . . . .
22 Total operation . . . . . . . . . . . . ..... .. .. ... ... NONE NONE 13 h!aintenance: ,
14 510 Af aintenance supervision and engineering. . . . . . . . . . . .n . . .
15 511 Af aintenance of structures. . . . . . .... .... ... .
16 512 h!aintenance of boiler plant. . . . . . . . . . . . . . . . . ... . ..
17 513 Af aintenance of electrie plant. . . . . . . . ... .
. 18 514 hiaintenance of miscellaneous steam plant. . . . . . . . . . ....
', 19 Total maintena nce . . . . . . . . . . . . . . . . . . . . . . . . . . ... NONE NONE 20 Total power production expenses - steam power. . . . . . . . . 3n ,
3g 21 NUCLEAR POWER GENERATION 22 Operation:
23 517 Operation supenision and engineering. . . . . . . . . . . . . . . . . . . .
l 24 518 Fuel.... ... .. . ... ......... . . .. .....
25 519 Coolants and water. . . . . . .. ........ .. . .. .. ...
26 520 Steam expenses. . . . . . . . .. .. . . .. .. ...... . ....
27 521 S'.ca m from other sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 522 Steam transferred - Cr.. . . . . . . . ..... ......... ...
29 523 Deetric ex pe nses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 524 Afiscellaneous nuclear power expenses . . . . . . . . . . . . . . . . . . . . . .
31 525 Rents. . . . . . ..... . . ............... .. .. ...
l* 32 33 Total operation . . . . . . . . . . . . . . . . . . . . . . .... .
hiaintenance:
... mw 3ny ,
l 34 528 hiaintenance supervision and engineering. . . . . . . . . . . . . . . .
35 529 hlaintenance of structures. . .... ........... .... .....
36 530 hiaintenance of reactor plant equipment. . . . . . . . . .. ...
37 531 Af aintenance of electric plant. . . . . . . . . . . ...... .. ....
l 38 532 Afmintenance of miscellaneous nuclear plant.. .. .... .. .
39 Total maintenance. . . . . . . . . . . ........ .. ....... mm FWm 40 Total power produethn expenses. nuclear power. . . . . . . . . . . pnm 3nE
~~
41 IiYDRAULIC POWER GENERATION 42 Operation:
43 535 Operation supervision and engineering... ... ... .. ..
44 536 Water for power. . . . . . . . . . . . . . ...... ... .....
45 537 }fydraulie expenres. . . . . . . . .... . . ... ....
46 538 Electric expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47 539 hilscellaneous hydraulic power generation expenses. . . . . . . . .
48 54 0 R e n ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49 Total operation . . .. .
NJub MAL
40 '
Annue a eport c f. . . . . . . .'l.W. . . .N. . . O. .F. . .H. .U. .D.S. .O. .N. . .L. . .I.G.H. .T. . .&. . . . POWER DEPAR'.INENT I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yee , e nd e a oec em..ber 31.19.g 7 .
ELECTRIC OPERATION B'D MAINTENANCE EXPENSES- Continued
. increase or Une Account @'""' ) N0*
Amount for Year No. (e) Preceding Year (b) (c) I 1
llYDRAULIC POWER GENERATION-Continued 8 $
2 Maintenance:
3 541 M aintenance supervision and engineering. . . . . . . . . . . . . . . . . . .
4 542 M aintenance of structures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 543 Maintenance of reservoirs, dams and waterways. . . . . . . . . . . .
6 54 4 Maintenance of electric plant . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 545 Maintenance of miscellaneous tydrauMe plant. . . . . . . . . . .
8 Total maintenance. . . . . . . . . ....... .. .. ... .. NONE NONE 9 Total power production expenses - hydraulle power. . . . . . . NONE NONE 10 OTifER POWER GENERATION 11 Operation:
12 54 6 Operation supervision and engineering. . . . . . : . . . . . . . . . . . . . . 19,065.37 1,610.10 13 54 7 Fuel . . . . . . . . . . . ....... . . ...... .. . .... . . 624,539.99 350,415.19 14 548 Generation expenses. . . . . . . . . . . . ..... ....... 177,852.20 15 40,864.36 549 Miscenaneous other power generation expenses. . . . . . . . . . . . . 39,883.88 *
(17,621.66) 16 550 Renta... ......... ............ .. .. ...............
.00 .00 17 Total operation . . . . . . . . . . . . . . . . . . . .
18 Maintenance:
861.341.44 375.26*/.99 19 551 Maintenance supervision and engineering. . .
20
... ... ..... 19,577.92 2,222.60 552 Maintenance of structune. . . . . . .. . ..... ......... .
7,591.85 (1,768.87) 21 22 553 Maintenance nf generating and electric plant. . . . . . . . . . . . . .
133,901.51 (31,835.13) v 554 Mmintenanee of miscellaneous other power generation plant. .. 1,899.31 23 Total main enance. . . . . . . . ...... .. .. . ........
(l.104.19) 162,970.59 (32.485.59) 24 Total power production expenses - other power. . . . . . . . . 1,024.312.03 342.782.40 25 OTilER POWER SUPPLY EXPENSES 26 555 Purchased power. . . . . . . , . . . . . . .
27
. ........... ...... 16,236,919.31 4,701,106.57 556 System coatrol and load dispateMar. . . . . . . . . . . .. .. .
28 557 Other expenses . . . . . . . . . . . . .
20,428.81 839.58 29 Total other power supply expenses. . . . . . . . . . . . . . . . . . . .
155.101.40 14.332.91 30 Total power production expenses. . . . . .
16.412.549.52 4.716.279.06 31 TRANSMISSION EXPEASES 17.436.f61.55 5.059.061.46 32 Operation:
33 560 Operation supervision and engineering. . . . . . . ....
34 561 Load dispatching. . . .
None None 35 562 Station expene. . . . . . . . . . .
None None
.. . . . . 12,507.25 12,337.75 36 563 Overbead line expenses. . . ... . . . ... None None 37 564 Underground line e.spenses. . ..... . . . .... ... None None 38 565 Transtnission of electricity by others. . . . . . . 551,094.76 102,793.31 39 566 Miscallaneous transmission expenses. . . None (500.00) 40 567 Rents. . ... . .. . . . .. None None 41 Total operation . . . . . 563,602.01 42 114,631.06 Maintenance: 1 I
43 568 Mainte. ance supervision and engineering. . ,
None None 44 569 Maintenance of structures. . . . None .None 45 570 Msintenance of station equiprnent. ... . . . 1,788.46 560.71 46 571 Maintenance of overhead lines. . . . . . . . . 1,742.28 1,742.28 47 572 Maintenance of underground lines. . . . ,, None None 48 573 Maintenance of miscellaneous transmission plant. . NOT 49 Total maintenance. . . . . . . . . .
3,530.74 2,302.99 50 Total transmission expenses. b6 / ,137. /5
. 116,934.05 i<
41 A nn w e i report a f . .. . . . . . .'I.C. .W. .N. . . .O. .F. . .H. .U. .D. S.O. .N. . . L. .I.G. .H. .T. . .&. . . .P. .O. W. .E. .R. . . .DE.P. .A. .R. .'I.M. .E. .N. .T. . . . .
. . ~
'i ELECTRIC OPERATION AND hf AINTENANCE EXPENSES-C ntinued increase or g,
No.
Account Arnovnt for Year (b)
'['(c) "'
(a) 1 DISTRIBUTION EXPENSES $ $
2 Operation:
580 Operation supervision and engineering. . . . . . . . . . . . . ...
20,026.08 5,043.,16 3
None None 4 581 Load dispatching. . . . . . . . . . . . . . . . . ... ....... .......
582 Sta tion ex penn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
None (180.00) 5 583 Overhead line espenses. . . . . . . ... . . .......... .. ..
5,119.41 (1,576.43) 6 7 584 Underground line expenses. . . . . . . . . ............. ...
222.71 (351.41) 585 Street lighting and signal system expenses. . . . . . . . . ....
7,995.92 1,143.37 8
5S6 hieter exynses. . . . . . . . . . . . . . .... ........ ... ..
17,845.52 (1,220.94) 9 587 Customer instsilations expenses. . . . . . . . . . . . . . . . . . . . . . . .
3,717.52 312.84 10 11 SSS Liiscellaneous distribution expenses. . . . . . . . . . . . . . . . . . . . .
3 391.55 8 (1 474.68) 8 151.00 56.00 12 589 Rents . . . . . . . .. .......... . ...... ...... . .
13 Total operation. . . . . ...... ............... . . 58,469.71 1,751.91 14 Maintenance:
15 590 hiaintenance supervision and engineering. . . . . . . . . . . . . . .. 20,250.92 5,605.14 -
16 591 hiaintenance of structures. . . . . . . . . . . . . . .. ... . None None 17 592 Plaintenance of station equipment. .. . .... ...... .. . None None 18 593 hiaintenance of overhead hnes. . . . . . . . . . . . . . . . ... . .. 142,706.06 (45,391.82) 19 594 h!aintenance of underground lines. . . . . . . . . . . . . . . . . . . 7,306.48 1,949.49 20 595 Maintenance of line transformers. . . . . . .. . . . . . . . 6,630.88 3,241.22 21 596 Maintenance of street lighting and signal systems, . . . . . . . . 9,247.06 (8,609.61) 22 597 M aintenance of meters. . . . . . . . ......... ..... .. 11,717.02 4,767.29 23 59S Maintenance of miscellaneous distribution plant... . . ...... None None 24 Total maintenana. . . . . . . . ....... ... ... ... ...... 197,858.42 (38,438.29) 25 Total distribution expenses. . . . . . . . ...... . 256,328.13 (36,686.38) 26 CUSTOMER ACCOUNTS EXPENSES 27 Operation:
28 901 Supervision . . . . . . . . . . . .. .. ... . .. ........ . 8,133.41 672.87 29 902 Meter reading expenses. . . . . . . . . . . ... . . 37,790.09 1,605.20 30 903 customer records and collection expenses.. . . . . . 123,014.40 1,656.14 31 904 Uncollectible accounts. . . . . . . . . . .. . .. . 17,106.90 -
7,518.54 32 905 Misce!!aneous customer accounts expenses. . . . . . . . . . . None None 33 Total customer accounts expenses. . . . . . . . . . . . . ... .. 136,044.80 11,452.75 34 SALES EXPENSES 35 Operation:
None None 36 911 Supervision. . ..... .. .. . . .. .
None None 37 912 Demonstrating and selling expenses. . .. ... . .
50.00 None 38 913 Advertising expenses. . . .. .. .... . . . . . .
15,920.91 4,632.98 39 916 Miscellaneous sales expenses. . . . ......... .. . .
40 Total sales expenses. . . . . . . . . ....... . . . .... 15,970.91 4,632.98 41 ADMINISTRATIVE AND GENERAL EXPENSES 42 Operation:
43 920 Administrative and general salaries. . . . . ..... .. , ..... 235,826.76 43,270.23 44 9210mee supplies and expenses. . . . . . . . . . . . .. . .... .. 9,199.80 (1,417.00) 45 922 Administrative expenses transferred - Cr. _ . ... None None 46 923 Outside services employed. . . .. .. . .. 27,835.46 20,278.51 47 924 Property insurance. . . . . . . . . . . ., ... . . . . 29,498.88 (54.50) 48 925 Injuries and damages. . . . . . . . 118,884.55 59,034.08 49 926 Employee pensions and bene 6ts. . . . . . .. . 381,436.95 30,548.60 50 928 Regulatory commission expenses. . . . . . ..... . None None 51 933 Transportation. Expense.. ... . .. ... 61,351.74 6,964 95 52 930 Miscellaneous general expenses. . .
46,930.82 17,184,90 ,
53 931 Ruts . . . . . . . . . . . . . . .... . . . .. None None 54 Total operation. . ,
v1U,964.96 175,809.77
i 42 [
' l' A n nual ri port s f . . . . . . . . . . .'I.O. . h. .N. . . .O. .F. . .H. .U. D.S. .O. .N. . . L. . I.G. .H. T. . .&. . . .F.O. .W. .E. .R. . . D. .E. .P. .A. R.'.I.N. .E. .N. .T. . .
ELECTRIC OPERATION AND MAINTENANCE EXPENSES-Continued I increase or Amount for Year I }"
g, Account p,',*'[
, ding a No. (a) (b) (c) 1 ADMINISTRATIVE AND GENERAL EXPENSES-Cont. 8 $
2 Maintenance:
65,528.94 11,083.99 3
4 932 Maintenance of general plant. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total administrative and general expenses. . . . . . . . . . . . . , 9 /6,49J.90 186,893.76 }*
5 Total Electric Operation and Maintenance Expenses. . . . . i19.438.832.04 5.342.2RR.fi2
SUMMARY
OF ELECTRIC OPERATION AND MAINTENANCE EXPENSES Line Functional Cla ssification Operation Maintenance Total No. (a) (b) (c) (d) 6 Power Prduction Expenses 8 $ $
7 Electric Generation:
8 Steam power. . . . . . . . . . .
9 Nuclear power. . . .. . .
10 Hydraulic power. . . . . . . . . . . . . .
861,341.44 162,970.59 1.0 l 11 Other power . . . . . . . . . . . . . . . . .
Other power supply expenses . . . . . . . .
1A al9 530 ;? None 16,4g,g2.g , 9.
12 13 Total power production expenses.. 17,273,890.96 162,970.59 17,436,861.55 i 14 15 Transmission Expenses. . . . . . .
Distribution Expenses. . . . . . . .
563,602.01 58,469.71 3,530.74 197,858.42 567,132.75 256,328.13 g
16 Customer Accourts Expenses. . . . . . . . . 186,044.80 None 186,044.80 17 Sales Expenses . . . . . . . . . . . . . .
Administrative and General Expenses. . .
g{glgfghb g 28.94 9hblb:0b 18 19 Total Electric Operation and 19,008,943.35 429,888.E9 19,438,832.04 20 Maintenance Expenses. . .
95.86 21 Ratio of operating expenses to operating revenues (carry out decimal two places. e.g.: 0.007o) To
our.p.te by dirWas Revenues (Acet. 400) into the som of Orwredon and Mainte% ace Espensee (Page 42 line WM). Depreciation (Acek 4o3) and Amortisataca (c+t. 407). .. ... .....
22 Total salaries and wages of electrie department for year. including amounts charged to oper.
1,132 @ .27 ating expe.tses. construction and other accounts. . . . . .. .. . $
23 Total number of employees of electric department at end of year including administrative, 39 operating, maintenance, construction and other employees (including part time employees) 0
f
. a
. .?
/. -
TAXES CIIARCED DURING YEAR ?
- 1. This schedule is Intended to give the secount dis.
- 3. The aggregate of each kind of tax should be listed number of the appropriate balance sheet plant account 3 tribution of total taxes charged to operations and other under the appropriate heading of "F*deral,""State," anr! or subaceount.
final accounts during the year. g "Local" in such manner that the total tax for each State 5. For any tax which it was necessary to apportion
- 2. Do not include gasoline and other sales taxes which and for all subdivisions can readily be ascertained. to more than one utility department or account, state *-
have been charged to accounts to which the material on which the tax was levied was charged. If the actual in a footnote the basis of apportioning such tax. :
- 4. The accounts to which the taxes charged were dis. 6. Do not include in this schedule entries with respect :
or estimated amounts of such taxes are known, they tributed should be shown in columns (c) to (h). Show to deferred income taxes, or taxes collected through pay-should beorshown estimated actualas a footnote and designated whether both the utility department and number of account roll deductiona or otherwise pending transmittal of such amoun's.
!3
- a charged. For taxes charged to utility plant show the taxes to the taxing authority, j%
- O Tota Ta es Distribution of Taxes Charged (omit cents) g (Show ut!!!!y department where applicable and account charged)
Line During Year glectric Gas ![
Kind of Tan (omit cents) (Acca '28.409) (Acct. 408, 409) jU g No. (a) :
(b) -) (d) (e) (Q (g) (h) (1) (D
~o z 1 Ibal Ettate Taes 13,734.41 i ca 13,731.41
- + iE
- l:
3 :8 4 i>-
b :a G !*w
- O
- g '
8 :u e }a
- t*
10 **
11 g 12 13 ,
14 .$ -
15 3 IG j
17 i
18 :
19 e i.
20
- 21 .
N .&
23 24 k.
25 3.
cr t
2G 22 $-
28 TOTALS 13,731.41 13,734.41 k.
e 50 .Tomt OF HUDSON LIGHT A!!D POWER DEPARTMENT -
- n n u a i ,e ,o,t o f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 e . , . n .. O. e m , e , 31 OTi!ER UTILITY OPERATING INCOME (Account 414)
Report below the partleulars called for in each column.
Amount Gain or Amount of Amount of of Operating (Los s) from Une # E' investment Revenue Expenses Operation P!o. (a) (b) (c) (d) (e) 1 2
3 4
5 6
7 8 ,
9 10 11 12 13 N O 'N E 14 15 16 ,,
17 18 19 20 21 22 23
. 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 ,
42 g 43 5 44 45 -
46 47 43 49 50 51
'0T^'5
.n~: t .- c ,. . .. . . . . .!.?.S. .o t. .en e. . u.,,.
. , m . i m ."
. . m. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -s.. o.m.
INCOME FROM hfERCifANDISING, JOBBI. . AND C NACT WORK (Account 4I5)
Report by utility departments the revenues. costs, expenses, and net income from merchandising, jobbing. and contract recrk during year.
Other Electric cas Utility Line item Department Department De partment Total No. (a) (b) (c) (d) (e) s 1 Revenues: 8 8 8 8 2 Merchandise sales. less discounts.
3 allowances and rettns. . ....
4 Contract work. . . . . . .. 736.10 5 Commissions. . . .
6 Other (list according to major clasws). .
7 8
9 10 11 Total Re venues. .. .
_7ICTI
- 12
- 13 Costs and Expenses:
14 Cost of sales (list according to major 15 classes of cost). . .
16 Labor and Labor Overhead 550.00 17 Equipment Expense 100.00 18 19 20 21 22 23 24 25 N Sales expenses. .. .
27 Customer accounts expenses. ,
28 Administrative end general expenses. 86.10 29 30 31 32 33 34 35 36 37 38 39 40 41 o
42 43 44 45 46 47 48 i 49 50 TOTAL COSTS AND EXPENSES 736.10 51 Net Profit (or Loss) None
6 52 '
Annuei report of........l'0WN . . . . . . . . . . . . . . . . . .OF. . . . .HUD
. . . . . . . .SON
. . . . . . . LIGtfT A ND P..OW E..R D E P..A..R.D...'.Y..N.7..................Ye l'
SALES FOR RESALE (Account 447)
I' }<eport sales during year to other electrie utilities and to cities or other pubb,e authorities for distribution to and place an "x"In column (c)If sale involves export across a state line, ultimate consumers.
- 3. Report separately ann. dump. and other power sold to
- 2. Provide subheadings and classify sales as to (1) Associ. the same utility. Describe the nature of any sales clusided ated U tilities. (2) Nonassociated Utilities, (3) Munief palities, as Other Power, column (b),
Other Public Authorities. 4. If delivery is made at a substation indicate ownership (4) each For R.E.A. sale Cooperatives, designate statistlealand c (5)lassination in column (b), , thus:
thus: Arm power, FF; dump or surplus power, DP; other, G, in column customer owne (e)d or leased ,
CSrespondent owned or leased, RS; c
- Kw or Kve of Demand 13 *I 8 9 (Specify Which)
U$ b 3 Avera ge Sales to j3 3 Point of Delivery j Monthly Annual 5$ Oj $ Contract Maulmum Maximum Une U Dema nd Demand No. Demand (e) (b) (c) (d) (e) (0 (O (h)
I FMEC G Marlbato4txb:n m 2
1000 m
'RM1 Lire 3
4 5
6 7
8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 80 31 32 33 34 35 36 37 38 39 40 41 42
00WN OF HUDSON LIG1!T AND POWIR DEPARTMEN7 53 1
. A r.nw e i r eport e r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 sal.ES FOR RESALE (Account 447)-Continued
- 5. If a 8xed number of kilowatts of maximum demand is speci8ed in the power contract as a basis of balings to 6. The number of kilowatt hours sold abould be the quantities shown by the bills rendered to the purchasers.
the customer this number should be shown in column (f).
The number of kilowatta of maximum demand to be shown 7. Explala any amounta entered in column (n) sueb as fuel or other adjustments.
readings an(d should(be furnished whether or not used in thein column g) and h) abould be actual based c determination of demand charges. Show la column (i) type 8. If a contract covers several points of delivery and of demand reading (instantaneous.15. 30, or 60 minutes small amounta of electric energy are delivered at each point.
Integrated). such sales may be grouped.
Voltage Revenue (Omit Cents)
Type of al Revenye Dema nd per kwh Which Kilowett. Domend Other Reeding Delhored hours Charges (Cents)
Energy Charges Total (Q (D (k) (0.0000) Line (Q (m) (n) (c) (p) No.
6014in 115KVA 890,823 9560 25,224 34,784 3.9047 1 2
3 4
5 6
7 8
i 9
10 11 f% 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 -
32 e
33 34 35 36 37 r
38 39 40 g 41 TOTALS l l l 42 i
A n nual report 6 f. . . . . . . .P.O. .W. .N. . .O. .F. . .H. .U. .D. .S. .O. N. . .L. .I. .G.i.f.T. . . .A. M. . D. . .P. 0. E. . . .t. . .D. .I.:.P. .A. .R.T. .M. .E. .N PURCHASED POWER (Account 555)
(except interchange power)
- 1. Report power purchased for resale dering the year. Authorities. For each Exclude from this schedule and report on peo 56 particulars 6 cation in column ( ). purchase thus: firm designate power. FP;statistleal dump or classi-concerning interchan power trtnasetiros during the year, surplus power, DP er, O. and place an "x"in column (c)
- 2. Provide subben and clandfy purchamas as to if purchaseinvol im rt across a state line.
(1) Associated Utilities. 2) Non==aciated Utilities, (3) 3. Report separate! firm. dump, and other power pur. m Associated Nonutilities. ( ) Other Nonutilities, ( Muni. chased from the same company. Describe the nature of any eipalities, (6) R.E.A. Cooperatives, and (7) Oth Publie purchases clanalfied as Other Power, column (b).
l j e Kw or Kva of Demand f **
(Specify Which) m o .
e Average Purchased From 3e fj Point of Receipt a Monthly Annual Une *d
- E* Contreet Demand Maximum Demand Maximum Demand No. (e) (b) (c) (d) (e) (f) (g) (h) 1 Pilgrim I - B.E. O Marlboro-Hudson 2500 NA NA 2
Vermont Yankee 0 X Line 578 NA NA 3
Maine Yankee 0 X 1271 NA NA 4
Wyman-Yarrrouth-CMP 0 X 3110 NA NA 5
Point Lepreau 0 X 4870 NA NA 6
th EC-Canal 0 5351 NA NA 7 g.1EC-Mix No. 1 0 X 0 NA NA 8
M1EC-Proj .#3 Mill . 0 X 1214 NA NA 8
tMEC-Proj . #4 0 X 0 NA NA 10 MEEC-Proj. #5 0 X 0 NA NA 11 M1Gr-Proj . #6 0 X 0 NA NA 12 Taunton-Cleary Sta. 0 5000 NA NA 'r 18 NU-!bntville #5,#6 0 X 3500 NA NA 14 NU-Middleton#2,3,4 0 X 3500 NA NA 15 Pasny 0 X 1860 NA tM 16 RFA-Lawrence 0 810 NA tM 17 MIEC-Stoneybrook 0 800 NA NA 18 PURCF.ASED PCUER USE AT IGER PLANT AND 19 20 21 22 23 24 25 26 27 28 29 30 31 32 38 6 34 35 36 37
- 38 39 40 41 42
- - ' ' ~ - - - " - - - - - - - - - - - - -
- - L
_,.,4, ._,_g .
' 55
, 7 Annuai reoort et... TOWN. 0F...H UDSON..L IG H.T...&... ROWER..DERAB.TMENT............ veer e nro d oseemosc al, i E. 7.
PURCIIASED POWER (Account 555)-Continued (except Interchange power)
- 4. If receipt of power is at a substation indicate ownership should be furnished whether or not used in the determination in column (e), thus: respondent owned or leased. RS: seller of demand charges. Show in column owned or leased. SS. reading (instantar.eous.15. 30, or 60 min (I)lntegrated).
utes type of demand Is pee ned n the 6.
er nt a t as a bas s oYbYllin th eshow byt number should be shown in column (!). The num r of qyent er b 1.
kilowatts of maximum demand to be shown in columns (g) 7. Explain any amount entered in column (n) such as fuel and (h) should be actual based on monthly readings and or other adjustments. '
Type of Volto g* KHowatt.
Demand at Which
- er hours KWH Reading Delivered Energy Ottier Charges ' Charges Charges Total (Cents) ggg g (1) (D (k) (f) (m)' (n) (o) (p) No.
NA 115 hv 0 1,017,737 20,061 25,352 1,093,150 1 ta 115 hv 3,932,488 123,686 29,253 6,463 , 159,401 0.0105342 tA 115 W 5,991,985 162,132 46,729 6,638 215,499 0.03596S3 1A 115 hv 8,020,411 115,638 247,306 0 362,944 0.0152514 la 115 hv 39,250,839 1,7J3,551 135,318 0 1,868,872 0.017616 5 la 115 hv 3r,325,773, 301,477 862,207 0 1,166,684 0.03720 6 tA 115 hv 3,693,383 137,385 21,618 0 159,033 0.013054 7 tA 115 hv 3,466,263 176,338" 23,928 0 200,266
( FA
?A 115 hv 115 hv 6,935,182 0 6,023,366 129,694 0 0 6,023,366 21 217,578 0 347,272 U 1A 115 hv 9,067,589 152,219 271,860 0 424,079 0.05007d 22 0.016769 23 1A 115 hv 8,053,449 152,869 265,268 0 418,137 0.051920 14 tA 115 W 13,008,018 48,227 0 0 48,227 0.00370 7s 1 la 115 hv 1,934,639 0 157,467 0 157,467 0.08139 116 tA 115 hv 7,475 1,000 401 0 1,401 0.187423 17 18 QWGST) 519 (396,461) *
(11,744) (11,744) 29 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
. 36 37 38 39 40 41 Totats 134,291,000 11,300,191 z,zw,v44 26,708 13,631,923 0.10151042
. . . _ . _ ~ = - -- a:: . . ~-
INTERCIIANCE POWER (Included in Account 555) > E.
- 1. Re rt below the kilowatt-hours received and shall be furnished in Part B, Details of Settlement for delive c
during the under interchange yearagreements.
power and the net charge or credit Interchange Power. If settlement for any transaction coordination, or other such arrangement. submit a $
also includes credit or debit amounts other than ior copy of the annual summary of transactions and bill- *
- 2. Provide subheadings and classify interchanges increment generation expenses, show such other ings an.ong the parties to the speement. If the as to(l) Associated Utilities.(2)Nonassociated Utdi- compone-it amounts separately, in addition to debit amount of settlement reported in this scheduk for any f, ties. (3) Associated Nonutilities. (4) Other Non- or credit for increment generation expenses. and give credits transaction does not represent all of the chstges and :-
co <ered by the agreement. furnish in a footnote utilities, (5) 5!unicipalities. (6) R.E.A. Cooperatives, a brief explanation of the factors and principles under and (7) Other Public Authorities. For each inter- which such other component amounta were deter- a description of the other debits and credits and state i
chan e across a state line place an "x"in column (b). the amounts and accounts in which such other :.
- 3. mined. If such settlement reprcsents the net of debits amounts are included for the year, j Particulars of settlements for interchange power and credits under an interconnection, power pouting.
- A. Summary of Interchange Acenrding to Companies and Points of Interchange :g jg 3D 5 ::.I dh Kliowett-hours f
Name of Company 58 Point of Interchange E$$ i@
une fM $%* Amount of {
No. (e) 5 R.ceiv.4 oe.evered '"#
(b) (c) (d) (e)
Not DI.*.orence !
(f) (g) (h) 1 EH 115 hv 93,811,870 2 IHD 76 SIXPKU 1U01 RI OITim)'IO (519)
(296,460) 6,480,110 87,331,760 E2,613,764.35 !c 3 (296,460) (8,767.60) 4
[ih 5 i 6 j 7
i.*
8 9 i 10
- II .
12 .
N AL5 93,515,410 6,480,110 87,035,300 D ,604,996.75 i B. Details of Settlement for Interchange Power :
Unel Name of Company 3 No. 3 gapfenstion 0)
(1)
Arnouwt i IUtX (h) 18 DLtyf Rt.vnuj Uf II.L. & P. - H y 54,b/6,1%.b/
- sc. 9 02tocp 35 - tint. btap 283,354.27 56,849.44 j
2 38 ' - Deficit 405.31 37 Ehmy Ib11ars fnm EUL ' $
Oxbr Rt Savirty Ftrd (211,123.31) ;
18
'8 NHL Savirgs (59,409.84)
(194,400.2D ;
[
20 IHUL Dqmos cm- 38,462.35 E 21 21.431.67 :*
- ^L 2,613,764.35 iO g.
s W
aaaw.i,. ri.e..... Ea
.. 'd . 9E. .H. .y.D. SS.N.. . MS.C. . . . .A. .N. .D. . .P..O..W..E..R...D..E..P..A.
8
- ELECTR m,,.,m.= as a,.,maa. .m.a r we .IC
- ae .u ei u, eENERGY
, a.e,,y e.e,.ia.ACCOlJhT
,,,.w. od wo.a ,a .,u, ae ,ea,.
va. nem
, No.
(a) u... n .,,.6,,.
(b) 1 SOURCES OF ENERGY 2 Generation (escluding statlon use):
8 St4arn..................................... ,
4 Nudear..........................................................................
& Hydro............................................................................
6 Other . . . D I ES EL . . . . . . . . . . . . . . . . . . . . . .................................
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,814,624 ..............
7 Total genera tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 17,614,624 9
Purchues.......................................................................................... ......... ............ 134,291,060 10 Interchanges . . . . . . . . . . . . . . Out . . (tross). 93,515,410
. . . . . .. ... .. ... .. . . . .ft (coss). . . . . . . . **.***. ..
11 6.480.I10 ***...f
, Ne t (kw b ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,035,300 12 Received . . . . . . . . . . . *******
13 Transtnirsic,o for/by others (wheeling). . .. .. . Delivered. . . . . . . . . . .
14 *******
15 TO TAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., N e t ( kw b ) . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 .................................... ...... 239,140,964 DISPOSITION OF ENERGY 17 18 Sales to ultiinate consurners (includicg interdepartrnental sales). . . . . . . . . . . . . . . . . . . 217'034 . . . . . . . .8539 Sales f or resale . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
890'823 19 Energy f urnished with out c1Irge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 Energy used by the cornpany (escluding station use):
21 22 Deetric d epartro e n t only. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .304'658 ......
Energy losses:
23 TrtWon and con version Inaw e . . . . . . . . . . . . . ...... 9,932,661
/ 24
( 25 06 Distribu tion losses . . . . . . . . . . . . . . . . . . . . . . . . ...... . . . . . . . . 5,905,803 Una ccoun ted f or !=a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .072.500 Total energy los es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S .
27 ................... 20,910,964 Ecergy losses as percent of total on line 15. . . . .11 s.4 362. .. . . %
28 Tot 4L 239,140,984
,,.r MONTifLY PEAKS AND OLTTPLIT u,, . ure.i wm.de, a .s U.e.m.e ars t>bouri) 8.ubh>.s m Se.ar.,ma.u..
awy c w. iui .m.a '**'.w.,
a.d .re, . w .. .i ca m.3. .t m.swi pe.t 4ad c=uaune. e n no. ., eo r u.e .ombones sourens .I e6ettree ametry .i tempondonk etsuw 5.wvenwa.)
- 2. MetWy :=sh .ot (b) abound be roependent'e -..aum 6 e lead se 4. Mos W y .wsp sad puret.S e ph.a .vt ebeu)J ke ne rum .f teoread*st's met reserttien
.enesevred r minus setby the eve .f iw sosac.desul met gesersb.a sad pwethoce plus materebaa t awaus set inunL6ase sad pl.a or miave set tr of emergency poeet t.de. adame sempors/7, debe stees (s.t saurchace) at.am,.a er wheeLad. TotaJ for the yars shouH sgvee tita Lee la ab.am se.
amergesey deboe smother eyew.sn. Meettly peak naciud.as ev &, If ae to.poedest ha tv. er m re poe as to the nature .rees ab.wnd te obews na a footmese vsna a bned emptanab.eh f sta amergeacy. a seasetted, the safr, tar.aben eMud (et tel*w ab.rt enterna est phracmPy sy,um, sle be dwrwebed for e.ca system W enthly I'ee k Osy of Wonthly Otetout Une Month Goes tt s D.y of Week Wonth Howf (h e h)
N o. (e) . Type et Reasing (See inste, d)
(b) (c) (d) . (e) (0 (e) 29 Ja nuary. . . . . . . 39,600 30 February.
itr h n 17f 28 8:00 60 & 21,415,129 36,200 Trwhy 60 &
10 8:00 19,507,511 31 1! arch... . ... 36,600 TmS/
32 April . . . . . . . . . 33,700 10 9:00 60 & 20,531,009 33 M ay. . .
'IlmiT/ 28 9:00 60 & 18,617,556 35,100 Fridyf 34 Jane. .. . .. 37,300 29 15:00 60 & .
18,683,403 33 J uly . . . . . . . . .
Finby 15 13:00 60 &
20,071,676 38,200 PridTj 24 36 A ugust. . . 14:00 60 Min 19,259,477
.. 37,900 Mnbf 37 September. M ,900 17 12:00 60 & 20,172,470 tirhmiT/
38 october. . . . .
33,700 9 17:00 60 & 19,522,767 tirhniT, 14 9:00 60 Min 39 Novernber. 20,3M,471 35,200 MniTj 23 9:00 60 Min 19,410,271 40 Dmmber. 37,100 tithwb r
~ i 30 18:00 60 Min 21,610,244 41 tow 239,140,9cM
56 Annwelreport et......alc. 0P..!!!10,SDN..LlOE. AM..RCHLR.USTMl?31 . . . .. .........c........ vee r e nee s pec embea s t t o.B '
CT.NERATING STATION STATISTICS (1arte Stations)
(Eaeept Nudear. See Instruction 10) 1.14rse staties. fe, W pvrpeee of eje arbedu stat,a 6f r.W Ka' or n. ore of naetaN4 taparet,le are cleast and brdre aw K
- or maere of tastalbf caterity (name plaw rat nes).and ett,er stations of r
sea &We, opeo/yaas passed.4. If pesh demand for ao slasses is nel avausble. s a.ad i SooasXw.
pondre6 te'uoeetevely, if tasal sleese>e eserobas('Jo.
4.').o Coo K nsaaves of re'-
.oCC se more.) 4.11 a arewp of employees atteeds more that one eesershnt stat npen w enthe es 1.no meet.in the appteaumate average tsabst of emple)es. ase.esa.es.
Me Poser Cen irma.,es, or eterated u o pian larJety. andiente ev & foesa by3. If any plant is lewed ervrate the we of sateseks and feetaenen.
e We ans ng . f 6 obeund be gana bad 6.be quately of fueJ seasoasi r se cabed les sa 1.ne 4.3. 5:w.fy Lf telaf plaat endesity is nported la hva lastand el&DevaLLs
- 7. Q. )
eemews>,a6GGee of fwd eesevowd tad t)4 turate cent per wait of f.el
= !.,.* W e-n M TY1 b r nbml 4 should be eena46 sat mita tierse to usea.or accenta Act and time item
- Pie rrt Plant Plant 1
fj h W _ H.T eD m Kind o! plant (ateam, bydro, int. comb.. ras turbine)_ MO 2
Type of plant construction (conventional outdor h* Y 3
boiler, full outd oor, etc. ). . . . . . . . . . . . . .' . . . . . . .
. Crmt.icml O m dcml Year originally constructed . . . . . . . . . . . . . . . . . . . . 1897 4
. 1962 5
Year last unit s as instaued . . . . . . . . . . . . . . . .....
1972 . 1962 Totallast4Ued capadty (muimum generator nam e pla t e ratings In kw). . . . . . . . . . . . . . . . . . . . . . . . 16,150* 4,400 6
Net peak demand on plant-kilowatta (60 min.)... .
15.2 4.4 7
Fla nt h ours connected to loa d. . . . . . . . . . . . . . . . . . .
1724 1073 .
8 Net continuous plant capabuity. kilowatta 9
(a) When not limited by condecaer s ster....... 15,200 4,400 10 (b) 1 Gen limited by conderaer water. . . . . ... . . 15,200 4,400 11 Avera ge number of employees. . . . . . . . . . . . . . . . . . . 12 12 Net g en era tion, u dusive of sta tion use. . . . . . . . . . . 14,608,324 3,206,300 13 Cost of plant (omit cents):
14 La n d a n d la n d righ ts. . . . . . . . . . . . . . . . . . . . . . . . . 5,500 tt m 15 Strv etures a nd improve:n enta. . . . . . . . . . . . . . . . . . 332,768
(}r 16 t< m 37 Reservoirs. da rns. a ad wa terwara . . . . . . . .RN ...... D Eq u!pme n t costa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 i019*159 IB 712*OM Roa ds, railroa ds, and bridges. . . . . . . . . . . . . . ~ . . RN D 19 20 To t al cost . . . . . . . . . . . . . . . . . . . . . . . . . . . .3.357.427 .....
Cost per kw of installed espa city. . . . . . . . . . . . 712.04 21 Production expenses: 221 IF2 23 Operation ruperdsica and engineerin 19*065*27 23 Sta tio n la bor. . . . . . . . . . . . . . . . . . . . g . . . . . .159 . . . 414.88 8
24 25 Fuel....................................... ...........
624,539.99 26 Supphes and expenses. Induder water. . . . .. . 58CO 27 M a la te n an ce . . . . . . . . . . . . . . . . . . . . . . .162,970.59 ........
Renta...................................... ?tm 28 29 St ea m from other sources. . . . . . . . . .... x. . . . . . .
30 Steam tra nsferred-Credit . . . . . . . . . . . . . . . .ttm ....
Total production expenses . . . . . . . . . . . . . . . . . .
31 1,-024,312.03 Expenses per net Km b (5 places). . . . .. . ... . .
33 Fuel: Kind $0.057498
- 2 Die:el tttural Gs 33 f.' nit: (Coal tons of 2,000 lb.) (Oil. barrets of 42 gals.) (Gas.M eu. f t.) (Nudear, indicate). . . . . 42 Gil* M Q Ft*
34 Quantity (unita) of fuel contumed. . . . . . . .. . . 8'214 143,201 35 Averate beat content of fuel (B.t.u. per it.. of coal.
- per gal. of ou. or per eu, f t. of gu). . . . . . . . . . . 140,000 m U 910 E U 36 Average cost of fuel per un!t. del. f.o.b. plant. . . .
37 $22.4060 ETL $2.85329 ?G Average cost of fuel per unit consumed. . . . . . . . .
38 Aserage cost of fuel consumed per minion B.t.u..
$26.2410 IE .
$2.85329t U 39 $ 4.46278 $3.13M8 Aserage cost of fuel cortsumed per ksb net gen..
40 As trage B.t.u. per ks h net generation. . . . . . . . .
$ .035058 41 10,026 d2
I' 69 A nnua l re port 6 f. . . . . . .T.h.W. .N. . . .O. . .F. . . .H. .U. .D. . S. . O. . .N. . . .L. . I. .G. . H. . .T. . . .&. . . .P. .O. . W. . .E. .R. . . .D E P A R
. . . . . . . . . . . . .. . . . . . . . . . . . . . . . Yea r C nd ed Decem ber 31.19.
g7
- GENERATING STATION STATISTICS (1.args Settiens)-Continued (Except Nuclear, See Instruction 10) m o ae- e. uaa n.
ema *. u a s ee.ee.ueoi .au. wi. ae 6tae aotad bo laelaw
!#1.'." *"
d el teeeu.e,%"ms'.L::'.f afo.'ad' bt "$ E Te* "Et+-n = * = ===i-1
- 1. stem. erw sa uo. ' *l"" bo,.f#C,w ,*dWC' *'MLi.:e4
- a .- ==* ea*=
==6 m 6-
~a . A"M as arala*earr .a =5- ~
i rower de.set <==<-
elaana6 co.trei na Othw Pover hp d r>.ee pai Espenses e -daawe,e om m .m.e. -i +' a~ air * *= - a===*e and developen~ eat a penses; (b) a brief esplassuon' a= ~~ ie r===
- 9. If any plaat is equipped with combinations of steams hydre.(aternal specifying W accouskas mehds sad types of oost units used withof the fuel s eon asuem engme er saa turblae equipment. each abould De reported as a rupeet to the enrious componente of the ful ooet, sad (e) auch addiWomat separate plaat. Homeest. If a saa turbine uaje fuseucas la a combaned (alormauen aa may be taformatsee coneeraLas the type of plant, kind et fuel used. and othet phyescal and operating ebarseterisuce of the plaat.
Plant Pla nt Pla nt
(') (0 (g) gyt Plant Plant Line l') (j) No.
1 2
3 4
5 6
7 8
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 j
39
! 40 41 42
60 Annuet report cf....T.9.N. 9.If...M M9.U...h I.9.D.I...E...E9.D.E,$,,,R,Q,R,T,,.. .. . .. ...... . . . .. .. . . .Yee r ended Decembsr 31,19$.! ' ' . .'
STEAM GENERATING STATIONS
- 1. Report the information called for concerning gener- lessor, date and term of lease, and annual rent. For any sting stations and equipment at end of year, generating station, other than a leased station or portion
- 2. Exclude from this schedule, plant, the book cost of thereof for which the respondent is not the sole owner but which is included in Acewnt 123, Nonutility Property, which the respondent operates or shares in the operation et,
- 3. Leignate any generating station or portion thereof furnish a succinct statement explaining the arrangement and for which the respondent is not the sole owner. If such giving particulars as to such matters as percent ownership property is leased from another company, give name of by respondent, name of co-owner, basis of sharing output, Bollers Rated Max.
Name of Station Location of Station Number Klne 'W el Rated Reted Continuous and Year andi ,thod Pressure S'eam M tbs. Steam Installed of Firing in abs. Temperature
- per Hour No. (a) (b) (c) (d) (e) (0 (g) 1 2
3 4
5 6
7 8
9 10 11 12 NOT A PPL I CABLE 13 5
16 17 18 19 20 4 21 l 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 g
w 37 Note reference:
' Indicate reheat boilers thusly. 1050/1000.
61
. Annel riport of....Tgy,1,1,,,Q,P,,,1,1,y,D,S,gy,,,L,[g,MI,,,4,,,P,QW@,,,p,E PT,,,,,,,,,,,,,,,,,,,,,,,ym ended oecemw a t,19.8 7 STEAM CENERATING STATIONS-Continued expenses or revenues, and how expenses and/or revenues are 5. Designate any plant or equipment owned, not oper-accounted for and accounts affected. Specify if lessor, ated, and not leased to another company. If such plant or co owner, or other party is an associated company, equipment was not operated within the past year explain
- 4. Designate any generating station or portion thereof whether it has been retired in the books of account or what leased to another company and give name of lessee, date and disposition of the plant or equipment and its book cost are term of lease and annual rent and how determined. Specify contemplated.
whether lessee is an associated company.
Turbine. Generators' Name Plate Rating in Kilowatts Station Steam - Hydrogen Pressure Pressureg Capacity At At Maximum T'*'
- Minimum Maximum Power Volta ge T ttle factor K.v.f 9 Name Plate Installed Typei R . P. M . Hydrogen Hydrogen N8II"CII Pressure Pressure Min. M a x. Line
@) (i) (D (k) (f) (m) (n) (o) (D) (Q) (r) No.
1 2
3 4
5 6
7 8
9 10 11 12 13 la OT APP L IC AB LE 15 16 17
~as 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 TOTALS 37 Note references:
' Report cross-compound t:.rbiae-generator units on two lines -II.P. section and LP, section, tIndicate tandem-compound (T.C.): cross-compound (C.C.); all single easing (S.C.); topping unit (T), and noncondensing (N.C.). Show back pressures. 3 tDesignate air cooled generators.
t tIf other than 3 phase,60 cycle, indicate other characteristic.
1:Should agree with column (m).
c2 innu.i r. port et...... TOWN..O E.. HUSSON..L.IGH T.. &.. .POWE R.. GBPT.p..................Yect endsd Decsmber 31.19.h.7 ,
E A e
liYDROELECTRIC GENERATING STATIONS
- 1. Report the information called for concW gen- property is leased from another company give name of er:, ting stations and equipment at end of year. Show lessor, dcte and term of lease, and annual, rent. For any associated prime movers and generators on the same line. gaaerating station, other than a leased station, or portion
- 2. Exclude from this schedule, plant, the book cost of thereof, for which the respondent is not the sole owner which is included in Account 121. Nonutility Property, but which the respondent operates or shares in the oper-
- 3. Designate any generating station or portion thereof ation of, furnish a succinct statement explaining the ar-for which the respondent is not the solo owner, if .uch rangemerit and giving particulars as to such matters as Water Wheels Gross Static Name of Station tocation Name of Stream Attended or Type of Year Head with uns U nattended Unite Installed Pond Tull No. (a) (b) (c) (d) (e) (f) (E) 1 2
3 4
5 6
7 8
9 10 11 12 13 14 15
(
16 17 NOT A PPL ICABL E 5
18 19 20 21 22 23 24 25 26 27 28 29 30 31 l
32 33 34 35 36 37 38 39
- linrizontal or vertical. Also indicate type of runner - Francis (F), fixed propeller (FI'), automatically adjustable propeller (AP), Impulse (!).
~, - _ _ , . _ . - . , .. __- ---_-. -- -, ., . - _ - - - - - - - _ - . . _ , , _ , . ,
- 87;3i
\
. Annuti report ol.. , . .. .T. .O..W..N...O F H.U..D
. . . . . . . . . S.O.N....L..I.Gil.T
. . ... .. .... . . . . . . . . . . .A
. . .N. D
. . P.
. . .O.W. ER DEP A RTM ENT. . ...... .. Yea r I!YDROELECTRIC CENT. RATING STATIONS-Continued
- percent of ownership by respondent, name of co-owner. Specify whether lessee is an associated company.
basis of sharing output. expenses, or revenues, and how 5. Designate any plant or equipnient owned, not oper.
expenses and/or revenues are accounted for and accounts ated and not leased to another company. If such plant afected. Specify if leenor, co-owner, or other party is an or equipment was not operated within the past year explain associated company, whether it has been rettred in the books of account or what
- 4. Designate any generating station or portion thereof disposition of the plant or equipment and its book cost are leased to another company and give name of lessee, date contemplated.
and term of lea.se and annual rent and how determined.
(: '
Water Wheels - Continued Ge nerator s Total installed Mesimurn hp. Name Plate Number Generating Capacity of Fre. l Rating of of Capacityin Kil.
Unit at Year quency Unit in Units la owe tts (na me Design Head R.P.M. Design Hesd installed volta g e Phase or d.c. Kilowatt s Station plate ratings) Line (h) (t) (D (k) (t) (m) (n) (o) (p) (q) No.
1 2
3 4
5 6
7 8
9 10 II NOT APP LIC ABL C 12 13
)
14
( !$
16 17 18 19
- 0 21 e_,
23 24 25 26 27 28 29 30 31 32 33 34 35
' 3 33 TOTALS 39
LY
- Annuit report af.............t'.0WN 87 Or liUDSON LIGitT AND POWER DEPARIKENS ...... ...
........................................................................ var endsd oecem
/
COMBUSTION ENGINE AND OTHER GENERATING STATIONS (except nuclear stations)
- 1. Report the information ca!]ed for concerning gen- property is leued from another company, give name of erating stations and equipment at end of year. Show asso. lessor, date and term of lease, and annual rent. For any cisted prirne move's and generators on the same line, generating station, other than a leased station, or portion
- 2. Exclude frous this schedu]e,_ plant. the book cost of ,)
thereof, for which the respondent is not the sole owner but trhich is included in Account 121, Nonutility Property. which the respondent operates or shares in the operation
- 3. Designate any generating station or portion thereof of, furnish a succinct statement explaining the arrangement for which the respondent is not the sole owner. If such sad giving particulars as to such matters as percent owner.
Prime Movers oneses or Belted Name of Station tocation of Station Other Type Year 2 or 4 or oirect uns Erigine Name of Maker installed Cycle Connected P40. (a) (b) (c) (d) (e) (f) (E)
Cherry St. Cherry St. Ilud son Diesel Arnetican Loco. 1937 2 Direct 2 Cherry St. Cherry St. Hudson Diesel Nord be rg-Mfg . Co 1951 2 Direct 3 Cherry St. Cherry St. Hud son Diesel Nord be rg-Mfg . co 1955 2 Direct 4
Cherry St. Cherry St. Hudson Diesel Nordberg-mfg.Co 1960 2 Direct 5
Cherry St. Cherry St. Hudson Diesel Cooper-Bessemer 1972 4 Direct 6
7 8
8 Hudson Light to Peaking Plt.
Cherry St. Hud son Diesel Fairbanks-Morse 1962 2 Direct II Hudson Light 12 13 Peaking Plt. Cherry St. Hudson Diesel Fairbanks-Morso 1962 2 Direct 14 15 10
? v 17 >
18 19 20 21 22 23 24 25 26 27 23 29 30 31 32 33 34 35 l 36 l
37 '
38 39
6.f A nnua l ri port a f. . . . . .COWN
. . . . . . .OT
. . . !!UDSON
. . . . . . . . .L1Gfi
. . . . . . . . . . .. .. .. .. .T A. .N. .D.
. . ... .. .P. .Q. .w. .g g o. .g p A. .a. .r. .gn. . ;. $ . . . . . . . . . . .
COMBUSTION ENGINE AND OTHER GENERATING STATIONS-Continued (except nuclear stations) ahip by respondent, name of cMwner. basis of sharing Specify whether lessee is an assodated company, output, expenses or revenues. and how expenses and/or 5. Designate any plant or equipment owned not oper.
revenues are accounted for and accounts afected. Specify if sted and not leased to another company. If such plant lessor, exwner. or other party is an associated company, or oculpment was not operated within the past year. explain
- 4. Designate any generating station or portion thereof whether it has been retired in the bocks of account or what leased to another company and give name of lessee, date disposition of the plant or equipment and its book cost are
( and term of leue and annual rent and how detennined. contemplated.
Prime Movers - Continued Generetors Total Installed Total Reted hp. Name Plate Numt>er Generating Capetity Reted hp. of Station Year frequency Reting of Unit of Units in Kilowetts of Unit Prime Movers Installed Volte se Phese or d.c. In Kilowetts in Station (name plate retIngs) Uno (k) (t) (m) (n) (0) (p) No.
(h) (l) (D 1480 1480 1937 2300 39 60 cyl. 1000 1 1000 1 4250 5730 1951 4160 17 60 cyl. 3300 1 3000 2 5100 10830 1955 4160 39 60 cyl. 4000 1 3600 3 4250 15080 1943 4160 39 60 cyl. 3250 1 3000 4 7760 22840 1972 4160 37 60 cyl. 5600 1 5600 5 6
7 8
9 3168 3168 1962 4160 39 60 cyl. 2200 1 2200 10 11 3168 6336 1962 4160 39 60 cyl. 2200 1 2200 12 13 14 pt .
15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
{; 37 33 TOTALS ?0.600 39 21.5s0 7 I
t 0-CENERATING STATION STATISTICS (Small Stratone) 5
- 1. Small generating stations, for the purpose of this or operated as a joint facility, and give a condse 5. If peak demand for 60 minutes is not avall- O schedule, are steam and hydro stations of less than statement of the facts in a footnote. able, give that which is available, spedfying period.
- 2,500 KW* and other stations of less than 500 KW* 3. List plants appropdately under subheadings for ' 6. If any plant is equi with combinations of k installed capacity (name plate ratings). (*10,000 KW steam, byaro, nuclear internal combustion engine and steam, b dro, internal com on engine or gas tur.
and E500 kW, respectively,if annual electric operat- gas turbine stations. For nudear, see instruction 10 bine eq ent, ea .h should be reported as a separate o'
ing revenues of respondent are 325,000,000 or more.) page 59. :*
plant. owever, if the exhaust heat from the gas.
- 2. DeRgnate any plant leased from others, operated 4. Spedfy if total plant capadty is reported in kva turbine is utlilzed in a steam turbine regenerative feed '
under a license from the Federal Power Commission, lastead of kiIowatts. water cyde, report as one plant.
i 3
l Production Expenses Fuel Cost i Instelled Cepecify Pean Not Generation 3
Plant Cost Exclusive of Deprocletion and Temos Por KWH Not
{: h Name of Plant Name Demand Enduding For KW . O (Omit Cente) Kind Generetlon Year Plate KW Station Cost of Plant Inst. of Line Const. Reting-KW (Cents) {
(60 Min.) (Joe (Ornet Cents) Cepec)ty Labor. _ . Fuel Other
- Fuel : %
(0.0000)
No. (a) (b) (c) (d) (e) (f) (g) (h) (I) (D (k) (I) *j d
~
v>
1
- o
- *c
~
3&
3 4
9 5
35 3>
6 : 2
- o 7 : g.
8 9 !: k-
- :o 10 .
- e 11 NOT : M APPLI C ABLE : *v 12 "
. n*
13 3
14 f
15
- 3. #
16 3
17 3
18 .*
19
.k 20 3
21 g
22 g 23 ?
24 2 3
25 ?,
26 u 27 28 TOTALS ce 4
g
., 67 e- TOWN OF HUD30N LIGtiT add POWER DEPARTMENT A nnu a l r eport e t. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TRANSMISSION LINE STATISTICS
> Report information concerning tramm6 ton linu as indicated below, Lensth (Pole Miles) ,
oestenation
- 09*'* Lla8 SWP 18 8 on tmetures of on stmetures of y,ber Chdufor From To Un* D*slensted Another une circuits and Meterial !
une yestese Strveture (0 (s) (h) pe. (t) (c) (d) (*)
(e) 8Do w*
4arl-Hudson Forest Ave.
I rown Line Substation ll5KV Steel 3.2 2 336.4 NC 4 2 Hudson Poles ACSR at River St.
3 "Linnet" 4
5 6
7 8
9 10 11 12 13 ,
14 ,
15 16 17 18
) 19 20
( 21 .
22 23 ,
24 25 26 27 28 29 30 31 32 33 34 9 35 36 37 38 ,
39 40 41 42 43 ..- ,
44 I I
45 s
46 N mm 3.2 'None 2 47
'Where other than 60 cycle,3 phase, so indicate.
SUBSTATIONS y C-
- 3. steport tetow tlae saferm assoa celled for edheermans oubetetsome 4. reason of ==4e ownerein b W re For may eat.eate.es or j of o.e ,,o marnt m. .f u.e end of h ye.,. eseu.a.lad.cate do.ani. netin-heo.er celessenu 04 h.- en fosartee.nel r 4.est.6.i.ee<haracter e r v ea*
an4 -i.ehrof escle owlal eramaler lesee. a opendent.
e - of ie-or, daie a 31 a-
- 2. butetataene ei.sch serve but ene sadustreal er etreet redemy attended er enantuinded. .: lease and manuel rent. Fee may substat.on er equapa.eet es.areeed
- e. sat e ton.rr ehe.id eat t.e Seted leeressader. 6. Show in eelnemme Gl. (43. maJ (k) eperet appement euch me other thee by reason of ee en owneraLep es knee. aire minase af ee+=*ier e
- 3. Seletatsees enth capeentue of less ti.no adun0 hon, encept those retary eencertere.wwtanere,eendeascre etc.and sesdaary equarement er other party, esplean bee.e of eLorema espenww el oo.rr asewessessas ?
eraveng cuoteentre esth emeray for reesle. m*y l* grouped accordaag for emereessag capsesty. between the testeen. and etate samenmee med arnmeneste adected an to fenca onal eterarter. but the avsater of each owtetetsene sauen S. Dee'6 mate out. tat one er a mser itene of e(wipement leaseJ freen rar3endea *e boeke of seeewat. appeedy in e cle came whettwe keest. $,
t,e shoon. elleere, jotatly owned wsth e.there. er operated otherweee llama by co-* nber, or other garty is as - . Red esempany. -=
Character Voltese Conversion Apparatus and Special Equipment g ,, g g f Name and Location of Se.bstation
Substation of Trans- of Spare :*
I"D *'*"*"
Second- la hva formers Trans. Number Total Lane - Primary ary Tertl*'Y (In Service) in Service formers Type of [quipment of Units capacity :
No. (a) (b) (c) (d) (e) (f) (g) (h) (I) (D (k) {g 1 Cherry St. Hudson, MA Unattended 80001 24001 Not 19,200 2 None None None None
$h i
2 Distribution 13800 4160 Brougt t !S 3 Out i: ::: C 4 : o 5 Forest Ave. Iludson, MA Unattended !o 6 13.8 Distribution i'*
7 !
& Diesel Tie ll5KV 80001 NA 80,000 2 None None None None 8 Tie with NEPCO 13800 iS 9 i. H 10 : >
- *2 11 ,o 12 i'8 13 ik
- M 14 : :=
15 :o
- t=e 16 :w 17 : :o
- >e 18 : st 19 !S
- e 20 :
21 i
20 3
-c 23 g I 24 25 g 26 g
l s l
28 g i 29 y i 30 31
?
TOTALS CD 32 99.200 4 Mnnt. Mnno un ~ em 4
. J r~'. -
6 m - , - + ,
(.
Gu Aanvil ,tpo.1 ef......MI . 0R. HU D son. .'ag7..m..pm..m.;.g.g;,.....................v.1, eaos o.c.mw, a i, i,.9 OVERif EAD DISTRIBUTION LINES OPERATED
( Length (Pole MWes)
Line No. Wood Pol.s Sleet Towere Total 1 M Des - Beginning of Year . . . . . . . . 177.4 177.4 2 Added During Year. . . . . . . ....., 1.8 1.8 3 Retired During Ye w. . . . . . . . . . . . . . None None 4 MDes- End of Year. .. .. 179.Z 179.Z 5
6 7
8 Distribution System Characteristics- A.C. or D.C., phase, cycles and operating voltages for Light and Power.
9 to Prima (y distribution at 2400/4160Y, 4800/0300Y, 8000/13800Y volts, 60 cycle, 11 I Phase secondary power at 600 volts, 60 cycle, 3 phase 3 wire: 480 volts 3 12 Phase, 3 wire: 277/480 volts, 3 phase 4 wire: 220 volts, 3 phase ~3 or 4 wire 13 120/200 volts, 3 phase, 4 wire lighting, heating and air conditioning 14 120/240 volts, 120/200 volts, 60 cycle single or thraea phase.
15 ELECTRIC DISTRIBtTTION SERYlCES, METERS AND LINE TRANSFORMERS I
Line Trensformers Number et Toul Cepecity L Line n.m ti.ct,4c s.r w..
wetthour u .i.,. ww.o.r n,.)
4 no.
E Number at beginn.og of year. . . 7324 10023 2888 80741.5 17 Additions during year:
18 Purchued . . ....... . ... . ..
- 35 98 2060.0 19 Insta!!ed . .. . . . 180 20 Associated sith utility plant acquired. None None None None 21 Total addition . . . . . . .. 180 35 98 2060.0 22 Reductions during year:
23 Retirements. . . . 44 62 31 447.5 24 Associated sith utility plant sold. .
None None None None 25 Total reductions. . . . . .. .
44 62 31 4d7 5 26 Number at End of Year. 7460 9996 2955 8? Md.0 27 in suck . . . . . . . . . . 690 254 11819.5 28 Locked meters on customers' prernises. . None None None 29 Insetive transformers on system. . . . . . None None None so In customer ' une. ... . . . . .. . .. 9281 2693 70400.5 3 In company's use. . . . .. 25 8 134.0 32 Number at End of Year. 9996 2955 82354.0 i
i I
~'
d
- l l
l CONDUIT. UNDERGROUND CABLE ANC SUBbfARINE CABLE-(Dietribution System) .e i >
l 1
Report below the information enlled for conewnlog ccadult, underground cable, and submarine cable et end o! year. f'o Underseevad cebte sub a. riae cent.
- t ,, o.. ea.iion et und.,s as oisitinuiten stat.m "
- "***',7,*j,'y",,[3 3, ,,,,,, ,,,,,,,,,y,,,,,, ,,,,,
(.) (c) o,,,,,,,,y,,,,,,
- (t) (e) (e) (f) :.
1 Route 495 underpass i Harvard Acres Estates, Stow .1 .1 13,800 2
6.5 j
a 6.5 13,800 Meadowbrook Mobile Home - Park, iludson 1.8 j 4
Colburn & Margaret Circle, liudson 1.9 13,000
.0 i oc 6Fein, Felton, Central St. Iludson J
.2 4,800 jQ 6 Seven Star Lane, Stow, MA .7 13,800 7
Forest Avenue, liudson, MA .0 .09 4,800 [2 l
84 uniper Estates, Stow, MA 1.5 1.5 13,800 jg
.5 ig S Carriage Lane, Stow, MA .5 13,800 12 I .O .14 4,800 10 Brigham Circle, Itudson, MA ((
.9 .9 13,800 11 Rustic Lane, Hudson, MA in
.O .2 4,800 12 Vildwood subdivision, Stow, MA !b
.0 .6 13,800 13 Birch Hill Estates, Stow, MA 3.3 j$
18 Tsppleton Drive, liudson, MA 3.3 13,800
.1 j"
15 Cedar Street, Hudson, MA .1 13,800' i3 16 .03 .C3 country Estates, Hudson, MA 4,800 jg
}
17 Deacon Benham Drive, Stow, MA .0 .34 4,800
.O 15 j 14 Porest Road, Stow, MA .07 8,320 19 Prancis Circle, Stow, MA .0 .22 8,320 !"g 20 .0 jg Paren Circle, Hudson, MA . .1 4,800
.0 .07 8,320 iQ 21 Main Street, liudson, MA (Whispering Pines) .11 !{
22 11en Road,!!udson, MA .11 13,800 23 .24 .24 13,800 i5 24 3righam Street (Valley Park) lludson, MA .14 j Erigham Street (Assabet Village) Hudson, MA .14 13,800 26 .19 .19 j Chapin Road, liudson, MA 13,800 1
26 .07 Cahill Raylor Road, Stow, MA .07 13,800
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27 Great Road, Stow, MA .25 .25 13,800 28 .07 .07 13,800 {
23 Digital, Kane Industrial Drive, Iludson, MA .05 .
Peter's Grove, Itudson, MA .05 13,800 33 .05 Johnstop Way, Stew, MA .05 13,800
- 31 Hudson Town Ital 1L, Hudson, MA .20 .20 13,800
- 32 .08 .08 13,800 j
Sudbury Road, Stow, MA Off Pole 121 $
33 Parmenter Road, Iludson, MA Off Pole 16-1 .23 .23 13,800
- 14 _in in 13,800 ;
foTALS 17.21 19.34 Mnna ~
- 1ndicate number d conductori per cable.
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14
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. 4 CONDUITe UNDERGROUND CABLE AND SUBMARINE CABLE-(Distribution System) >O-Report below the information caDed for concerning conduit, underrround cable, and submarine cable c.t end of year.
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o .,s,o. c.,,. s.,_.,,_ c. . ;
un Destenstion of Un.orarown. Distribution System * "I' l
No. I[3 T Wh* berstM M ep M' @rettO deu (a) (,3 (c) (oy (e) gry ;
~
1 Technology Drive Hudson .28 .28 13800 j,
l 2 Reed Road Hudson .11 .11 13800 l 3 Central St. Hudson .06 jQ
.06 13800 ix l 4 Washington St. Hudson .10 .10 13800 l
s Barton Rd. Stow jQ
.26 .26 13800 i :::
l 6 Causeway St. Hudson .12 .12 13800 j@
l 7 Off Harvard Rd. Stow .07 .07 13800 8 Off River Rd. Hudson .05 .05
- 8 13800 j x c Hazelwood Drive Hudson .24 .24 4160 10 Maura Drive Stow i E'
.19 .19 13800 j@
11 Shay Rd. Hudson .07 .07 13800 i H 12 Ashford Meadows Hudson .13 .13 13800 13 Indian Ridge Estates Hudson 1.00 1i E 1.00 13800 lj "
14 Boxmill Rd. Stow .13 .13 13800 15 Brigham Estates Hudson 'i 2
.61 .61 13800 j f; 16 October Lane Stow .24 .24 13800 i :"
17 Santos Dr. Hudson .12 .12 8320 Kerrington Way Stow i g 18 .07 .07 13800. jg 12 3 ,T 21 i
- x 22 : o n
24 ?::
25 :
26 :
27 U
29 I.2 30 7 21 "
32 33 $
34 Toyns q_pq q qq -[b
' Indicate number of conductors ser cable.
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POW OF llVDr>0M 1.!C1?T A!!D PCWLE DE.DADNE!M Annv.1neertsr.........................................................................................,,,,,,,,,y,,,,,,,,o,,,,,,,,33,3,g7, RATE ScilEDUI E INFORMATION
- 1. Attach copies of all Filed Rates for General Consumers,
- 2. Show below the changes la rate schedules during year and the eettmated increase or decrease in annual reven Je predicated on the previous year's operations, a.
E.stimated E"'" *a o.t. u.o.r.u. n.t. Aa^d*' 8'v'av's enecwe somw, sen.4 i.
lace.. .s o.c,.....
1/1/87 105 Doaestic Rate ~A~ 3,565,150 1/1/87 106 Ccamercial Rate "C" 1,119,400 1/1/87 107 Ccmnercial and Industrial 10,997,770 1/1/87 108 Domestic Water Heater Rate ~D" 1,022,330 1/1/87 109 All Electric rate "F" 1,902,730 1/1/87 110 Ccmnercial Electric Rate ~G" 11,730 1/1/87 Ill Street Lighting Schedule 87,040 F
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.. '. J. 4.w ,- .......T". 9P..!!!!P.891!..M.M. 4n.9..tma..nmmm................ ...v.,- .. n. i..e.7 THIS RETURN IS SIGNED UNDER THE PLNALTIES OF PERJURY Mayor
. . .... ...... ....... J .
.-Y, , .. . ...
. . . . . Menager of Electric Light
. . . D .. .
/
Yb or an.bers
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. . .. . ..... . . .. u,f,fAe,,, g Laght Board s
L SIGNATURES OF ABOVE PARTIES AFFIXED OUTSIDE THE COMMON %T4LTH OF MASSACHUSETTS MUST BE PROPERLY SWORN TO
.. ns. I9 Then personally appeared .
and severally made oath to the truth of the feteroing statement by them subscribed according to their best knowledge and belief.
Notcy P6bhc or
. Jusher of Ow Peser M
a p .a . .,
e INDEX t
i I Page
. 21 Appropriations of Surplus . . . . . . . . . .
5 Appropriatior : Since Beginning of Year . . . . . . . .
' 6 uonds . . . . . . . . . . . . . . . . . .
. 14 Cash Balances . . . . . . . . . . .
5 Changes in the Property . . . . . . . . . . . . . .
Combustion Engine and Other Generating Stations . . . . . . . . . . . 64-65 Comparative Balance Sheet . . . . . . . . . . . . . 10-11 Conduit, Underground Cable and Subm.'rine Cable . . . . . . . 70 l ,
' 8-9 Cost of Plant . . . . . . . . . . .
4 Customers in each City or Town . . . . . .
14 Depreciation Fund Account . . . . . . . . . . .
12 Earned Surplus . . . . . . . . . .
Electric Distribution Services, Meters and Line Transformers . . . . . 69 Electric Energy Accounts . .
, . . 57 Electric Energy Purchased 22 Electric Operating Revenues . . .
37 Elec'ric Operation and Maintenance Expenses . . 39-42 3
General Information . . .
Generating Station Statistics . .
. 58-59 Genersting Station Statistics (Small Stations) . . . 66 liydroelectric Generating Stations .
. 62-63 Income from Merchandising, Jobbing and Contract Work 51 12-13 Income Statement . .
Materials and Supplies . 14 Miscellaneous Credits to Surplut . . 21 Miscellaneous Debits to Surplus . . . . . . 21 Miscellaneous Nonoperating Income .
. 21 Monthly Peaks and Output 57 Municipal Revenues . .
. . 22 21 Other Income Deductions .
Other Utility Operating Income 50 Overhead Distribution Lines Operated 69 18 Production Fuel and Oil Stocks 79 Rate Schedule Information .
Sdes of Electricity to Ultimate Consumers . .
. 38 22 Sale 3 for Resale - Electric . . .
4 Schedule of Estimates Steam Generating Stations . .
60-61 71 Street Lamps .
6S Substations .
49 Taxes Charged During Year .
7 Towm Notes 67 Transmission Line Statistics Utility Plant - Electric . 15-17 Page FOR GAS PLANTS ONLY:
75 Boilers .
76 Gas Distribution Services and }{vue Governors and Meters 74 Gas Generating Plant . .
43 Gas Operating Revenues Gas Operation and Maintenance E penses 45-47 76
?lolders . .
48 Purchased Gas .
76 Purifiers .
72-73 Record of Sendout for the Year in M':F 45 Sales for Resale 44 Sales of Gas to Ultimate Consumers 45 Sales of 1(esiduals 75 Scrubbers, Condensers and Exhausters 77 Transmission and Distribution Mains .
M
f
'e EXTRACTS FROM CILtPTER 164 OF THE GENERAL LAWS AS AMENDED i
SECTION 56. The hiayor of a etty, or the selectmen or munleipal light board,if any of a town ac p*lant shall appoint a manager of municipallighting who shall, under the directionselectmen and controlof the mayo or mun!dpal and subject to this chapter, have full charge of the operation and managernent of the plant, the manufacture hght board,li anyf and distribution o gas or electricity the quantity and quality of the supply, uection the co,ofpurchase bills, and theofkeeping supplies, the employment of aggnts and servants, the met of accounts.
be axed in cities by the city council and in towns by the selectmen or municipal light board, if any; and before entering upon the performance of his of5cial duties, he shall give bond to the city or town for the faithful performance tbereof in a sum and form and Mth sureties to the satisf action of the mayor, selectmen or munidpal light board, if any, and shaU, at the end of each municip 3 3 ear, render to them such detaDed Statement of his doings and of the business and financial matters in his charge as the department may prescribe. All moneys payable to or received by the city, town, manager or municipal light board in connection shall be paid to the city or town treasurer. All with the operation accounts rendered tooforthe plant, kept in thefor theorsale gas of plant elcttric gas or of electricity or be any city shall otherwise, sub ject to the inspection of the city auditor or ofBcer having similar duties, and in towns they shall be subject to the inspection of the selectmen. The auditor or ofSeer having similar duties, or the adectmen, may require any person presenting for settlement an account or claim against such plant to make oath before him or them, in such form as he or they may presenbe, as to the accuracy of such account or claim. The wilful making of a false oath sha!! be punishable as perjury. The auditor or of5cer having similar duties in citim, and the selectmen in towna, shall approve the payment of all buls or pay rolls of such plants before they are paid by the treasurer and may disallow and refuse to approve for payrnent in whole or in part any claim as fraudulent, unlawful or excessive; and in that case the auditor or ofBmr having duties, or the selectmen, shall ale with the city or town treasurer a written statement of the reasons for the refuaal; and the treasurer shall not pay any claim or bill so disaDowed. This section shall not abridre the powers conferred on town accountanta by sections fifty-five to sixty-one, inclusive, of chapter forty-one. The manager shalf at any time, when required by the mayor, selectmen numeipal light board, if any, or department, make a statement to such otScers of his doings, businua, receipts, disburse-ments, balances, and of the indebtedman of the town in his department 4 SECTION 67. At the beginning of each fiscal year, the manager of munidpallighting shaU furnish to the mayor, selectmen or munidpallight board,if any, an estimate of the income from sales of gas and electricity to private consumers during the ensuing fiscal year, and of the expense of the plant duting said year mearting the cross expenses of operation, maintenance and repair, the interest on the bonds, notee or certi6 cates of indebtedness lssued to pay for the plant, an amount for depreciation equal to three per cent of the cost of the plant exclusive of land and sny water power appurtenant thereto, or such smaller or larger amount as the department may approve, the requirements of the sang fund or debt incurred for the plant, and the loss,if any, in the operation the town.
of The the tonplant dunng the shallinclude m itspreceding year, and ofand annual appropriations theincosts aslevy the tax defined in sectico not less than the59, of the cost estimsted gas and of theelectricity gas an to be used b[ele to be used by the town as above defined and estimated. By cost of the plant is intended the total amount expended on the plant to the beginning of the fiscal year for the purpcne of establishing, purchasing, extending or enlarging the same. By loss in operation is intended the difference between the actualincome from private consumers plus the appropriations for maintenance for the precedmg fiscal year and the actual expense of the plant, reckoned as above, for that year in case such expenses exceeded the amount of such income and appropriation. The income f rom sales and the money appropriated as aforesaid shall be used to pay the annuaJ expense of the plant, denned as above, for the fiscal year, except that no part of the sum therein included for depredation shall be used for any other purpose than renewals in excess of ordinary repairs, extensions, reconstruction enlargernents and additions. The surplus, if any, of said annual allowances for depreciation after making the above payments aball be kept as a separate fund and used for renewals other than ordinary repairs, extensions, reconstructions, enlargements and additions in succeedin ears and no debt shall be incurred under section forty for any extension, reconstruction or enlargements of the plant in excess oftke am;oun needed therefor in addition to the amount then on hand in said depredation fund. Said depreciation fund shall be kept and managed by the town treasurer as a separate fund, subject to appropriation by the city councU or selectmen or municipallight board, for the foregoing purpose. So much of said fund as the department may from time to time approve may also be used to if any, bonds or certificates of indebtedness issued to pay for the cost of reconstruction or renewals in excess of ordinary te notes, when such notes, bonds or certificates of indebtednew become due. All appropriations for the plant shall be either for the annu expense defined as above, or for extensions, reconstruction, enlargements or additions; and no appropriation shall be used for any nurpoc e other than that stated in the vote making the same. No bonds, notes or certiScates of indebtedness shall be lasued by a town for the annual expenses as defined in this section.
SECTION 63. A town manufacturing or selling gas or electricity for U tng shall keep records of its work and doings at its manuf acturing station, and in respect to its distributing plant, as mav .. reau@tred Itbyshau theinstall department.
and maintain
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apparatus, satisfactory to the departrnent for the measurement and recording of the output of gas and electricity, and shall sell the same by meter to private consumers wben required by the department, and, if required by it, shall measure all gas or electricity consumed by the town. The books, semunta nnd returns shall be made and kept m a form prescribed by the department, and the accounts shall be closed annually on the last dsy of the ascal year of such town, and a balance sheet of that date shall be taken therefrom and included la the retu". > the department. The mayor, selectmen or municipal light board and manager shall, at any time on request submit said boo . and accounts to the inspection of the department and furnish any staternent or information required by it relative to the condition, management and operation of aaid business. The department shall, in its annual report, describe the operation of the several municipal plants with such deta:1 as may be necessary to disclose the financial condition and l results of each plant; and shall state whr.t towns, if any, operating a p.ent have failed to comply with this chapter, and what towns, l if any, are selling gas or electricity with the approvsl cf the department at less than cost. The mayor, or selectmen, or municipaa on or before such date as the department fixes, make a return to the department light board,if fiscal year, any, stgned andshall swornannuaHy,by to the mayor, or by a majority of the selectmen or municipal lightbyboard, any, and the if' for I manager, stating the financial evndition of aaid business, the arnount of authorized and existing Indebtedness, a staternent of income l and expenses in such detail as the department rnay requ:re, and a list of its salaried officers and the salary paid to each. The mayor, the selectmen or the municipal light board may direct any additional ieturns to be made at such time and in such detaU as he or they may order. Any officer of a town manufacturing or selling gas or electricity for lighting who, being required by this section to make l an annual return to the department, neglects to make such annual return shall for the Srst fifteen days or portion thereof during whjeh such neglect continues, forfeit five douars a dwt for the second afteen days or any portion thereof, ten douars a day; and for each day thereafter not more than fifteen doUars a uay. Any such officer who unreasonably refuses or neglects to make such return shall,in addition thereto, forfeit not more than five hundred douars. If a return is defective or appears to be erroneous, the department shall notify the officer to amend it within fifteen days. Any such officer who negleets to amend said return within the time specited, when notiBed to do so, shad forfeit fif teen dollars ior each day during which such neglect continues. All forfeitures
' incurred under this section may be recovered by an information in equity brought in the supreme ludicial court by the attorney
- general, at the relation of the department, and when so recovered shah be paid to the commonwealth.
SECTION 69. The supreme judicial court for the county where the town is situated shall have jurisdiction on petition of the department or of twenty taxable inhabitants of the town to compel the fixing of prices by the town in compliance with coctions fif ty-seven and fifty-eight, to prevent any town from purchna operating or selhng a gas or electric plant in violation of any l
provision of this chapter, and generally to enforce wit compliance %,h the terms and prov151ons thereof rela or distribution of gas or electricity by a town.
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Anno f r: port tf...... 90rg..Op.ptym;; y,.f Muy"g uM "6*Nd*d i!"* ""'",""/p*""*" * "*""""'
STREET LAMPS CONNECTED TO SYSTEM 4
p e
- Typs Y Total Incandescent M ercury ya por Fluorescent Town Municipal Other M unicipal Other Municipal Other Municipal other i
(c) (d) (e) (f) (g) (h) (i) (D -
o (a) (b)
I thhn 1941 457 16 1018 288 bn tbn 105 57 1
2 Stm 130 55 3 19 49 :bu tbn 1 3 3 Brlin l' 1 tbn Ibn tbn :bn Ibn tbn ibn 4
bbrlino 2 tbn tbn Ibn 1 he tbn Ibn ' 1 5 1 tbn Ibn tbn 1 bn Ibn tbn Ibn Ibitrn 6
7 8
9 10 11 12 13 14 15 16 17 18 19 20 21 22
(' 23 74 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51
- " 2075- 513 19 1037 339 lbu tbn .106 61 52 Next page is 79 m- v- -,,
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