Text

Santee Cooper 1985 Annual Rept
	ML20199E292
Person / Time
Site:	Summer
Issue date:	12/31/1985
From:	Robert Davis, Holder D; SOUTH CAROLINA PUBLIC SERVICE AUTHORITY (SANTEE COOPE
To:	;
Shared Package
ML20199E290	List: ML20199E287; ML20199E292; ML20199E299;
References
	NUDOCS 8603260026
	Download: ML20199E292 (58)
	v • d • e

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Kkwatthour Sales Un thmanda Resafenhal 646 467 559 929 541 522 536 461 472 495 443 186 446 247 403.107 342 232 Commeraal 688 743 595 724 569 474 549 737 511726 506 243 489 437 449 335 404.501 Industrul 4 232.994 3 940 370 4 049 632 3.952 408 I 890 415 1 788 087 1 441 494 1 356 706 1.202 291 Nfitary 392 109 373403 350 127 343 258 106 582 316 537 323.763 302 789 301.172 N!aniopai 25 448 20 236 i 7 84 l 17 572 17 506 16966 16 670 15495 14 381 Whelewle 1 798 454 3 422 275 3 351 388 3 470042 3 099 574 2 881 781 2 843 955 2 576 794 2 220 559 Total 9 784 420 8 911 937 8 879 984 8 869 478 6 248 298 5 952 800 5 561 566 5.104 226 4 485 136 Number of Cu40mers f at gear endl ResiJental 55 610 50 255 46310 43462 40 053 38 05% 35 500 32 513 30 738 C rnmeraal iI 601 10 583 10129 9 754 9 216 8 859 8 466 8 102 7 558 Indwanal 26 25 25 25 24 21 20 19 21 Nf htary 3 3 3 3 3 3 3 3 3 Nfumora! 329 300 224 216 212 207 197 189 183 hiesale 3 3 3 3 3 3 3 3 -1 Total 67 572 o f 16^ 56 694 53463 49 ill 47.151 44 279 40 829 38.506 Rowlential Statntas f average; Kriew arthour Consumptm Customer 12 240 11 708 12 093 12 875 12 :11 12 097 13 174 12 832 18 551 Cents KJowartMur 5 50 5 02 5 01 4 09 37s 3 44 3 27 2 68 2 66 Cencrahng Capah! ty (par end) (meow atte 2 764 2.265 1 965 1 965 1 736 1456 1400 1.120

1. t 20 Sw er Reqmrerrents and Supply Ikdewatthours n mhns)

Generation-( Hydro 628 694 522 414 824 680 702 715 739 $ tea n 7287 7840 8 492 8 620 58W 5343 5 238 4 402 3779 Combatien Tehne 2 18 il 10 6. 38 .21 2 Nudear i 931 494 ( Total 9848 9 028 9 012 9 065 6 634 6 029 5 978 5 138 4520 Purchaws Net Intenhange Ek. 155 333 380 371 193 429 95 474 429 Total 10 203 9 i6l 9 412 9 436 6 827 6 458 6 073 5 612 4 949 1 Ternfor al Peak Lawh imnawatN I 810 1 685 1 754 I554 1 352 1 231 1 161 1 065 943 f 6 Denotes Negatne 'Ei'etme July i IM Interchange u!cs were reclawtwd as a credd to furthawd power. " Rem ested camiro rcterred to a!m e and on pages 44. 45 and 46 ref.ect revenue available to meet Santec Cooper's Bond indenture and Resolutam requrrements. defcased 5130,000.000 of the 1982B bonds as of June 30,1985, totaled Series, $139,000 000 of the 1o81B 91.o19,750.000. Averageannualinterest Series, and $40,000.000 of the lo81C cost on these bonds is 7.75 percent. Series. In addition, $20.000.000 of the 1982 A Series was defeased from excess As of Jur.e 30,1985, unexpended funds construction funds. All refunded bonds from the sale of bonds amounted to $40.367,000,n addition to debt reserve, had an outstanding balance of i 5791,o74,000 at the time they were debt service. and interest funds which retunded. Principal payments on all totaled $247,218.000. bond issues. including the issues re-funded. total $50 230.000. Outstanding iii AJ

Ietal Utihty Mant-net imludmg rulcar fuel (at year end im thouunds cidel!aru ! 779 lol I 670 571 1 467 710 1205200 950 628 759 839 577 936 437.162 355 971 Bonded indchednew ht > ear end; tm thousands et JollaN I 788 750 1 796 545 1.735 850 1261420 990 100 917 690 810.190 495190 481 210 Operatmg Rewnun un thousamh or man Resdentia! 35 572 28 098 27 121 21 949 17 639 15 255 14 585 10 801 9 109 Cornmeroal 32 865 28 853 28 145 22 452 18 835 to 822 15530 12 439 10 738 Indu tnal 132 833 124 014 131.189 99 551 40 417 35 131 26 672 21 557 19 357 Mitary I3978 12 893 12 487 9 225 6 954 6567 6 130 5049 4 754 hupal 1 254 1029 955 704 587 546 526 422 391 Wholesale 140 211 126 104 105 094 90 971 65 997 59975 54 101 42 265 36 215 Othe-Electm Ltitd 975 507 helanceus ! 936 I ilo !840 1494 1 364 1 401 1 236 1219 1.168 Total 158 ou9 322 708 307 731 246 346 151 793 135 697 118 9W 94 727 82 239 Operat:en & Maintemnse Evenws Charced to Operat,er3 im thousands et dean 236 189 218 976 22e 320 187 890 109 997 103 928 88 144 71 004 57.737 Pnmem m Leu et Tnes Chargd to Operanens im thousash or ddbre 1 750 981 565 966 928 726 658 734 550 Paymts to the $ tate Chamed to Remmted Ermngs on thousands et dean i600 1.500 1400 t 300 1300 1200 1 201 1797 844 Vt Operarmg Rewnues AsaibHe fer IVH Nrvke un tNwnd, et doibro 1 M 186 118 230 94 219 66 503 46 732 35 958 33796 2M 091 29 799 Reme9ed Eammgs" m thounds d d44ro 50 515 4: 057 53 Ill 29 llo 21 406 10 791 5 516 8 978 11 902 febe Scrue Gurne Etreo, Ek4 i 83 1 69 2 18 I 90 2 41 2 12 2 30 1 34 3 25 Pner:ty OHatn & Espanwn Borxh I 78 1 65 2 07 1 79 2 14 i 88 1 98 24o 2 41 Santee Cooper's net earnings before Revenue bonds totaling $2.770.654,000 taxes since the first power was generated. have been issued since Santee Cooper Since Santee Cooper was established in in 1942 total $362,154.000. Payments m. was established. Bonds on..ginally issued 1034. a net amount of $2.064 657.000 lieu of taxes have been made to the in 1949.1971, and 1976, were advanced has been invested in production. State of South Carohna totaling refunded. 1973 and 1977, and have in transmission. distribution, and general $24.523.000, and to the counties and beendefcased Refundingbonds. issued plant facilities. These capital additions have been financed throuv,h reinvested murucipalities within Santee Cooper,s in 1982 advance refunded and defcased service territory totaling $12.087,000. $127,000.000 of the 1982A and earnings, electn.c revenue bonds and The remaining net earnings of $100.000.000 of the 1981C issues. Two notes, lease contracts. and a federal $325.544.000 have been reinvested in refunding issues (1985 and 1985A) m. grant in-aid of 534.438,000. system improvements. Fiscal Year 1985 advance refunded and summum M M I I 4 I N i' I I ii

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l Message from conscience, where everyone gives his Retiring Chairman and her best and takes pride in Santee j 4"'INY f **I'* d j ', g With retirement as chairman at the end I"" " of this fiscal year, I look upon Santee Cooper and my 16 years of service with it's a new day for Santee Cooper, and it a feeling of pride and accomplishment couki be a very different day. I am en-j that is shared with a dedicated board of couraged by the results of our economic ? directors and the greatest management development efforts to attract industry team and group of employees that a to the state, and I believe the company company could ask for. Through the will be looking more to wholesale diligent effoits of these individuals, this customen as users of Santee Cooper company has reached the goals outlined power. Although we have successfully by Governor Robert McNair when I was financed power plants through the fint appointed in 1%8. And we will years, I believe we'll also be putting continue to make outstanding progress more credence into sharing future con- ) toward reaching the maximum potential struction projects with other utilities, as j of operation. These accomplishments was suuessfully done with the Summer provide benefits to the people of Nutlear Station. South Carolina as well as to Santee 50 while there will be new goals and ob-t Cooper customers. jectives for Santee Cooper to reach for Through agreements with neighboring in the future, I can't think of a better utilities and power distributors time to retire. I am satisfied that we are h throughout most of the state, private w here we shouki be in 1985. That satis-l Robert S. Davis and public pmver interests are working faction is a direct result of the efforts of } together in a resronsible business en-reople. These include the directon, vironment. We're all basically in the employees, governmental leaders, busi-l same business, and costly disputes no ness assodates, and the people of South longer burden our respective customers. Carolina who have made my association And, as servic e-oriented industries, with Santee Cooper such an exciting, customer satisfaction is paramount. enjoyable, and rewarding experience. i Prmfucing power delivered to most of the rural areas of South Carolina and i contributing to the industrial develop-l ment of the coastal counties are other goals achieved for the benefit of I the state. 1 j Through the cfforts of its dedicated I leadership and devoted employees, Santee Cooper's record speaks for itself. The(ompany has built nine of the last j ten electric generating units completed I in South Carolina. And to auomplish j this feat under budget and ahead of j scheduled completion date is a l remarkable as hievement. We have seen to it that our (ustomers have reali/cd adihtional (est savings by taking every opportunity to refund i previous bond issues at lower interest rates, to bring (ost savin >; nuclear j power to our customers, and to ton-q tinue searc hing out ways to c(onomi/c through a variety of innovative te(b. 4 j niques and pro ( edures. None of these au omplishments, or the hundreds of others whith make our (ompany unique, would be possible without the unswerving (oncentration of team effort. It's a (olletlive company i

Message from develop goals and policies which will New Chairman enable us to chart our course for the fk future, there are some major concerns ] Since Govemor Riley announced my g j appointment in January as Chairman of a l Santee Cooper, effective July I.145 i For one thing. I want to make sure that ! have devoted a great deal of time learn. everything we do will foster fair and I ing about Santee Cwper and my duties reasonable rates, quality service. and I and responsibilities as Chaimian. courteous treatment for our customers. It is very clear to me that. through the I also want to ensure that Santee i leadership of Bob Davis and others. Cooper's excellent short term and long-a g tenn financial status remains as sound as ', Santee Cooper has truly bet ome a first. ! class electric utility company. Many of it is today. [ ! the maior projects and problem areas are A third area of concern is our work- %~ behind us. Recent construction projects force. Our major asset is our team of / l have been completed: territonal rights employees. and I want to do everything ! disputes have been settled: and our rela-possible to prote( t and enhance this l tionships with direct service customers. asset. Employees must have adequate P W# industrial customers. and Central Elec-job security, equitable compensation tric Power Cooperative are good and and recognition. opportunity for profes- . based on a foundation of revect. sional growth. a working environment Now is the time to look to the future. wNch h sak and my spmtandy, dw I We need to determine our emphases equitable treatment and courtesy which is due them. } and prioritic for the coming years. It is ! important to ask not only what the elec-A tourth concern is protec tion of the en-l tricity business will be like in the vironment as Santee Cooper maintains. Dwight A. Holder ) IN0's. but also. and more importantly, enhantes. or builds the facilities to serve i w hat will South Carolina be like and the electrical and ret reational needs of l South Carolinians? how can Santee Cooper best serve our c ustomers and the millions of 1 tourists. sportsmen. and admirers of l nature w ho (ome to the lom ountry to l We must decide what our guidmM enjoy one of the state's ; remiere attrac. philosophics are and should be, and tions - the Santee Cooper lake system. then determme what our goals and directions for the f uture will be. We A fif th area of (on(ern is energy conser-i i mu< t have long range solutions to long. vation Santee Cooper is aircady a i range problems, and a (orporate vision leader in this state in this area. and I j w hich enables us to shape the future. want us to go even further. I want our I ( ustomers to spend no more of their ! rather than just react to a future being shaped by othen.. money on elettricity than absolutely nec essary so they can better meet other Fifty-one years ago. the South Carolina needs. I want Santee Cooper to consider

General Assembly created the South comervation as a resource. just as our j Carohna Public Service Authority "ft.r generating stations are resources.

l Carohna and for the improvements of the benefit of a]the reorie of South I am pleased that we will now have the j l their health, welfare. and material pros. opportunty to assist citizens statewide through our management of the South l perity."I take that n5ponsibility very seriously. I feel that it is tmw to move Carolina t nergy Of fi(e in Columbia. ~ ,' Santec Cooper toward even greater it is my intention that this small opera. levels of service to the peoric of imn will provide large benefits to i I this state. our citizens. i l Santee Cooper is not just another elco cWiens of South Carolina expett. '" ' " ' "" # I'"' "I"' ' I tric utihty. It is a state agency owned by tion dedicated to the (auses for whic h i the people of S.outh (,arohna. It is our .""I" ' """ # Y"" duty and asponsibility to foster the that they will get such an operation I c(onomic development of our great Y II state We must join hands and be part-efforts to further improve Santee ners in progress with all others who Cooper to the ivnefit of our customers. share this reponsibility. our bondholders, our employees, and As our board and management work to the state. 3

Further, our favorable rates, the lowest We have a history of helping our in the state and among the lowest in the customers use energy efficiently. We southeast, provide an even better have done this by providing low interest climate for industrial and commercial conservation loans, energy audits, growth in our service area, and are at-various educational programs, and by i tracting an above average number of promoting the selection and use of i new homes, businesses, and industry. energy efficient appliances and con-lhis growth has dramatically altered our struction methods. While these pro-position in the hierarchy of utility com-grams have been very successful, we panies. Among more than 3.200 believe further incentives such as intra-publicly owned electric utilities in customer classification rate adjustments the nation, Santee Cooper is rated may be necessary to promote more cffi-fourth in net electric plant investment, cient energy use and conservation ef-fifth in kilowatthour sales, and ninth forts by our customers. With a strong generation. transmission, i As with any organintion, our perfor-and distribution system, the lowest elec-mance is measured by statistics. But in tric ia6es in the state, and the continued this report we go beyond the numbers commitment and dedication of our to examine how we are working to im-employees, we work to advance our prove that performance in the areas of position among the public and private energy, business and economic develop-utilities in the country. But while striv-ment, as well as our ecological, com-ing for advancement, we will ensure munity, and work environments. that every action we take is in the ntet of our customen, We will accomplish these improvements

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n,and & through increased efficiency and citi7 ens f South Caroh.na. i automation of our system, a financially sound organiation. a well trained and i motivated work force, and adequate generation with a low. cost fuel mix. 1 Our major challenge and primary goal is i to mainiain the excellent relationships we have developed with our customers. the municipalities we serve, and our J cmpkiyees, bondholders. and neighbor-j ing utilities. We will continue to search j for and test new and innovative ways to benefit our customers and the citizens of this state. This includes assisting com-i munities to dispose of refuse by using it i as fuel for electric power generation, 3 and encouraging the development of energy efficient thermal design standards for new construction and mobile homes. f i 5

i 1 President's Message i Santee Cooper's performance in Fiscal Year 1985 was one of the best in our re-cent history. From a statistical stand-point, peak demand increased 10.8 l percent, customers served increased 9.0 ('1 percent, retail kilowatthour sales in-creased 59 percent, and wholesale kik> Y watthour sales inacaset! 2.1 percent. Revenue was $11 million above budget. while operating and maintenance ex-l penses, excluding fuel and purchased power, were heki to $2 million below budget. J 3 The refinancing of some high interest bonds and the sale of subonlinated j bonds at rates less than expected re-duced annual debt service about $12 million per year. These savings ( and other performance impnn ements will benefit our customers through a d, lower than projected rate increase scheduled to become effc(tive i President anti November 1.1085, after which no [ Chief ExecutiveOfficer customer classification rate changes are [ projetted for at least 10 yean. However. l for marketing and load use signalling l purpmes, there may be revenue-I neutral rate adjustments within I customer classifications. l This year we completed a nine year pn> gram w hi(h has made Santec Cooper one of the more cost cffi(icnt utility companies in the United States. We have reached that position through significant impancments in the con-struc tion and operation of our generating stations and transmission j a ystem, and through financial and ( organi/ational restructuring in addition. l l employee training and development and f the commitment and dedication to ex. l (el!cn(c by Santee Cooper's luard of l dire (ton and employees have been im-portant (ontributing fatton. l The (ompletion of our construt tion pro-gram, with no additional generation ) projc(ted before the turn of the(entury, will permit the financing of all(om. pany activity through intemally generated f unds. i i I 4

I I Board of Directors State Ownership i Santee Cooper is an eledric utility w hich is owned as an asset by the State g-- j hh of Sauth Carolina. It was established in / 1014 as the South Carolina Pubhc Service Authority. This ownership is l ~ - '/ ( unique because the state has no inwst-p1s J ment in the(ompany but still owns all h. of its properties and assets. The original jM % tinancing (1438 1042) was by a loan anti I q g 1 grant f rom the United States through jf .M N the Pubhc Works Administration, with 'o g. subsequent major additions funded part. 4 Robert S Daus i Thomas Gncr Walter T. Co, ly by esmngs but pnmardy by rewnue Chairman Erst Vue Chairman Sn ond Va e Preshfent bonds sold to private investors. The Chairman E mentus Presalent Gner & Co At ting Preshfent South Carohna Publit Service Authority The R L Bryan 'o Spartarburg SC Clemson Unnersity. Clemson M. qqg g g 33 g g At ts of the General Assembly of South Carolina in IC4 for the purpme of l pm i onstrut ting and operating ihe Santee-1 l Cooper flydroelettric Proje t. This l \\ g int luded developing the Cooper. 3 R.+nt D Bennett Santer, and Congaree Rivers for in-

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terslate and intrastate commer(c; the l j Columha sC lohn E Niiles produs tion (fistribution, and sale of ' Attorney -at Law clettrit power; the re(lamation and BC dumter M drainge of magy and Ibided bnd: The Aidaman I Ceorge W lones ir and the retorestation ot lands around its Ageno int Buunessman bkes. Originally known as the Santee-f wmrg 'C tons 5C C r HydMm ed N'aiMion Projet t. t he organi/alion is wmmonly i ref erred to as Santee Cooper. l l Advisory Board Rhhard W Riley Gos ernor j f( I 1 raus Nfedlot k i i t nashire, m h'h \\- l. n si gobe,, son Attomey General B-r-my. < or,bu sc g p, r,esa, n, [' R.'hortson iit Wa9mborii UD""4 l [ Wn m Nt Thomas Wa!terborn 5C F.nle E. Nfonis Jr. l 0,mr o nat"' .f ComptroHer GenerJ I j r (,coratow n l u ene t o!n n s j l.aundry Irc f . Her essman lohn 'I. Campbed t i Ge i 4rge tow n 5C Ad Nii n k s ('orror '( bet rdary of htate i 1 1 Changes in the Board H"Id"' "' P" I""' ""d H'It"" H"dd Bennett began tus (arcer with cleara One new board member began serta e Island as the new i hairman to till Davis's u niperatiws in 104; w hen he was and another was appointed by L,over-uncipired term That term begins July 1, g. g, g, nor Rit hard Riley during the past hst al lo8s and mntmues until Nf ay 10,1000 i (.ooperahve in Barnwell He held that i vear' position until ICO n hen he ln ame the lloider w ho ow ns aed operates.cretal Robert D. Bennett ot Columbia et tir t cwntne vi< e pn siJent or the state busmesses in the south and southeast. et utive dire (tor of the South Carohna cln tric morerative ass <xiation. aa,(hairman of the South Carohna flet trit Cooperalite Assosiation for 30 In Dn ember,1084 ( hairman Robert S. Jobs b onomic llewlopment Authonty. years began a seven-year term July 1. D d N wdhomt h-Hc served in tbc $,outh (,arolina i fonse 1084. } hs seat on the board is required of Representahves. was instrumental in gg y ,7 g, by u n,o be ndea by a pe,_ n w,a, o b a mn a,e S C nep.utmem,e, sers n e~ elet trt( (oopt'rative et perlen( e Within Parks. Rn reation and lounsm. and was i the state. Gosernor Riley appointed Dwight A. as first (hairman trom 1o07 to lo77 1 0

Management F. Eugene Williams Bill McCall. Jr. Vice President Group Manager William C. Mescher Pr duction Operations President and Chief Executive Curtis L Williamson Officer Division Vice President Robert F. Petracca "* * *t wn Gn>up Managn Clarence S. Grambling Property & Transportation Systems Senior Vice President Charles H. McGlothiin. Jr. General Counsel Byron C. Rodgers. Jr. W. Andrew Burke M'"'8" Vite President John E. Bishop Stati n Construction Controller k,enneth R. Ford J seph P. Thomas Vice President H. Roderick Murchison M'"#8" Treasurer Joe C. Norman Design Engineenng Vice President Arcada NkCoy Corporate Secretary Robert E. Rainear Manager Vice President Albert Boyt. Jr. Human Resourses ""P '"'8" Robert V. Tanner lerry L. Stafford Vice President Duedor Corporate Communications ,s * - - - ~. - - - _ l s r' N ) E _ _ __ __...._ = _._.._ _ __ I, (m ) A Q ~) NM/ sUMMIR 1, n m r, ne r,n n 'e s ' 'M Aeg RICHARD II.m nie . RUssItt l \\ DAM g = _N .;. fr r < n,4 i x g re ach . # p' / L 1 4 r u, Ai*r Columt>ia s GRAING -x M< 'N P Y '::A $7 sil/ / N f.. # Q4 '<'lLARK ltILL / .A / M>rtle / r ~ 3 r-nas i ph s Os 1 j ll 3 ][- ^ 0 4 m . e y) c_,,_e d, Q* cn ') ;<def )... Tensmission sysicm 5 cenena ~ e steam ) yJ G CombustionTiitbine

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,,i ,.e-p i tt :.e n t1. i e. I i. t ( i t, e ! li.. k g t t 't iu i i i. t*' t ' l' l[ ' t I i ( e i e i e 3, . j' l-1 I i 1 t l (*. l l ( l , i ( ,g. 'I k j i i* t i \\ .o ..s,.. .t 4-- 4 e ,'.u: 1.t4.fs a vrw.% t ft ;3 con -%A #E, ^ u }. O s. a e- /.'n- '? f di'@'= N i f.,#7.6 g Wi:- w f> ^*- f W FFri.: + t-e,- +

't c , pa ll.* *.% Power Supply ~ ' ' ~- c' The installation of remote terminal units .(..o in five major substations during FY85 further increased the capability of Santec Cooper's Supervisory Control and Data Acquisition system in the, ' nergy Contral Center. With a co.n-puterized system w hich is the heart of i the control center. dispatchers more effi-ciently operate the power surply l 6 ; ', system. This enables Santee Cooper to meet its load requirements as etonom- +! ically as possible. 5 r 5 This system aiso impros ed reliability of the transmission network by allowing j" the dispatchers to remotely operate l' the substations. This significantly re-w w-duced the duration of interruptions to customers. Santee Cooper di'ratching personnel purtbased 70.047 meganatthours of power fro n the mten onnec ted utilities in FY85 to displace higher cost genera. tion for a savings of 92.355 851. The dnpatt hing personnel also sold 101 041 megawatthours et power to the inter. tonnected utilities for a total of $5.o87.382. This Provided additional revenue to Santee Cooper and enab!cd .,, 4 the interwnne(ted utihties to redute their power owts. Nudear lbwer c. The V.C. Summer Nutlear Station. jointly owned w ith South Carohna Elec. -[, tric and Gas Company, provided more

M" 3

than 1.5 million meganatthours of elec. xl y-trical energy to Santee Coop ri ' ','q, (u'tomers during Pr 85. This was 14.5 1 a I 'M percent of the total energy deliveries $,'@jD' g tluring the year. Smte noticar fuelis about one fourth the uwt of fossil fuels. 's savings to t ustomers were more than ? ?, j $22 million for the year. The nuticar

i m

J [ station had a(apatity factor of almost e0 pen ent. ,A I >\\ e n e: During the Fall of lats. the station

pgh ar;p paa,o co,oafm, statn Chn~torle T,mlL sm,I IIn ant Ilolt unlust ~ta.L tot, Is a, w underwent the hrst refueling. This in-volud replatement of about one third of the initial uranium - which had of (oal to generate that same amount of Transmission been partially depleted --- with new pow er, b'"I'" C,""P"' ' ' "'* i"I"" 'Y C

uranium to support the next (ytle

.I he S.ummer Station is s( heduled for its wnsists of appnnimately 3.235 miles of of opvation. nd n fueling in the Fall of 1085. line and 53 substations and switching se( T he Summer Station generated 8 c28.118 C hanges will be made to the nudcar stations with voltages ranging fnim megawatthours of elettrkity duringits fuel to ntend the interval between 34.000 to 230Ax)0 volts. Transmission first (yde of operation one third of refuelings from about one year to 18 tauhties are hx ated in 38 of the statei whic h w.w delivered to Santec Cooper's months. This will redut e the f requent y 40 t ounties. (ustomers. The wrnpany woukt base of planned outages and inacase on kne ore dun 10e in@on nu gawanhoun used 1.I milhon tons or 10.500 raikars time available for power generation. 10

^ l Newberry was placed into service in 2 l June,1083. Seven transmission tap lines were construt ted during the year along NsW with two new nibstations and major additions to four other substations. All sulwtation wnstrut tion and some transmission line wnstruttion was per-formed by Santee Cooper crews to climinate wntrat t labor and retf ut e wsts.

w b

j Station Construction 2 Nk,. %h y l Ettorts were diret ted at various construc. } ...p.. fg" .m tion projetts. resolution of wntrast py'j - x Qf"t {f}. L , p.f. %.. d. t. w : c *, 2-disputes, and performante testing of N.- 4 ,,,- T; .j Y equipment for final aucptante f rom tFe j J[J ? 1 i 3 x.'y, j i-k. Q, l

1. 1. -

4 supplier wntrat tor. The an hitettural. ).;%g@;:-/l T, . g O i {M, ). 4 -' F. '4 .) s engineering firm for Cross '84 was J~ m fl' [; *[/ %D. ~ J' [, ' [.. e (( and associated finant ial auounting ac. 61 i i .L released. and all wntract administration TWJ.; (b y i... ; J J: I .f

}

.,t. tivities were handled by Station Con-7 ys&h,4, strut tion personncL ?' E;i f. g i;,,,. gh 5tb p

, !?i' ~ f@ J ;

k,.?.,-J

3r T UE.

Final site work at Cross Generating Sta-i.-v. y.., tion was wmpleted.1his included wn. s .t . e s,c y ~ A j c 4, 3 1.. - cc e.. gg L ((,* h]g (( M.y.[(3, R.. and auess areas. installation of a ~ [ t rete and a'phalt paving of roadways ak 7 W D >3 ,k; M ifl ' ~ "1 drainage system, grawing of open areas. d ,.-..r e . ' {., and secunty tenung of the atlive 'f / ,, y. N j .y. y a ._,+j, station site. ..5 f, performante testing oi the wohng e .'kh...N tower flue gas desulf uri/ation system. . 7ed . j.. y -...., g .gD-s 1 e. - and steam generator rescaled wntrat t M " ^ f 1 Q.=.; %,. j_ G.(, f. ' : guarantee detitienties uhit h must be ,[ ' l e en.. - resolved by equipment supphers. [ b The Cross '84 wnstrut tion budget m k.;y : h t h t 0 1 ~ W was redut ed from $385 milhon io $373 4 /m ie million betanse of budget underruns. MU ,?,'[ With a detlared tapauty of 4N ', M [N p ? 3 megawatts. this unit was bu:lt for $731 4 9,'- per kilowatt. w hii h is the lowest in-t..( (w Aj' stalled wst of any similar si/c unit ton-cg l~,. O strut ted in the United States. .9.p.m.y.e vp;A.jp.@. Several proic(ts wmpleted at Winyah p 7.: " " ' Q raMWim in&dW bwmd. ing tower make up pumps and g, work platforms. as a . - gue - /\\ Icasibillly silhly Was ( tIridut ted ()n m:vt.dpthm upgradmg Winyah No. 4 tjue gas desulfuri/ation plant to inucase its rehabihty and deucase operation and of elet triuty were dehs cred to about During the past year three cle(int maintenante wsts The study revealed 440 000 ( ustomers aithm the state < ooperatis e dehvery pomts were added signific ant improsements mukt be either diret tly or indires tly through to the transmission system. made. and proin t planning and Santee (,ooper transmission fauhties. A loop leed transmiwion system and engineering was begun. This intluded power pros ided for two the abihty of transmission uews to per. munitipa!!tles. three mlbtary InstJlld /\\ mJH)r rein till of D.inyah N,o 2 S. team form most maintenant c work on ener-i tions 20 large industnal t ustomers. and Cencrator was undertaken to int rease gi/ed ar( uits provides 5antee t,ooper 15 of the state. 20 eletinc woperatises steam temperatures Work was wm s t ustomers with s ery rehable sen a c. sened through 202 dehsery romts. T he pleted in June with testingand evalua-w-ops serve appn nimately 200 000 The new 3 mile. 230,000 volt hne tion w heduled tor luly. customers in South Carohna rural areas. from the Rnhard it RussellIbm to 1I

f.

.. ~

yJ s ,c f'.. A Kentucky based company seletted a k-. ~

^

site adjacent to Winyah for a proposed 10-acre greenhouse operation. 'l he firm f will use residual heat from Winyah's 9 u.c

cooling water as an energy sounc to meet its winter heating needs. Station

~ Construction provided tethnical i .y assistan(c con (erning waste heat use dunng negotiations with this company. . f. Planning, design. engineering. maten. l a s procurement. and construttion manage-M' t ?., ment for the piping system will be pro-vided by Station Construs tion. Production Operations ^ This is the first year in the lo80's that Pnxlut tion Ch'erations was not prepar-ing for or attually starting up a unit. and therrfore etforts were concen. trated on enhanting the operations of c'tistieg stations. s* :1;,,. + ... ;[ - : ; y., ;. ..q.,.

7..

(. is [Q:g.g,:_, ...~ N.I C W.[ ' i. ^M ~ ".8 " V - /. Y'$ U ' A new computer system was installed at Jetferies Cencrating Station for more Ea(2d>Ne 44. d E[ h/hM. IN6: . h :, P/ !N.d N $ N '[k e.. yg reliable (ontrol of the hydro station and g y improved monitoring capabilities in the pgg. _.y . y -.9.,7 E,?! g',te ;yf!p. - (., ) ' ' steam station. This will impnive the &77 e.: : # (.

9. ~ "

l overall operations and etfitiency of the f.' p > i Vv9p ' - /N D i. - ^ ' " ' ~ 0 '

M Df g.),

units at let ferits. The stations' warchouse pa.ts have been l catalogued and computeri/ed. This was % 01 a big task bec ause some stations have ur .tp' <.4 9-:. 9 to 30 000 ditterent types of parts in the

p '?d e

,y warehouse The organi<cd warehouses 4

h have enhant ed servit e and nsponse

3

@-@.qq.Q.< - ( 4.. y 3 '.

n..

+ time tor maintenant e personnel. 4 3 p .73 4.,. , yt 'Ihe coordinated maintenant e system a >..e. . v., .if i-] - 'j(- 8hp yf g 7 9~ f has been modified to meet the speutic J . l 6 needs of the stations. The new system gives quit ker nsponse to the station .sg 4,. l maintenant e needs and also impnwes ... y {.... o...h maintenant e retonis. With better

i. L. L w.

(.& ret onts. a preventive maintenant e pro-gram whit h is being planned w ill im. ' (..., )y .i( prove station equipment stat us and unit availability. A goals program has been established to [ improve operating et fit ien( y. .q maintenant c. unit availabihty, employee safety. and station appearans c An et l%tnlmti,m Imr l>ny npuule.lat ikcip I,!.vul one cf II:e la~te~I grc.curg,or.r, m Sv:ta Goro ; ~an, amination of Santec Cooper's gener ating stations screals that personnel are wor king hanl to at hieve these goals. In url Generating Cmt KWiliCents KWIh IY P 4 tr3WJE ) (I) Dec ember.1085, the hrst annual win- 'd e re m a i w ners in the goals program will be <y M"""'""""~"- =----- 17 o) rsre ire - ammum- - - _ _ m -_m23 announted. pg g gj ,s.c INr g, g i 12

[.- j (hawd as a future generating site. This g' f 3 l will enable Santee Gmper to respond to ^ d future grow th and improve the economic NY-i) environment of this area. ~ m j The Compliante Testing set tion per-ea forms air quahty monitoring to ensure (ompliante with all applicable air regulations. During 13 85 various tests s 'h ;. were (onducted to determine emissions levels and obtain new operating permits. Auertante tests for new or mtxhfied emissions control equipment were run to determine equipment performan(c. Through documentation of heat rates and highlighting potential improvement of unit cititien(ics. performante testing helped lower fuel requirements and redut e emissions. Up-to date heat rate data wcre developed for eat h (oal. TyW1M?s firet! unit. r +x ~_xc : - , 4 2. ~, ;, Q - p@ N - -. 6%;.+.'% N-?.f-h Mw,, ' -- Engineering oawf s _x:- .~ av A v~u -:<cu a Engineering has maintainett environ-m _. -~ mental protet tion and the aesthetic ap-t'i was au omplished by (onstrut ting real of transmission, thstribution. and substation fauhties as they are con-strut ted and plat ed into servit c. This tatihtms a ha h minimi/c ennion damage and cause the least visual im-pat t. High density population areas are avoided where russible, as are open ce panses of land. Woodeti areas and of her terrain providing higher ( ompatibihty of the facihty with the environment are owt!. When it has been nec essary lo c onstruc t .i fa(ilit es near homes. businesses. and other highly visible areas. Other g1 methods have been useil to obtain pubbt aucptan(c. Natural wntounns and g. ass wethng are used to prevent or redut e crosion. Shrubbery, t rees. and underbrush have been used to sueen the lauhties f rom pubhc view. Design standards have ( hanged also to retin t the inocasing environmental .. y-"-g wniern stru(tures of simple visual mt.w L nx one mm:h n er Itll % Iwr ac,I thllv M Call. design sut h as sing!c pole. tubular, and wide.tlangeionfigurati ns are built in-o

ad of lauit e ihsigndonipahble ant!

Production Engineering wlve ha/ardous wastes. at id rain. new uniform (oloring of strlaiurcs and governmental regulations. and water [nvironmental impros ement is a buihhngs has het ome sery important. quahty. N,ew site sein tions f all w ithin keystone of Ibf ut tion Lngincenng low protile and wmpa< t thsigns have this group - with the as% iated en fat h sn tion - environmental engi-been inocasingly uwd to make fat ilities vuonmental impa( t st udms. f ederal and neering. wmphant e teshng and perfor-less obvious in the lands ( ape. T hese state environmental pernats. and p<~ man (c testing - is thrn fly or inthrnlly measures are part of an oserall etfort by sible plant layouts. wnnnin! with that nsponsibihty Santee (,ooper to mamtain a good A 100.aoc site ads ent to the Savan-neighbor relationship with the general Environmental E.ngine( nng programs in nah River in la'irr Cotinty was pur-public. U

llinstr ut tiiin is the satt t\\ ant! 1hilfitenJf 4 t it '"< t ' t hJ P 4 2 T ilCs i nt t tidnis afS}(Ilkts t i r ',t il n g t h ' \\lp t e t ' P t t k k k \\ %.. .k i e. a i ~ k k l'!( iles ? Ne pt if t' the f'e ' it '!J, E '!t'f g\\ Regaidh 4 \\ l (i!!Pl> . in f I Sl anti in itants ntin Jti lat pfi (!cprnt h n t t 'i i t u !'!!r n '.ite silIJ:"ta.ptil s 't " pi a .rt i wt lief t n, h t :, ',9 iicH enci! i 4 'at!i r 4 s 'n, ht h m '\\t 't t)(s>j( ,1 s ' t,l\\ t 't 'lg t \\\\ t '\\ t ' !) i

hat S. -ater\\

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? i I,j . gu i i fi i s e ti, ( ei ,\\, ti,, t, t'. i. I: iqs l.l 'b ,t t -( e r s ib t t I L' ' t j' t \\i' I .t' ,q ,l[ t , c.e i\\, t,,, a f 4 t 'b 4' 9 I t t 'j ' '.l '4 4 \\' , ( ' t 't i - , 'ar a,, ( t ( j e s'e .i e e e l' + f l.l!' f l' i l' 1 ' .h'. Ii'l L ,1, ( s j'i fl\\s e ' 1 Where The l'ower ( omes I rom s f i s,g. -r l' I i 4 t 3 ( g 4 ik g i ( i ' I ',, J-1 t \\ ' ',l' s g, k l' \\\\ ! !i l s i . r, l.i,j' I!\\

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.r- ', !, r.> e e i e } ' # ( i 8 ( I.. 6 ' i I (j,,,,. ( i 8 I I,, e ( ) 3 f ' 'I' 1 , i ', e i, i'- e I t 1 .j,! t ' I i' e li l' j ' ! i ',,, l 5, k' s e l' b r .1 . i..i e i +. e ,ar, i

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l' y 1., 4 f ( e ,g 4 fr e e e j 'a 1 ( i4 \\ s e [s .ir e r 8 i ( Iil l. 'i ) is of 1 i e i i

The title ' General Maintenante" was t hangetl to " General Constru( tion" to better describe work accomplished by this group. whi(h was also made part of a new division when Engineering and System Operations were combined. This ster ensures that past performan(e in this area is maintained under a (on-tinuall espanding workload. i New titles in the sec tion better Y t harac teri/c the work performed. Dams and Dikes inspet tion and Compliant c i has been developed to concentrate specifically on extensive testing and monitoring required to ensure the saf ety of the Santec Cooper (lam and thke system. Lake Marion Constr uc tion is (learing a (ontrolled drainage area and in3m tion tone dow nstream of Ihe 40 Nor th Santee Dam, and (ompletion of this work in late 14e willlv the last of a series of clearing operations behind the ,q tour major dams on the Santee Cooper l'roict t. In adthtion. this unit is undertaking more of the(apital(onstruttion work w. assigned to general c onstru tion. This includes (learing. grading. and site preparation for substations ant! swit( h-ing stations. Lake Marion Maintenan(e. while performing many of the same duties and overseeing spillway opera-tiorw. Will( ontinue to maintain the navigation system of markers and buoys

rcocce m::! et cc;c St S!rrior f ly.iv stahce. to 17 crouloi to".'h !?

lot ated in bot h lakes. Mist ellaneous Const ruc tion Scrvic es is t ondut ting t onstru(tion projet ts required in upgradmg espanding, ant! maintaining ' ',,7 7 N.~,. l 'y" the Santec Cooper sydem. int luthng the < leanng. grathng. toundation wor k. ac. <,,o a-oa. Winyah ((v road installation, and site prepara-Steam #1 Georgetow n 270 Coal 1975 231 tion for new sulwtations and swit(hing Combustion Myrtle Iurbme #3 Beai b 30 ( hl 1976 90 Wmyah Steam #2 Georgetow n 270 Coal Pe77 271 Combustion I hlton [urbineMI } { cad 57 ( hl l979 l72 Wmyah 5 team #3 Georgetow n 270 Coal UJ80 418 Winyall Steam #4 Georgetow n 270 Coal Uml 407 Summer Nu< lear ' Parr 300 Nut lear 1983 l 091 Enws #2 Cross + 49 Coal 1981 712.

1 u ludn nnanong o,sts
*( h.c flurd ow ne rd :p borg a unth i on -truc te d with Ninth ( ariina l b i hi. 4 ( as ('o 15

y t i South Carolina's Future I Tied to Economic Environment E h Like an unseen workhone. elettrie power flows with a mere buzz into g substations attat hed to manufactunng plants sprinkled over South Carohna. B V t For tens of thousands or people in Santee Cooper's servic e ter ritory. this is [ where they go cath day to make their t=- s livehhood. They help form molten ore [ into miles of nids and wire for wntrete [ reinfon emer! and oils. They take a maze of electnc wmponents and sheet ractal to form water heaten. And they run the ma(hines ahi(h thew up wotx! pulp to make the paper we wrap nith and write on. Here. the elet triuty wmes in and something very ditterent wmes out. During the day. and sometimes around the t hx k. a s hema al to make plasta wla bottles and polyster material is shipped. Giant roih.ot redaimed aluminum leave te es entually bet ome storm doon Tiny (erama (apautors are tested to mJke sure Ibat J military fighter jet perf orms a. it should when a sw ilt h is toggled Ihrough the lobs dn cloped by thtse in-dustrial giants the htesti es of the state's l uti/ ens hase thanged for the bettt r Ihe quality of hte he improsed hetause a corporate neighbor has set up shop to use a hx al labor ton e and support a growing number of spm -otts - trom banks to restaurants lhelas ba c broadens for the wunty wrnerneti and the lot aliommunity benefits f rom an int rese in human re ounes for < hambers of wmmt n c. h w al gos ern-mert and e iva and sen a e a lubs ~1he benetits cx tend to penunal hves. %ntheni thu ulture Mmago Du,mnt flamell.fr.smd benemu Drt vierment Mar L<tmx Cecn! mater ClrarIr About 40 000 people are wned diret tly by Santee Cooper or through the 15 elettra moperatiws who brought hght to rural South Camhna f armers Economic Developmont grow th and expansion throughout the Cities pun hase power w holna!c, s.o that state in add tion to Santee Cooper's g .g nsidents e an take advartage of emnom servit e terntory, , gg; g g, ,g g aally produced elntriuty. And three ilustrial. wmmen sal. and business T he study, which was mnduc ted by a maior mihtary installations on the wast i l b Uh dWddWm drpend upon the mmpany for rehable marketing plan was wmpleted. It pro-tional experien(c in emnomic develop. delivery of power to meet thrir mnsions vided an audit of the company's(urrent ment. provided the m. formation that of rational deteme. Emnomic Development l'rogram. wm-helped Santec Cooper embark on a 'ict whether it simply throws hght on an pared it to programs clww here in the new, much stronger, mu(h more ag-otherw ne d.u k street or helps mes Pro. iountry anil made rewmmendations. gn3sive marketing of fort, one that is dut e a pn xlut t wnsumed all over T hese rewmmendations identifict! more untler a sing!c. unifying theme that Anx nia. it has improwd the quahty of than a half dozen potential market areas in(ludes hical, national, and interna-hic for all of us and highlighted a variety of oppor-tional per pc tives. tunitics for attra( ting industrial 10

j Where The Power Goes I RetailCustomer Area a-q: a. Arcadian Shorn Wauamaw Net k i Atlantic Bem h Nfont ks Corner j Bonneau 9exh Nf yrtle Bexh 1 Brianhtfe Aues N. Nfyrtle Beath i ~ j Conway Pmopohs

/

. e Garden City St Stephen 9 - j loris Surfside Beah f N11litary InstJllations J i Charleston Air Fone Base {_ L! Charleston Na alShipyard l Nfyrtle Beah Air Fone Base Industrial Customers l AinoCarlen Ain o industnal Cases Albany International. Inc. Albnght & Wilwn. Indformerly Niobil Chemnal Company) Alumas of South Carohna. Inc. Amoto Chemaals Corr Andrews Wire Corp A O. Smith Corp. / AVX Cerama s Corp. l C R. Bard. Inc Georgetown Steel Corp. I. Georgia Pa itn Corp Giant Ibrtland Cement Co a. /* Cnne Nffg Co f i^ International Paper Co kL l lorn Ntig. Co.. / i ~ -d Nfaalloy. Inc m q -. E a National Welders %l c Plusa ini. . *^ U Santer Ibrtland Cement Co. Uniroyal. ino UniteJ Nfen hanh and Nf anuf a. turers inc Wau amaw Clay I'rahn is Co hm Walter Nfetah Corp. Wellman Industnn. Inc N1unicipal Distributors Bamtwrg Georgetow n Electric Cooperative Distributors

w

'l Aiken f lei tni Ca pe,atne hmrurs at uit cf grernlicant scrr:pln n,org Samict Ccern resisluallwat. U' L'h'YI In t C'*rat W' Bla k Rner I.In tra Cooperatne Coastal Ein f ra Cixveratne lifato Iln tra Cooperaine Fairtw!J F in tra Cinveraine Industrial prospec ts are being reac hed tee.. And N1 ore." The promotion pn> Horry t in enc Coormtwe with a much broader spectrum of sales gram defines Santee Cooper's strong ally .yni hes Rner fin tra Cooperatne Nf arlivro f in tra O x ycratar tools and tec hniques. These include a relationship with other state agencies Ntal C,nihn.i lin tra Ca veraine wide assortment 8 advertising medlJ. Jnd organi/ations which pnwide essen-Newberry Iin tra Civreratne editorial placements, and direct tial resoun es and advantages to firms Palmetto f in ent Coopmene marketing tec hniques suc h as industrial c onsidering opportunities for locating in P'c ore rinin Carnatwe trade shows, tie-ins w ith convention South Can> lina. In essence. Santee S'" ' I" '"" ""rcrat ne in ( ounty l in f r a ( imperain e facilities and direc t mail. Cooper has a lot more to of fer ihan long- .,s,_, term, low unt ele (tric power, whic h is S.antee Cooper, in its new mark cl.ing the message being sent to targeted in-program. extends the wmpany's a>m- " "esan en erpriws whocan criefit mitment for improving the quality of I" "" '. ' life in South Carolina and uws the theme We Will Give %u The Ch>wst Thing Wu'll Ever Get To A Guaran-17

8 *- 0( f _9 r a '^l, j; 1.. Mi' 3.sy,3Q s L- "Y; m -6 hh. - ~ ~ ,' ;f I het has e ;'t isonah ties n..t h ke ;'tw i;'lt

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Energy Sales .st the end or the nsui scar santee ( ii per n as pn >\\ kiing cic( tr n al ser va e t ~t %) rtwiential i 'm mer t lal and 'i i m. other mtad rtomers an m<rease ot f' ] , j j g,,r a pen ent (iser the previous N Ud t s car ( h t his mt rea'c 414 4 were ,n >:e. 9 -t 'f M ' - resalennJ! Jnd l d05 h ere (om mert ia! d.A' ~ anJ < >t her I his < < >mparis nit h grow th 3 m,w N h yg.pf b;.. if1 II fk I( k 4f k, g' .g < om n crt ial and < >ther < ustomers Ihe - - - mwm.x os e,u,m tn m,e m nem ustome,s it.. .[,Nns d ( f% g~ ff02,, u as la : pen ent iess than the 10 ; per- %, h- , y.g 1/f,, ' crt gnin th rate the preVhius VeJr ~ . 'e h ' I' ' I * ' 'h "'UCT sp J' y Qd i 4 40 m mi ganatthiiur' up, a per ~ cn t < >\\ il t he prei ius si at I his mg. g' -mm -, h _m.m w ~ m. - jy g ,j,,, q ,g, q &n a \\ h\\ srtca ooper msutennai + ti.mcrs do case. ! t< > I I e"o kih u att to 4 4 ;'c' e nt hint'r than the [l ill' \\ t ar i.l 5(I 4 [N'f(t 'r'I rt'att'r i t !a ' ' l f 's .J t,i '.1 < li t ' r J et ' he. r, e r a gt i < "t ; i' k 'ltihatthi ur b y i a ,, ( < >, rcr n '.,1ce n.d ust omer s n as s ! I i lN*n t'f1I filKbt'f 'harl Ibc ' l' t !'t'- '5 pres r w \\ car but t 4 pen ent h suct than th at o,na! m. e rage l f 's li t r J m's b in t 'r ti it ha l1 t t 't ' t i 4 [i t ( i n per <. m me i i.il i u' t< >mers w as, U . cr't per k d. 'w atthi >ur up il 4 pen ent ~4 :h +n.it t h 'ur &ti pt'n crit init ;9 gi t att

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,onometric techniques to project the renewal of the Tax Exempt Commer-sold at higher interest rates. These issues, stem demand and energy growth over cial Paper program. Also. $20 million plus the cash defeasance of $20 million e next 20 years. Results of the latest of outstanding high interest debt of bonds issued at 13% percent, resulted bmand and energy forecast produced was defcased. in an average annual savings of approx-h the models reflect 1.8 percent and 1.o imately $9.5 million. The total savings Another significant milestone was the over the life of these bond issues is more hrcent annual compound growth rates relocation of the retail mail collection than $246 million. As a result of the spectively over the next 20 years. function with other Treasury operations. refunding issues. the average interest bability of the demand and energy This significantly improved producti-rate on outstanding electric system ex-ojections will increase as additional vity and. with use of a micro computer, pansion revenue bonds declined from stoncal end-use data are gathered from improved record keeping and cash 8.4 percent to 7.9 percent.
c 75 solid-state recorders.
management. The proceeds of the third bond issue 'W were used to pay $135 million in notes E nagtment InfotTnation to dnance pWou% isd bona yst ms maturing on May 1.1985. he information processing capability at mtee Cooper was greatly enhanced
th the acquisition of a new IBM 3081 Applications of Revenue iainframe computer. This equipment.
Tears Ended June 30.1985 and 1984(1) supled with the existing mainframe y gy imputer. has tremendously improved Tetal Operatmg Revenues S 430.621.983 S 358 099 467 te ability of MIS to respond to the Oreratmg Esrensev cer increasing demand for rapid infor-Operation Pr Juchon 203.383.827 164 515 248 iation processing. In addition, a new n-line key to-disk system in the I"{(a ed a[ntenhanged g,,33g w ata entry area replaced the old Transmission 1.842.477 1720 218 eypunch method of entering input into Drtnbunon 1.664.653 i 107 917 Customer Aaounts 1.825.921 2 319 094 le systems. Salo 161.700 97 N9 tany additions and enhancements were AJminstranse and ceneral 23.5 n008 202w eso l 3ade to application systems. These mntenanc e 31.193.003 28 717 < 32 mge from a vehicle inventory and i
porting system, to major revisions to I"l, 259 m 55 23m 750
,e customer information system. The Sums m Lieu ot Tases I.920.409 i 750 i 54 visions included introducing new ites. identifying dwelling types. Total Orerating Expenses 261.153.664 238138004 olating meter locations, prorating Net Ornatwewnun 16u 68.3i9 120 m ghting charges. and load survey Other intome 25.934.866 15181176 ,alysis. Additionally. ZIP +4 was Jded to cut postal costs. A major Rnenue AvadaHe for Debt Servue evelopment was a new on-line cor. and Other Purrows 195.403.185 O S 7417 N Total Debt Sen n e 123.230.837 76 2 32 om orate purchasing system. designed to trase Payments to Central 5.466.280 5486980 e incorporated into an integrated cor-Pnnciral and Irterest on Other orate materials management system. Obhunons 10.167.017 8 121527 he system will also include auto- ,ated accounts payable and all inven. Balante af ter Debt Servi <c. trase ary functions. Payments and Other Obhgata ns 56.539.051 45 698 sai PJyments to the State of South tfter the addition of the second main. Caruhna I.700398 i ooo u i ame computer, the technical support Payn ent to the Spedal Rewrve roup installed and is testing a new ggnn,o, perJting splem software with ad-c,p,,ar,mpnnemenh 36.207.922 29 uni ios anced teleproces>ing capabilities esigned to meet future requirements. Rnenue Avadable t'or Operatmg he teleprocessing software will enable Requhemenh 17.426109 5 12 u82 210 ommunications between the two com- 'uters and allow employees access to ap-m Thi. summary has been p erared from the nnansial statements and other data 'lications and data stored or, either system. of the Authonty and has not been esamincJ by the mdependent auditon Thn summary presents the net rnenues avadable to the Rewnue Fund tot ruriwes Ire sury su< h as p,ov,amg,o, m,,eas,, m.o,ang p,,ai,,qu,,em,,,s i, a,,,en,,om the Statement of Rcmsested Earnme m that it reprewnh tash tran aitne on
falor fiscal improvement was achieved debt senne and auoramgly esih,dn non cash itenw su h as Jrrresutn'n
!uring FY85 with three major bond aowan<c for funa, usea aunngionstna non ana amor nutn,n of aebi am, ount ssues, totaling $489,060,000, as well as and c= pense. %D3N,oo -OL
h r l} s 3. 10.500 150.050 160.550 9'la 565 - ' 6 00 13.500 5'/g 410 27 630 148.168' 175.798 - 1 10 00 655 -~ 7% 435 6%. 13.500 6% 435 5%; 320 29 280 146483 175.763 10 4, 740 7%- 470-6% 13.500 ' 6% - 460 6% 335 10.110 144.629 174.939' , 10;!: _ 7%. 505 7 10 : 13.500^ 7.00 490 6%- 360 31.445 142 604 - 174.049 835 .10%. 940 800 545 740 13.500 7% $25 7.00 380 32.680 140.426 173.106 1100 1.060 820 585 ~ 7 70 ' 13 500 ~ 7% .565 7% 410 14 010 138.116 ~ 172 !?6 11% - 1.195 '840 635 8 00 13.500 7% 605 7% 440 35470 '135.637 171.107 - 11.6 0 1,345 8 60 600 8 20 13.500 8 00 650 7% 470 37 070 .-132.969 170.039 - 11.90 1 515 8% 750 8 40 13.500 8 20 ' ~.701 ' 8 00 510 ~ 38.840 130.113 168.953 12.i0 1.8151 - 9%. 815* 8 70 13500 8 40 '765 8 20 2.425 40825 127009 167.834 12.20 ~. 2440 ~ 9% 890* 8 60 825 840 2.030 29 365 123 800 153.165 12 30 2.295 9% 975* 8 80 900 8 60-2 390 31.620 121 557 153.177 9% !.070* 9 00 1060 870 4.980 33.895 119.108 153.003 9 , 1.165* 9 05 t.160 8% 5405 36 475 116.527 153.002 9%- 1.275* 9 10 !.150 39 660 113.718 153.378 - 9% 1.395* 9% 1.360* 9 00 11.020* 40 695 110 452 151.147 9% !.525' 9E 2.710' 9 00 6 090* 43.730 107 417 151.147 9 60 1.670* 9 :i . 2 990* 9.00 15.390* 47.050 104 098 151.148 9 60 -3000* 9'! - 18 880* 50 595 100 550 151.145 2 9 60 3.275* 20.600* 54 525 96 627 151.152 9 60 3575* 4% 1.520* 17 620 92.386 130 006 9 00 3 895* 94 1 685* 40215 89 797 130.012 9 60 '4250* 9% 1855' 43065 86.941 130 006 9 M) 4 640* 93-2.050* 46135 83.872 130 007 9 60 5 070-9% 22o5* 49.455 80.558 .130 013 9 60 3.755' 9 !: 2.505* 53 025 76 988 '.130 013 460 4.105* 94 2.750* 56 785 73.226 130 011 9.70 4 435' 9 '! 3025' 60 825 69.185 130 010 2 9 70 5.465* 9% 3 315* 920 6.745' 61355 64 838 126.193 9 70 5 645* 9% -3655* 920 7.700* 65 820 60.383 126 203 970 17 885* 94 4.020* 73 710 55798 129.508 910 19 57i' 94 4 445* 78.990 50,511 129 501 9 70 21.425' 94 4.930* 84 665 44 353 129.518 970 23445* 94 5465* 920 29.520* 87480 38 787 126.197 9 70 258I5* 9% 6 060* 9 20 39.725* 95100 31093 126193 9 70 56 330' 94 6 715' 920 41.200* 104.245 21949 126.194. 970 62.970* -94 62 620* 125 590 12 057 137.647 . I r ~ 15000' 294 000 135.000 176.215 ~ 177.845. 1 919 750 3.683 210 5.602.960~ -~ l l 0-0 0 0 0 45410 15000 294 000 115.000 176 215 ~ ~ l77.845 .l.965.160 39
1 i i t t 6' South Carolina l Public Service Authority; { -- Fiscal Year 1985 1 4 9 i i' i 3 i, t i ) 4 P s i i 2 a 4 h i 1' t 4 4 3. 1 h 1 1 1 e f L. t i a I ~ i '1 l I i i ) 1 1 1 1 4 5 l 40 l-.-,--;-
The Advisory Board and Board of Directors South Carolina Public Service Authority Columbia, South Carolina We have examined the balance sheets. of the South Carolina Public Service Authority at June 30,1985 and 1984, and the related statements of reinvested eamings, accumulated earnings reinvested in the business, and changes in financial position for each of the three years in the period ended June 30,1985. Our examinations were made in accordance with generally ac-cepted auditing standards and, accord-ingly, included such tests of the ac- . counting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the above-mentioned financial statements present fairly the financial position of the South Carolina Public Service Authority at June 30, 1985 and 1984, and the results of its operations and the changes in its finan- .cial position for each of the three years in the period ended June 30,1985 in conformity with generally accepted ac-counting principles applied on a consis-tent basis after restatement for the change, with which we concur, in the method of accounting for costs to be recovered from future revenues and allowance for funds used during con-struction as described in Note 2 to the financial statements. Coopers & Lybrand Columbia. South Carolina August 29,1985 41
=_ } South Carolina Public Service Authority June 30,1985 and 1984 1984* (Thousands) Electric plant in service S I.894.795.' Construction work in progms 93.449 Total 1.988.244 Less accumulated depreciation 231.859 Electric plant - net 1.756.385 j Nuclear fuel - net 22.776 Utility plant - net ..l.779.161 411 ' I i11.207 294.871 l Cash and securities held by trustee 25.948 Accounts receivable, less allowance of 54.202.000 in 1985 and $4,637,000 in 1984 30.182-l Accrued interest receivable 2,!01 I-Inventories, at average cost: Fuel (coal and oil) 43.293 Materials and supplies ~.659 4 Prepaid expenses - I.601-Total current assets 108.184 i i Unamortized debt expense 23,146 l Unamortized loss on refunded debt 71.133 Costs to be recovered from future revenues 71.660 ' l Other 1.043 Total deferred debits 166.982 l 1 Total s'2.460.816 i - =i The accornranying notes are an integral part of the hnarwian staternents. htated. see Note 2. 42' 9 ,y .,r e.--., y,.-, y.---y .y = yr-- ,---m
1984* (Thousands) Priority obligations S 65.823 Electric System Expansion Revenue Bonds 1.723.135 Subtotal 1.788.958 Electric Revenue Bonds Electric Revenue Notes 135.000 Capitalized lease obligations 79.899 Other Total long-term debt 2.003.857 Less: Reacquired debt 1.580 Unamortized debt discount and premium - net 23.770 1.ong-term debt - net 1.978.507 76.180 18.288 1.554 Commercial paper 25.000 Accounts payable 22.010 i Customer deposits 2.891 Accrued sums in lieu of taxes 865 Other 3.326 Total current liabilities -54.092 Unamortized gain on reacquired debt 984 Nuclear fuel settlement 15.476 Total deferred credits 16.460 34.438 281.297 Tetal S 2.460.816 43
5 South Carolina Public Service Authority - Yean Ended June 30,1985,1984 and 1983 1984* 1983*~ (Thousands) Accumulated eamings reinvested in the business - beginring of year $ 232 482. S 192.925 - Reinvested earnings for the year
50.415.
41.057 ; Total ~ 282.897 233.982i Distribution to the State of South Carolina i - (See note below)
1.'600
- l.5'00- ~ f Accumulated earnings reinvested 5 the business - end of year $ 281.297 - $ 232.482 ' i l Note: The distribution to the State of South Carolina j-is determined utilizing a calculation formula re-quired under the Indenture which is based essential-ly on operating cash flow and mandatory resene requirements. Such calculation varies substantially j from reinvested earnings for the year which in-cludes among other things. interest income earned on restricted funds and, where applicable. an allowance for funds used during construction. i 1 I i-i l l i i 1-1 i i 1 J l i 4 l' i 1 I The companying notes are an integral part of the 6nandal statements ' Rest teJ, see Note 2 44 ?
-g Qr < South Caro!ina Public Service Authority , Years Ended June 30,1985.1984 and 1933 1984* 1983* .- (Thousands)
Sales of electricity S 356.713
.S 320.993 - , Other operating revenues 1.986 1.715 . Total operating revenues 358.699 322.708. . Operation expense: Production 164.515 171.523 Purchased and interchanged power - net - 17.472 .1.332 Transmission ~ 1.720 1.508 Distribution - 1.308 1.305 Customer accounts 2.319 2.170 - Sales' 97 103 Administrative and general .20.240 14.663 Maintenance expense. 28.718 26.372 l Total operation and maintenance expense 236.389 -218.976 - - Depreciation 47.372 32.906 - Sums in lieu of taxes 1.750 981 Total operating expenses 285.511 252.863 73.188 69.845 Interest income: Other funds 15.285 14.689 Borrowed funds 34.070 55.102 Other income (expense)- net 1104) 37i Total other income 49.251 70.162 122.439 140.007 Interest on long term debt 160.259 162.553 Allowance for funds used during construction - borrowed funds (61.296) (48.196) Other 3.571 2.736 ( Totalink at charges 102.534 117.093 19.905 22.914 30.510. 18.143 $ 50.415 S 41.057 The xcomranying notes are an integral part of the 6nandal statements. " Restated. see Note 2. 45 L.-
South Carolina Public Service Authority Years Ended June 30,1985,1984 and 983 1984*' 1983* ~ (Thousands) Operations-Reinvested earnings S 50.415 S 41.057 Charges (credits) to reinvested earnings not providing or requiring funds: Depreciation 47.372 32.906 Allowance for funds used during construction (61.296) (48.196)- Amortization of debt discount and expense 2,516 2.331 Amortization of gain or loss on reacquired debt net 37-48 Costs to be recovered from future revenues (30.510) (18.143) Total from operations 8.534 10.003 ^ Sale of bonds / notes 75.000 354.000-1.ong-term purchase agreement Decrease (increase) in unexpended funds from e, ale of Electric System Expansion Revenue Bonds - (4.648) 73.648 Decrease in debt service and other special funds 97.929 91.082 ~ Nuclear fuel settlement 1.398 1.734 Decrease (increase) in unamortized debt discount and expense (396) (943) ' Other - net 529 666-Total funds provided 178.346 '530.190 Increase in utility plant 94.657 187.560 Retirement of long term debt 83 291 283.798. Decrease in construction fund liabilities 3.935 (800) Decrease (increase) in accrued interest on long-term debt 7.151 (10.831) Principal payments - capitalized lease obligations 2.568 - 3.142 Distribution to the State of South Carolina I.600 1.500 Increase in unamortized loss on refunded debt 62.588 Total funds applied 193.202 526.957 (14.856) 3.233 Cash and securities 5.333 8.554 Accounts receivable, less allowance for doubtful accounts (1.087) 3.407 Accrued interest receivable (63) (343) Inventories (3.376) ~ 8.149 Other current assets 211 262 Accounts payable (3.200) (467) Customer deposits (303) - (103) Accrued sums in lieu of taxes (307) (150) Commercial paper (10.000) (15.000) Other current liabilities (2.064) (1.076) - S (14.856) S 3.233 The accompanying notes are an integral part of the hnarrial statements. ' Restated. see Ete 2. 46
4 calculating the allowance for funds used during construc. tion was changed to reflect the net cost of borrowed funds June 30,1985 used during construction rather than the formulary method ~ previously followed. Prior years' financial statements have been restated and costs that will be recovered fmm future
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revenues through application of the rate. making formula A - System of Accounts - The accounting records of have been deferred. This change increased reinvested earn-the Authority are maintained substantially in accordance - ings as follows: 1984 1983 ivith the Uniform System of Accounts prescribed by the Federal Energy Regulatory Commission (FERC). (Thousands) B - Utility Plant Capitalization and Maintenance - Costs to be recovered Additions to plant are recorded at cost which includes from future revenues: material, labor, overhead, and an allowance for funds used Excess of depreciation - - during construction. The costs of repairs and minor over debt service S 30.510 $ 18.143 replacements are charged to appropriate operating and Funded interest costs maintenance expense. The costs of renewals and bet-after in-service date terments are capitalized. The original cost of utility plant AFUDC 7.403 (13.247) ' retired and the cost of removal less salvage are charged to S 37.913 $ 4.896 accumulated depreciation. C - Depreciation - Depreciation is computed on a The cumulative effect of applying this change retroactive-straight line basis over the estimated useful lives of the ly increased accumulated earnings reinvested in the business various classes of the plant. Annual depreciation provi. by $24,797,000 at July 1,1983. sions, expressed as a percent of average depreciable utility plant in service, was'approximately 3.3% for each of the three yean in the period ended June 30,1985. D - Revenue Recognition - Substantially all . wholesale and industrial revenues are billed and recorded Unexpended funds from the sale of expansion bonds, . at the end of each month. Revenues from retail customers debt service funds and other special funds are held and are recognized on a monthly cycle basis. Fuel costs are maintained by trustees and their use restricted in accordance reflected in operating expenses as consumed. with applicable provisions of various trust indentures, bead E - Pension Costs - Employees of the Authority are resolutions, lease agreements and the Enabling Act included covered by a State Iension Plan administered by the in the South Carolina law. Such funds consist principally of - South Carolina State Retirement System which provides investments in government securities carried at amortized for employee and Authority contributions. Contribution cost, which approximates market. rates are established by State statutes. The Authority's Balances in the various funds at June 30,1985 and 1984 contributions to the State Pension Plan were $2.605.000, were: 1984 $2.414.000 and 52.091.000 for the years ended June 30, 1985,1984 and 1983, respectively. Data concerning ac. (Thousands) crued benefits and pension fund assets relating to Authori. Unexpended Funds ty employees are not available. 1982B Bonds (Cross'84) $ 54.041 F - Allowance for Funds Used During Construction - Generallmprovement Funds 57.166 The allowance for funds used during construction Total $ 111.207 - (AFUDC) is the net cost of borrowed funds used during Debt Service Reserve Funds - construction. See Note 2. Indenture Bonds .S 11.705 C - Amortization - Unamortized debt discount. Expansion Bonds 236.228 premium and expense are being amortized to income over Subordinated Bonds . the terms of the related debt issues. Unamortized gains or Special Funds losses on refunded debt are amortized to income as im-Construction Interest Fund 34.636 pacted through the rate-making process. generally over the Capital!mprovement Fund 590 terms of the new debt issues. lease Fund (Central System) 462 Contingency Fund 1.154 In Fiscal Year 1985, the Authority fully adopted the pro. Nuclear Fuel Working Fund 9.369 Summer Plant visions of Financial Accounting Standards Board Statement No. 71, which prescribes the accounting principles to be fol-Decommissioning Fund 727 lowed by entities subject to certain types of regulation. The Total S 294.871 Authority's rates are established based upon debt service Cash and Securities Held and operating fund requirements. Depreciation is not con-by Trustee: sidered in the cost of service calculation. This results in tim-Raenue Fund S 21.976 ing differences between costs as defined in the rate-making Special Reserve Fund 3.972 process and costs determined in accordance with generally Total S 25.948 accepted accounting principles. Also, the method of 47 u
crues for its share of the estimated decommissioning costs over the remaining life of the facility. nese costs are being The Authority and South Carolina Electric and Gas recovered through the Authority's rates.The estimated - (SCEaG) are parties to a joint ownership agreement prot decommissioning costs are periodically reviewed and ad-viding that the Authority and SCE&G shall own the Sum-justments recorded as appropriate.- mer Nuclear Plant with undivided interest of 33'/ % and The supplier under the original uranium supply contract 3 66% %, respectively. SCE&G is solely responsible for the breached the contract in 1975 due to uranium market condi-design, construction, operation, maintenance, and decom-tions. SCE&G initiated action seeking specific performance missioning of the Summer Plant, and the Authority is of the contract provisions, and a final settiement was obliga*ed to pay its ownership share of all costs mlating reached and approved by all parties in April 1980. By terms thereto. At June 30,1985 and 1984, the plant accounts in-of the order approving the settlement, the court imposed cluded approximately $417,649,000 and $416,921,000 confidentiality upon the details of the settlement. The respectively, representing the Authority's irmstment,'in-Authority has received approximately $10,243,000 in cash cluding AFUDC,in the Summer Plant. as partial settlement of the lawsuit. Additionally, the agree-Nuclear fuel costs are being amortized based on energy ment provides for delivery of some uranium, long-term expended which mcludes a component for estimated deliveries of equipment and services (including conversion disposal costs of spent nuclear fuel. Dese amortizations are and fuel fabrication)at a discount. included in fuel expense and are recovered through the Amounts received have been included in deferred credits Authority's rates. Decommissioning costs (costs to take the and will be applied as a reduction of uranium fuel costs. plant out of service in the future) for the Summer Plant are his is consistent with SCE&G's treatment pursuant to an estimated to be $314 mdlion, for the Authority's '/, owner-order from the South Carolina Public Service Commission. ship, based on a 30 yect useful life with decommissioning De cost of nuclear fuci purchased has been reduced by expected to commence in the year 2013. Le Authority ac-approximately $4.000.000. 1984 (Lousands) Priority Obligations: Electric Revenue Bonds, Series of 1950, bearing interest at 2.70% and due 1985 to 1993 S 9.855 Electric Revenue Bonds Series of 1967, bearing interest at 4.10 % and due 1985 and 2006 50.100 Electric Revenue Bonds. Refunding Series of 1973, bearing interest at 5 % and due 1985 to 1989 5.660 Contract Obligations 208 Total Priority Obligations 65.823 Electric System Expansion Revenue Bonds: 1973 Series, bearinginterest from 5.20 % to S% % and duc 1985 to 1093 and 2013 96.415 1974 Series, bearing interest from 6 % to 6%% and due 1985 to 1999 and 2014 106.155 1977 Refunding Series, bearing interest from 4.60% to 6 % and due 1985 to 1997 and 2002 and.016 201.775 1977 Series, bearing interest from 4.30 % to 5% % and due 1985 to 2002 and 2017 114.170 1978 Series, bearing interest from 4.60 % to 5%% and due 1985 to ;998 and 2008 and 2018 198.805 1979 Series A, bearing interest from 5'/ % 2 to 6%% and due 1985 to 2003 and 2009 and 2019 109.220 1980 Series A bearinginterest from 8.70% to 10'/s % and due 1985 to 1995 and 2002 and 2010 74,595 1981 Series A, bearing interest from 7'/ % 2 to 10% % and due 1985 to 1997 and 2002 and 2020 75.000 1981 Series B, bearing interest from 9% % to 11% % and due 1995 to 2000 and 2013 200.000 1981 Series C, bearing interest from 10% % ' to 12%", and due 1986 to 1994 50.000 1982 Series A, bearing interest from 9% % to 12.60% and due 1986 to 1994 38.000 1982 Series B, bearinginterest from 9% % to 12.30% and due 1986 to 1997 165.000 48
m - l 1982 RefundingSeries,beahmg mterest from 78/ % to 9.70% 2 and due 1987 to 1994 and 2002 and 2012 and 2022 294.000 1985 Refunding Series, bearing interest from 53/ % to 9'/ % and due 1986 to 2000 and 2005 and 2022 2 2 1985A Refunding Series, bearing interest from 5% % to 9.20 % and due 1987 to 1909 and 2003 and 2021 Total Electric System Expansion Revenue Bonds ' I,723.135 Electric Revenue Bonds,1985 Series, bearing interest fmm 6 % to 8.70 %and due 1986 to 1995 Electric Revenue Notes: 1983 Series A, bearing interest at 5.60 % and due May 1,1985 -60.000 1983 Series B, bearing interest at 6'/ % and. 2 'due May 1,1985 75.000 Total Electric Revenue Notes - 135.000 Capitalized Subordinated Irase Contracts, payable 1985 to 2015 79.899 Other TotallongTerm Debt S2.003.857 The Authority utilizes proceeds of debt issues primarily imately $135,000,000, debt service reductions will total in financing its construction program. $425,847,000 over the refunding period. Refunded bonds The Authority refunds and defeases debt primarily as a are retired as they mature, or at the earliest callable date, means of reducing debt service, thereby postponing or from the proceeds of gowrnment obligations held by the reducing future electric rate adjustments. Although advance Refunding Trustee. refundings have resulted in an original book loss of approx-1977 Refunding and Special Obligation Refunding 1971 and 1976 Series S 105.465.000 S I1.244.000 S 8.126.000 $127,000,000 of the 1982 Series A 1982 Refunding and $100,000.000 of the 1981 Series C 227.000.000 62.588.000 62.588.000 1985 Refunding $150,000,000 of the 1982 Series B 150.000.000 30.570.000-26.300.000 $139,000,000 of the 1981 Series B 1985A Refunding and $40,000.000 of the 1981 Series C 179.000.000 27.853.000 27.853.000 Cash Defeasance $20,000,000 of the 1982 Series A 20.000.000 2.763.000 2.726.000 Total S 681.465.000 S135.018.000 $ 127,593.000 i j Ihe Authority's bond indentures provide for certain - The Authority is presently required to pay annual. restrictions, the most significant of which are: _ ly into its capital improvement fund an amount The Authority covenants to establish rates and which, together with the amounts deposited charges adequate to provide revenues sufficient, therein in the two preceding fiscal years, is at least among other things, to pay debt service when due equal to 8 % of the Authority's gross revenues (as - on the priority obligations and expansion bonds, defined)in the three preceding fiscal years. The to make required payments when due into the Authority may issue additional parity expansion lease fund and the capital improvement fund, and bonds if, among other things, the Authority's Con-to pay the costs of operation and maintenance of sulting Engineer certifies that net revenues (as de-the Authority's electric system and all necessary fined)in each succeeding fiscal year after the date repairs, replacements, and renewals thereof. on which such additional bonds are sold to and in. 49
cluding the later of(a) the third succeeding full erty involved at the time the option is exercised or to fiscal year af ter such date or(b) the first full fiscal. return the properties at the termination of the lease:The year after the estimated date of commercial opera. Authority plans to exercise each and every option to ac-tion of any power plant to pay the cost of construc. . quire ownership of such facilities prior to expiration of the - . tion of which additional expansion bonds have leases Power supply and transmission services am pro-been, are being, or are then authorized to be vided to Central in accordance with the Power System issued, shall be at least equal to the sum'of the Coordinat' ion'and Integration Agreement dated January amounts required in such fiscal year for (i) debt ser-19,1981. This agreement also provides that each party will vice on the priority obligations and the expansion have an option to share ownership of future generating bonds then outstanding, being issued. or author- . facilities to be constructed by the other. Central has ad-' ized but not pt issued, (ii) payments into the lease vised the Authority that it will exercise its option to own fund, and (iii) payments into the capital improve' ' 45 % of the second unit at Cross and the Pee Dee - ment fund. generating stations subject to obtaining financing Maturities of electric revenue bonds, priority obligations . guaranteed by REA. ' and expansion bonds during the years ending June 30,1986 - Future minimum lease payments on Central leases, at - through 1990, are as follows: June 30,1985, were: Electric Priority Years ending June 30: Revenue Ot> ligations & Bonds Evansion Bonds 1986 June 30,1986 $ 10.500.000 1987 I900 June 30.1987 13.500.000 14.130.000 June 30,1988 13.500 000 15.780.000 1990 June 30;1980 13.500.000 16.810.000 Thercafter June 30.1900 13.500.000 17.945 000 Total $ 54 000.000 575.165.000 7 8 less, amounts representmg interest Balance at June 30,1985 The Board of Directors authorized the issuance of com-mercial paper not to exceed $50,000,000. The paper will be issued for valid corporate purposes with a term not to exceed 270 days at an annual interest rate not to exceed The Authority's Construction Budget, as adjusted for. 9% % As of June 30,1985 and 1984, the effective interest known changes, provides for expenditures of approximate-rate on outstanding borrowings was 4.55 % and 5.77 % - ly $99,800,000 during the fiscal year ending June 30,1986, respectively. During 1985 arid 1984, respectively, the. and $114,500.000 during the following two years. average effective interest rate was 5.36% and 5.23 %: the Based on a May 1985 load forecast, the Board deferred average amount outstanding was $25,000,000, and indefinitely the construction of the sec~ nd unit at the o $15,382.000, and the average maturities were 21 days Cross Centrating Station. In conjunction with thir deferral, At June 30,1985, the Authority had a Revolving Credit 53,766,000 of contract cancellation charges were incurred Agreement with various lenders of $50,000,000. This and charged to reinvested earnings for 1985. Agreement is used to support the Authority's issuance of During 1982, FERC notihed the Authority that the commercial paper. Under the Agreement the Authority.is Pmopolis West Dam and the North Santee Dam, which required to pay a fee equal to % of 1 % on the total line of form a part of the Authority's electric utility system, credit, plus % of 1 % of the average principal amount of possessed marginal seismic stability under applicable the paper outstanding. No loans were outstanding under design earthquake criteria. FERC indicated that remedial the Agreement at June 30,1985. measures should be undertaken by the Authority to pro-vide an increased level of seismic stability. The Authority engaged an engineering firm to perform studies and plan-J n ing to determine the extent and cost of work necessary to - correct the design weaknesses. The initial engineering The Authority has lease contracts with Central Electric study has been completed and submitted to FERC for its j Power Cooperative, Inc., covering a steam electric review. generating plant, transmission facilities, and various other Until FERC has completed its review on the proposed _ .l facilities. The lease terms range from ten to thirty years. modifications to the Pinopolis West Dam and the pro-Quarterly lease payments are based on a sum equal to the posed remedial measures to be undertaken by the Authori-interest on and principal of Central's indebtedness to the ty on the North Santee Dam, it is not possible to estimate Rural Electrification Administration for funds borrowed to the extent of work necessary to correct the design - construct the above mentioned facilities. The Authority weaknesses. Based on the facts as they currently exist, has an option to purchase the leased properties at any time management believes that any cost incurred by the during the period of the lease agreement for a sum equal to Authority related to the dams would not materially affect Central's indebtedness remaining outstanding on the prop-the financial position of the Authority. 50 l
. - =... 4 Sales to the Authority's two major customers for the -. years ended June 30, were: 1984-1983 (Thousands) 4 Central Electric Power Cooperative. Inc. S 135.000 $ 122.000 Alumax of South Carolina,Inc. S 79.000 S 77.000 J .1 L J i l i }' 51-
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