ML20206E970

Ouc 1998 Annual Rept. with Financial Statements from Seminole Electric Cooperative,Inc

ML20206E970
Person / Time
Site:	Crystal River
Issue date:	12/31/1998
From:	Haven R, Mccleese R ORLANDO UTILITIES COMMISSION
To:
Shared Package
ML20206E890	List: 3F0499-09, Forwards FPC Annual Financial Rept & Annual Financial Repts for Eight of Ten Participating co-owners of Crystal River Unit 3 Nuclear Station.Outstanding Annual Financial Rept Will Be Submitted by 990730 ML20206E902 ML20206E910 ML20206E926 ML20206E946 ML20206E956 ML20206E970 ML20206E981 ML20206E989
References
NUDOCS 9905050299
Download: ML20206E970 (71)

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an an s e, a A,a,d w,g A n g 4 M,g .%mmwww waw~or the Orlan$o Utlpties Commission; Extremely hot andf gg J Escal1998 was Mextraordinaryyearf volatilewhoinalem %wyfts 4 nwa m-w w m a v ww su w % dry $$$r drove sales and revenues to record highsavhile M%NM yg#g b'c% $g".m weathe $%f$$$%1NilMffaNM%Ie'nMM! ~ WWMMMMWW@d fladessly du I; 5 $MMBE M8G @Sd f. WQur elshtrls anti water systems pperate g Q s{ f R;7ww tomerstrecord demands for power and waterMesr,roundave:mahttained o 1, ourcus si y s nww-wow wmumxwn n w:uu yyg sqw t e iww:of the most, reliable; htilities in the statgijust;5aswehaveprg5years c; ns one @ $W @ M M pgG01s so coMmitisd to reliability that 9 '*JWy&&&WM&ydWyNMPh%MW@%@f our name#WMMB S EeWD MM wqs y

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^% W . It stands out m our p 4 m: m ~ m wnmmm$w p g 9 manwn .2 Knewlogo ist,as,4.-~bleDn,eMdependa,t+ryleaderinrelia e n:n vw U0 stands outas anindus a - vebeen andgN m4 L htMS i ^ 0 ea we a mQ 4 w w,,killb6Tt Re#4 ble + w

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Qh&yIM Mkyp h&f&&fffh;inevative friendly @d s Inve alwa $gf 7 3;w,dogn,izing OU0,'stxce.,llence;M. oou MKe ce agam g w w~ n e -m n~ . cn - n n it'se&. ~ mww40slytwdotMrni icipa 4 &linid w m~g 3 k wnn?( a wmmma gm m x - +~ c g< s, Me mwn s u M .~ m y#' n.w "gm w mwwww:.,u en~ wmm r hp ' ' dp pmapetitivg cost structuretour. effective s~trategio planning for de~ regulation <r andours f f MAppart of our strategie3lwe am exploring andl developing new markets /newlervices;m.ewA 'ty d - ntM w and n as

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.x a vn a m nau m Mbusiness o:pportunities/In fact we are startirig a new b,us, mess @w, roviding chijJed+ water to g;MW of w+ n a- -~ xc n nn m m-s s J ~. wDowntown Orlandr;The firstD wntown centralchl!!er plantisgoing upJn~jou~ro e&m o o

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m nb, 4 p%We am aggressively preparing for both the rewards and risks of competitionWC Sonieour custontersJ m d N%. - WpSY Lj wn ,,- -r - --n ~ nns-rn n - ~ o 'm &_m.% &_&Pla2_U e m ~V d W w,T w;~w,wJP m a n,$D nA w a-g ww ~" O w N ' 41aven[E EC, i ' ~ m 6 f,, ;' ~,' % N n w w[M N;@@$MnNymhMY,N %$_% dW 4 n ~ A ~tS. Q@ N Y ' q.% %y 7 $ - g d p; i 9 OIf~ c, hmWDMRarD;McClesse4$/$jMFd%@jQommissl6s JRobert0 QA ?$% A M _ ?Oenstal)ianager andyhief Executivf 0fficer ggi; P $$NpMMS@d%dMMMP M#i AM9W @% & % 2 spi J M J ^ M4ll 4 ; @@M 3FI#hs Mm m % % WM WW '.@ ? MG o MWQpa 98 % w ks %% MfWen h* g y.; ( O%M[ M64%%b8W%n M M Tw & : a ' z

P 75 ea rs i For 75 ' years, the Orlando iUtilities Commission has .g. .g 'hj

indeed been The Reliable One.

ik E 4 . From electric lines to water w 3 d9 pg ~ v + l[.llppgyJ g, f = ' 'I L A gp? . mains, we've helped build this The City of Orlando g buys and takes over .g 3 q?5 f:g the operation of a 7 community... provid, g the privately owned 'g e '*7-1 ;' ~p mp %Lp.wggQ,j Wg' ~ y;3 ~' m water and power

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"" I plant, Orlando infrastructure to meet the Water & Ught Co. Lake Highland Power and Water Plant begins operation, demands of a burgeoning a supplying power up to the early '80s. Although the u ater plant will be replaced soon, it is still in operation. business and residential a population... and developing !3 1! ' innovative energy and water I solutions to consistently keep Orlando on the leading edge. v The state legislature grants the City a charter to own a utility and to establish the Orlando Utilities Commission. . As we look back over the OUC builds its first plant - the Lake Ivanhoe Power and Water Plant, providing backup power into the '50s and water into the '60s. The building is now the Dr. Phillips Performing Arts Center. .' yearsiit's ' clear that both the _t . City of Orlando and OUC have a history of looking ahead. j k And that legacy continues to j

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[. f chart our course for the uaw- ,? ? ? n @ ~$ M M W ; % $ " % p F future. p L

O F 1 N N O V A T I V E D E P E N D A B L E F R I E N D L Y S E R V I C E 9, y a,t g jy ~ (- ~ ~ ~ N b.: we 4.. 7 ,hl ll. '77 m a 1 9

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l y, e,, I l. 2 ..37 - '~,.. .j - ...e The Indian River Power Plant begins operation during the nation's race Stanton Energy Center 11 into space. This Brevard County goes on line. The site facility is still a valuable asset today. can acconunodate two more units. h N The first generating unit of the Curtis H. Stanton Energy Center begins operation. n [ THREE QU ARTERS OF A CENTURY... AT A GLANCE

• in 75 years, OUC built four power plants and 13 water plants.
• Orlando's initial $1.55 million investment grew into a utility with nearly $2 billion in assets and annual operating revenues approaching the half-billion dollar mark.
• Total electric sales soared from 7 million kilowatt hours a year in the 1920s to 7 trillion kilowatt hours today.
• Water sales rose from less than 700,000 gallons a year to 29 billion in 1998.
• OUC's retail customer base' has grown from approximately 5,000 electric and water customers to more l

than 267,000. I e' OUC has consistently maintained double-A bond ratings since the 1940s.

• As incredible as it may seem, the average retail price of power for Orlandoans is almost the same as it was 70 years ago. in 1928 that price ranged from 6 to 6W cents. Today, it's just 6W cents per kilowatt hourl

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D) !M L. MuS4.3 the Heat 1 i N T E N S I F Y I N G F O R C O M P E T I T I O N It was a long, hot summer. Blistering, to be exact. But even during this record-breaking heat wave - when the mercury hovered at 99 to 100 degrees for two consecutive weeks - 0UC customers didn't sweat it. co Not so for customers of other utilities, whose air h}g. conditioners were turned off at times of peak demand. f. .J And, while those people sweltered, brownouts affected g' y. f

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business work schedules and productivity, too. lEl None of that happened at OUC. Through it all, we kept {g g power flowing dependably. Even when local peak demand OUC didn't miss a megawatt hit a record 975 megawatts, far exceeding the previous during the heat wave and 9# peak of 933 megawatts recorded in the winter of 1996. And av5e us coa g in spite of the fact that local consumption for the month Stanton Energy Center and either [ rose 21%. oil or gas at Indian River rm Nor did OUC miss a megawatt when an explosion cut off the state's natural gas supply. Because we use a diverse mix of fuels and generating resources, we can be more resilient when faced with such challenges. WHEN TH E CO MPETITIO N H E ATS U P, WE'LL BE RE ADY, TOO The weather wasn't the only thing that was hot this year, as the utility industry continued to prepare for competition. OUC moved forward with innovative measures to keep our costs down.. which, in turn, keeps customers' costs in check. We're recycling other utilities' waste byproducts in our own environmental processes. And we're generating ' Green Power" by burning methane gas from the county landfill-measures that not only save money, but also protect resources and help keep the air clean. Constantly on the lookout for ways to reduce costs, we've taken advantage of changes in the fuel market to cut fuel transportation costs by $2.4 million a year.. savings we pass on to our customers. Additionally, in the past four years, we have reduced operating' maintenance costs per MWH by 28% at our two power plants. As a result of working smart, the price of OUC power is right, too. In fact, it has remained at the same level for five years.

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R .4 t Spot C A R V I N G A N I C H E In June 1998, sizzling heat sent the nation's ...C .f energy market into a tailspin. Wholesale 3 1 ' '- e"d power that had been selling in the range of P. $30 per megawatt hour (MWil) skyrocketed "i g%%E%$ 4 ' to an extraordinary $7,500 per MWil. . p Through it all, OUC kept its cool and hh) EA4 remained on the selling end of the sizzle. commanding as much as $2,000 per megawatt hour from some frantic buyers OUC has won a long-term contract to " " '" " " " E# # procuring energy on the spot market. power supplier for Reedy Creek Improvement Distnct whose A driving force behind that volatile market headquarters are pictured here was the failure of some power sellers to supply energy as promised. OUC, on the other hand, took a very disciplined approach to maximizing profit and never put its own customers at risk. Selling only non firm capacity, we kept our commitment to deliver power to our customers - retail and w holesale. Bulk sales soared to a record 3.4 million MWil in Fiscal'98, a 17% increase over the previous year. These sales produced an 18% increase in energy revenues (excluding fuel). WHOLES ALE POWER PACTS Long a reliable provider of competitively priced bulk power, OUC has carved itself a firm niche I in the wholesale market. Competing successfully against larger, investor-owned utilities, OUC has a healthy portfolio of wholesale power pacts. A linchpin in the Florida Municipal Power Pool-an aggregation of 14 of the state's municipal utilities - 00C has formed strong alliances with the Florida Municipal l'ower Agency, a s consortium of the state's municipal utilities.. and a strong market for energy sales. AV/ Most recently, OUC won a long-term contract to be the exclusire partial requirements power supplier hjl L to the Reedy Creek Improvement District. The seven year agreement goes into effect January 1,1999, y and is estimated to be at 115 MW by the year 2005.

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y-k h s d ~ R % ~ & g' slyk[f9y ~u m; E N 5 U R I N G S A F E T Y Cool.. clear.. refreshing.. good tasting.. and sqfe. C L.#. E P% ~ That's OUC water - better than it has to be, and better j j than ever. g 4 Concern about water quality has communities across the i nation worried. Even Hollywood has gotten into the act, making contaminated water supplies one of the silver j C screen's insidious new villains. ..g But,00C customers have nothing to fear. Here in t Orlando, we're already producing superior water that Engineer Debbie Bradshawis a proudly bears our name: H 000. Naturally clean water member of the Water Project 2000 = g 2 , 3 drawn from deep in the Floridan Aquifer, H 0UC is treated team that is converring OUCs water 2 with extraordinary care by using a new ozone (0 ) spem to om ueatment 3 V-treatment process. Then it's delivered right to the tap. m 6; 6 At OUC we converted to ozone treatment before we had to - in order to ensure the quahty and safety of our water, now and into the future. One of the strongest disinfectants in the water supply industry, ozone keeps our water clean, improves the taste, and lets us dramatically reduce chloriae use. U MEETING THE HIGHEST STAND ARDS 000 water consistently meets or exceeds all of the latest Safe Drinking Water Act regulations. How do we know9 0ur highly trained staff performs thousands of tests annually in our state-of the-art Water Quality Laboratory, using sophisticated research instruments. The latest annual study included 13,400 f chemical analyses and 5,000 bacteriokgical tests on 10,000 samples taken from nearly 160 points in the F water system These tests also confirm that OUC's water supply at the source is as clean as it was when such testing began four decades ago,in spite of all the growth and development that has occurred in Central florida. Through an aggressive, five-year plan - Hirter Project 3000 - we are converting our entire system to 6 ozone treatment by the year 2000. This ambitious program originally called for us to build three new plants p and convert four existing plants to ozone treatment. Currently, we expect the original program to cost $155 mil-j. lion upon completion, well under original budget. We now plan to expand and convert an additional plant to ozone treatment. 4 Through H'ater Project 2000,0U0 is ensuring that we continue to have a reliable, safe supply of water for our ^/ customers,just as we did this summer. During that long, dry spell in June 1998, our customers consumed 31% more h water than in the same month the year before. g 'k. f a

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r Rel'ab I ty B U l L D 1 N G F O R T H E F U T U R E When it comes to reliability, we're still "the one." .4x in fact, OUC continues to boast the best reliability in the state of ~4i Florida - providing power to our customers 99.99% of the time. And when outages do occur, our average restoration rate is 33% faster than the average of the state's investor-owned utilities. That rate has g improved from a three-year average of 76 minutes to 66 minutes in M., FY '98 - an accomplishment not lost on our customers. h6m 2 In a recent survey, our customers said that they expect dependable service from us - and they get it. Because reliability was so j t important to them, and to us, we decided to make it part of our resources, OUC has Y name. And in FY '98,"OUC.. The Reliable One" became the tagline joined with another P that will take us into the next millennium. utihty to build a fiber optic highway in '[i Even in new areas that we serve, like St. Cloud, we have achieved a bp dramatic improvement in reliability. Before OUC began operating transmission corndors. if that city's electric utility in 1997, annual average interruptions per g customer stood at 140 minutes. By the end of FY '98, that number dropped to 90 minutes. Such gs high reliability has prompted other Central Florida communities to ask OUC to take over their Kh service contracts - yet another indicator that we are well-positioned to weather deregulation, ~M when it does occur. if;M II s Xi-RE LI A BILITY: THE FOUND ATION FOR COMPETITION p 3 hit Other utilities - as well as private businesses - rely on OUC, too - for a variety of electric 4 distribution, transmission and power quality services. Because they know that in addition to being jj hk dependable, we are qualified and competitive as well. y y E% How competitive? Very. For example, OUC employees rebuilt a major distribution line for one-third the $0> cost of the lowest competitive bidder and completed the project one month ahead of schedule. ?;; 3 [..j Building for the future, OUC and Tampa Electric Company have joined together to construct a fiber optic Rh highway in order to market fiber capacity along their transmission corridors. This cooperative venture p? ~ helps to position us as dependable and innovative - so that when competition comes, we will stand out as y the utility of choice for other utilities. gg u; Taking additional steps to ensure that we will be competitive, OUC has implemented the Open Access Same TimeIr/ormation System (OASIS), and our transmission tariffs have been accepted by the Federal Energy pi Regulatory Commission. r li

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I N N O V A T I V E E N E R G Y S O L U T I O N S S w unem, jm &y ~3 ?+ r% yV?%_ , PN5f .~ 4" j?+*'% !ti nw.yg v.,[ ]-.41 e ![ f h 3 f( j1j$ L? m{a[1g, ' # i< nt (. t 1 {i { f %Y [ j gf " m- .,,s L n. x L O N G T E R M S A V I N G S w For building owners in Downtown Orlando, saving time, money and energy doesn't get much cooler than this. OUC's new central chilled water facility, part of the y OUC Chilled Water program, will soon enable - 75 p-businesses to outsource the generation of chilled F i g water for commercial air conditioning systems - K tii a smart strategy for long-term savings. -L ,f Because it is much more cost-effective to operate a s., g larger, centralized plant rather than several smaller OUC is gerting in on the ground p chillers,0UC Chilled Water offers an array og floor with an exclusive Downtown h Ier ic t fr " ' benefits: no capital costs, no upkeep and maintenance yd g ,,, cer 4 of equipment, no refrigerant costs, and smaller plant next to our headquarters D mechanical rooms, freeing up rental space. Best of all, we can provide the extra capacity our customers need on those really hot days. OUC ~ Chilled Water also provides maximum system reliability with no environmental risks. FIRST CHILLER PLANT ON LINE, SECOND ON SCHEDULE OUC's first central chiller pl^nt is a 6,000-ton facility built for Lockheed Martin, which began operation in 1998. This new chiller plant serves 11 buildings and will substantially reduce air conditioning costs. We've teamed up with Trigen-Cinergy Solutions (TCS) to create OUCooling. This is the first time a city-owned utility has partnered with a private developer in such an undertaking. TCS is a joint venture of Cinergy Corp - one of the nation's largest energy companies - and Trigen Energy Corporation, operator of 23 energy systems and considered the foremost thermal sciences company in North America. The first OUCooling plant is going Downtown. Recognizing the value of this venture to business, the City of Orlando has granted 000 an exclusive 30-year chiller district franchise, and our first Downtown chiller facility begins operation in early 1999. Our commercial customers rely on OUC to provide innovative energy and water solutions that will make them more competitive. Through this innovative alliance, we will. Pretty cool, huh? 1!

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sole purpose of dedicated ernployees g3 hke Lucy Sanchez who works A STR ATEGlC ALLY directly with customers every day n N At OUC, we know that electric reliability and power quality are critical to successful business operations. From computer systems.. to sensitive electronics and manufacturing.. to vital medical equipment.. losing power can be catastrophic. As a strategic ally, OUC can offer energy solutions and k infrastructure - as well as value-added services like power quality analysis and infrared inspections - that can prevent the high cost of lost time and productivity. jil; Small businesses, too, can plug into savings with our CASil plan.. the new Customer Assistance Service [ and High reliability Program. In addition to providing built-in rate protection, this plan offers a senice 5" agreement that qualifies small businesses for financial incentives to save energy. C M 4 nMs m

5 U P E R I O R C U S T O M E R People h U[c,C $ ;J ', s l "' _,'.., ,%)" H; _' h Q &= (.< s r,p. y- ,,f: n .w .,yx 'A.- c:?pyr))r, .p l.&T pl.;::.*;, ['g % ' W. "'.. ) vf.ff.;ti vi;i 1' - N' 'IC M *f3 #; ' :.,.'k 7." T ~ ' V~ %6;. n ,. N, ;,Bjf *;,6 4.t? ~' Q 8 ' g 's k ;; .M7 t' F

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S E R V I C E Power S P l R I T E D C O M M U N I T Y I N V O L V E M E N T Gl; f As we review the accomplishments of FY '98 - (g '1 our 75th anniversary.. record-breaking sales. .r. 7 new business opportunities - 'none could have O E k ,F A a been realized without our most important asset: ~ f f'[ f g g our people.. the pour behind the potam (~ '1 L y OUC is run by people who care. About their } customers. And about their community. ek,., 'p.% a,. 'h With the same spirit and dedication they OUCs Community Crews " walk the channel into providing innovative, dependable, walk" when it comes to volunteer service, {' friendly senice to Central Florida, our raising nearly $32,000 for good causes O employees really turn on the potter as this year Since the inception of this c Y7, volunteers. Each year they personally give F 9'#*

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\\ have raised a total of $ 129,800 for agencies 4 a_ thousands of hours and help raise thousands of that serve the community Allin addition to V dollars for worthy causes.. not only in Orlando, their generous contobut/ons to United Way i}' C but also in the Osceola County communities we ,g., '~ serve and in Brevard County where some of our facilities are located. As Orlando's hometown utility, we supported our hometown team.. sponsoring the University of [ Central Florida and its Golden Knights. And no wonder. Thirty-seven percent of OUC's professional staff and three of our commissioners are UCF alumni. $h 9 We rallied around another hometown team, too - the Solar Bears - surprising fans with an OUC bucket truck that ' skated" on the arena ice, bringing OUC souvenirs. SUPPORTING OUR PEOPLE At OUC, we're committed to supporting the people who work hard to support our customers and our y;y - community. That's why we're dedicated to being a family friendly organization, sensitive to diverse family L.- lifestyles and responsive to our employees' needs. in recognition of this commitment, OUC has been ranked among the top 10 most family-friendly businesses iA from among 100 area businesses by CentralFlorida family magazine. l ' d L.,

Break'ng 8 6 30 5-o- 25 p "4 [; . $ c 20 m l} .~,152 15' 10 -- - $1I S 3% 0: s998: l0 - 3998 s TOTAL ELECTRIC SALES ;-

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Records 1998 was an extraordinary year. The summer's

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" ~ highly volatile wholesale energy market ~Y D produced a $16 million windfall in net N e wh,,' # ' revenues which have been placed in reserve for reducing liabilities as part of our strategy to prepare for deregulation. Even so, net income increased to a record r a g- - 9 high of $46.7 million,13.6% higher than the previous year. 1-Moody's Investors Service again assigned its highest rating, Aal, to OUC's senior debt. OUC is one of only three municipal electric utilities to receive this coveted rating. Moody's analysts reported they based this rating on OUC's competitive cost structure, well-established strong financial record, and management's effective strategic planning for deregulation. Combined operating revenues for the year increased 8% to $448 million. E!ectric revenues rose 7.2% overall to $414 million, as the average retail price of power remained the same for the fourth consecutive year. Ilowever, water revenues rose 18.7% to $34.2 million, due in part to dry weather and in part to OUC's implementing the third of five planned 10% rate increases to fund Water Project 2000. Nearing its year 2000 completion mark, this aggressive system improvement program resulted in OUC's adding nearly $100 million in utility water plant assets to its books in 1998. Overall, electric sales increased 12% to 7.8 million MWii. Wholesale energy transactions, however, rose 17% to a high of 3.4 million MWii. Extremely hot, dry weather and the volatile energy market were key factors in this exceptional increase. The dry summer was a key factor in water sales increasing 12.7% to 29.9 billion gallons. Total transfers to our owners, the City of Orlando, reached a record level of $41 million, up 11.2% from the previous year. The net income-based portion of the transfer was $2S million, up 14%; the revenue-based portion was $13.1 million. OUC, which now runs the electric system for the City of St. Cloud's electric utility, also transferred $4.5 million to that city. l d'

7

1. StatisticallHighLllights

% Increase For Years Ended Sept. 30 1998 1997 (Decrease) 1988 (As Restated) MiM at h s Operating Revenues 1 $448,050,346 $414,777,668 8.0% $244,516,879. Total Operating Expenses - . 336,578,607 308,065,700. 9.3% 182,359,495 Interest and Other income - 21,942,769 21,520,185 2.0% ' 18,822,969 . Interest and Other Expenses 89,337,841-89,527,877 -0.2% 65,242,519 Net income 46,675,469 41,097,022 13.6% 15,737,834 Payments to City of Orlando. 41,067,781 36,933,167 11.2% 17,529,496 . Utility Plant (Net book value) - . 1,538,969,261 1,480,274,268. 4.0% 895,454,000 - Equity / 531,592,028 504,771,112 5.3% 245,316,000 ' long-term Debt 1,341,539,372 - 1,294,527,788 3.6%. 532,806,000 . Total Assets :. 2,067,891,318 1,982,656,440 4.3% 1,195,899,000 ^ Debt Service Coverage: - Senior lien 3.88x 3.79x 2.4% 2.15x Junior lien 3.33x 3.12x 6.7% N/A Combined debt 2.08x 1.99x - 2.15x Senior Bond Ratings (1)- AA, Aal, AA AA+, Aal, AA N/A, Aal, AA } / ' Electric Business Unit'- Operating Revenues 413,838,130 385,949,421 7.2% 228,193,720 . Total Operating Expenses 313,022,134 . 288,557,163 8.5% 170,146,109 Fuel and Purchased Power, 156,465,575 145,288,857 7.7% 92,805,756 156,556,559 143,661,065, 9.0% 77,340,353 Departmental Operations (2) ~ Total Sales (MHW) 7,799,233 6,956,995 12.1% 3,649,488 Total Retail Sales (MWH) 4,355,841 4,011,919 8.6% 3,046,237 i l Commercial / industrial Sales 2,792,588 2,659,687 5.0% 1,048,845 Residential Sales - 1,563,253 1,352,232 15.6% 1,097,392 Sales for Resales (MWH) 3,443,392 2,945,076 16.9% ' 603,251 Total Active Services 136,907 133,496 2.6% 109,874 Residential 117,857 114,891 2.6% 94,740 1 Commercial / Industrial 19,050 18,605 2.4% 15,134 j ' Average Annual Residential Use (KWH) 13,433 11,938 12.5% 11,798 l Average Revenue per KWH Residential Sales 7.734 8.06( -4.1% 7.53

• Heating Degree Days 610 380 60.5%

604 Cooling Degree Days 3,507 3,395 3.3% 3288 Gross Peak Demand (MW) 975 922 5.7% 695 ] Water Business Unit OperatingRevenues - 34,212,216 28,828,247 18.7% 16,323,159 Total Operating Expenses . 23,556,473 19,508,537 20.7% 12,213,386 Sales (000 Gallons) 29,944,811 27,310,595 9.6% 22,914,000 j = Total Active Services. 113,338 111,497 1.7% 92,284 j Residential.. 92,285 91,271 1.1% 78,318 i Commercial / Industrial 10,937 10,758 ' l.7% 9,547 Irrigation.. 10,116 9,468 6.8% 4,419 Average Annual Residential Usage (Gal.) 168,000 158,000 6.3% 153,000 ' Average Revenue per 1000 Gallons Residential Sales 1.214 1.10 t 10.0% 0.78 t Rainfall (inches) 60.8 50.1 21.4% 56.8 Peak Pumping (Million Gallons per Day) 175.0 152.0 15.1% 139.0

1. Dond Reting Agencies:-lWh Intestors Service, kc., Moody's latutors Sensw, and.9andant & hnrs, respectively j

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Orlando Utilities Commission September 30,1998 and 1997 Au c itec Financia nay o. Mccleese Statemernts .h. Commission .s Members & Officers Ray D. McCleese Dr. Carol F. Wilson /WsidMd I Fest Vre Presdent Carol P. Wilson, Ph.D. ITrst liceIWsident Richard L Fletcher, Jr. Second l'iceIWsident . k Tico Perez _ 94 Commusioner if. Glenda E. Ilood f hfayor-Cornminioner r Kichard L. Fl tcher, Jr. Robert C. Haven, P.E. Second VKe Presdent Serfylary C O N T E N T S Betty J. Perrow Sharon L Knudsen AsssstantSecretaries Management . yd Robert C. Haven, P E. Genm,I hianager and ChiefExecutive QDice }g.,} $ Frederich F. Haddad, Jr. Balance Sheets Tico Fores Vice president Commasone Ibwer Resources Business l' nit Kennt Pj Statements of Revenues, Expenses and El#*/j'$"l',og Changes in Retained Earnings Thomas E.Whburn 2/ Lice President ,;.. i Electric 7hrnsminion Statements of Cash Flows Business (41it 28-48 Clifford A. Russell p $l((ljjyj Notes to Financial Statements yn. n ,,w, me seHood ~ Douglas M S mncer i l' ice Presiderd O(C Customer C<mnection Independent Auditor's Report John E. Hearn ViceIWsident financialServices .. e> ' - Y Alvin C. Frazier L \\1ceIWsident Corporate Smkes \\$ W C H** ' E-en nd c$fg*l,WY,, General Connsel

Balance Sheets Orlando Utilities Commission September 30 ASSETS 1998 1997 Utility Plant - Note B In Service: Electric-Notes H and K $1,707,205,893 $ 1,649,098,316 Water. 241,141,035 212,672,865 Common 70,044,904 47,945.577 Allowances for depreciation and amortization (deduction) (575.668,647) (541,436,528) { 1,442,723,185 1,368,280,f 30 Construction work in progress. 96,246,076 111,994,038 1,538,969,261 1,480,274,268 Restricted Assets-Notes C and D Debt service and related accounts 175,720.459 198,937,360 Construction and related accounts. 14,258,451 11,808,662 Renewal and replacement account, 40,667,491 37,120,494 Customer meter deposits. 15,014,787 15,663.319 245,661,188 263,529,835 Current Assets Cash and investments-Note D. 36,870,865 53,745,683 Accounts receivable, less allowance for doubtful accounts ( l 998 - $4,064, I 52,1997 - $ 1.489,18 I ) 69,210,349 46,145,689 Accrued utility revenue. 20,566,949 18,026,298 Fuel for generation inventory, 14,756,975 9,015,525 Materials and supplies inventory 28.024,979 29,347,627 Accrued interest receivable. 4,004,431 3,636,396 Miscellaneous receivables and prepaid expenses. 9.258,178 8,208,231 182,692,726 168.125,449 Other Assets Self-insurance fund 4,921,650 5,229,898 Liability reduction fund (established in 1998). 32,611,843 Fuel stabilization fund. 6,623,268 4,693.782 Rate stabilization fund, 31,298,508 28,444,503 Unamortized debt issuance costs. 2,206,912 2,386,793 Minibond sinking funds-Note D. 13,112,769 11,488,464 Deferred compensation plan investments -Note 1 8,282,206 Deferred interest expense stabilization account. 9,793,193 10,201,242 100,568,143 70,726,888 Total Assets $2,067,891,318 $ 1.982,656,440 l See notes to the financial statements.

Capitalization and Liabilities September 30 CAplTALIZATION 1998 1997 (As Restated) Equ!ty Retained earnings: Reserved for debt service, $ 114,196,446 $ 137,778,224 Reserved for renewal and replacement. 40,667,490 37,120,494 Unreserved -invested in or designated for plant and working capital. 256,323,173 214,251,960 411,I87,109 389,150,678 Contributed capital-Note F, 120,404,919 115,620.434 531,592,028 504,771,i12 Long-Term Debt - Note G Bond and note principal, 1,470,274,409 1,431,153,043 Unamortized discount and deferred amount on refunding, (128,735,037) (136.625,255) 1.341,539,372 1,294,527,788 Total Capitalization 1,873,131,400 1,799,298,900 LIABILITIES Current Liabilities - payable from restricted assets Accrued interest payable on notes and bonds. 37,279,013 37,694,137 Current portion of long-term debt - Note G 22,245,000 23,465,000 Customer meter deposits and interest thereon. 15,014,788 15,663.319 74,538,801 76.822,456 Current Liabilities - payable from current assets Accounts payable and accrued expenses, 38,199,275 42,451,480 Billings on behalf of state and local governments 10,459,005 9,496,045 Accrued payments to the City of Orlando-Note 1 8,549,851 3.846.135 57,208,131 55.793,660 Other Liabilities and Deferred Credits Liability reduction stabilization account, 16,611,843 Fuel stabilization account 6,623,268 4,693,782 Rate stabilization account, 31,298,508 28,444,503 Water and electric construction deposits. 8,288,549 9,i65,654 Other 190,818 155,279 Deferred compensation plan liability - Note : 8,282,206 63,012,986 50,741,424 Total Liabilities 194,759,918 183,357,540 Total Capitalization and Liabilities $2,067,891,318 $ 1,982,656,440 See notes to the financial statements.

Statements of Revenues, Expenses and Changes in Retained Earnings Year Ended September 30 1998 1997 (As Restated) Operating Revenues $448,050.346 $414,777.668 Operating Expenses: Fuel for generation and purchased power. 156,556,560 143.661,065 ) Depreciation and amortization. 53,918,878 53,773,968 Production. 47,258,928 43,837,440 General and administrative, 23,276,145 20,006,202 Transmission and distribution 16,194.399 14,847,154 Revenue based payments to the City of Orlando-Note l. 13,062,500 12,274,968 Customer services. 13.939,470 11,177,274 State utilities gross receipts and property taxes. 7,895,417 6,619,147 Interlocal agreement payments to the City of St. Cloud - Note O. 4,476.310 1,868.482 { Total Operating Expenses 336,578.607 308.065,700 Operating income 111,471,739 106,711,968 Non-Operating income (Expense): Interest income. 19,943.689 20,128.844 Gain on investments. 2,598.802 2.392,746 Other income 1,999.080 1,391,341 Interest expense. (79,377,261) (80,433,638) Amortization of deferred amount on refundings and other expenses. (9,960,580) (9,094.239) Net income 46.675,469 41,097,022 Retained earnings at beginning of year 389,150.678 369,531,837 Dividends to the City of Orlando - Note J. (28,005,261) (24.658,199) Depreciation of contributed utility plant. 3,366.243 3,180.016 Accumulated Retained Earnings at End of Year $ 411,187,109 $ 389.150.678 See notes to the financial statements. J l 4 n, i

Statements of Cash Flows Year Ended September 30 1998 1997 (As Restated l Cash Flows from Operating Activities Operating income. $ 111,471,739 $ 106,711,968 . Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and amortization of plant charged to operations. 53,918,878 53,773.968 Depreciation and amortization charged to fuel costs. 2,433,947 2,159,206 Depreciation of vehicles and equipment charged to general and administrative costs. 1,507.609 1,606,044 Changes in operating assets and liabilities: (Increase) in receivables and accrued revenue (26,655.259) (8.471,012) (Increase) decrease in fuel and materials and supplies inventories (4,418,802) 2,211,663 (Decrease) in accounts payable and accruals. (295,059) (566,607) Increase in deposits payable and deferred items 804,792 4,429,466 Increase (Decrease) in stabilization accounts. 21.395,335 (756,915) Net cash provided by operating activities 160,163.180 161,097.781 Cash Flows from Non-Capital Financing Activities Dividend payment to the City of Orlando. (23,446,064) (25,345,889) Net cash used in non-capital financing activities (23,446.064) (25,345.889) Cash Flows from Capital and Related Financing Activities Debt interest payments (77,347,833) (78,051,087) Principal payments on long-term debt. (23,553,777) (120,026,406) Debt issuances 60,500,000 99,995,000 Debt issuances expenses paid, (121,848) (285,164) Construction and acquisition of utility plant. (121,400,444) (93,442,296) Proceeds relating to utility plant. 557,141 556,316 Contributed capital. 7,294,031 2,509,561 Net cash used in capital and related financing activities (154,072.730) (188,744,076) Cash Flows from Investing Activities Proceeds from sales and maturities of investment securities 846,283,301 1,073,146,318 Purchases of investment securities. (841.085,020) (1,025,026.376) Investment income. 20,371,495 20,194,24.7 Net cash provided by investing activities 25,569,776 68,314.189 Increase in Cash and Cash Equivalents 8,214,161 15,322,005 Cash and Cash Equivalents at Beginning of Year 108.624,668 93,302,663 i Cash and Cash Equivalents at End of Year $ 116,838,829 $ 108,624,668 i E

NOTES TO FINANCIAL STATEMENTS - SEPTEMBER 30,1998 Note A-Summary Of Significant Accounting Policles The financial statements of the Orlando Utilities Commission (the Commission) are presented in conformity with generally accepted accounting principles as applicable to governments. The existing hierarchy provides that accounting guidance should first be sought in statements of the Governmental Accounting Standards Board (GASB). If the GASB has not issued a standard applicable to a situation, then pronouncements of the Financlu Accounting Standards Board (FASB) are presumed to apply except as described below under Measurement Focus and Basis of Accounting. Additionally, the financial statements are presented substantially in conformity with accounting principles and methods prescribed by the Federal Energy Regulatory Commission (FERC), except for tha method of accounting for contributed capital described in the notes to the financial statements. The following is a summary of the more significant accounting policies: Reporting Entity: The Orlando Utilities Commission (the Commission) was created in 1923 by a Special Act of the Flmida Legislature as a statutory commission of the State of Florida. The Commission consists of five members, including the Mayor of the City of Orlando. Members, with the exception of the Mayor who is an ex-officio member of the Commission, serve without compensation and may serve no more than two l consecutive four year terms. The process for new member selections begins when the Nominating Board of the City of Orlando, which for this purpose functions only as a screening committee, submits the names of three persons to the Commission for consideration. The Commission may nominate one of these persons or reject all three. The nominee is then subject to election or rejection by the Orlando City Council. Once elected, i Commission members cannot be removed for any reason by the City Council. l The Commission meets the criteria of an "other stand-alone government" as defined in Statement 14 of the Governmental Accounting Standards Board, The Financial Reporting Entity. No component units exist as defined in Statement 14; however, the Commission has undivided interests in a number of power plants through participation agreements, as described in Note B. Under these arrangements, the title to the property is held in the proportion of each party's interest and each party is obligated for its share of operations. There are no separate entities or organizations associated with the agreements. The Commission reports its proportionate share of assets, liabilities, revenues and expenses that are associated with the loint operations on its financial statements. l ) Measurement Focus and Basis of Accounting: The Commission operates the electric and water system in a manner similar to private business; therefore, operations are accounted for as an enterprise fund where costs (expenses, including depreciation) of providing services to customers on a continuing basis are recovered through user charges. The Commission's financial statements are prepared on an accrual basis of accounting, with revenues being recognized when earned and expenses recognized when incurred. The Commission has elected to not apply FASB statements and interpretations issued after November 30, 1989, as permitted by Statement No. 20 of the Governmental Accounting Standards Board Accounting and Financial Reporting for proprietary Funds and other Governmental Entities that use proprietary Fund Accounting. ( Budgets: Revenue and expense budgets are prepared on an annual basis in accordance with the Commission's budget policy and bond resolutions and submitted to the Commission for approval prior to October i of the fiscal year. Legal adoption of budgets is not required. Actual revenues and expenses are compared to the budgets on a line item basis uthin departments and an analysis of variances report is prepared and submitted to the Commission each month as required by the Commission's budget policy and bond resolutions. Utility Plant: Utility plant is stated at historical cost, which includes cost of contract work, labor, materials and allocated indirect charges for equipment, supervision and engineering and labor related costs. Donated assets are recorded at the cost provided by the developer, which approximates fair market value at date of donation. The Commission charges the cost of repairs and minor replacements to maintenance expense. The cost of electric or water plant retired or otherwise disposed of, together with removal costs less salvage, is { charged to accumulated depreciation at such time as property is removed from service. R

Note A-Summary Of Significant Accounting Policies-Continued Depreciation: Utility plant is depreciated using the straight-line method for each of the various plant . classifications at rates which will amortize the costs over the estimated economic useful lives of the assets. Depreciation of vehicles and other assets is charged to departmental operating expenses. Amounts for all other assets are charged to depreciation expense. The estimated useful lives of utility plant are as follows: Electric Plant: Generating Plant:

Fossil, 20 - 40 years Nuclear,.

27 - 36 years ' Structures and improvements. 30 - 50 years Equipment 3 - 50 years 1 Water Plant: Water wells...., 25 - 50 years Structures and improvements. 50 years Equipment 3 - 50 years Common Plant: Structures and improvements. 50 years Office furniture.. 3 - 141/3 years Vehicles and other construction equipment. 4 - 30 years Cash and Investments: The Commission adopted Governmental Accounting Standards Board (GASB) Statement No. 31, Accounting and Financial Reporting for Certain investments and for ExternalInvestment Pools during fiscal year 1998. Under this statement, the Commission has elected to present all investments at fair value, with the exception of investments in the Florida Local Government Surplus Funds Trust Fund (SBA), an external 2a7-like investment pool presented at share price, and Debt Service Reserve Funds, which are presented at amortized cost. Fair value for all investments is based on quoted market prices. The net effect of adopting GASB Statement No. 31 is presented in Note R. The Commission is authorized to invest in the Surplus Funds investment Pool Trust Fund administered by the State Board of Administration of Florida, obligations of the United States Treasury and its various agencies, interest-bearing time certificates of deposit, repurchase agreements, reverse repurchase agreements, state and local government obligations, bankers' acceptances and prime commercial paper. Repurchase agreements are purchases of securities with a simultaneous agreement that the dealers or banking institutions will repurchase them in the future at the same price plus a contract rate of interest. The market value of the securities underlying repurchase agreements exceeds the cash received, providing a marg!n against a decline in market value of the securities. Except for overnight repurchase agreements with the Commission's depository bank, securities underlying repurchase agreements are held in the Commission's accounts by a third party. If the dealers default on their obligations to repurchase these securities from the Commission, the Commission would suffer an economic loss equal to the difference between the market value plus accrued interest of the underlying securities and the agreement obligation, including accrued interest. Statements of Cash Flows: For purposes of the Statements of Cash Flows, cash and cash equivalents include all cash and investment accounts (including restricted assets) with a maturity of three months or less when purchased. Customer Accounts Receivable: The Commission bills customers monthly on a cyclical basis and accrues revenues at the end of the fiscal year for electric and water consumed but not billed. See " Rates and Revenues" below, The customer accounts receivable balance of $69,210,349 and $46,145,689 at September 30,1998 and 1997, respectively, includes b!!!ings on behalf of state and other local governments. The net liability of $10,459,005 and $9,496,045 at September 30,1998 and 1997, respectively, (billings on behalf of state and local governments less expenses) represents the September billings of these governments. l l

i l Note A-Summary Of Significant Accounting Policies-Continued Fuel for Generation and Materials and Supplies inventory: Fuel oil, coal and materials and supplies inventories are stated at average cost. Nuclear fuel is included in electric utility plant and amortized to fuel expense as it is used. Unamortized Debt issuance Costs: Unamortized debt issuance costs represent issuance costs related to bond issuances which are amortized using the bonds outstanding method and recorded net of accumulated amortization. Deferred Interest Expense on Bonds: Deferred interest expense on bonds represents interest costs on Series 1993 and 19938 bonds which are in excess of interest costs that would have been incurred on short-term debt. The Commission elected to defer this additional interest cost for rate-setting purposes until fiscal 1996. Deferred interest expense on bonds is amortized to interest expense over the life of the Series 1993 and 19938 bonds, amounting to $408.050 in both 1998 and 1997. Contributed Capital: Amounts received for construction of utility plant and utility plant contributed by developers are recorded as capital contributions. Depreciation applicable to contributed utility plant is included as an operating expense in determining net income and is subsequently charged against contributed capital from retained earnings. Interest Rate Swap Agreements: The Commission enters into interest rate swap agreements to modify interest rates on outstanding debt. Other than the net interest expenses resulting from those agreements, no amounts are recorded on the financial statements. Unamortized Discount and Deferred Amount on Refunding: Unamortized discount on outstanding bonds is amortized using the bonds outstanding method and is recorded net of accumulated amortization. Deferred amount on refunding represents deferred losses on bond refundings which are amortized over the shorter of the lives of the refunded debt or refunding debt using the straight-line method and are recorded net of accumulated amortization. Compensated Absences: The Commission records compensation for unused vacation and sick leave as an expense in the year in which the vacation and sick leave is earned in accordance with the GASB Statement No. 16 Accounting for Compensated Absences. At September 30,1998 and 1997, annual vacation leave earned but not taken was $1,332.204 and $1,303,731: sick leave accumulated but not taken was $2,783,936 and $2,666,238, respectively. Pension Plan: The Commission adopted GASB Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, during fiscal year 1998. The statement establishes certain accounting and financial reporting for pension expenses and related assets and liabilities in the financial reports of state and local government employers. The effect of this change is described in Note R. Rates and Revenues: Each year, the Commission's staff performs a rate adequacy study to determine the electric and water revenue requirements. Based on this study, current cost of service studies, and regulations of the Florida Public Service Commission regarding electric " rate structure", the Commission's staff develops its electric and water rate schedules which are presented to the Commission at a public workshop then presented for approval at a subsequent Commission meeting. The Commission staff makes its determirsticn of revenue requirements using the cost of service rate base method and includes construction work in progress in the rate base. Therefore, in accordance with proper ratemaking theory, the Commission does not use an allowance for funds used during construction (AFUDC) in determining revenue requirements. Since the Commission's level of revenue requirements and subsequent revenue is determined without regard to AFUDC, the Commission does not capitalize interest on construction work in progress. 5

Note A-Summary Of Significant Accounting Policies-Continued Operating revenues are recorded based on actual billings to customers plus an estimate for accrued unbilled electric and water consumption at the end of each fiscal year. The Commission has four stabilization accounts: fuel, rate, liability reduction and deferred interest expense. For the fuel stabilization, the Commission has established a policy on recovery of fuel costs in accordance with guidelines from the Public Utilities Regulatory Policies Act of 1978 (PURPA). Under PURPA only fuel costs incurred are to be recovered The Commission estimates on an annual basis a fuel component charge to be applied during the next fiscal year. The difference between the fuel costs actually charged to the customers and the fuel cost actually incurred is applied to the fuel stabilization account. The Commission determines what portion of the fuel stabilization account will be utilized to reduce rates annually during the rate-setting process. For the rate stabilization, nsts (revenues) which are to be recovered by (used to reduce) rates in periods other than when incurred (realized) are deferred until the periods in which the Commission recognizes them in utility rates. These items are included in the rate stabilization account. For the liability reduction stabilization, the Commission has set aside excess revenue (actual amounts above budgeted amounts) from wholesale operations. For the deferred interest expense stabilization, interest expense on bonds payable has been deferred. Specific approval is required by the Commission's governing board for all increases or decreases to these accounts. The balances in the fuel, rate and liability reduction stabilization accounts are funded by internally designated cash accounts and earn the same interest rate as the Commission's operating investment portfolio. Following is a summary of stabilization accounts resulting from the Commission's policy on recovery of fuel costs and from actions by the Commission's governing board for rate-setting purposes: September 30 1998 1997 Fuel stabilization account. $ (6.623,268) $ (4,693,782) Rate stabilization account. (31,298,508) (28,444,503) Liability reduction stabilization account. (16,6)1,843) Deferred interest expense stabilization account. 9,793,193 10,201,242 $(44,740.426) $(22,937,043) Note B-Utility Plant The following is a summary of utility plant at September 30,1998, by major classes: Electric Water Shared Services Total Land 19,855,103 $ 3.893,584 $ 1,730,508 $ 25,479.195 Electric generating plant. 1,098.296.559 1,098,296,559 Water wells.. 20,502,675 20,502,675 Structures and improvements. 99.800,212 34,486,548 26,622,323 160,909,083 Equipment. 489.254,019 182,258,228 41,692,073 713,204,320 I,707.205,893 241,I41,035 70,044.904 2,018.39 l,832 Allowance for decommissioning. (13,765,625) (13.765,625) Allowances for depreciation and amortization. (485.081,921) (53.428,965) (23.392.136) (561,903,022) Construction work in progress. 23.222.425 71,100,986 1,922.665 96,246.076 l N:t utility plant $1,231,580,772 $258.813.056 $48,575,433 $ 1,538,969,261 i t l l 31 i

\\ Note B-Utility Plant-Continued The following is a summary of utility plant at September 30,1997, by major classes: Electric Water Shared Services Total Land 19,774,620 $ 3,893,584 $ 1,730,508 $ 25,398.712 Electric generating plant. 1,099,900,149 1,099,900,149 J Water wells... 19,122,495 19.122,495 Structures and improvements. 96,685,109 29,369,451 13,049,082 139,103,642 Equipment. 432.738,438 160,287,335 33.165,987 626,191,760 1,649,098,316 212,672,865 47,945,577 1,909.716,758 Allowance for decommissioning, (11,P 593) (I1,412,593) Allowances for depreciation and amortization (457,648,539) (49,567,632) (22,807,764) (530,023,935) Construction work in progress. 49,126,393 52,325,407 10,542,238 I i 1,994,038 Net utility plant $1,229,163,577 $215.430,640 $35,680,051 $ 1,480,274,268 Participation Agreements: In 1980 the Commission entered into a Participation Agreement with Florida Power and Light Company (FPL) to purchase a 6.08951% (52 net megawatts) undivided ownership interest in St. Lucie Unit No. 2 nuclear powered electric generating facility constructed by FPL. This unit is presently rated at 853 net megawatts (MW) and commenced commercial operation in 1983. The Commission has also entered irto a Reliability Exchange Agreement with FPL. The Reliability Exchange Agreement results in the Commission exchanging 50% of its share of the output from St. Lucie Unit No. 2 for a like amount from St. Lucie Unit No.1, a nuclear powered electric generating facility. FPL has operational control of both projects. The Commission funds nuclear decommissioning costs for St. Lucie Unit No. 2 on an annual basis in accordance with the estimate included in Florida Public Service Commission's (FPSC) docket #941352-El issued December 12,1995. A trust fund has been established to provide certain financial assurances that funds will be available when needed for required decommissioning activities. The annual funding is calculated based on an estimated earnings rate of 6.5% expected over the life of the trust. The total obligation of the Commission as approved by the FPSC in 1995 is $22,494.913, of which $12.298,833 and $14.121,982 are not presented on the Commission's Balance Sheet at September 30,1998 and 1997 respectively. The recorded amount of $10.196,080 and $8,373.028 at September 30,1998 and 1997, respectively, is included as an allowance for decommissioning ) in net utility plant and a related amount has been set aside as a restricted asset in a trust fund (see Note C - Restricted Assets). Estimated costs of decommissioning are periodically adjusted in response to requirements of the FPSC and the Nuclear Regulatory Commission (NRC). j The Commission also has a Participation Agreement with the City of Lakeland, Florida dated April 4,1978. Under the terms of this Agreement the Commission has a 40% (136 net MW) undivided ownership interest in a 340 net MW refuse and coal-fired steam generating unit (McIntosh Unit No. 3) owned by the City of Lakeland. The City of Lakeland has operational control of this project. Since 1975, the Commission has owned a 1.6015% (13 net MW) undivided ownership interest in Florida Power Corporation's 835 net MW nuclear powered electric generating plant designated Crystal River Unit No. 3. This ownership interest was acquired under the terms of a single Participation Agreement with Florida Power Corporation and ten Florida municipal utilities. Florida Power Corporation has operational control of this project. The Commission funds nuclear decommissioning costs for Crystal River Unit No. 3 on an annual basis in accordance with the estimate included in FPSC docket #941352-El issued December 12,1995. A trust fund has been established to provide certain financial assurances that funds will be available when needed for required j decommissioning activities. The annual funding is calculated based on an estimated earnings rate of 6 5% expected over the life of the trust. The total obligation of the Commission as approved by the FPSC in 1995 is $6,479,823, of which $2.910,278 and $3,440,258 are not presented on the Commission's Balance Sheet at September 30,1998 and 1997 respectively. The recorded amount of $3,569,545 and $3,039.565 at September 30, 1998 and 1997, respectively, is included as an allowance for decommissioning in net utility plant and a related amount has been set aside as a restricted asset in a trust fund (see Note C - Restricted Assets). Estimated costs of decommissioning are periodically adjusted in response to requirements of the FPSC and the NRC.

Nsto B-Utility Plant-Continued in 1984 and 1985, the Commission entered into Participation Agreements with Florida Municipal Power Agency (FMPA) and the Kicsimmee Utility Authority (KUA) to sell a portion of Stanton Energy Center Unit #1 (SEC 1), excluding common and external facilities. SEC 1 is rated at 440 net MW. Under the terms of these agreements, FMPA has a 26.6265% undivided ownership interest and KUA has a 4.8193% undivided ownership interest. The Commission, which has retained a 63.5542% undivided ownership interest, has operational control of this project. In 1988, the Commission entered into Participation Agreements with FMPA and KUA to sell a portion of the Commission's Indian River Plant Combustion Turbine Project for units A and B excluding common facilities. The Commission's Combustion Turbine Project for units A and B includes two 48 MW combustion turbines which can generate electricity utilizing natural gas or light diesel oil. Under the terms of these agreements, FMPA has a 39% undivided ownership interest and KUA has a 12.2% undivided ownership interest. The Commission, which has retained a 48.8% undivided ownership interest, has operational control of this project in 1990, the Commission entered into a Participation Agreement with FMPA to sell a portion of the Commission's Indian River Plant Combustion Turbine Project for Units C and D, excluding common facilities. The Commission's Combustion Turbine Project for Units C and D includes two 118 MW combustion turbines which can generate electricity utilizing natural gas and light diesel oil. Unit C was placed in commercial operation in August,1992, with Unit D placed in service in October 1992. Under the terms of this agreement, FMPA has a 21% undivided ownership interest. The Commission, which has retained a 79% (93 net megawatts per unit) undivided ownership interest, has operational control of this project. in 1991, the Commission entered into a Participant Agreement with FMPA to sell a portion of Stanton Energy Unit #2 (SEC 2). SEC 2 is a coal fired generating unit that was placed in service on June 1,1996. The unit is a 440 net MW unit that supplies 315 MW to the system Under the terms of this agreement, FMPA has an undivided ownership interest of 28.4091%. The Commission, which has retained a 71.5909% undivided ownership interest, has operational control of this project. Following is a summary of the Commission's proportionate share of each jointly owned plant. SEC 1, SEC 2, McIntosh Unit No. 3, and the Indian River Plant Combustion Turbine Projects include the cost of common and/or external facilities; the other plants do not, but the participants pay user charges to the operating entity. According to the participation agreements, each participant must provide its own financing and each participant's share of expenses for the operations of the plants are included in the corresponding operating expenses of its own income statement. Allowance for depreciation and amortization of utility plant in service is determined by each participant based on their depreciation methods and rates relating to their share of the plant. Plants as of September 30,1998 Stanton Stanton Energy Energy Indlan River St. Lucie McIntosh Crystal River Center Center Combustion Unit No. 2 Unit No. 3 Unit No. 3 Unit No. I Unit No. 2 Turbines Utility plant in service $109,362.578 SI17,174.669 $17.202.335 $375.707,416 $327.389.248 $60.557.029 Allowance for decommissioning. (10.196.080) (3.569,545) Allowance for depreciation l 6 amortization (45,815,506) (51,641,848) (14.108,920) (103.787,904) (19.238.175) (14.072.258) l Construction work in progress 707,483 1,976.263 42.552 Commission's net share $ 53,350.992 $ 65.532.821 $ (476.130) $272.626.995 $310.127,335 $46.527,323 f

1: Note B-Utility Plant-Continued Plants as of September 30,1997 Stanton Stanton Energy Energy Indian River St. Lucie McIntosh Crystal River Center Center Combustion Unit No. 2 Unit No,3 Unit No. 3 Unit No. I Unit No. 2 Turbines Utility plant in service $ 109.098,981 $111,161,507 $ 16,533.201 $375.200,173 $325,583,451 $55,806,500 Allowance for decommissioning. (8.373,028) (3.039,565) Allowance for depreciation & amortization. (42,122,470) (47,655,795) (13.493,636) (94,536.526) (10.985,173) (12.080,931) Construction work in progress. 1,303,432 2,784.685 3.337,740 Commission's net share $ 58,603.483 $ 63,505,712 $281,967,079 $317,382.963 $47,063.309 The Commission presents its share of jointly owned assets in utility plant classifications shown above. The Commission also presents its share of related operations in respective revenue and expense classifications on the Statements of Revenues, Expenses and Changes in Retained Earnings It has been determined that none of the participation agreements to which the Commission is a party meet the criteria of a joint venture as specified in Statement 14 of the Governmental Accounting Standards Board. The Commission lacks operational control over the St. Lucie Unit No. 2. McIntosh Unit No. 3 and Crystal River Unit No. 3 plants. SEC 1 SEC 2 and Indian River Combustion Turbine Projects are controlled by the Commission. Fiscal and budgetary control of SEC 1, SEC 2 and the Combustion Turbine Projects remains with the Commission. No separate governing authority exists for any of the participation plants. The Commission also has an agreement with Orange County, Florida to share operating costs of a waste water treatment facility at the SEC l and SEC 2 site. The Commission operates the facility and charges Orange County an annual fee amounting to $1,383,716 and $1,335,571 during the years ended September 30,1998 and 1997, respectively. The annual fee is classified as a reduction to SEC i and SEC 2 operating and maintenance expenses. During fiscal year 1997, the Commission authorized an additional $3,054,000 in amortization of its interest in the Crystal River Unit No. 3 nuclear generating plant. During 1996, the Commission commenced a $178 million expansion / upgrade of the water utilities systems, known as Water Project 2000 As part of the funding of this project, a plan to implement a 10% water rate increase each year for the five years was developed. The first increase began in October 1,1995 and continued through September 30,1998, yielding revenue greater than the actual cost to provide water service. This difference is reflected as part of the rate stabilization account deferred credit described in Note A. The deferred credit of $8,114,371 and $6,599,796 at September 30,1998 and 1997, respectively, will be recognized as revenue in future years when the cost to provide the service is greater than the rate charged. In conjunction with this project, five water plants (Lake Highland, Primrose Dr. Phillips, Lake Nona and Kuhl) are scheduled to close during the period of April 1999 - April 2001. At September 30,1998 the net carrying amount of these plants was approximately $3,500,000. The cost to remove these assets from service and reduction of the net asset carrying value will be recorded in the period in which the plant is removed from service. t1

N te C-Restricted Assets Certain assets are restricted by bond resolution; additionally, some assets have been classified as restricted - in accordance with governmental accounting standards for enterprise funds and utility industry accounting practices. The Commission's restricted assets consist of the following accounts: September 30 1998 1997 Debt service and related accounts-Note G: Principal and interest accounts $ 61,524,031 $ 61,159,136 Debt service reserve accounts 114,196,428 137,778,224 Tctal debt service and related accounts 175,720,459 198,937,360 Can:truction and related accounts: Nuclear generation facility decommissioning

accounts, 14,258,334 11,808.662 Bond construction accounts 117 Tetri construction and related accounts 14,258,451 11,808.662 R:ni.wal and replacement account 40,667.491 37,120,494 Cu;tomer meter deposits 15.014,787 15,663,319 Tct:1 restricted assets

$245,661,188 S263,529,835 The accounts consist of: Cash S 2,960 9,631 Investments 243,267,793 260,810,831 Accrued interest receivable. 2,390,435 2,709.373 $245,661,188 $263,529,835 Note D-Cash And Investments At September 30,1998 and 1997, the carrying amount of the Commission's cash was $2,667,213 and $2,318,877, respectively, and the bank balances were $1,632,429 and $2.161,480, respectively. The bank balances were covered by federal depository insurance or collateralized by a pool of U S. Government securities held in trust by a third party bank in the name of the Commission's banking institution. The Commission invested funds throughout the year with the Local Government Surplus Funds investment Pool Trust Fund (the " Surplus Fends investment Pool"), an investment pool administered by the State Board of Administration of clorida. Throt.ghout the years ended and as of September 30,1998 and 1997, the Surplus Funds investmerts mol contained certain floating rate notes which were indexed based on the prime rate and/or c,ne and toree montn Lor. don Interbank Offered Rate rates. These investments, representing approximately 3.8% and 4.1% c' the Surplus Funds investment Pool portfolio at September 30,1998 and 1997 respectively, were purchsed to add relative value to the portfolio Funds held with the Surplus Funds investment Pool at September 31,1998 and 1997 totaled $16,724,718 and $20,686,592, respectively. In the following schedule the Commission's investments are summarized and categorized to give an indication of the level of risk assumed by the Commission at September 30,1998 and 1997. Category 1 includes investments that are insured or registered or for which the securities are held by the Commission or its agent in ) the Commission's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the bank's trust department or agent in the Commission's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the bank's trust department or agent but not in the Commission's name. j l

Note D-Cash And Investments-Continued Surplus Funds investment Pool investments are not categorized because they are not evidenced by securities that exist in physical or book entry form. Category Carrying Fair investments 1 2 3 Amount Value September 30,1998: Repurchase agreements, $ 15,000,000 $ $16,931,000 $ 31,931,000 $ 31,931,000 U.S. Government securities 186,245,586 186,245,586 198,849,443 Other U.S. and agency backed securities 133,962,407 133,962,407 133,962/ 07 335,207,993 16,931,000 352,138,993 364,742,850 September 30,1997: Repurchase agreements, S 35,000,000 $14,446,000 $ 49,446,000 $ 49,446,000 U.S. Government securities 197,830,309 197,830,309 200,886,482 Other U.S. and agency backed securities 66,021,000 66,021,000 66,021,000 State and local government securities 23,230,515 23,230,515 23,775,606 Commercial paper. 6,998,932 6,998,932 6,998,932 $329,080,756 $ $14.446,000 $343,526,756 $347,128,020 These investments are held in the following accounts: September 30 investment reconcillation 1998 1997 Restricted assets. $245,661,188 $263,529.835 Cash and investments. 36,870,865 53,745,683 Liability reduction fund 32,611,843 i Accrued interest receivable 4,004.431 3,636,396 I Self-insurance funds. 4,921,650 5,229,898 Fuel stabilization funds 6.623,268 4,693,782 Rate stabilization funds. 31,298,508 28,444,503 Minibond sinking funds. 13,112,769 11,488,464 375,104,521 370,768,56i Less: Cash from restricted assets (2,843) (9,631) Accrued interest receivable from restricted assets, (2,390,434) (2,709,373) Cash from cash and investments (2,666,946) (2,264,707) Accrued interest receivable on current assets (1,180,587) (1,571,502) Surplus Fund Investment Pool (16,724,718) (20,686,592) Total investments 352,138,993 343,526,756 Cash and cash equivalents I16,838,829 108,624.668 investments. 254,694,670 257,863,018 Accrued interest 3,571,022 4,280,875 $375,104,521 $370,768,561

N0te E-Self-Insurance The Commission's self-insurance program covers a portion of its workers' compensation, general liability and automobile liability exposures. A self-insurance cash and investments account is used to pay claims as incurred. Changes in the balances of the self-insurance program liability during fiscal 1998 and 1997 were as follows: 199L _ 1997 Balance, beginning of year. $ 522,790 $ 403,348 Claims and changes in estimates. 561.798 720,998 Payments of claims, f 589.039) (601.556) Balance, end of year S 495.549 S 522 790 Under the self-insurance program the Commission is liable for all claims up to certain maxinium amounts per occurrence on an annual basis. Claims in excess of the maximum amounts are covered by insurance. The maximum amounts at Septernber 30 are as follows: 1993_ 1997 Workers' compensation $ 250,000 $ 250,000 Generalliability.. 1,000,000 1,000,000 Automobile liability 1,000,000 1,000,000 The Commission's transmission and distribution system is not covered by insurance, since such coverage is generally not available. It is the opinion of general counsel that the Orlando Utilities Commission, as a statutory commission, may enjoy sovereign immunity in the same manner as a municipality, as allowed by Florida Court of Appeals rulings. Under said rulings, Florida Statutes limit liability for claims or ludgements by one person for general liability to $100,000 or a total of $200,000 for the same incident or occurrence; greater liability can result only through an act of the Florida Legislature. Furthermore, any defense of sovereign immunity shall not be deemed to have been waived or the limits of liability increased as a result of obtaining or providing insurance in excess of statutory limitations. It is also the opinion of general counsel that the Commission, as a municipal utility, is statutorily immune from suit for malicious prosecution. Note F-Contributed Capital Changes in Contributed Capital are as follows: September 30 1998 1997 Source: Electric $ 2.226,761 $ 1,525,162 Water 5,923,468 4,953,422 Total additions 8.150,229 6,478,584 Depreciation (3,365.744) (3,180.016) Contributed Capital at the Beginning of the Year. 115,620,434 112.321,866 Contributed Capital at the End of the Year $ 120,404,919 $115,620.434 4 l 37

1 Note G-Long-Term Debt Long-term debt principal outstanding is as follows: Issue Date 1998 1997 SENIOR LIEN: Series 1992,2.40% to 6.00% due serially December S 375,730,000 $ 395,580,000 1999 to 2010 1992 Series 1993,4.75% to 5.00% due serially September 139,020,000 139,020,000 2011 to 2013 and 5.125% and 5.00% due 1993 in term form in years 2019 and 2023 Series 1996A, issued in Term Rate Mode November 60,000,000 60,000,000 with a mandatory Purchase Date of 1996 2001 at an interest rate of 4.25% Series 19968 issued as a Fixed Rate Bond November 39,995,000 39,995,000 due 2011 at a rate of 5.10% or a 1996 yield of 5.25% 614,745,000 634,595,000 JUNIOR LIEN: Series 1989D,5.00% to 6.75% due in term December 253,945,000 253,945,000 form in years 2017,2020 and 2023 1989 Series 1991 A,5.50% due in term form in Ianuary 115,380,000 115,380,000 year 2026 1991 Series 1992A,6.00% and 5.50% due in term August 74,520,000 74,520,000 form in years 2020 and 2027 1992 Series 1993A,4.30% to 5.50% due serially June 86,590,000 86,945,000 1999 to 2010 and 5.50% and 5.25% in 1993 term form in years 2012,2014,2023 Series 1993B,4.15% to 5.40% due serially August 136,575,000 139,240,000 1997 to 2009,5.25% in term form in year 1993 2023 and Select Auction Variable Rate Securities and Residual Interest Bonds, 5 60% and 5.664% due 2013 and 20l7 Series 1994A,3 60% to 5.00% due serially January 136,135,000 136,730,000 1999 to 2012 and 5.00% in term form in 1994 years 2014 and 2020 803,145,000 806,760,000 OTHER DEBT: Series 1990AA,7.10% Capital Appreciation March 14,126.813 13.263,043 Bonds, "Minibonds", maturing 1990 February 8,2000 i Series 1998A, B and C Revenue Bond September I Anticipation Notes (with resets) 1998 1998A (l year reset) 3.57% 20,000,000 l 1998B (2 year reset) 4.00% 20,000,000 1998C (3 year reset) 4.10% 20,000,000 Line of credit-Note O September j 1998 502,596 74,629,409 13,263,043 Less current portion (22.245,000) (23,465,000) Sl.470,274,409 $ 1,431,153,043

Note G-Long-Term Debt-Continued Following is a schedule of annual principal and interest sinking fund requirements on the revenue bonds and notes outstanding at September 30,1998: Fisc"! Year Ending Principal Interest Total 1999 $ 25,625,000 $ 75.738,256 $ 101,363.256 2000 42.297,500 74.486.437 116,783.937 2001 28.225,000 73,119,568 101,344,568 2002 29.475.000 71,650.696 101,125.696 2003 31,250,000 70,088,842 101,338.842 2004-2008 I84.055 000 322,257.400 506.312.400 2009-2013 265.575.000 259.499,741 525,074.741 2014-2018 284.260,000 183.321,251 467,581,251 2019-2023 431.920.000 94.348. t 01 526.268.101 2024-2027 86.625,000 10,409,025 97,034,025 $ 1,409,307,500 $ 1.234,9 I9,317 $2.644,226.817 Senior Lien Bonds: The senior lien bonds are payable and secured by a first lien upon and pledge of the net revenues derived by the Commission from the operation of the water and electric system and from certain investment income. The Commission has covenanted in the senior lien bond resolution to fix, establish and maintain rates and collect such fees, rentals or other charges for the services and facilities of the water and electric system, which shall be adequate at all times to pay in each fiscal year at least one hundred twenty-five percent (125%) of the annual debt service requirements for the bonds, and that the net revenues shall be sufficient to make all other payments required by the terms of the senior bond resolution. The senior bond resolution establishes the Revenue Fund Account, Renewal and Replacement Fund Account and Sinking Fund Account, which is comprised of the Interest. Principal, investment, Bond Redemption, Debt Service Reserve and Demand Charge Component accounts. In accordance with the senior bond resolution, gross revenues derived from the operation of the water and electric system are to be deposited in the Revenue Fund and shall be applied only in the following manner: 1. Revenues are first to be used to pay the current operating expenses of the water and electric system and then all Sinking Fund and Renewal and Replacement Fund requirements. 2. The balance of any revenues remaining in the Revenue Fund shall, at the option of the Commission, be used ti) for any lawful purpose in connection with the water and electric system and (ii) to make any payments of funds to the City of Orlando; provided however, that none of the revenues is ever to be used for the purposes descrit.ed in (i) and (ii) unless all payments required in (1) above, including any deficiencies for prior payments, have been made in full to the date of such use, and the Commission shall have fully complied with all covenants and agreements contained in the bond resolution. junior Lien Bonds: The junior lien bonds are payable from, and secured by, a lien upon and a pledge of the net revenues derived by the Commission from the operation of the water and electric system and certain investment income, subject to the prior lien thereon of the Commission's outstanding senior lien bonds. E

Note G-Long-Term Debt-Continued The Commission has covenanted in the junior lien bond resolution to fix, establish and maintain such rates and collect such fees, rentals or other charges for the services and facilities as will always provide in each fiscal year, net revenues which will be adequate after the deduction of amounts required to be deposited from net revenues in each fiscal year to provide for the annual debt service requirement for senior lien bonds, to fund any debt service reserve requirement for such senior lien bonds and to make any required deposit to other funds and accounts established under documents evidencing or securing senior lien bonds at all times to pay in each fiscal year the sum of at least (i) one hundred percent (100%) of the annual debt service requirement for the bonds issued pursuant to the resolution and any pari passu additional bonds hereafter issued for the then current fiscal year and (ii) one hundred percent (100%) of the amount required to be deposited into the Demand Charge Component Account for the then current fiscal year, and that such net revenues will be sufficient to make all other payments required by the terms of the resolution and that such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes. The junior lien bond resolution establishes the Sinking Fund which includes the Interest, Principal, Bond Redemption and Demand Charge Component Accounts. In accordance with the resolution gross revenues are to be applied in accordance with the senior lien bond resolution and then to be applied to the junior Lien Sinking Fund accounts. Other Debt: The Water and Electric Subordinated Revenue Bonds, Series 1990AA (Minibonds) are issued as fully registered capital appreciation bonds in the initial principal amount of $250 and integral multiples thereof. The Minibonds bear interest at 7.10% per annum compounded semi-annually, and are not subject to redemption prior to maturity. The Minibonds are payable solely from and secured by a lien upon the net revenues derived by the Commission from the operation of the water and electric system and of certain investment income, as provided in the Minibond Resolution. The lien of the Minibonds upon the net revenues is junior and subordinate to the prior lien thereon of the Commission's outstanding senior and junior lien debt obligations. Proceeds from the Series 1996A Bonds, which were issued in the amount of $60,000,000 as Multi-Modal bonds with a Mandatory Tender Date of October 1,2001 yielding 4.34%, and the Series 19968 Bonds, which were issued as term bonds in the amount of $39,995,000, maturing on October 1,2011 at a yield of 5.30%, were used to refund the Variable Rate Demand Water & Electric Revenue Bond Anticipation Notes Series (Series 1991) that matured December 10,1996. The Commission issued Water and Electric Revenue Bond Anticipation Notes 1998 Series A,1998 Series B and 1998 Series C, dated September 1,1998 and maturing on September I,2003, for the purpose of financing capital projects. Each of the series notes were issued in the amount of $20,000,000 and have interest rates of 3.75%,4.00% and 4.10% for the 1998 Series A.1998 Series B, and the 1998 Series C, respectively. Interest rates on the notes are subject to change. Defeased Bonds: Refunding proceeds were invested in United States obligations in irrevocable Escrow Deposit Trust Funds. Such United States obligations mature at such time so as to provide sufficient funds for the payment of maturing principal and interest on the Refunded Bonds. All interest earned or accrued on the i United States obligations have been pledged and will be used for the payment of the principal and interest on I each respective bond series. All Refunded Bonds are treated as extinguished debt for financial reporting purposes and have been removed from the balance sheet. l a

Pb e G-Long-Term Debt-Continued Defeased debt principal outstanding is as follows: Remaining Remaining Refunded Refunding Final Outstanding as Principal @ Principal @ Series Series Payment of Refunding 9/30/98 9/30/97 1971 1978 1998 $ 31,530,000 $ 3,005,000 1973 1978 2003 13,525,000 5,000,000 5,725,000 1975B 1978 2005 9,730,000 4,815,000 5,270,000 1976 1978 2002 8,500,000 4,000,000 4,500,000 1978 (l) I978 4/1/2008 94,650,000 3,315,000 4,465,000 l 1978 1985 4/1/2006 110,330,000 76,540,000 81,215,000 1978A 1985 4/1/2008 40,000,000 28,790,000 30,855,000 1978B 1985 4/1/2003 75,000,000 43,260,000 49,165,000 1982 1985 10/1/2003 l 10,000,000 60,835,000 66,475,000 1989C 1993A 10/1/2000 75,000,000 75,000,000 75,000,000 1991 A (2) 1994A 10/I/2020 120,440,000 120.440,000 120,440,000 $688,705,000 $421,995,000 $446,I I 5,000 (1) Special Obligation Bonds, Series l978. (2) The Series 1994A bonds only refunded a portion of the Series 1991 A Bonds. Rtlated Debt Information: On May 18,1994 the Commission entered into a five year interest rate swap agreement on a notional amount of $25,000,000. Under the terms of the agreement the Commission receives a fixed rate of 5.07% and owes interest calculated at a variable rate based on the Bond Market Association (BMA) Rate until April 1,1999. On December I,1996, the Commission entered into two additional interest rate swap agreements in the notional amounts of $60,000,000 and $40,000,000. These agreements provide that the Commission receives fixed rates of 4.2843% and 4.976%, respectively, and owes interest calculated at a variable rate based on the BMA Rate. The agreements terminate on October 1,2000 and October 3,2001, respectively. Under the swap agreements, only the net difference in interest calculated at fixed and variable rates is actually exchanged with the counter party. The notional amounts are the basis on which interest is calculated; { however, the notional amounts are not exchanged. A termination of the swap may result in the Commission's making or receiving a termination payment. However, the Commission does not anticipate nonperformance by the counter party. The Commission has no material operating or capital leases. l i 41

Note H-Electric Supply Agreements 1 power Sales Contracts: The following table provides a summary of the Commission's power sales contracts with other companies. Unit Sales System Sales Total No. of Amount of No. of Amount of No. of Amount of Year Contracts Sales MW Contracts Sales MW Contracts Sales MW 1999 5 397 4 115 9 512 2000 4 320 4 145 8 465 2001 3 231 3 134 6 365 2002 2 189 3 136 5 325 2003 2 167 3 140 5 307 l 2004 2 120 3 117 5 237 2005 1 49 1 115 2 164 2006 1 27 1 117 2 144 2007 1 5 1 139 2 144 Note I-Deferred Compensation Plan The Commission offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Commission employees, permits employees to contribute 25% of their base salary, exclusive of total pension, dependent medical care and flexible spending plan contributions, up to $7.500 per year. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. Recorded assets and liabilities of the plan are stated at fair value. The plan is administered by independent plan administrators Employees' deferred compensation is deposited with the Public Employees Benefit Services Corporation (PEBSCO) or Aetna/ Life Insurance and Annuity Company (Aetna). All amounts of compensation deferred under the plan and administered by PEBSCO, all property and rights purchased with those amounts, and all income attributable to those amounts, were moved to a separate trust as of September 30,1997, and were no longer subject to claims of the Commission's creditors. As a result, the $8,268,252 of plan assets administered by PEBSCO at September 30,1997, has been removed from the Commission's balance sheet. The remaining portion administered by Aetna was similarly moved to a separate trust and removed from the Commission's balance sheet during 1998 )

Note J-Payments To The City Of Orlando And Orange County Two types of payments are made to the City of Orlando pursuant to agreements between the Commission . and the City of Orlando: a revenue-based payment and an income-based dividend payment. The revenue-based payment is calculated at six percent of gross retail electric and water billings to customers within the City. This payment is made pursuant to a policy established by the Commission and classified as an operating expense. The Income-based dividend payment, which is recorded as a reduction of retained earnings rather than as an operating expense, is calculated using 60% of net income. Dividends for fiscal 1998 and 1997 amounted to $28,005,281 and $24,658,199, respectively, including accrued dividends at September 30,1998 and 1997 of $7,150,097 and $2,262,283, respectively. Payments are made to Orange County based on one percent of gross retail electric billings within the County but outside the city limits of the City of Orlando. This payment, which was $671,969 and $643,102 for fiscal years ended September 30,1998 and 1997, respectively, is classified as an operating (general and administrative) expense. Payments are made pursuant to a policy established by the Commission. Note K-Commitments And Contingent Liabilities 1. The Commission and the other participants in SEC 1 and SEC 2 have entered into coal supply contracts which expire in 2000,2005 and 2006, with renewal options of two, two and five years, respectively. The contracts require minimum annual purchases as follows: 1999 $48,920,984 2000 $42,269,778 200I $30,605,912 2002 $31,152,963 2003 $31,709,799 2004 $32,276,595 2005 $32,853,528 2006 $10,864,636 2. The Commission and the other participants in SEC 1 and SEC 2 have also agreed to a contract that expires - on December 31,2007 for rail delivery of the units' coal purchases. 3. The Commission has a natural gas contract with a term that ends on March 31,1999. The contract requires minimum annual purchases of 5,140.000 MMBTUs.

4. ' The Commission has also entered into contracts which expire in 2004 and 2014 with ten year renewal options for natural gas transportation capacity. The contracts require minimum annual capacity charges as follows:

1999 $6.440,171 2000 $6,400,460 2001 2003 $6,761,456 2004 $6,832.1% 2005-2014 $6,348,927 5. In the current fiscal year, the Commission began construction of a chilled water plant. Committed contract costs as of September 30,1998 were $989,416. See Note O for further details on the project. 6 In conjunction with Water Project 2000, there are several contracts with committed, but unpaid amounts of $14.4 million outstanding as of September 30,1998. See Note B for further details.

Note L-Pension Plans Defined Benefit Plan Plan

Description:

The Commission maintains a single-employer, defined benefit pension plan for all employees who regularly work 20 or more hours per week and were hired prior to Ianuary 1,1998. Under provisions of the pension plan, employees who participate receive a pension benefit equal to 2h% of the highest three consecutive years average base earnings times years of employment. A maximum of 30 years service is credited. Benefits are vested after 5 years of service. The Commission is the administrator of the plan. The Commission established the plan and has the authority to make changes thereto. The plan does not issue stand alone financial reports, but does receive annual actuarial reports. In October 1997 the pension plan received cash and an obligation equal to the accrued benefits of the City of St. Cloud employees who transferred to the Commission as of April 30,1997. The amount of this transfer was $ 1,270,167. Funding Policy: The pens!on plan agreement requires the Commission to contribute, at a minimum, amounts actuarially determined. The current rate of contribution required by the Commission is 7.23% of annual covered payroll. Required participant contribution obligations are 4% of earnings until the later of age 62 or completion of 30 years of service, with no required contributions thereafter. The benefit reduction for early retirement is 1% per year. Annual Pension Cost and Net Pension Asset: The Commission recognizes annual pension cost in accordance with CASB Statement No. 27, Accounting for Pensions by State and Local Government Employers. GASB Statement No. 27 also requires recognition of a net pension asset or obligation for the cumulative differences between annual pension cost and employer contributions to the plan. pension cost and the net pension asset have been calculated as follows: September 30 1998 1997 Annual required contribution. $3,127,299 $3.240,881 Interest on net pension asset. (81,508) (46,005) Adjustment to annual required contribution 70,570 37,175 Annual pension cost. 3,116,361 3.232,051 Contributions made (3,262.792) (3.662,399) Increase in net pension asset. 146,432 430,348 Net pension asset beginning of year 987,980 557.632 Net pension asset end of year $ 1.134,412 $ 987.980 The annual required contributions were determined as part of the October I,1997 and 1996 actuarial valuations using the aggregate actuarial cost method. The actuarial assumptions included (a) an 8 25% investment rate return (net of administrative expenses), (b) a projected salary increase of 6% per year, (c) an inflation component of 4% per year and (d) no post-retirement benefit increases. The actuarial value of assets was determined using techniques that smooth the effects of short-term volatility in the market value of investments over a five-year period. The over-funded pension asset is being amortized on a level dollar basis over a closed period of 15 years.

Ncte L-Pension Plans-Continued Three-Year Trend Information Annual Percentage Fiscal Year Pension Cost of (APC) Net Pension Ending (APC) Contributed Asset September 30,1998 $3,127,299 104% $1,134.412 September 30,1997 3,240,881 113% 987,980 September 30,1996 3.470,125 102% 557,632 Defined Contribution Plan All employees who regularly work 20 or more hours per week and were hired on or after lanuary 1, l998, are required to participate in a defined contribution retirement plan established under section 401(a) of the Internal Revenue Code and administered by the Commission. In addition, employees hired prior to lanuary 1,1998, were offered the option to convert their pension benefit to this plan. The plan was created by resolution of the Commission. Under the plan, each eligible employee, upon commencement of employment, is required to contribute 4% of their salary, with the Commission making a matching contribution of 4%. In addition, the Commission will match up to 2% for additional voluntary contributions. Employees are fully vested after one year of employment, Total contributions for the year ended September 30,1998 were $189,218 ($94,609 employer and $94,609 ) employee). l Note M-Year 2000 Compliance (Unaudited) The Year 2000 issue is the result of shortcomings in many electronic data processing systems and other electronic equipment that may adversely affect the Commission's operations as early as fiscal 1999. This situation mainly stems from many such systems and equipment using only a two-digit year in their data fields, thereby not being able to properly recognize the Year 2000. The Commission's overall goal is to be Year 2000 ready. " Year 2000 ready' means that critical systems, devices, applications and business relationships have been evaluated and that relevant electronic equipment is expected to be suitable for continued use into and beyond Year 2000, with contingency plans in place. The Commission began addressing the Year 2000 issue in 1997 by establishing a Year 2000 Committee to provide leadership and direction to the Year 2000 efforts throughout the Commission. The Commission began by assessing its business computer systems, such as general ledger, payroll, customer billing and inventory control. The project scope also includes embedded systems, end-user computing hardware and software, plant and corporate facilities and business relationships with key suppliers and customers. The Commission has established a project plan for Year 2000 compliance and is now completing the process of identifying individual components of power generation and certain other systems that require changes to be Year 2000 compliant. This stage has been completed in certain cases, such as information systems, whereby actual changes to systems and equipment are in process. Remediation, validation and testing of changes is scheduled throughout 1999 to ensure Year 2000 compliance in all systems. The Commission has $960,000 committed cost as of September 30,1998. i

Note N-Other Postemployment Benefits in addition to the pension benefits described in Note L, the Commission has a policy to provide health care benefits and life insurance coverage to all employees who retire on or after attaining age 55 with at least 10 years of service or at any age after completing 25 years of service. Currently 346 retirees meet the eligibility requirements. Retirees may also elect to provide health care insurance for their qualifying dependents by paying 35 percent of the calculated premium. Medical benefits will be available, but not subsidized for employees who retire under the Defined Contribution Pension Plan. The Commission is a secondary provider for those retirees and/or their dependents who are eligible for Medicare benefits. The Commission's health care plan is administered through an insurance company on a self-insurance program with an additional purchased insurance policy to cover those claims over $150,000. In this plan, the insurance company administers the plan and processes the claims according to benefit specifications, with the Commission reimbursing the insurance company for its payouts. Expenses are recorded by the Commission when paid to the insurance company. Total post employment health care costs recognized by the Commission for the years ended September 30,1998 and 1997, were $1,544,635 and $1,490,103 respectively. Post employment life insurance costs during the same periods were $10,131 and $38,553. Health care coverage is offered to employees who terminate before retirement and certain dependents who are no longer eligible for employee dependent coverage in accordance with federal law (COBRA). On September 30,1998, there was one COBRA participant. All participants are responsible for 100 percent of their insurance premiums. Note O-Regulation And Competitive Environment According to existing laws of the State of Florida, the five board members of the Orlando Utilities Commission act as the regulatory authority for the establishment of electric and water rates. The Florida Public Service Commission (FPSC) has authority to regulate the electric " rate structures" of municipal utilities in Florida It is believed that " rate structures" are clearly distinguishable from the total amount of revenues which a particular utility may receive from rates. and that distinction has thus far been carefully made by the FPSC. Prior to implementation of any rate change, the Commission notifies customers individually, holds a public workshop, and files the proposed tariff with the FPSC. Florida Public Service Commission: As noted above, the FPSC has jurisdiction to regulate electric " rate structures" of municipal utilities. In addition, the Florida Electric Power Plant Siting Act and the Transmission Line Siting Act have given the FPSC exclusive authority to approve the need for new power plants and transmission lines. The FPSC also exercises jurisdiction under the Florida Energy Efficiency and Conservation Act as related to electric use conservation programs and prescribes conformance to the Federal Energy Regulatory Commission's Uniform System of Accounts. The FPSC also approves territorial agreements and settles territorial disputes. Environmental and Other Regulations: Operations of the Commission are subject to environmental regulation by rederal State and local authorities and to zoning regulations by local authorities. The Commission's interconnection agreements with investor owned utilities are subject to review and approval by the FERC. FERC also exercises jurisdiction over the Commission under the Public Utility Regulatory Policies Act of 1978.

Note 0-Regulation And Competitive Environment-Continued Competition: The electric utility industry is facing increasing competitive pressure. The Commission currently faces competition from other suppliers of electrical energy to wholesale customers and from alternative energy sources for other customer groups. In 1998 and 1997 operating revenues from wholesale customers represent approximately 27% and 23%, respectively, of the Commission's total operating revenues. Various states, other than Florida, have either enacted legislation or ate pursuing initiatives designed to deregulate the production and sale of electricity. By allowing customers to choose their electricity supplier, deregulation is expected to result in a shift from cost-based rates to market-based rates for energy production. Similar initiatives are also being pursued on the federal level Although the legislation and initiatives vary substantially, common areas of focus include when market-based pricing will be available for wholesale and retail customers, what existing prudently incurred costs in excess of the market-based price will be recoverable and whether generation assets should be separated from transmission, distribution and other assets. Further, other aspects of the business, such as generation assets and long-term purchase power commitments, would need to be reviewed to assess their recoverability in a changed regulatory environment. Ncte P-Business Segments The Commission operates in two business segments - the generation, transmission and distribution of electricity and the production, treatment, and distribution of water. A summary of the segment information follows-Electric Water Total Y=r Ended September 30,1998: Operating revenues. $ 413,838,130 $ 34.212,216 $ 448,050,346 Depreciation and amortization. 48,404,576 5.514,302 53,918,878 Operating income. 100,815,996 10,655,743 I I I,471,739 Net income 43,820.246 2.855,223 46.675,469 Dividends to the City of Orlando. 25.403,529 2,601,752 28,005,281 Contributed capital additions 2,226.761 5,923,468 8,150,229 Utility plant additions (excluding CWIP) 99,068.846 36,554,184 135.623.030 { Construction work in progress additions 46.268,594 59,649,967 105,918,561 i Net utility plant deletions (excluding CWIP) 22,798.503 1,342,018 24,140,521 Net working capital 105,631,919 19,852.675 125.484,594 Total assets 1,732,909,842 334,981,476 2,067,891,318 Long-term debt - net (1,146.413.421) (195,125,951) (1,341,539,372) Total equity (accumulated retained earnings and contributed plant). (419,525,476) {l12.066,552) (531,592,028) Electric Water Total Yar Ended September 30,1997: Operating revenues. $ 385,949,421 $ 28,828,247 $ 414,777,668 ( Depreciation and amortization. 49,714.222 4,059,746 53,773,968 Operating income. 97,392.258 9,319,710 106,711,968 Net income 38,153,417 2.943,605 41,097,022 Dividends to the City of Orlando. 22.932,125 1,726.074 24.658,199 ) Contributed capital additions 1,525,162 4,953,422 6.478.584 Utility plant additions (excluding CWIP) 26,765,502 2,942,793 29,708.295 Construction work in progress additions 25,004,410 39,715.540 64,719,950 Net utility plant deletions (excluding CWIPl 1,877,198 1,877.198 Net working capital 109,365,042 2,966,747 112,331,789 Total assets 1,733,904,312 248,752,128 1.982.656,440 Long-term debt - net (1,235,809,037) (58,718,751) (l.294,527,7881 Total equity (accumulated retained earnings and contributed plant), $ (377,067,514) $( 127,703,598) $ (504,771,112) l E

Note Q-Major Contracts And Agreements interlocal agreement between the Commission and the City of St. Cloud: On April 25,1997, the Commission entered into an interlocal agreement with the City of St. Cloud (STC) to assume responsibility for providing retail electric energy services to all STC customers and to assume control and operation of STC's electric transmission and distribution system and certain generation facilities. In return, the Commission is obligated to pay STC 9.5% of retail sales provided to STC customers (a minimum of $2,361,000 annually, unless certain events occur) and to pay STC approximately $2,232,000 annually, less certain contingent credits, for use of its electric system. The term of the Agreement commenced May 1,1997 and continues in effect until September 30,2022. The Commission's revenue increased $24,500,000 and $11,900,000 during 1998 and 1997, respectively, as a result of this agreement. Agreement between the Commission and Trigen Cinergy Solutions: The Commission entered an agreement dated lune 23,1998, with Trigen Cinergy solutions (TCS), whereby TCS will provide interim funding for the Downtown Chilled Water project up to $35,000,000. As of September 30,1998, the Commission had borrowed $502,596 in funding from TCS for the project. As of May,2001, the Commission will repay TCS and obtain alternative funding, as needed. The Commission will be the sole owner of the chillers once construction is completed. The chillers will provide chilled water for air conditioning buildings in the downtown area. Once the plant is operational', the Commission will share profits with TCS as agreed upon. The Co,nmission will also include profits from the Chilled Water project in its calculation of a transfer of payments to the City of Orlando as described in a separate agreement dated August 17,1998. Note R-Changes in Accounting Principle As discussed in Note A, the Commission adopted GASB Statement Nos. 27 and 31 during fiscal year 1998, and retroactively restated fiscal year 1997 financial statements. The adoption resulted in recognition of a net pension asset and reporting investments at fair value, with the effect of increasing net income by approximately $3,000,000 and $2,032,000 during 1998 and 1997, respectively. The effect of the adoption on retained earnings was as follows: Balance at October 1,1996, previously reported $369,280,985 Cumulative effect, net of increase in dividends payable of $376,278 to the City of Orlando. 250,852 Balance at October 1,1996, as restated. $369,531,837 Balance at September 30,1997, previously reported. S388,087,637 Cumulative effect, net of increase in dividends payable of $1,594.713 to the City of Orlando. 1,063,041 Balance at September 30,1997, as restated. $389,150,678 l J

Deloitte& Touchettr Certihed Public Accountants Suite 1800 200 South Orange Avenue Orlando, Florida 32801 Telephone:(407) 246-8200 acs nk (40M22m6 INDEPENDENT AUDITORS' REPORT To the Commissioners of the Orlando Utilities Commission: We have audited the accompanying balance sheets of the Orlando Utilities Commission (the " Commission") as of September 30,1998 and 1997, and the related statements of revenues, expenses, and changes in retained earnings and of cash flows for the years then ended. These financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audits. Except as discussed in the following paragraph, we conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Governmental Accounting Standards Board Technical Bulletin 98-1 Disclosures about Year 2000 /ssues, requires disclosure of certain matters regarding the year 2000 issue. The Commission has included such disclosures in Note M. Because of the unprecedented nature of the year 2000 issue, its effects and the success of related remediation efforts will not be fully determinable until the year 2000 and thereafler. Accordingly, insufficient audit evidence exists to support the Commission's disclosures with respect to the year 2000 issue made in Note M. Further, we do not provide assurance that the Commission is or will be year 2000 ready, that the Commission's year 2000 remediation efforts will be successful in w hole or in part, or that parties with which the Commbsion does business will be year 2000 ready. In our opinion, except for the effects of such adjustments on the fiscal 1998 financial statements, if any, as might have been determined to be necessary had we been able to examine evidence regarding year 2000 disclosures, the financial statements referred to above present fairly, in all material respects, the financial position of the Commission as of September 30,1998 and 1997, and the results ofits operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. As described in Note R to the financial statements, the Commission changed its method of accounting for net pension assets and investments. in accordance with Governmen. Juditing Standards, we have also issued a report, dated November 25, 1998, on comp!iance and on internal control over financial reporting. hp&rde.$ /A LL/ November 25,1998 DeloitteTouche Tohmatsu intomationd

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IkcwsemousCaxes e r l Seminole Electric l Cooperative, Inc. Consolidated Financial Statements l December 31,1998-1 I I l l l l l l 1 f ' ' - ' - " ~

} @lCE/MERHOUS((OPERS 9 E PricewaterhouseCoopers LLP Suite 2800 400 North Ashley Street Tampa TL 33602-4319 I Telephone (813) 223 7577 Report ofIndependent Certified Public Accountants February 19,1999 i To the Board of Trustees Seminole Electric Cooperative,Inc. I In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of revenue and expenses and patronage capital and of cash flows present fairly, in all material respects, the financial position of Seminole Electric Cooperative, Inc. and its subsidiaries (the Cooperative) at December 31,1998 and 1997, and the results of their operations and their cash flows for the years then ended in conformity with generally accepted I accounting principles. These financial statements are the responsibility of the Cooperative's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance I about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by I management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. I in accordance with Government Auditing Standards, we have also issued a report dated February 19,1999, on our consideration of the Cooperative's internal control over financial reporting and our tests ofits compliance with certain provisions oflaws, regulations and contracts. Aba Tampa, Florida

I SEMINOLE ELECTRIC COOPERATIVE, INC. CONSOLIDATED BAI ANCE SHEETS December 31, 1998 1997 ASSETS Utility plant: I Plant in service $ 848,359,626 $ 847,189,861 Construction work in progress 15.252,830 6,799,648 863,612,456 853,989,509 Less accumulated depreciation and amortization (337,146,253) (314,497,546) Utility plant, net 526,466,203 539,491,963 Investments: I Investments in associated organizations 7,812,271 15,572,633 Funds held by trustees I and special funds 91,548,374 84,201,474 Total investments 99,360,645 99,774,107 Current assets: Cash and cash equivalents 73,449,849 83,366,464 Receivables, principally for sales of electricity 22,895,149 23,229,924 Inventories, at average cost: I Materials and supplies 17,545,183 17,051,546 Fuel 37,796,297 28,702,844 Prepayments and other 2,722,430 558,075 Total current assets 154,408,908 152,908.853 Deferred charges 56,896,009 62,946,064 $ 837,131,765 $ 855,120,987 I I i { The accompanying notes are an integral part ) of these financial statements.

I SEMINOLE ELECTRIC COOPERATIVE, INC. CONSOLIDATED BALANCE SHEETS December 31, 1998 1997 EOUITY AND LIABILITIES Equity: I Memberships 1,000 1,100 Patronage capital 67,983,761 66,165,136 Donated capital 31,715 31,615 Total equity 68,016,476 66,197,851 I Long-term liabilities: Long-term debt 634,617,895 652,773,223 Obligations under capital leases 18,581,800 21,280,935 Other 5,392,515 4,915,276 Total long-telTn liabilities 658,592,210 678,969,434 Current liabilities: Current portion of: Long-term debt 18,697,049 17,187,264 I Obligations under capital leases 2,699,135 2,464,663 Accounts payable 24,624,492 35,497,958 Other accrued liabilities 32,908.122 22,384,037 Total current liabilities 78,928,798 77.533,922 Deferred gain on sale-leaseback of plant 15,514,467 16,930,235 Other deferred credits 16.079,814 15,489,545 Commitments and contingencies (Notes 11 and 12) $ 837,131,76Q $ 855,120,987 I I I The accompanying notes are an integral part of these financial statements.

I I SEMINOLE ELECTRIC COOPERATIVE, INC. CONSOLIDATED STATEMENTS OF REVENUE AND EXPENSES AND PATRONAGE CAPITAL For the years ended I December 31, 1998 1997 Operating revenue $ 559,937,782 $ 537,936,477 operating expenses: Operation: Fuel 168,291,838 171,259,235 I Other production expenses 52,187,148 48,601,991 Purchased power 205,551,542 181,093,242 Transmission 24,783,176 24,752,853 I Administrative and general 15,186,281 14,371,442 Depreciation and amortization 24,964,295 27,142,865 Lease of coal-fired plant 29,250,235 29,090,087 Write-off of deferred charges 9,995,683 6,728,564 I 530,210,198 503,040,279 Operating margins before interest charges 29,727,584 34,896,198 Interest expense net of amounts capitalized 38,745,289 39,646,901 Operating deficits ( 9,017,705) ( 4,750,703) Patronage capital credits 166,764 197,665 Net operating deficits ( 8,850,941) ( 4,553,038) Non-operating income: Interest income 10,379,061 6,523,499 Other income, net 966,946 735,306 Net margins 2,495,066 2,705,767 Patronage capital, beginning of year 66,165,136 64,094,029 Patronage capital retirements ( 676,441) ( 634,660) Patronage capital, end of year 67,983,761 66,165,136 I I I The accompanying notes are an integral part of these financial statements.

e SEMINOLE ELECTRIC COOPERATIVE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS h For the years ended j December 31, I 1998 1997 Cash flows from operating activities: { Net margins 2,495,066 2,705,767 l I Adjustments to reconcile to cash: Depreciation and amortization 28,982,031 31,698,358 Amortization of gain on lease / leaseback ( 1,158,933) ( 24,145) Provision for postretirement benefir.s 413,173 638,830 ) Lease expense / lease payment differen e 29,486 445,090 Write-off of deferred charges 9,995,683 6,728,564 Change in assets and liabilities: ' I. Receivables 334,092 ( 3,878,852) Inventories ( 9,587,090) ( 6,687,024) Prepayments and other ( 1,980,487) 917,295 I Deferred charges ( 695,532) ( 3,390,962) Other long-term liabilities ( 4,334) 126,654 Accounts payable (10,873,466) 7,141,054 I Other accrued liabilities 10.525,762 ( 2.604,004) Total adjustments 25,980.385 31,110,858 Net cash provided by operating activities 28,475.451 33, 816, 62.jli Cash flows from investing activities: I Utility plant additions (14,251,709) ( 5,936,261) Long-term liquidations / (investments), net 2.787,725 (65,554,868) Net cash used in investing activities (11.463,984) (71,491.129) Cash flows from financing activities: Proceeds from long-term borrowings 63,331,651 I Payments of long-term debt (18,541,444) (16,101,449) Payments of capital lease obligations ( 2,464,663) ( 2,286,898) l Payments of patronage capital credits ( 676,441) ( 634,660) I Payments of refinancing premiums (_5,245,534) Net cash (used in) /provided by financing activities (26,928,082) 44,308.644 I Net (decrease) / increase in cash and cash equivalents ( 9,916,615) 6,634,140 I Cash and cash equivalents, beginning of year 83,366,464 76,732,324 Cash and cash equivalents, end of year $ 73,449,849 $.83,366,464 Supplemental disclosure: Interest paid $ 33,684,118 $ 34,945,343 I The accompanying notes are an integral part of these financial statements. t

SEMINOLE ELECTRIC COOPERATIVE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - THE COOPERATIVE: Seminole Electric Cooperative, Inc. (" Seminole") is a generation and transmission cooperative ("G & T"). It is responsible for meeting the I electric power and energy needs of its distribution cooperative members operating within the State of Florida. Seminole's rates are established by its Board of

Trustees, which is composed of representatives from each member cooperative.

Under a settlement agreement between Seminole and one of its members, Okefenoke Rural Electric Membership Corporation (OREMC), the wholesale power contract between them was terminated effective December 31, 1998. Also under the agreement, OREMC withdrew from membership in Seminole as of December 31, 1998 and their membership fee of $100 was reclassified to donated capital. The agreement was structured to protect the interests of Seminole and its remaining ten member systems and has been approved by Rural Utilities Services (RUS). Headquartered in Nahunta,

Georgia, OREMC's Florida load served by Seminole represented about 1% of Seminole's total load.

I Seminole constructed and operates two coal-fired generating facilities (Seminole Unit No. 1 and Unit No. 2) near Palatka, Florida with approximately 625 megawatts of net output per unit. These units are connected to the Florida bulk power supply grid through Seminole's 230 kV transmission lines and associated facilities. Both units commenced commercial operation in 1984. At year end 1998, 169 employees or approximately 40% of the total l workforce were covered by a three year collective bargaining agreement with Utility Workers Union of America expiring on June 30, 1999. Seminole holds a 1.6994% undivided ownership interest in the Crystal River Unit No. 3 (CR3) nuclear power plant operated by Florida Power Corporation (FPC). Seminole also owns various transmission facilities connecting Seminole to an Independent Power Producer (IPP) as well as individual members to the Florida bulk power grid. NOTE 2 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES: Seminole complies with the Uniform System of Accounts as prescribed by the RUS. The accounting policies and practices applied by Seminole in the determination of rates are also employed for financial reporting purposes. These policies and practices require management

._ to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Under the provisions of Statement of Financial Accounting Standards (SFAS) No. 71, " Accounting for the Effects of Certain Types of Regulation", Seminole's Board of Trustees prescribes rate making recovery for certain transactions. The consolidated financial statements include the results of operations and financial position of

Seminole, Acuera Corp.

("Acuera"), and beginning in 1997, Putnam Leasing Company A, Inc., Putnam Leasing Company B, Inc., and Putnam Leasing Company C, Inc., each wholly owned subsidiaries of Seminole. These three subsidiaries were established to facilitate the completion of the lease / leaseback transactions discussed in Note 3. Al] intercompany transactions have been eliminated. l Ooeratino Revenue Seminole has wholesale power contracts with each of its members, whereby the members must purchase all electric power and energy which the member shall require for its system within the State of Florida from Seminole to the extent that Seminole shall have such power, energy and facilities available. The only exception relates to contracts between several members and the Southeastern Power Administration, which provides less than 2% of the total energy f required by all members, l Operating revenue consists primarily of sales of electric power and energy by Seminole and a facilities use charge for Seminole's l transmission lines serving a single member cooperative. Member L revenues include amounts resulting from a fuel and purchased power adjustment clause which provides for billings to reflect increases or L decreases in fuel and fuel related purchased power costs. The levelized adjustment factor is based on costs projected by Seminole for a twelve-month period. Any over-recovery or under-recovery of costs plus an interest factor are to be refunded or billed to the members semi-annually. At the members' option, refunds of over-I recoveries may be deferred with interest every six months until such time as the member elects to have the over-recovery including accumulated interest refunded. Net deferred and current balances of these amounts of approximately $9.8 million and $4.1 million at December 31, 1998 and 1997, respectively, are recorded as accrued liabilities until refunded. I

( 3- [ Included in operating revenue are approximately $554 million and $526 million of revenue from members (including OREMC) for the years ended December 31, 1998 and 1997, respectively, of which approximately $18 million and $20 million are included in receivables at December 31, 1998 and 1997, respectively. Also included in operating revenues in 1998 are the non-recurring revenues associated with the proceeds received by Seminole from OREMC under the settlement agreement. Utility Plant Utility plant owned by Seminole is stated at original cost. Such cost includes applicable supervisory and overhead cost, plus net interest charged during construction. The amounts of interest capitalized during 1998 and 1997 were $176,522 and $86,553, respectively. The cost of maintenance and repairs, including renewals and replacements of minor items of property, is charged to operating expense. The cost of replacement of depreciable property units, as distinguished from minor items, is charged to utility plant. The cost of units replaced or retired, including cost of removal, net of any salvage value, is charged to accumulated depreciation. Certain leased transportation r equipment is valued at the total net present value of minimum lease t payments. Depreciation and Amortization Seminole provides for depreciation on owned utility plant using composite rates applied annually on a straight-line basis that will amortize the original cost of depreciable property over its estimated useful life. The average rates for 1998 and 1997 were as follows: 1998 1997 Coal-fired production plant 3.10% 3.10% Transmission plant 2.75% 2.75% General plant 6.52% 5.90% Nuclear production plant 4.54% 4.74% Depreciation expense amounted to $23.9 million for 1998 and 1997. Improvements to the leased coal-fired plant are amortized over the remaining life of the base lease term. The related composite amortization rates were 5.96% and 5.91% for 1998 and

1997, respectively.

Amortization of leased assets under capital leases amounted to $2.5 million and $2.3 million in 1998 and 1997, respectively. ~

I Amortization of Deferred Gain f Deferred gain on sale-leaseback of coal-fired plant is being amortized on a straight-line basis over the base lease term of 25 years commencing in 1985 and is reflected as a reduction of operating expenses. Deferred Charaes At December 31, 1998 and 1997, deferred charges consisted primarily of unamortized debt costs and related. refinancing premiums of approximately $51.0 million and $58.8 million, respectively. These deferred charges will be recovered through rates over the remaining lives of the related debt ranging up to twenty-two years. During 1998 and 1997, certain of the unamortized balances of refinancing premiums f were written off as directed by the Board of Trustees and are included in the write-off of deferred charges in the amount of approximately . $10.0 million and $3.9 million respectively. A significant portion of such write-off in 1998 related to the proceeds received by Seminole from OREMC under the settlement agreement. Also, as directed by the Board of Trustees, the remaining unamortized balance at December 31, 1997 of $2.8 million of deferred load management incentive fees were included in the write-off of deferred charges in 1997. Amortization of deferred charges amounted to $3.2 million and $5.5 million in 1998 and 1997, respectively. Lona-Lived Assets Seminole ' evaluates, on a regular

basis, whether events and circumstances have occurred that indicate the carrying amounts of f

utility plant and deferred charges may warrant revision or may not be recoverable. Seminole measures impairment of these long-lived assets based on estimated future undiscounted cash flows from operations. At December 31, 1998, the net utility plant and net unamortized deferred charges balances are not considered to be impaired. Deferred Credit;.g At December 31, 1998 and 1997, deferred credits primarily included deferred lease expense which represents the difference between cash payments'and expense recognized on a straight-line basis related to the operating lease of certain generating facilities and a reserve for CR3 decommissioning costs. These deferred credits have been Quthorized by the Board of Trustees. i 1

. _. Cash Ecuivalents Seminole considers all short-term, highly liquid investments with an original maturity of three months or less to be cash equivalents. Reclassifications I Certain reclassifications have been made to the 1997 statements to conform to current classifications. There were no changes in net margins as previously reported. Effective January 1, 1998, Seminole I adopted changes to 7 CFR Part 1767, " Accounting Requirements for RUS Electric Borrowers" as required by the RUS final rule. These changes primarily affected the classification of operation and Maintenance and Administrative and General Expenses. NOTE 3 - LEASE / LEASEBACK TRANSACTIONS: In December

1997, Seminole entered into three long-term lease / leaseback transactions for a portion of its Palatka generating I

station. These transactions are characterized as sales and leasebacks for income tax purposes, but are reflected as financing transactions for financial reporting purposes. Af ter a twenty-three year leaseback period, Seminole has three options, including the exercise of a fixed purchase option

which, if exercised, would allow Seminole to repurchase the leased assets, repay the related long-term debt and to l

retain all other rights of ownership (including tax ownership) with respect to the plant. The proceeds received by seminole from these transactions were $288 million. From these proceeds, $224 million was paid to a financial institution for its entering into three separate payment undertaking agreements (PUAs) with Seminole. Under the PUAs, the financial institution assumed primary liability to pay the portion of Seminole's rental obligation under each lease corresponding to the debt in such leveraged lease other than the advance rent payments made on the date of closing and in 1998. Therefore, both Seminole's interest in the PUAs and the corresponding lease obligations have been extinguished for financial reporting purposes. On the date of closing, Seminole made advance rent payments totaling $.6 million and received fees totaling $.5 million. Additionally, in 1998 advance rent payments totaling $1.4 million were paid out of the lease termination fund. I These transactions increased Seminole's investments and long-term debt (lease termination obligation) by $63.9 million and $63.4 million, respectively, at December 31, 1997. The $63.9 million increase in investments includes $33.4 million (lease termination fund) which has been invested in zero coupon government securities with a yield of L

6-6.10% which will be held to maturity (the end of the twenty-three year leaseback period) and will accrete to a value to allow Seminole to fully fund the equity portion of the fixed purchase option. The fair market values of both the lease termination fund and lease termination obligation are not determinable since they are not marketable. Beginning in 1998, the net cash benefit to Seminole totaling $26.9 million is being recognized on a straight-line basis over the twenty-three year leaseback period in the amount of $1.2 million annually, pursuant to SFAS No.71 and as authorized by the Board of Trustees. NOTE 4 - UTILITY PLANT-December 31, 1998 1997 Owned property: Coal-fired plant $ 595,151,091 $ 592,919,310 Transmission plant 156,364,133 157,184,325 General plant 19,325,711 19,981,233 I Nuclear plant, including fuel 19,763,008 19,690,039 790,603,943 789,774,907 Transportation equipment under I capital leases 39,328,927 39,328,927 Leasehold improvements of coal-fired plant 18,426,756 18,086,027 I 848,359,626 847,189,861 Construction work in progress 15,252,830 __6,799,648 863,612,456 853,989,509 Accumulated depreciation and amortization: I Owned property (312,359,747) (293,293,314) Leased transportation equipment ( 18,452,426) ( 15,956,489) Leasehold improvements ( 6.334,080) ( 5,247,743) (337,146,253) (314,497,546) $ 526,466,203 $ 5 3 9,4 91,963 NOTE 5 - INVESTMENTS: December 31. Investments in associated organizations: I National Rural Utilities Cooperative Finance Corporation (CFC) : Membership 1,000 1,000 Capital term certificates 3,475,112 2,613,312 Subordinated term certificates 3,772,039 12,403,737 Patronage capital certificates 547,192 537,249 Other 16,928 17.335 $ 7,812,271 $ 15,572,633

I Funds held by trustees and special funds: Pollution control bond funds $ 14,973,655 $ 14,929,779 Nuclear decommissioning trust fund 3,806,473 3,246,818 Lease termination fund 34,011,713 33,398,553 I Restricted funds 38,756,533 30,531,422 Special funds 2,094,902 $ 91,548,374 $ 84,201,474 Investments in capital and subordinated term certificates and patronage capital certificates are considered to be held-to-maturity due to their nature and are carried at cost determined by specific identification. I It is not practical to estimate the fair value of CFC capital term certificates due to the nature and maturity of these investments. Of these investments, $1,456,724 are required as a condition of membership and of loans provided to Seminole by CFC. Of the I $3,475,112 and $2,613,312 carrying amounts at December 31, 1998 and 1997, respectively, $63,307 matures in 2075 and $918,124 matures in I Both of these amounts pay 5% annual interest. Additionally, 2080. $364,283 matures in 2030 and pays 3% annual interest and $111,010 bears no interest and amortizes through 2019. An additional non-I interest bearing investment in these certificates maturing in 2005 totaling $2,018,388 and $1,153,365 at December 31, 1998 and 1997, respectively, that relates to an agreement between Seminole, CFC and Q the National Cooperative Services Corporation (an affiliate of CFC) 5 with amortization starting in 1999. g Investments in CFC subordinated term certificates are required as a 5 condition of guarantees provided to others by CFC on behalf of Seminole and are generally priced at market rates at the time of I issuance. These investments bear interest at various rates with a combined average of approximately 6.51% and 9.94% at December 31, 1998 and 1P97, respectively. During 1998, CFC exercised its unilateral I right to call and retire at par certain of these certificates totaling $8.1 million scheduled to mature in 2014. At December 31, 1998 and 1997, the estimated fair values of these investments of approximately I $3.8 million and $17.0 million, respectively, are based on the current rates offered by CFC for this type of required investment. I Funds held by trustees for pollution control bond funds are recorded at amortized cost and are considered to be held-to-maturity. The investments in the nuclear decommissioning trust fund (NDTF) are also I considered held-to-maturity except for certain investments held by the NDTF which are invested in equity mutual funds and are valued at market prices for rate-making purposes. At December 31, 1998 and 1997, the estimated fair values of these funds of approximately $19.1 I

- million and $18.0 million, respectively are based on quoted market prices for the securities held by the trustees. The fair value of the lease termination fund is discussed in Note 3. Restricted funds include the lease / leaseback net cash benefit discussed in Note 3, and in 1998 also includes the proceeds received by Seminole from OREMC under the settlement agreement. These funds, restricted as to use under an agreement between Seminole and RUS, have been invested in short-term CFC and government securities and have estimated fair values of $38.9 million and $30.5 million at December 31, 1998 and 1997, respectively. HQIR 6 - LONG-TERM LIABILITIES: Lona-Term Debt December 31, 1998 1997 First mortgage notes payable to Federal Financing Bank (FFB), guaranteed by RUS, principal due in various installments through 2020, interest at fixed rates, from 4.934% to 7.612% $ 435,370,019 $ 448,775,544 First mortgage notes payable to RUS, principal due in various installments through 2019, interest at 5.00% 7,634,743 7,885,620 Pollution control revenue bonds, payable to the Putnam County Development Authority, guaranteed by CFC, principal due in various installments through 2014, interest at adjustable rates, currently 4.05% and 3.30% 137,650,000 141,000,000 First mortgage notes payable to CFC, principal due in various installments through 2019, interest at adjustable rates, currently 6.00% 8,743,918 8,924,794 Lease termination obligation payable to State Street Bank and Trust at maturity in 2020, interest imputed at a fixed rate of 3.05% 63,916,264 63,374,529 653,314,944 669,960,487 Less current portion ( 18,697,049) ( 17,187,264) $ 634,617,895 $ 652,773,223 1

9 The estimated maturities and annual sinking fund requirements of all long-term debt, at interest rates as of December 31, 1998 for the four years subsequent to December 31, 1999, are presented below: Annual Maturities Year ending and Sinking Fund December 31, Reauirements 2000 $20,137,470 2001 $21,485,045 2002 $22,666,387 2003 $24,167,543 On December 31, 1998, Seminole early extended to final maturity $127.2 P million of FFB debt at a weighted average interest rate of 4.94%, reducing the weighted average rate of 6.37%. In connection with the I refinancing, Seminole paid refinancing premiums totaling $5.2 million, which were recorded as deferred charges and will be amortized through the remaining terms of the associated debt. On January 4, 1999, the I interest rates on $10.9 million of FFB debt, averaging 7.4 %, were reset to rates averaging 5.06%, and were fixed to final maturity. Refinancing premiums in the amount of $.8 million were added to the outstanding balances of this debt. The refinancing premiums and additional costs of $23,000 were recorded as deferred charges and will be amortized through the remaining terms of the associated debt. I substantially all owned assets and leasehold interests other than the lease termination fund are pledged as collateral for the above mentioned debt to the United States of America (RUS and FFB) and CFC. The lease termination fund is pledged as collateral for the lease termination obligation to State Street Bank and Trust. At December 31, 1998 and 1997, the estimated fair values of long-term debt including current portion but excluding the lease termination obligation, are approximately $622 million and $618

million, respectively.

For Seminole's long-term debt with interest rates substantially fixed to final maturity, and for that portion that is subject to interest rate adjustment more than six months from year

end, fair value is estimated based on the present value of the underlying cashflows.

For that portion of long-term debt that reprices to market rates at intervals of six months or less, the l carrying amount has been used as a reasonable estimate of f air value. The fair value of the lease termination obligation is discussed in Note 3. W

-_- Oblications Under capital Leases At December 31, 1998, Seminole was obligated under certain capital leases of transportation equipment for which base lease terms expire on various dates through 2005. The following is a schedule of future lease payments under these leases together with the present value of the net minimum lease payments as of December 31, 1998: Year ending December 31, 1999 4,633,266 2000 4,633,266 2001 4,633,266 2002 4,633,266 2003 4,633,266 Thereafter 5,318.085 Total minimum lease payments 28,484,415 I Less amount representing interest ( 7,203,480) Present value of minimum lease payments 21,280,935 Less current principal portion ( 2,699,135) $ 18,581,800 These transportation equipment leases provide for renewals and options to purchase the equipment at fair market value at various dates or upon expiration. Payments under these leases are included as a cost of fuel inventory and expensed based on the tons of coal burned throughout the year. NOTE 7 - NET MARGINS AND EOUITY RESTRICTIONS: I Under provisions of the RUS mortgage, until total equity equals or exceeds forty percent of total assets, the distribution of capital contributed by members is limited generally to twenty-five percent of patronage capital and margins of the next preceding year where, af ter giving effect to such distribution, the total equity will equal or exceed twenty percent of total assets. Distributions may be made, however, in such amounts as may be approved by RUS through waiver of the aforementioned restrictions. Such distributions to members totaled $676,441 and $634,660 in 1998 and 1997, representing amounts equal to 25% of 1997 and 1996 net margins, respectively. The RUS mortgage requires Seminole to design its wholesale rates with a view towards maintaining, on a calendar year basis, a Times Interest Earned Ratio (as defined) of not less than 1.0 and a Debt Service Coverage L Ratio (as defined) of not less than 1.0. An RUS stipulation arising a .._..._a

( f from the sale of tax benefits requires Seminole to design its wholesale rates to provide an annual Times Interest Earned Ratio (as defined) of not less than 1.05. In 1998 and 1997, Seminole achieved a Times Interest Earned Ratio (as defined) of 1.06 for each year, and a Debt Service Coverage Ratio (as defined) of 1.17 and 1.23, respectively. NOTE 8 - LINES OF CREDIT: Seminole has available uncommitted lines of credit totaling $100 g million of which none were drawn at December 31, 1998. RUS policy l governs use of these funds. NOTE 9 - INCOME TAXES: Seminole is a non-exempt cooperative subject to federal and state income taxes and files a consolidated tax return. As a cooperative, Seminole is entitled to exclude patronage dividends from taxable income. In 1996 Seminole's bylaws were revised to require that Seminole is obligated, effective January 1, 1997, to declare patronage dividends in an aggregate amount equal to Seminole's federal taxable income from its furnishing of electric energy and other services to its member-patrons. Accordingly, such income will not be subject to income taxes. Seminole's rate-making methods provide that any income taxes related to current operations are recognized as expense and are recovered through rates when currently payable. In addition, income tax credits are accounted for as a reduction of taxes currently payable in the period utilized. In 1998, a net operating loss of approximately f $200,000 was generated from non-patronage activity. In 1997, net taxable income from non-patronage activity was eliminated by the application of net operating loss carryforwards. However, due to the alternative minimum tax (AMT) provisions enacted by the Tax Reform Act of 1986, Seminole paid AMT of approximately $1,600,000 in 1997. AMT was not generated from current operations in 1997 and was reflected cs a cost of the lease / leaseback transactions described in Note 3. At December 31, 1998, net operating losses and income tax credits of cpproximately $101 million and $3 million are available to offset future taxable income and tax liabilities, respectively, expiring in years through 2006. Temporary differences in certain items of income and expense for tax cnd financial reporting purposes result primarily from depreciation, l

I ' amortization and sale-leaseback of plant. Seminole has recorded the following noncurrent deferred tax asset, valuation allowance and noncurrent deferred tax liability in 1998 and 1997: 1998 1997 Noncurrent deferred tax asset $ 46,000,000 $ 59,900,000 Less: valuation allowance (43.300,000) (51,900,000) Net noncurrent deferred tax asset 2,700,000 8,000,000 Noncurrent deferred tax liability 2,700,000 8,000,000 Net noncurrent deferred tax asset / liability $ $_ Seminole excludes from its taxable income amounts derived from I patronage activity. The deferred tax asset, valuation allowance and j deferred tax liability are calculated solely based on non-patronage activity as a result of the bylaw change effective January 1, 1997. The noncurrent deferred tax asset reflects deductible temporary differences and net operating loss carryforwards at statutory rates plus investment tax credits and AMT credits. Based on Seminole's historical transactions resulting in non-patronage losses and the revised bylaw provisions regarding patronage dividends effective January 1, 1997, it is not anticipated that Seminole will have future taxable income sufficient to fully realize the benefit of the existing I tax credits and net operating loss carryforwards at December 31, 1998. A valuation allowance has been recorded in each year to reduce deferred tax assets relating to tax credits and net operating loss I carryforwards. The valuation allowance decreased from 1997 to 1998 due primarily to the expiration of investment tax credits in 1998. The noncurrent deferred tax liability reflects taxable temporary differences at statutory rates. NOTE 10 - EMPLOYEE BENEFITS: Substantially all Seminole employees participate in the National Rural Electric Cooperative Association (NRECA) Retirement and Security I Program (the Program), a defined benefit pension plan qualified under Section 401 and tax exempt under Section 501(a) of the Internal Revenue Code. Seminole had accrued for pension expense amounts equal I to the annual contributions to the Program until July 1, 1987, when a moratorium on contributions went into effect due to reaching full funding limitations. This moratorium on employer contributions was I discontinued in November 1994 and reinstated in May 1995 and then discontinued again in October 1996. Employer contributions amounted I

l to $1,819,527 in 1998 and $1,331,507 in 1997. In this multi-employer plan, which is available to all member cooperatives of NRECA, the accumulated benefits and plan assets are not determined or allocated separately by individual employer. The company also has a retirement savings plan for all employees that are qualified under section 401(k) of the Internal Revenue Code. Company contributions under the savings plan are based upon specified percentages of employee contributions and were $550,000 and $489,000 for the years ended December 31, 1998 and 1997, respectively. Employees retiring on or after age 55 receive the benefit of being p allowed to continue, at their expense, health care coverage under Seminole's group plan. In addition, these retirees may use a portion I of their accumulated unused sick pay to apply toward these medical insurance premiums. I The following sets forth the plan's status reconciled with amounts reported in Semir. ole's consolidated balance sheets at December 31, 1998 and 1997. The plan is funded on a pay-as-you-go basis. Accumulated postretirement benefit obligation (APBO) : 1 1998 1997 Active plan participants not yet fully eligible $3,386,300 $2,767,300 I Fully eligible active plan participants 896,100 659,900 Retirees and dependents 368,700 301,700 Other plan participants 51,200 49,300 1 Total APBO $4,702,300 $3,778,200 Unrecognized gain / (loss) from past experience (298,500) 60,100 Accrued postretirement benefit liability $4,403,800 $3,838,300 Net periodic postretirement benefit i cost included the following components: Service cost 366,100 286,400 Interest cost on accumulated benefit obligation 286,500 246,900 Amortization of unrecognized prior service cost Net periodic postretirement benefit cost 652,600 533,300 A 7.0% increase in the cost of covered health care benefits was assumed for 1998. This rate is assumed to decrease incrementally to 5.5% in 2001 and remain at that level thereafter. The health care [

I - 14 cost trend rate assumption has a significant effect on the amounts I reported. For example, a 1% increase in the health care trend rate would increase the accumulated postretirement benefit obligation by $426,000 or 9.1% at year-end 1998 and net periodic cost by $62,900 or 9.6% for the year. The weighted average discount rate and rate of compensation increase used in determining the accumulated post-retirement benefit obligation for 1998 were 7.0% and 5.5%, respectively. NOTE 11 - OPERATING LEASES: At December 31, 1998, Seminole was obligated under certain leases of generating facilities and transportation equipment for which base lease terms expire on various dates through 2009. The lease of the generating facilities contains a variable interest rate component that could affect future lease payments. Base rental obligations under these leases are payable as follows: Year ending December 31, 1999 40,201,628 I 2000 40,705,066 2001 40,705,066 2002 40,054,734 I 2003 40,054,734 Thereafter $ 222,922,055 I These leases provide for renewals and options to purchase facilities and/or equipment at fair market value at various dates or upon expiration. Rental payments for these transportation equipment leases totaled $4.5 million and $4.6 million for 1998 and 1997, respectively. These payments were included as a cost of fuel inventory and expensed based on the tons of coal burned throughout the year. NOTE 12 - COMMITMENTS AND CONTINGENCIES: Seminole is purchasing a significant portion of the coal for the plant under a long-term contract expiring in 2010. Contract terms specify minimum annual purchase commitments, subject to force majeure ) conditions, and prices, which are subject to adjustment for changes in costs. 1 1 1 I L

r In addition, Seminole has long-term contracts with Mount Vernon Coal I Transfer Company (MVCTC), Central Gulf Lines (CGL), Apalachicola Northern Railroad (ANR), and CSX Transportation Inc. (CSX) expiring through 2010 for transportation of substantially all coal purchases. I Contract terms include a minimum cost as determined by a base quantity of tons shipped and prices, which are subject to adjustment for changes in costs. Total charges under these long-term coal and coal I transportation contracts were approximately $114 million and $110 million in 1998 and 1997, respectively. I On December 16, 1998, Seminole filed litigation asking the courts to determine equitable buy out arrangements of its contracts with MVCTC,

CGL, and ANR since mutually acceptable agreements had not been I

reached. Services provided to Seminole under these contracts with

MVCTC, CGL, and ANR were discontinued on December 16, 1998 and January 21 and 22,1999, respectively. Seminole's notification to the other parties to these contracts of the intention to terminate the contracts results in a material uncertainty to Seminole as of December 31, 1998, the amount of which however, is not reasonably estimable.

I Accordingly, no liability has been recorded as of December 31, 1998. j Furthermore, Seminole's Board of Trustees has authorized the deferral j of all costs related to this action pursuant to SFAS 71. The deferred j costs will be amortized to fuel expense on a cost per ton basis over the remaining six year life of the shortest remaining term of the i contracts terminated. I i i On January 4, 1999, Seminole began coal shipments utilizing lower cost all-rail transportation under a new agreement with CSX, having a minimum term of six years. Seminole is required to move a significant portion of its coal and petcoke received at Seminole Unit No. 1 and Unit No. 2 under this new agreement. Seminole has established an external NDTF in compliance with regulations prescribed by the Nuclear Regulatory Commission. The trust fund balance of approximately $3.8 million represents Seminole's cumulative share at December 31, 1998 of the estimated sinking fund reserve required to decommission CR3. Annual cash deposits will continue to be made to the NDTF representing Seminole's annual share of the projected sinking fund requirements. These amounts will be recovered from members through rates annually. Based upon a site specific study completed in 1994, Seminole's total share of the projected cost af decommissioning is approximately $7.7 million stated in 1997 dollars, and decommissioning expenditures are expected to occur over a twenty-six year period ending in the year 2041.

- 16 In January 1993, Seminole began purchasing power from an IPP under a twenty year agreement which requires the purchase of 295 megawatts of capacity by Seminole from a generating station that was constructed and is being operated by the IPP on a site leased from Acuera. During the initial ten years of the agreement, Seminole is required to purchase an additional 145 megawatts of capacity to be supplied by the IPP from an existing coal-fired generating facility. Under the terms of the agreement Seminole will receive this capacity on a first call basis, subject to certain restrictions as to its use. Seminole is obligated to make annual "take or pay" capacity payments ut approximately $34.6 million over the remaining four years of the initial ten years and approximately $21 million over the final ten years of the agreement. Total charges under this long-term contract ware approximately $48 million and $49 million in 1998 and 1997, respectively. In 1993, Seminole entered into an agreement with the Jacksonville Electric Authority (JEA) in which JEA will provide Seminole with 52 m gawatts of firm capacity from January 1, 1995 through December 31, 2001. This "take or pay" contract obligates Seminole to make annual ccpacity payments ranging from approximately $2.3 million to $2.6 million over the remaining three years of the contract. Total charges under this long-term contract were approximately $2.9 million and $2.0 million in 1998 and 1997, respectively. In January 1994, Seminole entered into a "take or pay" agreement with the orlando Utilities commission (oUC) in which OUC provided Seminole with 75 megawatts of firm capacity during 1996 and will provide 125 m:gawatts of firm capacity from January 1, 1997 through December 31, 2000 with a minimum annual obligation of approximately $7.0 million. Additionally the contract calls for OUC to provide 75 megawatts of firm capacity from January 1, 2001 through May 31, 2004 with a minimum annual obligation of approximately $4.0 million for 2001 through 2003 and $1.7 million during 2004. Total charges under this long term contract were approximately $10.6 million in 1998 and $9.2 million in 1997. In December 1998, Seminole signed a contract with Siemens Westinghouse Power Corporation and overland Contracting Inc., a subsidiary of Black & Veatch, to build a 500 megawatt, gas-fired combined cycle generating fccility at the existing 1300 acre site in Hardee County, Florida leased from Acuera. The estimated total cost of the facility is approximately $220 million. This facility is expected to be funded through debt borrowed from FFB and internal funds. Pending RUS cpproval, project construction is expected to begin in January 2000 cnd the facility is scheduled for commercial operation on January 1,

2002, replacing capacity currently being purchased from another Florida utility.

__ _ _ _ _ _ In the normal course of business Seminole has ongoing disputes with some of its power suppliers. Additionally, some of the billings received by Seminole for purchased power are subject to adjustment based on the actual costs of the seller. During 1998 and 1997, several disputes were settled resulting in refunds relating to purchased power costs recorded in prior periods in the amounts of approximately $548,000 and $300,000, respectively, not including interest. Also during 1998 and 1997, refunds were received in the aggregate amounts of approximately $1.1 million and $4.3 million, respectively, not including interest, for - adjustments to reflect actual costs related to power billings from prior periods. These amounts were recordsd in both years as reductions to purchased power expenses. Seminole is a party to litigation involving various other claims arising in the normal course of business. In the opinion of management, except for the disputes related to the coal transportation contracts previously discussed, the ultimate resolution of these matters will not materially affect Seminole's financial statements. i}}