ML20206R524
| ML20206R524 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 12/31/1998 |
| From: | Edwards T, Rainey J SANTEE COOPER |
| To: | |
| Shared Package | |
| ML20206R517 | List: |
| References | |
| NUDOCS 9905200143 | |
| Download: ML20206R524 (50) | |
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3 TABLE OF CONTENTS INTRO DU CTIO N l 1 l
CORPORATE STATISTICS l2 COMPARATIVE HIGHLIGHTS l2 I
MISSION STATEMENT 3 ENERGY SALES 13
- 1 EXECUTIVE REPORT l 4 1
YEAR IN REVIEW g 10 e GLOSSARY OF TERMS 20 FINANCIAL STATEMENTS 21 FINANCE-AUDIT COMMlHEE CHAIRMAN'S LETTER I 41 1
BOARD OF DIRECTORS l42 l
ADVISORY DOARD & MANAGEMENT l 44 SCHEDULE OF REFUNDED BONDS OUTSTANDING 45 SCHEDULE OF BONDS OUTSTANDING I 46 MEMORIAL l 48 a
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A As part of Santee Cooper's corporate commrtment to protecting and nmprowng our enwonment. this annual seg report was ponted with soy based anks on paper that meets Unsted States innronmental Proteltron Agency guodehnes for recytled paper We urge ysw to twylle thrs paper when you are Irnnhed with it
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SANTEE COOPER .
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I I TABLE OF CONTENTS INTRODUCTION I 1 i
CORPORATE STATISTICS g2 COMPARATIVE HIGHLIGHTS 2 MISSION STATEMENT I 3 ENERGY BALES 13 e l
EXECUTIVE REPORT l 4 l
YEAR IN REVIEW j 10 GLOSSARY OF TERMSg '20 FINANCIAL STATEMENTS 21 FINANCE-AUDIT COMMITTEE CHAIRMAN'S LCTTER I 41 i
BOARD OF DIRECTORS I42 l
ADVISORY BOARD & MANAGEMENT l 44 SCHEDULE OF REFUNDED BONDS OUTSTANDING l45 SCHEDULE OF BONDS OUTSTANDING I 46 l
MEMORIAL l 48 y
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T O UCHIN G - - '- -
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O As report part of Santer was pnnted Cooper % corporate wrth soy-bawd e ommitment orks on paper to protectong that meets LIthted and improving States invsronmental Protectionour Agency envuronment, this annual guodeltnes for recycled paper. We urg e you to recycle this paper when you are finished with it.
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SANTEE COOPER I THE SOUTH CAROLINA ENERGY RESOURCE THAT BELONGS TO SOUTH CAROLINIANS Construction on the utility project Santee Cooper also serves and Hilton Head Island and a small began on April 18,1939, with the municipalities of Bamberg hydroelectric unit at the Santee Dam.
the firc: electn8y generated on and Georgetown and serves The utility has a one-third February 17,1942 frora the almost 120,000 retail customers ownership in the VC. Summer Pinopolis Power Plant, (renamed in Berkeley, Georgetown and Nuclear Station near Jenkinsville.
Jefferies Hydroelectric Station in Harry counties. In October 1994, the Santee 1966), a five-unit hydroelectric In addition to its original Cooper Regional Water System facility near Moncks Corner. hydroelectric station, the utility has began commercial operation.
Santee Cooper generates the four large-scale, coal fired generating This signaled a new era in Santee power distributed by 15 of the stations in South Carolina:Jefferies Cooper service to South Carolina.
state's 20 electric cooperatives to Station in Moncks Comer, Cross The citizens of Moncks Corner, more than 400,000 customers located Station in Cross, Winyah Station in Goose Creek and Summerville and in 38 counties and supplies power to Georgetown and Grainger Station customers of the Berkeley County 32 Iarge industries, which includes in Conway. Water & Sanitation Authority are the one military installation in North Santee Cooper also has combustion beneficiaries of this stable supply of Charleston, S.C. turbine-peaking units at Myrtle Beach one of life's most precious commodities.
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I ap A South CaroHna's Cornnwn Thread Irorn its inception, Santee Cooper has been woven into the lives and the V - %s q& ,
fortunes of the people of South Carolina. - I 'NO Under the leadership of the state's General < W-'l ??' f' Assembly, Santee Cooper was creatcJ in 1934 "lor 3lf.'j&;]ll$.? $$
nnannE the benefit of all the people of South Carolina, and the p $1 k
knprmernent of their health, nelflur and materialprmperity." ' '
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Gisrn this mandate Santee Cooper warks each Jay to sent
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people whose lists we touch in so many ways. A s you will 4,
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see in this report, their steiles are, in eswnce, our ston*. 's * & x <_
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________ C = RPORATE STATISTICS 1
CALE NOAR YE AR s 1998, 1997 1996 1995 1994
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!!.?m!.'.liEi4M.. ~E. . m.... diFWs.a W" (1) Begmneny in Aprd 1994, frarxhne fees are no k.nger shown as reversues and expemes Anwmnts de rfued for payment to the mu rm spaktics fotoled52 33 3.000 for 1998. 52.M8.000 for N97. 52,217,000 for 1990. 52.123,000 for 1995 arxl 11,488,000 for 1994 (2) Prior year emounts for 1997 and 1996 bave been re-stated to conform to rufrent year presentation (3) Does not inchmie non.lerm ndles to other utdstaes COMPARATIVE HIGHLIGHTS CALE NOAR YE AR 1998 19 9'7 % CHANGE o ..x .
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OUR MISSION '_ ______q
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1 The mission of Santee Cooper is to be the state's leading resource
- for improving the quality of life for the people of South Carolina.
To fulfill this mission, e provicling exceIIent
- operating according Santee Cooper is committed to customer service; to the highest ethical
- being the lowest-cost
- maintaining a standards; 1 producer and distributor quality work-force e protecting our of reliable energy, through effective environment; and water and other employee involvement
- being a leader in l
essentialservices; and training; economic development. 1
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.. 2 ENER3Y SALES Direct Retail Se'vice Military and large Industrial cooperatives distribute At the end of 199b, Santee Cooper Military and large industrial power to more than was serving 119,470 residential, sales were up 2 percent over the 400,000 customers commercial and other retail previous year. in 38 counties.
customers located in Berkeley, Santee Cooper Georgetown and Harry counties. Wholesale also provides This was an increase of S percent Sales to the Central Electric electricity to the over 1997. Sales to these retail Power System for its 15 member municipalities ..
customers were 2,802 gigawatt- cooperatives increased 8 percent. of Bamberg and hours, up 9 percent from the Centralis Santee Cooper's largest Georgetown. Sales to these previous year. single customer. The electric municipalities rose 4 percent.
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l I 1998 EXECUTIVE REPORT Santee Cooper continues to Even though the wholesale remain the lowest in the state; march ahead and make strides to market has been deregulated, our customer satisfaction rating face the challenges and changes retail electric power in South is 98.6 percent; and our strong unfolding in this soon-to-be Carolina has not. The 1998 financialperformance has been restructured industry. legislative session ended without acknowledged by national bond .
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~ ~ . ~ y rating gencies. A vote i} a' W e of confidence was
'~ '
? '~ .y ", y received from the
-- L financial community
- .. in 1998 when Fitch
- .l I WU?" IBCA Inc. upgraded jy , ,
all $2.1 billion of g Santee Cooper's a long-term revenue f, 4 ,
bonds from AA- to AA.
Y 4 Fitch also upgraded Santee Cooper's 530.5 l, million of prior lien
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original bonds from AA to AAA.
. Santee Cooper continues to work diligently to reduce debt. During the past John S. Rainey T. Graham Ehr'rds year, $92 million of mini-bonds and $25 What is happening with passage of restructuring legislation. million of revenue bonds were restructuring of the electric But in October 1998, a Senate refunded by lower interest utility Industry? Task Force on Electric Deregulation refunding revenue bonds, with
/% The purchase and sale of wholesale was named by the Senate Judiciary savings of $62.7 million clectric power was deregulated in Committee. The group will review over what would have been the f}; l%)l,Qf' meet the challenges of wholesale s&992 by the federalgovernment. possibilities of drafting legislation for 1999. However, reports life of the bonds. In addition,
$263,075,000 of expansion
^ %f%[ '
wer deregulation ar,d the new s, Santee Cooper, along with late in 1998 indicated that legislation concerning bonds were refunded by $243,980,000
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h Municipal Electric, Authority of deregulation in the cort mercial paper C h/\ )eorgia G artdj*ad'sonviRe Llectric S.C. General Assembly proceeds, with
- v. :%,/ . ^$duthor Yy;40frriel thy ' y would not be a priority estimated savings y{?. j ) y?q tfrentity,Npntee,Cooperisfy f w gh _ for legislators.
th)bp,h of $38 million over what would
. j .
fuhf5ctflEpoder. on5liir$, hat is Santee Cooper's .
have been the
]:j .
y three utilities have over 8 000l ancial standing? .
life of the bonds.
, iMQof generating capacity Irr 996( ~ le Cooper is doing A competitive environment
[
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7 30 megawatt-hours o m,a things to prepare for calls for a quick response to market 0,Wr:( were bought and soldfof opyrQting successfully in a demands and the ability to provide
- %)antyCooper's customers j% ,restnetured electric utility expanded services to meet customer [
/thfuhTEA. enkonmen,tl Iqtes ove' roll needs. Santee Cooper continues to D* A '
M"hmxM2W'
, ,,7 -
, k' ' ,j r, ;E l[
i V b l make strides to control costs $787.2 million in c s ments Excellent customer service will be by lowenng operation and and 1,125 newjobh j a driving force in the restructured maintenance expenses, limitingf . tone' 99phts hie ,; eleyrichtilityindustry. A great capitalprojects gr 'a~k "e.Mf off eRamfle bf this occurred on and operating ,s $m , Pa in .A W vtuyust ywhe,n Hurricane
. more efficiently. kapt C&N R or)g & ann egwi 15 mbh winds, Allof this must fumax . Carolina
)brhshedthesbulb Carolina coast.
be accomplished' (now known as'h Nt$olly) Es theNori$ moved from our while maintainin and Berkeley Cou area, about 50,000 customers I the highest reliabi , be/ together in a SS o h, c- were without electricity.
In 1998, Skefoo y private partnersh:p,to a However, within 36 \
I hours, the power was .Y retailcustomer Qasep eas byfl 1,000-acre "Clahs( park f restored for all but a Y ;, ,99,4 f .D4 a 5Epe , nt }h j tsy & dtark. The first Q'pppn 5,
handful of customers. >
4 unbi/Ii 04 R pd(%tnet _
op9r
, AN"QI, , _y' '
The employees pulled . I
~f ,
DI y's _
together as a team and i a employees helping got custome:s back on j , }Q :
i Ql prcpore r restructuring? Iine as quickly as possible.
- How Is Santee Cooper ] Santee Cooper's employees Cooperative employee contributing tot,e's N continue to be the utility's most efforts such as these will help
^
l eccnomic dev Yts? valuable resource. Our employment move Santee Cooper successfully South Carolin h $' figures today have been reduced into the 21st century.
in job growth, $0the $cdo&ln onthe some as they were to about S.C. Dept. of CoiNm d%THe' in 1991. This streamlining is just What is Santee Cooper doing state also leads thdSc]biSbast one ofinthe ways we are managing on environmentalissues?
capitalinvestments for both new our bottom line. Even with In April and for the third consecutive firms and existing industry expan-
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sions. For South Carolina,1998
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3 was the fourth consecutive year that the state exceeded the l
$5 billion mark in new capital investment. Santee Cooper 1
continues to play a major role *'
i in economic development for A l ~
the state. In 1998, companies ?
announced investments of almost
- _a . 6
$ 1.6 billion in new developments
, located in Santee Cooper's direct , , ,
service territory of Berkeley, Georgetown and Horry counties. e Part of the economic dewlopment '
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success in Santee Cooper's direct L service territory is attributed to L, .
Nucor Steel which located in rural Berkeley County in 1995. That the decrease in manpower, year, Project Habitat presented facility, along with the 11 new Santee Cooper's excellent reliability Santee Cooper its best community industries attracted to the area and our quality customer service relations award for its work with because of Nucor, has resulted in have not suffered. the wildlife enhancement program.
} Ixeiuli7e Iepo~t~ s
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~l Project Habitat is a consortium of collected a record 1.3 million business and wildlife organiza- gallons of used oil, with 58 percent tions that encourages wildlife coming from do-it-yourselfers and habitat along electric utility 42 percent from businesses and rights-of-way, industry. There are 502 collection Santee Cooper's Give sites across South Carolina. Some .
Oil for Energy Recovery, 4.5 million gallons of used motor or GOFER, program, which oil have been coIIected since that ,
celebrated its eighth first day in 1990.
birthday in July, won Efforts to find new uses for another award in 1998. Santee Cooper's byproducts The South Carolina continue. In 1998, Santee Cooper Wildlife Federation completed the retrofit of the presented the award to Cross Unit 1 scrubber that allows Santee Cooper forits for the production of artificial efforts to help protect the gypsum as well as flyash. Sales state's water resources. In of these two byproducts in the 1998, the COFER program coming year willprovide an i h i M{F Q
nt
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attractive payback for Santee as United Way, July 1,1999, to Cooper's capitalinvestment Junior Achievement, have identified and reduce the inflow of waste American Red Cross, critical systems materials to Cross Station's Kids Voting-USA and -
Y2K ready.
landfillby approximately Palmetto Trail. Santee Cooper 50 percent. is working and How has Santee Cooper communicating
, How does Santee Cooper prepared for the Year 20007 - .
with other utilities support its communities? Santee Cooper recognizes the and industries to share In 1998, Santee Cooper serious nature of the Year 2000, information and experiences. We developed the Bright Light Award or Y2K, problem. To minimize report Y2K progress monthly to program, recognizing deserving the risks associated with this the North American Hectric volunteers in the Grand Strand ccmpater based problem, Reliability Council.
and Pee Den or~2 for their roc,arces have been committed community-support ettarts. to identify, assess, test, remediate, How has our corporate structure Throughout its service area, and develop contingency plans adjusted to accommodate change?
Santee Cooper supports for critical systems and suppliers. As we prepare to compete outreach organizations such We have set a target date of successfully in a changing utility
'It's important to me that my family is safe and cecure. I want if to be warm for them in the winfer and cool in the cummer. And Sanico Gooper's reliable electricit can prefty much 5VS'*"f** th'*f' ** Th*1fr"id* 24~ "'*d*1 ccrvice. If krc's a bad thundcrctorm and my lu.ghts go ovt, all I have to do is call 'l-BBB-FDWROVT' and comcone will be here to check ovt W proble.m.
And Sanico Cooper's rafe< are breat. F-ach month whem
" 55* "' *'+'i' 6i'I' I d "'* h "* * 't"i"* + ' ' 't
- boftom line. Santec Gooper has come of k lom4f rafe4 in
% ctate, and I'm glad I gct my cewice from km?
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4 yg l
Claire freeman l Resisitittial Ontonur g]e}uT,Q gepo~,7^ ,
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- nvironment, it is essential to divisions, each headed by six-county area surrounding Lake address the organization of a senior vice president, were Marion. The Lake Marion Regional Santee Cooper units and the established and ~ . . Water System was formed in w.. - a^
function each provides. This is report to the .< October 1997. Santee Cooper's the best way for us to achieve executive vice
- _; plans are for a six to 20 million optimum performance that meets president and gallons-per-day treatment plant the needs of our customers. chief operating ' that would be built in the vicinity
. a A streamlining of the officer. - ' ^ ^ of Santee, S.C. Funds for 1999 ,
organization was announced Realignment of the pg have been in December. The new structure organizational structure will QW= % earmarked by is arranged under three departments - Operations, provide a better grouping of 2Q_ # ~
federal and state officials operations along major lines of General Counsel and business and bring togethcr some to make this Administration and finance, of the closely allied customer . project feasible. .
each headed by an executive service functions that share Electric generating reserves in l vice president. Each of these co: won goals and objectives. the Southeast, in South Carolina department heads reports andin Santee Cooper's service l directly to the president and What does the future hold? territory are at a minimum. As chief executive officer. - Santee Cooper continues to part of a long-range planning Generation, Delivery and investigate the possibility of study by Stone & Webster Geomer Services, three new providing water to residents in a Management Consultants, Santee Cooper designed two courses of action to address the generation deficiency. First, on agreement was signed with a
g e- "6f'Mmoco f .C'( l Cooper f'Jver plant is
.- :h onc of the world'CPTA), largc44 purifi the basic irgedht used in manufac+vring.chaitorproof RICHARD rgzqja yoft[(z f;fy gny [ (qf(y f;$(yq_
SLACK ff'( a continuovq, %$-daqq por car, around the-clock. procccc that ocpends on
' a reliabic, C+2ble and ghi h qualuty flow of electric poner. Tbc least flicker in voltage can be citremcIg coctly, time-consuming. and challengcx our ovtcfand;ng.
cafety veard since ne starfed up in 1c)7c), Santec Gooper hac provided the reliability, effidem and (vality of Itichard Slack (CM6e CG6"lidl for ovr 6 4Gful ofer8fio""
InsImtrial Cmtomer g
g ~5 a L H 50s I
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Carolina Power & Light Co. to ' '
e; is >
purchase peaking power to cover
.& ;rvm%..%.O 4 i v 2 6, f.. t .
p.
- g g ;.3 g ; s Santee Cooper's short-term reserve y l
- ,1 G, y 3 % f 9 'Q f~*&;d%^:'e !~' .?l" ?D ,f deficit. According to the agreement, ih CP&L willprovide 100 megawatts of generating capacityin 1999, "xj $ '% '; f{g, j(f 150 megawatts in 2000, and 200
- e ,
cW & :P %ry 4..h f: z megawatts from 2001 to 2003. ~
A; %% . Q. ,'~ t Y %
- u Second, to meet the long. term cm
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. . . ~ s. 2 .
==-===n growth in Santee Cooper's service --
iw= v..
.t= D"A P"A C ITY'"T. i:..
_.,. s. uTE it RRITA RI ALa . . -
territory, decisions will be made in utw m ome m w n; '. % . '
pgggogpqANdi ==
1999 re9ordin9 construction of . . _ . . . ~
Wi W....._...................?... .
?.,\&... .". *..s9". .*. *.W. . . . . "_Y. .. a .. . . . ]- , ..$
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additionalgenerating capacity - ii d.Y.......M.. m.M..
~&, .... i[M..I M.., m
.N m . ., IWWG...... ..;.,_..
.,y .
} t'> meet Santee Cooper's energy .;g , "p "tq z 3:xg, W;
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- r y., . .
demands beyond the year 2001. iiG=a~
Y b !.y .p w""- \;ud.-~\Bb p~
The future of the electric mn
- i" i u.... = .a.
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utility industry, and public power, ;
6:=I N.f f \
i k\ , Y,f" is unknown. No one has a crystal .C.iiiL.. ii? ii 712. fa # t
~
'sti \i}tl i g i l ball that can tell us what will I ?iL. ?N.L Y.N ;~ ?
happen next year, o.n five years, n$ i-59: . I'i$???\.)$
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up1:.; -il 6 u
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"nlEEili n1; ~....= :qt 5 da \]lii ;& '4!i yit E.h= $u.n.w I
c p:.I E t
} or over the next 10 years. But, iiiN?:p ?m ?\ NG&i?:\ . . ..li.0\n: Y?we??2. i ?iihl:?i:;
it appears that deregulation, or :.,&..._h t
Ihu%GF
_..;. . i m ,.
- y. .
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...w
- q:gg ges. ;
restructuring, will happen in N '
5 *
. s,PA sourneauem power Admin 4irat.on South Carolina. And Santee Cooper con.u s s,my cap, a en9,ne,n wants to make sure that l
} all classes We can leam from their experience of customers and make the transition for South 1
) benefit from the
[,, Carolinians much easier.
restructuring. > ~ - Things are quickly changing 1
) We're watching ~; in the electric utility industry.
to see what But one thing that won't change
}
happens in states such as Califomia is Santee Cooper's commitment
) and Massachusetts where retail to reliable, low-cost power and deregulation is under way. quality customer service.
)
9L c.Q john S. Rainey Chairman, Board of Directors
)
Y
.A%4 dnVaud T Graham Edwards President and Chief Executive Officer
)
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] 5eU5iYe5epok 9
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YEAR IN REVIEW Generation and a 147 Bru/kWh heat rate 9,906 Btu /kWh was over 1 percent In the November 1998 issue improvement. Estimated annual better than the goal of 10,010 of Dectric Light & Power, savings are $2.8 million with the Btu /kWh. jefferies Station won Y
k;,.% + Santee Cooper's totaloperation initial cost being $4.8 million. the 1998 annual Generation L
Q and maintenance costs to e At Cross Unit 1, a turbine Goals Competition, as well as A generate electricity retrofit yielded an additional 45 the Heat Rate Competition.
?~ Q"
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were ranked the megawatts and a heat rate These competitions are 16th lowest in improvement of 153 Btu /kWh. conducted to recognize and .
- the nation. Total The $6.2 million retrofit is expected reward operating efficiency.
O&M costs were to result in annualsavings of The Pinopolis Lock at the 2.32 cents per $4.2 million. Jefferies Hydro retumed to service
' kilowatt hour. The
- At Jefferies Hydro, the after a $3.8 million refurbishing.
S nationalaverage was turbine waterwheelon Unit 6 was The project included the installation h? 3.32 cents per kWh in refurbished in-house, resulting in of two new 50-ton lake-side
.. the survey, published annually a savings of $700,000. gates custom made in Austria.
by the magazine. Coal-fired units recorded High-tech, touch-screen monitors Turbine retrofits at coal-fired availability that exceeded the now control new hydraulic stations continue to be sound 91.5 percent goal by 1.75 percent. mechenisms. The 75-ft. single-lift l
strategy for improving The system net heat rate of lock allows boats to travel to and etficiency. These retrofits from Lake Moultrie to the Tailrace contribute greatly to Canal and Cooper River.
positioning Santee Cooper .
as an increasingly ....l' competitive utility.
- A turbine retrofit a - :'m Winyah Unit 3 resulted.
1 ,
in a 29-megawatt jjj capacity increase I l+
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'Confral itardware is a family-owned _.
Wok been in Moncks Cernce for over 23 years.
cvin Housand meanc a ld +o vc ic the galify of ccvvice a gf from gje, ge7, [f yg g fe,g gg , , ;y ,g 9 C{omnurnal Cmtom<r , _g , ,;g _ g ;49 cuch as eneq curveqc and the (smmenal Oood C<dc propm.
Sanico por not onfg doc < a lof for its cactomovc, if also {
pve4 back to the community. And I'm g);d to know that, ac a Sovth Gavolinian, I own fart of that valuabic Sovih Carol;na oncry recource? (
\C Year In Review (
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Transmisslon A new 18-mile, 69-kilovolt transmission line in Sumter 'Aftcr (fonding ci$t mekG in Sanico Coofor'G 6Minnmonial In+crn County was Pm m durin the (vmmcr of 1995, I can affect to ibc fact that this
' . constructed utiity care 4 a.ovt the ewironment They have fropmc thatf ruicct the from Dalzell to air, walcr and cav4h.
the Scottsville I wag majoring in biology at Winthrof Vnivorcity when I vcad abovt
.( X Switching the inicrn fro m I know it muld f's me the oppov4vnity to ces what
=.- $3 Station. The a career in sn/imnmental ficId muld bc like, and +he fmpm wac a switching station incorporated vcal cyc-ofoncr. I Icarned 60 much abovt my arca of %+vd in a real erld 1
direct-imbedded support structures l Glivation. Onco comf eting the propm, I know that I wac on which eliminated the need for the rift track!
drilled pier and spread-footing ,
foundations. This approach saved , ,j approximately $80,000 in material *[ ;(, 3 , , ,
costs. Only one four-bay bus _yy% -
- y arrangement was constructed. pp . "
The site willaccommodate another ' 'r
- a(,
[%.L.sgg= [j-69-kv four bay arrangement, as .
well as four boys of 230 kv or k Y' ; -
115 kv and related stepdown transformers when Santee Cooper's s i
electrical system requires these i additions to the station.
A 900-megahertz trunking radio system was approved and should be completed by early 2001. In addition to Santee Cooper, the electric cooperatives served by Central Electric Power Cooperative will use the $24.7 million Motorola system. The system will reduce restoration time after severe .. .
weather outages or equipment i malfunctions as well as enhance the day-to-day operations. ~
, Service connections were 1 completed for the new Honda the growth of Su&e Cooper's l
all-terrain vehicle plant in retail customer base in the l Timmonsville and Corning's Myrtle Beach area almost Goose Creek pl ant which makes seem inadequate.
ultrapure glass forlens assemblies Customers in this vacation Matt carswegg and microprocessors. A new and golfing mecca known as the Tonna EmimnmentalIntem line to Non Ya Plastics helped Grand Strand live in a boomtown.
the Taiwanese-based industry The Grand Strand, stretching At the end of 1998, begin utilizing their new from Georgetown to Little River, Santee Cooper had 119,470 manufacturing facility. continues to be the nation's customers in Berkeley, Georgetown second-fastest growing residential and Horry counties. This was a S Distribution real estate market. Supplying an percent increase over 1997 There Terms such as " phenomenal," adequate and reliable supply of were SS miles of distribution lines
} " explosive" or " dynamic" describing power is an unrelenting challenge. added to the system, bringing the
} Year In Review \\
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i totalto 1,993 miles, an increase meter readings may also with one number to call when of 3 percent. The majority of this be obtained. seeking a licensed plumber to expansion, 72 percent, was In 1998, Santee Cooper meet their water-heating needs.
underground. improvedits Surge Alert Program. The Mystery Shopping Program, l A wider array a way to assess how customers are Customer Service of products served, now includes Marketing.
Santee Cooper continues to excel * .
are offered Distribution and Customer Services.
~
in customer service, receiving a for protection A " mystery shopper"is someone 9:.?.6 percent customer satisfaction .
against who poses as a Santee Cooper rating in the most recent survey. damaging customer. How a customer is A new v. lightning strikes and other served is an accurate indication of Automated-Meter-Reading
(.
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unforeseen electric surges that can play havoc with expensive the quality of service we deliver.
(AMR) pilot electronic equipment. At the Outreach and project got end of the year, some 682 Employee Recognition under way. . customers were taking advantage The story of Lakes Marion and in an AMR system, personnel of this service. Moultrie, commonly referred to l can obtain residential meter The Hot Water Help Line was as the Santee Cooper Lakes, will readings remotely. Load-survey introduced to provide customers be part of an exhibit at the l
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I I t e i South Carolina Aquarium. The Moncks Corner featuring a Fifty employees volunteered for aquarium is now under construction lighted fountain. the Read With a Child Program in downtown Charleston and is Improvements were made at Berkeley Elementary School.
expected to open within the next at the John C. Land Boating and Employees also began a Lunch two years. Sportlishing facility at Taw Caw Buddyprogram at Berkeley The Santee Cooper Reservoirs Creek on Lokp Marion. Upgrades Middle School.
Exhibit will display prized game included a new building to host The Lake Moultrie Passage, fish such as the striped bass, larger fishing tournaments and Santee Cooper's 26 mile stretch largemouth bass, crappie, bream expanded boat docks and of the " mountains to the sea" and Arkansas blue catfish. The parking facilities. Palmetto Trail, is now linked to exhibit narrative will tell how the Santee Cooper will furnish the 15 mile Swamp Fox portion of Santee Cooper Hydroelectric and and equip a chemistry laboratory, the trail. The Swamp Fox Passage Navigation Project, completed in and provide lightning protection is located in the Francis Marion 1942, created the world's first equipment at the Georgetown National Forest.
landlocked striped bass fishery. campus of Harry-Georgetown Santee Cooperprovided design, Technical College.
construction and construction ';=\
Mayor Lynn Wood Wilson
~
management for Unity Park, an
$ yj attractive downtown park in f;lg',If,j!,'f';'l,';,l "Sanfee Cooper has prov'ided electridfy to Georgetown for many yeart it' sbeen a relationship that has been be.nefdal fo both Sanies Cooper and &corgciown Georgefown is a community that is ppwing We're the stafe's ceand Targczf scaport and 1h;rd oldc<t city. Our populafion is abovf a ! , , ..
~
- 10,000 with ov'e.r 1,000 busine<(e4 Our downfown area is bustling, and new bvsinc4(c4 arc
_ opening. vp all the time. We're
&~ proud of all weNo accomplished With Sanies Cooper's rehabic, low-coc+ power and the suppov+
i h5 ' ""'"i+1-fhe15 beorgeforw'*w+ *ill whnus to grtw' Year in Review Is
l I
i l 'When Sanice Cooper, Alvmas, and Serkeley Counfg announced l the Wst. Vtolly Commerce Fa'vk last cummer, I krew if wovfd I
be ., god ihmg When this park opecs, abovt 20 industrie4 will offer newjobs to many people living~ here in fhe Lowcounfry The economy in Berkeleg Covnfy is yeaf.
Unemployment rafes are at about 2 perconf. And new developmeets like this will keep that vnemplogment ra+e low
'd "
When companie4 come io the area, fhey providejobs not on!g for those who will erk here when the building is complefe, hvf also for those do vvn bulldozers, drive trucks and do consfrvcfion. It's like a domino effect. I'mjust gad Santee Cooper doe 4 whaf if doe 4 for ovr economy' Ik>bby Ware Site Superintendent Mt. IIolly Cornrnerce Park Outstanding Service month. Oflast year's total, Award. The McGruff 769,667 gallons were collected Truck Program, from the do-it-yourself GOFER started two years collection sites. About 30 percent ago at Santee Cooper, puts of the increase in collections came employees in schools to teach from adding the S.C. Department children the "McGrutf wave." of Education's 48 schoolbus shops Santee Cooper installed 14 The Sonice Cooper Fellows and the S.C. Department of navigation markers in the Pimlico Scholarship Program was Transportation's 58 maintenance area and other sections of the established at South Carolina shops to the Cooper River. The markers aid State University to fund on GOFER system.
navigation in places where enc'owment for scholarships. This is an ,.
booters may lose track of the The program targets students example of how /-
river channel. The Berkeley County majoring in business, computer Santee Cooper, legislative Delegation secured science, engineering technology as a state funding for the markers. or physical science. agency, can provide a cost-saving Santee Cooper's first Lineman's service to other state agencies.
Rodeo, sponsored by Training Environmental Protection A major advertising campaign and Development, attracted GOFER promoting the benefits of used oil over 150 employees and family South Carolina's largest used collection in the Piedmont area members to Somerset Point. Then motor oil collection program kicked offin September when a it was on to t'ansas City for the targeting do-it-yourself oil changers GOFER collection site was opened national competition where over is operated by Santee Cooper. at Clemson University.
200 teams and 140 apprentices This award-winning program, competed. Santee Cooper placed Give Oil for Energy Recovery Cool Ash a respectable 9th and 26th in (GOFLR), collects used oil and In years past, coal ash two categories. converts it into electricity, was a problem.
Santee Cooper received the Collections averaged mp+Q~
NationalMcGruff Truck Program's
_[*,
110,000 gallons per e
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0 ev e \ 'f
_ NT
p, ._ --
1 I
i Now, instead of being - a carp is a lI -
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The Santee Cooper Regional Iandfilled and forgotten, l fish genetically Water System became a participant it's sold and put to good ., ,._ altered to be in the Partnership for Safe Water use. Pond ash reclamation sterile so other fish Program. The partnership is a efforts, started in 1997, populations will not voluntary, cooperative effort made significant gains in W ,
be affected. among the U.S. Environmental recovering storage area. In The corp eat nuisance aquatic Protection Agency, the American 1998, approximately 195,000 weeds in the lakes and have Watenvorks Association and other tons of pond ash were diverted to gained an effective measure of drinking water organizations.
industries manufacturing cement, control over hydrilla. Just a few concrete block and asphalt, years ago,45,000 acres of the Environmental Recognition producing revenue of $415,000. lakes' 156,000 acres were infested. In recognition of Santee Cooper's
, Throughout Santee Cooper, Now, hydrilla can be found in only efforts to keep used oil out of 358,000 tons of coal-combustion about 300 acres in the lakes. the environment, the GOFER byproducts were utilized creating Information gathered from growing program received the 1998 revenue of $730,000, hydrilla in the exclosures will be Water Conservation Award at used by Santee Cooper biologists the S.C. Wildlife Federatien's Water Quality to determine control strategies. 33rd Annual Conservation Santee Cooper began a program Awards Banquet.
to determine future grass carp ;c .
stocking needs. Four areas to gg exclude grass carp (exclosures)
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were constructedin Lakes Marion i Ii% W:: , &&
and Moultrie. The Chinese grass
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'l came to Santec Cooper to bass fish in 1970
.gi1, Y;u ? ..
{cIl in love with the beavfy of Santee Cooper country.
In 1974 I moved hem, bovgbf a fishing re<orf and (farfed piding fishing parties. This ama has pvvided me a (vktantial income eer since. The c<enomic impact the<c Iake4 hae on the ama is astounding,. More. than $400 million is (pent by fourists each year. It's those viciforc who keep peopTe like me in bvciness. The lakc4 are home of the landlocked
<triped bacc, and (cople come here from all oer the world to fish
%v krom its becavce of Santec Cooper that a hae the4e lakc4. And it's Sanfet Gapr n,ho manag< the lakc4. They maintain prper lake Icels ard apfic mzd centrol' Year In Review Ic
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The theme for the 1998 Services, Water Quality and Evolution Plan was Environmental Essay Contest was General Construction. developed. Business <
" Paper vs Plastic: The Recycling plans outline
~p' '
Bout of the Century." About 3,000 Corporate unit or group
~
students from across South Carolina In 1998, an integrated set of strategies and participated. The grand prize financial applications, known specific actions ,
winner was Beth Trafton from as Santee Cooper's Financial needed to supp$rt %
- Branchville Elementary Schoolin Information System (FIS), was " Santee Cooper 2000" objectives.
Branchville, S.C. implemented. In conjunction Performance measures gauge the Some 125 people attended with the new software, Activity- success of the business plan's the sixth EnvironmentalSymposium Based Management (ABM) was strategy and the achievement of held in November at Litchfield -
initiated and these objectives.
Beach. The theme was " Strategic .. became an The Energy Authority (TEA),
Growth and Environmental integralpart of the first public-power marketing Quality for the list Century: & gg the corporate alliance in the country, recorded Achieving Balance." ., culture at its first full year of operation.
The Santee Cooper * '
Santee Cooper. Electricity trading began at TEA's EnvironmentalIntern Program This process enables enhanced Jacksonville, Florida headquarters celebrated its eighth year in 1998. accounting, budgeting, project in August 1997. TEA is comprised Ten rising seniors from colleges management and tracking of costs. of three publicly owned utilities:
and universities across South A key benchmark in progress Santee Cooper, the Jacksonville Carolina worked nine weeks during toward ABM is the creation and Electric Authority and the the summer in environmentally updating of departmentaland Municipal Electric Authority related areas at Santee Cooper. business unit plans. of Georgia.
They rotated through six different ABM performance measures areas including Environmental were established, and the ABM Colonel Rod llishop Cliarieston Air Force ihne Military Customer "Charic4 ton Air Grce Bacc ic home of
% C-17 airceaff and is the aircoff's
- on!g opcofional bacc in % Air 6rce.
The micc;onc any from cvprorting V.S. p baccies over;cac fo airliffing humanitarian aid to victims of (
icactcrs to airdropping fg info % head of conting operations in hoctile arcac.
Ovr G-17 &lobomac.cv tilc arc % moct ad/aned arrcaff of kir kind.
San 1ec Cooper hac been % covrce of clesfr;c power for + hic bacc cince i+
begn opcofionc in ic)42 ac an Army airficid'
?o Year in Review f
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- $anfee C-ooper befien in cupporting the communifie< where it docc l ,
hvcine<< and is very involved in environmental, communify (crvice, I ,
I recycational and govth-relaled activities.
One govp Sanfee Cooper activcIy cupports is local fire depar4ments. They were a big help , , .
in fhe consfrvofion of ihe Scrkeley C-ovnfy q~ ' 4 Facility where area firemem from around the Eg county are tra;ned I thank. Sanice Cooper for being a suppovicr of cuch god causet, expecialFy ovv volvnicer fire depav4msntG!
Jimmy Wells -
~'
Santa Coofer Emplopt ..
anal Volmawr nranan TEA markets wholesale power on the fact that Santee Cooper of Commerce:
and promotes the efficient use is the common thread in the lives
- Capitalinvestment during of the generation assets ofits of 1.1 million South Carolinians 1998 totaled $5.8 billion, the members. TEA members own or who depend on Santee Cooper highest in state history.
controlover 8,000-megawatts of as their source of electricity.
- 31,632 newjobs were generation. An example of TEA's Communicating the issue of created, benefit to Santee Cooper occurred electric industry restructuring
- 8 percent in late June when wholesale was bolstered by a corporate f higher than prices escalated during times slide presentation and the the previous of high demand. When prices production of new materials record of 29,303.
rose dramatically over several for the Speaker's Bureau o Beginning extremely hot days of record- program. in 1995 and continuing through setting high demand, TEA was To those with access to the 1998, the Palmetto State has able to secure more favorable Internet, www.santeecooper.com witnessed on amazing $22.4 power costs for its members. is the best way to find out billion in capitalinvestment.
inforrnation about Santee Cooper. For 1998, newly announced Awareness it is a popular website, averaging development in Berkeley, The 1998 statewide corporate 15,000 visits per week. Georgetown and Harry counties, advertising program, utilizing Santee Cooper's direct service print and broadcast media, Economic Development territory, totaled nearly $ 1.6 billion began during the summer. Records are made to be broken. in capitalinvestment and at least The program's theme centered When it comes to economic 516 new jobs.
development in South Carolina, leading the way was one records are being broken in the development: the $1.5 billion 1990s with stunning regularity. Grande Dunes project in Myrtle bl: ,g g According to the S.C. Department Beach, a residential community
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l and luxury oceanfront hotel on Alcoa-Mt. Holly property off and improvements proposed for l
owned by Marriott. The Grande U.S. Highway 52 between Phase I. FoII 1999 is the projected Dunes Project is expected to Moncks Corner and Goose Creek. completion date for Phase I. l stretch over 20 years and is Eight tracts, ranging in size Santee Cooper's investment is to projected to result in 11,000 new from 11 acres to 99 acres, comprise be repaid by Berkeley County over l residents and an equal number the first-phase development of c 10 yearperiod.
of vacationers. 319 acres. The remaining 15 Park development, part of the l Santee Cooper, Berkeley tracts, ranging in size from 4 " Class A" concept, includes I .gb County and aluminumacres to 138 acres, total 379 installation of water, sewer, curbed l m 'a y 1' maker Alcoa-Mt. Holly acres. These tracts will be roads, storm-water management
,:" ~ (formerly Alumax of available when Phase II and other infrastructure costs.
South Carolina) broke infrastructure is installed in the Phase Il costs are estimated to be
' l ground during the summer next several years. approximately 56 m% n.
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on a 1,000-acre Class A Alcoa-Mt. Holly provided the Expansion of two " tries [
l* industrialpark, the first land for developing the industrial served by Santee Cooper, large-scale facility of its kind park and will be reimbursed for Amoco Chemicals Corp. and in the Lowcountry. the cost of the land from propedy Alcoa-Mt. Holly, totaled The park is a $ 13 million sales. Santee Cooper is providing $72 millio: :nd 15 newjobs. .
public/ private partnership, located up to $7 million for construction The Atlantic Center for 1 b
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'l can remember Padd falldng abovf when elecfridty @$@ , 9y [}:kh hff!ff was first delivered to he<c rvraf areas in Clarendon % A s.
'% 3 ff f County When they +vrned on the Igts for the first time, @ , ' ' I N ' ll -j%' -
'([ kg?$;lf ~ g O M if was one of the brpic4f days in our live 4 and comeIhing
,} m'll always resember. We've come a long way cinx %n, g ,
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4 S with cIcctridty in the home, on h farm, and helping N4^'* , ,
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% withjvcf abovt everything we do. And it was all becauce 4 ha d of Sanfee Cooper and ovr electric cooperafve. Wectridty ld has made the farming busine<< and life at home mveh
. ]~~~casier than it vsed to be?
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Jack llorton ranner inception, 53 billion in capital Elatric Cmratiw Custonur investments and more than 200 new industriallocations have been Business and Industry near and coordinates economic made in the Central cooperatives' Myrtle Beach added one new development activities in the service area. Santee Cooper's resident, the new accounting and South Carolina counties served chairman, president and chief operations center for Anchor Bank. by Santee Cooper and Centrol executive officer, and two board This increases the number of Electric Power Cooperative's members serve on Palmetto's firms located in the Atlantic 15 members. board of trustees.
Center to 10, with a total Capitalinvestment in Palmetto's Santee Cooper's average employment of nearly 600. On territory totaled $201 million industrialpower rates are 3.00 the upper end of Harry County, and 2,640 new jobs, which was cents per kilowatt-hour, the lowest loris Industries constructed a 26 percent of the newjobs created in South Carolina and among the 66,000 sq. ft. facility in the in rural counties statewide, lowest in the Southeast. That's Loris Commerce Center. according to S.C. Department of according to the latest edition of The Palmetto Economic Commerce figures. the Electrical World Directory of Development Corp. Palmetto, centrally located in Electric Power Producers and
/- promotes Columbia, celebrated its 10th Distributors, published by The anniversary in 1998. Since its McGraw-Hill Companies.
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_ _ . .3)3 5 _ _ _ _ _ _ _ _3 GLOSSARY OF TERMS Availability The amount of time that a Generating unit - A combination of Peak demand - The maximum amount of system is available to provide servire, usually equipment neaded to produce electricity, electricity used by a utihty customer at any expressed in percentage, for a specific such as turbine-generator and its boiler. instant during a specific time period. The period of time such as a month or year. A generating station usually consists of peak is used to measure the amoum of several units. electric generating capacity that is Stu (British Thermal Unit) - The standard unit for measunng quantity of heat energy, Gypsum - This is both a naturally occumng required to meet that maximum demand.
such as the heat content of fuel. It is the and an artificially produced calcium sulfate Public power - Refers collectively to those e amount of heat energy necessary to raise (Ca504) compound. It is used for a utilities owned by municipahties or the the temperature of one pound of water multitude of purposes including sheetrock, state or federal government. Although not one degree Fahrenheit. fertilizer and cement production. Artificial government owned, electric cooperatives Capacity - The load for which a generating gypsum may be produced by utilities using are sometimes considered within the unit, generating station, or other electrical forced-oxidation desulfurization systems. scope of public power.
apparatus is rated either by the user or by Heat rate - A measure of generating station Reinvested earnings - Net revenues the manufacturer. thermal efficiency, generally expressed in available for reinvestment in the business.
Combustion turbine - A jet type turbine Btu per net kilowatt-hour. It is computed Residential customer - The classification engine which burns gas or oil and propels by dividing the total Btu content of fuel of customers to whom electncity is sold for a generator to produce electricity. bumed for electric generation by the household purposes.
resulting kilowatt-hour generation. The Commercial customer All nonresidential lower the heat rate, the more efficient the Restructudog - The changes in the retail customers served under the General production. regulatory ano statutory policies governing Service rate schedules. Generally, these electric utilities as well as the changes that SOh customers have a demand less than 1,000 kW Hydrilla - A non-native aquatic plant. It is
. are taking place in the n.ar! etplace and the most problematic aquatic plant species electric utility industry as a result of these K
%M 4( %'dM h per month,
%Oemand The rate at which electric in the Santee Cooper Lakes, as well as in energy the state. Hydrilla forms large, dense "9 '"
k 'gis delivered to or by a system, part of a populations which displace native species Retail customer - These customers are 4,- or a piece of equipment. It is and impair water activities such as boating the ultimate consumer of electric energy.
j M(y g gf'sjg e fd in kilowatts at a given instant or and fishing. Includes residential, commercial, small
- 5 over any designated period of industrial and other non-wholesale I? ,A 1 b' l 'fa.
- time;T ' 'pnmary source of " demand" is Industrial customer - Very large retail customers.
(MI ~$ onsuming equipment of the customers served under Santee Cooper's Large Light and Power rate schedule (or Revenue bond A bond payable solely h;j Q" w ers' i associated riders). These customers have a from net or gross non taxable revenues r 4[ ) The elimination of demand greater than 1,000 kW. derived from the operation and charges
'@,pi re frorg a previously regulated paid by users of the system.
.g Investor owned utility - Refers collectively
>E I~ to those integrated utilities organized as Substation - An assemblage of equipment d /, D" .h%e process of delivering privately owned, taxpaying entities for the purpose of switching and/or elech _ irff%om convenient points financed by the sale of stock in the free changing or regulating the voltage of
((}g, l, ,I
- ont
. to the ymissien or bulk power system pep @o, a functional market and managed by representatives (directors) regularty elected by stockholders.
electricity.
Tax-exempt financing - A form of financ-
_. W that portion of 4 ,Iy $ - [ clan--
sc utility for Oye purpose of K lowatt (kW) 1,000 watts. ing employed by publicly owned utilities that allows such utilities to issue bonds
- deliv ric y from convenient Kilowatt-hour (kWh) - The basic unit of
( 'g[h Points ran .. gn system to electric energy equal to one kilowatt where the interest paid on the bonds is not generally subject to taxation. This t g consumess, er to ehpeltes relating to the (1,000 watts) of power flowing through policy, established in law, stems from the j~ .'1, j operation nd maintenahe of distribution an electric circuit steadily for one hour.
long-standing philosophical viewpoint that
~ M,ic cooperative A group of persons
- I -
> Load - The amount of electric power pubhcly owned utilities (electric, water,
,, delivered or required it any specified point sewer) provide basic services to the citizens 4g 6 , who have organiaed a loir(venture for the or points on a systeni. they serve and thus should not be taxed.
q ' p; purpose of suppfying eledr(Ic energy to a Megawatt (MW) One milliun watts or Transmission - The process of transporting
. h: feed area. In South Carolina, there are 1,000 kilowatts. electric energy in bulk from a source or
"[ ae r* Mini-Bonds - Bonds issued by Santee sowc6 f supply to other principal parts f the system or to other utikty systems.
, yy. , .,, .y Cooper in denominations of 5500 for current h b8W , j The gele of electric energy W cus s usually interest bearing bonds (CIBS) or $200 for Also, a functional classification relating to that portion of utility plant used for the f capital appreciation bonds (CABS) in a ,
- N ' ' ~
maximum amount to any one individual of Purpose of transmitting electric energy in
- 2i ry 15,000, which were sold directly to customers bulk to other principal parts of the system
- rt other utWty systems, or to expenses
@ nt federal and other residents of South Carolina.
g--b i %hhin ment of relating to the operation and maintenance r -
North American Electric Reliability of transmission plant.
W= Q pu ory Council (NERC) Formed in 1968, its
' yk. fgbE s ah .N ytwal mission is to promote the rehabihty of the Watt - The basic electrical unit of power gas, and phar eru electricity supply for North America. or rate of doing work. The rate of energy 5 of hydroelectric totatiet.' othe{ng transfer equivalent to one ampere flowing k things, the agefify a%ty Open Access 5ame Time information due to an electrical pressure of one volt at i .
"s , over the safety of 5 System (OASIS) - A computer information unity power factor. One watt is equivalent b
- and dikes.
kg I.
"g dag[. system that enables all buyers and sellers to approximately 1/746 horsepower, or to have equal access to Santee Cooper'5
} , , one joule per second.
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l REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Advisory Board and Board of Directors of the South Carolino Public Service Authority: We have audited the accompanying balance sheets of the South Carolina Public Service Authority (o component unit of the state of South Carolino- Note 1) os of December 31,1998 and 1997 and the related statements of occumulated earnings reinvested in the business, reinvested earnings, and cash flows for each of the three years in the period ended December 31,1998. These financial state. ments are the responsibility of the Authority's management. Our responsibility is to express on opinion on these financial statements based on our audits. We conducted our audits in occordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the occounting principles used and significant estimates mode by man-ogement, as well as evoluoting the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. l in our opinion, the financial statements referred to above present fairly in all material respects the financial position of the South Carolina Public Service I Authority as of December 31,1998 and 1997 and the results of its operations and its cash flows for each of the three years in the period ended December 31,1998 in conformity with generolly accepted accounting principles, j The Year 2000 supplementary information on page 39 is not a required part of the basic financial statements but is supplementary information required by l the Governmental Account;ng Standards Board (GASB), and we did not audit and do not express u opinion on such information. Further, we were unable to apply I
+c .he information certain procedures prescribed by professional standards because disclosure criteria specified by GASB Technical Bulletin 98-1 os amended l
are not sufficiently specific to permit meaningful results from the prescribed proce-l dures. In addition, we do not provide assurance that the South Carolino Public Service Authority is or will become Year 2000 compliant, that the South Corolino l Public Service Authority's Year 2000 remediation efforts will be successful in whole or in port, or that parties with which the South Carolino Public Service Authority does business are or will be Year 2000 compliant. I 1 I b M Charlotte, North Corolino, l February 10,1999 (except with l respect to the fourth porograph above, as to which the date is
! March 29,1999) 1 Financials ?-
I Balance Sheets South Carolino Public Service Authority December 31,1998 and 1997 ASSETS 1998 1997 (Thousands) Utility Plant - At Cost: Plant in service $ 3,380,480 $ 3,300,734 Less occumulated depreciation 1,203,257 1,109,376 Total Plant in service . net 2,177,223 2,191,358 Construction in progress 51,411 75,704 Nuclear fuel- of amortized cost 18,417 26,020 Total ut;lity plant - net 2,247,051 2,293,082 Other Physical Property (Net of Accumulated Depreciation) 1,768 1,720 investment in associated company 6,328 4,231 Cash and Investments Held by Trustee (Designated) 218,617 184,567 Current Assets: Cash and investments held by trustee 103,087 120,866 Bond funds - current portion 128,827 111,592 Accounts receivable - net of allowonce for doubtful occounts of $890,000 and $637,000 of December 31,1998 and 1997, respectively 88,214 72,997 Accrued interest receivable 2,262 1,991 inventories, at overage cost: Fuel (cool and oil) 61,596 53,355 Materials or.d supplies 32,972 33,444 Prepaid expenses 671 1,703 Total current assets 417,629 395,948 Deferred Debits and Other Assets: Unamortized debt expense 25,988 24,358 Costs to be recovered from future revenue 345,721 392,119 Deferred cool contract buy-out costs 32,200 38,500 Other 27,008 24,073 Total deferred debits and other ossets 430,917 479,050 Total 5 3,322,310 $ 3,358,598 1 The occompanying notes to financial statements are on integrol port of these balance sheets. (
?A Financials (
LIABILITIES AND CAPITAllZATION 1998 1997 (Thousands) Long. Term Debt: Electric Revenue Bonds - Priority Obligations 5 27,210 $ 30,455 Electric System Expansion Revenue Bonds 0 258,255 Copitalized Lease Obligotions 32,253 35,576 Revenue Bonds 2,011,300 1,987,265 Total long term debt (net of current portion) 2,070,763 2,311,551 Less: Unamodized loss on refunded debt 275,785 285,504 Reacquired debt 655 3,400 Unamortized debt discount and premium - net 42,975 48,741 Long-term debt - net 1,751,348 1,973,906 Current Liabilities: Current portion of long-term debt 85,232 61,094 Accrued interest on long term debt 56,310 60,731 Commercial paper notes 456,100 241,650 Mini-Bonds and Revenue Bonds (Series M) 0 100,457 Accounts payoble 34,267 24,864 Other 19,289 20,073 Total current liabilities 651,198 508,869 Deferred Credits and Other Noncurrent Liabilities: Construction fund liabilities 307 849 Nuclear decommissioning costs 60,987 51,479 Unamortized gain on reacquired debt 448 44 Other 29,152 26,321 Total deferred credits and other noncurrent liobilities 90,894_ 78,693 Commitments and Contingencies Capitol _. Contributions - U.S. Government Grants _ _ 34,438 _ 34,438
] Accumulated Earnings Reinvested in the Business .794,432 762,692
- Total. $ _.3,322,310 $ 3,358,598
} J } financials ?'
Statement of Accumulated Earnings Reinvested in the Business South Carolino Public Service Authority i Years Ended December 31,1998,1997, and 1996 1998 1997 1996 (Thousands) Accumulated earnings reinvested in the business - beginni ig of year $ 762,692 5 756,558 5 700,947 Reinvested earnings for the year 39,345 13,596 62,293 Total 802,037 770,154 763,240 Distribution to the state of South Carolino 7,605 7,462 6,682 Accumulated earnings reinvested in the business - end of year $ 794,432 5 762,692 5 756,558 l l l l 1 I I l l l l l l l The accompanying notes to financial statements are on integral part of these statements. l
- <> Financials
Statement of Reinvested Earnings South Carolino Public Service Authority Years Ended December 31,1998,1997, and 1996 1998 1997 1996 (Thousands) Operating Revenues: Sole of electricity 5 764,870 5 717,467 5 690,294 Sole of water 3,705 3,852 3,838 Other operating revenues . 7,064 6,505 5,474 Total operating revenues 7_75,639 727,824 699,606 Operating Expenses: Electric operation expense: Production 286,075 274,112 257,457 Purchased and interchanged power 23,723 17,015 13,327 Transmission 10,769 4,129 3,809 Distribution 7,023 3,822 3,776 Customer accounts 4,107 3,751 3,806 Sales 2,018 1,707 1,560 Administrative and general 52,602 61,615 61,259 Electric maintenance expense 58,894 61,937 54,182 Water operation expense 1,068 897 1,088 _._ Water rnointenance expense . . _ _ _ _ _ _ _ _ _ 258 _224 _ .292 Total operation and maintenance expense 446,537_._ _429,209 400,556 Depreciation and amortization 106,702 101,795 101,359 Sums in lieu of taxes 2,134 2,203 1,928 Total operating expenses 555,373 _533,207 503,843 Operating income 220,266 194,617 _195,763 Other income: Interest income 16,794 18,230 19,610 Net increase in the fair value of investments 3,154 3,284 274 Other - net _ 2,435 6,286 9,625 Total other income 22,383 _ 27,800 29,509 Interest Charges: Interest on long-term debt 118,423 132,921 127,908 Other 38,665 35,151 37,105 Total interest charges ._ _ _ . . _ _ _157,088 ._168,072 _.1.65,013 Costs to be Recovered from Future Revenue (46,216) [40,749) 2,034 Reinvested Earnings $_ 39,345 5 13,596 5 62,293 The occompanying notes to financial statements are on integral part of these statements. financials 77
Statement of Cash Flow South Carolino Public Service Authority Years Ended December 31,1998,1997, and 1996 1998 1997 1996 (Thousands) Cash Flows From Operating Activities: Operating income $ 220,266 $ 194,617 5 195,763 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and omortization 116,665 111,034 110,660 Impact of transactions involving associated company (15,531) (3,322) 0 Distributions from associated e.ompany 13,263 1,033 0 Other income (33) 39 43 Changes in ossets and liabilities: Accounts receivable, net (15,217) (4,669) (4,006) Inventories (6,405) (11,240) 3,669 Prepaid expenses 1,032 (1,620) 1,013 Other deferred debits (5,049) (1,532) 5,460 Deferred cool contract buy-out costs 6,300 6,000 5,700 Accounts payable 9,403 (3,785) (2,462) Other current liabilities 606 (15,275) (1,340) Other noncurrent liobilities 11,990 8,992 477 Net cash provided by_opeioting activitjes. _ 337,290.__ 280,272_. _ _.314,977 Cash Flows From Investing Activities: Net (increase) deo eose in investments (51,381) 79,123 (4,823) l Interest on investments 16,680 22,284 24 886 Net investment in assoooted company 0 (4,500) 0 Net cosh (used) provided by investing activities. . (34,701) . _ _96,90 7__ 20,063 Cash Flows From Noncopitol Related Financing Activities: Distribution to the state of South Carolino (7,605) (7,462) (6,682) Cash Flows From Capitol and Related Financing Activities: Proceeds from sole of bonds 127,811 215,597 350,966 Retirements of reacquired debt 3,272 1,122 3,254 Net commercial paper (repayments) proceeds 214,450 36,877 (32,547) Repayment and refunding of bonds (442,306) (355,217) (382,490) Interest paid on borrowings (142,567) (154,733) (155,396) Construction and betterments of utility plant (68,043) (84,203) (79,860) Debt issuance costs (5,020) (9,586) (22,013) Other _
. (3,610) (3,52 7) . _ _(3,418)
Net cash used in capitol and related financing activit;es (316,013) (353,670) (321,504) Net (decrease) increase in Cash and Cash Equivalents (21,029) 16,047 6,854 Cosh and Cash Equivalents at the Beginning of the Year 238,179 222,132 215,278 Cash and Cosh Equivalents of the End of the Year 5 217,150 5 238,179 5 222,132 {
?H finonaals
1998 1997 1996 (Thousands) Reconciliation of Cosh and Cosh Equivalents: Cash and investments held by trustee (designated) 5 218,617 5 184,567 5 216,581 Cash and investments held by trustee 103,087 120,866 146,038 Bond funds - current portion 128,827 111,592 117,607 Less investments, not considered cash and cash equivalents 233,381 178,846 258,094 Cosh and Cash Equivalents of the End of the Year $ 217,150 $ 238,179 5 222,132 Noncash investing activities: During the year ended December 31,1998, the Authority recognized $171,000 in equity losses related to its interest in a wholesale power marketing joint venture. The accompanying notes to financial stotements are on integral part of these statements. Financials 1% 4
Notos to Financial Statomonts 2 - 'ava5' mon' in ^55acia'8d ComPony - Investment in Associated Company represents on equity investment in a whole-sole power marketing venture (th3 " Venture") formed by the Note 1 - Summary of S.ignificant Accounting Policies: Authonty onJ two unrelated pubhcly owned electric utihties (col-A - Reporting Entity - The South Corolina Public Service lectively +he " members") in May 1997. The Authonty has a 33.33 Authonty (the Authonty), a component unit of the state of South percent ownership interest in the Venture which provides services Carchno, was created in 1934 by the state legislature. The Board to the members and non-members and allocates transaction sov-of Directors is oppointed by the Governor of South Corolina with l ings and operating expenses to the members pursuant to o the advice and consent of the Senate. The purpose of the Settlement Agreement. Dunng 1998, the Authonty received distnbu-Authority is to provide electnc power and wholesale water to the tions of $13,263,000 from the Venture and recognized people of South Carchna. Capital projects are funded by com- 515,531,000 in reductions to power costs portiony 04 set by mercial paper notes in addition to bonds and internally generated
$171,000 in equity losses. Dunng 1997, the Authonty mode capi-funds. The Board of Directors sets rates charged to customers t tal contnbutions of 54,500,000 to the Venture, received distnbu-j poy debt service and operahng expenses and to provide funds tions of $1,033,000 and recognized 53,322,000 in reduction to required under bond covenants.
l power costs, portially offset by 52,558,000 in equrty losses pnmon-B - System of Accounts - The accounting records of the ly attnbutable to the Venture's stort-up activities. In add: tion, the Authority are rnaintained in accordance with generally accepted Authority provides certain guarantees and has pledged certain col-accounting principles (GAAP) oppbcoble to governmental entities laterol to support the transactions of the Venture. The Authority's and are maintained substantially in accordance with the Uniform Board of Directors hos opproved the use of $15 milhon to support System of Accounts prescnbed by the Federal Energy Regulatory the Venture's trading activities in the form of corporate guarantees, Commission (FERC) and the National Association of Regulatory letters of credit ond/or cash as determined by management. Utility Commissioners (NARUC) as applicoble. The Authonty als K. Reclassifications Certain prior year amounts have been comphes with pohcies and practices prescnbed by its Board of reclasshed to conform to current year presentation. With the Directors. The preparation of financial statements in conformity implementation of Activity-based Management (ABM) on January with GAAP requires manageraent to mol<e estimates and assump-1,1998, certain costs, primanly pensions and benefits, were tions that oHect the reported omounts of assets and liabihhes and functionohzed from administrative and general expense. Prior year disclosure of contingent assets and liabilities at the date of the amounts have not been reclassified to reflect the implementation hnoncial statements and the reported amounts of revenues and of ABM. expenses during the reporting period A;tual results may differ L - Impairment of Long-Lived Assets - The Company odopt-from those estimates. k ed Statement of Financial Accounting Standards No.121 (SFAS C - Utility Plant Utility plant is recorded at cost, which 121), " Accounting for the impairment of Long bved Assets and includes matenois, labor, overhead, and interest capitchzed dur' bnglived Assets to Be Disposed Of" on January 1,1996, with no ing construction. No interest was capitalized in 1998 or 1997. matenol effect on the financial statements. This statement requires The costs of maintenance, repairs and minor replacements are that long-lived assets be reviewed for impairment whenever events or : charged to oppropriate operation and maintenance expense changes in orcumstances indicate that the carrying amount of on accounts. The costs of renewals and betterments are capitchzed~ asset may not be recoverable. This statement also imposes stncter The original cost of utihty plant retired and the cost of removal, cnteria for regulatory assets by requinng that such assets be probo-less salvoge, are charged to accumulated depreoation. ble of future recovery of each balance sheet date. The Authonty will D - Depreciation Depreciation is computed on a straight-hne reassess the effect of SFAS No.121 in the future os compettive fac-bases over the estimated useful hves of the various classes of the tors influence wholesale and retail pncing in the industry. plant Annual depreciation provisions, expressed as a percentage M - Issued But Not Yet Effective Pronouncements - In of average depreciable utihty plant in service, were approximately June 1998, the Financial Accounting Standards Board issued 3 4% for the penod ended December 31,1998 and 3 3% for the Statement of Financial Accounting Standards No.133, pe,ods ended December 31,1997 and 1996. Amortization of
" Accounting for Derivative Instruments and Hedging Activities."
capitchzed leases is also included in depreciation expense. The Statement estabbshes accounting and reporting stondords E - Revenue Recognition and Fuel Costs - Substonbally all requinng that every denvative instrument (including certain denvo-wholesole and industnol revenues are billed and recorded at the five instruments embedded in other contracts) be recorded in the end of each month. Revenues for electricity delivered to retail cus-bolonce sheet as either on asset or hobihty measured at its fair tomers which have not been bdled are occrued. Fuel costs are value. The Statement requires that changes in the derivative's fair reflected in operahng expenses as fuel is consumed' value be recognized currently in earnings unless spec fic hedge F - Bond issuance Costs - Unamodized debt discount, premi' occounhng cntena are met. Statement 133 is effective for fiscal um, and expense ore amort. zed to income over the terms of the years beginning ofter June 15,1999. Management has not yet related debt issues. Gains or losses on refunded debt are amortized quantified the impacts of adopting Statement 133 on the to income over the shader of the remaining hfe of the refunded Authonty's financial statements and has nc,t determined the timing debt or the Ide of the new debt The unomorbzed loss on refunded of or method of the adoption of Statement 133. debt is being shown as a reduction in long-term debt-net. G - Cash and Cash Equivalents For purposes of the state- Note 2 - Regional Water System: ments of cash flows, the Authonty considers highly hquid invest ~ In 1992, the Authority's Board of Directors authonzed the ments with onginal motunhes of less than three months and cash construction of a regional water system. The Authority executed a on deposit with hnanciol instrtuhons as cash and cash equivalents. 35-year contract with the Lake Moultne Water Agency, o joint H - State Distribution The distobution to the state of South muniopol water system consisting of the following members: City Corchna is determined consistent with requirements under the of Summervdie Commission of Pubhc Works, Town of Moncks 1949 Inden*ure Corner Commission of Pubhc Works, City of Goose Creek, and 1 - Deferred Cool Contract Buy-Out Costs Dunng 1995, the County of Berkeley The Lake Mouhne Water Agency pur chos-the Authonty exerc sed a buy-out option on on existi ng coal con' es ou of the capom of the water system and sells such copooty tract in order to take advantage of lower cool costs. The cost of tc the four members. The water system commenced initial opero-the buy-out, which was approximately $53,000,000, is recorded in deferred debits and included os a component of fuel costs over tion on October 1,1994. (t the remoming Ide of the former contract The balonce in this Note 3 - Costs to Be Recovered frorn Future Revenue: occount at December 31,1998 was $32,200,000. The Authon*y's electoc rates are establ shed based upon u financials
debt service and operating fund requirements. Straight-hne depre- As of December 31,1997, decommissioning funds totaled aation is not considered in the cost of service ca!culohon used to 550,066,000 with related unreahzed holding gains of design rates. The differences between debt prinapol matunties $ 10,480,000. These unreahzed hold,ng gains are reflected in the (odi usted for the effects of premiums, discounts, and amortaction decommissioning liabihty and not as a separare component of non-of deferred go;ns and losses l and straight-hne depreaction on operating income in the statement of reinvested eamings. debt financed assets are recognized as costs to be recovered from All the Authonty's investments with the exception of decomm:s-future revenue The recovery of outstanding amounts associated sioning funds are limited to a matunty of ten years or less. For the with costs to be recovered from future revenue will coinade with year ended December 31,1998, the Authonty made investment pur-the retirement of the outstanding long-term debt of the Authonty. choses at cost fotolhng opproximately $20.3 bilhon and reahzed pro-ceeds on the sale of investments fotolhng approximately $20 2 bil-Note 4 - Cash and investments Held by Trustee (Designotedh hon. For 1997, purchases at cost and rechzed proceeds from the sole Unexpended funds from the sale of bonds, debt sennce funds, of investments totalled approomately 519. 6 bilhon. other speaal funds, and cash and investments are held and main- Cash - Cash is categonzed as follows: Category 1 includes toined by trustees, and their use is designated in accordance with bank balances entrely covered by federal depository insurance.
- opphcoble provisions of various trust indentures, bond resolutions, Category 2 includes bank balances that are uncollaterahzed or collat-lease ogreements, and the Enabhng Act included in the South erchzed with secunties pledged to the Authonty by pledging financial Carohna law Such funds consist pnncipally of investments in govem- institutions but not held in the Authonty's name.
ment secunhes. In 1998, the Authonty adopted the provisions of the Investments - Trust indentures and resolutions authonze the GASB Statement No. 31, "Accounhng and Financol Reporting for Authonty to invest in obhgations of the U.S. Treasury, agenoes, instru-Certain Investments and for Extemal Investment Pools " GASB mentakt es, and certficates of deposit. The Authonty's investments Statement No. 31 esrobbshes standards of occounting and financial consist of U.S. govemment secunhes, certficates of deposit, and reporting for certain investments in secunties and requires that oil repurchase agreements. The Authonty requires that secunties underly-equity and debt secunhes be recorded at their fair value with gains ing repurchase agreements have o market value of of least 102 per. and losses in fair value reflected os a component of nonoperohng cent of the cost of the repurchase ogreement. Secunties underlying income in the statement of reinvested eomings. In accordance with repurchase agreements are dehvered by broker / dealers to the the provisions of GASB Statement No. 31, the Authority apphed the Authonty's trust ogents. At December 31,1998, the Authonty's repur-provisions of this Statement retroactively by restahng financial state- chase agreements totaled $197,261,500. ments for all prior penods presented. Premously, gains and losses in The Authority's investments are categonzed to give on indicohon the fair value of investments were reflected as a component of accu- of the level of nsk ossumed by the Authonty at year-end Category 1 mulated earnings reinvested in the business. As of December 31, includes investments that are insured or registered or for which the 1998 and 1997, the Authonty had investments totalkng securities are held by trust agents in the Authonty's nome Category 5452,002,000 and 5426,417,000, respect vely. 2 includes uninsured certificates of deposit which are collaterahzed As of December 31,1998, the Authonty's investments carried with secunties pledged to the Authority by pledging finanaal insto at fair market value included nuclear decommissioning funds of futions but not held in the Authonty's name.
$59,665,000 with related unreahzed holding gains of 513,298,000.
1998 investments Cash Total Category Category Category Category Corrying Ma r ket 1 2 1 2 Value Value (Thousands) Cash and Investments Held by Trustee (Designated) General improvement Funds . ..$ 62,820 5 950 $ 7 $ 114 5 63,891 $ 63,891 Debt Seivice Reserve Funds . 72,509 0 20 0 72,529 72,529 Other Speaol Funds . 82,117 0 _80 0 82,197 82,197 Total Cash and Investments Held by Trustee (Designated) . .5 217,446 $_ 950 5 107 $. 114 $ 218,617 5 218,617 Cash and investments Held by Trustee Revenue Fund.. ..$ 56,226 5 0 $ 264 $(2,346) 5 54,144 $ 54,144 Revenue Fund Water System . 819 0 0 0 819 819 Special Reserve Fund 47,641 0 100 282 48,023 48,023 Special Reserve fund - Water . 101 0 0 0 101 101 Total Cash and investments Held by Trustee ..$ 104,787 $ 0 5_364 5(2064) $ 103,087 5 103,087 Bond Funds - Current Portion Interest ..$ 56,2 79 5 0 5 0 $ 0 5 56,279 5 56,279 Bond Ponopol . 72,130 0 0 0 72,130 72,130 Lease . 418 0 0 0 418 418 Total Bond Funds - Current Port on .5 128,827 5 0 $ 0 $ 0 $ 128,827 $ 128,827 financials p I
1997 investments Cash Total Category Category Category Category Corrying Mai ket 1 2 1 2 Value Vo!ve _ , . _ . . . . . . (Thousands) Cash and investments Held by Trustee (Designo'ed) General Improvement Funds . .5 15,598 5 950 5 22 5 163 5 16,733 5 16,733 Debt Service Reserve Funds . 96,452 0 21 0 96,473 96,473 Other Special Funds 71,353 0 8 0 71,361 71,361 Total Cash and Investments Held by Trustee (Designated) .. .5183,403 5 950 5 51 5 163 5 184,567 5 184,567 Cosh and Investments Held by Trustee Revenue Fund ..$ 61,353 5 0 5 172 5(10,627) 5 50,898 5 50,898 Revenue Fund-Wnter System . 664 0 0 0 664 664 Special Reserve Fund 68,401 0 100 740 69,241 69,241 Special Reserve Fund Water . 63 0 0 0 63 63 Total Cash and Investments Held by Trustee . 5 g0,481 5 0 5 272 5 (9,887) 5 120,866 5 120,866 Bond Funds - Current Podion Interest ..$ 62,793 5 0 5 0 5 0 5 62,793 5 62,793 Bond Pnncipal 48,362 0 1 0 48,363 48,363 Lease 436 _ .. 0 _0 0 436 _436 Total Bond Funds - Current Portion . .5111,591 5 0 5 1 5 0 5 111,592 5 111,592 l l s .' Financials
Note 5 - Long. Term Debt Ootstonding: The Authonty's long-term debt of December 31,1998 and 1997 consisted of the Idomng __ _ 1998 _ . . . 1997 __ (Thousands) Electric Pevenue bonds Pnonty Obhgations: (moture through 2006) Interest rate 4.10% 5 30,455 5 33,560 Electnc Sysiem Expansion Revenue Bonds: (moture through 2018) Interest rates vary from 540% 57/8% 0 263,075 Capitolued Lease Obhgations. (moture through 2014) Interest rates vary from 2 00% - 5.00% 35,576 39,185 kevenue Bonds: (moture through 2032) Interest rate. vary from 3 80%2 _00% 7 2,089,964 2,036,825 Total Long-Term Debt 2,155,995 2,372,645 Current Portion - Long Term Debt 85,232 61,094 Total Long Term Debt - (Net of current portion) 52,070,763 5 2,311,551 Matunties of long-term debt through 2003 ore os follows: Pnonty Capitaleed Revenue Obhgations Leases Bonds Total Year Ending December 31, (Thousands) 1999 5 3,245 5 3,322 5 78,665 5 85,232 2000 5 3,395 5 2,763 5 80,125 5 86,283 2001 5 3,545 5 2,552 5 61,985 5 68,082 2002 5 3,705 5 2,654 5 61,190 5 67,549 2003 5 3,870 5 2,762 5 58,500 5 65,132 Total 5 17,760 5 14,053 5 340,465 5 372,278 The fair value of the Authonty's debt is estimated based on ing reduced the Authonty's total debt service requnements by quoted market prices for the some or simdor issues or on the cur- opproximately 538 milhon, resulting in on economic gain of rent rates offered to the Authonty for debt with the some remoen- opproximately 523 milhon (over what would have been the hfe of ing matunt.es. Based on the borrowing rates currently available to the bonds). the Authonty for ton-exempt bonds and other debt with similar in 1997, the Authonty issued 5214,555,000 in 1997 terms and overage motunties, and in accordonce with SFAS No. Refund ng Senes A Bonds. These refundings reduced the l 107, " Disclosure About Fair Value of Financial instruments," the Authonty's total debt service over the hfe of its bonds by approxr Inir value of debt is opproximately $2.66 bilhon and 52.78 bil- motely 522,228,000, resulting in on economic gain over the hfe
! ,on at December 31,1998 and 1997, respectivel y. of the bonds of opp'oomotely 511,885,000.
The Authority refunds and defeoses debt primanly as a GASB No. 7 ollows governmental ent. ties to advance refund i means of reducing debt service, thereby postpon.ng or reducing debt through either legal or in-substance defeosonce. On future rote od ustments. i September 5,1997, the Authon+y deposited $25,201,000 in on in 1998, the Authonty issued $100,885,000 in 1998 irrevocable escrow to in-substance defeose to motunty Revenue Refunding Senes A Bonds and $26,815,000 in 1998 Refunding Bonds due January 1,2001 through July 1,2006. The amount Senes B Bonds. These refundings reduced the Authonty's total deposited in escrow, plus eamings thereon, will be sufficient to debt service over the hfe of its bonds by approomotely pay principal of motunty of $29,035,000 in addition to interest 562,548,000, resulting in on economic gain over the life of the on the bonds for the penod from July 1,2000 through July 2, bonds of opproomotely $16,846,000. Also in 1998, th e 2006 of opproomotely 56,751,000. In-substance defeosed Authonty refunded $"63,075,000 of outstanding Electric System bonds remain cohable in accordonce with the opphcoble call pro-Expansion Revenue Bonds primarily with the proceeds of vision of the respective issue. } 5243,980,000 tax-exempt commercial paper notes. This refund- ] 3 hnancials ;i
Refunded amounts outstand.ng, onginal loss on refunding, and the unomortred loss of December 31,1998 ore os follows: Refunding Issue Refunded Bonds Refunded Onginal Unomort. zed Amount loss loss Outstand.ng
, (Thousands)
Cash Defeosonce 5 20,000 of the 1982 Senes A 5 - 5 2,763 5 1,731 1991 A,B,&C Refunding 5 4,855 of the 1980 Senes A & improvement Senes 5 8,075 of the 1981 Series A 5 13,500 of the 1985 Senes 5 32,500 of the 1985 A Refunding Senes -- 4,856 39 1992 A Refunding 5 3,370 of the 1985 Refunding Senes 5 5,405 of the 1985 A Refunding Senes 5 100,010 of the 19r36 Refunding Senes A 5 22,555 of the 1988 Refund;ng Senes A 5 15,370 of the 1991 Refunding Senes B 5 12,085 of the 1991 Senes D 27,455 42,188 25,541 1993 A&B Refunding 5 86.180 of the 1/74 Senes 5 93,360 of the 1979 Senes A
$ 4,980 of the 1985 A Refunding Senes 5 14,935 of the 1986 Refunding Senes A 5 23.675 of the 1986 Refunding Senes B 5 135,705 of the 1991 Refunding &
Irnprovement Senes B ond C 135,705 38,8/0 38,870 1993 C Refunding 5 167,660 of the 1977 Refunding Senes 5 900 of the 1985 Refunding Senes 5 2,390 of the 1985 A Refunding Senes 5 6,365 of the 1986 Refunding Series A 5 14,905 of the 1988 Refunding Senes A 5 100,110 of the 1991 Refunding & Improvement Series B ond C 5 279,905 of the 1991 Senes D 380,015 72,311 63,040 1995 A Refunding 5 138,505 of the 1988 Refunding Series A - 20,024 14,732 1995 B Refunding 5 175,330 of the 1987 Refunding Senes A -- 40,758 30,505 1996 A Refunding 5 257,795 of the } 986 Refunding Senes C - 92,596 74,165 1996 B Refunding 5 5,925 of the 1986 Refunding Senes A 5 5,830 of the 1986 Refunding Series C 5 62,325 of the 1986 Refunding Senes D 5 6,940 of the 1987 Refunding Senes A 5 4,155 of the 1988 Refunding Senes A - 4,831 3,062 Cash Defeosonce 5 14,080 of the 1992A Senes 5 14,955 of the 1996A Senes 29,035 4,779 4,096 1997 A Refunding 5 100.000 of the 1978 Senes 5 68,325 of the 1991 Senes B 5 37,495 of the 1991 Senes D 105,820 16,990 16,132 . Commercial Paper 5 76,050 of the 1973 Senes 5 105,605 of the 1977 Senes 5 81,420 of the 1978 Senes - 2,099 1,941 1998 B Refunding 5 25,000 of the 1992 B 25,000 1,970 1,931 Total > 703,030 5 345,035 5 275,785 a financials
The Authonty's bond indentures provide for certain restoc- At December 31,1998 rhe Authonty had a Fevc,1ving Cred,t tons, the most significant of which are: Agreement wah Toronto Dominion (Temos), Inc. for
- 1. The Authonty covenants to estabhsh rates sufhaent to pay $ 500,000,000 This agreement is used to support the Authonty's all debt service. requaed lease payments, capital improvement issuance of commercial paper There were no borroengs under fund requaements, and all costs of operat i on and maintenance of the agreement dunng 1998 or 1997.
the Authonty's electnc system and all necessary repairs, replace. Under the Revenue Bond Resoluton, s aall denomination ments, and renewals thereof bonds due on demand (Senes M Bcnds) were issued The
- 2. The Authonty is restncted from issuing additional panty remaining Senes M Bonds were refunded by the 1998 Refunding bonds unless certain conditions are met Senes A Bonds.
As of December 31,1998, the Authonty is in comphance with all debt covenantt Note 6 - Commercial Paper and Mini Bonds: The Board of Directors has authorized the issuance of com-rneraa! paper not to exceed 5500,000,000. The paper is issued for va!id corporate purposes with a term not to exceed 270 days. For the years ended December 31,1998,1997, and 1996, the informat.on related to commeraal paper was as follows: 1998 1997 1996 Effective interest rate (at December 31) 3.11% 3.83% 3.59% Average annual amount outstanding (5000) 5424,962 5 225,004 _ 5225,627 Average matunty 73 days 63 days 65 days Averoge annual effective interest rate . . 3.50% 3.65% 3 53% Commercial Paper and MinnBonds outstanding at December 31, a e as follow: 1998 1997 Commercial Paper _ __ _ _ _ . _ _ _ __ _ ._ 5 456,100 __ 5 __ 241,650 Revenue Bonds (Senes M): 1991 Series bearing interest at 6 875% and due 2007 and 2008 0 29,476 1992 Series beanng interest at 6.25% and due 2007,2008, and 2009 0 41,155 1993 Senes beanng interest at 5 35% and due 2010, 2011, and 2012 0 29,826 _ Total Revenu_e Bondsj.Senes M) _ _ __ __ _ $ _ _0__ _5 100,457 Total Commeraal Paper and Revenue Bonds (Senes M) $ 456,100 5 342,107 Note 7 - Summer Nuclear Station: spent fuel output for the life of the plant through rod consoldaton, dry cask The Authonty and South Carohna Electnc and Gas (SCE&G) are storage, or other technology as d becomes avabble. In additon, there s parties to a joint ownership agreement provding that the Authonty and sufhcent on-site storage capaaty over tie life of Summer Nudear Station to SCE&G shall own the Summer Nudear Staton with undivided interests permit storage of tte entve reactor core in tte event ttof complete unbad-of 331/3% and 66 2/3% respectively SCE&G is solely responsible vy should become desirable or necessary for uny reason. for the design, constructon, budgeting, management, operaton, The Nudear Regukitory Commisson (NRC) requires a licensee of a maintenarre, and decommissioning of the Summer Nudear Staton, nudear reactor to provde minimum in onaal assurance of its otildy to
-. and the Authonty is oblgated to pay its ownership share of all costs decommisson its nudear faahes. In comphance wdh tte opphcable NRC relating thereto. The Avihority receives 331/3% of the net electricity regulatons,ite Authonty estabhshed on extenul trust fund and legan rrok.
generated At December 31,1998 and 1997, the plant accounts ing deposits into this fund in Septemle 1990. In addrton to provdng for
] snduded apprommately 5506,000,000 and 5505,000,000 respec- tte minimum requirements imposed by tie NRC,ite AuHonty makes fively, representing the Authonty's investment, induding capitalized deposds into on intemal fund in the amount necessary to fund ite difference interest, in the Summer Nudear Staten For each of the thn,e years between a site-spsalic decommssicrurg study comped in 1991 and tte ended December 31,1998,1997, and 1996, the Authonty's opera- NRC's imposed minimum requirenent The Auttonty's one third stue of ton and maintenance expenses induded $44,051,000, the estimov e d decomm ssoning costs of tte Summer Nudear Staton 545,712,000, and $42,433,000 resoectivel y, for the Summer equals approximately 176,266,000 in 1990 dollars. The Auttonty accrues Nudear Staten. for as share of tte estimated decommssiorung costs over fte rennning hie Nucks fuel costs are beng amorteed based on energy expended, of t!e faakty These costs are lmng recovered through tie Auttenty's rates.
which inclock!s a corTyianent for estimated dmposal costs of spent nudear Based on cunent decommissorung cost estirnates deveked by fuel Ths amorteaton is included in fuel expense and s recomed through SCE&G, ttese funds, which totaled approximately 159,665,000 (odiustrd J the Authonty's rates. to market) at Decemler 31,1998, alarg with future dr$osos into both tte SCE&G has an on site spent fuel staruge capability until ai least 2009 external and intenul decommissiorung accourws and investnent earnirgs, ) and expects b tm able to expand its storage capaaty to accommodate the are estinuted to provde sufficent furds for tte Auftonty's om-thed stue } Financials b
of tte taal datomrrussionirg cosis stand;ng m.o. mum obhgatons at December 31,1998 os fcMows Tte Erergy Fblicy Act d 1992 90+ tre Dngrtment d Eregy (DOE) Year endry Daember 31: Anourd the outtony to oswss utstes for fte docunmiswnng d #s loahtes used for , tte ennchnent of urarnum induded in nucknr fuel costs. In order to decom- -@ i misson Itese foolnes, tte DOE eemotes that a would rvei to chene uth g9 { tes a lutal d 5150,000,000, irdexe.d for infkmon, anruAy fu 15 years 2000 100 1U 2001 88 902 brud on ennthment setwes used by utilites in put perois Based on on 2002 89 04.7 estirrote from SCE&G covenng t'e 15 yents, tte Authcety's remairurg ore. 2003 24 third shore d the lobaty at Decemtn 31,1998 totals 51,213,I80 Such omount hos bnen defened and udl be reccwemd thrcu;h mies os pad Total ~ 5 401[672 386 These costs are inckxkd on the accompanyirg balante sheets in " Deferred The Author #y's outtardvg minimum oblgat ans under two exstry por-Detets and Other Aws" and "Defened Crerits and Other Noncunent ctowd pow contracts as d Decerrow 31,1998 we e opproximcMy 194 Lobihtes " mmon crd 540 millon with remoirung terms of 36 and 5 years, respody The Auttonty has commitments for nuckor fuel ennchment and Note 8 - Leases: fabocaton cont <octs which are contrngent upon tte operating hfe of the The Auttordy has coprtai Iwne contracts with Central Dectnc Fbwer nuclear und As d December 31,1998, these commitments total approx-Ccx4eative, Inc. (Central), co+nng a shnm elecmc generatirg plant, trans. imately 591.3 milhon over the rext 11 years. misson locates, and vancxx, otter facAtes Tte remaining kose tenns Risk Monogement The Auttonty is exposed to vanous nsks of loss range from 1 to 18 years. Quarterly lease payrrents are baswJ on a sum related to tor s; tteft d, damage to, and destructon of assets, business e equal to tte interest on and pnropol of Central's indebtedness to tte Rural interrupton; and errors and omissons. Tte Authonty purchases commer-Utilites Service (formerly Rural Dechfication Adminatraton) for funds bor- oal insurance to cover these nsks, subi ect to coverage kmits and vorous rowed to construct Ite above-menhornd luchtes. The Auff onty has optons exdusions. Settled daims resulting from these nsks have not exceeded to purchase fte leased propertes at any time dunng tte pmod of ff e kaase commercol insurance coverage in any of the past three years Ibliaes o'e agruenents for sums equal to Cenkofs indebtedr ess remaining outstanding subject to deductibles ranging frora 5 WOO to apprommately 5850,000 on the propert es of tte fine tte options are exerosed or to return the prop- with the exception of named storm losses which car y deduct <bles up to erties at tte terminaton d the lease The Authorny plans to exerase each 53,000,000. Also a 51 millon general lobAty seH. insured layer exists and every opton to acqune owreship of such laaktes pror to expiraron of beMeen tte Authonty's pomary and excess hability poloes. tte knes. The Authonty is self. insured for auto and dental, and environmentol Future minimum lease payments on Central knses at December 31, inadents that do not anse out of an insured event. The Authonty purchas. 1998 w e es commeraal insuranc e, sub! ect to coverage limits and vanous exdu-sons, to cover automotive exposure in excess of 52 millon per inadent. Year ending December 31: Amount Risk exposure for the dental plan is hmited by plan prcmsons, lhere have (T.housands) not been any third party daims for environmental donoges for 1998 or
. _ . .1999- .5 4,801 1997. The Authonty currently reports all of ds nsk management actmtes 2000, 4J32 ;n gs general fund. Claims expend:tures and hohikt es aIe reported when it 2001. 3,818 is protobie that a loss has occurred and the amount of the loss can be 2002.. 3,818 reasonably estimated.
2003- 3,819 Additonally. effective September 1,1997, the Authonty is self-Therecher . 26,012 ,nsured for daims of employees for workers' compensation benefrts. Pror Total minimum lease payments . 46,400 to Septemter 1,1997, workers' compensaton daims were cove <ed by less amounts representing invrest 10,824 the State Accident Fund (the fund) Any work-related inadents or illnesses Balance of December 31,1998. .5 35,576 ttot have an occunence or diagnosis date pnor to September 1,1997, Property under capital leases and related occumulated amortn are covered under the Fund. As of December 31,1998, the amount of uten included in utby plant at December 31,1998 totaled the workers' compensaton self-insured habikty was 5586,000. 197,452,000 and 568,531,000 respectively, and at December 31, Effective January 1,1997, the Authonty adapted tFe provisions of 1997 totaled $97,473,000 and $65,830,000, respectively Statement of Fositen (SOP) 96-1 "Envircunental Remed aton Labihties " Operating lease payments, induding the operating lease pay. This statement provides authontoNe guidance for recogniton, measure-ments for leased coal cars which are reflected in fuel inventory, ment, d, splay, and disdosure of enwonmental remedoton kabihties in totaled 56,231,000,55,811,000, and 53,672,000 dunng the years finanaal statements SOP 96-1 did not have o motenal impact on me ended December 31,1998,1997, and 1996, respectively. Authonty's finonaal positon or results of operatons upon adopton. At December 31,1998, tte amount of the selfonsured habihties Noto 9 - Contract with Central Electric Power Cooperative, Inc.: was 51.6 millon. The lobaty is the Authonty's test estimate based on Power supply and transmisson services are provided to Central available informaton. Changes in ite repaded labihty in each of the past in accordance with a power system coordinaton and integraton two years are os follows: agreernent. In addition, the Authonty will be the sole suppher of 8 1997 Central's energy needs exduding energy Centrol receives from the Southeastern Power Administraton and SCE&G. bS "d5) Unpcnd daims and daim d i ustments expenses at Note 10 - Commitments and Contingencies: Budget - The Authonty's capital budget provides for expendr ""'"9 Y" ' $ ' $ tures of approximately $148,301,000 dunng the year ending incurred daims and December 31,1999 and 5369,669,000 dunng the two years daim adiustment expenses: therecher. These expenditures indude 5265,599,000 associated Prowsion for insured events with new genero+mg facil, ties being constructed to begin opera- of tte cunent yem 1,563 769 tions in 2002. The total cost of this project is estimated to be Decreases in provison (303) (367) 5275,000,000. Capital expendi'ures will be financed by internafly Puyments for current generoied funds and o combinaton of taxable and tax exempt and pror yeas 991 758 borrowings. Purchase Commitments - The Authonty has contracted for Total unpa d daims and daim ( long term coal purchases under contracts with est,rnated out- expenses a+ end of year 5 1,562 5 1,293 L u financials
The Authonty pays insurante premiums to certain otter state opnoes to potential cos+s to Sar+e Ccqer could en eed $ 170 milion in capnal cover nds that may occur in normal operations. % insurers promise to earcrditures by 200+ Annual recumng costs could exmed 130 mdlon. pay to, or on tehoff of, tte insured for covered ecorwnc losws sustomed Safe Drinking Water Act - The Safe Dording Water Act (SDWA) was dunry tte pr;hcy penod in accord with insurance polcy ord lerefit pro- reauthonzed danng 1996 The Authonty continues to stay abreast d gram hmits Several state furds accumukne assets, and the state itself proposed regulatory changes as they are dwekW The rrost recent assumes all nss for the fo!bwiry prop > sed state regulatons posed no sgn6 cont concems for tie Au%nty
- 1) Coims d covered empbyees for lealth teefits (Office Clean Water Act - Tte 106th Congress is due to consider reauthonza-d Insuranme Serwces), ord ton of Oean Water Act (CWA). The complex act could gercrate regub-
- 2) Caims of ccuered empbyees for bng term disabhy and tory changes that could impact the power generaton sector signicantly group hie insurance tenehts (Retirement Systems). The Auftonty will be monitonng for CWA regubtory issues impacting Ernplayws elect lealth coverage through erther a f ealth mainte- electncal ut&t es dunng 1999.
nonce organ 2aton or through tre state's self insured plan. All other ce Open Access Transrnission Tariff - On January 11,1996, tt e eroges bted above are through tte opphcable state seWonsured plan Auknty submmed to tte FERC open access transmisson enffs interded except that ackttonal bng term d,sabhy p~ miums are remmed to com- to comply with the FERC's comparabihty sondards and refect the pro-neraal camers The Auknty assumes the nsk for claims d employees forma tan #s. In additon, tte Aufnonty asked the FERC to declare that the for urernployment compensation tmrefits and pays claims through the tonffs satdy the open access tanff's reaprocity requirement for transmit-state's self insured plan. ting uthfies that are exempt from the FERC's rev ew. Nuclear Insurance - The maximum liabaty for pubhc clairns ansing On May 29,1996, the FERC issued a dedaratory ordar finding tiot from any nuclear incdent has bnen establisted at 59.9 bdlon by the the Authordy's open access transmsson Ianffs meet the comparability Pnce-Anderson Indemn4caton Ad. This 59.9 bJlon would be covered by standards (subect i to a comphance fang) and tiot the Authonty's trans. nudear habsty insurance of atout 5200 millon per site, with potential misson rates are nond.scnminatory The FERC also adopted tf e retrospectwe assessments of up to $88.1 milhon per hcensee for each Authordy's suggested procedure whereby non-junsdicional utstes could nudear inadent occumng at any reactor in the United States (payable at ensure tiot on open access transmisson tonff comphes with tte FERC's a rute rot to exceed 510 millon per inadent, per year) Based on its one- reaproaty requuement. third interest in Summer Nuclear Sta+on, the Aubnty would te responsi- On July 9,1996, the Authonty ided a revised tonff in complonce ble for fte maximum assessment of $29 4 millon, not to exceed approxe witti Order 888 which meets FERC's reaproaty requirements. The revised mately $3 3 mJlion per inadent, per year This amount is sub:ect to further tanff substantolly conformed with the revised pro forma tonff contained in increases to reflect ife effed of (.) inflation, (ii) the hcensing for operation Order 888, and unbundled the charges for analary services. of additona! nuclear reactors, and (iii) any increase in the amount d On July 30,1997, the FERC adopted on order approving the commeraal lobby insurance required to be maintained by the NRC. Authonty's transmisson rates, ancillary charges and non-rate terms and Additonally, SCE&G and the Authonty maintain with Amencon conditons set forth in the July 9,1996 fang Nuclear Insurers (ANI) and Nuclear Electnc Insurance Limited (NEIL) 5500 F ERC Order 889 requires jurisdictonal utstes to provde all informa-m41 ion pnmary and $1.5 bdhon excess property and decontaminaton ton regarding transmisson avadabhy and pnce on an Open Access insurance to cover the costs d cleanup of the foaldy in the event of an Same-Time Informaton System (OASIS) via the intemet. acadent in additon to the premiums paid on the excess pohcy, SCE&G The Aubnty is part apating in the VACAR OASIS, and on January and the Authonty could also be assessed a retroactwe premium, not to 3,1997, the Authonty implemented and ided with FERC procedures for l exceed fwe times the annual premium, in the event of property damage to implementaton d non-discnminatory standards d corduct. any nuclear generating facety covered by NEIL Based on the current Competition The electnc industry has become, and is expected to be, l annual premum and the Aubnty's one tfurd interest, the Authonty's increasingly competitwe due to regulatory changes and market develop-maximum retroactwe premium would te $2 mdhon. men +s. As utsties move from a regulated environment where rates are The Authonty is self-insured for any retroactwe premium assessments, based on cost of service to a deregulated environment where rates are l claims in excess d stated coverage, or cost inceases due to the purchase based on market forces, there may be cos's that cannot be recovered by of replacement power. charging the market rate. Some deregulation measures proposed to date l Clean Air Act - The Authonty endeavors to ensure that its fachties com- allow for recovery of some port ion of these costs but ultirnate regulatory ply with apphcable environme ,tal regulations and standards. treatment of such costs cannot be predicted. l Congress has promubated comprehenswe amendments to the Bills have been introduced in the U.S Congress and the S.C. Cean Air Act, incluonig the additon of a new federal program relating to legislature to provide for retail customer choice. The outcome d these g ocd preciprtaton. The Auknty has eva!uated the potential impact d h inmatwes and the irnpact on the Authonty cannot be determined at this legislaton, including new hmits on the albwable rates of emission d sul- time. fur doxde and nitmgen oxdes. Whde the leryslaton contains a number The Auboty has devebped and is implementing a bng term strate-l of new restnctons, the most sign 4 cant new requirements, relating to acid gic plan to positon the Authonty to compete effectively in the changiry preopitation, will take efiect January 1,2000. competitwe environment. Consistent with the plan, the Authonty is imple-l The Geon Air Act Amendments require, among other things, speofic menting inmatwes to reduce outstanding debt, achieve more financol reductons in sulfur dioxide and natiocjen oxide emissons from fossMred flexibhy, reduce operating, maintenance and capital cos+s, increase rev-generating units. These reductions wdl be required in two phases. Phase I enue, retain customers, and strengthen employee perforrnance and compliance was implemented January 1,1995, while Phase il compii- accountabaty. ance is to begin on January 1,2000. The Aubnty protects that it will be While tfe Authonty is taking these and otter actons to prepare for a necessary to purchase sulfur doxide emission credits and upgrade the sul- deregulated market, the Authordy cannot predict what effects increased fur removal capabilites of existing units to meet Phase Il sulfur doxide competiton will have on the operatons and financol conddon d the emission kmitatens. To meer monitonng requirements of tte Cean Air Aubnty. Act, the Authonty has installed continuous emissions monitonng equip-ment at a cost of 55.2 mdhon. It is also necessary that the Authonty Note 11 - Retirement Plan-upgrade the combuston systems on some of rts boilers to meet Phase 11 Substantolly all Aubnty regular employees must part opate in one nitrogen oxde km9atons. These efforts commenced in 1998 and will d the components d the South Carohna Retirement System (System), a continue through 2000 The Authonty has budgeted 18.2 mdhon to com- cost shanng, multiple employer pubhc employee retirement system, which plete these combuston upgrades. Most Geon Air Act Amendment regu- was estabbshed by Secton 91-20 of the South Carohna Code of Laws. latons have been finaleed and costs have been quanthed. In adddon, The payroll for employees covered by the System for each d the years i the Environmental Protecten Agency (EPA) has finaleed regulatons relat- ended December 31,1998,1997, and 1996 was 177,091,000, i ed to ozone transport for 22 eastem states including South Carolina 577,068,000, and 574,016,000, respectwely J WNie these regulatons (known as the " SIP coif) are now in htigaton, Vested employees who retire at age 65 or with 30 years of service at 1 financials G
any age ore enhtM to o refnerrent beneht, payoue rnonthly for hfe The Soles to two maior customers for the years ended December annual bardt amount is equal to 1.82 percent of t%r ocoge final 31,1998,1997, and 1996 were as follows: cunpensat.on times ynors of service. Benefds fully vest on reaching fwe yems of service Reduced retaement benehts are payable os early 1998 1997 1996 as age 55. The System also provides death and d,sobihty benef ts (Thousands) Benetts are estabhshed by state statute. Centrol Electnc Power Article X, Section 16 of the South Corohno Constoution Cooperative, Inc. 5 354,000 5 328.000 $ 314,000 requaes that all state-operated retaement plans be funded on a sound actvonal basis Title 9 of the South Corohno Code of Laws Alumox of (as amended) prescnbes requaements relating to rnembership, South Corohno, Inc. 5 87,000 5 85.000 5 87,000 benetts, and employee / employer contnbutions Employees are requned by state statute to contnbute 6 percent No other customer accounted for more than 10 percent of the of solory The Authonty is requned by the some statute to con- Authonty's sales for any of the years ended December 31,1998, tnbute 7.55 percent of total payroll The contribution requaement 1997, and 1996. for each of the years ended December 31,1998,1997,and 1996 was 55,837,000, 55,935,000, and $5,700,000, respec-tively, from the Authonty ond 54,625,000, 54,624,000 and 54,441,000, respecnvely from employees The Authonty made 100% of the required contnbutions for each of the years ended December 31,1998,1997, and 1996. The System issues o stand alone finonnal report that includes oil requned supolementary information. The report may be obtained by wot,ng to: South Corohno Petnement System, Fontaine Business Center,202 Arbor Lake Dnve, Columbio, S C. 29223. The Authonty o!so provides compensation benefits to certo n employees designated by monogement and the boord of daectors under the Supplemental Executive Retirement Plan (SERP). The cost of these benehts is occrued on on octuonally determined basis. The accrued habihty of December 31,1998 and 1997 was
$5,2CD,000 and $4,635,000, respectively Note 12 - Other Postretirement Benefits:
The Authonty provides certain heoith, dental, and hfe insur-once benehts for retired employees. Substantially all of the Authonty's employees may become ehg ble for these benehts il they retne of any age with 30 years of service or at age 60 with of least 20 years of service. Cunent!y, opproximately 345 retirees meet these requaements. The cost of the health, dental, and hie insurance benehts are recognized as expense os the premiums are paid. For the years ended December 31,1998,1997, and 1996, these costs totaled 5 781,000, 5 702,000, and 5668,000, resfiectively Dunng their brst ten years of semce, full-time employees con earn up to 15 days vocotton leave per year. Aber ten years of ser. vice, employees earn on additonal day of voc: tion leave for each year of service over ten until they reach the maximum of 25 days per year. Employees earn annually a ho!f day per month plus three additional days at year-end for sick leave. f Employees may carry forward up to 45 days of vocation leave h and 180 days of sick leave from one calendor year to the next. Upon termination, the Authonty pays employees for occumulated vocahon leave at the pay rote then in effect In addition, the Authonty pays employees upon retirement 20 percent of their occumulated sick leave of the pay rate then in effect. Prior to 1995. these costs we.e corned in a deferred debit and habihty account. However, in 1995, the Authonty changed its accounting pohcy and begon amortizing the bolonce over a five-year penod. The remaining unomort; zed balonce of December 31,1998, is - 51,800,000. Effective January 1,1995, the Authon'y began rec- i ognizing these costs as expenses in the penod incurred. This change in account 6ng pohcy did not have o matenal impact on ( i the Authonty's f noncial position or results of operation. Note 13 - Credit Risk and Major Customers: l Concentratons of credit nsk with respect to the Authonty's receiv-obles are limited due to the large number of customers in the [ Authonty's customer base and their dispersion across different indus-tnes The Authoney maintains on allowance for uncoliectible occounts based upon the expected collectibihty of ok accounts eeceivable, sn Financials
Required Supplementary Information (Unaudited) The following supplementory information is required by the Governenental Accounting Standards Board's Technical Bulletin 99-1, ' Disclosures about Year 2000 Issues on omendment of Technical Bullet;n 9B-l.' The year 2000 ssue is the result of shortcomings in many electronic dato processing systems and other equipment that may adversely oHect the Authonty's operations as early os tscol 1999. Management has completed on inventory of computer systems and other electionic equipment necessary to conduct the Authonty's opero-tions. In connection with this inventory, items were classied as mission entical, pnonty # 1 and prionty #2. Mission cntical items would result in immediate disruption of service to the Authonty's c.ustomers or create o safety nsk in the event of system failure. Pnonty # 1 items would not result in immediate disruption of customer service, but would impede operations or create safety nsks if not resolved in a timely manner Pnonty
#2 stems may cause on inconvenience to normal business operations but are not deemed to pose a matenal threat to the Authonty.
Remediation and testing of mission cntical items and paonty # 1 items is expected to be complete by Apnl 1999. The Authonty has adopted a two-prong approach to preponng for potential year 2000 failures in the event that remediation and testing efforts fail dunng actual date transitions, o contingency plan is required for each mission cntical and pnonty # 1 system or device. These plans are forgeted for completion by Apnl 1999 for mission cntical stems and by July 1999 for prionty # 1 systems Management has token measures to oscertain the year 2000 readiness of certain businesses and governmental agencies external to the Authonty. Cotical supphers have been identfied and pnontaed for those goods and services that would result in customer sernce disruptions or create safety issues should that product or service become unovailable Each of these supphers hos been contacted to determine their state of year 2000 readiness. The results of these inqumes indicate that opproximo+ely half of the cntical supphers are year 2000 ready with the remain-ing half torgeted to be year 2000 ready by August 1999. The Authonty hos also initiated information exchanges with its industnol customers in order to identify and resolve any issues that would prevent these customers f om accepting power dehvery os o result of the year 2000 issue. The Authonty expects its total expenditures related to year 2000 comphonce issues to opproximate 515 milhon. Because of the unprecedented nature of the year 2000 issue, ;ts effects and the success of related remediation efforts will not be fully deter-minoble until the year 2000 and therecher. Monogement connot assure that the Authonty is or will be year 2000 teody, that the Authonty's semediation efforts will be successful in whole or in port, or that parties with whom the Authonty does business will be year 2000 ready-l l l financials %
y , I < l 1 - : I l I I - ; I _j ! FIN AN C E-AIJ DIT C O M MITTEE I _b _ l. ______j CHAIRMAN'S LETTER l l The Finance-Audit Committee of the Board of Directors is composed of five independent directors: Leon S. Goodall, chairman; Larry L. Bigham; Frances B. Gilbert; J. Mac Walters; and Johnnie (Joe) Young. The Committee meets monthly with members of management and Internal Audit to review and discuss their activities and responsibilities. The Finance-Audit Committee oversees Santee Cooper's financial reporting and internal auditing processes on behalf of the Board of Directors. Periodic financial statements and reports from management and the j internal auditors pertaining to operations and representations were received. In fulfilling its responsibilities, the Committee also reviewed the overall scope and specific plans for the respcrtive audits by the internal auditors and the independent public accountants. The Committee discussed the Company's financial statements and the adequacy of its system of internal controls. The Committee met with the independent public accountants and with the General Auditor, without management present, to discuss the results of the examination, the evaluation of Santee Cooper's internal controls, and the overall quality of Santee Cooper's financial reporting. l
. n2 .M Leon S. Goodall, Chairman . Finance-Audit Committee I
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- 1 Advisory Board / Management l
4
SCHEDULE OF REFUNDED BONDS OUTSTANDING As of December 31,1998 (In Thousands) CatDae W t 2000~ M t 2000 , H l'2001 ~~. luly t 2001 _ luly 12002 . M L 2002 levies IN A RU (6)(2) 199186C RU 1991 0 1992 A RU(6) _ _ 1991 0 __ _ _ 1992 i W MawRy M1 Rde(%) Amount (3) Rae(%) Amount (5) Rate (%) Amount (!) _ Rde(%) Amount (1).Rde(%) Amount (3) Rae(%) Amount (3) 1999 2U - _ _ _._ ._ _ _ . . . _ ,
._...-.q.._..____4.____.______...._{20,_p5___
2001 6W 4,790 6 60 15,370 $ 90 5.870 5 30 360 2001 5 80 7,400 6W 4.500 6 00 6.215 5W 380 2003 5 60 405 2004 5.70 435 2005 460 _ __ 5 _80 2006 6.20 6,680 6W 5.45 6 40 6,590 $ 90 490 2007 7,00 4.025 5 90 525 2008 6.00 555 2009 7.00 8.915' 6 00 595 2010 _ , } 6 00, _ 630 2011 6W 7,010' 6.00 670 2012 7 00 25 610' 6% 7,470' 6.00 715 2013 6W 7,955' 6 00 765 2014 6% 8,470* 6.00 810 1015 6.10 865* 2016 6.10 920' 2017 6 10 980' 2018 6.10 1,045' 2019 6.10 1,115* 2020 6 10 1,185* 2011 7.10 135,705' 6.10 1,260* 2022 6.10 1,345' 2023 6.10 1,4 30' 2024 6W 130,275* 6.10 1,525' 2025 6.10 1,625' 2026 6% 61.560* 6 10 1,730' 2027 6.00 12,120' 610 1,845' 2028 6.00 12,850' 2029 l 6 00 13,620' 2030 _,.__ 6.00 _.14,435' 2031 6.00 15,300' 6% 149.6 # l 2032 Toth per 14h80 14.955 119,510 329,485 25.000
. Senes Tota per Cdl 325,380 29 ] 348 3 Date
- Term Borxh (For footnotes See " Schedule of Bonth Outadng")
l
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SCHEDULE OF BONDS OUTSTANDING r1) As of Decemtwr 31, I998 (In Thousands) 1991 A.Bkt 1992 A 1993 Att 1993 ( 1995 A 1995 B Mstwity 1967 Refunding 6 1991 0 Refundng Refunding Befund6ng Refunding Refunding Date Series impremnent Series lerles Series 5erles Series (2) Series (2) lettes (2) July l int Bate Amt _ int. iste Amt. Int tate Amt int iate Amt krt. tate Amt. Int iate Amt. Int. Rate Amt. Int tate Amt. 1999 4 10 3,245' 6 30 3,120 $ 65 5,255 5W 7,940 4 20 6,955 5W 9,105 5 10 1.820 2000 4 10 3,395* 6 40 4.205 5 80 5.550 5 60 2.385 4 80 16,995 4 30 4,055 6% 9 625 5 20 1.9f 5 2001 4 10 3,54 5' 5 70 22,505 5 00 6,990 4 40 455 6% 6,005 5 30 2,015 3 2002 4 10 3,705' 6.70 6,240 5.00 9,810 4W 3,625 6% 5,700 5.35 4.260 2003 4 10 3,870' 6 00 5.940 5.20 6.280 4W 12,030 6% 7,890 5 40 3.410 2004 4 10 4,045* 5.20 10,115 4W 12,590 6W 10.160 2005 _ 4 10_, __4.230' 6 20 6,290 _ _ _ 5 30 7,080 4 Sie 6.440 _ 6W 10,765 2006 4 10 4,420' 7 00 3,760 5 40 10.400 (3) 4% 13.310 6W 10,350 2007 6.10 7,100 5W 8,410 4% 11,755 2008 6.20 7.540 5W 10,920 5.00 18,230 6% 815' 5.70 3,255 l 2009 6% 8,005' 5W 9.765 5 00 1,4 70 2010 __ 6% 8.515' 5W___ 11 480 _ 5 10 _ 19,210(4) __6% 860* _ _5.80 _ 3.485 2011 6% 10.835' 5W 11,240 5.10 16,740' 6 '/s 915* 5 80 3,705 2012 6 ha 11,5F 5 60 12,100(3) 5 00 19,040' 6 'es 970' 5% 3.940 2013 64 12,265* 5 60 29,300 (3) 5.00 16.645' 6 'is 1,025' 5% 4.180 2014 6 hs 1,935' 5W 38.255' 5.00 9.255' 6% 4.460' 57/s 4.4 30 2015 64s 2.055' 5W 18.90$' 5 00 15.825' 6% 8,275' 5% 4,705 2016 6 hs 2,275' 5W 19,880' 5.00 23,265' 6% 4,670' 5% 5.000* 2017 6% 2,400* 5W 20,920' 5.00 19,045* 6W 680* 5% 5.320' 2018 6% 2.570' 5W 22,000" 5 00 14,055' 6% 720' 5% 5.685* 2019 6% 9,570' 5W 43,270* 5 '!s 18.555' 6% 10.400* $% 6,085* 2010 6% 7,695* 5W 42,015' 5% 23,880' 6% 23,100' 5 'is 6,515' 2021 6% 6.870* 5W 18.995' 5W 27,120' 6% 24,915' 5% 6,970* 2022 5.00 29,460' 6% 11,505' 5% 34,165* 2023 5.00 28,595* 5% 30,270* 2024 5.00 28,165' 2025 5.00 29.575* 2026 5% 31,055' 2027 5% 26,585* 2028 5W 21,890' 2029 5% 23,010* 2030 5W 24.185* 2031 5W 25 425' 2012 5 '.s 13,030' Add Total Outstanchng 4 of 12/31'98 30,455 17,325 10.805 146,210 385,125 594,525 131.635 172,405 Bord Reckemed 4 of 12/31'98 21,145 33,575 9,710 8,255 0 36,835 8.050 4.670 Bonds Refunded As of 12/31f98 0 319,510 329.485 14,080 (6) 0 0 0 0 Net Or9nalissue Amt 51,600 370,410 350,000 168.545 385.125 631,360 139.685 177,075 FOOTNOTES
- Term Bard (1) Roundm P, cause small vanances. (3) These are Roating auctKm taa. exempt ( FLOATS") (5) IrKloded m year that payment is made (Etclusne of and residual intamt tancempt ("RITI.5") bonds Accrued interest.)
(2) Matuntes are on january I entead on luly 1-M % sem annua *M epnt yield d 5 4% per annum on those matunng (6) Cash defcased to matun:y,514,080,000of the 6/30/2006 and 5 60% per annum on those with 1992A Relan6ng Bonds due 7/1/02 and 7/1/06 and a hnal matunty of 6 28/13 514.955,000 of the 1946A Retunding Bord due 1 fl /01,1/1/02 and 1/1/06 Bonds are sutgect to the (4) 110,210.000 am senal tud and 59.000,000 or9nal call promos as stated o erb offraal statement art term bonds. (For Details on Calls See "5chedule of Refunded
-------------- Bonds outstareng )
1r Schedule Of Bond 5 Out5tanding
I 1996 A 1996 8 1997 A 1998 A 1998 8 lettes ipal Debt int. Sate Amt. Int tale Amt. Int. Sate Amt. Int. Sate Amt, Int. 8 ate Amt. Maturtties (5) Interest (5) 5ervke (5) 6 00 10,155 5 00 17,405 3 95 1,695 4 00 15.115 4.00 100 81,910 113,717 195.627 6.00 2,565 5.00 14,785 4 05 1,765 4W 15.895 4 00 385 83,520 109.677 193,197 5.00 1,835 4W 21,610 4 00 570 65.530 105,302 170,832 6% 1,450 $.00 1,925 5.00 27,585 4.00 595 64,895 101,288 166,183 6% 1,645 5.00 20,680 4 00 625 62,370 98,142 160,512 I 6% 3.565 4% 635 41.130 95.098 136.228 6Jt_ 4,645,_ _ ___ _ . , __ 5 00 _2,025_ _,, _ __ . _ 4_ % 685 , _ _,42,160 _ p.232 _ 135.392 4 40 715 42,955 90,643 133,598 4W 750 28,015 88,908 116,923 6W 3,7 30 4W 785 45,275 86,776 132,051 5% 1,035' 4W 825 21,100 84,910 106,010 , 5% 15,170* 4% 2,505 4 70 865 62,090 82,863 144.953 5% 6,165' 4 90 9,780 4% 905 60,285 79,333 139,618 5% 5,615' 5.00 15,040 5% 955' 69,180 76,052 145,232 5% 5,925' 5.00 15,815 5W 1,010' 86,165 72.099 158,264 5b 6,530' 5 00 16,630 5.00 1,065' 82,560 67.488 150,048 5% 7,005' 5.00 12.980 5 00 1,120' 70.870 62,786 133.656 5% 13,075' 5.00 9.095* 5 00 1,180* 78.440 58.761 137,201 5% 19,650' 5 00 9.485' 5.00 1.245' 78,745 54,529 133,274 5% 20,735' 5.00 22,410' 5,00 1,310' 89,485 50,009 139.494 5% 21,875* 5 00 17,755' 5.00 1,380' 128.890 44,818 173,708 5% 23,155' $.00 380' 5 00 1,455* 128,195 37,505 165,700 ) i 5% 38,535' 5.00 400* 5.00 1,530* 125,335 29,632 154.967 l 5W 24,185' 5W 11.435' 5.00 420' 5.00 1,615' 112,785 22,155 134,940 5W 10,070' 5 00 440' 5.00 1,700* 71,075 17,060 88,135 5 00 465* 5.00 1,790* 30 420 14.365 44.785 5.00 485' 5.00 1,000* 31,060 12,828 43.888 5.00 510' 31,565 11,243 42,808 5 00 6.595* 33,180 9,589 42,769 5.00 12,985' 34,875 7,857 42,732 5.00 13.635* 36,645 6,041 42,686 5% 14,315* 38.500 4,124 42,624 5 '/s 15,050' 40,475 2.100 42,575 5 % _ 7,710' 20,740 5 31 21,271 236,410 53,695 214,130 100,885 26.815 2,120,420 1,891,463 4,011,883 15,680 29,775 425 0 0 168.120 14,955 (6) 0 0 0 0 678,030 267,045 83,470 214.555 100.885 26,815 2,966,570 Schedule Of Bond 5 Outstanding 1'
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a ,f _ _ { , J Willie Ga.k.len poses in perial costurne witile re-enacting the constntction of'the Olai Santee Canal for the filoning of *.%Illtee Canal, Anterias's first Sit lrritigloway.'
"Today I bear a nobfc burden: to lay to re4f .
an admired friend, a faith [vl co-worker, and a brother. These words were spoken about Willie Gadsden at his funeral following his accidental death on September 21 at Winyah Station. Gadsden was a construction crew supervisor who had worked at Santee Cooper for 19 years. n ~ Eie~m~n~I
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y fif0 I FO R A D D ITI O N A L I N FO R M ATI O N C O NTACT) jerry L. Stafford Vice President, Corporate Communications Santee Cooper One Riverwood Drive Moncks Corner, SC 29461 2901 (843) 761-4197 E DITO R:Be'h Fondren/ Santee Cooper PHOTOGRAPHER: lim Huff / Santee Cooper WRITERS: Beth f ondren and Willard Strong / Santee Cooper DESIGN:Lorena lames /Newman Saylor & Gregory Santee Cooper. The South Carolina Energy Resource That Belongs To South Carolinians www santeecooper com
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