ML20210D464
| ML20210D464 | |
| Person / Time | |
|---|---|
| Site: | Clinton  |
| Issue date: | 12/31/1991 |
| From: | SOYLAND POWER COOPERATIVE, INC. |
| To: | |
| Shared Package | |
| ML20210D453 | List: |
| References | |
| NUDOCS 9206160012 | |
| Download: ML20210D464 (26) | |
Text
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s 1991 ANNUAL REPORT; Y
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, Soyland Power Cooperative; Inc. , -
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'S 9206160012 920610 1 PDR ADOCKOSOOg1 ,
CONSOLIDATING OUR GAINS Soyland Power way to gain energy thenaal heat pumps Cool crative is a independence and throughout tha 21 mernber-owned, riot. control over electrie inernber cooperative for profit electric power costo, in service areas.
generation and trans- 1975, nine additional Soyland and its 21 inission cooperative cooperatives joined mernber distribution supplying wholesale the original six (two cooperatives con-electricity to 21 have since me:ged), tinue to look at ways
, member distribution and plans were to make rural ll!!nois cooperatives. These launched to develop a better place to live, distribution coopern- a rehable power We remain commit-tives provide retail supply system. ted to enhancing '
electric service to Western Illinois econom!c tievelop-approximately one. Power Cooperative, ment opportunities half million persons with seven inember to attract business to within their local distribution coopera- rural betylee areas service territories. tive systerns. rnerged to, in turn, provide l Soyland is one of into soyland in jobs for rural more than 60 March 1989, to form consumers.
generation and the cooperative Since its inception transmission (G&Tl federation that today in 1903, Soyland's cooperatives that supplies the electric goal has been to pro-supply wholesale power needs in vide a dependable electric power to . nearly two thirds of source of wholesale rural utilities in the the land mass of the electric power t: its United States. State of Illinois. inembers at the Soyland was Applied Energy lowest possible cost, organtred by six Systems. Inc., the Tcxlay, through its distribution coop. parent company of unique blend of fuels cratives in Sep- WaterFurnace of and generating tember 1963, under allinois. Inc., is a plants. Soyland has the General Not For- wholly owned for- built a stable base Profit Corporation profit subsidiary of from which to meet Act of the State of Soyland Power the electric energy lilinois. leaders of Cooperative. Water- requirements of its those coop ratives Furnace of Illinois is member systemn.
saw Soyland as a rnarketing geo.
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SOYLAND MEMBER COOPERATIVES AND BOARD OF DIRECTOR'3 Adams Electrical Co-Operative, Catap Point Roger C. Mohrman, Afanager Oltrefon Rotert D. Smith, Dftrefor Clay Electric Cooperative, Inc., Flora James E. Campbell. Afanager, Director; 11. Citiford Cammon. Director Cllaton County Electric Cooperative. Inc., Ih 2eso James B. Riddle, Afanager, Dirwton Fasmeth 0 lleinzmann, Dirretor Coles Moultrie Electric Cooperative, Mattoon David G. Finley, Director; Malcom F. 0%:ts, aftenon Craig DeBowe*, Afariagee Corn Belt Electric Cooperative Inc., Bloomington Jeffery D. Reeves, Afanager, Dirreton Stephen Schertz, Dirresor Eastern Illint Electric Cooperaalve, Paxton Wm. David Champion. Jr. Afanager, Directon Gene P Warmbir Dlivetor Edgar Electric Co opere'lve Association, Paris Thomas J, llentz, Manager. Dfirrto. , Jcc Welsh, Dirretcr Farmers Mutuel Electric Company, Geneseo Robert L. Delp. Afanager, Directon Darwin J. Marm. Drtrtor Illinois Rural Electric Co., Winchester Robert "Ed" Gant. Afanager, Diretton William GriswoH, Director Illinois Valley Electric Cooperative,'Inc., Princeton T.L. " Kris" Christensen, Manager, D.recton Joe Danielson, Director M.J.M. Electric Cooperative, Inc., Carlinv!!!e Dennis A. Keiser Afanager. Directon E!Jon E. Moore, Drector McDonough Power Cooperative, Macomb William C, lemmons. Afanager, DirTron Lyndall Pigg. Director Menard Electric Cooperative, Petersburg Dorland W. Smith, Afanager, Oltrefon Michael E. Carls, Director Monroe County Electric Co-Operative Inc., We.terloo Joseph J. Fellin, Afanager, Dliveton Donald L. Gleiber. Drector Rural Electric Convenience Cooperative Co., Auburn Shelby Electric Cooperative, Shelbyville James E. Coleman. Manager Direrton L Eugene Ikildt. Drcrtor Officers of Southwestern Electric Cooperative Inc., Greenville-the Board Gary Wobler, Manager, Drecton Alan G. Libbra. Director of Directors: -
Spoon River Electric Co-operative. Inc., Canton f **,pf J,felun.
, Gregory A. Carnpbell, Manager, Directon Wayne Bollinger, Director Kenneth G. Tri County Electric Cooperative, Inc., Mt. Vernon lleinzmann. James E. Hirunan. Manager. Distrtor, Irvin Stanford, Director Vice President Roture E. cant. Wayne White Counties Electric Cooperative, Fairfield' i secretary.masurer Dale Warren. Afanager. Director Larry 1 llosselton, Dircrtor Robert D. Smith. Western Illinois Electrical Coop., Carthage Assistant Serretary - Paul M. Dlon. Manager. Directon 1Iaven D. Vaughn. Dirtrtor 2
1 EXECUTIVE REPORT much the saine, inembers from although the natal business, industry.
. Jj countryside is well guvernment and lit and modern.
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education who have 1, Today, it incans get- volunteered their
!7 g ra'- Dj ting involved-caring about people, com.
time and talents to teach skills to local mitment, support, community leaders.
} , development-trying so that heal people d j to bring jobs to can " help them-people who want to selves."
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make rural Illinois The itUllAL PAltT-a ',
f their home. Not NEltS prograin is
.nuch has changed- showing rural com.
our cooperative munilles that com-employees know the munity and Joe Fellin, President pulse of the people economic develop- 1
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l they serve, and they ment is built on Soyland and its 21 want to help. strong partnerships, member distribution One of our major shared resomees and cooperatives remain challenges continues a combination of steadfas; in their to be that of helping local, state, federal commitment to people help them- and private financial improving the selves. That is what commitments. In cluality of life for PUltAL PAltTNEllS, addition to the num-people in the com- the Illinois coalition crous private and muntiles and rural for rural comn. unity public financial con-landscape of Illinois. development, is all tributions, itUllAL From their very about. Its mission is PAltTNEltS received inception, coopera- to unite private and a $602,000 grant tives have worked to public organizations from the W.K. Kellog make life better for involved in rural Foundation of Battle rural residents. In development to pro- Creek. Michigan, the beginning that vide coordinated Soyland has also meant bringing leadership for com- become an equity lights to the rumt munity development, partner in four bank countryside. Today. ItUltAL PAltTNEllS Community Develop-our goal remams consists of 150 ment Corporations Gene Dagget, left, tryner of Concord
'4':ty Cabinets in rural Adams County has launched an
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expansion that is being co-funded
'3 , by the first hum of y-g__ , 6 N the Rural Adame
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y Development i .,
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Corp., one of four CDC's in which
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htark Meld. right.
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President,
, 4" * ~ 4 Famners Bank of
- # Liberty, repre.
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't, 4' 6 seven rural Adams County banks that is s .
teamtJ with e .
Sovland in the S .
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(CDCs), which pro- been actively in- local conununity vide kuins to new volved with the leaders who make up and expanding CDCs through direct HUH AI, PAltTNERS.
businessen in the financial participa-counties they serve. tion and technical These bank CDCs support. No single rnENERATION MIX i
o!Ter seed capital to organization is Soyland has a eligible businesses exposed to the risk brotid mix of gener-
- which result in new which is inherent in ating capacity to j
jobs and economic financing new busi- meet its 21 inember-
- growth in the com- nesses. The CDCs cooperatives' power munity. Soyknd's effectively levtrage supply needs -
goal was to becoine federal, state and through the year j actively involved in local resources to 2011.
i tuaking money creale and retain Soylanf nwns i available to local jobs in the local 13.21% of the i businesses without communities they nuclear Clinton becoming a banker, serve. . Power Station which and the CDCs make We all know of la operated by that possible. The ' countless ]nibile and Illinois power Com-risk on a new bust- private programs pany, owner of the ness k>an is shared that have failed. One 80.79% balance of among many banks, reason many have the plant. This 123 the State of Illinois failed is because megawatts of nuclear and Soyland, mther they were top capacity was 10.49%
thit. only one heavy-they had no of the available orr,anization. foundation or roots. Soyland generating The investment The difference in capactly in 1991.
Soyland made in the those that fall and Clinton is Soyland's CDCs is an example those that succeed is most economical of another partner- that, not only do you energy supply and ship between govern- need state or federal provided 790.538 ment agencies and money, you need megawatt hours, the private sector h> cal commitment to 31% of Soyland's that resulted in local carry out the pro- total energy economic growth gram.1,ocal people requirement, and jobs. The Illinois are the roots of our The second refuel.
State Department of twa afforts-the local ing since commercial Commerce and Com- banker: who are part . operation at Clinton munity AITairs has of the CDCs and the began in 1987 was ynqsynyn mmqe #gwym,,-w g gr.g - - g y
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The 950- % "
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Power Station provided 31% of
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requirement in ~
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1991. Soyland E.
owns 13.21% of e ,p ., -
the statian or 123 megawatts of she * .
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completed on capacity factor, the lilinois Public Ser-htarch 9,199?, af ter unit had an equiva- vice Company (CIPS) a 145 day outage, lent availability of for use of their fosstl The plant achieved 83.3% during 1991. fueled capacity and high performance Due to its econom- transmission sys-levels in 1991 with ical energy costs in tems on a fully allo-an equivalent the power pool, the cated cost of service avelab!!!ty of 75.6% Pearl Stattor. oper- basis. Approximately l .nd capacity factor ated 80% of the 1.3 million megawatt-l of 73.3%, both year. hiore than houro, or 49% of l
oubstantial im- 80,000 tons of coal Soyland energy, was I
provements over obtained from the provided by tne IP previous years. The hionterey htine near fossil generattom and plant forced outage Carlinville, Illinois, appmximately -
rate was reduced to were used at the 400,000 megawatt-5.6% which is also Pearl Station, hours, or 15% of an improvement. The 22 megawatt Soyland energy, was ;
These improvements combustion turbine, provided by CIPS are the result of con- which is also located fossil generation.
certed efforts for at the Pearl Station, Soyland will better performance was returned to the replace its aging of Clinton. The list of available system control and Clinton plant set a generation during data acquisition U.S. record in 1991 1991. This unit had (SCADA) sysP m in for its class of reae. been classified as 1992, The new tor, operating 253 inoperable for some SCADA system will consecutive days. time due to start up not only allow us to The 22 megawatt vibration problems, more effectively Pew! Station coal it is now available to operate and schedule fired power plant provide support dur- our electrical provided nearly ing system emergen- resources, but will 140,000 mega'vatt- eles or for power also significantly hours, or 5% of pool use if necessary, reduce our com-Soylanu's energy Soyland has long munication costs.
requirement to the term power supply Soyland's opera-Illinois Power- contracts with tions department.
Soyland Power Paol. Illinois Power Com. stationed in Jackson-Operating at 71.8% pany (IP) and Central ville. Illinois, con-
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tinues to operate and be reduced by 1995 bers, which is
- maintain our elec- and again in 2000. locluded in the cost trical system of over Soyland-owned estimates. IP c
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! 000 miles of generation at the mates that invest-
! transmission lines Clinton Power ment in scrubbers at
- and approximately Station, the Pearl llaldwin 1 and 100 substations Station and the 11aldwin 2. plus low- '
I while also supporting peaking generation nitrogen-oxide
! many of the member at Winchester and burners at other coal flied plants for 1995 4
systems. Work for Pittsfield are exempt the members in- from this legislation. compliance will cost
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- cluded the construc- liowever, the con- between $250 4
tion of new transmis- tracted power *upply mil!!on and $350 i slon facil! tics and for Soyland through million, including l
! substations at a IP and CIPS will the cost of con-i substantial cost sav- require investments tinuous emission
! f ings to the members. and changes in momtors and plant All construction operation to comply. changes for fuel j work required for The Illinois state switching. Soyland Soyland's system legislature passed a has the option to 1 was also perfonned bill in July,1991. provide capital dur- l
. by our own crews. which became law in ing construction or ,
! August,1991, that to pay the cost of l
- "*'"'**"""' ""EE "N 4
THE CLEAN tion of scrubbers at the investment after 4 A A two units of the the facilities are in The Clean Air Act Baldwin Power service. Design work of 1990 required that Station to allow con- is well along and sulfur dioxide and tinued use of Illinois some contracts have nitrogen oxide emis- coal. The law pro- been let for the ,
sions ham electric vides a $35 million scrubbers und new l
- utility power plants grant for the scrub- stacks. There will be j
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ments ofIhe 1990 , Q:W Clean Air Act +J *K % y Amendments. ~ #/ W. .
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I additional operating *" " * " " ' "
and maintenance SUBSIDIARY "*"" ' "
cos.ts of $20 million OPERATIONS Furnace equipment on the IP clean air Soyland Power grew from 5% to equipment starting Cooperative's wholly- 40% during 1991, in 1995, of which owned subsidiary. Continued gains in approximately 12% Applied Energy Sys- nmrketshare are pro-will be paid by tems of Illinois. Inc.. jected for 1992. as Soyland. doing business as dealer commitment The CIPS com. WaterFurnace of to the WaterFurnace p!!ance plan is based Illinois, had record name expands.
en switching to lower sales in 1991. In in the spring of sulfur enal and im. addition to continued 1991, the Water.
prming the ef0clen- strong sales tn illinois. Furnace training lab cy of existing scrub- the company com- became operational l ber equipment. It pleted its first full in Greenville.
- also will require low- year of operation in Illinois. This training ;
nitrogen oxide the eastern one third faellity has become burners and con- of Missouri, which an excellent tool for tinuous emission gnerated a signifi- attracting new monitoring. Soyland cant number of new dealers and offering will pay for a share dealers and sales. state of the art of the armual cost of During 1991, over technical assistance these additional 420 units were sold to new and existing investments in CIPS' and installed by dealers.' its proximity plants. Additional WaterFurnace to the new dealers in operating and main- dealers. This - Missouri and the tenance costs are. represented a 15.4% ability of WaterFur-also anticipated on increase over 1990. nace egrf to provide the CIPS generation The territorial expan- hands on training used by Soyland in sion into Missourt han proven to be 1995 but estimates represented much of extremely benefletal.
are not yet available. this increase as Sta'! of Water.
Work proceeds on
/ the first home in
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/ dirlslan. The all.
geothertnal con.
ecpt has become a
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V. Quincy thanks to
- ,y h * };. the ellorts of developer and n .
\ Q$ builder Matt I
./ \ 4. Italtmeyer. Water-l \.~.. .. i l s? A .s h, b
' Furnace oflilinois.
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acres divided into g5 jog,,pg;oggy, homes will benefit from the super
.cificient heating and cooling of a
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Furnace of Illinois the leader in geo- rent patronage capt-successfully negott- thermal equipment. tal as an excellent ated a compromise and necessary way to regulatory lang. "* *" #I*
uage proposed in THE FUTURE rate spikes.
1991 under a Soyland continues As we enter 1992,
- legislative rewrite of to look at all oppor- we have many l the Grouted Water tunities to maintain challenges and protection Act. Final stabk rates, while opportunities ahead ,
rules adopted by the providing reliable of us. Our executive Illinois Department service to our mem- search committee is of Public Ilealth in- bens. WP't the conducting a corporated language assistanu of our national search for a proposed by staff to banking organiza- new general meet the environ- (lon, the National - manager to lead mentalintent of the 1(ural Utilities Coop. Soyland and our i rules with a minimal crative Finance Cor- many capable and incicase in h>op poration (CFC), we talented employees installation cost. created a plan whleh into the next decade.
1992 is expected will allow Soyland to The vision and to be another record use CFC capital leadership of the year for Water- credits on an annual ik>ard of Directors Furnace of Illinois basis, rather than and our team of with the introduction waitir.g until CFC employees have of the new Premier retires capital credits brought us to where AT Series two speed . on its current seven- we are today. I am geothermal heat year rotation cycle. ' confident that, work-pump. Initially rated This plan provides ing together, we will at about 40% more Soyland with operat- continue to build on efficient than ex- ing cash and allows our many strengths isting equipment, us to malt.tain more which will propel us the new two-speed is t *able rates. CFC into the future, expected to create and the Itural Elec.
additional sales and trification Admini-retain Water- stration have recog- ~ Joe Fellin, Furnace's position as ulted this use of cur- President SOYLAND POWER COINCIDENT PEAK DEMAND
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/* I nt Neuonst Denk DuWng Spongheld. Enots 62794 948 l*
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INDEPENDENT AUDITORS' REPORT To the Board of Directors of Soyland Power Cooperative, Inc.
and Subsidiary:
We have audited the accompanying consolidated balance sheet of Soyland Power Cooperative, Inc.
and subsidiary (the " Cooperative") as of December 31.1991, and the related consolidated statements of revenues and expenses, members' deflett, and cash flows for the year then ended. These finanetal statements are the reslxmstbility of the Cooperative's management. Our responsil 'lity is to express an opinion on (bese financial statements based on our audit. The Cooperative s financial statements an of December 31,1990 were audited by other auditors whose retx>rt dated February 12, 1991, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence sup;xirting the amounts and disclosures in the llnancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion, in our opinion, such consolidated 1991 financial statements present fairly, in all material respects, the financial position of the Cooperative as of December 31,1991, and the results ofits operattorm -
and its cash flows for the year then ended in confonnity with generally accepted accounting principles.
February 10,1992 i
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DRT Intemational 9
CONSOLIDATED BALANCE SHEETS l
December S t.
om . . m s ASSETS (Note 3) ttehti IN)0 ..
n+ . . '9'
ELECTRIC UTILITIY PLANT, AT COST (Note 2):
In service .. . . . .. .. . . . . . . <,. ..
M01,005l754,782 o
$*M ( $1,005,400,776 less accumulated deptrelation . . . . . . . . . . 4 . . . . . l: 1115.043.8011 89.691,123 015,805.053 Tota! . . . . . . . . ....... . . . . . . . . . . h c 59Qi710.961S ".
Construction work in progress . . . . 4 , . . . . . . . . . . 's ' ,- , 4184,1517 2,194,791-Nuclear fuel, at cost (less accumulated amor11 ration- $/ j( y , .
3 1991, $17.852.134: 1990, $12,611,170) . %492,035- + 20,1b6,530 -
k Plant site held for future use . .... . . . . . . . . . . .{ j/j/1388385f g -7.262.285 Net electric utility plant . . . . . . , , , . , . . , . . . .
'W I I,649,433. .f 945.399.259
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. INVESTMENTS: i investment in associated organizations, at cost , . . , .
( ((*17,559,933 j 0 16,020.811 Note receivable (Note 6) , , . .. . . . . . . . . . k lid8,980,000S 4 -8,930,000 1 Marketable securttles-decommissioning trust. at cost ,
- f [N1,071,'400 / -521.058 Total . . . . ... . .. . ....... . . . . . . . . .
?M N27,561,383;} }j 25.471.869
@ 'b ~ .,
.-d CURRENT ASSETS: - lN [ 7 ,
., f
. Cash .. ... . . . . . . , . .- , . . . 7O '1512463: h 120.092
- 4,187,792 y Q y.j;383,491LM-Temporary investments . ,, , . . . . . . .
Accounts receivable, members , . . . . . . . . . . , . .
B) " '; d 9,299,504d 15,671.221 Other receivables . .. . . . . . . . .! s
[1.083.657P 8.444.884' inventories . .,. , . .. . . . . . , , . , N E10.187,9661 w 9.511.030 Prepayments and other assets . ,, . . . . . . . . . , -
I100,088 7 ; 294.016 Recoverable energy costs .. .. . . . . . . . . . . . g 11~,911;1931 3 4.042,191 Total . ., ... ..... . . . . . . . . . . . . . .
ff v 30.015,889 ; 42.281.226
, , , , y DEFERRED CHARGES:
>d Costs deferred under phase-in plan (Note 21 . . . . . . . k _ f ";37[980,676j hj - 23,432,677 Deferred interest (Note 3) . . . . . . . , , . ,
i,W180,017.822 Ri 51.328.416 i x
Total . . , .,. . . . . . . .. b' w
'87,978,398 @ - -
74.761.093' TOTAL . . . ,, . .. . . . . . . . . . . 3 81,067,304,4723 y- : $1.087.913.447 -
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See notes to consolidated unanculstatements. '
10 x .
CONSOLIDATED BALANCE SHEETS 3
. December 31, MEMBERS' EQUITIES AND LIABILITIES WS 'J19913N?M 1990 I:[ s &
m At @ d wi9t? S' E9filTIES: ;h..,is , . [ ,a cf.ctship Wes . . . . .. . ..... ... . El 4 - - J1.8753 f. . -1.675 Patronage capital . , ,.,. . . . . . , , , . fE i. -;3.779.368 7] 2,779.263 Other equity . , . .. .. ..
j/ e ji 191,939R j - 191,929; Deficit . . . .. ..,, ,, . . . . .. g f(48.584.4ST)ij (48.675.238)
Total members' dellelt . ,, . ..... .... . bn'.D w o (48,881.500) ~d, - -(45.702.371).
LONG. TERM DEBT (Note 3) .. . . . .. U a
01.008.383.984; M 1.004.162.842 9
Q' ; ~ W ^ < > ,-):jiki y;.; , , + .b r; 1 W-~[ :lfi jq .
[_/; e n;-fj% ..i..a 5
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vynyj' gr y CURRENT LIABILITIES: %;7 4 J.flsh T '
18,944,849 Current installments of long term debt (Note 3) .
Line of credit (Note 3) . . . . ,,...... . .......
%g"!!!'.900A00l]% ;;
20.641,000' M $1AT3.GG5 &g ,
~
Accounts payable . .. .. .. . , , .. .... .. .. 16,342.3(.,2 Advances from members . . . . .,. jse.?ft,90phN' 17,610.724-Accrued interest . . . . ., , 15,020.378' Accrued expenses . . . . . .. .. .. ..
p[tnA@h047.100 d E M i$.89f A RS $,pij - - 2.578.910 Total . .. . ... . ... . . . . . . . . @b ' 71AB$,999g,y[
p#
?:, L 72,193.314 Wl?h ,)Ny*$;$W .
OTHER LIABILITY-Decommissioning reserve . . , . .- , O i:1A71,43SM ' 521.058 DEFERRED CREDITS-Equity funding payments (Note 2) .
y# t 2 i%M -
4* SfM4- 56,738.604 f hoc@ &qg.g!
d w - gwg [@u)s
-$N h$f flh lksyl$h[Q [SM
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.xn COMMITMENTS AND CONTINGENCIES (Notes 6 and 7) -
TOTAL. .. .. , , . . . . ..... . ,,.... .. ..
-j $1.067.904.474(:>
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$1.087.913,447 -
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- 4 '
-.}
See notes to consolidated financial nitatements.
11 1
CONSOLIDATED STATEMENTS OF REVENUES AND; EXPENSES 4
4 i ..
1 Years ended December 31, 1 w. ,. .
~
':-e s 41991~ ' f. 1990-
-+
Vl . ( ,
OPERATING REVENUES: J Electric energy sales .i . .. . .., ,. ...,.i..... < : $f183.839.319 { g - "
8 ~ l81.007.405 '
Sales of ground source heat pumps, net , . .... .
(1,604.8583 1.184.477 3 Distribution revenue . , , , . . ..... ., .... ..... . 2738.000: 7 617,000 Pent of electric property . . , . .. . ... . ..
146.5797 , 66.113
- Total . . . . .. . . .... , . . ... . i, 186.218.856. , ~ 183.474.995
- y i s ,
OPERATING EXPENSES: , a Operation: +
Purchased capacity (Note 6) ...,, . . . .....,. E j49.772.8457 i '49,538.140 j Energy costs (Note 61. .. . .. ... . ., . ...... R 143.537.828 L ,
39.804.228 -
- 14.081,076, Production-other . . . .. , . ,.,,,. g e 10.065.702 Transmission . . . ... ... . .. ..... ?< ;2,235.314? , 2.135.200' Distributton . . . .. . . ,. . . , . . + $ 340,788 1 258.736
~ '
Total . . , .. .. ... . .. . .
- 109.967.851! l, 101.802,066_
- v. . .
Cost of ground source heat pumps sold . ... ... ,14199.871i j 864,685 hiaintenance . . . . . . . .
E} l i4.452'2561'# , "6.114.957 Administrative and general (Note 4). . . .., . ' 3$22.557W 3.936,916 Depreciation and amortir.ation . . . . . . . ., . o 'J26.850.632 f 26.762.659' Property and other taxes . . . . . ,,
.[< ( 2.917,163 l 0.573,404
- Decommissioning provision .. .. . . .. y , 550.402 1 121,058 Costs deferred under phase-in plan (Note 2) . .. . '..
(14.528.000)). (4.694.000)
- - Total . . . , . .. ...
E 134.932.732 Jd, ' 137.541.745 s
s g ...'t .
t NET OPERATING MARGIN
? 51.285.934Y 45.933.250-b-.
i OTHER REVENUE: 4
< %"'I Na es e Plant ownership settlements (Note 6). . . .
- i ? '6.600 042
, . , ,. m Interest income . , , .. . - . . .
,1 51.120.0955;( ~ 1,785.114 -
Other.. . . . ,.. . . 5 M 795.086 t o ~
- 23.282 Total . . . . . . , . ... , \ 1.915.181s 8.408.438 t, R . - - . . . ..
NET MARGIN BEFORE INTEREST CHARGES . f" '53.201)105i 54.341.688' g >
. INTEREST CHARGES: - E i Interest on long term debt .. ... .. . .... y- [ -54.055.446 Other. . . . ., . . . .. .... . TV ^ 252.906.138[
? 2;165.3205 M 2.006.630-Allowance for borrowed funds used during construction. . . p N2.011.1'64); (1.772.824) ,
. Total . . . .. .... . . ,
53.000.294) - 54.289.252' .L
- n . .. .- . .. .
NET MARGIN. . .. . ., . .. . ... . . iSS- '
1140.811p;A $ '52.436 -
( : ===.
' See potes to consolidated financialstatements.
-12 .
CONSOLIDATED CTATEMENTS GF CASH FLOWS :
3 Years ended December 31, n- . . . y .
f W 1991J 1990
~
CASH FLOWS FROM OPERATING ACTIVITIES: . ./ . ..
i Net margin . . .... , , .. ,, ,. ..,. ., , . . . " $ [; T140,811) '
$ 52,436
- ~' '
Adjustments to reconcile net margin to net cash Dows from operating activities:
Depreciation and amortization of electric uttitty plant , a 25.980.343) j 25,531,827-Amortization of deferred interest , ,,. . , .
- 1,351,795 -l , ' l.351.6J l Amortization of nuelcar fuel .. .. ..., , , ,.
i5.940.967; g 3,2C3,070 Amortization of equity fur: ling payments . .,., , , p e .g(13.785,7.5an
, -(14,659.558)' ,
.(11,809.777)
~
9tv Amortization of deferred revenue. . . . . . . ...,...,, . .
i Accretion of investment discount. . ,, .. . . . 4
~
((390_.523); ;(17.712)
Decommissioning provision . . ,, . ..,. . , .~ii 121,058' Patronage capital allocations not received in cash , , . p -(2,'325.5 70) D1 (3,144,389) ~
Change in assets and liabilitiem U ,'
,L .' / j Recoverable energy costs . . . . .. . . . . . , "2.089.998) (1,848,919)
Accounts and other receivables ... . . 6 a {6.788_.9441 ; .(6,579,676).
Inventories . . . . .., . . p '
4(618.936); (l.073,338)
Prepayments and other . . . , , , . ..4 .
l . C193.930p^ (21.003)-
Costs deferred under phase.in plan . . .. . 6 E (l'4'.52 7,994 (4,694,000)
Accounts payable and accrued liabilities ,
, f(11.543.718)f g .. -2.631,562 NET CASH FLOWS FROM ..
(6;878.713)s .d - (10,896.795)-
OPERATING ACTIVITIES . . . .
O',
n - ;
CASH FLOWS FROM INVESTING ACTIVITIES: F u.,..., $
Additions to electric utility plant, net .. ,,, , ,
i> {'i2.575.010)j (2,181,212)-
Additions to invertments in associated ogianizatious 4 s cW > (48,100) = _ (43.0001-Additions to decommissioning trust fund' . , , S, ?(521.058)
' &[?jR(4l596.473)E.i 3 Purchases of nuclear fuel , , '(1,783.083) ^
Receipt of prior years' patronage capital allocations . Z Wi c832,558N 1 11.948--
Proceeds frorn sale of repurchased debt . . . . f 4 f12.000.000' r/
NET CASH FLOWS i ,, ~
,a FROM INVESTING ACTIVITIES . M ' W5.614,978131 (4.116.405)
...N:
N CASH FLOWS FROM FINANCING ACTIVITIES: b.
Proceeds from line of credit borrowing, net . . . . . Y' 311,700l000h \
Principal payment on long. term debt. . _
b , f(19.190.477)Q '(18.976.888).
Proceeds fmm long4erm borrowings . . . . . . TJ " Q1.679.200 ? - 4.136.807 Increase (decrease) In advances from members '. . . .
fs ? 3.101.484 j [$ 1 (473.158)
. NET CASH FLOWS -
mW FROM FINANCING ACTIVITIES. ..... . . . .
[(21710.193){d .(15.313.239).-
l .
.L.<
313.773.93Ol
.NE. DECREASE IN CASH AND CASH EQUIVALENTS , . -
R ,, s 3
.(30.326,439) p- < g/, ;s) ; ,
CASH-AND CASH EQUIVALENTS AT-
'" 'NY #4 'I BEGINNING OF YEAR 4 .. ... .. .. . . . . . 5 E @.307.88M e 34,634,323- i g .
W3s. ..t
' CASH AND CASH EQUIVALENTS AT END OF YEAR' . . jp[$s f 533.954i $ 4.307,884 j m~s m. .s 4 'i Supplemental disclosure- ,
j
. The Cooperative made interest payments totalling $62,224,646 and $56.068.660 in 1991 and 1990, respectively.
. .- 1 See notes to consohdated unancial statementsi
!135 k
CONSOLIDATED GTATEMENTS OF MEMBER 3' DEFICIT : s] Yeata ended December 31.1991 and 1990 1 Total Member- Patronage -Other = members' . ship fees espital equity ' = Deficit deficit Balance January 1,1990 , , . , , $1,675 $2.779,263 $191,929 - $(48,727,674) $(45,754,807)- Net margin , , , , , . , , , - - - 52.436: 52,436
~
Balance, December 31,1990, .
. . . l,675 .2,779,263 191,9z9 (48,'375,23A)' (45.702,371);
j Net margin . , , , , , , , - - .- 140.811 140,81l'- i Balance December 31,1991. , , , $1,675 $2,779.263' $191,929 $(48,534,427) - $(45,561,560) . d i N e 4 2 8 l i a i
.+
[~ , vt See notes to consolidated Dnancial statements.i 14 I -
NOTES TO' CONSOLIDATED FINANCIALGTATEMENTS 7 December 31,1991 and 1990
, . . . s . . _
NOTE 1 - ORGANIZATION AND
SUMMARY
OF BIGN&lCANT ACCCUNTING POLICIE8' < r A. ORGANIZATION The consolidated financial statements reflect the accounts of Soyland Power Cooperative, Inc. and its wholly owned subsidiary (the " Cooperative"1. The subsidiary was created in 1987 for the purine of sell-ing ground source heat pumps to rural consumers. All significant intercompany transactions have been climinated in consolidation. B. BASIS OF ACCOUNTING The accounting records of the Cooperative are maintained in accordance with the Uniform System of' Accounts prescribed by the Rural Electrification Administration (REA). The Cooperative is a generation and transmission conpative providing wholesale electric service to its twenty one members located in central and enkrn Illinois. TM Cooperative's rates are established by the Board of Directors and are subject to approval by the Rural Electrification Administration. The Cooperative is not subject to the regulatory authority of the Illinois Commerce Commission. The Cooperative has entered into wholesale power agreements with each of its members which require the members to buy and receive from the Cooperative all their power and energy requirements and require the Cooperative to sell and deliver power and energy in sa6 faction of such requirements. The wholesale power agreements with the members extend to various years from 2015 to 2017. C. ELECTRIC UTILITY PLANT Depreciation of electric utility plant in service is provided over the estimated useful lives of the respec-tive assets on the straight-line basis at rates ranging from 2.5% tc 20%. Based upon guidelines provided by the Nuclear Regulatory Commission and in conjunction with Illinois - ; Power (principal owner and operator of the Clinton generating facility-see Note 2), the Cooperative estimates that its portion of the costs to decommission the Clinton facility will be approximately
$17.200.000 (in 1986 dollars) which will not begin until 2027. The present value of the future decommis-sioning costs is being recovered over the life of the facility using the sinking fund method.
Maintenance and repair of property and replacements and renewals of items dete* mined to be less than units of property are charged to expense. Replacement and renewals of items considered to be units of property are charged to the property accounts. At the time properties are disposed of, the original cost. plus cost of removal less salvage of such property, is charged to accumulated depreciation. D. ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION - The allowance for borrowed funds used during the period of construction represents the estimated in-terest cost of borrowed funds used for construction purposes. The composite rate used to calculate the allowance approximated 7.4% for 1991 and 9.7% for 1990. E. NUCLEAR FUEL . , The cost of nuclear fuel, including capitalized interest and overhead, is being amortized to fuel expense
. on the basis of the munber of units of thermal energy produced in relationship '.rg he total thermal units ., expected tu produced over the life of the fuel. Nuclear fuel expense includes a provision for estimated spent nuclear fuel disposal cost which is being collected currently from members and remitted to the Depart, ment of Energy, which is respousible for the disposal of the spent nuclear fuel.
F. TEMPORARY INVESTMENTS Temporary investments consist of CFC commercial paper, treasury bills, and an interest bearing sweep ' account and are stated at cost which approximates market. The Cooperative considers all highly liquid investments with original matartties of three months or less to be cash equivalents.:
? !
G. INVENTORIES Inventories consist of material and supplies and are stated at moving average cost. H.' PENSION PLAN The Cooperative makes annual centributions to the plan equal to the amount accrued for pension - expense.
-15
__-___- m- _._-
NOTES TO' CONSOLIDATED FINANCIAL STATEMENTS l
- 1. POWER SUPPLY PAYMENTS Payments made under power supply agrecrr 'nts (see Note 6) are classified as purchased capacity. energy costs and transmission expense in the consoi .ated statements of revenues and exper.ses. _.-
J.DEFERREDITEMS Deferred credits consist of equity funding payments. These payments were collected Imm members and were used to reduce borrowings related to the Clinton generating lacdity. These payments we being amor-tized to revenue over a seven year period beginning in 1988. ._ Deferred charges consist of costs deferred under a phase in plan (see Note 2). deferred interest (see Note 3) and recoverable energy costs in excess of revenue generated from the sale of power. These costs will be - recovered through rates in future perids. The amount of these costs to be amortlied in 1992 has been reflected as a current asset in the balance sheets. K. PRESENTATION Certain amounts reported for 1990 have been reclassified to conform to the 1991 presentation. emmy gewwwww wmppggymq yqueypywwqmvm IMOTE3 C BLBC 6 ' i7 g
% ,%u .mTRICa-~aa.-.ae UTILITY PLANT m e wmM IN SEstTICEE L @www. 77 mMus'hmAlm$$amL)B-e The major classes of electric utility plant m service at December 31 ~1991 and.1990, are as follows:
-19911 . . -1990.
Nuclear plant and related facilities . ,. . ..., . ,.. $ __961,989.384 . 8 962,030.386i Steam and other production plant . . ... . . . .. 13.008.928_ 12.992.114) Transmission plant . . . . . . . ... , 16.554.938' 16.302.261 Distribution plant .. .. . .. . .. . ,. .,. 7.I82.542 - :7,232.467: General plant .. . . . . . .. .. .. .. '7.018.970 6.939.548' Total . . . . . . ... .. .. .. .,. .. $1.005.754.762 - $1.005.496.776 ' , The Cooperative has a 13.21% interest in the 950 megawatt Clinton nuclear generating fricility located in Clinton Illinois which was completed and placed in service in 1987. The Cooperative's share of operating expenses associated with this f <lity is included with the appropriate operating expenses in the consolidated statements of revenues and expu.ses. In 1990, the Cooperative and Illinois Power Company (IP) settled litigation initiated by the Cooperative against IP (as I roject Manager) conce.ning the construction of the Clinton Power Station and related counter-claims asserted by IP against the Cooperative. The terms and conditions of the settlement agreement provided . that Soyland and IP dismiss all pending litigation and release cach other from all claims resulting fmm the- , construction of the Clinton Power Station. The settlement also provided for an extension, and other modifica-tions. of the Cooperative's power supply agreement with IP (see Note E). Also, as a part of the settlement, the Cooperative received a cash payment from IP which has been included in other revenue in the consolidated - statements of revenues and expenses. In 1988, the Cooperative developed a rate phase-in plan in accordance with Statement of Financial Account. Ing Standards No. 92 which is designed to moderate rate increases related to the cornpletion and commercial operation of the Clinton facility. The plan.' which has been approved by the REA and the Cooperative's Board ,, of Directors, includes the deferral of certain costs for future recovery. Under the plan, the Cooperar e originally intended to defer approximately $46 million of certain operating costs of Clinton from 1988 thmugh " 1992 which will be recovered from members through rates from 1993 through 1997. Through 1991, the - ,. Cooperative has deferred approximately $8.000 G00 less than antictpated in the original phase-in plan. The - Cooperative estimates that its rates under tne plan, net of equity funding and deferred revenue amortization, will increase yearly by approximately 3%-6% from 1992 through 1997 and remain level or decrease each : year thereafter through 1999. Management believes that this plan will result in the full recovery of its invest-ment in Clinton over the life of the facility as well as provide adequate funds to meet its operating needs..
; 16-
a NOTES TO CONSOLIDATED FINANCIAL STATEMENTSL l 4 * ]%,. @. Y ,*t P 7* [ " ?? " ' . *- 4 M' "?T?3 d" % %~MM@ f {. ((CM fff 7'W T f T_ if f y { @D' y."l?*r "{f,yly p.} LM $
, NOTE 3 - LONO-TERM nn ., ' - w .. _n DSBT m~ - sou . A smu-uxawnwa
.. r .
web.n;mx. s uu. .i m' lang. term debt at December 31,1991 and 1990, consists of the following: 1991- 1990 Restructured debt-imputed interest at 2.703%. due in quarterly installments through 2018 , .. .., $ 484,464,697 ' '
.$ 497.485.003 Federal Financing Bank (FFD)-7.337%-9.607% mortgage notes payable, guaranteed by the Rural Electrification Administration (REA). due in various quarterly installments through 2018 . .,,,..... .. ... .. . 194.903,709 196,176,488 Rural Electric Cooperative G~antor Trust Certificates-7.3% to 9.7% notes payabic, guaranteed by the Rural-Electrification Administration (REA), maturing in various amounts through 2017 .. . .,,. . .. . ... . ... 274.000.000 276,300.000 National Rural Utilities Cooperative Finance Corporation (CFC)-variable rate (currently 6.125%) mortgage notes payable, due in various quarterly installments through 2006.. . . .. . . . .
. , . , ..... . .. 49,387,640 49,387,640 j Rural Electrification Administration (REA)-2% and 5%
notes payable, due in quarterly installments through , 2018. ..... . . . . , ,......., . . . , ,..,, .. 19,545.505 20,434,097 ' Notes payable- 7.375% due in equal installments through 1992. . ... . . . . . . .. .. .. . 30,000 60.000- 1 Total long term debt . .. . . .. .. ,,, 1,022.331.551 .1.039,843,228 1 ess: ' Current installments . . . . ... . ... . . . . . 16.648,689 20,641,000 ; Reacquired Grantor Trust Certificates, net of discount . 3,399.908 - 15,039.386 ' Long term debt, excluding current installments.- and reacquired debt . .. .,, ,,, , .... $ 1,002.282.954 = $1.004.162,842
,.z The Cooperative negotiated a rest:ucturing agreement on March 29,1989,' with REA relating to approx.
imitely $515,000.000 of outstanding debt (including accrued interest) on various loans guaranteed by REA. j The loans were obtained to finance construction costs relating to the Clinton generating facility, Under the reitructuring agreement, the debt was restructured into two notes payable to REA: Note A, for $211,172,525 , # and Note B for $3L4,066,284 The Note A bears interest at 10.06% and is due in quarterly installments ' through 2028. . The Note B bears interest at 10.06% and requires the Cooperative to make annual Energy Sales Payments -
- (for principal and interest) on Note B beginning in 1993 through 2028. The amount of the Energy Sales Pay.
ment is based on a load growth formula (as determined by the agreement) which will result in a payment if,
, and only if, future load growth is achieved. To the extent that inte est on Note D for any calendar year is not -
required to be paide such unpaid Interest is added to the unpaid principal balance of Note B. The amount of: the Note B not repaid by December 31,'2028 is forgiven.' Management of the Cooperative projects a stable load in future years and therefore anticipates that payments under Note B will be minimal,if any Because of the ; uncertainty relating to the Cooperative's obligation to make principal and interest payments on Note B, enly - a the required principal and interest payments on Note A have been used to compute the implicit interest rate -j of 2.703% on the restructured debt. In the event that the Cooperative's load growth is such that payments on ~ 'i
. Note B are probable, the implicit interest rate will be adjusted prospectively. L. .
. . .f.. ;
As part of the restructuring agreement, the Cooperative recorded $107.366,810 cf prior period unpaid 1 interest on the restructured debt. The Cooperative included $53.294.999 of this amount in electric plant . (relating to the period the plant was under construction) and $54,071,811'as deferred interest. The deferred 1 interest will be amortized and collected through rates over the life of the restructured debt. .
= Annual matunties of long term debt for each of the five years subsequentsto December 31,1991, are as -
follows: 1992, $16,648.689; 1993, $17,375.921: 1994. $18,186,439:-1995, $18.829.830; 1996, $24.102,395,
- i 171 A
M
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS l
.1 At December 31.1991, the Cooperative had $486.000 of uitdvanced funds aval'able l from long. term loans approved by FFB and a $32.000,000 line of credit approved by CFCiof which $11,700.000 had been drawn '-
down as of December 31.1991. All assets of the Cooperative are p! edged to secure the long. term debt to'REA; FFB and CFC. - 1 t-s ,
~m % o y.m
- m. m pq e -p. gm v < p j NOTR 4 - PENSION PLANS,
. a, . a .~ 4 msa a m .a .m~ nn . , .
m %., w, #~
. 1. m r
+m , m e .. #
The Cooperative participates in a multi emplo r defined benefit pension plan and a 401(K) defined con. tribu.tton plan which covers substantially all employees. Total pension expense for both plans amounted to $243.640 and 4128.921 for the years ended December 31.1991 and 1990, respectively, pm_ ~, ym 7 g n p m n ygypw, +,xmmgrgwm a NOTE 5 -INCOME TAI STATUS ( &- s,g/ g* < 4 "i' 'i ,_,
/ k ', ,
g @= ' The Cooperative is a nonpmfit corporation under the laws of Illinois and is e?cmpt from Federal and state income taxes under applicabit tax laws. ym mLs+ m m.we NOTE Si-- COMMITMENTS m pr;mwm um m y r w g2w m % n< y- hwm:st afW4Anauan s M, . ansL@% 4 - > o g y fIs
&asMaadwg4 p#%y.Mp M N y- ~ w ww.m The Cooperative anticipates that the Clinton generating station will furnish approximately 30% of its energy requirements. The current and additional long term energy requirements will be furnished through power .
supply agreements with Illinois Power Company (IP) and CentralIllinois Public Service Company (CIPS) as discussed below. The Cooperative has contracted to purchase capacity from IP's fossil fueled generating plants through 2011. as follows: 1992 - 372 MW 1993 - 1994 - 278 MW 1995 - 2011 - 411 MW 3 Tne Cooperative has also contracted to purchase capacity from CIPS' coal. fueled units through 1999 as follows: 1992 - 1994 - 206 MW - 1995 - 1999 - 103 MW The contract payments to IP and CIPS are determined on an."as if owned? basis and include capacity. charges (consisting of production, operation and maintenance costs) and energy charges Total contract payments made to IP and CIPS amounted to approximately. $49,400,000 and $31,700.000 for 1991. , S49.400.000 and $32.400.00 for 1990 respectively. The Cooperative has a note receivable from IP for $8.930.000 for working capital advances relating to theT fossil. fueled plants under the power supply agreement described above. The note bears interest at 10.75% and. Is due in 1992. 7; T m y m y:. m y 7 NOTE 7 - CONTINOENCIES b . . , . -...y m<, y < , ww - ygyg .pppy y g; t > a g; +y
~,
v' c - >u mu%~ &n we p,h - su - % , , -
- e. . w# .. wa.t ._ pq Under the PricelAnderson Act, as amended in 1988, all nuclear power station operators are subject 'to publik liability for a nuclear incident (currently limited to $7.279 billion per incident). Coverage of the first S200 million is provided by private insurance with the balance provided by retrospective premium assessments 1 against each licensed nuclear unit in the United States. As a joint owner of the Clinton. nuclear facility, the 18
.g ,
7 NOTES TO CONSOLIDATED FINANCIAL @TATEMENTS T Cooperative is a party to the insurance policies which .e maintained by tiltnois Power Company (86.79% , owner and operator of Clinton) and is charged for its proportionate share of such insurance costs. In the event
, of an incident at any nuclear plant in the United States in excess of $200 million, the Cooperative could be assessed a maximum of $8.322,300 per incident, with a maximum assessment of $1.321,000 per year.
The Cooperative is a defendant in various claims and lawsuits arising in the ordinary course of business. Based on discussions with legal counsel, management believes that the final settlement of these actions will not have a material adverse effect on the Cooperative's financial position or results of operations. l l C _ m _ _ _ _ _.____ _ __ _ ___ _ _ . . . _ . _
MEMBER COOPERATIVES'1991 OPERATING OTATISTICS. e l . .1 I E STATEMENT OF OPERATIONS: CLINTON COLES- CORN' (In $1,000) . ADAMS CLAY COUNTY MOULTRIE BELT, y- ye >m w;c , gp y ::mm ,_r 3 3m 3w . yy gn,myg3yq T. Operating Revenuej . m W.R. m , 7 i $; 9,488.; 1.$l. 4,270j _ ;4 8,285;
-- + . x m :n , ~ +.s w +wa , , m: . wa , ml$i.a 11,3603 $WJ $ 20,684'M ,, n:. ;A Purchased Power . ... .... ., S 6.448 $ 2,755 $ 6.396- $ 8,627; $ 113,157 Operating Expenses . . . .... .., 1,679 - 754 1,160 1,863 . 4,233. - , Depreciation Expenses , , . . . '487 255 =313 430 z 1,083-l Tax Expense . . . .. .... . 131 GG 82 167: 398-Interest., .. . , ... 608 188 330 307- : 1,345 e-, , gw -; , -.
- m. +
n ' , ,, n.- , , ,' -- e m, ' ' 'v.n , - n m I5-nn D ' - # I'- . ._ ,,..[,,'J ~.1 -
q Y g~j : i *. -
,' e 4
' _i "
'j . * - ' 4 .
$: 8,281' (' 1891,394 d T'otal C' ost- Electric Se'grvice5 c ~~ ,' .1AA, L $ ( 9.35' E3e7 $ 4,0'1"'8 5 % :;w > v ig, ' ; ; lmm J '$ -
w e
. , , ~ 4 "% -
^ 20,2167
> -, ' 2 Operating Margins . . . ...... . . $ 135 $: ,252- S 4 6= (28) , $_ 4'68:
,' Non Operating Margins & _ . . Capital Credits . . . . . . ... . .
~318- 41- 177 225- 1210L 3
s
-y-o..m .
r, c- . c. . c~
- . , y. . ,
, s w., 4=.-m.,, -- - wn ,
c, _m.
, -. mg-
- Total Patronage Capital o,r Margins ' - <$19453o t $1 12939 : 8;nl81) f$1 1199f ?S, 2678 @. G j
- v. _ , _. -
m< _ un' ~
. mm 1 % v mA ,. .u,% ma o ASSETS & OTHER DEBITS Total Utility Plant . . ... . $19.041 . $ 9,592 .810,978 - $l 17,753 8 40.919 Accumulated Provision for Depreciation & Amortization . . . 5,095 2,640". 3.545 5.407- 10,392 - < s 879 , ~ my +
mm " , +
<m Ws" m y 1. w ; ymm ~ y wy y L;t Net Utility Plant ;
mu .ca , - < , ,
's o
@ $13,946%
m m.2 s
'?S'6,9527
.- an . mn, 14:7,433\ LS112,346 J- .L
' w .m swa ' . S 30,5271o um . . ; g Total Other Property & '
- Im estments . . ,. ... $ 3,372 - '$ 614 - $1 2,238 i S - 1,168 . S L1,651-Current & Accrued Assets , , . , , . . 2,695- 779 1,696 2,440
- .7,862-Deferred Debits. . . . ., .. 23 39 .141- -~ 199- -1
. 3
{f Y, _, (@#
- f '" # i
-N ['s ,,
M . M$ON Y T2 , -D f ^ h }Y .D7:f . ,[ j'(( ,UN[. . 1811,5066 c E bTotal Assets E w . a.a m o 4-sau & Mal a a.t s; .0 ;$ ;8,384 1 $20.036 s aF new . I o :mee $ z15,954 c ! $ 140.233 ?
@cawr & <-
LIABILITIES & OTHER CREDITS'- '
$ 3,716 - S - 9,580 l ' $ 12',349i
~
Margins & Equities . . . .., S 5.660 $ 4,123 J Long. Term Debt . , .... . . . I1,474- '4,138 5.567 5,569'- 24,323 Current & Accrued Liabilities. . . 1,023 381 186 499~ ' 2,236- *, Deferred Credits . . , ,. 1.879 149- - .I',632 L .306 L1,3311
- %m m v:mnerygm:wycymmmm%rm; app;w wynemppunq L nTotal Liabilitiesi A - . Mf Sr15.954 L ' Si40,239Nk E u.mxa ad wunha,mmumm$20.036i ^ 'M,i:SJ,384 a WSi1,506l @2Mus;mOsdwsgwpa arbmMusnmm2h
. OTHER STATISTICS -
Miles of Line . . . , ,. . . , 2.0741 920 962 1,773' 2,872? Consumers Served . . 6.897 '2.926 - 4,723 7,693- 13.117-Consumers Per Mile . 3.33 .18
, 4.91' 4.34- i 4.57 KW1i Sold Per Consumer . . . . . . . I1,936 i3,256' -19,773- 15,354 14,286 Total MW}l Sales . . . . . 82.325 -38,788- 93,386 - 118,117 187.395 A1.nual Revenue. Per Consumer . 1,37t3 1,459 1,754 : 1,478 1,577 Plant Investment Per Consumer . . . . 2.761 3,278 2.324 2,308- 3.120 20- .
. MEMBER' COOPERATIVES' 1001 OPERATING STATISTICS 3
EASTERN ILLINOIS ILLINOIS ILLINI EDGAR PARMERS RURAL VALLEY McDONOUGH M.J.M. q_ y ,_ _.7 m ,y .g 4 y - g. , , . , gg,_mg . g .,
..o . '
s' . - 4 1818,491- L S 6,408 ; - $ .1.772 , ? $11,'65D a_ +
-: : . w .a , , w. - ,- :. w - ;-
wu <$ 77,6271 W,S?6,37'4?._ww a wa:,, J wa - $l 9,834
.m (
-q
$12.223 S 4,100 $ 1,255 $ 7,645 $ 4,683 $ 4,816 $ 7.177 4,629 ' 366
, 255 2.388 1,642 983 -1,466 1,216 250 94 544 128 236 430 158 120 28 167 120~ 93 132 1,248 219 100 737 1,245 110 406
, .n- .,+ ,.. . . m ,
~,.p+ . r; n;w - -.yr m nmmym
.. +<; - =.- r-
$19,474 " : $ 6,145 -- L 87 1.732 " % L 811,481 ! . :.$ 7,818V 4 ! $ -' 6.2387 . .. ,j$9,611 - 4_m
. ., ._a - a . .
, .- . m um e m,cw r - s sa
$ (983) $ 263 $ _40 $ 173 $ (191) $ 136 $_ 23 418 156 33 199- 132 126 191 m . , m,: I s .
s . y,jo m - m.i
.,r
>r ,
,.4 r
,=nwy m.. -
3
, ww n-
,, m m.g.n
,,,..r g. g
. K$ ,073?' , f$.: .372:
i $ j 3, (565)' . -.$i1419J JS ? f(59)? L$ J 267k / 4M214( .y a . =u , ; ,. o au. n a: - > an e:m waw::a 2 +-,a
$44,863 $11,067 $ 3,606 $23,472 $33.885 $ 8,692 - $16,379 11,818 3.699 1,157 6,970 1,424 3,928 4.586 m ,:.- ,
.- , m yy ..,rpg w yy-.._;,...w, s . , , .,
$33,045 ; ; $ ;7,368 % - / S. 2,449 L J.$16,5021 t
- $11,793 i n s a ma a~
- w , a , an ,
5 $32,46Fww %. . w$a..awan_8 L4,7641, s a u
$ 2,408 $ 2,048 $ 221 $ 1,544 $ 812 8 429" $ 1,277' 4,602 1,087 346 3,302 2,453 2.231 2,890 92 90 4 296 10' 27 7
+ , 4 ,,m . m ,, y ..
9 %. ._ e,; ,, m. ,, y y ,s,, ,' . 4
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+
$40,147!. 1 $10,593 a $ ~ 3,0203 $21,644 c i $35,736 i '
! 817.451 t . i 9
. . . ~ .n . , ' w- .
. . .u a ::n;w w w .. a:c w wa; w$15,967 > ,
aa a w_
$14,109 $ 6,296 $ 1,208 $ ' 6,046 . - $ 3,654 $ 5,210 .S'6,536 24,133 3.386' 1,727 13,618 31,284 2,110 -8,368 1,864 892 -85 1,035. 753 '115 616-41 19 -
945 .45 16 447
- g. .
w y m es , my, . , , u gy 7.m.,..9. y,7, ymy,y - y , y
~ .: a Qc,c 840,147?: i $; 3,020 3 835,736M
!: $10.593 f 821.644V 7815 N w:a - . ,
wtm' 2 ~, ax .w: w a ex -muu . l $;7,451;Qawu,967% ww ;u gu n2 4,496- 1,467' 339 2,816 . 1,744 i,365 1,722 12.583 4,891 1,254 9,706 - 5,612 - 4.653. 7,486 2.80 3.33 3.70 3,45 3,22 3,41 4.35 13,719 11,415 11,970 10,417 11,756 - 13,874 11,441 172,626 55,833 -15,011 101,103 '65,977 64,557 85.644 1,470- 1,310 1,413 1,201 1,359 1,370 - :1.287 3,565 2.263 2,876 2,418 6,038 1,868 - 2.I88 L 21-
MEMBER COOPERATIVES' 1991 OPERATING STATISTICS 3 STATEMENT OF OPERATIONS: RURAL SOUTil-(In $1.000) MENARD MONROE LLECTRIC SHELBY- WESTERN
- . , ~ , ,
1 $ '15,Od,' _.. v$ 23,244.-;
. Operating Revenuel, . . , , . ,, , ' $12,90Gf $ 6.643 3$ 7,890 . .
.]./j
< , - ,, . -W Purchased Power ,
S 8,768 $ 4,753 $ 5.765 $ 11,423 $ 16,187 Operating Expenses . 2,377 832 1,341 2,070 3,296 Depreciation Expenses . 703 360 353 557. 1,184 Tax Expense . , . 153 70 82 736 328 Interest, 549 439 386 28 1,513 e.. - , - ~ , Total Cost-Electric Service ; : $12.550 . $ 6,454 $ 7,927 . $ :14.814 - 1 $ 22,508.7 s , w , i ma Operating Margins S 356 $ 189 $ (37) $ 239 $ 736 Nonoperating Margins & Capital Credits , , , ,, 106 67 181 127 86
.,.7 s sm s . , . . -
Total Patronage Capital'or Margins . .$;:462;, , $ , 256 ' $ . ' 144 18. .366: s i Si c822
, m . , . ..
_ m na , e w ASSETS & OTHER DEBITS Total Utility Plant . , $21,903 $14,319 $13,699 $ 18,287 $ 48,102 Accumulated lYovision for Depreciation & Amortization . 5,081 3,720 4,370 8,352 12,635
., .. w a.:, ' - .
m - m . ~ <
.. n ;.- m y + , yn. -
; Net Utility Plant? i $16,822 ' - $10.599 8.9.329l, . . $ 1 19,935 ; $ 35,467;, 1
- e
- _ .. , nu . , . - ,. , , .w u u. . - . . <=
Total Other Property & Investments . $ 1,379 $ 490 $ 947 $ 1,265 $ 1,881 Current & Accrued Assets 3,740 510 3,452. 427 5,259 Deferred Debits. . 45 43 32 (17) 85
, _ . ~ , s m ,m. ._ ~4 ,m 2 _ ex ,, ,
. . . , em . 7 .
; Total Assets > S21,986 r $11,642 '
- $13,7601 - $ c11,6!ON $ 32,692 5 ,
> + xx -
v:a aa + nam, , ~ . . . ae LIABILITIES & OTIIER CREDITS Margins & Equities , , S 7,463 $ 3,378 $ 3,192 $ 11.070 $ 13,613 Long Term Debt . 13,005 8,117 7.321 - 25,865 Curren* & Accrued Liabilities, 1.442 69 3.111 437 2,751 DefertrJ Credits 76 78 136- 103 463 j,.a, - s 7- -- m- . s v -
- Total Liabilities. -
. S21,986 < = $11.642D ' $13,7601 $ c 11,610 ; 8 '42,69% c,;
. . - . . . ..4 s
w ,- n ,,m .-. . OTHER STATISTICS M iles of Line. 2,439 1,008 1,281 2,085- 3,073 Consumers Served 8,424 5,120 4.837 8,523 14,463 Consumers Pe- Mlle . 3,45 5.08 3,78 4,09 4,71' KWii Sold Per Consumer , , 15,956 12.424 14,782 19,767 15,081 Total MWii Sales 134,413 63,613 71,500 168,478 218,112 Annual Revenue Per Consumer , 1,532 1.297 1,631 1,766 1,607 Phmt Investment Per Consumer 2.600 2,797 2,832 2,146 3,326 22
' MEMBER COOPERATIVES' 1C91 OPERATIND STATISTICS T ,
SPOON TRI- WAYNE-RIVER COUNTY WHITE WESTERN - TOTAL AVERAGE vmm ; 3y . 7 ~: x m+ y;. w ypw myyqqwgy~~y; ,yveyyq?1 it bl?OLqmtprw iytyw;p 18121.109 i s 4,332 ? R$ 4 234,565; s M a, w 1814,817xt%
- Si22,5163 a~w m: m uww u.m <:W w,:am:a nuum w M ,a,uM
$ 2,958 $ 16,N3 $ 16,258 $ 2,631 $ 165,058 $ 7,860 977 2,909 2,471 723 39,414 1,877 319 1,028 988 279 11,237 535 207 235 176 60 3,709 177 320 1,142 788 -352 '12,360 -589 y, nn. . .-<< . u n.x . , , , m<u,
- , .. m. m,.
. so w w n. w wws. . . w.a s~. mmm,111,e, c m%.,. . 4 .t... . e#
n, y '1 ; r;-m 3ww~wn y
$ '4,781 : 6 S:72,2571 LS (20,681 3 s 8 4,045 Y j $(231,77,5b .? J$ a d au::M' www u . J ~ w e z.sw m avuwaMaa&+a,038T:a-.M w_%sW
$ 36 $ 259 $ 428 $ 287 $- 2,787 $ 13'l 135 324 185 76 3,513 167 wymyy 9 > ; my .y m77 y ymyyn :7 z~m weyg:~,
g'l$tfa007y:ey; _ umy:ry <r wq us o r:8Vil71f J S }ax ?! 583 =J ' iS2 96136.
- M ~r$aw 23637 h$i nu@46,3001:musum muusuuax w_w,
. m., m .mn
$12,061 $ 35,857 $ 33,3M $ 9,935 - $ 447.714 ' $ 21,320 3.387 8,710 11,451 2,306 120,673- 5,746 ,
,y e.. ge% ~
- h. py ' ,, w,18,67.4 we V8 27.147' s A %014 ny p v_,wwwm7y 8,21,853 0myn he. e 2
, pg 7qgygg i S17,6291 : 8 V327.041 y' ',n (4 grgypwg[y reg 1- s mamu( n <X15',574% M .wum Maura sw) 1 th
$ 2,580 $ 2,127 $ 1,421 $ 711 -$ _30,583 $- 1,456 761 1,360 4,231 1,576 53,699 2,557-25 113 18. 1,272 J 61 -
, m w
_ .m:y y .,
, y,yyy yggy n yyyyy y g mmmmy iw%' f smLML
$ 27,618 4
~
m A _m
- $12.015 : .$ = 30,659!
,934b - 8J9 j $1412,595%
, halwn a A 1 E $ L19,648 k-
- c h w M h anw3.'
~ %M qE, D w S 4,170 $ 8,625 $ 13.510 $ 2.951 $ i146.459 : . $ - 6,9751 5,537 21,456 13.220 .6.588- '236,806 - 11,276'-
546 578 552 391' 19,562 932 1,762 - 336 4 9,768 ;465-prw : m:y ypw y 3. 7 y ,y n.y;57 ynmqp p gemmm;m ngypy y ng_ @ ; $12.015 T i8 30,659$ Mak.s:k ! $ 127,618i ausuun.? .d $'9,9349 ' ? $P412,595D ,r8 ?l9.6481. " s %$6 S n%%.%wM. ACh%xsdwnwaa Mw:&%AMM&MGM 1,175 2,669 3,222 1,172 -40,674- 1,937-- 4,C76 -13.066 .13.085 '3,239 156,374 7,446 3.47 4.90 ' 4.06 ~ 2 76 '-? 23.84 9,130 I7,977- 17,215 10,598 - 14,507 - 37,214 234,894 -225,253- 34,328 2,268,567 -108,027
-1,182- 1,723_ 1,613 - 1,337 -
' ~
- 1,500 12.959 - 2.744 2.54 5 ' 3,067 -
-2.863 t23 1
1
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