ML20235Z446
| ML20235Z446 | |
| Person / Time | |
|---|---|
| Site: | Clinton  |
| Issue date: | 12/31/1985 |
| From: | Ferguson C SOYLAND POWER COOPERATIVE, INC. |
| To: | |
| Shared Package | |
| ML20235Z413 | List: |
| References | |
| NUDOCS 8707270301 | |
| Download: ML20235Z446 (30) | |
Text
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- Q C. El Fergusen/ Manager { '
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, i Faxton, IllinoisJ:# David:A; Fricke{ Manager :
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' i Paris, Illinols ? */ Tema J.' Bemez, Managere ,
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Princeton,Entley Illinois iW r Electric TimmothyCooperativeiInc.c ,
L. Christensem,'Ma - . - . . nager? ' , ~
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Waterloo, Illinoisj * < Issoph J. Fellia, Mcnager; < !
- Shelby Electric Coopeastivel Shelbyville, Illinals
- : ev Wittiaan E. LeCrome, Maaager s ' '
Southwestern EleAtric Cooperative, Inc.) [' .
, Greenvills,' I111ncis C* Bobert II."Neoce, Manager - M
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- Mt. Vernon, Illinois! C Jima E. Mimmaan, Mandger . .
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Wayne-White Counties' Electric' Cooperative :
Fairfield. Illinols'. > ' Bill Endicott, Manager; " ,
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%f yp i SohlAnd was 'orh.anizedhSepten$,eI$f 1965 uSle/thd '
" i,Genefal Not-F6r-Prdfit Corp 6tationi Actiof thi State of Blinois .
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.?fi ','d,Mm #y o ly...way to gain energy, de,p_ende.. m nce and. - u . . over '
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% their:whblesale powertsupplisslandLeosts) Tselve yesis later,+ '1 '
dlg$ dine" additional cooperatives joined Soyland/ at that time! C A# 'M '
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^ ' ,Twelc6 ming anipportunity'to'purchaselan ownership share ofn i j) ' '
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'aThe Clinto.n Pow. ~ersStatios,is)vomplete and'a smooth transi-0 . '
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Coo. m tion Powei perative is e:xpected!
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N As 'we swing into the sec6nd half'of1986, Soyland's future ' " '
< ^ y s ,W/l has never seemid bWghterhThd 15'Soylahd:memberf J
- cooperatives, 'and the'c6nsumers they.servel can"be assufed ? U b
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( : SoylandIWIPCO li. .as acquired'400 megaw'atts of fossil- '"'
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? fueled generatibn capacity from Ulinois Power Cs and an 2
additional 280 megawatts;of capacity froinlCential Illinois ! ~ >>
Public SeMee Cor These arrangements call for; ', ., .e *
'Soyland/Wil-CO t6 use this capacity on hs "as-if ' owned" .
basis,.with the cooperatives paying'their fair share ~of owner-- * "
- ship, operation and maintenance expenses in exchange for ~ > '
'the long-term power supply. ,
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/These long term power contracts and the power pooling :
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arrangements have allowed many distributionicooperatives to
' launch economic development and off-peak energy sales a programs and offer their membbra lower costs while increas2 ing 'system load fact 6rs. Because of these measures,c
> Soyland/WIPCO's distribution cooperatives now have control; <
. over their energy, future;Co-op managements and directors ' ' '
, know that their wholesale power can be relied upon at' .
,4 Treasonable rates as electricL cooperatives play an integral role ?
in'the economic. recovery of ru151 Illinois.- ' '
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'C EasternJ L Farmers Mutuali ? 4 L Dlinik ll L a
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j Lpidall Pidgi . W hesident ' %huident d Seskryhhasurer ; AnistantRecntary ?y Coles-Moultrie :
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-: @hislpasttysar was'a'yiar of promise 'and,a year ofi M[ '
EM , , y 9- <
, [ A frustration"for Soylasd Power'Coopeiativs and'its' . y ,
memb6xs c. fp'romise as:we implemented a successful? Y ,, .
<4 y 4, l economic development progfam tolhelpJn the revitalization;. " $ "
c of rural Illinois and[ frustration as1we struggled to 'explainj * **
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, : [that this joWof rural'electsificationiinot'.doneSWiare l ~
goinW w l through'someihard times in rural Illblois, but we at Soyland? h.
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U fare taking an active role in turning;our rural economyl' ' Y
'"L f around. .L,We are determined an.d we will'w b: ( revitalization'of our economicallyfdepresse,ork toward theLd lelectrifiention"selves an increasingly important role and wel ' ,
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(infend to makel people aware that our[ Job"is not yet none.
~
- This spring a rec 6rd numb'er 'of Illinois directors / managers '
- ' Tand staff participated'in the National Rural Electric 3 y. j y J ? Cooperative' legislative conference inLWashingtonyD.C. As1 ' X f , .
/ evidenced by,the recorc' turnoutt we in rumi America:have al
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" i (strong need for ' affordable electric energy and'we can'tj ' g *
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' afford to do witho~ut rural' electrification. 'v '
, ' Soyland was in the forefiont of legislative efforts inf 7 L
~. . . . iWashidgton this spring;which culminated in Presidenti .
- . Reagan sigrang into law 'a bill, H.R. 45152 that:will allow :
~" '
d rural electric' cooperatives to prepay; loans held by tlie.U.S.
. A... @F.1 ; Federal Financing Bank (FFB) and refinance
- them th p.,,.
- M J dif? A ' E private, non-government sources. This law will allow: W cooperatives that have borrowed money from'the FFB utiliz-: -
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in 1 REA-loan guarantees'to t'ake advantage of today's lower;
- interest ' rates by eliminating proDitively"highiprepayment : '
penalticithat negated any savings Moni refinanciitg' . ~ -
Soyland's board of directors is extremely grateful.to ou'rJ Soyland Power Coopera- many friends in the United States Congress who made this?
t!ve representatives corv iy
- tinue to' work with ,
members of Congress, the Rural Doctrification Administration, tho' National Rrci Doctric _
Cooperative Association --
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and the National Rural
- NBCh0IWgeS MgE:a Utilities Cooperative i'
. f ,{01 cleCin.C ::' ' Co-OPS-Finance corporation on -
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. a debt restructuring package. s - .a
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w g ,',so : WMAwM S ,U tMeil- " ' / ~A Q.A9 4eg!n Nw>%w -
Eyy WDi 11, r .r t M aly1 m.f , &; :
AfQKf -<'
> ' F RMFp? :
w 8$lglegislatfile" victory possible2 Sonstors Alan Dixon',ahd;Pault ,
nM[.p.@ g[', ~ j; V
% : Simon and Congressmen TerryZrde,hb'ert Michel[, andl' Richard
- +#Durbin, 7' ' land 4
' p C@NEyans7Kenheth w m/ Melvin Price 'werei particu. larlt. ,instium.entafin' thdl ~ i Gray [Ed Madighnj R ,
V' s 9N ([
, - - ~ ,m
~ entiof this histo'ric le.g islative vict' o ryd . ; '
e N@' 4.accomplirhm. . .Dsspite numerbus' efforts b[theydyla6d board ofldirec4 s
Y 'M
?
? " ttorsimanagement'and staff to. inforethe congesalonal?
WL , s Idelegatidiabost issnes facing theldectric utility l industry,Y <
~
+
f
'#7[
$ [severalldgislat195 htddlesf som'onithe i horizon.iPresenting;at ~
p,m.
v .. +
mjrtinscontrol,e;n . ery;immediate~and a m d,w.estern v .
inajor; coal-fired
- p. - threat is pending legislation u.
. .a.
on ' acid:ower
, M~,wl w
ya y"v Wm %
pla
- i. _
f Ftion of'shlphur dioxide"and nitrous oxide emission limitations; ' '
3" '.
s ac? 3 J p% V ohlthe Illinois Power CompanyLand,CehtrAlIllinoisLPablic 2 ,' Sek s -
~ha Mj
'QUvice Company l coal-fired'pewer plthis would have a detrimental ! t
, h ,
D: j economiq impdct i.21verselyfaffectidg i ratssifdr thefrsembers of L '
5 A '
f /,",
' a FSb/nnd2Soyland,kas an?"as;iflowso' d" partner IE both"htilities'E '
. J' ; gy 3 J
fisssilifueled.systemshwould idcu6f significant electria rate"ini ; % %j Sp L cr;ase"tkpay;for rettsfitting' these hlants(with hollution control? , 5 % ~ ' f[ pf equipmont[ Uombined with theseinbstantial costsi changes in?
r
, ', i th2 IP and CIPS emtssions would,1v:sry possibly, fail to prodses d o discemible change in the naticial; phenomenon known as ? ' "' ,<d Mcid rain. We recognize thet the effects offsid' deposition'are 4 f" y iof great conodrnZHowever,lwe urne~ our congressio'nal-leaders ,
9tiserIouslyitddy1 methods of cohtyol'before imposind redric-L >
N.hd
'?
> tionsnd' midwestern utilities thstbould' cost our member- q' ;
- cananmers significant'arhounts of money.1 H
. I join the Soyland?)Eard"ofi:lirostors in' welcoming to'our o
- staff Dduyld A. DouynertyLas'.Soyland's direcior 'oi economic , Q" dl f["')
d:velopment.' Ed brings to our staff a' history of increasingly . . . ,
c riponsibility in ; local economic ilevelopmd which lwill greatly. *.
~
3c (!
cssist our members 'a's we launch our active marketing efforts. ' '
, [j
~
- With the solid utilay'org'anizatior:Soyland has built over the; Lpr.st years, we are finhilf at a pont where w's can confidently <
fulfill our role in our communities as a leader in developing the. ,
,j b aconomic potential'of our service areas. ,
'j Soyland has come' a long.way'in fulfilling its promise of pro- d viding a' dependable and Laffordable power supply to'our 15 - o' /
l m:mber-cooperatives and their 105,000 local members. I am proud toLhave been a part of that progress and want to expwss 1 eU my personal appreciation to thel Scyland board of direstors and- ,O Sthy Soyland staff and msagement for their involvement and 'd suppdri over the. years. We have faced many challenges. Many ,R
. chillenges remain. Wa:will continue to fulfill our promisejas'.wel , ;L M
,o flook tofthe future.- '-
- u .
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1 President, Soyland' Power Cooperat;ve- 7 %J,*. "
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- m. unsurpassed chanOe _in the sutilit industryM,W ' *
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make.stus,stropger Chan. ge x
and ~more ; competitive; .
7
-is change ' a p .reroquthat,isite to growth; and we~ o be, a.intend t-- and,N-
,~,' ' v . .. ..-
growmg c
! thrivin~g forc. .6 in~ rural Illinolias; times'cha. ,nge and;im, pro.ve for "
(o@oa .- _~ -.
, , s
' '7 '
.the many rural'Illinsisan.s we servo - .
- t. .M ,.
4" ; - m
,,, ~ LOdr' rural members ariburtingsbut thetistrengthTruns'dsep? .l,
[?' ,
and they will survive thiough'these tough timesf.+Soyland,,ilikxeC <.. .. Q @w.
the. rural fa.rmer,L . ,is going, . th~ rough t'ough times..brou~g.ht on, by; 1 '~ N
$, s
' ' ..! M,= '
' debt in the nuclear Clinton' Power Station.sWe't o/ like thet ; , > < E m y[ y % - <. ;
- j"'
a:
- formes will' find solullons to;our problems a$d'will forge iSidQ k
.__.i Jha future a.nned. wit.h determinate.6n hd theTwisdom.that.co. mesD tm.
. ~E
, . M o, nly thrpugh experience.- f q"_ v; ,W T l' '
u . p % , ..J + '
f YI; Y '
, . .!A Link:With Washington {
~
- i'
,, f ?While Soyland is lookinir forward optimistically to the full' W>
j . ,~ . t c' ommercial operation ~of Clinton and the* economic bsnefits sf y y". L A -
y, ' ' 1 .
- its,'c. ontractual relatidns'with1WIPCO, CIPS -. .. t , n#H>
ipast has.been a period,~ of f,r,ustration ~
as we,' y'a r . . .
-. ave tried to prevail"
- ' ion the Rural Electrification Adminstration to restructure ~our.7 4 D
s J Clinton-related debtLAs Clinton costs have mounted due'toi '
d yearsjof rdgulatory delay,Ldoubl.e-digit l inflation (and high) .
ch h interest rates, we have witnesssd m con.tinued erosion of thelruralt M N c .. . ; .- - ;
. farm economi. throughout our me er-cooperative '. service . < ". W E.H.1 Williams A sreas; Through renegotiation;of its RErloan agreements,=:
M*" * ' Soyland is tEying to lessen son elof'the impact"ili of? W i Clinton will have <m er ===b-=d theM.: crithef f%j serve.- l .
> 0W%i Soyland has retained Lthe seruic'es of the accoun'tinh firm of? .
Peat, Marwick,'Mitchell and Company and the Chicago'lawW
~
H fina mf Lord,'Bissell and Brook 'to' help Soyland: determine aL AW reasseble restincturing ofidebtJ Soylahd has'.been working? A with the flEK and the Dupartment of briculture sineclJanuaryx , 4
~
[
U.S. Rep. Richard 1986 to find a solution to the detrimest'al. 6ffectsthe! m
. a Clins -, ton .. 9 ==:
Durbin is one of several ' Power Station will have'on rates! Financis1.. ~
restructuring is @
Illinels Congressmen essential'for Soylandjnember's to prcnHde"dependableIand[ '
who are assist!n" Soyland with.Its debt - -
4 ,d restructuring plan. ,
(
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6, <
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h! RIA ' add other?governmentifficialsiince Januarpi1986;without ? * ,? ,
'
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M(lifimpressed!with the~sincese desire of Lalliarties Farrifingit a satisfactory debt restrdsturingewe hhve beent _
~ '
i 53 MMO lighten the : load on.the Lirosbled crural consumer! We remhinV
+
"" ~W d ' Coinfident 1111 an' agreement will bs reached id the near fdture; '
' "W
$%((c$n a' debt" rest'rucidring that will allow Soyland'to'meetTis finane,Jf ' '
ND
] ial obligations while providing sifordable rates to'memberd p',-
3 _ 1 s.
W Cooperatives. ._ g, q
_ .. f9f LAlready la the first half of 1986 Soiland has refinanced, orf
- is w' W 7 Erilled' oser,;$7dmillion oflshorkterm nhies into lond-term
- * # N f notes' throughithsjFB,nesultisg inl savings in debt service .of K .
- g. ,
- Wh k; > j$3 millionl annually? Far the remainder of this yehr and 1987f: ,
9we antisiphisiallihg Over hnother..$38 Eiillibnlinlanoit term? < E ' M,. '
3 notes;into long . term,freducing annual' debt service costs byi
, _ l
- $1.S million moreCThis represents a $153-million savings'oy'er a m , m i -
kJ 0i l.dlife"of these loans? ' '
L <
,[
We were : extremely ples' sed on Jhly 2,41'986, when Presidest! >
Reahan signed into law H.R. 4515, the Fis'chl 1986 Uigent? ,
m .
1 LSupplementil Appropriations'Billc This legislation will allow) z i e, rural electric gene' ration ahd"transmisAlon' cooperatives such aan iX '
joyland 'to_ prepay witho_ut hehalty high-interest loans .from the ; . - # '
iFederal Financing Bankfand refinance them through privatei bankiat teday's lowe'r ihterest rStes. .
P '~ @N*
3 . Soyland has _alfeady inisated steasures to take adianthge 'ofi '
, 4 .
tha opportunities afforded by: this' imp 6rtant piede of legislation. . ,
^
We =Onnentli =Mg with)avasal financial institutions' on ' i *'
r1 financing our lon'gJterm debt utilizing non-gove'rnment m ' oneys ,,
i p >
Y
' .r:sources as allowed by 13A 4515.
finance $312lmillion'of ihng-turm debt thrbugliprivate bank-- We anticipate be' ng,able ^
toi <
^
1 ear or in;early 1987. The interest rate toi '
P ing Soyland sourceson this'yet ruin this y$nced' debt is expected to average abbut
~ '
- 8.5%, resulting in additional savings of $6.7 million per year,< s.
or $227.8 million over the life of the loan.;This will be 'a'sidsifi-ctnt savings. to our members and demonstrates the magnitude .
of the victory achieved by rural electrificaNon suppo'rters'when FFB refinancing penalties were eliminated by H.R_. 4515, .
a s Elimination of those penalties will. achieve part of the goal we u '
htd set for Soyland debt restructuring. .
The combined effects of the refinancing alreadyscompleted in? '
M
.1986, anticipatediou-ovees and expectedj refinancing withlnon-A rg7vernment bankers should result in approximate savings of '
f : $11.2 million perfycar ovsr the coming years. Throughout this~.
~ process, we will! continue to work with our friends'in J , ,
M JWashidgton io ar^ rive at I a sdtisfaht$r[debi stfuclure pidn that) "'
!will'me'et the~needs of Soyland"asd our inember cooperatives.
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- )
.. t otalT Soyland/WIPCO f , se ,~ gl ,
g interconnections through '" '
, ,1. N%
the lilinois Power at ~
]"M'"* j o a CIPS Transmission Systems - : Ha* i
=
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(, .i- 1 e e IP Transmis 3sa System ..
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.q Top left: The 1,800 -(
anegW Baldwin . .je,=a j,0 t'ower branon, wasca '1: Paa provides base load '
tV generating capacity to ^
r the Soyland/WIPCO @'
- n==
L' Power Pool, is owned """ -
I l
and' operated by Illinois Power Co. Top right: The D s 1.100 magwatt Nr
- 3 ;W l- '
l- Powe'. 2ation, w J '
! and opacated by Weal Illinois Public Service, Working Together TIEough Power Pooling - ,
Co. is the ne t Since June 1,1986 Soyland h'as been dispatch'ing its entire power supply. mix in the.most econbmical manner to serve its.
entire energy l requirements.LThis economic.' dispatch is made:
possible by'the unique pooling agreements; between Soyland,i Western Illinois Power Cooperative, Illin61s Power Company;
-- and Central Illinhis Public Service Company.lThrousif flie~se ?
- agreements, the powermupply'available to Sovland is used to itsi ,
greatest economidladiantage to meet the energy; supply ? , ' I requirements of Soyland's-15 membsrJcooperativeslandltheirf
.10S,000fmeter's,Las well as the seven WIPCO member-systemst ,&
serving'45,000 ~ meters ( T y7 .
i f ' . . _ _
iFull economicidispatchlunder theLSoy{and/WIPCO pooling MQ agreement becanie possible in Mayl1986,iwhen the Federal: 1,g
- Energy Regulatory Commissiorrapproved 'a connact'with l C#ntral Illinois Public" Service Company [The new dontradwilli 7 provide to Soylan'd 280. megawatts'oicapacity
- on an:"as if1- t
- owned" basis.-This repressnisL10% ef 'the'outpdt
si eacliof! ..
qhy N{ 1'
~
b
- (r;101, , V ]
,e '
-[L x , ,
- 3. CIPS'l13:
generating r 4
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, .. O a WWIPCOlPaiiicipation$is CIP.S'Capacith" M '7 l' ?* Generating y . ' Total Moti , , , Soyland/WIPCO - 4 '
t, . , . . . . , . , , . ., .m
' Unit 9 ' E Capacity (MW) L
- 1 % ' "# ,
MW . . soviend/wieco sovieno/w Pco
- s. . ". ., -
+
> oenerating - ~ Total Not ;. . 1986 R 31987f 885
-M; Soldwie 1 ~c ' 587 y 1 E7%. 82.8' yn,, .. t cepecsty IMWP %: MW; %i uw 4
.fBeldwis 2J , 587 : E1E7%: , 52.3 .. %
^ i Baldwie 3 . .587 ; 10.7% ' e 82.0 - A*
$2( ~ EM co' nsen 1_. 32 52% ,1sJ
- Wood RiveE1'
- 4B 1- .~O r : 10.7% ; . 5.2 h
- Weed "liwr 2i .49' h 10.7% .. 5.2 n CeMwn 2 " f 55f :' s i 10.0%t: ' 55.0 52% > t 25.5 ;
Wood Alvor '3 I 4B L 1 18.7% - 5.2 Greed Tower 31 P 75 ' , ;10J%; 7.5 At% : . . .< 3.8 .
> +
J Wood River 4 - l 101 ' O !D.7% i "
, .10.8 Greed Tower' 4 '- : 10.s%} n 5.2 3 5.2%$ \4.8 7
Weed River 5 J 350 ;
258 -
- 16.7% ;
10.7%
f 41.7
'27J]- Howem 'b- '
l!78' 92 ' '
4 [EN l ' ; 7.s :L 52%i M 'y '
Ilevens 1-5 % = - -
i Havana til i..' , 428 : L452 Noteenville 4, ,:78 /18.9% .- (7J 5.2%] (4J
, ' ' 210.7% E7%; I
~
E Nonneple 1 - 74 . ' 7.9 T HeteenvlHe Diesel / 3: L10.9%_, 0.3 C5.2% J 0.2 x
?Heenspin 2l; ,224 ye 10.7% ? 24.0 1 heerseek 1. 4 es1 110.8% ; ) 8.53 5.2% - " 3.4 Vernllion 13 74 : - 10.7 % 3 . 7.9 ' eseredasin 2.'
~
- 85 : 10.0% - s.5 i 5.2%1 1> 3.4 Vermilien 2 - ~107 . E7% : 11.E :
~ <
~- -
-6 Veratilien CT . 12 : 18.7 % ' . IJ . la 3 ' Mt Ro% a 'MA ' '%2% l
,0.4 2 Jecimenville JT e - 13 E7% N' 4 ' 180 ~ j 18.0% fit 0 l; 5.2% < .;s.4 y
. si - Erw a ."s.71.4 (newtg estomase et- 1- - s4s . mest ' 54.s J 5.2% : 2s.s
! Oglesby CT' .' 00 - 's 1 E7% 6.4 : Eso . 110.0%T 5's.O 5.2% i -28J
'leswtes 2 h
' Bleesningter. Diesel:
'2; e ,E7%- 0.2 -
~
D
'3740: 10.7 % 400; , 2800' 10.0% 7 280 8.2% R 145.8 s
g O w Capacity Requirements: m, r
L Soyland/WIPCO Pool-
'900 800 I =
700 ovat Y. - CIPS' Generations y600 i[ t +
( 500 3'
( 400 q, b 3s IP Fossil Generation .
. . g '
E The Soyland/WIPCOJ 200 Pool has sufficient Clinton Generation ,
. capacity to meet the L . . 7 Coop. Owned Generation . Pro}ected requirements 1 0 of its member-systems
'1985 1987 1989 ' 1991 1993 through 1991 Capa4.
~
additions for 1994 and-beyond will depeno oni Y, r ' the noods of each
' Soyland and WIPCO signed the CIPS agreement in' February - system la the joint po61.
1985 and submitted the ' document to FERC for action. Late last
, , August, while s'ill awaIling FERC approval of th'e 'CIPS cony ,
t
! tract, Soyland and WIPCO entered into an interim agreement..
'with CIPS which took effect Oct.El,1985.tThis' agreement '
, . > allowed implementation'of all terms of the original contract
$ except the'.' dispatch of energy into the CIPS system,' with billing 2 ,
l - to coritinue u6 der existing wholesale power contrahts until such tima ,as FERC approved the, power supply agreement.l ' '
The net benefit to Soyland members of Ge ini rim agreement' '
^was a'pproximhtely $2.5 lion, Se differene in the ' cost of r j I
~ iManager's)Reped . '
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energy under the old wholesale purchase contracts and the'new &
- "as if owned" contracts for the period October 1985 throught O' LMay 1986.~ While that savings is welcome'biSoylend's y Illinois Power Co. hopes members,nthe greater benefit 'of the CIPS agfeement will bes to load fuel at the true economic dispatch / allowing Soyland to import the mbst 1 Clinton Power Stanon in -
- August.
econbmic energy hvailable into sdryice l'eriitories formerlyl ~ ' 1 served exclusively,with CIPSl generation;; i 1 ,
,. The Soyland/WIPCO PoolLis in the second_ 'yedrif its'contiactQ
- with Illinois Power'Coinpany under whichlthe\t'wo cooperatives) - ,
..are receivbg on'an;"as if owned" basis 10.7% of the output of 3
- each MIP's tossil-fueled'g"eaeratiUg unitsicapeddy equal'to 400f '
-lgenerating megawatts. The, Soyland/WIPCOfsh.are"of Ng e ay 1stationsLwill.' remain constant until 1992,-but the IP fossilithel "
fshare of;CIPS plants will decline when the,nucleanClint6na y , Power Station comes on linee t ' d ' e Du
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IThe contiastukligreements between"SoylandTWIPCO/IP[ and CIPS will" provide maximuu benefits tolc'ooperative f e6 ' 6, 'e 3 .4
' ^
imembers when Clinion begins commerhiaforie kationfT85se 71 > q ' " '
- c. ,
icon'
? cohtigenerationlavailabletracts meHthat"we;can~make on ihenylardsWIPCO maximum useiof tha 4..
t 112 i S , y a' Lsys' tems to mestjthe'energfrequikAments%f our3
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will result ~fa- .lowelcosts , tai each system than if thelfour; J ' f
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organizations sperated independently. Pooled power supplyj , operations will also allow for the greatest polble' as's of the"
'ow. cost energy which will soon be available from the~ Clinto~n:
Power Stati6n; Clinton: Power For The Future The Clinton Power Sta, tion was the scene of major i 4 "
' accomplishments during the past 12 months as work approached final completion stages And preparation for opera-tion 'of_ the 950-mega' watt generating plant got underway. When oths' Clinton Power Station begins full commercial operation jduring the firstl quarter of 1987l:1t 'will supply approximately; .
3 , 20% bi the Soyland/WIPCO power p6ol energy requirements. ' '
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The Soyland/WIPCO.. ,L. T.y :~ -
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pooling agreements call . , Although the plant has bee, nia' tremendous financial burdenn for utilization of existing -.for Soyland, the member cooperatives will soon' begin to realize :
' lillnois Power and some of the' benefits'of,dwnership in the' nuclear plant / Colns ~
Servie Inm ao struction and interest costs are very high, but the cooperatives % systemsi have now paid their share of the plant cost andfare lookinge forwar'd'to utilizing the low-cost energy from the planti The-
-energy from Clinton.will be nearly one-half the cost of the:
cooperativestaverage cost of energy from'the'IP.and CIPS ;
- ossil-fueled power plaists.!While none'of us like the cost of '
nuclear plants, welds intend to fullfutilize the ' low;cos energy for the benefit of all.our members. .. . s Seve$al' milestones occurr$d'at the Clinton Power Stationi ' during thelpast 12 ' months:;
<{
,4 1
- In August-1985 Illinois Power Company:was' authorized byf ithe NRC to receive nuclear' fuellat ths Clinton stationF All:E3;/
/. shipments that will be used to generate aldctricity at Clinton?
; were receiOed/ inspected 'and stored by October? ' ' <
7
' ( L fin lDscember:1985 ths Clinton Power StationLemergencyF , 1 nresponse plan' passed ev'aluations by the'NRC'and thei ,/ '
Federal Emngeky Management Aiency (FEMA)[ A key parte
.M ' ' ,
Iof the emergericy plan is lhe' pahicipatIoAi sf officials from h $a cy;j gj. o A
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1 3 D , "$ <other3mergehey support drganizhtlohs[incidding the IlliAoisi , iDeparlment 6f NA, clear Safety,1Illihois ahd:DeWitt County! M ,g" ^ Eme'rgency SerWees ahd Disaster agencies, FEMAnnd then "t M .
* ~
! NRCCTlieiuccessful exercise was oneLof the requirements;
. _ necessary for obtaicin~g an operating licensel u.; _ , y ,
, fin December;1985 the.NRC at a'public nieeting'piesented? ~ ' -
4 _ 7 i resslts of the' fifth Systemhtic? Assessment of Licessee Per' "
'formance (SALP). The SALP ' report is4m evaluat(. i of.IP's ,5
/ i flechnical and management performsuce in meeting;NRCE '
rsgulatory requirements during construction and"operati6n.' " X
'%.V y LThe report said? performance showedf ad overall improved
. trend.!Th6 licensee (Illinois Power Campany) has shown i
~
. aggressive management atiention and a high level of per '
formance in-the functional areas of containmen'ts and others , ' safety-related structures, piping' systems licensing activities . . . Increased managand ement attention to:. sspports, and [ ,
, .j all areas of performance has been apparent during,the latthr part of the assessment period 1. f. Management.has looent; responsive to NRC findings and con.cerns f.h"#
- On
'. May 31,.1986,: the last maior milestone,' the., Loss of._
Off-Site Power and Emergency Core Cooling Testfwas com. - pleted.' The trits,;which:went virtually without flaw, were complet'ed in 10: days vetsus the 21 days scheduled.- As of May-1986, S3 operators had'successfully pssse;d the : , NRC licensing examination. Illinois Power now has more than . enough licensed reactor operators 'to fully staff.the Clinton" N ; Power Station. . . Illinois Power submitted its official request for an ~ operating licesse to the NRC os June 17,1986. The NRC issued its first ! a draft of the proposed operating license on June 18? #1 Following a' comprehensive' tour of the Clinton Power Station - . in July, Robert M.:Bernero, a member of the NRC senior licens. Ing staff, said, "It's a plant that appears.to be well-managed,- physically clean and well built. The NRC will be watching Clinton closely'as the plant goes through final testing, and'is - prepared to issue Clinton's low-power license-upon test 'comple- > tion.' This license.will allow IF to proceed with fuelload, go ' 6 critical and go up to 5% power-. . . Clinton's state-of-the-art design and sophisticated surveillance sysism could mak6 the -
. plant a benchmark.for boiling water reacto'rs."
Fuel is expected to be loaded into the plant's, reactor core L _
;during August-1986. Full commercial operation of the Clinton ?
Power Station should ' occur early in 1987. , Provisions of the Soyland/WIPCO.and Illinois Power.Com? , (- pany. power coordination agreement, which became' effective on L Januhry 1, 3985, limit the cooperatives' direct construction cost g l [N , ,
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Q': of the Clint6n Powcr Station to $450 million? Infl558, Soyldn'dy , ,; f.p'urchAsed"a'10.S% ownsrship share of the plant) WIPCO pur? , L, . t chased 9.S% of;the plant that sanielyea:ri The cooperatives'1 < d 4 ~
~
; combined'bwnership of 20% will be' reduced proportionately:'
shbuld<their percentage share of thb cost exceed thef +
$4S0 7 millio/cip.f .
~
4- '
.' Soyland/WIPCOl anticipate'the. ownersh!p percentage of 7 4 Clinton to% reduce'd(based on' the1 final constincted cost"of! a p (the plant.;This;will result l1nia reduction in capacity,jbut( ,j '
l; ' ' through the joint economic dispatch agreement with Illinois , Power, the energy costs will Yemain low and the losifcapacity b '
.- will 'still benefit cooperative members.
,. 7 .
.3. .
. ; Helping Build Rural Illinois , iC (The originalMal of ruralielActeification was to-improve thel #
iguality of' life for GeLrural pe6plefWe believe this goal;
. deserves renewed emphasis is the' agriculture-based'ecoaomy; i of small towns and rural areas ' struggles towurvive? We intendl '
to'bela vigorous force in the revitalization 6fl rural Illinois. " This past year Soyland-to6k a majoritep toward the revival of/
""I p3p['
~
g rural Illinois. Ths boa' rd of directors establ' hed an'acgressive i
. ~
n Amnica, compressor economic development program aimed at n veloping and A
.ctation 310!!s the first ' attracting industry and jobs to rural areas cf Illinois. To focus ,
. load that Clinton " the ' economic development efforts of S6ylanc, ths board bi ' '
County Electric Cooper- , a - ative has on the directors created a,new senior staff positiors director of 4- , Soyland E-1. economic economic development, ~and the Soyland/Vd ?CO Pool ~ has dzwlopment rate. The 3
. retained theservic'es of Douglas:A.'Doughed.'Mr. Dougherty &
"P',','"r dits n, comer to' Soyland from the Illinois Commerce Commissions alsetricity until August - whert. he also served 'as economic development director. Prior 1 1906 when the decision to that assignment he was manager"of downstate marketing fori p ch se j"., ",0 ,, the Illinois'Depaxtment of Commerce and Community' Affairs cooperative. The station . (DCCA), where he.'was involv6d in economic development in 84 pumps'an average of six downstate Illinois counties?Among his accomplishmentsLat :
million cubic teet of DdCA were development and appmvoldf mers.than1200 finani natum! gas per day and . will use approximately cial agreements and tritining contracts designed to assist com : two million kilowatt munities and businesses that resulted in the creation'and rethn D hours of electricity tion of more than 15,000 jsbs'. . , mo i1Iy e dj The challenge for Soyland and'ils members is to work at , about 350 kw. revitalizing rural Illinois' by both' crehting.and retainingfjobs'for: ' our rural people.~ s g k, t
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w#hRegg[,.cg#p wp & +x ,3 ; t ' distribution conter,f .. M gpMy M% s l MN ,y t f M
-qq"g S WBloomingtoniwill'he' K i- jk MM^["".g, $Md F $ 5
$p%s431 1 e p'p*g'g$p~(;$ em $ O M h: Ccta Belt Doctric'-
f d U Cooperative's largest ;
% PWOf
~
y , % g-, [$ i'h'- ' " WM T load. The'conter is one <
~ foi three similar facilities ; ' '
inn the U.S. and will t
.% eemploy about 1001
'Ob;
. persons full-time 'and up ?
^ to 400 during the peck 1 MpM$[(S '; sg%q.$ -
L %.
;w$, dMsd h b. ' t fall seasons. The facility.
' will have a monthly -
! demand of 1,000 kw and, >
~ ,
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t is included in Soyland's
. As.an in'ducement toinew industries to locate within theiI E-1 rate. Below One of; service ' areas of distribution cooperatives served by Soyland ' th* largest energy loads? m Power Cooperative, the board of directors has approved an - **"*d by sorland's 151 '
member cooperatives is , economic development rate. The purpone of Rate Schedule E-1) . . Inland steel Compary'sb is to promote new load through economic development-in the ' coal mine number two ? " ' , service areas of Illinois distribution' cooperatives. The reven'ue : I"*"' #cI* naboro. Wayne-White Counties j
. provided by serving thes.e new loads will be used to reduce th.e Electric Cooperative hans revenue requirements of service to existing loads of Soyland L serwd the facility since ( .d:
member cooperatives.1This results in immediate flow-through- 1975. The mine is a 13.8 T i benefits to 'all member-cooperatives and their consumers, not 9awa"
- 7 33 , nd just the cooperative securing the new or expandqd industrial.. ' , Soyland interruptable~
load. The new rate is available upon application to any installa. - rate. Waynewhit. . ' tion' which results in 'an incremental increase 16 electrical load . Counues Doctric can . greater than 200.KW and which is metered by.a tim.e-oriented Interrupt up to five i
.mogawans at the hourly demand-meter. . .
.f acility.
As presently adopted by the board of directors / Soyland's
, . economic development rate is guaranteed through 1991.-
< Soyland will review annually the extension of the rate for'new
- applications.submitled after 1991.. , ,
' As we look to'the future, Soyiand is committed to assisting its;
{ member; cooperatives in developing marketing strategies thati ' 4 e, "will most'efficienC.y utilte the :g'enerating capacityfwe have . 4 E , e < t l - ' cManagefssReportt u .
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.new opportunities's presented by:ourj"asif owned'9 capacity lc6ng .
, tracts and have~1aun'chedinew incentive rates for.' electric ester c
~
- heatersRdual fuAl electric heat add off-peakigr'ain conditioning; ,
Such ratesLwillinsrease cooperative energy sales.z'allowins usI to spread Soylarid's fixed costs over a' larger _ rate base,(whish id) g ( turn willlower the per-unit energy' cost'to the ultimate ' conk _[ sumer. Putting our excess capacity to w.ork in this.way. improves: K,
- our total system efficiency and benelits eacliand every con-::
- sumer served by.ourimember cooperatives.; *
~ ^g' Soyland'will" continue'to:look forl ways it can assist its) f me'mbers in'devbloping the economic potential of their service; -
areas for the benefitiof present and future members. Economics . ' development'will create new job's_ for our rural consumers asT C~ well as new loads'for our cooperatives; Targeted marketing of W energy. to~ ou' . r rural consumers will helh lower l cost 5 'to those t # ,, consumers Nho can qtialify' and will help make'our systems i more' efficient, as'we'take advantage'of the total uillity plani
- launched by' Soyland. ,
Bob Vander Pluym, - -
. .. a 9'""I """9 'I hooking Toward The Future-Clinton County Electric . ,. , ., .
Cooperative and chair- We are indeed grateful for the support'of the Soyland board; man of the Soyland of directors in our activities. Through this sunnedtPmany things - marketing committee, - - ' explains the group's have been accomphshed; but more lies ahead.>We are c' onh.-.. activities to the Soyland ' dent that with their continued sdpport the futhie will b'e bright, board of directcrs. Wes will achieve'our financial goals, making 'il possible' for Soyland 16 fulfill lits promise of piroviding ade'quate,Ireliable ' ,f supplies of electric' energy at the lowest possible. cost to our-1 member cooperatives.
- I wish to express my personal and sincere appreciation 1,ot .
- only to the board of! directors,tbut to the staff of Soylaad sho L e have made these accomplishm'ents possiblehWith!the dedication; and support of our members,LSoylan'd looks confidently toward( ; , i
meetmg the challenges'that. face;us in the years aheadh 1:. 4 , ; r 1 .-
,,y V
lE. E Willidms. b N@"
- . Executive Vice President - .
Y.
' L and 'Genefal Manager >
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; iDecember 31/1985 crnd.19841 s
- 1985? L1984i N y
- . , . . . t ASSETS (not'e 3)? ,
s n Electric utility plant' .at cost: ,
... .s .
$ 1 Property and e~quipment . . . . . . , . . . . .. . . . . . . . . . . :. . . . (. . 7 .
i $ L . 8,870,822 ' ;$13,643,816' , L Less accumulated depreciation . . . i . . . . . . . . c. .>. . .. . . . u . 750,892. '162,S20 "
. 8,119,930' . :3,481,296i a
' Cin'struction work in progreer (note 2) . . . . . . . . > . . . . . . . . "443,856,934 1394,328,450( /
1 Plant site held for future use . . J . . . . .'. . . . . . . . . ' . %. . . . . ;7,260,01S; L254,570j
< Net' electile utility plant ' .' , . . . . . . . . . . . . . . . . . . . . .. . . . . . . 4S9,236,879; , 405,064,316s K Othsr property /and investments: , .
- Non. utility property,!at cost'less accumulated . , ,
- depreciation of. $6,496 in' 1985 'and $4,'206 in 1984 . . . . . . . 32,403 y ;32,781? s
' Investment in associated organization, at costi. . . . . . ; . . . . . . lS,087,255 1 24,378,1S0; ,
. Notes receivable' and other investments . .v. .'. . . . . . . . . . . . 18,995,489 c
- 65,8780 Total other property and investments . . . .......... ..... '14,115,147L -4,476,809 Currsnt ' assets-
- Cash and invested cash . . . . . . . . . . . . . , ' . . ........... 7,400,787 1,995,069 c
- Temporary cash % vestments, at cost, ,
which approximates market . . . . . . . . . . . . . . . . .. . . . . . . . . '
' 6,100,0003'
- Accounts rec'eivable', members . . . . . . . .:. .. . . . . . . . . . . . . . . . 11,497,489 ~ 12,391,758, Other receivables, primarily from related cooperative. . . . . . ' , '
4,750,220- f 27,037f ' , Prepaid and deferred ' expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 226,867' 47,433 c ' Total current assets' . .........................c..
. . = 23,67S,363- 120,S61,297f
. $497,027,389 L $430,102A22?
L CAPITALIZATION AND LIABILITIES - r Capitalization: 1 Members' deficit: ' Membership fees . . . . . . . . . . . . . . . . .. . . ................ . 1,500 L i f l,SOO L D e ficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . (51,477,062)/ ' (S2,9SO,544)7 Total members' deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . (S1,47S,562) . f(S2,949,044)
- Long. term debt, excluding current installments (note 3) . . s . _
488,213,250 > 44L908.134i Total capitalization . . . . . . . . . ........ ........... 436,737,688 ~ '394,9S9.090( _ Current liabilliiss: .., Current ' installments of.long. term debt (note 3) . . . . . . . . . S26,514; 3,753,808; Accounts payablet . . . . . . .. . ......................... . 13,748,444- 8,491,1501 , Construction accounts payable . . . . . . . . . . ... ............ 257,968 y 3,S19,79S? Notes payable to members ; . . . . . . . .. ......... .....,- 4,461,426- 4,699,992.-- Notes payable, other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,590,000 . - TAccru ed interest . . .. . .. . . . . . . . . . . . . . . . . ....... .. ..... '12,952,974' . 2,623,S07;
.' Accrued expenses . . . . . . .. . . . . . . . . . ................... 109,S24 '21_,466;
. To;al current liabilities -
33,646,8S0- '
'23,109,718 5
. . < 's D:f:rred credits- . . . . . . . . . . -
26,642,8511
~
L12,033,614 9 6 ' ' Commitments 'and contingency (notes 2, 6 and 7)f. . . . . . . . . . ,
; $497,027J89 L $430,102,422 V See accompanying notes to financial statements. .
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] Operating'reven~ue:l >
1 m " Electric energy sales !.. . . u . . . . . . . . . . . . . . . . . . . . . . . . o . " $ 92,185,712 4 i
$ 89,713,014y p Distribution" revenue . . . . . . c . . . . .. . . . . - . . . . . . , . . . . . . . . . . .
Rent of electric property 1. . . .L. , . . . . . . . . i . . . . . . . .;...... l 89,069 ' ' ?-s L , TW 1: [18,003) ' L14,861l ' 4 Other i % .; . .K.l. . . . . . < . . . . . -. . -. . . . : . . ., . . . . . . , . . . . . . . . , 16,7S23 6,431 i
,LTotal operating revenue . . n . . . . . c. . . . . c. . . . . . . . . . .....
-92,309,S36:, n 89,734,306Q J
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; (Operating hpenses: '
s e Operation:
< M 4 E Purchased power . . . . . , . . . . . . . . . 4 . . . , . . . . . . . . . . 4.... ?l8,0411,051 ; 177,788,920; >
Purchased capacity . . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . O s 22,429,365 c - Energy costs . . . . . . . . . . . . . .:. . . . . . . . . . . . . . . . . . . . . . . . . . . W 34,359,163) /-- Transmission . . . -. . . . . . . . . . . . . . . . . . .. . . . . . . . . , , . . . . . . . 7,410,8203 , c
? Distribution . . . . . . . . c. . . ............... . ........... ' -
23,575: x .. m E Maint enance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L23,007 f . (37,201f '
-Administrative and general'. . . _ . . . . . . . ............... ' 997,803 Y (1,061,855!
Depreciation '. . . . . . (. . , . . . . . . . . ........... ... ....,,... 201,381-Property.and other taxes . . . . . . . . . . . . ... ........,......
' i120,804 L s 151,S25 <
186,546 -
- Other operating expensesi. . . . . . ; . . . . . . ................ '1S2,244 ; 94,181? .
Total ' operating expenses . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 83,789,934 c 79,189,5071
. 3
- Net operating margin ' . . . . . . . . . . . . . . . . . . . . . . . . . . . c. . .
8,S19,602 L L10,S44;799) 4 -
' Other revenue, principally interest income: . .. . . . . . . . . . . . . .
' 147,128:.o ' 196,795N cNet margin before interest charges ~ ............. ,.....
8,666,730 "
"10,641 S94 j ^
~
Interest charges. . _ Interest on long. term debt '. . . . . . . . . . . . . . . . . . . . . . .;. . . .. . .
- 51,'339,211) f44,600,312K Other . . . . . . .' . 4 . . . . . . . . . . ...........t..........., . . . . . J 641,621 j 458,711(
Allowance for borrowed funds ussd during construction. (44,787,584)- 5(37,724,690)f f Net interest. charges. . . . . . . . ............. ......... . . , - 7,193348' 7,334,333 ' L Net margin . . . . . . . . . . . . . . . . . . 1,473,4821 3,307,'261 r Dsficit at beginning of year . . . . . . . . . . . . . . . ' (S2,950,S44) .
..... ....... ;(56,257,80S)? 4
~
D:ficit at end of year . .. . . . . ... . . . . ..................
..$(S1:477,062); 9$(52,9S0J44); . ; See ' accompanying noter to financial statements. ^
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- 1 Years ended Deceinber 3171985:and '1984 ; .V' wa
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1 Scurces of working capital': , 1984; g s . ,1985< . , . , . 1J' N t$M1;473,482; i$f3,307,2619
~
; Not margin '. . . 1. c. .l . a . . . . . . c. . n . . . a . . '. . . . . . . . . . . 7 ' ' '
Itims that did not use"(probide) working capital:
~ Depreciation . . . . . n . L . . . . A. . . . . '. . . . . . . . . . . . . . . . n . . .
~
3205,36?1 e 1127,814 1 f.g Patronage capital' allocations not received in cash . . . t. . ... - ;(647,380)f , (373,000)j f Amortization of deferred 'creditst . . . . . . . . .a . . . . . . . . . . . . . (1,250,388) -(937,790)5 - LWo'rking' capital provided by (used by)' operations . . . . . c(218,924)y _ r 2,124,28S; { y; Proceeds from long-term b6rrowings . . . . . . . . . . . . . . . . . . . . . . .
"36,589,S27 ( 102,436,646L Equity funding contributions from members '. . . . . . . . . . . . . . . ~
< 15,8S9,625.2 :10,158,034i, c Receipt of prior years' patronage capital allocations . . . . . . .. . 1118,301; ' h 173,0S9 :
Dacrease in working capitalb. .. .' . [. . . . m. . . . . . . /. . . . . ., . . . . 17;423,066/ ,. a6 x
- $' S9,771,S95 : $114,8920_24? t -
1Uses of working ~ capital: t.. ~
. f .
-Additions to electric utility plant, net ". . . . . . . . . . . . . . . . . . . . 50,131,841L~~
L 87,053,807J
' Acquisition of transmission and substation-facilities from Illinois Valley' Elect.
Cooperative consisting of: ' -
.l.
^
Property and' equipment, net of accumulated
-. depreciation of $344,480. . . . . . . . . . . . . . . . . . . . . . . . . . . 34,242,103 1 --
Lonpterm debt . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . ... '(4,242,103)! - -- . .
' Investment in non. utility property ~ . . . . . . . . . . . . . . . ' . . . . . . , _ ~ ' 13,603 L <1,70S"
- Investment in associated organization .r. . ........ 4...... .jl80,026 853,3573 Increase in notes receivable and other; investments: . . . . . . . . 18,929,611E . 16S,878:
Current installments and repayment of long. term debt . . . . . JS26,814 y 77.,646,808 l Increase in working capital ". . . . . . .. . . . . . . . . . . . . . . . . . . . . . ' .~ . 19,270,4691 _
. $ S9,771,S95) j$114 892 024 7 , ,
Changes in components of working capital: ,
. Increase (decrease) in current asseta; ~ . . . , .. ~ .
Cash and invested cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S,405,718..
- 1,003,364 ? '
Temporary cash investments . . . . . . . . . . . . . . . . . . . . . . ... . . _ ( 6,100,000)- 16,100,000g '
- Accounts and other receivables . . . . . . . . . . . . . . . . . . . . . ;3,828,914.' 14,596,222:
Prepaid and ' deferred expenses . . . . . .. . . . ... . .......... '(20,S66): '47,073 3.114,066: '11,746,6S9 , y Increase (decrease) in current liabilities': < p Current installments of long-term debt . . . . . . . . . . . . . . . . ~ ( 3,227,294)( ' ~ ( 1,290,099) Accounts payable ....c....... ... . . .. ......... ' 1,995i467K 7(11 604,298)-
- Notes payable to members . . . . . . . . . . . . ... . . .. . . .. 3 31,209,193 3 Notes payable, other . . . . . . . . . . . . . . ...............
L(.1238,566)?
- 1,S90,000
' Accrued interest 1. . . . . . . . . . . . . . . . . . . . . . . . . . c. . . . . . . . ; 10,329,467c -(16,838,S37)P 'A Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .. . . . .
J 88,0S81 :( ' ' ' " 69)i
'10,537,132i ' T 7,523,810) ,
Increase (decrease) in working capital '. . . . , ., . . .a . . . . $( 72 423,'066) / $19,27'0369 3 See accompan} dog notes to haancial statements. , 3;\y s
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_ ,. . s receive from the Cooperative all their power and energy requirements and require the Cooperative to sell and deliver power and ; , i s L energy in satisfaction of such requirements. The wholesale power agreements with the members extend to the > year 2015; M (b)' Doctric Utih@ Plant . . . . .. .
~
' . Depreciation of equipment is provided over the estimated usefullives of thelespective'essets on the sNalghbbne'b' asis at rateh ranging from 2.5% to 20% '
Mhu d repairan of property and replacements and renewals cd items determined to be less than units of property are charged
' to expense. Replacement and renewals ofitems considered to be units of property are cha
- time properties are disposed of, the original '
' ooot, plus cost of removalless salvage of such property, is charged to accumulated 4 :- f 4 . depreciation.1 ' ' ~
^'
1 7
- (e) Allowance for Borrowed Funds Used During Construction n .. . . l s- 4. <. e
' The allowanoe for borrowed funds used during construction represents'the estimated ok iluring the period of construction, of a borrowxi funds used for construction purposes. The composite. rate used to calculate the allowance approximated 10.7% for 1985 j
' and 1984.' '
,(d) Pension Plas ' ..
o . . . . .. e The Cooperative makes annual contabutions to the plan equal to the amount l accrued for pension expensed .
; (el' Power Supply Payments e. .. - . , ._ . c, , i.
; Payments made under power supply agreements effective for 198S (see note 6) are classified as purchased capacity, energy costs ' <
. and transmission expense in the statement of revenues and expensen. Payments made under power supply agreements entered into prior to 1935 are classified as purchased power.L ' '
(f) Deferred Credits
, ,e M!
Deferred credits consist principally of payments received by the Cooperative from its 'rnembers under an Equity Fuading
.;P' lani, '
which was started in 1984. Under the Plan, the Cooperative will receive approximately $42,000 000 over a three-year period which :
. will be used to reduce borrowings relating to the Clinton generating facility. The payments from members will be amortized to < .
revenue over a period not exceeding eight years beginning in 1987.- ' 4 (2)- jointly Ow'ned Electric Utility Plant . .. . . . . . . . .
' The Cooperatie has s'10.5% interest in the 9S0 megawatt Cimte nue:au Mrahaa facility which is currently under construction. s The power station is expected ta te ec:r.ptwied for rull commercial operation in the fourth quarter of 1986. The total estimated cosE.
of Se Oce;a.Uve's share of this facihty is $500,000,000, including capitalized interest. The facility is now apprcsimately 99% com . plete. The Cooperative is financing its share of construction costs for the project with loans guaranteed by the Rural Electrification . Administration and with funds obtained from the Equity Funding Plan started in 1984. Upon the completion of the Clinton generating -
< facility, the Cooperative estimates that annual operating costs willincrease significantly,'end in management's opinion, such costs will .
be recovered through increased rates.'- ative entered into an agreement with Illinois Power Cdmpany r of the '
-Clinton In October,1984, generating facihty the Coohhich hmits the Cooperative's investment in the Clinton ng facility to $2
#o
,000o EAn$egeneratk80% direct ' owner'aiad[6 costs of placing Se plant in commercial operation This limit was reached in February,1985. Upon completion of the Canton generating '
facihty the Cooperative's 10.S% ownership interest wiD be ad;usted based on its relative investment in the total direct costs of the facihty. Based upon 1111ncis Power's total direct cost estimate of the Clinton generating facihty as of December 31s 1985, the Cooperative's adjusted i ownership percentage is apprarimately 8.4%. (3). Long-Term Debt . a-Long tenu debt at December 31 190S and 1984 consists of the following:
-1985 : 1984 Federal Financing Bank (FFB) ~ 9.381%-13.381 % mortgage notes payable, guaranteed by the Rural Electrification Administration (REA) due in
- quarterly instaHments beginnfar; in 1986 through December, 2018. . . . . . . . t $425,580,000 ' ' $392,771,000 l National ; Rural x Utilities Cooperative s Finance Corporation- (CFC) -
. 9.12S% > mortaaos ' notes' payable ' due in quarterly . Install-ments beginning in1988 through August,1998 . . a...............,. 58,707,660' " S4,927,134 J Rural Electrification Administration - (REA): - 5,00% ; z mortgage , '
' raoles 9 payable, due in : quarterly installments approximating
~ $48,000, ine'adtng interest, through July, 20182 ....... .... ........ 2,969,473: 6
',NationalE Rural -Utiuties Cooperative : Finance Corporation -(CFC) .
. 1 W .10.00% . notes payable, n due ' in quarterly - installments
-approximating . $34,000, L , including : ' interest, through '
February, 2015 ; . . . . . . . . . . . . . . . . . . 4 . . .
. ....................... 1,272,631 -
' Notes payable : .5%.12% due ,in ~ various - installments . through '
19924..y
. . ... ,, . .., . . . . u.. .
..y. .., . . i 210,000' 3,963,8081 nTotal long-term debt .. . , , .., 1:488,739,764 7 451,661,942'-
. . . s Loss current installments . j . . . . . , . . . . . o . ... .. . . . ; . . . .y ... ..,', . ... ,. ., .. .
4
,c. . S26,5141 3,753,808 ,
- Long term debt, excluding current installments . .. , .... .. . " $488,23 3,250 J
.,,1.1 . t 1
" $447,008,134 3 g ;
. .r .
3 .
' Annual maturities of long term debt 1or the five yearn ending December 31,1990, are as fo:lowsi 1986,' $526,514; 1987, $762,6S7(1988J
- $1,481,000;.1989, $5,480,S59; and 1990, $6,512,343.
4
.. . . . . ~ . .
' : At December 31,1985, the Cooperative had $56,802,000 of unadvanced funds available from long! term loans approved in FFB and ?
,,6 unadvanced funds available from short-term toens approved by CFC. .
;gg $11' assets of the CooseStive"aie p!' edged to' secure the long. term debt to FFB and CFC. ' '
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s' l 4 - ( u l ;p l(ggk Wf lp , i 5 e f; k " s < w c # [ Th* CoopNetivsisNeg$tisting with REA to restructure'carttio'of thy}5an tite mtath d:rcribed abOE.IUndu the propodiestkuctdr-7 V g 7:. Inc plsn, the Coopersitys is seeking reduced Wust rates and a dsforral of certain princips! and intnest paynants. If approved by i 'S
' ' " s RfA, tha structuring plza wculd allow ths Cooperative to more equitably spread the costs of the Clinton generating facihty over;
._,s
,3 (its economi7 psefullitet
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c m N 34)! nPension Plani .
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t The Cooperative participatsa in a multi-employer defined contribution pension plan"which covers substantially all employees. Pension L { expense amounted to $61,962 in.1985 and $22,156 in 1984. 7($b !!nchme Tax Status ., . - . . , ' ~ ~ l The Cooperative is a nonprofit corporation under the laws of Ilhnois and is exeept from Feilsral and State income taxes under applicable I .'
- . tn laws.
^
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' (6) ? [ Commitments . , . . . . .. . ._ - .
11n October, .1984; the Cooperative entered into an agreement with Western Ilhnois Power Cooperative, Inc. (WIPCO) to p' ool opera tions effective January 1,198S, and to merge into one cooperative effective July 1,1986.Under the pool agreement, the Cooperative : , and WIPCO wilkombino ;u it power supply facihties and related costs in order to provide power to their members at the lowest le a
- rate < WIPCO is a generation and transmission cooperative elat povides wholesale electric service to its seven members. W also hrs a 9.5% interest in the Chnton nuclear generating facihty. WIPCO's investment in the Clinton generating station has also beeni
? limited and their ownership interest will be adjusted upon completion of the facility. As of December 31, .1985, summarized huancial ' ;
J r information of WIPCO is,as follows: - ' ', , ,
. Total assets i m . Z . ,, . . m .... .., . . . . ... . , ,, m O a, .. $436[748,779 ? ,
Total capitalization ( , . ... .. . . ... ... . .. . . a , v. n (i; . . . o - . " $404,529,64Cf
- Total habilities' m . . . . - ...., .., ~..,o . E ,. ..... , , . . . . - : $ 32,219,133 L The Cooperatiw anticipates that' the Clinton generating'statioAwill furnish apormi=tely 20% of the Soyland/WIPCO energy requirements? '
The current and additional long-term Soyland/WIPCO energy requirements will be furnished through power supply agreements with : Illinois Ibwer Company (IP) and Central Illinois Public Service Company (CIPS) as discussed bebw. <
^
The Cooperative and WIPCO are committed b purchase capacity fr$m IP's fossil fueled generating plants beginning in 1985 through b 4
'2004 as followst 1985-1992 - 400 MW ~ ,
1993-1994 - 300 MW. , N 1995-2004 - 150 MW;
. . ~.
The Coopwatwo and WIPCO are also committed to purchase capacity from CIPS's coabfueled units beginning in 1985 through 1994 - as follows: 1985-1986 - 260 MW
'19871988 -- 140 MW - , ,
1989 ' % 150 MW -
~ 1990-1994 - 200 MW:
The capacity payments to IP and CIPS are determined on an "as if cwned"baais and consist of a fixed charge'and a variable esiergy . charge. Total capacitypayments made to IP and CIPS Ior 198S amounted to approximately $34,500,000 and $42,600. ,000, respect .
.(7). Contingency .
As discussed in note 2, the Coopwative has a 10.5% interest in the Chaton nuclear facihty which is currently under construction; This subjects the Cooperative to potential problems associated with nuclear generating units which are beyond its control such as changing < regulatory and envirot aental requirements, difficulty in tbtaining necessary permits and beenses for conanarcial operation and public l opposition. The Cooperative expects that the Clinton nuclear facility will be completed, that the required operatin'g licensew' ill be obtained and-that the unit will be placed in commercial operation. However, the Cooperative could be materially affected should any unexpectedi or unfo4eseen development occur that would prevent the timely completion and commercial operation of the Chaton nuclear facility. 4 The Board of Directors - Soyland Power Cooperenve, inca W'2 ave examined the balance sheets of Soyland Power Cooperative,Inc. as of December 31.1985 and 1981 and the relatal statements of revenues and erpenses ..
.and deficit, and changes in financial position for the years then ended. Our examinations were made in accordance with genera!!r accomd auditing stan lards and, accordingly, included such tests of the accouaung records and such obr auditing procedures as we considered necessary in the circumstances.
As discussed ame fully in note 2, b Cooperanve has a 10.5% interest in b 9S0 magawatt C11nton'auclear generating facihty which is currently under coni
- struction. At December 31,1985, the Cooperative had approntmately $440,000,000 invested in the Chaton unit. : a i .;p
; Lin our optaion, the aforementioned feelal statements present fairly the financial position of Soyland Power Coope' rative, Inc. at December 3L 1985 and r
'- 1984 ana the prtaciples results applied on of its operations a consistent besls.
and the changes in its financial position for the pass then ended, in caaformity with generally ecoepted accounting ' 6 * - e; h tOWe 1 Feb. $l_itse f'd, t
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' ' 'i' s SSTATEMENT OF/OPDIATIONSU L . .
(Clintiini .sColesa s l Corn ((In $1,000)L , LClaya -
; County * ,Moultria: W Bilt?
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'_ d 4;, kaanwmman 9 3 EtIdIIEdn3 Q MmR $a WwMr u a m$m 7i n$3=5ffG MadL- F @ UM7 3 Q~ d si Ak& s%i6 M E!P2 ~ 7 ~.
(Purchased Power . . . . . . . . . . . n . . . . . : $2,'696 ' L$S,633 ~ ! $l 6,8'361 9,9 j E Operating Expenses? . . . s . < , . . . . . . , ;627L ~ ; 837'- > 2,002 , L$[2,18 ;
' Depreciation Expenses . :. . . . . . . . . . :162f 1260: '361- '* A76 I Tax Expense s . . .... . ...... .... 47 611 -1413 ,
J23
' Interest i . . . . . . . c. . . . . . . .. 4 .....w 122 26S; . -309 ' . _1 1 ETUEd7did ausumuAb _
humumwhm$.$$MiEMNS5NNN5Nk!
- awA--_MA BIN 55D@Leawa$NM fMN shma- .
v . f0perating Margins ;. . . . . . . . . .:. . . . ' $ 128 : $L213; ,
.$f L731 : $n : 31
- Non. Operating Margins &t
~
1 Capital Credits . '. . '
. .. ............ 17 '79; 134: ~.27
*. Noi A w$i7NSI$a waawmuy di$m aa m m$5 lill5EEU uminum EITR M F T Easaw 3 F F iF29i - m@ la$}Y5 n..m %~-~ M 5 3 $ 7 ,. N
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' ASSETS & OTHER DEBITS > >
w'M
- Total Utility Plant . . . . . ~ . . , . . . . . . . . $7,'000. $9,058 ' $13,782. .$30,2
- Accumulated Provision for ' ~,
Depreciation ~ & Amortization . . . . . . 1,939, 2,327 _3J997- . 2 A% W 9Fegre:w s m g g .v yg c7 p*ve*TesoM w%tay *e8? . T* "WMf84la.e+e .3 ** ewa' ANst:U
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Plan a.b Vg{umygwp".vf+ ilfty%.womaha&pyjggyhd51061M M HV f$8,mM w.$&ghwasu OsW w. 7"3' ._M*pgid m-t e 4-_ Total Other Property & .
..- c Investments . . .' . . . . . . . . . .. $ S18 : . $. .1448. ' c.$ j 702? --
;$.1A;3 Current' & Accrued Assets'. . . . . . . . , '778 ;992 2,588 >44,4 Deferred Debits' 72 -- 47 ^40L
@ aA4mem6 ge < 2 E M idilNEeeMddhMWht.h)l M M I S M I @AL_E4 E w 5M M M @ 55I215E F II$li$1 W Y 7.mNuac.- _dNMdL.. ,_ -d&EL LIABILITIES & OTHER CEEDITS' Margins & Equities . . . .... ... ... $2,914; " $3,35S ' $ ,6,791! L$ t9,2 Long. Term Debt . . . . . . . . . . . . . . . . . . .
L 2,432 ' 4,582 L S,929 L . (19,2 Current & Accrued Liabilities. . . .. . . '832~ 229: c327 i l, Deferred Credits '. . . . ......... . .. 251 :52 166" _-1 E m%IAfUEElhidi@m$W3MMMEsf355?agesMM555DNETIMlM@ esci * ' uamma mummehow m m u. a gn e mi a-OTHER STATISTICS ' .. .. , . . Miles of Line . . . . . . . . . . . . .. . 903: 957- 1,750< T 2,7 Consumers Served. . . . . . . .. .... ' 2,899 c4,463 ' : 7,446; 4 10,6 Consumers Per Mile' . . . . . . . . . .. . . . . 3.-21 ' ?4.66 ' ' ?4;25 E3. KWH Sold Per Consumer . . . . . .... :15,248i . :19,945 L13,SS7 '14,0 Total MWH ' Sales . . . . . . . . . . . . . . . . 44,'205, i S9,013 100,949 ~ f149,6
~ Annual Reven~ue Per Consumer . . .. 1,305 1,6291 '1,394 ; 9 1 11,3 Plant Investment Per Consumer _. . . 2,415 2,030/ 1,851?
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- $2,'1321 x A 7,0S9 - 2,8S1' 1,556' 11,292 21,147' 2,S11J ES,336:
u 1,3S4 239 :31 165 ' 709' -
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3.35 > 2;14.48 ? . " 113,516 -11;631 :11,579 :12,7001 .-10,600- 14,780L L13,115" ' 4 110,740 57,258 '14,914 L S3,773 57,314 68,504: '
,56,0410 5 4 1,343 <1,070! '1,065. 1,468 1,354 :1;273; ' 'F1,1461 2,282. 1,691- 2,389, 13,007 4,580; 11,S74 1
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