ML20245E119
| ML20245E119 | |
| Person / Time | |
|---|---|
| Site: | Grand Gulf, Arkansas Nuclear, Waterford, 05000000 |
| Issue date: | 12/31/1988 |
| From: | Lupberger E MIDDLE SOUTH UTILITIES, INC. |
| To: | |
| Shared Package | |
| ML20245E111 | List: |
| References | |
| NUDOCS 8905020037 | |
| Download: ML20245E119 (60) | |
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T H. < ; , PERFORMANCE HIGHLIGHTS n 'l rl:* , r > c;:. ws s ,us vu, tam, te. s ' ' ' ' ' 1 ,
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I 1988! :1987- : (decrease); - i fpf e. . 23.2.,
- U'
%. ; Total operating revenues (millions) 1 l ,
~$2,496 $3,565 L e ' ($3,455 :l $2, J.
4 .' Total operating expenses (millions) " , , .. 7
$ ' 983 F .. L $ i 9821 > , 0.1 T j!
l Fuel, purchased power & purchased gas costs (millions). ' 3l 1$ 292:
'i$ 333 , ; (12.3)
. Rate deferrds - net of write-of'(million's) : ,
J'
$1.,070) $1,010lC fl5.9j w - ; Operatingincome(millions)~
y' o ;p ;$ c411; < $1357- . 15.3;
;Netincome(millions) : "r i .
16.3:
" : Rate of return on average common equity ;
' 8.72% v , ,l 8.20% '
!-g Earnings per common share r . .. jl. '
, ; $ 2.01l -
$l1.74 ;
; $' 11.2 -
15.5: Net utility plant at year-end (billions) 1 . $ 11.1; , i.(1.1) c
. (3.3);
Constr6ction expenditures (millions)
" $.( 3507 ", K $; 362 :
' Retailelectriccustomersatyear-endE '
< ' 1,693,592 ; '1,678,284'- i0.9a 52,575 > 51,411 : 2.3 L l
, Retail electric energy sales (million kWh) - '
11,442' ' 11,270 - 1.5l Systempeakload(megawatts) v
?204,581: .204,5811 ' --D 1 Average number of common shaies outstanding (thousands) '
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y , 7 A e$at Utdsam,lnc The "Entergy" shown emerging on the cover of this report is emblematic of the new direction being forged for this Company - a bold new direction embodied in a name. Entergy combines the words " enterprise,"
" energy," and " synergy," three qualities that describe the Company's new approach to navigating the rapidly evolving energy marketplace. .
At the 1989 Annual Meeting, stockholders will be asked to approve "Entergy Corporation" as the Company's new name. If approved,"Entergy Corporation" will be presented with the red symbol below to form a new Company logo, one spearheading a new graphic look for the entire Middle South Electric System. l
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I CHAIRMAN'S LETTER { um s-s vaaam.1,
Dear Stockholders:
prospects forless adversarial measured against the relations with our regulators performance of neighboring
]
j L Nineteen are alsoimproved. We can utilities and competing I eighty-eight was an exciting now set our sights on success suppliers. year. It began with oral - not just survival-in the We can count arguments before the U.S. rapidly changingelectric on fewer and fewer " captive" Supreme Coun,and ended utility marketplace. While a customers. We can no longer with resumption of stock- number ofimpediments to assume cost-based rates. We holderdividends and our progress remain,in are working hard to keep planning for a new corporate 1988 we were freed to vigor- customers "on tlie grid"- image. In all respects,it was ously pursue the vision I and that means stabilizing or a year of successful responses announced last year. reducing costs, improving tothe challenges of change. That vision, service, assuring quality and In many "to become a customer- reliability,and advertising ways, the year began onJune , oriented, socially respon- our services just like compet-24,1988, when the U.S. sible, financially strong, itors in any other business. Supreme Court handed successful competitorin the The changes down a favorable decision in evolving electric energy we faceimpact many areas: our MississippiPower & tvisiness," calls for a different regulatory, financial, organ-Light appeal. That victory type of organization-dif- izational,and social. But broke through the uncer- ferent focusin leadership, rather than continuing to be tainty and conflict that had different attitudes,and buffeted by the forces now fettered us since our fire different ways of doing shaping the utilityindustry, attempt to collect rate < .or business-than those the Company has begun Grand Gulf 1,our System considered traditionalin the capitalizing on these forces, Energy Resources, Inc. sub- utility industry. Like the adjusting to meet the sidiary's nuclear unit. The banking, telecommunica- challenges of change. Supreme Court decision not tions,and airlineindustries Our new only affirmed our right to before us,the electric utility strategic planningprocess, collect Grand Gulf rates,it industryis in the midst of introduced last year, sets also established the Federal regulatory upheaval that Systemwide goals, programs, Energy Regulatory Com- offers both opportunity and and objectives,so that the mission's exclusive authority risk. efforts of each operating to regulate wholesale electric In the era we company directly contribute rates-and established that have entered,':tilities are not to the System's progress states may not keep utilities guaranteed a fair return or toward our vision. from passing through to even financial survival. Like The System retailcustomers FERC- any other business in the has restructured its top man-mandated wholesale costs. country, we can fail-as agement, assigning System With the issue some have already demon- Executive positions toJerry of Grand Gulf rate collec- strated. Maulden, Arkansas Power & tions resolved,the monies While we Light and MississippiPower heldin escrow pending the have always had to account & Light chairman and CEO; Court's decision were for our actions, now the James Cain, Louisiana Power released, enabling the System demands on utility perfor- & Light /New Orleans to pay down its debts. The mance are much greater;and Public Service Inc. chairman ensuingfinancialstability that performance is being and CEO;and Donald has resultedinimproved Meiners,MSU System ratings for System securities Services,Inc. president and l and has allowedthe price of CEO,who are responsible, q MSU stock to climb. Our respectively, for Arkansas, Mississippi,and Missouri operations; Louisiana operations; and for System services. 4
faltered in taking the More than symbol we present to the necessary steps -in as just a conciliatory attitude, world, as wc!1. Its use by humane and constructive Project Olive Branch is a all of the Company's subsidi-je . a way as possible. series of programs aimed at aries, as well as the parent S A - We are also reducing costs, stabilizing company, reinforces that we af taking aggressive action to rates, and thereby improving are all part of one System,
.; develop our markets- relationships with our supplying electric energy to within our service area and customers and local regula- the Middle South and
- - beyond. Our System tors, while at the same time beyond.
Strategic P!an has established building stockholder value. Also symbolic ambitious marketing goals in 1988, we announced two of the Company's new direc-for recruiting new and major components of Project tion is our proposal to adopt
. expandingindustries, Olive Branch: the planned a new name for the Com-
,, s retaining commercialand consolidation of our nuclear pany: Entergy Corporation.
1 # industrial customers at risk operations management Comprising the words 0 ,* to alternative suppliers,in- under System Energy, and " enterprise,"" energy," and cluding cogenerators, and the sr.le/ leaseback of a " synergy," Entergy aptly gaining market share in our portion of Grand Gulf 1. As describes our revitalized residential and commercial we describe in the
- Financial Company -its new atti-markets. Change"and "Organiza- tude, assertiveness, and We are also tional Change" sections of adaptability.
taking advantage of our this report, both of these ini- The operating The new strategic location and well- tiatives are bold, forward- company subsidiaries,which, responsibilities of the three developed transmission looking programs to lower along with the parent new System Executives system to sell power to costs, boost efficiency, save company, will continue to be strengthen our Systemwide utilities beyond our fran- money, and give both identified collectively as teamwork by bringing their chise area. And,along with customers and stockholders "The Middle South Electric subsidiary company. con- others in the industry, we more for their money. System," will not change cerns and their personal are taking an active rolein On every their names. The System's expertise to the System's top FERC's proposed rule front - political, regulatory, service company, MSU decision-making team. changes-to ensure that the financial, organizational, and System Services,Inc., would, As part of resulting transmission social-we are changing to however, become Entergy our new strategic planning policies, and pricing,are fair meet the challenges of a Services,Inc. process,each subsidiary and reasonable, rapidly evolving electric Last,but company has examined its Another utility industry. Emblematic certainly foremost in the eyes operations in exhaustive major initiative introduced of the changes we have made of our stockholders and the detail. We have established in 1988is Project Olive is the Company's new logo. investment community,1988 goals for reducing costs and Branch-so named because The red Systemark, which in was the year we resumed improvingefficiencyin its purposeis to rebuild the past year has been used as dividend payments,after manyareas. Eachof the relationships with our an emblem of Systemwide three long, difficult years. operating companies has customers and regulators. teamwork,is now the Our goalin 1989 and be-reorganized for greater pro- We recognize that the yond,indeed,oneof the ductivity- with fewer conflictandlitigationof the primary reasons we are in I personnel. Ahhoughthese last few years have been business,is to build the level workforce reductions have detrimental to all concerned. of thosedividend payments been painful, we have not Even though our position and reward yourlong-was upheld by the Supreme standing faith in us. Court, we know that our continued success depends Sincerciv ' on the goodwill and confi-dence of those who regulate us and those we serve. ; . av Edwin Lupberger Chairman and President Mar ch 15,1989 l 5 L
REGULATORY CHANGE MJJic South Utam, lou. lo E 1 [ , . deregulation. Competition. The electric utility industry at a crisis point brought about by the changes of the last 10 years: the oil embargo, high inflation, increased y costs, and reduced demand. Unraveling of the regulatory compact. Obligation to I[ serve without a corresponding obligation g yI to pay. Prudence reviews. Disallowances. l A trend to let " market conditions" determine l rates. A more active wholesale market. Vertical disintegration of the industry into separate gener-t ating, transmission, and distribution companies. Litigation over the proper boundaries between state and federal regulatory jurisdiction. Competition S among electric utilities. Competition between
~/ utilities and independent power producers.
Pressure for increased access to transmission lines.
. A new era characterized by risk and reward, rather than by the stability and control of years past.
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l REGULAVORY CHANGE x,ssia s,-es vutana.1.< ( Middle South collection of Grand Gulf The Federal Energy Regula-Utilities is moving decisively rates,it also resolved -in an tory Commission has toward the kind of utility emphatic way-the issue of proposed several rule industry leadership de- who is responsible for regu- changes that would boost scribed by Chairman and lating wholesale electricity competition in the electric President Edwin Lupberger rates. utility industry. The first I in his Company vision, The resolution proposal offers states and I annaunced last year. That of this issue has cleared the utility companies the option vision issued a directive: way for resolution of many of competitive biddingfor "During the next decade, the other obstacles in the new generatingcapacity. Company will become and System's path: Newplants could be built by be widely recognized as a
- System Energy Resources, the lowest qualified bidder.
customer-oriented, socially Inc., our subsidiary that The second responsible, financially owns and operates Grand proposal streamlines strong, successful competi- Gulf 1,was able to recover regulations pertaining to tor in the evolving electric the monies held in escrow independent power produc-energy business." and has been able to pay ers,and establishes a bidding That leader- down its bank loans. or negotiation process for ship responsibilityincludes a *The uncertainty over Grand IPP rates, rather than more active, effective role in Gulf rate collections has been traditionalcost-of-service the regulatory and political cased, lowering financing regulation. The third arena that so profoundly costs across the System and proposal halts the practice of affects the nation's investor- allowing our common stock forcing utilities to make owned electric utilities. Un- price to climb. capacity payments to certainties currently facing
- System attorneys, arguing cogenerators for capacity the industry can become our New Orleans Public they don't need.
opportunities if we present Service Inc. subsidiary's case Middle South our viewpoint to regulators before the U.S. Supreme Utilities has testified on and policy-makers more Court and Louisiana state behalf of the commission's persuasively thanin the past. courts,can rely on stronger proposed changes, which,if The most legal precedent. structured properly, would important demonstration of
- Future dealings with local expand utilities' options for our renewed effectiveness regulators will not be providing for future electric-came onJune 24,1988, when clouded by questions of ity needs flexibly and ,
the U.S. Supreme Court jurisdictionalauthority. efficiently. FERC's propos- i decided MP&Us appealin lluildingon als are the most recent ;
" Delivering the volts" our favor. Our high court the momentum of this indication of atrend toward l
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con ent$ongav the victory not only enabled the victory,the Company is " vertical disintegration"of Companya chance to positioningitself tocapitalize the industry: separation of shine in the national on increased access to the the electricity generation and spotlight- wholesale electric market. transmission business from The U.S. Supreme i Court estabitshed the
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the localelectricity distribu- become an independent costs, replace litigation with stockholder grassroots tion business. power producer. With a negotiation,and build program, now being devel-This separa- consortium of partners, we goodwill as well as stock- oped, will help keep stock-tion would makeit possible offered to invest our coal- holder value. holders informed about for a company like ours to plant equipment and Two Project issues affecting the Com-engagein both types of expertisein a plant to be built Olive Branch initiatives have pany and the electric utility activities, but with different in the Bahamas. The already been announced: the industry. This information rules in effect for each. electricity generated would sale / leaseback of Grand Gulf will not only help make For example, be sold to the Florida utility. (see " Financial Change")and stockholders more knowl-the Company would Although this the consolidation of nuclear edgeable investors, but, we continue to generate, project did not materialize,it operations under System hope,will make them more transmit,and distribute - or others like it - may Energy (see" Organizational informed and active partici-electricity through its state- eventually find a buyer. Change"). In the coming pants in the politicalprocess regulated operating compa- When it does,the Company year, Project Olive Branch -especially as it affects nies - AP&L, MP&L,and will find another market for initiatives will embrace all electric utilities,and particu-LP&L. The Company could its product-one free from facets of our operations: larly,the Middle South also bid to build and operate some of the regulatory regulatory, financial, Electric System. a generating plant for a restrictions on our operating organizational,and social. These are but utilityin need of power- company subsidiaries. Weare also a fewof the ways that the doing so as an independent The Com- buildingourpoliticalmuscle Company is raising its power producer. The capital pany is also working in another, more personal profilein the changing put at risk to build the plant diligently to rebuild its way. Employees at each regulatory and political would be jeopardized onlyif relationships with local company are organizing arena in which we operate. we failed to honor our regulators,and to more grassroots political groups. By taking an active role, we contractual agreements, effectively articulate its These groups educate believe we can make a subject to review by FERC. position at alllevels of the employees on issues, hold difference in whether the It would not be directly politicaland regulatory candidate forums,and changes shaking the industry exposed to local opposition process. Project Olive communicate with elected work for us-our stock-to rateincreases at the retail Branch is the name we have officials. Although the holders and customers-or level. Further, the competi- given to this rebuilding groups are young-the against us. We are already tive bidding process would effort. In addition to our oldest is little more than a feeling the positive results of help ensure that only cost- willingness to put the year in operation- they are our efforts, and we will keep effective projects are built, conflicts of the past behind already having a noticeable you informed of our resuhs. and would reassure custom- us, Project Olive Branch effeet on local politics. ers that costs incurred are includes substantive pro- Stockholders prudent. grams intended to lower are beingincludedin the This was Company's grassroots essentially what we pro- efforts, as well. Like the posed to dolast y car for employee programs,a Florida Power & Light-Regulatory relationships in Arkansas. Louisiana, Mississippi, and The. lune 24 VS gyggyggg Missouriare betr>g Supreme Court rebuilt through decision made head- " Project Olwe Branch ~ lines and signaled the Company's
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l l f ir 5 urh Utdrews im. l tility bankruptcies. Plant closings. High interest rates, reflecting regulatory and financialuncertainties. Competitive pressures to reduce costs. Reluctance to invest in high-cost, long lead-time projects. Conflict between ratepayers and j stockholders. Loss of dividends. Loss of ~ stockholderloyalty. A higher percentage of institutional investors and " computerized" stockholders. Mergers and acquisitions. : Municipal buyouts. The threat of takeover. Jpf' Utility diversification. Efforts to minimize debt 2 U and buy back stock. A search for new financing ' U, options. Sale and leaseback of generating facilities.. High-stake business strategies. Risk and reward versus cost-based rates. The fundamental question for utility companies: whether to bet 1 their financial future on more regulation or more competition or some mix of both. l As part of the Treasu S uart al , meets mth leading New York 10
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i FINANCIAL CHANGE us.v. smai, vauw l Thechacee< have been released, enabling MiddleSouth l' of the last 10 years have System Energy to pay down Chairman and President pushed a number of utilitics debts and refinance certain Edwin Lupberger,accompa-to the brink of bankruptcy of tl.ose that remain. For nied by key System exec -
-where at least one has example, prior to the tives, personally metlast fall tumbled over. Middle South Supreme Court decision, with the nation's top ratinr 1 UtiEties was pushed very System Energy had approxi- agencies to campaign for {
nearly to that brink,from mately $285 million of better credit ratings. 1985 untilJune 24,1988;but "floatingrate" poll stion The top three with our 1988 victory at the control revenue bonds. Not agencies raised the ratings on U.S. Supreme Court, a only did the rate on these the System's senior debt and stream oflife-giving reve- bonds fluctuate with market preferred stock following the nues has been assured. The conditions,the bonds could U.S.Sopreme Court Company'sinvestment be returned to System decision. Moody's Investors ratings haveimproved. Energy annually for refund Service,Inc.again raised ) Stock prices have climbed by the bondholders. The ratings for AP&L, MP&L, j out of the cellar. D:vidend U.S. Supreme Court and System Energy securities 1 payments have resumed. decision,however, enabled following approvalby the These are sig- System Energy to obtain Arkansas and M:ssissippi nificant rewards for our last fixed rates on approximately Public Service Commissions three years' work on $256 million ofits PCRBs, of revised Grand Gulf rate maintaining Grand Gulf eliminating both the risk of phase-in plans. The revised rates. Nevertheless,they are rising rates and of bondhold- plans conform to new omy the beginning. In ers causing a large cash drain accounting rules issued by ! fulfilling our commitment to by returningthe bonds for the Financial Accounting becoming a financially refund. Standards Board. strong,successfulcompeti-tor, we are pursuing innova-tive and aggressive strategies . k.c %* _f * ~ to lower costs and increase g 4}Q 1 Ab l the value of our operatmns c. i Q e On December f,19BB. for both customers and Vi,an 1 the Company paid stockholders. g., . i!?g%.
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its first quarterly _3 The Grand - common stock dividend in more than Gulf payments heldin ...*# M g .;' k j n . ^. three years. escrow, pend!ng our appeal N b TOW to the U.S. Supreme Court,
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1 l I System program to repair relation- controversy between stockholders, the most Energy'simproveddebt rat- ships with the System's NOPSI and the City of New concreteevidenceof the ings also madeit possible to regulators and customers. Orleans in a manner benefi- financial changes we have renegotiate the company's The costs saved by the sale / cial to our customers as well made-and of our im-nuclear fuel financings. Enr- leaseback are expected to as our stockholders. Nego- proved prospects. We said ly in 1989, System Energy lower costs for ratepayers- tiations are proceeding that 1987 was a pivotal year: obtained new financing that making our regulators' jobs cautiously-as is to be we positioned ourselves for will reduce by $4.5 million a casier-and improve expected in an asset transfer the positive U.S. Supreme year its fuel financing charges earnings for stockholders. of this size-but representa- Court decision we hoped alone. Our partici- tives on both sides of the 19P ould bring. In 1988, In addition to pation in negotiations for a bargaining table remain that decision came, bringing paying down and refinancing pt. sible sale of NOPSI hopeful that an agreement us the opportunity to dem-debt,in 1988 the Company facilities to the City of New can be reached. onstrate our abilities in the also began pursuing more Orleans is another demon- The resump- changing electric utility aggressive, innovative means stration of Project Olive tion of dividend payments industry. We are confident to lower costs to customers Branch r work. Such a sale by the Company is, for our that the future will bring and increase returns to stock- offers the potential to resolve additional changes. We are holders. The December 1988 the litigation and regulatory ready for them. sale and leaseback of a portion of System Energy's Grand Gulf I generating Middle South Utliities Common Stock
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facilityisanexampleof these ' _. 37 efforts. ~ ' Underthe .
- ' o , 16 sale / leaseback plan, System g Energy sold a 12.8 percent , .
portion ofits 90 percent .
. 34 share of Grand Gulf 1 to private investors for approxi- p 13 7 mately $500 million cash, 8 -
12- j which was used primarily to pay off some of the high-interest first mortgage bonds
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10 t that financed the unit's con- ; . struction. System Energy . _ 9 continues to operate the .
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plant, leasing back for the . 8 next 26 years the shares of J F M A M J J A S O N D the plant sold to the private gWaO Og
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investors. posted the greatest The plan expected to produce savings
- n. s paceincrease otany investor-owned Og gO ,Og $
9 gOg O of about $40 million its first electnc utdity. g O g g g year, and as much as $150 g milhon m current dollars O gg g g O g over the life of the plant. $ O O O Other rale / leaseback g Og O O O O g l l arrangements are being ggOg $g O O gO considered. , O , 9 O g,9 gg g ,e
- The sale / g g O g g O 8C leaseback of Grand Gulfl is OO g e among the Company's first It stockholders g hg e # ,!
l i tangible demonstrations of Project Olive Branch,our approve the company's new name, the new
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n industryin flux quickly moving away from regulated monopolies and restricted markets. Competition. One in four large utilities forced to cut costs. Few willing to risk new plant construction. Greater emphasis on
,f efficient plant operations. Organizational reshuffling. Diversification. Greater emphasis on marketing and off-System sales. Proposals to break up the industry into separate generation, transmission, and distribution companies. Growing options for
', customers: conservation; cogeneration;
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- f. $ achievelow-costproducerstatus. Company downsizing and restructuring. Working to do l
, more with less. !
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l An example of the a et g and cu to e service: EdBailey, AP&L wt J e Ka r p s de of SMI Steel. Magnolia, ' Arkansas. 14 1
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i ORGANIZATIONAL CHANGE Muldle Saath Utdaws Im. We believe In 1987, Jerry that the forces sweeping the AP&L completed an 11 Maulden, AP&L and MP&L clectric utility industry make percent workforce reduction chairman and CEO,is now clear that "businr. 2s usual" that resulted in 553 fewer the System Executive re-is no longer an chective positions and an annual sponsible for Arkansas, Mis-strategy for success. In payroll savings of $19 sissippi,and Missouri opera-fulfilling our commitment to million. LP&L and NOPSI tions; James Cain, LP&L/ become "a customer- have been consolidating their NOPSI chairman and CEO, oriented, financially strong operations for thelast several is responsible for Louisiana competitor," the Company years. Upon completion of operations;and Don is systematically changing nuclear consolidation under Meiners,SSI president and the way it does business- System Energy,their efforts CEO, oversees System to lower operating costs, will have culminated in a services. These subsidiary improve service to custom- 15 percent reduction in the company CEOs join other ers,and provide a better companies' workforce. System Executives respon-return for our investors. MSU System sible for the finance, legal To do this Services,Inc., our service and external affairs, opera-means more than adopting a compan),in 1988 began a tions, and nuclear areas, and new corporate attitude. restructuring that resulted in strengthen the intercompany Becoming a successful a 22.5 percent reduction in teamwork essential to the competitor has meant taking approved positions, and an smooth functioning of the a good, hard look at our annual savings of $9 million System. organization-from the to $11 million. MP&L also Our restruc-number of employees and announced plans to reorgan- turings are more than just their compensation, to the ize to meet future operating cost-cutting measures. cost-effectiveness of our environments and competi- Functionalconsolidations operations -our entire way tive challenges. This is in have also resulted in a mote of doing business. addition to a two-year hiring agile, responsive organiza-In the last freeze that keeps MP&L's tion-one that can quickly Map fa the future: two years,each subsidiary employee-to-customer ratio adapt to changing circum-50o transmission company has examined its the lowest in the System. stances. 9y,g p,o increasingly valuable orgamzational structure to At the highest access to marAets identify opportunities for level, restructuring has meant beyond our service - improvement.That exami- adding new responsibilities 8*8' - nation has led to "down- to three System Executives
, sizing," or workforce and organizing System op-reductions. erations into new divisions
, ~y% $ encompassing Arkansas, Q~ , ; yQj , Mississippi,and Missouri:
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":; $ Ql~ QG,g, c performance: Middle W'V .f %;,.q* y 'y ie , ..
2z South's Chairmen's
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The most departmentalperformance, for example,can be imple- Ambitious recent example is the including cost performance, mented at each of their stores industrv recruitment goals proposed consolidation of We are making clear to or offices throughout the hrce also been implemented. nuclear operations under employees, customers, and region. Economic development System Energy, currently regulators our awareness that While efforts under way in Arkan- , I awaiting regulatory ap- the old cost-recovery form of commercial sales are being sas, Louisiana, Mississippi, proval. By consolidating the rate-making can be a recipe developed,the System has and Missouri are expected to System's nuclear operations for failure if our costs set aggressive marketing attract new industries to the under one company, the outpace those of our com- goals in the industrial sector, Middle South and to develop System plans to increase petitors. We are rapidly as well. A portion of these localindustries with pros-management focus on adopting a cost-conscious, goals will be met through the pects for success. These nuclear safety, streamline performance-oriented retention ofload at risk to efforts could add substan-nuclear operations and attitude designed to make cogeneration and ahernative tially to the System's load in support activities, eliminate sure our prices remain suppliers. LP&L,for the next five years. duplicatejob functions, competitive. example,has successfully We were on utilize personnel more Another competed against several the brink of bankruptcy; efficiently, share information aspect of successful competi- proposed cogeneration we're back now. We were and expertise more readily, tion is effective marketing. pmjects,and has begun perceived as insensitive to reduce reliance on outside We are actively selling negotiating agreements with our customers' needs; we're j vendors,and create a greater electricity's benefits as an major customers to retain seeking to better demon-
- esprit de corps" among the energy source. Futhermore, more than 1,400 megawatts strate the concern we have System *. nuclear personnel. we are marketing our electric ofdemand. always felt for our custom-Savings of $23 million capacity beyond the Middle ers. Like the utility industry I anneally in operating and South region to utilities in g in general, we were thought I maintenance expense have been projected once consoli-need of power.
We are also ,[7 , ; =g= to be staid, bureaucratic, incapable of surviving in "the dation is complete. An additional $6 millionin marketing the capabilities of the Middle South Electric
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real world" of competition. Today we're flexing our capital savings are antici- System, as a whole. Through & ! .q competitive muscles and pated. ourcommercialchain ac- WE j finding them capable of The Com- count pt ogram, for example, . 2W taking us the distance-pany has set additional cost- System marketing personnel even ofleading the evolving cutting goals for nuclear fuel are calling on the corporate h ' Vgh dd electric utility industry. and non-fuel operation and offices of companies doing WN4 # 'i maintenance expenditures- business in the Middle l including administrative and South, so that we can streamlining generalover,neads. In fact, coordinate our solunons to operations and l employee and manager pay alltheirenergy needs. A reducing costs. the I decision to go all-electric, system pmposes a raises are now tied closely to Consolidation of l . , , nuclear operahons. N l 1 a
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l l The color of excellence; members l of the year's bect operating shift at each An LP&L Isneman of the System's sports his company's nuclear plants were new logo, awarded red jackets.
l
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unemployment. Illiteracy. A shrinking tax base. Little funding for public schools. Government deficits. Crumbling i infrastructure. Foreign competition.
! Overdependence on a few large industries nowin a slump. Lack of confidence.
iack of training. Lack ofinvestment capital. overburdened state and local governments. Into this environment add three young governors with a commitment to education. A commitment to integrity and fiscal responsibility. A beliefin
- the ability of the region to pull itself up. Formation of the Delta Development Commission to study
, economic and social needs. Unique opportunities for public and private partnerships. Regional
, cooperation. Transforming the Middle South into an area of opportunity.
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