ML20247B411
| ML20247B411 | |
| Person / Time | |
|---|---|
| Site: | Grand Gulf  |
| Issue date: | 12/31/1997 |
| From: | Hughey W ENTERGY OPERATIONS, INC. |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| GNRO-98-00047, GNRO-98-47, NUDOCS 9805080024 | |
| Download: ML20247B411 (41) | |
Text
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'O Et ergy rations, Inc.
Port Gbson, MS 39150 Tel 601437-6470 W.K.Hughey Duectcw Nuclear Safety & R9.4my Ntas May 1, 1998 U.S. Nuclear Regulatory Commission I
Mail Station P1-37 Washington, D.C. 20555 Attention:
Document Control Desk
Subject:
Grand Gulf Nuclear Station Docket No. 50-416 License No. NPF-29 1997 Financial Report for South Mississippi Electric Power Association (SMEPA)
GNRO-98/00047 Gentlemen:
The 1997 Annual Financial Report for South Mississippi Electric Power Association (SMEPA), licensee of Grand Gulf Nuclear Station, is herein submitted in response to the requirement of 10CFR50.71(b).
The 1997 Annual Financial Reports for System Energy Resources, Inc., Entergy Mississippi, Inc., and Entergy Operations, Inc. will be submitted as part of the Entergy Corporation Annual Report by our Coporate Staff.
Should there be any questions concerning this submittal, please contact Ron Byrd at (601)437-6550.
Yours truly,
/
[0k WKH/AMS attachment:
1997 South Mississippi Electric Power Association Annual Report f
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(SMEPA) cc:
(See Next Page) 9805000024 971231 PDR ADOCK 05000416 I
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G9804301
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GNRO-98/00047 Page 2 of 2
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cc:
Ms. J. L. Dixon-Herrity, GGNS Senior Resident (w/a)
Mr. L. J. Smith (Wise Carter) (w/o)
Mr. N. S. Reynolds (w/o)
Mr. H. L. Thomas (w/o)
Mr. E. W. Merschoff (w/o)
Regional Administrator U.S. Nuclear Regulatory Commission Region IV 611 Ryan Plaza Drive, Suite 400 Arlington, TX 76011 Mr. J. N. Donohew, Project Manager (w/a)
Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Mail Stop 13H3 Washington, D.C. 20555 i
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G9804301
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South Mississippi Electric l'ower Association 1997 Annuaf Report h
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SOUTH MISSISSIPPI ELECTRIC POWER ASSOCIATION 1997 ANNUAL REPORT PERFORMANCE HIGHLIGHTS FINANCIAL
~ literease
% literease
($ Iri Titousarids) 1997 199G (Decrease)
(Decrease)
Total Revenue
$302,4G2
$306,053'
($ 3,593)
(-
1.2%)
Current Net M.trgiris
$ 2,230
$ 7,201
($ 4,971)
(- 69.0%)
Total Assets
$732,762
$740,857
($ 8,095)
(-
1.1%)
Total li uity 5 78,800
$ 75.578
$ 3,282 4.3%
l ti utty as % of Assets 10.8 %
10.2 %
l Til:R 1.06 1.17 DSC 1.11 1.19 Average Cost of long-Term Delit 6.23%
0.35 e OPERATIONAL Wholes.ile Rate to Memlvrs - Mills /KWil 40.99 4 3.3G
( 2.37)
(- 5.5%)
Ettergy Sales (MWil)
Mentivrs 6,867,497 G,712,920 154,577 2.3%
Non-Memlvrs G73,5G2 449,450 224,112 49.9%
Total 7,541,059 7,162,370 378,689 5.3%
Nel Getteration (MWil) 3,703,4 2G 3,417,432 285,994 8.4 %
Memlvr Delualid (MW) 1,G17 1,G96
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TABLE OF CONTENTS latctrnvi: Mi;ssAci:
2 G r.NF:RAl. INIORMA'110N..
6 Mr.Mm:R Sysums
.3 DI:PArrutwrs 7
Il0ARI) OF DIRFClORS 4
OITRATING Rt.r0rr 8
liNANCIAL RI:lVR r
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EXEClmVE MESSAGE 1997 u
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s Positioning has lven the ongoing theme during 19tr7 as SMI:PA evaluates its needs to nicet the various unknowns of a changing industy. SMI:PA employees continue to position themselves to meet and exceed any requirements the future may bring.11aring the year all employees attended training and update sessions developing contmon tutified and knowledgeable information resources and operating procedures. Ilusiness as usual became a historical term as new and improved work habits enabled the creation of improved efficiencies.
This regurt illustrates the successful impact employees have achieved in every operating area through a unity of purivse. SMI:PA continues to maintain stable and competitive rates, while adding new services without workforce increases at all locations. As trendwtters, employees continue to mold the future of an industry facing the many unknowns of change. They continue to position themselves to meet and exceed all requirements presented with only the goal of continuing unexeclied service at the lowest possible cost, while influencing the tusitive development of change in a meaningful way.1:mployees have been an integral part of this success and will continue as major contributors as SMI:PA continnes to Iv the ptrfermi provid'r for its members.
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llenry Thomas W. C. McKamy, Jr.
N General Manager President
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MEMBER SYSTEMS v
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3 MAGNOUA EPA, MCCoAin
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7 Santtny Williarts, Attnager y
I tite energized 9/19/39 W
4 S37 miles of line lh 24,273 meters
' PEARL RIVER VAMIY EPA, Col.uMutA 3c.g W. T. Shows, General Manager l
R' Date energized 5/19/39 f
5,280 niiles of line
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33,06, meters y
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C SINGING RIVEK EPA, LUCEDAll
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1.ce Iledegaard General Akutager 8
!) ate energized 12/3/39
!k 3,361 nules of lme myrsncmwwmre 33.G88 meters SolTillERN PINE EPA, TAYlORSVillE COAHOMA EPA, LYON
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Donald Jordan, General Manager Giles Ibunds, Atmager Date energized 5/13/39 Date energized 1/18/38 9'I00'"'ICSOfli"C 6 2 7 IO "'CICIS 1,4G1 miles of line G,413 meters rm Id Sotmiwrst Mississim EPA, LORMAN COAsr EPA, BAY ST. LoulS Robert st.Jolin, General Manager Robert J. Occhi, General Manager I) ate energized 3/27/38 j
Date energized 5/20/38 4'O I8 *IIC5 Of li"'
1 4,425 miles of line 22,719 ineters 56,165 meters TWIN COtWlY EPA, lioLLANDAll
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DELTA EPA, GREENWOOD Vesper Ilagley, Manager liarry 11. Ibnner, General Manager llate energizeil 12/24/38 2,246 nules et line Date energized I/30/39 14 84 7 " CIC'*
5,300 miles of line i
21,945 meters rm r 1, tw YAzoo VALLEY EPA, YAZOO Crn' l
I l.:J DIXIE EPA, LAUREL Char les 11. Shchon, General Manager James T. Dudley,Jr., General Manager Date energized 3/23/38 Date energized 7/28/39 2.710 miles of line 4,164 miles of line 9.165 meters l
30,814 meters
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GENERAL INFORMATION
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a location: llattiesburg, Ferrest County Eruployees: 106.
SA1 EPA is (Orttutate to have its A10rrow and A10selle generating stations each located approxintat ly fifteen nllles front I
lleadquarters. Energy troni both stattens is
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dispatched frorn SA1 EPA's Control Center in g
ilattiesburg.
g R.D. MORROW, SR., GENERAUNG STADON
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Cetninercial Operation: 1978 1
location: laint.ir County
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Capacity: 400 A1W Fuel; liiturnincus Coal p
Employees: 95 g MOSELLE GENERATING STAB 0N
,3 Conunercial Operation: 1970 localian: A10selle 10nes County
! OYE'U"YN Capacity: 260 A1W fuel: Natural Gas /fitel Oil
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Entplayees: 30
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a g GRAND Gute NUCLEAR STATION
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(10% l'ndivided interest)
Cernniercial Operation: 1985 PAULDING UNrr location: Port Gibson, Claiborne County Cap.icity: 1250 A1W Conunercial Operation: 1972 fuel: Nuclear location: Jasper County Entplayees: 1 Capacity: 20.6 A1W SA1EP \\ counts one emplayee ainong Entergy's fuel: t hesel fuel 800+ who work at the nuclear site, kw Czaika is 1997 Protiuction: 120 A1Wil the Association's nuclear speClillist. Grand Gulf Nuclear Station is located SA1 EPA's two combustien turbines,llenndale approxinutely 14 5 iniles t'reni SA1 EPA's head-and Paulding, are utunanned quarter s.
3tations remotely operated from the Contral Center lxated at SA1 EPA's headtluarters BIMOALE UNIT tacility. Persennel front Plant A10selle
. Cominercial Operation: 1969 Hiiintain the two units.
location: George C0unty During 1997, the litiils were operated ott Cap.tcity'. 16.2 A1W OeCasiall to Silpp0rl load dCillalld. The IlllklN fuel: Nat ural Gas were also placed in service frem time to time 1997 Prodtictien: 468 A1Wil 6E for test purp03cs to asstire centiittted availability and reliability.
CORPORATE Pl.ANNING DEPARTMENTS
& oPtRAuONS DEPARThiENT
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_g cotitintted cotutilittnent to quality and efficiency.
frenny Alutray Unified under a strong leadership teant, eniployees FINANCE participated in educational DEPARTMENT fonnus in preparation of TRANSMISSION f
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DEPAKfMENT I
ineeting the evolving
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Our industry's transition will present a of future that offers inany new challenges arid
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are kuking forward to 1"
'g,1 flarM-those opportunities as they continue to excel by every JerryPierce measurable standard.
PRODUCTION DEPARTMENT ENGINEERING DEPAKFMENT
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hkhhhhhihdh@QQy&;ma&grw g;p;.Md.:pyw.ag g$q%QW;EWW&q$geg h h h MNMO M M hdh M M d h M !$s A$h hM MNM Mog AQ tby en gges%ge g w g:Q T P Q h % gi W M gl AM.yfMR Wh MMhm MM b e.n $ M,W J N h W,- M.,i % m,mm$v $-r$ p.m. u, _ w m e~ w e e and No. o ena ea were removea cronohe m m,E m m ~ Q %ye f M @olM W %.g. station dur:ing 1997. Arter the fina! y)//Chib[n % m@M M.h/h M; m@ d. M 3-e i D bh M% % M7M yy alliount o lleaVy oi Was burned ill the gy W Ww-~e lwuers d nie sicam imits, a fresh snepiy
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$n#m/sW4%k + W4y%gg&p4+WW. 4a 4 4 s M.w 3 v pyp m MMW g&M.e9 (Q of.Nes2 tuel oil (diesel) was secured and s mA , pep @ @g@M.py@dywrmpWMMANN@nw ys M. ydgdf Am wp y & M p@v s q placed m. one of the nu.nion-sanon i.nel-RQ W $s. MhWh;p sp R,' W storage' tanks at d.te site. The li hier N,NM M M,.%s,g @y. WWG n 8 ge wsw y jy yu g y&mM,f1Mf 7m@m r uai RM W vyN.w.mgNmgwe 9 q w1 A iW R)m a n gA9 %;y the steam units and the new combust. ton M Q MemmmagMgW 4 em W, _ . Naturalgas purchases were j y scheanica on a nionnon, asis io meci h wwpag %d y miceted generation requireme %w$nn2M M Ms.@a v@ Me $nw$ M-. jn w,puM$s M i 4p g-m ~ y a.3, m r a w w w m.- m Mr i p' wA 9, - amounted to s.294000 MMinu ror the. w ~ M n n s y[dy n .g y >..w - ag, h N b Y<JI' WhiClI % dh0 lit III0E0 Ih3II tiIC M A 7--u-6
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in market prices fotj1he' fuel and to ihe fk gQgw{nngsn wkswe n wsw~4, ruei necas asweiated with me siariup ana & m @ w wag ~h Mk%fM T@@h(a%gp!; Dpuise;y d i hisherihan antiestea cost or naturar xa en a nn ' operillion of the pombustioII ttirbine. The W 4 F O -@M @M Q% ws$@#M M N R sp OD--,$s.f,.p@/M_ER@M~@J %gnt e f Sa5inipaeled pLm~t operation,especiaHy pl%? jek.Opw.wOM MMM.?# C 4 '~~ d2 ~49 e w% -x up P.$$i 4MIWdMs V! I carly ill 1997. w M@yn$A " p@bffp 4 I hhh k.h.9..fhh:h%w@h.mQ Th k 'M' m $mj q.h;$7hw[g g ' to 361,000 gaHotts; Moy[ of the fuel oil - y, @[k w h [tggj gjj gg'a%e for l'197 am0lmted ' f.NY,%r av mm{,3hdN.m@kMMM M4-N~N. , waihsed by th +e new combustion turbine g gig %C9 OMhgAm w w n pe w -m QQ@4 fi[a Q k.+ an w M MN D M $smMN e-y ' in conjunction witirperiormance teshns fh a $8 hk " h ; & w.y ( h pt'ogt)ung. Approximaldy 80,000 gallons $ h my am h# g hjkf h 4 ~ %. g,~ Mw dNg avere use,d hi igsicam bnps auring p#gAA w g f.y$+g. ,d erfort$ 10' deplete the litial v0htities or No; a-1 eg@g w m - m M g C. by .p g q g. e, yr a o anamnewn rtym siomsec y$ $ ^ hh;; k PuudMonacni .Em ~ [hhh ki j. 3 e n m .m n x Y , E h@p d o? -p.erated ut mt. mtermedidte and base lodd -.emw[ .M;" [ i y 4 e w z e-v::< e3 i y miss musam q" q s w wq s y ] Illede durillg the ye,/tr. h,ilutdtancolts n,gQA u I .iM " %* 3 h W,kN Q. J .g -4 5 .e .. 0 3 g( r h YN'"~hi =. m.v[.. _. 7- - gg(IM
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..M a e h,$q [ sl* o aae hQk M i d.prilliarily ditring d!Q Wittlerjand summet$ @g e 4 fh %u%m jf[ i ? load sejtsonsMealittsage aniounted to, > a@g= w:e' m.si0 tononamhiis me impaa a an 5 m a w' ' Wl$ k W* QQ: .p q , - lg. y tilVent.o!7 shillislment,- the 'CUal' stockpile al. M+L & &T, g'Qg% w ~y y: u + M 4xa 3 @mA.d;, - the Morrow StatiouincreMed by. . M,, w$ v 4 M s., ce r a 4 7 c 7@. g - e 4,. <<:V p r 7w.hr u.,p a p pfo Xinlateky b b.N h to Is; Ille a n'll 11 . b m 64' m.h. M k. h Mh Th w p mg~aw-rmmww"M m y;en,h M[ fh. gw s'
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. nm ion from the raenity amonnied w%@Mg. s e w w w+M um ambag$nq net generat.NM.i to LI71,304 MWI1, wh hbY. MNhnn.M4p hT N { } p%nw W@n m#vy v o.d.y+&u@4p%yW&w?CQ, above 1996 produelion. The output was. sa w v WW1 l n W #ed p W. W . W.wh : +NWMFfM M n. qm k b m$n m,s ence, e>p y y y. e.,h h k Ym e m,y 9a. n.m. m.uq- +senerahon whiehm et, r kN. UW 00 "WUY 000 e we ups r 4; n q n.. e,, m n a l w w w w w w m w w w w uw n w %y,%q mu a mmm;r~u, ~gt mmn mm ,w. m w m m x m xpQ< &v.q mM p m m w m e m w plm:g,n h q -Mq u n en un, a p:
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M)(:#g4 'ggff g%+y' OURd4Gd h Q Mp [996, y wcwM y m $; m u m mbMy S&%g%mw;fM Q;@myCMg@ nk g As Jurt of. plamled maintenance NWQq ,f R ^ pu#j@ p e aaares ca wini prevenianve mahnenance e,h N [m m u w w w g -,J,h.:jf' h h,p-[:[A @s.M,aamaga[6@( n a u O jf$) n[, h n $ f Ejh. h kilspCClkolls Oil sCveral nla,h0r plallt l [Gn]Q3(.9 fkV Q g g w.f O E k 'O Q ,n n w :D components and scheduled repairs were. y@eQ M y:,M.$q:g?'i V( W g.s g4[p u bw^ W W N;4q/@d,y; n n%( y @p @+@4 76 y n a.: wh Sig p . 4.. JmN,f M k gp 4l[9, s NWdMNMy -: nW 8
- ht Completed on the C00 ling lowers and Coal QN3N+
$ n m w n a w w. M,. @m.,?' u[ h / Q9 hD>FMg9 MM w%a .m p nL mm: Ka%.;$j.MNW6NW@s;& n
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g 4 g and waste handh.ng' equipment to ensttie f.pgQ ..h b4 @r@mL.,ee$:v@bdhdhNpS./hWNdpy$@;h G d continued reliability and safe operations. WW u %kwtw mn NNIfdhMM,.;t;4:,w;y n~q; n y
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W %s,f:A a. M):n m u: mw m...Mb.;?:n@h'p%p pu$a c ni au W Dnj;1v v v m n n-g,h(( etSMM:;f G1:Am Guir NUCII.AR STATION f" e4 fMQfM M, A:;N.efe,g%m%gvg&yn&.7,ptuy M j g &. j. p+g.,~p w 7 a sO. qq ap 4 g M p ,y matty Itu leators, I,, s was t le-n < p% %a @ p,r %y<gyx WNQ+.g;% ;.e~j . &j g s g ::g 3 y g ?, gg Q 4p - A%W:. : eer~ a Y-w . U. IO I bI lh. h h- [o MFM%M5%V%WM N The plant capacity tiictor for 1997 was bn$ y; Ulf TN@%@.p$$yR(.jpgMg$$$$f%g{$ 102.9% mid the myear roning ave @ e m%$$$ g W a; w w w u n u w m e w w as 90 m, w hich puts nie p u niin nie gn %m%y%d ncmmwwmemw:m w MQgegg$ f ge,gg$gy,igghgqqgg?pg%p upper dec.le 01.all donnestic 11uclear titlits. f g j%.y i 4p WM we n, M7 MUMM.f,Mm..naMhWM dMYd The plant availability factor was 100% for M, M[.D w.gg%.g% g:R25,'4[fd@h%gm, %'N.{dd M4 www e a%c e mu C m %m n% MWIDMQMM '2 4dh k d 1997, Wh Cll'alS0 illdiCates there Were llo 7 w lgy g.4;g p.y. /'f d%.%'r M dCNMD d My@W s%U DJ>;"J 'OM allIOIIIsl!!C Or IllallllilI 3Craills Ol' I.0rCed W.Sfdf g&' $.(p[a W,. dl.M 5 1 U $g / p 9.7gg& 9 g rj EM n ~ 0 p A. c/ v/ y:g;g N ? p W p Q ~h / W 4, @ ^ w, Outages. l'he unit was operated 1 e4 4ggg e % g &g g,,.w. .p y: n x m, m siu n e. nc w,,' g v pa w @n u-4e.Q M M41Y. 3 ~ ,s g, :-: Q' p4 u,c m
- WN ~ L m.h ""' i C0lI!.IlluduskY t.er tbe Clltkre VCar.
s A d%hp@MN uMO.N9@Q {,> n a se rs 4 Q p ~6 o'% ~ Wu v a k(iMT 4 y b W Net electrical generation for 1997 fR $(h@ W $.3 $,, g' ;: Q M w j
- was'10,Sl 7,000 MWil, the first. year that
= a d w sm_ e-- g .i T w M w { 'MWil.The average thermal efticiency for O Nb N!M, [ O, N_ N. kM N;Nb../_p 'M y the year (10,504 Irl'U/Kwbr) improved 3 pgWAS, & y;$. p k.k.,g M6 s x [ 4 Yo + +Whc a, 4 y P-gyfyp,mnw.s,.pp.g pgn ... ~ m n w M-- the life. f th,e imits, dite mostly 10 h,NWN i; m. fig g,. o 4y y ,n#44 a f t g 3 .c s. gp S g,wy. - y. r. y 3o s. s i b h. N' b M. h,.g% 'Opet'aling'the WllOle year Wiljt (jic a[ M Y d j~ ciN,' "e# [%y [4s N t m $ %m. p. upgriied Ili dt l'rcssure and *A" 1.ow D$d e, o "'m i MMU i 4 h 'q
- /khh f f Press'ure main turbines, and with the hhh
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- oyg umad a: i.cading nige now ucier in the feedwater RPM A
J wg h NM M g g system. qyg g g e,j %u, s, g;N : N ' M:[ E. 4 y; hg ~ ]rce icators for 1997 aj 3 g uien, were caer posiuve gm v h Nm m]' g l q, ind were n e we i ever uc i o,e h,Sh a mlb(Q ~ m s; s w M ;b y w w1 %,m m m NMNMNMb khi6:hNUhhh[NOp$bky%hhy values of phuiis in the upper quartile df p w p mam $m as ~ (Q( h b I khhh dj $ G:Q Sellerati0n, at'kl Ihe costs were wilhin r. f Z;$j kM a $M!hid$$2MMMMMdjkM5MMsz RegulatoryL. N1 domestic rmelear stations. The Nuclear-
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n nse.ns 0mmission S. mb A.m n b,- - 4 x x Qva e: Wyy M q -Vstematie ww fmpt y yq :; yQ.yyp [$YudthfWly$isIOiNbe$ary Y955N. AMmd. Awssment of Iicensee Performanc . gig Y [JE%dM) ink I N @ AMcW W< w% W S M w h @uA WMd.xw%@d@N@W.p@dk$Dh[ mmh 8NM.Nkd[W$M qu r gm g, QQ g P %d 6 ALP) rating for the plant was also w% ny 3% < w m YO[dIbp @ w M MWp M 0nX ON ratings l.pr pbuts.in the up[Nr ' M{N M.,q%y W M. w as g e %m!s % M.g g g?$p m @/ t Ms Q M7i 4% &c .p h m,.qc M.. ~ k h k.msw' eegw%;nu:#e.w management conunne to sei aggressive s w-4 e<sfa,w, q'6 $.A.@,R. a e[y#gh. A;4 m ys w m e. lM ~f.)m4 ON._ d., e.$)als la improve safety /requja[ pry t@y.7. N, m w 4 m 4P,e. r?,'c%)g MM.YQ$,r JMyd 'M' ; - hf p e@{ p W wm M9<MyBe. (.t suw? %sA 4 gp 44 y w N, pcrfennance; improve piani perfonnance, NRA %a.Gv w M % Vmpv W Mph +,. t w%; n.c[,; a.w,' and reduce the budget. Consistendv kWM wK A +a6 QQ gwgrM%e. W* p...M-: m e~ s h.3,s o r. W uM. WM,.~, c.:.g pp g 4 w s +s n,. y? w y 3 &,m m,,!,.
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%;M+O d@ $,' n.k M Q d;g w@n y &m% %wnyM M mfd?dGWX04 ww$D.W.dh6'd,@y./Mm, yf m;T
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,yv M gen ~ a edM v 8 WA '. NM%~ +"iWi%e, nI M N..W% hb Q U$ [e?e.Nr w w w )w[ p%.:;',aNiM.f.<,AV)f'lEs % ib; d. r < .: n v va h% w'Q h JJ.a &,H:.CGC ~, bV:*. m r b ', w w &ff;NM.A4.j;4'Q O'V y;YYK&;N *a; r k! '. fll y '
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y G m.NW% e Qc,O',d fhu Q: r;kr W .6 i % Q vlp d 4 WiMXWWihnQMdC 4d%,.,p j wnP'C '.9 X%y$ W 3ey/ g-p /n 4 v WMpqWFJ4M $lF%,WMyW gr.- W unprovulg perfoimmice over the past g [.g h(( jffl .h$$h.n.b hb, Nh k h,% M~p/g Ze@ma~/, ' Wp> JElO ?$ hh h khs[i n.\\ ' h~g's " a.eVeral years proVides a VCfY solid DasiS S troll) Willel110 expect that these i40als Will g d d. 9 v.o Mf/ d7 N q cyc a$..#( ;.,t.w iingi_J gf l M 1 ' j Q t p n;' N;j%.4 7.s~' m&- ,a
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y<. m2 pig f g, e# YJ.M-;f..,f@o e j.MZ be ac}lieved. DGf.@t.#,W "M N.f.,.M. a..c. pA./T , - A. u. ;m 3, a< t 7-w %<. em m .., vo r + sh. ~.. ihQ [.N" ,s scy m a,jhNbMM. 3. SMEfd received a t0tal Of O %lO w IO s-g . c. snA: q :h MT/$6 w
- y
,$j%[F<, hT.$$h$$Q%QSM%[d]QN[%$NM ,082,192 MWII of energy from Grand I IM_ O: jM: 1 Nbb M $Mjt$M -g h, Dhh lgQ,N 3 $//d M_[.D_"Na# "dfW_Ma%. A Als. C tll;lll 1,d,b-. k.b.VeMCs. 'l.be m.CrCa5e In %, QW s$$.m$ Gulf during 1997, Which is 17% greater %~ h 1 @ - i3 > c;WJT,Ji] 'k h ' d % ycb4 ;.!@ i h h PT outplit C;lli be altribllled t0 hi'All tillit N)Okkh k, $hhhNhh:)7 hhh hk[ availability;theinnguet of the high h;;3h 5 MehM9 pes @MrAMF WM pressure turbineinraae aurins the-pm vgw,pumwwh; q.ex nge n,mumge; ana n,e po ihve eyeo of ole pm e a e s o, m.%ueg w& $ 'Y h$h $hh wegy 2.Md @.y@ Md.,h$ h$,w$@ @,fb fN. h M g W g %@ g ~g g 1 t)% refuelin f'fY h fW rw%w Q P,:.** # g ~ w e/ N.,h j y> p p G-Q, m 2!x i ? %m e > v,7+' '.3.,, y/,j .9, 6. a_*-. %. ' % %; ? d. preSSilfe tilrbine (Ipe4rade$ are plalltled d w M, e n - ef .7 i &n, x / i
- 3 0
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eq r .s Q'+. y .gh, s c. s*. O[J 6 }) for 1[)!)!) lllld 2 CC otll; lyes.) v Oqs r-7 l ;e br ,f."h N f l f@f c uv y ~ MN]' gc G 3 7 n;;$s$lm,,;e,N/;h+@n:,..:,hig.h. N* $.a$xi M] m.gv,/' M h 8 j %w W s The Iiroductioil during i!)t)< ww ,, n~ r - m-
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g,,, ~ - ,ps,%. $n! %v. @.& k M(%s[,g'c,<;4 % ( g"%,y'Q:,n";qqm_o;qD p o w. n;n.ww ' 4 + y 8 gg pa r G f.p 8Mf W N[x@ %w j f M ; y $ % M.N 'iA,dh 'MMY.; was g'reater than the 1titM prior record NR M. g g g:a lp -.g. g wsm by more than.12s 7PW w[A:g G dp% %jm<M U p%g%*lM@g'yM %g m. as v ~ pnW ~ w w;, y g Si 71 MM 6MfN; h. di g g ?w x. p ~Y~ w.k "[xnh$M b, y h h,fh wm$./C~1%v, M.a wm[n hygy c nr f. m e +hh hE ,k !kCId ~ %IIIdI* d C0dl III II IIN IIIU* k.mh. .U
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~ RWc.W kgA OWit/MWinildriidtd[ftferidulf /f! dic Glurid Gid[Ns#CleMSJiffort 2tQ ' l'alterprises i; ~ %: *h H J. of lkenl-lkuklV. I Addinglon Will COnlinue Q %oge kap.n..g h,ggypj6. m/ds/Mht/s/pirM. War.M, h~E.A s,i! V. AIM M lo e11 erat $ on the SMEPA treI1erty b,,9.N.m M Mi i m S T %, miW, 5-Q U fih N O ffs 3.q O :.%.W% s-r o Apf@n::3?F@Lf @l + 'V;W;2{CyQg)V Q:* K Q h ' S - Q; & W > * ' @ ' W '%. Ikerd 1Lind,b p;sg 7 Rovil t.y paynwnts Were received kM pgjMMO fs : > 4+4, yyp4.j@%,>M e 4-.m., f.;? w%, < P? w,.Y, @y;'v r e y 9m;t.C, i Y ';
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pm aic ce-"- ww' m~ 4 W=,, w. y .t c. w M ma w . eempienen ot rre4actory acceptance ,o w-v y n ,-,w r .T. m~ testing. I..nnd leitmg wdl be completea 1m ', n - e 1 .e ,~, ~i *) J , + < m< s .h 3 {;.US, 3}}d dehvery }}];[de kl} edily { 998. d}reddy N3g],, l '- ' A m., N e e 7 h fh[, [q%/ ' M ~ '.( lI ' [ the data base for the new system has been \\ 2 t s'u;y compieica.ma m upnurre,awonne 2 mM>y 7> N d l i ' C' present system to :tssure a smaeth bW h h transition. Internet connections were [ gj $h Nbbut.k"oS _oE_cgg, ~N-m ~v w -a. aata i ~ ne s oie maru nns rm, mini r nmac iu nie mura muo toran fe r~ a m N u &m m e NN m ,/m(d, b, l N;% s ] k 2 WhICh bbN1d ColldnCts businCss. MHs N ' lN f- , f f, g ys ~; o d
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[' .i sair.e setup will be usca to gathe sveather U~ 7; m )w "y, m,q W,, & M, s :/., rf t / qm,a v w +- w-, 3 .m y q .,; t.m g r7 q.~ g-data for the new c0nirel system. g a: g ycw r : - p.3, e s
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(, -m v. a-1 ) ( 1 'i 4 5 .l ~ t 'sj tilalltif,lt!.ters arid lilcmber sVStelus ,v: 6 e ,1 le plll% bll(I{VII SIaII.ll'kb ll MeC IC!llbl Jild ait'-10' air heat piltlip llistallallall. [,, ;f.} SMIT.\\ avnsered a traimng .j s O ' 4 workshap 0:1 MOtar Master + software ( j ,:c., pr0vided by the linited States liepartment m:j J N. g'- gr yge,3y g g g,3 ggigi. gl gen,,e , 9., " P V Pre; cram. Lhe saltware enables membcr ' y @c-e- _.V* b k b k
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.. ; q -,>f. f 1-j W.' ' c0ntirnied the unit's ability la meet the ^ j wy 1p 7e r , 1 emi e n r,$uarau m a m ihe e. ,9 J . pg. . jpg,.,) g44 ) g p -y ,r e,1u,I,m e ni eO nfr m.ith c en erai n e a rie..g 7 m. { v ' ~ - %4 77, 3 i y s ( qs 7 . w ~ r ~ e e Centinn0as Emissian M0 niters KEMS), M,. e-4.h h pt *M b I [y]$k j# s = 1 } d "., y u M tjuJuhfy an a M unt umt A . -, emiwens were rat terv ested, msuued, T g-xc m m
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M E M B M S MNW%$M M-wn M M. M S G MM &n?n M8MW9 dWVW paKL @NhM$ p@g$a n -@MMMhNNb5NM "N"U"U"# n - yMM bkiMNMh@b . Mb Ma w?mm2We!gpam data rarieval ru ote*"ird">"er-Js%M;qqgyppgWMQMgMR gh;g;W.M communications personriel also were Wa p Wp % W$ MMM W[h.h kh h bhhi trained.id niaintenance or'disitbl, @W@e@g%M45 g$g@ye@M@@eg@sgas$m@Wp$w%g icr~avem" m 1 M $w B d -mnum4"icho"9'"P i"sta"ed "e* $ge@& w r re m m unus a mt rep acca ihree oni oi. nN@dMkk @w m%o v$8M M $ wh g @aa n@$n $ $.# h M hQM date coit0 nut)ication links with~ new !$0 p,d bNPoh w v w w g @n,M-QM.ygly@MDh@jMhhlhbQp fygyk ' ' Alllidijzijal r;nli0t The first r hdfM gygh v$F%Q,M%WdhSM+ii$. litik was installed between the Nnhol d MR % N -Q n g unn n s 9 w ,N } k h M kh OiUADONS CONTROL CENTER by wAw spwrwe waga rhe +rauens e,we>ner - M&dMMW WW W d3WW reviewca i6nerau gr un a team y dMU @d$ $ p @kMKa%g %#E y& MbG w$#W%nr represtniauves from airrereno# conira areas;n W3 e W hhhhkb bb y[ selialdtity cenneil'coiittdet#wreview or. %k $$g@ q 3gaQ y ,gg g .g@ghg n a$wy$@m %e s Smus a uierence y me s idennes s ( p g MM g gW f ana aetennineJuiat SMnwhas no nujer @8R$$ w g ww viaauom enmsesniaanms-ng D*m# M 4 in laie sumnieK SMA signea a h3M %Mp!N ~> 4)4$WbCWhM@Y T@ % F- @@ C Q @w w e $ e hM e T 4 ruer constanis Arransenwnt 6h a d4 hGM a iuwer mar keter iiiheres that the-MMQ,4 " h P e .mm% e $$NM% %@3$m$M%w wsww 3 DsMQM combitwdxresenrees woiskt result iri ~ p fIh[m b p-n@eswies"8 N """ N
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me mawmw$w%. a ana.ihe marketer weruca cieseiy ioseiner supw 4ew a @e%se$, er nou s= c w g $3W$cW@ 4 $$@ MMS $a(ffhf. hsMi h ^ M%h M M ik_ h_ d e< h h and reaped sundlhainsISubsequent ?. EY8N ((4 yd - pk MmmadeM wrt@nhe ai$msement we cancesca 449 ggg% 9 a wwu 4 WM 4, JuonnaproveaLuo navdiitase rer either - M @ g g % 1 M y @ @e $@ M @ $ g g @ p@ M2 Nw% g 4 y arter car uenug Aineush not a suevess p%W MsqM MM5 i j-QMgh in tennsur savis er sains. the el %m @ y r m% g#?MfMO W mg@qN g M 6 arransem4vga'saucarains exer. w# 'y we w g g e& M 3 ci e smunrnma nm%nirs eeiner ewks dgwq@gww wqNEMMSM%A Y %y%% $+ I " ""4effk"U '""""S#S Wa^.*., Q %y g 9 a seneranns amrpurchase resonrees. h4 hMhhh@h@h v g3pg [ ( 8:@dkkhh N A \\Yhen ni$tket cotuliti0nt were b hh Mbf 1 MSM ny@u,h$ s'R,,16#y$$gdMm$48:;i.. ravodble, SMi:PAisolans? LpeM4cggo%~MMm i a"d4*s* "# h""..i nm necouwer9narketers, to beat."'
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4 a c w , f y#yy.j., -*f il eg. 'U 69 (y line 10 Serve l)iXie U%'S neW feLil N ~ <g a, y., i. st a s 1 ~,.... m - ;f M.., p/.., 'b. h -3 .g, , fl yygp yalleV UM'S ndV IJke berene [k. slibSl;lll0tl, a 69 kV Hne 10 Serve fearl h S! y [' j{ j {.? o d, M ib ~
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$1 ,W. f projects. This includes the c0mpleti0n Oi D,e,. n- . s. ~ - h h, N h yNR.cs.f ynwe, LOD SO MdV . % a tw0 l 15 kV iaps fOr Masnelia n%, a i is' c.'4 ds gh, 4 WM WA a'y W@w i(w. s y kV line for C0ast El%, a l 15 kV line for %m% wg y. mim y N ywM4a. g A % g% g cv-i s wx soutinvesi a%. a c9 kv line iOr inxie Mw; , %" 44 t w y2 o # -4 , ret gg-p D% a 69 kV l ne fOr Pearl River Valley >4
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a m:m m.# M4^Mw 1.. u % C EPA and Several transmission hne WWd MggW.v AOM0 G_ - We;eb, Nm awpg - n? W DP b E W 3 .~ a 3 w an ;, pm a4%f adjustinents f0r lu. hway construction W,m) h hk3 *hh,qm a i.hpm[k, > ' [;h g C ' b N ;tt(d systetn impr0vement. h h f. L ,w.. y, c.y a'p. ym. n, m.; n,w y,,4 -n, .f. n,:n,,n .y,,. p , Q. r
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4 FISAS'CIAL REPORT k
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FINANCIAL REPORT f rom the $7.2 million earned last year. The acttul $2.2 million margin for the year redeets not ottly tlut budget effect but also the reduced growl'a in sales to memlvrs caused The year 1997 was another by the mild weather. As discussed year of solid financial results for elsewhere, the Grand Gulf nuclear SMITA. As the electric utility industry plant set new records for continuous moved toward a new regulatory o}vration and Cnegy productjon StrllCtllre re!ying in0re ett celtipetitjgn during 1997 and hel ed consider-l to determine prices and services, ably in keeping SMITA's total cost of SMITA focused renewed efforts on service rate to the lowest level in keeping the wholesale rate as low as "k're than ten years. SMITA's equity possible so that its memlvrs could be increased to $78.9 million and is more competitive, for the year the now 10.8% of total assels, the highest wholesale power rate to SMITA's ever.
eleven memlvr coo;Vratives averaged Total debt outstanding at 4 I mills per kilowatt hour down 3.3%
year end 1997 was $6I9 million, from la; y ar. The 1997 rate was the down $1I million from the previous lowest sn
'980.
year and the lowest debt balance S; les were influenced by the since 1982. Since 1992, SMtTA has mild wex ler in 1997 during both i
repriced or refitunced over one-half heating and cooling seasons. Revenues of debt Ollistalldillg, reditcilig the Irom inelnbers atuotittled tg $28l average interest rate on all debt to million for 1997, town 3.3% or $10 6.2% from S.4% and saving about million from the previous year.
$13 million per year in interest costs.
I:nergy sales to Members were up 2.3%
SMITA's margin and cash flow for to G.9 million tuegawatt hours - the the year was sufficient to exceed all highest ever. Generation by SMITA covenants related to outstanding owned phmts in 1997 set a new all_
dChl-time record at 3.7 million megawatt As mentioned elsewhere, hours. l)etuand billmgs to memlvrs SMITA invested $20 million during were unchanged with a monthly aver.
the year to complete construction of age of 1,346 megawatts. All but two a new 83.5 megawatt gas-fired of the eleven member cooperatives had colnbustion turbine generator arki increased itidividual pureltases of several transmission assets needed to energy from SMITA. Overall, the SCfVC the growth in sales to inemlvr cooperatives are growing at a tuemlvrs. New loan funds financed strong five year compounded rate of about $12.2 million of the capital 4.9%. SMITA's total revenues from all additions and internal funds of about sources exceeded $300 milhen for the
$8 million provided the difference.
second consecutive year.
IIIsCrCtionJry illvestinents Margins for l997 were amounted to $29 million at year-end budgeled to tv down considerably 1997 compared to $32 million at the start. Approximately $5,7 million of secured loan funds were available for drJW doWil at year-elld.
78.9 75.6 67.4 57.2 Equities and 43.4 l'atrotulge Capital (millions of dollars)
O*
i 97 9C 95 94 93 i
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J
Comparative Balance Sheets and Selected Financial Ratios ($ in Thousands)
ASSFTS 1997 1996 1995 1994 1993 ELECTRIC UTILITY PLANT in Service - at cost 5
809,115 5
770,186 5 762,221 5
751,518 737,175 i
Construcuon work in process 17,326
_ 37,525 _
13,161 13,3 %
20,213 826,441 807,711 775,382 764,914 757,388 Less accumulated depreciation 308,328 284,463 261.583 240.410 218,934 Net Utility Plant 518,113
$, 523,248 5
513,799 524,504 5
538,454 INVESTMENTS Investnrnts m associated organizations 10.481 10,569 10,646 10,714 10,636 Debt service reserve investments 5,554 9.694 4,473 8,502 9,284 j
Decommissiomng trust investments 7,981 6,087 4,311 3,474 2,798 j
Other investnrnts 3.000 1,500 15.444 Total lnmtments 24,016 29,350 20,930 38,134 22.768 CURRENT ASSETS Cash general funds and cash equivalent investments 14.275 3,793 31,522 27,591 51,421 Other mvested funds 13,577 20,001-32.433 I1,002 18,002 Accounts Receivable Members 23,714 24,577 23,589 20,366 23,789 Accounts Receivable - Others 4,017 1,709 1,424 1,814 1,685 Coal and other fuel inventories 14,313 10.785 11,347 10.989 8,767 Materials and suppioes inventories 15,735 15,272 13.822 13,770 12,837 Other 989 1,310 1,739 1,595 1,307 Total Current Assels 86,620 77,447 115,876 87,127 117,808 DEFERRED CilARGES 104,013 110,812 108,438 113.268 93,602 TOTAL ASSFTS 732,762 740,857 759,N3 763,033 772.632 IiQUITIES AND LIAlllLITIE$
EQUITIES Patronage capital 76,299 74,069 66,8M 56,686 5
42,862 Memberships and donated capital 535 535 535 535 535 Unrealized gain on decommissiomng trust investments 2,026 974 78,860 75,578 67,403 57,221 43,397 Long-Term Debt (escluding current maturities) 594,152 606,840 626,735 651,518 674,597 Accrued Decommissioning Obligation 5,955 5,113 4,311 3,474 2,798 Deferred Credits and Other ihng-Term Liabilities 3,991 3,879 3,714 3,473 3,890 CURRENT LI ABILITIES Accounts payable 22, % 9 24,610 19,197 14,703 16,003 Accrued interest 642 666 10,018 10,555 13,267 Other accrued expenses 1,795 1,568 1,988 1,795 1,889 Current maturtties of long-term debt 24,398 22.603 25,677 20,294 16,791 49,8N 49,447 56,880 47,347 47,950 TOTAL EQUITIES AND LIABILITIES 732,762 740,857 759,043 763,033 772,632 RATIOS TIER 1.06 1,17 1.23 1.31 1.15 DSC 1,11 1.19 1.22 1.27 1.24 Equity as % of Assets 10.8 %
10 2 %
8.9%
7.5 %
56%
DEBT Long-Term Debt
.594,152 5
606,840 626,735 5
651,518 674,597 Current Maturities 24.398 22.603 25.677 20.294 16,791 TOTAL DEHT 618,550 629,443 652,412
(,71,812 691,388 Average ! merest Rate 6.23 %
6.35 %
6.66 %
6.64 %
7.%%
22
Comparative Operating Statements ($ in Thousands) 1997 1996 1995 1994 1993 OPERATING REVENUFS Electric energy revenue from members 5 281,472
$ 291,060
$ 278,359
$ 266,971
$ 274,176 Other electric energy revenue 19,632 13.667 14,401 16.374 19,264 Other - net 1,358 1,328 1,460 1,580 (146)
$ 302,462
$ 306,055
$ 294,220
$ 284,925
$ 293,294 OPERATING EXPENSES Fuel 64,940 62,809 59,770 59,904 64,674 Production 11,556 14,056 15,661 12,034 15.338 Purchased Power 132,714 131,697 119,143 106,704 99,571 Transmission 9,768 9,766 9,306 9,391 9,243 Administrative and General 5,367 5,123 5.3%
4,744 6,244 Maintenance expenses:
Production 7.282 5,404 5,145 7.238 6,636 Transmission 1,820 1,911 2.060 1,880 1,546 General Plant 597 601 581 584 593 Depreciation and amortization 27,720 27,188 24,803 24,293 23,822 Taxes 1,012 1,037 1,064 1,039 1,l21 262,776 259,592 242,929 227,811 228,788 OPERATING MARGIN llEFORE INTEREST AND OTilER DEDUCTIONS 39,686 46,463 51,291 57,114 64,506 INTEREST AND OTilER DEDUCTIONS Interest 41,705 44,215 45,665 46,778 58,364 Other Deductions 61 85 75 69 306 41,766 44,300 45,740 46,847 58,670 OPERATING MARGIN (2,080) 2.163 5,551 10,267 5,836 NONOPERATING MARGIN:
Interest income 3.131 4,354 4,327 3,142 2.752 Allowance for funds used during construction 1,119 619 236 224 183 Other 60 65
'68 191 70 Total Nonoperating Margin 4,310 5,038 4,631 3,557 3,005 NET MARGIN 2,230 7,201
$ 10,182
$ 13,824 8,841 23
SELECTED FINANCIAL DATA 1997 1996 1995 1994 1993 Mills per KWh Wholesale Rate to Mernbers 40.99 43.36 43.71 44.64 47.02 Wholesale Rate to Non Members 29.15 30.41 27.68 25.13 22.83 Average Cost of Purchased Power 27.58 26.97 26.33 25.78 23.38 Average Cost of Fuel (per net Eeneration) 17.54 18.38 17.85 17.66 _
19.35 Comparative Summary / Energy Sources and Sales 1997 1996 1995 1994 1993 ENERGY SOURCES - MWil Generated 3,703,426 3,417,432 3,347,874 3,391,859 3,342,187 Purchased 3,964.582 3,864,325 3,645,356 3,355,673 3,449.762 TOTAL ENERGY AVAXLABLE FOR SALE - MWil 7,668,008 7,281,757 6,993,230 6,747,532 6,791.949 ENERGY SALES. MWil Members Coahorna EPA 113,455 111,778 107,630 101,366 100,573 Coast EPA 1,082,399 1,045,075 998,341 923,389 S63,922 Delta EPA 448,519 448,928 428,443 399,291 399,880 Dixie EPA 611,153 638,819 554,745 505,377 505,394 Magnolia EPA 488.867 463,651 442,355 428,158 420,146 Pearl River EPA 631,588 603,743 571,759 503,356' 475,793 Singing River EPA 1,067,486 1,036,248 985,226 911,066 880,723 Southern Pine EPA 1,491,970 1,474,607 1,413.464 1,389,295 1,374,2 %
Southwest Mississippi EPA 412,882 403,979 389,941 372,818 378,546 Twin County EPA 267,243 252,552 247,178 229,376 217,716 Yazoo Valley EPA 251,935 233,540 229.062 216.382 214,072 TOTAL SALES TO MEMBERS 6,867,497 6,712,920 6,368,144 5,979,874 5,830,971 Non-Members 673.562 449,450 520.262 651,485 843,908 TOTAL SALES 7,541,059 7,162,370 6,888,406 6,631.359 6,674,879 MEMBER DEMAND - KW 1,646,802 1,695,672 1,553,633 1,394,243 1.375,070 (Non-Concurrent Peak)
INDEPENDENT AUDITORS' REPORT To the Itoard of !)irectors of South Mississippi Electric Power Association We have audited the accompanying balance sheets of South Mississippi Electric Power Association ("SMEPA") as of Decemtvr 31, !!)t)7 and it)t)G, and the related statements of revenues, expenses and patronage capital and cash flows for the years then ended.
These financial statements are the responsibility of SMEPA's management. Our responsibility is to express an opinion on these financial statements based on our a
audits.
We conducted our audits in accordance with generally accepted auditing standards and Govennnent' Auditing Standards issued by the Comptroller General of the ??nited States. Those standar is require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit inchides examining, on a test basis, evidence supturting the iamounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly,in all material respects, the financial position of SMEPA as of I)ecember 31,111117 and It)!)G, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
ht accordance tth Govenunent Auditing Standants, we have also issued a regwrt dated February 6,111118, on our consideration of SMEPA's internal control structure and a report dated February G,11)!)8, on its compliance with laws and regulations.
9 e
2e?ikT5adia. LLP February 6, !!)t)8 t
25
South Mississippi Electric l'ower Association' Balance Sheets
- (In Thousands)
Decemher 31 1997 1996 ASSETS ELECTRIC UTILITY l'LANT in service - at cost
$. 809,115
$.770,186 Construction work in process 17,326 37,525 826,441 807,711 Less accumulated depreciation 308,328 284,463
. Net utility plant 518,113 523,248 INVEST 51ENTS Investments in associated organizations 10,481 10,569 Debt service reserve investments 5,554 9,694
' Decommissioning trust investments 7,981 6,087 3,000 Other investments Total Investments 24,016 29,350 CURRENT ASSETS <
Cash - general funds and cash equivalent investments 14,275 3,793 Other invested funds -
13,577 20,001 Accounts receivable:
Members 23,714 24,577 Others 4,017 1,709
- inventories (at average cost)
Coal and other fuel 14,313 10,785-Materials and supplies 15,735 15,272 Other 989-1,310 Total Current Assets 86,620 77,447 j
DEFERRED CIIARGES 104,013 110,812 TOTAL ASSETS
$ 732,762
$ 740,857 See " Notes to Financial Statements"
- 26
l K
EQUITIES AND LIABILITIES Decemher 31 EQUITIES I 6 Patronage capital
$76,299
$74,069
\\
Memberships and donated capital 535 535 Unrealized gain on deconunissioning trust investments 2,026 974 78,860 75,578 LONG-TERSI DEB 1 e aciuding current maturities) 594,152 606,840 ACCRUED DECONIAIISSIONING OBLIGATION 5,955 5,113 SEFERRED CREDITS AND OTIIER LONG-TERM LIAllILITIES 3,991 3,879 CURRENT LIABILITIES Accounts pay ;ble 22,969 24,610 Accrued interest 642 666 Other accrued exper,ses 1,795 1,568 Current maturiti; of long-term debt 24,398 22,603 49,804 49,447 COMhtIT5fENTS AND CONTINGENCIES (Notes 4 and 14)
TOTAL EQUI?ila
- W LIABILITIES
$732,762
$740,g57 s
E 27
South Mississippi Electric Power Association Statements of Revenues, Expenses and Patronage Capital.
(In Thousands)
Years Ended December 31 i
1997 1996 OPERATING REVENUES Electric energy revenue from members
$ 281,472
$ 291,060 Other electric energy revenue 19,632 13,667 Other - net 1,358 1,328 302,462 306,055 OPERATING EXPENSES Fuel 64,940 62,809 Production 1;,556 14,056 Purchased Power 132,714 131,697
. Transmission 9,768 9,766
.. Administrative and general 5,367 5,123 Maintenance expenses:
Production 7,282 5,404 Transmission 1,820 1,911 General 597 601 Depreciation and amortization 27,720 27,188
. Taxes 1,012 1,037 262,776 259.592 OPERATING Af ARGIN BEFORE INTEREST AND OTilER DEDUCTIONS 39,686 46,463 INTEREST AND OTilER DEDUCTIONS Interest 41,705 44,215 Other deductions 61 85 41,766 44,300 OPERATING MARGIN (2,080) 2,163 NONOPERATING MARGIN:
Interest income 3,131 4,354 Allowance far funds used during construction 1,119 619 Other 60 65
' Total Nonoperating Margin 4,310 5,038 NFT MARGIN 2,230 7,201 PATRONAGE CAPITAL AT BEGINNING OF YEAR 74,069 66,868 PATRONAGE CAPITAL AT END OF YEAR
$ 76,299 5 74,069
.See " Notes to Financial Statements" 28 1
u
South Mississippi Electric Power Association' l
Statements of Cash Flows (In Thousands).
Years Ended December 31 1997 1996 h
CASII FLOWS FROM OPERATING ACTIVITIFS Net Margin 2,230 7,201 Ad.iustments necessary to reconcile net margin to net cash provided by operating activities:
Depreciation, amortization, and depletion 31,977 29,367 Allowance for funds used during construction (1,119)
(619)
(Increase) decrease in accounts receivable (1,445)
(1,274)
(Increase) decrease in inventories (3,991)
(888)
]
(Increase) decrease in other assets 321 427 increase (decrease) in accounts payable and other liabilities (1,302) 5,157 increase (decrease) in accrued interest payable (24)
(9,351)
Nuclear refueling costs (72)
(2.524)
Increase in accrued decommissioning payable' 842 801 I
Net Cash Provided by Operating Activities 27,417 28,297 CASil FLOWS FROM INVESTING ACTIVITIES Construction and acquisitions of electric utility plant (18,859)
(33,435)
Purchase of available for sale securities (1,429)
(1,391)
Sale of available for sale securities 587 590 Investment in associated organizations 88 77 Maturities of held to maturity securities :
24,291 32,431 Purchase of held to maturity securities (10,727)
(26,714) l Net Cash Used in Investing Activities
. (6,049)
(28,442) l CASil FLOWS FRO \\f FINANCING ACTIVITIES j
Principal payments on long-term debt (23,098)
(26,034)
Proceeds from long-term borrowings 12,212 3,072
.)
Penalty associated with repricing of debt 0
(4,622)
I' Net Cade Used in Financing Activities 0 0,886)
(27,584) l NET INCREASE (DECREASE) IN CASII AND CASII EQUIVALENTS 10,482 (27,729)
CASil AND CASII EQUIVALENTS AT flEGINNING OF YEAR 3,793 31,522 CASil AND CAS11 EQUIVALENTS AT END OF YEAR
$ 14,275 3.793 See " Notes to Financial Statements" 29
Notes to Financial Statements -
Years Ended December 31,1997 and 1996 NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POL,1CIES South Mississippi Electric Power Association ("SMEPA") is a membe-owned, not for-profit electric generation and transmission cooperative supplying wholesale electricity and otl er services to eleven member systems which, in turn, provide retail electric service to approximately 300,000 consumers in certain areas of Mississippi. Financing assistance is provided by the United States Department of Ag iculture, Rural Utilities Service l I ("RUS"). In addition to being subject to regulation by its own governing board of directors, SMEPA is subject to certain rules and regulations promulgated for rural electric borrowers by RUS. SMEPA maintains its accounting records in accordance with the Federal Energy Regulatory Commission's ("FERC") Chart of Accounts as modified and adopted by RUS. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reportinp period. Actual results could differ from those estimates. As a regulated utility, the methods of allocating costs and revenue to time periods may differ from those principles generally applied to nonregulated companies. SMEPA owns a 10% undivided interest in a nuclear generating plant known as Grand Gulf Unit 1 (" Grand Gulf"). System Energy Resources, Inc. (" System Energy"), a subsidiary of Entergy Corporation ("Entergy") owns the remaining 90% cither outright or through leaschold interests. Entergy Operations, also a subsidiary of Entergy, operates the plant along with other nuclear plants owned by Entergy subject to owner oversight. Grand Gulf commenced commercial operation on July 1,1985. The more significant accounting policies are generally described as follows: a. Electric Utility Plant and Depreciation Electric utility plant is stated at cost, which includes contract work, materials and direct labor, allowance for funds used during construction. and ellocable overhead costs. The cost of electric generating stations and related facilities also includes costs of training and production incurred, less revenue earned, prior to the date of commercial operation. Depreciation is provided by the straight-line method for utility plant at the following annual composite rates: Nuclear generation plant 3.33 % Non-nuclear generation plant 3.00% to 3.104 Transmission plant 2.75!7c General plant and transportation equipment 2.00% to 25.00(7c At the time units of electric utility plant are retired, their original cost and cost of removal, less net salvage value, are charged to accumulated depreciation. Replacements of electric utility plant involving less than a designated unit value of property are charged to maintenance expense. At each balance sheet date SMEPA evaluates the recoverability of long-lived assets based upon expectations of nondiscounted cash flows and operating income. b. Cost of Decommissioning Nuclear Plant SMEPA's portion of the estimated decommissioning cost of Grand Gulf is charged to operating expenses over the service life of approximately 35 years. c. Allowance for Funds Used During Construction Allowance for funds used during construction represents an allowance based on the average cost of appropriate borrowings when general funds are used to fund construction. The allowsnee is capitalized as a component of the cost of electric plants and related facilitics while it is under const uction. 30
d. Investment Securities i Debt service investments, other investments and other invested funds are categorized as held to maturity and are carried on the balance sheet at amortized cost. SMEPA has the intent and ability to hold these securities until their estimated maturities, but may sell them under certain circumstances. Decommissioning trust investments are categorized as available for sale and are carried on the balance sheet at fair value with changes in the unrealized fair value of such securities being accounted for as changes in member equities. Premiums and discounts are amortized and accreted to operations using the level yield merkd, adjusted for prepayments as applicable. c. Deferred Charges SMEPA was a 10% owner in a second unit at the Grand Gulf site when construction was terminated in 1989. With the approval of the RUS, SMEPA is amortizing its remaining investment over a 27 year period coding in 2016. As a condition of repricing transactions for outstanding debt in recent years so as to significantly reduce annual interest expenses SMEPA paid penalties of varying amounts which are accounted for as deferred charges to be amortired over the remaining life of the debt. Bond issue costs are being amortized by the straight-line method, which does not differ materially from the interest method, over the term of the related debt. The amortization during the period of construction is capitalized. Nuclear refueling outages represent SMEPA's ten percent share of Grand Gulps incremental maintenance costs associated with refueling outages. These costs are recorded as deferred charges when incurred and are amortized by the straight line method over the eighteen months between outages. i f. Patronage Capital The bylaws of SMEPA provide that any excess of revenue over expenses and accumulated prior year deficits shall be treated as advances of capital by the member patrons and credited to them on the basis of their patronage, g. Operating Revenue Revenue is recorded on an accrual basis. h. Interchange Power SMEPA records the electrical power received or provided on an interchange basis at its cost as determined under various contractual arrangements.
- i. Income Taxes SMEPA is exempt from United States income taxes pursuant to Section 501(c)(12) of the Internal Revenue Code, which requires that at least 859 of SMEPA's gross income be derived from its members.
- j. Cash and Cash Equivalents For purposes of reporting cash fews, all temporary investments with original maturities of three months or less are deemed to be cash equivalents.
NOTE 2-ACCOUNTING CIIANGFS Change m Accounting for Nuc!:ar Refueling Outage Costs In December 1996, SMEPA changed its method of accounting for nuclear refueling outage costs to better match revenues and expenses. The change, effective January 1,1996 results in the deferral of incrementa: maintenance costs incurred during an outage and amortizing those costs over the approximately eighteen month operating period immediately following the nuclear refueliig outage. Previously, costs of outages were expensed as incurred. System Energy,90% co-owner in Grand Gulf, changed to the new method effective the same date. The effect of this change resulted in a $2A00,000 increase in net margin in 1996. 3:
Depreciation Rate for Grand Gulf System Energy provided SMEPA an updated depreciation study in 1996 that recommended the Grand Gulf depreciation rate be changed to 3.33% from the 2.85% that had been used previously. Among other matters, the stuJy noted that the higher rate was necessary to recover the costs of additions and improvements within the time remaining for the Nuclear Regulatory Commission ("NRC") approved operating license. SMEPA changed its rate to 3.33% effective January 1,1996 and also adjusted the rate j for one-half month of 1995 to be consistent with the date the change was made by System Energy. The effect of this change in estimate was a decrease in net margin of $2,034,000 in 1996. NOTE 3 - ELECTRIC UTILITY PLANT f Electric utility plant consisted of the following (in thousands): Cost Accumulated Depreciation 1997 1996 1997 1996 Gr. nd Gulf $402,395 $402.395 $124.602 $111,602 Morrow Steam 189,344 188,209 104,337 98,680 Moselle Steam 23,861 23,840 18,137 17,399 Moselle Gas Turbine 21,659 0 348 0 Benndale/Paulding Gas Turbines 3.844 3.844 3.007 2.892 Total Generating Plant 641,103 618,288 250,431 230,573 Transmission Plant 126,223 110,396 35,236 32,924 General Plant and Equipment 16,634 16,347 10,425 9,388 Electric Plant Leased to Others 25.155 25.155 12.208 I1.540 168,012 151,898 57,869 53,852 Electric Plant in Service 809,115 770,186 308,300 284,425 Construction Work in Process 17.326 37.525 28 38 Total Utility Plant 13Q6M 1EG M H.0hl2] 12J M Q NOTE 4 - COMMITMENTS REGARDING GRANL) GULF SMEPA and System Entergy are parties to ajoint ownership contract that sets forth the rights and obligations of the Grand Gulf owners and SMEPA is generally obligated to pay 10'.7<' of all operating and capital costs and i entitled to receive 10% of the electricity generated by the plant. SMEPA paid $18.0 million and $19.5 million under the contract in 1997 and 1996, respectively. Ownership of nucleai capacity entaib r.sks ard uncertainties t somewhat more complex than those for non-nuclear capacity and these are discussed below. Nuclear Insurance and Assessments As the 90% majority co-owner of Grand Gulf, System Energy is responsible for arranging appropriate insurance and industry assessment programs for itself and SMEPA. SMEPA is obligated to pay 10% of all appropriate costs and assessments, if any. Under the incident assessment program, P IEPA could be assessed up to approximately $8 million for each nuclear incident involving licensed reactors p:.yable at a rate of $1 million per incident per year. The property insurance presently arranged by System Energy exceeds the NRC's minimum requirement for nuclear power plant licensees of $1.06 billion per site. NRC regu!ations provide that the proceeds of this imurance must be used. first, to place and maintain the reactor in a safe and stable condition and, second, to cornplete < decontamination operations. Only after procech are dedicated for such use and regulatory approval is secured would any remaining proceeds be made available for the benefit of piant owners or their creditors. Under a member assessment program, SMEPA could be assessed approximately $3 million for property damage, decontamination or premature decommissioning expense insolving other members' nuclear generation plants. \\ 32
l I Nuclear Fuel System Energy contracts with System" Fuels Inc., another Entergy subsidiary company, for nuclear fuel for Grand Gulf, including maintaining inventories. System Energy has a nuclear fuci lease arrangement for up to $80 million with respect to Grand Gulf. Sh1 EPA is not required to and does not fund an inventory for it.s 10% share of Grand Gulf. SMEPA pays for nuclear fuel as it is consumed and such payments include appropriate charges for processing, fabrication, storage, inventory, shipment and handling. Spent Nuclear Fuel System Energy and SMEPA provide for estimated future disposal costs for spent nuclear fuel in accordance with the Nuclar Waste Policy Act of 1982. System Energy entered into contracts with the Department of Energy (" DOE"), whereby the DOE will furnish disposal service at a cost of one mill per net KWh generated and sold. The fees payable to the DOE may be adjusted in the future to assure full reccivery. Delays have occuned in the DOE's program for the acceptance and disposal of spent nuclear fuel at a permanent repository. The DOE has asserted that it does not have a legal obligation to accept spent nuclear fuel without an operational repository for which it has not yet arranged. Cunently, the DOE projects it will begin to accept spent fuel no carlier than 2015. Current on-site spent fuel storage capacity at Grand Gulf is estimated to be sufficient until 2004 The initial cost of providing any additional on-site spent fuel storage capability required at Grand Gulf is expected to be approximately $5 million to $10 million. In ddition, about $3 million to $5 miGion will be required every four to five years subsequent to 2004 until the DOE's repository begins accepting spent fuel. SMEPA will be responsible for paying 10% of whatever costs are necessary. ~ i Decommissioning Costs The total cost to decommission Grand Gulf has been estimated to be approximately $407 million (based on a 1994 cost study using 1993 dollars.) SMEPA is responsible for 10% of tiu estimated cost and has submitted a formal plan to the NRC that demonstrated assurance that sufGeien; financial resources would be available at the time it becomes necessary to decommission. In addition, SMEPA received approval from the Internal Revenue Service to establish a " tax-free" grantor trust as a vehicle to fund the estimated decommissioning co<ts. SMEPA estimates, based or, a revised calculation, that the funding requirement j will approximate $571,000 annually through 2022, the expected date of decommissioning. The estimated funding requirement will continue to be recalculated and adjusted periodically. 1 The amounts recovered in rates are deposited in trust funds and reported at market value as quoted on nationally traded markea Trust fund earnings remain in the trust and are recorded by SMEPA as income with a corresponding decommissioning expense. The amortized cost of these trust fund assets, which are carried at fair va'ue, offset the accumulated decommissioning liabil:ty as set forth separately on the Balance Sheet. Unrealized gains or losses on trust fund investments are reported as a separate equity hem. The staff of the Securities and Exchange Commission ("SEC") has questioned certain of the financial accounting practices of the electric utility industry regarding the recognition, measurement, and classification of decommissioning costs for nuclear gcnerating stations. In response to these questions, the FASB has been reviewing the accountir.g for decommissioning and has expanded the scope of its review to include liabilities related to tf closure and rernoval of all long-lived assets. The Energy Policy Act of 1992 has a provision that assesses nuclear utilities with fees for the decontamination and decommissioning of the DOE's past uranium enrichment operations. The decontamination.ind decommissioning assessments will last for fificen years and will be used to set up a fund into which contributions from utilities and the federal government will be placed. SMEPA's aggregate liabihty is estimated at $2.0 million and is being paid over the fifteen year term. Depreciation Rate The depreciation rate for Grand Gulf was changed to 3.33% from 2.85% effective December 1995. The change has not been aporosed by the RUS pending a decision by the FERC regarding approval of the change for Entergy. If the higher rate is not eventually approved, a material adjustment to the Gnancial statements may be required. As of the end of 1997, the ac wuaed depreciation account includes $4.0 million in depreciation charges related to the higher depreci. oon re 33
l l l NOTE 5 - INVESTSIENTS IN ASSOCIATED ORG ANIZATIONS Investment in associated organizations are stated at cost and consisted of the following (in thousands): 1997 1996 National Rural Utdities Cooperative Finance l l Corporation ("CFC") Certificates: ) Membership sub>cription $6,223 $6,223 s Loan and guarantec 3,943 3.943 Other 315 403 $RML kkDENL CFC membership subscription certificates bear interest at a 5.0% rate and mature in 2070 through 2080. The loan and guarantee ce-tificates bear interest at rates between 3.09 and 9.9% and mature in 2007 through 20lf NOTE 6 - INVESTMENT SECURITIU The amortized cost and related approximate fair salues ofinvestment securities were as follows (in thousands): Gross Gross December 31,1997 Amortized Unrealized Unrealized Fair Cos t Gains I.osses Value Decommissioning Trust: Equity mutual funds $2,180 $ 1,950 $0 $4.130 Fixed income mutual funds 3.775 76 3.851 $1211 $2MQ _ $!) $1dM1 Securities to be lleid to Maturity: CFC and CoBank obligations $8.600 $113 $0 $8.713 U.S. Government securities 3,000 141 3,141 U.S. Gosemment agencies 1,977 4 1,981 Obligations of states and political subdivisions 4,478 362 4.840 Unapplied debt prepay ments 1.076 1.076 $lbl31 16 10 ._ $9 11L25.1 December 31,1996 Decommissioning Trust: Equity mutual funds $2,105 $993 $3,103 Fixed income mutual funds _3p3 $24 M 84 $5112 $993 $2d $40)2 Securities to be field to Maturity: CFC and CoBank obligations $ 17,00() $!l $23 $ 16,988 U.S. Gavernment securities 4,00() t,0(X) U.S. Governrnent ageneies 2,000 2,000 Obligations of states and political subdivisions 4,477 412 4,889 Unapplied deht prepayments _5 2_18 5JB m $32&95 $423 $23 $33,095 30
The amortized cost and approximate fair salue ofinvestment securities to be held to maturity at December 31, 1997, by contractual maturity, were as follows (in thousands): Amortized Fair Cost Value Due in one year or less $13,577 $13 P5 Due ofter five years through ten years 190 190 Due after ten years 4,288 4,650 Unapplied debt prepayments 1.076 1.076 112d11 $122.11 Actual maturities may differ from contractual maturities because of the borrowers' right to call or prepay obligations. Sales of Decomrnissioning Trust Assets aggregated $587,000 in 1997 and $590,000 in 1996 resulting in no realized gains or losses. NOTE 7 - DEFERRED CIIA RGES The following is a summary of amounts recorded as deferred charges (in thousands): 1997 I996 Unamortiicd cost of abandoned plant $69,345 $72,316 Unamortized penalties on repriced debt 31,078 32,957 Unamortized debt discount and issuance cost 1,414 1,127 + Past service retirement benefit cost 210 280 Nuclear refueling outages 791 2,469 Deferred decontamination and decommissioning of past uranium enrichment operations 1.545 1.663 11E01). iLw&G Plans for constructing a second unit at the Grand Gulf site were terminated in 1989. SMEPA was to have been a 109 owner in the second unit and had invested approximately $104 million, net of recoveries and transfers. With the approval of the RUS, SMEPA is amortizing its remaining investment over a 27 year period ending in 2016, and amortization was $2,971,0(X) and $2,897,000 in 1997 and 1996, respectively. SMEPA has repriced or refinanced over one-half of outstanding debt in recent years so as to significantly reduce d annual interest expenses. As a condition of the transactions, SMEPA paid penalties of sarying amounts which were treated as deferred charges to be amortized over the remaining life of the debt. In 1996, SMEPA repriced $45,212,000 of FFB mortgage notes and paid penalties of $4,622,000. There were no such transactions in 1997. Amortization of all such penalties was $1,879,000 in 1997 and $1,674,000 in 1996. NOTE 8 - PATRONAGE CAPITAL Patronage capital consisted of the following (in thousands): 1997 1996 Cumulative margins $82.153 $79,922 Less: Retirements to date 5.854 5.853 $7f7,2M $M0fB e Under the prosisions of debt covenants, until the patronage capital equals or exceeds forty percent of the total assets of SMEPA, the return to patrons of contributed capital is generally hmited to twentyJnc percent of the pauonage capital or margins receised by SMEPA in the prior calendar year. The patronage capital of SMEPA represents 10.84 and 10.2% of the total assets at December 31,1997 and 1996, respectively. l 35
i NOTE 9 - SilORT-TERM llORROWINGS SMEPA has a $25,000,000 short-term line of credit asailable v.ith CFC which expires in September,1998 and a $5,000.000 short term line of credit with a bank which expires in July,1998. At December 31,1997 and 1996, SMEPA had no borrowings against these lines of credit. NOTE 10 LONG-TERM DEBT Long tenn debt consisted of the following (in thousands): 1997 1996 Mortgage notes payable to Federal Financing Bank ("FFB") at interest rates varying f rom 5.574% to 10.9859, due in quarterly installments through 2020 $498,197 $507,305 29 RUS mortgage notes payable, due in quarterly installments through 2009 15.332 17,324 59 RUS mortgage notes payable, due in quarterly installments through 2015 15,694 16,505 59,5.3759 and 5.759 RUS mortgage no;es payable, in monthly installments through 2020 15,289 14,165 Mortgage notes payable to National Bank for Cooperatives at 6.679 interest rate due in quarterly installments through 2019 2.467 2,581 Lamar County, Mississippi, Pollution Control Bands: 1978 A Senes,5,859 to 6.1259, due semi annually through 2008' 1,585 1,690 1G A-1 Ccries,6.25%, due semi-annually through 2008 575 615 1993 S Series,4.15% to 4.954, due annually through 2007 21.203 22,851 Claiborne County, Mississippi, Poll > tion Control Bonds: 1985 G Series, variable interest rates (3.65% to 3.85% at December 31,1997 due annually through 2015 43,400 44,200 Mortgage notes payable to CFC bearing interest at vanable rates (6.55% at December 31,1997) due in quarterly installments through 2022 _ 4208 2,207 $618 550 $629,443 Less current maturities 24,398 22p03 5594,152 $600J40 Substantially all assets of SMEPA are pledged as collateral on long-term debt. Approximate annual maturities (scheduled periodic principal payments) of long-term debt for the next five years are as follows (in thousands): 1998 $24,398 1999 $24.366 2000 $25,934 2001 $27,648 2002 528,760 SMEPA paid approximately $39.802.000 and $51,817,000 in 1997 and 1996, respectively, in interest on long-term debt. SMEPA is required by mortgage covenants to maintain certain financial ratios of inter-st coserage and annual debt service coverage. SMEPA was in comphance with.,uch requirements at December 31,1997 and 1996. 36
- a
NOTE 11 - DEFERRED CREDITS AND OTIIER LONG-TERM LIABILITIES The following is a summary of deferred credits and other long-term liabilities (in thousands): 1997 1996 Postretirement benefit obligation (other than pensions) $2,755 $2.503 Deferred decontamination and decommissioning of past uranium enrichment operations 1,236 1,362 I Pnor service pension benefit cost 0 14 D191 $162 NOTE 12 FAIR VALUES OF FINANCIAL INSTRUMENTS The following methods and assumptions were used by SMEPA in estimating its fair value disclosures for financialinstruments: Cash and cash equivalents: 'Ihe carrying amount reported in the balance sheet for cash and cash equivalents approximates fair value. Other invested funds: The carrying amount reported in the balance sheet for other invested funds approximates fair value. Investment securities: The fair values for debt and equity securities are based on quoted market prices when available and the present value of future cash flows discounted at a commensurate masket rate. Medium-term CFC obligations hase been estimated based upon published terms of recent issues of comparable instruments since quoted market prices are not available. See Note 6 for additional information. Investments in associated organizations: The fair value of it: vestments in associated organizations is not estimable since these instruments must be held by SMEPA and can only be re, turned to CFC. CFC requires SMEPA to hold these investments as a condition of CFC financing. Long-term debt; The fair values of SMEPA's long-term debt are estimated u ing discounted cash now analyses based on SMEPA's current incremental borrowing rates for similar types of borrowing arrangements and rates which would be charged by the applicable issuer where appropriate. The carrying amounts and approximate fair values oflong-term debt are as follows (in thousands): 1997 1996 Car ying Estimated Carrying Estimated Amount dair Value . Amount Eair value Long-term debt, including current maturities: i FFB $498,107 $547,786 $507,305 $523,251 RUS 46,315 44,317 47,994 45.556 1 Pollution Control Bonds 66,763 67,407 69,356 69,301 Other 7.275 7.275 __MM _A788 5611 550 M6635 $629,49 $642 M 6 There was no material difference between the contract or rotional amount end the estimated iair value of loan commitments. The aggregate estimat(d fair vaiue amounts presented do not reprc~ent the underlying value of SMEPA and may not be indiative of amounts that might uhimately be realized upon disposition or settlement of these assets and liabdities. 37
NOTE 13. EMPLOYEE HENEFITS SMEPA sponsors a defined benelit plan that prosides certain heahh insurance benefits to retireJ employees and l their eligible dependents and also provides lite insurance benefits to a closed group of sesen employees who l retired prior to January 1,1990. The estimated costs of these benefits are accrued user the years that die ] cmployees render seruce. The approximate periodic expense for postretirement benefits other than pensions ) included the following components (in thousands): 1997 1996 Service cost of benefits earned $174 $ 85 Interest cost on accumulated benefit obligation !14 170 Amortization of actuarial gain j 36) 0 Total current year expense $M 12J5 The Accumulated Postretirement Benefit Obligation ("APBO' ) is accrued as a long-term liability Md is comprised of the tollowing (in thousands). 1997 1996 Re:irees and dependents $657 $674 Fully eligible actise plan participants 29 28 Actise participants not y et eligible 1,256 953 Unreccgni/cd gam 813 848 $Mi2 12M The weighted aserage discount rate used in determining the AFBO was 7.0 percent. The assumed health care cost trend rate of increase med in measuring the APM was 8 5 and i1.3 percent in 1997 and 1996, respectively, declir mg to fise percent by the year 2005. The health care cost tienJ rate of inercase assumption has a significant effect on the APBO and periodic expense. A one percent increase in the trend rate for health care costs would base increased the APHO by approximately 9.F4 and service and interest costs by approximately 101 Substantially all of SMEPA's employees participate in the Nanonal Rural Electric Cooperatisc Association ("NRECA") retirement programs, which include both, defined benefit pension plan and a defined contribe' ion pension plai Both plans are qual: lied unJer Section 401 and are tax-exempt under Section 501(a) of the internal Revenue Code. In this muinemployer plan, which is asa lable to all member cooperatives of NRECA, the accumulated benefits and plan assets are not determined or allocated separately by individual employer. SMEPA paid $527,200 m pension expense for the defined benefit pension plaa in 1997 and $238,6)in 1996. SMEPA makes monthly payments to NRECA for the benefit of those employees who voluntarily participate in the defined contribution pension plan SMEPA expenses the payments as they are accrued and such expense amounted to $337,400 and $329300 for 1997 and 1996 respectively. NOTE 14 - COMMITMENTS AND CONTINGENCIES Contract cmnminnents for coal and coal transportation and for gas and purchased power are as follows (m thousands) Coal and Coal Transportal on Gas anJ Purchased Power 1998 $38,685 $ 38,548 1994 38.685 31,998 2001 30.304 31,893 2001 28.628 26,34I l 2002 28.n 28 22.533 l 2003 and thereafter d 771 183J 28 $ 169.701 $334c14 1 t l Contract cast estimates are based on current or contra.tual prices w hi:h include milanon.md escalanon clauses. i SMEPA has mmtruution commitments tot.dmg apprm mutely $2375 000 38 i 1
{ SMEPA is a defendant in certain litigation incurred in the normal course of business. Management, based on advice of legal counsel. is of the opinion that the ultimate resolution of the litigation will not have a materia' adverse effect on SMEPA's financial statements. Competition j in July 1997 the Mississippi Public Service Commission ("MPSC"> issued an order directing the i Mississippi Public Utilities Staff to submit a report outhning a plan for restructuring the electrie utility industry in Mississippi. On Nosember 3,1997, the Mississippi Public Utilities Staff submitted to the MPSC a proposed transition pian for retail competition ir, the electric industry in Mississippi. The plan hcludes an implementation, schedule in which retail competition would begin on January 1,2001. The plan assumes the passage of necessary enabling legisla' ion in 1999. The plan also provido for a transition period, from January 1,2001, through December 31,2004, for th? recoscry of any allowed stranded costs through a non bypa.ssable charge. Parties will file comments and reply cornments on the plan during January and February of 1998 and a hearing will be conducted by the MPSC in April 1998. SMEPA is not currently subject to rate regulation by the MPSC and may not be involved in implementing the transition plan for retail competition. The same is true for SMEPA's members.' 110 wever, SMEPA and its members are trionitoring and participating in the hearings so as to protect the long-term interests of rc: ail customers. Management is unabie to determine what effect, if any, changes related to retail competition in Mississippi will have on SMEPA's financial st::'ements. l I t l l l I 1 \\ l u 39}}