ML20249B339
| ML20249B339 | |
| Person / Time | |
|---|---|
| Site: | Duane Arnold  |
| Issue date: | 12/31/1997 |
| From: | Darrell Murdock, Newman D CENTRAL IOWA POWER COOPERATIVE |
| To: | |
| Shared Package | |
| ML20249B329 | List: |
| References | |
| NUDOCS 9806220335 | |
| Download: ML20249B339 (34) | |
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af y!&_D >, 1 } }li;; ~ o iR "y. =. n, .c;. "f). ' ~' -j'.. \\ ,-r,,, ,rm H H H L .J ..L introduction ...2 CIPCO at a Glance......................... 2-3 From the 1%sident & CEO................... 4-5 Connecting to Communities.................... 7 Connecting to Industry..... .................8 Connecting to Growth...................... 9 Connecting to Members..................... 10 Connecting to Information.... ..... 11 Connecting to the Future. ...................13-16 Financial Report........................... 17-1 8 independent Auditors' Report.................. 19 Consolidated Financial Statements............... 20-27 Ten Year Fmancial Summary.................... 28-29 Member Cooperative Operating Statistics.......... 30-31 CIPCO Systems.................... .......32 0
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y[,' ps ^_ylh' ' y }gl } f q~ lf. m, ,dAny.h' I.. Cl O Central lowa Power Cooperative (CIPCO) is the wholesa'e network of transmission lines and substation facilities, and electric supplier for fourteen rural electric distribution purchase and exchange agreements with other utilities. cooperatives and one municipal cooperative in Iowa. These cooperatives in turn supply the energy to satisfy the retail electric From its headquarters in Cedar Rapids and outposts at Creston requirements of 250,000 lowans. Within the service territories of and Wilton, CIPCO provides planning and support services for these member-owners are urban and rural residences, traditional its member systems. A dedicated team of directors, managers, farmsteads, municipalities, businesses and industries. and staff cooperate to be innovative in a changing industry and to continue providing the gooA and services needed by the CIPCO's mission of generating and transmitting dependable, member cooperatives, their e-mber-consumers and the competitively priced electricity is accomplished through communities they serve. ownership of a diverse mix of generation sources, an integrated IP O GL EC3 1997 STATIST l CS Energy Sales. .1,952.657 MWh Total Operating Revenue. .591,200.299 Net Margin. ............... 5 5,014,391 Total Assets. . 5348,840,342 ,g g;,, m -- m-m.y,y_.,y. ny 1 Average Wholesale Rate to Members. .43.77 Mills /L% 6 xrn . ki Member Systems . 15 T _ ? f h ihif x1/ i f p r~ g Total Retail Consumers vernw,..u, m.mt-,f mewa . 100,000 1/.. t ._ s{,/ *,1 K [/ .K j',- %. ? j_ . Nf-.. N Approximate Population Served .250.000 o is .427 M W 'O ^ id M ~ 1997 Peak Demand \\ l s Miles of Transmission 1.ine .2.000 Employees r,u.a hg ahs-s. A.sw.3 mm 4, a. .119 O
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FRCE J T:E PRES::D:EE EO Financially,1997 was another stellar year for CIPCO. Our net margin of $5,014,391 dramatically exceeded all forecasts. This strong performance is owed to impressive returns from diversified investing activity, markedly increased energy sales, the divestiture of assets at Lake Panorama, selected curtailments of our transmission capital improvements program, and continued cost containment measures. While we remain optimistic about our financial prospects, CIPCO is keenly aware of the continued pace ofindustry deregulation and its competitive implications. The long-term customer / supplier energy delivery schematic and related financial models remain murky as various states wrestle with issues surrounding implementation and Dennis L Murdah, larcutive viu accommodation of complicated federal mandates. Nident and ChiefExecutive Offica Needless to say, open access to transmission is changing the Dale R Neu man, Nid'"' business platform of the electric power industry. In spite of the pride we feel about recent accomplishments, we are increasingly concerned about business practices in the power supply markets. Notwithstanding a tightening 2 of excess regional power capacity over the past several years, most larger customers are now looking for short and intermediate term supply arrangements. These may be financially appealing up front; however, experts agree that this kind of pricing preference has introduced a new risk dynamic that most customers are not equipped to face. The perception is that the existing long-term contracts are above the spor market price. When customers are relinquishing these in favor of short-term arrangements, they are not recognizing the risk they are accepting-that O
i future market pricing may be higher than the present rate. CIPCO will access and review the core opportunities and The current customer mind set is that the price level in the remain alert to what we can do to supplement and provide future will be less. Existing technology and delivery additional products and services for the membership. As systems do not support this conclusion. The industry has we head into a new millennium, it is anticipated that yet to establish a readily accessible market for retailing CIPCO and its member organizations will evolve a electric power and energy. Our conclusion is that business structure which will efHciently deliver energy customers may abandon their traditional power and energy products and services to member-customers which respond suppliers for markets that are less stable, more to their wants and needs. This structure will dictate that we unpredictable and with greater risk ofscryicca interruption. rethink business responsiveness and the need to Our challenge will be to position CIPCO to anticipate this incorporate products and services currently supplied by behavior with programs and products suited to the third party vendors. changing priorities of today's energy consumers. Evolution to a more efficient market-driven structure is CIPCO retained Goldman, Sachs & Co. to explore essential to CIPCO's continued vitality. It also represents alternatives to the classic model of owning generation and a very great challenge. It is this template of change that transmission assets. CIPCO will host a series of member will provide CIPCO members the opportunity to reaffirm information meetings early in 1998 to report on this and renew common purpose and long-term goals - as well analysis and findings and to continue the dialogue first as clarify and examine important differences. A philosophy introduced with the IAAG strategic planning efforts of the of change requires new approaches, new skills and a new mid-90s. These discussions will address the strategic cultural perspective. alliances we share, the viability of continuing to own generation and transmission assets, the possibility of As energy providers, our mission is to serve the membership contract supply agreements and the consideration of with products and services that will enhance their standard regulatory and statutory implications. This process will ofliving. Our outstanding history, strong liquid balance provide input for the board of directors as they dia ct our sheet, and visionary stewardship by our board and positioning to be a successful player in a redefined mdustry. management team will help us shape ihe future and maintain this mission, noting that in the words of Henry In reviewing our current transmission and generation Ford, " Coming together is beginning: keeping together is partnerships with other utilities, we must review and progress; and working together is success." That is our rationalize our ability to be successful under the existing terms history and our future. and conditions of these relationships. We need to reevaluate these in light of a new industry structure that will be defined by non-traditional players and legislative mandates. j' / 0 / %b ( wer) 42dkJ # f" ~ = - O
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ONXEC ING TO OMMUNTEES PARTNER IN DEVEL0PMENT For more than 25 years CIPCO has looked for Guthrie County REC, who serves the electric nceds of the opportunities to invest in rural development. As a large lake and surrounding area, and CIPCO ofTered fmancial cooperative we have the financial resources and economic incentives for homeowners who built all-electric homes. In impetus to back growing communities so that they, in 1978 there were fewer than 200 homes surrounding the turn, can create jobs and improve quality of life Lake lake.That number is now more than 750. Panorama is a recent success story.
- 11) day, Lake Panorama is a thriving development. With Lake Panorama was a project struggling with bankruptcy the advent of deregulation, the strategic importance of the when CIPCO purchased it in 1978. At that time, the lake property for CIPCO shareholders declined. This past year, and its dam offered tremendous potential for future power CIPCO announced the sale of the lake, dam and selected generation. Followin5 the acquisition, CIPCO mobilized property surrounding the lake from its afIlliate CIECO to state of the art dredging equipment to stabilize the water LPA. CFO Dennis Murdock stated that, "The time has volume in the lake. Concurrently, the Lake Panorama come to make the final transition and pass the reins to Association (LPA) purchased the platted land, water those that live in the development and have a vested system, roads, and two golf course properties. From the interest in its long-term economic well being." Red Lowe, onset, CIPCO, Guthrie County Rural Electric General Manager of LPA, responded, "We can all be proud Cooperative, and L.PA worked together to bring about of the community that has grown and developed with the significant changes in this Guthrie County communiry.
help of CIPCO." Pw g[ } < &Tk 4 3_y ~~ ?$ mm - ~ e, f mq N' f' M _Y W.
r, L.) THE POWER OF STEEL The whole is truly greater than the sum ofits parts, and Now IPSCO's Montpelier mill is working toward full the relationship between CIPCO, Eastern Iowa Light & operation with its power requirements being provided by Powtr Cooperative and the IPSCO steel mill underscores Eastern Iowa Light & Power Cooperative and CIPCO. this adage in 1994 an intense period of negotiations This is the world's only in-line plate mill and has annual between Eastern Iowa Light & Power Cooperative, Wilton, capacity of 1.25 million tons. IPSCO's $400 million Iowa and this Canada-based steel mill began. CIPCO capital investment plus an estimated 500 jobs hr.s created a supported Eastern Iowa in these negotiations and this win-win situation for IPSCO, CIPCO, Eastern Iowa, the { cooperation contributed to IPSCO's decision to become a CIPCO Systems and the surrounding communities. member of Eastern Iowa and to locate their steel mill in Muscatine County. r. '5.,' t }.7:[ ~. .F.. a. I g. 95 g. ~ ~ ~ ~ - f C'f '3 1;; - m t ~v i ,i ' l. 'A pc
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O E ~3 TIL~G O G 1 O W THE DEVEL0PMENT S1TES The wheels of progress continue to turn in many ways, and
- 1. PLRRY INDUSTRIA1 PARK we have included member communities on several 2.
MYRIAD T E C 11 N O L O G Y PLAZA, C O R A 1~ V I I~ i 1' projects. We have paved the way for site development in 3. HECCA I N D U S T it l A L PARK, URBANA targeted areas, offered development assistance, and shared 4. c R r E N I i 1: 1. D 1 N D LI 5 T R I A 1. PARK feasibility studies to encourage successful investment. 3, g,y7gy,tw 3p3g7yty7s,coyy,ya This page shows a few of the enterprises CIPCO has supported in partnership with communities we serve. I 2 3y 3 5 "e p -i:. s,. _ : Vi 4 0
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BETTER UNDERSTANDING OF THE CUSTOMER Meet Don Freytag (below, center). He is a contractor who This ongoing study will help us gain insight into who our will be working on the Load Research initiative that will customers are. The data we collect will be critical in help give a more complete understanding of the customers. wholesale rate design, system planning, demand forecasting, Don will be traveling to various sites to install remote and transformer load management. This will in turn lead sensing equipment that will monitor in real time the flow to better and more accurate pricing, more efficient use of ofenergy at these locations. services, and a competitive advantage. ~' ~ From the left, Steve Carmfl, Linn County RECmember services representative, and Don Frrytag. CIPCO representarier, dixuss the installation ofload monitoring equipment with Linn County REC homeowner / member, Michad Dove. i /^ ~N ti 1 h::;y.4e y: th -w -en:e y wn ??, ' Na; h pyfjg g ,r Qh s
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COTEC I~ ~G O HE F ~ URE THE CLIMATE OF DEREGULATION AND BEY 0ND No one knows precisely what the electric utility industry will System reliability has always been a priority with CIPCO. look like in a few years. But ore thing is clear: there will be Dedication to maintenance and replacement programs not winners and there will be losers. Progressive thinking only improves the quality of service but it protects the combined with prudent planning is the stance we have taken investment that ClPCO has made in its facilities. The here at CIPCO. This position is backed up by the belief that CIPCO Systems take considerable pride in the reliability of organizational integrity and open communication are their power supply system. essential to our purpose. We are determined to o.Ter a competitively priced product of the highest quality and this Power plant performance and an efficient transmission remains one of CIPCO's core values, system are the foundation of our service commitment. All Executive Con mitter: Dc;snis L Murdock, CEO: Mars in E Focht, Auistant Secretary /Heasurer; Denise Guy-Himes, Erecutire Assistant; Eldo H. Meyer, Sectrtary/ Treasurer; Dale R. Newman, besident; Keith D. Wirt, Vice President. ( y ~.y ,V "h Q$ w$%g W 4
of CIPCO's generation plants performed exceptionally involving management, regional transmission, regional well in 1997, v ich the Duane Arnold Energy Center being reliability, power and energy marketing, computer model a standout. Since going on line in 1974. DAEC achieved building, accreditation, transmission schedules and its best 12 months of operation while logging its fourth compensation, and area relations. consecutive year without a lost-time accident. Furthermore, it's ratings from the Institute of Nuclear Power Operations Hard proof of the CIPCO commitment can be found in and from the Nuc' car Regulatory Commission are the positive system outage figures. CIPCO's five-year average highest ever achieved. of outage hours per customer from 1988-1992 was 1.67. The average for the most recent five years is 0.68 hours per CIPCO's base and intermediate load fossil generating customer per year. These decreasing numbers prove the stations, Fair Station. Council Bluffs No. 3, and Louisa, irnportance of investing maintenance dollars year after have bus har costs that are competitive with other generating year. CIPCO's pledge tu provide reliable service to stations in the Midwest. CIPCO's continued investment in members is a demonstrated fact. mJntenance imd upgrades of these facilitie: promotes greater efficiency and sound environmental stewardship. New revenue streams were developed in 1997 by CIPCO's Utility Operations group. Engineering services were CIPCO continues to stay current with trends impacting provided to commercial and industrial accounts. This the regional power industry. This is underscored by exporting of CIPCO's expertise produced a financial return CIPCO's strong presence in the Mid-Continent Area and allowed the stafTro learn more about the expectations Power Pool, an organization committed to regional system of these customers. reliability. CIPCO representatives participate in committees BoaniofDirectors: Donald L Mayes: Wayne R. W'ilcox: Allan G. Duffe: Duane R. Armstead: Donald E n"illiams; Kenneth E. Hasting: E Wayne Hornocker; ForderickJ. Whis: James B. Paper: G. Franklin Walter. (notpicturrd: Norman tan Zante) . [' g v . ) g s 5 -
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F::XANCIA 3E?OR FiNANC1AL PROFILE CIPCO continues to show positive operating results with maintenance costs have declined each of the last two years. net margins of $5 million in 1997. The board of directors During 1996, we moved some of our temporary i \\ and stafTremain committed to keepinhCIPCO in a strong investments to longer maturities to gain higher earnings. financial position so that we can be competitive in the new These increased earnings also help to offset costs for environment. We continue to look for ways to reduce our our members. costs while improving our services. Operations and 0PERATING RESULTS Energy sales in 1997 totaled $85.5 million after marketing During 1997, $1.8 million in patronage was allocated to rebates. The revenue per kilowatt-hour averaged 43.77 the members. At the end of 1997, member equity totaled mills /kWh as compared to 48.63 mills /kWh in 1996. $64.4 million, resulting in a 21.2 percent equity to total Actual MWh sales increased by nearly ten percent in 1997 capitalization as compared to 19.7 percent in 1996. to a total of 1,952,657 MWh. Associated with this increase Member equity has increased $21.1 million in the last in sales, purchased power increased $4.3 mill:on during two years. 1997. The remainder of the operating expenses decreased nearly $1.5 million in 1997. ASSETS Consolidated total assets are nearly $349 million, an long-term investments have created substantial increases increase of $16 million from a year ago. During 1997, in value for CIPCO during the past few years. Investments various properties held by CIECO were sold resulting in a and notes receivable increased $25.8 million to a total of $3.1 million decrease in non-utility property. $75.2 million. 9
RATES AND RATIOS CIPCO's directors and staff remain committed to strategic CIPCO's ratios continue to be in excess of the minimum planning in order to remain a competitive power supplier requirements for debt compliance, which are 1.00 for both in today's increasingly tough market. The Budget / Rate TIER and DSC. CIPCO's equity to asset ratio remains committee reviews CIPCO's rate structure and strong at 18.5 percent, up from 17.1 percent a year ago. recommends to the board appropriate billing arrangements and rate structure changes. Equity to asset ratios for CIPCO's member RECS averaged 44 percent and equity as a percentage of capitalization CIPCO's Times Interest Earned Ratio (TIER) for 1997 averaged 48 percent for 1997. These ratios are slightly was 1.32, compared to 1.42 for 1996. The Debt Service higher than the 1996 ratios. Coverage (DSC) was 1.36 for 1997 and 1.39 for 1996. CASH FL0W Net cash provided by operating activities was $21.9 provided $4.4 million during 1997. New borrowing on million; while net cash used in investing activities totaled long-term debt totaled $20.3 million, while payments on $26.4 million. Investing activities consisted primarily of long-term debt totaled $12.1 million. Ending cash and net purchases ofinvestments totaling $17.7 million, cash equivalents totaled $25.3 million at December 31, purchases of nuclear fuel of $4.9 million, and net electric IV)7, which is approximately the same as the end of 1996. utility plant purchases of $4.4 million. Financing activities TOTAL ASSETS MEMBER'S EQUITY Q h Y Q R Q b 'h h h 'h 'h h h 'h h
- 93
'93 '94 '94 '95 '95 '96 '96 '97 - '97 L. O
.t. Peat Marwick Lte 2500 Ruan Center P.O. Box 772 Des Moines, IA 50303 The Board of Directors Central lowa Power Cooperative We have audited the accompanying consolidated balance sheets of Central lowa Power Cmperative and subsidiary as of December 31,1997 and 1996, and the related consolidated staterr.ents of revenue and expenses, members' equity, and cash Hows for the years then ended. These consolidated fmancial statements are the responsibility of the Cooperative's management. Our responsibility is to express an opinion on these consolidated fmancial state.nents based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Gnancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and signi6 cant estimates made by management, as well as the overall fmancial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Central lowa Power Cooperative and subsidiary as of December 31,1997 and 1996, and the results of their operations and their cash flows for the years then ended in conformity with generally accepted wounting principles. MPMG Peal Marauc10l & February 17,1998 Memter Flem of Kly' weld Peat Mawck Gueracter 0
1997 1996 Centrallowa Power Cooperative and Assets (Note 6) Electric utility plant, at cost (Notes 2 and 9) : Subsidiary in service s 370,834,43i 35si,28i.962 less accumulated depreciation 162,453,645 151,629,495 COnSOl dated l 208,380,786 206,652,467 Construction work in progress 1,213,097 10360,835 BalanC8 Nuclear fuel, at cost less accumulated amortization of 561,627,726 ia 1997 and $57,502,201 in 1996 10,474,859 9.702.096 Sheets Net eiectri< utiarv riant 220,068,742 226.7i5a98 Daemhr 31,1997 Non-utility property, at cost less accumulated depreciarmn of 5730,648 in 1997 and $1,392,752 in 1"96 (Note 3) 2,045,979 5.131,609 and 1996 invest,nts ana notes,cceivabie, investments in associated organizations 10,029,933 9,790,712 Investments in other organizations 5J22,181 4.720,939 Investments-decommissioning trust fund (Note 4) 12,962,416 9,803,053 Other investments (Note 4) 44,683,302 24.041,595 Notes receivable from afTdiate 1,473,449 1,131,137 Note receivable - other 766,968 Total investments and notes receivable 75,238,249 49,487,436 Current assets: Cash and cash equivalents: Cash, general 4.337,518 4,503,454 Cash, construction 5,015 121,633 Cash equivalents 20,960,865 20,722,918 Accounts receivable, members 7,812,729 8,025,694 Other receivables 2,196,957 414,963 Fossil fuel, materials and supplies 5,701,049 5,234,781 Prepaid expenses 447,739 442,276 Interest receivable 571,459 242,606 Deferred charges 644,510 2,579 380 Total current assets 42,677,841 42,287.705 Deferred charges 8,809,531 9342,892 5 348,840,342 332,965,040 Capitalization and Liabilities Capitalizatinm Merabers' equiry: Membership fees I,600 1,600 Patronage capital 23,090,557 21,290,557 Other equities (Note 5) 41,332,168 35,577,972 'liital members' equiry 64,424,325 56,870,129 long-term debt,less current maturities (Note 6) 239,854,400 231,480,716 ' local capitahzation 304,278,725 288,350,845 Current liabilities: Current maturities oflong term debt (Note 6) 9,350,067 8,988,773 Notes payable (Note 6) 3.412,715 Accounts payable 5,411,280 4,894,203 Accrued property cases 5,296,930 5,062,007 Accrued mterest 12,140 13,680 Other accrued expenses 330,496 322,032 Advances from members 300,000 Total current liabilities 20,400,913 22,993,410 Other liabilities: Decommissioning reserves 18,352,887 15.876,847 Special assessment 2,230,380 2,360,530 Deferred taxes (Note 8) 3,519,106 3,075,025 Other 58J31 308383 Total other liabilities 24,160,704 21,620,785 Commitments and contingent liabilities (Noic 10) 5 348,840,342 332,965,040 See Anompanying Notes to Consolidated FinancialStatements. O
=. - Operatmg revenues Consolidated ner sales 85,467,960 86,505,541 a OmentS Rent of property Miscellaneous ~ 4,737,843 3,552,648 Of Revenue 397,542 396,762 Other 596,954 1,277,641 'Ibtal operating revenue 91,200,299 91,732,592 end Operating expenses: Expenses Purchased power 12,844,702 8.519,525 Operations: Production plant - fuel 15,215,274 15,927,044 learf Ended Production plant - other 13,140,368 13,462,185 Deccmher 31,1997 Transmission plant 2,538,590 2,246,762 Mamtenance: g jpg Production plant 6,327,656 6,028,0 il Transmission plant 1,397,047 1,631,337 M,, nr services 1,344,865 1,214,659 Adn.eistrative and general 3,709,180 3,134,472 Depreciation and amortization I I,757,936 11,476,590 Decommissioning provision 2,476,040 2,132,340 Properry and other taxes and insurance 6,416,691 6,228,222 { Other 655,311 3.014,901 Total operating expenses 77.823,660 75,016,098 Net operating margin 13,376,639 16,716,494 Other revenues investment income 6,497,800 4,010,261 Patronage capital alh> cations 160,199 171,520 Miscellaneous income, ner 197,844 38,886 Total other revenue 6,855,843 4,220,667 Net margin before interest charges 20,232,482 20,937,161 Interest charges: Interest on long-term debt 15,577,675 15.283,117 Allowance for borrowed funds used during construction (359,581) (813,036) Net interest charges 15.218,091 14.470,081 Net margin 5,014,391 6,467,080 m,,2l',",! Consolidated memb,,, hip pa,,, mag, O,h,, fees capital equities equity Statements Balance at December 31,1995 1,700 19,788,463 23,492,231 43,282,394 Net margin 6,467,080 6,467,080 Of IVIembeis f Patronage capital paid (297,906) (297,906) Patronage capital alh>cated 1,800,000 (1,800,000) Equ.ty Unrealized ain in market value of S i investments, net of taxes 7,41S,661 7,418,661 Return of membership fees (100) (100) }, ears Ended Balance at December 31,1996 1 i00 21,290,557 35,577,972 56,870,129 Net margin 5.014,391 5,014.391 and 1996 Patronage capital allocated 1,800,000 (1,800,000) Unrealized gain in market value of investments, net of taxes 2,539,805 2,539,805 Balance at December 31,1997 1,600 23.090,557 41,332,168 64,424,325 See Accompanying Notes to Consolidated FinancialStatements, O
4 y, a g Centrallowa Power 1997 1996 Cooperative and Cash flows from operating aciiviiics Stibsidiary Nennargin 5 5,014,391 6,467,080 Adjustments to reconcd, e net margin to net cash Consolidated P'""id*d 'Y "P'i"8 *ii; i Deprecianon and amortization of electnc urdiry plant and non-utility property 12,006,566 11,660,590 St0t0E00.b Amortization of deferred chargc3 2,071,541 1,794,233 Amortization of nuclear fuel 4,125,525 4,607,882 of Cash Dee,nmi+ning emvi,ien 2,476.040 2,02a40 Write-down of non-utility property 1,650,000 Flows Patrenase cap tai >iiecarieas eet received in cash (iS9,4i6) (i7i,420) i Amortization of repricing costs 396,690 396,690 k,ars Ended toss on disemat ofinvestments - decommissioning trust fund December 31,1997 and other investments 316,463 335,677 Gain on dis, mal ofinvesunems - demnnaissionwg nun fund and 1996 and other inv-stments (3,445,909) (1,070,097) Gain on disposal of non-utility property (76,252) Equity in net income of unconsolidated investees (107,795) (911,213) Interest income reinvested (623,735) (540,682) Decrease in receivables 92,410 222,443 (Increase) decrease in fossil fuel, materials and supplies (466,268) 129,739 (Increas ) decrease in prepayments and interest receivable (334,316) 105,748 Refueling outage and other costs deferred (2,375,768) Increase (decrease) in accounts payable, accrued liabilities, and other liabilities 531,048 (2,614,393) Other 63,324 124,080 Net cash provided by operating activities 21,880,307 21,942,929 Cash flows from investing activities: Additions to electric utility plant, net (4,402,443) (19,444,434) Additions to non-utility property, net (332,734) (86.924) Proceeds from sale of non-utility properry 859,330 736,285 Purchases ofinvestments-decommissioning trust fund and other investments (41,167,458) (18,219,209) Sales ofinvestments-decommissioning trust ftmd and other investments 23,488,495 10,509,617 Purchases of nuclear fuel (4,898,289) (4,089,329) Purchase ofinvestments in associated organizations and other organizations (295,260) (53,490) Rercipt of prior years' patronage capital allocation 211,668 220,408 Sa',es ofinvestments in associated organizations and other organizations 138,296 150,679 Decrease (increase) in note receivable from affiliate 32,688 (30,191) Net cash used in investing activities (26,365,707) (30,306,588) Cash flows from financing act.ivities: Principal payments on long-term debt (12,106,492) (10,230,640) Principal payments on notes payable (3,412,715) (1,000.000) Proceeds from notes payable borrowings 4,412,715 Proceeds from long-term borrowings 20,260,000 6,289,845 Patronage capital paid (297,906) Decrease in advances from members (300,000) Net cash provided by (used in) fmancing activities 4,440,793 (825,986) Net decrease in cash and cash equivalents (44,607) (9,189,645) Cash and cash equivalents at beginning of year 25,348,005 34,537,650 Cash and cash equivalents at end of year 25,303,398 25,348,005 Supplemental disclosure of cash flow informatiotu Cash payments for interest 15,035,395 17,176,582 Supplemental disclosure of non-cash activitiest Receivables entered into on the sale of non-utihty property 5 1,683,615 Note receivab!e entered into on the sale of non-utility property 766,% 8 See Anompanying Notes to Consolidated TinancialStatements. O
e e e q Note 1: Summasy ofSignificant Accounting Policies Centra l lowa Power (a) Haals of Accounting The comohdated Gnancial statements indude the auoums of Cennal lowa Power Gegrative (the Gmperative) Cooperative and and its majonry owned udisidiary, Central lowa Energy Gmperat we (CII CO). The Gmperative is an clearic genera- $ghSldjary tion and trammission woperative providing wholesale clearic service to its 15 members. CILCO owns an operauonal center and various equipmem rented primArily to the Gmperarive. CIbCO also owm other asscis bcld for sJie and klOteS tO invcsis in joint ventures primarily with mendwrs of the Cooperative. All signi6 cant imerwmpany balantes and tran,. si actior s have bun ehminated in comolulation. The accounting rnords of the Goperative are maintained in acwrdance with the Uniform System of Auounts Consolidated prescrded by the Rural Utilities Service (RUS). The Gmperative is not subject to external regulation other than by ihc Rus. Financial Distribution of margins of the Cooperative and CILCO collectively, the Company) are made in anordance wich the prtrizions of the Code of lowa-MatementS (b) Cec of Estimates The preparatine. of financial statements in wnformity with generally aucptnl acwunting principles reymrci fg.g, jg g, ananagement to make ntimato and assumptions that affect the rep >rted amounis of assets and h.hihiin and diukaure .W//W6 of contingent assets and liabilities at the date of the 6nancial statements and the reported amounts of revenues and capenses during the reporting perkid. Attual results could ddfer from those ntimates. (c) Flectric Utility Plant Depredation of electric unlity plant in servite is provided over the niimated unful livn of the ropeuive aucts on the straigholine basis. Mainicnan(c and repal of property and replacement and renewal ofitems determined to be less than units of properry are charged to expense. Replacement and scruwal ofitems mnsidered to be units of proper-ry are charged to the pmperry acmunts. At the time properties are dapmed of, the c iginal mst, plus mst of removal less salvage of such property, is charged to ucumulated deprniation. (d) Nuclear Decommissioning Ibwd upm the Nudcar Regulatory Commiaion (NRC) minimum formula (which exceeds a site-spaific study compleicd in 1994), the Gmperative's share of the wsts to decommission the Duane Arnold Energy Center (DAI C) is niimated at $86.000,000 in 1997 dollars. The wst to disimse of spcm fuel is not wnsidered a tiewmminioning expense. The Gmperative indudn a provision for disposal in its nudcar fuci expense. The NRC minimum formula atirnate is being uwd as the basis for decommissioning fundmg.1or purposn of developing a decomminioning funding plan, the Gmperative anumes demmminioning msts will escalaic at an annual rate of 5 percent and the average return on investments will be approximately 10 percent. The funding plan auumes decornmissioning will start in 2014, the anticipated plani shutdown date. He demmmissioning wsts are being rewgniwd over the expened servite hfe of the plant and are inthuhd in the Gmperative's service raies. At December 31,1997, the Cooperative hu $12,9f.2,416 in invncments sci aside for decommissioning in a legally restricted external trust fund and has aho designated $5,390,471 of other imurments for dcwmminioning. (c) Non utility Property Non-unbry property inarried at wst ins accumulated depraiation. Deprniation is mmputed by the straight. line methaf over the niimated useful hvo of the anpative anets, whkh range from 5 to 10 years for equipment, and 40 years for the operation (cmer. (f) Allowance for Funds Uncd During Construction The alk>wance for funds uwd during construction represems the niimucd wst, during the period of wmtruc-tion, of borrowed funds med for wmtrunion purgan. The compaite ratn used to cak ulate the allowaine for 1997 and 1996 were approximately 6.5 percent and 6 ' pc tent, respectively. (g) Nuclear Fuel The cut of nudcar fuel, inchwiing capitalind interne and taxes, is being amortired to foci expeme on the basis of the numhet of units of thermal energy produced in relationship in the total thermal units expened to be pn= luted over the hfe of the fuel. Nudcar f,d expense indudes a pmvision for niimated spent nudcar fud dhemal wat whit h is being colluted currently fnnu members. (h) Fonil Fuel, Materials and Supplies IWil fuel, materials and supplies are staini at noving averare (mt-O
Centrallowa Power m Inmtniena and Notes Reuivable investments in a,sociated organizations consist primarily of approximately 55,500,000 in capital term certificates Cooperat,ive and imied by Naional Rura Utditin Cgernive Finne Corpormion (CFC) and memberships in other cooperatives. Th"* i""'"'""" "* ""d ""' 'di""*d '" P* " "*8* P ''i""' i SubsidiaD Investmenn in other organizations consist primarily of an investment in a venture capital corporation (31 per. cent ownership) which is accounted for on the equiry method. notes tO invntmenn. acmmmissioning umt runa is a icgany,nuinea enema t,ust runa ana mmi,n prim,iiy of u.s. Treasury norn, other bonds and noin, common stock and money market funds, which are carried at market value COnSOl. dated with net unrealizea g2 ins ana iosses reporica in other equiiies untii reaiized. i Other investments mnsist primarily of U.S. Treasury notes, other bonds and notes, common stock and money Financial marhet fueds which are c r,ied at market vaiue with net unreaiizca a ns and kuses revertea in ethe suities uetii s realized. MatementS Notes receivable from an affiliated joint venture bean interest at 6.60 percent to 8.65 percent, and is due in quarterly installments of $41,500 including interest through 2020. (Continued) Note reteivable - other repreents a non-interest bearing noie with a balance of $1,100,000 with annual install-snents of $100,000 through 2008.The note was discounted using a 6.55 percem interest rate. l)cccmber }},1997 G) Pension Plan and1996 The Gimpany's policy is to fund pension msa xaued. (k) Deferred Charges Deferred charges consist principally of a special assessment established by the Energy Policy Act of 1992 for decontamination and decommissioning of the Department of Energy enrichment facilities and repricing wsts incurred to obtain lower interest rates on long-term debt. These wsts are being recovered through rates over various amortization perimis as follows: the special assenment,15 years ending in 2007, and the repricing costs,17-21 years ending in 2014. The amount of these costs to be amortized in 1998 has been reflected as a current asset on the bal-ance sheet. (i) Cash Equivalents Cash equivalents of $20.960,865 and $20,722,918 at December 31,1997 and 1996, ropectively, consist pri- _narily of CI C commercial paper. I:or purposes of the statements of cash flows, the Company considers all highly lig-uid investments with maturities of three months or leu at the date of purchase to be cash equivalents. (m) Impairment of Long-Lived Assets and long-Lived Assets to Be Disposed Of The Company adopted the provisions of Statement of1inancial Acwunting Standards (SFAS) No.121, Aaountmgpr Impirment ofLongliwd Auers andpr Longliard Auers so Be Dispsed of on January I,1997. This Statement requiies that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Remverability of aaen to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are mnsidered to be impaired, the impairment to be rewgnized is measured by the amount by whhh the carrying amount of the assets exceed the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. (n) Fair Value of financial Instruments Fair value ncimates, methods, and assumptions are set fonh below. Cash and Cash Lguivalents, Accounts and Other Receivables, Interest Receivable, Accounts Payable and Advances from Members The carrying amount approximates fair value because of the short-term nature of these instrumems. Investments and Notes Receivable It was not practicable to estimate the fair value ofinvestments in associated and other organizations. The investments in associated organizations are carried at their original cost, adjusted for patronage capital aihica-tions. The untraded capital term certificate currently ben interest at 3 perc-ni io 5 percent and primarily mature in 2020 though 2080. The patronage capital allocations are noninterest-bearing and mature based upon the granting moperatives' imlicies. The investmenn in untraded other organiratiom are accounted for on the equity method. The fair value ofinvestments decommissioning uust fund and other investments are based on quoicd market prices published in fmancial newspapers or quotations received from securitin dealers. At December 31,1997, the estimated fair value ofinvestments-demmmissioning trust fund and other investments were $12,962,416 and $44,683,302, respectively. The carrying value of the notes nreivable approximain the fair value. Long-Term Debt The fair value oflong-term debt is calculated by discounting scheduled tash flows through maturity using esti-mated market discount rates. The discount rate is estimated using the rates currently offered for long-term debt of similar remaining maturities. At December 31,1997, the Company estimated the fair value of its long-term debt as $252,000,000.
Limitations Fair value estimates are made at a speci6c point in time, baed on relevant market information and information about the 6nancial instrument. Because no market exists for a portion of the Company's fmancial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various fmancial instruments, and other facrors. These estimates are subjective in nature and involve uncertainties and matters of signiG-cant judgment and, therefore, cannot be determined with precision. Changes ir assumptions could signi6cantly affect the estimates. Note 2: Electric Utility Plant in Service The major classes of electric utility plant in service at December 31,1997 and 1996 and depreciation and amortization for 1997 and 1996 are as follows: Depreciation and Composite Cost amortization rates 1997 1996 1997 1996 Intangible plant 1,405,616 561,234 17,053 16,911 4.00 i Production plant 238,822,450 238,281,367 7.912,896 7,851,632 3.10-3.50 Traruenission plant 122,852,765 1I1,786,822 3,337,510 3,035,424 2.75 Distribution plant 454,256 454.256 12,914 12,914 2.75 Genera! plant 7,299,344 7,198,283 541,490 503.085 1 %-16.00 Electric utility plant in service 370,834,431 358,281,962 11,821,863 11,419,966 y Note 3: Non-utility Property At December 31,1997, and 1996, non-utility property consists of the following: 1997 1996 Guthric County site'" 321,299 1,687,809 lake and dam - Guthrie County <" 1,228/>09 Wihon operation center 650,000 650,000 Equipment 1,215,065 1,47s,913 Golf murse property and equipment
- 896,429 Other property 590,263 589,601 2,776,627 6,524,361
- Duning 1997, the Company sold the lake and dam and certain portions of Guthrie County site land. The remaining value of the Guthric County site is based upon its estimated fair market value.
"'The Company sold the golfcourse property and equipment to one ofits members in 1997. Net gain on dispositions of non-utility property of approximately $76,000 were classified as miscellaneous income in 1997. During 1996 write-downs of the Guthric County site and golf course properry and equipment of approximately $1,650,000 were classi6ed as other operating expenses. Note 4: Investments At December 31,1997 and 1996, investments-decommissioning trust fund and other inmtments were classi6cd as available-for-sale and consirted of the following: Decomminioning Trust Fund Other Investments Amortized Unrealized Unrealized Marker Amortised Unrealised Unrealised Market Cost Gains Loues Value Cost Gains losses Value 1997 U.S. Treasury notes 2,182,826 73,421 2,956 2,253,291 4,680,474 285,176 4,965,650 Other bonds and notes 615.206 16,782 7,205 624,783 23,002,969 - 23,002,969 Common stock 7,042,817 2,667,911 161,644 9,549.084 6.095,604 9,994,251 193,833 15,896.022 Money market ftmds and other 535,258 535.258 818,661 818.661 Totals 10,376,107 2.758,114 171,805 12,962,416 34,597,708 10,279,427 193,833 44,683,302 1996 U.S. Treasury notes 1,437,390 38,439 4,916 1,470,913 4.680,474 232,026 4.912,500 Other bonds and notes 673,026 890 14,119 659,797 7,000,000 - 7,000;000 Common stock 5,319,852 1,748,487 34,050 7,034,289 3,568,764 8,222.165 23,411 11,767,518 Money market funds and other 638,054 638,054 361,577 361,577 Leals 5 8,068,322 1,787,816 53,085 9,803,053 15.610,815 8,454,191 23,411 24,041,595
y3;;g X . py i.. Ng 7 ,,ilW;;/$y .E h yA.' A7y ) 4-k?!?ig. , &n&ap v d' kggQfQ f Centrallowa Power Note 5: Other Equities ^' "'"'" 3 ' ' "7 "d ' "6 "h" '9""" "*' f 'h' f"'1""i"8: Cooperative and 1997 1996 Subsidiarv Unallocated margin 5 5,014,391 6,467,080 e N0tOS tO Reserve for contingent losses 18,727,630 12,727,630 surpius 6,078,i65 7,4ii,085 Unreahzed gain in market value ofinvestments, net of taxes Consolidated a 53.3i9.iO5 in iwn53,075.025 ;n i996) 9,i S2,7,8 7.090.486 Share of equiry method investee's unrealiud gain F.inancial in marhet vaiee erinvestments. net ef ses 2.359,i84 i.88i.69: $ 41,332,168 35,577.972 The reserve for contingent losses is a discretio.ury reserve established by the Company for unexpected future losses. December 31,1997 Note 6: Long-term Debt At December 31,1997, and 1996,long-tenn debt consists of the following: dWll996 gyyy g y,y, RUS,2% and 5% mongar;e notes payable, due in quarterly installmems approximating $1,695,000 adjusted quannly, including internt, maturing through June 2019 $ 70,281,051 65,540,361 Federal Financing Bank (FFB),5.418% to 10.584% mortgage notes payable, guaranteed by the RUS, due in quarterly installments approximating $3,440,000, including interest, maturing from December 2010 through 2029 151,511,161 143,292,208 CFC,7% mongage notes payable, due in quarterly installments approximating $293,000, including interest, maturing from March 2007, through May 2009 8,126,272 8,705.062 CFC, variable interest rate (6.2% at December 31,1996) notes payable, due in quarterly installments apprmimating $273,000 adjusted quarterly, including interest, maturing through December 2027 13,767,555 13,958,488 CFC, variable interest rate, notes payable retired during 1997 325,038 CIC,6.125% mortgage natn payable retired during 1997 2.410,200 CFC,6.65% mortgage note payable retired during 1997 550,220 Cooperative members, variable interest rate (6.30% at December 31,1997) unsecured notes payable, due in quarterly installments approximating $26,000, including interest, maturing on December 31,2005 636,111 789,558 Ciry of Council Bluffs, lowa 5.80% to 6.125% Pollution Control Revenue Ibnds guaranteed by CFC, due in semi-annual installments ranging from $60,000 m $110,000, maturing on December 1,2007 1,715,000 1,835,000 louisa County, Iowa,3.90% - 4.65% Pollution Control Revenue Bonds guaranteed by CFC, due in annual installments ranging from $240,000 to $30s,000, maturing on December 15.2003 1,655,000 1,895,000 National Cooperative Services Corporation,6.60% to 8.65% mangage notes payable, due in quarterly installments approximating $41,500, including imerest, maturing through 2020 1,450,353 i,100,945 Other 61,964 67,409 Total long-term debt 249,204,467 240,469,489 less current maturities 9,350,067 8.988.773 Total long-term debt, less current maturities 5 239,854,400 231.480,716 The aggregate maturities oflong-term debt for each of the fne years subsequent to December 31,1997 ate as follows: 1998. 59,350.067; 1999, $9,956,831; 2000, $10,572,967; 2001, $11,070,114: and 2002. $11,662,962. At December 31,1997, the Cooperative had available a $12,000,000 shon-term line of credit apeement with CFC which expires in August,1998, and approximately $31,490,000 of unadvanced funds available for various construction projects. At December 31,1997 and 1996 borrowings of $0 and $3,412,715, respeaively were outstandmg under the line of credit agreement. .All assets of the Company are pledged to wcure the long-tenn debt to RUS. I FB and CI C. Note 7: Pension Plan The Company panicipates in a multi <mployer pension plan whia covers substantially all employees. The accumulated plan benefits and net assets of the plan are not determined or alkicated separairly by individual employer. Pension expense for the years ended December 31,1997 and 1996 amounted to $404,000 and $409.000, respectively. O
e e s a. vu Note 8: Income Tax Status The Gmperative is a nonprofit corporation under the laws ofIowa and is exempt from federal and state income taxes under applicable tax laws. ClECO is organized as a taxable umperative under the laws ofIowa. At December 31,1997. CILCO had net operar-ing kiss carryforwards of approximate!y 52,000,000 for federal income tax purposes asailable to reduce future federal tax-able income through 2012. CIECO also has unused investment tax credits of approximately $44.000 available to reduce future income taxes through 2000. For financial regerting purgeses, the tax loss carryforward and unused investment tax credits have been applial to c;iminate net deferred tax crediti. To the extent the tax k,ss carrybrward and investment tax credits are usnt m ofTset in ome taxes for tax purgmses, nei deferred tax credits will be restored at the then current rates. At Decemtwr 31,1997 and 1996, CILCO had established a deferred tax liabihty of $3,519,106 and 53,075,025, respectively . against the unrealized gain in market value ofinvestments recorded in other equities. Note 9: Jointly owned Electric Utility Plant j The Cooperatives share of jointly owned generating facilities as of December 31,1997,is reflected in the following table. These facihties provide approximately 50% of the Cooperatives total generating capacity. The Cooperative is required to pmvide financing for its share of the units. The Cooperatives share of expenso associated with these units is included with the appropriate operating expenses in the statements of revenue and expenso. The following table provida ihe net balance recorded in the Electric-Utility Plant by faciliry, at December 31,199L Percentage Capacity I lectru faility Ownenhip MW Unhiv Plant, Net DALC 20.0 % 107 $72,708.541 Council illuffs Unit No. 3 11.5 78 22,167,033 inuisa Generating Station 4.6 32 17,638.628 Note 10: Commitments and Contingent Liabilities The Gmperative is committed under a subscription agreement with an affiliated venture upiral corporation to pur-chase the remaining one-half of their subscribcd preferred shares at a price of $1.650.000 upon 60 days notice from the corporation's offiars. The Cooperatives operations and activities with respea to its coal-fired facihtin are subject to developing envimn-mental legislation and regulations by Federal and State authorities. Recent amendments to the f ederal Clean Air Act require utilities, including the Cooperative, to comply with more restrictive emissions standards commenting in 1996. The Cooperative is recmcring any increased costs resulting from compliance with the environmental legislation through increased rates. The Piice-Anderson Amendments Act of 1988 (1988 Act) sets a statutory limit of $8.9 biffion for liability to the pub-lic for a single nuclear peer plant incident and requires nuclear power plant operators to provide fmancial protection for this arr.ount. The DAEC provides this financial protection through a combination of 5200 million ofinsurance and 58.7 billion ofindustry-wide rnrospective payment plans. Under the industry-wide plans, DAEC could be assessed a maximum a of $79.3 million per nuslear incident, with a maximum of $10 milhon per year (of which the Gmperative's 20 perceni ownership portion wauld be $15.9 million and 52 million, respectively), iflosses relating to the accidents exceeded $200 million. Pursuant to provisions in sarious nudcar insurance pohcies, DAEC could be assessed retroactive prerniums in con-nection with a future accident at a nuJeat facihty owned by a ucility participating in the particular insurance plan. With respect to primary and excess property damage and replacement power coverages, DAEC could be assessed a maximum of $10.3 million and $1.3 nillion, respectively, if the insurer's lossa relating to an accident exceeded its reserva of w hich the Cooperative's 20 percent ownership would be $2.06 million and 50.26 million. While awessments may also be made for losses in prior years the Goperative is not aware of any losses in such years that it believes are likely to result in an assess-ment. In the unhhely event of a catastrophic luu at DAEC, the amount ofinsurance available may not be adequate to cover property damage, decontamination and premature decommissioning. Urinsured losses, to the extent not recovered chrough rares, would be borne by the DALC owners and could have a material adverse effect on the Company's fmancial position and results of operatiom. O
Centrallowa Power 1997 1996 1995 Cooperative and Subsidiary
SUMMARY
OF OPERATIONS Operating revenue 91,200,299 91,732,592 89,037,508 Operatii g expenses and interest: F.mancial rerchased ro-er 12,844,702 8.Si9,525 6.606.936 Operations, maintenance and other 39,274,246 42,310,290 45,076,834 Summary ucmse, smices u44,865 i.2i4.659 i,420.792 Unaudited Administrative and general
- 3 709,180 3,134,472 2.936,127 Depreciation and amortization i1,757,936 11,476,590 10,449,639 Decommissioning provision 2,476,040 2,132,340 1,824,330 P operty and other taxes and insurance 6,416,691 6,228.222 6,670,838 Nei interest charges 15,218,091 14,470,081 14,786,377 Total operating expenses and interest 93,041,751 89,486,179 89,771,873 (loss) margin before other revenue (1,841,452) 2,246,413 (734,365)
Other revenue 6,855,843 4,220,667 3,043,818 Net margin 5,014,391 6,467,080 2,309,453 ASSETS Electric utility plant 444,150,113 435,847,094 413,216,505 Less accumulated depreciation and amortization 224,081,371 209,131,696 194.007,022 Net electric utility plant 220,068,742 226,715,398 219,209,483 Net non-utility property, investments, and notes receivable 77.284,228 54,619,045 36 957,633 Current aucts 42,677,841 42,287,705 51,290.287 Deferred charges 8,809,531 9,342,892 ),803,040 tal assets 348,840,342 332,965,040 317,260,443 CAPITALIZATION AND LIABILITIES Members' equiry 5 64,424,325 56,870,129 43,282,394 tong-term debt 239,854,400 231.480,716 235,124,252 Current liabilities 20,400,913 22.993,410 22,346,204 Decommissioning reserves 18,352,887 15,876,847 1:,744,507 Special assessment and other liabilities 5,807,817 5,743,938 1,763,086 Total capitalization and liabilities 348,840,342 332,965.040 h 7,260,443 (1) Not wstated to wjlect consolidation ofmajority ourned subsidiary, C1ECO. (2) Beginning in 1994, certain salaries, benefts, and other costs pwriously dassuped as administrative and general have been reclassuped as member services or operations, maintenance and other to be more wfective ofthe servicesprovided. hars 1993 through 1988 bare not been miassified on a comparative basis as it u as notpractical, O
1994 199.3 1992 1991'" 1990 " 1989" 1988t" 85,028,734 - 85,785,058 82,376,927 80,491.877 75,817,988 72,561,582 71,479,289 6,118 306 9,492,228 6.238,944 5,093,377 6,994.000 3,271,280 1,911,799 41,564,483 36,156,917 36,718,806 37,160,245 32,720,503 33,383,176 34,725,741 1,082,301 1,086,483 728,473 691.385 549,161 412,649 572,934 3,039,463 3,795,594 4,404,458 3,629,407 3,221,043 2,853,246 1,964,679 11,375,564 10,799,746 10,205,712 9,398,207 10,788,846 9,400,390 9,377,277 1,594,812 1,770,725 1,204,770 1,009,870 1,725,699 1,001.790 1,028,832 7,182,612 7,044,412 7,055,071 7.374,852 6,715,566 6,469,109 6,112.232 14,097,906 15,061,130 15,482,054 15,453,492 15,237,629 15,283,640 14,830,577 86.055,477 85,207,235 82,038,288 79,810,835 77,952,447 72,075,280 70,524,071 (1,026,713) 577,823 338,639 681,042 (2,134,459) 486,302 955,218 2,936,268 1,887,856 2,000,743 2,090,006 4,098,528 2,093,041 1,744,943 1,909,555 2,465,679 2,339,382 2,771,048 1,964,069 2,579,343 2,700,161 397,021,724 384,457,411 371,882,103 361,894,125 348,703.621 351,945,766 339,859,546 180,772,357 168,641,832 156,930,198 145,171,769 133,099,805 137,980323 127,792,910 216,249,367 215,815,579 214,951,905 216,722 356 215,603,816 213,965,443 212,066,636 33,248,839 30,267,892 28,352,028 23,142,382 18,448,543 16,234,231 16,301,544 37,169,726 36,184,307 18,749,147 19,900,184 23,024,779 22,686,762 19,708,998 11,001,268 6.442,156 5,197,969 3,986,348 5,012.018 7,537,685 9,343,599 297,669,200 288,709,934 267,251,049 263,751,270 262,089,156 260,424,121 257,420,777 39,465,790 37,745,673 35,279,994 33,418329 30,707,281 28,743,212 26,163,869 221,732,790 215,429,551 202,507,475 204,381,424 209,197,377 213,767,922 212,957,991 21,758,749 22,728,477 18,411.229 18/>01,647 15,904,498 13,358,686 14,746,407 11,920,177 10325,365 8,554,640 7,349,870 6,280,000 4,554,301 3,552,510 2.791,694 2,480,868 2,497,711 297,669,200 288,709,934 267,251,049 263,751,270 262,089,156 260,424,121 257,420,777 O
g pj W /s M 2 Mn Centrallowa Power ^aams Ciarte tast-Centrai casiero iarmers Cooperative and
SUMMARY
OF OPERATIONS: Subsidiary ratin Revenue $ 2 399,239 5,578,359 11,584,765 32,425,398 7,483,714 Me d er Purchased Power 1,289,551 2,694,583 7,042,117 23,002,172 4,569,668 Operating Expenses 594,577 1,359,376 2,410,453 4,635,738 1,519,260 Cooperat,ive Dep,esaen 202,430 545.m 672,793 i.804,i i4 480.662 T** '*P""se 6i,74 199,48i 266,i22 559,23i 183,i78 emdQ Interest E nse 217,222 485,007 828,552 1,220,392 530,993 Statistics Totai Cost - tie <,,ic service $ 2365.484 5.284.269 i i.220.037 3i,22i.647 7.283.76i Unaudited Operating Margins 33,755 294.090 364,728 1,203,75: 199,953 Non-operating Margins & ital Credits 82,967 169,725 406,724 951,472 183,983 Patronage Capital or Margins 116,722 463,815 771,452 2,155,223 383,936 ASSETS AND OTIIER DEBITS: Total Utility Plant $ 6,781,037 17,789,843 25,808,536 63,703,378 17,908,918 Accumulated Depreciation & Amortization 2,246,950 6.234,288 6,612,681 19,176,088 4,764,816 Net Utility Plant 4,534,087 11,555,555 19,195,855 44,527,290 13,144,102 Property & Investments 951,736 1,629,951 4,123,651 7,546,149 2,463,846 Current & Accrued Assets 1,020,224 1,835,379 4,416,736 8,557,617 1,858,144 Deferred Debits 15.117 41,335 1,410 143,675 31,241 Total Assets & Other Debits 5 6,521,164 15,062,220 27,737,652 60,774,731 17,497,333 LIABILITIES AND OTilER CREDITS: Margins & Equities 5 2,282350 5,197,502 12,461,914 32,482,333 6,895,984 Longterm Debt 4,037,316 8,740,723 13,868,263 24,140,934 9,316.126 Current & Accrued Liabilities 192,699 1,081,239 1,300,056 3,696,320 955,855 Deferred Credits & Misc. Oper. 8,799 42,756 107,419 455,144 329,368 Total Liabilities & Other Credits ! 6,521,164 15,062,220 27,737.652 60,774,731 17,497333 OTif ER STATISTICS: Miles of Line 778 1,753 2.185 4,507 1,771 Consumers Served 1,651 4371 7,287 20.437 4.848 Consumers Per Mile 2.1 2.5 33 4.5 2.7 kWhs sold per consumer 15,696 12,101 20,371 24.125 21,177 MWh Sales 25,914 52.895 148,445 493,039 102/>66 Annual Revenue per Consumer $1,453 $1,276 $1,590 $ 1,587 $1,544 Plant Investment per Consumer $4,107 $4,070 $3,542 $3,117 $3,694
- This data represents the combined service territories of Greene County Rural Ekctric Cooperative and Hardm County Rural Electric Cooperative.
O
e e s Guthric Linn Maquoleta Manhall Midland
- Nyman l'cIla Rideta T, I. I',
Total 5.566,001 16,251,928 16,631,358 5.909.512 14,912.231 1,979,858 3,355,558 3,407.006 8,214,760 135.699,687 3,358,196 10,276,796 11,239,042 3,506,117 9,343,155 1,026,628 2,039,277 1,723,088 4.909,048 86,019,438 1345,006 3,053,624 3,084.184 1,323,709 2,436,990 611,448 783,120 873,003 ,1,898,326 25,928,814 338,339 884,945 841,956 3(4,141 1,103,674 119,493 142,029 305,118 430,720 8,236,236 133,174 351,105 293.851 139,260 276,080 52,822 65,912 106,865 170,017 2,858,802 470,638 1,408,581 720,494 519,953 940,964 123,434 197,596 326.050 387,187 8,377,063 5,645353 15,975,051 16,179,527 5,853,180 14.100,863 1,933,825 3,227,934 3 334,124 7,795,298 131,420,353 (79,352) 276,877 451,831 56,332 811,368 46,033 127,624 72,882 419,462 4,279,334 250,054 332,949 555,973 183 381 313,623 45,078 118,961 127,423 306,226 4,028,539 170,702 609,826 1,007,804 239,713 1.124,991 91.111 246,585 200,305 725,688 8 307,873 13,294,837 33,948,751 31,255,184 12,511,508 36,576,000 4,673,104 6,986,298 10,842,348 17,154,797 299,234,539 5,327,509 7,134,617 12,457,963 4,812.551 10,100,909 1,620,664 2,412,058 3.292,308 5,295,394 91,488,796 7,967,328 26,814,134 18,797,221 7,698,957 26,475,091 3,052,440 4.574,240 7,550,040 11,859,403 207,745,743 1,669,292 4,069,794 5,514,688 1,660,294 3,778.197 594,028 1,078,043 1,029,014 2,525,822 38,634,505 3,513,116 2,925,611 5,029,088 2,190.311 3,168,833 402.482 1,273,478 1,527,146 2,966,499 40,684,664 15.446 (81,939) 83,290 25,720 64.680 3,139 42,584 18,020 5.877 409,595 13,165,182 33,727,600 29,424,287 11,575,282 33,486,801 4,052,089 6,968,345 10,124,220 17,357/>01 287,474.507 5,236,293 9,591,004 15.510,293 4,861,598 13,652,002 1,563,516 3,3063 51 3,021,351 9,724.538 125,787,029 6,704,787 17,495,127 12,375,973 6,154,375 17,165,1 t o 2,304,671 3.097,336 6/4 2,809 6,175,682 138,219,232 713,637 5,740.009 1,366,009 548,017 2.594,157 169,990 302,293 331,825 790,779 19,782,885 510,465 901,460 172.012 11,292 75.532 13,912 262,365 128,235 666,602 3,685,361 13,165,182 33,727 600 29,424,287 11,575,282 33,486,801 4,052,089 6,968,345 10.124,220 17,357/>01 287,474,507 i 1,385 1,779 3,032 1,085 2,805 588 602 1,217 1,732 25,219 4,729 13,697 12,406 4329 8,417 1,426 2,232 2,629 5,515 93,974 3.4 7,7 4,1 4.0 3.0 2.4 3.7 2,2 3.2 3.7 15,588 14,700 17.758 15,753 23,456 15,263 18,395 14.I14 17,987 18,974 73,718 201,351 220,300 68,193 197,427 21,765 41,057 37,107 99,198 1,783,075 $1,177 $ 1,187 $ 1,341 $1,365 $ 1,772 $ 1,388 $ 1.503 $1.296 $ 1,490 $1,444 $2.811 $2,479 $2,519 $2,890 $4,345 $3.277 $3,130 $4,124 $3,111 $3,184 0
Adams County Cooperative Electric Co.
- Corning Clarke Electric Cooperative, Inc. + Osceola Vinton East-Central lowa Rural Electric Cooperative a Eastern Iowa Light and Power Cooperative + Wilton
'aa Farmers Electric Cooperative,Inc.
- Greenfield
~ ~ Guthrie County Rural Electric Cooperative + Guthrie Center a,,, Linn County Rural Electric Cooperative
- Marian j
Maquoketa Valley Rural Electric Cooperative
- Anamosa Marshall County Rural Electric Cooperative
- Marshalltown Midland Ibwer Cooperative + Jefferson Nyman Electric Cooperative, Inc.
- Stanton Central Iowa Power Goperative Pella Cooperative Electric Association + Pella 1400 liighway 13 S.E.
Rideta Electric Cooperative,Inc. + Mount Ayr P.O. Box 2517 South lowa Municipal Electric Cooperative Association (SIMECA)
- Cedar Rapids, Iowa 52406 3I9-366-801I Brooklyn, Cascade, Corning, Eartville, Fontanelle, Gowrie, www.cipco.org (website)
Greenfield, lamoni, Lenox, Stuart, Villisca, Winterset cipco@cipco.org (e-mail) Brooklyn T.I.P. Rural Electric Cooperative a CIPCO Systems Afanagers: John Smith, Pcila Cooperatin Electric; Afrivin Nicholas, Eastern loua Light & Pourr Cooperative; Darrellladand I:1. R Ruralflectnc Cooperative: Dorothy Postel, Afaquoketa Ut!!ey Electric Cooperative; Kim Colberg, Linn County Rural Electric Cooperative; Franklin Alains, Guthrie County RuralElectric Cooperative; John Wirt:ke, Fanners Electric Cooperative; Timothy Stru art, Rideta Electric Cooperatier; Daniel Bohlke, Afarshall County Rural Electric Cooperative; Tiim Killebreso, Clarke Electric Cooperatitr; Duane Dinville, Adams County Cooperative Electric & Nyman Electric Cooperatier; Not shou n: Afartin Gardner, East-Centralfoua RuralElectric Cooperative; Dorudd Severson, Alidland Pouer Cooperative p _p t p if[ Y V) ~
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