ML20323A233
| ML20323A233 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 11/17/2020 |
| From: | Arizona Public Service Co, Salt River Project |
| To: | Office of Nuclear Material Safety and Safeguards, Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML20323A230 | List: |
| References | |
| 102-08184-MDD/MSC | |
| Download: ML20323A233 (16) | |
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CONTENTS 2 From the President and the Vice President 4
From the General Manager & CEO 6
Reviewing Financial Results 9
SRP Boards and Councils 11 SRP Officers and Executives 12 Five-Year Operational and Statistical Review P
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'S 2020 3ALT river project
About SRP SRP has delivered on ITS COMMITMENT TO PROVIDE RELIABLE AND AFFORDABLE WATER AND POWER to the people living in central Arizona this past year and for more than a century. By providing these essential resources, we have helped the Phoenix metropolitan area develop and thrive.
We act in the best interest of the people we serve and strive to help build a better future for Arizona. In the years ahead, we will continue to lead the way by applying our forword-thinking approach and new technology to address water and energy supply challenges.
SRP 20?'J ANNUA, REPOST T
The SRP Board considers customer input an essential ingredient for thoughtful Board actions, and as the communities we serve have continued to evolve, so must our efforts to engage them.
From the President and the Vice President WE ARE RESILIENT.
Resilience is not a product of easy times, but of core mission and to be a source of stability for the communities we serve.
times that test our strength. At the close of fiscal year 2020 and as we continue to face unprecedented uncertainty caused by the COVID-19 pandemic, SRP is once again demonstrating its resilience.
Although the current public health crisis is a particularly daunting challenge, SRP has delivered on its core mission of providing sustainable, reliable and affordable water and power to the Valley. SRP has fulfilled this mission since 1903 and has continued to do so even in the midst of challenges that in their time were no less daunting.
This deeply rooted corporate culture has allowed our organization to remain strong generation after generation. Just prior to the COVID-19 outbreak, SRP was named one of Arizona's Most Admired Companies by Az Business magazine and BestCompaniesAZ.com.
The award honored SRP for its leadership excellence, innovation, workplace culture, corporate and social responsibility, and customer favorability.
Through all the challenges SRP has faced, from shortages and rationing during World War II to significant flood events in 1978 and 1980, we see a common thread. No matter the hardship, SRP's publicly elected officials, management and employees have always come together as "One SRP" to deliver on our Our culture also represents why we are confident that SRP will emerge from this situation as a stronger organization, in part by carrying forward the culture of caring that has developed over the past century.
In addition, each member of on increasingly diverse and inclusive SRP team embraces a "growth mindset."
Collectively, we do our work in new, innovative ways while adapting to conditions that change each day.
The global pandemic has presented a significant disruption, and the SRP team, including the Board and Council, has responded with speed and dedication.
2 2020 ANMUAi-REPOR'
We are finding ways fo perform our varied roles while protecting the health and safety of colleagues, family members, power customers, water shareholders and the communities we serve.
WE ARE HERE TO HELP.
Helping neighbors is part of SRP's heritage and core culture. During 2019, SRP supported the community through monetary and in-kind contributions totaling more than $4 million.
Earlier this fiscal year, SRP was recognized for the vital role it plays in Arizona as one of the region's most philanthropic companies. The Phoenix Business Journal awarded SRP the top spot in the Community Impact large company category of the 2019 Corporate Philanthropy Awards.
We are fond of describing SRP as "community-based,"
but what that really means has recently come into stark focus. More than 80% of local nonprofits are feeling the effects of the COVID-19 health crisis. SRP is stepping up to the plate at this difficult time and providing assistance to the communities and customers we serve that will help improve lives.
In March 2020, our Board of Directors approved more than $1 million in contributions to assist SRP's residential and small business customers, $500,000 in contributions to support several local nonprofit organizations, and $100,000 to Arizona Together, which supports frontline workers and efforts to mitigate the medical and economic impacts of the COVID-19 pandemic in Arizona.
WE ARE ADAPTING.
SRP is a self-governed public utility. We and the elected Board and Council regard our governance role as our most important work on behalf of the SRP water shareholders and power customers we represent. As elected representatives, Board and Council members serve as the voice for our neighbors by making thoughtful and informed decisions on issues critical to the organization today and in the future.
To accomplish this goal effectively, continual improvement and education on our rapidly changing industry and technology is critical. In that spirit, the Board and Council have collaborated with SRP management fo launch a series of work-study education sessions that allow our elected members to dive deeply into selected topics and better understand complex and changing issues.
The SRP Board also considers customer input an essential ingredient for thoughtful Board actions, and as the communities we serve have continued to evolve, so must our efforts to engage them. As a result of this commitment and to further our understanding of power customer views, we have formed a new advisory panel. The SRP Customer Utility Panel, made up of 14 residential electric customers from across our service area, will replace and build on the Residential Advisory Committee, which was established in 2007 There are challenges ahead and the road to recovery may be difficult. We know SRP can accomplish its goals and fulfill its responsibility to deliver sustainable, affordable and reliable water and power to the Valley residents and businesses SRP proudly serves. Despite this intense period of uncertainty, the availability of essential services provided by SRP will remain certain.
On behalf of SRP's elected officials and the hundreds of thousands we represent, we applaud the past year's achievements and look forward to continuing our teamwork with management, employees and all of our stakeholders.
David Rousseau President John R. Hoopes Vice President SRP 2020'ANNUAL rep.
'4 The two-year plan is aimed at maintaining SRP's overall financial strength and flexibility, which will ensure our services meet the standards that water shareholders and power customers value and respect.
From the General Manager & CEO WE ARE STRONG.
As fiscal year 2021 (FY21) begins, SRP will rely on its position of financial and operational strength to continue providing sustainable, reliable and affordable water and power to the Valley. By focusing on this core mission, SRP will again play a key role in leading the future prosperity of Arizona.
Before I address FY21 plans in more detail, I want to thank our employees and publicly elected Board and Council members for their substantial efforts and recognize the following FY20 achievements that advanced our mission.
- SRP announced it will invest in 1,000 megawatts (MW) of new utility-scale solar energy by 2025 and initiated two new solar energy projects with battery storage. The two new resources are scheduled to be online by June 2023 and will enable SRP to meet its renewable energy targets, achieve its commitment to reduce carbon emissions and make SRP one of the nation's largest investors in energy storage.
Crews at Theodore Roosevelt Dam successfully conducted an annual test of spillway gates to ensure proper operation in the event of a flood.
SRP successfully raised $550 million in proceeds through a revenue bond sale. The proceeds will fund electric system improvements, including upgrades to distribution and other facilities.
Standard & Poor's (S&P) upgraded SRP's credit rating from AA to AA-t-. With this upgrade from S&P, SRP received the highest ratings among Large Public Power Council entities with both an Aal rating from Moody's Investors Service and an AA-i-rating from S&P.
After an extensive generation and transmission scheduling software overhaul, SRP joined the Western Energy Imbalance Market. Participation in the regional market will help us keep power costs down and integrate more renewables in the future.
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SRP issued a request for proposals (RFP) for up to 400 MW of new solar energy. The RFP seeks proposals for up to 200 MW of solar to be sited on the Navajo Nation, while the remaining 200 MW is not location-specific but must deliver electricity to SRP s transmission system.
SRP selected an operational strategy to limit emissions from two coal-fired units at the Coronado Generating Station near St. Johns, Arizona. The plan will help SRP reliably and economically meet customer energy needs and enable the achievement of SRP's goals to reduce carbon dioxide emissions by more than 60% by 2035 and 90% by 2050.
SRP crews performed canal construction and maintenance activities "in the wet." This approach enabled area municipal treatment plants to receive water while the Central Arizona Project performed maintenance on its delivery system.
Forbes magazine recognized SRP as one of America's Best Employers for Diversity, ranking in the Top 500 companies with 1,000 or more employees. This honor follows SRP's recent Forbes ranking as a Best Employer overall.
For the sixth time in the last seven years, SRP ranked highest in business customer satisfaction among large electricity providers in the West Large Region, according to a study issued byJ.D. Power. It's the ninth time in the study's last 11 years that SRP was ranked highest in the region by its business customers.
SRP was also ranked highest in the western United States among large electric utilities in the 2019 Electric Utility Residential Customer Satisfaction Study for the 20th time in the 21 years that j.D. Power has been surveying residential electric customers.
WE ARE FOCUSED.
The pandemic has had a major impact on all of us. For more than a century, SRP has been committed to helping Arizona thrive. Despite the challenges we face, we intend to extend that legacy. We will accomplish that by delivering on our core mission and by continuing to act in the best interest of the customers, shareholders and communities we serve.
SRP leaders have analyzed several scenarios given the current environment. At this time, we feel it is prudent to plan for a multiyear reduction to our bottom line. With that in mind, we've adjusted our typical six-year financial plan horizon to focus on the next two years. Under that two-year plan, we are actively examining ways to reduce our costs in FY21 and FY22 in response to a weaker economic outlook.
The two-year plan is aimed at maintaining SRP's overall financial strength and flexibility, which will ensure our services meet the standards that water shareholders and power customers value and respect. We have set FY21 Objectives that support our six prioritized areas of focus:
Customers, Innovation and Sustainability, Workforce, Leadership, Community, and Finances.
WE ARE OPTIMISTIC.
In addition to the COVID-19 outbreak, external forces, including climate change, evolving customer expectations and technological advances, are all happening at once.
SRP has overcome difficult situations in the past. And I remain confident that we will persevere and succeed in FY21 and the years ahead.
We have taken steps to ensure that we continue to achieve our core mission while finding new ways to innovate and adapt. As we have done throughout this past fiscal year, we will continue to evaluate how we respond to situations and do everything we can to stay agile in these uncertain times.
Once again, I want to thank SRP employees and our leadership team for their commitment and engagement during this challenging period. Their efforts are recognized and greatly appreciated and have enabled SRP to maintain its position of strength. By working together as One SRP, we will see this through and emerge even stronger than before.
Mike Hummel General Manager & CEO SRP 202U ANNUAL REPO'-'
S
The District has a diversified customer base, with no single retail customer providing more than 3% of its retail electric revenues.
Reviewing Financial Results RESULTS OF OPERATIONS Operating revenues were $3.1 billion for fiscal year 2020 (FY201 and $3.4 billion for fiscal year 2019 (FY19),
a decrease of $249.2 million, or 74%. TFie decrease in operating revenues was primarily due to decreased retail electric and wholesale revenues. FY20 retail electric revenues decreased $92.1 million to $2.8 billion and wholesale revenues decreased $173.4 million to $206.6 million compared to FY19 primarily due to reduced demand due to mild weather in FY20 relative to FY19. Additionally, FY20 wholesale revenues included o fair value loss of $28.9 million compared to a $0.2 million loss in FY19. Excluding the fair value losses, FY20 wholesale revenues would have been $235.5 million compared to $380.2 million in FY19. The total number of customers was 1,074,952 as of April 30, 2020, a 1.7%
increase from the previous year.
Operating expenses were $3.0 billion for FY20 and FY19. Fuel used in electric generation and power purchased expenses increased $102.5 million. SRP's fuel used in electric generation and power purchased expenses include adjustments for the fair value of certain fuel and purchased power contracts. Excluding the fair value adjustments, these expenses would have decreased $14.6 million, or 1.4%, from the previous year. In addition to the increase of fuel and purchased power expenses, depreciation and amortization expense increased $9.7 million and taxes and tax equivalents increased $6.7 million when compared to FY19. These increases were partially offset by a decrease in operations and maintenance expense of $66.1 million when compared to FY19 due to the timing of scheduled plant maintenance projects.
Investment income, net, was $18.8 million for FY20 compared to $76.8 million for FY19. Investment income, net, includes fair value losses of $5.8 million for FY20 and fair value gains of $46.2 million for FY19.
Financing costs were $144.3 million and $171.2 million in FY20 and FY19, respectively. The decrease in financing costs is primarily due to lower interest 6
2020 ANNUA. REPORT
expense related to a power purchase agreement that was accounted for as a finance lease, which was terminated in FY20.
Net expenses for FY20 were $178 million compared to net revenues for FY19 of $305.8 million. Excluding the effects of the changes in the fair value of fuel and purchased power contracts, wholesale positions and investment income, net revenues would have been
$474 million and $173.2 million for FY20 and FY19, respectively.
ENERGY RISK MANAGEMENT PROGRAM The District's mission to serve its retail customers is the cornerstone of its risk management approach. SRP builds or acquires resources to serve retail customers, not the wholesale market. However, as a summer-peaking utility, there are times during the year when the District's resources and/or reserves are in excess of its retail load, thus giving rise to wholesale activity. The District has an Energy Risk Management Program to limit exposure to risks inherent in retail and wholesale energy business operations by identifying, measuring, reporting and managing exposure to market, credit and operational risks. To meet the goals of the Energy Risk Management Program, SRP uses various physical and financial instruments, including forward contracts, futures, swaps and options. Certain of these transactions are accounted for under Accounting Standards Codification (ASC] 815,
'Derivatives and Hedging." For a detailed explanation of the effects of ASC 815 on SRP's financial results, see Note 7 in the notes to the Combined Financial Statements (available at srpnet.com/annualreport).
The Energy Risk Management Program is managed according to a policy approved by the District's Board of Directors (Board) and overseen by a Risk Oversight Committee. The policy covers market, credit and operational risks and includes portfolio strategies, authorizations, value-at-risk limits, stop-loss limits, and notional and duration limits. The Risk Oversight Committee is composed of senior executives. The District maintains an Energy Risk Management Department, separate from the energy marketing area, which regularly reports to the Risk Oversight Committee. SRP believes that its existing risk management structure is appropriate and that risks are properly measured, reported and managed.
ELECTRICITY PRICING The District has a diversified customer base, with no single retail customer providing more than 3% of its retail electric revenues. The District has implemented projects and programs geared toward enhancing customer satisfaction by offering customers a range of pricing and service options. Moreover, SRP is one of the low-price leaders in the Southwest.
The District is a summer-peaking utility, and it has made efforts to balance the summer-winter load relationships through seasonal price differentials. In addition, SRP offers prices on a time-of-use basis for residential, commercial and industrial customers.
The District's retail electric prices consist of three components: base prices, a Fuel and Purchased Power Adjustment Mechanism (FPPAM) and, through April 2019, an Environmental Programs Cost Adjustment Factor (EPCAF). Base prices recover costs for generation, transmission, distribution, customer services, metering, meter reading, billing and collections, and system benefits charges that are not otherwise recovered through the FPPAM. The FPPAM was implemented in May 2002 to adjust for increases and decreases in 5SP 2'J20 annual REPOP^ 7
fuel costs. The EPCAF was implemented in November 2009 to cover costs incurred by the District to comply with requirements imposed by mandate that are related to renewable energy, energy efficiency and climate change.
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4 CAPITAL IMPROVEMENT PROGRAM The Capital Improvement Program is driven by the need to sustain the generation, transmission and distribution systems of the District to meet customer electricity needs and to maintain a satisfactory level of service reliability.
On March 25, 2019, the Board concluded a public process by approving changes and adjustments to its price plans including an overall average annual price decrease of 2.2%, effective with the May 2019 billing cycle. The overall average decrease was composed of an average 3.9% decrease to FPPAM, partially offset by an average base price increase of 1.7%. Additionally, the Board discontinued EPCAF as a separate price plan component. The costs of energy efficiency are instead recovered through base rates in the System Benefits Charge (SBC), and expenses for all renewable purchased power agreements are included in the FPPAM component. SRP-owned renewable resources are now included in the base pricing components as capital, operations and maintenance, and taxes, consistent with standard accounting practices.
FY20 capital spending levels were slightly above original expectations. Generation projects accounted for 19%
of the year's expenditures. These projects included the acquisition of Coolidge Generating Station as well as plant modification costs for Palo Verde, Gila River and Four Corners generating stations.
Expansion of the electrical distribution system to meet future growth and to replace aging underground cable accounted for 38% of FY20 capital expenditures. More than one quarter of the distribution system spending was for New Business projects. The addition of new transmission facilities made up 15% of FY20 capital expenditures. These projects included the Price Road Industrial Expansion as well as transmission pole asset management.
3,
SRP Boards and Councils SRP BOARDS The District is governed by a 15-member Board of Directors. The District Board, among other things, establishes overall District policy, approves the annual budget and major contracts, authorizes major purchases and sales of assets, sets electric prices for the District os per Arizona statutes, and authorizes the issuance of revenue bonds. The District Board members are elected from among the District electors (landowners) for four-year terms and consist of the President, who is an ex officio member, plus one member from each of the 10 voting divisions of the District, plus four additional members who are elected at large, half being elected biennially for four-year terms. The President and Vice President are elected at large by the electors of the District. With the exception of the four at-large Board members, all are elected by votes weighted in proportion to the amount of eligible land owned by each elector. The four at-large Board positions are elected based on one person, one vote by eligible District electors.
The Association is governed by an 11-member Board of Governors. Among other things, the Board is involved in establishing the policies, annual budget, major contracts, water rates and fees for the Association. The Association Board members are elected from among the Association's shareholders (landowners) for four-year terms and consist of the President, who is an ex officio member, plus 10 additional members (one from each of the 10 voting districts), half being elected biennially for four-year terms. The President and Vice President are elected at large by eligible shareholders of the Association. The Board members, the President and the Vice President are elected by votes weighted in proportion to the amount of eligible land owned by each shareholder. Members of both boards are elected by property owners within the respective boundaries and serve staggered four-year terms.
SRP COUNCILS Both the District and the Association have 30-member Councils three members from each of the 10 voting districts (Association) or voting divisions (District), half being elected biennially for four-year terms. All Council members are elected by votes weighted in proportion to the amount of eligible land owned by each shareholder/
elector. Most often, candidates seek election to both Councils. The two Councils, among other things, enact and amend bylaws of the respective organizations and set compensation of elected officials, and the District Council approves the issuance of revenue bonds.
Visit srpnef.com/about/map.aspx for a detailed mop of the 10 SRP voting districts and divisions for SRP Boards and Councils.
SRP Boards and Councils The Association Board:
The District Board:
District 1:
Larry D. Rovey District 6:
Jack M. White Jr.
Division 1:
Kevin J. Johnson Division 6:
Jack M. White Jr.
Directors at-large:
Seat 11:
Anda G. McAfee District 2; District 7:
Division 2:
Division 7:
Seat 12:
Paul E. Rovey Keith B. Woods Paul E. Rovey Keith B, Woods Corey J. Hawkey District 3:
District 8:
Division 3:
Division 8:
Seat 13:
Mario J. Herrera Deborah S. Hendrickson Mario J. Herrera Deborah S. Hendrickson Nicholas R. Brown District 4:
District 9:
Division 4:
Division 9:
Seat 14:
Leslie C. Williams Robert C. Arnett Leslie C. Williams Robert C. Arnett Randy J. Miller District 5:
District 10:
Division 5:
Division 10:
Stephen H. Williams Mark V. Pace Stephen H. Willigms Mark V. Pace Tfie Association Council:
The District Council:
District 1; District 6:
Division 1:
Division 6:
Tyler M. Francis, Jacqueline L. Miller, Tyler M. Francis, Jacqueline L. Miller, Ronald S. Kolb, Nicholas J. Vanderwey, Ronald S. Kolb, Nicholas J. Vanderwey, Clifford M. Leatherwood Robert W. Warren Clifford M. Leatherwood Robert W. Warren District 2:
District 7:
Division 2:
Division 7:
Jerry E. Geiger, Mark A. Lewis, Jerry E. Geiger, Mark A. Lewis, Kimberly A, Owens, Barry E. Paceley, Kimberly A. Owens, Barry E. Paceley, William W. Sheely Harmen Tjaardajr.
William W. Sheely Harmen Tjaarda Jr.
District 3:
District 8:
Division 3:
Division 8:
Aaron M. Herrera, Christopher J. Dobson, Aaron M, Herrera, Christopher J. Dobson, Richard W. Swier, Mark L. Farmer, Richard W. Swier, Mark L. Farmer, Paul A. Van Hofwegen Mark C. Pedersen Paul A. Van Hofwegen Mark C. Pedersen District 4:
District 9:
Division 4:
Division 9:
Garvey M. Biggers, A. Allen Freeman, Garvey M. Biggers, A. Allen Freeman, M. Brandon Brooks, Mark A. Freeman, M. Brandon Brooks, Adam S. Hatley Michael G, Rakow Adam S. Hatley Michael G. Rakow District 5:
District 10:
Division 5:
Division 10:
John R. Augustine, Dave B, Lamoreoux, John R. Augustine, Dave B. Lamoreaux, J. Weston Lines, William P. Schrader Jr.,
J. Weston Lines, William P. Schroder Jr.,
John R. Shelton William P, Schrader III John R. Shelton William P. Schrader III ANNUAL S£0<<'
SRP Officers and Executives Corporate Officers David Rousseau, President John R. Hoopes, Vice President John M. Felty, Corporate Secretary Ekian J. Koch, Treasurer Executive Management Mike Hummel, General Manager &
Chief Executive Officer Dave Roberts, Associate General Manager, Water Resources Jim Pratt, Associate General Manager
& Chief Customer Executive Alaina Chabrier, Associate General Manager & Chief Communications Executive Aidan McSheffrey, Associate General Manager
& Chief Financial Executive Rob Taylor, Associate General Manager & Chief Public Affairs Executive John Coggins, Associate General Manager & Chief Power System Executive Kelly Barr, Associate General Manager
& Chief Corporate Services and Sustainability Executive Michael O'Connor, Associate General Manager
& Chief Legal Executive SR' 2'J20 annual ftEPORt Jt
Five-Year Operational and Statistical Review FINANCIAL DATA ($000) 2020 2019 2018 2017 2016 Total operating revenues
$ 3,121,431
$ 3,370,610
$ 3,196,486
$ 3,084,688
$ 3,047,272 Retail Electric Revenues 2,810,421 2,902,560 2,847,104 2,780,916 2,749,131 Water Revenues 20,823 18,661 18,151 16,238 15,853 Other Revenues 290,187 449,389
.'331,231 V
287,534 282,288 Total operating expenses 3,012,233 2,959,389 3,064,672 2,741,432 2,681,443 Total other income (loss), net 17,299 65,777 52,589 81,856 (35,953)
Net financing costs 144,263 171,170 165,100 177,275 185,273 Net (expenses) revenues for the year (17,766) 305,828 19,303 247,837 144,603 Taxes and tax equivalents 173,211 166,508 176,153 166,898 164,475 f Utility plant, gross i j^^lP^T6,891,569 17,079,497 16,438,352 15,698,318 15,139,862 Long-term debt 4,621,694 4,587,689 4,742,857 4,465,538 4,579,919 Electric revenue contributions to support water operations 59,158 58,115 47,534 58,209 60,511 for comparative purposes, certo/n prior-year amour^ts have been reclassified to conform with the curfen^yeor presentoft'on.
.D20 annual
SELECTED DATA Total debt service coverage ratio Debt ratio Total electric soles (million kWh)
Peok-SRP retoilcustomers (kW)
Water deliveries (ocre-teet) (1)
Runoff (acre-feetl (1)
Employees at year-end Customers at year-end l)j Water data is by calendar year, all other data is by fiscal year ending April 30 FINANCIAL INQUIRIES BRIAN J KOCH Treasurer & Senior Director, Financial Services (602) 236-2993 BONDHOLDER INFORMATION SRP Treasury Department (602) 236-2222 2020 2019 2018 2017 2016 3.8 4.2 4.1 3.6 3.4 46.2 45.9 48.2 46.7 48.6 35,204 37,161 35,256 34,257 33,912 7,250,000 7,305,000 7,219,000 6,873,000 6,806,000 785,126 766,288 773,527 779,466 r-1,415,489 269,469 1,136,862 572,533 4,966 5,040 5,089 5,186 5,230 1,074,952 1,057,122 1,041,342 1,026,118 1,009,108 iRP i02(j ANNUAL 13
CORPORATE HEADQUARTERS STREET ADDRESS SRP / 1500 N. MILL AVE. / TEMPE, AZ 85281-2389 MAILING ADDRESS SRP P.O. BOX 52025 / PHOENIX, AZ 85072-2025 CONNEa n facebook.com/srpconnect n twitter.com/srpconnect Q youtube.com/srpconnect
@ instagram.com/srpconnect
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- t srpnet.com Delivering water and power CCAA2I0071-002