NLS8500083, 1984 Annual Rept
| ML20128C654 | |
| Person / Time | |
|---|---|
| Site: | Cooper  |
| Issue date: | 12/31/1984 |
| From: | Pilant J NEBRASKA PUBLIC POWER DISTRICT |
| To: | |
| References | |
| NLS8500083, NUDOCS 8505280365 | |
| Download: ML20128C654 (39) | |
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Nebraska Public Power District " " ""$$b$Shblat *** """ NLS8500083 May 9, 1985 Director Of fice of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Washington, DC 20555 ATTN: Document Control Desk
Subject:
Nebraska Public Power District 1984 Annual Report NRC Docket No. 50-298, DPR-46 Gentlemen: In accordance with the requirements cited in 10 CFR Part 50.71(b), the Nebraska Public Power District submits its Annual Report for calendar year 1984. As specified in Regulatory Guide 10.1, we are enclosing ten (10) copies of the report. Should you have any questions or require additional information, do not hesitate to contact me. Sincerely, Jay M. Pilant Manager, Technical Staf f Nuclear Power Group
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-Year At A Glance-Electric System l Kilowatt-hour Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.16 Billion Operating Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $327.9 Million Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $318.2 Million Cost of Power Purchased and Generated (Including Nuclear and Power Supply Systems) . . . . . . . . . . $251.1 Million Ne t Re ve n ues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.5 Million Debt Se rvice Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.46 Reference Guide
. Year At A Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .....Page1 OfTicers and Statement of Purpose . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . Page 2 Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 3 Message from the Board of Directors . . . . . . . . . . . . . . . . . .. . . . . . . . . Pages 4-5 Message from the General Manager . . . .. . . . . . . . . . . . . . . . . . . . Pages 6-7 1984 in Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . Pages 8-17 Financial Commentary ........... . ......... . . . . . . . . . . . . . . Page 18
' Financial Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pages 19-33 Map of System .............. . . ..... ..... . . . . . . . . .. . . . . Pages 34-35 Statistical Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pages 36-37 1
- Nebraska Public Power District Statement of Purpose ;
The Nebraska Public Power District is a public corporation and l political subdivision of the State of Nebraska. Control of the District and its operations is vested in a Board of Directors, consisting of 11 members popularly elected from districts comprising subdivisions 7 of the District's chartered territory. These districts encompass 85 of g-- the state's 93 counties and portions of two other counties. The District - has the power, among other things, to acquire, construct, and operate generating plants, transmission lines, substations, and distribution ! systems, and to purchase, generate, distribute, transmit, and sell electric energy, both at wholesale and retail, for lighting, power, a heating, and other purposes. Management and eperation of the 3 District is accomplished with a staff of approximately 2,000 persons. j OFFICERS T_- Leslie S. Taylor, President Donald E. Schaufelberger, General Manager Ralph E. Holzfaster, First Vice President Theodore M. Kyster, Assistant Treasurer = David L. Duren, Second Vice President Robert D. Malmstrom, Controller Bernard M. Delay, Secretary Janet H. McQuistan, Assistant Secretary . George W. Knight, Treasurer GENERAL COUNSEL N x Gene D. Watson - m__ k Newly Elected Board Members In November,1984, two new members
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Ralph D. Johnson of Lincoln, an economics _ consultant, will succeed George W. Knight.
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- ~ k, Darrell J. Nelson of Oconto, farmer / cattle producer,will succeed Stephen A.
( y Edwards.The new terms begin in f:, "i ~ o. January,1985. _ E Ralph D. Johnson Darrell J. Nelson - 2 ;
The Nebraska Public Power District's BOARD OF DIRECTORS iTI . ;).. ( -
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George H. Barber Wayne E. Boyd Bernard M. Delay David L. Duren Beatrice, Electrical Engineer South Sioux City, Attorney Norfolk. Banker Columbus, c'ertified Public Accountant
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2 Message From The Board of Directors 5 1. Despite the much publicized lagging economic conditions of the ? Midlands, primarily due to the agricultural economy,1984 was certainly i not a totally bleak year for this utility. 4 Both total kilowatt-hour sales and electric revenues for the year were ; slightly above 1983. Helping bolster the increase in kilowatt-hour sales t" was our ability to sell excess energy on our system through non-firm ; transactions to other utilities. Non-firm transactions were up 27.5 percent in 1984 over 1983. L - The 2 percent total increase in kilowatt-hour sales for 1984 is an " encouraging improvement over the 1.8 percent decrease in kilowatt-hour sales in 1983 compared to 1982. Operating revenues totaled $327.9 million 1 which is asproximately one-half million more than 1983. i Wholesale sales to other public power districts and rural cooperatives ; were up 3.1 percent for 1984 compared to 1983 while there was a decrease of . 2.3 percent from 1983 to 1984 in kilowatt-hour sales to wholesale ; municipalities. Retail sales were up 2.7 percent. Although there were more crop acres available for irrigation in 1984 ] than in 1983 due to the removal of the Federal Payment-In-Kind Program = (PIK), the summer peak demand on the system declined in that period. A j ' variety of factors, however, contributed to that lower peak demand. i A weather pattern that provided timely moisture and moderate summer
-i temperatures, pre-planned load control programs for both the rural and urban sectors, our own summer demand waiver program which reflects !
surplus generation on our system, and the continuing tendency toward q
-i conservation all contributed to the lower demand.
Reducing the peak has an overall positive effect for our customers. A short-term benefit of controlling the peak is a less costly system since we are able to rely on lower cost generating units to meet demand. This a translates into lower overall costs for our ratepayers. Control of excessive ' peaks has a long-term benefit of delaying the addition of generating 2 resources to the system, but an unanticipated decrease in peak demand is followed by a resultant lowering of both operating and net revenues. . We have worked closely with management in continuing a cost cutting i program wherever practical in an effort to keep rates low. In this way we u a do our part in helping improve agricultural profit margins. l i When it became apparent that operating revenues were not keeping pace l with budgeted projections, both the capital additions and operating budgets g were revised downward while still maintaining a realistic balance of service and reliability. Salary levels for District employees were frozen for i the 1984-85 wage year. . J I a 4
In this period of reduced coal prices, management is continuing to evaluate and purchase the lowest cost fuel available to supplement our contr actual agreements for our coal-fired power plants. We are monitoring the r 3ed for certain ofIices and assignments of operating personnel throughout our service area to determine whether a strategic realignment wou .d reduce costs without seriously afTecting service. - Tae program of marketing excess energy to other utilities on a non-firm bas is has resulted in excess revenue in the Production Cost Adjustment (PC A) account which results in credits on electric bills for firm requirements customers. Electric energy is used on farms for irrigation pumping, grain handling, grain drying, livestock watering and feeding, heat for young animal survival, and a host of other production activities. The use of energy is one cost over which the producer can exercise some control, and when profit margins on crops are narrow and livestock population is down, the use of electric energy may be reduced. Up and down the main streets of many rural Nebraska towns, highly dependent on agricultural interests for their success, there are indications - of a ripple effect from the economic conditions on the farm. Some economists predict it may be another year or two before the rural economy begins to rebound. Supplying the electricity our customers need at as low a cost as is practical, consistent with sound business practices, is our continuing goal. We are dedicated to that objective. / Y Y1AL &{ gg rMT" un gw - A tt,- ' aQ
-/~CA ddg& T Board of Directors _
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I am content that we met challenges throughout 1984 with determination and innovation, producing many accomplishments that are ! worthy of mention. It was a year in which economic uncertainty gradually gave way to 7 cautious optimism. A listless economy tested our adaptability and resourcefulness. Our satisfactory financial performance reflects an ability to cope with adversity. The smooth operation of the District is a particular tribute to our employees and I welcome this opportunity to thank them. With cost-effective generating facilities utilizing an efficient mix of fuels, we are in an enviable situation where we are able to sell substantial quantities of non-firm energy to neighboring utilities. We appear to be in a position of more stable rates. In 1984 and again in 1985 our average wholesale and retail rate [ i increases are considerably below the national rate of inflation. In fact, the new retail residential rate schedule fbr 1985 reflects the smallest average y percentage increase in 12 years. ! Early in the year our Board of Directors approved the issuance of up to i $100 million in commercial paper to finance all or a part of the costs of
- several projects. Included is our share of the costs associated with the i temporary overlay weld fix of the pipe cracking at Cooper Nuclear Station and our share of the pipe replacement and Plant Management Information System at that plant. Money will also be used to finance portions of the proposed MANDAN Project transmission line to Manitoba, Canada, and for F other lawful purposes.
We issued $65 million in long-term revenue bonds in early 1985 to prepay the capital cost associated with the purchase of capacity of the Kingsley Ilydroelectric Project whu h u m constructed by ('entral Nebraska Public ! Power and Irrigation Dist r o t ut which is a power supply resource totally t available to the District. Kingsley liydro began operation late m t he year and is an economic
- energy resource serving our customers.
We began the process of phasing in our ci> .puterized Customer Infbrmation System (ClSi during the year which will result in cost savings - fhr our customers. Not only does CIS replace an antiquated billing system but it will provide a more levelized cash flow by facilitating monthly billings Ihr all retail customers. 6
We successfully completed our first shipment of spent nuclear fuel from m Cooper Ltation to the General Electric storage facility near Morris, Illinois. F Additional shipments are planned after Cooper Station goes back on-line _ following the planned outage for replacement of the cracked pipes. (
- Also during the outage we will complete installation of the new Plant Management Information System to meet Nuclear Regulatory Commission requirements and will perform a wide array of maintenance and repair projects.
% NPPD in 1980 filed suit against Austin Industries, Inc., and its P subsidiary National Industrial Constructors, Inc., which built Gentleman l__ Station Unit No.1, seeking damages for cost overruns and completion delays, and counterclaims were filed against the District by the contractor. Following a lengthy trial during 1984 in United States District Court, a s jury awarded NPPD a $12 millionjudgment against Austin but also awarded Austin a $26 millionjudgment against NPPD, a difference of $14 million. Thejudgment against the District concerning this coal-fired generating facility was appealed to the United States Eighth Circuit Court of Appeals, and is now pending. E Participation by other utilities in the region has long been recognized as necessary to the feasibility of the MANDAN Project, a 500,000 volt transmission line linking Manitoba Hydro in Canada with the District's _ system for seasonal diversity exchange and associated sale of power and energy. Although discussions continued, we had not entered into a contract with 7 any utility with regard to participation and thus, by year's end, we had L substantially reduced the on-going level of expenditures in connection with the Project. In December, management was directed by the Board to r continue efforts to develop an appropriate contract, but if satisfactory additional participation by other United States utilities was not accomplished by July 1,1985, as evidenced by reasonable, good faith cost i sharing arrangements, management was directed to terminate all work on k the Project and to develop a recommendation to the Board of the next 4 preferable power supply resource. Because of a lack of participation by other utilities and the failure to a finalize satisfactory contractual agreements with Manitoba Hydro, i management recommended in March,1985, and the Board concurred that J all work on the MANDAN Project be terminated and the District pursue
; other power supply options.
We were encouraged by the results of a survey we commissioned during the year that revealed that 92 percent of our retail and wholesale customers surveyed rated their electrical service as good or excellent. NPPD was given a mean rating of 7.1 on a scale of 1 to 10 (with 10 the
- highest) when those responding were asked what kind ofjob we were doing in the state. Sixty-four percent of those polled thought their electric rates were reasonable when compared to items they regularly purchase.
E We believe this survey shows that our customers are generally satisfied
= by the District's performance and that this public utility is responsive to its customer / owners. Continuing that degree of acceptance will be a challenge for all of us in the years ahead. /
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7 General Manager E 7 r_
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,," ' "iM*2y.y * D'l lid' , 'i 1984 In Review :Wy x. -g ., ,_
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.? k dustry in South Sioux Cily, one of the Dis-trict's scholesale municipalities. A nests con- creased 3.1 percent in 1984 compared to ference tras held to announce the assembly 1983. Firm wholesale sales to munici-plant for the neue Tojan sports car. Taping palities declined 2.3 percent in 1984 com-rideo commercials for electric heat is only one pg7eg to 1983.
of the many uses for the District's audio-risual The District's retail customers used 2.7 department (inset). percent more electricity during 1984 than 1983. Our retail residential customers used Kilowatt-hour sales in 1984 totaled 9.16 nine-tenths of one percent more electric billion compared to 8.98 billion in 1983. The energy in 1984 than 1983. kilowatt-hour sales were 2 percent Electric System operating revenues in above 1983. 1984 rose to a new high of $327.9 million Sales from non-firm transactions in- while operating expenses also reached a new high of $318.2 million. Operations of I c zased 27.5 percent over 1983.There was a 16.8 percent decrease in participation the Electric System resulted in net reve-power sales largely due to our Cooper Nu- nues of $1.5 million Ihr 1984 which, when ; clear Station being out of service fbr adjusted thr noncash items as provided in I several months. the District's Electric System Bond Firm wholesale deliveries to other public Resolution, resulted in a debt service power districts and rural cooperatives in- coverage of 1.46. 8
t T. M. Kyster Assistant General Manager NPPD struction in our service area dropped off sharply in 1984. That same trend is ex-pected to continue during 1985. Thus, our marketing campaign aimed at improving the system load factor by encouraging in-stallation ofelectric heat is targeted toward the retrofit market. Efforts to balance the winter load with the summer load resulted in the installa-Payments Resulting From Law tion of 765 electric heat installations dur-And Contractual Agreements ing 1984 on our retail system representing NPPD paid more than $12.7 million to 12,493 kilowatts. At year's end we had a cities, towns, counties, and school districts total of 17,069 electric heat installations in in its service area during 1984. County our retail system representing 309,486 treasurers in 70 counties received in-lieu- kilowatts. of-tax payments based on property in excess We continue to emphasize our co-op elec-of $203 thousand. In addition, $3.9 million tric heat promotional campaign with our ofin-lieu-of-tax payments based on gross wholesale customers. retail revenue was distributed to county Energy Audits treasurers in 64 Nebraska counties where Expanded there are municipalities served at retail. During the year, we finalized a plan for The in-lieu-of-tax payments are required implementing a commercial and apartment under state law. Distribution is made by conservation service audit program that is county treasurers to counties, cities, vil- required under federal guidelines. lages, and school districts according to a These guidelines require public utilities prescribed formula relating to mill levies. to make energy conservation audits avail-Two hundred seventeen cities and vil- able to apartment and commercial custom-lages received approximately $8.9 million ers similar to the audits that are available as a result of agreements leasing their elec- for single family residences. trical distribution systems to the District. Safety Record At year's end, the District had lease . Earns Honors agreements with 214 cities and towns, six The District won two safety awards for electrical distribution systems within , achievements in reducing on-the-job municipalities are owned by the District, injuries. and 11 municipalities have a Capacity Pur- , We were the recipient of the National chase Agreement with the District whereby S fety Council's ' Award of Honor,' the the District leases the output of the muni-Council's highest award for improved cipalities' generating plants and serves at wholesale the municipalities' firm electri. 8 fe4 perknance ang won the American Public Power Assoc,ation,s i (APPA) first cal requirementa. place safety award m the category of elec-Marketing Of tric systems with more than two million Off Peak Energy man-hours of annual exposure. APPA rep-Due to the state of the economy and resents more than 1,750 publicly owned high interest rates, new residential con- electric utilities. 9
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.m RETAR. COSTS 1 WHOLESALE COSTS
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o There was an average increase of approx-CAPITAL EXPENDITURES g* imately 3.3 percent, excluding the Produc-t tion Cost Adjustment, in electric rates in A, N 1984 over 1983 for a hypothetical" average" , ,= \ > retail residential customer on our system. t
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f The District serves 107,636 retail custom-ers. Rates were set to satisfy additional rev-
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enue requirements of $4.1 million in the retail division in 1984 over 1983.
,,,, ,. ,. ,,,, ,,, Wholesale customers received an aver-m<.m au.ri m age increase of approximately 1 percent in a riunwnim . mmmm the 1984 rates over 1983 excluding the Pro-em=*'**'""="'" duction Cost Adjustment and these rates were set to raise approximately $225 mil-lion in wholesale revenue. The District serves the total requirements of 52 municipalities and 26 other public power districts and rural cooperatives at wholesale. In addition the District serves at wholesale the partial requirements of 18 municipalities.
Approximately 76 percent of NPPD's kilowatt-hour sales is to wholesale custom-ers and 24 percent to retail customers. Wholesale customers of NPPD determine their own retail rates for their customers. 10
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-i We also began 1985 with a PCA credit to
_= 6 refund excess revent.es collected during 1984. _ =m The credits result from the inability to accurately project fluctuating fuel expenses and other production costs and reflect the Excluding the Production Cost Adjust- sale to other utilities of current excess ment, the retail residential rate in 1985 will energy on a non-firm basis. average approximately 1.9 percent more Surface Irrigation than in 1984 for a hypothetical" average" Rates Increase customer on our system which is the small- Surface irrigation customers of the Dis-est percentage increase in basic retail elec- trict experienced an overall increase av-tric rates in 12 years. The two-year eraging 4.4 percent in 1984 over 1983 rates. wholesale rate adjustment approved in These customers will experience an aver- . 1983 will increase wholesale rates an aver- age increase of 3.3 percent in water rates in age of 1.5 percent in 1985 over the 1984 1985, although the increases will vary rates, excluding the Production Cost among customers in the three major Adjustment. canal systems. In 1984 and again in 1985 the average NPPD has water storage appropriations rate increases are below the rate ofinfla- which make available during an irrigation tion. A reduced demand for electricity has season approximately 185,000 acre feet of enabled the District to delay major trans- storage water to supplement the Platte mission and generation construction, con- River's normal summer flow. During the tributing to the small increases. Summer summer, the District releases storage load control efforts, energy conservation, water to irrigate approximately 75,000 the weather and the state's economy are all acres ofland in the Platte River Valley. believed to be playing a role in the reduced CIS Progressing demand for electricity. On Schedule PCA Factor Accountants, programmers, cashier / Remains A Credit clerks, general clerks, office supervisors, The Production Cost Adjustment (PCA) communication technicians, supervisors, factor on retail and wholesale bills during and other District personnel are bringing 1984 continued to be a credit reflecting ex- the new Customer Information System cesses in the PCA account accumulated (CIS) to full utilization. during 1983 and 1984. On two occasions CIS will provide a number of benefits to during 1984 the credit factor was increased the District and its customers, including when the PCA account accumulated funds expanded customer information and his-in excess of $4 million. tory, timely access to centralized customer ' When the account reaches plus or minus records, complete customer billing func-
$4 million, an agreement with wholesale tions, centralized accounts receivable, and customers requires an adjustment in the timely and more comprehensive manage-factor reflecting excess or deficient ment infbrmation. Conversion of our retail collections. regions will be completed during 1985.
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Jan MB mar APR ma? JUN JUL AUS SEP OCT NOV DEC Jan HB uan am may Jun m auG SEP OCT mov OEC Ja4 FEB uan am may jus JUL AUG SEP OCT 40v OEC a For the fourth consecutive year the Dis- We continue to rely heavily on coal to trict's firm wholesale and retail customers supply our power sales requirements. Dur-did not set a new summer peak demand on ing 1984, approximately 60 percent of the the system. This generally reflects the state Dist rict's energy supply was from coal-fired of the agricultural and industrial economy resources,18 percent from nuclear re-in our service area, summer weather pat- sources,21.5 percent from hydro < water) re-terns, and load control efforts. sources including our firm purchases from The District's 1984 summer firm power the Western Area Power Administration demand of 1,578 megawatts was set on July (WAPAi, and the remaining .5 percent 23 and is approximately 9 percent below the came from a variety of oil and gas comparable record peak demand of 1,720 fired resources. megawatts set in 1980. The highest winter Gentleman Station Provides peak of the year occurred in January as customers demanded 1,199 megawatts. Ilulk Of Generation This was 7 percent below the record winter Gerald Gentleman Station Units No. I peak of 1,288 megawatts that had been set and 2 provided 718 percent of the District's in December of 1983. total generation during the year. Net gen-12
C. R. Jones Assistant General Manager _ NPPD eration from these coal-fired units was will be purchased by NPPD for distribu-5,413,818 megawatt-hours and the plant tion to its customers. Maximum usage of had a capacity factor of 50.25 percent which the electric power produced at Kingsley means that the units averaged running at Hydro will coincide with the summer accredited capacity a little more than half irrigation season. of the time. The $49 million plant, a cooperative NPPD had filed suit against Austin In- venture of the two utilities was completed dustries, Inc., and its subsidiary National seven months ahead ofschedule.The plant Industrial Constructors, Inc., (NIC) which was declared to be in commercial operation built Gerald Gentleman Station Unit No.1 on November 5. seeking damages for cost overruns and License Renewal completion delays, and counterclaims were Applications Filed filed against the District by the contractor. NPPD and Central Nebraska Public Ajury awarded NPPD a $12 million judg- Power and Irrigation District filed applica-ment against Austin but also awarded Au-
, tions during the year asking license re-stin a $26 million judgment against the newal to continue operating the two Dis-District, a difference of $14 milhon.
tricts' reservoirs and hydro power stations The District appealed the U.S. District in the Platte River system. Courtjudgment against the District in the The Districts 50-year licenses, which suit involving the construction of Unit , date back to the construction of the Tri-No.1. Our Board of Directors instructed County and Sutherland Projects in the management and legal counsel to file the 1930s and 1940s, will expire in mid-1987. appeal to the U.S. Eighth Circuit Court The applications, filed with the Federal ppeals. Energy Regulatory Commission, ask re-Dedication Ceremonies newal for another 50 years. The projects For Kingsley Hydro generate electricity, irrigate a large arca of Representative Virginia Smith of Ne- agricultural land, create wildlife habitat, braska's Third Congressional District was and provide recreation for outdoor principal speaker at the October 17 dedica- enthusiasts. tion of the Kingsley Hydroelectric plant at Although NPPD and Central are apply-Kingsley Dam which impounds the waters ing for separate licenses, the two projects of Lake McConaughy. have interrelated operations. They share The plant was constructed and is being the use of the same water and NPPD pur-operated by Central Nebraska Public chases the entire output of Ccntral's hydro Power and Irrigation District, but the power generating stations. entire output of the 50 megawatt facility 13
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4 - .f p;p Q -Q %g , N At the time of originmily undertaking l pursuit of the N1ANDAN Project, a 600-mile 500,000 volt transmission line that l was proposed to be (or.. ructed between l substations in northeas'. Nebraska and Wmnipeg, hianitoba. Canada, with switch- { ing stations in North Dakota and South 1 1 14
W. A. Merrill Assistant General Manager NPp0 power supply options. The recommenda-tion was made because of a lack of partici-pation by other utilities and the failure to finalize satisfactory contractual agreements with hianitoba Hydro. South Dakota PUC Dakota, the District determined that Ruling Reversed additional participation by other utilities The South Dakota Supreme Court ruled in the region was necessary to the feasibil_ ~ during the year that the District's applica-ity of the Project. tion for a South Dakota permit for the While there have been discussions with 51ANDAN Project was unconstitutionally various utilities in the region concerning rejected by the South Dakota Public participation, no contracts were finalized Utilities Commission (PUC). e at the end of the year. The PUC in 1982 denied the permit. During 1984, the District and the Alan. NPPD appealed the PUC's action to circuit itoba Hydro Electric Board continued to court, which reversed the PUC. The PUC
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develop a definitive agreement for the sea _ and " Safe Energy Alternatives " a group sonal exchange of power and the sale of opposed to the line, appealed the ruling to associated energy to take advantage of the the Supreme Court. diversity between peak loading times of The Supreme Court remanded the case to the District's system and hianitoba the PUC to decide whether, as requested by Hydro's system. the District, various zoning and local land In late 1984, the District's Board of Di_ use requirements should be preempted and rectors adopted a resolution affirming that whether a general variance to make minor the 51ANDAN Project was the best re. location changes should be granted. The source available to the District to meet its PUC had not ruled at year's end. future power supply needs but also recog- Agreement Reached nized the need for participation by other On Right-Of-Way utilities. The Board directed management A right-of-way agreement signed by to continue its efforts to develop appropri- NPPD and the Winnebago Indian Nation ate contracts, provided, however that if during the year will permit the District to satisfactory additional participation by complete construction of a vital 345,000 other United States participants is not ac- volt transmission line in northeast complished by July 1,1985, as evidenced Nebraska. by reasonable, good faith cost sharing ar- The line from the Raun Substation in rangements, management is to terminate Iowa, owned by lowa Public Service, to all work on the Project and develop a ree- NPPD's Hoskins Substation will cross the ommendation of the next preferable power Winnebago Reservatim. The line is re-supply resource. quired to stabilize the transmission system However, in Alarch,1985, the Board m northeast Nebraska. adopted a management recommendation Under terms of the agreement. NPPD that all work on the A1ANDAN Project be has been granted ight-of-way easements terminated and the District pursue other across 30 tracts e Indian land. 15
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V .. C "if L.G.Kuncl Assistant Genemi Manager NPPD The District expects substantial expendi-tures will be required to bring Cooper Station into compliance with the additional requirements. The District spent approxi- l mately $7 million on such projects l through 1984. ' The District is complying with NRC
- requirements by installing a new Plant Management Information System at Cooper Sta' tion, one of 22 boiling water 9 per Station. The total cost of this system reactor (BWR) units in the nation, was ' is expected to be $20 milhon. Additional admimstrative facilities are also bemg available to generate electricity 80 percent planned.
of the time during its first 10 years ofcom. mercial operation. Initial Spent Nuclear
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Other Projects Fifly-four bundles of spent nuclear fuel In order to correct a pipe cracking prob. from Cooper Station were successfully lem at Cooper Station, discovered during a ' transported to a General Electric storage routine outage for maintenance and refuel- facility near Morris, Illinois, in specially ing during 1983, the District is replacing designed fuel casks and rail cars. The ini-the recirculation, core spray, and reactor tial shipment was completed in August. water clean-up system piping and assoc . A Burlington Northern train carried the ated connections. The replacement began 11.4 tons ofspent fuel in three cask cars and during 1984 and the plant is expected to be the District plans to make about 30 more out of service until early June,1985. shipments over the next five or six years. In The estimated cost of the replacements all, the District is planning to ship 1,056 and related costs is $50.3 million. Included fuel assemblies from the first two core load-in the cost is a multipurpose facility which ings, supplied to Cooper Station by was constructed for use as a machine shop General Electric, for radioactive materials, decontamination FEMA Approves States' activities, equipment storage, and other Emergency Plans uses. The facility could be modified to tem- Emergency preparedness at Cooper Sta-porarily store low level radioactive waste. tion was approved during the year by the In resp <mse to concerns raised by the ac- Federal Emergency Management Agency cident at Three Mile Island, the Nuclear (FEMA). FEMA is required under federal Regulatory Commission (NRC) has pro- regulations to review and evaluate state mulgated additional requirements relating emergency plans and exercises in the to the design, construction, and operation of vicinity of nuclear power plants. nuclear plants, including design modifica- Based on its evaluations and review, tion, accident analysis, state and local FEMA found that the state and local plans emergency evacuation programs, and pro- both ihr Nebraska and Missouri for Cooper cedural changes. Many of these require- Station "are adequate to protect the health ments impose more stringent training, and safety of the public living in the maintenance, and operating standards. vicinity of the plant." 17
r FINANCIAL COMMENTARY During February,1984, the District's Board of percent duc to (1) a reduction in sales to Lincoln Directors authorized the sale of up to Electric System as a result of the Cooper Nu- ,
$100,000,000 of Commercial Paper notes (the clear Station outage,(2) the termination of a
" Series A Notes"). Only $80,000,000 of the participation power sales contract with amount authorized has been issued and was out- Sunflower Electric Cooperative, Inc., and (3) a standing as of December 31,1984. The Series A participation power sales contract with Omaha Notes were issued (1) to finance a portion of the Public Power District providing for zero sales District's costs in developing the MANDAN from May 1 through October 31,1984. Firm Project (a proposed transmission line between sales for retail and wholesale service increased Nebraska and Canada),(2) to finance a portion 2.7 percent and 1.7 percent, respectively, over of the costs relating to a plant management in- 1983.
formation system and repairs and replacement Electric System operating revenues were of piping at the District's Cooper Nuclear Sta- $327.9 million in 1984, showing a very slight tion, and (3) for other lawful purposes of the increase over 1983 due primarily to the effects of District. The average interest rate for the nominal increases in rates and megawatt-hour Series A Notes issued during 1984 was approx- sales, which were ofTset by the effuts of a signif-imately 5.9 percent. These interest rates equate icant decrease in the peak demand. to a significant savings to our customers when Electric System operating expenses in 1984 compared to most other conventional methods totalled $318.2 million, which is an increase of of financing. $ 16.9 million over the year 1983. The increase is Another significant improvement which will primarily associated with increased purchased result in a savings to our customers is the new power costs which includes purchases from both Customer Information System. The new system the Nuclear Facility and the Power Supply will provide for monthly billings to all retail System. customers (previously most billings were on a Net revenues of the Electric System decreased bi monthly basis), more timely answers to to $1.5 million for the year 1984. The reduction customer inquiries, a more levelized cash flow from 1983 is significant and can be attributed to from retail customers, and improved cash operating revenues remaining near the 1983 management, level and the continued increase in purchased Total kilowatt hour sales in 1984 were 9.16 power costs. These net revenues, when adjusted billion compared to 8.98 billion in 1983, an over- for noncash items as provided in the District's all increase of 2.0 percent. Sales from non-firm Electric System revenue bond resolution, re-transactions increased 27.5 percent over 1983. sulted in a debt service coverage of 1.46. Sales to participation customers declined 16.8 T. M. Kyster Assistant General Manager & Assistant Treasurer 18
Nebraska Public Power District ELECTRIC SYSTEM lleport of Independent Public Accountants To the Board of Directors of Nebraska Public Power District: We have examined the balance sheet of the Electric System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1984, and the related statements of revenues and expenses and accumulated net revenues and changes in financial position for the year then ended. We have also examined the ! supplemental schedule of the calculation of the debt service ratio for the ! year ended December 31,1984. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The financial statements of the Electric System of Nebraska Public Power District as of December 31, 1983, and for each of the two years in the period ended December 31,1983, were examined by other auditors, whose report, dated Starch 2,1984, l expressed an unqualified opinion on those statements. In our opinion, the financial statements referred to above present fairly the financial position of the Electric System of Nebraska Public Power District as of December 31,1984, and the results ofits operations and changes in its financial position for the year then ended, and the supplemental schedule of the calculation of the debt service ratio fbr the year ended December 31,1984, presents fairly the information set forth therein, all in [ f confbrmity with generally accepted accounting principles applied on a basis . s consistent with that of the preceding year. j Coopers & Lybrand Omaha, Nebraska, I l! Starch 15,1985, except fbr Note (9) l as to which the date is afarch 29,1985. 4 1
- i. P 19
Nebraska Public Power District ELECTRIC SYSTEM Balance Sheets Decemher 31,1984 and 1983 19M 1983 ASSETS ~Trhou ad. or poniar.> Utility Plant, at Cost . . . . ... .. . .. . . .. . . . . . . . . . . . $628,120 $608,325 Less-Reserve for depreciation and amortization (Note 1) .. . ...... .. . 232,945 211,464
. $395,175 $396,861 Debt Reserve Account ......... . . . ....... ....... . ... . . . . . .$ 30,732 $_30,695 Receivables:
Advance to Power Supply System (Note 5) ...... .. .. ... .. . . . . . . . . . . $ 30,000 $ - Sale of property . . ..... ..... . ...... ...... ... ... . .... 1,649 1,385
$ 31,649 $ 1,385 Current Assets:
Cash and investment securities (Note 6) . ..... .... .... . . . . . .$115,733 $ 93,734 Receivables,less reserves . . ... ... . ... ........ .. .. .... 40,563 43,050 Mate:ials and supplies, at average cost . . . . . . . . ... ... .. . .. ... 17,834 9,895 Prepaymonts and other assets . . . . . . . . . . . . . . . . . . . . . . . ..... 357 270
$174,487 $146,949 Deferred Charges:
Nuclear Facility billings (Note 1) . . .. . ... ....... .... .... . . . . . .$ 30,965 $ 28,150 Unamortized financing costs . . . . . . ... . ... ..... ..... .. . 2,727 2,935 Other .... . . ... ... . . ... . . .... ..... . . .... 3,818 3,650
$ 37,510 $ 34,735
$669,553 $_610,625 LIABILITIES AND CAPITAL Accumulated Net Revenues . .. .... . ... .. ... . . . . . . . . . . . . . . $ 160,398 $158,910 Long-Term Debt (Note 4) ... ... ........ ...... ..... .. . . . . . . .$359,071 $367.932 Notes Payable (Note 4):
57'1 of prime, due 1983 to 1984. . . . . . . . . . .. .... .. .. ... .. ... . .
- 322 72%% of prime, due 1983 to 1986 . ... ..... ..... ... . .... . .. . 12,000 18,000 67'1 of prime, due 1983 to 1989. . . . . . ... ...... . . .. ... .... 12,480 15,172 Commercial pap 3r notes (Note 5) . ... .... ........ .. . . ... .. .... 71,848 -
$455,399 $401,426 less-Current maturities . . .. ..... ..... . .. . . .... .. .. . 18,680 18,012
$436,719 $383,414
$597,117 $542,324 Current Liabilities:
Commercial paper notes (Note 5) .. .. . ... . ...............$ 8,152 $ - C u rre n t mat u rities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ... .. 18,680 18,012 Accounts payable . . . . .. ..... . .. . ... . ...... .... .. . .. . ... 16,253 19,561 Accrued lease payments . ............ ....... .. . .. .. . .. .. 8,669 11,138 Accrued interest ............ . ... . . .... . ........ . ... . 605 193 Other ....... .... ... ... . ...... ... . .. ....... ....... ... 17,651 16,739
$ 70,010 $ 65,643 Unamortized Payment Received for Refinancing Costs . . . . . . . . . . . . . . . . . . . .$ 2,426 $ 2,658
$639/353 $610,g2_5 The accompanying notes to financial statements are an integralpart of these balance sheets.
20
Nebraska Public Power District ELECTRIC SYSTEM Statements of Revenues and Expenses and Accumulated Net Revenues for each of the Three Years in the Period Ended December 31,1984 19 4 1983 1982 (Thousands of Dollars) Revenues and Expenses: Operating Revenues (Note 2) . . . . . . . . . . ............. . . . . . . .$327,931 $327,382 $313,119 Operating Expenses: Power purchased-Nuclear Facility and Power Supply System (Note 1) . . . . .$195,868 $179,940 $173,014 Other.... ..... ..... . .......... . ..... . . ...... . 42,330 42,092 36,883 Production-Fu e l . . . . . . . . . . . . . . . . . . . . . . .. . ......... .. .. . .. 6,795 11,386 11,132 Operation and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,116 6,019 5,835 O t he r ope ra t io n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,086 21,121 20,239 Other maintenance . . . . . . . . . . . . . . . . . . ........... . . .. . 6,961 6,564 6,387 Lease payments (Note 1) . . . . . . . . . . . . . . . . ....... ....... .. 8,940 8,610 8,028 Depreciation and amortization (Note 1) . . . . . ............... 22,759 19,631 18,217 Payroll taxes and payments in lieu of taxes . . . . . . . . . . . . . . . . . 6,317 5,981 5,701 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . .$318,172 $301,344 $285,436 Net operating revenues . . . . . . . . . . . . . . . .... .....$ 9,759 $ 26,038 $ 27,683 Interest and Other Revenues: Allowance for funds used during construction . . . . . . . . . . . ....$ 1,180 $ 1,878 $ 2,160 Inte rest and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,388 15,170 18,498 Total interest and other revenues . . . . . . . . . . . . . . .$ 18,568 $ 17,048 $ 20,658 Net revenues before other deductions . . . . . . . . . . . . $ 2 8,3 2 7 $ 43,086 $ 48,341 Other Deductions: Bond interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,7 89 $ 22,199 $ 22,582 O t he r i n te re s t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,524 3,281 3,910 Miscellaneous, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 526 555 224 Total other deductions . . . . . . . . . . . . . . . . . . . . . . . . .$ 26,839 $ 26,035 $ 26,716 Net Revenues ( Note 2) . . . . . . . . . . . . . . . . . . . . . . . ... .... .......$ 1,488 $ 17,051 $ 21,625 Accumulated Net Revenues: Begin n i ng balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , 158,910 141,859 120,234 E nd i n g ba l a nce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,398 $158,910 $141,859 The accompanying notes to financial statements are an integral part of these statements. 21
Nebraska Public Power District ELECTRIC SYSTEM Statements of Changes in Financial Position for each of the Three Years in the Period Ended December 31,1984 19M 1983 1982 (Thousands of Dollars) Funds Provided by Operations: Ne t re ve n ue s . . . . . . . . . . . . . . . . . . . . . . . . . . ... ....... . . . . . $ 1,488 $17,051 $21,625 Add items which require no current outlay of working capital-Depreciation and amortization (Note 1) . . . . . . . . .. . . . . . . . 22,759 19,631 18,217 Amortization of deferred charges (Note 1) . . .. .. ... . . 12,769 6,514 6,514 Other...... .......... ....... ....... ........ .. .. . ..... 633 596 550 Total funds provided by operations . . . . . . . . . . . . . $37,649 $43,792 $46,906 Other Sources of Funds: Proceed s from notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 - - Contribution from Basin Electric . . . . . . . . . ...... ....... . .. . 776 - 12
.(22,036) 2,692 9,500 (Increase) decrease in fund balances . . ........... . . ... ..
Proceeds from sale of property . . . . . . . . . . . ........ .... ..... 12 30 1,233 Total funds provided . . . . . . . . . . . . . . . . . . . . . . . . . . $96,401 $46,514 $57,651 Funds Applied: Utility plant additions . . . . . . . . . . . . . . ... .... .......... . . $23,170 $28,490 $36,880 Increase (decrease) in receivables from sale of property . . . . . . . . . . . . . 264 (071) (219) Increase (decrease) in receivables . . . . . . . . . . . . . . . . . . . . . . . (2,487) 2,726 6,262 Increase (decrease) in materials and supplies .. . . .. ..... .... 7,939 (7,271) 1,888 Advance to Power Supply System (Note 5) .... . . .... ... . 30,000 - - Addition to deferred charges for Nuclear Fa:ility . . . . . . . . . . .. 15,584 517 3,797 Repayment of notes payable . . . . . . . . . . . . . . . .. ..... .... .. 9,014 17,688 14,585 Retirements of long-term debt . . .... ....... .... .. ... . 8,998 8,766 8,221 (Increase) decrease in accounts payable . . ... ..... . .... .. 3,308 607 (2,384) Other working capital changes . . . . . . . . . .... ... ... .... ... 1,230 (21) (16,128) Other............. ... .......... . .. ........ ..... .... ... (619) (4,017) 4,749 Total funds applied . . . . . . . . . . ............ . . . . . . . $96,401 $461 514 $57,651 The accompanying notes to financial statements are an integml part of these statements. 22
Nebraska Public Power District ELECTRIC SYSTEM Supplemental Schedules-Calculation of Debt Service Ratios for each of the Three Years in the Period Ended December 31,1984 19 &l 1983 1982 (Thousands of Dollars) Operating revenues . . . . . . . . . . . . . . . . .... . .. ... .. . .$327,931 $327,382 $313,119 Operating expenses, excluding depreciation and amortization of
$23,392,000, $20,227,000, and $18,767,000 . . . ... ... .. . . 294,780 281,117 266,669
$ 33,151 $ 46,265 $ 46,450 Interest and other revenues, excluding interest on construction funds of
$6,041,000, $6,424,000, and $8,989,000. . .. . .. . . .... . 11,347 8,746 9,509 Net resenues available for debt service . . . . ... ... .. . .. . . . . .$ 44,498 $ 55,011 $ 55,959 Amounts deposited in the Electric System Debt Service Account-Principal . . . . . . . . . . . . . . . . . . . . . . . . .. . . .. .. .$ 8,727 $ 8,832 $ 7,955 Interest..... ... . .. ... ... ...... .. . .. . .... ... ... 21,789 22,199 22,422
$ 30,516 $ 31,031 $ 30,377 Ratio of net revenues available for debt service to debt service deposits . . . .. .. . . . . . . . .. 1.46 1.77 1.84 The accompanying notes to financial statements are an integral part of these statements.
Nebraska Public Power District As required by Bond hesolutions, separate records are ELECTRIC SYSTEM maintainea ror each division. The Electric System finan-cial statements exclude the Nuclear Facility and Power Notes to Financial Statements Supply System, for which financial statements are pre-(1)
SUMMARY
OF SIGNIFICANT sented separately herein. The Electri,e System financial ACCOUNTING POLICIES: statements should be read in conjunction with such other A. Organization- financial statements. The District has three separate divisions for account. B. Depreciation, Amortization and Maintenance-ing purposes as follows: The District records depreciation over the estimated Electric System useful life of the property. Depreciation on Utility Plant in Nuclear Facility Service was approxir.iately 3 W in each of the years 1984, Power Supply System 1983, and 1982. 23
The District has long. term lease agreements with 214 F. Unamortized Payment Receiwd for Re/inancing Costs-municipalities. These lease agreements obligate the Dis- This reimbursement from the Nuclear Facility was trict to make lease payments and pay for normal property for certain refinancing costs of the Electric System in-additions during the term of the lease. The District has curred in 1968 and is being amortized over the life of the recorded pmvisions for amortization of $4,024,000 in 1984, 1968 Revenue Bond issue using the bonds outstanding
$3.863,000 in 1983, and $3,712,000 in 1982. Leased plant m thod.
additions, which are fully reserved, totaled $36,151,000 G. A. -tment Securitics-at December 31,1984, and $32,851,000 at December invenents are made in U.S. Government securities, 31,1983. . . . Federal Agency obligations, and bank certificates of de-Certam municipal lease agreements .meluded an obh.- posit.The Debt Reserve Account in the Debt Service Fund gation requiring the District to make property additions s valued semi annually at January 1 and July 1 at the associated with the electric service being provided to such lower of cost or market in accordance with requirements of mumcipalities in an amount equal to a percentage of rev- the Electric System Revenue Bond Resolution (Electric enues of the respective leased systems. The District has Resolution). The securities in the remaining funds are completed negotiations with all but one of the municipal- valued at the lower of cost or principal amount in accord-sties which resulted m, among other things, the modifica- ance with requirements of the Electric Resolution. tion of the obligation to make such improvements. During 1984, the District paid these municipalities $1.980,000 II. Deferred Pmduction Costs-which was charged to depreciation and amortization. The Actual energy (fuel) costs in excess of those included balance of $3,417,000 will be paid during the years 1985 in the basic rates are recovered by a Pmduction Cost Ad-through 1987. Negotiations are continuing with the other justment (PCA) which is billed to all customers except municipality, non. firm and participation customers. When the basic The District charges maintenance and repairs,includ. rates do not provide sufficient revenues to recover the en-ing the cost of renewals and replacements of minor items ergy costs, the excess cost is deferred. When the basic rates provide revenues in excess of the energy costs, the excess of property, to maintenance expense accounts. Renewals is excluded fmm revenues. Present District policy requires and replacements of property (exclusive of minor items of that billings for the PCA be made using rates adjusted property, as set forth above) are charged to utility plant from time to time so that the variations in actual energy accounts. Upon retirement of property subject to deprecia. costs from energy revenues to be derived from the basic tion, the cost of property is removed from the plant ac- rates are recovered by PCA billings either in the current counts and charged to the reserve for depreciation, along with the removal costs, net of salvage. rate period or future rate priods. I. Revenue Recognition-C. Allowance for Funds Used During Construction- Substantially all wholesale revenues are recorded ,m This allowance, representing the cost of funds used to the period m which service is rendered, and,in accordance finance construction, is capitalized as a component of the w th mdustry practice, retail revenues are recorded in the cost of utility plant and is credited to Interest and Other month retail customers are billed. Consequently, revenues Revenues. The capitalization rates for construction fi- applicable to service rendered to retail customers from the nanced with revenue bonds are based on the interest cost 1 st billing in a year to the end of the year are not recorded of each issue less interest income. The rate for construc- as " venues until billed. tion financed by revenues is based on a projected rate of borrowing. For the periods presented herein, the rates (2) RATES: vary from 6.19 to 10.59. The District designs its wholesale and retail electric service rates to cover cost of service, including; 1) operat-D. Deferred Charges- ing expenses other than depreciation,21 debt serv ce, an,d Deferred charges for Nuclear Facility billings are 3) enta.in capital additions. In the event the District s
- as follows. '
rates for wholesale service are estimated to result in a n i. A surplus or deficiency in net revenuca during a rate period,
~
pemi ptwa iU Am .'[ son { such sqrplus or deficiency is taken ;nto acmunt m project-(thou nd of Duii rs, , ing estimated revenue requirements m the next two-year Fuelcost . . $10,500 $500 9/30/86 rate period. The following table illustrates the effect of Fuelcost . 6.600 185 12/31/87 these adjustments in revenue requirements on the State-Replacement rotors 2,966 86 12/31/87 ments of Revenues and Expenses. Plant management information system Adjustments in Revenue Requirements
~~
(partialcost) .. 4.655 122 (Est.) 12/31/89 n. e.riod Pipe replacement ms.im im.im inmm im-im im 6,244 217 (Est.) 12/31/89 mum tedi (partialcost) """"***"""' The carrying costs of the nuclear fuel advances are b" cit) i ir.cluded in the above amounts. The District included ; srhD
$12,769,000 in 1984, $6,514,000 in 1983, and $6,514,000 in Adjustment in 1982 of amortization m power purchased expense for these Subsequent Rate items. Paiods-E Unamortized Financing Costs- 1978-1979 . 0.6 - - - -
These costs represent issuance expenses on all tumds 1980-1981 . 0.6 (9.4) - - - and the premium to retire the Electric Syste n Revenue 1982-1983 . 0.9 - 10.7 - - Bonds.1975 Series, prior to their maturity date and are 1984-1985. - - - 2.0 (1.0) being amortized over the life of the respective bonds using 1986-1987 the bonds outstandim method. (Projected) - - - 4.4 6.8 24
As provided in the Electric Resolution, the District The pmceeds of this issue are being used (1) to finance covenants to charge rates for electric and other services so a portion of the District's costs in developing the MAN-that revenues will be suflicient to pay annual operating DAN Project (a proposed transmission line between Ne-expenses, including Nuclear Facility and Power Supply braska and Canadar,(2) to finance a portion of the costs System charges, debt service and other charges payable relating to a plant management information system and out of Electric System revenues. repairs and replacement of piping at the District's Cooper New rates for firm wholesale and retail service, "- Nuclear Station, and (3) for other lawful purposes of ciuding the PCA rate, which were placed in efTect in 1985, the District. are expected to increase revenues by approximately $8.8 The notes are anticipated to be retired from the million for the year. proceeds of future Power Supply and Electric System Revenue Bonds and fium revenues to be collected by the (3) RETIREMENT PLAN AND POSTRETIREMENT District's Electric System. BENEFITS: The District has a retirement income plan covering its (6) CASH AND INVESTMENT SECURITIES: full-time employees, substantially all of whom have December s t. elected to participate. Employee's contributions to the . 38*: _ 19H:( l plan are based on salary and the District's contributions (Thomands of Dollars) are alk)cated to each emoloyee's trust account based on the Revenue Fund . . . . $ 16,211 $10,923 employee's contribution's to the plan. The plan provides for Operating Fund . . . . . .. 6,975 12,837 retirement income equal to the total of the employee's Construction Funds . .. 51,882 49,269 trust nccount, including trust earnings. The District's con. Commercial Papcr Account . . 19,953 - tribution was $4,187,000 for 1984, $3,663,000 for 1983, Debt Service Account . ........ 345 338 and $3,453,000 for 1982. Reserve and Cont;ngency Fund . . 1,236 1,236 The District also provides certain health care, acci, General Reserve Fund _ 19,131 19,131 dent and life insurance benefita for retired employees. $115,733 $93,734 Substantially all of the District's retired employees are eligible for such benefits. The cost of providing these bene- Funds consist of $98,775,000 of investment securities its $654,000 for 1984, $764,000 for 1983, and and $16,958,000 of cash at December 31,1984, and
$81,878.000 of investment securities and $11,856,000 of cash at December 31,1983.
(4) LONG-TERM DEBT AND NOTES PAYABLE: (7) LONG-TERM OBLIGATIONS: IM= t- s i. The District has an agreement for the purchase of the 194: 19M3 entire output of a 100 MW steam electric generating plant Revenue Bonds: (Thousands ot Dollars' through 1991. Under the agreement, the District must Serial Bonds- (with limited exceptions) make minimum payments 2.009, due 1984 to 1990 . , .$ 3,270 $ 3,945 monthly. The annual aggregate amount of such required 4.759-6.009, due 1984 to 1985. . 8,460 16,505 payments is $968,000 fbr each of the years 1985 through 4.759-6.304,due 1986 to 1990. 44,465 44,465 1991. These payments will be reduced in the later years of 4.909-6.409,due 1991 to 1995 34,010 34,010 the agreement by payments made from reserve funds of 5.001-6.109, due 1996 to 2000. 39,850 39,850 the owner. In addition, the District is required to pay the 5.009 -6.304,due 2001 to 2005 49,740 49,740 variable operating expenses of the plant. The District's 5.759-6.409,due 2006 to 2009 27,820 27,820 total payments under the agreement were $2,987,000 in Term Bonds, with annual sinking 1984. $2,586,000 in 1983, and $2,421,000 in 1982. fund requirements- The District has exercised its right to finance the 5.109, due 1987 to 2002 . 41,000 41,000 angsley lYoject, which is a nominally rated 50 MW hy. 6.609,due 1993 to 2003. . . 33,200 33,200 m *lectric generating facility constructed and operated by 6.759,due 1991 to 1995 . 17,100 17,100 another utility, through the issuance of the Power Supply 7.004, due 1996 to 2005 . . . . 57,250 57,250 System Revenue Bonds,1985 Series. The District's Power
$356,165 $364,885 Supply System will purchase all of the output of the facil-Lease Purchase Payables- ity and also be obligated to pay all costs of operating and 2.009,due 1984 to 2005. . 4,716 4,992 maintaining the facility plus a management fee.
Unmrurtized Bond Discount .. (1,810) (1,945) (8) CONSTRUCTION AND FINANCING:
$359,071 $37g3] The 1985 construction plan for the Electric System includes authorization for estimated expanditures of $39 Principal payments of Electric System lemg-Term milli n f r 1985 and subsequent years. These expendi-Debt and Notes Payable for the next five years are: 1985- tures will not require the issuance of long-term debt $ 18,680,000; 1986 - $18,843,000; 1987 - $ 13,450,000; 1988 in 1985. - $12,810,000; 1989 - $11,725,000.
(9) SUBSEQUENT EVENT: (5) COMMERCIAL PAPER NOTES: On March 29,1985, the Board of Directors adopted a The District authorized the issuance of up to resolution which terminated the District's work on the
$100,000,000 of commercial paper notes in 1984. As of De. MANDAN Project. See Note e of notes to the financial cember 31,1984, $80,000,000 of the notes were issued and statements of the Power Supply % tem.
outstanding. The average interest rate for the commercial paper notes issued during 1984 was approximately 5.99 A credit agreement is maintained with a bank to support the sale of the commercial paper notes. This credit agree-ment expires in March,1987, 25
Nebraska Public Power District POWER SUPPLY SYSTEM Report ofIndependent Public Accountants To the Board of Directors of Nebraska Public Power District: We have examined the special-purpose statement of assets and liabilities of the Power Supply System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1984, and the related special-purpose statement of revenues and costs for the year then ended. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The special-purpose financial statements of the Power Supply System of Nebraska Public Power District as of December 31,1983, and for each of the two years in the period ended December 31,1983, were examined by other auditors, whose report, dated March 2,1984, expressed an unqualified opinion on those special-purpose statements. The special-purpose financial statements referred to above have been prepared ihr the purpose of complying with, and on the basis of, accounting requirements specified in the Power Supply System Revenue Bond Resolution adopted by the District on September 29,1972, as supplemented, securing the revenue b(mds issued thereunder. As described in Note 1(B), these requirements differ from generally accepted accounting principles. Accordingly, the special-purpose financial statements are not intended to present and do not present fairly the financial position, results of operations, and changes in financial position of the Power Supply System of Nebraska - Public Power District in conformity with generally accepted accounting principles. In our opinion, however, the aforementioned special-purpose financial statements of the Power Supply System of Nebcaska Public Power District j are presented fairly pursuant to the requirements of the Power Supply l System Revenue Bond Resolution described in Note 1(B), applied in a manner consistent with that of the preceding year. , E Coopers & Lybrand Omaha, Nebraska, March 15,1985, except for Note (2) as to which the date is March 29,1985. 26 __ - - - . _ _ _ _ _ _ _ m _
~ .. . -. __
W m
, &E Nebraska Public Power District J POWER SUPPLY SYSTEM .
Statements of Assets and Liabilities , December 31,1984 and 1983
-~
Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution -i 19M 1983 . - Utility Plant in Service ........ ASSETS crhousand. or poniar.>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 681,3 9 7 $688,233 c- =
Less-Reserve for depreciation (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,155 31,124 Amounts funded from revenue (Note 1) . .. . ................. ...... 1,740 1,173 - l $638,502 $655,936 Construction Work in Progress (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59,83 8 $ 43,064 [ Less- Amounts funded from revenue (Note 1) . . . . .... .... ...... .. 8,347 1,932 #
$ 51,491 $ 41,132 =
Special Funds: j Debt rese rve accou nt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56,234 $ 56,234 C Reserve and contingency fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... ....... 16,066 11,081 Additions and improvements account . . . . . . . . . . . . . . . . . . . . . . ... ..... 1,817 - 3 - Construction fund . . . . . . . ..... ... .... . ....... ... ....... . .. 62.834 69,767 - Development fund . . . . ......... . ...... ..... ................ . .. 31,080 9,358
^
Revenue fund ..... ..... . .... ..... . ............. ... .... ........ 160 - Operating fund . . . . . . . . . . . . . . . . . ... ...... ......... ...... ... . . . 11,606 14,299 General reserve fund . . . . . . . . . . . . . . ...... ... .. .... .. ..... .. 28,844 28,605 =
$208,641 $189,344 '_ -
Accounts Receivable . . . . . . . . . . . . . . . . . . . . ........ .... . ................$ 445 $ 559 $ Interest Receivable . . . . . . . . . . . . . . . . . . . . . . ...... . .... ...... . . .$ 6,449 $ 4,414 -; Fuel. Inventory, at average cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 17,037 $ 13,167 __ Prepayments and Other Assets . . . . . . . . . . . . . . . . . . . ....... .... .. . ..$ 980 $ 880 ?
$923,545 $905,432 7 LIABILITIES -
Revenue Bonds: . Serial Bonds-4.709-5.60%, due 1984 to 1985 . . . .. .. .... .. . . . . . . . . . . . . . . $ 11,4 05 $ 22,255 _ 4.90%-6.007, due 1986 to 1990 . . . . . . . . . . . ........ ................ 66,780 66,780 ' 5.509 -6.404, due 1991 to 1995 . . . . . . . . . . . . . . . . .... .. . .. .. 87,775 87,775 C 5.70%-6.60%, due 1996 to 2001. . . . . . . .. .. .... .. 74,050 74,050 Term Bonds, with annual sinking fund requirements- - 5.80%, due 1998 to 2012 . . . . . . . . . . . . . . . . ... ... .. .... 168,930 168,930 6.13%, due 1999 to 2016 ... ....... .... 6.75%, due 1999 to 2001 . . . . . . . . . . . . .
... . .. . .... . . 239,635 239,635 -5 -
........ . ... . .... . 23,025 23,025 6.909, due 2002 to 2008 . ...... ... . . .... .... .. . .. .. . 75,345 75,345 E 7.10%, due 2009 to 2016 . . . . . . . . . . . . . . . .. ........ . .... .. 129,005 129,005 ,
$875,950 $886,800 3 Advance fmm Electric System (Note 2) . ... . .. ... ...
Accounts Payable and Other Accrued Liabilities . . 30,000 8,147 5,759 ( g Operating Reserves (Note 1) . . . . . .... ... ... .. . .... ..... . .. 9,448 12,873
$923,545 $905,432 Z_=
The accompanying notes to financial staterzents are an integralpart of these statements. 27 __ K1
Nebraska Public Power District POWER SUPPLY SYSTEM Statements of Revenues and Costs for each of the Three Years in the Period Ended December 31,1984 Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution 1984 1983 1982 (Thousands of Dollars) Revenues (Notes 1 and 4): ' - Sales to the Electric System . . . . . . . . ..... . .. ...
. . . . . . . . . . . .$ 131,785 $121,085 $113,676 11,129 19,445 14,866 Investment and other income . . . . .... ..... ...... ...... . ...
Total revenues ... . ........ . . . ........ .
. . . . .$142,914 $140,530 $128,542 Costs:
Operating expenses-Production-Fuel . . . . . . . . . . . ....... . ... . . .. ... ... . . .$ 60,850 $ 54,298 $ 47,795 14,407 15,298 14,990 Operation and maintenance . . .. ... . .. ....... ... 1,384 4,399 2,374 Provisions for operating reserves (Note 1) . . . . . .. . .. ... .... . 2,702 2,819 2,597 General and administrative . . .. .... .. . ...... . . . . . . . 828 757 851 Insurance . . . . . . . . . . . . . . . . . . . . . .. . .. .. . .. ..
$ 80,171 $ 77,571 $ 68,607 Debt service (Note 1)-
10,850 10,340 5,660 Principal . . . . . . . . . . . . . . . . . . . ... .. .. . . . ..... 51,893 52,619 54,275 Interest... ...... . . .......... .. . . .. ... . ..... Total costs .......... . ... .. . .. ... . . . . .$142,914 $140,530 $128,542 The accompanying notes to financial statements are an integral part of these statements. Nebraska Public Power District
. Costs as defined by the Power Supply R? solution dif.
PG#ER SUPPLY SYSTEM fer in the following respects from generally accepted ac-counting principles: Notes to Financial Statements (1) Amortization of the debt principal is included (1)
SUMMARY
OF SIGNIFICANT as a cost in the accompanying Statements of Revenues ACCOUNTING POLICIES: and Costs as " Debt service. Principal". A. Organu.adon- Depreciation is not recorded as a cost. Had the The District has three separate d. . .ivisions for account- District provided straight.line depreciation over a ing purposes as follows: 40-year life rather than including amortization of Electric System debt principal over the same period, costs would have Nuclear Facility increased $6,300,000 for 1984, $6,900,000 for 1983, Power Supply System and $8,100,000 for 1982. Accumulated depreciation As required by Bond Resolutions, separate records are through December 31, 1984, would have increased maintained for each division. The Power Supply System costs approximately $36,500,000. The reserve for de-financial statements exclude the Electric System and Nu- preciation shown on the Statements of Assets and clear Facility, for which financial statements are pre- L abilities was provided by recording amounts equal sented separately herein. The Power Supply System fi. to sepayment of debt. nancial statements should be read in conjunction with (2) Billings to provide capital for renewals and such other financial statements. replacements of property and capital additions are in-cluded in the accompanying statements as " Operating B. Basis ofAccounting-Revenues are recognized and billed at an amount Reserves" and " Provisions for operating reserves". equal to costs as delimed by the Power Supply System Rev. Under generally accepted accounting principles, capi-enue Bond Resolution (Power Supply Resolution) which tal additions and provisions for renewals and re-include operating expenses (excluding depreciation), and placements are not expenses but (exclusive of minor debt service on the revenue b<mds, less investment in. items of property) are charged to utility plant. Utility come. Revenues are computed and billed so that no equity Plant in Service and Construction Work in Progress is accumulated in the Power Supply System. funded from revenues are fully reserved. 28
,. ... ~ . ~ . . . - . . .. . . . . . . . . . . , . , . .. . . . . . . . . .. . .. . . . . . . . . . . - . - , . . ,
(3) Interest income on construction fund invest- undertaken by the District which is funded by debt or ments for Gerald Gentleman Station Unit No. I and funded from revenues in a single year or over a period Unit No. 2 is capitalized although commercial opera- ofyears. ! tion began in April,1979 and January,1982, respec-tively. Such income would be included in income of (3) LITIGATION-' In 1930, the District filed suit to recover amounts to-the period under generally accepted accounting taling in excess of $50 million from National Industrial principles. l Constructors. Inc. (National), Austin Industries, Inc. i C. Utility Plant- (Austin) and Federal Insurance Company (Federal). Dur- ! Interest expense, less interest earned on investment ing c nstruction, National was merged with another com-securities, all financing costs and all other costs related to pany to form another wholly-owned subsidiary of Austm, , construction projects are capitalized. named Austin Power,Inc. ( Austin Power). The suit alleges damages fmm delays, cost overruns, and for other dam- ~ D.Special funds- ages and expenses associated with the construction of Special funds consist of $208,126,000 of investment Gerald Gentleman Station Unit No.1. Austin Power securities and $515,000 of cash at December 31,1984, and counter-claimed against the District to recover amounts
$188,862,000 of investment securities and $482,000 of totaling in excess of $32 million as a result, among other cash as of December 31,1983. things, of the alleged failure of the District to effectively l Investments are made in U.S. Government securities, co rdinate and administer the construction of Unit No.1.
Federal Agency obligations, and bank certificates of de. Prior to commencement of the trial, Austin Power posit. The Debt Reserve Account in the Debt Service Fund amended its damage claim to $55 million. and the Reserve Account in the Reserve and Contingency On August 22,1984, thejury rendered a verdict that Fund are valued semi-annually at January 1 and July 1 at the District is entitled to recover damages of $12,065,180 ! the lower of cost or market in accordance with require. from Austin Power, Austm and Federal and that Austin l ments of the Power Supply Resolution. Gains or losses on Power is entitled to recover damages of $26,153,505 from valuations are included in investment income. The securi, the District. On the same day, judgment was entered in ties in the remaining funds are valued at the lower of cost accordance with the verdict with interest thereon at the ! or principal amount in accordance with requirements of rate of 11.93'4, and for costs of the action. On December 31, the Power Supply Resolution. 1984, the District Court awarded Austin Power costs of
$797,386. NPPD has appealed from the judgment and (2) CONSTRUCTION AND FINANCING: .awani ofcosts and Austin Power, Austin and Federal have The 1985 construction plan for the Power Supply Sys- cross-appealed. Briefing of both appeals is scheduled to be tem includes authorization for estimated expenditures of complete by the end of May,1985 and oral argument be-
$2.8 million for 1985 and subsequent years.These expendi- fore the United States Court of Appeals for the 8th Circuit
- tures will not require the issuance of long-term debt is currently scheduled for June,1985.
in 1985. The suit filed by Austin Power against the District in The District has exercised its right, in accordance with District Court of Lancaster County, Nebraska, has been . the Kingsley Project Power Sales Agreement, to finance stayed, pending the outcome of the suit described in the the Kingsley Project, which is a nominally rated 50 MW preceding paragraph. a hydroelectric generating facility constructed and operated J.N = bv The Central Nebraska Public Power and Irrigation Dis- (4) RATE COVENANT: y1
- trict (Central). The Kingsley Project was declared to be in . The District is required under the Power Supply Reso- 7 lution to charge rates for electric power and energy from commercial operation on November 5,1984. The $65 mil-lion Power Supply System Revenue Bonds,1985 Series, the Power Supply System so that revenues will be at least (-n:
,m.
were issued for the principal purpose ofprepaying the capi. sufficient to pay operating expenses, aggregate debt ser- y 4 i tal cost associated with the purchase of the capacity of the vice on the Power Supply System Revenue Bonds, A-6 Kingsley Project. The total cost of the Kingsley Project, amounts to be paid into the Debt Reserve Account and .g; excluding interest during construction, financing expenses Reserve and Contingency Fund, and all other liens pay- p,g and reserves, is approxistely $49 million. able out of revenues of the Power Supply System. The debt 7.'p Under terms of the Kingsley Project Construction, service payments are approximately $65.6 milhon per Operation and Power Purchase Agreement, Central ye r through 2012 and approximately S33.8 milhon per 7g
- 43. ..'
makes available all of the production of the Kingsley Proj. year for the period 2013 through 2016. Prmcipal payments K ect and the District pays all costs of operating and main, f Power Supply System Revenue Bonds, as a component of such debt service payments, for the next five years g y taining the facility plus a management fee. t. .7. f are: 1985 -$11,405,000; 1986-$11,995,000; 1987 - ,$ c : During 1984 work contm.ued on the MANDAN Proj.ect, a high voltage transmission line, which, among otner $12,635,000; 1988-$13,310,000; 1989-$14,035,000. 7-p . things, would permit the seasonal exchange of power and the sale of associated energy. As of December 31, 1984, approximately $34 million, including interest and other @M 4- c;. c.; 4 costs, had been expended on this Project. Proceeds from the 'i,
" Advance trom Electric System" were used to finance the g. . :.
development of the MANDAN Project. i On March 29,1985, the Board of Directors of the Dis-S 9'y O trict adopted a resolution which directed management to immediately terminate all work on the MANDAN Project k% Og and to develop a recommendation to the Board of Directors regarding the next preferable power supply resource for the
'f.C District. The expended costs will be either capitalized as a i.3:22 part of the cost att ributable to the next power supply project
- c f 4;
.,;b k
29 M ,. -
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EE Nebraska Public Power District ? NUCLEAR FACILITY y Report ofIndependent Public Accountants C To the Board of Directors of Nebraska Public Power District: Q We have examined the special-purpose statement of assets and liabilities 3 of the Nuclear Facility of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of Q December 31,1984, and the related special-purpose statement of revenues - and costs for the year then ended. Our examination was made in accordance 7 - with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we ; considered necessary in the circumstances. The special-purpose financial , statements of the Nuclear Facility of Nebraska Public Power District as of ,f December 31,1983, and for each of the two years in the period ended December 31,1983, were examined by other auditors, whose report, dated March 2,1984, expressed an unqualified opinion on those special-purpose q statements. g
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The special-purpose financial statements referred to c' ,ve have been prepared for the purpose of complying with, and on the basis of, accounting $ g requirements specified in the Nuclear Facility Revenue Bond Resolution adopted by the District on August 22,1968, as supplemented, securing the q - revenue bonds issued thereunder. As described in Note 1(B), these -- requirements differ from generally accepted accounting principles. Accordingly, the special-purpose financial statements are not intended to - present and do not present fairly the financial position, results of operations, y and changes in financial position of the Nuclear Facility of Nebraska Public Power District in conformity with generally accepted accounting principles. ] In our opinion, however, the aforementioned special-purpose financial N statements of the Nuclear Facility of Nebraska Public Power District are ._ presented fairly pursuant to the requirements of the Nuclear Facility 3 Revenue Bond Resolution described in Note 1(B), applied in a manner 2 consistent with that of the preceding year. g 3 _= Coopers & Lybrand ? Omaha, Nebraska, Q March 15,1985. J
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E Nebraska Public Power District NUCLEAR FACILITY Statements of Assets and Liabilities December 31,1984 and 1983 Prepared Pursuant to Requirements of the r Nuclear Facility Revenue Bond Resolution ASSETS N N (Thousands of Dollars) Utility Plant in Service . . . . . . . . .... .... . .. .. . . . . . . .$411,259 $392,583 Less-Reserve for depreciation (Note 1) . . . . ... . ..... .. .. 85,874 74,397
- Amounts funded from revenue (Note 1) .... .. .. . 27,748 8,974
$297,637 $309,212
= Construction Work in Progress . .... . . .. . .. .. . .. .. . . .$ 75,874 $ 60,055 __ Less- Amounts funded from revenue (Note 1) .. .... .. . ..... 48,968 33,278
$ 26,906 $ 26,777 Nuclear Fuel-Net of Amortization (Note 1) . . . ... .$107,326 $109,346 Special Funds:
Debt reserve account . . . . . . .. .. . . . .. .. . . . .$ 28,342 $ 28,342 , Reserve and contingency fund . . . ... . .. .. . .. 13,104 8,728 . -; Additions and improvements account . . ... .. . .. . 10,119 2,216 ; .c . .. . ' Construction fund .. ....... . .... .. . . . 12,253 10,675 ;(,.; Fuel reserve account .... . .. .. . .. 14,944 11,366 j. - 1577-Fuel disposal fund (Note 2) . . .. ... . . . . . . .. 39,394 33,651 l ':: .#'- Operating fund . . . ... .. ... .. . .. . . 7,568 882 -C. i? Revenue fund . . . . . . . . . .. .. ... . ... . . . ... . 778 121 7 . W. Decommissioning fund (Note 4) 1,879
. I (. .
$128,381 $ 95,981 d'.
Accounts Receivable .. . . . .... .. .. . . .. ..$ 4,490 $ 11,071
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Interest Receivable (Note 2) . .. . . . .... .. . .. . .. .. ...$ ..N6 $ 3,039 . *y Deferred Charges and Other Assets . . .... . .... . . ..... . .$ 1,567 $ 7,064 2'~
$569,653 $562,490 ^ :[ 7.3
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LIABILITIES h'4-Revenue Bonds: E . .; Serial Bonds- $[.
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4.759-7.209, due 1984 to 1985 . . . ... . . .. .. . .. .$ 12,185 $ 23,760 % '.~i
- 4.804-7.50%, due 1986 to 1990 49,090 49,090
- 6.00'7<-8.80%, due 1991 to 1995 . . .
24,020 24,020 Q) . ]
. . ... . l L 7.384-9.20%, due 1996 to 2003 . . .. . .. . 26,600 26,600 - 4($
5 Term Bonds, with annual sinking fund requirem mts- . p: 5.10%, due 1987 to 2002 . . . . . .. .. .. .. . . ... 155,000 155,000 "" 6.30%, due 1993 to 2003 N." %
. . ... .. .... .. . . .. . 68,430 68,430 F 6.607, due 1992 to 2003 67,200 67,200 Q.; f 5
Operating Reserves (Note 1) . . .
$402,525 $414,100 117,465 104,435 b
[ Nuclear Fuel Disposal Costs (Note 2) . ..... . . .. . . 40,455 41,243 y "7 - y Accounts Payab'e and Other Accrued Liabilities . . .. .. . 9,208 2,712 jjyt
$569,653 $562,490 v., " A e't.
The accompanying notes to financial statements are an integml part of these statements. Q. */ . , naW F h NI. 31 7 y. .
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Nebraska Public Power District ] - NUCLEAR FACILITY
-m Statements of Revenues and Costs for each of the Three Years in 'Eii the Period Ended December 31,1984 Prepared Pursuant to f Requirements of the Nuclear Facility Revenue Bond Resolution -]-
1984 1983 1982 (Thousands of Dollars) E Revenues (Notes 1 and 3): -d 25i Sales-Electric System ..... ... .... . . . .. . . .. . . $ 66,114 $ 52,348 $ 53,563 - Iowa Power and Light Company . . . . . ... .... .. .. .. 66,116 52,351 53,549 _W Investment income .. ... . .. .. .. .. . . . 13,340 10,187 7,907 T
. $145,570 $114,886 $115,019 M Total revenues . . . . . . ....... . .. .
Costs: _= Operating expenses- g a Production-Fue! . .. ...... . .. . . . . . .. . $ 21,876 $ 28,740 $ 38,957 21,330 d Operation and maintenance ... . . . . . . .. 23,620 28,756 _f Provisions for operating reserves (Note 1) .. . .... 52,477 13,489 13,319 j 7,748 4,925 4,147 ~5E Technical and administrative . ... .. . . . Insurance . . .. .. . . .. .. . 3,668 3,788 3,656 M
$109,389 $ 79,698 $ 81,409 M
Debt service (Note 1)- Principal . . . . . . . . . . . . . . .. ... . . . 11,575 10,565 10,060 24,606 24,623 23,550 - Interest. . . ... ... . . .. .... . . . . Total costs ..... . . . .. . $145,570 $114,886 $115,019 4 - = The accompanying notes to financial statements are an integral part of these statements. b Costs as defined by the Nuclear Resolution difTer in 2 Nebraska Public Power District the following respects from generally accepted accounting NUCLEAR FACILITY principies (1) Amortization of the debt principal is included __ as a cost in the accompanying Statements of Revenues = and Costs as " Debt service. Principal". g Depreciation is not recorded as a cost. Had the j Notes to Financial Statements (1)
SUMMARY
OF SIGNIFICANT District provided straight-line depreciation over a 30-year life rather than m, eluding amortization of
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ACCOUNTING POLICIES: debt p + + - C over the same period, costs would have - A. Organization - increased $1,800,000 for 1984, $2,500,000 for 1983. The District has three separate divisions for account- and $3.000,000 for 1982. Accumulated depreciation d
-up ing purposes as follows: through December 31, 1984, would have increased Electric System costs appmximately $44,200,000. The reserve for de- 3 Nuclear Facility preciation shown on the Statements of Assets and Power Supply System Liabilities was provided by recording amounts equal =
to repayment or debt. = As required by Bond Resolutions, separate records are maintained for each division. The Nuclear Facility finan. (2) Billings to provide capital for renewals and 9 (ial statements exclude the Electric System and Power replacements of property. capital additions, and nu- T - Supply System, for which fiaancial statements are pre- clear fuel are included in the accompanying State-sented separately herein. The Nuclear Facility financial ments of Revenues and Costs as " Provisions for 4 statements should be read in conjunction with such other operating reserves" Under generally accepted ac- -5 financial statements. counting principles, capital additions and provisions q for renewals and replacements are not expenses but B. Basis ofAccounting- texclusive of minor items of property) are charged to Revenues are recognized and billed at an amount 3 equal to costs as defined by the Nuclear Facility Revenue utility plant. Provisions for working capital for nu- - Bond Resolution (Nuclear Resolution) which include oper- clear fuel are not expenses under generally accepted accounting principles until the fuel is used.
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ating expenses (excluding depreciation), and debt service on the revenue bonds, less investment income. Revenues (3) Interest income on construction fund invest-ments is capitalized although commercial operation
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are computed and billed so that no equity is accumulated in the Nuclear Facility. began in July,1974. Such income would be included 1 E 32 i
E. i in income of the period under generally accepted ac- to pay operating expenses, aggregate debt service on the counting principles. Nuclear Facility Revenue Bonds, amounts to be paid into C. Nuclear Fuel- the Debt Reserve Account and Reserve and Contingency Nuclear fuel in the reactor is being amortized on the Fund, and all other charges or liens payable out of revenues basis of energy produced as a percentage of total energy of the Nuclear Facility. The debt service included above is expected to be produced. payable at approximately $36.3 milh,on annually until 2003. Principal payments of Nuclear Facility Revenue D.Special funds- Bonds as a component of such debt service payments Special funds consist of $127,262,000 of investment for the next five years are: 1985-$12,185,000; 1986-securities and $1,119,000 of cash as of December 31,1984, $12,845,000; 1987-$13,540,000; 1988-$14,290,000; 1989 and $95,060,000 of investment securities and $921,000 of -$15,100,000. cash at December 31,1983. Under terms ofa power sales contract with Iowa Power Investments are made in U.S. Government securities, and Light Company (Iowa Power), the District makes Federal Agency obligations, and bank certificates of de- available one-halforthe production to Iowa Power with the posit. The Debt Reserve Account in the Debt Service Fund balance available to the District's Electric System. Iowa and the Reserve Account in the Reserve and Contingency Power and the District's Electric System each pay a pro-Fund are valued semi-annually at January 1 and July 1 at portionate share of the nuclear fuel costs (based on energy the lower of cost or market in accordance with require- actually delivered) plus one-half of all other costs of ments of the Nuclear Resolution. Gains or losses on valua- the facility. tions are included in investment income. The securities in The District has also agreed to make available, the remaining funds are valued at the lower of the cost or through its Electric System,12%9 of the output of the principal amount in accordance with requirements of the Cooper Nuclear Station to the City of Lincoln (Lincoln). Nuclear Resolution. (4) PLANT DECOMMISSIONING COSTS: (2) NUCLEAR FUEL- The District has estimated the cost of funding the The District has entered into contracts for various nu- eventual decommissioning of Cooper Nuclear Station. It is j clear fuel components for fuel loadings as follows: expected that the costs of decommissioning will be funded from (1) a component included in wholesale and retail rev-YearThrousgh enues of the Electric System, including revenues from Lin-I"oN'inent"E " supplier. 1No"Ne"f"t* coin for its purchase of power and energy from Cooper Nuclear Station; (2) revenues fmm Iowa Power, pursuant Uranium Concentrates . Various 1987 (Est.) to its contract for the purchase of power and energy from Conversion Allied Corp. 1987 Cooper Nuclear Station; (3) certain reserve funds estab-Enrichment . . U.S. Dept.of I shed under the Nuclear Resolution; and (4) surplus funds Energy 2014 derived from the ownership and operation of the Nuclear Fabrication General Facility. The District will continue to review such costs and Electric 1994 methods of funding as a result of changing conditions and The District has expanded its capacity for storage of "9" "'" * * * * * ""* spent fuel and it is estimated that such capacity will be (5) CONSTRUCTION AND FINANCL G: adequate for storage of spent fuel, including the fuel which It is estimated that the remaining cost to complete the General Electric Compa "(GE)is responsible for removing facility will approximate $4.0 million. These costs will not under contract with the District, until approximately 1990. require additional financing. The fees for disposal ofspent fuel and fuel in the reactor are (6) OPERATIONS-being provided as part of the fuel cost and collected t hrough During a sche $1uled maintenance and refueling outage revenues of the Nuclear Facility. The fuel disposal fees for in April,1983, hairline cracks wem discovered on the inte-fuel burned prior to April 7,,1983 are estimated to be ap-rior surface of certain of the recirculation, core spray and proximately $40 milhon, if paid in June 1985, under reactor water clean-up system pipes in Cooper Nuclear provisions of the Nuclear Waste Policy Act of 1982. Funds Station. In onler to correct the cracking problem, the Dis-which have been collected meludmg mterest income are trict is replacing the recirculation, core spray and reactor estimated to be sufficient to cover the fuel disposal fees for water clean-up system piping and associated connections. fuel burne 1 prior to April,7,1983. The disposal fees for fuel The District expects that Cooper Nuclear Station will be used to generate electricity after April 6,1983, are paid out of service for appmximately eight months commencing quarterly to the Department of Energy. Some of these fees September 15, 1984, while such replacements are made. may ultimately be the responsibility of GE.under the nu-The estimated cost ofsuch replacements and related costs is clear fuel supply contract for the initial fuel (1,056 fuel $50 million and the Electric System's share of such esti-assemblies). The District and GE have entered into an agreement mated cost is $25 million. The District is also installing a new plant management setting out certam rights and responsibilities relating t information system in compliance with Nuclear Regula-the shipment,of the spent fuel from Cooper Nuclear Station tory Commission regulations for nuclear plants. The total to Morris, Illmois. The mitial shipment of spent fuel was cost of such system is estimated to be $20 million, and the accomplished m August,1984. Each party has a full reser-Electric System's share of such estimated cost is vation of rights with respect to buyback payments, all $10 million shared costs, and ultimate responsibility for disposition of The District plans to pay the Electric System's share of the spent fuel and attendant costs. such costs, including Lincoln's share of approximately $8.8 (3) RATE COVENANT: million, fmm the proceeds of Electric System Tax Exempt The District is required under the Nuclear Resolution Commercial Paper Notes issued in 1984. Lincoln's share to charge rates for electric power and energy from the will be repaid to the District through billings for monthly Nuclear Facility so that revenues will be at least sufficient power costs. 33
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STATISTICAL REVIEW l Nebraska Public Power District Electric System, Nuclear Facilit, Nu be of Revenue Cust mers KWil Sales re From Sales '4 SALES (Thousands) (Thousands) Ih=taih Residential . . 81,448 741,434 8.1 $ 45,685 14.0 Rural & Farm. . 5,560 91,868 1.0 6,252 1.9 Commercial . . 17,393 562,920 6.1 34,479 10.5 Industrial . . 91 661,950 7.2 24,665 7.5 Municipal & Federal . . . . . 3,144 144,519 1.6 8,253 2.5 Total Retail . . ._107,636 2,202,691 24.0 $119,334 36.4 Wholesale: 52 Municipalities (Total Requirements) . 1,090,173 11.9 $ 38,703 11.8 18 Municipalities (Interconnection-Partial Requirements) . 180,962 2.0 4,081 1.2 26 Public Power Districts & Cooperatives (Total Requirements) . 3,277,760 35.8 103,773 31.7 Other Utilities-Non-Firm & Participation . . 2,408,240 26.3 54,025 16.5 Total Wholesale . . . 6.957,135 76.0 $200,582 61.2 Total Electric Revenues . . 9,159,8_26 10_0.0
$319,916 97.6 Other Operating Revenue., . . 8.015 2.4 Total Electric System Operating Revenues . $3_27,9_3_1 100.0 Production KWil 's Costs r4 GENEllATION (Thousands) (Thousands)
Production: Electric System (Including Interchange) . 441,421 4.6 $ 12,911 5.1 Purchased: Power Supply System'D . 5,414,016 55.9 $131,785 52.5 Nuclear Facility'D . 1,734,774 17.9 64,083 25.5 Other. . 2,088,912 21.6 42,330 16.9 Total Power Purchased 9,237,702 95.4 $238,198 94.9 Total Power Produced and Purchased . 963,123 100 0 $251,109 1000 (1) The Electric System purchases 1009 of the net generation of the Power Supply System and 50rf of the net generation of the Nuclear Facility based upon the total costs of the respective systems. Pursuant to the Power Sales Contract, Iowa Power and Light Company purchased 1,735,179,000 KWII. Iowa Power and Light participation is not included in the table. NPPD's dollar came from NPPD's dollar used for TAXES. INTEREST. AND RESIDENTIAL C057 OF POWER C0$T OF POWER OT!!ER EXPENSES (NET SALES - 14.0'1 COMMERCIAL PURCII ASED - PRODUCTION OF INTEREST INCOME l SALES - 10.59 AND OTilER Wl(OLESALE POWER SUPPLY.40E4 - 3F1 REVENUE - 61Ye RURAL & FARM tlNTER. DISTRICT) REVENUESi- 4.54 SALES - 19't
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INDU57 RIAL IER OPERATION NET FOR BOND - SALES - 7.5'i ' COST OP POWER AND MAINTEN ANCE RETIREMENTS. OTIIER OPERATING PURCil ASED - 1 INCLUDES IMPROVEMEN'IS. MUNICIPAL & RE\ ENUES - 2.4 NUCLEAR - 19.5'1 ADMINISTRATIVE. FTC. - 7.4'1 o FEDERAL SALES - 2.5's iINTER.DISTRICTl TRANSMISSION AND COST OF POWER DISTRIBUTION. PURCII ASED - EXPENSES. ETC.> - 11.6'4 OTilER- 12V4 36
l .l Y 3 s id Power Supply System l Year Ended December 31,1984 [ m i 1944 19H3 Increase '1 il GENERAL iThousands of Dollaro m sa l Utility Plant (at cost). - Electric System . . $ 628.120 $ 60s.325 $19.795 _i Power Supply System 711.235 731.297 9.938 Nuclear Facihty 487.133 452.638 34.493 M y i l Total Utihty Plant . . $1.856188 $ 1.792.260 $64.228 9 Number of Accredited i Plants d . Capability iKWI g Production Plant Facilities: i_, Steam - Con ventional 6 1.702.300 9 St eam - Nuclear 1 760.000 .5 =N liydro. 12 161.400 i l I)iesel 10 36.300 7 Peaking Turbine 3 149.000 ;
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Total PrMuction Plant Facilities . 3-) > 809.000
< 1i Net of retirem..nts -g (2) includes tu o . steam plants, fit e hydro plants and ten diesel plants under contract to the District -2
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131 Includes 3MO.000 KW contracted to lou a Poicer and Lwht e_ m Transmission Facilities: Miles of Transmission Lme in Service . 6.431 3 Personnel: Number of Permanent Emplovees .1.994 hi a assim llll g1 - , . . . . ; ~- v .- .s p Average KWH Sst t'o Usek n . Total KWH Sale'slin millions) "E ll g'.: ,.Py.,,g
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