NLS8600148, Nebraska Public Power District,1985 Annual Rept
| ML20244D826 | |
| Person / Time | |
|---|---|
| Site: | Cooper  |
| Issue date: | 12/31/1985 |
| From: | Pilant J, Schaufelberger NEBRASKA PUBLIC POWER DISTRICT |
| To: | NRC OFFICE OF ADMINISTRATION (ADM), Office of Nuclear Reactor Regulation |
| References | |
| NLS8600148, NUDOCS 8605090146 | |
| Download: ML20244D826 (40) | |
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J Year At A Glance-Electric System i Kilowa tt.hou r Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.06 Billion l Operating Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $329.1 Million r I
Cost of Power Purchased and Generated . . . . . . . . . . . . . . . . . . $240.7 Million (Including Nuclear and Power Supply Systems)
Other Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68.7 Million Net Reven ues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.8 Million Debt Service Coverage . . . . . . . . . . . . . . . . . ............. 1.73 l
1 Reference Guide l Year A t A G l a nce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 2 Statement of Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pa ge 3 Board Officers and Senior Management . . . . . . . . . . .. . . . . . . . . . . . . Page 3 Message from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pages 4 5 Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . ....... . . . . . . Pages 6-7 Message from Board Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pa ge 8 1985 I n Revi ew . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pa ges 10 17 l i
Financial Commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pa ge 18 l Financial Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pages 19-33 Map of System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pa ges 34-35 i Gatistical Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pages 36 37 i
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Nebraska Public Power District Statement of Purpose Nebraska Public Power District is a public corporation and f political subdivision of the State of Nebraska. Control of the District i and its operations is vested in a Board of Directors, consisting of 11 !
members popularly elected from districts comprising subdivisions of ,
the District's chartered territory. These districts entempass 85 of the :
state's 93 counties and portions of two other counties. The District has -
the power, among other things, to acquire, construct, and operate !
I generating plants, transmission lines, substations, and distribution systems, and to purchase, generate, distribute, transmit, and sell i electric energy, both at wholesale and retail, for lighting, power, j heating and other purposes. Management and operation of the District is accomplished with a staff of approximately 2,000 persons. ;
1985 OFFICERS OF THE HOARD OF DIRECTORS !
Ralph E. Holzfaster, Chairman [
David L. Duren, First l' ice Chairman :
Bernard M. Delay,Second \* ice Chmrman >
Thomas O. Michels, Secretary i Wayne E. Boyd,7Feasurer SENIOR MANAGEMENT ;
Donald E. Schaufelberger, /* resident l Dilworth A. Blatchford, l' ice I* resident Cecil R. Jones, l' ice l' resident Lawrence G. Kuncl, l' ice /* resident Theodore M. Kyster,1* ice I* resident and Assistant 7Veasurer William A. Merrill, l' ice l> resident GENERAL COUNSEL CONTROLLER Gene D. Watson Robert D. Malmstrom ,
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t 1 l I l l A Report From The PRESIDENT l
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- i f Our utility, during 1985, continued in the cycle of reduced activity both I
in terms of growth and construction, but this condition gives us the ft opportunity to fine tune the organization to meet the needs and expectations f of our customers both now and in the future. !
I There are positive signs that our continuing efforts to maintain a utility that can adjust to this trend, while retaining our responsiveness to our customers, have been successful.
Despite the sluggish economic conditions in our service area, and for i that matter throughout much of the Midlands, we ended 1985 with net )
revenues totaling $9.8 million. l Retail and wholesale rate increases for the year were below the rate of '
inflation and this trend should continue in 1986 and beyond.
Weather, of course, plays an important role in our annual kilowatt-hour sales. Irrigation and air conditioning loads in the summer months account for a major portion of our energy sales and traditionally .luly and August are our peak usage months. Although the summer of 1985 was cooler ;
than normal, it was also generally drier than normal. These conditions !
resulted in a peak demand of 1,587 megawatts during the sununer of 1985, i which was slightly higher than the 1984 peak but still well below the record i peak system demand of 1,720 megawatts set in 1980. !
Wholesale customers' load management systems for irrigation load [
have also had a significant impact on system demand with only modest !
I impact on energy consumption.
An early winter cold spell that resulted in several record-breaking low !
temperatures contributed to the highest November peak on record of 1,215 l megawatts. The December peak was 1,218 megawatts, which was 3 percent above the December,1984, peak but about 5.4 percent below the I record system winter peak of 1,288 megawatts set in December of 1983. i The sustained period of cold temperatures during November and j December were instrumental in improving the District's kilowatt-hour sales ,
and revenue condition for the year. [
In our continuing efforts to control expenses, which allows us to !
maintain a more stable rate base, it was necessary to make some tough management decisions during the year.
Implemented during the year was a staff reduction in the Transmission ,
and Distribution Projects Division primarily due to lower than anticipated l
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demand for power cnd energy cnd en cecompanying decline in the need for new transmission facilities. Factors responsible for the staff reduction include the cancellation of the MANDAN Project and cancellation or deferral of several other major projects. The revised 1985 and the 1986 construction budgets for the Electric System were significantly reduced.
In our 1984 Annual Report, we discussed the rationale behind our decision to cancel the MANDAN Project early in 1985. Although we believe that the concept of the MANDAN Project has merit, the Project's c:ncellation resulted in some immediate cost savings to our customers.
We continued our program of consolidating, where practical, certain local retail omees. Cost saving is an important consideration to omce consolidation, but we are also dedicated to maintaining reliable service to these communities and areas. Since 1983,13 omces have been closed and have been consolidated with other facilities. Implementation of our modern Customer Information System, which incorporates computerized billing, will enable us to continue our review of the need for certain retail billing omces.
Other programs are also being implemented with the intent of improving the emeiency of our utility.
Designed during 1985 and implemented in early 1986 is the new Peyroll/ Human Resources System (PHRSL The District's payroll system was developed about 20 years ago and did not have the flexibility nee &d to meet the changing governmental and management reporting needs. The Human Resources System was developed in 1979 but was not integrated with the payroll system.
The new PHRS will enable the District to meet its present and future needs for calculation of taxable wages and for governmental and management reporting. It will improve the emeiency of payroll processing with reduced risk of failure to meet payroll and associated reporting requirements. The PHRS is a foundation system which will provide improved information for other computerized accounting functions.
There is an ongoing effort to promote oft-peak use of electricity and control demand during periods of peak usage. A combined advertising and marketing program encourages consideration of electric heat - primarily th) heat pump- for both new construction and replacement of existing sy~tems in residential and commercial markets. Extensive research into the frasibility of a system-wide, summer load control program continues.
Emcient use of existing generation and transmission facilities will allow us to delay construction of new facilities to meet peak demand and results in lower costs for our customers.
f To develop and implement these programs and camcepts requires committed and dedicated employees. At NPPD we feel strongly that our people are our most important asset. A positive attitude and cooperative spirit are essential during periods of economic uncertainty.
The employees' continued support of senior management is essential if the District is to meet the present and future needs ofits customers. We have o collective responsibility to do everything we can to provide power and energy at a cost as low as practical. We must continue to be innovative in our efforts to reduce costs and increase sales. The net effect of our collective efforts will be a successful 1986 for the District. ,
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The Nebraska Public Power District's BOARD OF DIRECTORS L m A. : - ---
Gearge I1. Barber neatrice, Electrical Engineer t l'
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David L. Duren Columbus, Certified Public Accountant Uruce W. Gustafson Holdrege, Farmermancher r, , ,
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Ralph D. Johnson Lincoln, Economics Consultant Thomas O. Michels Kearney, ProfessionaIh'ngineer :
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l wavne E. Bovd south Sioux Citv, Attorney i.,.m- _ _ . .
.. . y Bernard M. Delay Nor/i,lk. nunker Q ^
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I Fred A. Herrington Lincoln, Businessman
_ i L 1ATA Ralph E. IfolzCaster 1% ton, Farm. r!Agrubusmessman
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-w l Darrell J. Nelson oconto, Farmer /catt/c Pro </ucer Les S. Taylor York. .sulcsman :
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Message From The CHAIRMAN OF THE BOARD We have experienced a disappointing farm economy for several years, and these economic conditions have filtered to the businesses and industries in the small communities and retail centers that depend on the agricultural sector for their livelihood. Several Nebraska banks were closed during the year.
This utility's chartered territory primarily encumpasses rural Nebraska. Thus, it is important for this Board to make policy decisions with a full recognition of these economically uncertain times in an effort to maintain electric rates at as low a level as we can.
Agriculture's problems include declining farmland values and commodity prices, surpluses of grain, heavy debt loads and shrinking export markets. Few economists see any national economic surge to sweep the Midland's economy forward, but some economists contend that farmers have examined and come to grips with reality and are realigning and adjusting to operating in the current environment.
The American farmer is of hardy stock. Despite the foreclosures and bankruptcies that have attracted national attention, rural America will survive. In the meantime, we in the Midlands must concentrate our efforts on hastening the cycle of an improved economy. Wishing it to be will not sulfice.
Nebras.ka electric energy rates continue to be among the lowest in the nation. This utility is among the leaders in efTorts to expand the state's economy by attracting non-agriculture-related industry. We have an adequate supply of electricity available which will delay the rate shock associated with new construction when the economy does rebound.
Our air is pure, our land fertile, and our work ethic is widely acclaimed.
We must take advantoge of our virtues to improve our economic condition. This Board, in concert with management, has been able to keep electric rates for our customers competitive with the cost of other available energy while maintaining an aggressive and dedicated organization.
We enthusiastically invite you to hok us over - both our human elements and our financial condition - through the pages of this report. We feel we have a solid foundation on which to enter the second half of the decade of the 80s.
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Pursuant to enabling state legislation passal in 1984, titles of District i senior management personnel and officers of the lloard of Directors have )
been changed to more closely match titles used in private industry, l corporations and investor-owned utilities. I The title of General Afanager has been changed to President. The ;
Assistant General Managers' titles have been changed to Vice Presidents. ,
The title of President of the lloard of Directors has been changed to '
Chairman of the Board. The lloard's two Vice Presidents' titles were L l
changed to Vice Chairman.
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These titles should reduce the confusion as to corporate responsibility . ,
for individuals and organizations outside of Nebraska who have nent to I establish contact within the District. The title changes do not alter the l responsibilities of the positions affected. !
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I lletail customers used 2 pereent more i electricity during 1985 than 1984.
Electric System operating revenues in ,
! 1985 rose to a new high of $329.1 million !
I which is 0.4 percent higher than the 1984 ,
I operating revenues. Operating expenses for !
l 1985 was $309.4 million which is 2.8 per- i l cent below the 1984 aperating expenses.
! Operations of the Electric System resulted !
- in net revenues of $9.8 million for 1985 l which is an increase of $8.3 million over I 1984. These net revenues, when adjusted j ,. for non-cash items as provided in the Dis- ,
j - trict's Electric System Bond Resolution, re- !
sulted in a debt service coverage of 1.73. l l 1<
The District served an average of 106,752 retail customers during 1985. The
-l i District serves the total requirements of 52 ;
municipalities and 26 other public power districts and rural cooperatives at wholesale. In addition, the partial re. i l quirements of 19 municipalities are served l l Year in Review at wholesale.
l Approximately 72.1 percent of NPPD's
'Ibtal kilowatt-hour sales in 1985 were kilowatt-hour sales is to wholesale custom.
8.06 billion compared to 9.16 billion in 1984. ers and 27.9 percent to retail customers. ;
Kilowatt-hour sales in 1985 were l2 percent below the 1984 sales. Ilow NPPD Supplied its Customers Sales from non-firm transactions, ex- with Electricity During 1985 cluding participation sales, decreased 56.9 percent in 1985 compared to 1984 and there was a 31.7 percent decrease in participation power sales between the two years. De-creases in both of these categories of non-firm transactions to other utilities and par-ticipation power sales were largely due to l l
the Cooper Nuclear Station and one of the units of Gerald Gentleman Station being !
out of service much of the year. The sub- l stantial decreases in these two categories
) '
i accounted for the decrease in total kilowatt-hour sales.
Firm wholesale deliveries to other puh-lic power districts and rural cooperatives decreased 0.8 percent in 1985 compared to N l
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1984. Firm wholesale sales to municipal-OH/C.as/mmi 0.M. l ities increased 0.8 percent in 1985 compared to 1984.
11
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For the fifth consecutive year, the Dis- placement of piping in the steam system. l
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1 trict's firm wholesale and retail customers During the year, approximately 74.2 per-
! did not set a new summer peak demand on cent of the District's energy supply was i the system. This generally renects su mmer from coal fired resources,5.6 percent frum weather patterns, load control elTorts, and nuclear resources,19.9 percent from hydro
- the state of the agricultural and industrial (water) resources including our Orm pur-economy in our service area. chases from the Western Area Power Ad-The District's 1985 summer nrm power ministration (WAPA), and the remaining demand of 1,587 megawatts is approxi- 0.3 percent came from a variety of oil and mately 7.7 percent below the comparable gas fired resources.
record peak demand of1,720 megawatts set Gerald Gentleman Station Units No.1 l in 1980.The highest winter peak of the year and 2 accounted for 77.8 percent of the Dis-
! was 1,218 megawatts. The record system trict's total internal generation during winter peak of 1,288 megawatts was set the year.
in 1983. The Production Cost Adjustrnent Heavy irrigation and air conditioning (PCA) factor on retail and wholesale hills loads in the summer result in our utility during 1985 continued to he a credit due to ,
being a summer peaking system. a surplus in the PCA account accumu-I' We continued to rely heavily on coal to lated during portions of 1981 and 1985. On l fuel our electric generating resources dur- two occasions during 1985 the credit factor l l ing 1985. Cooper Nuclear, Station was out of was increased when the PCA account ac- l
! service during most of the year due to re- cumulated funds in excess of $4 million.
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When the account reaches plus or minus $4 within municipalities are owned by the l
- million, an agreement with wholesale cus- District. Ten municipalities have a Ca-i tomers requires an adjustment in the factor pacity Purchase Agreement with the l to reDect a surplus or deficiency in District whereby the District leases the ,
collections. output of the municipalities' generating '
We also began 1986 with a PCA credit plants and serves at wholesale the munici-to refund excess revenues collected during palities' firm electrical requirements.
portions of1985. Approximately $15.6 mil- New residential construction in our
! lion was credited to customers from the service area continued its downward trend l PCA account during 1985 and approxi- in 1985, and thus our marketing campaign '
mately $7.1 million is to be credited during aimed at improving the system load factor
- 1986 assuming there is no additional ac- by encouraging installation of ch et ric heat l cumulation or shortfall in the account. was targeted toward the conversion and i The credits result from the difTerence add-on markets.
j between estimates and actual fuel expenses Efrorts to balance the winter load with j and other production costs in the genera- the summer load resulted in the installa-
{ tion process. tion during 1985 on our retail system of 790 j Rates for wholesale customers were electric heat jobs representing approxi-l 3.11 percent higher a nd for retail customers mately 11,900 kilowatts. At year's end, we 1.02 percent higher during 1985 compared had a total of 17,859 electric heat installa-l to 1984. Included in these rates are opera- tions in our retail system representing ap-
- tion and maintenance expenses, principal proximately 321,400 kilowatts.
l and interest on bonds, certain construction costs and the PCA.
NPPD paid $13.4 million to cities, villages, counties and school districts in its service area during 1985.
County treasurers in 70 counties re-ceived in-lieu-of-tax payments of $4.2
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- million. The in lieu-of tax payments are l required under state law. Distribution is ,
made by county treasurers to counties, i cities, villages, and school districts accord. J, .. .
ing to a prescribed formula relating to '
mill levies. e '
As a result of agreements leasing elec- -
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trical distribution systems to the District, . ?^~r s cities and villages with those agreements received approximately $9.2 million during 1985.
At year's end the District had lease -
agreements with 212 cities and villages.
Six electrical distribution systems 2.
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During 1985, the District issued $65 other available funds, also will be usal to
_ million in Power Supply System Revenue increase the debt reserve account to an -
t Bonds for the principal purpose of prepay- amount equal to maximum annual interest g ing the capital cost associated with the pur- on all Power Supply System bonds m chase of capacity of the Kingsley llydrm outstanding. ;
The First lloston Corporation and As-E electric Project, a nominally ratal 50 -
megawatt hydroelectric generating facility sociates was successful bidder with an ef-owned by the Central Nebraska Public fective net interest rate of10.76 percent. =
Power and Irrigation District (Central). The entire electrical output of the 5 -
Proceeds from the bonds, together with Kingsley Project will be made available to
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I the District under terms of a contract be- ing necessitated replacement of the affected tween NPPD and Central. The expected piping during an extended outage from ;
average annual output is approximately September,1984, until August,1985.
89,000 megawatt-hours.The facility began The extended outage at Cooper Station commercial operation in 1984. allowed several projects to be under-In 1983, cracks were discovered in the taken in addition to the pipe replacement. i stainless steel piping of the reanor recir- These projects included installation of a ;
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and refurbishment and overhaul of the to the administrative building are expected turbine-generator. Also undertaken during to begin in 1986, this outage was the general upgrading of The Nuclear Itegulatory Commission, the plant's electrical component configura- during the year, cited the District for viola-tion to meet safety standards recently tions of NRC regulations at Cooper Station imposed by the Nuclear Regulatory Com- and Oned the District $25,000 as a result of mission. Numerous fire protection system the violations. The violations were caused improvements were also comnleted to by the District's failure to conduct surveil-comply with the latest changes to regula- lance tests for the plant's u nit batteries in a tory standards.The combined cost of all manner required by technical specifi-projects was approximately $75 million. cations. Unit batteries are sets of storage Due to the extensive scope of the out- batteries that would provide power to vital age, a start up test program was under- instrumentation in the event all other taken once the outage work was completed power sources become inoperable. to ensure the plant would operate as origi- NPPD customers will be the benencia-nally designed. Upon completion of re- ries of a reduction in the scope of required quired system level testing, the plant environmental studies in the vicinity of returned to operation. Gerald Gentleman Station, which consists On October 5,1985, Cooper Station of two 650 megawatt coal-fired generat-was forced to shut-down due to excessive ing units. turbine vibration. Inspection of both low The Nebraska Department of En-pressure turbines indicated that both ro- vironmental Control (NDEC) approved, tating and stationary blade damage had during 1985, discontinuance of certain occurred. Necessary repairs were made to meteorological and air monitoring pro-one low pressure rotor and the second rotor grams in the vicinity ofGentleman Station. was replaced with a spare rotor. The unit The NDEC said that "almost 12 years of returned to service on November 21,1985, data have been collected from the monitor-and operated for the remainder of the year. ing syatem and continued monitoring In September, the District commenced would not improve statistical reliability of the removal of irradiated hardware waste the data nor significantly alter statistical from the spent fuel pool at Cooper Station. summaries already gnthered." This elTort entailed eight rail shipments of The NDEC also said that monitoring radioactive waste material to a burial site data indicates the coal fired station's two at Hanford, Washington. In addition,36 units "have not caused any applicable air spent nuclear fuel bundles were shipped by standard to be exceeded." Gentleman Sta-rail during November to a General Electric tion burns low-sulfur coal and uses elec-l storage facility near Morris, Illinois. Nine trostatic precipitators to remove fly ash hundred sixty-six spent fuel bundles re- from the plant'8 emissions. main to be shipped to the Morris facility. Under a stipulation entered into by the l l Ground was broken for a new training Dist rict and NDEC in 1981, the District has l facility at Cooper Station which is expected been conducting environmental studies to be completed in mid 1986 and work on a and monitoring at Sutherland Iteservoir new controt room simulator and an addition and Lake Maloney. Gentleman Station is i 16 I
located on Sutherland Reservoir and Lake employees received training on the proper Alaloney is downstream. During the year, use of climhing gear from Alpine rescue the District also received permission from trainers. Climbers then went through 1,100 NDEC to reduce the scope of that feet of piping, three feet in diameter, which monitoring. included one 68-foot vertical climb to re-National recognition was received dur- move the foreign material from the cold ing the year when the District used wheat, reheat header to prevent possible damage one of Nebraska's major agricultural to the boiler. The men entered the pipe at products, instead of sand to "grainblast" the turbine and climbed to the lith floor of clectrostatic precipitator components at the boiler building. Gentleman Station. The electrostatic pre- As a member of the Slid Continent cipitators use an electric charge on a system Area Power Pool (51 API 9, the electric of wires and plates to attract fly ash to the power grid for the upper 51idwest, the Dis-plates and to keep the talcum-like ash from trict continues to sell electricity which is going out the exhaust stacks into the air. temporarily unneeded or buy from other Grain is softer than sand and is not power suppliers when their pnxluction expected to erode the metal plates and costs are lower. Such transactions take wires as sand would. Several thousand place daily around the clock. bushels of wheat were used in the process. Through 51 APP, we have the reserves During the annual fall maintenance of an entire region to call upon during inspection of Gentleman Station Unit 1, it emergencies and maintenance outages. was found that a piece of metal shielding This reduces our need for surplus capacity, h:d broken away from the high pressure saving millions of dollars annually, and in-unit of tl e turbine generator and was pre- creases the reliability of our power supply, cumed to be lodged in the cold reheat pip- the ultimate benefit of SlAPP. ing returning to the boiler. Three plant NPPD RESOURCES
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FINANCIAL COMMENTARY In 1985 the District experienced a signifi- During 1985, the District repaid $29.3 mil-cant improvement in net revenues. The net rev- lion of its outstanding commercial paper notes. enues increased to $9.8 million from $1.5 million In December 1985, an additional $25.5 million in 1984. These net revenues, when adjusted for was issued to pay for certain capital require-noncash items as provided in the District's Elec- ments associated with Cooper Nuclear Station tric System bond resolution, resulted in a debt and Gerald Gentleman Station. At year-end the service coverage of 1.73. District had $76.2 million of commercial paper There were a number of reasons for this notes outstanding. improvement; below are the primary reasons: In February 1985, the District sold $65 mil-Operating Revenues total $329.1 million, an lion of Power Supply System Revenue Bonds for increase of $1.2 million over 1984. This increase the principal purpose of prepaying the capital was possible even with a decrease in kilowatt- costs associated with the purchase of capacity of hour sales ef"LO4 from 1984. Sales to our retail the Kingsley Project, which is a 50 megawatt customers and , %olesale customers with Hrm hydmelectric generating facility owned by the contracts remained near the 1984 levels, how- Central Nebraska Public Power and Irrigation ever, sales to customers who participate in pro. District. duction from a specific power plant and non-Grm The District's current requirements for sales created the decline in kilowatt-hour sales. capital additions do not require additional These sales have an influence on total revenues, financing. It is also anticipated that rate in-however, the impact on net revenues is minimal. creases will be minimal since capital require-Operating Expenses for 1985 total $309.4 mil- ments have been reduenl. lion and represent a decrease of $8.8 million which is primarily the result of a decrease in i expenscs associated with intradistrict produc-tion of $10.7 million.This reduction is attributa- _. f/ ble to a reduction in fuel costs at Cooper Nuclear < Station which did not generate energy for ap-f/ (( proximately nine months while the plant was T. M. Kyster out of service. Vnce Imndent and Assistant th asurvr 18
Nebraska Public Power District " ELECTRIC SYSTEM Heport of Independent Public Accountant
- To the Board of Directors Nebraska Public Power District:
We have examined the balance sheets of the Electric System of Nebraska Public Power L)istrict (a publi,: corporation and political sulxlivision of the State of Nebraska) as of December 31,1985 and 1988, and the related statements of revenues and expen.ses and accumulated net revenues and changes in financial position for the years then ended. We have aim examinni the supplemental schedule of the calculation of the debt service ratio for the years ended December 31,1985 and 19&l. Our examinations were made in acconiance with generally accepted auditing standants and, accordingly, included such tests of the accounting records and such other auditing procedures as we considerni necessary in the circumstances. The financial statements of the Electric System of Nebraska Public Power District for the year ended December 31,1983, were examinal by other auditors, whose report, dated March 2,1984, expressal an unqualified opinion on those statements. In our opinion, the financial statements referral tu above present fairly the financial position of the Electric System of Nebraska Public Power District as of December 31,1985 and 1984, and the results of its operations and changes in its financia' position for the years then ended, and the supplemental schedule of the calculation of the debt service ratio for the years ended December 31,1985 and 1984, present fairly the information set forth therein all in conformity with generally accepted accounting principles applied on a consistent basis. Coopers & 1,ybrand 600 Woodman Tower Omaha, Nebraska 68102 March 7,1986, except for Note (10) as to which the date is March 13,1986. 19
Nebraska Public Power District ELECTRIC SYSTEM Balance Sheets December 31,1985 and 1984 ms m4 l ASSETS <1sou na. or posi.r. l Utility Plant, at Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$646,621 $628,120' ! Less-Reserve for depreciation and amortization (Note 1) . . . . . . . . . . . . 252,332 232,945
$394,289 $395,175 Debt Reserve Accou nt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 30,668 $ 30,732 Receivables:
Advance to Power Supply System (Note 5) . . . . . .... ...... . .... .... .$ 6,100 $ 30.000 Sale of property . . . . . . . . . . . . . . . . . . . . . . . . ............... .... .. ..... 1,449 1,649
$ 7,549 $ 31,649 Current Assets:
Cash and investment securities (Note 6) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 1 17,1 15 $115,733 Receivables, less reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ... 33,678 40,563 Materials and supplies, at average cost . . . . . . . . . . . . . . . . . ... .. ..... . . 14,853 17,834 Prepayments and other assets . . . . . . . . . . . . . . . . . . ........... . .. .. 598 357
$166,244 $174,487 Deferred Charges:
- Nuclear Facility billings (Note 1) . . . . .. . ..... . .. ............ . . .$ 37,900 $ 30.965
' Power Supply System billings (Note 1) . . . . . . ... .. .... .. .......... 2,060 -
Unamortized financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 2,525 2,727 Other.......... ...... ...................... .. .. . . ...... . .. 4,358 3,818
$ 46,843 $ 37,510
.$645,593 $669,553 _
LIAHILITIES AND CAPITAL Accumulated Net Reventes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 170,150 $160,398 Long. Term Debt (Note 4) . . . . . . . ........ ........... ........ . . . . . . . . . .$349,772 $359,071 Notes Payable (Note 4): 72%% of prime, due 1985 to 1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 6,000 12,000 67% of prime, due 1985 to 1989 . . . . . . . . . . ......... .. ........... .... 9,232 12,480 Commercial paper notes (Note 5) . . . . . . . . . ......... ........ .. .. .. .... 76,180 80,000
$441,184 $463,551 Less-Current maturities (Notes 4 and 5) . . . . . . . . . . . . . . . . . . . . .... .... . 34,896 - 26,832 m $406,288 $436,7J N $576,438 $597,117 Current Liabilities:
Current matu rities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 34,896 $ 26,832 Accounts payabl e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ... 13,789 16,858 Accrued lea se paymeris . . . . . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . 6,233 8,669 Other.........J ... .. ...... ............ ......,. ........ .. ... . . ._, 12,036 17,651
'*' $ 66,954 $ 70,010 Unamortized PAymint R5ceived for Refinancing Cons . .. : ....... ..$ 2,201 $ 2,426
.- $645,593 $669,553
_o m, 1 u
< w Y a. The accompanying notes to finamid statements are an integra! part of these balance sheets.
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Nebraska Public Power District 1 ELECTRIC SYSTEM Stateinents of Revenues and Expenses and Accumulated Net Revenues for each of the Three Years in the Period Ended December 31,1985 19M5 IW4 _ IM3 (Thousanwis of Dollare Revenues and Expenses: Operating Revenues (Note 2) . . . . . .. . . .. . .. . ... .$329fj96 $327,931 g27,382 Operating Expenses: Power purchased-Nuclear Facility and Power Supply System (Note 1) . . . . . . . .$185,140 $195.868 $179,940 Oth e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ... .. ..... 40,753 42,330 42,092 Production-Fuel........ . ........ .. .. .. .. .. . . .. . 8,569 6,795 11,386 . Operation and maintenance . .. .. .... ..... . .. 6,241 6.116 6,019 Other operation . . . . . . . ... ......... .. ... ... ... .. 22.864 22,086 21,121 Other maintenance . . . . . . . . . . . . . . . . . . . . . . ..... .... ... 7,262 6,961 6,564 Lease payments (Note 1) . . . . . . . . ........ . ...... .. . . . 9,227 8,940 8,610 Depreciation and amortization (Note 1) . ..... . ..... ... 22,832 22,759 19,631 Payroll taxes and payments in lieu of taxes . . . ..... . .. 6,471 6,317 5,981 Total operating expenses ..... ... . ..... . .$309,359 $318,172 $301,344 Net operating revenues . .. . ... .... . . . .$_117,37 $ 9,759 $ 26,038 Interest and Other Revenues: Allowance for funds used during construction . . . . . . . . . . . . . .$ .1,233 $ 1,180 $ 1,878 Interest a nd other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,375 17,388 15,170 Total interest and other revenues . . . . . . . . . . . . . . .$ 15,608 $ 18,568 $ 17,048 Net revenues before other deductions ... ..... . . .$ 35,345 j_28,327 $ 43,086 Other Deductions: Bond i nterest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .$ 21,348 $ 21,789 $ 22,199 Other interest . . . . . . . . . . . . . . . . . . . .... .. ... ... 3,758 4,524 3,281 Miscellaneous, net . . ...... .. . ........ .. .... . . ... 487 526 555 Total other deductions ........ . ... . . . .$ 25,593 $ _26,839 }_2103 Net Revenues (Note 2) . . . . . . . . . . . . .. .... ......... . . .$ 9,752 $ 1,488 $ 17,051 Accumulated Net Revenues: Beginning balance . . . . . . ........ ..... .. ... .. ... . 160,398 158,910 141,859 E ndi ng bala nce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$170,150 $160,398 $158,91_0
- The accompanying notes to financial statements are an integral part of these statements.
21
Nebraska Public Power District ELECTRIC SYSTEM Statements of Changes in Financial ,
. Position for each of the Three Years .l
-in the Period Ended December 31,1985 isas ioni inas _ ,
(Thousands of IDAlarne Funds Provided by Operations: Net revenues . . . . . . . . . . . . . . . . . . . .. .... ....................$ 9,752 $ 1,488 $17,051 Add items which require no curirnt outlay of working capital-Depreciation and amortization (Note 1) ....... ........... 22.832 22,759 19,631 Amortization of deferred charges (Note 1) ..... .. ........ 13,324 12,769 6,514 Other...... ................. ..... ............ ... .. ... 778 633 596 Total funds provided by operations . . . . .. . . . . . . .$ 46,686 $ 37,649 $43,792 Other Sources of Funds: Proceeds from commercial paper notes . ... .. .. . .. .. .. . 25,500 80,000 - Repayment of Advance to Power Supply System .......... .... 23,900 - (Increase) decrease in receivables .............. .... ....... . 6,885 2,487 (2,726) (Increase) decrease in materials and supplies . . . . . . . . . . . . . . . . . 2,981 (7,939) . 7,271 Total funds provided . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 1051 952 _$112197 $j8,3R Funds Applied: Utility plant additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 22,548 $ 23,170 $28,490
' Repayment of commercial paper notes . . . . . . . . . . . . . . . . .... 29,320 - -
Addition to deferred charges for Nuclear Facility . . ..... . 20,259 15,584 '517 Retirements of long-term debt . . . . . . . . . . . . . . . . . . ........... 9,432 8,998 8,766 Repayment of notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,248 9,014 17.688 Decrease in accounts payable . . . ................ ....... .. 2.967 3.308 607 Addition to deferred charges for Power Supply System . . .. .. 2,060 - - 1,318 22.036 (2,692) Increase (decrease) in fund balances . . . . . . . . . . . . . . . . . . . . . . Advance to Power Supply System . . . . . . . . . . . . ... ... . .. - 30,000 - Other working capital changes . . . . . . . . . . . . . . . . . .. ..... 8.394 1,230 (21)
........ ....... 406 (1,143) (5,018)
Other.......... ... ..... ...... ..... Total funds applied . . . . . . . . . . . . . . . . . . . . . . .$105g ,$112197 [48237 The accompanying notes to financial statements are an integralpart of these statements. 22
- Nebraska Public Power District ELECTRIC SYSTEM Supplemental Schedules-Calculation of Debt Service Ratios for each of the Thrtw Years in the Period Ended December 31,1985 dhouTbTii.r.. Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$329,096 $327,931 $327,382 Operating expenses, excluding depreciation and amortization of
$23,610,000, $23,392,000, and $20,227,000 . . . . . . . . . . . . . 285,749 294,780 281,l_17 1
$ 43,347 $ 33,151 $ 46.265 Interest and other revenues, excluding interest on construction funds of
$5,084,000, $6,041,000, and $6,424,000 . . . . . . . .... .. .. . 9,291 11,347 8,746 Net revenues available for debt service . . . . . . . .... .. . .L52/>38 $ 44,498 $ 55 011 1 Amounts deposited in the Electric System Debt Service Account-Principal . . . . . . . . . . . . . . . . . . . . . .. ... ... . . . .$ 9,158 $ 8.727 $ 8,832 Interest. ...... .... ...... . .. . .. .. ..... .... .... 21,348 21,789 22,199
$.3J0 506 $ 3g $ 31,031 1
Ratio of net revenues available for debt service to debt service deposits . . .. . . .. .. . .... .. . 1.73 1.46 1.77 The accompanying notes to financial statements are an integralpart of these statements. Nebraska Public Power District ELECTRIC SYSTEM Supply System, for which financial atatements are pre-Notes to Financial Statements sent:d separately herein. The Electric System financial statements should be read in conjunction with such other (1) SUhih!ARY OF SIGNIFICANT ACCOUNTING POLICIES: financial statements. A. Organization- B. Depreciation, Amortization and Maintenance-
. The District has three separate divisions for account- The District records depreciation over the estimated ing purposes as follows: usefullife of the property. Depreciation on Utility Plant in Electric System Service was approximately 3m in each of the years iD%,
Power Supply System 1984, and 1983. Nuclear Facility The District has long. term lease agreements with 212 As required by Bond Resolutions, separate records are municipalities. These lease agreements obligate the Dis-m:intained for each division. The Electric System finan. trict to make lease payments and pay for normal property cirl statements exclude the Nuclear Facility and Power additions during the term of the lease. The District has 23
recorded provisions for amortization of $3.6 million in F. Unamortized Payment Received for Re/inanemg costs-1985, $4.0 million in 1984, and $3.9 million in 1983. This reimbursement from the Nuclear Facility was Leased plant additions, which are fully reserved, totaled for certain reGnancing costs of the Electric System in-
$39.2 million at December 31,1985, and $36.2 million at curral in 1968 and is being amortized over the life of the December 31,1984. 1968 Revenue Hand issue using the bonds outstanding Certain municipal lease agreements included an obli- method.
gation requiring the District to make property addition" G. Incestment Securitics-associated with the electric service being provided to such Investments are made in U.S. Government securities, municipalities in an amount equal to a percentage of rev- Federal Agency obligations, repurchase agreements cul-enues of the respective leased systems. The District has lateralized with the U.S. Government wcurities, and bank completed negotiations with all but one of the municipal-
, certificates of deposit. The Debt Reserve Account in the ities which resulted in, among other things, the modifica- Debt Service Fund is valued semi-annually at January 1 tion of the obligation to make such improvements. During and July I at the lower of cost or market in accordanco 1985, the District paid these municipalities $1.9 million w th rntuirements of the Electric System Revenue Hond which was charged to depreciation and amortization. Th" Resolution (Electric ResolutionL The securities in the re-halance of $1.5 milhon will be paid during the years 1986 maining funa are valued at the lower of cost or principal and 198,. Negotiations are continuing with the other amount in accordance with requirements of the Electric municipality. Resolution.
The District charges maintenance and repairs,includ. l ing the cost of renewals and replacements of minor items II. Deferred Pruduction Costs- i of property, to maintenance expense accounts. Renewals Actual energy trueb costs in excess of those included j and replacements of properti (exclusite of minor items of in the basic rates are recovered by a Production Cost Ad. property, as set forth abovei are chargni to utility plant justment iPCA which is billed to all customers except accounts. Upon retirement of property subject to deprecia, non-firm and participation customers. When the basic tion, the cost of property is removed from the plant ac. rates do not provide suflicient resenues to recover the en-counts and charged to the reserve for depreciation, along ergy costs, the excess cost is defened. When the basic rates with the removal costs, net of salvage. provide revenues in excess of the energy msts, the excess is excluded from revenues. Present District policy requires C. Allouance for Funds Used During Construction- that billings for the PCA be made using rates adjusted This allowance, representing the cost of funds used to from time to time so that the varia:ians in actual energy finance construction, is capitalized as a component of the costs from energy revenues to be derived from the basic cost of utility plant and is credited to Inten st and Other rates are recovered by PCA billings either in the current Revenues. The capitalization. rates for construction fi- rate period or fMure rate periods. nanced with revenue bonds are based on the interest cost g , g,y,yy, g,cgg,j,jyy _ of each issue less interest income. The rate for construc- Substantially all wholesale revenues are recorded in tion financed by revenues is based on a projected rate of the period in w hich service is rendered, and, in acmrdance borrowing. For the penods presented herein, the rates with industry practice, retail revenues are recorded in the vary from 6.1% to 10.04. month retail customers are billed. Consequently, revenues D. Deferred Charges- applicable to service rendemd to retail customers from the Deferred charges are as follows: period covered by the last billing in a year to the end of repo _ ier s ums the year are not recorded as resenues until the follow-m, w. .t in.u=' ing y ear. Nuclear Facility billings: Fuel crat . $ 9.277 t2) RATFS: , Replacement n> tors . . . 1,938 The District designs its wholesale and retail chctne Plant management information service rates to cover cost of service, including; D operat-system . . 4.717 ing expensen other than depreciation,2) debt service, and Pipe replacement . . . . 17,953 31 certain capital additions. In the event,the District s Renewals and replacements 4,015 rates for wholesale and retail service result m a surplus or
$37,900 deficiency in net revenues during a rate period, such sur-
~= plus or deficiency is taken mto account in projecting esti-Power Supply System billings: matal revenue mquirements for future rate periods. The Renewals and replacements $p0 following table illustrates the effect of these adjustments in revenue requirements on the Statements of Revenues These deferred charges are expected to be amortized and Expenses.
as follows: 1986 - $14.7 million; 1987.- $8.1 million; 1988 - $6.2 million; 1989 - $4.3 million: 1990 - $4.0 Adjuntments in HeSenue Hequirements million: 1991 - $2.7 million. -- - - - The carrying costs of the nuclear fuel advances are - . - . _ _ _ HQwR_ _ included in the above amounts. The District included amortization of $13.3 million in 1985, $12.8 million m mn
!"'l"'
..rik.u.r*
E'E 1984, and $6.5 million in 1983 in power purchased Surplus or tDeficit) expense. in Rate Period . Si10.7) $47.3) $4 6.3) E. Unamortized Financing Costs- Adjustment in These costs represent issuance expenses on all bonds Subsequent Rate Periods: and the premium to retire the Electric System Revenue 1982-1983 10.7 - - Bonds,1975 Series, prior to their maturity date and are 1984-1985 . .... - 2.9 - being amortized over the life of the respective bonds using 1986-1987 i Projected) - 4.4 16.7 the bonds outstanding method. 1988-1989 (Projected) - - (10.4 ) 24
As provided in the Electric Resolution, the District formation system, repairs and replacement of piping, and covenants to charge rates for electric and other services so certain other renewab and replacements of the Nuclear that revenues will be sufficient to pay annual operating Facility. (2) to finance certain renewals and replacements expenses, including Nuclear Facility and Power Supply of the Power Supply System, and (3) for other lawful pur-Syctem charges, debt service and other charges payable poses of the District. out of Electric System revenues. The notes are anticipated to be retired from repay-New rates for firm wholesale and retail service, in- ment of the Advance to the Power Supply System and from cluding the PCA, which wem placed in effect in 1986, are Electric System revenues. t to in rea el ric revenues by approximately (6) CASil AND INVESTA1ENT SECURITIFS; December 3 . (3) RETIREAIENT PLAN AND POSTRETIREAIENT ims ~ -n= ~
~
BENEFITS: rtwaand.ortunai The District has a retirement income plan covering its Revenue Fund - . $ 13.997 $ 16.211 permanent full-time employees, substantially all of whom Operating Fund . . . . . 4,286 6,975 have elected to participate. Employee's contributions to Construction Funds 48,289 51,882 the plan are based on salary, and the District's contribu. Commercial Paper Account 27,402 19,953 tions are allocated to each employee's trust account based Debt Service Account . ....... 353 345 on the employee's contributions to the plan. The plan Reserse and Contingency Fund . 1,236 1,236 provides for retirement income equal to the total of the General Reserve Fund 21.552 19,131 employee's trust account, including trust earnings. The $117,115 $115,733 Districti contribution was $4.5 million for 1985, $4.2 mil- " "- lion fo- 1984, and $3.7 million for 1983. Funds consist of $103.8 million of investment securi-The District also provides certain health care, acci. ties and $13.3 million of cash at December 31,1985, and dent and life insurance benefits for retired employees. $98.8 million ofinvestment securities and $16.9 million of Substantially all of the District's retired employees are cash at December 31,1984. eligible for such benefits. The cost of providing these bene- (7) LONG-TERAI OBLIGATIONS: fits was $412,000 for 1985, $654,000 for 1984. and The District has an agreement for the purchase of the $764,000 for 1983. entire output of a 100 51W steam electric generating plant (4) LONG-TERAI DEBT AND NOTES PAYABLE: through 1991. Under the agreement, the District must n,,,,,,,, 3 5, (with limited exceptions) make minimum payments
-iii.C
- C monthly. The annual aggregate amount of such requiral Revenue Bonds: .Th nd.ortwtiare payments will be $968.000, less an amount associated Serial Bonds- with the principal amount of outstanding bonds m hich will 2.004, due 1985 to 1990 . . . .$ 2,550 $ 3.270 be retired from existing reserve funds of the owner, for 4.759-6.004, due 1985 . - 8,460 each of the years 1966 through 1991. In addition, the Dis-4.754-6.304,due 1986 to 1990. 44,465 44.465 trict is required to pay the variable operating expenses of 4.909-6.409,due 1991 to 1995. 34,010 34.010 the plant. The District's total payments under the agree-5.004-6.104, due 1996 to 2000 . 39,850 39,850 ment were $2.7 million in 1985 $3 0 milIinn in 1984, and 5.00%-6.309,due 2001 to 2005 49,740 49,740 $2.6 million in 1983.
5.757-6.409,due 2006 to 2009 27,820 27,820 t8) LITIGATION: Term Bonds, with annual sinking On August 14,1985, NUCOR Corporation tNUCOR), fund requirements- a large industrial customer, filed a lawsuit in the United 5.10%,due 1987 to 2002 . . 41,000 41.000 States District Court of Nebraska alleging overcharges 6.609, due 1993 to 2003 . . 33,200 33.200 from August 1,1972, to January 1,1980, in an undeter-6.759, due 1991 to 199a . ., 17,100 17,100 m ned amount and $10 million from ,lanuary 1980, 7.004,due 1996 to 200a . 57,250 57.250 through December 1984. The District's answer, among
$347,015 $356,165 other things, denied that the District's rates charged Irase Purchase Payables- NUCOR were unfair, unreasonable and discriminatory 2.004,due 1985 to 2005 . 4,433 4,716 and further denied that NUCOR had been demaged as Unamortized Bond Discount . (1.676) (1.810) alleged, and asserted various afTirmative defenses. The
$349,772 $359.071 lawsuit is currently in the discovery stages, and the Dis-
=_ - - - - -
trict is not able to determine the liability, if any, at Principal payments of Electric System Long-Term this time
- Debt and Notes Payable for the next five years are: 1986
- $19.1million;1987 - $13.7 million; 1988 - $13.1 mil- 19) CONSTRUCTION AND FINANCING:
lion; 1989 - 512.0 million; 1990 - $12.3 million. The 1986 construction plan for the Electric System includes authorization for estimated expenditures of $24.6 (5) COA 151ERCIAL PAPER NOTES: million for 1986. These expenditures will not require the The District is authorized to issue up to $100 milh.on issuance oflong-term debt in 1986. of commercial paper notes. A credit agreement is main-toined with a bank to support the sale of the commercial (10) SUBSEQUENT EVENT: paper notes. This credit agreement expires in Alarch,1987. On Alarch 13,1986, the Board of Directors authorized The effective interest rates on outstanding notes for 1985 the sale of Power Supply System Revenue Bonds,1986 and 1984 were 5.24 and 5.99 respectively. The District Series. See Note (7) of notes to the financial statements of expects to repay $15.8 million of commercial paper notes the Power Supply System. in 1986. The proceeds of this issue are being used ( D to finance - a portion of the costs relating to a plant managemer.t in-25
a Nebraska Public Power District i POWER SUPPLY SYSTEM 1 Iteport ofIndependent Public Accountants To the Ik>ard of Directors i Nebraska Public Power District: We have examined the special-purpose statements of assets and liabilities s of the Power Supply System of Nebraska Public Power District ta public ) i corporation and political subdivision of the State of Nebraskal as of December 31,1985 and 1984, and the related special-purpose statements of revenues and costs for the years then ended. Our examinations were made in accordance with generally acceptal auditing standards and, accordingly, included such tests of the accounting records and such other auditing procalures as we consider d necessary in the circumstances. The special-purpose financial statements of the Power Supply System of Nebraska Public Power District for the year endal December 31,1983, were examinal by other auditors, whose report, datal Alarch 2,1984, expressed an unqualified opinion on those special-purpose statements. The special-purpose financial statements referral to above have been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Power Supply System llevenue Bond llesolution adopted by the District on September 29,1972, as supplemented, securing the revenue bonds issued thereunder. As described in Note 1@, 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 Si stem of Nebraska Public Power District are presented fairly pursuant to tje requirements of the Power Supply System Revenue Bond Resolution.lescribed in Note 1@, applied in a consistent manner.
- Coopers & Lybrand I
600 Woodman Tower j Omaha, Nebraska 68102 'i Atarch 7,1986, except for Note (7)
- as to which the date is Afarch 13,1986.
t .
- e 7
26 L
Nebraska Public Power District POWER SUPPLY SYSTEM Statements of Assets and Liabilities December 31,1985 and 1984 Prepared Pursuant to Requirements of the P:wer Supply System Revenue Bond Resolution ums im ASSETS <Thou..na. .t twii.r.i Utility Plant, at Cost (Note 4) . . . . . . ........ .. ... .... ... . . . . . . . . . .$759,856 $741,235 Iess-Reserve for depreciation (Note 1) . . ... . . . .. ..... .. . . .. . 52,293 41,155 Amounts funded from revenue (Note 1) .. . .. .. . . 17,076 10,087
$690,487 $689,993 Prepaid Capital Costs (Note 3) . . . . . . .. . . . . . . . . . . .$ 57,526 $ -
Special Funds: Debt reserve account . . ...... .. . . ..... .. .. . . ... .$ 62,262 $ 56,234 Reserve and contingency fund . . . . .. . . . .. . ... . .. .. .. 11,471 16,066 A 'litions and improvements account . . . . . ... . ... .. .. .. . 2,927 1,817 C mtruction funds . . . . . . . . . . . ... . . . .. . 71,509 62,834 Development fund . . . . .. . .... . . . . ... .... - 31,080 Revenue fund . . . . . ... .. ... .... . . ... . 166 160 Operating fund . . . . . . ........ . ... . . .. .... . .. ... 12,462 11,606 General reserve fund . . . . . . . .. .... . .. . . .. . 18,442 28,844
$179,239 $208,641 Accounts Receivable . . .... ..... .. .. . . . .. . ... ...$ 306 $ 445 Interest Receivable . . . . . . . .. . ... . .. . . .$ 3,905 $_6,449 Fuel Inventory, at average cost . .. .. .. .. . .... . . . . . . . . . . .$ 16,532 $ 17,037 Deferred Charges and Other Assets . . . . . . . . . .
. . . .f 63_8 $ 980
$948,633 $923,545 LIABILITIES Revenue Bonds:
Serial Bonds-4.80%-5.60%, due 1985. . . . . .... .. . .. ...... . .$ - $ 11,405 4.90%-8.00%, due 1986 to 1990 . . ... .... . ... 68,730 66,780 5.504-9.00%, due 1991 to 199E . . . . . . . . . .. . .. .. .. 90,615 87,775 5.709-9.60%, due 1996 to 2000 . . . . . .. . ... .. .. . . .. 72,980 68,645 6.004-9.80%, due 2001 to 2005 . . . . .. . .. . . . 12,210 5,405 9.80%-10.00%, due 2006 to 2010 . . ... . . . .. . .. 10,775 - 10.00%-10.125%, due 2011 to 2015. . . . . . .. .... .. .. .. 17,145 - 10.125%, due 2016 to 2019 . . . . . .. . . ... ... . . .. 20,830 - Term Bonds, with annual sinking fund requirements-5.80%, due 1998 to 2012 . .. .. .. . .. . . .. .. .. 168,930 168,930 6.125%, due 1999 to 2016 . . . . . . . . . . . . .. .. . . . . 239,635 239,635 6.75%, due 1999 to 2001 .. . .... ... .. .. . ... .... 23,025 23,025 6.90%, due 2002 to 2008 . .. ... .. ..... . .. .. . .. . 75,345 75,345 7.10%, due 2009 to 2016 . . . . . . . . . .. .. . . . ..
.... 12900_5 1 129,005
$929,225 $875,950 Advance from Electric Sys:em . . . . . ....... . . . . .. 6,100 30,000 Accounts Payable and Other Accrued Liabilities . . . . . . . .. ... 6,723 8,147 Operating Reserves (Note 1) . . .. .. . . . . . . . 6,585 9,448
$948,633 $923,5415 The accompanying notes to financial staternents are an integral part of these statements.
27
Nebraska Public Power District POWER SUPPLY SYSTEM Statements of Revenues and Costs for each of the Three Years in the Period Ended December 31,1985 Prepared Pursuant to Requirements of the Power Supply System Revenue Bond Resolution 19N3 i944 19N3 iThousands of Dollarsi Revenues (Notes 1 and 2h Sales to the Electric System .. . . ..... . .. . .. . . .$133,104 $131,785 $121,085 Investment and other income . . . ... .. .. ...... . . 20,644 11,129 19,445 Total revenues . .... . .... . . . . .$ 153,74 8 $142,914 $140,530 Costs: Operating expenses-Production-Fuel... ... . ... . . . . .... .. . ... ... .. . .$ 60,850 $ 60,850 $ 54,298 Operation and maintenance (Note 3) . . .... ..... 16,241 14.407 15,298 Provisions for operating reserves (Note 1) . . . . . ... . 3,247 1,384 4,399 General and administrative .... . . . . ... .. 2,839 2,702 2,819 Insurance . . . . . . . . . . ... .. . . 973 828 757 l
$ 84,150 $ 80,171 $ 77,571 Debt service-Principal (Note 1) . .. ....... ... . .. 11,725 10.850 10,340 Interest. .... . . ... . . .. . . ... 57,873 51,893 52,619 Total costs . . . .. . . . ... .. ..... .. .$153,748 $142,914 $140,530 The accompanying notes to financial statements are an integral part of these statements.
Nebraska Public Power District POWER SUPPLY SYSTEM debt service on the revenue bonds. less investment in. come. Revenues are computed and billed so that no equity Notes to Financial Statements is accumulated in the Power Supply System. Revenues and costs as defined by the Power Supply (1) SUM 51ARY OF SIGNIFICANT Resolution difier in the following respects from generally ACCOUNTING POLICIES: accepted accounting principles: A. Organization- (1) Amortization of the debt principal is included The District has three separate divisions for account. as a cost in the accompanying Statements of Revenues ing purposes as follows: and Costs as " Debt service-Principal". Electric System Power Supply System Depreciation is not recorded as a cost. IInd the Nuclear Facility District provided straight-line depreciation over a 40-year life rather than including amortization of As required by Bond Resolutions, separate records are debt principal over the same penod, costs would have maintained for each division. The Power Supply System increased $6.5 million in 1985, $6.3 milh,on in 1984 financial statements exclude the Electric System and Nu- and $6.9 milhon ,n i 1983. Accumulated depreciation clear Facility, for which financial statements are pre. through December 31, 1985 would have increased sented separately herein. The Power Supply System fi- c sts approximately $43.0 million.The reserve for de. nancial statements should be read in conjunction with preciation shown on the Statements of Assets and such other financial statements. Liabilities was provided by recording amounts equal B. Basis o/ Accounting- to repayment of debt. Upon retirement of property Revenues are recognized and billed at an amount subject to depreciation, the cost of property is removed equal to costs as defined by the Power Supply System Rev. from plant accounts and charged to the reserve fbr enue Bond Resolution (Power Supply Resolution) which depreciation, along with the removal costs, net of include operating expenses (excluding depreciation), and salvage. 28 .
- _ _ _ _ _. . - _ . m . . . . _
i (2) Billings to provide capital for renewals and ofenergy delivered to the District. Costs of $.4 million replacements of property and capital additions are in- in 1985 are included in " Production. Operation and cluded in the accompanying statements as " Operating maintenance". Reserves" and " Provisions for operating reserves" Under generally awepted accounting prmesp,es, capi- (4) 3tANDAN PR(MECT: tal additions and provisions for renewals and re- On March 29,1985, the Board of Directors of the Dis-placements are not expenses but (exclusive of minor trict adopted a resolution which directed management to items of property) are charged to utility plant. Re- immediately terminate all work on the MANDAN Project' newals and replacements of property and capital a high voltage transmission line, wnich, among other additions funded from revenues are fully reserved. things. would have permitted the seasonal exchange of power and the sale of associated energy.
- 13) Interest income on construction fund invest-
, In Alay,1985, the Board of Directors authorized the ments is capitah, zed although the applicable projects expended costs of $44.3 million for the MANDAN Project have been placed in service. Under generally accepted and certain costs of the previously terminated Comstock accountmg prmen,ples, revenues would has e increased Project, which were funded from surplus Power Supply
$7.7 million m 1985, $6.7 milhon m 1984, and $8.2 System bond proceeds, he amortimi to expense over the milhon in 1983. life of the applicable bonds. These costs are included in C. Utility Plcnt- .
Utility Plant. Interest expense, less interest earned on investment (5) LITIGATION: securities,, all financing costs and all other costs related to in 1980, the District filed suit to remver amounts to-construction projects are capitahzed. taling in excess of $50 million from National Industrial
- D.Specialfunds- Constructors, Inc. t National), Austin Industries. Inc. ( Au-Special funds consist of $1"8.6 million ofinvestment stin) and Federal Insurance Company (Federal . During securities and 8.6 million of cash at December 31,~ 1985, construction, National was merged with another company I' and $208.1 million of investment securities and 5.5 mil. to form another wholly-owned subsidiary of Austin,
' lion of cash as of December 31,1984. named Austin Power, Inc. IAustin PowerL The suit al-
! Investments are made in U.S. Government securities, leged damages from delays, cost overruns, and for other Federal Agency obligations, repurchase agreements col. damages and expenses associated with the construction of lateralized with U.S. Government securities, and bank Gerald Gentleman Station Unit No.1. Austin Power coun-certificates of deposit. The Debt Reserve Account in the terclaimed against the District to recover amounts total-
- Debt Service Fund and the Reserve Account in the Re. ing in excess of $32 million as a result, among other serve and Continge scy Fund are valued semi-annually at things, of the alleged failure of the District to effectively - January 1 and July 1 at the lower of cost or market in coordinate and administer the construction of Unit No.1.
accordance with requirements of the Power Supply Reso. Prior to commencement of the trial, Austin Power lution. Gains or losses on valuations are included in in. amended its damage claim to $55 million. vestment income. The securities in the remaining funds On August 22, 1984, the jury rendered a verdict are valued at the lower of cost or principal amount in that the District was entitled to recover damages of accordance with requirements of the Power Supply $12,065,180 from Austin Power, Austin and Federal and Resolution. that Austin Power was entitled to rnover damages of
- (2) RATE COVENANT: $26,153,505 from the District. On the same day, judgment The District is required under the Power Supply Reso. was entered in accordance with the verdict with interest lution to charge rates for etwtric power and energy from thereon at the rate of 11.93'1, and Austin Power was the Power Supply System so that revenues will be at least awanted its taxable costs of the action.
sufficient to pay operating expenses, aggregate debt ser. On October 4,1985, after the judgments were af-vice on the Power Supply System Revenue Bonds, firmed by the United States Court of Appeals, a final set-- amounts to be paid into the Debt Reserve Account and tiement was made between the parties. The District Reserse and Contingency Fund, and all other liens pay- recovered damages plus interest of $13,670,183, and the
. able out of revenues of the Power Supply System. The debt District made payment of $30,540.325 covering damages, service payments of the Power Supply System Revenue e urt costs and interest thereon. The District's costs were Bonds are $72.3 million per year through 1990 and princi. paid out ofexcess Power Supply System bond proceeds and pal payments, as a component of debt service payments, are included in the total cost of the Project.
are $12.3 million, $13.0 million, $13.7 million, $14.5 mil- (6) CAPITAL ADDITIONS: lion, and $15.3 million for each of the years 1986 through The 1986 construction plan for the Power Supply Sys-1990 respectively. tem includes authorization for estimated expenditures of (3) PREPAID CAPITAL COSM $4.5 million for 1986. These expenditures will be billed to The Power Supply System Revenue Bonds,1985 the Electnc System as Provisions for operating reserves" Series, were issued for the principal purpose of prepaying n the basis of estimated cash flow requirements. the capital costs associated with the purchase of the capac- (7) SUBSEQUENT EVENT: ity of the Kingsley Project, a 50 MW hydroehctric gen- On March 13,1986, the Board of Directors of the Dis-erating facility owned and operated by The Central Ne- trict authorized the sale of $76,335,000 Power Supply Sys-
- braska Public Power and Irrigation District tCentrab.The tem Revenue Bonds,1986 Series, for the principal purpose prepayment is being amortized to expense over the life of of advance refunding the outstanding $64,680,000 Power said bonds. Supply System Revenue llonds,1985 Series.
Under terms of the Kingsley Project Construction, Operation and Power Purchase Agreement, Central makes available all of the production of the Kingsley Proj-ect and the District pays all costs of operating and main-taining the facility plus a charge based on the amount 29
Nebraska Public Power District NUCLEAR FACILITY Report ofIndependent Public Accountants To the Board of Directors Nebraska Public Power District: We have examined the special-purpose statements of assets and liabilities of the Nuclear Facility of Nebraska Public Power District (a public corporation and p>litical subdivision of the State of Nebraska) as of December 31,1985 and 1984, and the related special purpose statements ofievenues and costs for the years then ended. Our examinations were 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 Nuclear Facility of Nebraska Public Power District for the year ended December 31,1983, were examined by other auditors, whose rep >rt, dated March 2,1984, expressed an unqualified opinion on those special purpose statements. The special-purpose financial statements referred to above have been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Nuclear Facility Revenue Ikind Resolution adopted by the District on August 22,1968, as supplemented, securing the revenue bonds issued thereunder. As described in Note 1@, 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 Nuclear Facility of Nebraska Public Power District in conformity with generally accepted accounting principles. In our opinien, however, the aforementioned special-purpose financial statements of the Nuclear Facility of Nebraska Public Power District are presented fairly pursuant to the requirements of the Nuclear Facility Revenue Bond Resolution described in Note 1@, applied in a consistent manner. Coopers & 1,ybrand 600 Woodman Tower Omaha, Nebraska 68102 March 7,1986. 30
Nebraska Public Power District NUCLEAR FACILITY Statements of Assets and Liabilities December 31,1985 and 1984 Prepared Pursuant to Requirements of the Nuclear Facility Revenue Bond Resolution ASSETS _ t ** i*u tThousands et Dallaren Utility Plant, at Cost . . ...................... . . . . . . . . . . . . . . . . . . . . . . . . . . $533,2 4 8 $487,133 Iess-Reserve for depreciation (Note 1) . . . . . . .. .. .. . .. .... ... 97,744 85,874 Amounts funded from revenue (Note 1) . . . . . . . . .. ..... . . . . . . . . 124,903 76,716
$310,601 $324,543 Nuclear Fuel-Net of Amortization (Note 1) .. . ..... . . ..... . . . . .$117,761 $113,085 Special Funds:
Debt reserve account . . . . . . . . . . . . .. . ... ..... ...... . . . . . . .$ 28,322 $ 28,342 Reserve and contingency fund . . . . . . . . .. .. . . .. .. ..... .. 9,608 13,104 Additions and improvements account . . . . . . . . . . . ............ ... . . 8,522 10,119 Constr + tion fund . . . . ..... .. .... ... . . ......... . . . . ... 14,512 12,253 Fuel reserve account . . . . . . . . . . . . . .. .. ... ... . .. ... .. ..... 10,443 14,944 Fuel disposal fund (Note 3) . . . . . ....... . . . ... .. .... ... ....... 2,546 39,394 Operating fund . . . . . . . . . . . .. ... .. . .... ... 5,915 7,568 Revenue fund . . . . .. ...... . . .. . ..... ............. .. . 803 778 Decommissioning fund (Note 4) . . . . .. . . , ... .. ....... .. . . 3,790 1,879
$ 84,461 $128,381 Accounts Receivable . . . . . ... .. . .. . .. ... .. . ... .. . ...$ 6,667 $ 4,490 Interest Receivable .... ........ ..... .. .. ....... ... . .... .$ 1,870 $ 3,346 Deferred Charges and Other Assets . . . . . . . . . . . . ..... ......... .... .$ 2,606 $ 1 1567
$523,966 $575,412 LIABILITIES Revenue Bonds:
Serial Bonds-4.75%-7.20% , due 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . . . . .$ - $ 12,185 4.8047.50%, due 1986 to 1990 . ... ......... .. . .. ..... .. .. 49,090 49,090 6.0048.80%, due 1991 to 1995 . . .. ........ . . . ...... . .. 24,020 24,020 7.375%9.207, due 1996 to 2003. . . . . . . .. . .. ... 26,600 26,600 Term Bonds, with annual sinking fund requirements-5.10%, due 1987 to 2002 . . ..... .. ...... .. . ...... ... .. .. 155,000 155,000 6.30%, due 1993 to 2003 . . . . .. ... .. . ... .............. .... 68,430 68,430 6.60%, due 1992 to 2003 . ..... .. ...... .... ... .. ...... . .. 67,200 67,200
$390,340 $402,525 Operating Reserves (Note 1) . . . . ......... .... . . . . . . . . . . . . . . . . 116,598 117,465 Nuclear Fuel Disposal Costs (Note 3) ..... ... ... ...... ..... . ... .. 733 40,455 Accounts Payable and Other Accrued Liabilities (Note 3) . . . . . . .. . .. .... 16,295 14,967
$523,96_6 $575,412
. The accompanyirm notes to financial statements are an integralpart of these statements 31
Nebraska Public Power District NUCLEAR FACILITY Statements of Revenues and Costs for each of the Three Years in the Period Ended December 31,1985 Prepared Pursuant to Requirements of the Nuclear Facility Revenue Bond Resolution 1%5 IM4 IM3 tThousands of thilarmt Revenues (Notes 1 and 2): Sales-Electric System . . . . . . . . ... .. .. ... . . ... . . . .$ 60,479 $ 66,114 $ 52,348 lowa Power and Light Company . . ... . .. ... ..... .. 60,477 66,116 52.351 Investment income .. .. .. .. .. ... ... .. . 12,590 13,340 10,187 Total revenues .. . . .... . .. ... .. . .$133,546 $145.570 $114f86 Costs: Operating expenses-Production-Fuel....... .. .. .. ... .. .. . .. . . . . .$ 7,177 $ 21,876 $ 28,740 Operation and maintenance .. ..... . . ... . 31,783 23,620 28,756 Provisions for operating reserves (Note 1) . .. . .. 49.870 52.477 13.489 Technical and administrative . ....... ..... . .. .. 5,506 7,748 ,4,925 Insurance .. . . . .. . . . ... . . . . ... 3,016 3,668 3,788
$ 97,352 $109.389 $ 79,698 Debt service--
Principal (Note 1) ... . .... . ... . . . .. . .. . 12,185 11,575 10,565 Interest. . . . . ... . . .. . .. . .... . .. .. 24,009 24,606 24,623 Total costs .. .. . .. .... ... .. . .$133 1 546 $145.570 $114,83 The accompanying notes to financial statements an an integral part of these statements. Nebraska Public Power District cepted accounting principles:
' 2 ) ^" 'ti2^ti " f th' debt Pri"cipal is included NUCLEAR FACILITY as a cost in the accompanying Statements of Revenues and Costs as " Debt service-Principal".
Notes to Financial Statements Depreciation is not recorded as a mat. Ilad the (1) SU5151ARY OF SIGNIFICANT . District provided straight.line depreciation over a ACCOUNTING POLICIES: 30. year life rather than meluding amortization of A. Organization- debt principal over the same period, costs would have The District has three separate divisions for account- increased $1.5 million for 1985. $1.8 million for 1984, ing purposes as follows: and $2.5 million for 1983. Accumulated depreciation Electric System through Dwember 31, 1985, would have increased Power Supply System osts approximately $45.7 million. The reserve for de-Nuclear Facility preciation shown on the Statements of Assets and As required by Bond Resolutions, separate records are Liabilities was provided by recording amounts equal maintained for each division. The Nuclear Facility finan- to repayment of debt. Upon retirement of property cial statements e::clude the Electric System and Power subject to depreciation, the cost of property is removed Supply System, for which financial statements are pre- from plant accounts and charged to the reserve for sented separately herein. The Nuclear Facility financial depreciation, along with the removal costs, net statements should be read in conjunction with such other of salvage. financial statements. (2) Billings to provide capital for renewals and B. Basis ofAccounting- replacements of property, capital additions, and nu-Revenues are recognized and billed at an amount clear fuel are included in the accompanying state-equal to costs as defined by the Nuclear Facility Revenue ments as " Operating Reserves" and " Provisions for Bond Resolution (Nuclear Resolution) which include Operating Reserves". Under general;y accepted ac. operating expenses (excluding depreciation), and debt ser- counting principles, capital additions and provisions vice on the revenue bonds, less investment income. Reve- for renewals and replacements are not expenses but nues are computed and billed so that no equity is accumu. fexclusive of minor items of property) are charged to lated in the Nuclear Facility. utility plant. Provisions for working capital for nu. Revenues and costs as defined by the Nuclear Resolu. clear fuel are not expenses under generally accepted tion differ in the following respects from generally ac- accounting principles until the fuel is used. 32
Renewals and replacements of property and capi- The fees for dispmal of spent fuel and fuel in the reac-tal additions funded from revenues are fully eserved. tor are being provided as part of the fuel cost and collect-d (3) Interest income on construction fund invest, through revenues of the Nuclear Facility. The fuel dis-ments is capitalized although the facility has been posal fee for fuel burmd piior to April 7,1963, of $40.5 placed in service. Under generally accepted acounting million was paid in June,1985, under provisions of the principles, revenues would have increased $1.2 mil. Nuclear Waste Policy Act of 1982. The disposal fees for lion for 1985, $1.2 million for 1984, and $.8 million for fuel burned aner April 6.1983, are paid quarterly to the 1983. Such income would be included in income of Department of Energy. Some of these fees may ultimately the period under generally accepted accounting be the responsibility of General Electric Company (GE) principles. under the nuclear fuel supply contract for the initial fuel C. Nuclear Fuel- f r the Nuclear Facility.
. Nuclear fuel in the reactor is being amortized on the The District and GE have entered into an agreement basis of energy produced as a percentage of total energy setting out certain rights and responsibilities relating to expected to be produced. the shipment from Cooper Nuclear Station to 51 orris,11-linois, of spent fuel associated with the initial fuel D.Special funds- supplied by GE under the nuclear fuel supply contract.
Special funds consist of $83.4 million of investment The initial shipment of spent fuel was accomplished in securities and $ L1 million of cash as of December 31,1985, August,1984. Each party has a full reservation of rights and $127.3 million ofinvestment securities and $L1 mil- with respect to bu>back payments, all shared costs, and lion of cash as of December 31,1984. ultimate responsibility for disposition of the spent fuel and Investments are made m U.S. Government securities, attendant costs. Buyback payments of $6.4 million for Federal Agency obligations, repurchase agreements col- 1985, and $5.6 million for 1984 have been includal in "Ac. latcralized with U.S. Government securities, and bank counts Payable and Other Accrued Liabilities". certificates of deposit. The Debt Reserve Account in the Debt Service Fund and the Reserve Account in the Re. (4) PLANT DEC05151LSSIONING COSTS: serve and Contingency Fund are valued >emi-annually at ~ The District has estimated the cost of funding the ! January 1 and July 1 at the lower of the cost or market in eventual decommissioning of Cooper Nuclear Station. It is accordance with requirements of the Nuclear Resolution. expected that the costs of decommissioning will be funded Grins or losses on valuations are included in investment from (1) revenues developnl by a component included in income. The securities in the remaining funds are valued firm wholesale and retail rates of the Electric System, at the lower of cost or principal amount in accordance with including revenues from Lincoln for its purchase of p.mer requirements of the Nuclear Resolution. and energy from Cooper Nuclear Station; (2) revenues from lowa Power, pursuant to its contract for the purchase (2) RATE COVENANT AND orpower and energy from Cooper Nuclear Station;(3) cer. POWER SALES CONTRACT: tain reserve funds established under the Nuclear Resolu-The District is required under the Nuclear Resolution tion; rmd (4) surplus funds derived from the ownership and to charge rates for electric power and energy from the operation of the Nuclear Facility. The District will con-Nuclear Facility so that revenues will be at least sufficient tinue to review such costs and methods of funding as to pay operating expenses, aggregate debt service on the a result of changing conditions and requirements for Nuclear Facility Revenue Bonds, amounts to be paid int" decommissioning. the Debt Reserve Account and Reserve and Contingency Fund, and all other charges or tiens payable out of rev. (5) CAPITAL ADDITIONS: enues of the Nuclear Faci:ity. The debt serv?e payments The 1986 construction plan for the Nuclear Facility of the Nuclear Facility Revenue Bonds are $36.3 million includes authorization for estimated expenditures of $36.0 per year through 1990 and principal payments, as a com- million for 1986. These expendi ures will be billed t9 the ponent of debt service payments, are $12.8 million, $13.5 participants as Provisions for operating reserves on the million, $14.3 million, $15.1 million, and $16.0 million for basis of estimated cash flow requirements. each of the years 1986 through 1990 respectively. (6) OPERATIONS: Under terms of a power sales contract with lowa Replacement of the recirculation, core spray and reac-Power and Light Company (Iowa Power), the District tor water clean-up system piping and associated connec-makes available one-half of the production to Iowa Power tions was completed in August,1985, at which time the with the bah.nce available to the District's Electric Sys- plant resumed operation. The cost cf such replacements tem. Iowa Power and the District's Electric System each and related multipurpose facility is approximately $54.0 pay a proportionate share of the nuclear fuel costs tbased million. on energy actually delivered) plus one-half of all other The District and Westinghouse are presently engaged costs of the facility. in negotiations with respect to a settlement of the issue of The District has also agreed to make available, damages to the turbine-generator and plant shutdow n m through its Electric System,12%9 of the output of the curring subsequent to the maintenance overhaul of the Cooper Nuclear Station to the City of Lmcoln (Lincoln). turbine-generator by Westinghouse. Iowa Power and Lin-(3) NUCLEAR FUEL: coln have requested that the District study the recovery of The District has entered into contracts for various nu. consequential damages from Westinghouse resulting from clear fuel components for fuel loadings as follows: the plant shutdown. In addition, l.incoln has submitted a v -n,wh claim to the District of $1.1 million for the cost of replace-g whwh
, g'aeat= mcat energy and loss of gross revenue as a result of the plant shutdown.
Uranium Concentrates . . .Various 1989 (Est.) The new plant management information system in Conversion , . Allied Corp. 1989 currently being tested in parallel operation with existing Enrichment . . U.S. Dept. of systems. The final in-service date will be in conjunction Energy 2014 with the October,1986 scheduh4 outage. The total cost is Fabrication . . , . . General estimated at $16.6 mill;on. Electric 1994 33
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STATISTICAL REVIEW Nebraska Public Power District Electric System, Nuclear Facility l Aserage Number of ltesenue Customers Kw;ll Salee _ 4_ _ Frans Sales 4_ (Thousandet tIhousands) SALES Iletail: Residential . 80,708 744,177 9.3 $ 47,278 14.3 5,490 89,543 1.1 6,242 1.9 Rural & Farm . 17,381 582,526 7.2 36,449 11.1 Commercial . 86 ti83,500 8.5 26,607 8.1 Industrial . Municipal & Federal . . _ 3,091 _ _1_4_6,1_27 _ _1.8 _ 8,633 2.6 l06,752 2,245,873 _$125,209 38.0 Total Retail _ _27.9 Wholesale: 52 Municipalities (Total Requirementsi 1,099,580 13.6 $ 40,438 12.3 19 Municipalities (Interconnection-Partial Requirementsi 95,680 1.2 2,756 .8 26 Public Po ver Districts & Cooperatives (Total Requirements) . 3,250,667 10.3 110,088 33.5 Other Utilities-Non-Firm & Participation . 1,370,931 17.0 41,095 12 5 Total Wholesale 5,816,858 72.!. _$ 194,37_7 59.1 8,062.731 100.0 $319,586 97.1 Total Electric Revenues . , Other Operating Revenues . _ 9,510 _2.9 Total Electric System Operating Revenues $329,0M 1000 thiurtion KH it 4 Coate 4 GENERATION abou.and > ohou.and=> Production: Electric System tincluding Interchange) . _ 506,735 5.9 $ 14,810 6.2 Purchased: Power Supply System'" 5,601.067 65.8 $131,484 54.4 Nuclear Facilityd ' 534,054 6.3 54,096 22.5 Other. 1p72,271 _22 0 _ 40,753 16.9 Total Power Purchased . 8p07,392 94.1 $225/93 93.8 Total Power Produced and Purchased $514,127 100.0 ,$24D,703 100y (1) The Electric System purchases 100'i of the net generation and power put chases of the Power Supply System and 50'4 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 533,694,000 KWil. Iowa Power and Light participation is not included in the table. NPPD's dollar came from NPPD's dollar used for TAXES. INTEREST. AND OTi!ER Ml1N1CIPAL & EXPENSES (NET OF INTERFST FEDERAL SALES-2 6'i INCOME AND UrllER COST OF 14)% ER REVENt'ESi- 5 on PRODUCTION ~ 4 5's UrllER OPERATING Rt:RAL & FARM NET FOR BOND REVENt'ES-2 M SA11S- 174 RETIREMENTS. IMPROVEMENTS. INDt'57RI AL SA D I OTiiER OPERATION AND MAINTEN ant E COMMERCIAL tlNCLt' DES y FaLES-IID ADMINISTRATIVE. TRANSMISSION AND L DISTRIBt' TION. RESIDENTIAL EX PENSES. ETC3- 11 Wi
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, s GFNERAL oF FICE 4 Nebraska Public Power District" ""####d#2^1a^ ".=,'*.,_"_ _=
= - - - _ - - - - - . _ _ _ - _ - . = - _ _ . _ - . . _ . = = = = _,
NLS8600148 April 28, 1986 Director Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Washington, DC 20555 ATTN: Document Control Desk
Subject:
Nebraska Public Power District 1985 Annual Report NRC Do ket No. 50-298, DPR-46 Centlemen: 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 1985. As specified in Regulatory Cuide 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, N Jay M. Pilant Manager, Technical Staff Nuclear Power Group
/rg Enclosure (10) f ,e L}}