ML20008D689: Difference between revisions
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| Line 1,784: | Line 1,784: | ||
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{ CUCUEsNE UGHT CoVPANY S' Y . k ?bb $ ; | { CUCUEsNE UGHT CoVPANY S' Y . k ?bb $ ; | ||
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4 PE.NNsVLVANIA POWER CCMPANY | 4 PE.NNsVLVANIA POWER CCMPANY | ||
Latest revision as of 13:46, 15 March 2020
| ML20008D689 | |
| Person / Time | |
|---|---|
| Site: | Beaver Valley, Davis Besse, Perry |
| Issue date: | 12/31/1971 |
| From: | CLEVELAND ELECTRIC ILLUMINATING CO. |
| To: | |
| Shared Package | |
| ML20008D687 | List: |
| References | |
| NUDOCS 8002030237 | |
| Download: ML20008D689 (28) | |
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wr The poor economy resulted in only a nominal
\ / 7 increase in the number of electric customers -
y 4 3 --f, x - from 657,520 to 663.749 - and restncted kilo-i s .. ~ _ - .
, watthour sales growth to only 1.8?&. This was
'h far below the 6.4*. compound annual growth
.~ "7 pr ;- rate achieved from 1960 through 1970 and tne E. -
lowest annual increase since 1961. Electric
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revenues increased by $25 million, but this was primarily the result of a 6.5?& increase in
? g-P ,"f17 rates, which became effective in August 1G70.
p
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., ~ d: g adjustment provision to virtually all customers.
1 $ .q. ' es y , "
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These factors in the aggregate accounted for nearly 80?6 of the increase in electric m em.g,;s. u e66)Mhh"])
m~ > operating revenues.
Operating expenses rose 8.6?; due largely to inflation in labor, fuel and purchased power The year 1971 was,in many respects, one of costs.
the most eventfulin the Company's history. Another factor which adversely affected it began with hearings before a licensing earnings resulted from a contract entered into board of the Atomic Energy Commission (AEC) with a neighbor utility in 1965. According and,in March, the granting of a construction to terms of the contract each utility agreed to permit for the Davis-Besse Nuclear Power supply mutual back-up power in the event Station. During the year we increased of an outage of companion 650.000-kilowatt dividends, moved ahead significantly in our generating units. Because of an extended environmental control program, expanded our outage on our neighbor's unit, we were
[ D-year construction program, sold 500,000 obligated to provide that company with more
\ Ires of preferred stock and filed applica- than 466 million kilowatthours during 1971.
if[ns for a 20?6 increase in electric rates and a This recuired us to use older, less efficient generating units and to buy additional
~
25% increase in steam rates. As the year
, drew to its close, we announced plans for a power, each an expensive cost item. The ~
! second nuclear power station on the south effect of this outage was compounded when.
shore of Lake Erie. due to mechanical problems, one of the l . three units at our pumped-storage hydro-l For the year, operating revenues were up, electric Seneca Power Plant was forced out I
output to the service area was up and peak load of service in June.
climbed to a new high in June. We, like all industry, however, were operating in a highly . . . .
l inflationary economy with the result that, ay is m W a any l despite our best efforts, costs in all major areas rose. This, in turn, had its adverse effect on o s:
I earnings growth. In short, while earnings - meeting the pow 3r needs of our customers.
increased slightly in 1971, they did not measure - reduci.'g to an ecceptable level the l up to our expectations. environmer'.al effects of our facilities, 1
- l Let's review in more detail the Company's - strengthening to a maximum the >
l operations. reliability factor in delivering power, and i ~ Tha Company eamed 53.06 per share of - sustaining adequate earnings for our common stock as compared with $3.02 in share owners.
l 1970. Quarterly dividend payments were l increased to S6 cents from 54 cents, making
( ments for the year $2.24 per share as pared with $2.16 paid in 1970. On Electrical Giant: Eastlake Plant addition being readied for instaff uary 4,1972, we increased the quarterly of a new 650.oco-knowatt rurcogenerator. scaeduted ic
- iviMd effective with the February 15,1972 m72 complenon the una wat sence reusanos et preser~
l I
payment to 57 cents a share, an indicated 00M " * " ' " ' " " ' ' * * ' ' ' " "' 5"c" ' ' ~ " ' "
New System Operation Center on Br2cksvn. . Onso war irr:.e.
l annual rate of S2.28- service r to w ">rougnout our sy stem.
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4 hese goals are not separate. They are inter- In addition. the conflict between the need '
woven - and sometimes in conflict - but for more facilities and the opposition to their -
we are working toward them concurrently construction is occurring in a highly inflationary -
through our construction program, through economy where the costs of labor, material and pooling and interconnection arrangements, money are at unprecedentedly high leve!s.
. and by seeking increases in electric and No one company or industry can resolve these steam service rates. conflicts. Satisfactory resolution will require The goals, in tnemselves, are not new. Concerted effort and mutual underst .nding l What is new is the physical, social and SMess, goyemment ad ex pdc. U N increased power needs of the future are to be economic environment in which they must be met, procedures must be worked out to met, an environment which presents to the entire utility industry a dimension of challenge acMate the hmely imclementabon of system exp nsion plans.
never encountered before.
Despite these conflicts, however, the The elements of the challenge are many and opportunities for growth of our industry have varied. People, business and industry are never been greater. With electricity so vital -
demanding not only more electric power but ~
to so many endeavors, no industry is in a better also ever-ir reasing reliability of service.
position than o'trs to help bring about an To meet these requirements, more plants and mproved balance of production and greater other facilities are required. At the same time, environmental protection.
because of urban growth, the available land on which to build these facilities is declining. The responsibility of our industry is clear.
Where land is available, moreover, installation We must provide more power and greater nd construction of facilities may be opposed reliability of electnc service, and we must, at because of population congestion, appear- the same time, accomplish this with minimum ance or emissions, however slight, into water effect on the environment.
and atmosphere. Nuclear plants are opposed Some of the ways we, as a Company, through what we believe to be unwarranted f ears are working toward these ends are described about radiation ar d its effect on the ecology. g Jealance of this report.
m 4
Energy for the Future: The Daws-Besse Nuclear Power Stat:on. now under construct:on near Port C:inton, Ohio. is the Company's first entry into the nuclear power !iald.
Even as the plant rises the ecology in surrounding marsh areas is undisturbed.
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moccin-dcs gn service contcrs East 20th Street Sicam Plant como?cmcnt surround.ngs in C:cveland trcm coal to A
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s J and a ruling will be made in 1972 on possible modifications of the plant design. In the meantime, the AEC has given us permission to continue with plant construction.
Our application for an operating license, which cannot be granted until the station is l built, will be made at the appropriate time.
l Construction expenditures in 1971 totaled $123 On October 13, we announced plans for j million. Our five-year construction program, building a new generating plant - the Perry l largest in the Company's history, will involve Nuclear Power Plant on the south shore of the expenditure of an estimated $692 million Lake Erie. 35 miles east of Cleveland. This from 1972 through 1976. Eight generating plant will be the largest single construction projects are in this program, all of them part of project in the Company's history.
a pont pool known as the Central Area Power CoorJination Group (CAPCO). These include Work has already started on compiling the castlake #5 Unit and the Mansfield #1, scientific and environmental information
- 2 and #3 Units, all of which will be coal-fired at the 1,000-acre site. Aquatic and biological data pertinent to Lake Erie is being obtained and Davis-Besse, Beaver Valley #2, Perry #1 to determine the effect of the proposed plant on j j Units which will all be nuclear. the environment. A 200-foot tower will provide y j responsible for construction and long-term weather data specific to the plant operation of the 650.000-kilowatt unit at our Eastlake Plant, due for completion in site. The Company will also analyze plant, -
t animal, air and water samplings in the area to August 1972, ano tor the two 880,000-kilowatt determine the extent of natural background units at the Parry Nuclear Plant, scheduled radiation at the site'
,for the late '70's or early '80's. Altogether, our share of the Eastlake #5, Mansfield #1 and Even though we are entering strongly into
- 2, and Davis-Besse units will add nearly the nuclear generation field and shortly will be 1,000,000 kilowatts to our system capability by using oilin the operation of older generating
! year-end 1976. Our share of the Mansfield #3, units, still s.a are primarily a coal-fired system.
Beaver Valley #2 and the Perry units, Coal, convaueritly, is one of our major scheduled for completion after 1976, will be requirements; its cost, supply and determined by mid-1972. reliability of delivery are essential to our The most far-reaching aspect of the entire production. To help maintain control of program, of course, is our nuclear generation this cost-and also to assure a steady supply plans. On March 24,1971, after extended of quality coal-we entered into an agree-hearings before the AEC, a construction ment with North American Coal Corporation to ;-
parmit was received for the Davis-Besse develop a mine in southeastern Ohio. Wht a Nuclear Power Station. This facility, a joint this mine becomes fully operative in 1972, it project with TI e Toledo Edison Company, is will produce about 2.4 million tons annually.
located on Lake Erie,90 miles west of This, together with coal purchased from other Cleveland. Although construction is somewhat sources under long-term contracts, will meet behind schedule, the plant is expected to more than 90% of our anticipated coal needs.
rMts December 1974 in-service date, We have also leased a fleet of 295 specially-
'g further delays. Last August, the AEC's built cos t cars which will insure lower cost y rity was extended to include environ- delivery to two of our plants.
mental matters other than radiation. We were asked to supply additional data relatL6 00 %
to the Davis-Besse station. Data was pro' ided Every aspect of our construction progra 6
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facilities on the environment. Altogether, on environmental matters alone, Major accomplishments in this field during the we expect to scend an average of about year resulted from a variety of projects. 51 million a month cver tne next five years.
We comoteted the conversion of our East 20th Believing as we do in the nuclear plant as the Street Steam Plant from coal to low-sulfur c:eanest and most economical source of efer oil and announced plans to convert the clcer energy, we see great promise in the fast portion of the Lake Shcre Plant to low-sulfur breecer reactor - a reactor which oil. We also are converting cider units at our creduces more fuel than it consumes. Toward Aven Lake and Ashtabu!a Plants to low-sulfur this end we are cocperating with the govern-oil and have switched to low-sulfur C0al at ment, manufacturers and Ctner e!ectnc cur Canal Road Steam Plant. These efforts will utility companies in a major research and -
r bnng all these units into compliance with cevelc0 ment project. This - the first full-
' smoke-datement laws. Scale, cperating breecer cemonstration plant
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. fly ash handling System - from a wet to a breeder reactor.
more environmentally acceptable dry basis To help finance cur constructicn program,
-is nearing successful completion. we sold 500,0C0 snares cf Serial Preferred Considerable attention continued to be Stock,57.40 Series A, thrcugn a negotiated directed toward improving the appearance and public effering in November.
public accectance of cur overhead trans- The 550 million of proceecs were used to pay mission system. During the year we engaged a pcrtion of cutstancing sncrt-term bank the services of a nationally known censuit- Icans and commercial paper wnich provided ant and applied his recommencations temporary financing cf our construction both as to color and landscaping at selected program. This is the cnly issue of preferred test sites. Plans were announced in December stcck new cutstanding, which gives the ,-
for a major new design and approach to Company considerable flexibility when plan-aesthetics on 345 KV transmission lines to be ning future financing needs.
built through the southwest suburbs of Cleveland. We also centinued cur long-standing program of improving the design Power reliability is mandatory in cur complex and construction of cur other facilities. This society. Browncuts and blackcuts are no more includes such elements as low-profile acceptable to the electric utility industry substations, undergrounding of new residential than to its custcmers. One cf the ways the distribution lines, and painted wood poles industly is securing greater reliability is
' with armless construction. Our Master Street intcugh closer cocrdinaticn and strcnger 09 @ Tree Program, initiated in 1954 and designed interconnections among utihty systems. As a to enhance the beauty of Cleveland-Northeast Ccmpan), we are achieving this objective Ohio, continued to find favor cmong pnmanly th cu th sly mentioned
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l CAPCO Group and ECAR (East Central througn a new system operation center which Area Reliability Coordination Group). will serve as the control point for our CAPCO is a power poolinvolving five generating plants and culk power substations.
companies: Duquesne Light. Ohio Ecison. The center, which will feature computers Pennsylvania Power, Toledo Edison and and electronic control equipment of the most ourselves. Our combined service area is advanced type in the utility industry, is roughly the Pittsburgh-Akron-Cleveland-designed to anticipate problems before they Toledo industrial corridor. The purpose of occur. When the center becomes operative CAPCO is to achieve construction and , in 1972, Company engineers will be able >
op rating economies which, in turn, will enable to operate the system at peak reliability
+
allinembers to keep rates competitive and and efficiency.
improve service reliability. ECAR is a larger regional organization made up of 26 investor- in another area of Company operations, the owned electric utilities - and 374 public latest development is a customer information system which uses video dtsplay terminals powerliaison members-serving all or part of nine east-central states. Its purpose is to -in effect, windows into the computer - to help answer incuiries and initiate orders achieve the highest possible degree of reliability in bulk power supply. for customer service in a minimum of time.
In addition to interconnections with members of CAPCO, we also have strong intercon- Two important steps we are taking to sustain nections with other utilities. At present, there adequate earnings for our share owners are four extra higa voltage (345 KV) inter-involve rate increases and a strong marketing connections, one sach to the Pennsylvania program. Early in October, we filed an EnerDy for Business Electric and Ohio Fower Companies, and two End Educmion: Nightfitne application with The Public Utilities Commis-to Ohio Edison. In adition, we have three sion of Ohio (PUCO) for approval of a 20%
#'C'l "8 ^
C e high voltage (132 KV) 1:as to Ohio Edison with increase in electric rates. We took this step ;
outdoor a fourth now under construction. The only after detailed rate studies - and security and strengthening of our interconnection system cusiness identification. In with great reluctance. No utility enters lightly will continue in 1972 with completion of a into a rate-increase proceeding; most. -
downtown Cleveland, the Bond Courf Building.
345 KV loop linking Pennsylvania Electric, like us, prefer to reduce rates as we have many -
Ohio Edison, Ohio Power and ourselves. times in the past. Nevertheless, this action teIn toYe lett$., a Witnin the Company, one of the important was necessary. Our construction over the soo, coo-square foot rotal ways we plan to strengthen reliability is next five years will require an investment of electric. maior effic >
buildingt Clevelan ' State about $140 million annually. This means University's new 20-story we must not only obtain capital, but do so at tower is loca/ point for Costs which are substantially higher than central campus serving what they vare 10 years ago. In order to i over ts.000 stude ts.
maintain our high credit rating and to attract investors, a rate increase is mandatory. If the l {. .
I full amount is granted by the PUCO, it will result lQ jg in an increase of about $54 million in total l annual revenue.
i f~[2 .
t t The Company also filed an application with
! $$ . ,, { J , g p { *
the PUCO in March 1971 for a 25% increase in l gi,* , -. ? , steam heating rates. If approved, this will l F i .
provide approximately $930,000 in additional
- h. ,* ;+~ 4 ' .
g -
annual revenues.
'Y, g ,'
" M8# Y All rate increases granted by the PUCO must A,- * -
, satisfy federal price-stabilization guidelines.
s p 5 l. .' * 'he Price Commission has reserved the right f E '
to review all rate increases. As of this writing,
. *%4 the Price Commission has established a w Nbh,,, , d .
?'
.A$: moratorium on the granting of rate increases
-h. ' j -[
-]~ yg requested by investor-owned utilities until
~
es by ' Y, #-
s A March 10.1972.
0071 M
Celleges and universities have always
/^70mpany's marketiag efforts are consmed an modant segment of ow I jd to the selective promotion of sales cmga} loa 1 tn 1971. BMcwmMahace on.hctnc power Conege m eerea comp &ed two aWelectnc buildings ano is p!anning another. At Cleveland Cl:vsland-Nortneast Ohio is a growing and State University, the ficrary and faculty office dynamic region. Its future power requirements, tower builcing was ccmpleted and construc-mor ;over, are expected to nearly double in tion of a physical education building was th] n:xt 10 years. We fully intend to meet these begun. Lakeland Community College in Mentor requirements and we're planning and building is continuing the second phase of its multi-th] facilities now to do so. million dollar construction program with List year we recorded gains in residential, completion expected in 1972. Classes began commercial and industrial sales. this year at Cuyahcga Community College's east side campus while. at the same time, R:;v:nue from residential customers rose preliminary plans were inaugurated for 10.1%, or 58.5 million over last year. Average construction of a S25 million west side campus.
annual residential customer's use of electricity increased to 5,604 kilowatthours. In the field of commercial lighting, we maintain in this field, two significant markets serve a continuing effort to market the aDplication as indicators of present customer awareness of Illuminating Engineering Society lighting of th3 electric living concept and also of standards to new commercial installations. As futurs trends. In our most recent survey of the a result,95% of such installations met or n:w home market, we found that approximately exceeded tnese standards in 1971. Outdoors, thra-fourths of our customers have electric our Dusk-to-Dawn Lighting Program rang:s and two-tnirds electric dryers. In the continued to grow in popularity. This program, n:w apartment market,58% of the privately which offers customers a combination of
[^Nd suites constructed in 1971 were modern lighting, beauty and safety, now returns to the Company over 52 million in revenue
( (ped with electric ranges while 96% were annually.
Ewically air conditioned.
Our cornmercial air conditioning market N. inued strong with 96% of all air condition-ing tonnage installed during the year being
. Earthmovers, trucks, the revolving booms electric. Another growing market, electric of tower-cranes: these are the symbols of heating, saw a total of 204 major installations completed, committed or under construction downtown Cleveland's growing skyline today.
They are also a reflection of the region's by year-end.
ov rall construction activity which helped boost our commercial sales 5.4% over last year.
Four cowntown office buildings, adding nearly Industrial sales increased .3% from 1970 two million square feet of office space- as localindustries felt the effect of the general wera completed or under construction during economic slowdown.
1971. All have electric or central-station steam air conditioning. Of these, the most The region's basic industrial vitality, however, significant is Bond Court, the first major was underlined by important expansions, c high-rise, all-electric office building in down- modernizations and all-time high powerdemands, town Cleveland. Suburban office construction Jones & Laughlin Steel Corporation operated continued its favorable growth profile with its electric arc fumaces at full production 34 projects, representing over two million levels for most of the year and completely square feet of space, completed or under construction during the year. New construction e amplemented by continued modemi- Er,ergy for Industry: Multi-n illien covar expansica of Ford Met t ; 1 of downtown buildings, hospital comcany's c:eveland Fcuntry will provoce castings
_ nsions, and acquisition of land for a new Pinto engines and tocst kdcnattacur censumptica.
Justice Center complex. RepucHc Steel's MaxbM,H. rew 84inctn'ct strip mal in Cleveland is an e ectrica:!y-controlled. cc~~puterized rCiling facihty-ine most n:ghly advanced v tacihty of its kind.
969' 12
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rebuilt and enlarged one of its blast furnaces. castings for Pinto engines. This expansion, Republic Steel Corporation achieved high indicative of Ford's continuing confidence in i levels of production in the first half of 1971, the Cleveland area, will add approximately in through increased use of its new 600icbs to the Ford payroll. General Motors
$ lion hot and cold rolling mills. This Corporation operated at high levels n ing mill complex, among the most ' throughout the year. For example, its Chevrolet-modern in the world, has established Cleveland plant experienced increased Republic's Cleveland steelworks as a leader in kilowatthour usage reflecting, in part, near-total high quality sheet production for the utilization of its 514,000-square foot plant automotive and appliance markets. addition completed in 1970.
Ford Motor Company continued the . Industrial load growth continued in another modernization of its Cleveland Foundry with key area as a total of 128 major industrial the installation of its first 50-ton electric electric heating installations were either are holding furnace. A second such furnace, completed, committed or under construction at together with a 100-ton electric induction year-end. Included among these was Mayfran, holding furnace, is scheduled for installation incorporated's unique electric deep-heat late in 1972. Ford also announced a multi- f cility, the largest of its kind in the world. million dollar foundry expansion to provide 1u , ..
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New industrial Market in Pollution Control Employee Development One of the realities becoming more evident is Programs Emphasized i that electricity, far from being an environmental Our operating philosophy at The Illuminating problem, is in fact the key solution to the Company is based on people -on the belief problem. Most industries today are faced with that competent people, given the opportunity the challenge of pollution control. Most are to develop knowledge and exercise initiative using electricity directly, or indirectly, for such and judgment, will achieve high standards control applications -with the result that of performance. a new market for power is emerging. The effect . of this market in our service area is indicated A tangible outgrowth of th.is philosophy is our by the $2 million in annual revenue received Tuition Refund program, designed to help j from pollution control equiprr.ent installed employees further their education. More than I by the steel and automotive industries. These 250 participated in the program during industries, moreover, have plans for 1971 and 27 earned graduate or under-additional control equipment which will yield an graduate degrees. The program pays up to , estimated $600,000 in annual electric revenue 100% of college tuition costs. Another ; by year-end 1973. We expect this segment Company activity, the Personal Development 1 of our business to become increasingly more Program, offers a wide range of free after-signif bant in the future. p hours courses. Almost ISO employees were
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enrolled in the spring and fall sessic of valued member cf the Board and the this prcgram. Company benefited frcm his many years of . siness exunence. 4 first electric utility in the nation isig1 ttQsident's Plan for Progress, we On May 1,1971, Harry T. Sealy retired from maintain a continuing commitment to equal the Cort.;a.i as Senior Vice Presicent. employment opportunity. We are, for example, Mr. Sealy's dedicated service to the Company involved with vocational guidance and job- extended over 33 years. placement centers for inner-city high school . . . . students, a summer employment program We are facing a demanding future in our with the National Alliance of Businessmen, Job 1,700-square mile service area of Cleveland-Opportunity Training and other programs. Northeast Ohio. g,nf. g , . . Its population is growing. Its business and industrial complex is growing. It must in the One of the tnings we're most proud of as a years ahead continue to maintain a vigorous, Company is the fact that the people who know productive economy and, at the same time, us best-namely our employees- resolve the environmental problems arising
~
consider the Company not only a good place from such an economy. to work, but also a good investment. Nearly 2,400 employees, close to half the employee And to do this, it will need more, net less, force, are enrolled in our Thrift Plan and electric power. Savings Plan.Their purchases of common Our responsibility is to supply that power. stock under the plans during 1971 amounted it is a respcnsibility we have been fulfilling to $1.6 million. Since the initiation of the for more than 90 years. Thrift Plan in 1953 and the Savings Plan in t 1969, employees have invested nearly It .is a responsibility we will continue to l S16.1 million of their savings in these two fulfill in the future. I
-tangible evidence of their faith in Sincereiy, I
mpany's future. , At The !!!uminating Company, management is Karl H. Rudolph ( emphasized as a special competence. We ate '
- l February 14,1972
- proud of our management team, its skill
! and experience. It is essentially young and .& ik a x . or 3 aggressive. The top 1 % of our work force, for c
}$- } 's example, averages 49 years of age and f ~ d:g. ,f p 'd-
/ - c over 23 years of Company experience. As a -dj - %] A.~N 7.IN-t-hj' result of our system of personnel selection , I and development, we also have a rich pool of j ~
" bj, d ,
j management resources from which to draw , g g gg . ' - l -and which is constantly being replenished. 2y di .b e , [ l In the L pper management echelons, our ;@ 4 i -~ Y ~.r .a 1 = standard is to have at least one man ready ,- j , 7M -y
- for each top job and at least two qualified '
[( - ~.~ 'c for every other key job. : ? O a r, . -
}4 '
.: =.: +-- '. . : : - ". . u - .
, j At the 1971 Annual Meeting in April, share * ' -~ - ,* . .,-
owners elected Ha; y J. Bolwell, President of
,.'.
- j '
z
', }
Midland-Ross Corporation, to replace -
- 6 ; ' . . -.I W Kusik as a member of the Board of ,
.,;y
-d
[o.rs. Mr. Kusik did not stand for .y , , ; iection in accordance with tne director / ;.,e.. .( p retirement plan adopted in 1963 by the Board of Directors. His tenure on the Beard i
, .E JE'b L '
~ ~
N
.fA j covered six years. During that time he was a e 7- -
- I--
0076 16
Financial and Operating Staternents Financial and Statistical Review 1971-1961 Earnings - 53.50 - 300 Total Operating Revenues Dividends uansons or conars Per Share donari 3.00
- 250 2.50 200 2.00 I t
Residential - 150 1.50 F n] i.'
' F 100 1 00 m r-- Commercial' 'm Jc , n, ,j I .
m
; i ;- :4 1
1 e i. i . ., 50
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Inc ustrial ! l :y - 50 l , i. .l ' I Ll i. i.l. i
- l. ,
- . p , e, j ,; } . 4, , _ ,
1961 1966 1971 O 1961 NO H 0 ' 1966 1971 [ Capacity at T!me of Peak Load (MW) - Utility Plant { Peak Load (MW) 4000
,j' 1500 i3 ff f M. " * '[
I 9 I r 3000 i s l .f. , I l j,' :; I "
- { 7 .
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- , 1000
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dd 9 E o La o Lm _ ! LJ Li i ? -1 .J : : ll ' ' ' ' ' L- ' 1961 0 ! O 1966 1971 1976 1961 1966 1971 1976 00';7 N
O I (d Statement of Changes in Financial Position " 1971 1970 Financial resources provided , Current operations N e t in co me . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,663,332 $ 40,732,853 Depreciation and other non-cash charges against income - net . . . .. ... ... ... .... .. 25,893,561 25,751,984 Total...................................... 67,556,893 66,484,837 Sales of securities Preferred stock . . ... . . . ... . .... . 50,000,000 - First mortgage bonds . . . . . . . . .. ........... .....
- 150,000,000 Common stock to employees . . . . .... .......... 2,019,524 1,538,017 Repayment by Ohio Edison Company of a capital advance . - 41,136,483 Other - net . . . . . . . . ..................... . ...... 3,350,770 1,272,704 Working capital changes Liquidation of temporary cash investments . . .. .. 16,938,489 -
Increase in amounts owed to suppliers and employees . . 12,807,551 - Decrease in other working capital items . . . . . . . . . . . 3.016,785 - Total Resources Available . . . . . . . . . . . . . . . . . $155,690,012 $260,432,041 Financial resources used Utility plant expenditures . . . . . . . . . . . . . ... . .. $123,240,503 $105,788,546 ( g\ Retirement of first mortgage bonds . . .... . ........
- 50,000,000 D ivi d e n d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,398,107 29,166,759 L ..... ,
Working capital changes increase in temporary cash investments . . . . . . . . . . . . . - 17,938,489 Increase in receivables and fuel inventory . . . . . . . . . . 2,051,402 11,175,083 Repayment of short-term borrowings . . . . . . . . . . . . . . - 44,475,000 Increase in other working capital items . . . . . . . . . . . . . . - 1,886,164 Total Resources Used . . . . . . . . . . . . . . . . . . . . . . . . . $155,690,012 $260,432,041 i Opinion ofIndependent Accountants To the Board of Directors and the Share Owners of The Cleveland Electric illuminating Company: In our opinion, the accompanying consolidated statements of financial - position and the related statements of results of operations, earnings retained in the business, and changes in financial position present fairly the financial position of The Cleveland Electric illuminating Company and its subsidiaries at December 31,1971 and 1970, the results of their operations and changes in financial position for the years then ended,in conformity with generally accepted accounting p;inciples n consistently applied. Our examinations of these statements were made
' in accordance with generally accepted suditing standards and
/ ) is j accordingly included such tests of the accounting records and such other v' audieng procedures as we considered necessary in the circumstances. PRICE WATERHOUSE & CO. Cleveland, Ohio February 1,1972 00 % 18 . . .- . .
Results of Operations __ YEAR 1971 1970 OPERATING REVENUES Electric . . . . . . . . . . . . . . . ... ...... ... ....... $266,574,886 $241,026,628 Steam . ......... .. . .... . ..... .. ..... . 4,145,701 3,754,540 Total Operating Revenues ..... .... ... ... 270,720,587 245,381,168 OPERATING EXPENSES t Ope ra ti o n . . . . . . . . . . . . . . . . . . . . . . . . . . . .... .... 117,551,829 107,865,561 Maintenance ... . . ............. ..... 18,148,127 15,230,800 Provision for depreciation and amortization . . . . . ... .. . 25,432,745 21,733,513 Taxes, other than Federal income taxes . . . . . . . . . . .. 32,556,000 28,716,000 Federal income taxes (Note A) . . . . . . . . . . . . . . . ... 15,250.394 15,433,019 Net transfers from accumulated credits for future Federal income taxes . . . . . . . . . . . .. ( 1,230,019) ( 1,264,320) Investment tax credit adjustments (net) (Note A) . . . .. 687,660 4,243,118 Total Operating Expenses . . . . . . . . . . .. . 208,396,736 191,957,691 NET OPERATING INCOME .. ... ........ 62,323,851 53,423,477 OTHER INCOME AND DEDUCTIONS Credit for funds used during construction . . . . . . . . . . . . 5,920,996 8.163,648 Other income and deductions (ney, after income taxes . 115,140 ( 110,929) Total Other income and Deductions . .. . ... 6,036,136 8,052,719 INCOME BEFORE INTEREST CHARGES . . . . . . . 68,359,987 61,476,196 INTEREST CHARGES t Interest on first mortgage bonds . . . . . . . . . . . . . . . . . . . 25,506,250 17,645,833 Amortization of debt discount, premium - and expense (net) . . . . . . . . . . . . . . . . . . . . . . ........ i ( 56,437) . ( 38,389) Interest on bank loans and commercial paper . . . . . . . . . . , 1,246,842 { 3,135,899 Total Interest Charges . . . . . . . . . . . . . . . . . . . . . . . l 26,696,655 l 20,743,343 a l NET INCOME ..... . ........................... .. 41,663,332 40,732,853 j Dividend requirements on preferred stock . . . . . . 174,833 ; - l EARNINGS AVAILABLE FOR COMMON STOCK .. , S 41.488,499 $ 40,732,853 EARNINGS PER COMMON SHARE, l average outstanding shares .... .. ................. , S 3.06 $ 3.02 i i 6 i .. ' l l Earnings Retained in the Business 1971 I
; 1970 BALANCE BEGINNING OF YEAR . . . . . . . . . . . . . . . ....... $102,718,617 $ 91,154,523 i
l ADDITIONS l Net income resulting from operations . . .. ...... . 41.663,332 40,732,853 i DEDUCTIONS ! l Dividends declared - common stock . . . . . . . . . . . . . . . 30,398,107 29,168,759
- Cost of issuing preferred stock - $7.40 Series A . . . . . 678,234 -
l Total Deductions . . ........................ 31,076,341 29,168,759 l 8ALANCE END OF YEAR ... ... ........ .. .... .. . $113,305,608 $102,718,617 CUD i 19
O ( Financial Position at December 31 I ! Assets : 1971 : 1970 l t t PROPERTY AND PLANT l Utility Plant (Note B) , E le c tric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , $1,087,957,091 $978,304,529 Steam..........................................l 18,839,698 . 17,313,548 1,106,796,789 . 995,618,077 i i Less: Accumulated provisions for depraciation , and amo rtization . . . . . . . . . . . . . . . . . . . . . . . . . . 297,384,870 282,748,673 809,411,919 712,869,404
,O '
(s) Other property, less accumulated provisio is for depreciation . . ... ........................ .., 4,418,222 - 4,500,012 813,830,141 717,369,416 - CURRENT ASSETS Cash.............................................. 4,676,753 4,181,994 U.S. Government and,other securities . . . . . . . . . . . . . . . . . . 1,000,000 17,938,489 Amounts due from customers and others, loss provision for losses . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,854,272 22,323,988 l l Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,037,539 9,414,230 Fuel.............................................. 10,056,545 9,535,427 Taxes applicable to subsequent years . . . . . . . . . . . . . . . . . 27,492,663 26,106,596 O th e r . . . . . . . . . . . . ................................ 220,579 106,110 1 76,338,351 89,606,834 OTH ER A S S ETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,472,985 8,851,919 .-
$ 895,641,477
$815,828,169 1
I i ! l o f!
, i \_ /
0080 p 20
1 l 1 ine Cievaand Electric Inuminating Company . . . l l l l Capitalization and Liabilities 1971 1970 FIRST MORTGAGE BONDS (Note C) . . .. . . . .... $390,000,000 $390,000,000 SHARE OWNERS EOUlTY . . . . . . . . . . . . ... ...... Preferred Stock - $7.40 Series A, no par value - 500,000 shares outstanding . . . . . . . . . . . . . . . . . . 50,000,000 - Common Stock - no par value - 13,600,217 shares outstanding in 1971 and 13,538,006 in 1970 after deducting 700,400 shares in Treasury (Note D) . . . . 186,233,875 184,214,351 Earnings Retained in the Business . . . . . . . . .... .. 113,305,608 102,718,617 p Total Share Owners Equity ..
.............. . 349,539,483 263,932,968 y ACCUMULATED CREDITS FOR FUTURE FEDERAL l -j INCOME TAXES, resulting from defense and pollution control facility amortization . . . . 20.868,661
............ : 22,098,680 i
NOTES PAYABLE, maturing 1973-1976 . . . . . . . . . . . . . . . . . . . 1,750,348 ; 2,217,099 CURRENT LIABILITIES j Notes payable to banks'and others . . . . . . . . . . . . . . . . . . 2,466,751 ; 507,589 i Amounts owed to suppliers and employees (Note E) .. .. 39,129,015 I 26,321,464 Federal income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,480,326 ; 24,428,039 i O th e r taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,723,214 45,504,962 Interest ......................... .......... ...... 5,164,764 5,146,177 l Other........................................... 1,541,869 1,688,017 121,505,939 I 103,596,248 1 DEFERRED CREDITS (Note A) ....................... . 10,256,117 9,501,850 ., CONTRIBUTIONS IN AID OF CONSTRUCTION . . . . . . . . . . . 1,720,929 1,481,324
~
t
$895,641,477 j $815,828,169 l
l 0061 _a
)
l Hotes to 1971 Consolidated Financial Statements
\
(jNOTE A-FEDERAL INCOME TAXES NOTE D - At December 31, 1971, outstanding i For Federal income tax purposes, the Company options under the Employee Stock Option Plan claims deductions for liberalized depreciation on covered 20,382 shares of Common Stock at prices additions to its facilities while using the straight. ranginc from $27.38 to $32.00 per share (95% of line method for accounting purposes, market on the date of grant). in 1971, options for A reduction in 1971 Federal income tax expense 13,934 shares at option prices ranging from $26.88 of $989,000, or seven cents per share, resulted to $32.00 were exercised and options covering from the receipt cf a consent from the Internal 15,880 shares expired or were surrendered. Revenue Service allowing the Company to treat At December 31,1971. outstanding options under costs incurred in removing property being retired the Key Employee incentive Stock Option Plan from service as a deductible expense for Federal covered 201,772 shares of Common Stock at income tax purposes in 1971 and subsequent option prices ranging from $28.75 to $38.75 per years. Previously, such costs were charged to the share (100% of market on the date of grant) and reserve for depreciation, which practice has been a further 197,700 shares were reserved and avail-continued for accounting purposes. able for the granting of additional ootions. In 1971, Tax reductions resulting from the aforementioned options for 528 shares at $28.75 per share were treatment of liberalized depreciation and removal exercised; options covering 14,800 shares at costs are subject to flow-through accounting S34.19 per share were granted and options for on the books of the Company as required by The 9,100 shares were surrendered. Public Utilities Commission of Ohio. At December 31,1971,95.980 shares of Common The liability for Federal income tax has been re- Stock were reserved for the Employee Thrift Plan. duced by :nvestment tax credits of $1,017,394 in in 1971,17,188 shares were sold under the Plan. 1971 and $4,497,699 in 1970. Pursuant to orders of At December 31,1971,348.150 shares of Common The Public Utilities Commission of Ohio, these Stock were reserved for the Employee Savings ( \ amounts have been deferred through a charge to Plan. In 1971, 30,561 shares were sold under the i expense and are being amortized over the esti-matt.9 sife of the property involved.
- Federal income tax expense in 1971 has been NOTE E - Purchase commitments in connection -
reduced by $1,385.000, or ten cents per share, with the Company's construction program - reflecting the final settlement with the Internal amounted to approximately S85,438,000 at Decem-Revenue Serv,ce i of the Company s Federal in- ber 31,1971. Annual rental payments under long-come tax liabilities for the years 1960-1967 and a term leases for coal cars (14 years) and office reappraisal of potential tax liabilities provided for space (18 years) were approximately $1,669,000. subsF:uent years. Under the provisions of a long-term coal purchase NC.d B - Utility Plant at December 31, 1971, contract, the Company is obligated to make sub-included the cost of the portion of the Lake Shore ordinated loans to the NACCO Mining Company, Plant located on artificially filled land estimated a subsidiary of the North American Coal Corpora-at approximately $56,238,000. Such land has been tion, to the extent that NACCO is unable to make occupied since 1910 subject to such rights as the payments on its loan and lease obligations as they State of Ohio or the City of Cleveland may have. become due. The amount of NACCO's obligations at December 31,1971 was $16,199.000. NOTE C-FIRST MORTGA65 BONDS (000) g NOTE F -The Company's pension plan provides retirement benefits for all regular employeen w,th i - 9% Scries due 1975 . . .... S 75,000 $ 75.000 at least 10 years of service, based primarily on 3% Series due 1982 20,000 20,000 length of service and total earnings. The plan also 2% % Seri, s due 1985 . . . . 25,000 25,000 provides for certain early retirement, disability and 3% % Senes due 1986 . . . 25,000 25,000 death benefits. The pension provisions were com-3% Series due 1989 . . . . . 20,000 20,000 puted as a percentage of payroll based on actu-7% % Series due 1990 . . . . 60,000 60,000 arial estimates. The 1971 and 1970 provisions 8% % Series due 1991. . . . . 35,000 35,000 n amounted to $4,200,000 and $3,200,000, respec-( ( j3% % Series due 199' l 4%% Series due 1994 J .. 30,000 25,000 30.000 25,000 tively. Tne Company's policy is to fund pension cost accrued. At December 31,1971, the value of K/ 8% % Series due 2005 . . . 75,000 75,000 the pension fund adequately covered all actuarial - Total . . . . . ... $390,000 $390,000 liability. M10 YEAR REVIEW h 22
.,m , - -
1971 1970 TOTAL OPERATING REVENUE . ..... . 270.721 245.381 4Financialand Statistical Review 971-1961 Residential Commercial Industrial 93.131 70.216 92.519 84.593 62.498 84.342 Other Electric (includes Sales for Resale) . . . . 10.709 10.193 Steam Heating . . . . .... .. .. . . 4.146 3.755 TOTAL OPERATING EXPENSES . . . . . . . . . . . . . . 208.397 191.958 i Operating Payrd . . ........ ... ...... ..... 39.404 35.128 Results of Operations Fuel and Purchased Power . . . . . . . . 69.698
..... ..... 63.888 (Thousanda of Deuers) Other Operating Expenses . . .... ........ .. 26.598 24.080 Depreciation and Amortization .... .... ... 25,433 21.734 Taxes. Other Than Federal Income Taxes . . ..... 32.556 28,716 Federal Income Taxes . ..... ...... . .. . . . 15.250 -
15.433 Provision for Future Federal Income Taxes . . . . .. . . . 28 29 Transfers from Accum. Crs. for Future Fed. Inc. Taxes . (1.258) (1.293) Investment Tax CreMit Adjustments (Net) . .. . 688 4.243 NET OPERATING INCOME . .. ..... ... 62.324 53.423 OTHER INCOME AND DEDUCTIONS .. . . . .. . . .
~
6.036 8.053 Credit for Funds Used During Construction . .. .. 5.921 8.164 Other Income and Deductions - Net . ... . .... .. 115 (111) INCOME BEFORE INTEREST CHARGES . . . . . . . . . 68.360 61.476 INTEREST - Long-Term Debt and Other . . . .. .... .. 26.697 20.743 NET INCOME . . .. .. . . .. .. . .... . 41.663 40.733 EARNINGS PER SHARE - Common -(b) . . . S 3.06 S 3.02 DIVIDENDS PER SHARE - Common -(b) . . . . S 2.24 5 2.16 gm~.g . .e- . sw. . n~-- -~~r= m_m. ~. 2 m,w.:m:w
. w.xx. v. en. .c .,mc.mn cm ~=r. - --n TOTAL ASSETS , . . . ... . . . .. . 895.641 815.828 Financial Position Year-End Utility Plant - Total . . . .... .. . . 1,106.797 995.618 (Thousands of Dollars) Accum. Utility Plant Deprec. and Amort. . ... .. . (297,385) (282.749)
Other Plant, less accumulated depreciation e
. . .. 4,418 4.500 Current and Other Assets .. .... . .. .. . 81.811 98.459 TOTAL CAPITALIZATION AND LIABILITIES . .. .. .. . 895.641 815.828 First Mortgage Bonds . . . . . . . . . .... .......... 390.000 . 390.00E Preferred Stock . . . . . . .
.... . ............ . 50,000 ,
, Common Stock Equity . . . . . . . . . . . . . . . . . . . . . . . 299.539 l 286.933 ,
i
; Accum. Credits for Future Fed. Inc. Taxes . . . . . . . . . . . . 20.8G9 i 22.099 ~
; Current Liabilities and Other Credits . . . . . . . . . . . . . .' 135.233 1 1 9.796 I UTILITY PLANT ADDITIONS - (a) . . . .. . . .... ....! 123.241 1 0 .575
- i UTILITY PLANT RETIREMENTS . . . . . . . . . . . . . . . . . . . . . . 12.062 ! It 425 l
, NUMBER OF CCMMON SHARES - (b) (c) . . . . . . . . . . . . . 13,600.217 ! 13.535.006 w
i NUMBER OF PREFERRED SHARES . . . . . . . . . . . . . . . . . 500.000 - _ _.._ _.. - - - _.-.-.---.- - . --.-..-.. - -. . .- .. a - - -... - - - f KWHR SALES (Thousands) . .. . .. . ...... .. ... .i 14.064.775 t 13.822.095 Operating Statistics ! Residential . . . . ... ..... ... ............. 3.530.655 1 3.442.683
}
Comm e rcial . . . . . . . . . . . . . . . . . . . . . . . . . . . . .j' 3.144,640 ; 2.983.877 I n du strial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.813,918 1 6,793.952 I Other (includes Sales for Resale) . . . . . . . . . . . . . . . . . . 575.562 1 601.583 ELECTRIC CUSTOMERS-YEAR END i 663.749 i 657.520 I Residential ... Notes to Financial ar d ...............................j 605.889 600.816 Statistical Revlw Commercial . . . . . . . . . . . . . . ........... ....... .I 50,285 ' 49.037
................)
Industrial . . . . . . . . . . . . . . . . . . . . 7.122 i 7.139 to) n.t ener resuenons of: suse. coo, ss3.ooo Oth*' - - ~ - - "53 ' 58 and si32.oco in iss4 54. respectivery, for prtee RESIDENTIAL SALES DATA -l ;. adlustments due to aan. trust settlements: and i Average Kwhr per Customer . . . . . . . . . . . . . . . . . . . . . . I 5,604 I 5.532 s107.815 in 1967 reflecting Acquisition Adjust. ! monts for all prior years
- acquis6tions. Also, m. t Average Revenue per Customer . . . . . . . . . . . . . . . . . .I $ 147.89 is 135.84 f>ects reciassmcation in 1965 of a portion of im. -;
Average Revenue per Kwbr ....................l 2.64c ! 2.46-provements to Leased Property as utility Plant. ELECTRIC PRODUCTION a o ses frornYe't Uc ['1 antNe$nSr7 ! Net Available for Service Area (Thousands) . .. . ... . ..i 15.114.965 i 14.799.326 Does not inciude s2.062.so3 m issa and s39.073.eeo ! Net Generation ..............................l 14.953.520 , 12.671.397 in '968 advanced to the ohio Edison Company ? for apprommately one. hell of the cost of that 4 Net Received from Others . . . . . . . . . . . . . . . . . . . . . . .! 161.445 i 2.127.929 company's sammes as unit. The company t e. BTU per KWHR of Net Output . .... .................! 10.256 1 10.564 case ontmed to one. hail of the not capammty of I' Fuel Cost per Million BTU . . . . . . . . . . . . . . . . . . ....i the on.: unut June 1.1970 when its own Avo" 40.51g i 36.26c
# " " h Coal Cost per Ton ...... ... .. . ..... ......I$ 9.03 i$ 8.12
",** **',' '], 8 Annual Net 60. Min. Max. Load-KW-Excl Interruptibles . .! 2.750.000 1 2.517.000 2-for.1 stock split on May 20.1963. e Net System Capability - KW - Year End . . . . . . . . . . . . . .', 3,400.000 3.235.000 (c) Aner deducuno shares in Treasury; 72.200 STEAM HEATING !
243.300, s30.4oo. 636.300 in '964 64-T. respec. [ twy. and 70o,400 in issa, and subsequentry- Sales - Pounds (Thousands) . . . . . . . . . . . . . . . . . . . . .! 2.390.495 t 2.378.702
! Customers - Year End . .........................! 470 (d) Reflects redemption of Preferred Stocht. 54.50 450 t series, at s107 per share effective October 1 ( POPULATION SER
.. ............................... 2.085,000 ; 2,075.000 tes3. EMPLOYEE L
ND . . . . . .
.....l 4.972 l 4.86a.
23
1969 1968 1967 1968 1965 1954 1963 1962 1961 203.840 189.024 184.246 168.967 161.402 154.216 146.517 139.053 70.335 65.446 62.258 58,799 56.889 54,064 51,921 50.600 50,394 46.398 43.339 39.758 37.642 35.651 33.876 32.155 77.069 71.655 66.262 65.094 60.878 57,513 54,785 51.681 47.233 8,392 7,874 7,215 9,998 6.042 5.892 5.987 5.501 5.483 3.630 3.582 3.703 3.547 3.490 3.466 3.729 3.538 3.582 172.183 163.106 148.704 145.149 132.694 127,871 122.556 116.360 109.057 32.294 30.475 29,161 27,728 26,426 25.338 24205 23.607 22,827 48.156 40,998 34.374 34,352 28.280 25,824 25.244 24.065 22.374 20.278 18,852 17,821 16,917 15.6S8 14.868 14.320 13.687 12.432 19,926 20.048 20,634 20,191 20,173 19.984 19,479 18.615 16.072 25280 23.316 20,834 20.166 19.537 18.599 18.027 16,740 15.329 26.844 29.816 26.57' 26.621 23.420 21,984 19.889 17.814 18.283 239 222 213 231 2,050 2.063 2.301 2.737 (1.391) (1,542) (1,468) (1,486) (1,494) (1,200) (1207) (1,169) (997) 796 904 449 447 423 424 536 700 - 46.315 40.734 40.320 39.097 36.273 33.531 31.660 30.157 29.996 6fP 3.892 1,941 1 430 1.315 737 1.026 1.529 1.425 6.830 3.739 1.302 512 309 188 498 1.050 903 127 153 639 918 1.006 549 528 479 522 53.272 44.626 42.261 40.527 37.588 34.268 32.686 31.666 31.421 14.031 7.320 6.488 6.488 6.488 6.488 6.488 6.488 6.488 39.241 37.306 35.773 34.039 31.100 27.780 26.198 25.198 24.933
$ 2.92 $ 2.78 3 2.65 $ 2.51 $ 2.26 $ 2.00 $ 1.83 $~ 1.75 $ 1.74
$ 2.04 5 1.89 $ 1.74 3 1.62 3 1.32 $ 120 $ 1.10 $ 1.00 $ .95
-c.--.~.r.--- .
- _ _ m e - - - -. z . ,- - u-u.w &,m 3_-- - - - _ . u .,. - ~.
741.092 618.397 545.499 537.149 528.181 518.4E2 504.174 516.182 502.332 941,604 812.027 709,907 669.581 642.623 629,743 617,535 603.742 584,798 (269.064) (258.234) (247.392) (231.604) (217,701) (205.040) (189.771) (174.001) (158,641) 4.776 4.398 3.781 2.954 2.532 2.853 2.184 2,134 2.511 60.206 79.203 96.218 100.727 90.926 74.226 84.307 73.664 618.397 545.499 537.149 528,181 518.482 504.174 516.182 502.332 195,000 195.000 195.000 195,000 ' 195.003 195,000 195.000 195.000
- - i -
- - j -
, - (d) 25.753 25,728 -
273.631 260214 l 249.029 ' 239,144 236,922 228,809 218,895 208,809 196.684 23,363 26,057 27,303 28,576 28.133 f
~
24,754 l 29.839 l 28,989 ; 27.001 153.898 138.429 75.413 75,702 67.E83 64.834 61,290 i 58.487 ' 57.919 l 100,446 110.980 45.966 : 34,078 22,415 17,743 18,462 ' 23.330 35.348
. 9,943 10,923 5.640 ! 7.120 9,535 5.535 4,669 4.386 ! 6,966 13,486,399 13,423,538 ! 13,494,193 t 13,734,331 13,831,712 13,844.806 l 13,768,730 13.689.824 l - ' - l 13,435,117~\
- ~
\
- (d): 257.527 , 257.286
_ __ ____.m__,_w~_ , l 13.291.779 12.360.792 ' 11.254.051 t 11.828.586 10.138.961 1 9.271.809 ' 8.660.038 8.076.609 7.432.113 3.147.720 2.904,191 i 2,666,343 l 2.511,231 ! 2,340,284 2.195.362 2.073,297 1,983,552 i 1,925,736 l 2,717.356 2.518,958 i 2.303,515 i 2,149.718 ! 1,95!.123 1,805,726 1,691,301 1 1,592.975 : 1,496.368 1 6,937,738 6,444.028 5,824,474 t 5,957.885 t 5,495.238 4.923,986 4.536,203 1 4.211,309 1 3,714.319 l 488.965 493.615 . 459.719 l 1.209.752 ! 348.316 346.735 359.237 i 288.773 ' 295.690 649.233 638.685 ! 627.789 l 621.293 I 609.920 j 598,156 , 583.882 ' 574.142
- 566.215 l 593.993 585.224 >
575,814 l 570.511 561,281 551.113 538.939 530.958 ' 523.427 l 47.569 45.808 ! 44,493 ! 43,565 l 41,475 40,034 38.353 36,988 1 36,756 7,150 7,127 6.957 6,692 6,460 6.318 5.898 ' 5.525 t 5.366 521 526 525 525 704 691 692 671 1 666 l 5,132 4.809 4.483 4,268 4,045 3,876 3.750 , 3,638 4 3.591 l$ 122.76 $ 116.42 $ 109.92 $ 105.70 $ 101.58 $ 100.53 $ 97.80 'S 95.33 '$ 94.29 2.39c 2.42c 2.45c 2.48e 2.51c 2.59c 2.62c - 2.63c 2.61c l i 14.308.764 13.296.025 ' 12.070.649 ' 11.858.149 , 10.946.426 10,000.161 ; 9.376.237 ! 8.764.741 8,108.959 l 12".342226 11,592.344 9.560,155 9,137,445 8,560.894 1,966.538 1,703,681 10.915,671 v 11,764.953 j 10,107.776 8 - 7.918.612 1,154,978 93,196 ; S38,650 440,006 238,792 203,847 190.347 10.591 10.517 10,353 10.388 i 10,293 10,033 , *910
,, 10.001 i 9,997 "c 26.60c 25.50c 24.654 I 24.35c 25.02c
- 26.16c 26.27c ! 26.27c
!$ /
) 83 626 .$ 6.09 $ 5.89 l$ 5.82 3 6.00 '!$ 6.32 is 6.34 1$'
6.35 i j 2266.000 2.086,000 1,947,00C, ' 1,833.000 1,717,000 1,493.000 2.409,000 2,255,000 1,609.000 j 1.518.000 i 2.m 23 2.409.000 , 2.209.000 2.236.000 2.267,000 ; 2.267.000 2.021.000
< s 1
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sY P ARTICIPATING COMPANIES N.. 'M .- . D.N;Qsf . :-Gv.L g N-C~ Y U.4& % .% s - - q NE ILLUVINATING COMPANY b.' .[-N Ne -a :kkNh Nb$ hh ~dy'wC &gME W[-L J i' 4.---p. I { CUCUEsNE UGHT CoVPANY S' Y . k ?bb $ ; f.7-M-h.f.$-M.::S#D r . m .. %- .,-W.57T.((.Y$
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CAPCO.345 KV I -%-rre - "/ TRANSMi$$loN LINES EXISTING munnee PRCPCSED. oR UNDER CONSTRUCTION THE 4.LUMINATING COMPANY TRANSMIS$3cN UNES
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132 KV UNEd The CAPCO Power Pool . . .is an agreement among oTHER TRANSMfSSloN UNES regional utihty Companies to assure greater reliabihty OWNED BY PENNSYLVANIA of interconnections. baCx-up in Case of emergenC:es. ELECTRIC CCVDANY and better economies of cperation. Members include The Illuminating Company, The Toledo Edison CAPCo cENERATING UNITS BY TYPE 7,,,,c ,,,,, et, 3,,, Company. Ohio Edison Company, Pennsylvania it CoALriRED Power Company and Duquesne Light Company. The sAuvis er esc uw 0 agreement among memcers includes the joint EAsTLAKE #5 650 MN 447 VW development of power generation and transmission MANsFIELD *1 880 MW 57 MW facihties for all five Companies. MANsFIEto s2 sa0 uw 252 vw MANSF(ELD s3 E80 MW 005F %- 7
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JOHN LANSDALE. JR. re s~er v tre io., r?rn, or HERBERT E. STR AWBRIDGE c , -,4
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4 AUDITORS l P :e ',',1:e cte ?. C l T,0 Ce-t 3i Na cr 31 E rw S5c ng ! ?, C.e <e rd C 44ti4 BOND TRUSTEE AND REGISTR AR Y ;3n G;a rt. ' . : Cc *:any cf *.e w vcw f: a Cenes Y# _ C mca*cs ngr: m Ocr0 eg "E:n
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_ . . - _ _ , . . - . - - . . . ~ . . _ - . . - - - _ - _ _ _ - . _ _ _ _ _ _ _ . . . . - . . . l Principal Officers ROBERT W. COAN I RAY W. WYMAN ; and Executives vece *,moer-c ee c 5. -- * ,c. r<es.aer.u e r em l e
- LEE C. HOWLEY v,ce pres cent a coeres corse.
RICHARD A. MILLER nce pres,oem nnec, CLEMENT T. LOSHING r,,,,,,,,, THORNTON L. THURBER WILLIAM R. VOGELSANG secreteer i l I i KARL H. RUDOLPH PHILIP B. PERRY NEWTON D. FLACK rresionne voce pres aent.ccarenans overer s.,oenntecent I steem ro.or cows.on 8 ROBERT M. GINN HAROLD L. WILLIAMS Esecuro,e mee presseent JOHN J. MISIC wee pres,o t.tr.pneent e Guere saoenntenae= 0.str1Ds,rton Dives,an .
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h-e r- .[ 3 W ' Waham R. Vogeisang Thornton L. Thurber Clement T. Leshing Ray W. Wyman Recert W. Ccan l . 3*. Series. Due 1982 3% Series. Due 1989 PREFERRED STOCK 2w Senes. Due 198E 7.% Senes. Due 1993 TRANSFER AGENTS 38.*. Series. Due 1986 Listed on New York Stock Exchange. 4% Series. Due 1994 Fct Common Stock and for Preferred Stock REGISTRARS ( Morr;an Guaranty Trust Company of New York The C!eveland Electnc filuminating Company for Common Stock P.O. Box 5000. Cleveland Cnio 44101 and 23 Wall Street. New York N. Y.10015 for tr.e 4 9*. Senes. Due 1975 Sw Senes. Due 1991 Tne C:evetand Trust Company Manufacturers Hanover Tru't Company 7% Senes. Due 1990 8w Series. Cue 2005 Euclid Avenue and East 9th Street 4 New Ycrk Plaza. New York. N. Y.10015 C:eveland. Ohio 44114 Inquiries regarding interest payments should SHARE OWNER INQUIRIES i be Bankers Trust Company d to either Manufacturers Hanover Communications regarding s!0ck transfer ! cany or Morgan Guaranty Trust 16 Watt Street. New York N. Y.10015 recuirements er icst certif: cates may be ! of New York for the senes of bonds for for Preferred Stock directed to either Stock Transfer Agent. ; cn acts as paying agent as noted above. Y A;I communications regard:ng cnneencs '
. - ON STOCK v e d E st 9 n S reet and changes cf accress should be directed C; eve!an h 44114 :o The !! lumina:ing Company. Omce cf the
} Usted on the New %.K. Midwest and Pacic -- Sccretary. P.O. Box 50C0. Cleveland. Chio 44101.
- Ccast Stock Exchanges: unnsted tracing on the Boston. Phitace! chia-Battimere-Wasnington. $',"9[all V Stree w York. N. Y.10015 EXECUTIVE OFFICES j Cincinnati, and Detroit Stock Esenan;2s. Illumina!ing Builc:ng Mail Address idew York Stock Exchange Symbot - CVX- 55 Pubhc Scuate Post Office Boit 5000 Cleveland. Chio C: eve!and, Ohio 44101 .___c,. _ - . _ _ _ _ , _ _ _ _ _ _ _ _ _ . _ _ _ _ _ . _ _ _ _ . . _ _ _______}}