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Latest revision as of 13:47, 16 March 2020
| ML19257C629 | |
| Person / Time | |
|---|---|
| Site: | Hatch, Vogtle  |
| Issue date: | 12/31/1977 |
| From: | GEORGIA POWER CO. |
| To: | |
| Shared Package | |
| ML19257C591 | List: |
| References | |
| NUDOCS 8001290512 | |
| Download: ML19257C629 (35) | |
Text
-
A GEORGIA POWER COMPANY ANNUAL REPORT 1977 oo/th~o llf li=u- l 4j c - n - - - -- --
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.....,2 Contents [ [h g p pdUllu q]h c
,g 2 1977 Financial Highlights f p1k-3 Significant Events 4 letter to Shareholders 6 Year in Review 18 The Southern Connection 19 Financial Statements 32 Directors and Officers This annuai report is subma ted as information for stockholders and is not intended for use in connecimn with anv si or purchase of. or any offer or solicitation of . offers to buy or sell any securities.
1829 550
A GEORCIA POWER COMPANY Projected Sources of Funds Statement January 1,1979 through December 31, 1979 (Thousands of Dollars)
INTERNAL SOURCES OF FUNDS:
Retained Earnings (23,167)
Deferred Income Taxes 64,197 Investment Tax Credits-Deferred 26,561 Depreciation and Amortization 155,476 Less: Allowance for Funds Used During Construction (46,314)
Changes in Balance Sheet Accounts 176,983 Other 1,533 Total Internal Sources 354,769 b
EXTERNAL SOURCES OF FUNDS:
The ratios and amounts of first .
mortgage honds, preferred stock, and the amount of capital contri-butions and short term debt will be determined by market conditions.
Total External Sources 211.572 Total Sources of Funds for Constructica 566.34l Georgia Power Company projects $5.01 million in cash would be available throughout the period, for payment of retrospective premiums. Therefore, the need would not exist to curtail capital expenditures. Other participants include Oglethorpe Electric Membership Corporation (30%), Municipal Elenric Authority of Georgia (17.7%), and the City of Dalton (2.2?6).
r829 351 6
GEORGIA POWER COMPANY Assumotions Used In Sources of Funds Statements
- 1. Retail and Wholesale Revenues are based on rates currently authorized, with all co-owners (the Oglethorpe Electric Membership Corporation, the Municipal Electric Authority of Georgia, and the City of Dalton) reflected at a partial requirements rate.
- 2. Georgia Power Company is a co-owner in the Edwin I. Hatch Nuclear Flant (50.1% Ownership) and the Alvin W. Vogtle Nuclear Plant (50.7?6 Ownership) which is presently under construction. The remaining co-owners in the Edwin I. Hatch Nuclear plant are OEMC (30% Ownership),
MEAG (17.7% Ownership), and the City of Dalton (2.2% Ownership). The remaining co-owners in the Alvin W. Vogt!e Nuclear Plant are OEMC (30% Ownership), MEAG (17.7% Ownership), and the City of Dalton (1.6%
Ownership). -
- 3. Plant Hatch Unit 1 is presently in Commercial Operation. Plant Hatch Unit II is schedule for Commercial Operation in December 1978. Plant Vogtle Units I and 11 are tentatively scheduled in these estimates for Commercial Operation in November 1984 and November 1985 respec-tively.
1829 352
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CEORCI A l'O'4R COMPANY f Supplement to Income Statement , j June 1978 (In Thousands of Dollars) ,
T Cearrent Mont h Yeir-Tn Date Twetve Mont hs Ended Cu rrent Month C t
- . 7. I. % f APORTIZATION This Year f.a s t Year Incr. This Year Last Year Incr. This Year I.a s t Year Ynct. ,
r ELECTRIC: b ;
Amort. of Plant Ac ou t s t r i on N Amort. of Investment Tax Credit (112) (121) (2,191) (1,938) ( 3,5M ) (1,417) CO 6 Total - Electric (132) (323) (1,1H1) (1,939) (3.550) (3,417) -
HE AT!m }
Amort. of Investment Tax Credit (2) (2) (14) (14) (29) (28)
I TOTAL AMORTIZATION g)4) _gl 2]) (2.77) (2.197) (1.952) (12.55) Mig) (1.445) (4.73) e INCOME T A XE S OPERATING EXPENSES - ELECTRIC Income Taxe s - Federal 329 7,065 322 16.428 (2,506) 15,465
- State 640 1,642 1,604 4,944 3,694 7,977 Provision for Def. Inc. Taxes - Federal 7,671 5,t42 38,610 33,569 83,594 66,166 f
- State 1,020 683 5,134 4,460 11,121 8,822 1 (18,745) (13,313) (26,477) '
Inc. Taxes Def. in Prior Yrs. - Federal (1,973) (4,452) (7,457)
- State (256) (581) (955) (2,425) (1,742) (3,389) i Inve s t ee nt Tax Credit 4.466 1,216 11,795 19,421 29,067 41,845 i (6.58) (2.39)
Income Taxes - Electric 11_ . 8] 7, g2JJ gM1 _5M12 (14.92) 109.915 _112Ag OT}tER UTIL. OPER. INCOME - HEATING Income Taxes - Federal (97) (78) 12 (75) (341) (370)
- State (12) (10) 1 (10) (39) (48)
Provision for Def. Inc. Taxes - Federal 14 16 86 96 181 214
- State 2 2 11 12 24 28 Inc. Taxes Def. in Prior Yrs. - Federal
- State Investment Tax Credit 41 6 Income Taxes - Oc her Ut i1. Oper. Income -
HeatinR (93) (70) (32.86) 110 21 378.26 (132) (170) 22.35 OTitER INCOME & DEDUCTIONS Income Taxes - Federat 884 9,734 2,615 24.734 l 't
- 24,600
- State 146 1,602 468 4,387 15 4,496 Provision for Def. In:. Taxes - Federal 2,093 2,093 8,833
- State 278 278 1,175 Inc. Taxes Def. In Prior Yrs. - Federal (77) (307)
- State (10) (40)
Investment Tax Credit Incame Taxes - Other Income & Deducti _JM g([ (70.00) _A454 2hg (8t.21) QSg _ 18.74] (64.99)
EXTRAORDINAPY ITEMS Inreme Taxes - Federal
- State income Taxes - Extraordinary Items ___ _ _ _ ___ _ _ _ _ _ _ _ _ _._
INCOME TAXES CHARGED TO INCOME ACCOUNT Income Taxes - Federal 1,116 16,721 2,949 41,087 (2,714) 19,695
- State 774 3.234 2,074 9,32t 3,670 12,425 , , ,
Prov. for Def. Inc. Taxes - Federal 9.778 5,158 40,787 33,665 92,609 66,580 g*
- State 1,100 685 5.424 4,472 12,319 8.850 g*
Inc. Taxes Def. In Prior Yr. - Federal (1,973) (4,452) (7.457) (18,745) (13,390) (26,784) c
- State (256) (581) (955) (2,425) 't.752) (3,429)
- v Investment Tax credit 4,466 1,216 11, 785 19,421 29,110 41 A51 g TOTAL INCOME TAXES 15.N5 24 3 (36.65) __ ,5 4A.1.] gQg (37.07) Ji9. $)2_ J4 ply (15.11)
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GEORGIA 11CER C m PANY k Balance Sheet June 1979 @ [
(In Theusands of Dollars)
- D l'
Curr nt Manth Current Manth i ASSETS .t h i s Y5 last h ar CAPITALI ZATION AND LIABILITIES This Year inst Year %
N i UTII.1TY PINQ CAPITALIZATIO*4 ;
Plant In Service (Classified ant Unclissified) 3,726,319 3,352,932 Common Equity: .
Electric Plant fletd for Future Use 2,083 2,469 Common Stock 7,761,500 SilARES 344,250 344,250 cap i tal contributions 557,800 512,800 Construction Work In Progress 800 M 667,652 Total Cross Plant 4,528,973 4,022,950 Premtum on Preferred Stock 839 889 j Unappropriated Retained Earnings ($51,534,611.50 f Accumulated Provisten for Depreciation restricted against pa ymen t of dividends) 177,667 172,738 :
and Amortization ( 8 50, 7 2 '. ) (725.304) Appropriated Retained Farnings 849 - i NET PIANT AT END OF MONT11 g6 3 249 32,9g6,46 g Total Cmrwn Equity 1,091,455 1,030,677 Pref erred Capital Stock 7,578,439 SitARIS 382,844 382,844 0TUFR PROPERTY AND INVE S D'E::TS Nonutility Property 2,993 3,137 Long-term Debt:
Accumulated Provision f or Deprec iation - - Bonds 1,828,631 1,742,186 Net Nonutility Property and End of Month 2,993 3,137 Unamortized Premium on Long-Term Debt 675 742 Investment in Associated Companies 25,893 16,400 Unamortized Discount on Long-Term Debt (11,799) (10,630)
Other Investments 40 42 Other Long-Term Debt J 6M 28 122.338 Sinking Funds 12_9 128 Total Long-Term Debt 2,024,036 1,854,636 TOTAL OT1tER PROPERIT AND INVESTMENTS ~g29 ~4"019 7 7" TMAL CAPITALI7ATION {4,8,S4335, gy,5 l 7 CURRENT ASSETS Cash 5,473 13,772 CURPENT LIABILITIES Special Deposits 51 51 Working Funds 390 364 Notes Payable - -
Temporary Cash Investments 214,249 342,007 Accounts Payable 122,896 133,697 Notes and Accounts Receivable: Payatles to Associated Companies 8,703 7,177 Notes Receivable 86 140 Customer Deposits 22,999 20,426 Customer Accounts Receivable: Income Taxes Accrued:
Service 114,661 91,097 Federal 16,660 45,781 Merchandise 1,376 2,485 State 376 6,818 other Accounts Receivable 23,512 27,233 Other Taxes Accrued 32,099 29,062 Accumulated Provision for Uncottectible Interest Accrued 46,421 31,650 Accounts - Credit (1,243) (1,348) Other Current and Accrued Liabilities:
Receivables from Associated Companies 8,814 18,060 Dividends Declared 7,750 7,74 7 Materials and Supplies - Fuct 197,630 185,135 Tax Collections Payable 7,442 4,665 Materials and Supplies - Other 21,900 17,346 Miscellaneous Current and Accrued Liabilities 3,300 979 Prepaymen t s 1,779 864 Other Current and Accrued Assets: TOTAL CtTRINT LIABILITIES ] 69 645 297 g Interest and Dividends Receivable 1,431 -
Rents Receivable IM 994 DEFERRFD CRFDITS TOTAL CURRENT ASSETS gl,ry _631g Castamer Advance s for Construction 311 299 DEITRRED DEBITS Other Deferred Credits 6,892 12,086 Unamortired Debt Expense 5,863 5,825 Unamartized Investeent credit 137,2*6 128,096 Preliminary Survey and Investigation Charges 2. 3 Injuries and Damages Reserve 1,175 825 Clearing Accounts 1,551 3,375 Amartization Reserve - Federal - 679 Miscellaneous Deferred Debits 1,404 871 Misec tlaneous operat ing Reserves -
(16) vi.e Research and Development 6,091 4,819 Accumulated Deferred income Taxes 404,078 335,470 04
, Accipulated Deferred Income Taxes 3,425 3,2y 1*
C TOTAL DEfTRRED DEBITS _1g26 TOTAL DEFERPID CPIDITS 549,742 3 429 18Q20 _
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TMAL ASSETS Q d22 go,3,3g78 TOTAL CAPITAL!ATION AND LIABILITIES g306722, g ,4 3,3 57,8
GEORGIA POWER COMPANY lage 4 Schedule 6 Sot'RCES OF FL'NDS FOR CROSS PROPERTY ADDITIONS June 1978 (In Thousands of Dollars)
Cl"RPINT MD'7H YEAP TO DATE This Year La s t Year This Year LA s t Year Sources of Funds for Cross Property Additions:
Net income 1 ,133 16.135 67,624 61,656 1.ess - Dividends on common stock - - 55,225 54,700 Dividends on preferred stock 2,540 2,540 15,240 15,240 2,540 2,540 73.465 6G.940 Reinvested earnings 11,593 13,595 (5,641) (8,264)
Principal noncash items -
Depreciation and amortization 11,125 10,962 65,797 63,387 Deferred income taxes, net 8,850 811 37,799 16,967 Investment tax credits 4,465 3,236 11,795 19,421 Allowance for funds used during construct ion, debt and equity (5,396) (4,436) (33,015)
(25,142) 30,637 24,168 76,735 66,349 Decrease (increase) in net current assets, excluding long-term debt due within one year -
Cash and short-term investments 44,137 (77,232) 6,428 (228,634)
Receivables (12,828) (18,523) (30,309) (6,858)
Fuel stock (21,678) (10,030) 23,866 (46,706)
Faterials and supplies (954) (1,031)
Revenues to be refunded (2,954) (597)
- (7,079) (13,433) (5,230)
Accounts payable 29,302 21,620 7.415 33,098 Accrued taxes (7,149) 21,333 (29,962) 53,707 Accrued interest (6,346) (8,665) 1,073 6%1 Ot her, net (26,055) (24,424) 1,464 1,847 (25,456) #96,349) (22,207) (196,692)
Other, net, including allowance for funds used during con s t r uc t ton , debt and equity 1,102 (117) 15.352 25,993 Total funds from internal sources 6,281 (72,298) 69,MO (106,350)
Sales of securities-First mortgage bonds - -
100,000 -
Less - Bonds retired - - 3,927 3,480
- - 90,073 (3,480)
Preferred stock - - - -
96,073 (3,480)
Capital contribution by parent company - - - -
Increase in other long-term debt 16,231 827 27,453 20,754 Sale of facilities, net book value 32,548 108,365 32,623 314,941 Total f unds f rom cxternal sources 33,375 124,596 156,149 332,215 Cross Preperty Additions 39,656 52,298 226,029 225,E65 1829356 .
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Do theWork of the People of Georgia Bv generating and delivenng electric energv.
By doing so reliably.
By dome so at minimum practical cost.
By providing for the advancement and well being of its employees.
By conducting its construction and operations to have the mini-mum practical adverse impact on the environment.
By maintaining financial vitality.
i827 557 By exerting a positive induence on legislative and regulatory affairs.
By maintaining the confidence or our consumers.
Corporate Objectives Georgialbuer A
1977 1976 '$ Change Financial Operating Revenues thmounds
}.{jgg Residential $ 358,933 $ 315,226 13.9 Georgu Power Company Commerci 1 385,889 355,405 8.6 Years enJed Industrial 328,407 290,983 12.9 December 31,1977a-J1976 Other Sales . 212,871 199,652 6.6 TotalSales of Electricity 1,286,100 1,161,266 10.7 OtherOperanng Revenues 15,137 8.780 72.4 Total Operating Revenues . 1,301,.Q 1,170,046 11.2 Operating Expenses thnoands .
Fuel 531,384 435,551 22.0 Purchased Power . I1,466 33,542 (65.8)
Wages
- 109,877 90,613 21.3 OtherOperation and Maintenance . 161,260 131,247 22.9 Depreciation and Amorti: anon . 109,944 100,347 9.6 Taxes 177,453 148.275 19.7 TotalOperating Expenses 1,101,384 939.575 17.2 Operating income thnuands 199,853 230,471 (13.3)
Otherincome theneards Allowance for Funds Used During Construction" Debt and Equity . -
49.871 -
Equity 29,792 - -
Other Income Less income Deductions 37,608 12,966 189.6 Income Before Interest Charges thnoands 267,253 293,326 (8.9)
Interest Charges 150,383 144,348 4.2 Allowance for Funds Used During Construction *
- Debt (25,296) - -
Net Income 142,166 148,960 (4.6)
Dividends on Preferred Stock 30,480 27.862 9.4 Net income After Dividends on Preferred Stock . $ 111,686 $ _ 121,1,18 (7.8)
Electric Sales nullums of kuh Residential 10,471 9,513 10.1 Commercial 10,278 9,713 5.8 Industrial 13,236 12,629 4.8 Other 9,834 9,475 3.8 Total Electric Sales 43,819 41,330 6.0 Customers Served year-end 1,138,470 1,112,063 2.4 Average ResidentialUse kuh . 10,654 9,892 7. 7 Average Residential Price cenes per ku h 3,43 3.31 3.6
- D<xs not include wages anwunung to $68.090.000 m 1977 and $58.650,NO in 1976 charged to consmetion and other accounts.
"Effecnw Januan 1. I977. the FPC specified a pnwedure fin determmanon of the rate for compiamg the allowance br funds iced dunng commwtum and directed that the pornon of the allowance allocable to b>rrowed funds be reported as a reductum ofinterest charges and the eqwt, portum lx crehted to otF mcome. Prun to I977. the ennre allowance was crehted to other income.
( ) Denotes decrease.
2 1829358
- A $97.6 million retail rate increase was
- The first commercial application of solar Significant granted by the Georgia Public Service generation in Georgia was initiated by the Conunission on September 6,1977. Company in conjunction with a faieral Events agency and the Shenandoah community.
- Wholesale ratecasesfiledin1974and1975 were finally settled with a Federal Ibwer
- Results from the Company's Energy Re-Commission order in Febmary 1977. search and Demonstration Houses show that a 55 percent reduction in annual elec-tric energy usage can be obtained.
- A $28.2 million wholesale rate request was filed in December 1977.
- A standing audit committee was estab-
- Purchases of existing and proposed genera-tion plants, fuel and transmission lines by Oglethorpe Electric Membership Corpora- . Due to a reduction in the Company's tion, Municipal Electric Authority of growth rate forecast, construction was Georgia and the City of Dalton totaled slowed on Plants Scherer and Vogtle.
~
more than 5360 million.
e The Company provided free energy sur-
- A new peakdemand of 9.631,400 kilo- veys to thousands of customers in support watts was set on July 21. . of bill control and conservation goals.
- While revenues rose by 11.2 percent to
$1.3 billion, operating expenses climbed to
$1.1 billion, and earnmes declined by 7.8 percent.
- Growth in electricity usage showed a 6.02 percent increase over 1976.
- For the first time since 1973, the average annual residential kilowatt-hour usage climbed above 10,000 kilowatt hours.
- The average price per kwh rose 3.6 per-cent, from 3.31 cents per kwh in 1976 to 3.43 cents per kwh in 1977.
- The cost of purchasing power from other utilities decreased by 65.8 percent.
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Eamings declined in 1977 for the second year in a row. economic k>ss to the service area was averted.
To Otir The erosive effects of intlation and heavy ex-penditures for maintenance contnbuted to the earn-Still recovering from the nearly disastrous economic conditions of the 1974 75 period, the gDIlreholders ings drop and pushed operanng expenses above the Company continued its emphasis en reduction of
$1 billion mark for the tint time. costs wherever possible without jeopardi:ing the increa3ed expenditure of fund 3 to ensure im- quality of service its customets t. ave come to expect proved availability and reliability of generation fa- and which they deserve.
cilities was Jeemed advisable arter the protracted Wholesale rate cases filed in October 1974 cold weather oflate 1976 and early 1977. In January, and July 1975 were settled with a Federal Power for the first time in the history of the Company, it Commission order in Erbruary. In July the FPC was necessary to insnture rotatmg blackouts of pre- agreed to a settlement of the case filcd in hfarch designated arcuits for a pen, d of slightly more than 1976. Funds collected under bond pename settle-one hour. Store than 100.C00 customers were af- ment and in excess of the amounts allowed by the fected, but none were without service for more than decrees were refunded with 9 percer.t interest to the 40 minutes. By shedding kud at that critical ame w holesale customers.
the system's synchroni:ation was maintained; while On December 30 Georcia Power filed with some customers suffered minor inconveniences. the Federal Energy Regulatory Commission (for-Ilatc h, Sc herer damage to the system was prevented and severe merly FPC) a request for an annual increase of
$28.2 million for wholesale custonxts.
me retail request filed in h1 arch was decided
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, i in September when the Georeia IMc Service Com-
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mis 3 ion eranted an annual increase et 597.6 million.
. . .. [ ~. less than one-half of the requested !!97.6 million.
We shall continue to monittr carefully our
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.. r-The Company enlarced its relanonship with
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f p; joint owners in 1977. Interests in eeneratme plants J '
. , ,l were nrst sold in 1975 when an imnal agreement j~ ' I
/ was made with Oulethorpe Electric Niembership
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/ f .. Corporation (OENIC). Dunne 1977 arrancements were completed for the purchase of interest m. and g.' " '
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the participation in the construcnon er,several gen.
erating units and purcha3es of fuel and transmission
( .; _ Imes and >ubstanons by OENIC, the hiumcipal Electnc Authonty of Georgia (N!EAG) and the g ..
. City of Dalton. The arrangements vielded more than
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$.. $360 million to the Company in purchase payments.
Reduced projections of peak demand per-
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, mitted the postponmg of two coal-fired units by one g
, year, one coal-fired unit by two yean and two nu-
- . clear units by one y ear.
t p t <*' Improved long ratige planning and the design e . of a corporate model were initiated in 1977, and the
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Company adopted the corporate objective "Do the
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Work of the People ofGeorgia." hiaintaining nnan-
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cial vitality is a majot step toward achieving that bj,- .
's j- . ji 4 .!W[Tg -- . objective. Planning and modeling are expected to
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/ 'e the nsk to shareholders, customen and employees.
Efforts to build customer understanding of
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energy problems intensified in 1977. Niore than 150,000 persons viewed the Georgia Power film 4 51 .
" Power and People" which portrayed the dilemma
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facing consumen and suppliers of electric power.
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hlarketing representatives made more than 57,000
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. contacts with customers and provided many of them with energy audits to assist customers in bill
/# control and energy conservation. We conducted Y0 l
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experiments in improving communications with iniplementing conservation and load management.
foreign-language, minority and low income cus- Still, the 1977 peak demand which came on tomers in their neighborhoods to find methods of July 21, was a record 9,631,400 kilowatts, an in-making it easier for those persons to do business crease of 5.3 percent. A record winter demand was with the Company. set with the January 19 peak of 8,504,000 kilowatts.
In order to imp ove the quality of all customer Residential kilowatt-hours sales increased by 10 per-contacts, follow-up interviews were conducted by cent to 10.5 billion kilowatt hours. Average resi-objective outsiders. The results of those interviews dential usage grew by 8 percent, and for the first were used in developing training programs for em. time since 1973 climbed above 10,000 kilowatt-ployees involved in customer assistance. hours for the average residential customen increases Both to help the ctctomets hold down electric in peak demand and in total residential usage indi-bills and to reduce the growth in peak demand cate that white customets are becoming conscious of which creates the need for costly new generatior. be need to conserve, they still expect reasonable facilities, customers received conservation informa- les 's of comfort.
tion in bill inserts, special publications, paid adver- Expenditures for new plants and related facili-tising and through person-to-person contacts. ties amounted to 5534 million in 1977, with planned We kept a close watch on state and federal expenditures for the five-year renod ending in 1982 legislation which would have increased the cost of expected to amount to 55.s t illion. Of that amount, manufacturing and delivering our product and 53.6 billion will N provided by Georgia Power with would have resulted in increased pnces for our cus- the remainder coming from OEMC, MEAG and the tomers without any compensating benefits. The City of Dalton as those entities participate in con-Georgia legislature passed no legislation hantful to struction of the jointly-owned facilities.
utilities, and at the close of1977 many of the costly The challenge of maintaining an existing sys-provisions of the House version of the National tem and planning and providing for a system that Energy Plan had been resolved favorably in con- must meet a doubling of demand in 11 years is taken ference. The Company's position-clearly stated <eriously at all levels of management. Energy prob-
-favored a national energy policy that recogni:es tems-especially those of our industry-are not ex-the need fe con 3ervation but which at the same pected to yield to instant solutions or political time provws the necessary incentives for produc- rhetoric. We have continued to apply the most tion from existing energy sources and development sound and innovative management principles to of new sources. Washington representatives actively our daily operations and to seek answers to ques-opposed provisions which would have cau3ed cus- tions of both today and tomorrow.
tomers' bills to increase. We have had remarkable support during the Plant tours, begun in 1976 with members of year froni our shareholders, and we are grateful the Georgia General Assembly, were expanded in indeed for that support. The more than 11,000 1977 to include civic leaders and media representa- employees have rendered good and faithful service tives from communities throughout the state. The dunng times of adversity. He ofncers and staff of magnitude of the facilities, the tremendous cost of The Southern Company have guided our efforts construction, the complexities of operation and the and Southern Company Services, Inc., has pro-absolute inseparability of enerav and jobs for Geor- vided valuaNe assismnce.
gians were all dramatically demonstrated to the at- We promise continued dedication to merit tending groups. your trust and confidence in our stewardship, and in addition to participation in national re- we look forward to 1978 and its challenges with search and development projects, the Company enthusiasm and the eamest desire to fulfill our obli-
-in conjunction with the Energy Research ard gations to our customers and our shareholders.
Development Administration - undertook the con- -
struction of a small solar powered steam generation ,
plant at Shenandoah near Atlanta. g Load management continued to develop with the testing of equipment for time-of-day metenng, demand metering in residences and customer noti- Edwin I. Hatch
- fication ofpeak demand and emergency conditions. Chairman and Chief Executive Officer Initial results became available on the use of solar heating for residences, improved construction techniques, improved insulation and other home [, / 4/
modifications to reduce residential energy require-ments. A portion of the peal demand reduc- Robert W. Scherer*
- tion-from earlier projectieu-expected in the President and Chief 0perating Officer Coming years can be traced to the coniidence n .g,,i,,,3p,ii i, 3,73 place in the cooperation of our customers in "NamedChief ExecutiveOffker January l8,1978 5
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Rate Activities Retail (CWIP) by allowing CWIP in the rate base, but it Faced with declining caining3 and inucaing in. included full Allowance Fur Funds Used Dunne tlationary pressures, the Company submitted a re- Construction (AFUDC) ir eammes.The Commis-quest to the Georgia Public Service Commission sion saw fit not to allow adjustments to AFUDC, as (GPSC) on March 18,1977, for a retail rate increase proposed by the Company.
of $197.6 million. The Company was allowed an overall return This amount represented the second largest on the rate base of 9.36 percent and 12.25 percent retail case in the Company's history, and while the on common equity.
GPSC granted slightly less than half of the amount The Commission also approved the Company's requested-597.6 million-there were several stenifi- proposal for an increase for fuel costs in the base cant aspects ofthe order issued on September 6,1977. rate. The Company had been operating with a fuel First, the GPSC reaffirmed its use of the pro- cost of 2.8 mills per generated kilowatt-hour in the jected test year as a partial offset to attrition instead base rate since 1953. The Commission granted an of using a historical test year, thus allowing a more increase to 10 mills per kilowatt-hour resulting in realistic ana accurate measure in setting future the inclusion of most fuel costs in the base rate and rates. The Commission provided improvement in reducing the amount recovered through fuel adjust-cash flow re!ated to Construction Work In Progress ment charges on customers' bills.
6 1BM 002
Wholesale (htEAG) purchased generating facilities and thus in February 1977 the Federal Power Commission are provided service under the rate.
finally issued an order approving settlement of The Federal Energy Regulatory Commission wholesale rate cases filed in October 1974 and July (FERC), which replaced the Federal Power Commis-1975 which affected the rural cooperatives rep- sion, appmved this settlement February 6,1978.
resented by Oglethorpe Electric hiembership Cor. While the wholesale settlements in 1977 were peration (OEhtC) and municipalities. beneficial in bolstering eamings, Company projec-Unde the terms of these settlements, Georgia tions indicated that eamings would not be sufficient Power was allowed to retain: without additional rate relief. Therefore, on De-530.4 million in annual revenues requested cember 30, the Company filed an application with from raunicipal customers. FERC to increase wholesale customers' rates by 58.4 million collected from cooperative $28.2 million, requesting that rates go into effect on customers. htarch 1,1978, subjett to review by the regulatory 51 million of a requested 54 million unre- commission. As in other requests, the rates are sub-covered fuel cost surcharge put into etTect ject to refund with interest based upon FERC's final in hiarch 1976. decision in the rate case.
In July 1977 the FPC issued an order accepting Georgia Power's requested incream to municipal Sales of Property customers filed in hiarch of the previous year. In 1977 the Company completed des to the Under the terms of this settlement, Georgia Oglethorpe Electnc Niembership Corporation Power retained 515 million of the requested $25.9 (CEhtC) and the N1uniciral Electric Authenty of million annual increase and refunded with 9 per- Georgia (NtEAG)of certain eeneranne plant units cent interest $8.2 million in revenues collected. -some of which are under construcnon-and of
.\ settlement agreement was reached in Au- fuel and transmission hnes for an aenregate sales price gust 1977 in the partial requirements wholesale rate of approximately 5328 milhon.
increa.se filed in hiarch 1976. (Partial requirements OEhtC purchased 30 percent of Plant Vogtle customers ewn interests in generating facilities but for approximately 534. I million. htEAG's purchases stil.1 purchase from Georgia Power electricity for part ofinterest in generatmg units, fuel and transmission of their needs.) Under the terms of this settlement lines totaled almost 5294 million.
Georgia Power would retain 56 percent of the 514.2 N1EAG purchased undivided interests in four million increase to cooperative wholesale customers generating plants: 17.7 percent m Plant Vogtle for of CEhtC. 520.1 million; 17.7 percent in Plant Hatch, plus After the request was filed, the City of Dalton fuel, for 5154.5 million; 10 percent in Plant Wans-and the hiunicipal Electnc Authority of Georgia ley, plus coal, for 551.2 million and 10 percent in Plant Scherer for 56.7 million. htEAG has indi-cated its intent to purchase an additional 5.1 per-M [v M '[agy"'*ftDivid'ad' In Millions s Dollars cent interest in Plants Wansley and Scherer. The ,
31s group also purchased transmission lines for 361.4 l million. OEhtC has expressed a desire to purchase a 16 l l l l l l l 30 percent interest in Plant Scherer.
l The Company reached agreements with thr 14 l City of Dalton resulting in total purchases of gener-I aang units, fuel and transmission hnes of 5MI mil-12 hon. The purchase included undivtJed mterests of I
2.2 percent in Plant Hatch, plus fuel, for 520 mil-
' l l 10 ,
hon; 1.6 percent m Plant Vogtle, plus ruel, for $2.1 million; 1.4 percent of Plant Wansley, plus coal for 8 57 million and 1.4 percent of Plant Scherer for 5.9 million. The city also purchased transmission hnes 6 for 59 milhon in June 1977 Under the sales and operanne agreements with 4 the three ennnes, Georgia Pow er builds. man iges and operates all facihties covered and is compensated for 2 these sers ices, while each of the wholesale customers receives the pro-rata sha re oithe output of the rlants.
0 Jan. Feb. M ar. Apr. May June July Aug. Sept. Oct. Nov. Dec. NetIncome m1976 5 1977 Eammgs after dividends on preferred stock were Net income was $111.7 mdlion m 1977 compared to 3111,666.000 for 1977 c ith
$121.1 million earned in 1976. for 1976. # l}lS.000 7
He 7.8 percent dnip was attnbuted to the Fuel costs reached $ 531.4 million, representing a 22 effects of indation and increased operational ar'd percent increase over 1976.
maintenance expenses, which exceeded additional ne bulk of this expense was for coal, which revenues for the year. supplied about 86 percent of the power generated by boiler fuels. The average pnce per ton increased 13 Revenues percent, from 524. 51 ret ton to 527.74 per ton. nis Total operating revenues rose 11.2 percent to $1.3 tigure is significantly higher than the 4 percent in-billion, due to wholesale and retail rate increases, crease in 1976 and was caumi pnmanly by the ex-higher fuel charges recovered through the fuel ad- panded use of higher pnced, low-sulfur coal in order justment clause and additional kilowatt-hour sales. to meet environmental regulations and, to a lesser Residential sales revenues increased to 5358.9 extent, by the hiine Reclamanon Act of 1077, million, a gain of 13.9 percent, w hile industrial sales which added 15 to 35 cents to every ton of coal moved to 5328.4 million, an increase of 12.9 per- purchased by Georgia Power.
cent. Commercial sales revenues totaled 5385.9 In addinon to higher pnces, a greater demand million, up 8.6 percent from 1976. Revenue from for electncity lvosted the total cost ofcoal to 5444.8 wholesale customers was 5203.9 million, an in- million. Coal requirements increased from 14 mil-crease of 6.7 percent over last yean Street lighnne lion tons m 1976 to 16.1 million tons.
revenue was 58.9 million, up 4.9 percent, while In expectation of a December 1977 stnke by revenue from other sources totaled $15.1 million, the United hhne Workers of America, Georgia almost doubling the 58.8 million from 1976. Power began increasing its stockpiles of coal at its eight coal 6ted power plants in early sprng. By Operating Costs December 6, when the stnke became a reality, the Operanng expenses continued to outpace the in- Company had on the ground about six million cons crease in revenues, redecting an unyieldmg inda- of coal, or enough to last four months. Although offt-tionary trend and contnbuting in large part to the cials expected some interference with shipments from year's decline _in eamings. Expenses in 1977 were non UhtW mmes, which account for about half the 51.1 billion, up 17.2 percent over 1976's 6gure of Company's coal purchases, Georgia Power planned 5939.6 million and surpassing for the first time the to have enough coal on hand to serve customers 51 billion mark. during a stnke lasting as long as six months. By year's end, 37 of the 47 sources which usually supply Fuel the Company with coal were continuing to deliver.
Fuei remained Georgia Power's largest expense item. In September 1977 the Pnde, Alabama, trans-accounting for nearly half of all operanng expenses. loader became op rarional, blending high- and low-sulfur coal before being routed in unit trains to Sources of Generau.on various coal-fired plants. He $20 million facility, 1977 - -
. w hich took two years to complete, handled 750,000 8-i tons of coal in 1977. This f gute is expected to in-Gas aq '. ' ' . - - crease to a total of 9.250,000 tons by 1981. It can c 4 unkiad coal at an average rate of 3,200 tons per HvJm Lea .
.,,, hour and can h>ad 3,400-3,775 tons per hour. This
- - " unique operation is expected to save money for Oil m .
Georgia Power and its customets by blunting the financial impact of complying with increasingly N"d" M .~ - stringent Georgia air quality standards yet allowing the Company to meet clean air goals.
CoaC Continued fuel savings were reah:ed through 3 l the reliable operation of the Company's 810,000-kw nuclear unit near Baxley. About 7.9 percent, or 1982 .- -
., ; 3,683,690 megawatt hours, of total electricity sur-plied during 1977 was generated from the unit, Ht Jm 2. 59 ..
'. .. mcludmg percentaces owned by OEhtC, hiEAG and Dalton. It would have required 1.5 milhon tons
.f Oiltoq of coal at modern, four-umt Plant Bowen, costing
, - .- $38.5 milhon, to produce the same amount of elec-
,.- . tricity. The nuclear fuel cost was 55.8 milhon.
4- -
Lese savings become even more dramatic when compared with the increased cost of conven.
-. tional fuels the Company had to use to generate
- electncity while the nuclear unit was out of service for maintenance and its first refueling. During the g 189 004
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electric operating employees, a 21.3 percent in- the equity portion to be credited to other income.
crease over 1976's $90.6 million, and $68.1 million Prior to 1977 the entire allowance was credited to paid to workers engaged in construction of new other income.
facilities and other activities, a 16 percent increase Interest charges were held at a minimum due over the previous year's $58.7 million. to the participation of wholesale customers in con-In Arnl 1977 Georgia Power and Local 84 of structing new facilities.
the Intemation6 nerhoal of Electrical Work-ers began negc? . ,ew wage rates and working Purchased Pbwer conditions. In be december the Company was Fur the second year in a row, the expense for power notified that voting members of Local 84 had failed purchased from other utilities dropped significantb; to ratify Georgia Power's package proposal, which in 1977 purchased power expense was $11. 5 million, included a 7.25 percent general pay raise effective a 65.8 percent decrease from the 1976 figure of July 1,1977. Primarily at issue was the per diem $33.5 million. Power is purchased from other util-amount to be allowed for construction department ities when the Company cannot meet the energy and ruvmg maintenance crews. When negonations needs of its customets, or when it is the most eco-were resumed in early January 1978, the Company nemical power available.
agreed to increase its per diem offer, and the coa-tract was accepted. Financing Bonds Interest Charges With an eye on reducing mterest costs and rec-Total interest charges, primarily on money bor- ogni:ing mounting pollunon control costs and re-rowed to fmance constmction, showed a 13.3 per- quirements, the Company financed 524,100,000 cent decrease to $125.1 million in 1977, compared to for pollution control equipment in 1977.
$144.3 million in 1976. The major cause of this The development authonnes of Putnam (Plant decrease was 2 new Federal Energy Regulatory Branch) and Coweta (Plant Yates) counties issued tax Commission a : counting procedure, which requires exempt revenue bonds with a coupon interest rate of the portion of AFUDC allocable to borrowed funds 6.4 percent and at a cost of 6.52 percent to the to be reported as a reduction ofinterest charges, and Company in June. The Company also redeemed
$3.3 million of high-cost coupon, nrst mortgace Generating Capacity In Nbihon of IGlowatts bonds through its sinkmg fund.
l l I l l ! l l ! l Auditing 35 To estabhsh and nuintain continuing communica-14 l l l l l l l l tions among the Board and the Company's inde-l pendent auditors, intemal auditors and members of I3 l l l l l financial management, a standing audit committee 32 l l l l was authon:ed by the Board in June. The commit-l tee-composed of three outside Board members-l l 11 reports directly to the Board.
l During the latter part of 1977 increased atten-tion to intemal auditing from regulatory agencies and l
9 the financial and accounting communities led the Company to form a centrali:ed auditing department.
8 For many years the Company has had decen-
, tra!i:ed intemal audinna located in its seven divi-
' - sions across the state. The primary function had 6
been audits of customer accounting aenvities. The new department focuses its efforts on establishing a 5 centrali:ed system in conj uncnon w ith the Southem system's intemal audinne organi: anon, continuing 4
and expanding 6nancial audinng and emphas:ing 3
operanonal audinne.
2 Electricity Demand, Cost Growth in electricity usage continued in 1977 with i
a 6.02 percent increase over the previous year.
e Georgia Power customers used a record 43.8 billion 1973 74 75 76 77 78 79 80 81 82 kilowatt-hours (kwh) in 1977, compared to 41.3 billion kwh in 1976.
E Geonpa Power M CENIC E NIEAG. OENIC. City of Dalton While kwh sales to all classes of customers 10 1890 006
. c it Sales In Bilhons of Kilowan.Houn he7k e and In Bilhons et Kilowau Houn
>0 10 7 45 ! I o I I l l 40 ! ' 8 35 7 30 6 25 5 20 4 15 3 10 2 5 1 0 0 1973 74 75 76 77 1973 74 75 70 77 increased, residential sales rose by 10.1 percent, or power from surrounding southeast utilities and main-nearly I billion kwh, over 1976 figures. One reason tenance on generating units created the need for the for tne upsurge was the recla3sification of some com. Company's first seleetive blackouts on January 17 mercial customers to residenttal due to master meter when some 100,000 custemen experienced rotating apartment complexes switching to individual meters. outages la3 ting 30 to 40 minutes.
Development of new industrial facilities in Customer kwh sales kwh sales the Company's service area declined by 21 percent, Classes 1977 1976 resulting in a 39 percent reduction in kwh usage for Residential 10.5 billion new industry dunng the year. He decrease was 9.5 billion Commercial 10.3 billion ortset, however, by indusmal customers expanding 9.7 billion Indusmal 13.2 billion existing facilities.
12.6 billion Other 9.8 billion 9.5 billion Growth Rate Forecast The average annual kwh use per residental The Company's projections for future electncal de-customer jumped almost S percent, from 9,592 kwa mand have been reduced due to a combination of in 1976 to 10.654 kwh in 1977. This was the first factors, includmg the cooperation of customers in ame since 1973 that annual usage had climbed enerey conservation and h>ad management, higher abtwe 10,000 kwh. prices for electricity, govemment restrictions in ne averace price per kwh rose 3.6 percent trom enemy use and improved efficiency of electrical 3.31 cents per kwh in 1976 to 3.43 cents per kwh in appliances.
197 7. The increase can be traced to continuallv esca- A growth rate in peak demand averaging 6.5 latmg fuel costs and the retail rate increa3e which percent annually through 1991 is predicted. This went into effect dunng the last quarter of the year. forecast is determined by Georgia Power planning Even so, the average pnce per resident:al kwh was personnel, working with outside consultants in the well below the national average 3.75 cents per kwh. fields of economics, engineenng and finance. Even Extremelv hot temperatures dunng the sum- with the lowered revision of growth rate, the Com-mer created a new peak demand-9,631,400 kw- pany must double generating capacity by 1988.
set on July 21. The previous week, July 11 through 15, Georgia Power expenenced more demand for Construction electncity than any other five-day period in the Construction expenditures were up substantially in Company's history. The average daily usage- 1977, with Georgia Power spending $534 mi!! ion for 9,387,000 kw-was more than the one day record new plants and other facilities. Fur new plants of the rrevious vear - 9,149,800 kw - set on J uly 26. alone, the Company invested $265 million, and The figure in the Company's 1976 annual OEMC, MEAG and the City of Dahon, through report -8,719,200 kw-did not include the por- joint ownership agreerr.ents with Georgia Power, tion of Plant Hatch retained by OEMC and South- contributed $124 million, bnnging the total invest-eastem Power Administration energy delivered to ment for new plants to $389 million for the year.
preference customers. A downward revision in projected growth of In 1977 the Company also experienced a electrical demand from 7.3 percent to 6.5 percent, record winter peak demand of 8,504,000 kw on resulted in the slowdown of construction at Plants January 19. Vogtle and Scherer.
The record cold weather, inability to purchase Plant Vogtle, a nuclear facility near Augusta, 18G0 007 n
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had completion dates of1983 for Unit I and 1984 for activities well underway.ne unit was initially placed Unit II. New target dates for commercial operation in service for a short penod on January 14, 1978.
of two 1.160,000 kw units are November 1984 for Commercial operation is scheduled for mid-1978.
Unit I and November 1985 for Unit II. At Plant in February 1977 the Ibderal Power Commis-Scherer, a coal-fired facility near Fursyth, three of sion issued a construction permit for the Rocky the four units were slowed with new target dates for Mountain Project, a hydro pumped-storage facility commercial operation scheduled for 1982-Unit 1; near Rome that will provide 675,000 kw. A project 1983-Unit II; and 19S6-Unit IV. Unit 111 is still management team was named early in 1978, and scheduled for completion in 1984. Each of the four construction is expected to begin within the year.
units will provide 818,000 kw. The Rocky Mountain Project is scheduled for initial in terms of construction expenditu:es, the operation in 1982.
slowdown will mean a net decrease of $90 million increased emphasis was given to maintenance dunng the next five years. Under the new schedule, of existing facilities. Fullowing the generation prob-che Company expects reserve generating capacity lems which occurred dunng last year's extremely to dip slightly below 15 percent in 1954, but remain cold temperatures and contributed to rotating above that levelin all other years. blackouts, a comprehensive winten: anon program Plant Vogtle, the $2.7 billion project on the was initiated toensure that vital equipment would Savannah River, is the most costly construction not free:e, forcing generating units to reduce power project ever undertaken within the Southern dec- output or shut down completely. He weatheri:a.
tric system. At the end of 1977, there were 500 tion program was completed in December 1977.
persons employed at the plant. It is estimated that During the year the Company also constructed some 4,000 workers will be employed during peak 265 miles of transmission lines and 721 miles of constmction in 1981. Under the joint ownership distnbution lines. New substations totaled 24: 18 agreement signed in January 1977. Georgia Power rated 115 kilovolts, three rated 230 kilovolts and retains majority cuership (50.7 percent) in the three rated 500 kilovolts.
plant and serves as the contruction and operating agent. OEMC owns 30 percent, MEAG owns 17.7 Researchand Development percent and the City of Dalton,1.6 percent. Efforts toward load management and reduction in At Plant Hatch, Georgia Power's other nu. peak demand begun in 1976 were continued and clear facility, cmstruction on Unit 11 was 96 percent expanded. Emphasis on energy research and devel-complete at the end of 1977. Fuel loading for the opment increased as new programs were imple-820,000 kw unit, near Baxley, is scheduled for April mented and projects initiated earlier began to show 1978 with a pmjected commercial operation slated positive results.
for November 1978. Georgia Power is participarmg in a multi-ne second 865,000 kw unit at Plant Wansley, million dollar experimental project which will near Carrollton, is nearing completion with start-up unli:e solar energy to generate electricity for a knit-II 'Em. . -
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j !#hW t-The Company's Answer fouses demonstrate j nergy efficiency and con- ;
ervation techniques. .w 13 1834 009
wear firm in Shenandoah, a planned community homes throughout Georgia featuring energy effi-nearAtlanta. cient equipment.
In Apnl 1977 the U.S. Energy Research and Although studies are far from complete, pre-Development Administratbn (now the Depart- liminary results indicate that a 55 percent reduction ment of Energy) accepted a research proposal from in total annual electric energy usage can be obtained.
Georgia Power and Shenandoah officials which Research also confirmed, however, that lifestyles of would experiment with a virtually untapped field: families living in the Answer Houses and those in using the sun to produce electnc power. The solar- the control houses (which do not feature energy produced electricity will provide lighting and other saving features) can have a significant influence on base electnc loads for the knitwear firm which will total energy usage.
eventually employ 300 people. The Answer House in Columbus, for exam-DOE will build the solar-powered electncal ple, used a total of 9,937 kwh during the year com-generating station, and Georgia Power will provide pared to more than double that amount- 22,204 distnbution facdines, engineenng services and wdl kwh-used by the control house during the same operate the system, which is scheduled for comple. time period.
Georgia Power spends in tion in 1981. Electric bills for the Answer House in Macon excess of sso minion for Research continued on the Company s were substantially lower than for the control coun-environmental protection. " Answer House" project, which expanded to nine terpar. and in severalinstances one-half to almost
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two-thirds less. Fur instance, in July 1977 the elec- planned for mid-1977, was delayed to early summer tric bill for the control house was 591.65 while the 1978 due to metering problems.
Answer House bill totaled only $36.23. During 1977 Georgia Power spent a total of Answer House studies are now focusing on 56,248,506 on research and development projects.
comparing solar water heating systems to heat re- Of that amount, $4,516,125 was contributed to the covery systems as well as obtaining information on Electric Power Research Institute, the nationwide temperature and humidity conditions associated with research facility for electric utilities.
concrete slab tlooring.
Preliminary results in the Company's peak Environment load pricing experiment, which tests three different Protection ofenvironmental quality remains a prime rate concepts, indicate that a time-of-day rate may concem with an excess of 550 million being invested be the most erfective way to curb electrie usage dunng 1977 for environmental considerations. Of dunng peak demand times on the system. this total,524 million came from pollution control in the time-of-day tests in Reynolds, Georgia, and industrial develorment bonds issued in associa-customers were charged a higher rate for on-peak tion with the development authenties of Putnam usage between 10 a.m. and 10 p.m. Ntonday-Fridav (Plant Branch) and Coweta (Plant Yates) counties.
and a lower, ori-peak rate all other times. Results Dunng 1977 the Company was in major com-show a reuuction of .95 kw per customer during phance with all applicable state and federal envi-peak demand times and an approximate reduction ronmental regulations and expects to remain so, of S percent in customers' monthly bills. even though the costs will be high.
Surveys conducted in conjuncnon with the Passage of new amendments to the Federal experiment indicate that 63 percent of the respon- Clean Air Act dunng 1977 will require additional dents in Reynolds and 40 percent in the control efforts by the Company. Niajor concems in new tr . , of Butler would choose time-of-day rates if construction will be to meet the " prevention of r cdable to them. significant deterioration ~' provisions of the act.
Research contmues on the load control and in conjunction with both the Energy Research notitication system in Wrens, Georgta, in which and Development Administration and the Envi-customers are nonfied electronically when a high or ronmental Protection Agency, Southem Company low peak demand situation is in eiYect. Expanding Services, Inc., conducted the first commercial test the test o 3,000 customers statewide, onginally bum of solvent-refined coal at Plant Niitchell near Albany. Thts bum was an unqualified success in
,, . - * - -- demonstrating that mivent-refined coal as fuel would meet or exceed all current new-source per-formance standards for air quality. Only mmor boder molfications were required to effectively bum this fuel.
New permit regulanons bv the Corps of Engi-
, nee;s, beyond those of the Evderal Energy Regu-A latory Commission, required additional activity at a the two pumped-storage plants, Wallace Dam and Rocky Niountain.
m i Customer Service
.s All Georgia Power departments in contact witt, 1 . customers offered special programs, materials and
. g 3,. l services designed to help customers save energy and
, money. Public information and advertismg programs c .M. .. -['*M also were directed at energy conservation.
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.. MM ,. group meetings. Niore than 57,000 customers were
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1 Answer Houses-v hich opened in 1976, Georgia 7ee energy surveys pro-we homeowners with % ] Mff ~* m7N t-p P Wie & m m W d W d' ielpful solutions to energy -
,.y Answer Houses in five additional Georgia com-
,co bk ms. 6 ,2 W/, t ' munities: Atlanta, Brunswick, Athens, Rome and is 1826 011
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Bob Symonette, John M T $.M #. G. Roberts, Richard Kelly and Jack Widener.
;g M./-[y.A e.y/h Mdi N*l . .]- yggggjj%hky g Widosta. These homes were especially intended The consumer ariairs department provides cus-to illustrate high energy-efficiency methods and tomer service literature and coordinates its distnbu-equipment at modcrate cost. tion throughout the Company. More than 150,NO A new residential program entitled "The pamphlers and other consumer information mate.
Gaod Cents Home" was aimed at home builders, nah were distributed in 1977. A new neighborhood Realtors and new home buyers and emrhasi:ed communications program estaMished more direct energy saving techniques in new construction. To contact between the Company and its customers in encourage residents ofexisung homes to make these test communines, areas where such factors as race, units as comfortable and energy efficient as possible, income, language and transportation have ham-
"Centsable Home Improvements" were explained pered customer communications.
through personal contacts, literature and advertising. Commercial and industrial customers aho re- National Energy Ixgislation ceived attention and energy s,ving information. Georgia Power is committed to a national energy Seminars were conducted to alert industnal customen policy that encourages conservanon, development to energy recovery equipment, load controllers, meth- of new and known resources and protects the con-ods of shifting demands from on-peak time, and new sumer from unnecessanly high costs. lighting sources. Commercial marketing offered While the President's original proposal for na-workshops and seminars to school principals, main- tional energy legislation included sections poten-tenance and lunchroom personnel, nursing home tially harmful to the electric utility industry, the administrators, and restaurant and hotel-motel amended version which came out of the House of managers. Small and large commercial customers Representanves would have been disastrous to took advantage of individuali:ed energy manage- investor-oned unlities and their customers. Some ment services consisting of a preliminary survey, observers believe that in an attempt to get the recommendations and, in some instances, demon- legislation out of the House before summer recess, it stration ofenergy saving equipment. was passed without carefully considering the long-Home wrvice representatives continued pre- range consequences to the consumer. senting energy conservation programs throughout Georgia Power, working closely with other top Georgia, with spec:al attennon to elderly and low utilities, the National Association of Electnc Com-income customers and school-age votmgsters. Stu- panies arid the Edison Electric Institute, took action dents, teachers and state youth groups also were the to ensure that the Senate Con mittee on Energy and concern of programs and matenals offered by youth Natural Resources understood fully the long-range and educational services. consequence of such legislation. Georgia Power of-16 1890 012
f cials spearheaded the ad-hoc information effort. blackouts, a retail rate case and media attacks on The Senate passed a much wiser energy pro- our security practices. posal, and at the time of this publication, the con- Extemal communication to rhe general public ference committee of both houses ,vas attempting and intemal communication to out own employees to iron out the ditferences in die legislation. were integral parts of the information edort through-out the yeat The Company's consumer advertising Employee Relations campaign provided information on practical w2ys With employment reaching an all-time high of to conserve energy and thus save money. 11,485, a 12.7 percent increase over 1976, the em- To provide customers with a better under-ployee relations department saw increased activity standing of the 6nancing and construction needs during the year of Georgia Power, a film " Power and People" was The implementation of an Employee Stock shown to some 150,000 persons during 1977. It Ownership Plan (ESOP) provided a major new provided honest, direct answers to the "why's" of benefit for employees in 1977. It serves the two-fold rising utility costs. purpose of giving eligtble employees an opportunity Continuing communication with the media to become shareholders in The Southem Company by the Company's public information staff and top at no cost to them, while at the same time providing management personne! showed positive results. the Southem electnc system with a reduction in An independent survey indicated that newspapers, federal income taxes. Federal tax laws permit the radio and television stations had a much greater system companies to claim an additional investment understanding of Company operations and needs tax credit through 1980 if the compames contnbute than they did s.veral years ago. The Company news an amount equal to the credit to a stock ownership stad, on call 24 hours a day, provided the media with plan. Contributions must be used to purchase accurate, timely information on all aspects of our Southem Company stock, and employees are not operations. Through television and radio call-in required, or allowed, to make any contnbutions to shows throughout the state, customers had a chance the plan. Eligible employees are 100 percent vested to ask questior ' Georgia Power personnel. and have a non-forfeitable interest in all shares of More tha. 650 Georgia leaders-members common stock allocated to their accounts. of the General Assembly, municipal and county Another benefit for employees, the Employee govemment officials, industnal and community Savings Plan, had 4,732 employees enrolled at the leaders and media representatives-leamed first end of 1977, an increase of 15 percent over the pre- hand how electricity is produced by participating in vious yean Under this plan eligible employees may specially conducted tours of Company generating invest up to 12 percent of their income each month plants. Overall reaction was quite favorable, result-in three funds: fixed income, equity and Southem ing in several positive editonals and news stones Company common stock. Georgia Power invests 50 about the Company. percent matching funds in Southem Company stock Recogni:ing the Company's best spokesperson when an employee invests up to 6 percent of his can be the Georgia Power employee, intemal com-salary in the plan. 'Ibtal basic contnbutions for the munication was given increased emphasis. Em-year were $3,460,188. Total supplemental contnbu- playee Update Dinners conducted by the employee tions were $191,964, and the Company's matching relations department, continued in 1977, giving funds totaled $1.730,094. employees an opportunity to ask questions of senior In past years pension administration was per- management officials. The department initiated an formed in several areas of the Company. In April employee bulletin board program providing Com-1977 the responsibilities were consolidated in the pany information twice monthly at 216 points pension administration section of employee rela- throughout the state. tions. At the end of 1977, there were 1,524 people Employee Answerphone replaced Manage-participating in the Company's pension fund. ment Answerphone, providing Company and indus-Company contnbutions to the fund, which had a try news to workers at alllevels on a twice daily basis. book value of $113,270,747 as of January 1,1977. were $12,130,9m. New Officers Elected The department was also involved m a The Board of Directors named four vice presidents numbec of employe: communications functions during the year. which are outlined in the communications section Richard J. Kelly, formerly general manager, of this report. production, was elected vice president-power gen-eration. John Roberts, formerly general markenng COrnmunicationS manager, was elected vice president-marketing. Communicating the momplex problems and issues Bob Symonette, formerly assistant vice presi-facing Georgia Power and the entire electric utility dent, was elected vice president-legislative affairs, mdustry provided a challenging opportunity in a state. Jack K. Widener Jr , formerly general marketmg year when the Company faced its first rotating manager, was elected vice president- regulatory affairs. 17 b
The relationship of he Southem Company to in the common stock of he Southem Company. As an mterconnected electric network, the Tlie Soutliern Georgia Power and the three other operating com-panies in the system has produced one of the most Southem electne system is able to achieve signifi-Onnect10n efficient and reliable investor-owned electric utility cant economies. At the Southem Electnc System groups in the nation. Coordinating Center, engineers, with the help of At the end of 1977 the Southem electric sys- highly sopbisticated central computers, are able to tem had approximately 2.4 million customers who monitor constantly the status of the entire generat-were served directly by its operating companies and ing and delivery functions of the system, making millions more who were served indirectiv through possible orderly switching to the most economical wholesale groups such as municipalities and units at any gtven moment. cooperatives. The service area covers 120,000 A centrally located Data Center also gives square miles and includes most of the states of each operating company immediate access to the Alabama and Georgia and areas of northwest latest status reports on construction projects, fuel Florida and southeaut hiissiscippi. Assets of the sys- supplies, and other vital functions of the system's tem total over 59 billion. operation. A centrali:ed computer system also is In addition to Georgia Power, the other oper- available to handle the ennte system's customer bill ating subsidiaries are Alabama, Gulf, and hiissis- preparation and mailing in an expedient and eco-sippi power companies. The system also includes nomical manner. Again, by pooling these resources, Southem Company Services, Inc., which was formed through Southem Company Services, the operat-in 1949 to provide engineering, financial and other ing companies are able to utili:e expensive equip-speciali:ed services, at cost to the other system com- ment in a mere cost-edicient manner. panies. He Southem Electric Generating Com- A major projects management system is an-pany is a jointly owned faJty of Alabama and other cost-saving program that is being developed Georgia power companies. by Geergia Power and Southem Company Services While pooling power among the four op. to provide a unifonn method of better controlling erating companies dates back to the 1920s The costs of generation plant construction. He other Southem Company as we know it today was formed operating companies also are participating in the in 1949 and, as the parent f;rm, acquired each development of this system and will be able to get company's common stock. maximum benefit fmm it in their continuing efforts Organi:ationally, The Southem Company to hold down costs. makes it possible for all of the companies to combine Rese and other joint ventures within the their edorts to the benefit of investors, customers, Southem electnc system and its operating com-and employees It provides the equitv capitai to help panies continue to bear out the cost-saving and the four operating companies finance construction efficiency of coordinating efforts provide the of the facilities needed to serve the public. His most reliable and economical elec ricity possible for capital comes from the more the 328,000 investors the system's customers. The Southern Electric System 1 AlabamaPowerCompany 2 GeorgiaPowerCompany 3 GulfPowerCompany 4 MississippiPowerCompany i 18 )b
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s ,, Directors JAhtES H. NilLLER.JR. GeneralOfficers Execunve Vice President WALTERG. AUTREY Georgia Power Company. Atlanta,1975
,ED4,IN !. H ATCH President Chairman of rhe Board Hamilton Turpennne Co. . Inc. WILLIAh! S. htORRIS,111 Preudent ROBERT W. SCHERER (navalstores) Valdosta.1972 Niorns Communications Corp. President N.N. BURNES. JR. (pubhshing). Aurusta,1967 HAROLD C. NicKENZIE,JR.
R e Ntan fa tunngCo. 'W!LLIAh! A. PARKER,JR. Execunve Vice President (textiles), Rome,1905 Chairman of the Board JAhtES H.htILLER.JR. Cherokee Investment Co.npany Execuuve Vice Preudent GEORGE S. CRAFT (realestate & investments). Atlanta,1965 Director H.G. BAKER, JR. Trust Company ef Georgia 'H.G. PATTILLO Senior Vice President (banking). Atlanta.1%5 Chairman Power Delivery Partillo Construenon Co. . Inc. WILLIAh! E. EHRESSPERCER (construction). Decatur,1972 %,ILLIANt E. EHRENSPERGER Senior Vice Preudent Senior Vice President Georgia Power Company, Atlanta,1975 ' ROBERT W. SCHERER Power Surply President WILLIAN1 A.FICKLING.JR. Georgia PowerCompany Atlanta 1970 J. A. G ANTT Chairman of the Board ben ' V'ce Preudent CharterNiedicalCo p.
- EDWARD D. ShilTH Division Operations (medical facihnes). htacon.1973 Hansell, P st. Brandon & Dorsey (attorneys). Atlanta.1960 ALLEN B. WILSON Senior Vke President Senior Vice President WILLIAh! B. TURNER Finance Georgia Power Company, Atlanta 1976 President W.C. Bradley Compans WARREN Y. JOBE L.O. H ARDhtAN. JR. (indu3tnabst) Columbus,1965 " '"" "#'"
Chairman and Treasurer 1.5. Ni1TCHELL,111 Harmony Grove hiills, Inc. ALVIN W. VOOTLE,JR. President Vice Preudent and Secretary (textiles). Commerce.1957 The douthernCompany, Atlanta.1968 T.L. WESTBROOK EDWIN I. HATCH Chairmanof the Board ALLEN B. TILSON Y'ce President and Treasurer Georgia Power Company. Atlanta,1962 Senior Vice Preudent.Fmance A.W. DAHLBERG Georgia Power Company.1974 Vice President RICHARD L KATTEL Financial Services Chairman and Preudent Honoran Director The Citi: ens and Southem Nanonal Bank GEORGE W. EDWARDS. JR. (banking), Atlanta.1973 JOE B. BROWDER. Atlanta,1976 Vice Prendent Pubhc Attairs HAROLD C. NicKENZIE.JR. Executive Vice President Georgia Power Company. Atlanta.1972 52 103b 028
, 1. .! i
.P. HEAD.JR. ROBERT B. SYhtONETTE JON hl. JETMORE ice President Vice President Assntant Secretary mrk>vec Relations Legislative Ariairs. State (etfective 3 s !i77 )
abor Relanons and lntormation Services (elected 10il7 /77) ! ALTER R. HEN 3 LEY 0" C'" J.W. TALLEY. J R. ice PreuJent Vice Prudent BEN H. WILLIAMS
- enomic Services VRe President ( Athens Diviuon)
ALVIN W.VOGTLE JR.
.C. JONES Vke President E. A. YATES,JR.
ice Preudent Y'ce Preudent t Atlanta Dinuon) vcurement and Materials CHARLES E WHITMER Vre Prendent B.W. RAINWATER ICHARD J. KELLY Eneneenng Vice President ( Augusta Divtsion) ice Preudent
# " JACK K. WIDENER.J. ANDREW B. SPEED
.g)cre [1jf7) Vice Prendent Vic- Preudent (Columbus Division) Reculatorv Artairs B.S. M O n_ , 4 TMAN LAMB telecteJ 10 /17 /77)
#P'#"J#"' .ce Preudent ( Macon Divtsmn) nk Manacement H. HEARN LUMPKIN Asustant \. ice President T.). ALLEN.JR.
.L. McCRARY \ 'ce President (Rome Divisien) ice l'reuJent CHARLES R. MINORS Assistant Vice President LJ WANSLEY lected 015 /77) Vice President (Valdosta Otvisien)
- Pre \ en s s n m i er "Execut.ve Committee-Peard of Directors ecrne Operatens "D L. McCrary was electeJ Uce President to ROMNEY E. SCOTT Asustant Comptroller ers e ao rroject executive for Plant 5,herer.
'ADE S. M ANNING ice Preudent H.M. HUGHES tnd Assatant Secretary G. MITCHELL.J R. C.L. RATTERREE ice Preudent .$.sststant Secretary enerating Plant L,onstruction GeneralOffices
' '.C. FREEMAN.JR. 270 Peachtree 5treet L. P!TTS Assistant Treasurer P.O. Box 4 54 5 -
Arbnta. Georgi.i 30302 m er Generaten. Enetncen ne WILLIAM A. DUNLAP As atant Secretary and 'HN A. ROBERT 5 3,,tstant Trea urer ice Presijent (,ttec.,y, 3 ,i ,77 3 irketinu lec ted 12 / 21,77) E. RAY PERRY REGISTRARS-Assotan- Secretary and ALL PREFERRED STOCK Assatant Treasurer Trust Compaav Bank. Atlanta TRANSFER AGENTS - ALL PREFERRED STOCK Office of the Company. Atlanta TrustCompans Bank. Atlanta 57.72. 57.60, and 52.75. 52.52 (Class A) only 18Sd 029
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4 Bulk Rate Gecrgia ?ower Company U. S. Postage P.O. Bo(4 545 PAID Atlan.a.Geort;ia 30302 A tlanta, GA Permit No. 8 188 030
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