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; . , . f. a lg 8504170457 PDR 85040R I ADOCK 05000277 p99 | |||
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, , Ja e jyyv l Ihe G>rporate None and I'rcule Nune 1tlantic City Electric G>ntpany is the o))icial ncune of I | |||
the Gunpany as it appears in the Articles ofIncorporation. the Gnnpany also uses the regis-tered trade naine Atlantic Electric in varions publications to shareholders and custcnners, l andin its daily operations. , | |||
i I l l OUR SERVICE A REA r l ; }. .rt. f f y 'y - | |||
Atla ntic l icct ric's l 'OO , | |||
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g y,g.gggg square mile service terri- . .h! . | |||
tory representing ihe - | |||
,ML" . | |||
southern one-third of the _ .u y 5 tate of Newjersey is close .. | |||
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l to sut h major citles as y [. . ' ' | |||
Philadelphia. New Wrk a nd . , | |||
if M Washington. The service IIA l . | |||
area has a relatively high .. | |||
concentration of residen-tial customers Iburism is a | |||
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major factor in ihe econ-g , | |||
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omy of Ihe castern shore [ /' , | |||
i area. Com mercial and light g | |||
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indust rial enterprises are | |||
_,b found in the western part ih # | |||
of the service area, and : # *J - ' | |||
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farming is a major activity w gh . | |||
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. 1 ABOUT TIIE COVER NOTICE OF The cover picture is a thermographic image of he ANN (Il/, MEETING Crowell llouse in llammonton New lersey The va rious | |||
, The 1985 Annual Meetingof colors indicate dill'erent temperatures with w hite, red Siureholders will bc held and yellow corresponding to ihe higher levels of the heat 'Ibesday April li 1985. at j radiated from t he st ructure. This thermogram was made Quail llill Inn, Smit hville ' | |||
to dramatize the ways by which heat can leave the home- NewJersey A Notice of Reducing such heat loss is one of the main objectives of Meeting will be mailed in Atlantic Electric's new " Energy Team" conservation Ma rch Io t hose .sharcluilders programs. entitled io votc. | |||
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e | |||
! 2 IR3HUGH1S l | |||
RESUI!!'S OF OPERATIONS 1984-1982 | |||
: 1. Cluoge 't Clunge 19s i risi-em3 r>s3 ems-ris2 cm2 kleet ric O[Nrating Rey emjes h)j$[rk $_ 549,531 6.3 5 51',I42 16.4 5 -i H , I 'H* | |||
{}perating Ex penses (0(Krs) _ _ _$ | |||
-e 58,16 0 8.0 5 il 1.0 to 11.2 5 381,-108 Net income (000's) | |||
$ - 63,277 - | |||
( i.3 ) 5 66.152 3 i.9 5 .i9,055' 4 | |||
!N!"I!!P[.Cf Co!nnutn 5 hare , | |||
$. 3.20 ( 8.0 ) $ 3.-iH 26.1 5 2.~6* | |||
ljividernis Paid Per Common Share ._ $. 2.42 _ | |||
5.2_ | |||
5 2.30 1.5 5 2.20 "Ibral Assets ((HHrs).- ._- | |||
$_1,220,503 7.1 51,139,978 5.H 51,O ",969 | |||
. $N.Y'""?] r ugt iory I?x pend it u res (00t rs) . $ 84f>30 13 ~ 5 ' i.-657 _ | |||
( 3'. I ) 5 I18,160 Sales of lilect ricit v ( KW il ) (0( H rs) _ | |||
6,053,791 3.5 5,851,136 -a .6 5.592.1l' Price Paid Per KWil-(All Customers) 8.9 95) ( 7.6 8.360c 3.3 8 091 c | |||
'li>tal Customer Scrvice | |||
._.!"?I2_IIations ( M.ar-end) | |||
__ 407,277 _ | |||
2.2 398,526 1." 391,989 Number of Shareholders- | |||
__.C"*"!"'! Sax k (War en.1) . . . _ _ 47.146 ( l .8 ) | |||
18,299 ( l .0 ) 18,790 N""! hCf"IE"!!!O}TC$(YCdf~C"d) | |||
I 2,012 _ _ _ _ | |||
.9 __ | |||
l,995 | |||
( l .3 )__ | |||
2,022 Ikx>k Value $ 24.27 2.9 5 23.58 5.0 5 22.i5 lndudes effcci ofichange in accounting for resenues. | |||
CONTENTS | |||
, i.etters to Shareholders 2 | |||
, Report for the Year 6 Customers At-A Glance 16 Index o I'inancial information 17 Financial information 18 Investor In formation 39 j | |||
Statistical Review 1986-197i .io Iloard of Directors 42 Director Committces inside b.ick cover Corporate Otticers inside back cover s | |||
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is g in inany respects, thepastyear has been one ofAtlantic Electric's | |||
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.I \. best. Achievernents of1984 can befoundin inanyfinancialand q operating areas, measured by new J Cornpanyrecordsand~consistentprogress | |||
{ in realizing long-terrn objectives. | |||
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Earningsper share in 1984 totaled S3.20, a level exceeded in corporate history only once, in 1983, when per share earnings arnounted to S3.48. InJune, we raised the quarterly dividend rate by three cents to S.62. As a result, dividendspaidper share in N 1984 increased to $2.42, representing the thirty-secon.d consecutiveyear ofgrowth in L dividendspaid. Our annual dividend rate is now S248per share. | |||
[ Kilowatt-hour salesfor 1984 increased by 3.5% over theprioryear; exceeding | |||
+ | |||
the six billion levelfor thefirst thne. The systern loadfactor knproved in 1984, aspeak deniand declined 3.6%. The energy sales increase. reflects improving econornic condi- | |||
[ tions within the service area, and the moderat:fon in peak dernand is indicative of milder weatherconditionsin 1984. / | |||
G Foryears, we have employed strategiesforfuel mix andpower supply | |||
} designed to stabilize the cost ofenergy We're veryproud to report that Atlantic Electric y se! an all-thne recordfor its use ofcoal and nucleargeneration in 1984. These low-cost fuel sourcesprovided 82% oftotalsystem requirements lastyear; compared to 78% in L | |||
1983. As a result, ouraverage cost ofenergyphr kilowatt-hour in 1984 was 11.1% less than it was in 1980. | |||
} Production by ourjointly-owned nuclear units in 1984 was 17% greater than f in 1983, although somewhat less than expected. During 1984, electricalgenerator | |||
{ problems were experienced at the Salem Station, and scheduledpiping repairs on L | |||
Peach Bottom Unit 2 have required an extended outage. The operating companies are N working to complete the repair outages ofSalem Unit 2 and Peach Bottom Unit 2 by the | |||
{ , secondquarterof1985. Additionalnucleargeneration isavailable to the Company 5 from the Susquehanna Steam Electric Station, underlong-term arrangements with Pennsylvania Power & Light Company hi itsfirstfidlyear ofservice, Susquehanna Unit j 1 produced nwre energy than budgeted, and it helped us to controlenergy costs in L 1984. The arrangements with PP&L also inchtde thepurchase ofpowerfrom : | |||
Susquehanna Unit 2, tchich began connnercial operation this month. | |||
Construction expenditures by the Company continue at moderate, and | |||
[ | |||
manageable, levels. Our 5% hiterest in the llope Creek Generating Station is the only new capacityproject underwa1: Construction ofthe unit by Public Service Electric and R | |||
: w. Gas Compan); theprincipal owner; has been proceeding as scheduled, and the unit is w | |||
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expected to begin operation ha late 1986. The Company' s powerpurchase arrangements l l with PP&L will continue through September 2000, with capacity and energyfrom - | |||
' Susquehanna through September 1991, and thenfrom various coal-fired units. | |||
hiJanuary 1984, the NewJersey Board ofPublic Utilitiesgranted the C<nnpany an increase in energy adjustment charges to recoverprojected costs offuel L 1 andpurchasedpowerduring theyear ThispastJanuary the BPUauthorizedincreases in our rates to recover energy costs during 1985, including the costs ofpowerpurchased from Susquehanna Unit 2. Since its last major base rate increase in 1982, the Company | |||
' has experienced increases in other costs ofproviding service, and itfiled a requestfor a , | |||
rate increase in October 1983. The BPUdenied that request last August, and we have l appealed that decision in NewJersey Superior Court. M expect that another base rate case willbefiled thisyear Last November; the Directors ofthe Company and Deltnarva Power & Light Company decided to explorepossible benefits to shareholders and customersfrom a - - | |||
corporate afliation. Prelhninary studies were completed recently and it was deter- | |||
' ndned that only modest savings might be realized. The studies had concluded that the potentialsavings would notjustify aformaland complicated afiliation, and that some ofthose savings snay be achieved by other; less structured means. While we have decided not toproceed with the afiliation, the studies have served to enhance the close relationship between the companies, and to suggest areasforfuture cooperative eforts. | |||
The accomplishments of1984 have been a source ofpridefor the manage-ment and employees ofthe Company But, more than that, they help set a confident perspectiveforgreetingfuture challenges and opportunities. For the condngyear; we pledge our continued dedication to servingyour interests and to meeting our i customers'needs. A lbr the lloard of Directors, A -m | |||
- J. D Fechan E. D lluggard Chairman of the Ikurd and Preslent and Chicfliccurive Othccr Chicf Operating Othccr j l'ebruary 12, 1985 l f: | |||
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Y l The Atlantic Electric service area is unique for its mix of Atlantic Electric has joined with representatives of customers, the variety of business activity and its prox- other NewJersey utilities and governmental units in the imity to major cities of the Northeast. The 2,700 square state's Business Retention Program. The Company has mile service territory comprises the southern one third recently committed staff resources toward exploring of the State of NewJersey and the population which we economic development opportunities within its service served last year exceeded 1,100,00L area, and has compiled for use by others detailed infor-The relatively high proportion of energy sales to mation regarding communities served and commercial ! | |||
l residential customers,44% in 1984, has contributed to properties available for use. 1 general revenue stability and resistance to wide fluctu- We're mindful of the important role ofAtlantic ations in energy sales. Approximately 7.700 new dwell- Electric as a corporate citizen. Concerned about public ing unks were connected to the Company's system in awareness of electrical safety we intensified our efforts 1984. Over the year, there also was a substantial in 1984 to promote better understanding of potential increase in the number of large commercial accounts, hazards and safe practices in the vicinity of energized reflecting general economic development within the equipment. In addition, the Company began its Radio service territory Watch program last year. Employees in all of the Com-Tourism plays a significant role in the eastern por- pany's radio-equipped vehicles have been trained by i tion of ou r service area. The shore resorts have long state police to report potential danger situations and attracted visitors during the summer months, and the emergencies to the proper authorities thfough the Com-development of casino-hotels in Atlantic City has served pany's radio network. We've also promoted public to increase the number of year-round visitors. Approxi- safety through training in life-saving and emergency-mately 30 million people visited Atlantic City in 1984, handling procedures. Last year, more than 650 peopic compared with 26 million the year before. Atlantic received instruction in Company-run first aid and CPR City's tenth casino hotel, Ilarrah's at Trump Plaza, courses. Atlantic Electric also continued its sponsorship opened in May Casino-related employment increased by t 15% in 1984, to an estimated 37,000. | |||
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Agriculture is a significant element of southern NewJersey's economy There are approximately jg 400,000 acres of farmland in cur service territory A new v L-agricultural port, opened in Salem last year, enables local area farmers to ship grain and bean crops by barge 1 to major domestic and foreign markets. | |||
Many light industrial and commercial firms seek-ing room for expansion and access to major transporta- , | |||
tion links have settled in our service area. Within min- . | |||
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utes of Philadelphia and Wilmington, and located along ' i major highway systems, industrial parks in the western - '' ' | |||
j part of our territory have become home for such well- Iacinxpaxe:Snh<tantialconstna tion ofnen residentlasfacat- l known firms as RCA, Thomas Scientific and Mitsubishi. ""'""""""##""'""""'""""""""""#""'""'#"""'"* | |||
continues ta play an intfn>rtant rolein the rnmpany's sert ice area. | |||
l Economic recovery in some portions of the Com-pany's service area, however, has not kept up with the of the Good Neighbor Fund and the " Share the Warmth" ) | |||
pace set elsewhere. As a result, the Company has taken campaign in 1984. The Company matches donations to renewed steps to support a healthy business climate in the fund, which is administered by the Salvation Army the territory Recognizing that managed growth con- t help needy customers meet their energy expenses. | |||
tributes to the economic vitality of the service area, 7 . j | |||
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Atlar. tic Electric's service area provides natural more effective emission cont rol. | |||
reminders of the benefits of preserving our environ. Atlantic Elect ric has made use of tax-exempt ment: Approximately 1,700 farms are engaged in raising financing for the construction of pollution control field crops, vegetables and livestock; more than 30 equipment at various facilities. In April 1981, $18.2 mil-wildlife preserves and parks are k)cated in southern lion of pollution control bonds were issued to refund a NewJersey; and the one million acre Pinelands of. previous issue relating to pollution control facilities at i southern and central NewJersey is the country's first the Deepwaterand flope Creek Stations. InJuly the t- 1 National Reserve, well-known for its abundant high Company issued two series of pollution control bonds l quality water resources and various forms of wildlife. totaling $2 ID million to finance certain facilities at the ; | |||
In producing electricity the Company's use of nat- Ilope Creek, Salem and Peach Ilottom Stations. | |||
ural resources is governed by considerations with The location of major Company facilities involves respect to the environmental impact of operations, as considerations with respect to available land, cost-well as the cost and availability of those resources. The etrectiveness and environ mental impact. Developments Company's operating plans have been developed to use in 1984 relating to plans fora new transmission line the more abundant and less costly fuels, while taking illustrate some aspects of the siting process: The pro-steps to assure that air and water quality are preserved. posed Carditr-New Freedom line was designed to sup-As indicated earlier, Atlantic Electric was able to draw port system reliability and voltage control, and bring upon coal and nuclear generating sources last year to provide approximately 82% of its total energy require-ments. The use of coal and nuclear generation in 1984 | |||
. displaced the use of almost six million barrels of oil. - | |||
Measures which the Company has taken to protect .~.7 the environment while using coal include the use of particulate control equipment and on going environ-mental monitoringactivities. Atlantic Electric has I directed major etToris to help assure continued coal burning at the 11. L England Generating Station. In late 1983, t he Company received authorization from ihe New - | |||
Jersey Department of Environmental Protection to con- ,-aciny fu,ye, i,a rucura,e ron,r,a aen<cs. s ua, as shis riax i,uu se;- | |||
tinue burning coal in Units I and 2 at the station. As ena hie ure run,funn v io u se cour u stre e n su rinu sue ronun ues part of the compliance program associated with the #'""'"""""Y"'"""""""'""'d#""'"""""*""'"""'"# | |||
neonitoring sate in t 'urnherlana t nunty, a rnenpan y entfulnyee* | |||
cxtended authorization, the Company has installed ron utsruinuaiersa,nfacs. | |||
additional ambient air quality monitors in the vicinity additional power to growth centers within the service of the station, and has installed special stack monitors area. Alt hough the original route had been carefully on each of the coal-burning units.The Company has planned to minimize environmental impact, various also com menced engineering st udies to evaluate t he issues regarding the routing were raised by local resi-benehts of a single, extended chimney for the station, dents and state environmental agencies. Several hear-which may serve to help climinate concentrations of ings were held in the matter, and the Company made exhaust gases occurring under unique wind conditions special etTorts to inform the public about the project, which can create a downwash etTect. and to respond to the concerns expressed. As a result, Conversions to state-of.the-art combustion control representatives of the regulators, the public and the | |||
; systems at Ihree units of the Company's Deepwater Sta- Company have reached agrcement on the routing ofIhe tion commenced in 1981. These new systems have been line, and plans for this important new addition to the designed to enhance operating etliciency and provide t ransmission system are going forward. | |||
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l tif l Atlantic Electric served its customers last year with 99.98% Another cost-effective strategy employed by Atlantic reliability Enhancements to customer service in 1984 Electric involves maximizing the benefits of current gen-were characterized by new, major conservation programs erating capacity Customized programs are developed to and an intensive public safety campaign. Customer service replace major generating unit components, with the result has also been advanced by corporate programs designed that operating efficiencies are thanced and service lives to realize long-run cost savings. are extended. | |||
During 1984, the Company sponsored various pro- Atlantic Electric has also found ways to increase cus- i i grams to assist customers in their efforts to conserve elec- tomer awareness of general energy issues and various l tricity Members of the new " Energy Team" made appear- aspects of utility operations. Energy Roundtables, led by ances throughout the service area, providing information | |||
{ | |||
corporate officers, provide customers an informal setting ' | |||
about effective energy-saving measures and Company con- for discussing energy matters. The Company's Speakers' servation programs. Requests for home energy audits, Bureau made a record number of appearances in 1984, offered by the Company at no charge in 1984, increased dealing with energy-related issues of interest to members more than six times over the previous year. There were of civic and community organizations. " Energy Minutes," | |||
three times as manycustomers taking advantage of the radio spots featu ring tips on energy conservation and Company's " Cold Cash Rebates" in 1984 as there were in safety were aired over local stations throughout the year. | |||
1983. These rebates are given to customers as incentives to The Company's second Executive Phone In, held in May; select more efficient air conditioning units. The increased provided senior management with helpful insight on cus- l efficiency of the units purchased in 1984 with the aid of tomer attitudes and ways in which service might be these rebates should result in savings of nearly 800 kilo- improved. | |||
watts in peak demand, and more than 600,000 kilowatt-l hou rs of energy per year. New programs were begun to i install weatherization and seal-up measures in customers' f' l homes, to provide conservation loans and to help low-income customers implement energy-saving techniques. '- - | |||
last year, Atlantic Electric intensified its efforts to inform the pub 4c about electrical safety At almost 100 ' | |||
schools, Company linemen made presentations to children about electricity proper care in handling appliances and safe conduct in the vicinity of electrical equipment. Under i 1 :he Company's leadership, NewJersey electric utilities formed a special committee to deal with public safety | |||
/'~ | |||
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, j matters. This committee sponsored television commer-cials dealing with the potential hazards of high voltage contact. The committee also distributed material to approximately 6,000 construction contractors relating to , ,, , | |||
,, ,,,y , ,,,,,, ,,,,a y y g ,y y , , ,g ,,,,, | |||
the regulations and procedures to be followed when y,f,,y, ,yu u, , ,,ny u u , ,,,, u,un fo,, f,,,,y rns y, a ,u.y ,,g,, , ;s,. | |||
working in the vicinity of high-voltage equipment. <nn,iominsum in anannc < u v mun c. u n,e ne,r na uroa.i. a o The Company's use of diverse energy sources and m'ca"fanin r in cioso,uro. a m i,ninan comf,ternpnuiinnnu fuel supplies has helped to contain the cost of electricity "/"""'""'d"""""'"""''"' | |||
Although low. cost generation from the Company's jointly-owned nuclear units was less than expected in 1984, the cost impact was moderated by the fact that low-cost energy available from other nuclear and coal generating sources was greater than anticipated. The Company's gen-erating mix emphasizes the use of lower cost coal and nuclear fuels, and seeks to minimize the use of more expensive oil. In 1984 alone, the ability to use coal and nuclear generating sources resulted in fuel savings for cus-tomers of $126 million. | |||
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The continuing success of ahe Company would not be pos- Tl e development of human resources is he focus of sible without its family of highly dedicated employees, many o rporate programs. Activities in training programs Matching their dedication are the corporate determination for unic i personnel have increased recently reflecting to make safety paramount, and the commitment to expanding workload and the early retirement of some of I | |||
recognize and develop the full potential of each member our employees. These training programs involve special- I of ahe Atlantic Electric team. ized inst ruction by Company personnel, sometimes com-The Corporate Safety and IIcalth Committee, which hined with formal course study Training programs includes all corporate officers, represents the top-level administered by a he lluman Resource Development commitment of Atlantic Electric to the maintenance of safe _ | |||
conditions in the workplace. The Committee is responsi-ble for the development of safety policy establishing cor-porate safety goals and reviewing safety performance. | |||
Mont hly meetings are held at Company operations and administrative centers throughout the system, and afford senior management the opportunity to review and discuss safety matters directly with field workers and supervision. | |||
Maintenance of safe working conditions is a responsibility shared by all, involving thoughtful worker cooperation, 'T sullicient resources and support by nunagement of proper , | |||
work procedures. The commitment to "ta ke the time and _ | |||
make the cifort" recognizes the vital necessity of proper job planning when dealing with complex work sit uations. | |||
Special recognition and training have served to maintain heightened safety awareness. l.ast year, the Com- Iacinx paxe: \upen twn vnake apomt ofen"Ju< tonx "rainn,ans mittec established its Award for Sa fety Performance, which '"I# '0""""* ' " '" d"'" d '"I" " "' * '"* P "" "d "' "' '":/" r" d" d r is presented quarterly to employees who have made spe- peld e tper tena e ofan appt e nHs e erla y tecturician. | |||
cial cont ributions to sa fety activities, both on and otT the job. Corporate and depart mental safety incentive pro- Department have dealt with such matters as writing skills, grams have helped emphastic safe working practices by time management and prob!cm-solving. Over the past five both physical workers and ollice sta ff. The expansion of years, the Company's Educational Assistance Program has formalized driver training and promotion of a Safe Driver helped more than 300 employees finance formal educa. | |||
Program, designed to encourage alert practices and cour- ti<m relating to their work responsibilities. Employee tesy on t he road, have helped contribute to a significant Roundtables and Managers' Teach Ins provide informal improvement in driver and vehicle sa fety performance. opport unities for the exchange of ideas and in formation, During 1981, the Company established a new perfor- and also serve to enhance coordination and effectiveness mance appraisal system for its non union employees. This between different departmems. | |||
system has provided a more comprehensive means of clar- The President's Award was presented for the first ifying job responsibilities and assessing performance. A time in 1981 to recognize outstanding achievement by revised plan of compensation was also established which employees. Senior corporate ollicers nominate individuals complements the orientation toward performance. In or groups of employees who by their accomplishments 1985, t he performance appraisal system is being expanded have brought substantial benefit or recognition to t he even further to establish individual work-related objec- Company The first President's Award was presented to tives and plans for skill development. On a broader level, three employees for t heir dedicated involvement in t he the Corporate Performance Department has become development and installation of the Company's new involved in helping identify appropriate depa rt mental and Energy Management System. | |||
group performance measures and suitable frames of refer-ence for assessing results. | |||
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T The ability to turn the challenges and opportunities of researching issues and reporting its findings to senior tomorrow into positive results requires a sense of mission, management for consideration and further action. % date, a go(xl planning perspective and sensitivity to trends in it has examined such issues as decentralized generation, the marketplace. During the past year, Atlantic Electric has franchise " bypass" and operating unit performance. | |||
taken further steps to enhance its ability to realize future The complexities of corporate mission, strategic success. planning and issues management all center about a simple I.ast year, the Company hel.1 a strategic planning con- business concept: Consistent and effective customer ser-ference to review a statement of corporate mission devel- vice is fundamental to long term success. The business of oped several years earlier. In 1980, senior management had providing service tomorrow will be shaped by many met to consider the strategic implications of unmanaged external factors, including public attitudes toward energy I | |||
growth, increasing costs of labor, material and capital, and usage and the value placed upon electricity These atti-changing emphases in regulation. Since then, management tudes are being shaped today and Atlantic Electric is com-has developed a formalized strategic planning process to mitted to inform present and future customers about ! | |||
assist it in formulating long term corporate objectives and the resources required to meet their energy needs. With l in developing action plans to support those goals. The such resolve, prospects for the wise use of energy and , | |||
198-6 review of the strategic plan involved assessment of greater cooperative efforts with customers will be con- l emerging t rends and the internal capabilities necessary to siderably enhaneed. Therein lies the future success of I respond to those changing circumstances. With a he recent Atlantic Electric. | |||
, review, management determined that Atlantic Electric's l primary business will continue to be to provide electricity to customers through a regulated franchise system, emphasizing the management of peak demand and pro- | |||
* * .* * "I O _" ] | |||
moting the etlicient use of energy In addition, the Com- - | |||
.; . ; ; _= | |||
pany will also explore the development of related prod- .;, | |||
ucts and services which would use existing capabilities, 8 g , | |||
support its basic business and enhance customer relations. | |||
Continuing developments in regulation, energy 7' v sources and technology as well as increases in the cost of providing service, have contributed to a more uncertain business environment for electric utilities. As a result, the needs for effective operational and strategic planning have increased substantially it is vitally important to evaluate changing external circumstances which can alter plans for plant construction and operation. In 198-4, the Com- | |||
* pany installed a new long-range strategic planning malci f u n ny f,,,y,.a m,,,,,, ,,f u,. , y mf,a n ,3 , ,,,.,, , ,,u ,,, ,,y a,y , | |||
to complement its detailed operational nxx!cl. The new ene,x n onico anon tea,nique. so mme orromor ,on% | |||
nxxici provides an etlicient mettux! of evaluating ditrerent ' " """"" """ N ' "/" " "" r ""lu r ' ""' " c a~ ' " c on """"" | |||
typcs of capacity plans, t he effectiveness of various con- ""'"""""""""""'""""'"'"""""""##"''""'I'""''I'""" | |||
m rem i servation and load management etTorts and the potential benefits of new business opport unities. | |||
The Company's nxx! cling systems are at t heir best vehen they complement the vision and judgment of an alert management team. The Environmental ScanningTask Ibree was formed in 198 6 to help k!cntify issues and t rends w hich could have long-term implications for the utility indust ry and Atlantic Elect ric's business. The Task Ibrce is 1 | |||
composed of representatives from many operational and administrative areas of the Company and is charged with | |||
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MRRS G 1 r RESIDENTI AL | |||
'8 The Compa ny's average number of residential customers increased approximately 2Y. to 3.Wi6H in 1981. During the year, over 7,7(X) new dwelling units were connected, e 3 * - | |||
~ | |||
of which more than lGb were total electric.The largest h l growth increases in new residential customers occurred i2 R in the coastal portion ofIhe service area. 5 lit. ISt.198 6-Pr>9 2 I ' | |||
19t+6 l*rr) Annual Grow th Rate e linergy (billkm Kwh) 2.6 67 3 363 2.57't U Hl | |||
; Peak (ptw) 616 72n n 98 t _ | |||
80 HI 82 H3 99 astrage rustonwr use (IN NI Ku h) i 't of total saks l COM M ERCI A L | |||
, Commercial grow h and activity in 198 6 were highlighted 'I - | |||
by a 6.9L increase in kilowatt. hour sales. Approximately I,700 of ahe 63/il5 customers were involved in farmingand a j related activitles in 198 6. Sales to the Company's ten f | |||
; casino hotel customers represented ll% of 1981 commer- j ' | |||
cial sales a nd 9% of total energy sales. Three additional e casino-hotels are expected to be completed by 1988. | |||
, lit. Ist.198 6-rpr> 1 1986 l*ry) Annual Growth Mate l'.ncrgy (hillion Kw h) 2.Iin 2.9 6n 2. I l't 6H7 671 2. I 6 t HO HI 82 H3 Hi 99 li_a k -( M__w). | |||
average rustinner usc (tM N) Ku h) | |||
! 'tof total nales | |||
; IN DUSTRI A L & OTIIER | |||
: i. Kilowatt-hour sales to Atl.intic I?!cctric's 1.015 industrial I ' | |||
customers, located primarily in t he inland and western gmrtions ofIhe se. vice area, declined slightly in 1981. e 4 Principal industrics are chemicals, gl.iss, plastle and fmxt f ., | |||
pn > cessing. Ot her indust rial act ivities involve building i2 materials, rubber, stone, sand and clay pnxtucts. 5 1 | |||
lit . lit.198 6-Prr) ; | |||
I 1986 Frr) Annual Grow th Rate I:nc_rgy (1911km Kw h)_ l.257 1.699 1.nn't g | |||
liak (Mw) 2n2 2iH n.91'b HO Hi H2 H3 HI 99 as erage tushwnrr use (tM M1 Kw h)' | |||
*Inatustreal a useswirrn amly The st=ne fiwri a.se om liale tsumatri ed the effrate ad etw Ownpanys a urerne amt pnepard Om=rriasam ami lomit wnagement rn grams. s uw.mwr om nr.t nrneraeme arms ogrnerstam py PppA a*=m 6sted ershu thms en prak drmamt liv etw resmirrusal. atunmert aal arist ermluistial s ta*=rs are rsioniased tensisal MJ. n aral le nu naw aret. tr*gvi stvely | |||
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SUMMAR O FINAN IA R ~ UL MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPER ATION GEVERAL tive k>ad management techniques and promoting economic The Company has a gross investment in property and plant alternative energy sources. The construction program has of over $1.3 billion, which is emph>yed to provide elect ric been developed in response to t he need to improve or re-energy service to our customers. The Company's abilit y to place existing production plant, upgrade our transmission finance its construction program, maintain service reliabil- and distribution system and provide for projected growth. | |||
ity meet its working capital requirements and provide a fair Financing Program-A total of $225 million was obtained rate of return on investment to its shareholders is depen. | |||
during 1982 tbrough 198 i via the capital markets from the dent upon adequate rate relief. | |||
ules of Gmr mies of First Mortgage Ilonds, including ihree pollution cont rol series, intermediate-term borrowings, IlQUIDITYAND CAPITA L RESOURCES nuclear fuel financing and sales of Com mon Stock, includ-Construction Program-During 1984, cash construction ing the issuance of Common Stock through the Company's expenditures aggregated $85 million, which is a 15'Y, Dividend Reinvestnwnt and Stock Purchase Plan and increase In>m the $74 million expenditure level experi-enced in 1983 and a 28T, decrease from the $118 million 1 | |||
SM Om@ Ph Wh hi@'s level in 1982. The five year (19851989) cash construction ' " ' ' ' " ' ' " E*N '" * "" *" "E '"E"* ' "C# ***'E*' | |||
C'.ded vi by the issuance of short term debt. | |||
expenditures are currently projected to be $ 112 million. | |||
This level of projected construction expenditures reflects Approximately 4(ni of the cash requirements for construc-the Company's revised capacity plan, based on a forecast of ion, debt mat urities and sinking fund requirements during peak load growth for the period 19851989 of 1.7% per year. the period 1982198 I was generated from operations after This forecast reflects the expected results of an aggressive deductions for dividends and working capital needs, but program for promoting conservation, impicmenting effec- exclusive of changes in temporary cash investments. The Company estimates that with adequate rate relief, approxi- | |||
- . mately 7thi of its total cash const ruction requirements, debt maturities and sinking fund requirements will be generated internally during the five year period from 19851989. Addi-tional cash requirements will be satisfied through external financing. Capitalization ratios at December 31,1981 are 41% long term debt,4Mi common and 10% preferred stock. | |||
The Company will continue to use short term debt financ. | |||
ing on an interim basis and currently maintains aggregate lines ofcredit of $115 million. | |||
During 1983, ratings of our l'irst Mortgage ihmds,Deben-e tures and Preferred Stock were raised by Imth Standard & | |||
Ibor's Corporation and DufTand Phelps, Inc. These upgraded securit y ratings are an indication of an improved extern.il evaluation of ahe Company's financial position. | |||
RESULTS OFOPERATIONS The tabulation on page 38 includc3 key historical indicators w hich we twlleve are helpful b evaluating the perfor-d mance of the Company ove: the past five years. | |||
F.arnings-l'.arr ngs per share of common stock, b.ised on the weighted average number of shares outstanding, were | |||
$3 20 in 198 6, compared to $318 in 1983 and $2.76 in 1982. | |||
liernings per share for 1982 included the cumulative etTect IH i+ | |||
u | |||
1 l | |||
1 of a change in accounting method of 5.92 per share. The Sales-Changes in kilowatt-hou r sales are generally due to decrease in earnings per share in 1984 compared to 1983 is cha nges in the average nu mber of customers and average attributable to increases in operating expenses without cor- customer use, which is also affected by weather conditions. | |||
responding rate relief. In August 1984 the Company was Energy sales statistics, stated as percentage changes from j denied an October 1983 request for a base rate increase. The prior years, are shown below primary reasons for the increase in per share carnings hetween 1982 and 1983 are the effect of a 4.6% increase in increase (Decrease) from Prior Year kik> watt. hour sales ex perienced during 1983, and the 374 39g4 3933 million base revenue rate increase granted in December 1982. | |||
Customer ^**'*E' ^ #'*E# | |||
Revenues-Operating revenues increased by 6.3% in 198 ( Class Sales Use Cust. Sales Use Cust. | |||
to $549.5 million compared to $517.1 million in 1983. The Resklential 4.0% 2.0% 2.0% 5.4% 3.6% I .7% | |||
1983 level of revenues represented a 16.4% increase com- 5 4 1. 6.6 59 .6 pared to 1982. These overall increases reflect the net results mn]rcial other (3.0) (2.2) (1.1) (4.4 ) 9.2 (12.4 ) -l of base revenue increases, reductions in Levelized Energy Total 3.5 1.6 1.9 4.6 3.1 1.5 : | |||
Clause revenues, changes in kilowatt-hour sales, and a I change in accounting method in 1982 to record unbilled revenues. The effect of unbilled revenues is included in base The decreases in 1982 kik> watt-hour sales are primarily the l revenues. The effect of the above factors on 1984 and 1983 result of weak economic conditions within certain seg-l revenues is shown below: ments f the Company's service area and increased cus-tomer conservation. The increases in 1983 are attributed to (Timusands of Dollars) 1984 1983 higher weather- related consumption levels and improving Haw Revenues $ 12,971 2.4% 5 92,643 20.8% cconomic conditions for the residential and commercial Irvelized Energy Clause 1,972 .4 (40,592) (9.0) segments of the service area. The combined effects of the , | |||
Kilowatt hour Sales 17,446 3.5 20.913 4.6 changes in customer sales and rates resulted in an increase INCREASE $ 32,389 6.3% 5 72,964 l 16.4% in revenues per kilowatt-hour of 4.2% in 1984 compared to 1983 and 8.5% in 1983 compared to 1982. | |||
17uture changes in operating revenues will reflect the time-liness and adequacy of rate relief, general economic condi- Costs and Expenses-Total operating expenses increased ions in our service area and the results of load management 8.0% in 1984 compared to 1983. The 1983 operating and conservation programs. expenses represented an increase of 11.2% compared to s | |||
7-e J | |||
1 e | |||
b 1982. I!xcluding depreciation and taxes, operating expenses wholly and jointly ow ned generating units. In addition, t he rose to 5311.2 million in 1981, an increase of 15% over 1983. Company has embarked on an aggressive program to which had decreased 1% from 1982. upgrade our production and other facilities to insure etti-ciency and extend service life. Ot her operation and mainte-During 1981, Net Energy Costs were reduced by Deferred nance costs have increased, reflecting increases in the Energy Costs of 56,969JHX) representing fuel costs not cur- price of materials, supplies and services, as well as increases rently recovered under the energy clause. In 1983 Net in wages and employee benefits. | |||
Energy Costs were reduced by 515!)55fMX1 These deferrals are in contrast to 1982, when all previously unrecovered Changes in depreciation expense generally represent LEC costs were recm cred. At December 31,198 6 t he changes in the amounts of electric utility plant in service amount shown on the balance sheet as deferred energy and t he respective in-service dates. | |||
costs is $177 million. | |||
The components of taxes ot her ihan federal income taxes , | |||
The Company's annual futi, interchange and purchased and federal income taxes are detailed in the notes to the 1 | |||
[x>wer costs reflect changes in availabilit y of low cost gen- financial statenwnts. | |||
cration from Company owned and purchased sources, as well as changes in the needs of os her utilities participating Interest charges before the allowance for borrowed funds in energy interchange. Certain costs associated with power used during construction rose to 5 i03 million in 198-1 purchased are deferred on the balance sheet since rates a re o>mpared to $370 million and $396 million in 1983 and levelized to collect these costs over the 17-year life of a he 1982, respectively The decrease of 524 million in interest PP& L Agreements. expense in 1983 from the 1982 level reflects the retirement and maturities of certain First N!ortgage Ikmds and the Reference is made to the table and chart on energy sources lower cost of short term lx>rrowings, offset by a he issuance and costs for comparative in formation with respect to gen- of $50 million principal amount of First Afortgage lionds, cration, intcrchange and cost per kilowatt-hour. g g ."/8% Series duc 1993 (the 11 ?/8% Ik nds)in November 1983, Power pnnluction operation and maintenance costs have and by higher average short term borrowings outstanding. | |||
increased, retk cting the higher cost of maintenance of lx>th The increase of $3.3 million in interest expense in 198-i from the 1983 level reflects the full-year etTect ofinterest on the 117/8"i,lkmds, the issuance in 198 i of an aggregate 5 62.2 million principal amount of several pollution cont rol p" : 7 . | |||
~ | |||
series of First Alortgage llonds and the higher cost of short term borrowings, ottset by the retirement and mat urities of First Alortgage ikmds and by lower average short term tw>r-rowings outstanding. Pollution control financing and inter- | |||
[ . ,g ! mediate term variable rate debt have been used to moderate general upward pressures on the embedded cmt of debt. | |||
The embedded cost of long term debt has risen from 8.9% in t ' | |||
1982 to 920,in 198 4. | |||
The Allowance for Funds Used During Construction | |||
, g - | |||
(A FDC) including lx>t h the ik>rrowed Funds portion, which g " is used to reduce interest charges, and Ihe Equity Funds portion, shown under Other Income, was $10 8 million in 198 6 compared to 592 million in 1983 and $8.l million in 1982. The increases a re due to increases in the average bal-( , | |||
ances of construction work in progress. AFIX: as a percent of net income for 1981,1983 and 1982 was 17HL,139% and 172t, respectively j In flation-Supplementary unaudited financial in forma-tion showing ihe estimated effects of inflation on the Com-g pany's operations is shown on pages 36 tbrough 38. These data, w hich should be viewed as estimates of the approxi-4 mate effects of inflation, rather than as precise measures, demonst rate the need to cont rol costs and the responsibility for regulatory agencies to provide timely and adequate rate relief. | |||
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-6,579 , , 6,8$8, '. ? 6,7861 . ~ 6,735 . : 6,696. . '6,645 6,580- ' | |||
I,434,700 . 1;394,700. 1,434,70 0 ' el.414,700 - r l,334,700? ci,334,700 ' 1,278,700 | |||
.1,261,700: :1,192,600- ;1,177,400 > I,I76,000 -' ~'1,030,300i _1,069,400- 1,004,400 | |||
~ .12.1% : . '13.9% P ' .16.7% : 16.9% ~ | |||
= 22.8% : .19.9% - | |||
21.5% 1 | |||
;j , | |||
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5,533,1781 1;397.338I' $5,625,9m 15,'293,019 _ x.4,918,906 ' l 4,715,357f 4,651,334 | |||
-643,106' -464,143 - .130 437 -224,169 .324.196' - 190.852 229,197 " | |||
6,376,294. L5,863,481 5,756,025 L 5,517,188 - 15,243,102: = 4,906,209 4,880,531 d f V | |||
'2.514,738 ~2,4II,732 2,377,202 12,221,250-:A ! 2,070,766 : 1,938,724 J 1.882,560- | |||
'I,769,208: :1,500,386- K a,$e6,497 L ::3,478,599- 1,392,029: ;1.346,216: ,1,29s 858 - | |||
1,206,205- ~1,255,304 : ~"1,2504362 '11,228,260- : I st43,170 1,036,755.- 1,1M,935 - | |||
63,753' ~ 40,799^ -60,785- sea 66 ' 57,667- = - %,465- 57,477 | |||
[ :5,633,904 5,300,289: 35,2'74,640'; 4,978,935 4,663.632 . 4,378,160 c 4,375,830 z y 7,gg~ l 7.951 L 7,653 ' i . . _ | |||
_ 7,320 - | |||
:7,018 - .- | |||
.6,982? | |||
g'. 5 8 0499,927 28 % 406.I84 L$ .1378 36 -s'?329.25: :s'- 293.21 | |||
-si 349.64 | |||
' 6.7te: i S.6 W 35.Ite:1 ; 4.94*. 4.78e 1 4.69e - 4.37e > | |||
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. :52,229 7 . :4%$39l- .. ..44.387 l - y40,138 1-' 37,581; . 35,235 ~ 32,215 . | |||
261,9 m .- ' 2SE945 | |||
- 254,992' 249,927" ' E245,296L 241,039 . 237,397 314.213 307.249-- 298#F9 ' | |||
:290,245 - '282,877 : 276,254 :269,612: | |||
,43,3673 J 43.286 @ 43,672 c42,453 , 41,170 .40,60s; M40,351:: | |||
si,0414 18AS LI,047 JI M .1,0711 .1,100 ?1,000J | |||
:6541 M71 . | |||
676 - 681 : 684 679 359,375 392,2)4 . .: 334,401W 325,799 '318,646 ' 341,722L 379,242 ~ . :371,962; ;. I- - 352,205h :343,147' 336,105 330,75sE | |||
.1,037,000: | |||
~ | |||
48,88$,90A ;. 963.000 ~ 937,000 - 915,000' .894,000i | |||
~. ., u 1 el68,73r f' 8?tM,22 | |||
:115,973! ; M 419 isJ^ ' l <#Ja '8 598,9041 ' s ' 90,956L | |||
.46,354 | |||
.s/ 7s.512 : | |||
:. L 63,544 '- - 55,715 i 160,582 ; 47 1 36.430 [34,974:: $3,944!:( | |||
~ 7A54; ~ 6, .J m. - | |||
$346 4,es_I: ,4,as7:, | |||
393Ap4 #36,353~ VMMpygggBF 2WP,ieb -:894,355 : | |||
1 373,997: | |||
; f$,3370 4,33$ V 4,9EhEI M 4A35 J4,724' 54,614: | |||
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%f. thdden.Jr:. G. 4. Hale. \tandsuw l..V Daniel. l k. keulcr].11. %Isner R. st Du ke.J %f. Gah in.Jr. %f.H. sh u hinney ELEANOR S. DANIEL N1 A'ITilEW l K)LDEN.)R. | |||
Selfemployed 11cel'residentand l'rofessor of Got ernment and Dsrector ofseteral real estate corporations. Foreign .4 fairs. I nit ersity of Virginia RICII ARD St DICK E E. IXX GLAS111 GGARD Counselor-at law. l'artner of thelau firm of l' resident and Chief operating oficer ofthe Company i Simpson Thacher&ilartlett. J IRVING K. KESSLER 301iN D FEEIIAN Retired. Formeriv Lucutive Vice l> resident. RCA l Oairman of the floardand Corporation. | |||
ChiefExecuIire Oficer ofIbe Compan y - | |||
SIADELINE ll. 31cWillNNEY j JOS. %11Cll AEL GA LVIN.)R. I' resident ofHale. Illiott & Company l' resident and ChiefExecutit e Oficerof a management consultengfirm to the hanking Industry Salem Cemnty.sfemorial flospital. | |||
JOIIN 31. 511Nl'R GER ALD A. ll ALE Aenior Vu e l* resident of Crockersationalltank. | |||
I'vesident ofIlate Resources. Inc., | |||
an industrial /naturai resources investment and management company I | |||
Y | |||
) | |||
DIRECTOlt COMMITTEES E.1 R.M. J D. J.M. GA. M. E.n I.K. M.H. J.M. | |||
DANIEL DICKE FEEHAN GALVIN,JR. HALE il0LDEN,JR. til'GGARD KESSLER MC4 HINNEY MINER Audit l Corporate l Devchyment | |||
* Energy Operations | |||
& Research Finance Pension & | |||
Insurance IYrsonnel Sharehnider, Community | |||
& Government Relations O Commitee Chairman I e Committee Membership E Ex Officio Membership CORPOll ATE OFFICEllS YEARS OF YEARS OF SERVICE SERVICE John D. Fechan John F. Born Oairman of tbelk>ardand s1ce President-Electric operations 32 CblefExecutist Ofcer 32 lance E. Cooper E. Douglas lluggard 11ce President-contr<d 2 Presidentand GiefOperating Opccr 29 Thomas E. Ihrman 11ce President-fluman Resources 4 Jerrold LJacobs Senior lice President- Meredith l. llariacher,Jr. | |||
Operations and Engineering 23 11ce President-Engineering 19 Michael A.Jarrett llenry C. Schwemm,Jr. | |||
. Senior 51ce President- 11ce President-Production 15 I Corporate Serrices 9 JosephT KellyJr. | |||
Drian A. Parent Assistant VicePresident-Senior \1ce President- Qperations 34 Planning and Rates t7 Martin R. Meyer J. G. Sak)mone Secretary and Senior lice President- Assistant Treasurer 36 Financeand Treasurer s J. David McCann David V ik>ncy Assistant Treasurerand | |||
\1ce President-Customer Assistant Secretary 12 and Community Serrices 30 e ensuun see cansswn twsrse A nstmares. onc. seny u,wmer reneret*v | |||
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.}} | |||
Latest revision as of 04:22, 12 May 2020
| ML20100M322 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom  |
| Issue date: | 12/31/1984 |
| From: | Feehan J ATLANTIC CITY ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML20100M290 | List: |
| References | |
| NUDOCS 8504170457 | |
| Download: ML20100M322 (46) | |
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241L li 1 l ,
, , Ja e jyyv l Ihe G>rporate None and I'rcule Nune 1tlantic City Electric G>ntpany is the o))icial ncune of I
the Gunpany as it appears in the Articles ofIncorporation. the Gnnpany also uses the regis-tered trade naine Atlantic Electric in varions publications to shareholders and custcnners, l andin its daily operations. ,
i I l l OUR SERVICE A REA r l ; }. .rt. f f y 'y -
Atla ntic l icct ric's l 'OO ,
y i4 -
g y,g.gggg square mile service terri- . .h! .
tory representing ihe -
,ML" .
southern one-third of the _ .u y 5 tate of Newjersey is close ..
' ' % / k. -
l to sut h major citles as y [. . ' '
Philadelphia. New Wrk a nd . ,
if M Washington. The service IIA l .
area has a relatively high ..
concentration of residen-tial customers Iburism is a
~
major factor in ihe econ-g ,
~
omy of Ihe castern shore [ /' ,
i area. Com mercial and light g
g-
~
indust rial enterprises are
_,b found in the western part ih #
of the service area, and : # *J - '
s EMA WIW,1
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farming is a major activity w gh .
wit hin t he centrat and g *
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western regions. s n
~.:- __
. 1 ABOUT TIIE COVER NOTICE OF The cover picture is a thermographic image of he ANN (Il/, MEETING Crowell llouse in llammonton New lersey The va rious
, The 1985 Annual Meetingof colors indicate dill'erent temperatures with w hite, red Siureholders will bc held and yellow corresponding to ihe higher levels of the heat 'Ibesday April li 1985. at j radiated from t he st ructure. This thermogram was made Quail llill Inn, Smit hville '
to dramatize the ways by which heat can leave the home- NewJersey A Notice of Reducing such heat loss is one of the main objectives of Meeting will be mailed in Atlantic Electric's new " Energy Team" conservation Ma rch Io t hose .sharcluilders programs. entitled io votc.
l l
e
! 2 IR3HUGH1S l
RESUI!!'S OF OPERATIONS 1984-1982
- 1. Cluoge 't Clunge 19s i risi-em3 r>s3 ems-ris2 cm2 kleet ric O[Nrating Rey emjes h)j$[rk $_ 549,531 6.3 5 51',I42 16.4 5 -i H , I 'H*
{}perating Ex penses (0(Krs) _ _ _$
-e 58,16 0 8.0 5 il 1.0 to 11.2 5 381,-108 Net income (000's)
$ - 63,277 -
( i.3 ) 5 66.152 3 i.9 5 .i9,055' 4
!N!"I!!P[.Cf Co!nnutn 5 hare ,
$. 3.20 ( 8.0 ) $ 3.-iH 26.1 5 2.~6*
ljividernis Paid Per Common Share ._ $. 2.42 _
5.2_
5 2.30 1.5 5 2.20 "Ibral Assets ((HHrs).- ._-
$_1,220,503 7.1 51,139,978 5.H 51,O ",969
. $N.Y'""?] r ugt iory I?x pend it u res (00t rs) . $ 84f>30 13 ~ 5 ' i.-657 _
( 3'. I ) 5 I18,160 Sales of lilect ricit v ( KW il ) (0( H rs) _
6,053,791 3.5 5,851,136 -a .6 5.592.1l' Price Paid Per KWil-(All Customers) 8.9 95) ( 7.6 8.360c 3.3 8 091 c
'li>tal Customer Scrvice
._.!"?I2_IIations ( M.ar-end)
__ 407,277 _
2.2 398,526 1." 391,989 Number of Shareholders-
__.C"*"!"'! Sax k (War en.1) . . . _ _ 47.146 ( l .8 )
18,299 ( l .0 ) 18,790 N""! hCf"IE"!!!O}TC$(YCdf~C"d)
I 2,012 _ _ _ _
.9 __
l,995
( l .3 )__
2,022 Ikx>k Value $ 24.27 2.9 5 23.58 5.0 5 22.i5 lndudes effcci ofichange in accounting for resenues.
CONTENTS
, i.etters to Shareholders 2
, Report for the Year 6 Customers At-A Glance 16 Index o I'inancial information 17 Financial information 18 Investor In formation 39 j
Statistical Review 1986-197i .io Iloard of Directors 42 Director Committces inside b.ick cover Corporate Otticers inside back cover s
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is g in inany respects, thepastyear has been one ofAtlantic Electric's ~
.I \. best. Achievernents of1984 can befoundin inanyfinancialand q operating areas, measured by new J Cornpanyrecordsand~consistentprogress
{ in realizing long-terrn objectives. 7 ~ Earningsper share in 1984 totaled S3.20, a level exceeded in corporate history only once, in 1983, when per share earnings arnounted to S3.48. InJune, we raised the quarterly dividend rate by three cents to S.62. As a result, dividendspaidper share in N 1984 increased to $2.42, representing the thirty-secon.d consecutiveyear ofgrowth in L dividendspaid. Our annual dividend rate is now S248per share. [ Kilowatt-hour salesfor 1984 increased by 3.5% over theprioryear; exceeding + the six billion levelfor thefirst thne. The systern loadfactor knproved in 1984, aspeak deniand declined 3.6%. The energy sales increase. reflects improving econornic condi- [ tions within the service area, and the moderat:fon in peak dernand is indicative of milder weatherconditionsin 1984. / G Foryears, we have employed strategiesforfuel mix andpower supply } designed to stabilize the cost ofenergy We're veryproud to report that Atlantic Electric y se! an all-thne recordfor its use ofcoal and nucleargeneration in 1984. These low-cost fuel sourcesprovided 82% oftotalsystem requirements lastyear; compared to 78% in L 1983. As a result, ouraverage cost ofenergyphr kilowatt-hour in 1984 was 11.1% less than it was in 1980. } Production by ourjointly-owned nuclear units in 1984 was 17% greater than f in 1983, although somewhat less than expected. During 1984, electricalgenerator { problems were experienced at the Salem Station, and scheduledpiping repairs on L Peach Bottom Unit 2 have required an extended outage. The operating companies are N working to complete the repair outages ofSalem Unit 2 and Peach Bottom Unit 2 by the { , secondquarterof1985. Additionalnucleargeneration isavailable to the Company 5 from the Susquehanna Steam Electric Station, underlong-term arrangements with Pennsylvania Power & Light Company hi itsfirstfidlyear ofservice, Susquehanna Unit j 1 produced nwre energy than budgeted, and it helped us to controlenergy costs in L 1984. The arrangements with PP&L also inchtde thepurchase ofpowerfrom : Susquehanna Unit 2, tchich began connnercial operation this month. Construction expenditures by the Company continue at moderate, and [ manageable, levels. Our 5% hiterest in the llope Creek Generating Station is the only new capacityproject underwa1: Construction ofthe unit by Public Service Electric and R
- w. Gas Compan); theprincipal owner; has been proceeding as scheduled, and the unit is w
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x ?r (;[ . .g , je ~ .~~ expected to begin operation ha late 1986. The Company' s powerpurchase arrangements l l with PP&L will continue through September 2000, with capacity and energyfrom - ' Susquehanna through September 1991, and thenfrom various coal-fired units. hiJanuary 1984, the NewJersey Board ofPublic Utilitiesgranted the C<nnpany an increase in energy adjustment charges to recoverprojected costs offuel L 1 andpurchasedpowerduring theyear ThispastJanuary the BPUauthorizedincreases in our rates to recover energy costs during 1985, including the costs ofpowerpurchased from Susquehanna Unit 2. Since its last major base rate increase in 1982, the Company ' has experienced increases in other costs ofproviding service, and itfiled a requestfor a , rate increase in October 1983. The BPUdenied that request last August, and we have l appealed that decision in NewJersey Superior Court. M expect that another base rate case willbefiled thisyear Last November; the Directors ofthe Company and Deltnarva Power & Light Company decided to explorepossible benefits to shareholders and customersfrom a - - corporate afliation. Prelhninary studies were completed recently and it was deter- ' ndned that only modest savings might be realized. The studies had concluded that the potentialsavings would notjustify aformaland complicated afiliation, and that some ofthose savings snay be achieved by other; less structured means. While we have decided not toproceed with the afiliation, the studies have served to enhance the close relationship between the companies, and to suggest areasforfuture cooperative eforts. The accomplishments of1984 have been a source ofpridefor the manage-ment and employees ofthe Company But, more than that, they help set a confident perspectiveforgreetingfuture challenges and opportunities. For the condngyear; we pledge our continued dedication to servingyour interests and to meeting our i customers'needs. A lbr the lloard of Directors, A -m
- J. D Fechan E. D lluggard Chairman of the Ikurd and Preslent and Chicfliccurive Othccr Chicf Operating Othccr j l'ebruary 12, 1985 l f:
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b 7 > Y l The Atlantic Electric service area is unique for its mix of Atlantic Electric has joined with representatives of customers, the variety of business activity and its prox- other NewJersey utilities and governmental units in the imity to major cities of the Northeast. The 2,700 square state's Business Retention Program. The Company has mile service territory comprises the southern one third recently committed staff resources toward exploring of the State of NewJersey and the population which we economic development opportunities within its service served last year exceeded 1,100,00L area, and has compiled for use by others detailed infor-The relatively high proportion of energy sales to mation regarding communities served and commercial ! l residential customers,44% in 1984, has contributed to properties available for use. 1 general revenue stability and resistance to wide fluctu- We're mindful of the important role ofAtlantic ations in energy sales. Approximately 7.700 new dwell- Electric as a corporate citizen. Concerned about public ing unks were connected to the Company's system in awareness of electrical safety we intensified our efforts 1984. Over the year, there also was a substantial in 1984 to promote better understanding of potential increase in the number of large commercial accounts, hazards and safe practices in the vicinity of energized reflecting general economic development within the equipment. In addition, the Company began its Radio service territory Watch program last year. Employees in all of the Com-Tourism plays a significant role in the eastern por- pany's radio-equipped vehicles have been trained by i tion of ou r service area. The shore resorts have long state police to report potential danger situations and attracted visitors during the summer months, and the emergencies to the proper authorities thfough the Com-development of casino-hotels in Atlantic City has served pany's radio network. We've also promoted public to increase the number of year-round visitors. Approxi- safety through training in life-saving and emergency-mately 30 million people visited Atlantic City in 1984, handling procedures. Last year, more than 650 peopic compared with 26 million the year before. Atlantic received instruction in Company-run first aid and CPR City's tenth casino hotel, Ilarrah's at Trump Plaza, courses. Atlantic Electric also continued its sponsorship opened in May Casino-related employment increased by t 15% in 1984, to an estimated 37,000. l 1 Agriculture is a significant element of southern NewJersey's economy There are approximately jg 400,000 acres of farmland in cur service territory A new v L-agricultural port, opened in Salem last year, enables local area farmers to ship grain and bean crops by barge 1 to major domestic and foreign markets. Many light industrial and commercial firms seek-ing room for expansion and access to major transporta- , tion links have settled in our service area. Within min- . 1
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utes of Philadelphia and Wilmington, and located along ' i major highway systems, industrial parks in the western - ' j part of our territory have become home for such well- Iacinxpaxe:Snh<tantialconstna tion ofnen residentlasfacat- l known firms as RCA, Thomas Scientific and Mitsubishi. ""'""""""##""'""""'""""""""""#""'""'#"""'"* continues ta play an intfn>rtant rolein the rnmpany's sert ice area. l Economic recovery in some portions of the Com-pany's service area, however, has not kept up with the of the Good Neighbor Fund and the " Share the Warmth" ) pace set elsewhere. As a result, the Company has taken campaign in 1984. The Company matches donations to renewed steps to support a healthy business climate in the fund, which is administered by the Salvation Army the territory Recognizing that managed growth con- t help needy customers meet their energy expenses. tributes to the economic vitality of the service area, 7 . j
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Atlar. tic Electric's service area provides natural more effective emission cont rol. reminders of the benefits of preserving our environ. Atlantic Elect ric has made use of tax-exempt ment: Approximately 1,700 farms are engaged in raising financing for the construction of pollution control field crops, vegetables and livestock; more than 30 equipment at various facilities. In April 1981, $18.2 mil-wildlife preserves and parks are k)cated in southern lion of pollution control bonds were issued to refund a NewJersey; and the one million acre Pinelands of. previous issue relating to pollution control facilities at i southern and central NewJersey is the country's first the Deepwaterand flope Creek Stations. InJuly the t- 1 National Reserve, well-known for its abundant high Company issued two series of pollution control bonds l quality water resources and various forms of wildlife. totaling $2 ID million to finance certain facilities at the ; In producing electricity the Company's use of nat- Ilope Creek, Salem and Peach Ilottom Stations. ural resources is governed by considerations with The location of major Company facilities involves respect to the environmental impact of operations, as considerations with respect to available land, cost-well as the cost and availability of those resources. The etrectiveness and environ mental impact. Developments Company's operating plans have been developed to use in 1984 relating to plans fora new transmission line the more abundant and less costly fuels, while taking illustrate some aspects of the siting process: The pro-steps to assure that air and water quality are preserved. posed Carditr-New Freedom line was designed to sup-As indicated earlier, Atlantic Electric was able to draw port system reliability and voltage control, and bring upon coal and nuclear generating sources last year to provide approximately 82% of its total energy require-ments. The use of coal and nuclear generation in 1984 . displaced the use of almost six million barrels of oil. - Measures which the Company has taken to protect .~.7 the environment while using coal include the use of particulate control equipment and on going environ-mental monitoringactivities. Atlantic Electric has I directed major etToris to help assure continued coal burning at the 11. L England Generating Station. In late 1983, t he Company received authorization from ihe New - Jersey Department of Environmental Protection to con- ,-aciny fu,ye, i,a rucura,e ron,r,a aen<cs. s ua, as shis riax i,uu se;- tinue burning coal in Units I and 2 at the station. As ena hie ure run,funn v io u se cour u stre e n su rinu sue ronun ues part of the compliance program associated with the #'""'"""""Y"'"""""""'""'d#""'"""""*""'"""'"# neonitoring sate in t 'urnherlana t nunty, a rnenpan y entfulnyee* cxtended authorization, the Company has installed ron utsruinuaiersa,nfacs. additional ambient air quality monitors in the vicinity additional power to growth centers within the service of the station, and has installed special stack monitors area. Alt hough the original route had been carefully on each of the coal-burning units.The Company has planned to minimize environmental impact, various also com menced engineering st udies to evaluate t he issues regarding the routing were raised by local resi-benehts of a single, extended chimney for the station, dents and state environmental agencies. Several hear-which may serve to help climinate concentrations of ings were held in the matter, and the Company made exhaust gases occurring under unique wind conditions special etTorts to inform the public about the project, which can create a downwash etTect. and to respond to the concerns expressed. As a result, Conversions to state-of.the-art combustion control representatives of the regulators, the public and the
; systems at Ihree units of the Company's Deepwater Sta- Company have reached agrcement on the routing ofIhe tion commenced in 1981. These new systems have been line, and plans for this important new addition to the designed to enhance operating etliciency and provide t ransmission system are going forward.
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l tif l Atlantic Electric served its customers last year with 99.98% Another cost-effective strategy employed by Atlantic reliability Enhancements to customer service in 1984 Electric involves maximizing the benefits of current gen-were characterized by new, major conservation programs erating capacity Customized programs are developed to and an intensive public safety campaign. Customer service replace major generating unit components, with the result has also been advanced by corporate programs designed that operating efficiencies are thanced and service lives to realize long-run cost savings. are extended. During 1984, the Company sponsored various pro- Atlantic Electric has also found ways to increase cus- i i grams to assist customers in their efforts to conserve elec- tomer awareness of general energy issues and various l tricity Members of the new " Energy Team" made appear- aspects of utility operations. Energy Roundtables, led by ances throughout the service area, providing information { corporate officers, provide customers an informal setting ' about effective energy-saving measures and Company con- for discussing energy matters. The Company's Speakers' servation programs. Requests for home energy audits, Bureau made a record number of appearances in 1984, offered by the Company at no charge in 1984, increased dealing with energy-related issues of interest to members more than six times over the previous year. There were of civic and community organizations. " Energy Minutes," three times as manycustomers taking advantage of the radio spots featu ring tips on energy conservation and Company's " Cold Cash Rebates" in 1984 as there were in safety were aired over local stations throughout the year. 1983. These rebates are given to customers as incentives to The Company's second Executive Phone In, held in May; select more efficient air conditioning units. The increased provided senior management with helpful insight on cus- l efficiency of the units purchased in 1984 with the aid of tomer attitudes and ways in which service might be these rebates should result in savings of nearly 800 kilo- improved. watts in peak demand, and more than 600,000 kilowatt-l hou rs of energy per year. New programs were begun to i install weatherization and seal-up measures in customers' f' l homes, to provide conservation loans and to help low-income customers implement energy-saving techniques. '- - last year, Atlantic Electric intensified its efforts to inform the pub 4c about electrical safety At almost 100 ' schools, Company linemen made presentations to children about electricity proper care in handling appliances and safe conduct in the vicinity of electrical equipment. Under i 1 :he Company's leadership, NewJersey electric utilities formed a special committee to deal with public safety
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the regulations and procedures to be followed when y,f,,y, ,yu u, , ,,ny u u , ,,,, u,un fo,, f,,,,y rns y, a ,u.y ,,g,, , ;s,. working in the vicinity of high-voltage equipment. <nn,iominsum in anannc < u v mun c. u n,e ne,r na uroa.i. a o The Company's use of diverse energy sources and m'ca"fanin r in cioso,uro. a m i,ninan comf,ternpnuiinnnu fuel supplies has helped to contain the cost of electricity "/"""'""'d"""""'""""' Although low. cost generation from the Company's jointly-owned nuclear units was less than expected in 1984, the cost impact was moderated by the fact that low-cost energy available from other nuclear and coal generating sources was greater than anticipated. The Company's gen-erating mix emphasizes the use of lower cost coal and nuclear fuels, and seeks to minimize the use of more expensive oil. In 1984 alone, the ability to use coal and nuclear generating sources resulted in fuel savings for cus-tomers of $126 million. II
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h, , 1 l l l ' The continuing success of ahe Company would not be pos- Tl e development of human resources is he focus of sible without its family of highly dedicated employees, many o rporate programs. Activities in training programs Matching their dedication are the corporate determination for unic i personnel have increased recently reflecting to make safety paramount, and the commitment to expanding workload and the early retirement of some of I recognize and develop the full potential of each member our employees. These training programs involve special- I of ahe Atlantic Electric team. ized inst ruction by Company personnel, sometimes com-The Corporate Safety and IIcalth Committee, which hined with formal course study Training programs includes all corporate officers, represents the top-level administered by a he lluman Resource Development commitment of Atlantic Electric to the maintenance of safe _ conditions in the workplace. The Committee is responsi-ble for the development of safety policy establishing cor-porate safety goals and reviewing safety performance. Mont hly meetings are held at Company operations and administrative centers throughout the system, and afford senior management the opportunity to review and discuss safety matters directly with field workers and supervision. Maintenance of safe working conditions is a responsibility shared by all, involving thoughtful worker cooperation, 'T sullicient resources and support by nunagement of proper , work procedures. The commitment to "ta ke the time and _ make the cifort" recognizes the vital necessity of proper job planning when dealing with complex work sit uations. Special recognition and training have served to maintain heightened safety awareness. l.ast year, the Com- Iacinx paxe: \upen twn vnake apomt ofen"Ju< tonx "rainn,ans mittec established its Award for Sa fety Performance, which '"I# '0""""* ' " '" d"'" d '"I" " "' * '"* P "" "d "' "' '":/" r" d" d r is presented quarterly to employees who have made spe- peld e tper tena e ofan appt e nHs e erla y tecturician. cial cont ributions to sa fety activities, both on and otT the job. Corporate and depart mental safety incentive pro- Department have dealt with such matters as writing skills, grams have helped emphastic safe working practices by time management and prob!cm-solving. Over the past five both physical workers and ollice sta ff. The expansion of years, the Company's Educational Assistance Program has formalized driver training and promotion of a Safe Driver helped more than 300 employees finance formal educa. Program, designed to encourage alert practices and cour- ti<m relating to their work responsibilities. Employee tesy on t he road, have helped contribute to a significant Roundtables and Managers' Teach Ins provide informal improvement in driver and vehicle sa fety performance. opport unities for the exchange of ideas and in formation, During 1981, the Company established a new perfor- and also serve to enhance coordination and effectiveness mance appraisal system for its non union employees. This between different departmems. system has provided a more comprehensive means of clar- The President's Award was presented for the first ifying job responsibilities and assessing performance. A time in 1981 to recognize outstanding achievement by revised plan of compensation was also established which employees. Senior corporate ollicers nominate individuals complements the orientation toward performance. In or groups of employees who by their accomplishments 1985, t he performance appraisal system is being expanded have brought substantial benefit or recognition to t he even further to establish individual work-related objec- Company The first President's Award was presented to tives and plans for skill development. On a broader level, three employees for t heir dedicated involvement in t he the Corporate Performance Department has become development and installation of the Company's new involved in helping identify appropriate depa rt mental and Energy Management System. group performance measures and suitable frames of refer-ence for assessing results.
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T The ability to turn the challenges and opportunities of researching issues and reporting its findings to senior tomorrow into positive results requires a sense of mission, management for consideration and further action. % date, a go(xl planning perspective and sensitivity to trends in it has examined such issues as decentralized generation, the marketplace. During the past year, Atlantic Electric has franchise " bypass" and operating unit performance. taken further steps to enhance its ability to realize future The complexities of corporate mission, strategic success. planning and issues management all center about a simple I.ast year, the Company hel.1 a strategic planning con- business concept: Consistent and effective customer ser-ference to review a statement of corporate mission devel- vice is fundamental to long term success. The business of oped several years earlier. In 1980, senior management had providing service tomorrow will be shaped by many met to consider the strategic implications of unmanaged external factors, including public attitudes toward energy I growth, increasing costs of labor, material and capital, and usage and the value placed upon electricity These atti-changing emphases in regulation. Since then, management tudes are being shaped today and Atlantic Electric is com-has developed a formalized strategic planning process to mitted to inform present and future customers about ! assist it in formulating long term corporate objectives and the resources required to meet their energy needs. With l in developing action plans to support those goals. The such resolve, prospects for the wise use of energy and , 198-6 review of the strategic plan involved assessment of greater cooperative efforts with customers will be con- l emerging t rends and the internal capabilities necessary to siderably enhaneed. Therein lies the future success of I respond to those changing circumstances. With a he recent Atlantic Electric. , review, management determined that Atlantic Electric's l primary business will continue to be to provide electricity to customers through a regulated franchise system, emphasizing the management of peak demand and pro-
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pany will also explore the development of related prod- .;, ucts and services which would use existing capabilities, 8 g , support its basic business and enhance customer relations. Continuing developments in regulation, energy 7' v sources and technology as well as increases in the cost of providing service, have contributed to a more uncertain business environment for electric utilities. As a result, the needs for effective operational and strategic planning have increased substantially it is vitally important to evaluate changing external circumstances which can alter plans for plant construction and operation. In 198-4, the Com-
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to complement its detailed operational nxx!cl. The new ene,x n onico anon tea,nique. so mme orromor ,on% nxxici provides an etlicient mettux! of evaluating ditrerent ' " """"" """ N ' "/" " "" r ""lu r ' ""' " c a~ ' " c on """"" typcs of capacity plans, t he effectiveness of various con- ""'"""""""""""'""""'"'"""""""##"""'I'""I'""" m rem i servation and load management etTorts and the potential benefits of new business opport unities. The Company's nxx! cling systems are at t heir best vehen they complement the vision and judgment of an alert management team. The Environmental ScanningTask Ibree was formed in 198 6 to help k!cntify issues and t rends w hich could have long-term implications for the utility indust ry and Atlantic Elect ric's business. The Task Ibrce is 1 composed of representatives from many operational and administrative areas of the Company and is charged with
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'8 The Compa ny's average number of residential customers increased approximately 2Y. to 3.Wi6H in 1981. During the year, over 7,7(X) new dwelling units were connected, e 3 * -
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of which more than lGb were total electric.The largest h l growth increases in new residential customers occurred i2 R in the coastal portion ofIhe service area. 5 lit. ISt.198 6-Pr>9 2 I ' 19t+6 l*rr) Annual Grow th Rate e linergy (billkm Kwh) 2.6 67 3 363 2.57't U Hl
- Peak (ptw) 616 72n n 98 t _
80 HI 82 H3 99 astrage rustonwr use (IN NI Ku h) i 't of total saks l COM M ERCI A L , Commercial grow h and activity in 198 6 were highlighted 'I - by a 6.9L increase in kilowatt. hour sales. Approximately I,700 of ahe 63/il5 customers were involved in farmingand a j related activitles in 198 6. Sales to the Company's ten f
- casino hotel customers represented ll% of 1981 commer- j '
cial sales a nd 9% of total energy sales. Three additional e casino-hotels are expected to be completed by 1988.
, lit. Ist.198 6-rpr> 1 1986 l*ry) Annual Growth Mate l'.ncrgy (hillion Kw h) 2.Iin 2.9 6n 2. I l't 6H7 671 2. I 6 t HO HI 82 H3 Hi 99 li_a k -( M__w).
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- i. Kilowatt-hour sales to Atl.intic I?!cctric's 1.015 industrial I '
customers, located primarily in t he inland and western gmrtions ofIhe se. vice area, declined slightly in 1981. e 4 Principal industrics are chemicals, gl.iss, plastle and fmxt f ., pn > cessing. Ot her indust rial act ivities involve building i2 materials, rubber, stone, sand and clay pnxtucts. 5 1 lit . lit.198 6-Prr) ; I 1986 Frr) Annual Grow th Rate I:nc_rgy (1911km Kw h)_ l.257 1.699 1.nn't g liak (Mw) 2n2 2iH n.91'b HO Hi H2 H3 HI 99 as erage tushwnrr use (tM M1 Kw h)'
*Inatustreal a useswirrn amly The st=ne fiwri a.se om liale tsumatri ed the effrate ad etw Ownpanys a urerne amt pnepard Om=rriasam ami lomit wnagement rn grams. s uw.mwr om nr.t nrneraeme arms ogrnerstam py PppA a*=m 6sted ershu thms en prak drmamt liv etw resmirrusal. atunmert aal arist ermluistial s ta*=rs are rsioniased tensisal MJ. n aral le nu naw aret. tr*gvi stvely
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SUMMAR O FINAN IA R ~ UL MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPER ATION GEVERAL tive k>ad management techniques and promoting economic The Company has a gross investment in property and plant alternative energy sources. The construction program has of over $1.3 billion, which is emph>yed to provide elect ric been developed in response to t he need to improve or re-energy service to our customers. The Company's abilit y to place existing production plant, upgrade our transmission finance its construction program, maintain service reliabil- and distribution system and provide for projected growth. ity meet its working capital requirements and provide a fair Financing Program-A total of $225 million was obtained rate of return on investment to its shareholders is depen. during 1982 tbrough 198 i via the capital markets from the dent upon adequate rate relief. ules of Gmr mies of First Mortgage Ilonds, including ihree pollution cont rol series, intermediate-term borrowings, IlQUIDITYAND CAPITA L RESOURCES nuclear fuel financing and sales of Com mon Stock, includ-Construction Program-During 1984, cash construction ing the issuance of Common Stock through the Company's expenditures aggregated $85 million, which is a 15'Y, Dividend Reinvestnwnt and Stock Purchase Plan and increase In>m the $74 million expenditure level experi-enced in 1983 and a 28T, decrease from the $118 million 1 SM Om@ Ph Wh hi@'s level in 1982. The five year (19851989) cash construction ' " ' ' ' " ' ' " E*N '" * "" *" "E '"E"* ' "C# ***'E*' C'.ded vi by the issuance of short term debt. expenditures are currently projected to be $ 112 million. This level of projected construction expenditures reflects Approximately 4(ni of the cash requirements for construc-the Company's revised capacity plan, based on a forecast of ion, debt mat urities and sinking fund requirements during peak load growth for the period 19851989 of 1.7% per year. the period 1982198 I was generated from operations after This forecast reflects the expected results of an aggressive deductions for dividends and working capital needs, but program for promoting conservation, impicmenting effec- exclusive of changes in temporary cash investments. The Company estimates that with adequate rate relief, approxi-
- . mately 7thi of its total cash const ruction requirements, debt maturities and sinking fund requirements will be generated internally during the five year period from 19851989. Addi-tional cash requirements will be satisfied through external financing. Capitalization ratios at December 31,1981 are 41% long term debt,4Mi common and 10% preferred stock.
The Company will continue to use short term debt financ. ing on an interim basis and currently maintains aggregate lines ofcredit of $115 million. During 1983, ratings of our l'irst Mortgage ihmds,Deben-e tures and Preferred Stock were raised by Imth Standard & Ibor's Corporation and DufTand Phelps, Inc. These upgraded securit y ratings are an indication of an improved extern.il evaluation of ahe Company's financial position. RESULTS OFOPERATIONS The tabulation on page 38 includc3 key historical indicators w hich we twlleve are helpful b evaluating the perfor-d mance of the Company ove: the past five years. F.arnings-l'.arr ngs per share of common stock, b.ised on the weighted average number of shares outstanding, were
$3 20 in 198 6, compared to $318 in 1983 and $2.76 in 1982.
liernings per share for 1982 included the cumulative etTect IH i+ u
1 l 1 of a change in accounting method of 5.92 per share. The Sales-Changes in kilowatt-hou r sales are generally due to decrease in earnings per share in 1984 compared to 1983 is cha nges in the average nu mber of customers and average attributable to increases in operating expenses without cor- customer use, which is also affected by weather conditions. responding rate relief. In August 1984 the Company was Energy sales statistics, stated as percentage changes from j denied an October 1983 request for a base rate increase. The prior years, are shown below primary reasons for the increase in per share carnings hetween 1982 and 1983 are the effect of a 4.6% increase in increase (Decrease) from Prior Year kik> watt. hour sales ex perienced during 1983, and the 374 39g4 3933 million base revenue rate increase granted in December 1982. Customer ^**'*E' ^ #'*E# Revenues-Operating revenues increased by 6.3% in 198 ( Class Sales Use Cust. Sales Use Cust. to $549.5 million compared to $517.1 million in 1983. The Resklential 4.0% 2.0% 2.0% 5.4% 3.6% I .7% 1983 level of revenues represented a 16.4% increase com- 5 4 1. 6.6 59 .6 pared to 1982. These overall increases reflect the net results mn]rcial other (3.0) (2.2) (1.1) (4.4 ) 9.2 (12.4 ) -l of base revenue increases, reductions in Levelized Energy Total 3.5 1.6 1.9 4.6 3.1 1.5 : Clause revenues, changes in kilowatt-hour sales, and a I change in accounting method in 1982 to record unbilled revenues. The effect of unbilled revenues is included in base The decreases in 1982 kik> watt-hour sales are primarily the l revenues. The effect of the above factors on 1984 and 1983 result of weak economic conditions within certain seg-l revenues is shown below: ments f the Company's service area and increased cus-tomer conservation. The increases in 1983 are attributed to (Timusands of Dollars) 1984 1983 higher weather- related consumption levels and improving Haw Revenues $ 12,971 2.4% 5 92,643 20.8% cconomic conditions for the residential and commercial Irvelized Energy Clause 1,972 .4 (40,592) (9.0) segments of the service area. The combined effects of the , Kilowatt hour Sales 17,446 3.5 20.913 4.6 changes in customer sales and rates resulted in an increase INCREASE $ 32,389 6.3% 5 72,964 l 16.4% in revenues per kilowatt-hour of 4.2% in 1984 compared to 1983 and 8.5% in 1983 compared to 1982. 17uture changes in operating revenues will reflect the time-liness and adequacy of rate relief, general economic condi- Costs and Expenses-Total operating expenses increased ions in our service area and the results of load management 8.0% in 1984 compared to 1983. The 1983 operating and conservation programs. expenses represented an increase of 11.2% compared to s 7-e J 1 e
b 1982. I!xcluding depreciation and taxes, operating expenses wholly and jointly ow ned generating units. In addition, t he rose to 5311.2 million in 1981, an increase of 15% over 1983. Company has embarked on an aggressive program to which had decreased 1% from 1982. upgrade our production and other facilities to insure etti-ciency and extend service life. Ot her operation and mainte-During 1981, Net Energy Costs were reduced by Deferred nance costs have increased, reflecting increases in the Energy Costs of 56,969JHX) representing fuel costs not cur- price of materials, supplies and services, as well as increases rently recovered under the energy clause. In 1983 Net in wages and employee benefits. Energy Costs were reduced by 515!)55fMX1 These deferrals are in contrast to 1982, when all previously unrecovered Changes in depreciation expense generally represent LEC costs were recm cred. At December 31,198 6 t he changes in the amounts of electric utility plant in service amount shown on the balance sheet as deferred energy and t he respective in-service dates. costs is $177 million. The components of taxes ot her ihan federal income taxes , The Company's annual futi, interchange and purchased and federal income taxes are detailed in the notes to the 1 [x>wer costs reflect changes in availabilit y of low cost gen- financial statenwnts. cration from Company owned and purchased sources, as well as changes in the needs of os her utilities participating Interest charges before the allowance for borrowed funds in energy interchange. Certain costs associated with power used during construction rose to 5 i03 million in 198-1 purchased are deferred on the balance sheet since rates a re o>mpared to $370 million and $396 million in 1983 and levelized to collect these costs over the 17-year life of a he 1982, respectively The decrease of 524 million in interest PP& L Agreements. expense in 1983 from the 1982 level reflects the retirement and maturities of certain First N!ortgage Ikmds and the Reference is made to the table and chart on energy sources lower cost of short term lx>rrowings, offset by a he issuance and costs for comparative in formation with respect to gen- of $50 million principal amount of First Afortgage lionds, cration, intcrchange and cost per kilowatt-hour. g g ."/8% Series duc 1993 (the 11 ?/8% Ik nds)in November 1983, Power pnnluction operation and maintenance costs have and by higher average short term borrowings outstanding. increased, retk cting the higher cost of maintenance of lx>th The increase of $3.3 million in interest expense in 198-i from the 1983 level reflects the full-year etTect ofinterest on the 117/8"i,lkmds, the issuance in 198 i of an aggregate 5 62.2 million principal amount of several pollution cont rol p" : 7 .
~
series of First Alortgage llonds and the higher cost of short term borrowings, ottset by the retirement and mat urities of First Alortgage ikmds and by lower average short term tw>r-rowings outstanding. Pollution control financing and inter- [ . ,g ! mediate term variable rate debt have been used to moderate general upward pressures on the embedded cmt of debt. The embedded cost of long term debt has risen from 8.9% in t ' 1982 to 920,in 198 4. The Allowance for Funds Used During Construction
, g -
(A FDC) including lx>t h the ik>rrowed Funds portion, which g " is used to reduce interest charges, and Ihe Equity Funds portion, shown under Other Income, was $10 8 million in 198 6 compared to 592 million in 1983 and $8.l million in 1982. The increases a re due to increases in the average bal-( , ances of construction work in progress. AFIX: as a percent of net income for 1981,1983 and 1982 was 17HL,139% and 172t, respectively j In flation-Supplementary unaudited financial in forma-tion showing ihe estimated effects of inflation on the Com-g pany's operations is shown on pages 36 tbrough 38. These data, w hich should be viewed as estimates of the approxi-4 mate effects of inflation, rather than as precise measures, demonst rate the need to cont rol costs and the responsibility for regulatory agencies to provide timely and adequate rate relief. r
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%f. thdden.Jr:. G. 4. Hale. \tandsuw l..V Daniel. l k. keulcr].11. %Isner R. st Du ke.J %f. Gah in.Jr. %f.H. sh u hinney ELEANOR S. DANIEL N1 A'ITilEW l K)LDEN.)R.
Selfemployed 11cel'residentand l'rofessor of Got ernment and Dsrector ofseteral real estate corporations. Foreign .4 fairs. I nit ersity of Virginia RICII ARD St DICK E E. IXX GLAS111 GGARD Counselor-at law. l'artner of thelau firm of l' resident and Chief operating oficer ofthe Company i Simpson Thacher&ilartlett. J IRVING K. KESSLER 301iN D FEEIIAN Retired. Formeriv Lucutive Vice l> resident. RCA l Oairman of the floardand Corporation. ChiefExecuIire Oficer ofIbe Compan y - SIADELINE ll. 31cWillNNEY j JOS. %11Cll AEL GA LVIN.)R. I' resident ofHale. Illiott & Company l' resident and ChiefExecutit e Oficerof a management consultengfirm to the hanking Industry Salem Cemnty.sfemorial flospital. JOIIN 31. 511Nl'R GER ALD A. ll ALE Aenior Vu e l* resident of Crockersationalltank. I'vesident ofIlate Resources. Inc., an industrial /naturai resources investment and management company I Y
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DIRECTOlt COMMITTEES E.1 R.M. J D. J.M. GA. M. E.n I.K. M.H. J.M. DANIEL DICKE FEEHAN GALVIN,JR. HALE il0LDEN,JR. til'GGARD KESSLER MC4 HINNEY MINER Audit l Corporate l Devchyment
- Energy Operations
& Research Finance Pension &
Insurance IYrsonnel Sharehnider, Community
& Government Relations O Commitee Chairman I e Committee Membership E Ex Officio Membership CORPOll ATE OFFICEllS YEARS OF YEARS OF SERVICE SERVICE John D. Fechan John F. Born Oairman of tbelk>ardand s1ce President-Electric operations 32 CblefExecutist Ofcer 32 lance E. Cooper E. Douglas lluggard 11ce President-contr<d 2 Presidentand GiefOperating Opccr 29 Thomas E. Ihrman 11ce President-fluman Resources 4 Jerrold LJacobs Senior lice President- Meredith l. llariacher,Jr.
Operations and Engineering 23 11ce President-Engineering 19 Michael A.Jarrett llenry C. Schwemm,Jr. . Senior 51ce President- 11ce President-Production 15 I Corporate Serrices 9 JosephT KellyJr. Drian A. Parent Assistant VicePresident-Senior \1ce President- Qperations 34 Planning and Rates t7 Martin R. Meyer J. G. Sak)mone Secretary and Senior lice President- Assistant Treasurer 36 Financeand Treasurer s J. David McCann David V ik>ncy Assistant Treasurerand
\1ce President-Customer Assistant Secretary 12 and Community Serrices 30 e ensuun see cansswn twsrse A nstmares. onc. seny u,wmer reneret*v
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