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: 1979 e Annual | : 1979 e Annual | ||
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1 | 1 Y h i Table of Contents About the company I Public Service Electric and Gas Com-l'/1l | ||
Y h i Table of Contents About the company I Public Service Electric and Gas Com-l'/1l | |||
//ilI f' i. 1 FinancialIlighlights pany, New Jersey's largest utility, J l J E D] 2 Message to shareholders serves about 5.5 million people, more | //ilI f' i. 1 FinancialIlighlights pany, New Jersey's largest utility, J l J E D] 2 Message to shareholders serves about 5.5 million people, more | ||
, 7 2 4 Edison Tribute than three-fourths of the state's popu-n,. ,n n x u,-n - v 8 Financial Review lation. The Company's service area | , 7 2 4 Edison Tribute than three-fourths of the state's popu-n,. ,n n x u,-n - v 8 Financial Review lation. The Company's service area | ||
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' stretches across the sta:c's industrial I';,"I /CY, ' l '" !. 11 Energy Production corridor from the New York state line i, , n .h n. n a an i o | ' stretches across the sta:c's industrial I';,"I /CY, ' l '" !. 11 Energy Production corridor from the New York state line i, , n .h n. n a an i o | ||
[ 16 Energy Distribution on the north to below Camden in the i s .,,, I *lll$ $"' [p. y 19 Energy Usage south. The territory, a center of trans- | [ 16 Energy Distribution on the north to below Camden in the i s .,,, I *lll$ $"' [p. y 19 Energy Usage south. The territory, a center of trans- | ||
,o. m n,. am o ,. 23 Energy Research | ,o. m n,. am o ,. 23 Energy Research | ||
. . n n n m a "''" " portation, contains a well-balanced | . . n n n m a "''" " portation, contains a well-balanced | ||
[ 27 Community, Employee mixture of industrial, commercial and l'$i'. [l",t',; | [ 27 Community, Employee mixture of industrial, commercial and l'$i'. [l",t',; | ||
b ~ | b ~ | ||
Information residential development. Included in | Information residential development. Included in | ||
,,u.o< n.nno,un [ 28 Transport of New Jersey the area are New Jersey's six largest u m namon ~ n | ,,u.o< n.nno,un [ 28 Transport of New Jersey the area are New Jersey's six largest u m namon ~ n ij g 29 Financial Statement | ||
ij g 29 Financial Statement | |||
* cities and nearly 300 smaller subur-f/,'siUll,"J'M> ss t Responsibility | * cities and nearly 300 smaller subur-f/,'siUll,"J'M> ss t Responsibility | ||
, h. i . on nma ei ban and rural communities. | , h. i . on nma ei ban and rural communities. | ||
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-um .ma n . ho. + c Analysis of the Statements of | -um .ma n . ho. + c Analysis of the Statements of | ||
., a m a , ..i,<n m ine 4 50 Park Place, Newark, New Jersey, in imhm" income 'Riesday, April 15,1980, st 2:00 PM. A | ., a m a , ..i,<n m ine 4 50 Park Place, Newark, New Jersey, in imhm" income 'Riesday, April 15,1980, st 2:00 PM. A | ||
: 47. independent Accountants' summary of the meeting will be sent Opinion to stockholders at a later date. | |||
: 47. independent Accountants' | |||
summary of the meeting will be sent Opinion to stockholders at a later date. | |||
[L ' | [L ' | ||
48 Directors and Officers | 48 Directors and Officers | ||
[ Financialand StatisticalReview A comprehensive statistical sup-e plement to this report, containing financial and operating data for the years 19691979, will be available this | [ Financialand StatisticalReview A comprehensive statistical sup-e plement to this report, containing financial and operating data for the years 19691979, will be available this Spring. If you wish to receive a copy, | ||
' please write to the Vice President and Treasurer, Public Service Electric and O | |||
Spring. If you wish to receive a copy, | |||
' please write to the Vice President and | |||
Treasurer, Public Service Electric and O | |||
Cas Company, PO.13ox 570, Newark, N.J. 07101. | Cas Company, PO.13ox 570, Newark, N.J. 07101. | ||
n | n sunbol of the Centenmal of 1ighi lsN 19N | ||
sunbol of the Centenmal of 1ighi lsN 19N | |||
'n - | 'n - | ||
. Public Service Electric and Gas Company 80 Park Place, Newark, New Jersey 07101 | . Public Service Electric and Gas Company 80 Park Place, Newark, New Jersey 07101 | ||
'd 2 (201)430-7000 Stockholderinformation 'ib!! Free New Jersey residents (800)242-0813 Outside New Jersey (800)526-8050 l | 'd 2 (201)430-7000 Stockholderinformation 'ib!! Free New Jersey residents (800)242-0813 Outside New Jersey (800)526-8050 l | ||
Stock Symbol PEG FinancialHighlights y, The Company's Common Stock 19 9 1978 Change and the $1.40 Dividend Preference Common Stock are traded on the Earnings per average share of | Stock Symbol PEG FinancialHighlights y, The Company's Common Stock 19 9 1978 Change and the $1.40 Dividend Preference Common Stock are traded on the Earnings per average share of Common Stock New York Stock Exchange and the 52.83 S2.93 (3) | ||
Common Stock | |||
New York Stock Exchange and the 52.83 S2.93 (3) | |||
Philadelphia Stock Exchange. Shares of Common Stock Average 65,409,000 61,783,000 6 Transfer Agents All Stocks Year-end 68,914,000 64,120,000 7 Morgan Guaranty Trust Company of New York,30 West llroadway, Dividends paid per share of New York, N.Y.10015 Common Stock 52.20 $2.08 6 Ikx)k Value per share of Stock Transfer Department, Public Common Stock $26.26 $26.13 - | Philadelphia Stock Exchange. Shares of Common Stock Average 65,409,000 61,783,000 6 Transfer Agents All Stocks Year-end 68,914,000 64,120,000 7 Morgan Guaranty Trust Company of New York,30 West llroadway, Dividends paid per share of New York, N.Y.10015 Common Stock 52.20 $2.08 6 Ikx)k Value per share of Stock Transfer Department, Public Common Stock $26.26 $26.13 - | ||
Service Electric and Gas Compan% Total Operating Revenues $2,416,707,000 52,219,785,000 9 80 Park Place, Newark, N.I. 07101 Total Operating Expenses 52,093,086,000 51,899,385,000 10 , | Service Electric and Gas Compan% Total Operating Revenues $2,416,707,000 52,219,785,000 9 80 Park Place, Newark, N.I. 07101 Total Operating Expenses 52,093,086,000 51,899,385,000 10 , | ||
Registrars All Stocks Eamings Available for Common Stock $ 186,530,000 S 181,987,000 2 l Gross Additions to Utility Plant S 538,135,000 $ 513,757,000 5 I 5B a tree 't w r J 07101 Total Utility Plant $6,325,033,000 $5,810,329,000 9 Morgan Guaranty Trust Company of New York,30 West Broadway, New York, N.Y.10015 l | Registrars All Stocks Eamings Available for Common Stock $ 186,530,000 S 181,987,000 2 l Gross Additions to Utility Plant S 538,135,000 $ 513,757,000 5 I 5B a tree 't w r J 07101 Total Utility Plant $6,325,033,000 $5,810,329,000 9 Morgan Guaranty Trust Company of New York,30 West Broadway, New York, N.Y.10015 l | ||
Capitalization Ratios Earnings and Dividends per Share Times Fixed Charges Earned | Capitalization Ratios Earnings and Dividends per Share Times Fixed Charges Earned | ||
(%t-Ench (Before income Taxes) 1975P ''P"'"T 1975 M M 1975 6 | (%t-Ench (Before income Taxes) 1975P ''P"'"T 1975 M M 1975 6 1976 P ~ ' 'T 1976 M 1976 f.O N 7 ? I. - ~ i.~ .; | ||
1976 P ~ ' 'T 1976 M 1976 f.O N 7 ? I. - ~ i.~ .; | |||
1977 P T " " 4 ''M 1977 M M 9 gg77 1978 I " 4'M 1978 I'7 197g 3979 jgA m- ?* *2 : t 3979 9 | 1977 P T " " 4 ''M 1977 M M 9 gg77 1978 I " 4'M 1978 I'7 197g 3979 jgA m- ?* *2 : t 3979 9 | ||
?. 20 40 60 80 100 $1 $2 $3 1 2 3 4 I C Ikbt E Dividends O Preferred Stock Q Earmngs Common Equity 1 1 | ?. 20 40 60 80 100 $1 $2 $3 1 2 3 4 I C Ikbt E Dividends O Preferred Stock Q Earmngs Common Equity 1 1 | ||
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T'1 RArt I snmb. Chairman of the I | T'1 RArt I snmb. Chairman of the I | ||
l' Message to | l' Message to | ||
" d: 1j M$'gM" Tin W | " d: 1j M$'gM" Tin W | ||
: n. Itr JiplA Glf 4ure@lett, | : n. Itr JiplA Glf 4ure@lett, | ||
,~ ,emphae Shareholders iestm c-9 i | ,~ ,emphae Shareholders iestm c-9 i | ||
' rumb and dmigment in the tradit be!) < d [dNen j ' | |||
' rumb and dmigment in the | i The year 1979 was a difficult one for Immediately following the Three PSEA as it was for many utihty ; Alile Island accident, the Company compames, especially those in the and other utilities operating nuclear Northeast. A dramatic increase in oil plants, estabbshed task forces to pnces, accelerating inflation, high | ||
tradit be!) < d [dNen j ' | |||
i The year 1979 was a difficult one for Immediately following the Three PSEA as it was for many utihty ; Alile Island accident, the Company compames, especially those in the | |||
and other utilities operating nuclear Northeast. A dramatic increase in oil plants, estabbshed task forces to pnces, accelerating inflation, high | |||
~ | ~ | ||
: investigate the accident and apply the money costs and reactions to the , " lessons teamed" to their nuclear Three A1ile Island accident in ; stations. Improvements in safety Pennsylvania contnbuted to an systems and operating procedures at adverse operating environment for Salem were made. Alanagement of the unhties. I urther, abnormal weather L Company after reviewing all the facts, conditions in our territory, combmed ' ~ | : investigate the accident and apply the money costs and reactions to the , " lessons teamed" to their nuclear Three A1ile Island accident in ; stations. Improvements in safety Pennsylvania contnbuted to an systems and operating procedures at adverse operating environment for Salem were made. Alanagement of the unhties. I urther, abnormal weather L Company after reviewing all the facts, conditions in our territory, combmed ' ~ | ||
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electncity. As a result of these - | electncity. As a result of these - | ||
M Oil Redu .lon unf avorable circumstances, the L,ompany's camings per share of | M Oil Redu .lon unf avorable circumstances, the L,ompany's camings per share of | ||
%/ / !Q | %/ / !Q 1 The low-sulphuroil that the Company bums originates abroad and it is ine Stot.k dropped to 52.83 in (L 1; ; peiative for both economic and politi-Lonnuary%, | ||
1 The low-sulphuroil that the Company bums originates abroad and it is ine | |||
Stot.k dropped to 52.83 in (L 1; ; peiative for both economic and politi-Lonnuary%, | |||
1979,3 4 below the $2.9a, reahred in 4 g j | 1979,3 4 below the $2.9a, reahred in 4 g j | ||
~~ | ~~ | ||
i- r trig li ut i . '" " "II "*Id"Y | i- r trig li ut i . '" " "II "*Id"Y | ||
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raised by two cents a share to 55 cents and, after testing, to begin commercial Our uw of on for electric generation from the 53 cents paid in the fourth opera: ion by late summer or early fall. was reduced from 35 L in 1978 to 25% | raised by two cents a share to 55 cents and, after testing, to begin commercial Our uw of on for electric generation from the 53 cents paid in the fourth opera: ion by late summer or early fall. was reduced from 35 L in 1978 to 25% | ||
quarter of 1978. Dividends on Com. As a consequence of the accident, the in 1979 by burninggas and by pur;has-mon Stock paid in 1979 increased to Nuclear Regulatory Commission ing coal-generated electricity from the 52.20 compared with $2.08 in 1978. halted the issuance of operating Pennsylvania-New Jersey-Alatyland As we have stated on numerous occa. licenses and construction permits. We Interconnection. | quarter of 1978. Dividends on Com. As a consequence of the accident, the in 1979 by burninggas and by pur;has-mon Stock paid in 1979 increased to Nuclear Regulatory Commission ing coal-generated electricity from the 52.20 compared with $2.08 in 1978. halted the issuance of operating Pennsylvania-New Jersey-Alatyland As we have stated on numerous occa. licenses and construction permits. We Interconnection. | ||
sions, we are committed to a program do not now expect to receive an In m&r to furdwr mduw oil im-of regular dividend increases as long operating license before the spring ports we are studying conversion of as financial conditions permit. Of 1980- existing oil huming plants to coal The No. I Salem unit, which had an where this can be done econemically Rate lucrease excellent performance record in the t quarter of 1979, was shut down [jk,yj'a hannful endmnnwntal On April 2,1979, the Company filed a Aprd for wiuchng and maintenance petition for a rate increase of $374.5 work. We had originally scheduled milhon with the New Jersey lloard of gy, Syppfr the return of this unit to service in | sions, we are committed to a program do not now expect to receive an In m&r to furdwr mduw oil im-of regular dividend increases as long operating license before the spring ports we are studying conversion of as financial conditions permit. Of 1980- existing oil huming plants to coal The No. I Salem unit, which had an where this can be done econemically Rate lucrease excellent performance record in the t quarter of 1979, was shut down [jk,yj'a hannful endmnnwntal On April 2,1979, the Company filed a Aprd for wiuchng and maintenance petition for a rate increase of $374.5 work. We had originally scheduled milhon with the New Jersey lloard of gy, Syppfr the return of this unit to service in Public Utilities. Ifearings on the peti- An improvement in natural gas tion were held during the year and the late lune but because of a number of supphes made it possible for the requirements, some stemming from reemd closed on December 14' except the Three Atile Island accident, its company to add 20,804 new house for issues relating to unrecovered fuel "'"* was delayed until December. heatmg mstallations during the year. | ||
Public Utilities. Ifearings on the peti- An improvement in natural gas tion were held during the year and the late lune but because of a number of supphes made it possible for the requirements, some stemming from reemd closed on December 14' except the Three Atile Island accident, its company to add 20,804 new house for issues relating to unrecovered fuel "'"* was delayed until December. heatmg mstallations during the year. | |||
costs. As of this date, an initial deci- Of this total,15,065 were conversions Dun.ng 1979 nuclear power provided sion by the administrative law judge 22% of the Compan>'s electric to gas from fuel oil as a result of the in the proceeding has been issued, and omput, a large part of which came rapidiy escaIating oiI price. | costs. As of this date, an initial deci- Of this total,15,065 were conversions Dun.ng 1979 nuclear power provided sion by the administrative law judge 22% of the Compan>'s electric to gas from fuel oil as a result of the in the proceeding has been issued, and omput, a large part of which came rapidiy escaIating oiI price. | ||
an order by the New Jersey Board is Our natural gas supply has been fmm the Peacn Bottom station in enhanced by dehvenes from Energy eqected in Alarch. Pennsylvania m which we have a 42.49 interest. We had anticipated a Development Corporation (EDC), our Nuclear "ower subsidiarv engaged in gas exploration greater portion of our electric output The Three Atile Island accident on would come from nuclear but the and develement. At the end of 1979 Alarch 28,1979, focused attention on unavailability of the Salem units we were r. wmg gas from fields dis-the generation of electricity by nu- covered b1 at the rate of about 30 reduced our expected nuclear clear power. Although PSEaC has no generation. million et et a day. | an order by the New Jersey Board is Our natural gas supply has been fmm the Peacn Bottom station in enhanced by dehvenes from Energy eqected in Alarch. Pennsylvania m which we have a 42.49 interest. We had anticipated a Development Corporation (EDC), our Nuclear "ower subsidiarv engaged in gas exploration greater portion of our electric output The Three Atile Island accident on would come from nuclear but the and develement. At the end of 1979 Alarch 28,1979, focused attention on unavailability of the Salem units we were r. wmg gas from fields dis-the generation of electricity by nu- covered b1 at the rate of about 30 reduced our expected nuclear clear power. Although PSEaC has no generation. million et et a day. | ||
? | ? | ||
Encixy Research has doubled, indicating that the dolin As we enter the 1980's, we are aggres-As this report shows, the Company is currently will purchase half as nm> sively gearing our plans to the lower participating in extensive research on as in 1970. Financial statemen', nave growth rates which we expect to per-a number of al:ernate energy sources. not shown the impact of inflation. sist for some time. We are dedicated | Encixy Research has doubled, indicating that the dolin As we enter the 1980's, we are aggres-As this report shows, the Company is currently will purchase half as nm> sively gearing our plans to the lower participating in extensive research on as in 1970. Financial statemen', nave growth rates which we expect to per-a number of al:ernate energy sources. not shown the impact of inflation. sist for some time. We are dedicated flowever, our basic conclusion is that In recognition of this problem, the to reducing our dependence on for-we will have to place primary reliance accounting profession through the eign oil. We are exploring attemate on coal and nuclear for the near term Financial Accounting Standards Board energy sources for the future and we future because none of the alternates, has issued a statement requiring that are pursuing all possible ways to nor all of them together, can make a certain inflation-adiusted data be pre- improve the efficiency and economy meaningful certibution to energy sented in 1979 annual reports. This of our operations. | ||
flowever, our basic conclusion is that In recognition of this problem, the to reducing our dependence on for-we will have to place primary reliance accounting profession through the eign oil. We are exploring attemate on coal and nuclear for the near term Financial Accounting Standards Board energy sources for the future and we future because none of the alternates, has issued a statement requiring that are pursuing all possible ways to nor all of them together, can make a certain inflation-adiusted data be pre- improve the efficiency and economy meaningful certibution to energy sented in 1979 annual reports. This of our operations. | |||
supply between - aw and the end of | supply between - aw and the end of | ||
. information, on page 39, is supple- As 1979 ended, a new corporate the century mental to the primary financial state- home for the Company was nearing We were much encouraged during ments and is designed to show the completion - a modem, 26-story 1 1979 by the progress made toward the effects that inflation has had on the gleaming glass walled stmeture that development of fusion energy It now Company. gives added dimension to Newark's appears that, with sufficient funding, downtown skyline. | . information, on page 39, is supple- As 1979 ended, a new corporate the century mental to the primary financial state- home for the Company was nearing We were much encouraged during ments and is designed to show the completion - a modem, 26-story 1 1979 by the progress made toward the effects that inflation has had on the gleaming glass walled stmeture that development of fusion energy It now Company. gives added dimension to Newark's appears that, with sufficient funding, downtown skyline. | ||
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presently receiving operating sub- This spring the first of 3,300 em-Research Advisory Council sidies from the State of New Jersey playees will begin moving into the In the latter part of 1979, a Research and we have indicated our willing- new quarters. After the old building is Advisory Council was established. ness to sell this subsidiary to the empty, it will be demolished and a Tk function of this group of some State for a reasonable price. Negotia- landscaped plaza developed. | presently receiving operating sub- This spring the first of 3,300 em-Research Advisory Council sidies from the State of New Jersey playees will begin moving into the In the latter part of 1979, a Research and we have indicated our willing- new quarters. After the old building is Advisory Council was established. ness to sell this subsidiary to the empty, it will be demolished and a Tk function of this group of some State for a reasonable price. Negotia- landscaped plaza developed. | ||
Iwenty people from various back- tions are presently in progress for The new headquarters, which was pourds outside of the utairy industry State acquisition. built and is owned by subsidiaries of it te provide advice and guidance fm Rockefeller Center, Inc., will provide om ~scarch activities. Consumers, Louising to the future greater efficiency through consolida-a siromnentalists, the media, aca- A bright aspect of 1979 for the elec. tion of operations in a more favorable demia anJ various businesses are tric indus:ry was celebration of the working environment as well as sig-i represented on the council. "Intematiaal Centennial of Light" nificant savings from energy which maiked the 100th anniversary conservation. | Iwenty people from various back- tions are presently in progress for The new headquarters, which was pourds outside of the utairy industry State acquisition. built and is owned by subsidiaries of it te provide advice and guidance fm Rockefeller Center, Inc., will provide om ~scarch activities. Consumers, Louising to the future greater efficiency through consolida-a siromnentalists, the media, aca- A bright aspect of 1979 for the elec. tion of operations in a more favorable demia anJ various businesses are tric indus:ry was celebration of the working environment as well as sig-i represented on the council. "Intematiaal Centennial of Light" nificant savings from energy which maiked the 100th anniversary conservation. | ||
Energy Edssation of Thomas A. Edison's invention of During 1979, as in years past, the During ine vear, the Company ex- the first practical incandescent lamp. dedication and support of Company l panded its caergy education program, The Company had a special interest employees, and of you, the stock- ; | Energy Edssation of Thomas A. Edison's invention of During 1979, as in years past, the During ine vear, the Company ex- the first practical incandescent lamp. dedication and support of Company l panded its caergy education program, The Company had a special interest employees, and of you, the stock- ; | ||
stressing the need for nuclear power. in the observance because Edison's holders, has been of incalculable | stressing the need for nuclear power. in the observance because Edison's holders, has been of incalculable The program included employee inventions not only gave rise to the value. We look forwani to the decade education sessions, newspaper adver- electric utility industry, but he carried of the 1980's with confidence, know-tising and television commercials. out most of his life's work in New ing that your interest and trust will The company's speakers bureau Jersey, and in our service area. continue. | ||
The program included employee inventions not only gave rise to the value. We look forwani to the decade education sessions, newspaper adver- electric utility industry, but he carried of the 1980's with confidence, know-tising and television commercials. out most of his life's work in New ing that your interest and trust will The company's speakers bureau Jersey, and in our service area. continue. | |||
increased its activity and made quali. As we embark on the decade of the | increased its activity and made quali. As we embark on the decade of the | ||
[k | [k 1 | ||
fied speakers available for any group 80's, we do so with the same kind of mterested in leaming more about the determination that characten ed energy sittu n. Edison's efforts to find solutions to We urge to actively support our problems. The decade of the 70's was Robert I. Smith l | |||
mterested in leaming more about the determination that characten ed energy sittu n. Edison's efforts to find solutions to We urge to actively support our problems. The decade of the 70's was Robert I. Smith l | |||
' nuclear pu,gm if you are convinced, a period of trial and upheaval for the Chairman of the Board I as we are, that nuclear power must utility industry. Triggered by the Arab and Chief Executive Ofhccr i oil embargo of 1973 we have been | ' nuclear pu,gm if you are convinced, a period of trial and upheaval for the Chairman of the Board I as we are, that nuclear power must utility industry. Triggered by the Arab and Chief Executive Ofhccr i oil embargo of 1973 we have been | ||
,' play an important role in the overall national energy policy buffeted by crisis after crisis as the result of rising fuel costs and rampant / | ,' play an important role in the overall national energy policy buffeted by crisis after crisis as the result of rising fuel costs and rampant / | ||
Fffects o/ Inflation inflation. The rate of growth in de-mand for electricity has been slowed G | Fffects o/ Inflation inflation. The rate of growth in de-mand for electricity has been slowed G | ||
Over the past elecade, inflation has John E Bet: | Over the past elecade, inflation has John E Bet: | ||
become a significant f3ctor in the by high prices and by recognition of President and economy and in our business. During the need to conserve and make more and Chief Operating Officer this period the Consumer price Index efficient use of our energy resources. February 15,1980 3 | become a significant f3ctor in the by high prices and by recognition of President and economy and in our business. During the need to conserve and make more and Chief Operating Officer this period the Consumer price Index efficient use of our energy resources. February 15,1980 3 | ||
"The incandescent light was the hardest one of all; it took many years, not only l | "The incandescent light was the hardest one of all; it took many years, not only l | ||
of concentrated thought, | of concentrated thought, but also of world-wide | ||
but also of world-wide | |||
[ research." | [ research." | ||
i 95, | i 95, 4 | ||
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l Lentemnal of l.ixht " observance commemorated Ldison's historie ac- important as that discovery was. We " Remember. nothing that's good l comphshment. Robert 1. Smith, owe to him the very basis of our in. works by itself, just to please you." | l Lentemnal of l.ixht " observance commemorated Ldison's historie ac- important as that discovery was. We " Remember. nothing that's good l comphshment. Robert 1. Smith, owe to him the very basis of our in. works by itself, just to please you." | ||
: th.nrman and chief executive officer dustry He gave to us the first practi- Edison told his associates. "mu've xor l of P%G, served as chairman of the cal commercial central station and he to make the Jamn thing work." | : th.nrman and chief executive officer dustry He gave to us the first practi- Edison told his associates. "mu've xor l of P%G, served as chairman of the cal commercial central station and he to make the Jamn thing work." | ||
, centennial committee. developed for us the first practical Edison boasted publicly in 1878 that | , centennial committee. developed for us the first practical Edison boasted publicly in 1878 that centenmal events were held method of generating and distribut- he could devise in about six weeks a thmughout the nation and abroad. A inx electrical energy' system to light streets, homes and fac-i number took plate in New Jersey New Jersey claims Edison as her tories with electricity. Weeks became l where Edison lived and worked most own, and rightfully so, for it was in months as Edison and his Menlo Park i of his hfe. the state that he produced most of his assistants sought to develop a practi-l inventions. As a young inventor of 22 cal incandescent lamp, a vital re-t he had arrived in Newark and set up quirement. | ||
centenmal events were held method of generating and distribut- he could devise in about six weeks a | |||
thmughout the nation and abroad. A inx electrical energy' system to light streets, homes and fac-i number took plate in New Jersey New Jersey claims Edison as her tories with electricity. Weeks became l where Edison lived and worked most own, and rightfully so, for it was in months as Edison and his Menlo Park i of his hfe. the state that he produced most of his assistants sought to develop a practi-l inventions. As a young inventor of 22 cal incandescent lamp, a vital re-t he had arrived in Newark and set up quirement. | |||
! manufacturing facilities for the pro-duction of stock tickers. | ! manufacturing facilities for the pro-duction of stock tickers. | ||
Newark at the time was a bustling, | Newark at the time was a bustling, | ||
; | ; | ||
growmg mdustrial city in which inventors-would-be and successful-abounded. Edison already had estab- .. | |||
growmg mdustrial city in which | |||
inventors-would-be and successful- | |||
abounded. Edison already had estab- .. | |||
I lished himself as an inventor by mak- N# | I lished himself as an inventor by mak- N# | ||
ing improvements to the stock ticker ' | ing improvements to the stock ticker ' | ||
i that had brought him S40,000 , | i that had brought him S40,000 , | ||
I N wMAm, | I N wMAm, | ||
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3)% % t i , | 3)% % t i , | ||
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'[ m ,// h. [ | '[ m ,// h. [ | ||
l [h /Wy( | l [h /Wy( | ||
| Line 339: | Line 212: | ||
. ,. [ | . ,. [ | ||
T O | T O | ||
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) After 1,N)0 other materials had been was." the New York Times reported. In 1884 Edison built a new labora-l trieJ, a blament of cotton thread im- "I have accomphshed all that I tory 10 times larger in West Orange. , | ) After 1,N)0 other materials had been was." the New York Times reported. In 1884 Edison built a new labora-l trieJ, a blament of cotton thread im- "I have accomphshed all that I tory 10 times larger in West Orange. , | ||
| Line 364: | Line 228: | ||
~ | ~ | ||
lamp, powered by a string sophisticated equipment of the era. | lamp, powered by a string sophisticated equipment of the era. | ||
of battenes, was lighted trical age did not arrive over- Edison's genius kept the West and glowed for the 40 night. Edison had estchlished Orange laboratory and a bours that would make a fac:ory to produce electric factory busy for more hist ory. lamps in East Newark, now than 40 years. There News of Edison's suc- Harrison, in 1881. Some were improvements in | of battenes, was lighted trical age did not arrive over- Edison's genius kept the West and glowed for the 40 night. Edison had estchlished Orange laboratory and a bours that would make a fac:ory to produce electric factory busy for more hist ory. lamps in East Newark, now than 40 years. There News of Edison's suc- Harrison, in 1881. Some were improvements in cessiul incandescent lamp 135,000 bulbs were produced -e ) carlier in- l was met with skepticism during the first year, but there 1 . | ||
cessiul incandescent lamp 135,000 bulbs were produced -e ) carlier in- l was met with skepticism during the first year, but there 1 . | |||
ventions 1 and doubt. Ilut by De- was no market for most of "^# | ventions 1 and doubt. Ilut by De- was no market for most of "^# | ||
9_- and new I cember 260 lamps had them. , | 9_- and new I cember 260 lamps had them. , | ||
7 ones-motion i been produced and tested. The nation's maior cities , pictures, ; | 7 ones-motion i been produced and tested. The nation's maior cities , pictures, ; | ||
and larger towns were illuminated by I the fluoro-On New Year's Eve Edison illumi-nated his laboratory and the streets of gas lamps, and Edison knew from the j] , scope, non-acida | and larger towns were illuminated by I the fluoro-On New Year's Eve Edison illumi-nated his laboratory and the streets of gas lamps, and Edison knew from the j] , scope, non-acida Menlo Park with his lamps. More beginning that electrical illumination 1 ~~ | ||
Menlo Park with his lamps. More beginning that electrical illumination 1 ~~ | |||
than 3JXX) persons traveled by excur- not only had to be demonstrated as storage sion trains to see the display better, but also more economic than :'jf , Y' battery, Edison then began devising and gas lighting. G - - 4 .- a process j producmg the necessary equipment to "I shall make electric lixht so cheap . for making i supply electricity for a section of that only the rich will be ab/c to bum carbolic acid, and designs for plants lower Manhattan from a central candles." Edison declared. He had cal- to produce coal-tar derivatives and I generatmg station. The result was the culated all the costs of capital, labor cement. , | than 3JXX) persons traveled by excur- not only had to be demonstrated as storage sion trains to see the display better, but also more economic than :'jf , Y' battery, Edison then began devising and gas lighting. G - - 4 .- a process j producmg the necessary equipment to "I shall make electric lixht so cheap . for making i supply electricity for a section of that only the rich will be ab/c to bum carbolic acid, and designs for plants lower Manhattan from a central candles." Edison declared. He had cal- to produce coal-tar derivatives and I generatmg station. The result was the culated all the costs of capital, labor cement. , | ||
( historie Pearl Street Station. On Sep- and fuel to assure himself that his sys- During his lifetime, Edison wit- ) | ( historie Pearl Street Station. On Sep- and fuel to assure himself that his sys- During his lifetime, Edison wit- ) | ||
tember 4,1882 Edison threw a switch tem was competitive with gas. nessed the improvement his inven- i and the world's first electric light and There also were fears to be over- tions had brought in the quality of i power system was energized. Some 85 come. Many people objected to the life. He also saw the creation of the l l customers received power to light a "new/anx/cd" system, believing that utility and other industries. | tember 4,1882 Edison threw a switch tem was competitive with gas. nessed the improvement his inven- i and the world's first electric light and There also were fears to be over- tions had brought in the quality of i power system was energized. Some 85 come. Many people objected to the life. He also saw the creation of the l l customers received power to light a "new/anx/cd" system, believing that utility and other industries. | ||
total of 400 lamps in the Wall Street they would be injured, or that their In 1926 he toured the newly-area. homes would be set on fire. The gas completed Keamy Generating Station "It was not untd 7 o' clock when it companies were keenly watching of Public Service which incorporated bexan to be dark that the chctric every move and ready to take the most advanced production hxhr bulb reallv made itself known maximum advantage from any failure. technology of the day. | |||
total of 400 lamps in the Wall Street they would be injured, or that their In 1926 he toured the newly- | |||
area. homes would be set on fire. The gas completed Keamy Generating Station "It was not untd 7 o' clock when it companies were keenly watching of Public Service which incorporated | |||
bexan to be dark that the chctric every move and ready to take the most advanced production | |||
hxhr bulb reallv made itself known maximum advantage from any failure. technology of the day. | |||
and showed how bright and steady it The Edison Electric Light Company i | and showed how bright and steady it The Edison Electric Light Company i | ||
gradually increased the capacity of the Pearl Street station and extended the [p% %%w1 wwym M u "uA ~ | gradually increased the capacity of the Pearl Street station and extended the [p% %%w1 wwym M u "uA ~ | ||
distribution system. A subsidiarf, the | distribution system. A subsidiarf, the s + | ||
s o a , | |||
s + | |||
s o | |||
a , | |||
,i i; | ,i i; | ||
; Edison Company for Isolated Lighting, g Ac 9w {- M *' | ; Edison Company for Isolated Lighting, g Ac 9w {- M *' | ||
was organized to establish electric M* | was organized to establish electric M* | ||
_g"f , Mq e.-g '] y | _g"f , Mq e.-g '] y fQh[ $ | ||
" plants and systems for towns and vil-N- .< | |||
fQh[ $ | |||
" plants and systems for towns and vil- | |||
N- .< | |||
M.g MC V ' a _. -]? lages, factories, stores, hotels@gQt and 1 | M.g MC V ' a _. -]? lages, factories, stores, hotels@gQt and 1 | ||
._ . . ~ | ._ . . ~ | ||
L> >~- - steamships. | L> >~- - steamships. | ||
Sp ,GE; ".6 built in Roselle, New Jersey, by the i : r-~d The first village electric plant was (jl? | Sp ,GE; ".6 built in Roselle, New Jersey, by the i : r-~d The first village electric plant was (jl? | ||
F O $ 4C( Cigl g | F O $ 4C( Cigl g | ||
- - a b.a We A subsidiary. Construction began in 1882 h gP @$ M g gj and on the night of January 19,1883, qQ Wj. - ~ - | - - a b.a We A subsidiary. Construction began in 1882 h gP @$ M g gj and on the night of January 19,1883, qQ Wj. - ~ - | ||
| Line 436: | Line 272: | ||
$ ?UMEE*2"EZC3ThasMJZfTC1hmM"::SZTEhad":"T:: | $ ?UMEE*2"EZC3ThasMJZfTC1hmM"::SZTEhad":"T:: | ||
, --=.aw-~a.sau a a-~ . . . j | , --=.aw-~a.sau a a-~ . . . j | ||
was then part of the Greenfield village in | was then part of the Greenfield village in | ||
==Dearborn,== | ==Dearborn,== | ||
Mich., where n had bu n _ _ , . f 'r' I moved by l{enry Iord, an Edison . l | Mich., where n had bu n _ _ , . f 'r' I moved by l{enry Iord, an Edison . l l . fnend and admirer. In 1979. as part of . | ||
l . fnend and admirer. In 1979. as part of . | |||
i , | i , | ||
the centennial observance, the inven- , $. ,s | |||
the centennial observance, the inven- , $. ,s * | * tion was again re-enacted therc. , | ||
tion was again re-enacted therc. | |||
je j A 130 foot Tbwer of Light, erected ~. ; ; | je j A 130 foot Tbwer of Light, erected ~. ; ; | ||
) | ) | ||
Il | Il y - on the soth anmversary, is i.a the spot ! | ||
1 y where the laboratory stood m Menlo l | |||
y - on the soth anmversary, is i.a the spot ! | )J.M .h Park. PSEaC played a sigrnhcant role ; l I | ||
1 | |||
y where the laboratory stood m Menlo l | |||
)J.M .h | |||
Park. PSEaC played a sigrnhcant role ; l I | |||
, m the tower's construction. , | , m the tower's construction. , | ||
Ldison's laboratory in West Orange, L MJ l d N*s | Ldison's laboratory in West Orange, L MJ l d N*s | ||
* F A ' : | * F A ' : | ||
| Line 476: | Line 293: | ||
* d'Ja a""" '" | * d'Ja a""" '" | ||
* i t | * i t | ||
and industnal progress that made the New ideas, mvennons and tet h l Umted States the most powerful nologies are needed today to provide | and industnal progress that made the New ideas, mvennons and tet h l Umted States the most powerful nologies are needed today to provide | ||
'4' C nation on earth. | '4' C nation on earth. | ||
solunons to fundamental problems N | solunons to fundamental problems N | ||
The "Centenmal of laxht " obser. l vance m 1979 not only honored the and to restore the nation s tethnical j | |||
The "Centenmal of laxht " obser. l | |||
vance m 1979 not only honored the and to restore the nation s tethnical j | |||
- memory of Edison, bdt also sought to leadership. > | - memory of Edison, bdt also sought to leadership. > | ||
. Most of all, new Edisons are ' | . Most of all, new Edisons are ' | ||
| Line 496: | Line 306: | ||
)n the ;rJth .inniversary of his m. "{ic ti education were other goals. | )n the ;rJth .inniversary of his m. "{ic ti education were other goals. | ||
~ 'h'> | ~ 'h'> | ||
}ntion or' theictedmcandescent his work in the lamp' 4S yj,2 [,',[7["jahoratory. The laborato0, | |||
}ntion or' theictedmcandescent his work in the lamp' 4S | |||
yj,2 [,',[7["jahoratory. The laborato0, | |||
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accountcJ tot 'n" of the total t as revenues were s'2' nulbi n and represented the other An" L | accountcJ tot 'n" of the total t as revenues were s'2' nulbi n and represented the other An" L | ||
k- g I he hinho resenues resulted trom | k- g I he hinho resenues resulted trom | ||
. , = .NER R 533 an muc.ise in base rates w hu h L . kone cuo "w m * * | . , = .NER R 533 an muc.ise in base rates w hu h L . kone cuo "w m * * | ||
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| Line 693: | Line 403: | ||
; 1 | ; 1 | ||
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| Line 735: | Line 430: | ||
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| Line 831: | Line 472: | ||
~ | ~ | ||
'i s i(?N1 f5N | 'i s i(?N1 f5N | ||
Production expenses rose SISI Labor costs increased $17 million, Rate Increase Re</uested million, or 15%. Of this increase, mainly because of wage increases on April 2, the Company filed a electric costs jumped S97 million, provided for in anion contracts. petition with the New Jersey lloard of equal to 15%, and gas expenses $54 Three-year labor agreements which Public Utilities asking for an overall million, or 16%. expire April 30,1980 provided for a ncrease of $374.5 milhon in annual Skyrocketing oil prices and delays reopening for wage discussions in the revenues. Of the amount,5289.6 in the return to operation of Salem third year. Under this provision the million was requested for electric No. I unit after refueling and in , ompany negotiated a wage increase service and 584.9 million for gas licensing of Salem No. 2, plus the of 7.0% effective May 1,1979. service. ' | Production expenses rose SISI Labor costs increased $17 million, Rate Increase Re</uested million, or 15%. Of this increase, mainly because of wage increases on April 2, the Company filed a electric costs jumped S97 million, provided for in anion contracts. petition with the New Jersey lloard of equal to 15%, and gas expenses $54 Three-year labor agreements which Public Utilities asking for an overall million, or 16%. expire April 30,1980 provided for a ncrease of $374.5 milhon in annual Skyrocketing oil prices and delays reopening for wage discussions in the revenues. Of the amount,5289.6 in the return to operation of Salem third year. Under this provision the million was requested for electric No. I unit after refueling and in , ompany negotiated a wage increase service and 584.9 million for gas licensing of Salem No. 2, plus the of 7.0% effective May 1,1979. service. ' | ||
forced outage of Hudson No. 2, the llecause of higher revenues, the New The request was based on 1979 as Company's largest coal-buming unit, lersey gross receipts taxes increased the test year, a retum on rate base of resulted in higher power production by $26 million, from $296 million %50 per cent, and a retum on costs. The increased costs were in 1978 to $322 million in 1979. common equity of 14.25 per cent. In mitigated somewhat by greater use of The Company also was affected by the Company's previous rate case the I natural gas as a fuel for electric a.nendments to the Pennsylvania 11oard approved a return on rate base generation. The cost of power inter- Public Utility Realty Tax Act which of 8.83 per cent and a 13 per cent changed through the Pennsylvania- subjected additional jointly-owned return on common equity with an New Jersey-Maryland laterconnection property of the Company to the Act. increase in annual revenues of $153.1 increased by 147% during the year, The Company's additional tax million, effective lune 1,1978. The because of higher unit costs and 56% liability was 56.9 million for 1979, Company agreed to a stipulation in greater purchases. including a non-recurring surtax of that case which prohibited an Ihgher prices for natural gas were S5.4 million. additional increase in base rates mamly responsible for the increase in prior to March 1,1980. | forced outage of Hudson No. 2, the llecause of higher revenues, the New The request was based on 1979 as Company's largest coal-buming unit, lersey gross receipts taxes increased the test year, a retum on rate base of resulted in higher power production by $26 million, from $296 million %50 per cent, and a retum on costs. The increased costs were in 1978 to $322 million in 1979. common equity of 14.25 per cent. In mitigated somewhat by greater use of The Company also was affected by the Company's previous rate case the I natural gas as a fuel for electric a.nendments to the Pennsylvania 11oard approved a return on rate base generation. The cost of power inter- Public Utility Realty Tax Act which of 8.83 per cent and a 13 per cent changed through the Pennsylvania- subjected additional jointly-owned return on common equity with an New Jersey-Maryland laterconnection property of the Company to the Act. increase in annual revenues of $153.1 increased by 147% during the year, The Company's additional tax million, effective lune 1,1978. The because of higher unit costs and 56% liability was 56.9 million for 1979, Company agreed to a stipulation in greater purchases. including a non-recurring surtax of that case which prohibited an Ihgher prices for natural gas were S5.4 million. additional increase in base rates mamly responsible for the increase in prior to March 1,1980. | ||
| Line 856: | Line 492: | ||
associated with the Atlantic Project Estimated Construction Expenditures: has created a greater interest in the should be recovered from customers yw i9so 19si 19e i9c i9u plan. Participants also may purchase through rates over a 20-year period. nninom; additional shares with optional cash The Company believes that all Atlan- Totals $781 $794 5810 $813 $806 payments of up to $3,000 per quarter, tic Project costs are legitimate and although not at a discount. | associated with the Atlantic Project Estimated Construction Expenditures: has created a greater interest in the should be recovered from customers yw i9so 19si 19e i9c i9u plan. Participants also may purchase through rates over a 20-year period. nninom; additional shares with optional cash The Company believes that all Atlan- Totals $781 $794 5810 $813 $806 payments of up to $3,000 per quarter, tic Project costs are legitimate and although not at a discount. | ||
that the $187.7 million net cost after IJonds' Common Stock Sold Informational Afceting Ifeld | that the $187.7 million net cost after IJonds' Common Stock Sold Informational Afceting Ifeld taxes should be recovered through rates. Howev-t other parties in the During 1979, the Company raised more than $363 million through the The Company's first regional stock-case have argued tnat certain Atlanu.c holders mformational meetmg was sale of Atortgage Ilonds and Common Project costs should not be permitted held October 18 at Cherry Hill. | ||
to be recovered through rates. Stock. In July, $100 million principal amount of First and Refunding Atore than 800 stockholders attended In the Febmary 6,1980 imtial Alortgage Ilonds,9%% Series K due the meeting at which top Company decision, the Administrative Law officers discussed operations and Judge concluded that about $168.5 2009 were sold. A total of $45.6 million of First and Refunding answered questions. The Company million of the Atlantic Project costs expects to hold similar meetings in Stortgage Ilonds, Pollution Control should be recovered through rates, the future at vanous locations. | |||
taxes should be recovered through rates. Howev-t other parties in the During 1979, the Company raised more than $363 million through the The Company's first regional stock-case have argued tnat certain Atlanu.c holders mformational meetmg was sale of Atortgage Ilonds and Common Project costs should not be permitted held October 18 at Cherry Hill. | |||
to be recovered through rates. Stock. In July, $100 million principal amount of First and Refunding Atore than 800 stockholders attended In the Febmary 6,1980 imtial | |||
Alortgage Ilonds,9%% Series K due the meeting at which top Company decision, the Administrative Law officers discussed operations and Judge concluded that about $168.5 2009 were sold. A total of $45.6 million of First and Refunding answered questions. The Company million of the Atlantic Project costs expects to hold similar meetings in Stortgage Ilonds, Pollution Control should be recovered through rates, the future at vanous locations. | |||
leaving about $19.2 million of net Series B and C at an interest rate of 6.90% were issued in September Sale . | leaving about $19.2 million of net Series B and C at an interest rate of 6.90% were issued in September Sale . | ||
unrecovered costs. The Company has Fair Return S.ought | unrecovered costs. The Company has Fair Return S.ought filed exceptions to the imtial decision. of three million shares of Common Stock to underwriters provided more The utility industry is the most if any net Atlantic Project costs are capital intensive in the United States. | ||
filed exceptions to the imtial decision. of three million shares of Common Stock to underwriters provided more The utility industry is the most if any net Atlantic Project costs are capital intensive in the United States. | |||
not permitted to be recovered through than S57.3 million in October. In November $125 million of First and PSEaG's large investment in generat-rates, the Company would be required ing, transmission and distribution Refunding Alortgage Ilonds,12% Series to reduce net income for 1980 by that L due 2009 were sold. In addition, the facilities when related to annual Company raised 533 million through revenues is typical of the industry. | not permitted to be recovered through than S57.3 million in October. In November $125 million of First and PSEaG's large investment in generat-rates, the Company would be required ing, transmission and distribution Refunding Alortgage Ilonds,12% Series to reduce net income for 1980 by that L due 2009 were sold. In addition, the facilities when related to annual Company raised 533 million through revenues is typical of the industry. | ||
he ecision of the Administrative sales of 1,665,561 shares of Common For each dollar of annual revenues, Law Judge also adopted a stipulation the Company has more than 2.62 dol-agreed to by the active parties in the Stock through the Automatic Dividend Reinvestment Plan and $2.6 million lars invested in facilities compared case that $140 million of unrecovered through issuance of shares under with 45 cents for the average manu-fuel costs as of December 31,1979, the Employee Stock Purchase Plan. facturing company. | he ecision of the Administrative sales of 1,665,561 shares of Common For each dollar of annual revenues, Law Judge also adopted a stipulation the Company has more than 2.62 dol-agreed to by the active parties in the Stock through the Automatic Dividend Reinvestment Plan and $2.6 million lars invested in facilities compared case that $140 million of unrecovered through issuance of shares under with 45 cents for the average manu-fuel costs as of December 31,1979, the Employee Stock Purchase Plan. facturing company. | ||
| Line 872: | Line 502: | ||
Construction (AFDC), payments for Strong cash flow, adequate interest The number of stockholders of record nuclear fuel and advances t at the end of 1979 totalled 27!,006 coverage, high quality credit ratings subsidiaries, increased to 5579 milh.on compared with 267,386 at the end of and conservative accounting practices in 1979 from $537 million in 1978. 1978, an increase of 1.4% per cent. are major elements in our long-term Expenditures in 1980 are estimated at There were 226,339 holders of Com. financial policy. | Construction (AFDC), payments for Strong cash flow, adequate interest The number of stockholders of record nuclear fuel and advances t at the end of 1979 totalled 27!,006 coverage, high quality credit ratings subsidiaries, increased to 5579 milh.on compared with 267,386 at the end of and conservative accounting practices in 1979 from $537 million in 1978. 1978, an increase of 1.4% per cent. are major elements in our long-term Expenditures in 1980 are estimated at There were 226,339 holders of Com. financial policy. | ||
$781 million. mon Stock,13,319 holders of $1.40 hianagement seeks to maintain a in the five years thmugh 1984, Dividend Preference Common Stock, sound capital structure so that new expenditures are estimated at $4.0 and 31,348 holders of Preferred Stock. funds to finance the Company's billion which includes $674 million of A new computerized stockholder constmetion program can be raised AFDC. Spending over the next five accounting system was installed in at reasonable cost. The Company's years for constmetion of nuclear the third quarter of 1979. The system current objective is for capitalization generating units and the fuel to ratios in the range of 46-48% debt, improves maintenance and expedites operate them will be approximately processing of the Company's 256,311 12% preferred stock, and 40-42% | $781 million. mon Stock,13,319 holders of $1.40 hianagement seeks to maintain a in the five years thmugh 1984, Dividend Preference Common Stock, sound capital structure so that new expenditures are estimated at $4.0 and 31,348 holders of Preferred Stock. funds to finance the Company's billion which includes $674 million of A new computerized stockholder constmetion program can be raised AFDC. Spending over the next five accounting system was installed in at reasonable cost. The Company's years for constmetion of nuclear the third quarter of 1979. The system current objective is for capitalization generating units and the fuel to ratios in the range of 46-48% debt, improves maintenance and expedites operate them will be approximately processing of the Company's 256,311 12% preferred stock, and 40-42% | ||
l $2.4 billion. The fuel costs include stockholder accounts. common equity. Over the longer | l $2.4 billion. The fuel costs include stockholder accounts. common equity. Over the longer advance payraents to uranium range we recognize the need to further l | ||
advance payraents to uranium range we recognize the need to further l | |||
-uppliers. Reinvestment Plan Popular reduce the level of debt to approxi-The Company expects to generate mately 45% of capitalization. | -uppliers. Reinvestment Plan Popular reduce the level of debt to approxi-The Company expects to generate mately 45% of capitalization. | ||
emally approximately 50% of its Participants in the Company's | emally approximately 50% of its Participants in the Company's | ||
.anstruction expenditures, excluding Automatic Dividend Reinvestment t AFDC, for the next five years, Plan rose to 42,734 at year end, up assuming adequate rate increases are from 38,625 at the close of 1978. A received and inflation is kept withm 5 per cent discount from the market | .anstruction expenditures, excluding Automatic Dividend Reinvestment t AFDC, for the next five years, Plan rose to 42,734 at year end, up assuming adequate rate increases are from 38,625 at the close of 1978. A received and inflation is kept withm 5 per cent discount from the market bounds. The balance will be financed pnce for plan participants who rein-by the sale of long-term securities. vest their Common Stock dividends 10 t | ||
bounds. The balance will be financed pnce for plan participants who rein-by the sale of long-term securities. vest their Common Stock dividends 10 t | |||
q -- | q -- | ||
......,....7,3 1 | ......,....7,3 1 h F- . | ||
h F- . | |||
: .:n _ | : .:n _ | ||
/ r . | / r . | ||
~ - | ~ - | ||
+ m ,-g | + m ,-g s(- ; . ,' , | ||
s(- ; . ,' , | |||
:.3i . | :.3i . | ||
H 3 m y A Energy Production | |||
H 3 m | |||
y A Energy Production | |||
: g. 3 ' ., p ~w y%, renew w. ,..: - -w' *;+ . | : g. 3 ' ., p ~w y%, renew w. ,..: - -w' *;+ . | ||
,' ' ; -, | ,' ' ; -, | ||
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s s ., . , ." . | s s ., . , ." . | ||
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+ | + | ||
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- ' p. . - | - ' p. . - | ||
, 53 | , 53 | ||
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.e : | .e : | ||
' ^ | ' ^ | ||
Electric output in 1979 increased | Electric output in 1979 increased | ||
~ | ~ | ||
,' ; . " | ,' ; . " | ||
+ | + | ||
slightly compared with 1978. Total | slightly compared with 1978. Total | ||
- - - * ..~ kilowatthours produced, purchased | - - - * ..~ kilowatthours produced, purchased | ||
~ | ~ | ||
. .' \ | . .' \ | ||
and interchanged amounted to 32.0 | and interchanged amounted to 32.0 bilhon, up 1.2"'o from the previous | ||
bilhon, up 1.2"'o from the previous | |||
~- | ~- | ||
)7 . . | )7 . . | ||
'4 1 ' .. year. Demand for electncity was held | '4 1 ' .. year. Demand for electncity was held | ||
.s J . | |||
.s | |||
J . | |||
, , 9: t | , , 9: t | ||
* down by customer conservation, the | * down by customer conservation, the H ,_ - | ||
H ,_ - | |||
. .. - effect of settmg thermostats in pubhc | . .. - effect of settmg thermostats in pubhc | ||
, . - . buildmgs at 78 degrees for air con- | , . - . buildmgs at 78 degrees for air con- | ||
. W , | . W , | ||
4 1 1 | 4 1 1 | ||
* s ditioning, and a hesitant New lersey | |||
s ditioning, and a hesitant New lersey | |||
* ~ | * ~ | ||
.1 .. | .1 .. | ||
'. economy m the second half of | '. economy m the second half of | ||
(^ | (^ | ||
, ~ ~ | , ~ ~ | ||
. f | . f | ||
,, 4' ^ ' . the year. | ,, 4' ^ ' . the year. | ||
[ (: | [ (: | ||
-( | -( | ||
Peak demand dunng 1979 was | Peak demand dunng 1979 was | ||
'g . | 'g . | ||
. e r r '. . 6,736,(XX) kilowatts on August 2. This | . e r r '. . 6,736,(XX) kilowatts on August 2. This | ||
-y *'- - | -y *'- - | ||
was 1.8"o higher than 1978's peak of | was 1.8"o higher than 1978's peak of | ||
.7.-, * | .7.-, * | ||
, i.. - | , i.. - | ||
< 61s,(xx) kilowatts, but 2.3"s, below | < 61s,(xx) kilowatts, but 2.3"s, below | ||
$-[ | $-[ | ||
* c | * c | ||
. s , t ,,- , | . s , t ,,- , | ||
. . t ie record peak of 6.895,(XX) kilowatts reached m 1977. The maximum day's 3 . | . . t ie record peak of 6.895,(XX) kilowatts reached m 1977. The maximum day's 3 . | ||
t | t | ||
+ | + | ||
., 4 Y , .' .. . | ., 4 Y , .' .. . | ||
output of 127,38(),()()() net kilowatt-hours. 2"a, below that in 1978, also | |||
output of 127,38(),()()() net kilowatt- | |||
hours. 2"a, below that in 1978, also | |||
-t - | -t - | ||
: .= | : .= | ||
occurred on August 2. | occurred on August 2. | ||
'4 . 'q .- , ~ f ' | '4 . 'q .- , ~ f ' | ||
, .. At the time of the peak load and at Y | , .. At the time of the peak load and at Y | ||
~ | ~ | ||
| Line 1,115: | Line 589: | ||
f'- - - | f'- - - | ||
~ | ~ | ||
the end of the year the Company's | the end of the year the Company's g'A . | ||
s l installed generatmg capacity was | |||
g'A . | |||
s | |||
l installed generatmg capacity was | |||
; 9,023,000 kilowatts. This was down | ; 9,023,000 kilowatts. This was down | ||
-- "3 . | -- "3 . | ||
. . *J N | . . *J N | ||
,. from 9,061,(X)0 kilowatts at year-end J . | |||
,. from 9,061,(X)0 kilowatts at year-end | |||
J | |||
; 1978 due to rerating of a combus- | ; 1978 due to rerating of a combus- | ||
. WE'- c. - | . WE'- c. - | ||
...t . | ...t . | ||
: 4. ' .- .' ' | : 4. ' .- .' ' | ||
tion turbme unit. Installed generating | tion turbme unit. Installed generating | ||
~ | ~ | ||
2 | 2 | ||
.,. . V.' .,. ' ' ? . | .,. . V.' .,. ' ' ? . | ||
| Line 1,152: | Line 606: | ||
[ ,, | [ ,, | ||
: m. . .. | : m. . .. | ||
loads, mstalled generating capacities and percent reserve generating g ,[ -- . | loads, mstalled generating capacities and percent reserve generating g ,[ -- . | ||
' .[ .. | ' .[ .. | ||
caracities expected for the next ten | caracities expected for the next ten | ||
. .r q .. 7 . | . .r q .. 7 . | ||
. years are shown on the following | . years are shown on the following | ||
* q{- | * q{- | ||
table. | table. | ||
.: n . . | .: n . . | ||
",#. #. t ' ' | ",#. #. t ' ' | ||
', ; [ , - g ,,.. . ?: . g af. - .. , | ', ; [ , - g ,,.. . ?: . g af. - .. , | ||
,..a.,,'. | ,..a.,,'. | ||
. ,- ' '.'I - | . ,- ' '.'I - | ||
~- '- * | ~- '- * | ||
.:n . | .:n . | ||
| Line 1,196: | Line 623: | ||
, 5 , 5.i f 1 .. .? - - , | , 5 , 5.i f 1 .. .? - - , | ||
g ,_ | g ,_ | ||
~::g, '*'; f : ..Y;'f' . : , - | ~::g, '*'; f : ..Y;'f' . : , - | ||
.pF > a - - | .pF > a - - | ||
.~ | .~ | ||
e;f +rq; RW, ". e.g%;. $gi '- | e;f +rq; RW, ". e.g%;. $gi '- | ||
' n .; . | ' n .; . | ||
.. .k.,gf -g y..tr; . .- - | .. .k.,gf -g y..tr; . .- - | ||
_ _ 3 j ', 6 , | _ _ 3 j ', 6 , | ||
, - ~ * | , - ~ * | ||
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g .: . . | g .: . . | ||
c | c | ||
.; | .; | ||
;a: | ;a: | ||
. t . . . . . | . t . . . . . | ||
" '' 5 . . ( ' . . . ', . r . | " '' 5 . . ( ' . . . ', . r . | ||
r, e J/ | r, e J/ | ||
*/ -. , | */ -. , | ||
.; . , . . -. - | .; . , . . -. - | ||
g | g | ||
- a | - a | ||
( ee'llff~tifilly ( dpdrill I tJrPCd % f ISI 'l a l 'i l'h i hb it !pliia I h ( tilt in i pt rat u oi it is ant h ipattal t h.it | ( ee'llff~tifilly ( dpdrill I tJrPCd % f ISI 'l a l 'i l'h i hb it !pliia I h ( tilt in i pt rat u oi it is ant h ipattal t h.it | ||
( "11 pa li s .nliimr' unl.in t ittitlcd a hi it' t i q u halt iit the ( (unpanss j ti.ni.is4 1' > | ( "11 pa li s .nliimr' unl.in t ittitlcd a hi it' t i q u halt iit the ( (unpanss j ti.ni.is4 1' > | ||
| Line 1,272: | Line 657: | ||
!' i ' l 't ' l 's .n li B, ,r t .;;i .i t , o : i n j ', i w ( 1 S t a t p 41 t hiin iugh it s h w i st satct s s\ sten 1s | !' i ' l 't ' l 's .n li B, ,r t .;;i .i t , o : i n j ', i w ( 1 S t a t p 41 t hiin iugh it s h w i st satct s s\ sten 1s | ||
' I l ' ' '' Ii ' ' | ' I l ' ' '' Ii ' ' | ||
l | l itt ! 'i r i i . n I s .n i l .i iri w hn 11 1%i ml . .Ilid cslllipu n it .is w t il .is t >perating | ||
itt ! 'i r i i . n I s .n i l .i iri w hn 11 1%i ml . .Ilid cslllipu n it .is w t il .is t >perating | |||
! I I'1 ' ' hiihis 1 ' l') ii r t. n si - t a hlishi d .i | ! I I'1 ' ' hiihis 1 ' l') ii r t. n si - t a hlishi d .i | ||
.i lilst ilh t h ins ain ' < | .i lilst ilh t h ins ain ' < | ||
| Line 1,286: | Line 669: | ||
'> i i I 'lo s o 11 p.i r ! \ lud | '> i i I 'lo s o 11 p.i r ! \ lud | ||
, , 7 gl 7 , , ,, j j) . h4cdunsat whrii i | , , 7 gl 7 , , ,, j j) . h4cdunsat whrii i | ||
In | In | ||
,n hu( ds ' NIln o: kihmmt }Diuts ut n' Inade | ,n hu( ds ' NIln o: kihmmt }Diuts ut n' Inade | ||
;pa 6 t +\ti ari i p rat ific ,4in,,p li s a ilo i.: tit arol l hn i!1g it 7,g , 3 7 ,, h it tb \( ar \illh itith tht sah in tniit s art l'' | ;pa 6 t +\ti ari i p rat ific ,4in,,p li s a ilo i.: tit arol l hn i!1g it 7,g , 3 7 ,, h it tb \( ar \illh itith tht sah in tniit s art l'' | ||
pn WalJcd w atcr ic, t tius as alc u' <t: ? ul . ,pt f.ir n oi ir, hiti sunarin r gg y a irl !.ill i b < w i s e r isst u; u t | pn WalJcd w atcr ic, t tius as alc u' <t: ? ul . ,pt f.ir n oi ir, hiti sunarin r gg y a irl !.ill i b < w i s e r isst u; u t | ||
( p/ thiisc at Ihrct Mlle lland thrv are i td'' | ( p/ thiisc at Ihrct Mlle lland thrv are i td'' | ||
th<<n~ was Jcl.n J h , t h' i t dittch nt & WH alu. w ch hin h i t on s | th<<n~ was Jcl.n J h , t h' i t dittch nt & WH alu. w ch hin h i t on s | ||
o af j u. o ij. ' t '. t i oi::: snu lln 1 1. p i n t h ( | o af j u. o ij. ' t '. t i oi::: snu lln 1 1. p i n t h ( | ||
.1 :n rating Ntat, in M a Jith nt olanut.n una Ihr j | .1 :n rating Ntat, in M a Jith nt olanut.n una Ihr j | ||
( inipun he roi H1\ ids cnlent in the I o ii i >! t i o in i Mih Islalb . | ( inipun he roi H1\ ids cnlent in the I o ii i >! t i o in i Mih Islalb . | ||
| Line 1,301: | Line 681: | ||
.o i.iI:t ilo i o rip.iin h a s ilt a i s p1 . t ti,n,i: 1 .i la t riv li, ti in t hi I"I"'' II a t u ga u .it t tin l:s a ri j hg.c Mlle lshuhl pl. nit 1 spit t< it lW \tti i nt t1pt it .i I n ( rist ' " * " " ' h " ' 'P' ' d I h " 3 ' ' I ' | .o i.iI:t ilo i o rip.iin h a s ilt a i s p1 . t ti,n,i: 1 .i la t riv li, ti in t hi I"I"'' II a t u ga u .it t tin l:s a ri j hg.c Mlle lshuhl pl. nit 1 spit t< it lW \tti i nt t1pt it .i I n ( rist ' " * " " ' h " ' 'P' ' d I h " 3 ' ' I ' | ||
Td/ fling ( fnfCT P/dfilled | Td/ fling ( fnfCT P/dfilled | ||
.u id l i's ' l 'N 1. . ( , i .w n s V3 ,il llh if > lll t t i[ti 'i J hi ilit f l \ r !! i n i t 11s t< ir f lii l li' I,fl!iQ af1 $ It st liiQ i k t i ll t, dll hi'glil ' 'I ' '' '"I ^ | |||
.u id l i's ' l 'N 1. . ( , i .w n s V3 ,il llh if > lll t t i[ti 'i J hi ilit f l \ r !! i n i t 11s t< ir f lii l li' I,fl!iQ af1 $ It st liiQ i k t i ll t, | |||
dll hi'glil ' 'I ' '' '"I ^ | |||
ii li r ilt it t ll + 14 J t U 41 ( | ii li r ilt it t ll + 14 J t U 41 ( | ||
cr.ltll1R st,ltitill perstillnc! } l c t enter w 1ll lill llhic slIn tll.it ed t t in t it l' itit Inis t it the N.ilerii aini l hipe l'rcek nt acrating | cr.ltll1R st,ltitill perstillnc! } l c t enter w 1ll lill llhic slIn tll.it ed t t in t it l' itit Inis t it the N.ilerii aini l hipe l'rcek nt acrating | ||
; st.it h ins It i phivide IlllLl car tipcrattir | ; st.it h ins It i phivide IlllLl car tipcrattir Ih ense t rallling .Ind f elicsher 1.lst rtic- | ||
~ | ~ | ||
titin reif llt ensed tiperatiirs alld | titin reif llt ensed tiperatiirs alld | ||
^M | ^M stipervistirs I'hc two st< >rs ulJ H X) square t< 2 c s | ||
stipervistirs I'hc two st< >rs ulJ H X) square t< 2 c s | |||
@ tatilits also wlll uint.nn classrotuus y shops and laboratories The center is to 4A he t onstrta ted in south lersev in tre vicnutv or the salem-Hope Creek st a t lt in s Aldinr Aldintendnce Perfortned lluring the nar extensive tuainte-liant c and repan work was performed on a number of large generating umts m the l'ompany s system. | @ tatilits also wlll uint.nn classrotuus y shops and laboratories The center is to 4A he t onstrta ted in south lersev in tre vicnutv or the salem-Hope Creek st a t lt in s Aldinr Aldintendnce Perfortned lluring the nar extensive tuainte-liant c and repan work was performed on a number of large generating umts m the l'ompany s system. | ||
'I hc salem No I nuclear umi was shut d(iwl1 on Aprll 2 for ref uc!!ng and Ilbilllf ellant e Incl tiding !ctllhlng ()I | 'I hc salem No I nuclear umi was shut d(iwl1 on Aprll 2 for ref uc!!ng and Ilbilllf ellant e Incl tiding !ctllhlng ()I | ||
%v r | %v r | ||
(.i | (.i | ||
* s | * s 7.. | ||
7.. | |||
[ b' N 5 rt! | [ b' N 5 rt! | ||
.t. I l' | .t. I l' | ||
the main condensers. The unit had Con /crsion Tn CoalStudied The average delivered coal cost for been originally scheduled to return to The economic, technological and 1979 was 4"o above that of 1978. | the main condensers. The unit had Con /crsion Tn CoalStudied The average delivered coal cost for been originally scheduled to return to The economic, technological and 1979 was 4"o above that of 1978. | ||
service late in June, but was delayed environmental factors involved in Oil and coal costs are expected to until December because of work nec- converting to coal some steam gen. increase in 1980. Oil prices will con-essary to correct a number of problems crating units which now bum ml is tinue to increase because of actions by which were discovered.These included being analy:cd by a study group formed the opec memberscand the Jomestic damage to some metal support grids during the year. A total of 1,991 mega. crude oil price decontnil plan. Coal of fuel nxi assemblies, cracks in nid- watts of generation could be converted prices are expected to rise further as letsof sixof 53controlnx! assemblies, in approximately two years at a signif. a result of higher transportation costs and cracking in sections of the steam icant cost if environmental require. and from wage increases scheduled generator feedwater lines. The retum ments were relaxed. Considerably longer under tenus of labor agreements with of the unit also was delayed by Nuclear conversion periods and substantia! ' the mine workers. | service late in June, but was delayed environmental factors involved in Oil and coal costs are expected to until December because of work nec- converting to coal some steam gen. increase in 1980. Oil prices will con-essary to correct a number of problems crating units which now bum ml is tinue to increase because of actions by which were discovered.These included being analy:cd by a study group formed the opec memberscand the Jomestic damage to some metal support grids during the year. A total of 1,991 mega. crude oil price decontnil plan. Coal of fuel nxi assemblies, cracks in nid- watts of generation could be converted prices are expected to rise further as letsof sixof 53controlnx! assemblies, in approximately two years at a signif. a result of higher transportation costs and cracking in sections of the steam icant cost if environmental require. and from wage increases scheduled generator feedwater lines. The retum ments were relaxed. Considerably longer under tenus of labor agreements with of the unit also was delayed by Nuclear conversion periods and substantia! ' the mine workers. | ||
| Line 1,334: | Line 703: | ||
. - - _ ~ | . - - _ ~ | ||
]. shipments of uranium, begun in | ]. shipments of uranium, begun in | ||
] the fourth quarter of 1978, from the | ] the fourth quarter of 1978, from the | ||
' Kerr-McGee South powder Iliver 11asin ymsac e -- "W we " - * - ' - | ' Kerr-McGee South powder Iliver 11asin ymsac e -- "W we " - * - ' - | ||
m __ ; | m __ ; | ||
- protect m Wyoming. Surface mining | - protect m Wyoming. Surface mining | ||
&fV t.. M Q g y operations at the basin are expected to | &fV t.. M Q g y operations at the basin are expected to | ||
| Line 1,346: | Line 712: | ||
10 years. A partially deve'oped under-ground mine has been placed in a stand-Q by condition for up to three years | 10 years. A partially deve'oped under-ground mine has been placed in a stand-Q by condition for up to three years | ||
" ~ '~ and may be reactivat'ed at the option of the Company. | " ~ '~ and may be reactivat'ed at the option of the Company. | ||
. Under the liomestake agreement, ex-pioration continued in 1979 in another section of Wyoming and reserves of about 4 million pounds of uranium have been proven.The exploration will y continue toward its objective of prov- | |||
. Under the liomestake agreement, ex-pioration continued in 1979 in another section of Wyoming and reserves of | |||
about 4 million pounds of uranium have been proven.The exploration will y continue toward its objective of prov- | |||
.g$' ing sufficient reserves to iustify develop-ment of a miningand millingcomplex. | .g$' ing sufficient reserves to iustify develop-ment of a miningand millingcomplex. | ||
During 1979 market prices for uran-ium remained stable. | During 1979 market prices for uran-ium remained stable. | ||
l thrdieve view of ArtificialIsland shows llope Creek Generaung Station under construction in foreground and Sakm stanon in upper right. Af ter flore Creek umts are on hne m late 1980s b - | |||
l | |||
thrdieve view of ArtificialIsland shows llope Creek Generaung Station under construction in foreground and Sakm stanon in upper right. Af ter flore Creek umts are on hne m late 1980s b - | |||
about half the Company % electoc | about half the Company % electoc | ||
. W output will be from nuclear power. | . W output will be from nuclear power. | ||
| Line 1,366: | Line 726: | ||
any Fehmary on record and exceeding Natural Gas 13'892,000 Appmdmat y48% of theCompany's by 9% the prior mark of 279,093,205 Liquefied Petroleum Gas l,981.000 natural gas capacity is made up of recorded for that month in 1972. Synthetic Natural Gas 1,325,000 high-load factor gas that is available | any Fehmary on record and exceeding Natural Gas 13'892,000 Appmdmat y48% of theCompany's by 9% the prior mark of 279,093,205 Liquefied Petroleum Gas l,981.000 natural gas capacity is made up of recorded for that month in 1972. Synthetic Natural Gas 1,325,000 high-load factor gas that is available | ||
'Ihe highest 24 hour sendout of Oil Gas every day of the year. The rect comes 1,186,000 13,349,009 therms in 1979 occurred on Refinery Gas fr m field st rage, liquefied storage 255,000 February 17 when the average tempera. and contract peaking service. | 'Ihe highest 24 hour sendout of Oil Gas every day of the year. The rect comes 1,186,000 13,349,009 therms in 1979 occurred on Refinery Gas fr m field st rage, liquefied storage 255,000 February 17 when the average tempera. and contract peaking service. | ||
or 1 18.639.000 ture was 6 E This was exceeded only The Company entered into a new once before in the Company's history, long-term contract in 1979 with Trans-on January 17,1977, when the sendout Sufi/ dies Itufimred continental Gas pipe Line Corporation was 14,005,789 therms and the aver- The supply situation for natural gas which increased total underground gas age temperature was 2.6 E improved significantly during the storage capacity from 415.2 mdlion The number of gas customers year. A maior factor in the improve- therms m, 1978 to 446.0 million therms served under interruptible contracts ment was the passage of Federal energy !" 1979-mcreased to 80 at the end of the year legislation in late 1978 which allowed compared with 71 a year earlier. New the Company's pipeline suppliers to Increascd Deh. renes By | or 1 18.639.000 ture was 6 E This was exceeded only The Company entered into a new once before in the Company's history, long-term contract in 1979 with Trans-on January 17,1977, when the sendout Sufi/ dies Itufimred continental Gas pipe Line Corporation was 14,005,789 therms and the aver- The supply situation for natural gas which increased total underground gas age temperature was 2.6 E improved significantly during the storage capacity from 415.2 mdlion The number of gas customers year. A maior factor in the improve- therms m, 1978 to 446.0 million therms served under interruptible contracts ment was the passage of Federal energy !" 1979-mcreased to 80 at the end of the year legislation in late 1978 which allowed compared with 71 a year earlier. New the Company's pipeline suppliers to Increascd Deh. renes By Subsidiary At the end of 1979 Energy Develop-ment Corporation (EDC), the Company's exploration subsidiary, was delivering natural gas to the Company at a rate of 277,000 therms a day compared with 110,000 therms i, .. | ||
Subsidiary At the end of 1979 Energy Develop-ment Corporation (EDC), the Company's exploration subsidiary, was delivering natural gas to the Company at a rate of 277,000 therms a day compared with 110,000 therms i, .. | |||
oo at the c!:se of 1978, an increase in | oo at the c!:se of 1978, an increase in | ||
( . . NM flow of 152%The first deliveries of gas | ( . . NM flow of 152%The first deliveries of gas "L from offshore wells discovered in the Gulf of Mexico by EDC began in 1979. | ||
Gulf of Mexico by EDC began in 1979. | |||
g@g '" | g@g '" | ||
r During the year record highs were set by EDC not only in gas deliveries, | r During the year record highs were set by EDC not only in gas deliveries, | ||
'D ' [ | 'D ' [ | ||
but also in eamings. Net income was | but also in eamings. Net income was | ||
; $3.2 million in 1979, a substantial i | ; $3.2 million in 1979, a substantial i | ||
| Line 1,388: | Line 740: | ||
{% ducuon tacihnes on surroundma bodic ; of water adunced in 19N era-with tion et the construenon expanded and urgra and o[ed haste %Jtet tre.ltmt ht f acillPCs | {% ducuon tacihnes on surroundma bodic ; of water adunced in 19N era-with tion et the construenon expanded and urgra and o[ed haste %Jtet tre.ltmt ht f acillPCs | ||
'Ihe instalianon of taabnes such as that shown substantially un-proved the quahty or want dis-tharged Total tost at sesen eencratme stanons will be os er 5% nulhon | 'Ihe instalianon of taabnes such as that shown substantially un-proved the quahty or want dis-tharged Total tost at sesen eencratme stanons will be os er 5% nulhon | ||
t I Ille ' diskh sfr phigr.In) W .t s ( E UR C D t i.it ed ill t }lt ( ,0lI ( t i.ht Irgh th i st nt llid! $}lt It I \plt ildtilI\ drlllIllg titt tht A t l Jilt l' ( i t.ht % .h C \ t Undell til t.tinlp.irUd Wl!b M 21lh l9D hl | |||
t | |||
I Ille ' diskh sfr phigr.In) W .t s ( E UR C D t i.it ed ill t }lt ( ,0lI ( t i.ht Irgh th i st nt llid! $}lt It I \plt ildtilI\ drlllIllg titt tht A t l Jilt l' ( i t.ht % .h C \ t Undell til t.tinlp.irUd Wl!b M 21lh l9D hl | |||
( lt tiihtf d U Hlt r.h t renegq itidt hill l IC Lh af.d l A llibidn.1 ( )lhhiire < >pera thC siutht ast (,ciugia 1 mh.n ment rcJut Ud thC prR c < >t ictmCn gas bi a t h ens lil\ q ilN Utl dIllllHX d lI sth t.t ssilll pd f lt \ With heavy inl Wt lls dild l4 that % UIC dhdndtillCd ();/ @7;/gfg a g/ fjg (.d% ! b M' slipplUmCnts it s suppllCs I I At irJr rihl 6 W rlIs WCTU sill l ht lHg [ }g ( q q gyg q. ( g g (.d d It'm p lMi\ Udt ur.ll gds Jih! It tillti\ gds M ith II | ( lt tiihtf d U Hlt r.h t renegq itidt hill l IC Lh af.d l A llibidn.1 ( )lhhiire < >pera thC siutht ast (,ciugia 1 mh.n ment rcJut Ud thC prR c < >t ictmCn gas bi a t h ens lil\ q ilN Utl dIllllHX d lI sth t.t ssilll pd f lt \ With heavy inl Wt lls dild l4 that % UIC dhdndtillCd ();/ @7;/gfg a g/ fjg (.d% ! b M' slipplUmCnts it s suppllCs I I At irJr rihl 6 W rlIs WCTU sill l ht lHg [ }g ( q q gyg q. ( g g (.d d It'm p lMi\ Udt ur.ll gds Jih! It tillti\ gds M ith II | ||
( \rnipil: 41 tis un t ht priiVisit ilh i st t he | ( \rnipil: 41 tis un t ht priiVisit ilh i st t he | ||
| Line 1,404: | Line 752: | ||
g lg79 to put m Us0 ( N ilJrgt hquCtlCd hids i q) hh n ks totJ! hug 59 h nHl bon T | g lg79 to put m Us0 ( N ilJrgt hquCtlCd hids i q) hh n ks totJ! hug 59 h nHl bon T | ||
[ xx ,g s 3 g3y7ggggn jh g n.lturdl ds stoldge tanks on hidten In its litterest . Island I hr tanks arc <iw iicd hv I-nergy At \ r.li Und I l h UWHrd dn interest IUTHHn.ll %CTVICUs ( orpoTJtion d m 4 4 ottshiar hhn ks' of whuh 20 gas supp v toi t}a w.n I }u t ost ot | [ xx ,g s 3 g3y7ggggn jh g n.lturdl ds stoldge tanks on hidten In its litterest . Island I hr tanks arc <iw iicd hv I-nergy At \ r.li Und I l h UWHrd dn interest IUTHHn.ll %CTVICUs ( orpoTJtion d m 4 4 ottshiar hhn ks' of whuh 20 gas supp v toi t}a w.n I }u t ost ot | ||
?!lls gds .lVUrdgrd b41l J inllIltin htli\ I' | ?!lls gds .lVUrdgrd b41l J inllIltin htli\ I' W rit ill l}lt Atldnth ! hitUr ( (Hlti- ()g ggllgg}g gg y ggg g 3 hg g.J d' d teImind! tor importCd dquCIled j fldt ur.l! g.h hCCdthe (it UntUrlaint1Cs l | ||
[ afkl dCIdVs TUIJting it) the imp (irtati >n prolCCt, includmg ldCk of TCguldtorV N dpprtiVdl, the terminal w.h niit placed in ()pelathin On March 1 19'9, the apphtath>n httort the iedCral Energv Commis-sinn was amended to scck approval for use of one of the tanks for storage of domestic gas for use dunng perh>ds of peak demand Eark m 19M it h planned to ask approval for simdar Use tit the seClind tank | |||
W rit ill l}lt Atldnth ! hitUr ( (Hlti- ()g ggllgg}g gg y ggg g 3 hg g.J d' d teImind! tor importCd dquCIled j fldt ur.l! g.h hCCdthe (it UntUrlaint1Cs l | ( ()perdthin ist the t itihtv bir peaking service Will require ConstruCMon of d | ||
[ afkl dCIdVs TUIJting it) the imp (irtati >n | |||
prolCCt, includmg ldCk of TCguldtorV N dpprtiVdl, the terminal w.h niit placed in ()pelathin On March 1 19'9, the apphtath>n httort the iedCral Energv Commis-sinn was amended to scck approval for use of one of the tanks for storage of domestic gas for use dunng perh>ds of | |||
peak demand Eark m 19M it h planned to ask approval for simdar Use tit the seClind tank | |||
( ()perdthin ist the t itihtv bir peaking | |||
service Will require ConstruCMon of d | |||
< {' | < {' | ||
O' ~2 hqu;Idttion umt and other tatihties i _~ on the site it h alvi anticipated that a | O' ~2 hqu;Idttion umt and other tatihties i _~ on the site it h alvi anticipated that a | ||
'' pipeline under the Arthur Kill wdl bc | '' pipeline under the Arthur Kill wdl bc t( l required tti hring the gas tii New I lersev | ||
t( l required tti hring the gas tii New I lersev | |||
\ | \ | ||
+ | + | ||
| Line 1,425: | Line 763: | ||
~$ | ~$ | ||
h n | h n | ||
[ p{{{ biliJcd til it stilre scr\ h e .is qtiit kl\ .ls report these temperatures to a tentral piiwlbic I hcst liirt cs w cic alignlclited ti>itiptiter tiir an.il\ sis has becii ST U On b\ x.is t ratisiiiissii'ii .iih! Jist rihtit is iii t iinipleted I tita beiiin a illei.teti w ill cllipli >\ ccs !)c ip h hi ir ilio. Lit ili t \ pe r - priivide iict ew.ir y int < >rriiatiipn tii l st illllCl .llh! tit 1 cw s ill ti ent r.it tiir s pernlit niailillum l'sc it! .ill t rans servit t W Js resti trcJ tii '> 1" i>t t he niiwiiin t.ibles mtcr rupted t ostomers w ithm 18 A 2 An (H x) \olt pipe-t\ pc hiilirs alhj til t he I.ist tih!i\ idti.il hiitiu- tinticrgriiuihi t.ible w as iiistalled l si'r \ lt e in fl\ c d.l\ % I his t i tillp.iled bet w ccil hew.ircr1 ('cliera ting st Jtit in s | [ p{{{ biliJcd til it stilre scr\ h e .is qtiit kl\ .ls report these temperatures to a tentral piiwlbic I hcst liirt cs w cic alignlclited ti>itiptiter tiir an.il\ sis has becii ST U On b\ x.is t ratisiiiissii'ii .iih! Jist rihtit is iii t iinipleted I tita beiiin a illei.teti w ill cllipli >\ ccs !)c ip h hi ir ilio. Lit ili t \ pe r - priivide iict ew.ir y int < >rriiatiipn tii l st illllCl .llh! tit 1 cw s ill ti ent r.it tiir s pernlit niailillum l'sc it! .ill t rans servit t W Js resti trcJ tii '> 1" i>t t he niiwiiin t.ibles mtcr rupted t ostomers w ithm 18 A 2 An (H x) \olt pipe-t\ pc hiilirs alhj til t he I.ist tih!i\ idti.il hiitiu- tinticrgriiuihi t.ible w as iiistalled l si'r \ lt e in fl\ c d.l\ % I his t i tillp.iled bet w ccil hew.ircr1 ('cliera ting st Jtit in s | ||
j t.n or a bl \ w n b performantc tollow ing .uhl llantan }tn er steci Comp.mv a | j t.n or a bl \ w n b performantc tollow ing .uhl llantan }tn er steci Comp.mv a | ||
} Ilir r h .lile } lJZcl lil l'l bI w hit h iii.iiiir new clet erit t us tiinier Wiir k | } Ilir r h .lile } lJZcl lil l'l bI w hit h iii.iiiir new clet erit t us tiinier Wiir k | ||
!cqlitrcJ six da\ s tii restiire servit e til .ilsii pnigressed iin aniither 2 4) a H)- j Il I ( H H ) t tlstiililc r s \ illt c.ible bet w een Aldenc .Uh! lissc\ | !cqlitrcJ six da\ s tii restiire servit e til .ilsii pnigressed iin aniither 2 4) a H)- j Il I ( H H ) t tlstiililc r s \ illt c.ible bet w een Aldenc .Uh! lissc\ | ||
| Line 1,437: | Line 771: | ||
.h' t :ibu t n io s\ sti ms a cic exp.m. led I m ' | .h' t :ibu t n io s\ sti ms a cic exp.m. led I m ' | ||
impn n. J u: lo'o but naturc Inffhnlissirin 1.ine ( 'finif 7/eter/ I | impn n. J u: lo'o but naturc Inffhnlissirin 1.ine ( 'finif 7/eter/ I | ||
;g g;f,/c Innonstions To Cut Costs | ;g g;f,/c Innonstions To Cut Costs pr- n n h J t he n u isi <h.unat h cu nt ut | ||
pr- n n h J t he n u isi <h.unat h cu nt ut | |||
, c \ p.llldL Ll in l'I ) w ith t he addlllilli iit %[[it e t he 1(> u)s. wlici) Ps h t', | , c \ p.llldL Ll in l'I ) w ith t he addlllilli iit %[[it e t he 1(> u)s. wlici) Ps h t', | ||
If pit al stiif 111 l Li\ ni st rlh k t i!) .I 2 h) ( H H ) \ tilt pipc t\ pc tilklergliililhi installed its first I.32]N H) vil!! | If pit al stiif 111 l Li\ ni st rlh k t i!) .I 2 h) ( H H ) \ tilt pipc t\ pc tilklergliililhi installed its first I.32]N H) vil!! | ||
| Line 1,446: | Line 777: | ||
.nh hnt unans Aunue ubstanon in Conip.inv has ban a leader in high i | .nh hnt unans Aunue ubstanon in Conip.inv has ban a leader in high i | ||
WJ \ 11c T his tiiinplcted t he t r.iiisniis-h ~ ~ ? !i i s .nld I u nbs Ih.lt k ni n kcd diiw n , , | WJ \ 11c T his tiiinplcted t he t r.iiisniis-h ~ ~ ? !i i s .nld I u nbs Ih.lt k ni n kcd diiw n , , | ||
i h. .u so nis i >t u :rcs in t he o\ cthcaJ g (j, gg j IIst r il'u r t. oi s\ st t m l hc stiinn sinc g itt ' !!! T i pi is t 1l( silth f ive iil the ( i tin p li s Ill sti ir i lillci tilpt t d t lct t rit sci \ | i h. .u so nis i >t u :rcs in t he o\ cthcaJ g (j, gg j IIst r il'u r t. oi s\ st t m l hc stiinn sinc g itt ' !!! T i pi is t 1l( silth f ive iil the ( i tin p li s Ill sti ir i lillci tilpt t d t lct t rit sci \ | ||
111111 0 1 rese.lr( b tii priit t ed tiir g , | 111111 0 1 rese.lr( b tii priit t ed tiir g , | ||
n< o i n o .n r iun 14 41 H W i iit i stu I o nudn1 | n< o i n o .n r iun 14 41 H W i iit i stu I o nudn1 | ||
< h , n u < ustomcis t hroughout of tindeignituhl cabics .I hr research t }1t t illj' ill \ s t c t llii tt \ he rgen .llid bm kw & a si i ulW (J s l iuJsi m ,un t h s w elc hit t he h.u dest 1 | < h , n u < ustomcis t hroughout of tindeignituhl cabics .I hr research t }1t t illj' ill \ s t c t llii tt \ he rgen .llid bm kw & a si i ulW (J s l iuJsi m ,un t h s w elc hit t he h.u dest 1 | ||
\il n.nlabli i la t rh t r an snu ssion sensmg devites were mscrted dunne Ji hl ills! r ilitit n 'll pcr si ollicl w cle Illi t u m m of A m a -m Mlcd | \il n.nlabli i la t rh t r an snu ssion sensmg devites were mscrted dunne Ji hl ills! r ilitit n 'll pcr si ollicl w cle Illi t u m m of A m a -m Mlcd | ||
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voltage cable development. f)uring output of lhipe Creek Generating pipe were installed to meet customer 1979 Company staff engineers Station to load centers throughout requirements. | voltage cable development. f)uring output of lhipe Creek Generating pipe were installed to meet customer 1979 Company staff engineers Station to load centers throughout requirements. | ||
persuaded manufacturers to market their systems. Implementation of the pipe-type cables incorpwating project is being coordinated with Environinental Costs Rise PSEaG developed design ir novations 5(X),(XX)-volt transmission develop- Approximately $233 million was which will contribute inarkedly to ment of Jersey Central Power & spent in 1979, compared with $177 lower wnstruction costs and greater Light Company. million in 1978, to minimize the operating efficiencies. The improve- mpact of Company operations on the ments will produce savings in a maior, ' live-Line' Maintenance environment. The cost of environ-four-year reinforcement of PSEsG's pf. ogresses mental protection has been rising transmission system in the northem substantially. This is due primarily | persuaded manufacturers to market their systems. Implementation of the pipe-type cables incorpwating project is being coordinated with Environinental Costs Rise PSEaG developed design ir novations 5(X),(XX)-volt transmission develop- Approximately $233 million was which will contribute inarkedly to ment of Jersey Central Power & spent in 1979, compared with $177 lower wnstruction costs and greater Light Company. million in 1978, to minimize the operating efficiencies. The improve- mpact of Company operations on the ments will produce savings in a maior, ' live-Line' Maintenance environment. The cost of environ-four-year reinforcement of PSEsG's pf. ogresses mental protection has been rising transmission system in the northem substantially. This is due primarily | ||
| Line 1,504: | Line 811: | ||
. . of specialim has been developing 500,000 Unit I,ncilitics l'/anned and perfecting various " live-line" PSEaC participated with other New methods. | . . of specialim has been developing 500,000 Unit I,ncilitics l'/anned and perfecting various " live-line" PSEaC participated with other New methods. | ||
jersey utilities in development of , , ,, g ,u , | jersey utilities in development of , , ,, g ,u , | ||
plans for building approximately 70 g [j h hre n m nana wit ne miles of 500,(XX)-volt transnussmn | plans for building approximately 70 g [j h hre n m nana wit ne miles of 500,(XX)-volt transnussmn g,fg,g dudnu r'elau nu nt a msulainn system to meet energy needs of the Gas transmission and distribution luth up on a ;no ooo wh nans state in the 1980s. construction activities increased to meet demand of new customers. | ||
g,fg,g dudnu r'elau nu nt a msulainn system to meet energy needs of the Gas transmission and distribution luth up on a ;no ooo wh nans state in the 1980s. construction activities increased to meet demand of new customers. | |||
"p;"i"; jTjff fj"';' | "p;"i"; jTjff fj"';' | ||
The Company and Atlantic City soumJ anJ u.uncJ crou of Electric Company completed plans for facilities required to transmit the During the year 724,(XX) feet of new main and 860,000 feet of new service gitgpggyg nne ,caunaun | The Company and Atlantic City soumJ anJ u.uncJ crou of Electric Company completed plans for facilities required to transmit the During the year 724,(XX) feet of new main and 860,000 feet of new service gitgpggyg nne ,caunaun | ||
q | q q $,. | ||
q $,. | |||
N; o. | N; o. | ||
( i | ( i | ||
: y. - | : y. - | ||
p | p | ||
- f -- | - f -- | ||
A5 | A5 g , | ||
i , e, i -l f Lj 1% | |||
g , | |||
i , e, i -l f Lj | |||
1% | |||
i k | i k | ||
,M i intin l'' | ,M i intin l'' | ||
; muis .n h e n i l !< .r t h. | ; muis .n h e n i l !< .r t h. | ||
< ' ,n s t r ui v i n ,t t h< \l, r r ill ( n<L l'ri i < t I'\ l'5l .(, .ilii! sl \ it lli r oriin u s uh us< l h J.i u .n, it n t r u it t r \. t' n i u .is .iu n h J t1 ,r - | < ' ,n s t r ui v i n ,t t h< \l, r r ill ( n<L l'ri i < t I'\ l'5l .(, .ilii! sl \ it lli r oriin u s uh us< l h J.i u .n, it n t r u it t r \. t' n i u .is .iu n h J t1 ,r - | ||
| Line 1,540: | Line 830: | ||
1 s< esnts I. ,r t ln p n ,pi ,s, J ,1,n n an,! n s< rs.,n ni l l 1111li ir 1 \ li in 1isf11l) | 1 s< esnts I. ,r t ln p n ,pi ,s, J ,1,n n an,! n s< rs.,n ni l l 1111li ir 1 \ li in 1isf11l) | ||
Ihi utihto s h.n t p p pi ,s1 1! r }n | Ihi utihto s h.n t p p pi ,s1 1! r }n | ||
,.. % r ri!I ( n < I l'n m t t n i n s p< ,n si n,a | ,.. % r ri!I ( n < I l'n m t t n i n s p< ,n si n,a | ||
* ' ,- m | * ' ,- m | ||
| Line 1,547: | Line 835: | ||
~~' | ~~' | ||
. q- , | . q- , | ||
li.is m ( < ,u niu s s o .n t h.it t h s pp,snh a supph on nr.il u.itt r si ,u n i t,hilp | li.is m ( < ,u niu s s o .n t h.it t h s pp,snh a supph on nr.il u.itt r si ,u n i t,hilp g w*e priito tflo r n < r f l. ,u 1:ur :nc .bs | ||
g w*e priito tflo r n < r f l. ,u 1:ur :nc .bs | |||
. . ~- , lh II( .t i s l llt t i .illi t il s s li i:l I),Is s I,s ,) | . . ~- , lh II( .t i s l llt t i .illi t il s s li i:l I),Is s I,s ,) | ||
s w - | s w - | ||
sh. - u h J a h < r n 1n on , h< pn .n < t u: m | sh. - u h J a h < r n 1n on , h< pn .n < t u: m | ||
, .a , | , .a , | ||
* ,[ ' | * ,[ ' | ||
| Line 1,562: | Line 846: | ||
*C 1 ,. e" 9; | *C 1 ,. e" 9; | ||
J e | J e | ||
f MCrg' y baqC *2th high load demands resulted m add a total ot ' hdhon tubic feet of gas 2xt) megawatts tit Jdditiinial demand litad ini an annual basis I hr viiltime and b $6 Illilli(>Il in .innual revenues was ill addititin til 7.$ hillhin t uhit New industnal and tommetual gas feet authon:cd m F>78 installathins t)t bl cListiinlers vieldillg I he iv.iilabilits iit natural gas | f MCrg' y baqC *2th high load demands resulted m add a total ot ' hdhon tubic feet of gas 2xt) megawatts tit Jdditiinial demand litad ini an annual basis I hr viiltime and b $6 Illilli(>Il in .innual revenues was ill addititin til 7.$ hillhin t uhit New industnal and tommetual gas feet authon:cd m F>78 installathins t)t bl cListiinlers vieldillg I he iv.iilabilits iit natural gas | ||
$9 6 milhtill in ailliual revenues w ere coupled W Mb the growing p<ipulants (tinnetted during the > car ( L (; lass iit clet trit heat ptinips tiir he.iting and t il t inI1Jminstin, a nlalltitat t urer t it ct Kiling resulted ill en1ph6 ment til telnpt red glass, will lisc 11carly 7 either gas tir clet tritif s itir heatiilg in nlilll(d) t ubit Icel tit gas a dav Imist new (tinstructle dl In Phth(5 territtirv | $9 6 milhtill in ailliual revenues w ere coupled W Mb the growing p<ipulants (tinnetted during the > car ( L (; lass iit clet trit heat ptinips tiir he.iting and t il t inI1Jminstin, a nlalltitat t urer t it ct Kiling resulted ill en1ph6 ment til telnpt red glass, will lisc 11carly 7 either gas tir clet tritif s itir heatiilg in nlilll(d) t ubit Icel tit gas a dav Imist new (tinstructle dl In Phth(5 territtirv | ||
| Line 1,572: | Line 856: | ||
addit h Hlal reveillies annualls st i i ll)=l !.llRt st t'let f rit t. lists in)er With l | addit h Hlal reveillies annualls st i i ll)=l !.llRt st t'let f rit t. lists in)er With l | ||
<l sb fll.1!id i d s9 nit g.1% atIs .!!hl aill ual As a u niseqtiente, the ( <impally i g [ f , , f ,/ f, fy[s ( ,,f g g ,g [g g / | <l sb fll.1!id i d s9 nit g.1% atIs .!!hl aill ual As a u niseqtiente, the ( <impally i g [ f , , f ,/ f, fy[s ( ,,f g g ,g [g g / | ||
l ll st lith s i d 'sl 5 5 Illlllhin allticipated llew gas Ulstal!alions than had been A lli it Ilt f st eel ( t unp.inv hihn A A total of 9.669 vapor hghts w ere m-anticipated .T.hev. included 21) x()4 . stalled in 1979 as the state and h, i n I d l f i t Nt t t I t t ITpt if atit in. begal) resiJeiiti il. l.8.40 tommercial, and 144 municipahties contmued to improve ispt IJtledl lli IIM tilriner ( Eih iTad(> l'uel | l ll st lith s i d 'sl 5 5 Illlllhin allticipated llew gas Ulstal!alions than had been A lli it Ilt f st eel ( t unp.inv hihn A A total of 9.669 vapor hghts w ere m-anticipated .T.hev. included 21) x()4 . stalled in 1979 as the state and h, i n I d l f i t Nt t t I t t ITpt if atit in. begal) resiJeiiti il. l.8.40 tommercial, and 144 municipahties contmued to improve ispt IJtledl lli IIM tilriner ( Eih iTad(> l'uel industrial units ()t the residential street hghtmg I.he state is ciinvertmg i s lf + ill I.it 111t \ 111 I ll acht e Illw !) ship Installat h uls. 1;J)6; were heating trorn incandescent hghts on state l,Is hlt h t li 41 illit : lllv icquires 14 ctH1 versions, a new rectird, surpassing highways t< > the energy-etticiciit vapiir 11h ca w. itis t il clet t rit.Il pilwer htit is the tigure ot 1(1.246 set in !963 units In addithin 4,;H) dusk-to-dawn e s p( h d t< > lik it ast eventualh ni | ||
industrial units ()t the residential street hghtmg I.he state is ciinvertmg i s lf + ill I.it 111t \ 111 I ll acht e Illw !) ship Installat h uls. 1;J)6; were heating trorn incandescent hghts on state l,Is hlt h t li 41 illit : lllv icquires 14 ctH1 versions, a new rectird, surpassing highways t< > the energy-etticiciit vapiir 11h ca w. itis t il clet t rit.Il pilwer htit is the tigure ot 1(1.246 set in !963 units In addithin 4,;H) dusk-to-dawn e s p( h d t< > lik it ast eventualh ni | |||
( | ( | ||
5s t ih Ra v,'li t s In two steps. in MJy and september. hghting umts w ere installed. hnngmg the New Jersey lloard of Pubhc Utili- the total on Company hnes to ;2?xo | 5s t ih Ra v,'li t s In two steps. in MJy and september. hghting umts w ere installed. hnngmg the New Jersey lloard of Pubhc Utili- the total on Company hnes to ;2?xo | ||
( i.nnet t nin or the two steel ties approved Lompany requests to t i 41 pailles .llhl 4it het new clistt Huers t astorner iklations linpros al | ( i.nnet t nin or the two steel ties approved Lompany requests to t i 41 pailles .llhl 4it het new clistt Huers t astorner iklations linpros al | ||
.. .;.... . . ; .. . . . | .. .;.... . . ; .. . . . | ||
. ()ther f acets < >t n, irketing at nvities | . ()ther f acets < >t n, irketing at nvities | ||
, \ ' | , \ ' | ||
*Dp % | *Dp % | ||
, dunng the veaf included preparation vRk | |||
, dunng the veaf included preparation | |||
vRk | |||
' [ | ' [ | ||
f -- | f -- | ||
, for Implementation of the Company's | , for Implementation of the Company's | ||
. %.y 4' | . %.y 4' | ||
./,e 4- - | ./,e 4- - | ||
new solar water hearing program, | new solar water hearing program, 7 e k ._ ' y , , | ||
7 expanded conservation serv ces and | 7 expanded conservation serv ces and | ||
. .,, I J closer haison with oustomers gC. | . .,, I J closer haison with oustomers gC. | ||
4 ,. | 4 ,. | ||
More than 88JXX) contacts with 4, ,; . | |||
More than 88JXX) contacts with | |||
4, ,; . | |||
y , customers were made by personal i- S .. i, , ? . . . .. . | y , customers were made by personal i- S .. i, , ? . . . .. . | ||
e visits, group meetings. correspondence | e visits, group meetings. correspondence | ||
\6 ~ | \6 ~ | ||
'~ - ~ | '~ - ~ | ||
p- and telephone. Consumer advisers e | p- and telephone. Consumer advisers e | ||
4 g < . '. .*g | 4 g < . '. .*g | ||
. /f . d conducted lectures on suhiccts such as | . /f . d conducted lectures on suhiccts such as | ||
^ | ^ | ||
the ethcient use of energy. alternate | the ethcient use of energy. alternate | ||
' * '- , e "~ energy sources, energy costs and 7 M ,, , / ? | ' * '- , e "~ energy sources, energy costs and 7 M ,, , / ? | ||
fp | fp N nuclear power. | ||
N nuclear power. | |||
* - .- C e The higher cost of energy mcreased | * - .- C e The higher cost of energy mcreased | ||
.i | .i 8 ~ # | ||
i' conservation activities. PSEsG with | |||
8 ~ # | |||
i' | |||
*+ | *+ | ||
; other utihties m the state participated | ; other utihties m the state participated | ||
.< 1 c , .g , | .< 1 c , .g , | ||
, - ;( . | , - ;( . | ||
. ~; in a Home Energy Savmgs Plan of the 4 A r .<.: - - # | . ~; in a Home Energy Savmgs Plan of the 4 A r .<.: - - # | ||
* New Jersey Department of Energy. | * New Jersey Department of Energy. | ||
| Line 1,662: | Line 900: | ||
r . : | r . : | ||
f.*' | f.*' | ||
. , g, , ' s,. , | . , g, , ' s,. , | ||
< owners and assistance given in the | < owners and assistance given in the | ||
- .. _- ,r ' ' | - .. _- ,r ' ' | ||
, selection of contractors and in the | , selection of contractors and in the | ||
, , = | , , = | ||
~ | ~ | ||
t | t | ||
, . financing of energy-savmg equipment. | , . financing of energy-savmg equipment. | ||
1," . , . 1 4 | 1," . , . 1 4 | ||
, , / .: | , , / .: | ||
, g. | , g. | ||
.e . | .e . | ||
., , w | ., , w | ||
, p. | , p. | ||
+ . | + . | ||
7 | 7 | ||
.e | .e | ||
* h | * h | ||
. y , | . y , | ||
t- . | t- . | ||
s. | s. | ||
+ | + | ||
, , i m . | , , i m . | ||
< ~ | < ~ | ||
* . . W . _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _ / | * . . W . _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _ / | ||
T he l'ompany also is participating ( n Wrenler h (<>unts So/at Ntcr //catine Prognun in a study with the prmceton | T he l'ompany also is participating ( n Wrenler h (<>unts So/at Ntcr //catine Prognun in a study with the prmceton | ||
< onipulcri/n/ A residential solar water heatmg Uros ersity ( enter for Energy .ind program for homeowners in the LHV!rfinntent htudies tip determine .T he first phase of a new uimputer-based system for customer accounts l'ompanvN clectric service area was t he ettet_tivericss tit vari,ius eners" hecanle operational at a}} Lommercial announted m Vptember at a 'holar L(IriscrVatit;n appr(iJches in resideritial Numnlit" sponvired ov the New Jersey f at Ilitles' (>Hice lmanim m 1979 Anv a r t ( >t a cust(>mer \ tetord tan he displayed (in Board of public Utilites i ht program N1arketmg representatives per-tiirmed energy management surveys a ternd e m in tour to seven will otter customers whm L omes on6 hv entering the account meet certain criteria the ,7p.rtunity for 11tinterous large industnal and number or address This improves to purchase a soundly-engmet red t t in i me rc i.ll ( Lis t(inle rs acculat'v and speed in answering M)lar water heating system iristalled New goverrlmeiltal reglilations have under osEA supervisun and backed cWo meim 1 | < onipulcri/n/ A residential solar water heatmg Uros ersity ( enter for Energy .ind program for homeowners in the LHV!rfinntent htudies tip determine .T he first phase of a new uimputer-based system for customer accounts l'ompanvN clectric service area was t he ettet_tivericss tit vari,ius eners" hecanle operational at a}} Lommercial announted m Vptember at a 'holar L(IriscrVatit;n appr(iJches in resideritial Numnlit" sponvired ov the New Jersey f at Ilitles' (>Hice lmanim m 1979 Anv a r t ( >t a cust(>mer \ tetord tan he displayed (in Board of public Utilites i ht program N1arketmg representatives per-tiirmed energy management surveys a ternd e m in tour to seven will otter customers whm L omes on6 hv entering the account meet certain criteria the ,7p.rtunity for 11tinterous large industnal and number or address This improves to purchase a soundly-engmet red t t in i me rc i.ll ( Lis t(inle rs acculat'v and speed in answering M)lar water heating system iristalled New goverrlmeiltal reglilations have under osEA supervisun and backed cWo meim 1 | ||
| Line 1,726: | Line 933: | ||
other programs requirmg mcreased will include a 12agallon insulated and for processing of electric and gas markelmg operations storage tank Llectric resistance service orders hv computer. | other programs requirmg mcreased will include a 12agallon insulated and for processing of electric and gas markelmg operations storage tank Llectric resistance service orders hv computer. | ||
As part (>I the l,tilllpany s cIti)Tt (t) | As part (>I the l,tilllpany s cIti)Tt (t) | ||
A cha. ige in the inethod or reci>rd- hea:ing elements wth. supply supple-Imprtive clisttimer relatitins, ,1 gjew mental energy (,ost of the units will ing 111onthly meter readmgs trom a L tiin fillinitalit ins Italiling prt >Mram he approximatelv S2,600. | A cha. ige in the inethod or reci>rd- hea:ing elements wth. supply supple-Imprtive clisttimer relatitins, ,1 gjew mental energy (,ost of the units will ing 111onthly meter readmgs trom a L tiin fillinitalit ins Italiling prt >Mram he approximatelv S2,600. | ||
Invt IIving t iver N N) clistt imer-ct >ntact k.ev-entry system to optical scannnig of mar ked cards was begun. T,he new Approval is hemg sought for a solar | Invt IIving t iver N N) clistt imer-ct >ntact k.ev-entry system to optical scannnig of mar ked cards was begun. T,he new Approval is hemg sought for a solar empit u ces was heglin in 1979 method will sigmticantiv improve provision in the Residential Load Irailli;lg Was specIIltalls. designed etIlClenCy and productivity of meter blanagement rate Which will provide (t) hcID en1 pit u ces resp (ind mttre feilders as % cil as customer hilhng a low rate for the supplemental etIce t ivels it > L Listtimer etinterns. A landtin) mail stirvey was c(inducted operations Computerized procedures electric energy in the off-peak period ttir estinlatillg cListomer Lise when betw reri 9 p ni. and y, a.m. | ||
empit u ces was heglin in 1979 method will sigmticantiv improve provision in the Residential Load Irailli;lg Was specIIltalls. designed etIlClenCy and productivity of meter blanagement rate Which will provide (t) hcID en1 pit u ces resp (ind mttre feilders as % cil as customer hilhng a low rate for the supplemental etIce t ivels it > L Listtimer etinterns. A landtin) mail stirvey was c(inducted operations Computerized procedures electric energy in the off-peak period ttir estinlatillg cListomer Lise when betw reri 9 p ni. and y, a.m. | |||
thnitighiiut the vear tt> determinic readings Cannot he ohtained a}50 will T he Company will purchase the attltlldes itiward the t'timpariv and beim, ,ed. vilar systems tr(Im a mantitilettirer its servit e and retilin (lLlalified et)ntractors til dt) installation work. | thnitighiiut the vear tt> determinic readings Cannot he ohtained a}50 will T he Company will purchase the attltlldes itiward the t'timpariv and beim, ,ed. vilar systems tr(Im a mantitilettirer its servit e and retilin (lLlalified et)ntractors til dt) installation work. | ||
Before the program can he imple-mented a waiver f rom the U.S. | Before the program can he imple-mented a waiver f rom the U.S. | ||
| Line 1,736: | Line 940: | ||
% ,, heen filed. | % ,, heen filed. | ||
t g $5t, t The solar program, which is an M (jy $Pl?.x, otitgrowth at experience the Company W a$ T gained in it5 solilr demtinstrall(in program over the last two years, is but one ot a number ot activities insolving loild milnagement. ()thers ! | t g $5t, t The solar program, which is an M (jy $Pl?.x, otitgrowth at experience the Company W a$ T gained in it5 solilr demtinstrall(in program over the last two years, is but one ot a number ot activities insolving loild milnagement. ()thers ! | ||
include storage of thermal energy. I litility Control oI Customer apphances, Industflal and Commercial time-of-day | include storage of thermal energy. I litility Control oI Customer apphances, Industflal and Commercial time-of-day ratc5, and interruptible service electric l rates. l i | ||
ratc5, and interruptible service electric l | |||
rates. l i | |||
+. | +. | ||
.~ 1 l | .~ 1 l | ||
| Line 1,750: | Line 948: | ||
l l | l l | ||
e y---i l ya o | e y---i l ya o | ||
a: | a: | ||
~ | ~ | ||
~e se W | ~e se W | ||
~ | ~ | ||
g | g M b. h3 | ||
M b. h3 | |||
* 4~ . ~ _gg - , 1 | * 4~ . ~ _gg - , 1 | ||
1 | 1 | ||
.,9 .. , , . | .,9 .. , , . | ||
;'- . . | ;'- . . | ||
: p. . | : p. . | ||
~ | ~ | ||
Appliant c ( ontrol % Inch | Appliant c ( ontrol % Inch | ||
,[ i : sj - | ,[ i : sj - | ||
. y: :s . . | . y: :s . . | ||
. . - . ( g g;, ,g | . . - . ( g g;, ,g | ||
: 3. ? _1 .'_ .- | : 3. ? _1 .'_ .- | ||
;9 . a . | ;9 . a . | ||
L . | L . | ||
. . .g. . | . . .g. . | ||
A load management study of utihty control of customer-ow ned air con-pg 3 M. [ ditioners and electric water heaters, | |||
A load management study of utihty | |||
control of customer-ow ned air con-pg 3 M. [ ditioners and electric water heaters, | |||
~ ' | ~ ' | ||
; ., | ; ., | ||
I | I | ||
;. | ;. | ||
begun m in m the Vincentown | begun m in m the Vincentown | ||
( . F. L .- | ( . F. L .- | ||
- f*3{ - | - f*3{ - | ||
.-' '.i | .-' '.i | ||
(' | (' | ||
4 - | 4 - | ||
+ | + | ||
retirement community, et>ntinued in | retirement community, et>ntinued in | ||
'~- ' i A gIa - | '~- ' i A gIa - | ||
| Line 1,826: | Line 987: | ||
~" | ~" | ||
.- N7.~ z ' | .- N7.~ z ' | ||
+ rol system hv the Com- | + rol system hv the Com- | ||
, '.. I | , '.. I | ||
; ,. | ; ,. | ||
1, pany to turn off the apphances at F | |||
1, | |||
pany to turn off the apphances at | |||
F | |||
^ | ^ | ||
$ '-} , | $ '-} , | ||
.. - intervais to reduce load on the electric system. | .. - intervais to reduce load on the electric system. | ||
, . . , /. | , . . , /. | ||
t .+ :. . > . | t .+ :. . > . | ||
~ | ~ | ||
| Line 1,857: | Line 1,002: | ||
. .j . | . .j . | ||
"llcadtf uat Ict s, \.l. | "llcadtf uat Ict s, \.l. | ||
"More and more of America's leading | "More and more of America's leading | ||
- #+ ,,d | - #+ ,,d | ||
. i . . , . | . i . . , . | ||
3.. l c - * '' , | 3.. l c - * '' , | ||
,^. | ,^. | ||
s,'. | s,'. | ||
.. / . / | .. / . / | ||
34 - | 34 - | ||
T. . | T. . | ||
+iu companies are movmg to ci.nvement urban. suburban or mral locations in New Jersey. That is w hv the state now l' | +iu companies are movmg to ci.nvement urban. suburban or mral locations in New Jersey. That is w hv the state now l' | ||
\v . | \v . | ||
c - '$~ J has the th.rd highest concentration ot corporate headquarters in the nation," | |||
c - '$~ J has the th.rd highest concentration ot | |||
corporate headquarters in the nation," | |||
3 p~s ; * ~ - | 3 p~s ; * ~ - | ||
' '* ,. says the Company's promotional book-v - - | |||
' '* ,. says the Company's promotional book- | |||
v - - | |||
let " Headquarters. N.I." which was | let " Headquarters. N.I." which was | ||
.w '& * . | .w '& * . | ||
' L. . | ' L. . | ||
. , ./ .;,, - issued in 1979. | . , ./ .;,, - issued in 1979. | ||
The statement was supported by a | The statement was supported by a | ||
[ . * #' ' | [ . * #' ' | ||
4 ., | 4 ., | ||
survev ()f fortune Magazine <>t the i ' ._.1- Q ,. g a . - | survev ()f fortune Magazine <>t the i ' ._.1- Q ,. g a . - | ||
- 1,WX) largest industrial Corporation 5 i | - 1,WX) largest industrial Corporation 5 i | ||
. ' . . . ..e. . | . ' . . . ..e. . | ||
which indicated that New Jersey is | |||
.I . . . .- .- T. . . . .. . | .I . . . .- .- T. . . . .. . | ||
a "most hkely choice" for the inca-tion of new corporate headquarters facihties within the next five years. | a "most hkely choice" for the inca-tion of new corporate headquarters facihties within the next five years. | ||
The location and expansion of maior corporate and regional ottice tacihties 33 well as other othee buildings con-tinued last year at a rapid pace, hearing | The location and expansion of maior corporate and regional ottice tacihties 33 well as other othee buildings con-tinued last year at a rapid pace, hearing | ||
; f?.;"t.~ _ 7 '""F Wi*$ - . . Q% W'"W , , PTN MP .mO ,pN pr PMWWW WW A W'%? WMed out these statements. | ; f?.;"t.~ _ 7 '""F Wi*$ - . . Q% W'"W , , PTN MP .mO ,pN pr PMWWW WW A W'%? WMed out these statements. | ||
Q [ 'E. b -- ' ~h- .h/ [ 'bn2 A .. I Interest In the Company's territory | Q [ 'E. b -- ' ~h- .h/ [ 'bn2 A .. I Interest In the Company's territory | ||
(", [ * ' M. . | (", [ * ' M. . | ||
| Line 1,938: | Line 1,037: | ||
#g, g, - . ,.-) was generated by an extremely effec-9; .:. y' - g ' g - | #g, g, - . ,.-) was generated by an extremely effec-9; .:. y' - g ' g - | ||
A | A | ||
~ | ~ | ||
tive area development advertismg "y > ~ > - Campaign. | tive area development advertismg "y > ~ > - Campaign. | ||
h^.o . 4, ~ . d.. | h^.o . 4, ~ . d.. | ||
.i The estabhshment and expansion of 3 | .i The estabhshment and expansion of 3 | ||
I' | I' | ||
'. J j | '. J j | ||
- ^ | - ^ | ||
large ccmputer and data processmg centers also had a maior impact on | large ccmputer and data processmg centers also had a maior impact on | ||
.; f ~ 1' : , | .; f ~ 1' : , | ||
- t development m the Company's serv- I N | |||
y). p"f ./ ice area. Campus-type locations and e | |||
- t development m the Company's serv- I | |||
e | |||
' 'S ~ | ' 'S ~ | ||
hQjh f d. ; $, ? | hQjh f d. ; $, ? | ||
| Line 1,977: | Line 1,053: | ||
j | j | ||
- ' ~.~ | - ' ~.~ | ||
4 | |||
;~ | ;~ | ||
* g During the year 37() maior indus-trial firms, employmg approximattly | * g During the year 37() maior indus-trial firms, employmg approximattly | ||
-- + . | -- + . | ||
s 1 | s 1 y i% ~ ' | ||
y i% ~ ' | |||
4 | 4 | ||
. . 16,7()() persons, located or expanded | . . 16,7()() persons, located or expanded | ||
* -A - - in P%G territory. Lost were 49 com- | * -A - - in P%G territory. Lost were 49 com- | ||
^ - ' | ^ - ' | ||
'. t panies, employmg3,450, leaving a net | '. t panies, employmg3,450, leaving a net | ||
{- | {- | ||
,,, f , | ,,, f , | ||
f ,. | f ,. | ||
- ll: gain of 13,250 iohs. | - ll: gain of 13,250 iohs. | ||
p | p | ||
, ; * - | , ; * - | ||
.L 4 \ | .L 4 \ | ||
--'^ . | --'^ . | ||
* - . - s 4 ' .x | * - . - s 4 ' .x 3 | ||
p ,- '.,...q | |||
- .,_ / | - .,_ / | ||
*- ' g .:. v, .g , * - . .- | *- ' g .:. v, .g , * - . .- | ||
. [ .{ | . [ .{ | ||
; , '. | ; , '. | ||
s y. .. .. . | s y. .. .. . | ||
. _:, . 5'$ _ | . _:, . 5'$ _ | ||
8 > -- '' - | 8 > -- '' - | ||
*.s, | *.s, y . | ||
y | |||
. g.i .. , ., | . g.i .. , ., | ||
o . | o . | ||
? - . % | ? - . % | ||
.s g ;;-_ | .s g ;;-_ | ||
: f. ~ , - + | : f. ~ , - + | ||
h[ dd(Fr & h__ _____ _ _ _ _ _ _ _ _ _ _ _ _7 | h[ dd(Fr & h__ _____ _ _ _ _ _ _ _ _ _ _ _ _7 | ||
: v. +-.,.,.... , , .c - - | : v. +-.,.,.... , , .c - - | ||
# ~ | # ~ | ||
.- i , i | .- i , i | ||
. q: | . q: | ||
+y | +y s ? | ||
Q, s. | |||
s ? | |||
Q, | |||
s. | |||
y . : u | y . : u | ||
' .? | ' .? | ||
- n . | - n . | ||
.c : | .c : | ||
-- 4 - | -- 4 - | ||
. [*? , | . [*? , | ||
s e | |||
s | |||
e | |||
s - .. . | s - .. . | ||
, Y ', .5 , ' Q' 3 _. ' . | , Y ', .5 , ' Q' 3 _. ' . | ||
& r p | & r p | ||
.* - ; J ': | .* - ; J ': | ||
.;,[l .D : | .;,[l .D : | ||
n.,; .;. - :l': . | n.,; .;. - :l': . | ||
x- | x-s- 3.lhl[i4 $. %.cQ q f,, .. | ||
s- 3.lhl[i4 $. %.cQ q f,, .. | |||
l(. y | l(. y | ||
+ | + | ||
; . 97.% g _ , ,; 2;% | ; . 97.% g _ , ,; 2;% | ||
* f, i:. {{ | * f, i:. {{ | ||
-\ "-' * | -\ "-' * | ||
, [ *;* , '* /; s : ,. _Ql_ . | , [ *;* , '* /; s : ,. _Ql_ . | ||
s j Q mgfy94 . .Q, . | s j Q mgfy94 . .Q, . | ||
h r. | h r. | ||
*~~ ' - | *~~ ' - | ||
.' - _% . , f . *.c . . . , , | .' - _% . , f . *.c . . . , , | ||
* , - - Dunng the year the Company m-owe N h., ' 'W9P's " . | |||
* , - - Dunng the year the Company m- | |||
owe N h., ' 'W9P's " . | |||
m.. ., - . , . | m.. ., - . , . | ||
stalled and began testing electnc | stalled and began testing electnc | ||
' (I m.M.M.Jun asup .. .,.' ., | ' (I m.M.M.Jun asup .. .,.' ., | ||
M[, . .h. ' .i IllrnaCes With ceramic c< ires m the , | M[, . .h. ' .i IllrnaCes With ceramic c< ires m the , | ||
2*f $g %~ ..~. . ot its elet tne heanng | 2*f $g %~ ..~. . ot its elet tne heanng | ||
, %. _, *w r U. ' | , %. _, *w r U. ' | ||
| Line 2,148: | Line 1,127: | ||
' - . . qy, homes ot Customers K)I he iumaces niinnally , | ' - . . qy, homes ot Customers K)I he iumaces niinnally , | ||
^ | ^ | ||
.7 ame,mm I .. y 4 '*"~ '. Use eleCtrlCltv (mly at night thus 1 - | .7 ame,mm I .. y 4 '*"~ '. Use eleCtrlCltv (mly at night thus 1 - | ||
=e ,, s | =e ,, s | ||
-._ ,.e g. .. ~ - reducmg the demand for energv a - | -._ ,.e g. .. ~ - reducmg the demand for energv a - | ||
. ~ . M.) dunng the daytime penod - " | . ~ . M.) dunng the daytime penod - " | ||
.. m 4 - } '- .s'.' | .. m 4 - } '- .s'.' | ||
.spp. . '.. | .spp. . '.. | ||
_,e~ - | _,e~ - | ||
6- | 6- | ||
-%--w._ | -%--w._ | ||
g;. .. 7 ;. t .- | g;. .. 7 ;. t .- | ||
n The ceramic cores consist ut a pile or special bncks w hich are 7 s.. | n The ceramic cores consist ut a pile or special bncks w hich are 7 s.. | ||
, c 1, . - | , c 1, . - | ||
E- ' " | E- ' " | ||
| Line 2,181: | Line 1,145: | ||
heat provided hv embedded electnt * ' ' ' | heat provided hv embedded electnt * ' ' ' | ||
'" ^ | '" ^ | ||
~ . A. , :,,, ~- Lk ~7 coils. The company determmes the - ~ | ~ . A. , :,,, ~- Lk ~7 coils. The company determmes the - ~ | ||
.'kN..i7 d.'% , %'.h.h dT'E'-(,w$$';d , | .'kN..i7 d.'% , %'.h.h dT'E'-(,w$$';d , | ||
~ | ~ | ||
c .g.:.I | c .g.:.I | ||
? gky f.d. / hest nme to dehver electncity tor core | ? gky f.d. / hest nme to dehver electncity tor core | ||
.j. ' | .j. ' | ||
'f l/.R .?t'.h . . * "A . .. . . , heatmg and. usn.g spetial telephone | 'f l/.R .?t'.h . . * "A . .. . . , heatmg and. usn.g spetial telephone j.['D[q' f'-A44".@ v;; ;,7: ;w_M. w ?, | ||
j.['D[q' f'-A44".@ v;; ;,7: ;w_M. w ?, | |||
s . , ,~. 3 s vi" . | s . , ,~. 3 s vi" . | ||
* *fd.P # p..g | * *fd.P # p..g hnes, signals the equipment to receive i | ||
hnes, signals the equipment to receive i | |||
'' O;, .'<m.M.N,,_. W '.q. ' ' . c - | '' O;, .'<m.M.N,,_. W '.q. ' ' . c - | ||
8Efr, r,'mD*.g,.rg,J o' f! % 7 g. '. .' | 8Efr, r,'mD*.g,.rg,J o' f! % 7 g. '. .' | ||
%. G ' .; gW . ..' it When the home thermostat signals .. | %. G ' .; gW . ..' it When the home thermostat signals .. | ||
the need for heat, air circulates over | the need for heat, air circulates over 5 p; - | ||
5 p; - | |||
.,+. . . , . . . __fs_ m..- | .,+. . . , . . . __fs_ m..- | ||
_f. p . ~ w . e ., q.. . w.s. . .s.-. ' | _f. p . ~ w . e ., q.. . w.s. . .s.-. ' | ||
- 3^ - | - 3^ - | ||
. s w _ . a q , n ..;' eM.s , .'. the bncks and through the heanng n~ - | . s w _ . a q , n ..;' eM.s , .'. the bncks and through the heanng n~ - | ||
. [ ,ggy }{ , | . [ ,ggy }{ , | ||
9.f, ' d n " ${ ( ' '; t'. l- D g ,4 f.? y 7 1 * ' ' ' | |||
"; '-,L, System. | "; '-,L, System. | ||
lf | lf A specially controlled electnc water ' | ||
A specially controlled electnc water | |||
' f * ' | ' f * ' | ||
.w . k / * ). 3 ,' .jh 1 . . | .w . k / * ). 3 ,' .jh 1 . . | ||
'"'Y"' .* ; **. . ( p. 1,y .13 ' ** | '"'Y"' .* ; **. . ( p. 1,y .13 ' ** | ||
.~~.,. | .~~.,. | ||
heater capable (>t heating large quanti. ,. | heater capable (>t heating large quanti. ,. | ||
" g' .qYD ] - . | " g' .qYD ] - . | ||
. ~7d I8, ; '' , [ tie 5 tit Water at night f(>r tise during . | . ~7d I8, ; '' , [ tie 5 tit Water at night f(>r tise during . | ||
.g V N w * | .g V N w | ||
* 4 g - - | |||
4 g - - | |||
g .. | g .. | ||
4g , B, t.C | 4g , B, t.C | ||
* Inc dav a}so is being tested. 7 . | * Inc dav a}so is being tested. 7 . | ||
| Line 2,253: | Line 1,184: | ||
f, '., ;J. ; - -;"r . | f, '., ;J. ; - -;"r . | ||
} . | } . | ||
% W;94 | % W;94 | ||
.,A - | .,A - | ||
I3SEsG arc tunding the twoucar | I3SEsG arc tunding the twoucar | ||
~ +t J. , f-i s.V cf. J a t. . I' J 3 f , pi" h,.'.: 'W M [ study when it is completed. operanon " | ~ +t J. , f-i s.V cf. J a t. . I' J 3 f , pi" h,.'.: 'W M [ study when it is completed. operanon " | ||
I . . | I . . | ||
M **''' h b, u' h | M **''' h b, u' h 4 | ||
4 | |||
g o , | g o , | ||
'V of the equipment and the assi,uated | 'V of the equipment and the assi,uated | ||
, ' ' ?, 2 N , . ,1 | , ' ' ?, 2 N , . ,1 | ||
~ | ~ | ||
,/ < , | ,/ < , | ||
[ , .J 7.; ( 4 - N ConimunicatH)ns system, custtimtr 7 , fl y 2**;# ,'y. .gf . | [ , .J 7.; ( 4 - N ConimunicatH)ns system, custtimtr 7 , fl y 2**;# ,'y. .gf . | ||
/ .. ; : .* .y - . | / .. ; : .* .y - . | ||
[ | [ | ||
y . | y . | ||
idaClion and the impact <m the 3., | idaClion and the impact <m the 3., | ||
3 a .'- | 3 a .'- | ||
[ %- . | [ %- . | ||
gA .- | gA .- | ||
| Line 2,290: | Line 1,206: | ||
~ ' ' | ~ ' ' | ||
f y. | f y. | ||
. U 'Q & | . U 'Q & | ||
s h. | s h. | ||
* f' { 'f ~ .l' ' _ _ - .- | * f' { 'f ~ .l' ' _ _ - .- | ||
Q-;' % | Q-;' % | ||
.' . T. lIllf hh [ l U l lit IT'\ llJit 't d %[ | .' . T. lIllf hh [ l U l lit IT'\ llJit 't d %[ | ||
h [. A . ,,4- p ~3 *;fP,h elg l'. | h [. A . ,,4- p ~3 *;fP,h elg l'. | ||
~ | ~ | ||
i- ". . n 7% | i- ". . n 7% | ||
..y.f. The effect which the vanous load e | ..y.f. The effect which the vanous load e | ||
.f-4,3' o _ | .f-4,3' o _ | ||
| Line 2,313: | Line 1,220: | ||
MS s | MS s | ||
- g.4.g.P' .. .h "7 M g"! ' | - g.4.g.P' .. .h "7 M g"! ' | ||
,. y ; | ,. y ; | ||
.. j s,', {"g% have management activilles are expected ((> | .. j s,', {"g% have management activilles are expected ((> | ||
. .g, } .-( . | . .g, } .-( . | ||
s | s | ||
+4 -;, s | +4 -;, s | ||
,q | ,q | ||
. . g, | . . g, | ||
., g..,- upon Company operations is | ., g..,- upon Company operations is | ||
....,, k' ; > 'g }% | ....,, k' ; > 'g }% | ||
g y/ - . | g y/ - . | ||
meluded m the corporate energv g [;5g. -.,- - | |||
meluded m the corporate energv | |||
g [;5g. -.,- - | |||
.,I . , - | .,I . , - | ||
forec ist. It is estimated that as a result m . . g $ ,. . | |||
j - - ~t of these, and other programs. the | |||
forec ist. It is estimated that as a result | |||
m . . g $ ,. . | |||
j - - ~t | |||
of these, and other programs. the | |||
, 3 n . | , 3 n . | ||
. . . ..g** e . | . . . ..g** e . | ||
i t | i t | ||
. , gv 31 ' system peak electric demand in the | . , gv 31 ' system peak electric demand in the | ||
: p. " 's , . ,,'V' | : p. " 's , . ,,'V' | ||
. .s s4 | . .s s4 | ||
.s | .s | ||
; | ; | ||
year 2008 will be curtailed hv about E 3d . J ag[ g. #s | year 2008 will be curtailed hv about E 3d . J ag[ g. #s | ||
~ ' ' | ~ ' ' | ||
-Qw t J - ( ' . | -Qw t J - ( ' . | ||
g. | g. | ||
g ? s. , 1,900 megawatts At the same ame an * | g ? s. , 1,900 megawatts At the same ame an * | ||
,g | ,g | ||
~ | ~ | ||
additionallhdo milhon kilowatt- | additionallhdo milhon kilowatt- | ||
&.g %s. .Df4$ . [' M r'' 5 | &.g %s. .Df4$ . [' M r'' 5 | ||
.a ~ | .a ~ | ||
y' hours of oft-peak sales are expected to | |||
y' | |||
hours of oft-peak sales are expected to | |||
,,,,,,pyst. ~ 4, m . ,- ' ~ | ,,,,,,pyst. ~ 4, m . ,- ' ~ | ||
. 4 . - - - . | . 4 . - - - . | ||
v . ., .* | v . ., .* | ||
;- | ;- | ||
. he reahred | . he reahred | ||
.,,s. | .,,s. | ||
.; q _ p . . '*' . | .; q _ p . . '*' . | ||
?$. , ,- i | ?$. , ,- i | ||
.' . pg**- * . c . | .' . pg**- * . c . | ||
.. p | .. p | ||
. . _ v. , | . . _ v. , | ||
'i$ L., ' N$N Wf ?. | 'i$ L., ' N$N Wf ?. | ||
~ | ~ | ||
49 vj l' ,Is&h./ L y .g; . . y N e f; 7 7 n4 | |||
49 vj l' ,Is&h./ L y .g; . . y N e | |||
f; 7 7 n4 | |||
~ | ~ | ||
e s - . ;, . g . | |||
e | |||
s - . ;, . g . | |||
j - < | j - < | ||
4 | 4 rt , | ||
rt , | |||
m. | m. | ||
3.J '- 'g+- | 3.J '- 'g+- | ||
.. m y[ | .. m y[ | ||
n.} = | n.} = | ||
_s . | _s . | ||
. ; . - | . ; . - | ||
.-Q . | .-Q . | ||
g%.Ag; ' ~ . | g%.Ag; ' ~ . | ||
: . ~l . / ' ' | : . ~l . / ' ' | ||
| Line 2,453: | Line 1,283: | ||
*; ; . | *; ; . | ||
V }*, &>f | V }*, &>f | ||
+[ . | +[ . | ||
Cable Monitonng System Ozone Monitonng Energ' y Kescarch s!ater Quakty "I ' | Cable Monitonng System Ozone Monitonng Energ' y Kescarch s!ater Quakty "I ' | ||
Energy ontrol Efficiency > | Energy ontrol Efficiency > | ||
| Line 2,468: | Line 1,290: | ||
i y;; ' | i y;; ' | ||
* w | * w | ||
, I, k | , I, k M,g - | ||
M,g - | |||
f I he Comp.un s research and devel-Radiological "pment program %as expanded and lectnc Vehicle Monitonng broadCned ul 19'9 A number or neh pit)]Uc ts % C TU lilitiatCd .liltl u (il k ad-Mkh g vanced on those already under wav liesCJrt h .iiid devCliipiiicilt giials Include devClopmCnl ot alterna!U g , . *, i UncTgy tCthniiliigies tti redtice depcii-g' ''''' | f I he Comp.un s research and devel-Radiological "pment program %as expanded and lectnc Vehicle Monitonng broadCned ul 19'9 A number or neh pit)]Uc ts % C TU lilitiatCd .liltl u (il k ad-Mkh g vanced on those already under wav liesCJrt h .iiid devCliipiiicilt giials Include devClopmCnl ot alterna!U g , . *, i UncTgy tCthniiliigies tti redtice depcii-g' ''''' | ||
dt!lt c i nn tilfelgIl till. I'llpDivenlCllt ill | dt!lt c i nn tilfelgIl till. I'llpDivenlCllt ill | ||
'4 (1pt ra t lllR CIllc iC nc lCs. illvCst ig.i t it in ( >I IlC % blisiness vCllfilrUs [tl brii.lden the h.isc (It ('tilnpain reveniles, and clill-se rvalliill t it U nU().'v. | '4 (1pt ra t lllR CIllc iC nc lCs. illvCst ig.i t it in ( >I IlC % blisiness vCllfilrUs [tl brii.lden the h.isc (It ('tilnpain reveniles, and clill-se rvalliill t it U nU().'v. | ||
attery Storage listal expenditures tur resCarch and i st Facihty Photovoltaic Cells des clopment % cre 514 4 million ot | attery Storage listal expenditures tur resCarch and i st Facihty Photovoltaic Cells des clopment % cre 514 4 million ot | ||
{ '[% % hit h 5; 2 iilillitin tame iniiil titit-vde iMencies T he ( iinipany 's Ct ist y f or Illttinal ICsCarth work was S9 I Illllhon of Which 54 4 milhon was tor sllpptif t ( >I tilitsidC MUnCTal rUsearch l | { '[% % hit h 5; 2 iilillitin tame iniiil titit-vde iMencies T he ( iinipany 's Ct ist y f or Illttinal ICsCarth work was S9 I Illllhon of Which 54 4 milhon was tor sllpptif t ( >I tilitsidC MUnCTal rUsearch l | ||
.rc thrtiligh iildustrv iirgaiiinatiiins. | .rc thrtiligh iildustrv iirgaiiinatiiins. | ||
| Line 2,484: | Line 1,302: | ||
quaculture w.irch contracts an'ounting to W Fusion l | quaculture w.irch contracts an'ounting to W Fusion l | ||
,, . Int}}l tin til which S.; 9 millioil is being f pit ivided hv t ilit sille agUnCICs. | ,, . Int}}l tin til which S.; 9 millioil is being f pit ivided hv t ilit sille agUnCICs. | ||
lll %i I m ihtt ( ompletal Construttlon of the llatterv Energy j | lll %i I m ihtt ( ompletal Construttlon of the llatterv Energy j ht t irage il5Lh I I I acilIt v in I lillshoD nugh has ClimpletCtl and installation of ma-lor eqttlpment began. The tacility will he the center of a national ettort for development testing and demonstra-Load tion of large-scale battery energy stor-gnculture Management age systems and power conversion Uglilp m e n t . | ||
ht t irage il5Lh I I I acilIt v in I lillshoD nugh has ClimpletCtl and installation of ma-lor eqttlpment began. The tacility will | |||
he the center of a national ettort for development testing and demonstra-Load tion of large-scale battery energy stor- | |||
gnculture Management age systems and power conversion Uglilp m e n t . | |||
l | l | ||
~ i | ~ i | ||
~ ,- | ~ ,- | ||
s.s | s.s | ||
~~ | ~~ | ||
p 2 y .&h l sk' Landfill Gas Solar Research | p 2 y .&h l sk' Landfill Gas Solar Research | ||
l | l | ||
. ' . s., . ,j - | . ' . s., . ,j - | ||
' .' # 4 | ' .' # 4 | ||
~ ' .; ' | ~ ' .; ' | ||
. , I hc pri>icct is tii sp<iiisi i red hs the | . , I hc pri>icct is tii sp<iiisi i red hs the | ||
'L. ^ - | 'L. ^ - | ||
[] h.1)cp.trinlent (if [ncigs aihl the | [] h.1)cp.trinlent (if [ncigs aihl the | ||
, %-1, .' | , %-1, .' | ||
~ | ~ | ||
" f f' . p ; ; . | " f f' . p ; ; . | ||
Llectric l'ower Rese.nt h Institute. | Llectric l'ower Rese.nt h Institute. | ||
'[ # | '[ # | ||
| Line 2,530: | Line 1,325: | ||
'N, W hic h is suppiirted hs the natnin x | 'N, W hic h is suppiirted hs the natnin x | ||
, e #' ~ .. -' .. | , e #' ~ .. -' .. | ||
f , '[* , 'y, E~ | f , '[* , 'y, E~ | ||
elcc t r it utijltles l'%l. Al; pit >Vided t he | elcc t r it utijltles l'%l. Al; pit >Vided t he | ||
,,.,,- I f ..: kN billlding. | |||
,,.,,- I f ..: kN | |||
billlding. | |||
'* \ y, i , *I. | '* \ y, i , *I. | ||
c.fY ' \. , ) | c.fY ' \. , ) | ||
: f. , /[, lit ( h it ther t ht sciipe iit the 51 ; 6 k[ | : f. , /[, lit ( h it ther t ht sciipe iit the 51 ; 6 k[ | ||
| Line 2,551: | Line 1,338: | ||
; , ./ ,% ' . . y [g,g ,i ;g'- '- 's . '. . | ; , ./ ,% ' . . y [g,g ,i ;g'- '- 's . '. . | ||
; | ; | ||
mll}h til W ha h per iiits psLst; tii | mll}h til W ha h per iiits psLst; tii | ||
; *- design ,Illd htilld ,1 set a illd test h,ls ti nt 4'A | |||
; *- design ,Illd htilld ,1 set a illd test h,ls ti nt | |||
4'A | |||
. 5 f .y 'J j | . 5 f .y 'J j | ||
I adVallced ss sicIH testlilg | I adVallced ss sicIH testlilg | ||
~ | ~ | ||
0 ',', '.y ; . | 0 ',', '.y ; . | ||
.y .# | .y .# | ||
: y. ' - | : y. ' - | ||
: 9. ' - . | : 9. ' - . | ||
#;, l . hllecessitil des t bipmcIlt (it large-d> ". - | |||
#;, l . hllecessitil des t bipmcIlt (it large- | |||
d> ". | |||
.%% 2._ | .%% 2._ | ||
,. _ ,_ .,; | ,. _ ,_ .,; | ||
3t . f - | 3t . f - | ||
w l pliiduced dLirllig nlcht flille pcIhids s it ( | w l pliiduced dLirllig nlcht flille pcIhids s it ( | ||
',s' | ',s' | ||
-I | -I | ||
. A [d. | . A [d. | ||
f f 9 :d . E. C' '# h - 9 . , . - | f f 9 :d . E. C' '# h - 9 . , . - | ||
1 | 1 | ||
.. hig degjjand hg n ucl car .ind U nal genc- | .. hig degjjand hg n ucl car .ind U nal genc- | ||
' -- . L y- # ~ | ' -- . L y- # ~ | ||
f l : | f l : | ||
.! '.: ; f _ r- | .! '.: ; f _ r-g 9, . | ||
g 9, . | |||
.) g 9 | .) g 9 | ||
:.Y, ' | :.Y, ' | ||
. ac - i | . ac - i | ||
/. dllililg d.ls IllllC hilllis t it peJ k clet t ric f | |||
/. dllililg d.ls IllllC hilllis t it peJ k clet t ric | 7 . . ;- ' ..p , : +* | ||
.f. | .f. | ||
~ | ~ | ||
reqtilleniciits I his w <itild nican that ! | reqtilleniciits I his w <itild nican that ! | ||
hi ' # ' ' ., . / | hi ' # ' ' ., . / | ||
q{,' | q{,' | ||
, 2 | , 2 | ||
, ..- 3., 'd' ' ' | , ..- 3., 'd' ' ' | ||
tch er gellerJ t ille llillis h t itild he iiceded i . . ' n. ..s . | tch er gellerJ t ille llillis h t itild he iiceded i . . ' n. ..s . | ||
ni t dmW dmm # gm>A | ni t dmW dmm # gm>A | ||
' ' [ .' I, ' | ' ' [ .' I, ' | ||
, k - | , k - | ||
; | ; | ||
.i -- ? i i. | .i -- ? i i. | ||
* q ariJ redtit c t he tise i>t iiil | * q ariJ redtit c t he tise i>t iiil | ||
'N | 'N | ||
' ''( | ' ''( | ||
i .. a.: _ ., ,. ;A .. | i .. a.: _ ., ,. ;A .. | ||
* A ~ ' ' | * A ~ ' ' | ||
r ; ., .Q . , _ . . 'N I % , | r ; ., .Q . , _ . . 'N I % , | ||
t t hll ( ,il mi!h dllt ril lll \ t % [ h Gd[q 'g } | t t hll ( ,il mi!h dllt ril lll \ t % [ h Gd[q 'g } | ||
" .. .x ; - | " .. .x ; - | ||
g' - y 4~ | g' - y 4~ | ||
u,- ; ; llilder a grant inin1 the l' % 1 )cpa r t | u,- ; ; llilder a grant inin1 the l' % 1 )cpa r t | ||
,;,; g.[g % -( | ,;,; g.[g % -( | ||
,'N_~ | ,'N_~ | ||
, g, [8 , | , g, [8 , | ||
'[ | '[ | ||
3.. V - . , ,' -.,8*- | 3.. V - . , ,' -.,8*- | ||
3 | 3 | ||
*' - mellt t iI l llcrgs. I'\ { Nl i .lild hllills and | *' - mellt t iI l llcrgs. I'\ { Nl i .lild hllills and | ||
-[[ | -[[ | ||
i >c ilJtist ri.il scis it es t 'iirp are | i >c ilJtist ri.il scis it es t 'iirp are | ||
,? ,, | ,? ,, | ||
4 . | 4 . | ||
,' +4 , f . 'g '.' "' # | ,' +4 , f . 'g '.' "' # | ||
'g 7, f g jg ' , .14 4 - ills estigating the tet hiiit.il and etir l | 'g 7, f g jg ' , .14 4 - ills estigating the tet hiiit.il and etir l | ||
11(ilnic IcJsibillts tit bill ldlile a cital paslIlL J t h iil plJ n t 111 t he ( t inipan s 's t er ritors I he pl. int u ould provide supplclHen tal gas slipplV ttir pt n% cr plant and IllJu tri.il pnicesses lilVlhill! Dental icgulattirs and mstitu-tli nilal t.lt tiirs liso k ill he studied | 11(ilnic IcJsibillts tit bill ldlile a cital paslIlL J t h iil plJ n t 111 t he ( t inipan s 's t er ritors I he pl. int u ould provide supplclHen tal gas slipplV ttir pt n% cr plant and IllJu tri.il pnicesses lilVlhill! Dental icgulattirs and mstitu-tli nilal t.lt tiirs liso k ill he studied | ||
'_] - hhGy k3 | '_] - hhGy k3 | ||
.';;[ ' | .';;[ ' | ||
* _ | * _ | ||
[ htit h a pl.iiit << itild iiicrease the tise | [ htit h a pl.iiit << itild iiicrease the tise | ||
< W % <l # p #, | < W % <l # p #, | ||
| Line 2,695: | Line 1,412: | ||
* yM | * yM | ||
* wW | * wW | ||
-_y Q. ~ a ,n.3T. ;<g | -_y Q. ~ a ,n.3T. ;<g a thanc I v>m I angliill gh ;0 A | ||
a thanc I v>m I angliill gh ;0 A | |||
/ 1 | / 1 | ||
%l}f\ S' 5. ', | %l}f\ S' 5. ', | ||
'I % 4 Ihe unmpe m in plxa m g tipciallini1 taclll tics t h,lt a iht ull | 'I % 4 Ihe unmpe m in plxa m g tipciallini1 taclll tics t h,lt a iht ull | ||
" i , I [ Mleth.ine gas tnini a sanitait laridtill | " i , I [ Mleth.ine gas tnini a sanitait laridtill | ||
-% / | -% / | ||
In l !!lnanlinstill I hc i>perat niii was | In l !!lnanlinstill I hc i>perat niii was | ||
'. the first < >t its kmd in the eastern | '. the first < >t its kmd in the eastern | ||
# p , United htates /\ large Indlist rial s custthllei adhleent tai the site is hemg | # p , United htates /\ large Indlist rial s custthllei adhleent tai the site is hemg | ||
, provided w ith 7Xux 4) t uhit t< ct < >t g gas per day T he output is expected to | , provided w ith 7Xux 4) t uhit t< ct < >t g gas per day T he output is expected to | ||
. - g reach a manmn cuh,t rectaaa m hen l . | . - g reach a manmn cuh,t rectaaa m hen l . | ||
': ' s'' j V | ': ' s'' j V | ||
,e . 1 . j | ,e . 1 . j | ||
'w , p. | 'w , p. | ||
| Line 2,725: | Line 1,432: | ||
J 1I I | J 1I I | ||
,e' : | ,e' : | ||
s a %\ | |||
s | |||
a %\ | |||
\ ! ! | \ ! ! | ||
I I | I I | ||
I i | I i | ||
i l | i l | ||
i l | i l | ||
| Line 2,739: | Line 1,442: | ||
T. | T. | ||
s, - | s, - | ||
% I | % I | ||
+( [Er+)d _ _ _ _ _ _ _ __ _ __ _ . _ _ _ _ _ _ _ _ --_ _-- | +( [Er+)d _ _ _ _ _ _ _ __ _ __ _ . _ _ _ _ _ _ _ _ --_ _-- | ||
_ ___ < __ _ _. _ _ . _ x_ | _ ___ < __ _ _. _ _ . _ x_ | ||
I he prtiit.< t w ill ht Ip deteritiint the tc.isibl}lt \ t it rCCt iVCrillg illet}l.Inc IIt im landtills over .ni cxtended pern d it t hU priiitt t ti .n tiiitics tii he cisiilriier-i.ill\ sut Ccssf ul It md\ dt m onstidte t hJI lJlldtills (Jn betolne J sWdll but l sig.lillt.ln t st illrt t t il g.ls tiir flic l | I he prtiit.< t w ill ht Ip deteritiint the tc.isibl}lt \ t it rCCt iVCrillg illet}l.Inc IIt im landtills over .ni cxtended pern d it t hU priiitt t ti .n tiiitics tii he cisiilriier-i.ill\ sut Ccssf ul It md\ dt m onstidte t hJI lJlldtills (Jn betolne J sWdll but l sig.lillt.ln t st illrt t t il g.ls tiir flic l | ||
( 't Illi pd 'l \ ! | ( 't Illi pd 'l \ ! | ||
gO @ Park Plaia 1 nerso Analued I fl0 ll % l h p.lrIillellI i >I ( llerg\ g l X lll is ttilldirig a priigr.iiil t(i U v.il tia t e Ulitig\ t,illsCTV.lt ltiil Itt hiiiqtit s Using t h e t 't iiilp.iii\ s nUw N) Park Plaza he.idqlldittis htll!dlllg ds il st illi LC t il 111 ti i rill.l t li in } {llnJieds tir institi | gO @ Park Plaia 1 nerso Analued I fl0 ll % l h p.lrIillellI i >I ( llerg\ g l X lll is ttilldirig a priigr.iiil t(i U v.il tia t e Ulitig\ t,illsCTV.lt ltiil Itt hiiiqtit s Using t h e t 't iiilp.iii\ s nUw N) Park Plaza he.idqlldittis htll!dlllg ds il st illi LC t il 111 ti i rill.l t li in } {llnJieds tir institi | ||
; ,g, | ; ,g, llich t s hdVC bCUll illst.llled ill the ! | ||
flCJtlilg \ cIltildting and dir Ltindl l m- t it inillg s\ stellls 115 nltdstirt t hU tltih | |||
llich t s hdVC bCUll illst.llled ill the ! | |||
m- t it inillg s\ stellls 115 nltdstirt t hU tltih | |||
= . , t il ClicIg\ w Ithiii the htiilJnic Ihc ! | = . , t il ClicIg\ w Ithiii the htiilJnic Ihc ! | ||
. k | . k | ||
* bullJ1ilg J tit t ill).ltitill ti tillplit er Will | * bullJ1ilg J tit t ill).ltitill ti tillplit er Will | ||
.. * , \ LilllCL i d.it.1 li t >Ill t h U lustrumCuts U\ crV lh Illilllit ts t 'Ver .1 pe rit id t il | .. * , \ LilllCL i d.it.1 li t >Ill t h U lustrumCuts U\ crV lh Illilllit ts t 'Ver .1 pe rit id t il | ||
.ibout three \ cdrs | .ibout three \ cdrs ll t.i d b 11l bC Ustd to hClp WUdsuIU t he etticiciit \ < >t t he btiilding s he.it iiig a nd .iir t iinditiiiiiiilg s\ st eiii; j t a i V.llldJ t t ICsult s ill d nC% l M ll l U ll C I g \ .llldl\ sls t (illlptilU r prt igidill, it s Ut illipJ rU sC VC rdl dUsigil st.lild. lids littluding thU l M ll. s nth NUilJ m g l FCIIt irillJnt t S t .llld.ii d s . arid tii tiiiii-PIIU CIlcrg\ t iillstlllied % heii v.ir iiitis s\ steill Lt >H t rill sCqlleilt es .trc | ||
ll t.i d b 11l bC Ustd to hClp WUdsuIU t he etticiciit \ < >t t he btiilding s he.it iiig a nd .iir t iinditiiiiiiilg s\ st eiii; j t a i V.llldJ t t ICsult s ill d nC% l M ll l U ll C I g \ .llldl\ sls t (illlptilU r prt igidill, it s Ut illipJ rU sC VC rdl dUsigil st.lild. lids littluding thU l M ll. s nth NUilJ m g l FCIIt irillJnt t S t .llld.ii d s . arid tii tiiiii-PIIU CIlcrg\ t iillstlllied % heii v.ir iiitis s\ steill Lt >H t rill sCqlleilt es .trc | |||
! UtillZUd Additiiiiial st tidies u ill be carriUd l t illt t ill t he 16t h tliiiir. w he re l'iiiilpan y TCst.ltch pUrsiiiiiicl will be located. | ! UtillZUd Additiiiiial st tidies u ill be carriUd l t illt t ill t he 16t h tliiiir. w he re l'iiiilpan y TCst.ltch pUrsiiiiiicl will be located. | ||
( (_ lgh t s til pCll!11ClCr J rc.is h lll bU f (llillnltd % hell UdtllrJl ddVlight is f' .lV.lll lblC Lights iii siirlle <1ttices w ill bc .llitt tillJ tlc lll\ su lit lit. d iitt w heii thev are ciiirty (;ciieral lighting will be t isilt it1llUL.} bV J 11C% ClCCtitin1L | ( (_ lgh t s til pCll!11ClCr J rc.is h lll bU f (llillnltd % hell UdtllrJl ddVlight is f' .lV.lll lblC Lights iii siirlle <1ttices w ill bc .llitt tillJ tlc lll\ su lit lit. d iitt w heii thev are ciiirty (;ciieral lighting will be t isilt it1llUL.} bV J 11C% ClCCtitin1L till1C < tiiltitillUT lletirlC ll Cilerg\ lisc tirl the rltitir % ill be LitillpdrUd With th.it iit other levels I lshiitiii itesC;ir cli t iirpiir. itis iii is Ill.llidging t he priigt.iiii w it h tii-tiptrJilill) Irt illl U'ilN(i }{Usc. lit h | ||
till1C < tiiltitillUT lletirlC ll Cilerg\ lisc tirl the rltitir % ill be LitillpdrUd With th.it iit other levels I lshiitiii itesC;ir cli t iirpiir. itis iii is | |||
Ill.llidging t he priigt.iiii w it h tii-tiptrJilill) Irt illl U'ilN(i }{Usc. lit h | |||
( 't irpt n r.1I li in . | ( 't irpt n r.1I li in . | ||
+ . | + . | ||
) N k , . ,N | |||
) N | |||
k , . ,N | |||
>; v : | >; v : | ||
w~ __ __-__.___1 | w~ __ __-__.___1 | ||
'l 4 ';' - | 'l 4 ';' - | ||
% r 'lti t ll | % r 'lti t ll s1 li t il ! \j' '? t !t n' 1 | ||
s1 li t il ! \j' '? t !t n' 1 | |||
p | p | ||
,.* ',, -.a; e I.' | ,.* ',, -.a; e I.' | ||
,g h l)llring the vear the si>lar energv s' n. :- | ,g h l)llring the vear the si>lar energv s' n. :- | ||
J | J | ||
$ resca rt h priigiam w as ex tended int < > | $ resca rt h priigiam w as ex tended int < > | ||
photovoltaits Photovoltait energy | photovoltaits Photovoltait energy p ,. < | ||
p ,. < | |||
ctillversliin is a pr()t ess w hich cainverts 4 - ' | ctillversliin is a pr()t ess w hich cainverts 4 - ' | ||
solar energs (blecth to elecirtutv | solar energs (blecth to elecirtutv | ||
, p '' | , p '' | ||
? | ? | ||
T | T | ||
'' ' f ,i ' l | '' ' f ,i ' l | ||
,*, Ei thri> ugh the use (it semiciindtatiir | ,*, Ei thri> ugh the use (it semiciindtatiir | ||
.) .> - ., | .) .> - ., | ||
k;f devltes such as s'liciin si>lar cells. | k;f devltes such as s'liciin si>lar cells. | ||
. .L - - *" , .. > | . .L - - *" , .. > | ||
.,' }'"-- %cteral panels containing sihcon | .,' }'"-- %cteral panels containing sihcon | ||
, - oc 1 . ~ . ... . # , .. | , - oc 1 . ~ . ... . # , .. | ||
solar tells w ere installed for test Qx f g- | solar tells w ere installed for test Qx f g- | ||
'4 purposes on the root of t he Researt h j . . -" | |||
'4 | |||
purposes on the root of t he Researt h j . . -" | |||
anJ I esting Laborators in Maplewood. | anJ I esting Laborators in Maplewood. | ||
Basit intiirmatnin 15 helng vlught ahiiut | Basit intiirmatnin 15 helng vlught ahiiut | ||
]. g. | ]. g. | ||
-{ . | -{ . | ||
| Line 2,857: | Line 1,495: | ||
.. .i %, . | .. .i %, . | ||
~ ' | ~ ' | ||
h %:' rehable amounts of clet trit e n e rg v. | h %:' rehable amounts of clet trit e n e rg v. | ||
9-~- - | 9-~- - | ||
s . ,. , _ ..' , I hc ('ompany 's solar demonst ration y - . . - \ ' | s . ,. , _ ..' , I hc ('ompany 's solar demonst ration y - . . - \ ' | ||
pringram ciilltinued at t he h(im 's iit , | pringram ciilltinued at t he h(im 's iit , | ||
s . '. | s . '. | ||
..' . + | ..' . + | ||
Il customers As an outgrow t'i of this | Il customers As an outgrow t'i of this | ||
: .- < 'x | : .- < 'x 4 | ||
4 | |||
,s | ,s | ||
. ?. - - ' | . ?. - - ' | ||
- . program the l'ompans deciaed to otter l | - . program the l'ompans deciaed to otter l | ||
,, ' i | ,, ' i | ||
; | ; | ||
solar w ater heaters to cus omers m its | solar w ater heaters to cus omers m its q | ||
%. I 6 | |||
q | |||
%. I | |||
6 | |||
N elet t ru scrsit c terr' ov I he program ) | N elet t ru scrsit c terr' ov I he program ) | ||
,. ' ..' ~ - e | ,. ' ..' ~ - e | ||
, I e -- | |||
, I | |||
e -- | |||
: c. '* | : c. '* | ||
.- o [. | .- o [. | ||
q .j - | q .j - | ||
' $ f. ' i , | ' $ f. ' i , | ||
is dist usscJ on l'.:ge 20 | is dist usscJ on l'.:ge 20 7 3 | ||
7 3 | |||
.j.,, _. | .j.,, _. | ||
_, j c | |||
_, j | l . sf; & | ||
,^ ' + l | ,^ ' + l | ||
' ;. 3 ' | ' ;. 3 ' | ||
5 Year R&D Program ( | 5 Year R&D Program ( | ||
a y , | a y , | ||
p1 ' | p1 ' | ||
EM M N hh n N El Ri M MMMNM | EM M N hh n N El Ri M MMMNM xis. wn wyg nMMMMMl | ||
xis. wn wyg nMMMMMl | |||
= 7 - | = 7 - | ||
. :' " '' ~ | . :' " '' ~ | ||
4,. . d. , | 4,. . d. , | ||
f Usa /b d- Q hd hj fihj %j h) | f Usa /b d- Q hd hj fihj %j h) | ||
[ ' d . ., | [ ' d . ., | ||
y | y | ||
.[ [ q [[ ' | .[ [ q [[ ' | ||
- .. A N# [ % % y %{.j Q yfj ! | - .. A N# [ % % y %{.j Q yfj ! | ||
p .g/ 4N | p .g/ 4N | ||
. g .u r 4 j ' '. ( | . g .u r 4 j ' '. ( | ||
ION wi l sl s ._ wI s1 | ION wi l sl s ._ wI s1 | ||
* . M $. | * . M $. | ||
L.' | L.' | ||
;. | ;. | ||
( | ( | ||
.[ # = -- | .[ # = -- | ||
, g | , g | ||
}p, | }p, | ||
* _ __ . fy, /) ~.'~ . | * _ __ . fy, /) ~.'~ . | ||
? lil gy ' _p- ( HH'''M* M D'!h ' ' ' H N h '! \ | ? lil gy ' _p- ( HH'''M* M D'!h ' ' ' H N h '! \ | ||
"$C',.;'l4#. 4 | "$C',.;'l4#. 4 gi .; - Vg+ , . , - | ||
gi .; - Vg+ , . , - | |||
,, nder a contract with the Electrit ; | ,, nder a contract with the Electrit ; | ||
.s < s | |||
.s < s | * e . | ||
1 ow er Research Institute. an assess-g. | |||
e . | |||
1 ow er Research Institute. an assess- | |||
g. | |||
'4. | '4. | ||
' - % '... g 6 | ' - % '... g 6 c++, | ||
c++, | |||
-~g v | -~g v | ||
; | ; | ||
ment and comparison of generating | ment and comparison of generating | ||
{ | { | ||
I | I station condenser hui-touhng control | ||
station condenser hui-touhng control | |||
@ ; ~. | @ ; ~. | ||
3 -ps, .,N ~ w' .. {-. ~.h M-4 - | 3 -ps, .,N ~ w' .. {-. ~.h M-4 - | ||
with ozone and chlorine was made at 1 | |||
with ozone and chlorine was made at | EP t . ,. . | ||
'9 %, . .. ,g -' | '9 %, . .. ,g -' | ||
Hergen (;enerating Station Model | Hergen (;enerating Station Model | ||
; . . .y b;. %' | |||
; . . .y | |||
b;. %' | |||
A --' | A --' | ||
. i.. Y J f# * $ _Lp ,. -- | . i.. Y J f# * $ _Lp ,. -- | ||
tondensers mounted on a trailer. | tondensers mounted on a trailer. | ||
- x 34 - , | - x 34 - , | ||
m - , - were emploved. Additional work is | m - , - were emploved. Additional work is | ||
%.. 4* , | %.. 4* , | ||
w 2 ' .- ,, .e%. | |||
w | |||
2 ' .- ,, .e%. | |||
^ | ^ | ||
a - | a - | ||
UXpet ted tii he done at Mercer | UXpet ted tii he done at Mercer | ||
. +- | . +- | ||
Generating Station | Generating Station | ||
-( g4 - A mobile test traller also Was used 7 - | |||
-( g4 - A mobile test traller also Was used | |||
7 - | |||
L. '. . | L. '. . | ||
,t - | ,t - | ||
.M* at the Bergen station to evaluat he hnilogical ettects of chlorinated and | .M* at the Bergen station to evaluat he hnilogical ettects of chlorinated and | ||
^ | ^ | ||
',,, / b, . | ',,, / b, . | ||
, ozonated discharge water on aquatic | , ozonated discharge water on aquatic | ||
. p ,' ^ , . , | . p ,' ^ , . , | ||
* r . e 4 m lite and environment. The trailer N_ s.'' | * r . e 4 m lite and environment. The trailer N_ s.'' | ||
s- .... ,-ggger ,. ~ . tacihties were t.innected to receive the treated water trom the model | |||
s- .... ,-ggger ,. ~ . tacihties were t.innected to receive | |||
the treated water trom the model | |||
'[ . M .~ - | '[ . M .~ - | ||
condensers This program. tunded hv | condensers This program. tunded hv the U V I)cpartment of Energy, will e + , , | ||
the U V I)cpartment of Energy, will e + , | |||
, . ~' M* be cont.nued at the Mercer station. | , . ~' M* be cont.nued at the Mercer station. | ||
s,-.- | s,-.- | ||
| Line 3,097: | Line 1,595: | ||
c | c | ||
: g. . y | : g. . y | ||
: 4. . | : 4. . | ||
s. | s. | ||
+ | + | ||
e T | |||
e | |||
T | |||
' ' kkk' | ' ' kkk' | ||
~ | ~ | ||
; . | ; . | ||
< _ l | < _ l | ||
'' ^ ^ ~ ~ ~ ~ | '' ^ ^ ~ ~ ~ ~ | ||
__ _ A ._ - | __ _ A ._ - | ||
.7- m .. | .7- m .. | ||
A fr gh Community, | A fr gh Community, | ||
$w, ;;~ ; xecy xyN ec v | $w, ;;~ ; xecy xyN ec v | ||
; t,mplOyee | ; t,mplOyee | ||
: n. . . | : n. . . | ||
x . | x . | ||
Information | Information | ||
,~ | ,~ | ||
1 | 1 | ||
; - | ; - | ||
: c. , - c | : c. , - c | ||
. l | . l f, ~ | ||
.of T hc \ inlip.t: 1\ exp.inJol its ptihiit liltt il!11.lt is iil p T L IC t a !!I In I V d }\lrtl.ll \ | |||
f, ~ | |||
.of | |||
T hc \ inlip.t: 1\ exp.inJol its ptihiit | |||
liltt il!11.lt is iil p T L IC t a !!I In I V d }\lrtl.ll \ | |||
lil its[h illst til ht ichtent J iiiten st i:1 | lil its[h illst til ht ichtent J iiiten st i:1 | ||
: t. I l c i g\ IsstR s tiLit siclllillt d In +ni flic I hree Mile Island at t iJcnt | : t. I l c i g\ IsstR s tiLit siclllillt d In +ni flic I hree Mile Island at t iJcnt | ||
[ ht pit ig!,lill % .1 % flist I'll!!llitd It i | [ ht pit ig!,lill % .1 % flist I'll!!llitd It i lll cnlpli)\ Ct s st i tl Lit t hc\ iilllst help t | ||
lll cnlpli)\ Ct s st i tl Lit t hc\ iilllst help t | |||
(drT\ flh ( t inlj\lll\ s illesNIRL f( 'the pill >llt l11 dtld ! t li lli t h< lllfiirill.ltlt ill p ri > RT.lill u ltlll 1 illt ( l 'Illp.lli\ it if c!np{ii\ t cs % .1 % t \[N111dt d (Ilt llidtT! !!1 tht ptihiit pn craril w ere tclt \ Isli sil .lild TJ(flii t t inilllt It 1.l!s nt h s[11lk f Ill.lCdZlilt dilsk bl!!!hidf d we C T ,, | (drT\ flh ( t inlj\lll\ s illesNIRL f( 'the pill >llt l11 dtld ! t li lli t h< lllfiirill.ltlt ill p ri > RT.lill u ltlll 1 illt ( l 'Illp.lli\ it if c!np{ii\ t cs % .1 % t \[N111dt d (Ilt llidtT! !!1 tht ptihiit pn craril w ere tclt \ Isli sil .lild TJ(flii t t inilllt It 1.l!s nt h s[11lk f Ill.lCdZlilt dilsk bl!!!hidf d we C T ,, | ||
[ g;c | [ g;c | ||
.t , - , ,.,, .. , | .t , - , ,.,, .. , | ||
.iig . ' | .iig . ' | ||
c' - < ' - | c' - < ' - | ||
I 'I " N '' "I b ' | I 'I " N '' "I b ' | ||
.,. ,, NUu sj\lpel dd\ c!!!scllh ilts Ic.I t llie d | .,. ,, NUu sj\lpel dd\ c!!!scllh ilts Ic.I t llie d i S. - | ||
i S. - | |||
s t J t cllle n I s hV p!iiln lilcIlI st I< Illlst 5 e % f"% $ $1. - | s t J t cllle n I s hV p!iiln lilcIlI st I< Illlst 5 e % f"% $ $1. - | ||
a a now h Jeca tna u\ e s ce n s w ho 4 k A . | a a now h Jeca tna u\ e s ce n s w ho 4 k A . | ||
R.lVe attitilla t1\ c iipillit ins t iilh cillin g | R.lVe attitilla t1\ c iipillit ins t iilh cillin g N, .. .- | ||
N, .. . | |||
tlh lilljhif td!h c Jf1J s;tet \ iit ilticlear 3 ~ , ' - | tlh lilljhif td!h c Jf1J s;tet \ iit ilticlear 3 ~ , ' - | ||
:-- ,7 encre\ | :-- ,7 encre\ | ||
f:;.. | f:;.. | ||
o,_ -m m.mm mh 2 yo ' . nanonal proci.un or the i Jison | |||
o,_ -m m.mm mh 2 | |||
yo ' . nanonal proci.un or the i Jison | |||
. i Y " | . i Y " | ||
.] | .] | ||
I .[ llcttMt lnstitutt in Jssistlnt in the | I .[ llcttMt lnstitutt in Jssistlnt in the | ||
= creation ..t a New ictsc\ ( haptcr ut | = creation ..t a New ictsc\ ( haptcr ut the Ntit It'df [ nef[\ Wiinlen l )ll | ||
the Ntit It'df [ nef[\ Wiinlen l )ll | |||
..' c . | ..' c . | ||
-:.z' z- t [' ' | -:.z' z- t [' ' | ||
oaoser is accen.ncJ as x utlc.n | oaoser is accen.ncJ as x utlc.n | ||
_f | _f E n e rg\ I Jtit a t iiin I ).i\ si'inc li k i | ||
E n e rg\ I Jtit a t iiin I ).i\ si'inc li k i | |||
[ - | [ - | ||
+ | + | ||
illectlnts h ere helJ in New- 1ersc\ | illectlnts h ere helJ in New- 1ersc\ | ||
1 . | 1 . | ||
~ | ~ | ||
On Novemb, r " press c on terent es | On Novemb, r " press c on terent es | ||
' 'i ? ? | ' 'i ? ? | ||
., w ere held in northern and southern 5 | ., w ere held in northern and southern 5 | ||
\ch lctsc\ .lt u hlt h tiip Liinlp lllV | \ch lctsc\ .lt u hlt h tiip Liinlp lllV | ||
( 5 tilt 1.lls JIld icpf escn t.ltl\ cs ilt the llet t Th et ih cI Scsedrt h Inst itute d!hl the lnst1t tlte a it \llt lCJT pinhel (Iper.ltltins Jist tisseJ t he t hances th.it hdVe hccil MLlJt irl iltit Ic.it pl.iilt < >per.i-titlils in the light iit I hrec Mile IslanJ | ( 5 tilt 1.lls JIld icpf escn t.ltl\ cs ilt the llet t Th et ih cI Scsedrt h Inst itute d!hl the lnst1t tlte a it \llt lCJT pinhel (Iper.ltltins Jist tisseJ t he t hances th.it hdVe hccil MLlJt irl iltit Ic.it pl.iilt < >per.i-titlils in the light iit I hrec Mile IslanJ | ||
[. | [. | ||
~ | ~ | ||
. f- | . f- | ||
' gghy OEN y .. | |||
' gghy OEN | d I ,j rt [ - | ||
y .. | |||
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rt [ - | |||
rs at a[i | rs at a[i | ||
^[ L% % c 1' | ^[ L% % c 1' | ||
[ ~i \, - 3a t i | [ ~i \, - 3a t i | ||
Company representatives sought Company programs were admin- $10.1 million for disability benefits greater opportunities to discuss istered by several departments. and workers' compensation. | Company representatives sought Company programs were admin- $10.1 million for disability benefits greater opportunities to discuss istered by several departments. and workers' compensation. | ||
such topics as nuclear energy, the Employees served in a broad range of During the year the Company environment and solar energy. A total voluntary capacities in many civic, continued to stress its Affinnative | such topics as nuclear energy, the Employees served in a broad range of During the year the Company environment and solar energy. A total voluntary capacities in many civic, continued to stress its Affinnative | ||
| Line 3,262: | Line 1,671: | ||
Second Sun, the Company's floating urban children from pre-school At the end of 1979, there were 1,845 energy information center where a through college were supported. Aid female employees and 1,731 minority 4 special multi media program entitled also was provided to community group employees. These figures | Second Sun, the Company's floating urban children from pre-school At the end of 1979, there were 1,845 energy information center where a through college were supported. Aid female employees and 1,731 minority 4 special multi media program entitled also was provided to community group employees. These figures | ||
" Century of Light" was shown to organization programs for ethnic and reflected increases of 3.8 per cent and mark the l(X)th anniversary of cultural development, and education. 4.2 per cent, respectively, of each Edison's development of the first The Company's commitment to group's representation in the overall I successful incandescent light bulb. urban renewal and improvement was workforce during the year. | " Century of Light" was shown to organization programs for ethnic and reflected increases of 3.8 per cent and mark the l(X)th anniversary of cultural development, and education. 4.2 per cent, respectively, of each Edison's development of the first The Company's commitment to group's representation in the overall I successful incandescent light bulb. urban renewal and improvement was workforce during the year. | ||
Centennial of Light activities also dramatized as its new headquarters l included sponsorship of a puppet building in downtown Newark neared show which was presented to 76,(XX) completion. PSEaC believes that as l elementary school children; creation part of the business community it has Transport of New Jersey | Centennial of Light activities also dramatized as its new headquarters l included sponsorship of a puppet building in downtown Newark neared show which was presented to 76,(XX) completion. PSEaC believes that as l elementary school children; creation part of the business community it has Transport of New Jersey of window and shopping mall dis- a responsibility to help improve living plays, and distribution of a customer standards of disadvantaged citizens in The Public Transportation Act of New | ||
of window and shopping mall dis- a responsibility to help improve living plays, and distribution of a customer standards of disadvantaged citizens in The Public Transportation Act of New | |||
! bill insert describing Edison's legacy. the area it serves. Jersey, which was enacted in July i 1979, permits State acquisition by Community Activities Employee Relations purchase or condemnation of PSEaC employees in 1979 were Company employees at the end of privately-owned bus companies. State involved in numerous community 1979 numbered 13,176, an increase of "'.als have expressed interest in activities aimed at improving the 10 compared with the total at the end equinng, under this law, Transport quality of life in the Company's of 1978. Wages and salaries for 1979 of New Jersey, PSE&G's transpor-service area. amounted to $297 million, including t tion subsidiary, and Maplewood Equipment Company, Transport's wholly-owned operating trans-g ' | ! bill insert describing Edison's legacy. the area it serves. Jersey, which was enacted in July i 1979, permits State acquisition by Community Activities Employee Relations purchase or condemnation of PSEaC employees in 1979 were Company employees at the end of privately-owned bus companies. State involved in numerous community 1979 numbered 13,176, an increase of "'.als have expressed interest in activities aimed at improving the 10 compared with the total at the end equinng, under this law, Transport quality of life in the Company's of 1978. Wages and salaries for 1979 of New Jersey, PSE&G's transpor-service area. amounted to $297 million, including t tion subsidiary, and Maplewood Equipment Company, Transport's wholly-owned operating trans-g ' | ||
portation subsidiary. Preliminary | portation subsidiary. Preliminary | ||
.. discussions relating to such acqui-sition have been held with repre-sentatives of the State. | .. discussions relating to such acqui-sition have been held with repre-sentatives of the State. | ||
*%~ Transport of New Jersey and | *%~ Transport of New Jersey and | ||
"'%Mhg ' | "'%Mhg ' | ||
Maplewood Equipment Company had r net earnings of $465,000 in 1979 after | Maplewood Equipment Company had r net earnings of $465,000 in 1979 after | ||
& *- n receiving $28,786,000 in operating i=. oi 65 e assistance from the State of New f" " | & *- n receiving $28,786,000 in operating i=. oi 65 e assistance from the State of New f" " | ||
& "]'( ' | & "]'( ' | ||
. Jersey to supplement fare box revenues. This compares with a net u. | . Jersey to supplement fare box revenues. This compares with a net u. | ||
| Line 3,290: | Line 1,693: | ||
-4 - | -4 - | ||
from the State. | from the State. | ||
'[' ~9 b ' | '[' ~9 b ' | ||
t i Private Reinvestment Capital I' 71 W ' | t i Private Reinvestment Capital I' 71 W ' | ||
| Line 3,300: | Line 1,701: | ||
^ | ^ | ||
n , ,a $1,357,000 in 1979 compared with | n , ,a $1,357,000 in 1979 compared with | ||
/ " $834,000 in 1978. | / " $834,000 in 1978. | ||
-a - | -a - | ||
| Line 3,309: | Line 1,709: | ||
c | c | ||
, u cre toured throuah the ytar | , u cre toured throuah the ytar | ||
,{ Jnd inC!Ltdtd {rCSCnf JIitins dbtidt I hiiinas A. Iaitsiin's invent t<in i4 the first practical clet:tric light g bu!h]nn yCJrsJAO | |||
,{ Jnd inC!Ltdtd {rCSCnf JIitins dbtidt | |||
I hiiinas A. Iaitsiin's invent t<in i4 the first practical clet:tric light g bu!h]nn yCJrsJAO | |||
_ -. _ . _ _ _ _ m s[ - | _ -. _ . _ _ _ _ m s[ - | ||
Financial-Statement-Responsibility The management of pSEaC is responsible for the Management feels the effectiveness of this system is integrity and objectivity of the financial statements enhanced by a program of continuous and selective of the Company. These statements are prepared by training of our employees. | Financial-Statement-Responsibility The management of pSEaC is responsible for the Management feels the effectiveness of this system is integrity and objectivity of the financial statements enhanced by a program of continuous and selective of the Company. These statements are prepared by training of our employees. | ||
| Line 3,334: | Line 1,730: | ||
Allowance for Funds Used During Constmetion Extraordinary Property Eosses Allowance for funds used during construction Extraordmary Property Losses are deterred and (AFDC) is a cost accounting procedure whereby amortized over various permds. The amount consists the approximate net composite interest and equity pnncipally of unrecovered abandonment costs, costs of capital funds used to finance construction before tax reduction, applicable to the Atlantic are transferred from the income statement to Pmject. The recoverability of such costs is subject to construction work in progress (CWIP) in the balance determinetion by the BrU. (See note 5 of Notes to sheet. This procedure is intended to remove the Fmancial Statements.) effect of the cost of financing construction activity from the income statement, and results in treating Depreciation and Utility Plant such cost in the same manner as constmction labor Depreciatmn, for f mancial reporting purposes, is and material costs. The rate used for calculating computed under the straight-line method and is AFDC was 8% for 1979 and 1978 which was within based on estimated average remaining lives of the the limits set by the FERC. | Allowance for Funds Used During Constmetion Extraordinary Property Eosses Allowance for funds used during construction Extraordmary Property Losses are deterred and (AFDC) is a cost accounting procedure whereby amortized over various permds. The amount consists the approximate net composite interest and equity pnncipally of unrecovered abandonment costs, costs of capital funds used to finance construction before tax reduction, applicable to the Atlantic are transferred from the income statement to Pmject. The recoverability of such costs is subject to construction work in progress (CWIP) in the balance determinetion by the BrU. (See note 5 of Notes to sheet. This procedure is intended to remove the Fmancial Statements.) effect of the cost of financing construction activity from the income statement, and results in treating Depreciation and Utility Plant such cost in the same manner as constmction labor Depreciatmn, for f mancial reporting purposes, is and material costs. The rate used for calculating computed under the straight-line method and is AFDC was 8% for 1979 and 1978 which was within based on estimated average remaining lives of the the limits set by the FERC. | ||
several classes of depreciable property. Depreciation . | several classes of depreciable property. Depreciation . | ||
applicable to nuclear plant provides for estimated The BPU issued rate orders m. 1975 allowing costs of dismantling or decommissioning. These the Company to recover the financing cost on estimates are review ed continuously and adjust- $250,000,000 of CWIP through current operating ments are made as reymred. Depreciation provisions revenues and since then no AFDC has been accrued | applicable to nuclear plant provides for estimated The BPU issued rate orders m. 1975 allowing costs of dismantling or decommissioning. These the Company to recover the financing cost on estimates are review ed continuously and adjust- $250,000,000 of CWIP through current operating ments are made as reymred. Depreciation provisions revenues and since then no AFDC has been accrued for the years 1979 and 1978 stated in percentages of onginal cost of depreciable property are 3.48% and Pensm.n I,lan 3.4 9. ,m, respectively. . | ||
for the years 1979 and 1978 stated in percentages of onginal cost of depreciable property are 3.48% and Pensm.n I,lan 3.4 9. ,m, respectively. . | |||
Pension costs are accounted for on the basis of an The cost of maintenance, repairs and replacements acceptable actuarial method and are charged to of minor items of property is charged to appropriate operating expenses, utility plant and other accounts. | Pension costs are accounted for on the basis of an The cost of maintenance, repairs and replacements acceptable actuarial method and are charged to of minor items of property is charged to appropriate operating expenses, utility plant and other accounts. | ||
expense accounts. The cost of replacements of units The Company's policy is to fund pension costs of property is charged to utility plant. At the time accmed. Prior service costs r.re being funded over a depreciable properiies are retired or otherwise period of 35 years which began January 1,1967. | expense accounts. The cost of replacements of units The Company's policy is to fund pension costs of property is charged to utility plant. At the time accmed. Prior service costs r.re being funded over a depreciable properiies are retired or otherwise period of 35 years which began January 1,1967. | ||
| Line 3,342: | Line 1,736: | ||
30 m | 30 m | ||
Statements of Income n | Statements of Income n | ||
For the Years Ended December 31, 1979 1978 Operating Revennes (Thousands of DollarV Electric S1,689,857 S1,564,834 Cas 726,850 654,951 | For the Years Ended December 31, 1979 1978 Operating Revennes (Thousands of DollarV Electric S1,689,857 S1,564,834 Cas 726,850 654,951 | ||
.atel Operating Revenues 2,416,707 2,219,785 Operating Expenses Operation Fuel for Electric Generation and Interchanged Power-net 620,546 541,802 Gas Purchased and Materials for Gas Produced 384,759 327,990 Other Operation Expenses 287,389 268,769 Maintenance 149,027 127,423 Depreciation 162,989 158,248 Taxes Other than Federal Income Taxes 364,411 328,216 Federal Income Taxes (note 1) 123,965 146,937 Total Operating Expenses 2,093,086 1,899,385 Operating Incmce 323,621 320,400 Other Income Allowance for Funds Used During Construction-Equity 36,887 26,609 Miscellaneous Other Income-net 4,542 3,722 Earnings of Subsidiaries-net (note 2) 1,721 793 Total Other Income 43,150 31,124 Income liefore Interest Charges 366,771 351,524 Interest Charges Long-Term Debt 146,673 133,605 Short-Term Debt 2,448 612 Other 4,027 3,217 i Allowance for Funds Used During Construction-Debt (19,706) (14,696) l Net Interest Charges 133,442 122,738 Net income 233,329 228,786 Dividends on Cumulative Preferred Stock and | .atel Operating Revenues 2,416,707 2,219,785 Operating Expenses Operation Fuel for Electric Generation and Interchanged Power-net 620,546 541,802 Gas Purchased and Materials for Gas Produced 384,759 327,990 Other Operation Expenses 287,389 268,769 Maintenance 149,027 127,423 Depreciation 162,989 158,248 Taxes Other than Federal Income Taxes 364,411 328,216 Federal Income Taxes (note 1) 123,965 146,937 Total Operating Expenses 2,093,086 1,899,385 Operating Incmce 323,621 320,400 Other Income Allowance for Funds Used During Construction-Equity 36,887 26,609 Miscellaneous Other Income-net 4,542 3,722 Earnings of Subsidiaries-net (note 2) 1,721 793 Total Other Income 43,150 31,124 Income liefore Interest Charges 366,771 351,524 Interest Charges Long-Term Debt 146,673 133,605 Short-Term Debt 2,448 612 Other 4,027 3,217 i Allowance for Funds Used During Construction-Debt (19,706) (14,696) l Net Interest Charges 133,442 122,738 Net income 233,329 228,786 Dividends on Cumulative Preferred Stock and | ||
$1.40 Dividend Preference Common Stock 46,799 46,799 Earnings Available for Common Stock $ 186,530 $ 181,987 Shares of Common Stock Outstanding End of Year 68,914,349 64,120,433 Average for Year 65,409,325 61,782,737 Earnings per aserage share of Conunon Stock S2.85 $2.95 Dividends paid per share of Common Stock 52.20 $2.08 See Summary of Significant Accounting Policies, Notes to Financial Statements and Management's Discussion and Analysis of the Statements of Income 31 | $1.40 Dividend Preference Common Stock 46,799 46,799 Earnings Available for Common Stock $ 186,530 $ 181,987 Shares of Common Stock Outstanding End of Year 68,914,349 64,120,433 Average for Year 65,409,325 61,782,737 Earnings per aserage share of Conunon Stock S2.85 $2.95 Dividends paid per share of Common Stock 52.20 $2.08 See Summary of Significant Accounting Policies, Notes to Financial Statements and Management's Discussion and Analysis of the Statements of Income 31 | ||
Balance Sheets 1 | Balance Sheets 1 | ||
1 l l l | 1 l l l | ||
l | l l | ||
l | |||
l December 31, 1979 1978 Assets Utility Plant-original cost frhousands of Dollan) | l December 31, 1979 1978 Assets Utility Plant-original cost frhousands of Dollan) | ||
Electric Plant $3,922,891 $3,793,434 Cas Plant 918,249 869,615 Common Plant 80,281 73,586 Nuclear Fuel 22,300 20,314 Utility Plant in Service 4,943,721 4,756,949 Less Accumulated Depreciation and Amortization 1,589,046 1,447,035 ' | Electric Plant $3,922,891 $3,793,434 Cas Plant 918,249 869,615 Common Plant 80,281 73,586 Nuclear Fuel 22,300 20,314 Utility Plant in Service 4,943,721 4,756,949 Less Accumulated Depreciation and Amortization 1,589,046 1,447,035 ' | ||
Net Utility Plant in Service 3,354,675 3,309,914 Construction Work in Progress 1,360,651 1,033,249 Plant Held for Future Use 20,658 20,127 Net Utility Plant 4,735,984 4,363,290 Other Property and Investments l Nonutility Property, net of accumulated depreciation-1979, $550; 1978, $508 4,858 6,193 | Net Utility Plant in Service 3,354,675 3,309,914 Construction Work in Progress 1,360,651 1,033,249 Plant Held for Future Use 20,658 20,127 Net Utility Plant 4,735,984 4,363,290 Other Property and Investments l Nonutility Property, net of accumulated depreciation-1979, $550; 1978, $508 4,858 6,193 Investments in and Advances to Subsidiaries (note 2) 184,294 152,549 Total Other Property and Investnients 189,152 158,742 Current Assets Cash (note 3) , 5,405 14,282 Working Funds 8,223 7,857 Pollution Control Bonds Escrow Funds (note 4) 11,248 Accounts Receivable, net of allowance for doubtful accounts-1979, S5,778; l 1978, 54,9(X) 233,184 213,457 l | ||
Investments in and Advances to Subsidiaries (note 2) 184,294 152,549 Total Other Property and Investnients 189,152 158,742 Current Assets Cash (note 3) , 5,405 14,282 Working Funds 8,223 7,857 Pollution Control Bonds Escrow Funds (note 4) 11,248 Accounts Receivable, net of allowance for doubtful accounts-1979, S5,778; l 1978, 54,9(X) 233,184 213,457 l | |||
Unbilled Revenues 113,877 118,605 Fuel, at average cost 175,696 134,671 Underrecovered Electric Energy Costs 19,410 677 Materials and Supplies, at average cost 24,270 17,935 Prepayments 4,314 3,246 Current Portion of Deferred Debits 78,478 23,172 Total Current Assets 674,105 533,902 Deferred Debits Extraordinary Property Losses (note 5) 323,838 324,141 Gross Receipts Tax 51,012 63,976 Unamortized Electric Energy and Gas Fuel Costs 105,782 50,299 Unamortized Debt Expense 24,310 24,428 Total Deferred Debits 504,942 462,844 Total 56,104,183 $5,518,778 Sc +unmary of Sigmlicant Accounting Policies and Notes to Financial Statements. | Unbilled Revenues 113,877 118,605 Fuel, at average cost 175,696 134,671 Underrecovered Electric Energy Costs 19,410 677 Materials and Supplies, at average cost 24,270 17,935 Prepayments 4,314 3,246 Current Portion of Deferred Debits 78,478 23,172 Total Current Assets 674,105 533,902 Deferred Debits Extraordinary Property Losses (note 5) 323,838 324,141 Gross Receipts Tax 51,012 63,976 Unamortized Electric Energy and Gas Fuel Costs 105,782 50,299 Unamortized Debt Expense 24,310 24,428 Total Deferred Debits 504,942 462,844 Total 56,104,183 $5,518,778 Sc +unmary of Sigmlicant Accounting Policies and Notes to Financial Statements. | ||
32 | 32 | ||
, . 9 1979 1978 Liabilities Capitalization crlwusan,1, <,1 nollars) | , . 9 1979 1978 Liabilities Capitalization crlwusan,1, <,1 nollars) | ||
| Line 3,369: | Line 1,754: | ||
Common Stock (see statement, page 35) 51,106,824 $1,014,184 Premium on Capital Stock 557 557 Paid-in Capital 26,065 26,065 Retained Eamings 747,076 704,909 Total Common Equity 1,880,522 1,745,715 Non-Redeemable Preferred Stock (see statement, page 35) 554,994 554,994 Redeemable Preferred Stock (see statement, page 35) 31,509 35,000 Long-Term Debt (see statement, page 36) 2,256,919 ~2,017,484 Total Capitalization 4,723,935 4,353,193 Current Liabilities Long-Term Debt due within one year 24,199 57,087 Preferred Stock to be redeemed within one year 3,500 l Commercial Paper (note 6) 94,875 i Accounts Payable 121,316 131,597 Taxes Accrued, including New Jersey gross receipts tax-1979, $322,696; 1978, $306,390 362,650 333,723 Deferred Income Taxes (note 1) 90,576 60,850 Overrecovered Gas Fuel Costs 15,417 10,614 Interest Accmed 42,615 33,795 Gas Purchased 48,945 39,383 Other 37,942 36,511 Total Current Liabilities 842,035 703,560 Deferred Credits Accumulated Deferred Income Taxes (note 1) 430,405 360,945 Accumulated Deferred investment Tax Credits (note 1) 106,275 95,736 Other 1,533 5,344 Total Deferred Credits 538,213 462,025 Commitments and Contingent Liabilities (note 8) | Common Stock (see statement, page 35) 51,106,824 $1,014,184 Premium on Capital Stock 557 557 Paid-in Capital 26,065 26,065 Retained Eamings 747,076 704,909 Total Common Equity 1,880,522 1,745,715 Non-Redeemable Preferred Stock (see statement, page 35) 554,994 554,994 Redeemable Preferred Stock (see statement, page 35) 31,509 35,000 Long-Term Debt (see statement, page 36) 2,256,919 ~2,017,484 Total Capitalization 4,723,935 4,353,193 Current Liabilities Long-Term Debt due within one year 24,199 57,087 Preferred Stock to be redeemed within one year 3,500 l Commercial Paper (note 6) 94,875 i Accounts Payable 121,316 131,597 Taxes Accrued, including New Jersey gross receipts tax-1979, $322,696; 1978, $306,390 362,650 333,723 Deferred Income Taxes (note 1) 90,576 60,850 Overrecovered Gas Fuel Costs 15,417 10,614 Interest Accmed 42,615 33,795 Gas Purchased 48,945 39,383 Other 37,942 36,511 Total Current Liabilities 842,035 703,560 Deferred Credits Accumulated Deferred Income Taxes (note 1) 430,405 360,945 Accumulated Deferred investment Tax Credits (note 1) 106,275 95,736 Other 1,533 5,344 Total Deferred Credits 538,213 462,025 Commitments and Contingent Liabilities (note 8) | ||
Total $6,104,183 55,518,778 33 | Total $6,104,183 55,518,778 33 | ||
Statements of Retained Earnings For the Years Ended December 31, 1979 1978 (Thousands of Dollars) llalance January I $704,909 $651,885 Add Net income 233,329 228,786 Total 938,238 880,671 Deduct Cash Dividends: | Statements of Retained Earnings For the Years Ended December 31, 1979 1978 (Thousands of Dollars) llalance January I $704,909 $651,885 Add Net income 233,329 228,786 Total 938,238 880,671 Deduct Cash Dividends: | ||
Preferred Stock, at required annual rates 44,954 44,918 S1.40 Dividend Preference Common Stock 1,881 1,881 Common Stock 144,146 128,485 Total Cash Dividends 190,981 175,284 Capital Stock Expenses 181 478 Total Deductions 191,162 175,762 Italance December 31 S747,076 $704,909 Statements of Changes in Financial Position For the Years Ended December 31, 1979 1978 Source of I unds (Thousands of Dollars) | Preferred Stock, at required annual rates 44,954 44,918 S1.40 Dividend Preference Common Stock 1,881 1,881 Common Stock 144,146 128,485 Total Cash Dividends 190,981 175,284 Capital Stock Expenses 181 478 Total Deductions 191,162 175,762 Italance December 31 S747,076 $704,909 Statements of Changes in Financial Position For the Years Ended December 31, 1979 1978 Source of I unds (Thousands of Dollars) | ||
| Line 3,392: | Line 1,775: | ||
9.75 % 1,600,000 5 27.50 1/1/81 S 40,000 S 40,000 8.70 % 2,000,000 27.00 10/1/81 50,000 50,000 | 9.75 % 1,600,000 5 27.50 1/1/81 S 40,000 S 40,000 8.70 % 2,000,000 27.00 10/1/81 50,000 50,000 | ||
$100 par value-Series: | $100 par value-Series: | ||
4.08 % 250,000 103.00 25,000 25,000 4.18 % 249,942 103.00 24,994 24,994 4.30% 250,000 102.75 25,000 25,000 5.05 % 250,000 103.00 25,000 25,000 5.28 % 250,000 103.00 25,000 25,000 6.80% 250,000 104.00 25,000 25,000 9.62 % 350,000 109.50 7/1/80 35,000 35,000 7.40% 500,000 106.00 50,000 50,000 7.52% 500,000 106.00 50,000 50,000 8.08 % 150,000 106.00 15,000 15,000 7.80% 750,000 106.00 75,000 75,000 7.70 % 600,000 106.56 60,000 60,000 8.16 % 300,000 108.90 10/1/82 30,000 30,00n Non-Redeemable Preferred Stock S554,994 S554,994 | 4.08 % 250,000 103.00 25,000 25,000 4.18 % 249,942 103.00 24,994 24,994 4.30% 250,000 102.75 25,000 25,000 5.05 % 250,000 103.00 25,000 25,000 5.28 % 250,000 103.00 25,000 25,000 6.80% 250,000 104.00 25,000 25,000 9.62 % 350,000 109.50 7/1/80 35,000 35,000 7.40% 500,000 106.00 50,000 50,000 7.52% 500,000 106.00 50,000 50,000 8.08 % 150,000 106.00 15,000 15,000 7.80% 750,000 106.00 75,000 75,000 7.70 % 600,000 106.56 60,000 60,000 8.16 % 300,000 108.90 10/1/82 30,000 30,00n Non-Redeemable Preferred Stock S554,994 S554,994 Dividend Preference Common Stock and Common Stock S1.40 Dividend Preference Common Stock (no par)-1,343,999 shares authorized, issued and outstanding; current redemption price $35.00 per share (note FJ > | ||
Dividend Preference Common Stock and Common Stock S1.40 Dividend Preference Common Stock (no par)-1,343,999 shares authorized, issued and outstanding; current redemption price $35.00 per share (note FJ > | |||
S U O6,824 $1,014,184 Common Stock (no par)-authorized 100,000,000 shares (note G); issued and outstanding as of December 31,1979, 68,914,349 shares (4,793,916 shares issued for 592,640 in 1979 and 4,314,517 shares issued for $94,432 in 1978) . | S U O6,824 $1,014,184 Common Stock (no par)-authorized 100,000,000 shares (note G); issued and outstanding as of December 31,1979, 68,914,349 shares (4,793,916 shares issued for 592,640 in 1979 and 4,314,517 shares issued for $94,432 in 1978) . | ||
Notes: D. Redeemable Preferred Stock consists of the A. In addition, there are 2,500,058 shares of $100 par outstanding 12.25% series of nonparticipating value and 6,400,000 shares of $25 par value cumulative preferred stock which, beginning on Cumulative Preferred Stock which are authori cd rebmary 1,1980, is subject to a mandatory annual and unissued, and which may possess either sinking fund redemption of 17,500 shares, plus redeemable or non-redeemable characteristics upon redemption of up to an additional 17,500 shares at issuance. the option of the Company at a redemption price of per s am a t md Stock is H. Prior to the date specified, none of the shares of als subject to redempn! n, suaon at the option other than each throughsuch series may the operation be redeemed' fund' of a sinking throughmp ny up n payment '#S" of a higher redemption accumulated and unpaid refunding of such shares by the incurring of debt or E"'" E '"' '" "# | Notes: D. Redeemable Preferred Stock consists of the A. In addition, there are 2,500,058 shares of $100 par outstanding 12.25% series of nonparticipating value and 6,400,000 shares of $25 par value cumulative preferred stock which, beginning on Cumulative Preferred Stock which are authori cd rebmary 1,1980, is subject to a mandatory annual and unissued, and which may possess either sinking fund redemption of 17,500 shares, plus redeemable or non-redeemable characteristics upon redemption of up to an additional 17,500 shares at issuance. the option of the Company at a redemption price of per s am a t md Stock is H. Prior to the date specified, none of the shares of als subject to redempn! n, suaon at the option other than each throughsuch series may the operation be redeemed' fund' of a sinking throughmp ny up n payment '#S" of a higher redemption accumulated and unpaid refunding of such shares by the incurring of debt or E"'" E '"' '" "# | ||
| Line 3,405: | Line 1,786: | ||
to time. 35 See 0553) of Sigmficant Accountia3 Policies and Notes to Financial Statements. j | to time. 35 See 0553) of Sigmficant Accountia3 Policies and Notes to Financial Statements. j | ||
Statements of Long-Term Debt December 31, 1979 1978 1979 | Statements of Long-Term Debt December 31, 1979 1978 1979 1978 First and Refunding (nmusands of Dollaro Debenture llonds unsecured (Thousands of Dollars) | ||
1978 First and Refunding (nmusands of Dollaro Debenture llonds unsecured (Thousands of Dollars) | |||
Alortgage llonds 4%% October 1,1981 S 31,289 $ 32,429 Series (note A) 4%% October 1,1983 26,595 27,113 | Alortgage llonds 4%% October 1,1981 S 31,289 $ 32,429 Series (note A) 4%% October 1,1983 26,595 27,113 | ||
, . 5%% June 1,1991 43,782 44,540 a 8) 18,443 8, wt | , . 5%% June 1,1991 43,782 44,540 a 8) 18,443 8, wt | ||
| Line 3,413: | Line 1,792: | ||
3%% October 1,1983 22,079 22,313 9 % November 1,1995 58,549 60,276 3%% Alay 1,1984 50,000 50,(XX) 7%% August 15,1996 61,993 63,268 | 3%% October 1,1983 22,079 22,313 9 % November 1,1995 58,549 60,276 3%% Alay 1,1984 50,000 50,(XX) 7%% August 15,1996 61,993 63,268 | ||
- - 8%% November 1,1996 46,580 47,355 4 %,% November 1,1986 30,000 a0,000 60,000 6 % July 1,1998 18,195 18,195 4%% Septen''.ser 1,1987 60,(XX) 4%% August 1,1988 60,000 60,(XX) Total Debenture Bonds 317,642 324,772 5%% June 1,1989 50,000 50,(XX) Other Long-Term Debt 4 %% September 1,1990 50,000 50,000 6%% Note due serially to 4%% August 1,1992 40,000 40,000 November 15,1983 2,160 2,640 4 K% June 1,1993 40,000 40,000 'Ihtal Long-Term Debt 4%% September 1,1994 60,000 60,000 Principal amount out-4 %% September 1,1995 60,000 60,(XX) standing (note 11) 2,283,165 2,074,846 6%% lune 1,1997 75,000 75,(XX) Less amount due within 7 % June 1,1998 75,000 75,000 one year (note C) 24,199 57,087 7%% April 1,1999 75,000 75,000 Long-Term Debt excluding 9%% March 1,2(XX) 98,000 98,(XX) amount due within one 8 %% A May 15,2001 69,300 69,300 year (note C) 2,258,966 2,017,759 7 %% 11 November 15,2001 80,000 80,(XX) Net Unamortized 7%% C April 1,2002 125,000 125,(XX) Discount (2,047) (275) 8%% D March 1,2004 90,000 90,000 Long-Term Debt less Net i2 % E October 1,2004 10,730 11,730 Unamortized Discount S2,256,919 S2,017,484 8 %% F April 1,2006 60,000 60,000 | - - 8%% November 1,1996 46,580 47,355 4 %,% November 1,1986 30,000 a0,000 60,000 6 % July 1,1998 18,195 18,195 4%% Septen''.ser 1,1987 60,(XX) 4%% August 1,1988 60,000 60,(XX) Total Debenture Bonds 317,642 324,772 5%% June 1,1989 50,000 50,(XX) Other Long-Term Debt 4 %% September 1,1990 50,000 50,000 6%% Note due serially to 4%% August 1,1992 40,000 40,000 November 15,1983 2,160 2,640 4 K% June 1,1993 40,000 40,000 'Ihtal Long-Term Debt 4%% September 1,1994 60,000 60,000 Principal amount out-4 %% September 1,1995 60,000 60,(XX) standing (note 11) 2,283,165 2,074,846 6%% lune 1,1997 75,000 75,(XX) Less amount due within 7 % June 1,1998 75,000 75,000 one year (note C) 24,199 57,087 7%% April 1,1999 75,000 75,000 Long-Term Debt excluding 9%% March 1,2(XX) 98,000 98,(XX) amount due within one 8 %% A May 15,2001 69,300 69,300 year (note C) 2,258,966 2,017,759 7 %% 11 November 15,2001 80,000 80,(XX) Net Unamortized 7%% C April 1,2002 125,000 125,(XX) Discount (2,047) (275) 8%% D March 1,2004 90,000 90,000 Long-Term Debt less Net i2 % E October 1,2004 10,730 11,730 Unamortized Discount S2,256,919 S2,017,484 8 %% F April 1,2006 60,000 60,000 | ||
+ 8.45% G September 1,2006 60,000 60,(XX) 8%% II June 1,'2007 125,000 125,000 8%% I September 1,2007 59,900 59,900 9%% J November 1,2008 100,000 100,(XX) 9%% K July 1,2009 100,000 C. The aggregate principal amount of requirements 11- % L November 1,2009 125,000 for smking funds and maturities for each of the five | + 8.45% G September 1,2006 60,000 60,(XX) 8%% II June 1,'2007 125,000 125,000 8%% I September 1,2007 59,900 59,900 9%% J November 1,2008 100,000 100,(XX) 9%% K July 1,2009 100,000 C. The aggregate principal amount of requirements 11- % L November 1,2009 125,000 for smking funds and maturities for each of the five years ollow ng December 31,1979 is as follows: | ||
years ollow ng December 31,1979 is as follows: | |||
1,' 2 7 538 Sinking Pollution Control llonds Year Funds Maturities Total | 1,' 2 7 538 Sinking Pollution Control llonds Year Funds Maturities Total | ||
( Thousanals of I)ollarn 6.30% A October 1,2006 14,300 . 14,300 1980 s 5,276 s 18,923 s 24,199 6.90% 11 September 1,2009 42,620 1981 9,sso 31,480 41,mo 6.90% C September 1,2009 2,990 1982 9,550 480 tojm | ( Thousanals of I)ollarn 6.30% A October 1,2006 14,300 . 14,300 1980 s 5,276 s 18,923 s 24,199 6.90% 11 September 1,2009 42,620 1981 9,sso 31,480 41,mo 6.90% C September 1,2009 2,990 1982 9,550 480 tojm 1983 8,4so 46,820 55,270 | ||
1983 8,4so 46,820 55,270 | |||
'Ibtal First and Refunding 1984 8,4so s0J100 58,4so Mortgage llonds S1,963,363 $ 1,747,434 541,276 s147,703 sis 8,979 Notes: | 'Ibtal First and Refunding 1984 8,4so s0J100 58,4so Mortgage llonds S1,963,363 $ 1,747,434 541,276 s147,703 sis 8,979 Notes: | ||
A. The Company's Mortgage, securing the First and For sinking fund purposes, certain First and Refunding Mortgage 11onds, constitutes a direct first Refunding Mortgage llond issues require annually mortgage lien on substantially all property and the retirement of $19,400,000 principal amount franchises. of bonds or the utilization of bondable property additions at 60% of cost, and the portion expected B. As of December 31,1979 the annual m.terest to be met by property additions has been excluded requirement on Long-Term Debt was $167,099,000 of f rom the table above. Also, the Company may, at its which $144,261,000 was the requirement for First option, retire additional amounts up to $6,200,000 and Refunding Mortgage llonds. The embedded annually through sinking funds of certain debenture interest cost on Long-Term Debt was 7.48 %. bonds. The election of any such option is included in | A. The Company's Mortgage, securing the First and For sinking fund purposes, certain First and Refunding Mortgage 11onds, constitutes a direct first Refunding Mortgage llond issues require annually mortgage lien on substantially all property and the retirement of $19,400,000 principal amount franchises. of bonds or the utilization of bondable property additions at 60% of cost, and the portion expected B. As of December 31,1979 the annual m.terest to be met by property additions has been excluded requirement on Long-Term Debt was $167,099,000 of f rom the table above. Also, the Company may, at its which $144,261,000 was the requirement for First option, retire additional amounts up to $6,200,000 and Refunding Mortgage llonds. The embedded annually through sinking funds of certain debenture interest cost on Long-Term Debt was 7.48 %. bonds. The election of any such option is included in | ||
| Line 3,430: | Line 1,805: | ||
The c,ompany has a Tax Reduction Act Employee 1979 1978 Stock Ownership plan (TRASOP) under provisions | The c,ompany has a Tax Reduction Act Employee 1979 1978 Stock Ownership plan (TRASOP) under provisions | ||
, nn,us n os nonan' of the Tax Reduction Act of 1975, as amended. | , nn,us n os nonan' of the Tax Reduction Act of 1975, as amended. | ||
Net Inuime $231,329 5228,786 gg g gg ,g g rederai inonne taxes induded in: additional 1% investment tax credit if the company | Net Inuime $231,329 5228,786 gg g gg ,g g rederai inonne taxes induded in: additional 1% investment tax credit if the company uSrIt [r iI I4,359 8,233 transfers to the TRASOP an equivalent amount of Prousmn for defened income taxes-net | ||
uSrIt [r iI I4,359 8,233 transfers to the TRASOP an equivalent amount of Prousmn for defened income taxes-net | |||
* 99,187 150,941 its Common Stock or cash for the purchase of shares invesonent tax cred i adiustments-net 10,419 (21,237) of Common Stock and thereby funds its TRASOP liital mauded in operaong inunne 123,96s 146,937 through a reduction in its Federal income tax Nhsallaneous other income-net 1,952 3,o12 payments. In 1978 the TRASOP was amended to Total r ederal meome tax pmusions 125,917 149,949 permit the Company to claim an additional %% | * 99,187 150,941 its Common Stock or cash for the purchase of shares invesonent tax cred i adiustments-net 10,419 (21,237) of Common Stock and thereby funds its TRASOP liital mauded in operaong inunne 123,96s 146,937 through a reduction in its Federal income tax Nhsallaneous other income-net 1,952 3,o12 payments. In 1978 the TRASOP was amended to Total r ederal meome tax pmusions 125,917 149,949 permit the Company to claim an additional %% | ||
Total 3;9,246 378,73; investment tax credit for 1977 and subsequent tax tarnmgs of subsuhanes-net (1.721) (7931 years if it contributes an equivalent amount of Pre tax meome $3;7,525 s377,942 Common Steck or cash, but only to the extent that | Total 3;9,246 378,73; investment tax credit for 1977 and subsequent tax tarnmgs of subsuhanes-net (1.721) (7931 years if it contributes an equivalent amount of Pre tax meome $3;7,525 s377,942 Common Steck or cash, but only to the extent that | ||
$ 164.462 $181,412 such amount is matched by contributions by Tax expense at the statutory rate Adjustments to pre-tax income, computed at statutory rates, for which defened 2. Investments in and Advances to Subsidiaries | $ 164.462 $181,412 such amount is matched by contributions by Tax expense at the statutory rate Adjustments to pre-tax income, computed at statutory rates, for which defened 2. Investments in and Advances to Subsidiaries | ||
''''''''""'P'""d'd""d'''""'"' Investments in and advances to subsidiaries Tax r a ( under book (including the Company's equity in undistributed depreciation 11,357 7,454 earnings or losses) are summarized as follows: | ''''''''""'P'""d'd""d'''""'"' Investments in and advances to subsidiaries Tax r a ( under book (including the Company's equity in undistributed depreciation 11,357 7,454 earnings or losses) are summarized as follows: | ||
Allowance for funds used during I)ecember 31, 1979 1978 construction (26,o33) (19,826) | Allowance for funds used during I)ecember 31, 1979 1978 construction (26,o33) (19,826) overhead costs capitah:cd (6335) (6,3 ; 11 Transport of New Jersey Other (1,276) (981 Investment * $ 12,732 $ 10,909 Total (22,887) (18,821) Energy Development Corporation | ||
overhead costs capitah:cd (6335) (6,3 ; 11 Transport of New Jersey Other (1,276) (981 Investment * $ 12,732 $ 10,909 Total (22,887) (18,821) Energy Development Corporation | |||
%mortizatmn of deferred tax items (15,65M1 (12,642, Investment 8,514 5,283 fiital (38,54;l (31,4M) ^ '"CC' "' '# | %mortizatmn of deferred tax items (15,65M1 (12,642, Investment 8,514 5,283 fiital (38,54;l (31,4M) ^ '"CC' "' '# | ||
Other Subsi.haries, primarily LNG Proiect Total Federal income tax provisions $125,917 5149,949 investments 2,066 4,118 Advances 80,428 77.835 | Other Subsi.haries, primarily LNG Proiect Total Federal income tax provisions $125,917 5149,949 investments 2,066 4,118 Advances 80,428 77.835 | ||
'The pronsion for deferred income taxes g 3,g y 94 3,g9 represents the tax effects of the following items: %r mh<manon ryurJug pmNe ule. we page M Current Liabihties Unbilled revenues S (2,175) 5 5,829 The major subsidiary included in "Other Subsidi-Under (Overl recovered fuct wsts 6,6N (6,502) aries" above is Energy Terminal Services Corporation cunent ponion of deferred achits 25,29s 1,313 (ETSC). The principal asset of ETSC is a Liquefied intal 29,727 640 Natural Gas (LNG) terminal on Staten Island, in ikfened Credits the New York City harbor area. Annual expenditures Atlantic Proiect Abandonment 132,203 aI 2 for protection including local realand estatemaintenance of the terminal taxes, are approximate Iry Gro3s receipts tax 5,647 (5,547) S4,4(X),000. | 'The pronsion for deferred income taxes g 3,g y 94 3,g9 represents the tax effects of the following items: %r mh<manon ryurJug pmNe ule. we page M Current Liabihties Unbilled revenues S (2,175) 5 5,829 The major subsidiary included in "Other Subsidi-Under (Overl recovered fuct wsts 6,6N (6,502) aries" above is Energy Terminal Services Corporation cunent ponion of deferred achits 25,29s 1,313 (ETSC). The principal asset of ETSC is a Liquefied intal 29,727 640 Natural Gas (LNG) terminal on Staten Island, in ikfened Credits the New York City harbor area. Annual expenditures Atlantic Proiect Abandonment 132,203 aI 2 for protection including local realand estatemaintenance of the terminal taxes, are approximate Iry Gro3s receipts tax 5,647 (5,547) S4,4(X),000. | ||
unanionized fuel costs 25,232 (4,939) | unanionized fuel costs 25,232 (4,939) | ||
L ss on reacquired debt The Company had originally intended to utilize (571) the terminal for the importation of LNG. However, Total | L ss on reacquired debt The Company had originally intended to utilize (571) the terminal for the importation of LNG. However, Total 69,460 159,a01 due to uncertainties and delays relating to the Total s 99,187 s159,941 import tion project,includinglack of regulatory approvals and a supply of LNG, the terminal has not been placed in operation. The Company is now The 1978 current provision for Federalincome taxes is primarily due to the recapture of investment tax pursuing the utilization of the two storage tanks at credits resulting from abandonment of the Atlantic the terminal to store supplies of domestic natural gas in order to meet the demands of its customers E'"I"'' for gas on the coldest winter days. This will The balance of investment tax credits not utilized as necessitate the construction of a ligaefaction facility of I eeember 31,1979 in the amount of $96 million at the site. The additional construction will not is available as a carryover to future years and will proceed until the necessary permits are obtained expire as follows: 1984-S10 million,1985-$36 from the appropriate federal, state and local million, and 1986-$50 million. The carryover results regulatory agencies. 37 I J | ||
69,460 159,a01 due to uncertainties and delays relating to the Total s 99,187 s159,941 import tion project,includinglack of regulatory approvals and a supply of LNG, the terminal has not been placed in operation. The Company is now The 1978 current provision for Federalincome taxes is primarily due to the recapture of investment tax pursuing the utilization of the two storage tanks at credits resulting from abandonment of the Atlantic the terminal to store supplies of domestic natural gas in order to meet the demands of its customers E'"I"'' for gas on the coldest winter days. This will The balance of investment tax credits not utilized as necessitate the construction of a ligaefaction facility of I eeember 31,1979 in the amount of $96 million at the site. The additional construction will not is available as a carryover to future years and will proceed until the necessary permits are obtained expire as follows: 1984-S10 million,1985-$36 from the appropriate federal, state and local million, and 1986-$50 million. The carryover results regulatory agencies. 37 I J | |||
%c ultimate realization of the carrying value of the through rates and leave $19.2 million of net investment may depend, among other things, upon unrecovered costs.The Company has filed excep-the Company's ability to place the facilities in tions to the initial decision. The actual amount of operation and the rate-making treatment granted by such costs to be recovered through rates will be the regulatory agencies. determined by the BPU by its order in the proceed-ing. If any net Atlantic Project costs should not be Any loss the Company may incur, if the above condi-permitted to be recovexd through rates, the Com-tions are not resolved, is not presently determinable; pany would be required to reduce Net Income in however, in the opmion of the management of the 1980 by that amount. | %c ultimate realization of the carrying value of the through rates and leave $19.2 million of net investment may depend, among other things, upon unrecovered costs.The Company has filed excep-the Company's ability to place the facilities in tions to the initial decision. The actual amount of operation and the rate-making treatment granted by such costs to be recovered through rates will be the regulatory agencies. determined by the BPU by its order in the proceed-ing. If any net Atlantic Project costs should not be Any loss the Company may incur, if the above condi-permitted to be recovexd through rates, the Com-tions are not resolved, is not presently determinable; pany would be required to reduce Net Income in however, in the opmion of the management of the 1980 by that amount. | ||
| Line 3,463: | Line 1,832: | ||
Less other charges: | Less other charges: | ||
$329,467 The market value of the plan assets, $204,638,000 at Nuclear fuel ennchment services: December 31,1979, increased by $44,620,000 over Assigned to Hope Creek 2 $5,015 the previous year as a result of contributions (net of p nman , invesment income, ad a net ci ar ed to vanous income' expense and property accounts i,o95 appreciation in market value. The Company's Tbtal other charges 9,563 annual contribution is actuarially determmed to provide for full funding by December 31, 2001. | $329,467 The market value of the plan assets, $204,638,000 at Nuclear fuel ennchment services: December 31,1979, increased by $44,620,000 over Assigned to Hope Creek 2 $5,015 the previous year as a result of contributions (net of p nman , invesment income, ad a net ci ar ed to vanous income' expense and property accounts i,o95 appreciation in market value. The Company's Tbtal other charges 9,563 annual contribution is actuarially determmed to provide for full funding by December 31, 2001. | ||
Ex'tr IrNrhr'iy t.Os'ses, Pension costs for the past two years were charged as before tax reduction $319,904 follows: | Ex'tr IrNrhr'iy t.Os'ses, Pension costs for the past two years were charged as before tax reduction $319,904 follows: | ||
1979 1978 "This amount plus $3,934 and $4,237 for other property losses (U'omnas n/ nonary represent the balances in Extraordmary property Losses at Operating Expenses $34,452 $32,426 December 31,1979 and December 31,1978, respectively. Utility plant and Other Accounts 9,662 9,681 | 1979 1978 "This amount plus $3,934 and $4,237 for other property losses (U'omnas n/ nonary represent the balances in Extraordmary property Losses at Operating Expenses $34,452 $32,426 December 31,1979 and December 31,1978, respectively. Utility plant and Other Accounts 9,662 9,681 | ||
| Line 3,470: | Line 1,838: | ||
, rate proceeding, has requested that the net loss after million on each nuclear generating unit for public | , rate proceeding, has requested that the net loss after million on each nuclear generating unit for public | ||
! tax reduction, $187.7 million, he amortized and liability claims that could arise from a single nuclear recovered through rates. However, on February 6, incident. The Company is insured for each unit to 1980 the Administrative Law Judge in this the extent of its ownership against this liability to a proceeding issued an initial decision which would maximum of $160 million by private insurance (the permit the recovery of $168.5 million of such costs maximum amount presently available), and against 38 | ! tax reduction, $187.7 million, he amortized and liability claims that could arise from a single nuclear recovered through rates. However, on February 6, incident. The Company is insured for each unit to 1980 the Administrative Law Judge in this the extent of its ownership against this liability to a proceeding issued an initial decision which would maximum of $160 million by private insurance (the permit the recovery of $168.5 million of such costs maximum amount presently available), and against 38 | ||
the balance of $400 million by a combination of a capitalization of such leases would not have a mandatory program of retrospective premiums to be significant effect on assets, liabilities or operating assessed against owners of nuclear reactors after a expenses. | the balance of $400 million by a combination of a capitalization of such leases would not have a mandatory program of retrospective premiums to be significant effect on assets, liabilities or operating assessed against owners of nuclear reactors after a expenses. | ||
nuclear incident (up to $5 million per incident but 11. Supplementary Information Concerning the Effects not more than $10 million in any calendar year for of Inflation (Unaudited) each licensed nuclear reactor in the United States), The Company's financial statements are prepared in and indemnity agreements with the Nuclear accordance with aenerally accepted accounting Regulatory Commission. In the event of a nuclear principles and are stated on the basis of historical incident involving any licensed reactor in the United costs, namely, the prices that were in effect when the States the Company could be assessed, on the basis underlying transactions occurred. The following of the three reactors now in service in which it owns supplementary financial information purports to a percentage interest, a maximum of $6.38 million show certain effects of generalinflation on the for any such incident, but not more than $12.76 Company's Utility Plant, Depreciation, and certain milhon m any year. other data as prescribed by the Financial Accounting The Company is a member of Nuclear Mutual Standards Board in Statement No. 33, Financial Limited (NML) which provides insurance coverages, Reporting and Changing Prices. As further pre-up to $300 million, for property damage to nuclear scribed, no adjustments were made to income tax generating facilities of member companies. In the expense. The general method used in developing this event of losses at any plant covered by NML, the data is the Constant Dollar method which is based Company would be subject to a maximum assess- fundamentally, on the Consumer Price Index for ment of fourteen times its annual premium. Such All Urban Consumers (1967 = 100). The effects cf maximum assessment would currently amount to inflation are not recognized for income tax or approximately $13.4 million. ratemaking purposes. | nuclear incident (up to $5 million per incident but 11. Supplementary Information Concerning the Effects not more than $10 million in any calendar year for of Inflation (Unaudited) each licensed nuclear reactor in the United States), The Company's financial statements are prepared in and indemnity agreements with the Nuclear accordance with aenerally accepted accounting Regulatory Commission. In the event of a nuclear principles and are stated on the basis of historical incident involving any licensed reactor in the United costs, namely, the prices that were in effect when the States the Company could be assessed, on the basis underlying transactions occurred. The following of the three reactors now in service in which it owns supplementary financial information purports to a percentage interest, a maximum of $6.38 million show certain effects of generalinflation on the for any such incident, but not more than $12.76 Company's Utility Plant, Depreciation, and certain milhon m any year. other data as prescribed by the Financial Accounting The Company is a member of Nuclear Mutual Standards Board in Statement No. 33, Financial Limited (NML) which provides insurance coverages, Reporting and Changing Prices. As further pre-up to $300 million, for property damage to nuclear scribed, no adjustments were made to income tax generating facilities of member companies. In the expense. The general method used in developing this event of losses at any plant covered by NML, the data is the Constant Dollar method which is based Company would be subject to a maximum assess- fundamentally, on the Consumer Price Index for ment of fourteen times its annual premium. Such All Urban Consumers (1967 = 100). The effects cf maximum assessment would currently amount to inflation are not recognized for income tax or approximately $13.4 million. ratemaking purposes. | ||
The Company, under an agreement entered into in The Company advises readers of the imprecise May 1972, agreed to provide a limited guaranty of nature of this data and of the many subjective not more than S76 million of the legal obligations of judgments required in the restatement of selected the Company's unconsolidated subsidiary, Transport historical costs to constant dollars. This data should of New Jersey (Transport), under its pension plan in not be used to adjust the Company's primary the event Transport failed to meet such obligations, financial statenents and the related Eamings per limited to pension benefits accrued to the date of the average share of Common Stock other than that agreement. As of December 31,1979 the actuarially which is shown in the supplementary statements. | The Company, under an agreement entered into in The Company advises readers of the imprecise May 1972, agreed to provide a limited guaranty of nature of this data and of the many subjective not more than S76 million of the legal obligations of judgments required in the restatement of selected the Company's unconsolidated subsidiary, Transport historical costs to constant dollars. This data should of New Jersey (Transport), under its pension plan in not be used to adjust the Company's primary the event Transport failed to meet such obligations, financial statenents and the related Eamings per limited to pension benefits accrued to the date of the average share of Common Stock other than that agreement. As of December 31,1979 the actuarially which is shown in the supplementary statements. | ||
computed value of the Company's obligation under the guaranty was approximately $46.6 million, . | computed value of the Company's obligation under the guaranty was approximately $46.6 million, . | ||
which would be reduced by applicable pension fund Suphe for t Effects of GeneralInflationlementary Financial D assets. Under an interpretation of the Emp,oyee for the Year Ended December 31,1979 Retirement Income Security Act of 1974, the Company could be liable to the Pension Benefit Hi"""c81 Ad * " 'df"' | which would be reduced by applicable pension fund Suphe for t Effects of GeneralInflationlementary Financial D assets. Under an interpretation of the Emp,oyee for the Year Ended December 31,1979 Retirement Income Security Act of 1974, the Company could be liable to the Pension Benefit Hi"""c81 Ad * " 'df"' | ||
Guaranty Corporation, a corporation established $'n','j[["'m I"l$r " | Guaranty Corporation, a corporation established $'n','j[["'m I"l$r " | ||
| Line 3,522: | Line 1,887: | ||
To better reflect temperature effect on these recorded sales. | To better reflect temperature effect on these recorded sales. | ||
1977 1976 1975 1974 1969 S 492,473 S 443,531 S 413,005 S 364,674 S 160,159 531,118 474,791 429,428 377,184 148,359 414,058 367,470 341,749 336,250 131,900 27,622 25,863 23,375 20,473 12,437 1,465,271 1,311,655 1,207,557 1,098,581 452,855 1,916 1,585 1,573 1,183 479 1,467,187 1,313,240 1,-209,130 1,099,764 453,334 2,931 2,837 4,358 1,201 722 51,470,118 S1,316,077 SI,213,488 S t,100,965 S 454,056 S 257,902 S 307,530 $ 419,154 S 414,798 S 33,507 7,769,629 7,711,953 7,598,9M 7,514,365 6,226,250 9,747,908 9,514,574 8,994,855 8,687,964 6,398,908 10,627,734 10,472,054 10,144,917 11,244,117 10,890,176 259,277 259,151 256,755 253,395 231,264 28,404,548 27,957,732 26,995,491 27,699,841 23,746,598 38,331 34,996 39,910 31,072 25,055 28,442,879 27,992,728 27,035,401 27,730,913 23,771,653 30,771,719 30,376,187 29,255,628 29,730,774 25,554,653 | 1977 1976 1975 1974 1969 S 492,473 S 443,531 S 413,005 S 364,674 S 160,159 531,118 474,791 429,428 377,184 148,359 414,058 367,470 341,749 336,250 131,900 27,622 25,863 23,375 20,473 12,437 1,465,271 1,311,655 1,207,557 1,098,581 452,855 1,916 1,585 1,573 1,183 479 1,467,187 1,313,240 1,-209,130 1,099,764 453,334 2,931 2,837 4,358 1,201 722 51,470,118 S1,316,077 SI,213,488 S t,100,965 S 454,056 S 257,902 S 307,530 $ 419,154 S 414,798 S 33,507 7,769,629 7,711,953 7,598,9M 7,514,365 6,226,250 9,747,908 9,514,574 8,994,855 8,687,964 6,398,908 10,627,734 10,472,054 10,144,917 11,244,117 10,890,176 259,277 259,151 256,755 253,395 231,264 28,404,548 27,957,732 26,995,491 27,699,841 23,746,598 38,331 34,996 39,910 31,072 25,055 28,442,879 27,992,728 27,035,401 27,730,913 23,771,653 30,771,719 30,376,187 29,255,628 29,730,774 25,554,653 50 9 % 559X, 53.3 % 53.7% 56.2% | ||
50 9 % 559X, 53.3 % 53.7% 56.2% | |||
10,677 10,593 10,582 10,779 10,766 9,247 8,74I 8,829 8,892 6,154 6,895 6,190 6,270 6,316 5,195 8,269 6,513 6,543 7,501 7,147 14,883 12,701 13,612 13,154 14,363 5,403 5,395 5,348 5,312 4,562 1,704 1,697 1,689 1,683 1,627 S 344,444 S 342,524 S 259,095 S 220,364 S 149,897 137,811 140,809 102,656 86,463 50,237 78,474 68,341 54,369 46,971 29,341 178 159 116 94 78 560,907 551,833 416,236 353,892 229,553 572 476 647 481 358 561,479 552,309 416,883 354,373 229,911 1,198 1,149 154 535 59 S 562,677 S 553,458 $ 417,037 S 354,908 S 229,970 | 10,677 10,593 10,582 10,779 10,766 9,247 8,74I 8,829 8,892 6,154 6,895 6,190 6,270 6,316 5,195 8,269 6,513 6,543 7,501 7,147 14,883 12,701 13,612 13,154 14,363 5,403 5,395 5,348 5,312 4,562 1,704 1,697 1,689 1,683 1,627 S 344,444 S 342,524 S 259,095 S 220,364 S 149,897 137,811 140,809 102,656 86,463 50,237 78,474 68,341 54,369 46,971 29,341 178 159 116 94 78 560,907 551,833 416,236 353,892 229,553 572 476 647 481 358 561,479 552,309 416,883 354,373 229,911 1,198 1,149 154 535 59 S 562,677 S 553,458 $ 417,037 S 354,908 S 229,970 | ||
$ 113,787 S 154,526 S 106,795 S 62,448 S 13,957 980,570 1,045,627 968,487 977,994 949,154 432,810 468,761 447,600 459,074 369,731 329,211 307,949 344,987 407,840 390,256 376 389 404 428 439 1,742,967 1,822,726 1,761,478 1,845,336 1,709,580 2,064 1,764 3,204 3,088 3,482 1,745,031 1,824,490 1,764,682 1,848,424 1,713,062 | $ 113,787 S 154,526 S 106,795 S 62,448 S 13,957 980,570 1,045,627 968,487 977,994 949,154 432,810 468,761 447,600 459,074 369,731 329,211 307,949 344,987 407,840 390,256 376 389 404 428 439 1,742,967 1,822,726 1,761,478 1,845,336 1,709,580 2,064 1,764 3,204 3,088 3,482 1,745,031 1,824,490 1,764,682 1,848,424 1,713,062 | ||
| Line 3,530: | Line 1,893: | ||
i I 43 | i I 43 | ||
Financial Statistics I | Financial Statistics I | ||
lavo onutteJ where apphcable) 1979 1978 l Condensed Statements of Income (a) Amount % Amount % | lavo onutteJ where apphcable) 1979 1978 l Condensed Statements of Income (a) Amount % Amount % | ||
Operating Revenues Electric $1,689,857 70 $1,564,834 70 Gas 726,850 30 654,951 30 ' | Operating Revenues Electric $1,689,857 70 $1,564,834 70 Gas 726,850 30 654,951 30 ' | ||
l Total Operating Revenues 2,416,707 100 2,219,785 100 i Operating Expenses | l Total Operating Revenues 2,416,707 100 2,219,785 100 i Operating Expenses | ||
! Fuel for Electric Generation and Interchanged Power-net 620,546 26 541,802 24 Cas Purchased and Materials for Gas Produced 384,759 16 327,990 15 Other Operation Expenses 287,389 12 268,769 12 Maintenance 149,027 6 127,423 6 Depreciation 162,989 7 158,248 7 Taxes Other than Federal income Taxes 364,411 15 328,216 15 Federal income Taxes 123,965 5 146,937 7 btal Operating Expenses 2,093,086 87 1,899,385 86 Operating income Electric 269,443 11 266,513 12 Gas 54,178 2 53,887 2 Total Operating Income 323,621 13 320,400 14 | ! Fuel for Electric Generation and Interchanged Power-net 620,546 26 541,802 24 Cas Purchased and Materials for Gas Produced 384,759 16 327,990 15 Other Operation Expenses 287,389 12 268,769 12 Maintenance 149,027 6 127,423 6 Depreciation 162,989 7 158,248 7 Taxes Other than Federal income Taxes 364,411 15 328,216 15 Federal income Taxes 123,965 5 146,937 7 btal Operating Expenses 2,093,086 87 1,899,385 86 Operating income Electric 269,443 11 266,513 12 Gas 54,178 2 53,887 2 Total Operating Income 323,621 13 320,400 14 Allowance for Funds Used During Construction (Debt and Equity) 56,593 3 41,305 2 Other income-net 6,263 4,515 Interest Charges (153,148) (6) (137,434) (6) | ||
Allowance for Funds Used During Construction (Debt and Equity) 56,593 3 41,305 2 Other income-net 6,263 4,515 Interest Charges (153,148) (6) (137,434) (6) | |||
Net income 233,329 10 228,786 10 Preferred and Preference Stock Dividends 46,799 2 46,799 2 Earnings Available for Common Stock S 186,530 8 $ 181,987 8 Shares of Common Stock Outstanding End of Year 68,914 64,120 Average for Year 65,409 61,783 Earnings per average share of Common Stock S2.85 $2.95 Dividends Paid per Share $2.20 $2.08 Payout Ratio 77 % 71 % | Net income 233,329 10 228,786 10 Preferred and Preference Stock Dividends 46,799 2 46,799 2 Earnings Available for Common Stock S 186,530 8 $ 181,987 8 Shares of Common Stock Outstanding End of Year 68,914 64,120 Average for Year 65,409 61,783 Earnings per average share of Common Stock S2.85 $2.95 Dividends Paid per Share $2.20 $2.08 Payout Ratio 77 % 71 % | ||
Rate of Return on Average Common Equity {b) 10.39 % 11.00 % | Rate of Return on Average Common Equity {b) 10.39 % 11.00 % | ||
| Line 3,544: | Line 1,904: | ||
44 | 44 | ||
1977 1976 1975 1974 1969 Amount % Amount % Amount % Amount % Amount % | 1977 1976 1975 1974 1969 Amount % Amount % Amount % Amount % Amount % | ||
S1,470,118 72 S1,316,077 70 51,213,488 74 S1,100,965 76 $ 454,056 66 562,677 28 553,458 30 417,037 26 354,908 24 229,970 34 l | S1,470,118 72 S1,316,077 70 51,213,488 74 S1,100,965 76 $ 454,056 66 562,677 28 553,458 30 417,037 26 354,908 24 229,970 34 l 2,032,795 100 1,869,535 100 1,630,525 100 1,455,873 100 684,026 100 536,801 27 484,174 27 478,312 30 456,439 32 84,670 12 257,897 13 261,190 14 198,653 12 144,020 10 77,851 11 253,831 12 227,395 12 201,865 12 192,168 13 125,087 18 124,876 6 99,617 5 83,494 5 91,467 6 53,180 8 147,652 7 133,087 7 122,634 8 106,683 7 74,105 11 293,796 14 275,254 15 240,967 15 213,576 15 95,504 14 120,969 6 100,380 5 54,368_ 3 21,061 1 30,772 5 1,735,822 85 1,581,097 85 1,380,293 85 1,225,414 84 541,169 79 l | ||
2,032,795 100 1,869,535 100 1,630,525 100 1,455,873 100 684,026 100 536,801 27 484,174 27 478,312 30 456,439 32 84,670 12 257,897 13 261,190 14 198,653 12 144,020 10 77,851 11 253,831 12 227,395 12 201,865 12 192,168 13 125,087 18 124,876 6 99,617 5 83,494 5 91,467 6 53,180 8 147,652 7 133,087 7 122,634 8 106,683 7 74,105 11 293,796 14 275,254 15 240,967 15 213,576 15 95,504 14 120,969 6 100,380 5 54,368_ 3 21,061 1 30,772 5 1,735,822 85 1,581,097 85 1,380,293 85 1,225,414 84 541,169 79 l | |||
250,385 13 236,359 12 217,429 13 187,593 13 110,870 16 ) | 250,385 13 236,359 12 217,429 13 187,593 13 110,870 16 ) | ||
46,588 2 52,079 3 32,803 2 42,866 3 31,987 5 1 296,973 15 288,438 15 250,232 15 230,459 16 142,857 21 49,540 2 43,547 3 43,325 3 56,027 4 9,605 1 1,447 2,654 1,758 (2,037) 994 (133,718) (7) (130,615) (7) (136,709) (8) (130,609) (9) (62,380) (9) 214,242 10 204,024 11 158,606 10 153,840 11 91,076 13 45,065 2 41,257 2 36,008 2 31,813 3 9,304 1 S 169,177 8 S 162,767 9 S 122,598 8 $ 122,027 8 $ 81,772 12 59,806 58,976 56,523 52,531 32,704 59,243 58,308 54,513 51,918 31,102 | 46,588 2 52,079 3 32,803 2 42,866 3 31,987 5 1 296,973 15 288,438 15 250,232 15 230,459 16 142,857 21 49,540 2 43,547 3 43,325 3 56,027 4 9,605 1 1,447 2,654 1,758 (2,037) 994 (133,718) (7) (130,615) (7) (136,709) (8) (130,609) (9) (62,380) (9) 214,242 10 204,024 11 158,606 10 153,840 11 91,076 13 45,065 2 41,257 2 36,008 2 31,813 3 9,304 1 S 169,177 8 S 162,767 9 S 122,598 8 $ 122,027 8 $ 81,772 12 59,806 58,976 56,523 52,531 32,704 59,243 58,308 54,513 51,918 31,102 | ||
| Line 3,557: | Line 1,914: | ||
$5,654,097 55,255,286 $4,920,768 $4,636,344 S2,810,313 | $5,654,097 55,255,286 $4,920,768 $4,636,344 S2,810,313 | ||
$1,314,916 $1,194,467 $1,078,124 S 965,160 S 639,517 | $1,314,916 $1,194,467 $1,078,124 S 965,160 S 639,517 | ||
$1,647,445 40 $1,549,579 39 S1,418,854 36 S1,422,525 38 S884,377 42 330,812 8 341,511 9 380,619 10 389,640 10 333,306 16 2,640 3,120 153,600 4 153,600 4 | $1,647,445 40 $1,549,579 39 S1,418,854 36 S1,422,525 38 S884,377 42 330,812 8 341,511 9 380,619 10 389,640 10 333,306 16 2,640 3,120 153,600 4 153,600 4 1,980,897 48 1,894,210 48 1,953,073 50 1,965,765 52 1,217,683 58 35,000 1 35,000 1 35,000 1 554,994 13 524,994 13 474,994 12 434,994 12 149,994 7 919,752 22 900,384 22 855,874 22 797,386 21 374,538 18 557 550 550 550 252 26,065 26,065 1 26,065 1 26,065 1 26,065 1 651,885 16 596,745 15 540,G41 14 515,267 14 349,093 16 1,598,259 38 1,523,744 38 1,422,530 37 1,339,268 36 749,948 35 l | ||
1,980,897 48 1,894,210 48 1,953,073 50 1,965,765 52 1,217,683 58 35,000 1 35,000 1 35,000 1 554,994 13 524,994 13 474,994 12 434,994 12 149,994 7 919,752 22 900,384 22 855,874 22 797,386 21 374,538 18 557 550 550 550 252 26,065 26,065 1 26,065 1 26,065 1 26,065 1 651,885 16 596,745 15 540,G41 14 515,267 14 349,093 16 1,598,259 38 1,523,744 38 1,422,530 37 1,339,268 36 749,948 35 l | |||
$4,169,150 100 $3,977,948 100 S3,885,597 100 $3,740,027 100 $2,117,625 100 (c) Net Income plus Income Taxes, Deferred In ome Taxes, {d) Total Common Equity divided by year-end Common Stock Investment Tax Credits and Fixed Charges divided by Fixed shares plus double the 51.40 Dividend Preference Common Charges. Fixed Charges include Interest on Long Term and Stock shares. I Short Term Debt and Other Interest Expense. 45 | $4,169,150 100 $3,977,948 100 S3,885,597 100 $3,740,027 100 $2,117,625 100 (c) Net Income plus Income Taxes, Deferred In ome Taxes, {d) Total Common Equity divided by year-end Common Stock Investment Tax Credits and Fixed Charges divided by Fixed shares plus double the 51.40 Dividend Preference Common Charges. Fixed Charges include Interest on Long Term and Stock shares. I Short Term Debt and Other Interest Expense. 45 | ||
1 Management's Discussion The 1979 increase was slightly tempered by the ef- | |||
1 | |||
Management's Discussion The 1979 increase was slightly tempered by the ef- | |||
'"t of a gn ta ponion of s les being in the lower and AnalYsis of the revenue per therm classes of business. The increased Statements orincome seie . m eieivie theieterruPtibie ena eff-Peek cate-gory, generated S26 million in additional revenue. | '"t of a gn ta ponion of s les being in the lower and AnalYsis of the revenue per therm classes of business. The increased Statements orincome seie . m eieivie theieterruPtibie ena eff-Peek cate-gory, generated S26 million in additional revenue. | ||
The following is a summary of the year-to-year The sharp reduction in the days of interruptions,13 changes followed by a discussion of those items in 1979 against 136 in 1978, as well as the favorable which had a significant effect on the Company's price of gas compared to alternate fuels were the results of operations. prime factors. However, gas sales to the remaining | The following is a summary of the year-to-year The sharp reduction in the days of interruptions,13 changes followed by a discussion of those items in 1979 against 136 in 1978, as well as the favorable which had a significant effect on the Company's price of gas compared to alternate fuels were the results of operations. prime factors. However, gas sales to the remaining | ||
| Line 3,576: | Line 1,928: | ||
Increase or (Decreasel Increase or (Decrease) 1979 vs 1978 1978 vs.1977 1979V5 1978 1978 VS 1977 t Udhons of DoHarn O' " " ' " "U''Y Rate thanges includmg retovenes Mer pnces paid for gas supphes $54 524 of gas costs through base rates 59 $10 Rtfunds f rom pipeline supphers {l2) 7 Recovents of gas cost 3 through Increased therm sendout 14 7 loch:cd adiustment charges (1) 49 70 gg, gg gg g inacased 'Iham sales 14 12 match recoveries through 39y revenues 1 32 373 557 570 ill Represents revenues received as recovery of gas costs in 46 exccu ot amounts mstuded in base rates. | Increase or (Decreasel Increase or (Decrease) 1979 vs 1978 1978 vs.1977 1979V5 1978 1978 VS 1977 t Udhons of DoHarn O' " " ' " "U''Y Rate thanges includmg retovenes Mer pnces paid for gas supphes $54 524 of gas costs through base rates 59 $10 Rtfunds f rom pipeline supphers {l2) 7 Recovents of gas cost 3 through Increased therm sendout 14 7 loch:cd adiustment charges (1) 49 70 gg, gg gg g inacased 'Iham sales 14 12 match recoveries through 39y revenues 1 32 373 557 570 ill Represents revenues received as recovery of gas costs in 46 exccu ot amounts mstuded in base rates. | ||
Maintenance Allowance for Funds Used During Constmetion The 17% increase during 1979 is primarily due to The $15 million or 37% rise in total AFDC experi-higher cost of maintenance at certain of the Com- enced during 1979 is nrincipally attributable to pany's steam and nuclear generatir.g stations. Addi- higher levels of Construction Work in Progress. The tional expenses were incurred in order to restore 17% decrease in 1978 resulted primarily from the service following Tropical Storm David and in main- suspension of accmals on the Atlantie Project effec-taining the distribution system. tive June 1,1978 cnd the discontinuance of AFDC on Salem 1 due to its transfer to Utility Plant in Service | Maintenance Allowance for Funds Used During Constmetion The 17% increase during 1979 is primarily due to The $15 million or 37% rise in total AFDC experi-higher cost of maintenance at certain of the Com- enced during 1979 is nrincipally attributable to pany's steam and nuclear generatir.g stations. Addi- higher levels of Construction Work in Progress. The tional expenses were incurred in order to restore 17% decrease in 1978 resulted primarily from the service following Tropical Storm David and in main- suspension of accmals on the Atlantie Project effec-taining the distribution system. tive June 1,1978 cnd the discontinuance of AFDC on Salem 1 due to its transfer to Utility Plant in Service | ||
'laxes Other than Federal Income Taxes on June 30,1977. | 'laxes Other than Federal Income Taxes on June 30,1977. | ||
| Line 3,586: | Line 1,937: | ||
Independent Accountants' Opinion Deloitte Haskins* Sells ; | Independent Accountants' Opinion Deloitte Haskins* Sells ; | ||
1 C,:rtified Public Accountants J 55t Broad Street i Newark, New Jersey 07102 Tb the Stockholders and Board of Directors of l Public Service Electric and Gas Company: | 1 C,:rtified Public Accountants J 55t Broad Street i Newark, New Jersey 07102 Tb the Stockholders and Board of Directors of l Public Service Electric and Gas Company: | ||
We have examined the balance sheets and state- In our opinion, such financial statements, appearing ments of capital stock and long-term debt of Public on pages 29 to 41, inclusive, present fairly the finan-Service Electric and Gas Company as of December cial position of Public Service Electric and Gas 31,1979 and 1978 and the related statements of in- Company as of Deccmber 31,1979 and 1978 and the come, retained camings, and changes in financial po- results of its operations and the changes in its finan-sition for the years then ended. Our examinations cial position for the years then ended, in conformity were made in accordance with generally accepted with generally accepted accounting principles auditing standards and, accordingly, included such applied on a consistent basis. | We have examined the balance sheets and state- In our opinion, such financial statements, appearing ments of capital stock and long-term debt of Public on pages 29 to 41, inclusive, present fairly the finan-Service Electric and Gas Company as of December cial position of Public Service Electric and Gas 31,1979 and 1978 and the related statements of in- Company as of Deccmber 31,1979 and 1978 and the come, retained camings, and changes in financial po- results of its operations and the changes in its finan-sition for the years then ended. Our examinations cial position for the years then ended, in conformity were made in accordance with generally accepted with generally accepted accounting principles auditing standards and, accordingly, included such applied on a consistent basis. | ||
tests of the accounting records and such other audit-ing procedures as we considered necessary in the circumstances. | tests of the accounting records and such other audit-ing procedures as we considered necessary in the circumstances. | ||
| Line 3,600: | Line 1,950: | ||
Afemher of Fmance and Nominatmg Nathan H. Wentworth Committees Former Chastman of the Board. The Continental Corporation (property and casualty hfe and acendent and heahh and Margery Somers Foster other types of insurance, and other (mancial Emerstus Professur of Economics and former services) and The ContinentalInsurance Dean of Douglass College, Tsutgers. The State Companies. New brk New brk University. New Bmnswick. New fersey Afember of Audst and Finance Committees Afemberof Audit Commsttee and Orgard:ation and Compensation Committee D. Wayne Hallstein Director and fortner President. Ingersoll-Rand Company (diversshed manufacturer of inathmery equipment and toads). %dchff Lake. New Jersey Afember of Finance Committee and Organization and Compensation Comnnttee 48 L | Afemher of Fmance and Nominatmg Nathan H. Wentworth Committees Former Chastman of the Board. The Continental Corporation (property and casualty hfe and acendent and heahh and Margery Somers Foster other types of insurance, and other (mancial Emerstus Professur of Economics and former services) and The ContinentalInsurance Dean of Douglass College, Tsutgers. The State Companies. New brk New brk University. New Bmnswick. New fersey Afember of Audst and Finance Committees Afemberof Audit Commsttee and Orgard:ation and Compensation Committee D. Wayne Hallstein Director and fortner President. Ingersoll-Rand Company (diversshed manufacturer of inathmery equipment and toads). %dchff Lake. New Jersey Afember of Finance Committee and Organization and Compensation Comnnttee 48 L | ||
Officers Robert 1. Smith Robert M. Crockett Chastman of the Board and Chief Executive Vice President-FuelSupP ly and President of officer Eascogas LNG. Inc. | Officers Robert 1. Smith Robert M. Crockett Chastman of the Board and Chief Executive Vice President-FuelSupP ly and President of officer Eascogas LNG. Inc. | ||
John E Betz Fredrick R. DeSanti President and Chief Operating officer Vice Ptssident-Rates and Load Afanagement Edward G. Outlaw Gifforn Griffin Executive Vsce President-Corporate Plann'ng Vice President-Interconnections William E. Scott Carroll D. James Executive Vice President-Finance Vice President-Administrative Planning James B. Randel, Jr. Edward J. Lenihan Senior Vice Preside nt of the Company and Vice President-Public Relations President of Energy Development CorPoratirn Charles E. Maginn, Jr. | John E Betz Fredrick R. DeSanti President and Chief Operating officer Vice Ptssident-Rates and Load Afanagement Edward G. Outlaw Gifforn Griffin Executive Vsce President-Corporate Plann'ng Vice President-Interconnections William E. Scott Carroll D. James Executive Vice President-Finance Vice President-Administrative Planning James B. Randel, Jr. Edward J. Lenihan Senior Vice Preside nt of the Company and Vice President-Public Relations President of Energy Development CorPoratirn Charles E. Maginn, Jr. | ||
| Line 3,616: | Line 1,965: | ||
Public Service Electric and Gas Company Newark, NJ 07101 1 | Public Service Electric and Gas Company Newark, NJ 07101 1 | ||
1 i | 1 i | ||
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____ _ __________ _ _ __ ___m, __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _}} | ____ _ __________ _ _ __ ___m, __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _}} | ||
Revision as of 02:41, 1 February 2020
| ML19323A044 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom  |
| Issue date: | 02/15/1980 |
| From: | Public Service Enterprise Group |
| To: | |
| Shared Package | |
| ML19323A042 | List: |
| References | |
| NUDOCS 8004150252 | |
| Download: ML19323A044 (47) | |
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1 Y h i Table of Contents About the company I Public Service Electric and Gas Com-l'/1l
//ilI f' i. 1 FinancialIlighlights pany, New Jersey's largest utility, J l J E D] 2 Message to shareholders serves about 5.5 million people, more
, 7 2 4 Edison Tribute than three-fourths of the state's popu-n,. ,n n x u,-n - v 8 Financial Review lation. The Company's service area
,m o n. . .n.- i n e
[[ W 10 Construction Expenditures
' stretches across the sta:c's industrial I';,"I /CY, ' l '" !. 11 Energy Production corridor from the New York state line i, , n .h n. n a an i o
[ 16 Energy Distribution on the north to below Camden in the i s .,,, I *lll$ $"' [p. y 19 Energy Usage south. The territory, a center of trans-
,o. m n,. am o ,. 23 Energy Research . . n n n m a "" " portation, contains a well-balanced
[ 27 Community, Employee mixture of industrial, commercial and l'$i'. [l",t',; b ~ Information residential development. Included in
,,u.o< n.nno,un [ 28 Transport of New Jersey the area are New Jersey's six largest u m namon ~ n ij g 29 Financial Statement
- cities and nearly 300 smaller subur-f/,'siUll,"J'M> ss t Responsibility
, h. i . on nma ei ban and rural communities.
h 29 Accounting Policies
' Y $ ll 7i""'# . , . , .
u m. .. , .. ., n n , -ni n nu y [ 31 Financial Statements 42 Operating Statistics AnnualMeeting
- n. . - o m..nt md Please note that the Annual Meeting
[ 44 Financial Statistics of Stockholders of the Company will I,$nIn.' N,5 [,n . r 46 Management's Discussion and be held at the Robert Treat Hotel,
-um .ma n . ho. + c Analysis of the Statements of ., a m a , ..i,<n m ine 4 50 Park Place, Newark, New Jersey, in imhm" income 'Riesday, April 15,1980, st 2:00 PM. A
- 47. independent Accountants' summary of the meeting will be sent Opinion to stockholders at a later date.
[L ' 48 Directors and Officers [ Financialand StatisticalReview A comprehensive statistical sup-e plement to this report, containing financial and operating data for the years 19691979, will be available this Spring. If you wish to receive a copy, ' please write to the Vice President and Treasurer, Public Service Electric and O Cas Company, PO.13ox 570, Newark, N.J. 07101. n sunbol of the Centenmal of 1ighi lsN 19N
'n -
. Public Service Electric and Gas Company 80 Park Place, Newark, New Jersey 07101
'd 2 (201)430-7000 Stockholderinformation 'ib!! Free New Jersey residents (800)242-0813 Outside New Jersey (800)526-8050 l
Stock Symbol PEG FinancialHighlights y, The Company's Common Stock 19 9 1978 Change and the $1.40 Dividend Preference Common Stock are traded on the Earnings per average share of Common Stock New York Stock Exchange and the 52.83 S2.93 (3) Philadelphia Stock Exchange. Shares of Common Stock Average 65,409,000 61,783,000 6 Transfer Agents All Stocks Year-end 68,914,000 64,120,000 7 Morgan Guaranty Trust Company of New York,30 West llroadway, Dividends paid per share of New York, N.Y.10015 Common Stock 52.20 $2.08 6 Ikx)k Value per share of Stock Transfer Department, Public Common Stock $26.26 $26.13 - Service Electric and Gas Compan% Total Operating Revenues $2,416,707,000 52,219,785,000 9 80 Park Place, Newark, N.I. 07101 Total Operating Expenses 52,093,086,000 51,899,385,000 10 , Registrars All Stocks Eamings Available for Common Stock $ 186,530,000 S 181,987,000 2 l Gross Additions to Utility Plant S 538,135,000 $ 513,757,000 5 I 5B a tree 't w r J 07101 Total Utility Plant $6,325,033,000 $5,810,329,000 9 Morgan Guaranty Trust Company of New York,30 West Broadway, New York, N.Y.10015 l Capitalization Ratios Earnings and Dividends per Share Times Fixed Charges Earned (%t-Ench (Before income Taxes) 1975P P"'"T 1975 M M 1975 6 1976 P ~ ' 'T 1976 M 1976 f.O N 7 ? I. - ~ i.~ .; 1977 P T " " 4 M 1977 M M 9 gg77 1978 I " 4'M 1978 I'7 197g 3979 jgA m- ?* *2 : t 3979 9
?. 20 40 60 80 100 $1 $2 $3 1 2 3 4 I C Ikbt E Dividends O Preferred Stock Q Earmngs Common Equity 1 1
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T'1 RArt I snmb. Chairman of the I l' Message to
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i The year 1979 was a difficult one for Immediately following the Three PSEA as it was for many utihty ; Alile Island accident, the Company compames, especially those in the and other utilities operating nuclear Northeast. A dramatic increase in oil plants, estabbshed task forces to pnces, accelerating inflation, high
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- investigate the accident and apply the money costs and reactions to the , " lessons teamed" to their nuclear Three A1ile Island accident in ; stations. Improvements in safety Pennsylvania contnbuted to an systems and operating procedures at adverse operating environment for Salem were made. Alanagement of the unhties. I urther, abnormal weather L Company after reviewing all the facts, conditions in our territory, combmed ' ~
reaffirmed its commitment to nuclear with high energy costs, tended to power. reduce demands for both gas and _, electncity. As a result of these - M Oil Redu .lon unf avorable circumstances, the L,ompany's camings per share of
%/ / !Q 1 The low-sulphuroil that the Company bums originates abroad and it is ine Stot.k dropped to 52.83 in (L 1; ; peiative for both economic and politi-Lonnuary%,
1979,3 4 below the $2.9a, reahred in 4 g j
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'Ibtal revenues in 1979 rose to $2.4 nd the nation to lessen dependence involvement in either the ownership "" I"I "X "II' bdhon from $2.2 bilhon in 1978' a 9% increase, while net income or opeution of the Three Atile Island The price of oil rose fmm $15.51 a station, repercussions of the accident lurrel at the end of 1978 to $29.36 at avadable for Common Stock increascJ have had a significant effect on our the close of 1979 and the current price 2 5% f rom $182 million to $186.5 Company. When the accident oc-million. curred, the No. 2 nuclear unit at our is $31.34 - m re than double what it The dividend on Common Stock ws t the end of 1978. Obviously, the was increased in 1979 for the fourth Salem Generating Station was near continuously incre sing price of oil as tune in as many years. lleginning with Completion. We were expecting to re,
. well as the continuity of supply are of the first quarter, the dividend was cerve an operating beense in April deep concern.
raised by two cents a share to 55 cents and, after testing, to begin commercial Our uw of on for electric generation from the 53 cents paid in the fourth opera: ion by late summer or early fall. was reduced from 35 L in 1978 to 25% quarter of 1978. Dividends on Com. As a consequence of the accident, the in 1979 by burninggas and by pur;has-mon Stock paid in 1979 increased to Nuclear Regulatory Commission ing coal-generated electricity from the 52.20 compared with $2.08 in 1978. halted the issuance of operating Pennsylvania-New Jersey-Alatyland As we have stated on numerous occa. licenses and construction permits. We Interconnection. sions, we are committed to a program do not now expect to receive an In m&r to furdwr mduw oil im-of regular dividend increases as long operating license before the spring ports we are studying conversion of as financial conditions permit. Of 1980- existing oil huming plants to coal The No. I Salem unit, which had an where this can be done econemically Rate lucrease excellent performance record in the t quarter of 1979, was shut down [jk,yj'a hannful endmnnwntal On April 2,1979, the Company filed a Aprd for wiuchng and maintenance petition for a rate increase of $374.5 work. We had originally scheduled milhon with the New Jersey lloard of gy, Syppfr the return of this unit to service in Public Utilities. Ifearings on the peti- An improvement in natural gas tion were held during the year and the late lune but because of a number of supphes made it possible for the requirements, some stemming from reemd closed on December 14' except the Three Atile Island accident, its company to add 20,804 new house for issues relating to unrecovered fuel "'"* was delayed until December. heatmg mstallations during the year. costs. As of this date, an initial deci- Of this total,15,065 were conversions Dun.ng 1979 nuclear power provided sion by the administrative law judge 22% of the Compan>'s electric to gas from fuel oil as a result of the in the proceeding has been issued, and omput, a large part of which came rapidiy escaIating oiI price. an order by the New Jersey Board is Our natural gas supply has been fmm the Peacn Bottom station in enhanced by dehvenes from Energy eqected in Alarch. Pennsylvania m which we have a 42.49 interest. We had anticipated a Development Corporation (EDC), our Nuclear "ower subsidiarv engaged in gas exploration greater portion of our electric output The Three Atile Island accident on would come from nuclear but the and develement. At the end of 1979 Alarch 28,1979, focused attention on unavailability of the Salem units we were r. wmg gas from fields dis-the generation of electricity by nu- covered b1 at the rate of about 30 reduced our expected nuclear clear power. Although PSEaC has no generation. million et et a day.
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Encixy Research has doubled, indicating that the dolin As we enter the 1980's, we are aggres-As this report shows, the Company is currently will purchase half as nm> sively gearing our plans to the lower participating in extensive research on as in 1970. Financial statemen', nave growth rates which we expect to per-a number of al:ernate energy sources. not shown the impact of inflation. sist for some time. We are dedicated flowever, our basic conclusion is that In recognition of this problem, the to reducing our dependence on for-we will have to place primary reliance accounting profession through the eign oil. We are exploring attemate on coal and nuclear for the near term Financial Accounting Standards Board energy sources for the future and we future because none of the alternates, has issued a statement requiring that are pursuing all possible ways to nor all of them together, can make a certain inflation-adiusted data be pre- improve the efficiency and economy meaningful certibution to energy sented in 1979 annual reports. This of our operations. supply between - aw and the end of
. information, on page 39, is supple- As 1979 ended, a new corporate the century mental to the primary financial state- home for the Company was nearing We were much encouraged during ments and is designed to show the completion - a modem, 26-story 1 1979 by the progress made toward the effects that inflation has had on the gleaming glass walled stmeture that development of fusion energy It now Company. gives added dimension to Newark's appears that, with sufficient funding, downtown skyline.
a fusion demonstration plant could be Transport of New /crscF The Company will occupy 22 floors on line by the year 2000. We have sup- During 1979, legislation enacted by of the office tower and a satellite ported fusion research for a number of the State of New Jersey established three-story plaza building. Named 80 years and we are hmking forward to the New Jersey Transit Corporation to park plaza, the complex is adjacent to the time when the tremendous poten. acquire privately-owned transporta- and cast of the 80 park place head-tial of this energy source can be com- tion companies. Our wholly-owned quarters, the Company's home since mercially utilized. subsidiary, Transport of New Jersey, is 1915. presently receiving operating sub- This spring the first of 3,300 em-Research Advisory Council sidies from the State of New Jersey playees will begin moving into the In the latter part of 1979, a Research and we have indicated our willing- new quarters. After the old building is Advisory Council was established. ness to sell this subsidiary to the empty, it will be demolished and a Tk function of this group of some State for a reasonable price. Negotia- landscaped plaza developed. Iwenty people from various back- tions are presently in progress for The new headquarters, which was pourds outside of the utairy industry State acquisition. built and is owned by subsidiaries of it te provide advice and guidance fm Rockefeller Center, Inc., will provide om ~scarch activities. Consumers, Louising to the future greater efficiency through consolida-a siromnentalists, the media, aca- A bright aspect of 1979 for the elec. tion of operations in a more favorable demia anJ various businesses are tric indus:ry was celebration of the working environment as well as sig-i represented on the council. "Intematiaal Centennial of Light" nificant savings from energy which maiked the 100th anniversary conservation. Energy Edssation of Thomas A. Edison's invention of During 1979, as in years past, the During ine vear, the Company ex- the first practical incandescent lamp. dedication and support of Company l panded its caergy education program, The Company had a special interest employees, and of you, the stock- ; stressing the need for nuclear power. in the observance because Edison's holders, has been of incalculable The program included employee inventions not only gave rise to the value. We look forwani to the decade education sessions, newspaper adver- electric utility industry, but he carried of the 1980's with confidence, know-tising and television commercials. out most of his life's work in New ing that your interest and trust will The company's speakers bureau Jersey, and in our service area. continue. increased its activity and made quali. As we embark on the decade of the [k 1 fied speakers available for any group 80's, we do so with the same kind of mterested in leaming more about the determination that characten ed energy sittu n. Edison's efforts to find solutions to We urge to actively support our problems. The decade of the 70's was Robert I. Smith l
' nuclear pu,gm if you are convinced, a period of trial and upheaval for the Chairman of the Board I as we are, that nuclear power must utility industry. Triggered by the Arab and Chief Executive Ofhccr i oil embargo of 1973 we have been ,' play an important role in the overall national energy policy buffeted by crisis after crisis as the result of rising fuel costs and rampant /
Fffects o/ Inflation inflation. The rate of growth in de-mand for electricity has been slowed G Over the past elecade, inflation has John E Bet: become a significant f3ctor in the by high prices and by recognition of President and economy and in our business. During the need to conserve and make more and Chief Operating Officer this period the Consumer price Index efficient use of our energy resources. February 15,1980 3
"The incandescent light was the hardest one of all; it took many years, not only l
of concentrated thought, but also of world-wide [ research." i 95, 4 l l l l
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l i Ihomas Alva Edison's inst practical As part of the observance, PSEAG In 1876 Edison estabiished what he mcandescent lamp burned out after 40 on October 19 uluminated a "Centen- called an "mvention factory" in hours. but its af terglow and reflections nial of Light" disrlay on the facade of Menlo Park. There, amidst quiet l contmue to illuminate and enrich its headquarters building in Newark. country surroundings, he planned to j m.mkmd 100 years later. At the ceremony in Military Park, fac- tum out "a minor invention everv 10 of all Ldison's mventions-he ing the headquarters building, Smith days and a major one every six ' patented 1,093-the lamp he lighted in borrowed the wmds spoken in 1929 by months." the third week of October of 1879 in Thomas N. McCarter, the Company's At the Menlo Park laboratory for his Menlo Park laboratory outshone founder, in honoring Edison on the the first time a group of talented all the others. The world always 50th anniversary of his invention: people was assembled in one location, would be a brighter and better place in "We of the electric lixht and power fumished with scientific equipment which to hve. industry owe to Mr. Edison much and supplies and encouraged to in-In 1979, a year long " International more than is involved in the discov- vent. It was the first industrial re-cry of a practicalincandescent lamp, search laboratory in America. l Lentemnal of l.ixht " observance commemorated Ldison's historie ac- important as that discovery was. We " Remember. nothing that's good l comphshment. Robert 1. Smith, owe to him the very basis of our in. works by itself, just to please you."
- th.nrman and chief executive officer dustry He gave to us the first practi- Edison told his associates. "mu've xor l of P%G, served as chairman of the cal commercial central station and he to make the Jamn thing work."
, centennial committee. developed for us the first practical Edison boasted publicly in 1878 that centenmal events were held method of generating and distribut- he could devise in about six weeks a thmughout the nation and abroad. A inx electrical energy' system to light streets, homes and fac-i number took plate in New Jersey New Jersey claims Edison as her tories with electricity. Weeks became l where Edison lived and worked most own, and rightfully so, for it was in months as Edison and his Menlo Park i of his hfe. the state that he produced most of his assistants sought to develop a practi-l inventions. As a young inventor of 22 cal incandescent lamp, a vital re-t he had arrived in Newark and set up quirement.
! manufacturing facilities for the pro-duction of stock tickers.
Newark at the time was a bustling,
growmg mdustrial city in which inventors-would-be and successful-abounded. Edison already had estab- .. I lished himself as an inventor by mak- N# ing improvements to the stock ticker ' i that had brought him S40,000 , I N wMAm,
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l ) After 1,N)0 other materials had been was." the New York Times reported. In 1884 Edison built a new labora-l trieJ, a blament of cotton thread im- "I have accomphshed all that I tory 10 times larger in West Orange. , pregnited with carbon was placed in a promised." Edison said. Instead of a dozen or so assistants, he glass bulb and a vacuum created on Although Edison's accom- now had 30. The laboratory was the October 19,1879. The ' s plishments received wide at- finest of the day with the most i tention and acclaim, the ciec-
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lamp, powered by a string sophisticated equipment of the era. of battenes, was lighted trical age did not arrive over- Edison's genius kept the West and glowed for the 40 night. Edison had estchlished Orange laboratory and a bours that would make a fac:ory to produce electric factory busy for more hist ory. lamps in East Newark, now than 40 years. There News of Edison's suc- Harrison, in 1881. Some were improvements in cessiul incandescent lamp 135,000 bulbs were produced -e ) carlier in- l was met with skepticism during the first year, but there 1 . ventions 1 and doubt. Ilut by De- was no market for most of "^# 9_- and new I cember 260 lamps had them. , 7 ones-motion i been produced and tested. The nation's maior cities , pictures, ; and larger towns were illuminated by I the fluoro-On New Year's Eve Edison illumi-nated his laboratory and the streets of gas lamps, and Edison knew from the j] , scope, non-acida Menlo Park with his lamps. More beginning that electrical illumination 1 ~~ than 3JXX) persons traveled by excur- not only had to be demonstrated as storage sion trains to see the display better, but also more economic than :'jf , Y' battery, Edison then began devising and gas lighting. G - - 4 .- a process j producmg the necessary equipment to "I shall make electric lixht so cheap . for making i supply electricity for a section of that only the rich will be ab/c to bum carbolic acid, and designs for plants lower Manhattan from a central candles." Edison declared. He had cal- to produce coal-tar derivatives and I generatmg station. The result was the culated all the costs of capital, labor cement. , ( historie Pearl Street Station. On Sep- and fuel to assure himself that his sys- During his lifetime, Edison wit- ) tember 4,1882 Edison threw a switch tem was competitive with gas. nessed the improvement his inven- i and the world's first electric light and There also were fears to be over- tions had brought in the quality of i power system was energized. Some 85 come. Many people objected to the life. He also saw the creation of the l l customers received power to light a "new/anx/cd" system, believing that utility and other industries. total of 400 lamps in the Wall Street they would be injured, or that their In 1926 he toured the newly-area. homes would be set on fire. The gas completed Keamy Generating Station "It was not untd 7 o' clock when it companies were keenly watching of Public Service which incorporated bexan to be dark that the chctric every move and ready to take the most advanced production hxhr bulb reallv made itself known maximum advantage from any failure. technology of the day. and showed how bright and steady it The Edison Electric Light Company i gradually increased the capacity of the Pearl Street station and extended the [p% %%w1 wwym M u "uA ~ distribution system. A subsidiarf, the s + s o a ,
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; Edison Company for Isolated Lighting, g Ac 9w {- M *'
was organized to establish electric M* _g"f , Mq e.-g '] y fQh[ $
" plants and systems for towns and vil-N- .<
M.g MC V ' a _. -]? lages, factories, stores, hotels@gQt and 1
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L> >~- - steamships. Sp ,GE; ".6 built in Roselle, New Jersey, by the i : r-~d The first village electric plant was (jl? F O $ 4C( Cigl g
- - a b.a We A subsidiary. Construction began in 1882 h gP @$ M g gj and on the night of January 19,1883, qQ Wj. - ~ -
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dynamos whirled, a switch was thrown and the railroad station, the U i
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by Edison During electric lamps. eight years at Menlo Park, _ A l g 4 -- -- Edison and his associates produced > m l , m. -e:::GFff 420 inventions. Among them were New iersey Energy commis. the phonograph, the first practical unner loct Jacobson speaks at the electric power generator, an electric . Centennial ' iuumma railway, and a variety of electrical s of Light ,non of " display on tacade of 1%EaG's headquarters on October switches, fuses, sockets and other 19 Robert I snuth, Company equipment, board chairman (seated at leftt and Iohn I Cunnmgham, author and histonan, also participated. 1 l $ ?UMEE*2"EZC3ThasMJZfTC1hmM"::SZTEhad":"T:: , --=.aw-~a.sau a a-~ . . . j
was then part of the Greenfield village in
Dearborn,
Mich., where n had bu n _ _ , . f 'r' I moved by l{enry Iord, an Edison . l l . fnend and admirer. In 1979. as part of . i , the centennial observance, the inven- , $. ,s
- tion was again re-enacted therc. ,
je j A 130 foot Tbwer of Light, erected ~. ; ;
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Il y - on the soth anmversary, is i.a the spot ! 1 y where the laboratory stood m Menlo l
)J.M .h Park. PSEaC played a sigrnhcant role ; l I
, m the tower's construction. ,
Ldison's laboratory in West Orange, L MJ l d N*s
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and his home there in Llewellyn Park, where he died October i8,1931, are T homas N Ma ano pomrs our a
- e. 9 national historical sites. ['y $@f,"] h'[,"3 l fac incandescent hght heralded a C,owmor A Harrv won at thi i
% century of scientihe, technological tau h n
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and industnal progress that made the New ideas, mvennons and tet h l Umted States the most powerful nologies are needed today to provide
'4' C nation on earth.
solunons to fundamental problems N The "Centenmal of laxht " obser. l vance m 1979 not only honored the and to restore the nation s tethnical j
- memory of Edison, bdt also sought to leadership. >
. Most of all, new Edisons are '
rekindle m young people Edison's en. needed and many of them Wn . loos < Hof n e had a lot nuire 4 thusiasm for discovenng new ways to l ttool4 l'a< I m the Lighties than con improve the quality of life. A better
,lo o, u ' ht told his host, Thomas N. ennronment for re carch and devel- _
Ma arter Cut and an upgrading of scien. '
)n the ;rJth .inniversary of his m. "{ic ti education were other goals.
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}ntion or' theictedmcandescent his work in the lamp' 4S yj,2 [,',[7["jahoratory. The laborato0,
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Production expenses rose SISI Labor costs increased $17 million, Rate Increase Re</uested million, or 15%. Of this increase, mainly because of wage increases on April 2, the Company filed a electric costs jumped S97 million, provided for in anion contracts. petition with the New Jersey lloard of equal to 15%, and gas expenses $54 Three-year labor agreements which Public Utilities asking for an overall million, or 16%. expire April 30,1980 provided for a ncrease of $374.5 milhon in annual Skyrocketing oil prices and delays reopening for wage discussions in the revenues. Of the amount,5289.6 in the return to operation of Salem third year. Under this provision the million was requested for electric No. I unit after refueling and in , ompany negotiated a wage increase service and 584.9 million for gas licensing of Salem No. 2, plus the of 7.0% effective May 1,1979. service. ' forced outage of Hudson No. 2, the llecause of higher revenues, the New The request was based on 1979 as Company's largest coal-buming unit, lersey gross receipts taxes increased the test year, a retum on rate base of resulted in higher power production by $26 million, from $296 million %50 per cent, and a retum on costs. The increased costs were in 1978 to $322 million in 1979. common equity of 14.25 per cent. In mitigated somewhat by greater use of The Company also was affected by the Company's previous rate case the I natural gas as a fuel for electric a.nendments to the Pennsylvania 11oard approved a return on rate base generation. The cost of power inter- Public Utility Realty Tax Act which of 8.83 per cent and a 13 per cent changed through the Pennsylvania- subjected additional jointly-owned return on common equity with an New Jersey-Maryland laterconnection property of the Company to the Act. increase in annual revenues of $153.1 increased by 147% during the year, The Company's additional tax million, effective lune 1,1978. The because of higher unit costs and 56% liability was 56.9 million for 1979, Company agreed to a stipulation in greater purchases. including a non-recurring surtax of that case which prohibited an Ihgher prices for natural gas were S5.4 million. additional increase in base rates mamly responsible for the increase in prior to March 1,1980. cost of gas purchased and produced. Dividend Increased Hearings on the current petition The costs of raw materials to make lleginning with the first quarter of were completed during the year and gas also continued to rise. 1979, the quarterly dividend on the record closed in December. The Maintenance expenses increased Common Stock was increased by two actual amount of any rate relief will 17%, reflecting repair work at the cents a share to 55 cents from the 53 he determined by the lloard by its liergen, Linden and Salem generating cents paid in the fourth quarter of final order in the proceeding. A statmns as well as costs for the 1978. The increase resulted in decision is expected to be issued in l restoration of service disrupted by dividends paid in 1979 totalling $2.20, March 1980. l Tropical Storm David in September- compared with $2.08 in 1978. This On February 6,1980, the Adminis- I was the fourth consecutive year in trative Law Judge who heard the case which the dividend was increased. filed his initial decision. He found the , The 1979 Income Dollar The Company has estimated that, Company entitled to $213.8 million I subject to Intemal Pevenue Service in additional annual revenues, an over-whuc ir am, nom approval,40.5% of the dividend allrateof return of 9.64% and a retum paid on Common Stock in 1979 is on equity of 14.25%. nontaxable for Federal Income tax An important question in the case ptwoses. The nontaxable portion is the treatment of $329.5 million of represents a rerum of capital which costs for the Atlantic Generating should be applied to reduce the cost Station Project which was abandoned s .a e,. ,.. "~""- of shares owned in computing gain by the Company in December 1978.
.29 a xn,ou,, or loss on a subsequent disposition. After the tax effect of the abandon-Dividends on $1.40 Dividend ment, approximately $187.7 million
.oi diOf"Zf""Ud Preference Common Stock and remains to be recovered. it has been g,, Preferred Stock for 1979 are fully agreed by the active parties in the taxable. proceeding that the legitimate costs Whne It Mt 51.to Dmdend
, , , 7,,Q'ed Stock Data Comnwn Stock Preference Common stock
.o, wo a %,,
I979 I978 I979 197S
.o, u.u,,,a, 4 s,,, ,,, Quarterly Dividends Paid Per Share 55' 53<* 35' 35' Mo ., m,,s, Price Range:
First Quarter S 22 %-20% $23-21% $14%-14% $16%-15%
.o .w,mu,a,,, w nn, S 'cond Quarter 22 %-20 24 % -22 14 % -13 % 15 % -14 %
g, Third Quarter 22 %-19 % 24 % -22 % 14 % -13 % 16 -14% Fourth Quarter 20 %-18 % 23 %-20 13 %-11 % 15 % -14 %
*49' first quarter only 9
associated with the Atlantic Project Estimated Construction Expenditures: has created a greater interest in the should be recovered from customers yw i9so 19si 19e i9c i9u plan. Participants also may purchase through rates over a 20-year period. nninom; additional shares with optional cash The Company believes that all Atlan- Totals $781 $794 5810 $813 $806 payments of up to $3,000 per quarter, tic Project costs are legitimate and although not at a discount. that the $187.7 million net cost after IJonds' Common Stock Sold Informational Afceting Ifeld taxes should be recovered through rates. Howev-t other parties in the During 1979, the Company raised more than $363 million through the The Company's first regional stock-case have argued tnat certain Atlanu.c holders mformational meetmg was sale of Atortgage Ilonds and Common Project costs should not be permitted held October 18 at Cherry Hill. to be recovered through rates. Stock. In July, $100 million principal amount of First and Refunding Atore than 800 stockholders attended In the Febmary 6,1980 imtial Alortgage Ilonds,9%% Series K due the meeting at which top Company decision, the Administrative Law officers discussed operations and Judge concluded that about $168.5 2009 were sold. A total of $45.6 million of First and Refunding answered questions. The Company million of the Atlantic Project costs expects to hold similar meetings in Stortgage Ilonds, Pollution Control should be recovered through rates, the future at vanous locations. leaving about $19.2 million of net Series B and C at an interest rate of 6.90% were issued in September Sale . unrecovered costs. The Company has Fair Return S.ought filed exceptions to the imtial decision. of three million shares of Common Stock to underwriters provided more The utility industry is the most if any net Atlantic Project costs are capital intensive in the United States. not permitted to be recovered through than S57.3 million in October. In November $125 million of First and PSEaG's large investment in generat-rates, the Company would be required ing, transmission and distribution Refunding Alortgage Ilonds,12% Series to reduce net income for 1980 by that L due 2009 were sold. In addition, the facilities when related to annual Company raised 533 million through revenues is typical of the industry. he ecision of the Administrative sales of 1,665,561 shares of Common For each dollar of annual revenues, Law Judge also adopted a stipulation the Company has more than 2.62 dol-agreed to by the active parties in the Stock through the Automatic Dividend Reinvestment Plan and $2.6 million lars invested in facilities compared case that $140 million of unrecovered through issuance of shares under with 45 cents for the average manu-fuel costs as of December 31,1979, the Employee Stock Purchase Plan. facturing company. should be recovered by the Company Short-term capital needs were The Company constantly seeks a over a 28 month penod through the levelized energy adjustment clause. f nanced during the year through the fair retum on invested capital so that sale of commercial paper. At year end' sh areholders can be adequately These unrecovered costs are largely the Company had $95 million in cc upensated for use of their funds. A due to the sharp increase in the price short-term debt outstanding. b.. sic objective is to set a dividend of oil and the Salem units not being in service as anticipated. The Company expects to raise that is sustainable and can be raised approximately $500 million in 1980 on a reasonable basis. through the sale of long-term In our rate cases we have empha-Construction Outlays Up secunties. sized the need for adequate income Constmetion expenditures, including and camings to finance our construc-Allowance for Funds Used During Stockholders Increase tion program on a sound basis. Construction (AFDC), payments for Strong cash flow, adequate interest The number of stockholders of record nuclear fuel and advances t at the end of 1979 totalled 27!,006 coverage, high quality credit ratings subsidiaries, increased to 5579 milh.on compared with 267,386 at the end of and conservative accounting practices in 1979 from $537 million in 1978. 1978, an increase of 1.4% per cent. are major elements in our long-term Expenditures in 1980 are estimated at There were 226,339 holders of Com. financial policy.
$781 million. mon Stock,13,319 holders of $1.40 hianagement seeks to maintain a in the five years thmugh 1984, Dividend Preference Common Stock, sound capital structure so that new expenditures are estimated at $4.0 and 31,348 holders of Preferred Stock. funds to finance the Company's billion which includes $674 million of A new computerized stockholder constmetion program can be raised AFDC. Spending over the next five accounting system was installed in at reasonable cost. The Company's years for constmetion of nuclear the third quarter of 1979. The system current objective is for capitalization generating units and the fuel to ratios in the range of 46-48% debt, improves maintenance and expedites operate them will be approximately processing of the Company's 256,311 12% preferred stock, and 40-42%
l $2.4 billion. The fuel costs include stockholder accounts. common equity. Over the longer advance payraents to uranium range we recognize the need to further l
-uppliers. Reinvestment Plan Popular reduce the level of debt to approxi-The Company expects to generate mately 45% of capitalization.
emally approximately 50% of its Participants in the Company's
.anstruction expenditures, excluding Automatic Dividend Reinvestment t AFDC, for the next five years, Plan rose to 42,734 at year end, up assuming adequate rate increases are from 38,625 at the close of 1978. A received and inflation is kept withm 5 per cent discount from the market bounds. The balance will be financed pnce for plan participants who rein-by the sale of long-term securities. vest their Common Stock dividends 10 t
q --
......,....7,3 1 h F- .
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~ -
+ m ,-g s(- ; . ,' ,
- .3i .
H 3 m y A Energy Production
- g. 3 ' ., p ~w y%, renew w. ,..: - -w' *;+ .
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' ^
Electric output in 1979 increased
~
,' ; . "
+
slightly compared with 1978. Total
- - - * ..~ kilowatthours produced, purchased
~
. .' \
and interchanged amounted to 32.0 bilhon, up 1.2"'o from the previous
~-
)7 . .
'4 1 ' .. year. Demand for electncity was held
.s J .
, , 9: t
- down by customer conservation, the H ,_ -
. .. - effect of settmg thermostats in pubhc
, . - . buildmgs at 78 degrees for air con-
. W ,
4 1 1
- s ditioning, and a hesitant New lersey
* ~
.1 ..
'. economy m the second half of
(^
, ~ ~
. f
,, 4' ^ ' . the year.
[ (:
-(
Peak demand dunng 1979 was
'g .
. e r r '. . 6,736,(XX) kilowatts on August 2. This
-y *'- -
was 1.8"o higher than 1978's peak of
.7.-, *
, i.. -
< 61s,(xx) kilowatts, but 2.3"s, below
$-[
- c
. s , t ,,- ,
. . t ie record peak of 6.895,(XX) kilowatts reached m 1977. The maximum day's 3 .
t
+
., 4 Y , .' .. .
output of 127,38(),()()() net kilowatt-hours. 2"a, below that in 1978, also
-t -
- .=
occurred on August 2.
'4 . 'q .- , ~ f '
, .. At the time of the peak load and at Y
~
p $ f'- - -
~
the end of the year the Company's g'A . s l installed generatmg capacity was
; 9,023,000 kilowatts. This was down
-- "3 .
. . *J N
,. from 9,061,(X)0 kilowatts at year-end J .
; 1978 due to rerating of a combus-
. WE'- c. -
...t .
- 4. ' .- .' '
tion turbme unit. Installed generating
~
2
.,. . V.' .,. ' ' ? .
reserve at the time of the 1979 peak was 34"s. The planning peak electnc W - [ ,,
- m. . ..
loads, mstalled generating capacities and percent reserve generating g ,[ -- .
' .[ ..
caracities expected for the next ten
. .r q .. 7 .
. years are shown on the following
- q{-
table.
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( ee'llff~tifilly ( dpdrill I tJrPCd % f ISI 'l a l 'i l'h i hb it !pliia I h ( tilt in i pt rat u oi it is ant h ipattal t h.it ( "11 pa li s .nliimr' unl.in t ittitlcd a hi it' t i q u halt iit the ( (unpanss j ti.ni.is4 1' > itth( >ur put i >f flh t Ic( t . n it s w ill hc g( in r.ited hs nut. lcar
% ili r!1 ,r.ir n u t -\ t l a j i t h ( lti Iht tru pi m t t .
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!.,,; q. o > 1 , Iiclu ( 11 pa r n .o h h.n 1 a il los/s /18rre Apptiinted l ' '
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s !'" I '
-\ f t t i thi I hit c Milt Ishnid nta] car il et neratirn phtnt .h t hh nt M.nt h .S in i Ni 1' t" Pedfli /ftstttini Rettstd Pcons\ h.u ia the linnp.un pn onpt h I ' ' t'i l- il I hirir;i i U "> tln Ni' '
tuilti!th( st t ilp .i ils : lidt c w hR h tiinducted 1 lJ' s
!' i ' l 't ' l 's .n li B, ,r t .;;i .i t , o : i n j ', i w ( 1 S t a t p 41 t hiin iugh it s h w i st satct s s\ sten 1s
' I l ' ' Ii ' '
l itt ! 'i r i i . n I s .n i l .i iri w hn 11 1%i ml . .Ilid cslllipu n it .is w t il .is t >perating ! I I'1 ' ' hiihis 1 ' l') ii r t. n si - t a hlishi d .i
.i lilst ilh t h ins ain ' <
cdures at the l ' ' ' i l'i n i n a t. q ilu s tilluni i h ( trh altin its Na h n! ( ,cnciat I. statnin As a rcstilt
%dlt 'nl \ ts. _3 ( tbniplCled ponint i J l- i s u .~it o in I.it in g tit u t t i! t he IJsk lidt t s widk as w eli as lin luihric rius h ar 1rfinslIfut hd iit ht i stinin s s i! , hc at t hirnt.
i !! lri ' 't % ili f li \i ' lill }( .i t [ .l y ,) , j } q; } j, 7,, ( , , j) ,, g j), lj g;j)pg,,g(.j;gggygs ggj g [ggg q s ( t g j j ,,, 11: a.#,
. t il m t + 't.tlli i ; t [ilt ti .!t .it ] \ .ill(I i 1.l t ill il
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In
,n hu( ds ' NIln o: kihmmt }Diuts ut n' Inade
;pa 6 t +\ti ari i p rat ific ,4in,,p li s a ilo i.: tit arol l hn i!1g it 7,g , 3 7 ,, h it tb \( ar \illh itith tht sah in tniit s art l
pn WalJcd w atcr ic, t tius as alc u' <t: ? ul . ,pt f.ir n oi ir, hiti sunarin r gg y a irl !.ill i b < w i s e r isst u; u t ( p/ thiisc at Ihrct Mlle lland thrv are i td th<<n~ was Jcl.n J h , t h' i t dittch nt & WH alu. w ch hin h i t on s o af j u. o ij. ' t '. t i oi::: snu lln 1 1. p i n t h (
.1 :n rating Ntat, in M a Jith nt olanut.n una Ihr j
( inipun he roi H1\ ids cnlent in the I o ii i >! t i o in i Mih Islalb . i m nct ship i n t he i >penn e in int the
.o i.iI:t ilo i o rip.iin h a s ilt a i s p1 . t ti,n,i: 1 .i la t riv li, ti in t hi I"I" II a t u ga u .it t tin l:s a ri j hg.c Mlle lshuhl pl. nit 1 spit t< it lW \tti i nt t1pt it .i I n ( rist ' " * " " ' h " ' 'P' ' d I h " 3 ' ' I '
Td/ fling ( fnfCT P/dfilled
.u id l i's ' l 'N 1. . ( , i .w n s V3 ,il llh if > lll t t i[ti 'i J hi ilit f l \ r !! i n i t 11s t< ir f lii l li' I,fl!iQ af1 $ It st liiQ i k t i ll t, dll hi'glil ' 'I ' '"I ^
ii li r ilt it t ll + 14 J t U 41 ( cr.ltll1R st,ltitill perstillnc! } l c t enter w 1ll lill llhic slIn tll.it ed t t in t it l' itit Inis t it the N.ilerii aini l hipe l'rcek nt acrating
; st.it h ins It i phivide IlllLl car tipcrattir Ih ense t rallling .Ind f elicsher 1.lst rtic-
~
titin reif llt ensed tiperatiirs alld
^M stipervistirs I'hc two st< >rs ulJ H X) square t< 2 c s
@ tatilits also wlll uint.nn classrotuus y shops and laboratories The center is to 4A he t onstrta ted in south lersev in tre vicnutv or the salem-Hope Creek st a t lt in s Aldinr Aldintendnce Perfortned lluring the nar extensive tuainte-liant c and repan work was performed on a number of large generating umts m the l'ompany s system.
'I hc salem No I nuclear umi was shut d(iwl1 on Aprll 2 for ref uc!!ng and Ilbilllf ellant e Incl tiding !ctllhlng ()I
%v r
(.i
- s 7..
[ b' N 5 rt!
.t. I l'
the main condensers. The unit had Con /crsion Tn CoalStudied The average delivered coal cost for been originally scheduled to return to The economic, technological and 1979 was 4"o above that of 1978. service late in June, but was delayed environmental factors involved in Oil and coal costs are expected to until December because of work nec- converting to coal some steam gen. increase in 1980. Oil prices will con-essary to correct a number of problems crating units which now bum ml is tinue to increase because of actions by which were discovered.These included being analy:cd by a study group formed the opec memberscand the Jomestic damage to some metal support grids during the year. A total of 1,991 mega. crude oil price decontnil plan. Coal of fuel nxi assemblies, cracks in nid- watts of generation could be converted prices are expected to rise further as letsof sixof 53controlnx! assemblies, in approximately two years at a signif. a result of higher transportation costs and cracking in sections of the steam icant cost if environmental require. and from wage increases scheduled generator feedwater lines. The retum ments were relaxed. Considerably longer under tenus of labor agreements with of the unit also was delayed by Nuclear conversion periods and substantia! ' the mine workers. Itegulatory Commission requirements additional costs would be required to Fuel purchased for the Company's relatmg to seismic stress analyses comply fully with existing environ. New Jersey pnnluction facilities in-and required modifications on safety- mental regulations. cluded 14.6 million barrels of oil and related piping systems. 1.6 million tons of coal, both of low On August 29 the largest coal- Oil Prices Nny sulphur content. Fuel oil and coal burning unit in the pSEAG system, the requirements were met during 1979 No. 2 unit at the liudson Generating T.he price of oil used by the Company despite a cutback in fuel oil deliveries Station, was forced out of service by to produce electncity mcreased dra- by one of the Company's principal a generator stator coil failure which matically during 1979 mainly as an suppliers beginning in March and an necessitated rewinding of the stator outgrowth of the tranian oil cutoff m. extended tugboat strike that ham-and rep.urs to the generator field. December of 1978. Tight market con' pered coal deliveries to one location The unit i xpected to return to service ditions which prevailed during 1979 br 90 days. In March r 1980. While the unit were intensified late in the year by is off line annual overhaul activities the U.S. embargo on Iranian oil. The Uranium Shipments Received planned for 1980 will be accomplished, cost of a barrel of low sulphur heavy A substantial portion of the uranium including maior boiler repairs. oil increased from S15.51 a barrel at required to operate the Salem and Substantial maintenance work also ti e end of 1978 to $29.36 at the close flope Creek generatim stations was done in 1979 on units at the " 1979- fmmmmg ggmw liergen, Linden, Sewaren and Mercer Coal prices escalated primarily as a pnivided under agreements with Kerr-generating stations. result of transportation cost increases. McGee Nuclear Corporation and flomestake Mining Company. The Company in 1979 continued to receive
. - - _ ~
]. shipments of uranium, begun in
] the fourth quarter of 1978, from the
' Kerr-McGee South powder Iliver 11asin ymsac e -- "W we " - * - ' -
m __ ;
- protect m Wyoming. Surface mining &fV t.. M Q g y operations at the basin are expected to
, y 3s6r produce approximately 4.2 million pounds of manium over the next d_ M qm
". M.; ' "*
10 years. A partially deve'oped under-ground mine has been placed in a stand-Q by condition for up to three years
" ~ '~ and may be reactivat'ed at the option of the Company.
. Under the liomestake agreement, ex-pioration continued in 1979 in another section of Wyoming and reserves of about 4 million pounds of uranium have been proven.The exploration will y continue toward its objective of prov-
.g$' ing sufficient reserves to iustify develop-ment of a miningand millingcomplex.
During 1979 market prices for uran-ium remained stable. l thrdieve view of ArtificialIsland shows llope Creek Generaung Station under construction in foreground and Sakm stanon in upper right. Af ter flore Creek umts are on hne m late 1980s b - about half the Company % electoc
. W output will be from nuclear power.
13 A"' ' . - _ _ _ _ _ _ _ _ _ _ _
I Gas Sendout increases customers were added under authoriza- compete more effectively for onshore i Total gas sendout for the year was 1.93 tions by the New Jersey Board of Public supplies in gas producing states. billion therms,4.2% more than 1.85 Utilities. Interruptions of service in Another factor was greater efforts by billion therms in 1978. The increase 1979 tctaled 13 calendar days, down suppliers in developing new sources was made possible by greater deliveries substantially from 136 days in 1978, be- and reserves. from pipehne suppliers and from Energy cause of the improvement in availa- Contractual pipeline deliven,es were Development Corporation, the Com. bility of natural gas. curtailed by an average of 17.6% or 1.1 pany's exploration subsidiary. , . milli n therms a day compared with During February of 1979, two rec. d/7d T dH 29% or 1.9 million therms daily in the ords were set in gas output. Daily gas The Company's effective daily gas previous year, a substantial improve-sendout for the month, one of the capacity, excludmg the effect of pipe- ment. Hurncanes m the Gulf of Mexico coldest Februarys on record, averaged line curtailments, was 18,639,000 caused curtailments between July 11 10,844,690 therms. This was 5% more therms per day during the year, the and 31 at rates ranging from 31% to than the previous record of 10,297,538 same as m 1978. Composition of the 44% by one pipeline supplier. therms set in January of 1977. Total daily capacity on December 31,1979 The cost of natural gas to the Com-gas sendout for the month was was: p ny averaged $1.80 a million Btu's, up 303,651,311 therms, th highest for T w e of Gas Therms Per Day 17% from the 1978 figure of $1.54. any Fehmary on record and exceeding Natural Gas 13'892,000 Appmdmat y48% of theCompany's by 9% the prior mark of 279,093,205 Liquefied Petroleum Gas l,981.000 natural gas capacity is made up of recorded for that month in 1972. Synthetic Natural Gas 1,325,000 high-load factor gas that is available
'Ihe highest 24 hour sendout of Oil Gas every day of the year. The rect comes 1,186,000 13,349,009 therms in 1979 occurred on Refinery Gas fr m field st rage, liquefied storage 255,000 February 17 when the average tempera. and contract peaking service.
or 1 18.639.000 ture was 6 E This was exceeded only The Company entered into a new once before in the Company's history, long-term contract in 1979 with Trans-on January 17,1977, when the sendout Sufi/ dies Itufimred continental Gas pipe Line Corporation was 14,005,789 therms and the aver- The supply situation for natural gas which increased total underground gas age temperature was 2.6 E improved significantly during the storage capacity from 415.2 mdlion The number of gas customers year. A maior factor in the improve- therms m, 1978 to 446.0 million therms served under interruptible contracts ment was the passage of Federal energy !" 1979-mcreased to 80 at the end of the year legislation in late 1978 which allowed compared with 71 a year earlier. New the Company's pipeline suppliers to Increascd Deh. renes By Subsidiary At the end of 1979 Energy Develop-ment Corporation (EDC), the Company's exploration subsidiary, was delivering natural gas to the Company at a rate of 277,000 therms a day compared with 110,000 therms i, .. oo at the c!:se of 1978, an increase in ( . . NM flow of 152%The first deliveries of gas "L from offshore wells discovered in the Gulf of Mexico by EDC began in 1979. g@g '" r During the year record highs were set by EDC not only in gas deliveries,
'D ' [
but also in eamings. Net income was
; $3.2 million in 1979, a substantial i
increase over the prior year. Revenues from sales of oil and gas were $23 million, an increase of 1.18%. EDC participated in 1979 in drilling 85 wells, of which 16 were started in 1978. Of the total,27 were onshore and 58 offshore. tga ,lW [' T\
* ' A nuior cifort by the Cornpany to lessen the (ttetts of ekctne prm
{% ducuon tacihnes on surroundma bodic ; of water adunced in 19N era-with tion et the construenon expanded and urgra and o[ed haste %Jtet tre.ltmt ht f acillPCs
'Ihe instalianon of taabnes such as that shown substantially un-proved the quahty or want dis-tharged Total tost at sesen eencratme stanons will be os er 5% nulhon
t I Ille ' diskh sfr phigr.In) W .t s ( E UR C D t i.it ed ill t }lt ( ,0lI ( t i.ht Irgh th i st nt llid! $}lt It I \plt ildtilI\ drlllIllg titt tht A t l Jilt l' ( i t.ht % .h C \ t Undell til t.tinlp.irUd Wl!b M 21lh l9D hl ( lt tiihtf d U Hlt r.h t renegq itidt hill l IC Lh af.d l A llibidn.1 ( )lhhiire < >pera thC siutht ast (,ciugia 1 mh.n ment rcJut Ud thC prR c < >t ictmCn gas bi a t h ens lil\ q ilN Utl dIllllHX d lI sth t.t ssilll pd f lt \ With heavy inl Wt lls dild l4 that % UIC dhdndtillCd ();/ @7;/gfg a g/ fjg (.d% ! b M' slipplUmCnts it s suppllCs I I At irJr rihl 6 W rlIs WCTU sill l ht lHg [ }g ( q q gyg q. ( g g (.d d It'm p lMi\ Udt ur.ll gds Jih! It tillti\ gds M ith II ( \rnipil: 41 tis un t ht priiVisit ilh i st t he ( litsh(Jr .h tIVit\ lih it .hed Js .lddl I url I k At t w hR h piand sc\ cie t"'m naphtha ial g.h pinduCCd f rom f li dldl hb n k s w rit' .it quirCd l IUT!NX K 4 Til t h 4 h e in t }k W' ilt n.H UMl @ kLh' CHC 'ind llNUcflUd YCt C U t n N'h the \ r.lf 4' Wt'lls W CIC LI4HplUttd .h ,g g g l g,g g y ggg( ggggg g g) lg ,,Q g prt hllR Cd th dH prLipane I hc daily dilflit'h 1.ll phhhR rrs lh W Uit lli brl Q t h' i dl W@l\ s}h o tg L . pdt it V tii! ph ullR till" tlI t})CsU XJsts
.lb.Illib dlUd .llld 4 w t .C hClllM drlllUd g }gg g.yg[ .j Jg7 lg79 Ilh' \ J 4 492 ( W H ) [ht Inh lil 19'9 lt ild!
dt If h t b Wt s at t ht VU.li j )U f t Wrot ilt I Hrrp Ustdhlhb'd p KllR t h I !! l9 ) Ul1 til ll(I ml!! Din IIM (iW iled an interest rariX2"X t e n@ a.u \ pnnt due albiw w thernh tiinH 412 mdlhin therms m th qn , T t a i ) , ( )' in 9 tilnlmert i.l! UICLtrR UtdMin b) mdkt' dlTUL t 19 ds J TCsult lit dn ImphiVUmCnt W s ittshiih ilh( il\ rfles at tllr a fid lit 19'9 R khn til rut HMl @ hi MVC tuCj i . t uial n.n supp iCs hese manU-All hHt I sit t hese hb K L s art c\ pet ted od Psi M. punk ml97, > m dlhin t.n tured gases .unitunted to ICss than ti e ht ph idilt ling h\ t he t'nd s it lW) g }k' Inh e tt RH UI.ll @ ti d t h h pu @ ist l' t t Phl ! i s tiltJl gas NCndtiut I hi t it fit i hh n ks shiiuld hr phidlR mg jgggglg79 w h h h Icdl A Cd t he uin dunng thU \ Udf dlarl!)g lVs l I Ilt sr i ntlslii dt dist (IV WHlpt h ul til (HI h W h i\l N kl \ l ' cncs duinig t ht a peak pindut t hin nullhin barrch .n.d h WhCd m uist I \(- l'/d"' ( bd'H!n / lIlt' sht >Uld oldk r lip ht'Jrli lI i ilt gyg ,,g g qigyg( j g gll 4 j n ( 4 b'T h l nM't MIR $MCd h rCh s llh s it ddl R.h suppl \ til l'%l M , mlllh ul I %ii le dt rJllC.br .llts % tit hUld it4 in bMM h 4 NtUMl @ In tb' g gg g g. gygg g g;l g g . D i n R'e t t ht' l .Ult tit MU\h si hh h ks hl 19'9 / 7/ [( PCdk dCmdHds in WWICT Will be llh Js pJit s it 1 git itip bl SM)I g g j g.j [ ggg gg s g (.g. mtensitR'd in lillllli dl i d) .IhhKksdHdll.RUdlHgh . g lg79 to put m Us0 ( N ilJrgt hquCtlCd hids i q) hh n ks totJ! hug 59 h nHl bon T [ xx ,g s 3 g3y7ggggn jh g n.lturdl ds stoldge tanks on hidten In its litterest . Island I hr tanks arc <iw iicd hv I-nergy At \ r.li Und I l h UWHrd dn interest IUTHHn.ll %CTVICUs ( orpoTJtion d m 4 4 ottshiar hhn ks' of whuh 20 gas supp v toi t}a w.n I }u t ost ot
?!lls gds .lVUrdgrd b41l J inllIltin htli\ I' W rit ill l}lt Atldnth ! hitUr ( (Hlti- ()g ggllgg}g gg y ggg g 3 hg g.J d' d teImind! tor importCd dquCIled j fldt ur.l! g.h hCCdthe (it UntUrlaint1Cs l
[ afkl dCIdVs TUIJting it) the imp (irtati >n prolCCt, includmg ldCk of TCguldtorV N dpprtiVdl, the terminal w.h niit placed in ()pelathin On March 1 19'9, the apphtath>n httort the iedCral Energv Commis-sinn was amended to scck approval for use of one of the tanks for storage of domestic gas for use dunng perh>ds of peak demand Eark m 19M it h planned to ask approval for simdar Use tit the seClind tank ( ()perdthin ist the t itihtv bir peaking service Will require ConstruCMon of d
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O' ~2 hqu;Idttion umt and other tatihties i _~ on the site it h alvi anticipated that a
pipeline under the Arthur Kill wdl bc t( l required tti hring the gas tii New I lersev
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[ p{{{ biliJcd til it stilre scr\ h e .is qtiit kl\ .ls report these temperatures to a tentral piiwlbic I hcst liirt cs w cic alignlclited ti>itiptiter tiir an.il\ sis has becii ST U On b\ x.is t ratisiiiissii'ii .iih! Jist rihtit is iii t iinipleted I tita beiiin a illei.teti w ill cllipli >\ ccs !)c ip h hi ir ilio. Lit ili t \ pe r - priivide iict ew.ir y int < >rriiatiipn tii l st illllCl .llh! tit 1 cw s ill ti ent r.it tiir s pernlit niailillum l'sc it! .ill t rans servit t W Js resti trcJ tii '> 1" i>t t he niiwiiin t.ibles mtcr rupted t ostomers w ithm 18 A 2 An (H x) \olt pipe-t\ pc hiilirs alhj til t he I.ist tih!i\ idti.il hiitiu- tinticrgriiuihi t.ible w as iiistalled l si'r \ lt e in fl\ c d.l\ % I his t i tillp.iled bet w ccil hew.ircr1 ('cliera ting st Jtit in s j t.n or a bl \ w n b performantc tollow ing .uhl llantan }tn er steci Comp.mv a
} Ilir r h .lile } lJZcl lil l'l bI w hit h iii.iiiir new clet erit t us tiinier Wiir k
!cqlitrcJ six da\ s tii restiire servit e til .ilsii pnigressed iin aniither 2 4) a H)- j Il I ( H H ) t tlstiililc r s \ illt c.ible bet w een Aldenc .Uh! lissc\
l h. ( .m p.m s t r.m smiss n in and su nthing statnins
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impn n. J u: lo'o but naturc Inffhnlissirin 1.ine ( 'finif 7/eter/ I
;g g;f,/c Innonstions To Cut Costs pr- n n h J t he n u isi <h.unat h cu nt ut
, c \ p.llldL Ll in l'I ) w ith t he addlllilli iit %[[it e t he 1(> u)s. wlici) Ps h t',
If pit al stiif 111 l Li\ ni st rlh k t i!) .I 2 h) ( H H ) \ tilt pipc t\ pc tilklergliililhi installed its first I.32]N H) vil!! N ph N i hi I (i w It h tiiln.ljo h k r w nhls ta w n u horne substanon un&rgromhl nansnuwinn line the al h n ix i.uns w h h h it 1101 < ount
.nh hnt unans Aunue ubstanon in Conip.inv has ban a leader in high i
WJ \ 11c T his tiiinplcted t he t r.iiisniis-h ~ ~ ? !i i s .nld I u nbs Ih.lt k ni n kcd diiw n , , i h. .u so nis i >t u :rcs in t he o\ cthcaJ g (j, gg j IIst r il'u r t. oi s\ st t m l hc stiinn sinc g itt ' !!! T i pi is t 1l( silth f ive iil the ( i tin p li s Ill sti ir i lillci tilpt t d t lct t rit sci \ 111111 0 1 rese.lr( b tii priit t ed tiir g , n< o i n o .n r iun 14 41 H W i iit i stu I o nudn1
< h , n u < ustomcis t hroughout of tindeignituhl cabics .I hr research t }1t t illj' ill \ s t c t llii tt \ he rgen .llid bm kw & a si i ulW (J s l iuJsi m ,un t h s w elc hit t he h.u dest 1
\il n.nlabli i la t rh t r an snu ssion sensmg devites were mscrted dunne Ji hl ills! r ilitit n 'll pcr si ollicl w cle Illi t u m m of A m a -m Mlcd
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voltage cable development. f)uring output of lhipe Creek Generating pipe were installed to meet customer 1979 Company staff engineers Station to load centers throughout requirements. persuaded manufacturers to market their systems. Implementation of the pipe-type cables incorpwating project is being coordinated with Environinental Costs Rise PSEaG developed design ir novations 5(X),(XX)-volt transmission develop- Approximately $233 million was which will contribute inarkedly to ment of Jersey Central Power & spent in 1979, compared with $177 lower wnstruction costs and greater Light Company. million in 1978, to minimize the operating efficiencies. The improve- mpact of Company operations on the ments will produce savings in a maior, ' live-Line' Maintenance environment. The cost of environ-four-year reinforcement of PSEsG's pf. ogresses mental protection has been rising transmission system in the northem substantially. This is due primarily
,, Live-line" maintenance advanced portion of the service area where because of the increasing differential during the year with the purchase in adJitional overhead transmission is January of an aerial lift vehicle with a between the cost of fuels for which no longer practicable. many of the Company's facilities fly 1982, over 40 miles of 230,(XX)- spec ally insulated boom that has a reach of 150 feet. The lift permits were designed to burn and the price of volt and 345,(XX)-volt underground low sulfur oil and coal.
work on high voltage transmission cables will be added to the 154 mi!cs lines, up to 5(X),(XX) volts, while the of cable that were in service at the beginning of 1979. The additions will jine is carrying current. Use of the serve growing electric demands and lift is the latest step in a six-year accident-free program in which a improve service reliability. carefully instructed and trained group
. . of specialim has been developing 500,000 Unit I,ncilitics l'/anned and perfecting various " live-line" PSEaC participated with other New methods.
jersey utilities in development of , , ,, g ,u , plans for building approximately 70 g [j h hre n m nana wit ne miles of 500,(XX)-volt transnussmn g,fg,g dudnu r'elau nu nt a msulainn system to meet energy needs of the Gas transmission and distribution luth up on a ;no ooo wh nans state in the 1980s. construction activities increased to meet demand of new customers.
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The Company and Atlantic City soumJ anJ u.uncJ crou of Electric Company completed plans for facilities required to transmit the During the year 724,(XX) feet of new main and 860,000 feet of new service gitgpggyg nne ,caunaun
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f MCrg' y baqC *2th high load demands resulted m add a total ot ' hdhon tubic feet of gas 2xt) megawatts tit Jdditiinial demand litad ini an annual basis I hr viiltime and b $6 Illilli(>Il in .innual revenues was ill addititin til 7.$ hillhin t uhit New industnal and tommetual gas feet authon:cd m F>78 installathins t)t bl cListiinlers vieldillg I he iv.iilabilits iit natural gas
$9 6 milhtill in ailliual revenues w ere coupled W Mb the growing p<ipulants (tinnetted during the > car ( L (; lass iit clet trit heat ptinips tiir he.iting and t il t inI1Jminstin, a nlalltitat t urer t it ct Kiling resulted ill en1ph6 ment til telnpt red glass, will lisc 11carly 7 either gas tir clet tritif s itir heatiilg in nlilll(d) t ubit Icel tit gas a dav Imist new (tinstructle dl In Phth(5 territtirv
\< tt / b '<!r /Ily ( li s f rillis I s Marketing perstinnel Ltintintied tii A th w >d ilt requests bs t ustiimers tiir mimrage bmWn .md tiinwmm ni suhtannal m wd mdu7nial eintnt gas heatmg servit e highhghted mstall clet tnt heat pumps because of bil<l w Js .bbh ill 19 9 A nlaitir their ettiticin use < >t energy 1)uriiig
.it bilt ii dl u ds Ifh }{allt,nt }{lg er %tecl the e r 2.()79 heat ptimps w ere t< >n-ti pun chtuh an turnat e y y nected to Company hnes l.h lill \ ili l citl) Atilbliv I he ric" hb wi d nw ssentulls in tk bil ~Ilie new ps and elet t ric <<innet-pl.llit w kllt h w.is < i niipleted III t hins will pnivide 5 2(,1 millh ui in l
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wy g , addit h Hlal reveillies annualls st i i ll)=l !.llRt st t'let f rit t. lists in)er With l
<l sb fll.1!id i d s9 nit g.1% atIs .!!hl aill ual As a u niseqtiente, the ( <impally i g [ f , , f ,/ f, fy[s ( ,,f g g ,g [g g /
l ll st lith s i d 'sl 5 5 Illlllhin allticipated llew gas Ulstal!alions than had been A lli it Ilt f st eel ( t unp.inv hihn A A total of 9.669 vapor hghts w ere m-anticipated .T.hev. included 21) x()4 . stalled in 1979 as the state and h, i n I d l f i t Nt t t I t t ITpt if atit in. begal) resiJeiiti il. l.8.40 tommercial, and 144 municipahties contmued to improve ispt IJtledl lli IIM tilriner ( Eih iTad(> l'uel industrial units ()t the residential street hghtmg I.he state is ciinvertmg i s lf + ill I.it 111t \ 111 I ll acht e Illw !) ship Installat h uls. 1;J)6; were heating trorn incandescent hghts on state l,Is hlt h t li 41 illit : lllv icquires 14 ctH1 versions, a new rectird, surpassing highways t< > the energy-etticiciit vapiir 11h ca w. itis t il clet t rit.Il pilwer htit is the tigure ot 1(1.246 set in !963 units In addithin 4,;H) dusk-to-dawn e s p( h d t< > lik it ast eventualh ni ( 5s t ih Ra v,'li t s In two steps. in MJy and september. hghting umts w ere installed. hnngmg the New Jersey lloard of Pubhc Utili- the total on Company hnes to ;2?xo ( i.nnet t nin or the two steel ties approved Lompany requests to t i 41 pailles .llhl 4it het new clistt Huers t astorner iklations linpros al
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. ()ther f acets < >t n, irketing at nvities
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, dunng the veaf included preparation vRk
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new solar water hearing program, 7 e k ._ ' y , , 7 expanded conservation serv ces and
. .,, I J closer haison with oustomers gC.
4 ,. More than 88JXX) contacts with 4, ,; . y , customers were made by personal i- S .. i, , ? . . . .. . e visits, group meetings. correspondence
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p- and telephone. Consumer advisers e 4 g < . '. .*g
. /f . d conducted lectures on suhiccts such as
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the ethcient use of energy. alternate
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fp N nuclear power.
* - .- C e The higher cost of energy mcreased
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- New Jersey Department of Energy.
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T he l'ompany also is participating ( n Wrenler h (<>unts So/at Ntcr //catine Prognun in a study with the prmceton
< onipulcri/n/ A residential solar water heatmg Uros ersity ( enter for Energy .ind program for homeowners in the LHV!rfinntent htudies tip determine .T he first phase of a new uimputer-based system for customer accounts l'ompanvN clectric service area was t he ettet_tivericss tit vari,ius eners" hecanle operational at a}} Lommercial announted m Vptember at a 'holar L(IriscrVatit;n appr(iJches in resideritial Numnlit" sponvired ov the New Jersey f at Ilitles' (>Hice lmanim m 1979 Anv a r t ( >t a cust(>mer \ tetord tan he displayed (in Board of public Utilites i ht program N1arketmg representatives per-tiirmed energy management surveys a ternd e m in tour to seven will otter customers whm L omes on6 hv entering the account meet certain criteria the ,7p.rtunity for 11tinterous large industnal and number or address This improves to purchase a soundly-engmet red t t in i me rc i.ll ( Lis t(inle rs acculat'v and speed in answering M)lar water heating system iristalled New goverrlmeiltal reglilations have under osEA supervisun and backed cWo meim 1
reslllied in hlli}dillg temperature T he scetind phase <>t the svstem hv scis . _c trom the t,ompany. restrit tions, maxnnum hghtmg rules, l expected to be operational m 1980 The ue - will consist of root I m< remental pricing of natural gas. I pmvide fm centrahzation of mountee u plate solar collectors energy ( tinservatitin mea %Ures .Ind , j,, . , other programs requirmg mcreased will include a 12agallon insulated and for processing of electric and gas markelmg operations storage tank Llectric resistance service orders hv computer. As part (>I the l,tilllpany s cIti)Tt (t) A cha. ige in the inethod or reci>rd- hea:ing elements wth. supply supple-Imprtive clisttimer relatitins, ,1 gjew mental energy (,ost of the units will ing 111onthly meter readmgs trom a L tiin fillinitalit ins Italiling prt >Mram he approximatelv S2,600. Invt IIving t iver N N) clistt imer-ct >ntact k.ev-entry system to optical scannnig of mar ked cards was begun. T,he new Approval is hemg sought for a solar empit u ces was heglin in 1979 method will sigmticantiv improve provision in the Residential Load Irailli;lg Was specIIltalls. designed etIlClenCy and productivity of meter blanagement rate Which will provide (t) hcID en1 pit u ces resp (ind mttre feilders as % cil as customer hilhng a low rate for the supplemental etIce t ivels it > L Listtimer etinterns. A landtin) mail stirvey was c(inducted operations Computerized procedures electric energy in the off-peak period ttir estinlatillg cListomer Lise when betw reri 9 p ni. and y, a.m. thnitighiiut the vear tt> determinic readings Cannot he ohtained a}50 will T he Company will purchase the attltlldes itiward the t'timpariv and beim, ,ed. vilar systems tr(Im a mantitilettirer its servit e and retilin (lLlalified et)ntractors til dt) installation work. Before the program can he imple-mented a waiver f rom the U.S. llepartment of Energy will he neces-sary hecause of restrictions placed on e utilities hv the National Energy Act dN Ei! ""7 of 1978. A petition for a waiver has
% ,, heen filed.
t g $5t, t The solar program, which is an M (jy $Pl?.x, otitgrowth at experience the Company W a$ T gained in it5 solilr demtinstrall(in program over the last two years, is but one ot a number ot activities insolving loild milnagement. ()thers ! include storage of thermal energy. I litility Control oI Customer apphances, Industflal and Commercial time-of-day ratc5, and interruptible service electric l rates. l i
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begun m in m the Vincentown ( . F. L .-
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retirement community, et>ntinued in
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"More and more of America's leading
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+iu companies are movmg to ci.nvement urban. suburban or mral locations in New Jersey. That is w hv the state now l'
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c - '$~ J has the th.rd highest concentration ot corporate headquarters in the nation," 3 p~s ; * ~ -
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let " Headquarters. N.I." which was
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The statement was supported by a [ . * #' ' 4 ., survev ()f fortune Magazine <>t the i ' ._.1- Q ,. g a . -
- 1,WX) largest industrial Corporation 5 i
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which indicated that New Jersey is
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a "most hkely choice" for the inca-tion of new corporate headquarters facihties within the next five years. The location and expansion of maior corporate and regional ottice tacihties 33 well as other othee buildings con-tinued last year at a rapid pace, hearing
; f?.;"t.~ _ 7 '""F Wi*$ - . . Q% W'"W , , PTN MP .mO ,pN pr PMWWW WW A W'%? WMed out these statements.
Q [ 'E. b -- ' ~h- .h/ [ 'bn2 A .. I Interest In the Company's territory (", [ * ' M. .
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- ^
large ccmputer and data processmg centers also had a maior impact on
.; f ~ 1' : ,
- t development m the Company's serv- I N
y). p"f ./ ice area. Campus-type locations and e
' 'S ~
hQjh f d. ; $, ? j - the availabihty of technically-tramed employees were factors in the growth. j
- ' ~.~
4
;~
- g During the year 37() maior indus-trial firms, employmg approximattly
-- + .
s 1 y i% ~ ' 4
. . 16,7()() persons, located or expanded
* -A - - in P%G territory. Lost were 49 com-
^ - '
'. t panies, employmg3,450, leaving a net
{-
,,, f ,
f ,.
- ll: gain of 13,250 iohs.
p
, ; * -
.L 4 \
--'^ .
* - . - s 4 ' .x 3
p ,- '.,...q
- .,_ /
*- ' g .:. v, .g , * - . .-
. [ .{
; , '.
s y. .. .. .
. _:, . 5'$ _
8 > -- -
*.s, y .
. g.i .. , .,
o .
? - . %
.s g ;;-_
- f. ~ , - +
h[ dd(Fr & h__ _____ _ _ _ _ _ _ _ _ _ _ _ _7
- v. +-.,.,.... , , .c - -
# ~
.- i , i
. q:
+y s ?
Q, s. y . : u
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- n .
.c :
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. [*? ,
s e s - .. .
, Y ', .5 , ' Q' 3 _. ' .
& r p
.* - ; J ':
.;,[l .D :
n.,; .;. - :l': . x-s- 3.lhl[i4 $. %.cQ q f,, .. l(. y
+
; . 97.% g _ , ,; 2;%
- f, i:. {{
-\ "-' *
, [ *;* , '* /; s : ,. _Ql_ .
s j Q mgfy94 . .Q, . h r.
*~~ ' -
.' - _% . , f . *.c . . . , ,
* , - - Dunng the year the Company m-owe N h., ' 'W9P's " .
m.. ., - . , . stalled and began testing electnc
' (I m.M.M.Jun asup .. .,.' .,
M[, . .h. ' .i IllrnaCes With ceramic c< ires m the , 2*f $g %~ ..~. . ot its elet tne heanng
, %. _, *w r U. '
7 h 4
' - . . qy, homes ot Customers K)I he iumaces niinnally ,
^
.7 ame,mm I .. y 4 '*"~ '. Use eleCtrlCltv (mly at night thus 1 -
=e ,, s
-._ ,.e g. .. ~ - reducmg the demand for energv a -
. ~ . M.) dunng the daytime penod - "
.. m 4 - } '- .s'.'
.spp. . '..
_,e~ - 6-
-%--w._
g;. .. 7 ;. t .- n The ceramic cores consist ut a pile or special bncks w hich are 7 s..
, c 1, . -
E- ' " capable of stonng large quanntic' ot C , t
}'., -
'(~~- 4 mL ') .]glP .' / -
heat provided hv embedded electnt * ' ' '
'" ^
~ . A. , :,,, ~- Lk ~7 coils. The company determmes the - ~
.'kN..i7 d.'% , %'.h.h dT'E'-(,w$$';d ,
~
c .g.:.I
? gky f.d. / hest nme to dehver electncity tor core
.j. '
'f l/.R .?t'.h . . * "A . .. . . , heatmg and. usn.g spetial telephone j.['D[q' f'-A44".@ v;; ;,7: ;w_M. w ?,
s . , ,~. 3 s vi" .
* *fd.P # p..g hnes, signals the equipment to receive i
O;, .'<m.M.N,,_. W '.q. ' ' . c -
8Efr, r,'mD*.g,.rg,J o' f! % 7 g. '. .'
%. G ' .; gW . ..' it When the home thermostat signals ..
the need for heat, air circulates over 5 p; -
.,+. . . , . . . __fs_ m..-
_f. p . ~ w . e ., q.. . w.s. . .s.-. '
- 3^ -
. s w _ . a q , n ..;' eM.s , .'. the bncks and through the heanng n~ -
. [ ,ggy }{ ,
9.f, ' d n " ${ ( ' '; t'. l- D g ,4 f.? y 7 1 * ' ' '
"; '-,L, System.
lf A specially controlled electnc water '
' f * '
.w . k / * ). 3 ,' .jh 1 . .
'"'Y"' .* ; **. . ( p. 1,y .13 ' **
.~~.,.
heater capable (>t heating large quanti. ,.
" g' .qYD ] - .
. ~7d I8, ; , [ tie 5 tit Water at night f(>r tise during .
.g V N w
- 4 g - -
g .. 4g , B, t.C
- Inc dav a}so is being tested. 7 .
, #, g . . . ,- , .p . g;( . . Q;j# ,%.,'. '
h) . ,y The U.S.1)cpartment ut Energy and f'
~,
y4s% l ~' . . . . . f, '., ;J. ; - -;"r .
} .
% W;94
.,A -
I3SEsG arc tunding the twoucar
~ +t J. , f-i s.V cf. J a t. . I' J 3 f , pi" h,.'.: 'W M [ study when it is completed. operanon "
I . . M ** h b, u' h 4 g o ,
'V of the equipment and the assi,uated
, ' ' ?, 2 N , . ,1
~
,/ < ,
[ , .J 7.; ( 4 - N ConimunicatH)ns system, custtimtr 7 , fl y 2**;# ,'y. .gf .
/ .. ; : .* .y - .
[ y . idaClion and the impact <m the 3., 3 a .'- [ %- . gA .-
*[ Company system Will be anah red.
~ ' '
f y.
. U 'Q &
s h.
- f' { 'f ~ .l' ' _ _ - .-
Q-;' %
.' . T. lIllf hh [ l U l lit IT'\ llJit 't d %[
h [. A . ,,4- p ~3 *;fP,h elg l'.
~
i- ". . n 7%
..y.f. The effect which the vanous load e
.f-4,3' o _
i-
,, j ., +.
MS s
- g.4.g.P' .. .h "7 M g"! '
,. y ;
.. j s,', {"g% have management activilles are expected ((>
. .g, } .-( .
s
+4 -;, s
,q
. . g,
., g..,- upon Company operations is
....,, k' ; > 'g }%
g y/ - . meluded m the corporate energv g [;5g. -.,- -
.,I . , -
forec ist. It is estimated that as a result m . . g $ ,. . j - - ~t of these, and other programs. the
, 3 n .
. . . ..g** e .
i t
. , gv 31 ' system peak electric demand in the
- p. " 's , . ,,'V'
. .s s4
.s
;
year 2008 will be curtailed hv about E 3d . J ag[ g. #s
~ ' '
-Qw t J - ( ' .
g. g ? s. , 1,900 megawatts At the same ame an *
,g
~
additionallhdo milhon kilowatt-
&.g %s. .Df4$ . [' M r 5
.a ~
y' hours of oft-peak sales are expected to
,,,,,,pyst. ~ 4, m . ,- ' ~
. 4 . - - - .
v . ., .*
;-
. he reahred
.,,s.
.; q _ p . . '*' .
?$. , ,- i
.' . pg**- * . c .
.. p
. . _ v. ,
'i$ L., ' N$N Wf ?.
~
49 vj l' ,Is&h./ L y .g; . . y N e f; 7 7 n4
~
e s - . ;, . g . j - < 4 rt , m. 3.J '- 'g+-
.. m y[
n.} = _s .
. ; . -
.-Q .
g%.Ag; ' ~ .
- . ~l . / ' '
; >
*; ; .
V }*, &>f
+[ .
Cable Monitonng System Ozone Monitonng Energ' y Kescarch s!ater Quakty "I ' Energy ontrol Efficiency > 4 . i y;; '
- w
, I, k M,g -
f I he Comp.un s research and devel-Radiological "pment program %as expanded and lectnc Vehicle Monitonng broadCned ul 19'9 A number or neh pit)]Uc ts % C TU lilitiatCd .liltl u (il k ad-Mkh g vanced on those already under wav liesCJrt h .iiid devCliipiiicilt giials Include devClopmCnl ot alterna!U g , . *, i UncTgy tCthniiliigies tti redtice depcii-g' dt!lt c i nn tilfelgIl till. I'llpDivenlCllt ill
'4 (1pt ra t lllR CIllc iC nc lCs. illvCst ig.i t it in ( >I IlC % blisiness vCllfilrUs [tl brii.lden the h.isc (It ('tilnpain reveniles, and clill-se rvalliill t it U nU().'v.
attery Storage listal expenditures tur resCarch and i st Facihty Photovoltaic Cells des clopment % cre 514 4 million ot { '[% % hit h 5; 2 iilillitin tame iniiil titit-vde iMencies T he ( iinipany 's Ct ist y f or Illttinal ICsCarth work was S9 I Illllhon of Which 54 4 milhon was tor sllpptif t ( >I tilitsidC MUnCTal rUsearch l
.rc thrtiligh iildustrv iirgaiiinatiiins.
Etttirts etintintled tti Inc rCJsC Illnd-ing t ra itll ( >Litside stitirces ti>r indust rv-
% ide research pert < >rmed hv PNEs(;
In 19N the Company received 11 ) quaculture w.irch contracts an'ounting to W Fusion l
,, . Int}}l tin til which S.; 9 millioil is being f pit ivided hv t ilit sille agUnCICs.
lll %i I m ihtt ( ompletal Construttlon of the llatterv Energy j ht t irage il5Lh I I I acilIt v in I lillshoD nugh has ClimpletCtl and installation of ma-lor eqttlpment began. The tacility will he the center of a national ettort for development testing and demonstra-Load tion of large-scale battery energy stor-gnculture Management age systems and power conversion Uglilp m e n t . l
~ i
~ ,-
s.s
~~
p 2 y .&h l sk' Landfill Gas Solar Research
l
. ' . s., . ,j -
' .' # 4
~ ' .; '
. , I hc pri>icct is tii sp<iiisi i red hs the
'L. ^ -
[] h.1)cp.trinlent (if [ncigs aihl the
, %-1, .'
~
" f f' . p ; ; .
Llectric l'ower Rese.nt h Institute.
'[ #
j ~ *
'N, W hic h is suppiirted hs the natnin x
, e #' ~ .. -' ..
f , '[* , 'y, E~ elcc t r it utijltles l'%l. Al; pit >Vided t he
,,.,,- I f ..: kN billlding.
'* \ y, i , *I.
c.fY ' \. , )
- f. , /[, lit ( h it ther t ht sciipe iit the 51 ; 6 k[
, . ' f [ I.j' ( .
, 9 s * [,l-7(d .+' '
7,
.;
millhin PD4cct has mercased hs s 4 I h .
; , ./ ,% ' . . y [g,g ,i ;g'- '- 's . '. .
;
mll}h til W ha h per iiits psLst; tii
; *- design ,Illd htilld ,1 set a illd test h,ls ti nt 4'A
. 5 f .y 'J j
I adVallced ss sicIH testlilg
~
0 ',', '.y ; .
.y .#
- y. ' -
- 9. ' - .
#;, l . hllecessitil des t bipmcIlt (it large-d> ". -
.%% 2._
,. _ ,_ .,;
3t . f - w l pliiduced dLirllig nlcht flille pcIhids s it (
',s'
-I
. A [d.
f f 9 :d . E. C' '# h - 9 . , . - 1
.. hig degjjand hg n ucl car .ind U nal genc-
' -- . L y- # ~
f l :
.! '.: ; f _ r-g 9, .
.) g 9
- .Y, '
. ac - i
/. dllililg d.ls IllllC hilllis t it peJ k clet t ric f
7 . . ;- ' ..p , : +*
.f.
~
reqtilleniciits I his w <itild nican that ! hi ' # ' ' ., . / q{,' , 2
, ..- 3., 'd' ' '
tch er gellerJ t ille llillis h t itild he iiceded i . . ' n. ..s . ni t dmW dmm # gm>A
' ' [ .' I, '
, k -
;
.i -- ? i i.
- q ariJ redtit c t he tise i>t iiil
'N
' (
i .. a.: _ ., ,. ;A ..
- A ~ ' '
r ; ., .Q . , _ . . 'N I % , t t hll ( ,il mi!h dllt ril lll \ t % [ h Gd[q 'g }
" .. .x ; -
g' - y 4~ u,- ; ; llilder a grant inin1 the l' % 1 )cpa r t
,;,; g.[g % -(
,'N_~
, g, [8 ,
'[
3.. V - . , ,' -.,8*- 3
*' - mellt t iI l llcrgs. I'\ { Nl i .lild hllills and
-[[
i >c ilJtist ri.il scis it es t 'iirp are
,? ,,
4 .
,' +4 , f . 'g '.' "' #
'g 7, f g jg ' , .14 4 - ills estigating the tet hiiit.il and etir l
11(ilnic IcJsibillts tit bill ldlile a cital paslIlL J t h iil plJ n t 111 t he ( t inipan s 's t er ritors I he pl. int u ould provide supplclHen tal gas slipplV ttir pt n% cr plant and IllJu tri.il pnicesses lilVlhill! Dental icgulattirs and mstitu-tli nilal t.lt tiirs liso k ill he studied
'_] - hhGy k3
.';;[ '
- _
[ htit h a pl.iiit << itild iiicrease the tise
< W % <l # p #,
ot ( oal as a replacement tot od-q ':. >
~ _' m:,::,O. g;L' y;
- yM
- wW
-_y Q. ~ a ,n.3T. ;<g a thanc I v>m I angliill gh ;0 A
/ 1
%l}f\ S' 5. ',
'I % 4 Ihe unmpe m in plxa m g tipciallini1 taclll tics t h,lt a iht ull
" i , I [ Mleth.ine gas tnini a sanitait laridtill
-% /
In l !!lnanlinstill I hc i>perat niii was
'. the first < >t its kmd in the eastern
# p , United htates /\ large Indlist rial s custthllei adhleent tai the site is hemg
, provided w ith 7Xux 4) t uhit t< ct < >t g gas per day T he output is expected to
. - g reach a manmn cuh,t rectaaa m hen l .
': ' s j V
,e . 1 . j
'w , p.
tull produ, tion is achieved l k - e i
</s !
J 1I I
,e' :
s a %\
\ ! !
I I I i i l i l
,.h ) .
T. s, -
% I
+( [Er+)d _ _ _ _ _ _ _ __ _ __ _ . _ _ _ _ _ _ _ _ --_ _--
_ ___ < __ _ _. _ _ . _ x_ I he prtiit.< t w ill ht Ip deteritiint the tc.isibl}lt \ t it rCCt iVCrillg illet}l.Inc IIt im landtills over .ni cxtended pern d it t hU priiitt t ti .n tiiitics tii he cisiilriier-i.ill\ sut Ccssf ul It md\ dt m onstidte t hJI lJlldtills (Jn betolne J sWdll but l sig.lillt.ln t st illrt t t il g.ls tiir flic l ( 't Illi pd 'l \ ! gO @ Park Plaia 1 nerso Analued I fl0 ll % l h p.lrIillellI i >I ( llerg\ g l X lll is ttilldirig a priigr.iiil t(i U v.il tia t e Ulitig\ t,illsCTV.lt ltiil Itt hiiiqtit s Using t h e t 't iiilp.iii\ s nUw N) Park Plaza he.idqlldittis htll!dlllg ds il st illi LC t il 111 ti i rill.l t li in } {llnJieds tir institi
; ,g, llich t s hdVC bCUll illst.llled ill the !
flCJtlilg \ cIltildting and dir Ltindl l m- t it inillg s\ stellls 115 nltdstirt t hU tltih
= . , t il ClicIg\ w Ithiii the htiilJnic Ihc !
. k
- bullJ1ilg J tit t ill).ltitill ti tillplit er Will
.. * , \ LilllCL i d.it.1 li t >Ill t h U lustrumCuts U\ crV lh Illilllit ts t 'Ver .1 pe rit id t il
.ibout three \ cdrs ll t.i d b 11l bC Ustd to hClp WUdsuIU t he etticiciit \ < >t t he btiilding s he.it iiig a nd .iir t iinditiiiiiiilg s\ st eiii; j t a i V.llldJ t t ICsult s ill d nC% l M ll l U ll C I g \ .llldl\ sls t (illlptilU r prt igidill, it s Ut illipJ rU sC VC rdl dUsigil st.lild. lids littluding thU l M ll. s nth NUilJ m g l FCIIt irillJnt t S t .llld.ii d s . arid tii tiiiii-PIIU CIlcrg\ t iillstlllied % heii v.ir iiitis s\ steill Lt >H t rill sCqlleilt es .trc
! UtillZUd Additiiiiial st tidies u ill be carriUd l t illt t ill t he 16t h tliiiir. w he re l'iiiilpan y TCst.ltch pUrsiiiiiicl will be located.
( (_ lgh t s til pCll!11ClCr J rc.is h lll bU f (llillnltd % hell UdtllrJl ddVlight is f' .lV.lll lblC Lights iii siirlle <1ttices w ill bc .llitt tillJ tlc lll\ su lit lit. d iitt w heii thev are ciiirty (;ciieral lighting will be t isilt it1llUL.} bV J 11C% ClCCtitin1L till1C < tiiltitillUT lletirlC ll Cilerg\ lisc tirl the rltitir % ill be LitillpdrUd With th.it iit other levels I lshiitiii itesC;ir cli t iirpiir. itis iii is Ill.llidging t he priigt.iiii w it h tii-tiptrJilill) Irt illl U'ilN(i }{Usc. lit h ( 't irpt n r.1I li in .
+ .
) N k , . ,N
>; v :
w~ __ __-__.___1
'l 4 ';' -
% r 'lti t ll s1 li t il ! \j' '? t !t n' 1
p
,.* ',, -.a; e I.'
,g h l)llring the vear the si>lar energv s' n. :-
J
$ resca rt h priigiam w as ex tended int < >
photovoltaits Photovoltait energy p ,. < ctillversliin is a pr()t ess w hich cainverts 4 - ' solar energs (blecth to elecirtutv
, p
?
T
' f ,i ' l
,*, Ei thri> ugh the use (it semiciindtatiir
.) .> - .,
k;f devltes such as s'liciin si>lar cells.
. .L - - *" , .. >
.,' }'"-- %cteral panels containing sihcon
, - oc 1 . ~ . ... . # , ..
solar tells w ere installed for test Qx f g-
'4 purposes on the root of t he Researt h j . . -"
anJ I esting Laborators in Maplewood. Basit intiirmatnin 15 helng vlught ahiiut
]. g.
-{ .
, . . . , s,- s . 4 -
.~....;<,- the abihtv < >t solar cells to produce
- ' i p. T - -
.. .i %, .
~ '
h %:' rehable amounts of clet trit e n e rg v. 9-~- - s . ,. , _ ..' , I hc ('ompany 's solar demonst ration y - . . - \ ' pringram ciilltinued at t he h(im 's iit , s . '.
..' . +
Il customers As an outgrow t'i of this
- .- < 'x 4
,s
. ?. - - '
- . program the l'ompans deciaed to otter l
,, ' i
;
solar w ater heaters to cus omers m its q
%. I 6
N elet t ru scrsit c terr' ov I he program )
,. ' ..' ~ - e
, I e --
- c. '*
.- o [.
q .j -
' $ f. ' i ,
is dist usscJ on l'.:ge 20 7 3
.j.,, _.
_, j c l . sf; &
,^ ' + l
' ;. 3 '
5 Year R&D Program ( a y , p1 ' EM M N hh n N El Ri M MMMNM xis. wn wyg nMMMMMl
= 7 - . :' " ~
4,. . d. , f Usa /b d- Q hd hj fihj %j h) [ ' d . ., y
.[ [ q [[ '
- .. A N# [ % % y %{.j Q yfj !
p .g/ 4N
. g .u r 4 j ' '. (
ION wi l sl s ._ wI s1
* . M $.
L.'
;.
(
.[ # = --
, g
}p,
- _ __ . fy, /) ~.'~ .
? lil gy ' _p- ( HHM* M D'!h ' ' ' H N h '! \
"$C',.;'l4#. 4 gi .; - Vg+ , . , -
,, nder a contract with the Electrit ;
.s < s
- e .
1 ow er Research Institute. an assess-g.
'4.
' - % '... g 6 c++,
-~g v
;
ment and comparison of generating { I station condenser hui-touhng control
@ ; ~.
3 -ps, .,N ~ w' .. {-. ~.h M-4 - with ozone and chlorine was made at 1 EP t . ,. .
'9 %, . .. ,g -'
Hergen (;enerating Station Model
; . . .y b;. %'
A --'
. i.. Y J f# * $ _Lp ,. --
tondensers mounted on a trailer.
- x 34 - ,
m - , - were emploved. Additional work is
%.. 4* ,
w 2 ' .- ,, .e%.
^
a - UXpet ted tii he done at Mercer
. +-
Generating Station
-( g4 - A mobile test traller also Was used 7 -
L. '. .
,t -
.M* at the Bergen station to evaluat he hnilogical ettects of chlorinated and
^
',,, / b, .
, ozonated discharge water on aquatic
. p ,' ^ , . ,
- r . e 4 m lite and environment. The trailer N_ s.
s- .... ,-ggger ,. ~ . tacihties were t.innected to receive the treated water trom the model
'[ . M .~ -
condensers This program. tunded hv the U V I)cpartment of Energy, will e + , ,
, . ~' M* be cont.nued at the Mercer station.
s,-.- go . c
- g. . y
- 4. .
s.
+
e T
' ' kkk'
~
; .
< _ l
^ ^ ~ ~ ~ ~
__ _ A ._ -
.7- m ..
A fr gh Community,
$w, ;;~ ; xecy xyN ec v
; t,mplOyee
- n. . .
x . Information
,~
1
; -
- c. , - c
. l f, ~
.of T hc \ inlip.t: 1\ exp.inJol its ptihiit liltt il!11.lt is iil p T L IC t a !!I In I V d }\lrtl.ll \
lil its[h illst til ht ichtent J iiiten st i:1
- t. I l c i g\ IsstR s tiLit siclllillt d In +ni flic I hree Mile Island at t iJcnt
[ ht pit ig!,lill % .1 % flist I'll!!llitd It i lll cnlpli)\ Ct s st i tl Lit t hc\ iilllst help t (drT\ flh ( t inlj\lll\ s illesNIRL f( 'the pill >llt l11 dtld ! t li lli t h< lllfiirill.ltlt ill p ri > RT.lill u ltlll 1 illt ( l 'Illp.lli\ it if c!np{ii\ t cs % .1 % t \[N111dt d (Ilt llidtT! !!1 tht ptihiit pn craril w ere tclt \ Isli sil .lild TJ(flii t t inilllt It 1.l!s nt h s[11lk f Ill.lCdZlilt dilsk bl!!!hidf d we C T ,, [ g;c
.t , - , ,.,, .. ,
.iig . '
c' - < ' - I 'I " N "I b '
.,. ,, NUu sj\lpel dd\ c!!!scllh ilts Ic.I t llie d i S. -
s t J t cllle n I s hV p!iiln lilcIlI st I< Illlst 5 e % f"% $ $1. - a a now h Jeca tna u\ e s ce n s w ho 4 k A . R.lVe attitilla t1\ c iipillit ins t iilh cillin g N, .. .- tlh lilljhif td!h c Jf1J s;tet \ iit ilticlear 3 ~ , ' -
- -- ,7 encre\
f:;.. o,_ -m m.mm mh 2 yo ' . nanonal proci.un or the i Jison
. i Y "
.]
I .[ llcttMt lnstitutt in Jssistlnt in the
= creation ..t a New ictsc\ ( haptcr ut the Ntit It'df [ nef[\ Wiinlen l )ll
..' c .
-:.z' z- t [' '
oaoser is accen.ncJ as x utlc.n _f E n e rg\ I Jtit a t iiin I ).i\ si'inc li k i [ -
+
illectlnts h ere helJ in New- 1ersc\ 1 .
~
On Novemb, r " press c on terent es
' 'i ? ?
., w ere held in northern and southern 5
\ch lctsc\ .lt u hlt h tiip Liinlp lllV
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Company representatives sought Company programs were admin- $10.1 million for disability benefits greater opportunities to discuss istered by several departments. and workers' compensation. such topics as nuclear energy, the Employees served in a broad range of During the year the Company environment and solar energy. A total voluntary capacities in many civic, continued to stress its Affinnative
, of 227 talks were given before nearly cultural, chartitable and educational Action Program in relation to the f 13,(XX) p, rsons in 1979. organizations. employment of women and members
, Company personnel conducted Throughout its service territorv the of minority groups. Effective in ! generating station tours for the Company maintained traditional January. the Company implemented i general public and sponsored educa- affiliations with many community two additional Affirmative Action l tion programs for students. More organizations. plans to cover handicapped individ-l than 29,406 people visited the Agencies'which serve the needs of uals and veterans. Second Sun, the Company's floating urban children from pre-school At the end of 1979, there were 1,845 energy information center where a through college were supported. Aid female employees and 1,731 minority 4 special multi media program entitled also was provided to community group employees. These figures
" Century of Light" was shown to organization programs for ethnic and reflected increases of 3.8 per cent and mark the l(X)th anniversary of cultural development, and education. 4.2 per cent, respectively, of each Edison's development of the first The Company's commitment to group's representation in the overall I successful incandescent light bulb. urban renewal and improvement was workforce during the year.
Centennial of Light activities also dramatized as its new headquarters l included sponsorship of a puppet building in downtown Newark neared show which was presented to 76,(XX) completion. PSEaC believes that as l elementary school children; creation part of the business community it has Transport of New Jersey of window and shopping mall dis- a responsibility to help improve living plays, and distribution of a customer standards of disadvantaged citizens in The Public Transportation Act of New ! bill insert describing Edison's legacy. the area it serves. Jersey, which was enacted in July i 1979, permits State acquisition by Community Activities Employee Relations purchase or condemnation of PSEaC employees in 1979 were Company employees at the end of privately-owned bus companies. State involved in numerous community 1979 numbered 13,176, an increase of "'.als have expressed interest in activities aimed at improving the 10 compared with the total at the end equinng, under this law, Transport quality of life in the Company's of 1978. Wages and salaries for 1979 of New Jersey, PSE&G's transpor-service area. amounted to $297 million, including t tion subsidiary, and Maplewood Equipment Company, Transport's wholly-owned operating trans-g ' portation subsidiary. Preliminary
.. discussions relating to such acqui-sition have been held with repre-sentatives of the State.
*%~ Transport of New Jersey and
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Maplewood Equipment Company had r net earnings of $465,000 in 1979 after
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/ " $834,000 in 1978.
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Financial-Statement-Responsibility The management of pSEaC is responsible for the Management feels the effectiveness of this system is integrity and objectivity of the financial statements enhanced by a program of continuous and selective of the Company. These statements are prepared by training of our employees. the Company in accordance with generally accepted The lloard of Directors carries out its responsibility accounting principles applied on a consistent basis. of financial disclosure through the Audit Committee Management believes that they fully disclose the currently consisting of five outside directors. The Company s financial affairs. Audit Committee meets periodically with manage-To facilitate the gathering of financial data, PSEaG ment as well as representatives of the internal maintains an accounting system established with and independent auditors and reviews the work of sound accounting and business policies which are each to ensure that their respective responsibilities communicated to the appropriate personnel. The are being carried out, and to discuss related matters. system, together with its related intemal controls, Intemal and independent auditors have full and free is reviewed by the Company's staff of intemal access to the Audit Committee. auditors and its independent public accountants. Summary of Significant Accounting Policies Ratemaking The Company's accounting policies are in current items in the balance sheets. Prior to 1979, all accordance with the rate-making decisions by the such items had been considered deferred until lloard of Public Utilities of the State of New Jersey amortized. The 1978 financial statements presented (IlpU). As a result, the applications of accounting herein reflect appropriate restatements to conform principles by the Company differ in certain respects with the current policy. from applications by nonregulated businesses. Fuel Costs System of Accounts The Company projects the costs of fuel for electric The Company is under the jurisdiction of the generation, interchanged power, gas purchased and Federal Energy Regulatory Commission (FERC) materials for gas produced for twelve-month periods. and the IlpU and maintains its accounts in accor- Adjustment clauses in the Company's rates allow dance with their prescribed Uniform Systems of the recovery of the excess of such projected costs Accounts, which are substantially the same. over those included in the Company's base rates through levelized monthly charges over the period of Investments in Subsidiaries projection. Any under or overrecoveries are deferred The Company's investments in its subsidiaries, and charged to operations in the period in which which in the aggregate are not significant as defined they are recovered. by the Securities and Exchange Commission, are reported in the accompanying financial statements Prior to July 1,1977, the date of establishment of the on the equity method of accounting. levelized electric adjustment clause, the Company recovered increases in electric energy costs Revenues approximately two months subsequent to their Revenues are recorded based on estimated service incurrence and charged operations in the period in rendered, but are generally billed to customers which these costs were recovered.The balance of through monthly cycle billings on the basis of actual unrecovered electric energy costs remaining from this usage. procedure is being amortized through base rates over a period ending January 31,1984. In addition, electric Amortization of Deferred Items energy costs which had not been recovered through Deferred Debits are amortizable as detailed below. levelized adjustment clauses will be amortized by a Amounts estimated to be recoverable within one surcharge in the adjustment clauses over a 28-month vaar, together with related taxes, are classified as period in accordance with the BpU order expected in March 1980. 29 J
Prior to January 2,1976, the date of the levelized gas Amortization of Nuclear Fuel adiustment clause, increases m costs of purchased Nuclear energy burnup costs are charged to fuel gas and materials used to produce gas were recovered expense on the basis of the number of units of m months subsequent to their incurrence and were thermal energy produced as they relate to total charged to operations pnneipally as they were thermal units expected to be produced over the life incurred. Unrecovered gas costs which were not of the fuel. The rate calculated for fuel used at the meluded in the levehzed rate established December Company's Salem plant includes a provision for 2,1977 are bemg amortized through base rates over estimated spent fuel disposal costs. In accordance a period of three years. with procedures established by the operating company of the Peach Bottom plant, the rates for Gross Heceipts 'In fuel used at that plant assume a zero net salvage Effective January 1,19 /3, the Company began value of the discharged fuel. accrumg New Jersey gross receipts tax on current revenues rather than on the previous basis of taxes income Taxes paid. T he gross receipts tax on 1972 revenues was The Company and its subsidiaries file a consolidated defened and is being charged to operanons by an Federal income tax retum and income taxes are amount equivalent to %"6 of revenues sebiect to the allocated, for reporting purposes, to the Company gross receipts tax. and its subsidiaries based on the taxable income or loss of each Unamortized Debt Expense De amd income taxes are provided for differer.ces Unamorn:cd Debt Expense represents costs associated with the issuance or reacquisition of debt between book and taxable income to the extent panuwd for rate-making purposes. w hich are deterred and amortized over the lives of the related issues. This amount consists principally Investment tax credits are deferred and amortized of costs associated with the Company's tender offer over the average life of the related plant. f or its 12"o Series E Mortgage lionds in May 1977. Allowance for Funds Used During Constmetion Extraordinary Property Eosses Allowance for funds used during construction Extraordmary Property Losses are deterred and (AFDC) is a cost accounting procedure whereby amortized over various permds. The amount consists the approximate net composite interest and equity pnncipally of unrecovered abandonment costs, costs of capital funds used to finance construction before tax reduction, applicable to the Atlantic are transferred from the income statement to Pmject. The recoverability of such costs is subject to construction work in progress (CWIP) in the balance determinetion by the BrU. (See note 5 of Notes to sheet. This procedure is intended to remove the Fmancial Statements.) effect of the cost of financing construction activity from the income statement, and results in treating Depreciation and Utility Plant such cost in the same manner as constmction labor Depreciatmn, for f mancial reporting purposes, is and material costs. The rate used for calculating computed under the straight-line method and is AFDC was 8% for 1979 and 1978 which was within based on estimated average remaining lives of the the limits set by the FERC. several classes of depreciable property. Depreciation . applicable to nuclear plant provides for estimated The BPU issued rate orders m. 1975 allowing costs of dismantling or decommissioning. These the Company to recover the financing cost on estimates are review ed continuously and adjust- $250,000,000 of CWIP through current operating ments are made as reymred. Depreciation provisions revenues and since then no AFDC has been accrued for the years 1979 and 1978 stated in percentages of onginal cost of depreciable property are 3.48% and Pensm.n I,lan 3.4 9. ,m, respectively. . Pension costs are accounted for on the basis of an The cost of maintenance, repairs and replacements acceptable actuarial method and are charged to of minor items of property is charged to appropriate operating expenses, utility plant and other accounts. expense accounts. The cost of replacements of units The Company's policy is to fund pension costs of property is charged to utility plant. At the time accmed. Prior service costs r.re being funded over a depreciable properiies are retired or otherwise period of 35 years which began January 1,1967. disposed of, the original cost less net salvage value is charged to the appropnate accumulated depreciation account. 30 m
Statements of Income n For the Years Ended December 31, 1979 1978 Operating Revennes (Thousands of DollarV Electric S1,689,857 S1,564,834 Cas 726,850 654,951
.atel Operating Revenues 2,416,707 2,219,785 Operating Expenses Operation Fuel for Electric Generation and Interchanged Power-net 620,546 541,802 Gas Purchased and Materials for Gas Produced 384,759 327,990 Other Operation Expenses 287,389 268,769 Maintenance 149,027 127,423 Depreciation 162,989 158,248 Taxes Other than Federal Income Taxes 364,411 328,216 Federal Income Taxes (note 1) 123,965 146,937 Total Operating Expenses 2,093,086 1,899,385 Operating Incmce 323,621 320,400 Other Income Allowance for Funds Used During Construction-Equity 36,887 26,609 Miscellaneous Other Income-net 4,542 3,722 Earnings of Subsidiaries-net (note 2) 1,721 793 Total Other Income 43,150 31,124 Income liefore Interest Charges 366,771 351,524 Interest Charges Long-Term Debt 146,673 133,605 Short-Term Debt 2,448 612 Other 4,027 3,217 i Allowance for Funds Used During Construction-Debt (19,706) (14,696) l Net Interest Charges 133,442 122,738 Net income 233,329 228,786 Dividends on Cumulative Preferred Stock and
$1.40 Dividend Preference Common Stock 46,799 46,799 Earnings Available for Common Stock $ 186,530 $ 181,987 Shares of Common Stock Outstanding End of Year 68,914,349 64,120,433 Average for Year 65,409,325 61,782,737 Earnings per aserage share of Conunon Stock S2.85 $2.95 Dividends paid per share of Common Stock 52.20 $2.08 See Summary of Significant Accounting Policies, Notes to Financial Statements and Management's Discussion and Analysis of the Statements of Income 31
Balance Sheets 1 1 l l l l l l December 31, 1979 1978 Assets Utility Plant-original cost frhousands of Dollan) Electric Plant $3,922,891 $3,793,434 Cas Plant 918,249 869,615 Common Plant 80,281 73,586 Nuclear Fuel 22,300 20,314 Utility Plant in Service 4,943,721 4,756,949 Less Accumulated Depreciation and Amortization 1,589,046 1,447,035 ' Net Utility Plant in Service 3,354,675 3,309,914 Construction Work in Progress 1,360,651 1,033,249 Plant Held for Future Use 20,658 20,127 Net Utility Plant 4,735,984 4,363,290 Other Property and Investments l Nonutility Property, net of accumulated depreciation-1979, $550; 1978, $508 4,858 6,193 Investments in and Advances to Subsidiaries (note 2) 184,294 152,549 Total Other Property and Investnients 189,152 158,742 Current Assets Cash (note 3) , 5,405 14,282 Working Funds 8,223 7,857 Pollution Control Bonds Escrow Funds (note 4) 11,248 Accounts Receivable, net of allowance for doubtful accounts-1979, S5,778; l 1978, 54,9(X) 233,184 213,457 l Unbilled Revenues 113,877 118,605 Fuel, at average cost 175,696 134,671 Underrecovered Electric Energy Costs 19,410 677 Materials and Supplies, at average cost 24,270 17,935 Prepayments 4,314 3,246 Current Portion of Deferred Debits 78,478 23,172 Total Current Assets 674,105 533,902 Deferred Debits Extraordinary Property Losses (note 5) 323,838 324,141 Gross Receipts Tax 51,012 63,976 Unamortized Electric Energy and Gas Fuel Costs 105,782 50,299 Unamortized Debt Expense 24,310 24,428 Total Deferred Debits 504,942 462,844 Total 56,104,183 $5,518,778 Sc +unmary of Sigmlicant Accounting Policies and Notes to Financial Statements. 32
, . 9 1979 1978 Liabilities Capitalization crlwusan,1, <,1 nollars)
Common Equity: Common Stock (see statement, page 35) 51,106,824 $1,014,184 Premium on Capital Stock 557 557 Paid-in Capital 26,065 26,065 Retained Eamings 747,076 704,909 Total Common Equity 1,880,522 1,745,715 Non-Redeemable Preferred Stock (see statement, page 35) 554,994 554,994 Redeemable Preferred Stock (see statement, page 35) 31,509 35,000 Long-Term Debt (see statement, page 36) 2,256,919 ~2,017,484 Total Capitalization 4,723,935 4,353,193 Current Liabilities Long-Term Debt due within one year 24,199 57,087 Preferred Stock to be redeemed within one year 3,500 l Commercial Paper (note 6) 94,875 i Accounts Payable 121,316 131,597 Taxes Accrued, including New Jersey gross receipts tax-1979, $322,696; 1978, $306,390 362,650 333,723 Deferred Income Taxes (note 1) 90,576 60,850 Overrecovered Gas Fuel Costs 15,417 10,614 Interest Accmed 42,615 33,795 Gas Purchased 48,945 39,383 Other 37,942 36,511 Total Current Liabilities 842,035 703,560 Deferred Credits Accumulated Deferred Income Taxes (note 1) 430,405 360,945 Accumulated Deferred investment Tax Credits (note 1) 106,275 95,736 Other 1,533 5,344 Total Deferred Credits 538,213 462,025 Commitments and Contingent Liabilities (note 8) Total $6,104,183 55,518,778 33
Statements of Retained Earnings For the Years Ended December 31, 1979 1978 (Thousands of Dollars) llalance January I $704,909 $651,885 Add Net income 233,329 228,786 Total 938,238 880,671 Deduct Cash Dividends: Preferred Stock, at required annual rates 44,954 44,918 S1.40 Dividend Preference Common Stock 1,881 1,881 Common Stock 144,146 128,485 Total Cash Dividends 190,981 175,284 Capital Stock Expenses 181 478 Total Deductions 191,162 175,762 Italance December 31 S747,076 $704,909 Statements of Changes in Financial Position For the Years Ended December 31, 1979 1978 Source of I unds (Thousands of Dollars) Net Income S233,329 $228,786 Non-cash Items: Depreciation and Amortization 169,927 168,435 Provision for Deferred Income Taxes-Atlantic Project Abandonment 132,203 Provision for Deferred Income Taxes-Other-net 69,460 27,099 Investment Tax Credit Adjustments-net 10,539 (21,576) Allowance for Funds Used During Construction (AFL)C) (56,593) (41,305) Other (4,206) (3,019) Total Funds from Operations 422,456 490,623 Unamortized Energy Costs Recoverable Currently 64,502 10,289 Total Funds from Intemal Sources 486,958 500,912 Net proceeds from sales of: Long-Term Debt 268,073 99,968 Common Stock 92,459 93,957 Total Security Sales __ 360,532 193,925 Miscellaneous 14,317 16,695 Total Funds Provided $861,807 $711,532 Application of Funds Additions to Utility Plant, excluding AFDC 5481,542 $472,452 Atlantic Project Abandonment (note 5): Total Costs, including AFDC-$45,134 (329,467) Extraordinary property loss 319,904 Other charges 9,563 Investments in and Advances to Subsidiaries 28,743 15,106 Reductions of Long-Term Debt 28,342 62,425 Cash Dividends 190,981 175,284 Deferral of Electric Energy Costs 119,985 Miscellaneous 10,486 4,399 Total Funds Applied 860,079 729,666 Changes in Working Capital-Increase (Decrease): Short-Term Debt (94,875) 96,892 Current Portion of Deferred Debits 55,306 2,024 Long-Term Debt due within one year 32,888 (51,271) Accounts Payable 10,281 (64,471) Other (1,872) (1,308) Net increase (Decrease) in Working Capital 1,728 (18,134) Total Funds Applied and Changes in Working Capital 5861,807 $711,532 See Summary of Significant Accounting Policies and Notts to Financial Statements.
Statements of Capital Stock Current Refundmg Outstandmg Redemption Restricted Shares Pnce Prior to December 31, { note Al Per Share (note Bl 1979 1978 Cumulative Preferred Stock (note C) Irhousamis o/ nollaro Redeemable (note D) 5100 par value 12.25% Series 350,000 $112.00 2/1/85 S 35,000 $ 35,000 Less amount to be redeemed within one year 3,500 Redeemable Preferred Stock 5 31,500 $ 35,000 Non-Redeemable (note E) 525 par value-Series: 9.75 % 1,600,000 5 27.50 1/1/81 S 40,000 S 40,000 8.70 % 2,000,000 27.00 10/1/81 50,000 50,000
$100 par value-Series:
4.08 % 250,000 103.00 25,000 25,000 4.18 % 249,942 103.00 24,994 24,994 4.30% 250,000 102.75 25,000 25,000 5.05 % 250,000 103.00 25,000 25,000 5.28 % 250,000 103.00 25,000 25,000 6.80% 250,000 104.00 25,000 25,000 9.62 % 350,000 109.50 7/1/80 35,000 35,000 7.40% 500,000 106.00 50,000 50,000 7.52% 500,000 106.00 50,000 50,000 8.08 % 150,000 106.00 15,000 15,000 7.80% 750,000 106.00 75,000 75,000 7.70 % 600,000 106.56 60,000 60,000 8.16 % 300,000 108.90 10/1/82 30,000 30,00n Non-Redeemable Preferred Stock S554,994 S554,994 Dividend Preference Common Stock and Common Stock S1.40 Dividend Preference Common Stock (no par)-1,343,999 shares authorized, issued and outstanding; current redemption price $35.00 per share (note FJ > S U O6,824 $1,014,184 Common Stock (no par)-authorized 100,000,000 shares (note G); issued and outstanding as of December 31,1979, 68,914,349 shares (4,793,916 shares issued for 592,640 in 1979 and 4,314,517 shares issued for $94,432 in 1978) . Notes: D. Redeemable Preferred Stock consists of the A. In addition, there are 2,500,058 shares of $100 par outstanding 12.25% series of nonparticipating value and 6,400,000 shares of $25 par value cumulative preferred stock which, beginning on Cumulative Preferred Stock which are authori cd rebmary 1,1980, is subject to a mandatory annual and unissued, and which may possess either sinking fund redemption of 17,500 shares, plus redeemable or non-redeemable characteristics upon redemption of up to an additional 17,500 shares at issuance. the option of the Company at a redemption price of per s am a t md Stock is H. Prior to the date specified, none of the shares of als subject to redempn! n, suaon at the option other than each throughsuch series may the operation be redeemed' fund' of a sinking throughmp ny up n payment '#S" of a higher redemption accumulated and unpaid refunding of such shares by the incurring of debt or E"'" E '"' '" "# dividends to the date h.xed for redemption. the issuance of Preferred Stock where the cost of E. Non-Redeemable Preferred Stock is outstanding such debt or such Preferred Stock is less than the n nparticipating cumulative preferred stock which cost to the Company of each such series. is subject to redemption solely at the option of the C. As of December 31,1979 the annual dividend Company upon payment of the redemption price requirement and embedded dividend cost were plus accumulated and unpaid dividends to the date 54,288,000 and 12.70%, respectively, for Redeemable fixed for redemption. Preferred Stock and $40,629,000 and 7.38%, E Each share of $1.40 Dividend Preference Common respectively, for Non-Redeemable Preferred Stock. Stock is entitled to cumulative dividends, to two If dividends upon any shares of these stocks are in votes, and, on liquidation or dissolution, to twice as arrears to an amount equal to the annual dividend much as each share of Common Stock. thereon, voting rights for the election of a majority G. Includes 3,203,709 shares of Common Stock ; of the Board of Directors become operative and reserved for possible issuance under the Company's I continue until all accumulated and unpaid dividends Automatic Dividend Reinvestment Plan, Tax thereon have been paid, whereupon all such voting Reduction Act Employee Stock Ownership Plan and rights cease, subject to being again revived from time Employee Stock Purchase Plan. to time. 35 See 0553) of Sigmficant Accountia3 Policies and Notes to Financial Statements. j
Statements of Long-Term Debt December 31, 1979 1978 1979 1978 First and Refunding (nmusands of Dollaro Debenture llonds unsecured (Thousands of Dollars) Alortgage llonds 4%% October 1,1981 S 31,289 $ 32,429 Series (note A) 4%% October 1,1983 26,595 27,113
, . 5%% June 1,1991 43,782 44,540 a 8) 18,443 8, wt
' 'C'* ' I' I ' '
3%% October 1,1983 22,079 22,313 9 % November 1,1995 58,549 60,276 3%% Alay 1,1984 50,000 50,(XX) 7%% August 15,1996 61,993 63,268
- - 8%% November 1,1996 46,580 47,355 4 %,% November 1,1986 30,000 a0,000 60,000 6 % July 1,1998 18,195 18,195 4%% Septen.ser 1,1987 60,(XX) 4%% August 1,1988 60,000 60,(XX) Total Debenture Bonds 317,642 324,772 5%% June 1,1989 50,000 50,(XX) Other Long-Term Debt 4 %% September 1,1990 50,000 50,000 6%% Note due serially to 4%% August 1,1992 40,000 40,000 November 15,1983 2,160 2,640 4 K% June 1,1993 40,000 40,000 'Ihtal Long-Term Debt 4%% September 1,1994 60,000 60,000 Principal amount out-4 %% September 1,1995 60,000 60,(XX) standing (note 11) 2,283,165 2,074,846 6%% lune 1,1997 75,000 75,(XX) Less amount due within 7 % June 1,1998 75,000 75,000 one year (note C) 24,199 57,087 7%% April 1,1999 75,000 75,000 Long-Term Debt excluding 9%% March 1,2(XX) 98,000 98,(XX) amount due within one 8 %% A May 15,2001 69,300 69,300 year (note C) 2,258,966 2,017,759 7 %% 11 November 15,2001 80,000 80,(XX) Net Unamortized 7%% C April 1,2002 125,000 125,(XX) Discount (2,047) (275) 8%% D March 1,2004 90,000 90,000 Long-Term Debt less Net i2 % E October 1,2004 10,730 11,730 Unamortized Discount S2,256,919 S2,017,484 8 %% F April 1,2006 60,000 60,000
+ 8.45% G September 1,2006 60,000 60,(XX) 8%% II June 1,'2007 125,000 125,000 8%% I September 1,2007 59,900 59,900 9%% J November 1,2008 100,000 100,(XX) 9%% K July 1,2009 100,000 C. The aggregate principal amount of requirements 11- % L November 1,2009 125,000 for smking funds and maturities for each of the five years ollow ng December 31,1979 is as follows:
1,' 2 7 538 Sinking Pollution Control llonds Year Funds Maturities Total ( Thousanals of I)ollarn 6.30% A October 1,2006 14,300 . 14,300 1980 s 5,276 s 18,923 s 24,199 6.90% 11 September 1,2009 42,620 1981 9,sso 31,480 41,mo 6.90% C September 1,2009 2,990 1982 9,550 480 tojm 1983 8,4so 46,820 55,270
'Ibtal First and Refunding 1984 8,4so s0J100 58,4so Mortgage llonds S1,963,363 $ 1,747,434 541,276 s147,703 sis 8,979 Notes:
A. The Company's Mortgage, securing the First and For sinking fund purposes, certain First and Refunding Mortgage 11onds, constitutes a direct first Refunding Mortgage llond issues require annually mortgage lien on substantially all property and the retirement of $19,400,000 principal amount franchises. of bonds or the utilization of bondable property additions at 60% of cost, and the portion expected B. As of December 31,1979 the annual m.terest to be met by property additions has been excluded requirement on Long-Term Debt was $167,099,000 of f rom the table above. Also, the Company may, at its which $144,261,000 was the requirement for First option, retire additional amounts up to $6,200,000 and Refunding Mortgage llonds. The embedded annually through sinking funds of certain debenture interest cost on Long-Term Debt was 7.48 %. bonds. The election of any such option is included in 'g See Summary of Signihcant Accounungl'olicies and Notes to long-term debt duc within one year. Fmancial Statements.
o Notes to Financial Statements .
- 1. Federal Income Taxes principally from the abandonment of the Atlantic A recenciliation of reported Net income with pre-tax Project. The Tax Reduction Act of 1975 provides that income and of Federal income tax expense with the for the year 1978 investment tax credits can be amount computed by multiplying pre-tax income by utilized to offset 80% of tax liability, and for 1979, the statutory Federalincome tax rate of 46% for 70% of tax liability before investment credit.
1979 and 48% for 1978 is as follows: The c,ompany has a Tax Reduction Act Employee 1979 1978 Stock Ownership plan (TRASOP) under provisions
, nn,us n os nonan' of the Tax Reduction Act of 1975, as amended.
Net Inuime $231,329 5228,786 gg g gg ,g g rederai inonne taxes induded in: additional 1% investment tax credit if the company uSrIt [r iI I4,359 8,233 transfers to the TRASOP an equivalent amount of Prousmn for defened income taxes-net
- 99,187 150,941 its Common Stock or cash for the purchase of shares invesonent tax cred i adiustments-net 10,419 (21,237) of Common Stock and thereby funds its TRASOP liital mauded in operaong inunne 123,96s 146,937 through a reduction in its Federal income tax Nhsallaneous other income-net 1,952 3,o12 payments. In 1978 the TRASOP was amended to Total r ederal meome tax pmusions 125,917 149,949 permit the Company to claim an additional %%
Total 3;9,246 378,73; investment tax credit for 1977 and subsequent tax tarnmgs of subsuhanes-net (1.721) (7931 years if it contributes an equivalent amount of Pre tax meome $3;7,525 s377,942 Common Steck or cash, but only to the extent that
$ 164.462 $181,412 such amount is matched by contributions by Tax expense at the statutory rate Adjustments to pre-tax income, computed at statutory rates, for which defened 2. Investments in and Advances to Subsidiaries
'''""'P'""d'd""d""'"' Investments in and advances to subsidiaries Tax r a ( under book (including the Company's equity in undistributed depreciation 11,357 7,454 earnings or losses) are summarized as follows:
Allowance for funds used during I)ecember 31, 1979 1978 construction (26,o33) (19,826) overhead costs capitah:cd (6335) (6,3 ; 11 Transport of New Jersey Other (1,276) (981 Investment * $ 12,732 $ 10,909 Total (22,887) (18,821) Energy Development Corporation
%mortizatmn of deferred tax items (15,65M1 (12,642, Investment 8,514 5,283 fiital (38,54;l (31,4M) ^ '"CC' "' '#
Other Subsi.haries, primarily LNG Proiect Total Federal income tax provisions $125,917 5149,949 investments 2,066 4,118 Advances 80,428 77.835
'The pronsion for deferred income taxes g 3,g y 94 3,g9 represents the tax effects of the following items: %r mh<manon ryurJug pmNe ule. we page M Current Liabihties Unbilled revenues S (2,175) 5 5,829 The major subsidiary included in "Other Subsidi-Under (Overl recovered fuct wsts 6,6N (6,502) aries" above is Energy Terminal Services Corporation cunent ponion of deferred achits 25,29s 1,313 (ETSC). The principal asset of ETSC is a Liquefied intal 29,727 640 Natural Gas (LNG) terminal on Staten Island, in ikfened Credits the New York City harbor area. Annual expenditures Atlantic Proiect Abandonment 132,203 aI 2 for protection including local realand estatemaintenance of the terminal taxes, are approximate Iry Gro3s receipts tax 5,647 (5,547) S4,4(X),000.
unanionized fuel costs 25,232 (4,939) L ss on reacquired debt The Company had originally intended to utilize (571) the terminal for the importation of LNG. However, Total 69,460 159,a01 due to uncertainties and delays relating to the Total s 99,187 s159,941 import tion project,includinglack of regulatory approvals and a supply of LNG, the terminal has not been placed in operation. The Company is now The 1978 current provision for Federalincome taxes is primarily due to the recapture of investment tax pursuing the utilization of the two storage tanks at credits resulting from abandonment of the Atlantic the terminal to store supplies of domestic natural gas in order to meet the demands of its customers E'"I" for gas on the coldest winter days. This will The balance of investment tax credits not utilized as necessitate the construction of a ligaefaction facility of I eeember 31,1979 in the amount of $96 million at the site. The additional construction will not is available as a carryover to future years and will proceed until the necessary permits are obtained expire as follows: 1984-S10 million,1985-$36 from the appropriate federal, state and local million, and 1986-$50 million. The carryover results regulatory agencies. 37 I J
%c ultimate realization of the carrying value of the through rates and leave $19.2 million of net investment may depend, among other things, upon unrecovered costs.The Company has filed excep-the Company's ability to place the facilities in tions to the initial decision. The actual amount of operation and the rate-making treatment granted by such costs to be recovered through rates will be the regulatory agencies. determined by the BPU by its order in the proceed-ing. If any net Atlantic Project costs should not be Any loss the Company may incur, if the above condi-permitted to be recovexd through rates, the Com-tions are not resolved, is not presently determinable; pany would be required to reduce Net Income in however, in the opmion of the management of the 1980 by that amount.
Company, such loss, if any, would not have a material effect on the financial position of the Company or For additional tax information, see note 1. the results of its operations.
- 6. Commercial Paper
- 3. Compensating flalances Commercial paper represents the Company's Cash at December 31,1979 and December 31,1978 unsecured bearer promissory notes sold to dealers at consisted primarily of compensating balances under a discount with a term of nine months or less.
informal arrangements with various banks to com- Certain information regarding commercial paper pensate them for services and to support lines of follows: 1979 1978 credit of $199,900,0(X) and $198,150,0(X), respectively., 3,,gg fy,,,,y There are no legal restrictions placed on the with- Maximum amount outstandmg at any drawal or other use of these bank balances. month end $94,875 $58,750 Daily average outstandmg ( A) $20,658 $ 9,010
- 4. Pollution Control Bonds Escrow Funds Weighted average annual mterest rate (B) I1.85% 6.79 %
Weighted average interest rate for This balance represents proceeds received from the sale of Pollution Control Bonds which are released to 7l""a"r'7nI P'P""*'"d'"" i3.44 % the Company as reimbursement of costs for pollution control facilities during construction. ( A) computed by multiplymg the principal amounts of commercial paper by the days outstandmg and dividmg the sum of the products by the number of days in the year.
- 5. Abandonment of Atlantie Project In December 1978, the Company cancelled its (n) com uted by dividing short term interest expense by the
IY 'verage short-term borrowings.
floating nuclear plant project and terminated its contract with Offshore Power Systems for the 7. Pens.mn Plan construction of four generating units. Total costs The Company has a non-contributory, tmsteed plan applicable to the project are accounted for as follows: covenng all employees who complete one year of service. As of December 31,1979, the unfunded prior m,,,~naus oonarv service cost was approximately $288,893,000 and
"* w ne wem appmimaMy M,m,M r1 f$s.NI"*"'
Less other charges:
$329,467 The market value of the plan assets, $204,638,000 at Nuclear fuel ennchment services: December 31,1979, increased by $44,620,000 over Assigned to Hope Creek 2 $5,015 the previous year as a result of contributions (net of p nman , invesment income, ad a net ci ar ed to vanous income' expense and property accounts i,o95 appreciation in market value. The Company's Tbtal other charges 9,563 annual contribution is actuarially determmed to provide for full funding by December 31, 2001.
Ex'tr IrNrhr'iy t.Os'ses, Pension costs for the past two years were charged as before tax reduction $319,904 follows: 1979 1978 "This amount plus $3,934 and $4,237 for other property losses (U'omnas n/ nonary represent the balances in Extraordmary property Losses at Operating Expenses $34,452 $32,426 December 31,1979 and December 31,1978, respectively. Utility plant and Other Accounts 9,662 9,681
. Totr pension Costs $44,114 $42,107 The tax reduction associated with unrecovered Atlantic Project costs is $132,203,000 and is included 8. Commitments and Contingent Liabilities in Accumulated Deferred Income Taxes. The Company has substantial commitments as part In accordance with the rate order in May 1978, all f its construction program as well as commitments t btam sufficient sources of fuel for electne legitimate costs applicable to the Atlantic Project, to be determined by the BPU after an appropriate generation and adequate gas supplies. Construction investigation, are to be amortized over a penod of 20 expenditures, includmg AFDC, of $4.0 billion are years, commencmg with the effective date of the expected to be incurred during the years 1980 Company's next rate order but not sooner than through 1984.
March 1,1980. The Company believes that all Under the Price-Anderson liability provisions of the Project costs are legitimate costs, and, in its current Atomic Energy Act of 1954, there is a limit of $560 , rate proceeding, has requested that the net loss after million on each nuclear generating unit for public ! tax reduction, $187.7 million, he amortized and liability claims that could arise from a single nuclear recovered through rates. However, on February 6, incident. The Company is insured for each unit to 1980 the Administrative Law Judge in this the extent of its ownership against this liability to a proceeding issued an initial decision which would maximum of $160 million by private insurance (the permit the recovery of $168.5 million of such costs maximum amount presently available), and against 38
the balance of $400 million by a combination of a capitalization of such leases would not have a mandatory program of retrospective premiums to be significant effect on assets, liabilities or operating assessed against owners of nuclear reactors after a expenses. nuclear incident (up to $5 million per incident but 11. Supplementary Information Concerning the Effects not more than $10 million in any calendar year for of Inflation (Unaudited) each licensed nuclear reactor in the United States), The Company's financial statements are prepared in and indemnity agreements with the Nuclear accordance with aenerally accepted accounting Regulatory Commission. In the event of a nuclear principles and are stated on the basis of historical incident involving any licensed reactor in the United costs, namely, the prices that were in effect when the States the Company could be assessed, on the basis underlying transactions occurred. The following of the three reactors now in service in which it owns supplementary financial information purports to a percentage interest, a maximum of $6.38 million show certain effects of generalinflation on the for any such incident, but not more than $12.76 Company's Utility Plant, Depreciation, and certain milhon m any year. other data as prescribed by the Financial Accounting The Company is a member of Nuclear Mutual Standards Board in Statement No. 33, Financial Limited (NML) which provides insurance coverages, Reporting and Changing Prices. As further pre-up to $300 million, for property damage to nuclear scribed, no adjustments were made to income tax generating facilities of member companies. In the expense. The general method used in developing this event of losses at any plant covered by NML, the data is the Constant Dollar method which is based Company would be subject to a maximum assess- fundamentally, on the Consumer Price Index for ment of fourteen times its annual premium. Such All Urban Consumers (1967 = 100). The effects cf maximum assessment would currently amount to inflation are not recognized for income tax or approximately $13.4 million. ratemaking purposes. The Company, under an agreement entered into in The Company advises readers of the imprecise May 1972, agreed to provide a limited guaranty of nature of this data and of the many subjective not more than S76 million of the legal obligations of judgments required in the restatement of selected the Company's unconsolidated subsidiary, Transport historical costs to constant dollars. This data should of New Jersey (Transport), under its pension plan in not be used to adjust the Company's primary the event Transport failed to meet such obligations, financial statenents and the related Eamings per limited to pension benefits accrued to the date of the average share of Common Stock other than that agreement. As of December 31,1979 the actuarially which is shown in the supplementary statements. computed value of the Company's obligation under the guaranty was approximately $46.6 million, . which would be reduced by applicable pension fund Suphe for t Effects of GeneralInflationlementary Financial D assets. Under an interpretation of the Emp,oyee for the Year Ended December 31,1979 Retirement Income Security Act of 1974, the Company could be liable to the Pension Benefit Hi"""c81 Ad * " 'df"' Guaranty Corporation, a corporation established $'n','j[["'m I"l$r " within the United States Department of Labor, for the Financial (In Average deficiencies in plan assets if the subsidiaries' pension statements) 1979 noli. irs) plans were terminated. As of December 31,1979, mmusonmmonam vested benefits of the Company's subsidiaries' Operating Revenues $2,416.707 $2.416.707 pension plans exceeded fund assets by approximately Operating Expenses
$76 million. Any payments made under the guaranty Operat!on and Maintenance i,441,721 1,441,721 would have the effect of reducing the Company's Derre" n 162,989 318,782 axes m ,376 us.376 potential liability to the Pension Benefit Guaranty Corporation. T tal Operating Expenses 2,093,086 2,248,879 OperatingIncome 323,62 167,828
- 9. Jointly-Owned Facilities Other (includmgInterest l The utility industry has long recognized the benefits Expenses) (90,292) (90.292) of the construction, operation and financing of income from continuing jointly-owned electric and gas facilities. The Operations (excluding Reduc-Company has been a participant and has ownership '[j"ofcy,(gyA7unN ' $ 233,329 $ 77,536*
interests in a number of such facihties. In comph- i ance with reporting requirements of the Securities Purchasmg Power Cain on Net I and Exchange Commission, disclosure is made of certain data regarding the Company's interests in
$'n""a bea'r $ 272,480 Reduction of utihiy plant at l its jointly-owned projects in the annual report to itistoncal cost to Lower the SEC on Form 10-K. Recoverable Amount 413,526 Net $ (141,046)
- 10. Accounting for Leases The Company has certain leases for property and equipment which meet the criteria for *Includmg the Reduction of Utility Plant to Lower Recoverable capitalization, but in accordance with rate-making Amount, the Income (Loss) f rom Contmuing Operations on a treatment are accounted for as operating leases. The Constant Dollar basis for 1979 would have been $(335,990).
39
Supplementary Five-Year Comparison of Selected Financial Data Adiusted for General Inflation (t h stoncal hgures are audited, all or hers are unaudited) IIMlO nmitted w here apphcable) For the Years Ended December 31, 1979 1978 1977 1976 1975 (A crage 1979 Dedlars) OperJting Revenues t hstorical $2,416,707 $2,219,785 $2.032,795 $1.869,535 $1,630,525 Adinsted $2.416. 707 S2.469.710 $2.434.874 S2.383.794 $2.198.983 Income f rom Contmumg Operations (excludmg Reduction of Util.ty Plant to Lower Recoverable Amount) llistorical 5 233,329 Adamted S 77,536 Income f rom Contmumx Operations per Average Common Share (excludmg Reductmn of Utahty Plant to L4mer Recourable Amount) t hstoncal 5 2.85* Adinsted $ 0.47* Varchau;rg Prm er Gam on Net Alonetary Isabuhtaes Oned Dunns the Year S 272.4M0 Reduction of Utahty Plant at Ihrtancal Cmt to bmer Recoverable Amount J13.526 Net S (lJI.046) Net Assets at Year End" t hstoncal $2,435,516 Adiusted S2.303.094 Cash Dmdends Declared per Common Share l h stoncal $ 2.20 $ 2 08 $ 1.92 $ 1.78 $ 1.72 A din sted S 2.20 $ 2.31 5 2.30 $ 2.27 5 2.32 Market Pnce per Common Share at Year End t hstorical $19.25 $20.25 $22 88 $23 00 $ 18.13 Adinsted $18 20 $21. 70 $26. 72 S28.69 $23 69 Average Consumer Pnce Index (1967 = 1001 217.4 195.4 181.5 170.5 161.2
*Af ter deducting the histoncal amounts of Cumulanve Preferred Stock and $1.40 Dmdend Preference Common Stock dividends.
" Reflects Common Equity and NowRedeemable Preferred Stock.
General-Constant Dollar costs were determined by because such monetary assets will buy fewer adjusting historical costs of Utility Plant and certain goods and services as the general price level rises. other items into dollars of the same general Conversely, by holding monetary liabilities, purchasing power by using the Consumer Price primarily long-term debt, future payments of such Index for All Urban Consumers (CPI-U). All adjusted liabilities tend to be made with dollars having less figures are in average 1979 dollars. This method purchasing power. purports to show the effects of general inflation on The Company has significant amounts of long-term the Company. debt outstanding, which, it is currently estimated, will be paid back in dollars having less purchasing Income from Continuing Operations (excluding power. During 1979 the Company's monetary Reduction of Utility Plant to Lower Recoverable liabilities (primarily long-term debt) exceeded Amount)- As prescribed by the Financial monetary assets and therefore resulted in a net Accounting Standards Board, items in the Income monetary gain. This gain, however, does not Statement, other than Depreciation, were not represent receipt of cash and should not be adjusted. considered as providing funds to the Company. Depreciation-Depreciation expense calculated Reduction of Utility Plant to Lower Recoverable under the Constant Dollar method was determined Amount-The rate regulatory process of utilities in using the rates and methods for computing book New Jersey limits the Company to the recovery of depreciation and applied to the historical depreciable the historical cost of plant and equipment. However, Utility Plant balances. Such plant balances were first the Financial Accounting Standards Board requires adjusted to reflect the decline in the purchasing plant and equipment to be stated either in constant power of the dollar by using the CPI-U. dollars or a lower recoverable amount. The Company's historical cost of Net Utility Plant, when Purchasing Power Gain on Net Afonetary Liabilities restated to average 1979 dollars, would result in a Owed During the Year-The Company by holding lower recoverable amount. monetary assets such as cash and receivables tends since the gain from the decline in purchasing power to lose purchasing power during periods of inflation is primarily attributable to long-term debt which has c0 '
been used to finance utility plant, the Reduction of the unrecovered investment thereon, in future rates Utility Plant to a Lower Recoverable Amount is allowed by regulatory bodies in the same manner netted against the Purchasing Power Gain on Net that historic costs and retums on investments are Monetary Liabilities. being recovered in current rates. In compliance with reporting requirements of the Securities and Replacement Cost (llnaudited)-It is anticipated Exchange Commission and Financial Accounting that the actual cost of replacing productive capacity, Standards lloard. estimated replacement cost when incurred, will be recovered through information is disclosed in the Company's annual depreciation recognized, together with a retum on report to the SEC on Form 10-K.
- 12. Financial Information by Ilusiness Segments Electric Gas Total For the Years Ended December 31, 1979 1978 1979 1978 1979 1978 Ithouan h of thdlarn Operatmg Revenues $1,689,857 $1,564,834 $726,850 $654,951 $2,416,707 $2,219,785 Depreciation 122,953 119,346 40,036 38 902 162,989 S 8,248 Operating Income Before income Taxes 369,409 386,054 78,468 81,288 447,877 467,342 Gross Additions to Utility Plant 484,356 472,795 53,779 40,962 538,135 513,757 Det ember 31, Net Utihty Plant 4,156,122 3,799,254 579,862 564,036 4,735,984 4,363,290 Gas Exploration Subsidiary and LNG Proiect 171,552 141,630 171,552 141,630 Other Corporate Assets 1,196,647 1,013,858 Total Asscts $6,104.183 $5,518,778
- 13. Selected Quarterly Data (Unaudited)
The information shown below in the opinion of the Company includes all adjustments, consisting only of normal recurring accmals, necessary to a fair presentation of such amounts. Due to the seasonal nature of the business, quarterly amounts vary significantly during the year. Calendar Quarter Ended March 31, June 30 September 30, December 31, 1979 1978 1979 1978 1979 1978 1979 1978 IThouwnda Operatmg Revenues $664,707 $601,981 $517,813 $485,209 $592,069 $547,478 $642,118 $;85,117 Operatmg income 90,377 77,910 71,140 66,467 89,954 94,1 N 72,150 81,919 Net income 68,055 56,052 49,312 46,054 68,210 70,814 47,752 55,866 Earmngs Available for Common Stock 56,35; 44,352 37,612 34,354 56,511 59,115 36,052 44,166 Earmngs per Average share of Common Stock $ 88 $.74 $.57 $.57 $.87 $.95 $.53 $ 69 Average shares of Comrvm Stock Outstandmg 64,143 59,808 64.531 60,134 64,973 /d.362 67,954 63,765 41
Operating Statistics
% Annu:1 Increase- 1979 compared with anhumtint n here arriaaNel 1979 1978 1978 1969 Electric Revenues from Sales of Electricity (a)
Residential S 545,049 5 512,C71 6.44 13.03 Commercial 625,596 574,557 8.88 15.48 Industrial 484,037 444,595 8.87 13.88 Public Street Lighting 31,437 29,925 5.05 9.72 Total Revenues from Sales to Customers 1,686,119 1,561,148 8.01 14.05 Interdepartmental 1,559 1,670 (6.65) 12.53 Tbtal Revenues from Sales of Electricity 1,687,678 1,562,818 7.99 14.05 Other Electric Revenues 2,179 2,016 8.09 11.68 lbtal Operating Revenues $1,689,857 S1,564,834 7.99 14.04 Energy Adjustment Revenues (included above) $ 78,794 S 12,583 526.19 8.93 Sales of Electricity-kilowatthours (a) Residential 7,777,369 7,760,868 .21 2.25 Commercial 10,336,445 10,152,827 1.81 4.91 Industrial 11,185,952 11.134,634 .46 .27 Public Street Lighting 260,915 260,922 1.21 Tbtal Sales to Customers 29,560,681 29,309,251 .86 2.21 Interdepartmental 26,629 32,638 (18.41) .61 Total Sales of Electricity 29,587,310 29,341,889 .84 2.21 Kilowatthours Produced and Interchanged-net 32,021,737 31,628,876 1.24 2.28 Load Factor 54.3 % 54.6% 1Icat Rate-Btu of fuel per net kwh generated 10,566 10,599 (.31) (.19) Net Installed Generating Capacity at December 31-kilowatts 9,023 9,061 (.42) 3.90 Net Peak Load-kilowatts (60-minute integrated) 6,736 6,615 1.83 2.63 Cooling Degree Ifours 7,201 7,188 .18 .08 Temperature ilumidity Index flours 14,545 13,899 4.65 .13 Average Annual Use per Residential Customer - kwh 5,233 5,378 (2.70) 1.38 Meters in Service at December 31 1,724 1,713 .64 .58 Gas Revenues from Sales of Gas (a) Residential S 415,157 $ 399,134 4.01 10.72 Commercial 179,970 163,931 9.78 13.61 Industrial 129,665 90,240 43.69 16.02 Street Lighting 274 248 10.48 13.39 lbtal Revenues from Sales to Customers 725,066 653,553 10.04 12.19 Interdepartmental 790 802 (1.50) 8.24 Tbtal Revenues from Sales of Gas 725,856 654,355 10.93 12.18 Other Gas Revenues 994 596 66.78 32.63 Tbtal Operating Revenues S 726,850 S 654,951 10.98 12.20 Raw Materials Adjustment Revenues (included above) $ 62,765 S 25,554 145.62 16.22 Sales of Cas-therms (a) Residential 970,462 1,013,043 (4.20) .22 Commercial 456,902 447,923 2.00 2.14 Industrial 410,605 306,672 33.89 .51 ! Street Lighting 350 367 (4.63) (2.24) l Tbtal Sales to Customers 1,838,319 1,768,005 3.98 .73 l Iuterdepartmental 2,328 2,490 (6.51) (3.95) l Tbtal Sales of Gas 1,840,647 1,770,495 3.96 .72 Cas Produced and Purchased-therms 1,931,549 -1,852,869 4.25 .77 Effective Daily Capacity at December 31-therms 18,639 18,639 2.65 Maximum 24-hour Gas Sendout-therms 13,349 12,235 9.11 2.53 Heating Degree Days (a) 4,677 5,317 (12.04) (.88) Average Annual Use per Residential Customer-therms 833 893 (6.72) (.30) Meters in Service at December 31 1,357 1,350 .52 .31 (a) Starting in 1973, revenues and sales by customer classifica- heating degree days are also reported on a calendar year basis tion include accrued and unbilled dollar amounts and sales effective with 1973. For 1969, heating degree days remain on a p'- volumes from meter reading date to the end of the calendar year. sales year basis. To better reflect temperature effect on these recorded sales.
1977 1976 1975 1974 1969 S 492,473 S 443,531 S 413,005 S 364,674 S 160,159 531,118 474,791 429,428 377,184 148,359 414,058 367,470 341,749 336,250 131,900 27,622 25,863 23,375 20,473 12,437 1,465,271 1,311,655 1,207,557 1,098,581 452,855 1,916 1,585 1,573 1,183 479 1,467,187 1,313,240 1,-209,130 1,099,764 453,334 2,931 2,837 4,358 1,201 722 51,470,118 S1,316,077 SI,213,488 S t,100,965 S 454,056 S 257,902 S 307,530 $ 419,154 S 414,798 S 33,507 7,769,629 7,711,953 7,598,9M 7,514,365 6,226,250 9,747,908 9,514,574 8,994,855 8,687,964 6,398,908 10,627,734 10,472,054 10,144,917 11,244,117 10,890,176 259,277 259,151 256,755 253,395 231,264 28,404,548 27,957,732 26,995,491 27,699,841 23,746,598 38,331 34,996 39,910 31,072 25,055 28,442,879 27,992,728 27,035,401 27,730,913 23,771,653 30,771,719 30,376,187 29,255,628 29,730,774 25,554,653 50 9 % 559X, 53.3 % 53.7% 56.2% 10,677 10,593 10,582 10,779 10,766 9,247 8,74I 8,829 8,892 6,154 6,895 6,190 6,270 6,316 5,195 8,269 6,513 6,543 7,501 7,147 14,883 12,701 13,612 13,154 14,363 5,403 5,395 5,348 5,312 4,562 1,704 1,697 1,689 1,683 1,627 S 344,444 S 342,524 S 259,095 S 220,364 S 149,897 137,811 140,809 102,656 86,463 50,237 78,474 68,341 54,369 46,971 29,341 178 159 116 94 78 560,907 551,833 416,236 353,892 229,553 572 476 647 481 358 561,479 552,309 416,883 354,373 229,911 1,198 1,149 154 535 59 S 562,677 S 553,458 $ 417,037 S 354,908 S 229,970
$ 113,787 S 154,526 S 106,795 S 62,448 S 13,957 980,570 1,045,627 968,487 977,994 949,154 432,810 468,761 447,600 459,074 369,731 329,211 307,949 344,987 407,840 390,256 376 389 404 428 439 1,742,967 1,822,726 1,761,478 1,845,336 1,709,580 2,064 1,764 3,204 3,088 3,482 1,745,031 1,824,490 1,764,682 1,848,424 1,713,062
! 1,811,019 1,895,041 1,823,191 1,913,826 1,788,981 18,933 19,449 19,575 19,324 14,350 14,006 12,803 11,077 11,763 10,400 5,155 5,349 4,653 4,629 5,111 862 924 862 872 858 1,350 1,354 1,355 1,352 1,316 l i I 43
Financial Statistics I lavo onutteJ where apphcable) 1979 1978 l Condensed Statements of Income (a) Amount % Amount % Operating Revenues Electric $1,689,857 70 $1,564,834 70 Gas 726,850 30 654,951 30 ' l Total Operating Revenues 2,416,707 100 2,219,785 100 i Operating Expenses ! Fuel for Electric Generation and Interchanged Power-net 620,546 26 541,802 24 Cas Purchased and Materials for Gas Produced 384,759 16 327,990 15 Other Operation Expenses 287,389 12 268,769 12 Maintenance 149,027 6 127,423 6 Depreciation 162,989 7 158,248 7 Taxes Other than Federal income Taxes 364,411 15 328,216 15 Federal income Taxes 123,965 5 146,937 7 btal Operating Expenses 2,093,086 87 1,899,385 86 Operating income Electric 269,443 11 266,513 12 Gas 54,178 2 53,887 2 Total Operating Income 323,621 13 320,400 14 Allowance for Funds Used During Construction (Debt and Equity) 56,593 3 41,305 2 Other income-net 6,263 4,515 Interest Charges (153,148) (6) (137,434) (6) Net income 233,329 10 228,786 10 Preferred and Preference Stock Dividends 46,799 2 46,799 2 Earnings Available for Common Stock S 186,530 8 $ 181,987 8 Shares of Common Stock Outstanding End of Year 68,914 64,120 Average for Year 65,409 61,783 Earnings per average share of Common Stock S2.85 $2.95 Dividends Paid per Share $2.20 $2.08 Payout Ratio 77 % 71 % Rate of Return on Average Common Equity {b) 10.39 % 11.00 % l Ratio of Earnings to Iited Charges liefore Income Taxes (c) 3.36 3.77 l Ilook Value per Common Share (d) $26.26 $26.13 Utility Plant $6,325,033 $5,810,329 Accumulated Depreciation and Amortization 51,589,049 $1,447,039 Capitalization Mortgage llonds $1,940,513 41 $1,692,642 39 Debenture 11onds 314,726 7 322,682 7 Other Long-Term Debt 1,680 2,160 l Total Long-Term Debt 2,256,919 48 2,017,484 46 l Redeemable Preferred Stock 31,500 35,000 1
- Non Redeemable Preferred Stock 554,994 12 554,994 13 l $1.40 Dividend Preference Common Stock and Common Stock 1,106,824 23 1,014,184 23 Premium on Capital Stock 557 557 Paid-in Capital 26,065 1 26,065 1 Retained Eamings 747,076 16 704,909 16 Total Common Equity 1,880,522 40 1,745,715 40 Total Capitalization $4,723,935 100 $4,353,193 100 (a) See Summary of Significant Accounting Pohcies, page 29, (b) Balance available for $1.40 Dividend Preference Common and Notes to Financial Statements, page 37 Stock and Common Stock divided by the average of begmning and end-of year Total Common Equity.
44
1977 1976 1975 1974 1969 Amount % Amount % Amount % Amount % Amount % S1,470,118 72 S1,316,077 70 51,213,488 74 S1,100,965 76 $ 454,056 66 562,677 28 553,458 30 417,037 26 354,908 24 229,970 34 l 2,032,795 100 1,869,535 100 1,630,525 100 1,455,873 100 684,026 100 536,801 27 484,174 27 478,312 30 456,439 32 84,670 12 257,897 13 261,190 14 198,653 12 144,020 10 77,851 11 253,831 12 227,395 12 201,865 12 192,168 13 125,087 18 124,876 6 99,617 5 83,494 5 91,467 6 53,180 8 147,652 7 133,087 7 122,634 8 106,683 7 74,105 11 293,796 14 275,254 15 240,967 15 213,576 15 95,504 14 120,969 6 100,380 5 54,368_ 3 21,061 1 30,772 5 1,735,822 85 1,581,097 85 1,380,293 85 1,225,414 84 541,169 79 l 250,385 13 236,359 12 217,429 13 187,593 13 110,870 16 ) 46,588 2 52,079 3 32,803 2 42,866 3 31,987 5 1 296,973 15 288,438 15 250,232 15 230,459 16 142,857 21 49,540 2 43,547 3 43,325 3 56,027 4 9,605 1 1,447 2,654 1,758 (2,037) 994 (133,718) (7) (130,615) (7) (136,709) (8) (130,609) (9) (62,380) (9) 214,242 10 204,024 11 158,606 10 153,840 11 91,076 13 45,065 2 41,257 2 36,008 2 31,813 3 9,304 1 S 169,177 8 S 162,767 9 S 122,598 8 $ 122,027 8 $ 81,772 12 59,806 58,976 56,523 52,531 32,704 59,243 58,308 54,513 51,918 31,102
$2.86 S2.79 $2.25 $2.35 $2.63 S t.92 $ 1.78 S1.72 St.72 S1.64 67% 64 % 76% 73 % 62%
10.96% 11.I8% 9.01% 9.68 % 11.72 % 3.52 3.34 2.56 2.33 2.96
$25.57 S24.71 $24.02 S24.25 $21.19
$5,654,097 55,255,286 $4,920,768 $4,636,344 S2,810,313
$1,314,916 $1,194,467 $1,078,124 S 965,160 S 639,517
$1,647,445 40 $1,549,579 39 S1,418,854 36 S1,422,525 38 S884,377 42 330,812 8 341,511 9 380,619 10 389,640 10 333,306 16 2,640 3,120 153,600 4 153,600 4 1,980,897 48 1,894,210 48 1,953,073 50 1,965,765 52 1,217,683 58 35,000 1 35,000 1 35,000 1 554,994 13 524,994 13 474,994 12 434,994 12 149,994 7 919,752 22 900,384 22 855,874 22 797,386 21 374,538 18 557 550 550 550 252 26,065 26,065 1 26,065 1 26,065 1 26,065 1 651,885 16 596,745 15 540,G41 14 515,267 14 349,093 16 1,598,259 38 1,523,744 38 1,422,530 37 1,339,268 36 749,948 35 l
$4,169,150 100 $3,977,948 100 S3,885,597 100 $3,740,027 100 $2,117,625 100 (c) Net Income plus Income Taxes, Deferred In ome Taxes, {d) Total Common Equity divided by year-end Common Stock Investment Tax Credits and Fixed Charges divided by Fixed shares plus double the 51.40 Dividend Preference Common Charges. Fixed Charges include Interest on Long Term and Stock shares. I Short Term Debt and Other Interest Expense. 45
1 Management's Discussion The 1979 increase was slightly tempered by the ef-
'"t of a gn ta ponion of s les being in the lower and AnalYsis of the revenue per therm classes of business. The increased Statements orincome seie . m eieivie theieterruPtibie ena eff-Peek cate-gory, generated S26 million in additional revenue.
The following is a summary of the year-to-year The sharp reduction in the days of interruptions,13 changes followed by a discussion of those items in 1979 against 136 in 1978, as well as the favorable which had a significant effect on the Company's price of gas compared to alternate fuels were the results of operations. prime factors. However, gas sales to the remaining _ Inc rease or (Decreasel classes of customers decreased, reflecting both con-1979 vs 197M 1978 ss. !977_ tinued Conservation and a less Severe winter. IDmus d, I / The higher gas sales in 1978 reflect improvement in the state's economy as well as the colder weather
$I N Ns'"""* $12s 023 KO s 94.716 64 experienced during the year. Although total gas sales cas operanng Revenues 7tf99 l 1.0 92.274 16 4 increased slightly, intermptible sales declineti l uct for Llecinc Generanon sharply as the result of the 136 days of curtailments, and Interc hanged a 33% rise over the previous year, and because a pow er - net 78,744 14 s 5,001 .9 number of interruptible customers tumed to less Gas Purchascd and Mate- expensive sources of fuel.
nah for Gas Produced ;6.769 17..I 70,093 27.2 Run tenante 21,6n4 17.0 2,;47 2.0 Fuel for Electric Generation and Interchanged Tnes other thaa Itderal Pown- net income Tncs 36,19; 11.0 34.420 11.7 The Company belongs to the pennsylvania-New lederal Income ~Ines (22,972) (15 61 25.968 21.s Jersey-Maryland Interconnection (PJM) and is there-Allowante for f unds Used by able to optimize its generation-interchange mix, Dunng Construtoon 15,2M 37.0 18.23 ;) (16 6) using the lowest cost energy available in the inter-Imcrest charges 15 714 11.4 3,716 28 connectian system at any given time. Energy costs are adjusted to match revenues recovered through Electric Operating fles enues the operation of the levelized electric energy adjust-Revenues mcreased 8"o in 1979 and 6% in 1978. The ment clause. Total energy costs increased 15% and components of these changes are highlighted in the 1% in 1979 and 1978, respectively, as described table below: below: Increase or (Decrease) Increase or (Decrease) 1979 vs 1978 1978 vs.1977 1979ys.1978 1978 vs.1977 I Udhon, of DoHarri (Af>Ihons of DoHarn Rate thanges .ntludmg retovenes Pnces paid for f uel supphes and or energ3 costs through base mtercharged power $218 S(45) u t es $ 37 5 41 F , reased kilowatthour output 7 16 Retmenes of enoo costs through leu h:cd encrgy A4astment of actual costs to adiustment charges il) 77 match recmenes through (19) revenues (146) 34 Increased kdowatthour salts Ii M 79 33 512s 59; VI Rerresents revenues ictrived .:s recoverv of energy costs in The substantial price increases in 1979 reflect the acess of amoums mcluded m base arcs. spiralling fuel prices, most notably oil, and the re-Growth in 1979 sales v as limited to 1% by a lack. duced availability of lower cost nuclear generation luster New Jersey economy and the continuing con. both in the Company's capacity and in the PJM servation efforts by customens. In 1978, commercial system. The lower energy prices in 1978 demon-ansiindustrial sales rose E and 5%, respectively, strated the advantage of greater nuclear capacity responding to an improved economy. The 1978 im. and utilization. provement was restrained by the effect of a greater Gas Purchased and Materials for Gas Produced portion of sales being in the lower revenue per Gas costs are adjusted to match revenues recovered kilowatthour classes of business. through the operation of the levelized gas adjust-Gas Operating Resenues ment clause. Costs were 17% higher in 1979 and Revenues rose 11% in 1979 and 16% in 1978. The 27% higher in 1978. Contributing factors are shown principal factors are shown below: below: Increase or (Decreasel Increase or (Decrease) 1979 vs 1978 1978 vs.1977 1979V5 1978 1978 VS 1977 t Udhons of DoHarn O' " " ' " "UY Rate thanges includmg retovenes Mer pnces paid for gas supphes $54 524 of gas costs through base rates 59 $10 Rtfunds f rom pipeline supphers {l2) 7 Recovents of gas cost 3 through Increased therm sendout 14 7 loch:cd adiustment charges (1) 49 70 gg, gg gg g inacased 'Iham sales 14 12 match recoveries through 39y revenues 1 32 373 557 570 ill Represents revenues received as recovery of gas costs in 46 exccu ot amounts mstuded in base rates.
Maintenance Allowance for Funds Used During Constmetion The 17% increase during 1979 is primarily due to The $15 million or 37% rise in total AFDC experi-higher cost of maintenance at certain of the Com- enced during 1979 is nrincipally attributable to pany's steam and nuclear generatir.g stations. Addi- higher levels of Construction Work in Progress. The tional expenses were incurred in order to restore 17% decrease in 1978 resulted primarily from the service following Tropical Storm David and in main- suspension of accmals on the Atlantie Project effec-taining the distribution system. tive June 1,1978 cnd the discontinuance of AFDC on Salem 1 due to its transfer to Utility Plant in Service 'laxes Other than Federal Income Taxes on June 30,1977. Taxes Other than Federal income Taxes consists principally of New Jersey gross receipts tax which Interest Charges varies in direct proportion to electric and gas operat- The increase in 1979 is principally due to the is-ing revenues. The $36 million or I;% rise experi- suance of mortgage bonds and increased short-term enced during 1979 was primarily attributable to an borrowings at significantly higher rates. increase of $26 million in such gross receipts taxes and to an additional S7 million resulting from a revi-form 10-K Available sion of the Pennsylvam,a Public Utility Realty Tax The Company is required by Securities and Ex-which subjected additional;om, tly-owned property of
, change Commission (SEC) regulations to file with the Company to the Act s provisions and imposed a that agency a Form 10-K annual report containing one-time surtax payable m, 1979. The $34 million certain detailed financial and other data. There are rise in 1978 consists principally of a $26 million in- no accounting differences between the financial crease in gross receipts taxes and to a reversal in 1977 of S6 million of accmed Pennsylvama Public Utility d in h hnd RW m Stockholders and those in the Form 10-K report, but
# Y '#* it does provide other information as required by SEC Federal Income Taxes regulations.
Federal income taxes decreased 16% in 1979 due to a Stockholders or other interested persons who wish decline in pre-tax operating income and the change to have a copy of the Company's Form 10-K report in the statutory tax rate from 48% to 46%.The 22% may obtain one without charge after March 31,1980, increase experienced in 1978 was attributable to by writing to the Vice President and Trearurer, Public greater pre-tax operating income and a decrease in Service Electric and Gas Company,80 Park Place, tax depreciation in excess of book depreciation for Newark, New Jersey 07101. The copy so obtained which deferred taxes are not provided. (See note 1 of will be without exhibits. Exhibits may be purchased Notes to Financial Statements.) for a specihed fee. Independent Accountants' Opinion Deloitte Haskins* Sells ; 1 C,:rtified Public Accountants J 55t Broad Street i Newark, New Jersey 07102 Tb the Stockholders and Board of Directors of l Public Service Electric and Gas Company: We have examined the balance sheets and state- In our opinion, such financial statements, appearing ments of capital stock and long-term debt of Public on pages 29 to 41, inclusive, present fairly the finan-Service Electric and Gas Company as of December cial position of Public Service Electric and Gas 31,1979 and 1978 and the related statements of in- Company as of Deccmber 31,1979 and 1978 and the come, retained camings, and changes in financial po- results of its operations and the changes in its finan-sition for the years then ended. Our examinations cial position for the years then ended, in conformity were made in accordance with generally accepted with generally accepted accounting principles auditing standards and, accordingly, included such applied on a consistent basis. tests of the accounting records and such other audit-ing procedures as we considered necessary in the circumstances. February 15,1980 47
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Board of Directors John E Bet: James C. Pitney President and Chsef Operating Olhcer of the Partner of the farm of Pitney liardm & Kipp. Company counsellors-at law. Newark at:d Afartistown, Alember of Exesutive and finance New fersey Contmittas Atcmber of Audit Committee Reynold E. Iturch, M.D. Kenneth C. Rogers the pnvate practste of medicme m the President, Stevens institute of Technohngv. sperrahy of obstetrics and n necologu East floboken. New Jersey Grange. New Jersey; Chmcal Assoaate Afember of Nominanng Commstree and Professor of Obstetrics and G,ynecology. New Orgarn:ation and Compensation Committee Iersey Afenhcal Sthord. Newark. hew ferrev Afember of Audit L >mmittee w,\liam E. Scott
. Executive Vice President-Fmance of the C. Malcolm D. avis Company Chairman of the Board and dires tor. Fidehty Umon Bantorporation. Newark, hew Jersey Afemba of Eu'cunve Comnntree and C&rman of Finace Committee Alember of E recuhve and Emance Comnuttees and Chastmaa of Nunnnatmg Robert 1. Smith Comnnttee Chairman of the Board and Chief Executsve Olhcer of the Company W. Robert Dav.is Chastman of Executsve Committee and Chastman of the Board. Chief Executive ^ # b" "I '#"" L"# #"
Ofhter and director. Bancshares of New lerrey Afooreston n. New lctsey; Chairman of the Board and direttor. The Bank of New ferseu Robert V. Van Fossan Camden New lersey Chairman of the Board. Chief Executive olhca and director. e Afutual Benefa Ufe Chastman of Andst Comimtree and Afember insurana Lompany Newark New fasey of Nominatmx Conumttee Afember of Executive and Fmance Edward R. Eberle Committees and Chairman of Organi:atmn and Cmnpensanon Comanun Fo mer Chairman of the Board of the
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Afemher of Fmance and Nominatmg Nathan H. Wentworth Committees Former Chastman of the Board. The Continental Corporation (property and casualty hfe and acendent and heahh and Margery Somers Foster other types of insurance, and other (mancial Emerstus Professur of Economics and former services) and The ContinentalInsurance Dean of Douglass College, Tsutgers. The State Companies. New brk New brk University. New Bmnswick. New fersey Afember of Audst and Finance Committees Afemberof Audit Commsttee and Orgard:ation and Compensation Committee D. Wayne Hallstein Director and fortner President. Ingersoll-Rand Company (diversshed manufacturer of inathmery equipment and toads). %dchff Lake. New Jersey Afember of Finance Committee and Organization and Compensation Comnnttee 48 L
Officers Robert 1. Smith Robert M. Crockett Chastman of the Board and Chief Executive Vice President-FuelSupP ly and President of officer Eascogas LNG. Inc. John E Betz Fredrick R. DeSanti President and Chief Operating officer Vice Ptssident-Rates and Load Afanagement Edward G. Outlaw Gifforn Griffin Executive Vsce President-Corporate Plann'ng Vice President-Interconnections William E. Scott Carroll D. James Executive Vice President-Finance Vice President-Administrative Planning James B. Randel, Jr. Edward J. Lenihan Senior Vice Preside nt of the Company and Vice President-Public Relations President of Energy Development CorPoratirn Charles E. Maginn, Jr. Harold W. Sonn Vice President-numan Re,ources Senior Vice President of the Company and President of PSEAG Research Corporation Wallace A Maginn
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Richard M. Eckert Senior Uce President-Energy Supply and Stephen A. Mallard Engmeeting Vice President-System Planning Charles H. Hoffman Wmthrop E. Mange, Jr. Senior Vice President-System Planmng and Vice President -Corporate Services Interconnections Thomas J. Martin Robert W. Lockwood Mce President-Engineering and Construction Senior Uce President-Administration Parker C. Peterman John E Mcdonald uce President and Comptroller Semor Vice President-Governmental Affasts Louis L. Rizzi Everett L. Morris Vice President-Customer and Afarketing Senior Vice Presid nt-Customer Operations Services Donald A. Anderson Frederick W. Schneider
%cc President-Computer Systems and Vice President -Production Service' Robert J. Selbach Frederick M. Broadfoot %cc President--nansmission anttnistnbution Vice President-Law Malcolm C1rrington, Jr.
Uce President and Secretary l l Changes in Orgardration The Board of Directors, at a meeting Robert W. Hodge, Vice President-held on September 18,1979, adopted a Cammercial and Consumer Affairs, resolution increasing the number of retired effective January 2,1980, after Directors from twelve to thirteen and, nearly 34 years with the Company. effective the same date, elected James Louis L. Rizzi, General Manager of C. Pitney a Directot Mr. Pitney, an Consumer Affairs, was elected to attomey, is a partner of the law firm of succeed him, effective Ianuary 2,1980. Pitney, Hardin & Kipp of Newark and Mr. Rizzi was designated Vice Morristown, New Jersey. President-Customer and Marketing Robert C. Lydecker, Vice President Services, effective January IS,1980, in and Assistant to the Chairman of the conformance with a change in the Board, retired on June 29,1979, after designation of the department. more than 42 years of service.
Public Service Electric and Gas Company Newark, NJ 07101 1 1 i l l l ____ _ __________ _ _ __ ___m, __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _}}