ML19322B929: Difference between revisions
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| Line 2,122: | Line 2,050: | ||
w - | w - | ||
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l i l | |||
Texas ! | Texas ! | ||
Electric ! | Electric ! | ||
| Line 2,160: | Line 2,085: | ||
%:, .V.w- . g | %:, .V.w- . g | ||
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GLEN ROSE FAIRFIELD GENERATING STATIONS O GAS /Oll _ | GLEN ROSE FAIRFIELD GENERATING STATIONS O GAS /Oll _ | ||
LIGNITE UNDER CONSTRUCTION LIGNITE NUCLEAR UNDER CONSTRUCTION | LIGNITE UNDER CONSTRUCTION LIGNITE NUCLEAR UNDER CONSTRUCTION l | ||
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| Line 2,493: | Line 2,414: | ||
L 3 pll. ' g 9- ,-.f >v, | L 3 pll. ' g 9- ,-.f >v, | ||
-.,,~-*-.x~ | -.,,~-*-.x~ | ||
-n r. | -n r. | ||
':.u.. | ':.u.. | ||
Revision as of 20:12, 18 February 2020
| ML19322B929 | |
| Person / Time | |
|---|---|
| Site: | Comanche Peak  |
| Issue date: | 12/31/1978 |
| From: | TEXAS ELECTRIC SERVICE CO. |
| To: | |
| Shared Package | |
| ML19322B927 | List: |
| References | |
| NUDOCS 7912180421 | |
| Download: ML19322B929 (30) | |
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r Day after day 1kxas Electric l people run the generating plants, install the power lines, read the meters, solve the cus-tomers' problems - whatever it takes to keep electric service re-liableand reasonablypriced. Itis this team effort, this dedication toJob and company that enables employees to meet the need for electridty throughout the ser-vice area. People helping people , is what Tkxas Electricisallabout. l l I e
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'- To th2Shar: holders and Employees ofThas ElectricServic2 Company In the past year. employees successfully and that provides benefits to 4ts customers met the challenges necessary to provide will be all the stronger for its efforts.
good. rehable electric service throughout As we continue our program of our system and develop a better level of developing important domestic energy understanding among our customers about resources hke lignite coal and nuclear fuels. the current energy situation. we are increasingly concerned about two We are well alond on our fuel changing serious problems affecting their use in pregram. 'IWo more hgnite fueled generating electricity These problems are generating units were brought on hne the rising inflation rate and the increasing during the year. and another will begin number of government regulations. operation in 1979. Comanche Peak. the Inflation definitely has caused the cost of nuclear power plant under construction. power plant construction to increase was 52 percent complete at year end. The significantly compounding this problem first of its two units is scheduled for are numerous govemment regulations operation in 1981. related to the construction and operation of The success of this program is due hgnite and nuclear power plants. These largely to the hard work of employees who regulations have forced the cost of constantly strive to maintain our strong, generating electricity to increase. In dependable electric system. Our customers addition. vague and often unreahstic have come to rely on employees for their regulations. whose costs in many cases wise judgment and dedication. and many heavily outweigh their benefits. have customers express their gratitude every day caused electricity to cost our customers By always keeping customer benefits at more than it should. the forefront of our decisions. and by we know our customers depend on us to developing plans as effective as our provide rehable electric service now and in fuel changing program. we have estabhshed the future. That is why we have built a a reputation as a strong. community- strong system which still generates minded. responsible company We are electricity at rates among the lowest in the proud of this reputation. and we want to nation. keep it. Throughout the company's history. But more and more often we have been employees have met the growing called upon to defend our decisions - as challenges pbced bef' ore them. Today and well as our motives - in the public forum. in the coming years. emerging challenges when this has happened we have shown will command our attention. Welook repeatedly that our decisions do benefit forward to those new challenges. confident customers. In fact. many of those who in the abihty of employees to meet them s questioned our activities have found that successfully they agree with our operating procedures after considering the facts. We are confident that our pohcy of gj
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- w. G. Marquardt
- integrity of our company and its employees. President and Chief Executive As employees have long understood,a company that operates with good motives March 31.1979 L
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AWHGeneration by A Company Dedicated to Custom ~rs The second unit at Martin Lake near , 7FPeoffuel lienderson in East Texas began commercial
~ m m == uwt um w a Texas Electric and its employees are operatDn in May T;xas Electric owns 20 percer ; g ma dedicated to operating the company in the best of the 750.000-kilowatt unit. In August. the i , interests of its customers. third unit at the Monticello power plant near 6 ,p l A commitment of this scope means many Mount Pleasant began commercial operation.
P ;c g things. The new 750.000-kilowatt Monticello unit V :/ 60 It means providing rehable electric service increased the company's hgnite fueled E at rates that are reasonable. It means respondmg generation capabihty more than one-third 40 to the needs of customers burdened with the because of the 50 percent share owned by rising cost of energy and advising them how to Texas Electric. 40 use energy efficiently and reduce waste. Another hgnite unit. Martin Lake Unit 3 And it means planning for the future began trial operation in the early part of 1979 O energy needs of Texas Electric's customers by When this unit goes into service. the company 1971 1973 197', 1977 ,979 19811 983l
~
changing to more abundant. cheaper fuels - hke lignite fuel generation capacity will be 1741 lignite coal and nuclear - to generate electricity megawatts which should provide 47 percent of This commitment also means maintaining the electricity needs for 1979 PlannedAdditions to the company's financial strength in order to Extensive hgnite leases also have been GeneratingCapabihty continue these beneficial activities - even at a obtained to provide sufficient fuel for existing 9 m, O e time of high inflation and excessive government and planned units to last well into the 21st regulation. century During 1978, inflation increased at an Construction of the Comanche Peak nuclea
"'"U '" , w ,n y, average annual rate of 7.7 percent. while the power plant near Glen Rose continued through number of government regulations affecting the 1978. and at year's end the first unit was 65
*'T * ,, ,u , ,. energy industry increased dramatically Both percent complete with Unit 2 about 23 percent
% ,,,, % factors played a significant part in increasing th; complete. The real project was 52 percent n m un w .
price of energy and the trend. If unchecked. will complete and the reservoir was 74 percent filled
%,wa continue in the future. 14 feet below its normal elevation of 775 feet.
e = w = e, The pohtical controversy over energy and The plant's first unit is scheduled to go intc the ways it is produced. also expanded during operation in 1981. followed by Unit 2 in 1983 the year as Congress debated and finally passed Uranium under contract and in inventory the country's first National Energy Act. As the will substantially meet the fuel needs for the federal government begins to implement its new first two years' operation of both Comanche energy pohcy it remains undear what impact the Peak units. Fuelis under contract for the legislation will have on electric customers. operation of both units for an additional nine Fuel Changing Is The Key years, with an option to purchase supphes for six more years. The debate on the nationallevelincreased the energy awareness of customers throughout Two Lignite Units Postponed the service area and re-emphasized the The fuel. changing program constantly is importance of Texas Electric's fuel-changing affected by increases in the cost of power plant program. construction caused by inflation and govern-Fuel changing is the key to keeping the cost ment regulations. the adequacy of rate increases of electricity as low as possible. In spite of the and changes in load growth projections. inflation and govemment regulations which As a result of the re-evaluation of these anc especially affect new construction. other factors in 1978. the construction schedule Fortunately the company began to change of two jointly owned hgnite fueled generating to more abundant and cheaper attemue fuels units was revised. more than 10 years ago. In 1%8. Tbxas Electric. The units delayed are the fourth unit at the along with its sister companies Dallas Power
& Light and Texas Power & Light. began construction of their first jointly owned lignite fueled power plant. The plant, called Big Brown. is located near Fairfield and began operation in late 1971.
The fuel-changing program made significant progress in 1978 Two more jointly owned hgnite units began commercial operation during the year bringing to seven the number of hgnite generating units in operation. 4
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Martin Irke plant near Henderson and the which encourages electric utthties to convert to PrfccofResidential Electriciry :sosww single. unit Forest Grove plant near Athens. The fuels other than natural gas and oil to generate Martin Lake unit now is scheduled to go into elecencity the federallegislation seeks to achieve the operation in 1985 instead of 1983. The service date for the Forest Grove unit has been moved censervation of energy and the development and use of more plentiful domestic fuels. from 1982 to 1984. Delaying the hgnite. fueled units at Martin The company is presently unable to predict Lake and Forest Grove enabled the company to the ultimate cfft t of this legislation on its finance less construction at one ume. and thus operations or its customers. reduce construction costs by about $70 milhon Industry Honors Fuel. Changing Efforts over the next five years. Texas Electnc. as part of the Texas Utihties In the meantime, with the two hgnite units Company system. received nationwide 4,l r= added to the system during the year. Texas recognition in April for its fuel-changing efforts Electric was able to generate 33 percent of its when the TU system was presented the 1978 customers' electricity with lignite. Edison Award. ,he electric utthty industry's The remaining percentage of electric power highest honor. was generated with natural gas or oil at the The compantes wer:e recognized by the company's seven gas. oil fired power plants across the system. Because of certain low. cost Edison Electric Institute for their " demonstrated gas contracts. natural gas has played an foresight and aggressive action in reducing their important role in holdmg down the costs of dependence on natural gas. for development of electricity Those contracts. which expire in late hgnite as a low. cost fuel alternative. and for 1980 and 1981. provided more than 60 percent " exemplary" reclamation of the land mined for of the natural gas used by the company in 1978. hgnite. The Institute praised the TU companies for Legal Issues involve Gas Contracts -htghly constructive steps in making the best use of fuel resources. meetmg energy needs and Severallegal activities are pendmg which concem these fuel supplies. accomphshing environmental goals to the
'IWo suits are pending which involve claims benefit of its customers and service area." ;
of the First National Bank of Chicago. the The national award serves as a constant ; University of Chicago. and Mobil Oil Corpora. reminder of the commitment Texas Electric has tion that gas sold to the company frorr the Old made to provide reliable electric service at a Ocean Field. under contracts extending through reasonable cost to its customers now and in the 1980. may have been transported outside the future. l state so as to cause the termination of the Looking toward the future. the company is l contracts under which such gas is purchased. supporting research and development of other In its suit. Mobil asked for damages in an energy sources through its parucipation in the , Electric Power Research Institute. Among the I unspecified amount in excess of $10 mdhon. Texas Electric has denied any such occurrences research projects are various breeder reactor and intends to vigorously defend these suits. systems. solar power. geothermal energy. coal In a hearing pending before the Texas liquification and fuel cells. Railroad Commission. Gulf Oil Corporation has Nudear fusion also may prove to be a filed apphcation to pass along purchased gas cost valuable energy option someday and Texas increases it has incurred to Odessa Natural Electric is backing research of fusion through th Gasohne Company. which supphes gas to 'Ibxas Texas Atomic Energy Research Foundation. Electric. Odessa Natural also has filed a motion For the past several years. the company with the Commission to make Texas Electric a partially has funded the experimental solar party to the hearing. Odessa Natural claims that, house at the University of Texas at Arhngton. should it be required to pay additional amounts The facihty is providing valuable information to Gulf. Odessa Natural should be allowed to about solar power and its uses as a dependable pass these increased costs to Texas Electric. The energy source. hearing on this motion has been postponed. All of this research is vital to the future
'Ibxas Electric cannot predict the outcome of this l hearing.
The approaching expiration dates of the low cost gas contracts in 1980 and 1981 make the program to change to alternate fuels all the more important. While Texas Electric's effort to change fuels has spanned more than 10 years. Congress only last year passed national energy legislation l l l 6 mm . amw+ L
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y Costof/UrQualfty appbcation of alternate energy resources. and it Rates and Regulation Controf Equipmentfor is par 2 of the total commitment Texas Electric ( Lfgnf teIbwer Plants has made to its customers as a major energy Fuel changing has required an extensive 70 supplier. The company is determined to use its financial commitment by the company since the assets and expenise to help develop and supply program began in 1968 because of substantial _f $5aKW 60 customers' energy needs, which are so vital to increases in the cost of new power plants. f the quahty of hfe for all. Primarily new power plants cost more because of inflation and new government i Conservation Program IIelps Customers regulations. Providing rehable electric service rs only For example the two generating units at one of the responsibihtles Texas Electric and I50 30 Big Brown. completed in 197172. cost about other electric utthties across the country face $130 per kilowatt of capacity to build. But two 20 today lignite units completed in 1977 78 at Martin 10 Encouraging conservation is another major Lake cost about $300 per kilowatt of capacity
$4 KW responsibility because conservation enables At TESCO's Comanche Peak nuclear plant.
M 0 customers to use electricity wisely. reduce v.aste inflation has added $260 milhon to the cost Ns i u$$1$ and hold down rising energy costs. of the plant since the original cost es;imate For many years the company has worked was made. with customers to show them what they can do This k:nd of inflation is characterized by to use energy more efficiently Durir g 1978. increases in the costs of iron. steel, plastic, efforts in this area increased through a concrete and insulation - many of which have conservation program called " Operation increased at a faster rate than consumer prices. Dghten-Up " Government regulations also add to the Across the entire system. from Monahans cost of power plant construction. When the Big to Grand Prairie. Texas Electric's employees have Brown plant was built the cost of equipment to been holdmg "Dghten Up" workshops and control emissions was $4 per kilowatt. Now the showing customers how to weatherstrip around required equipment at the Martin Lake plant doors and windows. how to insulate homes costs $58 per kilowatt - a 14-fold increase in properly to prevent heat loss and how to just ceven years. manage electricity usage effectively to get the It is now estimated that at least $1 out of most for their energy dollus. every $5 of new plant costs is spent to comply The neighbor-to-neighbor programs are with government regulations. and these held in company offices. community centers. increased costs are reflected in higher electric school auditoriums. club meeting halls, and bills for customers. private residences - anywhere convenient to Texas Electric is committed to operating large or small groups. Conservation tips booklets in an environmentally acceptable manner. ud also are made available to the pubhc. has been able to do so since its fuel. changing
" Operation Dghten Up" has gained wide program began. But new regulations threaten acceptance among customers as an effective to increase the cost of electricity while offenng coriservation program. More than ';.000 people very httle additional protection for the I have seen the program since it began and the environment.
company plans to present many more programs ! so that customers can participate in the program Program Requires Financial Commitment 1 in the coming year. The increased cost of building power plants 1 Since the company's " Operation Dghten- because of inflation and government regulattom Up" program began, conservation also has been has resulted in expensive construction budgets l recognized as a national concern by :he federal for Texas Electric. But because the fuel-changing i ' govemment. Part of the national energy legis- program began more than 10 years ago. the lation passed by Congress outhnes estabhsh- :ompany has been able to knock several years , ment of a conservation program. Conservation and efficient use of electricity can help customers contend with the energy situation. But conservation can only slow. not stop, the increasing need for energy i Meeting the energy needs of customers J today and in the future is a three-part effort: conserve: use the more abundant fuels such as lignite. coal and nuclear: and carry on the research and development of other energy sources. 8 w;w g-
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ConstartimExpenditures of inflation off construction costs. The in;erim order further required that. s 300 Construction spending for 1978 was about pending completion of the hearings. fuel costs j 22
$310 milhon and is budgeted for approxima?ely charged by Texas Elect 7tc to its customers s $207 million fo71979 should be hmited to an amouat not to exceed
'Ib help fmance the ongoing program the the cost of fuel charged during the month of 200 September 1978. The hmitation had no company must attract people wilhng to put their savings in the company Revenues from significant effect on 1978 revenues.
150 customers. however. must be sufficient to attract 11 earings Called on 'nansactions these investors. 100 Indicators of the company's financial The PUC called the special hearings to loo' strength improved in 1978. Interest coverage - into certain transactions between TESCO. Its 50 the number of times pre-tax earnings could pay sister companies. Dallas Power & Light and the interest on debt - increased to 4.08 from Texas Power & Light. and other subsidiary 124I" E '*#8 73 74 75 76 77 78 79* 0* B1' The hearings were concluded in March
% Another major indicator. return on average common equity. was 13.3 percent for the year. 1979. and a ruhng by the PUC is pendmg.
That compares with 12.5 percent for 1977. The primary issue involved a transaction Percent Return on between TESCO and TP&L in which TP&L AmrageCommon Equity Texas Electric raised $50 millY : early in samuss 16 1978 from the sale of common stock to its parent agreed to sell at cost to TESCO a 25 percent company Texas Utilities. additional share of Martin Lake Units 3 and 4 g g flowever. plans for a $100 million bond sale and the hgnite needed to fuel that additional 12 were cancelled early in the year because it was share of the plant provided the company agree felt the company's triple-A bond rating was in to sell at cost to TP&L eier:ricity generated wit 10 some of Texas Electric's inexpensive gas. jeopardy of being downgraded. Texas Electric 8 has a triple A bond rating from both major Among other issues discussed were trans-rating agencies which provides reasonable actions between TESCO and TUGCO involving 6 an increase in interest rates on money loaned t. assurance of the availabihty of funds at the 4 lowest interest rates. TUGCO by TESCO. A $30 milhon sale of preferred stock was Adverse ruhngs on these two transactions 2 could require refunds. through December 31. substituted for the 1978 bond sale. And Texas 0 Utihties Generating Co.. after financing their 1978. by the company of approximately $17 1973 1974 1975 1976 1977 1978 investment in mining equipment from outside milhon. No prediction can be made at this time sources, repaid investment advances they had as to the outcome of this matter. received from the company Besides the PUC. the company's operation: Ilowever. the need for additional financmg also are regulated by other agencies on the stat was not ehminated. and the company sold and federal level.
$75 milhon in bonds early in 1979. plus raised The Final Safety Analysis Feport. the an additional $25 milhon through the sale of Environmental Report, and an apphcation for a-common stock to Texas Utthties. "Ibxas Electric operating license for the Comanche Peak nuclea rttained its triple-A bond rating during the 1979 sale. j Rate Increase Necessary in 1978 l Texas Electric's construction program.plus the rising cost of all expenses due to inflation and govemment regulation. caused the company to file for a system wide rate increase in 1978.
Electric rates are regulated in unincorporated areas by the Pubhc Utihty Commission of Texas. Municipahties have original jurisdiction over rates within their own boundaries. The PUC also has appellate jurisdiction over rates within muntcipalities. In October the three member commission approved a $37.9 million. or 8.4 percent increase in revenue for the company which was placed into effect under an interim order pending special hearings on transactions by TESCO and other TU subsidiaries. 10
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plant were filed with the Nudear Regulatory In one, and perhaps the raost important of unq& 0 Commission in 1978. these proceedmgs. WTU and CP&L sought to 3g in connection with the Comanche Peak force Texas Electric and Houston Lighting & s operating bcense apphcation the Justice Power Company to interconnect with the SPP f Department indicated in August that the alleging that their failure to do so violated the 14 intrastate status of Texas Electric and its sister federal antitrust laws. After a lengthy tnal 12 companies raised antitrust issues. The NRC has before the United States Distnct Court for the 1 10 ordered a hearing on the matter. The company Northern District of Texas. the Court condudec cann t predict the outcome of this proceedmg. early this year that the refusal to interconnect 6 did n t violate such laws. j 6 CSW Antitrust Suit Decided In a detailed opinton. which supported the ;
. The company operates entirely within the company's position in every respect. the Court p State of Texas and is not sub}ect to the further found that it would not be in the pubb.
juusdicuon of the Federal Energy Regulatory interest for TIS to be interconnected in 0 1973 1974 1975 1976 1977 1978 Commission. interstate commerce. Interconnections are maintained with In February 1979. CSW filed a petition wit: ; members of the Texas Interconnected Systems FERC requesting that interstate interconnection ' who also operate entirely within the State between TIS and the SPP be ordered under i 7btalNumberofCustomers 500 of Texas. TIS members indude West Texas provisions of the Pubhc Utahty Regulatory 1 1* Utahties Company and Central Power & Light Pobcies Act of 1978. f Company which are owned by Central and This Act gives FERC the authority to orde l b( b #0 South West Corporation. a registered holding an otherwise intrastate electric utthty to company under the Pubhc Utihty Holding Act of interconnect in interstate commerce if this 300 1935. CSW also owns two electric utthty action would encourage overall conservation of companies operating in Oklahoma. Arkansas. energy and capital. optimize the overall 200 L uisiana and a small area in East Texas. These efficiency of the use of facihties and resources companies. Public Service Company of and otherwise promote the public interest. Suc Oklahoma and Southwestern Electric Power an order under PURPA would not necessanly 100 Company members of the Southwest Power subject an intrastate utility to FERC lurisdictici Pool. historically have been operated separate!y The Federal District Court found that such 3 from WTU and CP&L. interconnections involving Texas Electric woul 1968 1973 1978 CSWs status as a holding company was not meet the criterta estabbshed under PURPA challenged before the Securtues and Exchange The company plans to continue to protect Commission by some of its Oklahoma its interests in this and all other pending actior customers in 1974. Beginning in early 1976. CSW and beheves that it may be some time before took several steps in an effort to preserve this these complex matters are resolved. status. On May 4.1976. WTU interconnected its Texas system across the state hne into Oklahoma. This action was taken without nonce and in violation of an agreement of almost 40 years with Texas Electric. The company promptly disconnected from WTU. Following pubhc hearings. the Pubhc Utihty Commission of 'Ibxas issued an order in June 1977. finding. among other things. that it was not in the pubhc interest to interconnect the member systems of TIS with the electric utthties comprising the SPP The order, which restored the mode of operation of TIS as it was prior to $' May 4.1976, has been challenged by CSW in the
' Courts.
Other steps taken by CSW have induded fihng of actions before FERC. other federal administrative agencies and courts. These actions have been aimed at forcing interconnections between TIS and the SPP. l 12 l ._
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- doing their part for the overall advancement of use by electnc utthties the 1978 rate increase e ooo the company and how government regulations .ffect the Providing rehable electnc service is the goal company 6e of every TESCO employee Typical of this Meanwhile, employees who participated in 4 000 dibgent service was the situauon which the Speakers Bureau remained active. More than developed in Graham last August when the area 390 programs on various subjects deahng with 2m was flooded and electric service was interrupted. the company's operations were given dunng the o As a result of the dedicated effort of year. reaching approximately 13.500 people.
N 1973 1978 employees from Graham and Eastland the city Employees continued to be aware of
~~
was without power for only a bnef penod. training opportunities outside the company and Employees from Wichita Falls and Fort Worth more than 90 participated in the college tuition transmission also helped out in the coordmated refund program. Other employees took emergency operation. advantage of on.the-job trate ng opportunities. Employees from throughout TESCO's Employees spent more than 97.000 work hours system also helped restore power in the Fort in training dunng the year. l Worth Dallas area after an ice storm damaged An example of this training was an power hnes during the first week of 1979. Some eight week hneman's course completed in 200 TESCO employees worked to repair December. Nmeteen employees fmished the lines and restore power dunng the emergency course and presently are working on the TESCC Employees always have been safety. system. In addition. a machinists' school was cu scious in their work and dunng 1977 TESCO held at the Morgan Creek power plant near earned the highest award the National Safety Colorado Oty for one trainee from each of the Council gives - the Award of Honor. Notice of company's gas fueled power plants. Participants this achievement and the award were received also received further classroom instruction and in 1978. Although the company always has on.the job training at the North Main plant. maintained itself in the upper quarter of the To keep the company in line with current companies ehgible for the award. it was the first trends. the employee benefits program also was time this particular award had gone to the updated during the year. company In a letter of appreciation to employees. President Bill Marquardt said TESCO "had the Area Experiences Strong Growth best safety record in recent years because of the The economy of Texas Electric's service area dedicated and concentrated effort of our reahzed significant growth in 1978 and the
**E I"_ outlook remained good as the area's favorable Contributing to Company Improvements business climate continued to attract national Over the year, employees contributed to the industrial and business interests.
improvement of the company's operation in One economic indicator. the number of other ways. Whether it was making building permits. increased 21.4 percent over the improvements in the trouble service reports Previous year. The 1978 dollar value for permits system. compthng information about company was a record high and surpassed the bilhon operations regarding rate increase requests. or d llar mark among cities of more than 3.000 for making service connections to thousands of new the first time. homes across the system. employees did the Employment reflected a stable and basically things necessary to provide electric service. strong economy throughout the service area. Employees from the Customer Service Unemployment in the service area was 4.1 department helped customers through the year cope with the energy situation and learn about conservation. Customer representatives met daily with customers to help them learn to use electricity efficiently in their homes. Additional energy conservation programs include a National Energy Watch /E-OK program and a Computerized Energy Analysis program where customers have their homes analyzed for energy efficiency by 'lexas Electric's computer. 14
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? percent at yect end. compared to 4.5 percent an investment of $8.5 million and an initial gg%g in 1977. employment of 200 people is expected to grow where scamehom In 1978. 300 new and expanding industries to 1.000 by 1980. Construction was completed constructed or announced plans for 10.659.000 on Montgomery Ward's 240.000 square foot
, square feet of floor space resulting in 12.471 new regional center. The company's planned $70 jobs in the .iervice area. million expansion program in the Fort Worth Residential area is expected to provide 2.500 new jobs in 38' Major Firms Add to Area Developinent the next six years. The surge of economic development was General Dynanucs dehvered the first F16 4 Industnat marked by the announcement in November that production model to the Air Force in 1978 as 28, Ot e' 9 American Airhnes. the nadon's second largest air part ofits $1.9 billion contract. European air carrier would move its corporate headquarters forces will begin receiving their first F16s early Commercial to TESCO's service area by mid 1979 in 1979. Plans also were announced by seven 25' American Airknes. which already has a other nations to procure 2.000 F16s. heavy investment in the area with its major At the "Dndy Center in downtown Fort reservations cerater, flight academy and learning Worth the second office tower was completed center. said the new headquarters wdl be located and the mall area between the two buildugs next to the Dallas Fort Worth Regional Airport, was opened to the public. Work continued on The building is expected to be completed by other parts of the eight block complex. + late 1981. At Big Spring. newly located industries Fuel In the meantin.e. the atrhne will occupy include American Thermo Products and Midas-34' 239.000 square feet of office space in Grand International Corporation. In addition to
" Prairie. American also has signed a lease on attracting industry to the former Webb Air Force ONnt nr ig, about 60.000 square feet in Arlington for its Base. Big Spring will have a federal minimum Reinvested food division. security prison by September.1979. Initial
'agognny,' in cognpany Besides its corporate headquarters. projections show 400 inmates and 100 staffers 5
15, American also plans a new reservations facility at the prison to be situated on 55 acres at the and improvement in both passenger and freight- former air base. handhng facihties aimed at making the Dallas-D?preciatio Fort Worth atrport a major hub in the company's Operating Highlights 9e route structure. The number of customers served by Texas Texas Instruments built a second consumer Electric increased in 1978 from 462.767 to products plant in Midland and added 200 new 485.321. an increase of 4 9 percent. employees. Other Midland expansions were Operating revenues for the company Bancroft Wr Company. Christensen Diamond totaled $502.248.000 for the year, representing a 31 percent increase over 1977. Prodv5 - i Worthington Industries. Ocmn industrial boom saw eight new The increase reflected the 13 percent rate industrico and 28 expansions of existing increase which became effective in December industries in the area. all of them oil field- 1977 as well as inaeased fuel costs recovered
, related. The new and expanded industries are through the fuel cost factor. In addition the providing more than 600 new jobs in Odessa, company had a 13 percent overallincrease in Construction on the General Motors AC kilowatt hour sales.
Spark Plug Division plant for the manufacture of The sales reflected the abnormally cold ceramic components located between Burk- winter and hot summer across the system burnett and Wichita Falls continued on during the year. The 8.4 percent rate increase '
'. schedule. More than 300 persons will be effective in November 1978 had minimal effect , employed at the plant by the 1981 model year. on the revenue increase.
Operating expenses for the year. includmg New Construction Remains Strong taxes and depreciation. were up 33 percent to
- 6. New industries in Arhngton added or $395.462.000. Significant among these expense
' announced plans to add more than 650.000 was the cost of fuel. which increased 43 percer square feet of manufacturing or distribution over 1977 to $171.526.000.
space. E Systems occupied a 145.000 square-foot electronic equipment plant and will employ "' 500 people in 1979. Industrial expansion continued in Grand
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$3.5 million distribution center which will employ 180 people. Employment at Vought Aircraft Corporation increased from 8.000 to 9.300 workers and company officials expect further increases during 1979.
Other developments in the Fat Worth area included completion of Ddlard) 582.000 square- ;
- foot distribution center. The facihty represents 1 4
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Tksas slectric Service Company and Subsidiary - Consohdated > BalanCa Sheet December 31. 1978 _1 _977 Assets Thousands of Dollars ELECTRIC PLANT - at ortgtnal cost (Note 1) l l In service. l Production . .. .. . . ..... .. . . . . 8 738.356 $ 590.440 Transmission .. .. . .. . .. .. . . 208.724 200.011 1 l Distributton . . ... . . .. ..... . .. 355.090 328.795 I Gennal ... . .. . .. . 28.737 24.708
'Ibtal . . . . . 1.330.907 1.143.954 Construction work in progress . . .. . 435.081 418. % 9 IIeld for future use . . . . 3.718 2.906
'Ibtal electric plant . . . .. . ... . 1.769,706 1.565.829 Less reserve for depreciation . .. 329.838 292.5 %
Electrte plant. less reserve . . . . . . . . 1.439.868 __1.273.233 OTilER INVESTMENTS (Note 2/ . . .. ..... .... ... . . .... .. . 1.451 80.371 CURRENT ASSETS Cash in banks . . . . . 4.501 4.238 Special deposits . .. . .. . .. . . 2.412 2.440 Temporary cash investments - at cost . . . . . . 1.700 1.000 Accounts receivable: k Customers . .. . . .. 32.111 24.291 ! Other . .
... . ... ... .. ... . ... ...... 3.059 1.505 Reserve for uncollectible accounts .... ... . ... .. .. (1.340) (952)
Inventories - at average cost: 1 Materials and supplies . . . . .. . 8.801 8.282 Fuel stock . . . . . .. .. .. . ... . .... 28.916 28.098 Other current assets .. ... .... .. ... . .. . . ..... ..... .. . 4.741 3.951 "Ibtal current assets ....
. ...... ... ..... ... .. .... .... .. 84,901 72.853 DEFERRED DEBITS . . . . . . . .. ... ... ... . ... ..... .... ............ 3.759 3.207 I TOTAL . . . . . .......... ............... ........ . ....... ... $1.529.979 $1.429.664 2
9 See accompanying Notes to Financial Statements. 1 1 18 1 s ..
December 31. 1978 1977 Liabilldes Thousands of Dollars CAPITAll2ATION Co.nmon stock (Note 3) . . . .. .. . .. .. .... . . .. ... ... . . .. . $ 450.000 $ 400.000 Retained earnings (Note 4) . . . . . .. ... .. .. . . . .... .. .. . 103.850 77.953
'Ibtal .... ........ ...... . . . . .... ... ... . . .. ... . 553.850 477.953 Preferred stock (Note 3) .. ... .... ... .. . ... ...... .. .. . . 174.991 145.336 Long term debt - less amounts due currently (Note 5):
First mortgage bonds . . . . . . .. .. . . 488.507 497.907 Sinking fund debentures . . . . . .. . ... . 21.320 22.715 Pollution control revenue bonds - net . . . ... . . . .. . . . 36.317 28.563 Unamortized premium and discount . . . ....... .. .. .. (619) (643)
"Ibtal .. . .... . . . . . . . . .... . . . 545.525 548.542
'Ibtzt capitalization . . . . .. . .. .. .. . . 1.274.366 1.171.831 CURRENT LIABILITIES Notes payable 'thras Utihties Company (parent) .. . .. . ... .. .. .. . 34.000 101.500 Accounts payable:
Affthates . . . . . . . . . . . . . ... 11.489 9.825 Other . . . . .. 40.247 30.475 Dividends declared . ... . . .. . . .. ... .. . .. . ..... .. 3.365 2.741 Long term debt due currently . . . . ..... .. .... ........ ...... . .. ..... 9.400 6.400 Customers
- deposits . . . . . . . . .... .. .. ......... ...... ..... .. ..... 1.663 1.848
'Dxes accrued . .......... .... ... .... ...... .. ..... .. ... ....... 23.038 7.6;2 Interest accrued . . . . . . . . . . . ... .... .. . .... .. .... ... ..... 9.972 10.140 Other current liabthties . ., . . ...... ... ............ .. .... ...... ..... 641 347
'Ibtal current habihties . . . .. .. ...... ... ... .. . 133.815 170.968 RESERVE FOR INSURANCE AND CASUALTIES (Note 1) . . ..... ....... ...... . 2.242 921 ACCUMULATED DEFERkED FEDERAL INCOME TAKES (Note 1) . . . . . . . . ... ......... .... . .. .. ..... ...... 49.604 36.632 1
i UNAMORTIZED FEDERAL INVESTMENT . TA K CR E DITS (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.952 49.312 _ TCrrAL............................................................ $1.529.979 $1.429.664 See accompanying Notes to Financial Statements. 1 i j 19
Texas Electric Servke Company and Subsidiary - Coneohdated 7 Statements of Incom2 and Retained Earnings Year Ended December 31, 1978 _197_.7._ income Thousands of Dollars OPERATING REVENUES - Electric . . .. . ... .. . .. .. $502.248 $384.022 OPERATING EXPENSES (Note 1) Operation . . .. .. .. . .. .. .. . . 70.330 66.114 Fuel . .. . . ... 171.526 120.119 Maintenance . .. . .. . .. . . . 24.967 21.115 Depreciation provisions . . .. . .. .. ..... .... . . 42.947 34.779 Federal income taxes . .. . ... .. 16.420 (4.560) Deferred federal income taxes - net . . . 12.972 7.358 Federalinvestment tax credits - net .. .... . . .. .. . .. . 23.131 24.747 State. local and miscellaneous taxes . . . ... . . 33.169 27.778
'Ibtal operating expenses .. . . . . 395.462 297.450 OPERATING INCOME . .. .. .. . .. .... . .... . 106.786 86.572 OTi!ER INCOME Allowance for equity funds used during construction (Note 1) .. . . ... .. . 9.280 13.195 Other income and deductions - net . . ... .. . ... . 6.958 6220 Federal income taxes on other income . . . (3.340) (2.985)
'Ibtal other income . . . . .. . .. . . .. 12.898 16.430 TOTAL INCOME . .. .. . . . 119,684 103.002 INTEREST CilARGES Interest on mortgage bonds . . .. . .. . . ...... ... ..... .. . 36.482 36.816 Interest on other long-term debt . ... . . . ...... . .. ...... 3.787 3240 Other interest . . . . ... . ... . ... ... .... . . . ....... 4.744 3.287 Allowance for borrowed funds used during construction (Note 1) . . .. . . .. (10.508) (8.553) 1btal interest charges . ... . .. . ... ... ... . ..... .. . 34.505 34.790 NET INCOME .. . . ...... ........ . . ..... . . ..... ..... ........ . $ 85.179 $ 68.212 1 I
Retained Earnings , l BALANCE AT BEGINNING OF YEAR ... ............ ............................. $ 77.953 $ 60.704 A D D - Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.179 68.212 Total.... . .. .......... ...................... ................. 163.132 128.916 DEDUCT j Dtvidends (cash): I Preferred stock . .... .. ..................... .. ... ... ... . 13.202 10 % 3 Common stock . . . . . . . . . . . . . ................... ..... . .. ...... . 46.080 40.000 l 1 lbtal dividends . ... . ....................... ........... .. .. . 59.282 50.963 B AL ANCE AT EN D OF YEAR (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $103.850 $ 77.953 See accompanytog Notes to Financial Statements. 1 I 20 l l 1 D,[ N/ xs !
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Texas Electric Service Company and Subsidiary - Consobdated Statement of Source of Funds for Construction Year Ended December 31, 1978 1977 Thousands of Dollars FUNDS FROM OPERATIONS Net income . . ..... . . . ... . . . . . . . . $ 85.179 $ 68.212 Less - Dividends declared. Preferred stock . .. .. .. . 13.202 10.963 Common stock . . . . . . . .. . . .. .. . 46.080 40.000 Total dividends declared . . . . ... . .. . . 59.282 50.963 Balance . . .. . ......... . .. . . . 25.897 17.249 Depreciation provisions . . . .... .. . . . . . .. .. 42.947 34.779 Deferred federalincome taxes - net . .. ... . . .. . .. . . ... 12.972 7.358 Federal investment tax credits - net . . . . .. . . . . .. 23.131 24.747 Allowance for funds used during construction .. . . . .. . (19.788) (21.748) Total funds from operations . .. .. . . . . . .. . . 85.159 62.385 FUNDS FROM FINANCING Pollution control revenue bonds - net . . . .. . . .. . . 7.754 22.647 Preferred stock . .. . . .. 29.655 - Common stock . . . . . . .. . 50.000 50.000 Notes payable to Texas Utilities Company (parent) . .. . . . (67.500) 101.500 long term debt retired . . . . . ... . ... . .. .. . . (7.795) (11.%5)
'Ibtal funds from financing . ..... . .. .. . . .. 12.114 162.182 Total. . .. . . . .. . . . .. .. . . 97.273 224.567 DEDUCT Investment advances to afft!!ates . . . ... . ... . . (78.785) 29.160 other - net . . ..... .. .. .. . (15.573) 9.125 l l
'Ibtal deductions . .. .. . . . . . . . (94.358) 38.285 Balance . . . . . ..... . ..... .. . . . . .... ... . 191.631 186.282 CASil IN BANKS AND TEMPORARY CASH INVESTMENTS - NET CHANGE . . . . . . ....... ... .. . .. .. (963) 14.283 l l
CONSTRUCTION EXPENDITURES (excluding allowance for funds used during construction) ..... . .... ..... . . . . ...... ... $190.668 $200.%5 See accompanying Notes to Financial Statements. l l l l 21
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r== ~...-.-.,u . ,_ . Tesas Ilectric Servic2 Company tnd Subsidiary N:tes to Financial Stat:ments
- 1. SIGNIFICANT ACCOUNTING POI.lCIES prior service cost. attributable to such amendments and certain Consolidauon - The consohdated financial statements in- changes in actuanal assumptions. approximating $25.718.000 dude the Company and its subsidiary old Ocean Fuel Com- at December 31.1978. is being amortized at an annual con of pany; all significant intercompany items and transactions have $1.685.000. The actuarially computed value of vested benefits been ehminated in consohdation. All of the outstandmg capital exceeded the fund assets by approximately $11.MO.000 as of stock of Old Ocean is owned by the Company The investment the latest anniversary date of the plan.
of the company in old Ocean is the same as the company's Reserve for Insurance and casualties - The Company equity in the net assets of Old Ocean as shown by the books of makes provision for major uninsured losses and claims and the latter. charges the amounts thereof to the reserve when incurred. Electric &nt - The cost of property additions. Induding replacements of units of property and betterments. is charged 2. AFFILIATES to electric plant. An allowance for funds used during construc- The Company is a subsidiary of "Ihras Utihties Company tion has been charged to electric plant at the rate of 7% of which provides common stock capital and short. term financ. expenditures incurred.except for that portion of construction ing to the Company as required. Primartly as agent for the work in progress induded in rate base by regulatory au- Company 'Ibxas Utthties Services Inc. fumishes engineering thortues Maintenance and repairs of property and replace and other services. 'Ibzas Utthues Fuel Company procures ments ofitems determined to beless than units of property are :ertain fuels and related services, and 'Ibxas Utthttes Ganerat- . charged to operating expenses. Depreciation reserve is charged ng Company produces lignite fuel and operates certain electric ! with the cost of units of property retired. plus removal costs. Senerating stations.at cost. Other investments indude invest-less salvage ment advances to the Generating Company of $78.785.000 at Depreciation - Depreciation provisions aa based upon an December 31,1977. Such advances were repaid in September , amortization of the original cost of depreciable properties on a ) 3973 straight.hne basis over the estimated service hves of the prop-The company jointly with Dallas Power & l.ight company erties. Depreciation provisions in percent of average deprect- and 'Ibras Power & l.ight Company has entered into agree-able electric plant in service approximated 3.6% for 1978 and ments with the Fel Company and the Ger > rating Compar y 3.4% for 1977. Depreciation used for federalincome tax pur- whereby payments are at cost of the services received and are poses (induding liberahzed depreciation - see below) approx. required by the agreements to be "at least equivalent in the I imated $61.911.000 for 1978 and $51.046.000 for 1977. 288regate to the annual charge to income on the books" of the FederalIncome Dzer - Deferred federalincome taxes are Fuel Company and of the Generating Company generally provided for differences between book and taxable income, such differences result primarily from the use of liberahzed depreciation for property placed in service after 3. COMMON AND PREFERRED STOCKS 1%9 and also the dass hfe depreciation system (ADR) for December 31. property placed in service after 1971. Federalincome tax provi- 1978 1977 sions have been reduced by the amounts of investment tax Thousands of Dollars credits allowable under the Internal Revenue Code, induding Thras Electric Service Company amounts for an Employee Stock Ownership &n estabbshed common stock - without par value; authortzed a0.000.000 shares; pursuant to the Lx Reduction Act of 1975. as amended. a 7 000 ratable portion, except for amounts appbcable to the Employee {standmg, 000 h .. Wm 2 00 Stock Ownership &n. is being amortized to income over the Prtferred stock - cumulattve, estimated service hves of the properties. The effective income hou r aut ed tax rates for 1978 and 1977 were 39.6% and 30.9%. respectively' ( 000 t ndi the statutory rate was 48%: the difference was primartly due to entitled upon hquidation to $100 the exdusion from taxable income of allowance for funds used a share: during construction. $4 :.ertes - 110.000 shares . $ 11.000 $ 11.000 Retirement &n - The Company has a retirement plan $4 56 sertes - 65.000 shares . 6.563 6.563 covering substantially all employees. The cost of the plan is 08 s- r s[' determined by an independent actuary and is funded by the $7.44 sedes - 300.000 shares. .. 30.006 30.006 Company as accrued. The cost of the plan approximated $8 32 sertes - 300.000 share = . 29.655 -
$5.153.000 for 1978 and $4.190.000 for 1977. The Company has $a.44 ser'es - 300.000 shares. 30.046 30.046 made minor amendments to the plan to comply with the $s 92 senes - 200.000 shares . . 20.076 20.076
$m senes - 30m shares. 2t625 29.625 Employee Retirement Income Security Act of 1974 and other amendments which were effective January 1.1976. Unfunded Ibtal . . $174.991 $145.336 22
In October 1978, the authorized shares of comrnon stock Sinkmg fund debentures were increased from 40.000.000 to 50.000.000 shares and the Texas Electnc Service Company authorized shares of prefersed stock were increased from 51/4%. due 1985 . 7.566 8 640 2.000.000 to 10.000.000 shares. 65/8%. due 1993. 13.754 14 075 In February 1979, the Company issued and sold 1.000.000 Tbtal smkmg fund debentures . 21.320 22 715 shares of its authortred common stock to Texas Utthties Com. Pollution control revenue bonds. pany (parent) for $25.000.000. Sabine River Authority of Rxas 6-1/4% series duc 2006. . . .. 19.025 19.025 570% series due 2007. 21.640 21.640 Funds on deposit with trustee. (4.348) (12.102)
- 4. RETAINED EARNINGS Total pollution control The Company's artides of incorporation. the mortgage. as revenue bonds - net . 36.317 _ 28.563 supplemented. and the debenture agreements contain provi- Unamorured premium and discount.
stons which. under certain conditions. restrict distributions on Unamortized prenuum . 570 591 or acquisitions of its common stodt. At December 31.1978. Unam n zed discant . .. (1,18% (1.234
$20.118.000 and at December 31.1977. $16.374.000 of retained 'Ibtal unamontzed prem.um earnings was thus restricted as a result of the provisions of the and disc unt .. (619) (643) artides of incorporation. Tbtal g45g25 $548=542 The artides of incorporation restriction provides in effect that the Company shall not pay any common dividend which would reduce retained earnings to less than one and one-half In February 1979, the Company issued and sold $75.000.000 prtndpal amount of First Mortgage Bonds 9-1/2% series due times annual preferred dividend requirements. The mortgage g restriction is based primarily on the replacement fund re-Substantially all of the electric plant is subject to the ben of quirements of the mortgage. The restrktion contained in the the mortgage.
debenture agreements is designed to maintain the aggregate preferred and common stock equity at or above 33-1/3% of total
P'*'"""'
- 6. COMMITMENTS AND CONTINGENCIES
- 5. LONG TERM DEBT (less amounts due currently) For major new constructim work in progress or con-templated. and commitments with respect thereto see Dece nber 31.
Page 4 1078 1977 Thousands of Dollars The Company along with Dallas Power & Light Company First mortgage bonds. and 'Ibxas Power & Light Company has entered into contracts Dsas Electnc Scryke Company with public agendes to purchase coohng water for use in the 2 7/8% settes due 1979 . $ -
$ 8.000 generation of electric energy and has agreed. In effect, to
/ senn due 19 .. . I 1 guarantee its share of the prindpal. $47.933.000, at December 3-1/4% sertes due 1985. . 17.000 17.000 31,1978. and $44.684.000 at December 31.1977, and interest on 3-1/4% settes due 1986. .. . 10.000 10.000 bonds issued to finance the reservoirs from which the water is 4 3/4% series due 1987 . . . . 16.000 16.000 supphed.
41/2% serles due 1968 . .. .. . 10.000 10.000 For information with respect to htigation and administrative 4T28 $* ,", j"' I 99 f ffooo Proceedings regarding fuel and rates and regulation. see pages 5-1/8% senes due 1996. . .... 15.000 15.000 6 and 10. 41/8% settes due 1997. .. 18.000 18.000 7 5/8% series due 1999. . 15.000 15.000 8 7/8% senes due 2000. . 25.000 25.000 7. REPLACEMENT COST 71/2% senes due 2001. . .. 25.000 25.000 Unaudited replacement cost data are disdosed in the annual 71/8% senes due 2002. . . 30.000 30.000 40 Mo report of the Company to the Securttles and Exchange Com-8'8[**"jue2004;;
, , p99q , o0 60 mission on Form 10 K for the years 1978 and 1977 in com-8 7/8% series due 2005. .... 50.000 50.000 phance with the reporting requirements of the Commission.
8-7/8% senes due 2006. ... . 100.000 100.000 The reported data call attention to the fact that in recent years
'Ibtal . 488.500 496.500 the impact of inflation generally has resulted in replacement Old Ocean Fuel Company costs for electric plant in service which are significantly higher 5% series due 1981 .. ... 7 1.407 than the historical costs of such assets as reported in the
'Ibtal first mortgage bonds . . 488.507 497.907 finandal statements of the Company 23
. . . - _ . ~ . - - -
_ _ ,. a _. _ ,. , Texas Electric Service Company provides electric senice for customers in 48 counties in north central and western Texas. Cities served include Fort Worth Wichita Falls. Midland. Odessa. Arlington. Grand Prairie. Sweetwater. Big Spring and 67 other incorporated municipahties. The company has two sister operating companies. Texas Power & Ught and Dallas Power & Ught, which form an integrated interconnected system serving more than four milhon customers. The three companies are part of the Texas Utihties Company System. which also includes three other subsidiaries that provide speciahzed services at cost to the ope:ating companies. These three companies are:
- Texas Utthties Services Inc. which provides engineering and other services to system companies.
- Texas Utihties Fuel Company which owns a natural gas pipehne system and acquires and delivers fuel gas and oil for the three companies.
- Texas Utihties Generating Company which operates power plants jointly owned by the three operating companies.
^ Two additional subsidiaries. cwned and operated by Texas Utihties Company. are:
- Chaco Energy Company chartered by the state of New Mexico, which will own and operate facilities for the acquisition, production and delivery of coal and other fuels.
- Basic Resources Inc. which is engaged primarily in the development of energy resources, technology and related services.
24
w - I l i l Texas ! Electric ! Service suRx u Company < Power System l O'DONNELL LAMES SNYDER BRECK GE S ATER
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