ML20008D688
| ML20008D688 | |
| Person / Time | |
|---|---|
| Site: | Davis Besse  |
| Issue date: | 12/31/1971 |
| From: | TOLEDO EDISON CO. |
| To: | |
| Shared Package | |
| ML20008D687 | List: |
| References | |
| NUDOCS 8002030236 | |
| Download: ML20008D688 (27) | |
Text
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3}ectron1CS enginear3ny e For Efriciency . .8 e For Expansion . .10 i [ Cy enVirCnment energy e For Energy . . 12 , $ePing anerg'] e771ClenCy Auditors' Repert . . 13 hvironment engineering "*""S'**';,a; of g ion,, j Earnings Reinvested . . 15 3Dginsering electron 1CS
= <-~ - Taxes / Source of Funds Invested in piant and Facilities . . 1s f OnV3rDnment STT1Clancy capi talization . . 17 }l o
CiiiCisnC en inB8rin Notes to Financial Statements . .18 Financial Review, 1961 1971.. 19 1Cy OnViron171ent enePgy 2o ; i angineering eleCtreniCS sje""^*ls"gi'6'%'. .. I s environment efficiency System uag . . . s ex cov r i: t ant energy engineering I Incy electronics energy . a cnment electronics
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3 e scienC environment . a new corporate logotype, or identifier, u%
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coopted in 1971 to more consinently and accurately reflect the present day oper- . OnVironment eff*iciency ation and roic of your company. 330,n mleCtronlCS engineering -- in r=d. it co= dines ths to*er c=== tetter "e" with the Company's name, ' rmont eff1ClenCy energy with many new and exciting e.veiop-mats taking pla= wisin our indusey, we ! M1 ineerin environment ! . - feelit communicates a more modern, I Of1. .1C1enCy aleCtron1CS a more progressive visual impression of what is happening at Toledo Edison as a l0]irOnmant en ineerinr3U lrV j . . part of the ciectric utility industry.
- s senre m]ae9=sennaee anasecesa Among these developments are regional
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power pooling agreements and stronger { transmission interconnections to insure a more adequate and reliable energy supply. !. New engineering techniques, modern y computerized systems and nuclear power generation are being utilized to mort: 3 M efficiently serve our customers. . 9 ' Our product, electricity, is the basis for these developments. It is being applied , p" i l l!1 eering environment to more and more uses,inciuding soiutions ! U lE SISCtrOniCS energy
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M Pmblems amicting er namral envi-ronment, to improve what is often referred I l 9 gineering eff1Clency J to as the quaiity ofiife. cenuine wn. l ' i' i "'" b****4b Y d*di"'*d**P' Y**' "d ItinC ener electronics the continued application of new methods, I
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I sicctron.iCS engineering will mist us in saving this area. l 1encyelectronicS energy w
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( low-lead gasoline. ~ Il Newly proposed modifications to ' f the Davis-Besse plant design were
, made in 1971 to further reduce the E . e \ flow of warm water from the plant 'e.
fU.J \ into Lake Erie.The proposed additions will reduce the volume of 3 warm water released from 33,000
, g gallons per minute to a maximum of j]] 1 13,800 gpm. A cooling tower, added a to the plant design plans in 1970, low-O i ered the originally proposed warm j s water discharges by 96 per cent.
In addition to a more balanced use 6C for environment of our air and water resources, consideration for esthetic values is also a part of the Company's envir-V onmentalcommitment. A concern
= with blending Company facilities with the environment is evidentin the design and landscaping of new, low-lg ,1 . profile substations. We continue to
@ encourage the use of underground linesin new subdiv!nons and to apply M
- new materials and more modern
@3 techniques to give our overhead lines a more pleasing appearance. A marshis usually a stretch oflow was firstused as fuelbyToledo m u. , p 7# l wetland consistingof reeds and Edison, the most modern pollut'on
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YP $ A h grassy hummocks surrounded by open water. Navarre Marsh, adjacent control devices available were in - stalled voluntarily with each addition % M- / ,h k j k..s. ?M .. to the uplandlite of ogr Davis-Besse to generating capacity. In November, a igj$qy@W J Nuclear Power Station,islike that. a $3.7 million air qualityimprove- d, K J Itis wild and rugged and unspoiled. ment project was completed to sub- f. , r s . t. #g Ej $% A great variety of wildlife lives there, stantia'!y reduce the discharge of
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- g g ,}yd..Q3 W y as the scenes on these pages taken m Navarre Marsh illustrate.
solids from the Company's older Acme power generating plant.The N Oncepartof anextensivetractof three-year projectinvolved the q Q[d N: E -Q" marshland that covered much of Northwestern Ohio, Navarre is one replacement of four coal-fired boilers with oil-fired units and the installa- p@.p]V ; ]j- g ', . q* g of the few remaining primitive areas in Ohio. It will continue to exist tion of mcArn electrostatic dust collectors on the plant's three oldest ;. A
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unspoiled, since it is now a protected pulverized fuelboilers. h ,Q' .. a yg wildlife refuge through the joint Allof the Company's generating mg
- 9. efforts of Toledo Edison and the units, which use pulverized coal as '
VI U. S. Department of the Interior, fuel, are now equipped with electro- g -,. . Envimnmental Programs Increased static precipitating devices. However, '..,, (WU 6 .. @C the State of Ohio early m 1972 - h The Company has a continuing and adopted :ir emission standards which 3 ~ M 4 incrcasing commitment to reduce could require furtherimprovements 4 Tj wherever feasible the effects of its to some of our generating facilities. *
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DlJ operations on the natural environ. The new standards arein the process g ment.The developmentof Navarre of being clarified as this reportis .p g p Marsh as a wildlife preserveis one being prepared. sg LQ . example of this, and there are many Alsoin 1971 Toledo Edison - < others. converted virtually all of its fleet of , , hV Since 1938, when pulverized coal about 500 vehicles to the use of 0036 GC - Sc . ,._ . . _ _ _.___._.. _ __
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ith regard to its own facili- As new environmental quality h";.. b.. ,_ g T l ties and operations is only a part of regulations take etTect. industries and b. - . .- _ . , 5. . .
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l - l what the Compaay considers to be its municipalities here an:1 throuchout ., .fS, 4s , ! l role in enhancing the quality of the the nation will be required to upgrade "- 1f ! I environment.Foritis the Company's their pollution controlsystems. . belief thatnoothermajor American Obviously. massive new supplies of - l industry is better able to contribute electric power will be requi-ed to more to environmental solutions than assistin this effort. e .4 5 ~ the electric utility industry through In view of the growing use of 1 E . u.', ~.$ ' " l b ' I T
, the use of its product--electricity.
Significant examples of electricity's electric power as a means of helping to clean our environment and in view
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application to such solutions are of theenvironmentaleticrtsof the h"D-j C' , I- f,.~ becoming increasingly apparent. nation's electric utility industry, we , ,, M ~. ' o *
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Here in Northwestern Ohio a 'do not believe that curtailment of >~- ~ 'T i ( S. . major auto maker recently instaUed consumption of electric energy, as $~
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proposed by some,is the answer to ! electrically powered induction
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T:..$G. ;;lg gM ?[.s...-* .j **i melting furnaces and added electric our environmental needs. Instead, we , , y ,, l scrubbers to the existing stacks at its believe that the expanded application " :;.;-- .g ,.._,.j' j foundry to reduce air pollution. and use of electricity with as little ' L. _. l l Anotherlocalcompany hasinstalled adverse impact on our environment .N3_r .',' . .: .;~ .- -gp* ! l 1-Qm ['D 9_%[k. ~% 'l an electric shredder to prepare auto as is reasonably possible is the proper . approach toward improving and
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bodies and other metalwaste for recycling.The City of Toledo is protecting our environment.This is .NdG ,~**jd[- l resently improvingits sewage Toledo Edison's approach. # <bM2. .@Mht:*s.- ,' !
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Highlights of 1971 1971 1970 jchan9e 10-Year, Growth h i Earnings Per Common Share $2.64 $2.62 + 1% -
- up 97%
L Dividends Per Common Share $1.81 $1.74 + 4% ~ up 150% t Revenues (Millions) $104 S 94 +11% ~ up 108% Operating Expenses (Millions) $ 83 S 74 + 12% up 111% System Energy Sales (Millions KWH) 5587 5185 + 8%
- up 108%
System Peak Load (Megawatts) 1054 939 + 12% -- a up 109%
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. . . , Summary.pf Rate Increase Proposal . : -
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(ggy;gj7ons)" In March of 1971, To::do Ed;isen . 70. year history-was necessary
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_4 , filed an application for an area- because of generally rising cost . ',: _r .
. wide general increase in electric trends and the resultant deteriora- .
. rates with the Public Utilities - tion in return on investmer.t. The ? Y2 5 " <
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Commission of Ohio (PUCO). De increase in annual revenues which __ t , request-the Company's first in j these proposed rates would provide .. D the last 10 years and second in its ~ are based on 1970 operations. _.1
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City of Tol,edo . . . . ' . .. ~
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Approved
\r Following the PUCO filing, . t'ax adjustment clauses were. t -- S f.', i -. 1 p
,6 .,. ' . negotiations with City of Toledo,, . ,' adopted. ne new rates will provide
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X *- officials were staited. Negotia " " an additional $2.8 million in basic : J'- 3 < 7 i -"' l.m. 2W tions culminated in passage of an ' annual revenues ne fuel adjust- M ' " ' E 4' I-.t 2 O Y" #'16?'Y
' ordinance authorizing the Com .'.~me'nt'claiise willresultin additienal - - E l "l "
'I- pany toinnease basic residentiil ~ "aniinal revenues of about $415,G00, , M' .' ( 1 ~
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,- E- and commercial electric rates ' . - ^ based upon December,1971,j
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' lier 30,1971. In addition, new 'y ,~' Commission has indicated 4 # #
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- - fuerand incoine'and excisel 7 ' - ~ ~ approval of -the inc. rease. ' '; M..
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,'.~~t c Rate incicasisettle'rEnE,iimilar approved, these rates will residt .~ ' of Passage ,
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to that approved by Tole'd o,' have. " in an'additionalincrease of about 4 ' ' _ t l- i j ?. . been proposed to the,47 other $1.1 millio . is annual rr. venues. - s, , incorporated communities served. Also, about $147,0001.s annual j q , fg , f-;..f
,--. j by the Company and most are in rev-r. ; will be added by the .
,, 3 the process of acceptance. If fully . ' new fuel adjustment clauses, we ; . : D f& ,;w I'.-
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Public Utilities Commission o,f Ohio i 4~ .4 . s - x.M' Pending ,
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The rate increase application. m ' optional, and rural rates, will _- 4
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pending before the PUCO will be remain for consideration before
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modified by withdrawing those the PUCO. If fully granted by the .. increases authorized by the . Commission, these rates will c .,add .
. . . an l ig~g. ;
' Toledo and other municipal ordi-~ additional $3.1 million in r anual . A af g. ~ . 4 ; -: ,. c '._
[., nances. De remaining portion revenues. Present indications point * $ j)$ # g of the Company's application, - to the PUCO hearing during the I kWg-2g _ . ;
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involving all industrial, certain second quarter of 1972. ! otal ,, ,P -
.y 2 .* Excludes efect of new fuel adjustment clauses described above , x . . _
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Our (p\ President's V Letter U"" " T %;- To Our Shareowners: eleventh consecutive year from action laterin the year requiring 1 p u; a . 45 to 46 cents per share, or from broader environmentalimpact As you review this report of
$1.80 to $1.84 per share on an reviews in compliance with a
,, @j: Toledo Edison's 1971 activities, annualized basis. courtinterpretationof the
- j. g you will find that your Company National Environmental Policy
; ,, ,,. l - 1 is undertaking more innovative Planned 1972 Construction Act of 1970.
g engineering techniques, more at Record Level Environmental considerations
, g ?. construction and more planning m all segments of our operations A record investment of $79 are a basic part of our total goal j(
W g.pg y Q to insure adequate power, t increase efficiency and to better serve our customers. hiuch re-million for expansion and improvements throughout the system will be required in 1972. of providing quality customer service at a fair price and a reasonable profit. We also feel
', f. f mams to be done, however, and This is part of a planned five- that electricity will play an 1
/ year capitalinvestmerit program increasing role in the national
; ;'J our attention is bemg directed totaling $399 million, which will etTort to improve our natural toward improving your Com-
, +y\ double your Company's present environment.
; p_ pany s performance m all investmentin plant and facilities.
- p. c J:; respects including the return New Director Elected Our 1972 fin- icing plans Jjb f on your mvestment.
include anissue of common stock Roy Rike, president of The h-, Revenue and Earnings increased in the first quarter, followedlater Etti Company, was elected to the by a mortgage bond issue.The Boardof DirectorsinJanuary.
. Total revenue reached $104.3 remaining financing will be from 1972. He succeeds William h1.
million in 1971, an 11 percentin- the sale of preferred stock or Hankins, Jr., president of The crease over 1970, representing the possibly from some addidonal Kiemle-Hankins Company, who first time in the Company's history short-term debt. resigned from the Board for l that total revenues exceeded $100 business reasons. hir. Hankins' ! million. Earnings per common Constructio i Progresses resignation was accepted with ! share increased from $2.62 to on Nuclear Plant sincere regret in view of his more
$2.64. A majorpart of our 1972 than five years of especially valued l expenditures will be spent on service on the Company's Board.
Higher Electric Rates Proposed construction of tha Davis-Besse We look ahead realizing that i hianagement recognized that Nuclear Power Station.The plant the complexity of our society and l increasing costs were offsetting is among tenlarge generating units he challenges before us present revenue growth, nd in Niarch, included as part of a regional not only problems but rewards. ,- 1971, we applied to the Public power pooling arrangement For your Board of Directors and Utilities Commission of Ohio for known as CAPCO, which includes management,I emphasize that we an area-wide generalincrease in four other electric companies will continue to exert our best electric rates. Favorable progress besides Toledo Edison. Ownership efiorts in solving those problem:; is being made toward achieving of Davis-Besse will be shared with and in gWding your Company in rate relief, and the status of our The Cleveland Electric a manner that we feelis in the PUCO application and negotia- Illuminating Company. best interest of our shareowners, m tions with area communitiesis Constructionof Davis-Besse our customm and the communi- [ j
) described in more detail on the preceding page.
progressed during the year under ties we serve. ( a construction p rmit granted by Sincerel C/ the Atomic Energy Commission Dividend Rate increased in N1 arch. Further environmental , The quarterly dividend rate was review studies are being conducted - = by the AEC as the result of its increased in Decemberfor Jne 0040
- President 3
Earnings per common share in 1971 l operations,thisincrease of about / ' increased to 52.64, compared to l per cent represents about 87 per cm earnings of 52.62 per share in 1970. j of our original request. In Mdition, new
. Althouch 1971 earnincs reflected I fuel and income and excise 1x adjust-fOr earnings continu'ing grow th in revenues, unsea- I ment clauses were adopted. rhe fuel l sonably warm weather in the fourth l adjustment clause uses yea -end 1970 quarter kept revenues lulow what might costs as a base and will rer alt in addi- i have been realized, and rising fuel, tional annual revenues o' about interest, labor, material, and other costs l S415,000 in Toledo, cased upon continued to offset revenue growth. l December,1971.fuelcosts. !
The quarterly comriion stock divi- l Rates, identical to those negotiated ! dend wasincreased in December from with Toledo, have been proposed to all ! l 45 to 46 cents per share, or from $1.80 other municipalities served at retail. l to $1.84 on an annualized basis.This l 51ostof theseincreasesare presently marks the cleventh consecutive year in in the process of passage. and,if I which dividends have been increased. adopted as proposed. willincrease Toledo Edison has maintained an annual revenues by about an additional uninterrupted record of 50 years of I S1.1 million based on 1970 operations. l dividend payments. Also. about S 147,000 in annual revenues would be added in these other Electric Rate Increases Being Granted municipalities by the new fuel adjust-ment clause on the basis stated above. I In view of increased cost pressures, we Under the home rule provisions of applied in 51 arch,1971. to the Public Ohio regulatory laws, th;iicreases Utilities Commission of Ohio for a incorporated by munidpal authorities general rate increase throughout our ; will be withdrawn frnm nur PUCO service area. I application. If approva;;s given to our
- O The Company has since negotiated application pending before the PU
/ a 52.8 million electric rate increase with an additional 53.1 million in annu
( )\ l the City of Toledo, effective December i revenues would result.after elimina . ! 30,1971. The new base rates are of all municipallyapproved rates.The l applicable to most residentialand application before the PUCO covers all commercial customers. Based on 1970 industrial, certain optional residential
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[. J i_.' , - increased for eleventh f ;
;. sm - consecutive year .
Common -
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Dividends -
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, currinthuarterry l pp A = -rate or 464 k.2*r MWC
- (per share) 3 ,,1 L 7 -0 equtvalect to -
40
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- 1 1961 '62 '63 '64 '65 '66 67 '68 '89 70 71 tMu ?[-w~.: $']p
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- 2.40 - since 1961 ,. 1 NN Er.rnings - ; -:
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Common t so - ' '. Stock : % a s - 12 .y:.,; 7 *: G. ~~ gtS 'T [A
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1 creial rates, and rates in rural 12 per cent inercase in total operating cent. or $2.2 million, as the result of at sent indications are that the expense. additional bond financing late in 1970 PU ay conduct a hearing on the The combined cost of fueland to provide for our construction program. proposal during the second quarter purchased power increased 27 per cent, of 1972. or $6.4 million, reflecting the continued Labor Agreements Reached escalation of coal prices and freight Ravsnu:s Move Up 11 Per Cent rates, greater energy use isy customers, Wage increases of seven per cent and larger amounts of purchased power. became effective during the year, as the Totalrevenuesin 1971 increased About 85 per cent of the higher coal result of contract agreements reached about 11 percent to more than $104 prices and freight rates were recovered in 1970 with the unions representing our milhon. Generally good revenue m-through existing fueladjustment operating and office personnel and our creases were recorded in each of our dauses. If the pending rate increase security force. In addition, supplemental three major electric customer classifi- applications are granted with fuel cations, while revenue from short-term acreerdents were ratified in 1971 which adjustment clauses, as approved by piovided for increases in fringe benefits energy sa! ^ ,o other utilities decreased Toledo, virtually all the Company #s over the next five years. About 75 per two per cem. rates would be covered by fuel cent of the Company's 1,809 employees Industrial revenues increased 15 per adjustment provisions. were represented by unions at the eEd cent to $37 million, representing solid increased operation and maintenaree of 1971. recoveTYf rom the effects of the 1970 expenses, up 13 and 10 per cent respec-economiclull and the long strike t tively, were due mainly to sicnificant l against General Motors. Increased - Employee Savings incent.ive N:n incrrases in labor and matenal costs. customer usage continued as a major ' E "d The slichtincreasein depreciation factor for the revenue increases in our ' provisions reflects additions to our plant Approval by- shareowners of a Savines commercial and residential classifica. in service. General taxes increased seven Incentive Plan w.lli be requested dun.-ng i tions. Commercial revenues gained 13 Per cent to more than S18 milh.on, per cent due to property additions, the Company.s annual meeting.The t tnereased property tax rates and hither plan is mtended to encourage eligible I acid res.dential i revenues totaled more - th r"'12 m.llion, an increase of seven State excise tax rates on hicher revenues. employees to further their financial i . . . y g A 154 per cent merease m allowance mdependence by offen.ng them an
-] for funds used during construction wss opportunity to save by making syste-due primarily to the Davis-Besse nu- matic contributions supplemented by High:r Exper.ses fleported dear power project and our new Edison Company contributions. It is also de-Mi;her costs of fuel, materials, labor Plaza headquarters building. signed by the Company to attract and and higher general taxes re;ulted i . Interestchargesincreased 34 per retain competent personnel.
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i Unre than 60 per cent of the , apartment urrits startcel m IV1 in the 7olcrlo arce were committ,d to electric hcatme. mdn ~n iontmualmn of the upward t
- us une m residential dwellin for electricity I i
i Eler.*ricity has brought benefits that I around the clock, around the year and effect in Northwestern Ohio. Locally, often are taken for granted-betier ! are reasonably recession proof. Indus- I the supply of gas has been curtailed to lighting, flameless heauir :onditioning i trial sales recorded an eight per cent ; all new industrial and commercial and numerous time and lator sasing i increase, indicating a reversal in the j applications, and this situation is appliances. More basic than these is the generaleconomic slowdown of the year i expected to furtherincrease the use of contribution electricity has made to our before. While industrial growth has i electricity, thus improving our competi-economic and industrial growth by I traditionally been a dominaat factorin j tive position with gas. Our market-creating jobs, by increasing productivity j energy sales, the increase in residential ! ing personnel are providing technical and by enhancing the nation's living i and commercial sales has been a signifi- I assistance to commercial and industrial standards. Its importance in our daily I cant factor in sales growth. We expect i users of gas to show how their needs can lives becomes evident when the power i that industrial expansion will steadily i be met through the economic supply of an area is interrupted for even i improve,andwe continueourareadevel- l application of electricity, a few minutes. i opment efforts to attract newindustries. 1 Commercial sales of electricity i Advisory Services Provided g Balanced Load Growth Stressed i increased 10 percentin 1971. A'mong i Marketing personnel Fave for man
; j The use of electricity in all phases of life i the reasons for this growth has been the j years provided advice and assistan
(_/ is expected to continue at an increasing i construction oflarge shopping malls. I customers on the most effective use rate. Toledo Edison is aware that this i One was completed in 1971.and { electricity. Among the advisory services growth requires a planned approach for l another, designed as part of alarge offered to customers are planning for maximum customer benefit related to a i residential-commercialcomplex,is interior and exterior lighting, the proper reasonable return on shareowner j scheduled for completionin 1972. operation of major home appliances, investments in plant and facilities. I In 1971 more than 20 motels, office ! food senice planning and preventive Our marketing programs are aimed at I buildings and educational facilities i maintenance forcommercialcooking the principal objective of stimulating the i planned or under construction were equipment. Senices related to the greatest possible use of electricity in I committed to electric heating. And a application of electric energy to rural applications that improve the Com- l trendin requestsictelectric heating customers by specialists on agri-business pany's load factor. To accomplish this, i studiescontinuesaincrease. J problems are also available. Our indus-we seek to balance our winter loads i A seven per ce gainin 197I was i trial and commercial sales people are i with our growing summer air condition- l recorded in our residential sales classi- l also working with customers to assist ing peaks. l fication.The numberof electrically j them in the most efficient use of electric i heated homes, including apartment and l powerandinsolvingavarietyof i System and Total Sales increased single-family dwelling units. added to pollution control problems. l Sales of electricity within the Company's , our system in 1971, increased 41 per To effectively guide our marketing system reached a record level in 1971 of I cent, compared to 1970. A further efforts, the Company relies on its own ., nearly 5.6 billion kilowatt hours, an i indication of the growing acceptance of l market research section. Constant ' increase of 403 million kilowatt hours I residential electdc heatingis evident by analysis of market situations provides I or about cight per cent. Including sales I the factthat 61 percentof allprivate the Company with the means w to other utilities, which continued at a l apartment units started within the evaluate existing and to develop new i somewhatlowerlevelin 1971, total I greater Toledo area in 197I were total l marketing programs. energy sales increased about seven per i electric. Consumption of electricity by cent to about 5.9 billion kilowatt hours. I the averace residential customer in i 1971 incr' eased to 6,640 kilowatt Completion of Toledo's newes: 4 Northwestern Ohio is an area con- i 1
) sisting of highly diversified industries.
Besides various glass products and { hoursannually. 00M '" "# "l $"im','k"i C"$"' L E i i 10 per cent gain recor automobile part manufacturing,the , Gas Shortage to increase Use of Electric Energy i commercialsalesin 1971. Anoinc-arca is a refinery center. Such refinery i mall. part of a .arge residentia!/ operations provide the Company with a : The short supply of natural gas in many commercial development. is sc/reduled 6 stab!c base load, since they operate i areas of the nation is also having an to be completed in 19.7
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a e for efficiency Improved operating efficiencies along detecting device, which locates po- model," which provides data to help with expanding customer service is a tential trouble before an interruption management plan the Company's long-goaltoward which Toledo Edisonis in electrical service occurs, was placed range financial course, has been in use continually striving. in operation in 1971. Besides locating for two years. Efficiencyis not only basic to our some of the conditions which might planned marketing approach and power cause the inconvenience of a power improvements Started on Radio plant and office operations but it is a interruption, the equipment, called l Commu:%tions System primary objective of our agreements thermovision, helps reduce the costly l Several e.ojects to improve communi-with other electric companies to build replacement of equipment arvi emer- l cations systems within the Company larger power generating units and higher l gency repairs. Toledo Edison us the l were started in 1971.One, scheduled voltage transmission facilities. I second electric utility in the natio3 to l for completionin 1973,is designed to l utilize this advanced method oflint l upgrade radio communications be-Headquarters Building Completed l patrol. l tween the Company's several service 7dison Plaza, the Company's new [ l headquarters and its fleet of more jneral headquarters building com. Computerized Systems Aid l 170 radio-equipped vehicles. ( pleted in 1971, incorporates numerous Customer Relations l ' , Anotheris also beingimplemented l modern features and techniques de- Greater speed and accuracy than ever in stages to improve remote control of I signed for efliciency and customer before in answering custnmer service electrical equipment at our substation l service.The "opea office" concept, inquiries have resulted through the use facilities. employed on most floors occupied by of special computerized video terminals Company personnel,is a significant that quickly and accurately provide Emphasis Placed on Training { l innovation and provides greater flexi- customerinformation in two or three The new techniques and improvernents bility to meet future office rquirements. seconds.This is part of a new overall beingimplemented by the Company Anotherunusualaspectof the ?!!- customer information system, which obviously require highly trained, com-electric Edison Plaza is the attractive was expand: din 1971 toinclude the petent pertannel. Operating personnel mirror-like appearance of the glass use of computer output microfilm undergo both classroom and on-the-job windows. The chromium-base glass equipment that prints computer output training, extending in some programs { reficcts a high percentage of the sun's directly from magnetic tapes onto small over a four and a half year period.The heat and transmits a low percentage of plastic cards. The system supplies more Company's training programs are .. outside light. The insulating qualities of detailed customerinformation and directed toward three basic objectives-the double-pane glass resultin con- greatly reduces the computer problem efficient workmanship, quality work- . siderable savingsin heating and of time-consumingmechanicalprintout manship and safe workmanship. l cooling costs. of information, as well as the handling , Employees are also provided the The building also features an inte- of vast amounts of paper. opportunity to further their education grated light-heating-cooling-ventilating through participation in the Company's system or, more commonly," heat by Management Forecasting System educational aid programs, in addition light." Virtually all the heat for the 17 to be Expanded to attendance at job-related seminars Another comprehensive computerized and conferences. [, _ floor Edison lan 8,000 Plaza fluorescent comes fixtures from the through more system is being developed to provide ( ; modern heat distribution system. management with valuable planning Edison Plaza is the most recent l Y2 information. As a part of this overall '# 'h' I"'"""#I F ""'#*' # , Advanced Method of 1.ine Patrol Utilized #' project, a system relating to sales and f,cffj,y ,j cyp 7,'d by ab 50Cip . As part of the Company'* preventive revenue forecasting is expected to be personnel, while the remaining opcc space l 8 maintenanc- 7ta e iunusgajpcpt . completed in 1972. A " financial will be leased to other tenants. i UOhD
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1 4 9 l fgp gypgggjgn The demand for electric power has more than doubled since 1961 within the quently.a permit, granting the Company permission to proceed with above , 2,500 square-mile area served by ground level construction of the plant, Toledo Edison. During this period, the was issued by the AEC in March,1971. Company experienced no difficulty in This latter action was taken by the AEC providing the power to meet this after conclusion of a public hearing by demand, but we must continually plan, the AEC's Safety and Licensing Board. enlarge and improve our facilities to The hearing involved a comprehensive meet the ever growing energy require- review of the plant's safety features as ments of future generations. required by AEC regulations. Foremost among the Company's Since granting the construction current expansion plans is the 872,000 permit the AEC has adopted rules kilowatt Davis-Besse Nuct. car Power requiring broader environmental impact Station, scheduled for completion in reviews in compliance with a court 11te 1974.The plant is being built and interpretation of the National Environ-will be operated by the Companyin mental Policy Actof 1970. . joint ownership withThe Cleveland Following this action, the Company Electric Illuminating Company. Toledo was required to show cause why Edison's share of the cost and ownership construction of the plant should not be of the plantis 52.5 per cent. suspended until the AEC completed its study of the Company's new environ-Nuclear Plant Construction Continues mental report. The AEC subsequently determmed that construction of Davis-In September,1970, clearance was Besse could , ontinue pending comple-received from the Atomic Energy tion of the full environmental review Commission for below-ground level The AEC study is expected to be construction of foundations. Subse- completed about June of 1972, and a S
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reopening of construction permit was provided through the sale of expenditures will be invested in other proceedings will be scheduled ro review 100,000 shares of preferred stock in new transmission and terminal facilities, the findings. July. The effective annual cost to th' distribution and substation facilities, Other pending regulatory action Company on this new issue was S.3 underground and street lighting equip. includes the Company's application to per cent.The $10 million in proceeds ment and general facilities projects. the Ohio Water Pollution Control Board were used to repay a part of the short- Current estimates of construction - for certification that limited discharge term loans incurred in connection with l expenditures during the five-year of heated water from the plant to Lake financing the Company's construction period, 1972-1976, total $399 million. Erie will comply with applicable water program. The balance of the construc- This will involve doubling the size of quality standards. A public hearing by tion program was financed through the Company's present plant investment the Board on the Company's application internal cash generation and by short during the period. About $168 million was held last summer, but no further term borrowings. of this five-year total amount will go action has been taken.The AEC has toward Toledo Edison's share of the now been asked by the Company t e nstruction of Davis-Besse Station and 1972 and Five-Year Capital 6mrmme that such certification is not Expenditures At Record Level related facihties, meluding nuclear fuel. presently required. An independent study, ordered by the Investment in construction projects in 1972 Financing includes Common Governorof Ohio,of the plant's 1972 is expected to total $79 million, Stock issue environmenta'. and social impacts is the largest single-year expenditure in The Company's 1972 expansion pro-currently being made by the Columbus the Company's history. gram will be financed from internal cash Laboratories of Battelle Memorial A major portion of the 1972 expan- generation and the sale of securities. l Institute, under contract with the Ohio sion expenditure, or $47.5 million, will A common stock issue is planned in the l Department of Natural Resources. go toward the Company's share of the first quarter followed later by a construction related to the Davis-Besse mortgage bond issue. The remaining
, ] red Stock issued project, including the plant, transmis- financing will be from the sale of pre-ionof the Company's 197I sion and control facilities, and nuclear ferrer' stock or possibly from additional l u_,u6ction program of $53 million fuel.The remaining portion of the 1972 short-term debt.
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1 1,054 megawatts occurred on our I of the first three units will be pur- I system on June 28. we had a good I chased by Toledo Ednon on an reser c margin of about 16 per cent. , interim basis until completion of On October 1, the Company became Davis-Besse late in 1974. A portir
! cntitled to a 90 megawatt sharc of of our share of Dasis-Besse's outp l l the first CAPCO power pool < will be sold on an interim basis to 5
l generating unit, w hich will bring our , other CAPCO companies until a reserve at the time of our expected subsequent CAPCO unit commences for energy winter peak to 31 per cent. ! operation. We will then purchase a Toledo Edison's energy supply j small amount of power from the fifth ! plansinclude both regionalpower l CAPCO unit on an interim basis, and ' pooling and transmission agreements i will have a 17.3 per cent ownership which provide for economics of scale I share in the sixth generating unit. , and the reliable transfer of bulk i The CAPCO arrangement also l l powerbetweensystems. I includes provisions for the transfer The supply of electric energy for our i l of powerfrom CAPCO units and to customers' needs in 1971 was l Adequate Energy Supply I assist member companiesin provid-adequate and reliabic, and we expect l Assured by CAPCO Planning ' ing greater service reliability. { to maintain dependable service in the l Gur participation in the Central in conjunction with the CAPCO ! years ahead by expanding our own Area Power Coordination (CAPCO) ; group, plans were announced in 1971 l-facilities and by effectively coordi- groupis primary among these i for the acquisition by CAPCO nating our planning with other arrangements. In addition to Toledo i member companies of a coal resene electric companies. Edison, CAPCO includes Cleveland ! to provide fuel for certain scheduled The Company's net capability at Electric illuminating, Duquesne I CAPCO coal-fired generating units, the end of 197I was 1,295 mega- Light Ohio Edison and its subsidi- beginningin 1975. Besides our watts. When a new peak demand of ary, Pennsylvania Power.Together, participationin this CAPCO coal
~~ the five companies serve about two MICR / t.AKE ERIF.
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million customers, representing a totalpopulation of approximately
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y J T. : i square-mile area in Northern Ohio
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c.' Since the formation of the group dD. 3N in 1967, CAPCO companies have
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., megawatts. The Davis-Besse Nuclear l l ' , ": "Mh . Tom $rracareerstqstates Power Station is among these units.
hWGtM[h. l l 6@ tag 89dg". i Under the CAPCO commitment, aportion of the poweroutputof each .. Proposed Major Generating Units in the CAPCO Power Pool... Toledo Ecison initial Ownership , Completion Operating Company Name Type Size (mw) Entitlement (m v) Interest 1971 Ohio Edison Sammis #7 Fossil 650 90 (1) - l 1972 Cleveland Electric illuminating East!ake #5 Fossil 650 95(2) - 1974 Duquesne Light Beaver Valley #1 Nuclear 856 175 (3) - 1974 Toledo Edison Davis-Besse Nuclear 872 278 (4) 52.5 % 1975 Pennsylvania Power Mansfield 1 Fossil 825 20(5) - 1976 Pennsylvania Power Mansfield 22 Fossil 825 143 17.3 % 1978 Duquesne Light Beaver Valley #2 Nuclear 856 Undetermined Undetermined Cleveland Electric illuminating Perry #1 Nuclear 880 Undetermined Undetermined Cleveland Electric lituminating Perry =2 Nuclear 880 Undetermined Undetermined Pennsylvania Power Mansfield 23 Fossil 880 undetermined Uadetermiru (*) Scheduled for comr:letion at intervals through mid-1981. (3) Decreases to zero later in 1974. (1) Decreases to 80 mw in 1972 and zero in 1974 (4) Increases to 458 mw in 1975. (2) Decreases to zero in 1974. (P ~ = creases to zero in 1976. 12 0049
agreement, Toledo Edison has long- . - term coal supply contracts one , . tending to 1977 and the other to
. which arc intended to provide per cent of the Company's l0 requirements.
R gi:n llnterconnections . ?c j,f , , , i impr v3 Reliability - f . . .. -/Q-f.y$.;.,;y W, 7 '* y in addition to the CAPCO arrange- n' - M,;e ~ N .* y .d@f 3 r" .;; 9 : M W ' .i
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sion interconnections, the Company J W . J'J N. . ./* is among 26 electric utility companies which form the East Central Area {lpgggjgl [M -
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4 g , x' . .
- .: w.. . :
e - .2. - f I R:serrch & Development Supported - .
- c m . ;c -
~
More and more attentionis being .! ,
- '"~ C *'
directed by the nation's electric utility ' - ' T . industry to a variety of research and
;.' Auditors'- ,, ~
~~a .
.e development projects, many aimed . Report 2) at continuing improvement of l i -
.n ..
# $ ' ~ ~, r reliability, the improvement of the _ . . ,
I To the Share Owners I environment and advanced tech , , relating to the ciectric utihty r ..e".: - and BoardotDirectors:
/'
- y. Toledo Edison supports ,n . . .. e.' , a . We have' examined'the 15alarice sheets '
D through research being
?'3' and statements of capitalization of .Q.
carried on by the Edison Electric e C-:c,, &[_
. The Toledo Edison Company (an Ohio T' Institute, national trade association "Y,'.j '
..'corporatio'n) a.'s.o.f December 31,1971' of the m.vestor-owned electric j , . % 4 . D. n ..
. .. - . ' '.O utility industry. . ,. ..r-
.p, m f W~..7...- C ;-
. and 1970, and t. he relat.ed.. statements m.,
, 3 . - . foiresults'of operations taxes earn- , ,
Thedevelopmentof theliquid J . .;2g.g ings reinvested, and source of funds .. F yfM@f.S.Nc4 metalfast breeder reactoris one Tinveste'd in plant and facilities for th) 7 project of particulariraportance W '
' years then ended.Our examination W l since it offers great potential benefit '&cfr M '@i".M m&l@N was'madein accor'dancewittiganer M ' @
- j. ;. 'p 4. ,..
l to the environment, as weil as , [a!!y accepted auditing standards 7and I assurance of future power supply. , , u, . y. .,g.Jf -
. accordingly included such tests of the We are among a group of companies >
- p ,, : .s . .
accounting records and such other ' that have indicated financial support p,.. g. g ;d- N ~. [ auditing procedures as we considered e for continued operation of the Enrico ,
- 4. . y g,. . -necessary in the circumstances.- ..
Ferminuclear power project and the Y In ouropinion,the accompanyin'g
. . g;. g.;.f .
development of a uranium oxide core nEy financial statements refe'rred to above l during the next six years. Our D.).. ..;'C. 6 ; . l finIncial commitment during this 1,y.? b gcC .~present fairly the financial positionM of TheToledo Edison Company as of period will amount to $270,000. q'GCf8N.w na 2.y @ ~ ~ December 31 e1971 and 1970 and the .v T
.' result's ofits operations and the ^.
N3 Progress on Hold.mg l"
. e'G .
,. 9 .o C'/.' . - -
. . .~. e ;-..m so. urce,of. funds invested in tant and '
Comp .ny Stud.ies - -s i % 'yf h "'f y 2>
. facilities for the years then ended, ~
y-Feas.bih.ty i stud.ies mto the possible 'iri conformity with generally accepted , i formationof aholdingcompany, # . + %L " Tecou'nting principles consistently - ' originally announced in April,1968, i.,. O'$"L '
, " applied during the periods.
i i 'ng Toledo Edison and seven lectric utilities, were sus-m - 5 (. y f-D
, . . ; , '.; 7,c v. tf' g, c.gre.w, ~
J: q.&# ' * . J" din 1970 pending the decision , .M ,i - 4 .
'y -
, e Securities and Exchange r- / -
Commission on proposed affiliations .e .
...-s .
of other electric systems.That
- t .'/ a- ..Creveland, Ohio, . , .; . . . ;., ;
decision has not yet becn made. 0050 ' l. O . J . .! 1 $ 5* 0 .' 5 *'.p h , N M" . A.-dl ty
..: .e - ~, ,~~' -%Q : y ~.l. ,.
. . . - . . - . . :. . +.
~ '
. .~ . :. ... ~
Bala'nc6. Shoot . Af...">."
. .' December 31 y -
-i- ..
a
,i n) 7 - . .
\ / .. ~.'-
.j 1971 1970
,l ;L-?;"-
ASSETS~, -
- D :-:
v
; . ,,,m
.- ? ~, ' _
.s
.~w:2.
y.v ' <*8,;y;.,ps.
.; %,; h:-iFX
;M . _
- .,a.:>
;: ~- . . ~% .
T**. rnousaneer cortars.-~. --
~;:
. J' .g.; .-~
Property, Plant and Equipmen.t, J y ,
,.f ",blf..i'a , y+.~ ' ' W .25;*:.;:$
3 :: :. : . , . ..C, K.. : M _'. i^
. .J.
-, . - L ., ,~'
In service, at original cost (Note 1) . ' . i;,y, :...,.W 367 918 ' 344 898 , C.#
~
Less accumulated provision for depr iat 95 589 -92 957 y ' /a' ' v . ion [.
- I --
q,. , ; , , Q. .. ..J.., u :gQ... . .:..'ec. f' x Construction c. _.
.' - .., g :g. c pz.y* .j* 'W " y '.'.
272 329 251 941,.. .
.wo.rk. i.n ,. progress .s 50 921 29 860 [. .. J g'
<. s
. - q. t* 323 250 281 801 . e .i.
, . ar . . . , .% m. .,y;.>. ..,gO +.6,,..w.,,3.,4;,sg.ocf*t.
33 g . f.., ,
@ a$ ~ y .,g, ..
Current Assets v _. e.. :2. ,r. . ~ .e:. .
. . . . ~
. '. L .;~ a . 1 .
~
Cash. - ':s.r. fM'W.J. m. . ~; . ' . ... . . . . . 2 889 3 709. c - m
. Accounts r'eceivable. , 2,. , . ..:.F:.4. ,,f?. . ' ~.~. . ,U.', ,~~~.,
11 932 n 10 521 - Fuel for use in power plants s' ;. u ) .. 3 713 4 427 '
'. Materials, supplies and other ' N ',[* l'. ' Y.d- . .. .
9 921 ' 9 134 ' "
. ;,.{ 1. ;. f . t .'
. . qSm:4 ..
( . 28 455
.; .~.-?.c. ; .g . '. - , . ' , V .y 27 791 Investments and OtMr, at cost ^ .3,. :~ . ./ , :. ' ~
~. .
, Ohio Valley Electric Corporation (Note 2) - "
637 654 .- Other ++ ' ' ^. M* '; . ; .- %. 3 160 . 1 906 , .
- ;~
, J ^.g 5: .-. .c', . . ;~ 3 797 . 2 560
.- (
~ ~ I.d.f. ;W.' -i ? 'N F-s ,
; . Total. Assets.
$hY'.Y,,, 355 502 312 152
~
- d. c f_ % ..y
...,,.~
,..3..<e ,
., . . u. .
. . .- . .r c ,,
. + .
; \ 1.;.. , ; ' : . ,.$ ..."..s
'* ~ . .*. '
'..?
w x.;0.,.. .';. s.' .i
= .:
n :.
..w . ::, . . --:-:.. *'.'e
, . .a .'.'e~% . '. . ,, . .
,v. e : ,m..g .; f.:. 4m,.,~ w.s m-we.>. ; x p.o . . ..m.
.(
w .,%. . .- %- ,_... :,-.c . . 4...., . , .
. . 4. ..+. .- u p v.o . yc .u. n . .. .. mg: -. -. m
.,~x .- ..
. LIABILITIES. :.+.. q. Q S ,.w;&&
~
. ;p.:q: '
;.=., ; .
. . . . .s., . . .e,c.a..;,4,:/
q, y 2; p g.4
.m % p. tg.;.7..pi?;,.i:c;.;;?. .m; y, =.;
c.n f.. .y., ,
,.p , m _ Q.L_. .. ;.; .
. ,~: . ,'.:. .4 Capitalization.(D.etall
, ^ . .
^
. . . . w <.. w.-
on Wpage 17)g: ~ M.Nr, n n+.
- h. .Cw'5.mq.s,o.a'Amy f+ M d. h. .
,m ;
J .DN ,W .m .~
- x. _
Ji 'J l-- 1 667,*,4"' M 94 908 . 91211f '? ' . % .'. .'O. -
'. f.,c 's,First ' Common stock' equity '~d.m$ ::M, y :'.s.:41..r 000%..M . , 31 000 i .6 t. e,..c.d, ;f,b# ,g ,
...;.~. ' ,- s --
.c. C ,W mortgage bonds N $...- #.. . . .,.+. 4.w.
N ~:. ; Q, ^ Cu.mulative pr,eferred st.ock .g._. 44 p.j.U. i.N:,#. r .a : 154 392 . ^ 154 952 : y e y+. . : .+:,- i ( f". %. p, j, Q.fpfjj'.'${MygQQ$$$.M '@ 7 290 300
.b,'q s.- d.w.
. . m. . ~.. , .
, , ,. n, , s. y .. w.t , . , w -. v.. . 6. i
~
...a. . s. 277 183 -b . . . :-N. 2.@ ~
- f. . . , .
7 _. , Short-Term Notes P.aya.ble (No.te 3) ..,Z. .s. . p. . . 4 Jw ' -1' a *. '. '.
$; _ e
- :: .. r,.s
~~d.%1
. Bank loans - .,
~ u. Y. m- 4 800
. . . - .T .%
.:~ T.,K
.y. 4< .:y ..r qr 1
Commerc. ia l paper', -. 21 750 .- f , , . - - ~. v
.u W .T r.e-g c.,4. Q- IN N.;;g.C
, i.i. 26 550 S 'I~~ . T.*
yrn# ,..; c.. q, y;.. p '
.a ... < -A n -
w;i..s:..;;,-c..:.; . .m . - ~,a,m. . c,
. . . .l ; - .3
.y
- r. (.
y
+ . e.
. .;; -, ~ , . -
, Current Llabillfles (excluding notesp payable)' :%. . A %p;
- 5c M~,. M.>7--:
l.'...
.r .
. .. o.c . e .
. 4 ft .& .
- ~.,a
- *m .... .
s
., .. . 7 5 757 . l~ 3 278' . '
.%'. . '::^
.Accrued Accounts payabl.e .c
- c. . , ~ .:!.~.,.s*::,%~;". ..;, 15
- 5.:Y. .%.gh.,.,
taxes 1, f. :p. Dividends declared
-W&1,2 915 581
,. Q..:C ,96-. ,;; 14 979. 2 T.c '. { K. '
-,m . = -
- .- P -Je ' -{Tw:" '-
l . $. .$. . . '..'.- [/. OtheQ',^,37~;".';gM S .i @h.tWW lJ O.-9"dh. 4 367 &[*? $..$ %hj 4. 098 ~2 655 C -[;h M :.'d.Nd '. l, l . :** p . + . ~;, t;.-b ?f^v.. a'. ., m ., i % : G,.-.. m
*; '. 28 620
, - 25 010 .:'^~ _..h:f' f d. . o: +,
,.0 '
. . . . s .a %, .r . N' &lq.hQ.1 .7.$8._ -
M ? yy. W. .& : .
~5 . . L l=_
)
R.WR,i.,d.?,.-hyD.. l,;
.nQ:,
Accum,. .ulated . . - . , >Provisi.ons,Al:':~4.s?e. .. .h: Q @4 ?%. p.; - ~; ._(~~ ~'. y<.;; .: ';^ 1
- .W &:,s;.~ .: +f,f 1 . .. . . .
.; ., ... s.
34' , la.w c.ff,:e Q .
.< . : :. :#vt-
. ._ Deferred Federalincome : ,.i,2]ilj, taxes M4 765
..ic.~.L;g4,g'@.;
l f l.'Q (. raccelerated amortizationd; '!.." ~:5 087 m , d .- - p . .]' : I' c';y '^ f.gp@,a 3 525 _ J. ,. 3 520 - c 1 .-e<-" Federalinvestment tax credits a z..;4;E k &Qi , O 3 6,':&:W q l F. a., l> j
- . Other n. nwI i. %. .? =- ,, w x. W.s: e <.^L*
1 742 .l^1372 &v : .y ?. p I ; i zw A U.. 1c _??.
.r -
. -*Y mi. r. erd' 3 P F. p"y a.~v'S -* .~ 10 032 d ' 9 979 . . .
[...-: .s, l . . (v.) ; n -. .. . ,. Total - Liabilities.
- . *,3 Ca'.V, : j?$p.
.< n. . < ,
355 502 l ~ ~312152 - ;:, " "; " :'1 i'i E'
.. . . .n NhI.
;.... '. .w :;.h,. h- - ,1.
- .2 f Y v. !.
.. : . . ..-1 :-
" ;ht. [7M. x. 3 ,-
,... ,. ,- 14 .o Th -
M .. $. . b. ' tv s.?, y s. r~q
,, - . .+-: s.- y
.~; . .y.p.y 2-w,.e. y.x.3; m ;-.:m. u.w+w.y, a' ..
3;.-: e notes on page 18 are anintegra1part oft= this statement.#, X* -n....
& ; n .,.
l ~ 9.M.s?.:Pf0
*feW...M ;.
.. .;; g?4.5;5?.*#.Wh;hQ_Q+EQl%q@;if?.*~}.R:.+3 , P W h.,
l
. . .. v. + m .y~. w w k % s~.w.% +:..n . .. w w a
*'*G
. w , si' -
s g . * .
? ' .* ?
. . . z * ?. *,v. . Y ' *., ., . l %'*. ,
Rcsults of Op3 rations: . M~ - M '
.~ .
for the years ended December 31 .--
-6
,. y,
. N. .-
'/ v.'.'>.._ . ; m.-- . . . ~
s,
. 4 ,- *'
1971 1970 inef... . (Decrease)
~ Operating Revenu.es. . ,e.. .
M W: ..n ;J.W' ..* A,'. n~
- p. . e % n ' f..
Thousands of D.ollars
~ ~..- - - -
.., Electric , . . W/ d : 91# , 101 702 91 789 ',11 .
4.,. s. .
.'"w . '.y .,r,M'AW. nh ',
Gas .m / .W,1.Oy@trMfm --E
..~
V ;.a q. 1 531 . ,1 431., , .; ~72 . . . . ' .-@
, . S. te,am heating a.E ,W. e ,Q@.. +....
Ej x m
+rE... d&.y.,G g.;.e .. %+u 1 056 ,
925 1,; , o14 n. N e . . .. . ;-
. . ~ , , ,
r . , .; . s
. .. s' . To. '.'C. c6 .r.M.n%, 104 289 - 94145 .- .. .1 -
.-~ '- .~< u.
. ,';.- ..r. .w,talv..m:s&.4.
operati.ng re. ~ venue. s. v w. - r: . 2; ..y1 J
, - :ya .
- -,y
;' *- Operat!ng Expenses. . .' 2. ..%.. . uy. . %. T . ? .: .W. .,; :.R .L '.
;- Fuel used in power plants.M . . .
f.# s.d. M. f?R~%.l5, 21 573 "16 885 u?28?.- - r . _ . Purchased powerk Wm. .?'s ?'r.O 8..n N,iN.,' . 8 643 6 934. '. 25 -
. . c '.;
'13' Op'eration (Note 4) . . . .f ',"*'.". '* * -Te
'16 085
. . i. J #..c' 18 231 -
o
' Maintenance N.C.rS'>./*:_d:E[r ' 1 -
6 700 6 082 ' 10
' Depreciation provisions (Note 5) .
.k... .-_
10 617 10 232 .,4- [4-. General taxes (Detail on pag:.16) ~ . # ,r,M 10 075 9 427 . , . , . 7, .
. .- . . Federal income, . , . n -taxes.(Note ~ ~ -6, D.etail o.n page.16) ,-. 7 193 '8 304 - (13) .
- n.. .
^ Total operating expenses . ' .
M*- 83 032 73 949- 12 .e
~ ~~
. Operating'Inc'ome .
F. . ls% ... f,.~l%t.5&.
- m. g .. d5. m.,N.,
. t.? 21 257 20 196 . ; 5 '- m..
.p -
, Other inc.ome and Dedu. ctio.'n'9,e.... . .
%. .s u;n$ORTW..:. 5.-=- .
. . Allowance for funds used during construction ,4 2 672 e 1050 154 -
. Other
. . . net
- .; ',6, 3
1Me N.'.N ~ ..._..m... .e, Myh 109 .
'151 (28) .
t ~ Total other ~income and dedu 2 781 1 201 . 132 Income Before Interest Charges '. .. .ctions. 24v'4 038?_r.
~ . . . . . , . -
%. - m. . . 21 397 . . : '12 ...
. a. . m -y 6 . .,,c,s..
a,a. y. D . .,:c. ,- . ., 3 T:c M, . , , = ~-;. T. .. ... -
, 3, ._ . . ;. .
.jG -; ~,4
-. , . . . -. ,~
Interest Charges . Y.. . . t[.. 3, -,. '* .y ~n'
. f -
( j Long-term debt _ Short-t.erm borrowird@s O
~
x.l.w{j.yg~,- .7 g;e.: 8 094
,5 426. , . 49 ' . , /, l , ,
(J.E. .-~~
.m. i n.c.1 .s.N w:. pc. . - -.n. .%cf-,':. 660 '1 129 - (42) - -
- 3%..
?. _.' . . . :TotalInterest charges - 1 8 754 - 6 555 . 34 c
~ . ,
.. : . : -2 M mc.#.. bM... ~ ..--
'. i. w..
i , - $ ., . Net Income j.;..c.; g %,. m ,,c g . g e f. e,'yj%7.pb
~
15 284 ^ 14 842 .3 -
. .}.g
?. .
,0 .e _ . Preferr.ed stock.-di,v_id.w.
end s acc .. .;M. 1 675 <' . k1 333 : .2.. ..
. 26,G.
. ?.. .
EarningsomOn C.c. . mon i+2.i.Stock; ka Q..ruedu. 13 609 $v% w;..u.;bs ....1-,
~, ff,7,
?~
's .... s ..- -
. . - x M. *- ' 13 509 ."* w
[j~#. ..[.) .'-2. N '3 D N. v..m.MmIN*./6kN'd ** Nk'S~dMN. $Y N' '-N'.E NA'k. '
,.5.p.9
.c . ?.. . Earnings Per Comm_on Share (B,ased,o_n 5,160,125
- - .- shares)
$2.64 -
- $2.62 "'~ U-M1L'
+, , M.th x n.- - n:;w m..n9m u..ym..% . ;m. ..e-.,..g:.. n
?. . . y. y m..n . ~ m.-c.n 2. ;
s +~:~ - - ,
, ? --- .
- ; , ..o Earnings
- Q'.i QReinvested;gQ,}'.,i n f%Q.$ f k. ~~ '-,
,f
.r. .
- s w jf.c_ L[w&f w m ,w,f w;n
.gme.,G.w,m . ..
c3 y
.2
,. - .< .lo. r the years e. nded Decemberw,31. pjv:w@yah -~..,. ~<.,unew v g g.q n s 3, m
, c.u.
.. v.;.:y
. s ~
r, 9w. .y. c.,
.ne n%,, m% aLy:g*-o N"- 'i 1971 . ~ 1970 .
.+.~^.1.
- t. 'w..~
- a. gi. nN w a %.. g.*r
- c. e n., p....w Thousanc r of Dollars ,,-
,,,; . , ,e-
.?- -,
, ... .~ . . , a . . . - .
. s > . p. t.W .
s,pm. , ..
. > < a. c* -
e ,,. ..;,,..., ..v-;
.. Balance, Beginning of year f j -fy;,;>u.w.c . r,f.455n334. ' g, = 50.803, ,-; g. ,- , .
f.'t .,..Add. .Netincojnel.g~ n . ,. 5h ;g.g.rgf.)v.gy, . 2- dw&.Wf.Q.w .- gg[ 15 284
--i 14 G42 ' .
y ',;- . m_.
.w 'w,
.. :-y}..yl.
.c -
..c
.. .. c. . ,,2 ' W c g, 'aa.;.., M_. y, g r.e y ; 6.gg7 ip 70 618 , o. 65 645,s.% . ,. 4
, 3 .g.g;;,-
Deduct: - mi,,.LW,h. .. .P j%g , , . v. ,,p a: M ,9 m . ~w,,
; . . c:=, w. g : . % . L. .. p. p. - -
- i , Preferred stock cash dividends decla' red IEf5 }.' 29.M - I't ..C -
4 .- . - (includes amountsforJanuaryand February? C.' J. f .f.W.fM@ ' c g,.'.'f# s 2, ;;; t ?
- Eof following year) 3.N gsp.f,W"'r 9;'W 1 814 3333 ';. - %~',-:v.'i> . ,;. ,
( Q"8 A. & P'4i t Common stock cash dividends declared, $1.81. . '.:.' 9 339 978 per share in 1971, and.$.1.74 - ~ in.1970.. .s .n.9. '- ... $,, ~.
.,.... 1 N Original cost adjustment as authorized v M.~uy- E ',-. b, .7a,. t:-
,c. . s . o .
J ,.;q by order of The Public Utilities Commission W;. 9, c-W. - .r.<e. ' 400 *- l-(/ i of Ohio (Note 1) . f.",*t*4J,.in.@-C.+. "c .-7 .', -
.^ ' ,a~" '7- .
% ,._,.e/./Balance End of year (Notes Ok3),.a%. ,NG.
s s
. 4 .~c.- .*.~J .
59 065 55 334 -
, . . .. .y .
9 : . - .
~. ,
i i, .' ~
' .-:. lb !W .'?U. ' ' - , : '. '. . -, 3'
, ' , . g :. m_
The notes on pages 17and18 are an integralpart of these statements. - 15
.. . . . n. n .a . ,';.t..,
s ,i c 12 f 8F 4 2' J E/= fg ** ,5 +[M,* ,..,,,..J...,~. - . n. - , .
;.,' **'s -- s *C
*.e. *7 ~ ,f, ' ._.y
,. .,t,< L.
. . ., s. -f. .,,'fh' h. =*.~., m. 3.f ,,
" f ,,g spM i *m.~. , #,, ; , ....k g,
9
- l. ..- " ' ,
t, e* .% . ,
- s.r
- w .. - >g .,e'
- y. ~~>'y.'-4.
- .,}i
> <1 s.r.'. $ k,_ .
'n.M..Q2' .%f. . , ',p*. "n.- . * . * } n '.* *
, .e. ... o
- s 'I, -l* * :%,.w4 . ' * ;; ; Y * , .- , ' . L ~ - , .=-*
-. ...;,.. Ayy*
l .
~
Taxcs for the years ended December 31 --
,n
(% 1971 1970 Thousancs of Dollars FederalIncome Taxes (Note 6) Payable direct 7 552 8 501 Payable by application of investment tax credits 111 265 Total Federalincome taxes payable 7 663 8 766 Amortization, over applicable service lives, of accumulated provisions: Investment tax credits ( 148) ( 140) Deferred taxes-accelerated amortizatiori ( 322) ( 322) Total Federal income Tax Expense 7 193 8 304 deneral Taxes local property 6 383 6 182 State excise on gross revenues 3 607 3 185 Other 85 60 Total General Tax Expense 10 075 9 427 (, Source of Funds invested in Plant and Facilities q tar the years ended December 31 2 - 1971 1970
- ~ :, , ,
Thousandeof Dollars Provided from Operations N'e t income
- 15 284 14 842
. Less-Preferred dividends declared 1 814 1 333 Common dividends declared '
9 339 i 8 978 Earnings reinvested -' 4 131 4 531 Income charges not requiring current funds: l Depreciation provisions 10 617 10 232 Investment tax credits-net ( 37) 125 I Payment of Federt. income taxes deferred in prior years ( 322) ( 322) l Other 2 E92 ( 3 353) l Total provided from operations 17 081 11 213' , ,. Provided from Financing Sale of preferred stock (parvalue) 10 000 - Sale of first mortgage bonds (principal amount) - 35 000
. Acquisition of bonds for sinking fund purposes ( 575) ( 351)
Short-term borrowings (repayments)-net 26 550 (11 100)
,/^) Total provided from financing 35 975 23 549
- \""/ investedin Plant and Facliities 005*"* 53 056 34 762 16 The notes on page 18 are an integralpart at these statements.
Ca pita lizatio n . . . and capitaitzation ratios w$ I (7m' December 31 ( ) 1971 1970 Thousands 31 Dollars Common Stock Equl{y (Note a) Common stock, $5 par, authorized 7,500,000 shares, outstanding 5,160,125 shares each year 25 801 25 801 Premium on capital sto'ck (Note b) - , , ,- 10 042 10 076 Earnings reinvested (Notes 6 and c) 59 065 55 334
~
- '< 94 908 33 % 91 211 33 %
Cumulative Preferred ock, $100 par, _ ~ authorized 500,000 shares (Note d) Redemption price Series outstanding . (per share) 4% %,160,000 shares $104.62% 16 000 16 000 4.56%, 50,000 shares .101.00 5 000 5 000 4.25%,100,000 shares 102.00 10 000 10 000 8.32%,100,000 shares 109.78 10 000 - 41 000 14 % 31 000 11 % First Mortgage Bonds, excluding bonds acquired and held for sinking fund purposes (iJote e) - Series outstanding 2% %, due 1977 27 188 27 588 3% %, due 1978 , 4 192 4 192 3%, due 1979 1 975 2 150
"N 2% %, due 1980 7 500 7 500 i '
(d
\
3% %, due 1984 3% %, due 1986 4%, due 1988
~
14 000 15 000 15 000 14 000 15 000
- 15 000 6%%, due 1997 ,' . . -$ .n .1 - 9 35 000 '35 000,
. 9%," due 2000 ($35,000,000less discount .
~
- cq being amortized) -
34 537 34 522.
. . ~ . ' . f f f.YJp y-^ ' ' , - ,,
154 392 53 % 154 952 56 %
. Total Capitalization - "-ie -
290 300 277 163
':y
, , . 9 "; .
,' { ' 135 . -:- ..
- Notes: >
a,
~
'(a) The Company tias filed'a Registration equal to the net proceeds from the Statement for the purpose of issuing an proposed sale of common stock.
additional 600,000 common shares. (d) Current annual dividend requirement on preferred stock is $2,165,000. The Com-(b) Change from 1970 results frorn net - - pany may redeem the whole or any part ,.- expense related to issuance of preferred , f its outstanding cumulative preferred
. stock.
stock at any time upon at least thirty (c) The effect of certain provisions of ' days' prior notice with certain other the articles of incorporation is to ' ' restrictions appilcable to the 8.32% make approximately $29,300,000 of the series Lintil September 1,1976. At that
$59,065,000 unavailable for cash date, the redemption pric,e of the 8.32%
dividends on common stock as of senes commences reducing. . December 31,1971.The amount not (e) Current annual interest requirement on v
/' A) i available will be reduced by an amount bonds is $8,060 900.
V ' 0054
, 7he notes on page 18 are an integralpart of this statement. 17
l
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. 'y 4 a; .;n.g.y.2:-; 3 . .nShort-Te. noies payabia 1ncome taxes ey $1,454.000 in 1971
+ , >5 -
and $1,446,000 in 1970. From January
~to ~' w ,~ T' .:L..m"."D.4[The .
7,' Company with various banks has lines of aggregating credit1,1954 throug h December 31,1971, f,DanCl8] l ;;7 7 ' $27,920,000. - - Q. the use of accelerated tax de.7-
., . . r;< s - y ., , s .- ." ciation rather than straight-line
. . . , , %. c._. , [)f depreciation lessened the provision ')
, . .. ' 4. Retirement l'ncome l'an
. . . .4 e for Federalincome taxes m the Dece'mber 37,197y The Company has a contributory cumulative amount of $15,539,000.
]'} :. retirement income plan which covers
_f; a!! employee groups.The Company's -
$_ 7. power Pooling
?'Cw. " cost was $1,278,000 and $1,066,000
, j% ; } ' ... ~.
+ -
- E.; [in 1971 and 1970, respectively.The The Company has reached an under-
, Company's policy is to fund annual standing with four other utilities c,
' M-u- n
; .~
.c- ,,.
costs as accrued each year,in-c!uding amortization of unfunded (CAPCO Group) involving substantial future commitments for joint
.- prior service costs ($7,064,000 as of participation in additional power
> I. Original Cost Adjustment ~ December 31,1971) over a 20-year generation and transmission
' In 1971, the Company completed its period. . . facilities. Ptans include construction
- ' study to restate its electric property, The plan will become non-con- of the Davis-Besse Nuclear Power plant and equipment account at tributoryin 1973 through a 50% Station and related facilities.
~ original cost (defined by the Federal reduction in employee contributions scheduled for completion in 1974 Power Commission as the cost of effective July 1,1971, and 25% The Companyis building the 872,000-property to the person first devoting reductions on January 1,1972 and kilowatt plant and it will be jointly
. January 1,1973. owned with the Cleveland Electric
-l pt to public service). As a result,the . - . ,.
Olectric property, plant and equip- T E j- , Illuminating Company. '
- 5. oepreciation .S.
ment account has been reduced by . The facuity now is estimated to cost about $294 minion (including ? d- - charges "p'rovisionof for $898,000 depreciation,' $400,000'.' to accumulated ,',depreciation Depreciation ' ! e'xp'eriserates shownusedin the in chmputing
. abcut $24 million . for the initial *
' '-' ~
to eEmings reinvested and $241,000 - ' financial' statements are ba' sed upon-nuclear fuel requirements).The ; to deferred charges, as authorized ?' #ag'e' life studies and averaged 3.2% Company's 52.5% ownership will
- )-
\* ~by' order of The Public Utilities"' c% fin both 1971 arid 1970, and are . - ._ r equire a totallnvestment on its part r -- Commission of Ohio.The studyYab' #dpplied on a stra'ight-line b' asis. . ' of about $167 million,lncluding the - 2 l
. initial nuclear fuel requireme its and M*i-tk M %fTJ M
~
a been submitted to the Federal Power.' . Comhtission and is subject - ' O.iederdincome Tdes+ ""'*"""" '" ' i" l 4,@ - facilities. Approximately $36 miHion l toy'th'.tr . 1 review.
. m ._, ' f y . .g 7, Rates used .in computing deprec.ia- has been expended by the Company C- wo Q . tion for Federalincome tax purposes
.s to date and substantial other
. . ONgaHey . ,
E(ectric Corpo , are based upori standard tax " Guide-' commitments have been made.
;[ , The Company owns 4% of t the-
.line Lives" and averaged 3.5% in .Various governmenh. approvals l '
common stock of Ohio Valley Electric - both 1971 and 1970.The rates are are required betore the plant can -- Corporation (OVEC) which has a - . applied on a straight-line basis for be completed or operated. See Page
- j. .
long-term contract to supply power - , , roperty p constructed prior to Jan- 10 of the text of the report for to the Atomic Energy Commission i- . uary 1,1954, and on a double-declin-. furtherinformation. M- . ~~- . (AEC).The proceeds from the sales of . Ing batanc9 method of accelerated _ w- A - 7- : , power are designed to be sufficient , . itax, depreciation for property con O - U ' ' for OVEC to earn a return on its -s [._ structed after that date. . c- v. References to Report common stock after meeting all of _ , Qhe Company does not provide , Reference is also made to the . 1 - its costs, including (in lieu of - an expense for the taxes deferred ~ fo!!owing subjects in the report: depreciation) amortization of debt resulting from the use of accelerated proposed holding company, Page capital. At December 31,1971, debt tax depreciation (i.e.,it uses flow. 12; construction program ($399 l apital of approximately $160 million through accounting) since, based on million in 1972-1976), Page 10; rate emained to be amortized by OVEC _ Ohio court and commission oe- increases, Page 4; financing pro-over the period ending in 1981.The cisions, it is of the opinion that these gram, Page 11; fuel requirements, Company is entitled to receive and deferred taxes will be recoverable Page 12; labor fringe benefits, Page obliged to pay for the right to receive out of future revenues.The use 5; CAPCO group commitments,
- 4% of any available power not of accelerated tax depreciation Page 12; and environmental matte.s, 18 contracted for by the AEC. - 1 lessened the provision fnr Federal inside front cover.
G . _ a,i '
*: [ -
, i ."*'." : j -)
c.
, s. m Elbi.t)N_
4 Financial Review OPER ATING REVEN UES . . . thousands or dollars and per cent ot electric revenues l Total Re si. Com. Other Total steam Ocerating % Year dential % % Industrial % Other % Utilit:es % E:ectnc Gas Heating Reves es increase l mercial 1971 { 32 071 32 l 18 066 16 l 37010 36 l 10 859 11 l 3 696 3 l 101702 l 1531 ! 1056 l 104 289 l 11 l 1970 29 952 33 15 983 17 32 219 35 9860 11 3 775 4 91 789 1431 925 94145 7 1969 27 663 32 14 446 17 30 696 36 8 803 10 4 276 5 85 884 1 314 877 85 075 10 1968 25 588 33 12 705 16 28 482 38 8 219 11 3 089 4 78 083 1 201 806 80 090 14 1967 23 814 35 11 565 17 25 504 37 7 474 11 32 - 68 389 1 136 767 70 292 5 1966 22 751 35 11 026 17 24 199 38 6 889 10 18 - 64 883 1 069 818 66 770 8 1965 21 339 36 10331 - 17 21 920 37 E130 _ 10 - -- 59 721, 990 ,835 61 546 5 1964 20 469 36 10 354 18 20 516 36 5 770 10 - - 57109 912 787 58 808 6 1963 19 536 36 9 725 18 19 378 36 5 421 10 - - 54 060 860 816 55 736 4 1962 18 827 36 9 336 18 18 419 36 5 188 10 - - 51 772 810 B53 53 435 7 1961 17 352 36 6 s 18 17 599 36 4 819 10 - - 48 566 770 824 50 160 3 O PERATING EXPENSES . . . thousands or dollars mud per cent ot totairevenues e I 1970 Fedess3 Income Tazes 1971 l 7193 8 304 9 Caeneral Tames % 7 l 10 075 to l 21573 9 427 10 Fuel 16 635 Pun chased Power % 21 l 8 643 8 l 18 231 18 8934 7 opere. tron 16 085 17 Mainte. nance % Depre-cistoon 17 l 6 700 7 l 10 617 10 l 83 032 6 082 7 10 232 11 Tctal o: erat.ng Es:enses % 73 949 79 80 1969 10 413 12 8 499 10 14 370 16 5 983 7 14403 16 5 390 6 9 838 11 68 896 78 1968 10 698 13 7 303 9 12 693 16 4 395 6 13 691 17 4 356 5 9 614 12 62 750 78 0 1967 8 935 13 6 440 9 9 923 14 4 189 6 12 416 18 4 213 6 8 614 12 54 730 78 1966 9 301 14 6 224 9 11 173 17 932 2 11 982 18 3 774 6 8 280 12 51 666 78 1965 8 308 14 5 671 9 10 175 17 1 78 - 11 436 18 3 745 6 8 065 13 47 578 77 1964 8 C56 14 5 737 10 9 205 16 26a - 11 032 18 3 656 6 7 578 13 45 530 77 1963 7 976 13 5564 10 8847 16 273 1 10 664 19 3 082 6 7 137 13 43 543 78 1962 7 775 15 4 926 9 8 762 16 286 - 9 889 18 3 559 7 6 659 13 41 856 78 1961 7 171 14 4 618 9 8 681 17 284 1 9 458 19 3 2fA 7 5 903 12 39 383 79 lNCO ME . . . thousands or dottats COMMON STOCK . . . dottars per share Nicwance income Earmngs % Dividends Coer. For Funas Before Pretened On increase f Market Price Pange Dsciated sting Used Dunng interest Interest Net stock Common (Ten-Yr. shares share e Bock ICurrerrt Year income Construction Charges Charges Income Divrcends Stock A rg. 7%) Outstanding Earmngs Wg% l Low Yr. End vare Rate 31.84) 1971 21 257 2 672 l24038 8 754 15 2841 1 675 l13 609 f 1 5 160 125 2.64 l36l27 31 l 18.39 l 1.81 l 1970 20 196 1 0 ~,0 21 397 6 555 14 842 1 333 13 509 3 5 160 125 2.62 35 28 35 17.68 1.74 1969 19 179 701 19 974 5 515 14 459 1 333 13 126 8 5160 125 2.54 36 26 29 16.80 1.63 1968 17 340 1 081 18 555 5 091 13 464 1 333 12 131 3 5160 125 2.35 38 30 35 15.88 1.51 1967 15 562 518 16 877 3 756 13 121 1 333 11 788 5 5 160 125 2.28 42 29 30 15.04 1.42 1 15104 200 15 3S8 2 834 12 564 1 333 11 231 11 5 160 125 2.18 41 29 40 14.16 1.31 13 968 62 14 269 2 847 11 422 1 433 10 089 to 5 160 125 1.96 41 32 39 13.29 1.16 13 278 24 13 489 2 982 to 507 1 333 9 174 to 5160 125 1.78 35 29 33 12.49 1.03
. 12 193 440 12 702 2 999 9 703 1 333 8 370 4 5 160 125 1.62 31 26 30 11.75 .94 1962 11 579 615 12 284 2 914 9 370 1 333 8 037 16 5160 125 1.56 27 20 26 11.06 .83 1961 10 ) 77 100 11 194 2 928 8 266 1 333 6 933 5 5160 125 1.34 28 19 27 10.91 .725 jg ooss. Wome>
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.- :n m- ~ v.y 9 9 y t. , .:r.. @n . - : .
S ALES . . . millions ot kilowatt hours .. .- . 7.f.Wg.9pM '%~n.;&:&- CUSTOMERS. :. end otyear 2;G*h*mm.
%y ; .
t .W.
% ?~, . . . .* .w ~s ^- n W. ". c. -n ' C M.r$ - L ' .L *
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^ Annual Y &T ;*?l L. _&g .c .
^
y
'W NL 'he' W *^ V "
T .. Industrint. KWH . Per Revenue Per :
;'.., .G^-* ~. Other Total Customer ,
~ ' Resi. 'Com. Total % Resl. . Com. U% ties. Per KWH
^Yur dential mercial Industnal other Uta:!ses Electnc Increnae contial merc al & other _ E:ectric _ Customer (Cents) JDonars]___ e 5, * ." , ,
- j 1971 , 748 l 2 935 I 538 l 292 l 5 879 l 7 l 208 448 ,l 20 708 i 4 239 i 233 395 t 6 640 i 2.35 ! 155.87 !
l 1366 ~
~
1970. 1 281 678 2 719 507 322 5 507 ( 1) 203 80S 20 028 4 224 228 060 6 348 2.34 148.42 1969 1 181 621 2 793 469 490 5 554 12 200 058 19 775 4 218 224 051 5 967 2.34 139.74 19
- 083 530 2 572 457 319 4 981 19 195 737 19 570 4 191 219 4.. 98 5 596 2.36 132.23 ;
. - .58
~. ,
. 1. .. .~ . . ,
1967 993 477 2 266 417 5 4158 7 191 881 19178 4 101 215160 5 207 2.40 - 124.90 1966 937 447 2125 380 2 3 891 12 189 704 18 892 4 081 212 677 4 977 2.43 120.84 ' 115.94 - ; 1965 ~ BS3 409' ~* 1 877 ^ 335 , . - 3 484 8- 186 498 18 711 3 922 209 131 4 689 2.47
-- ^ .- . . , . . , . .. . . . ..e .., ,; . ..-
1964 810 379' ~ '1750 301'.- .- 3 240 6 181 968 18 349 3 874 ~ 204 191 4 482 2.53 113.30 1t 1963 765 354 .1 638 290.. . 3 047.. 6 179 422 18 073 3 848 "201 341 -4 298 2.55 109.71 1962 740 .339 1 520 * ^276 2 875 .',7 , 177100 17 752 3 822 . 198 674 4 201 2.54 106.82 ..i
^
.w... .- gv -
..s 4 ., . ,. . . ,- .
,. 3 v. w 3 - . -pf .7 ._9 1961 718 326 1 393 254 -
2 691 . 175 826 17701- 3 735 197 262 4 107 2.42 ~ ,
. 99.19 - l
-. . . . ~ m.s . .. .x. . m ~ .z ; :~ .
c" ,
~.g97.:,~ u . .. w .. * '
~[y' LO AD... .. ._ iiegawatts ./.. v;h.c. . .
^
t - ENERGY . . . millions ot kilowatt hours '
, , . , , ~
FUEL ..
~- *& sgd1 .
A4 Net ' C Toledo Edison System
'. , l.s
' ~--
. . - . . .~yr l . *. *. ,1;l - . Fuel Cost Per MJ! ion Caca. Total Load. Reserve . " . ,
bdsty Peak Peak factor Factor Generated Purchased And '? ^*'. ' KWH BTU )
- ar (Yr. End) , Load Load _ (%) (%) Net interchanged (Net) '70tsi (Mills) (Cents). _ _ _
j1971 ! 1 295 i 1 191 l 1054 l 65 l 23 ! 4 845 l 1 435 I 6 280 l 4.4 l 43.9 l 10 037 P
~1970 1 244 -1 145 939 67 .
.'. 32J .l, 4 604
- 127~. m . ,
- 1. ,,5 879.. .- , .3.6 .- . 35.9 10 022 A_ -t
. 9 399 ,. i
<*.h", 4 764 ' - 3.0
--4 ms 1969 1 204 1 089 897 , . 69 s< u. 34 .* , 11142 34.:
., ~ .5 906. sA . 30.3 , .
'860 , 10094 "!
1968 1 256 1 060 ~ 66 : ' 46 . . W 4 387 c ., 895 :.4 c 2. 28.6 y ' _ . ._
- . ,.y y aw : *- ~~ .y . 3 g. l - yyy.%. .Q. .
- R. : .yy_
- r. 9;a .y. ..y ,
940 784n . 763 : 67 ., . m 23 . .,-M. ., 3 598. ~..'t . .V.. r..
. .861 f u,.. e.,
g52824
- 459[e ,2.7 - . ,. e .
27.5 9 899 - , 1967.. - 5 ',
%M 1966. 1 925- -J.779 5, :a716.. 67 e -1 v 29 . ecs
.- 3 999 4 8%.s'21. ,i r,. La. - 4 214 ,1 '.2.8 27.9..' ,r 9 932. '. .
\ 653 - e 3 733.x:, 'I ' .i :' ', 34.M. ma;.,xpy
- t. .
'2.7 27.4 9 835 4 N. ; .s' e-1965 797 653,.
Ws, ,-, ;p u q g.,r .. .s r .~ .
.7 66 , . ,,22
& .1 ?WW Q .
, c3 767 r
.g.' .ne :;;-m,7]
1964 ,780 593 593 67' 32 " ' 3 440 ~ q'7, , . y- Q. . 3 483 ' J2.6
- 27.1 9 704 ; !
. 43.. . n
_ 1963 780 ; .c. 568 . 568 s.66 - . 38 .. - 3 249 r.
- .. 45 4 , ., . 3 2941.' '2.7 26.8 9 910 [ s 27.3
^
j y.^ 1962 644 522 522 23 50 . . 3 107 2.8 -
.s .. . > 68 ' '- -'~ . s.f..I 3 057 7 -
; .,_ ,33 g ( .- > 10 299. .. ; g l..- 1961_ , 652 , 505 + 505 66 . '29 J.,. 2 869 . ,.z
, y . 49...s# . . . .. 2 918 .
- 2.9 28.7 10 232 , .
i l , L ;., pv ,
~ w _.; y 9 3 .., y.w . . n .c , w,_ . . ., . 3 1" INVESTMENT... thousands ordottars n - "CAPITALIZATIO N . .,.m,:y..
. thousartds or dottars
,T M..
. - .s .. . .;. , . . -'s , , , . - ~ _ . ; ;:., v m a s.. .- <"" J "....-.
1 .l ~++. N.N ' Accumuiated W ?.' S * :' Accumulated .
- Annual
^i
#5%^ N ? 'fLongW *[ %- ?* '~:Cumulative . %
' *% h' NiWAk . " .s, Ccmmon . %'
. ?'
- * , . Plant In . Proviasons For .
~
.< . Service Decreciation - Deoreciation Const'uction '* YTerm'*.' Of .R
^ . Debt ^ Total -
Prer erred Of w. ' Stock "l.Equny. Total __ 09 . Y :DW As % Of Plant Stock 7ctal _
^
Totat . -.
. (Yr. Er d) Expenoturee '
\ , XL .. h a!_ _ (Yr.Ea<t). . .
- l. 1971 l 367 918 95 589 26 I 53 056 ! 154 392 53 l 41 000 14 l 94 908 33 290 300 (
l --
- 92 957 l . 154 952 56 1970 344 898 m .. ., n . . 27' _.1. r. .+* .. ,',34 762 ., . 31000." *11.~ . 91 211 _ 33 = . 277163
\ . ' 1969 327 998 86 301 o .w, .26 . . '*".. ',c: 18 549 ,
." 120 781'e ,.51 ' . 31000 V 13 . . 86 680 36- 238 461
.i
~ ~ 81203 *' ~* 26 7 - . . . 30 885 % . 121 089 . 52 - 31 000 13 ^ . 234 054
,y .35' 1968 318 239 8 m .; .' - .4..M: .p.;. Q b y-y w . . Q. . ? W,c.n ' y ... R =1965
. 7 .. .- t
_'.. 1967
. - 269 882 73 443 . 4_ ~. . 27 . +. 36 505 - ' ..,121 552 . 53 . 31 000 n .13 .". ,77 626 34 230 178 1966 260 274 67 375 . ' _ 26e ."' ^s.15177-
- . 86 933 .46 31 000 . 16. . . c.73 043 ,. 38 ' " 190 976. ^
.y 65 249 382 61 889 - % 25. 13 586 '.- '
87 222 47 31 000 . 16 68 572 37. ' 186 79
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L .y. w % . 'y, - 964 242 584 56 880 . .23 6 655 87599.. 48 31 000 17 64 468 35 . 183( 963 239 914 51 986~ . 22. . # 11 192 88 121 31 000 17~' "60 609 34 - -. '.179 7 : 1962 215 061 48 343 ~ 22 '21'104 88 594'50~49 ' -31 000'h,.,18 57 090 32 176 684 . l . t:... ,,
;' - ' , ; ~ _ ,c- 3 . , , - . , .l' 1961 210 709 43 818 .Y -
- 21 " . 8 925 * '88 689 50 '. ~ '31 000 18 56 308 32 175997
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t . l i I g.x , I \ , \ j l i ! g,I i i Board of Directors Officers (Other than Directors) l Executive Offices and Executive Staff l 300 Macison Avme WILLIAM S. CARLSCN l Toledo, Chb 43652 President, The University of Toledo # JOHN H. BARKER SAMUEL G. CARSON Vice Presicent Public Relations Dividend Disbursing Agent President. The )oiedo Trust Company pggug y, gggTH W T co io 3 3 JOHN K. DAVIS
- Vice President, Personnel .
President THADDEUS A. KOSTANSKI THE TOLEDO TRUST CCMPANY CHARLES E. FLAHIE' Contratter Toteco, Chro 43643 Executive Vice President THOMAS J. KOZAK MORGAN GUARANTY TRUST FRED E. FULLER Vice President, E!ectncal COMPANY OF NEW YCAK Senior Partner, Fuller, Henry- DCNALD G. NICHCLSCN New York, N.Y.1001$ Hodge & Snyder Secretary and Treasurer Stock Registrars VIRGIL A. GLADIEUX* THE CHIO CITIZENS TRUST CCMPANY Presicent Gladieux Food Services,Inc- JCHN B. CLCER Toledo, Chio 43603 WILLIAM M. HANKINS, JR.* (1) Manager, Southern District MANUFACTURERS HANOVER Presicent, The Kiemle-Hankins Co. HOWARD B. FOX TRUST CCVPANY Assistant to the President New York, N.Y.1C22 MARVlN S. KCBACKER Vice President. Federals Ine- vtgage Trustee JAMESS. GRANT J. PRESTON LEVIS Manager, Western District EC EM TTAN M &A)
, ,g ,5 Formerly Chairman of the Boarc WENDELL A. JOHNSON Owens-lilinors, Inc. gugg,*
Manager, Eastern District pgypyg yngggggy g go_ W.ROYSE MORAN WILLIAM H. SCHWALBERT 7777 East Ninth Street Vice President, Administrative Services Asssstant to the Presicent Cleveland, Choo 44114 4 HENRY A. P AGE. JR. Presicent, The Tage Dairy Company WILLIAM R.PCOLE Vice President, Marketing CLAUDE L LEWIS A sistant Secretary and Assistant Treasurer DONALD H. SAUNDERS General Counsel FULLER. HENRY, HCDGE & SNYDER 300 Macison Avenue Toleco, Ohio 43604 Emchange Ushngs ROY RIKE (2) Presacent, The Ett! Company Assistant Controller COMMON Vice Pre nt ower YORK STCCK EXCHANGE MCWF.ST STCCK EXCHANGE WILLARD 1. WEBB, I!! AMSTERD AM STOCK EXCHANGE President The Ohio Citizens Unlisted Tracing Privileges Tmst Company BCSTCN STOCK EXCMANGE JCHN P.WILLIAMSON CINCINNATI STOCK EXCHANGE Senior Vice Presicent DETRCIT STOCK EXCHANGE PHILADELPHIA-BALTIMCRE-JOHN D. BIGGERS WASHINGTON EXCHANGE Director Ementus PREFERRED--4n % and 8.32%
- Members of Executive, Committee AMERICAN STOCK EXCHANGE (1) Resigned trem the Board, BONDS--9%--Oue 2000 effectwe December 28,1971 NEW YORK STOCK EXCHANGE (2) Elected to the Board. Annual Meeting effective January 25,1972 The annual meeting of The Toledo ,-
Edison Company will be held at 10 A.M.,(E.S.T.) on Tuesday, April 18,1972, in the Company's Edison Plaza headquarters. 300 Madison Avenue Toledo, Ohio. Formal notice of the meeting will be sent to snare-owners with the proxy statement. n This report, including the financial 7 statements, is submitted for the I cenerat information of The Toledo
, "dison Company's shareewners.
11is not intended to be used in connection with any safe or g purchase of any securities. l21
Eutti RATC U S POSTAGE , PA!O l Permt No 2300 i TOLEDO Toiedo. on oh, EDISON W EDISON PLAZA 300 MADISON AVENUE TOLEDO, OHlO 43652
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?,"',',,,"' _ Power Transmsson L;nes Ak Power Genersoon @ Distncs . .I % \ , __ _ __ 34.500 vcas and Above Stauons Haadry =rters
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Northwestern Ohio is in the midst the third largest rail center. Sixty - of an emerging Great Lakes urban per co.r of the nation's population complex, extending from Pittsburgh resides witn;: a 500 mile radius to Milwaukee. Urban planners of the city. .- expect that this developing complex A famous r.rt museum and zoo, will outstrip the east and west coasts universities, and Lake Erie are a few in population and economic activity of the many attractions which afford by the end of the century. stimulating year around recreational, The 2,500 square-mile area served educational and cultural activities. by Toledo Edison todayincludes Growth of the area as an inter-a population of 720,000. It consist, national trading market is provided f productive farm land and highly 1.y the Port of Toledo. Tonnage diversified industry, with Toledo as in the high-value general cargoes the major trading center. Toledo and grain exports throuch the Port M
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is the nation's 34th largest city and reached record levels in 1971. 0059
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