ML20059N661
| ML20059N661 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 06/30/1989 |
| From: | Devine A SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY |
| To: | |
| Shared Package | |
| ML17305B105 | List: |
| References | |
| NUDOCS 9010170100 | |
| Download: ML20059N661 (34) | |
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t Southern California public power utilities have a proud tradition of providing quality electric service to their customers, As part of this
- continuing tradition, the Imperial Irrigation District and the municipalities l
of Anaheim, Azusa,- Banning, Burbank, Colton, Glendale, Los Angeles, Pasadena, Riverside, and Vernon have joined together to comprise the Southem California Public Power Authority (SCPPA) as a vehicle for i
financing generation and transmission projects. Formed in 1980, SCPPA has gained a high level of acceptance in the financial community and has issued approximately $5.5 billion in bonds and notes, including refunding I'Ssues.
The public power members of SCPPA together serve more than 1.7 million customers and have a combined non-coincidental peak requirement of 7,183 megawatts. While there is much diversity among member l
utilities in term's of size, load growth patterns, and customer mix, SCPPA has proven to be effective in financing projects which economically meet-power requirements of all members.
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Executive CuecfOr hesident Yoct fitsident i . *elory Atisteal Socittery Arther i. Devine Gele A.Drews W.E. Cenwron iw A.Cottca Georp t. 5peeter Iornwr AsustaniOly lle<trual Utihty Dwoos of P#w Assistant Geneal Monogw - Giil Engmeer for Poww Attorney -(ty elle Angeles Dwoom krvue Poww Centroos EktrualErgreer Los 6ty of Colton Glendale Pubix krme im Angeles Department of im Angek Department of Angek Department of Department Weic and Paa Wats and Pown Wate eiul Power 2
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.S C P i> a
- MESSAGE IHoM Tile PRESIDENT AND EXECUTIVE DIRECTOR The Southern California Public Power Authority continued to play an instrumental role in the efforts of Southern California public power utilities to provide high quality service to utility customers in 1988-1989, in addition to substantial progress on the Mead-Phoenix Project during the year, planning was accomplished on the Mead-Adelanto, the Palo Verde-Devers Transmission Line and the Utah-Nevada Transmission Projects.
Membership in SCPPA is one of several ways in which participating 1 public power utilities are looking to the future to maintain a standard of excellence in serving their customers. Our member utilities have taken the l lead to serve customers in more ways than only supplying power. This -l report describes the characteristics of individual member cities and many j of the service achievements of SCPPA members. l
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Public power utilities are non profit and customer owned. Therefore, j i 7 - the benefits derived from SCPPA and other service achievements cannot be divided into utility benefits and utility customer benefits. These benefin are one and the same since our customers are the' utility, ]
We want to thank the staff and the Board of Directors for their hard
- work, dedication and professionalism in making SCPPA one of the premier financing organizations in the United States.
{kddw Gale A. D ews,
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Arthur T. Devine, 1 Executive Director l 1
- Preiident !
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5- C ' l' P A' l
i y MEMBER CITIES 4
From the power base of the Pacific most successful of these efforts is the Rim,les Angeles, to the industrial town "off-peak" program which encourages of Vernon, with only 30 residential cus- customers to use their air conditioners,
~ tomers, SCPPA member cities provide pool and spa motors, and other appliances -l power to an end user population of more during off peak times. Customers are 3- than 3.5 million, rewarded for participating in such enerFy SCM member cities use a wide conservation programs by a rebate, which j variety of power souices to provide their appears as a credit on their bills. I customers with reliable service and the Anaheim also provides discounted lowest cost energy possible, Through "hfeline" rates for senior citizens, the j
their association with the SCPPA and handicapped, and those on life-support i through their own efforts, the member systems.
cities are able to include as sources for Partly through Anaheim's association their power:. the intemiountain with SCPPA, its energy rates are 23%
e Generating Station, entitlements in the lower than rates in nearby communities, Hoover Power Plant, Palo Verde Nuclear and the Public Utilities Department is th . Generating Station, purchases from the - continuing to seek the lowest cost
' I Bonneville Power Administration, the energy supplies for the future, To this l
%, San Cufre Nuclear Generating Station end, the Anaheim Public Utilities fy . Units 2 and 3. Western Systems Power Department has been working on many Pool, oil- and gas-fined generation in the projects with SCPPA member cities, s.ds. w. lievi s,.wa ,, Los Angeles Basin, and purchases from including a joint transmission line that
'"** other western utilities.-
8ve*=w would bring in more power from the ww .
Together, SCPPA member cities had '
states of Nevada and Utah. Anaheim is
, total 1989 energy sales of over 30 million also financing and constructing a new mn,.,.h h s = megawatt-hours, combustion turbine generator that is maan wnntie.
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scheduled to start operating in 1991.
s teen =d rdimeaal Anaheim- As one of the fastest Anaheim is dedicated to providing >-
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g growing population centers in the United the perfect mix of low cost power and ..,
. States, the community of Anaheim community services.
)W eaas k[h =ll" continues to look forward in helping meet v
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the energy needs of this unique com. Amsa "Everything from' A to Z in the >
hiw hh wrm ,.m f. _ munity. - Know n the world over as the j
' US A" is Azusa's city slogan, and the
- t 25 '"' - home of Disneyland and othet ;Npular tourist attractions, Anaheim is also home Utilities Department is takin'g that slogan to heart -- both in long-term power goals W h=
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- to over 96,000 other customers- from '
and in the services offered to its resi-the Califomia Angels basebail team to dential and industrial customers. % d anaA hw
. the average homeowner. .. . .. . .
By participatmg .in jomt transmission rec W ha li k . .
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One way the Public Utilities De- line projects with fellow SCPPA members M**W d 8**k' partment better serves all its customers, w n e r.gn=d and by kmking for otherlong term power . pg,w.ng .n,,,,, w large and small, is by sending a copy of its newsletter called " Currents" as a purchase contracts, Azusa is determined to have as many options possible to
(*j '*j"d tagen .nsawho billing insert. This publication infonus supply energs ud power to its citizens, d customers of the energy conservation New sourws of power are just one su programs available in their city and how way to improve service to customers, to take advantage of them. One of the
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-S conservation is another. The Azusa not only from summer to winter but day to Utilities Department has instituted a night. Banning's temperature can slide streetlight conservation plan- changing from a high of 120 to a low near freezing all the old mercury vapor streetlights in. in one 24. hour period. To help customers to power-saving sodium vapor models. cope with these extremes, the utility ,
in this dry inland area, the deep-water provides speciallifeline rates, at a base of well pumps also work hard; and Azusa is 250 kilowatts in winter to 500 in summer making sure these are all reconditioned for the entire community. +
to work at maximum efficiency. Another large community undertaking .
For those customers interested in is Banning's new hydro project which was learning more on conservation, the completed in August 1989. This project Utilities Department provides free ed- utilizes water from natural flows to ucation materials including brochures provide power to the city. ,
and slide shows. Special discounted A new development in the commu- 4 rates are offered to " total electric" homes. nity will provide 4,500 new homes m <
As with other SCpPA member cities, Banning- new homes and customers that had V.5mer -
canalnaap will require the full services of an efficient u ,a % , j Azusa's main long-term energy goal is to negotiate contracts for new energy power company. Luckily for Banning 84='**' ' .- -l Med tdtmu 1 projects and continue to acquire the best residents, their public utility has its eyes options to provide energy service toward the future and plans to continue the . A w
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to its citizens. tradition of providing low-cost energy and op.,g h k ha ' -
'dd" high-quality community services. [*
twrm d When :
- anning- As the gateway to "q. 'i 2alifornia's Colorado Desert, Banning is Rurbank - When customers of the ["M"'"
a fast-growing community with fast- . Burbank Public Service Department call edman mi hi growing energy needs. To meet the the power company to ask that a Ng" % ,
d ow6ed bd .mmme . ;
" power requirements, Banning's Public representative visit their home,it is not
- Utilities Department has instituted a because something has gone wrong. They l number of building and conservation arejust using one of the new " energy l "y'" ; ;
programs to serve its customers. audit" services provided free of charge. A enra e f
- a==> ' These programs include a new utility representative will survey the resi- ]
- 10=,wr basa k ma pumped storage project, joint projects dence or place of business and provide tips - '!
4 }$",' Y' with fellow SCPPA member cities, and a on how to use energy more efficiently -
klim dr*daler transition to generating during off. peak aiding in conservation and saving the 6.m s pap w b. hn . customer money. ;
g'1 ,,,, ,, ,, ws,a , . hours to displace the high cost of peak- *
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Burbank is a city of 91,000 residents !
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'"h*8""e*.*mi p eh amn meet a its energy conservation objectives, of these customers keep Burbank's power l p .w m iter
-the City of Banning has converted the umands high, and the Public Service ,
i city streetlights from the old mercury Department is moving its progn.ms into vapor models to power saving sodium the t iture to make sure the energy needs of ;
vapor models. They have also been the community are met.
upgrading the voltage level of their A new system to monitor system distribution system, which will conserve conditions and do remote switching, ,
. energy, startup, and shutdown is in place, provid-Banning's location in the high desert ing improved reliability and the ability to j means a huge variance in temperatures, address outages more promptly.
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In addition to providing " lifeline" w catherization, residential energy audit rates for low income seniors and the and a community wide information handicapped, the Burbank Public Service program as well as a California Energy Department co-sponsors fund rah.ers in . Commission efficiency program to reduce asweintion with the International energy costs in municipal operations. By
- Ilrotherhood of Electrical Workers that focusing on energy efficiency in new benefit the burn ward in a local hospital. municipal construction projects as well as in response to the growing concern for existing customers, Colton is com- ,
oser air pollution in the Los Angeles mitted to using energy resources in a Basin,llarbank uses several transmis- prudent and efficient manner.
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[ -7 sion lines to bring in off-system energy from outside sources. By reducing the Glendale - With Glendale's central bus-
'"7 4.J. its f . total generation in the Los Angeles iness district undergoing a comprehensive . . . ,
redevelopment effort, the Glendale Public l n-Basin, the residents benefit both
, . - 4' ~. i Service Department is standing ready to
'5 "I cconomically and in ternu of imprm ed
. Ng$fg, air quality, serve the existing and new customers' m
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- fed (dma energy needs. ..'i : ?lA .
(.ww.nw Colton - Located 55 miles cast of Los The large growth in apartment house, T' condominiums, and commercial building w.tw
' l** taa h a Angeles, Colton is a rapidly growing
- senedes % me.4aamt m w weinn p. , community of over 37,000 residents.
market has added over 10,000 new 8g' d "f' customers in the last five years. To meet. c.,nm.,
% +"** d ** Colton has been known as the "llub City"
. mw s.,name d(d. 8"dd'M" for more than a century, as it was the added energy needs, Glendale is also sope ,4.w .e, working jointly with SCPPA members in a m (m a u.Wrent hicated on the main line of three major
[3
- hkpaniela railroads, it is also the meeting point for comprehemive study of transmission line T
'"*****""*"# projects to bring in low-cost power from inahamah -
three major interstate highways.
Colton has experienced a recent Utah, Arizona and Nevada. U)'w"w"""'
Glendale is replacing its older over- (dal= N population boom as has much of San pa hammi.m Bemardino County, its energy require- head distribution facility with a more mod- c , ., w s $.
8"d' ha ments have matched this growth which ern underground system, improving the 0. pen vw.1in has made resource procurement and community's appearance in the process.
energy efficiency major factors in the Many of the employees of the Utility's planning efforts. Glendale Public Service Department are The Utility reached a new peak active in civic projects, bringing the Public power requirement of 47.2 megawatts Service Department 's pledge to provide during the year, while sales totaled over the most reliable service at a " reasonable cost" to the heart of the community. .
179 000 megawatt hours for the same period. New power contracts from the
' > Califomia Department of Water Los Angeles- A leader in both conser.
Resources, City of Pasadena and Pacific vation and consumer oriented projects, the Gas and Electric further reduces depen. Los Angeles Department of Water and dence on purchases from Southem Power (DWP)is a model for many California Edison. Other resources in- utilities across the country, clude Palo Verde Nuclear Generation The community in olvement of the Station, Hoover Power Plant and DWP is wide-ranging and touches all lay--
economy energy purchases, ers of the customer base. Los Angeles was The Utility initiated several new first to institute a Senior Citizen L.ifeline ,
(nergy programs for customers during the Program, which provides low-cost energy f year, including load management, to seniors and the handicapped. It has an 8
, $ C P. P A innovative program that educates schools their trademarked phrase, the Depart-on energy conservation; if the school is ment will start its door to-door energy and
- - able to save 10% off its regular bill, the water-use suneys in November 1989.
school district rebates 5% of the money )
Utility service personnel will visit area saved to the sch601. A 55,000 scholar-
' homes and conduct comprehensive energy.
ship with the stated goal of encouraging and water use suneys. Later the customer l I women and minorities to pursue engi- is provided with a computer printout with
' W" N " neering is given to 13 area universities A*wso dm .=,n. suggested modifications and improve-p,., each year. DWl's community out- ments that can result in a " Lite Bill".
8', *"* d reach program provides a liaison to The Pasadena Water and Power l
cgm Aiph - between 50 and 100 community groups Department also gives an annual scholar-
~ '* W#"'*
such as the NA ACP and Southem ship to a local high school student, up to onyndd=(eM Califamin Businessman's Association to $4,000 per year for four years. Financially k w w u==*r
"[ help these groups solve their water and power issues.
disadvantaged students have been able to pursue engineering studies at UCLA,
$, ", Because of the importance of the California Polytechnic Institute, and l
k w*ka m pbk 8",,d area's air quality, DWP consumer con- lloward University in Washington, D.C., .
.h==sa .d ai m M rewme wwwwre.w w
, ,,,,,,, m, tewn b.p. servation progr;ms reectve great em- . ,
thanks to this scholarship.
k m ** 6' La Aanda phasis. DWP issued over 54 million in wg,,,,
he===a d acM ud . .
Pasadena had been a growing com- '
p n m5.a .w energy-mcentive programs this year Ahw mang b11 m -
munity for over a century, as evidenced by ,,,,,,,,, w g,,
'"'"'m 5"."=d r 6. ""me". alone. These incentives were offered in the city's celebration of the 100th anniver, h u== w rA rhob its thennal storage program, high-effi- h,, w ,,6 m p6k sary of the Tournament of Roses in January - ~ ,,anin momphen.
ciency heat pump program, and lighting- 1989. Ilowever, a commercial growth- A'iam s.bw,.4 h r efficiency imprmement program. In control initiative was recently passed,
==d k usa he asu m mt h ndh.Avh addition to the incentive programs, DWP g'.leicQ which may impact the growth of energy provides energy audits free of charge to use as well. Even with the rate of future 6 wimrade customers, surveying their homes and growth limited, the Pasadena Water and 87-businesses, and suggesting ways for them Power Department has been concen-to reduce energy use. trating on the upgrading of systems and .;
DWP is working with many of the plans for increased eneigy efficiency to i ,
SCPPA member cities on transmission better its ariitable resources.
- line projects -- bringing in power from This year Pasadena Water and Power U outside sources without increasing the Department conducted a feasibility study
- pollutants in the basin, it is planning on - for the life extension of the Broadway repowering existing liarbor Generating Power Plant, a three-unit facility that
,t units with combined cycle units to -
supplies about 40% of Pasadena's power.
increase efficiency and reduce air pol- Repowering these units will help Pasadena
~ lution. Within the next three years, keep pace with the growing demand of its DWP plans to begin its COSO Geo- customers, thermal Project, using steam from the earth to generate electricity -- another Riverside - Riverside recently implemen- A pollution free energy source, ted an innovative assistance program, the "SilARE Program". When customers re-Pasadena -The Pasadena Water and ceive their bill, they can check off a box .
Power Department has gone " lite" - and round it up by a dollar or two. This introducing its " Lite-Bill Program" to program provides money to elderly and customers. Itaving received permission low income customers who cannot afford from the Miller Brewing Company to use to pay the utility deposit. The utility pays 9
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the administrativ < m program, toward the future, not only in its major
- arid the rev is n : .e .ulping- building projects, but also in its plans for
. ,,9 b' customer prograrn. customer service as well.
In the hot climate of Riverside, a With several building projects, the i, Thermal Energy Storage Program Imperial irrigation District is busy indeed. r
{ f L: Among the projects are a new SS million encourages customers to install air-substation, an Il-1/4-mile extension of se Mwed= conditioning systems that are more ef- .
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m wnak=w 3,a m ww ficient and shifts energy use to off peak existing transmission lines, upgrading an g. s 8***"' hours. This program also educates existing substation, upgrading the El .-
W &V tw + teWeme Centro Switching Station, and upgrading ,s commercial customers about the benefits
("j"' of running large equipment during the the distribution system to provide power [\gy'[ ^ " '
' td..d.swithww w off peak hours. for a new fashion mallin Indio. With all h"d*M',"*
- The Riverside Public Utilities this activity, it is easy to see w hy Imperial t hse rn,um y
"d' Department is meeting its goal of reliable is also building a new operations center bu msh den- *'
" service at a low cost, in a recent survey, headquarters for the utility in the Coachella a
' W Wom a kuw h customers rated the Departmei, high in area.
" all service categcries. This was accom- There is also plenty of activity when it _ $",,dM7 comes toits customer services. Free-of- el=*d we===s f=
plished without raising electric rates since
- 1984; in fact, beginning July 1,1989, charge energy surveys are done for cus- g$")"
< customers received a 7% reduction in tomers upon request. After an in home era =*haad' (aWoms end jemshe c.,g ,s g , , m g the.ir bills. survey, the utility pmvides a computer N
printout showing ways to cut costs ii, that Vernon -The city of Vernon was particular home, including weather-
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~f . founded in 1905, a 5.06- square mile area stripping, use of different appliances, planned from its inception as an industrial water heater blankets, etc. Another service
.' city, in fact, the Vemon Light and Power provides customers w ho install energy-Department has over 2,000 commercial saving air conditioners with rebates on
~ "4' '
customers but only 30 residential their bill, emev mahderu One particularly far reaching program
'g , k,w g t,6, _ customers!
Since the Department's biggest effort is the utility's energy use survey - every w ,
/ 'is keeping rates as low as possible, it is two years, $% of all customers are sur-h at(dt veyed for infonnation on home construc-r gg,,, ,,,,, g ; participating with fellow SCPPA member h in heda mu nd - cities on transmission projects that will tion, appliances, and energy use so that the - ,
' bring low cost power to the participating utility can enhance the precision of service A
s4.i hhm ba k cities. Vemon recently hired an energy needs in the future. By really pinpointing k,,aw dt$ drom conservation speciah'. who weks w.it h potential problem areas now, the utility is a,4,,,g g
>, d* k er adaa** . customers, inspects tt, ir plants, and effectively planning how to reduce the 1 ' n und ns mda makes energy-saving recommendations area's load in cost effective ways.
y _hm pm.amh=
9- me k aatd"I"" - free of charge. The Coachella Power Division's am f.k am,ma The Department recently installed a commitment to its community shows up in Supervisory Control and Data Acquisition its nationally-recognized electrical safety System, which enables more efficient program, currently being demonstrated to
' system monitoring from one central police and fire departments. service clubs, location, schools, and churches.
Imperialirrigation District-The Coachella Power Division of the Imperial irrigation District is on a rapid march 10
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a l S C P P A t a u... = -.- k i t. ALTillORITY OPERATIONS Palo Urrde Nuclear Generating Converter Station where the direct current Station - SCPPA has a 5.91-percent is changed back to alternating current. Interest in the Palo Verde Nuclear Members receiving power over the . Generating Station and receives up to 216 system will use it to meet load growth, l megawatts (based on the licensed reactor reduce purchases from Edison, and to . thennal power level per unit of 1,221 displace 1.os Angeles based oil- and gas-megawatts), fired generation. With three units on line, this station, SCPPA's four refunding sales total. which is located about 50 miles west of ing approximately $1.3 billion will Phoenix, Arirona, has a current capacity pnxluce a gross debt savings over the life of approximately 3,810 megawatts. A ret of the project of approximately 5745 annual output of rnore than 23 million million. megawatt hours is projected from Palo Los Angeles manages and operates Verde by the early 1990's, the project which is owned by the Ten member agencies have contracted Intermountain Power Agency, a political with SCPPA for entitlement in Palo Verde. subdivision of the State of Utah. A total The station's output will be used to meet of 36 utilities in Utah, Califomia, and increases in demand, to replace purchased Nevada have power entitlements in the power, and to displace oil, and gas fired IGS. generation in the Los Angeles liasin. Additional savings for participating Hoorer Uprating Projcet - The floover members wen created when SCPPA took Power Plant is.now over 50 years old. advantage oflower interest rates by The U.S. Ilureau of Reclamation took
, issuing approximately $1,5 billion in over operation of the plant in 1986 and is I refunding bonds. Over the life of the in the process of uprating floover's 17 i project, this will result in a gross debt original generatort s savings of about $286 million. Six SCPPA members have contracted
' The Palo Verde Nuclear Generating with the Authority to fumish their share , a Station is managed by Arizona Public of the upcating costs and to help with the Service Company, with the switchyard uprating. SCPPA has issued approxi. portion operated by the Salt River Project. mately $34.4 million in bonds to finance these costs. Southern Trm:smission System - Six The project is scheduled for com-
- SCPPA members receive power via the pletion in 1992 and will increase ,
,[ Southem Transmission System. While floover's capacity from 1,450 megawatts the distribution to members is kical, the to 1,903 megawatts. Uprated units are y" retumed to service immediately and s source of the power is 488 miles away at
'" ' ' ~the Intermountain Generating Station participating members have begun (IGS) in Utah. It is comprised of two coal- receiving energy and capacity entitle- >> fueled generating units with a combined ments. As more units are completed, a capacity of 1,600 megawatts of attemat- full entitlement of 94 megawatts is ing current. ' An adjacent converter station expected in 1992 for those members changes the electricity to direct current. participating through SCPPA.
The 1500-kilovolt Southern Transmission The increase is made possible by System carries the direct current over the installation of modern stator windings desert and mountains to the Adelanto and turbine impellers and the upgrading I J 12 l'
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l l l l i l l of various auxihar) equipment. Repire-ment of existmg transformer banks will increase plant efficiency. Additional plant impros em:nts include consolidation of control noms and modernization to provide for automatic and remote control. Mead Phoenix Transmission Proj< t-The feasibility of constructing, ou ning, and operating a 500 kilosolt alternatmg-current transmission line between Boulder City, Nevada, and the Phoenix, Arizona area is being studied by SCPPA and other agencies. " .i ' 'C I S. . ' '~ In addition to SCPPA, Salt River
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Project, M-S-R Public Power Agency, and f -' ']
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Western Area Power Admmistration are ' participating in the study project. The 240- #
][ g rnile transmission ime could be conserted ;f,,) % ...
to a direct current system at a future date. , It is estimated that this facility, if built, ^[ *'
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would be in service in the mid-1990s. 1 ? .'
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c Ten SCPPA members bene-fit from power produced f 3 ; of the Polo Verde Nudear (j $$ -
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Adelonto Converter Storion is the western terminus of the Southern iransmission System. i3
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iU l REPORT OFINDEPENDENT ACCOUNTANTS .;
, August 25,1989 M-
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.To the lloard of Directors of '
Southern Caaornia Public j Power Authority , In our opinion, the accompanying combined balance sheet and the related combined statements of y' .! joperations and of cash flows present fairly, in all material respects, the fmancial position of the Southern
- California Public Power Authority (Authority) at June 30,1989 and 1988, and the results ofits operations H pand its cash Dows for the years then ended, in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the ' Authority's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our andits of these
". . statements in accordance with generally accepted auditing standards which require that we plan and per-1
. form the audits to obtain reasonable assurance about whether the financial statements are free of ma
- misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclo- .
~ sures in the financial statements, assessing the accounting principles used and significant estimates made 1 by management, and evaluating the overall financial statement presentation. We believe that our audits i 1 a provide a reasonable basis for the opinion expressed above; ;
In our opinion, the accompanying separate balance sheets and the related separate statements of cash - Dows of the Authority's Palo Verde Project; Southern Transmission System Project, Hoover Uprating Project and Mead-Phoenix Project, and the separate statements of operations of the Palo Verde Project,
. Southern Transmission System Project and Hoover Uprating Project present fairly, in all material Lrespects, the f'mancial position of each of the Projects at June 30,1989, and their cash flows and the: ;
results of operations of the Palo Verde Project, South:rn Transmission System Project and Hoover Uprat- L
- ing Project for the year, in conformity _with generally accepted accounting principles. These Gnancial
~ statements are the responsibility of the Authority's management; our responsibility _ is to, express an opinion on these financial statements based on our audits. We conducted our audits of these statements
. in accordance with generally accepted auditing' standards which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
} , o ; misstatement. We believe that our audits provide a reasonable basis for the opinion expressed above.
' Our audits were made for the purpose of forming an opinion on the basic financial statements taken
~
las a whole. The supplemental financial information, as listed in the accompanying index, is presented Efdr purposes of additional analysis and is not a required part of the basic financial statements. Such .' f, L information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial
; statements taken as a whole.
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- k. f SOUTilERN Calli;ORNI A PUBLIC POWER AUTilORITY p PCOMillNED IIALANCE SilEET.
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June 30.1989
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1%! ject Pn> ject htal ' Dral v
& ASSEE W Utility plant - - .
$ 600,778 $ _600,458-n Production . . . . . . . . . . . . . , . . . . . . . . . - 5 600,778 ~ ,
Transmission . . . . . . . . . . . , , . . . . . . . 6,008 $ 661,255 667,263- 662,761
- Gene ral . . . . . . . . . . . . . . . . . . . . . . . . . . -186- 18.857 19 N3 18.805
- 606,972 . 680,112 1,287,084 1,282,024 .
56.180 57,272 113.452 72,288 L' ' Less-- Accumulated depreciation . . . , . 550,792 622.840 1,173,632 1,209,736 - 3,569 4,287 $12,999 20,855- 15,540- ) Construction work in' progress . . . . . . . . . . 31,330 26.428 '26.428- . [-A " ' Nuclear fuel, at amortized cost . . . . ... 580,789 627.127 12.999 1.220,915 1,256,606 - 1 Net utility plant . . . . , , . . . . . , . . . . . . Special funds -226,441 260,146
.10,678 95,927 $18,747 1,089 :
p Investments . . . . ................ , A Advance to Intermountain Ibwer F", 20.161 20.161 20.161 - t" A genc y . . . . . . . . . . . . , ,' . . . . . . . . . . . 6,009 10,218 10,218
.- Advances for capacity and energy, net . '3,323
'L Interest receivable . . . . , , . . . . . . . . . . . . '1,630 - 1,174- 292 3,096 -
@ 107,672 63,295 5,M0 65' 176,672 141,737 Cash and cash equivalents , , . , ...... 219,980 180.557 34,897 -1,154 436,588- 431,376 - 3.635 547' 4,182 836 N, ; Accounts recchuble . . . . . . . . . . . . . . , , 6,859 6,859 6.528 m . Materials and supplies . . . . . . . . . . . . . . . Costs recoverable from future billings (1,0N) 138,390 114,648 j% . to participants -. . . . . . . . . . . . . . . . . . .. 58,587 80,807 S, y i Deferred costs l
'/ - Unamortized debt expenses,less - .
T accumulated amortization of $46,363 - 174,258 1,107 403,515 373,600 and $36,lM in 1989 and 1988. . . . . . . 228,150 8M 1,309 N l Other deferred costs . . . . . . . . . . . . . . . . 864 229,014 174,258 1.107 404,379 374,909
$1.098,864 $1,063,296 $35,000 $14,153 52,211,313' ~$2.184,903 (f,
E-LIABILITIES
$1,N3,540 $1,014,443 .$34,2% $ 100- $2,092,379 . $2,061,937 i
& Long term debt , ,.... ..............
ji[lMjli Current liabilities . 5,825 .20,195 29,403 14,370 2' ' l.ong-term debt due within one year . . . .
- Accrued interest. . . . , , , , , . . , , . '36,219 37,259 689 1 74,168 77,224.
%h ...,
4,735 5,769 ~15 4 10,523 16,339 p ': Accounts payable and accrued expenses . , 55,324 ' 48,853 ' 7N 5 IN,886- 122.966
$p
[p ' FAdvances from participants . . . . . . . . .
; Commitments and contingencies . . . . . .
14,N8 14,N8 ' g. d'5 $1,098,8M $1,063.296 $35,000 $14,153 $2.211.313 $2.184,903 - , l1 'l g( Tlw accompany:ag noies are an meegral pen et(sne finaneul staiemems. fh y
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k' - SOUTHERN CAIMORNIA PUBLIC POWER AUTHORITY
~'COMHINED STATEMENT OF OPERATIONS f On ilmus. ands) <
' lear endedJune 30,1989 m
O , , Southern . k - hdo I 1runsmission floowr tear ended
. ikrde .. System Uprating ' ;
June 30. . Prgiect ~ Project Project T>tal 1983 Operating revenues = ' Sales of electric energy . . . . . . . . . . . . . . . .. . . . . . . . . . . $110,164 - ~
$2.760 - $112.924. $ 88,358
' Sales of transmission services . . . . . . . . . . . . . ... . . . . . . .
. $94.769 =. 94.769:- 82.332 '
Total operating revenues ~ . . . . . . . . . . . . . . . . . . . I10,164 94.769 2.760-207.693 170.690 [a Operating expenses
. Nuclear fuel expenses ~. . . . . . . . . . . . . . . . . . , . . . .
, , 10.628 10.628: 9,042 Other operation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.635 8,137 'l.127 28,899 7 j.
23,194
. M ainte na nce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.518 3,205 8,723 9.547
! Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I7.427 19,207 36.634 33,564- 1 ! Decommissioning . . . . . . . . . . . . . . . . . . . . . . . . ...... .... 5,699 ' 5.699 4,652 ! i-: Expense charFed to project during construction . . . . . . . . 1 (520) -
' Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . 58,907 '30.549. -1.127 1
90.583 79.479 > Opera ting income . . . . . . . . . . . . . . . . . . . . . . . . 51,257 M,220 1,633 117,110 .91,211 4 investment income . . . . . . . . . . . . . . . . . . . . . . . . . ..... ....... 18.239- 10.784 2,033 31.056 35.060 -j income before debt expenses. . . . ................... 69.496 75,0(M 3.666 148,166 126,271 Dcht expenses Interest on debt . . . . . . . . . . . . . . . . . . . . .. ........
. 85,116 84.035 2,757 '171,908 173,308 -
' Allowance for bornmed funds used during construction . .
(16.699)- , Total debt expenses . . . . . . . . . 85.116 . 84.035 171,908
..............., 2.757 156,609 Costs recoverable from future billings to participants. , . . . . . $ (15.620) S(9,031) S 909 $ (30,338) -
$(23.742) tw-.r-m en m . ..pa .n .,< r n=,. r-ia u=== -
H i
-l P
6-i I7 w
h y . j 'y') t SOUTilliRN CAUFORNI A PUllLIC POWER AUThl0RITY F . COMillNED STATisMENT OF CAS}l FLOWS (in thouunds) liar ended lune 30.1%9 , floover Mead- . learended
--e ' - hdo SAuthern -
June 30, IM8 ^ Gerde 7nuumissite Uprating ' Phornh , Pwject System Project Pwject Project , heal htal n L Cash flows from operating activities: Costs recoverable from future billings $ (30,338)
$ (9,031) $- 909- $ (23,742) .
to participants . . . . . . . . . . . c . . . . . . . . . $ (15,620) , Adjustments to arrive at net cash: provided by operating activities; . 46,162 41,119 Deprecia ion '. . . .' . . . . . . . . , . . . . . . . ' 26,955 ^ 19,207 ,_ g 5,699 5,699 .4,652 Decommissioning . . . . . . . . . . . . . . . . 21,196 17,692 Amortization of debt costs.-. . . . . . . . . . 12,017 9,125 54
. Changes in current assets and liabilities: 1,900=
574 (319) (28) 227-Interest receivable .. . . . . . . . . . . . . . . (3,346) 4,751 , Accounts receivable . . . . . . . . . . . . , (2.799) (547) (331). (6,528) .
. Materials and supplies . . . . . . . . . . . . (331) 'A 15 15 (198)
Other assets . .................. .
- (2,706) - 119' i- Accrued interest '. . . . . . . . . . . . . . . . . - (1,354) (1,352) ,
c Accounts payable and accmed (7,582) 1,767 7 (5.808). (1.994) - =J expenses, ............ ..c... 31,175 18,850 942 37.366- [L '
- Net cash provided by operating activities . . . _,17,574
. Cash Dows from investing activities: (15,771): ;(39.197)-
- Nyments for construction of facility . . . . . . (7,781) (7,990) '
4 'p (4,209) (4.209) = :(2,N5) i W Advances for capacity of energy, net . . ...
$ (703)- (703) . -(1,061) ;
- Puyments for feasibihty study, . ; . . . . . , , . (177,715). (285,881) y (101.134) (61,515) (10,248) - (4,818)
Purchases of investments . . . . . . . . . . . . . , 5,572 211,420 - 311,526 130,015 63,748 12,085 Proceeds from sale of investments . . . . . . . . 820 Refund from Intermountain Ibwer Agency . Net cash provided by (used for) investing' 21.100 (5,757) (2,372) 51 13.022 (16.738)-
' activ it ies . . . . . . . . . . . . . . . . . . . . . . . .
; Cash Dows from Anancing activities: . -
341,250
- Proceeds from sale of refunding bonds . . , . - l 85,200 156,050
.(4,325) (2,457) (6.782)
Nyment for bond issue costs . . i, . . . . . . . . (334,566)
- hyment for defeasance of revenue b(mds . . .(180,827) (153,739) .
(13,095) (2,260) (14,048) (29.403) Nyment for principal of iang-term debt. . . . ' 14,(M8 14,048-
, i Proceeds from advances from participants . .
Net cash used for financing activities . . . . . . (13,(M7) (2,406) - (15.453) E LNet increase (decrease) in cash and cash .34,935 -14,437-25,627 10,687 (1,430) 51
. equivalents. . . . , , =, . . . . , , . . . . . . . . . . , 141,737 '127,3001 82,(MS 52,608 7,070 -14 1,, . Cash and cash equivalents at beginning of year
$ 63,295- $ 5.M0 $ 65 $ 176,672, ;$ 141.737 -
V Cash and cash equivalents at end of year , , . . $ 107,672, . M , Supplemental disclosure of cash flow y,L . information: e e Cash paid during the year for interest - $ 138,306
$ 73,871 $ 72.906 $ 2,757 $ - $ 149.534
;;. (net of amount capitalized) . . . . . . . . . . , .
The accre.pnay mg ones are an insegml pan orthese tWnmi gi.nemenn i; 4 x
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SOUTl!ERN CALIFORNIA PUBLIC POWER AUTilORITY NOTES TO FINANCIAL. STATEMENTS ** NOTE A-Organization and purpose: Hoover Upmting Project-The Authority and six participants Southern California Public Pwer Authority (Authority), a entered into an agreement dated as of March 1,1986, pursuant public entity organized under the laws of the State of Cali-to which each participant assigned its entitlement to apacity fornia, was formed by a Joint Powers Agreement dated as of , and associated firm energy to the Authority in return for the 1 November 1,1980 pursuant to the Joint Exercise of Pbwers Act Authority's agreement to make advance payments to the United of the State of California. The Authority's participant member. States Bureau of Reclamation (USBR) on behalf of such partici-
. ship consists of ten Southern California cities and one public '
pants, Construction ii scheduled for completion by September district of the State of California. The Authority was formed 1992. The Authority will have an 18.68 % interest in the con-
- for the purpose of planning, financing, developing, acquiring, tingent capacity of the Hoover Uprating Project. Several constructing, operating and maintaining projects for the gener- "uprated" generators of the Hoover Uprating Project com-ation and transmission of electric energy for sale to its partici- menced commercial operations during June 1987. -
pants. The Joint Powers Agreement has a term of fifty years. The members have the following participation percentages Mead-Phoenix Project-The Authority has also studied the in the Authority's interest in the four projects: feasibility of constructing the proposed Mead Phoenix Project, southern a transmission line from Arizona to Nevada. The Authority's m, Tr.maaen n = er sie=d-Participant serde splem t' prating Phoenig present interest in the Mead-Phoenix Project is 93.75 %. The City of La Angeles 67.0 % 59.5 % feasibility study is substantially Complete and prCsent plans Call 61.2 % ' City of Anaheim 17.6 42.6 % for the Authority to decide whether to continue with the project 15.0
. City of Riverside 5.4 n nscal year 1990.
10.2 31.9 6.0 8 " t ic 6.5 NOTE B-Summary of significant accounting policies: ' City of Vernon 4.9 3.0 The financial statements of the Authority are presented in con. City of Azusa 1.0 4.2 .6 formity with generally accepted accounting principles, and City of Banning 1.0 2.1 .6 City of Colton 1.0 substantially in conformity with accounting principles pre-3.2 .6 City of Burbank 4.4 scribed by the Federal Energy Begulatory Commission and the 4.5 16.0 5.0 City of Glendale 4.4 2.3 5.0 California Public Utilities Commission. The Authority is not City of Pasadena 4.4 5.9 subject to regulations of such commissions. 3.0 100.0 % 100.0 % 100.0 % 100.0 % Utilityplant- All expenditures, including general administra-
&lo Enle Project-The Authority, pursuant to an assignment tive and other overhead expenses, payments-in-aid of construc-agreement dated as of August 14,1981 with the Salt River Pro- tion, interest net of related investment income, deferred cost ject AgriculturalImpmvement and Power District, purchased am rtization and the fair value of test power generated and a 5.91 % interest in the Palo Verde Nuclear Generating Station dehvered to the participants are capitalized as utility plant con-(PVNGS), a 3,810 megawatt nuclear-fueled generating station struction work m progress until a facility begms commercial
. near Phoenix, Arizona, and a 6.55% share of the right to use operadon.
- certain portions of the Arizona Nuclear ibwer Project Wiley . The Authority's share of costs associated with PVNGS is Transmission System (collectively, the Palo Verde i roject). As included as utility plant. Depreciation expense is computed of July 1,1981, ten participants had entered into power sales using the straight line method based on the estimated service contracts with the Authority to purchase the Authority's share life Ithirty-five years. Nuclear fuel is amortized and charged of PVNGS capacity and energy. Units 1,2 and 3 of the Palo to expense on the basis of actual thermal energy produced rela-Verde Project began commercial operation in January and tive to total thermal energy expected to be produced over the September 1986, and January 1988, respectively, life f the fuel. Under the provisions of the Nuclear Waste Policy Act of 1982, the Authority is charged one mill per Southern Tmnsmission System Project-The Authority, kilowatt hour on its share of electricity produced by PVNGS.
pursuant to an agreement dated as of May 1,1983 with the The Authority records this charge as a current year expense. Intermountain Power Agency (IPA), has agreed to make The costs associated with STS are meluded as utility plant. payments-in aid of construction to IPA to defray all the costs Depreciation expense is computed using the straight hne of acquisition and construction of the Southern Transmission method based on the estimated service lives, principally System Project (STS), a transmission line w hich will provide thirty-five years. for the transmission of energy from the Intermountain Power Project (IPP)in Utah to Southern California. The Authority Admncesfor capacity and energy- Advance payments to entered into an agreement niso dated as of May 1,1983 with six USBR for the uprating of the 17 generators at the floover of its participants pursuant to which each member assigned its Ibwer Plant are included in advances for capacity and energy. entitlement to capacity of STS to the Authority in return for the These advances are being reduced by USBR billings to partici-Authority's agreement to make payments-in-aid of construe. pants for energy and capacity. tion to IPA, STS commenced commercial operations in July ' 1986 The Department of Water and Power of the City of Los Nuclear decommissioning- Decommissioning of PVNGS is Angeles, a member of the Authority, has served as project manager and operating agent ofIPP. projected to start sometime after 2027. The Authority is provid-ing for its share of the estimated future decommissioning costs 19
, s # q gy over the life of the nuclear pown plant thmugh annual charges Ju= x : im im to expense. cmpas cmpas W LA Nuclear Decommissioning Fund has been established, -
"'"* "" "'" * ~
4 N "' *" The deposits to the fund plus the interest earnings on the fund ' $219,980 $225,200 $223,808 $231,600i Palo Verde l balances are expected to be sufficient to pay the Authority's Southern
; share of the decommissioning costsg Transm,ssion i , . . a Deferred ons-Deferred costs are shown net of accumulat'ed ti % prating 14 48 3 '
amortizat[ ion, Unamortized debt issue costs, meluding the cost hiead-Phoenix 1,154 1,200: 1,857 1,900-', of refunding, are amortized over the terms of the respective $436,588 $441,600 $431,376 ? 538,200
' Issues. Other deferred costs are amortized generally over five years. Mo Wnle Project-The special funds required by the Bond -
indenture contain balances, in thousands, as follows: Investments X Investments include United States Government June M + L and governmental agency securities and repurchase agree; ~'* '" ments which are collateralized by such securities. These Construction Fund-
; investments are stated at amortized cost, which in general is Initial Facilities Account $ 49,415 $ 48,666 not in excess of market. As discussed in Note C, all of the De Sen "
investments are restricted as to their use, g e Acc$unt '63,733 63,780 - , Debt Service Reserve Account 90,217 90,050 = Cash and cash equimlents-Cash and cash equivalents Bond Anticipation Note Fund 30 : 30'
- include cash and all investments with maturities less than Resenue Fund '353 421 Operating Fund _ 5.644 : 11,155
- ninety days. 10,588 Reserve and Contingency Fund 9.7 %
/
Total Special Funds $219.980 $223,808 - Revenues- Revenues consist of billings to participants for he
- sales of electric energy and of transmission service in accord. _
; ance with the participation agreements. Generally, revenues Southern Tnmsmission System Project-The special fundsj .
3
'tre fixed at a level to recover all operating and debt service required by the Bond Indenture contain balances, in thousands.c
. costs over the commercial life of the plant. (See Note F). as follows:
.t x
- ie im Debt expenses - Debt expenses include interest on debt, and
- the amortization of bond discounts, debt issue and rcfunding Construction Fund- .
Initial Facilities Account $ 5,309 $ 10,310 ;! costs. 1 Debt Service Fund-43,548 = 41,086 NOTE C-Special funds: Debt Service Account 88,948 89,079 - The Bond indentures for three of the four projects require the . Debt Senice Reserve Account 1 Resenue Fund
' following'special funds to be established to account for the 6,814 -7,239 Operating Fund Authority's receipts and disbursements, The moneys and 15.777 - 3,908 General Reserve Fund - 7
' investments held in these funds are restricted in use to the Total Special Funds $160,3% $151,623 -
' purposes stipulated in the bond indentures, A summary of --
these funds followst ' At June 30,1989 and 1988, the Authority had non interest Fund- llendin - Purpme bearing advances outstanding to IPA of S20,161,000. . Construction Trustee . To disburse funds for the acquisition and Hoover Upmting Project--The special funds required by the , construction of the Project ' Bond indenture contain balances, in thousands, as follows: Debt : Trustee To pay interest and principal related to the y,,,g
. Service - Revenue Bonds - , ,,- ,
-l ceiw all revenues and disburse $19 M $23,244 Revenue- . Trustee ,it l' P -
M } Revenue Fund 7 ; m!' Operating - Trustee To pay operating expenses Operating Working Capital Fund 400 340 j Reserve and Trustee To pay capital imprmements and make up Debt Service Fund-
'710 714 Contingency . deficiencies in other funds and, in the case Debt Service Account Debt Service Resene Account 3.615 3.620 5 of the Palo Verde Project, recumulate funds
$24.679 $27,918 for decommissioning Total Special Funds t General Trustee To make up any deficiencies in other funds At June 30,1989 and 1988, th,' Authority had non-interest Reserve bearing advances to USBR of $10,J000 and $6,009,000, ,
Advance : Trustee To disburse funds for the cost of acquisition ! respectively. Pay ments of capacity . Mead-Phoenix Project- At June 30,1989 and 1988, the bal- _- Special funds, in thousands, were as follows: ance in the Development Fund was $1,154,000 and $1,857,000, respect.vely, of which subuantially all were invested in securi-ties of the United States Government. 20
ff f MNE D-Limg-term debtt . . and $12,100,000 in 1994. The average interest rate on outstand-I &lo Venic Pmject - To fmance the purchase and construc- - l
' ing debt during fiscal years 1989 and 1988 was 7.4 % and 7.7E i tion of the Authority % share of the Palo Verde Project, the 'respectively.
J Authority issued Power Project Revenue Bonds pursuant to the j L Auth'ority's Indenture of Trust dated as of July 1,1981 (Bond Indenture), as amended and supplemented. Reference is made Hoover Upmting Project-To fmance advance payments to
. to the Combined Schedule of Long-Term Debt at June 30,1989 - USBR for application to the costs of the Hoover Uprating Pro-Or details related to outstanding bonds. ject, the Authority issued Hydroelectric Power Project Reve-The Bond Indenture provides that the Revenue Bonds shall nue Bonds pursuant to the Authority's Indenture of Trust dated as of March 1,1986(Bond indenture) Reference is made to the be special, limited obligations of the Authority payable solely from and secured solely by (1) proceeds from the sale of Combined Schedule of Long Term Debt at June 30,1989 for details related to the outstanding bonds.
* - bonds; (2) all revenues, incomes, rents and receipts attribu-
' table to the Palo Verde Project (see Note E) and interest on all The Bond indenture provides that the Revenue Bonds shall moneys or securities (other than in the Construction Fund) be special, limited obligations of the Authority payable solely held ptsuant to the Bond Indenture; and (3) all funds estab- from and secured solely by (1) the proceeds from the sale of the bonds; (2) all revenues from sales of energy to participants (see
; lished by the Bond indenture (excluding the Decommissioning i
= Account in the Reserve and Contingency Fund); subject to the Note E); (3) interest or other receipts derived from any moneys or securities held pursuant to the Bond Indenture; and (4) all provisions of the Palo Verde Project Bond indenture providing '
for the application thereof, funds established by the Indenture of Trust (except for the
' All outstanding Power Project Revenue Term Bonds, at Interim Advance Payments Accountin the Advance Payment
- the option of the Authority, are subject to redemption prior Fund); subject to the provisions of the Bond Indenture provid-to maturity.
ing for the application thereof. i All outstanding Hydroelectric Power Project Revenue Term The Bond Indenture requires mandatory sinking fund instal- l ments to be made beginning in Oscal year 1998 for the 1982 Bonds, at the option of the Authority, are subject to redemption prior to maturity. l Series A Bonds,1999 for the 1982 Series B Bonds and the 1983 . . l Series A Bonds,2001 for the 1984 Series A Bonds and the 1985 The Bond indenture requires mandatory sinking fund instal-
-Series A Bonds,2003 for the 1986 Series A Bonds, the 1986 ments to be made beginning in fiscal year 2002 for the 1986 Series A Bonds. The next scheduled principal maturity for the iSeries B Bonds and the 1987 Series A Bonds and 2005 for the Hoover Uprating Project is $490,000 in 1994. The average 1985 Series B Bonds and 1989 Series A Bonds. Scheduled interest rate on outstanding debt during fiscal years 1989 and principal maturities for the Palo Verde Project during the five 1988 was 8.0%.
fiscal years following June 30,1989 are $ 14,370,000 in 1990, -l
$ 15,255,000 in 1991, $16,325,000 in 1992, $ 17,530,000 in 1993 The Authority estimam that the total financing requirements 'i and $18,860,000 in 1994. The average interest rate on outstand- for its interest in the Hoover Uprating Project will approximate ing debt during fiscal years 1989 and 1988 was 7.0% and 7.2 L $34 million, substantially all of which will be expended for respectively. payments for c<pacity and associated Orm energy and the acquisition of entitlements to capacity.
Southern Tnmsmission System Pmject-To Gnance payments-in aid of construction to IPA for consauction of STS, the - Mead-Phoenix Pmject-The Authority borrowed $14,148,000 'i to Onance the feasibility study and develcpment costs of the Authority issued Transmission Project Revenue Bonds pur- j suant to the Authority's Indenture of Trust dated as of May 1, Mead Phoenix Project. During April 1988, the Authority ;
.1983 (Bond indenture), as amended and supplemented, Refer- adopted a note retirement plan, The plan involved voluntary J payments by each participant of its proportionate share of -
ence is made to the Combined Schedule of Long-Term Debt at June 30,1989 for details related to the outstanding bonds. the liability with respect to the loan. During the year ended =t The Bond Indenture provides that the Revenue Bonds shall June 30J1989, the Authority received from the participants
$14.M8,000 retiring all the notes but $100,000. These receipts
> be special, limited obligations of the Authority payable solely are shown as Advances from Participants. Authority man-
[-
' from and secured solely by (1) proceeds from the sale of agement anticipates repaying these advances during fiscal -
bonds; (2) all revenues, incomes, rents and receipts attributable 1991 or later. ' n . to STS (see Note B) and interest on all moneys or securities - 1(other than in the Construction Fund) held pursuant to the Bond indenture; and (3) all funds established by the Bond Refunding bonds-During Oscal year 1989, the proceeds from Indenture; subject to the provisions of the Bond Indenture the sale of $295,005,000 of Power Project Refunding Bonds
.E providing for the application thereof- were used to advance refund $187,635.000 of previously issued bonds and the proceeds from the sale of $239,320,000 of
- NOTE D-lamg-term debt: (continued)
Transmission Project Revenue Bonds were issued to refund All outstanding Transmission Project Revenue Term Bonds, $147,995,000 of previously issued bonds, in connection there-at the oppon of the Authority, are subject to redemption prior with, the net proceeds of the refunding bonds base been to matunty nvested in securities of the United States Government, the The Bond Indenture requires mandatory sm. king fund instal- principal and interest from which will be suf0cient to fund the i ments to be made begmning in fiscal year 2000 for the 1984 remaining principal, interest and call premium payments on Series A Bonds,2001 for the 1984 Series B Bonds and the 1985 the refunded bonds until the stated first call dates of the respec- -! Series A Bonds,'2003 for the 1986 Series A Bonds,2002 for tive issues. Accordingly, all amounts related to the refunded the 1986 Series B Bonds, and 2007 for the 1988 Series A bonds have been removed from the balance sheets and the Bonds. Scheduled principal maturities for STS during the Ove cost of refunding the debt is included in unamortized debt fiscal years following June 30,1989 are $5,825.000 in 1990, expenses. At June 30,1989 the aggregate amount of debt 1 $9,890,000 in 1991, $10,545,000 in 1992, $11,295,000 in 1993 considered to be extinguished was $2,210,680,000. 21 u .
s
, NUI'E E-l%er sales and transmission service contracts:' Nuclear fuel amortization 18,137 and decommissioning 11,327 6,810
' The Authority has sold its entitlement to the output of the Palo 6.211 Interest expense 6.214 (3)
' Verde Project pursuant to power sales contracts with ten parti, Ilond requirements included ,m
( cipants (see Note A). Under the terms of the contracts, the billings to pamcipants: participants are entitled to power op?pm from the Palo Verde Nuclear Generating Station and are obligated to make pay. I"[' j"g'n ab ' ments on a "take or pay" basis for their proportionate share of maintenance, net (23,533) (6.731) (30,267) operatmg and maintenance expenses and debt service on IWer Cost of acquisition of Project Revenue Bonds and other debt, whether or not the Palo capacity-STS (11,750) .(11,750) , Verde Project or any part thereof has been completed, is oper- Reduction in debt cling or operable, or its output is suspended, interfered with, service due to 40,999 40,999 reduced or curtailed or terminated. The contracts expire in excess construction Principal repayments (15,355) (20,195) (35,550) ' 2030 and, as long as any Iwer Project Revenue Bonds are (1,476) (t,868) (3,34 1) Other outstanding, cannot be terminated or amended in any manner si14,648 $ 23,742 5138,390 - which will impair or adversely affect the rights of the bondholders. The Authority has entered into transmission service con- NOTE G-Commitments and contingencies: tracts with six participants of STS (see Note A), Under the As a participant in the PVNGS, the Authority could be subject terms of the contracts, the participants are entitled to transmis- to assessment of retroactive insurance premium adjustments in
, sion service utilizing STS and are obligated to make payments the event of a nuclear incident at the PVNGS or at any other on a "take or pay" basis for their proportionate share of opera- licensed reactor in the United States.
. ting and maintenance expenses and debt service on Transmis- The Authority is involved in various legal actions, in the sion Project Revenue Ikmds and other debt, whether or not opinion of management, the outcome of such litigation or STS or any part thereof has been completed, is operating or claims will not have a material effect on the financial position operable, or its service is suspended, interfered with, reduced of the Authority or the respective separate projects.
or curtailed or terminated. The contracts expire in 2027 and, as
- long as any Transmission Project Revenue Bonds are outstand-ing, cannot be terminated or amended in any manner which SOUTHERN CALIFORNIA PUllLIC POWER AUTllORITY will impair or adversely affect the rights of the bondholders. INDEX 10 SUPPLEMENTAL FINANCIAL INFORM ATION in March 1986, the Authority entered into power sales con-tracts with six participants of the floover Uprating Project (see Combined Schedule of Long-Term Debt at June 30,1989.
Note At Under the terms of the contracts, the participants are entitled to capacity and associated firm energy of the floover klo II'nic Pndect Supplemental Balance Sheet at June 30,1989 and 1988. Uprating Project and are obligated to make payments on a Supplemental Statement of Operations for the Years Ended "take or pay" basis for their proportionate share of operating June 30,1989 and 1988,
- and maintenance expenses and debt service whether or not the Supplemental Statement of Cash Flows for the Years Ended
'lloover Uprating Project or any part thereof has been com, June 30,1989 and 1988.
' pleted, is operating or is operable, or its service is suspended, Supplemental Schedule of Receipts and Disbursements in interfered with, reduced or curtailed or terminated in whole or Funds Required by the Bond indenture for the Year Ended in part, The contracts expire in 2018 and, as long as the flydro- June 30,1989.
electric Power Project Revenue Bonds are outstanding, cannot
- be terminated or amended in any manner which will impair or S<mthern Tmn5 mission System Pnpect adversely affect the rights of the bondholders, Supplemental Balance Sheet at June 30,1989 and 1988, Supplemental Statement of Operations for the Years Ended NUTE F-Costs recoverable from future hillings June 30,1989 and 1988.
- to participants: Supplemental Statement of Cash Fkiws for the Years Ended June 30,1989 and 1988.
Billings to participants are designed to recover " costs" as - defined by the power sales and transmission service agree- Supplemental Schedule of Receipts and Disbursements in ments. The billings are structured to systematically provide for Funds Required by the Bond indenture for the Year Ended debt service requirements, operating funds and reserves in June 30,1989. accordance with these agreements. Those expenses, according g, g,g pgy, ti to generally accepted accounting principles (G A AP), which Supplemental Balance Sheet at June 30,1989 and 1988. are not included as " costs" are deferred to such periods as they Supplemental Statement of Operations for the Years Ended are intended to be recovered through billings, .. June 30,1989 and 1988. Costs recoverable from future billmgs to partictptmts are Supplemental Statement of Cash Flows for the Years Ended ' comprised of the following: June 30,1989 and 1988. ' Jun w, naii9e Jun x, ' Supplemental Schedule of Receipts and Disbursements in i9as Actmi, i9m . Funds Required by the Bond indenture for the Year Ended GAAp items not included in June 30,1989. Muu uvnh Pnput pre i p nt $ 63,52i $ 36,634 $100,155 i Supplemental llalance Sheet at June 30,1989 and 1988. Amortization of bond dis, Supplemental Statement of Cash Flows for the Years Ended count, detx issue costs, 32,951 20,845 53,796 June 30,1989 and 1988. and cost of refunding
. = _ _ _ _ _ _ _ .
y - r t , , M
; SOUTIIERN CALIFORNIA PUllt.lC POWER AUT}IORITY COMillNED SCilEDULE OF LONG. TERM DEllT ATJUNE 30,1989 +
(In thousando e gy,g thste of interest . Alaturity em Series Sale Rate Julv I 'lbtal [
' Palo Verde Project Revenue and Refunding Bonds . . . . . . 1982A 8/13/82 10.9 % ' 1989 to 2017 13,795' 1982B '11/12/82 7.7 % 1989 to 2017 37,115 . )
1983A. 4/ 8/83 - 8.8 % ' 1989 to 2017 ' 15,610' ; 1984A ~7/18/84 10.3 % .1990 to 20N : 12,315. 1985A 5/22/85 8.7 % 1989 to 2014 10,415 - 1985B 7/ 2/85 9.I % 1989 to 2017 38,465 +
' 1986A 3/13/86 8.2% 1989 to 20!$ 79,050 -
1986B 12/16/86 7.2 % 1989 to 20l! 353,675 1987A 2/11/87 6.9 % 1989 to 2017 348,955 - > 1989A 2/15/89 7.2 % 1989 to 2015 - 295.005 1.2N,400 i
' Southern Transmission System Project Revenue and Refunding Bonds . . . . . . . 1984A 2/ 9/84 9.3 %
..... 1990 to 2004 29,790 .
1984B 10/17/84 10.2 % 1990 to 2000 11,610 1985A 8/15/85 8.9 % 1989 to 2021 16,940 1986A 3/18/86 8.0 % 1989 to 2021 - 371.3654 1986B 4/29/86 7.5% 1989 to 2023 478,105 1988A 11/22/88 7.2 % 1989 to 2015 239.320; - 1,147.1301 < mwer Uprating Project Revenue Bonds . . , , , . . ..... 1986A 8/13/86 8.1 % 1993 to 2017 34.435
.. . Mead Phoenix Bank Loan. . . . . . . . . . . . . . . , .., ..................................... ............. 100-Total Principal. Amount. . .................. ... . .... .. 2,386.065 Less: Unamortized Bond Discount-
' Palo Verde Project Revenue and Refunding Bonds . ....... .... ... ... .. .......... . ......... 146,490 Southern Transmission System Project Revenuc and Refunding Bonds. . . . . . . . . .
Hoover Uprating Ibwer Project ... . ...... ...... ......... ......... ... 126,862; L Revenue Bonds . . . . . . .' . . . . . .
...... . .... . ............. ............ ......... ......... 139
-. Total Unamortized Bond Discount . . . . .. ....
........... .. .. ...... .. ...... . . ...... 273.491 !
. Total Long Term Debt:
- Less Unamortized Bond Discount. . ... , ..... . .. ........ . .............. . ........ 2,112,574 Long. Term Debt Due Within One Year . . . ..
4
.... . ..... ............. ...... ..... ,. ' 20.195
. ier3 nma n .c, ,,',,,,,, ,,, ,,,i,3,a t,,, ,nm ,3,,a,,
$2.092.379
?
F f
..g 23 7
m < G ; iwi ; o 3-o(q i , 1
, -f F- SOUTi(ERN CALIFORNIA PilllLIC POWER AUTilORITV
! : PALO VERDE PROJECT L ; . L*
- SUPPLEMENTAL BALANCE Sill;ET,
,yy , (In thousands) - June 30, i'
- /939 /M8-V
'~ ASSETS -
Utility plant
.$ 600,778 - ' $ 600.458 ,
Prod uc t io n . . . . . . . . . . . . . . f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,008- 5,988 Transmission . . . . . . . . . , . . . . . . . . . . . . . . . . . ... ............................... 186 l General , , , . .i . . . . . ..... ............. ........ . .......................... ' 4
. 606,972 606,527 '
56.180 34.224 Less- Accumulated depreciation . . . . . . . . . . . ........................... ..... . 550,792 .572,303 . 3,569 2,028: Construction wrk in progres s '. . . . . . . . . . . . .....................................
~ 31,330 -
Nuclear fuel, at amortized cost . .......... ...... ....,........................... 26.428' . 580.789 - 605.661, _ Net ut ili ty pla n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,
; Special funds ' '
~
i n ve s tme n ts . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,678 .139.559 - 1,630 2,204 i l nte rest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash and cash equivalents ; . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107.672 82.N5 219,980. 223,808 3,635 836 Accou nts receivabl e -. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . 6,859: 6,528 -l
- Materials and supplies ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...................... ...... "
58.587 42,967
. Costs recoverable from future billings to participants , . . . . . . . . . . . . . . . . . . . . . . . . . .....
t Deferred costs - '
. Unamortized debt expenses, less accumulated amortization of 210,841 524,106 and $18,643 in 1989 and 1988 . . . . . . . . . . . . . . . . . . ......... . .......... 228,150 864 -1,309 -
Othe r de ferred costs '. . . . . '. . . , . , . . . . . . . . . . . . . . . . . . . . . . ..... ..... ....... . 229,014 212.150'
$1,098,864 $1.091,950 $
_- ( LIABILITIES
........... ... ......, ......... $1.N3.540 - $1.028.%5 Long term debt . . . ....................., ,,
. Current liabilities 14,370 13.')95 -
Long-term debt due within one year , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,219 37,573 Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . ....... . ...... ...............
..... . ... ..... .., .. ...... 4,735 12,31.'
Accounts payable and accrued expenses . , , . . . . . . 55.324 62.985 Commitments and contingencies . . . . . . . . . . , . . ......, .. .., .. ....., ......
'.51.098.864 $1,091,950 t
- i k
1
.t i
.~w 24 ,
t
y , 3., y 6Ih jl
, i 1
s SOUTHERN CALIFORNIA PUBLIC POWER AUTilORITY
;, , PALO VERDE PROJECT -
' SUPPLEhlENTAL STATEMENT OF OPERATIONS 10;thouunds)
)?ar endedJune 30 1989 '
_ Operating revenues : 1988:
~ Sales of elect ric energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , $110.lM . 3 r" $ 85,828 (
'; Operating expenses -
J= ; N uc l ea r fu e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,628 . 9,N2
,' : Other ope ration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,635: , 13,313 :
- Maintenance . . . . . . . . . . . . . . . . . . . . . . . . 5,518
; De precia t ion . . . i . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,388
- Decomm is s ion i ng . . . . . . . . . . . . . . . . . . . ............
....................,.................... 17,427 13,589 ^
. ,.......... .............. 5,699 .;
Expense charged to projects during construction . . . . . . ............. ...... 4,652} (520) Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ............. ........... '
. Operating income . . . . . . . . . . . . . . . . . . . .
58.907 46.4E Investment income . . . . . . . . . . . . . . . . . . . ............ . . . . . . . , , . . . . . ...... .................... 51,257 39,364-
.. .................... ...... 18.239 11.072 . ,
income before debt expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,436 ' LDebt expenses .
... ...... 69.496
- Interest on debt . . . . . . . . . . . . . . . . . . .............. ,,,.......................... 85,116
; Allowance for borrowed funds used during construction , . . .
.... 84,033 ,
' ... ... ...................... (16,699) -
[ . _ L Total debt expenses . . . . . . . . . . . . . . . . ...... .. .. ..
}
............ ...... ... . 85.116 ' 67,334 Costs recoverable from future billings to participants . . . . , , .. .. ......, .... ......,..., '
$ (15.620)- $(16.898) a i
\
g SOUTilERN CAllFORNIA pUBLIC POWER AUTilORITY L PALO VERDE PROJECT
- $UPPLEMENTAL STATEMENT OF CASil FLOWS
' On timuunds) thar endedJune30 M9 1983 Cash Dows from operating activities:
- Costs recoverable from future billings to participants. . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . ' $ ( 15,620)
- Adjustments to arrive at net cash provided by operating activities: $ (16.898) i Depreciation . . . , , , , . . . . . . . . . , , . . . . . . )
Decommissioning . . . . . . . . ...... ., ,, ... .... ....
.... ........ ............. 26,955 21,144 'i
..... ......... ...... 5,699 4,652 Amortization oidebt eosts. . . . . . . . , ....... . ...... ..
Changes in current assets and liabilities:
............. .. ...., 12,017 10,818'
' I nte rest receivable . . . . . . . . . . . . . . . . . . . . . . . . , , . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574 (451; Accounts receivable . . . . . . . . . . . . . . . . ,
Materials and supplies . . . . . . . . ........... .
.... ... . .. .. ............... ... (2,799) 2,023. .
Ot h e r a s s e ts . . .' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , , , , . . , , . ,. ...
...... (331) , (6.528) 15 (198)
Accrued interest =. . . . . .. ....... . . .. ...... (1,354) . 119 i Accounts payable and accrued expenses . . . . . . . . . . . .. .... ... .. . , ...
,z (7.582) (1.952) .1 i Net cash provided by operating activities .
i Ccsh Dows from investing activitics:
.. ... . ...... ,, . .. ........... .. 17.574 12.729
]
; Payments for construction of facility. ..... . .. ... ... J
. . ...... ...... .... (7,781) - (13,890)~ l Purchases of investments. . . . . . . . . .. ...... ... . ..... ...... (101,134)
Proceeds from salc ofinvestments . .. ... ..... . . . .
. ........ . (141,956)
.. . .... .. .. . . 130.015 160.638 j Net cash provided by investing aativities . . . . . .. . 21,100
. ... .... .. . ... . . ..... 4,792-
?Ccsh Hows from financing activities: .
Proceeds from sale of refunding bonds . . 2l
' Payment for bond issue costs. . . . . . . . . . . ...
..... .. ..... .. ..... . , ........., 185,200 ;
Payment for defeasance of revenue bonds. , ... .. . .. ...... .......
... ...... .. ,, . .. ........ -(4,325) . j
....... ..... (180,827) ;
Payment for principal of long. term debt . . . . . . . . . . . . . ,, (13,095)
~
Net cash used for financing activities .............. .... . (13,047)
'l
.j
' Net increase in cash and cash equivalents . . .......... 25,627
.. .. . . . .... ,, 17,521 1 Cash and cash equivalents at beginning of year . . . ... . . .... .... . . . 82.N5 64.524 :i
-; Cash and cash equivalents at end of year ,,....
$ 107,672 k3
. , , . . .. ... .. .. $ 82,N5 Sup lemental disclosurr;of cash now informatiom . . . . . . . . . . . , , .. . .
^ Cas paid during the year for interest (net of amount capitalized) . . . . .... . .... $ 73,871 $ 58,328 '
- t. 25 i"
_ /e.: .
f7p & ft . 3 , pp fpq r '
, Whi , c.
y, 4 l ,{ - ji/m h ' GMb TilERN CAlllFORNI A PUBLIC POWER AUTilORITY d M IMLO VERDE PROJECT.i
- SUPPLEMENTAL SCilEDULE OF RECEllrfS AND DISBURSEM i
4 Yes Ended June 30.1989 - 2 i (In th,ouunds) =
;I
' Camstructhm Reserve & .
IknJInitial ' .1%t . Ekma I Operating Cemtingency Serske ' Facilities Anticifunism Rewnue Iknd 1btal Accumnt Fumi N<ne thmi fumt ikml 5154.374' $29 $ 4I8 - $11.057 $ 9.683 - $223.328 :
- I Balance at June 30,1988 . . . . . . . . . . . $47,767 ,
)' ' e Additions 2,158 i&cd and note proceeds . . ......... 2,250 (92)
. 164 854 846. 19,319 l Investment earnings . . . . . . . ... .. 4,384 13.069 .2 '
6- (13,554) (2) - 15,24I (854) (839) (2) Transfer of investment earnings . . . . . . 101,670 101,670 a Revenue from power sales . . . . .. .. 25,106 84,835 (113,902) 3.961
> Distribution of revenues. . . . . . . . . . . . 76 86 10 Other income . . . . . . . . . . . . . . . . . . . 102,906 Transfer for interest payment . . . . ... 102.906 672 3.259 (2,844) (1,087) ;
= Transfer of investments . . . . . . . . . . . 605 221 . (1)
Miscellaneous transfers . . . . . . . . . . (1.090) . 661 _ (398) 6,232 191,084 - (69) 24.700 4,189 226.136
'Ibtal.......... . .. ..........
V Deducliims 2,506 5,127 Construction expenditures . . . . . . . . . . 2,621 22,333 776 23,109-10perating expenditures . . . . .... 5,678 5,678 - Fu el cost . . . . . . . . . . . . . . . . . . . . ... 13,095 Payment of principal . . . . . . . . . . . . . . 13,095 177,667 177,667
- Interest paid . . . . . . . . . . . . . . .
1,995 2,071 Property tax : . . . . . . . . . . . . . . . , . . 76 2,208 Financing costs. . . . . . . . . . . . . . . .. 2.208 661 273- 115 10
- Interest paid on investment purchases . 263
~
Premium paid on investment 3 3
- purchases . . . . . . . . . . . . . . . . . . 7 .7 i L.oss or. sale of investment . . . . . . . . . _
191,035 - - 30,121 3.299 229.626-
. Tbta l . . . . . . . . . . . . . . . . . . . . . . 5.171
$219,838 0 Balance at June 30, 1989 . . . . . , . . . . . . 548.828 $154.423
{ $ 349 5 5.636 $10.573-This schedule summarizes the receipts and disbursements in funds required under the bond indenture and has been prepared
! from the trust statements. The balances in the funds consist of cash and investments at original cost. These balances do not include accrued interest receivable of $1,630 and $2.2(M at June 30,1989 and 1988, nor do they include total amortized net investment
. prem iums of $1,488 and $1.724 at June 30,1989 and 1988.
3 I . j f .$ [
- k
4 i~ j 26 i
M I t
] ..
h. L E
.,(*
N SOUTilERN CALIFORNIA PUllLIC POWER AUTilORITY SOUTilERN TRANSMISSION SYSTEM PROJECT g ' SUPPLEMEN'IAL BALANCE SilEET , (In thouunds) O i < June 30. -
>' M9 19M -
ASSETS ' h', Utility plant -: gg ' Transmis sion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . $ 661,255 $ 656,773 y, General...........'.......................................................... ..., .. ....... -18.857 18.724- . i., 680.I12 675,497 Less - Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.272
- 38.064.
r 622,840. 637,433 -
,' Construction wor k in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.287 912 -
l , Net utility plantl . . . . . . . . , . . . . ................... . . ..... ........... 627,127 - Special funds 638.345 _i A1
' Investments . . . . . . . . . . . . . . . . . . . . . . . . ............ ... , ..... ............. 95,927 98,160 Advance to Intermountai Power Agency . . . . . . . . .
... .......... 20,161 20,161 l
i nterest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . .. . . . . .... ,.... . . ... ......., y- ... .. '1,174 855 T Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . ........ ....., ... ......... . 63.295, 52.608-180.557 171.784 s,
- Secounts receivable . . . . . . . . . . . . . . .......... .......... . .... ..... . ...., . 547 Costs r:coverable from future billings to participants . . . . . . . . . . . . . . . . . . , , . . 80.807
......... 71.776
. , Deferred costs W' i Unamortized debt expenses, less accumulated amortization of o " $21,539 and $16,910 in 1989 and 1988 . . . . . . . . . . . . . . , . . . .
.. ......... ...... . . 174,258 161,546
$1063,296 $1.(M3.451 '
R LIAlllLITIES
. Long term debt . . . . .
. . . . . . . . . . . . . ...... ..... ...... ... . .. ..... .. ... $1.014,443 $ 998.578 ?
9 ? " Currentliabilities . g Long. term debt due within one year . . . . . . . . . 15,825
,'- . ..... . ........... ..... ,. . 2,260:
Accrued interest. . . . . . . . . . . . . . . . . .... .... . ......... .. .. .. ... . . ,. . 37,259 - 38,611 '
,J. " Accounts payable and accrued expenses . . . . . . . . . . . . . . . ..... . . .. ..... ... 5,769 4,002
..2 48.853 44.873 Commitments and contingencies . . . . . . . . , . . . . . . . . . . . ... .. .... . ... . .... .
,a $l .063,296 $1.(M3,451 '
i V NOUT}lERN CALIFORNIA PUBLIC POWER AUTilORITY { ; SOUTilERN TRANSMISSION SYSTEM PROJECT . .' t MSUPPLEMENTAL STATEMENT OF OPERATIONS
. (In thouundS)
O: . . - t War endedJune 30 ; .t M9- twLt - t
. Operating revenues -
Sales of transmission services a I ; Operating expenses
. . . . ... .. . . .. ... . ... . . .., ,. . ..... .. . $94.769 $ 82,332 "
, Other operation. . . . . . . . . . . . . . . . ... .. . .... ;
. . ...... . .. .. ... . . . 8.137 1 8,750-T L M aintenance . . . . . . . . . . . . . . . . . . . . . . . . ... .. .. . . . .... . . .... .3.205 . 3,159 '
/
! 1M.cctation . . . . . . . . . . . . . . . . . . .
.... .. . .. ... .. . ... . . .. . ... 19,207 i6 m 19.975-
, , iTotal bpe' rating expenses . . . . . . ...
. . . .. . .. . . ..... 30.549 31.884 $
- e . Operating income . . . . . . . . . . . . . ..... ... ... ., .. ..,. .. ...... . . 64.220 50,448 .
i.m
, w : Investment income . . . . . . . . . . . . .. . ... .. .. .. .. , ..... . . . . ... . 10.784 19.996 Lincotiie before debt expenses. . . . .. . . . . . .. . .. 75,0(M '
. .. -70.444 2 Debt expense
;lnterest on debt . . . . . . . . . 1
. . 84,035 83,979
! Costs recoverable from future billings to participants .
$ (9.031)
$(13.535) i M ,
4 3 27 4 3 . - - _ _ - _ - _ _ _ - .- - - - - - - - - - -
q ,. r x f' }M(. ; < al Y"i . J SOUTilERN CALIFORNIA PUllLIC POWER AUT}lORITY- )l SOUTilERN TP ANSMISSION SYSTEh! PROJECT .js SUPPLEMENTAL STATEMENT OF CASil FLOWS R . On thousands) - YiM leur endedJune 30. q 1%9 19M - t;y . u Q 1 Cash flows from operating activities: $ (13,535) 1 m Casts recoverable from future billings to participants. . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . , . $ - (9,031) 1 M:' _. 1 c Adjustments to arrive at net cash provided by operating activities: 19,207.. 19,975: 1i "I - Dep re c iation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,820
' " Amortization of debt costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . .. .. . . . . . . = 9.125 m Changes in current assets and liabilities: 2,113 (319)1 Interest receivable . . . . . . ........................ ....................... ... (547) 2,662
. Account s receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,352)
' Accrued inte rest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 q*. Accounts payable and accrued expenses . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . , ,
1.767 I8.850 18,809 Net cash provided by operating activities . . . . . . . ... . . . . . . . . . . . . . ... . . . . . . .
% Cash flows from investing activities:
. . . .. . (7,990) (25.307)
. m" - Payments for construcuon of facility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (133,287)'
', m ; Purchases of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . ....... .... ................ (61.515) 63,748 133,657 '
L Proceeds from sale of investments . . . . . . . . . .. ..... .... .... ... ............. ... 820 JZ '
. Refund from lntermountain ibwer Agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5.757) (24.117)-
. Net cash used for investing activities . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . .
Cash flows from financing activities: 156,050 Proceeds from sale of refunding bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . .
- (2,457) g . g Payment for bond issue costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , , . . (153,739)
T ' Payment for defeasance of revenue bonds. . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . .
, Payment for principal oflong-term debt . . . . . ....... .... . . . . . . . . . . . . . . . .. . . . .
(2.260) J (2.406) - Net cash used for financing activities . , . . . . .. ..... .. . . . . . . . . . . . . . . . . . . 10,687- (5.308) -.
# . . Net increase (decrease)in cash and cash equivalents . . . . . . . . . . . . . . . . . . . .- , . . . . . . 57,916 52.608
(, s Cash and cash equivalents at beginning of year . ..... . ........ ... ........,... . ....
$ 63.295 5 52.608
<" t Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Supplemental disclosure of cash flow information: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72.906 . $ .77.221 Cash paid during the year for interest (net of amount capitalized) . , . . . . .
1 E s, y ?. - V > k we~ e* t'
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};
- SOUTHE'R CAI.lFORNIA PUHLIC POWER AUTHORITY ae hSOUT11ERN TRANSh11SS10N SYSTEM PROJECT ' ..
!1 * . SUPPLEMENTAL L Year Ensd June 30.1989 -
SCllliDULE OF REClill'IS AND DISBURSEhlENTS IN FUNDS REQUIRED BY THE BOND INDENT tin 0:ouwrW4 : ,
. Conumctwn ihmi-initial Debt Genem!
' fucilities Senice Rewnue Opemsing ' Resene Acwunt . ikml Ikmf Ikml Ikml bral :
, Balance at June 30. 198 8 . . . . . . . . . . . . . . . . . . 510,096 $129,132 $ .- 5 7.230 $ 3,834 $150.292 Additions L .
- tiond and note interest received . . . . . . . . . .. 518
' Investment earnings. . . . . . . . . . . . . . . . . . . . . .518.
' 910 8,835 241 570 587 11,143-
' Revenue froin transmission sales. . . . . . . . . . 94,534 94.534
' Transfer ofinvestments . . . . . . . . . . . . . . . . . I,788 (912). (876)
Transfer of investment earnings .. . . . . . . . . . (8,684) 1 9.740 (522) ($34)
'Trtmsfer of funds . . . . . ... ...... ..... (1,863) (3,893)
' Distribution of revenue . . . . (5.756) i
... .. .... 79.102 (103.603) i1,816 12,685
. Transfer for interest payment. . . . . . .. ..... 91,578 91,578'
; Other receipts . . . . . . . . . . . . ....... .. 2.393 2.393 .
Tota l . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,440 169,244, II8M 194,410 ' 11.862 Dedhetisms Payments-in aid of construction . . . . . . . . . . 6.192 6,192 Operating expenditures '. . . .. ...... , 12.3 % -12.306 Principal payment , , ........... . . .. 2.260
' Interest paid . . . . . . . . . . . . - 2,260 '
..... . ... 164.484 IM.484~
. Interest paid on investment purchases . . ..... 31 153 Premium paid on investment purchases . . . .
48 . 62 . -294' 1I 2 3 16-
'lbtal...l.... .
........ ....... . 6.234 166.899 -
12.354 65 185.552 - Balance at June 30, 1989 . . . . . . . . . . . . . $ 5,302 $131,477 $
$ 6.740 $ 15.631 $ 159.150.
' This schedule summarizes the receipts and disbursements in funds required under the bond indenture and has been prepared
' imm the trust statements. The balances in the funds consist of cash and investments at original cost. These balances do not include .
accrued interest receivable of $ 1,174 and $855 at June 30,1989 and 1988, nor do they include total amortized net investment discounts of $72 and $477 at June 30.1989 and 1988. SOUTilERN CALIFORNIA PUHLIC POWER AUTilORITY llOOVER UPRATING PROJECT SUPPLEMENTAL.B ALANCE SHEET
. (In thouunde --
June J4 ' tw9 19ss ANSI'TS Special funds . Investments . . . . . . ...... .. .... $18,747
.. . .. ... ... . . ........ .. ... $20,584 Advances Ihr capacity and ener 10,218 Interest receivable . . . . . . gy,..net .,
. . .. . .. . .. ........ .. ... 6,009 Cash and cash equivalents . . ........
. .. ... ... ........ .. . , ,. 292 2M
... .. . ......... . . . .. ... .... 5.M0 7,070
~ 34.897 33.927 '
' Billinp to participants in cxcess of costs recoverable . .. . ... . . ... .... . ..... .. (l ON) - (95)'
Deferred costs Unamortized debt expenses, less accumulated amortization of $155 and $102 in 1989 and 1988. I,107 1,159 -
$35,0_00 $34.991 0 LIAHil.lTIES
.Long. term debt , . ..... , . ... .. . . .. .
.. . . . . .. . . . . $34.296 $34.294 7'
Current liabilities . Accrued interest . ... .... . .. , ,., ... . . .. . . .. .. . . 689 689 Accounts payable and accrued expenses .. ... . . .
.. . . 15 8 Commitments and contingencies. . ... . . . . ..
$35,000 $34.991 29-
.' ? ,' hh
i.
' SOUTitERN CALIFORNIA PUi1LIC POWER AUTilORITY '
IK)OVER UPRATING PROJECT ' SUPPLEMENTAL STATEMENT OF OPERATIONS ' y On timmands) -
. learendedJune 30, Iw9 /w31 Operating revenues $2,760 - , $2.530 Sales o f electric e ne rgy . . . . . . . . . . . . . . . .. . . . . . . . . . . ,, . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . ,
Operating expenses '235
....... . ....... ..........,.... .............. 391
' Capacity charges . . . . . . . . . . . . . . . . . . -5% 652 Ene rgy c ha rg e s . . . . . . . . . . . . . . . . . . . . . . . . , . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 140' Other operation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ..... ...................... . ,
1.127- 1.131
'lbtal operatin g ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . .
1.633 1.399 Ope ratin g i ncome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : 2.033 3,992: investment income. . . . . . . . . . . . . . . . . . . . ... ....... ....... . .. ..................... Income before debt expenses .....,......... ............. . .. ......... . ........ 3.666- . 5.391 ~/ Debt expense 5.2 % '
; Interest on debt. . . 4 ......... .......... ....... ........... .. ............... ..... 2.757 Billings to participants in excess of costs recoverable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 909 $ - 95
' SOUTilERN CALIFORNIA PUllLIC POWER AUTilORITY llOOVER UPRATING PROJECT SUPI'LEMENTAL STATEMENT OF CASil FLOWS ('
(inrno 8) = leur endedJune 30. -
/%39 -19&S
- Cash flows from 9perating activiGes: 909 S' .95
- Billings to partnipants m encess of eosts recoverable . . . . . . . . . .... ........ ... ........
Adjustments to a
- rive at net cash provided by (used for) operating activities: 54 54 Amortization ot iebt costs. . . . . . . . . . . . . . . . . . ........ . .. ... ...... ....... .....
Changes in curret t assets and liabilities: 238 interest receivab'c . . . . . . . . . . . . . . . . . . . . . . . . . ... . ......... .. ....... ... (28) 66-Accounts receiva ale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 -(816) Accounts payabic and accrued expenses .. ... ....... . ........ ....... ... . . Net cash prov'.ded by (used for) operating activities. . . . . . . . . . . . . . . . , , . ...... 942 (363):
' Cash flows fru... investing activities:-
...... (4,209) (2.945)
Advances for capacity and energy, net . . . . . . . . . . . . ......... , ...... . .. ... - (6,159) , (10,248)
- Purchases of investments. . . . . . . . . . . . . . . . . . . . . . ... ... .. ........................ 11,685-
.. .......... ..... ............ . 12.085-
' Proceeds from salc ofinvestments . . . . . . . . . . . . . .
..... ... ...... (2.372) 2,581; Net cash (used for) provided by investing activities . . . . . . . . . . . . . .
' Cash flows from linancing activities: . . . . . . . . . . . . . . .. .. ....... . .. . .. ...
. , ,... . ....... . .... (1,430) 2,218 Net (decrease) increase in cash and cash equivalents . . . . . . . .
.... ............ 7,070 4.852 Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . .
.. ... . S 5.640 . $ 7,070 .
Cash and cash equivalents at end of year . . . ............ ... .. . .. ...... ... . Supplemental disclosurc of cash flow information: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,757 $ - 2.757 ' Cash paid during the year for interest (net of amount capitalized) . . . ... ..,... y i 7 30
[ ,
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'L s
.i SOUTHERN CALIFORNIA PUIILIC POWER AUTilORITY HOOVER UPRATING PROJECT ' D .
SUPPLEMENT Year Ended June 30,1939AL - SCliEDULE OF RECE1 PTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE IlOND I[
' (la timuundo interim Operating Debt Admnce Adwnce l%rking . Debt Senice hayments luyments Revenue Capital Senice Resent -
Fum! ihnd iknd iknd -- - Account ' Account limd
- Balance nt june 30, 19 8 8 . . . . . . . . . . . . , . . . . . . . - $19.754 $4,081 $ $340 $ 714 -
$3.624 $28.513
- Additions i
investment earnings . . . . . . . . . . . . . . . . . . . . . 1,758 2N 3 37 46 295 2,343 :
. .- Transfer of investment earnings . . . . . . . . . . . . . 518- (2N) 30 (3) (46) (295)
S ale s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '2,760 2,760 Transfer of sales receipts. . . . . . . . . . . . . . (2,753) 2.753
- Transfer of investments . . . . . . . . . . . . . . . . . (4.699) 4,699 Miscellaneout transfers. . . . . . , , . . . . . . . . . . . 3.258 (3,258)
"Ibtal........., ........... .. .... .. 835 1.441 7 67 2.753 - - 5,103
+
Deductions T Advunces for capacity and energy. . . . . . . < . , . 5,195 5,195 l Administrative ex 135
' Interest paid. ................,...,.....
. . .penditures . . . . . . . . . . . . . . . . . 135 2,757 2,757 Interest paid on investment purcaases. . . , . . . . . 20 7-Premium paid on investment purchases . . .... 27 425 425 Total......................v..... ..... 580 5.195 - 7 2.757 -
8.539 Balanec at June 30,1989............. ........ . $20,009 $ 327 5 7 $400 $ 710 __=
$3,624 $25.077 -
This schedule summarizes the receipts and disbursements in funds required under the bond indenture and has been prepare , from the trust statements. The balances in the funds consist of cash and investments at original cost. These balances do not include accrued interest receivable of $292 and $264 at June 30.1989 and 1988, nor do they include total amortized net investment
- premiums of $690 and $858 at June 30,1989 and 1988. -
SOUTilERN CALIFORNIA pUBLIC POWER AUTHORITY rMEAD-PilOENIX PROJECT -
- SUPPLEMENTAL BALANCE SHEET -
-(In thouunds) t a
p
= June 30, 1989- 1988 ASSINS
. Utility phnt Construction work in progress . . . . . . . . . . . ... , . ....... .... ,,... . ..... .... .... . - $12.999 $12,600 Special funds Investments , , . . ..... . ... .. ........... .... ... .. , .. . . ....... .
. .... 1,089 1,843 h : Cash and cash equinients . . . . . ... .. ...., ..
........ ......... ....... .. . ' 65 - .14 1,153 1.857-
- Deferred charges .
Unamortized debt expenses, less accumulated amortization of $563 and $509 in 1989 and 1988. . . . . . . 54 _
$14.153 $14.51 I .4 LIABilJIiES Long-term debt , . . . . . . . . . . . . .. ... .. .... . ............ . ..... ..... .... ....., .$ 100 $ 100
- 2 Currentliabilities ,
_ Long. term debt due within one year . . . . . . . . . . . . ... ..... .... ... ......... 14,N8 Accrued interest . ............. . ............. .......... .. ....... . . .. .... I 351 0 ' Accounts payable and accrued expenses . . . . . . . . . . . . . . ... .. ...... . ... . ...... . 4 12 4 5 14.411 g; , L Admnces from participants. . . . . . . . . . . . . . . ... . ...... ...... .. . .. .. . 14,N8 ; Commitments and contingencies. . . . . . . . . . . . .. . ... .... . .. . . . . h(-- $ 14,'153 $14,511 g i
, m l .-
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W[7 5 % .. ,, Ol% i . . S,E ' C50ttlHERN 1 MEAD PHOHNIX CALIFORNIA PROJECTP L PUBLIC T POWER AUTHORITY - w / LSUPPLEMENTALSTATEMENTOFCASH " ' ' ' ' ' FLOWS: "
. 7 UinthouundC v<
, l
's
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.i g 11 Cash flows from oper.ating activities: . . . . . t. . . . . . . i t . . . . . . . . . , ; j q . . . . . . . . . . . . . . . . . . . . . . . . . . -$- -i 5: -.-l , . '; .
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4 L Cash fidws from inwsting actlNties: . m~ ~ l(703)R . . .=- (1,061) ; l y : Payments for feasibility study ; .?, =. . . . ... . . . . . . :. . . . . . . .............-.4 .. . .yi ........... 1(4,818)! ; (4.479) * =j Lv - Purchases of investments.t.4. c . . c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ 5.57 F i 5.546 e W< a 5 Procee. .ds from. s, ale, of invest ments . . . . . . . . . . . . . . . . . . <. . . . . . . . . . . . . . . . . . . . . . . . . . . . . +. . . d, 51 6? J -Net cash provided by in' vesting activities i . . . j . . . . . . . . . . . .j. . . . . . . . . . . . . . . . . . . . ; . . . . . . . . .
; Cash flhws frnm finaiicing activities: ; j
' ' -(14,048) :
; Payment of long-term debt c.. i . t. . . <. . . . . . . . , . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
- Proceeds from advances fr.om, pa. rticipants . . . . . , . . . . . . . . . . . . . . . . . . . . . . . , . . . . . < .; . . . . . . . . . . .
LI4.048r ' a.
-s j p $ct cash prodded by. financing activities 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . ,
O
; 51 6
~ : Net itiereasc in cash and cash equivalents ; . . c. . . . . . . . . . . .' i . . . . . . . . . . . . . . . i . . . . , , , . . . . . . . .
14 ; 8J 1 Cash and cash equimlents at beginning of year , . ..- . . . . . , . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . u 4
, iCash and casliequivalents at end ofyear
-...h.....u.......................................i.$- : 65 , 14 1 q lemendi disclowrc of cash flow information: ; , . , . . . . . c. . . . . . . . . . . . . . . . . . . ; . . . . . . . . ... . .
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