ML20101P288

1991-92 Annual Rept,City Public Svc San Antonio,Tx

ML20101P288
Person / Time
Site:	South Texas
Issue date:	12/31/1992
From:	Legan P, Rosenberg A SAN ANTONIO, TX
To:
Shared Package
ML20101P230	List: ML20101P242 ML20101P270 ML20101P288 ST-HL-AE-4149, Forwards 1991 Annual Rept,Houston Industries Inc, 1991 Annual Rept,Central Power & Light Co & 1991-92 Annual Rept,City Public Svc San Antonio,Tx
References
NUDOCS 9207100375
Download: ML20101P288 (32)

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Prone of City Public $styice 44 6/ 1bla/4c 88mic* l'*fdad 4/d0lloia'd**14'1 ted 5, a ou /NA /Sc4 */

a kl{centm af saams //wlks laa ulandkawie ojan e p lmw w Ony Pubic Servee. San Antonio's natural gas C"b* * #**

1he mmkvi of CPS since its purtbase by the City of San Antonio in 1942 hai Nen to pmiide afe, and ebctnc utOty servet some 476.000 rehableJaw cost namral pi and electrK sen ke for the Nnefit et cus9 men in the Sa.1 Arminio arra electric customers m fitvar Cour'ty and tmall I (bpite man) theyes in the utda) mdusti), thside for CPS tvw ntirwed thraughout the y can anj polttons af Lurtoundmg (canMs an area prm kka a nmd Ima for operation in the f uture.

covering thaut 1506 square rniles More than gcy, .g .

gg,ggggg fy,gg g, g g. udonientm required ded.iom 087,000 customers m the metrepchtan area todn enify the fuel tra$e and to follow a wnsen ain e finarml urarqy.D6 erufgation of fut h IFniurb tecam naturM yat trom C"3 constnztion of toal-fired smnnng plants and the Southicus Pruint ntg lear plant has rewhed in tow mn hir m counna Mmse. pendinam14Wantung ha helped to nainuin inorable tml  ;

r.hw try the City of San Anttuno since 1D42.

ratmys anJ lou et interen emta hkh ha r trandated irau raict that are airxvig ik low est in the st.ite arid

= CPS is one of the largest nutpal utMtirs m nation.

' the country. The utStf operates m powet LII'wtenOes thMUffh U4e of (Rhnukyy and reducikm 0f staff thrdugh alt lmun ahn hac mnmteted to piantun tM San h@nio brea with a coritiN;d the pnthe posit an r of CPS u bro compared with ether utditict State 4the-a.ri1acilities stwluding Ihe capacny of 3200 megawattund owtis ;8 . use of computerued systems.clivw the utday to operate in ahe nuni cmt ef fn tis e maner. To mahuain percent of the Sosth Teos Proint nuc' car a yttday work force w hile contmiling latun cmts, CPS laum bed s propam m December 1989 ta rchce punt whrch adds another 700 mepwatts of staff through attntion,lhe prosmun has tvwhed la a w rni force that h 6h perttot vraller than the stafI casiaty. A 500 truipwatt costned p' ant is undet cerMruct:on and is upected to b* gin During IVM 92, CPS vt new rewah in 244 tour eintric usas and hourly peak demad. mntinuing a

- taperatJan in the turnmer t.11992.

Wnd fnim te Int few yeaa hmemte lown Mma% a red oW opentog twwo The gas tptem is comprised of 3154 mnes et E maisih***i <'h *;2 p is (WMr<!d fo CPS AG t war & M ann enarnm anj amther hah 7aw of senke toyN Sm Antomo arca. the unhty has a sohd foundatxm nn which to consnue tdidirg. hs untern fadhteen nnd

' tustomert.

ma<ientioun oil forc: swure that customero ill antinue to rnene Aafe. rthaW, low mt ps and City Pahhc Serse hao 3.51$ ernpioytes 43 c..' electnhenice miinuiP8 to fdfdl the mhne w hkh hn ken in plate dn e 1942, Janaary M.1992.

(- { s' p i o@/ **r g-Pat ItyM Ar6ur ut) Pabetikry Oairinan General Manapt t

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As City Public Service tnarks the eid of its iltst hall.tentary as a municipi utility,it is important to salute our customers and thank our employees. Customtrs ate the utility's reason for e:Isting, and a dediteled work forte provides the quality of vilkty service which "An importar* con 9deration in lot %g a VLSI the customer deserves and spects. Since 1942. CPS has served customers by providing vrt in San Antonio was the acahty of poacr. reliable, competitively priced natural gas and electric service end has won pteise for the Because of the 50phstication of our producten high quality of seryt:e.1he following pages outline the benefits to custemt:s and their e:ivipment even a two4econd outzge at our thoughts about the service they retelve from City Pubhc Service.

current production level (an cost us 150 000 in lost production hme pita pospble product gy

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_ s "The gutility of power from CPS b very good and has met our expectaticos, and the cost b Cn) Putsic Seriice follon a consen atnotmity) that ho rnuhrd in fmancial strength for the ooht).

less than ha!f as much aa a* Gut %er M has a QQ ImraNe Med ralmg hv ns Mds wah reueng low interni costs lhe

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prodacDon plant locain San Antors. the ubbty's cwc.a.

'1he comtunahan o! pace and quakty of service has cantnbuted in malung our move to nation dwing 199191 Rniden:ia! electric rates dard the fm al year comister.tif wcre in the lownt San Antomo a good bunness derision?

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cicctrt: hil for fhul IWl.Y2 was %6 21 for CPS custanwN the lownt among the larger uun in Dave Lnneciu inas ard the lownt of the 10 hrgest cincun the U S Site Serace Man;get Coq conunist cf bns hwe wntnha ed signifamly to the W ran enjoyed b) cu40mer5. In an VLSt Technology. Inc effon to cut costi. u.if f was redaed 6 6 rercent thwgh auntion by the eid of the fiwal year when compared with the rmmter of employees in Deumhr 1% If empio>en hired to staff the nea 1K Spruce Plant are suhraded Inim the personnel Mength. ihe u tif redaction staid at 93 percent at Sear-cad shen wmpared with 19M 0gurn T<tal operating nienso for the 3 ear wen lower than foretastund the pnar fncal > car. U76 milhon compared with U42 rmhr in 19491. Fasorable f uct prico represented a m.yor fxtor in reducing utus th: as er' age cost of fcel for generation a as 9 cents per onlhor DTUt a low et hn el than in e)

) car Since 1974.

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r During 199192, CPS mld $3%7 millum in refunihnthods lo sefmance alder, h:gh-internt ps and eketne sptern bonds aist to t omert $30 milhon of short-term commercial paper to kopr-term torxh w hik interest rates wcre low The actum to aJiance ref und older hmi a ill me CP.s customen $1.4 a

She free energy surveys you've made aval able to $ M numon annWor 12 ganA new M were W at an interni rate oN imnt &

averap mterest rate on all Ntstandmg ps and ekctne honds a now fd5 percent, down from 7.1I to your customtrs are wonderful and dneriti e percent recorded lat par.  !

commendat on. Energy Surveyor James Raven i CPS had record ekttnc saks danng the fiwal gar w ith 12 hihon blow att hournold. The inerene mer j did a very thorough, professiona' lob. tie made the pro iam gc' h due to increded electm uup per custoner and an inucase of 6.1Nk ustornert O,n rne aware of s,ituations that were washng W were up 14 rd fmm ik prninus gar, with 24 8 million MCF wid dunng 199192.

energy and recommended ways to correct .

Total intnue of 1815 4 million for the fncal gar dechned Jnpite the greater electrie and ps salet i them. I also appreciate the materials he W rhion inunkW to tk lower unit (N of pund eWricity au rnuk of the conimuing trend

• provided with repara to ulikang energy more of bwer emts for prieration luch and distnhution pt efhciently, I learned a lot.*

Genelsuchen sad Opoes.hona Mrs Calvin Bailey Gdy AsMk Zeues continud ih Mhg psc9 sam to psosah cualomest euelleJ uuse Haaup/s mdesn, wdim+!&djacddat.

By fiwal par end, the LK. Spruce Plant, being constructed under a $444 million fixed price contract, was 94.4 percent complete includmg cripineering. pmeurement, construction and fabrication of equipment. Completion of the unit in the summer of 1992 will add 5(0 mepwatts of coahlired ,

. pnerating capacity at Calneras !.ake in wutheast San Antonio wherv hith coal fired and putired  !

plants already operate. The plant v ill use low wifur coal u hich is brought by train imm Wyoming and  ;

will share mme coal nandkng facilities with the LT. Deely ihnt.

.The Spnre Plant will function with state of the art emimnnental equipnet.t. includmg a scrubler which neutrahtes sulf ur diodde ps into calcium alfite and sulfate and a baghouse sptern to renm e fly ch_ The equipment w ill allow Ihe utiht) to mainrain high standards for air quality in the San Antonio area while bringing the niihty's total pneration capacity fmm cod to I#6 mepw ans. [

A trammiuion line to connect the Spruce Plant to the new Cagnon Rsd Lteamn wauumpkted dunng 199192. Buih at a cost of $11.2 milhon, the 345 Othoh doubk circuit linopan 3x mikt W i Capon Road Substation. neady compkte by par <nd, brinp la three the number of substiam in the CPS system w hich hae auto transfornwn to reduce vnhap from 345J1Xhohs to 138JX(1 CPS crew s kpn wori6 on the Parwm Street Substation w hich w ill pros ide addhtional reliability for the downtown ekttric network ark! aho will sene the Alamodome, a 65/Obseat muhi t:se facility ,

W scheduled for completion in 1991 The substation is being tied to the CPS spicm by a iRWhoh uralergmund tramminion line.

Comtniction of the Spruce Plant, named for retired General Macapr LK. Spruce,cominues the utihty's philosophy of diversify ing iuel used for pneration. The propam w a begun w ith operation of Iw o coal-fired units in 1977 and 1978 and centinued w irh cornmerciakperation of the South Texas Project nuclear i plant in 19X8 and 1989. CPS ow m 28 percent of the nuckar plant located on the Te xas coast and receim

• 7(O riepwatts of electricity e its hare w hen the pl. int is at full power. i 5

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- The use of low -cost eudear fuel and coal is opected io inerease u the Sprua Plant como on lme dunn# "I would hke to take this opporturutv to expren f IW2 and ite nuclear plant maturn u ith rnulting imprmements in perfonnant e. lkcause toth nudcar my gratitude for the kind, underst;mdmg units w cre refueled for 18-month operation dunng 1991,(ni) l'n t I m ill be out of sen ice for refuehr; manner in which CPS handitd my account in 1992. Esen with both units operiencing refuelmg outarn dunng the 1991-92 fiscal3ear, STP projuced 15.3 billion Lilom att boun, achining a capacity factor of 69 75 percent. By comparison, the when I was facmg both unemployment and plant operated $5.2 percent of the time during thest year 199n91. illness Dunn; the year CPS was able la increase its use of riuclear fuel, the least npensise of the fueh used Navmg eshdusted my savings on medical and for pneration. CPS received 34 percent of its generation from STP, compartd with 26 8 percent the kving espenm. I was !eafly in a financial i previous ) ear. Coal accounted for 42 percent of the pnenttion in 1991 92 and natural ps for 24 percent crunch. Your kir.d staft worked with my CPS cudomers set new records for hourly peak demand and 24 hout usage. On August 21,1991, teth actount. assurng me mf serytce would not b records were broken e the hour!) peak demand reached 2J99 negaw sm, up fmm 2J 17 megaw am in disconnected and ptving me words of June 1990.The new 20 hour2.314815e-4 days <br />0.00556 hours <br />3.306878e-5 weeks <br />7.61e-6 months <br /> generatkm record un set at 51,419] rnepw att hnun. up from $ 1,115.8 ,

m wagement mepwan houn the previous par,

' Atthough it was a rough time in my life, something very positive came out of U l met some very wonderful peopic wdh tariog Gammanuh hepuna hearts Note that i am ga,ntvily employed and my heatth ts improving I want to t,ay tharit you GPS emp l oya damewdsalat thus suppost jos & commandy ikwg4 to all the Crs em layecs wha assnted me padicapahan in L Wlat khy campa4n amtt/u GPSadwdm pwpam, dunng this trying time. M/bgnts shine boghter Gommunity propama alto includeddalely demoMisalaws amlcoMoudion because you were there when i needed your psopami, P

ln in second full ynr of operation, thc Volunteen in Pubhc Sen ice, a program to matc h emplope talent >

m ith nreds for volunteer work in the community, contributed 8.265 houn of time to community service.

The volunteer wori carned the VIPS recognition by & United Way of Bnar County as the Corporate A Grateful Customer Volunteer Group of the Year.1he American Public Power Awociation 1 national orpniution aith apprmimately 1 jf0 municipal utility memben, prevnted the 1991 Community Sen ice Award to CPS to recognize the solunteer progrant CPS employe: aho showed thd concern for the community through pameipation in the United Way campaign. Despite hasing a reduced number of emplo)ces to contnbute, CPS surpassed the proious year's donatiom. The contributions of $143J35 surpassed the goal by 6.9 percent, wning an all time record for gising at CPS More than 1,600 employes are naw Continuous Given, who automatically donate their Fair Share each year.

City Pubhc Senice continued to take its menap about safety and conservatico to the wmmunity through presentatiom to school classes, busineun and community orpnizationt During the yar, CPS penonnel prnented information about the efficient use of gas and electricity to more than 34,400 '

renom, The utility aho launched an Energy wise Apphance pmgram to inform cusunnen about the -

mmt etTicient refrigerators, freezen and room air conditioners.

CPS opanded the Pubhc Safety pmpm thrwh the preentation of 682 safely programs to 64,626 penons.The safety messay aho was tarpted at parents thmugh the media to emphasite the importance of safety for ch31ren Special children's prograrenung on te'.evbion then reinforced the mnsap.

6 p - - - - ,

-e 4 m y

,+ . . - -.- _ - - - - - . - - - .. - - _ - - .- - - ~.- _..--. -

'I would like to pass on accolades to CPS and ReWionWps u ith the San Anumio businen communit) were continued through special progrann. The

1. # "# '# * #"""'" E ****E"^"

its employees for thair high standard of j clectrkity. Semman for unall businen ow nen w ere held to pros ide information about patucts aceded excellence in deahng with Cttstomers, at (TS and the requirments for dom; busineu w sth the utility. CPS also continued its work w ith the especia9y Ester Georges, whom i spoke with Ecmomic Devehyment l'oundation. an organinnon dedicated to attracting new busmen to the San  !

regarding a CPR blli that had been stait n Antonio area. CPS penonnel pros ided uttbty plannir'g auntance to businewes w hich decide to locate l in tie tarea.

alorig with my Car, "Your employees who assist customers via the telephone are without a doubt the most i tourteous and helphil that i have evet had the  :

, Messasasel8/codspe( .

pleature of deakng with.,

Jr,> Bowman Mya, . eda Godsdlleft//se Bea ulol %tha alli<e asmphiun ollas hsm oj oll ace M4 31, t991. Else wa sepkcad lu, Myas Rdun 10dll a l% >

ol{uso % deo.  !

Gloria 1.ral llemander was elected to her first fise-year term on the Board m June 1,1991. She had ,

sen ed on the floard since June 1989 m hen ibe w as elected to fill the une sph ed term of Lila Coc k rell w ho was re<lected Mayor. Mrs. liernandez, the ownet of ahoicule and retail buunem, will be cliphle

! to sene two fb e-year terms.

Robert J Costello, Anistant General Manager for Operatimt reured with 35 ) cars of senice, On his retirement, the responsihiiit;es of the job were dnided ktween Kenneth J. fidler, Anistant General ,

c Manager for Operations and Joe O. Trevino, Asdstant General Manager hv Transmiwinn and Distribution Engineering and Conuruction.

i B,ag,,.a h /ap ~/ '

As Gdy Ikstu Bowice sepiniits ydden annieeuasy year, itse utdss,6ds .

alwadto a 4sipid{sduso wd/s continued empfsatie on cadames dowks.

The cif yi cconomic outhd conunues to impnn e, follow ing the lead of the other large cities iu the state.

Busineues have selected San Antonio for their expanded operations increasing employ ment opportu-mties in the manufacturing, biotechnology and senice industries. During the year, Golden Aluminum, ,

a subsidiary of Coon, completed construction of an alurrainum rolling mill on land leased from CPS near .

^

O the Braunig Power Plant. The $l70 million recycling plant will employ about 200 worten and is expected to be the utility's largest customer w hen the plant is in full o{rration.

A resort hotel, which is nearing completion in west Bexar County, will add another destination foe tourists and convenhon participants in a cit) that ah eady has many rtractions Fiesta Texas, a (heme part owTed by Nashville. Tenneswe bawd Opryland and US AA, a krally headquartered mutual insuraxe ctanpany, w ill open in the spring 1992, adding another s isitor deshnanon to those that alread) esist, such as the Alamo, River Walk and Sea World 7

t 4

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f Daring the year,ineral telenwketmg companie dme San Antonio for their buurew espansnirit AMR Corp h operung a rcsen ationcenter u hn h w illemploy I Diopersono ho w illinale internaikmal

• airline rocnationt QVC lione Shopping Network will kgin operahm in the summer IW2 of a

%nce 1949. the Department of Defense has telephone der Min whwh will ernplo) 2DU. City Corp will epen a tekphone cuuomer hen ke 3

conter in the spring lW2 with an employment projectwn 017$0. hee buuncun jom three which i depended on Procttion M&ufacturing antwnced teknwketing espanskm in the pc km ) car, settiny a trend in doelopnwit of the Company for supphes and aircraft mamtenance tekmarketmg industr) m San Antonio. ,

support Through wartime retessbns and e ren t,ome prottenty, we have rel+d on City .

Pubhc Service for our power and t;tey Service "In the O years with CPS, we have never had a Mas /ased iteNMd , , .

<iay lost rlue to lack of srrrvice fven the offects ,

5 of tho infamous lesas weathu have resulted In g; jj,, fn;;,,g3 ej;,aj, ca,jgu,4 f, p,,pw,, ,,)ga, gaf,,;, *g pop,f,ju, only shot 1 puiods of outage; 9 swa, f 67,000 now lc44 ase psejadallo le added by lho yua 200C 1/a

> 43 years tA service ~ especlod Astuliof flso inesosiing ; yudallim wdlis an ewseate ol200,000 Not Gne complaint. eladsic catimo si 4 92010. Cladsk tales ass upacled to psow al w s<aosa9e nehabihty and servite . """Ml **!* *l 3 8P****"ll"'Oct lA* ***l20 W '* "" 0 ll" l**" 'If P**b Aboye reproath 0**"'"A A "f"*l*Al* i"*'*'4* O'3 P * **l'"""'Il9 l** N'* "** f*"*0* Al .

• T hank you. from the over 250 f amlhra of lla tame time, fidsdwlan Y"a talet ase upacled bs dec]4a sliphily at ap*oliances femme mass r{lteientand psawl4 in lhe pat agilem almt.

workers throughout the Nstory of our Whde the number rd gas cuuornen h o pected to grow at (tw rate of only I p!rcent atelually during the cormany and the thousands of servicemen M5 horizon h kutfacing through the potential lc,r using comprnsed natut al cependmg on us dady. for your dependabMy " ps m a fel for v ehickt During 1991 91 CPS conmted 12 s chk ks in in nect lo opersic on luth CNG and psolmc.The pilot Program v. ill tot the grform.mee of vthkin operat mg on CNG and w di pnw hk Edward E. Anderson irifonna&m aWut the ef fect on mintenance costt in the sprii., of 1492, CPS espera to compkte p g - constructmn of a facilny to fuel in convened whkks and to increaw intern: in tk use of CNG.

and. W fueh dimufkatien pngram w hkh w a kgun in the 1970s allow s CPS to amtinmekcting luch for pneration based on ccmpetithe pricer with a psithe rnuit for customen' billt Because of the positive pricing projection for coal, CPS e specu to genenie 58Frcent of in ekctricity from cual in the b'""# "# #

3 ear 2001 Nuckar iuct is exgcted to prmide 24 percent of the generatmn. iu percentage deciming as Precision Manutacturing ComNny . a roult of the grow mg electrk load on the CPS sy uent San Antunio'. Texas

.lhe utihty w ill king on hne a $0imepw att coal fned platt dunng 1992 and don not aniipate adding ,

other large capacity plants until after the turn of the centun w hen either a lignite. powered plait or an additional low aulfur coal plant k neccuary, Any capa,;ity required in the interim period will N prmidalby pefited peaking unitt l

2 CPS cuemen w cill' ontinue to paylow taten. a ttend w hkh hasleen in effect ence lhe carly l%th. Since

- 1 %$, the prke of reddential elcvtric sen ice has 141kn from 7,$4 cenh per kilow an hout to 6.4 cena fot the 1991 92 ) ear. ReWential bHk han dechne d itorr. $ 102 h3 for t ,(4) kilow att hours argl $,000 cubk feet of ps in 1985 to $461 in 1991a decrea e of ($ 6 percent if adptments ce made for innatim.

the est of ekctncity today 3 shnow ilmame e in the eerh 1970s. -

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-This k:ttet is to ot over cut thank5 and

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• We erturned home from a toc'a! functon t?

w f.(, ,o ,.

lj<44 ;, '

a r hnj that Ibc poner line in our tutk yra he

, 3+ 1 ..

hb* I )//;4 ,) ) , .5 been Kho(b ed down tij & 40 j0Cl 50LbO4 Of

.< ,f !R ", .je% < . ,,(

-t bya,; , - l, . &jy>j',', -44;, gs 4; )j ,>a,

., gi tf ee and we were completo in the duk We A s 6f, taHed CIG and wnt,1015 e uen v. cold t>e lr , ,

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dApalt hed as vxn as postre. At chout 131 4

'4 a tr . two rneo arnved and Mnm 15 m notes

1. 'fPi"r ed the hne L., , 'h , , -

"We know th.11 they were just doing their job l 4' "j,. Y p.,3

gg .

• * ' $76

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• appic&tted their hm! wutk lit ept Icr one y "[ thdd wha enpyed hving by candlebght we

. were all glad to ha,e our poner testved and sealue how rnuch wo take dectnaty to:

Future utility prices are espected to rise,but lew rapidly than the overall rate of infianon.The as etap Ut und Ws Danny Warner ,

annual electric uuge also is expected to rie as more appliances are ad&J to the nuri.et.

sin oo. m I

emn sioo n 7m u m

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$0 00 ~D I

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~ O N,t Y A n.n ne nu nw ne nn oim tz:1 w.in. ra o..

Continued gma th in the San Antonio area that outpaces the natia.al userage,competithe utihty rates i

and the ConNnuing tr8dition of eteellcal(ustomer sen ice pros hk'd by CPS combmc to Crem a pith e ennronment for the utihty.With a fioc oryanitation in plxe and a tradition of escelle nc e spanning a half.

, century CPS kds ahead te future opponun!!ies to sene the San Antonio area The utihty uli continue la achies e its geal of provklinpafe, teluble, low-Cost n.uural gas and electric en ice for the tri.etit of its customers.

10 1

I j

M &Q 14' . - < .  %

l g Left to Right.

Pat legan. Cf. airman Legan Prrpetties Dr. Hank Bryant Vice Chairman -

Physician - d7i I * ,

g ,

Al Ale. man. Trustee Alernari food Service s

{h h.' --

(

.'.[

.- Gloria Hernandet. Trustee Guchy $ Flowers and Gifts e, g Nefoon W. Wolff, Es Orficio t rustoe ,, e <

Mayorof San Antonio i! .. ;

w,b . . . .

$N A$eneVegeneanl& y.I, ' ?. _ ,,'i_~ -

, i' l

Left to Right 't  ! .

. Arthur von Rosenter0. Go,eral Manager

= Jarme E Arte4, Assistant General Manager hi for Planning and Development g 4 . - .

l Keiineth J. Fiedler. Assistant General 4' f 7, g,

' Manager ter Operations -

{!

Howard Freeman, Assistant General Manager m p ppg - ! 71 -<

I for Finance p p;fb }f y , , PL4 n t ' netilHarz, Assistant GeneralManager i 'N O Lr Adm(nistration s-

.' Joe 0 Trevino. Assistant General Manager

- for 1ranstnission and Distnbution Engineering . ;. s .

^

and Construction - ~

)  ;

y n

_______________.__________.__________.___._________________________________________j

~ ~~ ~~ ~ ~~

, JA 1.

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C(h% 2>p slmeal Mgn D

Ralph E. Alona - Leonaid 11. Ilill Custorner $mkes Trammission a d Dntribution Engineenng y

i Steven Braunet Cy liukhinson Adminhtratisc Senices Data Iwessing 5eni:n

, Manin F.Clauwv.itz Jthn L Leal Power Plant Diginmeg iv.rmnnel Anthony C IWards JamnW Pettinos Dsployer Rdatims Constructina

f. ;- 'Nict llores Dmaid R. Sdat!

Operati.ra Ge Engineering aix! ruels 7- louis S.fletLenstein Siewan Schoofet ,

Materiah & Tramportation legd Smices Paul R.Garza Dartura K. Stover Field Administration Public Relations Wallace 11.Geivier fxc3td 5.Thmns

' Generation and Emironmentallanning financial Sen kes

g-C' Willima C Gumt

. Production .

t a l

GENERATION (BILLION NWH) . . CAPACITY (MILLION KW) 16 r-6 L

12,3 12,5 12.0

~

M2 11 4 3.9 3.9 3.9 B'- -3

[ 0 a i

'1988; i

' 9 80; FIGCAL YEARS -

i 1990-11991:- 1992

O r.neing January at

-l E"3 G AS/Oll - E COAL M NUCLEAR I

1

- 12

.T-4

? ,% ll k,::

---nn.- -

,, j I

1 A' - ,

4 SuuuudLemmap Gu Gaed 1/se 1991)ur - "

s l ELEC1R C SALES Cu) PubMene ui nmued ronperience financiaktabihty danng IW142. Respondhk fiscal and  ;

'****"""'# facihty pdiact hue rewited in the utihty's assets totahng afnwwt $4 6 bilhon.one mdwator of the l

. ,,, gg utibryi fmarxiaktrevigth Net unhty plant WrencJ by wrwtrtwtion e5 pend:turet pnmanl) for the  !

t

{ j h g coal 6 red pneraung plam cunmh un&r ne.mnon. The unhty nonnued te recein highly l

\,.. s 7 a h q4 9a n favorable ratinp far bonds and ovnmercial paper from wsetal pomment Grmeial naluatum '

W L %m 1 5 wnicn. une rating enabk CPS to compete for the kmnt pruibic mtere i cosh on new debt

. A , y 3- t i .

'! h %s h Y M l

,d - - b .. _ , lN. . 1+ incir g enola for iWi-92 induded iss.uing alnxest $337 millum in borah to rdund prnt higlier.

inwrest lunds at km et rato to achin e nig mfk att mterest wmp thrcugh the y car 2mt. De fir 4ancial strategy aim inclekd umveibng 5200 milhon of comrnencial paper to keg lerm baluturing thh GAS SALE period of kiw miacst rain to omtrol interest nwa and other ddl nirnses.

raw w.<a ene.p S .. si ,

-" De $160 milhon wtstanding balance of eommercial p.mer at yeaand had a u ciphted av erag intere st

--] "'

fate of 3 47 percent. Also, the $15 bi! hon of net rnenue hnnds ountandmg. ixtuding rurren maturities, n of hnuary 31, IW2,had a sery lavorabk d.M percent weighv nerage intereu rate.

• l' '

l_l"*

Total dectrk saks wcre a rnord 12 billko Lhowan innn in fhcal car 3 IW142 and centinued to f- -

rvun1 nulot gmwth w bkh haden the trerd m recent > cart

,E __ ._ .

3 Total gas sain of 24 8 millmn MCF acre shghny inere than last year. Ce sale: renected milder weathu for the savnd occuthe Scar.

. Grou revenue fa the ynr totaled 4 Ii milliota shght det hne from the pnar yeuEcctric fuel and CAPRAL e.w w E.X.P.E.ND..IT.U,RES e .a ei gn cmn ramenes deem:d and ofhet arcav.J rc.enae from the 4 percent aserage ha e rate

{""I~{

4 a

=

] "" increase implememed at the beginning of the fiol y car. !!!ectne sales accounted for $672 mil:nn in rn enue, more than 82 ;-rcut, of total CPS rn enue in 199142. Om vstem ules pre heed more than u.

• ~,,,,,, ,,, ,,,, 13 percent, or almost $ 107 milhon, of rotal rn enue. The remaining 4 percent v grms rr venue, about 4 .

- $36 million, remhed from interest on imestmenn and other miscedaneou xome.

4 n

, o I f.,,I_ Revenues v hich re0ect the recoveries of the cmt of fuel and yn w ere Ow n thk year due to 7 pexent

, -. J. l m ,,

'" - "

• mm generation with kmer cmt nuckar fuel, reJaced gat prien,and larger coal Igigathe settlement

" 1

. as au o,= a se m man .""

uedia which served to reduce coal (mts being passed on to CP) customert De nerap raenue of 5.0556 per KWilicfbeted the lowest cost to CPS ekctne customen since I M Tohl ga rcunne u n up 2 S luem canpared to ibe last fiscal ycar due in the ntte increne and

. FUNDING OF CANTAL FROR.0TS 0"*'*"'"""2"'"*'" 10 the incened pualet Gas rn enue per MCF rose ksuhan i percent, from $4.25 to $4.28 per MCF, ,

0 .- Operating and maintenance expemes for the thcal year amounted to $376 million. down from SF2 milhon the prior year.The 5175 million cmt of fud for pr,cration and ps for snak accounted for more 3 .-

g= }/ 7 Y

= } "" . than 46 reteent of die costs to egrate and Nintain the electric and pu> stemt Ekctnc generation s  !' N_ fuel ants decre.ned more than 14 percent n a inutt of the continuing henefin realized from gicater

~,,. generation from lov tmt nuckar luel nl reduced prices for both natural ps and coal during the 3 eur_

. " .b

,.o

m. . .' caso. Nuckst fnkd electrk generatam renoted for 34 percent of CPS pneratkin for the year, whiie 42

~.u n. .,. .

m u,, ... .

percent w u from coal fuded faciP.et Thne fuek prmided the low nt awl fuckources fw 1991 -92.

13

j ;, + 1 L-I CPS use of natural gas has declined padually and ryeevnted only 24 percent of Mal CPS generation ne cost of gas purchaw I fu electric gneration and for resale to customers alw dahned during tbr fi<al) ear. I kn fuel costs for the South Trus Projn1 (ST19 nuckar plant increased fnim peater operatmg heensingLes,administrt!kmexpcnwArnaintenance,andDecommissioningTrudundpayrnents All other CPS operating expene, which accounted kr M percent of total operating and maintenarwe costs  !

reflected a small ads anc e from the pres ious ) ear. Re small inereese points to the ellects of ef fmtutaned j in late 198910 reduce staffing les els, labor and rehted expeac, m view of the slowet custaavr p0m th experiermi for rieveral ran.  ;

I ikterquirenrats, almost entirely fiv pnncipal :nd interest on hmds ami commertial pmer,increawd  ;

C fre n tbe rnor (iscal ycar. As part of this ycar'5 financial strategy to achin e lm et, kepenu debi costs,

$hhnillion inummercia' pp w a3 refimded at the sarne I;me anome oubtandmp, higher irterest hmds O$ utilim its commercial paper propam for interin financing avl opten to coniinue to )

rephce it w ith koperm debt during periods of kmer it.brest rate . l Paymena and senices to the City of San Antonio of $1(N milhm dectusnhlidilly ba<.ed on lowcr reverme. Ogratinm in 1991-92 pnwidnt ahe W pilim of rnerme to fund constny; tion which allow ed CPS more fhibility in its financing plant ti L ne CPS constnetim propam has been under a major trandtion for the past five y ears as the two STP l

units uruompkted, while sluring this saaie prialicomtruction nmtinued on a trw coal-fired i i

, Gross 'evenue and Applicatdn of Revens . 4

-l Fiscal Years Ending January 31

$1000 -

$1000 l 1 M '

[ 837 819 815

{

0-

. 77 5 le i I

N S i s

O.$500 $500 L F D

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(. y {j '

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R R S; p g W{S:

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$0 '

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1988 1989 1990 1991 1992

' @ OPERATING AND - . ,

E PRINCIPAL, INT EREST, M AINTENANCE EXPENSES AND DEDT EXPENSE E CtT Y PAY M E N T C AV AIL ABLE FOR CONSTRUCTION H.

-R

~

- - - - . _ _ m'

. . - - . . ~- - - . -. -

i 4i gneranng fachy T<ti capital npenanutn for the fhcal ycar of s 2hihon w ere the wa e.st in many years and w eie 512 mdhon less th.m tre prkv year.11e comtruction popram indaded the j K Spnn e gnerating plant, whkh regnented ahrat 50 percent of the total captal npi.diluto ai.J was 94 o, percent complete at yeared the renuimng half of CPS tapital projects, titahng aprodmatel) 51110 millite, were cintnc (ransminion Nibty mort,i9duJmg projects in prepstatuvi tot operating the new nul plant and une tenmalProrcrty mkki*t litrettiituin for elutric ud p cmtomer niensionnihpiem imprm e ments renruned at their louer inel as CPS cuMomer yrmth ciottnued the dower trend started m the ,

later 1980s. Thi. ) cu magnent implemented funhet measurn to hmit of het civutruct ion to ewential currei t treds ara

• here practral, to dela) estaditures for larger projectx as ky as prwtwal.

Commercial pan r, cathcr than toe. w w used to 'inance met 44 percent of the capital c agnjitures.

In nJJinen. rn enue fmm enent and pior >can fur.ded $95 rnithon, onhyhtly nu e than 41 grtent, of 1Wl 92 rapital oms, l.it;ption proceeds anJ cust.nner amtobutkm ponied $11 mdhon to f ve i the capiul program, mmunts u % h *ete ewentially the ume an in F*r 7th

• CPS espects to fund its twer capital nents duriny the nest few yean principally from rnenue argl conimerual par. bing-term lends a di contmoc to be used priodic.dly to ath arwe refunu tertain new serin bonds hit interni saiinn and to comert outstanding cornmeruil part to hg tern, dctt in perke when internt t.iin are a.hanopaut

.. Expenses

. [,

Fiscal Yenes Ending January 31

$500 $500 M

[ '$390 $401 $392 gg

'y $358

.O 1 ,

H l 8-O $250- -$250 F

0 O-L 4%

$. w -

Q b $

g ]  !

iIg l h n y o# .:

3 ww

$0 9L -

F-- i - $0 1988. 1989 1990 1991 1992 L23OTHEn M STP OTHER M cosi Or ruEt.

OPE R ATIN G OP E R ATIN G AND Q AS EXPENSES EXPENSES

y g.

t: ,m ,>

lij . ( '!h% r m

N . : (n " Balange

~

m January 31,1992 $ts 1991 ,

+

V' . i m: ,.E 4 Ne'en. 1992 . .1991

v. ..

aa hawo

$.i'=!C ' = A53613 '

1,3.9 Ps , gUTIUTY. PLANT, at cost:

' " - Electric........... . , . . . . , , . - . . . . - . . . . . . . . -. , . . , . . - .., .. . . ..-.... . . , $3.555,434 - $3.499.431 L Gas . . . . . . . . . . . . . . , . . . , . . ,, ,, .. . . . . . . . . . . . . . , . . . .. . . . . . , . 241,777 231.421-

p ' Genetul ... . ... i..m a .. . . . . . ... . . . . . . . . . . . , , .. . . . . . . . . . . . . . .. . . . . . . .. ..... . 99,983 _ 46bl6 _

' Total plant in sen lee .-... . . . . . . . . . .m., . . . . . . .. ... . - . . . . . . . 3.M97,194 3.827.544

---Im-Aceumulated depreciatio*t . . ..m. ........_............. . . . ... . . . . . . . 806.770 708.212

- Plant in s rvice, net . ..... ..m .....m. . . . . .. .. m. . _ . . , . . , . . . . .. .. . . . 3,090,424' 3.123.292 .

E fonsttwtion work in progrew. ..m. . .m ..o . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . 616,719 473.940 Nuclear fuel len accumulated ame:1ication t.f $51.208 in 1992 tust $31.525 in 1991. . .. .. 94.128 109,390 Ikid for futute use... .. . . . . . . . = . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. . 33.N00 33,501

' Utihty plant, ne .. .... .. . .... . .. . .. . ... . .. . . . . . . . . . .. . . .m. ... . . 3,h35.071 3.740.123 -

g

. . ~ _ - . ._ .

r .,1 NESMIC'IT.D CASil AN() INVEST MENTS: ... ... ., .. . . . . . . . . . . ... . . .. . . . . 1.2.3

Bond resene -

- Njd hetleh bond 1........ .. . . . . . ., .u .. . . . m . .. . .. .. .. . . 4 4 'l7.637' ) 7.5 #4 g , New setihs bond s . . ._. .. ...i.u. . .. . . . . . . . . . . . . . . ... . 4 206.697 142.M10 frnpimements and contmperdeg rund . . . . . . . . . . , . . . . . . . . . . . . . . . .. .. 109,645 1h5.703 4_ Oti r ...m.am. . .. . . .. . . . m m . .. m m . . . . . . . . . . . . . . m ,,, , , ,. . .. . . .. 1 -

15.630 48.N86 -

f  :

Total restricted cash and investments . . . . . . . . . . . . . . . ... . ... . . . . 349.609 364,953

CURREN'I' ASSETS *

- Cash, including temporary cash investment $.. ,. ... .. .. ... . . .. . . . . . . . . 1,2 49,M54 73.916 Cash restricted for payment of comtructkn retainage payabir.. . . . . . ... . . . 20,673 -

Cmtomer accounts teccivable,len allowance for doubtlui accounts of %2,2!5

52,957 in i992 and 51.856 in 1991.... . .. . . ... . . . . . . . . . . . . . . _ . . . . . ., . .. . 55.746 -

Other arceiv,2bler. .. .... ... .. . ... a... _.. . . . . . . .. . . . . . . . , . . . . 9,10 27,690 45,116-

Inventories and supplies, a; average cmt - ,

1 Materials and supplir .. .. . .. . . . . . . . . . . ... . . . . . , ,, .. . . 49.288 46,402 Fuel sta k . . ... ... . . . . .. . . ... . . .. . . ... . . . .. . ... . .. . . . .. . .m... 27.210 13.555

- Psepayments . . . . .m . . ,. . . . . . . . . . . . . .. -.m . . , ,7.574 7.201 Total current assets.. .. . .. . .. .. .. . . . . . . . . . . . . . . , , .,

,,_,,235.246 242.530 -

s 1.lTIGA 1lON Stilit.EMENTS 11ENEFIIS RECEIVAHl.E . . ..-.. . . 9.10 9.601 40,5(U .

y ~ e.

DEFEVRED DEt11TS AND OTHER . . .... ... . . . . _ . , .. . .. ,. ... . . . .. . I 167.264 162.209 TOTAL . . . . . . . . , . .. m . . .- . . . . .,, . , , . . . . . , .. . 54.596.791 54.550.315'

. _ _ . _==

, I The u owspsnotying amtra we uns untettralpmt <nf these finawtal staucune nos l

r

[1.. . . . . .- -- . . . . .

I I

4 l

Equity and Uabilities Notes . 1992 1991

) '

1In towuwndo l.ONG. TERM Dl!UT:

Revenue lionds - 3.4

' Old series . . . . . . , . . . . , . - . $ $0.970 1 61.0M) ,

New serica .. .... .... , ... . . . . . .2,777,M75  ?.3N5.120 tru -linamortired discount on new sesic3 twids . . . _ . . . . . (67.953 ) (50.375 ) l Unanortired discount on rapital appreciation tunds . . . . 0 15.140) (95,950)

Revenue Imnds. net , , . .. . . . . . . . . . . . . . . . . . 1,445,752 2J01.*S3

' Canmercial paper...... . ... . . . . .... . .. .. , ..... . . . . . 5 ,,,_ l 6,(!,Da0 274/ff!

long-lerm debt. net ... .. . . . .. . .. .. , .. . 2A03.752 2.576.855

- liQUITY: . .

Approp<iate i retained earninp - 3 ItoaJ reseric -

Old ieries bonils . . . . ..... . . . . . - .,. . .. . ,, . .. , 17,637 I?,bi New senes b.uk ... ..

. , . , . . . . . . .. ..._. . . . . . . . . .. .. .. . t $4.2.VJ l40.352 Improvemertis and contingencies l'und . ...._ ... . ,. . . . . . .. . . . - , 109.645 105.703 Total appropriated retained (arnire ._ . . ..-.. . . , , . . . . . . 2M,521 263.wi Reim ested eaminp . ..... .. . ~.. .... . . . . . . . , . _ . . . , . , , , . . - . . . . . .. .. _l a467,171- IdlM22 Total equity - .. . . . . . , . . . . _ , . . . ,, 1,748,692 1,702.03I

) CURRENT LIAtllLl11ES:

Cunent maturides of revenne funds ... .. ..._ . . . . . . . - . . . . . ..,,.. . . . . 4 77.825 69.535 .

' Acceurits payabic and accrued liabilities... . . .. . . . , . . . . . . . . . . , , . . ~ . . - . '59,462 KOM6 : ,

~

Litigation settler.#ent benefits riapNe to customers..... . . . . . . . . . . . _,. 10 9,853 12,629 Construction retainage papNe .. . . .. .... . . . . . . .. - . . . . . . . . , , . , , . . 20,673 +.

Customer service deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . , . , . . . . _,_2M4.$ _ . 22,101 L Total current liabilitim ... . > , . . . . . . . . . . . .. . . . . . . . , . ,

_190.t.9 58 .._- l 8..19_.1_i

' DEIERitED DREDITS AND OrilER:

Tuitomer advances for construction. . . . . . , . . . . . . . . . - , , , , , , , , . . .. .. 5,801 MJ44 Other.........,..,........................

. . . . . . . . . _ . . .. . . . . . .. . . . . . . , . . . . . 27,525' _ ,_ 41,674

f. Totul delened eredits an4ther .. . . . . , .. . . . . . . . . . . . - . . . . . . . . . . . . . . - 33J26 $0.0l H

)

1.lTIO A'ilON $1?!TLEMENT llEN! WITS PAYA11Lil .. .. .. .. .. .. , ... . , . .

. . . . . . , . . 10 ' .. 18,063 36.500

! COMMITMENTS AND CONTINGENCIES... .. ,, ... . . . .. . , . . . . . . . . . , , , , . .. J.6.9,'10 ,

w - ;

1 TOTA th . . , ,, , .. .. . .. ,, , . . . . . .., .. . . . . . .. . , , , . . . . . . , , . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . , . . , , , , 5 4.596,79I $ 4J50,315 -

1hr arountwnyh 6r aqn are an integral punt cf the w financial uatennws 1

'h

+

0

,7 , . , , , . , _ . . _ ,a. - /

. I k.

o i- o

1 u

[ Statementsat - , s anti 7 + WEarvil ,a '

2' . Year $ l'.nded January 31.

m. .. a- - .

Noin 1992 1994 Iln k ma*sht Ml!Yl!NUth I

' lilectrio.... ..o..... . . ... .. .......y........ .... . .. .. . .. . . .. . .. $67L434 5677,062 On .........s . . . . . - . . . . . . . . . . . . . . . . . . . . . . . , .. . . . .. . . . . . 106.927 104.360 -

- Interest and ethet income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . _ 36,023 37.06M

. G l o w te ve n ue . .... ., . ... . .. .. .... . . .. . . .. . . . . .. .. . .. ... . . , . . . . . N15.384 x1H.510 I!Xi'hNSliS: I

Fuel, purchased power and resale gas- --. m. . , . . . . .. o .. . . . ....m .. . .. . .. 174,759 201.810 01ber openstidg and rencral . . ...... .. .. . . . . . . . . . . .. .. .. . . . . ..m..... . . . . . . . . . 136.'t74 Ift.081 f 1 Maintenance A.m ... .....i.............,..-............ . . .. . .. . .. .. . m.- .. 63 '@

Il4,332 bL200

- Depreciallon. ..... .. ... ..o ,. ..-......m.......... . .. .. .. .... . . . . . . . .. . . . . . . . . . . . . . 111,IiN I 4( 4 luter6t and detg cp lwnse .... ......n . ... o.....m. . . . . . . . . . . . . . . ,, .. .4.. . . . . . . . . . . . . .

201,19fll = 209.071 -

~

- -, ( Allowanec tor interce used during eomtruction . . . . . . . . . . . . . . . . . . . .. .. . . . . . . . . . .. . . . . . Ol.11M ) (22.W )~

O l'ay ments to the City of San Awmnio . . .....- . . ..~........ .. . .. '? 109.017-m . . . . . . - . . .

109f>$

ep , Tot td e qvni.es .a... .. , .... ..... ... .. .. ... .. .. .. ,, . . . .. . .. . . . . . . , 76M.723 -700.873'

&, 7 . -

. ';I,[

~ , . .

' N IIT !! A R N I NG S ; , .... ...... .. . .. .. ...... .,. ... . . ..-.. -. .. . .. . . . .. .. . . ..... . . . . . .... 46,661 27,637

-- ADD: _.

1 . .

Depreciation'.. ... . . . . . . . . . ...m............. - , . . . . . . . . . . . . . . .. . . . . . 1I4,332 I i1,!$8

" Amoitituhon of caphal apptrelation tend discount...-...... . . . . . . . . . ... ... . . . . . .. 10.765 4J03 Aniottiration of lend discount and refunding debt costs .. . . . . . .. .. . . . . . . . 15.506 13.448.

' interest requirements en new series lends (payable from imprm ements and -

contingencicaundo... . . . . ... . .. . ... .. . -. . . . . . . . . . .. . . . . . 16959 1652 81

AV A ILAllLli l'OR APPLICATION J... . . . . . ... . . . .. .. .. .. .... . ... .. . .. .. .... ... $322J33

_$)48.223 -

. ' APPLICATION; To pay long.tenu debt requirements -

~ Old series lunds -

Princi pal payme nt s . ..... .. ... .. ....... ... . . .. ... . . .. . ..... . . . . . . . . . . . . . . . . . . . . . ... $ Ii, A $ . t U.44$

Ikind reserve .... ... ...... . . . . . . . . . . . . . . . . . . . . . . . . ,, . . . . . . . . . . . .. ..-.. ...... 40 - 154 '

To reinvested camingi- net gain (lose on sale of awets . .. . .. .. . . . . (1 ) 3-f To' improvements and contingencies fund +

Minim'um requirement (121/2 percent of prms revenue) .. .. . . . . . . . . . . . . . . . . . . . .. .. .. 3 101,923 102.314 f . Balance of available net camings ....... . . .. .. ....... .. .. .. ..... . . . . . . . . . . . . . . . . . . . . . ....

234,719 ,_21317

A PPl;C NI 10 N '.. . . . . .. .. . . . . . . .. . . . ., . . , . . . . . . . . . .. . . . ... .... . . . . . ... . . .. .. -. . ... . . . 134H,224 $322]M

! '. The acenmp.myina noen air an irstegralvart nf thne f; nam tal wremenn.

4

.4 l

1 t- J

,.,m,.....~,.r

..l__.. . . . . . . . . . .

E1TMGMTQVv 5 iti .

.' ' .. ... g .

'Q, ,

.l l ,'  :

Years finded January 31.

I 1992 1991 .

an oh..uwmt.1 IlOND RilSER VE, old seiles lends:

Halance.Seginning of year., .. . .$ 17,554 $ 17.400 Addniom - Net accumulation of income not transferred .. M3 154 Dal.mcc.cuJ of year. .. . .$ 17.637_ $ _ 17,554 COND RESLRVE,new series bomic Italance, beginning of year . . . .$ 140,352 $ 138.7M Additium - tramist from imprm ements and contingencies fund for debt sen ic e. 13.8K7 1.58K ll dance.cnd i of 3car . . . . . . . . . .$ 154.239 5 i40352

~. . - - . -

IMPitOVEMENTS AND CONilNGliNCIES l'UND.

Balance, beginning ol year . . . . . . .

. . .$ 105.703 5 10X.$36 Additiem -

from application of earnings -

Minimum requirement (121/2 percent of grow resenue) . . . . 101,923 l02.314 f,. dance of available net camings . . . . .

234,719 200.117 Total .. . . . . . . . . . . .. . . 442J45 _ 4_20.167, Deductium -

New series lunds - . ,

Additiom to rnen e . . . . . . . . .. .

13,8N7 1.588 Pay ment of bond interest . .. . .. .. , .. . .

I M),959 165.787 Payne t of tmd princip;d . . . . . . . . . . . . . . . 62,520 $3.625

. Coni.truction expenditures . .. . . . . . .. . . 93J31 93.4(4 Tot al . , . .. . . . . . . . . .. ... .. . .

332,700 314.464 Halance, end of year . . . . . . . . , , , , .. .. . . . .. . . $ _ 109,615, $ 105,703 REINVESTED EARNINGS:

llalance, beginning of year.. .. . . . . . ... . . . . . .

. . $1,438,422 $ _lfo9.604 Additions -

From imprmements and contingencies fund -- .

, For comtruction .. . . . . . . ... ,. . . . . . . . . 95J34 93.4M

.- For new series bonds principal pay ments . . . . . . 62,520 S M IS From application of earnings -

For old series bonds principal payments... . . . . . . . . . . . . . . , , , 11,500 10.945 Net pain (lossi on sale of awets . . . , . . . ... .

. .. . . __ _ 11 ) 3 Total .. .... . . . . . . , .. . . , . . 169J53 158.037 Deductiom -

Deprecinion . ... . . . . . .. . . . . . . ... 114,332 k i l,l'M Amortiration of capital appreciation bond discount . . , , , , .., 10,766 4.703 Amortitution of tend discount and refundmg debt co>is . . . ... ... , ,

JSJM lh448, Total ... .. .. . .. ... . ... , . . . . . . . . . . . 140.604 _129309

~ Balance, end of scar ., . . . .. . ... . . .. .. $ l 4_67.17, I

_ '$ l_.4V 422 '.

~ . - - . _..-.--.-

ne u. umiun.uae wrs are .m onueralg,arr of avepaniwiuownn.

9 1

4

- Ah- _ _ . _ _ _ _ , . _ _ _ _ _ . _ _ . _ _ _ _ _ _ _ _ _ _ . , _ _ _ _ _ _ _ _ _ _ _ . _ _ , , _ _ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ . _ , _ _ , _ _ _ , _ _ _ _ _ _ _ _ , _ _ _ _ _ _ _ _ _ _ , _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . , _ _ _ _ , _ _ _ , _ _ _ _ _ _ _ _ _

.y Statements of Cash Flows " .

1 Yrm Ended January 31. ,

1992 1991 Ifn Ilwatomh)

- CAsil FI'.OWS FROh! OPER ATING ACTIVITIES:

Net camings ... .... . . . . . . . . . . . . , . . . . . - . . . . . . . . . - . . . . .. - . . . ... . .. . . $ 46,661 5 27.637 s Noncash itenn included in net c, rnings - ,

Allow mee for interest used during construction. . . . .. , . . (31,418 ) (22.093 )-

Depreu Sn expeme .. . .. .a . ..-. .. .. . . . . . . . . . . . .. I14.332 111,158 L  : Awtintion espense -

4ebt expense '.... . . .. . .. . . . _ . . . . , . . . . . .. 11.789 10.382 Di vant on new setics lundu.. . .._..... . . . . . . . .. . 3.717 3,066

$ . Amos nation of capital appreciation tamd diwount .. .. ... . .. . . .. 10,76t> 4,703 las (gain) on sale of mility plant..... .. . . . . .. . . . . .. . 1 (3 )

Changes in cunent awts and current liabilitie. . ..... . .. . . . . . . - . . . . . . I13.335 1 13,080' Proceeds fmm freight litigation wttlement . 4 . . . . . . . - . 17.565 11.500 Refund of freight litigation settkment bcnefits paysble to customers.. . (20,110 ) (10.087 )

J Dettease in other essets . ..... . .. . . . . . .. . _ . . .. ., . ... . 15.262 3.206 Inciease tdecrea*.e)in other liabilities.. . . . . . . . . . . . . . . . . . . 17.141) 5.941

, , 1 Net cash pnwided by operating activities ... . . . , , . . .. . . . 13M85 160.490

NET CASil FLOWS IMOh1 INVESTING ACTIVIllES

, Proceeds from sale of utility plant . ._.. , . . ..

. 4

- Additiom to utility plant . ... ... . . ....-..... 4 . . .. _ . . . . . . . . . . ,, Ll98)M_7 ) (250,^27 ) .

Net cash used by imesting acthities. . , . .. . . .. .

(198,3 17,) (250.623 l' CAsti FLOWS FRON1 FINANCING ACTIVITIES:

~ Contributiom in aid and customer advances for comtruction . .. . . . . . . 2,720 2,179

Sale of refunding borids ... . .. . . . . . . . . . . . .. . . . . 335,055 -

.L, Sale of commercial paper ... . .. ... .. .. .. . . . . . . .. . . , , . H5,IMH) 150D10

> - Defeasance of bonds refunded . . . . . .. . .. . . . .. . . . . . . . .. . . . . (123,645 ) .

Coimnercial piper refunded. .. . . . . . ... . .. . . . . . . . . . . . . . . ..-.. (200,000 ) .

Debt cost s . ..... .. . .. . . , - . . .. . . . . . . .. .., . .. . (3,802 ') -

? Excess of teacquisitism arnounts over principal of tends ref unded in advance .. _ .. . .. . (9.737 ) -

< Principal payment 4 on revenue bonds._ . .. . . . . . .. . ..e.. . , . . . ,, ,.. .. _(74,020 ) (M.570 ) .

g < Proceeds from STP litigation settlement. . . . .. . .. . . . . . . 30.000 30.000 V  : Nel cash prmided by 6nancing acthities ... . . . . _ . . . . . . _ . . . . . . . . .. . . . . 41.571 117.609

' NET INCREASE (DECREASE} IN CASil AND CASil EQUlVALENTS.

.,.. . . $ 08,727 )$ 27.476

' 1 CASil AND CURRENT RESTRICTED CASil including temporary cash investments:

1 lleginning ofys 4. . - . - . . . - . . . . . . - . . - . . . . . . . . . . . . . . . . . . $ 73,910 5 49.597-L End et" , .......,v.&...., . ....a.., . , . . . . .. .. . . . . . . . 70.527 73.910

@uOy tecreair)L . . ..

(33._831 24.313 RESTRIC" g t w FAND INVESTN1ENTS: 's Jegimting es 3 ar. ..... , . . ..... ..... . ,. . . ... ... ..,

. g. . . . . . . . . . 364,953 361.790

E n io f y ear , ..... . .. . _. . . .. . .. . ,. .. . . . . . . . . . . . .. .' , , , . .. . .. .. . 349,ML9 3M,953 7

Net len:rease (decrease)..... .. . .. , . . .. , . . . . N ... s

, . . . . 0 5.344 ) '3 '63 g , (NE'1 INCRE/.SE(DECREASE 1IN CASil AND CAS11 EVUIVALENTS , . ., .

$ (lf.,727 M _ 27.476 -

.. -. n- -

$ Y45 $.NfhO N{ NU$D $ s

.'&Sf ((hhf\(p$&W.d$Y{ UD i

e, m

-g 1 .

1

IMQT[Nrn A :Jaticaly$$92ssidWst

~ ~

1;a .- .. . .

, ,. s .

1. Sumnety of Significant Accounting Policies to general and adminhtratne purpmes that are used wm-OP.G ANIZATlw City Public Sers ice (CPS). a mumcipal " ' " " i" d#""" "" E d' "I*' dU""'

utility owned by the City of San Ante.nio tthe City, prmi.les CPS nuaputn depreciation ming the straight hne methat electricity and natural i 7 the San Antonio metm[ulitan mer the eshmated senice ihn ei de unous clawes on area. As a municipal utihty, CPS is cten pt inim payment ol depreciable popeny as detennined by [vriodic engineering income tases, state funchhe and 3 ales taxes and real and studiet Depreconon n a gementage of nerag depreuable pusoud proivrf) taxes. CPS prm ides cenain papnenh and PI "h1 "m 2 'N gyrcent in lW2 and 2.99 pers.cnt ut IW1.

benchb to the City as descrited more f ully in Note M. orppg uns1ggyino cAsn these funds ahkh are 11 ASIS OF ACCOUN1ING- The accounting records of Cp3 generally restricted as to use for other than cunent operanens are nuintamed m accordance with generally acct pted account . or am dnignated for npenditurn in the acquhuion or wn.

ing principles for teregulated enterprises as prnenbed by shuction of noncurtem aswtw comat pnnurily of the current theFmancial Accounti:yStandard Itoardll:ASB)and.where P*i"" "I thf NC* SCli" II'"0* 'ihki4f hmd cmtomer applicabie, the Gmenmicotal .keounhng Standanh lbutd ""h'""'C P"'Fh"n fundt msorance snen n, retainap on (G ASHL 1he accounting reu.tds of CPS follow the Unih.nn leng-term wmuu(tion wntracts and shon4cr n imestmenn Sy stem cf Accountdor Gas and Electric Utihties iwueo by the Inun taoesempt wonnenjal paper pmceeds Nationi Awalation of Regulatory Utihty Commiwioners INVESTMENTS - 1mestmena are stated at wst which -

Cenain prmr period amounts tuse been tedaairied im com- appinimates mark et s alue. 't he specific idenu ncation method pa.ath e purpwes. o used to detennine unt in wmputing gain or loss ou uln of '>

l lSCAL, YF.AR - The fncal year ended January 31,1992 is

'C#i#' ^*""I'"U"n of prenmnn and acewoon of dncount i' 'C'"rded oser the tenn of the invesunent. ,

refened to herein a' 1992 r d the y ear ended January 31.1991, at IWi- del'liHRl:D DhlllTS AND OlifER - Thew amounts conskt pumarih* of the unamortind balances of fund iwuance RE\.liNUES AND E.\PliNSliS- Rnenue i recogni/ed as 1 esgenses and esce.s v reacquaition amonnh mer roenue billed on b cycle bas.n. Rate scheduleu.nclude f uel and gm omt bond principal ameunh rei.unded in ads ance. Amorti/ation k adjustment clauses that permit reem ery of fuel and gn msts in rewrded mer the peritx! of. the ouhtandmg Ninds.

the month m.cuned. Prior ta fiscal ycar l 992. fuel and resale gas

3 cosh were fully espemed when incurred In Ihval 3ear 1992. 3 f N1 EMENT OF CASII IU)WS - For purle of report-CPS began recogni/ing fuel and resale gas emh on the same ing cash flows CPS (omiden all highly liquid debt instru-bnis as it recogni/n revenue. Managment betines thi, menh purchased w ith a metunty of appnnimately three months accouming change resulh m an impreied presentation of the or few to be short lenn investmeets. Accordingly, CPS' financial statement as it retain to the results of CPS' opera. temporary cash investments and entnued cash and mvnt-tions. At February 1,1991,the cumulath e effect of thhchang menn are cash equh alentt No meerial noneash investing os in accoutsting principle incicased delened f uel and gas cmt s by finarzing transacuans occuned durmg 1992 and iWl.

$7MJMKh w hich espeme has been recognited in fiscal 1992 In onier io detennine net cash pt m ided by operating activ mes, CPS amorti/cs its share of nucleat fuel for the South Tesas net camings hase been adjusted by, among other things Projeci t STP) to fuel expense on a unit of-pnxtuction metixxl. changs in current awet and cunent liabiluies escludmg Under the Nuclear Weste Policy Act of 1982. the Federal changn in cash and tempirary cash imestments cunent Government assumed respmsibihty for the p:munent din maOnnies oMongaenu dcN and HQation seulemenWnchh pmal of spent nu: lear fuel. CPS it chargd a fee for dispwal mcchaby and pay aNidhuse changpow n as an Unmme) of spent nuelcar fuel, w hich is included in fuel expense,in the decrease m cunent aswis and as an mtrease (deucase) in amaunt of SJK)1 per kilowatt hour (K\UlO for in share of cunent haNhhes am as fouowv electricity pnnlaced by STP, other than for precommercial power ;,eneration. Foi further dhcuwion regarding the STP, ,,,,,, gy see Note 9. m om,,,a ,

"*"*'*"*"""""#* *2" 500*

UTILITY PL\NT - Utility plant is stated at the cmt of

-- ~

( NIWf iCWh 8W4 IV"~ 'it WIPft114dhafde ,d Idif JlltW) comtruction, including cosh of contracted services threct wora, wn, www m m material and labor, indirect emu, including genc ral engineer- 8 * "" " 'a W " mo"*

• ing, labor and material overhead, and an allow ance for interest D,hu ,u ,d,,%

rwnw w m s*_

o$l wm N

used during consuuction (AlODCL CPS computes AIUDC

"" *' '* 2"'

using rutes reprnenting the cost of N rniw ed funds on projech esumated to cost in excess of $ 1 million. Retirementwf utihty

• """" "" " '" "*** U 'N "

plat, torether with removal emt leu salvage, are charged to The following provides information related to emb interest accumulaud depreciation,'Ihe maintenance of propeny, and paid by CPS for the pars indicated:

replacements and renew ab of items determined to be less than a w u unit on pmpeny, are charged to maintenance espeme. Ger - n.oa. m,,w eral utility plant aweb consist ofland, buildings and equipment teoe w r u > - se mm i

i 21

l L

2. CSh, T:mpor:ry C::h inv:stments and pa)ments of the New Series Honds, tc)for the pe ment of any inv:stm:nts: obligations infer mr in lien to the New Series liond, w hich may be iwued,(d) for an amount equd to b percent of the grow CPS cai.h depnits at january 31, IW2 and 1991, were enthelv m enun of the WemWSe @wited m a repair and replace-collateralized by bank for the account of CPS. Deposits are nu ndu .(e Hor ca4 pq ments and benefits to the City not to t collateralized by securities held by a third party in CPS' name.

eueed 14 percent of the giow resenues of the spiems amt (f)

CPS'imestments includmg both re stncted and umestrHted, any remaining tesenues to the repair and replacement fund.

. at lanua*y 31.1992 and 1991, wetc all in U.S. Treasury 1he New Series liondwrdmances require that a tend reser e securities and were held lor the account of CPS at its general fund ut least equal to the m etage annual principal and intetest denwitory hmk. CPS' imestments are generally limited to requhements of all outstanding New Series Honds he estab-U.S. Government or U.S. Government guaranteed obliganons lished.

- in ve stments were 5418.9 million w ith a market ud ue of i427.0 million at Januarv 31,1492. Awf knuan 31. m2,Wod resen e aquircineno, for du N Series Bonds and New Series Hor.ds hne been met.

3. Flevenue Gond indenture Requirements: Hevenue Bonds; d.

1he trust mdenture cucuted by the City in conjunction witn the lauance of the revenue be,nds dated i ebmary 1,1951. A wnnnary of regenue bonds is as followv through August 1,1974(Old Series Ibnds), contains among  %,,w wy others, the following prosisions: im m o ,,

wwww %n -~

(1) All of the awets of the gav und esecwi/ sptems, twhe

• " " " ' "2'W1 *

• together with the net revenues of the systom, as delined, are #

pledged with the liarris Trust and Saving liank of Chicgo, og %m lilinois, as Corporate Trmtec, to secure the payment of the Old m mi em t+n 6m s Aue s n*w Series Bondt qv?t lwl DM M6 t, py 2 ill M4 5 27(2 Hi (2) Grow rev.muewf the gas and eb;tric systems *. hall Y"""C*j;" g,, , ,,

be upplied to:(:,) expenas of operatirq and maintaining the se. vnn r.,a gm m ,m t%s.

systems (b) debt senice and re'.en e requirements on the Old jj]. Q2'{,,

Senes Hond%(c)paymentof an"in tienof tax" amount tothe raw wmm gi w3 , a, nn ,

City,(d) an amount equal to 121/2 percent of grow revenues 6m unm 2m wo

"*2' *"

to the imprmements and contingencies fund, te) addnional benefits and paytrants to the City to bring City benefus and

'Rnctme

" " huult mom uo

, , twi, " , , , " * " " , , , gg" "g,i pw nents to la percent of grow revenues (f) additional pay.

n@al due On GouwnN for k nm k yeam are:

ments to the improvements and contingencies fund until wch

fund equals 20 percent of the value of thed capital awets and hwh

- (g) the balance to a surplus fund. oa w., w.smo

)m IWh hm'n bid

- (3)1he fullow ing funds are established:(a) general fund, wm nw sw os (b) imprmements and contineencies fund,(c) bond construc- peu i2 m w mi tion fund (containing the proceeds of resenue bonds). (d) DM Wm U" $0" principal and interest current requirements (containing the [ $, C [

mumbly payments of annual dcht requirements) and (c) bond rewtse fund (containing an amount equal to the next fiwal During 1992 and in prior years, CPS refunded certain previ-year s principal and interest requirements). Thew funds may ously iwued and outstanding New Series lionds through the be invested with authorned depnitory banks or in U.S. Gov' imna of New Series Revenue Refundmg Ilonds 'lhe te.

emment secunnes funded bond swues and trust accounts are not included in CPS Heginning with the fiscal year ended January 31,1976, new financial statements. At January 31, 1992, portions of the series electric and gas systems rexenue impmvement bonds bonds w hich hase been defcased in-substance were still out-(New Series Bonds)were inued These bonds are junior and standing as follows subordmate to the Old Series Bonds The bond ordinances authorizing these inues prmide that no further bonds or Fiscal year 1987 refunding 5253,350.000 obligatiom will be authorized or issued under the tenm of the Fiscal yeat 1988 refunding 168,725.000 trust indentore for Old S, rie , Bonds While any of the Old i iscal y ear 1900 refunding 397,200,000 Series Bonds me ountanding, the New Series llonds are riscal year 1992 refunding 41,740,000 payable solely from tne net revenues of the systems (1) depos-ited and available for steposit in the impmvements and conun. CPS may inue New Series Resenue Refunding Honds during gencies fund and (2) from funds payable to the City. At such fiscal IW2-1993. If it elects to do so. it would be to achieve time as the trust indenture cmcring the Old Sedes Bondi imerest saings on certain outstanding New Series llonds and becomes inoperatise, revenues will be applied as follows: (a) to refund N1. or part of the outManding commercial paper w ith formaintmince and operating npens v the splems tb)for long-tenn bonds.

.M ..

5. Comrnercial Paper: Of the anmunh contributed during )ects 1W2.1991 and 1990, apprmimatcl) 511.7 mdlion, $10A millon and 59 H million, in Octaber luEN,the t,ity (,ouncilof S,an Antomo,l.e saut,ity resputis ely, w as f unded each y cat to m er nonnal cosh c.f the C.onned b adopted an o dinan(c authorinng the twaance of up .

Plan. .the remaining contnbuti.m in eath ) cat w as f unded to

- to S3f t9 : nil'.ian in l.as-lhempt Commettiat Paper (li1.P) to

. coser the anmrtitation of the unf unded actuatial acuued j a%t m the financuag of eligible piojects includmg fuel g acquisition and capital imprm t ments to the utilit) s) sterm (the l Systerm). The prograen s,.heduled inasimum me.tunities will G AS11 Statement No. 5 requires that a pemion benefu obhga.

not cittt nd bey ond Normler 1,2C28. As of January 31,1992, tion be sneasured using toe actuarial present s alut of trechted il60 r"illion in principal mrotnt was outsiandmp. with a projected benefih, m adjmted for projected salar) increases.

weighted.aserage intcu rate of approtimately 3 47I vicent This umore n independent of the tunJmp rnedal ued to and an nerage life ouhtandmg of apprmimately 84 days in detenmne omtributiom to the Plan; howeser. the sigmlicant 1:ebruary and March 1992, CPS sold a total of 530 milhon in actuarial awumptiom u ed to compute the mntribution se.

TECP bringing the tot al oubt anding cooiinercial paper- to il VO spintmerit are the same as thow uwd to coiripute the petiuc.

million. All pmceeds have been, or w di be. uwd to pa) 1or benelit obhgation. On January 1,1991, the Plan w auunended capind projects to detcrmine plan benchh and mntnbutionwa total cmnpen-sation rathes than base pay as in prion can and to s.hange fhe

- 1he 1,ECP nas been clasu.lkd as long tenn in conacction w ith rcJouion in exty actirenrnt tvivlih prior to age 55 from 21/4 the refinancing temw under a revolvmg credit agreeneent w Uh percent per year to 4 percent. The ettcet of thew changes was a comortium c.f banb which supporb the commertial paper, .

an mercase to the totat pemion benefit obligation of apprmi.

Under the terrm of the agreement C PS may imrrow on to an mately $6.2 millinn, and an increaw in plu coninhutiom of-

• aggregate amount not to esceed $3(0 million for the pmpwe ,

apprmimately $1.0 million for in al year 1991-l%,. 'ihe of paying amounh due smder the TEL,PJIhc credit agreement actuarial valuation and de: actuarially determined contribution has a term ofIwo years, currently extended untd November 1.

. requirement amf December 31,1991, w ere computed udng an 1993, and may be renew

• additional perioth. There has e awumed rate of retum of 8.5 percent and projected salt.r>

been no borrowings under me credit agirement m of January increaws averaging 6.5 percent. As a resuh, under G ASl; N.o.

31,1992. The Ti:CP .n wcured by the net reser.ues of the r 5,the follow ing reprewnts CPS, pemion benefit obligation (in a) stems S.uch pledge of net resenues n subordinaic and

. thousands) m of December 31.1991,1990 aint 19M mferior to the pledge securing payment of the O. ld h.eries Bor do v New Series lionds and any New Series !!nnds to be m' '" la w nunu awws - -

hsued .Ik he future, m uy. gn,, . gnuq, ,g a u au wem 6' Denefit Plans- "P'*'*"*"

(matu rd uwd Nntish i@i i M6M4 16i,M4 CPS has a self administered,defineddenefit comributoty pen. '"C[7 ""* wm w,m my sion plan LPlan) covering substantially all employees who i, m,,, %m a,,,, m ,. ep ~~~~-

ham complet.'d onC year of servieP The Plan auch are held in Mt awin audabk hw g9en ktwhh a separate trust which is periodically audited utid which '

'""' " " * " "M"* ~$""'*'"" $ "

htatCments iliflude historical trend informadon. Generall),

participating emptowes contribute 5 peicent of their total Pnor to GASil No. 5. CPS repmted the Plan uutus as the compemation and a e nonwdiy fully vested in CPS' contribu-aduarial prewnt salue of accunmNed Nan Nachh Under tion after completmp 15 years of credited service. Normal rstirement is age 65; however, early retirement is avadable '"O'.nedud tk adu uk present value of accumulned plan with 25 usrs ol benefit service, Retirement benefih are bawd ne u ng an awumed rate of retum of U punt wm y at D wun r I, IM M that nme. nd awm on lengtn of *.crvice and compemation, and benetih are re.

"""I" # I" PI "" "# N h * #"' b * ' "I I"I' "##'

duced for retirement twfore age 55.

s alue. As of lecccmber 31,1991, the actuarial prnent value of

'the total employer imd employee pension funding, which accumulated plan benefits was 5217.972,668. Tnis value includes amortization of past-serv ice c osh m er 39 yeao, using compares to the net awet s alue of $288 A4.P(10 as repirted atuve.

de unit emht cmt actuan.d inetful. is summariAd as follow s:

Employees that retired prmt to 1983 are recching annuity payments from an insurance canier m well as receising some

'" _l". _ "" - benefits directly from CPS. These incremental vous for 1992 langw amuann ,

ces a .

s um ImN$ uu i- m au.d IW w m WOOO anm38.000, respec tis cly. and w ere n corded when paid.

w o un% i muas.im < m

(.moed rm nal . (iMV; s vs t,40 s W 64 7. Olhor Postemployment Benolits,.

1 W rap 4 . I b((b I

~ ~ ~ ^ ^

b .i cps prm ides certain health care and hfe insurance benefih f.or r'mgw %nnouw i%u retired emphnees All fonner CW emphecs are chF Me for

-a w.n s* M **

these benefib p;un retirement from CPS. The uwt of retitee cesom e noa heahh care and life imurance benefih f unded by CPS is mm nai _yp 7@ r 9 t

. nind mn y me of CPh employ er coninbutiom aic n

o Mde so she pmgrams These cmts approdmated $1,404,000 ' ity is imposed on lilAP for these or Austin % other vlai m,

'4.~

Fund $1.11(dtXI for.19W and 1991, respectively, w hkh hiclude fraudulent inducement and breach of obligation L in addition, retired emNoye and un cred dependents contrib. by WAP as pniect manager <

F uted $451 Axu and 5.M6,0X) for their henhh care and life in March 198M, CPS and CPL made a call for binding arbitra-t imurance benefits m t?92 and 199?, respectively, in 19W - tion and doignatui mbitrators. under the tenm of the SIP the*r were approximately 1,415 retirees and covered >Jepen. Pdcipation Agreement ctmcc min / their daputes w ith ill A P

, (dents (ligible for heahh case and lite insurance benefiA a ma the S'l Pincluding any breat hofitsobligatiom by HlAP.

! (ompared to apnmaima:cly 1.N)in 1991 and have requested that an) pmceedings un i t L& P's pleadings

. In' view of the potential economic significance of these ben. avain t f P3 and CPL be Mayed pending de arbittanon. The efits CPS has initiated a preliminary teview of the prewnt arbitration call. w hrh is bindmg on the participant s and should

, value of the pmteraployment ben

• fit oblia.ation. . whkh man sug rsede lil A P4 district coun actiom npimi cpl .and CPS,

' ' agement currently citimates to be 51(Kl million. 'PS bepn awens hsues concerning ( h the estent to which lil AP ha

, partial accrual and funding of projected future' quefits to breached its obhgatiom undet the Participation Aperment current retirees in 1992. and the ameunt of damuget, caused by such brem b and 12Hhat t

neither CPS nor CPL is tiabic to lil A P lor any portion of f ho

' 8 Payments to tne City: damages allend agaimt lilAP by Amtin. CPS has filed a b## ~

N"U .

' 11.) trusGodenture providei for beriefik and sets ices lotaling -

" mn ng a maton ambu @ then10, u@ng a rouny 81 5ctrerit of CPS grow sevenues as tiefined, to be paid or claim fa damagew 1 rial of Amtin,s claims in Dallas resulted n> . pmvidedjo the C.ity, Payments to the t,ity for 1992 and l%l.

in a pry widki un Jul) $.1989, Dndiag that, abhough lil Al, .

b.ned on allowable revenue, wera as follow s:

failed to suprJ) the participants w ith infunnation as and w hen m m  ; required by the Participation Agreement, no cosh were in-4 ~SU wm cuned in the comtruction of S'IT' due to that breach, which in toimoe m _ _,__-,-,,5 u,m 5 ii w acasonable probabWty would not have been otherwise in-hea+n ma me wnm - .. 4 nm: nw curred. Amtet hm appealed the udscrue judgment, and that

^

m o w po nm a,, . . _ . _ wo" W appeal h pending. In the meantime, both lilAP und Au tin LP'M 75 "Tj named arbitrators h the CPS / CPL arbitration.

Y _

_ On_ Augmt 20,1990, the (>allas District Court ruled that the 9.l Sou:h Texas Project (STPh dhputes raised in the call for arNiration of CPS and CPL are arbitrable and should bnubmhted to arburation before a panel CPS h one of four participa6 in .he STP, o.hich comists of chosen as pmvided by the STP Penicipation Agreement, Since two-l.250 megawatt nuclear generating unib in Matagorda thauime, Illa P hat unntdecLfully challenged certaic wpects County, Texas. The other paticipants in the project are llous. nf the arbitration pmcedures m various apf ce courn and has (ton Lighting & PoucKompany (lilA Ph the pmject muuacer, filed a petition fot writ of certiorari pending m the United States

' Central Power knd Light Company (CPld tuut.the City of Supreme Court.

_ Austin ( Amtin( Under.the ternw of theTTP Panicipation in the opmion of management of CPS, the outcome of 'such Apreement.each panicipant prmida funding for its share of proceethngs will not have a_ material inherse effect on the

? comtruction and operating e s pendituret Full pow cr operating linancial pmihon or resula of operatium of CPS.

licenses) ere inued by toe Nuclear Regulatory Commimon -

WRC) ou March 22,1988, tor Unit I aad March 2M,1989, f or in December 1985, a suit mvolving the STP wuuettled on the Unit 2. InLucrvice dates for STP_were August 1988 for Unit ! agreement of Utow n A Root,the fonnet architect / engineer an i 2

! and June 1989 for Un'i t 2. CPS' 2h percent ownership in the ~ comtructor for the STP to 4 pay the plaintiffs, CPS and the other

?STP i< for M1 megawath of plant capacity; At January 31, participann,5750 mil! ion. CPS commenced receipt of in 5210 1972, CPS' innstment in the STP utility plant was apprmi- . million share of the settic6nent in Ja< mary 1936, of dich 515 -

• (mately $2 billion, net of accumulated depreciationc

=

million w as outstandinj at January 31, lW2 Quanerly installe menn, withouf interest,;in the amount of 57.5 milhon are

! IIFIGATION ion January 7,1988,llL&P filed pleadings remitted to CPS pursuant to an uaqualifkd contractualobliga-

' Lugainst CP h CPL and its parent; company, Cemral uno South ; t_ ion of Achia Life Insurance Company. The Iwo remaining -

West Cmpuntion (CSM in the State District Court irr paymenu espected to be received during 1993 have been Slatagorda County, Suit was also filed by tilA P ugaimt these ' recorded n current other receivables.

!. partiepn the Dallas Coun_ty District Comt in w hkh litiption by Austin agaim, tilAP was pending, seenng to hase CPS NUCLilAR INSURANCl! - The Price Andenon Act, a

, TandCPL/CSWbroughtintothe Austinlitigutienmthird pany comprehemite statutory arrangement providit:p limitatiom on i defendami The causes of act.on awerted by lilAP apimt nuclear liability and govemmental indemnities, is in effect

' CPS and cpl./CSW are basically the ume in both suilt !IIAP ' intil Aupmt 1,2002. The limit of filbility under the Price.

L denied Austin's claims based on breach of contract, including Anderson Act for licensees of nuclear power pants is 57,3

, mismanagement,la connection with illAP's performance m inllion per incident.1he ,nasimum amount that each licemee j 1 pmjeci manager, but anened ihai it is entitled to indemnity and may t e awewed following a nuclear incidem ti any imured E contribution from CPS and CPL /CSW to the extent any liaN1- facility idW 15 million for each lk emed icactor, but not rom e i

Q @ i l

~- - . J

__ _ .,..., _ _ _ 2 4

j i

than $10 million per reactor for each nuclear incident in any . of the rmclear plant 1he certificate uuures that CPS w ill meet one year. CPS and each of the other participants of STP are the minimum decomminioning funding requhements man, subject to such auessnients, w hich CP$ and thc other particic dated by the NRC, CPS

• portion of the cuimated costs for

. pant s has c apreed wPi be bome on the tmis of their respective decommhsioning the S'lP nuclear power plant is appmst. ;l

- ' ownership interrsts in STP. Ih purposes of these asww mately $l$0 million in 1989 dollars, which et.creds NRC j

' tuents, STP has tw o licemed reactoro The participants has e minimum requirements This cost estimate will be resicwed l purvhased the masimum limits ornuclea; liability imurance, and ugiated perimlically und could change by a material 1 as required by law.and hm e exec sted indemnification aptee. amount. CPS will record ratably the eyenw of decommiu  !

ments with the NKC4in accordane' ith the financid protec.

. Sioning m et the life of the S i P nuclear smer plant. Ilerin, i tion requitunents of the Price-Anderson Act. ning in 1991, CPS uarted accumulatir, the decomminion-  ;

A Master Wor ker Nuclear 1. lability pCicv. with a matimum ing np n an cuenW uu4,in acconlanu we Me E j s, hmit of $#8) million for the nuclear induury as a whole. "'E"'""""' #"" ##'"""" ""

"'W##"* "" "E l a: liabihty are not included in CP3 Onancial statements.

prov des protection from nuclear related claims of workers ,

V employed in the nuclear induur) after January 1,144, w ho 10. Commitments and Contingencies: 'l

' do rmt use the workers' compensation sy4em as sole remedy in I)ecender 1986, CPS npproved a settlement offer f rom  !

3 and bring suit again4 another pany. STP eould be aweswd up tuo railmad3 imolved in dhputed iwues aluut the proper ,

to almut 53,1 million per reactor or a total of $6.2 ruillion to and lawfut freight rates As a result, CPS received a $17.6 -!

4, - pay sti mashmm share for ihn liability emerage. miHion payment f rom the raihoads in ihcal y car 1992,mW an

' NRC regulations require licensees of nuclearpswer plants to 511.5 million payment in January 1991. CPS will receive obtain on4ite propeny damage insurance in a minimum additional annual pay menh totaHng $lM m>Hion, over the j g amount of $1.06 billion. NRC regulations aho require that ned two yem frontthe railnnd settlemera, which is ed >

1. the proteeds from thh insurance be u ed fin,t to ensure that gected to be returned to cudomers as payments are received. j the hcenwd teactor is in a safe and stable condition so as to lhe amount due m 1993 has been recorded as current other .,

c ,.

prevent ny significant thL tothe public heahh or safety,and receivables w ith the final amount due recorded us litigation j'

&n tocomplete any decontaminationo;vrations that may be . wnlements benehts receivable.

ordeseo y the NRC. Any funds semaining would then tv (ylllER-In the nom.alcomse r T CPS h involved :I m alf able for emwhy direct lones to propeny. in variom other legW pmceedingw HoWieged g rsbnd  !

The panicipants of STP currendp maintain on-site propeny and property damages, breach af coru;act condemnation j damage imurance in the amount of $2.5tf hillion, which is appeah and di crimination eaws. In addition. CPS pmer 'i the maximum amount of such imurance cunenth milable pencration activities and other utihty operatium are . subject [

to cover such lowes. 'the 52.515 bdhon of nacbr pron g to c uenu s e Mate and federal environnientai regulation. In the .

imurance is compwed hf a $1.263 bitthm primure layemf "" inion of management of CPS, the outcome of such pro. -;

1murmec and a layer ofescealnsuranec that would cont ib. ccedmp wiH not.hme a material adverse effect on the i ute $b25 billion of additional coverage that is subject m a financial positmn & rewit# operations of CPS.

rettmpective aswssment from each electric utility w hich is a l'orchase and comtruction commitmeno anmunted 1o ap.

member of Nuclear Electric Imurance Limited (NEfL). In the y, dmately $209 milhon at Januhry h,1992. This amount i " event that propeny lowes us a result of an accident at the neludes appmtimately $39 million that is eywded th be 1 K nuclear plant to any utility in ured by NEll exceed ihe paid for natural gm purchaws o be made under'he contractt accumulated funds m alfable to NEIL the masimum retro' currently in effect; the actual anmunt_to be paid will be I p . spective aswsynent for STP would be approtimately $7.6 dependent uponCPS'actualrequirementsduringthecontract -

. million for the current policy year that began November 15- geriod Aho included is $63 million for coal pmchases. 533 1991, CPS would be liable for its 28 percent ownenhiP million for coal trampination and $24 million for treated l .hitetc. t a to premium and any retrospective auessment witti respect in STP and for the omt of cleanup. repair or rept .ce-cooling water based upon the minimum finn commitmentt j

~' under thee conuaa Aho included b $25 mihion for the '

ment in excess of the policy limits.

bWaec MiH swing on a ttirnkey contract for comtruction of -  !

a new 50n megawatt coal. fired electric generating plant to be i NUCLEAR DECOMMISSIONING - in July 1990, cps completed by the summer of 1992. Construction and engl.

. together with the other ow ners of the STP filed with the NRC ll neering of this project are approximately 94.4 percent come p 6 a certineate of financial awurance f6r the decommtwmmng plete as of January 3I,1992.

!r l; ,

L 25 k_,'  :)

_ ,.a. ~u. ,

' 11. Segment Inistmation

Iw? 1991 Flectric Gas 'l otal i its trw Gn Total tln th mmmta th:vwuw d d REVLNUl: ,

5 672,434 5 ith 927

% 779.36? I 677.ori2  % Itt4.Tm 5 7xt 422 liNI'l:N SI.S -

Operatint' and niaintenance espense .. 3003tki M Jr>0 375.594 312,2036 79,k76 .tv 2,f W4 Degwecialbon. . IO(d96 7.736 . I14.332 10 4.vw 7.t $9 161.138 l otal .. . . 407.11e N 2.t26 an9;6 416.247 M7.0 t$ SM.242 OFTitAT.tNO jNCO%111. 5 265.3 4 5 24.101 289.4M 5 2rdi.k%  % 17.12% 278,lku Intere% soal othe.' income . . .'6.023 37,0 %

Net intere ,1 and debt espense and pawncets to the City el Ln Antonio , i27K,797 i J287pyi NIIT EARNINGS . . . . 5 46.f 61 5 27.637 cal'lTAl. liX Pl:NDITI~R!is . .$ 216.243 5 1.. 3h8 5 229.M31 5 237,154 L 15}I/l }_27A46,x

. Ideniinaue auen.. . . . _ . . .

[MM []ii.M9 i7iiii.sii D.yW57

[jiQM

-~~

Wai.iG ocnerai nwn . . . . . sw.974 um.m Total awets . .. .. . 5 4.396.79I 5 4.550.315 n . _, ._ . -

Report of Independent Public f.ccountants

'to & Bend of Trustees of Cn,r PuNi: $cn iir We has e audited the accornpanying balance shech of Cn) Pahhc Sen ice as of January ll,1992 and 1991. n9d itN relate (I entemenh of earnings and apphcation of earnino (hanges in equity and cash Dows for the years then ended These

, tinaraiat statewe are the rnpomiNhty of the management nf Cn> PuNic Sen ice. Dar respomiNht) is to express an opinion on these finar statco:nts bawd on out aude.

' We conducted out audits in acctntiute with pervrally acccpted auditmg stanLtdE Those stand,ndi regmre that we plan and perform the audit to obic reawnable assurance abt whnher the firancial statenwnts are free of material .

misstatenwr.t Ari audit mcludes ,umining. on a int buit nidence supporting the amounts and dkloswes in the financial statements. An audii aho includes awner the accounting prheirlo used and sign 6ficant estimates inade by

. rnanagement, as wdl as evaluatir.g the metall funcial statement presenrafen. We believe that our mhb prmide a

. remable'twJs for our opinion, la our opmam, the finarrial statements referrtd to abose present fairly, in all material respecu, the financial 1 6iten d

' City INbhc Service as of knuary 31.1992 and 1991, and the rtaulk ofits operations and its cash t!ow i for the yean then ended in conformity with generally accepicd rceunting principb.

.j

" de h _jPd g4ay, dm-_;, ,5%, -

San Artonio, Toas. March 12,1992 a

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. , ' _ . ,,', l l ',- ',(' ' l [ j 9.l _ } l  ; l  :

?..'q T f(Unaudted) Y m Ended January 31, r

30a 1992 IV91- 1990 1989- 198H r - rin thouumdo REWNUP. AND APPLINTION

.y , 7 Rootuem

= Elcetric sa!. s .. .. . ....._.. .

. . ._.- ,, 5 672A34 5 677.062 $ 6F 1,106 5 636.086 5 626,726 j[ ,  : Gas nM . . . .. ..~,a. . . . 106,927 104,360 . I 18.937 ~ 106,114 126.581 laterest and other income ._.,- . 36,023 37 DS8 34,773 36,191 3 %450 Plotai reverrah... . . . . . . . . 5 ~5I U M S Y l 8.!!O $ T36A86 '78391 $ 791,7$7

keycuues ipphet Cost of rt.eturing systeme

% pewhaw ; power and resale gas .. 5 174,758 $ 201,803 $ 223,008 1 228,547 $ ' 2F4,019 Other oper* ting and general espert.es* , . .. 1,96,975 127,081 ll7A23 44.781 69,302 Mamtenance,. a. . ., . . . .

63,H60 63fw 60.508 42,948 36.025 4

Total . ....i. . 4 . . . . . . . . - . - . . . . $ 375,593 5 392 m4 5 400.939 5 356,276- $ 389J46

=

Operating f und 5 -(n. 5 0 $ 0, 5 0 5 0-

'p Debt requirementg for Old Series Bonds:

' interest ,. . ......_ .. . . . $ 4,720 5 5,337 $ 5,938 $ 6ASA 5 6,954 Printipal requirements . -. . .. ., 11,500 10.945 10,375 . 9.905 "A 35 '

Reserve requiremenn ._,. . . . - . . . . 83 154 121 0- (74 y

Deht expense,. . . . . . . . . .

9 10 11 - IJ 14 a

-Total s ... . . , ,

5 _ l6,312 i 1644,6 5 16A45 5 16J71 $ _16.329 Payrtaints and mices to City:

D Payment in lieu of taxes . . . . . . . . - . 5 11,722 $ 11.353 'a l1,050 5 9,89) 5 8,946

' kdmds for vsvices , ,. 17,110 17J78 17.059 10,255 15.656

. Additional payment . . 80,185 80,922 84.236 7h,638 75,nl4

..i.

Total . . . . . . 5 109.01] 5 11N.653  % 112345 5 104,784 5 99,64tv Debtlrequirerran;s fur New.5eries Bonds /Other:

Interen expense ,,-, . . ~ . . . . , . 5 160,959 $ 165,787 5 ' 168,675 .S 172,023 5 162.143 Principal requirements . , . . 62,520 - 53,625 42.995 27.535. 25385

Reserve requirements . . .., .. _ 13,88t; 1,588 10304 (1,720 ) tL852

.g - Debt expense ..y.. . . . . . . ., 81 (95) I10 9.049 8,956 9,158 '

Other interest * .. .. .. .. . . . . . 10.883 7310 6.279 5.619 Total . . . .. . a .. 5 246,604 -$ 231,788 ' '$ 229394 5 113.166 5 - 210.955 Allowan.e for interest used during Cormruction . .. , , ,. _ . ,, ' (3] Al8 ) . (22,093 ) (24,7X0 ) (88,008 )- (107,025 )-

Additions to plant: . . . .

Total expenditures for year . ... . _ . . . . 5 22G,331 5 272A68 5 295.139 5 351,122 5 408,852; Less construetmn f unds provided by

, sources other than revenues . . . . - . . ., 134A97 179,003 145365 191A04 234 385 Revenues used for addidons to plant . 5,334 5- 93A65 -S 149,774 5- 159,713 $ 173,867 Additions to Improvementiand

-- Contingencies fund , , 3,942 (2,833 ) (47.631 i 16.089 H.639 -

Total , , , m , ., , , , , 99,276 5 90.632 $ 102,143 $ 175,802_ 5 '82;506:

tevenues app.ic6. . . . - . . . 5 H15.384 5 818.510 $ , H.]6A86 $ - 778,391 5 791.75,7

• ;NCE SHEET DATA

-tility plant zt wt** . . - 5 4,641,841 5 4A44335 5 4,194,614 5 3,925 A79 $ 3,596.119 A ial construction additions , , . 129,831 272A68 295.139 351,122' .408,852 mubted depreciation. . . t'06,77P 704.212 60%237 522.371 '473.275 ,

. .nnmd depreciation allow wce . Il4J32 111,158 102A9S 66397 44,609 Principal and interest cover e _ l.M3x 1.81 x 1.91 x 1.95x 1.97x

^; .rrwr(L i wmutand os mrncaw mw mic.n.

t " ' Prirwp.41 :wrs reclauWedin rsf>t Cukawvthme m Ard el Om*s winm l 27 o .c m - '_ . - - _ ______--------._.~2. --~ - - - - _ - _ _ _ . - - - _ . - . - _ . - . . - . _ . - - - - . - - _ - - - - - - . . - . _ _ . _ . - - . - _ _ . . . _ _ _ - - . . . - _ . - - _ - - - . - __

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y,r OPERATING REVENdES L  !

u M L Elektr6 '

R ' -l Resideritial l., .. .i..;. -,. . . . , ,, ... ., o H$ II306.7091 ! $ (305,9744 L$ 311,104- - $ - 283,355 ' $ ' 271,402e l O *n iCo nmercial and instriaL.u .. .-.... . ... A ' '267,241. 1 .

268,098 f ' 268J38 ' 256J94' 254,156'. 1

' Tf Street lighdng l....'. . ..,,.... .. ...~.... ... ... -,, -

9,.M 7 -.9,207 ' ' 9.015 8,459 '8JM9L l

[/ ' s

< j Public authorW,.. , ...J;,,, 4,. ..u- _ 75,392 ;78,1(01 L 79.53R 75,259 73,319

, & < M Other utilith.s. - .o ...;.~..-.~....a ;S,548c . t0,426 ' 9,133 1.572 -14395:.

M<LMisce.llaneood . a....-........,,. <5.177 .

. $,257 5,578 4,647'- .

5,005 <

f

. ' Total electric A., ,-pc. .;..i c-a. -S  ; 672,434- . 5,,, 677.062 :S 683.106 5 636.086 ,5 626]26 yl;Q - ~ " ~ ~

' ~ ~~

}MM 'f LG.tc Residential . 4, .. ,, ,... , _ . . . . $- ' 65J68- $.

63,779 c $L - 73.330 5 63,858 . $ ' : 76.0601

@@ 1 Commercial smd industriali. .... a..a.., . , L34,1102 33,614 37,112- 34/62: _41,375' .

• 6.225 6,230' 7,367 ' 6,746!  !!1,185 '

E ls u blic authoritien..... .. ... . . .. .. _ . .

=um.>f# / Miscellaneous;;i. _ . . ...~.ae... . . . .

824 737 798 848- -961 W , Tohl gas . .-a,.... .a.. .~... . .- .. . $ L 106,927

' ' ' ~ ~ ~

S' 104 360 ' S - - 1 i K,607 ' S 106,114 l $ 126,581  ;

,4 4 SALEgD00 OM11TED) -1

'R

• Ekctric H KWHL

$ g , , % Redknt ial .....J..-.  ; c...._._., ., -....._ _ 4 3 93,631- 4,711,423 4J32J36 4,3 0 ,500 - 4,14 !.9W W, iConnercial mid industrial , _. 4.,;.. - y i5,281,292 15,I57,802 5.001,737 4,833.460 4,645,9385 ;t 4, , , (Streei lighting ...d ...g...., ,,._,y... , , , , . . 86,661 85,058 82J41. 81,257 _ _79.548 - 3

/

! l-2 c authoritienL. . .. .,_....... . . .a . . 1.623,979- -1,650,107 -1 M6.668 1,551,533 1.468J75 l

1. ^1ci - . . . . ,, - . . , . ., '225,942 206.500 23h34I I79,981 - 237.X55 l 4 n

c'/ .

....4 .....e...,,,,. , . . . . . . . -12.011.505 I1,900.990 ' - i I J02.673 .10,98933! ~

1 0.574.054, Y w3 y

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.. ..._,.2, . 13,340 13.116:

9,467

'!5,237 12.949

'9,240 14,t(4fr

- 9,814-A ... . 9,658 10.29i .I M ,c w arit ieb.a... .~.. -1,816; 2,1311 1,488

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.,L.. . . . ....., . . . . 1,N12 24,H10 - 24,399 27,659 1.838 24.027 26M8 ~

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S )PilRCliME FOR RESALh; ,

R' --

'67,900- 24,214- 1.986 18.148 15.039

' #..El.e.

d GaptiJ100) MCF c ; .

ctric (lJ.)00) KWAl'.!.. . . . . . , , ,  :.-.._..~....

, 25,078 25.260 28,286 23,968_ 27,127 h"; ,

,I ELECTRIC GENERATION A k (1,000) K WI l' , . .. .... .. .....,. .. ..-... ,,-, 12,621,547: 12,509JH2 - 12.425 JM4 '- .I 1,677.624' . I l.213.230

% ~', YElec:tric Gen. Capacity, KW (GN** . .r..._.. 2,400 000- 2,400,0m - 2,400JKX)'  : 2,400JX0 - 2,400J00 g.4 1Elektric Gen. Capacity', KW (Cmln . 2._...., 836,000 836AKO -836J00 836J00. 836.0001 700.000; 700 000 350 000 i0 *gp' SEleet'ric Gu.' Capacity, KW (Nuclear) ,. . . .a.,

2,741,100 - 2,697J00 2,551 JKO .

1. ELECTRIC PEAK DRMAND - KW - 1.799,000 J2/MJUU C /NUS!BER bl CUSTOMERS: . . . .. m om 1 Electric d ....p ;.s. e,-.4- , . . . . . , . . . . . , , 476,122 469,462 466,478 _ 462.849 459 ]66 q M uOak .. . ..,_.,m, . . . . . . , 287,502 2K5,699 284324 284,130 284,122 AQ'N 'trtESI.D..ENTIA, L A. .VERA.GESi.,...

m

'r  ;

/M LElectricS >

740.93 $ 758.65 696.61 -$ '.671.35 s*r k Rev'enuc #r customer a.,,. -. ., . . . S = 734.82 $ $

%l

% ' TKWil per customer . _.. . ... ...m. .._. a. I1,485 l1.409 .I1,541 10.678- 10,246

...a... . - . . . . . . , 6.40 e 6.49 e 6.57 e 6.52 e - 6.55 e -

% >; Gg$ ={< MRevenu'c per KWH . .....

-1 1 , ,

• Revenue per cudomers ... ..u, .

..L., ; $: '247.32 5 24132 $ 277,94 $ .242.46 $ 288.33

MCF per cu5:omerjc...., .. ....,.,a 50.2 49.6 57.8 -49.2 56 3;

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7 Rherme per MCIL.... . .. ~ . .-- . < . , ~ . $ 4,93 $ 4.86 $ 4.81 5 4.93 $ 5.12

• • - 1989 un! E 99Nm l$dv Tat Enern vf 2%W l and iN972 respaturh.

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