ML20116J020
| ML20116J020 | |
| Person / Time | |
|---|---|
| Site: | Fort Calhoun  |
| Issue date: | 12/31/1984 |
| From: | Andrews R OMAHA PUBLIC POWER DISTRICT |
| To: | Harold Denton Office of Nuclear Reactor Regulation |
| References | |
| LIC-85-178, NUDOCS 8505020431 | |
| Download: ML20116J020 (24) | |
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2 OMAHA PUBLIC POWER DISTRICT OPPD SERVICE AREA:
5.000 SOUARE MILES EXECUTIVE OFFICES Electric Building The District serves 555,000 people in all or 1623 Harney Street part of 13 counties in eastern Nebraska. Electric Omaha, Nebraska 68102-2247 service is provided to the following 49 incorpo-rated communities at retail:
TRUSTEES L Alvo Ceresco Leshara - Rogers Morgan Guaranty Trust Company of New York, Artington Colon Louisville Rulo 3 New York, New York (1956,1958,1961, asniand - . Cook Man!ey a salem ,
1966,1968, and 1969 Bonds) Avoca Eagle - Mead. " ~ Soutn Bend The First National Bank of Chicago,. Chicago,-- Bellevue .. ; Elkhorn ; . Memphis 7 l1 Springfield ;
tilinois (1972,1973,1975 Series A and B, ,
Bennington ] Elmwood ._ Morse Bluff l . Valley ; -
1976 Series A and B, and 1977 Series .A,;B, . ; Blair; Fort Calhourr ' Murdock ; <
gWashington _
Boys Townf slGretnsh ' .[Nickerson '., yWaterloo '
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and C Bonds) 7 Burr , 3 werman i iNorth Bendi ; Weeping i '
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PAYING AGENTS '
Ithaca . '
.. Papillion > d Weslow:
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2 1 - .(lowa) i e The Bank of New York, New York, New Yorki z.. ~
? Cedar Bluffs - D Kennard ! Peru h 7MYutan;'
(1975 Series A Bonds) - _ . . - O ? cedar creekVtavista!
TRaisidnl y ,
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Morgan Guaranty Trust Company of New' York, .. .. . , , , ~.
41 C. '
New York, New York (1956,1958,11961; L ' ' 1_ ; OPPD Wso serves Elk Creek ' Greenwood,tSyracuse, and;l 1966,1968,1969,1972,1973,1975 Series B,C 7ecumseh at wholesale.] - gy, ~
1976 Series A and B, and 1977 Series'ALB,5 -- - R- -
c and C Bonds) . , j'i ...f' . s & y ' A. , *- t: . '
Continental lilinois National Bank.-~
a nd Trust E y '~7 'ic- 9
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Company of Chicago, Chicago, Illinois (1956,4: - "' "
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1958,1961,' 1966,1968, and 1969 Bonds) :' i '
The First National Bank of Chicago, Chicago,1 .
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lilinois (1972, .1973,1975 Series A and B,n . ? '
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1976 Series A and B, and 1977 Series A,LB,1-
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- 1 3;c and C Bonds) ~
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~ ~ ' , ' ' %: C- * -w Norwest Capital Management"&l Trust Compan l of Nebraska, Omaha, Nebraska - - ' ' ' -
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GENERAL COUNSEL .
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Fraser, Stryker, Veach' Vaughn;~ Meusey, Olson,W.
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Boyer & Bloch, P.C., Omaha, Nebraska ? - j- ,
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CONTENTS 1984 HIGHLIGHTS 3 OPPD Service Area Map .. . . . 2 Operating Revenues 1984 Highlights . . . . . . . . . .3 Operating revenues for 1984 were Chairman's Report . . .. .. 4-5 S305,999,000, an increase of $33,152,000, or Board of Directors . .. .. .. 5 12.2%, over 1983 operating revenues of Pr:sident's Report . . .. 6-7 $272,847,000.
Vic3 Presidents . . . . .. . . 7 8-10 Operation and Maintenance Expenses 1984 Operations Review .... . .
Financing ... .. .. 11 Operaticn and maintenance expenses for 1984 were $177,001,000, an increase of $20,051,000, Auditors' Opinion ... . .. . . 11 or 12.8%, over 1983 operation and mainte-Bal:nce Sheets .. . . . 12-13 nance expenses of $156,950,000.
. Stat:ments of Not Earnings and Accumulated Errnings Reinvested in the Business 14 Net Operating Revenues Stat ments of Sources of Funds for Construction . .... . 15 Net operating reve,nues, before depreciation and decommissioning, were $118,706,000, an Not:s to Financial Statements . . . 16-17 increase of $11,843,000, or 11Eo, mer 1983 Supplementary Statement of Earnings net operating revenues of $106,863,000.
frorn Continuing Operations Adjusted for Changing Prices . . . . 18 Net Earnings Reinvested in the Business Suoplementary F,ive-Year Comparison of 8 elected Financial Data Adjusted for Net earnings reinvested in the business totaled th) Effects of Changing Prices . .. 18 $40,007,000, an increase of $12,078,000, or Nrtes to Supplementary Financial Data 43.2%, over 1983 net earnings reinvested in the business of $27,929,000.
Adjusted for the Effects of Changing Prices .. . . . . . 19 N;t Receipts and Debt Service Coverage . 19 General Business Sales Electric System Revenue Bonds General business salus to District customers Outstanding . . .. . . . . 20 were 5,528,230,000 kilowatt hours in 1984, an 1984-1983 Comparisons 21 increase of 122,577,000, or 2.3%, over 1983 sales of 5,405,653,000 kilowatt-hours.
Electric Statistics . . .. . 22 OPPD Corporate Officers 23 Average Number of Customers The District served an average total of 224,501 customers in 1984, an increase of 5,146, or 2.3%, over the 1983 average total of 219,355 customers.
Average Residential Use Average annual use per residential customer in 1984 was 10,323 kilowatt-hours, a decrease of 603, or 5.5%, under the 1983 average of 10,926 kilowatt-hours.
Average Residential Cost The District's residential customers paid an average of 5.70c per kilowatt-hour during 1984 compared to 3.39c per kilowatt-hour in 1946, OPPD's initial year of operation.
1984 Construction Expenditures Expansion and improvement of system facilities during 1984 required construction expenditures of $60,997,400.
s,
4 . CHAIRMAN'S REPORT Attention to customer concerns more than a year ago and the and excellent financial per- highest in OPPD history. Oper-formance were hallmarks for ating expenses increased Omaha Public Power District 11.9 percent in 1984, primarily in 1984. due to fuel and other costs Higher-than-anticipated energy hsociated with higher energy sales and an April rate in-crease enabled OPPD to OPPD's financial planning achieve net earnings of called for the sale of $60 mil-
$40 million in 1984, compared lion of Electric System Reve-to $27.9 million in 1983. The nue Bonds in late summer of rate increase, originally pro- 1984. Proceeds were to be
) jected to be 6.6 percent, was reduced to 4.4 percent follow-used to retire $30 million in revenue notes maturing in ing a financial turnaround
/ which began in 1983. This September and for other gen-eral construction projects. Entry rate increase was the final step into the bond market was in the planned financial recov- deferred, however, because of g, ery program which we initiated unfavorable market conditions in 1982. at the time. The maturing revenue notes were retired
~
All of this, of course, is good
.\
news for customer-owners. For through a $30 million extension
~'
the first time in eight years, of the District's Tax Exempt g the pressure on rates is re. Commercial Paper program.
, : duced. There will be no rate The decision to defer entry
>y increase in 1985, and any into the market last summer increases in the next few years turned out to be a prudent should be moderate, at the , one. In January of this year, rate of inflation or possibly OPPD issued and sold Richard P. Jeffries .
j less. $60 million in long-term reve-Chairman of the Board . 1 rm pleased ta report that the nue bonds at a most favorable Omaha Public Power District effective interest rate of 9.29 j average cost per kilowatt.
. Attorney at Law, Omaha ,
. H hour for our residential cus. percent. We estimate the wi im ,ll tomers, 5.70 cents, remains proved timing of th,is issue approximately 20 percent lower save our customer-owners than the national average. $750,000 in reduced interest Our commercial and industrial costs annually over the aver-
~w age life of these bonds.
- rates also compare favorably.
^
.j Total retail sales increased 2.3 Even as we strengthened our l percent in 1984, reflecting financial position in 1984, we E
d strong activity in the commer- made a diligent effort to cial and industrial sectors. This strengthen communication with l] can be attributed to the gen- our customer-owners. The Citi-y eral economic recovery in zens Advisory Committee, 1 our service area and in the established by the Board of j nation. Total electric energy Directors in early 1984, has i sales in 1984 increased 3.7 worked long and hard over
- percent compared to 1983, the past year studying three including a 17.1 percent in- critical areas
- management crease in sales to neighboring compensation, customer com-utilities. munication3, and electric rates.
Their recommendations and Primarily because of these viewpoints will be helpful in the higher energy sales and the future direction of this utility.
, revision of rates mentioned previously, total operating reve- Dennis D. Jorgensen and nues for 1984 were $306 mil- Morris F. Miller, who were ap-lion, which is 12.2 percent pointed by the Governor in
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BOARD OF DIRECTORS 5 7 I =
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l March 1983. won election in f~ 4?Td Dennis D Jorgensen (L) __
November to six-year terms j t; Vice Chairman __
commencing in January 1985 Vice President., 5 Both have provided excellent .. Applied "3
ne service to the Distnct as have c Commurkications,g >& -
Directors Keith B Edquist. g' y .inc., Omahag , Gs iW.'N' ,
- s J-Gene P Spence. and Warren .
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2 R Swi9 art All are to be ,- n " orris FJ Miller (R)4rP~
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commended Omaha business- -
5 mTreasurere.-m y.. .,qe - -' . _ m .
man Frank J Wear also began
' Retired ChairmanJp .WN' =
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a six-year term in January.
l@. Omaha National d w > >
t -m replacing Mary Akce Race QBank; . %gp Omahaue;w y> ,*J g whose term was completed x Mr Wear who owns an i;}":Q:MQ y 7 ~ 7 ss$gW{]7% lyg ;
i y~
Omaha real estate firm. bnngs # py - ^
strong business and construc- ' ~~ ] .- ,.
tion expertise to the Board j .
WarresfR/SusigertI()$5M Secretary gg ]
Finally, corporate title changes ! q. - '
Riel Estate 8sokerecy ' 2 2 4 N. 4,f were made early in 1985 l 0 . ; y Oscar wiWp - -
' 'N f 4. p The former posit:on of Presi-dent on the Board at Directors l
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- 1. ggg, ,.hs y@gg[ -Q Sh0D*P883F'
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now carnes the tW.e of Chair-man of the Romd. The title l -t
[7.' Soesd W G[gZ ~d w WA ;M;MM D.-U. N #MNbl"(([$N 5ed 4
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of the chief operating officer. !
formerly General Manager. y.g] y%C is now President These and : ,;* >j, f g ggggggg g g ^ _-
gggg.pgyg 7 other title changes better de- F4 _
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scnbe the positions held and M. Pi 'M -
are more consistent with the b;i , , y , pf
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{0"5M @ $_N%*51 P pasieg Idds[M[g%
titles commonly used in the 'i industnal environment bs gSQk ,a i? 180 erd'MemberW( I@ n @h -
With 1984 behind us. Our typ ~"'4 y< u<~
WPresidentn%jA m ,gij MMMEy@%
commitments remain undimin. U]#
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- p ffyf 4 ished for 1985 We will main-tain the financial integnty of -
.g h; ['{g. . j 7 3 j, w q 7 this utihty. operating in a j g . [ 6 / Frank J.?Weer (ApQ;g%g g
) 0 professional and businesshke V, Board
- 2. Member nau .W
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manner and remaining atten- -f . ..
_'MP i ' -
- HPmsident/
tive to the interests of our MF M customer-owners in so doing. W; and s
Wear Companyy;g'fyy==
President.Q
? Wears:Jxy .p:
we will ensure them a reliable < _
and plentiful supply of electnc. % Construction,*R sveg p.g3 -
ity at an affordable cost both (q: m m M Oma.m g gy" < - rc
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_ g-today and for years to come m,
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et 4
-2 Richard P. Jeffries -
aC Chairman of the Board dil i
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6 PRESIDENT'S REPORT _.
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n The outstanding financial than during any previous j N* achievements of 1984 were month in its history. -
"' accompanied by top-quality operational performance and OPPD.s newest generating unit, the 585,000-kilowatt Ne-g y
continued efforts to maintain a solid foundation for the future. braska City Station, completed Its first five years of service -s
.. Several major cost-saving in 1984. Since first going on 1 g
. measures were implemented in line in 1979, the unit has a 1
1984 which have both immedi. produced 13.4 billion kilowatt- aii
'$ ate and long-term impact. A hours of electricity and has E
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M 2 new contract for nuclear fuel enrichment services was nego.
a 79.9 percent availability factor which is excellent for a tiated with the U.S. Depart- Pl ant of that size.
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ment of Energy. This contract, which runs through 2008, is With our financial house in expected to save OPPD more order and with no major gen- --
than $77 million over the e. rating plants under construc- m licensed life of the Fort tion, we are now work.ing -
Calhoun Nuclear Station. to upgrade our general plant. ;
A new $3 million service cen- n in the fossil fuels area, a new ter has been completed in ;i price for coal at the Nebraska Omaha. Construction will begin e City Power Station was negoti. in 1985 on the Elkhom Center, f an $18 million service facility ated with the supplier in 1984, The resulting price reduction on the western edge of the _
will save an estimated $14.8 metropolitan area. Also, prelim- y" inary planning has been com-million over a three-year pleted and design is to begin
( period.
1 in 1985 for an addition to Another program with long- our existing corporate head-M- range financial impact was quarters in downtown Omaha.
~
1, Bzrnard W. ReznM ,
President launched in 1984. OPPD is The new complex will be called .-
-5 Chief Executive Officer conducting a life extension Energy Plaza. These projects Omaha Public Power Districtf ,
- study to determine whether it are tangible evidence of J.
will be economically feasible to OPPD's commitment to con-use our older coal-burning tinue providing our customer-
~
power plants beyond their r.or- owners with quality service. .-
4 mal 35- to 40-year lifetimes. '
We are assess.ing the critical Other evidence of that commit-components of these units ment can be seen in the y
- - boilers, turbines, and gener- strengthened customer com- '
munication programs imple- -
ators - with an eye toward mented in 1984. Customers f
- extending the,ri usefulness -
by 10 to 15 years. An eco- are now receiving a new state- -
nomic analysis will compare ment billing designed to give them concise, accurate, up-to-the cost of life extension with the cost of building new date information about their j energy use. In addition, a i generadon.
i newsletter is included each j Overall, the operating perform- month to keep customer-owners 4 ances of our major generating informed about the activities
_ units were excellent in 1984. of their utility and to provide -.
Early in the year, the Fort them with energy-saving tips.
Calhoun unit completed a rec- Also in 1984, as part of our ord 302 days of continuous Energy Management Program, -
operation before being taken we introduced the Energy j out of service for a scheduled Advisor service. Customers refueling outage. In addition, can phone or write the Energy y in October, the unit produced Advisor and obtain answers ;
1.5 percent more electricity to their questions on a wide i-..i.
i s
VICE PRESIDENTS 7
,4 . .
vanety of energy-related "~~'} Gerhardt P. Bahle (L) ~
ij<M Mf -[.:,
matters. Senior Vice President
( ..g{
' Eldon C. Pape (R)[;'
The off-peak load-building ." 3 phase of the Energy Manage- '#
k4:-[g*INi
. : Senior 'Vice President; ..
ment Program also gained '
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y.' f 4 momentum in 1984 with heat
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3;g . .
pump installations exceeding 9 >, 4 g ,, , 'e t;;,j ; ~
the 1.200-unit objective and b nd.' K;42 ~ cMWh f.,I.
providing more than $400.000 in additional revenues. .
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t in December. Wilham C Jones A *: , E f. .' -:'i, ::I? , + f;- M e. jg - p! 'W was appointed assistant gen- . w1
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eral manager, a position which now carnes the title of vice p' f ; ' .c -- . f V 'O ^~ J,} D. 27. . 0 44%".'l(
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$Nenneth1M'h ~ry president Mr. Jones. formerly division manager of Production . 7*1 W7 Operations has assumed re-sponsibihty for the Production
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v ' D i D President
.Nios e
' JSR88 fl6TWk h5 O 4 em@p Operations. Nuclear Produc-
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tion. Fuels. and Quakty Assur-
[ p ance and Regulatory Affairs e i
at Divisions. He replaced Wilham E Miller who retired after 3
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" i' I#Nh SNY/ fp ;$$[;W;k Mhh m "M more than 35 years' service i ?f .
7 in retrospect.1984 was an outstanding year for Ornaha C h f'
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i 4j 9 K[ 1py Qpg yh , .7 Pubhc Power Distnct Much e. i 747 Nf ;,$ <g T 4 i , . .
credit. of course, goes to the in < / ? 6-employees who are the back- M.n 'l l b @@9:t@; M
. Y[ . . . ; ' k E - $$k bone of this utihty With confi- S" dence in them. I can project 6- M' # W ' " ['["j %d M d ,
continued success in the -
months and years ahead We .
,T; b "'fW[
will maintain our strong f: nan-cial position We will continue 'M -
pgp _ - g q .c a iha%q M if 0 R h < E % O n @d q;MM E ,
to provide rel,able service to g ,
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our customers at reasonable j, j ,
cost. and through prudent planning, we will ensure that gs .;j i (M M' k.:
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g ytgf%pW A future energy requirements will be satisfied by this utihty I $
gb$n;1 g%y ;? MW QQdyggg gq
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.. s Bernard W. Reznicek & r ' ' - '
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" i' President , .
Chief Executive Officer
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8 ,- 1984 OPERATIONS REVIEW As the books are closed on A major project in 1984 was 1984, there are many outward construction of the $3 million signs that this has been a Omaha Service Center. The
/ 'l most successful year for the recently completed facility d Omaha Public Power District. houses OPPD Electric Opera-
.ir tions line service personnel g OPPD has met its primary A .
f
. objective of producing and and equipment and also serves L ^ 9%1 a research and development
, transmitting electricity to customer-owners in a safe, function. State of the art efficient, and reliable manner. energy-saving measures incor-
,n N Beyond this most important porated into the design of AUSC g function, OPPD has many the building will be monitored other accomplishments to its for efficiency and effectiveness.
, %, credit: two new service centers The facility will serve as a "1 - one ready for groundbreak- model for architects, engineers,
. , , % ing and one ready for dedica- and contractors interested in C tion - a new computerized new energy-system applications.
3 meter reading system, and an Site preparation got under way y expanded energy awareness in 1984 for the new Elkhom c- program for customer-owners. Service Center, an $18 million These programs and events facility to be completed in represent OPPD's overall com-mitment to maintaining a late 1986. The center will con-q sist of a line service center' business-managed utility that focuses attention on serving transportation repair garage' the needs of its customer- she 4 m we-house, and yard storage area.
g owners. This commitment in-volved considerable planning Design of the new Energy
~1 and many changes that worked Control Center was completed together to make the 1984 in 1984. The 32,000-square-story an exciting one for foot center will house the g OPPD. Energy Management System y computer, line dispatchers, and
- OPPD's major generating facil- System Operations Headquar-ities produced 6,712,771,600 ters. The $5.6 million computer kilowatt-hours in 1984, a seven system is designed to monitor
" g$ - -
percent increase over 1983 and control power system and the most since 1979 when operations and to expand 9 '.~ ,
the record for annual genera- OPPD's current capabilities in
- tion was established. Of the evaluating and planning those x, ,.. total electricity generated, 65 operations.
percent was produced by j x
~
OPPD's coal-fired units at the OPPD gained approximately Nebraska City and North 3,000 new retail customers in
- / '
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Omaha Stations. OPPD's nu- April 1984 with the purchase clear power plant, the Fort of the City of Blair, Nebraska
/,/ # Calhoun Station, produced 34 electrical generation and
/ percent of the total, and oil distribution system for
- .- and natural gas accounted for $5,950,000. The acquisition (top) OPPD is using this cable-laying ma ; less than one percent. All, helped consolidate OPPD's chine in an ongoing program to replace j generating units were available service territory, and Blair overhead lines with underground cable in the . ; to meet OPPD's heaviest customers are benefiting rural serwce areas. summer requirements. The through reduced electric rates (bottom) . lack Boeder checks the joumal 1984 summer peak of and reliable electric service.
diameter on the high-pressure turbine rotor 1,383,900 kilowatts was A new office serves customer-which was installed at Fort Calhoun Station reached between 5 and 6 p.m. owners in the area, and two during the 1984 maintenance and refuelingE d on August 28. It compares to new 13-KV lines have bcen utage. the record summer peak of constructed to double tae 1,411,500 kilowatts set number of heavy-capacity lines August 18, 1983. linking OPPD's system to
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Blair. New transformer poles 400 mobile radio units through - EF and conductors were installed seven base stations. This will .<
in a number of residential be particularly helpful during ? p areas, and improvements have storm restoration efforts, been made to the underground distribution system, the street After four successful years of
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lighting system, and the operation in OPPD's rural districts, the company's Cus- 4 power plant.
tomer Service Representatives 3
(CSR) program was expanded u #
An upswing in the construction industry during 1984 was into the metropolitan area in i C[
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matched by a substantial in- 1984. As business representa- .
crease in OPPD's overhead tives for the company, CSR 9
y-[
and underground construction employees work closely with -
activities. In April, OPPD crews contractors, architects, builders began working nine-hour shifts, and developers, and with >
six days a week, in an effort OPPD's commercial and resi- -
to keep up with requirements dential customers to meet 4 /. .
.y for service. specific electrical service i- Q needs. The CSR program has '.
As part of an ongoing program enhanced efficiency by reduc-
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- ]_~~
to replace older overhead ing the steps required to pro-lines with underground cable vide new or additional service ,' -
in rural areas, OPPD installed to residential and small com-approximately 65 miles of mercial customers.
underground cable near the communities of Ceresco and Many new sophisticated com-Swedeburg during 1984. Un. puter applications are being ,
derground cable installations incorporated throughout the
--g cost more initially, but they company, including the devel- ;p opme,nt of a new corporate 9 y, . , ,,,
p1 [.
have many advantages. They are aesthetically more pleasing.
They eliminate the need for planning model, a records management service, and new AN f _
gy 74
. ,. g .
a pp tree trimming maintenance and stores inventory and purchas- - -
pole replacement. Most impor. ing programs. An additional 30 {]c'cp
> s
~a tantly, they are not subject to storm-related outages which personal computers were placed in various office loca-
] ,
require costly repairs and tions throughout the company. ,
cause inconvenience for Many of those new computer customer-owners. applications are now possible e M ?
due to installation of an up-Work continued on OPPD's /y>
effort to rebuild its 85-mile graded corporate computer .
.,g portion of the 42-year-old 161 system. The new IBM 3083, which became fu;ly operational -
N -
KV Kansas line. During 1984, .
OPPD worked on a 30-mile in July 1984, ,s i three times ; ,-
section of the line between the faster and holds twice as '
Platte River and Nebraska much information as the pre-City, installing new line and vious system.
replacing old wooden poles A computenzed system for p j[topy 37,y,of, gory ,,3frequenyyqu,34 with new and taller steel
, H-frame structures. record.ing meter readings,, [ "tioned by customers hke Jan Lee about the; ITRON, was put into service new hand-held microcomputers now being.
Mobile radios were installed in last March. The hand-held used by meter readers to record customer 220 OPPD vehicles as part microcomputers are used to electncity use and other data.
of the new 800-MHz common record customer information r - (bottom) The final sh/pment 'of Rosebud Mine ~
radio system. When the sys- which is fed daily into the t coal arrived at the North Omaha Station'in#
tem is complete in mid-1986, ma n ITRON computer. Work August. OPPD now uses Rawhide Mine coal OPPD personnel throughout also continued in 1984 on at both the North Omaha and Nebraska -
another major computer proj- Y S'## "8' the 13-county service area will be able to communicate from ect, th3 customer information '
T
- W
- - - - - ___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ _ . _ . _ _ _ ____.__._._.__.______.____.__._._m
10 - 1984 OPERATIONS REVIEW (CONTINUED) p,,,
~ ~'
system. This project entails OPPD's planning. Load fore-total revamping and reorgani- casters use a number of tools zation of the OPPD customer to help them determine what data base which will improve OPPD's growth patterns will service to customers. be, including an end-use model
- for judging future residental e- S . _ - - -
During 1984, OPPD reduced load. The model is based on
>d.:=,- d n g _4 the inventory of coal at the appliance-use surveys con-gw #_ Nebraska City Station by ducted in the service area for g;- 597,600 tons. The reduction the past 10 years. Although
. p~ "
y ;; was accomplished in part by diverting 337,500 tons of Raw-OPPD is currently using a service area economic model ..
~ . hide Mine coal to OPPD's to forecast commercial and .
J y. North Omaha Station. This industrial energy growth, an
~
MWt
- . . + eliminated the need for pur- end-use model is in the devel-
~~ 9 chasing additional coal for opmental stage. When it is North Omaha on the spot implemented, it will be one of market and resulted in an the first in the utility industry.
$8.8 million cash-flow savings.
OPPD's 25-year load forecast With uses for fly ash expand- caHs for ms& Mal sales to Dg
' ing OPPD is turning this grow W L8 percent annuaHy. - i i
former expense item into a The commercial and industrial I revenue source. In the past, '
..' OPPD paid to have fly ash gA %_ c ases 5 per e t t ough y ,
removed from the Nebraska the year 2009. OPPD's current j + , ~: City Station. Now, OPPD re- net generation capability of ceives a 20 percent royalty on
' - :1 '
< 1,994,500 kilowatts is sufficient any Nebraska City Station fly to meet these projected cus-ash the hauling firm resells. tomer loads through at least -
. The District plans to do the the mid-1990s with no new y : same at the North Omaha power supply needed until
'g Station when its current dis- that time.
posal contract expires. Fly ash _
has many commercial uses.
such as a replacement for cement in concrete, a mineral 1
filler in asphaltic concrete, a material for structural fill, and 4 a supplement for F.- " plant foods.
'M & -
OPPD's emphasis on providing a safe environment for its work force continued in 1984 7 l with the expansion of a num-ber of safety training programs.
s All employees now have the opportunity to complete first L aid, cardiopulmonary resuscita-(top) Many energy-related features, such asl l tion, and driver training pro-these snow-meltng mats emplaced in the grams which in the past were concrete driveways and sidewalks, were : available mainly to personnel incorporated into the design of the recently ' involved with the generation, completed Omaha Service Center- transmission and distribution of ^
(middle) Rod Poe, Jerry Matza, and Joe .
electricity and with operating ..
Morehouse examine one of the new billing company vehicles.
statements which are printed on OPPD's new laser printer. "
Long-range forecasting of fu-(bottom) Gary Comic develops 16mm f;1m ture electricity needs is an rolls for the Records Management Depart- important component of ment which is microfi! ming documents and paperwork for easy storage and retrieval.
FINANCING AUDITORS' OPINION II In December 1946, Omaha Public Power Omaha Public Power District:
District funded the purchase of The Nebraska We have examined the balance sheets of Power Company eth a bank loan for Omaha Public Power District as of December
$42,000,000. Revenue bonds were issued tr' 31,1984 and 1983 and the related statements
. ebruary 1947 to pay off this loan. Since then, of net earnings and accumulated earnings
$1,357,200,000 of additional revenue bonds reinvested in the business and of sources of hiv3 been sold. funds for construction for each of the three The District retired $13,155,000 of revenue years in the period ended December 31,1984.
bonds in 1984. These retirements bring the total Our examinations were made in accordance of bonds redeemed and refunded through 1984 with generally accepted auditing standards and, to $565,850,000, leaving an outstanding bonded accordingly, included such tests of the account-debt of $833,350,000 at December 31,1984. ing records and such other auditing procedures During 1984, $46,879,000 of interest expense as we considered necessary in the w s charged to operations on outstanding circumstances.
bonds, representing an average annual rate of in our opinion, such financial statements present 5.6%. In January 1985, the District sold fairly the financial position of the District at
$60,000,000 o,f Electric System Revenue Bonds December 31,1984 and 1983, and the results (the 1985 Senes A Bonds) at an effective of its operations and the sources of funds for int: rest rate of 9.29%. construction for each of the three years in in August 1984, the District authorized an the period ended December 31,1984, in con-additional $30,000,000 of Tax Exempt Commer- formity with generally accepted accounting ci:1 Paper. The proceeds of this issue were principles applied on a consistent basis.
used to pay off the $30,000,000 of Electric R: venue Notes due September 11,1984. As of December 31,1984, $94,500,000 of commer- / jJ ci:1 paper was outstanding and $10,500,000 w s drawn against the supporting revolving line g Q VX/
of cmdit agreement. During 1984, $5,376,000 DELOITTE HASKINS & SELLS of interest expense was charged to operations Omaha, Nebraska on outstanding commercial paper. In connection February 22,1985 with the purchase of the assets of the City of Bilir, Nebraska Electric System in April 1984, the District incurred a subordinated obligation of
$4,950,000, bearing interest at 9%. Outstanding not:s and subordinated obligations at Decem-ber 31,1984, totaled $5,470,000. During 1984,
$1,799,000 of interest expense was charged to operations on outstanding notes and subordi-nited obligations.
Gross Electric Plant amounted to $1,262,803,000 and Nuclear Fuel (at amortized cost) amounted to $162,658,000 at December 31,1984. Accu-mulated earnings reinvested in the business in-creased $40,007,000 to a total of $394,344,000 during 1984 while total assets increased
$39,230,000 to a total of $1,430,008,000.
OVAHA PUBLIC POWER DISTRICT 12 BALANCE SHEETS, DECEMBER 31,1984 AND 1983 ASSETS NOTES 1984 1983 (thousands)
UTILITY PLANT - At cost: 2,7 Electric plant (includes construction work in progress of $56,233,000 and $40,357,000, respectively) . $1,262,803 $1,208,677 Less accumulated depreciation ... ... . 336,776 302,796 Electric plant - net .... ... . . . . . . . .. . .. 926,027 905,881 Nuclear fuel- at amortized cost . .. . . . 162,658 156,876 Utility plant - net .. ... .
1,088,685 1,062,757 SPECIAL PURPOSE FUNDS: 3 Construction fund . . . .. . . .. .. . 22,340 40,276 Electric system revenue bond fund (net of current portion) . .. . .. . . . 43,554 43,787 Debt service fund . .. ... .. . ... . .. 9,934 10,547 Segregated fund (see contra) .... .. . . 4,280 4,557 Revenue fund - decommissioning . 5,671 1,781 Total special purpose funds .... . ... ..... 85,779 100,948 CURRENT ASSETS:
Revenue fund -- cash . . . .. . . 28 25 Revenue fund - U. S. Government Securities (at amortized cost which approximates market) . ..... . . .. .... .. 76,515 26,326 Electric system revenue bond fund - current portion . . . ..... . .. 3 24,100 23,771 Accounts receivable - net .. . . . ... . .. . .. 27,558 31,326 Unbilled revenues .. ... ... . .. .. .... . .. . . . . 8,700 9,300 Fossil fuels - at average cost . . 22,076 41,052 Materials and supplies - at average cost . ... 19,576 17,425 Deferred production costs . .. . ... .. . .. . . . 5,946 2,450 Other . . . . ....... ... . ... . .. . .... ... 4,394 3.369 Total current assets .. .. ... . . . .. . . . . .. 188,893 155,044 DEFERRED DEBITS ..... . .. . . . .. . .. . 4 66,651 72,029 TOTAL ... . .. .... . . .. .. . . .... .. .. $1,430,008 $1,390,778 See notes to financial statements.
2
13 LIABILITIES NOTES 1984 1983 (thousands)
LONG-TERM DEBT: 2,9 Electric system revenue bonds - net of current portion:
Serial bonds,3% to 5.9% due annually from 1986 to 1999 .... .. . . . . . $ 225,945 $ 239,240 Term bonds,5%% to 6%% due at various dates from 1995 to 2017 . ... . . 594,110 594,110 Total long-term bonds .... .... .. .. .... ... 820,055 833,350 Electric revenue notes - commercial paper series . .. 5 75,000 Subordinated notes due December 1990,6%% . 520 520 Subordinated obligations .... . .. 4,914 Total . . . . . . . . . . . . . . . . . . . . . .. . .. . .. ... . 825,489 908,870 Less unamortized discounts .. .. . . ... . . .... 9,106 9,850 Long-term debt - net .. . . ... ... . 816,383 899,020 COMMITMENTS AND CONTINGENT LIABILITIES 7,8 LIABILITIES PAYAB'." FROM SEGREGATED FUND (see contra) ... . ... ... ..... .. . .. .. . . 3 4,280 4,557 CURRENT LIABILITIES:
Current portion oi'long-term debt . .. . . . .. . . 13,331 13,155 Electric revenue notes due Septemtar 1984, variable rate .. 30,000 Electric revenue notes - commercial paper series . . 5 105,000 Accounts payable . .... . .. .. .. .. 23,194 18,101 Nuclear fuel disposal costs . .. . .. . . .. 22,841 Accrued payments in lieu of taxes ... .... .... .. 9,387 8,130 Accrued interest . . . .. . ..... . .. 21,113 20,280 Other . . . . . .. .. . .. ... . .. . . .. 5,001 4.224 Total current liabilities . . . .. ... . ..... ... .... .. 199,867 93,890 OTHER LIABILITIES:
Nuclear fuel disposal costs ... .... .... . . .. .. 4,418 32,327 Decommissioning costs . . . . . ... . . . . 5,671 1,781 Other . .. . ... . . . ... .. . . . ... .. 5,045 4,866 Total other liabilities . . . . .. .... ... . ... . .. _ 15,134 38,974 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS ... . . . .. 394,M4 354,337 TOTAL . ..... . . .. . ... . . . ... . .. $1,430,008 $1,390,778
STATEMENTS OF NET EARNINGS AND ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS 14 FOR THE THREE YEARS ENDED DECEMBER 31,1984 1984 1983 1982 (thousands)
OPERATlhG REVENUES . . ..... . ... . . . ..... $305,999 $272,847 $233,319 OPERATING EXPENSES:
Operation:
Fuel ....... .. .. ..... . .. . . .. 90,456 69,392 69,789 Other production . . . . . . . . . . . . . . .. . .. . .. . 18,751 23,826 20,769 Transmission ...... .. .. . . ... .. .. 1,572 1,658 1,526 Distribution . . . . . . . . .... .. . .. .... . .. ... 9,002 8,358 7,671 Customer accounts . ... . . ...... . .. . .. 6,516 5,751 5,326 Customer service and information .. . . .. .. .. 2,265 2,319 2,229 Administrative and general .. . . . .. .. . .. .. .. 20,698 20,013 17,666 Maintenance .. . . .. . . . . . .. ....... . .. . . . .... 27,741 25,633 20,690 Total operation and maintenance . . . . .. . ..... 177,001 156,950 145,666 Depreciation . . . . . . . ... ...... .. ..... . .. 37,279 36,038 35,160 Decommissioning . . .... .... ..... . .. . . .. . 3,531 1,781 Payments in lieu of taxes .... .. .. ... . ..... 10,292 9,034 7,565 Total operating expenses ........ . . . .. . 228,103 203,803 188,391 OPERATING INCOME ...... .. . . ... . .. . 77,896 69,044 44,928 OTHER INCOME CREDITS (CHARGES):
Interest income . .. . .. .. ... ...... ..... . ... 14,791 11,853 13,913 Allowance for funds used during construction .. . 2,382 2,178 1,056 Allowance for funds used for nuclear fuel . .. . . .. ... 5,321 5,693 6,271 Amortization of cancelled project costs .... . ... . .. . (5,181) (5,181) (5,182)
Other - net .. ..... . .... ... .. .... ... .. (390) (266) 341 Total other income credits - net .... . .... . ... 16,923 14,277 16,399 EARNINGS BEFORE INTEREST EXPENSE . ...... 94,819 83,321 61,327 INTEREST EXPENSE .. ..... . .... .. . . .. . . 54,812 55,392 59,447 NET EARNINGS . . . . . . . . . . .... .. .. . . . 40,007 27,929 1,880 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, BEGINNING OF THE YEAR ... . . . . . . . . .. .. .... .. . ... . 354,337 326,408 324,528 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, END OF THE YEAR ... . ... . $394,344 $354,337 $326,408 See notes to financial statements.
STATEMENTS OF SOURCES OF FUNDS FOR CONSTRUCTION FOR THE THREE YEARS ENDED DECEMBER 31,1984 15 1984 1983 1982 (thousands)
SOURCES OF FUNDS:
From operations: 9 Net earnings . . . . . . . . . . . . . . . . . . . . . . . .. . .. .... $ 40,007 $ 27,929 $ 1,880 Charges (credits) to operations not affecting funds:
Depreciation ... .. ....... .. .. ... .. . 37,279 36,038 35,160 Amortization of nuclear fuel . . .. . .. . 14,340 14,770 14,512 Allowances for funds used . . ... .. (7,703) (7,871) (7,327)
Amortization of canceiled project costs .. .. . 5,181 5,181 5,182 Funds from operations ... .. . . . . 89,104 76,047 49.407 From financing:
Long-term borrowings . . .. . ... . . . ... . 4,950 75,000 54,205 increase (decrease) in short-term borrowings . .. ... . . . .. .. . 75,176 30,525 (28,960)
Long-term debt reduction . ....... . . . . (88,331) (98,155) (12,630)
Funds from (applied to) financing . . ....... (8,205) 7,370 12,615 Funds applied:
Increase in net current assets (excluding short-term borrowings and current portion of long-term debt) .. . . ... . .. (3,047) (12,131) (19,844)
Decrease (increase) in special purpose funds .. . 14,892 (16,789) (20,251)
Decrease in deferred debits . ...... . .. . 196 3,427 13,806 Increase (decrease) in other liabilities . . . ... (23,095) (6,810) 11,399 Funds applied . . . . . . . . . . . . . . . . .. . . ..... .. . .. (11,054) (32,3_03) (14,890)
Allowances for funds used . . .... . . . 7,703 7,871 7,327 TOTAL . ... . .... .. . ... . .. .. .. .. . . . $ 77,548 $ 58,985 $ 54,459 USES OF FUNDS FOR CONSTRUCTION:
Electric plant . . . . . . . . . . . . . . .. . .. . .. . .. . $ 57,426 $ 33,997 $ 38,686 Nuclear fuel .. . . .......... .. . .... ..... 20,122 24,988 15,773 TOTAL ..... ...... ... . . . .. .. . . .. . $ 77,548 $ 58,985 $ 54,459 See notes to financial statements. l i
NA4 4
NOTES TO FINANCIAL STATEMENTS 16 FOR THE THREE YEARS ENDED DECEMBER 31,1984
- 1.
SUMMARY
OF SIGNIFICANT Nuclear Fuel Disposal Costs - In 1983, the ACCOUNTING POLICIES Nuclear Waste Disposal Act of 1982 was enacted, Organization and Business - Omaha Public Power under which the Federal government assumed District, a political subdivision of the State of Ne- responsibility for the permanent disposal of spent braska, is a public utility engaged solely in the nuclear fuel. In June 1983, the District and the generation, transmission, and distribution of ele::tric United States Department of Energy (DOE) entered power and energy and other related activities. The into a contract for disposal of the District's spent Board of Directors is authorized to establish rates, nuclear fuel. Under the terms of the DOE contract, The District is not liable for Federal and state income the District is subject to two separate fees: (1) a or ad valorem taxes on property; however, payments one-time fee for all spent nuclear fuel generated prior in lieu of taxes are made to various local to April 7,1983, and (2) a one mill per gross kilo-governments. watt-hour fee on all future nuclear energy generation.
Baels of Accounting - The accounting records of The District has elected to pay the one-time fee the District are maintained generally in accordance totaling approximately $22,841,000, in June 1985.
The one mill per gross kilowatt-hour generation fee with the Uniform System of Accounts prescribed is paid on a quarterly basis to DOE. Spent nuclear by the Federal Energy Regulatory Commission. disposal costs are included in the District's nuclear Accounting for Revenues - Meters are read and fuel amortization rate and are collected from cus-bills are rendered on a cycle basis. Revenues eamed tomers as part of fuel costs.
after meters are read are estimated and accrued as unbilled revenues at the end of each accounting 2. LONG-TERM DEBT period. The District utilizes proceeds of debt issues primarily Utility Plant - The costs of property additions, in financing its construction program.
replacements of units of property, and betterments Electric System Revenue Bonds - Maturities of are charged to electric plant. Maintenance and electric system revenue bonds outstanding at
- replacernents of minor items are charged to operat.ing December 31,1984, due 1985 through 1989 are as expenses. Costs of depreciable units cf electnc fo!!ows (in thousands):
plant retired are eliminated from electric plant ac- 1985 . $13,295 counts by charges, less salvage and plus removal - 4 expenses, to the accumulated depreciation account.
An allowance for funds used, approximating the 1988 , $14,960 District's current cost of financing electric plant con- 1989 struction and tne purchase of nuclear fuel, is capital- N Dim's W iMas PMe he$15,655 en ized as a component of the cost of the utility plant. restrictions, the most significant of which are:
This allowance was computed at 6.3%,6.7% and 7.5% for both construction work in progress and Additional bonds may no* be issued unless esti-nuclear fuel for the years ended 1984,1983 and mated net receipts (as defined) for each future 1982, respectively. year will equal or exceed 1.4 times the debt Depreciation and Amortization - Depreciation is service on all bonds outstanding including the ,
additional bonds being issued or to be issued in computed on the straight-line basis at rates based on the case of a power plant (as defined) being tha estimated useful lives of the various classes of hn need in increments.
property. Depreciation expense has averaged ap-proximately 3.4% of depreciable property in each of An amount at least equivalent to 12%% of gross the three years ended December 31,1984. operating revenue (as defined) must be spent annually for maintenance, replacements, or addi-Amortization of nuclear fuel is based upon the cost thereof, which is pro-rated by fuel assembly in ! ions to the electric system, or if not so spent is to be placed in a special fund to be used for accordance with the thermal energy that each as- such purposes or for retirements of original bonds sembly produces, Deferred Production Costs - Certain production (as Mn@ in a@ame of maw costs are recovered under the Fuel and Production in any thr,ee-year period, at least 7%% of general business mcome (as defined) must be spent for
! Cost Adjustment (FPA) clause of the District's rate replacements, renewals, or additions to the electric schedules. These costs are deferred until they are system. Any deficiency is to be spent within two collected by FPA billings. years thereafter for such purposes or if not so Deferred Debits - Certain costs and charges are spent is to be used for bond retirements in deferred and amortized over the penod that rate advance of maturity.
ye are expected to benefit. The most significant Subordinated Obligations - In April 1984, the District purchased the assets of the City of Blair, Deferred Financing Costs - Debt discount and Nebraska Electric System for $5,950,000. The District expense and amortizable charges relating to . incurred an obligation of $4,950,000 payable in refunded debt are amortized ratably over the lives annual instalments of $481,815 (including interest at of the related issues to which they pertain. 9%) through 2014 in connection with this acquisition.
Deferred Cancelled Project Costs - Fort Cal-houn Station - Unit No. 2 - Costs arising 3. SPECIAL PURPOSE FUNDS from the termination of contracts relating to Fort The assets of the special purpose funds of the Calhoun Station - Unit No. 2 are being amortized District (Construction Fund, Electric System Revenue over ten years through 1989. Bond Fund, Debt Service Fund, Segregated Fund
l7 and Revenue Fund - Decommissioning) consist costs accrued. Accumulated plan benefits and net primanly of securities of the U.S. Government and assets at January 1,1984 and 1983 were as follows:
related agencies, stated at amortized cost which 1984 1983 approximated market. (thousands)
The Construction Fund is to be used for capital Actuarial present value of improvements, additions and betterments to and accumulated plan benefits:
3 extensions of the District's electric system, or for Vested ... $ 63,094 $52,555 payment of principal and interest on Electric System Non-vested 6,169 3,364 Revenue Bonds. Total. $ 69.263 $55,919 The Electric System Revenue Bond Fund and Debt Net assets avavable for benefits $104,662 $88.660 Service Fund are held by Trustees for the retirement rm nd serial bonds and the payment of the The assumed rata of return used in computing the actuarial present value of plan benefits was 10.0%
The Segregated Fund represents customer deposits for retired members and 9.3% for all other members and refundable advances. of the plan at January 1,1984 and 1983.
The Revenue Fund - Decommissioning was estab-lished to cover the estimated cost of decommissioning 7. COMMITMENTS Fort Calhoun Station - Unit No.1 when its operating The District's Construction Budget provides for ex-license expires in 2008. The fund was created as a penditures of approximately $82,631,000 during 1985 result of a decommissioning plan adopted by the and $241,398.000 during later years, of which ap-District in 1983 and additions will be made to the proximately $26,000,000 was under contract at fund monthly. December 31,1984.
The District has established a deferred compensation
- 4. DEFERRED DEBITS plan for all eligible employees. All contributions to The composition of deferred debits at December 31, the plan are made by the employees. By agreement, 1984 and 1983 was as follows: contributions under the plan remain the property of 1984 1983 the District until an employce leaves the District.
(thousands) Funds on deposit at December 31,1984 and 1983 Deferred financing costs . $33,293 $34,580 of approximately $3,400,000 and $2,000,000, respec-Deferred cancelled project costs - tively, are not recorded in the accompanying financial Fort Calhoun Station - statements.
Unit No. 2 22,017 27,198 The District has a coal supply contract which extends Other, 11,341 10,251 through 1998. Minimum future payments amount to Total, . $66.651 $72,029 $136,850,000. The coal contract price is subject to escalation based upon the supplier's costs.
Contracts with estimated future payments of
- 5. ELECTRIC REVENUE NOTES - COMMERCIAL $50,406,000 are in effect for nuclear fuel. In addition, PAPER SERIES a contract with the United States Department of in 1983, the District authorized the issuance of up to Energy with estimated future payments of
$75,000,000 of commercial paper, which is sup- $303,840,000 for the furnishing of uranium enrich-ported by a revolving credit agreement with four ment services extends to the year 2008.
financial institutions. As of December 31, 1983,
$67,500,000 of commercial paper was issued and 8. CONTINGENT LIABILITIES outstanding with the remaining $7,500,000 drawn Under the provisions of the Federal Price-Anderson against the revolving credit agreement. The borrowing Act, the District and all other licensed nuclear power rate at December 31,1983 was approximately 5.6%. plant operators could each be assessed for claims in 1984, the District authorized the issuance of an in the event of a nuclear incident in amounts not to additional $30,000,000 of commercial paper which is exceed $5,000,000 per incident to a maximum of also supported by a revolving credit agreement $10,000,000 in any one calendar year.
with four financial institutions. As of December 31, The District is engaged in routine litigation incidental 1984, $94,500,000 was issued and outstanding with to the conduct of its business and, in the opinion the remaining $10,500,000 drawn against the revolv- of its General Counsel, the aggregate amounts ing credit agreement. The borrowing rate at Decem- recoverable from or to the District, taking into account ber 31,1984 was approximately 6.2% The estimated amounts provided in the financial state-agreement expires in June 1985. ments and insurance coverage, are not material.
- 6. PENSION PLAN 9. SUBSEQUENT EVENT Substantially all District employees are members of in January 1985, the District sold $60,000,000 of its contributory pension plan and are not covered by Electric System Revenue Bonds,1985, Series A, due Social Secunty. Generally, the plan provides for in various instalments through 2015 at interest rates benefits at age 65 with reduced benefits for earlier ranging from 6% to 9.30%
retirements. Provision is made annually for actuarially computed current costs, which were $4,811,000,
$5,078,000 and $4,691,000 for 1984,1983 and 1982, respectively. The District's policy is to fund pension
SUPPLEMENTARY STATEMENT OF EARNINGS FROM CONTINUING OPERATIONS ADJUSTED FOR CHANGING PRICES 18 FOR THE YEAR ENDED DECEMBER 31,1984 (UNAUDITED)
Conventional Current Cost Historical Average Cost 1984 Dollars (thousands)
Operating revenues ... . ..... . . . . . . $305,999 $305,999 Total operation and maintenance expenses . . .. 177,001 179.623 (
Depreciation . . . . . . . . . . . .... . . .. . 37,279 77,996 Decommissioning .. .... . .. .. . . . 3,531 3,531 Payments in lieu of taxes .. .. .. ... . 10,292 10,292 Total operating expenses . .. . ... .. ... . 228,103 271,442 Operating income .... . . . .. . . 77,896 34,557 Other income credits .. . . . ... . . 16,923 16,923 Earnings before interest expense . .. . . .... 94,819 51,480 Interest expense . . . . . . . . . . . . . . . . . .. . .. .. .. .. 54,812 54,812 Earnings (loss) from continuing operations . .. . . . $ 40,007 $ (3,332) increase in specific prices (current cost) of utility plant held during the year . .. .. . $120,490 Reduction to net recoverable cost .. .. . . .. (39,070)
Effect of increase in general price level .. . . . (75,840)
Excess of increase in specific prices after reduction to net recoverable cost over increase in general price level . .. .. . 5,580 Gain from decline in purchasing power of not amounts owed .... . ... .. ... 27,346 Net . . .. . . .. . . . . . $ 32,926 SUPPLEMENTARY FIVE-YEAR COMPARISON OF SELECTED FINANCIAL DATA ADJUSTED FOR THE EFFECTS OF CHANGING PRICES (UNAUDITED)
Year Ended December 31, 1984 1983 1982 1981 1980 (Average 1984 dollars, in thousands)
HISTORICAL COST INFORMATION ADJUSTED FOR GENERAL INFLATION Operating revenues ..... . . . $305,999 $284,459 $251,074 $254,257 $286,043 CURRENT COST INFORMATION Loss from continuing operations . . $ (3,332) $ (15,020) $ (42,902) $ (37,595) $ (27,508)
Excess of increase (decrehse) in general price level over increase in specific prices after change to net recoverable cost . . . . $ (5,580) $ (6,639) $ (5.090) $ 57,395 $106,892 Net assets at year-end at net recoverable cost . .. . . $388,845 $363.210 $347,283 $358,653 $383,102 GENERAL INFORMATION Gain from decline in purchasing power of net amounts owed . $ 27,346 $ 27,911 $ 29,827 $ 70,077 $103,187 Average consumer price index . .. . 311.1 298.4 289.1 272.3 246.9 See notes to supplementary financial data.
NOTES TO SUPPLEMENTARY FINANCIAL DATA ADJUSTED FOR THE EFFECTS OF CHANGING PRICES FOR THE YEAR ENDED DECEMBER 31,1984 (UNAUDITED) 19 The supplementary information is supp!ied in accord- from their historical cost in nominal dollars. The ance with the requirements of FAS Statement No. District's rate structure limits the recovery of fuel 33, Financial Reporting and Changing Prices, for the through the operations of adjustment clauses or ad-purpose of providing certain information about the justments in basic rate schedules to actual costs.
effects of changing prices. It should be viewed as an For this reason fuel inventories are effectively mone-estimate of the approximate effect of inflation, rather tary assets.
than as a precise measure. Effect of the District's Rate Structure - Under Utility Plant, Depreciation and Amortization - the rate making structure adopted by the District, Current cost amounts reflect the changes in specific only the historical cost of utility plant is recoverable prices of the utility plant from the date the plant in revenues as depreciation or amortization.
was acquired to the present. The current cost of the To properly reflect the economics of the District's utility plarf represents the estimated cost of replacing rate structure in the Statement of Eamings from existing plant assets. The current cost of the electric Continuing Operations Adlusted for Changing Prices, plant was determined by indexing the surviving the reduction of the utility plant should be offset plant by the Handy-Whitman Index of Public Utility by the gain from the decline in purchasing power of Construction Costs. The electric plant was aged net amounts owed. During a period of inflation, on the basis of clearings from construction work in holders of monetary assets suffer a loss of general process to electric plant in service. The current cost purchasing power while holders of monetary liabilities of nuclear fuel in the reactor was based upon the experience a gain. The gain from the decline in actual cost of the most recent assemblies to be purchasing power of net amounts owed is primarily placed in the reactor. The cost of nuclear fuel was attributabh to the substantial amount of debt which not adjusted from historical amounts. The current has ber i used to finance the utility plant. Since
-year's provision for depreciation and nuclear fuel am- the drpreciation and amortization on this plant is ortiz: tion was determined by applying the District's limit d to the recovery of historical costs, the District effective depreciation and amortization rates to does not have the opportunity to realize a holding current cost amounts of the utility plant. gain on debt and is limited to recovery only of the inventories - Fossil fuel inventories and the cost of embedded cost of debt capital.
. fuel used in generation have not been restated NET RECEIPTS AND DEBT SERVICE COVERAGE FOR THE FIVE YEARS ENDED DECEMBER 31,1984 (UNAUDITED) 1984 1983 1982 1981 1980 (thousands)
Operating revenues .... ..... .. $305,999 $272,847 $233,319 $222,546 $227,014 Operation and maintenance expenset ............ ... 177,001 156,950 145,666 136,135 135,629 P yments in lieu of taxes . .. . 10,292 9,034 7,565 6,400 6,191 Net operating revenues . ... 118,706 106,863 80,088 80,011 85,194 investment income (1) .. ..... .. 5,012 5,058 5,307 4,798 4,490 Net receipts .. . .. .. . . $123,718 $111,921 $ 85,395 $ 84,809 $ 89,684 Totd debt service (2) . . . . . . . . . . . . $ 60,162 $ 60,528 $ 60,470 $ 59,826 $ 58,969 Debt service coverage ..... 2.05 1.84 1.41 1.41 1.52 (1) Income denved from the investment of moneys in the Debt servce Fund and the Reserve Accc./it of the Electre system Revenue Bond Fund under the oistnct's bond indentures (Resolution No.19 and Resolution No.1788).
(2) Total Debt servce for both Resolution No 19 and Resolution No.1788 Bonds rs accrued on a calendar-year basis semilar to the computation of Net Receipts Interest funded from bond proceeds is not included in Total oebt service.
V I
20 ELECTRIC SYSTEM REVENUE BONDS OUTSTANDING (In Thousands) as of December 31,1984 7733 pd m p w.m- a ya t sn esw i 19n 6Su p ien ssw 2 p7 yi ;m,,,,zgso A i: ..
hassaw t 1958 GSu y 1981 set i p[150 EIN] 1969 ESUE 1966 6 SUE y
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500 I 3 % 1m i 4's 1.150 4% 2D a 4 80 950 4W am) 510 710 14 5 ~ Im i *480.23 2 14 300 5438 2 RSS 1987 1988 ;
[' ' . /53% 3% 500 l 34 J 12l 4't 1 250 4% ' 2D i 4 90 990 $t " em ! 515 745 { 49 ; tm [ f45 22 j 1415960655am= NWS St -e1,W i 44 1.400 4%.22 .1 4 90 1.000 , 5 ' 4m j $ 20 780 , 5 L 122 i i45 2.W51 p[ Raf7EW2 ~
1989 ) ;}
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3te Im i 4%1 1.425 {4%
2 1991 [4 500 . 4% . 22 5 1.000 i, 5 it 4 815 j 5 30 860 ( 5. 5 tmj !$5 3.15 j 17 205 g eJ94 '55 1992 ]:( [x . J 4% 1500 34% tm 5 1.000 g 58 'l.110 0 5 30 905
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&5% 373 ) 19 905h4'm: y 4W < '55 1993 :4 f j 4 4't 1.500 l 4%$ 2m } 5 1.000 6 5 N. 55 ( 5 to 950 $ 54 . 4m i ) 520 - 3 2 i 18 910 1994 p. J ,3 f4
- d's t,500 ( 444. 24 i 510 1.100 [ S N 6015 i 5 40 1000 i 5 m . 4 50 l , EK j 544* ' 4.WB l 5V 1050 & 539 4ms I 5N 32 1 20 920 i; 2.0FF i 50m 1995 1996
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r) 44 1.500 I4% [2m i 510 t 100 14 1500 14% J 2 e i 510 t 100 54e' . Im 3 54* 1.110 & 5% Sm 4 l 5e . 4.110 i 21 960 [WM. :- 198.
m7 [y .1 rist- 2ee i 510 1m m use 3 5v two g 5m :7m i r. 5 4 . 4 m a 23.i35 e ame ^;am 1998 rf j p( _ a.5 i4~ ' 2m I 44 1.100 I 5%* . 7.005 I SV 1.235 i 55 - im i V 54 - 4 W ? 24 370 \Em SS 1999 )1 /q [ <l N M 44 1,100 ?. Se* :72 5V 1.300 ? 5W 102 s !54- 4 2 4 25690 y3emt' i Star U. j l f 5%* fm j 5V 1.370 [5.* 122 i ! A*. ' 5m ,j 27.145 ( 2e SW - '- W WE.
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d I i %' , 64* 13 670 4 5 N' 112 i 24.870 E 18m ' t eW d k L ?~l 6%* 14 490 l 5 W* 11.7N j 26 220 f 14 51 ' # 141'-
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[ ..;asute j( 331 350 f- ;seust immr 1 1a265 [' ; Emsi outstanone g - 2]es ) 2.100 ? usi --
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12 31 84 - 123 f 4 900 ' 1 100 ;; 8 M5 L ' 12m ) .J 46'O " .~ 1475 i 5080 ' q ,4m 89 850 L Onons h. :-j f - . . L. 'l F. -] j- 225.30 l4 923 200 b
. A'g lisue i n 15 W j F.000 D . ~ 11 M ( 25 000 t " ;em j 20 000 i ? .170m i 25 000 j 2W WB.i 170.000 .
- Term Bone "tte 19'5 Sern A sd 8 Bond issues are retunaed by fie 197 Sete A Issue "the 19'8 Sere A and 8 Bond issues were fateded by the ISU Senes C issue
1984-1983 COMPARISONS 2I millions of dollars OPERATING REVENUES Rermnt Chousands) Percent d 306.0 Year of Year haease Classfcanon 19E4 Total 1983 (Decrease) 233.3
- 227.0 Res enbas . . . . . . . . . . . $116.368 38.1 $108.722 7.0 General Senace-Smad . 9G0 32.1 82.880 18 6 GeneralSenace- Large . 55.444 18.1 46226 19 9 Goverrmers and MunK4ei 7.099 23 6.519 8.9 147.1 Other Electnc Ub6tes . 25.129 82 22.958 9.5 120.6 Accrued Urtded Reveruus (600) (2) 1.900 (131 6)
Total Electnc Revenues $301,740 98 6 $269.205 12.1 83.1 Momitaneous Revenues 4259 14 3.642 16 9 Total Operanng Revenues $305.999 1000 $272.847 12 2 millions of kilowatt-hours KILOWATT-HOUR SALES 6.419 Chousands)
Cassacanon 5,6 5,553 Resdertal . . . . . _ 2.041 395 32.8 2.HSM (3.5)
General Senace-Small . 1.940.767 31 2 1.830.190 6.0 General Sennae-Large . 1.471 372 23.7 1 384.986 6.2 Governmers and Muncpal 74.f06 12 74.781 (.t) 4,810 Other Elecinc (Abes . 691,792 11.1 590.987 171 Total Energy Sales . 6 220.022 100 0 5.996.640 37 millions of dollars OPERATION ANO MAINTENANCE EXPENSES 177.0 Ohousands) 135.6 Generabng Expense $136.H8 76 9 $106261 28.1 Purchased and interchanped Power ~ (9.021) (5.1) 2256 g999) 86.2 Trw and% 0.H4 u3 20.170 (3)
Customer Accounts 6.516 3.7 5.751 13 3 66.7 customer Senace and Wormanan 13 2.319 (23) 41.5 hative and 55 g- 9 20.193 40 Te @ m w i Maintenante Expenses $177.001 .0 $156.950 12 8 EEA*0 thousands of customers AVERAGE NUMBER 216.6 211.8 Cassdcaton 205.5 Resdened . . . . . . . . . . . 197.750 88 1 193.638 2.1 General Serva- SmaR . 26.271 11.7 25245 41 196.6 General Senace-Large . 73 - 73 -
Olher . 407 2 399 20 Average Customers 224501 219,355 23
' Average Total Twelve Months Ended Dewnter
, x ;
s 22 ELECTRIC STATISTICS 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 Total Utleity Plant, including Nuclear Fuel (af year end) 825,597 1,425,461 1,365,553 1,323.435 1 286,174 1,223.659 1,167.444 1,072.189 946.864 652.688 (in thousands of do#ars) .
Bonded indebtedness (at year end) .
497,680 833,350 846,505 859.135 870.725 881,015 890.930 900,480 890,480 699.344 (m thousands of do#ars) ,
Operating Revenues (a thousands of do#ars) 54,392 51,69? 45.629 Resasenhal , , , . , , , , , . . . 116.368 108,722 89,949 77.500 78,708 65 383 8i0.819 93,300 82,880 72.495 60,992 57,515 4W 44,277 41,197 38,592 33.830 General Service - Small 21,162 General Service - Large . 55,444 46.226 41293 36,345 34291 P9,2 D 24,916 22,217 17.465 7,099 6.519 5.570 4,516 3.983 3.462 2.541 3,282 3260 2.917 Govemment and Muncpal Other Electne utsties 25,129 22,958 21,867 40.003 49.931 44SM 12,926 9,081 4285 2.890 Accrued Untxiled Revenues ($00) 1,900 (800) 1,000 600 500 4,259 3.642 2,945 2,190 1,986 1.899 1.637 1,636 1.593 2,929 Miscellaneous 305,999 272,847 233.319 222,546 , 227,014 104.087 .14 ',116 131,805 120.576 105.660 Total .
Operation & Maintenance Espenses Charged to Operations 55,509 177,001 156.950 145,666 136,135 '135.629 112.045 86.237 64.461 66.688 (a thousands of do#ars) .
Paymen's in Lieu of Tazes 10,292 9,034 7,565 6,400 6.191 5.252 4,836 4.428 4.224 3.763 (a thousands of do#ars) ,
Not Opereing e Revenues before Deprocletion and poconunieeioning 46,388 (a thousands of do#ars) , 118,706 106.863 80,088 80.011 85,194 76,790 56,043 - 62.916 49.664 Not Earnings Reinvested in the Business 18,068 40,007 27.929 1,880 6,323 9,162 25.452 19.043 25.015 18.202 (a thousands of do#ars) .
Kliowett-Hour Seles (m thousands)
Resdenbal . . , , . , , , , , , , 2,041,395 2,115.696 1.898.606 1,824285 1,952,851 1.835250 1,881,529 1,717.117 1.665,518 1.674,761 General Service - Small 1,940,767 1,830.190 1,743.804 1,691,815 1,684,631 1.666.849 1.649.361 1.580,095 1,500,223 1.437,146 General Service - Large . 1,471,372 1,384,986 1,334.043 1.411,394 1,431,067 1.438.732 1,382,366 1,302,821 1,270,736 1,163250 74,896 74,781 74.388 74.444 75.325 74,653 77,675 127,367 144,932 134,176 Govemment and Munopal Other Electnc Uhlmes 891,792 590.987 501,704 1 2 58.803 1275,171 1.452.337 642,399 491.884 229.073 219.924 Total , , , 6,220,022 5,996,640 - 5.552,545 6 250,741 6,419.045 6.467,821 5,633.330 5.219281 4.810,482 4.029.257 Number of Customers (average per year) 197,750 193,638 191.808 190,451 187.802 185,358 182,156 178,259 174.331 171.239 Resdenbal . . . . . . . . . . . 22,250 21,824 26,271 21245 24.264 23.833 23,541 23.434 22,919 21.387 General Service - Small .
General Service - Large . 73 73 73 75 89 88 85 80 84 85 Govemment and Muncpal 400 392 403 418 403 386 363 363 351 331 7 7 8 10 12 15 16 12 10 9 Other Electnc Utsbes 196,600 Total , 224,501 219.355 216.556 214.787 211.847 209.331 205.539 200,964 193.051 Residentled Statistics (average) 10,323 10.926 9,898 9.579 10,398 9.901 10.329 9,633 9.554 9.780 kWhCustomer . . . . .
588.46 561.47 468.95 406.93 419.10 352.76 333.89 305.13 296.47 266.46 Dollar RevenueCustomer Cents 1tWh 5,70 5.14 4 74 4.25 4.03 3.56 323 3.17 3.10 2.72 Generating Capability (at year end) fa Adowatts) ,
1,994,500 1,997,500 1.997,500 1,992,100 1,979.800 1,960,000 1.382,000 1,373,700 1,371,700 1,411.000 System Peek Loads (in Mowatts) . 1,383,900 1,411,500 1,330200 1,382,400 1,348,400 1 265.200 1,257,300 1,222,900 1.188.100 1.134.000 Not System Requirements (kdowatt hGurs a thousands)
Generated . . , , . , , . . . . . . . . . . 6.712,772 6,302.725 6,255.287 6.667.831 6,581,819 6,823,834 5.538.844 5.631.403 5.092,064 5.023,719 Purchased and Net interchanged. (060,382) (483,636) (868.271) (1.335,512) (1,084.095) (1,413,746) (163.599) (586.776) (165,542) (310.093)
Net , .
5,852,390 5.819.089 5,387,016 5,332,319 5.497,724 5.410.088 5.375245 5,044,627 4,926,522 4.713.626
( ) Denotes Negative
OPPD CORPORATE OFFICERS 23 Richard P. Jeffries Chairman of the Board Dennis D. Jorgensen Vice Chairman of the Board Morris F. Miller Treasurer Warren R. Swigart Secretary -_
~
Bernard W. Maznicek .
President Chief Executive Officer ~ M Gerhardt P. Bahle '
Senior Vice President '
Eldon C. Pape i.
Senior Vice President .
Assistant Treasurer . .
Assistant Secretary ^ _
Kenneth S. Fielding "
Vice President William C. Jones ^ -
, m Vice President ,, e Fred M. Petersen Vice President 1 > '
Lloyd C. Shalla 2 -
2 (;.
' ~
Vice President Martin L Champion Assistant Treasurer - 4
- ~ .. . >'
Assistant Secretary .
John W. Marcil '
2 Assistant Treasurer - '
Assistant Secretary
]
l "
Hsrbert H. Voss ~ -
l Assistant Treasurer -
Assistant Secretary S3~
Carol J. Kelley Assistant Secretary ^
Robert C. Learch Assistant Secretary Charles P. Moriarty Assistant Treasurer Ronald W. Short Assistant Treasurer l
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V Omaha Public Power District 1623 Harney Omaha. Nebraska 68102 402/536-4000 April 30, 1985 LIC-85-178 Mr. H. R. Denton, Director Office of Nuclear Reactor Regulation U. S. Nuclear Regulatory Commission Washington, DC 20555
Reference:
Docket No. 50-285
Dear Mr. Denton:
Annual Financial Report g Attached is one (1) copy of Omaha Public Power District's 1984 annual financial report, as required by 10 CFR 50.71(b).
Sincerely, AA [s l R. L. Andrews Division Manager Nuclear Production RLA/CWN/dao Attachment cc: LeBoeuf, Lamb, Leiby & MacRae 1333 New Hampshire Avenue, N.W. l Washington, DC 20036 i 1
l Mr. E. G. Tourigny, NRC Project Manager I Mr. L. A. Yandell, NRC Senior Resident Inspector b
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_ _ _ .