ML20069D904
| ML20069D904 | |
| Person / Time | |
|---|---|
| Site: | Duane Arnold  |
| Issue date: | 12/31/1993 |
| From: | Darrell Murdock, Wendstrand J CENTRAL IOWA POWER COOPERATIVE |
| To: | |
| Shared Package | |
| ML20069D889 | List: |
| References | |
| NUDOCS 9406060268 | |
| Download: ML20069D904 (33) | |
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l . l 1 l l l 1 I i l '~d i l l i VI 'Q N l l CentralIowa Power Cooperative l (CIPCO) is a generation and i transmission cooperative supplying i wholesale electricity to 15 consumn-owned electric cooperatives and one municipal electric cooperative in the State oflowa. These 16 CIPCO l Systnns scree more than 250,000 mnnber-consumers in a service l territory stretching.300 miles diagonally across the state. CIPCO owns, co-owns or leases l five generatingfacilities which include l nuclear, coal, combustion turbine, and l dieselunits. A smallanwunt of CIPCO'scapacity is purchasedjimn or I interchanged with other utilities. l CIPCO's transmission systan is integrated with other utilities in the l State ofIowa to provide the most
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897 A Word From the President and General Manager The year just ended was marked with excitement. During 1993 we moved ahead with our Integrated Resource Planning (IRP) highlighted by four two-day sessions which involved the CIPCO board of directors, senior staff and a representative of the member systems. In the process we renewed our commitment to deliver the right service at the right price. We realize that in today's competitive market, we must provide a level of service that cannot be matched by the competitic n.
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l The ClPCO Visi0n . The CIPCO vision, which is the theme of this annual repon, gives a dear, mncise u wnwnt of the inwnt of CIPCO and the member systems to move into the future together. glVe5'a Clear, concise We will secure adequate, economical power sources and deliver that power in a manner that Statement 0[tbc wiu alhiw the CIPCO Systems m enhance the quality of Ufe of their members. intent Of CIPC0 and The development or the situationai analysis summarizes our staning poini. The issue papers drafted by the planning group will provide the focus and establish priority as we begin (be member Systems to uaft soluuons and review direction for business at the turn of the century. Developmg goals 10 20Ve into the and objmives and dw criwria for measuring success wiu give us gwaar wnfidence in our future 10gelber. dCCi'i"" f"' 'hC I"'""- We have already recorded several positive outcomes as a resuh of our planning process in that we were positioned to pursue opportunities in a timely manner. In 1993 we repriced
$33.6 million in I FB notes, reducing our rate to member systems by approximately 1.0 mill and will reprice an additional $44.2 million in 1994. We expect the total savings of repricing this long-term Jebt to be 1.5 mills in the wholesale rate.
We have completed negotiations with SIMECA on a long-term power supply contract and are now in the process of memorializing this agreement. The contract will ensure a long-term working relationship between the SIMECA membership and CIPCO as we move into the future. The CIPCO investment Committee completed its work on a new policy. This policy was recommended by the Committee in March 1993 and was adopted by the board of directors at the April 1993 board meeting. This policy prioritizes investment options and will guarantee adequate funds are available to finance new plant requirements. Uhimately, the policy will help improve the debt to equiry position and will direct our imestment activity to maximi 7e earnings with acceptable levels of risk. The member systems are pursuing economic development and are experiencing growth to their systems as a result. We continue to support their ventures, knowing that small victories mntribute to long-term load growth. At year end CIPCO was negotiating to become the power supplier of a Canadian company expressing an interest in locating a mini-steel mill in the senice territory of Eastern Iowa 1.ight and Power Cooperative at Wilton. Successful completion of this project will bring to the CIPCO Systems the largest single load in its history. CIPCO and Eastern are approaching this project together for the benefit of the total membership. ! Financially it was a good year. Net margins of $2.5 million reflect our goal to remain financially strong. Member equity is increasing. Kilowatt-hour sales increased in 1993, and the : wholesale rate was reduced from the 1992 level. ClPCO has built a solid. reliable power supply network. We continue to upgrade the transmission system to improve service reliability for the membership. Our marketing programs are paying dividends to the member systems in the form of rebates and power bill credits and are responsible for the retention of marker share in sescral key segments. We are investipiing new areas for investment that will give this electric utility the diversity necessary ' to control msts and minimite the etTects of weather and agricuhural business cycles which now ! 2 l l
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[. . . . ** l l i I 1 i k* i , - - I k' l Erreutive Vice President mmpikate our short-term planning. Our wn6dence in our planning protess grows as i and Genera / Manager, j ur mscstigate new concepts and pursue opportunitics. All of this will assist us in Lecping our rates stable for the membership. { has served CIPCOfor I l ()ur past suness tan he attributed to the strength of the Incmhcrship and the f1 25 years.Jarnes Wenstrand, l' leadership. We know that the key to future suucss is wrtke. The CIPCO Sysicms I sc rve over 250.000 lowans with clairkity. CIPCO is prepared to he the suppon I President, has been a inember system for the memhcis in their endeavor to cuced the wmpetition in senicc cu ellence. pn duct v ilur and resounc development in pmviding a dependabic' emnomimi soumc s po.m., ana enagv. ofthe CIPCO Board of ! l Directorsfor 14 years and l l [hwYWJ James P. WcndstranJ
&b%w 1)cnnis I.. N1urdo<L
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l Presidentfor 8 years. l Picsident 1:xuuihe \'ke President - ammass===== a I and (icncral hlanapcT 3 l 1 4 l 1
P e 1 b The CIPCO S stems... t The process of developing an Integrated Resource Plan (IRP) has shown ClPCO that working as a team with the ClPCO member systems toward goals, joining forces to face emerging issues and planning for the future as a team will benefit all systems. h is no longer possible Ihr member sytems and the G&T to operate alone. With this in mir d, clPCO an,. Tiie 1(> <he member $rstems collectively (CIPCO Systems) mosed forward as one i i the IRl procus in i 1993 by forming the issue Assessment and Advisory Group (IAAG). Thei task is to determine memDer s) stems- what issues need to be addressed and to develop an action plan to deal .uh these issues. and CIPCO, The IAAG is structured to include a representative from r.ich of three groups at the C0lleCliVely member systems: the senetai man 2scr. a member of the boar; of airecior,, ana iheir representative on the CIPCO board of directors. The plant mg group also includes senior i members of the ClPCO stafT. This rather large planning group performs a great deal of their work in small group sessions moderated by industry pr fessionals. Each participant plays an important role in the process, representing all facets of.he organization and bringing different perspectives to the table. They are encouraged to openly discuss issues in the search fhr solutions in the best interest of all. During 1993, the group analyzed the current situation and began the process of establishing major goals and objectives. As they continue this work, they will develop strategies and action plans for achieving the goals and objectives. Four two-day sessions over the summer completed the 1993 commitment to integrated tesource planning for the IAAG. One conclusion of the group was that a common vision is important, given the complexities of the issues faced by CIPCO, and more particularly, the way in which such issues will require coordinated action by all members of the ClPCO Systems. Prior to the close of the 1993 planning sessions, the IAAG did begin preliminary development of specific measurement criteria. CIPCO management and stafTwill work on detailed measurement criteria and goals and objectives to be presented when I AAG resumes the planning process in 1994. The IAAG has formulated and endorsed the following vision statement: The CIPCO Sntems, through unity ofpurpose andprogressive leadership, u>illexcad the cornpctition in service exallence, product ndue and resource development. Unity of Purpose Many examples of unity of purpose are part of CIPCO's annual agenda. ClPCO ; continues to annually update the power requiremems 3rudy (PRS) lbr the CIPCO Systems.
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Input from each of the member systems results in a guide for CIPCO's planning process. An end-use survey was conducted in 1993 to support the load fmecasting and marketing l planning efforts. l A current issue that utilities must face together is the question of the efTect of electro-magnetic fields (EMF), associated with the flow of electricity, on humans and the environment. There is conflicting data on the subject resuhing from studies completed to date. The courts base tried several cases and again the resuhs have not been conclusive. CIPCO continues to monitor the EMF issue and will stay abreast of further developments. As new 4 i
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h.. n. CIPCO's boardofdirectors infornution bconnes asailable. CIPCo prmides updates to the member systems on a convenes inonthly to conduct icgular basis. Upon ro;ucsr. on-site monitoring for member-tonsumers is toordinated by the mcmber sniem and perfonned by CIPCo suff.
,3, gy,jy,,, ,ffg, working ingeihcr goes beyond ihc Cll'co sysicms. CII'C(). on behalt of its member sysicms, p..ni<ip.ucs in the Iowa Environmental Group with other GNTs in Cooperative. Member systan I
the state m Lecp abicast of issues. rules and regulations that atfett daily oper uions, and ihe Iowa .starkeiing Group <l.stG) in desclop stateuide marLeting programs. '""""f"' hdre d oice in the proceedings, but only I,rogressive 1 eaderslu.p (Ill'('() has alway s been on the fisictioni of developtncnts in the clct tric dir& tors 7Nay vote. industry. I caders of the ('ooperative are ucil-inf ormed and deditated. I hey must be fisk takers who know how to les cragc growth, thange and cuinomics. l. inked with the progressisc leader. hip at the mcmber svsicm lesel. ClPC() and the mcmber sysicms have auomph hed many things.1 ooking to the futurc with an esen greatcr inmmitment will ensure (ontinued suucss. On going naining is pan ided tiir (:!PC( rs dires tors and staff. New board members rescise the 16.ud of t hrctiors Resource Gmde along with in-house training
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y, - j' to acquaint them with C1PCO. The Resource Guide is updated each year for existing directors. CIPCO also encourages directors and staff to attend industry seminars and workshops to increase their knowledge and keep them informed of new developments. l . Each year an information meeting is held for CIPCO directors and member system
; Worldng as a team managers and presidents. This meeting is intended to keep the leadership at the member systems up-to-date on CIPCO activities.
1 toward boals j Progressive leadership includes the ability to recognize the need for change and to act as l . a catalyst for that change. This was demonstrated in 1993 with the Iowa Capital Corporation Collective success L (ICC), a ventme capital fund Gnanced by three invesmrs: CIPCO, Corn Belt Power I' Cooperante m ilumboldt, and the State ofIowa. The primary purpose ofICC is to provide C0mm00 goals its investors with a reasonable return through investments in companies located m. areas served i by CIPCO and Corn Beh. Currentiv, ICC's total investment in four businesses is $600.000. Common Understandm.g 4 CIPCO saw the value of taking this venture one step further. C,ap. ital hianagement ll' Ofmember/Clistomer Associaics, Inc. (Ch1A) was formed and November 1,1993, became operational as a subsidiary needs/Wants of Cemral lowa Enny Coopaative (CIECO), a majority owned subsidiary of CIPCO. Its primary purpose is to manage the ICC fund in which ClPCO is a maior investor. Ch1A also { I Needs t0 benefit the pmvides Gnancial and senaal umsuhing m businesses and inxtiimionai clients. nuring the I CIPCO Systems 6 "' '"" "*"t h' "f exi""" ^ P*vided """*"It i"s 'c'c' '" t h'ce ic" *"d "" h
' December 1st assumed the responsibility as investment advisor for ICC previously held by -
as a Wb0le Allied Group hierchant Banking Corporation. lt k I Service Excellence Customer expectation and perceived quality of service determine the members' interpretation of service excellence. A well-
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maintained transmission system, reliable power
, . sources, and excellence in couomer relations, 0
g - communications and education guarantee the F CIPCO Systems' ability to improve the standard A
. bf 7 ofliving of their residential membership and the profitability of their commercial, industrial and i
. I
, farm consumers. Each year millions of dollars are
/ spent in carrying out these responsibilities.
i f' - I nuring the year,37.52 miles of new
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transmission line were completed and put into j service as part of the new-to-replace-old (NTRO) t i p program. The goal is to rebuild approximately 3% of the CIPCO unshielded 315 kV line each year. Using 69 kV specifications will allow for an overhead ground wire and T2 conductor. Both m .n .;pp , ( , .
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improving reliability and quality of service. g m m we, n e g,, gx yg aq w 61
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I l I f t ,, j' , 7 .- t - I'ranklin G. Walter Eldo II. Meyer Melvin W. Neil E. Wayne llornocker AJana i 2, uni. Scmon G,unn iJean1. Ikhanan G>umy Rural ClarLc licunc ' (' ,;wramc 1.leanc ra Geisurne Amiarion I icanc (i,opeuow. Inc. Empeauve. Inu i lawrence I Quinn Ray llischcock Keith D. Wiri Phyllis J. Iloge i etcon lou; taph, nd I armen i team (,uthrit G,unty Ruol lann G, uni 3 Rura Gnywunve. Ins. IIcant Guiprutive 1-Icant Coopera-ive Powri Cooper nne 1 I Dale R. Newman James 11. Paper Alvin D. I und James P. Wenstrand ! M iquotcu Vatict si,mhap G,untv wdLnd rower % manIleark i Ruu! l icant G ,peutnc Ruu! Ikant ( .n,.prunte Ow;x uine Coopcornt lac. 1
, Norman L Van Zanic Richard G. Mickelson Duane R. Armsicad Wayne R. Wilcox PelL i nopeam e Rulco I kam s omh lou Mun.apa! I kant T I P. Raul l
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> and progressive leadership...
A program for installation of motor-operated line switches was introduced several years ago as a method of expediting switching during service restoration. With many of CIPCO's lines located in remote areas away from crew headquaracts, these supervisory controlled switches help in sectionalizing a faulted line. During 1993, five switches in the Creston area Embrace Change """""Ped utEng the IN-nac radio system auhe ainnol mahod. Six nmaw+pnauws were installed in the Wihon area and are controlled via the SCADA system. Additionally, the ' ViSiO!1 Of achieve!HCHI- ""N"""""E "" P *"" "E E*"P * *E" " *'""" " "E "" ** would be of mutual benefit for auto switching in the IES/CIPCO Integrated Area.
. OVer thel0Dg term CIPCO is amtinuing an aggressive maimenance pmpram. Crews in the Creston and
. - . Wihon operating areas are continually monitoring lines and substations to ensure that all are eraging res0mes i,g,,a <,,ai,1,,.1s,,,,gs ,,,,,i3,sp,c,3,,, ,,,,,,smis,3,,ii ,,,,a me ,,si,,,3 and expertise annuai inspeaions on uansmission sus rations are routine. Each year approximaieir i,300 poles are examined and treated, l.ine switches are checked and maintained, and hardware in all Organizational and operating areas is tightened in conjunction with the ground line inspection program. Over 40 Operational eb}CienCy miles of this type of maintenance was completed this year by the CIPCO crews. In the Integrated Area, private contractors were used for hardware tightening on 93 miles ofline.
Substation and relay crews execute routine maintenance on circuit breakers and transformers. Doble and oil testing of substation equipment is performed annually. Relays are tested on a three-year cycle. Substation crews also test and maintain all substation and interconnection metering. All meters will be changed to electronic recorders by 1996. Crews are in the last phase of the magnetic tape changeout program. Through ownership, purchase, lease and interchange C1PCO has sufficient generating capacity to supply the demand and energy needs of the CIPCO Systems. Base load units i include the Duane Arnold Energy Center (DAFC), Council Bluffs Unit No. 3, Fair Station i Unit No. 2, and the Western Area Power Administration's (WAPA) hydroelectric allotment. l Due to more costly operation, intermediate units, Louisa Generating Station and Fair Station - ; No.1, are run at minimum output or taken offline on weekends and during times oflight load. The units at Summit Lake and all diesel capacity owned by the SIMECA municipals are used only during peak periods or in case of emergency.
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Operation and maintenance of CIPCO's generating stations constitute a large percentage ofits annual expenditures but ensure the reliability of power supply that is expected from the member-consumers. The DAEC nuclear plant had its third best year of production in 1993. The plant was taken offline for its twelfth refueling since it went into commercial operation in 1974. The shutdown offered an opportunity to perform testing. inspections, preventive maintenance, and corrective action items required at the nuclear facility. Numerous design change packages were also installed. Refueling and associated projects are very labor intensive with approximately 1,300 workers on site during the peak of the outage which lasted 76 days. The target was for a 59-day outage, but there were so many positive accomplishments during the outage that it was considered very successful. Even with the 17-day extension, the project came in only slightly over budget. 8 1 i I _ . _ _ _ , _ _ _ _ _ . - . _ ~ _ . - . . . . - . .
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i I t 1 I CIPCO's leadership includes, a f ont, Richard Anderson, l Director of Utility Operations; Craig Fricke, left, l I l Director ofBusiness Operations; and Dwayne l ,l Augspurger, Director of i Corporate Operations. l
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PV will exceed... CIPCO suppons and promotes service excellence among the CIPCO Systems in many ways. Several bulletins are published monthly by CIPCO with timely, useful information for i the CIPCO Systems personncL l , The Tuhnical Bulletin and the Engineering and Opennions lhdlerin provide technical Measure quantitatively ""rP"" "e*' f i"d""rY d e'c'"P *e"' * "'" "' ^"Y '"c "Pd 'e' "" 'es"l^'"'Y * "c "d other peninent data to assist the member system personnel. n~ords at U"orkis a tool for the and9 uah. tative. l} . . . wmmunicators at the member systems. Th.is pubh. canon mcludes u.ps for writing newsletters, ; , . ads, and brochures, and reminders on language and grammar usage. Sample newslener articles I
. Doin$ a better of local and national .mierest. mJustry updates and other communication informan. .
on is sent job 25 perceived by .ich ,hi, bene,in. Ea<h of,hese pubhcatien,3,as,em bica seieiy ,e heip the mem be,sy,tems the customer bena save thcir memha-mnsuma' Monthly detailed repons give CIPCO Systems' management and staff current data Going one-step about their system and the C1Pco systems a> a whole. RcPons renco demand and enersv y statistics, marketing detaih, and operating data. CIPCO assists the member systems in developing annual marketing work plans. An end-use survey conducted in 1993 gave the CIPCO Systems valuable information about their member-consumers and their anitudes and expectations. j To further enhance the technical skills and knowledge of the member system j representatives, a great deal of training is provided by CIPCO. An annual Marketing / Communication Workshop allows a forum for developing specific skills and technical training for the CIPCO Systems member service and wmmunications personnel. Quarterly meetings keep them updated on CIPCO projects and ofter round g table discussions for sharing programs, problems and future j project ideas. In cooperation with WAPA, CIPCO sponsored a workshop,
- ' Residential Energy Management", for the member systems. CIPCO also offered assistance to the member systems by oiTering instruction in completing Energy Ef6ciency Plans mandated by the Iowa p Utilities Board and the Electric Utility Report required by the y e Department of Energy.
When a utility is commined to service excellence, the saferv of its employees is also a concern. CIPCO formed an internal safety l committee in 1989. This group represents all areas of the organization, including operations, generation, engineering and administration. The committee produced the CIPCO General Safety Procedures manual which is updated annually. Safety meetings are held monthly at CIPCO operating offices, k generating plants and with its Utility Operations personnel. Mini meetings for IOSH training are held with its Business and Corporate j MM jn5)N1 Cf W~ z. ' " Operations personnel to review safety procedures. M gyg&pOG W&f5 10
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f% I J v the comper... mon... l [/ t-Product Value - I In 1993, CIPCO played an important role in forming local chapters of the Iowa Heat l l Pump Association for deakrs, contractors and installers. These chapters will provide the vehicle f for certifying qualified installers and guaranteeing competent workmanship through Retailwheeling '""'i ""i"S ed"""i""- l CIPCO's marketing programs continued to provide incentive dollars to the member j l
! Other electric utilities 'Y"""' i" *3
- C"'C" S Y c"" di'ided "'" S ' 32 "*"" r""" bi" "edi" ""d j marketing program rebates. Marketing and economic development programs generated sales of
"d Y * *" *" #" ""d s^' '""*"d "'" S 3* o* " 'mra C PCO's fixca f - Alterriateftielsotirces costs. The Model I!m. sing Program supported the addition of 22 new all-electric homes to the
{g CIPCO $ystems during the year. Overall program benefits include stabilized races, increased
"- "88"""~"""""*
load factor and improved member satisfaction. The CIPCO $ystems used the Technical Assistance Propam more than 100 times this year. The 800 phone number gives them and their area contractors immediate access to an expert in ground souice heat pumps. This consuhant will come on-site for particularly diflicult problems. CIPCO also otters the senice of a mechanical engineer on staff as a wnsuhant and certified instructor to CIPCO Systems' member service personnel on space conditioning and ; energy related problems. j CIPCO equips its employees with state-of.the-art technology to support their goals in i senice excellence. Product value is also enhanced by this technology. The fifth generation of j micro computers has recently been introduced at CIPCO. In general these Pentium processing l units perform 4&S faster than many of the computers currently in use and 164% faster than j the last updated processors. Iligh capability, high resolution printers with multiple font choices j
,, allow staff to create more attractive
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, The portable computer is growing N g . within the corporate structure. The
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- ' M Notebook and/or Notebook / Docking g . _ _ . - y .
BEEE , tools both in the oflice and in the field. As
*,= , ; .. Corporate America moves into the
" Windows" environment of computing, CIPCO is also making the transition.
CIPCO's system of data collection, MV90/MVLT, is proving to be very valuable to the member systems. CIPCO has purchased and installed these systems for the member systems and has trained the member systems' personnel in the use of papppa pac this software. This gives them the capability g we ngs
.w t ec w e . we ef ceuming ieaa d,,a f_ mogu.
- sources and iransformins it into a common 12
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l s a 122 _ . -- l j l Cooperative, Brooklyn, serves 4 fornut. Many are p.uhcring d.na hom industrial sites. The sonware f Me57uakiBingo and Casino aihms them greater knowledge in designing r.nes that are ben &ial . near Tama. The Casino to hoih parncs. The Computer Aided I) rafting $3 stem IC.Alb plates high- j ernplays over 800 people ie< h tools in the hands of cinco employees. The sysicm ali.,u s l i ihem n, p,eamte u.msmimiom hne ,emong ana ron him nmps. ahms i ansis open a bours a day.
- with substation physital and cIcttrical tirtutt drawings. produtiion J seven days a week.
ot Juwings and nuns in shon rime frames is a scry imponant aspect j ! of the F.AI) anJ int reases ( ll4.O's abihr3 to pnnide bencr senisc l io its member systems. 13 i l
NW in SeIViCe excellence... CIPCO's obligation to provide reliable, economical power and energy to its member systems must not compromise its responsibility to protect the environment. New rules and regulations that impact CIPCO's operations are frequently pui into etTect. These rules often require changes in operation or modifications to equipment that increase the cost of doing business. It is CIPCO's intent to comply with all requirements in a manner that will be most
- Quality Se1TICe cost effective and consistent with being a good neighbor.
The Clean Air Aa Anwndmenn of m, w-hile having the admirable goal of helping to ReliabilitV imprme the environment for everyone, have increased the cost of generating electricity. Some Reasonable Cost "f'h" i"'P " f * ' f "" 'hing legislation has not yet been felt, but many of the mandates have resulted in heavy financial commitments by utilities. Excellelit Customer u raates at mms generaans facues wm impmve aa quahty. A contsuous ernasion
, ,, monitor for Fair Station Unit No. 2 has been placed on order and will be installed during relatlollS CommuillCatton 3
mid-1991 The unit will be fully operational by the end of next year and will cost and education appmximateiy s36som. Simiiar units win be in,canea at Councii muff, unit so. 3 ana Iouisa Generating Station. CIPCO's share of this cost for these two units is approximately Improved Standard $60AW. Annual operating, maintenance and calibration costs are estimated to be around 0[living and/0r - 5504w fa ah nwnimr. Further environmental upgrades were made during 1993 to the precipitator at Cour.cil
' profitability for Bluffs No. 3. When the unit was designed and built in the 1970's, the installation member-C0flSumer$ ince,po,a,ed ,he 1,,es, p,ecipi,,,, ,echnoios, fe, ,,moviny ,iyash f,om ,h, combus, ion process. However, time and experience have proven that there is a better way to complete the process. After four months. the conversion was fmished at a cost of approximately
$ 17,000,000. CIPCO's share of the cost is appmximately $2,000,000. Aiany positive benefits will come from this conversion. One of the most significant is that it will no longer be necessary to shut the unit down every three months to clean the precipitator, Overall plant production will be greatly enhanced.
Resource Development CIPCO is interested in strengthening the relationship with trade allies who work in the communities of the member systems. The Iowa Atarketing Group, on behalf ofIowa's electric cooperatives, hosts an annual conference for HVAC contractors, electricians, home builders and other trade professionals. It allows the member systems to build and reinforce strong working relationships with trade professionals. The "A1omentum is Building" conference offers valuable technical information while it builds confidence in the electric product. The CIPCO Systems have channeled resources and expertise into many joint efforts over the past several years. The Iowa Area Development Group UADG) is a prime example of a successful joint venture with other RECS in the state that is paying dividends to all lowans. In 1993, IADG announced 72 projects to place new industry or expand existing industry in Iowa. Of these,36 are served by the CIPCO Systems. Existing customer expansion accounts for 18 of the 36 projects. This year marked the beginning of a joint project between Linn County Rural Electric Cooperative, Atarion. and CIECO. They joined forces to create Aiyriad Developers, a 14-
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%dmarc, Inc., is served by r7':
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fin-profit (olnpany to dcrclop a tompicX at die CDhcrsity oflow a (Iakda!c IIcscartb Park. l The Oakdalc Rescanh Park is a r3-aue parel ofland lotated in Corahille which is already l the soq> orate headquarien of ses cral high tet h a mpanics. Nipi.ni's planned unit desclopment j waumiuac it,ur nuaaings r.mging in si,e imm 8voo m ismoo squ.ne fca of modaardy-What the member r""4 ' r" "'" " *""" r""
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m.ulci or fmantial circumstantes dktate. A Icno ofintent prosides that the Park will furnish ! i needs/wants the land and Alyn.a d w ol build the suuaurcs. l Aix ; pankipatul in scscral statewide marketing pmgrams with the Iowa 1)cpanment l COnlintilty Of Service . of 1.tonomic Desdopment and the L.IPLO Systems. I.hese iooperative c0ints will help j 141 x Ts nurketing JoHan go funhcr to bencfit RI Cs in the state of Iowa. i De endable sem.ce
.I.heSm.h Annuah.ennue Amuds m. duded oco memba-ainsumen sened by dic at least cost Cii CO sy, cms; i pics si.utcting seni cs scnca by i inn Ceun,y Ru,ai i ict,,k Ceepc,a,ive, 1
N1arion, and Pm('om wn cd in Ridera 1.letnic Cooperathe, .Niount Ap. EnergyeGciency Cinco en ou, ages in nnpio,ces to smome aahe in ihcir umununitics. iiuitiing
,a.uionships u nhin dic senike .uca is imponam if CiPc0 ana die mena,a systems are m ; OiVerSiflCat}0n s ruain the confidence of the membership. During 1993 CIPCO supponed Uniicd Way, the }, Govanor's Charity Steer Show for the Ronald hhllonald Houscs in Iowa, the I ann Pmgress n)w , k lc 4
[{ItCt.I(PIl ( enter,i 1( h( cnL( hld! on N ( O .ll Rap ds, I lc l.]ccIr c d Infinmation Coun<il and Pau! Han cy radio broad <asts, and the l'oundation fi>r American Conununkaton. h!any co nomk dcrclopment effi>ns get l j , CIPCO's support in various ways. su h as the l'oreign l' ' Ambassadon Tour, the Kirkwood New Ilusiness Center, the ()w s! wil ant ! }( (Nd bln N en k(IurbaI5Ien be e$ b
- / many nonomk desdopment groups of the member systems.
The board of discuors and statrare iommitted to l Lecping ClPC()in a strong financial position. Net margins
- g -
i . or 52.s m ahen in m 3 ,co m , a e m o nuing h k m ry or j positne opa.uing icsuln fin CIPCO. stember equity stands atS r mahen.whkh,cpn.wma m ermmiesms. t Kilowan-hour sales inucased s.1"+ in 1993 fmm the plcrious ye.tr. Rescnue front the sale of dedikity to ClPCO's 16 member systems was SS12 million. Re enue { pn Lilowatt-hour ascraged 50.95 mills as compared to i l e
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<
- 51.C nulh in 1992.
'i. ~
l Total awets a of !)ctember 31,1993 wcre 5288.7 million, with net utility plant standing at 5215.8 million. Nei imesoncnts of $14.1 malion, induding purchases of I r .uy_ ,m. .. c, nutic.ir fuel, were made in utilitt plant during the year. y .w. p?b hiWY Yg% Wgwgp 40,wNy. l N$W h8 rp$1 b ; I ("p W,DM $M bf M @ DON'd M +0 i m gn,pr meg g~@wpHayms g n" L , n- :n:s epq[]3 . - , i u.w.ud-.w =
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- fitr-profit uimpany to de clop a complex at the University ofIowa Oakdale Research Park.
i The Oakdale Research Park is a 173-acre panel ofland locaicd in Coralville which is already t the u,rporaie headquarters of several high-tech companies. Myriad's planned unit development will indude four buildinp ranging in size from 8.000 to 15,000 square feet of moderately-What the member Pri"d 'n"" ""-"'"' 'r"<"* b""di"s' "i" he fi"""<ed ""d <""r"e'ed 'e9"e"'i^"r >> ' market or financial circumstances dictate. A letter ofintent provides that the Park will furnish needs/wants ,s, i,mg ,og y,,,,3 , ;i, so;ia ,3, ,,,,,,,,,,. q . . . I ADG participated in sescral statewide marketing programs with ihe Iowa Department COntintilly 0[SemCe
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IADG's marketing dollars go further to benefit RECS in the state of hwa. Dependable sem. ce 3, si,,s 3mm,, unr 3 ,,a, ;mg,&g ,, m,ms,.m,,,um,,, ,,n.ca sy ,s, j at ! cast cost CIPCO $ystems: Fpley Marketing Services served by Linn County Rural Electric Cooperative, d Marion, and ProCom sened by Ridera Electric Cooperatise, Mount Ayr. l Energyefficiency CiPCO cnumrages its clngh,yccs to bemme aa;se in their u,mmunidn. naading , l relationships within the senice area is important if CIPCO and the member systems are to l Diversification retain ihc confia<n<e or the memscrship. During iv93 CiPCO ,upporica uniica way, the l l Gmernor's Charity Steer Show for the Ronald M Donald Houses in Iowa, the 1: arm Progress l L. $how, the Child Protection Center, the Science Station in Cedar Rapids, the Electric l l l l Information Council and Paul Harver radio broadcasts, and the Foundation for American ) l Communicators. Many economic development efTorts ger 4 l meer-
- ) C_IPC..O's support in various ways, such as the Foreign l
! Ambassadors Tour, the Kirkwood New Business Center, the Iowa Open and the lowa Senior Open golf tournaments, and ,
. . mant economic development groups of the member systems. l l '
The board of directors and stafTare committed to i j keeping CIPCO in a strong financial position. Net margins
- y of 52.5 million in 1993 reflect a cominuing history of l positive operating results for CIPCO. Member equiry stands l ~
at 537.7 million, which represents 13.1% of total assets. l , Kilowan-hour sales increased 5.1% in 1993 from the i . previous year. Revenue from the sale of electricity to CIPCO's 16 member systems was 583.2 million. Revenue per kilowan-hour averaged 50.95 mills as compared to
'M *
- = 51.47 mills in 1992.
- ). L Total assets as of December 31,1993 were 5288.7 j < . % ,
million, with net utility plant standing at 5215.8 million. Net imestments of 514.1 milhon, induding punhases of nudar fuel, une inade in utility plant during the year. ! rpv,9 wh%g%gdf M% M.g gxg pq mgh wa I i .
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( , . . . . .. . ; Depreclotiori &.. :i r- .: 0 - 5'0 1l 100.: 150 1 20a; 3 0 LL300 J350~ $ Decommission L - .-,
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- In f#0 ions .
s, , INodaction ' ; ] Transmssion , General P'ont '! Gen' & Admin
, transmissions ej 1
r . j l Sources:ofEnergy; a l CIPCO at a ghtnce . interchange l . Energy sales increased over D^LC W APA Simeco 5.10o while kWdernand s'nm"'.(tn decreased 4.5% Cost of Fou sta'on 4 energy to the nienther systerns two was down slightly in 1993. Council Bluffs H 17 I i l I n l
% and resource development.
In 1993, CIPCO received $20.4 million in guaranteed loan fund advances from the Federal Financing Bank (FFB). CIPCO's totallong-term debt grew from $202.5 million in
!992 to 5215.4 million in 1993.
CIPCO refmanced 533.6 million in FFB notes in 1993, which reduced the average financia'i/Ousiness/ interest rate fmm 9.33% to 5.-'5%. This will result in a savings to CIPCO of approximately Government Network si.1 million in interest costs in 1994. CIPCO has $44.2 million of FFB notes that are eligible for refinancing in 1994, which will produce further savings in interest costs for the Human Resources cmperative. The mmposite imerest rate on CIPCO's mtal outstanding debt is expected to decrease from 7.5% in 1993 to an estimated 6.35% in 1994. Training and education CIPCO refunded pollution control revenue hands of $2.9 million, carrying an average interest rate of 10.5% and financed the refund with the sale of new pollution control revenue Growth of sales bonds with m imemst rate ransing fmm 3% m 4.65%. CIPLO must prepare for the eventual decommissioning ofits nuclear facility, the Asset optimizatiori DAhC. A nuclear decommissioning fund has been established tiir this purpose. Investmems in this fund had a book value of 59.9 million at December 31,1993 and a marker value of Community service si1.5 million. Under a mutually beneficial power bill prepayment program, member systems had Economic development advanced prepayments of $2.4 million m CIPCO as of December 31,1993. CIPCO's property taxes on utility property in 49 counties in Iowa decreased slightly m
$5.1 million in 1993.
I No short-term debt was outstanding at year end under a 512 million line of credit with the National Rural Utilities Cooperative Iinance Corporation (CFC). The times interest earned ratio (TIER) was 1.16 while the debt service coverage (DSC) was 1.30, both of which exceed the mortgage g- W, M;e o
+
requirements of the Rural Electrification Administration and CFC.
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CIPCO's cash position improved dramatically in 1993 with the advance of construction loan funds and the subsequent reimbursement of l.. h f,Jh' imernally generated funds, which were being used to finance new
'l '
construction pmjects pending long-term loan approval. 1993 was a good year. Many challenges faced the utility, but each
.}7.
was met with confidence. Planning has given CIPCO and the member 3 , systems the knowledge that mgether there is scength. CIPCO and the member systems share a common vision, "through unity of purpose and i . progressive leadership. (they) will exceed the competition in service excellence. product value and resource development", and look to a future
, that ensures success.
1 .t 18 l
i k i t Peat Marwick ! I Certified Public Accountants , i 2500 Ruan Center e P.O. Box 772 [ Des Moines, IA 50303 I i The !)oard of Directors Central lowa Power Cooperative ; r i i i We have audited the accompanying consolidated balance sheets of Central Iowa ! Power Cooperative and subsidiary as of December 31,1993 and 1992, and the related consolidated statements of revenue and expenses, members' equity, and cash flows for the [ years then ended. These consolidated financial statements are the responsibility of the Cooperat.ve's management. Our r, sponsibility is to express an opinion m these consc dated financial statements based on our audits. f; We conducted our audits in accordance with generally accepted auditing standards. ; Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes cumining, on a test basis, evidence supporting the amounts and disclosures in { the financial statements. An audit also includes assessing the accounting principles used + and significant estimates made by management, as well as the overall financial statement : presentation. We believe that our audits provide a reasonable basis far our opinion. t in our opinion, the consolidated financial statements referred to above present fairly, l in all material respects, the financial position of Central lowa Power Cooperative and i subsidiary as of December 31,1993 and 1992, and the results of their operations and their cash flows for the years then ended in conformity with generally accepted , accounting principles. ; i KPM Peal % S 1 February 25,1994 l l Memtm' Fum of Mynveed Peat Maewum Goerseer
. 19 L
.,- - -.;--.-;n , - -.- ,
{$y Central lowa Power Cooperative and Subsidiary V Consolidated Balance Sheets Ikwmivr 31,1993 and 1992 i l 1993 1992 l y7m~g#wm ' i/8 i
) I:lectric utihty plant, at cost (notes 2 and 8) :
jM.a'l 9 In semce $ 316,416,467 313,043,924 wen &WCd Il 1. css accumulated depreciation 124,731,927 116,254,751 191,684,540 196,789,173 Construction work in progress 9,721,459 4,680,59S ' Nuclear fuel, at wst less accumulated amortization of S43,909,905 in 1993 and 540,675,447 in 1992 14,409,580 13,482.134 Net electric utility plant 215,815,579 214,951,905 Non-utility property, at wst less accumulated depieciation of $1,139,027 in 1993 and $864,677 in 1992 (Note 3) 8,760,331 8,882,261 , Imestments: Imestments in associated organizations 9,790,651 9,851,757 Marketable securities-decommissioning fund 9,949,036 ,,886,949 Other imestments 1,767,874 1,731,061 Total investments 21.507,561 19,469,767 ; C wets: cash equivalents: _ ., general 4,583,061 776,852 , Cash, construt tion /2,607 72,607 Temporary investments 14,052,113 1,623,987 Accounts re(civable, members 7,404,324 7,621,611 Other receivables 563,141 184,406 Fossil f uel, materials and supplies 4,165,669 5,481,598 Prepaid expenses 832,056 537,067 Interest receivable 69,066 56,924 Deferred tharges 4,442,270 2,394,095 ' Total current assets 36,184,307 18,749.147 red < harges 6,442,156 5,197,969 , S 288,709,934 267,251,049 N ! Capitalization: k kkh.. Members' equity: L,'$ gag " ; Membership fees $ 1,700 1,700 ; a mUN rMAre l Patronage c apital 16,724,266 14,724,266 i Other equities (note 4) 21.019,707 20,554,028 Total mt mbers' equity 37,745,673 35,279,994 Long-term debt, less current maturities (note 5) 215,429,551 202,507,475 Total t apitali7ation 253,175,224 237,787,469 Current I.iabilities: Current maturities oflong-term debt (note 5) 7,294,479 5,935,335 i Accounts payable 5,024,996 4,033,986 ! Accrued property taxes 5,131.313 5 106,848 l Aarued interest 2,553,450 33,809 Other accrued expenses 243,109 235,857 Advances from members 2,400,000 2,947,064 l Special assessment 81,130 118.330 j Total current liabihties 22,728,477 18,411,229 l Other liabilities: ! Decommissioning reserves 10,325,365 8,554,640 j Special assessment 2,413,952 2,435,066 l Other 66,916 62,645 i Total other liabdities 12,806,233 '.I,052,351 i Commitments and contingent liabilities (note 9)
$ 288,709,934 267,251,049 '
y N Accompanying Notes to C<msolidated l'inancial Statements.
Consolidated Statements of Revenue and Expenses Y m Iih!ni Daember 31 ]943 am! l992 1993 1992 Operating resenue: Electric: Energy sales S 83,213,839 80,002,781 Rent of property 609,425 743,442 Miscellaneous 575,471 435,100 Other 1,830,006 1.568,768 Total operating sevenue 86,228,741 82,750,091 l l Operating expenses: l Purchased power 9,492,228 6,238,944 Operations: Production plant . fuel 12,128,164 13,682,452 Production plant - other 13,059,581 13,227,509 Transmission plant 1,553,621 1,475,996 Maintenance: Production plant 5,542,947 5,505,267 Transmission plant 1,613,044 1,229,561 Administrative and general 7,216,098 7,027,555 1 Depreciation and amortiration 10,799,746 10,205,712 l Decommissioning provision 1,770,725 1,204,770 1 Property and other taxes 5,544,600 5.533,611 Other 1,963,244 1,598,021 Total operating expenses 70,683.998 66,929,398 Net operating marem 15,544,743 15,820,693 Other revenue: ) Interest income 1,256,945 1,165,905 ) Patronage capital allocations 183,394 184,791 j Miscellaneous income 541,727 650,047 4 1 Total other revenue 1,982,066 2,000,743 ' Net m rgin before interest (harges 17,526,809 17,821,436 1 Interest (harges: ; Interest on long-term debt 15,377,566 15,838,805 Allowance for borrowed funds used { during construction (316,436) (356,751) ; Net interest charges 15,061,130 15,482,054 ) Net margin $ 2,465,679 2,339,382 l See Aaompanying Notes to C<msolidated TinancialStatements. 1
)
l 21
/{> Central lowa Power Cooperative and Subsidiary V Consolidated Statements of Members' Equity Years Emled Decemi er 31,1993 and 1992 i
Tota!
\lembership l'atronage Other members' fees capital equities equitt Balance at December 31,1991 $ 1,700 12.724,266 20,214,646 32,940,612 Net margin - - 2,339,382 2,339,382 Patronage capital allocated - 2.000,000 (2.000.(00) -
Balance at December 31,1992 1,700 14,724,266 20,554,028 35,279,994 Net margin - - 2,465,679 2,465,679 Patronace capital allocated - 2.000.000 (2,000.00(1) - Balance at December 31,1993 $ 1,700 16,724,266 21,019.707 37,745,673 See Accompanying Notes to Consolidated Financial Statements, i i l s I I 22 - i I 1
Consolidated Statements of Cash Flows
%n 1%le,l Dn ember 31,1993 an,l 1992 1993 1992 Cash flows from operating activities:
Net margm 5 2,465,679 2,339,382 Adjustments to reconcile net margin to net cash provided by operatmg at tivities: Depreciation and amortization of electric utdity plant and non-utihty property 10,294,114 9,706,149 Amortization of deferred charges 3,034,275 3,735,116 Amortization of nuclear fuel 3,234,458 3,373,169 Dewmmissiomng provision 1,770,725 1,204,770 Patronage tapital allocations not re(eived in cash (183,394) (184,449) Amortaation of imntment premium 15,840 15,840 Amortization of refinancing costs 33,532 - Gain on disposal of im estments in associated orgamzations (270,936) - Interest inwmc semvested (297,927) (265,315) Decrease (increase) in receivables 233,344 (507,417) l Decrease (inc rease) in fossil fuel, materials and supplies 1,315,929 (261,827) (Increase) deocase in prepayments and interest receivable (307,131) 446,310 Refueling outage and other wsts deferred (3,907,500) (6 315,162) Increase in accounts payable, accrued liabilities, and other liabilitics 3,645,607 852,00s increase in special assessment - 2.553,396 Net cash provided by operating activities 21,076,615 16.691,970 Cash flows from investing activities: Additions to electric utility plant, net (9,895,454) (10.522,383) Additions to non-utdity property, net (212,958) (1,236,097) Purchases of nudcar fuel (4,161,904) (535,298) Increase in decommissionmg fund (1,780,000) (400,000) Punbase ofinvestments in associated organi7at. ions and other investments (585,864) - Receipt of prior years' patronage capital allocation 183,887 209,489 Proceeds from disposal of im estments in associated organizations 840,469 - Net cash used in investing activities (15,611,824) (12.484.289) Cash flows from finaming activities: Decrease in advances from members (547,064) (1,566,9ti8) Principal payments on long-term debt (9,159,409) (5,664,729) Proceeds from long term borrowings 22,987,000 - Refinancing costs (2,510,983) - Net cash provided by (used in) financing activities 10,769,544 (7,231.697) Net increase (decrease) in cash and cash equivalents 16,234,335 (3,024,016) Cash and cash equivalents at beginning of year 2.473,446 5.497,462 Cash and (ash equivalents at end of 3 ear S 18,707,781 2.473,446 Supplemental disclosure of cash flow information: Cash payments for interest (net of allowance for borrowed funds used during construction) $ 12,899,716 15,654,588 See Accompanying Notes to Consolidated nnamial Statements. 23
% Central lowa Power Cooperative and Subsidiary Notes to Consolidated Financial Statements I k nnk T 3}, l % mid l W 2 pMygvyNhh, m4 (a) liasis of Auounting
, _L
$2d The c onsolidated financial statements intlude the act ounts of Central lowa Power Cooperative (the M&im.d/#p@Gy M/l@hh Coo scratnc) and its maionty owned subsidiary, Central lowa I:ncrgy Cooperative (CIECO)
%? [NMN*,$d [l an e ectric generation and transmnsion (on cratisc roviding u holesale clntric service to its 16 members. h %d.M LCid'd121 i CIECO owns iertam power plant sites, int udmg a ake and dam suitable for tonstruction and operation of an electric generatmg plant. Cll.CO also operates a golf course and conferent e center. All signifa ant intenompany balan(es and transactions base been elmunated in consolidation. The auounting rewrds of the Cooperatne are maintained in aumdance with the Uruform System of Aaounts prescribed by the Rural Elatrincation Administration (REA). The Cooperative is not subject to external regulation other than i y the itEA. Distnbution of margim of ihe Cooperatn e and CIECO (wllectively, the Company) are made in auordante with the provisions ef the Code of Iowa (b) 1.In tric Utility Plant Depin sation of clet tric utihty plant in sersis e is provided oser the estimated useful lives of the respectise assets on the straight-hne hasis. The Cooperative is rewsering its portion of the present value of the estimated future costs to i dn onmmsion the Duane Arnold 1:ncrgy Center (DALC) over the remaining hie of the DAEC using the sinking fund method. The estimated iosts of dn ommissioning DAEC, w hich is prniec ted to begin m 200N, is based on studies performed m 1985, luS9, and 1993. Itased on the most rnent study, the Cooperative estimates that its portion of the wsts to Jnommission DAEC will be approximately 564/MWMK10 in 1992 dollars. Maintenante and repair of property and replat.cments and renewals of items determined to be less than umts of property ate (harRed to expense. lleplat ements and renewals of items considered to be umts of property are i harged to the property au onnts. At the time properties are disposed of, the onginal mst, plus t ost of remos al less salvage of sut h property, is t harged to ac c umulated depreciation. (< ) Non-utility Property Non-utihty property is c arried at iost lew ac c umulated depreciation Depreciation is computed by the straight-hne metnod over the estimated useful hvos of the respective assets, whkh range from 5 to 10 years for equipment, and 33 to 40 years for the dam, operation center, and tonference center. The golf wurse land lease is being amortized on the straight-hne methou mer the term of the lease, approximately 41 years. (d) Allowam e for l'unds l' sed During Comtru(tion The allow ante for f unds used dunng wnstruction r< presents the estimated wst, during the period of wnstruction, of borrowed funds used for wnstruction purposes. The wmpmite rates used to calculate the allowance for 1993 and 1992 were approximately 4.7 penent and 53 percent, respectively. (c) Nm lear l'uel i The wst of nuclear fuel, includmg capitaheed interest and tases, is hemg amortized to fuel espense on the basis of the number of units of thermal energy produted in relationship to the total thermal umts expetted to be produced over the hfe of the fuel Nutlear fuel expense includes a provision for estimated spent nuticar fuel dnposal wst whis h is bemg colleded currently from members. (f) l'owil I uct, Materials and Supplies Iossil fuel, materials and supplies are stated at moving aserage cost. (g) imestments in estments in assmiated organizations mnsist pnmanly of approximately $5,600,000 in capital term tertificates issued by National Rmal Utihties Cooperatne I:iname Corporation (Cl C) and memberships in other umperatives. These imestments are stated at tost, adiusted for patronage capital alh> cations. Marketable secunties and temporary investments wnsist of U1 Government secunties, money market f unds and Cl C t ommenial paper. These investments are stated at wst. Other investments consist primarily of an investment in a venture < apital corporation m which the Cooperative owns approximately 31 pen ent of the votmg shares and is auounted for on the equity method. (h) Pemion Plan The Cooperativei polit y is to fund pension wsts at crued. j (i) Deferrni Charges i Deferred c harges mnsist principally of can elled project wsts; a one time fee for spent nutlear fuel used to I generate electricity prior to April,1983, a spetial assessment estabhshed by the Energy Pohey Act of 1992 for dcwntamination and deu,mmissiomng of the Department of Energy ennchment facihties; and refinancing wsts incurred to obtam low er interest rates on long-term debt. These wsts are bemg remvered through rates over various amortiration periods as follows. tan elled proicct wsts,10 years ending in 1995; the one time fee for spent nudcar fuel,13 years endmg in 1998, the spnial assessment,15 years endmg in 2007; and the refinancing msts,17-2 8 y ears endmg 2014. The amount of these costs to be amortized in 1994 has been reflected as a I t urrent asset in the balante sheet. I (j) Cash I quivalents Cash equivah nts of $14,052,113 and 51,623,987 at Dnember 31,1993 and 1992, respectis ely, wnsist of Cl C wmmenial paper and pnmipal payments on mortgage notes paid in advan e of the duc date. Ior Ayi .- l 1 l
4 i purposes of the statements of cash flows, the Company considers all highly hquid investments with original [ maturities of three months or less to be cash equivalents. 4 (k) Fair Value of FinamialInstruments Statement of Financial Accounting Standards No.107 (SFAS No 107)," Disclosures about fair Value of 1inancial Instruments," requires that the Company disclose estimated fair values for its financial instruments. , Fair value estimates, methods, and assumptions are set forth below. Cash and Cash Equivalents, Aucunts and Other Receivables, Intercut Reteivable, Accounts Payable and Athames from Members The carrying amount approximates fair salue because of the short-term nature of these instruments. Imestments . It was not practicable to estimate the fair value ofinvestments in associated organizations. The l investments are carried at their original cost, adjusted for patronage capital allocanons. 'Ihe untraded (apital term certificates currently hear interest at 3 percent to 5 penent and primarily mature in 2020 l through 2080. The patronage capital allocations are noninterest-beanng and mature based upon the granting (ooperatives' policies. The fair value of marketable securitievdecommissioning fund is based on quoted market prices published in fmancial newspapers or quotations received from securities dealers At Decerr ber 31,1993, the e:.timated market value of marketable securities-decommissioning fund was $11,500,000. Long-Term Debt The fair value oflong-term debt is calculated by discounting scheduled cash flows through maturity using estimated market discount rates. The discount rate is estimated using the rates currently ofTered for long-term debt of similar remaining maturities. At December 31,1993. the Company estimated the fair s alue of its long-term debt as $233,000jXML , I Limitations Fair value estimates are made at a specific point in time, based on relevant market information and i information about the fmancial instrument. Because no market exists for a portion of the Company's financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could sigmficantly affect the estimates. * (1) Restatement and Redawifications , The financial statements for the year ended December 31,1992, have been restated to reflect the consolidation of the Cooperatae's majority owned subsidiary which was previously reported on the cost [ method. The impact of the restatement on the financial statements was not material. Certain amounts have been reclassified to conform to the 1993 presentation. , I The maior classes of electric utihty plant in service at December 31,1993 and 1992 and depreciation and [ umortization for 1993 and 1992 are as follows: ' Depreciation and Composite Cost amortization rates . 1993 1992 1993 1992 % ! Intangible plant 5 287,176 281,647 6,643 7,721 4.00 f Production plant 226,643,018 224,159,881 7,295,770 6,970,453 3.10 > Transmission plant 82.397,943 81,584,063 2,187,771 2,051,302 2.75 (; Distnbution plant 454.256 454.256 12,915 12,914 2.75 General plant 6,634,074 6.564,077 456,127 412,573 31X)-16.0 Electric utihty [ plant in Service $ 316,416,467 313.043,924 9,959,226 9,454,963 l P
't At December 31,1993, and 1992, non-utihty property (onsists of the following- I
, December 31, ;
1993 1992 Plant sites held for future use: 1 Guthrie County 5 2,687,809 2,687,809 -! Missouri River 1,845,251- 1,845,251
- Lake and dam - Guthrie County 1,228,609 1,269,609 {;
Wilton operation center 650,000 650,000 Equipment 1,427,869 1,325,194 - Golf course property and equipment 1,507,510 1,532,259 Other property 552,310 436.816 .,
$ 9,899,358 9.746,938 ;
+
2 5 I I l l 1
7 Central lowa Power Cooperative and Subsidiary Notes to Consolidated financial Statements December .31,199.3 mul 1992 g'h 1 w Q dbyg At December 31,1993, and 1942, other equities consist of the following: December 31, 1993 1992 % ~m r ((L.2d me. 2,465,679 2,339,382 Unallocated margin S Reserve for contingent losses 12,727,630 12,727,630 l Surplus 5,826,398 5,487,016 l 1 5 21,019,707 20,554,028 , The reserve for contingent losses is a discretionary reserve established by the Company for unexpected future losses.
@DNS 1,ong-term debt consists of the followmg: December 31,
[ {gt*"VeNU 1993 1992 REA, 2% and 5% mortgage notes payable, due in quarterly installments approximating Si,337,(NW), including interest, matunng through June 2019 5 58,648,041 61,173,647 , I ederal Financing Bank (FFB),5.418% to 14.043% mortgage notes payable. ' guaranteed by the REA, due in quarterly installments approximating
$3,038.tNN), intluding interest, maturing from '
De(ember 2010 through 2021 130,989,282 111,756,109 Cl C, 71Nn% mortgage notes payable, due in quarterly installments ! approximating $297,000, intluding interest, maturing ' from Detember 2006 through December 2015 10,476,456 10,784,529 t Cl C, variable interest rate (4.25% at December 31,1993) notes payable, , Jue in quarterly installments approximating S I 12/H)0, including i interest, maturing on Nianh 31,2020 8,553,433 8,634,954 Cl C, variable interest rate (4.25% at Decemba u 1993), notes payable, , due in quarterly installments approximating $27,000, including interest, maturing through September 1999 600,665 677,550 , Cl C,91Xn, mortgage notes payable, due in quarterly installments , approximating $70MX), including interest, matunng through ; Alan h 2014 2,626,959 2,671,138
- CFC,9.75% mortgage note payable, due in quarterly installments approximating 519,700, including interest, maturing through Detember 2008 619,961 637,524 i Cooperatise members,4.35% unsecured notes payable, due in quarterly j mstallments approximating S31,000, includmg interest, maturing on J Det ember 31,2005 1,138,841 1,907,975 City of Council BlufTs, Iowa 5.650% to 6.125% Pollution Control Revenue Bonds guaranteed by CFC, due in semi-annual installrnents ranging from $75,0(X) to $165,(X10, maturing on L)e(ember 1,2007 3,240,000 3,390,000 i Louisa County, Iowa, 3 00% - 4.65% Pollution Control Revenue Bonds
;;uaranteed by CFC, due in annual installments ranging from
$215,(xx) to $305,000, maturing on December 15,2003 2,560,000 3,110,000 Eastern Iowa 1.ight and Power Cooperative. 4% - 7% capital lease ]
ohhgations, due in quarterh installments, intluding interest, approximating $104,0M) through 1948, and $50,000 thereafter through 2013 3,245,319 3,667,063 , Note payable,9.5%, due in annual installments approximating $6,500, l mcluding interest, maturing January 1999 25,073 32,321 ; Total long-term debt 222,724,030 208,442,810
- l. css ctarrent matunties 7,294,479 5,935,335
[
$ 215,429,551 Total long-term debt, less c urrent matunties 202,507,475 The aggregate maturities cflong-term debt for each of the five years subsequent to December 31,1993 are as follows, 1494, $7,294,479; 1995, 57,128,180; 1996, $7,502,776,1997, 57,889,650, and 1998, 58,168,464, l At December 31,1993, the Cooperatis e haJ $12,000,000 of unadvanced funds available under a short. '
term ime of credit agreement with CFC which expires in November,1994. 26 ! a 1 r
?
t I l All assets of the Company are pledged to secure the long-term debt to REA, frB and CI'C. Subsequent to lhember 31,1993, the Cooperative refmanced approximately $20.200$0 of ; ITD mortgage notes payabl(* at a (ost of approximately $2,010,0flo to reduce interest rates rianging from 7335% - 10.714% to 6.210% - 6.248% , The Company partiapates in a multi-employer pension plan w hnh covers substantially all employees. i The accumulated plan benefits and net assets of the plan are not determined or allocated separately by 1 individual employer. Pension evense for the years ended Detember 31,1993 and 1992 amounted to .
$319.000 and $298m0, respectisely. [
t The Cooperative is a nonprofit (orporation under the laws of Iowa and is exempt from federal and state in(ome to.es under applit able tax laws. ; CIECO is org.mited as a taxable cooperative under the laws of Iowa. At December 31,1993, CIECO had - ! net operating loss carryforwards of approximately $1,700.000 for federalint ome tax purposes and $1.900,000 ( for financial reporting purposes available to redute future federal taxable income through 2008. CIECO also has unused mrt stment tax t redits of approximately $44,000 available to reduse future income taxes through , 20(NL l'or fmancial reporting purposes, a portion of the tax loss carryforward and unused investment tax credits have been appheJ to ehminate net deferred tax (redits. To the extent the tax loss 6 arryforward and investment tax credits are used to of fet imome taxc3 for tax purposes, net deferred tax uedits wdl be restored at the then current rates. The Cooperative's share of jointly owned generating faahties as of Detember 31,1993,is reflected in the following table. These fa(ilities provide approximately 50% of the Cooperative's total generating capatity. The ? Cooperative is required to proade fmancing for its shaie of the units. The Cooperative's share of cycnses ! associated with these umts is induded with the appropriate operating expenses n the statements of revenue { and expenses. Perc entage Capacity IIc<tnc Unit Ownership MW Utility Plant, Net i i DAEC 20.0% 108 $81,737,079
- Council 111 offs Umt No. 3 11.5 78 23,888,224 louisa Generating Station 46 30 21,226,790 .
.. l The Cooperative is sommitted under a subwription agreement with an affihated venture capital !
corporation to purchase the remaining one. half of their subscribed preferred shares at a price of $1,650,000 t upon 60 days notice from the corporation's off acts. l The Cooperatwe has entered into a coal supply < ontract that requires the annual purc hase of 85,000 tons l'
'of coal (at $24 per ton) through 1995.
The Cooperatne's operations and adiuties with respec t to its coal-fired facihties are subject to developing emironmental legislation and regulations by l ederal and State authorities. Recent amendments to the Federal Clean Air Act require utihties, includmg the Cooperative, to comply with more restricth e emissions standards commencing in 1995. The Cooperative will secover any mt reased costs resuhing from compliance with the ' environmentallepslation through inacased rates. The Prite-Anderson Amendments An of 1988 (1988 An) provides DAEC with the benefit of $7.4 bilhon of pubhc liabihty coverage consisting of $200 million ofinsurance and $7.2 bilhon of potential retmactive ,
- i. assessments from the owners of nudcar power plants. Under the 1988 Act, DAEC (ould be assessed a j maximum of $63 mdhon per nuclear incident, with a maximum of $10 milhon per year (of which the .
Cooperatise's 20 percent ownenhip portion would be 512.6 million and 52 mdlion, respectively), if losses relating to the accidents exceeded $200 milhon. Pursuant to provisions in T arious nudear insuranc e policies, DAEC wuld be assessed retroactive premiums in connection with a future accident at a nuclear facihty owned by a utthty participating in the partictdar insurante plan. With respect to excess property damage and , replatement power coverages, DAEC wuld be assessed a maximum of 54.5 milhon and $1.0 million, !' respectively, if the insurer's losses relating to an accident enceded its reserves. i l l l l 2
4
?% ,
Central lowa Power Cooperative and Subsidiary w pT;.s, Ten Year Financial Summary Wao.li%l
~
1993 1992 1991'" St N1 A1 Ally 01 ()l'1 It AT!ONS Operatmg res enue S 86,228,741 82,750.04I 80,783,023 Operating expenses and interest: Purt based power 9,492,228 6,238,944 5,093,377 Operations, m.nntenante and other 35,860,601 36,718,806 37,160,245 Admimitrative and general 7,216,098 7,027,555 6,775,318 Depretiation and amortuation 10,799,746 10.205,712 9,398,207 Decommissioning prosision 1,770,725 1,204,770 1,069,870 Property and other tases 5,544,600 5.533,011 5,211,472 Net mierest iharges 15.061,130 15,482,054 15,453,492 Total operating expenses and interest 85,745,128 82.411,452 80,161,981 1 Margin (loss) belore nther res enue 483,613 338,639 621.042 I ()ther resenue 1,982,066 2,000,743 2,090,006 l Net matum 5 2.465,679 2,339,3S2 2,711,048 l ASSETS 1 let tr it utihty plant $ 384,457,411 371,882,103 361.894,125
- 1. css auumulated depretiatnin and amortization 168,641,832 156,930,198 145,171,769 Net elettnc utihts plant 215,815,579 214,951,905 216,722,356 Net non-utihty property and un estments 30,267,892 28,352,028 23,142,382 Cm rent assets 36,I84,307 i8,749,147 19,900,184 Defer red i har ges 6.442,156 5,197,969 3,986,348 Total assets S 288.704,934 267,251,049 263,751,270 cal' ITAL JZATION ANI) 1.l Allll ITiliS Members' equity 5 37,745,673 35,279,994 33,418,329 1.ong tenn Jt bt 215,429,551 202,507,475 204,381,424 Spent nodcar fuel dnposal habihty - -
Current habihties 22,728,477 18,411,229 18.601,647 Det ommissioning rescrs es 10,325,365 8,554,640 7,349,870 Spetial assessment and other liabilitics 2,480,868 2,497,711 - Total tapitalization and habditics S 288,709,934 267,251,049 263,751,270 1 Not restated to reflett tonsohdation of majority owned subsidiary, CIECO. l l l l l l 0 l l
1990o 1989 " 1988 " 1987 " 1986"' 1985:" 198f" 76,002,827 74,003,293 73,190,171 68,805.228 67,660,629 71,132,939 64,242,148 6,994,000 4.596,355 3,540.S39 4,511.217 3,228,472 10,651,421 9,310,48, i 32,720,503 33,3h3,176 34,725,741 31,144,b 5 5 29.703,316 27,569,055 26.630,591 l 5,75S,753 5,140,751 4,357,509 3,787,341 3,231,141 3,073,S65 2,592.445 ' 10,78s,846 9.400,340 9,377,277 S,410,470 S,546, % ,253,123 7,609,875 1,725,699 1,001,790 1,02s.F32 929,960 539,S31 754,887 - 4,471.856 4,710,hS9 4,304,978 4,243,785 4,222,102 3,994,490 4,206,417 l 5,237,629 15.2S3,640 14,830,577 15,323,588 15.764,131 14,500,285 13,496.875 ) 1 78,147.2S6 73,516,941 72,234,953 08,851,316 65,670,400 67,797 759 63,435,690 (2,134,459) 486,302 955.218 (46,08S) 2,030,169 3,335,180 306,458 4,098,52 H 2.093,041 1,744,943 1,713.438 1,726,60S 1,034,30N S09.938 1,904.060 2,579,343 2,700,161 1,667,350 3,7 5 6, -' ' 4,36u,4 sg I, I l 6,396 348,703,621 351,945,766 330,550.546 315.290.237 305.693.405 295,189,519 293,659,876 133,000,S05 137,450,323 127 742,910 117,309.959 107,009,714 96,551,822 87,457,382 215,603,S16 213.065,443 212.066,636 197,957,278 198.6S3,746 198,637,697 206,202,494 18,448,543 16.234,231 16,301.544 14,016,197 11,290,315 9,341,109 9,200,756 23.024,779 22 bk6,702 19,70s,998 20,492,565 29,299,70s 25,142,825 15.022,757 5.012.018 ~,53 7,o5 5 9,343,500 10,335,627 11,;91,840 12,522,126 6,835 081 262,089,156 260,424,121 257,420,'77 251,831,667 250,865,618 245,643,757 237,351,988 30,707,281 29,743,212 26,163,869 23.405,994 21,S28,644 18,071,S67 13,702,379 209,197,377 213,707.922 212.957.091 213,794,77S 215,331,250 213,309,618 202,731.539
- - - - - 4,735,091 15,904,498 13,3 58,b86 14.746,407 12.017,216 l 2.111.946 13,507,385 16,182,0x9 6,280,000 4,554,301 3,552,510 2,523,o79 1,593.719 754,887 -
262,0S9,156 260,424,121 257,420,777 251,831,667 250,865,618 245,643,757 237,351,988 29
fpp Member Cooperative Operating Statistics Unaudital l l Adams Ilenton lluchanan Clarke Eastern i
SUMMARY
OF OPERATIONS: Operating Revenue 5 2.453,525 4,616,913 6.160.676 5,253.918 25,807,270 ; Purchased Power 1,375,214 3,115,831 4,203,062 2,742,039 16,750,878 Operating Expenses 577,522 924,527 917,961 1,272,704 4,028,769
- Depreciation 181,312 201,040 311,851 408,254 1.556,182 l Tax Expense 59,190 109,407 131,463 169,371 571,992 Interest Expense 179,833 262,293 455.736 401.047 1,239,003 I
Total Cost - l Elc< tric Servic e $ 2,373,071 4,613,098 6,020,073 4,993.415 24,146,824 Operating Margins 80,454 3,815 140,603 260,503 1,660,446 Non-operating Margins
& Capital Credits 85,773 119,049 211,475 142,141 879,805 Patronage Capital or Margim S 166.227 122,864 352,078 402,644 2,540,251 ASSETS AND OTllER DElllTS:
Total Utihty Plant 6,089,036 9,603,149 12,578.154 14,764,346 53.809,018 Accumulated Depreciation g - .J & Amortization 1,884.032 2,330,747 3,185,068 4,901,412 15,148,911
- ' Net Utility Plant 4,205,004 7,272,402 9,393,086 9,862,934 38,660,107
\. .
) Property & Investments 985,894 1,422,924 1,723,272 1,680,735 8,984,487 h Currcnt & Acerued Assets 854,555 525,123 1,968,241 1,812,874 10,222,069
. Deferred Debits 10,246 1,029 44,293 3,143 106,710 Total Assets &
y >; Other Debits S 6,055,699 9,221,478 13,128,892 13,359,686 57,973,373 Kenneth Stone Martin Gardner Adams County 14cnton County LIABILITIES AND OTHER CREDITS: Cmperatn e Electrk Cooperatne Margins & Equities 2,025,448 4,186,179 5,277,881 4,150,803 27,338,637 Elecinc Co an,I Asuiation and 1.ong Term Debt 3,790,651 3,978,183 7,520,424 8,617,812 27,864,258 Nyman Elertne lius hanan County Current & Actrued Liabilities 229,i16 1,047,532 542,888 310,908 2,635,939 Cwperatn e, Inc Rural Electric Deferred Credits Cmperative, Inc
& Misc. Oper. Reserves 10,484 9.584 19,679 48,183 134,539 Total 1.iabilities &
Other Credits 5 6,055,699 9,221,478 13,128,892 13,359,686 57,973,373 P
, OTHER STATISTICS:
' y f' i-k k l.
.A . '
Miles of Lme Consumers Served
<87 1,690 944 3,481 1,218 3,506 1,742 4,193 4,422 !
19,630 , Consumers Per Mile 2,1 3.7 2.9 2.4 4,4 !
.ll kWhs soli per consumer 15,063 16,635 22,571 11,879 15,654 y MWh Sales Annual Res enue 25,457 57,906 79,134 49,809 307,291 Tom Killebrew Melvin Nicholas per Consumer $ 1,452 $1,326 $1,757 $1,253 $1,315 '
Clarke Dectnc Eauern Iowa Plant investment Cooperative, Inc. 1.mht and Power per Consumer $3,603 $2,759 $3,588 $3,521 $2,741 Cooperatis e This data represents the combined service territories of Green County Rural Electric Cooperat]
- g. .
h s John Wietrke 1 rank Mains Kim Colberg Dorothy Postel Dan Ilohlke Farmers Eledrk Guthne County Rural lann County Rural Maquoicta Valicy Marshall County , Cooperatn e, int I,lectnc Cmperaine Electnt Cooper,itive Rural 1.lecint Rur al Electric Coornatn e Cooperatne l
.. .. . _ _ . _ . .. - _ __ ._. __ _ - -- __ . . ~ . .
i . 4 i { l' armers Guthric l . inn Maquoketa Marshall Mitilan l' Nyman Pella Rideta T.1, P. Total i l 7,627.574 5,140,915 13,967,507 16,707.984 5,tn9,127 13.264,419 1.940,601 3,060.447 3.070,854 7,875,152 122,612,382 1 4,886,312 2,485,250 9,228,474 12,180,005 3,6h3,664 8,475.438 1,042,159 1,930,881 1,655,019 4,972.152 79,256,443 1,177,905 1,385,615 2,804,492 2,377,527 1,128,517 2.36x,256 560,772 627,161 718,605 1,657,414 22,527,747 l 493,916 322,551 623.101 722,010 319,331 892,661 105,678 135,427 270,446 372,581 6,916,341 i 159,097 111,532 304,872 310,029 121,875 284,237 53,215 77,179 95,736 160,188 2,724,383 1 455.332 339,109 829,912 555,586 276.879 829,622 114,131 130.648 253,512 504,860 6,836.503 I 7,172,562 5,144,057 13.790.85 l 16.I45.217 5,510,271 12.855,214 1,930.955 2,901.296 2,993,318 7,671,195 118,261.417 455,012 (3,142) 176.656 562.767 148.856 414,705 9,646 159,151 77,53h 203,957 4,350,967 150,816 185.460 370,043 506,276 174,427 270,823 40,431 74,718 70,546 300,584 3,588,367 605,828 182,318 546,699 1.069.043 323.283 085,528 56.077 233,869 148,082 504.541 7,939,334 jl 6,125,603 11,789,811 26,244,147 26.993,261 10,765,117 31,884,337 4,002,043 5,518,726 9,004,093 14,625,619 253,876,460 , 4,509.662 4,400,800 5,972,869 9,897.240 4,011.557 8,818.627 1,380,369 2,028,707 2,754,082 4,277,411 75,501,503
- 11,615,941 7,389,011 20,271,278 17.096.012 6.753,560 23.065,710 2,081,674 3.510.019 6,250.011 10,348,208 17 374,957
- 1,873,367 1,335,506 3,071,561 4,654,220 1,697,306 3,354,193 545,460 1,261,489 770,421 1,972,967 35,333,802
- 1 3,224,688 2,932,005 3,934,796 1,627,117 3,267,407 410,813 880,562 649,224 3,618,426 37,797,209
! ,869,304 (38,645) 27.845 227,500 56.091 17,238 67 777 35,283 11,701 2,303 18,071 590.585
- 15,319,972 11,977,050 26,502,344 25,741,119 10.095,221 29,755,087 3,673.230 5,663,771 7,671,959 15,957,672 252,096,553 2
5,988,281 4,720,417 7,956.261 15,270.661 4,539,396 11,177,i51 1,251,849 2,741,I45 2,314,744 7,512,866 106,451,719 8,328,949 6,628,572 15.092,712 9,78),083 4,967,742 15,865,218 1,982,779 2,602,927 4,008.234 7,648,422 129,577,966 967,493 627,975 3,440,117 581,127 565,946 2,691,597 436,722 310,556 421,491 802,841 15,612,248 35,249 86 13,254 108.248 22,137 21.121 1,880 9,143 27,490 (6,457) 454,620 i
'15 319 972 11 977 050 26 502 344 25 741 119 10,045,221 29,755,087 3,673,230 5,663,771 7,67),959 15,457,672 252,046,553 i
i 1,751 1,385 1.644 2,083 1,008 2,781 592 583 1,248 1,723 24,921 4.672 4,516 11,606 11,623 3,975 8,128 1,428 2,030 2,590 5,393 88,461 2.7 3.3 6.9 3.9 37 2.9 24 3.5 2.1 3,1 3.5 21,057 12,186 13,833 18.328 16,675 19,861 14,807 17,016 11,964 16,952 16,418 l l 98,379 55,032 160,545 213,027 66,285 161,434 21,145 34,543 30,987 91,422 1,452,346 l
$1,633 $ 1,138 $1,203 $ 1.437 $ 1.424 $ 1,633 $ 1,359 $1,508 $ 1,186 $ 1,460 $1,386 i
$3,452 $2,611 $2,261 $2,322 $2.708 $3.923 $2,845 $2,728 $3,476 $2.712 $2,870 ntiliardin County Rural Electric Cooperative II
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h4 . 3 LA _ 1 . 31 i Don Severson .lolm Smith Timothy Stewart Dave l'erris Darrel Ileciland MJand Pmer Pella Cmgrauw 16deta l'.in tns South lon Mumoral T I P Rural filntnt Cooperatn e lintnc As%iatmn Cmperanve, Int Un tnt C mpeutnr Emperatn e Asnianon l l
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l'- s+* p t......#...~... .. .., . hch h$blk .f,[fh. ,; . f. ;f Adams County Cooperative Electric Co. = Corning i Benton County Electric Cooperative Association + Vinton i Buchanan County Rural Electric Cooperative, Inc.
- Independence Clarke Electric Cooperative, Inc.
- Osceola l Eastern Iowa 1.icht and Power Cooperative
- Wilton s Farmers Elec Cooperative, Inc.
- Greenfield C
V' a,,tPCO 1 ,m , Guthrie County Rural Electric Cooperative
- Guthrie Center
- [". 1. inn County Rural Electric Cooperative + Marion i
% '}[ hlaquaketa Valley Rural Electric Cooperatise + Anamosa
~J~'~~' Marshall County Rural Electric Cooperative + Marshalltown i' I Midland Power Cooperative + Jefferson j l N k Nyman Electric Cooperative, Inc.
- Stanton ll Pella Cooperative Electric Asso(-iation
- Pella j Rideta Electric Cooperative, Inc.
- Mount Ayr South lowa Municipal Electric Cooperative Association (SIMECA) +
Brooklyn, Cascade, Corning, Earlville, Fontanelle, Gowrie, Greenfield, Lamoni, I enox, Stuart, Villisca, Winterset l T.I.P. Rural Electric Cooperative
- Brooklyn 1
! Central lowa Power Cooperative i 1400 llighway 13 S.E., P.O. Box 2517, Cedar Rapids, Iowa 52406 + 319-366-8011 l 32 a
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