Text

1986 Omaha Public Power District Annual Rept
	ML20205S054
Person / Time
Site:	Fort Calhoun
Issue date:	12/31/1986
From:	Andrews R, Mark Miller; OMAHA PUBLIC POWER DISTRICT
To:	; NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
	LIC-87-208, NUDOCS 8704060510
	Download: ML20205S054 (25)
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CONTENTS 1986 HIGHLIGHTS 3 I

j OPPD Service Area Map. .. . . 2 Operating Revenues l 1986 Highlights . . . . .. . 3 Operating revenues for 1986 were $311,498.000, J Chairman's Report. . ... . . ... 4-5 an increase of $8,462,000, or 2.8%, over 1985 operating revenues of $303,036,000.

Board of Directors . . . . . . . . . . . . . . 5 n

President's Report. . . . . . . .. 6-7 Operation and Maintenance Expenses

Vice Presidents . . . . . .. . . ... ... 7 Operation and maintenance expenses for 1986 1986 Operations Review . 8-10 were $188,099,000, an increase of $15,661,000,

) * ..

or 9.1%, over 1985 operation and maintenance Financing . .. .. . .. .. .. 11 expenses of $172,438,000. <

Auditors' Opinion. . . . . .. .. .. 11 Balance Sheets. . ..... . 12-13 Net Operating Revenues Statements of Net Earnings and Accumulated Net operating revenues, before depreciation and Earnings Reinvested in the Business. . . . 14 decommissioning, were $112,431,000, a decrease of $8,060,000, or 6.7%, under 1985 net operating Statements of Sources of Funds revenues of $120,491,000.

) for Construction. . . . .. . ... . 15 Notes to Financial Statements . . . 16-18 Net Earnings Reinvested in the Business Net Receipts and Debt Service Coverage. 18 Net earnings reinvested in the business totaled l 1986-1985 Comparisons . . . . . . 19 $28,016,000, a decrease of $12,240,000, or 30.4%, under 1985 net earnings reinvested in the Electric System Revenue Bonds business of $40,256,000.

l Outstanding . . .. . . 20-21 Electric Statistics . . 22 General Business Sales OPPD Corporate Officers . 23 General business sales to District customers were 5,794,115,000 kilowatt-hours in 1986, an increase of 328,729,000, or 6.0%, over 1985 sales of

5,465,386,000 kilowatt-hours.

Average Number of Customers The District served an average total of 233,649 customers in 1986, an increase of 4,549, or 2.0%,

over the 1985 average total of 229,100 customers.

Average Residential Use p Average annual use per residential customer in l 1986 was 10,263 kilowatt-hours, an increase of l

513, or 5.3%, over the 1985 average of 9,750 kilowatt-hours.

Average Residential Cost The District's residential customers paid an average of 5.76c per kilowatt-hour during 1986 compared to 3.39c per kilowatt-hour in 1946.

OPPD's initial year of operation.

, 1986 Construction Expenditures Expansion and improvement of system facilities during 1986 required construction exoenditures of

$74,162,100.

e e

CHAIRMAN'S REPORT M

l For the Omaha Public Power Dis- This reduction, together with trict,1986 was a year of financial lower coal and transportation h stability. We charted and main- costs, represents a decrease of

$22.8 million in the value of the 9r k tained a steady course as we

[. aNw , [

e s geared the company and its inventory at Nebraska City.

.f 7

h people to meet the challenges of 1987 and beyond. These.

Another important financial step was taken in May with the a

' g@ challenges include the continued advance refunding of the l

(

slow growth of energy markets . $60 million in Electric Service s and an ever-increasing competi-tion for providing energy-related Reverue Bonds that were issued n January 1985. The more

_p 4 seruces.

favorableinterest rate achievedin 7: -

' Operating revenues for 1986 the process will save more than

> w J were $311.5 million, resulting $2 million for our customer-j . in net earnings for 1986 of owners in 1986 dollars.

T -

$28 million, a 6.4 percent return Another sign of the stability 4g' on equity. We consider this to be enjoyed by this utility is the fact satisfactory. Energy sales totaled that electric rates have not

,., nearly 6.2 billion kilowatt-hours, increased since March 1984.

C-N/ 3.4 percent more than total Further good news is that no e~ y sales for the previous year. increases are planned for 1987. i Akt[

taal In 1987, we expect operating rev-enues to total S303 million and Our residential customers paid an average 5.76 cents per l

earnings of $27.2 million, a 5.8 kilowatt-hour for their electricity percent return on equity. This in 1986, more than 22 percent is in keeping with our long range less than the national average.

strategic planning target for Our commercial and industrial return on equity. rates also compared favorably.

Several important accomplish- An independent rate study ments in 1986 contributed to the commissioned by OPPDwas com-stability of the company during pleted in 1986. We were pleased l the year and will have positive that the study found our cost of impact for many years to come. service and rate design activi-In February, a new agreement ties to be generallyin accordance was reached for the transporta- with industry standards. A com-tion of coal to the North Omaha prehensive follow-up on recom-and Nebraska City power plants. mendations included in the That agreement is expected study report will be conducted to save our customer-owners during 1987.

approximately $171 million over +

the 13-year life of the contract. A major redistricting of our service area was completed in in August, a three-year program 1986, adding a fourth subdivi-to reduce the coalinventory at sion and an eighth member to our Nebraska City Station was the Board of Directors. Fred J.

completed. The inventory was Ulrich was appointed by Gover.

reduced from a peak of 1.34 mil- nor Robert Kerrey as the eighth lion tons in November 1983 to director and then sought and won 400,000 tons, which is about a a six-year term in the November 60-day supply. This was accom- general election. Director Keith piished by reducing deliveries to B. Edquist, who now represents minimum levels in the coal con- the newly created Suburban tract and by diverting contract Subdivision, was re-elected to a coal to the North Omaha Station. six-year term.

Richard R Jeffries, a director since 1981 and Chairman of the Board in 1984 and 1985, did not ;

seek re-election. We shall miss his legal and business expertise.

John K. Green, an Omaha attor- 3 ,

ney, was elected to a six-year D '. I, term in November, replacing y 1

ij #

Mr. Jeffries as a representative j 'y of the Omaha Subdivision.

f .,/'

With Directors Dennis D.

Jorgensen, Gene R Spence, Warren R. Swigart and Frank J. _' 6,' ~

Wear continuing to serve this utility well, with strong senior management directing the oper-ations, and with well-trained and highly motivated employees, we are well equipped to face the

'p -

l I challenges of the future. ,. s, N

M..

I commend employees and -

management for their continuing

{'<

d

efforts to enhance customer service throughout 1986 while maintaining the sound operating -

practices of a successful public ,

utility.

In 1987, we shall continue to operate in a professional and MS .

y businesslike manner. We shall -

M continue to maintain the financial (p ..

integrity of this utility, and we shall continue to remain atten- l

9* N ,,

tise to the interests and needs <

of our customer-owners. Beyond M , . Ag, 3' i *#

p that, we shall strengthen the position of this utility as the gY/J }

j energy leader in this market with customer service our driving o force.

, S~

t- r Morris F. Miller Chairman of the Board l

\

'N 1

L

I PRESIDENT'S REPORT Forty years ago, in December 220,000-square-foot office build-1946, the Omaha Public Power ingisscheduled for October 1988.

District brought public power to eastern Nebraska, pledging to Energy Plaza will have a maintain the sound business state-of-the-art thermal storage principles of its privately owned system for cooling and electric predecessor. heat pumps for heating. There 4 y will be solar heating of water l Today,40 years later, we take for domestic use, computerized

f. 7 2- ._s pridein having done just that. We monitoring of all energy manage- 4 gF u' '/*% ' d are also proud that our customer- ment functions, and extensive t

! owners have long benefited from use of naturallighting. j 1 - . 1 the low-cost, reliable electric 4 d '

service offered by this publicly Another major construction pro-

[l sd' Y '~ owned utility. Ject, the Elkhorn Service Center just west of Omaha,is nearing

-( '

- # Although we are proud, we are completion. The 135,000-square-

", not complacent. Today, for foot facility will consolidate more example, our strategic planning than 200 line, underground, process clearly defines a slow- stores, substation, transportation, growth environment for this and customer service employees utility in the foreseeable future. who serve western Omaha and C e smaller communities and rural J, With that slow growth will come areas to the north and west.

p

. /g& ' new challenges, largely because q s e c c -f of new government policies, Likewise, OPPD's new Energy A. *,

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^

Q / d.

j%;j'

?7 ample energy supplies, greater access to alternative fuels, and Control Center has been com-pleted in central Omaha and

l' 3 ;r e*. -* *, 'J '

emerging new technologies. is being phased into operation Meeting these challenges will in 1987. System operations require new and innovative ways and line dispatching will function of doing things. in this building, which will also house OPPD's new Energy in 1986, we provided the building Management System. This I blocks for continued success in sophisticated computer system this new and challenging environ- will be the nerve center for ment. Through our Performance production, transmission, and 100% program, we placed distribution activities.

renewed emphasis on customer service excellence throughout Two additional customer service the company. We introduced offices were opened in Omaha 9 programs designed to increase during 1986 for the convenience j productivity by providing ways of customers wanting personal for employees to propose and service in paying bills, order-implement new and better ways ing electric service or seeking of doing their jobs, and we also energy information and assis- ,

moved decisively forward on tance. Also during the year, l many physicalimprovements to OPPD's new Customer Informa-enhance customer service. tion and Meter Records Systems were fully implemented. These Ground was broken in August for two systems provide faster pro.

Energy Plaza, the expansion of cessing of service orders, OPPD's corporate headquarters reduce the time between meter facilities in downtown Omaha. reading and billing, and allow Construction is well under way, faster response to customer and completion of the 11-story information requirements. All of

these projects respond to the goal of competing through cus- k ,,

N e tomer service excellence.

i a From an operations standpoint, -

1986 was also a very good year. %

All three major generating sta- [ N *#

y .

tions contributed substantially to { , ,, g, meeting our customers' energy g' .: ' "is needs. The Fort Calhoun Station, OPPD's nuclear power plant,

.M was a workhorse, providing 49 ',

percent of our total generation.

Our newest plant, the coal-fired Nebraska City Station, supphed 31 percent; and the North ,_

Omaha Station, operating in a - -

cycling mode,20 percent. , /' .,

Employees responded with ! , --

enthusiasm to intensified training g # 4/ ff g in 1986, particularly in customer 4 I service philosophy. Response was also good to personalgrowth %

v v=

t,y "M k'

and development programs. ,

1

Safety education also paid off in g s .. -

5~,

1986 with a 17 percent reduction g i g?T in on-the-job injuries compared '

T: -

to 1985. %*'-

[

In conclusion, I am pleased to

~

report that our customer-owners 7 continued to enjoy a reliable -

N-supply of electricity at an afford- ,

able cost in 1986. They shall '

continue to do so in 1987 and beyond as we plan for and meet 4

I' b '

the competitive challenges e j _[j s.

,, -/

ahead.

W .i n=-e - t .

Bernard W. Reznicek President Chief Executive Officer

1986 OPERATIONS REVIEW

. <w , Service. That's what customers updated and expanded orienta-

/ .p, e -

g- ,

j of the Omaha Public Power tion program stressing improved W4 District are looking for today, customer service.

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~

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4*

and that's what they have come to expect. Another successful Performance 100% program initiated in 1986 e OPPD has always paid close pairs employees who ordinarily

@(- . attention to the service needs of do not have direct customer con-its customers. But the competi- tact with employees whose

}( " tive marketplace of the '80s demands that the company work primaryjob is to handle customer concerns. This in-the-field expe-even harder to satisfycustomers rience allows a wider base of through service excellence,while employees to get the feel for <

maintaining product reliability working face to face with 4 . .e and rate stability. customers.

yg ..

M C Through a new corporate-wide In addition to enhancing customer

,( O f yy r- program launched in late 1985, service, Performance 100% has v* -

- & ',N4 pt ' OPPD made customer service an even more important busi-as a pnmary goal to improve the quality of work life for employ-

~

. ,. M /

% ness strategy than in the past.

A number of programs were initi.

ees. OPPD's Quality of Work Life (OWL) program was

' f 47 ated during 1986 to carry out the launched in 1986 to provide

_hp k*' g;'= y@;

customer service goals outlined in the Performance 100% plans.

employees with new opportuni-ties to achieve personal

//"[ Y p$ satisfaction on the job. Through

- An important first step was to find this program, employees con-X, .

T '

out just what customers need tribute their ideas, energies, and and want in the way of service support to help the company 9 ,,: f *; A from their electn,c utility. New meet its goals.

surveys were developed to solicit feedback from customers. These A OWL Task Force, comprised

! surveys give OPPD specific of employees throughoutthe com-information that is being used to pany, was appointed to solicit and

_ improve the quality of service evaluate employee concerns provided to customer-owners. and suggestions and to make k a recommendations for improve-

[

tilla Also in 1986, OPPD initiated and ments. OWL teams, small m

"O conducted focus group discus-sions on several energy-related groups of employees from the

% .. , same basic work area, provide

.. A%A .

topics. Through these discus-sions, the company gained a the foundation for an on-going

, communication network among mai , deeper understanding of key employees, management, and issues from the customers' per- the OWL Task Force.

qw spective.The expanded customer-feedback programs, together Many employees also had the with regular customer surveys, opportunityin 1986 to participate help OPPD see itself through in Resources Management the customers' eyes and better (RM), a program which helps understand their concerns. improve productivity through development of employee ideas.

New training programs were Designed to respond to "There developed in 1986 to increase must be a better way," the RM emphasis on customer service. program is changing the way More than 400 employees OPPD is doing many things.

attended telephone-skills work- While RM participants enjoy the shops, and 200 now and present satisfaction of seeing a project workers participated in an idea through to completion, the

company benehts through the enhance the training activities at ;

cost savings associated with the Fort Calhoun Station.

improved efficiency.

{ ;

e In 1986, the Nuclear Regulatory By the end of 1986, approxi- Commission commended '

mately 450 employees had Fort Calhoun Station for the a participated in RM, and that num- exceptionally low number of ber will more than double during safety-related automatic shut-L 1987. Savings from the 212 pro- downs of its reactor system -

jects completed at year's end one-tenth the national average -

are estimated to total $2.8 million over a four-year period. And in '- , ,

annually. June, employees of the Nuclear

Production Division achieved ##

Another highly successful com- a record one million man-hours ponent of Performance 100% in - 18 months of work -without Is terms of improved service and .,A employee involvement is the a disabling injury.

j-

[

Customer Service improvement Work continued during 1986 on an Program. This program recog- extensive project to extend the nized and rewarded employ- usefullifetime of OPPD's largest ces who submitted suggestions and oldest generating plant -

for bettering customer service the North Omaha Station. A

- whether that service came on cost-effective program of sched-the phone, in the field or over the uled maintenance and replace- p#'W ,Wh hp counter. In 1986, more than 500 ments is now under way at the #

,d Qr'.g

, , g employee suggestions were 615,000-kilowatt plant. The pro-considered for implementation. gram, called Life Extension, will I 4 g j' Excellent service is the key to help delay the time when costly 'l .

customer satisfaction, but the new generating sources will be needed. '

' d lk"1 J fgIl ; h[ h backboneof thebusiness remains h the production and distribution The 585,000-kilowatt coal-fired .Q-p fNfJdh&'

of electricity. Nebraska City Station underwent Ei " 1.M k, a scheduled outage in the final Q

Ol r ys I fq pl iM That process begins for OPPD at one of three major generatin9 quarter of 1986. While the plant y #M.;h.h g+pffu [ bg h,b ' i was out of service for three i l stations - coal-fired plants in months, major improvements M" "

h" W s F F,.3 %PUy I III:llily Nebraska City and Omaha and a nuclearplant near Fort Calhoun.

were made to the generator and the turbine.

k [fff

$)h;kw&;,. hh f p:Q.g 1A p-,_"

e OPPD is committing many The importance of these three resources toward upgrading the major generating stations was 476.000-kilowatt Fort Calhoun underscored during a July heat Station over the next three years. wave,particularlyonJuly28 when Projects include additions to the a new system peak of 1,435,600 secunty building, maintenance kilowatts was established.

shop, lockc r room, and the chemical and radiation protec. The summer weather also pro-tion facility. The administration vided an excellent opportunity building will be expanded and for OPPD to evaluate an experi-renovated, and a new ware- mental program called Time Off.

house will be constructed. A Under the program, approxi. .

now training center will house a mately 230 customers allowed simulator that replicates the OPPD to cycle off their air con-plant's control room. The fully ditioners for varying periods of equipped center and additions time on hot days when demand to the nuclear training staff are for electricity was exceptionally in keeping with OPPD's goal to high. Besides enabling OPPD to i

1986 OPERATIONS REVIEW (CONTINUED) test the reliability of the radio- purpose of protecting lines from j' controlled cycling system, the volunteers provided valuable lightning. By integrating fiber-optic cable in the shieldwire,it

, .y information about the potential also becomes a part of the com-acceptance of such a program on munication system. This allows a system-wide basis. The test OPPD to direct the transmission

. 1

willcontinue through the summer and distribution of electricity 1~ Eb of 1988. through computerized controls 3 ,-

and to transmit other data over I /

e, l Major efforts were made during its own telecommunications

'< the year to improve service to l g system.

C severalof OPPD'sindustrial

' c(,

customers. Three 69,000-volt cir- OPPD is now planning to expand

^

W cuits, which interconnect Offutt Air Force Base and Arcadian the use of fiber optics to link a number of substations and 3t _.

+

Corporation, were rebuilt. A major facilities. Owning and N ! complete overhaul was made on operating primary sections of its

'N major portions of the electric telecommunications system will "N' system serving Mutual of prove more economical and Omaha to improve service reliable than continuing to lease

, reliability. this type of equipment.

O OPPD completed rebuilding a r , , An all-company safety record W G M _i 32-mile section of the " Kansas was established by employees g $.

GIU5f0 fit ~, Line," a 270-mile 161,000-volt

I r

'~

in the Metering Services Depart-

' T line from Omaha to Midian, ment - 60 consecutive years Kansas. When it was first ener- without a disabling injury.

gized in 1942, the " Kansas Line" was the second longest trans. The major strides toward service mission line in the world. OPPD and operations excellence in

, began rebuilding its 85-mile por. 1986 were accomplished through f

' .. tion of the line in August 1982, the contributions and support i

and work is scheduled for com. of OPPD's work force, now 2,000 g pletion this fallon the final 12 mile strong. These men and women section near the Kansas border. are meeting the challenge and

} making the changes which will i

Line crews spent three weeks put OPPD in the strong competi-working 16-hour days in north- tive position necessary for eastern Nebraska repairing success in the years ahead.

damage caused by a midsum-mer tornado. Restoration work included replacement of eight l transmission line structures.

OPPD worked almost a year to repair damage to a midtown Omaha substation following the worst switchgear fire in the com-pany's 40-year history. The fire occurred on August 2,1985, and the substation was returned to service June 28,1986.

Fiber-optic shieldwire was used by OPPD for the first time in 1986 for transmission line con-struction. Historically, metal shieldwire has served the single I

i 1

FINANCING AUDITOR 5' OPINION II in December 1946, Omaha Public Power District Omaha Public Power District:

funded the purchase of The Nebraska Power We have examined the balance sheets of Company with a bank loan for $42,000,000. Reve-Omaha Public Power District as of December 31,

, nue bonds were issued in February 1947 to pay.

1986 ar J 1985 and the related statements of net off this loan. Since then, $1,487,930,000 of addi' earnings and accumulated earnings reinvested tional revenue bonds have been sold.

in the business and of sources of funds for con-In May 1986, the District sold $70,730,000 of struction for each of the three years in the period 1'

Electric System Revenue Bonds (the 1986 Series ended December 31,1986. Our examinations A Bonds) at an effective interest rate of 7.67% were made in accordance with generally accepted The proceeds of the issue were used primarily for auditing standards and, accordingly, included such the purpose of refunding the $60,000,0001985 tests of the accounting records and such other Series A Bonds and for other corporate purposes. auditing procedures as we considered necessary The District retired $13,840,000 of revenue bonds in the circumstances.

in 1986. These retirements bring the total of in our opinion, such financial statements present bonds redeemed and refunded through 1986 to fairly the financial position of the District at

$652,985,000, leaving outstanding bonds of December 31,1986 and 1985, and the results of

$876,945,000 at December 31,1986. During 1986, its operations and the sources of funds for con-

$50,817,000 of interest expense was charged to struction for each of the three years in the period operations on outstanding bonds, representing enried December 31,1986, in conformity with an average annual rate of 5.8% generally accepted accounting principles applied Outstanding commercial paper at December 31, on consistent basis.

1986, was $47,500,000, and $7,500,000 was drawn against the supporting revolving line of credit 1

agreement. During 198S, $2,590,000 of interest expense was charged to operations on outstand- t 4N)gX[

ing commercial paper, representing an average DELOITTE HASKINS & SELLS

. annual rate of 4.7% Outstanding notes and sub- Omaha, Nebraska ordinated obligations at December 31,1986, February 20,1987 totaled $5,394,000. During 1986, $475,000 of

( interest expense was charged to operations on outstanding notes and subordinated obligations, representing an average annual rate of 8.8%

Gross Electric Plant amounted to $1,389,645,000 and Nuclear Fuel (at amortized cost) amounted to

$172,315,000 at December 31,1986. Accumulated earnings reinvested in the business increased

$28,016,000 to a totalof $462,616,000 during 1986 while total assets increased $38,677,000 to a total of $1,485,843,000.

P l

\ _ - _

l 6

I OMAHA PUBLIC POWER DISTRICT 12 BALANCE SHEETS, DECEMBER 31,1986 AND 1985 ASSETS NOTES 1986 1985 (thousands)

UTILITY PLANT- At cost: 2,9 Electric plant (includes construction work in progress of $73,745,000 and $63.253,000, respectively). . . . . . . . . . . . . $1,389,645 $1,325,902 Less accumulated depreciation . . . .. .. ....... ..... 403,311 369,358 ;

Electric plant - net . . . . . . . . . . . . . . . ..... ....... ...... 986,334 956,544 Nuclear fuel - at amortized cost. . . . . . . ... . . ....... 172,315 169,352 Utility plant - net . ..... ....... ................ .... . 1,158,649 1,125,896 SPECIAL PURPOSE FUNDS (primarily at amortized cost): 3,4 Construction fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,143 3,836 Electric system revenue bond fund (net of current portion). . . . . . . . . . . . . . . . . . . . . . . . . 48,074 48,880 Debt service fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,376 9,908 Segregated fund (see contra). . .. . ....... ....... .. 3,755 4,146 Revenue fund - decommissioning . . . . . . . . . . . . . . . . . . . . . . . 14,597 9,903 Deferred compensation fund. . . . . . .. .................... 7,144 3 Total special purpose funds. .... ......... . ......... 86,089 76,673 CURRENT ASSETS: j Revenue fund - cash . . .... ....... .. .. ...... ...... 4 38 30 Revenue fund - U.S. Government

securities (at amortized cost) . . . ... ............... 4 67,979 64,240 Electric system revenue bond fund - current portion . . . . . . . . .. . .............. . 3,4

28,704 26,502 Accounts receivable - net . . . . . . ...... ......... . 25,216 18.933 Unbilled revenues . . . . . . . . . . . . . . . . . . ... ............ 11,718 14,200 Fossil fuels - at average cost . . . . .. ... ..... ........ 10,246 20,033 Materials and supplies - at average cost .. . ............. 22,584 21,572 1 Deferred production costs . . . . . . . . . . . ................ . 3,210 5.607 )

Other... . ........ ........... ........ . .... ....... 3,710 4,117 Total current assets. . . . . . . . ............... ...... ..... 173,405 175,234 <

DEFER RED C H ARGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 67,700 69,363 1

W e

TOTA L . . . . . . . . . . . . . . . . . . . . . . . . .... ................ g5,843 $1.447,166 Soo notes to financialstatements, d

I3 LIABILITIES NOTES 1986 1985 (thousands)

, LONG-TERM DEBT: 2 Electric system revenue bonds - net of current portion:

Serial bonds. 3.5% to 7.4% due

, annually from 1987 to 2001. . . . . . . . . . . . . . . . . . . . . . . $ 220,605 $ 233,005 Term bonds. 5%% to 7%% due at various dates from 1995 to 2017 . . . . . . . . . . . . . . . . . . . 641,000 633,210 Total electric system revenue bonds . . . . . . . . . . . . . . . . . . . 861,605 866,215 Electric revenue notes - commercial paper series . . . . . . . . . . . 6 55,000 55,000 Subordinated notes due December 1990. 6%% . . . . . . . . . . . . . . 520 520 Subordinated obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,831 4,874 Total .... ....... .. .. . .............................. 921,956 926,609 Less unamortized discounts . . . . . .... . .. .......... 11,936 9,514 Long term debt - net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910,020 917,095 COMMITMENTS AND CONTINGENT LIABILITIES 9,10 LIABILITIES PAYABLE FROM SEGREGATED FUND (see contra) . . . ........ .. . ........................ 3 3,755 4,146 3 CURRENT LIABILITIES:

Current portion of electric system revenue bonds . . . . . . . . . . . . . 2 15,340 13.840 Current portion of subordinated obligations . . . . . . . . . . . . . . . . . . 43 40 1 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,513 22.954 Accrued payments in lieu of taxes . . . . . . . . . . . . . . . . . . . . . . . . 10,064 9,199 Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,077 22,616 Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 10,882 6.787 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,919 75.436 OTHER LIABILITIES:

Decommissioning costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,597 9,903 Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 7,144 Other... .................... .......................... 6,792 5,986 Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,533 15,889 5

, ACCUMULATED EARNINGS

, REINVESTED IN THE BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . 462,616 434,600 TOTAL................................................. ,$34_85A43 $1,447,166

\ .. . . .

STATEMENTS OF NET EARNINGS AND ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS 14 FOR THE THREE YEARS ENDED DECEMBER 31,1986 1986 1985 1984 (thousands)

OPERATING REVENUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $311,496 $303,036 $305,999 OPERATING EXPENSES:

Operation: d Fuel................................................. 70,325 74,775 90,456 '

Other production. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,138 28.831 18,751 Transmission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 1,756 1,572 Dist ribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,415 9,684 9,002 l

Customer accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,646 6,950 6,516 Customer service and information . . . . . . . . . . . . . . . . . . . . . . . 2,674 2,396 2,265 Administrative and general . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,573 22,474 20,698 Mainte nance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,447 25,572 27,741 Total operation and maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . 188,099 172,438 177,001 Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,883 38,515 37,279 Decommissioning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,866 3,602 3,531 Payments in lieu of taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,968 10,107 10.292 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,406 _224,662 228,103 i OPERATING INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,692 78.374 77,896 OTHER INCOME CREDITS (CHARGES):

In te res t income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,321 15,332 14,791 Allowance for funds used during construction . . . . . . . . . . . . . . . 3,675 2.850 2,382 j Allowanco for funds used for nuclear fuel . . . . . . . . . . . . . . . . . . . 6,034 5.391 5,321 Amortization of cancelled project costs . . . . . . . . . . . . . . . . . . . . (5,181) (5,181) (5.181)

Othe r - no t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,081) (894) (390)

Total other income credits - net . . . . . . . . . . . . . . . . . . . . . . . . . . 15,768 17,498 16,923 EARNINGS BEFORE INTEREST EXPENSE. . . . . . . . . . . . . . . . 84,460 95,872 94,819 INTEREST EX PENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,444 55,616 _ 54,812 NET E A RNING S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,016 40,256 40,007 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, BEGINN4NG OF T HE Y EAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ 434,600 _ 394,344 _354,337 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, END OF THE YEAR . . . . . . . . . . . . . . . . . S462 616 $434,600 $3941 344 See notes to financialstatements.

_ _ _ _ _ l

1 STATEMENTS OF SOURCES OF FUNDS FOR CONSTRUCTION FOR THE THREE YEARS ENDED DECEMBER 31,1986 15 1986 1985 1984 (thousands)

) SOURCES OF FUNDS:

From operations:

Net ea rnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 28,016 $ 40,256 $ 40,007

) Charges (credits) to operations not affecting funds:

Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,843 38.515 37,279 Amortization of nuclear fuel . . . . . . . . . . . . . . . . . . . . . . . . . . 23,263 21,634 14.340 Allowances for funds used. . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,709) (8.241) (7,703)

Amortization of cancelled project costs . . . . . . . . . . . . . . . . 5,181 5,181 5,181 Funds from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _86,634 97,345 89,104 From financings:

Long term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,809 114.077 4.950 increase (decrease) in shott term borrowings . . . . . . . . . . . . . 1,503 (104,451) 75,176 Long term debt reduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (75,383) (13,880) _ (88.331)

Funds applied to financings - net. . . . . . . . . . . . . . . . . . . . . . . . . _ (7,071) (4,254) (8,205)

Funds from (applied to):

Decrease (increase) in net current assets (excluding short-term borrowings and current portion of long term debt) . . . . . . . . . . . . . . . . . . . . . 5,800 (6,320) (3,047)

Decrease (increase) in special purpose funds . . . . . . . . . . . . . (9,807) 8.972 14,892 Decrease (increase) in deferred charges . . . . . . . . . . . . . , . . . (3,517) (7.893) 196

, increase (decrease) in other liabilities. . . . . . . . . . . . . . . . . . . . 14,142 1,270 _(23,095)

Funds from (applied to) - not . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,627 _ (3,971) (11,054)

Allowances for funds used. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,700 8,241 7,703 TOTAL............................................. S 951899 $ 97,361

$_73548 USES OF FUNDS FOR CONSTRUCTION:

Electric plant . . . . . . ................................... 8 69,673 $ 69,032 5 57,426 N uclear fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ 26,226 __28.329 __ 20,122 TOTAL.......................................... _$ 95h 899 $9 361am m.7 _$ 77,548 i

See nctes to financialstatements.

l l

k .. . _ .

NOTES TO FINANCIAL. STATEMENTS 16 FOR THE THREE YEARS ENDED DECEMBER 31,1986

1.

SUMMARY

OF SIGNIFICANT Deferred Financing Costs - Debt discount ACCOUNTING POUCtES and expenso and amortizable charges relating Organization and Business - Omaha Public to refunded debt are amortized ratably over the Power District. a pohtical subdivision of the Stato lives of the related issues to which they portain, c of Nebraska, is a public utility engaged solely in Deterred Cancelled Project Costs - Fori the generation, transmission, and distribution Calhoun Station - Unit No. 2 - Costs aris- .

of electric power and energy and other related activities. The Board of Directors is authorized to ing from the termination of contracts relating to Fort Calhoun Station - Unit No. 2 are being

[ -

establish ratos. The District is not liable for Fodoral amortized over ton years through 1989.

and stato incomo or ad valorem taxes on property; Nucisar Fuel Disposal Costs - Permanent however pa monts in lieu of taxes are made to various loca governments. disposal of spent nuclear fuot is the responsiLlity of the Federal Government under an agreement Basis of Accounting - The accounting records ontored into with the United States Department of of the Distr 6ct are maintained generally in accor- Energy (DOE). Under the agreement, the District dance with the Uniform System of Accounts is subject to a one mill por net kilowatt hour fee on proscribed by the Federal Energy Regulatory all nuclear energy generation, which is paid quar-Commission. torly to the DOE. T_he spent nuclear fuel disposal Accounting for Revenues - Motors are road costs are included in the Distnct's nuclear fuel and bills are rondored on a c cle basis. Revenues amomzation and are collected from customers earned after motors are roa aro estimated and as part of fuol costs.

accrued as unbilled revenues at tho end of each accounting penod. 2. LONG TERM DEST Utility Plant - The costs of proporty additions. The District utilizes procoods of debt issues replacements of units of property, and bottormonts primanly in financing its construction program, are charged to electnc plant. Maintenance and replacements of minor items are charged to oper. Electric System Movenue Bonds - Matunties of ating expenses. Costs of depreciablo units of electnc system revenue bonds outstandi at electric plant retirod are ohminated from electric December 31.1986, duo 1987 through 19 1 aro

plant accounts by char as foHows (in thousandst removal expensos, to accumulated tbos. loss salvago deprecia-plus 198 7 . . . . . . . . . . . . . . . . . . . . . . . $ 15.340 t,on ccount, iD88...................... 510.0i0 ,

An anowance for funds used, approximati Distnct a current cost of financing electric ant the h9hl','*'l',';l',;;ll'l*

, ,, , , , ,,, ,h construction and the purchase of nuclear uol. is 1991 . . . . . . . . . . . . . . . . . . . . . . $ 18.4 4 0 capitalized as a component of the cost of the util- The District's bond indentures provido for cortain sty plant. This allowanco was computed at 6 6%, rostrictions, the most significant of which aro; 6.0% and 6 3% for both construction work in prog- Additional bonds may not bo issued unless ross and nuclear fuel for the years onded in 1980, estimated not recotpfs (as definod) for each 1985 and 1984, respectively. futuro year will equal or orcoed 1.4 times the Depreciation and Amortiration - Depreciation debt service on all bonds outstanding including is computed on the straight kno basis at ratos the additional bonds being issued or to bo I based on the estimated usoful hvos of the various issued in the caso of a power plant (as definod) classos of property. Deprociation expenso has being financed in incromonts.

avera0ed approximately 3.4% of deprociablo An amount at loast equivalent to 12%% of property in each of the throo years onded gross operating revenuo (as defined) must bo '

December 31,1980. spent annually for maintonanco, replacoments, or additions to the cloctric system, or if not so )

Amortization of nucioar fuelis based upon tho 1 spent is to bo placed in a special fund to bo cost thoroof, which is pro rated by fuel assembly in accordanco with the thermat onorgy that each usod for such purposos or for retiromonts of orig-assembly producos. inat bonds (as dohnod)in advance of maturity.

In any throu year period, at loast 7%% of gon.

Deferred Production Costs - Cortain production oral busanoss incomo (as defined) must tm costs are recovorod under the Fuoi and Production spent for replacements, renowals or additions Cost Adjustment (FPA) clauso of the District's rato to tho electric system. Any deficiency is to be actmdulos. Thoso costs are doforrod until they ato spent within two years thoroaffor for such pur-collected by FPA bilkngs. posos or if not so spent is to be used for bond Deferred Charges - Cortain costs and char 00s retirements in advanco of maturity.

are doforrod and amorlized over the ponod that in May 1980. the Distnct issued $70.730,000 ratopayors ato expected to bonofit. The most sig. Electric Systom Revenuo Bonds. Substantially all nihcant items aro; proconds of this lasuo have tmon placed in an i

I7 irrevocable trust to be used solely for satisfying schedufed payments of pnncipal, redemption pro-

_l980_ _W8L (thousands) meum and interest on the outstanding 1985 Senos Deferred financing costs $38,441 $32,007 A Electric System Revenue Bonds. Accordingly, Deferred cancelled project the 1985 Senes A Electric System Revenue costs- Fort Calhoun Sta-Bonds and the related trust are not recorded in tion - Unit No. 2 11,655 18,836 the accompanyi financial statements at Other ,_17,604 _20,520 December 31,1 -

Total jp7dOO ,$,693 3 Subordinated lone -The subordinated Ihr hntrosf,"t h2 4 6. ELECTRIC REVENUE NOTES - COMtER-CIAL R4PER SERES

3. SPECIAL PURPOSE FUNOg The Dstrict has authorized the issuance of tax.

exempt commercial paper of up to $75,000,000 Special purpose funds of the Dstnct are as which is su ted by a revolving credit agree-follows: ment, espiri in May 1987, with four financial The Construction Fund is to be used for capital institutions. Distnct intends to extend this pro-improvements, additions and betterments to and Oram dunng 1987, At December 31,1986 and ent:nsions of the Dstrict's electric system, or for 1985, the L% strict had $47,500,000 of commercial payment of pnncipal and intorest on Eicctnc paper issued and outstanding with $7,500,000 System Revenue Donds, drawn against the revolving credit agreement. The The Electr6c System Revenue Bond Fund and average borrowing rates al December 31,1986 Dzbt Sorvice Fund are held by Trusteos for the and 1985 were 4.1% and 5.8%

retiremont of term and sonal bonds and the pay.

mont of the related interest. 7. PENSION PLAN The Segregated Fund represents customer deposits and refundable advancos. Substantially all Dstrict employees are members of its contnbutory pension plan and are not cov.

The Revenuo Fund - Decommissioning was cred by Social Secunty Generally, the plan established to cover the estimated cost of decom- providos for benefits at age 65 with reduced bene-missioning Fort Calhoun Station - Unit No. I fits for earlier rotaroments. Provision is made when its operating license orperos in 2008. The annually for actuarially computed current costs, fund was created as a result of a decommission- which woro $4,708,000, 54,829,000 and ing plan adopted by the Distnct and additions are $4,811,000 for 1986,1985 and 1984, respectively.

mado to the fund monthly The Dstrict's policy is to fund ponsion costs The Doforrod Compensation Fund is vatuod at accrued. Accumulated plan benefits and nel market value and is used to account for emptnyoo assots at January 1,1986 and 1985 were as contnbutions and related carnings pursuant to follows:

the Dstrict a deferrod componsation plan (800 ._ 980_ __198 L.

Noto 8). (thousarx!s)

Actuarial prosent value of 4, DEPOSITS ANDINVESTMENTS (ccu

,t ufated plan benefits The Dstricta bank accounts and investments Non vosted _ 1449 _ 0.690 included in the Construction Fund, Electric Sys- Total tom Rovonuo Bond Fund, Debt Sorvico Fund, $- 8052} ,$# E 558 Segregated Fund, Revonuo Fund - Decommis- Net assets availablo for sioning and the Revonuo Furxf are hold by the bondits pg2j] $ygg Dstrict a agents in the Dstnct a namo in accor- The assumed ratos of return used in computing dance with the Dstrict a bond covonants arx! the actuarial prosent value of plan bonofits woro stato statutos. The investmonts nre comprised 10 0% for retirod members arxj 9.3% for all other pomarity of secuntes of U. S. Government and members of the plan at January 1,1986 and 1985, related agencies arwl repurchase agrooments (collateralitod by Government secuntios). The aggregato market valuo of the Dstnct a invest. 8. DEFERRED COMPENSAfl0N PLAN rnents at December 31,1980 is $180,608.000.

The Dstrict has establishod a doforrod compen.

sation plan for all ol@ble employees. All

5. DEFERRED CHARGES contnbutions to the plan are made by the omtWoy.

cos. Dy agrooment, contnbutions arx! related The composition of doforrod chargos nt earnmqs urxlor the plan romain the property of the December 31,1000 and 1985 was as follows: Dstrict until an omployco lonvas the Dstoct.

NOTES TO FINANCIAL STATEMENTS 18 FOR THE THREE YEARS ENDED DECEMDER 31.1986 (CONTINUED)

9. C00000lTRIENTS 10. CONTINGENT LIABILITES The Dstrict's Construction Budoet provides for Under the provisions of the Federa! Price-expenditures of approximately $88,677,000 during Anderson Act, the Dstrict and all other licensed 1967 and $45,484.000 during later years, of which nuclear power plant operators could each be approximately $42.000,000 was under contract at assessed for claims in the event of a nuclear incl.

December 31,1986, dont in amounts not to enceed $5.000.000 per it.e Dstrict has a coal supply contract which incident to a maximum of $10.000,000 in any one o(tends through 1998 with minimum future pay, calendar year, ments of $117.300.000. The Dstrict also has a The Dstrict is e aged in routine litigation inci-coal transportation contract with minimum future dental to the c uct of its business and, in the payments of $136,000.000. These contracts are opinion of its General Counsel the aggregate subject to pnce escalation adjustments. amounts recoverable from or to the Dstrict, taking Contracts with estimated future payments of into account estimated amounts provided in the

$19.864.000 are in effect for nuclear fuel. In addi. financial statements and insurance coverago, are lion, contracts with estimated future payments of not material.

$143.856.000 'or the furnishing of uranium enrich -

ment servi',es extend to the year 2008.

I NET RECEIPTS AND DEDT SERVICE COVERAGE FOR THE FIVE YEARS ENDED DECEMDER 31.190G (UNAUDITED) 1986 1985 1984 1983 1982 (thousands)

Oporating revonuos . . . . . . . . . . . . . . . . . . . $311,498 $303.036 $305.999 $272.847 $233,319 Operation and maintenance orpensos.......................... 104.099 172,438 177,001 156.950 145.666 Paymonts in lieu of Iasos. . . . . . . . . . . . . . . 10,964 0034 10dO7 10J92 1 7.565 Not oporating rovenues . . . . . . . . . . . . . . . . 112,431 120,491 118,706 106.863 80,088 inyostmont income (1) . . . . . . . . . . . . . . . . . 546_1, _ 52 80 5,012 Sj58 51 307 Not receipt s . . . . . . . . . . . . . . . . . . . . . . . . . .

$11s t 282 $1,26,271 {1233 8 {1 g 2j @ 9 Total dobt sorvico (2) . . . . . . . . . . . . . . . . . . 8 48,188 $ 65,060 $ 60.162 $ 60,528 $ 60,470 Debt service coverago . . . . . . . . . . . . . . . . . 1.70 1.94 2.05 1.84 1.41 til in,w. o nv.s enri a ev.umnew m.v. m m D.a n.,ve rwe e,e. #h .<ve Amw or u ri.o,e sy i.m th,v.<w th=: rwe welpf lhe Digtf til bysj trwienfipH (f howAAwrt PM 19 Ary! rhev4;f. ort fits l'84)

M) % del De@ Fierww e km ty#t thrwAdm PM f4 snit fh,*AAgn th tr#4 [hrt e euttawl oft a talordar year tiets prmi# 10 the targmtat. ort of feet rbe egdt Inie,.,4 hswhf fnset turvi prot mode 14 rvd retabt rl haji D*fA Betvue l

~

f l 19861985 COMPARISONS 19 l

mdlions of dollars OPERATING REVENUES Nrcere 311.5 <trousana) of 306 0 w,, twe,ene o g,, %,,,,

Classkatm 1986 Total 1965 (Decrease) 227.0 23 ' Ik$**al . .. . .

$12t 541 39 0 $ t H.975 85 Gererat Service - Sma'll 105 445 33 9 97.321 83 Gerwral Serv <e - Large 57.776 18 5 55.360 44 Cnwenment ami MJuccal 7 574 24 7,388 25 j 47,j Other EWtre Utdites . 17.395 56 21 451 118 9) 120.6 **'#"**"""' (#'N' J ** U D futal tWtric flovenuen $307.249 96 6 $298 995 28 Miscotlanerus Nwenues . 4 {49 14 4 041 5t 11_ fi .. .r .

.. &>tal Opersong Nwenues . J111494 100 0 1101 036 28 mdhons of A4wift hours KILOWATT. HOUR SALES 9 (thousants) 6.220 6,200 Cla5& Maim 5.633 5'553

""*' ' 34 0 "' #3 Gereval Serv (e - Sm'all .073 447 2 33 4 *'8'936 1 926 16 Geretal Sar w o - larga . I.5M819 24 8 1,497.052 26 Caernnent ars! Mawopal 75 356 12 75.279 .1 4,810 **' E *'. toc utait. . _4gs,_5L2 66 529 759 J13 5j 5d' I'*"" 8#" "M## ' 0 9- iM*3 3*

j mdhons of do/41rs OPERATION AND 188.1 MAINTENANCE EXPENSES 177.0 ~ <

Ittwsarvnt 145.7 - Ctawltatm 135 6 s

~

i Generatituj f spense $t26 483 612 $124 458 16 Pischael arsi interchatujm1.

66 2 4 hwer 2 339 13 144 4 15 263) 66.7 ?? * ',

f'an=***'nn artf D*"cutm 22 942 12 2 21 m 89

&~~~ Cuntmer Acuwts 1646 41 6 950 t0 0 ry' 'j . * [.

Custerner Servire amt phpp i,,. -

. - inh smatm .

2674 14 2.396 11 6 Atminntratw are Gerwai . J,015 118_ _22)ne 13 9

..%,e,#

, i .

0

blal overaim arut

~ L VI .V1991 1984.1984L Mummarv:a t er-nws . .t ip o<n 100 0 Jt 7t41s of Irvusands of customers AvtnAGE NUMBE11 233 6 OF CUSTOMERS

224 5 cas*Aatm 216 rws+nt,ai 20s Sin 88 0 toi u2 19 gg g 'g Generat Ferno - Stewt 27 621 11 8 26 9tio 24 Gereral serww e - L atye 7 -

75 t3 other 4,6g 20 ,5 2 y>T _18, n,6 196 l.; Aver.p custm+rs .Jn34? ,1co_g_ _n9,t rn! _Lq.

n. h . &M.

hm -lb.6,)$

au H n

? , .. %erop % twelve %fhs ir&t Dmemter

(

20 ELECTRIC SYSTEM REVENUE BONDS OUTSTANDING (in Thousands) as of December 31,1986 i

1958 ISSUE 1961 tSSUE 1966 ISSUE 1968 ISSUE 1969 ISSUE 1972 tSSUE Matmty Date irst int. Int. Int. Int int.-

retruary 1 Rate Amt Rate Amt. Rate Amt. ,

Rate Amt. Rate Amt. Rate Amt.

1987 Jie 500 3% ".000 43 1.150 4%. 2.2CD 4M 950 . 4 90 3.910 1908 3Ne 500 3% 1,000 4'i 1.250 4% 2.200 4 90 990 t 5 4.125 1909 3% 1.000 4's 1.400 4% 2.200 4 90 1.000 $ 4.350 1990 3% 1.000 4's 1.425 4% 2,300 5 1,000 5.10 4.590 1991 3% 1.000 4's 1.500 4% 2.300 5 1.000 , 5 10 4.845 1992 4's 1.500 4% 2.300 5 1000 5,110 5 20 t993 4'i t.500 4% 2.300 $ 1.000 5 20 5.390 1994 4's 1.500 44 2.400 5 10 1.100 5 20 6.685 1995 4'i 1.500 4% 2.400 5 10 t , t 00 5%* 6.000 1996 ' 4 1.500 4% 2.400 5 10 t.100 ' 5%* 6.330 1997 4% 2.400 5 10 t. t 00 5%* 6.660 1996 4 2.500 4% 1. t 00 5%* 7.045 19 % 44 1.t 00 5%* 7.430 2000 5%* 7.840 2008 8,275

+ S h*

2002 1 5%* 6.725 2003 .

5%* 9.205 2004 '

5%* 9.715 2005 5%* 10.250 2000 5%* 10.810 2007

.M 20V) 2010 2011 2012 20t3 i 2014 2015 2016 i 2011

%Aal Outstehng t 000 5.000 14 225 27.900 13 540 136.3 to (krsts hvfesmnt to 12 3t 96 6 000 1 12.000 10 775 17,100 ' 6.460 33.690 Oronal lasue 1000 17.0M 25 000 45 000 20Orm 170.000

'kem thnwis "Dwe 19 tis Setes A (kn11%m was rehsvf=1 by the t')fif) Sets s A Iwm

21 7_. , .. ,

t m p -- + r

- ,q 1977 ISSUE 1977 ISSUE 1977 ISSUE i 1986 ISSUE ?y 1973 ISSUE SERIES A ; SERIES B SERIES C I SERIES A" l ']

i t

! 1mm j Int.

trt Int Int.

Int

[ Pnnceal Annualued 1

1 a Melunhoe Debt ?

Rate Amt. Rate Amt. Rate Amt. 6 ' '

t Race Amt. Rate Amt (Feb.1) Service f

5 10 710 5 4 40 1,300 4.80 ' 2.500 4% 1.040 15.340 . 46,808 J 7

5 15 745 L 4 90 1,500

4 46 - 2.860 . 5 1.050 i 14.010 06,887 , e 5 20 780 '

5 ; 2.000 4.96 2.925 5W 1,105 f it,700 , 86,879 x 514 820 ' 5.15 2.250 } 5 3.015 a 5% 1,170 ? 17,570 ' 06,897 1 5 30 860 - 5.30 2.600 l 5.05 3,100 ; 5% 1.235 18,440 86,900 1 5 30 905 s 5 40 3.850 t 5.10 3.300 4 6 1.310 I 19,386' I 86.5 6 5 40 5 40 950 1.000 5%

5 60 4,150 4.500 5.20 5%

3.420 ,

t 6% 1.400 [ 20.310 46,N4 - s 3.720 6% 1.495 ?- ~ 21,400 86,938 .j 5%* 1.050 7 ' 5.70 1 ' 4.900 5 30 3,970 ; 6% 1,595 22,516 06.808 5 %* 1,110 5% 5.350 '

5.40 '4.170 7 23,875 ' 06,858 1.715 -

l 1,170 '1 s 5 %* 5 80 ~ 7.300 -! 5.45 4.486 7.10 1.835 1,235 t 24.970 e6.884 x ~

5 %* 5.85 7.900

74e* 4.165 33.466 46.877 6' n' 17 260 5 90* -13,715 $ )

i 6' 4 $20 <

36.406 - 46,807 6' n*

18 295 5 90* 14.435 6' 4 830 37,500 6' e* 19 395

, 45,753 ' ;

5 90* 15.215 , 6' 5.160 ). 39,770 41,318 j 6' b* 20 555 5 90* 16,775 s 37,330 24.607 6 ' ** 21.790 '

21,790 1,997 . l ,

18 590 200.000 170 000 219.650 70.730 '476.946 1.750.847 i l

6.410 9.550 101,985 '

25 000 200,000 170 000 229.200 70.730 978 930 t

22 ELECTRIC STATISTICS 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 Total Utility Plant, including Nuclear Fuel (at year eM)

(m mousands of reflars) , 1,561,960 1.495.254 1.425.461 1.365,553 1.323.435 1 286.174 1 223.659 1.167.444 1.072.189 946.864 Bonded indebtedness (at year end)

(m mousands of do#ars) . 876,945 880.055 833.350 846.505 859.135 870.725 881,015 890.930 900.480 890.480 Operating Revenues (m thousands of do#ars)

Residential . . . . . . . . . . . 121.541 111.975 116.368 108.722 89.949 77.500 78,708 65.388 60.819 54.392 General Sennce - Small 105,445 97.321 98.300 82,880 72.495 60.992 57.515 49.581 44 277 41.197 General Sennce - Large . 57,776 55.360 55.444 48,226 41,293 36.345 34291 29.249 24.916 22.217 Govemment and Muncipal 7,574 7.388 7.099 6.519 5,570 4.516 3 983 3.462 2.541 3282 Oaer Ekctnc UtMes 17,395 21.451 25.129 22.958 21.867 40.003 49.931 44.008 12.926 9.081 Accrued Untulled Revenues (2.482) 5.500 (600) 1.900 (800) 1.000 600 500 Miscellaneous 4,249 4 041 4.259 3.642 2,945 2.190 1,986 1.899 1.637 1,636 Total 311.498 303.036 305.999 272.847 233.319 222,546 227.014 194.087 147.116 131.805 Operation & Maintenance Expenses Charged to Operations (m mousa9ds of do#ars) . 188.099 172.438 177.001 156.950 145.666 136.135 135.629 112.045 86,237 64.461 Payments in Ueu of Taxes (m mousamts of do#ars; . 10.968 10.107 10292 9.034 7,565 6,400 6,191 5.252 4.836 4,428 het Operating Revenues before Depreciation and Decommissioning (m thousands of do#ars) 112,431 120.491 118,706 106.863 80.088 80,011 85,194 76.790 56.043 62,916

]

Net Earnings Reinvested in the Business (m mousands of do#ars) . 28.016 40256 40.007 27,929 1,880 6.323 9,162 25.452 19.043 25.015 Kilowatt-Hour Sales (m mousands)

Ressdental . . . . 2,109.493 1.966.119 2.041.395 2.115.696 1.898.606 1,824.285 1.952.851 1,835 250 1.881.529 1.717.117 General Senece - Small....... 2,073.447 1.926.936 1,940.767 1,830,190 1.743.804 1.691.815 1.684.631 1.666.849 1.649.361 1,580,095 General Sennce - Large 1,535.819 1.497.052 1,471.372 1.384.986 1.334.043 1,411.394 1.431.067 1,438.732 1.382.366 1,302.821 Govemment and Muncipal 75,356 75.279 74.696 74,781 74.388 74.444 75.325 74.653 127,367 77.675 Omer Electnc Utees 405,512 529.759 691.792 590.987 501.704 1 258.803 1.275.171 1.452.337 642.399 491.884 Total 6,199.627 5 995.145 6 220.022 5.996,640 5.552.545 6.260.741 6,419.045 6.467.821 5.633.330 5.219.284 j Number of Customers (average per year)

Residenhal . . . . . . . . . . . . 205,538 201.662 197.750 193.638 191.808 190.451 187,802 185.358 178,259 182.156 General Sennce - Smalt 27,623 26.966 26.271 25.245 24264 23.833 23.541 23.484 22.919 22250 General Sennce - Large 76 75 73 73 73 75 89 88 85 80 Government and Muncipal 405 391 400 392 403 418 403 386 363 363 Other Electnc Utstes 7 6 7 7 8 10 12 15 16 12 233,649 Total 229.100 224,501 219.355 216.556 214,787 211.e47 209.331 205.539 200,964 Residential Statistics (average) kWh Customer . . . . . 10.263 9.750 10.323 10,926 9.898 9,579 10.398 9.901 10.329 9.633 Dollar RevenueCustomer 591.33 555 26 588.46 561.47 468 95 406 93 419.10 352.76 333 89 305.13 Cents kWh 5.76 5 70 5.70 5.14 4.74 4 25 4.03 3.56 3.23 3.17 Generating Capabil!!y (at year end)

(m Mowatts) 1,892,300 1,896 200 1,994.500 1,997,500 1.997.500 1,992.100 1.979.800 1.960.000 1.382.000 1.373.700 System Peak Loads (m Howatts) 1.435.600 1.331200 1.383.900 1.411,500 1.330200 1.382.400 1,348.400 1265200 1 257.300 1,222.900 l

Net System Requirements I (Mowatt-hours m mousands)

Generated . . . . . . . . 7,322.999 6.850.069 6,712.772 6.302.725 6.255287 6.667.831 6,581,819 6.823.834 5.538.844 5.631.403 Purchased and Net Interchanged. (1.187,400) (915,987) (860,382) (483,636) (868.271) (1,335,512) (1.084.095) (1,413,746) (163.599) (586.776)

Net 6.135.599 5.934,082 5.852.390 5.819.089 5,387.016 5,332.319 5.497,724 5,410.088 5.375245 5.044.627

( ) Denotes Negative

23 Morris F. Miller .

Chairman of the Board

Dennis D. Jorgensen y Vice Chairman of the Board Gene P. Spence
) Treasurer .-
, Warren R. Swigart , ,
5 Secretary .
Bernard W. Reznicek President ~
Chief Executive Officer ' C ~ . - 1 William C. Jones a
..I,:--
Senior Vice President Eldon C.' Pape Senior Vice President .
Assistant Treasurer (T= Assistant Secretary - <
s <
?
William D. Dermyer '
Vice President -
-g. w I Kenneth S. Fielding Vice President s Frsd M. Petersen :&'
~
Vice President ~ 4 D:yton D. Witthe -
Vice President p* . s Martin L Champion '
'~
Assistant Treasurer . -.
ij. Assistant Secretary ; g .
i_
John W. Marcil. a.;5
,.u- ,
Assistant Treasurer .
I, . Assistant Secretary *
K' 1
Carol J. Kelley Assistant Secretary -
i' -
s
' -- g, i Robert C. Learch jb s
l Assistant Secretary. .
, f l Michael J. Czerwinski i Assistant Treasurer .
u,
-e Charles P. Moriarty . ""'I 3{ Assistant Treasurer "9 . -
Ne '
4' Ronald W. Short '
!- Assistant; Treasurer [
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Omaha Public Power District 1623 Harney Omaha. Nebraska 68102 2247 402/536-4000 l April 1, 1987 LIC-87-208 U. S. Nuclear Regulatory Commission Document Control Desk Washington, DC 20555
Reference:
Docket No. 50-285 Gentlemen: Attached is one (1) copy of Omaha Public Power District's 1986 annual financial report, as required by 10 CFR 50.71(b). Sincerely, R. L. Andrews Division Manager Nuclear Production RLA/me cc: LeBoeuf, Lamb, Leiby & MacRae 1333 New Hampshire Ave., N.W. Washington, DC 20036 W. A. Paulson, NRC Project Manager P. H. Harrell, NRC Senior Resident Inspector 1 d
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4s sin ompioum.n g g ognonuonu !
._- . _ - . -- . . . . .-_-. . - - .}}

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