ML20247G131

Omaha Public Power District 1988 Annual Rept

ML20247G131
Person / Time
Site:	Fort Calhoun
Issue date:	12/31/1988
From:	Morris K, Peterson F, Spence G OMAHA PUBLIC POWER DISTRICT
To:	Murley T Office of Nuclear Reactor Regulation
References
LIC-89-325, NUDOCS 8904040134
Download: ML20247G131 (29)

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E1888lhyhkyhts Operating Revenues '

T. .

Average Number of Operating revenues for 1988 were t[ / Customers

$350,837,000, an increase of V The District served an average total of

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$28,724,000, or 8.9%, from 1987 t' 241,568 customers in 1988, an increase operating revenues of $322,113,000. of 3,060, or 1.3%, from the 1987 average total of 238,508 customers.

Operation and ,+

Maintenance Expenses Average Residential Use 1

Operation and maintenance Average annual use per residential cus-tomer in 1988 was 10,885 kilowatt-hours, )

expenses for 1988 were

$214,703,000, an increase of an increase of 624, or 6.1%, from the

$21,530,000, or 11.1%, from 1987 1987 average of 10,261 kilowatt-hours.

operation and maintenance expenses of Average Residential Cost )

$193,173,000.

The District's residential customers paid an Net Operating Revenues average of 5.93c per kilowatt-hour during 1988 Net operating revenues, before depreciation and compared to 3.39c per kilowatt-hour in 1946, l decommissioning, were $123,776,000, an OPPD's initial year of operation. j increase of $6,183,000, or 5.3%, from 1987 net operating revenues of $117,593,000. 1988 Construction Expenditums Expansion and improvement of system Net Earnings Reinvested facilities during 1988 required construction in the Business expenditures of $108,714,800.

Net earnings reinvested in the business totaled

$36,929,000, an increase of $5,909,000, or 19,0%, from 1987 net earnings reinvested in the business of $31,020,000.

General Business Sales General business sales to District customers were 6,306,337,000 kilowatt-hours in 1988, an  ;

increase of 398,183,000, or 6.7%, from 1987 j sales of 5,908,154,000 kilowatt-hours.

l M MMRMT l

5

e EChoitwan'sRepoM

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• From the standpoint of both finances and customer service,1988 was an outstanding year for the Omaha Public Power District. From the stand-L i-point of regulatory and safety concerns, it was a year of challenge as we strive to become outstanding in those areas.

f Extremely hot, dry weather hit OPPD's service territory in June and con-

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j g~ tinued with little relief into September. Customers turned increasingly to their air conditioners for miief, creating heavy demand on the electric

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'y system. This demand was met efficiently throughout the hot spell, with no et ,- threat to our customers of the voltage reductions or brownouts experi-

/V- . '.

enced in some other parts of the country.

The heavy air conditioning load helped push energy sales to an all-time

. high for this utility, more than 7.2 billion kilowatt-hours. This, in tum, produced record-high operating revenues of nearly $351 million. At year-end, net earnings were $36.9 million, return on equity was 7.5 percent, Gene P. spence expenditures for capital improvements totaled $108.7 million, a id the hm* ha PubUc Power stnct utility's long-term debt Was reduced by $16.8 million.

President.

Westmark Financial Corp.

are expected to be lower in 1989 than in 1988, and net earnings are pro-jected at $24.9 million, a decrease of about $12 million. We anticipate

$120.1 million in capital expenditures as we increase our focus on improv-ing our existing generation facilities. The capital budget will also permit us to continue with our ongoing transmission and distribution programs which provide for the growing and changing needs of our customers.

Safety concerns at our Fort Calhoun Nuclear Station were the dominant challenge for OPPD in 1988 and will continue to be so in 1989. In July, the Nuclear Regulatory Commission placed OPPD's nuclear plant on its list of facilities to receive increased regulatory attention. The NRC con-cems deal primarily with the depth of technical and engineering support staff available to plant operators in abnormal situations. The Board and management of this utility have developed and are committed to aggres-sive programs to alleviate these concerns and make our nuclear opera-tion one of the safest and best in the world, in July, the OPPD family was saddened by the death of Director Warren R.

Swigart. Mr. Swigart died at the age of 80, ending a long career of public service in both city and state government, as well as on the Board of this utility. He will be missed. Nebraska Governor Kay Orr appointed Omaha real estate agent Gayle Stock to serve the remaining four months of Mr. Swigart's term. We are grateful to Ms. Stock for her brief but meaningful contribution.

In November, Omaha voters elected Michael J. O'Hara to a six-year term.

Dr. O'Hara is an attorney and a professor of business at the University of Nebraska at Omaha.

t 6

e EBoardofDirectors We were also sorry at year-end to lose the service of Director Morris F. I Miller. Mr. Miller resigned for per- .

__~ E 4' -

sonal reasons December 31 after ~ > #

years of able service and quality .

e leadership, including two terms as

.( .7 -1

h Chairman of the Board. Governor ,

Orr named Eugene T. Mahoney 4  :

of Omaha as his replacement. ~

V Mr. Mahoney retired recently as .

director of the Nebraska Game and .

Parks Commission. He has also Fred J. Ulrich Frank J. Wear John K. Green served our community and state .in vice chairman Treasurer secretary the past, including 16 years in the Farrner/ Cattle Feeder President, Attorney at Law.

e* "

Nebraska Legislature. ynd NesId$if Uke'rtNo$li Wear Construction At this point, I want to recognize the contributions to this utility mt:de by my fellow directors, Keith B. Edquist, , T4 -

e%~

John K. Green, Dennis D. Jorgensen, # d ~

Fred J. Ulrich, and Frank J. Wear. '

All served this utility well and .

i k-are commended for that service. r .f.

I also want to recognize and com- p' . .

mend management and all employ- -

ees for their parts in the operating ,

achievements of the Omaha Public .

Power District in 1988 and for main-Keith B. Edquist Dennis D. Jorgensen Eugene T. Mahoney taining the outstanding record of 8 "'d *"**' B *'d "*'"D*' 8 "'d "*'" '

l service customer-owners of this President, Chief Executive Officer, Executive Director.

utility expect and deserve. Husker Hawkeye Transaction Applications Henry Doorly Zoo

) Distnbuting Co. inc. Group Foundation

[

We remain committed to providing reliable and safe electric energy and i energy services to our customers at '

the lowest possible cost. We remain -

committed to increasing customer convenience and to making it as I  %

easy and friendly as por,sible to do

• r '

businocs with this utility. And finally, .

we remain committed to maintaining financial stability as we plan and .

provide for the future. ,( ,

Michael J. O'Hara, Ph.D. 1 Board Mernber g Attorney at Law Q #

Associate Professor,

[ U ver sty of Nebraska

• 'U"'*""

Gene P. Spence Chairman of the Board 7

e e

WresidenfsReport 1988 was an excellent year for OPPD operations; a year for meeting challenges, old and new.

'7 The perennial challenge for this utility is to provide reliable electric

, service to our customers, safely and at the lowest possible cost This is a job taken seriously by everyone encerned. In this respect, the

, utility met the test in 1988. In fact, our residential customers used

, approximately 15 percent more electricity than the national average during the year. Even so, their average cost per kilowatt-hour

._ 'q remained approximately 20 percent less than the nat:onal average.

New challenges for the utility were posed by increased environmental and regulatory responsibilities, particularly in the area of nuclear opera-tions. Operating results at the Fort Calhoun Station, OPPD's 476,000-kilowatt nuclear plant, were again outstanding in 1988. However, our L attention has turned toward improving in some critical areas to ensure Fred M. Petersen Continued safe operation of the plant in future years. These improve-d En7t d$eutive oncer ments include additional staffing, personnel training, long-range planning, expanded technical suppor1, enhanced radiation protection programs, and stepped-up plant maintenance, security, and safety programs. The overall goal is to achieve excellence in all aspects of the nuclear function at OPPD.

Enhancing nuclear operations at OPPD requires additional support in the form of additional resources and new facilities - a training conter and control-room simulator, a chemical and radiation protec-tion building, a low-level radioactive waste processing building, and a new plant warehouse. Other facilities are being expanded ar'd upgraded - the maintenance shop, the administrative area, and the security building.

Not just Fort Calhoun Station but all of OPPD's major Generating units performed wellin 1988. The utility experienced the heaviest generating year in its histoy, producing 7,756,359,700 kilowatt-hours.

Of that total, the coal-fired Nebraska Citj Station accounted for 39 percent. the five coal-fired units aMhe North Omaha Power Sta-tion,27 pe/ cent, and the Fort Calhoun Nuclear Station,34 percent.

In October, OPPD personnel began occupying Energy Plaza, the

$29.9 million expansion of our corporata headquarters complex in downtown Omaha. The 11-story office structure features state-of-the-art thermal storage for space conditioning and has several other energy efficient attributes, all of which cie attracting the attention of architects, enp!rieers, and contractors. The project, which includes a seven-level rarking garage, was completed on time and within budget.

At the ivebaska City Station, work got well under way on a major modification to the emission control system at the plant. Scheduled 8

1 1

]

. EViceMesideels for completion in 1989, this modifi- y cation will continue to protect the -"

quality of air in the surrounding L environment while reducing "? -

~

maintenance and increasing plant '$ i g. -[

efficiency and reliability. -

Employees continued to relate l

favorably to the Performance 100% goalin 1988. Training and development programs empha-sized a " Customers Mean Busi- lld0",,c;,

,c Pap ve President - ior v c'e Pre ident Pres dent ness" theme, Quality of Work Life chief Financial and Planning othcer activities gained momentum with increased " grass roots" involve-ment, and the corporate vo',bntary affirmative action program also made meaningful strides. The company's updated affirmative ,

action plan applies aggressive new standards for placement and ggp r ~ (,

promotion of minorities and -

females. The OPPD affirmative 94(

action administrator - a position y created in 1988 - worked with j .;

,; j an affirmative action consultant Kenneth s. Fielding Dayton D. Wittke, Ph.D.

to develop the revised plan and vice President vice eresident standards. j The strategic planning process l

instituted in recent years has served this utility well. We will con-tinue to emphasize quality plan-ning as we aggressively address regulatory and environmentalcon-cerns, as we pursue excellence in all of our generating facilities, and as we work to enhance all aspects of economical, conven-  !

ient customer service.

AAk $l.. j Fred M. Petersen President I

e 9

8

.. , + .

E1988000P8ll005ROVloW 5 TTJRT1 available when and where it is Another measure of OPPD's relia-needed is veryimportant to OPPD bilityis the system availability customers - especially during a rating. In 1988, OPPD's system

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'l Nebraska heat wave, OPPD was able to meet the availability was rated at 99.95 percent, meaning that the average percentage of time customers were demand during an extensive heat without power was .05 percent, or wave last summer when customers approximately four hours over the set new records for electricity use. course of a year's time.

On August 15, a r:ew system hourly peak of 1,600,400 kilowatts in their responses to OPPD's was established,4.4 percent annual customer opinion survey, higher than the previous record. 96 percent of the respondents said i Then, the following day, customers OPPD is doing a good job of set an all-time record for electricity providing reliable, affordable elec-

., t use during a 24-hour period - tric service. The percentage of 31,324,800 kilowatt-hours. With all respondents giving OPPD a "very Dunng 1988, OPPD Energy major generating facilities in Advisors helped more thatt favorable"overall rating has

'0 " ' with energy-Service and with prudent energy increased almost 20 percentage -

7,;[d q j toris. purchases, OPPD met the heavy points over the past four years, 5'

summer demand with minimal nsing from 35 percent in 1985 to problems. 54 percent in 1988.

The challenges faced by the Omaha Public Power Districtin 1988 have been met head on.

Lead;ng the charge were the 2,000-plus employees who have given more - and who will be asked to continue to give more - 7^'

• than ever before to keep the o ,jj,,"j'Y68,ooo-squa,,. root po,e company on track and moving Calhoun Training ahead. Center houses classrooms, labora-These challenges brought new tories, and otrices.

opportunities for employees to ( ,j,,# C*

"j,'y$ j*be push the limits, pull together, and operational at the focus on the future.1988 was a facility in early year for battling Mother Nature, for 1990.

making new commitments, and for meeting ongoing responsibilities. -

i .-

Qg Electric service to customers - a true benchmark of success The most important of these responsibilities is to provide reliable electric service to customers, safely and at ti,e lowest possible cost. The fact that electricity is 10

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E1988OperationsHoew

. o, e Life Extension activities continued

$ 5 g .

f . . ., in september Fort at the five-unit North Omaha Station. In Une with the program, Calhoun station a number of modifications WGre

(*]e$ jd ht #

made in 1988 to the plant's Ndest '

generatng unit, Unit No.1, to record for con-tinuous electric extend the usefulness of the unit

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• generation by a beyond its originally expected life- 1

., < commercia/ nuclear 4jh.

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4 power plant.

time. The program is ongoing and targets all five Units at the plant.

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Community involvement nance outage. While the plant was and Support rank high -

The surveys also show that customer awareness of OPPD as off-line,44 of the 133 fuel assem- On Commitment IISt an energy information leader has blies were replaced in the reactor vessel. In addition, crews OPPDJo!ned forces with the Heart- l increased steadily. The most used land Chapter of the A,merican Red OPPD information service, the performed a vanety of pW main- Cross in 1988 to proyide assist-four-year-old Energy Advisor tenance and modification tasks,  ;

ance to disadvantaged families for Program, received morethan including the inspection and paymentof energy-related 10,000 inquiries in 1988. Calls are cleaning of two reactor coolant expensts. Money for the program handled by trained technical pump motors and overhaul of comes from customer uontnbutions experts who, upon request, are the two dieses generators which and from the sale of advertising available to analyze the heating provide back-up power to the space in OPPD s monthly cus-and cooling needs of a customer's station. tumer newsletter. In the nine home or business, recommend rnonths the program was opera-equipment selections, and suggest The 585,000-kilowatt Nebraska tional dunng 1988, almost $50,000 conservation measures. City Station set new monthly was tumed over to the Red Cross generating records twice in 1988. for distribution to qualifying families.

During October, the plant produced Fort Calhoun Station 358.253,000 kilowatt-hours of elec-A number of other community tricity, surpassing the previous I

Claims worid 31-day record set in January. programs get OPPD employees operations record involved.Through Buddy Alert, a Almost 90 percent of Nebiaska 9 ram o ss t u"9sters n

{eed, f On Sunday, September 25,1988, at City Station operators completed a Ga e et e 8:39 p.m., OPPD's nuclear plant, towar'd the elderly, employees out new three-year operator training the Fort Calhoun Station, program by the end of 1988. This e fid - e reh '

surpassed the world record for i nemen, and the like - watch for '

was the first cycle of the ongoing continuous generation of electricity program which emphasizes all by a commercial nuclear power aspects of plant operations, plant. When the plant went off-combining line September 27 for refueling and maintenance, the record run classroom stood at 477 days,13 hours1.50463e-4 days <br />0.00361 hours <br />2.149471e-5 weeks <br />4.9465e-6 months <br />, and training and 15 minutes, hands-on .3 expenence. 7 Also during this fuelcycle, Fort g q Calhoun Station set a new plant record for total generation -

88

• f3N,77,,g,' City Q$ 3 s producing almost 5 billion kilowatt- station discuss

,s h'L- <

procedures for E hours over 15% months. Fort Calhoun Station came back on-line operation of the water plant serving

&( g January 31,1989, fnllowing the 9 scheduled refueling and mainte-the raciny pp g18 >

11

4 q ,

)

E1988OpettionsReview  ;

signs of trouble and are avellable Electric Operations crews worked By year's end 1988, some 100 <

to help or to summon assistance, round-the-clock to repair the dam- companies - large and small -

A number of employees have age while dozens of employees in the OPPD service area had z

. received special recognition for from various OPPD divisions filed an initial application with the I their offorts through OPPD's helped to handle more than 28,000 state to take advantage of LB775 l Energy Partner Award which is trouble calls. The restoration effort incentives. Taken together, these ,

pnssented to those who go above was completed in just three days, companies are considering capital i i and beyond the callof duty. thanks in part to the new well- investments that total more than equipped dispatching center in the $1.2 billion and which would

• ~'" 9 l.,s Energy Control Center and to provide 10,000 newjobs in such  ;

, g g improved communicatbns systems, fields as manufacturing, bankirsg, j and telecommunications. The i

• p* During the year, OPPD upgraded energy needed to operate busi-the comrr,unicaticas systems. An nesses locating or expanding in o  ! expanded fiber-optic telecommu- the OPPD service territory is ,

,, nications network dramatically erpscted to add more than {

increases the volume of voice and 350,000.000 kilowatt-hours to  ;

data transmissions now possible the. company's annual electricity among major facilities. This generation requirements.

allows the company to respond N even fastor to customer needs. Much of the business expansion is H

taking place in downtown Omaha's riverfront development area. To I

Meter reader Audwin Brown wLs one 0

• of severalemployees to reces CPPD's load, keeps Service underground electric service net-  !

Energy Partner Award ginn to those Work - duct lines, Cables, man-who go "abom and beyond the call of c WS busy holes, transformers, and vaults - l duty"in serving customors- is being upgraded. This work will The Nebraska Le0islature provided new opportunities for business continue in 1980.

growth with the passage of LB775 July 15 storm called in May 1987. This bill offers attrac- A destructiw mid.suminer smun knocked

"'S **'* 75- c"$$'"8-worst ever for OPPD tive tax incentives to bucinesses which expand operations in the Also going above and beyond the state and also to new businestes call of duty were the hundreds of or out-of-state companies which OPPD employees who helped start up operations in Nebraska.

restore electricity to 75,000 cus- y _

tomers after a monster thunder- S-

storm swept through the area. The

'gh' WD M 15-minute blast broke off dozens of utility poles and tore ] c i

down thousands of electric lines, s A

causing an immediate drop in OPPD's electricalload of some e

9e.

a

- kk 500,000 kilowatts - more than CW- >

v f 3$

C" '

double the drop-off caused by any <1 (

Previous storm. . ,

w g..,i Dispatchers et the Energy Control Center M) monitor and coordinate the transtnission *'>

and dostribGeon of electricity throughout , n!'

• y the OPPD system, i} m me 12

.- __ e

E1988OperaliensReview

.j. ~ 7 To continue to be competitive in the systems from various areas - -

,- i, e energy markr.'tplace, OPPD must Engineering, Corporate

".e

s .A pay close attention to the changing Accounting, Material Management, t4

' ~.

. - w energy needs and er;ergy-use patterns of its customers. OPPD's Customer Services Operations, and Electric Operations - to elec-

. I%.IE Demand Side Management Task tronically generate detailed bills of

%g . . . *

\

6 h Force evaluated these trends and, in turn, recommended programs material and labor estimates for construction work orders. This 4 .-f 6 ,' that would benefit customers while information is then used to Ng allowing OPPD to best utilize its schedule manpower and secure

~ '

• W ""' - capital assets. Recommendations the necessary equipment and

. . , M .' SI .. now under consir2 ration would materials.

provide OPPD with an estimated 65,000 megawatt-hours of addi- The Energy Management System l.

q i' s. f tional cales each year during off- and the Work, Management 44 .. peak hours and also reduce System am not onlyimportant

h. 1.,.'**

. . energy use during peak hours by toole forimproving service to 40 megawatts. customers, they are va!uable

(~ - tesources for hciping empioyees work more efficiently, theteby Energy Plaza, OPPD's expanded NeW technology increasing productivity.

corporate headquarters, adds a new dimension to Omaha's caanging l01 proves productivity.

downtown skyline. A seven-story atrium and SOTVICe dram 6tically merges the old and the new ottice buildings. The development and ,mplementa-i tion of new computer systems have played a key role in improving the But the Omaha Public Power reliability of the power supply District's 5,000-square-mile service system, as well as providing faster

+erritory extends far beyond the and better coordination of sen' ice metropolitan area. A large portion for customers.

of the customer base is located in smaller rural communities through- An Energy Management System out eastern Nebraska. The electric computer was delivered in 1988 and account service needs for and came on-line in early 1989. g ,

these customers are handled The new computer system 3f

~

j through three major service manages the generation, transmis-centers located in Papillion, sion, and distribution of electricity j Elkhorn, and Irvington and through by helping OPPD employees fore-E4- l officoslocated in 13 communities cast energy needs ano coordinate y 1 within the service territory. production, purchases, and sales. [ j The new computerimproves E%

Over the past four years, OPPD employee efficiency and system  :.  ;,.

has camed out a plan to upgrade these facilities. An important part reliability and will be particularly D!Q'

'. V ,y of that plan moved ahead in 1988 important duting storm restoration and peak load periods.

,is WiM'N M [M tk-dus l when OPPD purchased land l needed to budd a new 30,000- Also in 1988, a Transmission and The controtroom of the Nebraska City  ;

square-foot c4fice and sersice '

Distribution Work Management y','$8 7 ^$Ei waI'p 58 facility ,in Syracuse, Nebraska. System became operational. Th,s i 1 Planning and design of the facility computer rystem pulls together I are under way, and construction many manual and computerized should begin in 1990.

l l

samme 13

t '

E1988OporationsReview Employee programs ~*rT 7"jp v P1g- -

enhance opportunities, .

, EfijpM ,

encourage participation .

Enhancing the effectiveness of the work force while building employee s i,,.

satisfaction with their work have

. 3 {

been the goals of OPPD's Ouality "4 '. . - 2 -

. v.- L "

~

of Work Life and Resources Man- -

4-agement Programs. Although each *' -*"~~ - '

f -

-i program is based on a somewhat ;F i ,

T 4 different process - Resources Lar ? -

~

Mansgement supports an individ-ual's project while Quality of Work .

ga*"d.

s V Q.ff .E. h' """

Life is primari!y a group effort - E both emphasize developing new

~

n wit:$$Q #wA4 h ( h .

M~pfik'/ .

t .

problem-solving skills and both 7. e supportincreased employee par-

-'A '

ticipation in all aspects of the utility. The 18 memb:rs of the Quality of nbrk Life Task Force discuss ways to improve customer service and smployee effectiveness.

Programs to help employees become more effective and more procedures, and supervisory the organization pulled together to customer-service conscious also responsibilities. Each follows up support one another in facing the have been developed. Employees with self-selected training modules yeais challenges and in pushing attendirig the new PCustomers that focus on specific areas of the limits of endurance and suc-Mean Business" Program are supervision. cess. Through their efforts the learning that byimproving service company is able to continue to internal customers - their fellow The performance of the work force providing the safest, most econom-employees - they will in turn throughout 1988 is to be com- ical supply of electncity possible for help to improve service to external mended. Employees representing customers, the 575,000 people who live and everydivision and alllevels within work in the OPPD service territory.

A revamped supervisory skills series is aimed at improving the effectiveness of new or soon-to-be supervisors and managers. All /p.

participants attend a three-part e) course detailing company policies, 5

/. 3 G .

-hhh i, a y Employees in the cpera- <

tions area play a key role Forestry employees donated dunng power outages &

a tree and some tree-planting by handling trouble call expertise during a spec:al reports and coordinating a ,.

Arbor Day ceremony at the paperwork for Vl OPPD's adop;ed school, restoration efforts. Gilder Elementary t- ..

p w d, 5+

f, b

14

.\ s ,,;m 1

EFinancing EldepnhelAuditors' Report in December 1946, Omaha Public Power District Omaha Public Power District:

funded the purchase of The Nebraska Power Com-We have audited the accompanying balance sheets of pany with a bank loan for $42,000,000. Revenue the Omaha Public Power District as of December 31, bonds were issued in Februar 1947 to ay off this loan. Since then, $1,487, 30,000 ofadditional 1988 and 1987 and the related statements of net earnings and accumulated earnings reinvested in revenue bonds have been sold. .

the business and of cash flows for each of the three The District retired $16,010,000 of revenue bonds years in the period ended December 31,1988.

in 1988. These retirements bring the total of These financial statements are the responsibility of bonds iedeemed and refunded through 1988 to the District's management. Ou, responsibility is to

$684,335,000, leaving outstanding bonds of express an opinion on these financial statements

$845,595,000 at December 31,1988. During 1988, based on our audits.

$49,169,000 of interest expense was charged to ener-operations on outstanding bonds, representing an We conducted ally accepted auditingour auditsThose standards. in accordance stan with kard average annual rate of 5.8% require that we plan and perform the audit to obtain Outstanding commercial paper at December 31,1988, reasonable assurance about whether the financial was $70,000,000. During 1988, $3,679,000 of statements are free of material misstatement. An interest expense was charged to operations on out- audit includes examining, on a test basis, evidence standing commercial paper, representing an average supporting the amounts and disclosures in the finan-annual rate of 5.3% Outstandirig subordinated obli- cial statements. An audit also includes assessing gation at December 31,1988, totalled $4,784,000. the accounting principles used and significant esti-During 1988, $432,000 of interest expense was mates made by management, as well as evaluating charged to operations on outstanding subordinated the overall financiel statement presentation. We obligation, representing an average annual rate believe that our audits provide a reasonable basis of 9.0% for our opinion.

Gross Elect ic Plant amounted to $1,570,448,000 in our opinion, the financial statements referred to and Nuclear Fuel (at amortized cost) amounted above present fairly, in all material respects, the to $165,206,000 at December 31,1988. Accumu- financial position of the Omaha Public Power District lated earnings reinvested in the business increased as of December 31,1988 and 1987, and the results of

$36,92v,000 to a total of $530.565.000 during 1988 its . opera

• ions and its cash flows for each of the three while total assets increased $50,132,000 to a tota! years in the period ended December 31,1988, of $1,614,041,000. in conformity with generaily accepted accounting J principles.

J l

b de 6 DELOITTE HASKINS & SELLS j Omaha, Nebraska '

February 24,1989 i

l j

j i

I

)

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)

15

,. ' Y si

.,o ,. . ' . < .. I: .'> ., " . . . . . . ,, . E..' . . . ' , . . .'; . , ,_ ,,'.: ., . . . _ . ...I,..' ., , ! ,,' ' '

'.,jo _

'y...

,. v s s _;,_.,.t ROmahaPublicPowerDistrict MBalance Sheels, December 31,1988And1987 ASSETS NOTES 1988 1987 _

(thousands)

UTILITY PLANT - At cost: 2,10 Electric plant (includes construction work in progress of $113,464,000 and $84,710,000, respectively) .. $1,570,448 $1,478,387 Less accumulated depreciation . . . . .. . 474,413 441,580 Electric plant - net . . . . . 1,096,035 1,036,807 Nuclear fuel - at amortized cost . . .

165,206 168,347 Utility plant - net . .. . 1,261,241 1,205,154 SPECIAL PURPOSE FUNDS (prirnarily at amortized cost): 3,4 Construction fund . 16,303 15,163 Electric system revenue bond fund (net of current portion) , 47,017 47,718 Debt service fund . . . 7,685 8,260 Segregated fund (see contra) . 14,267 14,030 Revenue fund - decommissioning . 25,430 19,669 Deferred compensation fund 14,002 9,319 Total special purpose funds . 124,704 114,159 CURRENT ASSETS:

Cash and cash equivalents . . . . 7 6,674 3,615 Revenue fund - U.S. Government securities (at amo1ized cost) . 4 30,871 52,591 Electric system revenue bond fund - current portion . 29,786 28,994 Accounts receivable - nel 31,783 32,766 Unbilled revenues . . . . . 12,803 11,929 Fossil fuels - at average cost 8,136 9,627 Materials and supplies - at average cost 27,377 23,504 Deferred production costs . 20,020 7,564 Other . 4,203 5,189 Total current assets . 171,653 175,779 DEFERRED CHARGES . . . . 5,12 56,443 68,817 l

l TOTAL , .

$1,614,041 $1,563,909 See notes to financialstatements.

16

v-l

.? .

l 1

1 l

l LIABILITIES NOTES 1988 1987 (thousands) 7 LONG TERM DEBT: 2 Electric system revenu.e bonds - net of current portion:

Serial bonds,3%% to 7.4% due annually from 1989 to 2001. . ..... . $ 187,835 $ 204,595 Term bonds,5%% to 7%% due at various dates from 1995 to 2017 . . . . . . . . . . . . . . . 641,000 641,000 Total electric system revenue bonds . . . . . . . . ... ..... 828,835 845,595 !

Electric revenue notes - commercial paper series . .. 6 70,000 70,000 !

Subordinated obligation . . . .. . .... . ......... 4,733 4.784 Total... .. .. ... ...... . ..... ..... ... , 903,568 920,379 Less unamortized discounts . ... . .. ... . 10,596 11,262 Long-term debt - net . . . . .... .. ... ... ... . 892,972 909,117 COMMITMENTS AND CONTINGENT LIABILITIES 10.11 LIABILITIES PAYABLE FROM SEGREGATED FUND (see contra) . . . . . . . .. . ... ... . .. 3 14,267 14,030 CURRENT LIABILITIES:

Current portion of electric system revenue bonds. . .. ... 2 '16,760 16,010 Current portion of subordinated obligation. . .. .. 51 47 Accounts payable . . . . . .... .. . .. . ... 54,496 30,679 Accrued payments in lieu of taxes. . .... .. . 11,454 10,399 Accrued interest . .. .. . .. . . .. 21,894 22,000 Other . . . . . . .. .. .. , ... ... 10,084 10,060 Total current liabilities. . . . . . . ... . . . ..... 114,739' 89,195 OTHER LIABILITIES:

Transportation settlement . . . ... . ..... . .... .. 12 13,706 20,060 Decommissioning costs. . . . . .. . .... . ....... 25,430 19,669 Deferred compensation . . .. . ... ......... . . 9 -14,002- 9,319 Other . . . . . . . . . . .. . ........ .. . ... 8,360 8,883 Total other liabilities . . . . .. . . . ..... .... . . . 61,498 57,931 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS . . .. . ....... 530,565 493.636 1

1 TOTAL.. .... .. .... . . . . . ...... .. $1,614,041 $1,563,909 '

17

4 '

IStatements ofNet Brnings And AcconnInledBenings ReinvestedInTheBusiness for The Thtse Wars BdedDecember 31,1988 i l

1988 1987 1986 (thousands)

OPER ATING REVENUES . . . . . . . . . . . . . . . . . . . . . $350,837 $322,113 $311,498 OPERATING EXPENSES: i Operation:

Fuel...... . .. .. .. ... . .... .. 61,781 64,025 70,325 Other production . . . . . . . . .. .. ..... ... 59,915 41,534 40,138 i Transmission . . . . .... .. . .. .. 2,080 1,824 1,881 I Distribution . . . . . . . . . . . . . . . . . . . . . . . . . 11,214 10,655 10,415 I Customer accounts . . ... . . .. ... 9,222 9,664 7,646 Customer service and information .. . .. 3,356 3,107 2,674 Administrative and general . . .. 26,168 22,886 25,573 Maintenance . . .. ..... . . 40,967 39,478 29.447, Total operation and maintenance . . . . . . . 214,703 193,173 188,099 Depreciation .. .... . . . 43,399 41,655 39,883 Decommissioning .. . . ... . 4,097 4,051 3,856 Payments in lieu of taxes ... .. . .... 12,358 11.,347 10,968 Total operating expenses . . . . .. .. 274,557 250.226 242.806 l

OPERATING INCOME . . . . . . . . . .. . .. 76,280 71,887 68,692 I OTHER INCOME CREDITS (CHARGES):

Interest income . . . . . . . . . . . . ... . 13,619 12,123 12,321 Allowance for funds used during construction . . . . . 4,743 4,244 3,675 Allowance for funds used for nuclear fuel . ... 4,579 5,194 6,034 Amortization of cancelled project costs . .. . (5,181) (5,181) (5,181)

Other - net ... . . .. .

(738) (1,256) (1,081)

Total other income credits - net ... ... 17,022 15,124 15,768 EARNINGS BEFORE INTEREST EXPENSE . . 93,302 87,011 84,460 INTEREST EXPENSE .. .,. . . ..... 56,373 55.991 56.444 NET EARNINGS .. .... . .... .. . 36,929 31,020 28,016 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, BEGINNING OF THE YEAR ,. . ,. . . ..... .. .. 493,636 462,616 434,600 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS, END OF THE YEAR . $530,565 $493,636 $462.616 See notes to financialstatements.

18

g ISistements of Cash Hows (9F The Thise Wars Ended December 31,1988 1988 1987 1986 (thousands)

! OPERATING ACTIVITIES:

I Net Earnings . . . . . . . . . . . . . . . . . . .. . $ 36,929 $ 31,020 $ 28,016 Adjustments to reconcile net earnings to net cash provided from operations:

Depreciation . . . . . .,. . . . 43,399 41,655 39,883 Amortization of nuclear fuel . . . . ...... 17,960 20,103 23,265 Allowances for funds used . .. .. (9,322) (9,438) (9,709)

Amortization of cancelled project costs . . , . 5,181 5.181 5,181 Increase in other liabilities ........ . . 3,567 29,396 12,643 Other . . .. .. . . .... .... (2,584) (12,870) (13,856)

! Changes in current assets and liabilities:

Revenue fund - U.S. Government securities . . . . . . . . . . . , ,. .. 21J20 3,178 (9,033)

Accounts receivable . . . ... 983 (7,550) (6,283)

Unbilled revenues .. .... (874) (211) 2,482 l Materials and supplies . . . . . . .. . (3,873) (920) (1,012) 1 Fossil fuels ... .... . . . .. 1,491 619 9,787 Accounts payable .. . .. ... 23,817 8,166 (440) 258 326 {:

Accrued taxes and interest . . 949 Other . . . _(12,239) (6,944) 4,696 Net cash provided froin operations . . . 127,104 101,643 85,944 FINANCING ACTIVITIES:

Long-term borrowings . . .. .. . 15,000 66,809 Reduction of long-term debt . . . . ,. . .. (16,811) (16,577) (75,383)

Current portion of long-term debt . .... . 754 674 1,503 Change in sp9cial purpose funds - financing . 135 (10,548) 2,031 Not cash used for financing . . . . . . . .. .. (15,922) (11,451) (5,040)

INVESTING ACTIVITIES:

Const 'uction expenditures . . ... . . (102,626) (92,128) .(69,673)

Nuclear fuel expenditures . .. (14,819) (16,135) (26,226)

Allowances for funds used . ,. . .... 9,322 9,438 9,709 Nel cash used for investing .. ... . . .. (108,123) (98,825) (86,190)

INCREASE (DECREASE)IN CASH AND CASH EQUIVALENTS ... . ...... . . .. 3,059 (8,633) (5,286)

CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR . . . . . . . . ..... 3,615 12,248 17,534 CASH AND CASH EQUIVALENTS, END OF THE YEAR . . . .. . . $ 6,674 $ 3,615 $ 12,248 I See notes to financial statements. l 19  ;

a

'7 'p ', ..,% ,se.g.. e HolesTofinancialStaleinents FDP The Thise Wars EndedDecember 31,1988

1.

SUMMARY

OF SIGNIFICANT Station - Unit No. 2 are being amortized over ten ACCOUNTING POLICIES years through 1989.

Organization and Business - The Omaha Public Power Nuclear Fuel Disposal Costs - Permanent disposal of District, a political subdivision of the State of Nebraska, spent nuclear fuel is the responsibility of the Federal Gov-is a public utility engaged solely in the generation, trans- emment under an agreement entered into with the United mission, and distribution of electric power and energy States Department of Energy (DOE). Under the agree-and other related activities. The Board of Directors is ment, the District is subject to a one mill per net kilowatt-authorized to establish rates. The District is not liable hour fee on all nuclear energy generation, which is paid for Federal and state income or ad valorem taxes on quarterly to the DOE. The spent nuclear fuel disposal property; however, payments in lieu of taxes are made costs are included in the District's nuclear fuel amortiza-to various local governments. tion and are collected from customers as part of fuel costs.

Basis of Accounting - The accounting records of the 2. LONG-TERM DEBT District are maintained generally in accordance with the Uniform System of Accounts presenbed by the Federal The District utilizes proceeds of debt issues primarily in Energy Regulatory Commission. f nancing its construction program.

Accounting for Revenues - Meters are read and bills Electric System Revenue Bonds - Matunties of Electric are rendered on a cycle basis. Revenues earned after System Revenue Bonds outstanding at December 31, meters are read are estimated and accrued as unbilled 1988, due 1389 through 1993 are as follows (in thousands):

revenues at the end of each accounting period. 1989. .$16,760 1990. .517,570 Utility Plant - The costs of property additions, replace- 1991. .518,440 ments of units of property. and betterments are charged to 1992. .$19,355 electnc plant. Maintenance and replacemer-ts . of minor 1993. .$20,310 items are charged to operating expenses. Costs of depro-ciable units of electnc plant retired are eliminated from elec. The District.sbond indentures provide for certain restric.

tric plant accounts by charges, less salvage plus removal tions, the most significant of which are:

expenses, to the accumulated depreciation account. Additional bonds may not be issued unless estimated An allowance for funds used, approximating the District's net receipts (as defined) for each current cost of financing electnc plant construction and the or exceed 1.4 times the debt serv. future ice on year will all bonds out-equal purchase of nuclear fuel, is capitalized as a component of standi,ng including the additional bonds being issued or the cost of the utility plant. This allowance was computed to be issued in the case of a power plant (as defined) at 5.7%,6.0% and 6 6% for both construction work in being financed in increments, progress and nuclear fuel for the years ended in 1988, An amount at least equivalent to 12W^t of gross oper-1987 and 1986, respectively, ating revenue (as defined) must be spent annually for Depreciat!on and Amortization - Depreciation is com- m intenance, replacements, or additions to the electric puted on the straight-line basis at rates based on the sysh, or if not so spent is to be placed in a special estimated usefullives of the various classes of property, fund to be used for such purposes or for retirements of Depreciation expense has averaged approximately 3.5%, nginal bonds (as defined) in advance of maturity.

3.4% and 3.4% of depreciable property for the years in any three-year period, at least 7W% of general busi-ended December 31,1988,1987 and 1986, respectively. ness income (as defined; must be spent for replace-Amortization of nuclear fuelis based upon the cost ments, renewals, or additions to the electric system.

thereof, which is pro-rated by fuel assembly in accordance Any deficiency is to be spent within two years there-with the thermal energy that each assembly produces. fler for such purposes or,if not so spent is to be used for bond retirements in advance of matunty.

Deferred Production Costs - Certain production costs At December 31,1988 and 1987, $59,015.000 and are recovered under the Fuel and Production Cost Adjust- $59,525.000, respectively, of 6.50%-9.35% Series 1985A ment (FPA) clause of the District's rate schedules. These Electric System Revenue Bonds remained outstanding.

costs are deferred until they are collected by FPA billings. Such bonds are funded by Government secunties that Deferred Charges - Certain costs and charges are were deposited by the District in an irrevocable trust in deferred and amortized over the period that ratepayers are 1986. The bonds and the Govemment secunties were expe:ted to benefit. The most significant items are: removed from the District's balance sheet at that time.

Deferred Charge - Coal Transportation Settlement . Subordinated Obligation - The subordinated obligation Receivable - Amount arising from settlement of coal !s payable in annual installments of $481,815, including transportation claim (see Note 12). interest, through 2014.

Deferred Financing Costs - Debt discount and 3. SPECIAL PURPOSE FUNDS expense and amortizable charges relating to rerunded Spe;ial purpose funds of the District are as follows:

ver the lives of the related fssues w they n. The Construction Fund is to be used for capital improve-ments, additions and betterments to and extensions of the Deferred Cancelled Project Costs - Fort Calhoun District's electric system, or for payment of principal and Station - Unit No. 2 - Costs arising from the interest on Electric System Revenue Bonds.

termination of contracts relating to Fort Calhoun 20

v i

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' The Electric System Revenue Bond Fund and Debt Ser- current year's presentation. For purposes of the State-vice Fund are held by Trustees for the retirement of term ments of Cash Flows, the District considers highly liquid and serial bonds and the payment of the related interest. investments of the Revenue Fund purchased with a matu-f rity of three months or less to be cash equivalents.

The Segregated Fund represents customer deposits, l

refundable advances and funds from a settlement held for The amounts of interest paid, net of amounts capitalized, I a construction project. for the years ended December 31 are as follows:

(

The Revenue Fund - Decommissioning was established to cover the estimated cost of decommissioning Fort 1988 1987 1986 Calhoun Station - Unit No.1 when its operating license (thousands) expires in 2008. The fund was created as a result of a Interest paid - net $44,123 $43,852 $43,383 1 decommissioning plan adopted by the District and addi-tions are rnade to the fund monthly. 8. PENSION PLAN The Deferred Compensation Fund is valued at market - Substantially all District employees are members of its value and is used to account for employee and District contributory pension plan and a.e not covered by Social _

contributions and related earnings pursuant to the District's Security. Generally, the plan provides for benefits at age Supplemental Retimment Savings Plan (see Note 9). 65 with reduced benefits for earlier retirements. The Dis- j trict adopted the provisions of Financial Accounting

4. DEPOSITS ANDINVESTMENTS Standard No. 87, " Employers' Accounting for Pensions", -

The District's bank accounts and investments included in for its financial statements effective January 1,1987. j the Construction Fund, Electric System Revenue Bond The plan's funded status and amounts recognized in the J l Fund, Debt Service Fund, Segregated Fund, Revenue District's balance sheets at December 31,1988 and 1987 Fund - Decommissioning and the Revenue Fund are were as follows: ]

l l held by the District's agents in the District's name in j accordance with the District's bond covenants and state 1988 1987 '

statutes. The investments are comprised primarily of (thousands) securities of U.S. Government and related agencies and Plan assets, at fair value $207.111 $189,212 repurchase agreements (collateralized by Government Projected benefit obligation:

l secunties). The aggregate market value of the Actuarial present value I l District's invt:stments at December 31,1988 and 1987 is of accumulated -

$177,420.000 and $191,283,000, respectively. Vested benefits 113.534 107,852 Nonvested benefits 9,816 9,968

5. DEFERRED CHARGES Effect of projected salary The composition of defened charges at December 31, increases 41,381 _42,711 1988 and 1987 was as follows: Excess of plan assets over projected benefit obligation 42,380 28,681 1988 1987 (12,208) (13,147)

Unrecognized transitional asset (thousands) Unrecognized net gain (32,074) (14,286)

Deferred financing costs $34,826 $36,369 Unrecognized pnor service cost 2,321 I t anspor a5on Prepaid pension cost $ 419 $ 1,248 settlement receivable 7,200 14,400 Plan assets are primarity listed stocks, corporate bonds Deferred cancelled project and U.S. Government securities. The expected long-term costs - Fort Calhoun rate of Stum on assets is 7.0%.

Ot r 2 1 The projected benefit obligation was determined using an

_1 assumed discount rate of 8.5% for 1988 and 8.0% for Total $56A43 - $6_8,8_17 1987. An average annual rate of compensation increase of i 6, EC VE" T8 e rec nz transitional asset is being amortized CIAt PAPER SER ES 4 on a straight-line basis over fif teen years by annual credits The District has authorized the issuance of tax-exempt to net penodic pension cost.

commercial paper of up to $100,000,000 which is sup- Net periodic pension cost for 1988 and %87 included the ported by a credit agreement, expiring in May 1990, with foll wing components.-

four financialinstitutions. At December 31,1988 and 1987, the District had $70,000,000 of commercial paper issued 1988 1987 and outstanding. The average borrowing rates at Decem-ber 31,1988 and 1987 were 6.1% and 5.1%.

Service cost $ 1,8 $ 3 206

7. SUPPLEMENTAL CASH FLOW INFORMATION Interest cost .

12,989 12,010 The District adopted Financial Accounting Standard No. Actual return on assets (19,802) (3,548) 95, " Statement of Cash Flows", in 1988, and has restated Net amortization and deferral 5.816 (10.477) its 1987 and 1986 financial statements to include state. -Net periodic pension cost $ 830 $ 1,191 ments of cash flows for those years consistent with the 21

ENelesTofinBReialStatements for The Three Wars EndedDecember 31,1988 (Cenlinued)

9. SUPPLEMENTAL RETIREMENT SAVINGS PLAN 11. CONTINGENT LIABILITIES The District has established a Deferred Compensation Effective August 22,1988, the Price Anderson Act was Fund for all eligible employees that allows contributions by amended and extended to the year 2002. Under the employees that are partially matched by the District begin. provisions of the Act, the District and all other licensed ning in 1988. By agreement, contnbutions and related nuclear power plant operators could each be assessed for earnings under the Plan remain the property of the District claims in the event of a nuclear incident in amounts not to until an employee leaves the District. The District's match. exceed a total of $63,000,000 per incident with a maxi-ing share of contributions in 1988 was $960,000, mum of $10,000,000 in any one calendar year. These amounts are subject to adjustment every five years in

10. COMMITMENTS accordance with the Consumer Price Index.

The District's Construction Budget provides for expendi- The District is engaged in routine litigation incidental to tures of approximately $120,137,000 during 1989 and the conduct of its business and, in the opinion of its

$27,913,000 dunng later years, of which approximately General Counsel, the aggregate amounts recoverable

$47,000,000 was under contract at December 31,1988. from or to the District, taking into account estimated The District has a coal supply contract which extends amounts provided in the financial statements and insur-through 1998 with minimum future payments of qnce coverage, are not material.

$52,504,000. The District also has a coal transportation 12, COAL TRANSPORTATION SETTLEMENT contract with minimum future payments of $113,400,000.

These contracts are subject to price escalation adjustments. During 1988, the Board of Directors approved a settlement Contracts with estimated future payments of $5,215,000 agreement on a claim that the District was overchar ed for are in effect for nuclear fuel. In addition, contracts with the transportation of coal from,1982 through 1985. he estimated future payments of $140,000,000 for the aggment, calls for payments tn three successive, years fumishing of uranium enrichment services extend to amounts recovered are being the year 2006' beginning refunded to the in District 1988. The,s customers and participating utilities over a three-year period. Amounts related to the settlement have been recognized in the accompanying financial statements.

I i

INelReceipts AndDoblService Coverage for The five le8rs EndedDecember 31,1988(Unaudited) 1988 1987 1986 1985 1984 (thousands)

Operating revenues . $350,837 $322,113 $311,498 $303,036 $305,999 Operation and maintenance expenses , , 214,703 193,173 188,099 172,438 177,001 Payments in lieu of taxes , , 12,358 11.347 10,968 10,107 10,292 Not operating revenues 123,776 117,593 112,431 120,491 118,706 investment income (1) , , 4,819 5,537 5,851 5,780 5,012 Net receipts ,,

pb,595 $123,130 $118,282 $126,271 $123,718 Total debt service (2) , S 65,M7 $ 65,866 $ 66,188 $ 65,060 $ 60,162 Debt service coverage . 1.93 1.86 1,78 1.94 2.05 (1) Income denved from the investme nt of moneys in the Debt service Fund ard the Reserve Account of the Electnc system nevenue Bond Fund under the Distnct's bond indentures (Resoluton No 19 and ne.olution No.1763)

(2) fotal Debt seryce for both Resoluten No 19 and Resolution No 1788 Bor.ds is accrued on a calendar year basis similar to the computation of Net neceipts Interest funded from bond proceeds IS not included in Total Debt Service 22

.'l ,

, -. , 'l ..O. ,

g., , , , .

4 , . ,. ,

E1988-1987 Comparisons OPERATING REVENUES Percent millions of dollars 350.8 (thousands) Percent of 306.0 311.5 war of war increase Class lhcation 1988 Total 1987 (Decrease'

• Residential . . , . . . . . . .

$137.105 39.1 $125.095 9.6 227.0 233.3 General Ser,6ce - Small . 117.711 33.5 108.543 8.4

, y General Service - Large . 61.637 17.6 57.561 7.1 Government and Municipal 7.961 2.3 7.726 3.0

~-

147.1 .

Other Elecinc Utdities . 20.592 5.9 18.623 10.6 1 . I . Accrued Unbelled Revenues 874 .2 211 314.2

(

. 4 . Total Electnc Revenues $345.880 98.6 $317.759 8.8 Miscellaneous Revenues . 4.957 1.4 4.354 13 8

(

1975 1980 1982 d54 1986 1988. 70,,, operanna Revenues . $350.83' 100.0 $322.113 89 millions of kilowatt-hours 7,268 6,419 6,220 6,200 '" - KILOWATT (thousands; HOUR SALES 5,633 3 f: 5,553 e Classification

. . ' . - . ,..,4

- o j,; , ,' .  : .e ' . .- '" * .; ,, Residential 2.311.242 31.8 2.153.681 7.3

,' .. 'General Service - Small .

['. t s

[. ,1. .

. . , ; ~ /eL 2.246.353 30.9 2.130.425 5.4

'"N,- General Service - Large . 1.655.600 22.8 1,562.108 6.0

.',','.( I 1

Government and Municipal 76.133 i .1 75,622 .7

-O?

4

.' ~ .

W f  ; -' Other Electnc Utdities . . . . . 961.298 33 5

' ' , , 13.2 719.807

• W- .a .' ; i Accrued Unbilled Kilowatt-Hours . 17.010 .2 (13.682) 224.3

. . . . y- ... s I N $ N IIII AIO4 $$00 IIII Total Energy Sales 7.267.636 100.0 6.627.961 97 milions of dollars 214.7

... OPERATION AND 188.1 7 L. - MAINTENANCE EXPENSES 177.0 ,, .- '7'. (inousands) l 3

_i Claudeauon 145.7 -[ .

135.6 , -'>

' ' ". 't

Generating Expense . .... $159.283 74 2 $134,921 18.1

.} 'Je].p.; 7J' v .- Purchased and interchanged

.: Power. (8.416) (3.9) (1.322) (536.6) 66.2 >'..s

' f. .- , ..' ,- '. .......

Transmission and Distnbution . 24.845 11.6 23.412 6.1

., , ; 7 '.' - -

f . .- Customer Accounts . 9.222 4.3 9,665 (4 6) i

Customer Servce and 1

'U.

information . . . . . - .. 3.356 1.5 3.107 80 7.:.; c. +'

.7 .; - .. Administrative and General . 26.413 12.3 23,390 12 9

r. -

N. nan e penses $214.703 100.0 $193.173 11.1 thousands of customers 241.6 AVERAGE NUMBER

. OF CUSTOMERS

• 233.6

']- Classification 224.5 , W : n

,- Resnienhal .. .... ... 212,324 87.9 209,900 1.2 216.6 :4' .- .. General Service - Small . 38,731 11.9 28,109 2.2 211.8 d General Service - Large 75 - 76 (1.3) 205.5 . g. . o - f- . Other . 438 .2 423 35

,,. c.. ik ' .

'".4

[**[: , .

f ", , . . . . j r' ,

Average Customers . 241.568 __100 0 238.508 1.3

, f:[ . ' _. . . .: ' .. . J: .' i ...-

" ~

kil8 51980 .$ht Ns4 $$$ $h  %,,ge 70,,i 7,eive uenin, enoeo necemse,

)

23

EBa:Iric System Rome Bonds Gulslankg (in Tnousands) as of December 31,1988 p- m qm 7 r m ym; q p s -

.y g p.r.g, a m.rp yq II -U hik U 1. . I6 s'/ :dj W -O ! A h .

. , od g{!.: .

1. 1961 ISSUE N1 i f966 ISSOE .. i c ,- 1968 ISSUE I 11969iSSVE/ 1972 ISSUE b, Z1973 ISSUE I A1 Q' i O j^ w s -( , ' , , fj: , 3 k ...fMetuhty G D . . . . .> h Date M - Int j Hate Amt.

I[U

1 : Int. :t , ' , . J ]j h K fate.

int.

Rate Amt.

Q int / , , , . . ,

' AmtJ :

Int.

Rate Amt. h..! Intf, , . ., ,,

. p, .. Amt.: 1 h,: F. otwory 1..m;

, . c i Amt..',", ' , .

ka,=

.h...; Rate a g . .' Rate t . 1

- y, a . . ~ r~,

?

:x 1969 = d 3% 1,000 0.I? 7M 1,

[',40C p $ 4W 2200 L E4.90 ;h0003 ,

5 4,350 . ? $.20 ' :780 L. .'1990 A 3 3% 1,000 4to" c 1.425 ' '1  : 4W 2,300 bV6_  !;1,000 5.10 4.590 [4W $W'EJ820.: -

i ,

3% 1.000 E5 E4W L tj 1,600 ; i 4W 2.300 kL5iss >  ; 1,000 l :i 5.10 4.845 k . 6.30 f  ; 860 n :

("/1991.E.! t1992: 4 M . AW ';lf1.500bd 4W 2.300 h:: 5 )

1.1,000{

'p h

5.20 5.110 h ? .6.30 [ i 906 Y ~ d

[l 1993{') ,[3l E4%:/ i1,600ft ($ 4W 2.300 i- "61 y 1,000 ?! 5.20 5.390 h(;L5.40 l i950 O

< , , G *- .- x f ._.,\*Q,n . p.;p 1' yi19941 j I.l4WN;31,500 ' ::j 4h 2.400

't , i$.10 I /1,100 j .; 5.20 5.685 h 1.5.40 31, . T X: i:1995 k '4W ' ' E1,500 L 4 4h 2,400 5.10 : ' 1 100 l Sb' 6,000 D . 5%% S 1,050 > '

h; .: 1996 '; s j (5 i4 ' L.1,500': " 4h 2.400 f:0 6.10 0 S ,100 1, " 54' 6.330 U 5%* . : t,110 i T.?:b

? 4b 2,400  ; ; 5.10 . 1.100 ~ A 5%' 6,680 IJ . 5%9 -l1,170 '

hlt h j 1990 # 1997J W ' .4 hb ~I -'

4 2.500 "M 4h 4 :1 100'l s

!~

5%* 7.045 R -L 5%*

• L.1,06 '

l ps. t 4 a- . . .~ . o . 4 , , .

pT."1999i T' s a [1;(4%; o 1,100 f 54' 7,430 p ! 5%* m 11.300 J

p. 2000j,:, i; "s_. . ,'

t .  : .,1 5%' 7.840 p 16%"A1,3701 1 120010 . p. O '

Sh* 8 275 E? 5 %* i 11,450 ;

yJ!-;2002L:h.- J,1 ? ,l y, ' '

Sh* 8.725 E J5%*M !1.525L p.J2003?!j ' --

,W R 54' 9.205 ( 7 5%*-W. + 1.610 ?

i , ,

st ,

C .'2004 ,....: f.4 *..

W F

""Mi .m. i Sh* 9,715 bd

!'.~I- J4" ki f 2006 ; ?i

,d' [.

• Sh* 10.250 k (20064 [,

d

6. L :3 Sh* 10.810 [. f .,; ti p l20073 1 )J:

X 'a' f Ktc , . Q

!s .~ d

[. 20081 >g .L V.} lT5' '

M w-< w

a. ) .

e.  : , s 4 f ^ i,., ,,

b .c2009 "q r, '

4 fr f1 i?

' 2010 ~ "

f(

k } ;- , { .> }

e : 2011 : .j { ..

,i e: -7 t m }I l_ ,-

2012L y' {; Xl 1  ;' .q k-g-1 '20t3 , y, q P 4

[i s i2014L . .. IJ j k fN i' 2015?O -

' %' ' s R -

I

2016l' {ci , ,V O O

j 22017f M b i an h 5

- a! b.  : p , e L ,g

, . : Total . .,.; [i

. . . A ' . . . d ..; @

' ,, . .. E yh 4 N;-% .

l [: Outstand 6ng ]

4- 3.000 ;g :j.::- 7,b - 11.625 7 23,500 ig .* .111,6001n j 128,275 b A d 35 l

.- g 5T ,

p R*.meo y w > go . .

o y'

sy , q p <.7:v 4

g a q

+4 , ~a-( 12/31/88; 14.000 '

? 13l175/ G 21,500 b: 8,'4 00 i , ', 41,725 D/ . 7,885 E c . .:.1 o-

{. . Original .d I . . . . ' . c,i p. ,

[ " 47 . . Pg . < g

4. ; losue 17,000  ! j 25,000 ' 45.000

, . 20.000 -l Q 170.000 W $25,000 "

- =

• Torm Donds "The 1985 Senes A Dond issue was refunded by the 1986 Senes A lasue.

l 24

MM M . . . . . u .l:. .  ;

J..a u n , ? ' . ~ :'. .M::2.=... j4 * :. a ., ' : : . ' . o 'L:

. . s,.*. k 2 ;l;i 2 .. & :' M at! k l e

^;

n 1. - i +

1977 ISSUE 1977 ISSUE 1977 ISSUE .' 1986 ISSUE - G' SERIES A "

SERfES D - SE AIES C i. SERIES A"  ?-

.L s ..

Total Principal . Annuahzad1 Int inti . Int. , int. . '. Matunties 1: J Det4 . ' ,

Rate Amt. . Rata 'Arnt. ' Rate Amt. , Rate ' Amt. ' Web.1) ' Servics , };

I 5 2,000 .. 4 95 2.925 i .6W 1,105 16,760  : 65,879 '

1,170 ' 17,570 J 5 15 . 5W - 65.897 -

2.250 '

5 3.015 5.30 2.600 -

': 5 05 3,100 5% . 71.235 18,440 65,909-5 40 3.850 5.10 3.380 i- 6 - 1,310' 19,355 '

. 65.885.;

5W 4.150 5 20 3.620 6% ; . .1,400 20,310 i  : 65,924--

5.60 4.500 'q < SW 3,720 6W 1,495 - 21,400 I - 65.926 5 70 4.900 l11 5.30 3.970 6h . 1,595. 22.515 ,

65,886.-

5h 5.350 [' '

5.40 4,170 7. ' ~1,715" 23.675 65,898 5.80 7,300 "

5.45 4.485 ..

'7,10 1,835 24.970

' 65.894 !

5 85 7,900 5W 4.590 i L , - 7.20 l 1,980 ,

26,350 35,904 i.

1-5 90 10,900 -

SW 4.960 7.30 - 2,130 27.820 65,l30 6' 12.600

• Sh* 5.335 , 7.35 2,300 29.445 '.65,064 3.

6' 13.450 , S h* 5.470 'e 7.40 2,480 - 31.125 i; 65,909 6* 14,350 5%* 5.710 :7W" 2,680 32.990 65,085 6' 15.250 Sh* 5.955 - 7h* - 2.015 34.035 '

64,995 6' 17,300 Sh* 6,820 7 %* -2,180 ' 36.015 64,998 6' 18.550 S h* 6.970 ' 7W" 2,365 38,135 65,028 J 6* 19.900 S h* 7,140 . 7W* 2,560 40.410

' 65,001.

6' 30.100 i Sh* 9.885 '7%*- 2,770 42.755 '.i 47,90k - -

6W* 12,900 P Sh* 10.780 . 7%* . 3,010 26,690 46,165 -

'8W* 13.670 5 90* 11.200 7%* 3,260 28.130 ' 46,041 6W* - 14.490' 5 90* 11,730 7%* - 3,540 - 29,760 45,968 !

6 W" 15,360 5 00* 12.345 7%* 3,835 31.540 , . 45.919 6 W* 16.285 t 5 90* 13.005 7%* ' ' 4,165 . 33.455 s  : 45,8771.-

64* 17,260 5 90* 13,715 6* 4,520 35.495 1 '45,807.'

64* 18,295 ' 5.90* 14A35 6' 4,830 37,560 45,753 64* - 19.305' 5 90* 15,215

' 8' 5,160 39,770 41,316 64* MO,555 5 90* 16,775 37,330 1 24.607-6%': 41,790 ' 21,790  !- 1,927 -

n 197.200 '

170J,30 214 420 . 68.640 845 595 1,619,114 1-g g

Y -? r 2,800 2,000

]I 14.780 133.335 *

'][

o ,

j(

200.000 170,000 229.200 ' 70,730 ' 978.930 3; 25

i I

1988 1967 1986 1985 1984 1983 1982 1981 1980 1979 i Total Utility Plant, including Nuclear Fuel (at par end) ph thousands of dollars), 1,735,654 1,646,734 1,561,960 1,495,254 1,425,461 1,365,553 1,323,435 1,286,174 1,223.659 1,167,444 Honced indebtedness (af year end) pn thousands ol dollars) . 845,595 861,605 676,945 880,055 833,350 846,5Y 659,135 870,725 681,015 890.930 Operating Revenues .

(in thousands of dollars)

Residential . ,,..,... 137,105 125,095 121,541 111.975 116.368 108,722 89.fM9 77,500 78,708 65,388 General Service - Small . 117,711 108.543 105,445 97,321 98,300 82,880 72,495 60.992 57,515 49,581 General Service s Lar9e . . , 61,637 57.541 57,776  % 360 55,444 46,226 41,293 36,345 3.,291 29,249 Govemment and Niunicipal 7,961 7,726 7,574 7,388 7,092 6,51 0 5570 4.516 3,983 3,462 Other Doctric Utiliikes . 20,592 'S.823 17,395 21,451 25,129 22,953 21,867 40,003 49.931 44,008 Accrued Unt4tiod Revenues - 874 211 (2,482) 5,500 (600) 1,900 (800) 1,000 600 500 Miscellaneous . , 4,957 4,354 4,249 4.041 4,259 3.642 2,945 2,19G 1,986 1,899 Total , 350,837 322,113 311,498 303,036 305.999 272,847 233.319 222,546 227.014 194.087 Operation & Maintermn;;e Expenses Charged to Oporttions pn thcosands of dollars) 214,703 193,173 180,099 172,438 177,001 156,950 145,666 136,135 135.629 112.045 Payments in Lieu of Taxes (in thousands of dollars) , , 12,358 11,347 10.968 10,107 10,29Z 9,034 7,565 6,400 6,191 5,252 Not Operating Revenues before Depreciation and Decoeimissioning (in thousands or dollars) , 123,776 117,593 112.431 120,491 118,706 106,863 80,088 80,011 85,194 76,790 Net Earnings Reinvested in the Business (in thousands of dollars) , , 36,929 31,020 28.016 40,256 40,007 27,929 1,880 6.323 9,162 25,452 Kilowatt. Hour Sales On thousands)

Residential .... . 2,311,242 2,153,681 2,109,493 1,906,119 2.041,395 2,115,696 1,898,606 1,824.285 1,952,851 1,835.250 General Service - Small . 2,246,353 2.130,425 2,073,447 1,926,936 1,940,767 1,830,190 1,743,804 1,691,815 1,684.631 1,666,849 General Service - Large . 1,655,600 1,562.108 1,535.810 1,497,052 1,471,372 1,384,986 1,334,043 1,411,394 1,431,067 1,438,732 Gove<nment and Municipai 76,133 75,622 75,358 75,279 74.696 74,781 74.388 74,444 75.325 74.653 Other Electnc utilities . . . . . . 961,298 719.807 405.512 529,759 691,792 590,987 501,704 1,258,803 1,275,171 1,452,337 Accrued Unbilled Kilowatt 4 tours . 17,010 (13.682) (56,104) 114.720 Total , 7,267,636 6.627.961 6,143.523 6,109.865 6.220,022 5,996.640 5.552,545 6 260,741 6,419.045 6.467.821 Number of Customers (average per par)

Residential . .... .., , 212,324 209,903 205,538 201,662 197,750 193.638 191,808 190,451 187,802 185,358 General Servica - Small . 28,731 28,10) 27,623 26,966 26,271 25,245 24,264 ^3.833 23,541 23,484 General Service - Large . . 75 76 76 75 73 73 73 75 81 9 88 Govemment and Municipal 433 417 405 391 400 392 403 418 403 386 Other Electnc Utilities . 5 6 7 6 7 7 8 10 12 15 l Total . 241,568 238,508 233,649 229,100 224,501 219,355 216,556 214,787 211,847 2r4 331 Residental Statistics (average) kWh/ Customer . . , 10,885 10.261 10,263 9,750 10.323 10,926 9.898 9,579 10.398 9.901 Dollar RevenueCustomer 645.73 595 97 591.33 555,26 588.46 561.47 468.95 406.93 419.10 352.76 Cents!kWh b.93 5.81 5.76 5.70 5 70 5.14 4.74 4.25 4 03 3 56 Generating Capability (af year end)

On Allowatts) . 1,823,000 1,P46,900 1,892,300 1,896.200 1.994,500 1,997,500 1,997.500 1.992,100 1,979.200 1,960,007 j System Peak Loads pn kilowatts) . 1,fr00,400 1,532.700 1,435,600 1,331,200 1,383,900 1,411,500 1,330,200 1,382,400 1,348,400 1,265.200 Not System Requirements (kflowatt-hours in thousands)

Generated . , , . . . . . , , . . ,,, 7,756,360 7,511,779 7.322,999 6.850.069 6.712,772 6,302,725 6,255l287 6,667,831 6,581,819 6,823,834 Purcharied and Net interchanged . (1,050,747) (1,237,120) (1,187,400) (915,987) (860.382) (483,636) (808,271)(1,335.512)(1,084,095)(1,413,746)

Net . , 6,705,613 6,274,659 6,135.599 5,934,082 5,852,390 5,819,089 5.387,016 5,332,319 5.497,724 5.410.088

( ) Denotes Negative 26

i v

4 OPPDhipetteElkrs Gene P. Spence Chairman of the Board Fred J. Ulrich Vice Chairman of the Board Frank J. Wear Treasurer John K. Green Secretary i

Fred M. Petersen President j Chief Executive Officer Eldon C. Pape ,

Executive Vice President - I Chief Financit.I and Planning Officer Assistant Treasurer Assistant Secretary 1 J

William C. Jones Senior Vice Presiden William D. Dermyer Vice President Kenneth S. Fieldir1g Vice President Dayton D. Wittke Vice President Martin L Champion Assistant Treasurer Assistant Secretary John W. Marcil Assistant Treasurer Assistant Secretary Carol J. Kelley Assistant Secretary Robert C. Learch Assistant Secretary Michael J. Czerwinski Assistant Treasurer Charles P. Moriarty Assistant Treasurer Richard C. Shaneyfelt Assistant Treaturer 27

x  !

1 l

4

' . ,; il . .. '. . . ' . ,- ,. .

-1 Omaha Public Power District {

Energy Plaza i 444 South 16th Street Mall ')

Omaha, Nebraska 68102-2247 A business-managed, publicly owned electric utility.

An equal opportunity employer without regard to rece, sex, age or impairment.

s

e- .

Omaha Pubilc Power District 1623 Harney Omaha. Nebraska 68102-2247 402/536 4000 March 29, 1989 LIC-89-325 l Dr. T. E. Murley, Director  ;

i Office of Nuclear Reactor Regulation U. S. Nuclear Regulatory Commission Washington, DC 20555 i 1

l

Reference:

Docket No. 50-285

Dear Dr. Murley:

SUBJECT:

Annual Financial Report l Attached is one (1) copy of Omaha Public Power District's 1988 Annual Financial report,asrequiredby10CFR50.71(b).

Sincerely, i f,kl K MJ . orris Division Manager Nuclear Operations KJM/dkd cc: LeBoeuf, Lamb, Leiby & MacRae w/o R. D. Martin, NRC Regional Administrator w/o A. Bournia, NRC Project Manager w/o P. H. Harrell, NRC Senior Resident Inspector w/o pOf O r

i 45 5124 E mployment with Equal Opportunity Male ferfiele

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