ML20246C323
| ML20246C323 | |
| Person / Time | |
|---|---|
| Site: | Clinton  |
| Issue date: | 12/31/1988 |
| From: | Fellin J SOYLAND POWER COOPERATIVE, INC. |
| To: | |
| Shared Package | |
| ML20246C321 | List: |
| References | |
| NUDOCS 8908240320 | |
| Download: ML20246C323 (34) | |
Text
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f 4 . c 4 Soyland serves: 4 Soyland Power Cooperative is a cooperatives joined the original six, and ^
- member owned,' not-for-profit electric,
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plans were launched to develop a
. generation and transmission cooperative : reliable and economical power supply ,
which supplies wholesale electricity to 21 system. We',trn Illinois Power E member distribution cooperatives. These . Cooperative!with seven member - Distribution cooperatives provid? retail- distribution cooperative systems, merged electric service to approximately une-half. into Soyland in March 1989, to form the million persons within their lor.al service cooperatke federation that today sup-territories. Soyland is one of more than ' plies the electric power needs of nearly
- 60 generation and transmission (C&T) two-thirds of the land mass of the State cooperatives that supply wholesale elec. - of Illinois.
- tric power to rural utilities in the United Applied Energy Systems, Inc., the-States. _
parent company of WaterFurnace of Soyland was organized by six distribu- L illinois, Inc., is a wholly owned for-profit c . tion cooperatives in September 1963, subsidiary of Soyland Power Cooperative. under the General Not-For-Profit Cor. ' WaterFurnace of Illinois is marketing : potation Act of the State of Illinois. geothermal heat pumps throughout the ' Leaders of those cooperatives saw "21 trember cooperative service areas. 3 Soyland as a way to gain energy.- Applied Energy Systems is pursuing other
' independence and control over electric opportunities to assist Soyland's members power costs. In 197S, nine additional to meet the needs of the consumers they g serve.
Soyland and its 21 member distribution cooperatives are continuing to pursue
. opportunities to make rural Illinois a better place in which to live. We remain 3
committed to enhancing economic development opportunities to attract som businesses to rural service areas to, in _ Power turn, provide jobs for rural consumers. Cooperase. Since its inception in 1963, Soyland's lac goal has been to provide a dependable source of wholesale electric power to its members at the lowest possible cost. Today, through its unique blend of fuels and generating plants, Soyland has built a stable base from which to meet the electric energy requirements of its member systems. I a I e 4 I a
7- . I _ L' 1. Member-li
; Cooperatives Adams Electric Co-Operative, Camp Point, Illinois Roger C. Mohrman, Manager
_ Clay Electric Co-operative, Inc., Flora, IHinois
' fames E. Camphasl, Manager Clinton County Electric Cooperative, inc., Breese, Illinois lames B. Riddle, Manager Coles-Moultrie Electric Cooperative, Mattoon, Illinois -
C. E. Ferguson, Manager
~
Corn Belt Electric Cooperative Inc., Bloomington, Illinois Jeffrey D. Reeves,' M jr Eastern Illini Electric Cooperative, Paxton, Illinois - Wm. David Champion, Jr., Manager Edgar Electric Co-operative Association, Paris, Illinois Thomas J. Hentz, Manager Farmers Mutual Electric Company, Geneseo, Illinois Robert L Delp, Manager Illinois Rural Electric Co., Winchester, Illinois Robert E. Cant, Manager 2 lilinois Valley Electric Cooperative, Inc., Princeton, Illinois soyLnd Timothy L Christensen, Manager Power -
- fuorrbt w McDonough' Power Cooperative, Macomb, Illinois inU William C. Lem<ms, Manager M.J.M. Electric Cooperative, Inc., Carlinville, Illinois Dennis A. Keiser, Manager Menard Ekdric Cooperative, Petersburg, Illinois Dorland W. Smith, Manager Monroe County Electric Co Operative, Inc., Waterloo, Illinois Joseph J. Fellin, Manager Rural Ekdric Convenience Cooperative Co., Auburn, Illinois Roy D. Goode, Manager Shelby Electric _ Cooperative, Shelbyville, Illinois lames E. Coleman, Manager Southwestern Ekdric Cooperative, Inc., Greenvine, illinois Robert H. Necce, Manager Spoon River Electric Co-operative, Inc., Canton, Illinois Gregory A. Campbell, Manager Tri-County Electric Cooperative, Inc., Mt. vernon, Illinois James 5. Hinman, Manager Wa,ae-White Counties Electric Cooperative, Fairfield, Illinois Chris L. Bennett, Manager Western Illinois Electrical Coop., Carthage, Illinois Paul M. Dion, Manager
1 JSoyland) -
;Shrves.
Soyland Power Cooperative is a cooperatives joined the original six, and K member-owned,' not-for-profit electric ; . plans were launched to develop a I 8eneration and transmission' cooperative ~ . reliable and economical power supply which supplies wholesale electricity to 21 Syster1 Western Illinois Power imember distribution cooperatives. These . ' Cooperative, with seven member
; distribution cooperatives provide retail . distribution cooperative systems, merged --
electric service to approximately orte-half ! into Soyland in March 1989, to form the million persons within their local service - . cooperative federation that today sup-
; territories. Soyland is one of more than . plies the electric power needs of nearly~
60 generation and transmission (C&T) ' two-thirds of the land mass of the State i , cooperatives that supply wholesale elec; ' of Illinois.- tric power to rural utilities in the United Applied Energy Systems, Inc., the' 4 States. . parent company of WaterFurnace of Soyland was organized by six distribu. ' lilinois, Inc., is a wholly owned for-profit tion' cooperatives in. September 1963,. .. subsidiary of Soyland Power Cooperative.
. under t! e General Not-For-Profit Cor- WaterFurnace of . Illinois is marketing
' potation;Act of the State of I!!inois. geothermal heat pumps throughout the Leaders of those cooperatives saw - 21 member cooperative service areas.
' Soyland as a way to gain energy - - Applied Energy Systems is pursuing other
? independence and control over electric. opportunities to assist Soyland's members
. power costs.~ .In.1975, nine ' additional to meet the needs of the consumers they serve.
Soyland and its 21 member distrit'stion cooperatives are continuing to pursue opportunities to make rural Illino;. a better place in which to live. We remain j committed to enhancing economic development opportunities to attract so4,e businesses to rural service areas to, in %er turn, provide jobs for rural consumers. Cmmse.
~ Since its inception in 1963, Soyland's k goal has been to provide a dependable source of wholesale electric power to its members at the lowest possible cost.
Today, through its unique blend of fuels and generating plants, Soyland has built a stable base from which to meet the electric energy requirements > of its member systems. l l (N l 1 i
u
;)' M . . .
Member-Cooperatives-
. Adams Electric Co-Operative, Camp Point,'lllinois
, Roger C. Mohrman, Manager -
Clay. Electric Co-operative,' inc., Flora, Illinois
~ james E. Campbell, Manager Clinton County Electric Cooperative, Inc., Breese, Illinois .i James B.' Riddle, Manager '
Cole Moultrie Electric Cooperative, Mattoon, Illinois ; C. E.' Ferguson, Manager - . Corn Belt Electric Cooperative Inc., Bloomington, Illinois .
' Jeffrey D. Reeves, Manager
'i Eastern Illini Electric Cooperative, Paxton, Illinois Wm. David Champion, Jr., Manager _ l
. Edgar Electric Co-operative Association, Paris, Illinois Thomas 1.' Hentz, Manager Farmers Mutual Electric Company, Geneseo, Illinois ')j Robert L. Delp, Manager lilinois Rural Electric Co., Winchester, Illinois .]
Robert E. Cant, Manager j 2 Illinois Valley Electric Cooperative, Inc., Princeton, Illinois -j
' soytand . Timothy L. Christensen, Manager ;
f%et . -l came. McDonough Power Cooperative, Macomb, tilinois ;
' lat. . William C. Lemons, Manager I M.J.M. Electric Cooperative, Inc., Carlinville, Illinois Dennis A. Keiser, Manager Menard Electric Cooperative, Petersburg, Illinois .l Doriand W. Smith, Manager I Monroe County Electric Co-Operative, Inc., Waterloo,' tilinois ;
loseph l. Fellin, Manager j l Rural Electric Convenience Cooperative Co., Auburn, Illinois I Roy D. Goode, Manager J Shelby Electric Cooperative, Shelbyville, Illinois James E. Coleman, Manager
.i Southwestern Electric Cooperative, Inc., Greenville, Illinois Robert H. Neece, Manager Spoon River Electric Co-operative, Inc., Canton, Illinois Gregory A. Campbell, Manager i
Tri-County Electric Cooperative, Inc., Mt. vernon, lilinois James E. Hinman, Manager Wayne-White Counties Electric Cooperative, Fairfield, Illinois Chris L Bennett, Manager i' f Western Illinois Electrical Coop., Carthage, Illinois Paul M. Dion,' Manager i
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BOaTC Of - b 1s . Directors e i, A. - p q; i M > i 6:" } E. H. Williams French L. fraker Executive Vice President Attorney and General Manager w-~m~m -~
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Joseph J. Fellin Kenneth G. Heinzmann Ja:nes E. Hinman Lyndall Pigg President Vice-President Secretary-Treasurer Assistant Secretary Monroe Clinton Tri-County McDonough 3 Soyland yg , Power pyw7m+%mpgy.>g g., ~ GMV"'at"'. vn. t k : ..
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Spoon River Clay Menard Eastern Illini i _ _ _-__-__ _ __
Board of F
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Directors bj 4d fh b. 6 d -. "Y , .
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/ ..;y la;p%U!: a2Me:4 Timothy L. Christensen lames E. Coleman Illinois Valley Shelby g wegwymmnvrm ppp nm~~ze mm + w, bEf4b:r b,.erl Joe Danielson Robert L. Delp Paul M. Dion Robert E. Gant Illinois Valley Farmers A1utual Western Illinois Rural 4
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fwer . . 1 Donald L. Gleiber William Griswold Tom J. Hentz Larry L. Hosselton A1onroe lilinois Rural Edgar Wayne White Dennis A. Keiser William C. Lemons Alan C. Libbra Darwin J. Mann A1.J.A1. A4cDonough Southwestern Farmers A1utual
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Matthew Mcdonald
- Roger C. Mohrman Eldon E. Moore Robert H. Neece Rural Electric Adams M.J.M. Southwestern m, ymn ..rmmp y m- - ~ ,
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Herbert Niemeyer C. E. Ferguson Jeffrey D. Reeves James B. Riddle Rural Electric Coles-Moultrie Corn Belt Clinton 5
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AAy (~ [? . Wq N $2 N0 K d Stephen Scherti Dorland W. Smith Robert D. Smith Irvir Stanford Corn Bell Menard Adams a r junty pyw --v,vy n pypr g - - ypxy y yc; .~~ w- pm - 1 f- h' [f? h- ..,, h .i 1 6>
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Havet D. Vaughn Gene P. Warmbir Joe Welsh Randall L. White Western Eastern Illini Edgar Coles-Moultne 'Re>ugnal from boys.snd Hwd cm luis 12. 1464
1 President's - futu,e. When the merger of Soyland and WIPCO was officially completed a newly e Od **d"e""'**'"**** map out a comprehensive strategy for i 3 We have come a long way toward the new organization. At the committee's pgy- - - , j realizing our long term goals during the j first meeting in May 1989 the following i 7 3 past five years. I am very proud to report Mission Statement was adopted: To sup-
$" c that our electric rates ha.e been stable port Soyland Power Cooperative and its Y. for the past three years and we continue 21 distribution cooperatives in the pro-
! to work hard to maintain that track motion and use of electricity as an effi-
% record. Our member cooperatives pulled cient source of energy; to deliver needed d together in Illinois to overcome some services to members; to encourage new
,@ 9 tremendous obstacles over the past home and business locations; and to several years. We e nerged as a stronger encourage the retention of existing load
, organization, just that much better equip- through a variety of marketing :
a ped to meet our long term goal of pro- techniques. viding reliable electric service at the Subcommittees were established to loseph f. FeH.m lowest possible cost to our members. carry out agreed goals and objectives in j hesident Our member cooperatives exemplify four specific areas: Advertising and Pro-the true meaning of cooperation. In this motion, New Froducts and Services state, we pulled together when times got Analysis, Community and Economic tough and together we found a way to Development, and Su veys and Data q survive the financial hardships which are Gathering. These subcommittees have i inherent to our ownership in the nuclear incorporated the talents of many distribu- l Clinton Power Station. After working tion cooperative employees, and have ! together for over four years, Soyland and begun to make specific recommendations I WIPCO merged on March 23,1989 with to the full Marketing Committee on Soyland as the surviving organization. I aggressive programs and initiatives personally commend the directors of designed to make Soyland a leader in both organizations for having the electric utility marketing and economic 6 necessary visi n and the foresight to development. make the merger a reahty. During its May 1989 meeting, the sayimt Since so much of our work over the Board of Directors of Soyland Pown past five years has necessarily been unanimously approved pardcipation by com m om geared toward overcoming financial Soyland in the newly created Tri-County h" challenges, it is a welcome relief to be Community Development Corporation. The economic strength of rural lilinds is essential to our growth and our future. poised to tackle some of the more This local corporation was formed to rewarding challenges that await us. promote economic development in Scott, foremost among them is Soyland's ability Morgan and Cass counties, to retain and to assist its member distribution coopera- to create new jobs, to help new and
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tives in an effort to create and retain jobs existing small businesses and to expand in the rural areas that we serve. the local tax base. In order to accom-Our member cooperatives nave plish these goals the Tri-County CDC will dedicated and loyal emp:oyees, many of provide equity and subordinated debt whom have grown up and lived in their financing and technical advisory services local communities their entire lives. to local small businesses and encourage These employees know the pulse of the public secior participation in economic j community. They know what their com- development projects. i munities have to oiier, and at Soyland The corporation has been selected by I our job is to help them better sell the United States Economic Development themselves. At Soyland we are commit. Administration EDA) as one of 12 pilot ted to working with local member projects to receive extensive on-site distribution cooperatives to help them technical assistance during the initial I market and package something they have stages of incorporation and operation. 1 a deep interest in keeping alive-their The State of Illinois Department of Com- I communities. " jobs" is the name of the merce and Community Affairs has offered I game and at Soyland we are here to its support to the project. Soyland's part-help. The economic strength of rural nership in the Tri-County CDC marks a Illinois is essential to our growth and to new beginning in Soyland's economic l
development program and once again shows Soyland's aggressive leadership in rural economic development.
. Soyland's wholly owned subsidiary, Waterf urnace of Illinois, is another example of Soyland's commitment to helping member distribution cooperatives serve their member consumers. Through Waterfurnace during 1988, approxi- '
mately 25) cooperative member. consumers have been able to select or retain electric energy as their primary fuel for heating and cooling. And in many instances, Soyland's member cooperatives were able to retain electric ., loads that may have been lost to com-petitive fuels. Ground source heat pumps provide high quality comfort at a reasonable cost to the members. As we look forward to our next year of ( 4 gg , , operation, it is important for us to keep in mind our many accomplishments of W](( :- Q the past few years. We have certainlY Soyland Power Cooperative and \Vestem Illinois Power Cooperative climbed some big mountains; yet in this formally merged on A1 arch 23, 1989 and Soyland is the surviving constantly changing, capital intensive corporation. Present for the formal document signing ceremony were E. utility business that we are in, we know H. \Vilhams, executive vice president and general manager of Soyland there are going to be more challenges Power Cooperative, left; Jack Van A1 ark, acting administrator, Rural out there. As we go about our business Electrification Administration, \Vashingaon, D.C.; Jack \Villiams, president we must all remember that we got where of the National Rural Electric Cooperative Association, Prince Fredrick, we are todav because we stuck together A1aryland; andJoseph J. Fellin, president ofSoyland and manager of A4onroe when times got rough. County Gectric Cooperative of tvaterloo, Illinois. l As an organization serving 21 member distribution cooperatives and nearly one- ye amm yw . ~ es j 7 half million people, Soyland plays a C. 's fjg 4 + ct 'A,s hQ 7, ~PMY Mi 5"vidad l $kV' [hg major role in supplying electric power and services to nearly two-thirds of the NW mdMhY f N*" land mass of the state of Illinois. 5 - Mh MN (9 Q{ . f* "** Independently we could never achieve yM pf$ f 7;g pNs4{ what we've been able to do together. 1h - f .7 , 7 ! Together we can face the worst and j M A. A. * ? 7 1 gl emerge triumph ^nt. I feel that one person, in particular, -- - pulled us together, kept us together, and Ag s 1 did one tremendous job making Soyland an organization - e can all be p,y s proud of. Ed Williams is a leader that '.;; - does not take "no" for an answer. And _ J
- i through all of the challenges we have faced over the past few years. if we would have had any other leader at our 1 1 helm, I don't know if we would have 2- -
- survived. Ed is a leader in the true sense Congressman Robert H. A4ichelof Peoria, minorityleader of the U.S. House of the word. Even when the odds epraentative, rm a Ampsa mm Sofand ewutive de prsi-appeared to be insurmountable. Ed dent E. H. \Villiams during a meeting recently m tvashington, D.C. Rep.
successfully pulled it all together. On A1ichel was instrumentalin helping Soyland and WIPCO refinance their behalf of the Board of Directors, I extend high-cost Tederal financing Bank debt. He also gave major support to sincere thanks to Ed. ###"
# ## #"#* C#"## #' *d "8P"' # # ###8 I am confident that with the continued
\VIPCO and Soyland.
guidance and diligence of our Board of. Directors, the strong and capable leader-ship of our managers, and the dedicated and effective efforts of our staff that this cooperative is equipped to successfully s44 meet the challenges of the coming decade. Our team is resolved to tackle Joseph J. Fellin the issues which will propel us suc- President cessfully into the next century.
l' hbhOh D h the two organizations together. The merger brought together not only two organizations with a total of $850 million g in assets, but it brought together people. And the people that make up the The past twelve months held major Soyland organization today are truly its accomplishments for Soyland Power biggest asset. I ,4 Cooperative, Inc. Working against the While Soyland and WIPCO officially [U . M >;t 37] j 'i ' odds, another lilinois generation and transmission cooperative, Western Illinois merged in March 1989, the merger was brought about only after we achieved a Power Cooperative, Inc., successfully series of major management and finan- [ cial goals which brought about significant (- merged with Soyland on March 23, 1989. This merger embodies the true savings to our members. h m h # spirit of cooperation. WIPCO and To begin with, both Soyland and Soyland had a common problem-the WIPCO implemented three year rate h nucle &r Clinton Power Station-and by phase-in plans in 1984 to help avoid rate
- working together we found a way to shock associated with the Clinton Power overcome the financial hardships that Station going into commercial operation.
E. H. Wilh,ams That was just the beginning in our effort Clinton ownership brought. Today, we Md"#F are one organization. As a result of our to stabilize costs. We then negotiated the past challenges, ' am convinced that we cap on our investment in the Clinton are a onger organization, better equip- Power Station which ultimately saved our j ped to fa_e a future full of opportunity. members $225 million in direct construc-The foundation ior the merger between tion costs, plus $27 million in interest Soyland and WIPCO was laid over four during construction and an additional years ago when we began poohng our $25 million per year in debt sarvice over electric power loads. Soyland and the life of the Clinton loan. We were WIPCO signed an agreement with Illinois also able to blend a broad mix of lower Power Company in October 1984 which cost fossil fueled generation with our capped the cooperatives' share of the high cost nuclear capacity through as-if-direct cost of placing the Clinton Power owned power supply contracts with Station into commercial operation at Illinois Power Company and Central l 8 5450 million. At the same time, we Illinois Public Service Co. SoM entered into a power coordination agree- In March 1987 Soyland refinanced Pmw' ment with Ilknois Power which provided $282 million of its Federal Financing cwn"* Soyland and WIPCO with 10.7% of each Bank debt utilizing private banking I
- of IP's fossil fueled generating units. sources and paid off high interest loans.
. . . the people that make up the Soyland organization today are truly its biggest asset.
Because of the tax laws, we did not Soyland was the first G & T in the transfer title of the units, but began pay- country to utilize legislation passed by ing for them as if we owned them, on a Congress in the Omnibus Budget Recon-depreciated cost basis. ciliation Act of 1986, thus lowering This was the beginning. This is when interest costs by 1.5 percentage points. the Boards of Directors and management in February 1988 WIPCO also success-of both Soyland and WIPCO made the fully refinanced $282 million of its commitment to work together toward the Clinton debt, initially lowering interest long term goal of providing reliable elec- costs by over 3 percentage points. tric service at the lowest possible cost to Soyland and WIPCO have worked the members we sened. together in the 1980's to overcome some We both owned a significant share of very challenging odds. We successfully the nuclear plant. WIPCO purchased a implemented the rate phase in: we put 9.5% ownership share of Clinton in 1976 together a power supply system by and Soyland purchased a 10.5% share. blending lower cost fossil capacity with We had a common financial problem our higher cost nuclear capacity; and we which caused us to initially pull together; fought pohtical battles in Washington to however, at that time we didn't realize it achieve much needed savings through would take over four years to solve our refinancing our FIB debt. And we did it problems and join together legally as one all by working together as a team to power supply organization. overcome some difficult and threatening Tough problems require innovatise c hallenges. solutions. It wa, not an easy tasi to bring We legally merged into one organiza-
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All major television stations, several daily newspapers and area radio station representatives covered the press conference announcing the completion of the merger between Western Illinois Power Cooperative and Soyland Power Cooperative. Executive vice president E H. Williams made the announcement in Decatur.
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7:t $ r The Pearl Station, located along the shores of the Illinois River in Pike County, provides 22 megawatts of coal-firedgenerating capacity for the Soyland system. Fully equipped with scrub-bers, the PearlStation burns Illinois coal which arrives by barge at this coal-handling facility on the Illinois River, tion in March of this year. Yet, as you brings to both organizations, would not can tell, the merger would not have have happened. It takes strong leadership been possible without the strong to solve big problems. I'm proud to say cooperation and unifying influence the we had what it took to get the job Ane past four years brought to the in rural I!Iinois. organizations. The merger happened because it was Rate Stability good for all of us. We worked long and Soyland's electric rates are projected to hard to solve the problems we faced in remain stable well into the next decade, Illinois. Without the dedication of the tracking at or below the rate of inflation. staff and the Boards of Directors, tt e For the past three years we have been merger, and the long term benefits it able to avoid any increases in our
wholesale rates and we continue to its staff have consistently supported the make every effort to keep future provision of the Electric Supplier Act of increases to a minimum. Soyland has 1976 which defined cooperative, offered an economic development rate to municipal and IOU service territories, all new and expanding businesses for the We know this battle over territorial past three years, in addition, many of integrity has just begun; yet we are our distribution cooperative members ! offer attractive incentive rates such as time of day rates, grain drying rates, and Generating Capacity dual fuel rates, among others. OM wdear Capuih Rate stability will benefit Soyland'5 Appra.13% of the 953 MW Chnton Power Station 123 MW members and will aid in rural electric marketing efforts throughout our owned Fossi! Capacity cooperative service areas. Our goal is to t 2 W fdpIjd $n steam Unit continue to offer high quality service at Wmchester Diesel 2.8 MW the lowest possible cost to our 21 member distribution cooperatives. We Soyland/ Illinois Power System realize that to attract and develop new Totd a Cup a 0 ' loads, we must offer the best service at a H " " ""lts reasonable cost. We have the fiamework Hennepm (2 units) 280 30 in place for our member cooperatives to Vermihon (2 umts) 165 17 570 develop creative and flexible retail rates Wood Rner (5 umts) 61 which will in turn allow them to better C'yji 4" ' " " , j46 333 g serve their residential and commercial 5 ytand 10.7% x 3478 MW - 372 MW customers. Eve, with stable rates and a sound Soyland/Centraf filinois Public 5ervice 5ystem financial portfolio, Soyland and its Total MW Coop MW 747 46 member systems will continue to face Coffeen (2 unitsi major challenges. We, like many other (dtsonv$e$3 nIs cooperatives across the country, have a Meredosia (4 umts) 484 25 serious concern regarding territorial Newton (2 units) 1115 58 infringement by municipals and investor- *5oyland 5.2% x 2684 MW - %0 MW 10 Ve will fight to maintain 3, owned our service utilities.} tern tory and believe the i real Load 562 MW Soviamt regulatory environment in Illinois has Reserve Requirements 101 MW Po*" thus far been responsive to our concerns. and Paniopates m 5.6*. of the CIPS fowil Units m 1989. coonnawe. The Illinois Commerce Commission and w m,
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' tion in June. The facility serves the needs of 280 Hardee's Family Restaurants located in Illinois and Missouri. It is the large.st supply operation in the Hardee's chain.
prepared to assist our member cooperatives in the most vigorous defense. After all, our member base is our equity. Cominunications & ".. government relations ._.;.. ] ,n 7 ,y We continue to make every effort to % w%
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understanding regarding Soyland as an l electric power supplier. Effective communication with members of Congress and their staffs remains a priority. Proposed revisions to the Clean i Air Act pose a serious concern to Soyland. Since Soyland has an interest in over 500 megawatts of coal fired genera-tion, all regulation regarding acid rain The 950 megawatt Clinton Power Station, located in Dewitt County, will affect us financially. We are con- provides approximately 123 megawatts of baseload nuclear generation for cerned that the legislation that is enacted the Soyland system. does not unfairly penalize just those 11 plants operating east of the Mississippi Illinois Power Company, majority River. We believe that acid rain is a owner and operator of the plant, brought sovland Power national problem. We are committed to the Clinton Power Station down for its Coopmie working with our Congressional repre- first refueling outage on January 2,1989. sentatives to develop a bill that is fair, The planned 72 day refueling outage, without creating unnecessary hardships during which 168 fuel bundles in the in certain geographic areas of the core were replaced with new fuel, unfor-country, tunately became considerably extended We continue to work with our national when virtually 100% more maintenance lobbying organization, the National Rural items were found to require attention Electric Cooperative Association, on during the outage than had previously legislative issues affecting the been scheduled inadequate " environ-cooperatives. We are encouraged by the mental qualification" of large numbers of ( level of support we have seen for the butt splices and terminal blocks in the economic development bill which made electrical systems of the Containment it through the Senate this summer. We and Drywell led to several more months are hopeful that this legislation will help of downtime as tnese items were Soyland and its member cooperauves reworked to bring them up to rege' tory' provide economic development standards. assistance in rural areas for new and The refueling outage ended on expanding business, which in turn would May 27,1989; but three subsequent provide jobs for people in rural lilinois. outages due to a Reactor Recirculation We believe our rural electric coopera- Pump seal failure, a 345 KV transformer tives know their local communities best. relay problem and a sudden loss of con-The cooperatives have the infrastructure denser vacuum kept the unit out of pro-in place and they are very committed to duction for several additional months. developing and retaining jobs in their Various problems persisted with the non-local communities, nuclear side of the plant and serious l power production had not yet begun on l The Clinton Power Stat. ion August 1,1989. 1988 marked the first full calendar year of commercial operation for the Clinton Operat, ions and engineering Power Station. During 1988, the plant's The engineering and operations depart. equivalent availability was 74.7 percent, ment provided engineering and technical
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Among the many services provided by Soyland to member systems are line and substation construction carried out by the Engineering and Operations Department. A transformer at Adams Electrical Co-Operative's Burton substation was upgraded to accommodate the voltage change in the transmission system from 34.5 KV to 69 KV. support to member distribution coopera- a number of new marketing efforts ai.J tives for the construction and mainten- continued to be actively involved in ance of transmission facihties. community and economic development We also assisted distribution coopera- activities and programs. Soyland's leader-tives in the development of work plans ship led to the creation of two new for distribution and transraission facilities. organizations, Rural Partners and the g We completed or going technical studies Tri-County Community Development for our member s stems throughout the Corporation, which were created to help s e nd year. rural communities participate in w economic development opportunities. cem Rural Partners, the Illinois coalition for in< Market.mg and ee nom.ic rural community development, was development officially announced on June 14,1989 During the past year Soyland initiated from the steps of the Illinois State Capitol. This announcement was a major pg' i% achievement for Soyland because through Soyland's leadership many PARTNERS ' 0Q
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Rural Partners has identified eight k Rj specific activities to be undertaken in the t coming months:
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- Assist in the sponsorship of a Rural Q Community Development Pilot Project; tilinois Governor James R. Thompson, left, joined other state, business
- Sponsor the 1990 Rural Leaders and industry representatives to announce formation of Rural Partners, Torum; a federation of organizations committed to developing economic
- Assist and support rural leadership opportunities in the rural areas of Illinois. On hand to malse the development programs; announcement with Gos ernor Thompson were, from left, Lester Brann,
- Sponsor an annual Rural Development president of the Illinois State Chamber of Commerce, lieutenant Gover- Conference; nor George H. Rn ' and Douglas Dougherty, Soyland Power
- Create an Illinois Rural Data Bank; Cooperative. Rural Partners is bringing together the many diverse
- Sponsor an annual report on the con-organizations in Illinois so that they may better cooperate in efforts to ditions in rural flhnois; develop the economic opportunities and utilize the full resources in our
- Casponsor public hearings on a rural service areas. statewide comprehensive policy for
( l rural development; equity partner in the CDC, Soyland will e Support the Ilknois 1ree Plantin.", work with local area banks to provide l'rogram. equity and subordinated debt financing As co-chair of Rural Partners, Soyland and technical advisory services to newly will continue to play a leadership role in developed businesses in the local area. l creating economic opportunity in rural There is probably no better indication lilinois. of how successful a utility's community l The Tri-County Community Develop- and economic development programs i ment Corporation was formed in May of have been than the growth in the 1989 to promote economic development number of companies which have in three western Illinois counties. As an located or expanded in the service area. , , o ~. -,,n, ,a n .m y .m. ,m m l ! .h ' '. :]-
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, Vuten Corporation is a Japanese ownedandoperatedmanufacturer ofauto parts. This manufac- \ turing facility k>catedin the service area of Corn Belt Electric Cooperatwe Bloomington is to double the size of its facilities in the near future.a supplier to the Diamond Star Mo e
~ Waterfurnace of Illinois operation in 1988. its dealer network. Approximately 20-30
' An increasing demand for services dealers were added in 1988 which enable cooperative members to obtain a from Waterfurnace of Illinois through qualified installer.
aggressive marketing by electric coop-Unit sales were up 20% from the eratives and dealers pushed sales up to
$993,000 for the year, increasing previous year for a total of 318 systems demand also required additional person- sold. An estimated 250 of these systems net. In January 1988 two sales repre- were installed in homes served by a cooperative.
sentatives were employed to assist cooperatives and dealers in their WateJurnace of Illinois employees marketing endeavors and in May a promoted geothermal heating and cool-geothermal services rnanager was ing by displaying at several cooperative employed to schedule earth loop installa- annual r teetings. Farm, home, and trade tions and provide technical support to shows such as the Farm Progress Show, the dealer network. Southern Illinois Farm Materials Handling Show and the Madison County U Waterfurnace of Illinois has been in the process of upgrading and broadening Homebuilders Show were also attended sovisnd with displag Other promotions c>f p, cm,g. mime. w , wnn, inc. g7s - -w gygyg gwy.,ymqw wyrgpww.tym M- p Q l sis <
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rural development; equity partner in the CDC, Soyland will
- Support the Illinois Tree Planting work with local area banks to provide Program, equity and subordinated debt financing As co-chair of Rural Partners, Soyland and technical advisory services to newly will continue to play a leadership role in developed businesses in the local area, creatirsg economic opportunity in rural There is probably no better indication Illinois. 'of how successful a utility's community
. The Tri-County Community Develop- and economic development programs ment Corporation was formed in May of have been than the growth in the
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,h Through its Economic Development Department, Soyland Power Cooperative is working closely with its members to attract new job opportunities to member cooperative service territories. A key part of that economic development effort is working through the various corridor councils organized in the State ofIllinois to assist regiors of the state to promote so y a their economic development opportunities. Each corridor councilpromotes the unique advantages ofits region of the state.
Power cooima e. e p ~ we g m - ;" e r l 7"*'FQU Since January 1, 1988 15 businesses have y *i :p 1
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7 ( number to twenty-six. As of June 30, g (g ] 1 1989 over 8.5 megawatts of electric con-sumption are now on the economic
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number of large industrial prospects who G/p: c; Lk # E
-- j v have indicated a desire to locate new operations m central Illinois.
! y ' h0%[W 4: ' Mj Soyland's participation in the State of
) y !, -f*gss lilinois-supported Corridors of Oppor-j+ , ""? w 'gk ,/j ~ 3 , }:j tunity program remains an integral part
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QJv "M The selection of Soyland as the admini-
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' ' +% Western Illinois Corridor Council is an example of Soyland's leadership in the corridors program. Soyland has sup-
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po ted regional economic devdopment marketing efforts in advertising, trade show attendance, industrial prospecting Web Printing Controls Co., Inc. recently doubled its manufacturing trips, and community tours. facilities near fairfield to 93,000 square feet. The company, which has quahfied for the economic development rate offered by Soyland and Soyland's wholly owned subsidiary Wayne White Counties Electric Cooperative, is a leader in manufactur- Applied Energy Systems of Illinois, Inc., ing electronic controls for large printing presses. It employes more than Soyland's sholly owned subsidiary, No persons. encountered a year of growth in its
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. - - .. 6%4 ~Vuteq Corporation is a Japanese owned and operated manufacturer of auto parts. This manufac. ' turing facility located in the service area of Corn Belt Dectric Coo'>erative, Bloomington, is a supplier to the Diamond Star Motor Company plant near Bloomington. Vuten is planning to double the size ofits facilities in the near future.
Waterfurnace of Illinois operation in its dealer network. Approximately 20 30
.1988. dealers were added in 1988 which An increasing demand for services enable cooperative members to obtain a
- from Waterfurnace of Illinois through qualified installer aggressive marketing by electric coop- Unit sales were up 20% from the eratives and dealers pushed sales up to previous year for e total of 318 systems
$993,000 for the year. Increasing sold. An estimated 250 of these systems
' demand also required additional person- were installed in homes served by a
. nel. In January 1988 two sales repre- cooperative.
sentatives were employed to assist Waterfurnace of Illinois employees cooperatives and dealers in their promoted geothermal heating and cool-marketing endeavors and in May a ing by displaying at several cooperative geothermal services manager was annual meetings. Farm, home, and trade employed to schedule earth loop installa- shows such as the farm Progress Show, tions and provide technical support to Southern Illinois farm Materials Handling 15 the dealer network. Show and the Madison County gg Waterfumace of Illinois has been in Homebuilders Show were also attended em,
' the process of upgrading and broadening with displays. Other promotions of coor.rawe.
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Steve Smith, manager of Waterfurnace of Illinois, travels the state for Soyland explaining the economic advantages of
- the geothermal heating and cooling concept. Waterfurnace sales to consumers on the lines of Soyland's members have exceeded all projections during its two-plus years of operation.
Annual Peak Demand Kilowatts
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i i i i 1985 198f> 1987 1988 16 soyland Powe interest were the 3ri-County Energy system which was the first application of ("*""'" Home and a field Day sponsored by this type for Waterfurnace of Illinois. Eastern Illini Electric Coorcrative. The Applied Energy Systems of Illinois will Energy Home features the new Triple continue to provide our cooperative function unit from Waterfurnace Inter- members with quality geothermal install-national. This new system delivers 100% ations as well as other energy-related of the home's hot water requirements, as technologies that benefit the cooperative well as heatirig and cooling. The field systems. Day was an open invitation for cooperative members at Eastern Illini to The Future attend a short seminar on geothermal We have a tremendous amount to be systems followed by a visit to a nearby proud of here at Soyland. The staff, the farm where a WaterFurnace unit was board, and the members can all look at being installed, the accomplishments of our immediate With the help of several cooperatives, past with a sense of much deserved an investor-owned utility, and Water- satisfaction. Our past successes, furnace International, a television adver- however, stand as a stark reminder of tising campaign heightened awareness the challenges which the future presents throughout the state. A total of $45,000 to our cooperative. The Soyland staff, was pooled to advertise in the Bloom- guided by the Board of Directors, are ington, Champaign, and St. Louis areas prepared to meet those challenges and from mid-November through make Soyland's past accomplishments mid-December. the foundation for years of progressive Installations highlighting the year were leadership. the DuQuoin State Fairgrounds and a Convenient food Mart. A total of 24 tons was installed in the stage and press office area at the DuQuoin fairgrounds Grandstand. Waterfurnace was specified E. H. Williams on this job because of operating costs Manager and aesthetics. The Consenient Food Mart installation required a multi-stage
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t h a ll; , f , . L, . : E. H. Williams, Stephen E. Parr Douglas A. Dougherty Executive L' ice President Manager of Engineering Director of Economic and General Manager and Operations Development 7., ,-x, m . ,,. ., {i
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Poser Csunwrattsc. James Greenwood Kenneth W. Kammeier Petricia S. Reynolds nio Manager of Power Supply Atanager of Finance Director of Pubhc and and Administration Government Relations l l' l
KPMG Peat Marwick Certified Public Accountants Post Marwick Main & Co. 1000 Davenpurt Bank Building 220 Mam Street Davenport, IA 52801 Independent Auditors' Report The Board of Directors Soyland Power Cooperative, Inc. and Subsidiary: We have audited the accompanying consolidated balance sheets of Soyland Power Co-
. operative, Inc. and subsidiary ar J December 31, 1988 and 1987, and the related consolidated st at ement s of reve nues and expenses and deficit for the years ended 1988 and 1987, the statement of cash flows for the year ended ' 1988, and the statement of changes in financ3al position for the year ended 1987. These consol a. Nd financial statementi are the responsibility of the Cooperative's management. Our responsibility y i.- to express an opinion on these consolidated financial statements based on our audits.
18 We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable 5"d"*I assurance about whether the financial statements are free of material misstate-
, ment. An audit includes examining, on a test basis, evidence supporting the g amounts and disclosures in the financial statement s. An audit includes assessing the accounting principles used and significant estimates made - by management , as well as the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial st at ement s referred to above present fairly, in all material respects, the financial position of Soyland Power Coopera-tive, Inc. and subsidiary at December 31, 1900 and 1987, and the results of their operations for the years ended 1988 and 1987, their cash flows for the year ended 1988, and their changes in financial position for the year ended 1987 in conformity with generally accepted accounting principles. As discussed in Note 1 to the financial statement s, the Cooperative adopted State-ment of Financial Accounting Standards No. 95, " Statement of Cash Flows", in 1988.
' ~
Aar M. March 10, 1989 u-na r ns F yri.neu1 Pr;at Mm eor .,mroem,
.--..i--- - - . . .
(I) t-consolidated L Balance Sheets December 31,'1988 and 1987 - Electric utility plant,'at cost (note 2): In service . .' . . .. . . . . . . . . .. . ... ......, . $490,767,950 '. $490,067,612 Less accumulated depreciation . . . , . . ., . ... ... 14,169,065 - 1,857,345 476,598,885 488,210,267 Construction work in progress . . , , . . . ... . .. .... 618,054 - 5,522 Nuclear fuel, at cost less accumulated amortization of $3,777,722 in 1988 and $956,735'in 1987 . . ... , 10,919,772 11,807,726 Plant site held for future use, , .. .. . . . .. . . 7,260,346 7,260,346 Net electric utility plant . .. . . .
. .. .. .... 495,397,057 507,283,861 investments:
Investment in associated organization, at cost.' . . . . . 6,986,975 6,404,520 Notes receivable (note 2) . , 14,564,402
.. . . . . ... . 15,052,232 Other investmeMs . . .. .. , ,.. .
24,205 Total investments t . ... .. .. . . . .. . 22,039,207 20,993,127 Current assets: Cash and invested cash . . . . . . . . . ., 15,406,900 4,883,906
- Temporary investments, at cost, which approximates market. . , . .
- 3,500,000 Accounts receivable, members J. ....,. . . . . 9,896,231 10,617,561 Other receivables, primarily from related cooperative . . . 5,912,819 6,100,643 Inventories . . . , . , .., .,. , , 2,974,838 2,614,625 Prepayments and other . . . .. . ... . ... 167,181 7,982 Deferred charges .. . . 1,042,794 158,478 Total current assets. ... . . . .. . . 35,400,763 27,883,195 Deferred charges: W and Costs deferred under phase-in plan (note 2) . . .. . 4 478,487 - Power Cai"ah"e-Other . ,. .. .. 101,989 409,528 Total deferred charges . , .. . 4,580,476 409,528
$557,417,503 $556,569,711 l-CAPITALIZATION AND LIABILITIES Capitalization:
Members' deficit: Membership fees. .. . . ..
'$ 1,500 $ 1,500 Deficit . . . .. . . . .. . . (47,668,976) (48,076,215)
Total members' deficit. . ... . . .... (47,667,476) (48,074,715) Long-term debt, excluding current installments (note 3). . 506,960,062 512,840,786 Total capitalization .. , . . . . 459,292,586 464,766,071 Current liabilities: Current installments of long-term debt (note 3). . . 7,171,000 4,169,000 Accounts payable .~ . . . .. . . .. . 11,202,054 11,481,617 Advances from members. .. .. . . . 8,000,197 8.164.185 Accrued interest . . . .. . . .. .... .. 12,051,121 7,813,187 Accrued expenses . . . . 1,199,545 343,651
- Total current liabilities = . . . .. 39,623,917 31,971,640 Other liabilities-decommissioning reserves .. . . 150,000 -
Deferred credits (notes 1 and 2): Equity funding payments . . . 40,232,000 42,000,000 Deferred revenue . . , . .. . 18.119,000 17,832,000 Total deferred credits .. . , . 58,351,000 59 S32,000 Commitments and contingencies (notes 2,6 and 7) .
$557,417,503 $556.569.711 See accompanying notes to conwlidated financial statements.
Consolidated Statements of Revenues and-L Expenses and Deficit Years ended December 31,1988 and 1987 1988 1987 Operating revenues: [lectric energy sales. , $118,369,803 $95,891,781 Sales of ground source heat pumps, nel 989,441 723,767 Distribution revenue - 101,415 Rent of electric property . 24,458 24,881 Other.. 6,388 8,657 Total operating revenues' 119,390,090 96,750,501 Operating espenses: Operat;on: Purchased capacity (note 6) . 24,860,457 29,950,770 Energy costs (note 6) . 28,840,382 30,794,687 Production - uther , 7,074,176 289,423 Transmission 1,449,026 1,306,377 Distt bution . . .
- 10,919 ,
Cost o ground source heat pumps sold 759,417 562,658 Maintenance . . . . . . 49,533 21,844 Administrative and general . 3,428,635 2,931,492 Depreciation . , 12,303,030 1,264.968 20' Rehnancing exrense (note 3) - 3,015,484 , Property ant'. other taxes . 991,638 146,000 5"*"d Decommissioning provision- 150,0(X) - P""" 50,350 53389
.Other operating expenses . .
Cwwraime- Costs deferred under phase in plan (note 2) . (4,478,487) - . Inc Total operating expenses 75,478,157 70,348.611 Net operating margin . 43,911,933 26,401,890 Other resenue, principally interest income. 1.419,384 498,727 Net margin before interest charges . 45,331,317 26.900,617 Interest (harges: Interest on long-term debt , 45,078,911 44,951,978 Other. 795,871 594,192 Allowance for borrowed funds used during construction . (950,704) (20,424,547) Net interest tharges 44,924,078 25,121,623 - Net margin 407,239 1,778,994 Deficit at beginning of year (48.076,215) (49,855,209) Deficit at end of year. $(47,668,97w $(48,076.215) N
. See accomptnyrng notes to consohdated hnancial statements, 4
Consolidated < Statement of Cash Flows Year ended December 31,1988 Cash flows from operating activities: Net margin . .
$ 407,239 Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation of electric utility plant . , 12,328,662 Amortization of detened charges . 307,539 Amortization of nudear fuel 2,820,987 Arnortization of equity funding contributions. (1,768,000) Decommissioning provision . 150,000 increase in deferred costs (884,316) Accretion of investment discount (17,711) Loss on sale of assets . . . . . . . 136,552 Patronage capital allocations not received in cash (725,172) Increase in notes receivable. . , , (487,830) Decrease in accounts receivable . 909,154 increase in inventories . . ... , (360,213) Increase in prepayments and other. (159,199) Costs defernd under phase-in plan. . . . . . . . . (4,478,487) Increase in accounts payable and accrued liabilities . 4,814,265 Decrease in advances from members . (163,988) p increase in deferred revenue . . 287,000 Net cash provided by operating activities . 13,116,482 Sovidad Power Cash flows from investing activities: coorcatwe. Additions to utility plant, net (1,536,670) g Proceeds from sale of building . 85,154 Purchases of nuclear fuel (1,933,033) Proceeds from sale of other investments . 9,357 Receipt of prior years' ratronage capital allocations. 142,717 Net cash used in investing activities (3,232,475) Cash flows from financing activities: Principal oayments on long-term debt . (2,861,013) Net cash used by financing activities . (2,861,013) l l Net increase in cash and cash equivalents 7,022,994 Cash and cash equivalents at beginning of year . 8,383,906 Cash and cash equivalents at end of year . $15,406,900 Supplemental disclosure of cash flow information: Cash paid during the year tor interest $40,686,144 See accompanying notes to comohdated knancial statements.
-imes -m--mmm----- ----.-- - - - - - .,
Consolidated Statement of Changes in l! Financial Position Year ended December 31,1987 Sources of workmg capital: Net margin . . . .. . .. . $ 1,778,994 ttems that did not use (provide) working capital: Depreciation . . . .. .. , 1,264,968 Amortization of nuclear fuel . , . 956,735 Other amortization. ... ... 3,496 Patronage capital allocations not received in cash . (934,373) Working capital provided by operations, , 3,069,820 Proceeds from long-term borrowings. . , , 281,795,433 increase in deferred revenues - . . 17,832,000 Settlement and other transfers of prior year construction costs. 10,874,923 Current portion and repayment of notes receivable. , 3,900,600 Receipt of prior years' patronage capital allocations , 33,633 Decrease in working capital . . 11,645,825 5329,152,234 Uses of working capital: Additions to electric utility plant, net 20,078,614 Transfer of transmission and substation facilities to Illinois Valley Liectric Cooperative consisting of: 22' Property and equipment, net of accumulated depreciation of $515,433. , (4,071,148)
' 5"*"d '
Deferred charges , (117,116) Powey long-term debt . .. . , 4,198,215 C""*" Purchase of Grantor Trust certificates 14,986,250 increase in notes receivable . 7,891,620 increase in deferred charges. . . 95,920 Current installments and repayment of long-term debt 286,089,879 5329,152,234 Changes in components of working capital: Increase (decrease) in current assets: Cash and invested cash , (241,523) Temporary investments . (12,686,990)- Accounts and other receivables 6,194,845 inventories . . 2.614,625 Prepayments and other (22,655) Deferred charges (56,072) (4,197,770) increase (decrease) in current liabilities: Current installments of long-term debt . 3,054,889 Accounts payable . . . . O,163,885) Advances from members , 762,330 Accrued interest . 6,587,293 Accrued expenses 207,428 7,448,055 Decrease in working capital 5(11,645,825) See accompanying notes to consolidated financial statements.
Notesito1 Consolidated Em.ancial Statements. December 31,'1988 and 1987
.(1) Organhation and Summary of Significant Accounting Policies -
(a) . Organization The consolidated financial statements reflect the accounts of Soyland Power Cooperative, Inc. (the Cooperative) and its wholly orned -subsidiary. The subsidiary was created in 1987 for the purpose of selhng ground source heat pumps to rural con-sumers. All significant intercompany transactions have been eliminated in consolidation. (b) Basis of Accounting The accounting records of the Cooperative are maintained in accordance with the Uniform System of Accounts prescribed by the Rural Ekttrification Administration, The Cooperative is a generation and transmission cooperative providing wholesale eh>ctric service to its fourteen members located in central and southern Illinois. The Cooperative's rates are established by the Board of Directors and are subject to approval by the Rural Electrification Administration. The Cooperative is not subject to the regulatory authority of the Illinois Commerce Commission. The Cooperative has entered into wholesale power agreements with each of its members which require the memtwrs to buy and receive from the Cooperative all their power and energy requirements and require the Cooperative to sell and deliver power and energy in satisfaction of such requirements. The wholesale power agreements with the members extend to the year 2015. (c) Electric Utility Plant Depreciation of equipment is provided over the estimated useful hves of the respective assets on the straight.line basis at rates ranging from 2.5% to 20% g l Based upon estimates provided by filinois Power (principal owner and operator of the Chnton generating facihty), the Cooperative ! estimates that its portion of the costs to decommission Chnton will be approximately $7,400.000 (in 1988 dollars) which will soyland not begin until 2027. The present value of the future decommissioning costs is being recovered over the life of the facihty p,., using the sinking fund method- Conwrann. l Maintenance and repair of property and replacements and renewals of items determined to be less than units of property lat I are charged to expense. Replacement and renewals of items considered to be units of property are charged to the property accounts. At the time properties are disposed of, the original cost, plus cost of removal less salvage of such property is charged to accumulated depreciation. (d) Allowance for Borrowed Funds Used During Construction The allowance for borrowed funds used during the period of construction represents the estimaud interest cost of borrowed funds used for construction purposes. The composite rate used to calculate the allowance approximated 8.6% for 1988 and 8.4% for 1987. The Cooperative capitahied interest on borrowed funds relating to its investment in the Chnton nuclear generating facihty through lune 30,1987. Beginning July 1.1987, mterest on borrowed funds relating to the Chnton facility are being expensed and collected from members through rates. (e) Nudear fuel 1 1 The cost of nuclear fuel, incluchng capitahied interest and overheads, n bemg amortized to fuel expense on the basis of the number of units of thermal energy produced in relationship to the total thermal units expected to be pniduced over the hfe of the fuel. Nudear fuel expense includes a provision for estimated spent nuclear fuel disposal cost which is being collected currently from members and remitted to the Department of Inergy which is yn;vansible for the disposal of the spent nuclear fuel. (f) Inventories inventones are stated at moving average cost. (g) Pension Plan The Cooperative makes annual contributions to the plan equal to the amount a(ctued for pension enense. (h) Power Supply Payments Payments made under power supply agreements (see note 61 are classihed as purcha,ed capacity, energy ( osts and transmis. sion expense in the statement of revenues and expenses, fi) Deferred items Deferred credits consist of equity funding payments and other deferred revenues. The equity funding payments were collected ~~ from members and were used to reduce borrowings related to the Chnton generatmg facility. These payments are
. being amortired to revenue over a seven year period beginning in 1988. The deferred revenues represent payments collected from members during 1987 and 1988 which primarily relate to estimated 1987 operting expenses of the Chnton generating facihty that were not incurred due to Clinton not being placed into commercial operation until December,1987. These payments are being amortized to revenue over a three year period beginning in 1988.
Deferred charges consist principally of costs deferred under a phase-in plan (see note 2) and recoverable energy costs in excew of revenue generated from the sale of power which will be recovered through rates in future periods. (j) Statement of Cash flows l' In 1988, the Cooperative adopted Statement of financial Accounting Standard No. 95 which requires a statement of cash (k,ws in place of a statement of changes in financial aosition. The Cooperative has elected not to replace the statement of changes in fmancial position presented for the year ended December 31,1987. The Cooperative considers all hignly hquid investments with a maturity of three months or less when purchased to be cash equivakants for purposes of the statement of cash flows. (2) Electric Utility Plant in Service The major classes of electric utility plant in senrice at December 31,1988 and 1987 are as follows: 1988- 1987 Nucicar Plant and rebted facilities. . $487,306,444 ' $487,306,444 Transmission Plant , , 614,365 610,713 General Plant . , . , 2,847,'l4? 2,150,455 flectric utihty plant in service. $490,767,950 $490,067,612 The Cooperative had a 10.5% interest (adiusted to 7.02% in 1987 as described below) in the 950 megawatt Clinton nuclear generating facihty k>cated in Clinton, Illinois. Construction and testing of this unit was completed during 1987 and the Cooperative placed the unit in senice in December.1987 at an aggregate cost of $500,070,905 (including nuclear fuel, capitalized interest, plant ute and substation) which is subject to adjustment bawd upon a determination of the final ownership percentage discussed below. The Cooperative's share of operating expenses associated with this facility is induded with the appropriate operating expenses in the statement of revenue and expenses. In October,1984, the Cooperative entered into an agreement with Illinois Power Company (80% owner and project manager of the Chnton f acihty) whkh limits the Cooperative's investment in Chnton (excluding nuclear fuel, capitalized interest, plant M site and substation) to $236,250,000 of the direct cost of placing the plant in commercial operation. This limit was reached m iebruary,1985 With the completion of the Chnton facihty, the Cooperative's 10.5% ownership interest was adjusted in Whi 1987 based upon lilinois Power's estimate of the total direct cost of the Clinton facihty. This percentage is subject to further Po*n adsustment based upon a determination of the final direct costs of the facility, ump e in connection with the completion oi the Clinton facility during 1987, the Cooperative and Illinois Power negotiated a prehminary
'* settlement on nuclear fuel, inve ntory and other costs which were not subject to the cost limits described above. The preliminary settlement was to reimburse or charge the Cooperative for its proportionate share of these costs based upon the estimated lower ownership T.ercentage. The preliminary settlement resulted in an estimated reimbursement from Illinois Power of
$10,197.619 for nuclear fuel and other costs and an estimated charge to the Cooperative of $2306,000 relating to inventories both of which were reflected in the Cooperative's 1987 6nancial statements. The net reimbursement amount due from Illinois Power of $7,891,619 has been included in notes receivable and is scheduled to be pa to the Cooperative over five years beginning in 1988 plus interest on the unpaid balance. However, as a result of recent htigation between the Cooperative and Ilknois Power See note 7), the scheduled payments for 1988 were not received. Management believes that the outcome 4 the htigation with lilinois Power will not materially effect the collectibility of the net reimbursement amount due from mois Power.
During 1987, the Cooperative collected $17,832,000 in revenues from members for estimated operating expenses of the Clinton facihty. As a result of Clinton not being placed into commercial operation until December 1987, these estimated operating expenses were not incurred. These amounts wiil be refundeo to members through future rate reductions. Accordingly, the
$17.832,000 in revenues collected from members has been reflected as deferred revenue in the consohdated balance sheet.
In 1988, the Cooperative developed a rate phase-in plan in accordance with Statement of financial Accounting Standards No. 92 which is desigt.ed to moderate rate increases related to the completion.and commercial operation of the Chnton facihty. The plan which has been approved by the REA and the Cooperative's Board of Directors, includes the deferral of certain costs for future recovery and the amortization of equity fundmg and deferred revenue payments Under the plan, the Cooperative intends to defer approximately $30 milhon of certain operating costs of Clinton from 1988 through 1992 which will be recovered from members through rates from 1993 through 1997. The Cooperative estimates that its rates under the plan, net of equity fundmg and deferred revenue amortization, will remain level in 1989 and 1990, increase yearly by approximately 3% . 6% from 1991 through 1994 and remain level or decrease each year thereafter through 1999. Manage-ment beheves that this plan will result in the All recovery of its investment in Clinton over the life of the facihty as well as providing adequate funds to meet its operating needs. (3) long-Term Debt Long-Term debt at Dec ember 3L 1988 and 1987 consists of the following: 1988 1987 lederal imancing Bank fif BH 7.337%-9.607% mortgage notes payable, guaranteed by the Rural Electnficanon Admmistration (PL A), due in various quarterly installments through 2018. $191,450,779 192,138,376
. . - . _ = - - - _
l , 1988 1987 Rural Electric Cooperative Grantor Trust Certificates-7.3% to 9.7% notes. ,
' pIyable, guaranteed by the Rural FJectrification4 administration (REA), matur- !
ing in various amounts ehrough 2017 ; . . 279,800,000 281,0(K),000 i i National Rural Utilities Cooperative finance Corporation (CFC)-variable rate j (currently 9.25%) mortgage notes payable, due in various quarterly installments through 1998 ; , 57,764,244 58,707,660 l, 1 Notes payable-7.375% due in various installments through 1992.' 120,000 150,000 l 1 Total long. term debt , 529,135,023 531,996,036 l l Less:. i Current installments , ,, , , .7,171,000 4,169,000 'j
.i Reacquired Grantor Trust Certificates, net of discount . , 15,003,961 14,986,250 l
)
Long-term debt, excluding current installments and reacquired debt. 5506,960,062 512,840,786 i j i
.On March 19,1987, the cooperative, with REA approval, refinanced approximately $282,0(X),000 of outstanding FF B debt.
The refinancing was completed by issuing notes to the private sector through the Rural Electric Gnntor Trusts. The Cooperative used the proceeds from the issuance of these notes to repay existing FfB debt without prepaymeri penalty. The costs associated . with the refinancing were expensed and recovered from members through rates in 1987 Annua! maturities of long-term debt for each of the five years subsequent to December 31,1988 are as follows: 1989, $7,171,000: 1990, $8,159,000: 1991, 59,388,000; 1992,10,333,000 and 1993, $11.458,000. At December 31,1988, the Cooperative had $7,416,000 of unadvanced funds available from long-term loans approved by If D and $31,000,000 of unadvanced funds available from short-term loans approved by CFC. l All assets of the Cooperative are pledged to secure the long-term debt to FFB and CfC. . ; (4) Pension Plan l The Cooperative participates in a multi-employer defined contribution pension plan which covers substantially all employees. Pens;on expense amounted to $118,305 in 1988 and $78,130 in 1987. 25 ; Soylanti j Pom (5) income Tax Status (wrm , Inc The Cooperative is a nonprofit corporation under the laws of Illmois and is exempt from Federal and state income taxes under applicable tax laws. (6) Commitments The Cooperative participates in a pooling agreement with Western Illinois Power Cooperative, Inc. (WIPCO) ander which the Cooperative and WIPCO combine their power supply facilities and related costs in order to provide power to their members at the lowest powible rate. In 1987, the Cooperative received $1,250,030 from WIPCO as an adjustment of 6xed costs from the pool. This amount has been netted against purchased opacity costs in the consolidated statements of revenues and expenses. The Cooperative anticipates that the Chnton generating station will furnish approximately 30% of the Soyland/WIPCO energy requirements. The current and additional long-term Soyland/WIPCO energy requirements will be furnished through power supply agreements with Illmois Power Company (IP) and Central tilinois Public Service Company (CIP5) as discussed below. The Cooperative and WIPCO have contracted to purchase capacity from IP's fossil-fueled generating plants through 2004 as follows: 1989-1992 - 400 MW 1993 1994 - 300 MW 1995-2004 - 150 MW The Cooperative and WIPCO hiwe also contraded to purchase capacity from CIPS% coalfueled units thiough 1999 as follows i 1989 - 157 MW 1990-1994 - 213 M W 1995-1999 -. 101 MW The conir ct payments to IP and CIPS are determined on an "as if owned basis and include capacity charges (consisting (,f pro' %n, operation and maintenance costs) and energy charges. Total (ontract payments made to IP and CIPS amounted
- j. to app,~.mately $36,600,0C9 and $18,900,000, for 1988, and $40,700,000 and $17,800,000 for 1987. respectively.
(7) Contingencies ~- Under the Price, Anderson Act (as amended in 1988), all nuclear power station operators are 5thject to public liability for < a nuclear incident which is currently limited to $7 279 billion per incident. Coverage of the first $200 million is provided . by private insurance with the balance provided by retrospective premium assessments against each licensed nuclear unit L
.in the U.,ited States. As a joint owner of the Cimton nucicar facility, the Cooperative is a partyto the insurancr policies which .
are maintained by lilinois Power Company 180% owner and operator of Clinton) and is charged for its proportionate share '- of such insurance costs, in the event d an incident et any nuclear plant in the United States in excess of $200 million, the Cooperative could be usessed a maximum of $6.615 million per incident, with a maximum assessment of $1,050,000 per year. The Cooperative and WIPCO have filed a lawsuit on behalf of their snembers against Illinois Power Company concerning - the construction of the Clinton facihty. The suit alleges, among other thingsithat Illinois Power mbmanaged the construction of Clinton which resulted in excessive construction costs and that Illinois Power breached or violated various duties and responsibilities under the Ownership Participation Agreement during the period of construction The suit seeks to recover damages from Illinois Power for the alleged mismanagement and contract violations. In February 1989, Illinois Power filed a counter (laim to the lawsuit seeking to void various contracts between Soyland/WIPCO and Illinois Power relating to the - Clinton facility, includmg the 1984 cost limitation agreement described in note 2. In the event the 1984 cost limitation agree. - ment is decl< red void, the Cooperative would be liable for additional Clinton construction costs of approximately $250 million. l The Cooperative beheves that the allegations .in Illinois Power's counterclaim are without merit and intends to vigorously - htigate its suit against Illinois Power, The Cooperative is a defendant in various other claims and lawsuits arising in the ordinary course of business. Based on discussions with legal counsel, management helieves that the final settlement of these actions, including the matter discussed in the preceding paragraph, will not have a material adverse effect on the Cooperative's financial position or results of operations. - (8) Subsequent Event in March,1989, the Cooperative and WIPCO merged into one Cooperative retaining the name Soyland Power Cooperative, Inc. The merger will be accounted for as a pooling of interests effective January 1,1989.WPCO is a generation and transmis-sion cooperative that provides wholesale electric service to its seven members. WIPCO had a 9.5% interest in the Clinton nut-lear generating facihty. WIPCO's investment in the Clinton generating station has also been limited and their ownership percentage has teen adjusted to 6.36% in 1987 in a manner consistent with that used to adjust the Cooperative's ownership . percentage. As of December 31,1988, summarized unaudited financial information of WIPCO (adjusted for the effects of the debt restructuring discussed below) is as follows: Balance Shrect Data l 3 Total assets . , , $285,657,269 s! P"' Total capitalization (including long. term debt of $233,333,243) . . . $234,931,900 nwww
- lac Total liabihties and deferred credits , , - $ 50,725,369 .l Income Statement Data Operating revenue - , , , , $ 39,614,062 Operating expte s , . , , $ 41,790,200 Net margin. , . $ 100,000 Concurrent with the WIPCO merger, the Cooperative negotiated a restructuring agreement with REA relating to approximately .
$407,000,000 of outstanding debt owed by WIPCO on various loans guaranteed by REA. The loans were obtained to finance construction costs relating to the Clinton generating facihty Under the restructuring agreemeni, which is retroactive to January 1,1989. WIPCO's cebt was restructured into two notes payable to REA: Note A, for $211,172,525 and Note B for $304,066,284.
The Note A bears interest at 10.06% and is due in quarterly installments through 2028. The Note B bears interest at 10.06% and requires the Cooperative to make annual Energy Sales Payments on Note B beginning in 1993 through 2029. The amount of the Energy Sales Payment is based on a load growth formula (as determined by the agreement) which will result in a pay-ment if, and only if, future load growth is achieved. Management of the Cooperative projects a stable load in future years - and therefore anticipates that payments under Note B will be minimal, if any. Accordingly, the Note B has been accounted ' for as a contingent liability by reducing WIPCO's util ty plant cost and related long term debt. t L L l
li L: Western Illinois s - Power . Cooperative, Inc. . Statement of Revenues:& Expenses ; for the year ended December 31,1988 Operating Revenues: Electric Energy Revenue , ,, . . . . $ 39,613,050 Other Operating Revenue. , . , , . . .. .. . 1,012 1ctal Operating Revenue . . . . $ 39,614,062 Operating Expenses: Production Expense . . . . . $ 7,092,031 Iuel Expense , ,, 5,011,104 Purchased Coacity . . . ,. . . . . . . . 23,094,063 Transmission Expense . ... ... , , 786,154 Distribution Expense . ,, . . . . 242,487 Administration & General Expense . . , , . . 1,372,286 Depreciation . , ,.. . 5,9R4,432 Taxes. . . . .. 1,143,328 Interest Expense ... . . . . (2,212,068) Costs Deferred Under Phase-In Plan . ( 723,617) Total Cost of Service . . . . . $ 41,790,200 Operating Margin (Loss) . . ... . . (2,176,138) Interest & Other income .. . , , . . 2,276,138 Net Margin. .. . .. . $ 100,0r)0 27. Soyland - ' Power Balance Sheet <-- ino December 31,1988 (Unaudited) Assets: Electric Plant in Service . .. . , ,707,120 Less: Accumulated Depreciation , , G8,236.534)
$235,470,586 Construction Work in Progress . 794,803 Net Electric Utility Plant . .. . . $236,265,389 investments in Associated Organizations . . , . 3,673,601 sj Accounts Reces.able . 20,338,852 Cash _ . 53,671 Temporary Cash investments , , , 18,792,789 inventories . . 4,285,035 Prepayments . . , 167,462 Other Current & Accrured Assets . . .
15,501 Deferred Debits . , ,. . 2,064,969 l Total Assets , .. $285,657,269 !
)
l Equity & Liabilities: Members Equity . . $ 1,598,655 Long Term Debt. . 233,333,243 .; Actounts Payable. . . 6,027,202 1 Accrured Taxes . . . . . . . 1.055,754 ! Other Current & Accrured Liabilities 227,206 a Equity funding . , . 37,459,432 l Deferred Revenue . .. . 5,905,777 1 Decommissioning Reserves.. 50,000 Total Equity & Liabilitie; . ,
$285.657,269 1
l
+ 1 Memb'~erLCooperatives1 19881 Operating Statistics STATEMENT OF OPERATIONS $ Clinton Coles- ' Corn -
On $1,000) I Adams - . Clay County . ' Moultrie Belt ' h h Op$aiing Nnue L .a , 4. -, .4. ; ' l $ '8,788f ($ 4,084) ' , 5$ 8[5'18C 1$ 11,2343 $?16,5$ Purchased Power ... . . . $ 6,249 - $ 2,665 $ 6,149 $ . 7,871- $ 11,06
' Operating Expenses. .. . . 1,308 796 1,157- 1,926 2,5 81 Depreciation Expenses .. . . 425 -229 281 392 8 73
- Tax Expense . . . . . .,, ,, . 109 55 77 133 . 31G Interest . . ,. . . 475 189 338 3% ~ 1,370 I Oot}il.CostiElectric"Servibe j T $ 8,566l ( $[3,936 L$ 8,002 i$ 10,628? L$ 16,2N Operating Margins ' . .. .. . . $ 222 $ -150 $ 516 5 606' $ 30:
' Non-Operating Margins &
Capital Credits . . . . .. . . 134 28- 130 230' 3E
~
p iTotal Patronage Capital or MarginsiI $17356 r$[ 1178' : $ 2 2 646 i ;$ ? 836 ; $ ': E 69( ASSETS & OTHER DEBITS Total Utility Pl ant . . . .. $16,482 $ 8,509 $ 9,781 5 14,852 ' $ 35,42: M Accumulated Provision for Depreciation & Amortizadon. . . 4,927 2,193 2,883 4,571 .7,9H 1 k@nd - Poacr . . . . . . . , . . , ,
- Courmuve. 1-Net Utility Plant ' , . $11,5553 i $ 6,316.. $ 6,898 i $ '10,281 ' $ -27,48:
s ,
.g.
Total Other Property & Investments . b 1,374 5 552 $ 599- $ 768 $ :1,5E Current & Accrue oets c . 1,820 704 2,300 4,060 . 5,9% Deferred Debits - . . .. , 59 19 37 7
-5 15,'146-
~
Total Assets:: m -n $14,749 : $ 7,631 - ' $ 9,816'
$$35g LIABILITIES & OTHER CREDITS Margins & Equities $ 4,630 $ 3,205 $ 4,073 $ 8,686 $ 11,5S Long-Term Debt '. . 8,302 3,720 5,538 5,963 21,69 Current & Accrued Liabilities 879 492 118 324 1,5E Deferred Crechts . , , , 938 214 87 173 26
; ? Total Liabilities , i $14,749 : $ 7,631? -$ 9,816 $ 15,146 i . $ 35,02 OTHER STATISTICS
, Miks of Line . .
2,067 911 959 1,763 2,81(
~ Consumers Served . . 5,758 3,015 4,510 ?,645 11,67 Consumers Per Mile . 3.27 3.31 4.70 4.34 4.1<
KWH Sold Per Consumer. . . 11,830 13,351 20,141 14,417 14,0% Total MWH Sales . ,. 79,947 40,252 90,838 110,215 163,51 Annual Revenue Per Consumer . 1,300 1,355 1,889 1.469 1,41 Plant Investment Per Consumer . 2,439 2,822 2,169 1,943 3,03 y lc.
\
Erstern ' lilinois Illinois filini Edgar Farmers Rural Valley McDonough M.J.M.
; $17,770 '$ 5,897 - $ 1,714 ~ 510,763..- $ 6,945 ' ' $ 6,366 . $ 9,017 11,677 $ 4,110 $ 1,272 $ 7,193 $ 4,388 ~ $ 4,802 $ 6,541 3.625 1,214 208 1,825 1,571 836 1,356 1,046 208 90 491 36 215 397 149 99 24 140 107 90 138 956 192 93 701 1,351 12'6 489
- $17,453} , '$ 5,823 $ ' 1,687 ' $10,350
' $' 7,453 ' $ 6'069:
, $ 8,921
$ 317 $ 74 $ 27 $ 413 $( 508) $ 297 96 877 172 17 90 200 168 96
. $ 1,194 ' .5:'246 5 44 5 503- 5( 308). 5. 465 .$ 192
$38,554 $ 9.313 $ 3,336 $21,805 $31,266 $ 7,866 $14,818 29 10,297 3,241 976 6,514 2,218 3,512 3,907 sovrand
., $283571
.$ 6,072 $ 2,350 $i5,291 - $29,048 - ' $ 4,354 $10,911 awe,
$ 2,087 $ 1.818 $ 188 $ 1,478 $ 807 $ 427 $ 1,223 3,156 1,260 223 2,336 2,306 2,498 1,520 81 -
5 64 - 17 25 s
' $33,581 5 9,150 - $ 2,776 $19,169. $32,161 ' $' 7,296 $13 679
$14,072 $ 5,335 $ 1,003 $ 4,865 5 4,020 $ 4,712 5 5,884 17,673 3,438 1,715 12,511 27,824 2,418 6,990 1,719 279 58 1,241 306 124 627 117 98 --
552 11 42 178
' $33,581
$ 9,150 ' S 2,776 $19,169 : $32,161 $ 7,296 $13,679 4,526 1,473 338 2,834 1,739 1,376 1,710 12,508 4,098 1,238 9,589 5,411 4,675 7,242
'2.76 3.33 3.66 3,38 3.11 3.40 4 24 13,378 11,402 12,448 9,e91 11,046 13,871 11,190 167,327 55,847 15,410 94.848 59,768 64,846 81,038 1,421 1,204 1,384 1,122 1,283 1,362 1,245 3,082 1,901 2,695 2,274 5,778 1,683 2,046
_________-__________-______D
Member Cooperatives' 1988 Operating Statistics STA1EMENT OF OPERATIONS Rural South-
' (in $1,000) ' Menard Monroe Electric - Shelby western I? $ Operating Rekenue . . . . . . . ,, .. . . . .f. : $12,851 : ( $ 6,150[ $ 57)596 , $ 12,829 . $ 20,96{
Purchased Power . . , . . . . $ 8,786 $ 4,378 $ 5,255 $ 10,076 $ 14,9H Operating Expenses. .. 2,016 806 1,018 1,604 2,7 15 Depreciation Expenses . . . . . . 562 2% 325 441 1,02 Tax Expense - . . 113 56 71 633 2% Interest . . . . . 598 340 448 - 1,33 h : T$tal Cist-El$ctric S$rvihe; '$12,075 L ,$ 5,876: 1 $ 7,117 L '$ 12,754 ? J $' 20,32 Operating Margins , ,..... ... .. $ 776 $ 274 $ 479 $ 75 ' $- 62 Non Operating Margins & Capital Credits . . . . . .... . 87 42 174 193 @ fr / Total Patrone3d Capital or Marg:ns (.
. $[ 863 I l $ ' f 316 1$s 653: .$ "268: : 69 ASSETS & OTHER DEBITS Total Utility Plant - $19,171 $11,428 $12,480 $ 14,441 $ 42,83 30 Accumulated Provision for Depreciation & Amortization. 4,192 3,064. 3,503 7,005 10,93 g . ! Poact .
IN ' cmac.mw, Net Utility PlantU1 $14,979 : - $ 8,364 - $ 8,977.- : $ L 7,436l-- 1$31f@
;w ,
Total Other Property & Investments . . . . .. . $ 1,358 $' 458 $ 887 $ 2,614 $ 1,6D Current & Accrued Assets. . . 2,195 690 3,684 324 4,52 Deferred Debits .. 22 26 34 (1) B
. . . . . , . . . . . . . 3 '"-"
.LTotal AssetsJ . $18,554' - ? $ 9,538 : - $13,582 > $ '10,373 : i $. 38,1@
LIABILITIES & OTHER CREDITS Margins & Equities .
$ 5,447 $ 2,691 $ 2,455 $ 10,129 $ 11,3D Long-Term Debt , . 11,992 6,638 8,009 - 24,M Current & Accrued Liabilities , , 1,Ca4 114 2,997 96 2,@
Deferred Credits . . 91 95 121 148 7 b ' Total Uabilities!
$18,554 - $ 9,538 : ' $13,582 : $ 10,373 ' $ L 38,1@
OTHER STATISTICS Miles of Line. 2,430 979 1,280 2,063 3,@9 Consumers Served . . . . 8,071 4,631 4,761 8,471 13,77 Consumers Per Mile .. . . 3.32 4.73 3.72 4.11 4.2 KWH Sold Per Consumer. , . 16,163 12,445 14,204 17,326 14,2B
- Total MWH Sales . . 130,451 57,634 67,624 146,771 1 % ,07 l
Annual Revenue Per Consumer . . 1,592 1,328 1,595 1,514 1,52 Plant investment Per Consumer . . 2,375 2,468 2,621 1,705 3,13
i l
. Spoon Tri- Wayne- )
River . County White Western Tval Average 4 5,001}.' S $' 19,947l [$'. 20,387 t. , I $';;4,iI7d- '$ L217,'457,.-; M $'10,355L i ' 1
)
$ 2,921 $ 15,923 $ 16,625 $ 2,568 5 155,450 $ 7,402 j 988 2,271 2,079 767 32,679 1,556 286 885- 830 229 9,577 456 196 203 207 62 3,244. 155 l 325 1,020 552 343 11,587 552 (y , i "4,716
. $. ' .$" 20,302 :
- $ 20,293.. ', . $ 3,%9. ?
- 4 m$,312,5.37i h U. $. . $. 0,12,1
$ 285 $( 355) $ 94 $ 148 $ 4,920 $ 234 75 152 185 33 3,535 169 W ~
~
- $ [! 360 f ;. $(; l 203) f a $/ .'279.: 5c181[G $ 8,455 $) iO37
$10,632 5 30,232 $ 28,794 5 9,216 $ 391,255 $ 18,631 31 i 2,829 7,307 9,928 1,992 103,954 4,950 Soyland
;; Power
, ? $' 7,8031 1-l5 22,925.L % $l'8,866 -. f $5 7,2241 { $.L287,301) L-$ 513,6817 '
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$ 818 $ 1,483 $ 1,363 5 695 5 24,232 $ 1,154 1,756 1,150 2,818 799 46,119 2,196
-- 102 151 25 769 37
; $10,377;: !.$ 25,660 $ ' 23,198 - $ .8,743 - .L$ . 358,421 ' ~ 5 17,068,:
$ 3,820 5 6,970 $ 12,974 $ 2,335 5 130,195 $ 6,200 ,
5.550 18,187 9,449 5,724 207,986 9,904 462 503 371 669 16.052 764 545 - 404 15 4,188 200 9$10,377 - : $ 25,660i ' $ '23,198 - ' $ 8,7'43 $ 358,421? L$ '1'7,066 1,159 2.641 3,223 1,176 40,503 1,929 4,040 12,884 13,282 3,228 152,305 7,253 3.49 4.88 4.12 2.74 - 3.76 9,145 16,624 17,176 10.434 - 14,020 36,947 214,185 228,136 33,681 2,135,360 101,684 1,238 1,548 1,535 1,275 - 1,428 2,632 2,346 2,168 2,855 - 2,569 _ _-_____a
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