ML20245J919
| ML20245J919 | |
| Person / Time | |
|---|---|
| Site: | Trojan File:Portland General Electric icon.png |
| Issue date: | 12/31/1988 |
| From: | Solin D EUGENE WATER & ELECTRIC BOARD |
| To: | |
| Shared Package | |
| ML20245J905 | List: |
| References | |
| NUDOCS 8907030216 | |
| Download: ML20245J919 (36) | |
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lh 0 i t s Eugene Water & Electric Board 500 East 4th Avenue PO Box 10148 Eugene. Oregon 97440-2148 503-484-2411 l
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FiNANCIA I H I G H l. l G H (Thousands of Dollars l Electrie Utility texclua,ne Trojan Projecr> 1988 1987 19 % 1985 For the Year Gross Operating Revenues 71 788 65 634 62 501 69 463 Net Operating Revenues 5 278 3 857 4 393 6 673 Net rievenue 915 (540) 37 3 882 Capital Expenditures 14 067 14 851 8 380 8 991 At Year End Net Working Capital 11866 12 953 14 768 16 361 Long-Term Debt 37 293 37 020 49 841 39 132 Retained Earnings 120 914 119 998 120 538 120 501 1 Water Utility For the Year Gross Operating Revenues 6 977 7 143 6 740 6 652 Net Operating Revenues 1 021 1 813 1509 1523 Net Revenue 489 1124 741 799 Capital Expenditures 991 1259 1507 1394 At Year End Net Working Capital 3 273 2 814 1976 1909 Long-Term Debt i1192 11 845 12 454 11936 Retained Earnings 18 167 17 678 16 554 15 813 Standard & Poor's Moody's Insestors Bond Ratings corporauon sernce Electric Utility System Revenue Bonds AA+ A1 Electric Utility System Consentation Bonds AA AI Water Utility System Revenue Bonds AA Al Trojan Nuclear Project Revenue Bonds AA- A1
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,E ugene Water & Electric Board enjoys one of the highest .
bond ratings, lowest rates and giratest customer satisfaction j g fgg, g; "7 4( - of any utility in the nation. '3 ? D aq,g
.n t l The foresight and effort of EWEB's commissioners, management and employees throughout EWEB's 77-year history-coupled with outstand-ing community support-have made " Excellent Service at Low Cost" not only a statement of mission, but a daily experience.
Attaining this level of achievement was not easy, nor will be the challenge to maintain and build upon EWEB's performance. There is no time for j complacency. We are experiencing continuous change in the expectations of our customers, and in the competitiveness of the utility industry. Our future success requires EWEB to be, without question, our customers' " utility of choice." Research has shown that 80% of EWEB's customers rate the utility as " excellent" or " good". Their positive feelings have come from their experience with the service and helpfulness of EWEB employees. We can continue to build upon this support by focusing careful attention on meeting customer needs. This means listening to customers; it means seeking methods to be even more cost-efficient; and it means being responsive, flexible and non-bureaucratic. There were many accomplishments during 1988 helping in this quest. This Annual Report describes the Headquarters Area improvement Project, the acquisition of the Smith Creek flydmelectric Pmject arid other significant 1988 milestor es. Much has been accomplished. More is yet to be done. Given the proven ability of EWEB's management staff and employees-and the quality of the members of the Board-l am confident that we will succeed in further achieving EWEB's mission of" Excellent Service at Low Cost."
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understanding the quality of EWEB is strengthening the manage-service provided by an ment position that earned these high bond organization as large as EWEB ratings by modernizing its financial operations can be something like trying to capture a to provide for a mom accurate, timely and panoramic vista in the viewfinder of a small meaningful information base. In August 1988, a camera. A series of snapshots will render a more new financial reporting software package was realistic impression of the panorama, giving a installed as the first step toward establishing an sharply focused picture of the utility's success in integrated financial and management information providing " Excellent Service at Low Cost." system. During 1989, benefits will continue to Customer Satisfaction grow as additional software expands EWEB's A snapshot of primary importance is base of financialinformation. ) EWEB's ability to deliver excellent service. Workforce Development Chart i reflects the very high apprond customers Another snapshot indicating EWEB's f give EWEB in categories covering the breadth of performance is the dedication to the ongoing j utility service in all six categories EWEB scored development of the utility's work force. Productivity a majority of" Excellent" and " Good" ratings. is fostered through a variety of employee education Ninety-three percent of customen programs, aad by providing employees w ;th the tools polled found EWEB's reliability to be " Excellent" and information they need to effectively perform or " Good."In 1988 EWEB's electric service was theirjobs. In 1988, the Performance Recognition 99.9935% ttaable. Water service was even more and Incentive Development for Employees (PRIDE) reliable.This reliability is achieved through well- program drew closer to full implementation. The l planned system design, and quality construction program is designed to improve work performance and maintenance programs. through planning, communications, goal-setting, Low Rates teamwork and feedback. A second srapshot of EWEB's enait i performance :ndicates the degree to which service Performance Evaiuation tsoa sem ognuon sinw; is delivend "at low cost." EWEB continues to offer electric rates among the very lowest in the o 10 20 30 40 so so 70 80 90 100 nation. An EWEB residential customer using en MLSMMK7CTCf3; ij ' GeneralIrnpression average of 1,500 kilowatt-hours per month in 1988 d ' saved between $85 and $350 per year on his or her
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" N l Responsiveness electric bills compared to average rates charged by e a;me ~aww%w -~mn mm l ' Rehabihty
. % #.w. _n,w~ahu neighboring electric utilities. When compared to l , ,
1 the natic,nal average, the savingsjumps to $750. ETZE3MMER F Electnc Rates Fiscal Responsibility ! !
. 4 A reputation for careful planning has WA'AM [J Water Rates also contributed to EWEB's low rates oy earning - , --w-o m e.~.y ,.
excellent bond ratings for the utility. Standard and Poor's Corporation and Moody's Investors Service E Excellent E Good : Average W Fair p Poor current:y rate the Electric System Bonds A A + and Al, while the Water System E ands are AA and A1. Of the 50 largest publicly owned utilities, EWEB is the only one with a rating as high as AA + from Standard & Poor's. 3
Comparing EWEll with public utility f s,h R'P I D I N G p gj r SERVICE
-T industry averages in the western states illustrates the effectiveness of these management efforts.
Chart 2' represents EWEB's lower operating %i expeme per customer. Chart 3 shows that EWEB customers enjoy low energy costs per LWh. When considered together, this group of snapshots shows EWEll to be a utility A utility's performance can be measured using a actively delivering to its customers service of variety of. standard indicators-rates, comparisons exceptional value. . with s.imdar utih. . ties, bond ratings, etc.-but these don't tell the whole story. In addition to the per-formance that can be figured in percentages and bonom lines. EWElfs performance is also reflected chei e, Operating Expense Per Customer in more subtle indicators of its service. (auname or ews; Community Action o 3 6 9 12 15 Each year more and more customers westernutmtios Egggp/ LEET 12Eh] I contribute to EWEll's Energy Share program, j ! l making it one of the most successful utility-EWEB1986 MMS 7ddQZC) ' sponsored assistance funds in the Northwest. Over the past two years customers have provided support to help pay utility bills for nearly 1,(KK) kical chei a families in emergency situations. The program is Cost per kWh ("*"'a' expected to raise mom than $55,(XX) for 1489. o .o1 .o2 .oa 04 .os Over 20% of Energy Share beneficiaries are senior western utmnes EMg@lZEME"2S?;gggIm citizens,32% have a disabled person in the family, i i and 38% have childmn under five years old. EWED C M E E E M E M.3 i Energy Share funds are also helping homeless families relocate from a community shelter home to their own residences by paying their start-up utility bills. EWEll continues to assist low-income customers through special programs paying for home weatherization. Since 1982, over 2,5(K) low-income households have been weatherized at no cost to the low-income families. Weatherization I' l results in lower heating bills which, for this group, add up to an estimated savings of $200 (KK) each year. Energy Education Tb be " energy literate"in modern society means to have a basic understanding of the sources, uses, impacts and conservation of energy. EWEll offers ongoing education programs to help increase local citizens' energy literacy. The Energy Education Department uses the Willamette Steam Plant and the Leaburg and Walterville hydroelectric facilities to teach about energy sources and electrical generation. EWEll also developed two seven-w eek classroom programs that teach young students about conservation and renewable resources. A majority ol Eugene's Lindergarteners and first graders learn about conservation using a program called "The Adventures of Mini-Volts and
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Journey" is designed to help first and second this concern. In cooperation with the utility, they graders explore renewable energy sources such as created an on-site child care facility. wind, wood, water, and the sun. To launch the endeavor, the Parents The Oregon Chapter of" Partners in Association applied for and received a $15,000 Education"-an organization devoted to fostering grant from the State of Oregon's Children Services cooperation between business and education- Division (Cooperative Network Program). awarded EWEB one of its 1988 Outstanding The EWEB Child Development Performance Awards for the utility's energy Center-which opened its doors on November education efforts. 1-has the capacity to care for 29 children on a This program has reached nearly full-time basis. The Center became only the 13th 50,(XK) local citizens in the 1980s--over 8,000 on-site child care facility in Oregon, the second in in 1988 alone. Lane County, and the first in the Eugene / Child Care Springfield area. Across the nation, working parents are concerned about quality child care for their preschool and infant children. EWEB employees formed the EWEB Parents Association to address 5
A v P ., B U l I. D I N GL 3j0 R IHE F V T M4 y w ( l he Headquarters Area improvement tion of all administrative functions into one building i l l I breakingtodedicationceremony Project progressed from ground- has fostered communication and teamwork, thereby enhancing productivity, in addition, customer in just 20 months.The project, consisting of both service is now streamlined with cashiers, new new construction and the renovation of existing accounts, credit, personnel, and energy manage-structures, increases the utility's efficiency, ment services all easily accessed on the new improves customer service and saves money. All building's first floor. central operations are now located on one well- Appropriate to EWEB's commitment to planned site. energy conservation, the headquarters building was Preparation for the project began long designed as a model of energy-saving technology.
,,,W dpn before the January,1987 groundbreaking ceremony. The building received an Energy Edge Award from you don't have to By 1983, EWEB's services had grown to the point the Oregon Department of Energy and the Bonne-give anything up for ..
where two major departments-repmsenting ville Power Adminstration. The E,nergy Edge energy efficiency one-fifth of the utility's work force-were located program-which state officials sometimes call the Jim Jura BPA Administnuor in leased buildings away from the main offices. " Olympics for energy-ef6cient buildings"-gives EWEB mtained an independent firm to analyze awards to structures 30% more energy-efficient the potential of consolidating and reconfiguring than is called for by the Northwest's Model operations within the headquarters property. Conservation Standards. The new headquarters The resulting " Master Plan" identified building became a " gold medal winner" because the need for several improvements. These included power is saved through the use of such innovations construction of a new headquarters building and a as light shelves that bounce window light deep new equipment repair shop, expansion of the into the building's interior, computerized control vehicle repair shop, refurbishing the warehouse / of heat and air conditioning in over 200 zones office building, and relocating the hogged fuel throughout the building, and the recycling of heat pile and storage yard. In 1986, Eugene citizens produced in the main computer room to meet 909 passed by a 2 to I margin a $25-million bond of the facility's year-round heating needs. authorization to finance the project. The building's central atrium contributes EWEB employets played a major part significantly to overall energy savings by allowing in the headquarters area redesign. A special program natural light to brighten the building's interior. was established to seek employee ideas about This reduces the need for artificial lighting as well making the facilities conducive to efficient work as for the air conditioning required to offset the and customer service. More than 300 innovative heat such lighting creates. ideas were submitted, of which nearly half wem Beyond its energy and operational incorporated into the final design, efficiency, the headquarters building also houses Better Service Through EWEB's new $5.2-million Energy Management & Increased EHiciency Control System (EMCS). The EMCS uses powerful The 104,000-square-foot headquarters computers to monitor EWEB's overall electric office bailding is itself a study of combined system and to anticipate system-wide demand for operational and energy efficiencies. The consolida- electricity. EWEB cnergy brokers will use this t> t- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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( %Q:7, information to blend the most economical mix of I' i '" # 1-r w Ajoint$ k citizen'EWEH committee power obtained from EWLB's own generators, the @N '
cr t BPA and other sources.The savings from the EMCS ih$'."h adN rt r' Stream a fused-glass sculpture by S
is estimated at $800.000 annually.The EMCS will g ;' ["*1"l'n j',"',",'.f.Q'",dj',h".'."gb , be fully operational by mid-1989. cast concrete bas-relief by Tommy Gnffin und Michael Whitenack. y graces the buildmp's west face i]m (front covery
- The dedication ceivmony for the new headquarters was held on September 30,1989. Atmut 3.OlX)
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people toured the facilities during the two-day open house that followed E - the dedication (left). While many businesses plan _g ahead five, ten or _ a twenty years, F. WEB - plans projects to J benefit customers - for fifty years f ~ ;( and beyond. ggg j Dennis Solin ~ EWEB llourd President 7
v d;V m r ,'ny' ,,s . n4 G f 4 n 4 The lleadquarters Area ~ p . linprovernent Project N-included upansion and yQ modernizationof the . . . ,, operations buildings and storage yards.
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Operational Improvements EWEB's operations buildings l.y[(h 3 M. j -
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also have undergone substantial improvement. - 5 '
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h,,,h ( s . The new Equipment Repair Shop J; I houses the maintenance and repair sections for gp .. [ - g i water od electric operations. Here, meters, gi@ii . 55 g .. transfctmers, pumps and other pieces of hardware are cleaned, calibrated, and readied for return to 7.P " "h mg[ h, i ; - '" t service. Also located in this building are the communications and relay technicians as well as EWEB's electricians. headquarters building are available for community The Vehicle Repair Shop, where groups during evenings and weekends. Riverfront employees service and maintain EWEB's fleet of access has been improved by new landscaped over 330 vehicles, has been remodeled and nearly walkways. All facilities, including the riverview doubled in size. New heavy-duty vehicle lifts and public plaza to be constructed in 1989, are handi-a drive-through service bay facilitate the mainte- capped accessible. The headquarters building also nance of today's larger utility trucks. These displays a variety of artworks created by local improvements also provide facilities for landscape artists, including three pieces commissioned crews, carpenters, and painters. especially for :he headquarters. The remodeled Warehouse / Operations The Headquarters Area Improvement building greatly improves both warehousing and Project was funded through voter-approved office facilities for EWEB's water and electric electric system revenue bonds. Only a 1% increase operations. As a result of employee suggestions, in electric rates in 1987 was needed to cover the staging areas for vehicles and crews have been repayment cost of the bonds. Within 10 years, realigned, providing separate loading docks for savings generated by the project's operational electric and water operations crews. The efficiencies are expected to fully cover the repay-warehouse has been reorganized with new storage ment cost of the bonds. Once the bonds are fully systems to complement this configuration, leadmg paid off in 25 years, savings from the improve-to faster service and improved inventory control. ments are projected to grow to $3 million per year. Other operations improvements With the new headquarters facility Providing people include the relocation of EWEB's outdoor equipment readying the utility for a 50% increase in consumers, with the tools they storage yard from leased property to an on-site EWEB is now prepared to serve the community need to do the job area adjacent to the warehouse, and the moving of well into the 21st century. . . . will bring better the steam plant's fuel pile closer to its boilers. Ideas and more lienefittingThe Public efficient operation The headquarters area improvements for the entire will benefit the public not only with a more organization. efficient and economical utility, but also with Jean Reeder public area enhancements. Meeting rooms in the EWLil General Manager 8 u ..
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1.9 8 8 ANALYSlS 0 F" S A L E S and percent change from 1987 sales 1988 Eicetric Sales andpercent changefrom 1987 sales -
' Average Number Consumption Total -
Class of Service of Customers (Kilowatt-hours) Revenue Residential 57 556 + 0.7% 930 477 886 - 3.8% $30 669 839 +9.3% General Service 6 938 +0.2% .684 893 753 + 1.3% 20 630 942 + 5.9% Large Commercial
& Industrial 23 0.0% 494 629 628 - 0.9% 12 939 347 + 4.1%
Street Lighting 8 0.0% 6 334 571 + 5.6% 194 281 +35.8% Water Utility 1 0.0% 15 275 471 -21.0% 439 130 + 31.5% Retail Electric Sales 64 526 +0.7% 2132 311309 + 2.4% $64 873 539 +7.3% i i Sales for Resale 209 500 000 + 49.8% 4 364 068 + 7.4% Total ElectricSales 2 341 811 309 + 5.4% $69 237 605 + 9.9% 1988 Water Sales and percent changefrom 1987 sales Average Number Consumption Total Class of Service of Customers (1.0(K) Gallons) Revenue Residential 30 239 + 1.6% 3 516 959 - 4.8% $3 530 923 + 1.6% General Service 4 966 -0.8% 4 070 971 -5.5 % 2 778 266 - 3.8% Water Districts 3 0.0% 1 161 055 -3.5% 587 241 - 3.4 % Electric Utility 1 0.0% 108 078 -0.8% 54 906 + s.9% Total Water Sales 35 209 + 1.3% 8 857 063 - 4.9% $6 951336 - 2.5% 1988 Pa)ments in Lieu of ' lines andpercent changefrom 1937 City of Eugene School Districts & Others Total
$6 362 470 + 11.0% $2 629 700 -0.6% $8 992170 + 7.4%
l 10 l L - - - _ - - _ _- - - .
ha w; n; h.) M a V:s v a .c4 F I N. A N C I ,dW TATEMENT gkg I r Financial St'atement i Responsibility . he management of the Eugene Water & Electric Board maintains a system of internal controls to meet its responsibility for the integrity and objectivity of its financial state-ments and to safeguard its assets. The financial statements were prepared in conformity with generally accepted accounting principles for public' utilities and accounting requirements of the Federal Energy Regulatory Commission. They reflect all adjustments which are, in the opinion of management, necessary for a fa r statement of financial condition and results of operations. Coopers & Lybrand, independent certified public accountants, are engaged to perform an examination of the Board's financial statements.The examination pmvides an objective outside review of management's responsibility to report opemting results and financial conditions. Working with our internal auditors, they review and make tests, as appropriate, of data included in the financial statements. Treasurer March 22,1989 Report of Independent Accountants To the Board of Commissioners of Eugene Water & Electric Board: We have audited the financial statements of the Eugene Water & Electric Board for the years ended December 31,1988 and 1987, which are included herein. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amountn and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the aforementioned financial statements present fairly, in all material respects: (1) the financial position of the Electric System and Water System of the Eugene Water & Electric Board at December 31,1988 and 1987, and the results of their operations and their cash flows for the years then ended; and (2) the assets and liabilities of the Electric System's Distribution Division and Trojan Project of the Eugene Water & Electric Board at December 31,1988, and the results of their operations and their cash flows for the years ended December 31,1988 and 1987, all in conformity with generally accepted accounting principles. Eugene, Oregon March 22,1989 11
Electric System
~
BiA.L A N C E SHEET December 31,1988 and 1987
' Assets 1988 1987 Distribution - Tro - Electric Electric Proj,ian 1 '
Division ect System System Plant in service 201 965 174 205 357 117 - 407 522 291 373 265 988 Less-Accumulateddepreciation & 79 783 221 27 699 678 107 482 899 99 701 601
; amortization' 122 181 953 177 857 439 : 300 039 392 273 564 387 Property held for future use 500 000 500 000 500 000 -
Construction workin progress 5 931 482 5 931 482 15 416 416 Nuclear fuel, less accumulated amortization;
.1988-$65,808,093; 1987-$$9,070,222 18 012 926 I8 012 926 21 636 910 Utility Plant 128 613 435 195 870 365 324 483 800 311 117 713'-
]
' Ilond funds ' 2 947 380 ~ 10 566 028 13 513 408 13 017 511 i Reserve & contingency fund 2 000 000 2 000 000 2 000 O(X) i Renewal & replacement fund 500 000 500 000' 500 000 -
Construction funds 4140 M4 4140 M4 10 397 863 . Conservation project fund -5 411 015 Debt defeasance fund 1 678 162 Decommissioning reserve fund 1 392 193 1 392 193' 995 524 Segregated l'unds 7 588 024 13 958 221 21 546 245 _ 34 (XK) 075 Cash & temporary investments 8 087 880 8 228 885 16 316 765 10 939 587 Segregated cash & investments 3 536 008 3 481 974 7 017 982 6 196 226 Receivables, less reserves 1988-$220,152 1987-$193,326 10 824 983 10 824 983 10 962 621 Materials & supplies, at average cost 2 186 336 3 646 711 5 833 047 5 631 492 Prepayments & specialdeposits 587'413 559 385 1 146 798 1 346 365 Current Assets 25 222 620 15 916 955. 41 139 575 35 076 291-Advance refunding costs 8 613 548 8 613 548 9 030 332- ' long-term receivable,IIPA 12 066 383 , 12 066 383 7 127 173 Deferred charges & other 2 653 760 -384 342 3 038 102 2 447 485
. Other Assets . 14 720 143 8 997 890 23 718 033 18 604 990
$176144 222 $234 743 431 $410 887 653 $398 799 069 The acwmpanyung notes are an untegralpart of:%is statement.
12 E- _ . _ _ _ _ _ _ _ _ _ _ _
-w 'U, 3
e i . y - V . t i Equity & l.iabilities 1988- 1987 Distribution Trojan ,1:lectric - 1:loctric Division Proiect System System llalance at beginning ofyear 119 998 531 , 119 998 531 120 538 231 Net revenue (expense) for the year 915 435 915 435 (539 7(X)) - Itetained Earnings ' 120 913 966 120 913 966 119 998 531 l I,ong-term Debt 37 292 756 ~ 121 206 956 158 499 712 - 161 420 768 Accounts payable 9 824,133 2 989 611 12 813 744 11545 M6 Accrued payroll & vacation pay 1 027 424 1 027 424 1 011 073 Accruedinterest uniong-term debt 1 320 047 2 415 432 '3 735 479 3 415 029 Long-term debt due within one year i 185 (XX) 3 305 (X)0 4 490 (XX) 4 275 (XX) : Current I.iabilities t 13 356 604 8 710 043 22 066 647 . 20 246 748 9 Unamortized gain on defeasanec of debt 4 578 621 4 578 621 5 143 445 Deferred credits & other 2 275 2 275 2 481-
-Other 1.iabilities and Deferred Credits 4 580 896 4 580 896 5 145 926 Deferred Trojan Net llillings 104 826 432 104 826 432 91 987 096
\
$176144 222 $234 743 431 $410 887 653 $398 799 069 i #
=
L 1 l . l 13 ~
s Electric System S- T A T ' E M E' N T 0F NEI REVENUE for she Years Ended December 31,1988 and 1987 s 1988 1987 Residential 30 669 839 28 062 824 Commercial & industrial 33 467 646 31 817 684 Sales forresale & other 5 801 522 3 581 179 Steam heating 1 849 109. 2 172 562 71 788 116 65 634 249 Operating Resenues Purchased power 38 006 689 35 606 096 Steam & hydraulic production ' 2 996 133 1 983 854 Transmission & distribution 6 799 390 6 434 603 Customeraccounting 2 564 074 2 354 163 {' Conservationexpenses 1 788 794 1 684 386 Administrative & general 7 253 096 6 359 970 Steam heatingexpenses 1 606 145 2 043 245 Depreciation & amortization-Plant 5 495 532 5 310 516 Operating lapenses 66 509 853 61 776 833 - Net Operating Revenue 5 278 263 3 857 416 Interest earnings on investments 1 207 203 2 083 534 Allowance for fimds used during construction 174 931 131 000 Other nonoperating revenues 163 021 51 791 Other Resenue 1 545 155 2 266 325 Contributionsin lieu of taxes 5 205 351 4 808 504 Preliminary surveys & investigations 26 381 Other revenue deductions 191 478 343 373 Interest expense & discount amortization i 221 481 1 886 183 Allowance for borrowed funds used during construction (710 327) (401 000) Resenue Deductions 5 907 983 6 663 441
~
System Net Resenue (thpense) $ 915 435 $ (539 700) The accompanying mnes are an mtegralpart of this statement, 14 L - - _ . _ . . . _ _ _ . _ . _ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Electric System S T- A T E M E N T 0 F- C-A S H FL0WS for the hors Lnded December 31,1988 and 1987 1988 1987 Cash flows from operating activities Net revenue (expense) 915 435 (539 700) Adjustments to reconcile net income to net cash provided from operating activities Depreciation & amortization 3 238 544 5 701 960 (Increase) decrease in receivables 137 638 (1 287 868) (Increase) decrease in materials & supplies 11896 (663 498) (Increase) decrease in prepayments & special deposits 43 965 (172 842) (Increase) in long-term receivable, BPA (4 939 210) (3 422 188) (Increase)in deferred charges (660 477) (589 484) Increase in accounts payable & accrued payroll & vacation pay 416 423 1 615 399 increase (decrease) in accrued interest on long-term debt 371 982 (328 159)
'kercase) in deferred credits & other (206) (99 476)
Distribution Division 1 535 990 214 144 Depreciation & amortization 11 502 696 8 944 619 increase in materials & supplies (213 45I) (320 635) (Increase) decrease in prepayments & special deposits 155 602 (158 562) (Increase)in deferred charges (97 713) (46 140) Increase (decrease) in accounts payabic 868 026 (240 47I) (Decrease) in accrued interest on long-term debt (51 532) (72 201) Increase in deferred Trojan net billings 12 839 336 8 682 386 Trojan Project 25 002 964 16 788 996 Net Casa Prosided from Operating Artisities 26 538 954 17 003 140 Cash flows from investing activities Additions to utility plant - Net . Distribution Division (14 740 009) (14 850 854) Tiojan Project . (15 212 84I) (15 736 391) Net Cash Used in Iniesting Activities (29 952 850) (30 587 245) Cash flows from financing activities Decrease in segregated funds 12 850 276 19 533 279 (Increase) decrease in segregated cash & investments (862 041) 699 189 Proceeds from issuance of bonds 1 434 000 10 000 0(X) Bond principal payments (1 120 (XX)) (4 305 000) Payment of b(md defeasance deposits (14 288 602) Distribution Division 12 302 235 11 638 866 (Increase)in segregated funds (396 446) (232 475) j (Increase) decrease in segregated cash & investments 40 285 (9 002) Bond principal payments (3155 (XX)) (3 015 000) Trojan Project (3 511 161) (3 256 477) Net Cash Prmided from Financing Actisities 8 791 074 8 382 389 Net Increase (Decrease) in Cash and Cash Equivalents 5 377 178 (5 201 716) Cash & cash equivalents at beginning of year 10 939 587 16 141 303 Cash and Cash Equivalents at End of Year $ 16 316 765 $ 10 939 587 Supplemental Disclosure of Cash Ilow Information Cash paid during the year for interest Distribution Disision $ 1 339 461 $ I 937'669 Trojan Project $ 7 400 890 $ 7 563 144 The accompanying notes are an integralpart of this statement. 15
Water Systern B.A L A N C E SHEEI - December 31,1988 cmd 1987 4 Assets 1988 1987 Plant in service 48 081 640 46 591 658 less-Accurnulated depreciation & arnortization 24 953 441 23 444 090 23 128 199 23 147 568 Property held for future use 104 766 Int 766 Construction workin progress 378 565 948 319 Utility Plant 23 611 530 24 200 653 Segregated liond l'unds 1 189 062 1 097 706 Cash & ternporary investinents 3 222 526 2 656 628 Segregated cash & investments 1 719 800 1 646 507 Receivables, less reserves 1988-518,297: 1987-$ 17.539 653 968 651 102 Materials & supplies, at average cost 385 749 334 782 Prepayrnents & special deposits 99 679 109 149 Current Assets 6 081 722 5 392 168 Advance rcrunding costs 1 175 136 1 271 557 Deferred charges & other 109 676 137 894 Other Assets i 284 812 1 409 451
$32167126 $32 099 978 l
l i Tire acwmpanymg twtes are un hurgralpart of tins staternent. 16 l u
E
. Equity & Liabilities 1988 19N7 Balance at beginningof year 17 677 $38 16 553 489 Net revenue for the year 489 476 1 124 049 Itetained Earnings 18 167 014 17 677 538 Ismg-term Debt i1 191 617 11 844 717 Accounts payable 1 504 908 .I 302 946 Accrued payroll & vacation pay 331 131 326 799 Accrued interest onlong-termdebt 309 804 325 385.
Long-term debt due within one year' 662 652 622 593 Current I, labilities 2 808 495 2 577 723
$32167126 $32 099 978 1
17
q Mater Syst'em - ') 18 T A T E M E N T. OF N E T' R-E V E-N-U E For the Years Ended December 31,1988 and 1987 1988 1987 Residential ' 3 530 834 3 586 281, Commercial & industrial 3 420 863 3 542 193 Other 25 489 17 249 Operating Resenues - 6 977 186 7 145 723 Source of supply, pumping & purification 1 384 622 '1 251 443-Transmission & distribution 1 342 359 1 237 317 Customer accounting 416 153 392 193 Administrative & general' 1 229 398 894 318 Depreciation & amortization- Plant 1 583 223 1 555 500 Operating thpenses 5 955 755 5 330 771 1 Net Operating Resenue 1 021 431 1 814 952 - y
~
Interest earnings oninvestments 300 699 207 672 Allowance for funds used during construction 23 000- 27 000 Other nonoperating revenues 10 987 9 162 Other Resenue 334 686 243 834 - Interest expense & discount amo '_ation 880 641 952 737 Allowance for borrowed funds used during construction (14 000) (18 000) Resenue Deductions 866 641 934 737 System Net Resenue $ 489 476 m
$1 124 049 T
The accompanying notes are an integral part of this statement. I8 L _ _ _ _ _ _ _ _ _ . _
- Water System .S Tf A T E M E I T 0F CASH FL0WS For she Mars Ended December 3L 1988 and 1987 1988 1987 Cash flows from operating activities Net revenue 489 476 1 124 049 Adjustments to reconcile net income to net cash provided from operating activities Depreciation & amortization 1 758 104 1 755 434 (Increase)in receivables (2 866) (6 636)
(Increase) decrease in materials & supplies (50 967) ,1 656 Decrease in prepayments & special deposits 9 470 9 938 Decrease in deferred charges 18 687 25 817 increase in accounts payable & accrued payroll & vacation pay 206 294 39 170 Increase (decrease) in accrued interest on long-terin debt (15581) 108 304 Totaladjustments I 923 141 1 933 683 Net Cash l*rosided from Operating Actisities 2 412 617 3 057 732 Cash flows from investing activities Additions to utility plant - Net (l 053 477) (1 258 706) Net Cash Used in Intesting Acthities (1 053 477) (1 258 706) Cash flows from financing activities (Increase)in segregated borid funds (91 356) (185 918) (Increase) in segregated cash & investments (73 293) (26 548) 11ond principal payments (622 593) (592 533) Net Cash Used in l'inancing Actisities (787 242) (804 999) Net increase in Cash and Cash Equivalents 571 898 994 027 Cash & cash equivalents at beginning of year. 2 650 628- 1 656 601 Cash and Cash Equivalents at End of Year S 3 222 526 . $ 2 650 628 Supplemental Disclosure of Cash I' low h; formation Cash paid during the year for interest $ 780 717 $ 678 405 The act vmpanymg mnes are an integrid part of tiris statement. I9
r, e [ i 0IES T.0 F1NANCIAL S T A T E M E-- N T S December 31.19M Summary,of Significant Accounting Policies: , General i The Eugene Water & Electric B'oard, an administrative unit of the City of Eugene, Oregon, is responsible for the ownership and operation of the electric and water utility systems. The Board has the authority to fix rates and charges, and its accounting policies conform to generally accepted accounting - principles for public utilities. Significant policies are described below. Cash and Temporary Investments For purposes of the statement of cash flows, the Board considers' all nonsegregated highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Utility Plant and . Depreciation - Utility plant is stated at original cost. Cost includes labor, materials and related indirect costs such as engineering; transportation and allowance for funds used l: during construction. ' !- The cost of additions, renewals and betterments is capitalized. Repairs and minor replacements are charged to operating expenses. The cost of property and removal cost, less salvage, is charged to accumulated depreciation when property is retired. Depreciation is computed using straight-line composite rates which are equivalent to approximately - 3.2% of the Electric System:Distribtrtion Division and 3.4% of the Water System original costs of depreciable utility plant. Depreciation for the Trojan Plant is computed using the 6% sinking fund method based on a 33-year plant life. Investments - Investments, principally in direct obligations of the U. S. Government,' are carried at amortized cost plus accrued interest which approximates market and are held by the Board's agents iry the Board's name. Repurchase contract investments are used to manage short-term cash flow requirements - . All repurchase contracts are secured by direct obligations of the U. S. Government held by the Board's agent in the agent's name, maturing within 12 months of the purchase date. Investments held under l repurchase contracts at December 31,1988 wcre $7,383,873 for the Electric System and $118,734 for the Water System. All investments are authorized by Bond resolutions. Oregon Revised Statutes and Board policy require financial institutions to provide depository insurance under federal depository insurance funds or state and financial institution collateral pools equal to the amounts on deposit. Operating Revenue Operating revenues are recorded on the basis of service delivered. Approximately i 12r7e of 1988 and 1987 Electric System operating revenues were the result of sales to one industrial customer. I Other Accounting Policies - Debt premium, discount, expenses and advance refunding costs are being amortized over the terms of the respective issues. Nuclear fuel amortization is based on the quantity of heat produced without provision for salvage value. I 20 L- _ _ _ _ _ _ _ _ _ _ _ _ ___
g . i long-term Debt: Im Electric Utility System Revenue Bonds
~ Series 1986,7-1-86 issue Serial Bonds,5.50-7.50%, due 1990-2(X)3 5 065 (XK)
Term Bonds,7.60%,due 20ll 6 330 000 Series M,9-22-86 issue,7.16% capital appreciation. due 1996 1 000 000
' Series 1987,12-1-87 issue,6.00-7.90%, due 1990-2011 9 620 000 Series M,4-5-88 issue,6.80% capital appreciation, due 1997-2004 1 434 000 Electric Utility System Conservation Revenue llonds Series 1985,9- 1-85 issue,7.00-9.20%, due 1990-2(XX), subordinate to Series M, 1986,1987 and 1988 14 145 000 37 594 (XX) less unamortizeddiscount 30l 244 Distribution Division long-term debt 37 292 756 Tmjan Nuclear Project Revenue alonds, Series of 1977, subordinate to Series M,1986,1987 and 1988 Serial Bonds,5.10-5.75%, due 1990-98 38 900 000 Term Bonds,5.90%, due 2009 83 700 (XX) 122 600 000 less unamortized discount 1 393 044 Trojan Projectlong-term debt 121 206 956 Electric Splem leng-term peht $158 499 712 Water Utility System Revenue Bonds 8-1-66 issue,4.35%, due 1990-99 1340 (XX) 8-1-68 issue,4.00-4.90% due 1990-99 1090 O(X) 12- 1-82 issue,8.25-9.00%, duc 1990-93 1580 (XX)
Water Utility System Revenue Refunding 11onds,1 I-15-86 issue,4.70-6.60%, due 1990-2006, subordinate to 8-1-66,8-1-68 and 12-1-82 issues 7 245 (XX) Debt assumed through annexation,4.80%, due 1990 10 239 11 265 239 less unamortized discount 73 622 Water System I ong-term Debt $ 11191617 Total debt requirements during the years 1989 through 1993 are as follows: Elcetric System Water System Distribution Disision Reserve Trejan Reserve Maturities Deposits Project Maturities Deposits 1989 1 185 (XX) 488 957 3 305 (XX) 662 652 123 156 1990 1 265 (XK) 488 957 3 475 (XX) 700 239 123 156 1991 1350 (XX) 334 772 3 660 (XK) 730 (XK) 79 439 1992 1455 (XX) 230 548 3 840 (X)0 785 (X)0 1993 1805 O(X) 32 805 4 055 (XX) 835 (X)0 21
bc y , ; , 3
.t I '
( lamg-term INbt) Continued: L , 4
, ' f '
The Board has observediperformed and fulfilled its' covenants and' obligations'as required by] ia resolutions authorizing the issuance of revenue bonds. During 1987, the Board extinguished $19,488,000 of Electric System Distribution Division Series JA, C and D Bonds through an in-substance defeasance. The in substance defeasance was accomplished :
) by placing approximately $14,300,000 into an irrevocable trust from which principal and interest payments L "will be made on'the Bonds through August 1,' 2004, the final maturity date. The resulting gain on
' defeasance of approximately $5,188,000 has been deferred and is being amortized over the m;maining :
life of the defeased ' Bond issues. .. . .
, in November 1986, the Board extinguished $6,610,000 of Series 1982 Water Bonds through an f in-substance defeasance; The in-substance defcasance was accomplished by placi_ng the Water Refonding . '
l V Bond Series 1986 proceeds and segregated funds in an irrevocable trust from which principal and interest payments will be made on the Bonds through August 1,1994, the earliest call date. ' . The Board and the Bonneville Power Administration (BPA) have entered into the Bond Financing 4 Agreement to, fund BPA's share of msidential weatherization measures with proceeds from the Electric!
. . Utility System Conservation Revenue Bonds, Series 1985. Under terms of the Agreement, BPA has .
C ' unconditionally' agreed to pay the debt service and any other costs associated with the 1985 Bonds. A_ ' receivable is recorded by..the Board for the difference between the unspent bond proceeds and the'. outstanding principal and accrued interest on. the Bonds.' There is n5 effect on the Electric System .
, statement of net revenue and,' therefore, interest receipts and expenditures approximating $1,3 million i and $1.4 million for 1988 and 1987, respectively, related to the Bonds are not included in such statement. a
' ~. 'iYojan Nuclear Plant: .. ..
~
L The Board has assigned'to BPA and other public agency participants its 30% share of the output from the Trojan Nuclear Plant. The Board will receive payments and credits (net billings) equal to its share of all Plant costs, including decommissioning, spent fuel storage and debt service whether or not - the Plant is operable or operating and notwithstanding the suspension, interruption, interference, reduction. or curtailment of Plant output. Net billings may vary from expenses each year but are recognized in each _a ccounting period only to the extent of current expenses. There is no effect on the Electric System ~ statement of net revenues and, accordingly, net billiags and operating expenses are not included in the '
. statement of net revenues. The accumulated excess of net billings over expenses is stated in the balance -
sheet as " Deferred Tiojan Net Billings". Following is an analysis of changes in this account'during 1988' i and 1987: 1988 s 1987.
.. Total net billings 68 506 224 ' 59 595 049 Add interest earned 'l 698 285 '1 462 318 -
Less: . Operation & maintenance expenses 36 600 739 L 34 710 474 l : Depreciation & amortization ~ 10 955 426 8 283 377 Other fuel expense 1 912 380 1 315 350 Interest expense 7 896 628 ~ 8 065 780
. Increase in Deferred Trojan Net flillings $12 839 336 $ 8 682 386 Power Supply Resourcesi The Board receives approximately 21% of its power requirements from its own generating resources . .i and 79% from BPA and other agencies under contractual agreements expiring through 2017. BPA provided
- approximately 84% of the Board's purchased power in 1988 (83% in 1987). .<.
1
- Retirement Ilenefits:
All regular employees with at least six months of service participate in the Oregon Public Employes Retirement System (PERS), an agent m'ultiple-employer defined benefit pension plan established by State statute and administered by the State of Oregon, which is designed to provide a benefit e' qual to 1.67% of a participant's highest 36-month average salary. Benefits are established by State statute under which. covered ernployees are required to contribute. 6% cf their salary, which the Boarrt has agreed to pay on ,l the employees' behalf. The. Board is required by the same statute to contribute the remaining amounts necessary to pay benefits when due. The Board's required contributions, an additional 11.41% of covered wages, are actuarially determined using the entry age actuarial cost method. Effective January 1,1990, the employer required contribution rate will be decreased to 10.63% of covered wages. The Board's payroll for employees covered by PERS for 1988 was $15,300,000 ($14,800,000 for 1987); total payroll
- 22
k
'l I
l was $15,800,000 ($15,100,000 for 1987). PERS contributions funded and expensed for 1988 were 1approximately $2,327,000 for the Electric System and $443,000 for the Water System ($1,900,000 and ,
$415,000, respectively, for 1987), including amortization of the unfunded liability for the present value of all past ncrmal costs over a 30-year period. .
. The Eugene Water & Electric Board supplemental retirement plan is a single-employer defined
_ benefit pension plan established and administered by the Board. Benefits are established by the Board. During 1987, the Board renegotiated its contract with PERS to provide benefits accumulated in_ the supplemental plan as of June -30,1988 by then active employees through PERS. Accordingly, the supplemental plan was amended to only cover retired employees who were plan participants at June 30, 1988. As a result of eliminating active employees from the plan, the Board had no payroll for participants during 1988 ($14,200,000 for 1987). The plan's actuarial funding method was changed fmm the attained age normal method to the unit credit method. Under the new method, an unfunded actuarial accrued
-liability is established equal to the difference between the present value of accrued benefits at the valuation -
i date, and assets available to provide these benefits. This liability will be amortized and funded over a l five-year period. For 1988 the amounts funded and expensed were approximately $490,000 for the Electric System and $93,000 for the Water System ($394,000 and $87,000, respectively, for 1987). The " pension benefit obligation"is a standardized disclosure measure of the present value of pension benefits,~ adjusted for the effects of projected wage increases and step rate benefits, estimated to be payable in the future as a result of employee service to date.The measure, which is the actuarial present value of projected benefits, is intended to help users assess funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparison among PERS and employers. The measure is independent of the actuarial funding method used to determine contributions to the plans. However, the significant actuarial assumptions used to compute the pension benefit obligation are the same as those used to compute the actuaria'ly determined contributions. Under PERS no obligation for retired members is attributed to the Board, as PERS pools the risk related to retired employees among all the participating employers. PERS transfers the obligation for benefits from individual employers to the PERS as a whole when benefits become payable. Accordingly,
- the pension benefit obligation shown below for PERS covers only current and terminated employees.
Significant actuarial assumptions: i Supplemental i PERS Man Date of actuarial valuation Dec.31,1987 Jan.1,1988 Estimated annual return on assets 7.5% 8.0% Projected annual salary increases 6.0% Not Applicable Projected annual cost of living increases to retirees 2.0% 2.0% Increase in benefits for members with j- unutilized sick leave Male 7.0% Not Applicable Female 5.0% Not Applicable Pension benefit obligation Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits 4 945 000 l Accumulated employee contributions, including allocated investment earnings 13 790 801 Employer- Financed vested 12 136 636 Employer- Financed nonvested 684 934 26 612 371 4 945 000 , Net assets available for benefits 14 730 811 2 914 000 Unfunded Pension lienefit Obligation $11881560 $ 2 031000 23
Retirement llenefits, Continued: Supplemental Retirement Plan Three-Year Trends Unfunded Pension . Employer -
. Net Assets BenefitObligation l Contribution
- As a Percent of As a Percent of - As a Percent of BenefitObij gation Covered Salary Covered Salary .
1986 Not Available . Not Available 3.75 % 1987= ' 45.5% 23.1 % 3.39 % 1988- 58.9 % Not Applicable Not Applicable .; Oregon Public Employees Retirement System Three-Year Trends }= 1986 Not Available Not Available Not Available ] ' 1987 47.7 % . 73.1% 9.82 % 1988 55.3 % 77.6 % 11.40 % l h Ten-year historical trend information showing the plan's progress in accumulating sufficient assets
' to pay benefits when due is presented in the separate PERS annual financial report.
, In addition to pension benefits, the Board provides certain health care and life insurance benefits to retired employees. The 1988 cost, recognized as expense as claims are paid, was $373,000 for the Electric i System and $83,000 for the Water System (expense for 1987 was $397,000 and $87,000, respectively).
Deferred Compensation: The Board offers all employees a deferred compensation plan created in accordance'with Internal Revenue Code Section 457. The plan permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death or unforesee-able emergency. Aggregate amounts' deferred at December 31,1988 which are included in assets and liabilities are $2,542,216 and $413,849 for the Electric System and Water System, respectively. All amounts of compensation deferred under the plan and all income attributable to those amounts are solely the property of the Board, subject only to the claims of the Board's general creditors. Participants' right3 ur. der the plan are equal to those of general creditors of the Board in an amount equal to the fair market value of the deferred account for each participant. Commitments: During 1986, the Board began the headquarters area improvement project, which includes construction I of several new facilities and installation of an energy management control system. Related commitments l under contract at December 31,1988 were approximately $1,271,000. l l Reclassifications: l For comparability, certain 1987 amounts have been reclassified to conform with account classifica-tions used in 1988. There was no effect on previously reported net revenue. 24
I Y [' h
- EWEB's Executive Mr.agement (from Icftr
- g- ' ', - ** ' ' t Randy Berggren, Assistant General Manager for Planning
& Development; Garry Kunkel Director of Power Management; g ..
Jean Reeder, General Manager; Jim Brown. Director of Operations & Engineering; yi
'l3 5 Jim Origliono. Director of Accounting & Finance.
/ ,
QV, -'j j g% s - - r \ b ; uality customer service is vital to EWEB's success. This f[ ' [?4 t utility's long-established emphasis on customer service has l
~T~H';E'i'NU-il h e resulted in high public satisfaction and confidence. It also has resulted in the public support needed for EWEB to focus on the future.
There are many issues-particularly at the federal level-that could alter the competitive balance among utilities. Efforts in Congress to change the federal power marketing laws or repayment schedules can directly affect the pocketbooks of EWEB's cuss ters and the economic vitality of our community and the Pacific Northwest. I How does quality customer service help EWEB fight these battles? The public's support for EWEB creates a unified and credible stand on issues of concern to our customers. Because of the public's confidence, EWEB is able to have valued influence with regard to energy and water issues before Congress, regional agencies and the state legislature. The support that comes from quality customer service also enables EWEB to take far-sighted actions, such as contracting for the Smith Creek Hydroelectric Project and proceeding with the Headquarters Area improvement Project. It was the public's overwhelming support for the independence of EWEB that convinced the Eugene City Council in 1988 not to place a 1% tax on utility services. While EWEB has provided quality customer service for many years, the increasingly competitive environment requires renewed efforts to actively listen to customers so we can best meet their needs. One example in 1988 was the assignment of the utility's major commercial / industrial customers to EWEB's top managers.Through personal meetings, facility tours and other direct communications, we are more aware of the service needs of our customers and, in turn, our customers are becoming more aware of our ability to be of service. Departments throughout the utility have been identifying and implementing programs aimed at enhancing customer service. It is the employees' responsiveness, knowledge and caring that is foremost in f customers' minds when asked why they feel such satisfaction from their EWEB service. The customers' appreciation of the employees' commitment to service was particularly notable in early 1989 when the frigid " Siberian Express" caused pipes to freeze in thousands of Eugene homes, and electricity demand to reach record levels. EWEB crews worked around the clock under extreme conditions not only to make repairs to EWEB's system, but also to quickly respond to the customers' needs for water shut-offs. Fast emergency response coupled with the quality handling of customer inquiries and requests for service combine to build lasting relation-ships between EWEB and its customers, furthering our ability to be the
" utility of choice."
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Jean Reeder General Manager 25
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& Control Syuem and Dispatching Center will help IWEli maumite the benehts of its energy resources v.' hen n becomes fully operational in mid-14K9 26
I j ~ y t' K,E ugene f is implementing Water E energy resource development
& Electric Board a long-term 2-3 plan to ensure dependable and affordable energy for its customers. While consumer demand for EWEB power is expected to increase in the com- ,
ing decades EWEB's ability to purchase power through existing low-cost contracts will diminish. The energy resource development plan implements a two-track strategy to address this situation: careful management of present power supplies and development of new energy resources. Increasing & Diversifying Power Supplies In an effort to achieve greater control over energy costs, EWEB has sought to increase both its own generating capabilities and the share of power it buys from sources other than the Bonneville Power Administration. EWEB's own l generating facilities and power obtained through contracts with other utilities supplied about 30% of <:ustomer energy needs for 1988. The BPA provided the remaining 70% . Potential increases in future BPA rates and possible changes in federal law affecting access to cost-based federal power have underscored the need for EWEB to diversify. To this end, EWEB signed a contract in October 1988 with Idaho Natural Energy, Inc. to buy power generated from the Smith Creek flydroelectric Project. Located on a tributary of the Kootenai River in Idaho's northernmost u county, the Smith Creek Hydro Project is scheduled to produce an average of 81.5 million kilowatt-hours (kWh) annually beginning in 1990. This is the first new power resource EWEB has acquired since 1976. The 40-year contract gives EWEB an option to purchase the facility after the project's l seventh year of operation. The contract calls for EWEB to pay , only for the power produced--Idaho Natural - Energy, Inc. will pay for the project's design, construction and opetation. EWEB is guaranteed a - delivered price of 1.8 cents /kWh for the entire 40-year period. Although this exceeds the rate *- EWEB currently pays BPA, planners see the fixed price as providing a long-term advantage as costs for other resources continue to escalate. M EWE B will be buying the electrici:y generated by the Smith Creek Hydroelectric Project in Idaho to be con-
!.tructed in late 1989 upriver irom the falls show n abosc.
27
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/- 1 Pb, Low-cost hogged fuel enabled EWEB to generate electricity at its wood-buming steam plant during 1%8.
Normally the plant is only used to provide process sicam for dow ntow n-area businesses and others located near the steam plant. j...o bhmS g g. EAM ^ ruii year oreiectricai generation ai the Willamette Steam Plant-the first full year of iiydro neiicensing EWEB is also preparing for a future of k ij generation since 1977-also helped advance secure encrgy supplies by working to n tain licenses Q EWEB's goal to diversify its energy sources.The for the hydro resources it currently owns and Steam Plant generated $1.7 million in electric operates. On December 31,1993, licenses for the revenues at a cost of $700,000. Operation of the Leaburg and Walterville Hydroelectric Projects plant's generators is cost-effective when the plant's wiil expire. These facilities are responsible for fuel-processed wood waste from lumber mills- 409 of EWEB's self-generated power. Preparatory is inexpensive. Low fuel cost, along with facility work began for the five-year relicensing procedure and fuel-handling improvements, contributed to in 1987. At the end of 1988. EWEB filed a Notice making the Steam Plant an economical energy of Intention to Relicense with the Federal Energy producer in 1988. The plant's primary function is Regulatory Commission (FERC). Several steps to provide processed steam for local industries and are being taken in preparation of a comprehensive the downtown district heating network. Electrical final application for submittal to FERC by the generation is on a standby basis, dependent on the December 31,1991 deadline, availability oflow-cost fuel. EWEB has merated the Walterville Project since the utility wt s formed in 1911. The plant was rebuilt and enla;ged in 1949.The Leaburg Project is EWEtrs second oldest generating resource, serving customers sirice 1930. Both are located in EWEB's electrical service area along the McKenzie River. 28
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hC.Isl$9Y[Q Q J %%f M a equiring new resources is one h%[{Ak# [ CQ* -M % W T# j[ .1 way to develop a utility's energy portfolio; another is to stretch the MbiM fb bhh,b,-
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4-Photo "The Reg ster-Guard' resources already available. No year in EWEB history has seen as much progress in community energy conservation projects as 1988. In addition to helping customers keep warm and pay less, weatherized homes are also an energy resource. Heat that no longer leaks through drafty windows and uninsulated walls is energy that EWEB, for the life of these buildings, will not have to purchase.
= As a direct result of EWEB's Super Good Cents 1988 Highlights include:
program. 43% of all electrically heated homes a Using HPA funding, EWEB weatherized 4,705 constructed in EWEB's service aiea during 1988 homes yielding an annual energy savings were built to the Northwest Power Council's estimated at 16.6 million kWh. This brings the super-efficient Model Conservation Standards. total number of homes weatherized under EWEB .
= EWEB'sWeathen.zation Plus Program programs to 21,31I with a combm.ed annual teamed up with the Lane County Housing and energy savings estimated at 88.4 million kWh.
Community Services Agency to distribute
= These 4,705 homes represent roughly over $1 million in funds (909 of which came I/3 of all homes BPA helped weatherize last from BPA) to weatherize the homes of year in Oregon, Washington. Idaho and low-income customers.
Montana combined.
= EWEB's High-Rise Multifamily Conservation Program conducted energy audits of all qualify-ing buildings in EWEB's service area, resulting in energy-saving measures being taken in 90 percent of the audited t,uildings. EWEB assisted with energy-saving improvements on nearly 800.000 square feet of high-rise living space.
29
, . , . . .. # .s V A major event in 1988 was the installation and preconditioning of the new Energy Management & Control System's remote terminal units (RTUs). The EMCS will become the corner-stone of EWEB's electrical operations, monitoring man and directing energy transmission and delivery. Retail Electric Sales M i .. The computer-driven EMCS master contml station **=d=>
e4* ' p"j} " housed in the headquarters building will mceive o .5 to ts 2.0 25 continuously updated information from the RTUs g g ggg w ag g ggd With its current at the utility's 33 substations. The installation and + i l 33 i t increased emphasis preconditioning program, completed by EWEB EsMGMtmen.camigla l 84 upon strong, personnel ahead of schedule, moves the EMCS ' i i
. .I gggressive project closer to full operation by mid-1989. "# " hum es
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mInagement, cost In addition to progress on the EMCS, p gdyggg h ggggggg c:ntrol, and l ,, i improvements wem made on hydroelectric ; i , ) i cu tomerservice, Fenerating facilities. In order to enhance fish [ M A m m m M 7M R7d M f?$l l e7 EWEB is one of the passage, the salmon racks on the Walterville tailrace + i strcngest electric were rebuilt, and the fish screen flume at Leaburg "*NN =4 88 utilities in the Pacific was modified. The Carmen-SmithrTrail Bridge N rthwest. facility completed its five-year independent I llNTB Annual Regmrt,1988 engineering inspection, as required by the Fedemi Water Sales Energy Regulatory Commission, with no major deficiencies identified, o 1 2 3 4 s s 7 e o 10 EWEB's McKenzie River hydroelectric EE momMMh*M. ! !
!ea generation facilities (Walterville, Leaburg, and the i . ! ! ! I l ! !
Carmen-Smith Pmject) produced 419,853 mWh in Mk I l84 1988, meeting approximately 19% of customer demand. The Bonneville Power Admmistration ggggg ggg l i l es r j l i ! supplied 1,603,835 mWh, while another 282,199 ff1ML%7NSMIMEU2 i es i l mWh were obtained from other contracts. Electrical : I t , i generation at EWEfrs steam plant pmvided ' EMMdOMEEEE 87 83.140 mWh. Despite low water conditions m gggg gl g, western Oregon causing reduced flows through EWEB's hydroelectric facilities, the power resources and dispatching departments were able to sell $4.7 million in surplus energy on the wholesale power market. This repiesents the second-highest yearly sales figure ever recorded at E W E B. ] The electric utility served 57.556 I residential customers in 1988, up from 57.139 in 1987. These residential customers consumed 930 million kWh at a rate ofjust overthree cents per kilowatt hour. In total, the utility provided customers with more than 2.1 million mWh, a 2.4% increase over 1987 sales.The increase is attributed to weather conditions and economic growth in EWElfs service area. 30
Ei R < 'A M The major expansion of EWEB's The single greatest factor affecting the water system which took place in the late 1970s - steam utility in 1988 was hogged fuel prices. assures Eugene residents and businesses an ample EWEB's steam plant burns hogged fuel, a lumber supply of water for years to come.The existing mill by-product composed of tree bark. In 1988, - system's filtration plant,540 miles of water mains, hogged fuel costs fell to the lowest point in recent .j and 23 reservoirs has the capability to readily meet history. Prices dropped below 50 cents / unit, j high water demands during extended hot weather compared to prices averaging $29.00/ unit in 1982. !
' without need for any restrictions of p' c. More than These savings were passed along to EWEB's steam j 8.85 billion gallons of water were consumed in customers through fuel cost credits on their billings.
-l 1988, bringing in revenues of $6.95 million. The steam plant and its delivery ;
The Board of Commissioners voted on system underwent several improvements in 1988. j November 14th to approve a service contract under The hogged fuel pile was moved closer to the which EWEB will assume responsibility for plant, and the plant's ash conveying system was ; operating the water system for the 4,000 customer redesigned and rebuilt for greater plant reliability. l River Road Water District, which purchases its All steam vaults were re-insulated, inspected and water supply from EWEB.The contract is similar maintained in accordance with the new com. to contracts which EWEB has entered into with puterized maintenance plan, the Glenwood and Santa Clara Water Districts. EWED's 124 steam customers pur. The EWEB steam Two major water system improvements chased 389 million pounds of steam in 1988, plant benefitted from . were implemented in 1988.To ensure ample pressme These sales generated $1.8 million in revenues and severalfactors in 1988 and supply throughout the entire water system, represented a 4% decrease in sales from 1987. HNTB Annual Report,1988 computerized controls for Water reservoirs and 7 pumps were installed. As pan of ongoing efforts j to expand water system transmission facilities, a 24 inch main was installed alongWest i1th (between Beltline and Danebo).The concrete cylinder pipe will improve water service to the West Eugene area. EWEB's water utility served over 35.000 ccstomers in 1988, up fmra 34,700 in ( 1987.This larger number of cusmmeis, however, consunv d 4.7% less water than was consumed the
. previous year when scvere hot nnd dry weather conditions cansed record water use. Still.1988 produced the secord highest water consumption in EWEB history. Water rates remamed unchanged l' for the sixth cor.secative year.
Tha water utilityisin cxcellent cond9 ion. It13 expected to l- c:ntinue to provide good service to the c:mmunity with minimum difficulty. HNTil Annual Report,1988 31
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l y l Dennis L. Solin Randall E.Thwing RecreationalTrails Board Prcsident Solin . CommissionerThwing Advisory Council for the began serving his second W._ ? began his service on the Oregon Department of four-year term on the Dr. Sarah Hendrickwn EWEB Board in January, Transportation, a EWEB Board in 1987. - 1987, following his member of the Board of l , Elected by residents of . election to a four-year Directors for the Mt. City Wards 4 & 5, , , term representing the Pisgah Arboretum, and
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l Commissioner Solin was , City at Large. A partner has chaired the advisory m) Vice President of the inThwing andThwing, committee for the Board in 1985-87, and Attorneys at Law, Oregon Department of was elected by the Board f CommissionerThwing Energy's Small Scale as President in January has practiced law in Energy Loan Program. Dennis t.. sohn 1988. A certified public - Eugene since 1970, Commissioner Pratt is l i accountant, Commis. Dr. Sarah 3 , specializing in small office manager for the sioner Solin is a principal IIendrickson a
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'q business organizations. International Studies in the Eugene accounting Board Vice President He has served on the Program at the Univer-firm of Solin & As- Hendricksan in 1988 Randall E. Thwing sity of Oregon and is Eugene Planning sociates, P.C. He is also served her eighth year administrative assistant gg Commission, Eugene {
an active member of on the EWEB Board and E, joint Parks Committee, to the program's director. !
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national and state was elected to her third , Eugene Citizens involve- Dr. James E. accounting associations, four-year term by ment Committee, and Reinmuth and has served as a residents of City Wards 6 the Lane County Bar Commissioner Reinmuth member of the Lane & 7. In January 1988, 2 Association Board of served the final year of Council of Governments, the Board elected her as Directors. Commissioner his four-year term on (be the Lane Cour ty Parks Vice President. A family ,. Thwing is a meraber of EWEB BoarJ in 1988, Commission. and t% phssician in prisate the Oregon Stam Bar having been elected in Willam!ane Parx and medical practice, Anoeiation and the 1984 by residents of Cia ' Recreation District. Ilendriebon is e American Bar Associa- Wards 1 & 8. Reinmuth I member of the Amen- tion. He also serves as s Dean of the t'niwrsity can, Oregon, and Lane Secretary amhrustee of cf Oregc n's Colku of County Academics of th: Eu;ene Rotary Besiness Admmstratioa. Family Practice. She has Foundation ile s n emtierof chaired the I ane Count" Camilla P. Pratt several prefcssional Medical Association's societic 3 tnd has Connnissioner Pratt l community health sm ed her 12th and euthored six books and ( committee and sersed as closing year as an numerous articles on a member ofits EWEB Commissioner in forecasting, strategic executive council. - planning, marketing and 1988, having been Commissioner Hen- or hmes E. Reinmuth leadership. Commis-elected three times to drickson has chaired the sioner Reinmuth also is four-year terms by Lane County chapter of residents of City Wards 2 active in a number of Physicians for Social
& 3. Commissioner Pratt local business endeavors.
Responsibility and the served as Board Presi-w omen's issues commit- dentin 1985-87, after tee of the American serving as Vice President Association of Physi-for six years. She is a cians for Human Rights. rnember of the Oregon 32
ew Commissioners , fl~ NbNb SQfhQ. f*ifjQ
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his. Richard Freeman gWA gg ADV k a[ 'st yde va ; Commissioner Freeman' M4A 6 saV/A0 was elected to represent WM J t ( 6 d* k l g' gN? ug City Wards 1 & 8 hhD ,, jM Whg jh hp ; d' mh@ ..s / 5; g beginning in Janaary, p : ( y[ " 1989. An EWEll Board
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grt, ,- ? g g member from 1971 ! : p , through 1980, CommisO o % l i I sioner Freeman was 5 d Board Vice President in - k ., W f
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1 s on the Board of the Lane y < ; , -s . l ' Council of Governments - 5
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from 1972 to 1979. He y pgd% ymm kl b ,3 .t n gg qg W q was an active m# ember of the Eugene Chamber of y! j
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g* I f I M y g hd j u i j Commerce for 19 years 1 4 J gy f g
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MM I ' l' CommissionerWillis F' began his first: year on. - 7:
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a Condni'sionerWillis s is a f # 5 hwltti a,nd ((tness%
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%1(pubtitudifnt$nt, andig f,t , } g y p, @ 9 4g qN gj p 9 < Me owner of Oiegon W f: . 0 D Wellness Systcmsf Tp 4 (([NINietil5Ih"h . .g E Commiss'ionerwiniy g g 4 j g f % d ' " Q Qp M Q :;;g y g Nd g %; g% sewngontganen g~ DrgF g4 yg' 1 fWG y g y% WG.' % p s k'W' gbb.' < y khh $ g# qh k k Divisionbf the American < < Mf3 "M" l{eart Association, and 7 fN wc sLg w%, um amW he is a memberof the wan gy gg , jgg,m p. o t :y g g: q% gy a Lane County llealthy ;g4 m W : pqp , g %. y A 37D ,,gyg fNpp jQ AdvisoryCommittee, <lM (p f #h Ty M } f [ * * [q , 4 M%j[ kgg{l[ the American College ofI' gh }y M [] y , ' ' 4 i < % j }j { Spons Medicine, the f yGQpffg[(g]kkyg mfA R vm, gy > g g my( MN Association for Fitness b ',WMhpU[, W k 9 .[, o M idhg 'N: Ju dU,. #M VW, 'L & 4~ in Business, and the' - [ q , , ' E , *jfh b. fgh / Nation'al Strength a' nit -
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%QIs 2 N3 6 As part of the IIcadquar-ters Project dedication ceremony, long-time EWEB employees Carley Lewis, Lloyd Lindley and Dick Neet " buried" a time capsule containing l EWEB memorabilia.The I employees, with 111 years of service between t
them, placed the capsule in the exterior wall of the new headquarters building l beneath a commemora-tive stone. A partiallist of the time capsule's contents includes: a A map of Eugene
= .A mint proof het of coins
= Miscellaneous stamps
= A 1988-89 Eugene /
Springfield telephone directory a Photographs of EWEB facilities l
- Anctebook1;iglilighting l Mastu Plaa con <true-tian activities l = Photograph of the computer room and a brief history of data processing at EWEB
= Fnplojer autograph book
= 1 he shovel used by ,
Governor Goldschmidt at the headquarters area groundbreaking ceremeny The time capsule will be opened and its com-plete contents put on public display as part of EWEB's 125th anniversary celebration on March 11,2036. _ _ _ - - - _ _ - _-}}