Text

Long Island Lighting Co 1994 Annual Rept
	ML20083P752
Person / Time
Site:	Nine Mile Point
Issue date:	12/31/1994
From:	; LONG ISLAND POWER AUTHORITY
To:	;
Shared Package
ML17059A817	List: ML17059A816; ML17059A818; ML17059A819; ML17059A820; ML17059A821; ML20083P752;
References
	NUDOCS 9505240400
	Download: ML20083P752 (56)
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1994 HIGHL1GHTS o,,,,,,,,,...,.,,,,,,,,,,,,,,, n, o,i..s i o, n..... al s,..ie n,e,,, s ',fi fleepor t o A i,1(feper,<fenf A u(Win, s ei 5elet let) I ndnt u,1

Positive cash flow allowed the Company to meet all operating and construction requirements, w, o,, p.,, a.i.. into, nuition as well as satisfy a portion of maturing debt.

, e n,,c, ro, s,,,,<> on,c,,, Earnings for common stock maintained at 1993 levels despite a higher number of shares outstanding and a lower allowed rate of return on common equity for the gas system. + First common stock offering in ten years raised approximately $100 million. + New record gas sendout of 585.227 dekatherms established in January. + New record fcr customer energy use in a single month-1.975 gigawatt hours-established in July. + Shoreham Nuclear Power Station decommissioning completed, pending final regulatory approval. e a e D

1994 HIGHLIGHTS + Positive cash flow allowed the Company to meet all operating and construction requirements. l as well as satisfy a portion of maturing debt. + Earnings for common stock maintained at 1993 levels despite a higher number of shares outstanding and a lower allowed rate of return on common equity for the gas system, + First common stock offering in ten years raised approximately $100 million, + New record gas sendout of 585,227 dekatherms established in January.

New record for customer energy use in a single month-1,975 gigawatt hours-established in Juy
Shoreham Nuclear Power Station decommissioning completed, pending final regulatory approval.

T

l i To OUR S H A 11 E O W N E R S 1994 LILCO achieved a firancial milestone in 1994, generating sufficient cash from operations to meet all of its operating and construction requirements, in addition to satisfying a portion of its maturing debt obligations with cash on hand. The Company earned $2.15 per common share in 1994 on revenues of $3,067,307,000, the same level of earnings as in 1993, despite a higher number of common shares outstanding and a lower allowed rate of return on common equity for the gas system. The Company also maintained the quarterly common stock dividend at 44.5 cents per share. LILCO's improved financial position enabled the Company to file with the Public Service Commission (PSC) a three-year electric rate plan requesting a base rate freeze through Novem-ber 30,1996, and a 4.3 percent increase beginning December 1,1996. Even with the rate + freeze, LILCO is in a stronger financial position today than was anticipated in the Shoreham settle-ment, due largely to implementing cost-cutting measures, refinancing higher cost debt, and purchasing fuel at lower costs. By holding base rates at current levels, the Cornpany can better prepare for a more competitive market and aid the economic recovery of Long Island. The PSC indicated that it will act on the Company's pending rate request in April 1995. + Competing Viewpoints Discussions about introducing competition into the electric industry continued to dominate the industry, as policymakers nationwide confront the complex issues surrounding wholesale and retail wheeling. The financial markets reacted adversely to the discussions which, along with rising interest rates, caused the Dow Jones Utility Index to drop 20 percent. In New York State, the PSC has been holding Competitive Opportunities Proceedings to eval-uate the future structure of the electric industy. In Phase i of the proceedings, the PSC adopted I T s

t . guidelines for flexible electric rates under which utilities can negotiate individual contracts with large commercial / industrial customers to dissuade them from leaving the system. In Phase ll, the Commission has taken up the larger issue of wholesale and retail wheeling. + 0n The Homefront in October 1994, Governor Cuomo proposed a state takeover of LILCO as part of his re-election ] campaign. The $21.50 per share proposal promised to cut electric rates by 10 percent or more by substituting tax-exempt securities for the Company's stocks and bonds, and by eliminating federal income tax. Your Board of Directors had authorized management to commence discussions with the state to pursue their offer, but since Cuomo's defeat in the November election, the takeover plan has not been pursued by Governor Pataki's administration. 3 Energy costs continue to be a political issue on Long Island, with local public officials offering various plans to lower rates. Suffolk County has indicated that it will seek permission from the Federal Energy Regulatory Commission to municipalize the electric system in the county. Nassau j County has filed a petition with the PSC to allow retail competition in its county. We will vigorously oppose both proposals because we believe neither would result in lower rates for all LILCO customers. Proposals like these underscore the need for a structure that would allow for competition to .j be implemented in a manner that is fair to both residential and commercial ratepayers and to share-3 owners. To that end, we encourage all utility investors to make their viewpoints known through shareowner organizations or directly to elected officials. + Working Our Strengths To hold down rates and position the Company for a more competitive market, it has been necessary to vigorously cut costs. LILCO has saved $100 million in interest annually through aggres-sive refinancing of higher cost debt and preferred stock, and an additional $73 million in 1994 by combining off-system power purchases with burning natural gas in our power plants. In the last few years, we reduced our workforce by 600 employees through attrition and project an additional reduction of 250 employees by the end of 1995. And since 1989, we have saved more than $130 million by implementing cost containment programs, overtime reductions, managed health care and - improvements in power plant reliability. In addition to reducing costs, we are working hard to retain revenues. We established a major accounts organization focusing on our largest customers, especially those with options for alternative energy sources. We are working to expand the Island's economy which had suffered a recession T

l l following the defense cutbacks a few years ago. Through our efforts,169 companies and 9.300 jobs have come to or expanded on Long Island. We also embarked on an innovative program with the state to retain and revitalize the region's manufacturing industry, involving 81 companies and more than 21,000 Jobs. In addition LILCO's Research & Development initiative continues to take the unique research and technology asse:S of the region and put them to work at LILCO. By partnering Long Island industries in creating new technologies for utility use, we are able to improve our service and strengthen the local economy. In stimulating the region's economy, we are seeking to hold down rates by spreading our fixed costs over a larger customer base. Although the region has not fully recovered from the recession, we are confident that Long Island will rebound because of its proximity to New York City and international airports, its highly skilled workers, and its growing technology industries. + Redefining Our Business LILCO is implementing new strategies to respond to Long Island's energy needs. On the elec-tric side of the business, we are exploring energy-efficient technologies that increase electric load while allowing customers to decrease overall energy costs. On the gas side, we have targeted expanded use of natural gas in homes and businesses that already have a gas service, allowing the Company to increase sales with minimal capital expenditure. Despite a significant decrease in fuel oil prices, we have continued to add customers to the gas system and see significant long-range opportunities there. As always. our focus is providing unparalleled service to customers and excellent value to shareowners. Despite changes in the industry, our commitment to that goal will never change. On behalf of LILCO's Board of Directors and its employees, I would like to thank you for your confidence in our ability to keep that commitment. Sincerely, William J. Catacosinos Chairman, President and Chief Executive Officer T

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e,.. n s q r ienat oct ., #c , o,; n, ~, n o e r,..c o ..a f y jp Iff 0 ",1 % *, I f l P g y' 4 l,s! 4 g,.:n.. ..., n qt, t he priwee Y i 'l# " f f * ' ' I " t 6 l' Dr. William W. Hogan ..,. o g,. s y s t""' Professor of Pubic Poiry and Management. Harvard Urwersity e.,v on,,.n v o.,n, 1 *i., n erst of e.<.i,i,+. igain st inst p . o.. om e c, i m n,,, u n ic i.).*, t i r, ser su e di the L..., w s,,, f se, o.,i ni, , -, n., o, s o..o n ai,on in .'t,s1 ef f es f e veriess also erse fg gde t n %dnq the trHI%f .., m, m,n m ,n,. o, ruei, .tiit! yer tef alsity Isf His w,n o,' > u ' " ' v ste'" "There's tremendous pressure in New York for electric competition to move ahead rapidly, The rhetoric suggests that we must have competition because electric prices are ' suddenly' much l im wo, o,nninen sav -,qcn o.o ovi ystem higher here than the national average. But when you look at the cost of electricity in real terms for industry in New York, the rhetoric is not based in fact. What actually is different is t'1at now I nm e,nonna esano no,, u n y, u,io,.c ga. in .,o, nLe, nian,voinico there is the opportunity to buy from other sources through retail competition. Customers want to buy elsewhere and avoid paying utility historical costs. .,,o, e.n ao s e i,n.n.nn The trick is to design a system that allows for competition at the margin. but doesn't compro-j mise the ability to collect costs that have been prudently incurred. That's not impossible. What is l impossible is to design a system that produces dramatic reductions in rates quickly. It's the very nature of the electricity industry that a large portion of the costs are historical costs and nothing will reduce them. You can e"her have dramatic reductions in rates or honor the commitment to collect prudently incurred costs, but you cannot have both. In a sense. LILCO is in a better position to handle competition than some other utilities. There are a limited number of transmission cables connecting Long Island to the Northeast power grid. through which competitive power would have to be delivered. Since much of the capacity on these cables is being utilized now. only so much outside power can be brought in for off-system sales. LILCO is also ' protected' in that the Company has fewer large customers than many other utilities, and these large customers are the ones that are most likely to have the ability to leave the system. And, unlike l q other utilities, LILCO has reached an agreement with the state on its sizeable regulatory asset. Other } utilities have yet to complete this process. / - / To equitably implement competition regulators need to separate tr.e historical costs from the actual costs for generating electricity. When competitors come up against the real costs at the margin in LILCO's case. 3.4 cents (kwh)-suddenly LILCO is looking pretty competitive." 7

n {.)espf fe e r fer tjas f a r c (a s W that arnpartnel ttie value of utihty sto< k s nation wide ( il I t> 5 Snane M) health e <>iitivitied to lO)g)r() V f' Ih !9M k 24I f'l Ernest S. Uu ) Patrwr, Goldnsan Sachs " *9 5 3" d / "'"'""[ sto< k div ntends were rtqun tatried.<f f 'f 9 i FiNANC1AL HEALTH n,ne,n n.n yea, s in.. C ortsparty of b*o<f sna,es ot i o,nn o,,, sttg k f alseng appF(J El rnately $ 100 GWilt<in I tus offering a c on bened w#th saHsfymq a portion of maturing debt with < ash on "By far the biggest challenge facing utilities today is to adjust to competition while protecting nand ano*edtnto their financial health. The underlying issue is that utilities have always been heavily regulated. Within frorn 65 per< ent m that environment, they constructed electric systems, obtaining capital with regulatory assurances that im to 6;>, re,r ent "Y""'"""""* they would be able to recover prudent costs. Today, there are les; expensive technologies available to non-utility generators that, along with other factors, allow them to offer lower prices to consumers. Utilities are left with immense investments, undertaken to meet regulatory obligations, that are not yet fully amortized. The stock market is worried about utilities being able to fully recover historical assets and still pay a stream of dividends to stockholders. It's a question of honoring commitments. And in LILCO's f case, the question goes specifically to the Shoreham agreement. Investors are asking, with the recent change in admmistration and emphasis on promoting competition, does New York State intend to honor the future recovery of this asset? The market is looking for assurances that the agreement between LILCO and the state is one which all future administrations will honor. Certainly LILCO has lived up to its part of the bargain. The Company has worked hard to improve its financial standing, using the improved cash flow we have seen in recent years to retire and refinance high cost debt. They have decreased their head count, C, improved their balance sheci by thickening their equity base, and maintained their dividend, which is i essential to retaining credibility with the capital market, The worst enemy of the investor is uncertainty. 'he financial community recognizes that LILCO has made much faster progress in improving its operations and cash flow, but people need to see some sign of good faith on the part of the state. I believe if we get that sign, LILCO stock will show some rebound and that, in turn, will enable the Company to continue to improve its balance sheet." T l

Roslyn D. Goldmacher Esecutw Director, Long Island Deveksment Corporaton REGl0NAL ADVANCES "In the 1980s, the Long Island region was prosperous and the economy essentially drove itself. The changes of the 1990s demonstrate, however, the importance of aggressive economic develop-ment efforts even in a healthy economy. LILCO has realized it needs to be a leader in this area. Nationwide, utilities have traditionally played the key role in economic development for their communities. The local utility has a unique link to every business and every consumer. It is tied to the community. If it is in anyone's interest to keep the region vibrant and healtby, As in the utility's interest, .1 l LILCO's involvement in regional economic development in the last few years has been very bene-ficial for the area's stability and growth. Long Island has many layers of government and with so many players in one pot, someone must take the lead to provide a cohesive, effective effort. LILCO has created a formal method for coordinating economic development resources in the region through the New Long Island Partnership. It provides a single point-of-contact where busi-nesses can go and say, 'l need help, how can you help me?' and the right resources are brought to the table. And LILCO has done this without creating additional financial burden on those resources. LILCO has effectively allowed the economic development agencies to extend their outreach without spending more money. The ' hand-holding' LILCO provides has resulted in many companies making the decision to stay, or expand, or come to long Island. It has made the process more user-friendly. In economic develop-ment, that's the whole idea. LILCO's involvement in economic development efforts benefits ratepayers and stockholders, as well. Ultimately, if the economy thrives, so will the utility. Rates remain stable and dividends get paid. So it's notjust a matter of a moral ' obligation to the community. Good business is good business.~ lt's. as simpJe as that." v I

l. in( o s Hesean n & 9' Developnient inetiative is < ur r ently enter toy its fourth sur ( essf uf year ( rented l< > pr e vide i n t 4 ) witn innc iv.i Dr. PtilHp F. Polmedo V" '"' h ' " d " 4 N Pressdent, Long Island Research Institute needed io < olon..n. n, the < v uisurner driven i RESEARCH AND DEVEL0PMENT r ws in.. n on. n v.. na s aw.t r de<l n u ir e t h.ir t s. K,,,Qq. l s i n i nun on n, c.

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.g, 1,himans io, u g' g ico s si,u.e om. wito,. iny resea,ui raieni won mdustoal resoun es nas nelped sllfflulate f eyiOrigli e( Of M H11H "The general public, even the corporate and investment worlds, have not yet come to appreciate y,owin wnne n..ip ny l the strength in high tech research and development that exists on Long Island. Many regions of the .os improve ine ways l country have strength in R&D, but few have the concentrated, diversified strengths we have here. .,nd < oonerve eter un ay The fact that long Island has a major strength not in one narrow area but in many suggests that ,,nd naio, ai ya s synergistic technological combinations will emerge here. Unfortunately, Long Island has lacked a coordinated regional effort to capitalize on these strengths proptriy. When you think of the regions across the country that have excelled in tech-l nology based economic development, they are not necessarily those with the best research, but those capable of translating that research into commercial activity. Somebody has to have the imagination to envision the route to concrete commercial uses of j innovative research; to move technology from creator to user. That's the basic philosophy of the Long l l Island Research Institute. We look at technologies and build bridges out to the potential users. That's also the philosophy behind ULCO's R&D Initiative. and I am a great supporter of their efforts because they are working to build bridges from their end. ~ The process of converting technologies from a research stage to practical application requires the i \\ ability to evaluate a technology for competition with others and an understanding of the appropriate business strategy to move that technology into industry. But the really critical component is under-standing the user's point of view. When you have a company like LILCO, a major user participating in the process, that focuses and expedites the entire effort. The region would greatly benefit if other industry sectors would emulate ULCO's Initiative and would energize apphed research and development to address the important needs and opportunities-4 in their specific fields." TT ~

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9 Msgr. Thomas J. Hartman Enocutive Director, Telcare S0CIAL lNV0LVEMENT "I grew up on Long Island in the generation following World War 11, a very prosperous time for our region. Most families then were very traditional, with Dad going to work and Mom staying home to take care of the kids. Families had that luxury in those days. But today, we're in very differ-ent times. We're in different times in terms of government-with serious cutbacks in services; in terms ofJobs-with the declining defense industry creating unemployment problems, and in terms of family-there's a lot of social and economic pressure that makes it difficult for people to function as a family. In the midst of these changes, there is a temptation to say that the problems are so great, nothing can be done. I don't agree. Problems are always solved one at a time. They're always solved looking into the eyes of individual people. The challenge for a corporation like LILCO is to continue to care about the problems affecting the people of Long Island. Why? Because any corporation is really a composite of people. The individuals who come to work at LILCO are not only workers, they are part of the community. For the corpora-tion to understand them, it must be part of the community, too. If a company grows and makes its money on Long Island and does not give back to the commu-nity, its people become disenchanted. But if it engages its people in a dialogue, lets them know it cares about this Island, that can make all the difference. When I went to LlLCO a few years ago and asked if they could help Helen Keller Services for the Blind, they listened. They had respect for the cause, and the company got involved. If you have a child who is blind and you don't have the resources to take care of that child, what the people at i LILCO are doing makes a big difference. They're notjust providing a service and sending a bill-they are a neighbor. l Tile challenge to corporations is to be responsive. It isn't a question of whether to be involved... j but he'w to be involved. We're all part of the human story. We need to be connected." u l
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~~n.. ui. n nir rnin <3f f uels i s,i f e ps t ie r,t f u Ml u, nt s There's tremendous pressure in New York for electric competition to move ahead rapidly, mn e,i, o i.. s s y si~~
,n The rhetoric suggests that we must have competition because electric prices are ' suddenly' much n, om, on n,ng,,.,o -,y s f, o,n on sy su.," higher here than the national average. But when you look at the cost of electricity in real terms n. .., no m nases a,u y ,g o m, n n iq n.n o,.o y.is.,n there is the opportunity to buy from other sources through retail competition. Customers want to ou, nye, ni..nis n,no.,,, buy elsewhere and avoid paying utility historical costs. . o o,. n,;, n s e i onn,on [' The trick is to design a system that allows for competition at the margin, but doesn't compro-mise the ability to collect costs that have been prudently incurred. That's r,vt impossible. What is impossible is to design a system that produces dramatic reductions in rates quickly. It's the very nature of the electricity industry that a large portion of the costs are historical costs and nothing will reduce them. You can either have dramatic reductions in rates or honor the commitmen. to collect prudently incurred costs, but you cannot have both, in a sense, LILCO is in a better position to handle competition than some other utilities. There are a limited number of transmission cables connecting Long Island to the Northeast power grid, through which competitive power would have to be delivered. Since much of the capacity on these cables is being utilized now, only so much outside power can be brought in for off-system sales. LILCO is also ' protected' in that the Company has fewer large customers than many other utilities, and these large customers are the ones that are most likely to have the ability to leave the system. And, unlike other utilities LILCO has reached an agreement with the state on its sizeable regulatory asset, Other
~~utilities have yet to complete this process.~~
[/ To equitably implement competition, regulators need to separate the historical costs from the / . actual costs for generating electricity. When competitors come up against the real costs at the margin-in LILCO's case,3.4 cents (kwh)-suddenly LILCO is looking pretty competitive." T
nesp<tv veem o hw es 0 Itbil itninu 1ett flie v.thae <>f lif rirt y Stru kh r hatic an v,, s hnaen nel w ate s ( health c onhnueul h - unpr rive iri 186 1 l,u ri Ernest 8. Uu Partner, Goiriman fische '"(Is'"""'""""' stru k c h v alef ul', we r e m,,,ni.o n..o a, e n i FINANCIAL HEALTH lime ir: te r s,e u s the ( o m pa n y.,f f.o..i t s h,p e s l i f < s ii r iii n i i i %l r ti k I s h % H IQ 3lM U 4b50 igi,itely 51 t H i niinic ir i T hr, offer n uj i orn bined with wer'dymq a p(ntu ut < >f nbef or Iriq destit wit h ( ash nei "By far the biggest challenge facing utilities today is to adjust to competition while protecting n..no annwen i n i < i their financial health. The underlying issue is that utilities have always been heavily regulated. Within n om e, peu eni in that environment, they constructed electric systems, obtaining capital with regulatory assurances that nm i in o s nem..n, "Y""'""""'""' they would be able to recover prudent costs. Today, there are less expensive technologies available to non-utility generators that, along with other factors, allow them to offer lower prices to consumers. Utilities are left with immense investments, undertaken to meet regulatory obligations, that are not yet fully amortized. The stock market is worried about utilities being able to fully recover historical assets and still pay a stream of dividends to stockholders. It's a question of honoring commitments. And in LILCO's case, the question goes specifically to the Shoreham agreement. Investors are asking, with the recent change in administration and emphasis on promoting competition, does New York State intend to () honor the future recovery of this asset? The market is looking for assurances that the agreement between LILCO and the state is one which all future administrations will honor. Certainly LILCO has lived up to its part of the bargain. The Company has worked hard to improve its financial standing, using the improved cash flow we have seen in recent years to retire and refinance high cost debt. They have decreased their head count, improved their balance sheet by thickening their equity base, and maintained their dividend, which is essential to retaining credibility with the capital market. The worst enemy of the investor is uncertainty. The financial c$mmunity recognizes that LILCO has made much faster progress in improving its operations and cash flow, but people need to see some sign of good faith on the part of the state. I believe if we get that sign, LILCO stock will show some rebound and that, in turn, will enable the Company to continue to improve its balance sheet." T l
0 Roelyft D. Goldmacher Esecutive Drector. Long Island Development Corporanon REGIONAL ADVANCES "in the 1980s, the Long Is!and region was prosperous and the economy essentially drove itself. The changes of the 1990s demonstrate, however, the importance of aggressive economic develop-ment efforts even Ir; a healthy economy. LILCO has realized it needs to be a leader in this area. Nationwide, utilities have traditionally played the key role in economic development for their communities. The local utility has a unique link to every business and every consumer. It is tied to the community. If it is in anyone's interest to keep the region vibrant and healthy. it's in the utility's interest. LILCO's involvement in regional economic development in the last few years has been very bene-ficial for the area's stability and growth. Long Island has many layers of government and with so many players in one pot, someone must take the lead to provide a cohesive, effective effort. LILCO has created a formal method for coordinating economic development resources in the region through the New Long Island Partnership. It provides a single point-of-contact where busi-nesses can go and say, 'l need help, how can you help me?' and the right resources are brought to the table. And LILCO has done this without creating additional financial burden on those resources. LILCO has effectively allowed the economic development agencies to extend their outreach without spending more money. The ' hand-holding' LILCO provides has resulted in many companies making the ciecision to stay, or expand, or come to Long Island. It has made the process more user-friendly. In economic develop-ment, that's the whole idea. LILCO's involvement in economic development efforts benefits ratepayers and stockholders, as well. Ultimately, if the economy tlirives, so will the utility. Rates remain stable and dividends get paid. So it's not just a matter of a moral obligation to the community. Good business is good business'. It's j as simple a's that." l E l
9 't, '. s He s,,g r r ti & oc een,p,oeni ,on. owe los ( ur f einfly suif er iriq ,,., ro o m, s o,,. s s o, e y e.e r (' r e,ited h a la ri voor ! Hi ' wath innv is,9 PrW, W Inlanaf her$ Irvstitute tive ien hr nih npes neeoco in....n ge i.. o llte { ( s t i s l J ille = f df BV e*f 1 RESEARCH AND DEVEL0PMENT 9l $ s l I 14 ' lIll().lT I V 4' II.j s al W ell (le L l III(ll F !f telf l 5 11) / notha m hi 15 l t ony is e.n u, ve< nn u.., institutnuis f n H I pri, jects suo e 1991 M.0<h iny,es,...,oni.oemi e,n, ,nousin.o n.soon es n..sneinen sn nono, ,eywi.o n, noonn, "The general public, even the corporate and investment worlds, have not yet come to appreciate yf 4)Wlh While l ellntly l the strength in high-tech research and development that exists on Long Island. Many regions of the us 'nnpeuve me way s
~~" " * " " ' " " " ' ~ ' "~~
country have strength in R&D, but few have the concentrated, diversified strengths we have here. no, no se,,e.o..< n,eu, The fact that Long Island has a major strength not in one narrow area but in many suggests that ,, n o m,, o,,o y., s synergistic technological combinations will emerge here. Unfortunately, Long Island has lacked a coordinated regional effort to capitalize on these strengths properly. When you thir,k of the regions across the country that have excelled in tech-nology-based economic development, they are not necessarily those with the best research, but those capable of translating that research into commercial activity. Somebody has to have the imagination to envision the route to concrete commercial uses of innovative research; to move technology from creator to user, That's the basic philosophy of the Long Island Research Institute. We look at technologies and build bridges out to the potential users. That's also the philosophy behind LILCO's R&D Initiative, and I am a great supporter of their efforts because they are working to build bridges from their end. The process of converting technologies from a research stage to practical application requires the ability to evaluate a technology for competition with others and an understanding of the appropriate business strategy to move that technology into industry. But the really critical component is under-standing the user's point of view. When you have a company like LILCO, a major user participating in the process, that focuses and expedites the entire effort. The region would greatly benefit if other industry sectors would ' emulate LILCO's initiative and ~ would energize applied research and development to address the important needs and opportunttles ~ - in their specific fields." 77
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9 Msgr. Thomas J. Hartman Executive Director. Tek:are S0CIAL lNVOLVEMENT l "I grew up on Long Island in the generation following World War 11, a very prosperous time for our region. Most families then were very traditional, with Dad going to work and Mom staying I i home to take care of the kids. Families had that luxury in those days. But today, we're in very differ-ent times. We're in different times in terms of government-with serious cutbacks in services; in terms ofjobs-with the declining defense industry creating unemployment problems, and in terms of family-there's a lot of social and economic pressure that makes it difficult for people to function as a family. In the midst of these changes, there is a temptation to say that the problems are so great, j nothing can be done. I don't agree. Problems are always solved one at a time. They're always solved looking into the eyes of individual people. The challenge for a corporation like Lit.C0 is to continue to care about the problems affecting the people of Long Island. Why? Because any corporation is really a composite of people. The individuals who come to work at LILCO are not only workers, they are part of the community. For the corpora-tion to understand them, it must be part of the community, too. If a company grows and makes its money on long Island and does not give back to the commu-nity, its people become disenchanted. But if it Mgages its people in a dialogue, lets them know it cares about this Island, that can make all the difference. When I went to LILCO a few years ago and asked if they could help Helen Keller Services for the Blind, they listened. They had respect for the cause, and the company got involved, if you have a child who is blind and you don't have the resources to take care of that child, what the people at LILCO are doing makes a big difference. They're notjust providing a service and sending a bill-they are a neighbor. / The challenge to c rporations is to be responsive. It isn't a question.of whether to be involved.... I but how to be involved. We're all part of the human story. We need to be connected." f 5
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{. s, FiNANC1AL C0NTEN75 hinancialReview 18 Results of Operations 26 FinancialStatements Balance Sheet 30 Statement ofincome 32 Statement of Cash Flows 33 Statement of Retained Earnings 34 Statement of Capitalization 34 Notes to FinancialStatements 36 Report ofIndependent Auditors 50 5 elected FinancialData 51 Corporate Information 56 Directors and Officers 57 m____ i h E I i l i h 1 n.. -.-.e
F1NANC1AL REVIEW Overview + The continuation of the Company's quarterly common stock in 1994, the Company reached a milestone by generating dividend rate at 44W cents per share; sufficient cash from operations to meet all of its operating and construction requirements in addition to satisfying a portion of its + The reduction of the Company's average coupon rate on maturing debt obligations with cash on hand. The positive cash its outstanding long-term debt to 7.9% as a result of the flow resulted, in part, from the collection of deferred revenues Company's refinancing activities. The refinancing of a associated with the Rate Moderation Component (RMC) and the significant amount of the Company's long term debt and Long Island Lighting Company Ratemaking and Performance preferred stock, over the past several years, has resulted in Plan, and the Company's continued efforts to maximize operat-annual cash savings of approximately $100 million; ing efficiencies while reducing operating costs. + The reduction of the RMC balance from $610 million at Since 1989, the Company has received six electric rate December 31,1993 to $463 million at December 31,1994. increases and has experienced lower than anticipated fuel costs, This reduction resulted, in part, from current year revenues financing costs and production expenses, all of which have under the Rate Moderation Agreement exceeding revenues helped to improve cash flow, which in turn, has improved the that were required in 1994 under conventional ratomaking; Company's financial health. This improved financial health has enabled the Company to file with the Pubhc Service Commission + The completion, pending final regulatory approval, of the of the State of New York (PSC)on December 31,1993, a three decommissioning of the Shoreham Nuclear Power Station, year electnc rate plan (Electnc Rate Plan) requesting that base including the removal and transportation of Shoreham's fuel electric rates be frozen through November 30,1996, and that to another utility; overall electric rates increase 4.3% beginning December 1, 1996. The Electric Rate Plan, as designed, will help to better + The receipt of a gas rate increase effective December 1,1994, position the Company to meet existing and anticipated compet-which is the second of three gas rate increases under a three-ittvo challenges in addition to assisting the economic recovery year settlement between the Company and the PSC which of Long Island. provides for annual rate increases of 4.7%,3.8% and 2.8% for the rate years beginning December 1,1993,1994 and Three Administrative Law Judges (ALJs) issued a recommended 1995, respectively; deceon to the PSC W th respect to the Company's Electnc Rate Plan. The ALJs agreed with the Company's proposal to freeze + The addition of over 8,500 new gas space heating customers, base electnc rates for the first year, and imphed that base rates resulting from the continuation of the Company's gas expan-could remain frozen for the second year as well. The ALJs sion program; encouraged the Company and other intervening parties in the proceeding to negotiate a settlement regarding the third year of + The establishment of a record maximum day gas sendout of the Company's Electric Rate Plan. The Company, the PSC and 585,227 dekatherms on January 19,1994, other parties to this proceeding continue to negotiate toward a three year rate settlement. The Company believes that a three In addition, in 1994, the Company received an invitation at the year rate settlement is in the best interest of shareowners and request of the former Governor of New York State, from the chief ratepayers executives of the New York Power Authority and the Long Island Power Authority, for the Company to enter into negotiations with Other significant achievements dunng 1994 included them in a proposal to convert the Company into a public power utikty. The new Govemor empaneled a task force to study the
~~The Company maintained the same level of camings per~~
" takeover" proposal. While the task force did not make its common share in 1994 as in 1993, despite a lower allowed recommendation public, published reports in local newspapers retum on common equity for the gas business and the indicate that the task force recommended to reject the proposal. issuance of 6.1 million shares of common Stock during 1994;
The pubhc offenng of 5.1 milhon shares of the Company's common stock, for the first time in nearly ten years, raising approximately $100 million. This offering, combined with the satisfaction of a portion of matunng debt w:th cash on hand, has resulted in the reduction in the Company's debt ratio to 62.5%
at December 31,1994 from 65 0% at December 31,1993, 'iT
Liquidity needed to retire / redeem this debt and to retire $25 million of At December 31,1994, the Company's cash and cash First Mortgage Bonds, which matured in June 1994. In addition, equivalents amounted to approximately $185 million, compared in November 1994 the Company used cash on hand to satisfy to $249 mdkon at December 31,1993. The decrease in cash the payment of $175 million of maturing debentures. and cash equivalents reflects the Company's strategy of applying available cash balances toward the satisfaction of The Company's need to access the financial markets to provide maturing debt. additional capital or to refinance its maturing debt has dimin-ished compared to prior years. The Company intends to use The Company has available for its use a $300 million revolving cash generated from operations to satisfy the payment of kne of credit through October 1,1995, provided by its 1989 $25 million of First Mortgage Bonds maturing on June 1,1995. Revolving Credit Agreement (1989 RCA). At December 31, With respect to the repayment of $455 million and $286 million 1994, no amounts were outstanding under the 1989 RCA. This of debt maturing in 1996 and 1997, respectively, the Company line of credit is secured by a first hen upon the Company's intends to use cash generated from operations to the maximum accounts receivable and fuel oil inventones. The 1989 RCA may extent practicable. The balance of funds necessary to satisfy be extended for one year penods upon the acceptance by the rnaturing debt obhgations in 1996 and 1997 will be obtained lending banks of a request by the Company. The Company's through the issuance of either debt or equity securities, or some request must be dekvered to the lending banks prior to Apol 1 combination thereof. of each year. In 1995, the Company intends to request such an extension. For a further discussion of the 1989 RCA, see Note 7 Desp:te improving financial indicia, the Company's securities, of Notes to Financial Statements. which are rated by Standard and Poor's Corporation (S&P), Moody's Investors Service (Moody's). Fitch Investors Service, Capitakzation L P. (Fitch) and Duff and Phelps, Inc. (D&P), have been down-The Company's capitalization, including current maturities of graded by certain rating agencies over the past eighteen long-term debt and current redemption requirements of pre-months. In June 1994, Moody's lowered the credit ratings of ferred stock, at December 31,1994, was approximately the Company reflecting Moody's expectations that the $8 3 bilhon, compared to $8.4 billion at December 31,1993. Company's high tanff rates will intensify business risk in an At December 31,1994 and 1993, the Company's capitalization increasingly competitive environment. Recently, S&P placed ratios were as follows: its ratings on the Company's secunties on " Credit Watch with negative implications," Fitch changed its credit trends to _== ===== E== 9 " declining" and Moody's placed the Company's credit ratings Long term debt 62.5 % 65 n% under review for a possible downgrade reflecting their respective Preferred stock 8.6 85 concerns about the regulatory environment in New York State. Common stweowners' equity 28.9 26 5 - __._. -_._-_- pp.0 L J_000% At December 31,1994, the ratings for each of the Company's 1 The Company is committed to reducing its debt ratio. To achieve gg g,c3 g3g this goal, the Company intends to continue reducing debt with cash generated from operations and intends to issue common f'rst Mortgage Bonds BBB-Baa3 BBB BBB G&R Bonds BBB-Baa3 BBB BBB or preferred stock if market conditions prove favorable. With this ems Bh Ba1 BBB-BB+ commitment in mind, the Company issued 51 milhon shares of ~ common stock in 1994, marking the first time in approximately n n m m nt ten years that the Company issued common equity, other than BBB-Baa3 BBB-BBB-through its Automatic Dividend Reinvestment Plan, its Employee Stock Purchase Plan or through the conversion of Series I sov race mdaes socwr es rwr meet a exceed munum mestment grade Preterred Stock. The Company's Authonty Financing Notes (Notes), some of in 1994, the Company apphed the not proceeds from the sale which are secured by letters of credit, are rated by certain of of the 5.1 milhon shares of common stock and the issuance of the rating agencies. The ratings on the Notes secured by $285 milhon of General and Refunding Bonds (G&R Bonds) letters of credit reflect the ratings of the institutions issuing the toward the repayment, at matunty, of $400 milhon of debentures lettersof credit,andnotthatof theCompany. and the redemption of $30 millui and $5 milhon of debentures that had been scheduled to mature in 1999 and 2019, respec-tively. Cash from operations provided the balance of funds TT
Capital Requirements and Capital Provided Raia Matters Capital requirements and capital provided for 1994 and 1993 Doctric were as follows-in conjunction with the 1989 Settlement, the PSC agreed to the j on rnatons ordows) recognition of a regulatory asset known as the Financial l veu
9so Resource Asset (FRA). The FRA consists of two components, depital Req $iroments the Base Financial Component (BFC) and the Rate Moderation Component (RMC), discussed in Note 1 of Notes to Financial j
Constructon Electnc 8 135 $ 136 Statements. The Rate Moderation Agreement (RMA), one of the Gas 119 125 constituent documents of the 1989 Settlement, provides for the Common 23 41 fullrecoveryof theFRA. TotalConstructon 277 302 Eke 5 dings and Div donds wayad ram bahaWMM Men Me RMA and is included in the Company's revenue requirements Long-term debt 635 960 Preferred stock 5 206 through an amortization included in rates over forty years on Common stock dividends 205 196 a straight line basis that began July 1,1989. The RMC had Preferred stock divdends 53 57 provided the Company with a substantial amount of non-cash Redempton costs 2 15 earnings since the effective date of the 1989 Settlement through Total RefundIn'gs and Divdends 900 1,434 December 31,1992, as the revenues provided under the RMA were less than the revenues required under conventional bbrham post sortiement costs 167 207 ratemaking. During 1993, however, as the revenues provided 3.a appalRgefngnis -_ _Sh34_ $ 1,943 under the RMA began to exceed the rcvenues that would have Capital Provided been provided under conven' onal ratemaking, the RMC Cash generated from operatons s 836 $ 582 balance began to decline. Long term debt issued 331 1,090 Common stock issued 118 14 Pursuant to the 1989 Settlement, the Company has received 202 Preferred stock issued s x electric rate increases as contemplated by the RMA. In November 1991, the PSC approved the Long Island Lighting nc sh _ r Company Ratemaking and Performance Plan (LRPP) which s 1,3 4 $ 1,943 g alcappa g {. rovided annual electric rate increases of 4.15%,4.1% and Av furrrwr m/ormar#orme Ite Stawnt of Cash Dows 4.0% effective December 1,1991,1992 and 1993, respectively. The LRPP provided for an allowed return on common equity Given the Company's current electric load forecast and the from electric operations of 11.6% for each of the three rate years. availability of electncity provided by the Company's generating facihties and by purchases of power from others, the Company The LRPP was designed to be consistent with the RMA's forecasts that it will not need any new generating facihties until long term goals. One principal objective of the LRPP is to beyond the year 2000. As a result, the Company does not reassign risk so that the Company assumes the responsibility forecast any need for external financing for the construction of for risks within the control of management, whereas risks generating facikbes dunng this period. With respect to financing largely beyond the control of management would be assumed other capital additions to plant, the Company estimates that by the ratepayers. cash generated from operations will be sufficient to meet any such requirements in 1995-One of the major components of the LRPP provides for a revenue reconciliation mechanism that eliminates the impact on for 1995, total capital requirements (excluding common stock eamings of experiencing electric sales that are above or below dividends) are estimated at $431 milhon, of which maturing debt the LRPP forecast by providing a fixed annual net margin level is $25 mithon, additions to plant are $277 milhon, preferred stock (defined as sales revenues, not of fuel and gross receipts taxes) dividends are $53 mithon, preferred stock sinking funds are $5 that the Company receives under the LRPP. milhon and Shoreham post settlement costs are $71 milkon, including $58 milkon for payments ;n heu of taxes Ti m
The LRPP allows the Company to cam for each rate year up to in the 1989 Settlement; (iii) to minimize, beginning in the third 60 additionai basis points, or forfeit up to 38 basis points, of the year of the Electric Rate Plan, the final three rate increases allowed return on common equity as a result of the Company's contemplated in the 1989 Settlement that follow the two year performance within certain incentive and/or penalty programs. rate freeze period, and (iv) to continue the Company's gradual These programs consist of a customer service performance return to financial health. plan, a demand side management (DSM) program, a time-of-use program, a partial pass through fuel cost incentive plan, and The Electric Rate Plan provides for, with some modifications, the effective December 1,1993, an electric transmission and continuation of the LRPP revenue and expense reconciliations distribution reliabihty plan. Based upon the Company's perfor-and performance incentives. The Electric Rate Plan includes the mance within these programs, the Company camed a total of annual reconciliation of certain expenses for property taxes, 50 and 49 basis points, or approximately $9 2 million, net of tax interest costs, DSM costs and the deferral and amortization of effects, for each of the rate years ended November 30,1994, certain costs for enhanced reliability, The Company would be and 1993. For the rate year ended November 30,1992, the allowed to eam for each of the three rate years under the Electric Company camed approximately $4.3 million, not of tax effects, Rate Plan up to 50 additional basis points, excluding incentives for its performance in these programs. under the DSM program, or forfeit up to 47 basis points of the allowed return on common equity of 11.0% as a result of the The LRPP contains a mechanism whereby camings in excess Company's performance within certain performance programs. of the allowed return on common equity of 11.6%, excluding These programs consist of a customer service program, a partial the impacts of the various incentive and/or penalty programs, pass through fuel cost incentive plan, a DSM program and an are shared equally between ratepayers and shareowners. The electric transmission and distribution reliability plan. Company eamed $8.9 million and $21.4 milhon, net of tax effects, for the rate years ended November 30,1993 and 1992, The Company's Electric Rate Plan provides for lower annual respectively, in excess of its allowed return on common equity electric rate increases than originally anticipated under the which was shared equally between ratepayers (by a reduction 1989 Settlement. However, as a result of changes in certain to the RMC) and sharcowners. For the rate year ended assumptions upon which the RMA was based, their impact on November 30,1994, the Company did not eam in excess of the RMC and the Company's plans to reduce DSM, operat;ons its allowed return on common equity. and maintenance and capital expenditures, the Company has determined that the overall objectives of the RMA can be met In December 1993, the Company filed a three year Electric Rate under the Electric Rate Plan. As a result of lower than originally Plan with the PSC for the period beginning December 1,1994 anticipated inflation, interest costs, property taxes, fuel costs and that minimizes future electne rate increases while retaining retum on common ' equity allowed by the PSC, the RMC, which consistency with the RMA's objective of the restoration of the originally had been anticipated to peak at $1.2 billion in 1994, Company's financial health. The Electric Rate Plan requests an peaked at $652 million in 1992. With the exception of a pro-allowed retum on common equity of 11.0%, and provides for jected increase in 1995 and 1996, which is not now anticipated base rates to be frozen in years one and two and an overall rate to cause the RMC to increase above its $652 million peak, the increase of 4 3% in the third year. Although base electric rates RMC is expected to decline until it is fully amortized. would be frozen during the first two years of the Electric Rate Plan, annual rate increases of approximately 1% are expected Under the Eiectric Rate Plan, the recovery of thJ RMC would be to result from the operation of the Company's fuel cost adjust-extended, if necessary, for an additional period of not more than ment (FCA) clause. The FCA captures, among other things, three years beyond the approximate ten year period envisioned amounts to be recovered from or refunded to ratepayers in in the RMA. The actuallength of the RMC extension will depend excess of $15 milkon, which result from the reconciliation of upon the extent to which the assumptions underlying the Electric revenues, certain expenses and camed performance incentive Rate Plan materialize. The Company's current projections components, under the LRPP, discussed in Note 3 of Notes to indicate that the RMC will be recovered in eleven years. Financial Statements. The Company's Electric Rate Plan reflects four underlying objectives: (i) to kmit the balance of the RMC during the three year penod to no more than its 1992 peak balance of $652 million; (ii) to recover the RMC within the time frame estabbshed Ti
i The Staff of the PSC (Staff) and other intervening parties filed Gas testimcny in response to the Company's Electric Rate Plan. Staff in December 1993, the PSC approved a three year gas rate concurs with the Company's proposal for an 11.0% return on settlement, between the Company and the Staff of the PSC. The common equity in each of the three years, and has reaffirmed gas rate settlement provides that the Company receive, for each i its commdment to the principals of the RMA, including the full of the rate years beginning December 1,1993,1994 and 1995, recovery of the RMC within the time frame established by the annual gas rate increases of 4.7%,3.8% and 2.8%, respec-RMA. However, Staff has recommended an overall zero percent tively. An allowed retum on common equity of 10.1% was used rate increase for the first two years, contrasted with the Com-in the determination of the revenue requirements for the gas pany's proposal for a base rate freeze with FCA adjustments of rate settlement. The gas rate decision provides that eamings in approximately 1% in years one and two, as described above. excess of a 10.6% retum on common equity in any of the three - Statt did not make a recommendation for the level of rate relief rate years covered by the settlement be shared equally between in the tNrd year. the Company's firm gas customers and its shareowners. For the rate year ended November 30,1994, the Company earned in September 19% three ALJs ohhd3C issued a recom- $9.2 million, not of tax effects,in excess of the 10.6% return on mended decision to the PSC with respect to the Company's common equity. The firm gas customers' portion of these ex. Electric Rate Plan. The ALJs agrood with the Company's cess camings amounting to $4.6 million, net of tax effects, has proposed 11.0% return on common equity and its proposal to been deferred untilits final dispositic 3 determined by the PSC. freeze base electoc rates for the first rate year. While no explicit recommendation was made concoming the second year, the Environment recommended decision implied that base rates could remain During 1994, the Company spent approximately $6.4 million in frozen for the second rate yeetas well. order to comply with the 1990 amendments to the Federal Clean Air Act (Act). These expenditures were necessary to meet With respect to the third rate year beginning December 1,1996, continuous emissions monitoring requirements and Phase I the ALJs determined that it was not appropriate for them to nitrogen oxide (NOx) reduction requirements un&r the Act. Issue a recommendation since, in their opinion, the Company's revenue requirements for the third rate year could not be The Company expects that it will have to expend approximately precisely determined at this time. Alternatively, the ALJs en- $1 million in 1995 to meet continuous emission monitoring s couraged the Company and other parties in the proceeding requirements and to meet Phase i NOx reduction requirements. to negotiate a settlement conceminquny rate increase for the In order to generate 210 tons of NOx reduction credits already third rate year, under contract for sale to a third party, the Company anticipates spending $2.5 million in 1995 and $1.9 million in 1996 for earlier The PSC had been expected to issue a final order on the than required NOx reduction systems. Subject to requirements Company's Electric Rate Plan before November 29,1994, the that are expected to be promulgated in forthcoming regulations, date that the statutory suspension penod was scheduled to the Company estimates that it may be required to spend an terminate. However, in order to accommodate further settlement additional $80 million (net of NOx credit sales) by 2003 to meet negotiations in the proceeding, the Company has requested Phase ll and Phase lll NOx reduchon requirements, in an effort extensions through Apal 1995, which were granted by the PSC. to minimize costs associated with anticipated NOx reduction The Company's offers to extend the suspension period were requirements, the Company is engaged in a $7 million research cor,ditioned upon the continuation of the current LRPP rate and development project along with several co-funding organi-mechanisms. Atthough the ultimate outcome of the Electric Rate zations to demonstrate an innovative NOx reduction technology Plan cannot be predicted, the Company expects that any PSC at its E.F. Barrett Power Station. The Company is committed to order wdl be consistent with the provisions of the RMA respect-fund $3.6 milhon of the project costs. Through 1994, approxF ing the recovery of the FRA and other 1989 Settlement deferred mately $5 milhon has been expended by all of the co-funders. It charges is anticipated that the remaining $2 million will be spent in 1995. In addition, the Company estimates that It may be required to spend approximately $24 million by 1999 to meet potential requirements for the control of hazardous air pollutants from power plants. The Company believes that all of the above mentioned costs will be recoverable through rates. H
The New York State Department of Environmental Conservation NYPA and LIPA Proposal has indicated to New York State utihties that it may require all At the request of the then Govemor of the State of New York, such utikties to investigate and, where necessary, remediate on October 13,1994 the chief executives of the New York their former manufactured gas plant sites The Company is the Power Authonty(NYPA) and the Long Island Power Authonty owner of six pieces of property on which the Company or certain (LIPA) invited the Company to enter into negotiations with them of its predecessor companies produced manufactured gas. regarding a proposal to convert the Company into a public Although the exact amount of the Company's clean-up costs power utility. Under the proposal, the two state authonties j cannot yet be determ!ned, based on the findings of investi-contemplated a business combination in which holders of the gations at two of these six sites, preliminary estimates indicate Company's common stock would receive $21.50 in cash for i that it will cost approximately $35 million to clean-up all of these each outstanding share of the Company's common stock. NYPA sites over the next five to ten years Accordingly, the Company ar.d LIPA indicated that the completion of this transaction would l has recorded a $35 milhon habikty and a corresponding be subject to, among other things, the availabihty of tax-exempt l regulatory asset to reflect its behof that the PSC will provide for financing suthcient to complete the transaction and the venfi-the future recovery of these costs through rates as it has for cation by NYPA and LIPA that the transaction would result in rate other New York State ut.hties The Company has notified its reductions in excess of 10%. The Company's Board of Directors former and current insurance carriers that it seeks to recover has authonzed the Company to enter into discussions with NYPA from them certain of these clean-up costs. However, the and LIPA to explore the proposalin greater detail, but no such Company is unable to pred.ct the amount of insurance recovery, discussions have been held. If any, that it may obtain. The new Governor of the State of New York had empaneled a The Company has been notified by the Environmental task force to study the takeover proposal. While the task force Protection Agency (EPA) that it is one of many potentially did not make its recommendation pubhc, pubhshed reports in responsible parties (PRPs) that may be hable for the remediation local newspapers indicate that the task force recommended to of three contaminated hcensed treatment, storage and disposal reject the proposal. sites At one site, located in Philadelphia, Pennsylvania, and operated by Metal Bank of Amenca, the Company and nine Competitive Environment other PRPs, all of which are public utihties, have completed a Significant changes are taking place in the business and Remedial lovestigation and Feasibikty Study which is currently regulatory environment in which electric utihties operate. In being reviewed by the EPA. The level of remediation required response, the Company, hke utihties across the nation, is will be determined when the EPA issues its decision, currently actively involved with federal and State agencies in evaluating expected in May 1995. The Company currently anticipates that what type of competition would best serve both customers and the total cost to remediate this site will be between $14 million investors The Company has also undertaken a review of its and $30 mil! ion. The Company has recorded a habikty of $1.1 current operations, seeking to shape those operations to best milhon representing its estimated share of the cost to remediate meet the challenges of a competitive environment. As federal this site. The Company beheves that any cost incurred to legislators and regulators continue pursuing a pokcy of evalu-remediate this site will be recoverable through rates. ating competition in the electnc utihty industry, state regulators are addressing the many complex and pohtically sensitive issues With respect to the other two sites, which are located in Kansas which will affect the cost and rehabihty of service to customers City, Kansas and Kansas City, Missoun, the Company is inves-in their junsdictions. The focus on electric competition has also tigating allegations that it had previously stored or made agree-prompted municipahties, school districts and certain other monts for the disposal of polychtonnated biphenyls (PCBs) or customers to seek permission to buy energy elsewhere. items containing PCBs at these sites The Company is currently unable to determine its share of the cost to remediate these The Bectnc Industry - Federal Regulaiory Issues 54tes or the impact, if any, on the Company's financial posit,on As a result of Congress' passage of the Public Utikty Regulatory The Company beheves that any cost incurred to remediate Pohcies Act of 1978 (PURPA) and the National Energy Pohcy Act these sites will be recoverabic through rates of 1992 (NEPA), the once monopohstic electric utihty industry now faces competition. j Ti
PURPA's goal was to reduce the United States' dependence on The Doctric Industry - New York State Regulatory issues foreign oil, encourage energy conservation and promote The PSC has instituted a number of cases which will determine diversification of fuel supply. Accordingly, PURPA provided for the boundaries within which power providers can compete in the development of a new class of e!ectric generators which rely New York. on either cogeneration technology or alternate fuels. The utilities are obligated under PURPA to purchase the electric output of in 1994, the PSC completed the first phase of a competitive certain of these new generators, which are known as qualified opportunities proceeding, issuing guidelines that allow New . facilities (QFs). York utilities, at their option, to negotiate discounted rates with customers who otherwise would purchase electricity elsewhere. NE PA sought to increase economic ethciency in the creation and Any not revenue lost through these negotiations will be shared distribution of power by relaxing restrictions on the entry of new between ratepayers and shareowners, with percentages to be compeMors to the wholesale electnc power market (i c., sales to determined in rate cases. With respect to the Company, the e erstity for r2 sale to the t% mate consumor). NEPA does so by Commission has ruled that the Company's shareowners must creating exempt wha ak yonorators that can sell power in bear 30% of any " discount" negotiated by the Company in whotosue markets withou:17.e moulatory constraints placed on order to retain customers. While this percentage is comparable genernoe such as the C900anf NEPA also expanded the to that required of other utilities, the Company believes the Federal Energy Regulatory Commission (FERC)'s atthonty to percentage should be significantly lower due to the Company's grant access to utlhty transmission systems to all parties who unique financial structure and, therefore, has appealed the sock wholesale wheeling for wholesale competition. Signif: cant PSC's decision. issues associated with the removal of wholesale transmission system access restnctions have yet to be resolved and the The PSC has recently begun a second phase of this proceeding potential impact on the Company's f nancial position cannot yet in which it will develop principles to guide the transition to a be determined. more competitive environment, explore how to improve the wholesale electric market and determine the role regulation will FERC is in the process of setting policy which will largely play. The issues to be reviewed include: wholesale competition determine how wholesale competition will be implemented. with or without a spin-off of generation assets; retail competition; FERC has recently declared that utilities must provide wholesale planning and reliability; customer impacts; financial and legal wheeling to others that is comparable to the service utihties considerations; and affordability of electric service to ali provide themselves. The policy will be tested and further defined customers. The PSC will also address the critical issue of in individual proceedings. In addition, FERC has issued policy whether utihties will be required to wnte off assets in order to statements conceming regional transmission groups, trans-offer more competitive prices. mission information requirements and " good faith" requests for service and transmission pricing. FERC is also initiating in addition, the State Energy Planning Board has released the proceedings to address issues relahng to stranded assets and 1994 State Energy Plan (SEP) which calls for the development of power pooling. Utilities, including the Company, and other a fully competitive wholesale generation market within five years. interested parties are actively involved in these proceedings. While continuing to caution that full retail competition may not be in the best interests of the State, the SEP threatens that retail Major issues are ansing as the industry and govemment competition should be considered sooner "in the absence of contemplate the move toward a more market driven environ-utikty cooperation" in the development of a fully competitive ment. These issues include the impact of competition on wholesale market. Customers who are unable to or who have chosen not to avail themselves of compehtion options; the abihty of utikty investors The Company's Service Territory to continue to receive a return of and a reasonable return on The changing utihty regulatory environment has affected the their investments; the effect on service quahty and rehabihty; Company in a number of ways. For example, PURPA's en-comparability of service; the parameters of regulatory couragement of the non-utihty generator (NUG) industry has jurisdiction, the re!ative eff ciency of competitors; the effects negatively impacted the Company. The Company estimates of mergers and the recoverabihty of transition costs and of that in 1994, sales lost to NUGs totaled 237 gigawatt-hours assets that may becomeimpaired (Gwh) representing a loss in revenues net of fuel (net revenues) of approximately $24 million, or approximately 1.1% of the Company's 1994 net revenues. Additionally, as mentioned above, the Company is required to purchase all the power offered by OFs. As of December 31,1994, OFs were selling approximately 203 megawatts (MW) of power to the Company. 7
= I The Company estimates that, in 1994, purchases from QFs customers form a government sponsored electric supply I required by federal and State law cost the Company $53 million company, is one form of competition likely to increase as a I more than it would have cost had the Company generated this result of NEPA. The Town of Southampton and several other power The Company has also contracted, beginning in early towns in the Company's service territory are considering the 1995, to purchase all excess power from the 40 MW Stony format.on of a municipally owned and operated electric authonty Brook project located at the State University of New York at to replace the services current!y provided by the Company, Stony Brook, New York. Suffolk County has also approached FERC to determine whether it can quahfy as a municipal power authonty in order to purchase OFs have the choice of pricing sales to the Company at either cheaper electricity from non Company sources. The Company's (i) the PSC's pubhshed estimates of the Company's long run geographic location and the limited electrical interconnections to l avoided costs (LRAC) or (ii) the Company's tanff rates, which Long Island serve to limit the accessibility of its transmission grid are mod,fied from time to time, reflecting the Company's actual to potential competitors from off the system. avoided costs Additionally, until repealed in 1992, New York State law set a minimum pnce of six cents per kilowatt-hour (kWh) The matters discussed above involve substantial social, eco-for utikty purchases of power from certain categories of OFs, nomic, legal, environmental and financial issues. The Company considerably above the Company's avoided cost. The six cent is opposed to any proposal that merely shifts costs from one minimum now only apphes to contracts entered into before group of ratepayers to another, that fails to enhance the pro-June 1992. The Company believes that the repeal of the six cent vision of least cost, efficiently generated electncity or that fails to law, coupled with recent PSC updates which resulted in lower p ovide the Company's shareowners with an adequate retum LRAC estimates, has significantly reduced the economic Un and recovery of their investment. The Company is unable to benefits to CFs seeking to sell power to the Company. predict what action,if any, tho PSC or FERC may take regarding any of these matters, or the impact on the Company's financial g 1 A!!ct the anticipated loss of the Stony Brook load, estimated to condition if some or all of these matters are approved or be approximately 190 Gwh annually, or a not revenue loss of implemented by the appropriate regulatory authority, appronmately $13 million, the Company expects that electric load losses due to NUGs will stabilize. The Company beheves Conservation Services that a number of factors, including customer load characteristics In 1993, the Company filed a modified DSM plan with the PSC such as a lack of a significant industrial base and related large to suppon the objectives of the Company's Electric Rate Plan thermal load, will mitigate load loss and thereby make filed in December 1993. Under this modified plan, the Company cogeneration economically unattractive. proposed a substantially lower level of spending than that initially approved for 1994. The PSC did not approve the Com-The Company has also experienced a revenue loss as a result of pany's proposed plan, but instead issued a ruling in July 1994, its pokey of voluntanly providing wheehng of NYPA power for which dictated energy savings targets that were greater than economic development. The Company estimates that NYPA those originally p oposed by the Company. Specifically, the power has displaced approximately 400 GWh of annual energy targets for the Company's DSM programs amounted to a sales. The net revenue loss associated with this amount of sales 161.3 MW reduction in coincident peak demand and an annual-is approximately $28 milhon or 1.4% of the Company's 1994 ized energy savings of 702.6 Gwh by December 31,1994. The net revenues. Currently, the potentialloss of additional load is Company was successful in its DSM cfforts. hmited by conditions in the Company's transmission agreements with NYPA. In 1995, the Company intends to continue to carefully manage DSM expenditures and more fully transform DSM to a strategic Aside from NUGs, a number of customegroups are seeking to marketing tool which can be used to position the Company for hasten consideration and implementation o. full retail compe-the future. In these efforts, the Company will act to further tition. For example, an energy consultant has petitioned the increase the emphasis on education and information programs PSC, seeking alternate sources of power for Long Island school and further decrease its emphasis on utility rebate payments. In distocts. The County of Nassau has also petitioned the PSC to addition, financing programs and other cost shanng arrange. authonze retail whechng for all classes of electric customers in ments will be stressed as a means to reduce DSM program the county. In addition, several towns on Long Island are costs Finally, DSM programs will be redesigned to enhance I rnvest: gating municipahzaton. Municipahzation, in which the Company's competitive position through the offering of programs and services to the Company's customers which promote the efficient use of electricity, includog energy-efficient load growth. 'iir
Results of Operations Revenues Total revenues, including revenues from recovery of fuel costs, Earnings were $3.1 billion, $2.9 billion and $2.6 billion for the years 1994, Summary results of camings for the years 1994,1993 and 1992 1993 and 1992, respectively. were as follows: pn nuns or aos ana eares e cept earmnas per share) DoctricRevenues 1994 1993 f992 Revenues from the Company's electric operations for the years 1994,1993 and 1992 were $2.5 billion, $2.4 billion and $2.2 Preferred stock drwdend b ikon, respectively. requirements 53.o 56.1 G4 0 Eam!ngyfor common stock $ 248.8 $ 240 5 $ 238 0 rovided the Company with anr.ual electric rate increases of Average common shares 4.15%,4.1% and 4.0% for the rate years beginning December outstanding 115.9 112.1 ill 4 1,1991,1992 and 1993, respectively. These rate increases i Earnings per common share 8 2.15 .$ 215 5 214 provided $69 milhon of additional revenues in 1994 as compared to 1993, and $75 million of additional revenues in 1993 as The Company achieved the same level of camings per common compared to 1992. snare in 1994 as in 1993 despite an increase in the average number of common shares outstanding. This was pnmanly the The LRPP contains several regulatory mechanisms that impact result of the Company's cost containment program and the the level of revenues, but have no impact on earnings. The Com-impact on earnings of positive cash flow from operations, pany's current electric rate structure provides for a revenue which allowed the Company to use cash balances to satisfy reconciliation, which eliminates the impact on earnings of matunng debt. expenencing sales that are above or below the levels reflected in rates. As a result of lower than adjudicated electnc sales, the The electnc business achieved a higher level of earnings in 1994 Company recorded non cash income, which is included in as compared to 1993, offset by a decrease in the gas busine, "Other Regulatory Amortization," of $50 9 milkon, $43.5 milhon camings. The decrease in gas business carnings in 1994 was and $78.5 million in 1994,1993 and 1992, respectively. l the result of several factors including: (i) a lower allowed retum on common equity;(ii) a wnte-off in 1994, of previously deferred Under the LRPP, base fuel costs collected in rates in excess of storm costs and (ui) a provision in the Company's gas rate struc. actual fuel costs are apphed as a reduct:on to the RMC. The ture which became effective December 1,1993, which requires Company applied $83 9 million, $37.5 million and $22.9 million camings in excess of a 10 6% retum on common equity be of amounts collected in excess of actua! fuel costs as a reduction l shared equally betwoon the Company's firm gas customers to the RMC for the rate years ended November 30,1994,1993 l and its shareowners and 1992, respectively, l The camings in the electnc business were lower in 1993 when Under the LRPP, deferred balances associated with the recon-compared to 1992 due pnmanly to the expensing of previously ciliation of revenue, expenses and performance incentives deferred storm costs, lower interest rates associated with short. in excess of $15 milhon per annum are returned to or recovered term investments and certain regulatory adjustments recorded from the ratepaysis through the FCA. Dunng the period August in accordance with the Company's electric rate structure. The 1993 through July 1994, the Company collected, through the j lower level of camings in the electnc business was offset by a FCA, approximately $2.7 milhon per month for an aggregate of J significant increase in carnings in the gas business, resulting $30.2 million related to the deferred balances for the rate year from the C ontinuation of the Company's gas expansion program. ended November 30,1992. Since August 1994, the PSC has I allowed the Company to continue the collection of a kke amount ) through the FCA which will continue through the end of the suspension period. These additional revenues, amounting to approximately $13.4 millior through December 1994, were ) l l T
recorded as a roduction to the RMC lhe Company is awaiting years 1994,1993 and 1992, respectively. The Company has a PSC approval for the recovery of $48.1 million r.;,d $63 6 million weather normalization clause which mitigates the impact on for the 1993 and 1994 rate year deferrals. For a further discus-revenues of experiencing weather that is warmer or colder than sion of the LRPP regulatory mechanisme, see Note 3 of Notes the " normal" value used for projecting sales. In 1993, firm sales to Financial Statements. volumes increased as a result of colder weather experienced during the 1993 heating season as compared to 1992 combined Total electnc sales volumes in millions of kWh were 16,382 in with additional gas space heating customers resulting from the i 1994,16.128 in 1993 and 15,667 in 1992. The increase in sales Company's gas expansion program. in 1994 and 1993 was pomarily the result of warmer than normal weather experienced in the summer months. The increases in The Company began selling gas off-system in 1993. Off-system sales were partially offset by sales lost to non ut:hty generators gas sales revenues were $26 million and $8 million on volumes and power displaced by NYPA, discussed above under the of 7,232 Mdth and 2,894 Mdth, for the years ended December heading " Competitive Environment." in 1994 and 1993, the 31,1994 and 1993, respectively. Any profits reahzed from off-composition of system sales was 45% residential and 52% system sales are allocated 85% to ratepayers and 15% to commercial /industnal. In 1992, the composition was 44% shareowners. residential and 53% commercial /industnal. Recoveries of gas fuel expenses increased revenues by $33 Gas Revenues million and $26 mill;on in i994 and 1993, respectively, In 1994, Revenues from the Company's gas operations for the years the increase in the recovenes of gas fus' expenses was primarily 1994,1993 and 1992 were $586 milhon, $529 million and $427 due to increased billed sales volumes and higher average gas million, respectively. prices, when compared to 1993. In 1993, the increase was pnmarily due to higher average gas prices, when compared in December 1993, the PSC approved a three year gas rate to 1992. settlement between the Company and the Staff of the PSC. The gas rate settlement provides the Company with annual gas rate Operating Expenses increases of 4.7%,3.8% and 2.8% for the rate years beginning fuelandPurchasedPower December 1,1993,1994 and 1995, respectively. The Company Summary of fuel and purchased power expenses for the years had also received an annual gas rate inctcase of 7.1% effective 1994,1993 and 1992 were as follows: December 1,1992. These rate increases provided $25 million in additional revenues for 1994 as compared to 1993, and $35 vn rnousanos edonars) res4
~~9so 1992 milhon in additional revenues for 1993 as compared to 1992.~~
Fuelfor Ekbc UpeboNs Oil 8145 5180 $190 Total firm sales volumes in thousands of dekatherms (Mdth) Gas 101 93 79 were 58,889 in 1994,59,183 in 1993 and 56,292 in 1992, In Nuclear 15 13 11 1994, firm sales volumes decreased when compared to 1993 Purchased power 308 293 280 primanly due lo warmer weather exponenced dunng the 1994 Total 569 579 560 heating season as compared to 1993, partially offset by the Gas fuel 279 249 182 addition of approximately 8,500 new gas space heating customers resulting from the continuation of the Company.s s848 -5828 5742 Total gas expansion program. The number of monthly average space heating customers was 273,633,266.665 and 259.500 for the Despite an increase in electric sales volumes during 1994 and nsing fuel oil prices, fuel for electnc operations decreased primanly as a result of the Company's efforts to reduce its dependency on oil as the primary fuel for electric generation. The Company, over the past several years, has refitted several generating facilities to enable them to burn either oil or natural gas, depending upon the relative cost of each commodity at any gtven time.
In addition to the increased use of natural gas, the Company storm costs associated with electric operations, the recording has reduced oil consumption by using energy generated at of higher accruals for uncollectible accounts and higher trans-Nine We Point Nuclear Power Station, Unit 2 (NMP2) and by mission and distnbution costs for both the electric and gas purchasing power from other systems, cogenerators and businesses. independent power producers. The total barrels of oil con sumed for electne operations was 7.5 milhon,9.7 milhon and Rate Moderation Component and Related Carrying Charges 10.7 million, for the years 1994,1993 and 1992, respectively. In 1994 and 1993, the Company recorded non-cash charges to income U approximately $198 milhon and $89 million, Cogenerators and independent power producers provided respectively, representing the amortization of the RMC. In 1992, approximately 9% of the Company's system requirements in the Company recorded non-cash income of approximately 1994,1993 and 1992. The increase in purchased power $30 million, representing the accretion of the RMC. The Com-expenses in 1994 is pomanly attnbutable to purchases from pany accrues a carrying charge on the unamortized balance of the 136 MW facihty in Holtsville, New York, owned by NYPA, the RMC which amounted to $32 million, 540 million and $43 constructed for the benefit of the Company. milhon for the years 1994,1993 and 1992, respectively. For further discussion on the RMC, see Notes 1,2 and 3 of Notes to Summary of electric fuel and purchased power mix for the years Financial Statements. 1994,1993 and 1992 were as follows: (Percent of system erergy reqwements) OtherRegulatoryAmortization pop 4 1993 1992 In 1994. Other regulatory amortization was a non cash charge to -~ ncor 4 3 million, compared to a non cash credit to income f of $181 n, ion in 1993. The change reflects an increase in the 3 9 Nuclear 9 7 C amortization of LRPP deferrals, higher amortization of Shoreham Purchased power 43 41 38 post settlement costs and a non cash charge to income reflect-ing the operation of the interest deferral mechanism, as defined {-~'_..-- _..~.- - - -100 % 100 % 100 % in the Company's electric rate structure. These items were partially offset by higher deferred not margin revenues, discussed Gas fuel expenses for gas operations increased by $30 million above under " Revenues." and $67 milhon in 1994 and 1993, respectively. The increase in 1994 is pomanly attnbutable to the additional f uel costs in 1993, other regulatory amortization was lower than 1992 as a associated with the Company's off-system gas sales, while the result of lower not margin revenues and the amortization of the increase for 1993 was pnmanly due to significantly higher gas 1992 rate year LRPP deferrals which began in August 1993. pnces and increased volumes, as a result of colder than normal Partially offsetting these items was the recognition of additional weather during the heating season. non cash credits to income resulting from the operation of the interest deferral mechanism. For a discussion on the Company's Operations and Maintenance Expenses rate mechanisms, see Note 3 of Notes to Financial Statements. Operahons and maintenance (O&M) expenses, excluding fuel and purchased power, were $541 milhon, $522 million and $498 Operating Taxes million, for the years 1994,1993 and 1992, tespectively. The Operating taxes were $407 million, $386 million and $389 increase in O&M for 1994 was pomanly due to the recognition of milhon, for the years 1994,1993 and 1992, respectively. The previously deferred storm coots associated with gas operations. increase in operating taxes of approximately $21 milhon in 1994 an increase in costs associated with the Company's gas expan-when compared to 1993 is primarily attnbutable to higher gross sion program, the recognition of certain costs which exceeded recepts taxes, resulting from increased revenues, higher prop-the Company's insurance recovenes, an increase in employee erty taxes, additional payroll taxes and higher dividend taxes. benefit costs and the effects of inflation. These higher O&M 3xpenses were partially offset by the continuation of the Company's cost containment program. The increase in 1993 was pnncipally due to the recognition of previously deferred Ti
l Interest Expense the future recovery or return of these amounts through rates. As The reduction in interest expense in 1994 when compared to a result of a PSC order issued in January 1993, providing for the i 1993 is primanly attnbutable to lower outstanding debt levels. recovery or return of such amounts, the Company has recorded The Company's strategy is to apply available cash balances regulatory tax assets and liabilities to offset the effect of accumu-toward the satisfaction of debt whenever practicable. Durir.g lated deferred tax liabihties and assets created as a result of 1994, the Company used approximately $200 million of cash adopting SFAS No.109. The adoption of SFAS No.109 had no on hand and the proceeds from the issuance of 5.1 milhon impact on not income for the years ended December 31,1994 shares of common stock to help lower debt by approximately and 1993. For a further discussion of SFAS No.109, see Notes 1 $300 million. The lower interest expense also reflects the and 9 of Notes to Financial Statements. satisfaction of $175 million of maturing debt in November 1993, with cash on hand. Selected FinancialData Additional information respecting revenues, expenses, electric The increase in 1993 when compared to 1992 was attnbutable and gas operating incorne and operations data and balance to higher debt levels and the conversion in June 1992 of $400 sheet information for the last five years is provided in Tables 1 milhon of tax exempt secunties from a w eekly variable interest through 11 of Selected Financial Data. Information with regard rate to a higher thirty year fixed rate. Also contnbuting to the to the Company's business segments for the last three years is increase was the issuance in November 1992 of thirty year fixed provided in Note 11 of Notes to Financial Statements. rate debentures, the proceeds of which were used to eliminate variable rate bank debt. The conversion of the tax exempt secunties and refinancing of bank debt was done in order to take advantage of historically low long term interest rates. Partially off setting th:s increase in interest expense were sayings reahzed from the effects of the Company's aggressive refin-ancing of higher cost debtin 1991 Accounting Pronouncements Effective January 1,1993, the Company adopted the provisions of Statement of Financial Accounting Standards (SFAS)No.106, Employers' Accounting for Postretirement Benefits Other Than Pensions. Under a PSC order issued in response to SFAS No 106, the Company defers as a regulatory asset the difference between postretirement benehts expense recorded for account. ing purposes in accordance with SFAS No.106 and post-retirement expenses reflected in rates. The PSC order also requires that the ongoing annual postretirement benefit expense be phased into and fully recovered in rates within a five year neriod, with the accumulated postretirement benefit obhgation being recovered in rates over a twenty year period The adoption of SFAS No.106 had no impact on not income for j the years ended December 31,1994 and 1993. For a further J discussion of SFAS No 106, see Notes 1 and 8 of Notes to Financial Statoments Eftective January 1,1993, the Company adopted SFAS No.109, Accounting for income Taxes SFAS No 109 requires utikties to estabhsh deferred tax assets and habilities for, among other things, transactions that were not recognized under Accounting Principles Board Opinion No 11, Accountin0 for income Taxes. SFAS No 109 provides that regulatory assets and habihties may j be estabbshed for these specific SFAS No 109 created deferred tax assets and habikties providing that the regulator provides for w l
F i N A $3 C I A L STATEMENTS solence Sheet AS90\\S On thousands ordollars)
~~z. 7 At Decomte 31 1904 1993 Utility Plant Electnc~~
$ 3,657,178 $ 3,544,569 - Gas-994,742 860,899 Common 232,346 201,418 Const,uction work in progress 129,824 176,504 Nuclear fuelin process and in retor 23,251 16.533 5,037,341 4,799,923 t.ess - Accumulated depreciation and amortization 1,538,995 1,452,366 j Total Net Utility Plant 3,498,346 3,347,557 Regulatory Assets Base financial component (less accumulated amortization of $555,340 and $454,369) 3,483,490 3.584,461 Rate moderation component 463,229 609,827 Shoreham post settlement costs 922,580 777,103 Shoreham nuclear fuel 73,371 75,497 Postretirement benefits other than pensions 412,727 402,921 Regulatorytax asset 1,831,689 1,848,998 Other 354,524 311,832 Total Regulatory Assets 7,M1,610 7,610,639 Nonutility Propedy and Other investments 24,043 23.029 Current Assets Cash and cash equivalents 185,451 '48,532 Specialdeposits 27,614 23,439 Customer accounts receivable (less allowance for doubtful accounts of $23,365 and $23,889) 245,125 249,074 Other accounts receivable 14,030 12,199 Accrued unbilled revenues 164,379 170,042 Matenals and supplies at average cost 74,777 68,882 ' Fueloilat average cost 37,723 35,857 Gas in storage at average cost 68,447 75,182 Prepayments and other current assets 33,878 41,652 Tota Current Assets 8M,424 924,859 D:ferred Charges Deferred feowN income tax 951,766 1,094,088 Unamortized cost or i,uing secunties 313,2e7 350,239 Other 36,284 42,705 T, otal Deferred Charf,es 1,301,257 1,487,032 Ien"* _ _. s 3,2i6,680 $ ia.393.116 See Notes to fewvat Statements i f P s
= (in thousands ordbtlars) Capitalization and Wabilities. -.. - - _.. - -- w i AIDecemt>er 31 1904 1993 ' Capitalization Long-term debt $ 5,162,675 $ 4,887,733 I Unamortized discount on debt (17,278) (17,393) 5,145,397 4.870,340 Preferred stock - redempton required 644,350 649,150 Preferred stock - no redempton required 63,957 64,038 Total Preferred Stock 708,307 713,188 Common stock 592,083 561,662 Premium on capitalstock 1,101,240 1,010.283 Capital stock espense (52,175) (50,427) Retained earnings 752,480 711,432 TotalCommon Shareowners' Equity 2,393,628 2,232,950 Tota!_Capitahzation 8,247,332 7,816.478 Regulatory Liabilities Regulatory hability component 357,117 436.476 1989 Settlement credits 145,868 155,081 Regulatory tax liabihty 111,218 114,748 Other 143,611 138,612 Total Regulatory Liabiktes 757,814 844,917 Current Uabihties Current matuntes oflong term debt 25,000 600,000 Current redempton rec urements of preferred stock 4,800 4,800 Accour,e payable and cccrued expenses 241,775 277,519 Accrued taxes (including federalincome tax of $28,340 and $28,424) 58,133 52,656 Accrued interest 149,929 142,409 Dividends payable 57,367 54,542 Class Settlement 40,000 30,000 Customer deposits 28,474 27,046 g j Total Current Liabihtes 605,478 1,188,972 "k. Deferred Credits H Deferred federalincome tax 2,941,793 2.932,029 - i Class Settlement 147,437 164,942 h Other 13,204 12,622 4 Total Deferred Credits 3,102,434 3,109,593 f Operating Reserves l Pensons and other postre'arements benefits 453,016 424,442 h Claims and damages 50,606 8,714 TotalOperating Reserves 503,622 433,156 p Commitments and Contingencies gl Capitalization and Wabilities 8 13,216,680 $ 13.393,116 See Notes lo friancelStarements E
Statement ofincome on tnousands or owtars exceor tw share amants) for W ended Oxemtw 31 g004 1993 1992 Revenues Ebetrc $ 2,481,637 $ 2,352,109 $ 2,194,632 Gas 585,670 528,886 427,207 Total Revenues 3,067,3';7 2.880,995 2,621,839 Oporating Expenses Operations - fuel and purchased power 847,986 827,591 741,784 Oparatons - other 406,014 387,808 372,209 Maintenance 134,640 133,852 125.736 Depreciaton and amortizaton 130,664 122,471 119,137 Base financial component amortization 100,971 100,971 100,971 Rate moderaton component amortizaton 197,656 88,667 (30,444) Regulatory liabikty component amortizaton (79,359) (79,359) (79,359) 1989 Settlement credits amortizaton (9,214) (9.214) (9,214) Other regulatory amorteation 4,328 (18,044) (22,072) Operating taxes 406,895 385,847 388, % 8 Federahncome tax - current 10,784 6,324 530 Federahncome tax - deferred and other 170,997 178,530 172,468 TotalOperating Expenses 2,322,362 2,125,444 1,880,734 Operating income 744,945 755,551 741,105 Other Income and (Deductons) Allowance for other funds used dunng constructon 2,716 2,473 4,725 Rate moderaton component carry!ng charges 32,321 40,004 42,837 Other income and deductons, net 35,343 38,997 29,273 Class Settlement (22,730) (23,178) (22,541) Federahncome tax - deferred and other 5,069 12,578 12,036 4 TotalOther income and(Deductions) 52,719 70,874 66.330 tocome Before Interest Charges 797,664 826.425 807,435 - Interest Charges and (Credits) Interest on long term debt 437,751 466.538 450,621 Other interest 62,345 67,534 62.226 Allowance for borrowed funds used dunng construction (4,284) (4,210) (7,386) Total Interest Charges and (Credits) 495,812 529,862 505.461 Not income 301,852 296,563 301,974 Preferred stock divdend requirements 53,020 56,108 63,954 Earnings for 0L,imon Stock $ 248,832 $ 240,455 $ 238,020 Average Common Shares Outstanding (000) 115,880 112.057 111,439 glys per, Common Sha{ 2.15 2.15 2.14 Dwdend]gred per Common Share 1.78 1.76 1.72 see Nores o Fnancersvaranents 1 I Y
.j V Statement of Cash Flows = = = = = - = - - Far year eakx1Dtxmmrwr3r goes 1993 1992 Operating Activities Not income $ 301,852 $ 296,563 $ 301,974 Adjustments to reconcile net income to net cash provided by operabng activites Provision for doubtfulaccounts 19,542 18,555 16,329 Depreciaton and amorteaton 130,664 122,471 119,137 Base financolcomponent amorteaton 100,971 100,971 100,971 i Rate moderation component amort'zaton 197,656 88.667 (30,444) Regulatory habihty component amorteaton -(79,359) (79,359) (79,359) 1989 Settlement credits amorteaton (9,214) (9,214) (9,214) Other regulatory amorteaton 4,328 (18,044) (22,072) Rate moderahon component carrying charges (32,321) (40,004) (42,837) Class Settlement 22,730 23,178 22,541 Amortizahon of cost of issuing and redeeming secunties 46,237 52,063 41,204 Fuderahncome tax - deferred and other 165,928 165,952 160,432 . Allowance for other funds used donng constructon (2,716) (2,473) (4,725) i Gas cost adjustment 11,709 (3,499) (24,142) Other 37,538 15,200 1,035 Changes in operating assets and habihtes Accounts receivable (17,353) (65,898) (14,275) Class Settement (30,235) (25,302) (19.039) Accrued unbilled revenues 5,663 (26,870) (6.607) Matenais and supphes, fuel oil and gas in storage (1,026) 5,265 (10,933) Prepayments and other current assets 7,774 (1,250) (5,548) Accounts payable and accrued expenses (44,598) (8,800) 62,513 Accrued taxes 5,477 (14,869) 7,351 Other (5,4S8) (11,290) 25,772 Not Cash Provded by Operahng Activites 835,749 582,013 590,064 Investing Activities Constructon and nuclear fuel expenditures (276,954) (302,220) (268,179) 1 Shoreham post settlement costs (167,367) (207,114) (227,658) Other (1,349) (934) (1,484) Net Cash Used in Investing Activites (445,670) (510,268) (497,321) 1 Financing Activities Proceeds from issuance of long term debt 331,326 1,089,770 1,659,928 Proceeds from sale of common stock 118,108 14.323 5,670 Proceeds from sale of preferred stock 201,709 411,373 Redempton oflong term debt (635,058) (960,000) (1,344,283) r Redempton of preferred stock (4,800) (205,600) (389,428) Common stock divdends pad (205,086) (195,794) (190,477) Preferred stock divdends pad (52,927) (56,727) (69,923) Cost of issuing and redeeming secuntes (5,871) (17,036) (166,066) Other 1.148 (3,343) 1,850 Not Cash Used in Financing Activites (453,160) (132,698) (81,356) y(Decrease) increase in Cash and Cash Equivalents 5 (63,081) $ 160,953) $ 11.387 Cash and cash equivalents at January 1 $ 248,532 $ 309,485 $ 298,098 Netjdecrease) increase in cash and cash equivalents (63,081) (60,953) 11.387 Cash agCasQquivalents at December 31 S 185,451 $ 248,532 5 309,485 Interest pad, before reducton for the allowance for borrowed funds used dunng constructon 5 446,340 $ 469,978 5 424,842 Federalincome tax - pad $ 10,780 6.000 2,100 Federa.h.nc.om. e tax.. refunded. - - - 3 1,000 1,566 r i
1 i Statement of Retained Earnings on owusands atdouars) uw.:e== = ======:==-..- _ f904 1993 1992 Balance at January 1 $ 711,432 $ 667,988 $ 620,373 Net income for the year 301,852 296,563 301,974 1,013,284 964,551 922,347 Cash dmdends declared on common stock 207,794 197,236 191,693 i Cas.h dedends declared on preferred stock 53,046 55,861 62.387 Other adjustments (36) 22 279 Balance at December 31 $ 752,480 $ 711,432 $ 667,988 See Notes M Fmned Swanww St:tement of Capitalization = = = = = = = - = = = = = = = - Af Docemtn 31 1994 1993 1994 r9M Common Shareowners' Equity Common ntock, $5 00 par value 118,416,606 112.332,490 $ 592,083 $ 561,662 Promium on capital stock 1,101,240 1,010,283 Capital stock expense (52,175) (50,427) Retained earnings 752,480 711,432 Tctal Common Shareowners' Equity 2,393,628 2,232,950 Preferred Stock - Redemption Required Par value $100 por share 7.40% Seres L 182,000 192,500 18,200 19,250 8 50% Seres R 75,000 112,500 7,500 11,250 7.66% Scres CC 570,000 570,000 57,000 57,000 less - Sinking fund requiremont 4,800 4,800 77,900 82,700 Par value $25 per share 7.95% Seres AA 14,520,000 14,520,000 363,000 363,000 $167 Seres GG 800,000 880,000 22,000 22,000 $1.95 Sones NN 1,554,000 1,554,000 38,850 38,850 7.05% Sonos 00 3,464,000 3.464,000 86,600 86,600 g' _._6 8_75%__So_ros UU 2,240,000 2,240,000 56,000 56,000 Total Preferred Stock - Redempton Required 644,350 649,150 Preferred Stock - No Redemption Required Par valuo $100 per share 5 00% Sores B 100,000 100,000 10,000 10,000 4 25% Seres D 70,000 70,000 7,000 7,000 4 35% Sores E 200,000 200.000 20,000 20,000 4 35% Series F 50,000 50,000 5,000 5,000 5%% Seres H 200,000 200,000 20,000 20,000 5%% Sores 1 - Convertible 19,569 20,375 1,957 2,038 Total Preferred Stock - No Redempton Required 63,957 64,038 Tgtal Preferred Stock $ 708,307 5 713,188 saw Mm e 1mov stawnents Y
_~. Statement of Capitalization (continued) on vnxaands dodiars) . - - = = = - - -. Af Dacerrw 31 Marunty Interest Rate Sewes 10N 19 % $ 25,000 Fnct Mortgage Bonds (mrJud m Pwego Bonda June 1,1994 4%% N June 1,1995 4 55 % O 25,000 25.000 March 1,1996 5%% P 40,000 40,000 April 1,1997 SW% O 35,000 35,000 Total Frst Mortgage Bonds 100,000 125,000 General and Rotuncing Bonds May 1,1996 8%% 415,000 415,000 February 15,1997 8%% 250,000 250,000 Apnl 15,1998 7%% 100,000 May 15,1999 7.85 % 56,000 56,000 Aprd 15,2004 8%% 185,000 May 15,2006 8.50 % 75,000 75,000 July 15,2008 7.90 % 80,000 80,000 May 1,2021 9%% 415,000 415,000 July 1,2024 9%% 375,000 375,000 Total General and Refundity Bonds 1,951,000 1,666,000 400,000 Debentures June 15,1994 10.25 % 175,000 November 15,1994 11,75 % June 15,1999 10 875 % 30,545 July 15,1999 7.30 % 397,000 397,000 January 15,2000 7.30 % 36,000 36,000 July 15,2001 6.25 % 145,000 145,000 March 15,2003 7.05 % 150,000 150,000 March 1,2004 7.00 % 59,000 59,000 June 1,2005 7.125 % 200,000 200,000 March 1,2007 7.50 % 142,000 142,000 4,513 June 15,2019 11.375 % July 15,2019 8.90 % 420,000 420,000 November 1,2022 9.00 % 451,000 451,000 March 15,2023 8 20 % 270,000 270,000 Tota! Debentures 2,270,000 2,880,058 Authonty Financing Notes industnal Development Revenue Bonds December 1,2006 7.5% 1976 A.,B 2,000 2,000 Polluton Control Revenue Bonds December 1,2006 7.5% 1976A 28,375 28,375 December 1,2009 7.8% 1979B 19,100 19,100 October 1,2012 8%% 1982 17,200 17,200 March 1,2016 30% 1985 A,B 150,000 150,000 Electnc Facilmes Revenue Bonds September 1,2019 7.15% 1989 A,8 100,000 100,000 June 1,2020 7.15 % 1990A 100,000 100,000 December 1,2020 7.15 % 1991 A 100,000 100,000 February 1,2022 7.15 % 1992 A,B 100,000 100,000 August 1,2022 69% 1992 C,D 100,000 100,000 November 1,2023 5.45% 1993 A 50,000 50,000 November 1,2023 4.90 % 1993B 50,000 50,000 October 1,2024 5.40 % 1994A 50,000 Total Authonty Financing Notes 866,675 816,675 l Unamortized discount on debt (17,278) (17,393) Total 5,170,397 5,470,340 Less current rnatuntes 25,000 600,000 .,ap 3ng p rg g j = -, - - _ _ _= _ 5,j_41,_397 4,870,340 ot i _$ 8,247,332 $7,816g8 TR9*P tanzatjon== _ _ = =, =. _ samer,-sn,m Y
NOTE 5 70 FlNANCIAL STATCMENT5 l Note 1. Summary of Significant Accounthg Policies Shoreham Nuclear Fuel The balance principally reflects the unamortized portion of Regulation Shoreham nuclear fuel which was reclassified from Nuclear Fuel The Company's accounting pohcies conform to generally in Process and in Reactor at the time of the 1989 Settlement. accepted accounting principles as they apply to a regulated This amount is being amortized and recovered through rates enterpnse. Its accounting records are maintained in accordance over a forty year period on a straight kne remaining kfe basis with the Uniform Systems of Accounts prescnbed by the Public which began July 1,1989. Service Comm:ssion of the State of New York (PSC) and the Federal Energy Regulatory Commission (FERC). Postretirement Benefits Other Than Pensions Under a PSC order issued in response to the Financial Account-Regulatory Assets and Uabeties ing Standards Board (FASB) Statement of Financial Accounting General Standards (SFAS) No.106, Employers' Accounting for Post-The Company's Balance Sheet reflects the rate actions of its retirement Benefits Other Than Pensions, the Company defers regulators through the creation of regulatory assets and ha-as a regulatory asset the difference between postretirement batics. Regulatory assets are genera!!y created whenever it is benefit expense recorded for accounting purposes in accord-probable that the regulators will permit the recovery through ance with SFAS No.106 and postretirement benefit expense rates of a previously incurred cost that would otherwise be reflected in rates. Pursuant to the PSC order, the ongoing annual charged to expense. Regulatory habWties are generally created postretirement benefit expense must be phased into and fully whenever it is probable that the regulators will require a return recovered in rates within a five year period, with the accumu-through rates of revenues or gains that would otherwise be lated postretirement obhgation being recovered in rates over a recorded to income. twenty year period. For a further discussion of SFAS No 106, see Note 8. Base Financial Component and Rate Moderation Component Pursuant to the 1989 Settlement, the Company recorded a Regulatory Tax Asset /l/ ability regulatory asset known as the Financial Resource Asset (FRA). SFAS No.109, Accounting for income Taxes, requires utilities to The FRA is designed to provide the Company with sufficient establish deferred tax assets and liabilities for, among other cash flows to assure its financial recovery. The FRA has two things, transactions that did not give rise to deferred tax assets components, the Base Financia! Component (BFC) and the and liabilities under Accounting Pnnciples Board (APB) Opinion Rate Moderation Component (RMC). No.11, Accounting for Income Taxes. SFAS No.109 provides that regulatory assets and liabikties may be estabhshed for these The BFC represents the present value of the future net-after-tax specific SFAS No 109 created deferred tax assets and habikties cash flows which the Rate Moderation Agreernent (RMA), one of providing that the regulator provides for the future recovery or the constituent documents of the 1989 Settlement, provided the return of these amounts through rates. As a result of a PSC order Company for us financial recovery. The BFC was granted rate issued in January 1993, providing for the recovery or retum of base treatment under the terms of the RMA and is included in such amounts, the Company has recorded regulatory tax assets the Company's revenue requirements through an amortization and habihties to offset the effect of accumulated deferred tax lia-included in rates over forty years on a straight kne basis which bihties and assets created as a result of adopting SFAS No.109. began July 1,1989. The tax effects of other differences between income for financial The RMC reflects the difference between the Company's statement purposes and for federalincome tax purposes are revenue requirements under conventional ratemaking and the accounted for as current adjustments in federal income tax revenues resulting from the implementation of the ra'e modera-provisions. tron plan provided for in the RMA. For a further discussion of the 1989 SettIement and FRA, see Note 2. Regulatory Liability Component Pursuant to the 1989 Settlement, certain tax benefits attnbutable Shoreham PostSettlemontCosts to the Shoreham abandonment are to be shared between rate-The balance consists of Shoreham Nuclear Power Station payers and shareowners. A regulatory habikty of approximately (Shoreham) decommissioning costs, fuel disposal costs, pay- $794 milkon was recorded in June 1989 to preserve an amount , monts in beu of taxes, carrying charges and other costs These equivalent to the ratepayer tax benehts attributable to the costs are being capitahzed and amortized, and recovered Shoreham abandonment. This amount is being amortized ove r a through rates over a forty year penod on a straight-kne remain-ien year penod on a straight-hne basis which began July 1,1989, ing hfe basis which began July 1,1989 l Y l
1969 Settlement Crects Fair Values of Financialinstruments The balance represents the unamortized portion of an adjust-The fair values for the Company's long term debt and redeem 4 ment of the book write off to the negotiated 1989 Settlement able preferred stock are based on quoted market prices, where amount. A portion of this amount is being amortized over a ten available. The fair values for all other long-term debt and year period which began on July 1,1989. The remaining portion redeemable preferred stock are estimated using discounted is not currently being recognized for ratemaking purposes. cash flow analyses which are based upon the Company's current incremental borrowing rate for similar types of securities. Utility Plant Additions to and replacements of utility plant are capitalized Capitalization - Premiums, Discounts and Expenses ) at original cost, which includes material, labor, indirect costs Premiums or discounts and expenses related to the issuance associated with an addrtion or replacement and an allowance for of long-term debt are amortized over the life of each issue. the cost of funds used during construction. The cost of renewals Unamorttzed premiums or discounts and expenses related to and betterments relating to units of property is added to utility issues of long-term debt that are refinanced are amortized and plant. The coc'. of property replaced, retired or otherwise dis. recovered through rates over the shorter life of either the re-posed of is deducted from utility plant and, generally, together deemed issue or the new issue. Capital stock expense and with dismanthng costs less any salvage, is charged to accumu-redemption costs relmi to certain issues of preferred stock lated depreciation. The cost of repairs and minor renewals is that have been refinanced as well as the cost of issuance of charged to maintenance expense. Mass properties (such as the preferred stock issued are recorded as deferred charges. poles, wire and meters) are accounted for on an average unit These amounts are being amortized and recovered through cost basis by year of installation. rates over the shorter hfe of the redeemed issue or the new issue. Allowance for Funds Used Dunng Construction Revenues The Uniform Systems of Accounts defines the allowance for The Company accrues electric and gas revenues for services funds used dunng construction (AFC) as the net cost of borrowed rendered to customers but not billed at month-end. The Com-funds for construction purposes and a reasonable rate of retum pany's electric rate structure, discussed in Note 3, provides for a upon the utikty's equity when so used. AFC is not an item of revenue reconciliation mechanism which eliminates the impact current cash income. AFC is computed monthly using a rate on camings of experiencing electric sa%s that are above or permitted by FERC on a portion of construction work in progress. below the levels reflected in rates. The Company's gas structure The average annual AFC rate, without giving effect to com. provides for a weather normalization clause, which reduces the pounding, was 9.18%,9.73% and 9.98% for the years 1994, impact on revenues of experiencing weather which is warmer or 1993 and 1992, respectively. colder than the " normal" value used for projecting sales. Depreciation Fuel Cost Adjustments The provisions for depreciation result from the apphcation of The Company's electric and gas tar fs include fuel cost adjust-a straight-line rates to the onginal cost, by groups, of depreciable ment (FCA) clauses which provide for the disposition of the properties in service. The rates are determined by age-life difference between actual fuel costs and the fuel costs allowed studies performed annually on depreciable properties. Depre-in the Company's base tariff rates (base fuel costs). The Com-ciation for electnc properties was equivalent to approximately pany defers these differences to future periods in which they will 3 0%,3.0% and 3.2% of respective average depreciable plant be billed or credited to customers, except for base electric fuel costs for the years 1994,1993 and 1992. Depreciation for gas costs in excess of actual electric fuel costs, which are currently properties was equivalent to approximately 2.0%,2.0% and credited to the RMC as incurred. 2.6% of respective average depreciable plant costs for the years 1994,1993 and 1992. FederalIncome Tax Effective January 1,1993, the Company adopted SFAS No.109. Cash and Cash Equivalents As permitted under SFAS No.109, the Company elected not to Cash equivalents are highly liquid investments with matunties of restate the financial statements of prior years. three months or less when purchased. The carrying amount approximates fair value because of the short maturity of these The Company provides deferred federal income taxes with investments. respect to certain items of income and expense that are reported in different years for financial statement purposes and for federalincome tax purposes. "iT l
TheCompanydeforsthebenefitof 60%of pre-1982gasand The BFC was granted rate base treatment under the terms of the pre 1983 electnc and 100% of all other investment tax credits, RMA and is included in the Company's revenue requirements with respect to regulated properties, when realized on its tax through an amortization included in rates over forty years on a returns. Accumulated deferred investment tax credits are straight line basis that began July 1,1989. At December 31, amortized ratably over the hves of the related properties. 1994 and 1993, the unamortized balance of the BFC was approximately $3.5 bilhon and $3.6 billion, respectively. For ratemaking purposes, the Company provides deferred federal income taxes with respect to certain differences The RMC, a component of the FRA, reflects the difference between income before income taxes and taxaole income in between the Company's revenue requirements under con-certain instances wnen approved by the PSC, as disclosed in ventional ratemaking and the revenues resulting from the Note 9 Also certain accumulated deferred federal incorne implementation of the rate moderation plan provided for in the taxes are deducted from rate base and amortized or otherwise RMA. Prior to December 31,1992, the RMC had increased as apphed as a reduction (increase) in federalincome tax expense the difference between revenues resulting from the implementa-en future years. tion of the rate moderation plan provided for in the RMA and revenue requirements under conventional ratemaking, together Reserves for Claims and Damages with a carrying charge equal to the allowed rate of return on rate Losses arising from claims against the Company, including base, was deferred. The RMC had provided the Company with a workers' compensation claims, property damage, extraordinary substantial amount of non-cash eamings from the effective storm costs and general habihty claims, are partially self insured. date of the 1989 Settlement through December 31,1992, Sub-Reserves for these claims and damages are based on, among sequent to December 31,1992, the RMC balance had been other things, experience, nsk of loss and the ratemaking decreasing as revenues resulting from the operation of the rate practices of the PSC. Extraordinary storm losses incurred by the moderation plan exceeded revenue requirements under con-Company are partially insured by certain commercial insurance ventional ratemaking. The RMC is currently adjusted, on a carners. These insurance camers provide partial insurance monthly basis, for the Company's share of certain Nine Mile coverage for individual storm losses to the Company's trans-Point Nuclear Power Station, Unit 2 (NMP2) operations and mission and distribution system between $5 milhon and $50 maintenance expenses, fuel credits resulting from the Com-milhon. Storm losses which are outside of the above-mentioned pany's electric fuel cost adjustment clause discussed in Note 1 range are self-insured by the Company. The Company is cur-and gross receipts tax adjustments re!ated to the FRA. At rently assessing its storm insurance requirements, as current December 31,1994 and 1993, the RMC balance was $463 pohcies cxpire March 1,1995. milhon and $610 million, respectively. For a further discussion of the impact on the amortization of the RMC under the Long Reclassifications Island Lighting Company Ratemaking and Performance Plan Certain prior year amounts have been reclassified in the (LRPP) and the Company's Electric Rate Plan for the three year financial statements to be consistent with the current year's period beginning December 1,1994, see Note 3. presentation. On February 29,1992, the Company transferred ownership of Nr.te 2.The 1989 Settlement Shoreham to the Long Island Power Authority (LIPA), an agency of the State of New York. Pursuant to the 1989 Settlement, the On February 28,1989, the Company and the State of New York Company has funded the decommissioning of Shoreham. entered into the 1989 Settlement resolving certain issues relating Based on the latest available information, LIPA has reported that to the Company and providing, among other matters, for the the cost of decommissioning Shoreham, which is essentially financial recovery of the Company and for the transfer of Shore-complete, totaled approximately $181 milkon, excluding the ham and its subsequent decommissioning Upon the effective-costs associated with the disposal of Shoreham's fuel which was ness of the 1989 Settlement, in June 1989, the Company also completed in 1994 and cost approximately $112 million. simultaneously recorded on its Balance Sheet the retirement LIPA anticipates that the Nuclear Regulatory Commission (NRC) of its investment of approximately $4.2 bilhon pnncipally in will terminate its hcense for Shoreham during 1995. Shoreham and the estabhshment of the FRA. The BFC, a component of the FRA, as initially estabhshed, represents the present value of the future net-after tax cash flows which the RMA provided the Company for its financial recovery. 7
Note 3, Rate Matters Under the performance incentive component of the LRPP, the Company is allowed to earn for each rate year up to 60 addi-Electric tional basis points, or forfeit up to 38 basis points, of the allowed Long Island Lighting Company Ratomaking return on common equity as a result of its performance within andPerformance Plan certain incentive and/or penalty programs. These programs Pursuant to the 1989 Settlement, discussed in Note 2, the Com-consist of a customer service program, a time of-use program, a pany received electnc rate increases as contemplated by the partial pass through fuel cost incentive plan, a DSM program RMA for each of the three rato years in the period ended and, effective December 1,1993, an electric transmission and November 30,1991. The RMA contemplates that the Company distnbution rehabihty plan. These incentives and/or penalties, will apply to the PSC for targeted annual rate increases of 4.5% except for incentives earned under the DSM program, are deter-to 5 0%n each year for an eight year period beginning mined on a monthly basis during the rate year and deferred until December 1,1991. In November 1991, the PSC approved the final approval f rom the PSC. The incentives earned from the LRPP which provided annual electric rate increases of 4.15%, DSM program are collected in rates on a monthly basis through 4.1% and 4.0% respectively, for each of the three rate years in the FCA. Based upon the Company's performance within these the period beginning December 1,1991, with an allowed return programs, the Company camed a total of 50 and 49 basis points on common equity from electnc operations of 11.6% for each of or approximately $9.2 milhon, not of tax effects, for each of the the three rate years. After giving effect to the reductions required rate years ended November 30,1994 and 1993. For the rate by the Class Settlement discussed in Note 4, the Company's year ended November 30,1992 the Company camed a total of annual electnc rate inctcases were approximately 4.15%,3.9% 23 basis points or approximately $4.3 million, not of tax effects. and 3 9%, with an allowed return on common equity from electnc operations of 10 92%,10.72% and 10.58%, for the rate years The deferred balances resulting from the not margin, property beginning December 1,1991,1992 and 1993, respectively. taxes, interest costs, wage rates, performance incentives and associated carrying charges, excluding DSM incentives, are T he LAPP was designed to be consistent with the RMA's long netted at the end of each rate year. The LRPP established a term goals. One pnncipal objective of the LRPP was to reassign band whereby the first $15 milhon of the total net deferrals are nsk so that the Company assumes the responsibikty for nsks used to increase or decrease the RMC balance. The LRPP within the control of management, whereas risks largely beyond provides for the disposition of the total not deferrals in excess of the control of management would be assumed by the ratepayers. the $15 milkon band. Upon approval by the PSC, the total net The LRPP reflects an update of the long range forecast of the deferrals in excess of $15 million are refunded to or recovered Company's revenue requirements which was the basis of the from the ratepayers through the FCA over a twelve month period. RMA's initial three rate increases. The LRPP contains three major components -- revenue reconcihation, expense attntion and The Company recorded deferred balances of approximately reconcikation and performance incentives. $45.2 milhon, $63.1 million and $78.6 million of the total not deferrals for the rate years ended November 30,1992, Revenue reconcikation is provided through a mechanism that 1993 and 1994, respectively. The first $15 milhon of the total ekminates the impact of experiencing e!ectric sales that are net deferrals has been recorded for the rate years ended above or below the LRPP forecast by providing a fixed annual November 30,1992 and 1993 and upon approval by the PSC net margin level (defined as sales revenues, net of fuel and of the Company's reconciliation fihng will be recorded for the gross receipts taxes) that the Company will receive under the rate year ended November 30,1994 as an increase to the RMC j LRPP. The differences between the actual electric net revenues with the remaining net deferrals of $30.2 milhon, $48.1 milkon ) and the annual net margin level are deferred on a monthly basis and $63 6 million, respectively, recovered from the ratepayers j dunng the rate year. through the FCA. As of July 31,1994, the Company has fully i collected the November 30,1992 net deferrals through the FCA The expense attotion and reconcikation component permits the and is awaiting PSC approval for the collection of the 1993 and Company to make adjustments for certain expenses recogniz. 1994 rate year net deferrals through the FCA. Effective August ing that certain cost increases are unavoidable due to inflation 1994, the PSC has allowed the Company to continue the collec-1 and changes in the business. The LRPP includes the annual tion of a hke amount of the total net deferrals related to the rate j reconcikation of certam expenses for wage rates, property la xes, interest costs and demand side management (DSM) costs The LRPP also provides for the deferral and amortization of certain costs for enhanced reliabikty and production opera-tions and maintenance expenses and the apphcation of an inflation index to other expenses for the rate years beginning I December 1,1992 and 1993 5
year ended November 30,1992 through the FCA. These addr The Company's Electric Rate Plan reflects four underlying tional revenues amounting to approximately $13.4 million objectives: (i) to limit the balance of RMC during the three year through December 1994 were recorded as a reduction to the period to no more than its 1992 peak ba!ance of $652 million; RMC The Company expects to collect the 1993 rate year net (ii) to recover the RMC within the time frame established in the deferrals of $481 million by November 30,1995 and the 1994 1989 Settlement; (iii) to minimize beginning in the third year of rate year not deferrals of $63 6 million over the twelve month the Electric Rate Plan, the final three rate increases contem-l period ending November 30,1996. plated in the 1989 Settlement that follow the two year rate freeze period; and (iv) to continue the Company's gradual retum to r The LAPP contarns a mechanism whereby earnings in excess of financial health. the allowed return on common equity of 11.6%, excluding the impacts of the various incentive and/or penalty programs, are The Electric Rate Plan provides for, with some modifications, the shared equally between ratepayers and shareowners. The continuation of the LRPP revenue and expense reconciliations Company earned $8 9 million and $21.4 million, net of tax and performance incentives. The Electric Rate Plan includes the effects, for the rate years ended November 30,1993 and 1992, annual reconchiation of certain expenses for property taxes, respectively, in excess of its anowed retum on common equity, interest costs, DSM costs and the deferral and amortization of The amount in excess of the allowed retum on common equity certain costs for enhanced reliability. The Company would be was shared equally between ratepayers (by a reduction to allowed to cam for the thrne rate y' ars under the Electric Rate e the RMC) and shareowners for the rate years ended November Plan up to 50 additional basis points, excluding incentives under 30,1993, and 1992. For the rate year ended November 30, the DSM program, or forfeit up to 47 basis points of the allowed i 1994, the Company did not earn in excess of its allowed retum retum on common equity of 11.0% as a result of the Company's on common equity. performance within certain performance programs. These pro-grams consist of a customer service program, a partial pass To assist in the recovery of the RMC balance under the rates through fuel cost incentive plan, a DSM program and an electric provided by the LRPP, the Company, in accordance with the transmission and distribution reliability plan. LRPP, has credited the RMC with several deferred ratepayer benefits. In December 1994, the Company applied a total of The Company's Electric Rate Plan provides for lower annual approximately $5.1 million of net deferred ratepayer benefits to electric rate increases than originally anticipated under the 1989 the RMC including DSM revenues overcollected in the 1994 rate Settlement. However, as a result of changes in certain assump-year. In December 1993 and 1992, the Company reduced the tions upon which the RMA was based, their impact on the RMC RMC by approximately $10.1 million and $22,5 million repre-and the Company's plans to reduce DSM, operations and senting vanous deferred ratepayer benefits including the maintenance and capital expenditures, the Company has deter-ratepayers portion of the excess camings for the rate years mined that the overall objectives of the RMA can be met under ended November 30,1993 and 1992, respectively, the Electric Rato Plan. As a result of lower than originally anticipated inflation rates, interest costs, property taxes, fuel Dectric Rate Plan costs and return on common equity allowed by the PSC, the in December 1993, the Company filed a three year Electnc Rate RMC, which originally had been anticipated to peak at $1.2 Plan with the PSC for the period beginning December 1,1994 billion in 1994, peaked at $652 million in 1992. With the excep-that minimizes future electric rate increases while retaining tion of a projected increase in 1995 and 1996, which is not now consistency with the RMA's objective of the restoration of the anticipated to cause the RMC to increase above its $652 million i Company's financial health. The Electric Rate Plan requests an peak, the RMC is expected to decline until it is fully amortized. allowed retum on common equity of 11.0% and provides for base rates to be f rozen in years one and two and an overall rate Under the Electric Rate Plan, the recovery of the RMC would be a increase of 4 3%in the third year. Although base electric rates extended, if necessary, for an additional period of not more than would be frozen during the first two years of the Electric Rate three years beyond the approximate ten year period envisioned Plan, annual rate increases of approximately 1% are expected in the RMA. The actuallength of the RMC extension will depend to result from the operation of the Company's FCA. The FCA on the extent to which the assumptions underlying the Electric captures, among other things, amouris to be recovered from or Rate Plan materiale. The Company's current projections refunded to ratepayers in excess of $15 million which result from indicate that the RMC will be recovered in eleven years. the reconcihation of revenues, certain expenses and camed performance incentive components, discussed above. i ) 1 1
The staff of the PSC (Staff) and other intervening parties filed excessof a 10.6%returnoncommonequityinanyof thethree testimony in response to the Company's Electnc Rate Plan. Staff rate years covered by the settlement be shared equally between concurs with the Company's proposal for an 11.0% return on the Company's firm gas customers and its shareowners. For the common equity in each of the three years and has reaffirmed its rate year ended November 30,1994, the Company earned $9.2 commitment to the pnnciples of the RMA, including the full million, net of tax effects, in excess of the 10 6% retum on com-recovery of the RMC within the 'ime frame established by the mon equity. The firm gas customers' portion of these excess RMA, However, Staff has recommended an overall zero percent earnings amounting to $4.6 milhon, net of tax effects, has been rate increase for the first two years, contrasted with the Com-deferred until its final disposition is determined by the PSC. pany's proposal for a base rate freeze with FCA adjustments of appronmately 1% in years one and two, as desenbed above. Note 4, The Class Settlement Staff did not make a recommendabon for the level of rate rehof in the third year. The Class Settlement, which became effective on June 28, 1989, resolved a civil lawsuit against the Company brought in September 1994, three Administrative Law Judges (ALJs) of under the federal Racketeer Influenced and Corrupt Organiza-the PSC issued a recommended decision to the PSC with tions Act. The lawsuit which the Class Settlement resolved had respect to the Company's Electnc Rate Plan. The ALJs agreed alleged tnat the Company made inadequate disclosures before with the Company's proposed 110% return on cornmon equity the PSC conceming the construction and completion of nuclear and its proposal to freeze base electnc rates for the first rate generahng facihties. The Class Settlement provides the Com-yeat While no exphcit recommendation was made concerning pany's electnc ratepayers with reductions, aggregating $390 the second year, the recommended decision imphes that base milhon, that are being reflected as adjustments to their monthly rates could remain frozen for the second rate year as well. electnc bills over a ten year penod which began on June 1,1990. With respect to the third rate year beginning December 1,1996, The reductions which begin in each of the remaining twelve the ALJs determinnd that it was not appropnate for them to issue month periods are as folows: a recommendation since, in their opinion, the Company's revenue requirements for the third rate year cannot be precisely June 1995 $40 million determined at this time. Alternahvely, the ALJs encouraged the June 1996 50 milhon Company and other parbes in this proceeding to negotiate a June 1997 60 milhon sett!cment conceming any rate increase for the third rate year. June 1998 60 milkon June 1999 60 million The PSC had been expected to issue a hnal order on the Com-pany's rate proposal before November 29,1994, the date that Upon its effectiveness, the Company recorded its liabikty for the the statutory suspension penod was scheduled to terminate. Class Settlement on a present value basis at $170 million and However, in order to accommodate further settlement negotia-simultaneously recorded a charge to income (net of tax effects of tions in the proceeding. the Company has requested extensions $57 million) of approximately $113 milhon. Each month the through Apnl 1995, which were granted by the PSC. The Com-Company records the changes in the present value of its liabikty pany's offers to extend the suspension period were conditioned that results from the passage of time and from monthly reduc-upon the continuation of the current LRPP rate mechar9sms. tions. The Company expects the Class Settlement habikty will be 1 Although the ultimate outcomo of the Electnc Rate Plan cannot fully satisfied by May 31,2000. be predicted, the Company expects that any PSC order will be consistent with the provisions of the RMA respecting the recovery in accordance with the Class Settlement, the Company, in 1990, of the FRA and other 1989 Settlement deferred charges. established a $10 milhon fund to reimburse former electric ratepayers entitled to refunds under the Class Settlement. At Gas December 31,1994, approximately $4.5 milhon remains un. l In December 1993, the PSC approved a three year gas rate distnbuted in the fund. Pursuant to the terms of the Class I settlement between the Company and the Staff of the PSC. The Sett!ement, the undistnbuted portion of the net fund balance gas rate settlement provides that the Company receive for each will be used to reduce ratepayers' bills upon the Company's of the rate years beginning December 1,1993.1994 and 1995, receipt of the funds from the trustee. annual gas rate increases of 4.7%. 3 8% and 2 8%, respec-tively An allowed return on common equity of 10.1% was used in the determinat'on of the revenue requirements for tne gas rate r,ettlement The gas rato decision also provides that earnings in l Ti'
Note 5. Nine Mlle Point Nuclear Power Station, Unit 2 92%of totaldecommissioningcosts. Asof December 31,1994, the Company has accumulated $8.3 mi!! ion in this external trust The Company has an 18% undivided interest in NMP2 which is fund. Net earnings on this fund are recorded as an increase to operated by Niagara Mohawk Power Corporation (NMPC) near accumulated depreciation. This fund complies with regulations Ocwego, New York. Ownership of NMP2 is shared by five issued by the NRC governing the funding of nuclear plant cotenants: the Company (18%), NMPC (41%), New York State decommissioning costs. Electnc & Gas Corporation (18%), Rochester Gas and Electric Cor poration (14%) and Central Hudson Gas & Electnc Corpora-Note 6. Capital Stock tion (9%). At Decomt'er 31,1994, the Company's utility pl ant j investrnent in NMP2 was $749 million, net of accumulated Common Stock l depreciation of $140 million, which is included in the Company's During 1994, the Company issued 6.1 million shares of common rate base Output of NMP2 is shared in the same proportions as stock, including the public offering in June of 5.1 million shares the cotenants' respective ownership interests. The operating at $20 per share. The Company has 150,000,000 shares of expenses of NMP2 are also allocated to the Cotenants in the authorized common stock, of which 118,416,606 were issued same proportions as their respective ownership interests. The and outstanding at December 31,1994. The Company has Company's share of these expenses is included in the appro-reserved 1,747,570 shares for sale through its Employee Stock priate operating expenses on its Statement of Income. The Purchase Plan,5,009,762 shares were committed to the Auto-Comp'ny is required to provide its respective share of financing matic Dividend Reinvestment Plan and 114,126 shares were for any capital additions to NMP2. Nuclear fuel costs associated reserved for conversion of the Series l Convertible Preferred with NMP2 are being amort: zed on the basis of the quantity of Stock at a rate of $17.15 pu share. Common and preferred stock heat produced for the generation of electncity. dividend limitations in the mortgage securing the Company's First Mortgage Bonds are not matenal. There are no dividend NMPC has contracted with the United States Department of limitations contained in the Company's other debt instruments. Energy for the disposal of nuclear fuel. The Company reim-burses NMPC for its 18% share of the cost under the contract at Preferred Stock a rate of $1.00 per megawatt hour of not generation less a factor The Company has 7,000,000 authorized shares, cumulative to account for transmission line losses preferred stock, par value $100 per share and 30,000,000 authorized shares, cumulative preferred stock, par value $25 The Company's share of the decommissioning costs for NMP2 is per share. Dividends on preferred stock are paid in preference estimated to be $82 milhon and $234 milhon, in 1994 dollars and to dividends on common stock or any other stock ranking junior 2027 dollars, respectively, based upon a 1989 study performed to preferred stock. i by NMPC which was updated in 1993 to reflect a change in the NRC minimum decommissioning funding requirement. NMPC Preferred Stock Subject to Mandatory Redemption has informed the Company that decommissioning costs for The aggregate fair value of redeemable preferred stock with NMP2 will increase pomanly as a result of the inclusion of mandatory redemptions at December 31,1994 and 1993 nuclear fuel storage charges and costs for continuing care. amounted to approximately $564 million and $659 million, NMPC will be performing an updated decommissioning study respectively, compared to their carrying amounts of $649 for NMP2 in 1995. The Company will update its estimate for million and $654 million, respectively, decommissioning costs upon the NRC's approval of the 1995 study. NMPC expects to commence decommissioning in 2027, The Company is required to redeem each year certain series of shortly after cessation of operations, using a method which preferred stock through the operation of sinking fund provisions removes or decontaminates NMP2 components promptly. The as follows: Company's share of estimated decommissioning costs are yum,,, ge,,mp,,,n z being provided for in electric rates and are being charged to senes sodomoton erowson a.o nnma orsnares Free operations as depreciation expense over the expected service L July 31,1979 10.500 $100 life of NMP2. The amount of decommissioning costs recorded as R December 15,1982 37,500 100 depreciation expense was $1.6 milhon in 1994 and $1.7 million NN March 1,1999 77,700 25 in both 1993 and 1992. The accumulated decommissioning UU October 15.1999 112.000 25 costs collected in rates through December 31,1994 amounted to $8 7 milhon. The Company has estabkshed an independent decommissioning trust fund for the decommissioning of the con-taminated portion of the NMP2 plant, which is approximately TT
t in addition, the Company will have the non-cumulative option G&R Mortgage to double the number of shares to be redeemed pursuant to The lien of the G&R Mortgage is subordinate to the lien of the ] the sinking fund provisions in any year for the preferred stock First Mortgage. The annual G&R Mortgage sinking fund require-j series R, NN and UU. The aggregate par value of preferred ment for 1994, due not later than June 30,1995, is estimated at stock required to be redeemed through sinking funds in 1995 $26 million. The Company expects to satisfy this requirement and 1996 is $4.8 melkon, in 1997 and 1998 is $1.1 milhon and in with retired G&R Bonds. 1999 is $5 8 million. 1989 Revolving Credit Agreement The Company is also required to redeem all shares of certain The Company has available through October 1,1995, $300 series of preferred stock which are not subject to sinking fund milhon under its 1989 Revolving Credit Agreement (1989 RCA). requirements The scheduled mandatory redemption for these This line of credit is secured by a first tien upon the Company's senes are as follows: (i) Series GG on March 1,1999; (ii) Series accounts receivable and fuel oil inventories. AA on June 1, 2000. (iii) Series 00 on May 1, 2001 ; and (iv) Series CC on August 1,2002. At December 31,1994, no amounts were outstanding under the 1989 RCA. The Company has the option, when amounts are Pre / erred StocA Not Subject to Mandatory Redemption outstanding, to commit to one of three interest rates including: The Company has the option to redeem certain series of its (i) the Adjusted Certificate of Deposit Rate which is a rate based preferred stock. For the series subject to optional redemption on the certificate of deposit rates of certain of the lending banks, at December 31,1994, the call pnces were as follows-(ii) the Base Rate which is generally a rate based on Citibank, N.A.'s prime rate and (iii) the Eurodollar Rate which is a rate @l*"*# 8%====-- based on the London Interbank Offering Rate (UBOR). The C 5 00% Senes B $101 Company has agreed to pay a fee of one quarter of one percent 4 25% Seres D 102 per annum on the unused portion The 1989 RCA may be ex-4 35% Seres E 102 tended for one year periods upon the acceptance by the lending 4 35% Seres F 102 banks of a request by the Company which must be delivered to 5'4% Seres H 102 the lending banks prior to April 1 of each year. It is the Com-SynesgCgng 100 pany's intent to request an extension piior to April 1,1995. Pro /crenceStock Authonty Financing Notes At December 31,1994, none of the authorized 7,500,000 Authority Financing Notes are issued by the Company to the shares of nonparticipating preference stock, par value New York State Energy Research and Development Authority $1 per share, which ranks junior to preferred stock, were (NYSERDA) to secure certain tax-exempt industrial Development outstanding. Revenue Bonds, Pollution Control Revenue Bonds (PCRBs) and Electric Facihties Revenue Bonds (EFRBs) issued by NYSERDA. Note 7. Long-Term Debt Certain of these bonds are subject to periodic tender at which time their interest rates may be subject to redetermination. Tender Each of the Company's outstanding mortgages is a lien on requirements of Authority Financing Notes at December 31,1994 substantially all of the Company's properties. were as follows: (In thousands of dollars) First Mortgage lgest g All of the bonds issued under the First Mortgage, including those issued after June 1,1975 and pledged with the Trustee PCRBs 8%% 1982 $ 17,200 Tendered every three of the General and Refunding Mortgage (G&R Trustee) as y se e er additional secunty for General & Refunding Bonds (G&R Bonds), are secured by the hen of the First Mortgage. First Mortgage 30% 1985 A.B 150.000 Tendered annually on Bonds pledged with the G&R Trustee do not represent out-March 1 i standingindebtednessof the Company. Amountsof such ErRBs pledged bonds outstanding were $13 bilkor, and $1.0 bilhon at 545% 1993A 50.000 Tendered weekly December 31,1994 and 1993, respectively. The annual First 4 90 % 19938 50.000 Tendered weekly Mortgage depreciation fund and sinking fund requirements for - ' - - -5 40 % 1994 A 50.000 Tendered weekly 1994, due not later than June 30,1995, are est: mated at $239 mdhon and $21 milhon, respectively. The Company expects to meet these requirements with property additions and retired First Mortgage Bonds. 77
The 1994 and 1993 EF RBs and the 1985 PCRBs are supported Note 8. Retirement Benefit Plans by letters of credit pursuant to which the letter of credit banks have agreed to pay the pnncipal, interest and premium, if appll-Pension Plans cable, in the aggregate, up to appronmately $326 milhon in the The Company maintains a defined beneht pension plan which eventof default The obhgabonof theCompanytoreimbursethe covers substantially all employees (Pnmary Plan), a supple-letter of cred I banks is unsecured These letters of credit expire rnental plan which covers officers and certain key executives on October 26.1997 for the 1994 EFRBs, November 17,1996 (Supplemental Plan) and a retirement plan which covers the j for the 1993 EFRBs, and March 16,1996 for the 1985 PCRBs, at Board of Directors (Directors' Plan). The Company also main-each of which hmes the Company is required to obtain either an tains 401(k) plans for its unton and non-union employees. The extension of the letters of credit or substitute credit backup ComDany does not contnbute to these plans. If neither can be obta:ned, the 1993 EFRBs, the 1994 EFRBs and the 1985 PCnas must be redeemed unless the Company pur-Pnmary Plan chases them in Iteu of redemption and subsequently remarkets The Company's funding pohcy is to contobute annually to the them Pnmary Plan a minimum amount consistent with the require-ments of the Employee Retirement income Secunty Act of 1974 Fay Values o' Long Term Debt (ERISA) plus such additional amounts, if any, as the Company T he carrying amounts and farr values of the Company's long-may deterrrine to be appropnate from time to time. term debt at December 31 we<c as follows For servic a before January 1,1992, pension benefits are nwomvus er vanars, h,y determir.ed based on the greater of the accrued benefit as of g, c nm vae ^"w"' December 31,1991, or by applying a moving five year average First Mortgage Bonds 5 95688 $ 100 000 of Plan compensation, not to exceed the January 1,1992 Genera and Refund:ng Bonds 1.844.289 1.951.000 salary, to certain percentares as defined in the Pnmary Plan, Dobentures 1.867.510 2.270.000 determined by years of service at December 31,1991. For Authont/ Financing Notes 829 651 866,675 service after January 1.1992, pension benefits are equal to 2% Total $4 637.138 $5187.675 per year of Plan compensation through age 49 and 21/2% thereafter. Employees are vested in the Primary Plan after five years of service with the Company. ^^ Fact Corey nm v*v" 4"*"' The Pnmary Plan's funded status and amounts recognized on F est Mortgage Bc<ds $ 124.719 $ 125,000 the Balance Sheet at December 31,1994 and 1993 were as General and Refunding Bonds 1.806 728 1.666 000 follows: Debentures 2.944.499 2.880 058 Authonty Ftnancing Notes 851.800 816 675 rrn tnovsaw or donars) ,gg, ,993 Total $5,727.746 $5.487.733 Actuanal Present Value of Benefit Obbgat on For a f urther discussion on the fair value of the secunties hsted Vested benefits S 467,962 $ 468.797 above, see Note t. Nonvested benefits 50,385 49.815 Accumulated Beneht Obhgation S 518,347 $ 518,612 MMur.ty Schaut Plan assets at fair value S 597,200 $ 598.600 Totallong term debt matunng in each of the next five years Actuaral present value of is $25 mdhon (1995) $455 mdhon (1996), $286 milhon (1997). protected boneht obygeon__ 592,339 597,128 $101 mdhon (1998) and $454 mdhon (1999) Proiected benett obkgation less than plan assets 4,861 1,472 Unrecogmzod net obhgaton 84,577 91.397 Unrecognized net gain (90,335) (97.029) Net Accrued Pension Cost $_ (897) $ (4f60) TT
Penodic pension cost for 1994,1993 and 1992 for the Primary Orectors' Plan Plan included the following components. The Directors' Plan provides benefits to directors who are not
~~nmsandseo nors) officers of the Company. Directors who have served in that i994 mu s992 capacity for more than five years quahfy as participants under~~
~ ~ ~ ~ the plan. The Directors' Plan is a non quahfied plan under the ng $ r $ 16,465 $ 14.481 $ 13.661 Internal Revenue Code. The provision for retirement benehts, d interest cost on projected which is unfunded, totaled approximately $148,000, $150,000 benett obhgation and and $133,000 which was recognized as expense in 1994, service cost 43,782 41.865 39.574 1993 and 1992, respectively. Actual retum on plan assets (12,431) (54.010) (47.156) Not amortization and deferral (31,633) 10.025 12.849 Postretirement Benehts Other Than Pensions Net Periodic Fension Cost $ 16,183 $ 12.361 $ 18.928 in addition to providing pension benefits, the Company provides
~~= ___ =. = = =~~
certain medical and hfe insurance benefits for retired employees. Substantially all of the Company's employees may become Assumptions used in accounting for the Primary Plan were as eligible for these benehts if they reach retirement age after g working for the Company for a minimum of five years. These ppg 4 su yggy and similar benehts for active employees are provided by the Munt rate ^ b b% Company or by insurance companies whose premiums are 75% based on the benehts paid during the year. Effective January 1, Rato of future compensation 1993, the Company adopted the provisions of SFAS No 106, increases 5.0% 50% S5% Long terrn rde of return on assets 7.5% 75% 7.5% Employers' Accounting for Postretirement Benehts Other Than Pensions, which requires the Company to recognize the expected =
~~= = = = = = =~~
cost of providing postretirement benehts when employee The Pnmary Plan assets at fair value include cash, cash services are rendered rather than when paid. As a result, the equivalents, group annuity contracts, bonds and listed equity Company, in 1993, recorded an accumulated postretirement secuntes-benefit obkgation and a corresponding regulatory asset of approximately $376 million. Additionally, as a result of adopting in 1993, the PSC issued an order which addressed the account. SFAS No.106, the Company's postretirement benefit cost for ing and ratemaking treatment of pension costs in accordance 1993 increased by approximately $28 milhon above the amount withSFASNo 87 Employers' Accountingfor Pensions.Under that would have been recorded under the pay as-you-go method. the PSC order, the Company is required to recognize rate allowance deferred net gains or losses over a ten year penod In 1993, the PSC issued an order which required that the effects rather than using the corridor approach method. This change in of implementing SFAS No.106 be phased into rates. The order the annual pension cost calculation reduced pension expense requires the Company to defer as a regulatory asset the differ-by $4 6 milhon in the year of adoption,1993. The Company ence between postretirement beneht expense recorded for beheves that this method of accounting for hnancial reporting accounting purposes in accordance with SFAS No.106 and the purposes, results in a better matching of revenues and the Com-postretirement beneht expense reflected in rates. The ongoing pany's pension cost. The Company defers differences between annual postratirement beneht expense wdl be phased into and pension rate allowance and pension expense under the FSC's reflected in rates within a frve year period with the accumulated order. In addition, the PSC requires the Company to measure postretirement obligation being recovered in rates over a twenty the difference between the pension rate allowance and the year period. In addition, the Company is required to recognize annual pension contobutions to the pension fund' any deferred not gains or losses over a ten year period. Supplementa/ Plan In 1994, the Company established Voluntary Employee's The Supplemental Plan, the cost of which is bome by the Benehciary Association (VEBA) trusts for union and non union Company's shareowners, provides supplemental death and employees for the funding of incremental costs collected in rates retirement benehts for ofhcers and other key executives without for postretirement benehts. In December 1994, the Company contnbution from such employees. The Supplemental Plan is a contnbuted $2.2 mdhon for the incremental postretirement non quahf ed plan urt1er the Internal Revenue Code. Death benef t cost collected in g3s rates. In 1995, the Company will benehts are currently provided by insurance The provision for begin funding the incremental postretirement beneht cost for the plan benehts, which is unfunded, totaled approximately $2.3 electric business as these amounts are reflected in rates. milhon, $2.8 mdhon and $ 7 mdhon which was recognized as { expense in 1994,1993 and 1992, respectively. W
4 Accumulated postretirement benefit obligation other than Note 9.FsderalIncome Tax pensions at December 31 was as follows: On thousands doonars) At December 31, the significant components of the Company's .m m_ deferred tax assets and liabilities calculated under the provisions rm U" * "88"d8 # d #8'8I - Fully ehgible plan participants 57,784 63,800 Other active plan partopants 133,030 137.200 fm 1911 Accumulated postretirement Deferred Tax Assets j benefit obhgaton 8 350,408 $ 353.800 Net operatingloss carryforwards $ 552,917 $ 707,400 Plan assets, cash (2,200) Reserves not currently deductible 86,267 87,050 Accumulated postretirement benefit Tax depreciable basis in excess of book 48,557 59,147 otegationin excess of plan assets 348,208 353,800 Nondiscretonary excess credits 31,933 35,362 Unrecognized net gain 73,936 49,237 ITC carryforwards 142,329 142,329 Other 89,763 62.800 Accrued Postretirement Benefit Coet S 422,t 44 $ 403.037 Total Deferred Ta Assets S 951,766 $ 1.094.088
===m._.._m---- Penodic postretirement benefit cost other than pensions for the f9fg T m ,,,e e t s 2,174,729 $ 2,180,413 years 1994,1993 and 1992 was as follows: Accelerated depreciation 608,302 597,827 Call premiums 56,324 63,735 vm is rm =<-=====m__. Rate case deferrals 55,598 43,957 Service cost - benefits earned Other 46,840 46.097 dunng tre penod 8 11,275 $ 12,980 $ Total Deferred Tax Liabiktes 8 2,941,793 $ 2,932,029 Not Deferred Tax Liability 81,990,027 $ 1,837,941 e g and service cost 25,713 29,531 Amortizaton of net gain (5,213) Federal income tax expense in accordance with APB No.11, P;rlodic Poetretirement for the year 1992 was as follows: = -==-_ $ 42.511 $ 13.400 on thousands ddollars) Benefit Cost $ 31,775 Assumptions used to determine the postretirement benefit Febral income Tax, per Statement of Income obligation were as follows: Current 530 Doferred and other 1989 Settlement Discount rate 7,75 % 7.25 % Shoreham property $ 3,806 Rate of future compensationincreases 5.0% 50% Rate moderation component 10,351 " ' " ~ ~ Other 1989 Settlementitems 8,622 The assumed health care cost trend rates used in measuring the Net operatingloss carryforwards (14,121) Shoreham post sehmet costs 60,125 accumulated postretirement t,enefit obligation at December 31,
~~d*P '' "~~
3 1994 and 1993 were 9 0% and 9.5%, respectively, gradually 3 declining to 6.0% in 2001 and thereafter. A one percentage point Ratemaking and performance plan 17,680 inctease in the health care cost trend rate would increase the ac' Other items 2.577 cumulated pos! retirement benefit obligation as of December 31' Total Deterred and Other $160.432 1994 and 1993 by approximately $44 million and $46 million, respectively, and the sum of the service and interest costs in Total Federauncome_ Tax Expense $160962 1994 and 1993 by $6 million and $8 million, respectively, T
l The federal income tax amounts included in the Statement of adjustments and is seeking an administrative and, if necessary, - Income differ from the amounts which result from applying the a judicial review of the conclusions reached in the Revenue statutory federal income tax rate to income before income tax. Agents' Reports. The Company cannot predict either the timing The table below sets forth the reasons for such differences. or the manner in which these matters will be resolved. If however, On thousands ordows> the ultimate disposition of any or all matters raised in the Revenue seu rm vm Agents' Reports are adverse to the Company, the Company expects that any deficiencies that may arise will be substantially offset by the net operating loss carrybacks associated with the j income tax 8 478,564 $ 468,839 $ 462.936 1989 Shoreham abandonment loss deduction of $1.8 billion i Statutory federahncome tax rate 35% 35 % 34 % and thus any impact would not have a material effect on the Statutory federahncome tax $ 167,497 $ 164,094 $ 157,398 Company's financial condition or cash flows. Additions (Reductions)in Federalincome Tax Note 10. Commitments and Contingencies 1989 Settlement ' 4,213 4.256 4,003 AFC (2,450) (2.304) (4,118) Commitments Tax credits (6,837) (6.871) (6,586) The Company has entered into substantial commitments for gas Excess of book supply, purchased power and transmission facilities. The costs depreciation over tax associated with these commitments are recovered from rate-p yers through provisions in the Company's rate schedules. Int capta ed Other items (2,905) (2,779) (4.875) The Company expects that it will have to expend approximately Total FederalIncome $1 million in 1995 to meet continuous emission monitoring Tax Expense 8176J12 $ 172.276 $ 160.962 requirements and to meet Phase I nitrogen oxide (NOx) reduc-Effective federalincome tion requirements. Subject to requirements that are expected
~~u. tax ram _~~
36.9 % _ 36.7% 34.8 % to be promulgated in forthcoming regulations, the Company estimates that it may be required to expend approximately The Company's net operating loss (NOL) carryforwards for $80 million (net of NOx credit sales) by 2003 to meet Phase ll federal income tax purposes is estimated to be approximately and Phase lli NOx reduction requirements and approximately $1.6 billion at December 31,1994. The NOL carryforwards will $24 million by 1999 to meet potential requirements for the expire in the years 2004 inrough 2007. The amount of n test. control of hazardous air pollutants from power plants. The ment tax credit (lTC) carryforwards, net of the 35% reduction Company believes that all of the above costs will be recoverable required by the Tax Reform Act of 1986, are approximately through rates. $142 million. The ITC carryforwards expire by the yeat 2005. For financial reporting purposes, a valuation allowance was Contingencies not required to offset the deferred tax assets related to these Environmenta/ Matters carryforwards. The Company is subject to federal, State and local laws and regulations dealing with air and water quality and other environ-On January 8,1990 and October 10,1992, the Company mental matters The Company continually monitors its activities received Revenue Agents' Reports disallowing certain in order to determine the impact of such activities on the environ-deductions claimed by the Company on its tax retums for the ment and to ensure compliance with various environmental audit cycle years 1984 through 1987 and 1988 through 1989, laws. Except as set forth below, no material proceedings have respectively. The Revenue Agents' Reports reflect proposed been commenced or, to the knowledge of the Company, are adjustments to the Company's federal income tax returns for contemplated against the Company with respect to any matter 1984 through 1989 which, if sustained, would give rise to tax relating to the protection of the environment. deficiencies totaling approximately $220 million. The Revenue Agents have proposed ITC adjustments which, if sustained, would reduce the Company's ITC carryforwards by approxi-mately $96 million The Companyis protesting some of the 77 i n .,--.n.., ..n--,a-- ,e.-
.-,. _ - ~ - = ~ -.~ - - i 1 The New York State Department of Environmental Conservation As a result of its daily business activity, the Company is involved har indicated to New York State utikties that it may require all in various legal and administrative proceedings, including other such utikties to investigate and, where necessary, remediate environmental proceedings. The Company believes the resolu- ~ their former manufactured gas plant sites. The Company is the tion of these proceedings will not have a material adverse effect owner of six pieces of property on which the Company or certain on the Company's financial position or results of operations. of its predecessor companies produced manufactured gas. Although the exact amount of the Company's clean up costs Nuclear Plant insurance cannot yet be determined, based on the findings of investi-The NRC requires the owners of nuclear facilities to maintain gations at two of these six sites, prehminary estimates indicate certain types of insurance. For property damage at each nuclear that it will cost approximately $35 milhon to clean up all of these generating site, the NRC requires a minimum of $1.06 bilhon of sites over the next five to ten years. Accordingly, the Company coverage. The NRC has provided the Company with a partial has recorded a $35 milhon habikty and has also recorded a exemption from these requirements for Shoreham. With respect $35 milhon regulatory asset to reflect its bekof that the PSC will to third party habikty and property damage, the NRC requires provde for the future recovery of these costs through rates as it nuclear plant owners to carry $200 million in primary coverage. has for other New York Stato utilities. The Company has notified Pursuant to these requirements, the Company carries property its former and current insurance carriers that it seeks to recover insurance and third party bodily injury and property liabihty from them certain of these clean up costs. However, the Com-insurance for its 18% share in NMP2 and for Shoreham. The pany rs unable to predict the amount of insurance recovery, if annual premiums for this coverage are not material. any, that it may obtain. The policies also include retroactive premiums under certain The Company has been notified by the Environmental Protec-circumstances. For the property damage policies, the retro-tion Agency (EPA) that it is one of many potentially responsible active premium assessments, on a per occurrence basis, could i parties (PRPs) that may be liable for the remediation of three be as much as $4.6 million. Once Shoreham is declared a non-contaminated kcensed treatment, storage and disposal sites. nuclear site by the NRC this retroactive premium assessment At one site, located in Philadelphia, Pennsylvania, and operated may decrease significantly. by Metal Bank of America, the Company and nine other PRPs, all of which are pubhc utikties, have completed a Remedial For the third party liabihty and property damage insurance, the Investigabon and Feasibihty Study which is currently being retroactive premium is related to the NRC's requirement that 1 reviewed by the EPA. The level of remediation required will be nuclear facihty owners, in addition to carrying $200 million in determined when the EPA issues its decision, currently expected primary coverage, also participate in a Secondary Financial in May 1995 The Company currently anticipates that the total Protection Fund (fund). Under the Price Anderson Act, that cost to remediate this site will be between $ 14 milhon and $30 assessment related to the fund could be up to $79.3 million per milkon The Company has recorded a liability of $1.1 milhon nuclear incident in any one year at any nuclear unit, but not in representing its estimated share of the cost to remediate this site. excess of $10 million in payments per year for each incident. The Company beheves that any cost incurred to remediate this The Price Anderson Act also limits liability for third-party bodily site will be recoverable through rates. injury and third-party property damage arising out of a nuclear occurrence at each unit to $8.9 billion. With respect to the other two sites, which are located in Kansas City, Kansas and Kansas City, Missouri, the Company is investi-In 1994, the NRC granted the Company permission to withdraw gating alkgations that it had previously stored or made agree-from the fund because Shoreham had been defueled. The ments for disposal of polychionnated biphenyls (PCBs) or items withdrawal was effective November 18,1994. The withdrawal containing PCBs at these sites. The Company is currently unable rehoves the Company from any retroactive premium assessment to determine its share of the cost to remediate these two sites or relating to any nuclear incident as of November 18,1994 or the impact. if any, on the Company s financial position. The later. The Company remains liable for retroactive assessments Company behoves that any cost incurred to remediate these for any nuclear incident occurring prior to November 18,1994 sites will be recoverable through rates dunng the time the Company participated in the Fund because ofitsShorehamownership. Asaco-ownerof NMP2,the Company remains liable for 18% of any retroactive premium assessment levied against the NMP2 owners. f' f e --,+-+--s .+-,e--.m 3--- ---m-r---------..-r -- -=, - - -.- --- --.-------r- . - - - --=. .m ~-.<- - -
~_. 1 Note 11. Segments of Business Note 12. Quarterly Financial information (unmoreco T he Company is engaged in the electric and natural gas utihty en nousands vocaars except samans per cannm stiare) businesses. The Company serves residential commercial and For quarter ended 1994 7993 industrial customers in Nassau and Suffolk Counties and the Operating Revenues Rockaway Peninsula in Queens County, all on Long Island, New March 31 8 872,143 $ 760,451 -York. Identifiabic assets by segment include not utility plant, regulatory June 30 626,310 604,871 assets, rnatorials and supphes, accrued unbilled revenues, gas September 30 913,440 849,700 in storage, fuel and deferred charges. Assets utilized for overall December 31 655,414 665,9_73 j Company operatons consist primarily of cash and cash equiv-Operating income alents, accounts receivable and unamortized cost of issuing March 31 8 183,865 $ 192,391 secunties. June 30 139,478 167,599 enmeons vdonars) September 30 276,965 263.984
~~00I For year erdn1Docemtwr 31 1994 1993 1992~~
~~==..=====.===:======-===.-~~
Net income Operating Revenues March 31 8 69,620 $ 67,861 Dectre $ 2,481 $ 2.352 $ 2.195 June 30 24,787 56,806 Gas,,_ _ _ _ _,_ _, _,,,_ _586 529 427 So tomber 30 168,872 144,549 Total $ 3,06_7__$_2_.881 $_2.6_22 December 31 38,573 27,347 Operating Expenses Eamings for Common Stock (excludes federahncome tax) March 31 8 56,348 $ 53,286 Electre $ 1,640 $ 1,514 $ 1,355 June 30 11,516 42,451 Gas 500 427 353 September 30 155,620 131.022 Total S 2,140 $ 1,941 $ 1.708 December 31 25,348 13.696 2 =.=-u======_._...__ Eamings per Common Share ahng Mcome March 31 8 .50 48 (tmfore federalincome tax) June 30 10 '38 Electro S 842 5 838 $ 840 1$32 1.17 Se tember30 December 31 .21 .12 Total operating income 927 940 914 3 AFC (7) (7) (12) In the fourth quarter of 1993, the Company recorded income of Other income and deductons (45) (56) (50) Interest charges 500 534 513 approximately $6.5 millon, net of tax effects, or $.06 per common Federalincome tax 177 172 161 share related to the settlement of certain litigation. In addition, in the fourth quarter of 1993, the Company recorded a charge to (({ -"~~ $ 302 $ 297 $ 302 - = ~ = ~ = = = = = = - - - = - - earnings of approximately $7.3 million, not of tax effects, or $.07 Depteciation and Amortization per common share principally related to previously deferred storm 8 I I I costs and the reconciliation of certain ratemaking mechanisms ( recorded in connection with the conclusion of the Company's Total 5 131 $ 122 $ 119 rate year. Construction and Nuclear Fuel Expenditures
~~Dectre~~
~~$ 155 $ 171 $ 164 Gas __,12 5__ 134 109 Total 5 280 $ 305 27',~~
~~hidutWw rweh amonance for prhev A.rdt used(teng constructort a~~
~~) At Dmurtnw 31 1994 1993 1992 a' Identifiable Assets Electro $10,999 $11,194 $ 8.867 N8 ..._. _, -. _. _-._ _J,184~~
~~Ig8, 7G8 Total entifebie assets 12.183 12.272 9.635 Assets utkod for t verall s~~
Cumpany oporatons_, 1,034 1,121 1.129 Total Assets $13.217 $13.393 $10.764 =_-.==u====:==.-: i
i Fi E P O R T 0F ERNST VOUNG L L P. INDEPENDENT AUD1 TOR 5 j i To the Shareowners and Board of Directors of Long Island Lighting Company We have audited the accompanying balance sheet of Long Island Lighting Company and the related statement of capitali-zation as of December 31,1994 and 1993 and the related statements of income, retained earnings and cash flows for each of the three years in the period ended Dccomber 31,1994. These financial statements are the respor,sibility of the Company'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 assurarce about whether the financial statements are free of matenal misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting pnnciples used and significant estimates made by management, as well as evalu-ating the overall financial statement presentation. We beheve that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all matenal respects, the financial position of Long Island Lighting Company at December 31,1994 and 1993, and the results of its operations and its cash flows for each of the three years in the period ended December 31,1994, in conformity with genera lly accepted accounting principles. &+ LLP Melville, New 'ibrk February 3,1995 7
SELECTED FINANCl AL DATA Tame 1 (in thotannds of dollars exwot per sMee amounts} rest 1993 1992 1991 1990 Summary of Cporatjons _ Revenues $ 3,067,307 $ 2,880,995 5 2,621,839 $ 2,547,729 $ 2,456,902 Operating expenses 2,322,362 2,125,444 1.880,734 1,762,449 1,654,272 Operating income 744,945 755,551 741,105 785,280 802,630 Other income and (deductions) 52,719 70,874 66,330 40.482 20.638 income before interest charges and cumulative effect of account <ng change 797,664 826.425 807,435 825,762 823,268 Interest charges and (credits) 495,812 529.862 505,461 520,224 503,631 Income before cumulative effect of accounting change 301,852 296,563 L1,974 305.538 319,637 Cumuiative effect of accounting change for unbilied 11.680 gas tevenues(net of tax) Net income 301,852 296,563 301,974 305,538 331,317 Preferred stock dividend requirements 53,020 56,108 63,954 66,394 68,161 248,83_2_ _. $. _.240.455 _ $ 238,020_ _ $ _ 239,144_.._.._.$. -. - -. 263.156 Earnings for Common Stock Average common shares outstanding (000) 115,880 112.057 111,439 111,348 111,290 Eamings por common share Before cumulatrve effect of accounting change S 2.15 2.15 2.14 5 2.15 2.26 Cumulative effect of accounting change 0.10 Earnings per Common Share 2.15 2.15 2.14 5 2.15 $. _2 36 Common stock dividends declared per share 1.78 1.76 1,72 1.60 1.25 Common stock dividends paid per share 1.78 1.75 1 71 1.55 1.125 Book value per common share at December 31 20.21 19 88 19 58 19 13 18.57 Common shares outstanding at December 31 (000) 118,417 112.332 111,600 111,365 111,324 Common shareowners of reco_rd at December 31 96,491 94,877 _86,111 90,435 82303 Tame 2 Capitalizat cnptgs( 4 Long term debt 62.5 % 650% 64.7 % 63 9 % 62.2 % Preferred stock 8,6 8.5 88 88 9.4 Common equity 28.9 26 5 26.5 27.3 28.4 Total 100.0 % 100 0 % 100 0 % 100.0 % 103.0 % - ~ ~.
~~.=n.:.-.=_=:.:_n==.=~~
= = :=. : --:==m r..= 7, n= m :,. ::.= : 2= =:.= 2.: = -' ' Includes cunent matuntes oflong term deDI and carrent redempton requaemonts of preferred stock Tames (In thousands ordottars) Operabons and Maintenance Expense Detads. _ _ _ _ _. _ _. _ _ _ _ _ _ _ _ _. _ _ _ _ _ _ _ _. _. _.. _ Payroll and employee benefits $ 436,611 $ 438.079 $ 413.817 5 398.000 $ 357,689 Less - Charged to construction and other 103,974 116,988 124,076 123,838 97,650 Payroll and employee benefits charged to operations 332,637 321.091 289,741 274,162 260,039 Fuel and Purchased Power Fuel - electnc cperations 261,154 287,349 282,138 354,859 447,481 Fuel-gas operations 267,629 253,511 206,344 172,992 185,474 Purchased power costs 307,584 292,136 280.914 197,154 168,749 Fuel cost adjustments deferred 11,619 (5.405) (27,612) 43,697 (14,705) Total fuel and purchased power 847,986 827,591 741,784 768.702 786.999 All other 208,017 200,569 208,204 248.597 215.770 Total 0perations and Maintenance Expense _ _ _ $ 1,38_8,640_ $ 1,349,251 $ 1.239,729 $ 1.291.461 $ 1,262,8_08 6.538 6,545 Full time employe.es at December 31 = 6,438 = __ =- =- 5,947 6,215
l . ~ ~ - 7able L_ __ (In m ot donars) Electr}c_ Operating Income seet 1901 1992 1991 1900 Rwenues Res:dential $ 1,202.124 $ 1.145,891 $ 1,045,799 $ 1,047,490 $ 997,868 Commercialand industrial 1,196,422 1,132,487 1,076,302 1,070,098 1,017,387 Other s)qtgmfpvenues____ _ 52,477 49,790 49,395 47,838 46,673 Total systom revonues 2,451,023 2,328,168 2,171,496 2,165,426 2,061,928 Safos to other utilities 14,895 12,872 9,997 23,040 24,140 Otherrevenues 15,719 11.069 13,139 8,102 9,592 Total Revenues 2,481,637 2,352,109 2,194,632 2,196,568 2,095,660 Operating Expenses Operations - fuel and purchased power 568,738 579,032 559,583 593.656 611,122 Operatons - other 310,438 306,116 294,909 296,798 271,608 Maintenance 107,573 111,765 105,341 127,446 118,545 Depreciation and amortization 111,996 106,149 104.034 104,172 98,022 Base financial component arnortizaton 100,971 100,971 100,971 100,971 100,971 Rato moderation component amortizaton 197,656 88,667 (30,444) (228,572) (297,214) Regulatory liability component amortization (79,359) (79,359) (79,359) (79,359) (79,359) 1989 Setttement credits amortizaton (9,214) (9.214) (9,214) (9,214) (9.214) j Other regulatory amortizaton (4,883) (17,082) (21,984) 10,375 14,427 Operating taxes 336,263 326,407 331,122 338,429 322,197 Federalincome tax - current 10,784 6,324 530 515 3,138 Federal income tax - deferred and other__ _ 156,646 158,941 158,908 173,259 169,274 Total Operating Expenses 1,807,609 1,678,717 1,514.397 1,428,476 1,323,517 ElIctric Operating Income $ 67_4,028 $ 67332 $ 680,235 $_7_68,0,92 $ 772,14] Tcbte SJ ___ (In thousands of donars) Gas _Operatjng Income _ _ Revenues Residential -- space heating $ 326,474 $ 310,109 $ 243,950 $ 190.976 $ 198,734 Residential-other 42,263 39,515 33,035 29,383 30,854 Commercial and industrial - space heating 126,092 106,140 90.363 70,938 68,441 Comme _rcial andjndustnal-other 35,275 33,181 29.094 25,515 26,501 Totallirm revenues 530,104 488,945 396,442 316,812 324,530 Interruptible revenues 26,804 24,028 19,658 21,686 30,515 Totalsystom revenues 556,908 512,973 416,100 338,498 355,045 Otner revenues 28,762 15,913 11,107 12,663 6,197 Total Revonues 585,670 528.886 427,207 351,161 361,242 Oparating Expenses Operations - fuel 279,248 248,559 182,201 175,046 175,877 Operations - other 95,576 81,692 77,300 78,469. 68.910 Maintenance 27,067 22.087 20,395 20,046 16,746 Depreciaton and amortization 18,668 16,322 15.103 14,783 12,862 Regulatory amortizaton 9,211 (962) (88) Operating taxes 70,632 59,440 57.866 49,951 48,120 Federalincome tax - current 500 Federalincome tax - deferred and other 14,351 19,589 13,560 (4,322) 7,740 TotalOperating Expenses 514,753 446.727 366.337 333,973 330,755 G:s Operating income 70,917 $ 82,159 $ 60J70 $_ 17,188 $ 30f87 r f \\, em N
Tema b.epf[C} ales,and,{ustomers _ _ _,, _ _ _,, _ _ -,, - _ _, _ .m N _,,,, W f99i q Sales-mil lonsof kV... Reside M 7,159 7,118 6,788 7,022 7,022 Commt t 4 and industrial 8,394 8,257 8,181 8,322 8,359 Other 457-449 471 469 472 System sales 16,010 15.824 15,440 15,813 15,853 Sales to other utilities 372 304 227 598 532 Total Sales, 16,382 16,128 15,667 16,411 16,385 Customers - monthly average Residential 908,490 905.997 902,885 898,974 895,294 Commercialand industnal 102,490 102,254 101,838 101,740 101,562 Other 4,583 4,553 4,593 4,540 4,504 f'.Lmpngy aggrage _====_===____1,M563;-_1,012,804 1,009,316 _ 1,005,254 1,001,360 = Customers at December 31 1,016,739 1,011,965 1,009.028 1,005,363 1 001,441 Residential kWh per customer 7,880 7,856 7,518 7,811 7,843 Reven_uc per kWh 16,79c 16.10$ 15.41c 14.92c 14 21C Commercial and Industrial j kWh per customer 81,901 80,750 80,333 81,797 82,304 Revenue per kWh 14,25c 13.72c 13.16c 12.864 12.17c - System kWh per customer 15,765 15.624 15,297 15,731 15,832 ., yenue pg=ph _=,=========== _ - _15,31 {_,___14 71 c_ 13 6]g 13.01c Re 14.06c = . _1. row i Gas Sa!es and Castomers - :=:=:.====.======:-.. =:======================- u Sales - thousands of dth Residential - space heating 35,693 37,191 35,089 29,687 29,810 Residential - other 3,151 3,297 3.203 3,195 3,443 )' Commercial and industnal - space haating 15,679 14,366 13,662 11,636 11,271 Com_merc,ial and industnal-other 4,366 4,329 4,338 4,171 4,352 Total firm sales 58,889 59,183 56,292 48,689 48,881 Interruptible sales 6,914 5,920 5,090 4,538 6,347 Off systemsales. 7,232 2,894 - Total Sales 73,035e : =. : 997. - - ~ 61,382- - - - - - - - - - -. --55.228 67, 53.227 . = = = - a== = =. = = = = ~ -.. =.:.:. =. v.=. w. = =. a.: r Customers - monthly average Residenhal - space heating 239,857 233,882 227,834 220,562 211,400 Residential-other 163,608 166.974 169,189 171,581 176,000 l Commercial and industnal - space heating 33,776 32,783 31,666 30,453 29,072 l Commercial and industnal-other 10,448 10,631 10,777 11,003 11,310 Totallirm customers 447,689 444,270 439,466 433,599 427,782 Interruptible customers 576 542 531 472 410
~~.otal Cus,tomers - monthly average 448,265 444.812 439,997 434.071 428,192 T~~
an = -.===;.===========.. _ =. - Customers - at December 31 , 449,906 446,384 442,117 436,853 430,571 Residential dth per customer 96,3 101.0 96.4 83.9 85.8 Revenu6 per dth 9.49 $ 8 64 $ 7.23 $ 6.70 $ 6.90 l Commercial and Industrial dth per customer 453,3 430 6 424.1 381.3 386.9 Revenue per dth 8 8.05 $ 7.45 5 6 64 $ 6.10 $ 6.08 System dth per customer 146.8 146 4 139 5 122 6 128.9 Revenu3 per dth 8.46 $ 7.88 $ 6.78 $ 6.36 $ 6.43
i c tic [6perattons 1994 1993 1992 199r 1990 En:rgy - milhons of kWh Not generation 10,034 10,514 10.592 13.570 13,981 Power puychased 7,640 7,023 6,438 4,236 3,521 T{talEnergy Avaltable, , _ 17,674 _ _ 17,,537 17,030 17,806 17,502 System safes 16,010 15,824 15,440 15,813 15.853 Company use and unaccounted for 1,292 1,409 1,363 1,395 1,117 Totat system energy requirements 17,302 17,233 16,803 17,208 16,970 Sa!cs to other utikties 272 304 227 598 532 Tctal Energy Available , _ _ __17,674 17,537 17,030 17,806 17,502 P ak Demand - MW Station coincident demand 3,253 2,931 2,975 3,085 3,260 Power purchased - not 629 1.036 636 819 426 3,882 3,967 3.611 3,904 3.686 Sy; tem Peak Demand _ System Capabihty - MW Company stations 4,063 4,063 4,091 4,078 4,077 Nine Mde Point 2 (18% share) 189 188 188 194 194 Firm purchases - net 616 548 432 423 408 . _ 799,_ 4,711 4,695 _ 4,679 Tctal Capability 4,868_ 4, Fuel Consumed for Electric Operations Oi 'housands of barrels 7,518 9,740 1r 15,314 16,401 Go thousands of dth 44,308 36,269 32,924 36,477 Nuclear - thousands of MW days 183 181 154 108 Totat - bilhons of Btu 91,669 98,025 104,126 129,937 139,874 Dollars per milbon Btu 5 2,69 $ 2.79 $ 2.62 $ 2.61 $ 3.07 Cents per kWh of net generahon 2.88C 2.97c 2.76c 2.73c 3 24c I Heat rato - 8tu por net kWh 10,740 10,628 10,558 10,484 10,564 Fuel Mix (Percentage of system requirements) Oil 25 % 33 % 37% 50 % 56 % Gas 23 19 19 18 20 Purchased power 43 41 38 25 20 Nuclear fuel 9 7 6 7 4
~~===: = = = =$UD=.==~~
~~?- ? =: = t~~
~~'*U Gas Operations Energy - thousands of dth Natural gas 75,360 69.970 E 4,911 55,579 55,407 Manutactured gas and change in storage 191 (68) 48 60 (15)~~
Total Company Requirements 75,551 69,902 64,959 55,639 55,392 System sales 65,803 65.103 61,382 53,227 55,228 Off-system sales 7,232 2,894 Co,mpa_ny use and unaccounted for 2,516 1,905 3.577 2,412 164 Tctal Company Requirements 75,551 69,902 64.959 55,659 55,392 Maxi _ mum Day Sendoul - dth 585h kb5[ kb N 5 050 406,I77 ~ I System Capabikty - dth per day Natural gas 579,897 561,584 561,584 507,344 507,344 LNG manufactured or tP gas 125,700 120,700 120,700 128,200 128,200 Total Capability. 705,597_. _682,284_ _ 682,284 635,544 635,544 Calendar Degree Days (30 year average _4,797) 4,839 4 899 J066 _ 4,378 4f39 7
Tw0.- un thousands orodLvs) halance Sheet 1994 1993 1992 199r 1990 Assets Not utrhty plant $ 3,498,346 $ 3,347,5E7 $ 3,161,148 5 3,002,733 $ 2,888,079 Regulatory assets Base financialcomponent 3,483,490 3,5',4,461 3,685,432 3.786,403 3,887,373 Rate moderation component 463,229 609,827 651,657 602,053 411,443 Shoreham post settlement costs 922,580 777,103 586,045 378,386 225,818 l Shoreham noclear fuel 73,371 75,497 77,629 79,760 92,069 Postretirement t;enefits other than pensions 412,727 492,921 i Regulatory tax asset 1,831,689 1.818,998 ._ Other _ 354,524 311,832 220,380 104,484 106,654 Total Regulatory Assets 7,541,610 7,610,639 5,221,143 4,951,086 4,723,357 Nonutihty property and other investments 24,043 23,029 20,730 9,788 6.381 Current assets 851,424 924,859 916,914 884,017 726,060 Deferred c_harges 1,301,257 1,487,032 1,444,524 1,290.871 1,173,361 Total Assets $ 13,216,680 $13.393,116 $ 10,764,459 $10,138,495 $ 9,517.238 Capitahzation and Liabikties Long term debt S 5,162,675 $ 4,887,733 $ 4,755,733 $ 5,001,016 $ 4,556,016 Unamorteed discount on debt (17,278) (17,393) (14,731) (14,850) (23,125) 5,145,397 4.870,340 4,741,002 4,086.166 4,532,891 Preferred stock - redemphon required 644,350 649,150 557,900 524,912 527,550 Prelef red sjoc,k - nofe,demptonyquired_ 63,957 64,038 154,276 154,371 154,674 Total Preferred Stock 708,307 713,188 712,176 679.283 682,224 Common stock 592,083 561,662 558,002 556,825 556.620 Premium on capitalstock 1,101,249 1,010,283 998,089 993,509 992,885 Capital stock expense (52,175) (50,427) (39,304) (40,216) (42,676) Retained earnings 752,480 711,432 667,988 620,373 560,405 Total Com_ mon Shareowners' E_quity_ __ 2,393,628 2,232,950 2,184,775 2,130.491 2,067,234 Total Capitahzation 8,247,332 7,816,478 7,637,953 7,795,940 7,282,349 Regulatory Liabihties Regulatory habikty component 357,117 436,476 515,835 595,194 674,554 1989 Settlement credits 145,868 155,081 164,294 173,507 182,720 Regulatory tax habihty 111,218 114,748 Other 143,611 138,612 100,470 72,277 102,655 Total Regulatory Liabihtes _. 757,814 844,917, 780,599 840,978 959,929 Current habihties 605,478 1,188,972 1,181,297 492,895 449,830 Deferred credits 3,102,434 3,109,593 1,147,310 1,001,375 816,790 Operating reserves 503,622 433,156 17,300 7,307 8,340 Totai capitalization and Llabilities 313,216,680 $13,393,116 $10,764,459 $10,138,495 $ 9,517,238 Table 11 On thousands of dollars) Construction Expend:tures' Electnc 136,041 $ 137,583 $ 141,752 $ 129,643 $ 141,028 Gas 120,019 124,859 104,028 89.950 78,766 Common 23,610 42,251 27,124 17,958 12,671 TotalConstruction Expenditures _ _ _ __ _$_ _2_79,670 _$_304,693_$_ 272,904_$_237,55_1__$. 232,465 wws non cash amance w otre wts vwd auwa construcnon l I i 5
e-1 C0HPORATE INF0RMATION Executive Othces Annual Mocting 175 East Old Country Road The Annual Meeting of Shareowners will be held on Wednesday, Hicksville, New York 11801 May 24,1995 at 3 00 p m. In connection with this meeting, 516 755 6650 proxies will be solicited by the Company. Common Stock Listed Common Stock Prices and Dividends New York Stock Exchange The common stock of the Company is traded on the New York Pacific Stock Exchange Stock Exchange and the Pacific Stock Exchange. Certain of the Company's preferred stock series are traded on the New York Ticker Symbol: Lil Stock Exchange. The quoted market prices and the dividends declared for the Company's common stock for the years 1994 Transfer Agent and Regstrar and 1993 were as follows. Common Stock and Preferred Stock The Bank of New York ~ ou,rm re,4 r993 Shareholder Services Department - - ~ ~ ~ - ~ ~ - - ' ' ~ ~ ~ "#8" Church Street Station P.O. Box 11277 First $24% $21% $.445 $28% $24% $ 435 S c nd 22 % 17 % .445 28 % 24 % .435 New York, NY 10280-1612 1'800-'524'4458 foudh 18 % 15 % .445 274 23 % .445 Shareewners' Agent fnr Autornatic Davidend Reinvestment Plan Form 10-K Annt'al Report The Bank of New York The Company will furnish, without charge, a copy of the Com-Dividend Reinvestment Department pany's Annual Report, Form 10-K, as filed with the Secunties Church Street Station and Exchange Commission, upon written request to: P O Box 11277 lovestor Relations New York, NY 102861612 Long Island Lighting Company 1 800 524 4458 175 East Old Country Road Dmdend Reinvestment Common stock shareowners who wish to acquire additional Our Investor Relations Department is available from 8.00 a.m. to shares free of brokerage commissions or service charges are 5:00 p m., Monday through Fnday to answer any questions you invited to pn the Company's Automatic Dividend Reinvestment may have about your LILCO stock. If you have a question, Plan Under the plan, shareowners authorize the Company's please call us at 510 545-4914. transfer agent to purchase shares of the Company's common stock with their cash dividends. Shareowners may also partici. Duphcate Mamngs pate in the plan by making optional cash payments, even if they Shareowners with more than one account Generally receive decido not to reinvest their dividends. For further information, duphcate maikngs of annual and other reports To el:minate contact our transfer agent. additional mailings, wnte to our transfer agent. Enclose labels or label informabon, where possible. Separate dividend DMdend Direct Deposit checks and proxy material will continue to be sent for each Shareowners can elect to have their quarterly Cash dividends account of record ekttronically deposited into their personal bank accounts. Deposits are made on the date the dividend is payabic. If you would like to take advantage of this service, contact our transfer agent. @ utco ows rec yaed pam to h+p conserve ou
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ML20083P752

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