The Fiscal Year of Memphis Light, Gas and Water has not changed. The fiscal year end remains December 31.
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1 Electric System Subordinate Revenue Refunding Bonds Series Section 4(a)(iii) Electric System Subordinate Revenue Refunding Bonds Series Section 4(a)(iii) Electric System Revenue Bonds Series Section 4(a)(iii) Electric System Revenue Bonds Series Section 4(a)(iii) The Fiscal Year of Memphis Light, Gas and Water has not changed. The fiscal year end remains December 31.
2 Electric System Subordinate Revenue Refunding Bonds Series Section 4(a)(iii) Electric System Subordinate Revenue Refunding Bonds Series Section 4(a)(iii) Electric System Revenue Bonds Series Section 4(a)(iii) Electric System Revenue Bonds Series Section 4(a)(iii) TVA's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including TVA's Annual Report filed on Form 10-K and its Quarterly Reports filed on Form 10 Q (collectively, the "TVA Filing Information") can be obtained from the SEC's EDGAR database, which is currently accessible at:
3 HISTORICAL AND FORECASTED ELECTRICAL SYSTEM USE Average Shelby County Number of Peak Billing Year Population Customers Demand (2) Total Sales (3) , ,116 2, , , ,069 2, , , ,794 2, , , ,638 2, , , ,976 3, , , ,251 3, , , ,844 3, , , ,979 3, , , ,726 3, , , ,479 3, , , ,462 3, , , ,789 3, , , ,816 3, , , ,027 (4) 3,194.6 (5) 13,712.6 (6) (2) (3) (4) (5) Source: U.S. Census Bureau, except for 2016 & The 2016 &2021 population figures were retrived from the Memphis Chamber Website, In thousands of kw. In thousands of Mwh. Number of customers was derived from linear regression forecasting models which results in a ten-year compound growth rate of 0.15%. Peak demand based on hourly total sales divided by annual historic load factor of 49.0%. Annual growth rate is 0.15%. (6) Annual total sales derived from linear regression forecasts models with an annual growth rate of 0.15%.
4 Rank TEN LARGEST ELECTRIC CUSTOMERS For the Fiscal Years Ended December 31, 2016 Energy Sales to Customers (2) (kwh) Sales to Customers as a % of Total Division Sales Revenue from Customers Revenue from Customers as a % of Total Division Sales Revenue (3) 1 Premcor Refining Group 541,030, % $29,044, % 2 K.T.G. USA LP 211,032, % $10,584, % 3 Chemours (E. I. Dupont) 201,180, % $10,686, % 4 Solae' LLC 110,870, % $6,947, % 5 Federal Express - Sprankel 95,478, % $8,741, % 6 City of Memphis Public Works (4) 60,962, % $4,759, % 7 Memphis Cellulose, LLC 58,770, % $4,865, % 8 University of Memphis 56,259, % $4,877, % 9 Praxair, Inc. 54,889, % $2,559, % 10 City of Memphis Public Works (5) 54,501, % $4,230, % TOTALS: 1,444,978, % $87,297, % Customers ranked by Energy Sales. Excludes customers served directly by TVA. (2) Total Electric Division sales of energy for 12 months ending December 31, 2016 were 13,721,843,204 kwh. (3) Total Electric Division sales revenue for 12 months ending December 31, 2016 was $1,226,415,241. (4) T.E. Masxon South Wastewater Treatment Plant. (5) M.C. Stiles North Wastewater Treatment Plant.
5 The following tables detail, for each of the years 2007 through 2016, (i) the average number of Electric Division customers in each category, (ii) the megawatt hours of electricity sold to each category of customers, and (iii) the historical power and energy requirements of the Electric System. AVERAGE NUMBER OF ELECTRIC CUSTOMERS Year Residential Commercial Industrial Other Total ,630 44, , , ,220 43, , , ,541 43, , , ,104 43, , , ,353 43, , , ,029 43, , , ,687 43, , , ,624 43, , , ,721 43, , , ,265 43, , ,816 Includes outdoor lighting, traffic signals and interdepartmental customers. MEGAWATT HOURS OF ELECTRICITY SOLD Year Residential Commercial Industrial Other Total ,873,050 7,314,559 1,770, ,030 15,251, ,520,939 6,942,384 1,980, ,621 14,715, ,184,198 6,510,200 1,748, ,084 13,719, ,875,646 6,796,034 1,791, ,500 14,750, ,523,696 6,601,025 1,893, ,597 14,291, ,326,644 6,521,467 1,930, ,653 14,057, ,245,511 6,326,233 2,082, ,055 13,926, ,221,001 6,212,068 2,053, ,744 13,765, ,295,187 6,326,434 1,866, ,149 13,756, ,322,901 6,286,966 1,859, ,696 13,721,843 Includes outdoor lighting, traffic signals and interdepartmental customers.
6 HISTORICAL POWER AND ENERGY REQUIREMENTS Fiscal Years Ended December 31, Year Peak Demand (In kw) Change Total Sales (In MWh) Change Annual Load Factor ,502, % 15,251, % 49.7% ,314, % 14,715, % 50.7% ,265, % 13,719, % 48.0% ,421, % 14,750, % 49.2% ,484, % 14,291, % 46.8% ,234, % 14,057, % 49.6% ,174, % 13,926, % 50.1% ,041, % 13,765, % 51.7% ,205, % 13,756, % 49.0% ,134, % 13,721, % 50.0% Annual Load Factor equals average hourly purchases divided by Peak Billing Demand. Source: Division Financial Reports and Statistics FORCASTED POWER AND ENERGY REQUIREMENTS Fiscal Years Ended December 31, Year Peak Demand (In kw) Total Sales (In MWh) (2) Annual Load Factor (3) ,175,541 13,630,693 49% ,180,304 13,651,139 49% ,185,075 13,671,618 49% ,189,853 13,692,123 49% ,194,637 13,712,661 49% Peak demand based on hourly sales divided by annual historic load factor of 49.0%. Annual growth rate is 0.15%. (2) Annual sales derived from linear regression forecasts models with an annual growth rate of 0.15%. (3) Annual Load Factor equals average hourly purchases divided by Peak Billing Demand.
7 MONTHLY RESIDENTIAL ELECTRIC BILLS IN SELECTED MAJOR U.S. CITIES City Monthly Bill Rosemead, CA $ Boston, MA $ Salt Lake City, UT $ Los Angeles, CA $ Detroit, MI $ Milwaukee, WI $ Charleston, SC $ Pensacola, FL $ Birmingham, AL $ Dover, DE $ Las Vegas, NV $ Marietta, GA $ Phoenix, AZ $ Decatur, IL $ New Orleans, LA $ Nashville, TN $ Jacksonville, FL $ Indianapolis, IN $ Chattanooga, TN $ Jackson, TN $ Orlando, FL $ Springfield, IL $ Omaha, NE $ Knoxville, TN $ Myrtle Beach, SC $ Peoria, IL $ Kissimmee, FL $ Seattle, WA $ Bellevue, WA $ San Antonio, TX $ Charlotte, NC $ Louisville, KY $ Little Rock, AR $99.65 Austin, TX $99.48 Huntsville, AL $99.15 Memphis, TN $98.97 Reno, NV $98.33 Columbus, OH $98.00 Lakeland, FL $97.27 Springfield, MO $96.44 Oklahoma City, OK $93.30 Jackson, MS $92.27 Tulsa, OK $89.84 St. Louis, MO $88.94 Dallas, TX $88.11 Lincoln, NE $86.05 Clewiston, FL $83.22 Based on an assumed consumption of 1,000 kilowatt hours. Source: Memphis Light, Gas and Water 2017 Utility Bill Comparison for Selected U.S.Cities
8 Electric Division Statement of Revenues, Expenses and Changes in Net Position For the Fiscal Years Ended December 31, (Amounts in Thousands) Operating Revenue Electric Sales Revenue $1,244,301 $1,220,775 $1,256,984 $1,244,660 $1,226,415 Forfeited Discounts 12,382 12,039 12,736 12,259 11,496 Miscellaneous Service Revenue 12,757 12,961 12,403 11,684 11,848 Rent from Electric Property 6,315 5,877 5,143 5,270 5,256 Revenue Adjustment for Uncollectible (6,586) (6,954) (7,709) (6,565) (6,828) Other Electric Revenue 1,397 1,383 1,347 1,253 1,349 Total Operating Revenue $1,270,566 $1,246,081 $1,280,904 $1,268,561 $1,249,535 Operating Expense Power Cost $1,045,362 $1,008,460 $1,029,791 $1,015,979 $1,018,157 Distribution 30,736 31,211 30,389 35,179 35,598 Transmission 4,262 5,392 4,902 5,445 5,798 Customer Accounts 13,052 14,069 14,989 14,478 14,556 Sales Administrative and General 75,776 74,494 69,737 67,265 76,737 Customer Service and Information 1,531 1,557 1,438 1,700 1,814 Total Operating Expense $1,171,530 $1,135,945 $1,151,939 $1,140,750 $1,153,370 Maintenance Expense Transmission $3,350 $3,140 $3,017 $3,421 $3,316 Distribution 34,988 32,848 34,067 36,089 36,897 Administrative and General 5,016 2,134 4,293 4,140 4,061 Total Maintenance Expense $43,354 $38,122 $41,377 $43,650 $44,274 Other Operating Expense Depreciation $44,698 $45,240 $45,566 $48,778 $50,902 Payment in Lieu of Taxes 40,584 43,838 45,482 44,525 46,892 FICA Taxes 1,278 1,325 1,383 1,456 1,543 Total Other Operating Expense $86,560 $90,403 $92,431 $94,759 $99,337 Total Operating & Maintenance Expense $1,301,444 $1,264,470 $1,285,747 $1,279,159 $1,296,980 Operating Income (Loss) ($30,878) ($18,389) ($4,843) ($10,597) ($47,445) Other Income (Expense) Other Income $31,796 $26,473 $24,053 $20,601 $16,878 Other Income - Transmission Credit 29,173 30,765 31,483 32,565 33,344 Equity in Earnings - Telecom 0 0 Interest Expense - Other Contributions in Aid of Construction 14,033 19,715 12,827 13,837 10,445 Reductions of Plant Costs Recovered through Contributions in Aid of Construction (14,033) (19,715) (12,827) (13,837) (10,445) Net Income Before Debt Expense $30,091 $38,849 $50,693 $42,569 $2,778 Debt Expense Interest on Long-Term Debt $36,632 $31,885 $28,798 $25,064 $20,247 Amortization of Debt Discount, Expense and Prem (8,785) (7,824) (7,217) (6,053) (4,755) Total Debt Expense $27,847 $24,061 $21,581 $19,011 $15,491 Increase in Net Position $2,244 $14,788 $29,112 $23,558 ($12,714) Unaudited
9 Summary of Net Position Data As of December 31, 2012 through 2016 (Amounts in thousands) Assets Utility Plant (Net) $977,339 $996,031 $1,018,928 $1,041,753 $1,079,463 Restricted Funds 57,537 59,571 96,049 64,361 67,923 Current Assets 470, , , , ,560 Deferred Outflows of Resources 13,945 10,137 6,705 15,820 54,199 Other Non-Current Assets 576, , , , ,031 TOTAL ASSETS $2,095,738 $1,987,957 $1,929,230 $1,883,690 $1,813,176 Liabilities and Net Position Net Position 1,119,174 1,133,962 1,163,074 1,175,276 1,162,562 Long-Term Debt 606, , , , ,701 Current Liabilities 337, , , , ,047 Deferred Inflows of Resources ,654 14,911 Other Non-Current Liabilities 33,099 27,975 27,711 29,556 81,955 TOTAL LIABILITIES AND NET POSITION $2,095,738 $1,987,957 $1,929,230 $1,883,690 $1,813,176 Unaudited
10 HISTORICAL DEBT SERVICE COVERAGE Fiscal Years Ended December 31, (Amounts In Thousands) Operating Revenues $ 1,270,566 $ 1,246,081 $ 1,280,904 $ 1,268,561 $ 1,249,535 Interest and Other Income 60,970 57,238 55,495 52,939 50,222 Amortization of Prepay Credit 104, , , , ,078 Total Income 1,435,885 1,411,097 1,446,381 1,435,038 1,416,835 Operating and Maintenance Expense (2) 1,216,162 1,175,391 1,194,699 1,185,855 1,199,187 Net Revenues Available for Debt Service 219, , , , ,648 Debt Service on Outstanding Senior Lien Bonds - - 1,528 5,514 6,209 Debt Service Coverage on Outstanding Senior Lien Bonds (3) Debt Service on Outstanding Subordinate Lien Obligations 132, , , , , Total Debt Service Coverage on Outstanding Subordinate Lien Obligations Includes other income, other income-transmission credit and prepay credit amortization. (2) Includes Total Operating Expense and Total Maintenance Expense per the Statements of Income and Expenses and excludes depreciation, amortization, and payments in lieu of taxes. (3) Pursuant to the Master Electric System Resolution, MLGW is required to impose and the City shall approve rates and other charges fully sufficient at all times such that Net Revenues of the Electric System in each Fiscal Year will at least equal 1.20 times the Debt Service Requirement on all Senior Lien Revenue Obligations and 1.00 times the Debt Service Requirement on all other Revenue Obligations then Outstanding, including the Outstanding Subordinate Lien Obligations.
11 Electric System Subordinate Lien Revenue Refunding Bonds Series Section 4(a)(iv) Electric System Subordinate Lien Revenue Refunding Bonds Series Section 4(a)(iv) PROJECTED DEBT SERVICE COVERAGE Fiscal Years Ended December 31, (Amount In Thousands) Fiscal Year Operating Revenues(2) $1,242,030 $1,281,493 $1,298,713 $1,364,318 $1,366,338 Interest and Other Income 45,228 41,085 37,024 37,368 37,714 Amortization of Prepay Credit 119, , Total Income 1,406,955 1,435,399 1,335,737 1,401,686 1,404,052 Operating and Maintenance Expense(3) 1,196,307 1,200,771 1,220,818 1,225,792 1,230,602 Net Revenues Available for Debt Service 210, , , , ,450 Debt Service on Series 2017 Senior Lien Bonds 1,512 6,049 6,049 6,049 6,049 Debt Service on Series 2016 Senior Lien Bonds 3,048 3,050 3,053 3,053 3,051 Debt Service on Series 2014 Senior Lien Bonds 5,512 5,511 5,511 5,514 5,512 Total Debt Service on the Series 2014, Series 2016, Series 2017 Senior Lien Bonds 10,072 14,610 14,613 14,616 14,612 Coverage for Debt Service on the Senior Lien Bonds Debt Service on Future Senior Lien Bonds 5,041 5,041 5,041 5,041 Total Existing and Future Senior Lien Debt Service 10,072 19,651 19,654 19,657 19,653 Coverage for Debt Service on Projected Senior Lien Bonds Total Debt Service on Subordinate Lien Bonds 128, , Coverage for All Debt Service Includes revenues, expenses, and debt service. (2) Assumes projected customer growth rate of 0.15% per year. Assumes projected rate increases of 3.2%, 1.2%, and 5.0% in January 2018, January 2019, January 2020 respectively. (3) Assumes projected MLGW (excluding power cost) average O&M expense growth rate of 2.5% per year through Excludes depreciation, amortization, PILOT and FICA taxes.
12 Year PROJECTED CAPITAL PROGRAM Fiscal Years Ended December 31, Substation and Transmission (Amounts in Thousands) Distribution System General Plant Total ,473 62,451 44, ,555 83, ,022 71,162 49, ,271 87, ,809 44,058 46, ,400 84, ,224 43,553 60, ,136 78, ,173 44,469 38, ,443 Capital Plans area based on the combination of annual Master Plan, historical reviews, and growth rate projections. Year FUNDING OF PROJECTED CAPITAL PROGRAM Fiscal Years Ended December 31, Renewal and Replacement Fund (Amounts in Thousands) Current Revenues Bond Proceeds Total ,555 95, , ,271 75, , , , , , , ,443 Capital Plans area based on the combination of annual Master Plan, historical reviews, and growth rate projections.
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