Vectren 2014 Annual Report Download - page 52

QSFUBYMPTTPGNJMMJPOXBTSFGMFDUFEJOUIF$POTPMJEBUFE4UBUFNFOUPG*ODPNFBTBNJMMJPODIBSHFUPPUIFSPQFSBUJOH
FYQFOTFPGGTFUCZNJMMJPOJOMPXFSEFQSFDJBUJPOFYQFOTFBTEFQSFDJBUJPODFBTFEGPSUIFBTTFUTDMBTTJGJFEBTIFMEGPSTBMFBU
+VOF5IFQSPDFFETSFDFJWFEOFUPGUSBOTBDUJPODPTUTBOEFTUJNBUFEUBYQBZNFOUTUPUBMFENJMMJPOBOEXFSFVTFE
UPSFUJSFNJMMJPOJOPVUTUBOEJOH7FDUSFO$BQJUBMCBOLUFSNMPBOTBOEQBZEPXOPVUTUBOEJOHTIPSUUFSNEFCU3FTVMUTGSPN
$PBM.JOJOHGPSUIFZFBSFOEFE%FDFNCFSJODMVTJWFPGUIFBQQSPYJNBUFNJMMJPOMPTTPOUIFTBMFXBTBMPTTPG
NJMMJPOOFUPGUBYDPNQBSFEUPMPTTFTPGNJMMJPOBOENJMMJPOGPSUIFZFBSTFOEFE%FDFNCFSBOE
SFTQFDUJWFMZ


5IF$PNQBOZIBTBOJOWFTUNFOUJO1SP-JBODF)PMEJOHTBOPOVUJMJUZBGGJMJBUFPGUIF$PNQBOZBOE$JUJ[FOT&OFSHZ(SPVQ
$JUJ[FOT0O+VOF1SP-JBODF)PMEJOHTFYJUFEUIFOBUVSBMHBTNBSLFUJOHCVTJOFTTUISPVHIUIFEJTQPTJUJPOPGDFSUBJO
PGUIFOFUBTTFUTBMPOHXJUIUIFMPOHUFSNQJQFMJOFBOETUPSBHFDPNNJUNFOUTPGJUTFOFSHZNBSLFUJOHCVTJOFTT1SP-JBODF
&OFSHZ--$1SP-JBODF&OFSHZUPBTVCTJEJBSZPG&OFSHZ5SBOTGFS1BSUOFST&5$.BSLFUJOH-UE&5$1SP-JBODF&OFSHZ
QSPWJEFETFSWJDFTUPBCSPBESBOHFPGNVOJDJQBMJUJFTVUJMJUJFTJOEVTUSJBMPQFSBUJPOTTDIPPMTBOEIFBMUIDBSFJOTUJUVUJPOTMPDBUFE
UISPVHIPVUUIF.JEXFTUBOE4PVUIFBTU6OJUFE4UBUFT1SP-JBODF&OFSHZTDVTUPNFSTJODMVEFEBNPOHPUIFSTUIF$PNQBOZT
*OEJBOBVUJMJUJFTBTXFMMBT$JUJ[FOTVUJMJUJFT5IF$PNQBOZTSFNBJOJOHJOWFTUNFOUJO1SP-JBODFSFMBUFTQSJNBSJMZUPBO
JOWFTUNFOUJO-"4UPSBHF--$-"4UPSBHF$POTJTUFOUXJUIJUTPXOFSTIJQQFSDFOUBHFUIF$PNQBOZJTBMMPDBUFEQFSDFOUPG
1SP-JBODFbTQSPGJUTBOEMPTTFTIPXFWFSHPWFSOBODFBOEWPUJOHSJHIUTSFNBJOBUQFSDFOUGPSFBDINFNCFSBOEUIFSFGPSFUIF
$PNQBOZBDDPVOUTGPSJUTJOWFTUNFOUJO1SP-JBODFVTJOHUIFFRVJUZNFUIPEPGBDDPVOUJOH
"TBSFTVMUPG1SP-JBODFFYJUJOHUIFOBUVSBMHBTNBSLFUJOHCVTJOFTTPO+VOFUIF$PNQBOZSFDPSEFEJUTTIBSFPGUIF
MPTTPOUIFEJTQPTJUJPOUFSNJOBUJPOPGMPOHUFSNQJQFMJOFBOETUPSBHFDPNNJUNFOUTBOESFMBUFEUSBOTBDUJPOBOEPUIFSDPTUT
UPUBMJOHNJMMJPOQSFUBYPSNJMMJPOOFUPGUBYEVSJOHUIFTFDPOERVBSUFSPG'PSUIFZFBSFOEFE%FDFNCFS
SFTVMUTSFMBUFEUPUIF$PNQBOZTTIBSFPG1SP-JBODFTSFTVMUTXIJDIJODMVEFGJOBODJOHDPTUTJODPNFUBYFTBOEPUIFS
IPMEJOHDPNQBOZDPTUTBOEJODMVTJWFPGUIFMPTTBTTPDJBUFEXJUIFYJUJOHUIFCVTJOFTTXFSFBMPTTPGNJMMJPODPNQBSFEUPB
MPTTPGNJMMJPOJO"U%FDFNCFS1SP-JBODFIBEBQQSPYJNBUFMZNJMMJPOPGDBQJUBMJ[BUJPOSFNBJOJOHPO
JUTCBMBODFTIFFUDPNQSJTFEPGNJMMJPOJONFNCFSTFRVJUZBOENJMMJPOJOBOPUFQBZBCMF5IFSFNBJOJOH
DBQJUBMJ[BUJPOJTTVQQPSUFECZJUTJOWFTUNFOUJO-"4UPSBHFGPSNFSMZOBNFE-JCFSUZ(BT4UPSBHF--$PGNJMMJPOPOFPUIFS
NJETUSFBNBTTFUNJMMJPOJODBTIBOEBTNBMMBNPVOUPGPUIFSXPSLJOHDBQJUBM5IF$PNQBOZTSFNBJOJOHJOWFTUNFOUJO
1SP-JBODFBU%FDFNCFSUPUBMTNJMMJPOBOEJTDPNQSJTFEPGNJMMJPOPGFRVJUZBOEBNJMMJPOOPUF
SFDFJWBCMF
-"4UPSBHF--$4UPSBHF"TTFU*OWFTUNFOU
1SP-JBODF5SBOTQPSUBUJPOBOE4UPSBHF--$154BTVCTJEJBSZPG1SP-JBODFBOE4FNQSB&OFSHZ*OUFSOBUJPOBM4&*B
TVCTJEJBSZPG4FNQSB&OFSHZ4&UISPVHIBKPJOUWFOUVSFIBWFBQFSDFOUJOUFSFTUJOBEFWFMPQNFOUQSPKFDUGPSTBMUDBWFSO
OBUVSBMHBTTUPSBHFGBDJMJUJFTLOPXOBT-"4UPSBHF154JTUIFNJOPSJUZNFNCFSXJUIBQFSDFOUJOUFSFTUXIJDIJUBDDPVOUT
GPSVTJOHUIFFRVJUZNFUIPE5IFQSPKFDUXIJDIJODMVEFTBQJQFMJOFTZTUFNJTFYQFDUFEUPJODMVEF#DGPGDBQBDJUZBOEIBT
UIFQPUFOUJBMGPSGVSUIFSFYQBOTJPO5IJTQJQFMJOFTZTUFNJTDVSSFOUMZDPOOFDUFEXJUITFWFSBMJOUFSTUBUFQJQFMJOFTJODMVEJOHUIF
$BNFSPO*OUFSTUBUF1JQFMJOFPQFSBUFECZ4FNQSB1JQFMJOFT4UPSBHFBOEXJMMDPOOFDUBSFBMJRVFGJFEOBUVSBMHBTSFHBTJGJDBUJPO
UFSNJOBMTUPBOJOUFSTUBUFOBUVSBMHBTUSBOTNJTTJPOTZTUFNBOETUPSBHFGBDJMJUJFT

"QQSPYJNBUFMZ#DGPGUIFTUPSBHFXIJDIDPNQSJTFTUISFFPGUIFGPVS'&3$DFSUJGJFEDBWFSOTJTGVMMZUFTUFECVUBEEJUJPOBMXPSL
JTSFRVJSFEUPDPOOFDUUIFDBWFSOTUPUIFQJQFMJOFTZTUFN5IFUJNJOHBOEFYUFOUPGEFWFMPQNFOUPGUIFTFDBWFSOTJTEFQFOEFOU
PONBSLFUDPOEJUJPOTJODMVEJOHQSJDJOHOFFEGPSTUPSBHFDBQBDJUZBOEEFWFMPQNFOUPGUIFMJRVFGJFEOBUVSBMHBTNBSLFUBNPOH
PUIFSGBDUPST

5IFKPJOUWFOUVSFSFDFJWFEBEFNBOEGPSBSCJUSBUJPOGSPN8JMMJBNT.JETUSFBN/BUVSBM(BT-JRVJET*OD8JMMJBNTJO'FCSVBSZ
SFMBUFEUPBTVCMFBTFBHSFFNFOU8JMMJBNTBMMFHFTUIBUUIFKPJOUWFOUVSFXBTOFHMJHFOUJOJUTBUUFNQUUPDPOWFSUDFSUBJOTBMU
DBWFSOTUPOBUVSBMHBTTUPSBHFBOETFFLTEBNBHFTPGNJMMJPO5IFKPJOUWFOUVSFJOUFOETUPWJHPSPVTMZEFGFOEJUTFMGBOE
IBTBTTFSUFEDPVOUFSDMBJNTTVCTUBOUJBMMZJOFYDFTTPGUIFBNPVOUTBTTFSUFECZ8JMMJBNT"TTVDIBTPG%FDFNCFS
1SP-JBODFIBTOPNBUFSJBMSFTFSWFSFDPSEFESFMBUFEUPUIJTNBUUFSBOEUIJTMJUJHBUJPOIBTOPUNBUFSJBMMZJNQBDUFE1SP-JBODFT
SFTVMUTPGPQFSBUJPOTPSTUBUFNFOUPGGJOBODJBMQPTJUJPO
