Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90On the cover of City Light’s 2015 annual report is an artist’s rendition of the Denny Substation, our first in 30 years. The new facility brings greater reliability to customers and meets increasing energy demands of high-tech industries. It also supports our other substations and the regional transmission grid. Denny represents our future, and in 2015 we made progress, receiving final design approval so we could proceed with construction of what Fast Company Magazine calls “The World’s Coolest Electrical Substation” for its community benefits. City Light’s 2015 was a memorable year in other ways as well. For the second time in three years, business customers surveyed by J.D. Power rated City Light highest in customer satisfaction among midsize western utilities. In 2015, we prepared for our $94 million advanced metering effort by evaluating different network systems. The utility also communicated with stakeholders about how the project will vastly improve customer service. Climate change became very real in 2015 when a state-wide drought was declared. Summer months were the worst in hydroelectric generation for City Light since the drought of 2001. The utility was better prepared this time but even so, we purchased power from the wholesale market to help meet demand between July and September. In August, forest fires threatened our Skagit Hydroelectric Project, forcing evacuations and the shutdown of transmission lines. Then, as the utility coped with that crisis, an unusual windstorm hit the Puget Sound region on August 29, causing at least 300 outages that left more than 70,000 customers without power. These events underscore the need for City Light to prepare for climate change in the coming years. Another challenge of 2015 was the increase of cars, buses and other modes of transportation that rely on electricity — from customers who need charging stations for their electric vehicles to streetcars and light rail. In 2015, we continued to develop our identity as a “Utility of the Future,” an agile organization, adapting to a rapidly changing industry for the benefit of our customers. Sincerely, Larry Weis from the General Manager and CEO Larry Weis