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Previous: HARRIS INSIGHT FUNDS TRUST, 497, 1998-05-05 |
Next: ACL VARIABLE ANNUITY ACCOUNT 2, 497J, 1998-05-05 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U5S
ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31,1997
FILED PURSUANT TO THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
BY
NEW CENTURY ENERGIES, INC.
1225 17TH STREET
DENVER, CO 80202
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Item 1. System Companies and Investments Therein as of December 31, 1997
Item 2. Acquisitions or Sales of Utility Assets
Item 3. Issue, Sale, Pledge, Guarantee or Assumption of System Securities
Item 4. Acquisition, Redemption or Retirement of System Securities
Item 5. Investments in Securities of Nonsystem Companies
Item 6. Officers and Directors
Item 7. Contributions and Public Relations
Item 8. Service, Sales and Construction Contracts
Item 9. Wholesale Generators and Foreign Utility Companies
Item 10 Financial Statements and Exhibits
Signature
</TABLE>
<PAGE>
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
NUMBER OF
NAME OF COMPANY (1) COMMON % OF VOTING ISSUER OWNER'S
(AND ABBREVIATIONS USED HEREIN) SHARES OWNED POWER BOOK VALUE BOOK VALUE
------------------------------- ------------ ----- ---------- ----------
(000s) (000s)
<S> <C> <C> <C> <C>
New Century Energies, Inc. (NCE)
Public Service Company of Colorado (PSCo) (1) 100 100 $ 1,622,134 $ 1,622,134
1480 Welton, Inc. (1480) 4,049 100 11,217 11,217
PSR Investments, Inc. (PSR) 363,190 100 4,329 4,329
Green and Clear Lakes Company 2,500 100 102 102
Fuel Resources Development Co. (FUELCO) * 159,000 100 1,191 1,191
PS Colorado Credit Corporation (PSCCC) 1,959,747 100 23,521 23,521
New Century International, Inc. (NCI) (5,6) 1,000 100 289,821 289,821
Yorkshire Power Group Limited 50 542,000 286,703
Yorkshire Holdings plc (5) 100 - -
Yorkshire Electricity Group plc 159,270,953 100 - -
Yorkshire Power Finance Limited 1,000 100 - -
The Independent Power Corporation plc (IPC) 22.5 11,480 2,583
Independent Power American, Inc. 100 - -
ep3, L.L.C. (3,4) 33.3 - -
ep3 LP (3,4) 50 1,256 628
Southwestern Public Service Company (SPS) 100 100 698,390 698,390
Cheyenne Light, Fuel and Power Company (CLF&P) 104,000 100 20,243 20,243
WestGas InterState, Inc. (WGI) 60,000 100 741 741
New Century Services, Inc. (NCS) (5) 1,000 100 1 1
NC Enterprises, Inc. (5) 1,000 100 24,542 24,542
New Century-Cadence, Inc. (5) 1,000 100 1,851 1,851
Cadence Network LLC (4,5) 33.3 3,760 1,252
Quixx Corporation 51,000 100 77,081 77,081
BCH Energy, Limited Partnership * 49 - -
(Limited Partner) (4)
Quixx Louisville, L.L.C. (formerly Vedco 100 6,282 6,282
Louisville, L.L.C.) (4)
Quixx Jamaica Power, Inc. (5) 1,000 100 - -
KES Montego, Inc. 1,000 100 32 32
KES Jamaica, L.P. (General Partner) (3,4) 1 1,903 19
(EWG)
Quixx Jamaica, Inc. 10,000 100 4,967 4,967
KES Jamaica, L.P. (Limited Partner) (3,4) 99 1,903 1,884
(EWG)
Carolina Energy, Limited Partnership* 32.33 - -
(Limited Partner) (3,4)
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
Number of
Name of Company (1) Common % of Voting Issuer Owner's
(and abbreviation used herein) Shares Owned Power Book Value Book Value
------------------------------ ------------ ----- ---------- ----------
(000s) (000s)
<S> <C> <C> <C> <C>
Quixx Carolina, Inc. 10,000 100 $ 1 $ 1
Carolina Energy, Limited Partnership * 1 - -
(General Partner) (3,4)
Windpower Partners 1994, L.P. 24.67 16,752 4,204
(Limited Partner) (3,4)
Quixx Mustang Station, Inc. 10,000 100 - -
Denver City Energy Associates, L.P. 0.5 - -
(General Partner) (3,4)
(EWG)
Quixx WPP94, Inc. 10,000 100 (4) (4)
Windpower Partners 1994, L.P. 0.33 16,752 56
(General Partner) (3,4)
Quixx Power Services, Inc. 1,000 100 129 129
Quixx WRR, L.P. (General Partner) (3,4) 1 4,001 40
Quixx Resources, Inc. 10,000 100 3,974 3,974
Quixx WRR, L.P. (Limited Partner) (3,4) 99 4,001 3,961
Borger Energy Associates, L.P. 49.5 - -
(Limited Partner) (3,4,5)
Denver City Energy Associates, L.P. 49.5 - -
(Limited Partner) (3)
(EWG)
Quixx Borger Cogen, Inc. (5) 10,000 100 - -
Borger Energy Associates, L.P. 0.5 - -
(General Partner) (3,4,5)
Quixlin Corp. (5) 10,000 100 33 33
Quixx Linden, L.P. (General Partner) (3) 0.5 6,606 33
Quixx Linden, L.P. (Limited Partner) (3) 49.5 6,606 3,270
Mosbacher Power Group, L.L.C. (4,7) 50 - -
Mosbacher Power International, L.L.C. (4,7) 6,616 3,308
Utility Engineering Corporation (UE) 72,000 100 42,028 42,028
Universal Utility Services Company (UUS) 1,000 100 2,448 2,448
Precision Resource Company 1,000 100 127 127
Vista Environmental Services Company, 49 569 279
L.L.C. (4)
ep3, L.L.C. (3,4) 33.3 - -
Natural Fuels Corporation 15,679,876 83.63 4,824 4,824
Natural/Total Limited Liability Company (4) 50 1,000 500
Natural/Total/KN Limited Partnership (4) 66.67 88 59
Natural/Peoples Limited Liability Company (4) 25 252 63
e prime, inc. 1,807,719 100 21,089 21,089
Young Gas Storage Company 1,000 100 6,231 6,231
Young Gas Storage Company, Ltd. (4) 47.5 15,040 7,520
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Number of
Name of Company (1) Common % of Voting Issuer Owner's
(and abbreviation used herein) Shares Owned Power Book Value Book Value
------------------------------ ------------ ----- ---------- ----------
(000s) (000s)
<S> <C> <C> <C> <C>
Texas-Ohio Gas, Inc. 1,000,000 100 $6,201 $6,201
Texas-Ohio Pipeline, Inc. 1,000,000 100 2,371 2,371
ep3 L.P.* (3,4) 50 1,256 628
Johnstown Cogeneration Company, L.L.C. (4) 50 1,988 994
e prime Telecom, Inc. * (2) 100 100 - -
e prime Networks, Inc. * 100 100 - -
e prime projects international, inc. * (5) 100 100 2,859 2,859
(EWG)
e prime operating, inc. (5) 100 100 (190) (190)
(EWG)
e prime (Belize) limited * (4) - -
e prime Energy Marketing, Inc. * (5) 100 100 - -
</TABLE>
* Inactive Subsidiaries
NOTES
(1) PSCo also holds a controlling interest in several other relatively small
ditch and water companies whose capital requirements are not significant.
(2) Became NCE Communications and a subsidiary of NC Enterprises, Inc. in 1998.
(3) Subsidiaries of more than one system company are:
<TABLE>
<CAPTION>
NAME OF SUBSIDIARY SYSTEM COMPANY OWNERS INVESTMENT BY OWNER
- ------------------ --------------------- -------------------
<S> <C> <C>
KES Jamaica, LP KES Montego, Inc. (General Partner 1%) $ 19
Quixx Jamaica, Inc. (Limited Partner 99%) 1,884
Carolina Energy, LP Quixx Corporation (Limited Partner 32.33%) -
Quixx Carolina, Inc. (General Partner 1%) -
Windpower Partners 1994, LP Quixx Corporation (Limited Partner 24.67%) 4,204
Quixx WPP94, Inc. (General Partner .33%) 56
Denver City Energy Associates Quixx Mustang Station, Inc. (General Partner 0.5%) -
Quixx Resources, Inc. (Limited Partner 49.5%) -
Borger Energy Associates, LP Quixx Resources, Inc. (Limited Partner 49.5%) -
Quixx Borger Cogen, Inc. (Limited Partner 0.5%) -
Quixx Linden, LP Quixxlin Corp. ( General Partner 0.5%) 33
Quixx Corporation ( Limited Partner 49.5%) 3,270
ep3 LLC NC Enterprises, Inc. (33.3%) -
Independent Power American, Inc. (33.3%) -
Quixx WRR, LP Quixx Resources, Inc. (Limited Partner (99%) 3,961
Quixx Corporation (General Partner 1%) 40
ep3 LP Independent Power Corporation (Limited Partner 50%) 628
e prime, Inc. (Limited Partner 50%) 628
</TABLE>
3
<PAGE>
(4) Non corporate subsidiaries are:
<TABLE>
<CAPTION>
NAME TYPE OF ORGANIZATION EQUITY INVESTMENT
- ---- -------------------- -----------------
<S> <C> <C>
Cadence Network, LLC Limited Liability Company $ 1,252
BCH Energy Limited Partnership -
Quixx Louisville Limited Liability Company 6,282
KES Jamaica LP Limited Partnership 1,903
Carolina Energy Limited Partnership -
Windpower Partners 1994 Limited Partnership 4,260
Denver City Energy Associates Limited Partnership -
Quixx WRR Limited Partnership 4,001
Borger Energy Associates Limited Partnership -
Quixx Linden Limited Partnership 3,303
Mosbacher Power Group LLC Limited Liability Company -
Mosbacher Power International LLC Limited Liability Company 6,616
Vista Environmental Services Co. Limited Liability Company 279
Natural/Total Limited Liability Company 500
Natural/Total/KN Limited Partnership 59
Natural/Peoples Limited Liability Company 63
Young Gas Storage Company, Ltd Limited Liability Company 7,520
Johnstown Cogeneration Company LLC Limited Liability Company 994
e prime (Belize) Limited Limited Liability Company -
ep3LP Limited Partnership 1,256
ep3 LLC Limited Liability Company -
</TABLE>
(5) New Subsidiary Companies added during 1997 are:
<TABLE>
<CAPTION>
NAME OF COMPANY DATE AND PLACE OF ORGANIZATION DESCRIPTION
- --------------- ------------------------------ -----------
<S> <C> <C>
New Century Services, Inc. April 2, 1997 in Delaware Service Company
NC Enterprises, Inc. April 3, 1997 in Delaware Non-Utility Holding Company
New Century Cadence, Inc. August 28, 1997 in Colorado Energy Services
Cadence Network, LLC September 3, 1997 in Delaware Energy Services
Quixx Jamaica Power, Inc. March 4, 1997 in Delaware Exempt Wholesale Generator Holding Company
Quixx Borger Cogen, Inc. March 13, 1997 in Delaware Qualifying Facility Holding Company
Borger Energy Associates, LP May 6, 1997 in Delaware Qualifying Facility Ownership
Quixlin Corporation July 16, 1997 in Delaware Qualifying Facility Holding Company
New Century International February 12, 1997 in Delaware Foreign Utility Holding Company
e prime Projects International February 26, 1997 in Delaware Exempt Wholesale Generator
e prime Operating, Inc. February 26, 1997 in Delaware Exempt Wholesale Generator
e prime Energy Marketing, Inc. March 31, 1997 in Colorado Energy Marketing
Yorkshire Holdings plc February 14, 1997 in the UK Utility Holding Company
</TABLE>
(6) Became a subsidiary of NC Enterprises in 1998.
(7) The relationship with these entities was terminated as of February 18, 1998.
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
During the period August 1, 1997 through December 31, 1997, there were no
acquisitions or sales of utility assets which involved a consideration of
more than $1 million.
4
<PAGE>
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
Information required for the period August 1, 1997 through December 31, 1997
is as follows:
<TABLE>
<CAPTION>
Name of Company Issuing,
Name of Issuer and Selling, Pledging, Guaranteeing, Date of Authorization
Title of Issue or Assuming Securities Transaction Consideration or Exemption
(1) (2) (3) (4) (5)
- ------------------------ ------------------------------- -------------- ------------------ ----------
<S> <C> <C> <C> <C>
PSCCC
Unsecured Medium-Term
Notes, Series A, 5.91%,
due October 13, 1998 PSCCC 10/10/97 $20,000,000 Rule 52
Unsecured Medium-Term
Notes, Series A, 6.05%,
due November 24, 1998 PSCCC 11/24/97 $10,000,000 Rule 52
Unsecured Medium-Term
Notes, Series A, 6.10%,
due November 30, 1998 PSCCC 11/28/97 $20,000,000 Rule 52
Unsecured Medium-Term
Notes, Series A, 6.07%,
due December 1, 1998 PSCCC 12/1/97 $5,000,000 Rule 52
Unsecured Medium-Term
Notes, Series A, 6.14%
due December 15, 1998 PSCCC 12/15/97 $25,000,000 Rule 52
Commercial Paper
Secured by $300 million
line of credit with PSCo guarantee
End of year balance PSCCC 12/31/97 $87,100,000 Rule 52
Highest balance during the year 12/29/97 $97,100,000
Effective average
interest rate of 5.91%
Commitment fees of .09%
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
Name of Company
Name of Issuer and Acquiring, Redeeming or Date of Authorization
Title of Issue Retiring Securities Transaction Consideration or Exemption
(1) (2) (3) (4) (5)
- ------------------------ ----------------------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
PSCO
Notes Payable to Banks
Secured by PSCo guarantee
End of year balance PSCo 12/31/97 $50,000,000 Rule 52
Highest balance during the year N/A $50,000,000
Effective average
interest rate of 6.07%
No commitment fees
Commercial Paper
Secured by $425 million lines
of credit with PSCo guarantee
End of year balance PSCo 12/31/97 $199,499,625 Rule 52
Highest balance during the year 11/24/97 $381,200,000
Effective average
interest rate of 5.79%
Commitment fees of .09% on
$300 million and .07% on
$125 million
Surety Bonds for various purposes
including workers' compensation
program, court bonds and various
license and permit situations.
End of year balance PSCo 12/31/97 $9,536,864 Rule 52
Highest balance during the year 8/31/97 $11,536,854
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Name of Company
Name of Issuer and Acquiring, Redeeming or Date of Authorization
Title of Issue Retiring Securities Transaction Consideration or Exemption
(1) (2) (3) (4) (5)
- ------------------------ ----------------------- ----------------- ------------------ --------------
<S> <C> <C> <C> <C>
SPS
Commercial Paper
Secured by $150 million lines
of credit.
End of year balance SPS 12/31/97 $154,243,639 Rule 52
Highest balance during the year 9/16/97 $165,200,000
Effective average
interest rate of 5.53%
Commitment fee of .07%
Letter of Credit to insurance
company for workers' compensation
program.
End of year balance SPS 12/31/97 $2,424,000 Rule 52
Highest balance during the year N/A $2,424,000
</TABLE>
7
<PAGE>
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
Information requested for the period August 1, 1997 through December 31, 1997
is as follows:
<TABLE>
<CAPTION>
Name of Company Extinguished (EXT)
Name of Issuer and Acquiring, Redeeming or or Held (H) for Authorization
Title of Issue Retiring Securities Consideration Further Disposition or Exemption
(1) (2) (3) (4) (5)
- ------------------------ ----------------------- ----------------- --------------------- --------------
<S> <C> <C> <C> <C>
PSCCC
Unsecured Medium-Term No
Notes, Series A, 5.85%, Authorization
due November 24, 1997 PSCCC $10,000,000 EXT Required
(Retired at maturity)
Unsecured Medium-Term No
Notes, Series A, 5.93%, Authorization
due November 28, 1997 PSCCC $20,000,000 EXT Required
(Retired at maturity)
Unsecured Medium-Term No
Notes, Series A, 5.86%, Authorization
due December 1, 1997 PSCCC $5,000,000 EXT Required
(Retired at maturity)
Unsecured Medium-Term No
Notes, Series A, 5.75%, Authorization
due December 15, 1997 PSCCC $25,000,000 EXT Required
(Retired at maturity)
PSCO
Pollution Control Bonds No
Series A and B, 5 7/8%, Authorization
due March 1, 2004 PSCo $500,000 EXT Required
(Sinking Fund)
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
Name of Company Extinguished (EXT)
Name of Issuer and Acquiring, Redeeming or or Held (H) for Authorization
Title of Issue Retiring Securities Consideration Further Disposition or Exemption
(1) (2) (3) (4) (5)
- ------------------------ ----------------------- ------------- ------------------- -------------
<S> <C> <C> <C> <C>
PSCO CONTINUED
Medium-Term Notes No
Series A, 8.90%, Authorization
due August 1, 1997 PSCo $5,000,000 EXT Required
(Retired at maturity)
Medium-Term Notes No
Series A, 8.90%, Authorization
due August 15, 1997 PSCo $5,000,000 EXT Required
(Retired at maturity)
Medium-Term Notes No
Series A, 6.66%, Authorization
due October 30, 1997 PSCo $20,000,000 EXT Required
(Retired at maturity)
Medium-Term Notes No
Series A, 6.66%, Authorization
due October 30, 1997 PSCo $5,000,000 EXT Required
(Retired at maturity)
Medium-Term Notes No
Series C, 5.96%, Authorization
due December 4, 1997 PSCo $50,000,000 EXT Required
(Retired at maturity)
Preferred Stock
4.25% Not subject to No
mandatory redemption Authorization
3 shares extinguished PSCo $300 EXT Required
Preferred Stock
4.64% Not subject to No
mandatory redemption Authorization
50 shares extinguished PSCo $5,000 EXT Required
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Name of Company Extinguished (EXT)
Name of Issuer and Acquiring, Redeeming or or Held (H) for Authorization
Title of Issue Retiring Securities Consideration Further Disposition or Exemption
(1) (2) (3) (4) (5)
- ------------------------ ----------------------- ------------- ------------------- -------------
<S> <C> <C> <C> <C>
PSCO CONTINUED
Preferred Stock
8.40% Subject to No
mandatory redemption Authorization
6,598 shares extinguished PSCo $659,800 EXT Required
CLF&P
First Mortgage Bonds No
7.25% Series, Authorization
due September 1, 2021 CLF&P $7,000,000 EXT Required
(Redeemed prior to maturity)
1480 No
Secured Note, 13.50%, Authorization
due October 1, 2016 1480 $350,890 EXT Requrired
</TABLE>
10
<PAGE>
ITEM 5. INVESTMENTS IN SECURITIES OF NON-SYSTEM COMPANIES
For each system company, excluding subsidiaries exempted from regulation as
such pursuant to Section 3(d), securities representing obligations of
customers incurred in the ordinary course of business, and temporary cash
report as of the end of the year:
1. Aggregate amount of investments in persons operating in the retail service
area of the owners, or of its subsidiaries. State the number of persons
included and describe generally the kind of persons included. If investments
were made pursuant to State law, cite the State law under which they were
made. NONE
2. With respect to securities owned not included in category 1, state the
name of the issuer, describe the securities, including number of shares and
percentage of voting power as to equity securities, indicate the general
nature of the issuer's business, and state the owner's book value of the
investment. NONE
ITEM 6. OFFICERS AND DIRECTORS
The below legend of abbreviations and address codes have been used in Part 1.
Names, Principal Business Addresses, and Positions Held as of December 31,
1997, which follows.
LEGEND OF ABBREVIATIONS
CB Chairman of the Board
VC Vice Chairman of the Board
D Director
CEO Chief Executive Officer
P President
COO Chief Operating Officer
CFO Chief Financial Officer
EVP Executive Vice President
SVP Senior Vice President
VP Vice President
C Controller
S Secretary
AS Assistant Secretary
T Treasurer
AT Assistant Treasurer
ADDRESS CODES
(a) 1225 17th Street, Denver, CO 80202
(b) 600 So. Tyler, Amarillo, TX 79101
(c) 108 West 18th Street, Cheyenne, WY 82003
(d) 500 So. Taylor, Suite 1100, Amarillo, TX 79101
(e) 5601 I-40 West, Amarillo, TX 79106
(f) 5855 Stapleton Dr., North, Suite 135, Denver, CO 80216
(g) 1331 17th Street, Denver, CO 80202
11
<PAGE>
Part 1. Names, Principal Business Addresses, and Positions Held as of
December 31, 1997.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
NCE PSCO 1480 PSRI Green & SPS CLF&P WGI PSCCC
- -------------------------------------------------------------------------------------------------------------------------------
Clear Lake
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a) VP,AS
- -------------------------------------------------------------------------------------------------------------------------------
Barron, Eddie T. (e)
- -------------------------------------------------------------------------------------------------------------------------------
Blanton, Peggy S. (e)
- -------------------------------------------------------------------------------------------------------------------------------
Bloemen, Michael W. (f)
- -------------------------------------------------------------------------------------------------------------------------------
Bonavia, Paul J. (a) SVP
- -------------------------------------------------------------------------------------------------------------------------------
Brazille, Doris (e)
- -------------------------------------------------------------------------------------------------------------------------------
Brunetti, Wayne H. (a) D,P,COO,VC P,D,CEO,VC P,D,CB P,CB,D D,P,CB D,CEO,VC D,CEO,VC D,P,CB P,CB,D
- -------------------------------------------------------------------------------------------------------------------------------
Bunch, Doyle (a) D
- -------------------------------------------------------------------------------------------------------------------------------
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102 D
- -------------------------------------------------------------------------------------------------------------------------------
Conklin, Danny H.
801 So. Fillmore, Suite 730
Amarillo, TX 79101 D
- -------------------------------------------------------------------------------------------------------------------------------
Corbell, Royce (e)
- -------------------------------------------------------------------------------------------------------------------------------
Dallinger, Curtis C. (f)
- -------------------------------------------------------------------------------------------------------------------------------
Dickerson, Robert D. (d)
- -------------------------------------------------------------------------------------------------------------------------------
Drake, George W. (g)
- -------------------------------------------------------------------------------------------------------------------------------
Figoli, Darla (g)
- -------------------------------------------------------------------------------------------------------------------------------
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415 D
- -------------------------------------------------------------------------------------------------------------------------------
Fowke, Ben G. III (g)
- -------------------------------------------------------------------------------------------------------------------------------
Gavito, K
- -------------------------------------------------------------------------------------------------------------------------------
Gibson, Gary L. (b)
- -------------------------------------------------------------------------------------------------------------------------------
Greer, Gayle L.
5680 Greenwood Plaza Blvd
Englewood, CO 80111 D
- -------------------------------------------------------------------------------------------------------------------------------
Gonzales, J. Victor
550 15th Street
Denver, CO 80202 VP
- -------------------------------------------------------------------------------------------------------------------------------
Hamilton, Henry (b) EVP,D EVP,D
- -------------------------------------------------------------------------------------------------------------------------------
Helton, Bill D. (a) D,CB,CEO D,CB D,CB CB,D
- -------------------------------------------------------------------------------------------------------------------------------
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249 D
- -------------------------------------------------------------------------------------------------------------------------------
Henderson, Billy B. (e)
- -------------------------------------------------------------------------------------------------------------------------------
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216 D
- -------------------------------------------------------------------------------------------------------------------------------
Jackson, Brian P. (a) SVP
- -------------------------------------------------------------------------------------------------------------------------------
Jennings, Jimmy (d)
- -------------------------------------------------------------------------------------------------------------------------------
Kaysen, Richard (c) D,P,COO
- -------------------------------------------------------------------------------------------------------------------------------
Kelly, Richard C. (a) EVP D,EVP D,T VP,D D,T D,EVP,CFO D,T D,T VP,D
- -------------------------------------------------------------------------------------------------------------------------------
King, Ross (a) D
- -------------------------------------------------------------------------------------------------------------------------------
Krattenmaker, Kelly J. (g)
- -------------------------------------------------------------------------------------------------------------------------------
Lewis, William E. (a) AT T AT T
- -------------------------------------------------------------------------------------------------------------------------------
Madden, Teresa S. (a) C,S C,S AS AS C,AS S,C S AS
- -------------------------------------------------------------------------------------------------------------------------------
McAfee, John (b)
- -------------------------------------------------------------------------------------------------------------------------------
McCullough, Mike (e)
- -------------------------------------------------------------------------------------------------------------------------------
McNabb, Barbara (e)
- -------------------------------------------------------------------------------------------------------------------------------
Miller, Monte L. (d)
- -------------------------------------------------------------------------------------------------------------------------------
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107 D
- -------------------------------------------------------------------------------------------------------------------------------
Nelson, Paul A. (f)
- -------------------------------------------------------------------------------------------------------------------------------
Nicholson, Will F.
918 17th Street, 3rd Floor
Denver, CO 80202 D
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
NCS NC NC Quixx Corp Quixx Kes Quixx Quixx
Enterprises Cadence Jamaica Pwr Montego Jamaica Carolina
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Barron, Eddie T. (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Blanton, Peggy S. (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Bloemen, Michael W. (f)
- ----------------------------------------------------------------------------------------------------------------------------------
Bonavia, Paul J. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Brazille, Doris (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Brunetti, Wayne H. (a) D,P,CEO,VC D,P,CEO,VC D,VC,P,CEO VC,D
- ----------------------------------------------------------------------------------------------------------------------------------
Bunch, Doyle (a) SVP D
- ----------------------------------------------------------------------------------------------------------------------------------
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
- ----------------------------------------------------------------------------------------------------------------------------------
Conklin, Danny H.
801 So. Fillmore, Suite 730
Amarillo, TX 79101 D
- ----------------------------------------------------------------------------------------------------------------------------------
Corbell, Royce (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Dallinger, Curtis C. (f)
- ----------------------------------------------------------------------------------------------------------------------------------
Dickerson, Robert D. (d) VP D,VP,S D,VP,S S S
- ----------------------------------------------------------------------------------------------------------------------------------
Drake, George W. (g)
- ----------------------------------------------------------------------------------------------------------------------------------
Figoli, Darla (g)
- ----------------------------------------------------------------------------------------------------------------------------------
Forbess, Giles M.
- ----------------------------------------------------------------------------------------------------------------------------------
Flint and Clovis Road
Lubbock, TX 79415
- ----------------------------------------------------------------------------------------------------------------------------------
Fowke, Ben G. III (g)
- ----------------------------------------------------------------------------------------------------------------------------------
Gavito, K
- ----------------------------------------------------------------------------------------------------------------------------------
Gibson, Gary L. (b) VP
- ----------------------------------------------------------------------------------------------------------------------------------
Greer, Gayle L.
5680 Greenwood Plaza Blvd
Englewood, CO 80111
- ----------------------------------------------------------------------------------------------------------------------------------
Gonzales, J. Victor
550 15th Street
Denver, CO 80202
- ----------------------------------------------------------------------------------------------------------------------------------
Hamilton, Henry (b) EVP,D
- ----------------------------------------------------------------------------------------------------------------------------------
Helton, Bill D. (a) CB,D CB,D D,CB CB,D
- ----------------------------------------------------------------------------------------------------------------------------------
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
- ----------------------------------------------------------------------------------------------------------------------------------
Henderson, Billy B. (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
- ----------------------------------------------------------------------------------------------------------------------------------
Jackson, Brian P. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Jennings, Jimmy (d) C,AS D,T,AS D,T,AS D,T,AS T
- ----------------------------------------------------------------------------------------------------------------------------------
Kaysen, Richard (c)
- ----------------------------------------------------------------------------------------------------------------------------------
Kelly, Richard C. (a) EVP,CFO,D D,EVP D,T D
- ----------------------------------------------------------------------------------------------------------------------------------
King, Ross (a) VP
- ----------------------------------------------------------------------------------------------------------------------------------
Krattenmaker, Kelly J. (g)
- ----------------------------------------------------------------------------------------------------------------------------------
Lewis, William E. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Madden, Teresa S. (a) C,S S S
- ----------------------------------------------------------------------------------------------------------------------------------
McAfee, John (b) VP
- ----------------------------------------------------------------------------------------------------------------------------------
McCullough, Mike (e)
- ----------------------------------------------------------------------------------------------------------------------------------
McNabb, Barbara (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Miller, Monte L. (d)
- ----------------------------------------------------------------------------------------------------------------------------------
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107 D
- ----------------------------------------------------------------------------------------------------------------------------------
Nelson, Paul A. (f)
- ----------------------------------------------------------------------------------------------------------------------------------
Nicholson, Will F.
918 17th Street, 3rd Floor
Denver, CO 80202 D
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
Part 1. Names, Principal Business Addresses, and Positions Held as of
December 31, 1997. (Continued)
<TABLE>
<CAPTION>
NCE PSCO 1480 PSRI Green & SPS CLF&P WGI
Clear Lake
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Niehoff, Michael E.
550 15th Street, Suite 800
Denver, CO 80202
- -------------------------------------------------------------------------------------------------------------
Peterson, Carol (a) AS AS AS AS AS
- -------------------------------------------------------------------------------------------------------------
Pilcher, Susan C. (f)
- -------------------------------------------------------------------------------------------------------------
Pomeroy, William J. (c) AS
- -------------------------------------------------------------------------------------------------------------
Pope, Danny B. (e)
- -------------------------------------------------------------------------------------------------------------
Powers. J. Michael
1003 East Lincoln Way
Cheyenne, WY 82001 D
- -------------------------------------------------------------------------------------------------------------
Pritchard, Michael D. (a) AT AT AT
- -------------------------------------------------------------------------------------------------------------
Pullum, Mary (b) AS S
- -------------------------------------------------------------------------------------------------------------
Read, Mark P. (c) AS
- -------------------------------------------------------------------------------------------------------------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
- -------------------------------------------------------------------------------------------------------------
Ridings, Louis (d)
- -------------------------------------------------------------------------------------------------------------
Rogers, Bob (d)
- -------------------------------------------------------------------------------------------------------------
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657 D
- -------------------------------------------------------------------------------------------------------------
Smith, Albert A. (e)
- -------------------------------------------------------------------------------------------------------------
Splawn, Gwen (e)
- -------------------------------------------------------------------------------------------------------------
Steinhilper, James D. (a) T T T AT AT
- -------------------------------------------------------------------------------------------------------------
Stephens, W. Thomas
5910 S. University Blvd.
Suite C18-432
Littleton, CO 80121 D
- -------------------------------------------------------------------------------------------------------------
Taylor, Marilyn (a) D D
- -------------------------------------------------------------------------------------------------------------
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631 D
- -------------------------------------------------------------------------------------------------------------
Whitcomb, Stephen H. (a) AS AS AS AS
- -------------------------------------------------------------------------------------------------------------
Whitney, Jon (f)
- -------------------------------------------------------------------------------------------------------------
Wilks, David (b) D, EVP P,COO,D D
- -------------------------------------------------------------------------------------------------------------
Williams, Dale (d)
- -------------------------------------------------------------------------------------------------------------
Williams, Jimmy D. (e)
- -------------------------------------------------------------------------------------------------------------
Yeager, Robert W.
550 15th Street
Denver, CO 80202 D, VP
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
PSCCC NCS NC NC Quixx Corp Quixx Kes Quixx Quixx
Enterprises Cadence Jamaica Pwr Montego Jamaica Carolina
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Niehoff, Michael E.
550 15th Street, Suite 800
Denver, CO 80202
- -----------------------------------------------------------------------------------------------------------------------------------
Peterson, Carol (a) AS AS AS
- -----------------------------------------------------------------------------------------------------------------------------------
Pilcher, Susan C. (f)
- -----------------------------------------------------------------------------------------------------------------------------------
Pomeroy, William J. (c)
- -----------------------------------------------------------------------------------------------------------------------------------
Pope, Danny B. (e)
- -----------------------------------------------------------------------------------------------------------------------------------
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
- -----------------------------------------------------------------------------------------------------------------------------------
Pritchard, Michael D. (a) AT
- -----------------------------------------------------------------------------------------------------------------------------------
Pullum, Mary (b) AS S AS AS AS AS
- -----------------------------------------------------------------------------------------------------------------------------------
Read, Mark P. (c)
- -----------------------------------------------------------------------------------------------------------------------------------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
- -----------------------------------------------------------------------------------------------------------------------------------
Ridings, Louis (d) P,CEO,COO,D D,CB,P P,CB,D D,CB,P CB,P,D
- -----------------------------------------------------------------------------------------------------------------------------------
Rogers, Bob (d)
- -----------------------------------------------------------------------------------------------------------------------------------
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
- -----------------------------------------------------------------------------------------------------------------------------------
Smith, Albert A. (e)
- -----------------------------------------------------------------------------------------------------------------------------------
Splawn, Gwen (e)
- -----------------------------------------------------------------------------------------------------------------------------------
Steinhilper, James D. (a) T T AT
- -----------------------------------------------------------------------------------------------------------------------------------
Stephens, W. Thomas
5910 S. University Blvd.
Suite C18-432
Littleton, CO 80121
- -----------------------------------------------------------------------------------------------------------------------------------
Taylor Marilyn (a) VP
- -----------------------------------------------------------------------------------------------------------------------------------
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
- -----------------------------------------------------------------------------------------------------------------------------------
Whitcomb, Stephen H. (a) AS AS
- -----------------------------------------------------------------------------------------------------------------------------------
Whitney, Jon (f)
- -----------------------------------------------------------------------------------------------------------------------------------
Wilks, David (b) EVP,D D,EVP D
- -----------------------------------------------------------------------------------------------------------------------------------
Williams, Dale (d) VP,D
- -----------------------------------------------------------------------------------------------------------------------------------
Williams, Jimmy D. (e)
- -----------------------------------------------------------------------------------------------------------------------------------
Yeager, Robert W.
550 15th Street
Denver, CO 80202
- -----------------------------------------------------------------------------------------------------------------------------------
13
</TABLE>
<PAGE>
Part 1. Names, Principal Business Addresses, and Positions Held as of
December 31, 1997. (Continued)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Quixx Quixx Quixx Pwr Quixx Quixx Quixlin
- ---------------------------------------------------------------------------------------------------------------------------------
Mustang WPP 94 Service Resources Borger Cogan Corp UE UUS
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a)
- ---------------------------------------------------------------------------------------------------------------------------------
Barron, Eddie T. (e) VP,COO D,CB,CEO
- ---------------------------------------------------------------------------------------------------------------------------------
Blanton, Peggy S. (e) S
- ---------------------------------------------------------------------------------------------------------------------------------
Bloemen, Michael W. (f)
- ---------------------------------------------------------------------------------------------------------------------------------
Bonavia, Paul J. (a)
- ---------------------------------------------------------------------------------------------------------------------------------
Brazille, Doris (e)
- ---------------------------------------------------------------------------------------------------------------------------------
Brunetti, Wayne H. (a) VC,D
- ---------------------------------------------------------------------------------------------------------------------------------
Bunch, Doyle (a)
- ---------------------------------------------------------------------------------------------------------------------------------
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
- ---------------------------------------------------------------------------------------------------------------------------------
Conklin, Danny H.
801 So. Fillmore, Suite 730
Amarillo, TX 79101
- ---------------------------------------------------------------------------------------------------------------------------------
Corbell, Royce (e) D
- ---------------------------------------------------------------------------------------------------------------------------------
Dallinger, Curtis C. (f)
- ---------------------------------------------------------------------------------------------------------------------------------
Dickerson,Robert D. (d) D,VP,S S S,T VP,S,D D,VP,S
- ---------------------------------------------------------------------------------------------------------------------------------
Drake, George W. (g)
- ---------------------------------------------------------------------------------------------------------------------------------
Figoll, Darla (g)
- ---------------------------------------------------------------------------------------------------------------------------------
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
- ---------------------------------------------------------------------------------------------------------------------------------
Fowke, Ben G. III (g)
- ---------------------------------------------------------------------------------------------------------------------------------
Gavito, K
- ---------------------------------------------------------------------------------------------------------------------------------
Gibson, Gary L. (b)
- ---------------------------------------------------------------------------------------------------------------------------------
Greer, Gayle L.
5680 Greenwood Plaza Blvd
Englewood, CO 80111
- ---------------------------------------------------------------------------------------------------------------------------------
Gonzales, J. Victor
550 15th Street
Denver, CO 80202
- ---------------------------------------------------------------------------------------------------------------------------------
Hamilton, Henry (b) D
- ---------------------------------------------------------------------------------------------------------------------------------
Helton, Bill D. (a) CB,D D,CB
- ---------------------------------------------------------------------------------------------------------------------------------
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
- ---------------------------------------------------------------------------------------------------------------------------------
Henderson, Billy B. (e) VP,T,AS
- ---------------------------------------------------------------------------------------------------------------------------------
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
- ---------------------------------------------------------------------------------------------------------------------------------
Jackson, Brian P. (a)
- ---------------------------------------------------------------------------------------------------------------------------------
Jennings, Jimmy (d) D,T,AS D,T,AS T,AS CB,P,CEO,D,VP,COO D,T,AS T,AS
- ---------------------------------------------------------------------------------------------------------------------------------
Kaysen, Richard (c)
- ---------------------------------------------------------------------------------------------------------------------------------
Kelly, Richard C. (a) D
- ---------------------------------------------------------------------------------------------------------------------------------
King, Ross (a)
- ---------------------------------------------------------------------------------------------------------------------------------
Krattenmaker, Kelly J. (g)
- ---------------------------------------------------------------------------------------------------------------------------------
Lewis, William E. (a)
- ---------------------------------------------------------------------------------------------------------------------------------
Madden, Teresa S. (a)
- ---------------------------------------------------------------------------------------------------------------------------------
McAfee, John (b)
- ---------------------------------------------------------------------------------------------------------------------------------
McCullough,Mike (e) D
- ---------------------------------------------------------------------------------------------------------------------------------
McNabb, Barbara (e)
- ---------------------------------------------------------------------------------------------------------------------------------
Miller, Monte L. (d) D,S,T
- ---------------------------------------------------------------------------------------------------------------------------------
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107 D
- ---------------------------------------------------------------------------------------------------------------------------------
Nelson, Paul A. (f)
- ---------------------------------------------------------------------------------------------------------------------------------
Nicholson, Will F.
918 17th Street, 3rd Floor
Denver, CO 80202
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Precision Natural Young Gas Texas- Texas- e prime
- -----------------------------------------------------------------------------------------------------------------------------
Resource Fuels NCI e prime Storage Ohio Gas Ohio Pipe operating
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a)
- -----------------------------------------------------------------------------------------------------------------------------
Barron, Eddie T. (e)
- -----------------------------------------------------------------------------------------------------------------------------
Blanton, Peggy S. (e)
- -----------------------------------------------------------------------------------------------------------------------------
Bloemen, Michael W. (f) VP
- -----------------------------------------------------------------------------------------------------------------------------
Bonavia, Paul J. (a)
- -----------------------------------------------------------------------------------------------------------------------------
Brazille, Doris (e) D
- -----------------------------------------------------------------------------------------------------------------------------
Brunetti, Wayne H. (a) D D D,VC CB,D
- -----------------------------------------------------------------------------------------------------------------------------
Bunch, Doyle (a) D
- -----------------------------------------------------------------------------------------------------------------------------
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
- -----------------------------------------------------------------------------------------------------------------------------
Conklin, Danny H.
801 So. Fillmore, Suite 730
Amarillo, TX 79101
- -----------------------------------------------------------------------------------------------------------------------------
Corbell, Royce (e)
- -----------------------------------------------------------------------------------------------------------------------------
Dallinger, Curtis C. (f) P
- -----------------------------------------------------------------------------------------------------------------------------
Dickerson,Robert D. (d) S
- -----------------------------------------------------------------------------------------------------------------------------
Drake, George W. (g) VP
- -----------------------------------------------------------------------------------------------------------------------------
Figoll, Darla (g) T T
- -----------------------------------------------------------------------------------------------------------------------------
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
- -----------------------------------------------------------------------------------------------------------------------------
Fowke, Ben G. III (g) VP
- -----------------------------------------------------------------------------------------------------------------------------
Gavito, K
- -----------------------------------------------------------------------------------------------------------------------------
Gibson, Gary L. (b)
- -----------------------------------------------------------------------------------------------------------------------------
Greer, Gayle L.
5680 Greenwood Plaza Blvd
Englewood, CO 80111
- -----------------------------------------------------------------------------------------------------------------------------
Gonzales, J. Victor
550 15th Street
Denver, CO 80202
- -----------------------------------------------------------------------------------------------------------------------------
Hamilton, Henry (b)
- -----------------------------------------------------------------------------------------------------------------------------
Helton, Bill D. (a) D CB,D
- -----------------------------------------------------------------------------------------------------------------------------
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
- -----------------------------------------------------------------------------------------------------------------------------
Henderson, Billy B. (e)
- -----------------------------------------------------------------------------------------------------------------------------
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
- -----------------------------------------------------------------------------------------------------------------------------
Jackson, Brian P. (a)
- -----------------------------------------------------------------------------------------------------------------------------
Jennings, Jimmy (d)
- -----------------------------------------------------------------------------------------------------------------------------
Kaysen, Richard (c)
- -----------------------------------------------------------------------------------------------------------------------------
Kelly, Richard C. (a) D D,S CEO,P,D D,VP,T D,CB CB,D D
- -----------------------------------------------------------------------------------------------------------------------------
King, Ross (a)
- -----------------------------------------------------------------------------------------------------------------------------
Krattenmaker, Kelly J. (g) COO,EVP VP CEO,VC,D CEO,D,VC VP,S,D
- -----------------------------------------------------------------------------------------------------------------------------
Lewis, William E. (a)
- -----------------------------------------------------------------------------------------------------------------------------
Madden, Teresa S. (a) S S S
- -----------------------------------------------------------------------------------------------------------------------------
McAfee, John (b)
- -----------------------------------------------------------------------------------------------------------------------------
McCullough,Mike (e)
- -----------------------------------------------------------------------------------------------------------------------------
McNabb, Barbara (e) S
- -----------------------------------------------------------------------------------------------------------------------------
Miller, Monte L. (d)
- -----------------------------------------------------------------------------------------------------------------------------
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
- -----------------------------------------------------------------------------------------------------------------------------
Nelson, Paul A. (f) VP,S
- -----------------------------------------------------------------------------------------------------------------------------
Nicholson, Will F.
918 17th Street, 3rd Floor
Denver, CO 80202
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE>
Part 1. Names, Principal Business Addresses, and Positions Held as of
December 31,1997. (Continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Quixx Quixx Quixx Pwr Quixx Quixx Quixlin UE UUS
- ----------------------------------------------------------------------------------------------------------------------------------
Mustang WPP 94 Service Resources Borger Cogen Corp
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Niehoff, Michael E.
550 15th Street, Suite 800
Denver, CO 80202 VP
- ----------------------------------------------------------------------------------------------------------------------------------
Peterson, Carol (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Pilcher, Susan C. (f)
- ----------------------------------------------------------------------------------------------------------------------------------
Pomeroy, William J. (c)
- ----------------------------------------------------------------------------------------------------------------------------------
Pope, Danny B. (e) P,COO
- ----------------------------------------------------------------------------------------------------------------------------------
Powers, J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
- ----------------------------------------------------------------------------------------------------------------------------------
Pritchard, Michael D. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Pullum, Mary (b) AS AS AS AS AS S
- ----------------------------------------------------------------------------------------------------------------------------------
Read, Mark P. (c)
- ----------------------------------------------------------------------------------------------------------------------------------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
- ----------------------------------------------------------------------------------------------------------------------------------
Ridings, Louis (d) D,CB,P D,CB,P P,CEO,D CB,P D,CB,P
- ----------------------------------------------------------------------------------------------------------------------------------
Rogers, Bob (d) D,VP D,VP,AS
- ----------------------------------------------------------------------------------------------------------------------------------
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
- ----------------------------------------------------------------------------------------------------------------------------------
Smith, Albert A. (e) P,CEO,D
- ----------------------------------------------------------------------------------------------------------------------------------
Splawn, Gwen (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Steinhilper, James D. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Stephens, W. Thomas
5910 S. University Blvd.
Suite C18-432
Littleton, CO 80121
- ----------------------------------------------------------------------------------------------------------------------------------
Taylor Marilyn (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
- ----------------------------------------------------------------------------------------------------------------------------------
Whitcomb,Stephen H. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Whitney, Jon (f)
- ----------------------------------------------------------------------------------------------------------------------------------
Wilks, David (b) D D
- ----------------------------------------------------------------------------------------------------------------------------------
Williams, Dale (d) VP,COO
- ----------------------------------------------------------------------------------------------------------------------------------
Williams, Jimmy D. (e) VP
- ----------------------------------------------------------------------------------------------------------------------------------
Yeager, Robert W.
550 15th Street
Denver, CO 80202
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Precision Natural NCI e prime Young Gas Texas- Texas- e prime
- ----------------------------------------------------------------------------------------------------------------------------------
Resource Fuels Storage Ohio Gas Ohio Pipe operating
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Niehoff, Michael E.
550 15th Street, Suite 800
Denver, CO 80202
- ----------------------------------------------------------------------------------------------------------------------------------
Peterson, Carol (a) AS AS AS AS
- ----------------------------------------------------------------------------------------------------------------------------------
Pilcher, Susan C. (f) VP,T
- ----------------------------------------------------------------------------------------------------------------------------------
Pomeroy, William J. (c)
- ----------------------------------------------------------------------------------------------------------------------------------
Pope, Danny B. (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Powers, J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
- ----------------------------------------------------------------------------------------------------------------------------------
Pritchard, Michael D. (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Pullum, Mary (b)
- ----------------------------------------------------------------------------------------------------------------------------------
Read, Mark P. ( c )
- ----------------------------------------------------------------------------------------------------------------------------------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024 P,COO,D P,COO,D
- ----------------------------------------------------------------------------------------------------------------------------------
Ridings, Louis (d)
- ----------------------------------------------------------------------------------------------------------------------------------
Rogers, Bob (d)
- ----------------------------------------------------------------------------------------------------------------------------------
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
- ----------------------------------------------------------------------------------------------------------------------------------
Smith, Albert A. (e) D,CB,CEO
- ----------------------------------------------------------------------------------------------------------------------------------
Splawn, Gwen (e) P,COO
- ----------------------------------------------------------------------------------------------------------------------------------
Steinhilper, James D. (a) T
- ----------------------------------------------------------------------------------------------------------------------------------
Stephens, W. Thomas
5910 S. University Blvd.
Suite C18-432
Littleton, CO 80121
- ----------------------------------------------------------------------------------------------------------------------------------
Taylor Marilyn (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
- ----------------------------------------------------------------------------------------------------------------------------------
Whitcomb,Stephen H. (a) AS
- ----------------------------------------------------------------------------------------------------------------------------------
Whitney, Jon (f) VC
- ----------------------------------------------------------------------------------------------------------------------------------
Wilks, David (b) D
- ----------------------------------------------------------------------------------------------------------------------------------
Williams, Dale (d)
- ----------------------------------------------------------------------------------------------------------------------------------
Williams, Jimmy D. (e) D
- ----------------------------------------------------------------------------------------------------------------------------------
Yeager, Robert W.
550 15th Street
Denver, CO 80202
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
PART II. FINANCIAL CONNECTIONS
<TABLE>
<CAPTION>
As of December 31, 1997
Name and Location Position Applicable
Name of Officer of Held in Financial Exemption
or Director Financial Institution Institution Rule
(1) (2) (3) (4)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
C. Coney Burgess Herring Bancorp, Inc., Vernon, TX Director 70 (a)
Herring National Bank, Clarendon, TX Director
Herring National Bank, Vernon, TX Director
Danny H. Conklin First National Bank of Amarillo
Amarillo, TX Director 70 (a)
Giles M. Forbess State National Bank of West Texas
Lubbock, TX Director 70 (a)
J. Howard Mock Norwest Banks New Mexico
Albuquerque, NM Advisory Director 70 (a)
Rodney E. Slifer Alpine Banks of Colorado Director 70 (a)
W. Thomas Stephens Putnum Securities Director 70 (b)
</TABLE>
PART III. (a) EXECUTIVE COMPENSATION AND (e) PARTICIPATION IN BONUS AND
PROFIT-SHARING ARRANGEMENTS AND OTHER BENEFITS
Information for items: (a) the compensation of directors and executive
officers of the system companies and (e) their participation in bonus and
profit-sharing arrangements and other benefits is contained under
COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS in the NCE 1998 Proxy
Statement (pages 8-20), which is incorporated herein by reference, and
includes the executive compensation information for Messrs. Helton, Brunetti,
Kelly, Wilks and Bunch. Executive compensation information for Mr. Hamilton
is contained in Item 11. of the PSCo 1997 Form 10-K (pages 124-130), which is
incorporated herein by reference. Executive compensation information for all
other executive officers and directors of system companies is presented
herein. See Item 6. Part I "Names, Addresses, Positions Held", above for the
information on the principal positions of the system companies executive
officers ("Executive Officers").
16
<PAGE>
As shown in Item 6. Part I, most of the Executive Officers are employed by
several NCE companies. Because it would be impracticable to allocate such
officers' salaries among the various companies, the following tables set forth
information concerning the total compensation paid or awarded in 1997.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
SUMMARY COMPENSATION TABLE
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
ANNUAL COMPENSATION LONG-TERM COMPENSATION(c) ALL OTHER
NAME COMPEN-
SATION
($) (d)(e)
----------------------------------------------------------------------------
YEAR AWARDS PAYOUTS
------------------------------------
SALARY BONUS ($) OTHER RESTRICT SECURITIES LTIP
($) (a) ANNUAL -ED UNDERLYING PAYOUTS
COMPEN STOCK OPTIONS/ ($)
-SATION AWARDS SAR'S (#)
($) (b) ($)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Paul J. Bonavia 1997 0 0 0 0 88,000 0 20,000
- --------------------------------------------------------------------------------------------------------------------------------
Gary L. Gibson 1997 127,917 26,943 53,734 0 24,000 0 8,369
- --------------------------------------------------------------------------------------------------------------------------------
Brian P. Jackson 1997 9,584 0 0 0 75,000 0 30,000
- --------------------------------------------------------------------------------------------------------------------------------
Ross C. King 1997 155,932 23,040 3,750 0 33,000 43,145 9,951
- --------------------------------------------------------------------------------------------------------------------------------
Teresa S. Madden 1997 106,257 8,365 3,000 0 26,000 0 5,377
- --------------------------------------------------------------------------------------------------------------------------------
John McAfee 1997 146,458 24,887 13,735 0 30,000 0 6,141
- --------------------------------------------------------------------------------------------------------------------------------
James D. Steinhilper 1997 113,495 8,793 57,000 0 26,000 0 2,914
- --------------------------------------------------------------------------------------------------------------------------------
Marilyn E. Taylor 1997 149,380 21,874 4,232 0 32,900 48,073 10,063
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The amounts shown in the "Bonus" column are related to payments made by
PSCo or SPS in connection with the Merger. The amounts paid to Messrs. Gibson,
McAfee and Steinhilper were based on the average of their two highest bonuses
paid by SPS in fiscal years 1993, 1994 and 1995, in accordance with their
employment agreements. The amounts paid to Mr. King and Ms. Taylor represent
7/12 of the target award earned under the PSCo Omnibus Incentive Plan which
were paid in accordance with their Change in Control agreements.
(b) The amounts shown in this column include relocation benefits of $54,000
for Mr. Steinhilper and the reimbursement of certain taxes related to the
exercise of SPS stock options of $47,877, and $6,075 for Messrs. Gibson and
McAfee, respectively. Also, the amounts shown in this column for Messrs.
Gibson, King, McAfee, Steinhilper, Ms. Madden and Ms. Taylor include flexible
perquisite or automobile allowance benefits of $5,857, $3,750, $7,660, $3,000,
$3,000 and $4,232, respectively.
(c) There were no restricted stock awards granted in 1997 and no Executive
Officer held any restricted stock at December 31, 1997. In accordance with
the terms of the PSCo Omnibus Incentive Plan, Mr. King and Ms. Taylor
received certain stock option awards (3,000 and 2,900 options, respectively)
and dividend equivalents payments ($43,145 and $48,073, respectively) which
vested in connection with the Merger.
17
<PAGE>
(d) The amounts represented in the "All Other Compensation" column reflect
the total of matching contributions made under the PSCo and SPS employee
savings plans, the PSCo and SPS non-qualified savings plans (the "Executive
Savings Plan" and the "Non-Qualified Salary Deferral Plan", respectively) and
insurance premiums paid by PSCo and SPS. These amounts are summarized below:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Name Contributions to Contributions to the Non- Insurance
Employee Savings Plan Qualified Savings Plans Premiums ($)
($) ($)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Paul J. Bonavia 0 20,000 0
- -------------------------------------------------------------------------------------------------
Gary L. Gibson 5,296 2,875 198
- -------------------------------------------------------------------------------------------------
Brian P. Jackson 0 30,000 0
- -------------------------------------------------------------------------------------------------
Ross C. King 7,150 1,001 1,800
- -------------------------------------------------------------------------------------------------
Teresa S. Madden 4,848 0 529
- -------------------------------------------------------------------------------------------------
John McAfee 4,565 1,481 95
- -------------------------------------------------------------------------------------------------
James D. Steinhilper 2,914 0 0
- -------------------------------------------------------------------------------------------------
Marilyn E. Taylor 6,991 719 2,353
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
OPTION/SAR GRANTS IN LAST FISCAL YEAR
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
NAME INDIVIDUAL GRANTS
--------------------------------------------------------------------------------
NUMBER OF
SECURITIES
UNDERLYING % OF TOTAL
OPTIONS/ OPTIONS/SARS EXERCISE
SARS GRANTED TO OR BASE GRANT DATE
GRANTED EMPLOYEES IN PRICE EXPIRATION PRESENT VALUE
(#)(a) FISCAL YEAR(b) ($/SHARE) DATE ($)(c)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Paul J. Bonavia 88,000 5.21% 46.750 12/14/07 433,840
- -----------------------------------------------------------------------------------------------------------
Gary L. Gibson 24,000 1.48% 41.625 8/3/07 85,440
- -----------------------------------------------------------------------------------------------------------
Brian P. Jackson 75,000 4.61% 45.000 11/30/07 340,500
- -----------------------------------------------------------------------------------------------------------
Ross C. King 30,000 1.85% 41.625 8/3/07 106,800
3,000 4.83% 39.000 2/18/07 12,780
- -----------------------------------------------------------------------------------------------------------
Teresa S. Madden 26,000 1.54% 41.625 8/3/07 92,560
- -----------------------------------------------------------------------------------------------------------
John McAfee 30,000 1.85% 41.625 8/3/07 106,800
- -----------------------------------------------------------------------------------------------------------
James D. Steinhilper 26,000 1.60% 41.625 8/3/07 92,560
- -----------------------------------------------------------------------------------------------------------
Marilyn E. Taylor 30,000 1.85% 41.625 8/3/07 106,800
2,900 4.67% 39.000 2/18/07 12,354
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(a) The options with an exercise price of $39.00 were grants of PSCo common
stock granted by the Compensation Committee of the PSCo Board on February 18,
1997. The options were intended to vest and be exercisable only to the extent
of 33 1/3% on the first anniversary date of the grant and to the same extent
on the second anniversary and third anniversary. All rights to exercise were
intended to be cumulative to the extent not exercised. All options expire
10 years from the date of grant. Effective August 1, 1997, with the completion
of the Merger, all PSCo options converted to NCE options based on the one for
one conversion ratio used in the Merger and were immediately vested and
exercisable with the $39.00 price and 10 year term carried forward. The
$39.00 exercise price equals the Fair Market Value of PSCo Common Stock on
February 18, 1997.
18
<PAGE>
The options with an exercise price of $41.625 were granted by the
NCE Compensation Committee with an exercise price equal to the opening trade
price on the New York Stock Exchange (NYSE) of NCE Common Stock on August 4,
1997 and the options granted to Mr. Jackson and Mr. Bonavia were approved in
connection with their employment. The options vest and may be fully
exercisable on the first anniversary date of the grant. All options expire 10
years from the date of the grant.
(b) % of Total Options/SARs Granted to Employees in Fiscal Year apply to
shares of PSCo common stock granted prior to the completion of the Merger
with respect to all $39.00 options and to shares of NCE Common Stock granted
following the completion of the Merger with respect to the $41.625, the
$45.00 and the $46.75 options.
(c) The values in the column are estimates based upon option values of $4.26
for the $39.00 options, $3.56 for the $41.625 options, $4.54 for the $45.00
options and $4.93 for the $46.75 options. These amounts represent a
theoretical present value based on the Black-Scholes Option Pricing Model and
assumptions for option life, risk-free interest rate, stock volatility and
dividend yield. Executives may not sell or assign these options, which have
value only to the extent of the future stock price appreciation. These amounts
or any of the assumptions should not be used to predict future performance of
the stock price or dividends.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR
AND FY-END OPTION/SAR VALUES
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF SECURITIES VALUE OF
UNDERLYING UNEXERCISED
UNEXERCISED IN-THE-MONEY
OPTIONS/SARS AT OPTIONS/SARS AT
FY-END (#) FY-END ($) (a)
---------------------------------------------
NAME SHARES ACQUIRED VALUE REALIZED EXERCISABLE/ EXERCISABLE/
ON EXERCISE (#) ($) UNEXERCISABLE UNEXERCISABLE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Paul J. Bonavia 0 0 0/ 0/
88,000 104,500
- ----------------------------------------------------------------------------------------------------------------------------------
Gary L. Gibson 288 2,431 86/ 1,333/
25,496 174,693
- ----------------------------------------------------------------------------------------------------------------------------------
Brian P. Jackson 0 0 0/ 0/
75,000 220,313
- ----------------------------------------------------------------------------------------------------------------------------------
Ross C. King 2,400 25,200 9,817/ 131,582/
2,400 23,100 30,000 189,375
1,033 8,651
</TABLE>
19
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Teresa S. Madden 0 0 2,550/ 42,572/
26,000 164,125
- ----------------------------------------------------------------------------------------------------------------------------------
John McAfee 269 2,271 38/ 589/
31,228 208,413
- ----------------------------------------------------------------------------------------------------------------------------------
James D. Steinhilper 0 0 0/ 0/
26,000 164,125
- ----------------------------------------------------------------------------------------------------------------------------------
Marilyn E. Taylor 0 0 14,450/ 214,360/
30,000 189,375
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Option values were calculated based on a $47.9375 closing price of NCE
Common Stock, as listed on the NYSE at December 31, 1997.
20
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INCENTIVE PLANS - AWARDS IN LAST FISCAL YEAR
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NAME NUMBER OF PERFORMANCE OR ESTIMATED FUTURE PAYOUTS UNDER NON-STOCK
SHARES, OTHER PERIOD PRICE-BASED PLANS
UNITS OR UNTIL MATURATION
OTHER OR PAYOUT
RIGHTS
(a)(#)
---------------------------------------------------
THRESHOLD TARGET MAXIMUM
($ OR #) ($ OR #) ($ OR #)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Paul J. Bonavia N/A N/A - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Gary L. Gibson N/A N/A - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Brian P. Jackson N/A N/A - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Ross C. King 6,400 1/1/97 thru 12/31/99 13,440
- ----------------------------------------------------------------------------------------------------------------------------------
Teresa S. Madden N/A N/A - - -
- ----------------------------------------------------------------------------------------------------------------------------------
John McAfee N/A N/A - - -
- ----------------------------------------------------------------------------------------------------------------------------------
James D. Steinhilper N/A N/A - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Marilyn E. Taylor 6,917 1/1/97 thru 12/31/99 14,526
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Dividend equivalents are granted under the PSCo Omnibus Incentive Plan.
Dividend equivalents entitle the recipient to a cash amount equal to
the average of the dividends paid over the performance cycle at the
then current dividend rate multiplied by the number of units granted.
Dividend equivalents are earned, if at all, at the end of a three-year
performance period depending upon the achievement of Earnings Per Share
goals over the performance period. The Target represents the amount to
be awarded if 100% of the goal is achieved. Threshold represents the
amount to be awarded if 90% of the goal is achieved, and Maximum
represents the amount to be awarded if 110% of the goal is achieved.
Additional dividend equivalents may be granted each year by the
Compensation Committee. In accordance with the terms of the PSCo
Omnibus Incentive Plan, dividend equivalents for all open performance
periods vested at the target level immediately upon the effective date
of the Merger and, accordingly, Threshold and Maximum award amounts for
1997 were not established.
21
<PAGE>
The following table shows estimated aggregate pension benefits payable
to a covered participant from the qualified defined benefit plans maintained
by NCE and its subsidiaries and the NCE Supplemental Executive Retirement
Plan (the "SERP").
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
PENSION PLAN TABLE
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
REMUNERATION YEARS OF SERVICE
15 20 25 OR MORE YEARS
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$150,000 $ 61,875 $ 82,500 $ 82,500
175,000 72,188 96,250 96,250
200,000 82,500 110,000 110,000
225,000 92,813 123,750 123,750
250,000 103,125 137,500 137,500
300,000 123,750 165,000 165,000
350,000 144,375 192,500 192,500
400,000 165,000 220,000 220,000
450,000 185,625 247,500 247,500
500,000 206,250 275,000 275,000
600,000 247,500 330,000 330,000
700,000 288,750 385,000 385,000
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
</TABLE>
The benefits listed in the Pension Plan Table are not subject to any
deduction or offset. The compensation used to calculate SERP benefits is base
salary plus short-term incentive. Such covered compensation is reflected in
the Salary and Bonus columns of the Summary Compensation Table for 1997.
22
<PAGE>
PART III (b) SECURITY OWNERSHIP OF MANAGEMENT AND DIRECTORS
Executive officers' and directors' interest in system companies,
including options or other rights to acquire securities is contained under
Security Ownership of Management and Directors in the NCE 1998 Proxy
Statement (pages 6-7), which is incorporated herein by reference.
PART III (c) CONTRACTS AND TRANSACTIONS WITH THE SYSTEM COMPANIES
None. See Certain Relationships and Related Transactions contained in
the NCE 1998 Proxy Statement (page 21), which is incorporated herein by
reference.
PART III (d) INDEBTEDNESS TO SYSTEM COMPANIES
None.
PART III (f) RIGHTS TO INDEMNITY
The Restated Certificate of Incorporation of NCE provides that the
Corporation shall indemnify its directors and officers to the fullest extent
authorized by the General Corporation Laws of the State of Delaware, as
amended from time to time. The Restated Certificate of Incorporation provides
that NCE may maintain insurance (at NCE's expense), to protect directors and
officers against such expense, liability or loss, whether or not the
Corporation would have the power to indemnify such person against such
expense, liability or loss under the General Corporation Laws of the State of
Delaware.
24
<PAGE>
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
Information required for the period August 1, 1997 through December 31, 1997 is
as follows:
(1) NCE and its subsidiaries have established political action committees and
have incurred, in connection with the provisions of the Federal Election
Campaign Act, certain costs for the administration of such committees.
(2) Expenditures, disbursements, or payments for the account of any
citizens group or public relations counsel for 1997 are summarized below.
Where applicable, amounts have been aggregated.
<TABLE>
<CAPTION>
Name of Name or Number
Company of Beneficiaries Purpose(s) ACCOUNT(S) CHARGED AMOUNT
- ---------- ---------------------- -------------- ---------------------- -------------
<S> <C> <C> <C> <C>
PSCO United Way Civic Activity Donations $ 313,519
Edison Electric Institute Research Donations 91,244
Denver Regional Council Civic Activity Donations 18,000
Denver Botanical Garden Civic Activity Donations 15,000
Denver Zoological Foundation Civic Activity Donations 17,062
Colorado State University Civic Activity Donations 10,000
Webb for Mayor Political Activity Donations 1,000
Miscellaneous - 195 Items less than $10,000 Community Welfare,
Education, Research
& Education, and
Civic Activity Donations 151,388
-------------
Total $ 617,213
-------------
-------------
SPS Miscellaneous - 22 Items less than $10,000 Community Welfare,
Education, Research
& Education, and
Civic Activity Donations $ 151,388
-------------
-------------
CLF&P Miscellaneous - 32 Items less than $10,000 Community Welfare,
Education, and
Civic Activity Donations $ 4,016
-------------
-------------
</TABLE>
25
<PAGE>
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
Part I. Contracts for services, including engineering or construction
services, or goods supplied or sold between system companies are as follows:
<TABLE>
<CAPTION>
Company Company Compensation In Effect on
Nature of Performing Receiving 8/1/97-12/31/97 December 31st
Transactions Service Service (in thousands) Date of Contract (Yes or No)
- ------------ ------- ------- -------------- ---------------- -------------
<S> <C> <C> <C> <C> <C>
Engineering UE PSCo $13,934 Aug. - Dec. 1997 Yes
Consulting Svcs
Engineering UE Quixx Corp 7,378 Aug. - Dec. 1997 Yes
Consulting Svcs
Engineering UE SPS 1,834 Aug. - Dec. 1997 Yes
Consulting Svcs
Engineering UE PSCo- Hayden 5,139 Aug. - Dec. 1997 Yes
Consulting Svcs
Engineering UE NCI 147 Dec. 1997 Yes
Consulting Svcs
Engineering UE e prime 141 Aug. - Dec. 1997 Yes
Consulting Svcs
Natural Gas Vehicle Natural Fuels PSCo 208 June 1, 1992 Yes
Support
Natural Gas of Resale Natural Fuels e prime 105 March 1, 1997 Yes
at Fueling Stations
Vehicle Conversions, Natural Fuels PSCo 62 November 14, 1996 New agreement signed
Maintenance & Repair for 1998
General Services Natural Fuels PSCo 137 August 27, 1990 Yes
Fueling Station Natural Fuels PSCo 69 Various Dates in New agreement s
Parts, Equipment & 1996 & 1997 signed for 1998
Maintenance
Electric & Gas PSCo CLF&P 111 Aug - Dec. 1997 Yes
Operations &
Maintenance
</TABLE>
Part II. Contracts to purchase services or goods between any system company
(1) any affiliate company (other than a system company) or (2) any other
company in which any officer or director of the system company
26
<PAGE>
receiving service under the contract, is a partner or owns 5 percent or more
of any class of equity securities. NONE
Part III. Employment of any other person, by any system company, for the
performance on a continuing basis, of management, supervisory or financial
advisory services. NONE
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
(a) Identify the company, its location and its business address. Describe the
facilities used for the generation, transmission and distribution of electric
energy for sale or for the distribution at retail of natural or manufactured
gas. Identify each system company that holds an interest in the company and
describe the interest held.
Jamaica Project: Quixx, 500 So. Taylor, Amarillo, TX 79101,
indirectly through subsidiaries owns a 42.3 MW oil-fired combustion
turbine generating plant located in Montego Bay, Jamaica, W.I. (the
"Jamaica Project"), which is an EWG. The Jamaica Project is directly
held by KES Jamaica, L.P. ("KES Jamaica"). Quixx Jamaica, Inc., which
is wholly-owned by Quixx, owns a 99% limited partnership interest in
KES Jamaica. KES Montego, Inc., which is wholly-owned by Quixx, owns
the remaining 1% general partnership interest in KES Jamaica.
(b). State the type and amount of capital invested in the company by the
registered holding company, directly or indirectly. Identify any debt or other
financial obligation for which there is recourse, directly or indirectly, to the
registered holding company or another system company, other than an EWG or
foreign utility company by the registered holding company. Identify any
transfers of assets from any system company (other than an exempt wholesale
generator or foreign utility company) to an affiliate exempt wholesale generator
or foreign utility company. State the market value at the time of transfer, the
book value and the sale price of the transferred asset.
Jamaica Project: Quixx acquired its interest in the Jamaica Project
prior to the consummation of the merger of PSCo and SPS into NCE.
Therefore, NCE has not made either a direct or indirect investment in
the Quixx Jamaica Project. Moreover, in connection with the Jamaica
Project, there are no debt or other financial obligations for which
there is recourse to NCE, nor has NCE made any direct or indirect
guarantees in support of the project. There have been no asset
transfers from any system company in connections with the Jamaica
Project during the reporting period.
(c) State the ratio of debt to common equity of the company and earnings of the
company as of the end of the reporting period.
Jamaica Project: KES Jamaica has approximately $1.9 million of common
equity and no outstanding debt as of December 31, 1997. KES Jamaica's
net income for the year ended December 31, 1997 was approximately
$904,000.
(d) Identify any service, sales or construction contract(s) between the company
and a system company, and describe the services to be rendered or goods sold and
the fees or revenues under such agreement(s).
Quixx has entered into service agreements on behalf of themselves and
their subsidiaries with NCS.
27
<PAGE>
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS - INDEX
<TABLE>
<CAPTION>
DESCRIPTION
- -----------
<S><C>
Consent of Independent Public Accountants
Consolidating Statement of Income of New Century Energies, Inc.
and subsidiaries for 1997
Consolidating Statement of Retained Earnings of New Century Energies, Inc.
and subsidiaries for 1997
Consolidating Statement of Cash Flows of New Century Energies, Inc.
and subsidiaries for 1997
Consolidating Balance Sheets of New Century Energies, Inc. and subsidiaries
at December 31, 1997
</TABLE>
28
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference in this Annual Report to the Securities and Exchange Commission on
Form U5S of New Century Energies, Inc. for the year ended December 31, 1997,
filed pursuant to the Public Utility Holding Company Act of 1935, of our
reports dated February 13, 1998, covering the consolidated financial
statements of New Century Energies, Inc. and subsidiaries, Public Service
Company of Colorado and subsidiaries and Southwestern Public Service Company
included in the New Century Energies, Inc. combined Annual Report on Form
10-K for the year ended December 31, 1997. It should be noted that we have
not audited any financial statements of the Company subsequent to December
31, 1997, or performed any audit procedures subsequent to the date of our
report.
ARTHUR ANDERSEN LLP
Denver, Colorado
April 30, 1998
29
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Southwestern
New Century Public Service Public Service
Energies, Inc. Company of Colorado Company New Century
(holding company) (consolidated) (consolidated) Services, Inc.
----------------- ------------------- -------------- --------------
<S> <C> <C> <C> <C>
Operating revenues:
Electric 1,485,196 960,355
Gas 733,091
Other 11,356 18,928 150,078
---------- ---------- -------- --------
- 2,229,643 979,283 150,078
Operating expenses:
Fuel used in generation 198,706 473,099
Purchased power 493,902 14,501
Cost of gas sold 467,745
Other operating and maintenance expenses 1,302 391,177 166,761 146,970
Depreciation and amortization 168,451 70,331
Taxes (other than income taxes) 78 81,496 46,515 2,241
---------- ---------- -------- --------
1,380 1,801,477 771,207 149,211
---------- ---------- -------- --------
Operating income (1,380) 428,166 208,076 867
Other income and deductions:
Merger expenses (18,661) (15,427)
Write-off of investments in cogeneration projects (16,052)
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries 17,614 34,926
Miscellaneous income and deductions - net 1,178 (13,374) 4,877 (310)
---------- ---------- -------- --------
18,792 2,891 (26,602) (310)
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt 118,438 46,356
Other interest 1,668 24,117 7,444 480
Allowance for borrowed funds used during construction (6,353) (4,546)
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of SPS 7,850
Dividend requirements on preferred stock of subsidiaries 11,752
---------- ---------- -------- --------
1,668 147,954 57,104 480
---------- ---------- -------- --------
Income before income taxes and extraordinary item 15,744 283,103 124,370 77
Income taxes (1,793) 90,813 48,795 77
---------- ---------- -------- --------
Income before extraordinary item 17,537 192,290 75,575
Extraordinary item - U.K. windfall tax (110,565)
---------- ---------- -------- --------
Net income 17,537 81,725 75,575 -
---------- ---------- -------- --------
---------- ---------- -------- --------
<CAPTION>
New Century Eliminations New Century
Enterprises, Inc. Cheyenne Light, WestGas and Energies, Inc.
(consolidated) Fuel & Power Co. InterState, Inc. reclassifications (consolidated)
----------------- ----------------- ---------------- ----------------- --------------
<S> <C> <C> <C> <C> <C>
Operating revenues:
Electric 12,413 15,362 33 2,473,359
Gas 77,704 5,965 71 (235) 816,596
Other 43,263 (171,055) 52,570
-------- ------- ----- ---------- ----------
133,380 21,327 71 (171,257) 3,342,525
Operating expenses:
Fuel used in generation 671,805
Purchased power 11,773 11,311 531,487
Cost of gas sold 72,107 3,532 (93) 543,291
Other operating and maintenance expenses 52,970 3,137 13 (167,971) 594,359
Depreciation and amortization 3,268 1,018 11 (1) 243,078
Taxes (other than income taxes) 605 582 3 (2,240) 129,280
-------- ------- ----- ---------- ----------
140,723 19,580 27 (170,305) 2,713,300
-------- ------- ----- ---------- ----------
Operating income (7,343) 1,747 44 (952) 629,225
Other income and deductions:
Merger expenses (34,088)
Write-off of investments in cogeneration
projects (16,052)
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiaries (1,388) (16,986) 34,166
Miscellaneous income and deductions - net 1,571 129 6 (5,292) (11,215)
-------- ------- ----- ---------- ----------
183 129 6 (22,278) (27,189)
Interest charges and preferred dividends of
subsidiaries:
Interest on long-term debt 766 165,560
Other interest 3,898 394 (5,612) 32,389
Allowance for borrowed funds used during
construction (22) (10,921)
Dividends on SPS obligated mandatorily
redeemable preferred securities of
subsidiary trust holding solely
subordinated debentures of SPS 7,850
Dividend requirements on preferred stock
of subsidiaries 11,752
-------- ------- ----- ---------- ----------
3,898 1,138 - (5,612) 206,630
-------- ------- ----- ---------- ----------
Income before income taxes and extraordinary
item (11,058) 738 50 (17,618) 395,406
Income taxes (4,234) 245 18 (2) 133,919
-------- ------- ----- ---------- ----------
Income before extraordinary item (6,824) 493 32 (17,616) 261,487
Extraordinary item - U.K. windfall tax (110,565)
-------- ------- ----- ---------- ----------
Net income (6,824) 493 32 (17,616) 150,922
-------- ------- ----- ---------- ----------
-------- ------- ----- ---------- ----------
Weighted average common shares outstanding 104,805
Basic and diluted earnings per share of
common stock outstanding:
Income before extraordinary item $2.50
Extraordinary item (1.06)
---------
Net income $1.44
---------
---------
</TABLE>
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Public Service PS Colorado Cheyenne Light,
Company of Colorado 1480 Welton, PSR Investments, Credit New Century Fuel & Power Co.
(parent) Inc. Inc. Corporation International, Inc. (1)
------------------- ------------ ---------------- ----------- ------------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Operating revenues:
Electric 1,453,236 21,511
Gas 622,548 8,888
Other 8,406 8,183 12,883
------------------- ------------ ---------------- ----------- ------------------- ----------------
2,084,190 8,183 - 12,883 - 30,399
Operating expenses:
Fuel used in
generation 198,706
Purchased power 467,773 15,995
Cost of gas sold 366,477 5,636
Other operating
and maintenance
expenses 396,100 195 541 348 651 3,968
Depreciation and
amortization 163,442 1,443 88 1,428
Taxes (other than
income taxes) 79,803 483 6 859
------------------- ------------ ---------------- ----------- ------------------- ----------------
1,672,301 2,121 541 354 739 27,886
------------------- ------------ ---------------- ----------- ------------------- ----------------
Operating income 411,889 6,062 (541) 12,529 (739) 2,513
Other income and
deductions:
Merger expenses (18,661)
Write-off of
investments in
cogeneration projects
Equity in earnings of
Yorkshire Power and
other unconsolidated
subsidiaries (60,332) 34,926
Miscellaneous income
and deductions - net (7,591) 814 (5,530) 55 759 110
------------------- ------------ ---------------- ----------- ------------------- ----------------
(86,584) 814 (5,530) 55 35,685 110
Interest charges and
preferred dividends of
subsidiaries:
Interest on long-term debt 107,600 4,186 5,616 1,036
Other interest 22,628 17 18 3,355 186 723
Allowance for borrowed
funds used during
construction (6,322) (31)
Dividends on SPS obligated
mandatorily redeemable
preferred securities of
subsidiary trust holding
solely subordinated
debentures of SPS
Dividend requirements on
preferred stock of
subsidiaries
------------------- ------------ ---------------- ----------- ------------------- ----------------
123,906 4,203 18 8,971 186 1,728
------------------- ------------ ---------------- ----------- ------------------- ----------------
Income before income taxes
and extraordinary item 201,399 2,673 (6,089) 3,613 34,760 895
Income taxes 107,922 1,004 (17,601) 1,382 (1,186) 293
------------------- ------------ ---------------- ----------- ------------------- ----------------
Income before extraordinary
item 93,477 1,669 11,512 2,231 35,946 602
Extraordinary item - U.K.
windfall tax (110,565)
------------------- ------------ ---------------- ----------- ------------------- ----------------
Net income 93,477 1,669 11,512 2,231 (74,619) 602
------------------- ------------ ---------------- ----------- ------------------- ----------------
------------------- ------------ ---------------- ----------- ------------------- ----------------
(1) Includes the results of operations for the seven months ended July 31, 1997.
<CAPTION>
FuelResources
WestGas e prime, inc. Natural Fuels Company Eliminations Public Service
InterState, Inc. (consolidated) Corporation (A dissolved and Company of Colorado
(1) (1) (1) company) reclassifications (consolidated)
---------------- -------------- ------------- ------------- ----------------- --------------------
<S> <C> <C> <C> <C> <C> <C>
Operating revenues:
Electric 10,449 1,485,196
Gas 104 99,273 2,491 (213) 733,091
Other 1,024 (19,140) 11,356
---------------- -------------- ------------- ------------- ----------------- --------------------
104 110,746 2,491 - (19,353) 2,229,643
Operating expenses:
Fuel used in
generation 198,706
Purchased power 10,135 (1) 493,902
Cost of gas sold 95,574 261 (203) 467,745
Other operating
and maintenance
expenses 24 6,016 3,159 (673) (19,152) 391,177
Depreciation and
amortization 15 1,724 303 6 2 168,451
Taxes (other than
income taxes) 4 264 46 30 1 81,496
---------------- -------------- ------------- ------------- ----------------- --------------------
43 113,713 3,769 (637) (19,353) 1,801,477
---------------- -------------- ------------- ------------- ----------------- --------------------
Operating income 61 (2,967) (1,278) 637 - 428,166
Other income and
deductions:
Merger expenses (18,661)
Write-off of
investments in
cogeneration projects -
Equity in earnings of
Yorkshire Power and
other unconsolidated
subsidiaries 60,332 34,926
Miscellaneous income
and deductions - net 7 443 256 453 (3,150) (13,374)
---------------- -------------- ------------- ------------- ----------------- --------------------
7 443 256 453 57,182 2,891
Interest charges and
preferred dividends of
subsidiaries:
Interest on long-term debt 118,438
Other interest 329 8 (3,147) 24,117
Allowance for borrowed
funds used during
construction (6,353)
Dividends on SPS obligated
mandatorily redeemable
preferred securities of
subsidiary trust holding
solely subordinated
debentures of SPS -
Dividend requirements on
preferred stock of
subsidiaries 11,752 11,752
---------------- -------------- ------------- ------------- ----------------- --------------------
- 329 8 - 8,605 147,954
---------------- -------------- ------------- ------------- ----------------- --------------------
Income before income taxes
and extraordinary item 68 (2,853) (1,030) 1,090 48,577 283,103
Income taxes 24 (988) (453) 417 (1) 90,813
---------------- -------------- ------------- ------------- ----------------- --------------------
Income before extraordinary
item 44 (1,865) (577) 673 48,578 192,290
Extraordinary item - U.K.
windfall tax (110,565)
---------------- -------------- ------------- ------------- ----------------- --------------------
Net income 44 (1,865) (577) 673 48,578 81,725
---------------- -------------- ------------- ------------- ----------------- --------------------
---------------- -------------- ------------- ------------- ----------------- --------------------
</TABLE>
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Young Gas
e prime, inc. Texas-Ohio Texas-Ohio Storage
(Parent) Gas, Inc. Pipeline, Inc. Company
------------- ---------- -------------- ---------
<S> <C> <C> <C> <C>
Operating revenues:
Electric 9,417 1,032
Gas 31,245 69,683 496
Other 113
------------- ---------- -------------- ---------
40,775 70,715 496 -
Operating expenses:
Fuel used in generation
Purchased power 9,111 1,023
Cost of gas sold 30,213 67,512
Other operating and maintenance expenses 2,896 2,823 145 1
Depreciation and amortization 163 1,460 73 11
Taxes (other than income taxes) 124 135
------------- ---------- -------------- ---------
42,507 72,953 218 12
------------- ---------- -------------- ---------
Operating income (1,732) (2,238) 278 (12)
Other income and deductions:
Merger expenses
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries
Miscellaneous income and deductions - net (792) 46 3 1,059
------------- ---------- -------------- ---------
(792) 46 3 1,059
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt
Other interest 329 127
Allowance for borrowed funds used during construction
Dividends on SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Dividend requirements on preferred stock of subsidiaries
------------- ---------- -------------- ---------
329 127 - -
------------- ---------- -------------- ---------
Income before income taxes and extraordinary item (2,853) (2,319) 281 1,047
Income taxes (988) (806) 111 400
------------- ---------- -------------- ---------
Income before extraordinary item (1,865) (1,513) 170 647
Extraordinary item - U.K. windfall tax
------------- ---------- -------------- ---------
Net income (1,865) (1,513) 170 647
------------- ---------- -------------- ---------
------------- ---------- -------------- ---------
</TABLE>
<TABLE>
<CAPTION>
Eliminations
e prime projects e prime and e prime, inc.
international, inc. operating, inc. reclassifications (consolidated)
------------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Operating revenues:
Electric 10,449
Gas (2,151) 99,273
Other 911 1,024
------------------- --------------- ----------------- --------------
- 911 (2,151) 110,746
Operating expenses:
Fuel used in generation
Purchased power 1 10,135
Cost of gas sold (2,151) 95,574
Other operating and maintenance expenses 151 6,016
Depreciation and amortization 17 1,724
Taxes (other than income taxes) 5 264
------------------- --------------- ----------------- --------------
17 156 (2,150) 113,713
------------------- --------------- ----------------- --------------
Operating income (17) 755 (1) (2,967)
Other income and deductions:
Merger expenses -
Write-off of investments in cogeneration projects -
Equity in earnings of Yorkshire Power and other -
unconsolidated subsidiaries
Miscellaneous income and deductions - net 127 443
------------------- --------------- ----------------- --------------
- - 127 443
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt -
Other interest (127) 329
Allowance for borrowed funds used during construction -
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding -
solely subordinated debentures of SPS
Dividend requirements on preferred stock of subsidiaries -
------------------- --------------- ----------------- --------------
- - (127) 329
------------------- --------------- ----------------- --------------
Income before income taxes and extraordinary item (17) 755 253 (2,853)
Income taxes (7) 302 (988)
------------------- --------------- ----------------- --------------
Income before extraordinary item (10) 453 253 (1,865)
Extraordinary item - U.K. windfall tax
------------------- --------------- ----------------- --------------
Net income (10) 453 253 (1,865)
------------------- --------------- ----------------- --------------
------------------- --------------- ----------------- --------------
</TABLE>
<PAGE>
SOUTHWESTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Southwestern
Public Service Utility Engineering
Company Quixx Corporation (1) Corporation (1)
(parent) (consolidated) (consolidated)
----------------- --------------------- -------------------
<S> <C> <C> <C>
Operating revenues:
Electric 960,682
Gas
Other 8,987 15,026
----------------- --------------------- -------------------
960,682 8,987 15,026
Operating expenses:
Fuel used in generation 473,099
Purchased power 14,501
Cost of gas sold
Other operating and maintenance expenses 153,143 6,883 12,148
Depreciation and amortization 67,750 2,393 188
Taxes (other than income taxes) 46,022 232 261
----------------- --------------------- -------------------
754,515 9,508 12,597
----------------- --------------------- -------------------
Operating income 206,167 (521) 2,429
Other income and deductions:
Merger expenses (15,427)
Write-off of investments in cogeneration projects (13,636) (2,416)
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries (7,901)
Miscellaneous income and deductions - net 4,567 1,306 195
----------------- --------------------- -------------------
(18,761) (12,330) (2,221)
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt 46,356
Other interest 8,632 2
Allowance for borrowed funds used during construction (4,546)
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS 7,850
Dividend requirements on preferred stock of subsidiaries
----------------- --------------------- -------------------
58,292 2 -
----------------- --------------------- -------------------
Income before income taxes and extraordinary item 129,114 (12,853) 208
Income taxes 53,539 (4,720) (24)
----------------- --------------------- -------------------
Income before extraordinary item 75,575 (8,133) 232
Extraordinary item - U.K. windfall tax
----------------- --------------------- -------------------
Net income 75,575 (8,133) 232
----------------- --------------------- -------------------
----------------- --------------------- -------------------
<CAPTION>
Southwestern
Eliminations Public Service
and Company
reclassifications (consolidated)
------------------- --------------
<S> <C> <C>
Operating revenues:
Electric (327) 960,355
Gas -
Other (5,085) 18,928
------------------- --------------
(5,412) 979,283
Operating expenses:
Fuel used in generation 473,099
Purchased power 14,501
Cost of gas sold -
Other operating and maintenance expenses (5,413) 166,761
Depreciation and amortization 70,331
Taxes (other than income taxes) 46,515
------------------- --------------
(5,413) 771,207
------------------- --------------
Operating income 1 208,076
Other income and deductions:
Merger expenses (15,427)
Write-off of investments in cogeneration projects (16,052)
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries 7,901 -
Miscellaneous income and deductions - net (1,191) 4,877
------------------- --------------
6,710 (26,602)
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt 46,356
Other interest (1,190) 7,444
Allowance for borrowed funds used during construction (4,546)
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS 7,850
Dividend requirements on preferred stock of subsidiaries -
------------------- --------------
(1,190) 57,104
------------------- --------------
Income before income taxes and extraordinary item 7,901 124,370
Income taxes 48,795
------------------- --------------
Income before extraordinary item 7,901 75,575
Extraordinary item - U.K. windfall tax
------------------- --------------
Net income 7,901 75,575
------------------- --------------
------------------- --------------
</TABLE>
(1) Includes the results of operations for the seven months ended July 31, 1997.
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Quixx
Quixx Corporation Quixx Power Jamaica, Inc. Quixx
(parent) Services, Inc. (consolidated) Resources, Inc.
----------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Operating revenues:
Electric 5,918
Gas
Other 931 292
----------------- -------------- -------------- ---------------
931 292 5,918 -
Operating expenses:
Fuel used in generation
Purchased power
Cost of gas sold
Other operating and maintenance expenses 1,632 153 3,771 8
Depreciation and amortization 114 2,158
Taxes (other than income taxes) 217 15 -
----------------- -------------- -------------- ---------------
1,963 168 5,929 8
----------------- -------------- -------------- ---------------
Operating income (1,032) 124 (11) (8)
Other income and deductions:
Merger expenses
Write-off of investments in cogeneration projects (13,636)
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries (463)
Miscellaneous income and deductions - net 2,230 (2)
----------------- -------------- -------------- ---------------
(11,869) - (2) -
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt
Other interest 3
Allowance for borrowed funds used during
construction
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS
Dividend requirements on preferred stock of
subsidiaries
----------------- -------------- -------------- ---------------
3 - - -
----------------- -------------- -------------- ---------------
Income before income taxes and extraordinary item (12,904) 124 (13) (8)
Income taxes (4,771) 47 6 (3)
----------------- -------------- -------------- ---------------
Income before extraordinary item (8,133) 77 (19) (5)
Extraordinary item - U.K. windfall tax
----------------- -------------- -------------- ---------------
Net income (8,133) 77 (19) (5)
----------------- -------------- -------------- ---------------
----------------- -------------- -------------- ---------------
<CAPTION>
Eliminations
Quixx and Quixx Corporation
Lousville, L.L.C. reclassifications (consolidated)
----------------- ----------------- -----------------
<S> <C> <C> <C>
Operating revenues:
Electric (5,918) -
Gas -
Other 538 7,226 8,987
----------------- ----------------- -----------------
538 1,308 8,987
Operating expenses:
Fuel used in generation -
Purchased power -
Cost of gas sold -
Other operating and maintenance expenses 11 1,308 6,883
Depreciation and amortization 121 2,393
Taxes (other than income taxes) 232
----------------- ----------------- -----------------
132 1,308 9,508
----------------- ----------------- -----------------
Operating income 406 - (521)
Other income and deductions:
Merger expenses -
Write-off of investments in cogeneration projects (13,636)
Equity in earnings of Yorkshire Power and other 463 -
unconsolidated subsidiaries 4 (926) 1,306
Miscellaneous income and deductions - net ----------------- ----------------- -----------------
4 (463) (12,330)
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt -
Other interest (1) 2
Allowance for borrowed funds used during
construction -
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS -
Dividend requirements on preferred stock of
subsidiaries -
----------------- ----------------- -----------------
- (1) 2
----------------- ----------------- -----------------
Income before income taxes and extraordinary item 410 (462) (12,853)
Income taxes 1 (4,720)
----------------- ----------------- -----------------
Income before extraordinary item 410 (463) (8,133)
Extraordinary item - U.K. windfall tax
----------------- ----------------- -----------------
Net income 410 (463) (8,133)
----------------- ----------------- -----------------
----------------- ----------------- -----------------
</TABLE>
<PAGE>
QUIXX JAMAICA, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations Quixx
Quixx Jamaica, Inc. KES and Jamaica, Inc.
(parent) Jamaica L.P. reclassifications (consolidated)
------------------- ------------ ----------------- --------------
<S> <C> <C> <C> <C>
Operating revenues:
Electric 5,918 5,918
Gas -
Other -
------ ------ ------ ------
- 5,918 - 5,918
Operating expenses:
Fuel used in generation -
Purchased power -
Cost of gas sold -
Other operating and
maintenance expenses 3,771 3,771
Depreciation and amortization 194 1,964 2,158
Taxes (other than income taxes) -
------ ------ ------ ------
194 5,735 - 5,929
------ ------ ------ ------
Operating income (194) 183 - (11)
Other income and deductions:
Merger expenses -
Write-off of investments in
cogeneration projects -
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiaries 213 (213) -
Miscellaneous income and deductions - net (2) (2)
------ ------ ------ ------
211 - (213) (2)
Interest charges and preferred dividends
of subsidiaries:
Interest on long-term debt -
Other interest -
Allowance for borrowed funds used
during construction -
Dividends on SPS obligated mandatorily
redeemable preferred securities of
subsidiary trust holding solely
subordinated debentures of SPS -
Dividend requirements on preferred stock
of subsidiaries -
------ ------ ------ ------
- - - -
------ ------ ------ ------
Income before income taxes and extraordinary item 17 183 (213) (13)
Income taxes 6 6
------ ------ ------ ------
Income before extraordinary item 11 183 (213) (19)
Extraordinary item - U.K. windfall tax
------ ------ ------ ------
Net income 11 183 (213) (19)
------ ------ ------ ------
------ ------ ------ ------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Utility Engineering Vista Environmental Precision
Corporation Services Co., Resource
(parent) L.L.C. Company
------------------- ------------------- ---------
<S> <C> <C> <C>
Operating revenues:
Electric
Gas
Other 12,287 244 1,368
------ ---- -----
12,287 244 1,368
Operating expenses:
Fuel used in generation
Purchased power
Cost of gas sold
Other operating and maintenance expenses 9,628 203 1,332
Depreciation and amortization 144 2
Taxes (other than income taxes) 244 3 1
------ ---- -----
10,016 208 1,333
------ ---- -----
Operating income 2,271 36 35
Other income and deductions:
Merger expenses
Write-off of investments in cogeneration projects (2,416)
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries 116
Miscellaneous income and deductions - net 193
------ ---- -----
(2,107) - -
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt
Other interest
Allowance for borrowed funds used during construction
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS
Dividend requirements on preferred stock of subsidiaries
------ ---- -----
- - -
------ ---- -----
Income before income taxes and extraordinary item 164 36 35
Income taxes (68) 12
------- ---- -----
Income before extraordinary item 232 36 23
Extraordinary item - U.K. windfall tax
------ ---- -----
Net income 232 36 23
------ ---- -----
------ ---- -----
</TABLE>
CONTINUED
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Universal Eliminations Utility Engineering
Utility Services and Corporation
Company reclassifications (consolidated)
---------------- ----------------- -------------------
<S> <C> <C> <C>
Operating revenues:
Electric -
Gas -
Other 2,445 (1,318) 15,026
----- ------ ------
2,445 (1,318) 15,026
Operating expenses:
Fuel used in generation -
Purchased power -
Cost of gas sold -
Other operating and maintenance expenses 2,303 (1,318) 12,148
Depreciation and amortization 42 188
Taxes (other than income taxes) 13 261
----- ------ ------
2,358 (1,318) 12,597
----- ------ ------
Operating income 87 - 2,429
Other income and deductions:
Merger expenses -
Write-off of investments in cogeneration projects (2,416)
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries (116) -
Miscellaneous income and deductions - net 2 195
----- ------ ------
2 (116) (2,221)
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt -
Other interest -
Allowance for borrowed funds used during construction -
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS -
Dividend requirements on preferred stock of subsidiaries -
----- ------ ------
- - -
----- ------ ------
Income before income taxes and extraordinary item 89 (116) 208
Income taxes 31 1 (24)
----- ------ ------
Income before extraordinary item 58 (117) 232
Extraordinary item - U.K. windfall tax
----- ------ ------
Net income 58 (117) 232
----- ------ ------
----- ------ ------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NC ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
Quixx Engineering
NC Enterprises, Inc. e prime, inc. Corporation Corporation Natural Fuels
(parent) (consolidated) (consolidated) (consolidated) Corporation
-------------------- -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Operating revenues:
Electric 12,412
Gas 73,251 4,454
Other 282 5,825 37,269
-------------------- -------------- -------------- -------------- -------------
85,945 5,825 37,269 4,454
Operating expenses:
Fuel used in generation
Purchased power 11,803
Cost of gas sold 71,925 181
Other operating and
maintenance expenses 250 8,127 4,333 35,529 4,815
Depreciation and amortization 1,335 1,600 105 227
Taxes (other than income taxes) 185 147 173 100
-------------------- -------------- -------------- -------------- -------------
250 93,375 6,080 35,807 5,323
-------------------- -------------- -------------- -------------- -------------
Operating income (250) (7,430) (255) 1,462 (869)
Other income and deductions:
Merger expenses
Write-off of investments in
cogeneration projects
Equity in earnings of Yorkshire
Power and other unconsolidated
subsidiaries (4,436) 962 (728)
Miscellaneous income and
deductions - net 1,972 (1,325) 794 68
-------------------- -------------- -------------- -------------- -------------
(4,436) 2,934 (2,053) 794 68
Interest charges and preferred
dividends of subsidiaries:
Interest on long-term debt
Other interest 3,617 233 6 42
Allowance for borrowed funds used
during construction
Dividends on SPS obligated mandatorily
redeemable preferred securities of
subsidiary trust holding solely
subordinated debentures of SPS
Dividend requirements on preferred
stock of subsidiaries
-------------------- -------------- -------------- -------------- -------------
3,617 233 6 - 42
-------------------- -------------- -------------- -------------- -------------
Income before income taxes and
extraordinary item (8,303) (4,729) (2,314) 2,256 (843)
Income taxes (1,479) (1,673) (904) 780 (358)
-------------------- -------------- -------------- -------------- -------------
Income before extraordinary item (6,824) (3,056) (1,410) 1,476 (485)
Extraordinary item - U.K. windfall tax
-------------------- -------------- -------------- -------------- -------------
Net income (6,824) (3,056) (1,410) 1,476 (485)
-------------------- -------------- -------------- -------------- -------------
-------------------- -------------- -------------- -------------- -------------
</TABLE>
<TABLE>
<CAPTION>
Eliminators,
New Century- reclass entries NC Enterprises, Inc.
Cadence, Inc. and rounding (consolidated)
-------------------- -------------- --------------------
<S> <C> <C> <C>
Operating revenues:
Electric 1 12,413
Gas (1) 77,704
Other (113) 43,263
-------------------- -------------- --------------------
(113) 133,380
Operating expenses:
Fuel used in generation -
Purchased power (30) 11,773
Cost of gas sold 1 72,107
Other operating and
maintenance expenses (84) 52,970
Depreciation and amortization 1 3,268
Taxes (other than income taxes) 605
-------------------- -------------- --------------------
- (112) 140,723
-------------------- -------------- --------------------
Operating income - (1) (7,343)
Other income and deductions:
Merger expenses -
Write-off of investments in
cogeneration projects -
Equity in earnings of Yorkshire
Power and other unconsolidated
subsidiaries (1,567) 4,381 (1,388)
Miscellaneous income and
deductions - net 62 1,571
-------------------- -------------- --------------------
(1,567) 4,443 183
Interest charges and preferred
dividends of subsidiaries:
Interest on long-term debt -
Other interest 3,898
Allowance for borrowed funds used
during construction -
Dividends on SPS obligated mandatorily
redeemable preferred securities of
subsidiary trust holding solely
subordinated debentures of SPS -
Dividend requirements on preferred
stock of subsidiaries -
-------------------- -------------- --------------------
- - 3,898
-------------------- -------------- --------------------
Income before income taxes and
extraordinary item (1,567) 4,442 (11,058)
Income taxes (599) (1) (4,234)
-------------------- -------------- --------------------
Income before extraordinary item (968) 4,443 (6,824)
Extraordinary item - U.K. windfall tax
-------------------- -------------- --------------------
Net income (968) 4,443 (6,824)
-------------------- -------------- --------------------
-------------------- -------------- --------------------
</TABLE>
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Young Gas
e prime, inc. Texas-Ohio Texas-Ohio Storage e prime project
(parent) Gas, Inc. Pipeline, Inc. Company international
------------- ---------- -------------- ------- ---------------
<S> <C> <C> <C> <C> <C>
Operating revenues:
Electric 11,734 678
Gas 26,714 49,746 355
Other
------ ------ ---- ----- -----
38,448 50,424 355 - -
Operating expenses:
Fuel used in generation
Purchased power 11,141 663
Cost of gas sold 25,944 49,545
Other operating and maintenance expenses 3,027 3,610 137 10
Depreciation and amortization 185 1,061 78 8 4
Taxes (other than income taxes) 68 116
------ ------ ---- ----- -----
40,365 54,995 215 18 4
------ ------ ---- ----- -----
Operating income (1,917) (4,571) 140 (18) (4)
Other income and deductions:
Merger expenses
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries (1,846) 1,710
Miscellaneous income and deductions - net 164 2 1 (1,051) 2,264
------ ------ ---- ----- -----
(1,682) 2 1 659 2,264
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt
Other interest 233 101
Allowance for borrowed funds used during construction
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS
Dividend requirements on preferred stock of subsidiaries
------ ------ ---- ----- -----
233 101 - - -
------ ------ ----- ----- -----
Income before income taxes and extraordinary item (3,832) (4,670) 141 641 2,260
Income taxes (776) (1,631) 64 224 865
------- ------ ---- ----- -----
Income before extraordinary item (3,056) (3,039) 77 417 1,395
Extraordinary item - U.K. windfall tax
------- ------ ---- ----- -----
Net income (3,056) (3,039) 77 417 1,395
------- ------ ---- ----- -----
------- ------ ---- ----- -----
</TABLE>
CONTINUED
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
e prime and e prime, inc.
operating, Inc. reclassifications (consolidated)
--------------- ----------------- --------------
<S> <C> <C> <C>
Operating revenues:
Electric 12,412
Gas (3,564) 73,251
Other 282 282
----- ------- -------
282 (3,564) 85,945
Operating expenses:
Fuel used in generation -
Purchased power (1) 11,803
Cost of gas sold (3,564) 71,925
Other operating and maintenance expenses 1,343 8,127
Depreciation and amortization (1) 1,335
Taxes (other than income taxes) 1 185
------ ------ ------
1,344 (3,566) 93,375
------ ------ ------
Operating income (1,062) 2 (7,430)
Other income and deductions:
Merger expenses -
Write-off of investments in cogeneration projects -
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries 1,098 962
Miscellaneous income and deductions - net 592 1,972
------ ------ ------
- 1,690 2,934
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt -
Other interest (101) 233
Allowance for borrowed funds used during construction -
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS -
Dividend requirements on preferred stock of subsidiaries -
----- ------ -----
- (101) 233
----- ------ -----
Income before income taxes and extraordinary item (1,062) 1,793 (4,729)
Income taxes (419) (1,673)
----- ------ ------
Income before extraordinary item (643) 1,793 (3,056)
Extraordinary item - U.K. windfall tax
----- ------ ------
Net income (643) 1,793 (3,056)
----- ------ ------
----- ------ ------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Quixx
Quixx Corporation Quixx Power Jamaica, Inc. Quixx
(parent) Services, Inc. (consolidated) Resources, Inc.
----------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Operating revenues:
Electric
Gas
Other 1,087 199 4,124
------ --- ----- ----
1,087 199 4,124 -
Operating expenses:
Fuel used in generation
Purchased power
Cost of gas sold
Other operating and maintenance expenses 2,009 194 2,102 1
Depreciation and amortization 67 1,440
Taxes (other than income taxes) 138 10
------ --- ----- ----
2,214 204 3,542 1
------ --- ----- ----
Operating income (1,127) (5) 582 (1)
Other income and deductions:
Merger expenses
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries 376
Miscellaneous income and deductions - net (1,409) 90
------ --- ----- ----
(1,033) 90 - -
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt
Other interest 5
Allowance for borrowed funds used during construction
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS
Dividend requirements on preferred stock of subsidiaries
------ --- ----- ----
5 - - -
------ --- ----- ----
Income before income taxes and extraordinary item (2,165) 85 582 (1)
Income taxes (1,136) 40 193
------ --- ----- ----
Income before extraordinary item (1,029) 45 389 (1)
Extraordinary item - U.K. windfall tax
------ --- ----- ----
Net income (1,029) 45 389 (1)
------ --- ----- ----
------ --- ----- ----
</TABLE>
CONTINUED
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
Quixx and Quixx Corporation
Lousville, L.L.C. reclassifications (consolidated)
----------------- ----------------- -----------------
<S> <C> <C> <C>
Operating revenues:
Electric -
Gas -
Other 415 5,825
--- ------ -----
415 - 5,825
Operating expenses:
Fuel used in generation -
Purchased power -
Cost of gas sold -
Other operating and maintenance expenses 26 1 4,333
Depreciation and amortization 92 1 1,600
Taxes (other than income taxes) (1) 147
--- ------ -----
118 1 6,080
--- ------ -----
Operating income 297 (1) (255)
Other income and deductions:
Merger expenses -
Write-off of investments in cogeneration projects -
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries (1,104) (728)
Miscellaneous income and deductions - net (6) (1,325)
--- ------ ------
(6) (1,104) (2,053)
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt -
Other interest 1 6
Allowance for borrowed funds used during construction -
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS -
Dividend requirements on preferred stock of subsidiaries -
--- ------ ------
- 1 6
--- ------ ------
Income before income taxes and extraordinary item 291 (1,106) (2,314)
Income taxes (1) (904)
--- ------ ------
Income before extraordinary item 291 (1,105) (1,410)
Extraordinary item - U.K. windfall tax
--- ------ ------
Net income 291 (1,105) (1,410)
--- ------ ------
--- ------ ------
</TABLE>
<PAGE>
QUIXX JAMAICA, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations Quixx
Quixx Jamaica, Inc. KES and Jamaica, Inc.
(parent) Jamaica L.P. reclassifications (consolidated)
------------------- ------------ ----------------- --------------
<S> <C> <C> <C> <C>
Operating revenues:
Electric 4,116 4,116
Gas -
Other 8 8
------ ------ ------ ------
- 4,124 - 4,124
Operating expenses:
Fuel used in generation -
Purchased power -
Cost of gas sold -
Other operating and
maintenance expenses 2,102 2,102
Depreciation and amortization 139 1,301 1,440
Taxes (other than income taxes) -
------ ------ ------ ------
139 3,403 - 3,542
------ ------ ------ ------
Operating income (139) 721 - 582
Other income and deductions:
Merger expenses -
Write-off of investments in
cogeneration projects -
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiaries 691 (691) -
Miscellaneous income and deductions - net -
------ ------ ------ ------
691 - (691) -
Interest charges and preferred dividends
of subsidiaries:
Interest on long-term debt -
Other interest -
Allowance for borrowed funds used
during construction -
Dividends on SPS obligated mandatorily
redeemable preferred securities of
subsidiary trust holding solely
subordinated debentures of SPS -
Dividend requirements on preferred stock
of subsidiaries -
------ ------ ------ ------
- - - -
------ ------ ------ ------
Income before income taxes and extraordinary item 552 721 (691) 582
Income taxes 193 193
------ ------ ------ ------
Income before extraordinary item 359 721 (691) 389
Extraordinary item - U.K. windfall tax
------ ------ ------ ------
Net income 359 721 (691) 389
------ ------ ------ ------
------ ------ ------ ------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Utility Engineering Precision Universal
Corporation Resource Utility Services
(parent) Company Company
------------------- ------------ -----------------
<S> <C> <C> <C>
Operating revenues:
Electric
Gas
Other 31,147 1,749 5,556
------------------- ------------ -----------------
31,147 1,749 5,556
Operating expenses:
Fuel used in generation
Purchased power
Cost of gas sold
Other operating and maintenance expenses 29,852 1,545 5,276
Depreciation and amortization 68 1 36
Taxes (other than income taxes) 169 7
------------------- ------------ -----------------
30,089 1,546 5,319
------------------- ------------ -----------------
Operating income 1,058 203 237
Other income and deductions:
Merger expenses
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other
unconsolidated subsidiaries
Miscellaneous income and deductions - net 1,050 11
------------------- ------------ -----------------
1,050 - 11
Interest charges and preferred dividends of subsidiaries:
Interest on long-term debt
Other interest 21 6
Allowance for borrowed funds used during construction
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely subordinated debentures of SPS
Dividend requirements on preferred stock of subsidiaries
------------------- ------------ -----------------
- 21 6
------------------- ------------ -----------------
Income before income taxes and extraordinary item 2,108 182 242
Income taxes 632 64 85
------------------- ------------ -----------------
Income before extraordinary item 1,476 118 157
Extraordinary item - U.K. windfall tax
------------------- ------------ -----------------
Net income 1,476 118 157
------------------- ------------ -----------------
------------------- ------------ -----------------
<CAPTION>
Eliminations Utility Engineering
and Corporation
reclassifications (consolidated)
----------------- --------------------
<S> <C> <C>
Operating revenues: -
Electric -
Gas (1,183) 37,269
Other ------------------ --------------------
(1,183) 37,269
Operating expenses: -
Fuel used in generation -
Purchased power -
Cost of gas sold (1,144) 35,529
Other operating and maintenance expenses 105
Depreciation and amortization (3) 173
Taxes (other than income taxes) ------------------ --------------------
(1,147) 35,807
------------------ --------------------
(36) 1,462
Operating income
Other income and deductions: -
Merger expenses -
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other -
unconsolidated subsidiaries (267) 794
Miscellaneous income and deductions - net ------------------ --------------------
(267) 794
Interest charges and preferred dividends of subsidiaries: -
Interest on long-term debt (27) -
Other interest -
Allowance for borrowed funds used during construction
Dividends on SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding -
solely subordinated debentures of SPS -
Dividend requirements on preferred stock of subsidiaries ------------------ --------------------
(27) -
------------------ --------------------
(276) 2,256
Income before income taxes and extraordinary item
(1) 780
Income taxes ------------------ --------------------
Income before extraordinary item (275) 1,476
Extraordinary item - U.K. windfall tax
------------------ --------------------
Net income (275) 1,476
------------------ --------------------
------------------ --------------------
</TABLE>
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Southwestern
New Century Public Service Public Service
Energies, Inc. Company of Colorado Company New Century
(holding company) (consolidated) (consolidated) Services, Inc.
----------------- ------------------- -------------- --------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of year 389,841 383,350
Net income available for common
shareholders 17,537 81,725 75,575
Common stock dividends and other 641,513 (152,286) (108,937)
----------------- ------------------- -------------- --------------
Retained earnings at end of year 659,050 319,280 349,988 -
----------------- ------------------- -------------- --------------
----------------- ------------------- -------------- --------------
<CAPTION>
New Century Eliminations New Century
Enterprises, Inc. Cheyenne Light, WestGas and Energies, Inc.
(consolidated) Fuel & Power Co. InterState, Inc. reclassifications (consolidated)
----------------- ---------------- ---------------- ----------------- --------------
<S> <C> <C> <C> <C> <C>
Retained earnings at beginning of year 16,819 109 (16,928) 773,191
Net income available for common
shareholders (6,824) 493 32 (17,616) 150,922
Common stock dividends and other (645,353) (265,063)
----------------- ---------------- ---------------- ----------------- --------------
Retained earnings at end of year (6,824) 17,312 141 (679,897) 659,050
----------------- ---------------- ---------------- ----------------- --------------
----------------- ---------------- ---------------- ----------------- --------------
</TABLE>
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Public Service PSR PS Colorado
Company of Colorado 1480 Welton, Investments, Credit New Century
(parent) Inc. Inc. Corporation International, Inc.
-------------------- ------------ ------------ ----------- -------------------
<S> <C> <C> <C> <C> <C>
Retained earnings at beginning of year 389,841 2,042 385
Net income available for common shareholders 81,725 1,669 11,512 2,231 (74,619)
Common stock dividends and other (152,286) (2,591) (11,199) (2,231)
-------------- ------ ------- ------ -------
Retained earnings at end of year 319,280 1,120 698 - (74,619)
-------------- ------ ------- ------ -------
-------------- ------ ------- ------ -------
<CAPTION>
Cheyenne Light, WestGas e prime, inc. Natural Fuels
Fuel & Power Co. (1) Interstate, Inc. (1) (consolidated) (1) Corporation (1)
-------------------- -------------------- ------------------ ---------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of year 16,217 65 (1,189) (9,209)
Net income available for common shareholders 602 44 (1,865) (577)
Common stock dividends and other
------ --- ------ ------
Retained earnings at end of year 16,819 109 (3,054) (9,786)
------ --- ------ ------
------ --- ------ ------
<CAPTION>
Fuel Resources
Development Eliminations Public Service
Company (a and Company of Colorado
Dissolved Corp.) Reclassifications (Consolidated)
----------------- ----------------- -----------------
<S> <C> <C> <C>
Retained earnings at beginning of year (43,132) 34,821 389,841
Net income available for common shareholders 673 60,330 81,725
Common stock dividends and other 16,021 (152,286)
------- ------- --------
Retained earnings at end of year (42,459) 111,172 319,280
------- ------- --------
------- ------- --------
</TABLE>
(1) Includes the results of operations for the seven months ended July 31, 1997.
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Young Gas
e prime, inc. Texas-Ohio Texas-Ohio Storage e prime project
(parent) Gas, Inc. Pipeline, Inc. Company international, inc.
------------- ----------- -------------- --------- -------------------
<S> <C> <C> <C> <C> <C>
Retained earnings at beginning of year (1,189) (635) 124 384
Net income available for common shareholders (1,865) (1,513) 170 647 (10)
Common stock dividends and other
------------- ----------- -------------- --------- -------------------
Retained earnings at end of period (3,054) (2,148) 294 1,031 (10)
------------- ----------- -------------- --------- -------------------
------------- ----------- -------------- --------- -------------------
<CAPTION>
Eliminations
e prime and e prime, inc.
operating, inc. reclassifications (consolidated)
--------------- ------------------ --------------
<S> <C> <C> <C>
Retained earnings at beginning of year 127 (1,189)
Net income available for common shareholders 453 253 (1,865)
Common stock dividends and other -
--------------- ------------------ --------------
Retained earnings at end of period 453 380 (3,054)
--------------- ------------------ --------------
--------------- ------------------ --------------
</TABLE>
<PAGE>
SOUTHWESTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Southwestern
Public Service Utility Engineering
Company Quixx Corporation Corporation
(parent) (consolidated) (1) (consolidated) (1)
--------------- ------------------ -------------------
<S> <C> <C> <C>
Retained earnings at beginning of year 383,350 1,899 28,857
Net income available for common shareholders 75,575 (8,133) 232
Common stock dividends and other (108,937)
--------------- ------------------ -------------------
Retained earnings at end of year 349,988 (6,234) 29,089
--------------- ------------------ -------------------
--------------- ------------------ -------------------
<CAPTION>
Southwestern
Eliminations Public Service
and Company
reclassifications (consolidated)
----------------- ---------------
<S> <C> <C>
Retained earnings at beginning of year (30,756) 383,350
Net income available for common shareholders 7,901 75,575
Common stock dividends and other (108,937)
----------------- ---------------
Retained earnings at end of year (22,855) 349,988
----------------- ---------------
----------------- ---------------
</TABLE>
(1) Includes the results of operations for the seven months ended July 31, 1997.
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Quixx Corporation Quixx Power Quixx Jamaica, Inc. Quixx
(parent) Services, Inc. (consolidated) Resources, Inc.
----------------- -------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of year 1,899 (13) 888 (7)
Net income available for common shareholders (8,133) 77 (19) (5)
Common stock dividends and other 30
----------------- -------------- ------------------- ---------------
Retained earnings at end of period (6,234) 64 899 (12)
----------------- -------------- ------------------- ---------------
----------------- -------------- ------------------- ---------------
<CAPTION>
Eliminations
Quixx and Quixx Corporation
Louisville, L.L.C. reclassifications (consolidated)
------------------ ------------------ ------------------
<S> <C> <C> <C>
Retained earnings at beginning of year (868) 1,899
Net income available for common shareholders 410 (463) (8,133)
Common stock dividends and other (410) 380 -
------------------ ------------------ ------------------
Retained earnings at end of period - (951) (6,234)
------------------ ------------------ ------------------
------------------ ------------------ ------------------
</TABLE>
<PAGE>
QUIXX JAMAICA, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
Quixx Jamaica, Inc. KES and Quixx Jamaica, Inc.
(parent) Jamaica, Inc. reclassifications (consolidated)
------------------- ------------- ----------------- --------------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of year 888 888
Net income available for common shareholders 11 183 (213) (19)
Common stock dividends and other (183) 213 30
------------------- ------------- ----------------- --------------------
Retained earnings at end of period 899 - - 899
------------------- ------------- ----------------- --------------------
------------------- ------------- ----------------- --------------------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Utility Engineering Vista Environmental Precision Universal
Corporation Services Co., Resource Utility Services
(parent) L.L.C. Company Company
------------------- ------------------- --------- ----------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of year 28,857 17 (15) 59
Net income available for common shareholders 232 36 23 58
Common stock dividends and other
------------------- ------------------- --------- ----------------
Retained earnings at end of period 29,089 53 8 117
------------------- ------------------- --------- ----------------
------------------- ------------------- --------- ----------------
Eliminations Utility Engineering
and Corporation
reclassifications (consolidated)
----------------- --------------------
<S> <C> <C>
Retained earnings at beginning of year (61) 28,857
Net income available for common shareholders (117) 232
Common stock dividends and other -
----------------- --------------------
Retained earnings at end of period (178) 29,089
----------------- --------------------
----------------- --------------------
</TABLE>
<PAGE>
NC ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Utility Engineering
NC Enterprises, Inc. e prime, inc. Quixx Corporation Corporation
(parent) (consolidated) (consolidated) (consolidated)
-------------------- -------------- ----------------- -------------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of period (3,054) (6,234) 29,089
Net income available for common shareholders (6,824) (3,056) (1,410) 1,476
Common stock dividends and other
-------------------- -------------- ----------------- -------------------
Retained earnings at end of year (6,824) (6,110) (7,644) 30,565
-------------------- -------------- ----------------- -------------------
-------------------- -------------- ----------------- -------------------
<CAPTION>
Eliminations
Natural Fuels New Century and NC Enterprises, Inc.
Corporation Cadence, Inc. reclassifications (consolidated)
------------- ------------- ----------------- --------------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of period (9,786) (10,015) -
Net income available for common shareholders (485) (968) 4,443 (6,824)
Common stock dividends and other (95) 95 -
------------- ------------- ----------------- --------------------
Retained earnings at end of year (10,366) (968) (5,477) (6,824)
------------- ------------- ----------------- --------------------
------------- ------------- ----------------- --------------------
</TABLE>
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Young Gas
e prime, inc. Texas-Ohio Texas-Ohio Storage
(parent) Gas, Inc. Pipeline, Inc. Company
------------- ---------- -------------- ----------
<S> <C> <C> <C> <C>
Retained earnings at beginning of period (3,054) (2,148) 294 1,031
Net income available for common shareholders (3,056) (3,039) 77 417
Common stock dividends and other 1
------------- ---------- -------------- ----------
Retained earnings at end of year (6,110) (5,187) 371 1,449
------------- ---------- -------------- ----------
------------- ---------- -------------- ----------
<CAPTION>
Eliminations
e prime project e prime and e prime, inc.
international, inc. operating, inc. reclassifications (consolidated)
------------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of period (10) 453 380 (3,054)
Net income available for common shareholders 1,395 (643) 1,793 (3,056)
Common stock dividends and other (1) -
------------------- --------------- ----------------- --------------
Retained earnings at end of year 1,385 (190) 2,172 (6,110)
------------------- --------------- ----------------- --------------
------------------- --------------- ----------------- --------------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Quixx Corporation Quixx Power Quixx Jamaica, Inc. Quixx
(parent) Services, Inc. (consolidated) Resources, Inc.
----------------- -------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of period (6,234) 64 899 (12)
Net income available for common shareholders (1,029) 45 389 (1)
Common stock dividends and other (381) (31)
----------------- -------------- ------------------- ---------------
Retained earnings at end of year (7,644) 109 1,257 (13)
----------------- -------------- ------------------- ---------------
----------------- -------------- ------------------- ---------------
<CAPTION>
Eliminations
Quixx and Quixx Corporation
Louisville, L.L.C. reclassifications (consolidated)
------------------ ----------------- -----------------
<S> <C> <C> <C>
Retained earnings at beginning of period (951) (6,234)
Net income available for common shareholders 291 (1,105) (1,410)
Common stock dividends and other (284) 696 -
------------------ ----------------- -----------------
Retained earnings at end of year 7 (1,360) (7,644)
------------------ ----------------- -----------------
------------------ ----------------- -----------------
</TABLE>
<PAGE>
QUIXX JAMAICA, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
Quixx Jamaica, Inc. KES and Quixx Jamaica, Inc.
(parent) Jamaica, Inc. reclassifications (consolidated)
------------------- ------------- ----------------- -------------------
<S> <C> <C> <C> <C>
Retained earnings at beginning of period 899 899
Net income available for common shareholders 359 721 (691) 389
Common stock dividends and other (1) (721) 691 (31)
------------------- ------------- ----------------- -------------------
Retained earnings at end of year 1,257 - - 1,257
------------------- ------------- ----------------- -------------------
------------------- ------------- ----------------- -------------------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Utility Vista
Engineering Environmental Precision Universal Eliminations Utility Engineering
Corporation Services Co., Resource Utility Services and Corporation
(parent) L.L.C. Company Company reclassifications (consolidated)
----------- ------------- --------- ---------------- ----------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings at
beginning of period 29,089 53 8 117 (178) 29,089
Net income available
for common shareholders 1,476 (36) 118 157 (239) 1,476
Common stock dividends
and other (17) 17 -
------------ ------------ --------- ---------------- ------------------ ------------------
Retained earnings at end
of year 30,565 - 126 274 (400) 30,565
------------ ------------ --------- ---------------- ------------------ ------------------
------------ ------------ --------- ---------------- ------------------ ------------------
</TABLE>
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Southwestern
New Century Public Service Public Service
Energies, Inc. Company of Colorado Company New Century
(holding company) (consolidated) (consolidated) Services, Inc.)
----------------- ------------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Operating activities:
Net income 150,922 93,477 75,575
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax 110,565
Depreciation and amortization 173,047 76,929
Amortization of investment tax credits (5,219) (250)
Deferred income taxes 37,390 3,587 1,889
Write-off of investments in cogeneration
projects 16,052
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries, net (162,752) (34,926)
Allowance for equity funds used during
construction 6 (5)
Change in accounts receivable (131,658) (15,378) (39,842) (145,913)
Change in inventories (2,163) 301
Change in other current assets (52,914) (3,061) (9,875)
Change in accounts payable (3,344) (5,413) 45,683 113,830
Change in other current liabilities (752) (15,870) (10,000) 7,881
Change in deferred amounts 94 (21,913) (49,950) (3,423)
Change in noncurrent liabilities 3,367 1,016 263
Other (115) (144) 276
-------- -------- -------- --------
Net cash provided by (used in)
operating activities (147,605) 263,912 116,311 (35,348)
Investing activities:
Construction expenditures (352,273) (118,550) (9)
Allowance for equity funds used during
construction (6) 5
Proceeds from disposition of property,
plant and equipment 3,187 (2,371)
Payment for purchase of companies, net of
cash acquired
Investment in Yorkshire Power (362,342)
Transfer of subsidiaries to NCE (2,229) (29,567)
Purchase of other investments (34,624) (19,224) (4,639)
Sale of other investments 11,162
-------- -------- -------- --------
Net cash provided by (used in)
investing activities (34,624) (721,725) (155,122) (9)
Financing activities:
Proceeds from sale of common stock 296,625 293,817 1
Proceeds from sale of long-term notes
and bonds 412,220
Redemption of long-term notes and bonds (205,550) (14,986)
Short-term borrowings - net 97,500 127,530 100,564 45,950
Retirement of preferred stock of
subsidiaries (665)
Dividends on common stock (198,759) (148,279) (86,391)
Dividends on preferred stock (11,757)
-------- -------- -------- --------
Net cash provided by (used in)
financing activities 195,366 467,316 (813) 45,951
-------- -------- -------- --------
Net increase in cash and temporary
cash investments 13,137 9,503 (39,624) 10,594
Cash and temporary cash investments
at beginning of year 9,406 40,610
-------- -------- -------- --------
Cash and temporary cash investments
at end of year 13,137 18,909 986 10,594
-------- -------- -------- --------
-------- -------- -------- --------
<CAPTION>
New Century Eliminations New Century
Enterprises, Inc. Cheyenne Light, WestGas and Energies, Inc.
(consolidated) Fuel & Power Co. InterState, Inc. reclassifications (consolidated)
----------------- ---------------- ---------------- ----------------- -------------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income (6,824) 493 32 (162,753) 150,922
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax 110,565
Depreciation and amortization 1,682 1,032 11 562 253,263
Amortization of investment tax credits (32) (5,501)
Deferred income taxes 9,404 (138) 79 52,211
Write-off of investments in cogeneration
projects 16,052
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries, net 418 166,092 (31,168)
Allowance for equity funds used during
construction 1
Change in accounts receivable (34,007) 778 6 336,387 (29,627)
Change in inventories (180) (292) 1 (2,334)
Change in other current assets 916 (1,297) (30,832) (97,063)
Change in accounts payable 21,568 1,146 (7) (192,254) (18,791)
Change in other current liabilities 2,146 1,234 6 (1) (15,356)
Change in deferred amounts 1,201 (513) 1 28,369 (46,134)
Change in noncurrent liabilities 146 150 (375) 4,567
Other 2,815 2,832
------- ------ ----- -------- --------
Net cash provided by (used in)
operating activities (3,530) 2,561 49 148,090 344,439
Investing activities:
Construction expenditures (1,245) (3,595) 175 (475,497)
Allowance for equity funds used during
construction (1)
Proceeds from disposition of property,
plant and equipment 1,032 (93) 362 2,117
Payment for purchase of companies, net of
cash acquired -
Investment in Yorkshire Power (362,342)
Transfer of subsidiaries to NCE 30,283 1,245 268 (1) -
Purchase of other investments (3,053) 28,980 (32,560)
Sale of other investments 682 11,844
------- ------ ----- -------- --------
Net cash provided by (used in)
investing activities 27,017 (2,443) 268 30,198 (856,439)
Financing activities:
Proceeds from sale of common stock 1,328 (304,902) 286,869
Proceeds from sale of long-term notes
and bonds 291 7,712 (404) 419,819
Redemption of long-term notes and bonds (56) (7,000) 15 (227,577)
Short-term borrowings - net 2,400 400 (84,563) 289,782
Retirement of preferred stock of
subsidiaries (665)
Dividends on common stock 199,809 (233,620)
Dividends on preferred stock 11,757 -
------- ------ ----- -------- --------
Net cash provided by (used in)
financing activities 3,963 1,112 - (178,288) 534,608
------- ------ ----- -------- --------
Net increase in cash and temporary
cash investments 27,450 1,230 317 - 22,608
Cash and temporary cash investments
at beginning of year 50,015
------- ------ ----- -------- --------
Cash and temporary cash investments
at end of year 27,450 1,230 317 - 72,623
------- ------ ----- -------- --------
------- ------ ----- -------- --------
</TABLE>
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Public Service
Company of Colorado 1480 Welton,
(parent) Inc.
---------------- --------------
<S> <C> <C>
Operating activities:
Net income 93,477 1,669
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax
Depreciation and amortization 167,863 1,480
Amortization of investment tax credits (5,115) (60)
Deferred income taxes 33,853 91
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries 60,332
Allowance for equity funds used during construction 6
Change in accounts receivable 27,090 (224)
Change in inventories (1,758)
Change in other current assets (50,241) 21
Change in accounts payable 6,708 225
Change in other current liabilities (8,935) (70)
Change in deferred amounts (22,753)
Change in noncurrent liabilities 3,620
Other
-------------- --------------
Net cash provided by operating activities 304,147 3,132
Investing activities:
Construction expenditures (347,509)
Allowance for equity funds used during construction (6)
Proceeds from disposition of property, plant and equipment 3,330
Payment for purchase of companies, net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (358,952)
Sale of other investments 11,162
-------------- --------------
Net cash used in investing activities (691,975) -
Financing activities:
Proceeds from sale of common stock 20,517
Contribution of capital by NCE 273,300
Proceeds from sale of long-term notes and bonds 323,310
Proceeds from sale of SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated debentures of SPS
Redemption of long-term notes and bonds (125,178) (351)
Short-term borrowings - net 68,700
Retirement of preferred stock of subsidiaries (665)
Dividends on common stock (148,279) (2,591)
Dividends on preferred stock (11,757)
-------------- --------------
Net cash provided by (used in) financing activities 399,948 (2,942)
-------------- --------------
Net increase in cash and temporary cash investments 12,120 190
Cash and temporary cash investments at beginning of year 3,435 76
Net decrease in cash and temporary cash investments for PSCo for the
transfer of subsidiaries to NCE
-------------- --------------
Cash and temporary cash investments at end of year 15,555 266
-------------- --------------
-------------- --------------
<CAPTION>
PS Colorado
PSR Investments, Credit
Inc. Corporation
---------------- --------------
<S> <C> <C>
Operating activities:
Net income 11,512 2,231
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax
Depreciation and amortization 164
Amortization of investment tax credits
Deferred income taxes 488
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries
Allowance for equity funds used during construction
Change in accounts receivable 663 (47,146)
Change in inventories 3,749
Change in other current assets (10) (31)
Change in accounts payable 1,494 (1,622)
Change in other current liabilities (1,075) (1,598)
Change in deferred amounts
Change in noncurrent liabilities
Other
-------------- --------------
Net cash provided by operating activities 13,072 (44,253)
Investing activities:
Construction expenditures
Allowance for equity funds used during construction
Proceeds from disposition of property, plant and equipment
Payment for purchase of companies, net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (425)
Sale of other investments
-------------- --------------
Net cash used in investing activities (425) -
Financing activities:
Proceeds from sale of common stock 5,201
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds 79,861
Proceeds from sale of SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated debentures of SPS
Redemption of long-term notes and bonds (80,000)
Short-term borrowings - net 41,550
Retirement of preferred stock of subsidiaries
Dividends on common stock (11,200) (2,231)
Dividends on preferred stock
-------------- --------------
Net cash provided by (used in) financing activities (11,200) 44,381
-------------- --------------
Net increase in cash and temporary cash investments 1,447 128
Cash and temporary cash investments at beginning of year 107 38
Net decrease in cash and temporary cash investments for PSCo for the
transfer of subsidiaries to NCE
-------------- --------------
Cash and temporary cash investments at end of year 1,554 166
-------------- --------------
-------------- --------------
<CAPTION>
Fuel Resources
Development Co.
New Century (a dissolved
International, Inc. Colorado corp.)
------------------- -----------------
<S> <C> <C>
Operating activities:
Net income (74,619) 673
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax 110,565
Depreciation and amortization 88 6
Amortization of investment tax credits
Deferred income taxes 1,704
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries (35,014)
Allowance for equity funds used during construction
Change in accounts receivable (186) (70)
Change in inventories
Change in other current assets
Change in accounts payable 838 (1,511)
Change in other current liabilities (1,186) (52)
Change in deferred amounts (56)
Change in noncurrent liabilities
Other (573)
-------------- -----------------
Net cash provided by operating activities (87) 694
Investing activities:
Construction expenditures
Allowance for equity funds used during construction
Proceeds from disposition of property, plant and equipment (13)
Payment for purchase of companies, net of cash acquired
Investment in Yorkshire Power (362,342)
Transfer of subsidiaries to NCE
Purchase of other investments (13,966)
Sale of other investments
-------------- -----------------
Net cash used in investing activities (376,308) (13)
Financing activities:
Proceeds from sale of common stock 364,441
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds
Proceeds from sale of SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated debentures of SPS
Redemption of long-term notes and bonds
Short-term borrowings - net 11,956
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
-------------- -----------------
Net cash provided by (used in) financing activities 376,397 -
-------------- -----------------
Net increase in cash and temporary cash investments 2 681
Cash and temporary cash investments at beginning of year 687
Net decrease in cash and temporary cash investments for PSCo for the
transfer of subsidiaries to NCE
-------------- -----------------
Cash and temporary cash investments at end of year 2 1,368
-------------- -----------------
-------------- -----------------
<CAPTION>
e prime, inc. Cheyenne Light,
(consolidated)(1) Fuel & Power Co(1)
----------------- ------------------
<S> <C> <C>
Operating activities:
Net income (1,865) 602
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax
Depreciation and amortization 1,724 1,455
Amortization of investment tax credits (44)
Deferred income taxes (277) 1,498
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries
Allowance for equity funds used during construction
Change in accounts receivable 8,529 (4,708)
Change in inventories (110) 131
Change in other current assets (146) (2,717)
Change in accounts payable (15,083) (810)
Change in other current liabilities (165) (928)
Change in deferred amounts (461) 425
Change in noncurrent liabilities (253)
Other (516)
---------------- -----------------
Net cash provided by operating activities (8,370) (5,349)
Investing activities:
Construction expenditures (617) (3,782)
Allowance for equity funds used during construction
Proceeds from disposition of property, plant and equipment (8) (125)
Payment for purchase of companies, net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (1,242)
Sale of other investments
---------------- -----------------
Net cash used in investing activities (1,867) (3,907)
Financing activities:
Proceeds from sale of common stock 2,750
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds 9,048
Proceeds from sale of SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated debentures of SPS
Redemption of long-term notes and bonds
Short-term borrowings - net 5,500 (175)
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
---------------- -----------------
Net cash provided by (used in) financing activities 8,250 8,873
---------------- -----------------
Net increase in cash and temporary cash investments (1,987) (383)
Cash and temporary cash investments at beginning of year 2,177 1,629
Net decrease in cash and temporary cash investments for PSCo for the
transfer of subsidiaries to NCE (190) (1,246)
---------------- -----------------
Cash and temporary cash investments at end of year - -
---------------- -----------------
---------------- -----------------
<CAPTION>
WestGas Natural Fuels
InterState, Inc.(1) Corporation(1)
------------------- ----------------
<S> <C> <C>
Operating activities:
Net income 44 (577)
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax
Depreciation and amortization 15 253
Amortization of investment tax credits
Deferred income taxes 6 60
Write-off of investments in cogeneration projects
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries
Allowance for equity funds used during construction
Change in accounts receivable (2) 21
Change in inventories (425)
Change in other current assets (1) (542)
Change in accounts payable (5) 177
Change in other current liabilities (7) 993
Change in deferred amounts - 1
Change in noncurrent liabilities
Other (113)
---------------- -----------------
Net cash provided by operating activities 50 (152)
Investing activities:
Construction expenditures (365)
Allowance for equity funds used during construction
Proceeds from disposition of property, plant and equipment 3
Payment for purchase of companies, net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments 23
Sale of other investments
---------------- -----------------
Net cash used in investing activities - (339)
Financing activities:
Proceeds from sale of common stock
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds 30
Proceeds from sale of SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated debentures of SPS
Redemption of long-term notes and bonds (51)
Short-term borrowings - net
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
---------------- -----------------
Net cash provided by (used in) financing activities - (21)
---------------- -----------------
Net increase in cash and temporary cash investments 50 (512)
Cash and temporary cash investments at beginning of year 219 1,038
Net decrease in cash and temporary cash investments for PSCo for the
transfer of subsidiaries to NCE (269) (526)
---------------- -----------------
Cash and temporary cash investments at end of year - -
---------------- -----------------
---------------- -----------------
<CAPTION>
Eliminations Public Service
and Company of Colorado
reclassifications (consolidated)
----------------- -------------------
<S> <C> <C>
Operating activities:
Net income 60,330 93,477
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax 110,565
Depreciation and amortization (1) 173,047
Amortization of investment tax credits (5,219)
Deferred income taxes (33) 37,390
Write-off of investments in cogeneration projects -
Equity in earnings of Yorkshire Power and other unconsolidated subsidiaries (60,244) (34,926)
Allowance for equity funds used during construction 6
Change in accounts receivable 655 (15,378)
Change in inventories (3,750) (2,163)
Change in other current assets 753 (52,914)
Change in accounts payable 4,176 (5,413)
Change in other current liabilities (2,847) (15,870)
Change in deferred amounts 931 (21,913)
Change in noncurrent liabilities 3,367
Other 1,058 (144)
---------------- --------------
Net cash provided by operating activities 1,028 263,912
Investing activities:
Construction expenditures (352,273)
Allowance for equity funds used during construction (6)
Proceeds from disposition of property, plant and equipment 3,187
Payment for purchase of companies, net of cash acquired -
Investment in Yorkshire Power (362,342)
Transfer of subsidiaries to NCE (2,229) (2,229)
Purchase of other investments 355,338 (19,224)
Sale of other investments 11,162
---------------- --------------
Net cash used in investing activities 353,109 (721,725)
Financing activities:
Proceeds from sale of common stock (372,392) 20,517
Contribution of capital by NCE 273,300
Proceeds from sale of long-term notes and bonds (29) 412,220
Proceeds from sale of SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated debentures of SPS -
Redemption of long-term notes and bonds 30 (205,550)
Short-term borrowings - net (1) 127,530
Retirement of preferred stock of subsidiaries (665)
Dividends on common stock 16,022 (148,279)
Dividends on preferred stock (11,757)
---------------- --------------
Net cash provided by (used in) financing activities (356,370) 467,316
---------------- --------------
Net increase in cash and temporary cash investments (2,233) 9,503
Cash and temporary cash investments at beginning of year 9,406
Net decrease in cash and temporary cash investments for PSCo for the
transfer of subsidiaries to NCE 2,231 -
---------------- --------------
Cash and temporary cash investments at end of year (2) 18,909
---------------- --------------
---------------- --------------
</TABLE>
(1) Includes the results of operations for the seven months ended July 31, 1997.
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Young Gas
e prime, inc. Texas-Ohio Texas-Ohio Storage
(parent) Gas, Inc. Pipeline, Inc. Company
------------- ---------- -------------- ---------
<S> <C> <C> <C> <C>
Operating activities:
Net income (1,865) (1,513) 170 647
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax
Depreciation and amortization 163 1,460 73 11
Amortization of investment tax credits
Deferred income taxes 2 (505) 16 211
Write-off of investments in cogeneration projects
Equity in earnings subsidiaries, net 253
Allowance for equity funds used during construction
Change in accounts receivable (2,886) 7,356 (73) (959)
Change in inventories 228 (338)
Change in other current assets (143) (2)
Change in accounts payable (3,983) (9,810) 210 346
Change in other current liabilities (157) (195) (41) (68)
Change in deferred amounts (234) 1 (11)
Change in noncurrent liabilities
Other (693) 177
------------- ---------- -------------- ---------
Net cash provided by operating activities (9,315) (3,546) 355 354
Investing activities:
Construction expenditures (324) (187) (107)
Allowance for equity funds used during construction
Proceeds from disposition of property, plant and equipment
Payment for purchase of companies, net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (1,111) (355)
Sale of other investments
------------- ---------- -------------- ---------
Net cash used in investing activities (1,435) (187) (107) (355)
Financing activities:
Proceeds from sale of common stock 2,750
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds
Proceeds from sale of SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of SPS
Redemption of long-term notes and bonds
Short-term borrowings - net 5,500 4,000
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
------------- ---------- -------------- ---------
Net cash provided by (used in) financing activities 8,250 4,000 - -
------------- ---------- -------------- ---------
Net increase in cash and temporary cash investments (2,500) 267 248 (1)
Cash and temporary cash investments at beginning of year 453 1,614 110
------------- ---------- -------------- ---------
Cash and temporary cash investments at end of year (2,047) 1,881 358 (1)
------------- ---------- -------------- ---------
------------- ---------- -------------- ---------
<CAPTION>
Eliminations
e prime project e prime and e prime, inc.
international, inc. operating, inc. reclassifications (consolidated)
------------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Operating activities:
Net income (10) 453 253 (1,865)
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax -
Depreciation and amortization 17 1,724
Amortization of investment tax credits -
Deferred income taxes (1) (277)
Write-off of investments in cogeneration projects -
Equity in earnings subsidiaries, net (253) -
Allowance for equity funds used during construction -
Change in accounts receivable (750) (911) 6,752 8,529
Change in inventories (110)
Change in other current assets (1) (146)
Change in accounts payable 750 155 (2,751) (15,083)
Change in other current liabilities (7) 302 1 (165)
Change in deferred amounts (223) 6 (461)
Change in noncurrent liabilities -
Other (516)
------------------- --------------- ----------------- --------------
Net cash provided by operating activities (223) (1) 4,006 (8,370)
Investing activities:
Construction expenditures 1 (617)
Allowance for equity funds used during construction -
Proceeds from disposition of property, plant and equipment (8) (8)
Payment for purchase of companies, net of cash acquired -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE -
Purchase of other investments (1,250) 1,474 (1,242)
Sale of other investments -
------------------- --------------- ----------------- --------------
Net cash used in investing activities (1,250) - 1,467 (1,867)
Financing activities:
Proceeds from sale of common stock 1,473 (1,473) 2,750
Contribution of capital by NCE -
Proceeds from sale of long-term notes and bonds -
Proceeds from sale of SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of SPS -
Redemption of long-term notes and bonds -
Short-term borrowings - net (4,000) 5,500
Retirement of preferred stock of subsidiaries -
Dividends on common stock -
Dividends on preferred stock -
------------------- --------------- ----------------- --------------
Net cash provided by (used in) financing activities 1,473 - (5,473) 8,250
------------------- --------------- ----------------- --------------
Net increase in cash and temporary cash investments - (1) - (1,987)
Cash and temporary cash investments at beginning of year 2,177
------------------- --------------- ----------------- --------------
Cash and temporary cash investments at end of year - (1) - 190
------------------- --------------- ----------------- --------------
------------------- --------------- ----------------- --------------
</TABLE>
<PAGE>
SOUTHWESTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Southwestern Southwestern
Public Service Utility Engineering Eliminations Public Service
Company Quixx Corporation Corporation and Company
(parent) (consolidated)(1) (consolidated)(1) reclassifications (consolidated)
-------------- ----------------- ------------------- ----------------- --------------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income 75,575 (8,133) 232 7,901 75,575
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordinary item - U.K. windfall tax -
Depreciation and amortization 74,141 2,393 395 76,929
Amortization of investment tax credits (250) (250)
Deferred income taxes 16,288 (10,171) (45) (2,485) 3,587
Write-off of investments in
cogeneration projects 13,452 2,600 16,052
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiaries 7,901 (7,901) -
Allowance for equity funds used during
construction (5) (5)
Change in accounts receivable (12,503) 5,166 2,008 (34,513) (39,842)
Change in inventories 387 (109) 22 301
Change in other current assets (2,725) (126) (283) 73 (3,061)
Change in accounts payable 43,612 (51) (172) 2,294 45,683
Change in other current liabilities (6,502) (6,872) (1,728) 5,102 (10,000)
Change in deferred amounts (50,073) (2,692) 217 2,598 (49,950)
Change in noncurrent liabilities 1,016 1,016
Other (33) 312 276
-------- -------- -------- -------- --------
Net cash provided by operating
activities 146,829 (6,831) 3,246 (26,931) 116,311
Investing activities:
Construction expenditures (116,969) (834) (747) (118,550)
Allowance for equity funds used during
construction 5 5
Proceeds from disposition of property,
plant and equipment (2,371) (2,371)
Payment for purchase of companies, net of
cash acquired -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE 17,000 (46,567) (29,567)
Purchase of other investments (15,000) (2,576) (2,600) 15,537 (4,639)
Sale of other investments 381 (381) -
-------- -------- -------- -------- --------
Net cash used in investing activities (133,954) 13,590 (3,347) (31,411) (155,122)
Financing activities:
Proceeds from sale of common stock -
Contribution of capital by NCE -
Proceeds from sale of long-term notes
and bonds -
Proceeds from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS -
Redemption of long-term notes and bonds (14,919) (111) 44 (14,986)
Short-term borrowings - net 71,851 (2) 28,715 100,564
Retirement of preferred stock of
subsidiaries -
Dividends on common stock (86,391) (86,391)
Dividends on preferred stock -
-------- -------- -------- -------- --------
Net cash provided by (used in)
financing activities (29,459) (111) (2) 28,759 (813)
-------- -------- -------- -------- --------
Net increase in cash and temporary
cash investments (16,584) 6,648 (103) (29,583) (39,624)
Cash and temporary cash investments
at beginning of year 17,570 1,693 21,347 (1) 40,610
Net decrease in cash and temporary
cash investments for SPS for the
transition period (8,341) (21,244) 29,584 -
-------- -------- -------- -------- --------
Cash and temporary cash investments
at end of year 986 - - - 986
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
QUIXX CORPORATION QUIXX POWER QUIXX JAMAICA, INC. QUIXX
(PARENT) SERVICES, INC. (CONSOLIDATED) RESOURCES, INC.
----------------- -------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Operating activities:
Net income (8,133) 77 18 (5)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 114 - 2,158
Amortization of investment tax credits
Deferred income taxes (9,534) - (637) -
Write-off of investments in cogeneration
projects 13,452
Equity in earnings of unconsolidated
subsidiaries, net (491)
Allowance for equity funds used during
construction
Change in accounts receivable 4,919 133 22 (3)
Change in inventories (109)
Change in other current assets (25) (2) (104) -
Change in accounts payable 204 (153) (3)
Change in other current liabilities (6,666) - -
Change in deferred amounts (2,692) 25 (194)
Other 341
----------------- -------------- ------------------- ---------------
Net cash provided by operating activities (8,620) 80 1,260 (8)
Investing activities:
Construction expenditures (41)
Allowance for equity funds used during
construction
Proceed from disposition of property, plant and
equipment
Payment for purchase of companies, net of cash
acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (1,979) - (875) 7
Sale of other investments 17,000
----------------- -------------- ------------------- ---------------
Net cash used in investing activities 14,980 - (875) 7
Financing activities:
Proceeds from sale of common stock
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds
Proceeds from sale of SPS obligated mandatorily
redeemable preferred securities of subsidiary
trust holding solely subordinated debentures
of SPS
Redemption of long-term notes and bonds (11) (100)
Short-term borrowings - net
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
----------------- -------------- ------------------- ---------------
Net cash-provided by (used in) financing
activities (11) (100) - -
----------------- -------------- ------------------- ---------------
Net increase in cash and temporary cash
investments 6,349 (20) 385 (1)
Cash and temporary cash investments at
beginning of year 436 102 964 2
----------------- -------------- ------------------- ---------------
Cash and temporary cash investments at end
of year 6,785 82 1,349 1
----------------- -------------- ------------------- ---------------
----------------- -------------- ------------------- ---------------
<CAPTION> ELIMINATIONS
QUIXX AND QUIXX CORPORATION
LOUISVILLE, L.L.C. RECLASSIFICATIONS (CONSOLIDATED)
------------------ ----------------- -----------------
<S> <C> <C> <C>
Operating activities:
Net income 410 (499) (8,132)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 121 - 2,393
Amortization of investment tax credits -
Deferred income taxes (10,171)
Write-off of investments in cogeneration
projects 13,452
Equity in earnings of unconsolidated
subsidiaries, net 491 -
Allowance for equity funds used during
construction -
Change in accounts receivable (3) 98 5,166
Change in inventories (109)
Change in other current assets 4 1 (126)
Change in accounts payable (99) (51)
Change in other current liabilities (206) (6,872)
Change in deferred amounts (14) 183 (2,692)
Other (30) 311
------------------ ----------------- -----------------
Net cash provided by operating activities 518 (61) (6,831)
Investing activities:
Construction expenditures (571) (222) (834)
Allowance for equity funds used during
construction -
Proceed from disposition of property, plant and
equipment -
Payment for purchase of companies, net of cash
acquired -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE -
Purchase of other investments (14) 285 (2,576)
Sale of other investments 17,000
------------------ ----------------- -----------------
Net cash used in investing activities (585) 63 13,590
Financing activities:
Proceeds from sale of common stock -
Contribution of capital by NCE -
Proceeds from sale of long-term notes and bonds -
Proceeds from sale of SPS obligated mandatorily
redeemable preferred securities of subsidiary
trust holding solely subordinated debentures
of SPS -
Redemption of long-term notes and bonds (111)
Short-term borrowings - net -
Retirement of preferred stock of subsidiaries -
Dividends on common stock -
Dividends on preferred stock -
------------------ ----------------- -----------------
Net cash-provided by (used in) financing
activities - - (111)
------------------ ----------------- -----------------
Net increase in cash and temporary cash
investments (67) 2 6,648
Cash and temporary cash investments at
beginning of year 189 1,693
------------------ ----------------- -----------------
Cash and temporary cash investments at end
of year 122 2 8,341
------------------ ----------------- -----------------
------------------ ----------------- -----------------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
Quixx Jamaica, Inc. KES and Quixx Jamaica, Inc.
(parent) Jamaica, Inc. reclassifications (consolidated)
------------------- ------------- ----------------- -------------------
<S> <C> <C> <C> <C>
Operating activities:
Net income 11 183 (176) 18
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 195 1,964 (1) 2,158
Amortization of investment tax credits
Deferred income taxes (637) (637)
Write-off of investments in cogeneration projects
Equity in earnings of unconsolidated subsidiaries,
net (213) 213
Allowance for equity funds used during
construction
Change in accounts receivable 22 22
Change in inventories
Change in other current assets (104) (104)
Change in accounts payable (3) (3)
Change in other current liabilities (187) 30 (37) (194)
Change in deferred amounts
Other
----- ----- ----- -----
Net cash provided by operating activities (831) 2,092 (1) 1,260
Investing activities:
Construction expenditures
Allowance for equity funds used during construction
Proceed from disposition of property, plant and
equipment
Payment for purchase of companies, net of cash acquired 1,707 (1,707)
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (875) (1,707) 1,707 (875)
Sale of other investments
----- ----- ----- -----
Net cash used in investing activities 832 (1,707) - (875)
Financing activities:
Proceeds from sale of common stock
Contribution of capital by NCE
Proceeds from sale of long-term notes and bonds
Proceeds from sale of SPS obligated mandatorily
redeemable preferred securities of subsidiary trust
holding solely subordinated debentures of SPS
Redemption of long-term notes and bonds
Short-term borrowings - net
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
----- ----- ----- -----
Net cash provided by (used in) financing
activities - - - -
----- ----- ----- -----
Net increase in cash and temporary cash
investments 1 385 (1) 385
Cash and temporary cash investments at beginning
of year 5 959 964
----- ----- ----- -----
Cash and temporary cash investments at end of
year 6 1,344 (1) 1,349
----- ----- ----- -----
----- ----- ----- -----
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
For the period January 1, 1997 through July 31, 1997
(Thousands of Dollars)
<TABLE>
<CAPTION>
Utility Vista Universal Utility
Engineering Environmental Precision Utility Eliminations Engineering
Corporation Services Co., Resource Services and Corporation
(parent) L.L.C. Company Company reclassification (consolidated)
----------- ------------- --------- --------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Operating activities:
Net income 232 36 23 58 (117) 232
Adjustments to reconcile
net income to net cash
provided by operating activities:
Depreciation and amortization 144 2 42 207 395
Amortization of investment tax
credits
Deferred income taxes (65) (2) 22 (45)
Write-off of investments in
cogeneration projects 2,600 2,600
Equity in earnings of Yorkshire
Power and other unconsolidated
subsidiaries (117) 117 -
Allowance for equity funds used
during construction
Change in accounts receivable 1,796 (138) (365) 484 231 2,008
Change in inventories 22 22
Change in other current assets (265) 85 (13) (90) (283)
Change in accounts payable 48 (12) 62 (156) (114) (172)
Change in other current liabilities (1,851) 49 57 17 (1,728)
Change in deferred amounts 213 (26) 30 217
Change in noncurrent liabilities -
Other -
------ ---- ---- ---- ---- ------
Net cash provided by operating
activities 2,735 (4) (238) 429 324 3,246
Investing activities:
Construction expenditures (459) (80) (207) (746)
Allowance for equity funds used
during construction
Proceeds from disposition of
property, plant and equipment -
Payment for purchase of companies,
net of cash acquired -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE -
Purchase of other investments (2,683) 83 (2,600)
Sale of other investments -
------ ---- ---- ---- ---- ------
Net cash used in investing
activities (3,142) - - (80) (124) (3,346)
Financing activities:
Proceeds from sale of common stock 200 (200) -
Contribution of capital by NCE -
Proceeds from sale of long-term
notes and bonds -
Proceeds from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS
Redemption of long-term notes and bonds -
Short-term borrowings - net (2) (2)
Retirement of preferred stock of
subsidiaries -
Dividends on common stock -
Dividends on preferred stock -
------ ---- ---- ---- ---- ------
Net cash provided by (used in)
financing activities - (2) 200 - (200) (2)
------ ---- ---- ---- ---- ------
Net increase in cash and temporary
cash investments (407) (6) (38) 349 - (102)
------ ---- ---- ---- ---- ------
Cash and temporary cash investments
at beginning of year 20,896 37 34 379 21,346
------ ---- ---- ---- ---- ------
Cash and temporary cash investments
at end of year 20,489 31 (4) 728 21,244
------ ---- ---- ---- ---- ------
------ ---- ---- ---- ---- ------
</TABLE>
<PAGE>
NC ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
For the period August 1, 1997 through December 31,1997
(Thousands of Dollars)
<TABLE>
<CAPTION>
Utility
NC Enterprises, e prime, Quixx Engineering Natural
Inc. inc. Corporation Corporation Fuels
(parent) (consolidated) (consolidated) (consolidated) Corporation
-------------- -------------- -------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income (6,824) (3,056) (1,410) 1,476 (580)
Adjustments to reconcile
net income to net cash provided
by operating activities:
Depreciation and amortization 1,335 1,600 153 278
Amortization of investment
tax credits 99
Deferred income taxes (26) 9,319 13
Write-off of investments in
cogeneration projects 2,487
Equity in earnings of Yorkshire
Power and other unconsolidated
subsidiaries 4,538 418
Allowance for equity funds used
during construction
Change in accounts receivable (1,394) (4,614) (432) (15,653) (2,169)
Change in inventories (157) (60) (114) 150
Change in other current assets (12) 113 (619) 552
Change in accounts payable 4,775 7,529 307 7,631 388
Change in other current liabilities (86) 3,598 249 491 (659)
Change in deferred amounts 1,167 (33) 69 345
Change in noncurrent liabilities 31
Other (943) 8
------ ------ ------- ------- ------
Net cash provided by operating
activities 1,009 4,821 12,566 (6,436) (1,682)
Investing activities:
Construction expenditures (745) (230) (420) (213)
Allowance for equity funds used
during construction
Proceeds from disposition of
property, plant and equipment 1,051 1
Payment for purchase of companies,
net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to
NCE/other affiliated company 190 8,324 21,244 526
Purchase of other investments (2,921) 1,459 (16,831) 22
Sale of other investments 1,500
------ ------ ------- ------- ------
Net cash used in investing
activities (2,921) 904 (7,237) 21,875 336
Financing activities:
Proceeds from sale of common stock 1,912
Contribution of capital by NCE
Proceeds from sale of long-term
notes and bonds (50) 9
Proceeds from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS
Redemption of long-term notes and bonds (56)
Short-term borrowings - net 500 (100) 2,000
Retirement of preferred stock of
subsidiaries
Dividends on common stock
Dividends on preferred stock
------ ------ ------- ------- ------
Net cash provided by (used in)
financing activities 1,912 450 (56) (100) 2,009
------ ------ ------- ------- ------
Net increase in cash and
temporary cash investments 6,175 5,273 15,339 663
------ ------ ------- ------- ------
Cash and temporary cash investments
at beginning of year
------ ------ ------- ------- ------
Cash and terrpomry cash investments
at end of year 6,175 5,273 15,339 663
------ ------ ------- ------- ------
------ ------ ------- ------- ------
Eliminations
New Century- and NC Enterprises, Inc.
Cadence, Inc. reclassifications (consolidated)
-------------- ----------------- --------------------
<S> <C> <C> <C>
Operating activities:
Net income (968) 4,538 (6,824)
Adjustments to reconcile
net income to net cash provided
by operating activities:
Depreciation and amortization (1,684) 1,682
Amortization of investment
tax credits (99) -
Deferred income taxes 98 9,404
Write-off of investments in
cogeneration projects (2,487) -
Equity in earnings of Yorkshire
Power and other unconsolidated
subsidiaries (4,538) 418
Allowance for equity funds used
during construction -
Change in accounts receivable (334) (9,411) (34,007)
Change in inventories 1 (180)
Change in other current assets 882 916
Change in accounts payable 335 603 21,568
Change in other current liabilities (600) (847) 2,146
Change in deferred amounts (347) 1,201
Change in noncurrent liabilities 115 146
Other 935 -
------ ------ -------
Net cash provided by operating
activities (1,567) (12,241) (3,530)
Investing activities:
Construction expenditures 363 (1,245)
Allowance for equity funds used
during construction -
Proceeds from disposition of
property, plant and equipment (20) 1,032
Payment for purchase of companies,
net of cash acquired
Investment in Yorkshire Power -
Transfer of subsidiaries to
NCE/other affiliated company (1) 30,283
Purchase of other investments 15,218 (3,053)
Sale of other investments (1,252) (248) -
------ ------ -------
Net cash used in investing
activities (1,252) 15,312 27,017
Financing activities:
Proceeds from sale of common stock 2,819 (3,403) 1,328
Contribution of capital by NCE
Proceeds from sale of long-term
notes and bonds 332 291
Proceeds from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS -
Redemption of long-term notes and bonds (56)
Short-term borrowings - net 2,400
Retirement of preferred stock of
subsidiaries -
Dividends on common stock
Dividends on preferred stock
------ ------ -------
Net cash provided by (used in)
financing activities 2,819 (3,071) 3,963
------ ------ -------
Net increase in cash and
temporary cash investments 27,450
------ ------ -------
Cash and temporary cash investments
at beginning of year
------ ------ -------
Cash and terrpomry cash investments
at end of year 27,450
------ ------ -------
------ ------ -------
</TABLE>
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Young Gas
e prime, inc. Texas-Ohio Texas-Ohio Storage e prime project
(parent) Gas, Inc. Pipeline, Inc. Company international, inc.
------------- ---------- -------------- --------- ------------------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income (3,056) (3,039) 77 417 1,395
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 184 1,061 78 8 4
Amortization of investment tax credits
Deferred income taxes 42 (352) (16) 300
Write-off of investment in cogeneration
projects
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiaries 1,792
Allowance for equity funds used during
construction
Change in accounts receivable (1,973) (6,119) (417) 902 (2,143)
Change in inventories (157)
Change in other current assets 19 (32)
Change in accounts payable 4,065 6,367 8 (93) (750)
Change in other current liabilities 2,136 1,849 11 (13) 41
Change in deferred amounts 965 (1) (11) 203
Change in noncurrent liabilities
Other (693) 189
------ ------ ---- ----- ------
Net cash provided by operating
activities 3,481 (423) (259) 1,699 (1,250)
Investing activities:
Construction expenditures (657) (88)
Allowance for equity funds used during
construction
Proceeds from disposition of property,
plant and equipment
Payment for purchase of companies,
net of cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE/other
affiliated companies
Purchase of other investments 1,482 (172) 1,250
Sale of other investments
------ ------ ---- ----- ------
Net cash used in investing
activities 825 (88) - (172) 1,250
Financing activities:
Proceeds from sale of common stock
Contribution of capital by NCE
Proceeds from sale of long-term notes
and bonds (50)
Proceed from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS
Redemption of long-term notes and bonds
Short-term borrowings - net 500 2,000
Retirement of preferred stock of
subsidiaries
Dividends on common stock (1,527)
Dividends on preferred stock
------ ------ ---- ----- ------
Net cash provided by (used in)
financing activities 450 2,000 - (1,527) -
------ ------ ---- ----- ------
Net increase in cash and temporary cash
investments 4,756 1,489 (259) - -
Cash and temporary cash investments
at beginning of year (2,047) 1,879 357 -
------ ------ ---- ----- ------
Cash and temporary cash investments
at end of year 2,709 3,368 98 - -
------ ------ ---- ----- ------
------ ------ ---- ----- ------
<CAPTION>
Eliminations
e prime and e prime, inc.
operating, inc. reclassifications (consolidated)
--------------- ----------------- --------------
<S> <C> <C> <C>
Operating activities:
Net income (643) 1,793 (3,056)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 1,335
Amortization of investment tax credits -
Deferred income taxes (26)
Write-off of investment in cogeneration
projects -
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiaries (1,792) -
Allowance for equity funds used during
construction -
Change in accounts receivable 669 4,467 (4,614)
Change in inventories (157)
Change in other current assets 1 (12)
Change in accounts payable 399 (2,467) 7,529
Change in other current liabilities (425) (1) 3,598
Change in deferred amounts 11 1,167
Change in noncurrent liabilities -
Other (439) (943)
---- ------ ------
Net cash provided by operating
activities - 1,573 4,821
Investing activities:
Construction expenditures (745)
Allowance for equity funds used during
construction -
Proceeds from disposition of property,
plant and equipment -
Payment for purchase of companies,
net of cash acquired -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE/other
affiliated companies -
Purchase of other investments (1,101) 1,459
Sale of other investments -
---- ------ ------
Net cash used in investing
activities - (1,101) 714
Financing activities:
Proceeds from sale of common stock -
Contribution of capital by NCE -
Proceeds from sale of long-term notes
and bonds (50)
Proceed from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS -
Redemption of long-term notes and bonds -
Short-term borrowings - net (2,000) 500
Retirement of preferred stock of
subsidiaries -
Dividends on common stock 1,527 -
Dividends on preferred stock -
---- ------ ------
Net cash provided by (used in)
financing activities - (473) 450
---- ------ ------
Net increase in cash and temporary cash
investments - (1) 5,985
Cash and temporary cash investments
at beginning of year 1 190
---- ------ ------
Cash and temporary cash investments
at end of year - - 6,175
---- ------ ------
---- ------ ------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Quixx Corporation Quixx Power Quixx Jamaica, Inc. Quixx
(parent) Services, Inc. (consolidated) Resources, Inc.
----------------- -------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Operating activities:
Net income (1,410) 45 351 (1)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 67 1,440
Amortization of investment tax credits
Deferred income taxes 9,795 (1) (462) (10)
Write-off of investments in cogeneration
projects 2,487
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries (277)
Allowance for equity funds used during
construction
Change in accounts receivable (689) (6) (6) 3
Change in inventories (60)
Change in other current assets 4 1 108 6
Change in accounts payable 428 17 29
Change in other current liabilities 58 17 360
Change in deferred amounts (33)
Change in noncurrent liabilities
Other (22)
----------------- -------------- ------------------- ---------------
Net cash provided by operating activities 10,348 73 1,820 (2)
Investing activities:
Construction expenditures (8)
Allowance for equity funds used during
construction
Proceeds from disposition of property, plant
and equipment
Payment for purchase of companies, net of cash
acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments (14,958) (1,850) 9
Sale of other investments 1,500
----------------- -------------- ------------------- ---------------
Net cash used in investing activities (13,466) - (1,850) 9
Financing activities:
Proceeds from sale of common stock
Contribution of capital by NCE
Proceeds from sale of long-term notes
and bonds
Proceeds from sale of SPS obligated mandatorily
redeembale preferred securities of subsidiary
trust holding solely subordinated debentures
of SPS
Redemption of long-term notes and bonds (56)
Short-term borrowings - net
Retirement of preferred stock of subsidiaries
Dividends on common stock
Dividends on preferred stock
----------------- -------------- ------------------- ---------------
Net cash provided by (used in) financing
activities (56) - - -
----------------- -------------- ------------------- ---------------
Net increase in cash and temporary cash
investments (3,174) 73 (30) 7
Cash and temporary cash investments at
beginning of year 6,770 81 1,350 1
----------------- -------------- ------------------- ---------------
Cash and temporary cash investments at end
of year 3,596 154 1,320 8
----------------- -------------- ------------------- ---------------
----------------- -------------- ------------------- ---------------
<CAPTION>
Eliminations
Quixx and Quixx Corporation
Louisville, L.L.C. Reclassifications (consolidated)
------------------ ----------------- -----------------
<S> <C> <C> <C>
Operating activities:
Net income 290 (685) (1,410)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 92 1 1,600
Amortization of investment tax credits
Deferred income taxes (3) 9,319
Write-off of investments in cogeneration
projects 2,487
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries 695 418
Allowance for equity funds used during
construction -
Change in accounts receivable 15 251 (432)
Change in inventories (60)
Change in other current assets (2) (4) 113
Change in accounts payable (167) 307
Change in other current liabilities (186) 249
Change in deferred amounts (8) 8 (33)
Change in noncurrent liabilities -
Other 30 8
------------------ ----------------- -----------------
Net cash provided by operating activities 387 (60) 12,566
Investing activities:
Construction expenditures (222) (230)
Allowance for equity funds used during
construction -
Proceeds from disposition of property, plant
and equipment -
Payment for purchase of companies, net of cash
acquired -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE -
Purchase of other investments (316) 284 (16,831)
Sale of other investments 1,500
------------------ ----------------- -----------------
Net cash used in investing activities (316) 62 (15,561)
Financing activities:
Proceeds from sale of common stock -
Contribution of capital by NCE -
Proceeds from sale of long-term notes
and bonds -
Proceeds from sale of SPS obligated mandatorily
redeembale preferred securities of subsidiary -
trust holding solely subordinated debentures
of SPS -
Redemption of long-term notes and bonds (56)
Short-term borrowings - net -
Retirement of preferred stock of subsidiaries -
Dividends on common stock -
Dividends on preferred stock -
------------------ ----------------- -----------------
Net cash provided by (used in) financing
activities - - (56)
------------------ ----------------- -----------------
Net increase in cash and temporary cash
investments 71 2 (3,051)
Cash and temporary cash investments at
beginning of year 122 8,324
------------------ ----------------- -----------------
Cash and temporary cash investments at end
of year 193 2 5,273
------------------ ----------------- -----------------
------------------ ----------------- -----------------
</TABLE>
Page 1
<PAGE>
QUIXX JAMAICA, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 1, 1997 THROUGH JULY 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
Quixx Jamaica, Inc. KES and Quixx Jamaica, Inc.
(parent) Jamaica, Inc. reclassifications (consolidated)
------------------- ------------- ----------------- -------------------
<S> <C> <C> <C> <C>
Operating activities:
Net income 359 720 (728) 351
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 139 1,301 1,440
Amortization of investment tax credits -
Deferred income taxes (462) (462)
Write-off of investments in cogeneration projects -
Equity in earnings of unconsolidated
subsidiaries, net (690) 690 -
Allowance for equity funds used during construction -
Change in accounts receivable (5) (1) (6)
Change in inventories -
Change in other current assets 108 108
Change in accounts payable 29 29
Change in other current liabilities 335 (13) 38 360
Change in deferred amounts -
Other -
------------------- ------------- ----------------- -------------------
Net cash provided by operating activities (319) 2,140 (1) 1,820
Investing activities:
Construction expenditures -
Allowance for equity funds used during construction -
Proceed from disposition of property, plant
and equipment -
Payment for purchase of companies, net of cash
acquired 2,169 (2,169) -
Investment in Yorkshire Power -
Transfer of subsidiaries to NCE -
Purchase of other investments (1,850) (2,169) 2,169 (1,850)
Sale of other investments -
------------------- ------------- ----------------- -------------------
Net cash used in investing activities 319 (2,169) - (1,850)
Financing activities:
Proceeds from sale of common stock -
Contribution of capital by NCE -
Proceeds from sale of long-term notes and bonds -
Proceeds from sale of SPS obligated mandatorily
redeemable preferred securities of subsidiary trust
holding solely subordinated debentures of SPS -
Redemption of long-term notes and bonds -
Short-term borrowings - net -
Retirement of preferred stock of subsidiaries -
Dividends on common stock -
Dividends on preferred stock -
------------------- ------------- ----------------- -------------------
Net cash provided by (used in) financing
activities - - - -
------------------- ------------- ----------------- -------------------
Net increase in cash and temporary cash
investments - (29) (1) (30)
Cash and temporary cash investments at
beginning of year 6 1,344 1,350
------------------- ------------- ----------------- -------------------
Cash and temporary cash investments at
end of year 6 1,315 (1) 1,320
------------------- ------------- ----------------- -------------------
------------------- ------------- ----------------- -------------------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD AUGUST 1, 1997 THROUGH DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Utility Vista Universal Utility
Engineering Environmental Precision Utility Eliminations Engineering
Corporation Services Co., Resource Services and Corporation
(parent) L.L.C. Company Company reclassification (consolidated)
----------- ------------- --------- --------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Operating activities:
Net income 1,476 (36) 118 157 (239) 1,476
Adjustments to reconcile net income to net
cash provided by operating activities:
Extraordianry item - U.K. windfall tax
Depreciation and amortization 69 1 36 46 152
Amortization of investment tax credits 99 99
Deferred income taxes 117 (9) (8) (100)
Write-off of investments in
cogeneration projects
Equity in earnings of Yorkshire Power
and other unconsolidated subsidiarie (239) 239
Allowance for equity funds used during
construction
Change in accounts receivable (15,285) 223 62 (1,958) 1,305 (15,653)
Change in inventories (114) (114)
Change in other current assets (768) 18 (10) 140 1 (619)
Change in accounts payable 6,627 (12) 57 1,061 (102) 7,631
Change in other current liabilities 300 (59) (2) 252 491
Change in deferred amounts 195 105 (230) (1) 69
Change in noncurrent liabilities 31 31
Other (17) 17
------- ------- ------ ------ ------ -------
Net cash provided by operating
activities (7,477) 222 217 (664) 1,265 (6,437)
Investing activities:
Construction expenditures (1) (8) (410) (419)
Allowance for equity funds used during
construction
Proceeds from disposition of property,
plant and equipment 666 22 363 1,051
Payment for purchase of companies, net of
cash acquired
Investment in Yorkshire Power
Transfer of subsidiaries to NCE
Purchase of other investments 571 (571)
Sale of other investments
------- ------- ------ ------ ------ -------
Net cash used in investing activities 1,237 22 (1) (8) (618) 632
Financing activities:
Proceeds from sale of common stock (175) (329) 504
Contribution of capital by NCE
Proceeds from sale of long-term notes and
bonds
Proceeds from sale of SPS obligated
mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS
Redemption of long-term notes and bonds
Short-term borrowings - net (100) 479 500 (979) (100)
Retirement of preferred stock of
subsidiaries
Dividends on common stock
Dividends on preferred stock
------- ------- ------ ------ ------ -------
Net cash provided by (used in)
financing activities - (275) 150 500 (475) (100)
------- ------- ------ ------ ------ -------
Net increase in cash and temporary
cash investments (6,240) (31) 366 (172) 172 (5,905)
Cash and temporary cash investments
at beginning of year 20,489 31 (4) 728 21,244
------- ------- ------ ------ ------ -------
Cash and temporary cash investments
at end of year 14,249 - 362 556 172 15,339
------- ------- ------ ------ ------ -------
------- ------- ------ ------ ------ -------
</TABLE>
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
ASSETS
New Century Public Service Southwestern
Energies, Inc. Company of Colorado Public Service
(holding company) (consolidated) Company
------------------- ------------------- --------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric 4,088,447 2,557,579
Gas 1,100,003
Steam and other 78,740
Common to all departments 432,840
Construction in progress 170,503 144,452
------------------- ------------------- --------------
- 5,870,533 2,702,031
Less: accumulated depreciation 2,145,673 987,487
------------------- ------------------- --------------
Total property, plant and equipment - 3,724,860 1,714,544
------------------- ------------------- --------------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated subsidiaries 2,365,315 286,703
Other 2,000 43,311 124,868
------------------- ------------------- --------------
Total investments 2,367,315 330,014 124,868
------------------- ------------------- --------------
Current assets:
Cash and temporary cash investments 13,137 18,909 986
Accounts receivable, less reserve for uncollectible accounts 122 183,063 96,548
Accrued unbilled revenues 94,284 15,468
Recoverable purchased gas and electric energy costs - net 103,197 23,086
Materials and supplies, at average cost 48,030 16,337
Fuel inventory, at average cost 20,862 2,301
Gas in underground storage, at cost (LIFO) 46,576
Prepaid expenses and other 131,536 47,686 3,367
------------------- ------------------- --------------
Total current assets 144,795 562,607 158,093
------------------- ------------------- --------------
Deferred charges:
Regulatory assets 310,658 119,244
Unamortized debt expense 10,800 9,395
Other 55,794 55,349
------------------- ------------------- --------------
Total deferred charges - 377,252 183,988
------------------- ------------------- --------------
2,512,110 4,994,733 2,181,493
------------------- ------------------- --------------
------------------- ------------------- --------------
<CAPTION>
NC
New Century Enterprises, Inc. Cheyenne Light,
Services, Inc. (consolidated) Fuel & Power Co.
------------------- ------------------- ----------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric 57,939
Gas 5,841 30,387
Steam and other 41,538 12
Common to all departments 4,144
Construction in progress 9 353 2,806
------------------- ------------------- ----------------
9 47,732 95,288
Less: accumulated depreciation 18,949 30,549
------------------- ------------------- ----------------
Total property, plant and equipment 9 28,783 64,739
------------------- ------------------- ----------------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated subsidiaries 8,613
Other 22,258 11
------------------- ------------------- ----------------
Total investments - 30,871 11
------------------- ------------------- ----------------
Current assets:
Cash and temporary cash investments 10,594 27,450 1,230
Accounts receivable, less reserve for uncollectible accounts 867 49,947 7,393
Accrued unbilled revenues 1,126
Recoverable purchased gas and electric energy costs - net 3,010
Materials and supplies, at average cost 3,260 784
Fuel inventory, at average cost
Gas in underground storage, at cost (LIFO) 818
Prepaid expenses and other 154,921 57,668 (210)
------------------- ------------------- ----------------
Total current assets 166,382 138,325 14,151
------------------- ------------------- ----------------
Deferred charges:
Regulatory assets 573
Unamortized debt expense 638
Other 3,603 19,461 495
------------------- ------------------- ----------------
Total deferred charges 3,603 19,461 1,706
------------------- ------------------- ----------------
169,994 217,440 80,607
------------------- ------------------- ----------------
------------------- ------------------- ----------------
<CAPTION>
Eliminations New Century
WestGas and Energies, Inc.
Interstate, Inc. reclassifications (consolidated)
------------------- ------------------- ----------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric (102) 6,703,863
Gas 1,136,231
Steam and other 32 120,322
Common to all departments 652 437,636
Construction in progress 1 318,124
------------------- ------------------- ----------------
652 (69) 8,716,176
Less: accumulated depreciation 142 3,182,800
------------------- ------------------- ----------------
Total property, plant and equipment 510 (69) 5,533,376
------------------- ------------------- ----------------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated subsidiaries (2,365,315) 295,316
Other (121,037) 71,411
------------------- ------------------- ----------------
Total investments - (2,486,352) 366,727
------------------- ------------------- ----------------
Current assets:
Cash and temporary cash investments 317 72,623
Accounts receivable, less reserve for uncollectible accounts 6 (22,407) 315,539
Accrued unbilled revenues (1) 110,877
Recoverable purchased gas and electric energy costs - net (1) 129,292
Materials and supplies, at average cost 68,411
Fuel inventory, at average cost (1) 23,162
Gas in underground storage, at cost (LIFO) 47,394
Prepaid expenses and other (338,100) 56,868
------------------- ------------------- ----------------
Total current assets 323 (360,510) 824,166
------------------- ------------------- ----------------
Deferred charges:
Regulatory assets 430,475
Unamortized debt expense 20,833
Other 1 1 134,704
------------------- ------------------- ----------------
Total deferred charges 1 1 586,012
------------------- ------------------- ----------------
834 (2,846,930) 7,310,281
------------------- ------------------- ----------------
------------------- ------------------- ----------------
</TABLE>
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
CAPITAL AND LIABILITIES
New Century
Energies, Inc. Public Service
(holding Company of Colorado Public Service
company) (consolidated) Company
-------------- ------------------- --------------
<S> <C> <C> <C>
Common stock 1,694,195 1,302,119 348,402
Retained earnings 659,050 319,280 349,988
---------- ---------- ---------
Total common equity 2,353,245 1,621,399 698,390
Preferred stock of subsidiaries:
Not subject to mandatory redemption 140,002
Subject to mandatory redemption, at par 39,253
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS 100,000
Long-term debt of subsidiaries 1,338,138 620,598
---------- ---------- ---------
2,353,245 3,138,792 1,418,988
---------- ---------- ---------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 58,695 3,800
Employees' postemployment benefits 25,031 2,446
---------- ---------- ---------
Total noncurrent liabilities - 83,726 6,246
---------- ---------- ---------
Current liabilities:
Notes payable and commercial paper 97,500 348,555 179,404
Long-term debt due within one year 257,160 173
Preferred stock subject to mandatory redemption within one year 2,576
Accounts payable 641 189,998 107,465
Dividends payable 65,367 40,975 22,546
Customers' deposits 21,888 5,471
Accrued taxes (1,021) 42,549 28,051
Accrued interest 269 39,177 12,715
Current portion of accumulated deferred income taxes 19,872 10,740
Other (3,985) 88,655 7,415
---------- ---------- ---------
Total current liabilities 158,771 1,051,405 373,980
---------- ---------- ---------
Deferred credits:
Customers' advances for construction 51,830 385
Unamortized investment tax credits 99,355 5,469
Accumulated deferred income taxes 534,246 372,447
Other 94 35,379 3,978
---------- ---------- ---------
Total deferred credits 94 720,810 382,279
---------- ---------- ---------
2,512,110 4,994,733 2,181,493
---------- ---------- ---------
---------- ---------- ---------
<CAPTION>
NC
New Century Enterprises, Inc. Cheyenne Light,
Services, Inc. (consolidated) Fuel & Power Co.
-------------- ----------------- ----------------
<S> <C> <C> <C>
Common stock 1 31,366 3,000
Retained earnings (6,824) 17,312
-------- -------- -------
Total common equity 1 24,542 20,312
Preferred stock of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption, at par
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Long-term debt of subsidiaries 219 29,000
-------- -------- -------
1 24,761 49,312
-------- -------- -------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 47 173
Employees' postemployment benefits 475
-------- -------- -------
Total noncurrent liabilities - 47 648
-------- -------- -------
Current liabilities:
Notes payable and commercial paper 45,950 130,536 15,100
Long-term debt due within one year 136
Preferred stock subject to mandatory redemption within one year
Accounts payable (3,315) 39,332 5,648
Dividends payable
Customers' deposits 362 272
Accrued taxes (1,907) (1,439) 342
Accrued interest 455
Current portion of accumulated deferred income taxes (3,431) 209
Other 126,933 17,986 1,322
-------- -------- -------
Total current liabilities 167,661 183,482 23,348
-------- -------- -------
Deferred credits:
Customers' advances for construction 826
Unamortized investment tax credits 1,323
Accumulated deferred income taxes 1,889 8,591 5,094
Other 443 559 55
-------- -------- -------
Total deferred credits 2,332 9,150 7,298
-------- -------- -------
169,994 217,440 80,606
-------- -------- -------
-------- -------- -------
<CAPTION>
WestGas Eliminations New Century
Interstate, and Energies, Inc.
Inc. reclassifications (consolidated)
----------- ----------------- ---------------
<S> <C> <C> <C>
Common stock 600 (1,685,488) 1,694,195
Retained earnings 141 (679,897) 659,050
---- ----------- ----------
Total common equity 741 (2,365,385) 2,353,245
Preferred stock of subsidiaries:
Not subject to mandatory redemption 140,002
Subject to mandatory redemption, at par 39,253
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS 100,000
Long-term debt of subsidiaries 1,987,955
---- ----------- ----------
741 (2,365,385) 4,620,455
---- ----------- ----------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 1 62,716
Employees' postemployment benefits 1 27,953
---- ----------- ----------
Total noncurrent liabilities - 2 90,669
---- ----------- ----------
Current liabilities:
Notes payable and commercial paper (228,702) 588,343
Long-term debt due within one year 257,469
Preferred stock subject to mandatory redemption within one year 2,576
Accounts payable (41,300) 298,469
Dividends payable (60,592) 68,296
Customers' deposits 27,993
Accrued taxes 13 (1) 66,587
Accrued interest (1) 52,615
Current portion of accumulated deferred income taxes 1 27,391
Other 5 (150,951) 87,380
---- ----------- ----------
Total current liabilities 18 (481,546) 1,477,119
---- ----------- ----------
Deferred credits:
Customers' advances for construction 53,041
Unamortized investment tax credits 106,147
Accumulated deferred income taxes 75 (1) 922,341
Other 1 40,509
---- ----------- ----------
Total deferred credits 75 - 1,122,038
---- ----------- ----------
834 (2,846,929) 7,310,281
---- ----------- ----------
---- ----------- ----------
</TABLE>
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
ASSETS
<TABLE>
<CAPTION>
Public Service
Company of Colorado 1480 Welton, PSR Investments,
(parent) Inc. Inc.
------------------- ------------ ----------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric 4,088,422
Gas 1,099,972
Steam and other 77,053 1,610
Common to all departments 377,735 55,105
Construction in progress 170,503
---------- ------ -----
5,813,685 56,715 --
Less: accumulated depreciation 2,128,671 16,986
---------- ------ -----
Total property, plant and equipment 3,685,014 39,729 --
---------- ------ -----
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated subsidiaries 330,182
Other 25,631 3,140
---------- ------ -----
Total investments 355,813 -- 3,140
---------- ------ -----
Current assets:
Cash and temporary cash investments 15,556 265 1,554
Accounts receivable, less reserve for uncollectible accounts (12,542) 17 6
Accrued unbilled revenues 94,284
Recoverable purchased gas and electric energy costs - net 103,197
Materials and supplies, at average cost 48,030
Fuel inventory, at average cost 20,862
Gas in underground storage, at cost (LIFO) 46,576
Prepaid expenses and other 52,147 12,514 507
---------- ------ -----
Total current assets 368,110 12,796 2,067
---------- ------ -----
Deferred charges:
Regulatory assets 310,658
Unamortized debt expense 9,967 683
Other 55,794
---------- ------ -----
Total deferred charges 376,419 683 -
---------- ------ -----
4,785,356 53,208 5,207
---------- ------ -----
---------- ------ -----
</TABLE>
<TABLE>
<CAPTION>
PS Colorado New Century
Credit International, Green and Clear
Corporation Inc. Lakes Company
----------- ----------- ---------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric 25
Gas
Steam and other
Common to all departments
Construction in progress
----------- ----------- ---
Less: accumulated depreciation 25
----------- ----------- ---
Total property, plant and equipment -- -- 25
----------- ----------- ---
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated subsidiaries 286,703
Other 14,539
----------- ----------- ---
Total investments -- 301,242 --
----------- ----------- ---
Current assets:
Cash and temporary cash investments 167
Accounts receivable, less reserve for uncollectible accounts 196,805
Accrued unbilled revenues
Recoverable purchased gas and electric energy costs - net
Materials and supplies, at average cost
Fuel inventory, at average cost 20,799
Gas in underground storage, at cost (LIFO)
Prepaid expenses and other 138 186
----------- ----------- ---
Total current assets 217,909 186 --
----------- ----------- ---
Deferred charges:
Regulatory assets
Unamortized debt expense 150
Other
----------- ----------- ---
Total deferred charges 150 -- --
----------- ----------- ---
218,059 301,428 25
----------- ----------- ---
----------- ----------- ---
</TABLE>
<TABLE>
<CAPTION>
Fuel Resources
Development Co. Eliminations Public Service
(a dissolved and Company of Colorado
Colorado Corp.) reclassifications (consolidated)
--------------- ----------------- -------------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric 4,088,447
Gas 31 1,100,003
Steam and other 77 78,740
Common to all departments 432,840
Construction in progress 170,503
----- -------- ----------
31 77 5,870,533
Less: accumulated depreciation 15 1 2,145,673
----- -------- ----------
Total property, plant and equipment 16 76 3,724,860
----- -------- ----------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated subsidiaries (330,182) 286,703
Other 1 43,311
----- -------- ----------
Total investments -- (330,181) 330,014
----- -------- ----------
Current assets:
Cash and temporary cash investments 1,367 18,909
Accounts receivable, less reserve for uncollectible accounts 43 (1,266) 183,063
Accrued unbilled revenues 94,284
Recoverable purchased gas and electric energy costs - net 103,197
Materials and supplies, at average cost 48,030
Fuel inventory, at average cost (20,799) 20,862
Gas in underground storage, at cost (LIFO) 46,576
Prepaid expenses and other 178 (17,984) 47,686
----- -------- ----------
Total current assets 1,588 (40,049) 562,607
----- -------- ----------
Deferred charges:
Regulatory assets 310,658
Unamortized debt expense 10,800
Other 55,794
----- -------- ----------
Total deferred charges -- -- 377,252
----- -------- ----------
1,604 (370,154) 4,994,733
----- -------- ----------
----- -------- ----------
</TABLE>
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
CAPITAL AND LIABILITIES
Public Service
Company of Colorado 1480 Welton, PSR Investments,
(parent) Inc. Inc.
------------------- ------------ ----------------
<S> <C> <C> <C>
Common stock 1,302,119 7,506 3,632
Retained earnings 319,280 1,120 698
---------- ------- ------
Total common equity 1,621,399 8,626 4,330
Preferred stock of subsidiaries:
Not subject to mandatory redemption 140,002
Subject to mandatory redemption, at par 39,253
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Long-term debt of subsidiaries 1,307,352 30,786
---------- ------- ------
3,108,006 39,412 4,330
---------- ------- ------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 58,696
Employees' postemployment benefits 25,031
---------- ------- ------
Total noncurrent liabilities 83,727 - -
---------- ------- ------
Current liabilities:
Notes payable and commercial paper 261,566
Long-term debt due within one year 156,791 369
Preferred stock subject to mandatory redemption within one year 2,576
Accounts payable 189,987
Dividends payable 40,975
Customers' deposits 21,888
Accrued taxes 45,508 50 (617)
Accrued interest 37,693 344
Current portion of accumulated deferred income taxes 19,877 (5)
Other 108,501 245 1,494
---------- ------- ------
Total current liabilities 885,362 1,003 877
---------- ------- ------
Deferred credits:
Customers' advances for construction 51,830
Unamortized investment tax credits 98,468 886
Accumulated deferred income taxes 522,592 11,907
Other 35,371
---------- ------- ------
Total deferred credits 708,261 12,793 -
---------- ------- ------
4,785,356 53,208 5,207
---------- ------- ------
---------- ------- ------
<CAPTION>
PS Colorado New Century
Credit International, Green and Clear
Corporation Inc. Lakes Company
----------- -------------- ---------------
<S> <C> <C> <C>
Common stock 26,112 364,440 25
Retained earnings (74,619)
-------- -------- -------
Total common equity 26,112 289,821 25
Preferred stock of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption, at par
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Long-term debt of subsidiaries
-------- -------- -------
26,112 289,821 25
-------- -------- -------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions
Employees' postemployment benefits
-------- -------- -------
Total noncurrent liabilities - - -
-------- -------- -------
Current liabilities:
Notes payable and commercial paper 87,100 11,956
Long-term debt due within one year 100,000
Preferred stock subject to mandatory redemption within one year
Accounts payable
Dividends payable
Customers' deposits
Accrued taxes 35 (1,186)
Accrued interest 1,140
Current portion of accumulated deferred income taxes
Other 3,672 837
-------- -------- -------
Total current liabilities 191,947 11,607 -
-------- -------- -------
Deferred credits:
Customers' advances for construction
Unamortized investment tax credits
Accumulated deferred income taxes
Other
-------- -------- -------
Total deferred credits - - -
-------- -------- -------
218,059 301,428 25
-------- -------- -------
-------- -------- -------
<CAPTION>
Fuel Resources
Development Co. Eliminations Public Service
(a dissolved and Company of Colorado
Colorado Corp.) reclassifications (consolidated)
---------------- ----------------- -------------------
<S> <C> <C> <C>
Common stock 43,650 (445,365) 1,302,119
Retained earnings (42,459) 115,260 319,280
-------- --------- ----------
Total common equity 1,191 (330,105) 1,621,399
Preferred stock of subsidiaries:
Not subject to mandatory redemption 140,002
Subject to mandatory redemption, at par 39,253
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS -
Long-term debt of subsidiaries 1,338,138
-------- --------- ----------
1,191 (330,105) 3,138,792
-------- --------- ----------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions (1) 58,695
Employees' postemployment benefits 25,031
-------- --------- ----------
Total noncurrent liabilities - (1) 83,726
-------- --------- ----------
Current liabilities:
Notes payable and commercial paper (12,067) 348,555
Long-term debt due within one year 257,160
Preferred stock subject to mandatory redemption within one year 2,576
Accounts payable 1,277 (1,266) 189,998
Dividends payable 40,975
Customers' deposits 21,888
Accrued taxes (1,241) 42,549
Accrued interest 39,177
Current portion of accumulated deferred income taxes 19,872
Other 620 (26,714) 88,655
-------- --------- ----------
Total current liabilities 656 (40,047) 1,051,405
-------- --------- ----------
Deferred credits:
Customers' advances for construction 51,830
Unamortized investment tax credits 1 99,355
Accumulated deferred income taxes (253) 534,246
Other 10 (2) 35,379
-------- --------- ----------
Total deferred credits (243) (1) 720,810
-------- --------- ----------
1,604 (370,154) 4,994,733
-------- --------- ----------
-------- --------- ----------
</TABLE>
<PAGE>
NC ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
ASSETS
<TABLE>
<CAPTION>
Utility Engineering
NC Enterprises, Inc. e prime, inc. Quixx Corporation Corporation
(parent) (consolidated) (consolidated) (consolidated)
-------------------- -------------- ----------------- -------------------
<S> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric
Gas
Steam and other 4,403 24,716 12,419
Common to all departments
Construction in progress 354
------- ------ ------ ------
- 4,403 25,070 12,419
Less: accumulated depreciation 550 12,082 4,617
------- ------ ------ ------
Total property, plant and equipment - 3,853 12,988 7,802
------- ------ ------ ------
Investments, at cost:
Investment in Yorkshire Power and
other unconsolidated subsidiaries 146,873 8,613
Other 1,077 19,349
------- ------ ------ ------
Total investments 146,873 9,690 19,349 -
------- ------ ------ ------
Current assets:
Cash and temporary cash investments 6,175 5,273 15,339
Accounts receivable, less reserve for
uncollectible accounts 37,752 4,209 4,308
Accrued unbilled revenues
Recoverable purchased gas and electric
energy costs - net
Materials and supplies, at average
cost 495 503 829
Fuel inventory, at average cost
Gas in underground storage, at cost
(LIFO)
Prepaid expenses and other 1,394 257 29,388 26,608
------- ------ ------ ------
Total current assets 1,394 44,679 39,373 47,084
------- ------ ------ ------
Deferred charges:
Regulatory assets
Unamortized debt expense
Other 15,258 3,666 575
------- ------ ------ ------
Total deferred charges - 15,258 3,666 575
------- ------ ------ ------
148,267 73,480 75,376 55,461
------- ------ ------ ------
------- ------ ------ ------
</TABLE>
<TABLE>
<CAPTION>
New Eliminations
Natural Fuels Century and NC Enterprises, Inc.
Corporation Cadence, Inc. reclassifications (consolidated)
-------------- ------------- ----------------- --------------------
<S> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric
Gas 5,841 5,841
Steam and other 41,538
Common to all departments -
Construction in progress (1) 353
------- ----- -------- -------
5,841 - (1) 47,732
Less: accumulated depreciation 1,700 18,949
------- ----- -------- -------
Total property, plant and equipment 4,141 - (1) 28,783
------- ----- -------- -------
Investments, at cost:
Investment in Yorkshire Power and
other unconsolidated subsidiaries (146,873) 8,613
Other 580 1,252 22,258
------- ----- -------- -------
Total investments 580 1,252 (146,873) 30,871
------- ----- -------- -------
Current assets:
Cash and temporary cash investments 663 27,450
Accounts receivable, less reserve for
uncollectible accounts 3,335 342 1 49,947
Accrued unbilled revenues -
Recoverable purchased gas and electric
energy costs - net -
Materials and supplies, at average
cost 1,434 (1) 3,260
Fuel inventory, at average cost -
Gas in underground storage, at cost
(LIFO) -
Prepaid expenses and other 88 (8) (59) 57,668
------- ----- -------- -------
Total current assets 5,520 334 (59) 138,325
------- ----- -------- -------
Deferred charges:
Regulatory assets -
Unamortized debt expense -
Other (38) 19,461
------- ----- -------- -------
Total deferred charges (38) - - 19,461
------- ----- -------- -------
10,203 1,586 (146,933) 217,440
------- ----- -------- -------
------- ----- -------- -------
</TABLE>
<PAGE>
NC ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
CAPITAL AND LIABILITIES
<TABLE>
<CAPTION>
Utility Engineering
NC Enterprises, Inc. e prime, inc. Quixx Corporation Corporation
(parent) (consolidated) (consolidated) (consolidated)
-------------------- -------------- ----------------- -------------------
<S> <C> <C> <C> <C>
Common stock 31,366 27,199 84,718 11,463
Retained earnings (6,824) (6,110) (7,644) 30,565
------- ------ ------ ------
Total common equity 24,542 21,089 77,074 42,028
Preferred stock of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption, at
par
SPS obligated mandatorily redeemable
preferred securities of subsidiary
trust holding solely subordinated
debentures of SPS
Long-term debt of subsidiaries 180
------- ------ ------ ------
24,542 21,269 77,074 42,028
------- ------ ------ ------
Noncurrent liabilities:
Employees' postretirement benefits
other than pensions 16 31
Employees' postemployment benefits
------- ------ ------ ------
Total noncurrent liabilities - - 16 31
------- ------ ------ ------
Current liabilities:
Notes payable and commercial paper 119,036 9,500
Long-term debt due within one year 102
Preferred stock subject to mandatory
redemption within one year
Accounts payable 31,181 113 7,515
Dividends payable -
Customers' deposits 351 11
Accrued taxes (86) 824 (982) (594)
Accrued interest
Current portion of accumulated
deferred income taxes (3,405)
Other 4,775 4,067 1,442 5,669
------- ------ ------ ------
Total current liabilities 123,725 46,025 (2,832) 12,601
------- ------ ------ ------
Deferred credits:
Customers' advances for construction
Unamortized investment tax credits
Accumulated deferred income taxes 6,186 992 669
Other 126 132
------- ------ ------ ------
Total deferred credits - 6,186 1,118 801
------- ------ ------ ------
148,267 73,480 75,376 55,461
------- ------ ------ ------
------- ------ ------ ------
</TABLE>
<TABLE>
<CAPTION>
New Eliminations
Natural Fuels Century and NC Enterprises, Inc.
Corporation Cadence, Inc. reclassifications (consolidated)
-------------- ------------- ----------------- --------------------
<S> <C> <C> <C> <C>
Common stock 15,680 2,819 (141,879) 31,366
Retained earnings (10,366) (968) (5,477) (6,824)
------- ----- -------- -------
Total common equity 5,314 1,851 (147,356) 24,542
Preferred stock of subsidiaries:
Not subject to mandatory redemption -
Subject to mandatory redemption, at
par -
SPS obligated mandatorily redeemable
preferred securities of subsidiary
trust holding solely subordinated
debentures of SPS -
Long-term debt of subsidiaries 39 219
------- ----- -------- -------
5,353 1,851 (147,356) 24,761
------- ----- -------- -------
Noncurrent liabilities:
Employees' postretirement benefits
other than pensions 47
Employees' postemployment benefits -
------- ----- -------- -------
Total noncurrent liabilities - - - 47
------- ----- -------- -------
Current liabilities:
Notes payable and commercial paper 2,000 130,536
Long-term debt due within one year 34 136
Preferred stock subject to mandatory
redemption within one year -
Accounts payable 522 1 39,332
Dividends payable -
Customers' deposits 362
Accrued taxes (600) (1) (1,439)
Accrued interest -
Current portion of accumulated
deferred income taxes (26) (3,431)
Other 1,268 335 430 17,986
------- ----- -------- -------
Total current liabilities 3,798 (265) 430 183,482
------- ----- -------- -------
Deferred credits:
Customers' advances for construction -
Unamortized investment tax credits -
Accumulated deferred income taxes 744 8,591
Other 308 (7) 559
------- ----- -------- -------
Total deferred credits 1,052 - (7) 9,150
------- ----- -------- -------
10,203 1,586 (146,933) 217,440
------- ----- -------- -------
------- ----- -------- -------
</TABLE>
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
ASSETS
<TABLE>
<CAPTION>
YOUNG GAS
E PRIME, INC. TEXAS-OHIO TEXAS-OHIO STORAGE
(PARENT) GAS, INC. PIPELINE, INC. COMPANY
------------- ----------- -------------- --------
<S> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric
Gas
Steam and other 4,403
Common to all departments (2,436) 329 2,107
Construction in progress
------------- ----------- -------------- --------
1,967 329 2,107 -
Less: accumulated depreciation 318 37 195
------------- ----------- -------------- --------
Total property, plant and equipment 1,649 292 1,912 -
------------- ----------- -------------- --------
Investments, at cost:
Investment in Yorkshire Power and other
unconsolidated subsidiaries 19,095 6,991
Other 1,077
------------- ----------- -------------- --------
Total investments 20,172 - - 6,991
------------- ----------- -------------- --------
Current assets:
Cash and temporary cash investments 2,709 3,368 98
Accounts receivable, less reserve for uncollectible
accounts 13,688 23,822
Accrued unbilled revenues
Recoverable purchased gas and electric energy costs
- net
Materials and supplies, at average cost 495
Fuel inventory, at average cost
Gas in underground storage, at cost (LIFO)
Prepaid expenses and other 7,661 50 565 66
------------- ----------- -------------- --------
Total current assets 24,058 27,735 663 66
------------- ----------- -------------- --------
Deferred charges:
Regulatory assets
Unamortized debt expense
Other 461 14,267 530
------------- ----------- -------------- --------
Total deferred charges 461 14,267 - 530
------------- ----------- -------------- --------
46,340 42,294 2,575 7,587
------------- ----------- -------------- --------
------------- ----------- -------------- --------
ASSETS
<CAPTION>
ELIMINATIONS
E PRIME PROJECTS E PRIME AND E PRIME INC.
INTERNATIONAL, INC. OPERATING, INC. RECLASSIFICATIONS (CONSOLIDATED)
------------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric -
Gas -
Steam and other 4,403
Common to all departments -
Construction in progress -
------------------- --------------- ----------------- --------------
- - - 4,403
Less: accumulated depreciation 550
------------------- --------------- ----------------- --------------
Total property, plant and equipment - - - 3,853
------------------- --------------- ----------------- --------------
Investments, at cost:
Investment in Yorkshire Power and other
unconsolidated subsidiaries (17,473) 8,613
Other 1,077
------------------- --------------- ----------------- --------------
Total investments - - (17,473) 9,690
------------------- --------------- ----------------- --------------
Current assets:
Cash and temporary cash investments 6,175
Accounts receivable, less reserve for uncollectible
accounts 42 37,752
Accrued unbilled revenues -
Recoverable purchased gas and electric energy costs
- net -
Materials and supplies, at average cost 495
Fuel inventory, at average cost --
Gas in underground storage, at cost (LIFO) --
Prepaid expenses and other 2,893 (10,978) 257
------------------- --------------- ----------------- --------------
Total current assets 2,893 242 (10,978) 44,679
------------------- --------------- ----------------- --------------
Deferred charges:
Regulatory assets --
Unamortized debt expense --
Other 15,258
------------------- --------------- ----------------- --------------
Total deferred charges - - - 15,258
------------------- --------------- ----------------- --------------
2,893 242 (28,451) 73,480
------------------- --------------- ----------------- --------------
------------------- --------------- ----------------- --------------
</TABLE>
<PAGE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
CAPITAL AND LIABILITIES
<TABLE>
<CAPTION>
YOUNG GAS
E PRIME, INC. TEXAS-OHIO TEXAS-OHIO STORAGE
(PARENT) GAS, INC. PIPELINE, INC. COMPANY
------------- ---------- -------------- ----------
<S> <C> <C> <C> <C>
Common stock 27,199 11,388 2,000 6,310
Retained earnings (6,110) (5,187) 371 1,449
------------- ---------- -------------- ----------
Total common equity 21,089 6,201 2,371 7,759
Preferred stock of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption, at par
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Long-term debt of subsidiaries 180
------------- ---------- -------------- ----------
21,269 6,201 2,371 7,759
------------- ---------- -------------- ----------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions
Employees' postemployment benefits
------------- ---------- -------------- ----------
Total noncurrent liabilities -- -- -- --
------------- ---------- -------------- ----------
Current liabilities:
Notes payable and commercial paper 9,500 6,000
Long-term debt due within one year 102
Preferred stock subject to mandatory redemption within one year
Accounts payable 9,777 21,403
Dividends payable (1,527)
Customers' deposits 351
Accrued taxes 320 471 (14) 187
Accrued interest
Current portion of accumulated deferred income taxes
Other 5,317 2,924 199
------------- ---------- -------------- ----------
Total current liabilities 25,016 31,149 185 (1,340)
------------- ---------- -------------- ----------
Deferred credits:
Customers' advances for construction
Unamortized investment tax credits
Accumulated deferred income taxes 55 4,944 19 1,168
Other
------------- ---------- -------------- ----------
Total deferred credits 55 4,944 19 1,168
------------- ---------- -------------- ----------
46,340 42,294 2,575 7,587
------------- ---------- -------------- ----------
------------- ---------- -------------- ----------
<CAPTION>
ELIMINATIONS
E PRIME PROJECTS E PRIME AND E PRIME, INC.
INTERNATIONAL, INC. OPERATING, INC. RECLASSIFICATIONS (CONSOLIDATED)
------------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Common stock 1,474 (21,172) 27,199
Retained earnings 1,385 (190) 2,172 (6,110)
------------------- --------------- ----------------- --------------
Total common equity 2,859 (190) (19,000) 21,089
Preferred stock of subsidiaries:
Not subject to mandatory redemption --
Subject to mandatory redemption, at par --
SPS obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely subordinated
debentures of SPS --
Long-term debt of subsidiaries 180
------------------- --------------- ----------------- --------------
2,859 (190) (19,000) 21,269
------------------- --------------- ----------------- --------------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions --
Employees' postemployment benefits --
------------------- --------------- ----------------- --------------
Total noncurrent liabilities -- -- -- --
------------------- --------------- ----------------- --------------
Current liabilities:
Notes payable and commercial paper (6,000) 9,500
Long-term debt due within one year 102
Preferred stock subject to mandatory redemption
within one year --
Accounts payable 1 31,181
Dividends payable 1,527 --
Customers' deposits 351
Accrued taxes 34 (173) (1) 824
Accrued interest --
Current portion of accumulated deferred income taxes --
Other 605 (4,978) 4,067
------------------- --------------- ----------------- --------------
Total current liabilities 34 432 (9,451) 46,025
------------------- --------------- ----------------- --------------
Deferred credits:
Customers' advances for construction --
Unamortized investment tax credits --
Accumulated deferred income taxes 6,186
Other --
------------------- --------------- ----------------- --------------
Total deferred credits -- -- -- 6,186
------------------- --------------- ----------------- --------------
2,893 242 (28,451) 73,480
------------------- --------------- ----------------- --------------
------------------- --------------- ----------------- --------------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
ASSETS
<TABLE>
<CAPTION>
Quixx Corporation Quixxlin Quixx Quixx Power Quixx Jamaica
(parent) Corporation Carolina, Inc. Services (consolidated)
----------------- ----------- -------------- ----------- --------------
<S> <C> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric
Gas
Steam and other
Common to all departments 4,006 10,096
Construction in progress 353
----------------- ----------- -------------- ----------- --------------
4,359 - - - 10,096
Less: accumulated depreciation 1,402 10,096
----------------- ----------- -------------- ----------- --------------
Total property, plant and equipment 2,957 - - - -
----------------- ----------- -------------- ----------- --------------
Investments, at cost:
Investment in Yorkshire Power and other
unconsolidated subsidiaries 15,392 33
Other 22,395
----------------- ----------- -------------- ----------- --------------
Total investments 37,787 33 - - -
----------------- ----------- -------------- ----------- --------------
Current assets:
Cash and temporary cash investments 3,602 155 1,314
Accounts receivable, less reserve for
uncollectible accounts 263 13 826
Accrued unbilled revenues
Recoverable purchased gas and electric energy
costs - net
Materials and supplies, at average cost 463 40
Fuel inventory, at average cost
Gas in underground storage, at cost (LIFO)
Prepaid expenses and other 29,579 92 12
----------------- ----------- -------------- ----------- --------------
Total current assets 33,907 - - 260 2,192
----------------- ----------- -------------- ----------- --------------
Deferred charges:
Regulatory assets
Unamortized debt expense
Other 4,266 7 3,348
----------------- ----------- -------------- ----------- --------------
Total deferred charges 4,266 - 7 - 3,348
----------------- ----------- -------------- ----------- --------------
78,917 33 7 260 5,540
----------------- ----------- -------------- ----------- --------------
----------------- ----------- -------------- ----------- --------------
</TABLE>
<TABLE>
<CAPTION>
Eliminations
Quixx Quixx Quixx and Quixx Corporation
Resources Louisville, LLC WPP 94, Inc. reclassifications (consolidated)
--------- --------------- ------------ ----------------- -----------------
<S> <C> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric -
Gas -
Steam and other 4,002 20,714 24,716
Common to all departments 6,613 (20,715) -
Construction in progress 1 354
--------- --------------- ------------ ----------------- -----------------
4,002 6,613 - - 25,070
Less: accumulated depreciation 584 12,082
--------- --------------- ------------ ----------------- -----------------
Total property, plant and equipment 4,002 6,029 - - 12,988
--------- --------------- ------------ ----------------- -----------------
Investments, at cost:
Investment in Yorkshire Power and other
unconsolidated subsidiaries (15,425) -
Other (3,046) 19,349
--------- --------------- ------------ ----------------- -----------------
Total investments - - - (18,471) 19,349
--------- --------------- ------------ ----------------- -----------------
Current assets:
Cash and temporary cash investments 8 194 5,273
Accounts receivable, less reserve for
uncollectible accounts 69 3,038 4,209
Accrued unbilled revenues -
Recoverable purchased gas and electric energy
costs - net -
Materials and supplies, at average cost 503
Fuel inventory, at average cost -
Gas in underground storage, at cost (LIFO) -
Prepaid expenses and other (295) 29,388
--------- --------------- ------------ ----------------- -----------------
Total current assets 8 263 - 2,743 39,373
--------- --------------- ------------ ----------------- -----------------
Deferred charges:
Regulatory assets -
Unamortized debt expense -
Other 10 (3) (3,962) 3,666
--------- --------------- ------------ ----------------- -----------------
Total deferred charges 10 - (3) (3,962) 3,666
--------- --------------- ------------ ----------------- -----------------
4,020 6,292 (3) (19,690) 75,376
--------- --------------- ------------ ----------------- -----------------
--------- --------------- ------------ ----------------- -----------------
</TABLE>
<PAGE>
QUIXX CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
CAPITAL AND LIABILITIES
<TABLE>
<CAPTION>
Quixx Corporation Quixx Power Quixx Jamaica Quixxlin
(parent) Services (consolidated) Corporation
----------------- ----------- -------------- ------------
<S> <C> <C> <C> <C>
Common stock 84,718 20 3,710 33
Retained earnings (7,644) 109 1,257
---------------- ----------- -------------- ------------
Total common equity 77,074 129 4,967 33
Preferred stock of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption, at par
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Long-term debt of subsidiaries
---------------- ----------- -------------- ------------
77,074 129 4,967 33
---------------- ----------- -------------- ------------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 16
Employees' postemployment benefits
---------------- ----------- -------------- ------------
Total noncurrent liabilities 16 - - -
---------------- ----------- -------------- ------------
Current liabilities:
Notes payable and commercial paper
Long-term debt due within one year
Preferred stock subject to mandatory redemption within one year
Accounts payable 49 29 35
Dividends payable
Customers' deposits
Accrued taxes (1,364) 98 274
Accrued interest
Current portion of accumulated deferred income taxes
Other 1,599 136
---------------- ----------- -------------- ------------
Total current liabilities 284 127 445 -
---------------- ----------- -------------- ------------
Deferred credits:
Customers' advances for construction
Unamortized investment tax credits
Accumulated deferred income taxes 1,543 4
Other 128
---------------- ----------- -------------- ------------
Total deferred credits 1,543 4 128 -
---------------- ----------- -------------- ------------
78,917 260 5,540 33
---------------- ----------- -------------- ------------
---------------- ----------- -------------- ------------
<CAPTION>
Quixx Quixx Quixx
Carolina Resources Louisville, LLC
--------- --------- ----------------
<S> <C> <C> <C>
Common stock 3,987 6,282
Retained earnings (13) 7
--------- --------- ----------------
Total common equity - 3,974 6,289
Preferred stock of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption, at par
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS
Long-term debt of subsidiaries
--------- --------- ----------------
- 3,974 6,289
--------- --------- ----------------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions
Employees' postemployment benefits
--------- --------- ----------------
Total noncurrent liabilities - - -
--------- --------- ----------------
Current liabilities:
Notes payable and commercial paper
Long-term debt due within one year
Preferred stock subject to mandatory redemption within one year
Accounts payable
Dividends payable
Customers' deposits
Accrued taxes 7 6
Accrued interest
Current portion of accumulated deferred income taxes
Other 3
--------- --------- ----------------
Total current liabilities 7 6 3
--------- --------- ----------------
Deferred credits:
Customers' advances for construction
Unamortized investment tax credits
Accumulated deferred income taxes
Other 40
--------- --------- ----------------
Total deferred credits - 40 -
--------- --------- ----------------
7 4,020 6,292
--------- --------- ----------------
--------- --------- ----------------
<CAPTION>
Eliminations
Quixx and Quixx Corporation
WPP 94, Inc. reclassifications (consolidated)
------------- ----------------- -----------------
<S> <C> <C> <C>
Common stock (14,032) 84,718
Retained earnings (1,360) (7,644)
------------- ----------------- -----------------
Total common equity - (15,392) 77,074
Preferred stock of subsidiaries:
Not subject to mandatory redemption -
Subject to mandatory redemption, at par -
SPS obligated mandatorily redeemable preferred securities of
subsidiary trust holding solely subordinated debentures of SPS -
Long-term debt of subsidiaries -
------------- ----------------- -----------------
- (15,392) 77,074
------------- ----------------- -----------------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 16
Employees' postemployment benefits -
------------- ----------------- -----------------
Total noncurrent liabilities - - 16
------------- ----------------- -----------------
Current liabilities:
Notes payable and commercial paper -
Long-term debt due within one year -
Preferred stock subject to mandatory redemption within one year -
Accounts payable 113
Dividends payable -
Customers' deposits -
Accrued taxes (3) (982)
Accrued interest -
Current portion of accumulated deferred income taxes (3,405) (3,405)
Other (296) 1,442
------------- ----------------- -----------------
Total current liabilities (3) (3,701) (2,832)
------------- ----------------- -----------------
Deferred credits:
Customers' advances for construction -
Unamortized investment tax credits -
Accumulated deferred income taxes (555) 992
Other (42) 126
------------- ----------------- -----------------
Total deferred credits - (597) 1,118
------------- ----------------- -----------------
(3) (19,690) 75,376
------------- ----------------- -----------------
------------- ----------------- -----------------
</TABLE>
<PAGE>
QUIXX JAMIACA, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
ASSETS KES and Quixx Jamaica
Quixx Jamiaca, Inc. Jamaica, Inc. reclassifications (consolidated)
------------------- ------------- ----------------- --------------
<S> <C> <C> <C> <C>
Property, plant and equipment, at cost:
Electric -
Gas -
Steam and other -
Common to all departments 10,096 10,096
Construction in progress -
------------------- ------------- ----------------- --------------
- 10,096 - 10,096
Less: accumulated depreciation 10,096 10,096
------------------- ------------- ----------------- --------------
Total property, plant and equipment - - - -
------------------- ------------- ----------------- --------------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries 1,871 (1,871) -
Other -
------------------- ------------- ----------------- --------------
Total investments 1,871 - (1,871) -
------------------- ------------- ----------------- --------------
Current assets:
Cash and temporary cash investments 5 1,308 1 1,314
Accounts receivable, less reserve for uncollectible
accounts 826 826
Accrued unbilled revenues -
Recoverable purchased gas and electric energy costs -- net -
Materials and supplies, at average cost 40 40
Fuel inventory, at average cost -
Gas in underground storage, at cost (LIFO) -
Prepaid expenses and other 12 12
------------------- ------------- ----------------- --------------
Total current assets 5 2,186 1 2,192
------------------- ------------- ----------------- --------------
Deferred charges:
Regulatory assets -
Unamortized debt expense -
Other 3,348 3,348
------------------- ------------- ----------------- --------------
Total deferred charges 3,348 - - 3,348
------------------- ------------- ----------------- --------------
5,224 2,186 (1,870) 5,540
------------------- ------------- ----------------- --------------
------------------- ------------- ----------------- --------------
</TABLE>
<PAGE>
QUIXX JAMIACA, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Eliminations
CAPITAL AND LIABILITIES KES and Quixx Jamaica
Quixx Jamiaca, Inc. Jamaica, Inc. reclassificiations (consolidated)
------------------- ------------------- ------------------ -------------------
<S> <C> <C> <C> <C>
Common stock 3,710 1,875 (1,875) 3,710
Retained earnings 1,257 1,257
------------------- ------------------- ------------------ -------------------
Total common equity 4,967 1,875 (1,875) 4,967
Preferred stock of subsidiaries:
Not subject to mandatory
redemption -
Subject to mandatory
redemption, at par -
SPS obligated mandatorily redeemable
preferred securities of subsidiary
trust holding solely subordinated
debentures of SPS -
Long-term debt of subsidiaries -
------------------- ------------------- ------------------ -------------------
4,967 1,875 (1,875) 4,967
------------------- ------------------- ------------------ -------------------
Noncurrent liabilities:
Employees' postretirement
benefits other than pensions -
Employees' postemployment
benefits -
------------------- ------------------- ------------------ -------------------
Total noncurrent liabilities - - - -
------------------- ------------------- ------------------ -------------------
Current liabilities:
Notes payable and commercial paper -
Long-term debt due within one year -
Preferred stock subject to
mandatory redemption within
one year -
Accounts payable 35 35
Dividends payable -
Customers' deposits -
Accrued taxes 257 17 274
Accrued interest -
Current portion of accumulated
deferred income taxes -
Other 132 4 136
------------------- ------------------- ------------------ -------------------
Total current liabilities 257 184 4 445
------------------- ------------------- ------------------ -------------------
Deferred credits:
Customers' advances for
construction -
Unamortized investment tax credits -
Accumulated deferred income taxes -
Other 127 1 128
------------------- ------------------- ------------------ -------------------
Total deferred credits - 127 1 128
------------------- ------------------- ------------------ -------------------
5,224 2,186 (1,870) 5,540
------------------- ------------------- ------------------ -------------------
------------------- ------------------- ------------------ -------------------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
ASSETS
<TABLE>
<CAPTION>
Utility Engineering Precision Universal
Corporation Resource Utility Services
(parent) Company Company
------------------- --------- ----------------
<S> <C> <C> <C>
Property, plant and equipment, at cost:
Electric
Gas
Steam and other 11,819 6 593
Common to all departments
Construction in progress
------------------- --------- ----------------
11,819 6 593
Less: accumulated depreciation 4,502 1 113
------------------- --------- ----------------
Total property, plant and equipment 7,317 5 480
------------------- --------- ----------------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries
Other
------------------- --------- ----------------
Total investments - - -
------------------- --------- ----------------
Current assets:
Cash and temporary cash investments 16,596 362 556
Accounts receivable, less reserve for uncollectible accounts 3,751 125 432
Accrued unbilled revenues
Recoverable purchased gas and electric energy costs -- net
Materials and supplies, at average cost 829
Fuel inventory, at average cost
Gas in underground storage, at cost (LIFO)
Prepaid expenses and other 25,917 305 2,161
------------------- --------- ----------------
Total current assets 46,264 792 3,978
------------------- --------- ----------------
Deferred charges:
Regulatory assets
Unamortized debt expense
Other 1,067 232
------------------- --------- ----------------
Total deferred charges 1,067 - 232
------------------- --------- ----------------
54,648 797 4,690
------------------- --------- ----------------
------------------- --------- ----------------
<CAPTION>
Eliminations Utility Engineering
and Corporation
reclassifications (consolidated)
----------------- -------------------
<S> <C> <C>
Property, plant and equipment, at cost:
Electric -
Gas -
Steam and other 1 12,419
Common to all departments -
Construction in progress -
----------------- -------------------
1 12,419
Less: accumulated depreciation 1 4,617
----------------- -------------------
Total property, plant and equipment - 7,802
----------------- -------------------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries -
Other -
----------------- -------------------
Total investments - -
----------------- -------------------
Current assets:
Cash and temporary cash investments (2,175) 15,339
Accounts receivable, less reserve for uncollectible accounts 4,308
Accrued unbilled revenues -
Recoverable purchased gas and electric energy costs - net -
Materials and supplies, at average cost 829
Fuel inventory, at average cost -
Gas in underground storage, at cost (LIFO) -
Prepaid expenses and other (1,775) 26,608
----------------- -------------------
Total current assets (3,950) 47,084
----------------- -------------------
Deferred charges:
Regulatory assets -
Unamortized debt expense -
Other (724) 575
----------------- -------------------
Total deferred charges (724) 575
----------------- -------------------
(4,674) 55,461
----------------- -------------------
----------------- -------------------
</TABLE>
<PAGE>
UTILITY ENGINEERING CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
CAPITAL AND LIABILITIES
<TABLE>
<CAPTION>
Utility Universal Utility
Engineering Precision Utility Eliminations Engineering
Corporation Resource Services and Corporation
(Parent) Company Company Reclassifications (Consolidated)
----------- ----------- ---------- ----------------- --------------
<S> <C> <C> <C> <C> <C>
Common stock 11,463 1 2,174 (2,175) 11,463
Retained earnings 30,565 126 274 (400) 30,565
----------- ----------- ---------- ---------------- --------------
Total common equity 42,028 127 2,448 (2,575) 42,028
Preferred stock of subsidiaries:
Not subject to mandatory redemption -
Subject to mandatory redemption,
at par -
SPS obligated mandatorily redeemable preferred
securities of subsidiary trust holding
solely subordinated debentures of SPS -
Long-term debt of subsidiaries -
----------- ----------- ---------- ---------------- --------------
42,028 127 2,448 (2,575) 42,028
----------- ----------- ---------- ---------------- --------------
Noncurrent liabilities:
Employees' postretirement benefits
other than pensions 31 31
Employees' postemployment benefits -
----------- ----------- ---------- ---------------- --------------
Total noncurrent liabilities 31 - - - 31
----------- ----------- ---------- ---------------- --------------
Current liabilities:
Notes payable and commercial paper 479 500 (979) -
Long-term debt due within one year -
Preferred stock subject to mandatory
redemption within one year -
Accounts payable 6,414 57 1,044 7,515
Dividends payable -
Customers' deposits 11 11
Accrued taxes (671) 53 23 1 (594)
Accrued interest -
Current portion of accumulated deferred
income taxes -
Other 5,325 94 646 (396) 5,669
----------- ----------- ---------- ---------------- --------------
Total current liabilities 11,079 683 2,213 (1,374) 12,601
----------- ----------- ---------- ---------------- --------------
Deferred credits:
Customers' advances for construction -
Unamortized investment tax credits -
Accumulated deferred income taxes 1,378 (13) 28 (724) 669
Other 132 132
----------- ----------- ---------- ---------------- --------------
Total deferred credits 1,510 (13) 28 (724) 801
----------- ----------- ---------- ---------------- --------------
54,648 797 4,689 (4,673) 55,461
----------- ----------- ---------- ---------------- --------------
----------- ----------- ---------- ---------------- --------------
</TABLE>
<PAGE>
EXHIBITS
Copies of the documents listed below which are identified with an asterisk
(*) have heretofore been filed with the SEC and are incorporated herein by
reference and a part hereof. Exhibits not so identified are filed herewith
unless otherwise stated.
Exhibit A* Annual reports of NCE (File No. 1-12927), PSCo (File No.
1-3280) and SPS (File No. 1-3789) are incorporated herein by
reference to their combined annual report on Form 10-K
("Combined Form 10-K") for the year ended December 31, 1997.
Exhibit B
NCE
B-1.1* Restated Articles of Incorporation dated December 8, 1995 (NCE
Form S-4, Exhibit 3(a)).
B-1.2* Restated Bylaws (NCE Form S-4, Exhibit 3(b)).
B-1.3* Rights Agreement, dated as of August 1, 1997, between NCE and
the Bank of New York, as Rights Agent (NCE Form 8-K, Exhibit 1,
File No. 1-12927).
PSCO
B-2.1* Amended and Restated Articles of Incorporation dated September
19, 1997 (Combined Form 10-K for the year ended December 31,
1997, Exhibit 3(a)1, File No. 1-3280).
B-2.2* By-laws dated November 20, 1997 (Combined Form 10-K for the
year ended December 31, 1997, Exhibit 3(b)1, File No. 1-3280).
SPS
B-3.1* Amended and Restated Articles of Incorporation dated September
30, 1997 (Combined Form 10-K for the year ended December 31,
1997, Exhibit 3(a)2, File No. 1-3789).
B-3.2* By-laws dated September 29, 1997 (Combined Form 10-K for the
year ended December 31,1997, Exhibit 3(b)2, File No. 1-3789).
Exhibit C* Instruments defining the rights of security holders,
including indentures have been previously filed with the SEC
and are identified in the exhibit index in the combined
Form 10K for the year ended December 31, 1997.
Exhibit D New Century Energies, Inc. and subsidiary companies agreement
for filing consolidated Federal income tax return and for
allocation of consolidated Federal income tax liabilities and
and benefits dated August 1, 1997.
Exhibit H The relationship of each EWG in which the system holds an
interest to other system companies is reflected in Item 1.
<PAGE>
SIGNATURE
Each undersigned system company has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized pursuant to
the requirements of the Public Utility Holding Company Act of 1935. The
signature of each undersigned company shall be deemed to relate only to
matters having reference to such company or its subsidiaries.
NEW CENTURY ENERGIES, INC.
By: /s/ Richard C. Kelly
------------------------------------
Richard C. Kelly
Executive Vice President and
Chief Financial Officer
Dated: May 1, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 5,533,376
<OTHER-PROPERTY-AND-INVEST> 366,727
<TOTAL-CURRENT-ASSETS> 824,166
<TOTAL-DEFERRED-CHARGES> 586,012
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 7,310,281
<COMMON> 110,749
<CAPITAL-SURPLUS-PAID-IN> 1,583,446
<RETAINED-EARNINGS> 659,050
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,353,245
139,253
0
<LONG-TERM-DEBT-NET> 1,948,136
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 588,343
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 257,469
2,576
<CAPITAL-LEASE-OBLIGATIONS> 39,819
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,981,440
<TOT-CAPITALIZATION-AND-LIAB> 7,310,281
<GROSS-OPERATING-REVENUE> 3,342,525
<INCOME-TAX-EXPENSE> 133,919
<OTHER-OPERATING-EXPENSES> 2,713,300
<TOTAL-OPERATING-EXPENSES> 2,847,219
<OPERATING-INCOME-LOSS> 495,306
<OTHER-INCOME-NET> (27,189)
<INCOME-BEFORE-INTEREST-EXPEN> 468,117
<TOTAL-INTEREST-EXPENSE> 206,630
<NET-INCOME> 150,922
0
<EARNINGS-AVAILABLE-FOR-COMM> 150,922
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 159,323
<CASH-FLOW-OPERATIONS> 344,439
<EPS-PRIMARY> $1.44
<EPS-DILUTED> $1.44
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 2,367,315
<TOTAL-CURRENT-ASSETS> 144,795
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<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,512,110
<COMMON> 110,749
<CAPITAL-SURPLUS-PAID-IN> 1,583,446
<RETAINED-EARNINGS> 659,050
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,353,245
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 97,500
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 61,365
<TOT-CAPITALIZATION-AND-LIAB> 2,512,110
<GROSS-OPERATING-REVENUE> 0
<INCOME-TAX-EXPENSE> (1,793)
<OTHER-OPERATING-EXPENSES> 1,380
<TOTAL-OPERATING-EXPENSES> (413)
<OPERATING-INCOME-LOSS> 413
<OTHER-INCOME-NET> 18,792
<INCOME-BEFORE-INTEREST-EXPEN> 19,205
<TOTAL-INTEREST-EXPENSE> 1,668
<NET-INCOME> 17,537
0
<EARNINGS-AVAILABLE-FOR-COMM> 17,537
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (147,605)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 3,724,860
<OTHER-PROPERTY-AND-INVEST> 330,014
<TOTAL-CURRENT-ASSETS> 562,607
<TOTAL-DEFERRED-CHARGES> 377,252
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 4,994,733
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 1,302,119
<RETAINED-EARNINGS> 319,280
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,621,399
39,253
0
<LONG-TERM-DEBT-NET> 1,298,538
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 348,555
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 257,160
2,576
<CAPITAL-LEASE-OBLIGATIONS> 39,600
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,387,652
<TOT-CAPITALIZATION-AND-LIAB> 4,994,733
<GROSS-OPERATING-REVENUE> 2,229,643
<INCOME-TAX-EXPENSE> 90,813
<OTHER-OPERATING-EXPENSES> 1,801,477
<TOTAL-OPERATING-EXPENSES> 1,892,290
<OPERATING-INCOME-LOSS> 337,353
<OTHER-INCOME-NET> 2,891
<INCOME-BEFORE-INTEREST-EXPEN> 340,244
<TOTAL-INTEREST-EXPENSE> 147,954
<NET-INCOME> 81,725
0
<EARNINGS-AVAILABLE-FOR-COMM> 81,725
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 114,460
<CASH-FLOW-OPERATIONS> 263,912
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,714,544
<OTHER-PROPERTY-AND-INVEST> 124,868
<TOTAL-CURRENT-ASSETS> 158,093
<TOTAL-DEFERRED-CHARGES> 183,988
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,181,493
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 348,402
<RETAINED-EARNINGS> 349,988
<TOTAL-COMMON-STOCKHOLDERS-EQ> 698,390
100,000
0
<LONG-TERM-DEBT-NET> 620,598
<SHORT-TERM-NOTES> 0
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0
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0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<TOTAL-CURRENT-ASSETS> 166,382
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0
0
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0
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<OTHER-OPERATING-EXPENSES> 149,211
<TOTAL-OPERATING-EXPENSES> 149,288
<OPERATING-INCOME-LOSS> 790
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<INCOME-BEFORE-INTEREST-EXPEN> 480
<TOTAL-INTEREST-EXPENSE> 480
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0
<EARNINGS-AVAILABLE-FOR-COMM> 0
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<TOTAL-INTEREST-ON-BONDS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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0
0
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0
<CAPITAL-LEASE-OBLIGATIONS> 219
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<TOT-CAPITALIZATION-AND-LIAB> 217,440
<GROSS-OPERATING-REVENUE> 133,380
<INCOME-TAX-EXPENSE> (4,234)
<OTHER-OPERATING-EXPENSES> 140,723
<TOTAL-OPERATING-EXPENSES> 136,489
<OPERATING-INCOME-LOSS> (3,109)
<OTHER-INCOME-NET> 183
<INCOME-BEFORE-INTEREST-EXPEN> (2,926)
<TOTAL-INTEREST-EXPENSE> 3,898
<NET-INCOME> (6,824)
0
<EARNINGS-AVAILABLE-FOR-COMM> (6,824)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (3,530)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
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0
0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
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<OTHER-OPERATING-EXPENSES> 19,580
<TOTAL-OPERATING-EXPENSES> 19,825
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<OTHER-INCOME-NET> 129
<INCOME-BEFORE-INTEREST-EXPEN> 1,631
<TOTAL-INTEREST-EXPENSE> 1,138
<NET-INCOME> 493
0
<EARNINGS-AVAILABLE-FOR-COMM> 493
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 751
<CASH-FLOW-OPERATIONS> 2,561
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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<S> <C>
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<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
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<TOTAL-CURRENT-ASSETS> 323
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<TOTAL-ASSETS> 834
<COMMON> 600
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<RETAINED-EARNINGS> 141
<TOTAL-COMMON-STOCKHOLDERS-EQ> 741
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
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<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 93
<TOT-CAPITALIZATION-AND-LIAB> 834
<GROSS-OPERATING-REVENUE> 71
<INCOME-TAX-EXPENSE> 18
<OTHER-OPERATING-EXPENSES> 27
<TOTAL-OPERATING-EXPENSES> 45
<OPERATING-INCOME-LOSS> 26
<OTHER-INCOME-NET> 6
<INCOME-BEFORE-INTEREST-EXPEN> 32
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 32
0
<EARNINGS-AVAILABLE-FOR-COMM> 32
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 49
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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<BOOK-VALUE> PER-BOOK
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<OTHER-PROPERTY-AND-INVEST> 355,813
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<TOTAL-ASSETS> 4,785,356
<COMMON> 0
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<RETAINED-EARNINGS> 319,280
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39,253
0
<LONG-TERM-DEBT-NET> 1,267,752
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2,576
<CAPITAL-LEASE-OBLIGATIONS> 39,600
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<OTHER-OPERATING-EXPENSES> 1,672,301
<TOTAL-OPERATING-EXPENSES> 1,780,223
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<INCOME-BEFORE-INTEREST-EXPEN> 217,383
<TOTAL-INTEREST-EXPENSE> 123,906
<NET-INCOME> 93,477
11,752
<EARNINGS-AVAILABLE-FOR-COMM> 81,725
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 103,847
<CASH-FLOW-OPERATIONS> 304,147
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-END> DEC-31-1997
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<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 12,796
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0
0
<LONG-TERM-DEBT-NET> 30,786
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
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<TOT-CAPITALIZATION-AND-LIAB> 53,208
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<INCOME-TAX-EXPENSE> 1,004
<OTHER-OPERATING-EXPENSES> 2,121
<TOTAL-OPERATING-EXPENSES> 3,125
<OPERATING-INCOME-LOSS> 5,058
<OTHER-INCOME-NET> 814
<INCOME-BEFORE-INTEREST-EXPEN> 5,872
<TOTAL-INTEREST-EXPENSE> 4,203
<NET-INCOME> 1,669
0
<EARNINGS-AVAILABLE-FOR-COMM> 1,669
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 4,150
<CASH-FLOW-OPERATIONS> 3,132
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
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<TOT-CAPITALIZATION-AND-LIAB> 5,207
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<INCOME-TAX-EXPENSE> (17,601)
<OTHER-OPERATING-EXPENSES> 541
<TOTAL-OPERATING-EXPENSES> (17,060)
<OPERATING-INCOME-LOSS> 17,060
<OTHER-INCOME-NET> (5,530)
<INCOME-BEFORE-INTEREST-EXPEN> 11,530
<TOTAL-INTEREST-EXPENSE> 18
<NET-INCOME> 11,512
0
<EARNINGS-AVAILABLE-FOR-COMM> 11,512
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 13,072
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
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<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 217,909
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<RETAINED-EARNINGS> 0
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0
0
<LONG-TERM-DEBT-NET> 0
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<COMMERCIAL-PAPER-OBLIGATIONS> 0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 4,847
<TOT-CAPITALIZATION-AND-LIAB> 218,059
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<INCOME-TAX-EXPENSE> 1,382
<OTHER-OPERATING-EXPENSES> 354
<TOTAL-OPERATING-EXPENSES> 1,736
<OPERATING-INCOME-LOSS> 11,147
<OTHER-INCOME-NET> 55
<INCOME-BEFORE-INTEREST-EXPEN> 11,202
<TOTAL-INTEREST-EXPENSE> 8,971
<NET-INCOME> 2,231
0
<EARNINGS-AVAILABLE-FOR-COMM> 2,231
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 5,452
<CASH-FLOW-OPERATIONS> (44,253)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
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<OTHER-PROPERTY-AND-INVEST> 301,242
<TOTAL-CURRENT-ASSETS> 186
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 301,428
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 364,440
<RETAINED-EARNINGS> (74,619)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 289,821
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 11,956
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> (349)
<TOT-CAPITALIZATION-AND-LIAB> 301,428
<GROSS-OPERATING-REVENUE> 0
<INCOME-TAX-EXPENSE> (1,186)
<OTHER-OPERATING-EXPENSES> 739
<TOTAL-OPERATING-EXPENSES> (447)
<OPERATING-INCOME-LOSS> 447
<OTHER-INCOME-NET> 35,685
<INCOME-BEFORE-INTEREST-EXPEN> 36,132
<TOTAL-INTEREST-EXPENSE> 186
<NET-INCOME> (74,619)
0
<EARNINGS-AVAILABLE-FOR-COMM> (74,619)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (87)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUL-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 0
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 0
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 0
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 0
<TOT-CAPITALIZATION-AND-LIAB> 0
<GROSS-OPERATING-REVENUE> 30,399
<INCOME-TAX-EXPENSE> 293
<OTHER-OPERATING-EXPENSES> 27,886
<TOTAL-OPERATING-EXPENSES> 28,179
<OPERATING-INCOME-LOSS> 2,220
<OTHER-INCOME-NET> 110
<INCOME-BEFORE-INTEREST-EXPEN> 2,330
<TOTAL-INTEREST-EXPENSE> 1,728
<NET-INCOME> 602
0
<EARNINGS-AVAILABLE-FOR-COMM> 602
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 1,010
<CASH-FLOW-OPERATIONS> (5,349)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>(1) INCLUDES THE RESULTS OF OPERATION FOR THE SEVEN MONTHS ENDED JULY 31,
1997.
</FN>
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> DEC-31-1997
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<TOTAL-ASSETS> 0
<COMMON> 0
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<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 0
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 0
<TOT-CAPITALIZATION-AND-LIAB> 0
<GROSS-OPERATING-REVENUE> 104
<INCOME-TAX-EXPENSE> 24
<OTHER-OPERATING-EXPENSES> 43
<TOTAL-OPERATING-EXPENSES> 67
<OPERATING-INCOME-LOSS> 37
<OTHER-INCOME-NET> 7
<INCOME-BEFORE-INTEREST-EXPEN> 44
<TOTAL-INTEREST-EXPENSE> 2
<NET-INCOME> 44
0
<EARNINGS-AVAILABLE-FOR-COMM> 44
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 50
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> (1) INCLUDES THE RESULTS OF OPERATION FOR THE SEVEN MONTHS ENDED JULY 31,
1997.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
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<COMMERCIAL-PAPER-OBLIGATIONS> 0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
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<TOT-CAPITALIZATION-AND-LIAB> 0
<GROSS-OPERATING-REVENUE> 110,746
<INCOME-TAX-EXPENSE> (988)
<OTHER-OPERATING-EXPENSES> 113,713
<TOTAL-OPERATING-EXPENSES> 112,725
<OPERATING-INCOME-LOSS> (1,979)
<OTHER-INCOME-NET> 443
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<TOTAL-INTEREST-EXPENSE> 329
<NET-INCOME> (1,865)
0
<EARNINGS-AVAILABLE-FOR-COMM> (1,865)
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<FN>
<F1> (1) INCLUDES THE RESULTS OF OPERATIONS FOR THE SEVEN MONTHS ENDED JULY 31,
1997.
</FN>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
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0
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0
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0
<EARNINGS-AVAILABLE-FOR-COMM> (577)
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<CASH-FLOW-OPERATIONS> (152)
<EPS-PRIMARY> 0
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<FN>
<F1> (1) INCLUDES THE RESULTS OF OPERATIONS FOR THE SEVEN MONTHS ENDED JULY 31,
1997.
</FN>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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0
0
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0
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0
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<TOTAL-INTEREST-ON-BONDS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
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0
0
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0
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<OTHER-OPERATING-EXPENSES> (637)
<TOTAL-OPERATING-EXPENSES> (220)
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0
<EARNINGS-AVAILABLE-FOR-COMM> 673
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<TOTAL-INTEREST-ON-BONDS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
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0
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0
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0
<EARNINGS-AVAILABLE-FOR-COMM> (1,865)
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<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (9,315)
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
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0
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<TOTAL-INTEREST-ON-BONDS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
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<OTHER-INCOME-NET> 3
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<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 170
0
<EARNINGS-AVAILABLE-FOR-COMM> 170
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<TOTAL-INTEREST-ON-BONDS> 0
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<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
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0
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<NET-INCOME> 647
0
<EARNINGS-AVAILABLE-FOR-COMM> 647
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<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 354
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
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0
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<NET-INCOME> (10)
0
<EARNINGS-AVAILABLE-FOR-COMM> (10)
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<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (223)
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
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0
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<OTHER-OPERATING-EXPENSES> 156
<TOTAL-OPERATING-EXPENSES> 458
<OPERATING-INCOME-LOSS> 453
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<INCOME-BEFORE-INTEREST-EXPEN> 453
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 453
0
<EARNINGS-AVAILABLE-FOR-COMM> 453
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (1)
<EPS-PRIMARY> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<RETAINED-EARNINGS> 349,988
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100,000
0
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0
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<LEASES-CURRENT> 0
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<TOT-CAPITALIZATION-AND-LIAB> 2,181,493
<GROSS-OPERATING-REVENUE> 960,682
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0
<EARNINGS-AVAILABLE-FOR-COMM> 75,575
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 44,112
<CASH-FLOW-OPERATIONS> 146,829
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
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0
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<GROSS-OPERATING-REVENUE> 8,987
<INCOME-TAX-EXPENSE> (4,720)
<OTHER-OPERATING-EXPENSES> 9,508
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<OPERATING-INCOME-LOSS> 4,199
<OTHER-INCOME-NET> (12,330)
<INCOME-BEFORE-INTEREST-EXPEN> (8,131)
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0
<EARNINGS-AVAILABLE-FOR-COMM> (8,133)
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<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> (1) INCLUDES THE RESULTS OF OPERATIONS FOR THE SEVEN MONTHS ENDED JULY 31,
1997.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
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0
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0
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0
<EARNINGS-AVAILABLE-FOR-COMM> 232
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<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> (1) INCLUDES THE RESULTS OF OPERATIONS FOR THE SEVEN MONTHS ENDED JULY 31,
1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<ARTICLE> OPUR1
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<ARTICLE> OPUR1
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<ARTICLE> OPUR1
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 0
0
0
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0
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0
<EARNINGS-AVAILABLE-FOR-COMM> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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<S> <C>
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<TOTAL-ASSETS> 260
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0
0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
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<OTHER-OPERATING-EXPENSES> 204
<TOTAL-OPERATING-EXPENSES> 244
<OPERATING-INCOME-LOSS> (45)
<OTHER-INCOME-NET> 90
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<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 45
0
<EARNINGS-AVAILABLE-FOR-COMM> 45
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<TOTAL-INTEREST-ON-BONDS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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0
0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
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<INCOME-TAX-EXPENSE> 193
<OTHER-OPERATING-EXPENSES> 3,542
<TOTAL-OPERATING-EXPENSES> 3,735
<OPERATING-INCOME-LOSS> 389
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0
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<TOTAL-INTEREST-ON-BONDS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
0
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0
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0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
0
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0
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<TOTAL-OPERATING-EXPENSES> 118
<OPERATING-INCOME-LOSS> 297
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<INCOME-BEFORE-INTEREST-EXPEN> 291
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 291
0
<EARNINGS-AVAILABLE-FOR-COMM> 291
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<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 387
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
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0
0
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0
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0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
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0
0
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0
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<TOTAL-OPERATING-EXPENSES> 332
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<INCOME-BEFORE-INTEREST-EXPEN> 359
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 359
0
<EARNINGS-AVAILABLE-FOR-COMM> 359
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
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<EPS-PRIMARY> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
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<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
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<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,875
0
0
<LONG-TERM-DEBT-NET> 0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
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<GROSS-OPERATING-REVENUE> 4,124
<INCOME-TAX-EXPENSE> 0
<OTHER-OPERATING-EXPENSES> 3,403
<TOTAL-OPERATING-EXPENSES> 3,403
<OPERATING-INCOME-LOSS> 721
<OTHER-INCOME-NET> 0
<INCOME-BEFORE-INTEREST-EXPEN> 721
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 721
0
<EARNINGS-AVAILABLE-FOR-COMM> 721
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 2,140
<EPS-PRIMARY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 7,317
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 46,264
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<OTHER-ASSETS> 0
<TOTAL-ASSETS> 54,648
<COMMON> 72
<CAPITAL-SURPLUS-PAID-IN> 11,391
<RETAINED-EARNINGS> 30,565
<TOTAL-COMMON-STOCKHOLDERS-EQ> 42,028
0
0
<LONG-TERM-DEBT-NET> 0
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0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 12,620
<TOT-CAPITALIZATION-AND-LIAB> 54,648
<GROSS-OPERATING-REVENUE> 31,147
<INCOME-TAX-EXPENSE> 632
<OTHER-OPERATING-EXPENSES> 30,089
<TOTAL-OPERATING-EXPENSES> 30,721
<OPERATING-INCOME-LOSS> 426
<OTHER-INCOME-NET> 1,050
<INCOME-BEFORE-INTEREST-EXPEN> 1,476
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 1,476
0
<EARNINGS-AVAILABLE-FOR-COMM> 1,476
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (7,477)
<EPS-PRIMARY> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
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0
0
<LONG-TERM-DEBT-NET> 0
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0
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<INCOME-BEFORE-INTEREST-EXPEN> 0
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 0
0
<EARNINGS-AVAILABLE-FOR-COMM> 0
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 222
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
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<RETAINED-EARNINGS> 126
<TOTAL-COMMON-STOCKHOLDERS-EQ> 127
0
0
<LONG-TERM-DEBT-NET> 0
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<LONG-TERM-NOTES-PAYABLE> 479
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<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 191
<TOT-CAPITALIZATION-AND-LIAB> 797
<GROSS-OPERATING-REVENUE> 1,749
<INCOME-TAX-EXPENSE> 64
<OTHER-OPERATING-EXPENSES> 1,546
<TOTAL-OPERATING-EXPENSES> 1,610
<OPERATING-INCOME-LOSS> 139
<OTHER-INCOME-NET> 0
<INCOME-BEFORE-INTEREST-EXPEN> 139
<TOTAL-INTEREST-EXPENSE> 21
<NET-INCOME> 118
0
<EARNINGS-AVAILABLE-FOR-COMM> 118
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<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 217
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
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<S> <C>
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<TOTAL-CURRENT-ASSETS> 3,978
<TOTAL-DEFERRED-CHARGES> 232
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 4,690
<COMMON> 1
<CAPITAL-SURPLUS-PAID-IN> 2,173
<RETAINED-EARNINGS> 274
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,448
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 500
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<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,741
<TOT-CAPITALIZATION-AND-LIAB> 4,689
<GROSS-OPERATING-REVENUE> 5,556
<INCOME-TAX-EXPENSE> 85
<OTHER-OPERATING-EXPENSES> 5,319
<TOTAL-OPERATING-EXPENSES> 5,404
<OPERATING-INCOME-LOSS> 152
<OTHER-INCOME-NET> 11
<INCOME-BEFORE-INTEREST-EXPEN> 163
<TOTAL-INTEREST-EXPENSE> 6
<NET-INCOME> 157
0
<EARNINGS-AVAILABLE-FOR-COMM> 157
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (664)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<PAGE>
Exhibit D
NEW CENTURY ENERGIES, INC. AND SUBSIDIARY COMPANIES
AGREEMENT FOR FILING CONSOLIDATED FEDERAL INCOME TAX RETURN
AND FOR
ALLOCATION OF CONSOLIDATED FEDERAL INCOME TAX LIABILITIES
AND BENEFITS
DATED AUGUST 1, 1997
New Century Energies, Inc., a corporation whose application to become
a registered public utility holding company is pending, and its Subsidiaries
(collectively referred to as the "Parties") hereby agree to join annually in the
filing of a consolidated federal income tax return and to allocate the
consolidated federal income tax liabilities and benefits among the members of
the consolidated group in accordance with the provisions of this Agreement.
<TABLE>
<CAPTION>
PARTIES TO THE AGREEMENT:
FEDERAL EMPLOYER
COMPANY NAME AND ADDRESS IDENTIFICATION NUMBER
------------------------ ---------------------
<S> <C>
New Century Energies, Inc. 84-1334327
Denver, Colorado
Public Service Company of Colorado 84-0296600
Denver, Colorado
Southwestern Public Service Company 75-0575400
Amarillo, Texas
New Century Services, Inc. 84-1393401
Denver, Colorado
Cheyenne Light, Fuel and Power Company 83-0110025
Cheyenne, Wyoming
WestGas Interstate, Inc. 84-1146601
Denver, Colorado
NC Enterprises, Inc. 84-1393468
Denver, Colorado
Green & Clear Lakes Company 84-6015505
Denver, Colorado
1480 Welton, Inc. 84-6015504
Denver, Colorado
PS Colorado Credit Corporation 84-1032526
Denver, Colorado
<PAGE>
PSR Investments, Inc. 84-1008701
Denver, Colorado
New Century International, Inc. 84-1396518
Denver, Colorado
Natural Fuels Corporation 84-1138036
Denver, Colorado
Fuel Resources Development Company 84-0606084
Denver, Colorado
e prime, inc. 84-1294626
Denver, Colorado
Young Gas Storage Company 76-0411694
Denver, Colorado
Texas Ohio Gas, Inc. 76-0229099
Denver, Colorado
Texas Ohio Gas Pipeline 76-0323102
Denver, Colorado
e prime Telecom, Inc. 84-1378877
Denver, Colorado
e prime Fixed Network, Inc. 84-1378878
Denver, Colorado
e prime operating, inc. 84-1432058
Denver, Colorado
e prime project international, inc. 84-1432055
Denver, Colorado
e prime Energy Marketing, Inc. 84-1405841
Denver, Colorado
Quixx Corporation 75-2052223
Amarillo, Texas
Quixx Power Services, Inc. 75-2507740
Amarillo, Texas
Quixx Carolina, Inc. 75-2620106
Amarillo, Texas
Quixx WPP94, Inc. 75-2571713
Amarillo, Texas
Quixx Jamaica, Inc. 75-2572413
Amarillo, Texas
<PAGE>
Quixx Resources, Inc. 88-0352919
Amarillo, Texas
Quixx Borger Cogen, Inc. 52-2035347
Amarillo, Texas
Quixlin Corporation 74-2792015
Amarillo, Texas
Quixx Jamaica Power, Inc. 52-2035350
Amarillo, Texas
Quixx Mustang Station, Inc. 75-2673153
Amarillo, Texas
Utility Engineering Corporation 75-2052226
Amarillo, Texas
Precision Resource Company 75-2649652
Amarillo, Texas
Universal Utility Services Company 75-2648792
Amarillo, Texas
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DEFINITIONS:
"Consolidated Tax" is the aggregate current federal income
tax liability for a tax year. It is the tax shown on the consolidated
federal income tax return and any adjustments thereto thereafter determined.
The Consolidated Tax will be the refund if the consolidated return shows a
negative tax.
"Corporate Tax Credit" is a negative separate return tax of an
associate company for a tax year, equal to the amount by which the
Consolidated Tax is reduced by including a net corporate taxable loss or
other net tax benefit of such associate company in the consolidated tax
return.
"Corporate Taxable Income" is the taxable income or loss of an
associate company for a tax year, computed as though such company had filed
a separate return on the same basis as used in the consolidated return,
except that dividend income from associate companies shall be disregarded,
and other intercompany transactions, eliminated in consolidation, shall be
given appropriate effect. It shall be further adjusted to allow for
applicable rights accrued to the associate company under the second paragraph
of sub-section (f) of this Agreement, but carryovers or carrybacks shall not
be taken into account if the associate company has been paid a Corporate Tax
Credit therefor. If an associate company is a member of the registered
system's consolidated tax group for only part of a tax year, that period will
be deemed to be its tax year for purposes of this Agreement.
"Separate Return Tax" is the tax on the Corporate Taxable
Income of an associate company computed as though such company were not a
member of a consolidated group.
These definitions shall apply, as appropriate, in the context of the
Alternative Minimum Tax ("AMT").
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TAX ALLOCATION PROCEDURES:
Notwithstanding anything in this Agreement to the contrary,
the Consolidated Tax shall be allocated among the Parties consistent
with Rule 45(c) of the Public Utility Holding Company Act of 1935, utilizing
the "Separate Return Tax" method.
(a) The Consolidated Tax, exclusive of the AMT, will be
allocated among the Parties based on the ratio of each member's Separate
Return Tax to the total Separate Return Tax. The positive tax liability
allocated to any subsidiary of the group will not exceed the Separate Return
Tax of such subsidiary.
(b) Consolidated AMT, i.e., positive consolidated Tentative
Minimum Tax (TMT) in excess of consolidated regular income tax, shall be
allocated only to those members who on a separate return basis would have an
excess of TMT over regular income tax (Excess). For purposes of this
allocation, TMT and regular income tax can be positive or negative.
Consolidated AMT will be apportioned among those members of the Affiliated
Group in accordance with the ratio that the Excess of each Member computed on
a separate return basis bears to the total amount of Excess for all members
computed on a separate return basis. A member's regular income tax allocation
will not be reduced as the result of any AMT allocation.
(c) An AMT credit shall be allocated in accordance with
the ratio that consolidated AMT was apportioned in sub-section (b) of
this agreement. Only those members that had an AMT liability for the
current year are allocated the credit. This credit is used to reduce the tax
liability or increase the tax reimbursement of such members in a future year
only when the Affiliated Group is NOT in a consolidated AMT position for that
taxable year. The Parent shall inform each member when and to what extent
such credit will be utilized.
(d) Intercompany transactions eliminated by consolidation
entries which affect the consolidated tax will be restored to the appropriate
member of the group for the purpose of computing Separate Return Tax.
(e) Any material items taxed at different rates or
involving other special benefits or limitations included in the
consolidated tax and separate return tax for any year will be allocated to
the individual members of the group.
(f) Each member of the group having a corporate tax loss
will be included in the allocation of the Consolidated Tax. Those associate
companies with a positive allocation will pay the amount allocated and those
associate companies with a negative allocation will receive current payment
for their Corporate Tax Credit. These payments will be allocated to the
members of the group having Separate Return Tax as provided in sub-section
(a) of this Agreement.
If the aggregate of the members' corporate tax losses or other
tax benefits are not entirely utilized on the current year's consolidated
return, the consolidated carryback to the applicable prior tax year(s) will
be allocated in the same manner as provided in sub-section (g) of this
Agreement. If these losses or other tax benefits cannot be used through a
carryback to a previous consolidated return year, their carryover shall be
equitably allocated to those members whose investments or contributions
generated the business or tax credit or the capital loss, or whose activities
generated other losses or tax benefits.
(g) In the event the Consolidated Tax liability is
subsequently revised by Internal Revenue Service audit adjustments, amended
returns, claims for refund, or otherwise, such changes shall be allocated in
the same manner as though the adjustments on which they are based had formed
a part of the original consolidated return.
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EFFECTIVE DATE:
This Agreement is effective for the allocation of the current
federal income tax liabilities of the Parties for the tax year in which
final approval is received for the merger of Public Service Company of
Colorado and Southwestern Public Service Company, and all subsequent years
until this Agreement is revised.
NEW MEMBERS:
If during a consolidated return period the Parent or a
subsidiary acquires or organizes another corporation that is required to be
included in the consolidated return, then such corporation shall join in and
be bound by this agreement.
APPROVAL:
This Agreement is subject to the approval of the Securities
and Exchange Commission. A copy of this Agreement will be filed as an
exhibit to the Form U5S Annual Report to the Securities and Exchange
Commission by New Century Energies, Inc. for the year in which final
approval is received for the merger of Public Service Company of Colorado and
Southwestern Public Service Company.
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned, duly authorized, have signed this
Agreement on behalf of the Parties indicated.
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