As filed on June 5, 1998
File No. 70-9193
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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POST-EFFECTIVE AMENDMENT
NO. 1
TO THE
FORM U-1 APPLICATION/DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
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New Century Energies, Inc.
Public Service Company of Colorado
NC Enterprises, Inc.
1225 Seventeenth Street
Denver, Colorado 80202-5534
(Names of companies filing this statement
and address of principal executive offices)
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New Century Energies, Inc.
(Name of top registered holding company parent)
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Teresa S. Madden
Controller
1225 Seventeenth Street
Denver, Colorado 80202-5534
(Name and address of agent for service)
The Commission is requested to send copies of all notices, orders and
communications in connection with this Application/Declaration to:
William M. Dudley, Esq. William T. Baker, Jr., Esq.
New Century Services, Inc. Reid & Priest
1225 Seventeenth Street 40 West 57th Street
Denver, Colorado 80202-5534 New York, New York 10019-4097
<PAGE>
New Century Energies, Inc. ("NCE"), Public Service Company of Colorado
("PSCo"), and NC Enterprises, Inc. ("NC Enterprises") hereby submit this
Post-Effective Amendment No. 1 to amend their Form U-1 Application/Declaration
(as amended), docketed in File No. 70-9193, which was approved by order (HCAR
No. 26871) on May 14, 1998, as follows:
1. By amending Item No. 3 (Applicable Statutory Provisions) by replacing
the fifth paragraph thereof (as set out in Amendment No. 1 submitted in this
File No. 70-9193) with the following so as to add footnote 2:
Rule 53(a) requires that the aggregate investment in EWGs and
FUCOs not exceed 50% of the system's consolidated retained earnings.
NCE's present investments in EWGs and FUCOs, pro forma to include the
investments in Yorkshire Electricity Group plc ("Yorkshire Electricity")
and IPC, equals 50.9% of NCE's consolidated retained earnings at
December 31, 1997.2/ So long as NCE's aggregate investment in EWGs and
FUCOs exceeds the above Rule 53 50% limitation, NCE will not make any
additional investments in EWGs or FUCOs from the proceeds of securities
(including guarantees) except as contemplated or authorized herein or in
File No. 70-9007, or as may be authorized by the Commission.
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2/ The event that caused the NCE system to exceed 50% of consolidated retained
earnings was the imposition of a U.K. government-mandated windfall tax on
Yorkshire Electricity, not a new investment. To elaborate, on July 2, 1997, the
one-time windfall tax was introduced in the Labour Party's Budget and on July
31, 1997, it became law. The windfall tax was intended to effect a recovery of
funds by the government due to the purported undervaluing of the companies
subject to the tax when they were privatized by the U.K. government via public
stock offerings in 1990. The windfall tax liability for Yorkshire Electricity
was approximately 135 million pounds sterling ($221 million). The tax is payable
in two equal installments: the first installment was paid in December 1997, and
the second installment is due in December 1998. Yorkshire had sufficient cash to
pay the first installment without the need for additional long-term borrowings
or equity contributions from NCE, and NCE believes that Yorkshire Electricity
will likewise have sufficient cash to pay the second installment without
additional long-term borrowings or equity contributions by NCE. NCE's $110.6
million share of the windfall tax was recorded as an extraordinary item in NCE's
consolidated statement of income included in NCE's Quarterly Report on Form 10-Q
for the quarterly period ended September 30, 1997.
1
<PAGE>
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, as amended, the undersigned companies have duly caused this
Post-Effective Amendment No. 1 to be signed on their behalf by the undersigned
thereunto duly authorized.
NEW CENTURY ENERGIES, INC.
PUBLIC SERVICE COMPANY OF COLORADO
NC ENTERPRISES, INC.
By: s/Richard C. Kelly
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Name: Richard C. Kelly
Title: Executive Vice President and
Chief Financial Officer of
New Century Energies, Inc.;
Executive Vice President of
Public Service Company of
Colorado;
Executive Vice President of
NC Enterprises
Date: June 5, 1998
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