UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF
THE SECURITIES EXCHANGE ACT 1934
For the Fiscal Year Ended December 31, 1999
New Century Energies, Inc. Employees' Savings and Stock Ownership
Plan for Non-Bargaining Unit Employees
(Title of plan)
and
New Century Energies, Inc.
Employees' Savings and Stock Ownership Plan for
Bargaining Unit Employees and Former Non-Bargaining Unit Employees
(Title of plan)
and
New Century Energies, Inc. Employee Investment Plan for Bargaining Unit
Employees and Former Non-Bargaining Unit Employees
(Title of plan)
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
Commission file number 1-2927
NEW CENTURY ENERGIES, INC.
(Name of issuer of the securities held pursuant to the plan)
1225 17th Street
Denver, Colorado 80202
(Address of principal executive offices)
<PAGE>
TABLE OF CONTENTS
Page(s)
Financial Statements
New Century Energies, Inc. Employees' Savings and Stock Ownership
Plan for Non-Bargaining Unit Employees ("NBU Savings Plan")
- Report of Independent Public Accountants 2
- Statements of Net Assets Available for Plan Benefits as
of December 31, 1999 and 1998 3
- Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 1999 4
New Century Energies, Inc. Employees Savings and Stock Ownership Plan
for Bargaining Unit Employees and Former Non-Bargaining Unit
Employees ("BU Savings Plan")
- Report of Independent Public Accountants 5
- Statements of Net Assets Available for Plan Benefits as of
December 31, 1999 and 1998 6
- Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 1999 7
New Century Energies, Inc. Employee Investment Plan For Bargaining
Unit Employees and Former Non-Bargaining Unit Employees ("EIP
Savings Plan")
- Report of Independent Public Accountants 8
- Statements of Net Assets Available for Plan Benefits as of
December 31, 1999 and 1998 9
- Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 1999 10
Notes to Financial Statements for the NBU Savings Plan, BU Savings
Plan and EIP Savings Plan 11
Supplemental Schedules of Assets Held for Investment Purposes, Loans
or Fixed Income Obligations and Leases in Default or Uncollectible,
Reportable Transactions and Nonexempt Transactions with
Parties-In-Interest.
-NBU Savings Plan (Schedules 1-4) 19-22
-BU Savings Plan (Schedules 5-8) 23-26
-EIP Savings Plan (Schedules 9-12) 27-30
Signature 31
Exhibits
Exhibit 23: Consent of Independent Public Accountants 32
1
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the New Century Energies, Inc. ERISA Committee:
We have audited the accompanying statements of net assets available for plan
benefits of the New Century Energies, Inc. Employees' Savings and Stock
Ownership Plan for Non-Bargaining Unit Employees as of December 31, 1999 and
1998, and the related statement of changes in net assets available for plan
benefits for the year ended December 31, 1999. These financial statements are
the responsibility of the plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the New
Century Energies, Inc. Employees' Savings and Stock Ownership Plan for
Non-Bargaining Unit Employees as of December 31, 1999 and 1998, and the changes
in net assets available for plan benefits for the year ended December 31, 1999
in conformity with accounting principles generally accepted in the United
States.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules 1 through 4 of
assets held for investment purposes, loans or fixed-income obligations and
leases in default or uncollectible, reportable transactions and nonexempt
transactions with parties-in-interest are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the
responsibility of the plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Denver, Colorado,
June 23, 2000.
2
<PAGE>
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN
FOR NON-BARGAINING UNIT EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 and 1998
1999 1998
---- ----
ASSETS:
Investments, at Fair Value:
Company Common Stock Fund
(Notes 1, 5 and 6):
Participant Directed $ 19,618,522 $ 27,562,177
Non-Participant Directed 45,791,742 72,110,547
---------- ----------
65,410,264 99,672,724
Investments in Registered
Investment Companies (Note 5):
PRIMECAP Fund 82,607,192 56,402,726
Wellington Fund 29,306,510 29,679,504
Index 500 Fund 23,327,780 17,955,591
Bond Market Fund 7,009,824 7,235,147
American Century Value Fund 5,292,149 5,471,245
Europacific Growth Fund 4,841,845 2,141,607
SMALLCAP World Fund 2,563,819 1,408,669
Investment in Common/Collective
Trusts (Note 5):
Vanguard Retirement Savings Trust Fund 16,844,663 15,285,944
QPS Trust Funds (Note 5) - 21,533
Participant Loans (Note 7) 5,033,754 4,728,756
- --------- ---------
Total Investments 242,237,800 240,003,446
----------- -----------
Receivables:
Employer contributions 3,858,724 4,320,229
Participant contributions 20,118 6,154
------ -----
Total Receivables 3,878,842 4,326,383
--------- ---------
Total Assets 246,116,642 244,329,829
----------- -----------
LIABILITIES: - -
----- -----
Net Assets Available for Plan Benefits $ 246,116,642 $ 244,329,829
============= =============
The accompanying notes to financial statements are an integral
part of these financial statements.
3
<PAGE>
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN
FOR NON-BARGAINING UNIT EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1999
Net Investment Income (Loss):
Interest and dividend income $ 15,996,071
Interest income on participant loans 331,799
Net depreciation in fair value of investments (Note 5) (17,330,744)
-----------
(1,002,874)
Contributions:
Employer contributions 3,860,092
Participant contributions 13,871,253
----------
17,731,345
Transfers to the Plan (Note 1) 1,796,353
Withdrawals, Distributions and Expenses:
Distributions to participants-cash & common stock (13,067,297)
Dividends paid to participants (3,650,655)
Adminstrative expenses (20,059)
-------
(16,738,011)
-----------
Net Increase 1,786,813
Net Assets Available for Plan Benefits at beginning of year 244,329,829
-----------
Net Assets Available for Plan Benefits at end of year $246,116,642
============
The accompanying notes to financial statements are an integral
part of these financial statements.
4
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the New Century Energies, Inc. ERISA Committee:
We have audited the accompanying statements of net assets available for plan
benefits of the New Century Energies, Inc. Employee Savings and Stock Ownership
Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees as
of December 31, 1999 and 1998, and the related statement of changes in net
assets available for plan benefits for the year ended December 31, 1999. These
financial statements are the responsibility of the plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the New
Century Energies, Inc. Employee Savings and Stock Ownership Plan for Bargaining
Unit Employees and Former Non-Bargaining Unit Employees as of December 31, 1999
and 1998, and the changes in net assets available for plan benefits for the year
ended December 31, 1999, in conformity with accounting principles generally
accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules 5 through 8
of assets held for investment purposes, loans or fixed-income obligations and
leases in default or uncollectible, reportable transactions and nonexempt
transactions with parties-in-interest are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the
responsibility of the plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Denver, Colorado,
June 23, 2000.
5
<PAGE>
NEW CENTURY ENERGIES, INC.
EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN
FOR BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 AND 1998
ASSETS: 1999 1998
------- ---- ----
Investments, at Fair Value:
Company Common Stock Fund
(Notes 1, 5 and 6):
Participant Directed $ 3,385,172 $ 4,916,037
Non-Participant Directed 47,290,202 76,933,045
---------- ----------
Total Company Common Stock Fund 50,675,374 81,849,082
Investments in Registered Investment
Companies (Note 5):
PRIMECAP Fund 106,456,739 77,854,503
Wellington Fund 40,095,149 42,527,852
Index 500 Fund 21,238,900 17,436,509
Bond Market Fund 9,735,250 10,642,016
American Century Value Fund 1,667,141 2,077,216
Europacific Growth Fund 2,132,604 999,048
SMALLCAP World Fund 1,856,106 947,386
Investments in Common/Collective
Trusts (Note 5):
Vanguard Retirement Saving Trust Fund 26,562,645 23,517,828
Participant Loans (Note 7) 5,948,792 5,729,030
--------- ---------
Total Investments 266,368,700 263,580,470
Receivables:
Employer Contributions (Note 3) 3,377,374 4,151,291
Employee Contributions (Note 3) - 2,282
----- -----
Total Receivables 3,377,374 4,153,573
Total Assets 269,746,074 267,734,043
----------- -----------
LIABILITIES: - -
----- -----
Net Assets Available for Plan Benefits $ 269,746,074 $ 267,734,043
============= =============
The accompanying notes to financial statements are an integral
part of these financial statements.
6
<PAGE>
NEW CENTURY ENERGIES, INC.
EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN
FOR BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1999
Net Investment Income (Loss):
Interest and dividend income $ 18,102,890
Interest income on participant loans 377,867
Net depreciation in fair value of investments (Note 5) (5,439,730)
----------
13,041,027
Contributions:
Employer contributions 3,377,374
Participant contributions 9,179,600
---------
12,556,974
Transfers from the Plan (Note 1) (1,160,302)
Withdrawals, Distributions and Expenses:
Distributions to participants-cash & common stock (18,496,731)
Dividends paid to participants (3,909,514)
Administrative expenses (19,423)
-------
(22,425,668)
Net Increase 2,012,031
Net Assets Available for Plan Benefits at beginning of year 267,734,043
-----------
Net Assets Available for Plan Benefits at end of year $269,746,074
============
The accompanying notes to financial statements are an integral
part of these financial statements.
7
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the New Century Energies, Inc. ERISA Committee:
We have audited the accompanying statements of net assets available for plan
benefits of the New Century Energies, Inc. Employee Investment Plan for
Bargaining Unit Employees and Former Non-Bargaining Unit Employees as of
December 31, 1999 and 1998, and the related statement of changes in net assets
available for plan benefits for the year ended December 31, 1999. These
financial statements are the responsibility of the plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the New
Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees
and Former Non-Bargaining Unit Employees as of December 31, 1999 and 1998, and
the changes in net assets available for plan benefits for the year ended
December 31, 1999, in conformity with accounting principles generally accepted
in the United States.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules 9 through 12
of assets held for investment purposes, loans or fixed-income obligations and
leases in default or uncollectible, reportable transactions and nonexempt
transactions with parties-in-interest are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the
responsibility of the plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Denver, Colorado,
June 23, 2000.
8
<PAGE>
NEW CENTURY ENERGIES, INC.
EMPLOYEE INVESTMENT PLAN FOR BARGAINING
UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 and 1998
ASSETS: 1999 1998
---- ----
Investments, at Fair Value:
Company Common Stock Fund
(Notes 1, 5 and 6) $ 31,280,567 $ 49,820,305
Investments in Registered Investment
Companies (Note 5):
American Century Value Fund 1,577,367 1,634,828
Europacific Growth Fund 880,676 490,284
Bond Market Fund 280,381 279,796
Index 500 Fund 164,203 186,855
PRIMECAP Fund 210,951 68,283
Wellington Fund 86,193 86,862
SMALLCAP World Fund 40,955 4,304
Investment in Common/Collective
Trust (Note 5):
Vanguard Retirement Savings
Trust Fund 294,973 231,491
------- -------
Total Investments 34,816,266 52,803,008
Receivables:
Employer contributions (Notes 1 and 3) 282,475 290,625
Participant contributions (Notes 1 and 3) 132 90
--- --
Total Receivables 282,607 290,715
Total Assets 35,098,873 53,093,723
---------- ----------
LIABILITIES: - -
----- -----
Net Assets Available for Plan Benefits $ 35,098,873 $ 53,093,723
============ ============
The accompanying notes to financial statements are an integral
part of these financial statements.
9
<PAGE>
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING
UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1999
Net Investment Income (Loss):
Interest and dividend income $2,584,298
Net depreciation in fair value of investments (Note 5) (18,543,469)
-----------
(15,959,171)
Contributions:
Employer contributions 1,077,597
Participant contributions 2,643,526
---------
3,721,123
Transfers from the Plan (Note 1) (647,524)
Withdrawals, Distributions and Expenses:
Distributions to participants-cash & common stock (2,749,655)
Dividends paid to participants (2,357,881)
Administrative expenses (1,742)
------
(5,109,278)
----------
Net Decrease (17,994,850)
Net Assets Available for Plan Benefits at beginning of year 53,093,723
----------
Net Assets Available for Plan Benefits at end of year $35,098,873
===========
The accompanying notes to financial statements are an integral
part of these financial statements.
10
<PAGE>
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
NON-BARGAINING UNIT EMPLOYEES,
and
NEW CENTURY ENERGIES, INC., EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
and
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT
EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLANS
The following includes plan descriptions of the New Century Energies, Inc.
Employees' Savings and Stock Ownership Plan For Non-Bargaining Unit Employees
(the "NBU Savings Plan"), the New Century Energies, Inc. Employees' Savings and
Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining
Unit Employees (the "BU Savings Plan") and the New Century Energies, Inc.
Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining
Unit Employees (the "EIP Savings Plan"). The NBU Savings Plan, BU Savings Plan
and EIP Savings Plan are collectively known as the "Plans". Participants should
refer to each Plan's agreement and to the "Prospectus and Supplemental Summary
Plan Description Report" for a more complete description of each Plan's
provisions. The Notes to Financial Statements generally apply to all three plans
and specific disclosures is presented to address matters for individual plans,
where applicable.
New Century Energies, Inc. ("NCE") and Northern States Power Company ("NSP"),
entered into an Agreement and Plan of Merger (the "NCE/NSP Merger Agreement")
providing for a strategic business combination of NCE and NSP. Subject to the
terms of the NCE/NSP Merger Agreement, at the time of the NCE/NSP Merger, each
share of NCE common stock, par value $1.00 per share (other than certain shares
to be canceled), together with any associated purchase rights, will be converted
into the right to receive 1.55 shares of NSP common stock, par value $2.50 per
share. The NCE/NSP merger is expected to be complete during the third quarter of
2000. It is anticipated that the Plans will be continued for one year after the
merger is finalized. Further it is anticipated that Plan benefits for the new
company, Xcel Energy Inc., will be developed in 2001 and will be implemented in
2002.
General - The Plans are employee benefit plans which provide eligible employees
of NCE and their participating subsidiaries (the "Company"), the opportunity to
participate in tax deferred savings plans. Each Plan also provides for the
ownership of Company common stock through partial matching stock contributions.
The Plans are defined contribution plans and the NBU Savings Plan and the BU
Savings Plan, include an employee stock ownership plan and each Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). For the year ended December 31, 1999, approximately $1.8 million of
assets was transferred to the NBU Savings Plan from the BU Savings Plan ($1.2
million) and the EIP Savings Plan ($0.6 million).
Plan and Trust Management - The Plan Administrator of each Plan is the NCE ERISA
Committee, which is appointed by the Company's Board of Directors and has
authority to control and manage the operation and administration of each Plan.
The Plans' assets are held by a trustee under a trust agreement(s) as adopted or
amended by the Company. Each Plan values the individual participants' accounts
daily based on the current market value of each type of asset. Vanguard
Fiduciary Trust Company is the recordkeeper and trustee for the Plans.
11
<PAGE>
Participation -
NBU Savings Plan
The NBU Savings Plan allows for a regular full-time employee of the
participating subsidiaries, to become an eligible member of this plan on or
after the date the full-time employee first performs an hour of service for the
Company, while a part-time employee (one who works less than 40 hours per week)
must complete one year and at least 1,000 hours of service to become eligible. A
member of a collective bargaining group is eligible for this plan, only if the
employee's collective bargaining contract provides for participation in this
plan.
BU Savings Plan
The BU Savings Plan allows for a full-time employee covered by a collective
bargaining agreement to become a participant of this plan on or after the date
the full-time employee first performs an hour of service for the Company, while
a part-time employee (one who works less than 40 hours per week) must complete
one year and 1,000 hours service to become eligible. Certain former
non-bargaining unit employees (i.e. substantially retirees prior to July 1,
1998) continue to participate in the BU Savings Plan.
EIP Savings Plan
The EIP Savings Plan allows for a full-time employee covered by a collective
bargaining agreement to become a participant in this plan on or after the first
day of the calendar quarter the employee completes one year of service. Certain
former non-bargaining unit employees (i.e. substantially retirees prior to July
1, 1998) continue to participate in the EIP Savings Plan.
Employee and Employer Contributions - Each plan allows participants to
contribute a portion of their pre-tax and after-tax compensation and provides
for a company matching contribution (see Note 3. Plan Funding).
Vesting - Employees in each Plan are immediately vested in all contributions,
their own as well as Company matching contributions.
Distributions -
Distributions of the full balance of a participant's accounts can only be made
for the following reasons: 1) upon retirement, 2) upon total and permanent
disabilty, 3) at death of a plan member (payment made to beneficiary), or 4)
upon separation from the Company, including its participating subsidiaries.
Members of these plans who become eligible for distributions will be eligible to
receive their vested account balances in the funds and the Company common stock
shares already allocated to the member as soon as is practical following the
receipt by the trustee of the completed forms. Any amount not invested in
Company common stock will be paid in cash. For the NBU Savings Plan and the BU
Savings Plan, Company common stock can be transferred in shares, or cash, or a
combination of both (all fractional shares will be paid in cash). For the EIP
Savings Plan, Company common stock can be transferred in shares (fractional
shares paid in cash).
For each Plan, if the total amount of the member's vested account exceeds
$5,000, such plan cannot make the distribution until the member reaches age 65,
unless the member consents in writing to an earlier date. If the total amount is
less than $5,000, the amount will be distributed as soon as adminstratively
possible.
12
<PAGE>
All vested account balances remaining in these plans after the member decides to
terminate employment with the Company for any reason, will be invested in the
funds of the member's choice (except that Employee Stock Ownership Program
amounts in the NBU Savings Plan and the BU Savings Plan will continue to be held
in the Company Common Stock Fund). For the Plans which provide for participant
loans (see Note 7), the member will not be eligible for loans or withdrawls. If
the member has an outstanding loan when he/she or their beneficiary is to
receive a distribution, the loan balance will be deducted from his/her
distribution. The member will continue to receive his/her share of investment
earnings and dividend distributions until the account is completely distributed.
Termination of the Plans -
While the Company expects to continue the Plans, it reserves the right in its
sole and absolute discretion to amend, modify, change or terminate these plans
or any other benefit plan the Company may currently provide. The Company makes
no commitments or representations concerning the continuation of these Plans.
Administrative Expenses - The Company pays for certain administrative expenses
of the Plans. Certain investment advisory, trustee and recordkeeping fees are
paid by the Plans.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial statements of each Plan have
been prepared under the accrual method of accounting.
Use of Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Investment Valuation and Income Recognition - The investments of the Plans are
stated at fair value. Shares of registered investment companies are valued at
quoted market prices, which represent the net asset value of shares held by
these plans at year-end. The Company's common stock is valued at its quoted
market price. The change in the difference between fair value and the cost of
investments, including realized gains and losses and unrealized appreciation
(depreciation) is reflected in the statements of changes in net assets available
for plan benefits.
The Vanguard Retirement Savings Trust Fund, invests mainly in guaranteed
investment contracts and alternative investment contracts. These contracts are
carried in the Vanguard Retirement Savings Trust Fund's audited financial
statements at fair value, which approximates contract value. The investment in
the Vanguard Retirement Savings Trust Fund in the accompanying financial
statements is valued at the appropriate plan's proportionate interest in the
fund as of the financial statement date. Interest rates earned on the investment
change daily. In general, the investments in this fund are of a high credit
quality and short-term average maturities.
Securities transactions are recognized on the trade date (the date the order to
buy or sell is executed). Dividend income is recorded on the ex-dividend date.
Payment of Benefits - Benefit disbursements are recorded when paid.
Statement of Position ("SOP") 99-3 -
Each Plan adopted SOP 99-3, "Accounting for and Reporting of Certain Defined
Contribution Plan Investments and Other Disclosure Matters" ("SOP-99-3") for the
presentation of these financial statements. This statement simplified
13
<PAGE>
the disclosures for certain defined contribution plan financial statement
information about investments, participant-directed investment programs, and
unit of participation. Disclosure of certain information related to
nonparticipant-directed investments is still required and such information is
disclosed in Note 6.
Reclassification - Certain amounts were reclassified in the December 31, 1998,
financial statements in order to be consistent with current year presentation.
3. PLAN FUNDING
Employee and Employer Contributions (EIP Savings Plan) -
Participants may elect to contribute up to 15 percent of their pre-tax annual
compensation, as defined in the EIP Savings Plan. The Employer, at its
descretion, may make matching contributions and/or additional contributions to
this plan each plan quarter in cash or shares of the Company's common stock.
Employer contributions are subject to certain limitations. For the year ended
December 31, 1999, NCE contributed to this plan amounts in accordance with the
EIP Savings Plan agreement. These contributions were calculated based on the
common stock dividends paid to participants on shares of Company Common Stock
and the tax savings resulting from these dividends, Company matching
contributions and any discretionary contributions to this plan. The Company's
contributions for a plan year may be made at any time during the plan year or
soon after the end of the plan year.
EIP Savings Plan's participants may direct up to 25 percent of their
contributions and the Employer matching contributions. Participants may direct
their contributions, the Employer contributions and any rollovers into any or
all of nine available investment options (see Note 5). Any dividends and
interest earned on investments directed by participants will be reinvested in
each of those same investments automatically. If participants did not select one
of the investment options, all of their contributions will be invested in the
Company Common Stock Fund.
The Employer deferral match and optional contributions are allocated in the
proportion each to EIP Savings Plan participant's contribution to the plan bears
to the contributions of all participants. The Employer salary match is allocated
in the proportion each participant's salary bears to the salaries of all
participants.
Employee Contributions (NBU Savings Plan and BU Savings Plan) -
The NBU Savings Plan and BU Savings Plan allow employees to contribute (in
multiples of one percent) between 1% and 15% of their annual compensation in
pre-tax contributions and between 1% and 8% in after-tax contributions. The
combination of pre-tax and after-tax contributions can not exceed 15%.
Contributions may be deferred for income tax purposes, up to the Internal
Revenue Code Section 402(g) limit. A member can change his/her percentage of
authorized compensation to be contributed to the Plan on a daily basis, to
become effective the first day of the payroll period following receipt of the
change by The Vanguard Group of Investment Companies.
Employer Contributions -
NBU Savings Plan
The Company may contribute cash or shares of common stock of the Company to the
NBU Savings Plan. The Company's contributions for a plan year may be made at any
time during the plan year or soon after the end of the plan year. The Board of
Directors approved the Company's 1999 plan year match on February 22, 2000, and
this contribution was recorded to the participant accounts on February 23, 2000.
The Company, as approved by the NCE Board of Directors, matched contributions
through the issuance of common stock. For the year ended December 31, 1999, the
Company's matching contribution was approximately $3.9 million. The number of
shares of common stock
14
<PAGE>
contributed was determined using the Company's average common stock price for
the plan year, and each participants' annual contribution eligible for matching
(up to 50% of the first 8% of a participant's contribution during 1999).
BU Savings Plan
The Company may contribute cash or shares of common stock of the Company to the
BU Savings Plan. The Company's contributions for a plan year may be made at any
time during the plan year or soon after the end of the plan year. The Board of
Directors approved the Company's 1999 Plan year match on February 22, 2000, and
this contribution was recorded to the participant accounts on February 23, 2000.
The Company, as approved by the NCE Board of Directors, matched contributions
through the issuance of common stock valued at approximately $3.4 million for
the 1999 plan year. The number of shares of common stock contributed was
determined using the Company's average common stock price for the plan year, and
each participant's annual contribution eligible for matching (100% of the first
3%, and 50% of the next 4% of a participant's contribution).
4. FEDERAL INCOME TAX STATUS
BU Savings Plan and EIP Savings Plan
The Internal Revenue Service has determined and informed the Company by letter
dated January 4, 1994, for the BU Savings Plan and by a letter dated March 12,
1998, for the EIP Savings Plan that each plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code ("IRC"). These
plans have been amended since receiving the determination letters. However, the
Plan Administrator believes that these plans are designed and are currently
being operated in compliance with the applicable provisions of the IRC. For the
BU Savings Plan, dividends earned on the common stock purchased with employer
contributions are distributed quarterly to these plan participants in cash and
.are taxed to the participants as ordinary dividend income. Dividends earned on
the common stock purchased with employee contributions are automatically
reinvested in the common stock fund and are considered taxable income when they
are distributed from the BU Savings Plan.
NBU Savings Plan
The Plan Administrator anticipates that the NBU Savings Plan will be qualified
as an "Employee Stock Ownership Plan" under Section 401(a) and 409 of the IRC,
similar to the BU Savings Plan, and, accordingly, the Trust will be exempt from
Federal income taxes. A determination letter from the Internal Revenue Service
has not yet been received. However, the Plan Administrator believes that these
plans are designed and are currently being operated in compliance with the
applicable provisions of the IRC. Dividends earned on the common stock purchased
with employer contributions are distributed quarterly to these plan participants
in cash. These distributions are taxed to the participants as ordinary dividend
income. Dividends earned on the common stock purchased with employee
contributions are automatically reinvested in the common stock fund and are
considered taxable income when they are distributed from the Plan.
15
<PAGE>
5. INVESTMENTS
The Plan assets, including all investment funds available at December 31,
1999, are summarized below:
<TABLE>
<CAPTION>
Investment Type Investment Description % of Total Asset
--------------- ---------------------- ----------------
NBU BU EIP
Savings Savings Savings
Plan Plan Plan
---- ---- ----
<S> <C> <C> <C> <C>
Company Common Stock Fund Investments in common stock
of NCE and temporary cash
investments.* 26.6 18.8 89.1
Registered Investment Companies:
PRIMECAP Fund Invested in common stocks with
(Growth Stock Fund) the emphasis on growth. 33.6 39.5 0.6
Index 500 Fund Invested in all stocks in the
(Growth & Income Stock Standard & Poor's 500 Index.
Fund) 9.5 7.9 0.5
Wellington Fund (Balanced Invested in common stocks and
Fund) bonds. 11.9 14.9 0.3
Bond Market Fund Invested in U.S. government and
(Bond Fund) corporate bonds and
mortgage-backed securities. 2.8 3.6 0.8
American Century Value Fund Invested in equity securities.
(Growth & Income Stock
Fund) 2.2 0.6 4.5
Europacific Growth Fund Invested in stocks of companies
(International Stock Fund) located outside the United
States to provide the
possibility of long-term growth. 2.0 0.8 2.5
SMALLCAP World Fund Invested in common stocks of
(Growth Stock Fund). smaller companies in the U.S.
and internationally. 1.0 0.7 0.1
Common/Collective Investment
Trust:
Vanguard Retirement Savings Invested in various investment
Trust Fund contracts issued and backed by
financial institutions. Also
invests in "alternative"
contracts backed by high
quality bonds and bond mutual
funds owned by the Trust. 6.8 9.8 0.8
Participant Loans - 2.0 2.2 N/A
Other Assets Receivables 1.6 1.2 0.8
</TABLE>
* Includes temporary cash investments of approximately $297,000, $230,000 and
$142,000 for the NBU Savings Plan, BU Savings Plan and EIP Savings Plan,
respectively. Additionally, the nonparticipant-directed portion of Company
Common Stock Fund was 17.5%, 18.6% and 89.1% of total assets for the NBU Savings
Plan, BU Savings Plan and EIP Savings Plan, respectively.
QPS Trust Funds: These investments were held solely by participants in the
former QPS Plan at December 31, 1998. These funds consist of collective
investments held by the Amarillo National Bank in money market, bond and equity
investments. These assets were liquidated and invested in Vanguard Retirement
Savings Trust Funds during 1999.
16
<PAGE>
For the year ended December 31, 1999, the following plan investments, including
gains and losses on investments bought and sold, as well as held during the
year, appreciated (depreciated) in value as shown below:
NBU BU EIP
Savings Savings Savings
Investment Type Plan Plan Plan
--------------- ---- ---- ----
Company Common Stock $(38,254,821) $(31,169,513) $(18,727,154)
Registered Investment Companies 20,924,077 25,729,783 183,685
---------- ---------- -------
Total $(17,330,744) $(5,439,730) $(18,543,469)
============ =========== ============
6. NONPARTICIPANT - DIRECTED INVESTMENTS
Information on the net assets and the significant components of the change
in net assets available for plan benefits relating to each Plan's
nonparticipant - directed investment (Company Common Stock Fund) is shown
below:
December 31,
Net Assets: 1999 1998
NBU Savings Plan
Company Common Stock Fund $45,791,742 $72,110,547
Employer Contribution Receivable 3,858,724 4,320,229
--------- ---------
$49,650,466 $76,430,776
=========== ===========
BU Savings Plan
Company Common Stock Fund $47,290,202 $76,933,045
Employer Contribution Receivable 3,377,374 4,151,291
--------- ---------
$50,667,576 $81,084,336
=========== ===========
EIP Savings Plan
Company Common Stock Fund $31,280,567 $49,820,305
Employer Contribution Receivable 282,475 290,625
Employees Contribution Receivable 132 -
--- -----
$31,563,174 $50,110,930
=========== ===========
For the Year Ended December 31, 1999
NBU BU EIP
Changes in Net Assets Available for Savings Savings Savings
Plan Benefits: Plan Plan Plan
Interest and dividend income $ 3,497,105 $3,909,514 $ 2,357,881
Net depreciation in fair value
of investments (27,573,647) (29,265,095) (18,727,154)
Contributions 3,860,092 3,377,374 3,242,689
Withdrawals, distributions and expenses (6,969,089) (8,112,644) (4,947,884)
Transfers, net 405,229 (325,909) (473,288)
------- -------- --------
Net Decrease $(26,780,310) $(30,416,760) $(18,547,756)
============ ============ ============
17
<PAGE>
The Company Common Stock Fund of the EIP Savings Plan consists substantially of
non-participant directed assets. These assets have been presented in the
financial statements as non-participant directed.
7. PARTICIPANT LOANS (NBU Savings Plan and BU Savings Plan)
A participant may elect to borrow funds from his/her account in any amount
greater than $1,000, but less than 50% of the participant's pre-tax account
balance. In no event can a member borrow more than $50,000, minus the
participant's highest outstanding loan balance in the previous 12 months.
Loans are for a period not to exceed 5 years for non-home loans or 15 years
for home loans. The loans bear interest at a rate determined by the Company
based on prevailing market rates. A participant can only have one loan
outstanding at a time. Repayment of the loans, plus interest, is credited
to each participant's account, as paid.
8. RELATED PARTY TRANSACTIONS
Certain investments of the Plans are shares of NCE Common Stock. Also,
certain investments of the NCE Plans are shares of common/collective trust
funds and short-term investments managed by Vanguard Fiduciary Trust.
Vanguard is the trustee as defined by the Plans and, therefore, these
transactions qualify as party-in-interest. Fees incurred for investment
management services are paid by the Company on behalf of the Plans.
9. RISKS AND UNCERTAINTIES
The Plans provide for investment in a variety of investment funds.
Investments, in general, are exposed to various risks, such as interest
rate, credit and overall market volatility risk. Due to the level of risk
associated with certain investments, it is reasonably possible that changes
in the values of the investments will occur in the near term and that such
changes could materially affect participants' account balances and the
amounts reported in the statements of net assets available for plan
benefits.
18
<PAGE>
Schedule 1
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
NON-BARGAINING UNIT EMPLOYEES
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
Number
Identity of Issue of Shares Cost Fair Value
Company Common Stock Fund (1):
------------------------------
Company Common Stock 2,153,424 $63,901,824 $65,113,264
Temporary Cash Investments - 297,000 297,000
Registered Investment
Companies (1):
--------------
PRIMECAP Fund 1,330,871 60,438,964 82,607,192
Wellington Fund 1,048,158 32,405,164 29,306,510
Index 500 Fund 172,377 18,403,872 23,327,780
Bond Market Fund 733,245 7,410,861 7,009,824
Europacific Growth Fund 261,016 3,624,978 4,841,845
American Century Value Fund 963,962 6,540,715 5,292,149
SMALLCAP World Fund 168,783 1,830,226 2,563,819
Common/ Collective Trust (1)
----------------------------
Vanguard Retirement Savings
Trust Fund 16,844,663 16,844,663 16,844,663
Outstanding Participant Loans(1) - 5,033,754
----- ---------
Total Assets Held for
Investment Purposes $211,698,267 $242,237,800
============ ============
(1) Represents transaction with party-in-interest (Note 8)
The accompanying notes to financial statements are an integral
part of this schedule.
19
<PAGE>
Schedule 2
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
NON-BARGAINING UNIT EMPLOYEES
SCHEDULE G, -PART I, LOANS OR FIXED-INCOME OBLIGATIONS IN DEFAULT OR
UNCOLLECTIBLE AND PART II, LEASES IN DEFAULT OR CLASSIFIED AS UNCOLLECTIBLE
AS OF DECEMBER 31, 1999
-----------------------
A schedule of loans or fixed-income obligations in default or classified as
uncollectible and of leases in default or classified as uncollectible were not
presented because there were no loans, fixed-income obligations or leases which
are in default or classified as uncollectible as of December 31, 1999.
20
<PAGE>
Schedule 3
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
NON-BARGAINING UNIT EMPLOYEES
SCHEDULE H, PART IV, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Current Value
Identity of Party Description Cost of of Asset on Net Gain
Involved of Asset Purchase Price Selling Price Asset Transaction Date (Loss)
-------- -------- -------------- ------------- ----- ---------------- ------
<S> <C> <C> <C> <C> <C> <C>
The Vanguard Group 500 Index Fund * $ 7,098,981 $ - $ - $ 7,098,981 $ -
The Vanguard Group 500 Index Fund * - 5,315,911 4,761,136 5,315,911 554,775
The Vanguard Group PRIMECAP Fund * 16,505,592 - - 16,505,592 -
The Vanguard Group PRIMECAP Fund * - 7,952,419 6,597,618 7,952,419 1,354,801
The Vanguard Group Vanguard Retirement
Savings Trust Fund * 7,902,039 - - 7,902,039 -
The Vanguard Group Vanguard Retirement
Savings Trust Fund * - 6,343,320 6,343,320 6,343,320 -
The Vanguard Group NCE Stock Fund * 10,666,956 - - 10,666,956 -
The Vanguard Group NCE Stock Fund * - 6,656,757 5,465,540 6,656,757 1,191,217
</TABLE>
No Reportable transactions included lease rental or had expense incurred with
these transactions.
*Represents transaction with party-in-interest (Note 8)
The accompanying notes to financial statements are an integral
part of this schedule.
21
<PAGE>
Schedule 4
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
NON-BARGAINING UNIT EMPLOYEES
SCHEDULE G, PART III - SCHEDULE OF NONEXEMPT TRANSACTIONS WITH
PARTIES-IN-INTEREST FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Identity of Relationship to Plan,Employer Transaction
Party Involved or Other Party-In-Interest Description of Transaction Amount
-------------- -------------------------- -------------------------- ------
<S> <C> <C> <C>
*NCE subsidiary Employer/Sponsor Employee contributions
not timely remitted to the
NBU Savings Plan for the
April and May 1999 pay periods
due to operational errors.
These contributions were
received by the recordkeeper/
trustee on July 23, 1999.
These contributions were self-
corrected by the Plan
Administrator and the
employees were made whole on
earnings for these periods. $38,325
</TABLE>
* Represents a party-in-interest
22
<PAGE>
Schedule 5
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE H, PART IV, LINE 4i,
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of Shares
Identity of Issue (units) Cost Fair Value
<S> <C> <C> <C>
Company Common Stock Fund (1):
------------------------------
Company Common Stock 1,668,325 $ 46,084,515 $ 50,445,026
Temporary Cash Investments - 230,348 230,348
Registered Investment Companies (1):
------------------------------------
PRIMECAP Fund 1,715,108 59,213,915 106,456,739
Wellington Fund 1,434,018 37,292,100 40,095,149
Index 500 Fund 156,942 12,960,808 21,238,900
Bond Market Fund 1,018,332 10,060,378 9,735,250
American Century Value Fund 303,669 1,951,112 1,667,141
Europacific Growth Fund 114,965 1,485,291 2,132,604
SMALLCAP World Fund 122,193 1,286,802 1,856,106
Common/ Collective Trust (1)
----------------------------
Vanguard Retirement Savings 26,562,645 26,562,645 26,562,645
Trust Fund
Participant Loans (1) 5,948,792 5,948,792
--------- ---------
Total Assets Held for Investment
Purposes
$203,076,706 $266,368,700
============ ============
</TABLE>
(1) Represents transaction with party-in-interest (Note 8)
The accompanying notes to financial statements are an integral part of
this schedule.
23
<PAGE>
Schedule 6
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE G, PART I, LOANS OR FIXED-INCOME OBLIGATIONS IN DEFAULT OR
UNCOLLECTIBLE AND PART II, LEASES IN DEFAULT OR CLASSIFIED AS UNCOLLECTIBLE
AS OF DECEMBER 31, 1999
-----------------------
A schedule of loans or fixed-income obligations in default or classified as
uncollectible and of leases in default or classified as uncollectible were not
presented because there were no loans, fixed-income obligations or leases which
are in default or classified as uncollectible as of December 31, 1999.
24
<PAGE>
Schedule 7
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN FOR
BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE H, PART IV, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Current
Value of
Asset on Net
Identity of Selling Transaction Gain
Party Involved Description of Asset Purchase Price Price Cost of Asset Date (Loss)
-------------------- ---------------------- -------------- ----------- ------------- ----------- ------
<S> <C> <C> <C> <C> <C> <C>
The Vanguard Group PRIMECAP Fund $18,471,908 $ - $ - $18,471,908 $ -
The Vanguard Group PRIMECAP Fund - 13,666,022 8,795,802 13,666,022 4,870,220
The Vanguard Group Wellington Fund 7,337,921 - - 7,337,921 -
The Vanguard Group Wellington Fund - 8,020,474 6,925,179 8,020,474 1,095,295
The Vanguard Group Vanguard Retirement 10,200,163 - - 10,200,163 -
Savings Trust Fund *
The Vanguard Group Vanguard Retirement - 7,155,345 7,155,345 7,155,345 -
Savings Trust Fund *
</TABLE>
No reportable transactions included lease rental or had expense incurred with
these transactions.
*Represents transaction with party-in-interest (Note 8)
The accompanying notes to financial statements are an integral
part of this schedule.
25
<PAGE>
Schedule 8
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN
FOR BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE G, PART III - NONEXEMPT TRANSACTIONS WITH PARTIES-IN-INTEREST
FOR THE YEAR ENDED DECEMBER 31, 1999
A schedule of non-exempt transactions with parties-in-interest has not been
presented because there were no non-exempt transactions which are prohibited by
ERISA Section 406 and for which there is no statutory or administrative
exemption for the year ended December 31, 1999.
26
<PAGE>
Schedule 9
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT
EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
Identity of Issue Number Cost Fair Value
of
Shares (Units)
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Company Common Stock Fund (1)
Company Common Stock 1,029,813 $31,330,129 $ 31,138,567
Temporary Cash Investments - 142,000 142,000
Registered Investment Companies (1):
American Century Value Fund 287,316 1,892,536 1,577,367
Europacific Growth Fund 47,476 596,157 880,676
Bond Market Fund 29,329 296,672 280,381
Index 500 Fund 1,213 138,865 164,203
PRIMECAP Fund 3,399 175,127 210,951
Wellington Fund 3,083 92,832 86,193
SMALLCAP World Fund 2,696 30,348 40,955
Common/ Collective Trust (1)
Vanguard Retirement Savings
Trust Fund 294,973 294,973 294,973
------- -------
Total Assets Held for Investment Purposes $ 34,989,639 $ 34,816,266
============ ============
</TABLE>
(1)Represents transaction with
party-in-interest (Note 8)
The accompanying notes to financial statements are an integral
part of this schedule.
27
<PAGE>
Schedule 10
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT
EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE G, -PART I, LOANS OR FIXED-INCOME OBLIGATIONS IN DEFAULT OR
UNCOLLECTIBLE AND PART II, LEASES IN DEFAULT OR CLASSIFIED AS UNCOLLECTIBLE
AS OF DECEMBER 31, 1999
A schedule of loans or fixed-income obligations in default or classified as
uncollectible and of leases in default or classified as uncollectible were not
presented because there were no loans, fixed-income obligations or leases which
are in default or classified as uncollectible as of December 31, 1999.
28
<PAGE>
Schedule 11
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT
EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE H, PART IV, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Current
Value of
Asset on Net
Identity of Selling Transaction Gain
Party Involved Description of Asset Purchase Price Price Cost of Asset Date (Loss)
------------------- ---------------------- --------------- ------------ ------------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
The Vanguard Group NCE Common Stock* $3,332,840 $ - $ - $3,332,840 $ -
The Vanguard Group NCE Common Stock* - 3,145,424 2,623,800 3,145,424 521,624
</TABLE>
No reportable transactions were for lease rental or had expense incurred with
these transactions.
*Represents transaction with party-in-interest (Note 8)
The accompanying notes to financial statements are an integral
part of this schedule.
29
<PAGE>
Schedule 12
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT
EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
SCHEDULE G, PART III - NONEXEMPT TRANSACTIONS WITH PARTIES-IN-INTEREST FOR THE
YEAR ENDED DECEMBER 31, 1999
A schedule of non-exempt transactions with parties-in-interest has not been
presented because there were no non-exempt transactions which are prohibited by
ERISA Section 406 and for which there is no statutory or administrative
exemption for the year ended December 31, 1999.
30
<PAGE>
NEW CENTURY ENERGIES, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, New
Century Energies, Inc. has duly caused this annual report on Form 11-K to be
signed on its behalf by the undersigned, thereunto duly authorized on June 26,
2000.
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND
STOCK OWNERSHIP PLAN FOR NON-BARGAINING UNIT
EMPLOYEES
NEW CENTURY ENERGIES, INC. EMPLOYEES' SAVINGS AND
STOCK OWNERSHIP PLAN FOR BARGAINING UNIT EMPLOYEES
AND FORMER NON-BARGAINING UNIT EMPLOYEES
NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT
PLAN FOR BARGAINING UNIT EMPLOYEES AND FORMER
NON-BARGAINING UNIT EMPLOYEES
By /s/R. C. Kelly
_________________________________
R. C. KELLY
Executive Vice President and
Chief Financial Officer of
New Century Energies, Inc. and
Member of the New Century Energies, Inc.
ERISA Committee
31
<PAGE>
Exhibit 23
Consent of Independent Public Accountant
As independent public accountants, we hereby consent to the incorporation by
reference of our reports dated June 23, 2000, included in this Form 11-K, into
New Century Energies, Inc.'s previously filed Registration Statement (Form S-3,
File No. 333-28637) pertaining to the Dividend Reinvestment and Cash Payment
Plan; New Century Energies, Inc.'s Registration Statement (Form S-8, File No.
333-28639) pertaining to the Omnibus Incentive Plan; New Century Energies,
Inc.'s Registration Statements (Forms S-3, File Nos. 333-40361 and 333-64067)
pertaining to the registration of NCE Common Stock and New Century Energies,
Inc.'s Registration Statement (Form S-8, File No. 333-58117) pertaining to New
Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees
and Former Non-Bargaining Unit Employees, New Century Energies, Inc. Employees'
Savings and Stock Ownership Plan for Bargaining Unit Employees and Former
Non-Bargaining Unit Employees, and New Century Energies, Inc. Employees' Savings
and Stock Ownership Plan for Non-Bargaining Unit Employees, and to all
references to our Firm included in this Form 11-K.
ARTHUR ANDERSEN LLP
Denver, Colorado,
June 23, 2000.
32
