SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5S
ANNUAL REPORT
For the Year Ended December 31, 1999
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
Page
Number
Item 1. System Companies and Investments Therein as of
December 31, 1999 ...................................... 1
Item 2. Acquisitions or Sales of Utility Assets................... 5
Item 3. Issue, Sale, Pledge, Guarantee or Assumption of System
Securities ............................................. 6
Item 4. Acquisition, Redemption or Retirement of System Securities 8
Item 5. Investments in Securities of Nonsystem Companies.......... 9
Item 6. Officers and Directors.................................... 9
Item 7. Contributions and Public Relations........................ 27
Item 8. Service, Sales and Construction Contracts................. 28
Item 9. Wholesale Generators and Foreign Utility Companies........ 28
Item 10. Financial Statements and Exhibits......................... 31
Signature ...................................................... 51
<PAGE>
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
Number of
Common % of Issuer Owner's
Name of Company (1) Shares Voting Book Value Book Value
(and abbreviations used herein) Owned Power (000s) (000s)
------------------------------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C>
New Century Energies, Inc. (NCE)
Public Service Company of Colorado
(PSCo) (1) 100 100 $1,760,885 $1,760,885
1480 Welton, Inc. (1480) 4,049 100 5,833 5,833
PSR Investments, Inc. (PSR) 363,190 100 5,646 5,646
Green and Clear Lakes Company 2,500 100 25 25
Fuel Resources Development Co.
(FUELCO)* 159,000 100 588 588
PS Colorado Credit Corporation
(PSCCC) 2,796,412 100 27,964 27,964
Colorado Natural Fuels, L.L.C.
(3,5) 100 3,344 3,344
Natural Fuels Company, L.L.C.
(NATCO) (3,5) 100 3,644 3,644
Natural/Total Limited
Liability Company (3) 50 682 341
Natural/Total/KN Limited
Partnership (3) 66.67 682 341
Natural/Peoples Limited
Liability Company (3) 50 107 53
Southwestern Public Service
Company (SPS) 100 100 761,383 761,383
Cheyenne Light, Fuel and Power
Company (CLF&P) 100 100 23,339 23,339
WestGas InterState, Inc. (WGI) 60,000 100 915 915
New Century Services, Inc. (NCS) 1,000 100 1 1
NC Enterprises, Inc. 1,000 100 232,659 232,659
New Century-Cadence, Inc. 1,000 100 575 575
Cadence Network, L.L.C (3) 33.3 2,341 826
NCE Communications, Inc 100 100 10,814 10,814
New Century-Centrus, Inc. 1,000 100 47 47
Centrus, L.L.P. (6) 33.3 - -
New Century WYCO, Inc. (4) 100 16,483 16,483
WYCO Development, L.L.C. (3,4) 50 33,109 16,555
New Century O&M Service, Inc. (4)* 100 - -
ep3, L.L.C. (2,3) 50 - -
Natural Station Equipment L.L.C.
(STATCO) (5) 100 101 101
New Century International, Inc.(NCI) 100 100 397,149 397,149
Yorkshire Power Group Limited 440,000,002 50 725,000 362,500
Yorkshire Holdings plc 100 725,000 367,000
Yorkshire Electricity Group
plc (a FUCO) (9) 159,270,953 100 725,000 367,000
Yorkshire Power Finance Limited 1,000 100 - -
The Independent Power Corporation
plc (IPC)(a FUCO) (1,9) 69,025 49.9 3,737 1,865
ep3, L.L.C. (2,3) 50 - -
ep3 LP* (2,3) 50 - -
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
Number of
Common % of Issuer Owner's
Name of Company (1) Shares Voting Book Value Book Value
(and abbreviations used herein) Owned Power (000s) (000s)
------------------------------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C>
Independent Power International
(IPI)(an EWG) (1) 5,526 49.9 (3,952) (1,972)
Corporation Independiente de 100
Energia S.A. (CIESA) (an
EWG) (8)
Central Piedra Buena S.A. 39
(Piedra Buena)(an EWG)(8)
Quixx Corporation 51,000 100 74,145 74,145
Quixx Louisville, L.L.C. 100 5,614 5,614
KES Montego, Inc. 1,000 100 32 32
KES Jamaica, L.P. (General 1 2 -
Partner)(2,3)(an EWG)*
Quixx Jamaica, Inc. 10,000 100 155 155
KES Jamaica, L.P. (Limited 99 2 2
Partner)(2,3)(an EWG)*
Carolina Energy, Limited 32.33 - -
Partnership*
(Limited Partner) (2,3)
Quixx Carolina, Inc. 10,000 100 2 2
Carolina Energy, Limited 1 - -
Partnership*(General Partner)(2,3)
Windpower Partners 1994, L.P. 24.67 11,292 2,786
(Limited Partner) (2,3)
Quixx Mustang Station, Inc. 10,000 100 72 72
Denver City Energy Associates,L.P. 0.5 (4,458) (22)
(General Partner)(an EWG)(2,3)
Quixx WPP94, Inc. 10,000 100 12 12
Windpower Partners 1994, L.P. 0.33 11,292 37
(General Partner)(2,3)
Quixx Power Services, Inc. 1,000 100 499 499
Quixx WRR, L.P. (General 1 4,001 40
Partner)(2,3)
Quixx Resources, Inc. 10,000 100 16,478 16,478
Quixx WRR, L.P. (Limited 99 4,001 3,961
Partner)(2,3)
Borger Energy Associates, L.P. 44.55 10,730 4,780
(Limited Partner) (2,3)
Denver City Energy Associates, L.P. 49.5 (4,458) (2,207)
(Limited Partner)(an EWG)(2,3)
Quixx Borger Cogen, Inc. 10,000 100 56 56
Borger Energy Associates, L.P. 0.45 10,730 48
(General Partner)(2,3)
Borger Funding Corporation 100 100 - -
Quixxlin Corp. 10,000 100 30 30
Quixx Linden, L.P.(General 0.5 5,750 29
Partner)(2,3)
Quixx Linden, L.P. (Limited 49.5 5,750 2,846
Partner)(2,3)
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Number of
Common % of Issuer Owner's
Name of Company (1) Shares Voting Book Value Book Value
(and abbreviations used herein) Owned Power (000s) (000s)
------------------------------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C>
BCH Energy, L.P.* 42.2 - -
Quixx Mountain Holdings, L.L.C.(3,4) 100 - -
Front Range Energy Associates, 50 - -
L.L.C.(Limited Partner)(3,4)
Utility Engineering Corporation (UE) 72,000 100 48,888 48,888
Universal Utility Services 1,000 100 2,925 2,925
Company (UUS)
Precision Resource Company 1,000 100 398 398
e prime, inc. 3,807,719 100 23,068 23,068
Young Gas Storage Company 1,000 100 4,876 4,876
Young Gas Storage Company,Ltd. 47.5 13,685 6,601
Texas-Ohio Pipeline, Inc. 1,000,000 100 1,279 1,279
e prime Florida, Inc. 100 100 2,812 2,812
e prime Georgia, Inc. 100 100 789 789
ep3 L.P.* (2,3) 50 - -
Johnstown Cogeneration Company, 50 2,409 1,191
L.L.C.
e prime Networks, Inc. * 100 100 - -
e prime projects international,Inc.* 100 100 - -
e prime operating, Inc. * 100 100 - -
e prime (Belize) limited * - -
e prime Energy Marketing, Inc. 1,000 100 - -
The Planergy Group, Inc. 1,000 100 10,391 10,391
Planergy, Inc. 875 100 (590) (590)
Planergy Limited * 100 - -
USA - Planergy L.L.C.* 49 - -
First American Energy 50 - -
Alliance, L.L.C. (7)*
Planergy New York, Inc. * 875 100 - -
Planergy (Delaware), Inc. 1,000 100 (109) (109)
Planergy Services, Inc. 1,000 100 4,702 4,702
Planergy Energy Services 25 100 (104) (104)
Corporation
Planergy Services USA, Inc. 3,000 100 76 76
Planergy Services of Texas,Inc. 500 100 79 79
Planergy Services of 500 100 472 472
Houston, Inc.
Cogeneration Capital 1,500,000 100 129 129
Associates, Inc.
Planergy Services of 15,000 100 700 700
California, Inc.
Planergy Power II, Inc. * 1,000 100 - -
</TABLE>
* Inactive Subsidiaries
3
<PAGE>
NOTES
(1) PSCo also holds a controlling interest in several other relatively small
ditch and water companies whose capital requirements are not significant.
Certain other subsidiaries of IPC and IPI hold controlling or minority interests
in other relatively small companies whose capital requirements are not
significant.
(2) Subsidiaries of more than one system company are:
<TABLE>
<CAPTION>
Investment
Name of Subsidiary System Company Owners by Owner
- ------------------ --------------------- --------
<S> <C> <C>
ep3 L.L.C NC Enterprises, Inc. (50%) $ -
Independent Power Americas, Inc. (50%) -
ep3 L.P. Independent Power Corporation (Limited Partner 50%) -
e prime, Inc. (Limited Partner 50%) -
KES Jamaica, LP KES Montego, Inc. (General Partner 1%) -
Quixx Jamaica, Inc. (Limited Partner 99%) 2
Carolina Energy, L.P. Quixx Corporation (Limited Partner 32.33%) -
Quixx Carolina, Inc. (General Partner 1%) -
Windpower Partners 1994, L.P. Quixx Corporation (Limited Partner 24.67%) 2,786
Quixx WPP94, Inc. (General Partner 0.33%) 37
Denver City Energy Associates, L.P. Quixx Mustang Station, Inc.(General Part
-ner 0.5%) (22)
Quixx Resources, Inc. (Limited Partner 49.5%) (2,207)
Borger Energy Associates, L.P. Quixx Resources, Inc. (Limited Partner 44.55%) 4,780
Quixx Borger Cogen, Inc. (General Partner 0.45%) 48
Quixx Linden, L.P. Quixxlin Corp. (General Partner 0.5%) 29
Quixx Corporation (Limited Partner 49.5%) 2,846
Quixx WRR, L.P. Quixx Resources, Inc. (Limited Partner 99%) 3,961
Quixx Corporation (General Partner 1%) 40
</TABLE>
(3) Non-corporate subsidiaries are:
Name of Subsidiary Type of Organization Equity Investment
- ------------------ -------------------- -----------------
Colorado Natural Fuels, L.L.C Limited Liability Company $3,344
Natural Fuels Company, L.L.C. Limited Liability Company 3,644
Natural/Total L.L.C. Limited Liability Company 341
Natural/Total/KN L.P Limited Partnership 341
Natural/Peoples L.L.C. Limited Liability Company 53
Cadence Network, L.L.C Limited Liability Company 826
WYCO Development, L.L.C. Limited Liability Company 16,555
ep3 L.L.C Limited Liability Company -
Natural Station Equipment L.L.C. Limited Liability Company 101
ep3 L.P. Limited Partnership -
Quixx Louisville, L.L.C. Limited Liability Company 5,614
KES Jamaica L.P. Limited Partnership 2
Carolina Energy, Limited Partners Limited Partnership -
Windpower Partners 1994, L.P. Limited Partnership 2,823
Denver City Energy Associates, L.P. Limited Partnership (2,229)
Quixx WRR, L.P. Limited Partnership 4,001
Borger Energy Associates, L.P. Limited Partnership 4,828
4
<PAGE>
(3) continued
Name of Subsidiary Type of Organization Equity Investment
- ------------------ -------------------- -----------------
Quixx Linden, L.P. Limited Partnership 2,875
Young Gas Storage Company, Ltd Limited Liability Company 6,601
Johnstown Cogeneration Company L.L.C Limited Liability Company 1,191
e prime (Belize) Limited Limited Liability Company -
USA - Planergy L.L.C. Limited Liability Company -
Quixx Mountain Holdings, L.L.C. Limited Liability Company -
Front Range Energy
Associates, L.L.C. Limited Liability Company -
(4) New subsidiary companies added during 1999 were:
<TABLE>
<CAPTION>
Name of Subsidiary Date and Place of Organization Description
- ------------------ ------------------------------ -----------
<S> <C> <C>
New Century WYCO, Inc. October 4, 1999 in Colorado Holds natural gas pipeline partnership
WYCO, L.L.C. December 18, 1997 in Colorado Ownership & lease of natural gas
transportation facilities
New Century O&M Services, Inc. May 4, 1999 in Colorado Operation & maintenance services
for electric & gas distribution
systems
Quixx Mountain Holdings, L.L.C. March 23, 1999 in Delaware Holds independent power project
partnership
Front Range Energy Associates,
L.L.C. March 23, 1999 in Delaware Develop & own independent power project
</TABLE>
(5) Natural Fuels Corporation was restructured effective December 31, 1999,
forming two newly organized limited liability companies: NATCO and STATCO.
Natural Fuels' interest in STATCO was transferred to NC Enterprises. NC
Enterprises then transferred 100% of the common stock of Natural Fuels to NCE by
means of a declaration of a dividend of the shares of Natural Fuels. NCE then
made a capital contribution of such shares to PSCo. Finally, PSCo merged Natural
Fuels into a newly formed limited liability company, Colorado Natural Fuels,
LLC, with NATCO as a subsidiary.
(6) Dissolved on March 5, 1999.
(7) Dissolved on July 15, 1999.
(8) Detailed financial statements in U.S. Dollars for 1999 were not available.
(9) Although not presently a FUCO, NCE has indicated to the Securities and
Exchange Commission that it intends to qualify the company as a FUCO.
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
During 1999, there were no acquisitions or sales of utility assets which
involved consideration of more than $1 million.
5
<PAGE>
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
<TABLE>
<CAPTION>
Names of Company
Name of Issuer Issuing, Authorization or
And Title of Issue Guaranteeing, or Date of Consideration Exemption
(1) Assuming Transaction (4) (5)
Securities (3)
(2)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PSCCC
Commercial Paper, secured by $300 million
line of credit PSCCC 12/31/99 $99,281,000 Rule 52
End of year balance 10/25/99 $121,181,000
Highest balance during the year
Effective average interest rate of 5.24%
Commitment fee of 0.09%
PSCo
6.875% Senior Notes, Series A, due July PSCo 7/16/99 $200,000,000 Rule 52
15, 2009
Treasury Interest Rate Lock - 6.875%
Senior Notes, due July 15, 2009 PSCo 7/12/99 $200,000,000 Rule 52
5.10% Pollution Control Refunding Revenue
Bonds, Series G (Adams County), due PSCo 1/01/99 $27,250,000 Rule 52
January 1, 2020
5.10% Pollution Control Refunding Revenue
Bonds, Series G (Pueblo County), due PSCo 1/01/99 $21,500,000 Rule 52
January 1, 2020
Commercial Paper, secured by $300 million
line of credit PSCo 12/31/99 $256,350,000 Rule 52
End of year balance 6/30/99 $385,500,000
Highest balance during the year
Effective average interest rate of 5.26%
Commitment fee of 0.09%
SPS
6.20% Senior Notes, Series A, due March SPS 3/01/99 $100,000,000 Rule 52
1, 2009
5.20% Adjustable Rate Tender securities
(Pollution Control Bonds - Red River SPS 6/17/99 $44,500,000 Rule 52
Authority of Texas) - $44.5 million fixing
</TABLE>
6
<PAGE>
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
<TABLE>
<CAPTION>
Names of Company
Name of Issuer Issuing, Authorization or
And Title of Issue Guaranteeing, or Date of Consideration Exemption
(1) Assuming Transaction (4) (5)
Securities (3)
(2)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SPS (continued)
Commercial Paper, secured by $250 million
line of credit SPS 12/31/99 $181,000,000 Rule 52
End of year balance 12/18/99 $181,000,000
Highest balance during the year
Effective average interest rate of 5.30%
Commitment fees of 0.07%
Young Gas Storage
Interest Rate Swap Young Gas Storage 6/30/99 $ 7,579,063 Rule 52
NCE
Guarantee Young Gas Storage NCE 3/26/99 $ 4,330,720 Rule 52
</TABLE>
7
<PAGE>
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
<TABLE>
<CAPTION>
Name of Company
Acquiring, Extinguished (EXT)
Redeeming or Or Held (H)
Name of Issuer and Retiring for Authorization or
Title of Issue Securities Consideration Further Disposition Exemption
(1) (2) (3) (4) (5)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PSCo
9-7/8% First Mortgage Bonds, due July 1,
2020 PSCo $5,000,000 EXT Rule 42
8-3/4% First Mortgage Bonds, due March 1,
2022 PSCo $2,000,000 EXT Rule 42
Medium-Term Notes, Series A, 9.08%, due
March 15, 1999 PSCo $10,000,000 EXT Rule 42
Medium-Term Notes, Series A, 8.90%, due
August 10, 1999 PSCo $5,000,000 EXT Rule 42
Medium-Term Notes Series B, 6.05%, due
November 29, 1999 PSCo $15,000,000 EXT Rule 42
Medium-Term Notes Series B, 7.23%, due
November 1, 1999 PSCo $10,000,000 EXT Rule 42
SPS
6-7/8% First Mortgage Bonds, due December
1, 1999 SPS $90,000,000 EXT Rule 42
8-1/2% First Mortgage Bonds, due February
15, 2025 SPS $9,733,000 EXT Rule 42
8-1/4% First Mortgage Bonds, due July 15,
2022 SPS $4,000,000 EXT Rule 42
8-1/5% First Mortgage Bonds, due December
1, 2022 SPS $11,000,000 EXT Rule 42
1480
13.25% Secured Note, due October 1, 2016 1480 $456,696 EXT Rule 42
NCE
Guarantees for e prime, expired 1999 NCE $7,700,000 EXT Rule 42
</TABLE>
8
<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
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
GC General Counsel
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, Lobby Box #254, Amarillo, TX 79101
(e) 5601 I-40 West, Amarillo, TX 79106
(f) 5855 Stapleton Dr., North, Suite 135, Denver, CO 80216
(g) 1099 18th Street, Denver, CO 80202
(h) 1003 West Cutting Blvd., Suite 110, Richmond, CA 94804
(i) 901 MoPac Expressway South, Suite 495, Austin, TX 78746
(j) 1235 Smith 7th Line, Peterborough, Ontario, Canada K9J 6X5
9
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
Green &
Clear
NCE PSCO 1480 PSR Lake SPS CLF&P WGI PSCCC NCS
--- ---- ---- --- ---- --- ----- --- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a) VP,AS,AT
Assel, Michael D. (d)
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a) SVP,GC SVP,GC SVP,GC SVP SVP, GC
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a) VC,D,P,COO VC,D,CEO,P CB,D,P CB,D,P VC,D,CEO VC,D,CEO CB,D,P VC,D,CEO,P
Bunch, Doyle (a) D SVP
Burgess, C. Coney D
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h)
Conklin, Danny H. D
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f)
Fairbanks, David (d)
Felker, Nancy E. (a) AT AT AT D,T AT AT AT AT D,T AT
Figoli, Darla (g)
Forbess, Giles M. D
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g)
Fuqua, Gary S. (e)
Gibson, Gary L. (b) VP
Gill, Natalie (h)
Gray, William P. (c) AS
Greer, Gayle L. D
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b) D,EVP D,EVP D,EVP
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S S S S S AS S S S S
Helton, Bill D. (a) CB,D,CEO CB,D CB,D CB,D CB,D
Hemminghaus, R.R. D
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry D
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) SVP,T D,CFO,SVP,T D,CFO,T CB,D,P CFO,SVP,T D,T VP CB,D,P SVP,T
Kaysen, Richard ( c ) D,P,COO
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a) EVP,CFO D,EVP D D D,T D,EVP D D,T D D,CFO,EVP
King, Ross (a) D VP
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a) VP D,VP
Madden, Teresa S. (a) C C C C C
McAfee, John (b) VP
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard D
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F. D
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street, Suite 800
Denver, CO 80202
Peterson, Carol (a) AS AS AS AS AS AS AS AS AS
Petillo, J. T. (a) EVP EVP EVP
Pomeroy, William J. (c) AS
Powers. J. Michael D
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a) AT AT AT AT
Pullum, Mary (b) AS S AS
</TABLE>
10
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
NC
Enter-
prises
------
Arigoni, Susan (a)
Assel, Michael D. (d)
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a) VC,D,CEO,P
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h)
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f)
Fairbanks, David (d)
Felker, Nancy E. (a) AT
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g)
Fuqua, Gary S. (e)
Gibson, Gary L. (b)
Gill, Natalie (h)
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b)
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S
Helton, Bill D. (a) CB,D
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) D,CFO,T
Kaysen, Richard ( c )
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a) D,EVP
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough,Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street, Suite 800
Denver, CO 80202
Peterson, Carol (a) AS
Petillo, J. T. (a)
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b)
10
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
Green &
Clear
NCE PSCO 1480 PSR Lake SPS CLF&P WGI PSCCC NCS
--- ---- ---- --- ---- --- ----- --- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d)
Schleifer, Paul (h)
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E. D
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h)
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas D
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a) VP
Tointon, Robert G. D
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a) VP VP
Whitcomb, Stephen H. (a) AS AS AS AS AS AS AS
Whitney, Jon (f)
Wilks, David (b) D,EVP D,P,COO D D D,EVP
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
</TABLE>
11
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
NC
Enter-
prises
------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d)
Schleifer, Paul (h)
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h)
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a)
Whitcomb,Stephen H. (a)
Whitney, Jon (f)
Wilks, David (b)
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
11
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
KES Quixx
NC Quixx Mon- Quixx Quixx Quixx Quixx Power
Cadence WYCO Corp. tego Jamaica Carolina Mustang WPP 94 Services
------- ---- ----- ---- ------- -------- ------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a) VP
Assel, Michael D. (d) VP VP VP VP
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a) D VC,D
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h)
Conklin, Danny H. D
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f)
Fairbanks, David (d) D,VP
Felker, Nancy E. (a) AT AT AT AT AT AT AT AT AT
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g)
Fuqua, Gary S. (e) D,CEO,P,COO CB,D,P CB,D,P CB,D,P CB,D,P CB,D,P D,CEO,P,COO
Gibson, Gary L. (b)
Gill, Natalie (h)
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b) D D,VP D,VP D,VP D,VP D,VP D,VP
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S S
Helton, Bill D. (a) CB,D CB,D
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d) D
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) VP,T D,T
Kaysen, Richard (c)
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a) CB,D D CB,D
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a) AS AS
Petillo, J. T. (a) D,CEO,P
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b) S S S S S S S
</TABLE>
12
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
Quixx
Resources
---------
Arigoni, Susan (a)
Assel, Michael D. (d) VP
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a)
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h)
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f)
Fairbanks, David (d)
Felker, Nancy E. (a)
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g)
Fuqua, Gary S. (e)
Gibson, Gary L. (b)
Gill, Natalie (h)
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d) CB,D,P
Hamilton, Henry (b)
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a)
Helton, Bill D. (a)
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a)
Kaysen, Richard (c)
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a)
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d) D,S,T
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a)
Petillo, J. T. (a)
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b) AS
12
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
KES Quixx
NC Quixx Mon- Quixx Quixx Quixx Quixx Power
Cadence WYCO Corp. tego Jamcica Carolina Mustang WPP 94 Services
------- ---- ----- ---- ------- -------- ------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d) VP,D
Schleifer, Paul (h)
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h)
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d) VP,AS,T D,VP,AS,T D,VP,AS,T D,VP,AS,T D,VP,AS,T D,VP,AS,T D,VP,AS,T
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a) D
Whitcomb, Stephen H. (a)
Whitney, Jon (f)
Wilks, David (b) CB,D,CEO,P D D
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
</TABLE>
13
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
Quixx
Resources
---------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d)
Schleifer, Paul (h)
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h)
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a)
Whitcomb,Stephen H. (a)
Whitney, Jon (f)
Wilks, David (b)
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
13
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
Front
Quixx Quixx Borger Range
Borger Quixxlin Mtn. Funding Energy Precision
Cogen Corp. Holdings Corp. Assoc. UE UUS Resources STATCO
----- ----- -------- ----- ------ -- --- --------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a)
Assel, Michael D. (d) VP VP
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e) COO,VP CB,D,CEO CB,D,CEO
Blanton, Peggy S. (e) S
Bloemen, Michael W. (f) VP
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a)
Brazille, Doris (e) D
Brunetti, Wayne H.(a) D,VC D
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h)
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e) C D
Cox, Dewayne(e) P,COO
Dallinger, Curtis C.(f) P
Fairbanks, David (d)
Felker, Nancy E. (a) AT AT AT AT AT AT
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g) VP,T
Fuqua, Gary S. (e) CB,D,P CB,D,P D,CEO,P D D
Gibson, Gary L. (b)
Gill, Natalie (h)
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b) D,VP D,VP CEO D
Hardenbergh, Frank E. D
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a)
Helton, Bill D. (a) CB,D CB,D
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e) VP,AS,T
Hermesmeyer, Jerry (d) D
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a)
Kaysen, Richard (c)
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a) D D
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d) VP,AS S
McCullough, Mike (e) D
McNabb, Barbara (e) S
Miller, Monte L. (d)
Mock, J. Howard D
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d) VP
Nelson, Paul A. (f) VP,S
Niehoff, Michael E. VP
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a) AS
Petillo, J. T. (a)
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b) S S S S
</TABLE>
14
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
NATCO NCI
----- ---
Arigoni, Susan (a)
Assel, Michael D. (d)
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f) VP
Bonavia, Paul J. (a) D,P
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a) D CB,D
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h)
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f) P
Fairbanks, David (d)
Felker, Nancy E. (a) AT AT
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g) VP,T
Fuqua, Gary S. (e)
Gibson, Gary L. (b)
Gill, Natalie (h)
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b)
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S
Helton, Bill D. (a) CB,D D
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) T
Kaysen, Richard (c)
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a) D D
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f) VP,S
Niehoff, Michael E.
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a) AS AS
Petillo, J. T. (a)
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b)
14
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
Front
Quixx Quixx Borger Range
Borger Quixxlin Mtn. Funding Energy Precision
Cogen Corp. Holdings Corp. Assoc. UE UUS Resources STATCO
----- ----- -------- ----- ------ -- --- --------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d) D,VP
Schleifer, Paul (h)
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e) P,COO
Starr, Rick W. (h)
Steele, James J. D
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d) D,VP,AS,T D,VP,AS,T P CB,D,P VC
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a)
Whitcomb, Stephen H. (a)
Whitney, Jon (f) VC,D
Wilks, David (b) D
Williams, Jimmy D. (e) VP D
Zenner, Tom T
712 Main Street,
Suite 2200
Houston, TX 77002-3290
</TABLE>
15
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
NATCO NCI
----- ---
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d)
Schleifer, Paul (h)
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h)
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a)
Whitcomb, Stephen H. (a)
Whitney, Jon (f) VC,D
Wilks, David (b)
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
15
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
e prime
Energy Young Texas-
Marketing, e prime e prime e prime Gas Ohio NC NCE Planergy
e prime Inc. operating Florida Georgia Storage Pipe Centrus Commun Group
------- --------- ------- ------- ------- ------ ------- ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arigoni, Susan (a)
Assel, Michael D. (d)
Audet, Philip (i)
Bailey, Robert W. (h)
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a) VP
Brazille, Doris (e)
Brunetti, Wayne H.(a) D, VC D
Bunch, Doyle (a) D
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h) D,P
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C. (f)
Fairbanks, David (d)
Felker, Nancy E. (a) AT AT AT AT AT AT
Figoli, Darla (g) T
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g) VP D,VP D,S,T D,P D,P T VP
Fuqua, Gary S. (e)
Gibson, Gary L. (b)
Gill, Natalie (h) VP
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b)
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S S S S S S S S
Helton, Bill D. (a) CB,D
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) D,T T T D,CB CFO,T T
Kaysen, Richard ( c )
Keehbauch, Thomas J.(h)
Kelly, Richard C. (a) D,CEO,P D,S,T D CB,D CB,D CB,D CB,D T D,P D,VP
King, Ross (a)
Krattenmaker, Kelly J.(g)EVP D,P, D,P VP VP P VC,D,CEO
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a) AS AS AS AS AS AS AS AS AS AS
Petillo, J. T. (a) D D CB,D
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b)
</TABLE>
16
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
Planergy, Planergy Planergy Planergy
Inc. Limited Delaware Services
---- ------- -------- --------
Arigoni, Susan (a)
Assel, Michael D. (d)
Audet, Philip (i) VP
Bailey, Robert W. (h) VP VP VP
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a)
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h) D,P P D,P D,P
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f)
Fairbanks, David (d)
Felker, Nancy E. (a) AT AT AT
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g)
Fuqua, Gary S. (e)
Gibson, Gary L. (b)
Gill, Natalie (h) VP VP VP VP
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b)
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S S S S
Helton, Bill D. (a)
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) T T T T
Kaysen, Richard ( c )
Keehbauch, Thomas J.(h) VP
Kelly, Richard C. (a)
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a) AS AS AS AS
Petillo, J. T. (a) CB,D CB,D CB,D CB,D
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b)
16
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
e prime
Energy Young Texas-
Marketing, e prime e prime e prime Gas Ohio NC NCE Planergy
e prime Inc. operating Florida Georgia Storage Pipe Centrus Commun Group
------- --------- ------- ------- ------- ------ ------- ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Redd, Ershel, C. Jr VP D,VP VP D,COO,P
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h)
Rogers, Bob (d)
Schleifer, Paul (h) VP
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h)
Slifer, David K. (h)
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W. (h)
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i)
Vincent, Patricia K. (a) D,CEO,P D D,VP
Whitcomb, Stephen H. (a) AS AS AS
Whitney, Jon (f)
Wilks, David (b) D
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
</TABLE>
17
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
Planergy, Planergy Planergy Planergy
Inc. Limited Delaware Services
---- ------- -------- --------
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h) VP
Rogers, Bob (d)
Schleifer, Paul (h) SVP SVP SVP
Schwartz, Charles J.(j) D
Shulmeister, Frank H.(h) VP VP VP
Slifer, David K. (h) VP
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h) VP
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i) VP VP
Vincent, Patricia K. (a) D,VP VP D,VP D,VP
Whitcomb, Stephen H. (a)
Whitney, Jon (f)
Wilks, David (b)
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
17
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
Planergy Planergy Planergy Planergy
Energy Service Service Service Planergy
Service USA Texas Houston Power II
------- --------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Arigoni, Susan (a)
Assel, Michael D. (d)
Audet, Philip (i)
Bailey, Robert W. (h) VP VP VP VP VP
Barron, Eddie T. (e)
Blanton, Peggy S. (e)
Bloemen, Michael W. (f)
Bonavia, Paul J. (a)
Borgshulte, Donald F.(a)
Brazille, Doris (e)
Brunetti, Wayne H.(a)
Bunch, Doyle (a)
Burgess, C. Coney
1608 So. Polk
Amarillo, TX 79102
Cann, Howard (h) D,P D,P D,P D,P D,P
Conklin, Danny H.
801 So. Fillmore,
Suite 730
Amarillo, TX 79101
Corbell, Royce (e)
Cox, Dewayne(e)
Dallinger, Curtis C.(f)
Fairbanks, David (d)
Felker, Nancy E. (a) AT AT AT AT AT
Figoli, Darla (g)
Forbess, Giles M.
Flint and Clovis Road
Lubbock, TX 79415
Fowke, Ben G. III (g)
Fuqua, Gary S. (e)
Gibson, Gary L. (b)
Gill, Natalie (h) VP VP VP VP VP
Gray, William P. (c)
Greer, Gayle L.
1624 Market St., #300
Denver, CO 80202
Gross, Scott I. (d)
Hamilton, Henry (b)
Hardenbergh, Frank E.
304 Boston Post Road
Wayland, MA 01778
Hart, Cathy J. (a) S S S S S
Helton, Bill D. (a)
Hemminghaus, R.R.
6000 N. Loop 1604 W
San Antonio, TX 78249
Henderson, Billy B. (e)
Hermesmeyer, Jerry (d)
Hirschfeld, A. Barry
5200 Smith Road
Denver, CO 80216
Jackson, Brian P. (a) T T T T T
Kaysen, Richard ( c )
Keehbauch, Thomas J.(h) VP VP VP VP
Kelly, Richard C. (a)
King, Ross (a)
Krattenmaker, Kelly J.(g)
Lucas, Alfred (a)
Madden, Teresa S. (a)
McAfee, John (b)
McCausland, Ross (d)
McCullough, Mike (e)
McNabb, Barbara (e)
Miller, Monte L. (d)
Mock, J. Howard
2906 Broadway, NE
Albuquerque, NM 87107
Moreno, Albert F.
1155 Battery St, LS/7N
San Francisco, CA 94111
Mortensen, Marc Wm.(d)
Nelson, Paul A. (f)
Niehoff, Michael E.
550 15th Street,
Suite 800
Denver, CO 80202
Peterson, Carol (a) AS AS AS AS AS
Petillo, J. T. (a) CB,D CB,D CB,D CB,D CB,D
Pomeroy, William J. (c)
Powers. J. Michael
1003 East Lincolnway
Cheyenne, WY 82001
Pritchard, Michael D.(a)
Pullum, Mary (b)
</TABLE>
18
<PAGE>
Part. I Names, Principal Business Addresses, and Positions Held as of
December 31, 1999.
<TABLE>
<CAPTION>
Planergy Planergy Planergy Planergy
Energy Service Service Service Planergy
Service USA Texas Houston Power II
------- --------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Redd, Ershel, C. Jr
800 Gessner, Suite 1030
Houston, TX 77024
Rodiek, Roger K. (h) VP VP VP VP
Rogers, Bob (d)
Schleifer, Paul (h) SVP SVP SVP SVP SVP
Schwartz, Charles J.(j)
Shulmeister, Frank H.(h) VP VP VP VP
Slifer, David K. (h) VP VP VP VP
Slifer, Rodney E.
230 Bridge Street
Vail, CO 81657
Splawn, Gwen (e)
Starr, Rick W.(h) VP VP VP VP VP
Steele, James J.
712 Main Street,
Suite 2200
Houston, TX 77002-3290
Steinhilper, James D.(d)
Stephens, W. Thomas
925 W. Georgia St.
Vancouver B.C. V6C 3L2
Taylor, Marilyn (a)
Tointon, Robert G.
1 Greeley National Plaza
822 7th Street, Suite 700
Greeley, CO 80631
Tutko, Donald (i) VP VP VP VP
Vincent, Patricia K.(a) D,VP D,VP D,VP D,VP D,VP
Whitcomb, Stephen H.(a)
Whitney, Jon (f)
Wilks, David (b)
Williams, Jimmy D. (e)
Zenner, Tom
712 Main Street,
Suite 2200
Houston, TX 77002-3290
</TABLE>
18
<PAGE>
Part II. Financial Connections
As of December 31, 1999
<TABLE>
<CAPTION>
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 Chairman 70 (a)
Herring National Bank, Clarendon, TX Director
Herring National Bank, Vernon, TX Director
Herring Bancshares, Inc., Altus, OK Chairman
Monarch Trust Company, Amarillo, TX President & Director
Danny H. Conklin First National Bank of Amarillo,
Amarillo, TX Director 70 (a)
Tejas Bancshares, Inc., Amarillo, TX Director
Giles M. Forbess State National Bank of West Texas,
Lubbock, TX Director 70 (a)
Gayle L. Greer ING-North America Financial Service, Director 70 (a)
Denver, CO
J. Howard Mock Norwest Banks New Mexico, Albuquerque, NM Advisory Director 70 (a)
J. Michael Powers American National Bank, Cheyenne, WY Director 70 (a)
Rodney E. Slifer Alpine Banks of Colorado, Vail, CO Director 70 (a)
W. Thomas Stephens The Putnam Funds, Boston, MA 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 in ITEM 11.
EXECUTIVE COMPENSATION in the NCE 1999 Form 10-K/A (pages 129-21), which is
incorporated herein by reference, and includes the executive compensation
information for Messrs. Helton, Brunetti, Kelly, Bonavia and Wilks. 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 executives ("Executive Officers").
19
<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 1999, 1998 and
1997.
===============================================================================
Summary Compensation Table
===============================================================================
<TABLE>
<CAPTION>
Annual Compensation Long-Term All
Name Compensation(c) Other
Compen-
sation
($)(d)
------------------------------------------------------------
Year Awards Payouts
------------------------------
Salary Bonus Other Restrict Securities LTIP
($) Annual -ed
($) (a) Compen- Stock Underlying Payouts
sation Awards Options/ ($)
($)(b) ($) SAR's(#)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Henry H. Hamilton 1999 225,000 69,324 9,000 0 21,000 0 15,475
1998 200,000 75,098 9,000 0 0 0 10,724
1997 174,583 35,673 49,125 0 66,000 0 11,039
- -------------------------------------------------------------------------------
Cathy J. Hart 1999 100,000 27,195 0 0 5,000 0 4,490
1998 45,500 27,577 0 0 3,300 0 1,029
- -------------------------------------------------------------------------------
Brian P. Jackson 1999 245,000 77,305 9,000 0 24,000 0 10,746
1998 230,000 94,901 9,000 0 0 0 11,334
1997 9,584 0 0 0 75,000 0 30,000
- -------------------------------------------------------------------------------
Teresa S. Madden 1999 155,000 39,440 9,000 0 7,000 0 5,367
1998 144,000 44,755 9,000 0 0 0 6,140
1997 106,257 8,365 3,000 0 26,000 0 5,377
- -------------------------------------------------------------------------------
Tom Petillo 1999 220,000 76,359 9,000 0 20,000 0 12,953
1998 220,000 90,775 2,250 0 52,600 0 46,118
===============================================================================
</TABLE>
(a)The amounts in this column for 1999 and 1998 were earned under the annual
incentive program described under Item 11. EXECUTIVE COMPENSATION - Annual
Incentives in the NCE 1999 Form 10-K/A (pages 12-14). The amounts shown in
1997 relate to payments made by PSCo or SPS in connection with the Merger.
The amounts paid to Mr. Hamilton were based on the average of his two highest
bonuses paid by SPS in fiscal years 1993, 1994 and 1995, in accordance with
his employment agreement. The amounts paid to Ms. Madden represent 7/12 of
the target award earned under the PSCo Omnibus Incentive Plan which was paid
in accordance with her Change in Control agreement.
(b)The amounts shown for this column for 1999 and 1998 include flexible
perquisite allowance benefits of 9,000 each. The 1998 amount for Mr. Petillo
was prorated for the portion of the year he resided in the United States.
Also, the amounts shown in this column for 1997 include flexible perquisite
or automobile allowance benefits of $7,340 for Mr. Hamilton and $3,000 for
Ms. Madden. In addition, the amount for Mr. Hamilton for 1997 includes
$41,785 for reimbursement of certain taxes related to the exercise of SPS
stock options.
20
<PAGE>
(c)Stock Options were issued under the NCE Omnibus Incentive Plan to all
executive officers during 1999 and 1997. The options vest and may be fully
exercisable on the first anniversary date of the grant. All options expire 10
years from the date of grant.
The amounts shown for 1999 include stock option awards made to the executive
officers for the year 2000.
The amounts shown for 1998 include grants awarded by the Compensation
Committee of the NCE Board to Mr. Patillo of 16,600 stock options and Ms.
Hart of 3,300 stock options as of their NCE date of hire. The options vest
over three years.
On September 10, 1998, Mr. Petillo was awarded 36,000 stock options by the
NCE Compensation Committee in connection with his appointment as President of
the Company's Retail business unit. A similar award was made to other
executive officers during 1997.
The amounts shown for 1997 include stock option awards representing a
three-year, front-loaded grant for the years 1997 through 1999. In 1997, Mr.
Jackson received stock options as of his date of hire. The options vest and
become fully exercisable on the first anniversary date of the grant.
No performance cash awards under the Value Creation Plan were paid during
1999, 1998 or 1997. There were no restricted stock awards granted in 1999,
1998 or 1997 and no executive held any restricted stock at December 31, 1999.
(d)The amounts represented in the "All Other Compensation" column reflect the
total of employer matching contributions made under the Company's employee
savings plans and non-qualified savings plans and taxable premiums paid by
the Company, as detailed for 1999 in the table below.
----------------------------------------------------------------------------
Name Contributions to Contributions to Insurance
Employee Savings the Non-Qualified Premiums ($)
Plan ($) Savings Plans ($)
----------------------------------------------------------------------------
Henry H. Hamilton 5,000 3,958 6,517
----------------------------------------------------------------------------
Cathy J. Hart 3,973 0 517
----------------------------------------------------------------------------
Brian P. Jackson 5,000 4,775 971
----------------------------------------------------------------------------
Teresa S. Madden 4,636 0 731
----------------------------------------------------------------------------
Tom Petillo 5,000 3,800 4,153
----------------------------------------------------------------------------
21
<PAGE>
The following table indicates for each of the executives the extent to
which the Company used stock options and SARs for executive compensation
purposes in 1999 and the potential value of such options and SARs as determined
pursuant to the Securities and Exchange Commission rules.
===============================================================================
Option/SAR Grants in Last Fiscal Year
===============================================================================
Name Individual Grants
------------------------------------------------------------
Number of
Securities
Underlying % of Total
Options/ Options/SARs Exercise Grant Date
SARs Granted to or Base Expir- Present
Granted Employees in Price ation Value
(#)(a) Fiscal year ($/Share) Date ($)(b)
- -------------------------------------------------------------------------------
Henry H. Hamilton 21,000 2.10% 31.0625 12/12/09 115,290
- -------------------------------------------------------------------------------
Cathy J. Hart 5,000 0.50% 31.0625 12/12/09 27,450
- -------------------------------------------------------------------------------
Brian P. Jackson 24,000 2.39% 31.0625 12/12/09 131,760
- -------------------------------------------------------------------------------
Teresa S. Madden 7,000 0.70% 31.0625 12/12/09 38,430
- -------------------------------------------------------------------------------
Tom Petillo 20,000 2.00% 31.0625 12/12/09 109,800
===============================================================================
(a) The options were granted by the Compensation Committee with an exercise
price equal to the closing price on the New York Stock Exchange of NCE
Common Stock on December 13, 1999. The options are fully exercisable on the
first anniversary of the date of grant. All options expire 10 years from
the date of the grant. When the NCE/NSP Merger is consummated, NCE
outstanding options will be converted to Xcel options at a rate of 1.55
Xcel options for every NCE option with no change to the option terms (see
Note 2. Proposed Merger with Northern States Power Company in Item 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA IN THE NCE 1999 Annual Report
on FORM 10-K).
(b) These amounts represent a theoretical present valuation based on the
Black-Scholes Option Pricing Model as adjusted for dividends. The values in
the column are estimates based upon on an option value of $5.33. The option
values were derived using the following assumptions:
o option life of ten years;
o risk-free rate of 6.43% is based on the yield of a U.S. Treasury strip
available on the date of grant and expiring at the approximate end of
the option's term;
o strike price of $31.0625;
o stock price at grant date of $31.0625;
o standard deviation of NCE common stock, which is a measure of the
volatility of the stock, of 21.28%;
o risk of forfeiture discount 3% and
o dividend yield of 5.44%.
Executives may not sell or assign these options, which have value only to the
extent of the future stock price appreciation. These amounts or any of the
assumptions should not be used to predict future performance of the stock price
or dividends.
22
<PAGE>
The following table indicates for each executive the number and value of
exercisable and unexercisable options and SARs as of December 31, 1999.
================================================================================
Aggregated Option/SAR Exercises in Last Fiscal Year
and FY-End Option/SAR Values
- --------------------------------------------------------------------------------
Number of Value of
Securities Unexercised
Underlying In-the-Money
Shares Unexercised Options/SARs at
Acquired on Value Realized Options/SARs FY-End ($)
Name Exercise (#) ($) at FY-End (#) (a)
--------------------------------
Exercisable/ Exercisable/
Unexercisable Unexercisable
- --------------------------------------------------------------------------------
Henry H. Hamilton 531 2,125.75 66,454/ 0/
21,909 0
- --------------------------------------------------------------------------------
Cathy J. Hart 0 0 1,100/ 0/
7,200 0
- --------------------------------------------------------------------------------
Brian P. Jackson 0 0 75,000/ 0/
24,000 0
- --------------------------------------------------------------------------------
Teresa S. Madden 0 0 28,550/ 1,350/
7,000 0
- --------------------------------------------------------------------------------
Tom Petillo 0 0 41,534/ 0/
31,066 0
================================================================================
(a)Options values were calculated based on a $30.3750 closing price of NCE
common stock as listed on the New York Stock Exchange at December 31, 1999.
The following table indicates for each of the executives the long-term
incentive opportunities awarded in 1999 and their estimated future payout at the
end of the term.
================================================================================
Long-Term Incentive Plans - Awards in Last Fiscal Year (a)
================================================================================
Name Number Performance Estimated Future Payouts Under
of or Other Non-Stock Price-Based Plans
Shares, Period Until
Units Maturation or
or Payout
Other
Rights
--------- ----------- -----------
Threshold Target Maximum
($)(b)0 ($) ($)
- -------------------- --------- --------------- --------- ----------- -----------
Henry Hamilton 56,250 1/1/99 - 0 56,250 168,750
12/31/01
- -------------------- --------- --------------- --------- ----------- -----------
Cathy J. Hart 13,333 1/1/99 - 0 13,333 40,000
12/31/01
- -------------------- --------- --------------- --------- ----------- -----------
Brian P. Jackson 61,250 1/1/99 - 0 61,250 183,750
12/31/01
- -------------------- --------- --------------- --------- ----------- -----------
Teresa S. Madden 20,667 1/1/99 - 0 20,667 62,000
12/31/01
- -------------------- --------- --------------- --------- ----------- -----------
Tom Petillo 55,000 1/1/99 - 0 55,000 165,000
12/31/01
==================== ========= =============== ========= =========== ===========
(a)The amounts in this table represent awards made under the Value Creation
Plan described under "Long-term Incentives" in Item 11. Executive
Compensation in the NCE 1999 Form 10-K/A (pages 12-14) for the fiscal year
ended December 31, 1999.
23
<PAGE>
(b) If the threshold or the 40th percentile is achieved, the payout could range
between zero and the target amount.
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").
===============================================================================
Pension Plan Table
===============================================================================
Remuneration Years of Service
10 15 20 or more years
- -------------------------------------------------------------------------------
$125,000 $34,375 $51,563 $68,750
150,000 41,250 61,875 82,500
175,000 48,125 72,188 96,250
200,000 55,000 82,500 110,000
225,000 61,875 92,813 123,750
250,000 68,750 103,125 137,500
275,000 75,625 113,438 151,250
300,000 82,500 123,750 165,000
350,000 96,250 144,375 192,500
400,000 110,000 165,000 220,000
450,000 123,750 185,625 247,500
500,000 137,500 206,250 275,000
600,000 165,000 247,500 330,000
700,000 192,500 288,750 385,000
800,000 220,000 330,000 440,000
900,000 247,500 371,250 495,000
1,000,000 275,000 412,500 550,000
===============================================================================
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 annual incentive. Such covered compensation is reflected in the
Salary and Bonus columns of the Summary Compensation Table.
The SERP benefit accrues over 20 years and is equal to (a) 55% of the
highest three years covered compensation of the five years preceding retirement
or termination minus (b) the qualified plan benefit. The SERP benefit is payable
as an annuity for 20 years, or as a single lump-sum amount equal to the
actuarial equivalent present value of the 20 year annuity. Benefits are payable
at age 62, or as early as age 55 reduced 5% for each year that the benefit
commencement date proceeds age 62.
24
<PAGE>
The estimated years of service under the SERP as of December 31, 1999 were
as follows:
Henry H. Hamilton 36
Brian P. Jackson 2
Teresa S. Madden 20
Tom Petillo 2
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 1999 Annual Report on Form
10-K/A (pages 23-24).
Part III (c) Contracts and Transactions with the System Companies
None.
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 extend
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.
25
<PAGE>
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
(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 are summarized below. Where applicable,
amounts have been aggregated.
<TABLE>
<CAPTION>
Name of Name or Number Account(s)
Company of Beneficiaries Purpose(s) Charged Amount
- -------- ------------------------------ ----------------------- ------------ --------
<S> <C> <C> <C> <C>
PSCo Colorado Energy Assistance Foundation Civic Activity Donations $1,689,973
Edison Electric Institute Research Donations 146,254
New Century Energies Foundation Community Welfare, Education,
Civic Activity Donations 310,027
Denver Metro Chamber of Commerce Civic Activity Donations 100,000
Colorado Utilities Coalition for
Clean Air Civic Activity Donations 11,723
Adult Learning Source Community Welfare, Education Donations 10,000
Miscellaneous - 71 Items less
than $10,000 Community Welfare, Education,
Research and Civic Activity Donations 144,290
---------
Total $2,412,267
==========
SPS Edison Electric Institute Research Donations $ 39,731
Miscellaneous - 1 Item less than
$10,000 Community Welfare, Education,
Research and Civic Activity Donations 1,250
---------
Total $ 40,981
==========
CLF&P Miscellaneous - 26 Items less than
$10,000 Community Welfare, Education,
Research and Civic Activity Donations $ 19,957
==========
</TABLE>
26
<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>
In Effect on
Nature of Company Company Compensation Date of December 31st
Transactions Performing Service Receiving Service (in thousands) Contract (Yes or No)
------------ ------------------ ----------------- -------------- -------- -------------
<S> <C> <C> <C> <C> <C>
Engineering UE PSCo $ 104,550 Jan.-Dec. 1999 Yes
Consulting
Svcs
Engineering UE Quixx Corp 43 Jan.-Dec. 1999 Yes
Consulting
Svcs
Engineering UE SPS 8,970 Jan.-Dec. 1999 Yes
Consulting
Svcs
Engineering UE NCS 1,950 Jan.-Dec. 1999 Yes
Consulting
Svcs
Electric & PSCo CLF&P 600 Jan.-Dec. 1999 Yes
Gas
Operations &
Maintenance
</TABLE>
In addition, Natural Fuels provided natural gas vehicle support services and
natural gas to PSCo in exchange for compensation totaling less than $5,000.
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 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.
EWGs
Mustang Station: Quixx, 500 So. Taylor, Amarillo, TX 79101, indirectly
owns 50% of the general and limited partnership interests in Denver City
Energy Associates, L.P. ("DCEA"), that will own a 50% interest in a 488 MW
gas-fired combined cycle facility, the Mustang Station project, near
Denver City, Texas. Mustang Station will be brought on line in two phases:
288 MW from two combustion turbines was placed in service on June 14,
1999; and approximately 200 MW from steam generation will be placed in
service in the second quarter of 2000. Golden Spread Electric Cooperative,
Inc. will purchase an undivided 50% interest in Mustang Station. In June
1999, Golden Spread purchased 25% of the facility based on Phase I
completion. An additional 25% undivided interest will be sold to Golden
Spread on the actual combined cycle commercial operations date, which is
estimated to occur during the second quarter of 2000. Capacity and energy
relating to DCEA's 50% undivided ownership will be sold to Golden Spread
pursuant to a purchase power agreement.
27
<PAGE>
Independent Power International Ltd: Formed under the laws of the Jersey
Isles, with a business office located at Akara Building, 24 Castro Street,
Wickhams Cay 1, Road Town, Tortola, British Virgin Islands, a subsidiary
owned 49.9% by NCI, IPI wholly owns Corporacion Independiente de Energia
("CIESA"), an Argentine corporation, which in turn owns a 39% equity
interest in Central Piedra Buena S.A. ("Central Piedra Buena") also an
Argentine corporation. Central Piedra Buena wholly owns the Piedra Buena
Station ("Piedra Buena"). A description of Piedra Buena is provided below.
CIESA: Formed under the laws of the Republic of Argentina, with a business
office located at Alsina 495, Piso 10, Capital Federal, Buenos Aires,
Argentina 1107, owns a 39% interest in Central Piedra Buena, also an
Argentine corporation. Central Piedra Buena wholly owns Piedra Buena. A
description of Piedra Buena is provided below. CIESA is wholly owned by
IPI. NCI owns 49.9% of IPI.
Central Piedra Buena: Formed under the laws of the Republic of Argentina,
with a business office located at Av. Alicia Moreau de Justo 240, 3 Piso,
Buenos Aires, Argentina 1107, wholly owns Piedra Buena. Central Piedra
Buena is 39% owned by CIESA. CIESA is a wholly owned subsidiary of IPI.
IPI is a 49.9% owned subsidiary of NCI. Piedra Buena is a 620 MW steam
power station, capable of burning natural gas, oil, or coal. It presently
consists of two generating units, and associated equipment (including fuel
handling and storage facilities, and transmission facilities to
interconnect the facility with the Argentine power grid), buildings and
land. It is located in Bahia Blanca, Argentina. It is presently
contemplated that in the future Piedra Buena may be repowered by adding
approximately 500 MW of gas-fired turbine generators and associated heat
recovery steam generators.
FUCOs
Although not presently FUCOs, NCE has indicated to the Securities and
Exchange Commission that it expects to qualify the following two
investments as FUCOs. Accordingly, it lists them here as a FUCOs for
reporting purposes.
Yorkshire Electricity: NCI owns 50% of the outstanding common stock of
Yorkshire Power Group Limited ("YPG"). AEP Resources owns the remaining
50%. YPG wholly owns Yorkshire Holdings which wholly owns Yorkshire
Electricity Group plc ("Yorkshire") an electric distribution company
located in the United Kingdom. The business address of Yorkshire is
Wetherby Road, Scarcroft, Leeds LS14 3HS, United Kingdom. Yorkshire is one
of twelve regional electricity companies in England and Wales licensed to
distribute and supply electricity. It serves approximately 2 million
customers. Yorkshire's two principal businesses are the "distribution
business" and the "supply business". Yorkshire's distribution business
consists of the distribution of electricity to approximately two million
residential, commercial, agricultural and industrial customers in its
franchise area. Yorkshire's supply business consists of the purchase and
supply of electricity and gas primarily to customers within the franchise
area. Yorkshire owns, manages and operates the electricity distribution
network within the franchise area. Since the distribution business is
substantially a regulated monopoly, virtually all electricity supplied to
consumers within the franchise area is transported through Yorkshire's
distribution network. Yorkshire purchases most of its electricity
requirements from third-party generators.
Independent Power Corporation plc: NCI owns a 49.9% interest in IPC, a
company organized under the laws of the United Kingdom. IPC is engaged in
the business of developing, owning and operating independent generation
projects outside of the U.S., primarily in Latin America and Central Asia.
IPC's primary focus to date has been on purchasing interests in and
operating existing projects.
(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.
Mustang Station: Quixx had contributed $450,000 to DCEA and had received
payment of $5 million through December 31, 1999 as a development fee and
reimbursement of development costs. Debt incurred by DCEA is non-recourse
to NCE and the NCE operating companies. In connection with a credit
28
<PAGE>
agreement between DCEA and its lenders, Quixx as a partner is obligated to
contribute approximately $7.5 million in equity during 2000.
IPI: By virtue of its ownership in IPC, NCI acquired its interest in IPI
with no additional investment. Debt incurred by IPI is non-recourse to NCE
and the NCE operating companies. See below the discussion of debt incurred
by IPC from NCI for further information.
CIESA: By virtue of its ownership in IPI, NCI acquired its interest in
CIESA with no additional investment. Debt incurred by CIESA is non-recourse
to NCE and the NCE operating companies.
Central Piedra Buena: By virtue of its ownership in CIESA, NCI acquired
its interest in Central Piedra Buena with no additional investment. Debt
incurred by Central Piedra Buena is non-recourse to NCE and the NCE
operating companies.
Yorkshire: NCI had contributed $362.4 million to YPG for its 50% interest
in Yorkshire. Debt issued by YPG is non-recourse to NCE and the NCE
operating companies.
IPC: NCI obtained its original interest in IPC for approximately $2
million in June 1997 prior to the merger of PSCo and SPS. During 1999, NCI
increased its ownership interest to 49.9% by acquiring additional shares
for approximately $6 million. NCI has loaned IPC $12 million with a
commitment to lend an additional $3 million. Repayment of the amounts
borrowed, with principal payments of $3 million will commence on December
28, 2000 and is required every six months thereafter. Interest is payable
monthly, quarterly or semi-annually at the election of IPC. Interest is
charged at the Eurodollar rate plus 1.25%. IPC must pay a 0.5% commitment
fee on the unused portion of the commitment. All expenditures of borrowed
funds made by IPC are subject to approval of NCI. IPC has loaned $12
million to IPI on the same terms and conditions as IPC's agreement with
NCI.
(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.
Mustang Station: DCEA had approximately $129 million in total debt and a
partner's capital (deficit) of approximately $(4.5) million at December
31, 1999. Denver City had net income of approximately $1.1 million in
1999, primarily due to Golden Spread's purchase of 25% undivided interest
in the Mustang Station project.
IPI: IPI had total debt of approximately $12.0 million and a shareholder
deficit of approximately $4.0 million at December 31, 1999. It incurred a
net operating loss of approximately $3.2 million during 1999.
CIESA: Financial statements for this entity, converted to U.S. dollars at
December 31, 1999 were not available.
Central Piedra Buena: Financial statements for this entity, converted to
U.S. dollars at December 31, 1999 were not available.
Yorkshire: YPG had total debt of approximately $2.3 billion and common
shareholders' equity of approximately $725 million at December 31, 1999
resulting in a debt to equity ratio of approximately 3.2 to 1. It reported
net income of approximately $89.8 million during 1999.
IPC: IPC had total debt of approximately $12.0 million and common
shareholders' equity of approximately $3.7 million resulting in a debt to
equity ratio of approximately 3.2 to 1. It reported net income of
approximately $1.8 million in 1999.
(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 and NCI entered into service agreements on behalf of themselves and
their subsidiaries with NCS.
29
<PAGE>
Part II. See Exhibits H and I.
Part III. NCE's aggregate investment in EWGs and FUCOs is approximately $377.9
million, which is 14.8% of its investment in domestic public utility subsidiary
companies.
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS - INDEX
Description Page No.
Consent of Independent Public Accountants 32
Consolidating Statement of Income of New Century Energies, Inc.
and subsidiaries and Public Service Company of Colorado and
subsidiaries for 1999 34
Consolidating Statement of Retained Earnings of New Century
Energies, Inc. and subsidiaries and Public Service Company of
Colorado and subsidiaries for 1999 36
Consolidating Statement of Cash Flows of New Century Energies,
Inc. and subsidiaries and Public Service Company of Colorado
and subsidiaries for 1999 37
Consolidating Balance Sheets of New Century Energies, Inc. and
subsidiaries and Public Service Company of Colorado and
subsidiaries at December 31, 1999 39
Consolidating financial statements of NC Enterprises, Inc., e prime, inc, Quixx
Corporation, Utility Engineering Corporation and the Planergy Group are filed
confidentially pursuant to Rule 104 (b).
30
<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, 1999,
filed pursuant to the Public Utility Holding Company Act of 1935, of our reports
dated February 15, 2000, 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, 1999. It should be noted that we have not audited any financial statements
of the Company subsequent to December 31, 1999, or performed any audit
procedures subsequent to the date of our report.
ARTHUR ANDERSEN LLP
Denver, Colorado
April 30, 2000
31
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this New Century Energies, Inc.
Annual Report (Form U5S) to the Securities and Exchange Commission, filed
pursuant to the Public Utility Holding Company Act of 1935, as of December 31,
1999 and for the nine month period ended December 31, 1999, of our report dated
March 16, 2000 on the consolidated financial statements of Yorkshire Power Group
Limited and subsidiaries included in the Annual Report on Form 10-K of Yorkshire
Power Group Limited for the fiscal year ended December 31, 1999.
Deloitte & Touche LLP
Columbus, Ohio
April 26, 2000
32
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 1999
(Thousands of Dollars Except Per Share Data)
<TABLE>
<CAPTION>
New Public South- NC
Century Service western Enter- Cheyenne
Energies, Inc. Company of Public New prises, Light,
(holding Colorado Service Century Inc. Fuel &
company) (consolidated) Company Services, (consolidated) Power
----------- ------------ -------- --------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Operating revenues:
Electric - 1,561,052 925,937 - 74 40,748
Gas - 657,822 - - 97,540 19,090
Other - 8,082 - 252,690 183,270 -
------ ----------- -------- ------- ------- ------
- 2,226,956 925,937 252,690 280,884 59,838
Operating expenses:
Fuel used in generation - 231,376 386,625 - - -
Purchased power - 475,100 61,474 - - 30,901
Cost of gas sold - 394,678 - - 87,308 12,802
Other operating and maintenance expenses
- regulated 4,313 394,901 138,429 239,834 205,014 7,026
Other operating and maintenance expenses
- nonregulated - - - - - -
Depreciation and amortization - 194,365 75,946 - 7,610 2,977
Taxes (other than income taxes) 220 84,456 49,290 5,686 1,189 2,098
------ ---------- -------- ------- ------- -----
4,533 1,774,876 711,764 245,520 301,121 55,804
------ ---------- -------- ------- ------- ------
Operating income (4,533) 452,080 214,173 7,170 (20,237) 4,034
Other income and deductions:
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries 344,382 - - - 44,265 -
Miscellaneous income and deductions - net 3,642 4,933 9,370 (5,026) (1,712) 487
-------- ------- ------- ------- ------ -----
348,024 4,933 9,370 (5,026) 42,553 487
Interest charges and preferred dividends
of subsidiaries:
Interest on long-term debt - 125,106 50,018 - - 1,605
Other interest 2,413 26,525 6,256 2,009 24,168 884
Allowance for borrowed funds used during
construction - (10,657) (2,689) - - (26)
Dividends on PSCo and SPS obligated
mandatorily redeemable preferred securities
of subsidiary trusts holding solely
subordinated debentures of PSCo and SPS - 15,200 7,850 - - -
------- ------- ------- ----- ------- ------
2,413 156,174 61,435 2,009 24,168 2,463
------- ------- ------- ----- ------- ------
Income before income taxes 341,078 300,839 162,108 135 (1,852) 2,058
Income taxes (5,519) 96,574 59,399 135 (37,818) 705
-------- ------- ------- ----- ------- ------
Net income 346,597 204,265 102,709 - 35,966 1,353
======== ======== ======= ===== ====== =====
</TABLE>
33
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 1999
(Thousands of Dollars Except Per Share Data)
<TABLE>
<CAPTION>
Elimina- New
tions Century
WestGas and Energies,
Inter- reclassi- Inc.
State, Inc. fication (consolidate
------------ ----------- ------------
<S> <C> <C> <C>
Operating revenues:
Electric
Gas - (470) 2,527,341
Other 173 (9,682) 764,943
- (360,896) 83,146
---- --------- ------
173 (371,048) 3,375,430
Operating expenses:
Fuel used in generation
Purchased power - 1 618,002
Cost of gas sold - (245) 567,230
Other operating and maintenance expenses - (9,681) 485,107
- regulated
Other operating and maintenance expenses 35 (450,585) 538,967
- nonregulated
Depreciation and amortization - 106,264 106,264
Taxes (other than income taxes) 15 - 280,913
6 (5,686) 137,259
---- -------- -------
56 (359,932) 2,733,742
Operating income ---- -------- ---------
117 (11,116) 641,688
Other income and deductions:
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries
Miscellaneous income and deductions - net - (344,382) 44,265
21 (20,813) (9,098)
---- -------- ------
21 (365,195) 35,167
Interest charges and preferred dividends
of subsidiaries:
Interest on long-term debt
Other interest - - 176,729
Allowance for borrowed funds used during - (31,794) 30,461
construction
Dividends on PSCo and SPS obligated - - (13,372)
mandatorily redeemable preferred securities
of subsidiary trusts holding solely
subordinated debentures of PSCo and SPS - - 23,050
----- ------- -------
- (31,794) 216,868
----- ------- -------
Income before income taxes 138 (344,517) 459,987
Income taxes 49 (135) 113,390
----- ---- -------
Net income 89 (344,382) 346,597
===== ======== =======
Weighted average common shares outstanding:
Basic 115,211
Diluted 115,233
Earnings per share of common stock outstanding:
Basic $3.01
Diluted $3.01
</TABLE>
33
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO
AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Public PS Fuel Resources
Service Colorado Development Colorado
Company of 1480 PSR Credit Company Natural
Colorado Welton, Investments, Corpora- (A dissolved Fuels,
(parent) Inc. Inc. tion company) LLC
-------- ---- ---- -------- -------- -----
<S> <C> <C> <C> <C> <C> <C>
Operating revenues:
Electric 1,561,298 - - - - -
Gas 658,866 - - - - -
Other 8,046 8,315 - 15,382 - -
--------- ------ ------ ------- ------ -------
2,228,210 8,315 - 15,382 - -
Operating expenses:
Fuel used in generation 232,200 - - - - -
Purchased power 475,100 - - - - -
Cost of gas sold 394,899 - - - - -
Other operating and maintenance expenses
- regulated 402,001 342 610 603 (133) -
Other operating and maintenance expenses
- nonregulated - - - - - -
Depreciation and amortization 192,913 1,443 - - 9 -
Taxes (other than income taxes) 83,831 609 6 10 - -
--------- ------ ------- ------- ------ -------
1,780,944 2,394 616 613 (124) -
--------- ------ ------- ------- ------ -------
Operating income 447,266 5,921 (616) 14,769 124 -
Other income and deductions:
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries 16,589 - - - - -
Miscellaneous income and deductions - net 9,881 1,172 (7,832) 10 63 -
--------- ------ ------- ------- ------ -------
26,470 1,172 (7,832) 10 63 -
Interest charges and preferred dividends of
subsidiaries:
Interest on long-term debt 115,165 4,080 - 5,976 - -
Other interest 35,803 11 40 4,301 - -
Allowance for borrowed funds used during
construction (10,657) - - - - -
Dividends on PSCo and SPS obligated
mandatorily redeemable preferred securities
of subsidiary trusts holding solely
subordinated debentures of PSCo and SPS 15,200 - - - - -
--------- ------ -------- ----------- ------ -------
155,511 4,091 40 10,277 - -
--------- ------ -------- ----------- ------ -------
Income before income taxes 318,225 3,002 (8,488) 4,502 187 -
Income taxes 113,960 1,083 (20,268) 1,725 74 -
--------- ------ -------- ----------- ------ -------
Net income 204,265 1,919 11,780 2,777 113 -
========= ====== ======== =========== ====== =======
</TABLE>
34
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO
AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 1999
(Thousands of Dollars)
Elimina- Public
tions Service
and Company of
reclassifi- Colorado
cations (consolidated)
------- --------------
Operating revenues:
Electric (246) 1,561,052
Gas (1,044) 657,822
Other (23,661) 8,082
------- ---------
(24,951) 2,226,956
Operating expenses:
Fuel used in generation (824) 231,376
Purchased power - 475,100
Cost of gas sold (221) 394,678
Other operating and maintenance expenses
- regulated (8,522) 394,901
Other operating and maintenance expenses
- nonregulated - -
Depreciation and amortization - 194,365
Taxes (other than income taxes) - 84,456
------- ---------
(9,567) 1,774,876
------- ---------
Operating income (15,384) 452,080
Other income and deductions:
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries (16,589) -
Miscellaneous income and deductions - net 1,639 4,933
------- --------
(14,950) 4,933
Interest charges and preferred dividends of
subsidiaries:
Interest on long-term debt (115) 125,106
Other interest (13,630) 26,525
Allowance for borrowed funds used during
construction - (10,657)
Dividends on PSCo and SPS obligated
mandatorily redeemable preferred securities
of subsidiary trusts holding solely
subordinated debentures of PSCo and SPS - 15,200
------- --------
(13,745) 156,174
------- --------
Income before income taxes (16,589) 300,839
Income taxes - 96,574
------- --------
Net income (16,589) 204,265
======= ========
34
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Public South- NC Cheyenne
New Century Service western New Enter- Light,
Energies, Inc. Company of Public Century prises, Inc. Fuel &
(holding Colorado Service Services, (consoli- Power
company) (consolidated) Company Inc. dated) Co.
-------- -------------- ------- ---- ------ ---
<S> <C> <C> <C> <C> <C> <C>
Retained earnings at beginning of year 740,677 325,213 389,818 - 22,036 19,011
Net income available for common shareholders 346,597 204,265 102,709 - 35,966 1,353
Common stock dividends and other (267,721) (183,428) (84,243) - - -
-------- -------- ------- ------ ------ ------
Retained earnings at end of year 819,553 346,050 408,284 - 58,002 20,364
======= ======= ======= ====== ====== ======
</TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Public PS Fuel Elimina-
Service PSR Colorado Resources tions
Company of 1480 Invest- Credit Development and
Colorado Welton, ments, Corpora- Company (a reclassifi-
(parent) Inc. Inc. tion dissolved corp.) cations
-------- ---- ---- ---- ---------------- -------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings at beginning of year 325,213 109 2,034 - (42,475) 40,332
Net income available for common shareholders 204,265 1,919 11,780 2,777 113 (16,589)
Common stock dividends and other (183,428) (3,701) (11,800) (2,777) - 18,278
-------- ------ ------- ------ ------ ------
Retained earnings at end of year 346,050 (1,673) 2,014 - (42,362) 42,021
======= ====== ===== ===== ======= ======
</TABLE>
35
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
West- Elimina New
Gas -tions Century
Inter- and Energies,
State, reclassifi- Inc.
Inc. cations (consolidated)
---- ------- --------------
<S> <C> <C> <C>
Retained earnings at beginning of year 226 (756,304) 740,677
Net income available for common shareholders 89 (344,382) 346,597
Common stock dividends and other - 267,671 (267,721)
----- ------- --------
Retained earnings at end of year 315 (833,015) 819,553
===== ======== ========
</TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 1999
(Thousands of Dollars)
Public
Service
Company of
Colorado
(consolidated)
--------------
Retained earnings at beginning of year 325,213
Net income available for common shareholders 204,265
Common stock dividends and other (183,428)
--------
Retained earnings at end of year 346,050
=======
35
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
New Public South- NC
Century Service western New Enterprises,
Energies, Inc. Company of Public Century Inc.
(holding Colorado Service Services, (consoli-
company) (consolidated) Company Inc. dated)
------------ --------------- ------- --------- ---------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income 346,597 204,265 102,709 - 35,966
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization - 202,634 78,085 - 8,717
Amortization of investment tax credits - (5,173) (250) - -
Deferred income taxes 648 15,817 15,922 1,535 4,271
Allowance for equity funds used during construction - - (1,040) - -
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries, net (76,711) - - - (39,970)
Change in accounts receivable 16,759 (25,687) (7,738) (26,823) (25,033)
Change in inventories - (21,298) (1,064) - 843
Change in other current assets - (76,633) (36,212) (7,426) 316
Change in accounts payable 14,009 109,870 12,285 18,830 43,615
Change in other current liabilities 8,404 50,749 (19,195) 4,768 (5,811)
Change in deferred amounts (18,763) 26,505 (14,283) 1,134 (9,527)
Change in noncurrent liabilities - (5,423) 1,514 4,185 2,319
Other 45 - - - 857
------- -------- ------- ------- ------
Net cash provided by (used in) operating activities 290,988 475,626 130,733 (3,798) 13,563
Investing activities:
Construction expenditures - (567,282) (118,834) (1,130) (29,595)
Allowance for equity funds used during construction - - 1,040 - -
Proceeds from disposition of property, plant and equipment - 92,861 (2,396) - 2,471
Disposition of subsidiary, net of cash sold - - - - 13,877
Capital contributed to subsidiaries (139,698) 344 - - -
Purchase of other investments - (2,550) (355) - (33,676)
Sale of other investments - 12,952 - - 9,835
------ ------ -------- ------- --------
Net cash provided by (used in) investing activities (139,698) (463,675) (120,545) (1,130) (37,088)
Financing activities:
Proceeds from sale of common stock 40,190 - - - -
Contribution of capital by NCE - 109,372 4,697 - 25,561
Proceeds from sale of long-term debt - 242,846 99,846 - 12,902
Redemption of long-term debt - (99,928) (114,846) - (900)
Short-term borrowings - net 63,712 (47,121) 83,584 - -
Intercompany loan - net 11,000 - - 5,050 (17,699)
Dividends on common stock (266,947) (185,315) (83,287) - (343)
-------- -------- ------- ------- --------
Net cash provided by (used in) financing activities (152,045) 19,854 (10,006) 5,050 19,521
-------- -------- ------- ------- --------
Net increase (decrease) in cash and temporary cash
investments (755) 31,805 182 123 (4,004)
Cash and temporary cash investments at beginning of year 819 19,926 1,350 450 33,018
------- -------- ----- ------- --------
Cash and temporary cash investments at end of year 65 51,731 1,532 573 29,014
======= ======== ===== ======= ========
</TABLE>
36
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Elimina- New
Cheyenne WestGas tions Century
Light, Inter- and Energies,
Fuel & State, reclassi- Inc.
Power Co. Inc. fications (consolidated)
----------- ------ --------- --------------
<S> <C> <C> <C> <C>
Operating activities:
Net income 1,353 89 (344,382) 346,597
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization 3,122 16 1,942 294,516
Amortization of investment tax credits (76) - - (5,499)
Deferred income taxes 167 (1) (1,175) 37,184
Allowance for equity funds used during construction 72 (968)
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries, net - - 76,711 (39,970)
Change in accounts receivable (3,328) (10) 17,605 (54,254)
Change in inventories (435) - (1) (21,955)
Change in other current assets 1,165 - (115) (118,905)
Change in accounts payable 296 4 (12,735) 183,174
Change in other current liabilities 616 7 (1) 39,537
Change in deferred amounts 10 - 113 (14,810)
Change in noncurrent liabilities (35) - (5,199) (2,639)
Other - - 1,369 2,271
------ ------ -------- --------
Net cash provided by (used in) operating activities 2,855 105 (269,796) 644,279
Investing activities:
Construction expenditures (6,694) - 9,530 (714,005)
Allowance for equity funds used during construction (72) 968
Proceeds from disposition of property, plant and equipment (2) - (9,744) 83,190
Disposition of subsidiary, net of cash - - - 13,877
Capital contributed to subsidiaries - - 139,354
Purchase of other investments 10 - (10) (36,581)
Sale of other investments - - (9,715) 13,072
-------- ------ ------ --------
Net cash provided by (used in) investing activities (6,686) - 129,343 (639,479)
Financing activities:
Proceeds from sale of common stock - - - 40,190
Contribution of capital by NCE 44 - (139,674) -
Proceeds from sale of long-term debt - - 355,594
Redemption of long-term debt - - (215,674)
Short-term borrowings - net - - 8,958 109,133
Intercompany loan - net 3,425 (1,776)
Dividends on common stock - - 268,945 (266,947)
------ ------ -------- --------
Net cash provided by (used in) financing activities 3,469 - 136,453 22,296
------ ------ -------- --------
Net increase (decrease) in cash and temporary cash
investments (362) 105 - 27,096
Cash and temporary cash investments at beginning of year 690 415 - 56,667
------ ------ -------- --------
Cash and temporary cash investments at end of year 328 520 - 83,763
====== ====== ======== ========
</TABLE>
36
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Public PS Fuel
Service PSR Colorado Resources
Company of 1480 Invest- Credit Development Co.
of Colorado Welton, ments, Corpora- (a dissolved
(parent) Inc. Inc. tion Colorado corp.)
----------- ------- ------- -------- ---------------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income 204,265 1,919 11,780 2,777 113
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 199,156 1,480 - 136 9
Amortization of investment tax credits (5,114) (59) - - -
Deferred income taxes 16,002 (290) - - 105
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries, net 1,689 - - - -
Change in accounts receivable (28,588) (203) 92 (54,553) 20
Change in inventories (21,297) - - (5,081) -
Change in other current assets (76,421) (3) 14 (223) -
Change in accounts payable 152,106 (50) (1,378) 22,879 20
Change in other current liabilities 46,282 156 2,069 2,591 (349)
Change in deferred amounts 28,349 - - (14) -
Change in noncurrent liabilities (5,423) - - - -
Other - 1 (1) - -
------ ----- ------ ------- --------
Net cash provided by (used in) operating activitites 511,006 2,951 12,576 (31,488) (82)
Investing activities:
Construction expenditures (567,022) (260) - - -
Proceeds from disposition of property, plant and equipment 91,471 1,390 - - -
Disposition of subsidiary, net of cash sold - - - - -
Capital contributed to subsidiaries - - - - -
Purchase of other investments (180,018) - (450) - -
Sale of other investments 186,152 - - - -
-------- ------ ------ ------- --------
Net cash provided by (used in) investing activitites (469,417) 1,130 (450) - -
Financing activities:
Proceeds from sale of common stock - - - 4,289 -
Contribution of capital by NCE 109,372 - - - -
Proceeds from sale of long-term debt 242,846 - - -
Note payable to PSCo - - - - -
Redemption of long-term debt (99,471) (457) - - -
Short-term borrowings - net (77,105) - - 30,056 (700)
Intercompany loan - net - - - - -
Preferred stock of PSCo - - - - -
Dividends on common stock (185,315) (3,701) (11,800) (2,777) -
-------- ------ ------- ------ ------
Net cash provided by (used in) financing activities (9,673) (4,158) (11,800) 31,568 (700)
-------- ------ ------- ------ ------
Net increase (decrease) in cash and temporary cash
investments 31,916 (77) 326 80 (782)
Cash and temporary cash investments at beginning of year 18,572 94 (53) 7 1,306
------ ----- ------- ------ ------
Cash and temporary cash investments at end of year 50,488 17 273 87 524
====== ===== ======= ====== ======
</TABLE>
37
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Elimina- Public
tions Service
Colorado and Company of
Natural reclassi- Colorado
Fuels, LLC fications (consolidated)
---------- --------- --------------
<S> <C> <C> <C>
Operating activities:
Net income - (16,589) 204,265
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization - 1,853 202,634
Amortization of investment tax credits - - (5,173)
Deferred income taxes - - 15,817
Equity in earnings of Yorkshire Power and
other unconsolidated subsidiaries, net - (1,689) -
Change in accounts receivable - 57,545 (25,687)
Change in inventories - 5,080 (21,298)
Change in other current assets - - (76,633)
Change in accounts payable - (63,707) 109,870
Change in other current liabilities - - 50,749
Change in deferred amounts - (1,830) 26,505
Change in noncurrent liabilities - - (5,423)
Other - - -
----- -------- --------
Net cash provided by (used in) operating activitites - (19,337) 475,626
Investing activities:
Construction expenditures - - (567,282)
Proceeds from disposition of property, plant and equipment - - 92,861
Disposition of subsidiary, net of cash sold - - -
Capital contributed to subsidiaries 342 2 344
Purchase of other investments - 177,918 (2,550)
Sale of other investments - (173,200) 12,952
------ -------- ---------
Net cash provided by (used in) investing activitites 342 4,720 (463,675)
Financing activities:
Proceeds from sale of common stock - (4,289) -
Contribution of capital by NCE - - 109,372
Proceeds from sale of long-term debt 242,846
Redemption of long-term debt - - (99,928)
Short-term borrowings - net - 628 (47,121)
Intercompany loan - net - - -
Dividends on common stock - 18,278 (185,315)
------ -------- --------
Net cash provided by (used in) financing activities - 14,617 19,854
------ -------- --------
Net increase (decrease) in cash and temporary cash
investments 342 - 31,805
Cash and temporary cash investments at beginning of year - - 19,926
------ -------- --------
Cash and temporary cash investments at end of year 342 - 51,731
====== ======== ========
</TABLE>
37
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
New Public South- NC
Century Service western New Enterprises,
Energies, Inc. Company of Public Century Inc.
(holding Colorado Service Services, (consoli-
company) (consolidated) Company Inc. dated)
------------ -------------- ------- --------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Property, plant and equipment, at cost:
Electric - 4,629,092 2,802,077 - -
Gas - 1,289,995 - - 1,083
Steam and other - 68,109 - - 44,998
Common to all departments - 458,940 - - -
Construction in progress - 300,224 95,477 1,013 48
------- --------- --------- ------- -------
- 6,746,360 2,897,554 1,013 46,129
Less: accumulated depreciation - 2,373,824 1,123,739 - 8,504
------- --------- ------- -------
Total property, plant and equipment - 4,372,536 1,773,815 1,013 37,625
------- --------- --------- ------- -------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries 2,779,136 - - - 391,754
Notes receivable from affiliates 49,500 192,620 119,036 - 518
Other - 12,679 5,946 - 70,824
--------- --------- ------- ------- -------
Total investments 2,828,636 205,299 124,982 - 463,096
--------- --------- ------- ------- -------
Current assets:
Cash and temporary cash investments 65 51,731 1,532 573 29,014
Accounts receivable, less reserve for uncollectible
accounts 59,150 199,304 83,928 59,459 122,669
Accrued unbilled revenues - 220,330 44,631 - 499
Recoverable purchased gas and electric energy costs
- net - 42,697 1,948 - -
Materials and supplies, at average cost - 53,984 18,035 - 2,304
Fuel inventory, at average cost - 27,326 2,292 - -
Gas in underground storage, at cost (LIFO) - 62,487 - - -
Current portion of accumulated deferred income taxes - 3,532 70 - -
Prepaid expenses - 42,270 3,087 28,337 1,065
Other - 490 1,167 - 9,015
--------- --------- ------- ------- -------
Total current assets 59,215 704,151 156,690 88,369 164,566
--------- --------- ------- ------- -------
Deferred charges:
Regulatory assets - 236,251 101,419 - -
Unamortized debt expense - 18,892 9,605 - 691
Other 19,742 51,813 52,865 1,086 51,002
--------- --------- --------- ------- -------
Total deferred charges 19,742 306,956 163,889 1,086 51,693
--------- --------- --------- ------- -------
2,907,593 5,588,942 2,219,376 90,468 716,980
========= ========= ========= ======= =======
</TABLE>
38
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Elimina- New
Cheyenne WestGas tions Century
Light, Inter- and Energies,
Fuel & State, reclassi- Inc.
Power Co. Inc. fications (consolidated)
----------- ------ --------- --------------
<S> <C> <C> <C> <C>
ASSETS
Property, plant and equipment, at cost:
Electric 65,773 - - 7,496,942
Gas 35,970 - - 1,327,048
Steam and other 12 - (69) 113,050
Common to all departments 4,467 652 - 464,059
Construction in progress 3,677 - - 400,439
-------- ------ ---------- ---------
109,899 652 (69) 9,801,538
Less: accumulated depreciation 34,265 184 - 3,540,516
-------- ------ ---------- ---------
Total property, plant and equipment 75,634 468 (69) 6,261,022
-------- ------ ---------- ---------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries - - (2,779,136) 391,754
Notes receivable from affiliates - - (361,674) -
Other 1 - (46) 89,404
-------- ------ ----------- --------
Total investments 1 - (3,140,856) 481,158
-------- ------ ----------- --------
Current assets:
Cash and temporary cash investments 328 520 - 83,763
Accounts receivable, less reserve for uncollectible
accounts 6,641 12 (160,047) 371,116
Accrued unbilled revenues 1,077 - - 266,537
Recoverable purchased gas and electric energy costs
- net 2,218 - - 46,863
Materials and supplies, at average cost 698 - - 75,021
Fuel inventory, at average cost - - - 29,618
Gas in underground storage, at cost (LIFO) 1,169 - - 63,656
Current portion of accumulated deferred income taxes - - 1,385 4,987
Prepaid expenses 146 - - 74,905
Other - - - 10,672
-------- ------ ------ ---------
Total current assets 12,277 532 (158,662) 1,027,138
-------- ------ ------ ---------
Deferred charges:
Regulatory assets 295 - - 337,965
Unamortized debt expense 587 - - 29,775
Other 1,086 - 7,340 184,934
-------- ------ ------ --------
Total deferred charges 1,968 - 7,340 552,674
-------- ------ ------ ---------
89,880 1,000 (3,292,247) 8,321,992
======== ====== ========== =========
</TABLE>
38
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
New Public South- NC
Century Service western New Enterprises,
Energies, Inc. Company of Public Century Inc.
(holding Colorado Service Services, (consoli-
company) (consolidated) Company Inc. dated)
------------ -------------- ------- --------- ---------
<S> <C> <C> <C> <C> <C>
CAPITAL AND LIABILITIES
Common stock 1,916,088 1,414,835 353,099 1 177,608
Retained earnings 819,553 346,050 408,284 - 58,002
Accumulated comprehensive income (2,951) - - - (2,951)
--------- --------- --------- ------ -------
Total common equity 2,732,690 1,760,885 761,383 1 232,659
PSCo and SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of PSCo and SPS - 194,000 100,000 - -
Long-term debt of subsidiaries - 1,721,959 605,875 - 328,942
--------- --------- --------- ------ --------
2,732,690 3,676,844 1,467,258 1 561,601
--------- --------- --------- ------ --------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions - 51,080 6,086 - 257
Employees' postemployment benefits - 26,229 4,940 1,129 -
--------- --------- --------- ------ -------
Total noncurrent liabilities - 77,309 11,026 1,129 257
--------- --------- --------- ----- -------
Current liabilities:
Notes payable and commercial paper 100,150 356,192 177,746 30,200 -
Long-term debt due within one year - 132,823 - - 3,395
Accounts payable 3,922 336,891 76,560 30,422 103,314
Dividends payable 70,045 44,575 20,963 - -
Recovered electric energy costs - net - 11,873 - - -
Customers' deposits - 24,370 5,833 - 322
Accrued taxes (257) 67,030 23,486 2,790 (4,805)
Accrued interest 46 44,034 17,223 - -
Current portion of accumulated deferred income taxes 920 - - (2,008) (243)
Other 4 91,067 26,857 15,553 17,989
-------- --------- --------- ------ -------
Total current liabilities 174,830 1,108,855 348,668 76,957 119,972
-------- --------- --------- ------ -------
Deferred credits:
Customers' advances for construction - 54,826 348 - -
Unamortized investment tax credits - 89,286 4,969 - -
Accumulated deferred income taxes - 555,829 376,245 4,848 24,465
Other 73 25,993 10,862 7,533 10,685
-------- --------- --------- ------ -------
Total deferred credits 73 725,934 392,424 12,381 35,150
-------- --------- -------- ------ -------
2,907,593 5,588,942 2,219,376 90,468 716,980
========= ========= ========= ====== =======
</TABLE>
39
<PAGE>
NEW CENTURY ENERGIES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Elimina- New
Cheyenne WestGas tions Century
Light, Inter- and Energies,
Fuel & State, reclassi- Inc.
Power Co. Inc. fications (consolidated)
----------- ------ --------- --------------
<S> <C> <C> <C> <C>
CAPITAL AND LIABILITIES
Common stock 3,044 600 (1,949,187) 1,916,088
Retained earnings 20,364 315 (833,015) 819,553
Accumulated comprehensive income - - 2,951 (2,951)
-------- ---------- ------------ ---------
Total common equity 23,408 915 (2,779,251) 2,732,690
PSCo and SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of PSCo and SPS - - - 294,000
Long-term debt of subsidiaries 29,000 - (311,655) 2,374,121
-------- ------- ---------- ---------
52,408 915 (3,090,906) 5,400,811
-------- ------- ---------- ---------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 173 - - 57,596
Employees' postemployment benefits 525 - - 32,823
-------- ------- ---------- --------
Total noncurrent liabilities 698 - - 90,419
-------- ------- ---------- --------
Current liabilities:
Notes payable and commercial paper 19,300 - (50,061) 633,527
Long-term debt due within one year - - - 136,218
Accounts payable 7,154 2 (86,508) 471,757
Dividends payable - - (65,538) 70,045
Recovered electric energy costs - net - - - 11,873
Customers' deposits 285 - - 30,810
Accrued taxes 363 10 - 88,617
Accrued interest 398 - - 61,701
Current portion of accumulated deferred income taxes (54) - 1,385 -
Other 1,063 2 - 152,535
-------- ------- -------- ---------
Total current liabilities 28,509 14 (200,722) 1,657,083
-------- ------- -------- ---------
Deferred credits:
Customers' advances for construction 1,085 - - 56,259
Unamortized investment tax credits 1,171 - - 95,426
Accumulated deferred income taxes 5,950 71 - 967,408
Other 59 - (619) 54,586
-------- ------- ---------- ---------
Total deferred credits 8,265 71 (619) 1,173,679
-------- ------- ---------- ---------
89,880 1,000 (3,292,247) 8,321,992
======== ======= ========== =========
</TABLE>
39
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Public PS Fuel
Service PSR Colorado Resources
Company of 1480 Invest- Credit Development Co.
of Colorado Welton, ments, Corpora- (a dissolved
(parent) Inc. Inc. tion Colorado corp.)
----------- ------- ------- -------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
Property, plant and equipment, at cost:
Electric 4,629,067 - - - -
Gas 1,284,783 - - - 31
Steam and other 66,165 1,867 - - -
Common to all departments 405,224 53,716 - - -
Construction in progress 300,222 2 - - -
--------- ------- -------- -------- -------
6,685,461 55,585 - - 31
Less: accumulated depreciation 2,351,764 19,872 - - 31
--------- ------- -------- -------- -------
Total property, plant and equipment 4,333,697 35,713 - - -
--------- ------- -------- -------- -------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries 55,977 - - - -
Notes receivable from affiliates 192,620 - - - -
Other 14,594 - 4,098 - -
--------- ------- -------- -------- -------
Total investments 263,191 - 4,098 - -
--------- ------- -------- -------- -------
Current assets:
Cash and temporary cash investments 50,488 17 273 87 524
Accounts receivable, less reserve for uncollectible
accounts 202,211 892 292 407,817 -
Accrued unbilled revenues 220,330 - - - -
Recoverable purchased gas and electric energy costs
- net 42,697 - - - -
Materials and supplies, at average cost 53,506 - - - -
Fuel inventory, at average cost 27,326 - - 27,377 -
Gas in underground storage, at cost (LIFO) 62,487 - - - -
Current portion of accumulated deferred income taxes 3,532 - - - -
Prepaid expenses 41,762 15 480 - -
Other 178 11,636 115 312 -
--------- ------- -------- -------- -------
Total current assets 704,517 12,560 1,160 435,593 524
--------- ------- -------- -------- -------
Deferred charges:
Regulatory assets 236,251 - - - -
Unamortized debt expense 18,225 610 - 57 -
Other 51,821 - - 13 -
--------- ------- -------- -------- -------
Total deferred charges 306,297 610 - 70 -
--------- ------- -------- -------- -------
5,607,702 48,883 5,258 435,663 524
========= ======= ======== ======== =======
</TABLE>
40
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Green Elimina- Public
and tions Service
Colorado Clear and Company of
Natural Lakes reclassi- Colorado
Fuels, LLC Company fications (consolidated)
---------- ------- --------- --------------
<S> <C> <C> <C> <C>
ASSETS
Property, plant and equipment, at cost:
Electric - 25 - 4,629,092
Gas 5,181 - - 1,289,995
Steam and other - - 77 68,109
Common to all departments - - - 458,940
Construction in progress - - - 300,224
------ ------ -------- ----------
5,181 25 77 6,746,360
Less: accumulated depreciation 2,157 - - 2,373,824
------ ------ -------- ----------
Total property, plant and equipment 3,024 25 77 4,372,536
------ ------ -------- ----------
Investments, at cost:
Investment in Yorkshire Power and other unconsolidated
subsidiaries - - (55,977) -
Notes receivable from affiliates - - - 192,620
Other 417 - (6,430) 12,679
------ ------ -------- ---------
Total investments 417 - (62,407) 205,299
------ ------ -------- ---------
Current assets:
Cash and temporary cash investments 342 - - 51,731
Accounts receivable, less reserve for uncollectible
accounts 1,030 - (412,938) 199,304
Accrued unbilled revenues - - - 220,330
Recoverable purchased gas and electric energy costs
- net - - - 42,697
Materials and supplies, at average cost 478 - - 53,984
Fuel inventory, at average cost - - (27,377) 27,326
Gas in underground storage, at cost (LIFO) - - - 62,487
Current portion of accumulated deferred income taxes - - - 3,532
Prepaid expenses 13 - - 42,270
Other - - (11,751) 490
------ ------ -------- ---------
Total current assets 1,863 - (452,066) 704,151
------ ------ -------- ---------
Deferred charges:
Regulatory assets - - - 236,251
Unamortized debt expense - - - 18,892
Other 2 - (23) 51,813
------ ------ -------- --------
Total deferred charges 2 - (23) 306,956
------ ------ -------- --------
5,306 25 (514,419) 5,588,942
====== ====== ======== =========
</TABLE>
40
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Public PS Fuel
Service PSR Colorado Resources
Company of 1480 Invest- Credit Development Co.
of Colorado Welton, ments, Corpora- (a dissolved
(parent) Inc. Inc. tion Colorado corp.)
----------- ------- ------- -------- ---------------
<S> <C> <C> <C> <C> <C>
CAPITAL AND LIABILITIES
Common stock 1,414,835 7,506 3,632 27,964 42,950
Retained earnings 346,050 (1,673) 2,014 - (42,362)
Accumulated comprehensive income - - - - -
--------- ------- ------ ------- --------
Total common equity 1,760,885 5,833 5,646 27,964 588
PSCo and SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of PSCo and SPS - - - - -
Long-term debt of subsidiaries 1,892,176 29,783 - - -
--------- ------- ------ ------- --------
3,653,061 35,616 5,646 27,964 588
--------- ------- ------ ------- --------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions 51,080 - - - -
Employees' postemployment benefits 26,229 - - - -
--------- ------- ------ ------- --------
Total noncurrent liabilities 77,309 - - - -
--------- ------- ------ ------- --------
Current liabilities:
Notes payable and commercial paper 280,331 - - 99,281 -
Long-term debt due within one year 32,308 515 - 100,000 -
Accounts payable 571,897 37 (1,326) 205,447 1,607
Dividends payable 44,575 - - - -
Recovered electric energy costs 11,873
Customers' deposits 24,370 - - - -
Accrued taxes 67,142 216 938 285 (1,551)
Accrued interest 41,013 335 - 2,686 -
Current portion of accumulated deferred income taxes 5 (5) - - -
Other 90,273 20 - - 357
--------- ------- ------ ------- --------
Total current liabilities 1,163,787 1,118 (388) 407,699 413
--------- ------- ------ ------- --------
Deferred credits:
Customers' advances for construction 54,826 - - - -
Unamortized investment tax credits 88,518 768 - - -
Accumulated deferred income taxes 544,321 11,381 - - (487)
Other 25,880 - - - 10
--------- ------- ------ ------- --------
Total deferred credits 713,545 12,149 - - (477)
--------- ------- ------ ------- --------
5,607,702 48,883 5,258 435,663 524
========= ======= ====== ======= ========
</TABLE>
41
<PAGE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 1999
(Thousands of Dollars)
<TABLE>
<CAPTION>
Green Elimina- Public
and tions Service
Colorado Clear and Company of
Natural Lakes reclassi- Colorado
Fuels, LLC Company fications (consolidated)
---------- ------- --------- --------------
<S> <C> <C> <C> <C>
CAPITAL AND LIABILITIES
Common stock 3,344 25 (85,421) 1,414,835
Retained earnings - - 42,021 346,050
Accumulated comprehensive income - - - -
------ ---- -------- ---------
Total common equity 3,344 25 (43,400) 1,760,885
PSCo and SPS obligated mandatorily redeemable
preferred securities of subsidiary trust holding solely
subordinated debentures of PSCo and SPS - - 194,000 194,000
Long-term debt of subsidiaries - - (200,000) 1,721,959
------ ---- -------- ---------
3,344 25 (49,400) 3,676,844
------ ---- -------- ---------
Noncurrent liabilities:
Employees' postretirement benefits other than pensions - - - 51,080
Employees' postemployment benefits - - - 26,229
------ ---- -------- ---------
Total noncurrent liabilities - - - 77,309
------ ---- -------- ---------
Current liabilities:
Notes payable and commercial paper 518 - (23,938) 356,192
Long-term debt due within one year - - - 132,823
Accounts payable 310 - (441,081) 336,891
Dividends payable - - - 44,575
Recovered electric energy costs 11,873
Customers' deposits - - - 24,370
Accrued taxes - - - 67,030
Accrued interest - - - 44,034
Current portion of accumulated deferred income taxes - - - -
Other 417 - - 91,067
------ ---- -------- ---------
Total current liabilities 1,245 - (465,019) 1,108,855
------ ---- -------- ---------
Deferred credits:
Customers' advances for construction - - - 54,826
Unamortized investment tax credits - - - 89,286
Accumulated deferred income taxes 614 - - 555,829
Other 103 - - 25,993
Total deferred credits 717 - - 725,934
------ ---- -------- ----------
5,306 25 (514,419) 5,588,942
====== ==== ======== ==========
</TABLE>
41
<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, 1999.
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 dated December 15, 1998 (Combined Form 10-K for the
year ended December 31, 1998, Exhibit 3(b)1, File No. 1-12927).
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).
B-1.4* Amendment as of March 24, 1999 to the Rights Agreement, dated as
of August 1, 1997, between New Century Energies, Inc. and the Bank of
New York (Form 8-K, March 24, 1999, Exhibit 99.2, File No. 1-2927).
PSCo
B-2.1* Amended and Restated Articles of Incorporation dated July 10, 1998
(Combined Form 10-K for the year ended December 31, 1998, 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 10-K for the year ended
December 31, 1999.
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 return and for allocation of allocation
of consolidated Federal income tax liabilities and benefits.
Exhibit F
F-1.1* Financial information for Yorkshire Power Group Limited (File
No.333-47925) is incorporated herein by reference to its Transition
Report on Form 10-K for the transition period from April 1, 1999 to
December 31, 1999.
42
<PAGE>
F-1.2 Balance sheets and statements of income and cash flows, to the extent
to F-1.10 available for subsidiaries that are not considered a majority-owned
associate company including Cadence Network, L.L.C., Windpower
Partners 1994, L.P., Borger Energy Associates, L.P., Quixx Linden,
L.P., Young Gas Storage Company, Ltd.,Johnstown Cogeneration Company,
L.L.C., Ep3, L.L.C., WYCO Development, L.L.C. and Centrus, L.L.P.
are filed confidentially pursuant to Rule 104 (b) of the PUHCA.
Exhibit G Financial Data Schedules for NCE and subsidiary companies. (Included
in electronic submission only.)
Exhibit H The relationship of each EWG in which the system holds an interest to
other system companies is reflected in Item 1.
Exhibit I
I-1 to I-3 Balance sheets and statements of income and cash flows, to the
extent available, for EWGs and FUCOs that are not considered a
majority-owned associate company including Denver City Energy
Associates, L.P., IPC, IPI and Central Piedra Buena are filed
confidentially pursuant to Rule 104 (b) of the PUHCA.
43
<PAGE>
Exhibit D
New Century Energies, Inc. and Subsidiary Companies
AGREEMENT FOR FILING CONSOLIDATED FEDERAL INCOME TAX RETURNS
AND FOR
ALLOCATION OF CONSOLIDATED FEDERAL INCOME TAX LIABILITIES
AND BENEFITS
New Century Energies, Inc., a registered public utility holding company,
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.
PARTIES TO THE AGREEMENT:
Federal Employer
Company Name and Address Identification Number
------------------------ ---------------------
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
44
<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 Pipeline, Inc. 76-0323102
Denver, Colorado
e prime Florida, Inc. 91-1997698
Denver, Colorado
e prime Georgia, Inc. 91-1997013
Denver, Colorado
e prime Networks, Inc. 84-1378878
Denver, Colorado
e prime Operating, Inc. 84-1432058
Denver, Colorado
e prime Projects 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
45
<PAGE>
Quixx Resources, Inc. 88-0352919
Amarillo, Texas
Quixx Borger Cogen, Inc. 52-2035347
Amarillo, Texas
Quixxlin Corporation 74-2792015
Amarillo, Texas
Quixx Jamaica, Inc. 75-2572413
Amarillo, Texas
KES Montego, Inc. 94-3210528
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
The Planergy Group, Inc. 76-0295947
Denver, Colorado
Planergy, Inc. 74-1931624
Denver, Colorado
Planergy (Delaware), Inc. 74-2803427
Denver, Colorado
Planergy New York, Inc. 74-2607771
Denver, Colorado
Planergy Power II, Inc. 76-0375390
Denver, Colorado
Planergy Services, Inc. 68-0138424
Denver, Colorado
Planergy Energy Services, Inc. 68-0138748
Denver, Colorado
Planergy Services USA, Inc. 68-0138749
Denver, Colorado
46
<PAGE>
Cogeneration Capital Associates, Inc. 94-2749760
Denver, Colorado
Planergy Services of Houston, Inc. 68-0149373
Denver, Colorado
Planergy Services of Texas, Inc. 68-0149372
Denver, Colorado
Planergy Services of California, Inc. 68-0041898
Denver, Colorado
New Century - Cadence, Inc. 84-1435388
Denver, Colorado
New Century - Centrus 84-1464846
Denver, Colorado
NCE Communications, Inc. 84-1378877
Denver, Colorado
New Century WYCO, Inc. 84-1516453
Denver, Colorado
New Century O&M Services, Inc. 84-1499950
Denver, Colorado
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 current federal income tax refund if the consolidated return shows a
negative tax.
"Corporate Tax Credit" is the negative separate return regular tax of a
subsidiary company for a tax year, equal to the amount by which the Consolidated
Tax is reduced by including the separate return taxable loss or other net tax
benefit of such subsidiary company in the consolidated tax return.
"Corporate Taxable Income (or Loss)" 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 (b)
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 a
subsidiary company is a member of the registered holding company'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
regular income tax and the Alternative Minimum Tax ("AMT") unless otherwise
indicated in this Agreement.
47
<PAGE>
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) 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,
other than the holding company, 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. New Century Energies, Inc., the holding company, is
prohibited from receiving cash payment for a corporate tax loss unless the
activity generating the net tax benefit can be specifically identified as
holding company business.
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 general business or
other tax credit, the capital loss, or whose activities generated other losses
or tax benefits.
(c) 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.
(d) An AMT credit shall be allocated in accordance with the ratio that
consolidated AMT was apportioned in sub-section (c) 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.
(e) 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.
(f) 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.
(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.
(h) If the amount of consolidated tax allocated to any subsidiary under
this Agreement, as determined above, exceeds the separate return tax of such
subsidiary, such excess shall be reallocated among those members whose allocated
tax liability is less than the amount of their respective separate return tax
liabilities.
48
<PAGE>
The reallocation shall be proportionate to the respective reductions in separate
return tax liability of such members. Any remaining unallocated tax liability
shall be assigned to New Century Energies, Inc. The term "tax" and "tax
liability" used in this subsection shall include the regular income tax,
Environmental Tax and AMT.
EFFECTIVE DATE:
This Agreement is effective for the allocation of the current federal
income tax liabilities of the Parties for the consolidated tax year 1997, 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 each year end beginning December 31, 1997.
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.
49
<PAGE>
ANNUAL REPORT OF NEW CENTURY SERVICES, INC.
SIGNATURE CLAUSE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935 and the rules and regulations of the Securities and Exchange Commission
issued thereunder, the undersigned company has duly caused this report to be
signed on its behalf by the undersigned officer thereunto duly authorized.
New Century Energies, Inc.
-----------------------------------
(Name of Reporting Company)
By: /s/ Teresa S. Madden
-----------------------------------
(Signature of Signing Officer)
Teresa S. Madden, Controller
-----------------------------------
(Printed Name and Title of Signing Officer)
Date: May 1, 2000
50
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW
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DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM PUBLIC
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<EPS-BASIC> 0.000
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WESTGAS
INTERSTATE, INC. BALANCE SHEET AS OF DECEMBER 31, 1999 AND STATEMENTS OF
INCOME AND CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1999 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 468
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 532
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 1,000
<COMMON> 600
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 315
<TOTAL-COMMON-STOCKHOLDERS-EQ> 915
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> 85
<TOT-CAPITALIZATION-AND-LIAB> 1,000
<GROSS-OPERATING-REVENUE> 173
<INCOME-TAX-EXPENSE> 49
<OTHER-OPERATING-EXPENSES> 56
<TOTAL-OPERATING-EXPENSES> 105
<OPERATING-INCOME-LOSS> 68
<OTHER-INCOME-NET> 21
<INCOME-BEFORE-INTEREST-EXPEN> 89
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 89
0
<EARNINGS-AVAILABLE-FOR-COMM> 0
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 106
<EPS-BASIC> 0.000
<EPS-DILUTED> 0.000
</TABLE>
