UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 2-7793
THE UNION LIGHT, HEAT AND POWER COMPANY
(Exact name of registrant as specified in its charter)
KENTUCKY 31-0473080
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
139 East Fourth Street
Cincinnati, Ohio 45202
(Address of principal executive offices)
Registrant`s telephone number: (513) 381-2000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
---- ----
The Union Light, Heat and Power Company meets the conditions set forth in
General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this
form with the reduced disclosure format.
As of April 30, 1995, 585,333 shares of Common Stock, par value $15.00 per
share, were outstanding, all of which were held by The Cincinnati Gas &
Electric Company.
<PAGE>
THE UNION LIGHT, HEAT AND POWER COMPANY
TABLE OF CONTENTS
Item
Number
PART I. FINANCIAL INFORMATION
1 Financial Statements
Balance Sheets
Statements of Income
Statements of Changes in Common Stock Equity
Statements of Cash Flows
Notes to Financial Statements
2 Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
6 Exhibits and Reports on Form 8-K
Signatures
<PAGE>
<TABLE>
<CAPTION>
THE UNION LIGHT, HEAT AND POWER COMPANY
BALANCE SHEETS
ASSETS
March 31 December 31
1995 1994
(unaudited)
(in thousands)
<S> <C> <C>
Utility Plant - original cost
In service
Electric. . . . . . . . . . . . . . . . . $182 304 $179 098
Gas . . . . . . . . . . . . . . . . . . . 135 859 134 103
Common. . . . . . . . . . . . . . . . . . 19 147 19 122
337 310 332 323
Accumulated depreciation. . . . . . . . . . 106 376 104 113
230 934 228 210
Construction work in progress . . . . . . . 7 798 8 638
Total utility plant . . . . . . . . . . 238 732 236 848
Current Assets
Cash and temporary cash investments . . . . 1 541 1 071
Accounts receivable less accumulated
provision of $836,000 at March 31, 1995,
and $457,000 at December 31, 1994,
for doubtful accounts . . . . . . . . . . 28 797 33 892
Materials, supplies, and fuel - at average
cost
Gas stored for current use. . . . . . . 2 914 6 216
Other materials and supplies. . . . . . 1 233 1 406
Property taxes applicable to subsequent
year. . . . . . . . . . . . . . . . . . . 2 229 2 200
Prepayments and other . . . . . . . . . . . 338 593
37 052 45 378
Other Assets
Deferred merger costs . . . . . . . . . . . 1 785 1 785
Other . . . . . . . . . . . . . . . . . . . 3 582 3 117
5 367 4 902
$281 151 $287 128
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE UNION LIGHT, HEAT AND POWER COMPANY
CAPITALIZATION AND LIABILITIES
March 31 December 31
1995 1994
(unaudited)
(dollars in thousands)
<S> <C> <C>
Common Stock Equity
Common stock - $15.00 par value;
authorized shares - 1,000,000;
outstanding shares - 585,333 at
March 31, 1995, and December 31, 1994 . . . . $ 8 780 $ 8 780
Paid-in capital . . . . . . . . . . . . . . . . 18 839 18 839
Retained earnings . . . . . . . . . . . . . . . 78 689 74 203
Total common stock equity . . . . . . . . . 106 308 101 822
Long-term Debt. . . . . . . . . . . . . . . . . . 89 255 89 238
Total capitalization. . . . . . . . . . . . 195 563 191 060
Current Liabilities
Notes payable . . . . . . . . . . . . . . . . . 1 000 14 500
Accounts payable. . . . . . . . . . . . . . . . 17 647 21 655
Accrued taxes . . . . . . . . . . . . . . . . . 6 259 2 876
Accrued interest. . . . . . . . . . . . . . . . 2 533 2 123
Other . . . . . . . . . . . . . . . . . . . . . 4 861 4 123
32 300 45 277
Other Liabilities
Deferred income taxes . . . . . . . . . . . . . 21 866 23 226
Unamortized investment tax credits . . . . . . 5 293 5 364
Accrued pension and other postretirement
benefit costs . . . . . . . . . . . . . . . . 10 876 10 356
Income taxes refundable through rates . . . . . 4 865 4 282
Other . . . . . . . . . . . . . . . . . . . . . 10 388 7 563
53 288 50 791
$281 151 $287 128
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE UNION LIGHT, HEAT AND POWER COMPANY
STATEMENTS OF INCOME
(unaudited)
Quarter Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C>
Operating Revenues
Electric . . . . . . . . . . . . . . . . . . . . . . . . $39 559 $45 190 $171 933 $178 053
Gas. . . . . . . . . . . . . . . . . . . . . . . . . . . 30 503 36 800 65 674 81 119
70 062 81 990 237 607 259 172
Operating Expenses
Electricity purchased from parent company for resale . . 30 039 35 555 129 371 136 164
Gas purchased. . . . . . . . . . . . . . . . . . . . . . 17 560 22 409 35 659 45 844
Other operation. . . . . . . . . . . . . . . . . . . . . 7 795 7 620 32 464 30 695
Maintenance. . . . . . . . . . . . . . . . . . . . . . . 1 153 1 253 5 373 6 267
Depreciation . . . . . . . . . . . . . . . . . . . . . . 2 775 2 616 10 803 10 212
Income taxes . . . . . . . . . . . . . . . . . . . . . . 3 088 3 781 4 649 6 936
Taxes other than income taxes. . . . . . . . . . . . . . 1 008 1 025 3 985 3 683
63 418 74 259 222 304 239 801
Operating Income . . . . . . . . . . . . . . . . . . . . . 6 644 7 731 15 303 19 371
Other Income and Expenses - Net
Allowance for equity funds used during construction. . . (11) (2) 69 159
Other - net. . . . . . . . . . . . . . . . . . . . . . . (8) 399 (115) (58)
(19) 397 (46) 101
Income Before Interest . . . . . . . . . . . . . . . . . . 6 625 8 128 15 257 19 472
Interest
Interest on long-term debt . . . . . . . . . . . . . . . 2 039 2 043 8 157 8 230
Other interest . . . . . . . . . . . . . . . . . . . . . 165 153 407 451
Allowance for borrowed funds used during construction. . (65) (30) (218) (198)
2 139 2 166 8 346 8 483
Net Income . . . . . . . . . . . . . . . . . . . . . . . . $ 4 486 $ 5 962 $ 6 911 $ 10 989
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE UNION LIGHT, HEAT AND POWER COMPANY
STATEMENTS OF CHANGES IN COMMON STOCK EQUITY
(unaudited)
Common Paid-in Retained Total Common
Stock Capital Earnings Stock Equity
(in thousands)
<S> <C> <C> <C> <C>
Quarter Ended March 31, 1995
Balance January 1, 1995. . . . . . . . . . $8 780 $18 839 $74 203 $101 822
Net income . . . . . . . . . . . . . . . . 4 486 4 486
Balance March 31, 1995 . . . . . . . . . . $8 780 $18 839 $78 689 $106 308
Quarter Ended March 31, 1994
Balance January 1, 1994. . . . . . . . . . $8 780 $18 839 $69 327 $ 96 946
Net income . . . . . . . . . . . . . . . . 5 962 5 962
Balance March 31, 1994 . . . . . . . . . . $8 780 $18 839 $75 289 $102 908
Twelve Months Ended March 31, 1995
Balance April 1, 1994. . . . . . . . . . . $8 780 $18 839 $75 289 $102 908
Net income . . . . . . . . . . . . . . . . 6 911 6 911
Dividends on common stock. . . . . . . . . (3 511) (3 511)
Balance March 31, 1995 . . . . . . . . . . $8 780 $18 839 $78 689 $106 308
Twelve Months Ended March 31, 1994
Balance April 1, 1993. . . . . . . . . . . $8 780 $18 839 $67 227 $ 94 846
Net income . . . . . . . . . . . . . . . . 10 989 10 989
Dividends on common stock. . . . . . . . . (2 927) (2 927)
Balance March 31, 1994 . . . . . . . . . . $8 780 $18 839 $75 289 $102 908
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE UNION LIGHT, HEAT AND POWER COMPANY
STATEMENTS OF CASH FLOWS
(unaudited)
Quarter Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES
Net income. . . . . . . . . . . . . . . . . . . $ 4 486 $ 5 962 $ 6 911 $ 10 989
Items providing (using) cash currently:
Depreciation. . . . . . . . . . . . . . . . . 2 775 2 616 10 803 10 212
Deferred income taxes and investment tax
credits - net . . . . . . . . . . . . . . . (848) (901) 2 095 1 091
Allowance for equity funds used during
construction. . . . . . . . . . . . . . . . 11 2 (69) (159)
Deferred gas and electric fuel costs - net. . 2 089 2 267 (1 813) (1 344)
Deferred merger costs . . . . . . . . . . . . - - (1 785) -
Changes in current assets and current
liabilities
Accounts receivable . . . . . . . . . . . 5 095 (1 598) 15 494 (3 320)
Materials, supplies, and fuel . . . . . . 3 475 4 630 (112) (24)
Accounts payable. . . . . . . . . . . . . (4 008) (4 461) (1 924) (836)
Accrued taxes and interest. . . . . . . . 3 793 5 057 2 043 3 667
Other items - net . . . . . . . . . . . . . . 2 335 1 417 5 503 1 919
Net cash provided by (used in)
operating activities. . . . . . . . . . 19 203 14 991 37 146 22 195
FINANCING ACTIVITIES
Redemption of long-term debt. . . . . . . . . . - - - (6 500)
Change in short-term debt . . . . . . . . . . . (13 500) (11 500) (12 500) 9 500
Dividends on common stock . . . . . . . . . . . - - (3 511) (2 927)
Net cash provided by (used in)
financing activities. . . . . . . . . . (13 500) (11 500) (16 011) 73
INVESTING ACTIVITIES
Construction expenditures (less allowance for
equity funds used during construction). . . . (5 233) (4 036) (21 526) (22 903)
Net cash provided by (used in)
investing activities. . . . . . . . . . (5 233) (4 036) (21 526) (22 903)
Net increase (decrease) in cash and
temporary cash investments. . . . . . . . . . . 470 (545) (391) (635)
Cash and temporary cash investments at
beginning of period . . . . . . . . . . . . . . 1 071 2 477 1 932 2 567
Cash and temporary cash investments at
end of period . . . . . . . . . . . . . . . . . $ 1 541 $ 1 932 $ 1 541 $ 1 932
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
THE UNION LIGHT, HEAT AND POWER COMPANY
NOTES TO FINANCIAL STATEMENTS
1. These Financial Statements reflect all adjustments (which include only
normal, recurring adjustments) necessary in the opinion of The Union
Light, Heat and Power Company (ULH&P), a subsidiary of The Cincinnati Gas
& Electric Company, for a fair presentation of the interim results. These
statements should be read in conjunction with ULH&P`s 1994 Annual Report
on Form 10-K (Commission File Number 2-7793). Certain amounts in the 1994
Financial Statements have been reclassified to conform to the 1995
presentation.
2. ULH&P announced its intention to redeem $5 million principal amount of its
10.25% first mortgage bonds (due June 1, 2020) at par with cash deposited
in a Maintenance and Replacement Fund, and to redeem the remaining amount
of such bonds at the redemption price of 107.34% on June 1, 1995.
3. ULH&P has filed a registration statement with the Securities and Exchange
Commission (SEC) under the Securities Act of 1933, which became effective
on May 3, 1995, with respect to the issuance of up to $55 million of
unsecured debt. Applications are pending before the Kentucky Public
Service Commission and the SEC under the Public Utility Holding Company
Act of 1935 with respect to the unsecured debt.
<PAGE>
THE UNION LIGHT, HEAT AND POWER COMPANY
MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Regulatory Matters
On March 29, 1995, the Federal Energy Regulatory Commission (FERC) issued a
Notice of Proposed Rulemaking (MEGA-NOPR) on Open Access, which is another step
in the transition towards potentially full-scale competition in the electric
utility industry. The MEGA-NOPR is essentially the electric industry`s
equivalent of the FERC`s Order 636 applicable to the natural gas industry. The
MEGA-NOPR as proposed would, among other things, provide for mandatory filing
of open access/comparability transmission tariffs, provide for functional
unbundling of all services, require utilities to use the tariffs for their own
bulk power transactions, establish an electronic bulletin board, and establish
a contract-based approach to stranded costs. A final order could be issued by
the end of 1995. CINergy Corp., the holding company of The Cincinnati Gas &
Electric Company (CG&E), which is the parent company of The Union Light, Heat &
Power Company (ULH&P or Company) is currently evaluating its position with
respect to the provisions of the MEGA-NOPR and the potential effects upon the
Company if ultimately adopted.
CAPITAL REQUIREMENTS
ULH&P announced its intention to redeem $5 million principal amount of its
10.25% first mortgage bonds (due June 1, 2020) at par with cash deposited in a
Maintenance and Replacement Fund, and to redeem the remaining amount of such
bonds at the redemption price of 107.34% on June 1, 1995.
CAPITAL RESOURCES
ULH&P has filed a registration statement with the Securities and Exchange
Commission (SEC) under the Securities Act of 1933, which became effective on
May 3, 1995, with respect to the issuance of up to $55 million of unsecured
debt. Applications are pending before the Kentucky Public Service Commission
and the SEC under the Public Utility Holding Company Act of 1935 with respect
to the unsecured debt.
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1995
Kilowatt-hour Sales
Kilowatt-hour (kwh) sales for the quarter ended March 31, 1995, decreased 8.2%
from the same period of 1994, due to a decrease in domestic sales volumes
caused by milder weather. An increase in the average number of domestic
customers partially offset the decline in domestic sales. Commercial sales
increased as a result of an increase in the average number of commercial
customers. Increased industrial sales resulted from growth mainly in the
primary metals sector.
Mcf Sales and Transportation
Mcf gas sales and transportation volumes for the first quarter of 1995
decreased 6.1% as compared to the first quarter of 1994. Warmer weather during
the winter heating season led to decreases in gas sales to domestic and
commercial customers. These decreases were partially offset by increases in
the average number of both domestic and commercial customers. Industrial sales
decreased as customers continued to purchase gas directly from suppliers, using
transportation services provided by the Company. The increase in
transportation volumes, which was over three times the decrease in industrial
sales, was primarily as a result of growth in the paper products and primary
metals sectors.
Revenues
Electric Operating Revenues
Electric operating revenues decreased $5.6 million (12.5%) for the quarter
ended March 31, 1995, over the comparable period of 1994. This decrease
primarily reflects the previously discussed decrease in kwh sales. Also
contributing to the decrease was a reduction in electric fuel adjustment
clauses reflecting a decrease in the average cost of electricity purchased.
An analysis of electric operating revenues is shown below:
Quarter
Ended March 31
(in thousands)
Operating revenues - March 31, 1994 $45 190
Increase (Decrease) due to change in:
Price per kwh
Retail (2 121)
Firm power sales for resale 27
Total change in price per kwh (2 094)
Kwh sales
Retail (3 501)
Firm power sales for resale (11)
Total change in kwh sales (3 512)
Other (25)
Operating revenues - March 31, 1995 $39 559
Gas Operating Revenues
Gas operating revenues declined $6.3 million (17.1%) in the first quarter of
1995 when compared to the same period last year. This decrease was primarily a
result of the previously mentioned changes in gas sales volumes and the
operation of fuel adjustment clauses reflecting a decline in the average cost
of gas purchased for the period. In addition, an increase in
the relative volume of gas transported to gas sold, as previously discussed,
contributed to the decrease. Providing transportation services does not
necessitate the recovery of gas purchased costs by the Company. Consequently,
the revenue per Mcf transported is below the revenue per Mcf sold.
Operating Expenses
Electricity Purchased from Parent Company for Resale
Electricity purchased expense, the Company's largest operating expense,
decreased $5.5 million (15.5%) for the quarter as compared to last year.
An analysis of electricity purchased is shown below:
Quarter
Ended March 31
(in thousands)
Electricity purchased
expense - March 31, 1994 $35 555
Increase (Decrease) due to change in:
Price of electricity (2 492)
Kwh purchased (3 024)
Electricity purchased
expense - March 31, 1995 $30 039
Gas Purchased
Gas purchased for the quarter declined $4.8 million (21.6%) from the first
quarter of last year mainly reflecting decreases in the average cost per Mcf of
gas purchased of 12.4% and in volumes purchased of 10.6%.
Maintenance
The $.1 million (8.0%) decrease in maintenance expense for the first quarter of
1995 as compared to the same period of 1994, is due to decreased maintenance on
electric distribution facilities and administrative facilities common to both
gas and electric operations.
Depreciation
Depreciation expense increased $.2 million (6.1%) for the three month period
ended March 31, 1995, over the comparable period ended March 31, 1994. The
increase primarily reflects additions to common, gas, and electric utility
plant.
RESULTS OF OPERATIONS FOR THE TWELVE MONTHS ENDED MARCH 31, 1995
Kilowatt-hour Sales
Kwh sales for the twelve months ended March 31, 1995, decreased .6% from the
same period of 1994, due to a decrease in domestic sales volumes caused by
milder weather during the first quarter of 1995 and the second half of 1994.
An increase in the average number of domestic customers partially offset the
decline in domestic sales. Commercial sales increased as a result of an
increase in the average number of commercial customers. Increased industrial
sales resulted from growth in the primary metals sector.
Mcf Sales and Transportation
Mcf gas sales and transportation volumes for the twelve months ended March 31,
1995, decreased 9.6% as compared to the same period of 1994. Warmer weather
during the winter heating season led to decreases in gas sales to domestic and
commercial customers. These decreases were partially offset by increases in
the average number of both domestic and commercial customers. Industrial sales
decreased as customers continued to purchase gas directly from suppliers, using
transportation services provided by the Company. The increase in these
transportation volumes, which was over three times the decrease in industrial
sales, was primarily a result of growth in the primary metals and paper
products sectors.
Revenues
Electric Operating Revenues
Electric operating revenues decreased $6.1 million (3.4%) for the twelve months
ended March 31, 1995, over the comparable period of 1994. This decrease
reflects a reduction in electric fuel adjustment clauses reflecting a decrease
in the average cost of electricity purchased and the previously discussed
decrease in kwh sales.
An analysis of electric operating revenues is shown below:
Twelve Months
Ended March 31
(in thousands)
Operating revenues - March 31, 1994 $178 053
Increase (Decrease) due to change in:
Price per kwh
Retail (5 024)
Firm power sales for resale 136
Total change in price per kwh (4 888)
Kwh sales
Retail (1 061)
Firm power sales for resale 18
Total change in kwh sales (1 043)
Other (189)
Operating revenues - March 31, 1995 $171 933
Gas Operating Revenues
Gas operating revenues declined $15.4 million (19.0%) for the twelve months
ended 1995 when compared to the same period last year. This decrease was
primarily a result of the previously mentioned changes in gas sales volumes and
the operation of fuel adjustment clauses reflecting a decline in the average
cost of gas purchased for the period. In addition, an increase in the relative
volume of gas transported to gas sold, as previously discussed, contributed to
the decrease. Providing transportation services does not necessitate the
recovery of gas purchased costs by the Company. Consequently, the revenue per
Mcf transported is below the revenue per Mcf sold.
Operating Expenses
Electricity Purchased from Parent Company for Resale
Electricity purchased expense, the Company's largest operating expense,
decreased $6.8 million (5.0%) for the twelve months ended March 31, 1995, as
compared to last year. An analysis of electricity purchased is shown below:
Twelve Months
Ended March 31
(in thousands)
Electricity purchased
expense - March 31, 1994 $136 164
Increase (Decrease) due to change in:
Price of electricity (6 054)
Kwh purchased (739)
Electricity purchased
expense - March 31, 1995 $129 371
Gas Purchased
Gas purchased for the twelve months ended March 31, 1995, declined $10.2
million (22.2%) from the same period of last year mainly reflecting decreases
in the average cost per Mcf of gas purchased of 10.6% and in volumes purchased
of 13.0%.
Other Operation
Other operation expense for the twelve months ended March 31, 1995, increased
$1.8 million (5.8%) over the comparable period of 1994, primarily due to
increased gas and electric distribution expenses, increased wages and benefits,
and recognition of nonrecurring charges for merger-related costs and other
costs the Company does not expect to recover from customers.
Maintenance
The $.9 million (14.3%) decrease in maintenance expense for the twelve month
period ended March 31, 1995, as compared to the same period of 1994, is due to
decreased maintenance on electric distribution and gas production facilities.
Depreciation
Depreciation expense increased $.6 million (5.8%) for the twelve month period
ended March 31, 1995, over the comparable period ended March 31, 1994. The
increase primarily reflects additions to common, gas, and electric utility
plant, and the effect of increases in depreciation accrual rates on gas and
common plant in accordance with a July 1993 rate order issued by the KPSC.
Taxes Other than Income Taxes
Taxes other than income taxes for the twelve month period ended March 31, 1995,
increased $.3 million (8.2%) over the same period of 1994, primarily due to
increased property taxes resulting from a greater investment in taxable
property and higher property tax rates.
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibit is filed herewith:
Exhibit
Designation Nature of Exhibit
27 Financial Data Schedule (included in
electronic submission only).
(b) No reports on Form 8-K were filed during the quarter ended March 31,
1995.
<PAGE>
SIGNATURES
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and regulations, although
The Union Light, Heat and Power Company (ULH&P) believes that the disclosures
are adequate to make the information presented not misleading. In the opinion
of ULH&P, these statements reflect all adjustments (which include only normal,
recurring adjustments) necessary to reflect the results of operations for the
respective periods. The unaudited statements are subject to such adjustments as
the annual audit by independent public accountants may disclose to be
necessary.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed by an
officer and the principal accounting officer on its behalf by the undersigned
thereunto duly authorized.
THE UNION LIGHT, HEAT AND POWER COMPANY
---------------------------------------
Registrant
J. WAYNE LEONARD
-------------------------------
Date: May 11, 1995 J. Wayne Leonard
Group Vice President and
Chief Financial Officer
CHARLES J. WINGER
-------------------------------
Date: May 11, 1995 Charles J. Winger
Comptroller and Principal
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEETS, STATEMENTS OF INCOME AND STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<C> <S>
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<PERIOD-TYPE> 3-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 238,732
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 37,052
<TOTAL-DEFERRED-CHARGES> 1,785
<OTHER-ASSETS> 3,582
<TOTAL-ASSETS> 281,151
<COMMON> 8,780
<CAPITAL-SURPLUS-PAID-IN> 18,839
<RETAINED-EARNINGS> 78,689
<TOTAL-COMMON-STOCKHOLDERS-EQ> 106,308
0
0
<LONG-TERM-DEBT-NET> 89,255
<SHORT-TERM-NOTES> 1,000
<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> 84,588
<TOT-CAPITALIZATION-AND-LIAB> 281,151
<GROSS-OPERATING-REVENUE> 70,062
<INCOME-TAX-EXPENSE> 3,088
<OTHER-OPERATING-EXPENSES> 60,330
<TOTAL-OPERATING-EXPENSES> 63,418
<OPERATING-INCOME-LOSS> 6,644
<OTHER-INCOME-NET> (19)
<INCOME-BEFORE-INTEREST-EXPEN> 6,625
<TOTAL-INTEREST-EXPENSE> 2,139
<NET-INCOME> 4,486
0
<EARNINGS-AVAILABLE-FOR-COMM> 0
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 2,039
<CASH-FLOW-OPERATIONS> 19,203
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
