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Previous: VOYAGER GROUP USA-BRAZIL LTD, NT 10-Q, 1998-06-15 |
Next: URSTADT BIDDLE PROPERTIES INC, 10-Q, 1998-06-15 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5B
REGISTRATION STATEMENT
Filed Pursuant to Section 5 of the
Public Utility Holding Company Act of 1935
CONECTIV
--------------------------
Name, Title and Address of Officer to Whom Notices
and Correspondence Concerning this Statement
Should Be Addressed
Louis M. Walters
Treasurer
Conectiv
800 King Street
Wilmington, DE 19899
<PAGE> 2
Glossary of Defined Terms
---------------------------
When used herein, the following terms shall have the meanings set forth below:
ACE Atlantic City Electric Company
Atlantic Cap I Atlantic Capital I
Atlantic Atlantic Energy, Inc.
Act Public Utility Holding Company Act of 1935,
as amended
AEE Atlantic Energy Enterprises, Inc.
AEII Atlantic Energy International, Inc.
AET Atlantic Energy Technology
AGI Atlantic Generation, Inc.
AJTS Atlantic Jersey Thermal Systems, Inc.
AOS Atlantic Operating Services, Inc.
ASP Atlantic Southern Properties, Inc.
ATE ATE Investment, Inc.
Bing Gen Binghamton General, Inc.
Bing Ltd Binghamton Limited, Inc.
CCI Conectiv Communications, Inc.
CCM Christiana Capital Management, Inc.
CES Conectiv Energy Supply, Inc.
CI CoastalComm, Inc.
Class A Stock Conectiv Class A Common Stock, $.01 par
value per share
Common Stock Conectiv Common Stock, $.01 par value per
share
CP Conectiv Plumbing LLC
2
<PAGE> 3
CS Conectiv Solutions LLC
CSI Conectiv Services, Inc.
CTS Conectiv Thermal Systems, Inc.
DCI Delmarva Capital Investments, Inc.
DCI I DCI I, Inc.
DCI II DCI II, Inc.
DCTC DCTC-Burney, Inc.
Delmarva or DPL Delmarva Power & Light Company
DOSC Delmarva Operating Services Company
DPL Fin I Delmarva Financing I
DSC Delmarva Services Company
ECNG East Coast Natural Gas Cooperative, L.L.C.
FERC Federal Energy Regulatory Commission
Merger The business combination between Atlantic
and Delmarva
Merger U-1 The Form U-1 Application/Declaration filed
by Conectiv in File No. 70-9069, as amended
PCG Power Consulting Group, Inc.
Ped Gen Pedrick General, Inc.
Ped Ltd Pedrick Ltd, Inc.
Petron Petron Oil Corporation
Resource Conectiv Resource Partners, Inc.
TEE The Earth Exchange, Inc.
TELP Thermal Energy Limited Partnership I
3
<PAGE> 4
Vine Gen Vineland General, Inc.
Vine Ltd Vineland Limited, Inc.
REGISTRATION STATEMENT
The undersigned holding company hereby submits its registration statement
to the Commission pursuant to Section 5 of the Act.
1. Exact name of registrant: Conectiv
2. Address of principal executive offices:
800 King Street
Wilmington, DE 19899
3. Name and address of chief accounting officer:
James P. Lavin
Controller
Conectiv
800 King Street
Wilmington, DE 19899
4. Certain information as to the registrant and each subsidiary company
thereof:
<TABLE>
<CAPTION>
COL. A COL. B COL. C COL. D COL. E
DATE OF
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS
- --------------- ------------ ----- ------------- ----------------
<S> <C> <C> <C> <C>
Conectiv Corporation DE 8/8/96 Holding Company
Delmarva Power & Light Company Corporation DE 4/22/09 Combination gas and
electric utility
Delmarva Financing I Trust DE N/A Financing
PJM Interconnection, L.L.C. Limited Liability DE N/A Power Pool
Company
East Coast Natural Gas Limited Liability DE N/A Gas procurement
Cooperative, L.L.C.(1) Company
DPL REIT Holding, Inc. Corporation DE 3/12/98 Not Active
DPL REIT, Inc. Corporation DE 3/12/98 Not Active
</TABLE>
- --------
(1) Not a subsidiary; held as investment
4
<PAGE> 5
<TABLE>
<CAPTION>
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS
- --------------- ------------ ----- ------------- ----------------
<S> <C> <C> <C> <C>
Atlantic City Electric Company Corporation NJ 4/28/24 Electric Utility
Atlantic Capital I Trust DE N/A Financing
ACE REIT Holding, Inc. Corporation DE 3/12/98 Not Active
ACE REIT, Inc. Corporation DE 3/12/98 Not Active
Conectiv Resource Partners, Inc. Corporation DE 1/16/98 Service Company
Delmarva Services Company(2) Corporation DE 10/31/86 Real Estate
Chesapeake Utilities Corporation(3) Corporation DE Gas Utility
Conectiv Energy Supply Company Corporation DE 7/3/75 Rule 58 Energy
Marketing
Conectiv/CNE Energy Services, L.L.C.(3) Limited Liability DE 7/23/97 Rule 58 Energy
Company Marketing
Petron Oil Corporation Corporation PA 8/22/80 Rule 58 Energy
Marketing
Conectiv Communications, Inc. Corporation DE 10/21/96 Telecommunications
Conectiv Energy, Inc.(4) Corporation DE 2/18/98 Not Active
Conectiv Brands, Inc.(4) Corporation DE 2/25/98 Not Active
Conectiv Services, Inc. Corporation DE 6/26/96 Energy-Related Goods
and Services
Conectiv Plumbing, L.L.C. Limited Liability DE 1/15/98 Plumbing Services
Company
Altemp Energy Systems, Inc. Corporation PA 12/6/94 Energy-Related Goods
and Services
Conectiv Solutions LLC Limited Liability DE 10/20/97 Energy Management
Company Services
Power Consulting Group, Inc. Corporation DE 9/9/97 Electrical Engineering
& Consulting
Delmarva Capital Investments, Inc. Corporation DE 2/27/85 Real Estate &
Unregulated
Investments
Christiana Capital Management, Inc. Corporation DE 6/26/87 Real Estate
DCI I, Inc. Corporation DE 2/27/85 Leveraged Leasing
DCI II, Inc. Corporation VI 11/15/85 Leveraged Leasing
Delmarva Operating Services Company Corporation DE 5/8/87 Operation of QF's
UAH - Hydro Kennebec, LP(3) Limited NY N/A Hydro-Electric
Partnership
</TABLE>
- --------
(2) To be renamed Conectiv Properties, Inc.
(3) Not a subsidiary; held as investment
(4) Not funded, no stock issued yet
5
<PAGE> 6
<TABLE>
<CAPTION>
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS
- --------------- ------------ ----- ------------- ----------------
<S> <C> <C> <C> <C>
LUZ Solar Partners, LTD., IV(5) Limited CA N/A Solar Power Generation
Partnership
DCTC-Burney, Inc. Corporation DE 6/26/87 Non-Utility Holding
Company
Forest Products, L.P.(5) Limited DE N/A Investments
Partnership
Burney Forest Products, A Joint General CA N/A Alternative Fuel QF
Venture(5) Partnership
Atlantic Energy Enterprises, Inc. Corporation NJ 1/3/85 Non-Utility Holding
Company
Enerval, L.L.C.(5) Limited Liability DE 3/17/95 Natural Gas
Company Procurement,
Transportation and
Marketing
Tech Leaders II, LP(5) Limited DE N/A Venture Capital Fund
Partnership
Atlantic Southern Properties, Inc. Corporation NJ 6/24/70 Real Estate
CoastalComm, Inc. Corporation DE 11/8/95 Telecommunications
D & E Communications, Inc.(5) Corporation PA Telecommunications
Holding Company
Atlantic Energy Technology, Inc. Corporation DE 4/11/91 Technology Investment
The Earth Exchange, Inc. Corporation DE 10/12/87 Technology
Development
Conectiv Thermal Systems, Inc. Corporation DE 5/5/94 Thermal Heating and
Cooling
ATS Operating Services, Inc. Corporation DE 3/31/95 Thermal Energy
Operating Services
Atlantic-Pacific Las Vegas, LLC(5) Limited Liability DE N/A Thermal Project
Company
Atlantic-Pacific Glendale, LLC(5) Limited Liability DE N/A Thermal Project
Company
Atlantic Jersey Thermal Systems, Inc. Corporation DE 5/10/94 Equity Investments
ATE Investments, Inc. Corporation NJ 10/9/86 Equity Investments
Enertech Capital Partners, LP(5) Limited N/A Energy-Related
Partnership Technology
Development
</TABLE>
- -----------
(5) Not a subsidiary; held as investment only
6
<PAGE> 7
<TABLE>
<CAPTION>
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS
- --------------- ------------ ----- ------------- ----------------
<S> <C> <C> <C> <C>
Black Light Power, Inc.(6) Corporation DE Hydrogen Conversion
Based Energy
Production
EMAX Solution Partners, Inc.(6) Corporation DE Software Development
Atlantic Generation, Inc. Corporation NJ 10/9/86 Non-Utility Holding
Company
Energy Investors Fund III, L.P.(6) Limited DE N/A IPP Investments
Partnership
Pedrick Ltd., Inc. Corporation NJ 7/28/89 Equity Investments
Pedricktown Cogeneration L. P. Limited N/A Operates Cogeneration
Partnership Facility
Pedrick Gen., Inc. Corporation NJ 7/28/89 Equity Investments
Vineland Limited, Inc. Corporation DE 8/24/90 Equity Investments
Vineland Cogeneration L. P. Limited 9/27/90 Operates Cogeneration
Partnership Facility
Vineland General, Inc. Corporation DE 8/24/90 Equity Investments
Binghamton General, Inc. Corporation DE 5/2/90 Being Held for
Liquidation
Binghamton Limited, Inc. Corporation DE 5/2/90 Being Held for
Liquidation
Cogeneration Partners of America 4/1/87 Not Active
Atlantic Energy International, Inc. Corporation NJ 11/13/86 Used Utility Equipment
Broker
Delmarva Investment I, Inc.(7) Corporation DE 2/17/98 Not Active
</TABLE>
- -----------
(6) Not a subsidiary; held as investment
(7) Not funded, no stock issued yet
7
<PAGE> 8
BUSINESS
5.
a) The general character of the business done by the registrant and
its subsidiaries, separated as between the holding companies, public
utility subsidiaries (as defined in the Act) and the various
nonutility subsidiaries.
Information regarding the general character of the business of
Conectiv and its subsidiaries is set forth in Item 1.B of the Merger
U-1. Information regarding the statistics relating to sales,
purchases, operating revenues, and customers for Delmarva and its
subsidiaries can be found in Item 1 of the Annual Report of Delmarva
on Form 10-K for the period ending December 31, 1997 (File No.
1-1405), the applicable portions of which are hereby incorporated by
reference. Information regarding such statistics for ACE can be found
in its 1997 FERC Form No.1 which is provided as Exhibit G-1 to this
document.
b) Any substantial changes which may have occurred in the general
character of the business of such companies during the preceding
five years.
OMITTED BY PERMISSION OF THE STAFF.
PROPERTY
6. Describe briefly the general character and location of the principal
plants, properties, and other important physical units of the registrant
and its subsidiaries, showing separately (a) public utility and (b) other
properties. If any principal plant or important unit is not held in fee, so
state and describe how held.
Information regarding the principal plants, properties and other
important physical units of Conectiv and its subsidiaries is set forth in
the following documents, the applicable portions of which are hereby
incorporated by reference: Item 1.B.2 of the Merger U-1; Item 2 of the
combined Annual Report of Atlantic and ACE on Form 10-K for the year ended
December 31, 1997 (File Nos. 1-9760 and 1-3559); and Item 2 of the Annual
Report of Delmarva on Form 10-K for the year ended December 31, 1997 (File
No. 1-1405).
8
<PAGE> 9
INTERSTATE TRANSACTIONS
7. For each public utility company in the holding company system of the
registrant which is engaged in the transmission of electric energy or gas
in interstate commerce, furnish the following information for the last
calendar year:
ACE and Delmarva have on file with the Federal Energy Regulatory
Commission their respective 1997 FERC Form No. 1 which include information
related to the transmission of electric energy. These reports have been
provided as Exhibits G-1 and G-2, respectively.
Neither ACE nor Delmarva is engaged in the transmission of gas in
interstate commerce.
SECURITIES OUTSTANDING
8. Submit the following information concerning the registrant and each
subsidiary thereof as of the latest available date:
FUNDED DEBT
a) For each issue or series of funded debt, including funded debt
secured by liens on property owned, whether or not such debt has been
assumed: (Do not include here any contingent liabilities reported
under paragraph 8(c).)
AS OF MARCH 31, 1998
BY PERMISSION OF THE STAFF, COLUMNS E THROUGH I HAVE BEEN OMITTED
<TABLE>
<CAPTION>
COL. A COL. B COL. C COL. D
- -----------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT ISSUED
AUTHORIZED LESS RETIRED
NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ACE Medium Term Notes Series A 150,000 60,000
7.52% to 7.98% Due May 19, 1999 to
May 19, 2004
ACE Medium Term Notes Series B 240,000 184,000
6.71% to 6.78% Due March 6, 2008 to
June 23, 2008
ACE Medium Term Notes Series C 125,000 105,000
6.81% to 7.68% due May 15, 2001 to
August 23, 2016
</TABLE>
9
<PAGE> 10
<TABLE>
<CAPTION>
AMOUNT AMOUNT ISSUED
AUTHORIZED LESS RETIRED
NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ACE Medium Term Notes Series D 150,000 85,000
6% to 6.19% Series
Due January 15, 2003 to April 2, 2007
ACE Medium Term Notes- Unsecured Series A 150,000 65,000
6.46% to 7.52%
Due from April 1, 2002 to April 2, 2007
ACE First Mortgage Bonds 75,000 75,000
6.625% Series August 1, 2013
ACE First Mortgage Bonds 75,000 75,000
7.0% Series September 1, 2023
ACE First Mortgage Bonds 75,000 75,000
7.0% Series August 13, 2028
ACE Pollution Control, York Co. 2,500 2,425
6.375% Series December 1, 2006
ACE Pollution Control, Series A 18,200 18,200
(Salem County)
Variable Rate Series
April 15, 2014
ACE Pollution Control, Series A 4,400 4,400
(Salem County)
Variable Rate Series
July 15, 2017
ACE Pollution Control, Series A 38,865 38,865
6.8% Series March 1, 2021
ACE Pollution Control, Series A 4,000 4,000
(Salem County)
5.6% Series November 1, 2025
ACE Pollution Control, Series C 23,150 23,150
(Salem County)
6.15% Series June 1, 2029
ACE Pollution Control, Series B 6,500 6,500
(Cape May County)
7.0% Series November 1, 2029
ACE Pollution Control, Series A 25,000 25,000
(Cape May County)
7.2% Series November 1, 2029
ACE Debentures 5,000 2,500
7.25% Series May 1, 1998
</TABLE>
10
<PAGE> 11
<TABLE>
<CAPTION>
AMOUNT AMOUNT ISSUED
AUTHORIZED LESS RETIRED
NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ATE Note Purchase Agreement 15,000 15,000
7.44% Senior Note
Due December 3, 1999
TELP Series 1997 Thermal Energy 18,500 18,500
Facilities Revenue Bonds
Due December 1, 2031 Var Rates
TELP Series 1995 Thermal Energy 12,500 12,500
Facilities Revenue Bonds
Due December 1, 2009 Var Rates
Delmarva First Mortgage Bonds 30,000 30,000
6.95% series due October 1, 2002
Delmarva First Mortgage Bonds 90,000 90,000
6.40% series due July 1, 2003
Delmarva Amortizing First Mortgage Bonds 25,800 25,103
6.95% series due October 1, 1998-2008
Delmarva First Mortgage Bonds 15,000 15,000
7.30% series due March 1, 2014
Delmarva First Mortgage Bonds 66,000 66,000
8.15% series due October 1, 2015
Delmarva First Mortgage Bonds 34,500 34,500
7.15% series due July 1, 2018
Delmarva First Mortgage Bonds 31,000 31,000
6.75% series due May 1, 2019
Delmarva First Mortgage Bonds 35,000 35,000
7.60% series due March 1, 2020
Delmarva First Mortgage Bonds 18,200 18,200
5.90% series due June 1, 2021
Delmarva First Mortgage Bonds 20,000 20,000
7.30% series due July 1, 2021
Delmarva First Mortgage Bonds 4,500 4,500
7.15% series due July 1, 2021
Delmarva First Mortgage Bonds 50,000 50,000
8.50% series due February 1, 2022
Delmarva First Mortgage Bonds 15,000 15,000
6.85% series due May 1, 2022
Delmarva First Mortgage Bonds 100,000 100,000
7.71% series due October 1, 2025
Delmarva First Mortgage Bonds 15,000 15,000
6.05% series due June 1, 2032
</TABLE>
11
<PAGE> 12
<TABLE>
<CAPTION>
AMOUNT AMOUNT ISSUED
AUTHORIZED LESS RETIRED
NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Delmarva Medium Term Notes 100,000 100,000
Series A - 8.30% to 9.95%
Due November 15, 2002 to December 1, 2020
Delmarva Medium Term Notes 80,000 80,000
Series B - 7.50% to 8.125%
Due May 1, 1999 to May 1, 2007
Delmarva Medium Term Notes 224,200 224,200
Series C - 5.69% to 7.72%
Due June 24, 1998 to February 1, 2027
Delmarva Electric Facilities Refunding Revenue Bonds 1,000 1,000
7.30% Series due July 1, 2011
Delmarva Exempt Facilities Revenue Bonds 33,500 33,500
7.15% Series due September 1, 2015
Delmarva Exempt Facilities Revenue Bonds 20,000 20,000
7.50% Series due October 1, 2017
Delmarva Pollution Control Notes 8,000 6,125
5.75% Series due December 1, 1998
Delmarva Pollution Control Notes 1,000 750
7.25% Series due December 1, 2001
Delmarva Pollution Control Notes 2,500 2,250
7.125% Series due December 1, 2006
Delmarva Variable Rate Demand Bonds 26,000 26,000
Due October 1, 2017
Delmarva Variable Rate Demand Bonds 15,500 15,500
Due October 1, 2028
Delmarva Variable Rate Demand Bonds 30,000 30,000
Due October 1, 2029
CCM Mortgage 3,274
</TABLE>
12
<PAGE> 13
CAPITAL STOCK
b) For each class of capital stock including certificates of beneficial
interest give information both in number of shares and in dollar
amounts: (Do not include here any warrants, options, or other
securities reported under paragraph 8(d).)
AS OF MARCH 31, 1998
BY PERMISSION OF THE STAFF, COLUMNS G THROUGH J HAVE BEEN OMITTED.
<TABLE>
<CAPTION>
COL. A COL. B. COL. C COL. D COL. E COL. F
- ------------------------------------------------------------------------------------------------------------------------------------
AMOUNT RESERVED FOR
OPTIONS, WARRANTS, ADDITIONAL
AMOUNT CONVERSIONS AND AMOUNT AMOUNT
NAME OF ISSUER TITLE OF ISSUE AUTHORIZED OTHER RIGHTS UNISSUED ISSUED
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Conectiv Common stock, par 150,000,000 49,025,157 100,974,843
value $.01 per share
Conectiv Class A Common stock, 10,000,000 3,439,388 6,560,612
$.01 par value per share
Conectiv Preferred stock par value 20,000,000 20,000,000 0
$.01 per share
Delmarva Common stock, par 90,000,000 89,900,000 1,000
value $2.25 per share
Delmarva Preferred stock, par 1,800,000 817,898 982,102
value $100 per share
Delmarva Preferred stock, par 3,000,000 2,683,500 316,500
value $25 per share
Delmarva Cumulative preferred 10,000,000 10,000,000 0
stock, $1 par value
ACE Common stock, par value 25,000,000 6,679,063 18,320,937
$3 per share
ACE Preferred stock, par value 799,979 499,979 300,000
$100 per share
ACE Preferred stock, no par value 2,000,000 1,660,500 339,500
ACE Preference stock, no par value 3,000,000 3,000,000 0
DPL REIT Holding, Common Stock, par value 1,000 1,000
Inc. $1 per share
DPL REIT, Inc. Common Stock, par value 1,000 1,000
$1 per share
ACE REIT Holding, Common Stock, par value 1,000 1,000
Inc. $1 per share
ACE REIT, Inc. Common Stock, par value 1,000 1,000
$1 per share
</TABLE>
13
<PAGE> 14
<TABLE>
<CAPTION>
AMOUNT RESERVED FOR
OPTIONS, WARRANTS, ADDITIONAL
AMOUNT CONVERSIONS AND AMOUNT AMOUNT
NAME OF ISSUER TITLE OF ISSUE AUTHORIZED OTHER RIGHTS UNISSUED ISSUED
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Conectiv Resource Common Stock, par value 1,000 1,000
Partners, Inc. $1 per share
Delmarva Services Common Stock, par value 1,000 1,000
Company $1 per share
Conectiv Energy Common Stock, par value 1,000 1,000
Supply Company $1 per share
Petron Oil Corporation Common Stock no par 1,000 1,000
value
Conectiv Common Stock, par value 1,000 1,000
Communications, Inc. $1 per share
Conectiv Energy, Inc. Common Stock, par value 1,000 1,000 0
$1 per share
Conectiv Brands, Inc. Common Stock, par value 1,000 1,000 0
$1 per share
Conectiv Services, Inc. Common Stock, par value 1,000 1,000
$1 per share
Altemp Energy Common Stock, par value 1,000 1,000
Systems, Inc. $1 per share
Power Consulting Common Stock, par value 1,000 1,000
Group, Inc. $1 per share
Delmarva Capital Common Stock, par value 1,000 1,000
Investments, Inc. $1 per share
Christiana Capital Common Stock, par value 1,000 1,000
Management, Inc. $1 per share
DCI I, Inc. Common Stock, par value 1,000 1,000
$1 per share
DCI II, Inc. Common Stock, par value 1,000 1,000
$1 per share
DCTC - Burney Inc. Common Stock, par value 1,000 1,000
$1 per share
Delmarva Operating Common Stock, par value 1,000 1,000
Services Company $1 per share
Atlantic Energy Common Stock no par 2,000 1,900 100
Enterprises, Inc. value
Atlantic Southern Common Stock, par value 100 100
Properties, Inc. $1 per share
CoastalComm, Inc. Common Stock, par value 100 100
$.01 per share
</TABLE>
14
<PAGE> 15
<TABLE>
<CAPTION>
AMOUNT RESERVED FOR
OPTIONS, WARRANTS, ADDITIONAL
AMOUNT CONVERSIONS AND AMOUNT AMOUNT
NAME OF ISSUER TITLE OF ISSUE AUTHORIZED OTHER RIGHTS UNISSUED ISSUED
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Atlantic Energy Common Stock no par 2,500 2,400 100
Technology, Inc. value
The Earth Exchange, Common Stock, no par 2,500 2,400 100
Inc. value
Conectiv Thermal Common Stock no par 2,500 2,400 100
Systems, Inc. value
ATS Operating Common Stock, no par 100 50 50
Services, Inc. value
Atlantic Jersey Common Stock no par 2,500 2,400 100
Thermal Systems, Inc. value
ATE Investments, Inc. Common Stock no par 2,500 2,400 100
value
Atlantic Generation, Common Stock no par 2,500 2,400 100
Inc. value
Pedrick Ltd., Inc. Common Stock no par 2,500 2,400 100
value
Pedrick Gen., Inc. Common Stock no par 2,500 2,400 100
value
Vineland Limited, Inc. Common Stock no par 2,500 2,400 100
value
Vineland General, Inc. Common Stock no par 2,500 2,400 100
value
Binghamton General, Common Stock no par 2,500 2,400 100
Inc. value
Binghamton Limited, Common Stock no par 2,500 2,400 100
Inc. value
Atlantic Energy Common Stock no par 3,000 2,900 100
International, Inc. value
Delmarva Investment Common Stock, par value
I, Inc. $1 per share 1,000 1,000 0
</TABLE>
15
<PAGE> 16
CONTINGENT LIABILITIES
c) A brief outline of the nature and amount of each contingent liability
on account of endorsement or other guarantees of any securities.
Information regarding contingent liabilities is set forth in the
following documents, the applicable portions of which are hereby
incorporated by reference: Note 7 in Part 1. Financial Information in
Conectiv's quarterly report on Form 10-Q for the period ended March
31, 1998 (File No. 1-13895); Note 5 in Part 1. Financial Information
in ACE's quarterly report on Form 10-Q for the period ended March 31,
1998 (File No. 1-3559) and Note 4 in Part 1. Financial Information in
Delmarva's quarterly report on Form 10-Q for the period ended March
31, 1998 (File No. 1-1405). Information regarding guarantees as of
March 31, 1998 is detailed below:
<TABLE>
<CAPTION>
ISSUER OF GUARANTEE ISSUED ON BEHALF OF AMOUNT TYPE OF GUARANTEE
------------------- ------------------- ------ -----------------
<S> <C> <C> <C>
Conectiv AGI $6,000,000 Guarantee
Conectiv CTS 31,000,000 Guarantee
Conectiv AGI 5,250,000 Letter of Credit
Conectiv CTS 27,918,656 Letters of Credit
Conectiv Enerval 1,600,000 Letter of Credit
AEE Enerval 2,250,000 Guarantee
AGI Cogeneration Partners of America 2,000,000 Guarantee
AGI Vineland Cogeneration 1,374,000 Take or Pays
AGI Binghamton Cogeneration 271,000 Escrow
AGI Vineland Cogeneration 3,500,000 Capacity deficiency charge
AEE Enerval 1,200,000 Pledge of assets
</TABLE>
16
<PAGE> 17
OTHER SECURITIES
d) A statement of the amount of warrants, rights, or options and of any
class of securities of the registrant and subsidiary companies not
elsewhere herein described which is outstanding and/or authorized. A
brief description of the provisions thereof should be included.
Information need not be set forth under this item as to notes,
drafts, bills of exchange or bankers' acceptances which mature within
nine months.
Certain information regarding ConectivDirect(TM), Conectiv's
dividend reinvestment and stock purchase plan, is set forth in the
Registration Statement of Conectiv on Form S-3 (File No. 333-44219),
and is hereby incorporated by reference. Certain information
regarding the Conectiv Incentive Compensation Plan is set forth in
the Registration Statement of Conectiv on Form S-8 (File No.
333-50063) and is hereby incorporated by reference. Certain
information regarding the Conectiv Stockholders Rights Plan is set
forth in the Application-Declaration on Form U-1 (File No. 70-9155)
of Conectiv and the filing of Conectiv on Form 10-Q for the period
ended March 31, 1998, both of which are hereby incorporated by
reference.
INVESTMENTS IN SYSTEM SECURITIES
9. Give a tabulation showing the principal amount, par or stated value, the
cost to the system company originally acquiring such security, and the
number of shares or units, of each security described under Item 8 that is
held by the registrant and by each subsidiary company thereof as the
record (or beneficial) owner, and the amounts at which the same are
carried on the books of each such owner. This information should be given
as of the same date as the information furnished in answer to Item 8.
17
<PAGE> 18
<TABLE>
<CAPTION>
NUMBER OF % OF ISSUER BOOK OWNER BOOK
COMMON SHARES VOTING VALUE VALUE
NAME OF COMPANY OWNED POWER ($000) ($000)
- --------------- ----- ----- ------ ------
<S> <C> <C> <C> <C>
Delmarva Power & Light Company 1,000 100 822,680 822,680
Delmarva Financing I N/A 100 * *
DPL REIT Holding, Inc. 1,000 100 (1) (1)
DPL REIT, Inc. 1,000 100 (1) (1)
Atlantic City Electric Company 18,320,937 100 740,605 740,605
Atlantic Capital I N/A 100 * 2,165
ACE REIT Holding, Inc. 1,000 100 (1) (1)
ACE REIT, Inc. 1,000 100 (1) (1)
Conectiv Resource Partners, Inc. 1,000 100 (1) (1)
Delmarva Services Company(2) 1,000 100 * *
Conectiv Energy Supply Company 1,000 100 * *
Petron Oil Corporation 1,000 100 (3) (3)
Conectiv Communications, Inc. 1,000 100 * *
Conectiv Services, Inc. 1,000 100 *(4) *(4)
Altemp Energy Systems, Inc. 1,000 100 (1) (1)
Conectiv Solutions, L.L.C. N/A 100 * *
Power Consulting Group, L.L.C. N/A 100 * *
Delmarva Capital Investments, Inc. 1,000 100 * *
Christiana Capital Management, Inc. 1,000 100 * *
DCI I, Inc. 1,000 100 * *
DCI II, Inc. 1,000 100 * *
Delmarva Operating Services Company 1,000 100 * *
DCTC-Burney, Inc. 1,000 100 * *
Atlantic Energy Enterprises, Inc. 100 100 * *
Atlantic Southern Properties, Inc. 100 100 * *
CoastalComm, Inc. 100 100 * *
Atlantic Energy Technology, Inc. 100 100 * *
The Earth Exchange, Inc. 100 100 * *
</TABLE>
- ----------
(1) Book value is $1,000 or less
(2) To be renamed Conectiv Properties, Inc.
(3) Petron's financial position reported on equity method of accounting until
purchase method accounting adjustments are finalized.
(4) Includes Conectiv Plumbing, L.L.C.
* Confidential treatment requested
18
<PAGE> 19
<TABLE>
<CAPTION>
NUMBER OF % OF ISSUER BOOK OWNER BOOK
COMMON SHARES VOTING VALUE VALUE
NAME OF COMPANY OWNED POWER ($000) ($000)
- --------------- ----- ----- ------ ------
<S> <C> <C> <C> <C>
Conectiv Thermal Systems, Inc. 100 100 * *
ATS Operating Services, Inc. 50 100 (1) (1)
Atlantic Jersey Thermal Systems, Inc. 100 100 * *
Thermal Energy Limited Partnership I N/A 100 * *
ATE Investments, Inc. 100 100 * *
Atlantic Generation, Inc. 100 100 * *
Pedrick Ltd., Inc. 100 100 * *
Pedrick Gen., Inc. 100 100 * *
Vineland Limited, Inc. 100 100 * *
Vineland General, Inc. 100 100 * *
Binghamton General, Inc. 100 100 * *
Binghamton Limited, Inc. 100 100 * *
Atlantic Energy International, Inc. 100 100 (1) (1)
</TABLE>
- ----------
* Confidential treatment requested
INVESTMENTS IN OTHER COMPANIES
10. Give a tabulation showing all investments of the registrant and of each
subsidiary thereof in holding companies and in public utility companies
which are not subsidiary companies of the registrant. Also show all other
investments of the registrant and of each subsidiary thereof in the
securities of any other enterprise, if the book value of the investment in
any such enterprise exceeds 2% of the total debit accounts shown on the
balance sheet of the company owning such investment or an amount in excess
of $25,000 (whichever amount is the lesser). Give principal amount and
number of shares or units and the cost of each issue of such securities to
the system company originally acquiring such security, and amount at which
carried on the books of the owner. List all such securities pledged as
collateral for loans or other obligations and identify loans and
obligations for which pledged. This information should be given as of the
same date as the information furnished in answer to Item 8.
- -------------
(1) Book value is $1,000 or less
19
<PAGE> 20
a) Investments of the registrant and of each subsidiary thereof in
holding companies and in public utility companies which are not
subsidiary companies of the registrant:
As of March 31, 1998, DSC held 127,750 shares (or 2.87%) of the
common stock of Chesapeake Utilities Corporation, a publicly traded
has utility company with gas utility operations in Delaware, Maryland
and Florida. As of March 31, 1998, the book value was $1,571,000.
b) Investments of the registrant and of each subsidiary thereof in the
securities of other enterprises:
ATE owns 160 shares of common stock of Black Light Power, Inc., a development
stage company that is engaged in hydrogen based energy production. As of March
31, 1998, the book value was $*. (Confidential treatment requested)
AEE owns 1,875,000 shares of Class D Preferred Stock, representing 12.5% of all
outstanding issues of preferred stock, convertible under certain terms and
conditions into 10.2% of the outstanding common stock of EMAX Solutions
Partners, Inc., a Delaware corporation that develops environmental compliance
software. As of March 31, 1998, the book value was $*. (Confidential treatment
requested)
AGI owns a 4.9% limited partnership interest in Energy Investors Fund III, L.P.
(Project Finance Fund), a Delaware limited partnership that invests in
independent power production facilities. As of March 31, 1998, the book value
was $*. (Confidential treatment requested)
CCI owns 58,161 unregistered shares, or approximately 1% of the outstanding
shares, of D&E Communications, Inc., a Pennsylvania corporation and
publicly-held telecommunications company that holds a broadband PCS license. As
of March 31, 1998, the book value was $*. (Confidential treatment requested)
AEE owns a 2.6% limited partnership interest in Tech Leaders II, a Delaware
limited partnership that invests in energy and technology companies. As of March
31, 1998, the book value was $*. (Confidential treatment requested)
ECNG, a Delaware limited liability company in which Delmarva holds a 1/7th
interest, is engaged in gas-related activities. Delmarva participates in ECNG to
do bulk purchasing of gas in order to improve the efficiency of its natural gas
local distribution operations. As of March 31, 1998, Delmarva had no investment
in ECNG.
AEE holds a 50% equity interest in Enerval, LLC, a natural gas marketing
venture. The book value, before fair market value evaluation reserves, was $* as
of March 31, 1998. (Confidential treatment requested)
ATE owns a 94% limited partnership interest in EnerTech Capital Partners L.P.,
a limited partnership that invests in and supports a variety of energy
technology growth companies. The book value as of March 31, 1998 was $*.
(Confidential treatment requested)
ATS holds a 50% interest in Atlantic-Pacific Glendale, LLC, a Delaware limited 0
liability company formed to construct, own and operate integrated energy
facilities. The book value as of March 31, 1998 was $*. (Confidential treatment
requested)
<PAGE> 21
ATS holds a 50% interest in Atlantic-Pacific Las Vegas, LLC, a Delaware limited
liability company formed to finance, own and operate integrated energy
facilities. The book value as of March 31, 1998 was $*. (Confidential treatment
requested)
CES holds a 50% interest in Conectiv/CNE Energy Services LLC, a Rule 58 energy
marketing company. The book value as of March 31, 1998 was $*. (Confidential
treatment requested)
Forest Products, L.P. is a Delaware limited partnership in which DCTC,
Inc. is the sole 1% general partner, and which is a general partner in Burney
Forest Products, A Joint Venture. The book value as of March 31, 1998, was $*.
(Confidential treatment requested)
Burney Forest Products, A Joint Venture, is a California general partnership
which is owned by DCTC and Forest Products, L.P. The partnership owns a
wood-burning qualifying facility in Burney, CA. DCTC's total direct and
indirect ownership interest is 45%. The book value as of March 31, 1998, was
$*. (Confidential treatment requested)
DCI holds a 4.7% limited partnership interest in LUZ Solar Partners, Ltd. IV
which owns a solar powered generating station. The book value as of March 31,
1998, was $*. (Confidential treatment requested)
DCI owns a 27.5% limited partnership interest in UAH-Hydro Kennebec, L.P., a New
York limited partnership which owns a hydro-electric project. The book value as
of March 31, 1998, was $*. (Confidential treatment requested)
INDEBTEDNESS OF SYSTEM COMPANIES
10. List each indebtedness of the registrant and of each subsidiary company
thereof (other than indebtedness reported under Item 8, but as of the same
date) where the aggregate debt owed by any such company to any one person
exceeds $25,000 or an amount exceeding 2% of the total of the debit
accounts shown on the balance sheet of the debtor (which amount is the
lesser) but not including any case in which such aggregate indebtedness is
less than $5,000, and give the following additional information as to each
such indebtedness:
21
<PAGE> 22
a) Debts owed to associate companies at March 31, 1998.
The following table provides intercompany receivables and payables as
of March 31, 1998:
<TABLE>
<CAPTION>
AMOUNT OWED
NAME OF DEBTOR NAME OF CREDITOR ($000)
- -------------- ---------------- ------
<S> <C> <C>
Conectiv AEE 2,732(1)
ACE Conectiv 7,827
ACE Conectiv 20,403
Delmarva Conectiv 23,806
Conectiv Delmarva 20,819(2)
CCI Conectiv 331
ACE Conectiv 31
AEE Conectiv 3
AEII Conectiv 2
AEE ACE 1,351
Delmarva CCI 1,727
DCI Delmarva 1,778
CCI Delmarva 7,410
CSI Delmarva 1,478
Delmarva PCG 55
CS Delmarva 614
CCI Delmarva 5,803
Delmarva Conectiv 1
Delmarva CCI 36
CSI Resource 20
CS CSI 3,625
</TABLE>
- ----------
(1) Premerger obligation of AEI to AEE assumed by Conectiv as a result of the
Merger to be cleared by capital contribution during the next accounting
period.
(2) Premerger - Merger related costs paid by Delmarva to be reinbursed by
Conectiv through capital contribution during the next accounting period.
22
<PAGE> 23
The following table provides intercompany notes receivable/payable as of
March 31, 1998:
<TABLE>
<CAPTION>
AMOUNT OWED RATE OF DATE OF
NAME OF DEBTOR NAME OF CREDITOR ($000) INTEREST (%) MATURITY
- ---------------------------------------------------------------------------- -------------------------------------
<S> <C> <C> <C> <C> <C>
Resource (Money Pool) Conectiv 8,422 5.71 On demand (1)
CTS Resource (Money Pool) 5,812 5.71 On demand (1)
Resource Resource (Money Pool) 19 5.71 On demand (1)
Resource (Money Pool) AGI 3,709 5.71 On demand (1)
Resource (Money Pool) DSC 1,931 5.71 On demand (1)
Resource (Money Pool) DCI 7,338 5.71 On demand (1)
ATE Resource (Money Pool) 7,451 5.71 On demand (1)
CES Resource (Money Pool) 5,576 5.71 On demand (1)
CSI Resource (Money Pool) 3 5.71 On demand (1)
ASP Resource (Money Pool) 13 5.71 On demand (1)
AEE Resource (Money Pool) 349 5.71 On demand (1)
CTS Resource (Money Pool) 89,445 6.00 On demand (1)
ATE Resource (Money Pool) 5,025 6.00 On demand (1)
Petron Resource (Money Pool) 1,856 6.00 On demand (1)
</TABLE>
(1) But not later than 5/1/99
b) Debts owed to others at March 31, 1998: OMITTED BY PERMISSION OF THE
STAFF.
PRINCIPAL LEASES
12. Describe briefly the principal features of each lease (omitting oil and gas
leases) to which the registrant or any subsidiary company thereof is a
party, which involves rental at an annual rate of more than $50,000 or an
amount exceeding 1% of the annual gross operating revenue of such party to
said lease during its last fiscal year (whichever of such sums is the
lesser) but not including any lease involving rental at a rate of less than
$5,000 per year.
<TABLE>
<CAPTION>
TOTAL 1997
LESSEE LESSOR ITEMS(S) LEASED PAYMENTS ($000) EXPIRATION DATE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ACE Franklin Life Insurance Gas Turbine Equipment 181 7/12/98
Company
ACE Minnesota Mutual Life Gas Turbine Equipment 136 7/12/98
Insurance Co.
ACE Ohio National Life Gas Turbine Equipment 100 7/12/98
Insurance Co.
ACE Franklin Life Insurance Gas Turbine Equipment 277 7/2/99
</TABLE>
23
<PAGE> 24
<TABLE>
<CAPTION>
TOTAL 1997
LESSEE LESSOR ITEMS(S) LEASED PAYMENTS ($000) EXPIRATION DATE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Company
ACE Unionbanc Leasing Corp. Gas Turbine Equipment 91 7/2/99
ACE Atlantic Southern Properties Office Space 425 5/31/99
ACE General American Terminals Railroad tank cars 316 12/31/99
Corp.
ACE Citgo Asphalt Refining Fuel oil storage & throughput 297 12/31/00
Company agreement- B.L. England
Generating Station
ACE Citgo Asphalt Refining Jet fuel oil tank & truck 116 Under 90 day
Company loading facilities- Combustion renegotiation
Turbine generating Station period
ACE International Business Computer-related equipment 508
Machines
ACE BLC Corporation Vehicles/equipment 482 Renewable every
12 months
ACE 1909 Associates Office 75
ACE E.I. DeNemours Tanks 410 12/31/99
ACE Pearl Fuel Nuclear fuel 9,800 None
Delmarva Delmarva Services Company Office Building 1,776 10/15/02
Delmarva Delaware Terminal Company Pipeline facility 1,107 12/31/99
Delmarva Pencader Corporate Center Production Lease 130 6/30/02
Delmarva Various Railroads Railroad Leases 341 Various
Delmarva State of Delaware River Crossing 77 8/28/26
Delmarva Bell Atlantic - DE Poles 556 Various
Delmarva Bell Atlantic - MD Poles 578 Various
Delmarva Commissioners of St. Poles 233 Various
Michaels
Delmarva United Jersey Bank, Trustee Merrill Creek Reservoir 3,785 12/20/32
</TABLE>
24
<PAGE> 25
<TABLE>
<CAPTION>
TOTAL 1997
LESSEE LESSOR ITEMS(S) LEASED PAYMENTS ($000) EXPIRATION DATE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Delmarva Bayshore Fuel Company Nuclear fuel 7,777 None
Christiana Capital
Delmarva Management Building 966 2/28/99
</TABLE>
SECURITIES SOLD
13. If, during the last five years, the registrant or any subsidiary company
thereof has issued, sold, or exchanged either publicly or privately any
securities having a principal amount, par, stated or declared value
exceeding $1,000,000 or exceeding an amount equal to 10% of the total
liabilities as shown by the balance sheet of issuer at the time of such
issue (whichever of such sums is the lesser), give the following
information with respect to each such issue or sale:
Securities sold in last five years:
<TABLE>
<CAPTION>
PROCEEDS
AMOUNT RECEIVED BY APPROXIMATE
ISSUED ISSUER BEFORE EXPENSES OF
NAME OF OR SOLD EXPENSES (PER ISSUER
TITLE OF ISSUE OBLIGOR ($000) $100) (PER $100)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
First Mortgage Bonds ACE 75,000 $98.417 $.227
7% Series due 2023
First Mortgage Bonds ACE 75,000 $98.315 $.220
7% Series due 2028
First Mortgage Bonds ACE 75,000 $99.331 $.220
6 5/8% Series due 2013
First Mortgage Bonds Secured ACE 240,000 $99.850 - $.014
Medium Term Notes, Series B $99.250
5.60% Pollution Control ACE 4,000 $98.66 $.02
Salem County
Revenue Bonds of 1993
Series A
</TABLE>
<TABLE>
<CAPTION>
NAME OF
PRINCIPAL UNDERWRITERS
UNDERWRITER OR INITIAL OFFERING
TITLE OF ISSUE PURCHASERS PRICE
- ------------------------------------------------------------------------
<S> <C> <C>
First Mortgage Bonds Goldman Sachs 98.750%
7% Series due 2023 Citicorp Securites,
Pryor, Mclendon,
Counts & Co Inc..
First Mortgage Bonds Bear, Stearns, & Co, 98.82%
7% Series due 2028 Inc
First Mortgage Bonds Goldman, Sachs & 99.654%
6 5/8% Series due 2013 Co., Citicorp
Securities
Pryor, McClendon
First Mortgage Bonds Secured The First Boston 100%
Medium Term Notes, Series B Corp., Goldman
Sachs, Smith
Barney, Harris
Upham & Co
5.60% Pollution Control AG Edwards & 100%
Salem County Sons, Inc.
Revenue Bonds of 1993
Series A
</TABLE>
25
<PAGE> 26
<TABLE>
<CAPTION>
Proceeds
Amount Received by Approximate
Issued Issuer Before Expenses of
Name of or Sold Expenses (per Issuer
TITLE OF ISSUE Obligor ($000) $100) (per $100)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Salem County ACE 23,150 $98.325 $.012
Pollution Control
Revenue Refunding
Bonds of 1994 Series A
Cape May County Pollution ACE 6,500 $98.03 $.006
Control
Revenue Refunding Bonds of
1994 Series B
Cape May County Pollution ACE 25,000 $98.03 $.02
Control
Revenue Refunding Bonds of
1994 Series A
First Mortgage Bonds ACE 105,000 $99.850- $.028
Designated Secured $99.250
Medium Term Notes Series C
8.25% Cumulative Quarterly Atlantic 70,000 $96.84 $.13
Income Preferred Securites Capital I
(QUIPS), 1996
Unsecured Medium Term ACE 65,000 $99.850- $.021
Notes Series A, 1997 $99.250
Salem County Pollution ACE 22,600 $100 $.026
Control Revenue Refunding
Bonds, 1997
Medium Term Notes Delmarva 224,200 $98.875- $.05
Series C $99.25
8.125% Cumulative Trust Delmarva 70,000 $96.85- $.03
Preferred Capital Securities Power $98.00
Financing I
</TABLE>
<TABLE>
<CAPTION>
Name of Underwriters
Principal Initial Offering
Underwriter or Price
TITLE OF ISSUE Purchasers
- ------------------------------------------------------------------------
<S> <C> <C>
Salem County Chemical Securities 99.375%
Pollution Control Inc.
Revenue Refunding
Bonds of 1994 Series A
Cape May County Pollution Goldman Sachs & 100%
Control Co.
Revenue Refunding Bonds of
1994 Series B
Cape May County Pollution Merrill Lynch & Co. 100%
Control
Revenue Refunding Bonds of
1994 Series A
First Mortgage Bonds Goldman Sachs, 100%
Designated Secured Smith Barney Inc,
Medium Term Notes Series C A. G. Edwards &
Sons, Inc.
8.25% Cumulative Quarterly Goldman Sachs, 100%
Income Preferred Securites Dean Witter
(QUIPS), 1996 Reynolds, AG.
Edwards & Sons,
Lehman Brothers,
Prudential
Securities, Wheat
First
Unsecured Medium Term Goldman Sachs, 100%
Notes Series A, 1997 First Chicago
Capital Markets,
Lehman Brothers
Salem County Pollution Morgan Stanley 100%
Control Revenue Refunding Dean Witter
Bonds, 1997
Medium Term Notes Merrill Lynch & 100%
Series C Co., Morgan Stanley
& Co.
8.125% Cumulative Trust Morgan Stanley & 100%
Preferred Capital Securities Co., Merrill Lynch
& Co., Dean Witter
Reynolds Inc., Paine
Webber
Incorporated,
Prudential
Securities Inc.
</TABLE>
26
<PAGE> 27
<TABLE>
<CAPTION>
Proceeds
Amount Received by Approximate
Issued Issuer Before Expenses of
Name of or Sold Expenses (per Issuer
TITLE OF ISSUE Obligor ($000) $100) (per $100)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.71% First Mortgage Bonds Delmarva 100,000 $99.125 $.17
6.95% Amortizing First Delmarva 25,800 $99.35 $.27
Mortgage Bonds
The Delaware Economic Delmarva 30,000 $99.50(est.) $.20(est.)
Development Authority
Variable Rate Gas Facilities
Revenue Bonds, Series 1994
6.75% Preferred Stock, $100 Delmarva 20,000 $99.125 $.46
Par Value
The Delaware Economic Delmarva 15,500 $99.50(est.) $.20(est.)
Authority Variable Rate
Demand Gas Facilities
Refunding Revenue Bonds,
Series 1993C
6.40% First Mortgage Bonds Delmarva 90,000 $99.35 $.19
</TABLE>
<TABLE>
<CAPTION>
Name of Underwriters
Principal Initial Offering
Underwriter or Price
TITLE OF ISSUE Purchasers
- ------------------------------------------------------------------------
<S> <C> <C>
7.71% First Mortgage Bonds Merrill Lynch & Co., 100%
Morgan Stanley & Co.
6.95% Amortizing First Merrill Lynch & Co. 100%
Mortgage Bonds Morgan Stanley & Co.
The Delaware Economic Merrill Lynch & Co. 100%
Development Authority
Variable Rate Gas Facilities
Revenue Bonds, Series 1994
6.75% Preferred Stock, $100 Morgan Stanley & Co. 100%
Par Value
The Delaware Economic Merrill Lynch & Co. 100%
Authority Variable Rate
Demand Gas Facilities
Refunding Revenue Bonds,
Series 1993C
6.40% First Mortgage Bonds Morgan Stanley & Co., 100%
Merrill Lynch & Co.,
Chemical Securities Inc.
</TABLE>
AGREEMENT FOR FUTURE DISTRIBUTION OF SECURITIES
14.
a) Summarize the terms of any existing agreement to which the
registrant or any associate or affiliate company thereof is a party
or in which any such company has a beneficial interest with respect
to future distribution of securities of the registrant or of any
subsidiary.
Certain information regarding agreements with respect to future
distribution of securities of Conectiv and its subsidiaries is set
forth in the following documents, the applicable portions of which
are hereby incorporated by reference: Item 1 of the
Application/Declaration of Conectiv on Form U-1, as amended in File
No. 70-9095; Registration Statement of Conectiv on Form S-3 with
respect to ConectivDirect(TM), Conectiv's dividend reinvestment and
stock purchase plan, in File No. 33-44219; the Registration Statement
of Conectiv on Form S-8 with respect to the Conectiv Incentive
Compensation Plan in File No. 333-50063; and, the
Application-Declaration on Form
27
<PAGE> 28
U-1 (File No. 70-9155) of Conectiv and the filing of Conectiv on Form
10-Q for the period ended March 31, 1998 with respect to the Conectiv
Stockholders Rights Plan.
b) Describe briefly the nature of any financial interest (other than the
ownership of securities acquired as a dealer for the purpose of
resale) which any person with whom such agreement exists, has in the
registrant or in any associate or affiliate company thereof.
The beneficiaries of the employee benefit plans referred to above
may be deemed to have a financial interest in the registrant or
associate or affiliate companies thereof by virtue of their
employment relationship with the registrant or such other companies
and compensation, benefit and severance agreements and arrangements
relating to such employment.
TWENTY LARGEST HOLDERS OF CAPITAL STOCKS
15. As of a recent date (indicating such date for each class) give the
following information with respect to the holders of each class of stock
and/or certificates of beneficial interest of the registrant:
a) The twenty largest registered holders of Common Stock and Class A
Stock, as of its most recent dividend record date:
Conectiv shares can be held by certificate, through dividend
reinvestment plans, through employee investment plans, through
investment companies, and other street name and nominee accounts.
Absent an unreasonable expenditure of time and money, Conectiv has no
way to determine the number of shares held by each holder of
beneficial interest. Accordingly, Conectiv is only able to provide
information as to shares registered with Conectiv.
28
<PAGE> 29
The following table sets forth Conectiv's twenty largest registered
shareholders on the books:
<TABLE>
<CAPTION>
COMMON STOCK
SHAREHOLDER SHARES HELD % OF OUTSTANDING
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cedefast 65,230,953 64.60
P.O. Box 20
Bowling Green Station
New York, NY 10274
Reinvestment 7,201,306 7.13
c/o The Bank of New York
101 Barclay Street
Dividend Reinvestment Dept., 11-E
New York, NY 10007
Cede & Co. 587,697 0.58
Box #20
Bowling Green Station
New York, NY 10006
Allen W. Pike TR 170,000 0.17
The Allen W Pike Revocable Trust
20 Chestnut St., Apt. N10
Exeter, NH 03833-1881
Wilmington Trust Co. 114,046 0.11
Delmarva Power & Light Defer
Compensation Plan
Attn: Alan Beattie
P.O. Box 231
Wilmington, DE 19899-0231
Eben W. Lothrop 99,192 0.10
9784 Tilghman Island Rd.
Box 6
McDaniel, MD 21647-9727
Patrick J. Morley * *
345 Barnhill Rd.
West Chester, PA 19382-2336
Richard H. Treml * *
1 McCormick Drive
Hockessin, DE 19707-2107
Edward P. Hutchinson * *
720 Jamie Drive
Moorestown, NJ 08057
Frederick J. Hutchinson * *
1120 Greenmount Rd.
Haddonfield, NJ 08033
</TABLE>
- ----------
* Confidential treatment requested
29
<PAGE> 30
<TABLE>
<CAPTION>
COMMON STOCK
SHAREHOLDER SHARES HELD % OF OUTSTANDING
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Robert J. Hutchinson * *
401 Birdwood Ave.
Haddonfield, NJ 08033
Thomas M. Hutchinson * *
128 Mountwell Ave.
Haddonfield, NJ 08033
William A. Hutchinson, Jr. * *
313 Merion Ave.
Haddonfield, NJ 08033
Recipients of Delmarva Power 1995 65,612 0.06
Performance Based Restricted Common Stock Plan
Delmarva Power, Attn: Alan Beattie
P.O. Box 231
Wilmington, DE 19899-0231
Millicent Mishkin 64,395 0.06
19 Trescott Path
Ft Salonga
Northport, NY 11768-2537
Wilmington Trust Co. Trustee 51,870 0.05
Delmarva Power & Light Defer Compensation Plan
Rabbi Trust
Eff. 1/1/96 Attn: Alan Beattie
Delmarva Power Co. P.O Box 231
Wilmington, DE 19899-0231
George H. Hutchinson III * *
321 Jefferson Ave.
Haddonfield, NJ 08033
Wayne R. Grace * *
78 Henry Ave.
Boyertown, PA 19512-8612
Recipients of Delmarva Power 1994 Performance 38,055 0.04
Based Restricted Common Stock Plan
Delmarva Power Co. Attn: Alan Beattie
P.O. Box 231
Wilmington, DE 19899-0231
Benjamin H. Laury * *
428 Salem Street
Elmer, NJ 08318
</TABLE>
- ----------
* Confidential treatment requested
30
<PAGE> 31
<TABLE>
<CAPTION>
COMMON STOCK
SHAREHOLDER SHARES HELD % OF OUTSTANDING
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Theodore J. Laury * *
Box 351
Alloway, NJ 08001
TOTAL: 74,301,460 73.58
</TABLE>
- ----------
* Confidential treatment requested
<TABLE>
<CAPTION>
CLASS A STOCK
SHAREHOLDER SHARES HELD % OF OUTSTANDING
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cedefast 3,861,583 58.86
P.O. Box 20
Bowling Green Station
New York, NY 10274
Cede & Co. 43,332 0.66
Box #20
Bowling Green Station
New York, NY 10006
Reinvestment 15,381 0.23
c/o The Bank of New York
101 Barclay Street
Dividend Reinvestment Dept., 11-E
New York, NY 10007
Millicent Mishkin 10,730 0.16
19 Trescott Path
Ft Salonga
Northport, NY 11768-2537
Dalck Feith TR U/A 3/7/97 5,000 0.08
The Dalck Feith Revocable Trust
8134 High School Road
Elkins Park, PA 19027-2453
Anthony J. Velardo Revocable Trust 4,295 0.07
U/A DTD 1/11/89
118 D. Amberly Drive
Englishtown, NJ 07726-2307
H. Stanford Roberts 3,750 0.06
P.O. Box 244
Newtown, PA 18940
Ernest D. Huggard 0028/3463 3,280 0.05
8 Kingston Lane
Ocean City, NJ 08226-2617
</TABLE>
31
<PAGE> 32
<TABLE>
<CAPTION>
CLASS A STOCK
SHAREHOLDER SHARES HELD % OF OUTSTANDING
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Meredith I. Harlacher, Jr. & Patricia Ann 3,275 0.05
117 Woods Road
Absecon, NJ 08201-2112
Joseph W. McCool 3,220 0.05
200 Coolidge Avenue
Absecon, NJ 08201-1213
Nicholas J. DeFeo & Joan M. DeFeo 3,125 0.05
6001 Winchester Avenue
Ventnor, NJ 08406-2238
Dalck Feith & Rose Feith Tr 2,865 0.04
Landsdale Finishers Inc. Empl Profit Sharing Plan
DTD 7/1/74
8134 High School Road
Elkins Park, PA 19027-2453
Douglas J. Feith, Jr. 2,731 0.04
Deft Trust DTD 5/17/91
6216 Clearwood Road
Bethesda, MD 20817-5633
Robert S. Brown 2,667 0.04
5615 Atlantic Ave.
Ventnor, NJ 08406-2816
A.A. Cohen Inc. 2,500 0.04
Attn: Morton F. Cohen
6 N. Osborne Ave.
Margate, NJ 08402
George W. Gillemot Tr 2,500 0.04
George W. Gillemot Family Trust
U/T/D DTD 12/14/84
P.O. Box 370
Glenbrook, NV 89413-0370
Sumner J. Walters & Paul W. Purnort, Jr. & Donald 2,500 0.04
C. Sutton Tr. Marsh Foundation
U/W George H. Marsh
P.O. Box 150
Van Wert, OH 45891-0150
Keith E. McNeal & Gloria H. McNeal 2,500 0.04
Co-ttees Keith E. McNeal & Gloria H. McNeal Rev
Intervivos TR DTD 5/11/82
5231 South Lewis
Tulsa, OK 74105-6537
</TABLE>
32
<PAGE> 33
<TABLE>
<CAPTION>
CLASS A STOCK
SHAREHOLDER SHARES HELD % OF OUTSTANDING
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Fannie Shrope & Elizabeth Behr 2,425 0.04
8 Forrest Drive
Northfield, NJ 08225-1706
Morton J. Kardon 2,404 0.04
Green Hill Apt. WA503
1001 City Avenue
Wynnewood, PA 19096-3902
TOTAL: 3,980,063 60.67
</TABLE>
33
<PAGE> 34
a) Number of shareholders of record each holding 1,000 shares or more,
and aggregate number of shares so held.
At the most recent record date, there were 10,415 shareholders
holding 1,000 shares or more. The aggregate number of shares held by
these shareholders was 100,555,832.
b) Number of shareholders of record each holding less than 1,000 shares
and the aggregate number of shares so held.
At the most recent record date, there were 70,659 shareholders
holding less than 1,000 shares. The aggregate number of shares held
by these shareholders was 18,366,542.
Please note that the above figures overstate total shares
outstanding because they include holders of the common stock of Atlantic who
have not yet exchanged their shares for shares of Conectiv Common Stock and
Class A Stock. Holders of Atlantic common stock receive .75 shares of Conectiv
Common Stock and .125 shares of Class A Stock for each share of Atlantic stock
exchanged.
OFFICERS, DIRECTORS AND EMPLOYEES
16.
a) Positions and Compensation of Officers and Directors. Give name and
address of each director and officer (including any person who
performs similar functions) of the registrant, of each subsidiary
company thereof, and of each mutual service company which is a member
of the same holding company system. Opposite the name of each such
individual give the title of every such position held by him and
briefly describe each other employment of such individual by each
such company.
State the present rate of compensation on an annual basis for
each director whose aggregate compensation from all such companies
exceeds $1,000 per year, and of each officer whose aggregate
compensation from such companies is at the rate of $20,000 or more
per year. In the event any officer devotes only part of his time to a
company or companies in the system this fact should be indicated by
appropriate footnote. Such compensation for such part time should be
computed on an annual rate and if such annual rate exceeds $20,000
the actual compensation as well as annual rate should also be
reported.
b) Compensation of Certain Employees. As to regular employees of such
companies who are not directors or officers of any one of them, list
the name, address, and aggregate
34
<PAGE> 35
annual rate of compensation of all those who receive $20,000 or more
per year from all such companies.
c) Indebtedness to System Companies. As to every such director,
trustee or officer as aforesaid, who is indebted to any one of such
companies, or on whose behalf any such company has now outstanding
and effective any obligation to assume or guarantee payment of any
indebtedness to another, and whose total direct and contingent
liability to such company exceeds the sum of $1,000, give the name of
such director, trustee, or officer, the name of such company, and
describe briefly the nature and amount of such direct and contingent
obligations.
d) Contracts. If any such director, trustee, or officer as aforesaid:
(1) has an existing contract with any such company (exclusive of an
employment contract which provides for no compensation other
than that set forth in paragraph (a) of this Item); or,
(2) either individually or together with the members of his
immediate family, owns, directly or indirectly, 5% or more of
the voting securities of any third person with whom any such
company has an existing contract; or,
(3) has any other beneficial interest in an existing contract to
which any such company is a party; describe briefly the nature
of such contract, the names of the parties thereto, the terms
thereof, and the interest of such officer, trustee, or director
therein.
(4) Banking Connections. If any such director, trustee, or officer
is an executive officer, director, partner, appointee, or
representative of any bank, trust company, investment banker, or
banking association or firm, or of any corporation a majority of
whose stock having the unrestricted right to vote for the
election of directors, is owned by any bank, trust company,
investment banker, or banking association or firm, state the
name of such director or officer, describe briefly such other
positions held by him and indicate which of the rules under
Section 17(c) authorizes the registrant and subsidiary companies
of which he is a director or officer to retain him in such
capacity.
By permission of the Staff, information required to be disclosed pursuant
to items 16(a) through 16(e) is not set forth herein. Prior to the Merger, the
officers and directors of Conectiv were officers and/or directors of Atlantic or
Delmarva. Information regarding the positions and compensation of officers and
directors of Atlantic prior to the Merger is set forth in the Annual Report of
Atlantic on Form 10-K for the period ending December 31, 1997, which is hereby
incorporated by reference. Information regarding the positions and compensation
of officers and directors of Delmarva prior to the Merger is set forth in the
Annual Report of Delmarva on Form 10-K for the period ending December 31, 1997,
which is hereby incorporated by reference.
35
<PAGE> 36
INTERESTS OF TRUSTEES IN SYSTEM COMPANIES
17. Describe briefly the nature of any substantial interest which any trustee
under indentures executed in connection with any outstanding issue of
securities of the registrant or any subsidiary thereof, has in either the
registrant or such subsidiary, and any claim which any such trustee may
have against registrant or any subsidiary; provided, however, that it
shall not be necessary to include in such description any evidences of
indebtedness owned by such trustee which were issued pursuant to such an
indenture.
To the best knowledge of Conectiv management, there is no such
interest.
SERVICE, SALES, AND CONSTRUCTION CONTRACTS
18. As to each service, sales, or construction contract (as defined in
paragraphs (19) to (21) of Section 2(a) of the Act) which the registrant
and any subsidiary company thereof has had in effect within the last three
months, describe briefly the nature of such contract, the name and address
of the parties thereto, the dates of execution and expiration, and the
compensation to be paid thereunder. Attach typical forms of any such
contracts as an exhibit to this registration statement. If the other party
to any such contract is a mutual service company or a subsidiary service
company which is a member of the same holding company system as the
registrant and as to which the Commission has made a favorable finding in
accordance with Rule 13-22, specific reference may be made to the
application or declaration filed by such company pursuant to Rule 13-22
and no further details need be given as to such contracts.
The affiliate contracts listed below are attached as Exhibits H-1
through H-2 hereto:
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
Service Agreement between Conectiv and subsidiaries (filed as Exhibit B-2 to the
H-1 Application-Declaration of Conectiv on Form U-1, as amended, in File No. 70-9069).
</TABLE>
36
<PAGE> 37
LITIGATION
19. Describe briefly any existing litigation of the following descriptions, to
which the registrant or any subsidiary company thereof is a party, or of
which the property of the registrant or any such subsidiary company is the
subject, including the names of the parties and the court in which such
litigation is pending:
(1) Proceedings to enforce or to restrain enforcement of any order
of a State commission or other governmental agency;
(2) Proceedings involving any franchise claimed by any such company;
(3) Proceedings between any such company and any holder, in his
capacity as such, of any funded indebtedness or capital stock
issued, or guaranteed by such company, or between any such
company and any officer thereof;
(4) Proceedings in which any such company sues in its capacity as
owner of capital stock or funded indebtedness issued or
guaranteed by any other company;
(5) Each other proceeding in which the matter in controversy,
exclusive of interest and costs, exceeds an amount equal to 2% of
the debit accounts shown on the most recent balance sheet of such
company.
Information regarding litigation involving Conectiv and its
subsidiaries is set forth in the following documents, the applicable
portions of which are hereby incorporated by reference: Item 1. Legal
Proceedings in Conectiv's quarterly report on Form 10-Q for the period
ended March 31, 1998 (File No. 1-13895); Item 1. Legal Proceedings in
ACE's quarterly report on Form 10-Q for the period ended March 31, 1998
(File No. 1-3559); and Item 1. Legal Proceedings in Delmarva's quarterly
report on Form 10-Q for the period ended March 31, 1998 (File No. 1-1405).
37
<PAGE> 38
EXHIBITS
EXHIBIT A. Furnish a corporate chart showing graphically relationships existing
between the registrant and all subsidiary companies thereof as of the same date
as the information furnished in the answer to Item 8. The chart should show the
percentage of each class voting securities of each subsidiary owned by the
registrant and by each subsidiary company.
A corporate chart of Conectiv and its subsidiaries has been provided as
Exhibit A-1.
EXHIBIT B. With respect to the registrant and each subsidiary company thereof,
furnish a copy of the charter, articles of incorporation, trust agreement,
voting trust agreement, or other fundamental document of organization, and a
copy of its bylaws, rules, and regulations, or other instruments corresponding
thereto. If such documents do not set forth fully the rights, priorities, and
preferences of the holders of each class of capital stock described in the
answer to Item 8(b) and those of the holders of any warrants, options or other
securities described in the answer to Item 8(d), and of any limitations on such
rights, there shall also be included a copy of each certificate, resolution, or
other document establishing or defining such rights and limitations. Each such
document shall be in the amended form effective at the date of filing the
registration statement or shall be accompanied by copies of any amendments to it
then in effect.
By permission of the Staff, in lieu of the exhibits required hereunder, the
disclosure requirements for Exhibit B have been limited to (i) the date and
state of incorporation for the registrant and each of its subsidiary companies
and (ii) a brief description of every subsidiary company of the registrant
including a statement as to whether each such company is active or inactive.
Such information is set forth in Items 4 and 5 hereof.
EXHIBIT C.
(a) With respect to each class of funded debt shown in the answers to Items 8
(a) and 8(c), submit a copy of the indenture or other fundamental document
defining the rights of the holders of such security, and a copy of each
contract or other instrument evidencing the liability of the registrant or
a subsidiary company thereof as endorser or guarantor of such security.
Include a copy of each amendment of such document and of each supplemental
agreement, executed in connection therewith. If there have been any changes
of trustees thereunder, such changes, unless otherwise shown, should be
indicated by notes on the appropriate documents. No such indenture or other
document need be filed in connection with any such issue if the total
amount of securities that are now, or may at any time hereafter, be issued
and outstanding thereunder does not exceed either $1,000,000 or an amount
equal to 10% of the total of the debit accounts shown on the most recent
balance sheet of the registrant or subsidiary company which issued or
guaranteed such securities or which is the owner of property subject to the
lien of such securities, whichever of said sums is the lesser.
38
<PAGE> 39
OMITTED BY PERMISSION OF THE STAFF.
(b) As to each outstanding and uncompleted contract or agreement entered into
by registrant or any subsidiary company thereof relating to the acquisition
of any securities, utility assets (as defined in section 2(a)(18) of the
Act), or any other interest in any business, submit a copy of such contract
or agreement and submit details of any supplementary understandings or
arrangements that will assist in securing an understanding of such
transactions.
OMITTED BY PERMISSION OF THE STAFF.
EXHIBIT D. A consolidating statement of income and surplus of the registrant and
its subsidiary companies for its last fiscal year ending prior to the date of
filing this registration statement, together with a consolidating balance sheet
of the registrant and its subsidiary companies as of the close of such fiscal
year.
See Exhibits D-1 through D-9 hereto.
EXHIBIT E. For each public utility company and natural gas producing and pipe
line property in the holding company system of the registrant, furnish the
following maps (properties of associate companies operating in contiguous or
nearby areas may be shown on the same map, provide property and service areas of
each company are shown distinctively).
(1) Map showing service area in which electric service is furnished,
indicating the names of the companies serving contiguous areas.
See Exhibit E-1 hereto.
(2) Electric system map showing location of electric property (exclusive of
local distribution lines) owned and/or operated, and information as
follows:
(a) Generating plants--kind and capacity;
(b) Transmission lines--voltage, number of circuits, kind of
supports, kind and size of conductors;
(c) Transmission substations--capacity.
(d) Distribution substations--capacity.
39
<PAGE> 40
(e) Points of interconnection with all other electric utility
companies and with all electrical enterprises operated by
municipal or governmental agencies, giving names of such
companies and enterprises;
The information requested in item (2) can be found on the maps
included as Exhibits E-1.
(3) Map showing service area in which gas service is furnished, indicating the
names of companies serving contiguous areas;
See Exhibit E-2 hereto.
(4) Gas system map showing location of gas property (exclusive of low pressure
local distribution lines) owned and/or operated, and information as
follows:
(a) Generating plants--kind and daily capacity;
(b) Holders--kind and capacity;
(c) Compressor stations--capacity in horsepower;
(d) Transmission pipe lines--size, approximate average transmission
pressure and the estimated daily delivery capacity of the
system;
(e) Points of interconnection with all other private and public gas
utilities, pipe lines, or producing enterprises; giving names of
such companies and other enterprises;
(f) General location and outline of gas producing and reserve areas
and diagrammatic location of gathering lines.
The information requested in item (4) can be found on the maps
included as Exhibits E-3 and E-4.
EXHIBIT F. Furnish an accurate copy of each annual report for the last fiscal
year ending prior to the date of the filing of this registration statement,
which the registrant and each subsidiary company thereof has previously
submitted to its stockholders. For companies for which no reports are submitted
the reason for omission should be indicated; provided that electronic filers
shall submit such reports in paper format only under cover of Form SE.
The combined Annual Report for Atlantic and ACE for the period ending
December 31, 1997 is incorporated by reference to the filing on Form 10-K dated
March 30, 1997. The Annual Report for Delmarva for the period ended December 31,
1997 is incorporated by reference to the filing on Form 10-K dated March 27,
1998.
40
<PAGE> 41
EXHIBIT G. Furnish a copy of each annual report which the registrant and each
public utility subsidiary company thereof shall have filed with any State
Commission having jurisdiction to regulate public utility companies for the last
fiscal year ending prior to the date of filing this registration statement. If
any such company shall have filed similar reports with more than one such State
commission, the registrant need file a copy of only one of such reports provided
that notation is made of such fact, giving the names of the different
commissions with which such report was filed, and setting forth any differences
between the copy submitted and the copies filed with such other commissions. In
the event any company submits an annual report to the Federal Power Commission
but not to a State commission, a copy of such report should be furnished. In the
case of a registrant or any public utility subsidiary company for which no
report is appended the reasons for such omission should be indicated such as "No
such reports required or filed;" provided that electronic filers shall submit
such reports in paper format only under cover of Form SE.
Exhibit G-1 1997 Annual Report of ACE to the Federal Energy
Regulatory Commission (FERC Form 1)
Exhibit G-2 1997 Annual Report of Delmarva to the Federal Energy
Regulatory Commission (FERC Form 1)
Exhibit G-3 1997 Annual Report of ACE to the New Jersey Board of
Public Utilities (FERC Form 1)
Exhibit G-4 1997 Annual Report of Delmarva to the Delaware Public
Service Commission (FERC Form 1 and FERC Form 2)
Exhibit G-5 1997 Annual Report of Delmarva to the Virginia State
Corporation Commission
Exhibit G-6 1997 Annual Report of Delmarva to the Maryland Public
Service Commission (FERC Form 1)
EXHIBIT H. Typical forms of service, sales, or construction contracts described
in answer to Item 18.
See Exhibit H-1.
This registration statement comprises:
(a) A cover page, followed by pages numbered 2 to 41 consecutively,
followed by pages 42 to 44, consecutively.
(b) The following Exhibits: the Exhibits shown on the attached exhibit index.
41
<PAGE> 42
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, the registrant has caused this registration statement to be duly signed on
its behalf in the City of Wilmington and State of Delaware, on the 15th day of
June, 1998.
Conectiv
/s/ LOUIS M. WALTERS
----------------------
Louis M. Walters
Treasurer
Attest:
/s/ Moira K. Donoghue
- --------------------------
Moira K. Donoghue
Secretary
VERIFICATION
State of Delaware )
City of Wilmington )
The undersigned, being duly sworn, deposes and says that he has duly
executed the attached registration statement dated June 15, 1998, for and on
behalf of Conectiv; that he is the Treasurer of such company; and that all
action by stockholders, directors, and other bodies necessary to authorize
deponent to execute and file such instrument has been taken. Deponent further
says that he is familiar with such instrument and the contents thereof, and that
the facts therein set forth are true to the best of his knowledge, information
and belief.
/s/ LOUIS M. WALTERS
---------------------
Subscribed and sworn to before me
this 15th day of June, 1998.
/s/ CLAIRE WILLIAMSON
- ------------------------
My commission expires:
42
<PAGE> 43
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION
- ------------------------ ----------------------------------------------------------------------------------------------
<S> <C>
A-1 Corporate chart of Conectiv and Subsidiaries (filed herewith on Form SE).
D-1 Consolidating income statement of Conectiv and Subsidiaries for the three months ended
March 31, 1998 and consolidating balance sheet of Conectiv and Subsidiaries as of March 31,
1998.
D-2 Consolidating income statement of Delmarva and Subsidiaries for the three months ended
March 31, 1998 and consolidating balance sheet of Delmarva and Subsidiaries as of March 31,
1998.
D-3 Consolidating income statement of ACE and Subsidiaries for the three months ended March
31, 1998 and consolidating balance sheet of ACE and Subsidiaries as of March 31, 1998.
D-4 Consolidating income statement of DCI and Subsidiaries for the three months ended March 31,
1998 and consolidating balance sheet of DCI and Subsidiaries as of March 31, 1998.
D-5 Consolidating income statement of AEE and Subsidiaries for the three months ended March
31, 1998 and consolidating balance sheet of AEE and Subsidiaries as of March 31, 1998.
D-6 Consolidating income statement of CTS and Subsidiaries for the three months ended March
31, 1998 and consolidating balance sheet of CTS and Subsidiaries as of March 31, 1998.
D-7 Consolidating income statement of AGI and Subsidiaries for the three months ended March
31, 1998 and consolidating balance sheet of AGI and Subsidiaries as of March 31, 1998.
D-8 Consolidating balance sheet of AET and Subsidiary as of March 31, 1998.
D-9 Consolidating income statement of CS and Subsidiary for the three months ended March 31,
1998 and consolidating balance sheet of CS and Subsidiary as of March 31, 1998.
E-1 Map of Conectiv service area (electric), generating plants, substations and transmission
lines (filed herewith on Form SE).
E-2 Map of Delmarva service area (gas) (filed herewith on Form SE).
E-3 Map of Delmarva gas transmission and distribution systems (filed herewith on Form SE).
E-4 Map of Delmarva interconnects with interstate pipelines (filed herewith on
</TABLE>
43
<PAGE> 44
<TABLE>
<S> <C>
Form SE).
G-1 1997 Annual Report of ACE to the Federal Energy Regulatory Commission (FERC Form 1)
(filed herewith on Form SE).
G-2 1997 Annual Report of Delmarva to the Federal Energy Regulatory Commission (FERC Form
1) (filed herewith on Form SE).
G-3 1997 Annual Report of ACE to the New Jersey Board of Public Utilities (Required annual
report is FERC Form 1 which is filed herewith as Exhibit G-1).
G-4 1997 Annual Report of Delmarva to the Delaware Public Service Commission (Required
annual reports are FERC Form 1 and FERC Form 2. FERC Form 1 is filed herewith as Exhibit
G-2. FERC Form 2 is filed herewith on Form SE).
G-5 1997 Annual Report of Delmarva to the Virginia State Corporation Commission (filed
herewith on Form SE).
G-6 1997 Annual Report of Delmarva to the Maryland Public Service Commission. (Required
annual report is FERC Form 1 which is filed herewith as Exhibit G-2)
H-1 Typical Conectiv system service agreement (incorporated by reference to the filing on Form
U-1 (File No. 70-9069; Exhibit B-2).
</TABLE>
44
<PAGE> 1
<TABLE>
<CAPTION>
CONECTIV CONSOLIDATING INCOME STATEMENT EXHIBIT D-1
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating Conectiv
Consolidated Entries Parent DPL (1) ACE (1) DCI (1)
--------- ----------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric 354,128 $ - $ - $278,376 $ 75,708 $ -
Gas 115,785 - - 115,743 - -
Other services 33,678 - - 2,451 371 *
--------- ----------- --------- --------- --------- ---------
503,591 - - 396,570 76,079 *
--------- ----------- --------- --------- --------- ---------
OPERATING EXPENSES
Electric fuel and purchased power 137,254 - - 118,471 18,783 -
Gas purchased 98,628 - - 98,628 - -
Purchased electric capacity 20,943 - - 7,217 13,726 -
Other services' cost of sales 23,688 - - 1,269 668 *
Employee separation and other
merger-related costs 40,623 * - 40,623 51,475 -
Operation and maintenance 103,536 * 353 68,939 18,761 *
Depreciation 43,891 * - 33,020 8,839 *
Taxes other than income taxes 12,865 - - 9,443 3,417 *
--------- ----------- --------- --------- --------- ---------
481,428 * 353 377,610 115,669 *
--------- ----------- --------- --------- --------- ---------
OPERATING INCOME 22,163 * (353) 18,960 (39,590) *
--------- ----------- --------- --------- --------- ---------
OTHER INCOME
Allowance for equity funds used
during construction 332 - - 307 25 -
Other income 2,515 * (3,588) 774 527 *
--------- ----------- --------- --------- --------- ---------
2,847 * (3,588) 1,081 552 *
--------- ----------- --------- --------- --------- ---------
INTEREST EXPENSE
Interest charges 26,355 * 223 20,703 4,586 *
Allowance for borrowed funds used during
construction and capitalized interest (764) - - (722) (42) -
--------- ----------- --------- --------- --------- ---------
25,591 * 223 19,981 4,544 *
--------- ----------- --------- --------- --------- ---------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES 3,323 - - 2,508 815 -
--------- ----------- --------- --------- --------- ---------
INCOME/(LOSS) BEFORE INCOME TAXES (3,904) * (4,164) (2,448) (44,397) *
--------- ----------- --------- --------- --------- ---------
INCOME TAXES 74 * (186) (7) (17,015) *
--------- ----------- --------- --------- --------- ---------
NET INCOME/(LOSS) $ (3,978) * $(3,978) $ (2,441) $(27,382) *
========= =========== ========= ========= ========= =========
EARNINGS/(LOSS) APPLICABLE TO:
Common stock (4,136) * (3,978) (2,441) (27,540) *
Class A common stock 158 - - - 158 -
--------- ----------- --------- --------- --------- ---------
$ (3,978) * $(3,978) $ (2,441) $(27,382) *
========= =========== ========= ========= ========= =========
</TABLE>
(1) Consolidating financial statements for DPL, ACE, and DCI are presented in
Exhibits D-2, D-3, and D-4.
* Confidential treatment requested.
<PAGE> 2
<TABLE>
<CAPTION>
CONECTIV CONSOLIDATING INCOME STATEMENT EXHIBIT D-1
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
CES AEE (1) DSC CSI CS (1) CCI
---------- ------------ -------- ----------- ----------- -------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ - $ - * $-
Gas - - - - * -
Other services - * - * * *
---------- ------------ -------- ----------- ----------- -------
- * - * * *
---------- ------------ -------- ----------- ----------- -------
OPERATING EXPENSES
Electric fuel and purchased power - - - - - -
Gas purchased - - - - - -
Purchased electric capacity - - - - - -
Other services' cost of sales - * - * * *
Employee separation and other
merger-related costs - * - - - -
Operation and maintenance * * * * * *
Depreciation - * * * * *
Taxes other than income taxes - * * - - -
---------- ------------ -------- ----------- ----------- -------
* * * * * *
---------- ------------ -------- ----------- ----------- -------
OPERATING INCOME * * * * * *
---------- ------------ -------- ----------- ----------- -------
OTHER INCOME
Allowance for equity funds used
during construction - - - - - -
Other income * * * * * -
---------- ------------ -------- ----------- ----------- -------
* * * * * -
---------- ------------ -------- ----------- ----------- -------
INTEREST EXPENSE
Interest charges * * * * - -
Allowance for borrowed funds used during
construction and capitalized interest - - - - - -
---------- ------------ -------- ----------- ----------- -------
* * * * - -
---------- ------------ -------- ----------- ----------- -------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - - - -
---------- ------------ -------- ----------- ----------- -------
INCOME/(LOSS) BEFORE INCOME TAXES * * * * * *
---------- ------------ -------- ----------- ----------- -------
INCOME TAXES * * * * * *
---------- ------------ -------- ----------- ----------- -------
NET INCOME/(LOSS) * * * * * *
========== ============ ======== =========== =========== =======
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * * * *
Class A common stock - - - - - -
---------- ------------ -------- ----------- ----------- -------
* * * * * *
========== ============ ======== =========== =========== =======
(1) Consolidating financial statements for AEE and CS are presented in Exhibits D-5 and D-9.
* Confidential treatment requested.
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating Conectiv
Consolidated Entries Parent Resource DPL (1) ACE (1) DCI (1)
------------ -------- ------------ ------ ----------- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 66,995 $ - $ 8,379 $ - $ 23,841 $ 24,057 *
Accounts receivable 325,618 * 123,166 * 218,141 117,823 *
Inventories, at average cost
Fuel (coal, oil and gas) 55,003 - - - 27,968 26,939 -
Materials and supplies 63,824 - - - 39,614 22,396 -
Prepayments 7,952 - - - 5,837 1,052 *
Deferred energy costs 25,209 - - - 5,324 19,885 -
Deferred income taxes, net 2,864 - - - 2,864 - -
------------ -------- ------------ ------ ----------- ------------ -----
547,465 * 131,545 * 323,589 212,152 *
------------ -------- ------------ ------ ----------- ------------ -----
INVESTMENTS
Investment in leveraged leases 122,910 - - - - - *
Funds held by trustee 151,551 - - - 53,211 87,108 -
Other investments 65,301 * 1,914,161 - 82 109 *
------------ -------- ------------ ------ ----------- ------------ -----
339,762 * 1,914,161 - 53,293 87,217 *
------------ -------- ------------ ------ ----------- ------------ -----
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant 5,600,356 * 28 - 3,028,736 2,589,592 -
Gas utility plant 243,243 - - - 243,243 - -
Common utility plant 155,845 - - - 155,845 - -
------------ -------- ------------ ------ ----------- ------------ -----
5,999,444 * 28 - 3,427,824 2,589,592 -
Less: Accumulated depreciation 2,370,924 - 16 - 1,407,757 963,151 -
------------ -------- ------------ ------ ----------- ------------ -----
Net utility plant in service 3,628,520 * 12 - 2,020,067 1,626,441 -
Construction work-in-progress 206,744 - - - 90,790 115,954 -
Leased nuclear fuel, at amortized cost 65,497 - - - 29,767 35,730 -
Nonutility property, net 177,029 * - - 7,074 8,390 -
Goodwill, net 343,943 * - - 73,392 - -
------------ -------- ------------ ------ ----------- ------------ -----
4,421,733 * 12 - 2,221,090 1,786,515 *
------------ -------- ------------ ------ ----------- ------------ -----
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs 61,775 - - - - 61,775 -
Deferred recoverable income taxes 172,766 - - - 86,908 85,858 -
Unrecovered New Jersey state excise tax 42,764 - - - - 42,764 -
Deferred debt refinancing costs 47,573 - - - 18,109 29,464 -
Deferred other postretirement benefit
costs 36,851 - - - - 36,851 -
Prepaid employee benefit costs 49,912 * - - 50,717 6,368 -
Unamortized debt expense 27,892 - - - 12,680 13,653 *
Other 108,534 * 603 * 47,521 31,208 *
------------ -------- ------------ ------ ----------- ------------ -----
548,067 * 603 * 215,935 307,941 *
------------ -------- ------------ ------ ----------- ------------ -----
TOTAL ASSETS $5,857,027 * $2,046,321 * $2,813,907 $ 2,393,825 *
============ ======== ============ ====== =========== ============ =====
(1) Consolidating financial statements for DPL, ACE, and DCI are presented in
Exhibits D-2, D-3 and D-4.
* Confidential treatment requested.
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1
AS OF MARCH 31, 1998
(Dollars in Thousands)
CES AEE (1) DSC CSI CS (1) CCI
--------- ------------- -------------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * * * * * *
Accounts receivable * * * * * *
Inventories, at average cost
Fuel (coal, oil and gas) - * - - - -
Materials and supplies - - - * - -
Prepayments - * - * * *
Deferred energy costs - - - - - -
Deferred income taxes, net - - - - - -
--------- ------------- -------------- ---------- --------- ---------
* * * * * *
--------- ------------- -------------- ---------- --------- ---------
INVESTMENTS
Investment in leveraged leases - * - - - -
Funds held by trustee - * - - - -
Other investments * * * - - -
--------- ------------- -------------- ---------- --------- ---------
* * * - - -
--------- ------------- -------------- ---------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - - - -
Gas utility plant - - - - - -
Common utility plant - - - - - -
--------- ------------- -------------- ---------- --------- ---------
- - - - - -
Less: Accumulated depreciation - - - - - -
--------- ------------- -------------- ---------- --------- ---------
Net utility plant in service - - - - - -
Construction work-in-progress - - - - - -
Leased nuclear fuel, at amortized cost - - - - - -
Nonutility property, net - * * * * *
Goodwill, net - - - * * -
--------- ------------- -------------- ---------- --------- ---------
- * * * * *
--------- ------------- -------------- ---------- --------- ---------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - - -
Deferred recoverable income taxes - - - - -
Unrecovered New Jersey state excise tax - - - - -
Deferred debt refinancing costs - - - - -
Deferred other postretirement benefit costs - - - - -
Prepaid employee benefit costs - - - - -
Unamortized debt expense - * * - -
Other * * * * *
--------- ------------- -------------- ---------- --------- ---------
* * * * *
--------- ------------- -------------- ---------- --------- ---------
TOTAL ASSETS * * * * * *
========= ============= ============== ========== ========= =========
(1) Consolidating financial statements for AEE and CS are presented in Exhibits
D-5 and D-9.
* Confidential treatment requested.
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating Conectiv
Consolidated Entries Parent Resource DPL (1) ACE (1) DCI (1)
----------- ----------- ------------ --------- ----------- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ 185,547 $ - $ 165,000 $ - $ 2,300 $ 18,200 $ -
Long-term debt and preferred stock
due within one year 51,921 - - - 32,055 18,575 *
Variable rate demand bonds 102,500 - - - 71,500 - -
Accounts payable 124,037 * 43 * 98,600 20,757 *
Taxes accrued 27,761 - 6,616 - 13,618 2,250 *
Interest accrued 39,712 - 802 * 23,848 14,410 *
Dividends payable 45,898 * 44,209 - 24,492 21,406 -
Current capital lease obligation 13,081 - - - 12,472 561 -
Accrued employee separation and
other merger-related costs 42,309 - 5,274 - 10,713 25,908 -
Other 84,025 * (5,739) * 23,104 56,729 *
----------- ----------- ------------ --------- ----------- ------------ -------
716,791 * 216,205 * 312,702 178,796 *
----------- ----------- ------------ --------- ----------- ------------ -------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits
obligation 106,153 * - - 8,226 48,685 -
Deferred income taxes, net 874,552 * - - 443,263 352,652 *
Deferred investment tax credits 82,711 - - - 39,302 43,409 -
Long-term capital lease obligation 54,683 - - - 18,506 35,920 -
Other 53,366 - - - 26,467 20,471 -
----------- ----------- ------------ --------- ----------- ------------ -------
1,171,465 * - - 535,764 501,137 *
----------- ----------- ------------ --------- ----------- ------------ -------
CAPITALIZATION
Common stock 1,012 * 1,012 - 2 54,963 *
Class A common stock 66 - 66 - - - -
Additional paid-in capital--common
stock 1,474,454 * 1,474,454 - 542,980 492,872 *
Additional paid-in capital--
Class A common stock 107,095 - 107,095 - - - -
Retained earnings 252,614 * 252,614 - 279,698 192,770 *
----------- ----------- ------------ --------- ----------- ------------ -------
1,835,241 * 1,835,241 - 822,680 740,605 *
Treasury shares, at cost (4,580) - (4,580) - - - -
Unearned compensation (545) - (545) - - - -
----------- ----------- ------------ --------- ----------- ------------ -------
Total common stockholders' equity 1,830,116 * 1,830,116 - 822,680 740,605 *
Preferred stock of subsidiaries:
Not subject to mandatory redemption 119,702 - - - 89,702 30,000 -
Subject to mandatory redemption 163,950 - - - 70,000 93,950 -
Long-term debt 1,855,003 - - - 983,059 849,337 *
----------- ----------- ------------ --------- ----------- ------------ -------
3,968,771 * 1,830,116 - 1,965,441 1,713,892 *
----------- ----------- ------------ --------- ----------- ------------ -------
TOTAL CAPITALIZATION AND LIABILITIES $5,857,027 * $2,046,321 * $2,813,907 $ 2,393,825 *
=========== =========== ============ ========= =========== ============ =======
(1) Consolidating financial statements for DPL, ACE, and DCI are presented in
Exhibits D-2, D-3 and D-4.
* Confidential treatment requested.
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1
AS OF MARCH 31, 1998
(Dollars in Thousands)
CES AEE (1) DSC CSI CS (1) CCI
------------ ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - * $ - $ -
Long-term debt and preferred stock due
within one year - - * * - -
Variable rate demand bonds - * - - - -
Accounts payable - * * * * *
Taxes accrued * * * * * *
Interest accrued * * - - - -
Dividends payable - - - - - -
Current capital lease obligation - - - * - -
Accrued employee separation and
other merger-related costs - * - - - -
Other * * * * * *
------------ ---------- ---------- ----------- ---------- ----------
* * * * * *
------------ ---------- ---------- ----------- ---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - - - -
Deferred income taxes, net - * * * - *
Deferred investment tax credits - - - - - -
Long-term capital lease obligation - - - * - -
Other - * - * - -
------------ ---------- ---------- ----------- ---------- ----------
- * * * - *
------------ ---------- ---------- ----------- ---------- ----------
CAPITALIZATION
Common stock * * * * - *
Class A common stock - - - - - -
Additional paid-in capital--common stock * * * * - *
Additional paid-in capital--Class A common
stock - - - - - -
Retained earnings * * * * * *
------------ ---------- ---------- ----------- ---------- ----------
* * * * * *
Treasury shares, at cost - - - - - -
Unearned compensation - - - - - -
------------ ---------- ---------- ----------- ---------- ----------
Total common stockholders' equity * * * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - - - -
Subject to mandatory redemption - - - - - -
Long-term debt - * * * * -
------------ ---------- ---------- ----------- ---------- ----------
* * * * * *
------------ ---------- ---------- ----------- ---------- ----------
TOTAL CAPITALIZATION AND LIABILITIES * * * * * *
============ ========== ========== =========== ========== ==========
(1) Consolidating financial statements for AEE and CS are presented in Exhibits
D-5 and D-9.
* Confidential treatment requested.
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
DELMARVA POWER AND LIGHT COMPANY CONSOLIDATING INCOME STATEMENT EXHIBIT D-2
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating DPL DPL
Consolidated Entries Parent FIN I
---------------------- ----------------- ------------- ---------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ 278,376 $ - * $ -
Gas 115,743 - * -
Other services 2,451 - * -
---------------------- ----------------- ------------- ---------------
396,570 - * -
---------------------- ----------------- ------------- ---------------
OPERATING EXPENSES
Electric fuel and purchased power 118,471 - * -
Gas purchased 98,628 - * -
Purchased electric capacity 7,217 - * -
Other services' cost of sales 1,269 - * -
Employee separation and other
merger-related costs 40,623 - * -
Operation and maintenance 68,939 - * -
Depreciation 33,020 - * -
Taxes other than income taxes 9,443 - * -
---------------------- ----------------- ------------- ---------------
377,610 - * -
---------------------- ----------------- ------------- ---------------
OPERATING INCOME 18,960 - * -
---------------------- ----------------- ------------- ---------------
OTHER INCOME
Allowance for equity funds used
during construction 307 - * -
Other income 774 * * *
---------------------- ----------------- ------------- ---------------
1,081 * * *
---------------------- ----------------- ------------- ---------------
INTEREST EXPENSE
Interest charges 20,703 * * *
Allowance for borrowed funds used during
construction and capitalized interest (722) - * -
---------------------- ----------------- ------------- ---------------
19,981 * * *
---------------------- ----------------- ------------- ---------------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES 2,508 - * -
---------------------- ----------------- ------------- ---------------
INCOME/(LOSS) BEFORE INCOME TAXES (2,448) - * -
---------------------- ----------------- ------------- ---------------
INCOME TAXES (7) - * -
---------------------- ----------------- ------------- ---------------
NET INCOME/(LOSS) $ (2,441) $ - * $ -
====================== ================= ============= ===============
EARNINGS/(LOSS) APPLICABLE TO:
Common stock (2,441) - * -
Class A common stock - - - -
---------------------- ----------------- ------------- ---------------
$ (2,441) $ - * $ -
====================== ================= ============= ===============
* Confidential treatment requested.
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
DELMARVA POWER AND LIGHT COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-2
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating DPL DPL
Consolidated Entries Parent FIN I
------------------- ----------------- ----------------- ----------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 23,841 $ - * $ -
Accounts receivable 218,141 - * -
Inventories, at average cost
Fuel (coal, oil and gas) 27,968 - * -
Materials and supplies 39,614 - * -
Prepayments 5,837 - * -
Deferred energy costs 5,324 - * -
Deferred income taxes, net 2,864 - * -
------------------- ----------------- ----------------- ----------------
323,589 - * -
------------------- ----------------- ----------------- ----------------
INVESTMENTS
Investment in leveraged leases - - - -
Funds held by trustee 53,211 - * -
Other investments 82 * * *
------------------- ----------------- ----------------- ----------------
53,293 * * *
------------------- ----------------- ----------------- ----------------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant 3,028,736 - * -
Gas utility plant 243,243 - * -
Common utility plant 155,845 - * -
------------------- ----------------- ----------------- ----------------
3,427,824 - * -
Less: Accumulated depreciation 1,407,757 - * -
------------------- ----------------- ----------------- ----------------
Net utility plant in service 2,020,067 - * -
Construction work-in-progress 90,790 - * -
Leased nuclear fuel, at amortized cost 29,767 - * -
Nonutility property, net 7,074 - * -
Goodwill, net 73,392 - * -
------------------- ----------------- ----------------- ----------------
2,221,090 - * -
------------------- ----------------- ----------------- ----------------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - -
Deferred recoverable income taxes 86,908 - * -
Unrecovered New Jersey state excise tax - - - -
Deferred debt refinancing costs 18,109 - * -
Deferred other postretirement benefit costs - - - -
Prepaid employee benefit costs 50,717 - * -
Unamortized debt expense 12,680 - * -
Other 47,521 - * -
------------------- ----------------- ----------------- ----------------
215,935 - * -
------------------- ----------------- ----------------- ----------------
TOTAL ASSETS $2,813,907 * * *
=================== ================= ================= ================
* Confidential treatment requested.
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
DELMARVA POWER AND LIGHT COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-2
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating DPL DPL
Consolidated Entries Parent FIN I
-------------------- ------------------ ------------------ --------------
<S> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ 2,300 $ - * $ -
Long-term debt and preferred stock
due within one year 32,055 - * -
Variable rate demand bonds 71,500 - * -
Accounts payable 98,600 - * -
Taxes accrued 13,618 - * -
Interest accrued 23,848 - * -
Dividends payable 24,492 - * -
Current capital lease obligation 12,472 - * -
Accrued employee separation and
other merger-related costs 10,713 - * -
Other 23,104 - * -
-------------------- ------------------ ------------------ --------------
312,702 - * -
-------------------- ------------------ ------------------ --------------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation 8,226 - * -
Deferred income taxes, net 443,263 - * -
Deferred investment tax credits 39,302 - * -
Long-term capital lease obligation 18,506 - * -
Other 26,467 - * -
-------------------- ------------------ ------------------ --------------
535,764 - * -
-------------------- ------------------ ------------------ --------------
CAPITALIZATION
Common stock 2 * * *
Class A common stock - - - -
Additional paid-in capital--common stock 542,980 - * -
Additional paid-in capital--Class A
common stock - - - -
Retained earnings 279,698 - * -
-------------------- ------------------ ------------------ --------------
822,680 * * *
Treasury shares, at cost - - - -
Unearned compensation - - - -
-------------------- ------------------ ------------------ --------------
Total common stockholders' equity 822,680 * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption 89,702 - * -
Subject to mandatory redemption 70,000 - - *
Advances from associated company - * * -
-------------------- ------------------ ------------------ --------------
Long-term debt 983,059 - * -
-------------------- ------------------ ------------------ --------------
1,965,441 * * *
-------------------- ------------------ ------------------ --------------
TOTAL CAPITALIZATION AND LIABILITIES $2,813,907 * * *
==================== ================== ================== ==============
* Confidential treatment requested.
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
ATLANTIC CITY ELECTRIC COMPANY CONSOLIDATING INCOME STATEMENT EXHIBIT D-3
FOR THE ONE MONTH ENDED MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating ACE Atlantic
Consolidated Entries Parent CAP I
-------------------- ---------------- ------------- ---------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ 75,708 $ - * $ -
Gas - - - -
Other services 371 - * -
-------------------- ---------------- ------------- ---------------
76,079 - * -
-------------------- ---------------- ------------- ---------------
OPERATING EXPENSES
Electric fuel and purchased power 18,783 - * -
Gas purchased - - - -
Purchased electric capacity 13,726 - * -
Other services' cost of sales 668 - * -
Employee separation and other
merger-related costs 51,475 - * -
Operation and maintenance 18,761 - * -
Depreciation 8,839 - * -
Taxes other than income taxes 3,417 - * -
-------------------- ---------------- ------------- ---------------
115,669 - * -
-------------------- ---------------- ------------- ---------------
OPERATING INCOME (39,590) - * -
-------------------- ---------------- ------------- ---------------
OTHER INCOME
Allowance for equity funds used
during construction 25 - * -
Other income 527 * * *
-------------------- ---------------- ------------- ---------------
552 * * *
-------------------- ---------------- ------------- ---------------
INTEREST EXPENSE
Interest charges 4,586 * * *
Allowance for borrowed funds used during
construction and capitalized interest (42) - * -
-------------------- ---------------- ------------- ---------------
4,544 * * *
-------------------- ---------------- ------------- ---------------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES 815 - * -
-------------------- ---------------- ------------- ---------------
INCOME/(LOSS) BEFORE INCOME TAXES (44,397) - * -
-------------------- ---------------- ------------- ---------------
INCOME TAXES (17,015) - * -
-------------------- ---------------- ------------- ---------------
NET INCOME/(LOSS) $ (27,382) $ - * $ -
==================== ================ ============= ===============
EARNINGS/(LOSS) APPLICABLE TO:
Common stock (27,540) - * -
Class A common stock 158 - * -
-------------------- ---------------- ------------- ---------------
$ (27,382) $ - * $ -
==================== ================ ============= ===============
* Confidential treatment requested.
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
ATLANTIC CITY ELECTRIC COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-3
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating ACE Atlantic
Consolidated Entries Parent CAP I
-------------------- ----------------- ----------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 24,057 $ - * $ -
Accounts receivable 117,823 - * -
Inventories, at average cost
Fuel (coal, oil and gas) 26,939 - * -
Materials and supplies 22,396 - * -
Prepayments 1,052 - * -
Deferred energy costs 19,885 - * -
Deferred income taxes, net - - - -
-------------------- ----------------- ----------------- ---------------
212,152 - * -
-------------------- ----------------- ----------------- ---------------
INVESTMENTS
Investment in leveraged leases - - - -
Funds held by trustee 87,108 - * -
Other investments 109 * * *
-------------------- ----------------- ----------------- ---------------
87,217 * * *
-------------------- ----------------- ----------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant 2,589,592 - * -
Gas utility plant - - - -
Common utility plant - - - -
-------------------- ----------------- ----------------- ---------------
2,589,592 - * -
Less: Accumulated depreciation 963,151 - * -
-------------------- ----------------- ----------------- ---------------
Net utility plant in service 1,626,441 - * -
Construction work-in-progress 115,954 - * -
Leased nuclear fuel, at amortized cost 35,730 - * -
Nonutility property, net 8,390 - * -
Goodwill, net - - - -
-------------------- ----------------- ----------------- ---------------
1,786,515 - * -
-------------------- ----------------- ----------------- ---------------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs 61,775 - * -
Deferred recoverable income taxes 85,858 - * -
Unrecovered New Jersey state excise tax 42,764 - * -
Deferred debt refinancing costs 29,464 - * -
Deferred other postretirement benefit costs 36,851 - * -
Prepaid employee benefit costs 6,368 - * -
Unamortized debt expense 13,653 - * -
Other 31,208 - * -
-------------------- ----------------- ----------------- ---------------
307,941 - * -
-------------------- ----------------- ----------------- ---------------
TOTAL ASSETS $2,393,825 * * *
==================== ================= ================= ===============
* Confidential treatment requested.
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
ATLANTIC CITY ELECTRIC COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-3
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating ACE Atlantic
Consolidated Entries Parent CAP I
------------------ --------------- --------------- ------------------
<S> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ 18,200 $ - * $ -
Long-term debt and preferred stock due
within one year 18,575 - * -
Variable rate demand bonds - - - -
Accounts payable 20,757 - * -
Taxes accrued 2,250 - * -
Interest accrued 14,410 - * -
Dividends payable 21,406 - * -
Current capital lease obligation 561 - * -
Accrued employee separation and
other merger-related costs 25,908 - * -
Other 56,729 - * -
------------------ --------------- --------------- ------------------
178,796 - * -
------------------ --------------- --------------- ------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation 48,685 - * -
Deferred income taxes, net 352,652 - * -
Deferred investment tax credits 43,409 - * -
Long-term capital lease obligation 35,920 - * -
Other 20,471 - * -
------------------ --------------- --------------- ------------------
501,137 - * -
------------------ --------------- --------------- ------------------
CAPITALIZATION
Common stock 54,963 * * *
Class A common stock - - - -
Additional paid-in capital--common stock 492,872 - * -
Additional paid-in capital--Class A common stock - - - -
Retained earnings 192,770 - * -
------------------ --------------- --------------- ------------------
740,605 * * *
Treasury shares, at cost - - - -
Unearned compensation - - - -
------------------ --------------- --------------- ------------------
Total common stockholders' equity 740,605 * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption 30,000 - * -
Subject to mandatory redemption 93,950 - * *
Advances from associated company - * * -
Long-term debt 849,337 - * -
------------------ --------------- --------------- ------------------
1,713,892 * * *
------------------ --------------- --------------- ------------------
TOTAL CAPITALIZATION AND LIABILITIES $ 2,393,825 * * *
================== =============== =============== ==================
* Confidential treatment requested.
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING INCOME STATEMENT EXHIBIT D-4
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating DCI DCI DCI
onsolidated Entries Parent I II
------------ ---------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ - $ - $ -
Gas - - - - -
Other services * * * * *
------------ ---------------- ------------- --------------- ---------------
* * * * *
------------ ---------------- ------------- --------------- ---------------
OPERATING EXPENSES
Electric fuel and purchased power - - - - -
Gas purchased - - - - -
Purchased electric capacity - - - - -
Other services' cost of sales * * * * *
Employee separation and other
merger-related costs - - - - -
Operation and maintenance * - * - -
Depreciation * - - - -
Taxes other than income taxes * - - - -
------------ ---------------- ------------- --------------- ---------------
* * * * *
------------ ---------------- ------------- --------------- ---------------
OPERATING INCOME * - * * *
------------ ---------------- ------------- --------------- ---------------
OTHER INCOME
Allowance for equity funds used
during construction - - - - -
Other income * * * * -
------------ ---------------- ------------- --------------- ---------------
* * * * -
------------ ---------------- ------------- --------------- ---------------
INTEREST EXPENSE
Interest charges * - * * -
Allowance for borrowed funds used during
construction and capitalized interest - - - - -
------------ ---------------- ------------- --------------- ---------------
* - * * -
------------ ---------------- ------------- --------------- ---------------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - - -
------------ ---------------- ------------- --------------- ---------------
INCOME/(LOSS) BEFORE INCOME TAXES * * * * *
------------ ---------------- ------------- --------------- ---------------
INCOME TAXES * - * * *
------------ ---------------- ------------- --------------- ---------------
NET INCOME/(LOSS) * * * * *
============ ================ ============= =============== ===============
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * * *
Class A common stock - - - - -
------------ ---------------- ------------- --------------- ---------------
* * * * *
============ ================ ============= =============== ===============
* Confidential treatment requested.
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING INCOME STATEMENT EXHIBIT D-4
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
CCM DOSC DCTC
----------------- ----------------- ------------------
<S> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ -
Gas - - -
Other services * * -
----------------- ----------------- ------------------
* * -
----------------- ----------------- ------------------
OPERATING EXPENSES
Electric fuel and purchased power - - -
Gas purchased - - -
Purchased electric capacity - - -
Other services' cost of sales * * *
Employee separation and other
merger-related costs - - -
Operation and maintenance - * -
Depreciation * * -
Taxes other than income taxes - * -
----------------- ----------------- ------------------
* * *
----------------- ----------------- ------------------
OPERATING INCOME * * *
----------------- ----------------- ------------------
OTHER INCOME
Allowance for equity funds used
during construction - - -
Other income - * *
----------------- ----------------- ------------------
- * *
----------------- ----------------- ------------------
INTEREST EXPENSE
Interest charges * * *
Allowance for borrowed funds used during
construction and capitalized interest - - -
----------------- ----------------- ------------------
* * *
----------------- ----------------- ------------------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - -
----------------- ----------------- ------------------
INCOME/(LOSS) BEFORE INCOME TAXES * * *
----------------- ----------------- ------------------
INCOME TAXES * * *
----------------- ----------------- ------------------
NET INCOME/(LOSS) * * *
================= ================= ==================
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * *
Class A common stock - - -
----------------- ----------------- ------------------
* * *
================= ================= ==================
* Confidential treatment requested.
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET EXHIBIT D-4
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating DCI DCI DCI
Consolidated Entries Parent I II
------------- ----------------- -------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * $ - * * *
Accounts receivable * - * * *
Inventories, at average cost
Fuel (coal, oil and gas) - - - - -
Materials and supplies - - - - -
Prepayments * - - * -
Deferred energy costs - - - - -
Deferred income taxes, net - - - - -
------------- ----------------- -------------- ------------- ----------------
* - * * *
------------- ----------------- -------------- ------------- ----------------
INVESTMENTS
Investment in leveraged leases * - - * -
Funds held by trustee - - - - -
Other investments * * * - -
------------- ----------------- -------------- ------------- ----------------
* * * * -
------------- ----------------- -------------- ------------- ----------------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - - -
Gas utility plant - - - - -
Common utility plant - - - - -
------------- ----------------- -------------- ------------- ----------------
- - - - -
Less: Accumulated depreciation - - - - -
------------- ----------------- -------------- ------------- ----------------
Net utility plant in service - - - - -
Construction work-in-progress - - - - -
Leased nuclear fuel, at amortized cost - - - - -
Nonutility property, net * - * - -
Goodwill, net - - - - -
------------- ----------------- -------------- ------------- ----------------
* - * - -
------------- ----------------- -------------- ------------- ----------------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - - -
Deferred recoverable income taxes - - - - -
Unrecovered New Jersey state excise tax - - - - -
Deferred debt refinancing costs - - - - -
Deferred other postretirement benefit
costs - - - - -
Prepaid employee benefit costs - - - - -
Unamortized debt expense * - - - -
Other * - * - -
------------- ----------------- -------------- ------------- ----------------
* - * - -
------------- ----------------- -------------- ------------- ----------------
TOTAL ASSETS * * * * *
============= ================= ============== ============= ================
* Confidential treatment requested.
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
TDELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET EXHIBIT D-4
AS OF MARCH 31, 1998
(Dollars in Thousands)
CCM DOSC DCTC
-------------- -------------- ----------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * * *
Accounts receivable - * *
Inventories, at average cost
Fuel (coal, oil and gas) - - -
Materials and supplies - - -
Prepayments * - -
Deferred energy costs - - -
Deferred income taxes, net - - -
-------------- -------------- ----------------
* * *
-------------- -------------- ----------------
INVESTMENTS
Investment in leveraged leases - - -
Funds held by trustee - - -
Other investments - - -
-------------- -------------- ----------------
- - -
-------------- -------------- ----------------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - -
Gas utility plant - - -
Common utility plant - - -
-------------- -------------- ----------------
- - -
Less: Accumulated depreciation - - -
-------------- -------------- ----------------
Net utility plant in service - - -
Construction work-in-progress - - -
Leased nuclear fuel, at amortized cost - - -
Nonutility property, net * * -
Goodwill, net - - -
-------------- -------------- ----------------
* * -
-------------- -------------- ----------------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - -
Deferred recoverable income taxes - - -
Unrecovered New Jersey state excise tax - - -
Deferred debt refinancing costs - - -
Deferred other postretirement benefit costs - - -
Prepaid employee benefit costs - - -
Unamortized debt expense * - -
Other - * -
-------------- -------------- ----------------
* * -
-------------- -------------- ----------------
TOTAL ASSETS * * *
============== ============== ================
* Confidential treatment requested.
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET EXHIBIT D-4
AS OF MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating DCI DCI DCI
Consolidated Entries Parent I II
----------------- ----------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ - $ -
Long-term debt and preferred stock
due within one year * - - - -
Variable rate demand bonds - - - - -
Accounts payable * - - - -
Taxes accrued * - * * -
Interest accrued * - - - -
Dividends payable - - - - -
Current capital lease obligation - - - - -
Accrued employee separation and
other merger-related costs - - - - -
Other * - * * -
----------------- ----------------- ------------ ----------- ------------
* - * * -
----------------- ----------------- ------------ ----------- ------------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - - -
Deferred income taxes, net * - * * -
Deferred investment tax credits - - - - -
Long-term capital lease obligation - - - - -
Other - - - - -
----------------- ----------------- ------------ ----------- ------------
* - * * -
----------------- ----------------- ------------ ----------- ------------
CAPITALIZATION
Common stock * * * * *
Class A common stock - - - - -
Additional paid-in capital--common stock * * * * *
Additional paid-in capital--Class A common
stock - - - - -
Retained earnings * * * * *
----------------- ----------------- ------------ ----------- ------------
* * * * *
Treasury shares, at cost - - - - -
Unearned compensation - - - - -
----------------- ----------------- ------------ ----------- ------------
Total common stockholders' equity * * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - - -
Subject to mandatory redemption - - - - -
Long-term debt * - - - -
----------------- ----------------- ------------ ----------- ------------
* * * * *
----------------- ----------------- ------------ ----------- ------------
TOTAL CAPITALIZATION AND LIABILITIES * * * * *
================= ================= ============ =========== ============
* Confidential treatment requested.
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET
AS OF MARCH 31, 1998 EXHIBIT D-4
(Dollars in Thousands)
CCM DOSC DCTC
--------------- --------------- ----------------
<S> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ -
Long-term debt and preferred stock due within one year * - -
Variable rate demand bonds - - -
Accounts payable * - -
Taxes accrued * * *
Interest accrued * - -
Dividends payable - - -
Current capital lease obligation - - -
Accrued employee separation and
other merger-related costs - - -
Other * * *
--------------- --------------- ----------------
* * *
--------------- --------------- ----------------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - -
Deferred income taxes, net * * *
Deferred investment tax credits - - -
Long-term capital lease obligation - - -
Other - - -
--------------- --------------- ----------------
* * *
--------------- --------------- ----------------
CAPITALIZATION
Common stock * * *
Class A common stock - - -
Additional paid-in capital--common stock * * *
Additional paid-in capital--Class A common stock - - -
Retained earnings * * *
--------------- --------------- ----------------
* * *
Treasury shares, at cost - - -
Unearned compensation - - -
--------------- --------------- ----------------
Total common stockholders' equity * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt * - -
--------------- --------------- ----------------
* * *
--------------- --------------- ----------------
Total Capitalization and Liabilities * * *
=============== =============== ================
* Confidential treatment requested.
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-5
FOR THE ONE MONTH ENDED MARCH 31, 1998
(Dollars in Thousands)
Total Consolidating AEE
Consolidated Entries Parent ASP ATE
---------------- ----------------- ------------- --------------- ------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ - $ - $ -
Gas - - - - -
Other services * * - * *
---------------- ----------------- ------------- --------------- ------------
* * - * *
---------------- ----------------- ------------- --------------- ------------
OPERATING EXPENSES
Electric fuel and purchased power - - - - -
Gas purchased - - - - -
Purchased electric capacity - - - - -
Other services' cost of sales * - - - -
Employee separation and other
merger-related costs * - * - -
Operation and maintenance * * * * *
Depreciation * - * * *
Taxes other than income taxes * - * * *
---------------- ----------------- ------------- --------------- ------------
* * * * *
---------------- ----------------- ------------- --------------- ------------
OPERATING INCOME * - * * *
---------------- ----------------- ------------- --------------- ------------
OTHER INCOME
Allowance for equity funds used
during construction - - - - -
Other income * * * - *
---------------- ----------------- ------------- --------------- ------------
* * * - *
---------------- ----------------- ------------- --------------- ------------
INTEREST EXPENSE
Interest charges * - * * *
Allowance for borrowed funds used during
construction and capitalized interest - - - - -
---------------- ----------------- ------------- --------------- ------------
* - * * *
---------------- ----------------- ------------- --------------- ------------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - - -
---------------- ----------------- ------------- --------------- ------------
INCOME/(LOSS) BEFORE INCOME TAXES * * * * *
---------------- ----------------- ------------- --------------- ------------
INCOME TAXES * - * * *
---------------- ----------------- ------------- --------------- ------------
NET INCOME/(LOSS) * * * * *
================ ================= ============= =============== ============
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * * *
Class A common stock - - - - -
---------------- ----------------- ------------- --------------- ------------
* * * * *
================ ================= ============= =============== ============
* Confidential treatment requested.
</TABLE>
<PAGE> 2
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-5
FOR THE ONE MONTH ENDED MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
CTS (1) CI AGI (1)
------- -- -------
<S> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ -
Gas - - -
Other services * * -
-------- -------- ---------
* * -
-------- -------- ---------
OPERATING EXPENSES
Electric fuel and purchased power - - -
Gas purchased - - -
Purchased electric capacity - - -
Other services' cost of sales * * *
Employee separation and other
merger-related costs - - -
Operation and maintenance * * *
Depreciation * * *
Taxes other than income taxes - - -
-------- -------- ---------
* * *
-------- -------- ---------
OPERATING INCOME * * *
-------- -------- ---------
OTHER INCOME
Allowance for equity funds used
during construction - - -
Other income * * *
-------- -------- ---------
* * *
-------- -------- ---------
INTEREST EXPENSE
Interest charges * * *
Allowance for borrowed funds used during
construction and capitalized interest - - -
-------- -------- ---------
* * *
-------- -------- ---------
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - -
-------- -------- ---------
INCOME/(LOSS) BEFORE INCOME TAXES * * *
-------- -------- ---------
INCOME TAXES * * *
-------- -------- ---------
NET INCOME/(LOSS) * * *
======== ======== =========
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * *
Class A common stock - - -
-------- -------- ---------
* * *
======== ======== =========
</TABLE>
(1) Consolidating financial statements for CTS and AGI are presented in Exhibits
D-6 and D-7.
<PAGE> 3
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AEE
Consolidated Entries Parent ASP ATE
------------ ------- ------ --- ---
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * $ - * * *
Accounts receivable * * * * *
Inventories, at average cost
Fuel (coal, oil and gas) * - - - -
Materials and supplies - - - - -
Prepayments * - * * *
Deferred energy costs - - - - -
Deferred income taxes, net - - - - -
------ ------ ----- ------ ------
* * * * *
------ ------ ----- ------ ------
INVESTMENTS
Investment in leveraged leases * - - - *
Funds held by trustee * - - * -
Other investments * * * - *
------ ------ ----- ------ ------
* * * * *
------ ------ ----- ------ ------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - - -
Gas utility plant - - - - -
Common utility plant - - - - -
------ ------ ----- ------ ------
- - - - -
Less: Accumulated depreciation - - - - -
------ ------ ----- ------ ------
Net utility plant in service - - - - -
Construction work-in-progress - - - - -
Leased nuclear fuel, at amortized cost - - - - -
Nonutility property, net * - * * -
Goodwill, net - - - - -
------ ------ ----- ------ ------
* - * * -
------ ------ ----- ------ ------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - - -
Deferred recoverable income taxes - - - - -
Unrecovered New Jersey state excise tax - - - - -
Deferred debt refinancing costs - - - - -
Deferred other postretirement benefit costs - - - - -
Prepaid employee benefit costs - - - - -
Unamortized debt expense * - - *
Other * - * * -
------ ------ ----- ------ ------
* - * * *
------ ------ ----- ------ ------
TOTAL ASSETS * * * * *
====== ====== ===== ====== ======
</TABLE>
* Confidential treatment requested.
<PAGE> 4
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
CTS (1) CI AGI (1) AET (1)
------- -- ------- -------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * * * $ -
Accounts receivable * * * *
Inventories, at average cost
Fuel (coal, oil and gas) * - - -
Materials and supplies - - - -
Prepayments * - * *
Deferred energy costs - - - -
Deferred income taxes, net - - - -
------- ------- ------ -------
* * * *
------- ------- ------ -------
INVESTMENTS
Investment in leveraged leases - - - -
Funds held by trustee * - - -
Other investments * * * -
------- ------- ------ -------
* * * -
------- ------- ------ -------
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - -
Gas utility plant - - - -
Common utility plant - - - -
------- ------- ------ -------
- - - -
Less: Accumulated depreciation - - - -
------- ------- ------ -------
Net utility plant in service - - - -
Construction work-in-progress - - - -
Leased nuclear fuel, at amortized cost - - - -
Nonutility property, net * * * -
Goodwill, net - - - -
------- ------- ------ -------
* * * -
------- ------- ------ -------
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - -
Deferred recoverable income taxes - - - -
Unrecovered New Jersey state excise tax - - - -
Deferred debt refinancing costs - - - -
Deferred other postretirement benefit costs - - - -
Prepaid employee benefit costs - - - -
Unamortized debt expense * - - -
Other * - - -
------- ------- ------ -------
* - - -
------- ------- ------ -------
TOTAL ASSETS * * * *
======= ======= ====== =======
</TABLE>
(1) Consolidating financial statements for CTS, AGI, and AET are presented in
Exhibits D-6, D-7, and D-8.
* Confidential treatment requested.
<PAGE> 5
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AEE
Consolidated Entries Parent ASP ATE
------------ ------- ------ --- ---
<S> <C> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ $ - $ - $ - $ -
Long-term debt and preferred stock due
within one year - - - - -
Variable rate demand bonds * - - - -
Accounts payable * * * * *
Taxes accrued * - * - -
Interest accrued * * * * *
Dividends payable - - - - -
Current capital lease obligation - - - - -
Accrued employee separation and
other merger-related costs * - * - -
Other * - * * *
-------- ------ ------ ------- -------
* * * * *
-------- ------ ------ ------- -------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - - -
Deferred income taxes, net * - * * *
Deferred investment tax credits - - - - -
Long-term capital lease obligation - - - - -
Other * - - - -
-------- ------ ------ ------- -------
* - * * *
-------- ------ ------ ------- -------
CAPITALIZATION
Common stock * - * - -
Class A common stock - - - - -
Additional paid-in capital--common stock * * * * *
Additional paid-in capital--Class A common
stock - - - - -
Retained earnings * * * * *
-------- ------ ------ ------- -------
* * * * *
Treasury shares, at cost - - - - -
Unearned compensation - - - - -
-------- ------ ------ ------- -------
Total common stockholders' equity * * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - - -
Subject to mandatory redemption - - - - -
Long-term debt * - - - *
-------- ------ ------ ------- -------
* * * * *
-------- ------ ------ ------- -------
TOTAL CAPITALIZATION AND LIABILITIES * * * * *
======== ====== ====== ======= =======
</TABLE>
* Confidential treatment requested.
<PAGE> 6
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
CTS (1) CI AGI (1) AET (1)
------- -- ------- -------
<S> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ -
Long-term debt and preferred stock due within one year - - - -
Variable rate demand bonds * - - -
Accounts payable * * * *
Taxes accrued * * * -
Interest accrued * - - -
Dividends payable - - - -
Current capital lease obligation - - - -
Accrued employee separation and
other merger-related costs - - - -
Other * - * -
----- ----- ----- -----
* * * *
----- ----- ----- -----
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - -
Deferred income taxes, net * * * *
Deferred investment tax credits - - - -
Long-term capital lease obligation - - - -
Other * * * *
----- ----- ----- -----
* * * *
----- ----- ----- -----
CAPITALIZATION
Common stock - - - -
Class A common stock - * - -
Additional paid-in capital--common stock * - * *
Additional paid-in capital--Class A common stock - - - -
Retained earnings * * * *
----- ----- ----- -----
* * * *
Treasury shares, at cost - - - -
Unearned compensation - - - -
----- ----- ----- -----
Total common stockholders' equity * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - -
Subject to mandatory redemption - - - -
Long-term debt - - - -
----- ----- ----- -----
* * * *
----- ----- ----- -----
TOTAL CAPITALIZATION AND LIABILITIES * * * *
===== ===== ===== =====
</TABLE>
(1) Consolidating financial statements for CTS, AGI, and AET are presented in
Exhibits D-6, D-7, and D-8.
* Confidential treatment requested.
<PAGE> 1
CONECTIV THERMAL SYSTEMS, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-6
FOR THE ONE MONTH ENDED MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating CTS
Consolidated Entries Parent AJTS AOS TELP
------------ ------- ------ ---- --- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ - $ - $ - $ -
Gas - - - - - -
Other services * * * - * *
------ ------ ---- ----- ----- -----
* * * - * *
------ ------ ---- ----- ----- -----
OPERATING EXPENSES
Electric fuel and purchased power - - - - - -
Gas purchased - - - - - -
Purchased electric capacity - - - - - -
Other services' cost of sales * - - - - *
Employee separation and other
merger-related costs - - - - - -
Operation and maintenance * * * - * *
Depreciation * - * - - *
Taxes other than income taxes - - - - - -
------ ------ ---- ----- ----- -----
* * * - * *
------ ------ ---- ----- ----- -----
OPERATING INCOME * - * - - *
------ ------ ---- ----- ----- -----
OTHER INCOME
Allowance for equity funds used
during construction - - - - - -
Other income * * * * - *
------ ------ ---- ----- ----- -----
* * * * - *
------ ------ ---- ----- ----- -----
INTEREST EXPENSE
Interest charges * - * - - *
Allowance for borrowed funds used during
construction and capitalized interest - - - - - -
------ ------ ---- ----- ----- -----
* - * - - *
------ ------ ---- ----- ----- -----
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - - - -
------ ------ ---- ----- ----- -----
INCOME/(LOSS) BEFORE INCOME TAXES * * * * - *
------ ------ ---- ----- ----- -----
INCOME TAXES * - * - - -
------ ------ ---- ----- ----- -----
NET INCOME/(LOSS) * * * * $ - *
====== ====== ==== ===== ===== =====
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * * - *
Class A common stock - - - - - -
------ ------ ---- ----- ----- -----
* * * * $ - *
====== ====== ==== ===== ===== =====
</TABLE>
* Confidential treatment requested.
<PAGE> 2
CONECTIV THERMAL SYSTEMS, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-6
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating CTS
Consolidated Entries Parent AJTS AOS TELP
------------ ------- ------ ---- --- ----
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * $ - * $ - $ - $ -
Accounts receivable * * * * * *
Inventories, at average cost
Fuel (coal, oil and gas) * - - - - *
Materials and supplies - - - - - -
Prepayments * - * * - *
Deferred energy costs - - - - - -
Deferred income taxes, net - - - - - -
----- ------- ---- ---- ----- ----
* * * * * *
----- ------- ---- ---- ----- ----
INVESTMENTS
Investment in leveraged leases - - - - - -
Funds held by trustee * - * - - *
Other investments * * * * - *
----- ------- ---- ---- ----- ----
* * * * - *
----- ------- ---- ---- ----- ----
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - - - -
Gas utility plant - - - - - -
Common utility plant - - - - - -
----- ------- ---- ---- ----- ----
- - - - - -
Less: Accumulated depreciation - - - - - -
----- ------- ---- ---- ----- ----
Net utility plant in service - - - - - -
Construction work-in-progress - - - - - -
Leased nuclear fuel, at amortized cost - - - - - -
Nonutility property, net * - * - - *
Goodwill, net - - - - - -
----- ------- ---- ---- ----- ----
* - * - - *
----- ------- ---- ---- ----- ----
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - - - -
Deferred recoverable income taxes - - - - - -
Unrecovered New Jersey state excise tax - - - - - -
Deferred debt refinancing costs - - - - - -
Deferred other postretirement benefit costs - - - - - -
Prepaid employee benefit costs - - - - - -
Unamortized debt expense * * * - - *
Other * * * - * *
----- ------- ---- ---- ----- ----
* * * - * *
----- ------- ---- ---- ----- ----
TOTAL ASSETS * * * * * *
===== ======= ==== ==== ===== ====
</TABLE>
* Confidential treatment requested.
<PAGE> 3
CONECTIV THERMAL SYSTEMS, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-6
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating CTS
Consolidated Entries Parent AJTS AOS TELP
------------ ------- ------ ---- --- ----
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ - $ - $ -
Long-term debt and preferred stock due within one year - - - - - -
Variable rate demand bonds * - - - - *
Accounts payable * * * * * *
Taxes accrued * - * - - -
Interest accrued * - - - - *
Dividends payable - - - - - -
Current capital lease obligation - - - - - -
Accrued employee separation and
other merger-related costs - - - - - -
Other * - * - - *
----- ------ --- --- --- ---
* * * * * *
----- ------ --- --- --- ---
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - - - -
Deferred income taxes, net * - * - * -
Deferred investment tax credits - - - - - -
Long-term capital lease obligation - - - - - -
Other * - - - - *
----- ------ --- --- --- ---
* - * - * *
----- ------ --- --- --- ---
CAPITALIZATION
Common stock - - - - - -
Class A common stock - - - - - -
Additional paid-in capital--common stock * * * - - *
Additional paid-in capital--Class A common stock - - - - - -
Retained earnings * * * * - *
----- ------ --- --- --- ---
* * * * - *
Treasury shares, at cost - - - - - -
Unearned compensation - - - - - -
----- ------ --- --- --- ---
Total common stockholders' equity * * * * - *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - - - -
Subject to mandatory redemption - - - - - -
Long-term debt - - - - - -
----- ------ --- --- --- ---
* * * * - *
----- ------ --- --- --- ---
TOTAL CAPITALIZATION AND LIABILITIES * * * * * *
===== ====== === === === ===
</TABLE>
* Confidential treatment requested.
<PAGE> 1
ATLANTIC GENERATION, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-7
FOR THE ONE MONTH ENDED MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AGI PED PED VINE VINE
Consolidated Entries Parent GEN LTD GEN LTD
------------ ------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ - $ - $ - $ - $ - $ - $ -
Gas - - - - - - -
Other services - - - - - - -
------- ------ --- ---- ---- --- ---
- - - - - - -
------- ------ --- ---- ---- --- ---
OPERATING EXPENSES
Electric fuel and purchased power - - - - - - -
Gas purchased - - - - - - -
Purchased electric capacity - - - - - - -
Other services' cost of sales * - * - - - -
Employee separation and other
merger-related costs - - - - - - -
Operation and maintenance * - * - - - -
Depreciation * - * - - - -
Taxes other than income taxes - - - - - - -
------- ------ --- ---- ---- --- ---
* - * - - - -
------- ------ --- ---- ---- --- ---
OPERATING INCOME * - * - - - -
------- ------ --- ---- ---- --- ---
OTHER INCOME
Allowance for equity funds used
during construction - - - - - - -
Other income * * * * * * *
------- ------ --- ---- ---- --- ---
* * * * * * *
------- ------ --- ---- ---- --- ---
INTEREST EXPENSE
Interest charges * - * - - - -
Allowance for borrowed funds used during
construction and capitalized interest - - - - - - -
------- ------ --- ---- ---- --- ---
* - * - - - -
------- ------ --- ---- ---- --- ---
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - - - - -
------- ------ --- ---- ---- --- ---
INCOME/(LOSS) BEFORE INCOME TAXES * * * * * * *
------- ------ --- ---- ---- --- ---
INCOME TAXES * - * * * * *
------- ------ --- ---- ---- --- ---
NET INCOME/(LOSS) * * * * * * *
======= ====== === ==== ==== === ===
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * * * * *
Class A common stock - - - - - - -
------- ------ --- ---- ---- --- ---
* * * * * * *
======= ====== === ==== ==== === ===
</TABLE>
* Confidential treatment requested.
<PAGE> 2
ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AGI PED PED
Consolidated Entries Parent GEN LTD
------------ ------- ------ --- ---
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents * $ - * $ - $ -
Accounts receivable * * * - -
Inventories, at average cost
Fuel (coal, oil and gas) - - - - -
Materials and supplies - - - - -
Prepayments * - * - -
Deferred energy costs - - - - -
Deferred income taxes, net - - - - -
----- ----- --- ---- ---
* * * - -
----- ----- --- ---- ---
INVESTMENTS
Investment in leveraged leases - - - - -
Funds held by trustee - - - - -
Other investments * * * * *
----- ----- --- ---- ---
* * * * *
----- ----- --- ---- ---
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - - -
Gas utility plant - - - - -
Common utility plant - - - - -
----- ----- --- ---- ---
- - - - -
Less: Accumulated depreciation - - - - -
----- ----- --- ---- ---
Net utility plant in service - - - - -
Construction work-in-progress - - - - -
Leased nuclear fuel, at amortized cost - - - - -
Nonutility property, net * - * - -
Goodwill, net - - - - -
----- ----- --- ---- ---
* - * - -
----- ----- --- ---- ---
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - - -
Deferred recoverable income taxes - - - - -
Unrecovered New Jersey state excise tax - - - - -
Deferred debt refinancing costs - - - - -
Deferred other postretirement benefit costs - - - - -
Prepaid employee benefit costs - - - - -
Unamortized debt expense - - - - -
Other - - - - -
----- ----- --- ---- ---
- - - - -
----- ----- --- ---- ---
TOTAL ASSETS * * * * *
===== ===== === ==== ===
</TABLE>
* Confidential treatment requested.
<PAGE> 3
ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
VINE VINE BING BING
GEN LTD GEN LTD
--- --- --- ---
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ - $ - $ - $ -
Accounts receivable * * * *
Inventories, at average cost
Fuel (coal, oil and gas) - - - -
Materials and supplies - - - -
Prepayments - - - -
Deferred energy costs - - - -
Deferred income taxes, net - - - -
--- --- --- ----
* * * *
--- --- --- ----
INVESTMENTS
Investment in leveraged leases - - - -
Funds held by trustee - - - -
Other investments * * * *
--- --- --- ----
* * * *
--- --- --- ----
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - -
Gas utility plant - - - -
Common utility plant - - - -
--- --- --- ----
- - - -
Less: Accumulated depreciation - - - -
--- --- --- ----
Net utility plant in service - - - -
Construction work-in-progress - - -
Leased nuclear fuel, at amortized cost - - - -
Nonutility property, net - - - -
Goodwill, net - - - -
--- --- --- ----
- - - -
--- --- --- ----
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - -
Deferred recoverable income taxes - - - -
Unrecovered New Jersey state excise tax - - - -
Deferred debt refinancing costs - - - -
Deferred other postretirement benefit costs - - - -
Prepaid employee benefit costs - - - -
Unamortized debt expense - - - -
Other - - - -
--- --- --- ----
- - - -
--- --- --- ----
TOTAL ASSETS * * * *
=== === === ====
</TABLE>
* Confidential treatment requested.
<PAGE> 4
ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AGI PED PED
Consolidated Entries Parent GEN LTD
------------ ------- ------ --- ---
<S> <C> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ - $ -
Long-term debt and preferred stock due within one year - - - - -
Variable rate demand bonds - - - - -
Accounts payable * * * * *
Taxes accrued * - - * *
Interest accrued - - - - -
Dividends payable - - - - -
Current capital lease obligation - - - - -
Accrued employee separation and
other merger-related costs - - - - -
Other * - * - -
----- ------- --- --- ---
* * * * *
----- ------- --- --- ---
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - - -
Deferred income taxes, net * - * * *
Deferred investment tax credits - - - - -
Long-term capital lease obligation - - - - -
Other * - * - -
----- ------- --- --- ---
* - * * *
----- ------- --- --- ---
CAPITALIZATION
Common stock - - - - -
Class A common stock - - - - -
Additional paid-in capital--common stock * * * * *
Additional paid-in capital--Class A common stock - - - - -
Retained earnings * * * * *
----- ------- --- --- ---
* * * * *
Treasury shares, at cost - - - - -
Unearned compensation - - - - -
----- ------- --- --- ---
Total common stockholders' equity * * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - - -
Subject to mandatory redemption - - - - -
Long-term debt - - - - -
----- ------- --- --- ---
* * * * *
----- ------- --- --- ---
TOTAL CAPITALIZATION AND LIABILITIES * * * * *
===== ======= === === ===
</TABLE>
* Confidential treatment requested.
<PAGE> 5
ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
VINE VINE BING BING
GEN LTD GEN LTD
--- --- --- ---
<S> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ -
Long-term debt and preferred stock due within one year - - - -
Variable rate demand bonds - - - -
Accounts payable * - * *
Taxes accrued - - * *
Interest accrued - - - -
Dividends payable - - - -
Current capital lease obligation - - - -
Accrued employee separation and
other merger-related costs - - - *
Other - - - *
---- ---- ---- ----
* - * -
---- ---- ---- ----
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - -
Deferred income taxes, net * * * *
Deferred investment tax credits - - - -
Long-term capital lease obligation - - - -
Other - - - -
---- ---- ---- ----
* * * *
---- ---- ---- ----
CAPITALIZATION
Common stock - - - -
Class A common stock - - - -
Additional paid-in capital--common stock * * * *
Additional paid-in capital--Class A common stock - - - -
Retained earnings * * * *
---- ---- ---- ----
* * * *
Treasury shares, at cost - - - -
Unearned compensation - - - -
---- ---- ---- ----
Total common stockholders' equity * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - -
Subject to mandatory redemption - - - -
Long-term debt - - - -
---- ---- ---- ----
* * * *
---- ---- ---- ----
TOTAL CAPITALIZATION AND LIABILITIES * * * *
==== ==== ==== ====
</TABLE>
* Confidential treatment requested.
<PAGE> 1
ATLANTIC ENERGY TECHNOLOGY, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-8
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AET
Consolidated Entries Parent TEE
------------ ------- ------ ---
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ - $ - $ - $ -
Accounts receivable * * * *
Inventories, at average cost
Fuel (coal, oil and gas) - - - -
Materials and supplies - - - -
Prepayments * - * -
Deferred energy costs - - - -
Deferred income taxes, net - - - -
------ ----- ---- ----
* * * *
------ ----- ---- ----
INVESTMENTS
Investment in leveraged leases - - - -
Funds held by trustee - - - -
Other investments - * * -
------ ----- ---- ----
- * * -
------ ----- ---- ----
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant - - - -
Gas utility plant - - - -
Common utility plant - - - -
------ ----- ---- ----
- - - -
Less: Accumulated depreciation - - - -
------ ----- ---- ----
Net utility plant in service - - - -
Construction work-in-progress - - - -
Leased nuclear fuel, at amortized cost - - - -
Nonutility property, net - - - -
Goodwill, net - - - -
------ ----- ---- ----
- - - -
------ ----- ---- ----
DEFERRED CHARGES AND OTHER ASSETS
Unrecovered purchased power costs - - - -
Deferred recoverable income taxes - - - -
Unrecovered New Jersey state excise tax - - - -
Deferred debt refinancing costs - - - -
Deferred other postretirement benefit costs - - - -
Prepaid employee benefit costs - - - -
Unamortized debt expense - - - -
Other - - - -
------ ----- ---- ----
- - - -
------ ----- ---- ----
TOTAL ASSETS * * * *
====== ===== ==== ====
</TABLE>
* Confidential treatment requested.
<PAGE> 2
ATLANTIC ENERGY TECHNOLOGY, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-8
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating AET
Consolidated Entries Parent TEE
------------ ------- ------ ---
<S> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ -
Long-term debt and preferred stock due within one year - - - -
Variable rate demand bonds - - - -
Accounts payable * * * -
Taxes accrued - - - -
Interest accrued - - - -
Dividends payable - - - -
Current capital lease obligation - - - -
Accrued employee separation and
other merger-related costs - - - -
Other - - - -
------ ------ ---- ----
* * * -
------ ------ ---- ----
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - -
Deferred income taxes, net * - * -
Deferred investment tax credits - - - -
Long-term capital lease obligation - - - -
Other * - * -
------ ------ ---- ----
* - * -
------ ------ ---- ----
CAPITALIZATION
Common stock - * - *
Class A common stock - - - -
Additional paid-in capital--common stock * * * *
Additional paid-in capital--Class A common stock - - - -
Retained earnings * * * *
------ ------ ---- ----
* * * *
Treasury shares, at cost - - - -
Unearned compensation - - - -
------ ------ ---- ----
Total common stockholders' equity * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - -
Subject to mandatory redemption - - - -
Long-term debt - - - -
------ ------ ---- ----
* * * *
------ ------ ---- ----
TOTAL CAPITALIZATION AND LIABILITIES * * * *
====== ====== ==== ====
</TABLE>
* Confidential treatment requested.
<PAGE> 1
CONECTIV SOLUTIONS LLC CONSOLIDATING INCOME STATEMENT EXHIBIT D-9
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating CS
Consolidated Entries Parent PCG
------------ ------- ------ ---
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric * $ - * $ -
Gas * - * -
Other services * - - *
---- ------ ---- ----
* - * *
---- ------ ---- ----
OPERATING EXPENSES
Electric fuel and purchased power - - - -
Gas purchased - - - -
Purchased electric capacity - - - -
Other services' cost of sales * - - *
Employee separation and other
merger-related costs - - - -
Operation and maintenance * - * *
Depreciation * - * *
Taxes other than income taxes - - - -
---- ------ ---- ----
* - * *
---- ------ ---- ----
OPERATING INCOME * - * *
---- ------ ---- ----
OTHER INCOME
Allowance for equity funds used
during construction - - - -
Other income * * * -
---- ------ ---- ----
* * * -
---- ------ ---- ----
INTEREST EXPENSE
Interest charges - - - -
Allowance for borrowed funds used during
construction and capitalized interest - - - -
---- ------ ---- ----
- - - -
---- ------ ---- ----
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - -
---- ------ ---- ----
INCOME/(LOSS) BEFORE INCOME TAXES * * * *
---- ------ ---- ----
INCOME TAXES * - * *
---- ------ ---- ----
NET INCOME/(LOSS) * * * *
==== ====== ==== ====
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * *
Class A common stock * - * -
---- ------ ---- ----
* * * *
==== ====== ==== ====
</TABLE>
* Confidential treatment requested.
<PAGE> 2
CONECTIV SOLUTIONS LLC CONSOLIDATING INCOME STATEMENT EXHIBIT D-9
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating CS
Consolidated Entries Parent PCG
------------ ------- ------ ---
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric * $ - * $ -
Gas * - * -
Other services * - - *
---- ------ ---- ----
* - * *
---- ------ ---- ----
OPERATING EXPENSES
Electric fuel and purchased power - - - -
Gas purchased - - - -
Purchased electric capacity - - - -
Other services' cost of sales * - - *
Employee separation and other
merger-related costs - - - -
Operation and maintenance * - * *
Depreciation * - * *
Taxes other than income taxes - - - -
---- ------ ---- ----
* - * *
---- ------ ---- ----
OPERATING INCOME * - * *
---- ------ ---- ----
OTHER INCOME
Allowance for equity funds used
during construction - - - -
Other income * * * -
---- ------ ---- ----
* * * -
---- ------ ---- ----
INTEREST EXPENSE
Interest charges - - - -
Allowance for borrowed funds used during
construction and capitalized interest - - - -
---- ------ ---- ----
- - - -
---- ------ ---- ----
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES - - - -
---- ------ ---- ----
INCOME/(LOSS) BEFORE INCOME TAXES * * * *
---- ------ ---- ----
INCOME TAXES * - * *
---- ------ ---- ----
NET INCOME/(LOSS) * * * *
==== ====== ==== ====
EARNINGS/(LOSS) APPLICABLE TO:
Common stock * * * *
Class A common stock * - * -
---- ------ ---- ----
* * * *
==== ====== ==== ====
</TABLE>
* Confidential treatment requested.
<PAGE> 3
CONECTIV SOLUTIONS LLC CONSOLIDATING BALANCE SHEET EXHIBIT D-9
AS OF MARCH 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Total Consolidating CS
Consolidated Entries Parent PCG
------------ ------- ------ ---
<S> <C> <C> <C> <C>
LIABILITIES
CURRENT LIABILITIES
Short-term debt $ - $ - $ - $ -
Long-term debt and preferred stock due within one year - - - -
Variable rate demand bonds - - - -
Accounts payable * - - *
Taxes accrued * - * *
Interest accrued - - - -
Dividends payable - - - -
Current capital lease obligation - - - -
Accrued employee separation and
other merger-related costs - - - -
Other * - * *
------ ------ ----- -----
* - * *
------ ------ ----- -----
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation - - - -
Deferred income taxes, net - - - -
Deferred investment tax credits - - - -
Long-term capital lease obligation - - - -
Other - - - -
------ ------ ----- -----
- - - -
------ ------ ----- -----
CAPITALIZATION
Common stock - - - -
Class A common stock - - - -
Additional paid-in capital--common stock - * - *
Additional paid-in capital--Class A common stock - - - -
Retained earnings * * * *
------ ------ ----- -----
* * * *
Treasury shares, at cost - - - -
Unearned compensation - - - -
------ ------ ----- -----
Total common stockholders' equity * * * *
Preferred stock of subsidiaries:
Not subject to mandatory redemption - - - -
Subject to mandatory redemption - - - -
Long-term debt * - - *
------ ------ ----- -----
* * * *
------ ------ ----- -----
TOTAL CAPITALIZATION AND LIABILITIES * * * *
====== ====== ===== =====
</TABLE>
* Confidential treatment requested.
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