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<TABLE>
<CAPTION>
Exhibit FS-4 ACE
ATLANTIC CITY ELECTRIC COMPANY
ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2000
(Dollars in Thousands)
(Unaudited)
Pro Forma
Actual Adjustments Pro Forma
------------ -------------- --------------
ASSETS
Current Assets
<S> <C> <C> <C>
Cash and cash equivalents $17,413 $5,824 $23,237
Accounts receivable net of allowance for -
doubtful accounts of $4,231 155,548 155,548
Intercompany loan receivable 68,244 68,244
Inventories, at average cost
Fuel (coal, oil and gas) 11,738 11,738
Materials and supplies 7,634 (286) 7,348
Deferred income taxes, net 20,789 20,789
Prepaid New Jersey Sales and Excise Taxes 13,624 13,624
Prepaid income taxes - 3,497 3,497
Other prepayments 1,424 (90) 1,334
------------ -------------- --------------
296,414 8,945 305,359
------------ -------------- --------------
Investments 110,830 (54,134) 56,696
------------ -------------- --------------
Property, Plant and Equipment
Electric generation 138,144 (4,708) 133,436
Electric transmission and distribution 1,256,218 1,256,218
Other electric and gas facilities 122,675 122,675
Other property, plant, and equipment 5,772 5,772
------------ -------------- --------------
1,522,809 (4,708) 1,518,101
Less: Accumulated depreciation 628,451 (54,737) 573,714
------------ -------------- --------------
Net plant in service 894,358 50,029 944,387
Construction work-in-progress 43,240 (4,365) 38,875
Leased nuclear fuel, at amortized cost 30,680 (13,767) 16,913
------------ -------------- --------------
968,278 31,897 1,000,175
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Deferred Charges and Other Assets
Recoverable stranded costs, net 967,287 (1,664) 965,623
Unrecovered purchased power costs 18,098 18,098
Deferred recoverable income taxes 20,325 20,325
Unrecovered New Jersey state excise tax 13,497 13,497
Deferred debt refinancing costs 12,652 12,652
Deferred other postretirement benefit costs 30,605 30,605
Unamortized debt expense 13,209 13,209
Other 23,843 23,843
------------ -------------- --------------
1,099,516 (1,664) 1,097,852
------------ -------------- --------------
Total Assets $2,475,038 ($14,956) $2,460,082
============ ============== ==============
See accompanying Notes to Consolidated Financial Statements on FS-8.
</TABLE>
<TABLE>
<CAPTION>
Exhibit FS-4 ACE
ATLANTIC CITY ELECTRIC COMPANY
ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2000
(Dollars in Thousands)
(Unaudited)
Pro Forma
Actual Adjustments Pro Forma
------------ -------------- --------------
CAPITALIZATION AND LIABILITIES
Current Liabilities
<S> <C> <C> <C>
Short-term debt $ - $ -
Long-term debt due within one year 40,075 40,075
Variable rate demand bonds 22,600 22,600
Accounts payable 51,759 51,759
Taxes payable 3,502 $ (3,502) -
Interest accrued 14,075 14,075
Dividends payable 17,871 17,871
Current capital lease obligation 15,480 (6,884) 8,596
Deferred energy supply costs 46,847 46,847
Above-market purchased energy contracts
and other electric restructuring liabilities 7,691 (3,332) 4,359
Other 30,805 (682) 30,123
------------ -------------- -------------
250,705 (14,400) 236,305
------------ -------------- -------------
Deferred Credits and Other Liabilities
Deferred income taxes, net 397,897 5,891 403,788
Regulatory liability for New Jersey income tax benefit 49,262 1,886 51,148
Above-market purchased energy contracts
and other electric restructuring liabilities 16,810 2,106 18,916
Deferred investment tax credits 36,480 (2,106) 34,374
Long-term capital lease obligation 15,200 (6,884) 8,316
Pension benefit obligation 24,978 24,978
Other postretirement benefits obligation 37,914 37,914
Other 18,897 (1,449) 17,448
------------ -------------- -------------
597,438 (556) 596,882
------------ -------------- -------------
Capitalization
Common stock: $3 per share par value;
25,000,000 shares authorized; shares outstanding - -
18,320,937 actual and pro forma 54,963 54,963
Additional paid-in capital 410,194 410,194
Retained earnings 121,730 - 121,730
------------ -------------- -------------
Total common stockholder's equity 586,887 - 586,887
Preferred stock not subject to mandatory redemption 6,231 6,231
Preferred stock subject to mandatory redemption 23,950 23,950
Preferred securities of subsidiary trusts subject to
mandatory redemption 95,000 95,000
Long-term debt 914,827 914,827
------------ -------------- -------------
1,626,895 - 1,626,895
------------ -------------- -------------
------------ -------------- -------------
Total Capitalization and Liabilities $2,475,038 ($14,956) $2,460,082
============ ============== =============
See accompanying Notes to Consolidated Financial Statements on FS-8.
</TABLE>
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