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Previous: SALOMON BROTHERS MRT SEC VII INC AST BK FL RT CRT SR 1997LB3, 8-K, 1997-08-08 |
Next: EQUIVANTAGE HOME EQUITY LOAN ASSET BACKED CERT SRS 1997-02 T, 8-K, 1997-08-08 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-3A-2
Statement by Holding Company Claiming Exemption under
Rule U-3A-2 from the Provisions of the Public Utility
Holding Company Act of 1935
To Be Filed Annually prior to March 1
DQE Energy Services, Inc.
- - --------------------------------------------------------------------------------
(Name of Company)
For the year ended December 31, 1996
and the three months ended March 31, 1997
DQE Energy Services, Inc., hereby files with the Securities and Exchange
Commission, pursuant to Rule 2, its statement claiming exemption as a holding
company from the provisions of the Public Utility Holding Company Act of 1935
(the "Act"). In support of such claims for exemption the following information
is submitted.
ITEM 1. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof, other than any exempt wholesale
generator ("EWG") or foreign utility company in which claimant
directly or indirectly holds an interest.
DQE Energy Services, Inc. ("DES") is a public utility holding company
incorporated in the Commonwealth of Pennsylvania.
DES has four wholly-owned subsidiaries, DQE Power International, Inc.
("Power International"), Duquesne Energy, Inc. ("DEN"), MT Energy, Inc. ("MT")
and DH Energy, Inc. ("DH"). Power International has one wholly-owned subsidiary,
ElectroGen International-DQE Power Limited ("EGI-DQE") and owns a 50% joint
venture interest in ElectroGen International, L.L.C. ("ElectroGen"). EGI-DQE
owns a 50% joint venture interest in ElectroGen Maveli Limited ("Maveli").
<PAGE>
DES provides energy services including energy/fuel management, energy
facility development, co-generation and independent power production. Power
International owns a 50% interest in ElectroGen, a joint venture formed to
develop independent power production facilities abroad. EGI-DQE owns a 50%
interest in Maveli, which was formed to develop offshore power projects. DEN is
engaged in developing fuel and fuel-related technologies. MT is a single-purpose
entity which will provide energy services for the Pittsburgh International
Airport. MT is not a public utility company as defined by the Pennsylvania
Public Utility Code, but is a public utility company as defined by the Public
Utility Holding Company Act of 1935. DH is a single-purpose entity formed to
lease, operate and maintain inside-the-fence energy facilities for a third
party's manufacturing facilities.
All of DES's subsidiaries are organized under the laws of the Commonwealth
of Pennsylvania, with the exception of: (i) Power International and ElectroGen,
each of which is organized under the laws of Delaware; (ii) EGI-DQE, which is
organized under the laws of the Cayman Islands; and Maveli, which is organized
under the laws of Mauritius.
ITEM 2. Properties
DES and its subsidiaries own no properties used for the generation,
transmission and distribution of electric energy for sale, or for the
production, transmission, and distribution of natural or manufactured gas.
ITEM 3. Electric energy sold, purchased and distributed.
None of DES or its subsidiaries has sold, distributed or purchased (except
for its own use) any kwh of electric energy during the year ended December 31,
1996, or the three months ended March 31, 1997.
ITEM 4. Information for the reporting period with respect to claimant and each
interest it holds directly or indirectly in an EWG or a foreign
utility company, stating monetary amounts in United States dollars.
DES does not hold any interest directly or indirectly in an EWG or a
foreign utility company.
2
<PAGE>
EXHIBIT A
A consolidating statement of income and surplus of the claimant and
its subsidiary companies for the last calendar year, together with a
consolidating balance sheet of claimant and its subsidiary companies
as of the close of such calendar year.
Consolidating statements of income and surplus of DES and its subsidiaries
for the year ended December 31, 1996, and the three months ended March 31, 1997,
are attached as Exhibit A-1. Consolidating balance sheets of DES and its
subsidiaries as of December 31, 1996, and March 31, 1997, are attached as
Exhibit A-2.
Neither MT nor DH had any active operations during the periods presented in
the above-referenced financial statements.
3
<PAGE>
EXHIBIT B
The required Financial Data Schedules are attached as Exhibit 27.1.
4
<PAGE>
EXHIBIT C
An organizational chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding-company
system.
Not applicable.
5
<PAGE>
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officers on this 8th day of August, 1997.
ATTEST: DQE Energy Services, Inc.
/s/Diane S. Eismont By: /s/Alexis Tsaggaris
- - ------------------- -----------------------
Diane S. Eismont Alexis Tsaggaris
Secretary President
CORPORATE SEAL
Name, title and address of officer to whom notice and correspondence concerning
this statement should be addressed:
Alexis Tsaggaris President
- - ---------------- ---------
(Name) (Title)
DQE Energy Services, Inc.
One NorthShore Center
12 Federal Street
Pittsburgh, PA 15212
- - ---------------------
(Address)
6
<PAGE>
EXHIBIT A-1
DQE AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME (LOSS) STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Reclassification/ DQE Energy
DQE Energy Duquesne DQE Power Consolidation/ Services, Inc.
Services, Inc. Energy, Inc. International, Inc. Elimination's and Subsidiaries
-------------- ------------ ------------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Operating Revenues: $0 $0 $0 $0 $0
Operating Expenses:
Operating Expense 2,457,600 39,789 (28,771) (27,866) 2,440,752
Maintenance
Depreciation and amortization 32,065 32,065
Taxes other than income taxes
---------------------------------------------------------------------------------
Total Operating Expenses 2,489,665 39,789 (28,771) (27,866) 2,472,817
---------------------------------------------------------------------------------
Operating Income (Loss) (2,489,665) (39,789) 28,771 27,866 (2,472,817)
---------------------------------------------------------------------------------
Other Income (Loss) 950,385 (892,906) 57,479
---------------------------------------------------------------------------------
Income (Loss) Before Interest and Other Charges (1,539,280) (39,789) (864,135) 27,866 (2,415,338)
---------------------------------------------------------------------------------
Interest and Other Charges:
Interest expense
Preferred and preference stock dividends
Monthly Income Preferred Securities
divided requirements
---------------------------------------------------------------------------------
Total Interest and Other Charges -- -- -- -- --
---------------------------------------------------------------------------------
Income (Loss) Before Income Taxes (1,539,280) (39,789) (864,135) 27,866 (2,415,338)
Income Taxes (637,640) (17,002) (293,000) (947,642)
---------------------------------------------------------------------------------
Net Income (Loss) ($901,640) ($22,787) ($571,135) $27,866 ($1,467,696)
=================================================================================
</TABLE>
<PAGE>
EXHIBIT A-1 (cont'd)
DQE AND SUBSIDIARY COMPANIES
Consolidating Balance Sheet
December 31, 1996
<TABLE>
<CAPTION>
Reclassification DQE Energy
DQE Energy Duquesne DQE Power Consolidation Services, Inc.
Services, Inc. Energy, Inc. International, Inc. Eliminations and Subsidiaries
-------------- ------------ -------------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Assets:
Current Assets:
Cash and Temporary Cash Investments $1,162,648 $8,050 $6,999 $1,177,697
Receivables: (1,215,760) 13,000 292,244 (339,921) (1,250,437)
Materials & Supplies:
Coal
Operating and Construction
Other Current Assets
--------------------------------------------------------------------------------------
Total Current Assets (53,112) 13,000 300,294 (332,922) (72,740)
--------------------------------------------------------------------------------------
Long-Term Investments:
Affordable Housing
Natural Gas Reserve
Leveraged Leases
Other Leases
Other 1,541,583 10,000 (1,548,583) 3,000
--------------------------------------------------------------------------------------
Total Long-Term Investments 1,541,583 10,000 (1,548,583) 3,000
--------------------------------------------------------------------------------------
Property, Plant and Equipment:
Electric Plant in Service
Construction Work in Process
Property Held Under Capital Leases
Property Held for Future Use
Other (84,966) 125,000 236,215 276,249
--------------------------------------------------------------------------------------
Total (84,966) 125,000 236,215 276,249
Less Accumulated Depreciation
and Amortization
--------------------------------------------------------------------------------------
Property, Plant and Equipment - Net (84,966) 125,000 236,215 276,249
--------------------------------------------------------------------------------------
Other Non-Current Assets:
Regulatory Assets
Other 248,782 (236,214) 12,568
--------------------------------------------------------------------------------------
Total Other Non-Current Assets 248,782 (236,214) 12,568
--------------------------------------------------------------------------------------
Total Assets $1,652,287 $138,000 $310,294 ($1,881,504) $219,077
======================================================================================
Liabilites and Capitalization:
Current Liabilities:
Notes Payable
Current Maturities and Sinking Fund Req.
Accounts Payable $529,927 $39,789 $46,253 ($339,922) $276,047
Accrued Liabilities (127,524) (4,000) (131) 0 (131,655)
Dividends Declared
Other
--------------------------------------------------------------------------------------
Total Current Liabilities 402,403 35,789 46,122 (339,922) 144,392
--------------------------------------------------------------------------------------
Non-Current Liabilities:
Deferred Income Taxes - Net (515,000) (293,000) (808,000)
Deferred Investment Tax Credits
Capital Lease Obligations
Deferred Income
Total Other 131 131
--------------------------------------------------------------------------------------
Total Non-Current Liabilities (515,000) (292,869) (807,869)
--------------------------------------------------------------------------------------
Capitalization:
Long-Term Debt
Non-Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Deferred Employee Stock Ownership Plan
(ESOP Benefit)
Total Preferred and Preference Stock
of Subsidiaries
Common Shareholders' Equity:
<CAPTION>
EXHIBIT A-1 (cont'd)
<S> <C> <C> <C> <C> <C>
Common Stock/Capital Surplus 2,282,379 125,000 1,100,311 (883,962) 2,623,728
Retained Earnings (517,495) (22,789) (543,270) (657,620) (1,741,174)
Less Treasury Stock
--------------------------------------------------------------------------------------
Total Common Shareholders' Equity 1,764,884 102,211 557,041 (1,541,582) 882,554
--------------------------------------------------------------------------------------
Total Liabilities and Capitalization $1,652,287 $138,000 $310,294 ($1,881,504) $219,077
======================================================================================
</TABLE>
<PAGE>
EXHIBIT A-2
DQE AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME (LOSS) STATEMENT
FOR THE YEAR ENDED MARCH 31, 1997
<TABLE>
<CAPTION>
Reclassification/ DQE Energy
DQE Energy Duquesne DQE Power DH Energy, Consolidation/ Services, Inc.
Services, Inc. Energy, Inc. International, Inc. Inc. Elimination's and Subsidiaries
-------------- ------------ ------------------- ---------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues: $19,800 $364,670 $0 $439,105 $823,575
Operating Expenses:
Operating Expense 312,153 517,338 (2,076) 277,323 (2,920) 1,101,818
Maintenance
Depreciation and amortization 10,446 11,111 600 22,157
Taxes other than income taxes
-------------------------------------------------------------------------------------------------
Total Operating Expenses 322,599 517,338 (2,076) 288,434 (2,320) 1,123,975
-------------------------------------------------------------------------------------------------
Operating Income (Loss) (302,799) (152,668) 2,076 150,671 2,320 (300,400)
-------------------------------------------------------------------------------------------------
Other Income (Loss) 7,058 (309,986) (302,928)
-------------------------------------------------------------------------------------------------
Income (Loss) Before Interest
and Other Charges (295,741) (152,668) (307,910) 150,671 2,320 (603,328)
-------------------------------------------------------------------------------------------------
Interest and Other Charges:
Interest expense 83,430 83,430
Preferred and preference
stock dividends
Monthly Income Preferred
Securities
divided requirements
------------------------------------------------------------------------------------------------
Total Interest and Other Charges 83,430 83,430
------------------------------------------------------------------------------------------------
Income (Loss) Before Income Taxes (295,741) (152,668) (307,910) 67,241 2,320 (686,758)
Income Taxes (122,600) (63,200) (107,800) 27,900 (265,700)
------------------------------------------------------------------------------------------------
Net Income (Loss) ($173,141) ($89,468) ($200,110) $39,341 $2,320 ($421,058)
================================================================================================
</TABLE>
<PAGE>
EXHIBIT A-2 (cont'd)
DQE AND SUBSIDIARY COMPANIES
Consolidating Balance Sheet
31-Mar-97
<TABLE>
<CAPTION>
Reclassification
DQE Energy Duquesne DQE Power DH Energy, Consolidation
Services, Inc. Energy, Inc. International, Inc. Inc. Eliminations
-------------- ------------ -------------------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
Assets:
Current Assets:
Cash and Temporary Cash Investments $8,712 $211,984 $9,690 $9,317
Receivables: 1,037,023 239,683 271,613 439,105 (1,474,105)
Materials & Supplies:
Coal
Operating and Construction 21,175
Other Current Assets
------------------------------------------------------------------------------------
Total Current Assets 1,045,735 451,667 281,303 460,280 (1,464,788)
------------------------------------------------------------------------------------
Long-Term Investments:
Affordable Housing
Natural Gas Reserve
Leveraged Leases
Other Leases
Other 19,190
------------------------------------------------------------------------------------
Total Long-Term Investments 19,190
------------------------------------------------------------------------------------
Property, Plant and Equipment:
Electric Plant in Service
Construction Work in Process 120,091 (120,091)
Property Held Under Capital Leases
Property Held for Future Use
Other 1,859,286 125,000 988,889 (1,685,313)
------------------------------------------------------------------------------------
Total 1,859,286 125,000 1,108,980 (1,805,404)
------------------------------------------------------------------------------------
Less Accumulated Depreciation and Amortization
Property, Plant and Equipment - Net 1,859,286 125,000 1,108,980 (1,805,404)
------------------------------------------------------------------------------------
Other Non-Current Assets:
Regulatory Assets
Other 10,000 (7,000)
------------------------------------------------------------------------------------
Total Other Non-Current Assets 10,000 (7,000)
------------------------------------------------------------------------------------
Total Assets $2,924,211 $576,667 $291,303 $1,569,260 ($3,277,192)
====================================================================================
Liabilites and Capitalization:
Current Liabilities:
Notes Payable $0 $0 $0 $0 $0
Current Maturities and Sinking Fund Req.
Accounts Payable 431,974 407,809 49,720 1,500,969 (1,594,200)
Accrued Liabilities (115,780) (19,100) 18,452 6,700
Dividends Declared
Other
------------------------------------------------------------------------------------
Total Current Liabilities 316,194 388,709 68,172 1,507,669 (1,594,200)
------------------------------------------------------------------------------------
Non-Current Liabilities:
Deferred Income Taxes - Net (418,800)
Deferred Investment Tax Credits
Capital Lease Obligations
Deferred Income 215
Total Other 22,250
------------------------------------------------------------------------------------
Total Non-Current Liabilities 215 (418,800) 22,250
------------------------------------------------------------------------------------
Capitalization:
Long-Term Debt
Non-Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Deferred Employee Stock Ownership
Plan (ESOP Benefit)
Total Preferred and Preference Stock
of Subsidiaries
Common Shareholders' Equity:
Common Stock/Capital Surplus 3,960,000 300,000 1,385,312 (1,685,312)
Retained Earnings (1,351,983) (112,257) (743,381) 39,341 2,320
Less Treasury Stock 0
------------------------------------------------------------------------------------
Total Common Shareholders' Equity 2,608,017 187,743 641,931 39,341 (1,682,992)
------------------------------------------------------------------------------------
Total Liabilities and Capitalization $2,924,211 $576,667 $291,303 $1,569,260 ($3,277,192)
====================================================================================
<CAPTION>
EXHIBIT A-2 (cont'd)
DQE Energy
Services, Inc.
and Subsidiaries
-----------------
<S> <C>
Assets:
Current Assets:
Cash and Temporary Cash Investments $239,703
Receivables: 513,319
Materials & Supplies:
Coal
Operating and Construction 21,175
----------------
Other Current Assets
Total Current Assets 774,197
----------------
Long-Term Investments:
Affordable Housing
Natural Gas Reserve
Leveraged Leases
Other Leases
Other 19,190
----------------
Total Long-Term Investments 19,190
----------------
Property, Plant and Equipment:
Electric Plant in Service
Construction Work in Process
Property Held Under Capital Leases
Property Held for Future Use
Other 1,287,862
----------------
Total 1,287,862
----------------
Less Accumulated Depreciation and Amortization
Property, Plant and Equipment - Net 1,287,862
----------------
Other Non-Current Assets:
Regulatory Assets
Other 3,000
----------------
Total Other Non-Current Assets 3,000
----------------
Total Assets $2,084,249
================
Liabilites and Capitalization:
Current Liabilities:
Notes Payable $0
Current Maturities and Sinking Fund Req.
Accounts Payable 796,272
Accrued Liabilities (109,728)
Dividends Declared
Other
---------------
Total Current Liabilities 686,544
---------------
Non-Current Liabilities:
Deferred Income Taxes - Net (418,800)
Deferred Investment Tax Credits
Capital Lease Obligations
Deferred Income 215
Total Other 22,250
---------------
Total Non-Current Liabilities (396,335)
----------------
Capitalization:
Long-Term Debt
Non-Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Deferred Employee Stock Ownership
Plan (ESOP Benefit)
Total Preferred and Preference Stock
of Subsidiaries
Common Shareholders' Equity:
Common Stock/Capital Surplus 3,960,000
Retained Earnings (2,165,960)
Less Treasury Stock
---------------
Total Common Shareholders' Equity 1,794,040
---------------
Total Liabilities and Capitalization $2,084,249
===============
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR3
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1997
<PERIOD-START> JAN-01-1996 JAN-01-1997
<PERIOD-END> DEC-31-1996 MAR-31-1997
<BOOK-VALUE> PER-BOOK PER-BOOK
<TOTAL-ASSETS> 219,077 2,084,249
<TOTAL-OPERATING-REVENUES> 0 823,575
<NET-INCOME> (1,467,696) (421,058)
</TABLE>
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