<PAGE>
Date of Filing: March 8, 2000 File No. _________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5B
REGISTRATION STATEMENT
Filed under Section 5(a) of the Public Utility
Holding Company Act of 1935
Scottish Power plc
------------------
Name of Registrant
Name, Title and Address of Officer to whom Notices and Correspondence concerning
this Statement should be addressed:
Sir Ian Robinson Alan Richardson
Chief Executive Officer PacifiCorp
Scottish Power plc Chief Executive Officer
1 Atlantic Quay Suite 2000
Glasgow G2 8SP 825 N.E. Multnomah Street
Scotland UK Portland, OR 97232
with copies to:
Andrew Mitchell, Company Secretary M. Douglas Dunn
James Stanley, General Counsel Milbank Tweed Hadley & McCloy LLP
Scottish Power plc 1 Chase Manhattan Plaza
1 Atlantic Quay New York, NY 10005
Glasgow G2 8SP
Scotland UK
<PAGE>
Glossary of Defined Terms
-------------------------
When used herein, the following terms shall have the meanings set forth
below :
DGES Director General of Gas and Electricity Markets
DGWS Director General of Water Supply
EA Environment Agency
EPA Environmental Protection Act 1990
ESI Electricity Supply Industry
EU European Union
FERC Federal Energy Regulatory Commission
IPC Integrated Pollution Control
Manweb Manweb plc
MW Megawatt
OFFER Office of Electricity Regulation
OFGAS Office of Gas Regulation
OFGEM Office of Gas and Electricity Market
OFWAT Office of Water Regulation
PES Public Electricity Supplier
PFS PacifiCorp Financial Services
PGC Pacific Generation Company
PPM PacifiCorp Power Marketing, Inc.
RPI UK Retail Prices Index
ScottishPower Scottish Power plc
Southern Water Southern Water plc
SPUK Scottish Power UK plc
Thus Thus plc
UNECE United Nations Economic Commission for Europe
United Kingdom UK
WaSC Water Service Company
<PAGE>
Explanatory Note and Request for Waiver
ScottishPower's principal domestic utility subsidiary PacifiCorp has been (and
remains) subject to the periodic reporting requirements of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the
Commission thereunder. Pursuant to these requirements, ScottishPower has filed
an Annual Report on Form 20-F and other periodic reports and PacifiCorp has
filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, proxy
statements and other reports. In addition, PacifiCorp has filed registration
statements with the Commission pursuant to the Securities Act of 1933, as
amended, and the rules and regulations of the Commission thereunder. Further
information regarding ScottishPower and its subsidiaries will be set forth in
additional U-1 filings to be made in the near future. These filings set forth
much of the same information required by Form U5B.
In view of the Commission's familiarity with ScottishPower and its principal
utility subsidiary PacifiCorp through these filings, ScottishPower respectfully
requests that in addition to the information provided herein, the Commission
waive, pursuant to Rule 20(a)(3) under the Act, the requirements of Form U5B to
the extent the disclosure required by Form U5B has already been filed with the
Commission in other filings, and permit the incorporation of certain information
by reference to the extent indicated herein.
<PAGE>
REGISTRATION STATEMENT
The undersigned holding company hereby submits its registration statement to
the Commission pursuant to Section 5 of the Act.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1. Exact name of registrant: Scottish Power plc
2. Address of principal executive offices: In Scotland: In the United States:
1 Atlantic Quay Suite 2000
Glasgow G2 8SP 825 N.E. Multnomah Street
Scotland UK Portland, OR 97232
3. Name & address of chief accounting officer: David Nish Karen Clark
Finance Director Chief Financial Officer
ScottishPower plc PacifiCorp
1 Atlantic Quay Suite 2000
Glasgow G2 8SP 825 N.E. Multnomah St.
Scotland UK Portland, OR 97232
4. Certain information as to the registrant and each subsidiary company
thereof:
</TABLE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Scottish Power plc Corp. Scotland Holding Company
ScottishPower UK plc Corp. Scotland Electric Utility Company
Caledonian Gas Limited Corp. Scotland Inactive
Camjar plc Corp. England Inactive
Spotlight Trading Limited Corp. England Inactive
Telephone Information Services plc Corp. England Inactive
Celt Power Limited Corp. England Wind Powered Electricity
50% held Generation
Dynamic Power Limited Corp. Scotland Manufacture, Marketing and
Sale of Custom Power
Products
ScottishPower Electricity Corp. Scotland Scottish Electricity
Settlements Limited Settlement
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Scottish Energy Services Limited Corp. Scotland Inactive
Scottish Power Trustees Limited Corp. Scotland Inactive
ScottishPower Distribution Limited Corp. Scotland Inactive
ScottishPower Energy Supply Limited Corp. Scotland Inactive
ScottishPower Gas Limited Corp. Scotland Gas Retailing
ScottishPower Generation Limited Corp. Scotland Inactive
ScottishPower Investments Limited Corp. Scotland Investment Holding Company
Beaufort Energy Limited Corp. Scotland Inactive
CRE Energy Limited Corp. Northern Ireland Wind Powered Electricity
Generation
Caledonian Communications Limited Corp. Scotland Inactive
Cathcart Insurance Limited (in Corp. Isle of Man Insurance
Voluntary Liquidation:
Domestic Appliance Insurance Corp. Isle of Man Insurance
Limited
Genscot Limited Corp. Scotland Investment Holding Company
Manweb plc Corp. England Regional Electricity
Company
Manweb Holdings Limited Corp. England Inactive
Barnfleet Limited Corp. England Inactive
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Manweb Contracting Corp. England Foreign Service Company
Services Limited
Manweb Energy Consultants Corp. England Energy Services
Limited
Manweb Gas Limited Corp. England Gas Company
Manweb Generation Holdings Corp. England Foreign Holding Company
Limited
Manweb Generation Corp. England Inactive
(Winnington) Limited
Wind Resources Ltd. (45% Corp. England Wind Power
held)
Carland Cross Ltd. Corp. England Wind Power
Coal Clough Ltd. Corp. England Wind Power
Manweb Pensions Trustees Corp. England Pension Company
Limited
Manweb Services Limited Corp. England Energy Services
Merseyside Power Trading Corp. England Inactive
Limited
Manweb Nominees Limited Corp. England Inactive
Manweb Share Scheme Trustees Corp. England Inactive
Limited
ScotPower Limited Corp. Scotland Inactive
Scotspower Limited Corp. Scotland Inactive
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Scotsgrid Limited Corp. Scotland Inactive
ScottishPower Finance Limited Corp. Scotland Investment Holding Company
Shoreham Operations Co., Ltd. Corp. England Generating Project Co.
Corp (50% held)
South Coast Power Limited Corp. England Inactive
ScottishPower Insurance Limited Corp. Isle of Man Insurance
ScottishPower Leasing Limited Corp. Scotland Lease Finance
ScottishPower Securities Limited Corp. Scotland Inactive
Thus plc (50.1% held) Corp. Scotland Telecommunications and
Internet Service Provider
Demon Internet Inc. Corp. Delaware Internet Service Provider
Scotland Online Limited Corp. Scotland Internet Service Provider
Golfing Scotland Limited Corp. Scotland Internet Service Provider
ScottishPower Telecommunications Corp. Scotland Inactive
Limited
Demon Internet Limited Corp. England Inactive
Cityscape Global Media Limited Corp. England Inactive
Cityscape Internet Services Corp. England Inactive
Limited
Cityscape Limited Corp. England Inactive
Demon Limited Corp. England Inactive
Dispatch Publishing Limited Corp. England Inactive
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Locomotive Software Group Corp. England Inactive
Limited
Locomotive Software Corp. England Inactive
Developments Limited
Turnpike 1996 Limited Corp. England Inactive
Turnpike Limited Corp. England Inactive
The IP Systems Operation Corp. England Inactive
Limited
Lancastrian Holdings Limited Corp. England Inactive
Megafone (UK) Limited Corp. England Inactive
Psychic Companions Limited Corp. England Inactive
Watermark Games Limited Corp. England Inactive
SPPT Limited Corp. England Inactive
SSEB Limited Corp. Scotland Inactive
Waterline Insurance Company Corp. Isle of Man Inactive
Limited
ScottishPower Share Scheme Trustees Corp. Scotland Special Purpose Company
Limited
Scottish Power Transmission Limited Corp. Scotland Inactive
SMW Limited Corp. Scotland Sewage Sludge Treating
Southern Water plc Corp. England Inactive
Aquaclear Limited Corp. England Inactive
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Bowsprit Holdings Limited Corp. England Property Investment
Bowsprit Property Development Corp. England Property Development
Limited
Monk Rawling Limited Corp. England Inactive
Coastal Wastewater Consultants Corp. England Inactive
Limited
E S Taylor (Worthing) Holdings Corp. England Inactive
Limited
James Leppard & Sons Limited Corp. England Landfill Site Operator
T&E Hire (Tool & Equipment) Corp. England Inactive
Limited
Taylor Plant & Haulage Limited Corp. England Waste Disposal Site
Operator
Taylors Glass & Waste Recycling Corp. England Inactive
Limited
TES Environmental Services Corp. England Inactive
Limited
Ecoclear Limited Corp. England Inactive
Hazeley Down Mineral Water Corp. England Inactive
Company Limited
Linemicro Limited Corp. England Inactive
M.W. Longley Limited Corp. England Inactive
McDowells Limited Corp. England Inactive
ScottishPower Group Money Corp. England Pension Company
Purchase Pension Scheme Limited
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Southern Science Limited Corp. England Inactive
Southern Water Executive Pension Corp. England Pension Company
Scheme Trustees Limited
Southern Water Global Limited Corp. England Inactive
Southern Water Industries Limited Corp. England Inactive
Contract Services (S.E.) Limited Corp. England Inactive
Southern Water Mirror Image Corp. England Inactive
Pension Trustees Limited
Southern Water Pension Trustees Corp. England Pension Company
Limited
Southern Water Services Limited Corp. England Water Supply and Waste
Water Services
Pipeworks Limited Corp. England Inactive
Southern Water Services Finance Corp. England Finance Company
plc
Southern Water Share Scheme Corp. England Inactive
Trustees Limited
Southern Water Technologies Corp. England Inactive
Limited
Timber Clear Limited Corp. England Inactive
Water Working Limited Corp. England Inactive
Teledata (Holdings) Limited Corp. Scotland Inactive
Teledata (Outsourcing) Limited Corp. England Inactive
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
The Call Centre Service Limited Corp. England Inactive
Teledata Scotland Limited Corp. Scotland Inactive
The Information Service Limited Corp. England Inactive
Clubcall Telephone Services Corp. England Inactive
Limited
Clubline Services Limited Corp. England Inactive
Telephone International Media Corp. England Inactive
Holdings Limited
Copperteam Limited Corp. England Inactive
Telephone International Media Corp. England Inactive
Limited
TIM Limited Corp. England Inactive
Scot Ash Limited Corp. England Ash Sales
Sabre Water Limited Corp. Scotland Inactive
ScottishPower NA 1 Limited Corp. Scotland Special Purpose Company
ScottishPower NA 2 Limited Corp. Scotland Special Purpose Company
NA General Partnership Partnership Nevada Special Purpose Entity
PacifiCorp Corp. OR Electric Utility
Centralia Mining Company Corp. WA Mining Company
Energy West Mining Company Corp. UT Mining Company
Glenrock Coal Company Corp. WY Mining Company
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Interwest Mining Company Corp. OR Mining Company
Pacific Minerals, Inc. Corp. WY Mining Company
Bridger Coal Joint Venture WY Mining Company
Company (66.67% interest)
PacifiCorp Environmental Corp. DE Environmental Remediation
Remediation Company
Biodiversidad Sostenible Business Bolivia Greenhouse mitigation
Arrangement project
Rio Bravo Carbon Business Belize Greenhouse mitigation
Sequestration Pilot Project Arrangement project
PPW Repurchase LLC L.L.C. DE Special purpose finance
company
PacifiCorp Future Corp. OR Holds rain forest carbon
Generations, Inc. credits
Canopy Botanical, Inc. Corp. DE Rain forest carbon credits
(80% interest)
Canopy Corp. Bolivia Rain forest carbon credits
Botanical SRL (50% interest)
Transalta Centralia L.L.C. WA Special Purpose Holding
Generation LLC (47.5% interest) Company
Transalta Centralia Mining LLC L.L.C. WA Special Purpose Holding
Company
PacifiCorp Investment Corp. OR Investments
Management, Inc.
PacifiCorp Group Corp. DE Nonutility Holding Company
Holdings Company
PACORP Corp. OR DRIP Trust
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
En . able LLC L.L.C. DE Energy-related Investments
Energy Pact, LLC L.L.C. DE JV with ABB
New Energy Holdings I, Inc Corp. OR Nonutility Holding Company
EnergyWorks Holdings I Corp. Cayman Islands Cogeneration projects
Casa Palermo, Corp. CostaRica Cogeneration projects
S.A.(50%
interest)
AeroEnergia, Corp. Costa Rica Cogeneration projects
S.A.(49%
interest)
New India Power Corp. Mauritius Cogeneration projects
Company One
Energy Works India Corp. India Cogeneration projects
Co. Pvt.
New IndiaPower Corp. Mauritius Cogeneration projects
Company Two
New IndiaPower Corp. Singapore Cogeneration projects
Investment Co.
Ptd, Ltd.
PT Energy Corp. Indonesia Cogeneration projects
Works
Indonesia
Inspect LLC L.L.C. OR Aircraft Transmission Line
Inspection Systems
PACE Group, Inc. Corp. OR Economic Development Assets
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Pacific Kinston Energy, Inc. Corp. OR Generation-related Company
Pacific Klamath Energy, Corp. OR Generation-related Company
Inc.
PacifiCorp Development Corp. OR Generation-related Company
Company
PacifiCorp Corp. Cayman Islands Project Bidding Company
International
Development
Corp.
Pacific Corp. Cayman Islands Generation-related Company
Generation
(Cayman), Inc.
PacGen Corp. Cayman Islands Philippine Generation
GP Co., Assets
Ltd.
PacGen Corp. Mauritius Project Bidding Company
SMHPC
Ltd.
PacifiCorp Corp. Netherlands Philippine Generation
Generation Int'l, Assets
BV
Pacific Corp. Cayman Islands Philippine Generation
Generation Int'l. Assets
Ltd.
PacGen Corp. Mauritius Project Bidding Company
SMHPC
Ltd.
PacifiCorp Turkey Holding Corp. OR Project Bidding Company
Co.
PacifiCorp Energy, Inc. Corp. OR Gas Storage Development
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
PacifiCorp-Enstor Gas Joint Venture DE Gas Storage Development
Storage Co. (33.3% interest)
Columbia Gas Storage LLC L.L.C. DE Gas Storage Development
(98% interest)
Delta Gas Storage LLC L.L.C. DE Gas Storage Development
(98% interest)
Farnham Gas Storage LLC L.L.C. DE Gas Storage Development
(98% interest)
Jefferson Gas Storage LLC L.L.C. DE Gas Storage Development
(98% interest)
Moab Gas Storage LLC L.L.C. DE Gas Storage Development
(98% interest)
PacifiCorp Energy Services, Inc. Corp. OR Service Company
PacifiCorp Energy Ventures, Inc. Corp. OR Investments
PacifiCorp Power Marketing, Inc. Corp. OR Marketing Company
PPM 1 LLC L.L.C. OR Inactive
PPM 6 LLC L.L.C. OR Inactive
PacifiCorp Trans, Inc. Corp. OR Transportation Company
PacifiCorp Financial Services, Corp. OR Nonutility Holding Company
Inc.
Birmingham Syn Fuel I, Inc. Corp. OR Syn. Fuel Company
Birmingham Syn Fuel, LLC L.L.C. OR Syn. Fuel Company
PacifiCorp Syn Fuel, LLC L.L.C. OR Syn. Fuel Company
Birmingham Syn Fuel II, Inc. Corp. OR Syn. Fuel Company
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
Birmingham Syn Fuel, LLC L.L.C. OR Syn. Fuel Company
PacifiCorp Syn Fuel, LLC L.L.C. OR Syn. Fuel Company
CS Holdings, Inc. Corp. OR Investments
Koala FSC, Ltd. Corp. Bermuda Special Purpose Finance
Company
Leblon Sales Corporation Corp. U.S. Virgin Special Purpose Finance
Islands Company
Pacific Development (Property), Inc. Corp. OR Property Development
Company
Pacific Harbor Capital, Inc. Corp. DE Financial Service Company
PFI International, Inc. Corp. Guam Special Purpose Finance
Company
PHC Properties Corporation Corp. FL Tax-Exempt Investments
PCC Holdings, Inc. Corp. OR Finance Company
Hillsborough Leasing Services, Corp. NJ Leasing Company
Inc.
PacifiCorp Capital, Inc. Corp. VA Leasing Company
Stanan Computer Leasing, Inc. Corp. DE Leasing Company
PNF Holdings, Inc. Corp. WA Finance Company
VCI Acquisition Co. Corp. OR Acquisition Company
PacifiCorp International Group Corp. OR Nonutility Holding Company
Holdings Company
Eastern Investment Company Corp. OR Finance Company
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
PacifiCorp Australia, LLC L.L.C. OR Indirect Holding Company
for Powercor & Hazelwood
Hazelwood Australia, Inc. Corp. OR Indirect Holding Company
for Hazelwood
Hazelwood Corp. Cayman Islands Indirect Holding Company
Ventures, Inc.
Hazelwood Finance LP Part. Australia Financing Entity
(12.55% interest)
Hazelwood Corp. Cayman Islands Holding Company for H-Pac
Holdings,
Inc.
PacifiCorp Corp. Cayman Islands Holding Company for H-Pac
Global, Inc.
Hazelwood Pacific Corp. Australia Holding Company for
Pty Ltd. Hazelwood
Hazelwood Part. Australia Owns and operated Hazelwood
Power (19.10%)
Partners
PacifiCorp Australia Holdings Corp. Australia Indirect Holding Company
Pty for Powercor
Powercor Australia Ltd. Corp. Australia Foreign Electric Utility
Australia Ombudsman Corporation Corp. Australia Ombudsman among utilities
& customers
Pan-Pacific Global Corporation Corp. OR Indirect Holding Company
for Powercor & Hazelwood
PacifiCorp Australia Pty Ltd. Corp. Australia Indirect Holding Company
for Powercor & Hazelwood
PacifiCorp Australia L.L.C. OR Indirect Holding Company
LLC for Powercor & Hazelwood
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
Name of Company Organization State/Country Type of Business
- --------------- ------------ ------------- ----------------
<S> <C> <C> <C>
PacifiCorp Philippines Corp. Cayman Islands Indirect Holder of
Development Corporation Philippine Assets
Ambuklao Power, Inc. Corp. Philippines Inactive
PacifiCorp Turkey Development Corp. Cayman Islands Inactive
Corporation
PacifiCorp UK Development Corp. Cayman Islands Inactive
Corporation
PacifiCorp EnergyCo Holdings L.L.C. OR Holds share of EnergyCo
LLC
PacifiCorp EnergyCo Corp. England/Wales Inactive
PacifiCorp Services Limited Corp. England/Wales Inactive
PacifiCorp Finance (UK) Limited Corp. England/Wales Inactive
PacifiCorp Acquisitions Corp. England/Wales Inactive
PacifiCorp Investments (Middle Corp. United Kingdom Inactive
East) Int'l Holding Co.
Limited
</TABLE>
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 non-utility
subsidiaries.
Scottish Power plc
ScottishPower is a registered holding company incorporated in the UK whose
sole purpose is to hold the common stock of its subsidiaries and provide
common corporate functions for the combined entities of the ScottishPower
holding company system.
Scottish Power NA1 Ltd. and Scottish Power NA2 Ltd.
ScottishPower NA1 Ltd. and ScottishPower NA2 Ltd. are companies incorporated
in the United Kingdom. They are the partners in the NA General Partnership.
They provide
15
<PAGE>
ScottishPower with liability protection with respect to its
ultimate ownership of NA General Partnership. Both entities are investment
holding companies with no employees and no cost centers.
NA General Partnership
NA General Partnership was ScottishPower's acquisition vehicle for its merger
with PacifiCorp. This entity is also an investment holding entity which holds
the common equity of PacifiCorp. NA General Partnership has no employees nor
cost centers.
Nevada Holdco
Nevada Holdco is a to-be-formed investment holding company, subject to
approval by the SEC in a soon-to-be filed financing application on Form U-1.
Nevada Holdco would be the holding company for any further investments in the
United States, if and when required. Nevada Holdco will have no employees nor
cost centers.
Scottish Power UK plc
Description of Business.
Introduction. ScottishPower UK plc ("SPUK") is a leading foreign multi-
------------
utility business incorporated in the UK serving approximately 5.5 million
homes across Scotland, England and Wales. SPUK's activities span the
generation, transmission, distribution and supply of electricity, gas supply,
water supply and wastewater services, telecommunications, retailing of
electrical appliances, technology and contracting services. SPUK and its
subsidiaries comprise one of the largest industrial groups in the UK, with an
annual turnover in fiscal 1999 of over (Pounds) 3.2 billion.
Industry Background. The UK electricity industry has undergone a period of
-------------------
rapid and dramatic change in the past decade. The sector has been
restructured and its major players privatized and floated to the public by the
UK government. Regulation is focused on encouraging cost reduction and
productivity gains while increasing competition, and consolidation has brought
further gains for shareholders and customers alike.
Today, supported by an open and dynamic economy, the UK has recently completed
another major change: full competition in the retail supply of electricity
and gas services. The gas and electricity markets throughout the UK were
fully opened to competition in May 1998 and May 1999, respectively. This
increased competition has spurred multi-utility convergence in the UK in a
realignment affecting all segments of the utility industry.
Business Strategy. SPUK is committed to enhancing shareholder value through
-----------------
building businesses in electricity and utility related markets.
SPUK has grown from a regional generator, distributor and supplier of
electricity into a growing UK multi-utility business serving some 5.5 million
of the homes in the UK. This is due in large part to (i) the acquisition in
1995 of Manweb plc ("Manweb"), one of the twelve
16
<PAGE>
regional electricity companies created when the electricity utility industry
in England and Wales was restructured in 1990, and (ii) the acquisition in
1996 of Southern Water plc ("Southern Water"), one of the ten water and
wastewater service companies created when the water and wastewater industry in
England and Wales was privatized in 1989.
[MAP]
These acquisitions have allowed the group to expand its customer base (by 1.3
million customers in the case of Manweb and 1.7 million customers in the case
of Southern Water) as well as its geographic and product base by expanding
into the electricity distribution and supply businesses in north-west England
and Wales and into the water and wastewater businesses in Southern England.
Manweb's core customers are in Merseyside and North Wales, including parts of
Cheshire, Greater Manchester, Lancashire, Shropshire and Staffordshire. The
area covers approximately 12, 200 square kilometers. Manweb has largely
concentrated on its core business since privatization.
Southern Water's principal business is the provision of water supply and
wastewater services. Southern Water operates in a region which occupies
approximately 10, 450 square kilometers in the counties of Kent, East and West
Sussex, Hampshire and the Isle of Wight and small
17
<PAGE>
parts of Wiltshire, Berkshire and Surrey. The region's coastline stretches
from the Thames Estuary north of Rochester to beyond the Solent, including the
Isle of Wight.
SPUK has further leveraged its utility skills and assets in its expansion into
the gas supply and telecommunications businesses. The domestic gas supply
market has been open to full competition since late May 1998. In domestic gas
supply, SPUK is already established as a leading competitor to British Gas,
with a total of 760,000 domestic contracts at the end of fiscal 1999. The gas
operation continues to grow, currently representing approximately 225 million
therms per annum to around 15,000 sites across the UK.
Thus plc, a subsidiary of SPUK provides communication services. Thus plc's
current share of the overall Scottish telecommunications market is still
relatively small, but rapidly increasing. More than 28,000 residential
customers have signed up in Scotland. The 1999 acquisition of Demon Internet
Limited, a major independent internet service provider in the UK positions
Thus plc to rapidly expand into the UK internet market.
SPUK owned generation capacity comprises coal, gas, hydro and wind power.
SPUK owns and operates power stations with a net output capacity of more that
3, 500 MW and approximately 2,900 MW available to it under contract from
nuclear, gas and hydro-electric stations operated by other companies. Since
the opening of the competitive electricity market, SPUK has secured 190,000
new electricity contracts. SPUK's three largest power stations are Longannet
(2,304 MW coal-fired), Cockenzie (1,152 coal-fired) and Cruchan (400 MW pumped
storage).
Improving the efficiency of the group's businesses through a program of cost
reductions is a key part of the strategy. In the Scottish energy businesses,
the cost base has been significantly reduced since 1991 through a process of
benchmarking operations against other major companies around the world, both
within and outside the utility sector. SPUK management has delivered
substantial cost savings from both Manweb and Southern Water, totaling
(Pounds) 139 million to date. Management believes that further cost savings
from the Scottish energy businesses, Manweb and Southern Water are achievable
after fiscal 1999.
The ScottishPower group intends to build its UK business primarily by
exploiting the opportunity, and managing the challenge, of the deregulation of
the electricity and gas supply markets and the telecommunications sector. The
aim of the group's energy supply business will be to defend its existing base
in the SPUK and Manweb areas, while exploiting the opportunity to expand its
electricity and gas supply markets across the UK.
For a brief description of the less substantial subsidiary companies in the
ScottishPower system, See Exhibit B.
---
Regulation of the UK Electricity Industry
Introduction. The UK electricity industry is regulated under the provisions
------------
of the Electricity Act 1989. The Electricity Act provided for the basis of
the restructuring of the electricity supply industry ("ESI") in England and
Wales and in Scotland in 1990, including the
18
<PAGE>
introduction of price regulation for transmission and distribution and
competition in supply and generation. Whereas US state regulatory commissions
generally have jurisdiction over mergers, acquisitions and the sale of utility
assets, the UK government, as a way to maintain control over SPUK and certain
of its subsidiaries, required the issuance of a "Golden Share." The Golden
Share only affects the corporate control transactions at the registered
holding company level and has no effect on PacifiCorp.
Regulation of the ESI. The Electricity Act provides for the appointment of
---------------------
the DGES by the Secretary of State for Trade and Industry. The DGES holds
office for renewable periods of five years and is the head of OFGEM, which is
the combined department into which the previously regulated functions of OFGAS
and OFFER were merged. OFFER's and OFGAS' staffs of administrators,
economists and accountants were transferred to OFGEM.
Under the Electricity Act, the Secretary of State and the DGES are required to
exercise their respective functions in the manner best calculated to achieve
various objectives including securing that all reasonable demands for
electricity are satisfied; securing that license holders are able to finance
the carrying on of the activities for which they are authorized by their
licenses; and promoting competition in the generation and supply of
electricity. Subject to these duties, the Secretary of State and the DGES
have a number of other duties, including protecting the interests of consumers
of electricity.
The DGES exercises, concurrently with the Director General of Fair Trading,
certain functions relating to monopoly situations in the generation,
transmission, distribution or supply of electricity under the Fair Trading Act
1973 and certain functions relating to anti-competitive conduct under the
Competition Act 1980. Under the Competition Act 1998, the DGES will continue
to exercise functions concurrently with the Director General of Fair Trading.
The Licensing Regime. The Electricity Act prohibits the generation,
--------------------
transmission or supply of electricity to any premises unless authorized by a
license or exemption. Licenses are granted for generation, transmission,
public electricity supply by a PES and second tier supply.
Under the electricity regime, England and Wales is divided into 12 PES
franchise areas, and Scotland into two additional PES franchise areas, for the
purposes of electricity supply and distribution.
Each of the 14 PES licenses permits its holder to supply electricity to any
premises within its authorized franchise area (first-tier license).
Electricity suppliers which are not the PES license holder for that franchise
area are known as second-tier suppliers and have second-tier supply licenses
(second-tier license).
Each PES licensee distributes electricity for second tier suppliers whose
customers are within that PES licensee's authorized area, as well as for its
own supply business. Charges for distribution are made to the PES licensee's
own supply businesses or to second-tier suppliers
19
<PAGE>
as appropriate. Each PES license prohibits discrimination between its own
supply business and other users of its distribution system.
Each PES licensee is required, among other duties, to develop and maintain an
efficient, coordinated and economical system of electricity and supply and to
offer terms for connection to, and use of its distribution system on a non-
discriminatory basis; in particular, a PES licensee may not discriminate in
favor of its own first- or second-tier supply businesses.
Each PES license requires the PES licensee to plan and develop its
distribution system to a standard not less than that previously applicable
within the nationalized electricity supply industry and to report annually to
the DGES giving details of the performance of the licensee in maintaining
distribution security and availability and quality of service during the
previous financial year.
SPUK is licensed under the Electricity Act to generate electricity, transmit
electricity within its authorized transmission area and distribute and supply
electricity within its authorized supply area. This license ("Composite
License") regulates each of its generation, transmission, distribution and
supply businesses and certain other related aspects of its activities. In
addition, it has second-tier licenses which authorize it to supply electricity
to customers located outside its authorized supply area.
Manweb is licensed under the Electricity Act to distribute and supply
electricity within its authorized supply area pursuant to its PES license.
Manweb also holds three second-tier licenses which authorize it to supply
electricity to users located in the authorized areas of other PESs, in England
and Wales, Scotland and Northern Ireland respectively.
Prior to September 1998, PESs were the only suppliers authorized to supply
electricity to franchise customers (being customers with a maximum demand of
less than 0.1 MW) in their respective authorized areas. Starting from
September 1998, each PES was, at the direction of the DGES, to open its
franchise area progressively to competition from other suppliers holding
second-tier licenses. The scope of the second-tier licenses was extended
correspondingly at the direction of the DGES. This process was completed in
May 1999.
In addition, in order for a second-tier license holder to supply a "designated
customer" (being a domestic customer or a customer requiring less than 12,000
kWh per year) in the authorized area of a PES, the second-tier license holder
must issue a designated supply notice to OFGEM, and have its codes of practice
(statements of intent about how the supplier will interact with customers)
approved by OFGEM.
Modification of Licenses. The DGES is responsible for monitoring compliance
------------------------
with the conditions of licenses and, where necessary, enforcing them through
procedures laid down in the Electricity Act. License conditions may be
modified, either in accordance with the terms of the relevant licenses or in
accordance with the procedures laid down in the Electricity Act.
20
<PAGE>
Under the Electricity Act, the DGES may modify a license condition with the
agreement of the license holders after due notice, public consultation and
consideration of any representations or objections. In the absence of
agreement, the only means by which the DGES can secure a modification is
following a modification reference to the Competition Commission and in the
circumstances set out below. A modification reference requires the
Competition Commission to investigate and report on whether matters specified
in the reference relating to the generation, transmission or supply of
electricity in pursuance of a license operate, or may be expected to operate,
against the public interest and, if so, whether the adverse public interest
effect of those factors could be remedied or prevented by modification of the
conditions of the license. In determining whether any particular matter
operates, or may be expected to operate, against the public interest, the
Competition Commission is to have regard to the matters in relation to which
duties are imposed on the Secretary of State and the DGES.
If there is an adverse finding, the Competition Commission's report will state
whether any adverse effects on the public interest could be remedied or
prevented by modification of the license conditions. If the Competition
Commission so concludes, the DGES must then make such modifications to the
license as appear to him requisite for the purpose of remedying or preventing
the adverse effects specified in the report, after giving due notice and
consideration to any representations and objections. The Secretary of State
has the power to veto any modification reference.
Modifications to license conditions may also be made in consequence of a
monopoly or merger reference under the Fair Trading Act 1973 or, until March
2000, a reference under the Competition Act 1980. At that date, the relevant
provisions of the Competition Act 1980 was repealed by the Competition Act
1998.
SPUK's acquisition of Manweb in 1995 and Southern Water in 1996 involved SPUK
giving assurances to the Secretary of State to modify Manweb's PES license and
SPUK's Composite License (and Southern Water Services' Water Appointment).
Term and Revocation of Licenses. SPUK's Composite License continues until
-------------------------------
terminated by not less than 25 years' notice given by the Secretary of State
on or after March 31, 2000. Manweb's PES license also continues until
terminated by not less than 25 years' notice given by the Secretary of State
on or after March 31, 2000.
SPUK's and Manweb's second-tier licenses in relation to second-tier supply in
England and Wales continue until terminated by not less than 25 years' notice
given by the Secretary of State for Trade and Industry on or after November
19, 2000, and April 1, 2001, respectively. SPUK's second-tier license in
relation to what was formerly Scottish Hydro-Electric plc's authorized supply
area continues until terminated by not less than 25 years' notice given by the
Secretary of State for Trade and Industry on or after March 31, 2000.
Manweb's second-tier license in relation to Scotland continues until
terminated by not less than 25 years' notice given by the Secretary of State
for Trade and Industry on or after July 1, 2004.
21
<PAGE>
Licenses under the Electricity Act may be revoked in certain circumstances
specified in the licenses, such as the insolvency of the licensee or the
licensee's failure to comply with an enforcement order made by the DGES. In
addition, the Secretary of State for Trade and Industry may revoke each of
SPUK's generation, transmission and PES licenses if SPUK ceases to carry on
the activities authorized by the respective license.
Principal Conditions of SPUK's Composite License and Manweb's PES License
require SPUK and Manweb respectively to prepare and publish separate accounts,
including on a current cost accounting basis, for each of SPUK's generation,
transmission, distribution and supply businesses (first and second tier and
wholesaling business) and Manweb's distribution and supply businesses.
It is a further license requirement that none of SPUK's nor Manweb's
businesses gives any cross-subsidy to, or receives any cross-subsidy from, any
of SPUK's or Manweb's other businesses, whether regulated by the Composite
License or not.
A number of Composite License and PES license conditions require SPUK and
Manweb, respectively, to be party to certain agreements or codes which affect
their operational activities, for example, the Grid Code, which includes
provisions governing the technical aspects of connections to, and the
operation of, the transmission systems. Each PES licensee must also draw up,
implement and comply with a Distribution Code, which interacts with the Grid
Code and specifies technical requirements for connection to, and the operation
and use of, its distribution system, and Codes of Practice on customer
relations, which require the approval of the DGES. There are also Electricity
Supply Regulations and certain performance standards determined by the DGES
which must be complied with.
The modifications made upon the acquisition of Manweb were designed to address
the fact that, as a result of the acquisition, Manweb became a subsidiary of
SPUK. Broadly, the modifications were designed to ring-fence Manweb's
regulated businesses (distribution, supply and second-tier supply) from its
non-regulated businesses and from SPUK's other businesses, to impose certain
information reporting requirements on Manweb and SPUK to assist the DGES in
his ability to carry out his regulatory functions and to address the fact that
SPUK and Manweb are both electricity companies.
As a condition for regulatory clearance of SPUK's acquisition of Southern
Water, SPUK gave assurances to the Secretary of State that it would not
operate any new business which is not regulated under the Electricity Act and
whose annual turnover accounts for more than 5% of SPUK's aggregate annual
turnover excluding all subsidiaries, other than as subsidiary company; ensure
that SPUK had sufficient management and financial resources to fulfill its
obligations to enable the introduction of competition in supply for all
customers in its authorized area; and agree to appropriate modifications to
Southern Water's license.
SPUK's and Manweb's businesses are subject to a number of price controls which
take the form of a maximum price which can be charged (price cap). This price
cap restricts the average amount charged for a bundle of services. Since 1995
regulation has tended to restrict
22
<PAGE>
price increases to customers to levels below the increase in the retail price
index through a formula expressed as RPI-X.
Future Regulation. The prices which the group's electricity businesses may
-----------------
charge customers in their respective authorized areas are controlled by a
formula which is linked to the UK RPI. Reviews of the price controls
governing the group's electricity supply activities took effect from April 1,
1998 with a further review from April 1, 2000. Reviews of the price controls
governing the group's transmission activities and distribution activities and
for the water business will take effect from April 1, 2000.
Regulation of the UK Water Industry
Introduction. The UK Water Industry is principally regulated under the
------------
provisions of WIA 1991 and the Water Resources Act 1991. WIA 1991
consolidates enactments relating to the supply of water and the provision of
wastewater services, including WA 1989 and other enactments. WA 1989 provided
for the privatization process itself and set up the post-privatization
structure and regulation of the industry.
WIA 1991. WA 1989 (now WIA 1991) provided for the appointment by the
--------
Secretary of State for the Environment of an industry regulator, the DGWS.
The DGWS holds office for renewable periods of five years and is the head of
OFWAT and its staff of administrators, economists and accountants. The
current DGWS, Ian Byatt, was appointed as the first DGWS on August 1, 1989 and
was subsequently re-appointed for a term that will run from June 30, 1996 to
the end of June, 2000.
The EA regulates discharges by water companies into rivers and coastal waters
and the abstraction of water from rivers and ground water; and the Drinking
Water Inspectorate regulates the quality of drinking water in accordance with
EU standards.
Under WIA 1991, the DGWS and the Secretary of State for the Environment must
exercise or perform their duties in the manner best calculated to secure that
the functions of a water undertaker and of a sewerage undertaker are properly
carried out as respects every area of England and Wales; and to ensure that
companies holding Appointments are able (in particular, by securing reasonable
returns on their capital) to finance the proper carrying out of their
functions.
These powers and duties are also to be exercised in a manner best calculated
to ensure that the interests of the customer in relation to the fixing and the
recovery of charges are protected, and in particular to ensure that the
interests of customers and potential customers in rural areas are so
protected; that no undue preference is shown; and that there is no undue
discrimination in the fixing of those charges.
The DGWS and the Secretary of State for the Environment are also under a duty
to ensure that the interests of customers are protected as respects benefits
that could be secured for them by applying a share of the proceeds of any
disposals of a WaSC's land in future reviews.
23
<PAGE>
The DGWS exercises, concurrently with the Director General of Fair Trading,
certain functions relating to monopoly situations in the supply of water or
the provision of wastewater services under the Fair Trading Act 1973, and
certain functions relating to anti-competitive conduct in connection with the
supply of water or securing a supply of water or with the provision of, or
securing of, wastewater services under the Competition Act 1980. Under the
new UK competition legislation (Competition Act 1998), the DGWS will continue
to exercise functions concurrently with the Director General of Fair Trading.
Duties of Water Undertakers. Under WIA 1991, each water undertaker is under a
---------------------------
general duty to develop and maintain an efficient and economical system of
water supply within its license area. It must also ensure that all such
arrangements have been made for providing supplies of water to premises in its
license area, for making such supplies available to people who demand them and
for maintaining, improving and extending its mains and other pipes, as are
necessary to enable it to meet its water supply obligations under the Act.
Duties of Sewerage Undertakers. Under WIA 1991, each sewerage undertaker is
------------------------------
under a general duty to provide, improve and extend such a system of public
sewers and to cleanse and maintain those sewers to ensure that its sewerage
region is effectively drained. Sewerage undertakers are required to make
provision for the emptying of sewers and whatever further arrangements are
necessary from time to time for effectively dealing with the contents of
sewers. In addition, discharges from wastewater treatment works must be
consented to by the Environment Agency ("EA"); and sewerage undertakers are
responsible under WIA 1991 for regulating discharges of industrial effluent
into sewers. Contamination of controlled waters by non-complying effluent
being discharged by a treatment works may involve the sewerage undertaker in
liability, including clean-up costs.
The Licensing Regime. Following privatization of the UK water industry in
--------------------
1989, each of the water and sewerage undertakers, while maintaining its
effective monopoly supply, became regulated through an instrument of
Appointment. The Appointment confirms the appointment of the water or
sewerage undertaker as supplier in its own area and provides for the
monitoring of its performance by the DGWS and the Secretary of State for the
Environment.
Modification of Licenses. The DGWS is responsible for monitoring compliance
------------------------
with the conditions of Appointments and, where necessary, enforcing them
through procedures laid down in WIA 1991. Conditions of the Appointment may
be modified, either in accordance with the terms of the relevant licenses or
in accordance with the procedures laid down in WIA 1991. Subject to a power
of veto by the Secretary of State, the DGWS may modify the conditions in the
Appointment with the consent of the licensee. Before making the
modifications, the DGWS must publish the proposed modifications as part of a
consultation process, giving third parties the opportunity to make
representations and objections which the DGWS must consider.
In the absence of consent, the only means by which the DGWS can secure a
modification is following a modification reference to the Competition
Commission and in the circumstances
24
<PAGE>
set out below. A modification reference requires the Competition Commission to
investigate and report on whether matters specified in the reference relating
to the carrying out of any function of a company by virtue of its Appointment
operate, or may be expected to operate, against the public interest and, if
so, whether the adverse public interest effect of those factors could be
remedied or prevented by modification of the conditions of the Appointment. In
determining whether any particular matter operates, or may be expected to
operate, against the public interest, the Competition Commission is to have
regard to the matters in relation to which duties are imposed on the Secretary
of State for the Trade and Industry and the DGWS.
If there is an adverse finding, the Competition Commission's report will state
whether any adverse effects on the public interest could be remedied or
prevented by modification of the license conditions. If the Competition
Commission so concludes, the DGWS must then make such modifications to the
Appointment as appear to him requisite for the purpose of remedying or
preventing the adverse effects specified in the report, after giving due
notice and consideration to any representations and objections. The Secretary
of State for Trade and Industry has the power to veto any modification by
agreement.
Modifications to license conditions may also be made in consequence of a
monopoly or merger reference under the Fair Trading Act 1973 or, until March
2000, a reference under the Competition Act 1980. At that date, the relevant
provisions of the Competition Act 1980 was repealed by the Competition Act
1998.
Southern Water Services' Appointment was modified as a result of assurances
given by SPUK as a condition to receiving regulatory clearance for its
acquisition of Southern Water in 1996.
Term and Revocation of Licenses. Southern Water Services' Appointment
-------------------------------
continues until terminated by not less than ten years' notice given to
Southern Water Services by the Secretary of State for the Environment,
expiring not earlier than 25 years after September 1, 1989, the transfer date.
Appointments may also be revoked or transferred to another company in certain
circumstances specified in WIA 1991 or in the Appointments, such as the
Appointee failing to comply with an enforcement order made by the Secretary of
State for the Environment or the DGWS, or the Appointee being unable to pay
its debts.
Principal Conditions of Southern Water Services' Appointment. The principal
------------------------------------------------------------
regulatory provisions which apply to the regulated activities of Southern
Water Services are set out in WIA 1991 and regulations and orders made under
it. Other business activities of Southern Water, such an waste management and
other environmental services, engineering services and systems technology
services, if undertaken, fall outside the direct scope of regulation under WIA
1991. Southern Water Services is an appointed WaSC and holds an Appointment
regulated under WIA 1991 to supply water and sewerage services within its
authorized area, which regulates its appointed activities. Southern Water
Services' Appointment requires Southern Water Services to prepare and publish
separate accounts, including on a current cost accounting basis showing
separately its appointed business from all other businesses and activities.
It is a further Appointment requirement that the regulated business neither
gives
25
<PAGE>
to, nor receives from, any other business or activity of Southern Water
Services, any cross-subsidy, whether those businesses are regulated by the
Appointment or not.
Southern Water Services' Appointment was modified following assurances given
to the Secretary of State for Trade and Industry by SPUK as a condition to
regulatory clearance of its acquisition of Southern Water to address
regulatory concerns arising out of the merger, in particular to ensure the
management independence of Southern Water Services and strengthen the ring
fencing of its finances.
As a result, the Appointment of Southern Water Services contains an obligation
that it must at all times conduct the businesses regulated by its Appointment
as if such businesses were substantially Southern Water Services' sole
business and Southern Water Services were a separate public listed company.
In particular, Southern Water Services must ensure that its board of directors
is independent of SPUK and includes two non-executive Directors of relevant
experience and standing. All Directors must disclose to Southern Water
Services and to the DGWS any conflicts with their duties as Directors of
Southern Water Services and have regard exclusively to the interests of
Southern Water Services as a water and sewage undertaker, in the event of a
potential conflict with the interests of other group companies. The DGWS must
be informed of any change in the identity and functions of the Directors of
Southern Water Services.
In addition, Southern Water Services must not, without the consent of the DGWS
make a loan to or guarantee any liability of any group company, or make any
disposal of any asset of the regulated business. The payment of dividends by
Southern Water Services should not impair its ability to finance its regulated
business. Similarly, any financial support or transfer of assets from
Southern Water Services to a group company must not adversely affect the
former's ability to carry out its functions.
In March 1998, Southern Water issued a (Pounds)100 million variable rate bond
to help fund capital expenditure. The bond listing provides a form of Stock
Exchange listing for the water business, to compensate OFWAT for the loss of
comparative information (as a result of the discontinuance of Southern Water's
stock exchange listing on the acquisition by SPUK). The bond listing imposes
an obligation on Southern Water Services to comply with financial information
requirements incumbent on a quoted plc and to maintain an investment grade
rating for all its corporate debt.
As a condition for regulatory clearance of SPUK's acquisition of Southern
Water, SPUK gave assurances to the Secretary of State that it would not
operate any new business which is not regulated under the Electricity Act and
whose annual turnover accounts for more than 5% of SPUK's aggregate annual
turnover excluding all subsidiaries, other than as a subsidiary company;
ensure that SPUK had sufficient management and financial resources to fulfil
its obligations to enable the introduction of competition in supply for all
customers in its authorized area; and agree to appropriate modifications to
Southern Water's license.
26
<PAGE>
The Competition Act 1998
The UK recently enacted legislation, the Competition Act 1998, which
introduced in the UK law prohibitions on anti-competitive agreements and the
abuse of a dominant position. The Competition Act 1998 replaced the
Monopolies and Mergers Commission with a new statutory body to be known as the
Competition Commission which became effective April 1, 1999. The Competition
Act 1998 also provides the Office of Fair Trading with significant
investigative powers and the ability to grant interim measures.
The Competition Act 1998 grants the DGES and the DGWS concurrent powers with
the Director General of Fair Trading in relation to, respectively "commercial
activities connected with the generation, transmission, or supply of
electricity" and "commercial activities connected with the supply (or securing
a supply) of water or of sewerage services".
Utilities Bill
The UK Government's proposals to reform and modernize utility regulation are
incorporated in the Utilities Bill which was introduced in draft form to
Parliament in January 2000 and is targeted to be implemented in final form in
July 2000. The bill incorporates a new principal objective for regulators to
protect the interest of customers, where appropriate by promoting effective
competition, having regard to the need to ensure that license holders are able
to finance their functions. The bill will enable distribution and supply to
be separately licensed and provide the legal framework to enable new
electricity trading arrangements to be implemented in England and Wales. It
will also enable the electricity and gas regulators to be merged, the
establishment of new independent consumer councils and provide new powers for
Government Ministers to provide statutory guidance on social and environmental
issues, and set energy efficiency targets and renewables obligations.
Environmental Regulation
The SPUK group's businesses are subject to numerous regulatory requirements
with respect to the protection of the environment, including environmental
laws which regulate the construction, operation and decommissioning of power
stations, pursuant to legislation implementing environmental directives
adopted by the EU and protocols agreed under the auspices of international
bodies such as the United Nations Economic Commission for Europe.
Electricity Generation, Transmission and Supply. The Electricity Act
-----------------------------------------------
obligates the Secretary of State to take into account the effect of
electricity generation, transmission and supply activities upon the physical
environment in approving applications for the construction of generating
facilities and the location of overhead power lines. This Electricity Act
requires the group to take into account the conservation of natural features
of beauty and other items of particular interest, when it formulates proposals
for development in connection with certain of its activities. The
ScottishPower group is required, in terms of the Environmental Impact
Assessment Regulations, to carry out an environmental assessment when it
intends to lay cables, construct overhead lines or carry out any other
development in connection with its
27
<PAGE>
licensed activities. The group also prepares formal statements on the
"Preservation of Amenity and Fisheries" in line with the requirements of the
Electricity Act.
The Environmental Protection Act of 1990 ("EPA") requires that potentially
polluting activities such as the operation of combustion processes (which
includes power plant) requires prior authorization. These authorizations
dictate the control technologies and techniques to be used to ensure that
environmental harm is prevented or minimized. The Act also provides for the
licensing of waste management and imposes certain obligations and duties on
companies which produce, handle and dispose of waste. Waste generated as a
result of the group's electricity activities is managed to ensure compliance
with legislation and waste minimization is undertaken where possible.
Environmental Regulation of Generation Activities. The EPA is the primary UK
-------------------------------------------------
statute governing the environmental regulation of power stations. It
introduced a system of Integrated Pollution Control ("IPC") in April 1991 for
large scale industrial processes, including power stations. Under the EPA,
the authority for enforcing IPC with respect to emissions to atmosphere in
England and Wales is the EA, previously Her Majesty's Inspectorate of
Pollution, and in Scotland is the Scottish Environment Protection Agency,
previously Her Majesty's Industrial Pollution Inspectorate.
28
<PAGE>
PacifiCorp
Description of Business
PacifiCorp is a diversified energy company in the United States and Australia.
In the United States, PacifiCorp conducts through divisions in the states of
Oregon, Utah, Washington, Idaho, Wyoming, a retail electric utility business
under the assumed business names Pacific Power and Utah Power, and engages in
power production and sales on a wholesale basis under the name PacifiCorp.
The assets of the California division are subject to a binding agreement with
a third party. PacifiCorp serves approximately 1.4 million retail customers
in six western states. PacifiCorp has interests in several thermal-electric
generating plants which collectively are nameplate-rated 7,620 megawatts.
Additionally, PacifiCorp owns 52 hydroelectric generating plants and has an
interest in one additional plant, with an aggregate nameplate rating of 1,069
megawatts. PacifiCorp is also a major participant in Western wholesale
electricity markets and is a party to numerous contracts related to wholesale
sales of electricity. PacifiCorp owns approximately 15,000 miles of
transmission lines in seven western states. PacifiCorp has been authorized by
the FERC to sell power at market prices.
[MAP]
PacifiCorp is also expanding its nonregulated businesses that are engaged in
wholesale marketing and aggregating of electricity, plant and fuels
management, utilities services and retail energy services. PacifiCorp's power
marketing affiliate, PacifiCorp Power Marketing, Inc. ("PPM") has
authorization from the FERC to sell power at market prices.
PacifiCorp Financial Services
PFS is a holding company with two principal business segments, Financial
Services and Tax-Advantages Investments. PFS presently expects to retain only
its tax-advantages investments in leveraged lease assets.
29
<PAGE>
International Operations
In 1984 PacifiCorp formed PacifiCorp Group Holdings Company ("Holdings")
to hold the stock of PacifiCorp's principal subsidiaries and to facilitate
the conduct of businesses not regulated as domestic electric utilities.
Through its subsidiary PacifiCorp International Group Holdings Company
("PIGHC"), Holdings is engaged in the acquisition or development of electrical
power projects or systems internationally. PIGHC owns 100% of Powercor, the
largest of the five electric distribution companies ("DB") in Victoria,
Australia, and a 19.9% interest in the 1,600 megwatt ("MW"), brown coal-fired
thermal Hazelwood power station and adjacent brown coal mine in Victoria.
PacifiCorp's strategic business plan is to strengthen the scope and
competitive position of its electric utility operations and to develop and
expand its nonregulated, energy-related activities, including its energy
marketing and trading businesses.
Powercor's principal businesses are to sell electricity to franchise and
contestable customers inside and outside its franchise area and to provide
electricity distribution services to customers within its regulated network
distribution service area. Franchise customers are those customers that
cannot yet choose an electricity supplier, while contestable customers have
the opportunity to choose suppliers. Powercor purchases all of its
electricity supply from a state generation pool. ScottishPower is currently
exploring the possible sale of PacifiCorp's Australian operations.
Victoria is currently divided between franchise and contestable customers.
Customers with annual consumption of more than 160 MW are now contestable and
the remaining customers will become contestable over the next few years
depending on their energy demand load, with substantially all residential
customers remaining franchise customers until 2001. If a Powercor customer
chooses a different retailer, Powercor will continue to receive network
distribution revenues associated with that customer. Powercor was granted
licenses to sell electricity to customers in the States of Queensland and
Australian Capital Territory in early 1998.
Approximately 61% of the employees of PacifiCorp and its mining affiliates are
covered by union contracts, principally with the International Brotherhood of
Electrical Workers, the Utility Workers Union of America and the United Mine
Workers of America. Approximately 74% of Powercor's employees in Australia
are represented by various unions, including the Australia Services Union and
the Electrical Trades Union. In PacifiCorp's judgment, employee relations are
satisfactory.
PacifiCorp and its subsidiaries had 10,087 employees on December 31, 1998. Of
these employees, 8,732 were employed by PacifiCorp and its mining affiliates,
1,122 were employed by Powercor and 233 were employed by PPM, PFS and other
subsidiaries
Regulation
PacifiCorp is subject to the jurisdiction of public utility regulatory
authorities of each of the states in which it conducts retail electric
operations as to prices, services, accounting,
30
<PAGE>
issuance of securities and other matters. Currently, those states include
Oregon, Washington, Idaho, Utah, California and Wyoming. PacifiCorp is a
"licensee" and a "public utility" as those terms are used in the Federal Power
Act and is, therefore, subject to regulation by the FERC as to accounting
policies and practices, certain prices and other matters. Most of PacifiCorp's
hydroelectric plants are licensed as major projects under the Federal Power
Act and certain of these projects are licensed under the Oregon Hydroelectric
Act.
Prices charged to retail customers are subject to regulation in each of the
states PacifiCorp serves. Interstate sales of electricity at wholesale prices
and interstate wheeling rates are regulated by the FERC. Commissioners are
appointed by the individual state's governor for varying terms.
Until the Victorian market becomes more open to competition and additional
customers can choose their energy supplier, Powercor and the other DBs will
continue to maintain a monopoly on their individual network areas. These
businesses derive much of their revenue from the network fee that is paid for
the use of the distribution system.
Regulation of the Victorian electricity industry is the responsibility of the
Office of the Regulator General ("ORG"), an independent regulatory body. The
structure of prices within the Victorian electricity industry reflects the
establishment of maximum uniform tariffs that apply to noncontestable
customers and some contestable customers. Under applicable regulations,
Powercor is required to supply electricity to noncontestable customers at
prices that are no greater than the prices specified under the applicable
tariffs. The prices specified in the tariffs are all inclusive, including
grid charges and energy costs. In general, annual movements in the tariffs
for noncontestable customers are based on the consumer price index, a measure
of price inflation.
Network tariffs include recovery of distribution use-of-system costs, use-of-
transmission-system fees and connection charges. Network tariffs are intended
to cover the cost of providing, operating and maintaining the distribution
network, except to the extent relevant costs are recoverable through
connection charges or other excluded services, and the charges levied for
connection to and use of the transmission systems.
The first major review of the regulatory arrangements and respective
transmission and distribution network charges will be carried out by the ORG,
with any changes to apply from January 1, 2001. Any subsequent price control
arrangements are required to be in effect for not less than five years. The
outcome of the year 2000 regulatory review is uncertain at this time.
Additional information regarding the general character of the business of
ScottishPower and its principal utility PacifiCorp and its direct subsidiaries
are set forth in the following attached documents, the applicable portions of
which are hereby incorporated by reference: Item 1 of the ScottishPower 1999
Annual Report filed on Form 20-F, ScottishPower's F-4 and Item 1 of the
PacifiCorp 1998 Form 10-K.
31
<PAGE>
The following tables summarize the statistics relating to sales, purchases,
operating revenues, and customers for PacifiCorp and its subsidiaries during
the past five years.
PACIFICORP
AND SUBSIDIARY COMPANIES
STATISTICAL SUMMARY
<TABLE>
<CAPTION>
For the Calendar Year Ended December 31,
------------------------------------------------------------------
1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Domestic retail customers (in thousands)
Residential 1,255 1,228 1,194 1,167 1,147
Commercial 174 170 167 160 158
Industrial 36 36 37 35 34
Other 5 4 4 4 3
------------------------------------------------------------------
Total 1,470 1,438 1,402 1,366 1,342
------------------------------------------------------------------
Australia total customers (in thousands) 565 555 547 540 -
------------------------------------------------------------------
Domestic electric energy sales - in millions of kWh
Residential 12,969 12,902 12,819 12,030 12,127
Commercial 12,299 11,868 11,497 10,797 10,645
Industrial 20,966 20,674 20,332 19,748 20,306
Other 651 705 640 592 623
------------------------------------------------------------------
Retail sales 46,885 46,149 45,288 43,167 43,701
Wholesale sales and market trading 94,077 59,143 29,665 16,376 15,625
------------------------------------------------------------------
Total 140,962 105,292 74,953 59,543 59,326
------------------------------------------------------------------
Australian energy sales - in millions of kWh 11,888 11,044 8,310 362 -
------------------------------------------------------------------
Domestic kWh output (millions):
Generated (net) 57,306 54,626 53,792 52,698 54,928
Purchased 39,775 55,117 25,670 11,204 9,446
------------------------------------------------------------------
Total 97,081 109,743 79,462 63,902 64,374
------------------------------------------------------------------
Australia purchased 13,084 11,994 9,145 4,160 -
------------------------------------------------------------------
Domestic revenues (in millions of dollars)
Residential $ 806.6 $ 814.0 $ 801.4 $ 739.7 $ 746.0
Commercial 653.5 640.9 623.3 576.9 571.7
Industrial 705.5 709.9 719.3 708.8 742.3
Other 30.2 31.7 32.5 29.7 30.7
------------------------------------------------------------------
Retail sales 2,195.8 2,196.5 2,176.5 2,055.1 2,090.7
Wholesale sales and market trading 2,583.6 1,428.0 738.8 520.0 532.7
Other 65.7 82.4 76.5 71.0 62.8
------------------------------------------------------------------
Total 4,845.1 3,706.9 2,991.8 2,646.1 2,686.2
------------------------------------------------------------------
Australian revenues (in millions of dollars) 614.5 716.2 658.8 25.9 -
------------------------------------------------------------------
</TABLE>
32
<PAGE>
(b) Any substantial changes which may have occurred in the general character of
the business of such companies during the preceding five years.
To the best knowledge of ScottishPower's management, there has been none.
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.
UNITED STATES
As previously stated, PacifiCorp owns 52 hydroelectric generating plants and has
an interest in one additional plant, with an aggregate nameplate rating of 1,069
MW and plant net capability of 1,126 MW. It also owns or has interests in 15
thermal-electric generating plants with an aggregate nameplate rating of 7,573
MW and plant net capability of 7,039 MW. PacifiCorp also owns one gas turbine
generating plant and has interests in one combined-cycle and one wind power
generating plant with an aggregate nameplate rating of 359 MW and plant net
capability of 281 MW. The following table summarizes PacifiCorp's existing
generating facilities:
<TABLE>
<CAPTION>
Installation Nameplate Plant Net
Location Energy Source Dates Rating Capability
(MW) (MW)
--------- --------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C>
HYDROELECTRIC PLANTS
Swift Cougar, Washington Lewis River 1958 240.0 263.0
Merwin Ariel, Washington Lewis River 1931-1958 136.0 142.0
Yale Amboy, Washington Lewis River 1953 134.0 134.0
Five North Umpqua Plants Toketee Falls, Oregon N. Umpqua River 1950-1956 133.5 138.0
John C. Boyle Keno, Oregon Klamath River 1958 80.0 90.0
Copco Nos. 1 and 2 Plants Hornbrook, California Klamath River 1918-1925 47.0 54.5
Clearwater Nos. 1 and 2 Plants Toketee Falls, Oregon Clearwater River 1953 41.0 41.0
Grace Grace, Idaho Bear River 1914-1923 33.0 33.0
Prospect No. 2 Prospect, Oregon Rogue River 1928 32.0 36.0
Cutler Collinston, Utah Bear River 1927 30.0 29.1
Oneida Preston, Idaho Bear River 1915-1920 30.0 28.0
Iron Gate Hornbrook, California Klamath River 1962 18.0 20.0
Soda Soda Springs, Idaho Bear River 1924 14.0 14.0
Fish Creek Toketee Falls, Oregon Fish Creek 1952 11.0 12.0
33 Minor Hydroelectric Plants Various Various 1896-1990 89.3* 90.9*
------- -------
Subtotal (53 Hydroelectric Plants) 1,068.8 1,125.5
THERMAL ELECTRIC PLANTS
Jim Bridger Rock Springs, Wyoming Coal-Fired 1974-1979 1,529.5* 1,406.7*
Huntington Huntington, Utah Coal-Fired 1974-1977 996.0 895.0
Dave Johnston Glenrock, Wyoming Coal-Fired 1959-1972 816.7 772.0
Naughton Kemmerer, Wyoming Coal-Fired 1963-1971 707.2 700.0
Centralia Centralia, Washington Coal-Fired 1972 693.5* 636.5*
Hunter 1 and 2 Castle Dale, Utah Coal-Fired 1978-1980 703.5* 648.4*
Hunter 3 Castle Dale, Utah Coal-Fired 1983 495.6 460.0
Cholla Unit 4 Joseph City, Arizona Coal-Fired 1981 414.0 380.0
</TABLE>
33
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Wyodak Gillette, Wyoming Coal-Fired 1978 289.7* 268.0*
Gadsby Salt Lake City, Utah Gas-Fired 1951-1955 251.6 235.0
Carbon Castle Gate, Utah Coal-Fired 1954-1957 188.6 175.0
Craig 1 and 2 Craig, Colorado Coal-Fired 1979-1980 172.1* 165.0*
Colstrip 3 and 4 Colstrip, Montana Coal-Fired 1984-1986 155.6* 144.0*
Hayden 1 and 2 Hayden, Colorado Coal-Fired 1965-1976 81.3* 78.0*
Blundell Milford, Utah Geothermal 1984 26.1 23.0
James River Camas, Washington Black Liquor 1996 52.2 52.0
------- -------
Subtotal (15 Thermal Electric Plants) 7,573.2 7,038.6
------- -------
OTHER PLANTS
Little Mountain Ogden, Utah Gas Turbine 1971 16.0 14.0
Hermiston Hermiston, Oregon Combined Cycle 1996 310.6* 234.0*
Foote Creek Arlington, Wyoming Wind Turbines 1998 32.6 32.6*
------- -------
Subtotal (3 Other Plants) 359.2 280.6
------- -------
Total Hydro, Thermal and Other Generating Facilities (71) 9,001.2 8,444.7
------- -------
</TABLE>
- -----------
* Jointly owned plants; amount shown represents PacifiCorp's share only.
NOTE: Hydroelectric project locations are stated by locality and river
watershed.
Section 11 of the 1935 Act, directs the Commission:
to require . . . that each registered holding company, and each subsidiary
company, thereof, take such action as the Commission shall find necessary to
limit the operations of the holding-company system of which such company is a
part to a single integrated public utility system, and to such other businesses
as are reasonably incidental, or economically necessary or appropriate to the
operations of such integrated public utility system . . . The Commission may
permit as reasonably incidental, or economically necessary or appropriate to the
operations of one or more integrated public utility systems the retention of an
interest in any business (other than the business of a public utility company as
such) which the Commission shall find necessary or appropriate in the public
interest or for the protection of investors or consumers and not detrimental to
the proper functioning of such system or systems.
The existing PacifiCorp electric utility system is, and will continue to be, an
integrated electric utility system. Section 2(a)(29)(A) of the 1935 Act
defines an integrated public utility system with respect to electric utility
companies as:
a system consisting of one or more units of generating plants and/or
transmission lines and/or distribution facilities, whose utility assets, whether
owned by one or more electric utility companies, are physically interconnected
or capable of interconnection and which under normal circumstances may be
economically operated as a single interconnected and coordinated system confined
in its operations to a single area or region, in one or more states, not so
large as to impair (considering the state of the art and area or region
affected) the advantages of localized management, efficient operation, and the
effectiveness of regulation.
The SEC has read the definition to establish four standards that must be met in
order for the SEC to find that an integrated public utility system exists:
34
<PAGE>
(1) the utility assets of the system are physically interconnected or capable
of physical interconnection;
(2) the utility assets, under normal conditions, may be economically operated
as a single interconnected and coordinated system;
(3) the system must be confined in its operations to a single area or region;
and
(4) the system must not be so large as to impair (considering the state of the
art and the area or region affected) the advantages of localized
management, efficient operation and the effectiveness of regulation.
Environmental Action, Inc. v. Securities and Exchange Commission, 895 F.2d 1255,
- ----------------------------------------------------------------
1263 (9th Cir. 1990), (citing Electric Energy, Inc., 38 S.E.C. 658, 668 (1958)).
---------------------
The first requirement that the assets of PacifiCorp be "physically
interconnected or capable of interconnection" is satisfied because PacifiCorp
operates through divisions in contiguous states (as noted below, a binding
agreement to sell the California assets to a third party has been executed) and
its generating facilities are interconnected through its own transmission lines
or by contract through the lines of others.
PacifiCorp owns approximately 14923 miles of transmission and distribution lines
ranging from 46 kv to 500 kv. PacifiCorp's Oregon utility assets are directly
interconnected to the Washington utility assets by means of an owned 115 kv
lines that run from PacifiCorp hydro generation on the Lewis River in Washington
(Merwin Substation) to the Portland area loads in Oregon. In addition,
PacifiCorp has firm contracts with the Bonneville Power Administration to
provide transmission service where cost effective, between PacifiCorp
substations and transmission within and between the States of Oregon and
Washington (over 50 interconnections). The Oregon and Washington utility assets
interconnect with northern Idaho by means of PacifiCorp owned 230 kv
transmission that runs from the Walla Walla, Washington substation to the
Enterprise, Oregon substation and from Enterprise to the Hells Canyon, Idaho
substation by way of a contract path with the Idaho Power Company. The Oregon
utility assets are also interconnected to southern Idaho by means of owned 500
kv transmission that runs from the southern Oregon and Medford areas in Oregon
to the Twin Falls area (Midpoint) substation in Idaho. PacifiCorp also has a
firm contract with Idaho Power Company that interconnects its western
substations ("Western Control Area") with it's utility assets located in Wyoming
and Utah ("Eastern Control Area"). The contract path in southern Idaho
interconnects the Midpoint and Borah substations. The Idaho utility assets are
subsequently interconnected from the Borah and Kinport substations to the
Bridger substation in Wyoming and the Ben Lomond substation in Utah. The entire
PacifiCorp backbone system including both Control Areas is controlled from the
System Power Control Center ("SPCC") in Portland, Oregon and operated as an
integrated system. PacifiCorp operates the integrated system in accordance with
operating criteria established by the Western System Coordinating Council
("WSCC").
The Utah and Wyoming back-bone transmission systems are owned and operated by
PacifiCorp. Utah and Wyoming generation is used to serve loads both in
PacifiCorp's Eastern and Western
35
<PAGE>
Control Areas. Additionally, excess generation during off peak hours from Utah
and Wyoming thermal generation is transmitted to the Western Control Area and
stored in the western hydro system for load shaping and use on peak in both
Control Areas. PacifiCorp's Eastern and Western Control Areas are connected by
both PacifiCorp transmission and firm transmission service contracts through
Idaho. PacifiCorp and Idaho Power jointly developed and own the Jim Bridger
Power Plant in SW Wyoming and it's 345 kv transmission system in Wyoming and
Idaho. This transmission system comprises the major portion of the connection of
PacifiCorp's Eastern and Western Control Areas.
The SEC has acknowledged that a utility system can be interconnected by means of
contractual rights to use the lines of a third party. See Northeast Utilities,
--- -------------------
Holding Co. Act Release No. 25273 (March 15, 1986); and Centerior Energy Corp.,
---------------------
Holding Co. Act Release No. 24073 (April 29, 1986). The SEC has also recognized
that a finding that wheeling and other forms of sharing power through
reliability councils and proposed transmission groups appears to be logical
extension of prior SEC holdings regarding "interconnection" under Section 2(a)
29(A) of the Act. 1995 Report at 71.
PacifiCorp also satisfies the second of the SEC's requirements, that utility
assets, under normal conditions, may be "economically operated as a single
interconnected and coordinated system."/1/ The SEC has interpreted this
language to refer, among other things, to the physical operation of utility
assets as a system in which the generation and/or flow of current within the
system may be centrally controlled and allocated as need or economy directs./2/
The SPCC monitors the flow of electricity through the grid and controls
PacifiCorp's generators throughout the region to efficiently and effectively
meet the demand for power. SPCC is manned by highly experienced system
dispatchers who give direction to field personnel and operators in offices and
power plants within PacifiCorp's territory and who further coordinate with other
dispatchers in neighboring utilities to maintain the health of the
interconnected power system in the eleven states and two Canadian provinces
which make up the WSCC.
The PacifiCorp staff centrally forecasts, schedules and coordinates the
operation of generating units, bilateral transactions, and the spot energy
market to meet load requirements. To maintain a reliable and secure electric
system, PacifiCorp monitors, evaluates and coordinates the operation of over
3,000 miles of high-voltage transmission lines. Operations are closely
coordinated with neighboring control areas, and information is exchanged to
enable real-time
- -----------------------------
/1/ See Cities Services Co., 14 SEC at 55 (1944)(Congress intended that the
--- ------------------
utility properties be so connected and operated that there is coordination among
all parts, and that those parts bear an integral operating relationship to each
other).
/2/ North American Co., 11 SEC 194, 242 (1942) aff'd, 133 F.2d 148 (2d Cir.
----------------- -----
1943), aff'd on constitutional issues, 327 U.S. 686 (1946) (evidence is
------------------------------
necessary to show that in fact isolated territories are or can be so operated in
conjunction with the remainder of the system that central control is available
for the routing of power within the system).
36
<PAGE>
security assessments of the transmission grid. The PacifiCorp staff coordinates
the planning of generation to meet combined peak loads of the control area. They
coordinate planning of the interconnected bulk power transmission system to
deliver energy reliably and economically to customers. Both these operating and
planning functions are performed in conjunction with the WSCC.
The SEC's third requirement is also satisfied. The PacifiCorp electric system
operates in a single area or region. The PacifiCorp system operates in
contiguous states which are part of the Pacific Northwest and Intermountain West
regions of the Western Interconnected Electrical AC System of North America.
The Western Interconnected AC Electrical System operates electrically separate
from the rest of the United States (weakly connected to the Eastern
Interconnection and Texas by small HVDC connections), and as one of the 10
Reliability Councils of the North America Electrical Reliability Council. As
such it is part of the WSCC which governs coordinated operation and planning for
bulk electric reliability in the Western Interconnection .
It should be noted that in the Division of Investment Management Report on the
-----------------------------------------------
Regulation of Public-Utility Holding Companies ("1995 Report"), the Division has
- ----------------------------------------------
stated that the evaluation of the "single area or region" portion of the
integration requirement "should be made . . . in light of the effect of
technological advances on the ability to transmit electric energy economically
over longer distance, and other developments in the industry, such as brokers
and marketers, that affect the concept of geographic integration."/3/ The 1995
Report also recommends primacy be given to "demonstrated economies and
efficiencies to satisfy the integration requirements."/4/
Finally, with respect to the SEC's fourth requirement, the PacifiCorp electric
system will not be so large as to impair the advantages of localized management,
efficient operations, and the effectiveness of regulation. PacifiCorp will
maintain system headquarters in Portland, Oregon. This structure will preserve
all the benefits of localized management PacifiCorp presently enjoys while
simultaneously allowing for the economies that will derive from their strategic
alliance with ScottishPower. Furthermore, as described earlier, the system will
facilitate efficient operation. Additionally, the PacifiCorp electric system
will not impair the effectiveness of state regulation. PacifiCorp will continue
its separate corporate existence as before the merger and its utility operations
will remain subject to the same regulatory authorities by which they are
presently regulated.
Substantially all generating facilities and reservoirs located within the
Pacific Northwest region are managed on a coordinated basis to obtain maximum
load carrying capability and efficiency. Portions of the PacifiCorp's
transmission and distribution systems are located, by franchise or permit, upon
public lands, roads and streets and, by easement or license, upon the lands of
other third parties. Substantially all of PacifiCorp's electric utility plants
are subject to the lien of PacifiCorp's Mortgage and Deed of Trust.
- ----------------------------
/3/ 1995 Report at 72-74.
/4/ 1995 Report at 73.
37
<PAGE>
The following table describes PacifiCorp's recoverable coal reserves as of
December 31, 1999. All coal reserves are dedicated to nearby Company operated
generating plants. Recoverability by surface mining methods typically ranges
between 90% and 95%. Recoverability by underground mining techniques ranges
from 50% to 70%. PacifiCorp considers that the respective coal reserves
assigned to the Centralia, Craig, Huntington, Hunter and Jim Bridger plants,
together with coal available under both long-term and short-term contracts with
external suppliers, will be sufficient to provide these plants with fuel that
meets the Clean Air Act standards effective in 1999, for their current
economically useful lives. The sulfur content of the coal reserves ranges from
0.43% to 0.84% and the British Thermal Units value per pound of the reserves
ranges from 7,600 to 11,400. Coal reserve estimates are subject to adjustment
as a result of the development of additional data, new mining technology and
changes in regulation and economic factors affecting the utilization of such
reserves.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Location Plant Served Recoverable Tons PacifiCorp. Mining company(s) (5)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Centralia, Washington Centralia 37(1) Centralia Mining Company
- ------------------------------------------------------------------------------------------------------------------------
Craig, Colorado Craig 51(2) (2)
- ------------------------------------------------------------------------------------------------------------------------
Emery County, Utah Huntington and Hunter 84(1)(3) Energy West Mining Company
- ------------------------------------------------------------------------------------------------------------------------
Rock Springs, Wyoming Jim Bridger 114(4) Bridger Coal Company
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) These coal reserves are mined by subsidiaries of PacifiCorp.
(2) These coal reserves are leased and mined by Trapper Mining, Inc., a
Delaware nonstock corporation operated on a cooperative basis, in which the
PacifiCorp has an ownership interest of approximately 20%.
(3) These coal reserves are in underground mines.
(4) These coal reserves are leased and mined by Bridger Coal Company, a joint
venture between Pacific Minerals, Inc., a subsidiary of PacifiCorp, and a
subsidiary of Idaho Power Company. Pacific Minerals, Inc. has a two-thirds
interest in the joint venture.
(5) Wholly owned PacifiCorp mining entities operate exclusively for wholly
owned PacifiCorp plants. The PacifiCorp mining entity sells coal to the
plants at cost, which is a price usually similar to market.
Most of PacifiCorp's coal reserves are held pursuant to leases from the federal
government through the Bureau of Land Management and from certain states and
private parties. The leases generally have multi-year terms that may be renewed
or extended and require payment of rentals and royalties. In addition, federal
and state regulations require that comprehensive environmental protection and
reclamation standards be met during the course of mining operations and upon
completion of mining activities. In 1999, PacifiCorp expended $8.5 million of
reclamation costs and accrued $4.3 million of estimated final mining reclamation
costs. Final mine reclamation funds have been established with respect to
certain of the PacifiCorp's mining properties. At December 31, 1999,
PacifiCorp's pro rata portion of these reclamation funds
38
<PAGE>
totaled $62 million and PacifiCorp had an accrued reclamation liability of $164
million at December 31, 1999.
In 1998, PacifiCorp announced its intent to sell its California electric
distribution assets ("California Assets"). This action was in response to the
continued decline in earnings on the assets and the changes in the legislative
and regulatory environments in California. On April 9, 1999, prior to its
merger with ScottishPower, PacifiCorp entered into a letter of intent with Nor-
Cal Electric Authority ("Nor-Cal") for the sale of the assets to Nor-Cal for
approximately $178 million. PacifiCorp expects to realize a gain on the sale,
in that the purchase price is in excess of the book value for the California
Assets. A definitive agreement was signed on July 15, 1999. On August 16,
1999, PacifiCorp filed an application with the California Public Utility
Commission and subsequently filed an application with the FERC requesting
approval of the sale. This premerger transaction is expected to be finalized in
the second quarter of 2000.
On May 10, 1999, the utility partners who own the 1,340 MW coal-fired Centralia
Power Plant in Washington ("Facility") announced their intention to sell the
plant and the adjacent coal mine owned by PacifiCorp to TECWA Power, Inc
("Power") for approximately $554 million. PacifiCorp operates the plant and
owns a 47.5% share interest. As a condition of the sale Power has committed to
obtain EWG status for the Facility. PacifiCorp expects to realize a gain on the
sale, but the amount has not been determined. This premerger transaction is
expected to be completed by the second quarter of 2000.
INTERNATIONAL
Powercor's electrical distribution network, located in Victoria, Australia,
comprises: (1) 66 kilovolts ("kV") and 22 kV subtransmission lines and
underground subtransmission cables that transport wholesale energy from 11
terminal stations owned by GPU, Inc. and controlled, under lease, by the
Victoria Power Exchange; (2) 50 zone substations that transform electricity to
lower voltages (22 kV and below) and then distribute the energy through the
distribution network; and (3) 22 kV, 11 kV and 6.6 kV distribution lines,
including distribution substations that transform electricity to low voltages
(415 volts and below) suitable for connection to the majority of the customers.
In addition, Powercor leases its principal executive offices at 40 Market St,
Melbourne in Victoria under a four-year lease with an option to renew for
another eight years.
The Hazelwood Plant has four stages, each with two 200 MW boiler and turbo
generator units, and was constructed progressively between November 1964 and
August 1971. The plant has eight units, seven of which were in service at
December 31, 1998. Unit 3 was out of service from September 26, 1998 through
January 5, 1999 to enable precipitator replacements. The Hazelwood Mine has
between 400 million and 450 million recoverable tons of brown coal, which is
expected to provide the Hazelwood Plant with sufficient quantities of coal for
the 40 years of anticipated plant operation.
SPUK's properties consist of generating stations, transmission and distribution
facilities, water supply and wastewater treatment facilities, telecommunication
facilities, retail facilities and
39
<PAGE>
certain nonoperational properties in which the group holds freehold or leasehold
interests. SPUK believes that substantially all of its facilities are in a
condition adequate for their purpose and utilization according to the individual
nature and requirements of relevant operations. The group has a continuing
program of improvements and maintenance of properties when considered
appropriate to meet the needs of the individual operations. In connection with
any of SPUK's properties that are held under lease, the group believes that it
will be able to negotiate lease renewals on satisfactory terms or relocate the
relevant facilities without such relocation having a material adverse impact on
the group or its operations.
SPUK owns eight power stations in Scotland, six of which are operational with a
total net output capacity of 4,035 MW, and one in England. SPUK also owns three
windfarms in Northern Ireland, one in Scotland and one in the Republic of
Ireland. In addition, the company has joint venture interests in three
windfarms, two of which are in England and one in Wales. All generation plants
are owned by SPUK and/ its subsidiaries, with the exception of the Methil power
station, which is held on a ground lease which expires in 2012 and the windfarms
which are generally held on ground leases of at least 25 years duration.
As of March 31, 1999, SPUK's transmission facilities included approximately
4,000 circuit kms of overhead lines and 240 circuit kms of underground cable
operated at 400 kV, 275 kV and 132 kV.
In addition, as of March 31, 1999, SPUK's distribution facilities included
approximately 24,000 circuit kms of overhead lines and 40,000 circuit kms of
underground cable operated at 33 kV, 11 kV, and 0.4/0.23 kV in Scotland and
approximately 20,000km of overhead lines and 23,000km of underground cable
operating at 132 kV, 25 kV, 11 kV, 6.6kV, 6.3 kV, and 0.4/0.23 kV in England and
Wales. The SPUK group holds either permanent rights or wayleaves which entitles
it to run these lines and cables through private land. Wayleaves are usually
terminable by either the landowner or the group upon six or twelve months'
notice. The group has statutory rights to seek the compulsory retention of a
wayleave if termination is sought by the landowner. The group owns the land for
in excess of 95% of the transmission substation sites. Approximately 64% of the
distribution substation sites are owned by the group with the remainder being
secured by wayleave lease or local agreement. Approximately 25% of the leases
securing substation sites expire within five years.
Southern Water has freehold and leasehold interest covering a total of
approximately 10,000 acres of land. Of such land, an aggregate of approximately
9,800 acres are specialized properties, consisting chiefly of the raw water
storage reservoirs with surrounding land, water and wastewater treatment works
and pumping stations listed below. Approximately 95% of the above-ground water
supply and wastewater assets are on land in Southern Water's freehold ownership
including the assets listed below, with the remainder being located on land
subject to long-leasehold.
40
<PAGE>
<TABLE>
<CAPTION>
Table - Storage Reservoirs
Description Location Approximate Acreage
- ----------- -------- ----------- -------
Capacity (MI)
-------------
<S> <C> <C> <C>
Bewl Water Kent 31,000 1,200
Darwell Sussex 4,730 913
Powdermill Sussex 1,060 1,171
Weir Wood Sussex 5,600 403
</TABLE>
<TABLE>
<CAPTION>
Table - Water Treatment Works
Description Equivalent Population Served Approximate
- ----------- --------- ------------------ -----------
Location Acreage
-------- -------
<S> <C> <C> <C>
Beauport Sussex 27.0 4
Burham Kent 48.8 61
Eastling Kent 48.0 2
Easton Hampshire 27.3 25
Hardham Sussex 75.0 35
Otterbourne Hampshire 102.5 367
Sutton Kent 4.4 Less than 1
Testwood Hampshire 90.0 152
Twyford Hampshire 23.0 183
Weir Wood Sussex 21.8 70
Wingham Kent 20.0 5
</TABLE>
<TABLE>
<CAPTION>
Table - Water Treatment Works
Description Equivalent Population Served Approximate
- ----------- --------- ------------------ -----------
Location Acreage
-------- -------
<S> <C> <C> <C>
Ashford Kent 109,800 90
Aylesford Kent 133,200 40
Brighton Sussex 268,200 5
Budds Farm Hampshire 173,800 52
Canterbury Kent 113,300 22
Chickenhall E. Hampshire 102,000 25
</TABLE>
41
<PAGE>
<TABLE>
<S> <C> <C> <C>
Eastbourne Sussex 121,800 5
Eastney Hampshire 235,900 4
Millbrook Hampshire 138,400 17
Motney Hill Kent 286,900 200
Peel Common Hampshire 250,900 77
Worthing East Sussex 136,900 15
</TABLE>
The majority of Thus' telecommunication network switching and transmission
equipment is located in four main operational sites in Glasgow, London,
Edinburgh, and Warrington. Additional telecommunication network equipment is
housed in equipment rooms under the control of the SPUK group.
As of March 31, 1999, SPUK and/or its subsidiaries operated 183 retail outlets,
24 of which are owned by the group and 159 are leased. The outlets are located
both on the main street of major metropolitan areas and in out of town
superstores. The group also leases two large retail distribution depots, one at
Castleford in England consisting of approximately 8,000 square meters; and
another facility of approximately 12,600 square meters at Mossend near Glasgow.
The properties are generally held on leases of 20 to 25 years.
In addition to the properties described above, as of March 31, 1999, the group
utilized a number of nonoperational properties comprised primarily of offices,
depots, warehouses and workshops. Approximately 50% of these properties are
owned by SPUK and/or its subsidiaries with the remainder being leased. The most
significant of these non-operational properties are Cathcart Business Park,
Glasgow (which is the main office for the electricity businesses in Scotland),
the corporate office located at Atlantic Quay, Glasgow, the Manweb head office
at Manweb House, Chester Business Park and the Southern Water head office at
Worthing.
42
<PAGE>
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:
Total Annual Sales Electric Energy Gas
PacifiCorp kwh mcf
Interstate Transactions:
- --------------------------------------------------------------------------------
Name of State Oregon
Delivered out of State ......................... 2,522,301,000
Received from out of State ..................... 12,501,830,000 N/A
- --------------------------------------------------------------------------------
Name of State Washington
Delivered out of State ......................... 5,040,735,000
Received from out of State ..................... 1,052,064,000 N/A
- --------------------------------------------------------------------------------
Name of State Idaho
Delivered out of State ......................... 1,184,249,000
Received from out of State ..................... 4,628,042,000 N/A
- --------------------------------------------------------------------------------
Name of State Montana
Delivered out of State ......................... 1,145,951,000
Received from out of State ..................... 650,600,000 N/A
- --------------------------------------------------------------------------------
Name of State Wyoming
Delivered out of State ......................... 15,193,243,000
Received from out of State ..................... 3,901,488,000 N/A
- --------------------------------------------------------------------------------
Name of State California
Delivered out of State ......................... 391,499,000
Received from out of State ..................... 793,614,000 N/A
- --------------------------------------------------------------------------------
Name of State Utah
Delivered out of State ......................... 510,925,000
Received from out of State ..................... 6,624,966,000 N/A
- --------------------------------------------------------------------------------
Name of State Arizona
Delivered out of State ......................... 2,363,942,000
Received from out of State ..................... N/A
- --------------------------------------------------------------------------------
Name of State Colorado
Delivered out of State ......................... 1,799,759,000
Received from out of State ..................... N/A
- --------------------------------------------------------------------------------
43
<PAGE>
SECURITIES OUTSTANDING
8(a). Submit the following information concerning the registrant and each
subsidiary thereof as of the latest available date:
FUNDED DEBT
As of November 29, 1999
<TABLE>
<CAPTION>
Col. A Col. B Col. C Col. D Cols. E-I
- ------ ------ ------ ------ ---------
Amount Amount Omitted
Authorized Issued Less with Staff
Obligor Title of Issue ($000s) Retired Permission
- ------------------------- ----------------------------------------------------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
PacifiCorp 5.65% Series due November 1, 2006 $200,000 $200,000
PacifiCorp 6.75% Series due April 1, 2005 $150,000 $150,000
PacifiCorp Secured Medium-Term Notes Series A $250,000 $ 5,000
PacifiCorp Secured Medium-Term Notes Series B $200,000 $ 84,500
PacifiCorp Secured Medium-Term Notes Series C $300,000 $162,244
PacifiCorp Secured Medium-Term Notes Series D $250,000 $ 83,500
PacifiCorp Secured Medium-Term Notes Series E $500,000 $413,000
PacifiCorp Secured Medium-Term Notes Series F $480,000 $378,000
PacifiCorp Secured Medium-Term Notes Series G $300,000 $300,000
PacifiCorp Secured Medium-Term Notes Series H $500,000 $500,000
PacifiCorp 8.271% C-U Series (First Mortgage Bonds) $ 48,972 $ 36,265
PacifiCorp 7.978% C-U Series (First Mortgage Bonds) $ 4,422 $ 3,340
PacifiCorp 8.493% C-U Series (First Mortgage Bonds) $ 19,772 $ 15,589
</TABLE>
44
<PAGE>
<TABLE>
<CAPTION>
Col. A Col. B Col. C Col. D Cols. E-I
- ------ ------ ------ ------ ---------
Amount Amount Omitted
Authorized Issued Less with Staff
Obligor Title of Issue ($000s) Retired Permission
- ------------------------- ----------------------------------------------------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
PacifiCorp 8.797% C-U Series (First Mortgage Bonds) $ 16,203 $ 13,155
PacifiCorp 8.734% C-U Series (First Mortgage Bonds) $ 28,218 $ 23,363
PacifiCorp 8.294% C-U Series (First Mortgage Bonds) $ 46,946 $ 39,273
PacifiCorp 8.635% C-U Series (First Mortgage Bonds) $ 18,750 $ 16,035
PacifiCorp 8.47% C-U Series (First Mortgage Bonds) $ 19,609 $ 16,965
PacifiCorp Emery County, Utah Pollution Control Revenue Refunding $ 46,500 $ 46,500
Bond Series 1993
PacifiCorp Emery County, Utah Pollution Control Revenue Refunding $ 16,400 $ 16,400
Bond Series 1993
PacifiCorp Lincoln County, Wyoming Pollution Control Revenue $ 8,300 $ 8,300
Refunding Bond Series 1993
PacifiCorp Carbon County, Utah Pollution Control Revenue Refunding $ 9,365 $ 9,365
Bond Series 1994
PacifiCorp Converse County, Wyoming Pollution Control Revenue $ 8,190 $ 8,190
Refunding Bond Series 1994
PacifiCorp Emery County, Utah Pollution Control Revenue Refunding $121,940 $121,940
Bond Series 1994
PacifiCorp Lincoln County, Wyoming Pollution Control Revenue $ 15,060 $ 15,060
Refunding Bond Series 1994
</TABLE>
45
<PAGE>
<TABLE>
<CAPTION>
Col. A Col. B Col. C Col. D Cols. E-I
- ------ ------ ------ ------ ---------
Amount Amount Omitted
Authorized Issued Less with Staff
Obligor Title of Issue ($000s) Retired Permission
- ------------------------- ----------------------------------------------------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
PacifiCorp Moffat County, Colorado Pollution Control Revenue $ 40,655 $ 40,655
Refunding Bond Series 1994
PacifiCorp Sweetwater County, Wyoming Pollution Control Revenue $ 21,260 $ 21,260
Refunding Series 1994
PacifiCorp Sweetwater County, Wyoming Customized Purchase Pollution $ 11,500 $ 11,500
Control Revenue Refunding Bonds Series 1988B
PacifiCorp Converse County, Wyoming Customized Purchase Pollution $ 17,000 $ 17,000
Control Revenue Refunding Bonds Series 1988
PacifiCorp Sweetwater County, Wyoming Pollution Control Revenue $ 15,000 $ 15,000
Bonds Series 1984
PacifiCorp Sweetwater County, Wyoming Series 1990A Pollution control $ 70,000 $ 70,000
Revenue Bonds
PacifiCorp Lincoln County, Wyoming Pollution Control Revenue $ 45,000 $ 45,000
Refunding Bonds Series 1990A
PacifiCorp Emery County, Utah Pollution Control Revenue Refunding $ 45,000 $ 45,000
Bonds Series 1991
PacifiCorp City of Forsyth, Rosebud County, Montana, Flexible Rate $ 8,500 $ 8,500
Demand Pollution Control Revenue Bonds Series 1986
PacifiCorp Sweetwater County, Wyoming Customized Purchase Pollution $ 50,000 $ 50,000
Control Revenue Refunding Bonds Series 1988A
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
Col. A Col. B Col. C Col. D Cols. E-I
- ------ ------ ------ ------ ---------
Amount Amount Omitted
Authorized Issued Less with Staff
Obligor Title of Issue ($000s) Retired Permission
- ------------------------- ----------------------------------------------------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
PacifiCorp City of Forsyth, Rosebud County, Montana Customized $ 45,000 $ 45,000
Purchase Pollution Control Revenue Refunding Bonds Series
1988B
PacifiCorp City of Gillete, Campbell County, Wyoming Customized $ 63,000 $ 41,200
Purchase Pollution Control Revenue Refunding Bond Series
1988
PacifiCorp Converse County, Wyoming Pollution Control Revenue $ 22,485 $ 22,485
Refunding Bond Series 1992
PacifiCorp Sweetwater County, Wyoming Pollution Control Revenue $ 9,335 $ 9,335
Refunding Bond Series 1992A
PacifiCorp Sweetwater County, Wyoming Pollution Control Revenue $ 6,305 $ 6,305
Refunding Bond Series 1992B
PacifiCorp Converse County, Wyoming Environmental Improvement $ 5,300 $ 5,300
Revenue Bonds Series 1995
PacifiCorp Lincoln County, Wyoming Environmental Improvement Revenue $ 22,000 $ 18,123
Bonds Series 1995
PacifiCorp Sweetwater County, Wyoming Environmental Improvement $ 24,400 $ 23,777
Revenue Bonds Series 1995
PacifiCorp Emery County, Utah 6.15% Environmental Improvement $ 12,675 $ 11,611
Revenue Bonds Series 1996
PGHC 6.75% Senior Notes Due 2001 $150,000 $150,000
PGHC 7.20% Senior Notes Due 2006 $100,000 $100,000
</TABLE>
47
<PAGE>
<TABLE>
<CAPTION>
Col. A Col. B Col. C Col. D Cols. E-I
- ------ ------ ------ ------ ---------
Amount Amount Omitted
Authorized Issued Less with Staff
Obligor Title of Issue ($000s) Retired Permission
- ------------------------- ----------------------------------------------------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
PA LLC 6.15% Notes Due 2008 $400,000 $400,000
ScottishPower UK plc 11.457% Bonds due 2001 --- (Pounds)142,000,000
ScottishPower UK plc 8.375% Bonds due 2017 --- (Pounds)200,000,000
ScottishPower UK plc 5.25% Notes due 2008 --- DM725,000,000
ScottishPower UK plc 5.875% Notes due 2003 --- US$300,000,000
ScottishPower UK plc 6.75% Notes due 2023 --- (Pounds)250,000,000
ScottishPower UK plc 6.625% Notes due 2010 --- (Pounds)200,000,000
ScottishPower UK plc Medium-Term Notes 2000 - 2029
in various currencies --- (Pounds)601,000,000
Southern Water Services Varible Coupon Bonds due 2008 --- (Pounds)100,000,000
Finance PLC
</TABLE>
48
<PAGE>
CAPITAL STOCK
8. (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 November 29, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PacifiCorp Common Stock 750,000,000 0 452,675,396 297,324,604 $3,284,733,000
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Serial Preferred 3,500,000 0 3,211,531 288,469 $ 28,846,900
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp 5% Preferred 126,533 0 70 126,463 $ 12,646,300
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp No Par Serial 16,000,000 0 14,250,000 1,750,000 $ 175,000,000
Preferred
- --------------------------------------------------------------------------------------------------------------------------------
Centralia Mining Common Stock 500 0 400 100 $ 1,000
Co.
- --------------------------------------------------------------------------------------------------------------------------------
Energy West Common Stock 50,000 0 49,900 100 $ 1,000
Mining Company
- --------------------------------------------------------------------------------------------------------------------------------
Glenrock Coal Co. Common Stock 100 0 0 100 $ 1
- --------------------------------------------------------------------------------------------------------------------------------
Interwest Mining Common Stock 1,000 0 900 100 $ 1,000
Co.
- --------------------------------------------------------------------------------------------------------------------------------
Pacific Common Stock, No 500 0 0 500 $ 78,896,238
Minerals, Inc. Par
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 10,000 0 100 9,900 $ 2,184,921
Environmental
Remediation Co.
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 990 10 $ 10
Future
Generations, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
Canopy Common Stock 100,000 0 74,898 25,102 $ 251
Botanical, Inc.
(Delaware) (80%)
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Group Common Stock 1,000 0 900 100 $ 957,971,482
Holdings Company
(PGHC)
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 900 100 $ 112,501
Investment
Management, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ---------------------------------
/5/ The book value of each stock issued by PacifiCorp is as of the merger date.
The values of all other issues are as of 12/31/98.
* Less than $1K
* Less than (Pounds)1K
49
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
New Energy Common Stock 1,000 0 990 10 $ 0
Holdings I, Inc.
- ------------------------------------------------------------------------------------------------------------------------------
EnergyWorks Common Stock 50,000 0 0 50,000 N/A
Holdings I
- ------------------------------------------------------------------------------------------------------------------------------
PACE Group, Inc. Common Stock 500 0 400 100 $ 1,001,000
- ------------------------------------------------------------------------------------------------------------------------------
Pacific Kinston Common Stock 1,000 0 999 1 $ 0
Energy, Inc.
- ------------------------------------------------------------------------------------------------------------------------------
Pacific Klamath Common Stock 1,000 0 950 50 ($2,122,381)
Energy, Inc.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 990 10 ($2,688,657)
Development
Company
- ------------------------------------------------------------------------------------------------------------------------------
Pacific Common Stock 1,000 0 990 10 $ 0
Generation
(Cayman), Inc.
- ------------------------------------------------------------------------------------------------------------------------------
PacGen GP Co. Common Stock 50,000 0 0 50,000 $ 0
Ltd.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp 1,000 NLG 40 0 0 40 $ 1,512,482
Generation
Int'l, BV
- ------------------------------------------------------------------------------------------------------------------------------
Pacific Common Stock 50,000 0 0 50,000 $ 0
Generation Int'l
Ltd.
- ------------------------------------------------------------------------------------------------------------------------------
PacGen SMHPC Class A 790 0 788 2 $ 0
(Mauritius) Ltd. Class B 210 208 2 $ 0
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 50,000 0 40,000 10,000 $ 0
Australian Gas
Project Corp.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 50,000 0 40,000 10,000 $ 0
Brazil
Development Corp.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Int'l Common Stock 50,000 0 40,000 10,000 $ 0
Development Corp.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ismir Common Stock 50,000 0 40,000 10,000 $ 0
Development Corp.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 900 100 $ 0
Turkey Holding
Co.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 50,000 0 40,000 10,000 $ 0
Turkey
Generation Dev.
Corp.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 900 100 $ 0
Energy, Inc.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 990 10 $ 800,000
Energy Services,
Inc.
- ------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 990 10 $ 2,800,000
Energy Ventures,
Inc.
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
50
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PacifiCorp Common Stock 100 0 0 100 $ 766,274,118
International
Group Holdings
Company
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Power Common Stock 1,000 0 900 100 $ 1,355,588
Marketing, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 1,000 0 900 100 $ 12,654,850
Trans, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
PACORP Common Stock 1,000 0 900 100 $ 100
- --------------------------------------------------------------------------------------------------------------------------------
Birmingham Syn Common Stock 1,000 0 900 100 $ 1,921,552
Fuel I, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
Birmingham Syn Common Stock 1,000 0 900 100 $ 2,057,682
Fuel II, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
CS Holdings, Inc. Common Stock 100,000 0 99,000 1,000 ($8,829,903)
- --------------------------------------------------------------------------------------------------------------------------------
Koala FSC, Ltd. Common Stock 1,200 0 0 1,200 ($23,893,896)
- --------------------------------------------------------------------------------------------------------------------------------
Leblon Sales Common Stock 1,000 0 0 1,000 ($26,147,033)
Corporation
- --------------------------------------------------------------------------------------------------------------------------------
Paccom Leasing Common Stock 500 0 400 100 $ 3,560,312
Corporation Preferred Stock 1 0 0 1 $ 0
- --------------------------------------------------------------------------------------------------------------------------------
Pacific Common Stock 1,000 0 999 1 $ 4,231,736
Development
(Property), Inc.
- --------------------------------------------------------------------------------------------------------------------------------
Pacific Harbor Common Stock 1,000 0 593 407 $ 93,996,636
Capital, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
Lakewood Common Stock 1,000 0 900 100 $ 0
Properties, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
PFI Common Stock 1,000 0 0 1,000 $ 2,949
International,
Inc.
- --------------------------------------------------------------------------------------------------------------------------------
PHC Properties Common Stock 1,000 0 900 100 ($3,282,303)
Corporation
- --------------------------------------------------------------------------------------------------------------------------------
PCC Holdings, Common Stock 500 0 499 1 ($4,524,100)
Inc. Preferred Stock 1 0 1 0 $ 0
- --------------------------------------------------------------------------------------------------------------------------------
Hillsborough Common Stock 1 0 0 1 $ 0
Leasing
Services, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
Stanan Computer Common Stock 500 0 0 500 $ 0
Leasing, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
PNF Holdings, Common Stock 1,000 0 900 100 $ 808,501
Inc.
- --------------------------------------------------------------------------------------------------------------------------------
VCI Acquisition Common Stock 5,000 0 4,900 100 $ 0
Co. Preferred Stock 5,000 0 5,000 0 $ 0
- --------------------------------------------------------------------------------------------------------------------------------
Eastern Common Stock 500 0 400 100 $ 154,946,680
Investment
Company (EIC)
- --------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 361,577,786 0 - 361,577,786 N/A
Australia Pty. Subordinate Debt N/A
Ltd.
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
51
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PacifiCorp Capital Stock 700,000,000 0 - 700,000,000 $ 798,881,774
Australia, LLC Subordinate Debt N/A
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 1,000,000,000 0 998,960,350 1,039,650 $ 1,547,600,514
Australia Redeemable 1,000,000,000 0 998,960,350 1,039,650 N/A
Holdings Pty. Preferred N/A
Ltd. Subordinate Debt
- ---------------------------------------------------------------------------------------------------------------------------------
Powercor Ordinary 1,650,000 0 801,954 848,046 $ 1,548,731,431
Australia Limited Redeemable 1,650,000 0 801,954 848,046 N/A
Preferred
Subordinate Debt
- ---------------------------------------------------------------------------------------------------------------------------------
Hazelwood Common Stock 500 0 400 100 ($16,493,051)
Australia, Inc.
- ---------------------------------------------------------------------------------------------------------------------------------
Hazelwood Common Stock 500 0 400 100 $ 50,181
Ventures, Inc.
- ---------------------------------------------------------------------------------------------------------------------------------
Hazelwood Common Stock 50,000 0 49,998 2 $ 15,153,000
Holdings, Inc.
- ---------------------------------------------------------------------------------------------------------------------------------
Hazelwood Ordinary 10,000,000,000 0 9,999,995,691 4,309 $ 13,163,000
Pacific Pty Ltd Redeemable 10,000,000,000 0 9,999,806,245 193,755 N/A
(10%) Preferred
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 50,000 0 49,998 2 $ 136,387,000
Global, Inc.
(PGI) (90%)
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 100 0 98 2 $ 0
EnergyCo
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 100,000,000 0 99,999,999 1 $ 0
Services Limited
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 100,000,000 0 99,999,999 1 $ 0
Finance (UK)
Limited
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ordinary 1,000 0 998 2 $ 3,280
Investments
(Middle East)
Int'l Holding
Co. Ltd.
- ---------------------------------------------------------------------------------------------------------------------------------
Pan-Pacific Common Stock 500 0 400 100 $ 609,147,311
Global
Corporation
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 50,000 0 40,000 10,000 ($380,820)
Philippines
Development Corp.
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Common Stock 50,000 0 40,000 10,000 ($438,759)
Turkey
Development Corp.
- ---------------------------------------------------------------------------------------------------------------------------------
PacifiCorp UK Common Stock 50,000 0 40,000 10,000 ($225,921)
Development Corp.
- ---------------------------------------------------------------------------------------------------------------------------------
Aquaclear Ltd Ordinary Shares 1,000 998 2 *
- ---------------------------------------------------------------------------------------------------------------------------------
Barnfleet Ltd Ordinary Shares 100 98 2 *
- ---------------------------------------------------------------------------------------------------------------------------------
Beaufort Energy Ordinary Shares 100 98 2 *
Ltd
- ---------------------------------------------------------------------------------------------------------------------------------
Bowsprit Ordinary Shares 100 100 *
Holdings Ltd
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
52
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Bowsprit Ordinary Shares 100 98 2 *
Property
Development Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Caledonian Ordinary Shares 100 98 2 *
Communications
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Caledonian Gas Ordinary Shares 250,000 250,000 (Pounds)188,000
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Camjar plc 10% Cum. Conv. 34,960 34,960 *
Preference
- ------------------------------------------------------------------------------------------------------------------------------------
Camjar plc 10% Cum. Red. 151,153 151,153 *
Preference
- ------------------------------------------------------------------------------------------------------------------------------------
Camjar plc Ordinary Shares 284,060 284,060 (Pounds)5,122,000
- ------------------------------------------------------------------------------------------------------------------------------------
Cityscape Global Ordinary Shares 100 98 2 *
Media Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Cityscape Ordinary Shares 1,000 1,000 *
Internet
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Cityscape Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Clubcall Ordinary Shares 2,067,702 2,067,702 (Pounds)2,067,702
Telephone
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Clubline Ordinary Shares 100 98 2 *
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Contract Ordinary Shares 100 100 *
Services (S.E.)
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Copperteam Ltd Ordinary Shares 1,000 998 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
CRE Energy Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Demon Internet Ordinary Shares 1,666,630 133,300 1,533,330 (Pounds)67,600,000
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Demon Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Dispatch Ordinary Shares 100 100 (Pounds)88,000
Publishing Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Domestic Ordinary Shares 250,000 250,000 *
Appliance
Insurance Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
E.S.Taylor Ordinary Shares 353,572 353,572 (Pounds)503,000
(Worthing)
Holdings Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
E.S.Taylor Preference 75,000 75,000 *
(Worthing) Shares
Holdings Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
53
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
E.S.Taylor Preferred 75,000 75,000 *
(Worthing) Ordinary Shares
Holdings Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Ecoclear Ltd Ordinary Shares 2,225,000 224,900 2,000,100 (Pounds)2,000,100
- ------------------------------------------------------------------------------------------------------------------------------------
Genscot Ltd Ordinary Shares 100,000 100,000 (Pounds)100,000
- ------------------------------------------------------------------------------------------------------------------------------------
Hazeley Down Ordinary Shares 1,000 1,000 (Pounds)1,000
Mineral Water
Company Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
James Leppard & Ordinary 3,500 3,500 *
Sons Ltd Deferred Shares
- ------------------------------------------------------------------------------------------------------------------------------------
James Leppard & Ordinary Shares 35 35 (Pounds)4,000
Sons Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
James Leppard & Undenominated 3,965 3,965 *
Sons Ltd Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Lancastrian Ordinary Shares 220,022 220,022 (Pounds)5,920,000
Holdings Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Linemicro Ltd A Ordinary Shares 2500 2500 *
- ------------------------------------------------------------------------------------------------------------------------------------
Linemicro Ltd Ordinary Shares 97,500 87,500 10,000 *
- ------------------------------------------------------------------------------------------------------------------------------------
Locomotive Ordinary Shares 1,000 900 100 *
Software
Developments Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Locomotive Ordinary Shares 1,000 800 200 *
Software Group
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
M.W. Longley Ltd Ordinary Shares 15,000 5,000 10,000 (Pounds)10,000
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Ordinary Shares 1,000,000 1,000,000 (Pounds)1,000,000
Contracting
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Energy Ordinary Shares 250,000 175,000 75,000 (Pounds)75,000
Consultants Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Gas Ltd Ordinary Shares 150,000 150,000 (Pounds)75,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Ordinary Shares 100 99 1 *
Generation
(Winnington) Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Ordinary Shares 3,000,000 900,000 2,100,000 (Pounds)2,100,000
Generation
Holdings Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Holdings Ordinary Shares 14,000,000 1,500,000 12,500,000 (Pounds)12,500,000
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Nominees Ordinary Shares 100 100 *
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Pensions Ordinary Shares 100 98 2 *
Trustee Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb plc Ordinary Shares 200,000,000 91,541,630 108,458,370 (Pounds)894,879,000
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb plc Special Rights 1 1 *
Red. Preference
Shares
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
54
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Manweb Services Ordinary Shares 250,000 175,000 75,000 (Pounds)75,000
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Manweb Share Ordinary Shares 100 98 2 *
Scheme Trustees
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Megafone (UK) Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Merseyside Power Ordinary Shares 100,000 99,998 2 *
Trading Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Monk Rawling Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Pipeworks Ltd Ordinary Shares 100 100 *
- ------------------------------------------------------------------------------------------------------------------------------------
Psychic Ordinary Shares 100 98 2 *
Companions Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Ring-a-Round Ltd Ordinary Shares 100 4 96 *
- ------------------------------------------------------------------------------------------------------------------------------------
Sabre Water Ltd Ordinary Shares 100 98 *
*
- ------------------------------------------------------------------------------------------------------------------------------------
Scotpower Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Scotsgrid Ltd Ordinary Shares 100 98 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Scotspower Ltd Ordinary Shares 100 8 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Energy Ordinary Shares 100 98 2 *
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower Ordinary Shares 200,000,000 97,336,138 102,663,862 (Pounds)10,000
NA1 Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower Ordinary Shares 1,500,000,000 576,025,236 923,974,764 (Pounds)90,000
NA2 Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower plc Ordinary Shares 2,999,900,004 1,816,909,909 1,182,990,095 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower plc Redeemable 49,998 49,998 *
Shares
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower plc Special Rights 1 1 *
Non-Voting Red.
Pref. Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 100 98 2 *
Trustees Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 3,000,000,002 1,817,009,905 1,182,990,097 *
UK plc
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Utility Ordinary Shares 100 98 2 *
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower Ordinary Shares 100 98 2 *
Distribution Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower Ordinary Shares 100 98 2 *
Energy Supply Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower Ordinary Shares 100 98 2 *
Finance Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
55
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ScottishPower Ordinary Shares 100 98 2 *
Gas Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
ScottishPower Ordinary Shares 100 98 2 *
Generation Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 100 100 *
Group Money
Purchase Pension
Scheme Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 4,750,000 4,750,000 (Pounds)9,500,000
Insurance Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 500,000,000 400,000,000 (Pounds) (Pounds)100,000,000
Investments Ltd 100,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 100 98 *
Leasing Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 100 98 2 *
Securities Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 100 98 2 *
Share Scheme
Trustees Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 15,000,000 15,000,000 (Pounds)15,000,000
Telecommunications
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Ordinary Shares 100 98 2 *
Transmission Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
SMW Ltd Ordinary Shares 75,500,000 75,499,998 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Science Ordinary Shares 35,000 35,000 (Pounds)35,000
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 100 98 2 *
Executive
Pension Scheme
Trustees Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 100,000 65,006 34,994 (Pounds)35,000
Global Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Special Rights 50,000 5,000 45,000 (Pounds)45,000
Industries Ltd Non-Voting Red.
Pref. Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 100 97 3 *
Mirror Image
Pension Trustees
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 100 97 3 *
Pension Trustees
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 225,000,001 68,357,436 156,642,565 (Pounds)1,384,555
plc
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Preference Shares 1 1 *
plc
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
56
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Southern Water Ordinary Shares 46,050,000 45,994,000 56,000 (Pounds)56,000
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 50,000 50,000 (Pounds)12,500
Services Finance
plc
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 100 98 2 *
Share Scheme
Trustees Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Southern Water Ordinary Shares 100 100 *
Technologies Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Spotlight Ordinary Shares 1,000 998 2 *
Trading Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
SPPT Ltd Ordinary Shares 1,000 998 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
SSEB Ltd Ordinary Shares 100 998 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
T & E Hire (Tool Ordinary Shares 100 98 2 *
& Equipment) Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Taylor Plant & Ordinary Shares 1,000 1,000 (Pounds)1,000
Haulage Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Taylor Grass & Ordinary Shares 100 100 *
Waste Recycling
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Teledata Ordinary Shares 40,000 10,000 30,000 (Pounds)10,870,000
(Holdings) Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Teledata Ordinary Shares 1,000 900 100 *
(Outsourcing) Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Teledata Ordinary Shares 100 8 2 *
Scotland Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Telephone Ordinary Shares 350,000 350,000 NIL
Information
Services Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Telephone Ordinary Shares 106,250 106,250 (Pounds)1,569,000
International
Media Holdings
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Telephone Ordinary Shares 650,000 650,000 *
International
Media Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
TES Environment Ordinary Shares 100 100 *
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
The CallCentre Ordinary Shares 4,464,036 4,464,036 (Pounds)483,000
Service Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
The CallCentre Redeemable 380,987 380,987 *
Service Ltd Preference Shares
- ------------------------------------------------------------------------------------------------------------------------------------
The Information Preference Shares 4,073,100 4,073,100 *
Service Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
The IP Systems Ordinary Shares 1,000,000 999,998 2 *
Operation Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
57
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G - I
------ ------ ------ ------ ------ ------ -----------
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Issued
(Col. C Less Cols. D and E)
- ------------------------------------------------------------------------------------------------------------------------------------
Amount
Reserved
For Options,
Warrants,
Amount Conversations Additional
Authorized & Other Amount Omitted with
Name of Issuer Title of Issue By Charter Rights Unissued Shares Book Value/5/ Staff Permission
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Thus plc Cum. 30,000,000 5,000,000 25,000,000 *
Participating
Non-Redeemable
Pref. Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Thus plc Ordinary Shares 705,483,871 705,483,871 *
- ------------------------------------------------------------------------------------------------------------------------------------
TIM Limited Ordinary Shares 1,000 998 2 *
- ------------------------------------------------------------------------------------------------------------------------------------
Timber Clear Ltd Ordinary Shares 100 100 *
- ------------------------------------------------------------------------------------------------------------------------------------
Turnpike 1996 Ltd Ordinary Shares 1,000 100 *
- ------------------------------------------------------------------------------------------------------------------------------------
Turnpike Ltd Ordinary Shares 1,000 900 100 *
- ------------------------------------------------------------------------------------------------------------------------------------
Water Working Ltd Ordinary Shares 100 100 *
- ------------------------------------------------------------------------------------------------------------------------------------
Watermark Games A Shares 1,000 1,000 *
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Watermark Games B Shares 2,949,249 2,949,249 *
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
Watermark Games Ordinary Shares 3,049,249 3,024,249 (Pounds)3,090,000
Ltd
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
CONTINGENT LIABILITIES
8. (c) A brief outline of the nature and amount of each contingent liability on
account of endorsement or other guarantees of any securities.
Holdings is the Second Lien Bond Credit Facility Provider on the $60
million 1999 Taxable Second Lien Electric Revenue Bonds Due January 1,
2025 issued by the City of Klamath Falls, Oregon in connection with the
construction of the Klamath Cogeneration Project. Under the Second Lien
Bond Credit Facility, Holdings guarantees the payment of the principal
and interest due on these bonds.
PacifiCorp Australia Holdings Pty Ltd ("PAH") and Powercor are guarantors
of the $400 million 6.15% Notes Due 2008 issued by PacifiCorp Australia
LLC ("PA LLC"). As guarantors, PAH and Powercor unconditionally
guarantee, jointly and severally, payment of the principal of, and
premium, if any, and interest on these bonds.
58
<PAGE>
PacifiCorp has guaranteed certain obligations of PacifiCorp Capital I
under the 8 1/4% Cumulative Quarterly Income Preferred Securities, Series
A. PacifiCorp guarantees the payment of distributions and payments on
liquidation or redemption of these securities.
PacifiCorp has guaranteed certain obligations of PacifiCorp Capital II
under the 7.70% Trust Preferred Securities, Series B. PacifiCorp
guarantees the payment of distributions and payments on liquidation or
redemption of these securities.
ScottishPower has guaranteed loans by the European Investment Bank to
Southern Water/SPUK totalling (Pounds)206.6 million. Additional amounts
which are available but undrawn and which are guaranteed total
(Pounds)150 million.
OTHER SECURITIES
8. (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.
As of November 29, 1999
<TABLE>
<CAPTION>
Col. A Col. B Col. C Col. D
- ------ ------ ------ ------
Amounts
Outstanding Maturity Issue
Name of Issuer Title of Issue Dollars Date Date
- ------------- -------------------------------------- -------------- -------------------------
<S> <C> <C> <C> <C>
PacifiCorp Junior Subordinated Debentures /1/:
8 3/8% Quarterly Income Debt
Securities (QUIDS) Series A $120,000,000 6/30/35 5/23/95
8.55% Quarterly Income Debt
Securities (QUIDS) Series B $ 55,825,925 12/31/25 9/6/95
Preferred Securities of Trusts /2/:
PacifiCorp Capital I 8 1/4% Cumulative Quarterly Income $217,000,000 6/30/36 6/6/96
Preferred Securities, Series A
(QUIPS)
PacifiCorp Capital II 7.70% Trust Preferred Securities,
Series B (QUIPS) $135,000,000 9/30/37 7/30/97
</TABLE>
59
<PAGE>
/1/ Unsecured obligations of PacifiCorp. Subordinated to PacifiCorp's
first mortgage and collateral trust bonds, Pollution control revenue bonds,
commercial paper, bank debt and any future senior indebtedness.
/2/ Issued by wholly owned subsidiary trusts of PacifiCorp (PacifiCorp
Capital I, and PacifiCorp Capital II). The Securities represent undivided
beneficial interests in the assets of the trusts. The sole assets of the
trusts are Debentures issued by PacifiCorp to the trusts.
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.
PACIFICORP AND SUBSIDIARY COMPANIES
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C> <C>
PACIFICORP Common, No Par
- ---------------------------------------------------------------------------------------------------------------------------
Centralia Mining Co. PacifiCorp Common 1,000
- ---------------------------------------------------------------------------------------------------------------------------
Energy West Mining Company PacifiCorp Common 1,000
- ---------------------------------------------------------------------------------------------------------------------------
Glenrock Coal Co. PacifiCorp Common 1
- ---------------------------------------------------------------------------------------------------------------------------
Interwest Mining Co. PacifiCorp Common 1,000
- ---------------------------------------------------------------------------------------------------------------------------
Pacific Minerals, Inc. PacifiCorp Common, No Par 500
- ---------------------------------------------------------------------------------------------------------------------------
Bridger Coal Co. (2/3) Pacific Minerals, Inc. * N/A
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
================================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
================================================================================================================
<S> <C> <C> <C>
PACIFICORP
- ----------------------------------------------------------------------------------------------------------------
Centralia Mining Co. 500 100 1,000
- ----------------------------------------------------------------------------------------------------------------
Energy West Mining Company 50,000 100 1,000
- ----------------------------------------------------------------------------------------------------------------
Glenrock Coal Co. 100 100 1
- ----------------------------------------------------------------------------------------------------------------
Interwest Mining Co. 1,000 100 1,000
- ----------------------------------------------------------------------------------------------------------------
Pacific Minerals, Inc. 500 500 78,896,238
- ----------------------------------------------------------------------------------------------------------------
Bridger Coal Co. (2/3) N/A
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
60
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
PacifiCorp Environmental Remediation Co. PacifiCorp (8,900) & PacifiCorp Common 900,000
Investment Mgt. (1,000)
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Future Generations, Inc. PacifiCorp 10
- ---------------------------------------------------------------------------------------------------------------------------
Canopy Botanical, Inc. (Delaware) (80%) PFGI Common 251
- ---------------------------------------------------------------------------------------------------------------------------
Canopy Botanical SRL (49%) CBI * 0
- ---------------------------------------------------------------------------------------------------------------------------
Biodiversidad Sostenible PacifiCorp * N/A
- ---------------------------------------------------------------------------------------------------------------------------
Rio Bravo Carbon Sequestration Pilot Project PacifiCorp * N/A
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Group Holdings Company (PGHC) PacifiCorp Common N/A
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Investment Management, Inc. PacifiCorp Common 100,000
- ---------------------------------------------------------------------------------------------------------------------------
PPW Repurchase LLC PacifiCorp * 0
- ---------------------------------------------------------------------------------------------------------------------------
Transalta Centralia Generation LLC PacifiCorp * 0
- ---------------------------------------------------------------------------------------------------------------------------
Transalta Centralia Mining LLC PacifiCorp (47,5%) * 0
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
===================================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
===================================================================================================================
<S> <C> <C> <C>
PacifiCorp Environmental Remediation Co. 10,000 9,900 2,184,921
- -------------------------------------------------------------------------------------------------------------------
PacifiCorp Future Generations, Inc. 10
- -------------------------------------------------------------------------------------------------------------------
Canopy Botanical, Inc. (Delaware) (80%) 100,000 25,102 251
- -------------------------------------------------------------------------------------------------------------------
Canopy Botanical SRL (49%) 0
- -------------------------------------------------------------------------------------------------------------------
Biodiversidad Sostenible N/A
- -------------------------------------------------------------------------------------------------------------------
Rio Bravo Carbon Sequestration Pilot Project N/A
- -------------------------------------------------------------------------------------------------------------------
PacifiCorp Group Holdings Company (PGHC) 1,000 100 957,971,482
- -------------------------------------------------------------------------------------------------------------------
PacifiCorp Investment Management, Inc. 1,000 100 112,501
- -------------------------------------------------------------------------------------------------------------------
PPW Repurchase LLC 0
- -------------------------------------------------------------------------------------------------------------------
Transalta Centralia Generation LLC 0
- -------------------------------------------------------------------------------------------------------------------
Transalta Centralia Mining LLC 0
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
61
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
PGHC
- ----------------------------------------------------------------------------------------------------------------------------
en.able LLC PGHC * 8,941,586
- ----------------------------------------------------------------------------------------------------------------------------
Orcom System, Inc. en.able LLC 5,983,953
- ----------------------------------------------------------------------------------------------------------------------------
EnergyPact LLC PGHC * ***
- ----------------------------------------------------------------------------------------------------------------------------
New Energy Holdings I, Inc. PGHC Common 0
- ----------------------------------------------------------------------------------------------------------------------------
EnergyWorks Holdings I New Energy Holdings I Common 132,847
- ----------------------------------------------------------------------------------------------------------------------------
PT EnergyWorks Indonesia (.05%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
Casa Palermo, S.A. (Costa Rica) (50%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
AeroEnergia, S.A. (Costa Rica) (49%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
New India Power Company One (Mauritius) (50%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
EnergyWorks India Co. Pvt. Ltd. (India) * 0
(99.9%)
- ----------------------------------------------------------------------------------------------------------------------------
New India Power Company Two (Mauritius) (49%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
EnergyWorks India Co. Pvt. Ltd. (India) * 0
(.01%)
- ----------------------------------------------------------------------------------------------------------------------------
New IndioPower Investment Co. Ptd. Ltd. (Singapore) (50%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
PT EnergyWorks Indonesia (99.95%) * 0
- ----------------------------------------------------------------------------------------------------------------------------
PACE Group, Inc. PGHC Common 5,739,361
- ----------------------------------------------------------------------------------------------------------------------------
Pacific Kinston Energy, Inc. PGHC Common 200,000
- ----------------------------------------------------------------------------------------------------------------------------
Pacific Klamath Energy, Inc. PGHC Common 50,000
- ----------------------------------------------------------------------------------------------------------------------------
PacifiCorp Development Company PGHC Common 1,619,017
- ----------------------------------------------------------------------------------------------------------------------------
Pacific Generation (Cayman), Inc. PacifiCorp Dev. Co. Common 10
- ----------------------------------------------------------------------------------------------------------------------------
PacGen GP Co. Ltd. Pacific Generation (Cayman) Inc. Common 0
- ----------------------------------------------------------------------------------------------------------------------------
PacifiCorp Generation Int'l, BV PacifiCorp Dev. Co. 1,000 NLG 2,923,000
- ----------------------------------------------------------------------------------------------------------------------------
Pacific Generation Int'l Ltd. PacifiCorp Dev. Co. Common 0
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
=========================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
=========================================================================================================
<S> <C> <C> <C>
PGHC
- ---------------------------------------------------------------------------------------------------------
en.able LLC 0
- ---------------------------------------------------------------------------------------------------------
Orcom System, Inc. 12,800,000
- ---------------------------------------------------------------------------------------------------------
EnergyPact LLC
- ---------------------------------------------------------------------------------------------------------
New Energy Holdings I, Inc. 1,000 10 0
- ---------------------------------------------------------------------------------------------------------
EnergyWorks Holdings I 50,000 50,000 N/A
- ---------------------------------------------------------------------------------------------------------
PT EnergyWorks Indonesia (.05%) N/A
- ---------------------------------------------------------------------------------------------------------
Casa Palermo, S.A. (Costa Rica) (50%) N/A
- ---------------------------------------------------------------------------------------------------------
AeroEnergia, S.A. (Costa Rica) (49%) N/A
- ---------------------------------------------------------------------------------------------------------
New India Power Company One (Mauritius) (50%) N/A
- ---------------------------------------------------------------------------------------------------------
EnergyWorks India Co. Pvt. Ltd. (India) N/A
(99.9%)
- ---------------------------------------------------------------------------------------------------------
New India Power Company Two (Mauritius) (49%) N/A
- ---------------------------------------------------------------------------------------------------------
EnergyWorks India Co. Pvt. Ltd. (India) N/A
(.01%)
- ---------------------------------------------------------------------------------------------------------
New IndioPower Investment Co. Ptd.
Ltd. (Singapore) (50%) N/A
- ---------------------------------------------------------------------------------------------------------
PT EnergyWorks Indonesia (99.95%) N/A
- ---------------------------------------------------------------------------------------------------------
PACE Group, Inc. 500 100 1,001,000
- ---------------------------------------------------------------------------------------------------------
Pacific Kinston Energy, Inc. 1,000 1 0
- ---------------------------------------------------------------------------------------------------------
Pacific Klamath Energy, Inc. 1,000 50 -2,122,381
- ---------------------------------------------------------------------------------------------------------
PacifiCorp Development Company 1,000 10 -2,688,657
- ---------------------------------------------------------------------------------------------------------
Pacific Generation (Cayman), Inc. 1,000 10 0
- ---------------------------------------------------------------------------------------------------------
PacGen GP Co. Ltd. 50,000 50,000 0
- ---------------------------------------------------------------------------------------------------------
PacifiCorp Generation Int'l, BV 40 40 1,512,482
- ---------------------------------------------------------------------------------------------------------
Pacific Generation Int'l Ltd. 50,000 50,000 0
- ---------------------------------------------------------------------------------------------------------
</TABLE>
62
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
PacGen SMHPC (Mauritius) Ltd. Pacific Generation Int'l Ltd Class A 0
(99%) PacGen GP Co. Ltd (1%) Class B
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Australian Gas Project Corp. PacifiCorp Dev. Co. Common 597,602
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Brazil Development Corp. PacifiCorp Dev. Co. Common 1,271,080
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Int'l Development Corp. PacifiCorp Dev. Co. Common 749,041
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ismir Development Corp. PacifiCorp Dev. Co. Common 2,214,749
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Turkey Holding Co. PGHC Common 0
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Turkey Generation Dev. Corp PacifiCorp Dev. Co. Common 703,433
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Energy, Inc. PGHC Common
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp-Enstor Gas Storage Co. JV PacifiCorp Energy, Inc. * 1,656,354
- ---------------------------------------------------------------------------------------------------------------------------
Columbia Gas Storage LLC PacifiCorp Energy, Inc. * 36,133
- ---------------------------------------------------------------------------------------------------------------------------
Delta Gas Storage LLC PacifiCorp Energy, Inc. * 24,163
- ---------------------------------------------------------------------------------------------------------------------------
Farnham Gas Storage LLC PacifiCorp Energy, Inc. * 23,492
- ---------------------------------------------------------------------------------------------------------------------------
Jefferson Gas Storage LLC PacifiCorp Energy, Inc. * 20,360
- ---------------------------------------------------------------------------------------------------------------------------
Moab Gas Storage LLC PacifiCorp Energy Ventures, Inc. * 27,742
- ---------------------------------------------------------------------------------------------------------------------------
City Gate LLC 3,272
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Energy Services, Inc. PGHC Common 0
- ---------------------------------------------------------------------------------------------------------------------------
Encorp PacifiCorp Energy Services * 1,750,000
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Energy Ventures, Inc. PGHC Common 1,016,000
- ---------------------------------------------------------------------------------------------------------------------------
Black Light PacifiCorp Energy Ventures, Inc. * 1,000,000
- ---------------------------------------------------------------------------------------------------------------------------
Intellogis PacifiCorp Energy Ventures, Inc. * 1,003,333
- ---------------------------------------------------------------------------------------------------------------------------
Maxwell Energy PacifiCorp Energy Ventures, Inc. * 300,000
- ---------------------------------------------------------------------------------------------------------------------------
Nth Power Management, LP PacifiCorp Energy Ventures, Inc. * 250,000
- ---------------------------------------------------------------------------------------------------------------------------
Trinity Fly Wheel PacifiCorp Energy Ventures, Inc. *
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Financial Services, Inc. PGHC N/A
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
===================================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
===================================================================================================================
<S> <C> <C> <C>
PacGen SMHPC (Mauritius) Ltd. 790 2 0
210 2
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Australian Gas Project Corp. 50,000 10,000 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Brazil Development Corp. 50,000 10,000 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Int'l Development Corp. 50,000 10,000 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Ismir Development Corp. 50,000 10,000 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Turkey Holding Co. 1,000 100 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Turkey Generation Dev. Corp 50,000 10,000 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Energy, Inc. 1,000 100 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp-Enstor Gas Storage Co. JV 0
- ----------------------------------------------------------------------------------------------------------------
Columbia Gas Storage LLC 0
- ----------------------------------------------------------------------------------------------------------------
Delta Gas Storage LLC 0
- ----------------------------------------------------------------------------------------------------------------
Farnham Gas Storage LLC 0
- ----------------------------------------------------------------------------------------------------------------
Jefferson Gas Storage LLC 0
- ----------------------------------------------------------------------------------------------------------------
Moab Gas Storage LLC 0
- ----------------------------------------------------------------------------------------------------------------
City Gate LLC
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Energy Services, Inc. 1,000 10 800,000
- ----------------------------------------------------------------------------------------------------------------
Encorp 1,750,000
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Energy Ventures, Inc. 1,000 10 2,800,000
- ----------------------------------------------------------------------------------------------------------------
Black Light 2,980,000
- ----------------------------------------------------------------------------------------------------------------
Intellogis 0
- ----------------------------------------------------------------------------------------------------------------
Maxwell Energy 3,000,000
- ----------------------------------------------------------------------------------------------------------------
Nth Power Management, LP 4,850,790
- ----------------------------------------------------------------------------------------------------------------
Trinity Fly Wheel 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Financial Services, Inc. 152,211,358
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
63
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
PacifiCorp International Group Holdings PGHC Common 112,743,876
Company
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Power Marketing, Inc. PGHC Common 1,000
- ---------------------------------------------------------------------------------------------------------------------------
PPM 1 LLC PacifiCorp Power Marketing, Inc. * 0
- ---------------------------------------------------------------------------------------------------------------------------
PPM 6 LLC PacifiCorp Power Marketing, Inc. *
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Trans, Inc. PGHC Common 5,000,000
- ---------------------------------------------------------------------------------------------------------------------------
PACORP PGHC Common 100
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
===================================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
===================================================================================================================
<S> <C> <C> <C>
PacifiCorp International Group Holdings 100 100 766,274,118
Company
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Power Marketing, Inc. 1,000 100 1,355,588
- ----------------------------------------------------------------------------------------------------------------
PPM 1 LLC 0
- ----------------------------------------------------------------------------------------------------------------
PPM 6 LLC 0
- ----------------------------------------------------------------------------------------------------------------
PacifiCorp Trans, Inc. 1,000 100 12,654,850
- ----------------------------------------------------------------------------------------------------------------
PACORP 1,000 100 100
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
64
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
===========================================================================================================================
PACIFICORP FINANCIAL SERVICES, INC.
- ---------------------------------------------------------------------------------------------------------------------------
Birmingham Syn Fuel I, Inc. PFS Common 1,059,000
- ---------------------------------------------------------------------------------------------------------------------------
Birmingham Syn Fuel, LLC 49% to Birmingham Syn Fuel I, * -
Inc. 51% to Birmingham Syn
Fuel II, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Syn Fuel, LLC 49% to Birmingham Syn Fuel I, * 1,058,000
Inc. 51% to Birmingham Syn
Fuel II, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
Birmingham Syn Fuel II, Inc. PFS Common 1,102,000
- ---------------------------------------------------------------------------------------------------------------------------
Birmingham Syn Fuel, LLC 49% to Birmingham Syn Fuel I, * 1,000
Inc. 51% to Birmingham Syn
Fuel II, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Syn Fuel, LLC 49% to Birmingham Syn Fuel I, * 1,102,000
Inc. 51% to Birmingham Syn
Fuel II, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
CS Holdings, Inc. Pacific Minerals (2/3) Common N/A
- ---------------------------------------------------------------------------------------------------------------------------
Koala FSC, Ltd. PFS Common 131,142,000
- ---------------------------------------------------------------------------------------------------------------------------
Leblon Sales Corporation PFS Common 22,069,000
- ---------------------------------------------------------------------------------------------------------------------------
Paccom Leasing Corporation PFS (100 common); PGHC (1 Common N/A
preferred); PFS (100 preferred) Preferred
- ---------------------------------------------------------------------------------------------------------------------------
Pacific Development (Property), PFS Common N/A
Inc.
- ---------------------------------------------------------------------------------------------------------------------------
Pacific Harbor Capital, Inc. PFS Common N/A
- ---------------------------------------------------------------------------------------------------------------------------
Lakewood Properties, Inc. Pacific Harbor Capital, Inc. Common N/A
- ---------------------------------------------------------------------------------------------------------------------------
PFI International, Inc. PHC Common N/A
- ---------------------------------------------------------------------------------------------------------------------------
PFI Lakewood Limited, Inc. Pacific Harbor Capital, Inc. N/A
- ---------------------------------------------------------------------------------------------------------------------------
PHC Properties Corporation Pacific Harbor Capital, Inc. Common N/A
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
=================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
=================================================================================================
<S> <C> <C> <C>
PACIFICORP FINANCIAL SERVICES, INC.
- -------------------------------------------------------------------------------------------------
Birmingham Syn Fuel I, Inc. 1,000 100 1,921,552
- -------------------------------------------------------------------------------------------------
Birmingham Syn Fuel, LLC -3,496,519
- -------------------------------------------------------------------------------------------------
PacifiCorp Syn Fuel, LLC -6,415,461
- -------------------------------------------------------------------------------------------------
Birmingham Syn Fuel II, Inc. 1,000 100 2,057,682
- -------------------------------------------------------------------------------------------------
Birmingham Syn Fuel, LLC see above
- -------------------------------------------------------------------------------------------------
PacifiCorp Syn Fuel, LLC see above
- -------------------------------------------------------------------------------------------------
CS Holdings, Inc. 100,000 1,000 -8,829,903
- -------------------------------------------------------------------------------------------------
Koala FSC, Ltd. 1,200 1,200 -23,893,896
- -------------------------------------------------------------------------------------------------
Leblon Sales Corporation 1,000 1,000 -26,147,033
- -------------------------------------------------------------------------------------------------
Paccom Leasing Corporation 500 100 3,560,312
1 1
- -------------------------------------------------------------------------------------------------
Pacific Development (Property), 1 4,231,736
Inc.
- -------------------------------------------------------------------------------------------------
Pacific Harbor Capital, Inc. 1,000 407 93,996,636
- -------------------------------------------------------------------------------------------------
Lakewood Properties, Inc. 1,000 100 0
- -------------------------------------------------------------------------------------------------
PFI International, Inc. 1,000 1,000 2,949
- -------------------------------------------------------------------------------------------------
PFI Lakewood Limited, Inc. 0
- -------------------------------------------------------------------------------------------------
PHC Properties Corporation 1,000 100 -3,282,303
- -------------------------------------------------------------------------------------------------
</TABLE>
65
<PAGE>
<TABLE>
<CAPTION>
=========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
=========================================================================================================================
<S> <C> <C> <C>
PCC Holdings, Inc. PFS Common 108,000
Preferred
- -------------------------------------------------------------------------------------------------------------------------
Hillsborough Leasing Services, Inc. PCC Holdings, Inc. Common N/A
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp Capital, Inc. -
- -------------------------------------------------------------------------------------------------------------------------
Stanan Computer Leasing, Inc. PCC Holdings, Inc. Common -
- -------------------------------------------------------------------------------------------------------------------------
PNF Holdings, Inc. PFS Common N/A
- -------------------------------------------------------------------------------------------------------------------------
VCI Acquisition Co. PFS Common N/A
Preferred
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
=================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
=================================================================================================
<S> <C> <C> <C>
PCC Holdings, Inc. 500 1 -4,524,100
1 0
- -------------------------------------------------------------------------------------------------
Hillsborough Leasing Services, Inc. 1 1 0
- -------------------------------------------------------------------------------------------------
PacifiCorp Capital, Inc. 0
- -------------------------------------------------------------------------------------------------
Stanan Computer Leasing, Inc. 500 500 0
- -------------------------------------------------------------------------------------------------
PNF Holdings, Inc. 1,000 100 808,501
- -------------------------------------------------------------------------------------------------
VCI Acquisition Co. 5,000 100 0
5,000 0
- -------------------------------------------------------------------------------------------------
</TABLE>
66
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
PACIFICORP INTERNATIONAL GROUP HOLDINGS Common 112,743,876
COMPANY
- -------------------------------------------------------------------------------------------------------------------------
Eastern Investment Company (EIC) PIGHC Common 140,000,000
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp Australia, LLC (20%) EIC/PAN-PAC * 140,000,000
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp Australia Holdings Pty. Ltd. Judith A. Earls (1) and PacifiCorp Ordinary 1,575,153,400
Australia LLC (owns remainder)
- -------------------------------------------------------------------------------------------------------------------------
Powercor Australia Limited PacifiCorp Australia Holdings Pty Ltd Preferred 1,573,171,493
- -------------------------------------------------------------------------------------------------------------------------
Australia Ombudsman Corporation N/A
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Australia, Inc. PacifiCorp Australia, LLC Common 10
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Ventures, Inc. Hazelwood Australia, Inc. Common 50,181
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Finance LP Hazelwood Australia, Inc. * 50,181
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Holdings, Inc. Hazelwood Australia, Inc. Common 15,719,865
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Pacific Pty Ltd (10%) HHI, HAI and PacifiCorp Global Inc. Ordinary 15,719,863
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Power Partners Hazelwood Pacific Pty Ltd. * 145,612,000
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp Global, Inc. (PGI) (90%) Hazelwood Australia, Inc. Ordinary 141,478,785
- -------------------------------------------------------------------------------------------------------------------------
Hazelwood Pacific Pty Ltd PGH/HHI 141,478,783
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp EnergyCo Holdings LLC PGHC * 0
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp EnergyCo PacifiCorp Energy Co. Holdings LLC (1 Ordinary 0
nominee share); PIGHC (1)
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp Services Limited PacifiCorp EnergyCo. Ordinary 0
- -------------------------------------------------------------------------------------------------------------------------
PacifiCorp Finance (UK) Limited PacifiCorp Finance (UK) Ltd. Ordinary 0
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
====================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
====================================================================================================
<S> <C> <C> <C>
PACIFICORP INTERNATIONAL GROUP HOLDINGS 100 100 766,274,118
COMPANY
- ----------------------------------------------------------------------------------------------------
Eastern Investment Company (EIC) 500 100 154,946,680
- ----------------------------------------------------------------------------------------------------
PacifiCorp Australia, LLC (20%) 158,000,382
- ----------------------------------------------------------------------------------------------------
PacifiCorp Australia Holdings Pty. Ltd. 1,000,000 2 1,547,600,514
- ----------------------------------------------------------------------------------------------------
Powercor Australia Limited 1,650,000 1,650,000 1,548,731,431
- ----------------------------------------------------------------------------------------------------
Australia Ombudsman Corporation N/A
- ----------------------------------------------------------------------------------------------------
Hazelwood Australia, Inc. 500 100 -16,493,051
- ----------------------------------------------------------------------------------------------------
Hazelwood Ventures, Inc. 500 100 50,181
- ----------------------------------------------------------------------------------------------------
Hazelwood Finance LP 50,181
- ----------------------------------------------------------------------------------------------------
Hazelwood Holdings, Inc. 50,000 2 15,153,000
- ----------------------------------------------------------------------------------------------------
Hazelwood Pacific Pty Ltd (10%) 10,000,000 PG - 8 13,163,000
HH -1
HAI - 91
- ----------------------------------------------------------------------------------------------------
Hazelwood Power Partners 100,848,000
- ----------------------------------------------------------------------------------------------------
PacifiCorp Global, Inc. (PGI) (90%) 2 136,387,000
- ----------------------------------------------------------------------------------------------------
Hazelwood Pacific Pty Ltd 118,472,000
- ----------------------------------------------------------------------------------------------------
PacifiCorp EnergyCo Holdings LLC 0
- ----------------------------------------------------------------------------------------------------
PacifiCorp EnergyCo 100 2 0
- ----------------------------------------------------------------------------------------------------
PacifiCorp Services Limited 100,000,000 1 0
- ----------------------------------------------------------------------------------------------------
PacifiCorp Finance (UK) Limited 100,000,000 1 0
- ----------------------------------------------------------------------------------------------------
</TABLE>
67
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================================
Name of Issuer Shares Held By Title of Issue Original Cost
===========================================================================================================================
<S> <C> <C> <C>
PacifiCorp Acquisitions 0
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Investments (Middle East) PIGHC Ordinary 3,280
Int'l Holding Co. Ltd.
- ---------------------------------------------------------------------------------------------------------------------------
Pan-Pacific Global Corporation PGHC Common 560,000,000
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Australia, LLC (80%) EIC/PAN-PAC * 560,000,000
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Australia Holdings Pty. Ltd. * See above
- ---------------------------------------------------------------------------------------------------------------------------
Powercor Australia Limited * See above
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Philippines Development Corp. Pan-Pacific Global Common 1,333,085
- ---------------------------------------------------------------------------------------------------------------------------
Ambuklao Power, Inc. PacifiCorp Philippines Development Corp. No equity ownership
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp Turkey Development Corp. Pan-Pacific Global Common 438,759
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp UK Development Corp. Pan-Pacific Global Common 418,409
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
==================================================================================================
Number of 12/31/98
Name of Issuer Authorized Shares Shares Issued Book Value
==================================================================================================
<S> <C> <C> <C>
PacifiCorp Acquisitions 0
- --------------------------------------------------------------------------------------------------
PacifiCorp Investments (Middle East) 1,000 2 3,280
Int'l Holding Co. Ltd.
- --------------------------------------------------------------------------------------------------
Pan-Pacific Global Corporation 500 100 609,147,311
- --------------------------------------------------------------------------------------------------
PacifiCorp Australia, LLC (80%) 640,881,392
- --------------------------------------------------------------------------------------------------
PacifiCorp Australia Holdings Pty. Ltd. see above
- --------------------------------------------------------------------------------------------------
Powercor Australia Limited see above
- --------------------------------------------------------------------------------------------------
PacifiCorp Philippines Development Corp. 50,000 10,000 -380,820
- --------------------------------------------------------------------------------------------------
Ambuklao Power, Inc.
- --------------------------------------------------------------------------------------------------
PacifiCorp Turkey Development Corp. 50,000 10,000 0
- --------------------------------------------------------------------------------------------------
PacifiCorp UK Development Corp. 50,000 10,000 -225,921
- --------------------------------------------------------------------------------------------------
</TABLE>
SCOTTISHPOWER AND SUBSIDIARY COMPANIES
* Less than (Pounds)1k
Information as at 31 March 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ScottishPower NA 1 Limited Scottish Power plc 10 10,000 Ordinary shares 10
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower NA 2 Limited Scottish Power plc 90 90,000 Ordinary shares 90
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Inc Scottish Power plc * 100 Common stock *
- ------------------------------------------------------------------------------------------------------------------------
Caledonian Gas Limited Scottish Power plc 188 250,000 Ordinary shares 188
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Camjar plc Scottish Power plc 5,122 284,000 Ordinary shares 5,122
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
151,000 10% cumulative
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
68
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
redeemable
- ------------------------------------------------------------------------------------------------------------------------
preference shares
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
35,000 10% cumulative convertible
- ------------------------------------------------------------------------------------------------------------------------
preference shares
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Spotlight Trading Limited Camjar plc * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Telephone Information Camjar plc 1,280 350,000 Ordinary shares Nil
Service plc (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Scottish Energy Services Scottish Power plc * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Trustees Scottish Power plc * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Distribution Scottish Power plc * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Energy Supply Scottish Power plc * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Gas Limited Scottish Power plc * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Generation Scottish Power plc * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Investments Scottish Power plc 100,000 100,000,000 Ordinary shares 100,000
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Beaufort Energy Limited ScottishPower * 2 Ordinary shares *
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
CRE Energy Limited Beaufort Energy Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Caledonian Communications ScottishPower * 2 Ordinary shares *
Limited Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Domestic Appliance ScottishPower 250 250,000 Ordinary shares 250
Insurance Limited Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Genscot Limited ScottishPower 100 100,000 Ordinary shares 100
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb PLC Genscot Limited 894,879 108,458,370 Ordinary shares 894,879
(Pounds)0.50
- ------------------------------------------------------------------------------------------------------------------------
Manweb Holdings Limited Manweb PLC 12,500 12,500,000 Ordinary shares 12,500
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
69
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Barnfleet Limited Manweb Holdings Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Contracting Services Manweb Holdings Limited 1,000 1,000,000 Ordinary shares 1,000
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Energy Consultants Manweb Holdings Limited 75 75,000 Ordinary shares 75
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Gas Limited Manweb Holdings Limited 150 150,000 Ordinary shares 75
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Generation Holdings Manweb Holdings Limited 2,100 2,100,000 Ordinary shares 2,100
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Generation Manweb Generation * 1 Ordinary shares *
(Winnington) Limited Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Pensions Trustee Manweb Holdings Limited * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Services Limited Manweb Holdings Limited 75 75,000 Ordinary shares 75
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Merseyside Power Trading Manweb Holdings Limited * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Nominees Limited Manweb PLC * 100 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Manweb Share Scheme Manweb PLC * 2 Ordinary shares *
Trustees Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Scotland On-Line Limited ScottishPower 750 750,000 Ordinary shares 750
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Golfing Scotland Limited Scotland On-Line Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScotPower Limited ScottishPower * 2 Ordinary shares *
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Scotsgrid Limited ScottishPower * 2 Ordinary shares *
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Scotspower Limited ScottishPower * 2 Ordinary shares *
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Finance ScottishPower * 2 Ordinary shares *
Limited Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Insurance ScottishPower 9,500 4,750,000 Ordinary shares 9,500
Limited Investments (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
70
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Limited
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Leasing ScottishPower * 2 Ordinary shares *
Limited Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Securities ScottishPower * 2 Ordinary shares *
Limited Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower ScottishPower 15,000 15,000,000 Ordinary shares 15,000
Telecommunications Ltd Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Demon Internet Limited ScottishPower 67,600 1,533,333 Ordinary shares 67,600
Telecommunications Ltd (Pounds)0.10
- ------------------------------------------------------------------------------------------------------------------------
Cityscape Global Media Demon Internet Limited * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Cityscape Internet Services Demon Internet Limited * 1,000 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Demon Inc (USA) Demon Internet Limited 6,060 100 Ordinary shares $1 6,060
- ------------------------------------------------------------------------------------------------------------------------
Cityscape Limited Demon Internet Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Demon Limited Demon Internet Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Dispatch Publishing Limited Demon Internet Limited 88 100 Ordinary shares 88
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Locomtive Software Group Demon Internet Limited * 200 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Locomtive Software Locomotive Software * 100 Ordinary shares *
Developments Limited Group Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Turnpike 1996 Limited Locomotive Software * 100 Ordinary shares *
Group Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Turnpike Limited Locomotive Software * 100 Ordinary shares *
Group Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
The IP Systems Operations Demon Internet Limited * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Lancastrian Holdings Limited ScottishPower 5,920 220,022 Ordinary shares 5,920
Telecommunications Ltd (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Megafone (UK) limited Lancastrian Holdings * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Psychic Companions Limited Lancastrian Holdings * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
71
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Watermark Games Limited ScottishPower 3,090 750 750 "a" ordinary 3,090
Telecommunications Ltd shares (Pounds)1
each
- ------------------------------------------------------------------------------------------------------------------------
2,949,249 2,949,249 "b" ordinary
shares (Pounds)0.01
each
- ------------------------------------------------------------------------------------------------------------------------
SSEB Limited ScottishPower * 2 Ordinary shares *
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Waterline Insurance Limited ScottishPower 500 125,000 Ordinary shares 500
Investments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Share Scheme Scottish Power plc * 2 Ordinary shares *
Trustees Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Scottish Power plc 10,592 250,100 "A" ordinary shares 10,592
Telecommunications
(Services) Limited
- ------------------------------------------------------------------------------------------------------------------------
MergeCo Limited ScottishPower * 2 Ordinary shares *
Telecommunications (Pounds)1
(Services) Limited
- ------------------------------------------------------------------------------------------------------------------------
Pinnacle Cellular Group ScottishPower 3,827 1,000 Ordinary shares 3,827
Limited Telecommunications (Pounds)0.04
(Services) Limited
- ------------------------------------------------------------------------------------------------------------------------
Pinnacle Air Time Limited Pinnacle Cellular Group * 40,000 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Pinnacle Cellular Limited Pinnacle Cellular Group * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Pinnacle Paging Limited Pinnacle Cellular Group * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Pinnacle Phone Services Pinnacle Cellular Group * 2 Ordinary shares *
Limited Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Pinnacle Service Centre Pinnacle Cellular Group * 2 Ordinary shares *
Limited Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Woodend Group Limited ScottishPower * 26,382,515 26,306,000 *
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
72
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Telecommunications ordinary shares
(Services) Limited (Pounds)0.10
- ------------------------------------------------------------------------------------------------------------------------
76,515 "a" ordinary
shares (Pounds)0.10
- ------------------------------------------------------------------------------------------------------------------------
Woodend Holdings Limited Woodend Group Limited 1,070 1,010 1,010 preferred nil
convertible ord
shares (Pounds)1
each
- ------------------------------------------------------------------------------------------------------------------------
1,000 1,000 ordinary
shares (Pounds)1
each
- ------------------------------------------------------------------------------------------------------------------------
128,800 128,800 "b"
redeemable
preference
shares (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
31,200 31,200 "c"
preference shares
(Pounds)1 each
- ------------------------------------------------------------------------------------------------------------------------
Woodend Cellular Limited Woodend Holdings Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Woodend Communications Woodend Holdings Limited 1,232 20,001 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Scottish Power plc * 2 Ordinary shares *
Telecommunications (Pounds)1
Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Transmission Scottish Power plc * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
SMW Limited Scottish Power plc * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water PLC Scottish Power plc 1,384,555 156,642,565 Ordinary shares 1,384,555
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Aquaclear Limited Southern Water PLC * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Bowsprit Holdings Limited Southern Water PLC * 100 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Bowsprit Property Bowsprit Holdings Limited * 2 Ordinary shares *
Developments Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Monk Rawling Limited Bowsprit Holdings Limited * 2 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
73
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ES Taylor (Worthing) Southern Water PLC 503 353,572 Ordinary shares 503
Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
75,000 Preferred ordinary
shares (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
75,000 Preference shares
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
James Leppard & Sons Limited ES Taylor (Worthing) 4 35 Ordinary shares 4
Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
3,500 Deferred ordinary
shares (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
T & E Hire (Tool & ES Taylor (Worthing) * 2 Preference shares *
Equipment) Limited Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Taylor Plant & Haulage ES Taylor (Worthing) 1 1,000 Preference shares 1
Limited Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Taylors Glass & Waste ES Taylor (Worthing) * 100 Preference shares *
Recycling Limited Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
TES Environmental Services ES Taylor (Worthing) * 100 Preference shares *
Limited Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Ecoclear Limited Southern Water PLC 2,000 2,000,000 Ordinary shares 2,000
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Hazeley Down Mineral Water Southern Water PLC 1 1,000 Ordinary shares 1
Company Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Linemicro Limited Southern Water PLC * 10,000 Ordinary shares *
(Pounds)0.01
- ------------------------------------------------------------------------------------------------------------------------
2,500 "A" ordinary shares
(Pounds)0.01
- ------------------------------------------------------------------------------------------------------------------------
MW Longley Limited Southern Water PLC 10 10,000 Ordinary shares 10
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
ScottishPower Group Money Southern Water PLC * 100 Ordinary shares *
Purchase Pension Scheme (Pounds)1
Limited
- ------------------------------------------------------------------------------------------------------------------------
Southern Southern Science Southern Water PLC 35 35,000 Ordinary shares 35
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Excutive Southern Water PLC * 2 Ordinary shares *
Pension (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
74
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Scheme Trustees Limited
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Global Southern Water PLC 35 34,994 Ordinary shares 35
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Industries Southern Water PLC 45 45,000 Ordinary shares 45
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Contract Services (S.E) Southern Water * 100 Ordinary shares *
Limited Industries Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Mirror Image Southern Water PLC * 3 Ordinary shares *
Pension Trustees Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Pension Southern Water PLC * 3 Ordinary shares *
Trustees Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Services Southern Water PLC 56 56,000 Ordinary shares 56
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Pipeworks Limited Southern Water Services * 100 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Services Southern Water Services 13 50,000 Ordinary shares 13
Finance plc Limited (Pounds)1 (part
paid (Pounds)0.25)
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Share Scheme Southern Water PLC * 2 Ordinary shares *
Trustees Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Southern Water Technologies Southern Water PLC * 100 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Timber Clear Limited Southern Water PLC * 100 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Water Working Limited Southern Water PLC * 100 Ordinary shares *
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Teledata (Holdings) Limited Scottish Power plc 10,870 30,000 Ordinary shares 10,870
(Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Teledata (Outsourcing) Teledata (Holdings) * 100 Ordinary shares *
Limited Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
The CallCentre Service Teledata (Outsourcing) 483 4,464,036 Ordinary shares 483
Limited Limited (Pounds)0.50
- ------------------------------------------------------------------------------------------------------------------------
380,967 Preference shares (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Teledata Scotland Limited Teledata (Holdings) * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
The Information Service Teledata (Holdings) 1,541 4,073,100 Ordinary shares *
Limited Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Clubcall Telephone Services The Information Service 2,068 2,067,702 Ordinary shares 2,068
Limited Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
75
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Name of Issuer Shares held by ( ie Original Cost Number of Class of Share Book Value
Immediate Parent) (Pounds)k Shares Held Capital
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Clubline Services Limited The Information Service * 2 Ordinary shares *
Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Telephone International Scottish Power plc 1,569 106,250 Ordinary shares 1,569
Media Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
Copperteam Limited Telephone International * 4 Ordinary shares *
Media Holdings Limited (Pounds)0.50
- ------------------------------------------------------------------------------------------------------------------------
Telephone International Telephone International 650 650 Ordinary shares nil
Media Limited Media Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
TIM Limited Telephone International * 2 Ordinary shares *
Media Holdings Limited (Pounds)1
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
76
<PAGE>
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.
(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:
To the best of knowledge of ScottishPower's management, there is none.
(b) Investments of the registrant and of each subsidiary thereof in the
securities of other enterprises:
PacifiCorp
Investments in Other Companies
As of November 29, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Name of Owner Name of Enterprise Description of Number of Principal Amount/ Book Value ($000s)
Securities Shares/Units Original Cost
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PacifiCorp Financial Covol Technologies, Stock 171,213 $1,166,982.00 $
Services, Inc. Inc./1/ -
- ----------------------------------------------------------------------------------------------------------------------------
PacifiCorp Financial Comdial Corporation /2/ Common Stock 131,576 723,744 1,093,726
Services, Inc.
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Name of Owner Amount Pledged
as Collateral
($000s)
- ---------------------------------------
<S> <C>
PacifiCorp Financial
Services, Inc.
- ---------------------------------------
PacifiCorp Financial
Services, Inc.
- ---------------------------------------
</TABLE>
/1/ Coval is an engineering company that created a coal processing method to
separate grades of coal used in the SynFuels plants. PacifiCorp had an
investment in Coval as of 11/29/99, but at this time no longer holds any stock
in this company.
77
<PAGE>
/2/ Comdial creates integrated digital communications solutions that incorporate
convergent voice and data technologies. It is actively engaged in creating
integrated voice/data solutions for businesses with special needs. Comdial
offers a variety of telephone systems, including Digital Systems, solutions and
software applications and analog and other products.
ScottishPower
Investments in Other Companies
As of March, 1999
<TABLE>
<CAPTION>
Name of Enterprise Name of Owner Original Number of Class of Share Book Value
Cost Shares Shares
(Pounds)k (Pounds)k
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Wind Resources Limited Manweb Generation Holdings Limited 1,738 1,738,419 Ordinary Shares 1,738
(Pounds)1
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
78
<PAGE>
INDEBTEDNESS OF SYSTEM COMPANIES
11. 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: (Note: By permission of the Staff, this item includes
----
only indebtedness where the aggregate debt owed by any such company to any
one person exceeds the greater of: (i) $25,000 and (ii) an amount exceeding
2% of the total of the debit accounts shown on the balance sheet of the
debtor.)
(a) Debts owed to associate companies:
<TABLE>
<CAPTION>
INDEBTEDNESS OF SYSTEM COMPANIES
As of November 29, 1999
Name of Debtor Name of Creditor Amount Owed Rate of Date of
($000s) Interest Maturity
------------------ --------------------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
PPW PGHC $252,895 5.79% N/A
PGHC PACE $ 364 6.15% N/A
PGHC PIMI $ 81 6.15% N/A
PGHC PacifiCorp Trans $ 3,866 6.15% N/A
PGHC PacifiCorp Financial $ 13,782 6.15% N/A
Services
PPM PGHC $ 1,699 6.15% N/A
Pan Pacific PGHC $ 18,141 6.15% N/A
Eastern Inv. PGHC $ 2,999 6.15% N/A
PMI PPW $ 590 5.79% N/A
PPW PMI $ 14,905 5.46% N/A
Powercor PA LLC $ 985 N/A N/A
Powercor PAH (Operating a/c) $289,185 N/A N/A
PAH (Equity a/c) Powercor $538,648 N/A N/A
PHI Powercor $ 19 N/A N/A
Elec Ops Powercor $ 11,039 N/A N/A
Powercor Elec Ops $ 84 N/A N/A
Powercor Hazelwood Pacific $ 895 N/A N/A
Powercor HAI $ 1 N/A N/A
PAH PALLC $288,181 N/A N/A
PALLC PAH $660,348 N/A N/A
PHI PAH $ 823 N/A N/A
PAH PPW $ 2,264 N/A N/A
</TABLE>
79
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
PHI PA LLC $ 106 N/A N/A
PA LLC HAI $151,012 N/A N/A
Eastern PA LLC $ 57,474 N/A N/A
PAPL PA LLC $238,543 N/A N/A
Pan-Pacific PAPL $238,547 N/A N/A
PGHC Hazelwood Pacific $ 787 N/A N/A
Elec Ops Hazelwood Pacific $ 289 N/A N/A
</TABLE>
HAI = Hazelwood Australia, Inc
PACE =
PAH = PacifiCorp Australia Holdings Pty Ltd
PA LLC = PacifiCorp Australia, LLC
PAPL = PacifiCorp Australia Pty Ltd
PIMI =
PMI =
PGHC = PacifiCorp Group Holdings
PPM = PacifiCorp Power Marketing
PPW = PacifiCorp
Debts due to other group company as of 12/31/99:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Debtor (owed by) Creditor (owed to) Amount Interest Rate Maturity
(Pounds)*
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CRE SPUK 1,304,000 6.5 -
- --------------------------------------------------------------------------------------
Caledonian Gas SPUK 10,526,000 6.5 -
- --------------------------------------------------------------------------------------
CRE SPIL 25,000,000 6.5 -
- --------------------------------------------------------------------------------------
SPUK Manweb 50,510,000 6.5 -
- --------------------------------------------------------------------------------------
SPUK Scottish Power plc 495,511,000 6.5 -
- --------------------------------------------------------------------------------------
Southern Water SPUK 166,404,000 6.5 -
- --------------------------------------------------------------------------------------
SPUK Thus 60,114,000 6.5 -
- --------------------------------------------------------------------------------------
SPUK SPIL 84,683,000 6.5 -
- --------------------------------------------------------------------------------------
SPUK Genscot 182,817,000 6.5 -
- --------------------------------------------------------------------------------------
SPUK Manweb 12,526,000 6.5 -
- --------------------------------------------------------------------------------------
SP Leasing SPUK 1,282,000 6.5 -
- --------------------------------------------------------------------------------------
Genscot SPUK 697,756,000 6.5 -
- --------------------------------------------------------------------------------------
SP Leasing SPIL 600,000 6.5 -
- --------------------------------------------------------------------------------------
SMW SPUK 791,000 6.5 -
- --------------------------------------------------------------------------------------
</TABLE>
80
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Telecom SPUK 156,015,000 6.5 -
- --------------------------------------------------------------------------------------
NAGP Scottish Power plc $4,000,000,00 7.3 2009
- --------------------------------------------------------------------------------------
NAGP Scottish Power plc $ 448,000,000 6.6 2014
- --------------------------------------------------------------------------------------
NAGP Scottish Power plc $ 448,000,000 6.6 2014
- --------------------------------------------------------------------------------------
</TABLE>
*except as shown.
Additional information relating to debts of the registrant and subsidiary
companies thereof owed to associate companies will be set forth in an
Application-Declaration on Form U-1 to be filed by ScottishPower in
connection with certain proposed short-term borrowing and money pool
arrangements.
(b) Debts owed to others at November 29, 1999:
<TABLE>
<CAPTION>
Name of Name of Amount Owed Rate of Date of
Debtor Creditor ($000s) Interest Maturity
------------ --------------------------- ----------------- ------------ --------------
<S> <C> <C> <C> <C>
PacifiCorp Bank of America - CP $15,000,000 5.76% 01/20/2000
Bank of America - CP $10,000,000 5.71% 01/28/2000
Bank of America - CP $10,000,000 5.72% 02/09/2000
Bank of America - CP $15,000,000 5.71% 02/14/2000
JP Morgan - CP $45,000,000 5.75% 02/07/2000
Wells Fargo - CP $50,312,000 5.75% 11/20/1999
PacifiCorp Australian & New Zealand $ 6,358 5.40% 01/14/2000
Australia, Banking Group
LLC
Australian & New Zealand $ 12,716 5.55% 01/24/2000
Banking Group
Australian & New Zealand $ 3,179 5.67% 01/31/2000
Banking Group
Australian & New Zealand $ 6,358 5.20% 02/23/2000
Banking Group
Australian & New Zealand $ 6,358 5.24% 02/24/2000
Banking Group
Commonwealth Bank $ 11,444 5.05% 12/06/1999
Commonwealth Bank $ 9,537 5.21% 01/14/2000
Commonwealth Bank $ 12,716 5.61% 02/08/2000
Commonwealth Bank $ 12,716 5.59% 02/14/2000
Commonwealth Bank $ 6,358 5.23% 02/18/2000
Commonwealth Bank $ 6,358 5.21% 02/25/2000
</TABLE>
81
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
Commonwealth Bank $ 12,716 5.78% 02/29/2000
National Australia Bank $ 19,074 5.05% 12/07/1999
National Australia Bank $ 9,537 5.25% 12/10/1999
National Australia Bank $ 9,537 5.53% 01/18/2000
National Australia Bank $ 3,179 5.53% 01/18/2000
National Australia Bank $ 9,537 5.73% 01/31/2000
National Australia Bank $ 12,716 5.63% 02/16/2000
National Australia Bank $ 12,716 5.24% 02/22/2000
National Australia Bank $ 12,716 5.80% 02/29/2000
Westpac Banking Corp. $ 12,716 5.05% 12/03/1999
Westpac Banking Corp. $ 4,451 5.11% 12/03/1999
Westpac Banking Corp. $ 15,895 5.26% 12/09/1999
Westpac Banking Corp. $ 12,716 5.30% 12/14/1999
Westpac Banking Corp. $ 6,358 5.30% 12/15/1999
Westpac Banking Corp. $ 6,358 5.52% 01/18/2000
Westpac Banking Corp. $ 12,716 5.55% 01/21/2000
Westpac Banking Corp. $ 12,716 5.66% 01/27/2000
Westpac Banking Corp. $ 12,716 5.55% 02/07/2000
Westpac Banking Corp. $ 6,358 5.20% 02/23/2000
Westpac Banking Corp. $ 12,716 5.79% 02/28/2000
Syndicate Banks* $ 38,148 5.72% 12/02/1999
Syndicate Banks* $ 25,432 5.88% 01/13/2000
Syndicate Banks* $ 25,432 5.89% 01/28/2000
Syndicate Banks* $ 19,074 6.01% 02/03/2000
Syndicate Banks* $ 19,074 6.14% 02/17/2000
Hazelwood Hazelwood Power $ 7,948 0.00% 03/31/2000
Pacific Partnership
</TABLE>
* PA LLC credit facility syndicated to Australia & New Zealand Banking Group
9.76%, Commonwealth Bank 4.88%, National Australia Bank 14.63%, Westpac Banking
Corp 9.76%, ABN Amro 9.76%, UBS 7.32%, IBJ 4.88%, Bank of America 4.88%,
Sumitomo Bank 4.88%, Chase Manhattan Bank 9.76%, Citibank 9.76%, J.P. Morgan
9.76%
Debts owed to others as of 12/31/99:
<TABLE>
<CAPTION>
Name of Debtor Name of Creditor Amount Interest % Maturity
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SPUK European (Pounds)51.2m* various 2009
- ---------------------------------------------------------------------------------------
</TABLE>
82
<PAGE>
<TABLE>
<CAPTION>
Name of Debtor Name of Creditor Amount Interest % Maturity
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Bank
- ---------------------------------------------------------------------------------------
SPUK Commercial Paper (Pounds)274.3m* various 2000
- ---------------------------------------------------------------------------------------
SPUK Loan notes (Pounds)14.2m various 2002
- ---------------------------------------------------------------------------------------
SPUK Meiji Life Yen 5,000,000,000 2.13 2007
Insurance Co.
- ---------------------------------------------------------------------------------------
SPUK Sumitomo Life Yen 4,000,000,000 2.17 2005
Insurance Co.
- ---------------------------------------------------------------------------------------
Southern Water European (Pounds)155.4m various 2005-2010
Services/SPUK Investment Bank
as Co-borrowers
- ---------------------------------------------------------------------------------------
</TABLE>
* Sterling equivalent of multi-currency issues. Interest rates depend on
currency.
PRINCIPAL LEASES
11. 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.
(Note: By permission of the Staff, this item includes only leases which involve
- -----
rental at an annual rate of the greater of (i) $50,000 and (ii) an amount
exceeding 1% of the annual gross operating revenue of such party to said lease
during its last fiscal year).
. All PacifiCorp principal leases are used in conjunction with
PacifiCorp's energy business.
83
<PAGE>
<TABLE>
<CAPTION>
Annual Expiration
Lessee Lessor Item(s) Leased Payments Frequency Date
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PacifiCorp Blue Bell Enterprises 2340 SE Dolphin $ 186,670.80 Monthly 4-5 yr. Opt.
Warrenton, OR 97146-0000
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 825 N.E. Multnomah $ 457,138.80 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 825 N.E. Multnomah $ 50,719.60 Monthly 9/31/00
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 825 N.E. Multnomah $ 190,740.00 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 825 N.E. Multnomah $ 427,636.72 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 700 N.E. Multnomah, 7th Floor $ 317,616.00 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 700 N.E. Multnomah, Rm 500, 540 $ 185,144.16 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 729 N.E. Oregon St., Suite 125 $ 74,763.72 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Cooley Family Trust 1033 N.E. 6th Avenue $ 230,604.00 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 830 N.E. Holladay, Suite 200 $ 271,599.96 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Ashforth Pacific 830 N.E. Holladay, Suite 200 $ 108,252.00 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Kaiser Permanente 500 N.E. Multnomah, Suite 900 $ 165,593.16 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Glimcher Lloyd Venture 2201 Lloyd Center, Suite 300 $ 73,472.04 Monthly N/A
Portland, OR 97232
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Portland State University 1900 S.W. 4th Avenue $ 784,452.00 Monthly N/A
Portland, OR 97201
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Parkrose Business Center 11716 N.E. Sumner Street $ 51,444.00 Monthly 2-5 yr. Opt.
Portland, OR 97220
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Blue Bell Enterprises 7544 N.E. 33rd Street $ 344,025.00 Monthly 4-5 yr. Opt.
Portland, OR 97211-0000
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
84
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
PacifiCorp Business Props, Inc. 7719 N.E. 21st Avenue $ 110,448.00 Monthly 2-5 yr. Opt.
Portland, OR 97211-0000
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Abul-Haj 29125 S.W. Casting Street $ 192,500.00 Monthly 4-5 yr. Opt.
Wilsonville, OR 97070-0000
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Wyoming Financial Properties 800 Werner Ct., Suite 300 $ 86,785.68 Monthly 5 yr. Opt.
Casper, WV 82601
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Blue Bell Enterprises 320 N. Tenth Street $ 52,062.50 Monthly 4-5 yr. Opt.
Worland, WY 82401
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Nick Nickerson 610 Antler (aka 600 Antler) $ 205,542.96 Monthly 2-10 yr. Opt.
Casper, WY 82601-0000
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Carl Cilensik Rentals 351 Washburn Drive $ 50,400.00 Monthly 1-10 yr. Opt.
Rock Springs, WY 82901
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Boyer-Block 57 Assocs. 201 South Main $2,885,340.00 Monthly None
Salt Lake City, UT 84111
- ------------------------------------------------------------------------------------------------------------------------
PacifiCorp Paul Hatch 1769 West 500 South $ 55,836.00 Monthly mo-to-mo
Salt Lake City, UT 84104
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
85
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Aintree Retail Park Ltd. Aintree (Racecourse Retail Warehouse (Pounds)119,988
Retail Park)
- ----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Crown Estate Altrincham (Altrincham Retail Warehouse (Pounds)182,484
Commissionaires Retail Park)
- ----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Coal Pension Properties Ashton (Snipe Retail Retail Warehouse (Pounds)128,000
Ltd. Park)
- ----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc HSBC Bank Pension Trust Banbury (Banbury Cross Retail Warehouse (Pounds)121,800
(UK) Ltd. Retail Park)
- ----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc MFI Properties Ltd. Barnsley (Twibell St.) Retail Warehouse (Pounds)63,900
Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Standard Life Assurance Bedford (Interchange Retail Warehouse (Pounds)120,410.75
Co. Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Speciality Shops Birkenhead (The Pyramids Retail Shop Unit (Pounds)70,000
Birkenhead Ltd. Shopping Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Standard Life Assurance Birmingham (One Stop Retail Warehouse (Pounds)151,800
Co. Shopping Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Grantchester Properties Birstall, Leeds (West Retail Warehouse (Pounds)250,900
(Leeds) Ltd. Yorkshire Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Peel Investments (North) Blackburn (Peel Centre) Retail Warehouse (Pounds)165,737
Ltd.
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Wirral Borough Council Bognor Regis (Arun Retail Warehouse (Pounds)101,780
Retail Park) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Ravenside Investments Bolton (Ravenside Retail Retail Warehouse (Pounds)169,625
Ltd. Park) Proportion payable by
Under-lease part of unit Scottish Power -
to Carpetright (Pounds)92,125
Proportion payable
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 25 years until 1 September 2002
31 August 2022
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 23 years, 2 months 10 August 2003
until 28 September 2021
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 20 years until 29 September 2003
28 September 2018
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 17 years, 3 months until 24 June 2003
29 September 2015
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 October 1997
30 September 2012
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 29 September 2001
September 2021 - break
option at end of year 15
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 15 years until 13 June 2001
12 June 2011
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 24 years, 2 months until 25 December 2002
24 December 2016
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2004
24 March 2024
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 22 years, 7 months until 23 June 2001
21 June 2021
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 1999
28 September 2014
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 21 years, 10 months 29 September 1999
until 29 September 2014
</TABLE>
86
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
by Carpetright -
(Pounds)77,500 Rent
Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Orbit Investments Bolton (Middlebrook Retail Warehouse (Pounds)151,833
(Northern) Ltd. Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Land Securities Bradford (Woodhall Retail Warehouse (Pounds)80,200
Properties Ltd. Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Universities Bromborough (Croft Retail Warehouse (Pounds)112,500
Superannuation Scheme Retail Park)
Ltd.
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc West Sussex Pension Fund Bury St. Edmunds (Easlea Retail Warehouse (Pounds)102,000
Road) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Mascula Ltd. c/o British Cambridge (Beehive Retail Warehouse (Pounds)146,160
Land Property Management Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Royal London Mutual Canterbury (Riverside Retail Warehouse (Pounds)112,500
Insurance Society Ltd. Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc TSB Group Pension Trust Castleford (Whitwood Distribution Warehouse (Pounds)399,876
Ltd. Industrial Estate, Scottish Power
Normanton) under-lease land &
garage adjacent to
distribution warehouse
to SHL Delivery Plus
Ltd. at a rental of
(Pounds)11,432 p.a.
The Licence between
Scottish Power and SHL
expires 31.03.2000
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Union Property Holdings Chester (The Retail Warehouse (Pounds)134,000
(Investments) Ltd. c/o Greyhound Park)
British Land
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 30 January 2003
September 2022
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 27 August 2003
26 August 2018
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 July 2001
23 July 2016
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 1999
28 September 2019
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 September 2000
28 September 2020
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2002
24 December 2022
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 August 2000
24 August 2020
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2000
24 March 2016
- -----------------------------------------------------------------------------
</TABLE>
87
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc MFI Properties Ltd. Chichester (Portfield Retail Warehouse (Pounds)105,000
Retail Park) Rent Review Outstanding
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Adamant Investments Colchester (Tollgate Retail Warehouse (Pounds)143,195
Corporation Ltd. Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc JJ Gallagher Ltd. Coventry (Gallagher Retail Warehouse (Pounds)125,212.50
Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Diageo Pension Trust Cramlington (Cramlington Retail Warehouse (Pounds)77,700
Ltd. c/o The Royal Bank Retail Park)
of Scotland Plc
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Standard Life Crawley (County Oak Retail Warehouse (Pounds)180,756
Assurance Co. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Philips & Drew Fund Crewe (Grand Junction Retail Warehouse (Pounds)84,966
Property Partnership Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Ravenside Investments Derby (The Meteor Centre) Retail Warehouse (Pounds)97,660
Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc S. G. Warburt Trust Co. Doncaster (York Road Retail Warehouse (Pounds)254,150
Ltd. as Trustee of the Retail Park) Proportion payable by
Mercury Property Fund Under-lease part of unit Scottish Power -
to Kingsbury Furniture (Pounds)88,150
Stores Proportion payable by
Kingsbury -
(Pounds)166,000
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Chelsfield M. H. Dudley (Merry Hill Retail Warehouse (Pounds)189,532
Investments Ltd. Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Royal Pension Fund Durham (Mercia Retail Retail Warehouse (Pounds)121,500
for Nurses Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Grosvenor Hill Eastbourne (Lottbridge Retail Warehouse (Pounds)108,000
(Sheffield) Ltd. Drove Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Trustees of Viscount Folkestone (West Park Retail Warehouse (Pounds)136,180
Folkestone (1963) Farm South Retail Park)
Settlement
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Allied Carpets Gateshead (Unit 8, Team Retail Warehouse (Pounds)125,000
Valley Retail Park)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
Scottish Power UK Plc 17 years until 25 December 1999
22 December 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc 35 years until 29 September 2004
28 September 2024
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 11 August 2002
24 March 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2003
24 December 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 15 years, 11 months 24 October 2002
until 28 September 2013
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 22 June 2000
24 March 2020
- ----------------------------------------------------------------------------
Scottish Power UK Plc 30 years, 6 months 29 September 2002
until 24 March 2023
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 18 March 2001
18 March 2016
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2001
23 June 2011
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2003
24 December 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 September 2002
28 September 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2002
24 December 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 29 years less 3 days 25 March 2002
until 22 March 2022
</TABLE>
88
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Land Securities Gateshead (Unit 15, Team Retail Warehouse (Pounds)201,620
Properties Ltd. Valley Retail Park) Proportion payable by
Under-lease part of unit Scottish Power -
to A. G. Stanley (Pounds)127,848
Proportion payable by A.
G. Stanley -
(Pounds)73,772
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Milner Group Properties Gloucester (Eastern Retail Warehouse (Pounds)150,000
Ltd. Avenue Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Allied Dunbar Life Grimsby (Alexandra Dock Retail Warehouse (Pounds)111,445
Assurance Plc Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Whelan Ltd. Guiseley (West Side Retail Warehouse (Pounds)110,165
Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Leicestershire County Harrogate (Plumpton Park) Retail Warehouse (Pounds)136,000
Council
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Standard Life Investment Horsham (62 West Street) Retail Shop Unit (Pounds)93,250
Funds Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc MFI Properties Ltd. Huddersfield (56/57 Beck Retail Warehouse (Pounds)75,360
Road)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Prestbury Group Plc Huntingdon (Stukeley Retail Warehouse (Pounds)105,546
Road)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Norwich Union Life & Ipswich (Suffolk Retail Retail Warehouse (Pounds)93,000
Pensions Ltd. Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Ocean Accident & Kings Lynn (Campbells Retail Warehouse (Pounds)104,808
Guarantee Corporation Meadow)
Ltd. c/o Commercial
Union Properties Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Norwich Union Life & Leicester (St. Georges Retail Warehouse (Pounds)187,918
Pensions Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Barclays Nominees Lincoln (14 The Sidings) Retail Warehouse (Pounds)114,636.50
(George Yard) Ltd. c/o Rent Review Outstanding
BZW Property Investment
Management
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 30 years, 9 months 11 June 2001
until 24 March 2022
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 27 July 2003
26 July 2023
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 5 June 2002
24 March 2022
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 9 November 2002
8 November 2017
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 June 2003
31 May 2018
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until Lease expires
23 June 2002 23 June 2002
- --------------------------------------------------------------------------
Scottish Power UK Plc 20 years, 3 months 24 June 2002
until 21 June 2012
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2003
23 June 2018
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2001
24 March 2016
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2000
25 December 2020
- --------------------------------------------------------------------------
Scottish Power UK Plc 24 years until 25 December 2002
16 December 2017
- --------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 1999
28 September 2019
</TABLE>
89
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Liverpool & Lancashire Liverpool (Edge Lane Retail Warehouse (Pounds)99,500
Properties Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Ravenside Investment Ltd. Manchester (White City Retail Warehouse (Pounds)74,650
Retail Park) Rent Review Outstanding
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc MFI Properties Ltd. Middlesbrough (Skippers Retail Warehouse (Pounds)68,285
Lane Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Friends Provident Life Newbury (Pinchington Retail Warehouse (Pounds)120,180
Office Ltd. Lane)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Royal & Sun Alliance Northampton (Riverside Retail Warehouse (Pounds)178,307.50
Property Investments Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Grantchester Investment Norwich (Sprowston Retail Warehouse (Pounds)102,170
Properties Co. Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Norwich (Norfolk Retail Retail Warehouse (Pounds)120,516
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Guardian Properties Nottingham (Castle Retail Warehouse (Pounds)196,755
(Holdings) Ltd. Meadow Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Pearl Assurance Plc Nottingham (Chilwell Retail Warehouse (Pounds)94,670
Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Barclays Nominees Peterborough Retail Warehouse (Pounds)143,500
(George Yard) Ltd. per (Brotherhood Retail Park)
Barclays De Zoette Wedd
Property Investment
Management Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Nuclear Generation Pioneer Office Park, Office Premises (Pounds)50,000
Decommissioning Fund Ltd. Whitwood Common Lane,
Castleford
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Equitable Life Poole (Wessex Gate Retail Warehouse (Pounds)142,941
Assurance Co. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Pillar Property Preston (Deepdale Retail Retail Warehouse (Pounds)75,000
Investment Park
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 35 years until 5 March 2000
5 March 2025
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 1999
24 December 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc 26 years, 8 months 31 May 2000
until 27 May 2020
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2002
24 March 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years until 29 September 2004
28 September 2019
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2000
23 June 2020
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2003
24 March 2023
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years, 9 months 29 September 2003
until 28 September 2016
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2003
23 June 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2002
23 June 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 10 years until 29 September 2003
29 September 2008
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 26 December 2002
September 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2000
24 March 2015
</TABLE>
90
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Stadium (Parkgate) Ltd. Rotherham (Retail World) Retail Warehouse (Pounds)126,600
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Unilever Scarborough (Seamer Road) Retail Warehouse (Pounds)91,850
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Limes Development Ltd. Scunthorpe (Lakeside Retail Warehouse (Pounds)119,370
Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Standard Life Assurance Sheffield (Meadowhall Retail Warehouse (Pounds)149,300
Co. Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Norwich Union Life & Sheffield (Drakehouse Retail Warehouse (Pounds)141,750
Pensions Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc CIN La Salle Shrewsbury (Meole Brace) Retail Warehouse (Pounds)147,440
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Allied Carpets Properties Solihull (Solihull Retail Warehouse (Pounds)106,500
Retail Park) Rent Review Outstanding
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc General Accident Life Southampton (West Key Retail Warehouse (Pounds)161,600
Developments Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Grantchester Properties Southport (Meols Cops Retail Warehouse (Pounds)156,000
(Southport) Plc Road)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Liverpool Victoria St. Helens (St. Helens Retail Warehouse (Pounds)97,500
Friendly Society Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Do it All Ltd. St. Helens (King Street) Retail Warehouse (Pounds)62,982
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Peel Investments (North) Stockport (The Peel Retail Warehouse (Pounds)233,220
Ltd. Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Union Property Holdings Stockton (Unit 5, Retail Warehouse (Pounds)143,000
(Investments) Ltd. Teesside Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Union Property Holdings Stockton (Unit 7a Retail Warehouse (Pounds)131,500
(Investments) Ltd. Teesside Retail Park)
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 35 years until 13 June 2000
29 June 2025
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years, 6 months 25 March 2003
until 24 March 2013
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 15 May 2003
14 May 2023
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 27 August 2002
26 August 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2002
24 December 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2002
28 December 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 1999
25 September 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2001
24 June 2001
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years until 25 December 2003
25 March 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 17 February 2002
16 February 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2000
20 December 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 26 January 2003
25 January 2013
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 20 May 2003
19 May 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2001
28 September 2016
- ----------------------------------------------------------------------------
</TABLE>
91
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Allied Carpets Group Ltd. Stoke (Festival Retail Retail Warehouse (Pounds)84,500
Park) Rent Review Outstanding
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc NFU Mutual Insurance Stoke (Springfield Retail Warehouse (Pounds)100,000
Society Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Norwich Union Pensions Sunderland (Pallion Retail Warehouse (Pounds)87,535
Management Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Prudential Assurance Sunderland (Sunderland Retail Warehouse (Pounds)96,752
Co. Ltd. Retail Park) Rent Review Outstanding
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc REA Properties Ltd. Tamworth (Ventura Retail Retail Warehouse (Pounds)130,000
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Telford (Wrekin Retail Retail Warehouse (Pounds)99,870
Assurance Society Ltd. Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Grantchester Thanet, Broadstairs Retail Warehouse (Pounds)126,000
(East Kent Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Peel Investments (North) Trafford Park, Retail Warehouse (Pounds)130,416
Ltd. Manchester (Trafford
Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc OTR Business parks Tunbridge Wells (Royal Retail Warehouse (Pounds)193,830
Tunbridge Wells Business
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc St. James Securities Ltd. Wakefield (Ings Road) Retail Warehouse (Pounds)187,500
Under-Lease part of unit Proportion payable by
to Kingsbury Furniture Scottish Power -
Stores (Pounds)67,500
Proportion payable by
Kingsbury -
(Pounds)120,000
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Texstyle World Warrington (Alban Retail Retail Warehouse (Pounds)64,500
Park) Rent Review Outstanding
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 35 years until 24 June 1999
21 June 2024
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 16 September 2003
15 September 2018
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 September 2018
28 September 2018
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 1999
24 March 2019
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2002
21 September 2022
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 March 2003
28 February 2018
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 2003
24 December 2023
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2002
23 June 2022
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2002
28 September 2022
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2001
5 March 2016
- ---------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 1998
22 December 2013
- ---------------------------------------------------------------------------
</TABLE>
92
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Argyll Property Asset Wigan (Loire Drive) Retail Warehouse (Pounds)126,745
Managers Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Midland Bank Trust Co. Winchester (Moorside Retail Warehouse (Pounds)120,000
Ltd. Road Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc National Provident Wolverhampton (St. Johns Retail Warehouse (Pounds)90,230
Institution Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Land Securities Wrexham (Berse Road) Retail Warehouse (Pounds)85,293
Properties Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Aberdeen (Unit Retail Warehouse (Pounds)115,665
4b,Kittybrewster Retail
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Aberdeen (Unit 3, Retail Warehouse (Pounds)99,360
Kittybrewster Retail
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc T. J. Walker Ayr (220/222 High St.) Retail Shop Unit (Pounds)53,900
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Morgan Grenfell Retail Ayr, (27/29 High St.) Retail Shop Unit (Pounds)38,000
Property Fund Sub-let to Durham Pine Rent payable by Durham
Ltd.) Pine -
(Pounds)38,000
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Sun Life Assurance Ayr (Heathfield Retail Retail Warehouse (Pounds)158,300
Society Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Scottish Metropolitan Berwick upon Tweed Retail Shop Unit (Pounds)65,000
(42 Marygate)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Caledonian Properties Bishopbriggs Retail Warehouse (Pounds)120,408
(Strathkelvin Retail
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.S. Ltd. Clydebank (3 Sylvania Retail Shop Unit (Pounds)52,000
Way)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.S. Ltd. Clydebank (8 Britannia Retail Shop Unit (Pounds)53,730
Way)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Westerwood Development Broadwood (Antonine Office Premises (Pounds)253,044
Co. House, Unit 5, Broadwood
Business Park)
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 25 years until 16 December 2001
28 September 2021
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2003
24 March 2023
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2000
23 June 2020
- ----------------------------------------------------------------------------
Scottish Power UK Plc 17 years, 9 months 29 September 2002
until 23 June 2010
- ----------------------------------------------------------------------------
Scottish Power UK Plc 23 years, 9 months 29 September 2001
until 28 September 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2000
28 September 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until Lease expires
30 July 2001 30 July 2001
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 2 February 2004
1 February 2009
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years until 18 October 2003
28 September 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 21 September 2002
20 September 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 2 February 2002
2 February 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until Lease expires
1 August 2003 1 August 2003
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 August 2000
1 August 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 August 2000
13 February 2020
</TABLE>
93
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc PDFM Property Partnership Clydebank (Clyde Retail Retail Warehouse (Pounds)69,000
Park) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc City Site Estates Coatbridge (76 Main St.) Retail Shop Unit (Pounds)38,700
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Coatbridge (Faraday Retail Warehouse (Pounds)80,000
Retail Park) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.N. La Salle Cumbernauld (7/9 Teviot Retail Shop Unit (Pounds)77,800
Invedstment Management Walk)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.N. La Salle Cumbernauld (23/25 Retail Shop Unit (Pounds)84,144
Investment Management Teviot Walk)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Halladale Properties Ltd. Dalkeith (30 High St.) Retail Shop Unit (Pounds)32,500
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Governor & Company Dumbarton (90/92 High Retail Shop Unit (Pounds)30,000
of The Bank of Scotland St.)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The British Land Company Dumbarton (St. James Retail Warehouse (Pounds)75,000
Plc Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Bourne End (Dumfries) Dumfries (Loreburn Retail Shop Unit (Pounds)50,000
Ltd. Shopping Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Britel Fund Trustees Ltd. Dundee (Unit 12/13 The Retail Shop Unit (Pounds)126,500
Wellgate Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Britel Fund Trustee Dundee (Unit V, The Retail Shop Unit (Pounds)93,800
Ltd. Wellgate Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Southwark Investments Dundee (Milton of Retail Warehouse (Pounds)101,300
Craigie Rd. North)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Concession Agreement Marks & Spencer, Retail Shop Unit The higher of
with Marks & Spencer 118 Bonnar St., (Pounds)15,000 per
Dunfermline quarter (base fee)/a fe
equal to 7.5% of gross
turnover
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Chartwell Land Dunfermline (New Retail Warehouse (Pounds)83,750
Investments Ltd. Carnegie Drive Retail
Park)
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 25 years until 29 September 1999
28 September 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 15 May 2000
7 December 2004
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 November 1998
28 November 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 16 years, 11 months 30 December 2000
until 30 December 2005
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 2 February 2003
7 May 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years until Lease expires
9 July 2002 9 July 2002
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2001
31 July 2011
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 11 November 2000
30 October 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 22 years, 9 months 11 November 2002
until 31 July 2016
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 August 2004
31 July 2019
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 20 August 2003
21 August 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 7 March 2001
6 March 2016
- ----------------------------------------------------------------------------
Scottish Power UK Plc 5 years until Expires 30 April 2002
30 April 2002
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 May 2000
28 May 2015
</TABLE>
94
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Norwich Union East Kilbride (Princes Retail Shop Unit (Pounds)116,325
Mall) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Land Securities East Kilbride (34 The Retail Shop Unit (Pounds)150,400
Properties Ltd. Olympia)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Marks & Spencer Edinburgh (Unit 4, Gyle Retail Shop Unit (Pounds)337,400
Shopping Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Marks & Spencer Edinburgh (Unit 35, Gyle Retail Shop Unit (Pounds)215,670
Shopping Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Pillar Property Edinburgh (Unit 8, Retail Warehouse (Pounds)260,064
Investment Ltd. Kinnaird Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Allied London Properties Edinburgh (38 New Retail Shop Unit (Pounds)47,500
Ltd. Kirkgate, Leith) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.N. La Salle Edinburgh (St. James Retail Shop Unit (Pounds)219,000
Investment Management Centre) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Peel Investments (North) Edinburgh (Unit 4b, Retail Warehouse (Pounds)91,100
Ltd. Pentland Retail Park,
Straiton)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Peel Investments (North) Edinburgh (Unit 5B, Retail Warehouse (Pounds)91,565
Ltd. Pentland Retail Park,
Straiton)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The British Land Co. Elgin, (Unit 2, Edgar Retail Warehouse (Pounds)64,500
Rd.)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Capital & Regional Falkirk (Howgate Retail Shop Unit (Pounds)138,500
Property Management Ltd. Shopping Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Sun Life Pensions Falkirk (High St.) Retail Shop Unit (Pounds)58,350
Management Property Fund
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- -----------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 24 years, 6 months 25 March 1999
until 25 March 2009
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2004
24 June 2014
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 10 October 2003
10 October 2018
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 10 October 2003
10 October 2018
- -----------------------------------------------------------------------------
Scottish Power UK Plc 24 years until 20 September 2004
24 March 2023
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 1999
23 June 2019
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 6 December 1999
5 December 2019
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2000
23 June 2015
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2000
23 June 2015
- -----------------------------------------------------------------------------
Scottish Power UK Plc 35 years until 25 March 2000
27 March 2025
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 12 October 2000
12 October 2015
- -----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 15 May 2000
14 May 2010
</TABLE>
95
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Lothian & Angus Borders Galashiels (Channel St.) Retail Shop Unit (Pounds)36,660
Co-operative Society Ltd. Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc ND Properties Inc. Glasgow (Unit 21, The Retail Shop Unit (Pounds)52,500
Forge, Parkhead) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc ND Properties Inc. Glasgow (Unit 25, The Retail Shop Unit (Pounds)92,635
Forge, Parkhead)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Retail Property Holdings Glasgow (Township Retail Shop Unit (Pounds)35,250
Ltd. Centre, Pollok)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc British Land Property Glasgow (Unit 4, Retail Warehouse (Pounds)120,375
Management Auldhouse Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc British Land Property Glasgow (Unit 5, Retail Warehouse (Pounds)119,835
Management Auldhouse Retail Park)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Morgan Grenfell Glasgow (Sauchiehall St.) Retail Shop Unit (Pounds)181,500
Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Despa Deutsche Sparkassen Glasgow (St. Enoch Retail Shop Unit (Pounds)120,000
Shopping Centre) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.S. Ltd. Glenrothes (Unit 17, The Retail Shop Unit (Pounds)78,000
Kingdom Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.S. Ltd. Glenrothes (Unit 25, The Retail Shop Unit (Pounds)51,765
Kingdom Centre)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Prudential Assurance Greenock (Unit 14C, Retail Shop Unit (Pounds)80,000
Society Hamilton Way)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc The Prudential Assurance Greenock (Unit 18, Retail Shop Uinit (Pounds)71,500
Society Hamilton Way)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Standard Life Property Hamilton (23a Regent Way) Retail Shop Unit (Pounds)82,500
Investment
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 25 years until 1 December 1999
30 November 2009
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 13 October 1998
13 October 2013
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 18 August 2003
18 August 2013
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 15 May 2004
15 May 2004
- ----------------------------------------------------------------------------
Scottish Power UK Plc 33 years, 9 months 25 December 2000
until 12 February 2024
- ----------------------------------------------------------------------------
Scottish Power UK Plc 33 years, 9 months 29 September 2000
until 12 February 2024
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 July 1999
30 June 2004
- ----------------------------------------------------------------------------
Scottish Power UK Plc 24 years until 24 June 1999
29 September 2013
- ----------------------------------------------------------------------------
Scottish Power UK Plc 35 years until 22 June 2002
29 April 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 28 November 2003
28 November 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 August 2000
24 September 2020
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 2 February 2001
2 February 2021
- ----------------------------------------------------------------------------
Scottish Power UK Plc 20 years, 8 months 28 August 2001
until 28 February 2012
</TABLE>
96
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Equitable Life Assurance Hamilton (Palace Grounds Retail Warehouse (Pounds)239,447
Society Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power Uk Plc Hercules Properties UK Inverness (Inverness Retail Warehouse (Pounds)155,961
Ltd. Retail Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Land Securities Irvine (Rivergate Retail Shop Unit (Pounds)50,500
Properties Ltd. Shopping Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Pardev (Irvine) Ltd. Irvine (Riverway Retail Retail Warehouse (Pounds)92,925
Park)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc British Land Universal Kilmarnock (King St.) Retail Shop Unit (Pounds)89,200
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Land Securities Livingston (Unit 14, Retail Shop Unit (Pounds)85,000
Properties Ltd. Almondvale Shopping
Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Land Securities Livingston (Unit 12, Retail Shop Unit (Pounds)70,500
Almondvale Shopping
Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc 1995/96 ScottishPower EZ Mossend (Coddington Distribution Warehouse (Pounds)600,480
Syndicate Crescent)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc C.I.S. Limited Motherwell (Brandon Retail Shop Unit (Pounds)59,625
Parade)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Paisley (Unit 10, Retail Shop Unit (Pounds)132,000
Paisley Shopping Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Legal & General Paisley (Unit 6a, Retail Shop Unit (Pounds)82,325
Paisley Shopping Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Prudential Portfolio Perth (St, Catherines Retail Warehouse (Pounds)86,500
Managers Ltd. Retail Park) Rent Review Outstanding
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Scottish Co-op Rutherglen (c/o Co-op Retail Shop Unit 7.5% of total turnover
Main St.) but not less than
(Pounds)60,000 p.a.
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Mars Pension Trustees Rutherglen (Mitchell Retail Shop Unit (Pounds)31,250
Ltd. Arcade Shopping Centre)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Northern Retail St. Andrews (135 Market Retail Shop Unit (Pounds)43,500
Properties Ltd. St.)
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 25 years until 23 July 2004
22 July 2024
- ----------------------------------------------------------------------------
Scottish Power Uk Plc 25 years until 17 November 2002
16 November 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2001
28 September 2016
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2000
13 July 2015
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 1 August 2002
1 August 2012
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 March 2004
24 March 2019
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2004
23 June 2019
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 15 May 2002
14 May 2022
- ----------------------------------------------------------------------------
Scottish Power UK Plc 24 years, 4 months 11 November 2002
until 2 February 2012
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 February 2002
23 February 2017
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 29 September 2003
28 September 2018
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 25 December 1999
24 December 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc
Agreement running by tacit relocation
- ----------------------------------------------------------------------------
Scottish Power UK Plc 5 years, 10 months Lease expires
until 2 February 2001 2 February 2001
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years from 1 January 2002
1 January 2016
</TABLE>
97
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Power UK Plc Middleton Investments Saltcoats (Dockhead St.) Retail Shop Unit (Pounds)48,000
Ltd. Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Standard Life Property Stirling (Thistle Centre) Retail Shop Unit (Pounds)98,000
Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc LaSalle Investment Stirling (Springkerse Retail Warehouse (Pounds)90,000
Management Retail Park) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc SLC Pooled Pensions Ltd. Uddingston (Birkenshaw Retail Warehouse (Pounds)70,000
Industrial Estate) Rent Review Outstanding
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Morrisons Holdings Ltd. Wishaw (Main St.) Retail Shop Unit (Pounds)61,000
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK Plc Chester Properties Wishaw (Caledonia Centre) Retail Warehouse (Pounds)85,000
(Ventures) Ltd.
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK plc 1 Atlantic Quay Offices (Pounds)712,372
Glasgow
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK plc Greycoat 30 Cannon Street Offices (Pounds)232,746
Cannon Street (No2) London
Limited
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK plc Contracting Services 3 Westway Park Office/Depot (Pounds)62,500.
Cultins Road
Edinburgh
EH11 4DG
- -----------------------------------------------------------------------------------------------------------------------------------
Manweb plc Legal & General Birkenhead C S C (Pounds)35,000
- -----------------------------------------------------------------------------------------------------------------------------------
Manweb plc Eagle Star Properties Crewe ex Retail Retail Units (Pounds)64,500
- -----------------------------------------------------------------------------------------------------------------------------------
Manweb plc SLC Pooled Properties Northwich ex Retail Retail Units (Pounds)102,500
- -----------------------------------------------------------------------------------------------------------------------------------
Manweb plc Lloyds Bank Manweb House Offices (Pounds)310,000
Chester Business Park
- -----------------------------------------------------------------------------------------------------------------------------------
Southern Water Services The Standard Life Victory House Office (Pounds)725,000
Assurance Co Churchill Court
Manor Royal
Crawley
West Sussex
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- ----------------------------------------------------------------------------
<S> <C> <C>
Scottish Power UK Plc 25 years until 1 August 1999
31 July 2009
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 August 1999
23 August 2009
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 9 May 1999
9 May 2019
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 27 September 1999
27 September 2014
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 24 June 2001
31 July 2011
- ----------------------------------------------------------------------------
Scottish Power UK Plc 25 years until 14 September 2002
13 September 2012
- ----------------------------------------------------------------------------
Scottish Power UK plc Until 2016 April 2001
- ----------------------------------------------------------------------------
Scottish Power UK plc Until 2/9/2008 June 2004
- ----------------------------------------------------------------------------
Scottish Power UK plc 2004,2009,2014
- ----------------------------------------------------------------------------
Manweb plc 10 years July 15 2001
- ----------------------------------------------------------------------------
Manweb plc 25 years June 9 2000
- ----------------------------------------------------------------------------
Manweb plc 25 years Sept 29 2000
- ----------------------------------------------------------------------------
Manweb plc 15 years June 21 2001
- ----------------------------------------------------------------------------
Southern Water Services 10 years March 25 2003
</TABLE>
98
<PAGE>
<TABLE>
<CAPTION>
LESSEE LESSOR LOCATION TYPE OF PROPERTY ANNUAL RENT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ScottishPower UK plc Glasgow City Council St Vincent Cresen Ground Lease for Offices (Pounds)50,000
- -----------------------------------------------------------------------------------------------------------------------------------
Scottish Power UK plc New Alderston House Offices (Pounds)469,500
Strathclyde Business Park Rent Commences
2003
</TABLE>
<TABLE>
<CAPTION>
LESSEE DURATION OF LEASE RENT REVIEW DATE
- -----------------------------------------------------------------------------
<S> <C> <C>
ScottishPower UK plc Until 2067 2010
- -----------------------------------------------------------------------------
Scottish Power UK plc
</TABLE>
99
<PAGE>
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
During Five Years Prior to November 29, 1999
<TABLE>
<CAPTION>
Proceeds
Received
Amount by Issuer Approximate
Issued per $100 Expenses
Title or Sold (Before of Issuer
Of Issue Obligor ($000s) Expenses) Per $100
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
5.65% Series due November 1, 2006 PacifiCorp $200,000 $99.04 $2.80
Secured Medium-Term Notes Series F PacifiCorp $ 20,000 $96.76 $2.50
Secured Medium-Term Notes Series G PacifiCorp $100,000 $98.72 $1.25
Secured Medium-Term Notes Series G PacifiCorp $100,000 $99.35 $0.03
Secured Medium-Term Notes Series G PacifiCorp $100,000 $99.13 $0.03
Secured Medium-Term Notes Series H PacifiCorp $175,000 $99.09 $1.19
Secured Medium-Term Notes Series H PacifiCorp $125,000 $98.96 $1.27
Secured Medium-Term Notes Series H PacifiCorp $200,000 $99.03 $0.38
Converse County, Wyoming Environmental PacifiCorp $ 5,300 $99.53 $2.02
Improvement Revenue Bonds Series 1995
Lincoln County, Wyoming Environmental PacifiCorp $ 22,000 $99.53 $1.36
Improvement Revenue Bonds Series 1995
Sweetwater County, Wyoming Environmental PacifiCorp $ 24,400 $99.59 $0.51
Improvement Revenue Bonds Series 1995
</TABLE>
<TABLE>
<CAPTION>
Name of Principal Initial
Title Underwriters or Offering
Of Issue Purchasers Price
- -----------------------------------------------------------------------------------------
<S> <C> <C>
5.65% Series due November 1, 2006 GS $ 99.67
Secured Medium-Term Notes Series F LB $ 97.51
Secured Medium-Term Notes Series G LB, MS, PW, SaB $ 99.37
Secured Medium-Term Notes Series G GS, LB, MS, SaB $100.00
Secured Medium-Term Notes Series G GS, LB, MS, SaB $100.00
Secured Medium-Term Notes Series H GS, LB, ML, SaB, SmB $ 99.71
Secured Medium-Term Notes Series H GS, LB, ML, SaB, SmB $ 99.64
Secured Medium-Term Notes Series H GS, SaB $ 99.68
Converse County, Wyoming Environmental GS $100.00
Improvement Revenue Bonds Series 1995
Lincoln County, Wyoming Environmental GS $100.00
Improvement Revenue Bonds Series 1995
Sweetwater County, Wyoming Environmental GS $100.00
Improvement Revenue Bonds Series 1995
</TABLE>
100
<PAGE>
<TABLE>
<CAPTION>
Proceeds
Received
Amount by Issuer Approximate
Issued per $100 Expenses
Title or Sold (Before of Issuer
Of Issue Obligor ($000s) Expenses) Per $100
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Emery County, Utah 6.15% Environmental PacifiCorp $ 12,675 $97.59 $4.80
Improvement RevenueBonds Series 1996
8 3/8% Quarterly Income Debt Securities
(QUIDS) Series A PacifiCorp $120,000 $96.85 $0.45
8.55% Quarterly Income Debt Securities (QUIDS)
Series B PacifiCorp $ 55,826 $99.00 $3.51
8 1/4% Cumulative Quarterly Income Preferred
Securities, Series A (QUIPS) PacifiCorp $217,000 $96.85 $0.30
Capital
7.70% Trust Preferred Securities, Series B (QUIPS) PacifiCorp $135,000 $96.85 $1.28
Capital
6.75% Senior Notes Due 2001 PGHC $150,000 $99.08 $0.17
7.20% Senior Notes Due 2006 PGHC $100,000 $98.79 $0.17
6.15% Notes Due 2008 PA LLC $400,000 $98.99 $1.16
</TABLE>
<TABLE>
<CAPTION>
Name of Principal Initial
Title Underwriters or Offering
Of Issue Purchasers Price
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Emery County, Utah 6.15% Environmental GS $ 98.59
Improvement RevenueBonds Series 1996
8 3/8% Quarterly Income Debt Securities
(QUIDS) Series A BS, DW, GS, MS $ 25.00
8.55% Quarterly Income Debt Securities (QUIDS)
Series B GS, SaB $ 25.00
8 1/4% Cumulative Quarterly Income Preferred
Securities, Series A (QUIPS) AG, DW, GS, ML, SmB $ 25.00
7.70% Trust Preferred Securities, Series B (QUIPS) AG, GS, MS, PW, SmB $ 25.00
6.75% Senior Notes Due 2001 GS, LB, JP, UB $ 99.77
7.20% Senior Notes Due 2006 GS, LB, JP, UB $ 99.44
6.15% Notes Due 2008 AB, CH, CT, JP, UB $ 99.64
</TABLE>
AB = ABN AMRO
CH = Chase
CT = Citicorp
GS = Goldman, Sachs
JP = J.P. Morgan
LB = Lehman Brothers
ML = Merrill Lynch
MS = Morgan Stanley
PW = Paine Webber
SaB = Salomon Brothers
SmB = Smith Barney
UB = UBS Securities
101
<PAGE>
<TABLE>
<CAPTION>
Proceeds Name
Received by Approximate of Principal Underwriters
Amount Issued Issuer per 100 Expenses of Underwriters or Initial
Title of Issue Obligator or Sold (Before Expenses) Issuer Per 100 Purchasers Offering Price
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
8.375% Bonds due 2017 SPUK (Pounds)200m 100.708 2.500 HSBC 100.708
- -----------------------------------------------------------------------------------------------------------------------------------
*5.25% Notes due 2008 SPUK DM 725m 99.924 0.375 WDR, Deutsche 102.549
- -----------------------------------------------------------------------------------------------------------------------------------
*5.875 Notes due 2003 SPUK US$ 300m 101.301 1.875 WDR, JPM 101.301
- -----------------------------------------------------------------------------------------------------------------------------------
* 6.75% Notes due 2023 SPUK (Pounds)250m 99.421 0.633 Barclays 99.421
- -----------------------------------------------------------------------------------------------------------------------------------
*6.625% Notes due 2010 SPUK (Pounds)200m 99.345 0.3825 JPM, Deutsche, 99.345
HSBC
- -----------------------------------------------------------------------------------------------------------------------------------
*Medium Term Notes due SPUK (Pounds)601m N/A N/A N/A N/A
1998-2039
- -----------------------------------------------------------------------------------------------------------------------------------
Variable Coupon Bonds Southern (Pounds)100m 100.000 0.375 HSBC 100
due 2010 Water
Services
- -----------------------------------------------------------------------------------------------------------------------------------
Southern Water Acquis- SPUK (Pounds)619m 100 4.039 * *
ition Issue of
Ordinary Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Manweb Acquisition SPUK (Pounds)404m 100 3.267 * *
Issue of Ordinary
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
PacifiCorp Merger ScottishPower (Pounds)3,969m 100 N/A * *
Issue of Ordinary
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Thus plc Initial SPUK/Thus plc (Pounds)1,087m 100 1.573 Goldman Sachs (Pounds)3.10
Public Offering per share
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
102
<PAGE>
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 of PacifiCorp and its
subsidiaries with respect to future distribution of securities of
ScottishPower plc is set forth in the following document, the applicable
portions of which are hereby incorporated by reference: Registration
Statement of ScottishPower plc on Form S-8 with respect to the
PacifiCorp Stock Incentive Plan [Exhibit (4)(c)], the PacifiCorp K Plus
Employee Savings and Stock Ownership Plan [Exhibit (4)(d)], and the
PacifiCorp Compensation Reduction Plan [Exhibit (4)(e)] in File No. 333-
92095.
(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.
None, except that the beneficiaries of the employee benefit plans
referred to above may be deemed to have a financial interest in the
Registrant 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 holders of the common stock of ScottishPower, as of
its most recent dividend record date.
ScottishPower securities 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, ScottishPower has no way to
determine the number of shares held by each holder of beneficial
interest. Accordingly, ScottishPower is only able to provide information
as to shares registered with SottishPower.
The following table sets forth ScottishPower's twenty largest registered
shareholders on the books:
103
<PAGE>
SCOTTISHPOWER
TWENTY LARGEST HOLDERS OF CAPITAL STOCK
SHAREHOLDERS OF RECORD
AT JANUARY 21, 2000
<TABLE>
<CAPTION>
Holder Name/s/ Address Balance %
- ------------------------------------------------------------------------------------
<S> <C> <C>
BNY/Nominees/Limited 373,916,040 20.35
30 Cannon Street, London EC4M 6XH
- ------------------------------------------------------------------------------------
The Bank of New York/Nominees/Limited 138,147,764 7.52
30 Cannon Street, London EC4M 6XH
- ------------------------------------------------------------------------------------
Chase/ Nominees/Limited 80,275,312 4.37
P.O. Box 18171, 125 London Wall
London EC2Y 5AJ
- ------------------------------------------------------------------------------------
Prudential Client/MSS/Nominees/Limited 58,876,158 3.20
Mariner House, Pepys Street, London EC3N 4DA
- ------------------------------------------------------------------------------------
HSBC Global Custody/Nominee/UK/Limited 34,843,474 1.90
Mariner House, Pepys Street, London EC3N 4DA
- ------------------------------------------------------------------------------------
HSBC Global Custody/Nominee/UK/Limited 28,928,835 1.57
Mariner House, Pepys Street, London EC3N 4DA
- ------------------------------------------------------------------------------------
Stanlife/Nominees/Limited 26,576,739 1.45
P.O. Box 18172,125 London Wall
London EC2Y 5AJ
- ------------------------------------------------------------------------------------
RBSTB/Nominees/Limited 23,680,390 1.29
67 Lombard Street, London EC3P 3DL
- ------------------------------------------------------------------------------------
Vidacos/Nominees/Limited 19,859,457 1.08
336 Strand, London WC2R 1HB
- ------------------------------------------------------------------------------------
Vidacos/Nominees/Limited 19,684,340 1.07
336 Strand, London WC2R 1HB
- ------------------------------------------------------------------------------------
Littledown /Nominees/Limited 14,943,986 0.81
P.O. Box 18171, 125 London Wall
London EC2Y 5AJ
- ------------------------------------------------------------------------------------
HBBC Global Custody/Nominee/UK/Limited 14,211,687 0.77
Mariner House, Pepys Street, London EC3N 4DA
- ------------------------------------------------------------------------------------
Nortrust/Nominees/Limited 13,143,629 0.72
155 Bishopsgate, London EC2M 3XS
- ------------------------------------------------------------------------------------
Vidacos/Nominees/Limited 12,725,061 0.69
336 Strand, London WC2R 1HB
- ------------------------------------------------------------------------------------
Chase/Nominees/Limited 11,676,957 0.64
P.O. Box 18171, 125 London Wall
London EC2Y 5AJ
- ------------------------------------------------------------------------------------
HSBC Global Custody Nominee/UK/Limited 10,732,803 0.58
Mariner House, Pepys Street, London EC3N 4DA
- ------------------------------------------------------------------------------------
The Securities Management Trust Limited 10,475,216 .057
19 Old Jewry, London EC2R 8EU
- ------------------------------------------------------------------------------------
</TABLE>
104
<PAGE>
<TABLE>
<CAPTION>
Holder Name/s/ Address Balance %
- ------------------------------------------------------------------------------------
<S> <C> <C>
Scottish Power Share Scheme Trustees Limited 10,230,811 0.56
1 Atlantic Quay, Glabgow G2 8SP
- ------------------------------------------------------------------------------------
Co-Operative Insurance Society Limited 10,181,423 0.55
Miller Street, Manchester M60 0AL
- ------------------------------------------------------------------------------------
Chase/Nominees/Limited 9,964,112 .0.54
P.O. Box 181,125 London Wall,
London EC2Y 5AJ
- ------------------------------------------------------------------------------------
Totals
- ------------------------------------------------------------------------------------
</TABLE>
(b) Number of shareholders of record each holding 1,000 shares or more, and
aggregate number of shares so held
<TABLE>
<CAPTION>
Range Number of % Balance %
Holdings
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1- 10,000 533,237 99.55 248,910,120 13.55
- ------------------------------------------------------------------------------------
</TABLE>
(c) Number of shareholders of record each holding less than 1,000 shares and
the aggregate number of shares so held
<TABLE>
<CAPTION>
Range Number of % Balance %
Holdings
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10,001-Highest 2,423 .45 1,588,313,285 86.45
- ------------------------------------------------------------------------------------
</TABLE>
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.
See Attachment 1.
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
105
<PAGE>
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.
Omitted by Permission of the Staff
(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 annual rate of compensation of all those who
receive $20,000 or more per year from all such companies.
Omitted by Permission of the Staff
(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.
To the best knowledge of ScottishPower's management, none exists.
(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.
To the best knowledge of ScottishPower's management, none exists.
(e) 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
106
<PAGE>
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.
To the best knowledge of ScottishPower's management, none exists.
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 ScottishPower's 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.
To the best knowledge of ScottishPower's management, there are no
such contracts.
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:
PacifiCorp and its subsidiaries are parties to various legal claims,
actions and complaints, one of which is described below. Although it is
impossible to predict with certainty whether or not the PacifiCorp and its
subsidiaries will ultimately be successful in its legal proceedings or, if
not, what the impact might be, management believes that disposition of
107
<PAGE>
these matters will not have a material adverse effect on PacifiCorp's
consolidated financial results.
On October 9, 1996, the Sierra Club filed an action against the PacifiCorp
and the other joint owners of Units 1 and 2 of the Craig Electric
Generating Station ("Station") under the citizen's suit provisions of the
Federal Clean Air Act alleging, based upon reports from emissions monitors
at the Station, that over 14,000 violations of state and federal opacity
standards have occurred over a five-year period at Units 1 and 2 of the
Station. (Sierra Club v. Tri-State Generation and Transmission
----------------------------------------------------
Association, Inc., Public Service Company of Colorado, Inc., Salt River
-----------------------------------------------------------------------
Project Agricultural Improvement and Power District, PacifiCorp and Platte
--------------------------------------------------------------------------
River Power Authority, Civil Action No. 96-B2368, US District Court for the
---------------------
District of Colorado). PacifiCorp has a 19.28% interest in Units 1 and 2
of the Station, which is operated by Tri-State Generation and Transmission
Association and located in Craig, Colorado.
The action seeks injunctive relief requiring the defendants to operate the
Station in compliance with applicable statutes and regulations, the
imposition of civil penalties, litigation costs, attorneys' fees and
mitigation. The Federal Clean Air Act provides for penalties of up to
$27,500 per day for each violation, but the level of penalties imposed in
any particular instance is discretionary. The complaint alleges that the
PacifiCorp and Public Service Company of Colorado are responsible for the
alleged violations beginning with the second quarter of 1992, when they
acquired their interests in the Station, and that the other owners are
responsible for the alleged violations during the entire period. The
complaint alleges that there were approximately 10,000 violations since the
second quarter of 1992. On March 18, 1999, the district court issued its
order regarding summary judgment motions filed by the parties. The court
ruled, among other things, that the emission monitors may be used by the
plaintiff to establish violations of opacity standards, but that the plant
owners are entitled to prove that the reported information is flawed. A
trial date has not yet been set. ScottishPower is unable to predict the
level of penalties or other remedies that may be imposed upon the joint
owners of the Station or what portion of such liability may ultimately be
borne by the PacifiCorp.
Manweb participates in the industry-wide Electricity Supply Pension Scheme.
Two other members of the scheme, National Power plc and NGC, have been the
subject of legal proceedings in connection with the use of surplus
following an actuarial valuation at March 31, 1992 to fund early retirement
benefits. Manweb also applied surplus following that valuation and the
subsequent valuation at March 31, 1995 ((Pounds)6 million following the
1992 valuation and (Pounds)32 million following the 1995 valuation) for the
same purpose.
In a decision on February 10, 1999, the Court of Appeal decided that,
without a scheme amendment or trustee agreement, employers could not apply
surplus unilaterally to forgive an accrued liability. This could lead to
employers being required to make additional contributions to the scheme to
meet that liability. A further hearing took place in May 1999 which
clarified certain aspects of the judgment. The judgment indicates that
Manweb may be liable for additional contribution to the scheme. Leave to
appeal to the
108
<PAGE>
House of Lords was given and if an appeal is made, it is unlikely to be
heard before mid-2000.
There is a range of possible outcomes to the current NGC litigation, any of
which could affect Manweb's own potential liability, if any, to contribute
to the scheme. If amendments can be made to the scheme to perfect the past
arrangements to use surplus, no employer contributions should be required.
If the courts in the NGC case ultimately decide that additional payments
are due from employers to the scheme in respect of all or any part of the
surplus used since the 1992 valuation, Manweb may also be required to make
payments. However in this event two further points must be determined
before the ultimate cost to Manweb could be assessed: the effective date
for calculating the amounts due, and whether payments can be spread over a
number of years. Both these issues may affect significantly the ultimate
cost to Manweb.
No proceedings have been commenced against Manweb as at June 30, 1999
(being the latest practicable date prior to the publication of this
document) in respect of the issues raised by the NGC decisions. Except as
discussed above, ScottishPower is not aware of any material pending
legal proceedings, other than ordinary routine litigation incidental to the
business of the group, to which ScottishPower or any of its subsidiaries is
a party, or of which any of their property is the subject, or any such
proceedings known to be contemplated by any governmental authority.
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.
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 by-laws, 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. (Note: By permission of the Staff, in lieu of the exhibits
----
required hereunder, the disclosure requirements for Exhibit B are (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.)
109
<PAGE>
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.
(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.
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.
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, provided 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.
(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;
See Exhibit E1.
110
<PAGE>
(b) Transmission lines--voltage, number of circuits, kind of
supports, kind and size of conductors;
See Exhibit E1.
(c) Transmission substations--capacity.
See Exhibit E1.
(d) Distribution substations--capacity.
See Exhibit E1.
(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;
See Exhibit E1.
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.
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 H. Typical forms of service, sales or construction contracts described
in answer to Item 18.
There are none.
111
<PAGE>
INDEX OF EXHIBITS
-----------------
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
A Corporate Chart of ScottishPower plc
B ScottishPower System companies, Dates of Organization and Brief
Descriptions
C Copy of Indentures
D Financial Statements
E Maps
F Annual Reports to Shareholders
G Annual Reports to State Commissions
ATTACHMENT
- ----------
1 Officers and Directors
Exhibits and the Attachment are filed on Form SE
112
<PAGE>
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 Glasgow and Country of Scotland on the 7th day of
March, 2000.
ScottishPower plc
By /s/ Sir Ian Robinson
-----------------------------------------
Sir Ian Robinson
Chief Executive Officer
Attest:
/s/ James Stanley
- ----------------------------------------------
James Stanley
Legal Director
VERIFICATION
The undersigned, being duly sworn, deposes and says that he has duly
executed the attached registration statement dated March 8, 2000, for and on
behalf of ScottishPower; that he is the Chief Executive Officer 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/
------------------------------------
Subscribed and sworn to before me
this 7th day of March, 2000.
/s/
- ------------------------------------------------
My commission expires: N/A
<PAGE>
EXHIBIT A
CORPORATE CHART
Company Percentage of Ownership
- ------- -----------------------
Scottish Power plc All 100% except as noted
ScottishPower UK plc
Caledonian Gas Limited
Camjar plc
Spotlight Trading Limited
Telephone Information Services plc
Celt Power Limited (50% held)
Dynamic Power Limited
ScottishPower Electricity Settlements Limited
Scottish Energy Services Limited
Scottish Power Trustees Limited
ScottishPower Distribution Limited
ScottishPower Energy Supply Limited
ScottishPower Gas Limited
ScottishPower Generation Limited
ScottishPower Investments Limited
Beaufort Energy Limited
CRE Energy Limited
Caledonian Communications Limited
Cathcart Insurance Limited (in Voluntary Liquidation:
Domestic Appliance Insurance Limited
Genscot Limited
Manweb plc
Manweb Holdings Limited
Barnfleet Limited
Manweb Contracting Services Limited
Manweb Energy Consultants Limited
Manweb Gas Limited
Manweb Generation Holdings Limited
Manweb Generation (Winnington) Limited
Wind Resources Ltd. (45%) held)
Carland Cross Ltd.
Coal Clough Ltd.
Manweb Pensions Trustees Limited
Manweb Services Limited
Merseyside Power Trading Limited
Manweb Nominees Limited
Manweb Share Scheme Trustees Limited
ScotPower Limited
<PAGE>
Scotspower Limited
Scotsgrid Limited
ScottishPower Finance Limited
Shoreham Operations Co., Ltd. Corp (50% held)
South Coast Power Limited
ScottishPower Insurance Limited
ScottishPower Leasing Limited
ScottishPower Securities Limited
Thus plc (50.1% held)
Demon Internet Inc.
Scotland Online Limited
Golfing Scotland Limited
ScottishPower Telecommunications Limited
Demon Internet Limited
Cityscape Global Media Limited
Cityscape Internet Services Limited
Cityscape Limited
Demon Limited
Dispatch Publishing Limited
Locomotive Software Group Limited
Locomotive Software Developments Limited
Turnpike 1996 Limited
Turnpike Limited
The IP Systems Operation Limited
Lancastrian Holdings Limited
Megafone (UK) Limited
Psychic Companions Limited
Watermark Games Limited
SPPT Limited
SSEB Limited
Waterline Insurance Company Limited
ScottishPower Share Scheme Trustees Limited
Scottish Power Transmission Limited
SMW Limited
Southern Water plc
Aquaclear Limited
Bowsprit Holdings Limited
Bowsprit Property Development Limited
Monk Rawling Limited
Coastal Wastewater Consultants Limited
E S Taylor (Worthing) Holdings Limited
James Leppard & Sons Limited
T&E Hire (Tool & Equipment) Limited
Taylor Plant & Haulage Limited
2
<PAGE>
Taylors Glass & Waste Recycling Limited
TES Environmental Services Limited
Ecoclear Limited
Hazeley Down Mineral Water Company Limited
Linemicro Limited
M.W. Longley Limited
McDowells Limited
ScottishPower Group Money Purchase Pension Scheme Limited
Southern Science Limited
Southern Water Executive Pension Scheme Trustees Limited
Southern Water Global Limited
Southern Water Industries Limited
Contract Services (S.E.) Limited
Southern Water Mirror Image Pension Trustees Limited
Southern Water Pension Trustees Limited
Southern Water Services Limited
Pipeworks Limited
Southern Water Services Finance plc
Southern Water Share Scheme Trustees Limited
Southern Water Technologies Limited
Timber Clear Limited
Water Working Limited
Teledata (Holdings) Limited
Teledata (Outsourcing) Limited
The Call Centre Service Limited
Teledata Scotland Limited
The Information Service Limited
Clubcall Telephone Services Limited
Clubline Services Limited
Telephone International Media Holdings Limited
Copperteam Limited
Telephone International Media Limited
TIM Limited
Scot Ash Limited
Sabre Water Limited
ScottishPower NA 1 Limited
ScottishPower NA 2 Limited
NA General Partnership
PacifiCorp
Centralia Mining Company
Energy West Mining Company
Glenrock Coal Company
Interwest Mining Company
Pacific Minerals, Inc.
3
<PAGE>
Bridger Coal Company (66.67%)
PacifiCorp Environmental Remediation Company
Biodiversidad Sostenible
Rio Bravo Carbon
Sequestration Pilot Project
PPW Repurchase LLC
PacifiCorp Future Generations, Inc.
Canopy Botanical, Inc. (80% interest)
Canopy Botanical SRL (50%)
Transalta Centralia Generation LLC (47.5%)
Transalta Centralia Mining LLC
PACORP
PacifiCorp Investment Management, Inc.
PacifiCorp Group Holdings Company
PACORP
En . able LLC
Orcom System, Inc.(50%)
Energy Pact, LLC
New Energy Holdings I, Inc.
EnergyWorks Holdings I
Casa Palermo, S.A.(50% interest)
AeroEnergia, S.A.(49% interest)
New India Power Company One
Energy works India Co. Pvt.
New IndiaPower Company Two
New IndiaPower Investment Co. Ptd, Ltd.
PT Energy Works Indonesia
Inspect LLC
PACE Group, Inc.
Pacific Kinston Energy, Inc.
Pacific Klamath Energy, Inc.
PacifiCorp Development Company
PacifiCorp International Development Corp.
Pacific Generation (Cayman), Inc.
PacGen GP Co., Ltd.
PacGen SMHPC Ltd
PacifiCorp Generation Int'l, BV
Pacific Generation Int'l. Ltd.
PacGen SMHPC Ltd.
PacifiCorp Turkey Holding Co.
PacifiCorp Energy, Inc.
PacifiCorp-Enstor Gas Storage Co. (33.33% interest)
Columbia Gas Storage LLC (98% interest)
Delta Gas Storage LLC (98% interest)
4
<PAGE>
Farnham Gas Storage LLC (98% interest)
Jefferson Gas Storage LLC (98% interest)
Moab Gas Storage LLC (98% interest)
PacifiCorp Energy Services, Inc.
PacifiCorp Energy Ventures, Inc.
PacifiCorp Power Marketing, Inc.
PPM 1 LLC
PPM 6 LLC
PacifiCorp Trans, Inc.
PacifiCorp Financial Services, Inc.
Birmingham Syn Fuel I, Inc.
Birmingham Syn Fuel, LLC
PacifiCorp Syn Fuel, LLC
Birmingham Syn Fuel II, Inc.
Birmingham Syn Fuel, LLC
PacifiCorp Syn Fuel, LLC
CS Holdings, Inc.
Koala FSC, Ltd.
Leblon Sales Corporation
Pacific Development (Property), Inc.
Pacific Harbor Capital, Inc.
PFI International, Inc.
PHC Properties Corporation
PCC Holdings, Inc.
Hillsborough Leasing Services, Inc.
PacifiCorp Capital, Inc.
Stanan Computer Leasing, Inc.
PNF Holdings, Inc.
VCI Acquisition Co.
PacifiCorp International Group Holdings Company
Eastern Investment Company
PacifiCorp Australia, LLC
Hazelwood Australia, Inc.
Hazelwood Ventures, Inc.
Hazelwood Finance LP (12.55% interest)
Hazelwood Holdings, Inc.
PacifiCorp Global, Inc.
Hazelwood Pacific Pty Ltd.
Hazelwood Power Partners
PacifiCorp Australia Holdings Pty
Powercor Australia Ltd.
Australia Ombudsman Corporation
Pan-Pacific Global Corporation
PacifiCorp Australia Pty Ltd.
5
<PAGE>
PacifiCorp Philippines Development Corporation
Ambuklao Power, Inc.
PacifiCorp Turkey Development Corporation
PacifiCorp UK Development Corporation
PacifiCorp EnergyCo Holdings LLC
PacifiCorp EnergyCo
PacifiCorp Services Limited
PacifiCorp Finance (UK) Limited
PacifiCorp Acquisitions
PacifiCorp Investments (Middle East) Int'l Holding Co. Limited
6
