SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
CH ENERGY GROUP, INC.
hereby files with the Securities Exchange Commission, pursuant to Rule 2, its
statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935 ("Act") and submits the following
information:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF
CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT WHOLESALE GENERATOR
(EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY HOLDS
AN INTEREST.
The following response is as of December 31, 1999:
CH Energy Group, Inc. ("Claimant") is a corporation organized and
existing under the State of New York. Claimant is a holding company, which
acquires businesses and holds securities and/or interests in other corporations,
partnerships and/or businesses. Claimant's principal place of business is 284
South Avenue, Poughkeepsie, New York 12601-4879. Claimant became a holding
company under the Act on December 15, 1999 and, as of that date, has the
following subsidiaries other than any EWG:
<PAGE>
<TABLE>
<CAPTION>
Name and Location State of
of Company Organization Nature of Business
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. Central Hudson Gas & Electric New York Generation, Transmission and distribution of
Corporation, Poughkeepsie, New York electricity and the transmission and distribution of
("Central Hudson") natural gas in New York State except that certain
wholesale sales of electricity are made, from time to
time, to out of State utilities. Central Hudson's
"franchise territory" generally extends about 85 miles
along the Hudson River and about 25 to 40 miles east
and west of such River. The southern end of that
territory is about 25 miles north of New York City and
the northern end is about 10 miles south of the City of
Albany, N.Y.
- ---------------------------------------------------------------------------------------------------------------------
2. Phoenix Development Corporation, New York Real estate holding company for Central Hudson.
Poughkeepsie, New York ("Phoenix")
- ---------------------------------------------------------------------------------------------------------------------
3. Central Hudson Energy Services, New York Invests in energy related business; currently owns,
Inc., Poughkeepsie, New York directly or indirectly, the affiliates referred to
("Services") in 4-11 below.
- ---------------------------------------------------------------------------------------------------------------------
4. Central Hudson Enterprises New York Markets electric, gas and oil related services; and
Corporation, Poughkeepsie, New York conducts energy audits and provides related services.
("CHEC")
- ---------------------------------------------------------------------------------------------------------------------
5. Greene Point Development New York Develops, invests in and/or operates energy related
Corporation, Poughkeepsie, New York businesses.
("Greene Point")
- ---------------------------------------------------------------------------------------------------------------------
6. Prime Industrial Energy Services, New York Operates a heating, ventilation and air-conditioning
Inc., Poughkeepsie, New York ("Prime business.
Industrial")
- ---------------------------------------------------------------------------------------------------------------------
7. Scasco, Inc., Winsted, Connecticut Connecticut Conducts a fuel oil business in Connecticut.
("Scasco")
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
8. Island Sound Commercial Energy Delaware Sells natural gas to customers in Connecticut and
Sales, Inc., Winsted, Connecticut Rhode Island.
("Island Sound") (Merged into Scasco on 12/31/99.)
- ---------------------------------------------------------------------------------------------------------------------
9. CH Niagara Properties, Inc., New York Owns real property interests on which an affiliate
Niagara Falls, New York ("CH Niagara") (CH Resources, Inc.), an EWG, operates an "eligible
facility".
- ---------------------------------------------------------------------------------------------------------------------
10. CH Syracuse Properties, Inc., New York Owns real property interests on which an affiliate
Syracuse, New York ("CH Syracuse") (CH Resources, Inc.), an EWG, operates an "eligible
facility".
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS
SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION, TRANSMISSION, AND
DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE PRODUCTION, TRANSMISSION,
AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE LOCATION OF
PRINCIPAL GENERATING PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS
MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION FACILITIES, INCLUDING
ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS
SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR
RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH STATE.
The following response is as of December 31, 1999:
<TABLE>
<CAPTION>
Generating Station, Location Net Capability (98-99)
and Percent Ownership Fuel Summer Winter
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Danskammer Plant, Roseton NY -- Hudson River (100%) oil, natural gas and coal 500 501
- ---------------------------------------------------------------------------------------------------------------------
Roseton Plant, Roseton, NY -- Hudson River (35%) oil and natural gas 425 414
- ---------------------------------------------------------------------------------------------------------------------
Neversink Hydro Station, Neversink, NY -- Neversink water 23 22
Reservoir Aqueduct Tunnel (100%)
- ---------------------------------------------------------------------------------------------------------------------
Dashville Hydro Station, Rifton, NY -- Wallkill River water 5 5
(100%)
- ---------------------------------------------------------------------------------------------------------------------
Sturgeon Pool Hydro Station, Rifton, NY -- Wallkill water 16 16
River (100%)
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<TABLE>
<CAPTION>
<PAGE>
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
High Falls, Hydro Station, High Falls, NY -- Ranted water 3 3
Creek (100%)
- ---------------------------------------------------------------------------------------------------------------------
Coxsackie Gas Turbine, Coxsackie, New York (100%) kerosene or natural gas 19 24
- ---------------------------------------------------------------------------------------------------------------------
South Cairo Gas Turbine, Cairo, New York (100%) kerosene or natural gas 18 21
- ---------------------------------------------------------------------------------------------------------------------
Nine Mile Point Unit 2, Oswego, NY --Lake Ontario (9%) nuclear 103 105
--- ---
- ---------------------------------------------------------------------------------------------------------------------
TOTAL 1,112 1,111
===== =====
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Central Hudson is in the process of auctioning its interests in the
Danskammer Plant and the Roseton Plant. It is presently expected that its
interests will be sold by early 2001.
As of December 31, 1999, Central Hudson's electric transmission and
distribution systems were comprised of 87 substations with a rated transformer
capacity of approximately 6,321,674 kVA, approximately 593 circuit miles of
overhead transmission lines, approximately 4.2 cable miles of underground
transmission lines, approximately 7,333 conductor miles of overhead distribution
lines and approximately 881 cable miles of underground distribution cables. Only
a part of such transmission and distribution lines is located on property owned
by Central Hudson. The electric system of Central Hudson is directly
interconnected with other electric utility systems in New York, Connecticut, and
New Jersey, and indirectly interconnected with most of the electric utility
systems in the United States. Transmission Circuit Miles include: 345, 115 and
69 kV. Distribution Conductor Miles include: 34.5/33, 14.4, 13.2, 4.8 and 4.16
kV. The transformer kVA value is the summation of transformers' top nameplate
ratings; the summation of Summer Normal ratings would be higher. Generator
step-up transformers are included; spare transformers and generation station
auxiliary transformers are excluded.
Natural gas is delivered by transmission pipeline to Central Hudson at
four locations: the Cedar Hill (NY) Gate Section interconnection with Tennessee
Gas Pipeline Company ("Tennessee"), the Pleasant Valley (NY) Gate Station
interconnection with Iroquois Gas Transmission System, L.P., the Mahopac (NY)
Gate Station interconnection with Algonquin Gas Transmission Company and the
Tuxedo (NY) Gas Station interconnection with Columbia Gas Transmission Company
("Columbia"). Natural Gas is distributed to approximately 62,426 industrial,
commercial and residential customers through a network of 160 miles of
transmission pipeline and more than 996 miles of distribution mains. Central
Hudson owns and operates propane-air peaking facilities at Poughkeepsie and
Newburgh, NY which are each nominally rated at 8,000 MSCF per day of injection
capability into the distribution system. In addition, Central Hudson has entered
into long-term contracts with National Fuel Gas Corporation, Columbia, Tennessee
and CNG Transmission Corporation for a maximum total of 3.4 BCF of storage,
located in various fields in the eastern United States.
4
<PAGE>
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO
CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
The following responses are as of December 31, 1999:
Claimant and its subsidiaries, other than Central Hudson, are not
"public utility companies" for the purposes of the Act.
(a) NUMBER OF KWH. OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE),
AND MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL.
Electric (Kwhrs.) Gas (Dth)
----------------- ---------
Claimant None None
Central Hudson Retail: 4,555,489,000 10,665,264
Wholesale: 1,232,453,000 3,528,378
(b) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE STATE IN WHICH EACH SUCH
COMPANY IS ORGANIZED.
Electric (Kwhrs.) Gas (Dth)
----------------- ---------
Claimant None None
Central Hudson None None
(c) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY
IS ORGANIZED, OR AT THE STATE LINE.
Electric (Kwhrs.) Gas (Dth)
----------------- ---------
Claimant None None
Central Hudson 63,083,000 None
(d) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY IS
ORGANIZED OR AT THE STATE LINE.
Electric (Kwhrs.) Gas (Dth)
----------------- ---------
Claimant None None
Central Hudson None None
5
<PAGE>
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO
CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR A
FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(a) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE FACILITIES
USED BY THE EWG OR FOREIGN UTILITY COMPANY FOR THE GENERATION, TRANSMISSION AND
DISTRIBUTION OF ELECTRIC ENERGY FOR SALE OR FOR THE DISTRIBUTION AT RETAIL OF
NATURAL OR MANUFACTURED GAS:
CH Resources, Inc. ("Resources"), a New York corporation, with offices
at 110 Main Street, Poughkeepsie, New York, is an EWG because it owns and
operates the following "eligible facilities" and the electricity generated
thereat is sold to wholesale customers:
(i) A 100 megawatt ("MW") combined cycle gas turbine
located at 300 Belle Isle Road, Solvay, New York.
(ii) A 100 MW combined cycle gas turbine located at 3 Main
Street, Beaver Falls, New York.
(iii) A 50 MW coal-burning fluidized bed cogeneration plant
located at 5300 Frontier Avenue, Niagara Falls, New
York.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR
FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST HELD.
Claimant owns 100% of Resources.
(c) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR INDIRECTLY, BY THE
HOLDING COMPANY CLAIMING EXEMPTION; ANY DIRECT OR INDIRECT GUARANTEE OF THE
SECURITY OF THE EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY CLAIMING
EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL OBLIGATION FOR WHICH THERE IS
RECOURSE, DIRECTLY OR INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION OR
ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR FOREIGN UTILITY COMPANY.
At December 31, 1999, Claimant had no capital invested in Resources. At
that date, Central Hudson had capital invested in Resources of $34,226,000.00
comprised of the following:
Debt: $ 0.00
Equity: $34,226,000.00
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
6
<PAGE>
Resources capitalization and earnings were $33,780,677.00 and
($81,276.00) at December 31, 1999, respectively.
(e) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S) BETWEEN THE
EWG OR FOREIGN UTILITY COMPANY AND A SYSTEM COMPANY, AND DESCRIBE THE SERVICES
TO BE RENDERED OR GOODS SOLD AND FEES OR REVENUES UNDER SUCH AGREEMENT(S).
None.
EXHIBIT A.
A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE CLAIMANT AND ITS
SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR, TOGETHER WITH A CONSOLIDATING
BALANCE SHEET OF CLAIMANT AND ITS SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH
CALENDAR YEAR.
The consolidating financial statements, as of December 31, 1999, are
attached hereto as Exhibit A.
EXHIBIT B.
IF, AT THE TIME A REPORT ON THIS FORM IS FILED, THE REGISTRANT IS
REQUIRED TO SUBMIT THIS REPORT AND ANY AMENDMENTS THERETO ELECTRONICALLY VIA
EDGAR, THE REGISTRANT SHALL FURNISH A FINANCIAL DATA SCHEDULE. THE SCHEDULE
SHALL SET FORTH THE FINANCIAL AND OTHER DATA SPECIFIED BELOW THAT ARE APPLICABLE
TO THE REGISTRANT ON A CONSOLIDATED BASIS.
The Financial Data Schedule, as of December 31, 1999, is attached
hereto as Exhibit B.
7
<PAGE>
EXHIBIT C.
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR FOREIGN
UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING-COMPANY SYSTEM.
The Organizational Chart, as of December 31, 1999, is attached hereto
as Exhibit C.
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on the 29th day of February, 2000.
CH ENERGY GROUP, INC.
By: /s/ STEVEN V. LANT
-----------------------------------------
Steven V. Lant
Chief Financial Officer and Treasurer
Corporate Seal
Attest:
/s/ GLADYS L. COOPER
- --------------------
Gladys L. Cooper
Corporate Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Steven V. Lant
Chief Financial Officer and Treasurer
CH Energy Group, Inc..
284 South Avenue
Poughkeepsie, New York 12601-4879
8
<PAGE>
EXHIBIT A
CONSOLIDATING FINANCIAL STATEMENTS OF
CH ENERGY GROUP, INC.
AS OF DECEMBER 31, 1999
CONSOLIDATED BALANCE SHEET
(In Thousands)
December 31,
ASSETS
1999 1998
---------- ----------
Utility Plant
Electric ....................................... $1,250,456 $1,222,743
Gas ............................................ 164,767 158,165
Common ......................................... 100,659 94,271
Nuclear fuel ................................... 42,847 42,317
---------- ----------
1,558,729 1,517,496
Less: Accumulated depreciation ................. 638,910 597,383
Nuclear fuel amortization ................ 38,354 35,381
---------- ----------
881,465 884,732
Construction work in progress .................. 39,951 43,512
---------- ----------
Net Utility Plant ............................ 921,416 928,244
---------- ----------
Other Property and Plant ......................... 31,544 19,059
---------- ----------
Investments and Other Assets
Prefunded pension costs ........................ 46,038 40,218
Other .......................................... 21,226 18,209
---------- ----------
Total Investments and Other Assets ........... 67,264 58,427
---------- ----------
Current Assets
Cash and cash equivalents ...................... 20,385 10,499
Accounts receivable from customers -
net of allowance for doubtful accounts;
$2.9 million in 1999 and $2.4 million
in 1998 ....................................... 57,600 45,564
Accrued unbilled utility revenues .............. 16,327 15,233
Other receivables .............................. 4,092 4,555
Materials and supplies, at average cost:
Fuel ......................................... 19,053 11,797
Construction and operating ................... 12,432 11,790
Special deposits and prepayments ............... 17,533 34,823
---------- ----------
Total Current Assets ......................... 147,422 134,261
---------- ----------
Deferred Charges
Regulatory assets (Note 2) ..................... 137,487 149,261
Unamortized debt expense ....................... 5,016 5,062
Other .......................................... 25,750 21,724
---------- ----------
Total Deferred Charges ....................... 168,253 176,047
---------- ----------
TOTAL ASSETS .......................... $1,335,899 $1,316,038
========== ==========
<PAGE>
EXHIBIT A (CONT'D)
------------------
CONSOLIDATED BALANCE SHEET (CONT'D)
(In Thousands)
December 31,
CAPITALIZATION AND LIABILITIES 1999 1998
---- ----
Capitalization
Common Stock Equity
Common stock, $.10 par value
(Note 6) .......................... $ 1,686 $ 87,775
Paid-in capital (Note 6) ........... 351,230 284,465
Retained earnings .................. 132,796 133,287
Reacquired capital stock (Note 6) .. -- (27,143)
Capital stock expense .............. (1,306) (6,204)
----------- -----------
Total Common Stock Equity ......... 484,406 472,180
----------- -----------
Cumulative Preferred Stock (Note 6)
Not subject to mandatory redemption 21,030 21,030
Subject to mandatory redemption .... 35,000 35,000
----------- -----------
Total Cumulative Preferred Stock .. 56,030 56,030
----------- -----------
Long-term Debt (Note 7) .............. 335,451 356,918
----------- -----------
Total Capitalization .............. 875,887 885,128
----------- -----------
Current Liabilities
Current maturities of long-term debt . 35,100 39,507
Notes payable ........................ 50,000 18,000
Accounts payable ..................... 36,746 23,591
Dividends payable .................... 9,913 9,913
Accrued taxes and interest ........... (162) 6,334
Accrued vacation ..................... 4,344 4,400
Customer deposits .................... 4,471 4,248
Other ................................ 7,545 7,932
----------- -----------
Total Current Liabilities ......... 147,957 113,925
----------- -----------
Deferred Credits and Other Liabilities
Regulatory liabilities (Note 2) ...... 87,039 81,065
Operating reserves ................... 6,294 5,995
Other ................................ 19,101 27,251
----------- -----------
Total Deferred Credits and
Other Liabilities .................. 112,434 114,311
----------- -----------
Deferred Income Tax (Note 4) .......... 199,621 202,674
----------- -----------
Commitments and contingencies
(Notes 2, 3 and 9) .................. -- --
TOTAL CAPITALIZATION AND LIABILITIES . $ 1,335,899 $ 1,316,038
=========== ===========
2
<PAGE>
EXHIBIT A
TOTAL ASSETS, TOTAL OPERATING REVENUES
AND NET INCOME OF
CH ENERGY GROUP, INC.
AS OF DECEMBER 31, 1999
--------------------------------------
CONSOLIDATED STATEMENT OF INCOME
(In Thousands)
Year ended December 31,
1999 1998 1997
---- ---- ----
Operating Revenues
Electric .................... $ 427,809 $ 418,507 $ 416,429
Gas ......................... 94,131 84,962 103,848
--------- --------- ---------
Total Operating Revenues .. 521,940 503,469 520,277
--------- --------- ---------
Operating Expenses
Operation:
Fuel used in electric
generation ................. 85,848 84,688 66,117
Purchased electricity ....... 45,731 40,573 55,864
Purchased natural gas ....... 53,957 44,964 61,514
Other expenses of operation . 98,613 96,247 101,219
Maintenance .................. 28,213 26,904 27,574
Depreciation and amortization
(Note 1) ..................... 46,913 45,560 43,864
Taxes, other than income
tax ......................... 64,269 63,458 64,879
Federal income tax
(Note 4) ..................... 27,758 29,775 29,190
--------- --------- ---------
Total Operating Expenses .. 451,302 432,169 450,221
--------- --------- ---------
Operating Income .............. 70,638 71,300 70,056
--------- --------- ---------
Other Income
Equity Earnings - Competitive
Business Affiliates ........ 4 756 362
Allowance for equity funds
used during construction
(Note 1) ................... -- 585 387
Federal income tax (Note 4) . (1,167) 1,187 2,953
Other - net ................. 11,942 6,070 7,717
--------- --------- ---------
Total Other Income ........ 10,779 8,598 11,419
--------- --------- ---------
Income before Interest
Charges ..................... 81,417 79,898 81,475
--------- --------- ---------
3
<PAGE>
EXHIBIT A (CONT'D)
------------------
CONSOLIDATED STATEMENT OF INCOME (CONT'D)
(In Thousands)
Year ended December 31,
1999 1998 1997
---- ---- ----
Interest Charges
Interest on long-term debt . 24,151 23,115 23,097
Other interest ............. 4,860 3,639 2,647
Allowance for borrowed
funds used during
construction (Note 1) ..... (390) (324) (261)
Amortization of expense on
debt ...................... 993 924 906
-------- -------- --------
Total Interest Charges ... 29,614 27,354 26,389
-------- -------- --------
Preferred Stock Dividends of
Central Hudson ............. 3,230 3,230 3,230
-------- -------- --------
Net Income .................. $ 48,573 $ 49,314 $ 51,856
======== ======== ========
Common Stock:
Average shares outstanding
(000s) .................... 16,862 17,034 17,435
Earnings per share (basic
and diluted) ............. $ 2.88 $ 2.90 $ 2.97
4
<PAGE>
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(In Thousands)
Year ended December 31,
1999 1998 1997
---- ---- ----
Balance at beginning of
year ...................... $ 133,287 $ 120,540 $ 105,821
Net Income ................. 48,573 49,314 51,856
Common Stock Retirement
(cancellation) ........... (12,642) -- --
Dividends declared:
On common stock ($2.16 per
share 1999; $2.155 per
share 1998; $2.135 per
share 1997 .............. (36,422) (36,567) (37,137)
--------- --------- ---------
Balance at end of year ..... $ 132,796 $ 133,287 $ 120,540
========= ========= =========
5
<PAGE>
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands) Year ended December 31,
1999 1998 1997
---- ---- ----
Operating Activities
Net Income ........................ $ 48,573 $ 49,314 $ 51,856
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization
including nuclear fuel
amortization ............ 51,186 49,011 48,348
Deferred income taxes, net ..... 4,219 (116) 14,077
Allowance for equity funds used
during construction ....... -- (585) (387)
Nine Mile 2 Plant deferred
finance charges, net ...... (4,855) (4,855) (4,855)
Provisions for uncollectibles .. 2,930 2,639 3,493
Net accrued deferred pension
costs ......................... (10,968) (12,277) (8,555)
Deferred gas costs ......... 3,080 1,072 3,475
Deferred gas refunds ....... (19) (1,640) 1,695
Other - net .................... 9,423 4,888 7,233
Changes in current assets and
liabilities, net:
Accounts receivable and unbilled
utility revenues .......... (15,474) (46) (4,420)
Materials and supplies ......... (7,898) 513 3,995
Special deposits and
prepayments ............... 17,291 (20,613) (770)
Accounts payable ............... 13,155 (777) (1,769)
Accrued taxes and interest ..... (6,665) 3,094 (2,107)
Other current liabilities ...... (175) 1,695 (61)
--------- --------- ---------
Net cash provided by operating
activities ....................... 103,803 71,317 111,248
--------- --------- ---------
6
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
(In Thousands) 1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Investing Activities
Additions to plant .......................... (46,495) (45,661) (43,868)
Allowance for equity funds used
during construction ........................ -- 585 387
--------- --------- ---------
Net additions to plant ...................... (46,495) (45,076) (43,481)
Competitive Business Affiliates
fixed asset additions ...................... (11,945) (19,460) --
Nine Mile 2 Plant decommissioning
trust fund ................................. (868) (868) (868)
Other - net ................................. (589) (801) 396
--------- --------- ---------
Net cash used in investing
activities ................................. (59,897) (66,205) (43,953)
--------- --------- ---------
Financing Activities Proceeds from issuance of:
long-term debt ............................ 176,250 35,250 2,000
Net borrowings (repayments) of
short-term debt ............................ 32,000 18,000 (15,600)
Retirement & redemption
of long-term debt .......................... (201,318) (2,466) (2,282)
Dividends paid on common
stock ...................................... (36,422) (36,706) (37,196)
Debt issuance costs ......................... (4,530) -- --
Reacquired capital stock .................... -- (17,745) (9,398)
--------- --------- ---------
Net cash used in financing
activities ................................. (34,020) (3,667) (62,476)
--------- --------- ---------
Net Change in Cash and Cash
Equivalents .................................. 9,886 1,445 4,819
Cash and Cash Equivalents at
Beginning of Year ............................ 10,499 9,054 4,235
--------- --------- ---------
Cash and Cash Equivalents at End
of Year ...................................... $ 20,385 $ 10,499 $ 9,054
========= ========= =========
Supplemental Disclosure of Cash
Flow Information
Interest paid (net of amounts
capitalized) .............................. $ 26,307 $ 24,002 $ 24,309
Federal income taxes paid ................. 29,025 26,900 17,111
</TABLE>
7
<PAGE>
EXHIBIT B
FINANCIAL DATA SCHEDULE
Schedule of Financial and Other Data
Of Registrant (Claimant) on a Consolidated Basis
As of December 31, 1999
Item No. Caption Heading
1. Total Assets ($000): $1,335,899
2. Total Operating Revenues ($000): $ 521,939
3. Net Income ($000): $ 51,880
<PAGE>
EXHIBIT C
ORGANIZATION CHART
(AS OF DECEMBER 31, 1999)
Reference is made to Items 1 and 4 of this Form U-3A-2 for a description
of the companies in Claimant's Holding Company System. Claimant, directly or
indirectly, owns 100% of all affiliated companies.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Claimant
|
- - - - - - - - - - - - - - - - - - - - - -
| |
Central Services
Hudson |
| - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - | | |
Phoenix CHEC Resources* Greene
| | Point
- - - - - - - - - - - - - - - - - -
| | | |
Scasco Prime CH CH
| Industrial Niagara Syracuse
|
Island
Sound**
</TABLE>
- --------
* EWG
** Merged into Scasco effective 12/31/99.
