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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Public Utility Holding Company Act of 1935
File No. 70-9073
Report For Period: October 1, 1998 to December 31, 1998
In the Matter of:
CENTRAL POWER AND LIGHT COMPANY, et al.
This report is filed under Rule 24 of the Public Utility Holding Company Act of
1935 by Central Power and Light Company (CPL), a subsidiary of Central and South
West Corporation (CSW), pursuant to an order issued by the Securities and
Exchange Commission dated October 21, 1998 (HCAR 35-26931). The Better Choice
Home Mortgage Program ("Better Choices Program") is a mortgage incentive program
designed to promote efficient energy use and environmental conservation. The
matter requires that CPL file quarterly reports providing the following
information with respect to the Better Choices Program provided to nonaffiliates
by CPL, Public Service Company of Oklahoma (PSO), Southwestern Electric Power
Company (SWEPCO) and West Texas Utilities Company (WTU), (collectively,
"Operating Companies") and Central and South West Services (Services): 1) a
balance sheet as of the relevant quarterly reporting date, 2) income statement
for the preceding twelve months, and 3) the name of each Company providing the
marketing services authorized by this order, the total number of Home
Certifications made during the relevant period. This report covers the period
from October 1, 1998 through December 31, 1998.
<PAGE>
The requested information for the reporting period October 1, 1998 through
December 31, 1998, is as follows:
1) Copies of the operating companies and Services balance sheet for the
reporting period ended December 31, 1998 are attached as Exhibit 1.
2) Copies of the operating companies and Services income statement for the
twelve months ended December 31, 1998 are attached as Exhibit 2.
3) A) The name of each Company providing the marketing
services authorized by this order during for the period
ending December 31, 1998 are: None
B) The total number of Home Certifications made during the
period ending December 31, 1998 are: None.
<PAGE>
S I G N A T U R E
As requested by order of this Commission pursuant to the Public Utility Holding
Company Act of 1935, Central Power and Light Company has duly caused this report
to be signed on its behalf on this 26th day of February 1999.
Central Power and
Light Company, et al.
/s/ R. Russell Davis
R. Russell Davis
Controller and Chief
Accounting Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------- -------
1 Balance sheets for the reporting period ended
December 31, 1998, as required for:
a) Central Power and Light (CPL)
b) Public Service Company of Oklahoma (PSO)
c) Southwestern Electric Power Company (SWEPCO)
d) West Texas Utilities Company (WTU)
e) Central and South West Services, Inc. (Services)
2 Income statements for the reporting period ended
December 31, 1998, as required for:
a) Central Power and Light (CPL)
b) Public Service Company of Oklahoma (PSO)
c) Southwestern Electric Power Company (SWEPCO)
d) West Texas Utilities Company (WTU)
e) Central and South West Services, Inc. (Services)
Exhibit 1 (a)
Consolidated Balance Sheets (unaudited) Page 1 of 2
Central Power and Light Company
- --------------------------------------------------------------------------------
As of December 31,
1998
------------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 3,146,269
Transmission 527,146
Distribution 1,090,175
General 298,352
Construction work in progress 67,300
Nuclear fuel 206,949
------------------
5,336,191
Less - accumulated depreciation 2,072,686
------------------
3,263,505
------------------
Current Assets
Cash 5,195
Accounts receivable 51,056
Materials and supplies, at average cost 59,814
Fuel inventory 20,340
Deferred income taxes - current 713
Prepayments 2,952
------------------
140,070
------------------
Deferred Charges and Other Assets
Deferred STP costs 482,447
Mirror CWIP asset 256,702
Income tax related regulatory assets, net 360,482
Nuclear decommissioning trust 65,972
Other 88,067
------------------
1,253,670
------------------
$ 4,657,245
==================
<PAGE>
Exhibit 1 (a)
Consolidated Balance Sheets (unaudited) Page 2 of 2
Central Power and Light Company
- --------------------------------------------------------------------------------
As of December 31,
1998
------------------
(thousands)
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock: $25 par value
Authorized shares: 12,000,000
Issued and outstanding shares: 6,755,535 $ 168,888
Paid-in capital 405,000
Retained earnings 739,031
------------------
Total Common Stock Equity 1,312,919
------------------
Preferred stock 163,204
CPL-obligated, mandatorily redeemable preferred securities of
subsidiary trust holding solely Junior Subordinated
Debentures of CPL 150,000
Long-term debt 1,146,762
------------------
Total Capitalization 2,772,885
------------------
Current Liabilities
Long-term debt due within twelve months 125,000
Advances from affiliates 160,298
Accounts payable 125,329
Accrued taxes 46,855
Accrued interest 27,036
Over-recovered fuel costs 9,135
Other 18,819
------------------
512,472
------------------
Deferred Credits
Accumulated deferred income taxes 1,221,561
Investment tax credits 138,513
Other 11,814
------------------
1,371,888
------------------
$ 4,657,245
==================
<PAGE>
Exhibit 1 (b)
Consolidated Balance Sheets (unaudited) Page 1 of 2
Public Service Company of Oklahoma
- --------------------------------------------------------------------------------
As of December 31,
1998
------------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 913,083
Transmission 378,719
Distribution 855,277
General 211,124
Construction work in progress 33,519
---------------
2,391,722
Less - Accumulated depreciation 1,082,081
---------------
1,309,641
---------------
Current Assets
Cash 4,670
Accounts receivable 32,916
Materials and supplies, at average cost 33,006
Fuel inventory, at LIFO cost 16,441
Accumulated deferred income taxes 11,789
Prepayments and other 2,881
---------------
101,703
---------------
Deferred Charges and Other Assets 55,441
---------------
$ 1,466,785
===============
<PAGE>
Exhibit 1 (b)
Consolidated Balance Sheets (unaudited) Page 2 of 2
Public Service Company of Oklahoma
- --------------------------------------------------------------------------------
As of December 31,
1998
------------------
(thousands)
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock: $15 par value
Authorized shares: 11,000,000 shares
Issued 10,482,000 shares and outstanding 9,013,000 shares $157,230
Paid-in capital 180,000
Retained earnings 144,626
---------------
Total Common Stock Equity 481,856
---------------
Preferred stock 5,287
PSO-obligated, mandatorily redeemable preferred securities of
subsidiary trust holding solely Junior Subordinated
Debentures of PSO 75,000
Long-term debt 368,121
---------------
Total Capitalization 930,264
---------------
Current Liabilities
Advances from affiliates 15,892
Payables to affiliates 33,489
Accounts payable 52,888
Payables to customers 32,608
Accrued taxes 23,095
Accrued interest 7,606
Other 6,599
---------------
172,177
---------------
Deferred Credits
Accumulated deferred income taxes 277,181
Investment tax credits 39,365
Income tax related regulatory liabilities, net 35,818
Other 11,980
---------------
364,344
---------------
$ 1,466,785
===============
<PAGE>
Exhibit 1 (c)
Consolidated Balance Sheets (unaudited) Page 1 of 2
Southwestern Electric Power Company
- --------------------------------------------------------------------------------
As of December 31,
1998
------------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 1,397,924
Transmission 474,035
Distribution 916,293
General 321,136
Construction work in progress 48,523
------------------
3,157,911
Less - Accumulated depreciation 1,317,057
------------------
1,840,854
------------------
Current Assets
Cash and temporary cash investments 4,444
Accounts receivable 40,430
Materials and supplies, at average cost 25,135
Fuel inventory 40,238
Accumulated deferred income taxes 4,869
Prepayments and other 16,651
------------------
131,767
------------------
Deferred Charges and Other Assets 76,899
------------------
$ 2,049,520
==================
<PAGE>
Exhibit 1 (c)
Consolidated Balance Sheets (unaudited) Page 2 of 2
Southwestern Electric Power Company
- --------------------------------------------------------------------------------
As of December 31,
1998
------------------
(thousands)
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock: $18 par value
Authorized: 7,600,000 shares
Issued and outstanding: 7,536,640 shares $ 135,660
Paid-in capital 245,000
Retained earnings 300,592
------------------
Total Common Stock Equity 681,252
------------------
Preferred stock
Not subject to mandatory redemption 4,707
Subject to mandatory redemption ------------------
4,707
SWEPCO-obligated, mandatorily redeemable preferred securities
of subsidiary trust holding solely Junior Subordinated
Debentures of SWEPCO 110,000
Long-term debt 506,939
------------------
Total Capitalization 1,302,898
------------------
Current Liabilities
Long-term debt and preferred stock due within twelve months 43,932
Advances from affiliates 40,705
Accounts payable 73,507
Payables to affiliates 37,795
Customer deposits 13,316
Accrued taxes 23,189
Accrued interest 14,275
Over-recovered fuel costs 5,378
Other 12,538
------------------
264,635
------------------
Deferred Credits
Accumulated deferred income taxes 398,664
Investment tax credits 62,213
Income tax related regulatory liabilities, net 4,931
Other 16,179
------------------
481,987
------------------
$ 2,049,520
==================
<PAGE>
Exhibit 1 (d)
Balance Sheets (unaudited) Page 1 of 2
West Texas Utilities Company
- --------------------------------------------------------------------------------
As of December 31,
1998
-----------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 429,896
Transmission 213,630
Distribution 382,373
General 108,878
Construction work in progress 11,805
-----------------
1,146,582
Less - Accumulated depreciation 473,503
-----------------
673,079
-----------------
Current Assets
Cash 2,093
Accounts receivable 31,689
Materials and supplies, at average cost 14,191
Fuel inventory 13,186
Accumulated deferred income taxes 366
Under-recovered fuel costs 3,980
Prepayments and other 5,988
-----------------
71,493
-----------------
Deferred Charges and Other Assets
Deferred Oklaunion costs 14,910
Restructuring costs 7,079
Other 31,943
-----------------
53,932
-----------------
$ 798,504
=================
<PAGE>
Exhibit 1 (d)
Balance Sheets (unaudited) Page 2 of 2
West Texas Utilities Company
- --------------------------------------------------------------------------------
As of December 31,
1998
-----------------
(thousands)
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock: $25 par value
Authorized: 7,800,000 shares
Issued and outstanding: 5,488,560 shares $ 137,214
Paid-in capital 2,236
Retained earnings 117,189
-----------------
Total Common Stock Equity 256,639
-----------------
Preferred stock 2,483
Long-term debt 282,210
-----------------
Total Capitalization 541,332
-----------------
Current Liabilities
Advances from affiliates 4,573
Payables to affiliates 19,917
Accounts payable 31,473
Accrued taxes 10,031
Accrued interest 4,125
Other 3,797
-----------------
73,916
-----------------
Deferred Credits
Accumulated deferred income taxes 140,731
Investment tax credits 26,597
Income tax related regulatory liabilities, net 12,088
Other 3,840
-----------------
183,256
-----------------
$ 798,504
=================
<PAGE>
Central and South West Services Exhibit 1 (e)
Balance Sheets (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
As of December 31,
1998
---------------------
(thousands)
ASSETS
Electric Utility Plant
General $ 124,070
Less - accumulated depreciation 39,626
---------------------
84,444
---------------------
Current Assets
Cash 1,503
Accounts receivable 39,946
Materials and supplies, at average cost 24
Prepayments 94
---------------------
41,567
---------------------
Deferred Charges and Other Assets 21,255
---------------------
$ 147,266
=====================
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock: $25 par value
Authorized shares: 12,000,000
Issued and outstanding shares: 6,755,535 $ 100
---------------------
Total Common Stock Equity 100
---------------------
Total Capitalization 100
---------------------
Current Liabilities
MoneycPoolrPayableliates 97,103
Advances from affiliates 2,643
Accounts payable 21,775
Accrued taxes 1,221
Accrued interest 451
Other 2,101
---------------------
125,294
---------------------
Deferred Credits
Accumulated deferred income taxes 12,682
Other 9,190
---------------------
21,872
---------------------
$ 147,266
=====================
Exhibit 2 (a)
Consolidated Statements of Income (unaudited) Page 1 of 1
Central Power and Light Company
- --------------------------------------------------------------------------------
Twelve Months Ended
December 31, 1998
-------------------
(thousands)
Electric Operating Revenues
Residential $ 527,081
Commercial 377,492
Industrial 309,543
Sales for resale 66,680
Other 125,321
----------------
1,406,117
----------------
Operating Expenses and Taxes
Fuel 385,944
Purchased power 40,062
Other operating 260,843
Maintenance 63,779
Depreciation and amortization 184,805
Taxes, other than income 70,927
Income taxes 116,831
----------------
1,123,191
----------------
Operating Income 282,926
----------------
Other Income and Deductions
Allowance for equity funds used during construction 51
Other (1,495)
Non-operating income taxes 2,204
----------------
760
----------------
Income Before Interest Charges 283,686
----------------
Interest Charges
Interest on long-term debt 93,301
Distributions on Trust Preferred Securities 12,000
Interest on short-term debt and other 19,506
Allowance for borrowed funds used during construction (2,771)
----------------
122,036
----------------
Net Income 161,650
Less: Preferred stock dividends 6,901
----------------
Net Income for Common Stock $ 154,749
================
<PAGE>
Exhibit 2 (b)
Consolidated Statements of Income (unaudited) Page 1 of 1
Public Service Company of Oklahoma
- --------------------------------------------------------------------------------
Twelve Months Ended
December 31, 1998
-------------------
(thousands)
Electric Operating Revenues
Residential $329,058
Commercial 236,258
Industrial 162,773
Sales for resale 27,413
Other 24,657
----------------
780,159
----------------
Operating Expenses and Taxes
Fuel 309,969
Purchased power 57,222
Other operating 109,393
Maintenance 36,981
Depreciation and amortization 72,671
Taxes, other than income 29,816
Income taxes 49,099
----------------
665,151
----------------
Operating Income 115,008
----------------
Other Income and Deductions
Allowance for equity funds used during construction 860
Other (1,044)
Non-operating income taxes 93
----------------
(91)
----------------
Income Before Interest Charges 114,917
----------------
Interest Charges
Interest on long-term debt 29,136
Interest on short-term debt and other 4,107
Distributions on Trust Preferred Securities 6,000
Allowance for borrowed funds used during construction (1,169)
----------------
38,074
----------------
Net Income 76,843
Less: Preferred stock dividends 213
----------------
Net Income for Common Stock $ 76,630
================
<PAGE>
Exhibit 2 (c)
Consolidated Statements of Income (unaudited) Page 1 of 1
Southwestern Electric Power Company
- --------------------------------------------------------------------------------
Twelve Months Ended
December 31, 1998
-------------------
(thousands)
Electric Operating Revenues
Residential $ 314,600
Commercial 197,737
Industrial 253,458
Sales for resale 139,869
Other 47,288
----------------
952,952
----------------
Operating Expenses and Taxes
Fuel 371,414
Purchased power 35,483
Other operating 140,460
Maintenance 51,219
Depreciation and amortization 98,479
Taxes, other than income 57,128
Income taxes 47,982
----------------
802,165
----------------
Operating Income 150,787
----------------
Other Income and Deductions
Allowance for equity funds used during construction 1,336
Other (753)
Non-operating income taxes 1,868
----------------
2,451
----------------
Income Before Interest Charges 153,238
----------------
Interest Charges
Interest on long-term debt 39,233
Distributions on Trust Preferred Securities 8,662
Interest on short-term debt and other 8,591
Allowance for borrowed funds used during construction (1,351)
----------------
55,135
----------------
Net Income 98,103
Less: Preferred stock dividends 705
Gain/(Loss) on reacquired preferred stock (856)
----------------
Net Income for Common Stock $ 96,542
================
<PAGE>
Exhibit 2 (d)
Statements of Income (unaudited) Page 1 of 1
West Texas Utilities Company
- --------------------------------------------------------------------------------
Twelve Months Ended
December 31, 1998
-------------------
(thousands)
Electric Operating Revenues
Residential $ 134,204
Commercial 76,155
Industrial 51,715
Sales for resale 97,560
Other 65,319
----------------
424,953
----------------
Operating Expenses and Taxes
Fuel 122,836
Purchased power 48,131
Other operating 89,924
Maintenance 16,666
Depreciation and amortization 42,750
Taxes, other than income 24,638
Income taxes 20,642
----------------
365,587
----------------
Operating Income 59,366
----------------
Other Income and Deductions
Allowance for equity funds used during construction 678
Other 1,580
Non-operating income taxes 454
----------------
2,712
----------------
Income Before Interest Charges 62,078
----------------
Interest Charges
Interest on long-term debt 20,352
Interest on short-term debt and other 4,580
Allowance for borrowed funds used during construction (668)
----------------
24,264
----------------
Net Income 37,814
Less: Preferred stock dividends 104
----------------
Net Income for Common Stock $ 37,710
================
<PAGE>
Central and South West Services Exhibit 2 (e)
Statements of Income (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
Twelve Months Ended
December 31, 1998
-------------------
(thousands)
Operating Expenses and Taxes
Fuel 2,864
Other operating 197,256
Maintenance 21,146
Depreciation and amortization 9,691
Taxes, other than income 7,549
Income taxes 1,673
----------------
Operating Income (Loss) (240,179)
Other Income and Deductions
Other 245,428
----------------
Income Before Interest Charges 5,249
Interest Charges
Interest on long-term debt 750
Interest on short-term debt and other 4,499
----------------
5,249
----------------
Net Income for Common Stock $ --
================
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