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Previous: CENTEX CORP, 424B3, 1999-08-24 |
Next: SCHRODER CAPITAL FUNDS /DELAWARE/, N-30D/A, 1999-08-24 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Public Utility Holding Company Act of 1935
File No. 70-9073
Report For Period: January 1, 1999 to March 31, 1999
In the Matter of:
CENTRAL AND SOUTH WEST CORPORATION AND
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, Inc. (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 January 1, 1999 through March 31, 1999.
<PAGE>
The requested information for the reporting period January 1, 1999 through March
31, 1999, is as follows:
1) Copies of the Operating Companies and Services balance sheets for the
reporting period ended March 31, 1999 are attached as Exhibit 1.
2) Copies of the Operating Companies and Services income statements for
the twelve months ended March 31, 1999 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 March 31, 1999 are: NONE.
B) The total number of Home Certifications made during the period
ending March 31, 1999 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 27th day of May 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
March 31, 1999, 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
March 31, 1999, 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)
Central Power and Light Company Exhibit 1 (a)
Consolidated Balance Sheets (unaudited) Page 1 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 3,147,129
Transmission 527,863
Distribution 1,101,920
General 299,210
Construction work in progress 79,456
Nuclear fuel 208,957
-----------------
5,364,535
Less - accumulated depreciation 2,111,785
-----------------
3,252,750
-----------------
Current Assets
Cash 9,773
Accounts receivable 54,724
Materials and supplies, at average cost 58,101
Fuel inventory 22,993
Accumulated deferred income taxes 3,436
Prepayments and other 3,879
-----------------
152,906
-----------------
Deferred Charges and Other Assets
Deferred STP costs 481,883
Mirror CWIP asset 253,380
Income tax related regulatory assets, net 357,013
Nuclear decommissioning trust 71,982
Other 164,497
-----------------
1,328,755
-----------------
$ 4,734,411
=================
<PAGE>
Central Power and Light Company Exhibit 1 (a)
Consolidated Balance Sheets (unaudited) Page 2 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(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 717,767
-----------------
Total Common Stock Equity 1,291,655
-----------------
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 1,225,798
-----------------
Total Capitalization 2,830,657
-----------------
Current Liabilities
Long-term debt due within twelve months 125,000
Advances from affiliates 192,638
Accounts payable 71,087
Payables to affiliates 31,964
Accrued taxes 53,342
Accrued interest 30,522
Over-recovered fuel costs 18,244
Other 19,574
-----------------
542,371
-----------------
Deferred Credits
Accumulated deferred income taxes 1,212,331
Investment tax credits 137,212
Other 11,840
-----------------
1,361,383
-----------------
$ 4,734,411
=================
<PAGE>
Public Service Company of Oklahoma Exhibit 1 (b)
Consolidated Balance Sheets (unaudited) Page 1 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 915,594
Transmission 379,157
Distribution 855,897
General 216,502
Construction work in progress 35,912
-----------------
2,403,062
Less - Accumulated depreciation 1,091,811
-----------------
1,311,251
-----------------
Current Assets
Cash 1,253
Accounts receivable 31,692
Materials and supplies, at average cost 33,654
Fuel inventory, at LIFO cost 17,411
Accumulated deferred income taxes 12,969
Prepayments and other 5,871
-----------------
102,850
-----------------
Deferred Charges and Other Assets 71,809
-----------------
$ 1,485,910
=================
<PAGE>
Public Service Company of Oklahoma Exhibit 1 (b)
Consolidated Balance Sheets (unaudited) Page 2 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(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 132,493
-----------------
Total Common Stock Equity 469,723
-----------------
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 384,144
-----------------
Total Capitalization 934,154
-----------------
Current Liabilities
Advances from affiliates 46,793
Payables to affiliates 20,767
Accounts payable 46,396
Payables to customers 41,926
Accrued taxes 14,073
Accrued interest 10,187
Other 7,005
-----------------
187,147
-----------------
Deferred Credits
Accumulated deferred income taxes 277,528
Investment tax credits 38,917
Income tax related regulatory liabilities, net 35,132
Other 13,032
-----------------
364,609
-----------------
$ 1,485,910
=================
<PAGE>
Southwestern Electric Power Company Exhibit 1 (c)
Consolidated Balance Sheets (unaudited) Page 1 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 1,399,130
Transmission 476,320
Distribution 923,986
General 327,437
Construction work in progress 40,195
-----------------
3,167,068
Less - Accumulated depreciation 1,337,269
-----------------
1,829,799
-----------------
Current Assets
Cash 2,597
Accounts receivable 44,560
Materials and supplies, at average cost 25,762
Fuel inventory 53,347
Accumulated deferred income taxes 2,983
Prepayments and other 18,024
-----------------
147,273
-----------------
Deferred Charges and Other Assets 114,352
-----------------
$ 2,091,424
=================
<PAGE>
Southwestern Electric Power Company Exhibit 1 (c)
Consolidated Balance Sheets (unaudited) Page 2 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(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 286,188
-----------------
Total Common Stock Equity 666,848
-----------------
Preferred stock
Not subject to mandatory redemption 4,706
-----------------
4,706
SWEPCO-obligated, mandatorily redeemable preferred securities
of subsidiary trust holding solely Junior Subordinated
Debentures of SWEPCO 110,000
Long-term debt 541,092
-----------------
Total Capitalization 1,322,646
-----------------
Current Liabilities
Long-term debt due within twelve months 44,959
Advances from affiliates 88,501
Accounts payable 46,547
Payables to affiliates 29,006
Customer deposits 13,600
Accrued taxes 34,310
Accrued interest 12,756
Over-recovered fuel costs 6,397
Other 12,529
-----------------
288,605
-----------------
Deferred Credits
Accumulated deferred income taxes 394,579
Investment tax credits 61,072
Income tax related regulatory liabilities, net 3,761
Other 20,761
-----------------
480,173
-----------------
$ 2,091,424
=================
<PAGE>
West Texas Utilities Company Exhibit 1 (d)
Balance Sheets (unaudited) Page 1 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(thousands)
ASSETS
Electric Utility Plant
Production $ 433,170
Transmission 214,729
Distribution 386,086
General 110,125
Construction work in progress 10,834
-----------------
1,154,944
Less - Accumulated depreciation 476,852
-----------------
678,092
-----------------
Current Assets
Cash 2,700
Accounts receivable 31,322
Materials and supplies, at average cost 14,580
Fuel inventory 14,093
Accumulated deferred income taxes 1,722
Under-recovered fuel costs 238
Prepayments and other 6,976
-----------------
71,631
-----------------
Deferred Charges and Other Assets
Deferred Oklaunion costs 13,978
Restructuring costs 6,607
Other 32,688
-----------------
53,273
-----------------
$ 802,996
=================
<PAGE>
West Texas Utilities Company Exhibit 1 (d)
Balance Sheets (unaudited) Page 2 of 2
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(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 111,470
-----------------
Total Common Stock Equity 250,920
-----------------
Preferred stock 2,482
Long-term debt 283,104
-----------------
Total Capitalization 536,506
-----------------
Current Liabilities
Advances from affiliates 18,634
Payables to affiliates 15,794
Accounts payable 31,017
Accrued taxes 5,488
Accrued interest 8,000
Other 4,918
-----------------
83,851
-----------------
Deferred Credits
Accumulated deferred income taxes 141,145
Investment tax credits 26,078
Income tax related regulatory liabilities, net 11,627
Other 3,789
-----------------
182,639
-----------------
$ 802,996
=================
<PAGE>
Central and South West Services Exhibit 1 (e)
Balance Sheets (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
As of March 31,
1999
-----------------
(thousands)
ASSETS
Property, Plant and Equipment
General $ 126,402
Less - accumulated depreciation 42,103
-----------------
84,299
-----------------
Current Assets
Cash 1,806
Accounts receivable 29,381
Materials and supplies, at average cost 19
Prepayments 69
-----------------
31,275
-----------------
Deferred Charges and Other Assets 22,041
-----------------
$ 137,615
=================
CAPITALIZATION AND LIABILITIES As of March 31,
Capitalization 1999
-----------------
Common stock: $25 par value (thousands)
Authorized shares: 12,000,000
Issued and outstanding shares: 6,755,535 $ 100
-----------------
Total Common Stock Equity 100
-----------------
Total Capitalization 100
-----------------
Current Liabilities
Advance Money Pool Payable 102,071
Advances from affiliates 1,355
Accounts payable 8,861
Accrued taxes 485
Accrued interest 398
Other 2,633
-----------------
115,803
-----------------
Deferred Credits
Accumulated deferred income taxes 13,028
Other 8,684
-----------------
21,712
-----------------
$ 137,615
=================
Central Power and Light Company Exhibit 2 (a)
Consolidated Statements of Income (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
Twelve Months
Ended March 31,
1999
-----------------
(thousands)
Electric Operating Revenues $ 1,413,942
-----------------
Operating Expenses and Taxes
Fuel 380,911
Purchased power 44,651
Other operating 262,174
Maintenance 65,948
Depreciation and amortization 186,207
Taxes, other than income 74,769
Income taxes 116,116
-----------------
1,130,776
-----------------
Operating Income 283,166
-----------------
Other Income and Deductions
Allowance for equity funds used during construction 51
Other (1,490)
Non-operating income taxes 3,498
-----------------
2,059
-----------------
Income Before Interest Charges 285,225
-----------------
Interest Charges
Interest on long-term debt 92,630
Distributions on Trust Preferred Securities 12,000
Interest on short-term debt and other 17,742
Allowance for borrowed funds used during construction (2,956)
-----------------
119,416
-----------------
Net Income 165,809
Less: Preferred stock dividends 6,905
=================
Net Income for Common Stock $ 158,904
=================
<PAGE>
Public Service Company of Oklahoma Exhibit 2 (b)
Consolidated Statements of Income (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
Twelve Months
Ended March 31,
1999
-----------------
(thousands)
Electric Operating Revenues $ 779,778
-----------------
Operating Expenses and Taxes
Fuel 310,330
Purchased power 57,669
Other operating 107,959
Maintenance 38,615
Depreciation and amortization 73,031
Taxes, other than income 31,231
Income taxes 48,210
-----------------
667,045
-----------------
Operating Income 112,733
-----------------
Other Income and Deductions
Allowance for equity funds used during construction 786
Other (1,739)
Non-operating income taxes 299
-----------------
(654)
-----------------
Income Before Interest Charges 112,079
-----------------
Interest Charges
Interest on long-term debt 28,128
Interest on short-term debt and other 6,000
Distributions on Trust Preferred Securities 4,046
Allowance for borrowed funds used during construction (1,029)
-----------------
37,145
-----------------
Net Income 74,934
Less: Preferred stock dividends 213
-----------------
Net Income for Common Stock $ 74,721
=================
<PAGE>
Southwestern Electric Power Company Exhibit 2 (c)
Consolidated Statements of Income (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
Twelve Months
Ended March 31,
1999
-----------------
(thousands)
Electric Operating Revenues $ 952,456
-----------------
Operating Expenses and Taxes
Fuel 371,452
Purchased power 35,337
Other operating 139,546
Maintenance 53,193
Depreciation and amortization 99,882
Taxes, other than income 59,400
Income taxes 45,623
-----------------
804,433
-----------------
Operating Income 148,023
-----------------
Other Income and Deductions
Allowance for equity funds used during construction 721
Other (908)
Non-operating income taxes 1,682
-----------------
1,495
-----------------
Income Before Interest Charges 149,518
-----------------
Interest Charges
Interest on long-term debt 39,227
Distributions on Trust Preferred Securities 8,662
Interest on short-term debt and other 9,263
Allowance for borrowed funds used during construction (1,459)
-----------------
55,693
-----------------
Net Income 93,825
Less: Preferred stock dividends 228
Gain/(Loss) on reacquired preferred stock (857)
=================
Net Income for Common Stock $ 92,740
=================
<PAGE>
West Texas Utilities Company Exhibit 2 (d)
Statements of Income (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
Twelve Months
Ended March 31,
1999
-----------------
(thousands)
Electric Operating Revenues $ 422,057
-----------------
Operating Expenses and Taxes
Fuel 120,739
Purchased power 48,517
Other operating 87,671
Maintenance 17,658
Depreciation and amortization 42,855
Taxes, other than income 26,571
Income taxes 19,451
-----------------
363,462
-----------------
Operating Income 58,595
-----------------
Other Income and Deductions
Allowance for equity funds used during construction 641
Other 602
Non-operating income taxes 582
-----------------
1,825
-----------------
Income Before Interest Charges 60,420
-----------------
Interest Charges
Interest on long-term debt 20,352
Interest on short-term debt and other 4,738
Allowance for borrowed funds used during construction (701)
-----------------
24,389
-----------------
Net Income 36,031
Less: Preferred stock dividends 104
=================
Net Income for Common Stock $ 35,927
=================
<PAGE>
Central and South West Services Exhibit 2 (e)
Statements of Income (unaudited) Page 1 of 1
- --------------------------------------------------------------------------------
Twelve Months
Ended March 31,
1999
-----------------
(thousands)
Operating Expenses and Taxes
Fuel $ 3,273
Other operating 200,092
Maintenance 17,510
Depreciation and amortization 9,761
Taxes, other than income 9,584
Income taxes 2,003
-----------------
Operating Income (Loss) (242,223)
Other Income and Deductions
Other 247,314
-----------------
Income Before Interest Charges 5,091
Interest Charges
Interest on long-term debt 1,249
Interest on short-term debt and other 3,842
-----------------
5,091
-----------------
Net Income for Common Stock $ --
=================
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