SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 10-K/A
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 12, 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
CENTRAL MAINE POWER COMPANY
(Exact name of registrant as specified in charter)
The undersigned registrant hereby amends the following
items, financial statements, exhibits or other portions of its
Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 on Form 10-K for the fiscal year ended
December 31, 1993, as set forth in the pages attached hereto.
Pursuant to Rule 15d-21 of the Securities Exchange Act of
1934, this amendment is being made to add the information,
financial statements, and exhibits required by Form 11-K with
respect to the CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND
INVESTMENT PLAN FOR NON-UNION EMPLOYEES and to the CENTRAL MAINE
POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR UNION
EMPLOYEES, as Exhibits 99-1 and 99-2, respectively.
Pursuant to the requirements of Section 13 of the Securities
Exchange Act of 1934, the Registrant has duly caused this
amendment to be signed on its behalf by the undersigned,
thereunto duly authorized.
CENTRAL MAINE POWER COMPANY
By
R. S. Howe, Comptroller<PAGE>
Exhibit 99-1
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
CENTRAL MAINE POWER COMPANY
EMPLOYEE SAVINGS AND INVESTMENT PLAN
FOR NON-UNION EMPLOYEES
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
CENTRAL MAINE POWER COMPANY
83 EDISON DRIVE
AUGUSTA, MAINE 04336<PAGE>
Central Maine Power
Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
REQUIRED INFORMATION
The following financial statements shall be furnished for the
plan:
(a) Financial Statements Page No.
Report of Independent Public Accountants F-1
Statements of Financial Condition F-2
Statements of Income and Changes in
Participants' Equity F-3
Notes to Financial Statements F-4 through F-11
Supplemental Schedules:
I - Item 27a Schedule of Assets Held
for Investment Purposes at
December 31, 1993 S-1 through S-3
II - Allocation of Plan Assets and
Liabilities to Investment
Programs S-4 through S-5
III - Allocation of Plan Income and
Changes in Plan Equity to
Investment Programs S-6 through S-8
IV - Item 27d Schedule of Reportable
Transactions for the
Common/Collective Trust for the
Year Ended December 31, 1993 S-9
(b) Exhibits
Consent of Independent Public Accountants E-1<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statements of financial condition of the
CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR
NON-UNION EMPLOYEES as of December 31, 1993 and 1992, and the related
statements of income and changes in participants' equity for each of the
three years in the period ended December 31, 1993. These financial
statements and the supplemental schedules shown on the index are the
responsibility of the Plan Administrator. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the Plan Administrator, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Central Maine Power
Company Employee Savings and Investment Plan for Non-Union Employees as of
December 31, 1993 and 1992, and its income and changes in participants'
equity for each of the three years in the period ended December 31, 1993,
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed
in the accompanying index are presented for purposes of additional analysis
and are not a required part of the basic financial statements but are
supplementary information required by The Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
ARTHUR ANDERSEN & CO.
Boston, Massachusetts
June 3, 1994
F-1<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Statements of Financial Condition
(See Schedule II)
<TABLE>
<C> <S> <C> <S> <C>
As of December 31,
Assets 1993 1992
Investments at market
value (cost $39,892,981
and $36,264,408,
respectively) (Notes 1 and
2) (Schedule I) $41,360,988 $40,672,542
Company dividends
receivable 162,733 261,257
Other receivables 43,639 132,473
Participant loans
receivable (Note 1) 1,958,399 1,610,767
$43,525,759 $42,677,039
Liabilities and
Participants' Equity
Security purchase payable $ 70,583 $ -
Insurance contract reserve
(Note 2) 250,000 -
Participants' equity (Note
1) (Schedule III) 43,205,176 42,677,039
$43,525,759 $42,677,039
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-2<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Statements of Income and Changes in Participants' Equity
For the Years Ended December 31, 1993, 1992 and 1991
(See Schedule III)
<TABLE>
<S> <C> <C> <C>
1993 1992 1991
Balance at beginning
of year $42,677,039 $36,262,449 $31,402,214
Investment income:
Dividends on
Company Stock 961,151 1,068,110 774,013
Interest 1,881,615 1,527,416 1,519,469
Interest on loans 128,857 110,563 67,206
Net realized gain
(loss) on
disposition
of investments (678) (65,630) 1,093,983
Unrealized
appreciation
(depreciation) on
investments (Note 2) (5,138,300) 728,099 3,101,248
Net investment
income (2,167,355) 3,368,558 6,555,919
Contributions:
Participants 3,193,206 3,055,858 2,706,449
Company 1,169,093 1,091,595 979,913
4,362,299 4,147,453 3,686,362
Transfers (to) from
other plans (Note 1) (1,739) (5,428) 156,389
Less- Withdrawals and
distributions:
Cash 1,415,068 1,082,603 5,092,535
Central Maine
Power Company
Stock (zero, 599,
and 26,914
shares in 1993,
1992 and 1991,
respectively) - 13,390 445,900
1,415,068 1,095,993 5,538,435
Insurance contract
reserve (Note 2) (250,000) - -
Balance at end of year $43,205,176 $42,677,039 $36,262,449
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-3<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Notes to Financial Statements
December 31, 1993
1. Description of the Plan
The Central Maine Power Company Employee Savings and
Investment Plan for Non-Union Employees ("the Plan" or "the
Non-Union Plan") was adopted by the Board of Directors of
Central Maine Power Company ("the Company") on February 19,
1981. Certain pertinent features of the Plan, as amended,
are discussed below.
a. Eligibility of Participants
Each employee of the Company, and of Union Water-Power
Company who is not in a unit of employees covered by a
collective bargaining agreement is eligible to join the
Plan after completing one year of service during which the
employee has worked at least 1,000 hours.
b. Elective Contributions by Participants
Each participant elects a salary reduction percentage to
be contributed by the Company on their behalf.
Participants may elect to have the Company contribute from
2% to 15% (in multiples of 1%) of their basic compensation
to the Plan through a salary reduction agreement.
c. Matching Contributions by the Company
The Company contributes to the Plan an amount equal to 60%
of the first 5% of the salary reduction amount contributed
on behalf of each participant, provided, however, that the
total contribution that the Company is obligated to make
for any year does not exceed the maximum amount deductible
from the Company's gross income under applicable
provisions of the Internal Revenue Code. In 1993, 1992
and 1991, these provisions limited the annual employee
contribution excluded from taxable income to the lesser of
25% of total compensation or approximately $9,000, $8,700
and $8,500, respectively. Employee contributions for
employees who are defined as "highly compensated" by the
Internal Revenue Service may be further limited in order
to pass nondiscrimination tests. The Company's matching
contribution may be made from time to time during each
year and shall be paid in full as of the date the Company
files its federal income tax return for that year.
d. Investment Options
All contributions made under the Plan are commingled in a
common/collective trust that also contains the assets of
four other employee savings and investment plans of the
Company and its affiliated companies. As of December 31,
1993, the contributions were invested by the Trustee,
Fidelity Management Trust Company, based upon participant
election in one or more of six Funds.
F-4<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
1. Description of the Plan (continued)
d. Investment Options (continued)
Contributions to all Funds may be invested temporarily in
short-term investments prior to purchase of primary Fund
securities.
The Funds consist of:
Retirement Government Money Market Portfolio - An income
fund comprised of short-term, high-quality debt
obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities.
Fidelity Balanced Fund - A diversified fund comprised of
high-yielding securities, including common stocks and
bonds.
Fidelity Magellan Fund - A fund comprised primarily of
common stock and securities convertible into common stock
seeking capital appreciation.
Equity Fund - The Fidelity U.S. Equity Index Fund
comprised of common stock which attempts to duplicate the
composition of the Standard & Poor's Daily Stock Price
Index of 500 Common Stocks during the year 1993. A fund
comprised of common stock, preferred stock and convertible
debt instruments as selected by the prior Trustee.
Fixed Income Contract Portfolio - A fixed-income fund
comprised of investments yielding a fixed rate of return,
as selected by the Trustee, issued mainly by insurance
companies and banks.
Central Maine Power Company Stock Fund - A fund comprised
of the common shares of Central Maine Power Company.
Upon enrollment, participants elect the Fund or Funds in
which to invest their contributions. The percentage of
such contributions invested in a particular Fund must be a
multiple of 10%. Participants may change the investment
of their future contributions (in multiples of 10% of such
contributions) or transfer a portion from one Fund to
another. Changes and transfers may be made at any time.
All Company contributions are invested in the Central
Maine Power Company Stock Fund. Dividends, interest and
other distributions received on the assets held in each
Fund shall be reinvested in the respective Fund.
F-5<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
1. Description of the Plan (continued)
d. Investment Options (continued)
Participants over the age of 55 may transfer all or a
portion of the Company contributions made on their behalf
out of the CMP Company Stock Fund.
The number of participants in each Fund at December 31,
1993 and 1992 was as follows:
<TABLE>
<S> <C> <C>
Number of
Participants
Fund type 1993 1992
Retirement Government Money Market Portfolio 354 349
Balanced Fund 679 571
Magellan Fund 854 730
Equity Fund 797 757
Fixed Income Contract Portfolio 1,035 1,074
Central Maine Power Company Stock Fund 1,259 1,239
</TABLE>
The total number of participants in the Plan was 1,321 and
1,305 at December 31, 1993 and 1992, respectively. The
aggregate participation in the six Funds is greater than
the number of employees participating because employees
have the option of investing in one or more Funds.
e. Vesting
Each participant's account consists of their contributions
and any rollover money, the matching Company contribution
and any net earnings thereon. Participants are 100%
vested in their account balances.
f. Withdrawals and Distributions
A participant may elect to make a regular withdrawal of up
to 100% of the value of their contributions made prior to
July 1, 1983, and earnings thereon, (but not less than
$500 unless the value of such participant's contributions
and earnings thereon total less than $500, in which case
such total may be withdrawn) after approval by the
Employee Savings and Investment Plan Committee. Only one
regular withdrawal may be made in any year.
F-6<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
1. Description of the Plan (continued)
f. Withdrawals and Distributions (continued)
Withdrawals with respect to contributions made subsequent
to July 1, 1983 may be made only for reasons of hardship.
With the consent of the Company's Employee Savings and
Investment Plan Committee, a participant may elect to make
a hardship withdrawal, as determined in accordance with
the Plan provisions, of up to 100% of their account.
Distributions from the Funds occurring as a result of
termination of employment, death, retirement or permanent
disability are made no later than 60 days after the end of
the Plan year, unless under certain circumstances retiring
or disabled participants elect otherwise.
g. Loans
Participants may borrow amounts in the aggregate of not
more than 50% of their account balance, subject to a
maximum loan of $50,000. Loans bear interest at a rate
equal to the current rate of interest being charged by the
Central Maine Power Company Employees Federal Credit Union
for loans secured by share account balances. The maximum
term of the loans is generally five years. Loans
outstanding as of December 31, 1993 and 1992 amounted to
$1,958,399 and $1,610,767, respectively.
h. Trustee Changes
Effective January 1, 1992, the Company appointed Fidelity
Management Trust Company (Fidelity) as trustee and
investment manager, Fidelity Institutional Retirement
Services Company as record keeper for the Plan. Fidelity
replaced the previous Trustee and investment manager,
State Street Bank and Trust Company and previous
recordkeeper, TPF&C.
State Street Bank and Trust Company is continuing as
trustee in connection with the Executive Life Insurance
Company (Executive Life) fixed income contract, which
carries an approximate contract value of $3.0 million, of
which the Non-Union Plan holds approximately $1.6 million.
The Plan's assets, excluding the Executive Life contract,
were transferred to Fidelity on January 2, 1992.
Effective with the appointment of Fidelity, the Company
added three additional funds for plan participants:
Fidelity Magellan Fund, Fidelity Balanced Fund, and
Retirement Government Money Market Portfolio. Plan assets
of certain participants who changed eligibility between
the Plan and the Company's other savings and investment
plans were transferred between plans during 1991 in
anticipation of the change in trustee.
F-7<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2. Summary of Significant Accounting Policies
a. Investment Valuation
Investments other than fixed income contracts with
insurance companies are stated at market value. Fixed
income contracts are stated at contract value which is
cost plus interest at the stated rate.
At December 31, 1993, the common/collective trust, which
holds investments for five employee savings plans
maintained by the Company and its affiliates, held a fixed
income contract with Executive Life with a contract value
of approximately $3.0 million. The Non-Union Plan holds
approximately $1.6 million of the Executive Life contract.
On April 11, 1991, the State of California insurance
regulators placed Executive Life under conservatorship.
The regulators stated Executive Life would continue to pay
monthly annuities, but placed a moratorium on policy
surrenders and loans. The Conservation Court of
California approved the sale of Executive Life to an
investor group - Altus Finance (Altus) and Mutuelle
Assurance Artisanale de France (Mutuelle). Under this
rehabilitation agreement, Altus agreed to pay $3.25
billion for the Executive Life high risk bonds while
Mutuelle agreed to infuse $300 million in capital.
Together, the agreement formed a new company, Aurora
National Life Assurance Company.
This rehabilitation plan was appealed on several points to
the California Court of Appeal and subsequently remanded
to the Superior Court to be corrected. On August 13,
1993, the Los Angeles Superior Court approved a modified
rehabilitation/liquidation plan for Executive Life. The
modified plan became effective September 3, 1993. Under
the terms of the modified rehabilitation plan, contract
holders were given a choice to either opt-in or opt-out of
a 5-year fixed income contract with Aurora National Life
Assurance Company, the successor to Executive Life.
Both options meant some loss of original investment to
participants, and both were clouded by continuing
litigation and complicated by a variety of "holdback"
amounts. Under opt-in, participants would receive an
initial restructured value of 77% with some potential to
realize 86%. Under opt-out, participants would receive an
initial restructured value of 56% (assuming favorable
resolution of pending litigation) with some potential for
eventually realizing a total of 84%. The Company retained
F-8<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
Townshend & Schupp, an insurance research and consulting
firm, to assist in analyzing the potential value of the
options. After review of all the relevant facts and the
advice of Townshend & Schupp, the Company selected the
opt-out approach.
During 1993, the Plan recorded a reserve of $250,000
reflecting a reduction in the value of the Executive Life
contract to the 84% level associated with their opt-out
selection. As discussed further below, the Company and
other parties continue to pursue alternatives in order to
protect and enhance the ultimate recovery levels of the
Executive Life Contract.
A number of uncertainties regarding the final settlement
of Executive Life issues remain, including pending
litigation and the impact of carrying out the required
steps of the modified rehabilitation plan. Three
subsequent legal challenges currently exist: one to the
general modified rehabilitation plan, one to the transfer
of Executive Life's high-yield bonds to its successor, and
another to the priority system for dealing with Executive
Life contract holders' claims. Significant uncertainties
in the carrying out of the remainder of the modified
rehabilitation plan include the uncertainty of the impact
of the final distribution of opt-in and opt-out decisions
and the timing of the sale of other Executive Life assets.
On June 9, 1994, the Company and its affiliates with
investments held by the common/collective trust, filed
suit in the United States District Court in Bangor, Maine,
against State Street Bank & Trust for breach of the Bank's
fiduciary obligations under the Employee Retirement Income
Security Act. The Company is seeking to hold the Bank
liable for any loss or damage arising out of the Bank's
purchase and management of the Executive Life contract.
The Bank was the trustee and investment for the Executive
Life contract at the time of purchase and continues in
that capacity with regard to the asset.
Requests from Plan participants for payments or transfers
of funds from the Fixed Income Fund will continue to be
processed, but the shares associated with the Executive
Life contract, about 9.8 percent of the Fund, continue to
be temporarily frozen. Once the final recoverable portion
of the Executive Life contract is established,
reinstitution of the ability to transfer or reallocate
shares of the frozen percentage, minus any ultimate losses
incurred in the settlement, is expected.
F-9<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2.Summary of Significant Accounting Policies (continued)
b. Unrealized Investment Appreciation/Depreciation
Investments are stated at market value. Realized and
unrealized appreciation/depreciation of Plan assets are
based on the value of the assets at the beginning of the
Plan year or at the time of purchase during the year. The
following table depicts this method for funds which
generate such appreciation/depreciation.
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Central
Fidelity Fidelity Maine
Balanced Magellan Equity Power
Fund Fund Fund Stock Fund Total
Market value at
December 31, 1990 $ - $ - $ 2,991,538 $11,602,867 $ 14,594,405
Current value of
sales during 1991 - - (5,961,588) (5,206,978) (11,168,566)
Cost of purchases
during 1991 - - 7,711,634 5,248,595 12,960,229
Unrealized
appreciation - - - 3,101,248 3,101,248
Market value at
December 31, 1991 - - 4,741,584 14,745,732 19,487,316
Current value of
sales during 1992 (79,125) (272,113) (1,369,929) (1,142,332) (2,863,499)
Cost of purchases
during 1992 1,127,564 2,778,525 1,725,369 1,633,937 7,265,395
Unrealized
(depreciation)
appreciation (16,325) (114,198) 227,683 630,939 728,099
Market value at
December 31, 1992 1,032,114 2,392,214 5,324,707 15,868,276 24,617,311
Current value of
sales during 1993 (225,607) (772,050) (1,113,457) (2,458,110) (4,569,224)
Cost of purchases
during 1993 1,908,068 3,322,272 1,277,999 2,863,421 9,371,760
Unrealized
(depreciation)
appreciation 58,137 225,314 252,577 (5,674,328) (5,138,300)
Market value at
December 31, 1993 $2,772,712 $5,167,750 $ 5,741,826 $10,599,259 $24,281,547
</TABLE>
The market value of Central Maine Power Company stock was
$11.25 at June 3, 1994 and $15.00 per share at December
F-10<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
31, 1993.
c. Expenses
All expenses of administration of the Plan, including
Trustee's and record keepers' fees, are paid by Central
Maine Power Company.
F-11<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
3. Federal Income Taxes
The Internal Revenue Service (IRS) has issued a favorable
determination letter with respect to the Plan's tax-exempt
status under Sections 401(a) and 401(k) of the Internal
Revenue Code. Therefore, no income taxes have been provided
for in the accompanying financial statements. The Company
intends to file amendments to the Plan to meet certain
requirements of the Tax Reform Act of 1986. However the
Plan sponsor and legal counsel are of the opinion that the
Plan, as designed and operated, meets the applicable IRS
requirements, and therefore, the trust continues to be tax-
exempt.
Elective contributions to the Plan made by the Company on
behalf of employees are not subject to federal income taxes
currently, as long as these contributions are below the
maximum level derived in accordance with Section 401(k)
regulations. Contributions and earnings thereon will, in
general, be taxable upon distribution, although rules
providing for additional deferral may apply with respect to
certain distributions of Company stock.
F-12<PAGE>
Central Maine Power Company
Schedule I
Page 1 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees (B)
Item 27a Schedule of Assets Held for Investment Purposes
At December 31, 1993
<TABLE>
<S> <C> <S> <C> <C> <C>
Name of Issuer Market/
and Title of Contract
Fund Issue Units (A) Cost Value
Retirement Government Money
Market Fund 1,366,206 $ 1,366,206 $ 1,366,206
Fidelity Balanced Fund* 409,500 5,374,737 5,483,198
Fidelity Magellan Fund* 146,577 10,071,902 10,384,920
Equity Fund* 625,260 9,977,904 10,798,238
Fixed Income John Hancock
Mutual Life
Insurance Company
(1990 Contracts) 1,150,105 1,150,105 1,150,105
Mass Mutual
(1990 Contracts) 2,192,540 2,192,540 2,192,540
Pacific Mutual
Life Insurance
Company
(1982 Contracts) 793,011 793,011 793,011
Principal Mutual
(1991 Contracts) 2,722,751 2,722,751 2,722,751
State Mutual
(1992 Contracts) 2,272,826 2,272,826 2,272,826
Lincoln National
(1992 Contracts) 2,277,961 2,277,961 2,277,961
New York Life
Insurance Company
(1991 Contracts) 2,785,221 2,785,221 2,785,221
Life of Virginia
(1993 Contracts) 2,658,869 2,658,869 2,658,869
Peoples Security
Life
(1993 Contracts) 1,668,496 1,668,496 1,668,496
</TABLE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
S-1<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule I
Page 2 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees (B)
Investments
<TABLE>
<S> <C> <C> <C> <C>
Balance at December 31, 1993
Name of Issuer Market/
and Title of Contract
Fund Issue Units (A) Cost Value
Fixed Income Confederation
(continued) Life Insurance
Company
(1993 Contracts) 4,263,477 4,263,477 4,263,477
Executive Life
Insurance Company
(1989 Contract)
(See Note 2 to
Financial State-
ments) 2,960,363 2,960,363 2,960,363
Fidelity-Short-
term Investment
Fund (at par
value)* 4,299,197 4,299,197 4,299,197
Total Fixed
Income Fund 30,044,817 30,044,817
Central Central Maine
Maine Power Power Company
Company Stock*
Stock 1,001,604 17,784,349 15,024,060
Fidelity U. S.
Government
Reserve Pool (at
par value)* 269,634 269,634 269,634
Total CMP Stock
Fund 18,053,983 15,293,694
Grand Total-
All Funds $74,889,549 $73,371,073
</TABLE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
S-2<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule I
Page 3 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Notes to Schedule I - Investments
(A) "Units," except for shares of Company stock, indicates each
Fund's share of the total units associated with pooled
funds, which are accumulations of investments from numerous
entities, including the Plan.
(B) The investments of the Central Maine Power Company Employee
Savings and Investment Plan for Non-Union Employees are
commingled in a common/collective trust with the investments
of four other employee savings and investment plans
maintained by the Company and its affiliates. Schedule I
presents the consolidated investments of all five plans.
This Plan's share of the pooled investments is as follows:
<TABLE>
<S> <C> <S> <C> <C>
Market/
Cost Contract
Retirement Government Money Market
Portfolio $ 723,599 $ 723,599
Fidelity Balanced Fund* 2,721,874 2,772,712
Fidelity Magellan Fund* 5,004,600 5,167,750
Equity Fund* 5,303,290 5,741,826
Fixed Income Contract Portfolio 16,355,842 16,355,842
Central Maine Power Company Stock* 9,783,776 10,599,259
$39,892,981 $41,360,988
</TABLE>
The accompanying notes are an integral part of these financial
statements.
*Parties in interest to the plan.
S-3<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Allocation of Plan Assets and Liabilities to Investment Programs
As of December 31, 1993
<TABLE>
<C> <C> <C> <C> <C> <C> <C>
Retirement Central Government
Money Fidelity Fidelity Income Power
Market Balanced Magellan Equity Contract Company
Assets Portfolio Fund* Fund* Fund* Portfolio Stock Fund* Total
Investments,
at market
value (cost,
$39,892,981)
(Notes 1 & 2)
(Schedule I) $723,599 $2,772,712 $5,167,750 $5,741,826$16,355,842 $10,599,259 $41,360,988
Company divi-
dends receiv-
able - - - - - 162,733 162,733
Other
receivables 1,032 2,312 4,462 2,661 4,162 29,010 43,639
Participant
loans receiv-
able (Note 1) - - - - 1,958,399 - 1,958,399
$724,631 $2,775,024 $5,172,212 $5,744,487$18,318,403 $10,791,002 $43,525,759
Liabilities
and
Participants'
Equity
Security
purchase
payable $ - $ - $ - $ - $ - $ 70,583 $ 70,583
Insurance
contract re-
serve(Note 2) - - - - 250,000 - 250,000<PAGE>
Participants'
equity (Note
1) (Schedule
III) 724,631 2,775,024 5,172,212 5,744,487 18,068,403 10,720,419 43,205,176
$724,631 $2,775,024 $5,172,212 $5,744,487$18,318,403 $10,791,002 $43,525,759
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Allocation of Plan Assets and Liabilities to Investment Programs
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
As of December 31, 1992
Retirement Central
Government Fixed Maine
Money Fidelity Fidelity Income Power
Market Balanced Magellan Equity Contract Company
Assets Portfolio Fund* Fund* Fund* Portfolio Stock Fund* Total
Investments at
market value
(cost
$36,204,408)
(Notes 1 & 2)
(Schedule I) $423,596 $1,032,114 $2,392,214$5,324,707 $15,631,635 $15,868,276 $40,672,542
Company divi-
dends receiv-
able - - - - - 261,257 261,257
Other
receivables 986 2,105 3,799 2,378 3,932 119,273 132,473
Participant
loans receiv-
able (Note 1) - - - - 1,610,767 - 1,610,767
$424,582 $1,034,219 $2,396,013$5,327,085 $17,246,334 $16,248,806 $42,677,039
Liabilities
and
Participants'
Equity
Security
purchase $ -
payable $ - $ - $ - $ - $ - $ -
Insurance
contract re-
serve (Note 2) - - - - - - -
Participants'
equity (Note
1) (Schedule
III) 424,582 1,034,219 2,396,013 5,327,085 17,246,334 16,248,806 42,677,039
$424,582 $1,034,219 $2,396,013$5,327,085 $17,246,334 $16,248,806 $42,677,039<PAGE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1993
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Retire- Central
ment Maine
Government Fixed Power
Money Fidelity Fidelity Income Company
Market Balanced Magellan Equity Contract Stock
Portfolio Fund* Fund* Fund* Portfolio Fund Total
Balance at beginning of
year $424,582 $1,034,219 $2,396,013 $5,327,085 $17,246,334 $16,248,806 $42,677,039
Investment income
Dividends on Company
Stock - - - - - 961,151 961,151
Dividends and interest 16,902 187,317 402,846 227,914 1,046,636 - 1,881,615
Interest on loans - - - - 128,857 - 128,857
Net realized gain (loss)
on disposition of
investments - 11,977 80,387 47,790 - (140,832) (678)
Unrealized appreciation
(depreciation) of
investments (Note 2) - 58,137 225,314 252,577 - (5,675,328) (5,138,300)
Net investment
income 16,902 257,431 708,547 528,281 1,175,493 (4,854,009) (2,167,355)
Contributions
Participants 225,319 522,629 963,476 564,324 752,804 164,654 3,193,206
Company - - - - - 1,169,093 1,169,093
225,319 522,629 963,476 564,324 752,804 1,333,747 4,362,299
Transfer (to) from other
plans or funds 68,244 1,011,594 1,203,866 (366,982) (432,147) (1,486,314) (1,739)
Less: Withdrawals and
distributions
Cash 10,416 50,849 99,690 308,221 424,081 521,811 1,415,068
Central Maine
Power Company
Stock (0 shares) - - - - - - -
10,416 50,849 99,690 308,221 424,081 521,811 1,415,068
Insurance contract reserve
(Note 2) - - - - (250,000) - (250,000)
Balance at end of year $724,631 $2,775,024 $5,172,212 $5,744,487 $18,068,403 $10,720,419 $43,205,176
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Allocation of Plan Income and Changes in Participants'
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Equity by Fund for the Year Ended December 31, 1992
Retire-
ment Central
Government Fixed Maine
Money Fidelity Fidelity Income Company
Market Balanced Magellan Equity Contract Stock
Portfolio Fund* Fund* Fund* Portfolio Fund Total
Balance at beginning of
year $ - $ - $ - $5,970,686 $15,232,147 $15,059,616 $36,262,449
Investment income
Dividends on Company
Stock - - - - - 1,068,110 1,068,110
Dividends and interest 9,469 57,119 234,606 144,466 1,074,078 7,678 1,527,416
Interest on loans - - - - 110,563 - 110,563
Net realized gain
(loss)
on disposition of
investments - 711 6,126 (23,854) - (48,613) (65,630)
Unrealized
appreciation
(depreciation) of
investments (Note 2) - (16,325) (114,198) 227,683 - 630,939 728,099
Net investment
income 9,469 41,505 126,534 348,295 1,184,641 1,658,114 3,368,558
Contributions
Participants 250,872 476,524 812,123 538,205 755,024 223,110 3,055,858
Company - - - - - 1,091,595 1,091,595
250,872 476,524 812,123 538,205 755,024 1,314,705 4,147,453
Transfer (to) from
other plans or funds 165,066 547,114 1,465,836 (1,340,505) 587,621 (1,430,560) (5,428)
Less: Withdrawals and
distributions
Cash 825 30,924 8,480 189,596 513,099 339,679 1,082,603
Central Maine
Power Company
Stock (599
shares) - - - - - 13,390 13,390
825 30,924 8,480 189,596 513,099 353,069 1,095,993
Insurance contract
reserve (Note 2) - - - - - - -
Balance at end of year $424,582 $1,034,219 $2,396,013 $5,327,085 $17,246,334 $16,248,806 $42,677,039
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule III
Page 3 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1991
<TABLE>
<S> <C> <C> <C> <C>
Central
Maine
Fixed Power
Equity Income Company
Fund Fund Stock Fund Total
Balance at beginning
of year $3,094,923 $16,397,205 $11,910,086 $31,402,214
Investment income
Dividends on Company
Stock - - 774,013 774,013
Interest 3,088 1,269,515 246,866 1,519,469
Interest on loans 8,792 58,414 - 67,206
Net realized gain on
disposition of
investments 987,119 - 106,864 1,093,983
Unrealized
appreciation of
investments (Note
2) - - 3,101,248 3,101,248
Net investment
income 998,999 1,327,929 4,228,991 6,555,919
Contributions
Participants 523,660 1,858,351 324,438 2,706,449
Company - - 979,913 979,913
523,660 1,858,351 1,304,351 3,686,362
Transferred from (to)
other plans or funds
(Note 1) 1,850,324 (1,630,641) (63,294) 156,389
Less: Withdrawals
and
distributions
Cash 497,220 2,720,697 1,874,618 5,092,535
Central Maine
Power
Company Stock
(26,914
shares) - - 445,900 445,900
497,220 2,720,697 2,320,518 5,538,435
Insurance contract
reserve (Note 2) - - - -
Balance at end of
year $5,970,686 $15,232,147 $15,059,616 $36,262,449
The accompanying notes are an integral part of these financial statements.
</TABLE>
S-12<PAGE>
CENTRAL MAINE POWER COMPANY
EMPLOYEE SAVINGS AND INVESTMENT PLAN
Item 27d Schedule of Reportable Transactions for the Common/Collective Trust
For the Year Ended December 31, 1993
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
No. of
Trans. No. of Current Net
Purchase Purchase Trans. Selling Cost of Value of Gain/(Los
Description of Asset d Price Matured Price Asset Asset s)
Retirement Government
Money Market Portfolio171 $1,565,789 109 $1,005,392 $1,005,392 $1,005,392 $ 0
Fidelity Balanced
Fund* 259 3,678,095 105 573,044 547,841 522,554 50,490
Fidelity Magellan
Fund* 286 6,636,900 83 1,268,797 1,217,175 1,133,216 135,581
Equity Fund* 259 2,515,820 152 1,979,495 1,833,904 1,901,670 77,825
Fixed Income Contract
Portfolio 233 5,236,368 210 3,888,904 3,888,904 3,888,904 0
Central Maine Power
Company Stock Fund:
CMP Common Stock* 153 3,938,769 133 2,588,916 2,141,432 2,762,150 (173,234)
Fidelity U.S.
Government Reserve
Pool* 90 5,018,500 102 4,791,795 4,791,795 4,791,795 0
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation of our report, included in this Form 11-K, into the Company's
previously filed Registration Statement on Form S-8 (File No. 33-44754).
ARTHUR ANDERSEN & CO.
Boston, Massachusetts June 3, 1994
E-1<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trustee (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
Central Maine Power Company Employee Savings
and Investment Plan for Non-Union Employees
(Name of Plan)
Date: June 29, 1994
D. E. Marsh, Vice President Corporate Services
and Chief Financial Officer, Member, Employee
Savings and Investment Plan Committee, Central
Maine Power Company
E-2<PAGE>
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
CENTRAL MAINE POWER COMPANY
EMPLOYEE SAVINGS AND INVESTMENT PLAN
FOR UNION EMPLOYEES
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
CENTRAL MAINE POWER COMPANY
EDISON DRIVE
AUGUSTA, MAINE 04336<PAGE>
Central Maine Power
Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
REQUIRED INFORMATION
The following financial statements shall be furnished for the
plan:
(a) Financial Statements Page No.
Report of Independent Public Accountants F-1
Statement of Financial Condition F-2
Statements of Income and Changes in
Participants' Equity F-3
Notes to Financial Statements F-4 through F-12
Supplemental Schedules:
I - Item 27a Schedule of Assets
Held for Investment Purposes
at December 31, 1993 S-1 through S-3
II - Allocation of Plan Assets
and Liabilities to
Investment Programs S-4 through S-5
III - Allocation of Plan Income
and Changes in Plan Equity
to Investment Programs S-6 through S-8
IV - Item 27d Schedule of Reportable
Transactions for the
Common/Collective Trust
for the Year Ended December 31, 1993 S-9
(b) Exhibits
Consent of Independent Public
Accountants E-1<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statements of financial
condition of the CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND
INVESTMENT PLAN FOR UNION EMPLOYEES as of December 31, 1993 and
1992, and the related statements of income and changes in
participants' equity for each of the three years in the period
ended December 31, 1993. These financial statements and the
supplemental schedules shown on the index are the responsibility
of the Plan Administrator. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the Plan Administrator, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Central Maine Power Company Employee Savings and
Investment Plan for Union Employees as of December 31, 1993 and
1992, and its income and changes in participants' equity for each
of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental schedules listed in the accompanying index are
presented for purposes of additional analysis and are not a
required part of the basic financial statements but are
supplementary information required by The Department of Labor
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, are fairly stated, in all
material respects, in relation to the basic financial statements
taken as a whole.
ARTHUR ANDERSEN & CO.
Boston, Massachusetts
June 3, 1994
F-1<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Statements of Financial Condition
(See Schedule II)
<TABLE>
<C> <C> <C> <S> <C> <C>
As of December 31,
Assets 1993 1992
Investments at market value
(cost $16,695,386 and
$13,821,654, respectively)
(Notes 1 and 2) (Schedule I) $16,747,634 $15,516,658
Company dividends receivable 62,628 100,545
Other receivables 112,635 135,206
Participant loans receivable
(Note 1) 1,158,280 747,509
$18,081,177 $16,499,918
Liabilities and Participants'
Equity
Security purchase payable $ -
$ 59,650
Insurance contract reserve
(Note 2) 100,000 -
Participants' equity (Note 1)
(Schedule III) 17,921,527 16,499,918
$18,081,177 $16,499,918
The accompanying notes are an integral part of these financial statements.
</TABLE>
F-2<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Statements of Income and Changes in Participants' Equity
For the Years Ended December 31, 1993, 1992 and 1991
(See Schedule III)
<TABLE>
<S> <C> <C> <C>
1993 1992 1991
Balance at beginning of year $16,499,918 $13,527,807 $10,578,273
Investment income:
Dividends on Company Stock 419,514 344,681 269,316
Interest 741,582 590,955 590,501
Interest on loans 40,040 23,510 18,410
Net realized gain (loss) on
disposition of investments 23,339 (20,919) 254,792
Unrealized appreciation
(depreciation) of invest-
ments (Note 2) (2,282,476) 220,650 1,057,911
Net investment income (1,058,001) 1,158,877 2,190,930
Contributions:
Participants 1,981,191 1,826,721 1,521,630
Company 709,377 707,852 610,494
2,690,568 2,534,573 2,132,124
Transfers to other plans
(Note 1) 10,598 (627,918) (63,022)
Less: Withdrawals and
distributions
Cash 121,556 93,421 1,257,884
Central Maine Power
Company Stock (0
shares in 1993, 0
shares in 1992,
3,441 shares in
1991) - - 52,614
121,556 93,421 1,310,498
Insurance contract reserve
(Note 2) (100,000) - -
Balance at end of year $17,921,527 $16,499,918 $13,527,807
The accompanying notes are an integral part of these financial statements.
</TABLE>
F-3<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Notes to Financial Statements
December 31, 1993
1. Description of the Plan
The Central Maine Power Company Employee Savings and
Investment Plan for Union Employees ("the Plan" or "the Union
Plan") was adopted by the Board of Directors of Central Maine
Power Company ("the Company") on November 15, 1984 and became
effective January 1, 1985. Certain pertinent features of the
Plan, as amended, are discussed below.
a. Eligibility of Participants
Each employee of the Company who is in a unit of employees
covered by a collective bargaining agreement is eligible
to join the Plan after completing one year of service
during which the employee has worked at least 1,000 hours.
b. Elective Contributions by Participants
Each participant elects a salary reduction percentage to
be contributed by the Company on their behalf.
Participants may elect to contribute from 2% to 15% (in
multiples of 1%) of their basic compensation to the Plan
through a salary reduction agreement.
c. Matching Contributions by the Company
The Company contributes to the Plan an amount equal to 60%
of the first 5% of the salary reduction amount contributed
on behalf of each participant provided, however, that the
total contribution that the Company is obligated to make
for any year does not exceed the maximum amount deductible
from the Company's gross income under applicable
provisions of the Internal Revenue Code. In 1993, 1992
and 1991, these provisions limited the annual employee
contribution excluded from taxable income to the lesser of
25% of total compensation or approximately $9,000, $8,700
and $8,500, respectively. The Company's matching
contribution may be made from time to time during each
year and shall be paid in full as of the date the Company
files its federal income tax return for that year.
d. Investment Options
All contributions made under the Plan are commingled in a
common/collective trust that also contains the assets of
four other employee savings and investment plans of the
Company and its affiliated companies. As of December 31,
1993 the contributions were invested by the Trustee,
F-4<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
1. Description of the Plan (continued)
d. Investment Options (continued)
Fidelity Management Trust Company, based upon participant
election in one or more of six Funds. Contributions to
all Funds may be invested temporarily in short-term
investments prior to purchase of primary Fund securities.
The Funds consist of:
Retirement Government Money Market Portfolio - An income
fund comprised of short-term, high-quality debt
obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities.
Fidelity Balanced Fund - A diversified fund comprised of
high-yielding securities, including common stocks and
bonds.
Fidelity Magellan Fund - A fund comprised primarily of
common stock and securities convertible into common stock
seeking capital appreciation.
Equity Fund - The Fidelity U. S. Equity Index Fund
comprised of common stock, which attempts to duplicate the
composition of the Standard & Poor's Daily Stock Price
Index of 500 Common Stocks during the year 1993. A fund
comprised of common stock, preferred stock and convertible
debt instruments as selected by the prior Trustee.
Fixed Income Contract Portfolio - A fixed-income fund
comprised of investments yielding a fixed rate of return,
as selected by the Trustee, issued mainly by insurance
companies and banks.
Central Maine Power Company Stock Fund - A fund comprised
of the common shares of Central Maine Power Company.
Upon enrollment, participants elect the Fund or Funds in
which to invest their contributions. The percentage of
such contributions invested in a particular Fund must be a
multiple of 10%. Participants may change the investment
of their future contributions (in multiples of 10% of such
contributions) or transfer a portion from one Fund to
another. Changes and transfers can be made at any time.
F-5<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
1. Description of the Plan (continued)
d. Investment Options (continued)
All Company contributions are invested in the Central
Maine Power Company Stock Fund. Dividends, interest and
other distributions received on the assets held in each
Fund shall be reinvested in the respective Fund.
Participants over the age of 55 may transfer all or a
portion of the Company contributions made on their behalf
out of the CMP Company Stock Fund.
The number of participants in each Fund at December 31,
1993 and 1992 was as follows:
<TABLE>
<S> <C> <C>
Number of
Participants
Fund Type 1993 1992
Retirement Government Money Market
Portfolio 242 263
Fidelity Balanced Fund 441 431
Fidelity Magellan Fund 587 551
Equity Fund 546 571
Fixed Income Contract Portfolio 807 810
Central Maine Power Company Stock Fund 980 934
</TABLE>
The total number of participants in the Plan was 1,008 and
991 at December 31, 1993 and 1992, respectively. The
aggregate participation in the six Funds is greater than
the number of employees participating because employees
have the option of investing in one or more Funds.
e. Vesting
Each participant's account consists of their contributions
and any rollover money, the matching Company contribution
and any net earnings thereon. Participants are 100%
vested in their account balances.
f. Withdrawals and Distributions
Withdrawals may be made only for reasons of hardship.
With the consent of the Company's Employee Savings and
F-6<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
1. Description of the Plan (continued)
f. Withdrawals and Distributions (continued)
Investment Plan Committee, a participant may elect to make
a hardship withdrawal, as determined in accordance with
the Plan provisions, of up to 100% of their account.
Distributions made from the Funds occur as a result of
termination of employment, death, retirement or permanent
disability no later than 60 days after the end of the Plan
year, unless under certain circumstances retiring or
disabled participants elect otherwise.
g. Loans
Participants may borrow amounts in the aggregate of not
more than 50% of their account balance, subject to a
maximum loan of $50,000. Loans bear interest at a rate
equal to the current rate of interest being charged by the
Central Maine Power Company Employees Federal Credit Union
for loans secured by share account balances. The maximum
term of the loans is generally five years. Loans
outstanding as of December 31, 1993 and 1992 amounted to
$1,158,280 and $747,509, respectively.
h. Trustee Changes
Effective January 1, 1992, the Company appointed Fidelity
Management Trust Company (Fidelity) as trustee and
investment manager, Fidelity Institutional Retirement
Services Company as record keeper for the Plan. Fidelity
replaced the previous Trustee and investment manager,
State Street Bank and Trust Company and the previous
record keeper, TPF&C.
State Street Bank and Trust Company is continuing as
trustee in connection with the Executive Life Insurance
Company (Executive Life) fixed income contract, which
carries an approximate contract value of $3.0 million, of
which the Union Plan holds approximately $630,000.
The Plan's assets, excluding the Executive Life contract,
were transferred to Fidelity on January 2, 1992.
Effective with the appointment of Fidelity, the Company
added three additional funds for plan participants. They
are Fidelity Magellan Fund, Fidelity Balanced Fund, and
Retirement Government Money Market Portfolio. Plan assets
F-7<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
1. Description of the Plan (continued)
h. Trustee Changes (continued)
of certain participants who changed eligibility between
the Plan and the Company's other savings and investment
plans were transferred between plans during 1991 in
anticipation of the change in trustee.
2. Summary of Significant Accounting Policies
a. Investment Valuation
Investments other than fixed income contracts with
insurance companies are stated at market value. Fixed
income contracts are stated at contract value which is
cost plus interest at the stated rate.
At December 31, 1993 the common/collective trust, which
holds investments for five employee savings plans
maintained by the Company and its affiliates, held a fixed
income contract with Executive Life with a contract value
of approximately $3.0 million. The Union Plan holds
approximately $630,000 of the Executive Life contract.
On April 11, 1991 the State of California insurance
regulators placed Executive Life under conservatorship.
The regulators stated Executive Life would continue to pay
monthly annuities, but placed a moratorium on policy
surrenders and loans. The Conservation Court of
California approved the sale of Executive Life to an
investor group - Altus Finance (Altus) and Mutuelle
Assurance Artisanale de France (Mutuelle). Under this
rehabilitation agreement, Altus agreed to pay $3.25
billion for the Executive Life high risk bonds while
Mutuelle agreed to infuse $300 million in capital.
Together, the agreement formed a new company, Aurora
National Life Assurance Company.
This rehabilitation plan was appealed on several points to
the California Court of Appeal and subsequently remanded
to the Superior Court to be corrected. On August 13,
1993, the Los Angeles Superior Court approved a modified
rehabilitation/liquidation plan for Executive Life. The
modified plan became effective September 3, 1993. Under
the terms of the modified rehabilitation plan, contract
F-8<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
holders were given a choice to either opt-in or opt-out of
a 5-year fixed income contract with Aurora National Life
Assurance Company, the successor to Executive Life.
Both options meant some loss of original investment to
participants, and both were clouded by continuing
litigation and complicated by a variety of "holdback"
amounts. Under opt-in, participants would receive an
initial restructured value of 77% with some potential to
realize 86%. Under opt-out, participants would receive an
initial restructured value of 56% (assuming favorable
resolution of pending litigation) with some potential for
eventually realizing a total of 84%. The Company retained
Townshend & Schupp, an insurance research and consulting
firm, to assist in analyzing the potential value of the
options. After review of all the relevant facts and the
advice of Townshend & Schupp the Company selected the opt-
out approach.
During 1993, the Plan recorded a reserve of $100,000
reflecting a reduction in the value of the Executive Life
contract to the 84% level associated with their opt-out
selection. As discussed further below, the Company and
other parties continue to pursue alternatives in order to
protect and enhance the ultimate recovery levels of the
Executive Life Contract.
A number of uncertainties regarding the final settlement
of Executive Life issues remain, including pending
litigation and the impact of carrying out the remaining
steps of the modified rehabilitation plan. Three
subsequent legal challenges currently exist: one to the
general modified rehabilitation plan, one to the transfer
of Executive Life's high-yield bonds to its successor, and
another to the priority system for dealing with Executive
Life contract holders' claims. Significant uncertainties
in the carrying out of the remainder of the modified
rehabilitation plan include the uncertainty of the impact
of the final distribution of opt-in and opt-out decisions
and the timing of the sale of other Executive Life assets.
On June 9, 1994, the Company and its affiliates with
investments held by the common/collective trust, filed
suit in the United States District Court in Bangor, Maine,
against State Street Bank & Trust for breach of the Bank's
fiduciary obligations under the Employee Retirement Income
Security Act. The Company is seeking to hold the Bank
liable for any loss or damage arising out of the Bank's
F-9<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
purchase and management of the Executive Life contract.
The Bank was the trustee and investment for the Executive
Life contract at the time of purchase and continues in
that capacity with regard to the asset.
Requests from Plan participants for payments or transfers
of funds from the Fixed Income Fund will continue to be
processed, but the shares associated with the Executive
Life contract, about 9.8 percent of the Fund, continue to
be temporarily frozen. Once the final recoverable portion
of the Executive Life contract is established,
reinstitution of the ability to transfer or reallocate
shares of the frozen percentage, minus any ultimate losses
incurred in the settlement, is expected.
b. Unrealized Investment Appreciation/Depreciation
Investments are stated at market value. Realized and
unrealized appreciation/ depreciation of Plan assets are
based on the value of the assets at the beginning of the
Plan year or at the time of purchase during the year. The
following table depicts this method for funds which
generate such appreciation/depreciation.
F-10<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
b. Unrealized Investment Appreciation/Depreciation
(continued)
<TABLE>
<C> <C> <C> <C> <C> <C>
Fidelity Fidelity Company
Balanced Magellan Equity Stock
Fund Fund Fund Fund Total
Market value at
December 31,
1990 $ - $ - $ 672,428 $ 3,636,261 $ 4,308,689
Current value of
sales during
1991 - - (1,340,026) (1,631,831) (2,971,857)
Cost of purchases
during 1991 - - 1,676,982 2,096,470 3,773,452
Unrealized
appreciation - - - 1,057,911 1,057,911
Market value at
December 31, 1991 - - 1,009,384 5,158,811 6,168,195
Current value of
sales during 1992 (24,889) (89,526) (408,564) (442,430) (965,409)
Cost of purchases
during 1992 354,709 915,783 918,804 1,232,845 3,422,141
Unrealized
appreciation/
(depreciation) (5,171) (39,210) 68,401 196,630 220,650
Market value at
December 31, 1992 324,649 787,047 1,588,025 6,145,856 8,845,577
Current value of
sales during 1993 (72,245) (291,105) (368,703) (1,079,865) (1,811,918)
Cost of purchases
during 1993 620,466 1,380,938 601,719 2,068,415 4,671,538
Unrealized
appreciation/
(depreciation) 15,046 71,644 80,268 (2,449,434) (2,282,476)
Market value at
December 31, 1993 $887,916 $1,948,524 $1,901,309 $4,684,972 $ 9,422,721
</TABLE>
The market value of Central Maine Power Company stock was
$11.25 at June 3, 1994 and $15.00 per share at December
31, 1993.
c. Expenses
All expenses of administration of the Plan, including
Trustee's and record keepers' fees, are paid by Central
Maine Power Company.
F-11<PAGE>
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
3. Federal Income Taxes
The Internal Revenue Service (IRS) has issued a favorable
determination letter with respect to the Plan's tax-exempt
status under Sections 401(a) and 401(k) of the Internal
Revenue Code. Therefore, no income taxes have been provided
for in the accompanying financial statements. The Company
intends to file amendments to the Plan to meet certain
requirements of the Tax Reform Act of 1986. However, the
Plan sponsor and legal counsel are of the opinion that the
Plan as designed and operated meets the applicable IRS
requirements, and therefore, the trust continues to be tax-
exempt.
Elective contributions to the Plan made by the Company on
behalf of employees are not subject to federal income taxes
currently, as long as these contributions are below the
maximum level derived in accordance with Section 401(k)
regulations. Contributions and earnings thereon will, in
general, be taxable upon distribution, although rules
providing for additional deferral may apply with respect to
certain distributions of Company stock.
F-12<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule I
Page 1 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
Item 27a Schedule of Assets Held for Investment Purposes
At December 31, 1993
<TABLE>
<S> <C> <S> <C> <C> <C> <C>
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
Retirement Government Money Market
Fund 1,366,206 $ 1,366,206 $ 1,366,206
Fidelity Balanced Fund* 409,500 5,374,737 5,483,198
Fidelity Magellan Fund* 146,577 10,071,902 10,384,920
Equity Fund* 625,260 9,977,904 10,798,238
Fixed Income John Hancock
Mutual Life
Insurance Company
(1990 Contracts) 1,150,105 1,150,105 1,150,105
Mass Mutual
(1990 Contracts) 2,192,540 2,192,540 2,192,540
Pacific Mutual
Life Insurance
Company (1982
Contracts) 793,011 793,011 793,011
Principal Mutual
(1991 Contracts) 2,722,751 2,722,751 2,722,751
State Mutual
(1992 Contracts) 2,272,826 2,272,826 2,272,826
Lincoln National
(1992 Contracts) 2,277,961 2,277,961 2,277,961
New York Life
Insurance Company
(1991 Contracts) 2,785,221 2,785,221 2,78
Life of Virginia
(1993 Contracts) 2,658,869 2,658,869 2,658,869
Peoples Security
Life (1993
Contracts) 1,668,496 1,668,496 1,668,496
Confederation Life
Insurance Company
(1993 Contracts) 4,263,477 4,263,477 4,263,477
S-1<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Executive Life
Insurance Company
(1989 Contract)
(See Note 2 to
Financial
Statements) 2,960,363 2,960,363 2,960,363
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
S-2<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule I
Page 2 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
<TABLE>
<S> <C> <C> <C> <C>
Investments
Balance at December 31, 1993
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
Fixed Income Fidelity-Short-
(continued) term Investment
Fund (at par
value)* 4,299,197 4,299,197 4,299,197
Total Fixed
Income Fund 30,044,817 30,044,817
Central Maine Power Company Stock
Central Maine
Power Company 1,001,604
Stock* Shares 17,784,349 15,024,060
Fidelity U. S.
Government Reserve
Pool (at par
value)* 269,634 269,634 269,634
Total CMP Stock
Fund 18,053,983 15,293,694
Grand Total -
All Funds $74,889,549 $73,371,073
</TABLE>
S-3<PAGE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
S-4<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule I
Page 3 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Notes to Schedule I - Investments
<TABLE>
<S> <C> <C> <C>
(A) "Units," except for shares of Company stock, indicates each Fund's share of the total units
investments from numerous entities, including the Plan.
(B) The investments of the Central Maine Power Company Employee Savings and
Investment Plan for Union Employees are commingled in a common/collective
trust with the investments of four other employee savings and investment plans
maintained by the Company and its affiliates. Schedule I presents the
consolidated investments of all five plans. This Plan's share of the pooled
investments is as follows:
Market/
Cost Contract
Retirement Government
Money Market Portfolio $ 277,472 $ 277,472
Fidelity Balanced Fund* 870,784 887,916
Fidelity Magellan Fund* 1,896,042 1,948,524
Equity Fund* 1,763,515 1,901,309
Fixed Income 7,047,441 7,047,441
Central Maine Power
Company Stock* 4,840,132 4,684,972
$16,695,386 $16,747,634
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
S-5<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Assets and Liabilities to Investment Programs
As of December 31, 1993
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
Central
Retirement Maine
Government Fixed Power
Money Fidelity Fidelity Income Company
Market Balanced Magellan Equity Contract Stock
Assets Portfolio Fund* Fund* Fund* Portfolio Fund* Total
Investments at
market value
(cost
$16,695,386)
(Notes 1 and 2)
(Schedule I) $277,472 $887,916 $1,948,524 $1,901,309 $7,047,441 $4,684,972 $16,747,634
Company
dividends
receivable - - - - - 62,628 62,628
Other
receivables 5,216 11,681 22,548 13,446 21,031 38,713 112,635
Participant
loans
receivable
(Note 1) - - - - 1,158,280 - 1,158,280
$282,688 $899,597 $1,971,072 $1,914,755 $8,226,752 $4,786,313 $18,081,177
Liabilities and
Participants'
Equity
Security
purchase
payable $ - $ - $ - $ - $ - $ 59,650 $ 59,650
Insurance
contract re-
serve (Note 2) - - - - 100,000 - 100,000
Participants'
equity (Note 1)
(Schedule III) 282,688 899,597 1,971,072 1,914,755 8,126,752 4,726,663 17,921,527
$282,688 $899,597 $1,971,072 $1,914,755 $8,226,752 $4,786,313 $18,081,177
<PAGE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Assets and Liabilities to Investment Programs
As of December 31, 1992
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
Central
Retirement Maine
Government Fixed Power
Money Fidelity Fidelity Income Company
Market Balanced Magellan Equity Contract Stock
Assets Portfolio Fund* Fund* Fund* Portfolio Fund* Total
Investments at
market value (cost
$13,821,654)
(Notes 1 and 2)
(Schedule I) $124,733 $324,649 $787,047 $1,588,025 $6,546,348 $6,145,856 $15,516,658
Company dividends
receivable - - - - - 100,545 100,545
Other receivables 4,999 10,677 19,260 12,064 19,939 68,267 135,206
Participant loans
receivable (Note
1) - - - - 747,509 - 747,509
$129,732 $335,326 $806,307 $1,600,089 $7,313,796 $6,314,668 $16,499,918
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ - $ - $ - $ - $
Insurance contract
reserve (Note 2) - - - - - - -
Participants'
equity (Note 1)
(Schedule III) 129,732 335,326 806,307 1,600,089 7,313,796 6,314,668 16,499,918
$129,732 $335,326 $806,307 $1,600,089 $7,313,796 $6,314,668 $16,499,918
<PAGE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1993
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Retire- Central
ment Maine
Government Fixed Power Mo
Market Balanced Magellan Equity Contract Stock
Portfolio Fund* Fund* Fund* Portfolio Fund* Total
Balance at
beginning of year $129,732 $335,326 $ 806,307 $1,600,089 $7,313,796 $ 6,314,668 $16,499,918
Investment income
Dividends on
Company Stock - - - - - 419,514 419,514
Dividends and
Interest 5,505 61,200 156,724 73,494 444,659 - 741,582
Interest on
loans - - - - 40,040 - 40,040
Net realized
gain (loss) on
disposition of
investments - 11,341 31,960 12,440 - (32,402) 23,339
Unrealized
appreciation
(depreciation)
of investments
(Note 2) - 15,046 71,644 80,268 - (2,449,434) (2,282,476)
Net invest-
ment income 5,505 87,587 260,328 166,202 484,699 (2,062,322) (1,058,001)
Contributions
Participants 115,351 250,916 533,422 330,335 628,419 122,748 1,981,191
Company - - - - - 709,377 709,377
115,351 250,916 533,422 330,335 628,419 832,125 2,690,568
Transfer (to) from
other plans
or funds 32,495 228,069 373,530 (175,595) (177,159) (270,742) 10,598
Less: Withdrawals
and distributions
Cash 395 2,301 2,515 6,276 23,003 87,066 121,556
Central
Maine
Power Com-
pany Stock
(0 shares) - - - - - - -
Insurance contract
reserve (Note 2) - - - - (100,000) - (100,000)
Balance at end of
year $282,688 $899,597 $1,971,072 $1,914,755 $8,126,752 $4,726,663 $17,921,527<PAGE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1992
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Retire- Central
ment Maine
Government Fixed Power M
Money Fidelity Fidelity Income Company
Market Balanced Magellan Equity Contract Stock
Portfolio Fund* Fund* Fund* Portfolio Fund* Total
Balance at
beginning of year $ - $ - $ - $1,476,096 $6,737,971 $5,313,740 $13,527,807
Investment income
Dividends on
Company Stock - - - - - 344,681 344,681
Interest 2,023 18,137 85,703 40,125 442,012 2,955 590,955
Interest on
loans - - - - 23,510 - 23,510
Net realized
gain (loss) on
disposition of
investments - (281) (3,757) (1,731) - (15,150) (20,919)
Unrealized ap-
preciation (de-
preciation) of
investments
(Note 2) - (5,171) (39,210) 68,401 - 196,630 220,650
Net invest-
ment income 2,023 12,685 42,736 106,795 465,522 529,116 1,158,877
Contributions
Participants 118,883 226,533 452,153 308,646 612,039 108,467 1,826,721
Company - - - - - 707,852 707,852
118,883 226,533 452,153 308,646 612,039 816,319 2,534,573
Transfer (to) from
other plans
or funds 9,147 96,410 311,855 (288,978) (436,667) (319,685) (627,918)
Less: Withdrawals
and distributions
Cash 321 302 437 2,470 65,069 24,822 93,421
Insurance contract
reserve (Note 2) - - - - - - -
Balance at end of
year $129,732 $335,326 $806,307 $1,600,089 $7,313,796 $6,314,668 $16,499,918<PAGE>
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
Central Maine Power Company
Form 11-K - Year 1993
Schedule III
Page 3 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1991
<TABLE>
<S> <C> <C> <C> <C>
Central
Fixed Power
Equity Income Company
Fund Fund Stock Fund Total
Balance at beginning of year $ 650,355 $6,146,416 $3,781,502 $10,578,273
Investment income
Dividends on Company Stock 269,316 269,316
Interest 683 505,606 84,212 590,501
Interest on loans - 18,410 - 18,410
Net realized gain on
disposition of investments 218,338 - 36,454 254,792
Unrealized appreciation of
investments (Note 2) - - 1,057,911 1,057,911
Net investment income 219,021 524,016 1,447,893 2,190,930
Contributions
Participants 197,979 1,160,562 163,089 1,521,630
Company - - 610,494 610,494
197,979 1,160,562 773,583 2,132,124
Transfer from (to) other funds
or plans (Note 1) 465,477 (237,246) (291,253) (63,022)
Less: Withdrawals and
distributions
Cash 56,736 855,777 345,371 1,257,884
Central Maine Power
Company Stock (3,441
shares) - - 52,614 52,614
56,736 855,777 397,985 1,310,498
Insurance contract reserve
(Note 2) - - - -
Balance at end of year $1,476,096 $6,737,971 $5,313,740 $13,527,807
S-14<PAGE>
The accompanying notes are an integral part of these financial statements.
</TABLE>
S-15<PAGE>
CENTRAL MAINE POWER COMPANY
EMPLOYEE SAVINGS AND INVESTMENT PLAN
Item 27d Schedule of Reportable Transactions for the Common/Collective Trust
For the Year Ended December 31, 1993
<TABLE>
<S> <C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
No. of No. of Current
Trans. Purchase Trans. Selling Cost of Value of Net
Description of Asset Purchased Price Matured Price Asset Asset Gain/(Loss)
Retirement Government
Money Market Portfolio 171 $1,565,789 109 $1,005,392 $1,005,392 $1,005,392 $ 0
Fidelity Balanced
Fund* 259 3,678,095 105 573,044 547,841 522,554 50,490
Fidelity Magellan
Fund* 286 6,636,900 83 1,268,797 1,217,175 1,133,216 135,581
Equity Fund* 259 2,515,820 152 1,979,495 1,833,904 1,901,670 77,825
Fixed Income Contract 3,888,9043,8 Portfolio 233
Central Maine Power
Company Stock Fund:
CMP Common Stock* 153 3,938,769 133 2,588,916 2,141,432 2,762,150 (173,234)
Fidelity U.S.
Government Reserve
Pool* 90 5,018,500 102 4,791,795 4,791,795 4,791,795
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to
the incorporation of our report, included in this Form 11-K, into
the Company's previously filed registration Statement on Form S-8
(File No. 33-44754).
ARTHUR ANDERSEN & CO.
Boston, Massachusetts
June 3, 1994
E-1<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
Central Maine Power Company
Employee Savings and Investment
Plan for Union Employees
(Name of Plan)
Date: June 29, 1994
D. E. Marsh, Vice President,
Corporate Services and Chief
Financial Officer, Member,
Employee Savings and Investment
Plan Committee, Central Maine
Power Company<PAGE>
