FORM U-3A-2
File No. 69-198
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Statement by Holding Company Claiming Exemption Under Rule U-2
from the Provisions of the Public Utility Holding Company Act of
1935
CENTRAL MAINE POWER COMPANY
hereby files with the Securities and Exchange Commission,
pursuant to Rule U-2, its statement claiming exemption as a
holding company from the provisions of the Public Utility Holding
Company Act of 1935. In support of such claim for exemption the
following information is submitted:
1. Central Maine Power Company (Central Maine) is a Maine
corporation with its principal office at 83 Edison Drive,
Augusta, Maine 04336.
Central Maine is principally engaged in the generation,
transmission, distribution and sale of electric energy in the
State of Maine, and serves more than 500,000 customers in
southern and central Maine.
Central Securities Corporation (Central Securities), a
wholly-owned subsidiary of Central Maine, is a Maine corporation
with its office at 83 Edison Drive, Augusta, Maine 04336. The
business of Central Securities is limited to the ownership of
certain real estate within Central Maine's service area.
Cumberland Securities Corporation (Cumberland Securities), a
wholly-owned subsidiary of Central Maine, is a Maine corporation
with its office at 83 Edison Drive, Augusta, Maine 04336. The
business of Cumberland Securities is limited to the ownership of
certain real estate within Central Maine's service area.
Kennebec Water Power Company (Kennebec Water Power) is a
Maine corporation with its principal office at 83 Edison Drive,
Augusta, Maine 04336. Central Maine owns 24.8% of the voting
control of Kennebec Water Power, whose business is to regulate
and improve the flow of the Kennebec River. Kennebec Water Power
owns storage dams at the East and West Outlets of Moosehead Lake
in Maine.
The Union Water-Power Company (Union Water-Power), a
wholly-owned subsidiary of Central Maine, is a Maine corporation
with its principal office at 83 Edison Drive, Augusta, Maine
04336. The business of Union Water-Power is to own storage
reservoirs and dams on the headwaters of the Androscoggin River,
and dams and canals on the Androscoggin River in Lewiston, where
it sells water for power, as well as to provide real estate
<PAGE>
management and related services to Central Maine. In addition,
Union Water-Power has leased one of its dam sites to an
unaffiliated party which has developed on the site a "qualifying
facility" exempt from the Public Utility Holding Company Act of
1935 under Rule 292.602 of the Federal Energy Regulatory
Commission promulgated pursuant to Section 210 of the Public
Utility Regulatory Policies Act of 1978 (PURPA).
Union Water-Power also owns 25% of the voting stock of
Androscoggin Reservoir Company (Androscoggin), a Maine
corporation with its office at 83 Edison Drive, Augusta, Maine
04336. The business of Androscoggin is to own a storage
reservoir and dam on the headwaters of the Androscoggin River.
Androscoggin has leased its dam site to an unaffiliated party
which has similarly developed on the site a "qualifying facility"
exempt under PURPA.
Kennebec Hydro Resources, Inc. (Kennebec Hydro), a
wholly-owned subsidiary of Central Maine, is a Maine corporation
with its principal office at 83 Edison Drive, Augusta, Maine
04336. Kennebec Hydro is the general partner and owns a 50%
interest in The Merimil Limited Partnership, which owns a
"qualifying facility" under PURPA, with otherwise unaffiliated
limited partners.
Maine Yankee Atomic Power Company (Maine Yankee) is a Maine
corporation with its principal office at 83 Edison Drive,
Augusta, Maine 04336, formed for the purpose of constructing,
owning and operating a nuclear electric generating plant at
Wiscasset, Maine. (See Files No. 70-4419, No. 70-4657, No.
70-4658, No. 70-4976, No. 70-5101, No. 70-5269, No. 70-5804, No.
70-6862, No. 70-7165, No. 70-7627, No. 70-7638, No. 70-7702, No.
70-7780, No. 70-7783, No. 70-7899 and No. 70-8313.) Central
Maine owns 38% of the common stock of Maine Yankee. The New
England utility company sponsors are obligated under power
contracts to purchase the entire output of the plant.
Maine Electric Power Company, Inc. (MEPCo.) is a Maine
corporation with its principal office at 83 Edison Drive,
Augusta, Maine 04336, which owns and operates a 345-KV
transmission interconnection between Wiscasset, Maine and the
Maine-New Brunswick international border at Orient, Maine, where
its lines connect with that portion of the interconnection
constructed in the province of New Brunswick, Canada, by The New
Brunswick Electric Power Commission. (See File No. 70-4798.)
Central Maine owns 78.3% of MEPCo.'s common stock. The voting
stock of MEPCo. is owned by Maine electric utility companies
which, with other New England utility companies, participate in
the purchase and sale of power through power purchase agreements
with New Brunswick. The Company also owns and operates certain
equipment, including microwave communication facilities in
connection with the Hydro-Quebec Phase II (Phase II) project
described in the next paragraph hereof. The costs relating to
these facilities is ultimately being borne by the Phase II
Participants.
NORVARCO, a wholly-owned subsidiary of Central Maine, is a
Maine corporation with its principal office at 83 Edison Drive,
Augusta, Maine 04336. NORVARCO is one of two general partners
with 50% interests in Chester SVC Partnership, a general
<PAGE>
partnership with its principal office at 83 Edison Drive,
Augusta, Maine 04336, which owns a static var compensator
facility (the "SVC Facility") located in Chester, Maine, adjacent
to MEPCo.'s 345-KV transmission interconnection with New
Brunswick, Canada. The SVC Facility provides necessary
transmission system reinforcements which support the Phase II
transmission line expansion constructed for New England
Hydro-Transmission Corporation in New Hampshire and which allow
the Phase II facilities to operate at their maximum capability
while MEPCo. continues to maintain the full operating capability
of its interconnection with New Brunswick.
Gulf Island Pond Oxygenation Project (Gulf Island) is a
Maine general partnership with its principal office at 83 Edison
Drive, Augusta, Maine 04336, whose business is to operate and
maintain an oxygenation facility at Gulf Island Pond on the
Androscoggin River in Greene, Maine. Central Maine holds a 14%
interest in the partnership.
Integrated Resource Management Services (Integrated
Resource), a wholly-owned subsidiary of Central Maine, is a Maine
corporation with its office at 83 Edison Drive, Augusta, Maine
04336. The business of Integrated Resource is to provide
services for parties other than Central Maine in the area of
demand-side management and related areas, such as least-cost
planning.
Neither Central Securities, Cumberland Securities, Kennebec
Water Power, Union Water-Power, Androscoggin, Kennebec Hydro,
Gulf Island nor Integrated Resource is a public utility.
Neither Yankee Atomic Electric Company, Connecticut Yankee
Atomic Power Company, nor Vermont Yankee Nuclear Power
Corporation, corporations which own nuclear generating
facilities, are subsidiaries of Central Maine, as Central Maine
owns, and expects to continue to own, less than 10% of the voting
stock of each company.
In addition, Central Maine owns a 2.50% interest as a tenant
in common in Millstone No. 3 nuclear unit in Waterford,
Connecticut, which commenced commercial operation in April of
1986. The unit is operated by Northeast Utilities.
Central Maine holds no interest, directly or indirectly, in
any exempt wholesale generator (EWG) or foreign utility company.
2. At December 31, 1993, Central Maine operated 28
hydro-electric generating stations of which 27 are owned and one
is leased, and owned and operated two steam generating plants,
one of which is currently in deactivated reserve and three
internal combustion generating plants, all within its service
area within the State of Maine. Central Maine also owns
approximately 2,273 circuit-miles of overhead transmission lines,
18,605 pole-miles of overhead distribution lines, and 1,182 miles
of underground and submarine cable, all within its service area
within the State of Maine.
MEPCo. owns a 345-KV transmission line between Wiscasset,
Maine, and the Maine-New Brunswick international border at
Orient, Maine.
<PAGE>
Maine Yankee owns a nuclear-powered generating plant at
Wiscasset, Maine.
3. Central Maine submits the following information with
respect to it and its subsidiary public utility companies for the
calendar year 1993:
<TABLE>
A. Central Maine Power Company
<C> <C> <S> <C>
(a) 9,548,601,398 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed
outside of Maine (State where
organized).
(c) 304,854,180 Kwh of electric energy sold at wholesale
outside of Maine or at the State line:
New England Power Pool 145,845,180
Unitil Power Corp. 4,832,000
Northeast Utilities 154,177,000
(d) 1,474,796,004 Kwh of electric energy purchased outside
of Maine or at the State line:
Connecticut Yankee Atomic
Power Company 224,882,801
Vermont Yankee Nuclear
Power Corporation 121,091,802
EUA Power Corporation 160,443,511
New England Power Pool 952,652,110
Hydro-Quebec 270,780
Northeast Utilities 15,455,000
B. Maine Electric Power Company, Inc.
(a) 426,161,000 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed
outside of Maine (State where
organized).
(c) 85,254,000 Kwh of electric energy sold at wholesale
outside of Maine or at the State line.
(d) 407,071,000 Kwh of electric energy purchased outside
of Maine or at the State line.
C. Maine Yankee Atomic Power Company
(a) 5,725,983,460 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed
outside of Maine (State where
organized).
(c) None Kwh of electric energy sold at wholesale
outside of Maine or at the State line. <PAGE>
(d) None Kwh of electric energy purchased outside
of Maine or at the State line.
</TABLE>
D. NORVARCO
NORVARCO does not purchase or sell electric energy.
4. Not applicable.
<PAGE>
EXHIBIT A-1
Exhibit A-1 includes corporate consolidating financial
statements of Central Maine for 1993. The consolidated column is
as it appears in Central Maine's Annual Report to Shareholders
for that year.
EXHIBIT A-2
Exhibit A-2 includes (1) a table showing, for 1993, the
ratio of subsidiary utility revenues to the utility revenues of
the holding company (Central Maine) as a public-utility company;
(2) unconsolidated financial statements which include the
capitalization of Central Maine at December 31, 1993; (3)
financial statements which include the capitalization of Maine
Yankee at December 31, 1993; (4) financial statements which
include the capitalization of MEPCo. at December 31, 1993; (5)
financial statements which include the capitalization of NORVARCO
at December 31, 1993; (6) a table showing, for 1993, the
non-public utility subsidiaries Total Revenues and Total Assets.
EXHIBIT B
Not applicable.
Central Maine has caused this statement to be duly executed
on its behalf by its authorized officer on this 24th day of
February 1994.
CENTRAL MAINE POWER COMPANY
By /S/ R. S. Howe
Comptroller
CORPORATE SEAL
Attest:
/S/ W. M. Finn
Secretary and Clerk
Name, title and address of officers to whom notices and
correspondence concerning this statement should be addressed.
Robert S. Howe, Comptroller William M. Finn,
Central Maine Power Company Secretary and Clerk
83 Edison Drive Central Maine Power Company
Augusta, ME 04336 83 Edison Drive
Augusta, ME 04336
<PAGE>
EXHIBIT A-1
Attached hereto as Exhibit A-1 are consolidating financial
statements of Central Maine as of, and for the calendar year
ended, December 31, 1993.
In October 1987, the Financial Accounting Standards Board
(FASB) issued an amendment to its rule for consolidation of all
majority-owned subsidiaries. Under this regulation the Company
is required to consolidate Maine Electric Power Company, Inc.
(MEPCo.).
<PAGE>
Central Maine Power Company
BALANCE SHEET
at December 31, 1993
(Dollars in Thousands)
<TABLE>
Maine
Electric Inter-Company Eliminations
Central Power
Maine Power Company, Minority
CREDIT Company Inc.
<S> <C> <C> <C> <C> <C> <C>
ELECTRIC PROPERTY, at
Original Cost $1,541,752 $23,123 $ $ $ $1,564,875
Less: Accumulated
Depreciation 484,106 19,174 503,280
Electric Property in
Service 1,057,646 3,949 1,061,595
Construction Work in
Progress 19,689 19,689
Net Nuclear Fuel 1,822 1,822
Net Electric Property 1,079,157 3,949 1,083,106
INVESTMENTS IN
ASSOCIATED COMPANIES,
at Equity 48,139 687 47,452
Net Electric Property
and Investments in
Associated Companies 1,127,296 3,949 687 1,130,558
CURRENT ASSETS
Cash & Temporary Cash
Investments 1,493 463 1,956
Accounts Receivable
Service - Billed 83,264 66 83,330
- Unbilled 67,022 67,022
Other Accounts
Receivable 10,181 1,099 629 10,651
Undercollected Retail
Fuel Costs 84,708 84,708
Accrued Income Taxes 1,394 (59) 1,335
<PAGE>
Inventories, at
Average Cost
Fuel Oil 6,939 6,939
Materials and
Supplies 14,430 14,430
Funds on Deposit with
Trustee 27,758 27,758
Prepayments and Other
Current Assets 7,870 138 8,008
Total Current
Assets 305,059 1,707 629 306,137
DEFERRED CHARGES AND
OTHER ASSETS
Recoverable Costs of
Seabrook 1 and
Abandoned Projects,
Net 110,443 110,443
Yankee Atomic
Purchased-Power
Contract 32,775 32,775
Regulatory Assets-
Deferred Taxes 237,175 212 237,387
Deferred Charges and
Other Assets 187,126 436 187,562
Deferred Charges
and Other Assets 567,519 648 568,167
TOTAL ASSETS $1,999,874 $6,304 $ $1,316 $ $2,004,862 <PAGE>
</TABLE>
Central Maine Power Company
BALANCE SHEET
at December 31, 1993
(Dollars in Thousands)
<TABLE> Maine Inter-Company
Electric Eliminations
Central Power
STOCKHOLDERS' INVESTMENT & Maine Power Company, Minority
CREDIT LIABILITIES Company Inc
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common Stock Investment-
Common Stock, Par Value $5
Per Share, Authorized
38,000,000 Shares,
Outstanding 32,379,937
Shares $ 161,900 $ 878 $ 687 $ $(191) $ 161,900
Other Paid-in Capital 274,343 274,343
Retained Earnings 117,146 6,352 6,352 117,146
Preferred Stock 65,571 65,571
Redeemable Preferred Stock 80,000 80,000
Long-Term Obligations 579,254 2,590 581,844
Total Capitalization 1,278,214 3,468 7,039 6,352 (191) 1,280,804
CURRENT LIABILITIES AND
INTERIM FINANCING
Interim Financing 68,500 68,500
Other Current Liabilities
Sinking Fund Requirements 2,561 860 3,421
Accounts Payable 93,977 1,048 608 94,417
Dividends Payable 9,463 26 21 9,468
Accrued Interest 12,667 13 12,680
Miscellaneous Current
Liabilities 12,940 6 191 13,137
Total Other Current
Liabilities 131,608 1,953 629 191 133,123
<PAGE>
Total Current
Liabilities and Interim
Financing 200,108 1,953 629 191 201,623
COMMITMENTS AND
CONTINGENCIES
RESERVES AND DEFERRED
CREDITS
Accumulated Deferred
Income Taxes 340,756 593 341,349
Unamortized Investment Tax
Credits 36,555 124 36,679
Yankee Atomic Purchased-
Power Contract 32,775 32,775
Regulatory Liabilities-
Deferred Taxes 49,734 49,734
Other Reserves and
Deferred Credits 61,732 166 61,898
Total Reserves and
Deferred Credits 521,552 883 522,435
TOTAL STOCKHOLDERS'
INVESTMENT AND
LIABILITIES $1,999,874 $6,304 $7,668 $6,352 $ $2,004,862 <PAGE>
</TABLE>
Central Maine Power Company
STATEMENT OF EARNINGS
For the Year Ended December 31, 1993
(Dollars in Thousands Except Per Share Amounts)
<TABLE>
Maine
Central Electric Inter-Company
Maine Power
Power Company, Minority
CREDIT Company Inc.
<S> <C> <C> <C> <C> <C> <C>
ELECTRIC OPERATING REVENUES $887,038 $12,809 $6,270 $ $ $893,577
OPERATING EXPENSES
Fuel Used for Company
Generation 16,906 16,906
Purchased Power
Energy 405,192 9,687 5,935 408,944
Capacity 84,514 6 84,520
Other Operation 147,804 849 335 148,318
Maintenance 32,929 382 33,311
Depreciation and
Amortization 51,743 1,395 53,138
Taxes
Federal and State Income 25,670 46 25,716
Taxes Other Than Income 22,798 225 23,023
Total Operating Expenses 787,556 12,590 6,270 793,876
EQUITY IN EARNINGS OF
ASSOCIATED COMPANIES 5,911 82 5,829
OPERATING INCOME 105,393 219 6,352 6,270 105,530
OTHER INCOME (EXPENSE)
Allowance for Equity Funds
Used During Construction 1,525 (2) 1,523
Other, Net (662) 12 (650)
Minority Interest in
Consolidated Net Income 23 (23)
<PAGE>
Income Taxes Applicable to
Other Income (Expense) 3,127 3,127
Total Other Income
(Expense) 3,990 10 23 3,977
INCOME BEFORE INTEREST
CHARGES 109,383 229 6,352 6,270 23 109,507
INTEREST CHARGES
Long-Term Debt 42,144 122 42,266
Other Interest 6,784 6,784
Allowance for Borrowed Funds
Used During Construction (847) 2 (845)
Total Interest Charges 48,081 124 48,205
NET INCOME 61,302 105 6,352 6,270 23 61,302
Dividends on Preferred Stock 8,842 8,842
EARNINGS APPLICABLE TO COMMON
STOCK $ 52,460 $ 105 $6,352 $6,270 $23 $ 52,460
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 31,789,114 8,785 31,789,114
EARNINGS PER SHARE OF COMMON $12.00
STOCK $1.65 $1.65
DIVIDENDS DECLARED PER SHARE $1.395 $12.00
OF COMMON STOCK $1.395 <PAGE>
</TABLE>
EXHIBIT A-2
Attached hereto, as Exhibit A-2, are the following:
A-2(1). A table showing, for 1993, the ratio of subsidiary
utility revenues to the utility revenues of the holding company
(Central Maine) as a public-utility company;
A-2(2). Central Maine: unconsolidated financial
statements which include the capitalization at December 31, 1993;
A-2(3). Maine Yankee: financial statements which include
the capitalization at December 31, 1993;
A-2(4). MEPCo.: financial statements which include the
capitalization at December 31, 1993;
A-2(5). NORVARCO: financial statements which include the
capitalization at December 31, 1993;
A-2(6). A table showing, for 1993, the non-public utility
subsidiaries Total Revenues and Total Assets.
<PAGE>
EXHIBIT A-2(1)
The following shows actual corporate revenues of Maine
Yankee, MEPCo. and NORVARCO in 1993, each adjusted to eliminate
sales to Central Maine Power Company. Central Maine Power
Company also had sales to these subsidiaries during the year
which have been eliminated in the adjusted column. In 1993,
actual and adjusted electric revenues for these companies were:
(Dollars in Thousands)
Actual Adjusted
<TABLE>
<S> <C> <C>
Maine Yankee $ 193,102 $ 120,774
MEPCo. 12,809 6,995
NORVARCO 3 3
Sub Total 205,914 127,772
Central Maine 887,038 884,221
$1,092,952 $1,011,993
</TABLE>
Subsidiary revenues from sales, other than to Central Maine,
were about $128 million, or 14% of Central Maine's adjusted
revenues. This ratio is acceptable and supports Central Maine's
claim, in good faith, to its continuing exemption pursuant to
Rule 2.
<PAGE>
CENTRAL MAINE POWER COMPANY
Unconsolidated Statement of Earnings
For the Year Ended December 31, 1993
(Dollars in Thousands Except Per Share Amounts)
<TABLE>
<S> <C>
ELECTRIC OPERATING REVENUES $887,038
OPERATING EXPENSES
Fuel Used for Company Generation 16,906
Purchased Power
Energy 405,192
Capacity 84,514
Other Operation 147,804
Maintenance 32,929
Depreciation and Amortization 51,743
Taxes
Federal and State Income 25,670
Taxes Other Than Income 22,798
Total Operating Expenses 787,556
EQUITY IN EARNINGS OF ASSOCIATED
COMPANIES 5,911
OPERATING INCOME 105,393
OPERATING INCOME (EXPENSE)
Allowance for Equity Funds Used During
Construction 1,525
Other, net (662)
Income Taxes Applicable to Other
Income (Expense) 3,127
Total Other Income (Expense) 3,990
INCOME BEFORE INTEREST CHARGES 109,383
INTEREST CHARGES
Long-Term Debt 42,144
Other Interest 6,784
Allowance for Borrowed Funds Used
During Construction (847)
Total Interest Charges 48,081
NET INCOME 61,302
Dividends on Preferred Stock 8,842
EARNINGS APPLICABLE TO COMMON STOCK $ 52,460
<PAGE>
WEIGHTED AVERAGE NUMBER OF SHARES OF
COMMON STOCK OUTSTANDING 31,789,114
EARNINGS PER SHARE OF COMMON STOCK $1.65
DIVIDENDS DECLARED PER SHARE OF COMMON
STOCK $1.395 <PAGE>
</TABLE>
CENTRAL MAINE POWER COMPANY
Unconsolidated Balance Sheet
at December 31, 1993
(Dollars in Thousands)
<TABLE>
ASSETS
<S> <C> <S> <C>
ELECTRIC PROPERTY, at Original Cost $1,541,752
Less: Accumulated Depreciation 484,106
Electric Property in Service 1,057,646
Construction Work in Progress 19,689
Net Nuclear Fuel 1,822
Net Electric Property 1,079,157
INVESTMENTS IN ASSOCIATED COMPANIES, at
Equity 48,139
Net Electric Property and Investments
in Associated Companies 1,127,296
CURRENT ASSETS
Cash and Temporary Cash Investments 1,493
Accounts Receivable
Service - Billed 83,264
- Unbilled 67,022
Undercollected Retail Fuel Costs 84,708
Other Accounts Receivable 10,181
Accrued Income Taxes 1,394
Inventories, at Average Cost
Fuel Oil 6,939
Materials and Supplies 14,430
Funds on Deposit with Trustee 27,758
Prepayments and Other Current Assets 7,870
Total Current Assets 305,059
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and
Abandoned Projects, Net 110,443
Yankee Atomic Purchased-Power Contract 32,775
Regulatory Assets - Deferred Taxes 237,175
Deferred Charges and Other Assets 187,126
Total Deferred Charges and Other
Assets 567,519
TOTAL ASSETS $1,999,874
</TABLE>
CENTRAL MAINE POWER COMPANY
Unconsolidated Balance Sheet
at December 31, 1993
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
<TABLE>
<S> <C>
Common Stock Investment $ 553,389
Preferred Stock 65,571
Redeemable Preferred Stock 80,000
Long-Term Obligations 579,254
Total Capitalization 1,278,214
CURRENT LIABILITIES AND INTERIM FINANCING
Interim Financing 68,500
Other Current Liabilities
Sinking Fund Requirements 2,561
Accounts Payable 93,977
Dividends Payable 9,463
Accrued Interest 12,667
Miscellaneous Current Liabilities 12,940
Total Other Current Liabilities 131,608
Total Current Liabilities and
Interim Financing 200,108
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes 340,756
Unamortized Investment Tax Credits 36,555
Yankee Atomic Purchase Power Contract 32,775
Regulatory Liabilities Deferred Taxes 49,734
Other Reserves and Deferred Credits 61,732
Total Reserves and Deferred
Credits 521,552
TOTAL STOCKHOLDERS' INVESTMENT AND
LIABILITIES $1,999,874 <PAGE>
</TABLE>
CENTRAL MAINE POWER COMPANY
Unconsolidated Statement of Capitalization and Interim Financing
at December 31, 1993
(Dollars in Thousands)
<TABLE>
Amount Percent
<S> <C> <C>
CAPITALIZATION
Common Stock Investment:
Common Stock, Par Value $5
Per Share-
Authorized - 80,000,000
Shares
Outstanding - 32,379,937
Shares $ 161,900
Other Paid-In Capital 274,343
Retained Earnings 117,146
Total Common Stock
Investment 553,389 41.1%
Preferred Stock:
Preferred Stock - Not
Subject to Mandatory
Redemption 65,571 4.9
Redeemable Preferred Stock -
Subject to Mandatory
Redemption 80,000 5.9
Long-Term Obligations:
Mortgage Bonds 407,500
Less: Unamortized Debt
Discount 2,175
Total Mortgage Bonds 405,325
Medium-Term Notes 146,000
Other Long-Term Obligations:
Lease Obligations 42,740
Pollution Control Facility
and Other Notes 30,750
Total Other Long-Term
Obligations 73,490
Less: Current Sinking
Fund Requirements and
Current Maturities 45,561
Total Long-Term
Obligations 579,254 43.0
Total Capitalization 1,278,214 94.9
INTERIM FINANCING
Commercial Paper 15,500
Bank Notes 10,000
Current Maturities of Long-
Term Obligations 43,000
Total Interim Financing 68,500 5.1
Total Capitalization and
Interim Financing $1,346,714 100.0% <PAGE>
</TABLE>
Maine Yankee Atomic Power Company
STATEMENT OF INCOME
(Dollars in Thousands Except Per Share Amounts)
Year Ended December 31,
<TABLE>
1993 1992 1991
<S> <C> <C> <C>
ELECTRIC OPERATING REVENUES $193,102 $187,259 $166,471
OPERATING EXPENSES
Fuel
Amortization 16,476 17,000 23,092
Disposal Cost 6,451 5,192 5,915
Operation 77,301 80,414 67,527
Maintenance 38,019 31,209
16,868
Depreciation 16,384 15,388
14,655
Decommissioning 9,074 9,074
9,074
Taxes
Federal and State Income 1,087 629
(1,036)
Local Property 11,730 11,289
10,317
Total Operating Expenses 176,522 170,195
146,412
OPERATING INCOME 16,580 17,064
20,059
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used
During construction 129 57 103
Other, Net 5,075 5,365 4,222
INCOME BEFORE INTEREST CHARGES 21,784 22,486 24,384
INTEREST CHARGES
Long-Term Debt 9,294 8,790 8,411
Fuel Disposal Liability 3,142 3,593 5,553
Fuel Financing Notes 254 1,041 1,739
Other Interest Charges 466 169 361
Allowance for Borrowed Funds
Used During Construction (128) (64) (129)
For Nuclear Fuel (224) (216) (414)
Total Interest Charges 12,804 13,313 15,521
NET INCOME 8,980 9,173 8,863
Dividends on Preferred Stock 1,604 779 494
EARNINGS APPLICABLE TO COMMON
STOCK $ 7,376 $ 8,394 $ 8,369
SHARES OF COMMON STOCK OUTSTANDING 500,000 500,000 500,000
EARNINGS PER SHARE OF COMMON STOCK $ 14.75 $ 16.79 $ 16.74
DIVIDENDS DECLARED PER SHARE OF
COMMON STOCK $ 14.45 $ 16.85 $ 16.70 <PAGE>
</TABLE>
Maine Yankee Atomic Power Company
BALANCE SHEET
(Dollars in Thousands)
ASSETS
December 31
<TABLE>
1993 1992
<S> <C> <S> <C> <C>
ELECTRIC PROPERTY, at Original Cost $396,133 $384,664
Less: Accumulated Depreciation and Amortization 175,996 163,887
220,137 220,777
Construction Work in Progress 2,660 3,705
Net Electric Property 222,797 224,482
NUCLEAR FUEL, at Original Cost
Nuclear Fuel in Reactor 82,794 84,061
Nuclear Fuel - Spent 363,985 331,801
Nuclear Fuel - Stock 9,376 12,222
456,155 428,084
Less Accumulated Amortization 417,588 401,112
38,567 26,972
Nuclear Fuel in Process 310 21,741
Net Nuclear Fuel 38,877 48,713
Net Electric Property and Nuclear Fuel 261,674 273,195
CURRENT ASSETS
Cash and Cash Equivalents 1,937 28
Restricted Cash 561 -
Accounts Receivable 15,941 25,869
Materials and Supplies, at Average Cost 12,220 13,133
Prepayments 5,359 5,119
Total Current Assets 36,018 44,149
DEFERRED CHARGES AND OTHER ASSETS
Trust Funds
Fuel Disposal 86,684 80,655
Plant Decommissioning 93,847 77,686
Accumulated Deferred Income Tax Assets 26,823 11,533
Regulatory Asset - DOE Decontamination and
Decommissioning Fee 22,475 25,960
Other Deferred Charges and Other Assets 7,296 8,015
Total Deferred Charges and Other Assets 237,125 203,849
$534,817 $521,193
</TABLE>
Maine Yankee Atomic Power Company
BALANCE SHEET
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
December 31
1993 1992
<TABLE>
CAPITALIZATION (See Separate Statement)
<S> <C> <C>
Common Stock Investment $ 67,654 $ 67,503
Redeemable Preferred Stock 19,800 20,400
Long-Term Debt 103,333 89,390
Total Capitalization 190,787 177,293
LONG-TERM FUEL DISPOSAL LIABILITY 103,506 100,364
NUCLEAR FUEL FINANCING NOTES 12,000 21,000
CURRENT LIABILITIES
Notes Payable to Banks - 4,465
Current Sinking Fund Requirements 7,267 9,841
Accounts Payable 12,778 16,314
Fuel Disposal Cost Payable - 1,489
Dividends Payable 1,951 2,512
Accrued Interest and Taxes 2,260 3,473
Other Current Liabilities 3,631 1,933
Total Current Liabilities 27,887 40,027
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Plant Decommissioning Reserve 94,665 78,486
Deferred Credits
Accumulated Deferred Income Tax Liabilities 60,921 61,809
DOE Decontamination and Decommissioning Fee 19,188 24,801
Regulatory Liability - Income Taxes 12,628 -
Unamortized Investment Tax Credits 7,227 7,714
Unamortized Gains on Reacquired Debt 3,468 5,336
Other Deferred Credits 2,540 4,363
Total Reserves and Deferred Credits 200,637 182,509
$534,817 $521,193
<PAGE>
</TABLE>
Maine Yankee Atomic Power Company
STATEMENT OF CAPITALIZATION
(Dollars in Thousands)
December 31
<TABLE>
1993 1992
COMMON STOCK INVESTMENT
<S> <C> <C>
Common Stock, $100 Par Value, 500,000 Shares
Authorized and Outstanding $ 50,000 $ 50,000
Other Paid-in Capital 16,676 16,712
Capital Stock Expense (472) (511)
Gain on Redemption of Preferred Stock 1,106 1,100
Premiums on Preferred Stock 79 88
Retained Earnings 265 114
67,654 67,503
REDEEMABLE PREFERRED STOCK
7.48% Series, $100 Par Value-Authorized 60,000
Shares; Outstanding 54,000 in 1993 and 60,000
in 1992 5,400 6,000
8% Series, $100 Par Value-Authorized 200,000
Shares; Outstanding 150,000 15,000 15,000
20,400 21,000
Less: Current Sinking Fund Requirements 600 600
19,800 20,400
LONG-TERM DEBT
First Mortgage Bonds
Series A - 9.10 % due May 1, 2002 - 27,500
Series B - 8 1/2% due May 1, 2002 - 16,741
Series C - 7 5/8% due May 1, 2002 - 4,419
Series D - 8.79 % due May 1, 2002 45,000 50,000
Series E - 8.13 % due May 1, 2008 40,000 -
Series F - 6.89 % dur May 1, 2008 25,000 -
110,000 98,660
Less: Current Sinking Fund Requirements 6,667 9,241
Unamortized Debt Discount, Net of
Premium - 29
103,333 89,390
Total Capitalization $190,787 $177,293 <PAGE>
</TABLE>
Maine Electric Power Company, Inc.
STATEMENT OF INCOME
For the Three Years Ended December 31, 1993
(Dollars in Thousands Excepts Per Share Amounts)
<TABLE>
1993 1992 1991
<S> <C> <C> <C>
ELECTRIC OPERATING REVENUES
Sales for Resale $ 9,693 $ 8,412 $11,584
Transmission Revenues 1,952 1,939 2,563
Support Charges and Other 1,164
1,257 771
Total Electric Operating Revenues 12,809
11,608 14,918
OPERATING EXPENSES
Purchased Power 9,693
8,412 11,584
Operation 849
755 929
Maintenance 382
682 495
Depreciation 1,395
1,250 1,231
Taxes
Federal and State Income 46 25 41
Local Property and Other 225 219 241
Total Operating Expenses 12,590 11,343 14,521
OPERATING INCOME 219 265 397
OTHER INCOME, NET 10 26 43
INCOME BEFORE INTEREST CHARGES 229 291 440
INTEREST CHARGES
Other Interest Charges - 1 111
Allowance for Borrowed Funds Used
During Construction 2 (4) (1)
Total Interest Charges 124 186 335
NET INCOME $ 105 $ 105 $ 105
WEIGHTED AVERAGE NUMBER OF SHARES OF
COMMON STOCK OUTSTANDING 8,785 8,785 8,789
EARNINGS PER SHARE OF COMMON STOCK $12.00 $12.00 $12.00
DIVIDENDS DECLARED PER SHARE OF COMMON
STOCK $12.00 $12.00 $12.00
<PAGE>
</TABLE>
Maine Electric Power Company, Inc.
BALANCE SHEET
At December 31, 1993 and 1992
(Dollars in Thousands)
ASSETS
1993 1992
<TABLE>
<S> <C> <S> <C> <C>
ELECTRIC PROPERTY, at Original Cost $23,123 $22,915
Less: Accumulated Depreciation 19,174 17,891
3,949 5,024
Construction Work in Progress - 195
Electric Property, Net 3,949 5,219
CURRENT ASSETS
Cash 103 6
Temporary Cash Investments, at Cost Which
Approximates Market Value 360 150
Accounts Receivable - Associated Companies 883 189
- Other 282 609
- Accrued Income Taxes (59) (6)
Other Current Assets 138 129
Total Current Assets 1,707 1,077
DEFERRED CHARGES AND OTHER ASSETS 648 537
$ 6,304 $ 6,833
COMMON STOCK INVESTMENT AND LIABILITIES
CAPITALIZATION
Common Stock Investment
Common Stock, $100 Par Value, Authorized 20,000
Shares, Outstanding 8,785 Shares $ 878 $ 878
Retained Earnings - -
Total Common Stock Investment 878 878
Long-Term Debt, net of current portion 2,590 3,450
Total Capitalization 3,468 4,328
CURRENT LIABILITIES
Accounts Payable - Associated Companies 142 367
- Other 110 103
Current Portion of Long-Term Debt 860 860
Dividends Payable 26 26
Accrued Purchased Power 796 11
Accrued Interest and Other 19 23
Total Current Liabilities 1,953 1,390
<PAGE>
COMMITMENTS
Accumulated Deferred Income Taxes 593 700
Unamortized Investment Tax Credits 124 160
Unamortized Gain on Reacquired Debt 152 211
Other Deferred Credits 14 44
Total Deferred Credits 883 1,115
$ 6,304 $ 6,833 <PAGE>
</TABLE>
NORVARCO
Statement of Income and Retained Earnings
For the Three Years Ended December 31, 1993
(Dollars in Thousands)
1993 1992 1991
<TABLE>
<S> <C> <C> <C> <C>
Support Charges Chester SVC $ 3 $ 5 $ 4
Administrative Expenses 3 5 4
Income Tax Expense (44) 3 (949)
Total Operating Expenses (41) 8 (945)
Net Operating Income (Loss) 44 (3) 949
Interest Income 20 22 28
Total Income 64 19 977
Retained Earnings Beginning
of the Year 51 32 5
Dividends Declared - - 950
Retained Earnings End of
the Year $115 $51 $ 32 <PAGE>
</TABLE>
NORVARCO
Balance Sheet
at December 31, 1993 and 1992
(Dollars in Thousands)
1993 1992
ASSETS
<TABLE>
Current Assets
<S> <C> <C> <C> <C>
Cash $ 2 $ 4
Temporary Cash Investments 694 675
Accounts Receivable
Associated Companies - 1
Interest Receivable 4 -
Total Current Assets 700 680
Deferred Income Taxes 1,750 1,428
$2,450 $2,108
</TABLE>
STOCKHOLDER'S INVESTMENT AND LIABILITIES
Capitalization
<TABLE>
<S> <C> <S> <C> <C>
Common Stock, $100 Par Value
Outstanding, 5,000 Shares $ 500 $ 500
Retained Earnings 115 51
Total Common Stock Equity 615 551
Current Liabilities
Accounts Payable
Central Maine Power Company - 1
Accrued Income Taxes 832 864
Total Current Liabilities 832 865
Accumulated Deferred Income Taxes 1,003 692
$2,450 $2,108 <PAGE>
</TABLE>
Non-Public Utility Subsidiaries
1993
Total Total
Revenues Assets
<TABLE>
(Dollars in Thousands)
<S> <C> <C> <C>
Central Securities $ 103 $ 1,615
Cumberland Securities 27 2,254
Kennebec Water Power 532 398
Union Water-Power 1,541 3,803
Androscoggin 887 1,265
Kennebec Hydro 2,189 7,071
Gulf Island 558 1,658
Integrated Resources 95 141
Total $5,932 $18,205
</TABLE>
<PAGE>
