UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM U-3A-2
File No. 69-198
Statement by Holding Company Claiming Exemption Under Rule
U-3A-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 2, its statement claiming exemption as a
holding company from the provisions of the Public Utility
Holding Company Act of 1935, and submits the following
information:
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<PAGE>
to provide real estate management and other related services
to Central Maine. Effective January 1, 1995, Union Water-
Power, through a joint operating agreement with Kennebec Water
Power, assumed a large part of Kennebec Water Power's river-
flow responsibilities with respect to the Kennebec River.
Union Water-Power also provides utility facilities locating
services for contracting parties. 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 principal 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, No. 70-8313 and No. 70-8493.) 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 Power Corporation. (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. MEPCo. also owns and
operates certain equipment, including microwave communication
facilities in connection with the Hydro-Quebec Phase II (Phase<PAGE>
II) project described in the next paragraph hereof. The costs
relating to these facilities are 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 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 principal office at 83 Edison
Drive, Augusta, Maine 04336. The business of Integrated
Resource is to provide consulting, research and information
services for parties other than Central Maine in such areas as
demand-side energy management, least-cost planning and
international public utility consulting services to foreign
utilities.
Aroostook Valley Electric Company (AVEC), a wholly-owned
subsidiary of Central Maine, is a Maine corporation with its
office at 83 Edison Drive, Augusta, Maine 04336. The business
of AVEC is to own and operate a 33-megawatt wood-fired
generating plant in Fort Fairfield, Maine, the output of which
is sold to Central Maine.
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. On February 26, 1992, the
Board of Directors of Yankee Atomic Electric Company (Yankee
Atomic) decided to permanently discontinue power operation at
the Yankee Atomic Plant in Rowe, Massachusetts, and to
decommission that facility.<PAGE>
In addition, Central Maine owns a 2.50% interest as a
tenant in common in Millstone No. 3 nuclear unit in Waterford,
Connecticut. 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, 1994, Central Maine operated 29
hydro-electric generating stations of which 28 are owned and
one is leased, and owned and operated one steam generating
plant and three internal combustion generating plants, all
within its service area within the State of Maine. Central
Maine also owns approximately 2,296 circuit-miles of overhead
transmission lines, 18,770 pole-miles of overhead distribution
lines, and 1,212 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.
Maine Yankee owns a nuclear-powered generating plant at
Wiscasset, Maine.
NORVARCO has a 50% interest in a static var compensator
facility at Chester, Maine.
AVEC owns a 33-megawatt wood-fired generating plant at
Fort Fairfield, Maine.
3. Central Maine submits the following information with
respect to it and its subsidiary public utility companies for
the calendar year 1994:
A. Central Maine Power Company
(a) 10,624,872,420 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed
outside of Maine (State where
organized).
(c) 1,444,548,427 Kwh of electric energy sold at
wholesale outside of Maine or at the
State line:
Massachusetts Municipal Wholesale
Electric Company 1,230,169
New England Power Company 21,028,000
New England Power Pool 243,218,200
Northeast Utilities 584,625,000
North American Energy
Conservation 573,710,000
Central Vermont Public
Service Corporation 20,737,058<PAGE>
(d) 1,266,524,867 Kwh of electric energy purchased
outside of Maine or at the State
line:
Connecticut Yankee Atomic
Power Company 228,104,925
Vermont Yankee Nuclear
Power Corporation 154,968,632
EUA Power Corporation 79,451,810
New England Power Pool 780,152,140
Hydro-Quebec 272,360
Northeast Utilities 23,575,000
B. Maine Electric Power Company, Inc.
(a) 1,084,102,000 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed
outside of Maine (State where
organized).
(c) 66,724,000 Kwh of electric energy sold at
wholesale outside of Maine or at the
State line.
(d) 1,084,102,000 Kwh of electric energy purchased
outside of Maine or at the State
line.
C. Maine Yankee Atomic Power Company
(a) 6,621,502,620 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.
(d) None Kwh of electric energy purchased
outside of Maine or at the State
line.
D. NORVARCO
NORVARCO does not purchase or sell electric energy.
E. Aroostook Valley Electric Company
(a) 42,094,851 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed
outside of Maine (State where
organized).<PAGE>
(c) None Kwh of electric energy sold at
wholesale outside of Maine or at the
State line.
(d) None Kwh of electric energy purchased
outside of Maine or at the State
line.
4. Not applicable, as Central Maine holds no interest,
directly or indirectly, in any EWG or foreign utility company.<PAGE>
EXHIBIT A-1
Exhibit A-1 includes corporate consolidating financial
statements of Central Maine for 1994. 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 1994, 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, 1994; (3)
financial statements which include the capitalization of Maine
Yankee at December 31, 1994; (4) financial statements which
include the capitalization of MEPCo. at December 31, 1994; (5)
financial statements which include the capitalization of
NORVARCO at December 31, 1994; (6) financial statements which
include the capitalization of AVEC at December 31, 1994; (7) a
table showing, for 1994, the non-public utility subsidiaries
Total Revenues and Total Assets.
EXHIBIT B
Financial Data Schedule.
EXHIBIT C
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, 1995.
CENTRAL MAINE POWER COMPANY
By /S/ R. S. Howe
Comptroller
CORPORATE SEAL
Attest:
/S/ Anne M. Pare
Assistant Secretary
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>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Central Maine Power Company
STATEMENT OF EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands Except Per Share Amounts)
Maine
Central Electric Power
Maine Power Company, Inter-Company
Company Inc. Eliminations Minority
DEBIT CREDIT Interest Total
ELECTRIC OPERATING REVENUES $899,637 $24,746 $19,500 $ $ $904,883
OPERATING EXPENSES
Fuel Used for Company Generation 14,783 14,783
Purchased Power
Energy 427,681 22,017 18,824 430,874
Capacity 77,745 30 77,775
Other Operation 153,742 634 676 153,700
Maintenance 32,600 220 32,820
Depreciation and Amortization 54,609 1,383 55,992
Taxes
Federal and State Income 28,271 29 28,300
Taxes Other Than Income 25,271 241 25,512
Total Operating Expenses 814,702 24,554 19,500 819,756
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES 5,191 82 5,109
OPERATING INCOME 90,126 192 19,582 19,500 90,236
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used During
Construction 807 807
Other, Net (105,129) 19 (105,110)
Minority Interest in Consolidated Net Income 23 (23)
Income Taxes Applicable to Other Income
(Expense) 42,443 42,443
Total Other Income (Expense) (61,879) 19 23 (61,883)
INCOME BEFORE INTEREST CHARGES 28,247 211 19,582 19,500 23 28,353
INTEREST CHARGES
Long-Term Debt 46,107 106 46,213
Other Interest 5,887 5,887
Allowance for Borrowed Funds Used During
Construction (482) (482)
Total Interest Charges 51,512 106 51,618
NET INCOME (LOSS) (23,265) 105 19,582 19,500 23 (23,265)
Dividends on Preferred Stock 10,511 10,511
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $( 33,776) $ 105 $19,582 $19,500 $23 $( 33,776)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON
STOCK OUTSTANDING 32,442,408 8,785 32,442,408
EARNINGS (LOSS) PER SHARE OF COMMON STOCK $(1.04) $12.00 $(1.04)
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $0.90 $12.00 $0.90 <PAGE>
</TABLE>
<TABLE>
<S> <C> <S> <C> <C> <C> <C> <C> <C>
Central Maine Power Company
BALANCE SHEET
at December 31, 1994
(Dollars in Thousands)
ASSETS Central Maine Inter-Company
Maine Power Electric Power Eliminations
Company Co. Inc. Minority
DEBIT CREDIT Interest Total
ELECTRIC PROPERTY, at Original Cost $1,556,533 $23,099 $ $ $ $1,579,632
Less: Accumulated Depreciation 501,182 20,463 521,645
Electric Property in Service 1,055,351 2,636 1,057,987
Construction Work in Progress 13,647 13,647
Net Nuclear Fuel 2,181 2,181
Net Electric Property 1,071,179 2,636 1,073,815
INVESTMENTS IN ASSOCIATED COMPANIES, at
Equity 50,289 687 49,602
Net Electric Property and Investments
in Associated Companies 1,121,468 2,636 687 1,123,417
CURRENT ASSETS
Cash and Temporary Cash Investments 57,589 523 58,112
Accounts Receivable
Service - Billed 81,073 216 81,289
- Unbilled 38,153 38,153
Other Accounts Receivable 11,909 2,418 2,239 12,088
Prepaid Income Taxes 28,060 8 28,068
Inventories, at Average Cost
Fuel Oil 4,113 4,113
Materials and Supplies 13,026 13,026
Funds on Deposit with Trustee 27,820 27,820
Prepayments and Other Current Assets 9,196 141 9,337
Total Current Assets 270,939 3,306 2,239 272,006
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and
Abandoned Projects, Net 101,976 101,976
Yankee Atomic Purchased-Power Contract 38,777 38,777
Regulatory Assets-Deferred Taxes 233,022 212 233,234
Deferred Charges and Other Assets 276,181 416 276,597
Total Deferred Charges and Other
Assets 649,956 628 650,584
TOTAL ASSETS $2,042,363 $6,570 $ $2,926 $ $2,046,007<PAGE>
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Central Maine Power Company
BALANCE SHEET
at December 31, 1994
(Dollars in Thousands)
Maine Inter-Company
Central Electric Power Eliminations
Maine Power Company,
Company Inc. Minority
STOCKHOLDERS' INVESTMENT AND LIABILITIES DEBIT CREDIT Interest Total
CAPITALIZATION
Common Stock Investment $ 491,323 $ 878 $20,270 $19,583 $(191) $ 491,323
Preferred Stock 65,571 65,571
Redeemable Preferred Stock 80,000 80,000
Long-Term Obligations 637,111 1,730 638,841
Total Capitalization 1,274,005 2,608 20,270 19,583 (191) 1,275,735
CURRENT LIABILITIES AND INTERIM FINANCING
Interim Financing 63,000 63,000
Other Current Liabilities
Sinking Fund Requirements 1,720 860 2,580
Accounts Payable 97,476 2,539 2,215 97,800
Dividends Payable 9,927 26 21 9,932
Accrued Interest 14,087 15 14,102
Miscellaneous Current Liabilities 10,297 50 3 191 10,535
Total Other Current Liabilities 133,507 3,490 2,239 191 134,949
Total Current Liabilities and Interim
Financing 196,507 3,490 2,239 191 197,949
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes 348,037 250 348,287
Unamortized Investment Tax Credits 34,079 88 34,167
Yankee Atomic Purchased-Power Contract 38,777 38,777
Regulatory Liabilities-Deferred Taxes 53,937 53,937
Other Reserves and Deferred Credits 97,021 134 97,155
Total Reserves and Deferred Credits 571,851 472 572,323
TOTAL STOCKHOLDERS' INVESTMENT AND
LIABILITIES $2,042,363 $6,570 $22,509 $19,583 $ $2,046,007<PAGE>
</TABLE>
EXHIBIT A-2
Attached hereto, as Exhibit A-2, are the following:
A-2(1). A table showing, for 1994, 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, 1994;
A-2(3). Maine Yankee: financial statements which include
the capitalization at December 31, 1994;
A-2(4). MEPCo.: financial statements which include the
capitalization at December 31, 1994;
A-2(5). NORVARCO: financial statements which include the
capitalization at December 31, 1994;
A-2(6). AVEC: financial statements which include the
capitalization at December 31, 1994;
A-2(7). A table showing, for 1994, 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., NORVARCO and AVEC in 1994, 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
1994, actual and adjusted electric revenues for these
companies were:
(Dollars in Thousands)
Actual Adjusted
Maine Yankee $ 173,857 $ 108,737
MEPCo. 24,746 5,411
NORVARCO 4 4
AVEC 1,571 -
Sub Total 200,178 114,152
Central Maine 899,637 897,614
$1,099,815 $1,011,766
Subsidiary revenues from sales, other than to Central Maine,
were about $114 million, or 13% 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>
<TABLE>
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Central Maine Power Company
UNCONSOLIDATED STATEMENT OF EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES $899,637
OPERATING EXPENSES
Fuel Used for Company Generation 14,783
Purchased Power
Energy 427,681
Capacity 77,745
Other Operation 153,742
Maintenance 32,600
Depreciation and Amortization 54,609
Taxes
Federal and State Income 28,271
Taxes Other Than Income 25,271
Total Operating Expenses 814,702
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES 5,191
OPERATING INCOME 90,126
OPERATING INCOME (EXPENSE)
Allowance for Equity Funds Used During Construction 807
Other, Net (105,129)
Income Taxes Applicable to Other
Income (Expense) 42,443
Total Other Income (Expense) (61,879)
INCOME BEFORE INTEREST CHARGES 28,247
INTEREST CHARGES
Long-Term Debt 46,107
Other Interest 5,887
Allowance for Borrowed Funds Used During Construction (482)
Total Interest Charges 51,512
NET INCOME (Loss) (23,265)
Dividends on Preferred Stock 10,511
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $( 33,776)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 32,442,408
EARNINGS (LOSS) PER SHARE OF COMMON STOCK $(1.04)
<PAGE>
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $.90 <PAGE>
</TABLE>
<TABLE>
<S> <C>
Central Maine Power Company
UNCONSOLIDATED STATEMENT OF EARNINGS
at December 31, 1994
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $1,556,533
Less: Accumulated Depreciation 501,182
Electric Property in Service 1,055,351
Construction Work in Progress 13,647
Net Nuclear Fuel 2,181
Net Electric Property 1,071,179
INVESTMENTS IN ASSOCIATED COMPANIES, at Equity 50,289
Net Electric Property and Investments in Associated Companies 1,121,468
CURRENT ASSETS
Cash and Temporary Cash Investments 57,589
Accounts Receivable
Service - Billed 81,073
- Unbilled 38,153
Other Accounts Receivable 11,909
Prepaid Income Taxes 28,060
Inventories, at Average Cost
Fuel Oil 4,113
Materials and Supplies 13,026
Funds on Deposit with Trustee 27,820
Prepayments and Other Current Assets 9,196
Total Current Assets 270,939
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and Abandoned Projects, Net 101,976
Yankee Atomic Purchased-Power Contract 38,777
Regulatory Assets-Deferred Taxes 233,022
Deferred Charges and Other Assets 276,181
Total Deferred Charges and Other Assets 649,956
TOTAL ASSETS $2,042,363<PAGE>
</TABLE>
Central Maine Power Company
UNCONSOLIDATED STATEMENT OF EARNINGS
at December 31, 1994
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION (See Separate Statement)
Common Stock Investment $ 491,323
Preferred Stock 65,571
Redeemable Preferred Stock 80,000
Long-Term Obligations 637,111
Total Capitalization 1,274,005
CURRENT LIABILITIES AND INTERIM FINANCING
Interim Financing 63,000
Other Current Liabilities
Sinking Fund Requirements 1,720
Accounts Payable 97,476
Dividends Payable 9,927
Accrued Interest 14,087
Miscellaneous Current Liabilities 10,297
Total Other Current Liabilities 133,507
Total Current Liabilities and Interim Financing 196,507
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes 348,037
Unamortized Investment Tax Credits 34,079
Yankee Atomic Purchase-Power Contract 38,777
Regulatory Liabilities-Deferred Taxes 53,937
Other Reserves and Deferred Credits 97,021
Total Reserves and Deferred Credits 571,851
TOTAL STOCKHOLDERS' INVESTMENT AND LIABILITIES $2,042,363<PAGE>
<TABLE>
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Central Maine Power Company
UNCONSOLIDATED STATEMENT OF CAPITALIZATION AND INTERIM FINANCING
at December 31, 1994
(Dollars in Thousands)
Amount Percent
CAPITALIZATION
Common Stock Investment:
Common Stock, Par Value $5 Per Share-
Authorized - 80,000,000 Shares
Outstanding - 32,442,752 Shares $ 162,214
Other Paid-In Capital 275,627
Retained Earnings 53,482
Total Common Stock Investment 491,323 36.7%
Preferred Stock:
Preferred Stock - Not Subject to 65,571 4.9
Mandatory Redemption
Redeemable Preferred Stock - Subject 80,000 6.0
to Mandatory Redemption
Long-Term Obligations:
Mortgage Bonds 432,500
Less: Unamortized Debt Discount 1,990
Total Mortgage Bonds 430,510
Medium-Term Notes 127,000
Less: Unamortized Debt Discount 17
Total Medium-Term Notes 126,983
Other Long-Term Obligations:
Lease Obligations 39,159
Pollution Control Facility and Other Notes 97,179
Total Other Long-Term Obligations 136,338
Less: Current Sinking Fund Requirements 56,720
and Current Maturities
Total Long-Term Obligations 637,111 47.7
Total Capitalization 1,274,005 95.3
INTERIM FINANCING
Short-Term Obligations 8,000
Current Maturities of Long-Term Obligations 55,000
Total Interim Financing 63,000 4.7
Total Capitalization and Interim Financing $1,337,005 100.0%<PAGE>
</TABLE>
Maine Yankee Atomic Power Company
STATEMENT OF EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES $173,857
OPERATING EXPENSES
Fuel
Amortization 19,936
Disposal Cost 7,698
Operation 70,838
Maintenance 16,579
Depreciation 17,379
Decommissioning 13,444
Taxes
Federal and State Income (135)
Local Property 11,895
Total Operating Expenses 157,634
OPERATING INCOME 16,223
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used During Construction 70
Other, Net 5,304
INCOME BEFORE INTEREST CHARGES 21,597
INTEREST CHARGES
Long-Term Debt 8,458
Fuel Disposal Liability 4,320
Fuel Financing Notes 300
Other Interest Charges 116
Allowance for Borrowed Funds Used During Construction (84)
For Nuclear Fuel (86)
Total Interest Charges 13,024
NET INCOME 8,573
Dividends on Preferred Stock 1,559
EARNINGS APPLICABLE TO COMMON STOCK $ 7,014
SHARES OF COMMON STOCK OUTSTANDING 500,000
EARNINGS PER SHARE OF COMMON STOCK $ 14.03
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $ 14.35 <PAGE>
Maine Yankee Atomic Power Company
BALANCE SHEET
at December 31, 1994
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $401,092
Less: Accumulated Depreciation and Amortization 192,293
208,799
Construction Work in Progress 4,996
Net Electric Property 213,795
NUCLEAR FUEL, at Original Cost
Nuclear Fuel in Reactor 82,834
Nuclear Fuel - Spent 363,985
Nuclear Fuel - Stock 31,668
478,487
Less Accumulated Amortization 437,523
40,964
Nuclear Fuel in Process 61
Net Nuclear Fuel 41,025
Net Electric Property and Nuclear Fuel 254,820
CURRENT ASSETS
Cash and Cash Equivalents 37
Restricted Cash 1,684
Accounts Receivable 17,918
Materials and Supplies, at Average Cost 12,712
Prepayments 6,599
Total Current Assets 38,950
DEFERRED CHARGES AND OTHER ASSETS
Trust Funds
Fuel Disposal 93,910
Plant Decommissioning 108,678
Accumulated Deferred Income Tax Assets 27,694
Regulatory Asset - DOE Decontamination and Decommissioning
Fee 20,283
Other Deferred Charges and Other Assets 5,575
Total Deferred Charges and Other Assets 256,140
$549,910<PAGE>
Maine Yankee Atomic Power Company
BALANCE SHEET
at December 31, 1994
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION (See Separate Statement)
Common Stock Investment $ 67,494
Redeemable Preferred Stock 19,200
Long-Term Debt 96,666
Total Capitalization 183,360
LONG-TERM FUEL DISPOSAL LIABILITY 107,825
NUCLEAR FUEL FINANCING NOTES 22,000
CURRENT LIABILITIES
Notes Payable to Banks 1,710
Current Sinking Fund Requirements 7,267
Accounts Payable 13,089
Fuel Disposal Cost Payable 1,704
Dividends Payable 2,165
Accrued Interest and Taxes 1,270
Other Current Liabilities 2,005
Total Current Liabilities 29,210
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Plant Decommissioning Reserve 109,962
Deferred Credits
Accumulated Deferred Income Tax Liabilities 57,196
DOE Decontamination and Decommissioning Fee 17,084
Regulatory Liability - Income Taxes 11,480
Unamortized Investment Tax Credits 6,740
Unamortized Gains on Reacquired Debt 3,052
Other Deferred Credits 2,001
Total Reserves and Deferred Credits 207,515
$549,910<PAGE>
<TABLE>
<S> <C> <C>
Maine Yankee Atomic Power Company
STATEMENT OF CAPITALIZATION
at December 31, 1994
(Dollars in Thousands)
COMMON STOCK INVESTMENT
Common Stock, $100 Par Value, 500,000
Shares Authorized and Outstanding $ 50,000
Other Paid-in Capital 16,641
Capital Stock Expense (434)
Gain on Redemption of Preferred Stock 1,112
Premiums on Preferred Stock 71
Retained Earnings 104
67,494
REDEEMABLE PREFERRED STOCK
7.48% Series, $100 Par Value-Authorized 60,000 Shares;
Outstanding 48,000 Shares 4,800
8% Series, $100 Par Value-Authorized 200,000 Shares;
Outstanding 150,000 Shares 15,000
19,800
Less: Current Sinking Fund Requirements 600
19,200
LONG-TERM DEBT
First Mortgage Bonds
Series D - 8.79 % due May 1, 2002 40,000
Series E - 8.13 % due May 1, 2008 40,000
Series F - 6.89 % due May 1, 2008 23,333
103,333
Less: Current Sinking Fund Requirements 6,667
96,666
Total Capitalization $183,360<PAGE>
</TABLE>
Maine Electric Power Company, Inc.
STATEMENT OF INCOME
For the Year Ended December 31, 1994
(Dollars in Thousands Excepts Per Share Amounts)
ELECTRIC OPERATING REVENUES
Sales for Resale $22,047
Transmission Revenues 2,128
Support Charges and Other 571
Total Electric Operating Revenues 24,746
OPERATING EXPENSES
Purchased Power 22,047
Operation 634
Maintenance 220
Depreciation 1,383
Taxes
Federal and State Income 29
Local Property and Other 241
Total Operating Expenses 24,554
OPERATING INCOME 192
OTHER INCOME, NET 19
INCOME BEFORE INTEREST CHARGES 211
INTEREST CHARGES
Long-Term Debt 106
Allowance for Borrowed Funds Used During Construction -
Total Interest Charges 106
NET INCOME $ 105
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 8,785
EARNINGS PER SHARE OF COMMON STOCK $12.00
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $12.00<PAGE>
Maine Electric Power Company, Inc.
BALANCE SHEET
at December 31, 1994
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $23,099
Less: Accumulated Depreciation 20,463
2,636
Construction Work in Progress -
Electric Property, Net 2,636
CURRENT ASSETS
Cash 33
Temporary Cash Investments, at Cost Which Approximates Market
Value 490
Accounts Receivable - Associated Companies 2,282
- Other 352
- Prepaid Income Taxes 8
Other Current Assets 141
Total Current Assets 3,306
DEFERRED CHARGES AND OTHER ASSETS 416
REGULATORY ASSET-Deferred Taxes 212
Total Deferred Charges and Other Assets 628
$ 6,570
COMMON STOCK INVESTMENT AND LIABILITIES
CAPITALIZATION
Common Stock Investment
Common Stock, $100 Par Value, Authorized 20,000 Shares,
Outstanding 8,785 Shares $ 878
Retained Earnings -
Total Common Stock Investment 878
Long-Term Debt, net of current portion 1,730
Total Capitalization 2,608
CURRENT LIABILITIES
Accounts Payable - Associated Companies 124
- Other 92
Current Portion of Long-Term Debt 860
Dividends Payable 26
Accrued Purchased Power 2,323
Refund Due Participants 43
Accrued Interest and Other 22
Total Current Liabilities 3,490
DEFERRED CREDITS
Accumulated Deferred Income Taxes 250
Unamortized Investment Tax Credits 88
Unamortized Gain on Reacquired Debt 93
Other Deferred Credits 41
Total Deferred Credits 472
$6,570<PAGE>
NORVARCO
Statement of Income and Retained Earnings
For the Year Ended December 31, 1994
(Dollars in Thousands)
Support Charges Chester SVC $ 4
Administrative Expenses 4
Income Tax Expense 629
Total Operating Expenses 633
Net Operating Income (Loss) (629)
Interest Income 27
Total Income (602)
Retained Earnings-Beginning of the Year 115
Retained Earnings-End of the Year $(487)<PAGE>
NORVARCO
Balance Sheet
at December 31, 1994
(Dollars in Thousands)
ASSETS
Current Assets
Cash $ 4
Temporary Cash Investments 715
Accounts Receivable
Associated Companies 1
Interest Receivable 8
Total Current Assets 728
Deferred Income Taxes 18
$746
STOCKHOLDER'S INVESTMENT AND LIABILITIES
Capitalization
Common Stock, $100 Par Value Outstanding, 5,000 Shares $ 500
Retained Earnings (487)
Total Common Stock Equity 13
Current Liabilities
Accounts Payable
Central Maine Power Company
Accrued Income Taxes 639
Total Current Liabilities 639
Accumulated Deferred Income Taxes 94
$ 746<PAGE>
Aroostook Valley Electric Company
Statement of Income and Retained Earnings
For the Period from Inception (October 11, 1994)
Through December 31, 1994
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES $1,571
OPERATING EXPENSES
Fuel Costs 1,008
Operation 257
Maintenance 41
Depreciation 40
Taxes
Federal and State Income 35
Local Property and Other 146
TOTAL OPERATING EXPENSES 1,527
OPERATING INCOME 44
OTHER INCOME AND DEDUCTIONS 2
NET INCOME 46
Retained Earnings-Beginning of Period 0
Dividends Declared 0
RETAINED EARNINGS-END OF PERIOD $46
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK
OUTSTANDING 10,000
EARNINGS PER SHARE OF COMMON STOCK $4.60 <PAGE>
Aroostook Valley Electric Company
Balance Sheet
at December 31, 1994
(Dollars in Thousands)
ASSETS
Property, Plant and Equipment $2,000
Less: Accumulated Depreciation 40
1,960
Current Assets
Cash 1
Accounts Receivable 522
Fuel Stock 226
Fuel Stock Expense 10
Plant Materials & Supplies 21
Prepaid Expenses 43
Total Current Assets 823
Regulatory Asset 3
Other Deferred 8
Total Deferred Assets 11
TOTAL ASSETS $2,794
STOCKHOLDER'S INVESTMENT AND LIABILITIES
Capitalization
Common Stock, $1 Par Value Outstanding, 10,000 Shares $ 10
Additional Paid In Capital 1,990
Retained Earnings 46
Total Common Stock Equity 2,046
Current Liabilities
Accounts Payable
Trade 97
Associated Companies 23
Fuel 138
Accrued Payroll 40
Accrued Property Taxes 412
Accrued Income Taxes 45
Total Current Liabilities 755
COMMITMENTS AND CONTINGENCIES
Regulatory Liability 3
Accumulated Deferred Taxes (10)<PAGE>
Total Deferred Liabilities (7)
TOTAL STOCKHOLDERS' INVESTMENT AND LIABILITIES
AND LIABILITIES $2,794<PAGE>
Non-Public Utility Subsidiaries
1994
Total Total
Revenues Assets
(Dollars in Thousands)
Central Securities $ 114 $ 1,657
Cumberland Securities 32 2,275
Kennebec Water Power 418 329
Union Water-Power 2,365 4,754
Androscoggin 891 781
Kennebec Hydro 2,824 7,590
Gulf Island 512 1,345
1Integrated Resources 4 151
Total $7,160 $18,882<PAGE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,046,007
<TOTAL-OPERATING-REVENUES> 904,883
<NET-INCOME> (23,265)
</TABLE>
