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, 1994, 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, 1994
[ ] 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
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.
Reports of Independent Public Accountants F-1, F-2
Statements of Financial Condition F-3
Statements of Income and Changes in
Participants' Equity F-4
Notes to Financial Statements F-5 through F-22
Supplemental Schedules:
I - Item 27a Schedule of Assets Held
for Investment Purposes at
December 31, 1994 S-1 through S-4
II - Allocation of Plan Assets and
Liabilities to Investment
Programs S-5 through S-6
III - Allocation of Plan Income and
Changes in Plan Equity to
Investment Programs S-7 through S-10
IV - Item 27d Schedule of Reportable
Transactions for the Year Ended
December 31, 1994 S-11
(b) Exhibits
Consents of Independent Public Accountants E-1 through E-2<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statement of financial condition
of the CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND
INVESTMENT PLAN FOR NON-UNION EMPLOYEES as of December 31, 1994,
and the related statement of income and changes in participants
equity for the year then ended. 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 and schedules
based on our audit. The financial statements of the Central
Maine Power Company Employee Savings and Investment Plan for Non-
Union Employees as of December 31, 1993 and for each of the two
years in the period ended December 31, 1993 were audited by other
auditors, whose report, dated June 3, 1994, expressed an
unqualified opinion on those statements.
We conducted our audit 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 audit provides a reasonable basis for our
opinion.
In our opinion, the 1994 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, 1994,
and its income and changes in participants' equity for the year
then ended, in conformity with generally accepted accounting
principles.
Our audit was performed for the purpose of forming an opinion on
the 1994 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 1994
supplemental schedules have been subjected to the auditing
procedures applied in the audit of the 1994 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.
COOPERS & LYBRAND L.L.P.
Portland, Maine June 26, 1995<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 the related statements of income and changes in participants'
equity for each of the two years in the period ended December 31,
1993. These financial statements and the supplemental schedules
listed in the accompanying index are the responsibility of the
Plan Administrator. Our responsibility is to express an opinion
on these financial statements and schedules 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 its income and changes in participants' equity for each of
the two 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 LLP
Boston, Massachusetts
June 3, 1994<PAGE>
<TABLE>
Statements of Financial Condition
(See Schedule II)
As of December 31,
<C> <C> <C> <S> <C> <C>
Assets 1994 1993
Investments at market value
(cost $45,336,014 and
$39,892,981, respectively)
(Notes 1 and 2) (Schedule I) $43,822,982 $41,360,988
Company dividends receivable 179,287 162,733
Other receivables 40,795 43,639
Participant loans
receivable (Note 1) 1,925,794 1,958,399
$45,968,858 $43,525,759
Liabilities and
Participants' Equity
Security purchase payable $ 119,083 $ 70,583
Insurance contract reserve
(Note 2) 250,000 250,000
Participants' equity (Note 1)
(Schedule III) 45,599,775 43,205,176
$45,968,858 $43,525,759
The accompanying notes are an integral part of these financial
statements.<PAGE>
</TABLE>
<TABLE>
<S> <C> <C> <C>
Statements of Income and Changes in Participants' Equity
For the Years Ended December 31, 1994, 1993 and 1992
(See Schedule III)
1994 1993 1992
Balance at beginning
of year $43,205,176 $42,677,039 $36,262,449
Investment income:
Dividends on
Company Stock 668,186 961,151 1,068,110
Interest 1,443,092 1,881,615 1,527,416
Interest on loans 140,210 128,857 110,563
Investment
appreciation/
depreciation (Note 2) (1,875,012) (5,138,978) 662,469
Net investment
income 376,476 (2,167,355) 3,368,558
Contributions:
Participants 3,210,566 3,193,206 3,055,858
Company 1,124,831 1,169,093 1,091,595
4,335,397 4,362,299 4,147,453
Transfers (to) from
other plans (Note 1) 324,093 (1,739) (5,428)
Less- Withdrawals and
distributions:
Cash 2,641,367 1,415,068 1,082,603
Central Maine
Power Company
Stock (zero shares
in 1994 and 1993,
599 shares in 1992) - - 13,390
2,641,367 1,415,068 1,095,993
Insurance contract
reserve (Note 2) - (250,000) -
Balance at end of year $45,599,775 $43,205,176 $42,677,039
</TABLE>
The accompanying notes are an integral part of these financial statements.<PAGE>
Notes to Financial Statements
December 31, 1994
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 The Union Water-Power
Company, its wholly-owned subsidiary, 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 1994, 1993
and 1992, these provisions limited the annual employee
contribution excluded from taxable income to the lesser of
25% of total compensation or approximately $9,200, $9,000
and $8,700, 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,
1994, the contributions were invested by the Trustee,
Fidelity Management Trust Company, based upon participant
election in one or more of ten Funds. <PAGE>
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 current year. 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. This fund is being phased-out and is
no longer accepting contributions as of May 1995.
Central Maine Power Company Stock Fund - A fund comprised
of the common shares of the Company.
Asset Manager Income Fund - A fund emphasizing investment
in bonds and short-term instruments for income and price
stability, but allows some investment in stocks for their
potential to grow and keep pace with inflation.
Asset Manager Fund - A fund allocating its assets among
and across domestic and foreign stocks, bonds and short-
term instruments of U.S. and foreign issuers, including
those in emerging markets.
Asset Manager Growth Fund - This fund seeks to maximize a
total return; the Fund allocates its assets among three <PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
principal asset classes: stocks, bonds and short-term
instruments. However, it may invest in many types of
domestic and foreign securities.
Fidelity Intermediate Bond Fund - A fund investing in
domestic and foreign investment-grade securities with
intermediate maturities.
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 initially 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 may transfer all or a portion of the Company
contributions made on their behalf out of the CMP Company
Stock Fund.<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
The number of participants in each Fund at December 31,
1994 and 1993 was as follows:
Number of
Participants
Fund Type 1994 1993
Retirement Government Money Market Portfolio 340 354
Fidelity Balanced Fund 657 679
Fidelity Magellan Fund 859 854
Equity Fund 764 797
Fixed Income Contract Portfolio 998 1,035
Central Maine Power Company Stock Fund 1,189 1,259
Asset Manager Income Fund 11 -
Asset Manager Fund 22 -
Asset Manager Growth Fund 35 -
Fidelity Intermediate Bond Fund 1 -
The total number of participants in the Plan was 1,325 and
1,321 at December 31, 1994 and 1993, respectively. The
aggregate participation in the ten 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 <PAGE>
1. Description of the Plan (continued)
f. Withdrawals and Distributions (continued)
$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.
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, 1994 and 1993 amounted to
$1,925,794 and $1,958,399, respectively.
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, 1994, State Street Bank and Trust held a
fixed income contract with Executive Life Insurance
Company (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 <PAGE>
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
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
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 remaining
steps of the modified rehabilitation plan. Three <PAGE>
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
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 advisor for the
Executive Life contract at the time of purchase and
continues in that capacity with regard to the asset.
In March 1995, the parties agreed to a dismissal of the
case under an agreement whose terms are confidential. It
is expected that within the next two years, assuming a
successful conclusion to the California rehabilitation
proceedings, that the settlement may result in the amount
of the original Executive Life contract being restored to
the Non-Union Plan.
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 10.3 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.
At December 31, 1994, Fidelity held a fixed income
contract with Confederation Life Insurance Company
(Confederation Life) with a contract value of
approximately $4.2 million. The Non-Union Plan holds
approximately $2.2 million of the Confederation Life
contract.<PAGE>
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
On August 11, 1994, Canada's Office of the Superintendent
of Financial Institutions took over the Confederation Life
Insurance Company. On August 12, 1994, the State of
Michigan (Confederation Life's port of entry) filed suit
to seize the Company's assets.
In response to these regulatory actions, the Association
of Confederation Life contractors (ACLIC) was formed. The
ACLIC membership includes persons that hold or have an
interest in Guaranteed Investment Contracts issued by
Confederation Life. Fidelity is actively participating in
the ACLIC to represent and protect the interests of the
Company.
There is no way to predict at this time the outcome of the
Confederation Life situation. The Deputy Rehabilitator
appointed by the Michigan Department of Insurance has
indicated that he expects the full August 1994 account
balances to be recovered. ACLIC has estimated that
between 87 and 96 cents on the dollar will be realized by
U. S. policyholders.
The Company has notified Fidelity, and Fidelity has
acknowledged, its fiduciary obligations regarding its
purchase of the Confederation Life contract. In addition,
the Company, as of the close of business on August 16,
1994, segregated approximately $4 million of the Plan's
Fixed Income Fund for the common/collective trust and
placed hold on all transactions with regard to that
amount. This action was taken to ensure that all Plan
participants invested in the Fixed Income Fund at the time
of seizure by Canadian and Michigan authorities are
treated equally.
b. Investment Appreciation/Depreciation
Investments are stated at fair value as determined based
upon quoted market prices. The plan presents in the
statement of changes in net assets the net appreciation
(depreciation) in the fair value of its investments which
consists of the realized gains or losses and the
unrealized appreciation (depreciation) on those
investments. 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 Employee Retirement Income Security Act of 1974
method for funds which generate such appreciation/
depreciation.<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Appreciation/Depreciation (continued)
<TABLE>
<C> <C> <C> <C> <C> <C> <C>
Fidelity Fidelity
Balanced Magellan Equity Sub
Fund Fund Fund Total
Market value at
December 31, 1991 $ - $ - $4,741,584 $4,741,584
Current value of
sales during 1992 (79,125) (272,113) (1,369,929) (1,721,167)
Cost of purchases
during 1992 1,127,564 2,778,525 1,725,369 5,631,458
Unrealized
appreciation/
(depreciation) (16,325) (114,198) 227,683 97,160
Market value at
December 31, 1992 1,032,114 2,392,214 5,324,707 8,749,035
Current value of
sales during 1993 (225,607) (772,050) (1,113,457) (2,111,114)
Cost of purchases
during 1993 1,908,068 3,322,272 1,277,999 6,508,339
Unrealized
appreciation/
(depreciation) 58,137 225,314 252,577 536,028
Market value at
December 31, 1993 2,772,712 5,167,750 5,741,826 13,682,288
Current value of
sales during 1994 (666,875) (2,565,552) (908,934) (4,141,361)
Cost of purchases
during 1994 1,326,454 4,212,649 1,331,292 6,870,395
Unrealized
appreciation/
(depreciation) (231,170) (254,862) (111,636) (597,668)
Market value at
December 31, 1994 $3,201,121 $ 6,559,985 $ 6,052,548 $ 15,813,654<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Appreciation/Depreciation (continued)
Asset
Company Manager Asset
Stock Income Manager Sub
Fund Fund Fund Total
Market value at
December 31, 1991 $14,745,732 $ $ $14,745,732
Current value of
sales during 1992 (1,142,332) (1,142,332)
Cost of purchases
during 1992 1,633,937 1,633,937
Unrealized
appreciation/
(depreciation) 630,939 630,939
Market value at
December 31, 1992 15,868,276 15,868,276
Current value of
sales during 1993 (2,458,110) (2,458,110)
Cost of purchases
during 1993 2,863,421 2,863,421
Unrealized
appreciation/
(depreciation) (5,674,328) (5,674,328)
Market value at
December 31, 1993 10,599,259 10,599,259
Current value of
sales during 1994 (10,886,405) - - (10,886,405)
Cost of purchases
during 1994 11,939,915 49,865 113,861 12,103,641
Unrealized
appreciation/
(depreciation) (460,340) (118) (1,885) (462,343)
Market value at
December 31, 1994 $11,192,429 $49,747 $111,976 $11,354,152<PAGE>
</TABLE>
<TABLE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Appreciation/Depreciation (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
<C> <C> <C> <C> <C>
Fund Fund Total
Market value at
December 31, 1991 $ $ $19,487,316
Current value of
sales during 1992 (2,863,499)
Cost of purchases
during 1992 7,265,395
Unrealized
appreciation/
(depreciation) 728,099
Market value at
December 31, 1992 24,617,311
Current value of
sales during 1993 (4,569,224)
Cost of purchases
during 1993 9,371,760
Unrealized
appreciation/
(depreciation) (5,138,300)
Market value at
December 31, 1993 24,281,547
Current value of
sales during 1994 (10,344) (15,038,110)
Cost of purchases
during 1994 471,965 4,108 19,450,109
Unrealized
appreciation/
(depreciation) (13,697) (8) (1,073,716)
Market value at
December 31, 1994 $447,924 $ 4,100 $27,619,830<PAGE>
</TABLE>
The market value of Central Maine Power Company stock was
$10.75 at June 2, 1995 and $13.563 per share at December
31, 1994.
c. Expenses
All expenses of administration of the Plan, including
Trustee's and record keepers' fees, are paid by Central
Maine Power Company.
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.
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.<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment
Programs
<TABLE>
<C> <S> <C> <C> <C> <C> <C>
As of December 31, 1994
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* Fund* Total
Investments at
market value (cost
$45,336,014)
(Notes 1 and 2)
(Schedule I) $1,022,423 $3,201,121 $6,559,985 $6,052,548 $16,836,077
Company dividends
receivable - - - - -
Other receivables 1,157 2,637 5,686 3,160 12,640
Participant loans
receivable (Note 1) - - - - -
$1,023,580 $3,203,758 $6,565,671 $6,055,708 $16,848,717
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ - $ - $ -
Insurance contract
reserve (Note 2) - - - - -
Participants'
equity (Note 1)
(Schedule III) 1,023,580 3,203,758 6,565,671 6,055,708 16,848,717
$1,023,580 $3,203,758 $6,565,671 $6,055,708 $16,848,717
*Parties in interest to the plan.<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs
(continued)
As of December 31, 1994
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Assets Portfolio Stock Fund* Fund* Fund* Total
Investments at
market value
(Notes 1 and 2)
(Schedule I) $15,180,729 $11,192,429 $49,747 $111,976 $26,534,881
Company dividends
receivable - 179,287 - - 179,287
Other receivables 5,931 22,224 - - 28,155
Participant loans
receivable (Note 1) 1,925,794 - - - 1,925,794
$17,112,454 $11,393,940 $49,747 $111,976 $28,668,117
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ 119,083 $ - $ - $ 119,083
Insurance contract
reserve (Note 2) 250,000 - - - 250,000
Participants'
equity (Note 1)
(Schedule III) 16,862,454 11,274,857 49,747 111,976 28,299,034
$17,112,454 $11,393,940 $49,747 $111,976 $28,668,117
</TABLE>
*Parties in interest to the plan.<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs
(continued)
<TABLE>
<S> <C> <S> <C> <C> <C> <C> <C>
As of December 31, 1994
Asset Fidelity
Manager Intermediate
Growth Bond
Assets Fund Fund* Total
Investments at
market value (Notes 1
and 2) (Schedule I) $447,924 $4,100 $43,822,982
Company dividends
receivable - - 179,287
Other receivables - - 40,795
Participant loans
receivable (Note 1) - - 1,925,794
$447,924 $4,100 $45,968,858
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ 119,083
Insurance contract
reserve (Note 2) - - 250,000
Participants'
equity (Note 1)
(Schedule III) 447,924 4,100 45,599,775
$447,924 $4,100 $45,968,858
</TABLE>
*Parties in interest to the plan.
Comparable information for 1993 can be found on Schedule II attached.<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for
the Year Ended December 31, 1994
<TABLE>
<S> <C> <C> <C> <C> <C>
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
of year $ 724,631 $2,775,024 $5,172,212 $5,744,487 $14,416,354
Investment income
Dividends on
Company Stock - - - - -
Dividends and
Interest 30,487 93,616 224,533 183,872 532,508
Interest on loans - - - - -
Investment appreciation/
depreciation (Note 2) - (262,207) (366,207) (125,714) (754,128)
Net investment income 30,487 (168,591) (141,674) 58,158 (221,620)
Contributions
Participants 187,773 564,793 1,085,348 547,231 2,385,145
Company - - - - -
187,773 564,793 1,085,348 547,231 2,385,145
Transfer (to) from
other plans or funds 115,102 188,539 660,727 (26,524) 937,844
Less: Withdrawals
and distributions
Cash 34,413 156,007 210,942 267,644 669,006
Central Maine
Power Company
Stock (0 shares) - - - - -
34,413 156,007 210,942 267,644 669,006 Insurance contract
reserve (Note 2) - - - - -
Balance at end of
year $1,023,580 $3,203,758 $6,565,671 $6,055,708 $16,848,717
*Parties in interest to the plan.<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for
the Year Ended December 31, 1994 (continued)
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Portfolio Stock Fund* Fund* Fund* Total
Balance at beginning
of year $18,068,403 $10,720,419 $ - $ - $28,788,822
Investment income
Dividends on
Company Stock - 668,186 - - 668,186
Dividends and
Interest 902,864 - 122 262 903,248
Interest on loans 140,210 - - - 140,210
Investment appreciation/
depreciation (Note 2) - (1,104,832) (118) (1,885) (1,106,835)
Net investment income 1,043,074 (436,646) 4 (1,623) 604,809
Contributions
Participants 678,882 141,200 370 2,502 822,954
Company - 1,124,831 - - 1,124,831
678,882 1,266,031 370 2,502 1,947,785
Transfer (to) from
other plans or funds (1,518,514) 288,023 49,373 111,097 (1,070,021)
Less: Withdrawals
and distributions
Cash 1,409,391 562,970 - - 1,972,361
Central Maine
Power Company
Stock (0 shares) - - - - -
1,409,391 562,970 - - 1,972,361
Insurance contract
reserve (Note 2) - - - - -
Balance at end of
year $16,862,454 $11,274,857 $49,747 $111,976 $28,299,034
</TABLE>
*Parties in interest to the plan.<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for
the Year Ended December 31, 1994 (continued)
<TABLE>
<S> <C> <S> <C> <C>
Asset Fidelity
Manager Intermediate
Growth Bond
Fund* Fund* Total
Balance at beginning
of year $ - $ - $43,205,176
Investment income
Dividends on
Company Stock - - 668,186
Dividends and
Interest 7,318 18 1,443,092
Interest on loans - - 140,210
Investment appreciation/
depreciation (Note 2) (14,041) (8) (1,875,012)
Net investment income (6,723) 10 376,476
Contributions
Participants 2,467 - 3,210,566
Company - - 1,124,831
2,467 - 4,335,397
Transfer (to) from
other plans or funds 452,180 4,090 324,093
Less: Withdrawals
and distributions
Cash - - 2,641,367
Central Maine
Power Company
Stock (0 shares) - - -
- - 2,641,367 Insurance contract
reserve (Note 2) - - -
Balance at end of
year $447,924 $4,100 $45,599,775
*Parties in interest to the plan.
</TABLE>
<TABLE>
Comparable information for 1993 and 1992 can be found on Schedule III, attached.<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 1 of 4
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, 1994
<S> <C> <S> <C> <C> <C>
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
Retirement Government Money Market Fund 2,000,052 $ 2,000,052 $ 2,000,052
Fidelity Balanced Fund* 559,968 7,272,578 6,882,004
Fidelity Magellan Fund* 211,089 14,473,155 14,100,728
Equity Fund* 694,757 11,237,875 11,748,347
Asset Manager Income Fund* 6,403 66,784 66,715
Asset Manager Fund* 8,619 121,149 119,206
Asset Manager Growth Fund* 36,276 479,775 465,781
Fidelity Intermediate Bond Fund* 417 4,108 4,100
Fixed Income Sun Life Insurance of
America (1994 Contracts).
Contract rate 7.50%.
Maturity date 12/31/98. 1,446,812 1,446,812 1,446,812
John Hancock Mutual Life
Insurance Company (1990
Contracts). Contract
rate 8.40%. Maturity
date 01/03/95. 962,344 962,344 962,344
Mass Mutual (1990
Contracts. Contract rate
9.56%. Maturity date
6/30/95. 1,854,255 1,854,255 1,854,255
Pacific Mutual Life
Insurance Company (1982
Contracts). Contract
rate 8.25%. 856,656 856,656 856,656
Principal Mutual (1991
Contracts). Contract
rate 8.94%. Maturity
date 01/02/96. 1,483,080 1,483,080 1,483,080
State Mutual (1992
Contracts). Contract
rate 5.80%. Maturity
date 06/29/95. 2,404,649 2,404,649 2,404,649
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan. <PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 2 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees (B)
Investments
Balance at December 31, 1994
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
Fixed Income Lincoln National (1992
(continued) Contracts). Contract
rate 5.94%. Maturity
date 03/30/95. 2,413,270 2,413,270 2,413,270
New York Life Insurance
Company (1991 Contracts).
Contract rate 8.90%.
Maturity date 01/02/96. 1,566,198 1,566,198 1,566,198
Life of Virginia (1993
Contracts). Contract
rate 6.50%. Maturity
date 6/30/97. 2,831,695 2,831,695 2,831,695
Peoples Security Life
(1993 Contracts).
Contract rate 5.41%.
Maturity date 12/31/95. 2,151,771 2,151,771 2,151,771
Confederation Life
Insurance Company (1993
Contracts) (See Note 2 to
Financial Statements) 4,156,927 4,156,927 4,156,927
Executive Life Insurance
Company (1989 Contract)
(See Note 2 to Financial
Statements) 2,960,363 2,960,363 2,960,363
Provident Life and
Accident (1994
Contracts). Contract
rate 7.12%. Maturity
date 06/30/98. 3,074,354 3,074,354 3,074,354
Fidelity-Short-term
Investment Fund (at par
value)*. Contract rate
5.97%. 616,129 616,129 616,129
Total Fixed
Income Fund 28,778,503 28,778,503
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 3 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees (B)
Investments
Balance at December 31, 1994
Fund Name of Issuer Market/Contract
and Title of Issue Units (A) Cost Value
Central Maine Power Company Stock
Central Maine Power 1,199,307
Company Stock* Shares 18,885,550 16,266,201
Fidelity U. S. Government
Reserve Pool (at par
value)* 322,616 322,616 322,616
Total CMP Stock Fund 19,208,166 16,588,817
Total Investments
All Funds 83,642,145 80,754,253
Participants Loans
Receivable 3,997,382 3,997,382
Grand Total $87,639,527 $84,751,635
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.<PAGE>
</TABLE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 4 of 4
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>
Market/Contract
<S> <C> <C> <C>
Cost Value
Retirement Government Money Market
Portfolio $ 1,022,423 $1,022,423
Fidelity Balanced Fund* 3,388,555 3,201,121
Fidelity Magellan Fund* 6,724,368 6,559,985
Equity Fund* 5,785,052 6,052,548
Fixed Income Contract Portfolio 15,180,729 15,180,729
Central Maine Power Company Stock* 12,605,610 11,192,429
Asset Manager Income Fund* 49,864 49,747
Asset Manager Fund* 113,861 111,976
Asset Manager Growth Fund* 461,444 447,924
Fidelity Intermediate Bond Fund* 4,108 4,100
$45,336,014 $43,822,982
</TABLE>
The accompanying notes are an integral part of these financial
statements.
*Parties in interest to the plan.<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule II
Page 1 of 2
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
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* Fund* Total
Investments at
market value (cost
$39,892,981)
(Notes 1 and 2)
(Schedule I) $723,599 $2,772,712 $5,167,750 $5,741,826 $14,405,887
Company dividends
receivable - - - - -
Other receivables 1,032 2,312 4,462 2,661 10,467
Participant loans
receivable (Note 1) - - - - -
$724,631 $2,775,024 $5,172,212 $5,744,487 $14,416,354
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ - $ - $ -
Insurance contract
reserve (Note 2) - - - - -
Participants'
equity (Note 1)
(Schedule III) 724,631 2,775,024 5,172,212 5,744,487 14,416,354
$724,631 $2,775,024 $5,172,212 $5,744,487 $14,416,354
The accompanying notes are an integral part of these financial statements. *Parties in interest to the plan.<PAGE>
</TABLE>
<TABLE>
<S> <C> <S> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule II
Page 2 of 2
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
Central
Fixed Maine
Income Power
Contract Company
Assets Portfolio Stock Fund* Total
Investments at
market value (Notes 1
and 2) (Schedule I) $16,355,842 $10,599,259 $41,360,988
Company dividends
receivable - 162,733 162,733
Other receivables 4,162 29,010 43,639
Participant loans
receivable (Note 1) 1,958,399 - 1,958,399
$18,318,403 $10,791,002 $43,525,759
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ 70,583 $ 70,583
Insurance contract
reserve (Note 2) 250,000 - 250,000
Participants'
equity (Note 1)
(Schedule III) 18,068,403 10,720,419 43,205,176
$18,318,403 $10,791,002 $43,525,759
</TABLE>
The accompanying notes are an integral part of these financial statements
*Parties in interest to the plan.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 1 of 4
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
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
of year $424,582 $1,034,219 $2,396,013 $5,327,085 $ 9,181,899
Investment income
Dividends on
Company Stock - - - - -
Dividends and
Interest 16,902 187,317 402,846 227,914 834,979
Interest on loans - - - - -
Net realized gain
(loss) on dis-
position of
investments - 11,977 80,387 47,790 140,154
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - 58,137 225,314 252,577 536,028
Net investment income 16,902 257,431 708,547 528,281 1,511,161
Contributions
Participants 225,319 522,629 963,476 564,324 2,275,748
Company - - - - -
225,319 522,629 963,476 564,324 2,275,748
Transfer (to) from
other plans or funds 68,244 1,011,594 1,203,866 (366,982) 1,916,722
Less: Withdrawals
and distributions
Cash 10,416 50,849 99,690 308,221 469,176 Central Maine
Power Company
Stock (0 shares) - - - - -
10,416 50,849 99,690 308,221 469,176
Insurance contract
reserve (Note 2) - - - - - <PAGE>
Balance at end of
year $724,631 $2,775,024 $5,172,212 $5,744,487 $14,416,354
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.<PAGE>
</TABLE>
<TABLE>
<S> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 2 of 4
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
Central
Fixed Maine
Income Power
Contract Company
Portfolio Stock Fund* Total
Balance at beginning
of year $17,246,334 $16,248,806 $42,677,039
Investment income
Dividends on
Company Stock - 961,151 961,151
Dividends and
Interest 1,046,636 - 1,881,615
Interest on loans 128,857 - 128,857
Net realized gain
(loss) on dis-
position of
investments - (140,832) (678)
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - (5,674,328) (5,138,300)
Net investment income 1,175,493 (4,854,009) (2,167,355)
Contributions
Participants 752,804 164,654 3,193,206
Company - 1,169,093 1,169,093
752,804 1,333,747 4,362,299
Transfer (to) from
other plans or funds (432,147) (1,486,314) (1,739)
Less: Withdrawals
and distributions
Cash 424,081 521,811 1,415,068
Central Maine
Power Company
Stock (0 shares) - - -
424,081 521,811 1,415,068
Insurance contract<PAGE>
reserve (Note 2) (250,000) - (250,000)
Balance at end of
year $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.<PAGE>
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 3 of 4
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, 1992
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
of year $ - $ - $ - $5,970,686 $5,970,686
Investment income
Dividends on
Company Stock - - - - -
Dividends and interest 9,469 57,119 234,606 144,466 445,660
Interest on loans - - - - -
Net realized gain
(loss) on dis-
position of
investments - 711 6,126 (23,854) (17,017)
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - (16,325) (114,198) 227,683 97,160
Net investment income 9,469 41,505 126,534 348,295 525,803
Contributions
Participants 250,872 476,524 812,123 538,205 2,077,724
Company - - - - -
250,872 476,524 812,123 538,205 2,077,724
Transfer (to) from
other plans or funds 165,066 547,114 1,465,836 (1,340,505) 837,511
Less: Withdrawals
and distributions
Cash 825 30,924 8,480 189,596 229,825
Central Maine
Power Company
Stock (0 shares) - - - - -
825 30,924 8,480 189,596 229,825
Insurance contract
reserve (Note 2) - - - - -
Balance at end of <PAGE>
year $424,582 $1,034,219 $2,396,013 $5,327,085 $9,181,899
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.<PAGE>
</TABLE>
<TABLE>
<S> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 4 of 4
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, 1992
Central
Fixed Maine
Income Power
Contract Company
Portfolio Stock Fund* Total
Balance at beginning
of year $15,232,147 $15,059,616 $36,262,449
Investment income
Dividends on
Company Stock - 1,068,110 1,068,110
Dividends and interest 1,074,078 7,678 1,527,416
Interest on loans 110,563 - 110,563
Net realized gain
(loss) on dis-
position of
investments - (48,613) (65,630)
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - 630,939 728,099
Net investment income 1,184,641 1,658,114 3,368,558
Contributions
Participants 755,024 223,110 3,055,858
Company - 1,091,595 1,091,595
755,024 1,314,705 4,147,453
Transfer (to) from
other plans or funds 587,621 (1,430,560) (5,428)
Less: Withdrawals
and distributions
Cash 513,099 339,679 1,082,603
Central Maine
Power Company
Stock (599
shares) - 13,390 13,390
513,099 353,069 1,095,993
Insurance contract
reserve (Note 2) - - - <PAGE>
Balance at end of
year $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.<PAGE>
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <S>
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Item 27d Schedule of Reportable Transactions
For the Year Ended December 31, 1994
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 113 $2,632,188 68 $2,335,280 $2,335,280 $2,335,280 $ -
Fidelity Magellan Fund* 155 4,206,039 76 2,454,207 2,492,698 2,565,552 (111,345)
Equity Fund* 113 1,323,386 62 894,856 848,933 908,934 (14,078)
Fixed Income Contract
Portfolio (Schedule I) 110 5,014,875 114 6,213,489 6,213,489 6,213,489 -
Central Maine Power
Company Stock Fund:
CMP Common Stock* 141 5,387,650 87 3,331,246 3,354,571 3,975,738 (644,492)
Fidelity U.S.
Government Reserve
Pool* 141 6,552,267 87 6,910,666 6,910,666 6,910,666 -
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).
COOPERS & LYBRAND L.L.P.
Portland, Maine
June , 1995<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 LLP
Boston, Massachusetts
June 30, 1995<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
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 30, 1995
D. E. Marsh, Vice President Corporate
Services and Chief Financial Officer,
Member, Employee Savings and Investment
Plan Committee, Central Maine Power
Company<PAGE>
Exhibit 99-2
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, 1994
[ ] 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
83 EDISON DRIVE
AUGUSTA, MAINE 04336
Q:\YEARLY\11K\UNION-1<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
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.
Reports of Independent Public Accountants F-1, F-2
Statement of Financial Condition F-3
Statements of Income and Changes in
Participants' Equity F-4
Notes to Financial Statements F-5 through F-21
Supplemental Schedules:
I - Item 27a Schedule of Assets
Held for Investment Purposes
at December 31, 1994 S-1 through S-4
II - Allocation of Plan Assets
and Liabilities to
Investment Programs S-5 through S-6
III - Allocation of Plan Income
and Changes in Plan Equity
to Investment Programs S-7 through S-10
IV - Item 27d Schedule of Reportable
Transactions for the Year Ended
December 31, 1994 S-11
(b) Exhibits
Consents of Independent Public
Accountants E-1 through E-2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statement of financial condition
of the CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND
INVESTMENT PLAN FOR UNION EMPLOYEES as of December 31, 1994, and
the related statement of income and changes in participants
equity for the year then ended. 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 and schedules
based on our audit. The financial statements of the Central
Maine Power Company Employee Savings and Investment Plan for
Union Employees as of December 31, 1993 and for each of the two
years in the period ended December 31, 1993 were audited by other
auditors, whose report, dated June 3, 1994, expressed an
unqualified opinion on those statements.
We conducted our audit 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 audit provides a reasonable basis for our
opinion.
In our opinion, the 1994 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, 1994, and
its income and changes in participants' equity for the year then
ended, in conformity with generally accepted accounting
principles.
Our audit was performed for the purpose of forming an opinion on
the 1994 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 1994
supplemental schedules have been subjected to the auditing
procedures applied in the audit of the 1994 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.
COOPERS & LYBRAND L.L.P.
Portland, Maine
June 26, 1995
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statement of financial condition
of the CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND
INVESTMENT PLAN FOR UNION EMPLOYEES as of December 31, 1993, and
the related statements of income and changes in participants'
equity for each of the two years in the period ended December 31,
1993. These financial statements and the supplemental schedules
listed in the accompanying index are the responsibility of the
Plan Administrator. Our responsibility is to express an opinion
on these financial statements and schedules 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
its income and changes in participants' equity for each of the
two 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 LLP
Boston, Massachusetts
June 3, 1994
<PAGE>
<TABLE>
<C> <C> <C> <S> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Statements of Financial Condition
(See Schedule II)
As of December 31,
Assets 1994 1993
Investments at market value
(cost $19,905,988 and
$16,695,386 respectively)
(Notes 1 and 2) (Schedule I) $18,962,758 $16,747,634
Company dividends receivable 89,792 62,628
Other receivables 102,148 112,635
Participant loans receivable
(Note 1) 1,098,470 1,158,280
$20,253,168 $18,081,177
Liabilities and Participants'
Equity
Security purchase payable $ 29,134 $ 59,650
Insurance contract reserve
(Note 2) 100,000 100,000
Participants' equity (Note 1)
(Schedule III) 20,124,034 17,921,527
$20,253,168 $18,081,177
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
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, 1994, 1993 and 1992
(See Schedule III)
1994 1993 1992
Balance at beginning of year $17,921,527 $16,499,918 $13,527,807
Investment income:
Dividends on Company Stock 347,363 419,514 344,681
Interest 597,006 741,582 590,955
Interest on loans 82,388 40,040 23,510
Investment appreciation/
depreciation (Note 2) (416,352) (2,259,137) 199,731
Net investment income 610,405 (1,058,001) 1,158,877
Contributions:
Participants 1,818,148 1,981,191 1,826,721
Company 685,783 709,377 707,852
2,503,931 2,690,568 2,534,573
Transfer to other plans
(Note 1) (281,755) 10,598 (627,918)
Less: Withdrawals and
distributions
Cash 630,074 121,556 93,421
Central Maine Power
Company Stock (0
shares in 1994,
1993 and 1992) - - -
630,074 121,556 93,421
Insurance contract reserve
(Note 2) (100,000) -
Balance at end of year $20,124,034 $17,921,527 $16,499,918
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Notes to Financial Statements
December 31, 1994
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 1994, 1993
and 1992, these provisions limited the annual employee
contribution excluded from taxable income to the lesser of
25% of total compensation or approximately $9,200, $9,000
and $8,700, 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,
1994 the contributions were invested by the Trustee,
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
1. Description of the Plan
d. Investment Options
Fidelity Management Trust Company, based upon participant
election in one or more of ten 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 current year. 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. This fund is being phased-out and is
no longer accepting contributions as of May, 1995.
Central Maine Power Company Stock Fund - A fund comprised
of the common shares of The Company.
Asset Manager Income Fund - A fund emphasizing investment
in bonds and short-term instruments for income and price
stability, but allows some investment in stocks for their
potential to grow and keep pace with inflation.
Asset Manager Fund - A fund allocating its assets among
and across domestic and foreign stocks, bonds and short-
term instruments of U.S. and foreign issuers, including
those in emerging markets.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Asset Manager Growth Fund - This fund seeks to maximize a
total return, the Fund allocates its assets among three
principal asset classes: stocks, bonds, and short-term
instruments. However, it may invest in many types of
domestic and foreign securities.
Fidelity Intermediate Bond Fund - A fund investing in
domestic and foreign investment-grade securities with
intermediate maturities.
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.
All Company contributions are initially 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 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,
1994 and 1993 was as follows:
Number of
Participants
Fund Type 1994 1993
Retirement Government Money Market 230 242
Fidelity Balanced Fund 439 441
Fidelity Magellan Fund 587 587
Equity Fund 526 546
Fixed Income Contract Portfolio 770 807
Asset Manager Income Fund 1 -
Asset Manager Fund 2 -
Asset Manager Growth Fund 6 -
Fidelity Intermediate Bond Fund - -
Central Maine Power Company Stock Fund 931 980
The total number of participants in the Plan was 977 and
1,008 at December 31, 1994 and 1993, respectively. The
aggregate participation in the ten Funds is greater than
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
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
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, 1994 and 1993 amounted to
$1,098,470 and $1,158,280, respectively.
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 State Street Bank and Trust held a
fixed income contract with Executive Life Insurance
Company (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.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
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
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.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
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
purchase and management of the Executive Life contract.
The Bank was the trustee and investment advisor for the
Executive Life contract at the time of purchase and
continues in that capacity with regard to the asset.
In March 1995, the parties agreed to a dismissal of the
case under an agreement whose terms are confidential. It
is expected that within the next two years, assuming a
successful conclusion to the California rehabilitation
proceedings, that the settlement may result in the amount
of the original Executive Life contract being restored to
the Union Plan.
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 10.3 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.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
a. Investment Valuation (continued)
At December 31, 1994, Fidelity held a fixed income
contract with Confederation Life Insurance Company
(Confederation Life) with a contract value of
approximately $4.2 million. The Union Plan holds
approximately $1 million of the Confederation Life
contract.
On August 11, 1994, Canada's Office of the Superintendent
of Financial Institutions took over the Confederation Life
Insurance Company. On August 12, 1994, the State of
Michigan (Confederation Life's port of entry) filed suit
to seize the Company's assets.
In response to these regulatory actions, the Association
of Confederation Life contractors (ACLIC) was formed. The
ACLIC membership includes persons that hold or have an
interest in Guaranteed Investment Contracts issued by
Confederation Life. Fidelity is actively participating in
the ACLIC to represent and protect the interests of the
Company.
There is no way to predict at this time the outcome of the
Confederation Life situation. The Deputy Rehabilitator
appointed by the Michigan Department of Insurance has
indicated that he expects the full August 1994 account
balances to be recovered. ACLIC has estimated that
between 87 and 96 cents on the dollar will be realized by
U. S. policyholders.
The Company has notified Fidelity, and Fidelity has
acknowledged, its fiduciary obligations regarding its
purchase of the Confederation Life contract. In addition,
the Company, as of the close of business on August 16,
1994, segregated approximately $4 million of the Plan's
Fixed Income Fund for the common/collective trust and
placed hold on all transactions with regard to that
amount. This action was taken to ensure that all Plan
participants invested in the Fixed Income Fund at the time
of seizure by Canadian and Michigan authorities are
treated equally.
b. Investment Appreciation/Depreciation
Investments are stated at fair value as determined based
upon quoted market prices. The plan presents in the
statement of changes in net assets the net appreciation
(depreciation) in the fair value of its investments which
consists of the realized gains or losses and the
unrealized appreciation (depreciation) on those
investments. 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 Employee Retirement Income Security Act of 1974
method for funds which generate such appreciation/
depreciation.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
b. Investment Appreciation/Depreciation (continued)
<TABLE>
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Fidelity Fidelity
Balanced Magellan Equity Sub
Fund Fund Fund Total
Market value at
December 31, 1991 $ - $ - $ 1,009,384 $1,009,384
Current value of
sales during 1992 (24,889) (89,526) (408,564) (522,979)
Cost of purchases
during 1992 354,709 915,783 918,804 2,189,296
Unrealized
appreciation/
(depreciation) (5,171) (39,210) 68,401 24,020
Market value at
December 31, 1992 324,649 787,047 1,588,025 2,699,721
Current value of
sales during 1993 (72,245) (291,105) (368,703) (732,053)
Cost of purchases
during 1993 620,466 1,380,938 601,719 2,603,123
Unrealized
appreciation/
(depreciation) 15,046 71,644 80,268 166,958
Market value at
December 31, 1993 887,916 1,948,524 1,901,309 4,737,749
Current value of
sales during 1994 (116,998) (253,081) (206,042) (576,121)
Cost of purchases
during 1994 449,775 1,078,391 534,880 2,063,046
Unrealized
appreciation/
(depreciation) (81,173) (125,068) (40,484) (246,725)
Market value at
December 31, 1994 $1,139,520 $2,648,766 $2,189,663 $5,977,949
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
b. Investment Appreciation/Depreciation (continued)
Asset
Company Manager Asset
Stock Income Manager Sub
Fund Fund Fund Total
Market value at
December 31, 1991 $ 5,158,811 $ $ $ 5,158,811
Current value of
sales during 1992 (442,430) (442,430)
Cost of purchases
during 1992 1,232,845 1,232,845
Unrealized
appreciation/
(depreciation) 196,630 196,630
Market value at
December 31, 1992 6,145,856 6,145,856
Current value of
sales during 1993 (1,079,865) (1,079,865)
Cost of purchases
during 1993 2,068,415 2,068,415
Unrealized
appreciation/
(depreciation) (2,449,434) (2,449,434)
Market value at
December 31, 1993 4,684,972 - - 4,684,972
Current value of
sales during 1994 (528,077) - - (528,077)
Cost of purchases
during 1994 1,360,546 16,920 7,288 1,384,754
Unrealized
appreciation/
(depreciation) (121,054) 48 (58) (121,064)
Market value at
December 31, 1994 $ 5,396,387 $16,968 $7,230 $ 5,420,585
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
2. Summary of Significant Accounting Policies (continued)
b. Investment Appreciation/Depreciation (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
Fund Fund Total
Market value at
December 31, 1991 $ $ $ 6,168,195
Current value of
sales during 1992 (965,409)
Cost of purchases
during 1992 3,422,141
Unrealized
appreciation/
(depreciation) 220,650
Market value at
December 31, 1992 8,845,577
Current value of
sales during 1993 (1,811,918)
Cost of purchases
during 1993 4,671,538
Unrealized
appreciation/
(depreciation) (2,282,476)
Market value at
December 31, 1993 - - 9,422,721
Current value of
sales during 1994 (1,035) - (1,105,233)
Cost of purchases
during 1994 19,356 - 3,467,156
Unrealized
appreciation/
(depreciation) (463) - (368,252)
Market value at
December 31, 1994 $17,858 $ - $11,416,392
</TABLE>
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
The market value of Central Maine Power Company stock was
$10.75 at June 2, 1995 and $13.563 per share at December
31, 1994.
c. Expenses
All expenses of administration of the Plan, including
Trustee's and record keepers' fees, are paid by Central
Maine Power Company.
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.
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.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
4. Allocation of Plan Assets and Liabilities to Investment
Programs
<TABLE>
<S><C> <C>
As of December 31, 1994
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* Fund* Total
Investments at
market value (cost
$19,905,988)
(Notes 1 and 2)
(Schedule I) $375,216 $1,139,520 $2,648,766 $2,189,663 $6,353,165
Company dividends
receivable - - - - -
Other receivables 4,069 9,275 20,003 11,117 44,464
Participant loans
receivable (Note 1) - - - - -
$379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
Liabilities and
Participants'
Equity
Security purchase
payable $ $ $ $ $
Insurance contract
reserve (Note 2)
Participants'
equity (Note 1)
(Schedule III) 379,285 1,148,795 2,668,769 2,200,780 6,397,629
$379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
4. Allocation of Plan Assets and Liabilities to Investment
Programs (continued)
As of December 31, 1994
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Assets Portfolio Stock Fund* Fund* Fund* Total
Investments at
market value
(Notes 1 and 2)
(Schedule I) $7,171,150 $5,396,387 $16,968 $7,230 $12,591,735
Company dividends
receivable - 89,792 - - 89,792
Other receivables 20,864 36,820 - - 57,684
Participant loans
receivable (Note 1) 1,098,470 - - - 1,098,470
$8,290,484 $5,522,999 $16,968 $7,230 $13,837,681
Liabilities and
Participants'
Equity
Security purchase
payable $ $ 29,134 $ $ $ 29,134
Insurance contract
reserve (Note 2) 100,000 100,000
Participants'
equity (Note 1)
(Schedule III) 8,190,484 5,493,865 16,968 7,230 13,708,547
$8,290,484 $5,522,999 $16,968 $7,230 $13,837,681
*Parties in interest to the plan.
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
4. Allocation of Plan Assets and Liabilities to Investment
Programs (continued)
As of December 31, 1994
Asset Fidelity
Manager Intermediate
Growth Bond
Assets Fund* Fund* Total
Investments at
market value (Notes 1
and 2) (Schedule I) $17,858 $ $18,962,758
Company dividends
receivable 89,792
Other receivables 102,148
Participant loans
receivable (Note 1) 1,098,470
$17,858 $ $20,253,168
Liabilities and
Participants'
Equity
Security purchase
payable $ $ $ 29,134
Insurance contract
reserve (Note 2) 100,000
Participants'
equity (Note 1)
(Schedule III) 17,858 20,124,034
$17,858 $ $20,253,168
*Parties in interest to the plan.
Comparable information for 1993 can be found on Schedule II attached.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
5. Allocation of Plan Income and Changes in Participants' Equity
by Fund for the Year Ended December 31, 1994
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
of year $282,688 $ 899,597 $1,971,072 $1,914,755 $5,068,112
Investment income
Dividends on
Company Stock - - - - -
Dividends and
Interest 12,347 31,349 85,092 64,006 192,794
Interest on loans - - - - -
Investment appreciation/
depreciation (Note 2) - (86,600) (133,003) (43,929) (263,532)
Net investment income 12,347 (55,251) (47,911) 20,077 (70,738)
Contributions
Participants 105,216 241,262 527,777 286,904 1,161,159
Company - - - - -
105,216 241,262 527,777 286,904 1,161,159
Transfer (to) from
other plans or funds (882) 94,483 301,710 39,933 435,244
Less: Withdrawals
and distributions
Cash 20,084 31,296 83,879 60,889 196,148
Central Maine
Power Company Stock (0 shares) - - - - -
Insurance contract
reserve (Note 2) - - - - -
Balance at end of
year $379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
5. Allocation of Plan Income and Changes in Participants' Equity
by Fund for the Year Ended December 31, 1994 (continued)
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Portfolio Stock Fund* Fund* Fund* Total
Balance at beginning
of year $8,126,752 $4,726,663 $ - $ - $12,853,415
Investment income
Dividends on
Company Stock - 347,363 - - 347,363
Dividends and
Interest 403,928 - - - 403,928
Interest on loans 82,388 - - - 82,388
Investment appreciation/
depreciation (Note 2) - (152,317) 48 (58) (152,327)
Net investment income 486,316 195,046 48 (58) 681,352
Contributions
Participants 549,941 106,540 271 47 656,799
Company - 685,783 - - 685,783
549,941 792,323 271 47 1,342,582
Transfer (to) from
other plans or funds (685,687) (73,079) 16,649 7,241 (734,876)
Less: Withdrawals
and distributions
Cash 286,838 147,088 - - 433,926 Central Maine
Power Company
Stock (0 shares) - - - - -
Insurance contract
reserve (Note 2) - - - - -
Balance at end of
year $8,190,484 $5,493,865 $16,968 $7,230 $13,708,547
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
5. Allocation of Plan Income and Changes in Participants' Equity
by Fund for the Year Ended December 31, 1994 (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
Fund* Fund* Total
Balance at beginning
of year $ - $ - $17,921,527
Investment income
Dividends on
Company Stock - - 347,363
Dividends and
Interest 284 - 597,006
Interest on loans - - 82,388
Investment appreciation/
depreciation (493) (416,352)
Net investment income (209) 610,405
Contributions
Participants 190 1,818,148
Company - 685,783
190 2,503,931
Transfer (to) from
other plans or funds 17,877 (281,755)
Less: Withdrawals
and distributions
Cash
Central Maine - 630,074
Power Company
Stock (0 shares) -
Insurance contract
reserve (Note 2) - -
Balance at end of
year $17,858 $ $20,124,034
*Parties in interest to the plan.
Comparable information for 1992 and 1993 can be found on Schedule III attached.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 1 of 4
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, 1994
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
Retirement Government Money Market Fund 2,000,052 $ 2,000,052 $ 2,000,052
Fidelity Balanced Fund* 559,968 7,272,578 6,882,004
Fidelity Magellan Fund* 211,089 14,473,155 14,100,728
Equity Fund* 694,757 11,237,875 11,748,347
Asset Manager Income Fund* 6,403 66,784 66,715
Asset Manager Fund* 8,619 121,149 119,206
Asset Manager Growth Fund* 36,276 479,775 465,781
Fidelity Intermediate Bond Fund* 417 4,108 4,100
Fixed Income Sun Life Insurance of
America (1994 Contracts).
Contract rate 7.50%.
Maturity date 12/31/98. 1,446,812 1,446,812 1,446,812
John Hancock Mutual Life
Insurance Company (1990
Contracts). Contract
rate 8.40%. Maturity
date 01/03/95. 962,344 962,344 962,344
Mass Mutual (1990
Contracts. Contract rate
9.56%. Maturity date
6/30/95. 1,854,255 1,854,255 1,854,255
Pacific Mutual Life
Insurance Company (1982
Contracts). Contract
rate 8.25%. 856,656 856,656 856,656
Principal Mutual (1991
Contracts). Contract
rate 8.94%. Maturity
date 01/02/96. 1,483,080 1,483,080 1,483,080
State Mutual (1992
Contracts). Contract
rate 5.80%. Maturity
date 06/29/95. 2,404,649 2,404,649 2,404,649
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 2 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
Investments
Balance at December 31, 1994
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
Fixed Income Lincoln National (1992
(continued) Contracts). Contract
rate 5.94%. Maturity
date 03/30/95. 2,413,270 2,413,270 2,413,270
New York Life Insurance
Company (1991 Contracts).
Contract rate 8.90%.
Maturity date 01/02/96. 1,566,198 1,566,198 1,566,198
Life of Virginia (1993
Contracts). Contract
rate 6.50%. Maturity
date 6/30/97. 2,831,695 2,831,695 2,831,695
Peoples Security Life
(1993 Contracts).
Contract rate 5.41%.
Maturity date 12/31/95. 2,151,771 2,151,771 2,151,771
Confederation Life
Insurance Company (1993
Contracts) (See Note 2 to
Financial Statements) 4,156,927 4,156,927 4,156,927
Executive Life Insurance
Company (1989 Contract)
(See Note 2 to Financial
Statements) 2,960,363 2,960,363 2,960,363
Provident Life and
Accident (1994
Contracts). Contract
rate 7.12%. Maturity
date 06/30/98. 3,074,354 3,074,354 3,074,354
Fidelity-Short-term
Investment Fund (at par
value)*. Contract rate
5.97%. 616,129 616,129 616,129
Total Fixed
Income Fund 28,778,503 28,778,503
The accompanying notes are an integral part of these financial statements. *Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 3 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
Investments
Balance at December 31, 1994
Fund Name of Issuer Market/Contract
and Title of Issue Units (A) Cost Value
Central Maine Power Company Stock
Central Maine Power 1,199,307
Company Stock* Shares 18,885,550 16,266,201
Fidelity U. S. Government
Reserve Pool (at par
value)* 322,616 322,616 322,616
Total CMP Stock Fund 19,208,166 16,588,817
Total Investments
All Funds 83,642,145 80,754,253
Participants Loans
Receivable 3,997,382 3,997,382
Grand Total $87,639,527 $84,751,635
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <S> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule I
Page 4 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For 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 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/Contract
Cost Value
Retirement Government
Money Market Portfolio $ 375,216 $ 375,216
Fidelity Balanced Fund* 1,205,691 1,139,520
Fidelity Magellan Fund* 2,726,170 2,648,766
Equity Fund* 2,105,283 2,189,663
Fixed Income 7,171,150 7,171,150
Central Maine Power
Company Stock* 6,279,940 5,396,387
Asset Manager Income
Fund* 16,920 16,968
Asset Manager Fund* 7,288 7,230
Asset Manager Growth
Fund* 18,330 17,858
Fidelity Intermediate
Bond Fund* - -
$19,905,988 $18,962,758
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
<TABLE>
<S><C> <S> <C> <C> <C>
Central Maine Power Company
Form 11-K - Year 1994
Schedule II
Page 1 of 2
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
Retirement
Government Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* 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 $5,015,221
Company dividends
receivable - - - - -
Other receivables 5,216 11,681 22,548 13,446 52,891
Participant loans
receivable (Note 1) - - - - -
$282,688 $899,597 $1,971,072 $1,914,755 $5,068,112
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ - $ - $ -
Insurance contract
reserve (Note 2) - - - - -
Participants'
equity (Note 1)
(Schedule III) 282,688 899,597 1,971,072 1,914,755 5,068,112
$282,688 $899,597 $1,971,072 $1,914,755 $5,068,112
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule II
Page 2 of 2
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
Central
Fixed Maine
Income Power Contract Company
Assets Portfolio Stock Fund* Total
Investments at
market value (Notes 1
and 2) (Schedule I) $7,047,441 $4,684,972 $16,747,634
Company dividends
receivable - 62,628 62,628
Other receivables 21,031 38,713 112,635
Participant loans
receivable (Note 1) 1,158,280 - 1,158,280
$8,226,752 $4,786,313 $18,081,177
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ 59,650 $ 59,650
Insurance contract
reserve (Note 2) 100,000 - 100,000
Participants'
equity (Note 1)
(Schedule III) 8,126,752 4,726,663 17,921,527
$8,226,752 $4,786,313 $18,081,177
The accompanying notes are an integral part of these financial statements. *Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 1 of 4
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
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
of year $129,732 $335,326 $ 806,307 $1,600,089 $2,871,454
Investment income
Dividends on
Company Stock - - - - -
Dividends and
Interest 5,505 61,200 156,724 73,494 296,923
Interest on loans - - - - -
Net realized gain
(loss) on dis-
position of
investments - 11,341 31,960 12,440 55,741
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - 15,046 71,644 80,268 166,958
Net investment income 5,505 87,587 260,328 166,202 519,622
Contributions
Participants 115,351 250,916 533,422 330,335 1,230,024
Company - - - - -
115,351 250,916 533,422 330,335 1,230,024
Transfer (to) from
other plans or funds 32,495 228,069 373,530 (175,595) 458,499
Less: Withdrawals
and distributions
Cash 395 2,301 2,515 6,276 11,487
Central Maine
Power Company
Stock (0 shares) - - - - -
Insurance contract
reserve (Note 2) - - - - -
Balance at end of
year $282,688 $899,597 $1,971,072 $1,914,755 $5,068,112
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 2 of 4
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
Central
Fixed Maine
Income Power
Contract Company
Portfolio Stock Fund* Total
Balance at beginning
of year $7,313,796 $ 6,314,668 $16,499,918
Investment income
Dividends on
Company Stock - 419,514 419,514
Dividends and
Interest 444,659 - 741,582
Interest on loans 40,040 - 40,040
Net realized gain
(loss) on dis-
position of
investments - (32,402) 23,339
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - (2,449,434) (2,282,476)
Net investment income 484,699 (2,062,322) (1,058,001)
Contributions
Participants 628,419 122,748 1,981,191
Company - 709,377 709,377
628,419 832,125 2,690,568
Transfer (to) from
other plans or funds (177,159) (270,742) 10,598
Less: Withdrawals
and distributions
Cash 23,003 87,066 121,556
Central Maine
Power Company
Stock (0 shares) - - -
Insurance contract
reserve (Note 2) (100,000) - (100,000)
Balance at end of
year $8,126,752 $4,726,663 $17,921,527
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 3 of 4
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
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
of year $ - $ - $ - $1,476,096 $1,476,096
Investment income
Dividends on
Company Stock - - - - -
Interest 2,023 18,137 85,703 40,125 145,988
Interest on loans - - - - -
Net realized gain
(loss) on dis-
position of
investments - (281) (3,757) (1,731) (5,769)
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - (5,171) (39,210) 68,401 24,020
Net investment income 2,023 12,685 42,736 106,795 164,239
Contributions
Participants 118,883 226,533 452,153 308,646 1,106,215
Company - - - - -
118,883 226,533 452,153 308,646 1,106,215
Transfer (to) from
other plans or funds 9,147 96,410 311,855 (288,978) 128,434
Less: Withdrawals
and distributions
Cash 321 302 437 2,470 3,530
Central Maine
Power Company
Stock (0 shares) - - - - -
Insurance contract
reserve (Note 2) - - - - -
Balance at end of
year $129,732 $335,326 $806,307 $1,600,089 $2,871,454
The accompanying notes are an integral part of these financial statements. *Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Schedule III
Page 4 of 4
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
Central
Fixed Maine
Income Power
Contract Company
Portfolio Stock Fund* Total
Balance at beginning
of year $6,737,971 $5,313,740 $13,527,807
Investment income
Dividends on
Company Stock - 344,681 344,681
Interest 442,012 2,955 590,955
Interest on loans 23,510 - 23,510
Net realized gain
(loss) on dis-
position of
investments - (15,150) (20,919)
Unrealized appre-
ciation (depre-
ciation) of
investments (Note 2) - 196,630 220,650
Net investment income 465,522 529,116 1,158,877
Contributions
Participants 612,039 108,467 1,826,721
Company - 707,852 707,852
612,039 816,319 2,534,573
Transfer (to) from
other plans or funds (436,667) (319,685) (627,918)
Less: Withdrawals
and distributions
Cash 65,069 24,822 93,421
Insurance contract
reserve (Note 2) - - -
Balance at end of
year $7,313,796 $6,314,668 $16,499,918
The accompanying notes are an integral part of these financial statements.
*Parties in interest to the plan.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Item 27d Schedule of Reportable Transactions
For the Year Ended December 31, 1994
No. of
Current
Trans. Purchase Trans. Selling Cost of Value of Net
Description of Asset Purchased Price Matured Price Asset Asset Gain/(Loss)
Fidelity Magellan Fund* 94 1,085,003 39 245,146 248,447 253,081 (7,935)
Fixed Income Contract
Portfolio (Schedule I) 85 2,124,777 78 1,977,753 1,977,753 1,977,753 -
Central Maine Power
Company Stock Fund:
CMP Common Stock* 82 613,965 44 161,580 202,248 192,843 (31,263)
Fidelity U.S.
Government Reserve
Pool* 82 746,580 44 335,234 335,234 335,234 -
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).
COOPERS & LYBRAND L.L.P.
Portland, Maine
June 14, 1995
<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 LLP
Boston, Massachusetts
June 30, 1995
<PAGE>
Central Maine Power Company
Form 11-K - Year 1994
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
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 30, 1995
D. E. Marsh, Vice President,
Corporate Services and Chief
Financial Officer, Member,
Employee Savings and Investment
Plan Committee, Central Maine
Power Company
<PAGE>
