UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2
File No. 69-198
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the
Provisions of the Public Utility Holding Company Act of 1935
CENTRAL MAINE POWER COMPANY
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935, and submits the following
information:
1. Central Maine Power Company (Central Maine) is a Maine corporation with
its principal office at 83 Edison Drive, Augusta, Maine 04336.
Central Maine is principally engaged in the generation, transmission,
distribution and sale of electric energy in the State of Maine, and serves more
than 516,000 customers in southern and central Maine.
Central Securities Corporation (Central Securities), a wholly-owned
subsidiary of Central Maine, is a Maine corporation with its office at 83 Edison
Drive, Augusta, Maine 04336. The business of Central Securities is limited to
the ownership of certain real estate within Central Maine's service area.
Cumberland Securities Corporation (Cumberland Securities), a wholly-owned
subsidiary of Central Maine, is a Maine corporation with its office at 83 Edison
Drive, Augusta, Maine 04336. The business of Cumberland Securities is limited to
the ownership of certain real estate within Central Maine's service area.
Kennebec Water Power Company (Kennebec Water Power) is a Maine corporation
with its principal office at 83 Edison Drive, Augusta, Maine 04336. Central
Maine owns 24.8% of the voting control of Kennebec Water Power, whose business
is to regulate and improve the flow of the Kennebec River. Kennebec Water Power
owns storage dams at the East and West Outlets of Moosehead Lake in Maine.
The Union Water-Power Company (Union Water-Power), a wholly-owned
subsidiary of Central Maine, is a Maine corporation with its principal office at
150 Main Street, Lewiston, Maine 04240. The business of Union Water-Power is to
own storage reservoirs and dams on the headwaters of the Androscoggin River, and
dams and canals on the Androscoggin River in Lewiston, where it sells water for
power, as well as to provide real estate management and other related services
to Central Maine. Effective January 1, 1995, Union Water-Power, through a joint
operating agreement with Kennebec Water Power, assumed a large part of Kennebec
Water Power's river-flow responsibilities with respect to the Kennebec River.
Union Water-Power also provides utility facilities locating services for
contracting parties. In addition, Union Water-Power has leased one of its dam
sites to an unaffiliated party which has developed on the site a "qualifying
facility" exempt from the Public Utility Holding Company Act of 1935 under Rule
292.602 of the Federal Energy Regulatory Commission promulgated pursuant to
Section 210 of the Public Utility Regulatory Policies Act of 1978 (PURPA).
Union Water-Power also owns 25% of the voting stock of Androscoggin
Reservoir Company (Androscoggin), a Maine corporation with its principal office
at 83 Edison Drive, Augusta, Maine 04336. The business of Androscoggin is to own
a storage reservoir and dam on the headwaters of the Androscoggin River.
Androscoggin has leased its dam site to an unaffiliated party which has
similarly developed on the site a "qualifying facility" exempt under PURPA.
Kennebec Hydro Resources, Inc. (Kennebec Hydro), a wholly-owned subsidiary
of Central Maine, is a Maine corporation with its principal office at 83 Edison
Drive, Augusta, Maine 04336. Kennebec Hydro is the general partner and owns a
50% interest in The Merimil Limited Partnership, which owns a "qualifying
facility" under PURPA, with otherwise unaffiliated limited partners.
Maine Yankee Atomic Power Company (Maine Yankee) is a Maine corporation
with its principal office at 329 Bath Road, Brunswick, Maine 04011, formed for
the purpose of constructing, owning and operating a nuclear electric generating
plant at Wiscasset, Maine. Central Maine owns 38% of the common stock of Maine
Yankee. The New England utility company sponsors are obligated under power
contracts to purchase the entire output of the plant.
Maine Electric Power Company, Inc. (MEPCo.) is a Maine corporation with its
principal office at 83 Edison Drive, Augusta, Maine 04336, which owns and
operates a 345-KV transmission interconnection between Wiscasset, Maine and the
Maine-New Brunswick international border at Orient, Maine, where its lines
connect with that portion of the interconnection constructed in the province of
New Brunswick, Canada, by The New Brunswick Power Corporation. Central Maine
owns 78.3% of MEPCo.'s common stock. The remaining voting stock of MEPCo. is
owned by two other Maine electric utility companies which, with Central Maine
and other New England utility companies, participate in the purchase and sale of
power through power purchase agreements with New Brunswick. MEPCo. also owns and
operates certain equipment, including microwave communication facilities in
connection with the Hydro-Quebec Phase II (Phase II) project described in the
next paragraph hereof. The costs relating to these facilities are ultimately
being borne by the Phase II Participants.
NORVARCO, a wholly-owned subsidiary of Central Maine, is a Maine
corporation with its principal office at 83 Edison Drive, Augusta, Maine 04336.
NORVARCO is one of two general partners with 50% interests in Chester SVC
Partnership, a general partnership with its principal office at 83 Edison Drive,
Augusta, Maine 04336, which owns a static var compensator facility (the SVC
Facility) located in Chester, Maine, adjacent to MEPCo.'s 345-KV transmission
interconnection with New Brunswick, Canada. The SVC Facility provides necessary
transmission system reinforcements which support the Phase II transmission line
expansion constructed for New England Hydro-Transmission Corporation in New
Hampshire and which allow the Phase II facilities to operate at their maximum
capability while MEPCo. continues to maintain the full operating capability of
its interconnection with New Brunswick.
Gulf Island Pond Oxygenation Project (Gulf Island) is a Maine general
partnership with its principal office at 83 Edison Drive, Augusta, Maine 04336,
whose business is to operate and maintain an oxygenation facility at Gulf Island
Pond on the Androscoggin River in Greene, Maine. Central Maine holds a 14%
interest in the partnership.
CMP International Consultants (CMP International), a wholly-owned
subsidiary of Central Maine, formerly named Integrated Resource Management
Services, is a Maine corporation with its principal office at 1 Grandview Place,
Winthrop, Maine 04364. The business of CMP International is to provide
consulting, research, information, training and project management services to
foreign and domestic utilities and government agencies in various aspects of
utility operations and utility support services, and engineering and
environmental services.
Aroostook Valley Electric Company (AVEC), a wholly-owned subsidiary of
Central Maine, is a Maine corporation with its principal office at Cheney Grove
Road, Fort Fairfield, Maine 04742. The business of AVEC is to own and operate a
33-megawatt wood-fired generating plant in Fort Fairfield, Maine, the output of
which is sold to Central Maine.
MaineCom Services (MaineCom), a wholly-owned subsidiary of Central Maine,
is a Maine corporation with its principal office at 41 Anthony Avenue, Augusta,
Maine 04330. The business of MaineCom is to provide telecommunications services
to unrelated third parties and to Central Maine.
TeleSmart, a wholly-owned subsidiary of Central Maine, is a Maine
corporation with its principal office at 81 Leighton Road, Augusta, Maine 04330.
The business of TeleSmart is to provide customer contact management services,
including collection and related services, to unrelated third parties and to
Central Maine.
Central Securities, Cumberland Securities, Kennebec Water Power, Union
Water-Power, Androscoggin, Kennebec Hydro, Gulf Island, CMP International,
MaineCom and TeleSmart are not public utilities.
Yankee Atomic Electric Company, Connecticut Yankee Atomic Power Company and
Vermont Yankee Nuclear Power Corporation, corporations which own nuclear
generating facilities, are not subsidiaries of Central Maine, as Central Maine
owns, and expects to continue to own, less than 10% of the voting stock of each
company. On February 26, 1992, the Board of Directors of Yankee Atomic Electric
Company (Yankee Atomic) decided to discontinue permanently power operation at
the Yankee Atomic Plant in Rowe, Massachusetts, and to decommission that
facility.
In addition, Central Maine owns a 2.50% interest as a tenant in common in
the Millstone No. 3 nuclear unit in Waterford, Connecticut. The unit is operated
by Northeast Utilities.
Central Maine holds no interest, directly or indirectly, in any exempt
wholesale generator (EWG) or foreign utility company.
2. At December 31, 1995, Central Maine operated 30 hydro-electric
generating stations of which 29 are owned and one is leased, and owned and
operated one steam generating plant and two internal combustion generating
plants, all within its service area within the State of Maine. Central Maine
also owns approximately 2,288 circuit-miles of overhead transmission lines,
18,967 pole-miles of overhead distribution lines, and 1,261 miles of underground
and submarine cable, all within its service area within the State of Maine.
MEPCo. owns a 345-KV transmission line between Wiscasset, Maine, and the
Maine-New Brunswick international border at Orient, Maine.
Maine Yankee owns a nuclear-powered generating plant at Wiscasset, Maine.
NORVARCO has a 50% interest in a static var compensator facility at
Chester, Maine.
AVEC owns a 33-megawatt wood-fired generating plant at Fort Fairfield,
Maine.
3. Central Maine submits the following information with respect to it and
its subsidiary public utility companies for the calendar year 1995:
<TABLE>
<CAPTION>
A. Central Maine Power Company
<S> <C> <C> <C> <C>
(a) 9,610,907,052 Kwh of electric energy sold
(b) None Kwh of electric energy distributed outside of Maine (State where
organized).
(c) 647,721,915 Kwh of electric energy sold at wholesale outside of Maine or at the
State line:
Massachusetts Municipal Wholesale Electric Company 2,732,231
New England Power Company 25,478,000
New England Power Pool 79,390,720
Northeast Utilities 194,207,200
North American Energy Conservation, Inc. 307,225,000
Boston Edison Company 9,363,000
Montaup Electric Company 14,581,000
Louis Dreyfus Electric Power, Inc. 816,000
Fitchburg Gas & Electric Light Company 2,203,764
CNG Power Services Corporation 10,000,000
ENRON Power Marketing, Inc. 600,000
Commonwealth Electric Company 1,125,000
(d) 2,140,881,918 Kwh of electric energy purchased at wholesale outside of Maine or at
the State line:
Connecticut Yankee Atomic Power Company 219,724,631
Vermont Yankee Nuclear Power Corporation 138,556,779
Great Bay Power Corporation 80,271,210
New England Power Pool 922,650,190
Hydro-Quebec 284,400
Northeast Utilities 574,697,088
New England Power Company 4,135,000
Electric Clearinghouse, Inc. 3,920,000
Commonwealth Electric Company 360,000
CNG Power Services Corporation 70,157,620
Catex Vitol Electric, L.L.C. 33,539,000
Green Mountain Power Corporation 92,586,000
B. Maine Electric Power Company, Inc.
(a) 2,119,957,000 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed outside of Maine (State where
organized).
(c) 125,767,000 Kwh of electric energy sold at wholesale outside of Maine or at the
State line.
(d) 2,118,687,000 Kwh of electric energy purchased outside of Maine or at the State
line.
C. Maine Yankee Atomic Power Company
(a) 197,191,830 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed outside of Maine (State where
organized).
(c) None Kwh of electric energy sold at wholesale outside of Maine or at the
State line.
(d) None Kwh of electric energy purchased outside of Maine or at the State
line.
<PAGE>
D. NORVARCO
NORVARCO does not purchase or sell electric energy.
E. Aroostook Valley Electric Company
(a) 228,191,109 Kwh of electric energy sold.
(b) None Kwh of electric energy distributed outside of Maine (State where
organized).
(c) None Kwh of electric energy sold at wholesale outside of Maine or at the
State line.
(d) None Kwh of electric energy purchased outside of Maine or at the State
line.
</TABLE>
4. Not applicable, as Central Maine holds no interest, directly or
indirectly, in any EWG or foreign utility company.
EXHIBIT A-1
Exhibit A-1 includes corporate consolidating financial statements of
Central Maine for 1995. The consolidated column is as it appears in Central
Maine's Annual Report to Shareholders for that year.
EXHIBIT A-2
Exhibit A-2 includes (1) a table showing, for 1995, the ratio of subsidiary
utility revenues to the utility revenues of the holding company (Central Maine)
as a public-utility company; (2) unconsolidated financial statements which
include the capitalization of Central Maine at December 31, 1995; (3) financial
statements which include the capitalization of Maine Yankee at December 31,
1995; (4) financial statements which include the capitalization of MEPCo. at
December 31, 1995; (5) financial statements which include the capitalization of
NORVARCO at December 31, 1995; (6) financial statements which include the
capitalization of AVEC at December 31, 1995; (7) a table showing, for 1995, the
non-public utility subsidiaries Total Revenues and Total Assets.
EXHIBIT B
Financial Data Schedule.
<PAGE>
EXHIBIT C
Not applicable.
<PAGE>
Central Maine has caused this statement to be duly executed on its behalf
by its authorized officer on this 27th day of February, 1996.
CENTRAL MAINE POWER COMPANY
By /S/ R. E. Tuoriniemi
Comptroller
CORPORATE SEAL
Attest:
/S/ William M. Finn
Secretary
Name, title and address of officers to whom notices and correspondence
concerning this statement should be addressed.
Robert E. Tuoriniemi, Comptroller William M. Finn,
Central Maine Power Company Secretary and Clerk
83 Edison Drive Central Maine Power Company
Augusta, ME 04336 83 Edison Drive
Augusta, ME 04336
<PAGE>
<TABLE>
<CAPTION>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-1
Page 1 of 3
Central Maine Power Company
STATEMENT OF EARNINGS
For the Year Ended December 31, 1995
(Dollars in Thousands Except Per Share Amounts)
Maine
Central Electric
Maine Power
Power Company Inter Company Minority
Company Inc. DEBIT CREDIT Interest Total
<S> <C> <C> <C> <C> <C> <C>
ELECTRIC OPERATING REVENUES ...................... $ 903,685 $ 49,699 $ 37,368 $ -- $ -- $ 916,016
--------- --------- --------- --------- ------------ ------------
OPERATING EXPENSES
Fuel Used for Company Generation ............. 18,702 -- -- -- -- 18,702
Purchased Power
Energy ............................ 397,503 46,693 -- 36,124 -- 408,072
Capacity .................................. 93,485 4 -- -- -- 93,489
Other Operation .............................. 188,498 759 -- 1,244 -- 188,013
Maintenance .................................. 32,420 442 -- -- -- 32,862
Depreciation and Amortization ................ 53,640 1,383 -- -- -- 55,023
Taxes
Federal and State Income .................. 13,328 -- -- -- -- 13,328
Taxes Other Than Income ................... 27,635 250 -- -- -- 27,885
--------- --------- --------- --------- ------------ ------------
Total Operating Expenses ............... 825,211 49,531 -- 37,368 -- 837,374
--------- --------- --------- --------- ------------ ------------
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES ....... 7,299 -- 82 -- -- 7,217
--------- --------- --------- --------- ------------ ------------
OPERATING INCOME ................................. 85,773 168 37,450 (37,368) -- 85,859
--------- --------- --------- --------- ------------ ------------
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used During Constructi 663 -- -- -- -- 663
Other, Net ................................... 7,160 33 -- -- -- 7,193
Minority Interest in Consolidated Net Income . -- -- -- -- 23 (23)
Income Taxes Applicable to Other Income (Expense) (2,704) -- -- -- -- (2,704)
--------- --------- --------- --------- ------------ ------------
Total Other Income (Expense) ........... 5,119 33 -- -- 23 5,129
--------- --------- --------- --------- ------------ ------------
INCOME BEFORE INTEREST CHARGES ................... 90,892 201 37,450 (37,368) 23 90,988
--------- --------- --------- --------- ------------ ------------
INTEREST CHARGES
Long-Term Debt ............................... 50,211 96 -- -- -- 50,307
Other Interest ............................... 3,244 -- -- -- -- 3,244
Allowance for Borrowed Funds Used During Construc (543) -- -- -- -- (543)
--------- --------- --------- --------- ------------ ------------
Total Interest Charges ................. 52,912 96 -- -- -- 53,008
--------- --------- --------- --------- ------------ ------------
NET INCOME ....................................... 37,980 105 37,450 (37,368) 23 37,980
Dividends on Preferred Stock ................. 10,178 -- -- -- -- 10,178
--------- --------- --------- --------- ------------ ------------
EARNINGS APPLICABLE TO COMMON STOCK .............. $ 27,802 $ 105 $ 37,450 $ (37,368) $ 23 $ 27,802
========= ========= ========= ========= ============ ============
WEIGHTED AVERAGE NUMBER OF SHARES OF
COMMON STOCK OUTSTANDING ........................ 32,442,752 8,785 -- -- -- 32,442,752
EARNINGS PER SHARE OF COMMON STOCK ............... $ 0.86 $ 12.00 -- -- -- $ 0.86
DIVIDENDS DECLARED PER SHARE OF COMMON
STOCK ........................................... $ 0.90 $ 12.00 -- -- -- $ 0.90
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-1
Page 2 of 3
Central Maine Power Company
BALANCE SHEET
at December 31, 1995
(Dollars in Thousands)
Maine
Central Electric
Maine Power
ASSETS Power Company Inter Company Minority
Company Inc. DEBIT CREDIT Interest Total
<S> <C> <C> <C> <C> <C> <C>
ELECTRIC PROPERTY, at Original Cost .............. $1,588,806 $ 23,135 $ -- $ -- $ -- $ 1,611,941
Less: Accumulated Depreciation .................. 538,301 21,777 -- -- -- 560,078
--------- --------- --------- --------- ------------ ------------
Electric Property in Service ................. 1,050,505 1,358 -- -- 1,051,863
Construction Work in Progress .................... 15,916 12 -- -- 15,928
Net Nuclear Fuel ................................. 1,391 -- -- -- -- 1,391
--------- --------- --------- --------- ------------ ------------
Net Electric Property ..................... 1,067,812 1,370 -- -- -- 1,069,182
--------- --------- --------- --------- ------------ ------------
INVESTMENTS IN ASSOCIATED COMPANIES,
at Equity ....................................... 55,356 -- -- 687 54,669
--------- --------- --------- --------- ------------ ------------
Net Electric Property and Investments in
Associated Companies .................. 1,123,168 1,370 -- 687 -- 1,123,851
--------- --------- --------- --------- ------------ ------------
CURRENT ASSETS
Cash and Cash Equivalents .................... 57,255 422 -- -- -- 57,677
Accounts Receivable
Service - Billed .......................... 86,848 292 -- -- -- 87,140
- Unbilled ....................... 41,798 -- -- -- -- 41,798
Other Accounts Receivable ................. 13,337 2,976 -- 1,182 -- 15,131
Inventories, at Average Cost
Fuel Oil .................................. 3,772 -- -- -- -- 3,772
Materials and Supplies .................... 12,772 -- -- -- -- 12,772
Funds on Deposit With Trustee ................ 29,919 -- -- -- -- 29,919
Prepayments and Other Current Assets ......... 8,976 221 -- 5 -- 9,192
--------- --------- --------- --------- ------------ ------------
Total Current Assets ...................... 254,677 3,911 -- 1,187 -- 257,401
--------- --------- --------- --------- ------------ ------------
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and Abandoned
Projects, Net ................................ 95,127 -- -- -- -- 95,127
Yankee Atomic Purchased-Power Contract ....... 21,396 -- -- -- -- 21,396
Regulatory Assets-Deferred Taxes ............. 234,869 212 -- -- -- 235,081
Deferred Charges and Other Assets ............ 259,753 426 -- 116 -- 260,063
--------- --------- --------- --------- ------------ ------------
Total Deferred Charges and Other Assets 611,145 638 -- 116 -- 611,667
--------- --------- --------- --------- ------------ ------------
TOTAL ASSETS ....................... $1,988,990 $ 5,919 $ -- $ 1,990 $ -- $ 1,992,919
========= ========= ========= ========= ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-1
Page 3 of 3
Central Maine Power Company
BALANCE SHEET
at December 31, 1995
(Dollars in Thousands)
Maine
Central Electric
Maine Power
STOCKHOLDERS' INVESTMENT AND LIABILITIES Power Company Inter Company Minority
Company Inc. DEBIT CREDIT Interest Total
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C>
Common Stock Investment ............................. $ 490,005 $ 878 $ 38,055 $ 37,368 $ (191) $ 490,005
Preferred Stock ..................................... 65,571 -- -- -- -- 65,571
Redeemable Preferred Stock .......................... 74,528 -- -- -- -- 74,528
Long-Term Obligations ............................... 622,251 -- -- -- -- 622,251
--------- --------- --------- --------- --------- ---------
Total Capitalization .......................... 1,252,355 878 38,055 37,368 (191) 1,252,355
--------- --------- --------- --------- --------- ---------
CURRENT LIABILITIES AND INTERIM FINANCING
Interim Financing ................................... 34,000 -- -- -- -- 34,000
Sinking Fund Requirements ........................... 1,725 1,730 -- -- -- 3,455
Accounts Payable .................................... 106,207 3,129 1,166 -- -- 108,170
Dividends Payable ................................... 9,818 26 21 -- -- 9,823
Accrued Interest .................................... 12,591 57 -- -- -- 12,648
Accrued Income Taxes ................................ 3,691 (23) -- -- -- 3,668
Miscellaneous Current Liabilities ................... 13,673 6 -- -- 191 13,870
--------- --------- --------- --------- --------- ---------
Total Current Liabilities and Interim Financing 181,705 4,925 1,187 -- 191 185,634
--------- --------- --------- --------- --------- ---------
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes ................... 351,984 -- 116 -- -- 351,868
Unamortized Investment Tax Credits .................. 32,399 53 -- -- -- 32,452
Yankee Atomic Purchased-Power Contract .............. 21,396 -- -- -- -- 21,396
Regulatory Liabilities-Deferred Taxes ............... 50,366 -- -- -- -- 50,366
Other Reserves and Deferred Credits ................. 98,785 63 -- -- -- 98,848
--------- --------- --------- --------- --------- ---------
Total Reserves and Deferred Credits ........... 554,930 116 116 -- -- 554,930
--------- --------- --------- --------- --------- ---------
TOTAL STOCKHOLDERS' INVESTMENT
AND LIABILITIES .......................... $1,988,990 $ 5,919 $ 39,358 $ 37,368 $ -- $1,992,919
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
EXHIBIT A-2
Attached hereto, as Exhibit A-2, are the following:
A-2(1). A table showing, for 1995, the ratio of subsidiary utility revenues
to the utility revenues of the holding company (Central Maine) as a
public-utility company;
A-2(2). Central Maine: unconsolidated financial statements which include
the capitalization at December 31, 1995;
A-2(3). Maine Yankee: financial statements which include the capitalization
at December 31, 1995;
A-2(4). MEPCo.: financial statements which include the capitalization at
December 31, 1995;
A-2(5). NORVARCO: financial statements which include the capitalization at
December 31, 1995;
A-2(6). AVEC: financial statements which include the capitalization at
December 31, 1995;
A-2(7). A table showing, for 1995, the non-public utility subsidiaries
Total Revenues and Total Assets.
<PAGE>
EXHIBIT A-2(1)
The following shows actual corporate revenues of Maine Yankee, MEPCo.,
NORVARCO and AVEC in 1995, each adjusted to eliminate sales to Central Maine
Power Company. Central Maine Power Company also had sales to these subsidiaries
during the year which have been eliminated in the adjusted column. In 1995,
actual and adjusted electric revenues for these companies were:
(Dollars in Thousands)
Actual Adjusted
Maine Yankee $ 205,977 $ 128,826
MEPCo. 49,699 12,580
NORVARCO 3 3
AVEC 8,006 -
---------- ----------
Sub Total 263,685 141,409
Central Maine 903,685 899,556
---------- ----------
$1,167,370 $1,040,965
========= =========
Subsidiary revenues from sales, other than to Central Maine, were about
$141 million, or 16% of Central Maine's adjusted revenues. This ratio is
acceptable and supports Central Maine's claim, in good faith, to its continuing
exemption pursuant to Rule 2.
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(2)
Page 1 of 4
Central Maine Power Company
UNCONSOLIDATED STATEMENT OF EARNINGS
For the Year Ended December 31, 1995
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES ............................. $ 903,685
------------
OPERATING EXPENSES
Fuel Used for Company Generation .................... 18,702
Purchased Power
Energy .......................................... 397,503
Capacity ........................................ 93,485
Other Operation ..................................... 188,498
Maintenance ......................................... 32,420
Depreciation and Amortization ....................... 53,640
Taxes
Federal and State Income ........................ 13,328
Taxes Other Than Income ......................... 27,635
------------
Total Operating Expenses ................... 825,211
------------
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES .............. 7,299
------------
OPERATING INCOME ........................................ 85,773
------------
OPERATING INCOME (EXPENSE)
Allowance for Equity Funds Used During Construction . 663
Other, Net .......................................... 7,160
Income Taxes Applicable to Other
Income (Expense) .................................. (2,704)
------------
Total Other Income (Expense) ............... 5,119
------------
INCOME BEFORE INTEREST CHARGES .......................... 90,892
INTEREST CHARGES
Long-Term Debt 50,211
Other Interest 3,244
Allowance for Borrowed Funds Used During Construction (543)
------------
Total Interest Charges ..................... 52,912
------------
NET INCOME .............................................. 37,980
Dividends on Preferred Stock ........................ 10,178
------------
EARNINGS APPLICABLE TO COMMON STOCK ..................... $ 27,802
============
WEIGHTED AVERAGE NUMBER OF SHARES OF
COMMON STOCK OUTSTANDING ............................... 32,442,752
EARNINGS PER SHARE OF COMMON STOCK ...................... $ 0.86
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK ............ $ .90
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(2)
Page 2 of 4
Central Maine Power Company
UNCONSOLIDATED BALANCE SHEET
At December 31, 1995
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost ..................... $ 1,588,806
Less: Accumulated Depreciation ......................... 538,301
------------
Electric Property in Service ........................ 1,050,505
Construction Work in Progress ........................... 15,916
Net Nuclear Fuel ........................................ 1,391
------------
Net Electric Property ............................... 1,067,812
------------
INVESTMENTS IN ASSOCIATED
COMPANIES, at Equity .................................... 55,356
------------
Net Electric Property and Investments
in Associated Companies ............................ 1,123,168
------------
CURRENT ASSETS
Cash and Cash Equivalents ........................... 57,255
Accounts Receivable
Service - Billed ................................ 86,848
- Unbilled ....... ...................... 41,798
Other Accounts Receivable ....................... 13,337
Inventories, at Average Cost
Fuel Oil......................................... 3,772
Materials and Supplies .......................... 12,772
Funds on Deposit with Trustee ....................... 29,919
Prepayments and Other Current Assets ................ 8,976
------------
Total Current Assets ....................... 254,677
------------
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and Abandoned
Projects, Net ...................................... 95,127
Yankee Atomic Purchased-Power Contract .............. 21,396
Regulatory Assets-Deferred Taxes .................... 234,869
Deferred Charges and Other Assets ................... 259,753
------------
Total Deferred Charges and Other Assets .... 611,145
------------
TOTAL ASSETS ........................... $ 1,988,990
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(2)
Page 3 of 4
Central Maine Power Company
UNCONSOLIDATED BALANCE SHEET
At December 31, 1995
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION (See Separate Statement)
Common Stock Investment ............................. $ 490,005
Preferred Stock ..................................... 65,571
Redeemable Preferred Stock .......................... 74,528
Long-Term Obligations ............................... 622,251
------------
Total Capitalization ............................ 1,252,355
------------
CURRENT LIABILITIES AND INTERIM FINANCING
Interim Financing ................................... 34,000
Sinking Fund Requirements ........................... 1,725
Accounts Payable .................................... 106,207
Dividends Payable ................................... 9,818
Accrued Interest .................................... 12,591
Accrued Income Taxes ................................ 3,691
Miscellaneous Current Liabilities ................... 13,673
------------
Total Current Liabilities and Interim Financing . 181,705
------------
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes ................... 351,984
Unamortized Investment Tax Credits .................. 32,399
Yankee Atomic Purchased-Power Contract .............. 21,396
Regulatory Liabilities-Deferred Taxes ............... 50,366
Other Reserves and Deferred Credits ................. 98,785
------------
Total Reserves and Deferred Credits ............. 554,930
------------
TOTAL STOCKHOLDERS' INVESTMENT
AND LIABILITIES ........................... $ 1,988,990
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(2)
Page 4 of 4
Central Maine Power Company
UNCONSOLIDATED STATEMENT OF CAPITALIZATION AND INTERIM FINANCING
At December 31, 1995
(Dollars in Thousands)
Amount Percent
CAPITALIZATION
Common Stock Investment:
Common Stock, Par Value $5 Per Share-
Authorized - 80,000,000 Shares
Outstanding - 32,442,752 Shares $ 162,214 -
Other Paid-In Capital 276,287 -
Retained Earnings 51,504 -
---------- -----
Total Common Stock Investment 490,005 38.1%
---------- -----
Preferred Stock:
Preferred Stock - Not Subject to
Mandatory Redemption 65,571 5.1
---------- -----
Redeemable Preferred Stock - Subject
to Mandatory Redemption 74,528 5.8
---------- -----
Long-Term Obligations:
Mortgage Bonds 432,500 -
Less: Unamortized Debt Discount 1,807 -
---------- -----
Total Mortgage Bonds 430,693 -
---------- -----
Medium-Term Notes 92,000 -
Less: Unamortized Debt Discount 8 -
--------- -----
Total Medium-Term Notes 91,992 -
--------- -----
Other Long-Term Obligations:
Lease Obligations 38,112 -
Pollution Control Facility and Other Notes 97,179 -
--------- -----
Total Other Long-Term Obligations 135,291 -
--------- -----
Less: Current Sinking Fund Requirements
and Current Maturities 35,725 -
--------- -----
Total Long-Term Obligations 622,251 48.4
--------- -----
Total Capitalization 1,252,355 97.4
--------- -----
INTERIM FINANCING
Current Maturities of Long-Term Obligations 34,000 -
--------- -----
Total Interim Financing 34,000 2.6
--------- -----
Total Capitalization and Interim Financing $1,286,355 100.0%
========= =====
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(3)
Page 1 of 4
Maine Yankee Atomic Power Company
STATEMENT OF INCOME
For the Year Ended December 31, 1995
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES ............................. $ 205,977
------------
OPERATING EXPENSES
Fuel
Amortization .................................... 2,280
Disposal Cost ................................... 2,221
Operation ........................................... 71,715
Maintenance ......................................... 70,261
Depreciation ........................................ 17,822
Decommissioning ..................................... 14,900
Taxes
Federal and State Income ........................ (2,981)
Local Property .................................. 11,232
------------
Total Operating Expenses ................... 187,450
------------
OPERATING INCOME 18,527
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used During Construction . 133
Other, Net .......................................... 5,729
------------
INCOME BEFORE INTEREST CHARGES .......................... 24,389
------------
INTEREST CHARGES
Long-Term Debt ...................................... 7,903
Fuel Disposal Liability ............................. 6,360
Fuel Financing Notes ................................ 1,106
Other Interest Charges .............................. 626
Allowance for Borrowed Funds Used
During Construction ............................. (164)
For Nuclear Fuel ................................ (13)
------------
Total Interest Charges ..................... 15,818
------------
NET INCOME .............................................. 8,571
Dividends on Preferred Stock ........................ 1,514
------------
EARNINGS APPLICABLE TO COMMON STOCK ..................... $ 7,057
============
SHARES OF COMMON STOCK OUTSTANDING ...................... 500,000
============
EARNINGS PER SHARE OF COMMON STOCK ...................... $ 14.11
============
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK ............ $ 6.70
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(3)
Page 2 of 4
Maine Yankee Atomic Power Company
BALANCE SHEET
At December 31, 1995
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $404,499
Less: Accumulated Depreciation and Amortization 208,536
-------
195,963
Construction Work in Progress 7,122
-------
Net Electric Property 203,085
NUCLEAR FUEL, at Original Cost
Nuclear Fuel in Reactor 78,037
Nuclear Fuel - Spent 391,803
Nuclear Fuel - Stock 8,657
-------
478,497
Less: Accumulated Amortization 439,804
-------
38,693
Nuclear Fuel in Process 621
-------
Net Nuclear Fuel 39,314
-------
Net Electric Property and Nuclear Fuel 242,399
-------
CURRENT ASSETS
Cash and Cash Equivalents 11
Restricted Cash 11
Accounts Receivable 17,658
Materials and Supplies, at Average Cost 11,261
Prepayments 5,858
-------
Total Current Assets 34,799
-------
DEFERRED CHARGES AND OTHER ASSETS
Trust Funds
Fuel Disposal 103,889
Plant Decommissioning 142,116
Regulatory Assets
Accumulated Deferred Income Tax Assets 31,386
DOE Decontamination and
Decommissioning Fee 19,604
Other 6,545
Other Deferred Charges and Other Assets 220
-------
Total Deferred Charges and Other Assets 303,760
-------
$580,958
=======
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(3)
Page 3 of 4
Maine Yankee Atomic Power Company
BALANCE SHEET
At December 31, 1995
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION (See Separate Statement)
Common Stock Investment ............................. $ 71,201
Redeemable Preferred Stock .......................... 18,600
Long-Term Debt ...................................... 89,999
------------
Total Capitalization ............................ 179,800
------------
LONG-TERM FUEL DISPOSAL LIABILITY ....................... 114,186
------------
NUCLEAR FUEL FINANCING NOTES ............................ 20,000
------------
CURRENT LIABILITIES
Notes Payable to Banks .............................. 1,850
Current Sinking Fund Requirements ................... 7,267
Accounts Payable .................................... 14,917
Fuel Disposal Cost Payable .......................... --
Dividends Payable ................................... 2,054
Accrued Interest and Taxes .......................... 2,615
Other Current Liabilities ........................... 2,201
------------
Total Current Liabilities ....................... 30,904
------------
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Plant Decommissioning Reserve ....................... 143,485
Deferred Credits
Accumulated Deferred Income Tax Liabilities ..... 55,893
DOE Decontamination and Decommissioning Fee ..... 16,520
Regulatory Liability - Income Taxes ............. 10,673
Unamortized Investment Tax Credits .............. 6,861
Unamortized Gains on Reacquired Debt ............ 2,636
Other Deferred Credits .......................... --
------------
Total Reserves and Deferred Credits ........ 236,068
------------
$ 580,958
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(3)
Page 4 of 4
Maine Yankee Atomic Power Company
STATEMENT OF CAPITALIZATION
At December 31, 1995
(Dollars in Thousands)
COMMON STOCK INVESTMENT
Common Stock, $100 Par Value, 500,000
Shares Authorized and Outstanding .................. $ 50,000
Other Paid-in Capital ............................... 16,607
Capital Stock Expense ............................... (397)
Gain on Redemption of Preferred Stock ............... 1,118
Premiums on Preferred Stock ......................... 62
Retained Earnings ................................... 3,811
------------
71,201
------------
REDEEMABLE PREFERRED STOCK
7.48% Series, $100 Par Value-Authorized
60,000 Shares; Outstanding 42,000 Shares ........... 4,200
8% Series, $100 Par Value-Authorized
200,000 Shares; Outstanding 150,000 Shares ......... 15,000
------------
19,200
Less: Current Sinking Fund Requirements ............ 600
------------
18,600
------------
LONG-TERM DEBT
First and General Mortgage Bonds
Series D - 8.79% due May 1, 2002 ................ 35,000
Series E - 8.13% due May 1, 2008 ................ 40,000
Series F - 6.89% due May 1, 2008 ................ 21,666
------------
96,666
Less: Current Sinking Fund Requirements ............ 6,667
------------
89,999
------------
Total Capitalization ................................ $ 179,800
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(4)
Page 1 of 2
Maine Electric Power Company, Inc.
STATEMENT OF INCOME
For the Year Ended December 31, 1995
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES
Sales for Resale .................................... $ 46,697
Transmission Revenues ............................... 2,491
Support Charges and Other ........................... 511
------------
Total Electric Operating Revenues ...... 49,699
------------
OPERATING EXPENSES
Purchased Power ..................................... 46,697
Operation ........................................... 759
Maintenance ......................................... 442
Depreciation......................................... 1,383
Taxes
Federal and State Income ........................ --
Local Property and Other ........................ 250
------------
Total Operating Expenses ............... 49,531
------------
OPERATING INCOME ........................................ 168
OTHER INCOME, NET ....................................... 33
------------
INCOME BEFORE INTEREST CHARGES .......................... 201
------------
INTEREST CHARGES
Long-Term Debt ...................................... 96
Allowance for Borrowed Funds Used
During Construction ................................ --
------------
Total Interest Charges ................. 96
------------
NET INCOME .............................................. $ 105
============
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING ............................ 8,785
=====
EARNINGS PER SHARE OF COMMON STOCK ...................... $ 12.00
============
DIVIDENDS DECLARED PER SHARE OF
COMMON STOCK ........................................... $ 12.00
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(4)
Page 2 of 2
Maine Electric Power Company, Inc.
BALANCE SHEET
At December 31, 1995
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost .................. $ 23,135
Less: Accumulated Depreciation .............. 21,777
---------
1,358
Construction Work in Progress ................ 12
---------
Electric Property, Net .................. 1,370
---------
CURRENT ASSETS
Cash ............................................. 2
Temporary Cash Investments, at Cost Which
Approximates Market Value ....................... 420
Accounts Receivable - Associated Companies ....... 2,840
- Other ...................... 428
Refund Due from Participants ..................... 76
Other Current Assets ............................. 145
---------
Total Current Assets ......................... 3,911
------------
DEFERRED CHARGES AND OTHER ASSETS .................... 426
REGULATORY ASSETS-Deferred Taxes ..................... 212
------------
Total Deferred Charges and Other Assets ...... 638
------------
$ 5,919
============
COMMON STOCK INVESTMENT AND LIABILITIES
CAPITALIZATION
Common Stock Investment
Common Stock, $100 Par Value, Authorized 20,000
Shares, Outstanding 8,785 Shares ............ $ 878
Retained Earnings ............................ --
------------
Total Common Stock Investment ........... 878
------------
Long-Term Debt, net of current portion ........... --
------------
Total Capitalization .................... 878
------------
CURRENT LIABILITIES
Accounts Payable - Associated Companies .......... 108
- Other ......................... 103
Current Portion of Long-Term Debt ................ 1,730
Checks Outstanding ............................... 12
Dividends Payable ................................ 26
Accrued Purchased Power .......................... 2,906
Refund Due to Participants ....................... --
Accrued Interest, Taxes and Other ................ 40
------------
Total Current Liabilities ............... 4,925
------------
DEFERRED CREDITS
Accumulated Deferred Income Taxes ................ --
Unamortized Investment Tax Credits ............... 53
Unamortized Gain on Reacquired Debt .............. 32
Other Deferred Credits ........................... 31
------------
Total Deferred Credits .................. 116
------------
$ 5,919
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(5)
Page 1 of 2
NORVARCO
STATEMENT OF INCOME AND RETAINED EARNINGS
For the Year Ended December 31, 1995
(Dollars in Thousands)
Support Charges Chester SVC ............................. $ 3
------------
Administrative Expenses ................................. 3
Income Tax Expense ...................................... (629)
------------
Total Operating Expenses ............................ (626)
------------
Net Operating Income .................................... 629
Interest Income ......................................... 42
------------
Total Income 671
------------
Retained Earnings-Beginning of the Year ................. (487)
------------
Retained Earnings-End of the Year ....................... $ 184
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(5)
Page 2 of 2
NORVARCO
BALANCE SHEET
at December 31, 1995
(Dollars in Thousands)
ASSETS
Current Assets
Cash ................................................ $ 9
Temporary Cash Investments .......................... 760
------------
Total Current Assets .................................... 769
------------
Deferred Income Taxes ................................... 1,844
------------
$ 2,613
============
STOCKHOLDERS' INVESTMENT AND LIABILITIES
Capitalization
Common Stock, $100 Par Value Outstanding, 5,000 Shares $ 500
Retained Earnings ................................... 184
------------
Total Common Stock Equity ............................... 684
------------
Current Liabilities
Accrued Income Taxes ................................ 491
------------
Total Current Liabilities ............................... 491
------------
Accumulated Deferred Income Taxes ....................... 1,438
------------
$ 2,613
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(6)
Page 1 of 2
Aroostook Valley Electric Company
STATEMENT OF INCOME AND RETAINED EARNINGS
For the Year Ended December 31, 1995
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES ............................. $ 8,006
------------
OPERATING EXPENSES
Fuel Costs .......................................... 4,752
Operation ........................................... 1,361
Maintenance ......................................... 757
Depreciation ........................................ 247
Taxes
Federal and State Income ........................ (40)
Local Property and Other ........................ 724
------------
TOTAL OPERATING EXPENSES ................................ 7,801
------------
OPERATING INCOME 205
OTHER INCOME AND DEDUCTIONS ............................. 37
------------
NET INCOME .............................................. 242
Retained Earnings-Beginning of Period ................... 46
Dividends Declared ...................................... --
------------
RETAINED EARNINGS-END OF PERIOD ..................... $ 288
============
WEIGHTED AVERAGE NUMBER OF SHARES OF
COMMON STOCK OUTSTANDING ................................ 10,000
============
EARNINGS PER SHARE OF COMMON STOCK ...................... $ 24.19
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(6)
Page 2 of 2
Aroostook Valley Electric Company
BALANCE SHEET
at December 31, 1995
(Dollars in Thousands)
ASSETS
Property, Plant and Equipment ........................... $ 12,295
Less: Accumulated Depreciation ......................... 10,571
------------
Net Property, Plant and Equipment ............... 1,724
------------
Current Assets
Cash ................................................ 154
Temporary Cash Investments .......................... 1,560
Accounts Receivable ................................. 369
Fuel Stock .......................................... 150
Fuel Stock Expense .................................. 9
Interest Receivable ................................. 1
Prepaid Expenses .................................... 363
------------
Total Current Assets ............................ 2,606
------------
Regulatory Asset 204
Other Deferred .......................................... 131
------------
Total Deferred Assets ........................... 335
------------
TOTAL ASSETS .......................................... $ 4,665
============
STOCKHOLDER'S INVESTMENT AND LIABILITIES
Capitalization
Common Stock, $1 Par Value Outstanding, 10,000 Shares $ 10
Premium on Common Stock ............................. 1,990
Additional Paid In Capital .......................... 14
Retained Earnings ................................... 288
------------
Total Common Stock Equity ....................... 2,302
------------
Current Liabilities
Accounts Payable
Trade ........................................... 31
Associated Companies ............................ 36
Fuel ............................................ 160
Sales and Use Tax Payable ........................... 2
Accrued Payroll ..................................... 48
Accrued Payroll Taxes ............................... 6
Accrued Property Taxes .............................. 623
Accrued 401(K) ...................................... 2
Accrued Income Taxes ................................ 108
Unexpended Advancements ............................. 1,181
------------
Total Current Liabilities ....................... 2,197
------------
COMMITMENTS AND CONTINGENCIES
Regulatory Liability .................................... 204
Accumulated Deferred Taxes .............................. (38)
------------
Total Deferred Liabilities ...................... 166
------------
TOTAL STOCKHOLDERS' INVESTMENT AND LIABILITIES ...... $ 4,665
============
<PAGE>
Central Maine Power Company
1995 Form U-3A-2
Exhibit A-2(7)
Non-Public Utility Subsidiaries
1995
Total Total
Revenues Assets
Central Securities ......................... $ 124 $ 1,710
Cumberland Securities ...................... 58 2,299
Kennebec Water Power ....................... 306 188
Union Water-Power .......................... 4,438 6,109
Androscoggin ............................... 754 600
Kennebec Hydro ............................. 2,990 7,833
Gulf Island ................................ 471 1,141
CMP International .......................... 1,632 1,002
MaineCom ................................... 37 94
TeleSmart .................................. -- 792
------- -------
Total .................................. $10,810 $21,768
======= =======
<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 1,992,919
<TOTAL-OPERATING-REVENUES> 916,016
<NET-INCOME> 37,980
</TABLE>
