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 521,000 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 a 24.8% voting interest in 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 and does business as a
modular housing dealer. 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 the 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.
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, 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 32 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.
MaineCom holds a 86.187% voting interest in FiveCom, Inc. MaineCom
also holds a 66.67% voting interest in FiveCom Maine LLC and a 40% voting
interest in New England Fiber Communications LLC. FiveCom, Inc. holds a 88.76%
voting interest in FiveCom LLC, which holds a 33.33% voting interest in
FiveCom Maine LLC and a 60% voting interest in NECOM LLC. All of the above
mentioned Companies are in the business of developing telecommunications
facilities in the New England states.
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 (Yankee Atomic), Connecticut Yankee Atomic
Power Company (Connecticut Yankee) 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 decided to discontinue
permanently power operation at the Yankee Atomic Plant in Rowe, Massachusetts,
and to decommission that facility. On December 4, 1996, the Board of
Directors of Connecticut Yankee voted in favor of permanently discontinuing
power operation at the Connecticut Yankee plant in Haddam, Connecticut and of
decommissioning 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, 1996, 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 2,293 circuit-miles of overhead transmission lines,
19,254 pole-miles of overhead distribution lines, and 1,330 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.
Chester SVC Partnership owns a static var compensator facility at
Chester, Maine.
AVEC owns a 32-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 1996:
A. Central Maine Power Company
(a) 11,422,957,401 Kwh of electric energy
sold
(b) 1,616,264 Kwh of electric energy .
distributed outside of
Maine (State where
organized)
(c) 2,197,974,082 Kwh of electric energy
sold at wholesale
outside of Maine or at
the State line:
Massachusetts Municipal
Wholesale Electric Company 1,536,211
New England Power
Company 2,900,000
New England Power Pool 125,585,070
Northeast Utilities 1,987,333,798
Unitil 15,168,919
EUA 750,000
New Brunswick Power 390,000
Fitchburg Gas &
Electric Light Company 856,055
CNG Power Services
Corporation 50,723,829
ENRON Power Marketing,
Inc. 10,405,200
Commonwealth Electric
Company 2,325,000
(d) 1,825,661,334 Kwh of electric energy
purchased at wholesale
outside of Maine or at
the State line:
Connecticut Yankee
Atomic Power Company 166,212,741
Vermont Yankee Nuclear
Power Corporation 136,412,214
Great Bay Power
Corporation 47,123,400
New England Power Pool 540,978,380
Hydro-Quebec 278,720
Northeast Utilities 896,044,879
New England Power
Company 1,550,000
Green Mountain Power
Corporation 37,061,000
B. Maine Electric Power Company, Inc.
(a) 2,105,604,000 Kwh of electric energy sold.
(b) None Kwh of electric energy
distributed outside of Maine
(State where organized).
(c) 124,478,000 Kwh of electric energy sold
at wholesale outside of
Maine or at the State line.
(d) 2,104,164,000 Kwh of electric energy
purchased outside of Maine
or at the State line.
C. Maine Yankee Atomic Power Company
(a) 5,054,037,680 Kwh of electric energy sold.
(b) None Kwh of electric energy
distributed outside of Maine
(State where organized).
(c) None Kwh of electric energy sold
at wholesale outside of
Maine or at the State line.
(d) None Kwh of electric energy
purchased outside of Maine
or at the State line.
D. NORVARCO
NORVARCO does not purchase or sell electric energy.
E. Aroostook Valley Electric Company
(a) 240,334,601 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.
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 1996. 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 1996, 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,
1996; (3) financial statements which include the capitalization of Maine
Yankee at December 31, 1996; (4) financial statements which include the
capitalization of MEPCo. at December 31, 1996; (5) financial statements which
include the capitalization of NORVARCO at December 31, 1996; (6) financial
statements which include the capitalization of AVEC at December 31, 1996; (7)
a table showing, for 1996, the non-public utility subsidiaries Total Revenues
and Total Assets.
EXHIBIT B
Financial Data Schedule.
EXHIBIT C
Not applicable.
Central Maine has caused this statement to be duly executed on its behalf
by its authorized officer on this 28th day of February, 1997.
CENTRAL MAINE POWER COMPANY
By /S/Michael W. Caron
Comptroller
CORPORATE SEAL
Attest:
/S/Anne M. Pare
Secretary
Name, title and address of officers to whom notices and correspondence
concerning this statement should be addressed.
Michael W. Caron, Comptroller Anne M. Pare
Central Maine Power Company Secretary and Clerk
83 Edison Drive Central Maine Power Company
Augusta, ME 04336 83 Edison Drive
Augusta, ME 04336
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-1
Page 1 of 3
Central Maine Power Company
STATEMENT OF EARNINGS
For the Year Ended December 31, 1996
(Dollars in Thousands Except Per Share Amounts)
<TABLE>
Maine
Central Electric
Maine Power
Power Company Inter Company Minority
Company Inc. DEBIT CREDIT Interest Total
<S> <C> <C> <C> <C>
ELECTRIC OPERATING REVENUES $ 955,117 $ 55,391 $ 43,462 $ $ $ 967,046
OPERATING EXPENSES
Fuel Used for Company Generation 16,827 16,827
Purchased Power
Energy 397,068 52,571 41,713 407,926
Capacity 108,711 9 108,720
Other Operation 183,905 754 1,749 182,910
Maintenance 36,951 498 37,449
Depreciation and Amortization 52,849 845 53,694
Taxes
Federal and State Income 29,925 200 30,125
Taxes Other Than Income 27,378 483 27,861
Total Operating Expenses 853,614 55,360 43,462 865,512
EQUITY IN EARNINGS OF ASSOCIATED
COMPANIES 6,310 172 6,138
OPERATING INCOME 107,813 31 43,634 (43,462) 107,672
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used During
Construction 850 1 851
Other, Net 5,054 249 5,303
Minority Interest in Consolidated Net Income 48 (48)
Income Taxes Applicable to Other Income
(Expense) (1,897) (1,897)
Total Other Income (Expense) 4,007 250 48 4,209
INCOME BEFORE INTEREST CHARGES 111,820 281 43,634 (43,462) 48 111,881
INTEREST CHARGES
Long-Term Debt 47,928 38 47,966
Other Interest 4,318 23 4,341
Allowance for Borrowed Funds Used During (655) (655)
Construction
Total Interest Charges 51,591 61 51,652
NET INCOME 60,229 220 43,634 (43,462) 48 60,229
Dividends on Preferred Stock 9,452 9,452
EARNINGS APPLICABLE TO COMMON STOCK $ 50,777 $ 220 $ 43,634 $ (43,462) $ 48 $ 50,777
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING 32,442,752 8,785 32,442,752
EARNINGS PER SHARE OF COMMON STOCK $1.57 $25.06 $1.57
DIVIDENDS DECLARED PER SHARE OF
COMMON STOCK $0.90 $11.52 $0.90
</TABLE>
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-1
Page 2 of 3
Central Maine Power Company
BALANCE SHEET
at December 31, 1996
(Dollars in Thousands)
<TABLE>
Maine
Central Electric
Maine Power
ASSETS Power Company Inter Company Minority
Company Inc. DEBIT CREDIT Interest Total
<S> <C> <C> <C>
ELECTRIC PROPERTY, at Original Cost $1,621,288 $23,146 $ $ $ $1,644,434
Less: Accumulated Depreciation 575,870 22,545 598,415
Electric Property in Service 1,045,418 601 1,046,019
Construction Work in Progress 19,797 210 20,007
Net Nuclear Fuel 1,157 1,157
Net Electric Property 1,066,372 811 1,067,183
INVESTMENTS IN ASSOCIATED COMPANIES,
at Equity 68,589 - - 780 - 67,809
Net Electric Property and Investments in
Associated Companies 1,134,961 811 780 1,134,992
CURRENT ASSETS
Cash and Cash Equivalents 7,025 1,282 8,307
Accounts Receivable
Service - Billed 83,333 1,063 84,396
- Unbilled 45,721 45,721
Other Accounts Receivable 16,402 6,281 5,166 17,517
Prepaid Income Taxes 430 (166) 264
Inventories, at Average Cost
Fuel Oil 9,256 9,256
Materials and Supplies 12,172 12,172
Funds on Deposit With Trustee 59,512 59,512
Prepayments and Other Current Assets 9,351 149 9,500
Total Current Assets 243,202 8,609 5,166 246,645
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and Abandoned
Projects, Net 89,551 89,551
Decommissioning Liability 62,232 62,232
Regulatory Assets-Deferred Taxes 239,291 239,291
Deferred Charges and Other Assets 238,004 1,141 942 238,203
Total Deferred Charges and Other Assets 629,078 1,141 942 629,277
TOTAL ASSETS $2,007,241 $ 10,561 $ $6,888 $ $2,010,914
</TABLE>
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-1
Page 3 of 3
Central Maine Power Company
BALANCE SHEET
at December 31, 1996
(Dollars in Thousands)
<TABLE>
Maine
Central Electric
Maine Power
STOCKHOLDERS' INVESTMENT Power Company Inter Company Minority
AND LIABILITIES Company Inc. DEBIT CREDIT Interest Total
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C>
Common Stock Investment $ 511,578 $ 998 $44,321 $43,541 $(218) $ 511,578
Preferred Stock 65,571 65,571
Redeemable Preferred Stock 53,528 53,528
Long-Term Obligations 587,367 620 587,987
Total Capitalization 1,218,044 1,618 44,321 43,541 (218) 1,218,664
CURRENT LIABILITIES AND INTERIM
FINANCING
Interim Financing 32,500 32,500
Sinking Fund Requirements 9,175 200 9,375
Accounts Payable 97,767 577 5,147 93,197
Dividends Payable 9,507 24 19 9,512
Interest 11,601 9 11,610
Miscellaneous Current Liabilities 14,129 6,995 218 21,342
Total Current Liabilities and Interim 174,679 7,805 5,166 218 177,536
Financing
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes 358,936 942 357,994
Unamortized Investment Tax Credits 31,959 29 31,988
Decommissioning Liability 62,232 62,232
Regulatory Liabilities-Deferred Taxes 52,374 242 52,616
Other Reserves and Deferred Credits 109,017 867 109,884
Total Reserves and Deferred Credits 614,518 1,138 942 614,714
TOTAL STOCKHOLDERS'
INVESTMENT AND LIABILITIES $2,007,241 $10,561 $50,429 $43,541 $ $2,010,914
</TABLE>
EXHIBIT A-2
Attached hereto, as Exhibit A-2, are the following:
A-2(1). A table showing, for 1996, 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, 1996;
A-2(3). Maine Yankee: financial statements which include the
capitalization at December 31, 1996;
A-2(4). MEPCo.: financial statements which include the
capitalization at December 31, 1996;
A-2(5). NORVARCO: financial statements which include the
capitalization at December 31, 1996
A-2(6). AVEC: financial statements which include the capitalization
at December 31, 1996
A-2(7). A table showing, for 1996, the non-public utility
subsidiaries Total Revenues and Total Assets.
EXHIBIT A-2(1)
The following shows actual corporate revenues of Maine Yankee,
MEPCo., NORVARCO and AVEC in 1996, 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 1996, actual and adjusted electric revenues for these companies
were:
(Dollars in Thousands)
Actual Adjusted
Maine Yankee $ 185,661 $ 116,120
MEPCo. 55,391 12,235
NORVARCO 3 3
AVEC 8,528
Sub Total 249,583 128,358
Central Maine 955,117 950,506
$1,204,700 $1,078,864
Subsidiary revenues from sales, other than to Central Maine, were
about $128 million, or 14% of Central Maine's adjusted revenues. This ratio
is acceptable and supports Central Maine's claim, in good faith, to its
continuing exemption pursuant to Rule 2.
Central Maine Power Company
1996 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, 1996
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES $955,117
OPERATING EXPENSES
Fuel Used for Company Generation 16,827
Purchased Power
Energy 397,068
Capacity 108,711
Other Operation 183,905
Maintenance 36,951
Depreciation and Amortization 52,849
Taxes
Federal and State Income 29,925
Taxes Other Than Income 27,378
Total Operating Expenses 853,614
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES 6,310
OPERATING INCOME 107,813
OPERATING INCOME (EXPENSE)
Allowance for Equity Funds Used During Construction 850
Other, Net 5,054
Income Taxes Applicable to Other Income (Expense) (1,897)
Total Other Income (Expense) 4,007
INCOME BEFORE INTEREST CHARGES 111,820
INTEREST CHARGES
Long-Term Debt 47,928
Other Interest 4,318
Allowance for Borrowed Funds Used During Construction (655)
Total Interest Charges 51,591
NET INCOME 60,229
Dividends on Preferred Stock 9,452
EARNINGS APPLICABLE TO COMMON STOCK $ 50,777
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING
32,442,752
EARNINGS PER SHARE OF COMMON STOCK $1.57
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $.90
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(2)
Page 2 of 4
Central Maine Power Company
UNCONSOLIDATED BALANCE SHEET
At December 31, 1996
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $1,621,288
Less: Accumulated Depreciation 575,870
Electric Property in Service 1,045,418
Construction Work in Progress 19,797
Net Nuclear Fuel 1,157
Net Electric Property 1,066,372
INVESTMENTS IN ASSOCIATED COMPANIES, at Equity 68,589
Net Electric Property and Investments in
Associated Companies 1,134,961
CURRENT ASSETS
Cash and Cash Equivalents 7,025
Accounts Receivable
Service - Billed 83,333
- Unbilled 45,721
Other Accounts Receivable 16,402
Prepaid Income Taxes 430
Inventories, at Average Cost
Fuel Oil 9,256
Materials and Supplies 12,172
Funds on Deposit with Trustee 59,512
Prepayments and Other Current Assets 9,351
Total Current Assets 243,202
DEFERRED CHARGES AND OTHER ASSETS
Recoverable Costs of Seabrook 1 and Abandoned Projects, Net 89,551
Decommissioning Liability 62,232
Regulatory Assets-Deferred Taxes 239,291
Deferred Charges and Other Assets 238,004
Total Deferred Charges and Other Assets 629,078
TOTAL ASSETS $2,007,241
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(2)
Page 3 of 4
Central Maine Power Company
UNCONSOLIDATED BALANCE SHEET
At December 31, 1996
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION (See Separate Statement)
Common Stock Investment $ 511,578
Preferred Stock 65,571
Redeemable Preferred Stock 53,528
Long-Term Obligations 587,367
Total Capitalization 1,218,044
CURRENT LIABILITIES AND INTERIM FINANCING
Interim Financing 32,500
Sinking Fund Requirements 9,175
Accounts Payable 97,767
Dividends Payable 9,507
Accrued Interest 11,601
Miscellaneous Current Liabilities 14,129
Total Current Liabilities and Interim Financing 174,679
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Accumulated Deferred Income Taxes 358,936
Unamortized Investment Tax Credits 31,959
Decommissioning Liability 62,232
Regulatory Liabilities-Deferred Taxes 52,374
Other Reserves and Deferred Credits 109,017
Total Reserves and Deferred Credits 614,518
TOTAL STOCKHOLDERS' INVESTMENT AND LIABILITIES $2,007,241
Central Maine Power Company
1996 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, 1996
(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 276,818
Retained Earnings 72,546
Total Common Stock Investment 511,578 40.9%
Preferred Stock:
Preferred Stock - Not Subject to
Mandatory Redemption 65,571 5.2
Redeemable Preferred Stock - Subject
to Mandatory Redemption 53,528 4.3
Long-Term Obligations:
Mortgage Bonds 421,000
Less: Unamortized Debt Discount 1,620
Total Mortgage Bonds 419,380
Medium-Term Notes 68,000
Other Long-Term Obligations:
Lease Obligations 36,283
Pollution Control Facility and Other Notes 90,879
Total Other Long-Term Obligations 127,162
Less: Current Sinking Fund Requirements
and Current Maturities 27,175
Total Long-Term Obligations 587,367 47.0
Total Capitalization 1,218,044 97.4
INTERIM FINANCING
Current Maturities of Long-Term Obligations 25,000
Short Term Revolving Credit 7,500
Total Interim Financing 32,500 2.6
Total Capitalization and Interim Financing $1,250,544 100.0%
Central Maine Power Company
1996 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, 1996
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES $ 185,661
OPERATING EXPENSES
Fuel
Amortization 13,952
Disposal Cost 6,618
Operation 81,661
Maintenance 21,953
Depreciation 18,052
Decommissioning 14,900
Taxes
Federal and State Income (439)
Local Property 11,814
Total Operating Expenses 168,511
OPERATING INCOME 17,150
OTHER INCOME (EXPENSE)
Allowance for Equity Funds Used During Construction 138
Other, Net 5,271
INCOME BEFORE INTEREST CHARGES 22,559
INTEREST CHARGES
Long-Term Debt 7,349
Fuel Disposal Liability 6,055
Fuel Financing Notes 1,120
Other Interest Charges 199
Allowance for Borrowed Funds Used
During Construction (161)
For Nuclear Fuel (109)
Total Interest Charges 14,453
NET INCOME 8,106
Dividends on Preferred Stock 1,469
EARNINGS APPLICABLE TO COMMON STOCK $ 6,637
SHARES OF COMMON STOCK OUTSTANDING 500,000
EARNINGS PER SHARE OF COMMON STOCK $ 13.27
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $ 3.00
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(3)
Page 2 of 4
Maine Yankee Atomic Power Company
BALANCE SHEET
At December 31, 1996
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $409,865
Less: Accumulated Depreciation and Amortization 225,735
184,130
Construction Work in Progress 5,687
Net Electric Property 189,817
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 453,756
24,741
Nuclear Fuel in Process 7,802
Net Nuclear Fuel 32,543
Net Electric Property and Nuclear Fuel 222,360
CURRENT ASSETS
Cash and Cash Equivalents 4,418
Accounts Receivable 23,597
Materials and Supplies, at Average Cost 10,665
Prepayments 6,299
Total Current Assets 44,979
DEFERRED CHARGES AND OTHER ASSETS
Trust Funds
Fuel Disposal 112,523
Plant Decommissioning 163,536
Regulatory Assets
Accumulated Deferred Income Tax Assets 33,103
DOE Decontamination and
Decommissioning Fee 18,270
Other 7,072
Other Deferred Charges and Other Assets 218
Total Deferred Charges and Other Assets 334,722
$602,061
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(3)
Page 3 of 4
Maine Yankee Atomic Power Company
BALANCE SHEET
At December 31, 1996
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION (See Separate Statement)
Common Stock Investment $ 71,337
Redeemable Preferred Stock 18,000
Long-Term Debt 83,332
Total Capitalization 172,669
LONG-TERM FUEL DISPOSAL LIABILITY 120,240
NUCLEAR FUEL FINANCING NOTES 20,000
CURRENT LIABILITIES
Current Sinking Fund Requirements 7,267
Accounts Payable 19,061
Fuel Disposal Cost Payable 1,103
Dividends Payable 1,867
Accrued Interest and Taxes 2,550
Other Current Liabilities 2,417
Total Current Liabilities 34,265
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Plant Decommissioning Reserve 164,807
Deferred Credits
Accumulated Deferred Income Tax Liabilities 56,704
DOE Decontamination and Decommissioning Fee 15,295
Regulatory Liability - Income Taxes 9,487
Unamortized Investment Tax Credits 6,374
Unamortized Gains on Reacquired Debt 2,220
Total Reserves and Deferred Credits 254,887
$602,061
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(3)
Page 4 of 4
Maine Yankee Atomic Power Company
STATEMENT OF CAPITALIZATION
At December 31, 1996
(Dollars in Thousands)
COMMON STOCK INVESTMENT
Common Stock, $100 Par Value, 500,000
Shares Authorized and Outstanding $ 50,000
Other Paid-in Capital 16,572
Capital Stock Expense (361)
Gain on Redemption of Preferred Stock 1,125
Premiums on Preferred Stock 53
Retained Earnings 3,948
71,337
REDEEMABLE PREFERRED STOCK
7.48% Series, $100 Par Value-Authorized
60,000 Shares; Outstanding 42,000 Shares 3,600
8% Series, $100 Par Value-Authorized
200,000 Shares; Outstanding 150,000 Shares 15,000
18,600
Less: Current Sinking Fund Requirements 600
18,000
LONG-TERM DEBT
First and General Mortgage Bonds
Series D - 8.79% due May 1, 2002 30,000
Series E - 8.13% due May 1, 2008 40,000
Series F - 6.89% due May 1, 2008 19,999
89,999
Less: Current Sinking Fund Requirements 6,667
83,332
Total Capitalization $ 172,669
Central Maine Power Company
1996 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, 1996
(Dollars in Thousands Except Per Share Amounts)
ELECTRIC OPERATING REVENUES
Sales for Resale $ 52,580
Transmission Revenues 2,852
Support Charges and Other (41)
Total Electric Operating Revenues 55,391
OPERATING EXPENSES
Purchased Power 52,580
Operation 754
Maintenance 498
Depreciation 845
Taxes
Federal and State Income 200
Local Property and Other 483
Total Operating Expenses 55,360
OPERATING INCOME 31
OTHER INCOME, NET 250
INCOME BEFORE INTEREST CHARGES 281
INTEREST CHARGES
Long-Term Debt 38
Other Interest Charges 23
Total Interest Charges 61
NET INCOME $ 220
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING 8,785
EARNINGS PER SHARE OF COMMON STOCK $ 25.06
DIVIDENDS DECLARED PER SHARE OF
COMMON STOCK $ 11.52
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(4)
Page 2 of 2
Maine Electric Power Company, Inc.
BALANCE SHEET
At December 31, 1996
(Dollars in Thousands)
ASSETS
ELECTRIC PROPERTY, at Original Cost $23,146
Less: Accumulated Depreciation 22,545
601
Construction Work in Progress 210
Electric Property, Net 811
CURRENT ASSETS
Cash and Cash Equivalents 1,282
Accounts Receivable - Associated Companies 6,145
- Other 1,199
Refund Due from Participants
Other Current Assets 149
Total Current Assets 8,775
DEFERRED CHARGES AND OTHER ASSETS
Accumulated Deferred Income Taxes 942
Other Deferred Debits 199
Total Deferred Charges and Other Assets 1,141
$10,727
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 119
Total Common Stock Investment 997
Long-Term Debt, net of current portion 620
Total Capitalization 1,617
CURRENT LIABILITIES
Sinking Fund Requirements 200
Accounts Payable - Associated Companies 447
- Other 130
Dividends Payable 24
Accrued Purchased Power 6,989
Accrued Interest, Taxes and Other 181
Total Current Liabilities 7,971
DEFERRED CREDITS
Unamortized Investment Tax Credits 29
Regulatory Obligation - Deferred Taxes 243
Other Deferred Credits 867
Total Deferred Credits 1,139
$10,727
Central Maine Power Company
1996 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, 1996
(Dollars in Thousands)
Support Charges Chester SVC $ 3
Administrative Expenses 3
Income Tax Expense 14
Total Operating Expenses 17
Net Operating Loss (14)
Interest Income 41
Total Income 27
Retained Earnings-Beginning of the Year 184
Retained Earnings-End of the Year $ 211
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(5)
Page 2 of 2
NORVARCO
BALANCE SHEET
at December 31, 1996
(Dollars in Thousands)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $ 810
Receivables 1
Prepaid Income Taxes 9
Total Current Assets 820
Accumulated Deferred Income Taxes 1,477
$2,297
STOCKHOLDERS' INVESTMENT AND LIABILITIES
CAPITALIZATION
Common Stock, $100 Par Value Outstanding, 5,000 Shares $ 500
Retained Earnings 211
Total Common Stock Equity 711
Accumulated Deferred Income Taxes 1,586
$2,297
Central Maine Power Company
1996 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, 1996
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES $ 8,528
OPERATING EXPENSES
Fuel Costs 5,163
Operation 1,408
Maintenance 745
Depreciation 247
Taxes
Federal and State Income 192
Local Property and Other 621
TOTAL OPERATING EXPENSES 8,376
OPERATING INCOME 152
OTHER INCOME AND DEDUCTIONS 52
NET INCOME 204
Retained Earnings-Beginning of Period 302
RETAINED EARNINGS-END OF PERIOD $ 506
WEIGHTED AVERAGE NUMBER OF SHARES OF
COMMON STOCK OUTSTANDING 10,000
EARNINGS PER SHARE OF COMMON STOCK $ 20.42
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(6)
Page 2 of 2
Aroostook Valley Electric Company
BALANCE SHEET
at December 31, 1996
(Dollars in Thousands)
ASSETS
Property, Plant and Equipment $12,321
Less: Accumulated Depreciation 10,820
Net Property, Plant and Equipment 1,501
Current Assets
Cash and Cash Equivalents 1,648
Accounts Receivable 962
Fuel Stock 295
Fuel Stock Expense 19
Prepaid Expenses 50
Total Current Assets 2,974
Deferred Assets
Regulatory Tax Asset 164
Other Deferred Assets 19
Total Deferred Assets 183
TOTAL ASSETS $ 4,658
STOCKHOLDER'S INVESTMENT AND LIABILITIES
Capitalization
Common Stock, $1 Par Value Outstanding, 10,000 Shares $ 10
Additional Paid-in Capital 1,990
Retained Earnings 506
Total Common Stock Investment 2,506
Current Liabilities
Accounts Payable
Trade 98
Associated Companies 1,247
Fuel and Other 123
Other Current Liabilities 593
Total Current Liabilities 2,061
COMMITMENTS AND CONTINGENCIES
Accumulated Deferred Income Taxes 91
Total Deferred Liabilities 91
TOTAL STOCKHOLDERS' INVESTMENT AND LIABILITIES $ 4,658
Central Maine Power Company
1996 Form U-3A-2
Exhibit A-2(7)
Non-Public Utility Subsidiaries
1996
Total Total
Revenues Assets
Central Securities $ 129 $ 1,764
Cumberland Securities 44 2,333
Kennebec Water Power 494 96
Union Water-Power 4,699 10,151
Kennebec Hydro 3,388 8,261
Gulf Island 441 893
CMP International 3,952 1,116
MaineCom 127 10,848
TeleSmart 525 1,246
Total $13,799 $36,708
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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