Adopted November 9, 1939 File No. 69-65
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-3A-2
For the Year Ended December 31, 1994
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION UNDER RULE U-3A-2 FROM THE
PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of 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:
l. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof, other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly or
indirectly holds an interest.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
Central Vermont Public Service Corporation ("CVPS") was incorporated
in Vermont on August 20, 1929 and has its principal executive office
at 77 Grove Street, Rutland, Vermont.
The principal business of the Company is the generation and purchase
of electric energy and its transmission, distribution and sale for
light, power, heat and other purposes to about 136,000 customers in
Middlebury, Randolph, Rutland, Springfield, Windsor, Bradford,
Bennington, Brattleboro, St. Johnsbury, St. Albans, Woodstock,
Poultney, Manchester and 163 other towns and villages in Vermont.
CVPS also sells electric energy at wholesale in New Hampshire to its
subsidiary, Connecticut Valley Electric Company Inc.; Woodsville Fire
District Water and Light Dept.; New Hampshire Electric Cooperative
Inc.; and in Vermont to one small private utility. It also
interchanges economy and emergency power through the New England Power
Pool.
CONNECTICUT VALLEY ELECTRIC COMPANY INC.
Connecticut Valley Electric Company Inc. ("CVEC"), a wholly owned
subsidiary of CVPS, was incorporated in New Hampshire on December 9,
1948, and has its principal office at 104 Pleasant Street, Claremont,
New Hampshire.
CVEC acquired on December 31, 1949, the business and properties of
CVPS located in New Hampshire and used in carrying on the intrastate
business of CVPS in that State. (See Form U-1 in File No. 70-2075)
The principal business of CVEC is the purchase of electric energy and
its transmission, distribution, and sale for light, power, heat and
other purposes to about 10,000 customers in Claremont and 12 other
towns and villages in New Hampshire.
VERMONT ELECTRIC POWER COMPANY, INC.
Vermont Electric Power Company, Inc. ("VELCO"), a subsidiary of CVPS
which owns 56.8% of its outstanding Common Stock, $100 Par Value, and
46.6% of its outstanding Preferred Stock, $100 Par Value, was
incorporated in Vermont on December 28, 1956 and has its principal
office at Pinnacle Ridge Road, Town of Rutland, Vermont.
VELCO operates pursuant to the terms of the 1985 Four-Party Agreement
(as amended) with the Company and two other major distribution
companies in Vermont. Although the Company owns 56.8% of VELCO's
outstanding common stock, the Four-Party Agreement effectively
restricts the Company's control of VELCO and therefore VELCO's
financial statements have not been consolidated. The Four-Party
Agreement continues in full force and effect until May 1995 and will
be extended for an additional two-year term in May 1995, and every two
years thereafter, unless at least ninety (90) days prior to any two-
year anniversary any party shall notify the other parties in writing
that it desires to terminate the agreement as of such anniversary. No
such notification has been filed by the parties.
VELCO provides transmission services for the State of Vermont acting
by and through the Vermont Department of Public Service and for all of
the electric distribution utilities in the State of Vermont. VELCO is
reimbursed for its costs (as defined in the agreements relating
thereto) for the transmission of power which VELCO transmits for the
State of Vermont and the electric distribution utilities.
VELCO also has agreements for single unit and system power purchases
which it resells at its cost to various electric distribution
utilities in the State of Vermont.
VELCO is also a participant with all of the major electric utilities
in New England in the New England Power Pool, acting for itself and as
agent for twenty-two other electric utilities in Vermont, including
CVPS, whereby the generating and transmission facilities of all
of the participants are coordinated on a New England-wide basis
through a central dispatching agency to assure their operation and
maintenance in accordance with proper standards of reliability, and to
attain the maximum practicable economy for all of the participants
through the interchange of economy and emergency power.
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
Vermont Electric Transmission Company, Inc. ("VETCO"), a wholly owned
subsidiary of VELCO, was incorporated in Vermont on May 13, 1982 and
has its principal office at Pinnacle Ridge Road, Town of Rutland,
Vermont.
VETCO was formed to construct, finance and operate the Vermont portion
of the high voltage DC transmission line which ties the New England
transmission system to the Hydro-Quebec transmission system.
VERMONT YANKEE NUCLEAR POWER CORPORATION
Vermont Yankee Nuclear Power Corporation ("VY"), an affiliate of CVPS
which owns 31.3% of its outstanding common stock, $100 Par Value, was
incorporated in Vermont on August 4, 1966 and has its principal office
at Ferry Road, Brattleboro, Vermont.
The business of VY is the ownership and operation of a nuclear power
plant at Vernon, Vermont and the sale of electricity generated at the
plant to its sponsoring stockholders.
C. V. REALTY, INC.
C. V. Realty, Inc. was incorporated in Vermont on August 30, 1968 and
has its principal office at 77 Grove Street, Rutland, Vermont.
C. V. Realty, Inc., a wholly owned subsidiary of CVPS, was formed for
the purpose of owning, acquiring, buying, selling, and leasing real
and personal property and interests therein. It is not the purpose of
this Company to own or operate facilities used for the generation,
transmission or distribution of electric energy as an electric utility
company.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION -
BRADFORD HYDROELECTRIC, INC.
Central Vermont Public Service Corporation - Bradford Hydroelectric,
Inc., ("Bradford") a wholly owned subsidiary of CVPS was incorporated
in Vermont on November 3, 1981 and has its principal office at 77
Grove Street, Rutland, Vermont.
Bradford was formed for the purposes of acquiring and constructing a
hydroelectric project having a capacity of 1500 KW in Bradford,
Vermont and leasing said project to CVPS.
For financial reporting purposes, Bradford's financial data is
included with CVPS on the Consolidating Financial Statements.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION -
EAST BARNET HYDROELECTRIC, INC.
Central Vermont Public Service Corporation - East Barnet
Hydroelectric, Inc., ("East Barnet") a wholly owned subsidiary of CVPS
was incorporated in Vermont on November 3, 1981 and has its principal
office at 77 Grove Street, Rutland, Vermont.
East Barnet was formed for the purpose of acquiring and constructing a
hydroelectric project having a capacity of 2200 KW in East Barnet,
Vermont and leasing said project to CVPS.
For financial reporting purposes, East Barnet's financial data is
included with CVPS on the Consolidating Financial Statements.
SMARTENERGY SERVICES, INC.
SmartEnergy Services, Inc. ("SES") was incorporated in Vermont on
January 8, 1993 and has its principal office at 77 Grove Street,
Rutland, Vermont.
SES is a wholly owned subsidiary of CVPS and was formed for the
purpose of engaging in the sale or rental of electric water heaters
and other energy efficient products.
CV ENERGY RESOURCES, INC.
CV Energy Resources, Inc. ("CVER") was incorporated in Vermont on
August 4, 1986 and has its principal office at 71 Allen Street,
Rutland, Vermont.
CVER is a wholly owned subsidiary of CVPS and was formed primarily for
the purpose of investing in energy related projects.
CATAMOUNT ENERGY CORPORATION
Catamount Energy Corporation ("CEC") was incorporated on June 23, 1992
and has its principal office at 71 Allen Street, Rutland, Vermont.
CEC is a wholly owned subsidiary of CVER and was formed primarily for
the purpose of investing in energy supply projects. CEC has seven
wholly owned subsidiaries: Catamount Rumford Corporation, Equinox
Vermont Corporation, Appomattox Vermont Corporation, Catamount
Williams Lake, Ltd., Catamount Tehachapi Corporation, Catamount Rupert
Corporation, and Catamount Glenns Ferry Corporation.
CATAMOUNT RUMFORD CORPORATION
Catamount Rumford Corporation, formerly CV Rumford, Inc., was
incorporated in Vermont on April 11, 1989 and has its principal office
at 71 Allen Street, Rutland, Vermont.
Catamount Rumford Corporation is a wholly owned subsidiary of CEC and
is a limited partner in the Rumford Cogeneration Company, a limited
partnership that owns an 85MW cogeneration facility located in
Rumford, Maine.
For financial reporting purposes, Catamount Rumford Corporation's
financial data is included with CEC on the Consolidating Financial
Statements.
EQUINOX VERMONT CORPORATION
Equinox Vermont Corporation was incorporated in Vermont on May 10,
1990 and has its principal office at 71 Allen Street, Rutland,
Vermont.
Equinox Vermont Corporation is a wholly owned subsidiary of CEC and is
a general partner in Ryegate Associates, a general partnership that
owns a 20 MW wood-fired generating facility in East Ryegate, Vermont.
For financial reporting purposes, Equinox Vermont Corporation's
financial data is included with CEC on the Consolidating Financial
Statements.
APPOMATTOX VERMONT CORPORATION
Appomattox Vermont Corporation was incorporated in Vermont on October
24, 1991 and has its principal office at 71 Allen Street, Rutland,
Vermont.
Appomattox Vermont Corporation is a wholly owned subsidiary of CEC and
is a limited partner in Appomattox Cogeneration Limited Partnership, a
limited partnership that owns a leasehold interest in a coal and wood-
fired cogeneration facility located in Hopewell, Virginia.
For financial reporting purposes, Appomattox Vermont Corporation's
financial data is included with CEC on the Consolidating Financial
Statements.
CATAMOUNT WILLIAMS LAKE, LTD.
Catamount Williams Lake, Ltd. was incorporated in Vermont on December
14, 1992 and has its principal office at 71 Allen Street, Rutland,
Vermont.
Catamount Williams Lake, Ltd. is a wholly owned subsidiary of CEC and
is a limited partner in T.E.S. Williams Lake Limited Partnership,
which is a limited partner in NW Energy (Williams Lake) Limited
Partnership, which owns a 60 MW wood-fired generating project in
Williams Lake, British Columbia, Canada.
For financial reporting purposes, Catamount Williams Lake, Ltd.'s
financial data is included with CEC on the Consolidating Financial
Statements.
CATAMOUNT TEHACHAPI CORPORATION
Catamount Tehachapi Corporation was incorporated in Vermont on
December 19, 1994 and has its principal office at 71 Allen Street,
Rutland, Vermont.
Catamount Tehachapi Corporation is a wholly owned subsidiary of CEC
and was formed for the purpose of owning a general partnership
interest in Tehachapi Power Partners, a general partnership to be
formed for the purpose of acquiring and repowering certain existing
wind powered generating facilities in California.
CATAMOUNT RUPERT CORPORATION
Catamount Rupert Corporation was incorporated in Vermont on January
13, 1995 and has its principal office at 71 Allen Street, Rutland,
Vermont.
Catamount Rupert Corporation is a wholly owned subsidiary of CEC and
was formed for the purpose of owning a limited partnership interest in
Rupert Cogeneration Partners, Ltd., a limited partnership that intends
to develop a 10 MW cogeneration facility in Rupert, Idaho.
CATAMOUNT GLENNS FERRY CORPORATION
Catamount Glenns Ferry Corporation was incorporated in Vermont on
January 16, 1995 and has its principal office at 71 Allen Street,
Rutland, Vermont.
Catamount Glenns Ferry Corporation is a wholly owned subsidiary of CEC
and was formed for the purpose of owning a limited partnership
interest in Glenns Ferry Cogeneration Partners, Ltd., a limited
partnership that intends to develop a 10 MW cogeneration facility in
Glenns Ferry, Idaho.
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies used for the generation, transmission,
and distribution of electric energy for sale, or for the production,
transmission and distribution of natural or manufactured gas, indicating
the location of principal generating plants, transmission lines, producing
fields, gas manufacturing plants, and electric and gas distribution
facilities, including all such properties which are outside the State in
which claimant and its subsidiaries are organized and all transmission or
pipelines which deliver or receive electric energy or gas at the borders of
such State.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
CVPS's electric properties consist of five principal distribution
systems, namely, the so-called Central, Bennington, St. Albans, St.
Johnsbury and Brattleboro systems. All, except the Brattleboro
system, are connected with the transmission facilities of VELCO (an
affiliate of CVPS) and all except the St. Albans system are
interconnected at the Vermont State line with the facilities of New
England Power Company (not an affiliate of CVPS); also the Brattleboro
System is directly connected at the Vermont State line with the
facilities of the Public Service Company of New Hampshire (not an
affiliate of CVPS). The electric generating plants of the Company
consist of 18 hydroelectric generating stations, two gas turbine
generating stations, and one diesel-electric generating station, of
which one hydroelectric generating station is located in New York and
the remainder in Vermont.
The electric systems of CVPS include about 614 miles of transmission
lines, about 7,199 miles of overhead distribution lines and about 213
miles of underground distribution lines, which are located in Vermont
except for about 23 miles of transmission lines which are located in
New Hampshire and about two miles which are located in New York.
CVPS is a stockholder, together with other New England utilities, in
four nuclear generating companies. CVPS is entitled to a percentage
of the power output of each of such companies, as follows:
Vermont Yankee Nuclear Power Corporation in Vermont (30.486% -
156.7 MW); Maine Yankee Atomic Power Company in Maine (1.7961% -
14.881 MW); Connecticut Yankee Atomic Power Company in
Connecticut (2% - 11.6 MW); and Yankee Atomic Electric Company in
Massachusetts (3.5% - 6.153 MW).
CVPS is a participant with other New England utilities in three major
electric generating stations pursuant to joint ownership agreements
under each of which the Lead Participant has constructed and is
operating the plant for the Participants (including itself) as
tenants-in-common. The plants and locations, and the amount of CVPS's
participation is as follows:
Wyman #4 in Maine (1.7769% - 11 MW); Millstone #3 in Connecticut
(1.7303% - 20 MW); Joseph C. McNeil Generating Station in Vermont
(20% - 10.76 MW).
The Company, along with eight other Vermont Joint-Owners, owns and
operates a 200 MW converter station and associated transmission line
in Highgate, Vermont. The station and the associated transmission
line interconnects the VELCO system with the system of Hydro-Quebec.
The Company is a 46.08% owner of this project.
CONNECTICUT VALLEY ELECTRIC COMPANY INC.
CVEC's electric properties consist of two principal systems in New
Hampshire which are not interconnected with each other but each of
which is connected directly with facilities of CVPS.
The electric systems of CVEC include about two miles of transmission
lines, about 427 miles of overhead distribution lines and about nine
miles of underground distribution lines.
VERMONT ELECTRIC POWER COMPANY, INC.
VELCO has no generating facilities but has approximately 483 miles of
transmission lines and twenty-five associated substations located in
the State of Vermont. VELCO's properties interconnect with the lines
of the NYPA at the New York-Vermont State line near Plattsburgh, New
York; with the transmission facilities of Niagara Mohawk Power
Corporation at the New York-Vermont State line near Whitehall, New
York, and North Troy, New York; with lines of New England Power
Company at or near the New Hampshire-Vermont State line at Wilder,
Vermont and at Monroe, New Hampshire, Claremont, New Hampshire, and at
the Massachusetts-Vermont State line near North Adams, Massachusetts;
with the lines of Public Service Company of New Hampshire at or near
the New Hampshire-Vermont State line at Littleton, New Hampshire,
Ascutney, Vermont and Vernon, Vermont; and with the lines of Hydro-
Quebec at the Quebec/Vermont border near Highgate, Vermont through an
AC/DC/AC converter and 7.6 miles of transmission lines jointly owned
by several Vermont utilities. All of its transmission facilities are
in Vermont except for approximately 4.3 miles of transmission lines
which are located in New Hampshire.
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
VETCO has approximately 52 miles of high voltage DC transmission line
connecting at the Quebec-Vermont border in the Town of Norton, Vermont
with the transmission line of Hydro-Quebec and connecting at the
Vermont-New Hampshire border near New England Power Company's Moore
Hydroelectric Generating Station with the transmission line of New
England Electric Transmission Corporation, a subsidiary of New England
Electric System (not an affiliate of CVPS).
VERMONT YANKEE NUCLEAR POWER CORPORATION
VY declared its nuclear-power electric generating plant with a
capacity of about 514 megawatts (net) in commercial operation on
November 30, 1972. The plant is located on the west bank of the
Connecticut River in Vernon, Vermont.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION -
BRADFORD HYDROELECTRIC, INC.
Electric properties of Bradford consist of a 1500 KW hydroelectric
generating station and associated facilities at Bradford, Vermont
involving real estate of 10.2 acres.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION -
EAST BARNET HYDROELECTRIC, INC.
Electric properties of East Barnet consist of a 2200 KW hydroelectric
generating station and associated facilities at East Barnet, Vermont,
involving real estate of 25.54 acres.
3. The following information for the last calendar year with respect
to claimant and each of its subsidiary public utility companies:
a) Number of KWH of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas
distributed at retail.
1994
VY* CVPS** CVEC
Electric:
4,315,550,000 KWH 3,675,362,375 KWH 165,855,544 KWH
Gas:
None None None
*The sales of electric energy shown herein of VY include sales to
VELCO.
**The sales of electric energy shown herein of CVPS include sales to
CVEC and VELCO.
1994
VELCO
Electric 909,095,910 KWH
Gas None
(b) Number of KWH of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State
in which each company is organized.
1994
VY CVPS CVEC
Electric:
None 30,517 KWH None
Gas:
None None None
1994
VELCO
Electric None
Gas None
(c) Number of KWH of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in
which each such company is organized, or at the State
line.
1994
VY CVPS* CVEC
Electric**:
None 167,022,890 KWH None
Gas:
None None None
*The sales of electric energy shown herein of CVPS include sales to
CVEC.
**Deliveries made at the step-up substation at the site.
1994
VELCO
Electric None
Gas None
(d) Number of KWH of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which
each such company is organized, or at the State line.
1994
VY CVPS CVEC
Electric:
None 685,893,208 KWH 132,348,200 KWH
Gas:
None None None
1994
VELCO
Electric 596,227,510 KWH
Gas None
Central Vermont Public Service Corporation -
Bradford Hydroelectric, Inc.
Bradford leases one hydroelectric generating station, which went into
service December 20, 1982 to CVPS.
Central Vermont Public Service Corporation -
East Barnet Hydroelectric, Inc.
East Barnet leases one hydroelectric generating station, which went into
service September 1, 1984 to CVPS.
4. The following information for the reporting period with respect
to claimant and each interest it holds directly or indirectly in an exempt
wholesale generator (EWG) or foreign utility company, stating monetary
amounts in United States dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy for
sale or for the distribution at retail of natural or manufactured
gas.
NW Energy (Williams Lake) Limited Partnership, located in
Williams Lake, British Columbia, Canada; its business address is
at 1710-1066 West Hastings Street Vancouver, British Columbia,
Canada. The facility is a wood waste fired electric generating
facility with 60MW (net output).
(b) Name of each system company that holds an interest in such EWG
or foreign utility company; and description of the interest held.
Central Vermont Public Service Corporation ("Company") is the
holding company system; CV Energy Resources, Inc. ("CVER") is a
wholly owned subsidiary of the Company; Catamount Energy
Corporation ("CEC") is a wholly owned subsidiary of ("CVER");
Catamount Williams Lake, Ltd. ("Wms Lake") is a wholly owned
subsidiary of CEC. Wms Lake is a Limited Partner in T.E.S.
Williams Lake Limited Partnership ("T.E.S. LP"). Wms Lake
acquired 24.5% of a limited partnership interest in T.E.S. LP,
whose sole business is owning a limited partnership interest in
NE Energy Williams Lake Limited Partnership ("NW Energy"). NW
Energy is a limited partnership formed under and in accordance
with the laws of the Province of British Columbia, Canada. The
facility will be used for the generation of electric energy
exclusively for sale at wholesale.
(c) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company
by the holding company claiming exemption; and any debt or other
financial obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption or another
system company, other than the EWG or foreign utility company.
Guarantee of Debt or
Capital Invested Security Financial Obligation
$1,549,998. None None
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Capitalization Earnings
$99,185,704. $2,110,575.
(e) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system company,
and describe the services to be rendered or goods sold and fees
or revenues under such agreement(s).
None
<PAGE>
EXHIBIT A
Exhibit A consists of a consolidating statement of income and retained
earnings of the claimant and its subsidiary companies for the last calendar
year together with a consolidating balance sheet of claimant and its
subsidiary companies as of the close of such calendar year.
See attachments for consolidating financial statements of CVPS and its
subsidiaries for the year 1994.
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this day of February 1995.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Claimant)
By: /s/ James M. Pennington
James M. Pennington, Controller
Attest:
/s/ Carole L. Root
Assistant Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Carole L. Root Assistant Secretary
(Name) (Title)
Central Vermont Public Service Corporation
77 Grove Street, Rutland, VT 05701
(Address)
<PAGE>
EXHIBIT B
Financial Data Schedule<PAGE>
EXHIBIT C
Organizational chart showing the relationship of each EWG to associate
companies in the holding-company system.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Holding Company)
100%
CV ENERGY RESOURCES, INC.
100%
CATAMOUNT ENERGY CORPORATION
100%
CATAMOUNT WILLIAMS LAKE LTD.
24.5%
T.E.S. WILLIAMS LAKE L.P.
33%
NW ENERGY WILLIAMS LAKE L.P
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 2
AND ITS SUBSIDIARIES
Consolidating Statement of Income and Retained Earnings
Year ended December 31, 1994
(Dollars in thousands)
Consol-
idating TOTAL
CVPS-CONS VELCO VETCO VY Entries CONS
----------- ------- ------- ---------- -------- -----------
56.8% (Note C) 31.3%
Owned Owned
<S> <C> <C> <C> <C> <C> <C>
Operating revenues $277,158 $16,761 $6,829 $162,757 ($62,301) $401,204
----------- ------- ------- ---------- -------- -----------
Operating expenses:
Operation:
Purchased power 143,162 - - (49,568) 93,594
Production and transmission 21,122 1,481 26 22,520 (12,579) 32,570
Other operation 40,691 3,872 169 68,591 (154) 113,169
Maintenance 12,245 2,050 367 18,194 - 32,856
Depreciation 16,478 3,714 2,439 14,404 - 37,035
Decommissioning expense - - - 11,860 - 11,860
Other taxes, principally property taxes 10,423 2,043 476 10,004 - 22,946
Taxes on income (Note B) 11,934 251 1,019 2,830 - 16,034
----------- ------- ------- ---------- -------- -----------
Total operating expenses 256,055 13,411 4,496 148,403 (62,301) 360,064
----------- ------- ------- ---------- -------- -----------
Operating income 21,103 3,350 2,333 14,354 - 41,140
Other income and deductions:
Equity in earnings of companies not
consolidated 3,098 762 - (3,467) 393
Allowance for equity funds during const. 232 110 - 342
Other income, net 184 328 105 2,392 - 3,009
Other taxes (211) - - (211)
Benefit (provision) for income taxes 525 - (986) - (461)
----------- ------- ------- ---------- -------- -----------
Total operating and other income 24,931 4,440 2,438 15,870 (3,467) 44,212
Net interest expense 10,131 3,144 1,676 9,282 - 24,233
----------- ------- ------- ---------- -------- -----------
Net income before minority interest 14,800 1,296 762 6,588 (3,467) 19,979
Minority interest in net income - - - (5,179) (5,179)
----------- ------- ------- ---------- -------- -----------
Net income after minority interest 14,800 1,296 762 6,588 (8,646) 14,800
Retained Earnings, January 1 61,879 193 60 1,067 (1,320) 61,879
----------- ------- ------- ---------- -------- -----------
76,679 1,489 822 7,655 (9,966) 76,679
Cash dividends declared: ----------- ------- ------- ---------- -------- -----------
Preferred stock 2,138 775 - (775) 2,138
Common stock 18,966 540 775 6,279 (7,594) 18,966
----------- ------- ------- ---------- -------- -----------
Total dividends 21,104 1,315 775 6,279 (8,369) 21,104
----------- ------- ------- ---------- -------- -----------
Retained Earnings, December 31 $55,575 $174 $47 $1,376 ($1,597) $55,575
=========== ======= ======= ========== ======== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 2 of 2
AND ITS SUBSIDIARIES
Consolidating Statement of Income and Retained Earnings
Year ended December 31, 1994
(Dollars in thousands)
Reclassi-
fying &
C.V. Consol-
Realty, idating
CVPS CVEC Inc. SES CEC Entries CVPS-CONS
----------- ------- ------- ---------- -------- ----------- -----------
(Note A)(Note A) (Note A) (Note A)
<S> <C> <C> <C> <C> <C> <C> <C>
Operating revenues $269,500 $17,469 - $1,739 $109 ($11,659) $277,158
----------- ------- ------- ---------- -------- ----------- -----------
Operating expenses:
Operation:
Purchased power 139,109 13,520 - - - (9,467) 143,162
Production and transmission 21,122 - - - - - 21,122
Other operation 38,750 2,148 - 1,439 1,423 (3,069) 40,691
Maintenance 11,726 519 - 6 15 (21) 12,245
Depreciation 16,043 435 3 363 35 (401) 16,478
Other taxes 9,869 554 - 62 103 (165) 10,423
Taxes on income (Note B) 11,926 8 - (590) 415 175 11,934
----------- ------- ------- ---------- -------- ----------- -----------
Total operating expenses 248,545 17,184 3 1,280 1,991 (12,948) 256,055
----------- ------- ------- ---------- -------- ----------- -----------
Operating income (loss) 20,955 285 (3) 459 (1,882) 1,289 21,103
Other income and deductions:
Equity in earnings of companies not
consolidated 3,421 - - - 3,731 (4,054) 3,098
Allow. for equity funds during const. 232 - - - - - 232
Other income (expenses), net (179) 20 8 (1,274) (575) 2,184 184
Other taxes (26) - - (20) (165) (211)
Benefit (provision) for income taxes 346 4 - - - 175 525
----------- ------- ------- ---------- -------- ----------- -----------
Total operating and other income (loss) 24,749 309 5 (815) 1,254 (571) 24,931
Net interest expense 9,949 289 - 57 81 (245) 10,131
----------- ------- ------- ---------- -------- ----------- -----------
Net income (loss) 14,800 20 5 (872) 1,173 (326) 14,800
Retained Earnings, January 1 61,879 1,832 175 289 2,697 (4,993) 61,879
----------- ------- ------- ---------- -------- ----------- -----------
76,679 1,852 180 (583) 3,870 (5,319) 76,679
Cash dividends declared: ----------- ------- ------- ---------- -------- ----------- -----------
Preferred stock 2,138 - - - - - 2,138
Common stock 18,966 - - - - - 18,966
----------- ------- ------- ---------- -------- ----------- -----------
Total dividends 21,104 - - - - 21,104
----------- ------- ------- ---------- -------- ----------- -----------
Retained Earnings, December 31 $55,575 $1,852 $180 ($583) $3,870 ($5,319) $55,575
=========== ======= ======= ========== ======== ========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year ended December 31, 1994
(Dollars in thousands)
Consol-
idating TOTAL
CVPS-Cons VELCO VETCO VY Entries CONS
----------- ------- ------- ---------- -------- -----------
56.8% (Note C) 31.3%
Owned Owned
Assets
-----------
<S> <C> <C> <C> <C> <C> <C>
Utility plant, at original cost $434,059 $91,384 $47,766 $376,551 - $949,760
Less accumulated depreciation 125,800 44,120 20,225 212,569 - 402,714
----------- ------- ------- ---------- -------- -----------
308,259 47,264 27,541 163,982 0 547,046
Construction work in progress 15,099 - - 645 - 15,744
----------- ------- ------- ---------- -------- -----------
323,358 47,264 27,541 164,627 0 562,790
Nuclear fuel 6,710 - - 376,846 - 383,556
Less accumulated amortization 5,513 - - 341,839 - 347,352
----------- ------- ------- ---------- -------- -----------
Net utility plant 324,555 47,264 27,541 199,634 0 598,994
----------- ------- ------- ---------- -------- -----------
Investments in affiliates, at equity (Note D)
Nuclear generating companies 21,078 - - - (16,916) 4,162
Other affiliated companies 5,687 4,747 - - (10,434) 0
----------- ------- ------- ---------- -------- -----------
Total 26,765 4,747 0 0 (27,350) 4,162
----------- ------- ------- ---------- -------- -----------
Nonutility property, less accumulated
depreciation of $3,664 consolidated 2,989 - - - - 2,989
----------- ------- ------- ---------- -------- -----------
Nonutility investments 28,184 - - - - 28,184
----------- ------- ------- ---------- -------- -----------
Current assets:
Cash 1,673 163 104 171 - 2,111
Temporary cash investments 5,886 - - 1,114 - 7,000
Accounts receivable, less allowance for
uncollectible accounts $968 consolidated 19,639 10,715 - 12,353 - 42,707
Accounts receivable - affiliates 884 1,369 3 5,860 (8,116) 0
Notes Receivable-Affiliates - 400 - - (400) -
Unbilled revenue 10,696 (34) - - - 10,662
Interest receivable 1 68 - - - 69
Materials and supplies, at average cost 4,182 1,381 124 17,165 - 22,852
Prepayments 3,544 134 20 4,753 - 8,451
Other current assets 4,805 1,933 - - - 6,738
----------- ------- ------- ---------- -------- -----------
Total current assets 51,310 16,129 251 41,416 (8,516) 100,590
----------- ------- ------- ---------- -------- -----------
Regulatory Assets and Other deferred charges 56,596 1,584 660 250,351 - 309,191
----------- ------- ------- ---------- -------- -----------
Total Assets $490,399 $69,724 $28,452 $491,401 ($35,866) $1,044,110
=========== ======= ======= ========== ======== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 3 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year ended December 31, 1994
(Dollars in thousands)
C.V. Consol-
Realty idating
CVPS CVEC Inc. SES CEC Entries CVPS-Cons
----------- ------- ------- ---------- -------- ----------- -----------
(Note A)(Note A) (Note A) (Note A)
Assets
---------
<S> <C> <C> <C> <C> <C> <C> <C>
Utility plant, at original cost $422,907 $11,152 - - - - $434,059
Less accumulated depreciation 121,745 4,055 - - - - 125,800
----------- ------- ------- ---------- -------- ----------- -----------
301,162 7,097 - - - - 308,259
Construction work in progress 14,776 323 - - - - 15,099
----------- ------- ------- ---------- -------- ----------- -----------
315,938 7,420 323,358
Nuclear fuel 6,710 - - - - - 6,710
Less accumulated amortization 5,513 - - - - - 5,513
----------- ------- ------- ---------- -------- ----------- -----------
Net utility plant 317,135 7,420 - - - - 324,555
----------- ------- ------- ---------- -------- ----------- -----------
Investments in affiliates,
at equity (Note D)
Nuclear generating companies 21,078 - - - - - 21,078
Other affiliated companies 35,464 - - - - (29,777) 5,687
----------- ------- ------- ---------- -------- ----------- -----------
Total 56,542 - - - - (29,777) 26,765
----------- ------- ------- ---------- -------- ----------- -----------
Nonutility property, less accumulated
depreciation of $20 parent company
and $3,664 consolidated 227 - 47 2,174 541 - 2,989
----------- ------- ------- ---------- -------- ----------- -----------
Nonutility investments - - - 424 27,760 - 28,184
Current assets:
Cash 1,381 122 13 115 42 - 1,673
Temporary cash investments 311 - 198 5,377 - 5,886
Accounts receivable, less allowance for
uncollectible accounts $900 parent
company and $968 consolidated 17,924 1,655 - 36 24 - 19,639
Accounts receivable - affiliates 3,951 54 56 260 197 (3,634) 884
Unbilled revenue 10,456 240 - - - - 10,696
Interest receivable - - - - 1 - 1
Materials and supplies, at average cost 4,155 - - 27 - - 4,182
Prepayments 3,427 67 - 10 40 - 3,544
Other current assets 4,775 21 1 - 8 - 4,805
----------- ------- ------- ---------- -------- ----------- -----------
Total current assets 46,380 2,159 268 448 5,689 (3,634) 51,310
----------- ------- ------- ---------- -------- ----------- -----------
Regulatory Assets and Other Deferred Charges 56,551 46 - - (1) - 56,596
----------- ------- ------- ---------- -------- ----------- -----------
Total Assets $476,835 $9,625 $315 $3,046 $33,989 ($33,411) $490,399
=========== ======= ======= ========== ======== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
2 of 4
Consolidating Balance Sheet
Year ended December 31, 1994
(Dollars in thousands)
Consol-
idating TOTAL
CVPS-CONS VELCO VETCO VY Entries CONS
----------- ------- ------- ---------- -------- -----------
56.8% (Note C) 31.3%
Capitalization and Liabilities Owned Owned
-----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Capitalization:
Common stock (Note E) $70,715 $6,000 $1 $40,001 ($46,002) $70,715
Other paid-in capital 47,189 - 4,699 14,227 (8,804) 57,311
Capital stock expense (1,960) - - - - (1,960)
Retained earnings 55,575 174 47 1,376 (1,597) 55,575
Treasury stock, at cost (Note E) (735) - - (1,131) - (1,866)
----------- ------- ------- ---------- -------- -----------
Total common stock equity 170,784 6,174 4,747 54,473 (56,403) 179,775
----------- ------- ------- ---------- -------- -----------
Cumulative preferred and preference
stock (Note F) 28,054 10,000 - - (10,000) 28,054
Return of Capital - (5,300) - - 5,300 0
First Mortgage bonds 101,000 34,558 - 75,845 - 211,403
Notes payable 19,157 - 14,700 - - 33,857
Other long-term debt - 395 - - - 395
----------- ------- ------- ---------- -------- -----------
148,211 39,653 14,700 75,845 (4,700) 273,709
----------- ------- ------- ---------- -------- -----------
Minority interest - - - - 33,753 33,753
----------- ------- ------- ---------- -------- -----------
Total Capitalization 318,995 45,827 19,447 130,318 (27,350) 487,237
----------- ------- ------- ---------- -------- -----------
Long-Term lease arrangements 20,467 - - - - 20,467
Current liabilities:
Notes payable - banks 11,511 1,000 1,700 - - 14,211
Notes Payable-Affiliates - - 400 - (400) 0
Long-term debt - current portion 4,230 3,681 2,180 - - 10,091
Accounts payable 7,217 9,820 10 19,586 - 36,633
Accounts payable - affiliates 7,188 857 29 42 (8,116) 0
Accrued interest 671 492 57 1,116 - 2,336
Accrued income taxes 3,997 37 27 1,767 - 5,828
Other current liabilities 28,855 54 - 6,604 - 35,513
----------- ------- ------- ---------- -------- -----------
Total current liabilities 63,669 15,941 4,403 29,115 (8,516) 104,612
----------- ------- ------- ---------- -------- -----------
Accumulated deferred income taxes 52,710 1,566 2,866 35,022 - 92,164
Deferred investment tax credits 8,394 877 1,189 6,581 - 17,041
Accrued decommissioning costs - - - 155,309 - 155,309
Deferred credits and misc. reserves 26,164 5,513 547 135,056 - 167,280
----------- ------- ------- ---------- -------- -----------
87,268 7,956 4,602 331,968 0 431,794
----------- ------- ------- ---------- -------- -----------
Total Capitalization and Liabilities $490,399 $69,724 $28,452 $491,401 ($35,866) $1,044,110
=========== ======= ======= ========== ======== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 4 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year ended December 31, 1994
(Dollars in thousands)
CV CONSOL-
REALTY IDATING
CVPS CVEC INC SES CEC ENTRIES CVPS-CONS
----------- ------- ------- ---------- -------- ----------- -----------
(Note A)(Note A) (Note A) (Note A) (Note A)
Capitalization and Liabilities
----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common stock (Note E) $70,715 $700 $30 - - ($730) $70,715
Other paid-in capital 47,189 - - 2,713 21,015 (23,728) 47,189
Capital stock expense (1,960) - - - - - (1,960)
Retained earnings 55,575 1,852 180 (583) 3,870 (5,319) 55,575
Treasury stock (Note E) (735) - - - - - (735)
----------- ------- ------- ---------- -------- ----------- -----------
Total common stock equity 170,784 2,552 210 2,130 24,885 (29,777) 170,784
----------- ------- ------- ---------- -------- ----------- -----------
Cumulative preferred and preference
stock (Note F) 28,054 - - - - - 28,054
First Mortgage bonds 101,000 - - - - - 101,000
Notes payable 16,300 2,500 - - 357 - 19,157
----------- ------- ------- ---------- -------- ----------- -----------
145,354 2,500 0 0 357 0 148,211
----------- ------- ------- ---------- -------- ----------- -----------
Total Capitalization 316,138 5,052 210 2,130 25,242 (29,777) 318,995
----------- ------- ------- ---------- -------- ----------- -----------
Long-term lease arrangements 20,467 - - - - - 20,467
Current liabilities:
Notes payable - banks 10,400 250 - 846 15 - 11,511
Long-term debt - current portion 4,230 - - - - - 4,230
Accounts payable 6,377 647 - 148 45 - 7,217
Accounts payable - affiliates 7,750 2,463 105 91 413 (3,634) 7,188
Accrued interest 647 3 - 6 15 - 671
Accrued Income taxes 3,937 - - - 60 - 3,997
Other current liabilities 27,963 676 - 33 183 - 28,855
----------- ------- ------- ---------- -------- ----------- -----------
Total current liabilities 61,304 4,039 105 1,124 731 (3,634) 63,669
----------- ------- ------- ---------- -------- ----------- -----------
Accumulated deferred income taxes 44,633 269 - (208) 8,016 - 52,710
Deferred investment tax credits 8,269 125 - - - - 8,394
Deferred credits 26,024 140 - - - - 26,164
----------- ------- ------- ---------- -------- ----------- -----------
78,926 534 0 (208) 8,016 0 87,268
----------- ------- ------- ---------- -------- ----------- -----------
Total Capitalization and Liabilities $476,835 $9,625 $315 $3,046 $33,989 ($33,411) $490,399
=========== ======= ======= ========== ======== =========== ===========
</TABLE>
<PAGE>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1994
Note A-Consolidation:
The consolidating financial statements include the accounts of
Central Vermont Public Service Corporation (CVPS), its wholly owned
subsidiaries, Connecticut Valley Electric Company Inc. (CVEC),
C.V. Realty, Inc., CV Energy Resources, Inc. (CVER), SmartEnergy
Services, Inc. (SES) and Catamount Energy Corporation, Inc. (CEC), which
compose CVPS Consolidated. In addition, for purposes of this SEC Form
U-3A-2, the consolidating financial statements include the accounts of
CVPS's affiliates, Vermont Electric Power Company, Inc. (VELCO) 56.8%
owned, Vermont Electric Transmission Company, Inc. (VETCO), a wholly
owned subsidiary of VELCO and Vermont Yankee Nuclear Power Corporation
(VY) 31.3% owned, which constitutes total consolidated.
CVPS follows the equity method of accounting for its
investments in affiliates. See Note D.
Note B-Income taxes:
CVPS and its wholly owned subsidiaries
-----------------------------------------------------------
The Company records income taxes in accordance with the Financial
Accounting Standards Board's SFAS No. 109, Accounting for Income Taxes,
requiring an asset and liability approach to determine income tax
liabilities. The Standard requires recognition of tax assets and
liabilities for the cumlative effect of all temporary differences
between financial statement carrying amounts and the tax basis of
assets and liabilities.
A valuation allowance has not been recorded, as the Company expects
all deferred income tax assets will be utilized in the future.
VELCO
---------
VELCO records income taxes in accordance with SFAS No. 109,
Accounting for Income Taxes, requiring an asset and liability approach to
determine income tax liabilities. The Standard requires recognition of
tax assets and liabilities for the cumulative effect of all temporary
differences between financial statement carrying amounts and the tax
basis of assets and liabilities. Under SFAS No. 109, additional
deferred tax assets and liabilities resulting from VELCO's
transmission billing calculation will be returned to, or collected
from, ratepayers in future transmission billings. VELCO expects all
deferred income tax assets will be utilized in the future.
<PAGE>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1994
(continued)
VY
---
Vermont Yankee records taxes in accordance with SFAS No. 109,
Accounting for Income Taxes, requiring an asset and liability approach
to determine income tax liabilities. The Standard requires recognition
of tax assets and liabilities for the cumulative effect of all
temporary differences between financial statement carrying amounts and
the tax basis of assets and liabilities.
Note C-VETCO:
Vermont Electric Transmission Company, Inc. (VETCO) was
incorporated in 1982, and is a wholly owned subsidiary of Vermont
Electric Power Company, Inc. VETCO was formed to construct, own and
operate the Vermont portion of a high voltage transmission line
connecting the electric system of New England with that of Hydro-Quebec,
a Canadian utility.
VETCO has entered into support agreements in connection with
construction of the transmission line with substantially all of the
New England electric utilities. The support agreements require the
utilities to reimburse VETCO for all operating and capital costs of the
transmission line on an unconditional and absolute basis. In return,
VETCO has agreed to build, own, operate and maintain the line and to
involve itself in no other activities during the term of the agreement,
which extends for 30 years from the date of commercial operation of the
line. These support agreements also provide for an advisory committee
made up of participants to review the operations of VETCO and to make
recommendations on major decisions. VETCO is obligated to follow
these recommendations to the extent reasonably practical.
Because these provisions of the support agreements effectively
restrict VELCO's control, VELCO has not consolidated its financial
information with that of VETCO and instead is accounting for its
investment using the equity method.
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1994
(continued)
Note D-Investments in affiliates:
CVPS accounts for investments in its affiliates by the
equity method (dollars in thousands):
December 31,
1994
-----------
<S> <C>
Nuclear generating companies:
VY $16,916
Maine Yankee Atomic Power Company 1,338
Connecticut Yankee Atomic Power Compa 2,011
Yankee Atomic Electric Company 813
Other affiliated companies:
CVEC 2,552
C. V. Realty, Inc. 210
SES 2,130
CEC 24,885
VELCO:
Common stock 3,494
Preferred stock 2,193
-----------
Total investments - CVPS 56,542
VELCO investment in VETCO 4,747
-----------
Total investments 61,289
Consolidating eliminations 57,127
-----------
Total consolidated $4,162
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1994
(continued)
Note E-Common stock:
The authorized and outstanding common stock for each of the
companies was as follows (dollars in thousands):
December 31,
1994
-----------
<S> <C>
CVPS:
Common stock, $6 par value, authorized
19,000,000 shares; outstanding
11,785,848 shares $70,715
Treasury stock, at cost 56,400 sha (735)
CVEC:
Common stock, $50 par value, authorized
20,000 shares; outstanding 14,000 s 700
C. V. Realty, Inc.:
Common stock, $100 par value, authorized
500 shares; outstanding 300 shares 30
SES:
Common stock, $1 par value, authorized
10,000 shares; outstanding 1 share -
CEC:
Common stock, $1 par value, authorized
10,000 shares; outstanding 1 share -
VELCO:
Common stock, $100 par value, Class B-authorized
92,000 shares; outstanding 60,000 s 6,000
VETCO:
Common stock, $100 par value, authorized
and outstanding 10 shares 1
VY:
Common stock, $100 par value, authorized
400,100 shares; outstanding 400,014 40,001
Treasury stock, at cost 7,533 shares (1,131)
-----------
Total common stock equity 115,581
Consolidating eliminations 46,732
-----------
Total consolidated $68,849
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1994
(continued)
Note F-Preferred stock:
Cumulative preferred and preference stock outstanding were as
follows (dollars in thousands):
December 31,
1994
-----------
<S> <C>
CVPS:
Preferred stock, $100 par value, authorized
500,000 shares
Outstanding:
4.15% series, 37,856 shares $3,786
4.65% series, 10,000 shares 1,000
4.75% series, 17,682 shares 1,768
5.375% series, 15,000 shares 1,500
8.30% series, 200,000 shares 20,000
Preference stock, $1 par value, authorized
1,000,000 shares; outstanding - none -
VELCO:
Preferred stock, $100 par value, authorized
125,000 shares; outstanding 100,000 sha 10,000
Return of capital (5,300)
VY:
Preferred stock, $100 par value, authorized
300,000 shares; outstanding - none -
-----------
Total cumulative preferred and
preference stock 32,754
Consolidating eliminations 4,700
-----------
Total consolidated $28,054
===========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 1,044,110
<TOTAL-OPERATING-REVENUES> 401,204
<NET-INCOME> 14,800
</TABLE>
