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, 1996
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"), incorporated
under the laws of the State of Vermont and has its principal executive
office in 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 138,000 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, incorporated under the laws of the State of New
Hampshire, and has its principal office in 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, incorporated under the
laws of the State of Vermont and has its principal office in the 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 continued in full force and effect
until May 1995 and was 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, incorporated under the laws of the State of Vermont
and has its principal office in the 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,
incorporated under the laws of the State of Vermont and has its principal
in Brattleboro, Vermont.
Vermont Yankee was formed by a group of New England Utilities for the
purpose of constructing and operating a nuclear-powered generating plant in
Vernon, Vermont. The electricity generated by the Vernon plant is sold to
Vermont Yankee's sponsoring stockholders.
C. V. REALTY, INC.
C. V. Realty, Inc., incorporated under the laws of the State of
Vermont and has its principal in 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 under
the laws of the State of Vermont and had its principal office in 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. Bradford was dissolved on January 16, 1996.
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
incorporated under the laws of the State of Vermont and has its principal
office in 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.
CATAMOUNT INVESTMENT CORPORATION
Catamount Investment Corporation ("CIC"), incorporated under the laws
of the State of Vermont and has its principal office in Rutland, Vermont.
Catamount Investment Corporation, a wholly owned subsidiary of CVPS,
was formed for the purpose of investing in unregulated business
opportunities.
SMARTENERGY SERVICES, INC.
SmartEnergy Services, Inc. ("SES"), incorporated under the laws of the
State of Vermont and has its principal office in Rutland, Vermont.
SES is a wholly owned subsidiary of CVPS, was formed for the purpose
of engaging in the sale or rental of electric water heaters, energy
efficient products and other related goods and services.
CV ENERGY RESOURCES, INC.
CV Energy Resources, Inc. ("CVER"), incorporated under the laws of the
State of Vermont and had its principal office in Rutland, Vermont. CVER
was dissolved on December 3, 1996.
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"), incorporated under the laws of
the State of Vermont and has its principal office in Rutland, Vermont.
CEC is a wholly owned subsidiary of CVPS and was formed primarily for
the purpose of investing in energy supply projects. CEC has nine wholly
owned subsidiaries: Catamount Rumford Corporation, Equinox Vermont
Corporation, Appomattox Vermont Corporation, Catamount Williams Lake, Ltd.,
Catamount Rupert Corporation, Catamount Glenns Ferry Corporation,
Summersville Hydro Corporation, Gauley River Management Corporation and
Catamount Thetford Corporation.
CATAMOUNT RUMFORD CORPORATION
Catamount Rumford Corporation, formerly CV Rumford, Inc., incorporated
under the laws of the State of Vermont and has its principal office in
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 85 MW 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, incorporated under the laws of the State
of Vermont and has its principal office in 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, incorporated under the laws of the
State of Vermont and has its principal office in 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., incorporated under the laws of the
State of Vermont and has its principal office in 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 RUPERT CORPORATION
Catamount Rupert Corporation, incorporated under the laws of the State
of Vermont and has its principal office in 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., which developed and owns a 10 MW gas
fired cogeneration facility in Rupert, Idaho.
For financial reporting purposes, Catamount Rupert Corporation's
financial data is included with CEC on the Consolidating Financial
Statements.
CATAMOUNT GLENNS FERRY CORPORATION
Catamount Glenns Ferry Corporation, incorporated under the laws of the
State of Vermont and has its principal office in Rutland, Vermont.
Catamount Glenns Ferry Corporation is a wholly owned subsidiary of CEC
and is a limited partner in Glenns Ferry Cogeneration Partners, Ltd., which
developed and owns a 10 MW gas fired cogeneration facility in Glenns Ferry,
Idaho.
For financial reporting purposes, Catamount Glenns Ferry Corporation's
financial data is included with CEC on the Consolidating Financial
Statements.
GAULEY RIVER MANAGEMENT CORPORATION
Gauley River Management Corporation, incorporated under the laws of
the State of Vermont and has its principal office in Rutland, Vermont.
Gauley River Management Corporation is a wholly owned subsidiary of
CEC and was formed for the purpose of serving as the General Partner in
Gauley River Power Partners, L.P., which is developing a small power
production hydroelectric facility on the Gauley River, Nicholas County,
West Virginia.
SUMMERSVILLE HYDRO CORPORATION
Summersville Hydro Corporation, incorporated under the laws of the
State of Vermont and has its principal office in Rutland, Vermont.
Summersville Hydro Corporation is a wholly owned subsidiary of CEC and
was formed for the purpose of owning a limited partnership interest in
Gauley River Power Partners, L.P. which is developing a small power
production hydroelectric facility on the Gauley River, Nicholas County,
West Virginia.
CATAMOUNT THETFORD CORPORATION
Catamount Thetford Corporation, incorporated under the laws of the
State of Vermont and has its principal office in Rutland, Vermont.
Catamount Thetford Corporation is a wholly owned subsidiary of CEC and
was formed for the purpose of owning a limited partnership interest in
Fibrowatt Thetford Ltd., which is developing a poultry litter fired power
station in Thetford, England designed to produce 38.5 MW.
For financial reporting purposes, Catamount Thetford Corporation's
financial data is included with CEC on the Consolidating Financial
Statements.
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 19 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 613 miles of transmission
lines, about 7,257 miles of overhead distribution lines and about 235
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 11 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
Upon installation of the new low pressure turbines in April 1995,
Vermont Yankee declared its nuclear power electric generating plant with a
net maximum dependable capacity of 510 (MWe). The plant, which began
commercial operation on November 30, 1972, 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. Bradford was dissolved on January 16, 1996.
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.
Electric (KWH.) Gas (Mcf.)
________ ___
VY 3,798,790,000 (1) None
CVPS 3,476,479,492 (2) None
CVEC 162,771,136 None
VELCO 863,374,500 None
(1) Includes sales to Vermont Electric Power Company, Inc.
(2) Includes sales to Connecticut Valley Electric Company Inc. and
Vermont Electric Power Company, Inc.
(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.
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.
Electric (KWH.) (1) Gas (Mcf.)
________ ___
VY None None
CVPS 165,208,401 (2) None
CVEC None None
VELCO None None
(1) Deliveries made at the step-up substation at the site.
(2) Includes sales to Connecticut Valley Electric Company Inc. and
Vermont Electric Power Company, Inc.
(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.
Electric (KWH.) Gas (Mcf.)
________ ___
VY None None
CVPS 325,910,845 None
CVEC 129,024,605 None
VELCO 614,230,690 None
Central Vermont Public Service Corporation -
Bradford Hydroelectric, Inc.
Bradford leases one hydroelectric generating station, which went into
service December 20, 1982 to CVPS. Bradford was dissolved on January 16,
1996.
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 a 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).
Fibrowatt Thetford Limited, under construction in Thetford in Norfolk,
England; its registered office is 38 Clarendon Road, London, England W11
3AD. The facility is a poultry litter fired power station designed to
produce 38.5 MW.
Glenns Ferry Cogeneration Partners, Ltd. located in Glenns Ferry,
Idaho; its registered office is 71 Allen Street, Building A, Rutland,
Vermont. The facility is a 10MW gas fired cogeneration facility placed in
operation on December 2, 1996.
Rupert Cogeneration Partners, Ltd. located in Rupert, Idaho; its
registered office is 71 Allen Street, Building A, Rutland, Vermont. The
facility is a 10MW gas fired cogeneration facility placed in operation on
November 21, 1996.
(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 ("the Company") is the
holding company system; Catamount Energy Corporation ("CEC") is a wholly
owned subsidiary of the Company; 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.
Central Vermont Public Service Corporation ("the Company") is the
holding company system; Catamount Energy Corporation ("CEC") is a wholly
owned subsidiary of the Company; Catamount Thetford Corporation ("CTC") is
a wholly owned subsidiary of CEC. CTC is currently a 7.6% (ultimately 44%)
shareholder of Fibrowatt Thetford Limited ("Thetford"), Foster Wheeler
Energy Limited is a 5% shareholder; and Fibrowatt Limited is currently an
87.4% (ultimately 51%) shareholder. Thetford is incorporated as a private
company limited by shares under the Companies Act 1985. Thetford will
construct and operate an electric power station fueled predominantly by
poultry litter.
Central Vermont Public Service Corporation ("the Company") is the
holding company system; Catamount Energy Corporation ("CEC") is a wholly
owned subsidiary of the Company; Catamount Glenns Ferry Corporation
("CGFC") is a wholly owned subsidiary of CEC. CEC owns 50% of Glenns Ferry
Management Inc. ("GFM"), the 1% general partner of Glenns Ferry
Cogeneration Partners, Ltd. ("Glenns Ferry") and Eastern Power Corporation
owns 50%. CGFC owns 49.5% of Glenns Ferry and Eastern Glenns Ferry owns
the remaining 49.5%. Glenns Ferry is a limited partnership formed under
and in accordance with the laws of the State of Colorado. The facility
will be used for the generation of electric energy for sale at wholesale
and steam for sale at wholesale.
Central Vermont Public Service Corporation ("the Company") is the
holding company system; Catamount Energy Corporation ("CEC") is a wholly
owned subsidiary of the Company; Catamount Rupert Corporation ("CRC") is a
wholly owned subsidiary of CEC. CEC owns 50% of Rupert Management Inc.
("RM"), the 1% general partner of Rupert Cogeneration Partners, Ltd.
("Rupert") and Eastern Power Corporation owns 50%. CRC owns 49.5% of
Rupert and Eastern Rupert owns the remaining 49.5%. Rupert is a limited
partnership formed under and in accordance with the laws of the State of
Colorado. The facility will be used for the generation of electric energy
for sale at wholesale and steam 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.
Indirect Debt or
Capital Guarantee Financial
Invested of Security Obligation
________ ___________ __________
CATAMOUNT WILLIAMS
LAKE, LTD. $ 982,433. None None
CATAMOUNT THETFORD $5,252,720. None None
CORPORATION
CATAMOUNT GLENNS
FERRY CORPORATION $1,284,863. None None
CATAMOUNT RUPERT
CORPORATION $1,615,456. None None
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
Capitalization Earnings
______________ ________
CATAMOUNT WILLIAMS
LAKE, LTD. $91,803,262. $2,560,789.
CATAMOUNT THETFORD
CORPORATION $26,715,000. $-0-
CATAMOUNT GLENNS
FERRY CORPORATION $13,649,062. $204,474.
CATAMOUNT RUPERT
CORPORATION $13,672,830. $172,445.
(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>
EXHIBITS
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 1996.
Exhibit B is the Financial Data Schedule.
Exhibit C is the Organizational chart showing the relationship of each
exempt wholesale generator (EWG) to associate companies in the holding-
company system.
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 28th day of February 1997.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Claimant)
By: /s/ James M. Pennington
James M. Pennington, Controller
CORPORATE SEAL
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>
<TABLE>
<CAPTION>
Exhibit A
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 2
AND ITS SUBSIDIARIES
Consolidating Statement of Income and Retained Earnings
Year Ended December 31, 1996
(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 $290,801 $16,298 $5,717 $181,715 ($68,717) $425,814
--------- --------- --------- --------- --------- ----------
Operating expenses:
Operation:
Purchased power 154,422 - - - (56,071) 98,351
Production and transmission 20,941 1,507 19 18,810 (12,515) 28,762
Other operation 38,098 4,802 147 76,390 (131) 119,306
Maintenance 14,918 1,693 214 33,216 - 50,041
Depreciation 17,960 4,009 2,440 14,703 - 39,112
Decommissioning expense - - - 12,672 - 12,672
Other taxes, principally property taxes 10,971 2,253 548 9,189 - 22,961
Taxes on income (Note B) 10,216 (577) 501 2,030 - 12,170
--------- --------- --------- --------- --------- ----------
Total operating expenses 267,526 13,687 3,869 167,010 (68,717) 383,375
--------- --------- --------- --------- --------- ----------
Operating income 23,275 2,611 1,848 14,705 - 42,439
Other income and deductions:
Equity in earnings of companies not
consolidated 3,302 667 - - (3,517) 452
Allowance for equity funds during constru 347 - - 100 - 447
Other income, net 2,647 224 128 4,542 - 7,541
Other taxes (200) - - - - (200)
Benefit (provision) for income taxes (4) - - (1,791) - (1,795)
--------- --------- --------- --------- --------- ----------
Total operating and other income 29,367 3,502 1,976 17,556 (3,517) 48,884
Net interest expense 9,925 2,286 1,309 10,570 - 24,090
--------- --------- --------- --------- --------- ----------
Net income before minority interest 19,442 1,216 667 6,986 (3,517) 24,794
Minority interest in net income - - - - (5,352) (5,352)
--------- --------- --------- --------- --------- ----------
Net income after minority interest 19,442 1,216 667 6,986 (8,869) 19,442
Retained Earnings, January 1 66,422 230 79 845 (1,154) 66,422
--------- --------- --------- --------- --------- ----------
85,864 1,446 746 7,831 (10,023) 85,864
Cash dividends declared: --------- --------- --------- --------- --------- ----------
Preferred stock 2,028 540 - - (540) 2,028
Common stock 9,699 700 700 6,130 (7,530) 9,699
--------- --------- --------- --------- --------- ----------
Total dividends 11,727 1,240 700 6,130 (8,070) 11,727
--------- --------- --------- --------- --------- ----------
Retained Earnings, December 31 $74,137 $206 $46 $1,701 ($1,953) $74,137
========= ========= ========= ========= ========= ==========
</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, 1996
(Dollars in thousands) Reclassi-
fying &
C.V. Consol-
Realty, idating
CVPS CVEC Inc. SES CEC CIC Entries CVPS-CONS
--------- --------- --------- --------- --------- ---------- --------- ---------
(Note A) (Note A) (Note A) (Note A) (Note A)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating revenues $283,106 $18,607 - $1,862 $933 $0 ($13,707) $290,801
--------- --------- --------- --------- --------- ---------- --------- ---------
Operating expenses:
Operation:
Purchased power 150,282 14,676 - - - - (10,536) 154,422
Production and transmission 20,920 21 - - - - - 20,941
Other operation 36,136 2,195 - 929 4,225 62 (5,449) 38,098
Maintenance 14,429 488 - 4 14 - (17) 14,918
Depreciation 17,531 429 3 374 42 - (419) 17,960
Other taxes 10,358 613 - 42 101 - (143) 10,971
Taxes on income (Note B) 10,261 (45) 2 201 (202) (25) 24 10,216
--------- --------- --------- --------- --------- ---------- --------- ---------
Total operating expenses 259,917 18,377 5 1,550 4,180 37 (16,540) 267,526
--------- --------- --------- --------- --------- ---------- --------- ---------
Operating income (loss) 23,189 230 (5) 312 (3,247) (37) 2,833 23,275
Other income and deductions:
Equity in earnings of companies not
consolidated 3,977 - - - 4,251 - (4,926) 3,302
Allow. for equity funds during constructi 347 - - - - - - 347
Other income (expenses), net 1,533 35 14 (5) (428) - 1,498 2,647
Other taxes (42) - - - (15) - (143) (200)
Benefit (provision) for income taxes (24) (4) - - - - 24 (4)
--------- --------- --------- --------- --------- ---------- --------- ---------
Total operating and other income (loss) 28,980 261 9 307 561 (37) (714) 29,367
Net interest expense 9,537 333 - - 93 - (38) 9,925
--------- --------- --------- --------- --------- ---------- --------- ---------
Net income (loss) 19,443 (72) 9 307 468 (37) (676) 19,442
Retained Earnings, January 1 66,422 1,642 189 (839) 6,328 - (7,320) 66,422
--------- --------- --------- --------- --------- ---------- --------- ---------
85,865 1,570 198 (532) 6,796 (37) (7,996) 85,864
Cash dividends declared: --------- --------- --------- --------- --------- ---------- --------- ---------
Preferred stock 2,028 - - - - - - 2,028
Common stock 9,699 - - - - - - 9,699
--------- --------- --------- --------- --------- ---------- --------- ---------
Total dividends 11,727 - - - 11,727
--------- --------- --------- --------- --------- ---------- --------- ---------
Retained Earnings, December 31 $74,138 $1,570 $198 ($532) $6,796 ($37) ($7,996) $74,137
========= ========= ========= ========= ========= ========== ========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit A
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1996
(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 $461,231 $96,035 $47,777 $390,408 - $995,451
Less accumulated depreciation 146,539 49,426 25,098 238,116 - 459,179
--------- --------- --------- --------- --------- ----------
314,692 46,609 22,679 152,292 - 536,272
Construction work in progress 9,302 - - - - 9,302
--------- --------- --------- --------- --------- ----------
323,994 46,609 22,679 152,292 - 545,574
Nuclear fuel 7,093 - - 398,183 - 405,276
Less accumulated amortization 6,146 - - 370,846 - 376,992
--------- --------- --------- --------- --------- ----------
Net utility plant 324,941 46,609 22,679 179,629 - 573,858
--------- --------- --------- --------- --------- ----------
Investments in affiliates, at equity (Note D)
Nuclear generating companies 21,368 - - - (17,017) 4,351
Other affiliated companies 5,262 3,746 - - (9,008) -
--------- --------- --------- --------- --------- ----------
Total 26,630 3,746 - - (26,025) 4,351
--------- --------- --------- --------- --------- ----------
Nonutility investments 27,823 - - - - 27,823
--------- --------- --------- --------- --------- ----------
Nonutility property, less accumulated
depreciation of $3,664 consolidated 4,498 - - - - 4,498
--------- --------- --------- --------- --------- ----------
Current assets:
Cash & Cash Equivilents 6,365 162 83 1,109 - 7,719
Accounts receivable, less allowance for
uncollectible accts. $1,132 consolidate 21,286 11,049 - 10,912 - 43,247
Accounts receivable - affiliates 592 6,940 3 4,665 (12,200) -
Unbilled revenue 11,673 133 - - - 11,806
Materials and supplies, at average cost 3,690 1,624 103 17,433 - 22,850
Prepayments 2,423 135 4 4,468 - 7,030
Other current assets 9,473 2,048 1 - - 11,522
--------- --------- --------- --------- --------- ----------
Total current assets 55,502 22,091 194 38,587 (12,200) 104,174
--------- --------- --------- --------- --------- ----------
Regulatory assets and other deferred charge 63,574 1,619 788 322,246 - 388,227
--------- --------- --------- --------- --------- ----------
Total Assets $502,968 $74,065 $23,661 $540,462 ($38,225) $1,102,931
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
2 of 4
Consolidating Balance Sheet
Year Ended December 31, 1996
(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 - 3,699 14,226 (7,804) 57,310
Capital stock expense (1,916) - - - - (1,916)
Treasury stock, at cost (Note E) (3,656) - - (1,130) - (4,786)
Retained earnings 74,137 206 46 1,700 (1,952) 74,137
--------- --------- --------- --------- --------- ----------
Total common stock equity 186,469 6,206 3,746 54,797 (55,758) 195,460
--------- --------- --------- --------- --------- ----------
Cumulative preferred and preference
stock (Note F) 28,054 10,000 - - (10,000) 28,054
Return of Capital - (6,300) - - 6,300 -
--------- --------- --------- --------- --------- ----------
Total preferred stock 28,054 3,700 - - (3,700) 28,054
--------- --------- --------- --------- --------- ----------
First Mortgage bonds 97,000 26,969 - 75,845 - 199,814
Notes payable 20,374 - 10,520 - - 30,894
Other long-term debt - 204 - 4,182 - 4,386
Long-Term lease arrangements 18,304 - - - - 18,304
--------- --------- --------- --------- --------- ----------
Total long-term debt 135,678 27,173 10,520 80,027 - 253,398
--------- --------- --------- --------- --------- ----------
Minority interest - - - - 33,433 33,433
--------- --------- --------- --------- --------- ----------
Total capitalization 350,201 37,079 14,266 134,824 (26,025) 510,345
--------- --------- --------- --------- --------- ----------
Current liabilities:
Notes payable - banks 5,750 6,950 2,150 - - 14,850
Long-term debt - current portion 3,015 4,196 2,060 - - 9,271
Accounts payable 4,974 17,215 113 2,548 - 24,850
Accounts payable - affiliates 11,567 579 31 23 (12,200) -
Accrued interest 554 397 42 1,499 - 2,492
Accrued income taxes 2,552 223 100 1,404 - 4,279
Other current liabilities 24,137 112 - 25,897 - 50,146
--------- --------- --------- --------- --------- ----------
Total current liabilities 52,549 29,672 4,496 31,371 (12,200) 105,888
--------- --------- --------- --------- --------- ----------
Accumulated deferred income taxes 57,463 942 3,116 21,854 - 83,375
Deferred investment tax credits 7,612 724 1,189 5,509 - 15,034
Accrued decommissioning costs - - - 204,991 - 204,991
Regulatory Liabilities and other deferred c 35,143 5,648 594 141,913 - 183,298
--------- --------- --------- --------- --------- ----------
100,218 7,314 4,899 374,267 - 486,698
--------- --------- --------- --------- --------- ----------
Total Capitalization and Liabilities $502,968 $74,065 $23,661 $540,462 ($38,225) $1,102,931
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 3 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1996
(Dollars in thousands)
C.V. Consol-
Realty idating
CVPS CVEC Inc. SES CEC CIC Entries CVPS-CONS
--------- --------- --------- --------- --------- ---------- --------- ---------
(Note A) (Note A) (Note A) (Note A) (Note A)
Assets
------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Utility plant, at original cost $448,776 $12,455 - - - - - $461,231
Less accumulated depreciation 142,503 4,036 - - - - 146,539
--------- --------- --------- --------- --------- ---------- --------- ---------
306,273 8,419 - - - - - 314,692
Construction work in progress 8,882 420 - - - - - 9,302
--------- --------- --------- --------- --------- ---------- --------- ---------
315,155 8,839 - - - - - 323,994
Nuclear fuel 7,093 - - - - - - 7,093
Less accumulated amortization 6,146 - - - - - - 6,146
--------- --------- --------- --------- --------- ---------- --------- ---------
Net utility plant 316,102 8,839 - - - - - 324,941
--------- --------- --------- --------- --------- ---------- --------- ---------
Investments in affiliates,
at equity (Note D)
Nuclear generating companies 21,368 - - - - - - 21,368
Other affiliated companies 38,995 - - - - - (33,733) 5,262
--------- --------- --------- --------- --------- ---------- --------- ---------
Total 60,363 - - - - - (33,733) 26,630
--------- --------- --------- --------- --------- ---------- --------- ---------
Nonutility investments - - - - 27,823 - - 27,823
--------- --------- --------- --------- --------- ---------- --------- ---------
Nonutility property, less accumulated
depreciation of $20 parent company
and $3,664 consolidated 1,928 - 41 1,988 541 - - 4,498
--------- --------- --------- --------- --------- ---------- --------- ---------
Current assets:
Cash & Cash Equivilents 2,247 150 228 393 3,276 71 6,365
Accounts receivable, less allowance for -
uncollectible accounts $1,062 parent
company and $1,132 consolidated 18,258 2,473 - 6 549 - - 21,286
Accounts receivable - affiliates 4,043 45 56 159 106 12 (3,829) 592
Unbilled revenue 11,360 313 - - - - - 11,673
Materials and supplies, at average cost 3,671 - - 19 - - - 3,690
Prepayments 2,305 99 - - 19 - - 2,423
Other current assets 4,136 14 - - 5,323 - - 9,473
--------- --------- --------- --------- --------- ---------- --------- ---------
Total current assets 46,020 3,094 284 577 9,273 83 (3,829) 55,502
--------- --------- --------- --------- --------- ---------- --------- ---------
Regulatory assets and other deferred charge 63,263 311 - - - - - 63,574
--------- --------- --------- --------- --------- ---------- --------- ---------
Total Assets $487,676 $12,244 $325 $2,565 $37,637 $83 ($37,562) $502,968
========= ========= ========= ========= ========= ========== ========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 4 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1996
(Dollars in thousands)
CV CONSOL-
REALTY IDATING
CVPS CVEC INC SES CEC CIC ENTRIES CVPS-CONS
--------- --------- --------- --------- --------- ---------- --------- ---------
(Note A) (Note A) (Note A) (Note A) (Note A)
Capitalization and Liabilities
------------------------------
<S> <C> <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 1,250 - 2,623 21,015 120 (25,008) 47,189
Capital stock expense (1,916) - - - - - - (1,916)
Retained earnings 74,136 1,570 198 (532) 6,797 (37) (7,995) 74,137
Treasury stock (Note E) (3,656) - - - - - - (3,656)
--------- --------- --------- --------- --------- ---------- --------- ---------
Total common stock equity 186,468 3,520 228 2,091 27,812 83 (33,733) 186,469
--------- --------- --------- --------- --------- ---------- --------- ---------
Cumulative preferred and preference
stock (Note F) 28,054 - - - - - - 28,054
--------- --------- --------- --------- --------- ---------- --------- ---------
First Mortgage bonds 97,000 - - - - - - 97,000
Notes payable 16,300 3,750 - - 324 - - 20,374
Long-term lease arrangements 18,304 - - - - - - 18,304
--------- --------- --------- --------- --------- ---------- --------- ---------
Total long-term debt 131,604 3,750 - - 324 - - 135,678
--------- --------- --------- --------- --------- ---------- --------- ---------
Total capitalization 346,126 7,270 228 2,091 28,136 83 (33,733) 350,201
--------- --------- --------- --------- --------- ---------- --------- ---------
Current liabilities:
Notes payable - banks 5,200 550 - - - - - 5,750
Long-term debt - current portion 3,000 - - - 15 - - 3,015
Accounts payable 3,817 617 - 52 488 - - 4,974
Accounts payable - affiliates 11,939 2,238 97 57 1,065 - (3,829) 11,567
Accrued interest 549 4 - - 1 - - 554
Accrued Income taxes 2,514 - - - 38 - - 2,552
Other current liabilities 23,663 359 - 22 93 - - 24,137
--------- --------- --------- --------- --------- ---------- --------- ---------
Total current liabilities 50,682 3,768 97 131 1,700 - (3,829) 52,549
--------- --------- --------- --------- --------- ---------- --------- ---------
Accumulated deferred income taxes 48,422 983 - 343 7,715 - - 57,463
Deferred investment tax credits 7,511 101 - - - - - 7,612
Deferred credits 34,935 122 - - 86 - - 35,143
--------- --------- --------- --------- --------- ---------- --------- ---------
90,868 1,206 - 343 7,801 - - 100,218
--------- --------- --------- --------- --------- ---------- --------- ---------
Total Capitalization and Liabilities $487,676 $12,244 $325 $2,565 $37,637 $83 ($37,562) $502,968
========= ========= ========= ========= ========= ========== ========= =========
</TABLE>
<PAGE>
Exhibit A
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1996
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., SmartEnergy Services, Inc. (SES), Catamount
Energy Corporation (CEC), and Catamount Investment Corporation (CIC)
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 cumulative 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
(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
Note D-Investments in affiliates:
CVPS accounts for investments in its affiliates by the
equity method (dollars in thousands):
December 31,
1996
------------
<S> <C>
Nuclear generating companies
VY $17,017
Maine Yankee Atomic Power Company 1,420
Connecticut Yankee Atomic Power Company 2,123
Yankee Atomic Electric Company 808
Other affiliated companies:
CVEC 3,520
C. V. Realty, Inc. 228
SES 2,091
CEC 27,812
CIC 82
VELCO:
Common stock 3,508
Preferred stock 1,754
-------
Total investments - CVPS 60,363
VELCO investment in VETCO 3,746
-------
Total investments 64,109
Consolidating eliminations 59,758
-------
Total consolidated $ 4,351
=======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
Note E-Common stock:
The authorized and outstanding common stock for each of the
companies was as follows (dollars in thousands):
December 31,
1996
------------
<S> <C>
CVPS:
Common stock, $6 par value, authorized
19,000,000 shares; outstanding
11,785,848 shares $ 70,715
Treasury stock, at cost 266,100 shares (3,656)
CVEC:
Common stock, $50 par value, authorized
20,000 shares; outstanding 14,000 shares 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 -
CIC:
Common stock, $100 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 shares 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 shares 40,001
Treasury stock, at cost 7,533 shares (1,130)
--------
Total common stock equity 112,661
Consolidating eliminations 46,732
--------
Total consolidated $ 65,929
========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
Note F-Preferred and preference stock:
Cumulative preferred and preference stock outstanding were as
follows (dollars in thousands):
December 31,
1996
------------
<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
Preferred stock, $25 par value, authorized
1,000,000 shares; outstanding - none -
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 shares 10,000
Return of capital (6,300)
VY:
Preferred stock, $100 par value, authorized
300,000 shares; outstanding - none -
--------
Total cumulative preferred and
preference stock 31,754
Consolidating eliminations 3,700
--------
Total consolidated $ 28,054
========
</TABLE>
<PAGE> EXHIBIT C
Organizational chart showing the relationship of each EWG to associate
companies in the holding-company system.
<TABLE>
<CAPTION>
<S>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Holding Company)
100%
CATAMOUNT ENERGY CORPORATION
<C> <C> <C> <C> <C> <C>
100% 100% 100% 50% 100% 50%
CATAMOUNT CATAMOUNT CATAMOUNT GLENNS CATAMOUNT RUPERT
WILLIAMS THETFORD GLENNS FERRY RUPERT MGMNT.,
LAKE, LTD. CORP. FERRY MGMNT., CORP. INC.
CORP. INC.
24.5% 44% 49.5% 1% 49.5% 1%
T.E.S. FIBROWATT GLENNS GLENNS RUPERT RUPERT
WILLIAMS THETFORD FERRY FERRY COGEN. COGEN.
LAKE, LTD. LTD. COGEN. COGEN. PARTNERS, PARTNERS
PARTNERS, PARTNERS, LTD. LTD.
LTD. LTD.
33%
NW ENERGY
WILLIAMS
LAKE L.P.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 1,102,931
<TOTAL-OPERATING-REVENUES> 425,814
<NET-INCOME> 19,442
</TABLE>
