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, 1998
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, 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 140,000 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, 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, 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,
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, 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, has its principal office 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 -
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, 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, has its principal office in Rutland, Vermont.
Catamount Investment Corporation, a wholly owned subsidiary of CVPS,
was formed for the purpose of holding CVPS' subsidiaries that invest in
unregulated business opportunities.
SMARTENERGY SERVICES, INC.
--------------------------
SmartEnergy Services, Inc. ("SES"), incorporated under the laws of the
State of Vermont, has its principal office in Rutland, Vermont.
SES, a wholly owned subsidiary of CIC, 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. SES has three wholly owned
subsidiaries: Home Service Solutions, L.L.C., SmartEnergy Control Systems,
Inc. and SmartEnergy USA, Inc.
For financial reporting purposes, SES's financial data is included
with CIC on the Consolidating Financial Statements.
SMARTENERGY CONTROL SYSTEMS, INC.
---------------------------------
SmartEnergy Control Systems, Inc. ("SCS"), incorporated under the laws
of the State of Vermont, has its principal office in Rutland, Vermont.
SCS, a wholly owned subsidiary of SES, was formed for the purpose of
developing and distributing energy efficiency products with dairy industry
applications.
For financial reporting purposes, SCS's financial data is included
with CIC on the Consolidating Financial Statements.
HOME SERVICE SOLUTIONS, L.L.C.
------------------------------
Home Service Solutions, L.L.C., incorporated under the laws of the
State of Delaware, has its principal office in Rutland, Vermont.
Home Service Solutions, L.L.C., a wholly owned subsidiary of SES, was
formed for the purpose of marketing and engaging in a national home
maintenance and repair business.
For financial reporting purposes, Home Service Solutions, L.L.C.'s
financial data is included with CIC on the Consolidating Financial
Statements.
SMARTENERGY USA, INC.
---------------------
SmartEnergy USA, Inc., incorporated under the laws of the State of
Vermont, has its principal office in Rutland, Vermont.
SmartEnergy USA, Inc., a wholly owned subsidiary of SES, was formed
for the purpose of engaging in rate swap transactions in Virginia.
For financial reporting purposes, SmartEnergy USA, Inc.'s financial
data is included with CIC on the Consolidating Financial Statements.
CATAMOUNT ENERGY CORPORATION
----------------------------
Catamount Energy Corporation ("CEC"), incorporated under the laws of
the State of Vermont, has its principal office in Rutland, Vermont.
CEC, a wholly owned subsidiary of CIC, was formed primarily for the
purpose of investing in energy supply projects. CEC has eleven wholly
owned subsidiaries: Catamount Rumford Corporation, Equinox Vermont
Corporation, Appomattox Vermont Corporation, Catamount Rupert Corporation,
Catamount Glenns Ferry Corporation, Summersville Hydro Corporation, Gauley
River Management Corporation, Catamount Thetford Corporation, Catamount
Heartlands Corporation, Catamount Heartlands Limited, and Catamount
Operations, Inc.
For financial reporting purposes, CEC's financial data is included
with CIC on the Consolidating Financial Statements.
CATAMOUNT RUMFORD CORPORATION
-----------------------------
Catamount Rumford Corporation, formerly CV Rumford, Inc., incorporated
under the laws of the State of Vermont, has its principal office in
Rutland, Vermont.
Catamount Rumford Corporation, a wholly owned subsidiary of CEC, is a
15.0537% 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 CIC on the Consolidating Financial
Statements.
RUMFORD COGENERATION COMPANY, L.P.
----------------------------------
Rumford Cogeneration Company, L.P., formed under the laws of the State
of Maine, has its principal office in Rumford, Maine.
EQUINOX VERMONT CORPORATION
---------------------------
Equinox Vermont Corporation, incorporated under the laws of the State
of Vermont, has its principal office in Rutland, Vermont.
Equinox Vermont Corporation, a wholly owned subsidiary of CEC, is a
33.11265% 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 CIC on the Consolidating Financial
Statements.
RYEGATE ASSOCIATES
------------------
Ryegate Associates is a general partnership formed under the laws of
the State of Utah and has its principal office in Houston, Texas.
APPOMATTOX VERMONT CORPORATION
------------------------------
Appomattox Vermont Corporation, incorporated under the laws of the
State of Vermont, has its principal office in Rutland, Vermont.
Appomattox Vermont Corporation, a wholly owned subsidiary of CEC, is a
24.75% limited partner in Appomattox Cogeneration Limited Partnership, a
limited partnership that owns a leasehold interest in a 41 MW coal and
wood-fired cogeneration facility located in Hopewell, Virginia.
For financial reporting purposes, Appomattox Vermont Corporation's
financial data is included with CIC on the Consolidating Financial
Statements.
APPOMATTOX COGENERATION, INC.
-----------------------------
Appomattox Cogeneration, Inc., a subsidiary of CEC which owns 50% of
its outstanding Common Stock, $1 Par Value, is incorporated under the laws
of the State of Delaware and has its principal office in Houston, Texas.
Appomattox Cogeneration, Inc. was formed for the purpose of acquiring
a general partnership interest in Appomattox Cogeneration Limited
Partnership, a limited partnership that owns a leasehold interest in a 41
MW coal and wood-fired cogeneration facility located in Hopewell, Virginia.
APPOMATTOX COGENERATION L.P.
----------------------------
Appomattox Cogeneration L.P., formed under the laws of the State of
Delaware, has its principal office in Houston, Texas.
CATAMOUNT RUPERT CORPORATION
----------------------------
Catamount Rupert Corporation, incorporated under the laws of the State
of Vermont, has its principal office in Rutland, Vermont.
Catamount Rupert Corporation, a wholly owned subsidiary of CEC, was
formed for the purpose of owning a 49.5% 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 CIC on the Consolidating Financial
Statements.
RUPERT MANAGEMENT, INC.
-----------------------
Rupert Management, Inc., a subsidiary of CEC which owns 50% of its
outstanding Common Stock, no Par Value, is incorporated under the laws of
the State of Delaware and has its principal office in Rutland, Vermont.
Rupert Management, Inc. was formed for the purpose of acquiring a
general partnership interest in Rupert Cogeneration Partners, Limited,
which developed and owns a 10 MW gas-fired cogeneration facility in Rupert,
Idaho.
RUPERT COGENERATION PARTNERS, LIMITED
-------------------------------------
Rupert Cogeneration Partners, Limited, formed under the laws of the
State of Colorado, has its principal office in Rutland, Vermont.
CATAMOUNT GLENNS FERRY CORPORATION
----------------------------------
Catamount Glenns Ferry Corporation, incorporated under the laws of the
State of Vermont, has its principal office in Rutland, Vermont.
Catamount Glenns Ferry Corporation, a wholly owned subsidiary of CEC,
is a 49.5% 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 CIC on the Consolidating
Financial Statements.
GLENNS FERRY MANAGEMENT, INC.
-----------------------------
Glenns Ferry Management, Inc., a subsidiary of CEC which owns 50% of
its outstanding Common Stock, no Par Value, is incorporated under the laws
of the State of Delaware and has its principal office in Rutland, Vermont.
Glenns Ferry Management, Inc. was formed for the purpose of acquiring
a general partnership interest in Glenns Ferry Cogeneration Partners,
Limited, which developed and owns a 10 MW gas-fired cogeneration facility
in Glenns Ferry, Idaho.
GLENNS FERRY COGENERATION PARTNERS, LIMITED
-------------------------------------------
Glenns Ferry Cogeneration Partners, Limited, formed under the laws of
the State of Colorado, has its principal office in Rutland, Vermont.
GAULEY RIVER MANAGEMENT CORPORATION
-----------------------------------
Gauley River Management Corporation, incorporated under the laws of
the State of Vermont, has its principal office in Rutland, Vermont.
Gauley River Management Corporation, a wholly owned subsidiary of CEC,
was formed for the purpose of serving as the General Partner in Gauley
River Power Partners, L.P., which was formed to develop, own and operate 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, has its principal office in Rutland, Vermont.
Summersville Hydro Corporation, a wholly owned subsidiary of CEC, was
formed for the purpose of owning the limited partnership interest in Gauley
River Power Partners, L.P. which was formed to develop, own and operate a
small power production hydroelectric facility on the Gauley River, Nicholas
County, West Virginia.
GAULEY RIVER POWER PARTNERS, L.P.
---------------------------------
Gauley River Power Partners, L.P., formed under the laws of the State
of Vermont, has its principal office in Rutland, Vermont.
CATAMOUNT THETFORD CORPORATION
------------------------------
Catamount Thetford Corporation, incorporated under the laws of the
State of Vermont, has its principal office in Rutland, Vermont.
Catamount Thetford Corporation, a wholly owned subsidiary of CEC, was
formed for the purpose of owning approximately 44% of the common stock of
Fibrothetford Ltd., a private company limited by shares which was formed to
develop, own and operate 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 CIC on the Consolidating Financial
Statements.
FIBROTHETFORD, LTD.
-------------------
Fibrothetford, Ltd., formerly Fibrowatt Thetford, Ltd., formed under
the laws of England is a private company limited by shares, has its
registered office at London, England.
CATAMOUNT HEARTLANDS CORPORATION
--------------------------------
Catamount Heartlands Corporation, incorporated under the laws of the
State of Delaware, has its principal office in Rutland, Vermont.
Catamount Heartlands Corporation, a wholly owned subsidiary of CEC,
was formed for the purpose of making certain loans to Heartlands Power
Limited, a limited liability corporation which was formed to develop, own
and operate a natural gas-fired power station in Fort Dunlop, England
designed to produce 98 MW.
For financial reporting purposes, Catamount Heartlands Corporation's
financial data is included with CIC on the Consolidating Financial
Statements.
CATAMOUNT HEARTLANDS LIMITED
----------------------------
Catamount Heartlands Limited, a private company limited by shares,
formed under the laws of England, has its registered office at 69 Old Broad
Street, London, United Kingdom.
Catamount Heartlands Limited, a wholly owned subsidiary of CEC, was
formed for the purpose of investing in a foreign subsidiary. Currently,
Catamount Heartlands Limited has no investments.
For financial reporting purposes, Catamount Heartlands Limited's
financial data is included with CIC on the Consolidating Financial
Statements.
CATAMOUNT OPERATIONS, INC.
--------------------------
Catamount Operations, Inc., a subsidiary of CEC which owns 95% of its
outstanding Common Stock, no Par Value, is incorporated under the laws of
the State of Vermont and has its principal office in Rutland, Vermont. The
remaining 5% of the outstanding Common Stock is owned by Gauley River Power
Partners, L.P.
Catamount Operations, Inc. was formed for the purpose of providing
operations and maintenance services to independent power facilities.
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 20 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 7,322 miles of overhead distribution lines and about 257 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 (31.141% - 154.8
MW); Maine Yankee Atomic Power Company ("MY") in Maine (2% - 16.9 MW);
Connecticut Yankee Atomic Power Company ("CY") in Connecticut (2% - 11.6
MW); and Yankee Atomic Electric Company ("YA") in Massachusetts (3.5% -
6.153 MW).
MY, CY & YA permanently ceased power operations of their nuclear power
plants.
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 47.35% 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 430 miles of overhead distribution lines and about 12 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
New York Power Authority 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 -
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.
State Electric (KWH) Revenues Gas (Mcf)
----- -------- -------- ---
VY
VY 3,358,696,000 (1) $195,249,105. None
CVPS
VT 3,404,520,616 $277,523,207. None
NH 171,457,543 13,966,299. None
VA 13,383,615 681,100. None
------------- ------------
3,589,361,774 (2) $292,170,606.
CVEC
NH 168,184,503 $21,081,107. None
VELCO
VT 360,787 $18,015,919 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.
State Electric (KWH)(1) Expenses Gas (Mcf)
----- -------- -------- ---
VY None None None
CVPS
NH 171,457,543 $13,966,299. None
VA 13,383,615 681,100.
----------- ------------
184,841,158 (2) $14,647,399.
CVEC None None None
VELCO None 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.
State Electric (KWH) Revenues Gas (Mcf)
----- -------- -------- ---
VY None None None
CVPS
AL 40,292,000 $ 1,085,861. None
CT 106,295,285 2,685,344. None
KY 16,786,030 456,846. None
MA 265,981,140 5,312,906. None
MD 720,000 16,560. None
ME 26,390,630 610,959. None
NE 6,000,000 150,000. None
NH 125,137,105 3,778,782. None
NY 2,619 338. None
PA 3,720,000 96,720. None
TX 109,647,790 2,971,147. None
----------- -----------
700,972,599 $17,165,463.
CVEC
VT 132,810,300 $ 6,730,188. None
VELCO
NH 152,662 $ 5,917,115 None
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.
Fibrothetford 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 10 MW 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 10 MW 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 Catamount Investment Corporation; Catamount Thetford
Corporation ("CTC") is a wholly owned subsidiary of CEC. CTC is currently
a 15% (ultimately 44%) shareholder of Fibrothetford Limited ("Thetford"),
Foster Wheeler Energy Limited is a 5% shareholder; and Fibrowatt Limited is
currently an 80% (ultimately 51%) shareholder. Thetford is incorporated as
a private company limited by shares under the Companies Act of 1985, formed
under and in accordance with the laws of England and Wales, United
Kingdom.
Thetford is constructing and operating 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 Catamount Investment Corporation; 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 The Eastern
Group 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 is 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 Catamount Investment Corporation; 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 is 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 THETFORD $7,601,039. None None
CORPORATION
CATAMOUNT GLENNS
FERRY CORPORATION $1,164,837. None None
CATAMOUNT RUPERT
CORPORATION $1,494,821. None None
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Capitalization Earnings
-------------- --------
CATAMOUNT THETFORD
CORPORATION $106,618,000. $2,464,000.
CATAMOUNT GLENNS
FERRY CORPORATION $ 13,724,049. $ 930,808.
CATAMOUNT RUPERT
CORPORATION $ 13,093,119. $ 959,391.
(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).
Construction management oversight provided at Fibrothetford, fees -
$90,937. plus reimbursement of expenses - $66,568.
Administrative management services provided at Glenns Ferry
Cogeneration, fees - $76,837.
Administrative management services provided at Rupert Cogeneration,
fees - $76,837.
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 1998.
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 12th day of March 1999.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
------------------------------------------
(Name of Claimant)
By: /s/ James M. Pennington
James M. Pennington, Vice President, Controller
CORPORATE SEAL
Attest:
/c/ 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, 1998
(Dollars in thousands)
Consol-
idating TOTAL
CVPS-CONS VELCO VETCO VY Entries CONS
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
56.8% (Note C) 31.3%
Owned Owned
Operating revenues $303,835 $17,268 $5,614 $195,249 ($74,935) $447,031
--------- --------- --------- --------- --------- ----------
Operating expenses:
Operation:
Purchased power 184,887 - - - (60,754) 124,133
Production and transmission 23,383 1,182 39 15,902 (13,842) 26,664
Other operation 44,110 5,159 177 89,441 (339) 138,548
Maintenance 15,613 1,928 472 34,494 - 52,507
Depreciation 16,708 4,027 2,440 17,059 - 40,234
Decommissioning expense - - - 12,625 - 12,625
Other taxes, principally property taxes 11,426 2,349 560 8,223 - 22,558
Taxes on income (Note B) (283) (68) 485 2,223 - 2,357
--------- --------- --------- --------- --------- ----------
Total operating expenses 295,844 14,577 4,173 179,967 (74,935) 419,626
--------- --------- --------- --------- --------- ----------
Operating income 7,991 2,691 1,441 15,282 - 27,405
Other income and deductions:
Equity in earnings of companies not
consolidated 3,191 609 - - (3,409) 391
Allow. for equity funds during construction 61 - - 36 - 97
Other income, net 4,050 178 148 5,114 - 9,490
Other taxes (224) - - (1,911) - (2,135)
Benefit (provision) for income taxes (426) - - - - (426)
--------- --------- --------- --------- --------- ----------
Total operating and other income 14,643 3,478 1,589 18,521 (3,409) 34,822
Net interest expense 10,660 2,325 980 11,396 - 25,361
--------- --------- --------- --------- --------- ----------
Net income (loss) before minority interest 3,983 1,153 609 7,125 (3,409) 9,461
Minority interest in net income - - - - (5,478) (5,478)
--------- --------- --------- --------- --------- ----------
Net income after minority interest 3,983 1,153 609 7,125 (8,887) 3,983
Retained Earnings, January 1 75,841 204 23 1,191 (1,418) 75,841
--------- --------- --------- --------- --------- ----------
79,824 1,357 632 8,316 (10,305) 79,824
Cash dividends declared: --------- --------- --------- --------- --------- ----------
Preferred stock 1,945 550 - - (550) 1,945
Common stock 10,131 540 550 6,770 (7,860) 10,131
--------- --------- --------- --------- --------- ----------
Total dividends 12,076 1,090 550 6,770 (8,410) 12,076
--------- --------- --------- --------- --------- ----------
Retained Earnings, December 31 $67,748 $267 $82 $1,546 ($1,895) $67,748
========= ========= ========= ========= ========= ==========
</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, 1998
(Dollars in thousands)
Reclassi-
fying &
Consol-
idating
CVPS CVEC CV Realty CIC Entries CVPS-CONS
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Operating revenues $297,662 $18,933 $0 $7,596 ($20,356) $303,835
--------- --------- --------- --------- --------- ----------
Operating expenses:
Operation and maintenance:
Purchased power 184,413 12,704 - - ($12,230) 184,887
Production and transmission 23,363 20 - - - 23,383
Other operation 41,506 3,004 - 11,504 (11,904) 44,110
Maintenance 15,071 542 - - - 15,613
Depreciation 16,266 442 3 395 (398) 16,708
Other taxes 10,710 715 - 194 (193) 11,426
Taxes on income (Note B) (681) 398 5 827 (832) (283)
--------- --------- --------- --------- --------- ----------
Total operating expenses 290,648 17,825 8 12,920 (25,557) 295,844
--------- --------- --------- --------- --------- ----------
Operating income (loss) 7,014 1,108 (8) (5,324) 5,201 7,991
Other income and deductions:
Equity in earnings of companies not
consolidated 5,649 - - 6,740 (9,198) 3,191
Allow. for equity funds during construction 61 - - - - 61
Other income (expenses), net 888 41 17 568 2,536 4,050
Other taxes (31) - - - (193) (224)
Benefit (provision) for income taxes 425 (19) - - (832) (426)
--------- --------- --------- --------- --------- ----------
Total operating and other income (loss) 14,006 1,130 9 1,984 (2,486) 14,643
Net interest expense 10,023 388 - 277 (28) 10,660
--------- --------- --------- --------- --------- ----------
Net income (loss) 3,983 742 9 1,707 (2,458) 3,983
Retained Earnings, January 1 75,841 (2,237) 206 (93) 2,124 75,841
--------- --------- --------- --------- --------- ----------
79,824 (1,495) 215 1,614 (334) 79,824
Cash dividends declared: --------- --------- --------- --------- --------- ----------
Preferred stock 1,945 - - - - 1,945
Common stock 10,131 - - 300 (300) 10,131
--------- --------- --------- --------- --------- ----------
Total dividends 12,076 - - 300 (300) 12,076
--------- --------- --------- --------- --------- ----------
Retained Earnings, December 31 $67,748 ($1,495) $215 $1,314 ($34) $67,748
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit A
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1998
(Dollars in thousands)
Consol-
VERMONT idating TOTAL
CVPS-Cons VELCO VETCO YANKEE Entries CONS
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
56.8% (Note C) 31.3%
Owned Owned
Assets
-------
Utility plant, at original cost $469,204 $98,226 $47,847 410,574 - $1,025,851
Less accumulated depreciation 160,666 55,909 29,958 269,494 - 516,027
--------- --------- --------- --------- --------- ----------
308,538 42,317 17,889 141,080 - 509,824
Construction work in progress 10,461 - - 3,731 - 14,192
--------- --------- --------- --------- --------- ----------
318,999 42,317 17,889 144,811 - 524,016
Nuclear fuel 7,280 - - 420,332 - 427,612
Less accumulated amortization 6,332 - - 397,152 - 403,484
--------- --------- --------- --------- --------- ----------
Net utility plant 319,947 42,317 17,889 167,991 - 548,144
--------- --------- --------- --------- --------- ----------
Investments in affiliates, at equity (Note D)
Nuclear generating companies 21,331 - - - (16,969) 4,362
Other affiliated companies 4,811 2,782 - - (7,593) 0
--------- --------- --------- --------- --------- ----------
Total 26,142 2,782 - - (24,562) 4,362
--------- --------- --------- --------- --------- ----------
Nonutility investments 35,896 - - - - 35,896
--------- --------- --------- --------- --------- ----------
Nonutility property, less accumulated
depreciation of $4,291 consolidated 2,920 - - - - 2,920
--------- --------- --------- --------- --------- ----------
Current assets:
Cash & Cash Equivilents 10,475 256 88 93 - 10,912
Accounts receivable, less allowance for
uncollectible accts. $2,242 consolidated 28,525 10,188 - 12,049 - 50,762
Accounts receivable - affiliates 699 6,924 5 4,814 (12,396) 46
Unbilled revenue 18,677 (103) - - - 18,574
Materials and supplies, at average cost 3,746 1,840 102 16,149 - 21,837
Prepayments 1,881 141 4 3,841 - 5,867
Other current assets 9,768 2,433 - - - 12,201
--------- --------- --------- --------- --------- ----------
Total current assets 73,771 21,679 199 36,946 (12,396) 120,199
--------- --------- --------- --------- --------- ----------
Regulatory assets and other deferred charge 71,606 880 1,176 402,840 - 476,502
--------- --------- --------- --------- --------- ----------
Total Assets $530,282 $67,658 $19,264 $607,777 ($36,958) $1,188,023
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
2 of 4
Consolidating Balance Sheet
Year Ended December 31, 1998
(Dollars in thousands)
Consol-
idating TOTAL
CVPS-CONS VELCO VETCO VY Entries CONS
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
56.8% (Note C) 31.3%
Capitalization and Liabilities Owned Owned
------------------------------
Capitalization:
Common stock (Note E) $70,715 $6,000 $1 $40,001 ($46,002) $70,715
Other paid-in capital 47,189 - 2,699 14,226 (7,037) 57,077
Capital stock expense (1,871) - - - - (1,871)
Accum other comprehensive income (365) - - - - (365)
Treasury stock, at cost (Note E) (4,234) - - (1,130) 1,130 (4,234)
Retained earnings 67,748 268 82 1,546 (1,896) 67,748
--------- --------- --------- --------- --------- ----------
Total common stock equity 179,182 6,268 2,782 54,643 (53,805) 189,070
--------- --------- --------- --------- --------- ----------
Cumulative preferred and preference
stock (Note F) 26,054 10,000 - - (10,000) 26,054
Return of Capital - (7,300) - - 7,300 0
--------- --------- --------- --------- --------- ----------
Total preferred stock 26,054 2,700 - - (2,700) 26,054
--------- --------- --------- --------- --------- ----------
First Mortgage bonds 73,500 29,236 - 75,845 - 178,581
Notes payable 16,577 - 6,680 - - 23,257
Other long-term debt - 384 - 17,429 - 17,813
Long-Term lease arrangements 16,141 - - - - 16,141
--------- --------- --------- --------- --------- ----------
Total long-term debt 106,218 29,620 6,680 93,274 - 235,792
--------- --------- --------- --------- --------- ----------
Minority interest - - - - 31,943 31,943
--------- --------- --------- --------- --------- ----------
Total capitalization 311,454 38,588 9,462 147,917 (24,562) 482,859
--------- --------- --------- --------- --------- ----------
Current liabilities:
Notes payable - banks 37,000 1,400 2,500 - - 40,900
Long-term debt - current portion 6,773 4,024 1,880 - - 12,677
Accounts payable 11,589 14,849 1 444 - 26,883
Accounts payable - affiliates 11,784 779 261 44 (12,396) 472
Accrued interest 594 469 31 1,708 - 2,802
Accrued income taxes 2,975 164 67 2,177 - 5,383
Other current liabilities 31,511 68 - 27,877 - 59,456
--------- --------- --------- --------- --------- ----------
Total current liabilities 102,226 21,753 4,740 32,250 (12,396) 148,573
--------- --------- --------- --------- --------- ----------
Accumulated deferred income taxes 47,581 1,262 3,475 13,683 - 66,001
Deferred investment tax credits 6,831 579 1,043 4,432 - 12,885
Accrued decommissioning costs 23,239 - - 260,141 - 283,380
Regulatory liabilities & other deferred cre 38,951 5,476 544 149,354 - 194,325
--------- --------- --------- --------- --------- ----------
116,602 7,317 5,062 427,610 - 556,591
--------- --------- --------- --------- --------- ----------
Total Capitalization and Liabilities $530,282 $67,658 $19,264 $607,777 ($36,958) $1,188,023
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 3 of 4
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1998
(Dollars in thousands)
Consol-
idating
CVPS CVEC CV Realty CIC Entries CVPS-CONS
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
(Note A) (Note A) (Note A)
Assets
-------
Utility plant, at original cost $455,975 $13,229 - - - $469,204
Less accumulated depreciation 155,981 4,685 - - - 160,666
--------- --------- --------- --------- --------- ----------
299,994 8,544 - - - 308,538
Construction work in progress 9,882 579 - - - 10,461
--------- --------- --------- --------- --------- ----------
309,876 9,123 - - - 318,999
Nuclear fuel 7,280 - - - - 7,280
Less accumulated amortization 6,332 - - - - 6,332
--------- --------- --------- --------- --------- ----------
Net utility plant 310,824 9,123 - - - 319,947
--------- --------- --------- --------- --------- ----------
Investments in affiliates,
at equity (Note D)
Nuclear generating companies 21,331 - - - - 21,331
Other affiliated companies 42,902 - - - (38,091) 4,811
--------- --------- --------- --------- --------- ----------
Total 64,233 0 0 0 (38,091) 26,142
--------- --------- --------- --------- --------- ----------
Nonutility investments 0 - - 35,896 - 35,896
--------- --------- --------- --------- --------- ----------
Nonutility property, less accumulated
depreciation of $266 parent company
and $4,291 consolidated 656 - 36 2,228 - 2,920
--------- --------- --------- --------- --------- ----------
Current assets:
Cash & Cash Equivilents 4,809 111 246 5,309 - 10,475
Accounts receivable, less allowance for
uncollectible accounts $2,018 parent
company and $2,424 consolidated 20,699 2,130 - 5,696 - 28,525
Accounts receivable - affiliates 5,687 (46) 54 732 (5,728) 699
Unbilled revenue 18,324 353 - - - 18,677
Materials and supplies, at average cost 3,745 - - 1 - 3,746
Prepayments 1,778 103 - - - 1,881
Other current assets 9,624 21 - 123 - 9,768
--------- --------- --------- --------- --------- ----------
Total current assets 64,666 2,672 300 11,861 (5,728) 73,771
--------- --------- --------- --------- --------- ----------
Regulatory assets and other deferred charge 71,592 6 - 8 - 71,606
--------- --------- --------- --------- --------- ----------
Total Assets $511,971 $11,801 $336 $49,993 ($43,819) $530,282
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
4 of 4
Consolidating Balance Sheet
Year Ended December 31, 1998
(Dollars in thousands)
CONSOL-
IDATING
CVPS CVEC CV Realty CIC ENTRIES CVPS-CONS
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
(Note A) (Note A) (Note A)
Capitalization and Liabilities
------------------------------
Capitalization:
Common stock (Note E) $70,715 $700 30 - ($730) $70,715
Other paid-in capital 47,189 1,250 - 26,378 (27,628) 47,189
Capital stock expense (1,871) - - - - (1,871)
Accum other comprehensive income (365) - - - - (365)
Retained earnings 67,748 (1,495) 215 11,013 (9,733) 67,748
Treasury stock (Note E) (4,234) - - - - (4,234)
--------- --------- --------- --------- --------- ----------
Total common stock equity 179,182 455 245 37,391 (38,091) 179,182
--------- --------- --------- --------- --------- ----------
Cumulative preferred and preference
stock (Note F) 26,054 - - - - 26,054
--------- --------- --------- --------- --------- ----------
First Mortgage bonds 73,500 - - - - 73,500
Notes payable 16,300 - - 277 - 16,577
Long-Term lease arrangements 16,141 - - - - 16,141
--------- --------- --------- --------- --------- ----------
Total long-term debt 105,941 - - 277 - 106,218
--------- --------- --------- --------- --------- ----------
Total capitalization 311,177 455 245 37,668 (38,091) 311,454
--------- --------- --------- --------- --------- ----------
Current liabilities:
Notes payable - banks 37,000 0 - - - 37,000
Long-term debt - current portion 3,000 3,750 - 23 - 6,773
Accounts payable 9,758 293 - 1,538 - 11,589
Accounts payable - affiliates 12,583 3,631 91 1,207 (5,728) 11,784
Accrued interest 595 (2) - 1 - 594
Accrued Income taxes 3,021 (107) - 61 - 2,975
Other current liabilities 29,276 1,741 - 494 - 31,511
--------- --------- --------- --------- --------- ----------
Total current liabilities 95,233 9,306 91 3,324 (5,728) 102,226
--------- --------- --------- --------- --------- ----------
Accumulated deferred income taxes 41,347 (775) - 7,009 - 47,581
Deferred investment tax credits 6,754 77 - - - 6,831
Nuclear decommissioning costs 23,239 - - - - 23,239
Deferred credits 34,221 2,738 - 1,992 - 38,951
--------- --------- --------- --------- --------- ----------
105,561 2,040 - 9,001 - 116,602
--------- --------- --------- --------- --------- ----------
Total Capitalization and Liabilities $511,971 $11,801 $336 $49,993 ($43,819) $530,282
========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
Exhibit A
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1998
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., 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:
VETCO was incorporated in 1982, and is a wholly owned subsidiary of
VELCO. 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>
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,
1998
------------
Nuclear generating companies
VY $16,969
Maine Yankee Atomic Power Company 1,578
Connecticut Yankee Atomic Power Company 2,094
Yankee Atomic Electric Company 690
Other affiliated companies:
CVEC 455
C. V. Realty, Inc. 245
CIC 37,391
VELCO:
Common stock 3,513
Preferred stock 1,298
-------
Total investments - CVPS 64,233
VELCO investment in VETCO 2,782
-------
Total investments 67,015
Consolidating eliminations 62,653
-------
Total consolidated $ 4,362
=======
<PAGE>
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,
1998
------------
CVPS:
Common stock, $6 par value, authorized
19,000,000 shares; outstanding
11,785,848 shares $ 70,715
Treasury stock, at cost 324,717 shares (4,234)
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
CIC:
Common stock, $100 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 112,083
Consolidating eliminations 45,602
--------
Total consolidated $ 66,481
========
<PAGE>
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,
1998
------------
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, 180,000 shares 18,000
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 (7,300)
VY:
Preferred stock, $100 par value, authorized
300,000 shares; outstanding - none -
--------
Total cumulative preferred and
preference stock 28,754
Consolidating eliminations 2,700
--------
Total consolidated $ 26,054
========
<PAGE>
EXHIBIT C
---------
Organizational chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding-company system.
<TABLE>
<CAPTION>
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Holding Company)
<S>
100%
CATAMOUNT INVESTMENT CORPORATION
100%
CATAMOUNT ENERGY CORPORATION
<C> <C> <C> <C> <C>
100% 100% 50% 100% 50%
CATAMOUNT CATAMOUNT GLENNS CATAMOUNT RUPERT
THETFORD GLENNS FERRY RUPERT MGMNT.,
CORP. FERRY MGMNT., CORP. INC.
CORP. INC.
15% 49.5% 1% 49.5% 1%
FIBROTHETFORD GLENNS GLENNS RUPERT RUPERT
LTD. FERRY FERRY COGEN. COGEN.
COGEN. COGEN. PARTNERS, PARTNERS
PARTNERS, PARTNERS, LTD. LTD.
LTD. LTD.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 1,188,023
<TOTAL-OPERATING-REVENUES> 447,031
<NET-INCOME> 3,983
</TABLE>
