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, 1999
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 approximately 141,000
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
wholly-owned 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
buys and sells surplus or required power at market clearing prices as
the default market through the New England Power Pool/Independent System
Operator ("ISO").
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 over 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 percent of its outstanding Common Stock, $100 Par
Value, and 46.6 percent 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 percent 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 percent 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 RESOURCES CORPORATION
--------------------------------
Catamount Resources Corporation ("CRC"), incorporated under the
laws of the State of Vermont, has its principal office in Rutland,
Vermont.
Catamount Resources 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 CRC, was formed for the purpose
of engaging in the sale or rental of energy efficient products and other
related goods and services. SES has three wholly-owned subsidiaries:
SmartEnergy Water Heating Services, Inc., SmartEnergy Control Systems,
Inc., SmartEnergy USA, Inc., and a 70 percent equity ownership in Home
Service Solutions, L.L.C.
For financial reporting purposes, SES's financial data is included
with CRC on the Consolidating Financial Statements.
SMARTENERGY WATER HEATING SERVICES, INC.
----------------------------------------
SmartEnergy Water Heating Services, Inc. ("SEWH"), incorporated under
the laws of the State of Vermont, has its principal office in Rutland,
Vermont.
SEWH, a wholly-owned subsidiary of SES, was formed for the
purposes of operating a rental water heater business.
For financial reporting purposes, SEWH's financial data is
included with CRC 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 CRC 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 CRC on the Consolidating Financial Statements.
HOME SERVICE SOLUTIONS, L.L.C.
------------------------------
Home Service Solutions, L.L.C., formed under the laws of the State
of Delaware, has its principal office in Rutland, Vermont.
Home Service Solutions, L.L.C., a 70 percent equity subsidiary of
SES, is a small business formed for the purpose of marketing and
engaging in national home maintenance and repair.
For financial reporting purposes, Home Service Solutions, L.L.C.'s
financial data is included with CRC 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 CRC, 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 CRC on the Consolidating Financial Statements.
CATAMOUNT INVESTMENT COMPANY, L.L.C.
------------------------------------
Catamount Investment Company, L.L.C. an affiliate of CEC, was
formed under the laws of the State of Delaware, and has its principal
office in Wilmington, Delaware.
Catamount Investment Company, L.L.C., a 50 percent equity ownership
of CRC, was formed for the purpose of investing in independent power
projects.
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 percent 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 CRC 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 percent 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 CRC 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 percent 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 CRC on the Consolidating Financial
Statements.
APPOMATTOX COGENERATION, INC.
-----------------------------
Appomattox Cogeneration, Inc., a subsidiary of CEC which owns 50
percent 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. owns a one percent 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 percent 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 CRC on the Consolidating Financial
Statements.
RUPERT MANAGEMENT, INC.
-----------------------
Rupert Management, Inc., a subsidiary of CEC which owns 50 percent
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. owns a one percent 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 percent 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 CRC on the Consolidating
Financial Statements.
GLENNS FERRY MANAGEMENT, INC.
-----------------------------
Glenns Ferry Management, Inc., a subsidiary of CEC which owns 50
percent 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. owns a one percent 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, and is the General Partner of Gauley River Power Partners, L.P.
Gauley River Management Corporation 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,
is a 99 percent limited partner in Gauley River Power Partners, L.P., 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,
owns 44 percent of the common stock of Fibrothetford Ltd., a private
company limited by shares which owns and operates a 38.5 MW poultry
litter fired power station in Thetford, England.
For financial reporting purposes, Catamount Thetford Corporation's
financial data is included with CRC 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 Wilmington, Delaware.
Catamount Heartlands Corporation, a wholly-owned subsidiary of CEC,
owns 100 percent of the Common Stock of Catamount Heartlands Limited,
which owns a 50 percent interest in Heartlands Power Limited, a limited
liability corporation that develops, owns and operates a 98 MW natural
gas-fired power station in Fort Dunlop, England.
For financial reporting purposes, Catamount Heartlands
Corporation's financial data is included with CRC 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 Aquis
Court, 31 Fishpool St., St. Albans, England.
Catamount Heartlands Limited, a wholly-owned subsidiary of
Catamount Heartlands Corporation, owns 50 percent of the Common Stock of
Heartlands Power Limited, a private company limited by shares, formed to
develop, own, and operate a 98 MW gas-fired power station in Fort
Dunlop, England
For financial reporting purposes, Catamount Heartlands Limited's
financial data is included with CRC on the Consolidating Financial
Statements.
HEARTLANDS POWER LIMITED
------------------------
Heartlands Power Limited, formed under the laws of England, is a
private company, limited by shares, has its registered office at London,
England.
CATAMOUNT OPERATIONS, INC.
--------------------------
Catamount Operations, Inc., a subsidiary of CEC which owns 95
percent 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 percent 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 overhead
transmission lines, about 7,371 miles of overhead distribution lines and
about 273 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
percent-162.6 MW); Maine Yankee Atomic Power Company ("MY") in Maine (2
percent - 16.9 MW); Connecticut Yankee Atomic Power Company ("CY") in
Connecticut (2 percent-11.6 MW); and Yankee Atomic Electric Company
("YA") in Massachusetts (3.5 percent-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 percent - 11 MW); Millstone #3 in
Connecticut (1.7303 percent - 20 MW); Joseph C. McNeil Generating
Station in Vermont (20 percent-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 percent 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 433 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
VT 4,059,107,000 (1) $208,811,573 None
CVPS
VT 6,345,580,218 $392,900,589 None
NH 179,084,405 13,463,227 None
------------- ------------
6,524,664,623 (2) $406,363,816
CVEC
NH 167,642,605 $19,816,605 None
VELCO
VT 251,526,060 $12,939,218 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 179,084,405 (2) $13,463,227 None
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.
(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) Expenses Gas (Mcf)
----- -------- -------- ---
VY None None None
CVPS
AL 15,600,000 $ 542,640 None
CT 563,680,000 17,172,042 None
FL 400,000 13,100 None
GA 341,510,000 9,812,142 None
IL 77,070,000 2,333,648 None
MA 639,321,090 19,816,568 None
MD 305,080,000 11,015,485 None
ME 44,925,000 1,549,161 None
NE 403,915,000 11,636,238 None
NH 115,139,613 3,874,852 None
NJ 82,175,000 2,732,328 None
NY 31,473,035 868,503 None
PA 166,976,000 6,609,165 None
TX 457,445,250 14,689,287 None
WI 105,840,000 3,987,593 None
----------- -----------
3,350,549,988 $106,652,752
CVEC
VT 136,782,500 $ 3,134,407 None
VELCO None None 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, located 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.
Heartlands Power Limited, located in Fort Dunlop, Birmingham,
England; its registered office is Allington House, 150 Victoria Street,
London, England SWIE 5LB. The facility is a simple cycle gas fired
power station with an expected capacity of 98 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 Resources Corporation; Catamount
Thetford Corporation ("CTC") is a wholly-owned subsidiary of CEC. CTC
is a 44 percent shareholder of Fibrothetford Limited ("Thetford"),
Foster Wheeler Energy Limited is a 5 percent shareholder; and Fibrowatt
Limited is 51 percent) shareholder. Fibrothetford 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. Fibrothetford is 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 Resources Corporation; Catamount
Glenns Ferry Corporation ("CGFC") is a wholly-owned subsidiary of CEC.
CEC owns 50 percent of Glenns Ferry Management Inc. ("GFM"), the one
percent general partner of Glenns Ferry Cogeneration Partners, Ltd.
("Glenns Ferry") and Indeck Capital Incorporated owns 50 percent. CGFC
owns 49.5 percent of Glenns Ferry and Indeck Glenns Ferry owns the
remaining 49.5 percent. 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 Resources Corporation; Catamount
Rupert Corporation is a wholly-owned subsidiary of CEC. CEC owns 50
percent of Rupert Management Inc. ("RM"), the 1 percent general partner
of Rupert Cogeneration Partners, Ltd. ("Rupert") and Indeck Capital
Incorporated owns 50 percent. Catamount Rupert Corporation owns 49.5
percent of Rupert and Indeck Rupert owns the remaining 49.5 percent.
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.
Central Vermont Public Service Corporation ("the Company") is the
holding company system; Catamount Energy Corporation ("CEC") is a
wholly-owned subsidiary of Catamount Resources Corporation; Catamount
Heartlands Corporation ("CHC") is a wholly-owned subsidiary of CEC. CHC
is a 100 percent shareholder of Catamount Heartlands Limited ("CHL"),
which is a 50 percent shareholder of Heartlands Power Limited
("Heartlands") and Rolls Royce Power Ventures Limited is a 50 percent
shareholder. Heartlands 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. Heartlands is a
gas-fired electric power station.
(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
CORPORATION $11,075,164 None None
CATAMOUNT GLENNS
FERRY CORPORATION $1,178,026 None None
CATAMOUNT RUPERT
CORPORATION $1,510,629 None None
CATAMOUNT HEARTLANDS
CORPORATION $6,636,035 None None
CATAMOUNT HEARTLANDS
LIMITED $ 374,123 None None
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Capitalization Earnings
-------------- --------
FIBROTHETFORD LTD. $111,885,340 ($3,671,000)
GLENNS FERRY
COGENERATION
PARTNERS LTD. $ 13,160,856 $ 524,996
RUPERT COGENERATION
PARTNERS LTD. $ 12,411,982 $ 651,626
HEARTLANDS POWER
LIMITED $ 76,480,479 $ - 0 -
(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).
Administrative management services provided to Glenns Ferry
Cogeneration, fees - $78,129.
Administrative management services provided to Rupert Cogeneration,
fees - $78,073.
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 1999.
Exhibit B is the Financial Data Schedule.
Exhibit C is the Organizational chart showing the relationship of
each 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 6th day of
March 2000.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
------------------------------------------
(Name of Claimant)
By: /s/ Francis J. Boyle
----------------------------------------
Francis J. Boyle, Senior Vice President,
Chief Financial Officer and Treasurer
(Principal Financial Officer)
CORPORATE SEAL
Attest:
/c/ Mary C. Marzec
------------------------------------
Assistant Corporate Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Mary C. Marzec Assistant Corporate Secretary
- - ----------------------------------------------------------------------
(Name) (Title)
Central Vermont Public Service Corporation
- - ----------------------------------------------------------------------
77 Grove Street, Rutland, VT 05701
- - ----------------------------------------------------------------------
(Address)
<PAGE>
<TABLE>
<CAPTION>
Exhibit A 1 of 2
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Consolidating Statement of Income and Retained Earnings
Year Ended December 31, 1999
(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 $419,815 $16,935 $5,094 $208,812 ($77,534) $573,122
-------- ------- ------ -------- ------- --------
Operating expenses:
Operation:
Purchased power 269,386 (64,977) 204,409
Production and transmission 22,575 1,286 14 18,834 (12,213) 30,496
Other operation 46,967 4,138 207 94,694 (344) 145,662
Maintenance 17,613 2,676 284 40,232 60,805
Depreciation 16,955 4,099 2,452 15,973 39,479
Decommissioning expense 12,559 12,559
Other taxes, principally property taxes 11,308 2,357 562 9,685 23,912
Taxes on income (Note B) 10,360 (254) 381 1,903 12,390
-------- ------- ------ -------- ------- --------
Total operating expenses 395,164 14,302 3,900 193,880 (77,534) 529,712
-------- ------- ------ -------- ------- -------
Operating income 24,651 2,633 1,194 14,932 43,410
Other income and deductions:
Equity in earnings of companies not
consolidated 2,844 547 (3,206) 185
Allow. For equity funds during constr. 84 84
Other income, net 1,519 306 166 4,547 6,538
Other taxes (237) (1,669) (1,906)
Provision for income taxes (35) (35)
-------- ------- ------ -------- ------- --------
Total operating and other income 28,742 3,486 1,360 17,894 (3,206) 48,276
Net interest expense 12,158 2,265 813 11,424 26,660
-------- ------- ------ -------- ------- --------
Net income before minority interest 16,584 1,221 547 6,470 (3,206) 21,616
Minority interest in net income (5,032) (5,032)
-------- ------- ------ -------- ------- --------
Net income after minority interest 16,584 1,221 547 6,470 (8,238) 16,584
Retained earnings, January 1 67,748 267 82 1,546 (1,895) 67,748
-------- ------- ------ -------- ------- --------
84,332 1,488 629 8,016 (10,133) 84,332
Cash dividends declared: -------- ------- ------ -------- ------- --------
Preferred stock 1,862 550 (550) 1,862
Common stock 10,099 675 550 7,186 (8,411) 10,099
-------- ------- ------ -------- ------- --------
Total dividends 11,961 1,225 550 7,186 (8,961) 11,961
-------- ------- ------ -------- ------- --------
Retained earnings, December 31 $ 72,371 $ 263 $ 79 $ 830 ($1,172) $ 72,371
======== ======= ====== ======== ======= ========
2 of 2
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Consolidating Statement of Income and Retained Earnings
Year Ended December 31, 1999
(Dollars in thousands)
Reclassi-
fying &
Consol-
idating
CVPS CVEC CV REALTY CRC Entries CVPS-CONS
---- ---- --------- --- --------- ---------
(Note A) (Note A) (Note A)
<S> <C> <C> <C> <C> <C> <C>
Operating revenues $411,206 $20,551 $ 7 $ 8,622 ($20,571) $419.815
-------- ------- ---- ------- ------- --------
Operating expenses:
Operation and maintenance:
Purchased power 265,502 15,436 (11,552) 269,386
Production and transmission 22,558 17 22,575
Other operation 42,273 3,003 9,039 (9,348) 46,967
Maintenance 17,142 471 17,613
Depreciation 16,492 463 3 385 (388) 16,955
Other taxes 10,687 621 194 (194) 11,308
Taxes on income (Note B) 10,406 49 6 (558) 457 10,360
-------- ------- ---- ------- ------- --------
Total operating expenses 387,060 20,060 9 9,060 (21,025) 395,164
-------- ------- ---- ------- ------- --------
Operating income (loss) 24,146 491 (2) (438) 454 24,651
Other income and deductions:
Equity in earnings of companies not
consolidated 2,173 (795) 1,466 2,844
Other income (expenses), net 2,673 11 12 451 (1,628) 1,519
Other taxes (43) (194) (237)
Provision for income taxes (485) (7) 457 (35)
-------- ------- ---- ------- ------- --------
Total operating and other income (loss) 28,464 495 10 (782) 555 28,742
Net interest expense 11,880 393 (115) 12,158
-------- ------- ---- ------- ------- --------
Net income (loss) 16,584 102 10 (782) 670 16,584
Retained earnings, January 1 67,748 (1,495) 215 11,194 (9,914) 67,748
-------- ------- ---- ------- ------- --------
84,332 (1,393) 225 10,412 (9,244) 84,332
Cash dividends declared: -------- ------- ---- ------- ------- --------
Preferred stock 1,862 1,862
Common stock 10,099 10,099
-------- ------- ---- ------- ------- --------
Total dividends 11,961 11,961
-------- ------- ---- ------- ------- --------
Retained earnings, December 31 $ 72,371 ($1,393) $225 $10,412 ($9,244) $ 72,371
======== ======= ==== ======= ======= ========
1 of 4
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1999
(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 $475,845 $102,312 $47,883 $418,955 $1,044,995
Less accumulated depreciation 173,605 58,904 32,387 282,893 547,789
-------- -------- ------- -------- ------- ----------
302,240 43,408 15,496 136,062 497,206
Construction work in progress 11,315 4,529 15,844
-------- -------- ------- -------- ------- ----------
313,555 43,408 15,496 140,591 513,050
Nuclear fuel 7,983 441,118 449,101
Less accumulated amortization 6,806 410,997 417,803
-------- -------- ------- -------- ------- ----------
Net utility plant 314,732 43,408 15,496 170,712 544,348
-------- -------- ------- -------- ------- ----------
Investments in affiliates,
at equity (Note D)
Nuclear generating companies 20,879 ($16,745) 4,134
Other affiliated companies 4,622 2,380 (7,002)
-------- -------- ------- -------- ------- ----------
Total 25,501 2,380 (23,747) 4,134
-------- -------- ------- -------- ------- ----------
Nonutility investments 45,269 45,269
-------- -------- ------- -------- ------- ----------
Nonutility property, less accumulated
depreciation of $4,343 consolidated 2,513 2,513
Current assets:
Cash & Cash Equivalents 35,574 221 24 7,790 43,789
Accounts receivable, less allowance
for uncollectible accts.
$1,595 consolidated 36,052 9,317 12,121 57,490
Accounts receivable - affiliates 2,329 6,090 5 5,832 (13,388) 868
Unbilled revenue 20,605 74 20,679
Materials and supplies, at average cost 3,126 2,234 82 16,743 22,185
Prepayments 1,964 144 3 3,158 5,269
Other current assets 6,510 1,208 3 7,721
-------- -------- ------- -------- ------- ----------
Total current assets 106,160 19,288 117 45,824 (13,388) 158,001
-------- -------- ------- -------- ------- ----------
Regulatory assets and other
deferred charges 69,784 2,218 1,307 437,509 510,818
-------- -------- ------- -------- ------- ----------
Total Assets $563,959 $ 67,294 $16,920 $654,045 ($37,135) $1,265,083
======== ======== ======= ======== ======= ==========
<PAGE>
2 of 4
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1999
(Dollars in thousands)
Consol-
idating TOTAL
CVPS-CONS VELCO VETCO VY Entries CONS
--------- ----- ----- -- ------- -----
56.8% (Note C) 31.3%
Owned Owned
Capitalization and Liabilities
------------------------------
<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 2,299 14,226 (6,637) 57,077
Capital stock expense (1,849) (1,849)
Accum. other comprehensive income (246) (246)
Treasury stock, at cost (Note E) (4,159) (1,130) 1,130 (4,159)
Retained earnings 72,371 263 79 830 (1,172) 72,371
-------- ------- ------- -------- -------- ----------
Total common stock equity 184,021 6,263 2,379 53,927 (52,681) 193,509
-------- ------- ------- -------- -------- ----------
Cumulative preferred and preference
stock (Note F) 25,054 10,000 (10,000) 25,054
Return of Capital (7,700) 7,700
-------- ------- ------- -------- -------- ----------
Total preferred stock 25,054 2,300 (2,300) 25,054
-------- ------- ------- -------- -------- ----------
First Mortgage bonds 57,000 25,152 70,427 152,579
Second Mortgage bonds 75,000 75,000
Notes payable 23,251 655 4,820 26,922 55,648
Capital lease obligations 15,060 15,060
-------- ------- ------- -------- -------- ----------
Total long-term debt 170,311 25,807 4,820 97,349 298,287
-------- ------- ------- -------- -------- ----------
Minority interest 31,234 31,234
-------- ------- ------- -------- -------- ----------
Total capitalization 379,386 34,370 7,199 151,276 (23,747) 548,484
-------- ------- ------- -------- -------- ----------
Current liabilities:
Notes payable - banks 6,300 2,500 8,800
Long-term debt - current portion 16,688 4,322 1,860 22,870
Accounts payable 14,843 14,569 6 340 29,758
Accounts payable - affiliates 12,311 718 36 742 (13,388) 419
Accrued interest 3,077 423 23 1,585 5,108
Accrued income taxes 675 29 96 1,590 2,390
Other current liabilities 24,585 74 42,629 67,288
-------- ------- ------- -------- -------- ----------
Total current liabilities 72,179 26,435 4,521 46,886 (13,388) 136,633
-------- ------- ------- -------- -------- ----------
Accumulated deferred income taxes 48,631 446 3,616 7,677 60,370
Deferred investment tax credits 6,440 385 1,020 3,888 11,733
Nuclear decommissioning costs 18,548 289,969 308,517
Regulatory liabilities &
other deferred credits 38,775 5,658 564 154,349 199,346
-------- ------- ------- -------- -------- ----------
112,394 6,489 5,200 455,883 579,966
-------- ------- ------- -------- -------- ----------
Total Capitalization and Liabilities $563,959 $67,294 $16,920 $654,045 ($37,135) $1,265,083
======== ======= ======= ======== ======== ==========
3 of 4
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1999
(Dollars in thousands)
Consol-
idating
CVPS CVEC CV REALTY CRC Entries CVPS-CONS
---- ---- --------- --- ------- ---------
(Note A) (Note A) (Note A)
Assets
------
<S> <C> <C> <C> <C> <C> <C>
Utility plant at original cost $462,024 $13,821 $475,845
Less accumulated depreciation 168,545 5,060 173,605
-------- ------- ---- ------- -------- --------
293,479 8,761 302,240
Construction work in progress 11,016 299 11,315
-------- ------- ---- ------- -------- --------
304,495 9,060 313,555
Nuclear fuel 7,983 7,983
Less accumulated amortization 6,806 6,806
-------- ------- ---- ------- -------- --------
Net utility plant 305,672 9,060 314,732
-------- ------- ---- ------- -------- --------
Investments in affiliates,
at equity (Note D)
Nuclear generating companies 20,879 20,879
Other affiliated companies 45,794 ($41,172) 4,622
-------- ------- ---- ------- -------- --------
Total 66,673 (41,172) 25,501
-------- ------- ---- ------- -------- --------
Nonutility investments $45,269 45,269
-------- ------- ---- ------- -------- --------
Nonutility property, less accumulated
depreciation of $187 parent company
and $4,343 consolidated 470 $ 33 2,010 2,513
-------- ------- ---- ------- -------- --------
Current assets:
Cash & Cash Equivalents 30,216 756 258 4,344 35,574
Accounts receivable, less allowance for
uncollectible accts. $1,389 parent
company and $1,595 consolidated 33,646 1,854 552 36,052
Accounts receivable - affiliates 7,779 16 54 2,041 (7,561) 2,329
Unbilled revenue 19,722 883 20,605
Materials and supplies, at average cost 3,124 2 3,126
Prepayments 1,882 82 1,964
Other current assets 6,349 16 145 6,510
-------- ------- ---- ------- -------- --------
Total current assets 102,718 3,607 312 7,084 (7,561) 106,160
-------- ------- ---- ------- -------- --------
Regulatory assets and other
deferred charges 69,759 3 22 69,784
-------- ------- ---- ------- -------- --------
Total Assets $545,292 $12,670 $345 $54,385 ($48,733) $563,959
======== ======= ==== ======= ======== ========
<PAGE>
4 of 4
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Consolidating Balance Sheet
Year Ended December 31, 1999
(Dollars in thousands)
Consol-
idating
CVPS CVEC CV REALTY CRC Entries CVPS-CONS
---- ---- --------- --- ------- ---------
(Note A) (Note A) (Note A)
Capitalization and Liabilities
------------------------------
<S> <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 $26,198 (27,448) 47,189
Capital stock expense (1,849) (1,849)
Accum. other comprehensive income (246) (246)
Treasury stock, at cost (Note E) (4,159) (4,159)
Retained earnings 72,371 (1,393) 225 10,412 (9,244) 72,371
-------- ------- ---- ------- -------- --------
Total common stock equity 184,021 557 255 36,610 (37,422) 184,021
-------- ------- ---- ------- -------- --------
Cumulative preferred and preference
stock (Note F) 25,054 25,054
-------- ------- ---- ------- -------- --------
First Mortgage bonds 57,000 57,000
Second Mortgage bonds 75,000 75,000
Notes payable 16,300 3,750 6,951 (3,750) 23,251
Capital lease obligations 15,060 15,060
-------- ------- ---- ------- -------- --------
Total long-term debt 163,360 3,750 6,951 (3,750) 170,311
-------- ------- ---- ------- -------- --------
Total capitalization 372,435 4,307 255 43,561 (41,172) 379,386
-------- ------- ---- ------- -------- --------
Current liabilities:
Notes payable - banks
Long-term debt - current portion 16,500 188 16,688
Accounts payable 13,616 739 488 14,843
Accounts payable - affiliates 13,867 4,307 90 1,608 (7,561) 12,311
Accrued interest 3,072 5 3,077
Accrued income taxes 670 5 675
Other current liabilities 23,031 1,261 293 24,585
-------- ------- ---- ------- -------- --------
Total current liabilities 70,756 6,307 90 2,587 (7,561) 72,179
-------- ------- ---- ------- -------- --------
Accumulated deferred income taxes 43,049 (639) 6,221 48,631
Deferred investment tax credits 6,374 66 6,440
Nuclear decommissioning costs 18,548 18,548
Deferred credits 34,130 2,629 2,016 38,775
-------- ------- ---- ------- -------- --------
102,101 2,056 8,237 112,394
-------- ------- ---- ------- -------- --------
Total Capitalization and Liabilities $545,292 $12,670 $345 $54,385 ($48,733) $563,959
======== ======= ==== ======= ======== ========
</TABLE>
<PAGE>
Exhibit A
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES
Notes to Consolidating Financial Statements
For the Year Ended December 31, 1999
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 Resources Corporation (CRC) 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 percent
owned, Vermont Electric Transmission Company, Inc. (VETCO), a
wholly-owned subsidiary of VELCO and Vermont Yankee Nuclear Power
Corporation (VY) 31.3 percent 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 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.
Although, VELCO owns 100 percent of VETCO's outstanding Common
Stock, 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,
1999
------------
Nuclear generating companies
VY $16,745
Maine Yankee Atomic Power Company 1,488
Connecticut Yankee Atomic Power Company 2,097
Yankee Atomic Electric Company 549
Other affiliated companies:
CVEC 4,307
C. V. Realty, Inc. 255
CRC 36,610
VELCO:
Common stock 3,513
Preferred stock 1,109
-------
Total investments - CVPS 66,673
VELCO investment in VETCO 2,380
-------
Total investments 69,053
Consolidating eliminations 64,919
-------
Total consolidated $ 4,134
=======
<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,
1999
------------
CVPS:
Common stock, $6 par value, authorized
19,000,000 shares; outstanding
11,785,848 shares $ 70,715
Treasury stock, at cost 319,043 shares (4,159)
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
CRC:
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 112,158
Consolidating eliminations 45,602
--------
Total consolidated $ 66,556
========
<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,
1999
------------
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 17,000
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 (7,700)
VY:
Preferred stock, $100 par value, authorized
300,000 shares; outstanding - none -
--------
Total cumulative preferred and
preference stock 27,354
Consolidating eliminations (2,300)
--------
Total consolidated $ 25,054
========
<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 RESOURCES CORPORATION
100%
CATAMOUNT ENERGY CORPORATION
<C> <C> <C> <C> <C> <C> <C> <C>
50% 100% 100% 50% 100% 50% 100% 100%
CATAMOUNT CATAMOUNT CATAMOUNT GLENNS CATAMOUNT RUPERT CATAMOUNT CATAMOUNT
INVESTMENT THETFORD GLENNS FERRY RUPERT MGMNT., HEARTLANDS HEARTLANDS
CO., L.L.C. CORP. FERRY MGMNT., CORP. INC. CORP. LIMITED
CORP. INC.
44% 49.5% 1% 49.5% 1% 50%
FIBRO- GLENNS GLENNS RUPERT RUPERT HEARTLANDS
THETFORD FERRY FERRY COGEN. COGEN. POWER
LTD. COGEN. COGEN. PARTNERS, PARTNERS LTD.
PARTNERS, PARTNERS, LTD. LTD.
LTD. LTD.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 1,265,083
<TOTAL-OPERATING-REVENUES> 573,122
<NET-INCOME> 16,584
</TABLE>
