File No. 69-351
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Amendment Number 1
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-3A-2 FROM THE PROVISIONS OF
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To be filed annually prior to March 1
DUKE POWER COMPANY
hereby files (on behalf of itself and all of the members of its consolidated
group as described herein) with the Securities and Exchange Commission, pursuant
to Rule 2, Amendment No. 1 to 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:
Exhibit A to this Form U-3A-2 is hereby amended by adding thereto pages
3 and 4 to Exhibit A-1 and a new Exhibit A-6, attached.
<PAGE>
The above-named Claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 12th day of May, 1997.
DUKE POWER COMPANY
By: /s/ Ellen T. Ruff
__________________________
Ellen T. Ruff, Secretary
and Deputy General Counsel
{CORPORATE SEAL}
ATTEST:
/s/ Robert T. Lucas III
- ------------------------
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Ellen T. Ruff
Secretary and Deputy General Counsel
Duke Power Company PB05E
422 South Church Street
Charlotte, North Carolina 28242-0001
<PAGE>
Exhibit A-1
Page 3 of 4
ASSOCIATED ENTERPRISES GROUP
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996
(Dollars in Thousands)
(unaudited)
<TABLE>
<CAPTION>
DIVERSIFIED
CONSOLIDATED NANTAHALA BUSINESSES ASSOCIATED
CHURCH STREET POWER AND & ELIMINATION ENTERPRISES
CAPITAL CORP. LIGHT COMPANY ENTRIES GROUP
-------------- ------------- ----------- ------------
<S> <C> <C> <C> <C>
REVENUES
Electric revenues ...................................... $ -- $ 67,668 $ -- $ 67,668
Diversified operations ................................. 271,662 -- 75,864 347,526
--------- --------- --------- ---------
Total revenues ...................................... 271,662 67,668 75,864 415,194
--------- --------- --------- ---------
OPERATING EXPENSES
Fuel used in electric generation ....................... -- -- -- --
Net interchange and purchased power .................... -- 30,057 -- 30,057
Other operation and maintenance ........................ 183,847 13,611 64,235 261,693
Depreciation and amortization .......................... 11,277 4,873 (241) 15,909
General taxes .......................................... 3,675 4,450 1,100 9,225
--------- --------- --------- ---------
Total operating expenses ............................ 198,799 52,991 65,094 316,884
--------- --------- --------- ---------
OPERATING INCOME ......................................... 72,863 14,677 10,770 98,310
--------- --------- --------- ---------
INTEREST EXPENSE AND OTHER INCOME
Interest expense ....................................... (6,981) (4,933) 378 (11,536)
AFUDC and other deferred returns ....................... -- 449 -- 449
Earnings of subsidiaries ............................... -- -- -- --
Other, net ............................................. 1,963 3 (402) 1,564
--------- --------- --------- ---------
Total interest expense and other income ............. (5,018) (4,481) (24) (9,523)
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES ............................... 67,845 10,196 10,746 88,787
--------- --------- --------- ---------
INCOME TAXES
Current ................................................ 28,706 4,062 10,692 43,460
Deferred ............................................... 1,261 -- (7,082) (5,821)
Investment tax credit - amortization of credits ........ -- (130) -- (130)
--------- --------- --------- ---------
Total income taxes .................................. 29,967 3,932 3,610 37,509
--------- --------- --------- ---------
NET INCOME ............................................... 37,878 6,264 7,136 51,278
Dividends on preferred and preference stock .............. -- -- -- --
--------- --------- --------- ---------
EARNINGS FOR COMMON STOCK ................................ $ 37,878 $ 6,264 $ 7,136 $ 51,278
========= ========= ========= =========
</TABLE>
<PAGE>
Exhibit A-1
Page 4 of 4
ASSOCIATED ENTERPRISES GROUP
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31,1996
(Dollars in Thousands)
(unaudited)
<TABLE>
<CAPTION>
DIVERSIFIED
CONSOLIDATED NANTAHALA BUSINESSES ASSOCIATED
CHURCH STREET POWER AND & ELIMINATION ENTERPRISES
ASSETS CAPITAL CORP. LIGHT COMPANY ENTRIES GROUP
----------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
CURRENT ASSETS
Cash ........................................................... $ 21,448 $ 88 $ 1,649 $ 23,185
Short-term investments ......................................... 72,712 -- -- 72,712
Receivables .................................................... 76,291 10,877 $ 62,681 149,849
Inventory - at average cost .................................... 38,896 2,897 10,949 52,742
Prepayments and other .......................................... 15,937 305 (2,796) 13,446
---------- ---------- ---------- ----------
Total current assets ..................................... 225,284 14,167 72,483 311,934
---------- ---------- ---------- ----------
INVESTMENTS AND OTHER ASSETS
Investments in and advances to subsidiaries
Investments in affiliates ...................................... 188,982 -- -- 188,982
Other investments, at cost or less ............................. 96,973 -- 18,780 115,753
Nuclear decommissioning trust funds ............................ -- -- -- --
Pre-funded pension cost ........................................ -- -- -- --
---------- ---------- ---------- ----------
Total investments and other assets ....................... 285,955 18,780 304,735
---------- ---------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service (at original cost)
Production ................................................... -- 32,977 -- 32,977
Transmission ................................................. -- 64,801 -- 64,801
Distribution ................................................. -- 88,958 -- 88,958
Other ........................................................ -- 15,130 (111) 15,019
---------- ---------- ---------- ----------
Electric plant in service .................................. -- 201,866 (111) 201,755
Less accumulated depreciation and amortization ............. -- 81,660 81,660
---------- ---------- ---------- ----------
Electric plant in service, net ........................... -- 120,206 (111) 120,095
---------- ---------- ---------- ----------
Nuclear fuel ................................................... -- -- -- --
Less accumulated amortization .................................. -- -- -- --
---------- ---------- ---------- ----------
Nuclear fuel, net ............................................ -- -- -- --
---------- ---------- ---------- ----------
Construction work in progress .................................. -- 15,073 -- 15,073
---------- ---------- ---------- ----------
Total electric plant, net .................................. -- 135,279 (111) 135,168
Other property - at cost (less accumulated depreciation:
1996 - $31,544) ............................................ 343,971 1,181 58,620 403,772
---------- ---------- ---------- ----------
Total property, plant and equipment, net ................. 343,971 136,460 58,509 538,940
---------- ---------- ---------- ----------
DEFERRED DEBITS
Purchased capacity costs ....................................... -- -- -- --
Debt expense, primarily refinancing costs, being amortized ..... -- -- -- --
over the terms of related debt ............................... -- -- -- --
Regulatory asset related to income taxes ....................... -- -- -- --
Regulatory asset related to DOE assessment fee ................. -- -- -- --
Other .......................................................... -- 16,380 -- 16,380
---------- ---------- ---------- ----------
Total deferred debits .................................... 16,380 -- 16,380
---------- ---------- ---------- ----------
TOTAL ASSETS ..................................................... $ 855,210 $ 167,007 $ 149,772 $1,171,989
========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable ................................................ $ 36,908 $ 4,206 $ 27,194 $ 68,308
Notes payable ................................................... 5,000 8,550 -- 13,550
Taxes accrued ................................................... 12,731 930 11,379 25,040
Interest accrued ................................................ 398 -- -- 398
Current maturities of long-term debt ............................ 36,816 767 -- 37,583
Other ........................................................... 18,550 4,580 (995) 22,135
---------- ---------- ---------- ----------
Total current liabilities ................................. 110,403 19,033 37,578 167,014
---------- ---------- ---------- ----------
LONG-TERM DEBT .................................................... 81,242 67,605 -- 148,847
---------- ---------- ---------- ----------
ACCUMULATED DEFERRED INCOME TAXES ................................. 34,381 7,528 (2,421) 39,488
---------- ---------- ---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES
Investment tax credit ........................................... -- 1,069 -- 1,069
DOE assessment fee .............................................. -- -- -- --
Nuclear decommissioning costs externally funded ................. -- -- -- --
Other ........................................................... 21,483 10,552 (119) 31,916
---------- ---------- ---------- ----------
Total deferred credits and other liabilities .............. 21,483 11,621 (119) 32,985
---------- ---------- ---------- ----------
PREFERRED AND PREFERENCE STOCK
Without sinking fund requirements ............................... -- -- -- --
With sinking fund requirements .................................. -- -- -- --
---------- ---------- ---------- ----------
Total preferred and preference stock ...................... -- -- -- --
---------- ---------- ---------- ----------
COMMON STOCKHOLDERS' EQUITY
Common stock, no par ............................................ 6 382 10,180 10,568
Additional paid in capital ...................................... 351,480 2,237 75,555 429,272
Retained earnings ............................................... 256,216 58,601 28,999 343,816
Less treasury stock at cost, 10 shares .......................... 1 -- -- 1
---------- ---------- ---------- ----------
Total common stockholders' equity ......................... 607,701 61,220 114,734 783,655
---------- ---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ........................ $ 855,210 $ 167,007 $ 149,772 $1,171,989
========== ========== ========== ==========
</TABLE>
<PAGE>
Exhibit A-6
Page 1 of 2
CHURCH STREET CAPITAL CORP.
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996
(Dollars in Thousands)
(unaudited)
REVENUES
Operating revenues ......................................... $ 271,662
---------
Total revenues .......................................... 271,662
---------
OPERATING EXPENSES
Operations and maintenance ................................. 183,847
Depreciation and amortization .............................. 11,277
General taxes .............................................. 3,675
---------
Total operating expenses ................................ 198,799
---------
OPERATING INCOME ............................................. 72,863
---------
INTEREST EXPENSE AND OTHER INCOME
Interest expense ........................................... (6,981)
Other, net ................................................. 1,963
---------
Total interest expense and other income ................. (5,018)
---------
INCOME BEFORE INCOME TAXES ................................... 67,845
---------
INCOME TAXES
Current .................................................... 28,706
Deferred ................................................... 1,261
---------
Total income taxes ...................................... 29,967
---------
NET INCOME ................................................... 37,878
Dividends on preferred and preference stock .................. --
---------
EARNINGS FOR COMMON STOCK .................................... $ 37,878
=========
<PAGE>
Exhibit A-6
Page 2 of 2
CHURCH STREET CAPITAL CORP.
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1996
(DOLLARS IN THOUSANDS)
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash ............................................................ $ 21,448
Short-term investments .......................................... 72,712
Receivables ..................................................... 76,291
Inventory - at average cost ..................................... 38,896
Prepayments and other ........................................... 15,937
--------
Total current assets ...................................... 225,284
--------
INVESTMENTS AND OTHER ASSETS
Investments in affiliates ....................................... 188,982
Other investments, at cost or less .............................. 96,973
--------
Total investments and other assets ........................ 285,955
--------
PROPERTY, PLANT AND EQUIPMENT
Other property - at cost (less accumulated depreciation:
1996 - $22,517) ............................................. 343,971
--------
Total property, plant and equipment, net .................. 343,971
--------
TOTAL ASSETS ...................................................... $855,210
========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable ................................................ $ 36,908
Notes payable ................................................... 5,000
Taxes accrued ................................................... 12,731
Interest accrued ................................................ 398
Current maturities of long-term debt ............................ 36,816
Other ........................................................... 18,550
--------
Total current liabilities ................................. 110,403
--------
LONG-TERM DEBT .................................................... 81,242
--------
ACCUMULATED DEFERRED INCOME TAXES ................................. 34,381
--------
DEFERRED CREDITS AND OTHER LIABILITIES
Other ........................................................... 21,483
--------
Total deferred credits and other liabilities .............. 21,483
--------
COMMON STOCKHOLDERS' EQUITY
Common stock, no par ............................................ 6
Additional paid in capital ...................................... 351,480
Retained earnings ............................................... 256,216
Less treasury stock at cost, 10 shares .......................... 1
--------
Total common stockholders' equity ......................... 607,701
--------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ........................ $855,210
========
