File No. 69-244
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
FORM U-3A-2
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
CONNECTICUT ENERGY 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:
1(a) The name, State of organization, location and nature of business
of the claimant and every subsidiary thereof, other than any exempt wholesale
generator ("EWG") or foreign utility company in which the claimant directly
or indirectly holds an interest are as follows:
The name of the claimant is Connecticut Energy Corporation (the
"claimant"). The claimant is incorporated under the laws of the State of
Connecticut. Its principal place of business and executive offices are
located at 855 Main Street, Bridgeport, Connecticut 06604. The claimant is not
an operating company. The business of the claimant consists of investing in,
disposing of, buying, selling and otherwise dealing in the stock, bonds,
securities and properties of the other corporations listed below in 1(b).
1(b) The name, State of organization, location and nature of business
of every subsidiary of the claimant thereof, other than any exempt wholesale
generator ("EWG") or foreign utility company in which the claimant directly
or indirectly holds an interest are as follows:
(i) The Southern Connecticut Gas Company ("Southern"). Southern
is incorporated under the laws of the State of Connecticut
and has its executive offices located at 855 Main Street,
Bridgeport, Connecticut 06604. Southern is principally
engaged in the retail distribution and sale of natural gas
for domestic, commercial and industrial uses in southern
Connecticut, primarily in the New Haven and Bridgeport
areas. Incidental to the sale of gas, Southern sells gas
water heaters, space heaters and air conditioners. Southern
is subject to the jurisdiction of the Connecticut Department
of Public Utility Control as to accounting, rates, charges,
certain operating matters and the issuance of securities
other than borrowings maturing in twelve months or less.
(ii) Connecticut Energy Development Corporation ("CEDC"). CEDC is
incorporated under the laws of the State of Connecticut and
has its executive offices located at 855 Main Street,
Bridgeport, Connecticut, 06604. CEDC was formed in December
1994 and is initially expected to participate as an equity
holder in entities to be formed to purchase and market
natural gas and potentially participate in other non-
regulated activities.
2. A brief description of the properties of the claimant and its
subsidiary public utility company is as follows:
(a) The claimant -- The claimant has no properties other than
the common stock of the subsidiary described above in
1(b)(i).
(b) Southern -- A major portion of Southern's physical assets
consists of gas distribution facilities. As of
December 31, 1994, Southern had 2,069 miles of main and
119,779 service connections. Southern leases its corporate
headquarters building in Bridgeport and leases an operating
facility in Orange. It also owns a propane air facility
in Trumbull and certain properties in Bridgeport and New
Haven that were formerly utilized as operating facilities.
Southern leases an LNG plant in Milford. All of such
assets of Southern are located in the State of Connecticut.
Substantially all of Southern's utility properties and
plant are subject to the lien of the indenture securing
its first mortgage bonds. Southern has no producing field,
gas manufacturing plants, or pipelines which receive gas at
the Connecticut border.
3. During the last calendar year and to date, only Southern has been
an operating public utility company, and the following information,
therefore, relates to it alone:
(a) During the calendar year 1994, Southern distributed
28,772,456 MCF of natural or manufactured gas at retail.
(b) None
(c) During the calendar year 1994, Southern sold 1,438,676 MCF
of natural or manufactured gas outside Connecticut or at the Connecticut
border.
(d) During the calendar year 1994, Southern purchased 31,332,818
MCF of natural or manufactured gas outside Connecticut or at the Connecticut
border.
4. The following information for the reporting period with respect
to the claimant and each interest it holds directly or indirectly in an EWG or
foreign utility company, stating monetary amounts in United States dollars:
(a) None
(b) None
(c) None
(d) None
(e) None
EXHIBIT A
Attached as Exhibit A is a consolidating statement of income and
surplus of the claimant and its subsidiary companies for calendar year 1994,
together with a consolidating balance sheet of the claimant
and its subsidiary companies as of the close of such calendar year.
EXHIBIT B
Financial Data Schedule
Submitted only in electronic format to the Securities and Exchange
Commission.
EXHIBIT C
An organizational chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding-company system:
Not applicable.
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officer on this 24th day of
February, 1995.
CONNECTICUT ENERGY CORPORATION
(Name of Claimant)
By /s/ Vincent L. Ammann, Jr.
Vincent L. Ammann, Jr.
Vice President and Chief Accounting
Officer
(Corporate Seal)
Attest:
/s/ Carol A. Forest
Carol A. Forest, Vice President, Finance,
Chief Financial Officer and Treasurer
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Vincent L. Ammann, Jr., Vice President and Chief Accounting Officer
(Name) (Title)
Connecticut Energy Corporation, 855 Main Street, Bridgeport, Connecticut
06604
(Address)
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CONNECTICUT ENERGY CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
EXHIBIT A
THE CONNECTICUT
SOUTHERN ENERGY ADJUSTMENTS
CONNECTICUT DEVELOPMENT CEC ELIMINATIONS TOTAL
ACCOUNT DESCRIPTION GAS CO. CORPORATION HOLDING DEBIT CREDIT CEC
<S> <C> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT
INTANGIBLES $ 140,692 $ 140,692
PRODUCTION 2,861,281 2,861,281
STORAGE 6,300,509 6,300,509
DISTRIBUTION 302,163,417 302,163,417
GENERAL 22,369,102 22,369,102
_____________________________________________________________________________________________________________________________
SUBTOTAL 333,835,001 333,835,001
CONST. WORK IN PROGRESS 4,800,475 4,800,475
NON UTILITY PROPERTY 2,492,565 2,492,565
_____________________________________________________________________________________________________________________________
TOTAL PP&E 341,128,041 341,128,041
LESS: ACCUM. DEPRECIATION 100,440,015 100,440,015
_____________________________________________________________________________________________________________________________
NET PP&E 240,688,026 240,688,026
CURRENT ASSETS
CASH 1,397,578 $ 998 $ 1,817,474 3,216,050
ACCOUNTS RECEIVABLE:
TRADE 38,343,285 38,343,285
OTHER 787,737 2 206,409 994,148
INTERCOMPANY 69,288 $ 69,288 0
_____________________________________________________________________________________________________________________________
SUBTOTAL 39,200,310 2 206,409 69,288 39,337,433
LESS: BAD DEBT ALLOWANCE 2,485,851 2,485,851
_____________________________________________________________________________________________________________________________
NET ACCTS. RECEIVABLE 36,714,459 2 206,409 69,288 36,851,582
UNBILLED REVENUES 7,776,714 7,776,714
UNRECOVERED PURCHASED GAS COSTS 6,141,524 6,141,524
FUEL STOCK 13,101,056 13,101,056
PREPAID EXPENSES 1,871,834 1,871,834
_____________________________________________________________________________________________________________________________
TOTAL CURRENT ASSETS 67,003,165 1,000 2,023,883 69,288 68,958,760
OTHER ASSETS
INVESTMENT IN SUBS AND OTHER ASSETS 50,000 94,098,477 94,098,477 50,000
UNAMORTIZED DEBT EXPENSE 6,259,425 6,259,425
OTHER DEFERRED DEBITS 64,234,321 $100,870 64,335,191
_____________________________________________________________________________________________________________________________
TOTAL OTHER ASSETS 70,493,746 50,000 94,098,477 100,870 94,098,477 70,644,616
TOTAL ASSETS $378,184,937 $51,000 $96,122,360 $100,870 $94,167,765 $380,291,402
============ ======= =========== ======== =========== ============
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<CAPTION>
CONNECTICUT ENERGY CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
EXHIBIT A
THE CONNECTICUT
SOUTHERN ENERGY ADJUSTMENTS
CONNECTICUT DEVELOPMENT CEC ELIMINATIONS TOTAL
ACCOUNT DESCRIPTION GAS CO. CORPORATION HOLDING DEBIT CREDIT CEC
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
COMMON STOCK $ 18,760,951 $ 1,000 $ 8,748,504 $18,761,951 $ 8,748,504
CAPITAL STOCK EXPENSE (636,182) (3,286,766) (3,922,948)
CAPITAL IN EXCESS OF PAR VALUE 70,799,637 50,000 98,391,458 79,157,854 90,083,241
ADJUSTMENT FOR MIN. PENSION LIAB. 0 0
RETAINED EARNINGS 37,846,443 (7,805,679) $3,821,328 33,862,092
_______________________________________________________________________________________________________________________________
SUBTOTAL 126,770,849 51,000 96,047,517 97,919,805 3,821,328 128,770,889
LONG-TERM DEBT 119,916,500 119,916,500
_______________________________________________________________________________________________________________________________
TOTAL CAPITALIZATION 246,687,349 51,000 96,047,517 97,919,805 3,821,328 248,687,389
CURRENT LIABILITIES
SHORT-TERM BORROWINGS 29,000,000 29,000,000
CURRENT PORT. OF LT DEBT 594,500 594,500
ACCOUNTS PAYABLE 13,513,826 13,513,826
REFUNDS DUE CUSTOMERS 0 0
FEDERAL CORP. TAXES 4,650,361 4,051 4,654,412
STATE CORP. TAXES 531,978 1,504 533,482
PROPERTY TAXES 4,361,132 4,361,132
OTHER ACCRUED TAXES 3,139,536 3,139,536
ACCOUNTS PAY-INTERCO 0 69,288 69,288 0
INTEREST PAYABLE 2,274,204 2,274,204
OTHER ACCR. LIAB. 5,696,562 5,696,562
CUSTOMERS' DEPOSITS 2,128,618 2,128,618
_______________________________________________________________________________________________________________________________
TOTAL CURRENT LIABILITIES 65,890,717 0 74,843 69,288 0 65,896,272
OTHER LIABILITIES
DEF. FEDERAL INC. TAX 52,948,214 52,948,214
DEF. INVEST. TAX CREDIT 3,780,296 3,780,296
OTHER 8,878,361 100,870 8,979,231
_______________________________________________________________________________________________________________________________
TOTAL OTHER LIABILITIES 65,606,871 0 0 0 100,870 65,707,741
TOTAL CAPITAL. & LIABILITIES $378,184,937 $51,000 $96,122,360 $97,989,093 $3,922,198 $380,291,402
============ ======= =========== =========== ========== ============
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<CAPTION>
CONNECTICUT ENERGY CORPORATION
CONSOLIDATING INCOME STATEMENT
DECEMBER 31, 1994
EXHIBIT A
THE CONNECTICUT
SOUTHERN ENERGY ADJUSTMENTS
CONNECTICUT DEVELOPMENT CEC ELIMINATIONS TOTAL
ACCOUNT DESCRIPTION GAS CO. CORPORATION HOLDING DEBIT CREDIT CEC
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $239,681,320 $0 $ 0 $239,681,320
PURCHASED GAS 123,539,382 0 0 123,539,382
__________________________________________________________________________________________________________________________
GROSS INCOME 116,141,938 0 0 116,141,938
OPERATING EXPENSES
OPERATIONS 51,974,558 11,306 51,985,864
MAINTENANCE 4,149,162 4,149,162
DEPN/DEPLN/AMORTZTN. 13,298,419 13,298,419
TAXES OTHER THAN INCOME 16,045,016 16,045,016
STATE TAXES - CURRENT 1,693,840 13,675 1,707,515
FED. INCOME TAXES - CURRENT 4,937,523 36,939 4,974,462
FED. INCOME TAXES - DEFERRED (1,104,970) $ 75,000 (1,029,970)
__________________________________________________________________________________________________________________________
TOTAL OPERATING EXPENSES 90,993,548 0 61,920 75,000 91,130,468
OPERATING INCOME 25,148,390 0 (61,920) 75,000 25,011,470
ALLOW. FOR FUNDS DURING CONST. 138,788 138,788
OTHER INCOME, NET (278,671) 130,214 121,478 $ 75,000 (194,935)
LEASED LAND INCOME 15,156 15,156
__________________________________________________________________________________________________________________________
TOTAL INCOME 25,023,663 0 68,294 196,478 75,000 24,970,479
INCOME DEDUCTIONS
INT. ON L.T. DEBT & AMORTZTN. 10,905,948 10,905,948
OTHER INTEREST, NET 933,312 121,478 811,834
MISC. INCOME DEDUCTIONS 467,306 467,306
__________________________________________________________________________________________________________________________
TOTAL INCOME DEDUCTIONS 12,306,566 0 0 0 121,478 12,185,088
NET INCOME TO COMMON $ 12,717,097 $0 $ 68,294 $196,478 $196,478 $ 12,785,391
============ == ======== ======== ======== ============
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CONNECTICUT ENERGY CORPORATION
CONSOLIDATING STATEMENT OF CHANGES IN RETAINED EARNINGS
EXHIBIT A
THE CONNECTICUT
CONNECTICUT SOUTHERN ENERGY
ENERGY CONNECTICUT DEVELOPMENT ADJUSTMENTS
CORPORATION GAS CO. CORPORATION ELIMINATIONS CONSOLIDATED
__________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
BALANCE - DEC. 31, 1993 $(8,002,182) $36,442,202 $0 $3,821,328 $32,261,348
ADD: NET INCOME 68,294 12,717,097 12,785,391
LESS: COMMON STOCK DIVIDENDS 128,209 (11,312,856) (11,184,647)
TRANSFER - RETAINED EARNINGS 0
_________________________________________________________________________________________________________________________
BALANCE - DEC. 31, 1994 $(7,805,679) $37,846,443 $0 $3,821,328 $33,862,092
=========== =========== == ========== ===========
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<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 380,291
<TOTAL-OPERATING-REVENUES> 239,681
<NET-INCOME> 12,785
</TABLE>
