File No. 70-6527
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
STATEMENT BY
PROVIDENCE ENERGY CORPORATION
By transmittal letter dated November 17, 1986, counsel for
Providence Energy Corporation (the "claimant") filed on behalf of
the claimant an application with the Securities and Exchange
Commission (the "Commission") requesting (i) the Commission's
approval of the proposed acquisition by the claimant of the
outstanding capital stock of North Attleboro Gas Company and (ii)
an order of the Commission continuing the exemption of the claimant
from the registration and related provisions of the Public Utility
Holding Company Act of 1935 (the "Act") pursuant to Section 3(a)(1)
of the Act.
Said application was subsequently amended by Amendments
Numbers 1 and 2, duly filed with the Commission.
By order dated March 10, 1987 the Commission evidenced its
approval of the proposed acquisition but reserved jurisdiction with
respect to the requested Section 3(a)(1) exemption.
Pursuant to discussions between the Commission staff and
counsel for the claimant, the claimant is treating the application
for exemption as having been made under Section 3(a) of the Act and
accordingly considers the filing of such application in good faith
as exempting the claimant to the extent and for the period
specified in Section 3(c) of the Act, and in accordance with the
claimant's commitment to the Commission the claimant provides the
Commission with the following information, all to the extent
otherwise required under Rule 2:
1. The name of the claimant is Providence Energy Corporation.
The claimant is organized under the laws of the State of Rhode
Island. The claimant's principal offices are located at 100
Weybosset Street, Providence, Rhode Island 02903. The claimant's
business is that of a holding company.
The claimant owns two subsidiary public utility companies, to
wit,
(a) The Providence Gas Company ("Providence Gas"):
Providence Gas is organized under the laws of the State
of Rhode Island, is engaged in the business of
distributing gas in 25 cities and towns in the State of
Rhode Island, and has its principal offices at 100 Weybosset
Street, Providence, Rhode Island 02903. ProvEnergy
Investments, Ltd. is a subsidiary of Providence Gas.
(b) North Attleboro Gas Company ("North Attleboro Gas"):
North Attleboro Gas is organized under the laws of the
Commonwealth of Massachusetts, is engaged in the business of
distributing gas in the Towns of North Attleboro and
Plainville, Massachusetts, and has its principal offices at
62 Reed Avenue, North Attleboro, Massachusetts 02761. The
claimant owns two subsidiary non-utility companies,
-2-
Newport America Corporation ("Newport America"), and
Resource Monitors, Inc. ("Resource Monitors"), both Rhode
Island corporations. The principal offices of both
corporations are at 100 Weybosset Street, Providence, Rhode
Island 02903. Newport America in turn owns all of the
outstanding common stock of four non-utility corporations.
Neither Newport America and its subsidiaries, taken in the
aggregate, nor Resource Monitors constitutes a significant
subsidiary of the claimant.
For description of the businesses of the claimant's
subsidiaries, reference is made to Items 1 and 2 of the Annual
Report of the claimant to the Securities and Exchange
Commission on Form 10-K for the fiscal year ended September
30, 1994.
2. The claimant owns two subsidiary public utility companies,
to wit, Providence Gas and North Attleboro Gas.
For a description of the properties of Providence Gas and
North Attleboro Gas used for the distribution of natural gas,
reference is made to Items 1 and 2 of the Annual Report of the
claimant to the Securities and Exchange Commission on Form
10-K for the fiscal year ended September 30, 1994.
3. (a) During the 1994 calendar year, the claimant and its
public utility subsidiary companies, Providence Gas and North
Attleboro Gas, distributed at retail a total of 27,393,205 Mcf of
natural or manufactured gas, as follows:
-3-
Providence Gas North Attleboro Gas
Mcf Mcf
Residential 13,409,154 258,992
Commercial &
Industrial 9,033,497 134,459
Interruptible 2,482,243 0
Sale for Resale 2,066,191 8,058
Nat Gas Vehicles 611 0
Total Sales 26,991,696 401,509
Transportation 961,730 0
Total Sold and
Transported: 27,953,426 401,509
(b) During the 1994 calendar year, Providence Gas sold at
wholesale under a sale-for-resale blanket certificate granted to
Providence Gas by the Federal Energy Regulatory Authority in Docket
#CI-9152. During 1994 961,730 Mcf were sold to various gas
utilities and marketers subject to the sale-for-resale certificate
generating a total of $404,521 in revenue.
(c) During the 1994 calendar year, neither the claimant nor
its subsidiary public utility company North Attleboro Gas sold at
wholesale outside the Commonwealth of Massachusetts, or at the
Massachusetts state line, any natural or manufactured gas.
(d) During the 1994 calendar year, the claimant and its
subsidiary Providence Gas purchased 27,916,240 Mcf of natural gas
outside the State of Rhode Island or at the Rhode Island state
line.
(e) During the 1994 calendar year, the claimant and its
subsidiary North Attleboro Gas purchased 416,721 Mcf of natural gas
outside the Commonwealth of Massachusetts or at the Massachusetts
state line.
-4-
EXHIBIT A
Attached hereto is a consolidating balance sheet of the
claimant and its subsidiary companies, as at September 30, 1994,
together with a consolidating statement of income of claimant and
such subsidiary companies for the fiscal year then ended.
The above-named claimant has caused this statement to be duly
executed on its behalf by its duly authorized officer, on this 31st
day of March, 1995.
PROVIDENCE ENERGY CORPORATION
(Name of Claimant)
By
Gary S. Gillheeney
Vice President of Financial
and Information Services,
and Treasurer
ATTEST:
Alycia L. Goody, Secretary
Name, title, and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Gary S. Gillheeney Vice President of Financial and
(Name) Information Services, and
Treasurer
(Title)
Providence Gas Company
100 Weybosset Street, Providence, RI 02903
(Address)
EXHIBIT B. Financial Data Schedule
1. Total Assets 233,310,763
2. Total Operating Revenues 222,778,339
3. Net Income 8,089,176
-5-
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
YTD ENDING 09/30/94
PROVIDENCE PROV GAS
ENERGY CO.
GAS PLNT@ ORIG COST 230,925,704
LESS ACC DEP/ACQADJ (79,447,406)
NONUTILITY PLANT
LESS ACC DEP/ACQADJ
CURRENT ASSETS:
CASH &TEMPINVSTMNTS 164,326 843,983
PRPD & RFNDBL TAXES 53,393 3,507,532
ACCOUNTS REC - NET 18,357 17,510,645
NOTES REC - NPT 1,955,351
NOTES REC - NAG 1,338,500
ACCNTS REC - NAR 114
ACCNTS REC - SAM
ACCNTS REC - PAT
ACCNTS REC - ENC 63,081
ACCNTS REC - NEW 926 5,691
ACCNTS REC - NAG 54,748 84,168
ACCNTS REC - PGC 127,568
NOTES - PIL
ACCNTS REC - SUBS 3,477,093 153,054
UNBILLED REVENUES 2,877,099
LNG,PROPANE,UNDGRND 11,122,674
MATERIALS&SUPLLIES 1,590,162
PREPAYMENTS OTHER 8,956 1,458,273
NETASSTS FR DIS OPS
DEFERRED GAS COSTS 7,648,944
DEF CAPACITY CHRGES
INVESTMNTS IN SUBS:
PROV GAS COMPANY 72,399,360
NEWPORT AMERICA 88,473
NO ATTLEBORO GAS 3,755,372
DEFERRED CHARGES 22,542 15,285,961
TOTAL ASSETS 79,987,872 213,476,625
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
YTD ENDING 09/30/94
NEWPORT NO. ATTLEB.
AMERICA GAS
GAS PLNT@ ORIG COST 8,903,875
LESS ACC DEP/ACQADJ (1,286,076)
NONUTILITY PLANT 2,654,312
LESS ACC DEP/ACQADJ (620,592)
CURRENT ASSETS:
CASH &TEMPINVSTMNTS 68,511 67,808
PRPD & RFNDBL TAXES 104,370 364,707
ACCOUNTS REC - NET 107,690 255,654
NOTES REC - NPT
NOTES REC - NAG
ACCNTS REC - NAR
ACCNTS REC - SAM
ACCNTS REC - PAT
ACCNTS REC - ENC 13,162
ACCNTS REC - NEW
ACCNTS REC - NAG
ACCNTS REC - PGC 1,025
NOTES - PIL
ACCNTS REC - SUBS 14,187 0
UNBILLED REVENUES 17,501
LNG,PROPANE,UNDGRND 132,913
MATERIALS&SUPLLIES 88,344
PREPAYMENTS OTHER 7,202 24,380
NETASSTS FR DIS OPS
DEFERRED GAS COSTS 469,825
DEF CAPACITY CHRGES
INVESTMNTS IN SUBS:
PROV GAS COMPANY
NEWPORT AMERICA
NO ATTLEBORO GAS
DEFERRED CHARGES (164,890) 824,085
TOTAL ASSETS 2,170,790 9,863,016
<PAGE>
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
YTD ENDING 09/30/94
ELIM ADJ CONSOL
ENTRIES ENTRIES TOTAL
GAS PLNT@ ORIG COST 239,829,579
LESS ACC DEP/ACQADJ (80,733,482)
NONUTILITY PLANT 2,654,312
LESS ACC DEP/ACQADJ (620,592)
CURRENT ASSETS:
CASH &TEMPINVSTMNTS 1,144,628
PRPD & RFNDBL TAXES 4,030,002
ACCOUNTS REC - NET 17,892,346
NOTES REC - NPT (1,955,351) 0
NOTES REC - NAG (1,338,500) 0
ACCNTS REC - NAR (114) 0
ACCNTS REC - SAM 0
ACCNTS REC - PAT 0
ACCNTS REC - ENC (76,243) 0
ACCNTS REC - NEW (6,617) 0
ACCNTS REC - NAG (138,916) 0
ACCNTS REC - PGC (128,594) 0
NOTES - PIL 0
ACCNTS REC - SUBS (3,644,335) 0
UNBILLED REVENUES 2,894,600
LNG,PROPANE,UNDGRND 11,255,587
MATERIALS&SUPLLIES 1,678,506
PREPAYMENTS OTHER 1,498,811
NETASSTS FR DIS OPS
DEFERRED GAS COSTS 7,700,000 15,818,769
DEF CAPACITY CHRGES
INVESTMNTS IN SUBS:
PROV GAS COMPANY (72,399,360) 0
NEWPORT AMERICA (88,473) 0
NO ATTLEBORO GAS (3,755,372) 0
DEFERRED CHARGES 15,967,698
TOTAL ASSETS (79,887,540) 7,700,000 233,310,763
<PAGE>
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
YTD ENDING 09/30/94
PROVIDENCE ENERGY PROV GAS COMPANY
CAPITALIZATION
COMMON STOCK 5,580,709 1,243,598
PAID IN CAPITAL 53,232,710 38,005,268
RETAINED EARNINGS 20,901,349 30,713,803
PREFERRED STOCK 8,000,000
CAPTL STCK EXPENS (121,910)
LONG TERM DEBT 62,163,559
LESS CURRENT PORTN (2,085,502)
TOT CAPTLZATION 79,714,768 137,918,816
CURRENT LIAB:
NOTES PAY TO BANKS 24,700,000
CURR PRTN L/T DEBT 2,085,502
GAS SUPPLR REFNDS
ACCTS PAYABLE-NET 47,698 10,210,709
ACC PAYABLE-ENC 127,569
ACC PAYABLE-NAR 695
ACC PAYABLE-RMI
ACC PAYABLE-SAM 142
ACC PAYABLE-PAT 108
ACC PAYABLE-NPT 13,162 80
ACC PAYABLE-PGC 23,009
ACC PAYABLE-PIL 40,072
NOTES PAYBL-ENC
ACCTS PAYBL-SUBS 76,243 128,594
ACCRUED TAXES 72,267 6,056,779
ACCRUED VACATN 1,543,229
CUSTOMER DEPSTS 3,519,717
REF GAS CSTS
OTHER 2,778,872
DEF CREDTS & RSRV
ACCUM DEF INC TXS 14,786,018
UNAM INV TX CREDT 2,825,937
OTHER 76,896 6,922,452
TOT LIABILITIES 79,987,872 213,476,625
<PAGE>
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
YTD ENDING 09/30/94
NEWPORT NO.ATT. GAS
AMERICA
CAPITALIZATION
COMMON STOCK 675,100 120,000
PAID IN CAPITAL 7,972,221 4,134,261
RETAINED EARNINGS (8,558,848) (498,889)
PREFERRED STOCK
CAPTL STCK EXPENS
LONG TERM DEBT
LESS CURRENT PORTN
TOT CAPTLZATION 88,473 3,755,372
CURRENT LIAB:
NOTES PAY TO BANKS 3,000,000
CURR PRTN L/T DEBT
GAS SUPPLR REFNDS
ACCTS PAYABLE-NET 43,123 322,641
ACC PAYABLE-ENC 926 54,748
ACC PAYABLE-NAR
ACC PAYABLE-RMI
ACC PAYABLE-SAM
ACC PAYABLE-PAT
ACC PAYABLE-NPT
ACC PAYABLE-PGC 5,805 84,168
ACC PAYABLE-PIL
NOTES PAYBL-ENC 1,955,351 1,338,500
ACCTS PAYBL-SUBS 1,962,082 1,477,416
ACCRUED TAXES 14,270 81,010
ACCRUED VACATN 40,454
CUSTOMER DEPSTS 60,046
REF GAS CSTS
OTHER 6,915 350,788
DEF CREDTS & RSRV
ACCUM DEF INC TXS 34,850 685,331
UNAM INV TX CREDT 24,801
OTHER 21,077 65,157
TOT LIABILITIES 2,170,790 9,863,016
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
YTD ENDING 09/30/94
ELIM ADJ CONSOL
ENTRIES ENTRIES TOTAL
CAPITALIZATION
COMMON STOCK (2,038,698) 5,580,709
PAID IN CAPITAL (50,180,108) 53,164,352
RETAINED EARNINGS (24,024,399) 18,533,016
PREFERRED STOCK 8,000,000
CAPTL STCK ESPENS (121,910)
LONG TERM DEBT 62,163,559
LESS CURRENT PORTN (2,085,502)
TOT CAPTLZATION (76,243,205) 0 145,234,224
CURRENT LIAB:
NOTES PAY TO BANKS 27,700,000
CURR PRTN L/T DEBT 2,085,502
GAS SUPPLR REFNDS
ACCTS PAYABLE-NET 7,700,000 18,324,171
ACC PAYABLE-ENC (183,243) 0
ACC PAYABLE-NAR (695) 0
ACC PAYABLE-RMI 0
ACC PAYABLE-SAM (142) 0
ACC PAYABLE-PAT (108) 0
ACC PAYABLE-NPT (13,242) 0
ACC PAYABLE-PGC (112,982) 0
ACC PAYABLE-PIL (40,072) 0
NOTES PAYBL-ENC (3,293,851) 0
ACCTS PAYBL-SUBS (3,644,335) 0 0
ACCRUED TAXES 6,224,326
ACCRUED VACATN 1,583,683
CUSTOMER DEPSTS 3,579,763
REF GAS CSTS
OTHER 3,136,575
DEF CREDTS & RSRV
ACCUM DEF INC TXS 15,506,199
UNAM INV TX CREDT 2,850,738
OTHER 7,085,582
TOT LIABILITIES (79,887,540) 7,700,000 233,310,763
<PAGE>
PROVIDENCE ENERGY CORPORATION & SUBSIDIARIES
Y-T-D ENDING SEPTEMBER 30, 1994
DESCRIPTION PGC NAGC
OPERATING REVENUES 219,143,001 3,635,338
COST OF GAS SOLD 133,314,960 1,789,505
OPERATING MARGIN 85,828,041 1,845,833
OPERATING EXPENSES:
OTHER OPERATION 41,508,124 886,488
MAINTENANCE 3,735,041 92,949
DEPRECIATION & AMORT 9,345,264 269,296
STATE GROSS RECEIPTS 6,326,377 0
LOCAL PROPERTY 6,087,042 127,092
FEDERAL INCOME 4,369,421 90,114
71,371,269 1,465,939
OPERATING INCOME 14,456,772 379,894
NONUTLTY OPER &OTHR:
REVENUES 0 0
OPERATING COSTS 0 0
OTHER INCOME(EXP) 408,823 111,236
408,823 111,236
INCM FRM CONT OPER
BEFORE INT EXPNSE 14,865,595 491,130
INTEREST EXPENSE:
LONG TERM DEBT 4,987,536 0
OTHER 1,115,624 131,818
INTERCO INT (INC/EXP) 16,085 80,041
6,119,245 211,859
INCM AFTR INT EXPNSE 8,746,350 279,271
PREFRD DVIDNDS SUBS 696,000 0
INCM FRM CONT OPER 8,050,350 279,271
LOSS FROM DISCONTD
OPERATIONS,NET OF TAX 0 0
LOSS FRM DISPOSAL OF
DSCNTD OPER,NET OF TX 0 0
NET INCOME (LOSS) 8,050,350 279,271
<PAGE>
PROVIDENCE ENERGY CORPORATION & SUBSIDIARIES
Y-T-D ENDING SEPTEMBER 30, 1994
DESCRIPTION PEC NEW
OPERATING REVENUES 0 0
COST OF GAS SOLD 0 0
OPERATING MARGIN 0 0
OPERATING EXPENSES:
OTHER OPERATION 0 0
MAINTENANCE 0 0
DEPRECIATION & AMORT 0 0
STATE GROSS RECEIPTS 0 0
LOCAL PROPERTY 0 0
FEDERAL INCOME 0 0
0 0
OPERATING INCOME 0 0
NONUTLTY OPER &OTHR:
REVENUES 0 0
OPERATING COSTS 0 0
OTHER INCOME(EXP) 8,702,848 (61,831)
8,702,848 (61,831)
INCM FRM CONT OPER
BEFORE INT EXPNSE 8,702,848 (61,831)
INTEREST EXPENSE:
LONG TERM DEBT 0 0
OTHER 349 11,798
INTERCO INT (INC/EXP) (82,479) (1,282)
(82,130) 10,516
INCM AFTR INT EXPNSE 8,784,978 (72,347)
PREFRD DVIDNDS SUBS 0 0
INCM FRM CONT OPER 8,784,978 (72,347)
LOSS FROM DISCONTD
OPERATIONS,NET OF TAX 0 0
LOSS FRM DISPOSAL OF
DSCNTD OPER,NET OF TX 0 0
NET INCOME (LOSS) 8,784,978 (72,347)
<PAGE>
PROVIDENCE ENERGY CORPORATION & SUBSIDIARIES
Y-T-D ENDING SEPTEMBER 30, 1994
DESCRIPTION SAM PRU
OPERATING REVENUES 0 0
COST OF GAS SOLD 0 0
OPERATING MARGIN 0 0
OPERATING EXPENSES:
OTHER OPERATION 0 0
MAINTENANCE 0 0
DEPRECIATION & AMORT 0 0
STATE GROSS RECEIPTS 0 0
LOCAL PROPERTY 0 0
FEDERAL INCOME 0 0
0 0
OPERATING INCOME 0 0
NONUTLTY OPER &OTHR:
REVENUES 0 0
OPERATING COSTS 0 0
OTHER INCOME(EXP) (1,756) 54,790
(1,756) 54,790
INCM FRM CONT OPER
BEFORE INT EXPNSE (1,756) 54,790
INTEREST EXPENSE:
LONG TERM DEBT 0 0
OTHER 0 234
INTERCO INT (INC/EXP) (2,143) (9,774)
(2,143) (9,540)
INCM AFTR INT EXPNSE 387 64,330
PREFRD DVIDNDS SUBS 0 0
INCM FRM CONT OPER 387 64,330
LOSS FROM DISCONTD
OPERATIONS,NET OF TAX 0 0
LOSS FRM DISPOSAL OF
DSCNTD OPER,NET OF TX 0 0
NET INCOME (LOSS) 387 64,330
<PAGE>
PROVIDENCE ENERGY CORPORATION & SUBSIDIARIES
Y-T-D ENDING SEPTEMBER 30, 1994
DESCRIPTION PAT TOTAL
OPERATING REVENUES 0 222,778,339
COST OF GAS SOLD 0 135,104,465
OPERATING MARGIN 0 87,673,874
OPERATING EXPENSES:
OTHER OPERATION 0 42,394,612
MAINTENANCE 0 3,827,990
DEPRECIATION & AMORT 0 9,614,560
STATE GROSS RECEIPTS 0 6,326,377
LOCAL PROPERTY 0 6,214,134
FEDERAL INCOME 0 4,459,535
0 72,837,208
OPERATING INCOME 0 14,836,666
NONUTLTY OPER &OTHR:
REVENUES 0 0
OPERATING COSTS 0 0
OTHER INCOME(EXP) (161,389) 9,052,721
(161,389) 9,052,721
INCM FRM CONT OPER
BEFORE INT EXPNSE (161,389) 23,889,387
INTEREST EXPENSE:
LONG TERM DEBT 0 4,987,536
OTHER 0 1,259,823
INTERCO INT (INC/EXP) (448) 0
(448) 6,247,359
INCM AFTR INT EXPNSE (160,941) 17,642,028
PREFRD DVIDNDS SUBS 0 696,000
INCM FRM CONT OPER (160,941) 16,946,028
LOSS FROM DISCONTD
OPERATIONS,NET OF TAX 0 0
LOSS FRM DISPOSAL OF
DSCNTD OPER,NET OF TX 0 0
NET INCOME (LOSS) (160,941) 16,946,028
<PAGE>
PROVIDENCE ENERGY CORPORATION & SUBSIDIARIES
Y-T-D ENDING SEPTEMBER 30, 1994
DESCRIPTION ELIM ADJ NAGC
OPERATING REVENUES 0 0 222,778,339
COST OF GAS SOLD 0 0 135,104,465
OPERATING MARGIN 0 0 87,673,874
OPERATING EXPENSES:
OTHER OPERATION 0 0 42,394,612
MAINTENANCE 0 0 3,827,990
DEPRECIATION & AMORT 0 0 9,614,560
STATE GROSS RECEIPTS 0 0 6,326,377
LOCAL PROPERTY 0 0 6,214,134
FEDERAL INCOME 0 0 4,459,535
0 0 72,837,208
OPERATING INCOME 0 0 14,836,666
NONUTLTY OPER &OTHR:
REVENUES 0 0 0
OPERATING COSTS 0 0 0
OTHER INCOME(EXP) (8,856,852) 0 195,869
INCM FRM CONT OPER
BEFORE INT EXPNSE (8,856,852) 0 15,032,535
INTEREST EXPENSE:
LONG TERM DEBT 0 0 4,987,536
OTHER 0 0 1,259,823
INTERCO INT (INC/EXP) 0 0 0
0 0 6,247,359
INCM AFTR INT EXPNSE (8,856,852) 0 8,785,176
PREFRD DVIDNDS SUBS 0 0 696,000
INCM FRM CONT OPER (8,856,852) 0 8,089,176
LOSS FROM DISCONTD
OPERATIONS,NET OF TAX 0 0 0
LOSS FRM DISPOSAL OF
DSCNTD OPER,NET OF TX 0 0 0
NET INCOME(LOSS) (8,856,852) 0 8,089,176
<PAGE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> Pro-forma
<TOTAL-ASSETS> 233,310,763
<TOTAL-OPERATING-REVENUES> 222,778,339
<NET-INCOME> 8,089,176
</TABLE>
