<PAGE>
Page 1 of 12
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended September 30, 1994
Commission File Number 1-267
Allegheny Power System, Inc.
(Exact name of registrant as specified in its charter)
Maryland 13-5531602
(State of Incorporation) (I.R.S. Employer Identification No.)
12 East 49th Street, New York, New York 10017-1028
Telephone Number - 212-752-2121
The registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the past 90 days.
At November 14, 1994, 118,894,110 shares of the Common Stock ($1.25 par
value) of the registrant were outstanding.
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ALLEGHENY POWER SYSTEM, INC.
Form 10-Q for Quarter Ended September 30, 1994
Page
Index No.
PART I--FINANCIAL INFORMATION:
Consolidated statement of income -
Three and nine months ended September 30, 1994 and 1993 3
Consolidated balance sheet - September 30, 1994
and December 31, 1993 4
Consolidated statement of cash flows -
Nine months ended September 30, 1994 and 1993 5
Notes to consolidated financial statements 6
Management's discussion and analysis of financial
condition and results of operations 7-11
PART II--OTHER INFORMATION 12
<PAGE>
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ALLEGHENY POWER SYSTEM, INC.
Consolidated Statement of Income
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1994 1993 1994 1993
(Thousands of Dollars)
ELECTRIC OPERATING REVENUES:
<S> <C> <C> <C> <C>
Residential $202 610 $200 826 $ 670 503 $ 617 069
Commercial 119 245 116 360 347 461 322 077
Industrial 182 050 169 274 540 120 499 817
Nonaffiliated utilities 75 628 79 427 261 944 261 859
Other 15 780 17 424 48 878 49 547
Total Operating Revenues 595 313 583 311 1 868 906 1 750 369
</TABLE>
<TABLE>
OPERATING EXPENSES:
Operation:
<S> <C> <C> <C> <C>
Fuel 136 531 131 074 424 336 414 212
Purchased power and exchanges, net 101 649 108 192 336 879 300 977
Deferred power costs, net 1 737 (6 485) 6 769 (6 582)
Other 69 499 63 461 206 903 191 258
Maintenance 59 940 59 405 184 161 174 162
Depreciation 55 722 53 617 167 855 157 658
Taxes other than income taxes 46 063 44 125 139 771 133 836
Federal and state income taxes 31 226 35 803 107 631 99 913
Total Operating Expenses 502 367 489 192 1 574 305 1 465 434
Operating Income 92 946 94 119 294 601 284 935
</TABLE>
<TABLE>
OTHER INCOME AND DEDUCTIONS:
Allowance for other than borrowed funds
<S> <C> <C> <C> <C>
used during construction 3 385 2 469 8 947 9 562
Other income, net 620 184 361 529
Total Other Income and Deductions 4 005 2 653 9 308 10 091
Income Before Interest Charges
and Preferred Dividends 96 951 96 772 303 909 295 026
</TABLE>
<TABLE>
INTEREST CHARGES AND PREFERRED DIVIDENDS:
<S> <C> <C> <C> <C> <C> <C>
Interest on long-term debt 39 452 38 671 113 606 119 289
Other interest 2 444 1 334 7 440 3 662
Allowance for borrowed funds used
during construction (2 155) (2 028) (5 805) (7 236)
Dividends on preferred stock of
subsidiaries 5 312 4 268 14 718 12 817
Total Interest Charges and
Preferred Dividends 45 053 42 245 129 959 128 532
CONSOLIDATED NET INCOME $ 51 898 $ 54 527 $ 173 950 $ 166 494
COMMON STOCK SHARES OUTSTANDING (average) 118 461 298 114 587 456 118 059 929 114 251 250
EARNINGS PER AVERAGE SHARE $.44 $.48 $1.47 $1.46
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
- 4 -
<TABLE>
<CAPTION>
ALLEGHENY POWER SYSTEM, INC.
Consolidated Balance Sheet
September 30 December 31
1994 1993
(Thousands of Dollars)
ASSETS:
Property, Plant, and Equipment:
At original cost, including $770,413,000
<S> <C> <C> <C>
and $638,920,000 under construction $7 438 851 $7 176 847
Accumulated depreciation (2 492 377) (2 388 758)
4 946 474 4 788 089
Investments and Other Assets:
Subsidiaries consolidated--excess of cost
over book equity at acquisition 15 077 15 077
Securities of associated company--at cost,
which approximates equity 1 250 1 250
Other 24 512 24 357
40 839 40 684
Current Assets:
Cash and temporary cash investments 2 328 2 417
Accounts receivable:
Electric service, net of $4,505,000 and
$3,418,000 uncollectible allowance 171 749 188 139
Other 11 340 7 736
Materials and supplies--at average cost:
Operating and construction 91 661 86 766
Fuel 82 427 71 392
Deferred power costs 10 043 14 054
Prepaid taxes 46 605 43 139
Other 19 398 10 391
435 551 424 034
Deferred Charges:
Regulatory assets 601 180 577 817
Unamortized loss on reacquired debt 41 790 44 435
Other 79 267 74 109
722 237 696 361
Total Assets $6 145 101 $5 949 168
CAPITALIZATION AND LIABILITIES:
Capitalization:
Common stock $ 148 618 $ 147 079
Other paid-in capital 955 253 931 063
Retained earnings 906 418 877 673
2 010 289 1 955 815
Preferred stock:
Not subject to mandatory redemption 300 086 250 086
Subject to mandatory redemption 25 200 26 400
Long-term debt 2 164 445 2 008 104
4 500 020 4 240 405
Current Liabilities:
Short-term debt 68 249 130 636
Long-term debt and preferred stock
due within one year 11 200 27 200
Accounts payable 159 304 187 690
Taxes accrued:
Federal and state income 25 796 14 689
Other 48 722 57 758
Interest accrued 39 932 38 626
Other 77 567 73 467
430 770 530 066
Deferred Credits and Other Liabilities:
Unamortized investment credit 160 089 166 328
Deferred income taxes 896 790 873 695
Regulatory liabilities 105 588 107 372
Other 51 844 31 302
1 214 311 1 178 697
Total Capitalization and Liabilities $6 145 101 $5 949 168
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
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<TABLE>
<CAPTION>
ALLEGHENY POWER SYSTEM, INC.
Consolidated Statement of Cash Flows
Nine Months Ended
September 30
1994 1993
(Thousands of Dollars)
CASH FLOWS FROM OPERATIONS:
<S> <C> <C> <C> <C>
Consolidated net income $173 950 $166 494
Depreciation 167 855 157 658
Deferred investment credit and income taxes, net (7 606) (4 317)
Deferred power costs, net 6 769 (6 582)
Allowance for other than borrowed funds used
during construction (8 947) (9 562)
Changes in certain current assets and liabilities:
Accounts receivable, net 12 786 (5 882)
Materials and supplies (15 930) 37 560
Accounts payable (28 386) (24 072)
Taxes accrued 2 071 (3 967)
Interest accrued 1 306 8 961
Other current liabilities 4 306 28 738
Other, net 11 433 4 539
319 607 349 568
CASH FLOWS FROM INVESTING:
Construction expenditures (334 939) (400 241)
Allowance for other than borrowed funds used
during construction 8 947 9 562
(325 992) (390 679)
CASH FLOWS FROM FINANCING:
Sale of common stock 26 082 26 441
Sale of preferred stock 49 635 -
Retirement of preferred stock (1 190) (1 611)
Issuance of long-term debt 176 723 674 600
Retirement of long-term debt (37 362) (444 291)
Deposit with trustees for redemption
of long-term debt - (173 540)
Short-term debt, net (62 387) 84 118
Cash dividends on common stock (145 205) (139 381)
6 296 26 336
NET CHANGE IN CASH AND TEMPORARY CASH INVESTMENTS (89) (14 775)
Cash and Temporary Cash Investments at January 1 2 417 17 032
Cash and Temporary Cash Investments at September 30 $ 2 328 $ 2 257
Supplemental cash flow information:
Cash paid during the period for:
Interest (net of amount capitalized) $110 420 $113 766
Income taxes 93 910 97 183
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
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ALLEGHENY POWER SYSTEM, INC.
Notes to Consolidated Financial Statements
1. The Company's Notes to Consolidated Financial Statements in the
Allegheny Power System companies' combined Annual Report on
Form 10-K for the year ended December 31, 1993, should be read
with the accompanying financial statements and the following
notes. With the exception of the December 31, 1993
consolidated balance sheet in the aforementioned annual report
on Form 10-K, the accompanying consolidated financial
statements appearing on pages 3 through 5 and these notes to
consolidated financial statements are unaudited. In the
opinion of the Company, such consolidated financial statements
together with these notes thereto contain all adjustments
(which consist only of normal recurring adjustments) necessary
to present fairly the Company's financial position as of
September 30, 1994, the results of operations for the three and
nine months ended September 30, 1994 and 1993, and cash flows
for the nine months ended September 30, 1994 and 1993.
2. The Consolidated Statement of Income reflects the results of
past operations and is not intended as any representation as to
future results. For purposes of the Consolidated Balance Sheet
and Consolidated Statement of Cash Flows, temporary cash
investments with original maturities of three months or less,
generally in the form of commercial paper, certificates of
deposit, and repurchase agreements, are considered to be the
equivalent of cash.
3. On August 10, 1994, the Company's subsidiaries issued a total
of $35.295 million of 6.75%, 30-year solid waste disposal
revenue notes, the proceeds of which are being used on the
Harrison Power Station scrubber project.
On August 2, 1994, West Penn Power Company issued $65 million
of 8.125%, 30-year first mortgage bonds. On June 22, 1994, The
Potomac Edison Company issued $75 million of 8%, 30-year first
mortgage bonds. On May 11, 1994, the Monongahela Power Company
issued $50 million of $100 par value cumulative preferred stock
with a dividend of $7.73. Proceeds from these sales were used
to repay outstanding short-term debt and for other corporate
purposes.
On March 1, 1994, The Potomac Edison Company retired at
maturity $16 million of 4.625% first mortgage bonds.
4. Other paid-in capital increased $24,852,000 in the nine months
ended September 30, 1994, representing the excess of amounts
received over par value from the issuance of 1,230,528 shares
of common stock pursuant to the Company's Dividend Reinvestment
and Stock Purchase Plan and Employee Stock Ownership and
Savings Plan. Additionally, other paid-in capital decreased
$354,000 as a result of subsidiary companies' preferred stock
transactions, $237,000 for expenses related to the November
1993 common stock split, and $71,000 for expenses related to
the October 1993 public sale of shares of common stock.
5. Common stock dividends per share declared during the periods
for which income statements are included are as follows:
<TABLE>
<CAPTION>
1994 1993
Number Amount Number Amount
of Shares Per Share of Shares Per Share
<S> <C> <C> <C> <C>
First Quarter 117,663,582 $.41 113,898,736 $.405
Second Quarter 118,037,427 $.41 114,252,458 $.405
Third Quarter 118,456,542 $.41 114,583,984 $.41
</TABLE>
<PAGE>
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ALLEGHENY POWER SYSTEM, INC.
Management's Discussion and Analysis of Financial Condition
and Results of Operations
COMPARISON OF THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 1994
WITH THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 1993
CONSOLIDATED NET INCOME
Consolidated net income for the third quarter of 1994
was $51.9 million or $.44 per average share, compared with $54.5 million
or $.48 per average share for the corresponding 1993 period. For the
first nine months of 1994, consolidated net income was $174.0 million or
$1.47 per average share, compared with $166.5 million or $1.46 per average
share for the corresponding 1993 period.
The increase in consolidated net income for the first
nine months of 1994 reflects revenue increases from retail customers due
to previously reported rate increases, primarily in Maryland and
Pennsylvania effective in February and May 1993, respectively, and greater
kilowatthour (kWh) sales. The weather was relatively cool in the 1994
third quarter, compared to the prior year, with the result that the
increase in retail kWh sales was not sufficient to offset increases in
depreciation, maintenance, and other expenses.
SALES AND REVENUES
Retail kWh sales to residential customers decreased 1%,
commercial sales remained unchanged, and sales to industrial customers
increased 6% for the third quarter. Retail kWh sales to residential,
commercial, and industrial customers increased 4%, 3%, and 3%,
respectively, for the first nine months. The change in kWh sales to
residential and commercial customers was primarily due to variances in
weather-related sales. Increased kWh sales in July 1994, reflecting
additional temperature-related June sales billed in July, were offset by
lower August and September sales. Moderate temperatures this summer
resulted in cooling degree days in the third quarter 5% below normal and
30% lower than during the corresponding 1993 quarter. The increases in
kWh sales to industrial customers occurred in most industrial groups.
Sales to coal customers increased due to reduced usage in the 1993 third
quarter caused by selective work stoppages by the United Mine Workers of
America at that time.
The increases in revenues from retail customers
resulted from the following:
<TABLE>
<CAPTION>
Increase from Prior Periods
Quarter Nine Months
(Millions of Dollars)
<S> <C> <C>
Increased kWh sales $ 1.1 $ 26.1
Fuel and energy cost adjustment
clauses (1) 7.8 44.6
Rate increases (2):
Maryland 3.2 7.8
Pennsylvania - 22.4
Virginia 2.6 8.5
West Virginia 2.1 5.7
7.9 44.4
Other .6 4.0
$17.4 $119.1
</TABLE>
<PAGE>
- 8 -
(1) Changes in revenues from fuel and energy cost adjustment
clauses have little effect on consolidated net income.
(2) Reflects rate increases on an annual basis of about $11.3
million in Maryland effective February 25, 1993, a $61.6
million increase in base rates in Pennsylvania effective May
18, 1993, a surcharge of $3.9 million in West Virginia
effective July 1, 1992, which was increased to $10.9 million
effective July 1, 1993 and further increased to $19.6 million
effective July 1, 1994, for recovery of carrying charges on
costs to comply with the Clean Air Act Amendments of 1990
(CAAA), a $10.0 million base rate increase in Virginia
effective September 28, 1993 (including amounts subject to
refund for which estimated liabilities have been recorded), and
cogeneration project and energy conservation surcharges in
Maryland effective January 5, 1994 and May 5, 1994,
respectively.
KWh sales to and revenues from nonaffiliated utilities
are comprised of the following items:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1994 1993 1994 1993
KWh sales (in billions):
<S> <C> <C> <C> <C>
From subsidiaries' generation .2 - .9 1.1
From purchased power 1.8 2.8 6.8 8.2
2.0 2.8 7.7 9.3
Revenues (in millions):
From subsidiaries' generation $ 5.1 $ .9 $ 25.0 $ 26.8
From sales of purchased power 70.5 78.5 236.9 235.1
$75.6 $ 79.4 $261.9 $261.9
</TABLE>
Sales from subsidiaries' generation increased in the
third quarter because of the decrease in weather-related kWh sales to
retail customers and the availability of subsidiaries' generating units.
Sales from purchased power varies depending on the availability of eastern
utilities' generating equipment, demand for energy, and competition.
About 95% of the aggregate benefits from sales to nonaffiliated utilities
is passed on to retail customers and has little effect on consolidated net
income.
OPERATING EXPENSES
Fuel expenses for the third quarter and first nine
months of 1994 increased 4% and 2%, respectively, due primarily to
increases of 6% and 2%, respectively, in kWh's generated. Fuel expenses
are primarily subject to deferred power cost accounting procedures with
the result that changes in fuel expenses have little effect on
consolidated net income.
<PAGE>
- 9 -
"Purchased power and exchanges, net" represents power
purchases from and exchanges with other utilities and purchases from
qualified facilities under the Public Utility Regulatory Policies Act of
1978 (PURPA), and is comprised of the following items:
Three Months Ended Nine Months Ended
September 30 September 30
1994 1993 1994 1993
(Millions of Dollars)
Purchased power:
For resale to other utilities $ 62.7 $ 69.3 $209.6 $207.3
From PURPA generation 33.4 24.4 98.2 74.8
Other 8.4 16.9 31.2 23.4
Total power purchased 104.5 110.6 339.0 305.5
Power exchanges, net (2.9) (2.4) (2.1) (4.5)
$101.6 $108.2 $336.9 $301.0
The amount of power purchased from other utilities for
use by subsidiaries and for resale to other utilities depends upon the
availability of subsidiaries' generating equipment, transmission capacity,
and fuel, and their cost of generation and the cost of operations of other
utilities from which such purchases are made. The cost of power purchased
for use by the subsidiaries, including power from PURPA generation, is
mostly recovered from customers currently through the regular fuel and
energy cost recovery procedures followed by the subsidiaries' regulatory
commissions and is primarily subject to deferred power cost procedures
with the result that changes in such costs have little effect on
consolidated net income. As described under SALES AND REVENUES above, the
decrease in weather-related sales to retail customers, combined with the
availability of subsidiaries' generating units and the requirement to
purchase higher-priced PURPA generation, resulted in decreased purchases
from other utilities in the third quarter. The primary reason for the
fluctuation in purchases for resale to other utilities is also described
under SALES AND REVENUES above.
The increases in other operation expenses resulted
primarily from first quarter charges for previously reported asbestos
suits and a Superfund site cleanup, increased provisions for uncollectible
accounts, and increases in salaries and wages and employee benefit costs.
These expenses are expected to increase in the fourth quarter due to
pension plan funding requirements.
Maintenance expenses represent costs incurred to
maintain the power stations, the transmission and distribution (T&D)
system, and general plant, and reflect routine maintenance of equipment
and rights-of-way as well as planned major repairs and unplanned
expenditures, primarily from forced outages at the power stations and
periodic storm damage on the T&D system. In early January 1994,
Monongahela Power Company experienced the worst storm in that company's
history with nearly $7 million of damage to its facilities. The expenses
were deferred and will be amortized over a five-year period beginning in
November 1994, concurrent with recovery from customers. The subsidiaries
are experiencing, and expect to continue to experience, increased
expenditures due to the aging of their power stations. Variations in
maintenance expense result primarily from unplanned events and planned
major projects, which vary in timing and magnitude depending upon the
length of time equipment has been in service without a major overhaul, the
amount of work found necessary when equipment is dismantled, and outage
requirements to comply with the CAAA.
<PAGE>
- 10-
The increases in depreciation expense for the third
quarter and first nine months of 1994 resulted primarily from additions to
electric plant. Because of the increased levels of capital expenditures
as a result of the CAAA and the replacement of aging equipment at the
subsidiaries' power stations, depreciation expense is expected to increase
significantly over the next few years, including an increase in the fourth
quarter of 1994 commensurate with the in-service date of the Harrison
Power Station scrubber project.
Taxes other than income taxes increased $1.9 million
for the quarter and $5.9 million for the first nine months due to
increases in gross receipts taxes resulting from higher revenues from
retail customers ($.7 million and $4.0 million) and payroll taxes ($.6
million and $1.3 million), and for the quarter from increased West
Virginia Business and Occupation taxes ($.9 million). The variances in
federal and state income taxes for the third quarter and first nine months
resulted primarily from changes in income before taxes.
The decrease of $2.0 million in allowance for funds
used during construction (AFUDC) for the first nine months reflect
increases in the current recovery of carrying charges on CAAA expenditures
in lieu of recording AFUDC. The increase of $1.0 million for the third
quarter resulted primarily from a prior period adjustment recorded in
1993.
Interest on long-term debt decreased $5.7 million for
the first nine months due primarily to interest savings from debt
refinancings in 1993. Fluctuations in other interest expense as well as
other income, net, reflect changes in the levels of short-term debt and
temporary investments maintained by the companies.
LIQUIDITY AND CAPITAL RESOURCES
The Company's discussion on Liquidity and Capital
Resources in the Allegheny Power System companies' combined Annual Report
on Form 10-K for the year ended December 31, 1993, should be read with the
following information.
On November 9, 1994, the Public Service Commission of West
Virginia issued an order in the Monongahela Power Company and The Potomac
Edison Company base rate cases, summarily affirming the Administrative Law
Judge's (ALJ) recommended decisions of September 30, 1994. The order
authorized an increase in annual revenues of $23.5 million effective November
16, 1994 for Monongahela Power, and $1.5 million effective November 11, 1994 for
Potomac Edison. Due to time constraints which precluded the Commission from
addressing the exceptions filed on the ALJ's recommendations, the Commission
invited the parties to file petitions for reconsideration of issues raised in
the exceptions. Monongahela Power and Potomac Edison plan to file a petition
for reconsideration and, in the meantime, will place the new rates in effect
subject to further revisions when the Commission completes its reconsideration.
On March 31, 1994, West Penn Power Company filed with
the Pennsylvania Public Utility Commission (PUC) for an increase in retail
base rates of about $80.1 million in additional annual revenues. On
October 28, 1994, the PUC ALJ recommended that West Penn receive $43.8
million (less $2.1 million for wholesale customers) of the requested
increase in base rates. West Penn plans to file exceptions to the ALJ's
recommendation.
On June 22, 1994, The Potomac Edison Company filed with
the Virginia State Corporation Commission for an increase in electric
rates that would result in about $12.5 million in additional revenues on
an annual basis when combined with interim rates now in effect (subject to
refund) from an earlier filing.
<PAGE>
- 11 -
On September 20, 1994, the Maryland Public Service
Commission approved a Settlement Agreement that will increase The Potomac
Edison Company's annual revenues from its Maryland customers by $19.6
million including a $4.9 million per-year CAAA surcharge that became
effective in May 1994. The rate increase will become effective November 11,
1994.
These increases, along with additional rate increase
requests at the Federal Energy Regulatory Commission for wholesale
customers and a rate increase request to be filed in Ohio, include
recovery of the remaining carrying charges on investment, depreciation,
and operating costs required to comply with Phase I of the CAAA, and other
increasing levels of expenses. It is expected that the subsidiaries will
begin to receive additional revenues from these rate cases on or about the
time they begin to incur additional depreciation and operating costs for
the Harrison Power Station scrubbers to be placed in operation.
Regulatory assets increased $23 million in the first
nine months of 1994 due primarily to deferred expenses for a Maryland
demand-side management program ($7 million), increased deferred tax
liabilities to be recovered in future rates ($5 million), and the
reclassification of several existing regulatory assets from other deferred
charges and plant in service ($6 million).
In the normal course of business, the subsidiaries are
subject to various contingencies and uncertainties relating to their
operations and construction programs, including cost recovery in the
regulatory process, laws, regulations and uncertainties related to
environmental matters, and legal actions.
As previously reported, the subsidiaries are currently
named as defendants along with multiple other defendants in 2,343 pending
asbestos cases involving multiple plaintiffs, including 91 new cases filed
in the third quarter of 1994. While the cumulative number of claims
appears to be significant, previous cases have been settled for an amount
substantially less than the anticipated cost of defense, and it is
believed that more than half of the cases relate solely to other
defendants. The subsidiaries believe that the remaining cases involving
them are without merit and that provisions for liabilities and insurance
recoveries are such that these suits will not have a material effect on
their financial position.
The subsidiaries previously reported that the
Environmental Protection Agency (EPA) had identified them and
approximately 875 others as potentially responsible parties in a Superfund
site subject to cleanup. A Remedial Investigation/Feasibility Study
prepared by the EPA indicates remedial alternatives which range as high as
$113 million, to be shared by all responsible parties. The EPA has not
yet selected which remedial alternative it will use. The subsidiaries
believe they have defenses to allegations of liability and intend to
vigorously defend this matter. Although it is not possible at this time
to determine what costs, if any, the subsidiaries may incur, they have
recorded provisions for liabilities based on the range of remediation cost
estimates and their relative participation, along with the approximately
875 others. The subsidiaries believe that provisions for liabilities and
insurance recoveries are such that final resolution of this matter will
not have a material effect on their financial position.
<PAGE>
- 12 -
ALLEGHENY POWER SYSTEM, INC.
Part II - Other Information to Form 10-Q
for Quarter Ended September 30, 1994
ITEM 5. OTHER INFORMATION
Effective September 1, 1994, Alan J. Noia has been named
President and Chief Operating Officer of the Company. On September 8,
1994, the Board of Directors elected Wendell F. Holland, a partner in the
law firm of LeBoeuf, Lamb, Greene & MacRae, and Alan J. Noia to the Boards
of Directors of the Company and its subsidiaries.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(b) No reports on Form 8-K were filed on behalf of the
Company for the quarter ended September 30,1994.
Signature
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
ALLEGHENY POWER SYSTEM, INC.
K. M. JONES
K. M. Jones, Vice President
(Chief Accounting Officer)
November 14, 1994
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000003673
<NAME> ALLEGHENY POWER SYSTEM, INC.
<MULTIPLIER> 1,000
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-START> JAN-01-1993
<PERIOD-END> SEP-30-1994
<EXCHANGE-RATE> 1
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<CURRENT-LIABILITIES> 430,770
<BONDS> 2,164,445
<COMMON> 148,618
25,200
300,086
<OTHER-SE> 1,861,671
<TOTAL-LIABILITY-AND-EQUITY> 6,145,101
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