<PAGE>
<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-3545
FLORIDA POWER & LIGHT COMPANY
(Exact name of registrant as specified in its charter)
Florida 59-0247775
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
(407) 694-4647
(Registrant's telephone number, including area code)
Indicate by check mark whether 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. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common Stock, No Par Value, outstanding at April 30, 1995: 1,000
shares
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
OPERATING REVENUES ........................................................... $1,156,269 $1,155,789
OPERATING EXPENSES:
Fuel, purchased power and interchange ...................................... 344,872 364,814
Other operations and maintenance ........................................... 231,889 269,752
Depreciation and amortization .............................................. 197,774 164,320
Income taxes ............................................................... 68,190 64,632
Taxes other than income taxes .............................................. 127,928 121,202
Total operating expenses ................................................. 970,653 984,720
OPERATING INCOME ............................................................. 185,616 171,069
OTHER INCOME - NET ........................................................... 3,920 7,020
INTEREST CHARGES - NET ....................................................... 70,094 69,534
NET INCOME ................................................................... 119,442 108,555
PREFERRED STOCK DIVIDEND REQUIREMENTS ........................................ 12,153 9,930
NET INCOME AVAILABLE TO FPL GROUP, INC. ...................................... $ 107,289 $ 98,625
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in Florida Power
& Light Company's (FPL) 1994 Annual Report on Form 10-K (Form 10-
K).
<PAGE>
<PAGE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31,
1995 December 31,
(Unaudited) 1994
(Thousands of Dollars)
<S> <C> <C>
ELECTRIC UTILITY PLANT:
At original cost, including nuclear fuel and construction work in progress $16,222,001 $16,138,641
Less accumulated depreciation and amortization ........................... 6,297,348 6,132,488
Electric utility plant - net ........................................... 9,924,653 10,006,153
CURRENT ASSETS:
Cash and cash equivalents ................................................ 103,146 535
Customer receivables, net of allowances of $10,110 and $11,518 ........... 383,210 458,047
Materials, supplies and fossil fuel stock - at average cost .............. 289,802 292,601
Other .................................................................... 140,056 81,290
Total current assets ................................................... 916,214 832,473
OTHER ASSETS:
Special use funds ........................................................ 466,529 435,117
Unamortized debt reacquisition costs and litigation items ................ 376,233 402,978
Other .................................................................... 150,644 144,731
Total other assets ..................................................... 993,406 982,826
TOTAL ASSETS ............................................................... $11,834,273 $11,821,452
CAPITALIZATION:
Common shareholder's equity .............................................. $ 4,197,244 $ 4,185,586
Preferred stock without sinking fund requirements ........................ 451,250 451,250
Preferred stock with sinking fund requirements ........................... 54,000 94,000
Long-term debt ........................................................... 3,296,307 3,581,157
Total capitalization ................................................... 7,998,801 8,311,993
CURRENT LIABILITIES:
Accounts payable ......................................................... 239,899 306,616
Debt and preferred stock due within one year ............................. 413,853 111,350
Other .................................................................... 737,439 686,811
Total current liabilities .............................................. 1,391,191 1,104,777
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ........................................ 1,296,513 1,259,822
Unamortized regulatory and investment tax credits ........................ 492,585 498,703
Other .................................................................... 655,183 646,157
Total other liabilities and deferred credits ........................... 2,444,281 2,404,682
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ....................................... $11,834,273 $11,821,452
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL's 1994
Form 10-K.
<PAGE>
<PAGE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .................................................................... $ 119,442 $ 108,555
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ............................................. 197,774 164,320
Deferred income taxes and unamortized regulatory and investment tax credits 30,573 32,271
Other ..................................................................... 78,628 31,021
Net cash provided by operating activities ................................... 426,417 336,167
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1) ...................................................... (127,069) (131,365)
Other ......................................................................... (7,498) (7,249)
Net cash used in investing activities ....................................... (134,567) (138,614)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuances of debt ............................................................. 58,630 86,350
Retirement of debt and preferred stock ........................................ (81,225) (126,890)
Dividends ..................................................................... (105,484) (91,095)
Other ......................................................................... (61,160) (33,796)
Net cash used in financing activities ....................................... (189,239) (165,431)
Net increase in cash and cash equivalents ....................................... 102,611 32,122
Cash and cash equivalents at beginning of period ................................ 535 7,316
Cash and cash equivalents at end of period ...................................... $ 103,146 $ 39,438
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) ............................ $ 84,500 $ 78,785
Cash paid for income taxes .................................................... $ 10,520 $ 15,774
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations ........................................ $ 12,114 $ 4,775
(1) Capital expenditures exclude allowance for equity funds used during construction.
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL's 1994
Form 10-K.
<PAGE>
<PAGE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying condensed consolidated financial statements should
be read in conjunction with FPL's 1994 Form 10-K. In the opinion of
FPL, all adjustments (consisting only of normal recurring accruals)
necessary to present fairly the financial position as of March 31,
1995, and the results of operations and cash flows for the three
months ended March 31, 1995 and 1994, have been made. Certain
amounts included in the prior year's condensed consolidated financial
statements have been reclassified to conform to the current year's
presentation. The results of operations for an interim period may
not give a true indication of results for the year.
1. Capitalization
Preferred Stock - In April 1995, FPL redeemed 400,000 shares of its
8.625% Preferred Stock, Series R, $100 Par Value.
Long-Term Debt - In March 1995, FPL sold a total of $58.6 million
principal amount of Pollution Control Revenue Refunding Bonds,
maturing in April 2020 and March 2027, at an initial variable
interest rate of 2.9%. The proceeds, placed in trust and included in
current assets - other at March 31, 1995, were used to redeem in
April 1995 a like principal amount of Pollution Control Revenue
Bonds, maturing in 2020 at a 10% interest rate. In April 1995, FPL
redeemed $66.2 million principal amount of 9 3/8% First Mortgage
Bonds, due July 2019. In addition, through April 1995, FPL purchased
on the open market and retired $26 million principal amount of
various series of first mortgage bonds. In early May 1995, FPL
called for redemption in June 1995, $28.5 million of Pollution
Control Revenue Bonds.
At March 31, 1995, $200 million of commercial paper, which previously
was classified as long-term debt, has been reclassified as a current
liability because FPL no longer intends to maintain this level of
commercial paper usage for the foreseeable future. During the second
quarter of 1995 FPL began liquidating portions of this balance.
2. Commitments and Contingencies
Capital Commitments - FPL has made commitments in connection with a
portion of its projected capital expenditures. Capital expenditures
for the construction or acquisition of additional facilities and
equipment to meet customer demand are estimated to be $3.0 billion,
including allowance for funds used during construction (AFUDC), for
the years 1995 through 1999. Included in this five-year forecast are
capital expenditures for 1995 of $712 million, of which $130 million,
including AFUDC, had been spent through March 31, 1995.
Insurance - Liability for accidents at nuclear power plants is
governed by the Price-Anderson Act, which limits the liability of
nuclear reactor owners to the amount of the insurance available from
private sources and under an industry retrospective payment plan. In
accordance with this Act, FPL maintains $200 million of private
liability insurance, which is the maximum obtainable, and
participates in a secondary financial protection system under which
it is subject to retrospective assessments of up to $317 million per
incident at any nuclear utility reactor in the United States, payable
at a rate not to exceed $40 million per incident per year.
FPL participates in insurance pools and other arrangements that
provide $2.75 billion of limited insurance coverage for property
damage, decontamination and premature decommissioning risks at its
nuclear plants. The proceeds from such insurance, however, must
first be used for reactor stabilization and site decontamination
before they can be used for plant repair. FPL also participates in
an insurance program that provides limited coverage for replacement
power costs if a plant is out of service because of an accident. In
the event of an accident at one of FPL's or another participating
insured's nuclear plants, FPL could be assessed up to $77 million in
retrospective premiums, and in the event of a subsequent accident at
such nuclear plants during the policy period, the maximum aggregate
assessment is $93 million under the programs in effect at March 31,
1995. This contingent liability would be partially offset by a
portion of FPL's storm and property insurance reserve, which totaled
$101 million at March 31, 1995.
In the event of a catastrophic loss at one of FPL's nuclear plants,
the amount of insurance available may not be adequate to cover
property damage and other expenses incurred. Uninsured losses, to
the extent not recovered through rates, would be borne by FPL and
could have a material adverse effect on FPL's financial condition.
FPL self-insures certain of its transmission and distribution (T&D)
property due to the high cost and limited coverage available from
third-party insurers. Costs incurred under the self-insurance
program will be charged against FPL's storm fund. Recovery from
ratepayers of any losses in excess of the storm fund will require the
approval of the
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Florida Public Service Commission (FPSC). FPL's available lines of
credit include $300 million to provide additional liquidity in the
event of a T&D property loss.
Contracts - FPL has entered into certain long-term purchased power
and fuel contracts. Take-or-pay purchased power contracts with the
Jacksonville Electric Authority (JEA) and with subsidiaries of the
Southern Company provide approximately 1,300 megawatts (mw) of power
through mid-2010 and 374 mw through 2022. FPL also has various firm
pay-for-performance contracts to purchase approximately 1,000 mw from
certain cogenerators and small power producers (qualifying
facilities) with expiration dates ranging from 2002 through 2026.
The purchased power contracts provide for capacity and energy
payments. Energy payments are based on the actual power taken under
these contracts. Capacity payments for the pay-for-performance
contracts are subject to the qualifying facilities meeting certain
contract obligations. The fuel contracts provide for the
transportation and supply of natural gas and the supply and use of
Orimulsion. Orimulsion is a new fuel which FPL expects to begin
using in 1998, subject to environmental approvals. In no year are
the obligations under the fuel contracts expected to exceed usage
requirements.
The required capacity payments through 1999 under these contracts are
estimated to be as follows:
<TABLE>
<CAPTION>
1995 1996 1997 1998 1999
(Millions of Dollars)
<S> <C> <C> <C> <C> <C>
Capacity payments:
JEA .............................................................. $ 80 $ 80 $ 80 $ 80 $ 90
Southern Companies ............................................... $140 $140 $140 $130 $130
Qualifying facilities ............................................ $190 $300 $310 $320 $340
Minimum payments, at projected prices:
Natural gas ...................................................... $180 $200 $200 $210 $200
Orimulsion ....................................................... - - - $130 $160
</TABLE>
Capacity and energy charges under these contracts were as follows:
<TABLE>
<CAPTION>
Three Months Ended March 31,
1995 Charges 1994 Charges
Capacity Energy(1) Capacity Energy(1)
(Millions of Dollars)
<S> <C> <C> <C> <C>
JEA .................................................... $21(2) $11 $21(2) $10
Southern Companies ..................................... $39(3) $21 $57(3) $33
Qualifying facilities .................................. $37(3) $20 $29(3) $15
(1) Recovered through the fuel and purchased power cost recovery clause.
(2) Recovered through base rates and the capacity cost recovery clause (capacity clause).
(3) Recovered through the capacity clause.
</TABLE>
Natural gas payments under the gas contracts, which were recovered
through the fuel clause, were $67 million and $46 million for the three
months ended March 31, 1995 and 1994, respectively.
Litigation - Union Carbide Corporation sued FPL and Florida Power
Corporation alleging that, through a territorial agreement approved by the
FPSC, they conspired to eliminate competition in violation of federal
antitrust laws. Praxair, Inc., an entity that was formerly a unit of Union
Carbide, has been substituted as the plaintiff. The suit seeks treble
damages of an unspecified amount based on alleged higher prices paid
for electricity and product sales lost. Cross motions for summary
judgment were denied. Both parties are appealing the denials.
A suit brought by the partners in a cogeneration project located in Dade
County, Florida, alleges that FPL and certain affiliated companies have
engaged in anti-competitive conduct intended to eliminate competition
from cogenerators generally, and from their facility in particular, in
violation of federal antitrust laws and have wrongfully interfered with the
cogeneration project's contractual relationship with Metropolitan Dade
County. The suit seeks damages in excess of $100 million, before
trebling under antitrust laws, plus other unspecified compensatory and
punitive damages. FPL's motion for summary judgment was denied.
FPL is appealing the denial.
The Florida Municipal Power Agency (FMPA), an organization comprised
of municipal electric utilities, has sued FPL for allegedly breaching a
"contract" to provide transmission service to the FMPA and its members
and for breaching antitrust laws by monopolizing or attempting to
monopolize the provision, coordination and transmission of electric
power in refusing to provide transmission service, or to permit the FMPA
to invest in and use FPL's transmission
<PAGE>
<PAGE>
system, on the FMPA's proposed terms. The FMPA seeks $140 million
in damages, before trebling for the antitrust claim, and court orders
requiring FPL to permit the FMPA to invest in and use FPL's
transmission system on "reasonable terms and conditions" and on a
basis equal to FPL. In December 1993, a district court granted summary
judgment in favor of FPL. The FMPA has appealed.
FPL believes that it has meritorious defenses to all of the litigation
described above and is vigorously defending these suits. Accordingly,
the liabilities, if any, arising from these proceedings are not anticipated
to have a material adverse effect on FPL's financial statements.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
This discussion should be read in conjunction with the Notes to the
Condensed Consolidated Financial Statements contained herein and
Management's Discussion and Analysis of Financial Condition and
Results of Operations appearing in FPL's 1994 Form 10-K. The results
of operations for an interim period may not give a true indication of
results for the year. In the following discussion, all comparisons are with
the corresponding items in the prior year.
RESULTS OF OPERATIONS
FPL's operating results for the three months ended March 31, 1995
benefitted from customer growth, combined with continued attention to
cost control. Partially offsetting these factors were higher depreciation
and a reduction in AFUDC.
While total operating revenues were essentially unchanged, FPL's
revenues from base rates increased to $718 million for the three months
ended March 31, 1995 from $695 million for the same period in 1994.
The increase was primarily due to higher retail energy sales and the
effect on wholesale revenues of a brief period of cold weather in
February. Retail energy sales increased 2.2%, primarily attributable to a
2.0% growth in customers. Revenues from cost recovery clauses
(including fuel) and franchise fees, which represent a pass-through of
costs and do not significantly affect net income, declined due to lower
fuel costs.
The decrease in other operations and maintenance expenses reflects
expenses incurred in the prior year associated with a nuclear refueling
outage, as well as management's ongoing efforts to control costs. The
placement in service of the Martin Units Nos. 3 and 4 in February and
April of 1994 resulted in an increase in depreciation expense and a
decrease in AFUDC (included in other income - net). Depreciation
expense was further affected by an increase in nuclear decommissioning
and fossil dismantlement approved on an interim basis by the FPSC and
the amortization in the current period of deferred litigation items. In
keeping with management's focus on reducing investment in certain
assets used in utility operations, FPL requested and the FPSC approved
the amortization of the deferred litigation items over a period not to
exceed five years. FPL has also proposed to the FPSC a special
amortization of its nuclear units totaling $30 million per year, plus an
additional amount based on the level of sales achieved for 1995 and
1996.
LIQUIDITY AND CAPITAL RESOURCES
Based on available cash flows from operations, FPL has redeemed
certain series of its preferred stock and first mortgage bonds and
reduced the level of commercial paper, consistent with management's
intent to further reduce debt balances. Preferred stock dividends in 1995
include the premium paid on the redemption of 400,000 shares of the
8.625% Preferred Stock, Series R, $100 Par Value. See Note 1.
For information concerning capital commitments, see Note 2.
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item 5. Other Information
(1) Reference is made to Item 1. Business - Retail Ratemaking in FPL's
1994 Form 10-K.
FPL was required to file historic and projected revenues and cost
data with the FPSC by April 30, 1995. FPL has received permission
from the FPSC to delay this filing until July 31, 1995, pending
consideration by the Florida legislature to eliminate this
requirement for Florida electric utilities.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Description
*4(a) Mortgage and Deed of Trust dated as of January 1,
1944, and Ninety-five Supplements thereto between
FPL and Bankers Trust Company and The Florida
National Bank of Jacksonville (now First Union National
Bank of Florida) Trustees (as of September 2, 1992,
the sole trustee is Bankers Trust Company) (filed as
Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No.
2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File
No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit
4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491;
Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File
No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit
4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File
No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit
4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File
No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit
2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677;
Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No.
2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c),
File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit
2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312;
Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File
No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit
2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712;
Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No.
2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c),
File No. 2-56228; Exhibits 2(c) and 2(d), File
No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701;
Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No.
2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c),
File No. 2-70767; Exhibit 4(b), File No. 2-71542;
Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and
4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629;
Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to
Post-Effective Amendment No. 5 to Form S-8, File
No. 33-18669; Exhibit 99(a) to Post-Effective
Amendment No. 1 to Form S-3, File No. 33-46076;
Exhibit 4(b) to Form 10-K for the year ended
December 31, 1993, File No. 1-3545; and Exhibit 4(i)
to Form 10-Q for the quarter ended June 30, 1994, File
No. 1-3545)
12 Computation of Ratios
27 Financial Data Schedule
* Incorporated herein by reference
(b) Reports on Form 8-K
None
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<PAGE>
SIGNATURES
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.
FLORIDA POWER & LIGHT COMPANY
(Registrant)
MICHAEL W. YACKIRA
Michael W. Yackira
Senior Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)
Date: May 11, 1995
EXHIBIT 12
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS
<TABLE>
<CAPTION>
Three Months Ended
March 31, 1995
(Thousands of Dollars)
RATIO OF EARNINGS TO FIXED CHARGES
<S> <C>
Earnings, as defined:
Net income ........................................................................ $119,442
Income taxes ...................................................................... 67,554
Fixed charges, as below ........................................................... 77,258
Total earnings, as defined ...................................................... $264,254
Fixed charges, as defined:
Interest expense .................................................................. $ 71,918
Rental interest factor ............................................................ 1,730
Fixed charges included in nuclear fuel cost ....................................... 3,610
Total fixed charges, as defined ................................................. $ 77,258
Ratio of earnings to fixed charges .................................................. 3.42
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
Earnings, as defined:
Net income ........................................................................ $119,442
Income taxes ...................................................................... 67,554
Fixed charges, as below ........................................................... 77,258
Total earnings, as defined ...................................................... $264,254
Fixed charges, as defined:
Interest expense .................................................................. $ 71,918
Rental interest factor ............................................................ 1,730
Fixed charges included in nuclear fuel cost ....................................... 3,610
Total fixed charges, as defined ................................................. 77,258
Non-tax deductible preferred stock dividend requirements ............................ 12,153
Ratio of income before income taxes to net income ................................... 1.57
Preferred stock dividend requirements before income taxes ........................... 19,080
Combined fixed charges and preferred stock dividend requirements .................... $ 96,338
Ratio of earnings to combined fixed charges and preferred stock
dividend requirements............................................................ 2.74
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from FPL's condensed consolidated balance sheet as of March 31,
1995 and condensed consolidated statements of income and cash flows for the three months ended March 31, 1995 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<PERIOD-TYPE> 3-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $9,924,653
<OTHER-PROPERTY-AND-INVEST> $466,529
<TOTAL-CURRENT-ASSETS> $916,214
<TOTAL-DEFERRED-CHARGES> $376,233
<OTHER-ASSETS> $150,644
<TOTAL-ASSETS> $11,834,273
<COMMON> $0
<CAPITAL-SURPLUS-PAID-IN> $0
<RETAINED-EARNINGS> $0
<TOTAL-COMMON-STOCKHOLDERS-EQ> $4,197,244
$54,000
$451,250
<LONG-TERM-DEBT-NET> $3,296,307
<SHORT-TERM-NOTES> $0
<LONG-TERM-NOTES-PAYABLE> $0
<COMMERCIAL-PAPER-OBLIGATIONS> $0
<LONG-TERM-DEBT-CURRENT-PORT> $0
$0
<CAPITAL-LEASE-OBLIGATIONS> $0
<LEASES-CURRENT> $0
<OTHER-ITEMS-CAPITAL-AND-LIAB> $3,835,472
<TOT-CAPITALIZATION-AND-LIAB> $11,834,273
<GROSS-OPERATING-REVENUE> $1,156,269
<INCOME-TAX-EXPENSE> $68,190
<OTHER-OPERATING-EXPENSES> $902,463
<TOTAL-OPERATING-EXPENSES> $970,653
<OPERATING-INCOME-LOSS> $185,616
<OTHER-INCOME-NET> $3,920
<INCOME-BEFORE-INTEREST-EXPEN> $189,536
<TOTAL-INTEREST-EXPENSE> $0
<NET-INCOME> $119,442
$12,153
<EARNINGS-AVAILABLE-FOR-COMM> $107,289
<COMMON-STOCK-DIVIDENDS> $0
<TOTAL-INTEREST-ON-BONDS> $0
<CASH-FLOW-OPERATIONS> $426,417
<EPS-PRIMARY> $0
<EPS-DILUTED> $0
</TABLE>
