File No. 69-197
Form U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Statement by Holding Company Claiming Exemption Under Rule U-3A-2
from the Provisions of the Public Utility Holding Company Act of 1935.
GREEN MOUNTAIN POWER CORPORATION
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. This
annual statement is being filed in connection with the ownership by
Green Mountain Power Corporation (the "Company") of (1) 17.9% of the
outstanding common stock of Vermont Yankee Nuclear Power Corporation
("Vermont Yankee") (see File No.70-4435) and (2) 29.5% of the
outstanding common stock (Class B) and 30.0% of the outstanding
preferred stock (Class C) of Vermont Electric Power Company, Inc.
("VELCO") (see Application under Section 10 of the Public Utility
Holding Company Act of 1935 by the Company on Form U-1, File No. 70-
4840, Administrative Proceeding No. 3-2330, and Order of the Securities
and Exchange Commission, dated March 11, 1970, in connection therewith,
and Holding Company Act Release No. 16632). In addition, the Company
has an indirect ownership interest in Vermont Electric Transmission
Company, Inc. ("VETCO"), a wholly-owned subsidiary of VELCO.
The Company owns 100% of the outstanding common stock of Mountain
Energy, Inc., Green Mountain Propane Gas Company, Vermont Energy
Resources, Inc., GMP Real Estate Corporation and Lease-Elec, Inc. None
of these companies are, at the present time, a "public utility company"
as defined in the Act.
In support of the Company's claim for exemption, the following
information is submitted.
1. Name, state of organization, location and nature of business
of claimant and every subsidiary thereof, other than any exempt
wholesale generator (EWG) or foreign utility company in which claimant
directly or indirectly holds an interest.
GREEN MOUNTAIN POWER CORPORATION
The Company was incorporated under the laws of the State of Vermont
on April 7, 1893, and has its principal executive office at 25 Green
Mountain Drive, South Burlington, Vermont.
The principal business of the Company is the generation and
purchase of electric energy and its transmission, distribution and sale
for light, power, heat and other purposes to approximately 79,000
customers as of December 31, 1993, in five service areas with an
estimated population of 195,000. The principal territory furnished with
electricity comprises an area of roughly twenty-five miles in width
extending ninety miles across north central Vermont between Lake
Champlain on the west and the Connecticut River on the east. Included
in this territory are the cities of Montpelier, Barre, South Burlington,
Vergennes and Winooski and the Village of Essex Junction, as well as a
number of smaller towns and communities. The Company also distributes
electricity in four noncontiguous areas located in southern and
southeastern Vermont that are interconnected with the Company's
principal service area through the transmission lines of VELCO and
others. Included in these areas are the communities of Vernon (where
the Vermont Yankee plant is located), Bellows Falls, White River
Junction, Wilder, Wilmington and Dover.
The Company supplies at wholesale a portion of the power
requirements of several municipalities and cooperatives in the State of
Vermont and one cooperative in the State of New Hampshire. In December
1986, the Company entered into an agreement to supply at wholesale the
total power requirements of The Bozrah Light and Power Company
("Bozrah") headquartered in Gilman, Connecticut. Deliveries of power
under that Agreement began in March 1987. The December 1986 Agreement
was terminated effective May 1993 with the approval by the Federal
Energy Regulatory Commission of a three-party agreement between the
Company, Connecticut Light and Power and Bozrah. In May and July of
1989, the Company entered into agreements with the Hardwick Electric
Department (Vermont) and the Northfield Electric Department (Vermont),
respectively, to supply at wholesale substantial power requirements of
each. Deliveries of power under the Hardwick agreement began in October
1989 and expired May 1993. Deliveries of power under the Northfield
agreement began in November 1989. The Company interchanges economy and
emergency power and energy with the New England Power Pool ("NEPOOL").
The Company is the sole stockholder of Mountain Energy, Inc., Green
Mountain Propane Gas Company, GMP Real Estate Corporation and Lease-
Elec, Inc., all incorporated under the laws of the State of Vermont.
The business of Mountain Energy, Inc. ("Mountain Energy") is to
participate in non-utility electric generation projects. In 1989,
Mountain Energy indirectly acquired a 7.1% limited partnership interest
in a new 71.9 MW wind generating facility that is operating northeast of
San Francisco. In 1992, Mountain Energy indirectly acquired a 50%
limited partnership interest in a 1.6 MW natural gas-fired cogeneration
facility that is operating near Chicago. In 1993, Mountain Energy
indirectly acquired: (1) a 1% general partnership interest and 49%
limited partnership interest in a limited partnership that owns certain
rights to a 1.4 MW hydroelectric facility that is operating near
Bakersfield, California; (2) a 36% limited partnership interest in a
demand side management project installed in Honolulu, Hawaii; and (3) a
25.7% limited partnership interest in a 50 MW wind generating facility
that is operating northeast of San Francisco. The business of Green
Mountain Propane Gas Company ("GMPGC") is to distribute propane gas to
approximately 14,500 customers. GMPGC is operated as an independent
subsidiary of the Company. The business of GMP Real Estate has
consisted of the construction, operation and lease to the Company of
certain assets, principally, the headquarters building for the Company
in South Burlington, Vermont, as well as two service centers in Bellows
Falls and Wilmington, Vermont. GMP Real Estate, however, has
transferred the bulk of the properties and the improvements thereon to a
third party which, in turn, has leased them to the Company. The
business of Lease-Elec consists of the rental and sale of electric
thermal storage heat equipment. It is presently dormant and does not
have any material assets and its business, in the aggregate, is not
significant to the Company. Mountain Energy, GMP Real Estate and Lease-
Elec are not public utilities and are not qualified to do business in
any state other than the State of Vermont. A Mountain Energy subsidiary
that owns a general partnership interest in the hydroelectric facility
described above is qualified to do business in California. GMPGC is not
a public utility and is qualified to do business in the State of Vermont
and the State of New Hampshire.
VERMONT YANKEE NUCLEAR POWER CORPORATION
Vermont Yankee was incorporated in Vermont on August 4, 1966, and
has its principal office at Ferry Road, RD #5, Brattleboro, Vermont.
The business of Vermont Yankee is the ownership and operation of a
nuclear power plant at Vernon, Vermont, and the sale of electricity at
the plant to those New England utilities, including the Company, who are
its sponsoring stockholders.
VERMONT ELECTRIC POWER COMPANY, INC.
VELCO was incorporated under the laws of the State of Vermont on
December 28, 1956, and has its principal office at Pinnacle Ridge Road,
Rutland, Vermont.
VELCO provides transmission services for all of the electric
distribution utilities in the State of Vermont. VELCO is reimbursed for
its costs (as defined in the agreements relating thereto) for the
transmission of power which VELCO transmits for the electric
distribution utilities.
VELCO has agreements for single-unit power purchases which it
resells at its cost to various electric distribution utilities in the
State of Vermont.
VELCO is a participant with all of the major electric utilities in
New England in the NEPOOL, acting for itself and as agent for twenty-two
other electric utilities in Vermont, including the Company, whereby the
generating and transmission facilities of all of the participants are
coordinated on a New England-wide basis through a central dispatching
agency to assure their operation and maintenance in accordance with
proper standards of reliability, and to attain the maximum practicable
economy for all of the participants through the interchange of economy
and emergency power.
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
VETCO, a wholly-owned subsidiary of VELCO, was incorporated under
the laws of the State of Vermont on May 13, 1982, and has its principal
office at Pinnacle Ridge Road, Rutland, Vermont.
VETCO has entered into a Phase I Vermont Transmission Line Support
Agreement with the New England utilities listed in Attachment A thereto
dated as of December 1, 1981, and associated agreements relating to the
Vermont portion of a transmission line interconnecting the electric
systems in New England with the electric system of Hydro-Quebec. Phase
I of the interconnection consists of a +-450 KV HVDC transmission line
from the Des Cantons Substation on the Hydro-Quebec system near
Sherbrooke, Canada, to a converter terminal having a capacity of 690 MW
at the Comerford Generating Station in New Hampshire on the Connecticut
River. The transmission line and terminal were declared to be in
commercial operation on October 1, 1986. Hydro-Quebec built the
Canadian portion of Phase I. VETCO constructed and operates the portion
from the Canadian border through Vermont to the New Hampshire border.
The terminal facility is owned by a subsidiary of the New England
Electric System ("NEES"). Phase II of the interconnection expanded the
Phase I capability to 2,000 MW through the extension of the +-450 KV
HVDC transmission line from the Comerford terminal in New Hampshire to a
terminal facility located at the Sandy Pond Substation in Massachusetts.
Agreements relative to this second phase have been executed by Hydro-
Quebec, NEPOOL and various New England utilities, including the Company.
VERMONT ENERGY RESOURCES, INC.
Vermont Energy Resources was incorporated under the laws of the
State of Vermont on July 30, 1974, and has its principal office at 25
Green Mountain Drive, South Burlington, Vermont.
Vermont Energy Resources entered into an Agreement for Joint
Ownership, Construction and Operation of the J. C. McNeil Generating
Station, dated October 5, 1982, (the "Joint Ownership Agreement") with
the City of Burlington Electric Department ("BED"), C. V. Realty, Inc.
and Vermont Public Power Supply Authority. The Joint Ownership
Agreement relates to the J. C. McNeil generating station, a 53-MW
(nominal rating) wood-fired electric generating station in Burlington,
Vermont and associated facilities (the "Station"). The Station began
commercial operation in June 1984. On January 10, 1984, Vermont Energy
Resources transferred its entire interest in the Station to the Company
as permitted by provisions of the Joint Ownership Agreement.
MOUNTAIN ENERGY, INC.
Mountain Energy, Inc., was incorporated under the laws of the State
of Vermont on December 11, 1989, and has its principal office at 25
Green Mountain Drive, South Burlington, Vermont.
Mountain Energy indirectly owns interests in four electric
generating assets, an electric energy efficiency project and no
transmission assets. In 1989, Mountain Energy made its first investment
by indirectly acquiring a 7.1% limited partnership interest in a new
71.9 MW wind generating facility being constructed northeast of San
Francisco, California. The first 20 MW of the facility became
operational in 1989, and the remaining 51.9 MW became operational in
1990. In 1992, Mountain Energy indirectly acquired a 50% limited
partnership interest in a 1.6 MW natural gas-fired cogeneration facility
operating near Chicago, Illinois. In 1993, Mountain Energy indirectly
acquired: (1) a 1% general partnership interest and 49% limited
partnership interest in a limited partnership that owns certain rights
to a 1.4 MW hydroelectric facility that is operating near Bakersfield,
California; (2) a 36% limited partnership interest in a demand side
management project installed in Honolulu, Hawaii; and (3) a 25.7%
limited partnership interest in a 50 MW wind generating facility that is
operating northeast of San Francisco. All of these generating
facilities are qualifying facilities, as defined by the Public Utility
Regulatory Policies Act.
2. A brief description of the properties of claimant and each of
its subsidiary public utility companies used for the generation,
transmission and distribution of electric energy for sale, or for the
production, transmission and distribution of natural or manufactured
gas, indicating the location of principal generating plants,
transmission lines, producing fields, gas manufacturing plants and
electric and gas distribution facilities, including all such properties
which are outside the State in which claimant and its subsidiaries are
organized, and all transmission or pipelines which deliver or receive
electric energy or gas at the borders of such State, is detailed below.
GREEN MOUNTAIN POWER CORPORATION
The Company's properties are operated as a single system serving
five areas in Vermont which are interconnected by transmission lines of
VELCO. The Company owns and operates eight hydroelectric generating
stations with a total nameplate rating of 35.2 MW and an estimated
effective capability of 35.7 MW, two gas turbine generating stations
with an aggregate nameplate rating of 65.6 MW and an aggregate effective
capability of 71.5 MW and two diesel generating stations with an
aggregate effective capability of 8.4 MW.
The Company had, at December 31, 1993, approximately 1.5 miles of
115 KV transmission lines, 9.4 miles of 69 KV transmission lines, 5.4
miles of 44 KV transmission lines, and 265.1 miles of 34.5 KV
transmission lines. Its distribution system included about 2,336 miles
of overhead lines of 2.4 to 34.5 KV and 392 miles of underground cable
of 2.4 to 34.5 KV. At such date, the Company owned approximately
156,775 Kva of substation transformer capacity in transmission
substations and 433,150 Kva of substation transformer capacity in
distribution substations and 1,207,299 Kva of transformers for stepdown
from distribution to customer use. All of the foregoing properties of
the Company are located in the State of Vermont.
The Company's system is interconnected at locations within the
State of Vermont with the lines of out-of-state utilities in New
Hampshire and Massachusetts at thirteen points along the eastern and
southern borders of the State. The transmission lines of the Company
are interconnected at four points in northeastern Vermont with the
transmission lines of utilities in the State of New Hampshire.
The Company is a participant, with other New England utilities, in
three major electric generating stations pursuant to joint ownership
agreements. Under each such Agreement, the lead participant has
undertaken to construct and operate the plant for all participants. The
Company is not the lead participant in these plants. The plants and
locations and the amount of the Company's participation, are as follows:
A. Wyman #4, Yarmouth, Maine -- 1.1% (7.1 MW) -- lead
participant is Central Maine Power Company;
B. Stony Brook #1, Ludlow, Massachusetts -- 8.8% (30.2 MW) -
- lead participant is Massachusetts Municipal Wholesale
Electric Company;
C. Joseph C. McNeil Generating Station, Burlington, Vermont
-- 11% (5.8 MW) -- lead participant is Burlington
Electric Department.
The Company has acquired title to its percentage interests in the
Wyman, Stony Brook and McNeil projects. Wyman became operational in
1979; Stony Brook in December 1981; and McNeil in June 1984.
VERMONT YANKEE NUCLEAR POWER CORPORATION
Vermont Yankee constructed a nuclear-powered electric generating
plant with a nameplate capability of 540 MW. The plant is located on
the Connecticut River in Vernon, Vermont.
VERMONT ELECTRIC POWER COMPANY, INC.
VELCO has no generating facilities, but has approximately 483 pole
miles of transmission lines and twenty-five associated substations
located in the State of Vermont. VELCO's properties interconnect with
the lines of the New York Power Authority at the New York-Vermont state
line near Plattsburgh, New York; with the transmission facilities of
Niagara Mohawk Power Corporation at the New York-Vermont state line near
Whitehall, New York and North Troy, New York; with lines of New England
Power Company at or near the New Hampshire-Vermont state line at Wilder,
Vermont, and at Monroe, New Hampshire, near Claremont, New Hampshire,
and at the Massachusetts-Vermont state line near North Adams,
Massachusetts; with the lines of Public Service Company of New Hampshire
at or near the New Hampshire-Vermont state line at Littleton, New
Hampshire, Ascutney, Vermont and Vernon, Vermont; and with the lines of
Hydro-Quebec at the Quebec-Vermont border near Highgate, Vermont through
an AC/DC/AC converter and 7.6 miles of transmission line jointly owned
by several Vermont utilities. All of its transmission facilities are in
Vermont, except for approximately 4.3 pole miles of transmission lines
in New Hampshire.
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
VETCO does not own any generating or distribution facilities. It
is not contemplated that VETCO will acquire any generating facilities.
VETCO owns and operates the 52-mile Vermont portion of the transmission
interconnection with Hydro-Quebec.
VERMONT ENERGY RESOURCES, INC.
Vermont Energy Resources does not have any generating, transmission
or distribution facilities in place. Its only material asset was its
11% ownership interest (5.8 MW) in the 53 MW J. C. McNeil Generating
Station in Burlington, Vermont. This asset was transferred to the
Company on January 10, 1984.
MOUNTAIN ENERGY, INC.
Mountain Energy, Inc. does not have any generating, transmission or
distribution facilities in place. It has five material assets: its
indirect ownership of (1) a 7.1% limited partnership interest in a 71.9
MW qualifying facility that uses wind turbines in California; (2) a 50%
limited partnership interest in a 1.6 MW qualifying facility that uses
natural gas in Illinois; (3) a 1% general partnership and 49% limited
partnership interest in a limited partnership that owns certain rights
to a 1.4 MW qualifying facility that uses hydropower in California; (4)
a 36% limited partnership interest in an energy efficiency project in
Hawaii; and (5) a 25.7% limited partnership interest in a 50 MW
qualifying facility that uses wind turbines in California.
3. Information for the last calendar year with respect to
claimant and each of its subsidiary public utility companies is as
follows:
A. Number of kWh of electric energy sold (at retail or
wholesale), and MCF of natural or manufactured gas
distributed at retail:
GREEN MOUNTAIN POWER CORPORATION
Year 1993
Electric 2,005,253,000*
Gas: None
*Does not include Vermont
Department of Public Service residential sales of
15,425,400 kWh
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1993
Electric: 3,371,149,000
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1993
Electric: 884,463,420
Gas: None
B. Number of kWh of electric
energy and MCF of natural or manufactured gas distributed
at retail outside the State in which each such company is
organized.
GREEN MOUNTAIN POWER CORPORATION
Year 1993
Electric: None
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1993
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1993
Electric: None
Gas: None
C. Number of kWh of electric energy and MCF of natural or
manufactured gas sold at wholesale outside the State in
which each such company is organized, or at the State
line:
GREEN MOUNTAIN POWER CORPORATION
Year 1993
Electric: 275,791,500
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1993
Electric: 1,517,467,050
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1993
Electric: None
Gas: None
D. Number of kWh of electric energy and MCF of natural or
manufactured gas purchased outside the State in which
each such company is organized, or at the State line:
GREEN MOUNTAIN POWER CORPORATION
Year 1993
Electric: 1,263,162,000
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1993
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1993
Electric: 639,989,390
Gas: None
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
and
VERMONT ENERGY RESOURCES, INC.
VETCO owns and operates a 52-mile transmission line as
part of the Phase I project. VETCO does not buy or sell
electric energy. VER transferred the J. C. McNeil
generation station to the Company before the station
became operational in 1984. Therefore, these companies
have not made any sales or purchases of electric energy
in 1993.
4. The following information for the reporting period with
respect to claimant and each interest it holds directly or indirectly in
an EWG or a foreign utility company, stating monetary amounts in United
States dollars:
A. Name, location, business address and description of the
facilities used by the EWG or foreign utility company for
the generation, transmission and distribution of electric
energy for sale or for the distribution at retail of
natural or manufactured gas.
None
B. Name of each system company that holds an interest in
such EWG or foreign utility company; and description of
the interest held.
None
C. Type and amount of capital invested, directly or
indirectly, by the holding company claiming exemption;
any direct or indirect guarantee of the security of the
EWG or foreign utility company by the holding company
claiming exemption; and any debt or other financial
obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption or
another system company, other than the EWG or foreign
utility company.
None
D. Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
None
E. Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or
goods sold and fees or revenues under such agreement(s).
None
EXHIBIT A
A consolidating statement of income and retained earnings of the
claimant and its subsidiary companies for the last calendar year,
together with a consolidating balance sheet of claimant and its
subsidiary companies as of the close of such calendar year are attached
hereto.
EXHIBIT B
Financial Data Schedule
1. Total Assets $291,854,552.00
2. Total Operating Revenues $147,253,359.00
3. Net Income $ 10,631,377.00
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
File No. 69-197
SIGNATURE PAGE
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, 1994.
GREEN MOUNTAIN POWER CORPORATION
(name of claimant)
(Corporate Seal)
By: /s/E. M. Norse
E. M. Norse, Vice President,
Chief Financial Officer and
Treasurer
[SEAL]
Attest:
/s/D. S. Laffan
D. S. Laffan
Corporate Secretary
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
/s/G. J. Purcell
G. J. Purcell
Controller
Green Mountain Power Corporation
25 Green Mountain Drive
P. O. Box 850
South Burlington, VT 05402-0850
EXHIBIT A
VERMONT YANKEE NUCLEAR POWER CORPORATION
STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
Operating revenues $180,144,800
Operating expenses
Fuel 19,526,541
Other operation expense 74,012,715
Maintenance expense 31,405,098
Depreciation and amortization expense 13,706,898
Decommissioning expense 11,315,127
Taxes on income 3,776,845
Property and other taxes 9,960,792
---------------
Total operating expenses 163,704,016
---------------
Net operating income 16,440,784
---------------
Other income and deductions
Decommissioning fund income 5,653,291
Decommissioning expense (5,653,291)
Other income 1,602,129
Allowance for equity funds used during construction 92,361
Other income deductions (284,149)
Taxes on other income (623,475)
---------------
Total other income and deductions 786,866
---------------
Income before interest charges 17,227,650
---------------
Interest charges
First mortgage bonds long-term debt, net 6,530,205
Other long-term debt 564,075
Interest on spent fuel disposal fee obligation 2,449,722
Other interest expense 187,033
Allowance for borrowed funds used during construction (296,638)
---------------
Total interest charges 9,434,397
---------------
Net income 7,793,253
Retained earnings at beginning of period 1,178,240
Dividends declared-common stock $100 par value 7,904,784
---------------
Retained earnings at end of period $1,066,709
===============
Net income 7,793,253
Weighted average number of common shares outstanding 392,481
Earnings per share of common stock 19.86
Dividends per share of common stock 20.14
VERMONT YANKEE NUCLEAR POWER CORPORATION
BALANCE SHEET
DECEMBER 31, 1993
ASSETS
UTILITY PLANT
Electric plant, at cost $374,736,190
Less accumulated depreciation 198,388,570
---------------
176,347,620
Construction work in progress 596,626
---------------
Net electric plant 176,944,246
---------------
Nuclear fuel at cost
Assemblies in reactor 69,063,266
Spent fuel 287,699,413
---------------
356,762,679
Less accumulated amortization 324,258,392
---------------
Net nuclear fuel 32,504,287
---------------
Net utility plant 209,448,533
---------------
CURRENT ASSETS
Cash and temporary investments 2,349,251
Accounts receivable 16,433,337
Income taxes receivable 322,627
Materials and supplies, net of amortizaton 17,081,399
Prepaid expenses 3,949,373
---------------
Total current and accrued assets 40,135,987
---------------
DEFERRED CHARGES
Deferred decommissioning costs 34,378,878
Accumulated deferred income tax 18,230,663
Deferred DOE enrichment site decontamination
and decommissioning fee 18,627,474
Net unamortized loss on reacquired debt 2,942,273
Unamortized debt expense 720,047
Other deferred debits 2,216,124
---------------
Total deferred charges 77,115,459
---------------
INVESTMENTS AND LONG-TERM FUNDS
Decommissioning fund 98,879,745
Spent fuel disposal fee defeasance fund 43,483,537
Other 706,651
---------------
143,069,933
---------------
Total assets $469,769,912
===============
VERMONT YANKEE NUCLEAR POWER CORPORATION
BALANCE SHEET
DECEMBER 31, 1993
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock investment $54,164,478
Long-term debt 79,636,133
---------------
Total capitalization 133,800,611
---------------
Spent fuel disposal fee 39,284,624
Accrued interest on spent fuel disposal fee 41,403,533
Current and accrued liabilities
Accounts payable 19,304,868
Accrued interest 634,769
Accrued taxes 1,205,586
Other postemployment benefits 1,745,701
Other current and accrued liabilities 9,129,523
---------------
Total current and accrued liabilities 32,020,447
---------------
Deferred credits and reserves
Accrued decommissioning costs 134,614,116
Accumulated deferred income taxes 56,477,675
Net regulatory tax liability 8,351,281
Accumulated deferred investment tax credit 7,012,692
Accrued DOE enrichment site decontamination
and decommissioning fee 15,966,406
Other deferred credits 838,527
---------------
Total deferred credits and reserves 223,260,697
---------------
Total capitalization and liabilities $469,769,912
===============
VERMONT ELECTRIC POWER COMPANY, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
Operating revenues
Transmission service $17,670,826
Rent of transmission facilities to others 220,632
Sales to other utilities 32,337,422
---------------
Total operating revenues 50,228,880
---------------
Operating expenses
Purchased power 32,337,422
Transmission expenses
Operation 1,520,973
Maintenance 1,513,183
Charges for transmission facilities of others 107,668
---------------
Total transmission expenses 3,141,824
Administrative and general expenses 4,036,434
Depreciation and amortization 3,753,154
Taxes other than income taxes 1,989,442
Income taxes 547,222
---------------
Total operating expenses 45,805,498
---------------
Operating income 4,423,382
Other income
Interest 209,137
Amortization of investment tax credit 66,672
Equity in subsidiary earnings 828,255
---------------
Total other income 1,104,064
---------------
Operating and other income 5,527,446
---------------
Interest and other deductions
Interest on bonds 3,249,230
Interest on capital leases 53,803
Other interest expense 415,417
Allowance for borrowed funds used during construction (45,334)
Amortization of debt expense 35,786
Amortization of loss on reacquired debt 443,566
Other deductions 50
---------------
Total interest and other deductions 4,152,518
Net income - common 546,672
Net income - preferred 828,256
---------------
Net income 1,374,928
Retained earnings at beginning of period-common 125,828
Retained earnings at beginning of period-preferred 106,961
---------------
1,607,717
Deduct dividends declared-common 540,000
Deduct dividends declared-preferred 875,000
---------------
Retained earnings at end of period-common 132,500
Retained earnings at end of period-preferred 60,217
---------------
Retained earnings at end of period $192,717
===============
VERMONT ELECTRIC POWER COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1993
ASSETS
Utility plant, at original cost $90,407,082
Less accumulated depreciation and amortization 42,523,316
---------------
Net utility plant 47,883,766
Investment in subsidiary at equity 5,260,216
Current assets
Cash 245,862
Bond sinking fund deposits 563,333
Bond interest deposits 283,987
Accounts receivable 10,647,139
Notes receivable from subsidiary 700,000
Materials and supplies at average cost 1,328,079
Cash surrender value of life insurance 734,966
Other 677,358
---------------
Total current assets 15,180,724
Unamortized debt expense 324,426
Miscellaneous 1,549,608
---------------
Total assets $70,198,740
===============
VERMONT ELECTRIC POWER COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1993
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders' investment
Common stock, $100 par value per share:
Class B $6,000,000
Retained earnings 132,500
---------------
Total common stock investment 6,132,500
---------------
Preferred stock, $100 par value per share
Class C 10,000,000
Return of capital (4,800,000)
Retained earnings 60,217
---------------
Total preferred stock investment 5,260,217
---------------
Total stockholders' investment 11,392,717
---------------
First mortgage bonds:
Series H, 12.875% due 2000 8,278,000
Series I, 8.75% due 2000 5,485,000
Series J, 5.71% due 2003 27,500,000
---------------
41,263,000
Less bonds to be retired within one year 3,584,000
---------------
37,679,000
---------------
Other secured debt:
BancBoston Chattel lease #1 9,607
BancBoston Chattel lease #2 26,999
BancBoston Chattel lease #3 116,500
BancBoston Chattel lease #4 31,414
BancBoston Chattel lease #5 57,174
BancBoston Chattel lease #6 94,340
BancBoston Chattel lease #7 143,002
BancBoston Chattel lease #8 62,993
---------------
542,029
Less secured debt to be retired within one year 278,488
---------------
263,541
---------------
Total capitalization 49,335,258
---------------
Capital lease obligations-noncurrent 21,741
Current liabilities
Current maturities of long-term obligation 3,917,865
Accounts payable 8,894,136
Accrued interest on bonds 283,987
Accrued taxes 54,856
Other 29,616
---------------
Total current liabilities 13,180,460
---------------
Deferred income taxes 1,510,559
Regulatory liability 2,706,447
Unamortized investment tax credits 931,346
Deferred compensation 2,024,819
Pensions and benefits 488,110
---------------
Total capitalization and liabilities $70,198,740
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
Operating revenues
Phase I support charges $6,504,504
Rental income 4,710
---------------
Total operating revenues 6,509,214
Operating expenses
Transmission expenses
Operation 22,791
Maintenance 132,135
---------------
Total transmission expenses 154,926
Administrative and general expenses 180,096
Depreciation and amortization 2,541,821
Taxes other than income taxes 519,053
Income taxes 534,364
---------------
Total operating expenses 3,930,260
---------------
Operating income 2,578,954
Other income
Interest 301
Amortization of investment tax credits 89,916
---------------
Total other income 90,217
---------------
Total operating and other income 2,669,171
---------------
Interest and other deductions:
Interest on long-term secured notes 1,718,873
Interest on debt to associated companies 1,766
Other interest expense 74,735
Amortization of debt expense 45,541
---------------
Total interest and other deductions 1,840,915
Net income 828,256
Retained earnings at beginning of period 106,961
---------------
935,217
Deduct dividends declared 875,000
---------------
Retained earnings at end of period $60,217
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1993
ASSETS
Utility plant, at original cost $47,763,473
Less accumulated depreciation and amortization 17,791,784
---------------
Net utility plant 29,971,689
Current assets
Cash 61,518
Accounts receivable-associated companies 6,771
Materials and supplies at average costs 123,596
Prepayments 483,425
Other 432
---------------
Total current assets 675,742
Unamortized debt expense 215,704
---------------
Total assets $30,863,135
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1993
CAPITALIZATION AND LIABILITIES
Capitalization:
Stockholders' equity:
Common stock, $100 par value per share $1,000
Miscellaneous paid-in-capital 5,199,000
Retained earnings 60,217
---------------
Total common stock equity 5,260,217
---------------
Long-term secured notes, 8.48% due 2006 19,120,000
Less notes to be retired within one year 2,240,000
---------------
16,880,000
---------------
Total capitalization 22,140,217
Current liabilities
Notes to be retired within one year 2,240,000
Notes payable 2,250,000
Accounts payable - associated companies 30,878
Accounts payable - nonassociated companies 26,077
Accrued interest on notes 63,645
Accrued taxes 26,584
---------------
Total current liabilities 4,637,184
Regulatory liability 308,794
Deferred income taxes 2,669,351
Deferred investment tax credits 1,107,589
---------------
Total capitalization and liabilities $30,863,135
===============
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
GMPC VER Total Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
Operating Revenues $147,253,359 $0 $147,253,359 $0 $147,253,359
-------------------------------------------------------------------------
Operating Expenses
Power Supply 0
VY Nuclear Power Corporation 29,784,579 29,784,579 29,784,579
Company-owned generation 3,150,107 3,150,107 3,150,107
Purchases from others 46,065,536 46,065,536 46,065,536
Other operating 17,353,206 17,353,206 17,353,206
Transmission 10,775,102 10,775,102 10,775,102
Maintenance 4,351,797 4,351,797 4,351,797
Depreciation & amortizaton 8,572,266 8,572,266 8,572,266
Taxes other than income 6,125,778 6,125,778 6,125,778
Income taxes 6,249,230 6,249,230 6,249,230
-------------------------------------------------------------------------
Total operating expenses 132,427,601 0 132,427,601 0 132,427,601
-------------------------------------------------------------------------
Operating income 14,825,758 0 14,825,758 0 14,825,758
-------------------------------------------------------------------------
Other Income
Equity in earnings of affiliates and non-utility opera 1,923,263 1,923,263 417,709 2,340,972
Allowance for equity funds used during construction 272,612 272,612 272,612
Other income and deductions, net 437,879 437,879 (417,709) 20,170
-------------------------------------------------------------------------
Total other income 2,633,754 0 2,633,754 0 2,633,754
-------------------------------------------------------------------------
Income before interest charges 17,459,512 0 17,459,512 0 17,459,512
-------------------------------------------------------------------------
Interest Charges
Long-term debt 6,538,602 6,538,602 6,538,602
Other 646,497 646,497 646,497
Allowance for borrowed funds used during construction (356,964) (356,964) (356,964)
-------------------------------------------------------------------------
Total interest charges 6,828,135 0 6,828,135 0 6,828,135
-------------------------------------------------------------------------
Net Income 10,631,377 0 10,631,377 0 10,631,377
Dividends on preferred stock 811,181 811,181 811,181
-------------------------------------------------------------------------
Net Income Applicable to Common Stock $9,820,196 $0 $9,820,196 $0 $9,820,196
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
GMPC VER Total Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
Balance - January 1,1993 $24,803,235 ($1,897) $24,801,338 $0 $24,801,338
Net income 10,631,377 0 10,631,377 10,631,377
-------------------------------------------------------------------------
Total 35,434,612 (1,897) 35,432,715 0 35,432,715
Charges:
Dividends on Capital Stock
Preferred - 4.75% Class B,$4.75 per share 19,594 19,594 19,594
-7% Class C,$7 per share 38,850 38,850 38,850
-9 3/8% Class D,Series 1,$9.375 per share 146,250 146,250 146,250
-8 5/8% Class D,Series 3,$8.625 per share 603,750 603,750 603,750
Common 9,395,709 9,395,709 9,395,709
Other 0 0 0
-------------------------------------------------------------------------
Total 10,204,153 0 10,204,153 0 10,204,153
-------------------------------------------------------------------------
Balance - December 31, 1993 $25,230,459 ($1,897) $25,228,562 $0 $25,228,562
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
<CAPTION>
GMPC VER Total Eliminations Consolidated
ASSETS
ELECTRIC UTILITY
<S> <C> <C> <C> <C> <C>
Utility Plant
Utility plant, at original cost $214,977,046 $541 $214,977,587 $0 $214,977,587
Less accumulated depreciation 64,225,801 64,225,801 64,225,801
-------------------------------------------------------------------------
Net utility plant 150,751,245 541 150,751,786 0 150,751,786
Property under capital lease 11,028,825 11,028,825 11,028,825
Construction work in progress 9,630,658 9,630,658 9,630,658
-------------------------------------------------------------------------
Total utility plant, net 171,410,728 541 171,411,269 0 171,411,269
-------------------------------------------------------------------------
Other Investments
Associated companies, at equity
Vermont Electric Power Company 3,387,862 3,387,862 3,387,862
VY Nuclear Power Corporation 9,744,721 9,744,721 9,744,721
Other 26,235,834 26,235,834 (18,961,564) 7,274,270
Other investments 2,121,300 2,121,300 2,121,300
-------------------------------------------------------------------------
Total other investments 41,489,717 0 41,489,717 (18,961,564) 22,528,153
-------------------------------------------------------------------------
Current Assets
Cash 50,007 50,007 50,007
Special deposits 210 210 210
Accounts receivable,customers&others, 0
less allowance for doubtful accounts 14,813,560 57 14,813,617 14,813,617
Accrued utility revenues 6,138,069 6,138,069 6,138,069
Fuel,materials & and supplies at average cost 2,840,930 2,840,930 2,840,930
Prepayments 1,984,452 1,984,452 1,984,452
Other 1,116,331 1,116,331 1,116,331
-------------------------------------------------------------------------
Total current assets 26,943,559 57 26,943,616 0 26,943,616
-------------------------------------------------------------------------
Deferred Charges and Other 42,344,899 42,344,899 42,344,899
NON UTILITY
Cash and Cash Equivalents 177,335 177,335 177,335
Other Current Assets 3,479,380 3,479,380 3,479,380
Property and Equipment 11,330,787 11,330,787 11,330,787
Intangible Assets 3,483,848 3,483,848 3,483,848
Other Assets 9,485,499 9,485,499 669,168 10,154,667
-------------------------------------------------------------------------
27,956,849 0 27,956,849 669,168 28,626,017
-------------------------------------------------------------------------
TOTAL ASSETS $310,145,752 $598 $310,146,350 ($18,292,396) $291,853,954
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
<CAPTION>
GMPC VER Total Eliminations Consolidated
CAPITALIZATION AND LIABILITIES
ELECTRIC UTILITY
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock
Par value $15,119,635 $500 $15,120,135 $0 $15,120,135
Additional paid-in capital 57,178,630 57,178,630 57,178,630
Retained earnings 25,230,459 (1,897) 25,228,562 25,228,562
Reacquired capital stock (378,461) (378,461) (378,461)
-------------------------------------------------------------------------
Total common stock equity 97,150,263 (1,397) 97,148,866 0 97,148,866
-------------------------------------------------------------------------
Redeemable cumulative preferred stock 9,385,000 9,385,000 9,385,000
Long-term debt, less current maturities 79,800,000 79,800,000 79,800,000
-------------------------------------------------------------------------
Total capitalization 186,335,263 (1,397) 186,333,866 0 186,333,866
-------------------------------------------------------------------------
Capital lease obligation 11,028,825 11,028,825 11,028,825
-------------------------------------------------------------------------
Current Liabilities
Current maturities of long-term debt 1,800,000 1,800,000 1,800,000
Short-term debt 19,015,816 19,015,816 19,015,816
Accounts payable, trade 8,371,257 1,995 8,373,252 8,373,252
Accounts payable to associated companies 1,809,206 1,809,206 2,493,506 4,302,712
Dividends declared 199,031 199,031 199,031
Customer deposits 1,196,914 1,196,914 1,196,914
Taxes accrued 397,309 397,309 397,309
Interest accrued 2,069,722 2,069,722 2,069,722
Other 1,524,901 1,524,901 1,524,901
-------------------------------------------------------------------------
Total current liabilities 36,384,156 1,995 36,386,151 2,493,506 38,879,657
-------------------------------------------------------------------------
Deferred Credits
Accumulated deferred income taxes 20,683,274 20,683,274 20,683,274
Unamortized investment tax credits 5,672,293 5,672,293 5,672,293
Other 22,085,092 22,085,092 22,085,092
-------------------------------------------------------------------------
Total deferred credits 48,440,659 0 48,440,659 0 48,440,659
-------------------------------------------------------------------------
NON UTILITY
Current liabilities 2,011,740 2,011,740 (1,346,288) 665,452
Other liabilities 7,882,437 7,882,437 (1,376,942) 6,505,495
Stockholders' equity 18,062,672 18,062,672 (18,062,672) 0
-------------------------------------------------------------------------
27,956,849 0 27,956,849 (20,785,902) 7,170,947
-------------------------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $310,145,752 $598 $310,146,350 ($18,292,396) $291,853,954
=========================================================================
</TABLE>
GREEN MOUNTAIN PROPANE GAS COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1993
CONFIDENTIAL TREATMENT
REVENUE
Propane $
Other petroleum products 1,314,971
Contract work 977,099
Rental space and water heating 319,826
---------------
Total revenue
---------------
COST OF SALES
Propane product
Contract materials 522,342
Subcontractors - Contract work 115,564
Petroleum distillates 1,062,405
Labor capitalized (130,573)
Sales discounts and allowances 135,973
---------------
Total cost of sales
---------------
Gross profit 4,786,101
---------------
OPERATING EXPENSES
Salaries and wages
Employee insurance benefits
Other employee benefits
Retirement expenses
Payroll taxes
Uniforms
Bad debt expenses
Advertising
Sales promotion
Bank charges
Consulting fees
Donations
Postage and freight
Insurance
Legal and accounting
Dues and subscriptions
Office expense
Recruiting
Rents
Repairs and maintenence
Supplies
Taxes
Penalties
Telephone
Training
Travel and car allowance
Utilities
Vehicle maintenance
Vehicle expense - fuel
Meetings and registration fees
Downsizing
---------------
Total operating expenses
---------------
Earnings before depreciation and amortization
---------------
Depreciation
Amortization
---------------
Total depreciation and amortization
---------------
Earnings before other (income) expense
---------------
Other (income) expense
Interest income
Interest expense
Other (income) expense
Loss (gain) on disposal of asset
---------------
Total other (income) expense
---------------
Income before parent charges
Parent company charges
Parent allocation
---------------
Total parent charges/allocation
---------------
Income before income taxes
Income taxes
---------------
Net income (loss)
===============
GREEN MOUNTAIN PROPANE GAS COMPANY
BALANCE SHEET
DECEMBER 31, 1993
CONFIDENTIAL TREATMENT
ASSETS
Current Assets
Cash ($2,035)
Accounts receivable 1,652,829
Employee advances 689
Computer advances 22,248
Inventory 1,721,232
Prepaid expenses 71,344
---------------
Total current assets 3,466,307
---------------
Property and equipment
Accumulated depreciation
---------------
Total Property and equipment
---------------
Intangible Assets
Goodwill
Customer list White River Junction
Customer list Newport
Non compete covenant
Non compete agreement WRJ
Loan origination fee
Organization costs
Development costs
---------------
---------------
Accumulated amortization
---------------
Total intangible assets
---------------
Other assets
Financed sales 129,231
Deferred acquisition costs 46,834
Waterbury bulk expansion 88,296
Computer system development 182,716
---------------
Total other assets 447,077
---------------
Total assets $
===============
GREEN MOUNTAIN PROPANE GAS COMPANY
BALANCE SHEET
DECEMBER 31, 1993
CONFIDENTIAL TREATMENT
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $
Due to GMP 629,531
Pre-sold contracts 106,281
Budgets/meter accounts 44,941
Budgets/meter accounts 229
Payroll taxes payable 2,695
Taxes other payable 86,011
Sales tax payable 24,447
Credit line Bank of Boston 400,000
Accrued income taxes (606,500)
Accrued expenses 42,576
---------------
Total current liabilities
---------------
Total unearned interest
Note payable Bank of Boston
Deferred taxes 1,029,860
---------------
Total liabilities
---------------
Stockholders' equity
Common stock
Additional paid in capital
Retained earnings
Net income (loss)
---------------
Total stockholders' equity
---------------
Total liabilities and stockholders' equity $
===============
GREEN MOUNTAIN PROPANE GAS COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
CONFIDENTIAL TREATMENT
Balance January 1, 1993
Net loss
---------------
Balance December 31, 1993
===============
LEASE-ELEC, INC.
INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
Operating revenues
Rentals - electric storage heaters $0
---------------
Operating expenses
Accounting services 0
General and administrative salaries 0
Payroll taxes 0
Telephone expenses 0
Maintenance of rental properties 0
Depreciation of rental properties 0
Office supplies expense 0
Property tax expense 0
Late fee - property tax 0
Insurance expense 0
---------------
Total operating expenses 0
---------------
Net operating income 0
---------------
Other income
Gain on sale of rental property 0
Miscellaneous income - late charges 0
Loss on sale of rental property 0
Miscellaneous income - automobile 0
---------------
Total other income 0
---------------
Net income before taxes 0
Vermont state income tax expense 0
Provision for current income taxes 0
Provision for deferred income taxes 0
---------------
Total provision for income taxes 0
---------------
Net income 0
Retained earnings at beginning of period (143,245)
---------------
Retained earnings at end of period ($143,245)
===============
LEASE-ELEC, INC.
BALANCE SHEET
DECEMBER 31, 1993
ASSETS
Current assets
Accounts receivable - GMPC - tax benefits $137,371
---------------
Total current assets 137,371
---------------
Total assets $137,371
===============
LEASE-ELEC, INC.
BALANCE SHEET
DECEMBER 31, 1993
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accumulated deferred income taxes $30,116
---------------
Total liabilities 30,116
---------------
Stockholders' equity
Common stock 250,500
Retained earnings (143,245)
---------------
Total stockholders' equity 107,255
---------------
Total liabilities and stockholders' equity $137,371
===============
GMP REAL ESTATE CORPORATION
INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
Revenues
Revenue - lease $91,101
Revenue - Interest 1,676
---------------
Total revenues 92,777
---------------
Expenses
Interest 150,061
Income taxes - federal (5,444)
Income taxes - state (607)
Property tax 2,537
Depreciation 22,691
Salaries and wages 1,114
Miscellaneous 55
---------------
Total expenses 170,407
---------------
Net loss (77,630)
Retained earnings at beginning of period (12,713)
---------------
Retained earnings at end of period ($90,343)
===============
GMP REAL ESTATE CORPORATION
BALANCE SHEET
DECEMBER 31, 1993
ASSETS
Cash $37,166
Rent receivable 4,742
Land - headquarters 117,896
Land - Wilmington 32,178
Land - Bellows Falls 46,290
Land - 35 Green Mountain Drive 101,412
Building - 35 Green Mountain Drive 798,038
Building - Biron estate Montpelier 43,327
Land - Biron estate Montpelier 138,451
Organization costs 403
Income tax benefits receivable 92,353
---------------
Total assets $1,412,256
===============
GMP REAL ESTATE CORPORATION
BALANCE SHEET
DECEMBER 31, 1993
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $83,095
Accrued interest payable 38,111
Dererred income taxes 3,951
Notes payable #2 1,196,442
Notes payable #4 180,500
Common stock (5 shares, no par) 500
Retained earnings (90,343)
---------------
Total liabilities and shareholders' equity $1,412,256
===============
MOUNTAIN ENERGY, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1993
Revenues
Equity in earnings of subsidiaries $488,516
Miscellaneous income 61,630
Interest income 2,840
Interest income due from GMP (9,787)
---------------
Total revenues 543,199
---------------
Labor expenses
Employee compensation 216,614
Payroll taxes 13,803
Contract labor and expenses 57,424
Professional fees - due from GMP (21,527)
---------------
Total labor expenses 266,314
---------------
Benefits expenses
Employer 401(k) expense 5,117
Employer group life expense 545
Employer group medical expense 17,447
Group disability insurance expense 934
Retirement expense 5,832
Workers comp insurance expense 870
---------------
Total benefits expenses 30,745
---------------
Other operating expenses
Telephone 1,753
Repairs and maintenance 20
Office supplies 2,783
Furniture and office equipment expense 2,804
Postage and freight 617
Legal and professional fees 9,617
Dues and subscriptions 2,684
Education and seminars 1,510
Auto expense 4,494
Travel and lodging 18,375
Meals 1,384
Bank charges 48
Licenses and fees (101)
Corporate franchise fees 100
Miscellaneous 605
Depreciation furn/office equipment 4,902
Depreciation leasehold improvements 467
Amortization organizational costs 12,348
---------------
Total other operating expenses 64,410
---------------
GMP allocations
GMP payroll 9,548
GMP overhead charges 78,077
---------------
Total GMP allocated charges 87,625
---------------
Total operating expense 449,094
---------------
Income before taxes 94,105
---------------
State income tax expense 8,622
Federal income tax expense 29,347
Income tax ITC amortization (45,416)
---------------
Net income $101,552
===============
MOUNTAIN ENERGY, INC.
BALANCE SHEET
DECEMBER 31, 1993
ASSETS
Current assets
Cash $142,204
Prepaid state taxes 5,841
Accounts receivable 455
Parent payable (595,551)
---------------
Total current assets (447,051)
---------------
Fixed assets
Partnership interests 9,224,000
Equity in earnings of subsidiaries 532,979
Partnership cash distributions (1,032,239)
Net furniture and office equipment 49,711
Net leasehold improvements 6,521
Net organizational costs 13,424
Deferred development costs EOP 84,058
---------------
Total fixed assets 8,878,454
---------------
Total assets $8,431,403
===============
MOUNTAIN ENERGY, INC.
BALANCE SHEET
DECEMBER 31, 1993
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 1,784
EE dependent care payable (53)
EE health care payable 9
Federal payroll taxes withheld payable 2,819
Employee FICA taxes withheld payable 561
Employer FICA taxes withheld payable 561
VT payroll taxes withheld payable 2,518
---------------
Total current liabilities 8,199
---------------
Long-term liabilities
Deferred ITC 292,628
Deferred federal taxes 1,022,271
Deferred state taxes (13,981)
---------------
Total long-term liabilities 1,300,918
---------------
Shareholders' equity
Common stock 7,447,697
Retained earnings (426,963)
Net income 101,552
---------------
Total shareholders' equity 7,122,286
---------------
Total liabilities and shareholders' equity $8,431,403
===============
