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 80,500 customers as of
December 31, 1994, 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 July 1989, the Company
entered into an agreement with the Northfield Electric Department
(Vermont) to supply at wholesale Northfield's substantial power
requirements. 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 invest in
non-utility electric generation projects and other electric energy-
related ventures, including energy efficiency businesses. 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. In 1994, Mountain Energy
indirectly acquired a 1% general partnership interest in and an
additional 13% limited partnership interest in the Honolulu, Hawaii
demand side management project.
The business of Green Mountain Propane Gas Company (GMPG) is to
distribute propane gas to approximately 15,000 customers. GMPG 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. GMPG 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 and
operates the Canadian portion of Phase I. VETCO constructed and
operates the portion of Phase I 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. Vermont Energy Resources
has no other business and conducts no operations at this time.
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 35 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; and (2) 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 36.4 MW and an estimated
effective capability of 35.3 MW, two gas turbine generating stations
with an aggregate nameplate rating of 59.9 MW and an aggregate effective
capability of 60.3 MW and two diesel generating stations with a total
nameplate rating of 8.0 MW and an aggregate effective capability of 8.4
MW.
The Company had, at December 31, 1994, 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 265.4 miles of 34.5 KV transmission lines.
Its distribution system included about 2,361 miles of overhead lines of
2.4 to 34.5 KV and 404 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
1,243,450 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 indirect interest in four
material assets used for the generation of electricity: 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; and
(4) 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 1994
Electric: 2,059,290,900
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1994
Electric: 4,315,550,000
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1994
Electric: 909,095,910
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 1994
Electric: None
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1994
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1994
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 1994
Electric: 315,318,000
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1994
Electric: 1,941,997,500
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1994
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 1994
Electric: 1,170,877,000
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1994
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1994
Electric: 596,227,510
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 1994.
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 $294,610,621.00
2. Total Operating Revenues $148,196,843.00
3. Net Income $ 11,002,924.00
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,
1995.
GREEN MOUNTAIN POWER CORPORATION
(name of claimant)
(Corporate Seal)
By: /s/C. L. Dutton
C. L. Dutton, Vice President,
Chief Financial Officer and
Treasurer
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
STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Operating revenues $162,757,189
Operating expenses
Fuel 22,519,594
Other operation expense 68,591,045
Maintenance expense 18,193,623
Depreciation and amortization expense 14,403,655
Decommissioning expense 11,860,049
Taxes on income 2,830,240
Property and other taxes 10,004,246
---------------
Total operating expenses 148,402,452
---------------
Net operating income 14,354,737
---------------
Other income and deductions
Decommissioning fund income 5,270,926
Decommissioning expense (5,270,926)
Other income 2,448,379
Allowance for equity funds used during construction 109,679
Other income deductions (55,957)
Taxes on other income (985,674)
---------------
Total other income and deductions 1,516,427
---------------
Income before interest charges 15,871,164
---------------
Interest charges
First mortgage bonds long-term debt, net 5,275,591
Other long-term debt 789,529
Interest on spent fuel disposal fee obligation 3,367,242
Other interest expense 107,456
Allowance for borrowed funds used during construction (256,981)
---------------
Total interest charges 9,282,837
---------------
Net income 6,588,327
Retained earnings at beginning of period 1,066,709
Dividends declared-common stock $100 par value 6,279,479
---------------
Retained earnings at end of period $1,375,557
===============
Net income 6,588,327
Weighted average number of common shares outstanding 392,481
Earnings per share of common stock 16.79
Dividends per share of common stock 16.00
VERMONT YANKEE NUCLEAR POWER CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
ASSETS
UTILITY PLANT
Electric plant, at cost $376,550,817
Less accumulated depreciation 212,568,693
---------------
163,982,124
Construction work in progress 644,991
---------------
Net electric plant 164,627,115
---------------
Nuclear fuel at cost
Assemblies in reactor 69,107,973
Fuel in stock 20,038,651
Spent fuel 287,699,413
---------------
376,846,037
Less accumulated depreciation 341,839,195
---------------
Net nuclear fuel 35,006,842
---------------
Net utility plant 199,633,957
---------------
CURRENT ASSETS
Cash and temporary investments 1,284,765
Accounts receivable from sponsors 16,742,012
Other accounts receivable 1,471,222
Materials and supplies, net of amortizaton 17,165,099
Prepaid expenses 4,752,904
---------------
Total current and accrued assets 41,416,002
---------------
DEFERRED CHARGES
Deferred decommissioning costs 36,234,344
Accumulated deferred income tax 20,740,581
Deferred DOE enrichment site decontamination
and decommissioning fee 14,200,187
Deferred Texas Compact Fee 26,457,419
Net unamortized loss on reacquired debt 2,697,524
Other deferred debits 669,004
---------------
Total deferred charges 100,999,059
---------------
INVESTMENTS AND LONG-TERM FUNDS
Decommissioning fund 115,260,404
Spent fuel disposal fee defeasance fund 53,938,547
Other investments and long-term funds 893,950
---------------
Total investments and long-term funds 170,092,901
---------------
Total assets $512,141,919
===============
VERMONT YANKEE NUCLEAR POWER CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
CAPITALIZATION AND LIABILITIES
Capitalization
Common Stock 40,001,400
Additional paid-in capital 14,226,318
Treasury stock (1,129,950)
Retained earnings 1,375,557
---------------
Total common stock equity 54,473,325
---------------
Long-term debt
First mortgage bonds 75,845,000
---------------
Total capitalization 130,318,325
---------------
Spent fuel disposal fee and accrued interest 84,055,400
Current and accrued liabilities
Accrued liabilities 30,331,989
Accounts payable 4,071,958
Accrued interest 1,115,920
Accrued taxes 1,766,658
Dividends declared 0
---------------
Total current and accrued liabilities 37,286,525
---------------
Deferred credits and reserves
Accrued decommissioning costs 152,648,387
Accumulated deferred income taxes 55,762,638
Net regulatory tax liability 8,351,116
Accumulated deferred investment tax credit 6,581,190
Accrued DOE enrichment site decontamination
and decommissioning fee 12,092,259
Accrued Texas Compact Fee 23,934,781
Other deferred credits 1,111,298
---------------
Total deferred credits and reserves 260,481,669
---------------
Total capitalization and liabilities $512,141,919
===============
VERMONT ELECTRIC POWER COMPANY, INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Operating revenues
Transmission service $16,523,480
Rent of transmission facilities to others 237,523
Sales to other utilities 30,943,972
---------------
Total operating revenues 47,704,975
---------------
Operating expenses
Purchased power 30,943,972
Transmission expenses
Operation 1,370,729
Maintenance 1,629,066
Charges for transmission facilities of others 110,200
---------------
Total transmission expenses 3,109,995
Administrative and general expenses 4,292,978
Depreciation and amortization 3,714,232
Taxes other than income taxes 2,043,348
Income taxes 250,590
---------------
Total operating expenses 44,355,115
---------------
Operating income 3,349,860
Other income
Interest 254,784
Amortization of investment tax credit 54,061
Gains from disposition of utility plant 18,375
Gains from disposition of property 533
Equity in subsidiary earnings 761,805
---------------
Total other income 1,089,558
---------------
Operating and other income 4,439,418
---------------
Interest and other deductions
Interest on bonds 2,729,397
Interest on capital leases 38,316
Other interest expense 52,238
Allowance for borrowed funds used during construction (35,249)
Amortization of debt expense 88,576
Amortization of loss on reacquired debt 269,559
Other deductions 716
---------------
Total interest and other deductions 3,143,553
Net income - common 534,061
Net income - preferred 761,804
---------------
Net income 1,295,865
Retained earnings at beginning of period-common 132,500
Retained earnings at beginning of period-preferred 60,217
---------------
1,488,582
Deduct dividends declared-common 540,000
Deduct dividends declared-preferred 775,000
---------------
Retained earnings at end of period-common 126,561
Retained earnings at end of period-preferred 47,021
---------------
Retained earnings at end of period $173,582
===============
VERMONT ELECTRIC POWER COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1994
ASSETS
Utility plant, at original cost $91,383,930
Less accumulated depreciation and amortization 44,120,102
---------------
Net utility plant 47,263,828
Investment in subsidiary at equity 4,747,021
Current assets
Cash 162,858
Bond sinking fund deposits 661,833
Bond interest deposits 492,329
Accounts receivable 12,084,116
Notes receivable from subsidiary 400,000
Materials and supplies, at average cost 1,380,943
Cash surrender value of life insurance 777,386
Other 169,259
Total current assets ---------------
16,128,724
Other assets:
Long-term receivable 874,701
Alternative minimum tax credits 420,095
Unamortized debt expense 285,664
Miscellaneous 3,980
---------------
Total other assets 1,584,440
---------------
Total assets $69,724,013
===============
VERMONT ELECTRIC POWER COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1994
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders' investment
Common stock, $100 par value per share:
Class B $6,000,000
Retained earnings 126,561
---------------
Total common stock investment 6,126,561
---------------
Preferred stock, $100 par value per share:
Class C 10,000,000
Return of capital (5,300,000)
Retained earnings 47,021
---------------
Total preferred stock investment 4,747,021
---------------
Total stockholders' investment 10,873,582
---------------
First mortgage bonds:
Series I, 8.75% due 2000 4,888,000
Series J, 5.71% due 2003 25,393,000
Series K, 7.45% due 2004 7,718,000
---------------
37,999,000
Less bonds to be retired within one year 3,441,000
---------------
34,558,000
---------------
Other secured debt:
BancBoston Chattel leases 635,220
Less secured debt to be retired within one year 240,316
---------------
394,904
---------------
---------------
Total capitalization 45,826,486
---------------
Current liabilities
Current maturities of long-term debt obligations 3,681,316
Capital lease obligations 21,741
Notes payable to bank 1,000,000
Accounts payable 10,677,458
Accrued interest on bonds 492,329
Accrued taxes 36,662
Other 31,598
---------------
Total current liabilities 15,941,104
---------------
Regulatory liability 2,706,447
Deferred income taxes 1,565,723
Unamortized investment tax credits 877,285
Deferred compensation 2,161,626
Pensions and benefits 645,342
---------------
Total capitalization and liabilities $69,724,013
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Operating revenues
Phase I support charges $6,824,158
Rental income 4,710
---------------
Total operating revenues 6,828,868
Operating expenses
Transmission expenses
Operations 26,062
Maintenance 333,538
---------------
Total transmission expenses 359,600
Administrative and general expenses 202,724
Depreciation and amortization 2,438,876
Taxes other than income taxes 475,885
Income taxes 1,019,092
---------------
Total operating expenses 4,496,177
---------------
Operating income 2,332,691
Other income
Interest 251
Amortization of investment tax credits 104,916
---------------
Total other income 105,167
---------------
Total operating and other income 2,437,858
---------------
Interest and other deductions:
Interest on long-term secured notes 1,526,362
Interest on debt to associated companies 42,018
Other interest expense 66,962
Amortization of debt expense 40,712
---------------
Total interest and other deductions 1,676,054
Net income 761,804
Retained earnings at beginning of period 60,217
---------------
822,021
Deduct dividends declared 775,000
---------------
Retained earnings at end of period $47,021
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1994
ASSETS
Utility plant, at original cost $47,766,450
Less accumulated depreciation and amortization 20,225,263
---------------
Net utility plant 27,541,187
Current assets
Cash 103,895
Accounts receivable-associated companies 2,536
Accounts receivable-non associated companies 29
Materials and supplies at average cost 123,596
Prepaid insurance 20,196
Other 625
---------------
Total current assets 250,877
Unamortized debt expense 174,993
Alternative minimum tax credits 485,108
---------------
Total assets $28,452,165
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1994
CAPITALIZATION AND LIABILITIES
Capitalization:
Stockholders' equity:
Common stock, $100 par value per share $1,000
Miscellaneous paid-in-capital 4,699,000
Retained earnings 47,021
---------------
Total common stock equity 4,747,021
---------------
Long-term secured notes, 8.48% due 2006 16,880,000
Less notes to be retired within one year 2,180,000
---------------
14,700,000
---------------
Total capitalization 19,447,021
Current liabilities
Notes to be retired within one year 2,180,000
Notes payable-associated companies 400,000
Notes payable-bank 1,700,000
Accounts payable - associated companies 28,537
Accounts payable - nonassociated companies 10,233
Accrued interest on notes 56,763
Accrued taxes 27,522
---------------
Total current liabilities 4,403,055
Regulatory liability 546,855
Deferred income taxes 2,866,367
Deferred investment tax credits 1,188,867
---------------
Total capitalization and liabilities $28,452,165
===============
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
GMPC VER Total Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
Operating Revenues $148,196,843 $0 $148,196,843 $0 $148,196,843
-------------------------------------------------------------------------
Operating Expenses
Power Supply 0
VY Nuclear Power Corporation 30,299,920 30,299,920 30,299,920
Company-owned generation 3,112,890 3,112,890 3,112,890
Purchases from others 45,777,056 45,777,056 45,777,056
Other operating 17,295,419 17,295,419 17,295,419
Transmission 10,374,477 10,374,477 10,374,477
Maintenance 4,464,761 4,464,761 4,464,761
Depreciation & amortizaton 10,683,282 10,683,282 10,683,282
Taxes other than income 6,276,400 6,276,400 6,276,400
Income taxes 5,395,397 5,395,397 5,395,397
-------------------------------------------------------------------------
Total operating expenses 133,679,602 0 133,679,602 0 133,679,602
-------------------------------------------------------------------------
Operating income 14,517,241 0 14,517,241 0 14,517,241
-------------------------------------------------------------------------
Other Income
Equity in earnings of affiliates and non-utility operat 2,791,277 2,791,277 321,042 3,112,319
Allowance for equity funds used during construction 263,150 263,150 263,150
Other income and deductions, net 627,113 627,113 (321,042) 306,071
-------------------------------------------------------------------------
Total other income 3,681,540 0 3,681,540 0 3,681,540
-------------------------------------------------------------------------
Income before interest charges 18,198,781 0 18,198,781 0 18,198,781
-------------------------------------------------------------------------
Interest Charges
Long-term debt 6,868,337 6,868,337 6,868,337
Other 866,988 866,988 866,988
Allowance for borrowed funds used during construction (539,468) (539,468) (539,468)
-------------------------------------------------------------------------
Total interest charges 7,195,857 0 7,195,857 0 7,195,857
-------------------------------------------------------------------------
Net Income 11,002,924 0 11,002,924 0 11,002,924
Dividends on preferred stock 794,434 794,434 794,434
-------------------------------------------------------------------------
Net Income Applicable to Common Stock $10,208,490 $0 $10,208,490 $0 $10,208,490
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
GMPC VER Total Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
Balance - January 1,1994 $25,230,459 ($1,897) $25,228,562 $0 $25,228,562
Net income 11,002,924 0 11,002,924 11,002,924
-------------------------------------------------------------------------
Total 36,233,383 (1,897) 36,231,486 0 36,231,486
Charges:
Dividends on Capital Stock
Preferred - 4.75% Class B,$4.75 per share 17,991 17,991 17,991
-7% Class C,$7 per share 38,062 38,062 38,062
-9 3/8% Class D,Series 1,$9.375 per share 131,250 131,250 131,250
-8 5/8% Class D,Series 3,$8.625 per share 603,750 603,750 603,750
Common 9,713,752 9,713,752 9,713,752
Other 0 0
-------------------------------------------------------------------------
Total 10,504,805 0 10,504,805 0 10,504,805
-------------------------------------------------------------------------
Balance - December 31, 1994 $25,728,578 ($1,897) $25,726,681 $0 $25,726,681
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
<CAPTION>
GMPC VER Total Eliminations Consolidated
ASSETS
ELECTRIC UTILITY
<S> <C> <C> <C> <C> <C>
Utility Plant
Utility plant, at original cost $227,990,596 $541 $227,991,137 $227,991,137
Less accumulated depreciation 69,245,916 69,245,916 69,245,916
-------------------------------------------------------------------------
Net utility plant 158,744,680 541 158,745,221 0 158,745,221
Property under capital lease 10,277,942 10,277,942 10,277,942
Construction work in progress 6,964,139 6,964,139 6,964,139
-------------------------------------------------------------------------
Total utility plant, net 175,986,761 541 175,987,302 0 175,987,302
-------------------------------------------------------------------------
Other Investments
Associated companies, at equity
Vermont Electric Power Company 3,231,672 3,231,672 3,231,672
VY Nuclear Power Corporation 9,766,329 9,766,329 9,766,329
Other 29,250,783 29,250,783 (21,497,940) 7,752,843
-------------------------------------------------------------------------
Total other investments 42,248,784 0 42,248,784 (21,497,940) 20,750,844
-------------------------------------------------------------------------
Current Assets
Cash 2,113,273 2,113,273 2,113,273
Special deposits 210 210 210
Accounts receivable,customers&others, 0
less allowance for doubtful accounts 15,239,727 57 15,239,784 15,239,784
Accrued utility revenues 6,012,438 6,012,438 6,012,438
Fuel,materials & and supplies at average cost 3,313,516 3,313,516 3,313,516
Prepayments 1,795,628 1,795,628 1,795,628
Other 322,387 322,387 322,387
-------------------------------------------------------------------------
Total current assets 28,797,179 57 28,797,236 0 28,797,236
-------------------------------------------------------------------------
Deferred Charges and Other 35,658,616 35,658,616 35,658,616
NON UTILITY
Cash and Cash Equivalents 579,227 579,227 579,227
Other Current Assets 7,096,771 7,096,771 (1,381,400) 5,715,371
Property and Equipment 11,329,385 11,329,385 11,329,385
Intangible Assets 3,022,303 3,022,303 3,022,303
Other Assets 12,179,047 12,179,047 591,290 12,770,337
-------------------------------------------------------------------------
34,206,733 0 34,206,733 (790,110) 33,416,623
-------------------------------------------------------------------------
TOTAL ASSETS $316,898,073 $598 $316,898,671 ($22,288,050) $294,610,621
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
<CAPTION>
GMPC VER Total Eliminations Consolidated
CAPITALIZATION AND LIABILITIES
ELECTRIC UTILITY
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock
Par value $15,591,191 $500 $15,591,691 $15,591,691
Additional paid-in capital 60,378,717 60,378,717 60,378,717
Retained earnings 25,728,578 (1,897) 25,726,681 25,726,681
Reacquired capital stock (378,461) (378,461) (378,461)
-------------------------------------------------------------------------
Total common stock equity 101,320,025 (1,397) 101,318,628 0 101,318,628
-------------------------------------------------------------------------
Redeemable cumulative preferred stock 9,135,000 9,135,000 9,135,000
Long-term debt, less current maturities 74,967,000 74,967,000 74,967,000
-------------------------------------------------------------------------
Total capitalization 185,422,025 (1,397) 185,420,628 0 185,420,628
-------------------------------------------------------------------------
Capital lease obligation 10,277,942 10,277,942 10,277,942
-------------------------------------------------------------------------
Current Liabilities
Current maturities of long-term debt 4,833,000 4,833,000 4,833,000
Short-term debt 20,214,198 20,214,198 20,214,198
Accounts payable, trade 5,487,108 1,995 5,489,103 5,489,103
Accounts payable to associated companies 1,978,518 1,978,518 2,881,190 4,859,708
Dividends declared 193,959 193,959 193,959
Customer deposits 964,209 964,209 964,209
Taxes accrued 1,441,772 1,441,772 1,441,772
Interest accrued 1,953,007 1,953,007 1,953,007
Other 492,122 492,122 492,122
-------------------------------------------------------------------------
Total current liabilities 37,557,893 1,995 37,559,888 2,881,190 40,441,078
-------------------------------------------------------------------------
Deferred Credits
Accumulated deferred income taxes 22,081,740 22,081,740 22,081,740
Unamortized investment tax credits 5,389,793 5,389,793 5,389,793
Other 21,961,947 21,961,947 21,961,947
-------------------------------------------------------------------------
Total deferred credits 49,433,480 0 49,433,480 0 49,433,480
-------------------------------------------------------------------------
NON UTILITY
Current liabilities 3,954,554 3,954,554 (3,036,684) 917,870
Other liabilities 9,599,378 9,599,378 (1,479,755) 8,119,623
Stockholders' equity 20,652,801 20,652,801 (20,652,801) 0
-------------------------------------------------------------------------
34,206,733 0 34,206,733 (25,169,240) 9,037,493
-------------------------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $316,898,073 $598 $316,898,671 ($22,288,050) $294,610,621
=========================================================================
</TABLE>
GREEN MOUNTAIN PROPANE GAS COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1994
CONFIDENTIAL TREATMENT
REVENUE
Propane
Other petroleum products 522,739
Contract work 958,735
Rental space and water heating 279,142
---------------
Total revenue
---------------
COST OF SALES
Propane product
Contract materials 534,917
Subcontractors - Contract work 67,113
Petroleum distillates 411,585
Labor capitalized (50,592)
Sales discounts and allowances 54,511
---------------
Total cost of sales
---------------
Gross profit
---------------
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
Telephone
Training
Travel and car allowance
Utilities
Vehicle maintenance
Vehicle expense - fuel
Meetings and registration fees
---------------
Total operating expenses
---------------
Earnings before depreciation and depreciation
---------------
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, 1994
CONFIDENTIAL TREATMENT
ASSETS
Current Assets
Cash $515,818
Accounts receivable 1,558,716
Employee advances 1,494
Computer advances 27,722
Inventory 1,201,933
Prepaid expenses 77,899
---------------
Total current assets 3,383,582
---------------
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 covenant WRJ
Loan origination fee
Organization costs
Development costs
---------------
---------------
Accumulated amortization
---------------
Total intangible assets
---------------
Other assets
Financed sales 95,078
Deferred acquisition costs 46,834
Waterbury bulk expansion 88,296
Computer system development 207,290
Work in process 1,134
---------------
Total other assets 438,632
---------------
Total assets
===============
GREEN MOUNTAIN PROPANE GAS COMPANY
BALANCE SHEET
DECEMBER 31, 1994
CONFIDENTIAL TREATMENT
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
Due to GMP 663,779
Pre-sold contracts 73,457
Budgets/meter accounts 45,255
Payroll taxes payable 3,188
Accounts payable-GMPCU 22
Taxes other payable 90,640
Sales tax payable 12,438
Accrued income taxes 106,344
Accrued expenses 57,607
---------------
Total current liabilities
---------------
Total unearned interest
Note payable State Street
Deferred income Non-compete
Deferred taxes 673,513
---------------
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, 1994
CONFIDENTIAL TREATMENT
Balance January 1, 1994
Net income
Prior period adjustment
---------------
Balance December 31, 1994
===============
LEASE-ELEC, INC.
INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
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, 1994
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, 1994
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, 1994
Revenues
Revenue - lease $56,901
Revenue - Interest 1,361
---------------
Total revenues 58,262
---------------
Expenses
Interest expense 157,389
Income taxes - federal (41,076)
Income taxes - state (10,863)
Property tax expense 2,713
Depreciation 25,940
Salaries and wages 852
Miscellaneous expenses 43
---------------
Total expenses 134,998
---------------
Net loss (76,736)
Retained earnings at beginning of period (90,343)
---------------
Retained earnings at end of period ($167,079)
===============
GMP REAL ESTATE CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
ASSETS
Cash $40,632
Rent receivable 4,742
Land - headquarters 117,896
Land - Wilmington 32,179
Land - Bellows Falls 46,290
Land - 35 Green Mountain Drive 101,412
Building - 35 Green Mountain Drive 775,347
Building - Biron estate Montpelier 40,077
Land - Biron estate Montpelier 138,451
Organization costs 403
Income tax benefits receivable 126,478
Deferred income taxes 13,863
---------------
Total assets $1,437,770
===============
GMP REAL ESTATE CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $83,962
Accrued interest payable 40,632
Notes payable #2 1,299,255
Notes payable #4 180,500
Common stock (5 shares, no par) 500
Retained earnings (167,079)
---------------
Total liabilities and shareholders' equity $1,437,770
===============
MOUNTAIN ENERGY, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1994
Revenues
Equity in earnings of subsidiaries $1,711,981
Other income 16,179
Interest income due from GMP (17,523)
Interest income Notes 198,318
Interest income Bank 2,725
---------------
Total revenues 1,911,680
---------------
Labor expenses
Employee compensation 246,636
Payroll taxes 15,919
Contract labor 59,278
Professional fees - due from GMP (25,062)
---------------
Total labor expenses 296,771
---------------
Benefits expenses
Group medical claims 12,497
Group medical admin 1,205
Group medical reserves 2,716
Group life insurance 648
Group disability insurance expense 1,255
Workers' comp insurance expense 860
Postretirement health care expense 4,981
Pension expense 11,181
401(k) expense 5,280
---------------
Total benefits expenses 40,623
---------------
Other operating expenses
Telephone 2,062
Repairs and maintenance 136
Office supplies 2,184
Furniture and office equipment expense 1,035
Postage and freight 731
Legal and professional fees 50,932
Contract and Proj expense 86,889
Membership dues and licenses 625
Subscription & library fees 3,571
Corporate franchise fees (2,118)
Education and seminars 430
Travel and lodging 2,261
Auto expense 1,929
Meals 696
Bank charges 275
Interest expense 118
Sales and use tax 719
Miscellaneous 317
Depreciation 8,774
Amortization intangibles 13,046
Parent payroll allocation 8,607
Parent overhead allocation 97,906
---------------
Total other operating expenses 281,125
---------------
Total expenses 618,519
---------------
Income before taxes 1,293,161
---------------
State income tax expense 112,491
Federal income tax expense 401,310
Income tax ITC amortization (45,416)
---------------
Net income $824,776
===============
MOUNTAIN ENERGY, INC.
BALANCE SHEET
DECEMBER 31, 1994
ASSETS
Current assets
Cash $22,777
Accounts receivable 3,701
GMP receivable 927,244
Notes receivable 2,660,120
Interest receivable-notes 171,619
GMP receivable-ITC 454,156
Prepaid state taxes 7,425
---------------
Total current assets 4,247,042
---------------
Fixed assets
Partnership interests 9,599,000
Equity in earnings of subsidiaries 2,244,960
Partnership distributions (1,644,828)
Furniture and office equipment 66,616
Leasehold improvements 10,508
Accumulated depreciation (21,617)
---------------
Total fixed assets 10,254,639
---------------
Other assets
Deferred AMT receivable 1,262,900
Software 671
Organization Costs 61,880
Accumulated amortization-intangibles (61,501)
---------------
Total other assets 1,263,950
---------------
Total assets $15,765,631
===============
MOUNTAIN ENERGY, INC.
BALANCE SHEET
DECEMBER 31, 1994
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
GMP payable 2,248,311
Accounts payable 6,507
Benefits payable 24,643
Payroll taxes payable 7,579
---------------
Total current liabilities 2,287,040
---------------
Long-term liabilities
Deferred ITC 247,213
Deferred federal taxes 2,201,203
Deferred state taxes 91,115
ME deferred AMT (52,700)
MEC deferred AMT 223,298
MEI deferred AMT (10,200)
MEH deferred AMT 166,800
---------------
Total long-term liabilities 2,866,729
---------------
Total liabilities 5,153,769
---------------
Shareholders' equity
Common stock 10,112,497
Retained earnings (325,411)
Net income 824,776
---------------
Total shareholders' equity 10,611,862
---------------
Total liabilities and shareholders' equity $15,765,631
===============
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 1994 AND THE RELATED
STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1994 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 294,610,621
<TOTAL-OPERATING-REVENUES> 148,196,843
<NET-INCOME> 11,002,924
</TABLE>
