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 81,500
customers as of December 31, 1995, in five service areas with an
estimated population of 198,000. 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, and 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. 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.
The business of Green Mountain Propane Gas Company (GMPG) is to
distribute propane gas to approximately 10,000 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. Two other Mountain Energy
subsidiaries have financial interests in demand side management projects
and are qualified to do business in Hawaii and New Jersey, respectively.
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, various electric energy efficiency projects 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 powered 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 99% limited
partnership interest in a limited partnership that owns the right to 50%
of the revenues from 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 powered 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.
Mountain Energy also has financial interests in various demand side
management projects in Hawaii, Maine, New York, Massachusetts and New
Jersey.
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
claimed capability of 35.7 MW, two gas turbine generating stations with
an aggregate nameplate rating of 63.0 MW and an aggregate claimed
capability of 72.8 MW and two diesel generating stations with a total
nameplate rating of 8.0 MW and an aggregate claimed capability of 8.6
MW.
The Company had, at December 31, 1995, 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 2,374 miles
of overhead lines of 2.4 to 34.5 KV and 418 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 435,550 Kva of substation transformer capacity in
distribution substations and 1,154,161 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 interests 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 99% limited
partnership interest in a limited partnership that owns the right to 50%
of the revenues from 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 1995
Electric 2,343,771,600
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1995
Electric: 3,858,504,000
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1995
Electric: 928,169,300
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 1995
Electric: None
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1995
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1995
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 1995
Electric: 569,991,700
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1995
Electric: 1,736,326,800
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1995
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 1995
Electric: 1,556,278,000
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1995
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1995
Electric: 648,435,030
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 1995.
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 $313,282,372.00
2. Total Operating Revenues $161,544,285.00
3. Net Income $ 11,503,278.00
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 28th day of
February, 1996.
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, 1995
Operating revenues $180,437,438
Operating expenses
Nuclear fuel expense 19,770,962
Other operation expense 75,586,856
Maintenance expense 30,373,376
Depreciation and amortization expense 14,445,396
Decommissioning expense 12,669,880
Taxes on income 2,359,616
Property and other taxes 10,225,473
---------------
Total operating expenses 165,431,559
---------------
Operating income 15,005,879
---------------
Other income and deductions
Net earnings on decommissioning trust 8,226,010
Decommissioning expense (8,226,010)
Other income 4,296,621
Allowance for equity funds used during construction 1,495
Other, net (151,248)
Taxes on other income (1,728,837)
---------------
Total other income and deductions 2,418,031
---------------
Income before interest expense 17,423,910
---------------
Interest expense
First mortgage bonds long-term debt 5,189,372
Other long-term debt 249,193
Interest on spent fuel disposal fee obligation 4,958,107
Other interest expense 243,595
Allowance for borrowed funds used during construction (5,961)
---------------
Total interest expense 10,634,306
---------------
Net income 6,789,604
Retained earnings at beginning of period 1,375,557
Dividends declared-common stock $100 par value 7,319,771
---------------
Retained earnings at end of period $845,390
===============
Net income 6,789,604
Weighted average number of common shares outstanding 392,481
Earnings per share of common stock 17.30
Dividends per share of common stock 18.65
VERMONT YANKEE NUCLEAR POWER CORPORATION
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
UTILITY PLANT
Electric plant, at cost $376,761,685
Less accumulated depreciation 225,257,156
---------------
151,504,529
Construction work in progress 868,680
---------------
Net electric plant 152,373,209
---------------
Nuclear fuel at cost:
Assemblies in reactor 65,116,172
Spent fuel 311,639,733
---------------
376,755,905
Less accumulated depreciation of nuclear fuel 356,712,957
---------------
Net nuclear fuel 20,042,948
---------------
Net utility plant 172,416,157
---------------
CURRENT ASSETS
Cash and cash equivalents 14,001,735
Accounts receivable from sponsors 14,823,994
Other accounts receivable 1,553,672
Materials and supplies, net of amortizaton 16,767,765
Prepaid expenses 5,119,535
---------------
Total current and accrued assets 52,266,701
---------------
DEFERRED CHARGES
Deferred decommissioning costs 39,422,539
Accumulated deferred income taxes 22,658,997
Deferred DOE enrichment site decontamination
and decommissioning fee 13,331,712
Deferred low-level radioactive waste facility cost 26,538,634
Net unamortized loss on reacquired debt 2,515,664
Other deferred charges 1,667,603
---------------
Total deferred charges 106,135,149
---------------
INVESTMENTS AND LONG-TERM FUNDS
Decommissioning fund 134,594,964
Spent fuel disposal fee defeasance trust 65,879,900
---------------
Total investments and long-term funds 200,474,864
---------------
$531,292,871
===============
VERMONT YANKEE NUCLEAR POWER CORPORATION
BALANCE SHEET
DECEMBER 31, 1995
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
COMMON STOCK, $100 par value per share
Authorized 400,100 shares, issued 400,014
shares of which 7,533 are held in Treasury 40,001,400
Additional paid-in capital 14,226,318
Treasury stock (7,533 shares at cost) (1,129,950)
Retained earnings 845,390
---------------
Total common stock equity 53,943,158
---------------
LONG-TERM DEBT
First mortgage bonds Series I 6.480%, 2009 75,845,000
---------------
Total capitalization 129,788,158
---------------
Spent fuel disposal fee and accrued interest 89,013,507
CURRENT AND ACCRUED LIABILITIES
Accrued accounts payable 11,904,258
Accrued low-level radioactive waste expenses 4,170,939
Other accrued liabilities 4,088,383
Trade accounts apyable 1,892,243
Accrued interest 1,332,770
Accrued taxes 1,669,507
Dividends declared, Common Stock $100 par value 0
---------------
Total current and accrued liabilities 25,058,100
---------------
DEFERRED CREDITS AND RESERVES
Accrued decommissioning costs 179,515,775
Accumulated deferred income taxes 52,534,646
Net regulatory tax liability 7,998,295
Accumulated deferred investment tax credit 6,046,946
Accrued DOE enrichment site decontamination
and decommissioning fee 11,367,319
Low-level radioactive waste facility obligation 24,044,492
Accrued employee benefits 5,925,633
---------------
Total deferred credits and reserves 287,433,106
---------------
$531,292,871
===============
VERMONT ELECTRIC POWER COMPANY, INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Operating revenues
Transmission service $16,169,644
Rent of transmission facilities to others 227,771
Sales to other utilities 32,723,847
---------------
Total operating revenues 49,121,262
---------------
Operating expenses
Purchased power 32,723,847
Transmission expenses
Operation 1,353,022
Maintenance 1,606,223
Charges for transmission facilities of others 107,014
---------------
Total transmission expenses 3,066,259
Administrative and general expenses 4,623,842
Depreciation and amortization 3,778,190
Taxes other than income taxes 2,145,751
Income taxes 16,563
---------------
Total operating expenses 46,354,452
---------------
Operating income 2,766,810
Other income
Interest 214,755
Amortization of investment tax credits 84,983
Gains from disposition of utility plant 0
Gains from disposition of property 0
Equity in subsidiary earnings 731,781
---------------
Total other income 1,031,519
---------------
Operating and other income 3,798,329
---------------
Interest and other deductions
Interest on bonds 2,345,975
Interest on chattel notes 47,792
Other interest expense 76,223
Allowance for borrowed funds used during
construction - credit (29,020)
Amortization of debt expense 60,244
Amortization of loss on reacquired debt 0
Other income deductions 351
---------------
Total interest and other deductions 2,501,565
Net income - common 564,983
Net income - preferred 731,781
---------------
Net income 1,296,764
Retained earnings at beginning of period-common 126,561
Retained earnings at beginning of period-preferred 47,021
---------------
Subtotal 1,470,346
Deduct dividends declared-common 540,000
Deduct dividends declared-preferred 700,000
---------------
Retained earnings at end of period-common 151,544
Retained earnings at end of period-preferred 78,802
---------------
Total retained earnings at end of period $230,346
===============
VERMONT ELECTRIC POWER COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
Utility plant, at original cost $92,223,827
Less accumulated depreciation and amortization 47,424,719
---------------
Net utility plant 44,799,108
Investment in subsidiary at equity 4,278,802
Current assets
Cash 219,318
Bond sinking fund deposits 707,833
Bond interest deposits 446,428
Accounts receivable 17,718,752
Notes receivable from subsidiary
Materials and supplies, at average cost 1,461,579
Cash surrender value of life insurance 820,345
Other 220,025
Total current assets ---------------
21,594,280
Other assets:
Long-term receivable 167,593
Alternative minimum tax credits 526,463
Unamortized debt expense 236,496
Miscellaneous 65,595
---------------
Total other assets 996,147
---------------
$71,668,337
===============
VERMONT ELECTRIC POWER COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1995
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders' investment
Common stock, $100 par value per share:
Class B $6,000,000
Retained earnings 151,544
---------------
Total common stock investment 6,151,544
---------------
Preferred stock, $100 par value per share
Class C 10,000,000
Return of capital (5,800,000)
Retained earnings 78,802
---------------
Total preferred stock investment 4,278,802
---------------
Total stockholders' investment 10,430,346
---------------
First mortgage bonds:
Series I, 8.75% due 2000 4,237,000
Series J, 5.71% due 2003 23,164,000
Series K, 7.45% due 2004 7,157,000
---------------
34,558,000
Less bonds to be retired within one year 3,605,000
---------------
30,953,000
---------------
Other secured debt:
BancBoston Chattel notes 594,235
Less notes to be retired within one year 272,150
---------------
322,085
---------------
---------------
Total capitalization 41,705,431
---------------
Current liabilities
Current maturities of long-term obligations 3,877,150
Capital lease obligations 0
Notes payable to bank 1,500,000
Accounts payable 16,166,030
Accrued interest on bonds 446,428
Accrued taxes 21,453
Other 33,833
---------------
Total current liabilities 22,044,894
---------------
Regulatory liability 2,519,731
Deferred income taxes 1,687,490
Unamortized investment tax credits 792,302
Deferred compensation 2,366,249
Pensions and benefits 552,240
---------------
$71,668,337
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Operating revenues
Phase I support charges $5,955,766
Rental income 4,710
---------------
Total operating revenues 5,960,476
Operating expenses
Transmission expenses
Operations 20,789
Maintenance 177,947
---------------
Total transmission expenses 198,736
Administrative and general expenses 182,391
Depreciation and amortization 2,434,824
Taxes other than income taxes 511,790
Income taxes 516,513
---------------
Total operating expenses 3,844,254
---------------
Operating income 2,116,222
Other income
Interest 864
Amortization of investment tax credits 119,484
---------------
Total other income 120,348
---------------
Total operating and other income 2,236,570
---------------
Interest and other deductions:
Interest on long-term secured notes 1,338,940
Interest on debt to associated companies 31,766
Other interest expense 98,037
Amortization of debt expense 36,046
---------------
Total interest and other dedutions 1,504,789
Net income 731,781
Retained earnings at beginning of period 47,021
---------------
778,802
Deduct dividends declared 700,000
---------------
Retained earnings at end of period $78,802
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
Utility plant, at original cost $47,770,396
Less accumulated depreciation and amortization 22,657,514
---------------
Net utility plant 25,112,882
Current assets
Cash 97,142
Accounts receivable-associated companies 4,307
Accounts receivable-non associated companies 0
Materials and supplies at average costs 117,867
Prepaid insurance 22,062
Other 744
---------------
Total current assets 242,122
Unamortized debt expense 138,946
Alternative minimum tax credits 580,628
---------------
Total assets $26,074,578
===============
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
BALANCE SHEET
DECEMBER 31, 1995
CAPITALIZATION AND LIABILITIES
Capitalization:
Stockholders' equity:
Common stock, $100 par value per share $1,000
Miscellaneous paid-in-capital 4,199,000
Retained earnings 78,802
---------------
Total common stock equity 4,278,802
---------------
Long-term secured notes, 8.48% due 2006 14,700,000
Less notes to be retired within one year 2,120,000
---------------
12,580,000
---------------
Total capitalization 16,858,802
Current liabilities
Notes to be retired within one year 2,120,000
Notes payable-associated companies 0
Notes payable-bank 2,200,000
Accounts payable - associated companies 31,677
Accounts payable - nonassociated companies 12,487
Accrued interest on notes 50,127
Accrued taxes 26,019
---------------
Total current liabilities 4,440,310
Regulatory liability 558,100
Deferred income taxes 3,003,518
Deferred investment tax credits 1,213,848
---------------
Total capitalization and liabilities $26,074,578
===============
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
GMPC VER Total Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
Operating Revenues $161,544,285 $0 $161,544,285 $0 $161,544,285
-------------------------------------------------------------------------
Operating Expenses
Power Supply 0
VY Nuclear Power Corporation 30,222,077 30,222,077 30,222,077
Company-owned generation 3,786,250 3,786,250 3,786,250
Purchases from others 53,915,124 53,915,124 53,915,124
Other operating 18,120,075 18,120,075 18,120,075
Transmission 9,874,369 9,874,369 9,874,369
Maintenance 4,209,972 4,209,972 4,209,972
Depreciation & amortizaton 14,115,600 14,115,600 14,115,600
Taxes other than income 6,427,834 6,427,834 6,427,834
Income taxes 5,577,866 5,577,866 5,577,866
-------------------------------------------------------------------------
Total operating expenses 146,249,167 0 146,249,167 0 146,249,167
-------------------------------------------------------------------------
Operating income 15,295,118 0 15,295,118 0 15,295,118
-------------------------------------------------------------------------
Other Income
Equity in earnings of affiliates and non-utility opera 3,205,039 3,205,039 308,183 3,513,222
Allowance for equity funds used during construction 26,626 26,626 26,626
Other income and deductions, net 402,569 402,569 (308,183) 94,386
-------------------------------------------------------------------------
Total other income 3,634,234 0 3,634,234 0 3,634,234
-------------------------------------------------------------------------
Income before interest charges 18,929,352 0 18,929,352 0 18,929,352
-------------------------------------------------------------------------
Interest Charges
Long-term debt 6,546,374 6,546,374 6,546,374
Other 1,426,841 1,426,841 1,426,841
Allowance for borrowed funds used during construction (547,141) (547,141) (547,141)
-------------------------------------------------------------------------
Total interest charges 7,426,074 0 7,426,074 0 7,426,074
-------------------------------------------------------------------------
Net Income 11,503,278 0 11,503,278 0 11,503,278
Dividends on preferred stock 771,553 771,553 771,553
-------------------------------------------------------------------------
Net Income Applicable to Common Stock $10,731,725 $0 $10,731,725 $0 $10,731,725
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
GMPC VER Total Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
Balance - January 1,1995 $25,728,578 ($1,897) $25,726,681 $0 $25,726,681
Net income 11,503,278 0 11,503,278 11,503,278
-------------------------------------------------------------------------
Total 37,231,856 (1,897) 37,229,959 0 37,229,959
Charges:
Dividends on Capital Stock
Preferred - 4.75% Class B,$4.75 per share 15,853 15,853 15,853
-7% Class C,$7 per share 35,700 35,700 35,700
-9 3/8% Class D,Series 1,$9.375 per share 116,250 116,250 116,250
-8 5/8% Class D,Series 3,$8.625 per share 603,750 603,750 603,750
Common 10,045,953 10,045,953 10,045,953
Other 0 0
-------------------------------------------------------------------------
Total 10,817,506 0 10,817,506 0 10,817,506
-------------------------------------------------------------------------
Balance - December 31, 1995 $26,414,350 ($1,897) $26,412,453 $0 $26,412,453
=========================================================================
</TABLE>
<TABLE>
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
<CAPTION>
GMPC VER Total Eliminations Consolidated
ASSETS
ELECTRIC UTILITY
<S> <C> <C> <C> <C> <C>
Utility Plant
Utility plant, at original cost $239,290,504 $541 $239,291,045 $239,291,045
Less accumulated depreciation 75,797,072 75,797,072 75,797,072
-------------------------------------------------------------------------
Net utility plant 163,493,432 541 163,493,973 0 163,493,973
Property under capital lease 9,778,487 9,778,487 9,778,487
Construction work in progress 8,727,235 8,727,235 8,727,235
-------------------------------------------------------------------------
Total utility plant, net 181,999,154 541 181,999,695 0 181,999,695
-------------------------------------------------------------------------
Other Investments
Associated companies, at equity
Vermont Electric Power Company 3,088,997 3,088,997 3,088,997
VY Nuclear Power Corporation 9,630,531 9,630,531 9,630,531
Other 30,328,813 30,328,813 (22,800,651) 7,528,162
-------------------------------------------------------------------------
Total other investments 43,048,341 0 43,048,341 (22,800,651) 20,247,690
-------------------------------------------------------------------------
Current Assets
Cash 84,203 84,203 84,203
Special deposits 210 210 210
Accounts receivable,customers & others, 0
less allowance for doubtful accounts 18,080,523 57 18,080,580 18,080,580
Accrued utility revenues 6,522,778 6,522,778 6,522,778
Fuel,materials & and supplies at average cost 3,311,797 3,311,797 3,311,797
Prepayments 1,889,554 1,889,554 1,889,554
Other 327,447 327,447 327,447
-------------------------------------------------------------------------
Total current assets 30,216,512 57 30,216,569 0 30,216,569
-------------------------------------------------------------------------
Deferred Charges and Other 42,950,774 42,950,774 42,950,774
NON UTILITY
Cash and Cash Equivalents 76,305 76,305 76,305
Other Current Assets 5,727,154 5,727,154 (1,672,332) 4,054,822
Property and Equipment 11,477,893 11,477,893 11,477,893
Intangible Assets 2,580,128 2,580,128 2,580,128
Other Assets 19,036,394 19,036,394 642,102 19,678,496
-------------------------------------------------------------------------
38,897,874 0 38,897,874 (1,030,230) 37,867,644
-------------------------------------------------------------------------
TOTAL ASSETS $337,112,655 $598 $337,113,253 ($23,830,881) $313,282,372
=========================================================================
GREEN MOUNTAIN POWER CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
GMPC VER Total Eliminations Consolidated
CAPITALIZATION AND LIABILITIES
ELECTRIC UTILITY
Capitalization
Common Stock Equity
Common stock $16,167,804 $500 16,168,304 $16,168,304
Additional paid-in capital 64,205,705 64,205,705 64,205,705
Retained earnings 26,414,350 (1,897) 26,412,453 26,412,453
Reacquired capital stock (378,461) (378,461) (378,461)
-------------------------------------------------------------------------
Total common stock equity 106,409,398 (1,397) 106,408,001 0 106,408,001
-------------------------------------------------------------------------
Redeemable cumulative preferred stock 8,930,000 8,930,000 8,930,000
Long-term debt, less current maturities 91,134,000 91,134,000 91,134,000
-------------------------------------------------------------------------
Total capitalization 206,473,398 (1,397) 206,472,001 0 206,472,001
-------------------------------------------------------------------------
Capital lease obligation 9,778,487 9,778,487 9,778,487
-------------------------------------------------------------------------
Current Liabilities
Current maturities of long-term debt 7,833,000 7,833,000 7,833,000
Short-term debt 8,415,648 8,415,648 8,415,648
Accounts payable, trade 5,527,397 1,995 5,529,392 5,529,392
Accounts payable to associated companies 4,305,659 4,305,659 2,705,042 7,010,701
Dividends declared 193,969 193,969 193,969
Customer deposits 815,642 815,642 815,642
Taxes accrued 570,936 570,936 570,936
Interest accrued 1,846,531 1,846,531 1,846,531
Other 412,051 412,051 412,051
-------------------------------------------------------------------------
Total current liabilities 29,920,833 1,995 29,922,828 2,705,042 32,627,870
-------------------------------------------------------------------------
Deferred Credits
Accumulated deferred income taxes 25,292,443 25,292,443 25,292,443
Unamortized investment tax credits 5,107,293 5,107,293 5,107,293
Other 21,642,327 21,642,327 21,642,327
-------------------------------------------------------------------------
Total deferred credits 52,042,063 0 52,042,063 0 52,042,063
-------------------------------------------------------------------------
NON UTILITY
Current liabilities 4,129,683 4,129,683 (3,005,653) 1,124,030
Other liabilities 12,804,417 12,804,417 (1,566,496) 11,237,921
Stockholders' equity 21,963,774 21,963,774 (21,963,774) 0
-------------------------------------------------------------------------
38,897,874 0 38,897,874 (26,535,923) 12,361,951
-------------------------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $337,112,655 $598 $337,113,253 ($23,830,881) $313,282,372
=========================================================================
</TABLE>
CONFIDENTIAL TREATMENT
GREEN MOUNTAIN PROPANE GAS COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1995
REVENUE
Propane
Other petroleum products 34,673
Contract work 831,307
Meter service fees 22,703
Rental space and water heating 236,841
---------------
Total revenue
---------------
COST OF SALES
Propane product
Contract materials 491,759
Subcontractors - Contract work 34,044
Petroleum distillates 30,683
Labor capitalized (59,941)
Sales discounts and allowances 29,100
---------------
Total cost of sales
---------------
Gross profit 3,841,218
---------------
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
===============
CONFIDENTIAL TREATMENT
GREEN MOUNTAIN PROPANE GAS COMPANY
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
Current Assets
Cash
Accounts receivable 1,390,852
Accrued income taxes 81,315
Inventory 1,048,214
Prepaid expenses 71,028
---------------
Total current assets 2,591,409
---------------
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
Computer advances 16,561
Non-compete receivable 30,000
Total financed sales 112,235
Deferred acquisition costs 46,833
---------------
Total other assets 205,629
---------------
Total assets
===============
CONFIDENTIAL TREATMENT
GREEN MOUNTAIN PROPANE GAS COMPANY
BALANCE SHEET
DECEMBER 31, 1995
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Cash overdraft $10,112
Accounts payable
Due to GMP 634,601
Pre-sold contracts 97,628
Budgets/meter accounts 62,314
Payroll taxes payable 2,358
Taxes other payable 86,518
Sales tax payable 15,399
Credit line -- State street 150,000
Accrued expenses 46,967
---------------
Total current liabilities
---------------
Total unearned interest
Note payable State Street
Deferred income Non-compete
Deferred taxes 859,690
---------------
Total liabilities
---------------
Stockholders' equity
Common stock
Additional paid in capital
Retained earnings
Net income (loss)
---------------
Total stockholders' equity
---------------
Total liabilities and stockholders' equity
===============
CONFIDENTIAL TREATMENT
GREEN MOUNTAIN PROPANE GAS COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Balance January 1, 1995
Net income
---------------
Balance December 31, 1995
===============
LEASE-ELEC, INC.
INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
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, 1995
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, 1995
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, 1995
Revenues
Revenue - lease $431,901
Revenue - Interest 1,308
---------------
Total revenues 433,209
---------------
Expenses
Interest expense 167,337
Income taxes - federal 73,934
Income taxes - state 19,553
Property tax expense 1,491
Depreciation 23,774
Salaries and wages 582
General administrative expense 20
Miscellaneous expenses 28
---------------
Total expenses 286,719
---------------
Net income 146,490
Retained earnings at beginning of period (167,079)
---------------
Retained earnings at end of period ($20,589)
===============
GMP REAL ESTATE CORPORATION
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
Cash $8,692
Rent receivable 379,742
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 752,657
Building - Biron estate Montpelier 38,994
Land - Biron estate Montpelier 138,451
Organization costs 403
Income tax benefits receivable 57,403
---------------
Total assets $1,674,119
===============
GMP REAL ESTATE CORPORATION
BALANCE SHEET
DECEMBER 31, 1995
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $84,565
Accrued interest payable 43,147
Deferred income taxes 10,550
Notes payable #2 1,375,446
Notes payable #4 180,500
Common stock (5 shares, no par) 500
Retained earnings (20,589)
---------------
Total liabilities and shareholders' equity $1,674,119
===============
MOUNTAIN ENERGY, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1995
Revenues
Undistributed income in subsidiaries $1,777,099
Other income 92,321
Interest income due from GMP (59,812)
Interest income Notes 956,952
Interest income Bank 19,712
---------------
Total revenues 2,786,272
---------------
Labor expenses
Employee compensation 257,631
Payroll taxes 13,199
Contract labor 51,618
Professional fees - due from GMP (15,628)
---------------
Total labor expenses 306,820
---------------
Benefits expenses
Group medical claims 21,126
Group medical admin 1,248
Group medical reserves 3,500
Group life insurance 671
Group disability insurance expense 1,267
Workers' comp insurance expense 807
Postretirement health care expense 7,800
Pension expense 5,728
401(k) expense 6,732
---------------
Total benefits expenses 48,879
---------------
Other operating expenses
Telephone 2,305
Repairs and maintenance 60
Office supplies 2,836
Furniture and office equipment expense 989
Postage and freight 1,020
Legal and professional fees 11,264
Contract and Proj expense 3,699
Membership dues and licenses 410
Subscription & library fees 4,608
Corporate franchise fees 200
Travel and lodging 3,494
Meals 674
Bank charges 504
Contributions 120
Interest expense 76,599
Sales and use tax 86
Miscellaneous 890
Depreciation 9,394
Amortization intangibles 369
Amortization loan origination costs 1,400
Parent payroll allocation 7,915
Parent overhead allocation 92,482
---------------
Total other operating expenses 221,318
---------------
Total expenses 577,017
---------------
Income before taxes 2,209,255
---------------
State income tax expense 185,098
Federal income tax expense 687,680
Income tax ITC amortization (45,416)
---------------
Net income $1,381,893
===============
MOUNTAIN ENERGY, INC.
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
Current assets
Cash $67,613
Accounts receivable 549,425
GMP receivable 838,934
Notes receivable 892,890
Interest receivable-notes 11,722
GMP receivable-ITC 454,156
Prepaid state taxes 8,876
---------------
Total current assets 2,823,616
---------------
Fixed assets
Partnership interests 10,856,259
Equity in earnings of subsidiaries 4,022,060
Partnership distributions (3,879,254)
Furniture and office equipment 67,838
Leasehold improvements 10,508
Accumulated depreciation (31,011)
Notes receivable 4,966,112
Interest receivable 539,719
---------------
Total fixed assets 16,552,231
---------------
Other assets
Prepaid AMT 2,131,093
Software 671
Organization Costs 62,473
Loan origination costs 15,000
Accumulated amortization-intangibles (61,870)
Accumulated amortization-loan origination costs (1,400)
---------------
Total other assets 2,145,967
---------------
Total assets $21,521,814
===============
MOUNTAIN ENERGY, INC.
BALANCE SHEET
DECEMBER 31, 1995
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
GMP payable 2,243,340
Accounts payable 7,054
Accrued interest payable- note 40,391
State income tax payable 155,143
Federal income tax true-up (164)
Benefits payable 41,577
Payroll taxes payable 5,102
---------------
Total current liabilities 2,492,443
---------------
Long-term liabilities
Notes payable 1,916,667
Deferred ITC 201,797
Deferred federal taxes 4,203,302
Deferred state taxes 87,163
Deferred compensation (3,314)
---------------
Total long-term liabilities 6,405,615
---------------
Total liabilities 8,898,058
---------------
Shareholders' equity
Common stock 10,742,497
Retained earnings 499,366
Net income 1,381,893
---------------
Total shareholders' equity 12,623,756
---------------
Total liabilities and shareholders' equity $21,521,814
===============
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 1995 AND THE RELATED
CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 313,282,372
<TOTAL-OPERATING-REVENUES> 161,544,285
<NET-INCOME> 11,503,278
</TABLE>
