13
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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, Limited, Vermont Energy Resources, Inc., GMP
Real Estate Corporation, Lease-Elec, Inc. and Green Mountain Resources, 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.
<PAGE>
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 163 Acorn Lane,
Colchester, Vermont.
The principal business of the Company is to supply electrical energy in the
State of Vermont in a territory with approximately one-quarter of the State's
population. The Company serves approximately 84,000 customers. 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. The Company
interchanges economy and emergency power and energy with the Independent System
Operator ("ISO"), a function formerly performed by the New England Power Pool
("NEPOOL").
The Company is the sole stockholder of Mountain Energy, Inc., Green
Mountain Propane Gas, Limited, GMP Real Estate Corporation and Lease-Elec, Inc.,
all incorporated under the laws of the State of Vermont and of Green Mountain
Resources, Inc., incorporated under the laws of the State of Delaware.
The primary business of Mountain Energy, Inc. (Mountain Energy) is to
invest in non-utility energy generation and efficiency projects. Mountain
Energy's principal office is at 1233 Shelburne Road, Suite E-5, South
Burlington, Vermont.
The business of Green Mountain Propane Gas, Limited (GMPG) is to close out
the affairs of Green Mountain Propane Gas Company, its predecessor, an operating
retail propane gas seller, the assets of which were sold on March 16, 1998.
The business of GMP Real Estate Corporation has consisted of the
construction, operation and lease to the Company of certain assets, principally,
the former headquarters building for the Company in South Burlington, Vermont,
as well as two service centers in Bellows Falls and Wilmington, Vermont. The
leases on these properties were purchased, and the former headquarters building
sold during 1999. GMP Real Estate's principal office is at 163 Acorn Lane,
Colchester, Vermont.
The business of Lease-Elec consisted 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. The offices of Lease-Elec are located at 163 Acorn Lane, Colchester,
Vermont.
Green Mountain Resources, Inc. (GMRI) was formed in April 1996 to explore
opportunities in competitive retail energy markets. In 1996 GMRI, together with
subsidiaries of Hydro-Quebec, Consolidated Natural Gas Corporation and Noverco,
Inc., participated in the retail sales of energy in pilot programs in New
Hampshire and Massachusetts through Green Mountain Energy Partners L.L.C.
(GMEP), a Delaware limited liability company formed in April 1996. GMRI has
sold its remaining interest in GMEP, and does not actively engage in any
business presently. GMRI's offices are located at 163 Acorn Lane, Colchester,
Vermont.
The State of New Hampshire experimented to provide retail customer choice
in the purchase of electricity. The New Hampshire pilot program began in June
1996 and terminated in June 1998.
The Commonwealth of Massachusetts authorized Bay State Gas Company's
Pioneer Valley Customer Choice Residential Pilot Program, in which GMEP
participated.
In addition, GMRI owned a minor interest in Green Mountain Energy
Resources, a company that has created retail brands of electricity that are sold
to consumers in competitive markets. In January of 1999, GMRI sold its interest
in GMER to Green Funding I, L.L.C.
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 owns a general partnership interest in a
hydroelectric facility that is a "qualified facility" and 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. In addition, Mountain Energy owns a
subsidiary that owns a company specializing in wastewater treatment technology,
and directly owns approximately 29% of a second company specializing in
wastewater treatment technology.
GMPG is not a public utility and is qualified to do business in the State
of Vermont and the State of New Hampshire. Neither GMRI nor GMEP are public
utilities, and both are qualified to do business in the States of Vermont, New
Hampshire and Massachusetts.
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. On October 15, 1999, the owners of Vermont Yankee Nuclear Power
Corporation accepted a bid from Philadelphia-based AmerGen Energy Company for
the 540-megawatt Vernon generating plant. The asset sale will require numerous
regulatory approvals, including the Federal Energy Regulatory Commission, the
Nuclear Regulatory Commission, the Securities and Exchange Commission and the
VPSB. Assuming a final closing date for the transaction of July 1, 2000,
AmerGen will pay Vermont Yankee approximately $23.5 million for the plant and
property.
As a condition of the sale, Vermont Yankee's current owners will make a
one-time and final payment of $54.3 million to pre-pay the plant's
decommissioning fund. In return, AmerGen will assume full responsibility for all
future operating costs and the estimated $430 million obligation to decommission
the plant at the end of its operating license in 2012. The current owners have
agreed to buy power from the plant for periods that may extend up to twelve
years, depending upon the option selected by each individual owner. Green
Mountain Power Corporation and the other current owners are also responsible for
their share of the unrecovered plant and other costs resulting from the sale.
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 that it resells at its
cost to various electric distribution utilities in the State of Vermont.
VELCO was a participant with all of the major electric utilities in New
England in NEPOOL, acting for itself and as agent for twenty-two other electric
utilities in Vermont, including the Company. An Independent System Operator
(ISO) replaced NEPOOL effective May 1, 1999. The ISO works as a clearinghouse
for purchasers and sellers of electricity in the new deregulated markets.
Sellers place bids for the sale of their generation or purchased power resources
and if demand is high enough the output from those resources is sold.
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-Qu bec. Phase I of the interconnection consists of
a +-450 KV HVDC transmission line from the Des Cantons Substation on the
Hydro-Qu bec 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-Qu bec 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-Qu bec, NEPOOL and various New England
utilities, including the Company.
VERMONT ENERGY RESOURCES, INC.
Vermont Energy Resources, Inc. was incorporated under the laws of the State
of Vermont on July 30, 1974, and has its principal office at 163 Acorn Lane,
Colchester, 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 1233 Shelburne
Road, Suite E-5, 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, which it sold in June 1997. 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;
in 1998 the limited partnership interest increased to 26 %. 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, New York, and New Jersey.
As of June 30, 1999 we classified our investment in MEI as "Business
Segment held for sale", reflecting the Company's intent to sell MEI's assets
within the next twelve months.
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 an estimated
claimed capability of 35.6 MW, two gas turbine generating stations with an
aggregate claimed capability of 72.7 MW and two diesel generating stations with
an aggregate claimed capability of 8.4 MW.
The Company had, at December 31, 1999, 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 284.6 miles of 34.5 KV transmission lines. Its
distribution system included about 2,430 miles of overhead lines of 2.4 to 34.5
KV and 461 miles of underground cable of 2.4 to 34.5 KV. At such date, the
Company owned approximately 158,820 Kva of substation transformer capacity in
transmission substations and 569,750 Kva of substation transformer capacity in
distribution substations and approximately 1,085,000 Kva of transformers for
step-down 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% (6.8 MW of a total 620 MW) -- lead
participant is Central Maine Power Company;
B. Stony Brook #1, Ludlow, Massachusetts -- 8.8% (31.0 MW of a total 352 MW) --
lead participant is Massachusetts Municipal Wholesale Electric Company;
C. Joseph C. McNeil Generating Station, Burlington, Vermont -- 11% (5.8 MW of
a total 53 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-Qu bec 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
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-Qu bec.
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 three 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 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 (3) a 26% 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.
Retail sales for Green Mountain Power are state of Vermont exclusively.
GREEN MOUNTAIN POWER CORPORATION
Year 1999
Total Electric Revenues:$248,302,008
Electric: 4,073,038,000
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1999
Total Electric Revenues:$208,811,573
Electric: 4,059,17,000
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1999
Total Electric Revenues:$29,874,410
Electric: 251,526
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(State of Vermont).
GREEN MOUNTAIN POWER CORPORATION
Year 1999
Electric: None
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1999
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1999
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(STATE OF VERMONT.)
GREEN MOUNTAIN POWER CORPORATION
Year 1999
Wholesale Sales Revenue: $68,305,000
Electric: 2,153,732,900*
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1999
Wholesale Sales Revenue: $93,965,207
Electric: 1,826,598,000
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1999
Electric: None
Gas: None
*Reflects 1,672,009,900kWh sales to Morgan Stanley under a Power Supply
agreement begun February 1999.
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(STATE OF VERMONT).
GREEN MOUNTAIN POWER CORPORATION
Year 1999
Power supply Purchases:$139,534,761
Electric: 3,267,088,000*
Gas: None
VERMONT YANKEE NUCLEAR POWER CORPORATION
Year 1999
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 1999
Electric: None
Gas: None
*includes 1,861,385,000kWh purchased from Morgan Stanley under a Power Supply
agreement dated February 1999.
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 1999.
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.
<TABLE>
<CAPTION>
Consolidating Balance Sheet FORM U-3A-2 EXHIBIT A
December 31, 1999 Consolidated
Green Green Green
Mountain Mountain Mountain GMP Mountain
Power Propane Energy Lease Real Resources
Corporation Gas Co. Inc. Elec Estate Inc. Total
------------- ---------- ---------- ------ --------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets (In thousands)
Utiltiy Plant, net . . . . . . . . . . . $ 192,895 $ - $ - $ - $ - $ - $192,895
Other Investments. . . . . . . . . . . . 31,178 - - - - - 31,178
Deferred Charges . . . . . . . . . . . . 41,854 - - - - - 41,854
Business Segment held for Disposal . . . - - - - - - 0
Current Assets . . . . . . . . . . . . . 33,237 - 160 - 40 - 33,437
Other Current Assets . . . . . . . . . . - 14 3,113 - 74 8 3,209
Property and Equipment . . . . . . . . . - - 362 - 253 - 615
Intangible Assets. . . . . . . . . . . . - - - - - - 0
Other Assets . . . . . . . . . . . . . . 974 347 15,760 137 - - 17,218
---------- ---------- ------ ---------------
$ 300,138 $ 361 $ 19,395 $ 137 $ 367 $ 8 $320,406
============= ========== ========== ====== =============== =========== =========
Capitalization and Liabilities
Common Stock Equity. . . . . . . . . . . $ 100,645 $ 360 $ 10,035 $ 107 $ 15 $ (5) $111,157
Redeemable Preferred Stock . . . . . . . 14,435 - - - - - 14,435
Long Term Debt, less current maturities. 81,800 - - - - - 81,800
Capital Lease Obligation . . . . . . . . 7,038 - - - - - 7,038
Current Liabilities. . . . . . . . . . . 37,094 - - - - - 37,094
Deferred Credits . . . . . . . . . . . . 59,126 1 2,864 132 13 62,136
Other Liabilities. . . . . . . . . . . . - - 6,496 30 220 - 6,746
$ 300,138 $ 361 $ 19,395 $ 137 $ 367 $ 8 $320,406
============= ========== ========== ====== =============== =========== =========
Consolidating Statement of Income:
Operating Revenues . . . . . . . . . . . $ 251,048 $ - $ 2,296 $ - $ 243 $ - $253,587
Operating Expenses . . . . . . . . . . . 243,102 38 9,575 - 202 417 253,334
------------- ---------- ---------- ------ --------------- ----------- ---------
Operating Income. . . . . . . . . . . . 7,946 (38) (7,279) - 41 (417) 253
Other Income . . . . . . . . . . . . . . (3,826) 16 - - - 1,000 (2,810)
Interest Charges . . . . . . . . . . . . 7,183 - - - - - 7,183
------------- ---------- ---------- ------ --------------- ----------- ---------
Income (Loss) before preferred dividends (3,063) (22) (7,279) - 41 583 (9,740)
and discontinued operations
Dividends on preferred stock . . . . . . 1,155 - - - - - 1,155
Net income(loss) from discontinued
segment operations . . . . . . . . . . - - - - - - -
Net Loss applicable to common stock. . . $ (4,218) $ (22) $ (7,279) $ - $ 41 $ 583 $(10,895)
============= ========== ========== ====== =============== =========== =========
Green
Mountain
Power
Eliminations Corporation
-------------- -------------
<S> <C> <C>
Assets
Utiltiy Plant, net . . . . . . . . . . . $ - $ 192,895
Other Investments. . . . . . . . . . . . (10,512) 20,666
Deferred Charges 41,854
Business Segment held for Disposal . . . 9,477 9,477
Current Assets . . . . . . . . . . . . . (160) 33,277
Other Current Assets . . . . . . . . . . (3,201) 8
Property and Equipment . . . . . . . . . (362) 253
Intangible Assets. . . . . . . . . . . . - -
Other Assets . . . . . . . . . . . . . . (15,897) 1,321
--------------
$ (20,655) $ 299,751
============== =============
Capitalization and Liabilities
Common Stock Equity. . . . . . . . . . . $ (10,512) $ 100,645
Redeemable Preferred Stock 14,435
Long Term Debt, less current maturities 81,800
Capital Lease Obligation 7,038
Current Liabilities. . . . . . . . . . . (387) 36,707
Deferred Credits . . . . . . . . . . . . (3,010) 59,126
Other Liabilities. . . . . . . . . . . . (6,746) -
$ (20,655) $ 299,751
============== =============
-
Consolidating Statement of Income:
Operating Revenues . . . . . . . . . . . $ (2,539) $ 251,048
Operating Expenses . . . . . . . . . . . (10,232) 243,102
-------------- -------------
Operating Income. . . . . . . . . . . . 7,693 7,946
Other Income . . . . . . . . . . . . . . 6,263 3,453
Interest Charges . . . . . . . . . . . . - 7,183
-------------- -------------
Income (Loss) before preferred dividends 13,956 4,216
and discontinued operations
Dividends on preferred stock . . . . . . - 1,155
Net income(loss) from discontinued
segment operations . . . . . . . . . . (7,279) (7,279)
Net Loss applicable to common stock. . . $ 13,956 $ (4,218)
============== =============
</TABLE>
EXHIBIT B
Financial Data Schedule
1. Total Assets $299,751,000
2. Total Operating Revenues $251,048,000
3. Net Income ($3,063,000)
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
<PAGE>
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 25th day of February 2000.
GREEN MOUNTAIN POWER CORPORATION
-----------------------------------
(name of claimant)
(Corporate Seal)
By: /s/N.R. Brock
-------------------
N. R. Brock, Vice President,
Chief Financial Officer
Treasurer
Attest:
/s/R.J. Griffin
- --------------------
R. J. Griffin
Controller
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
/s/R.J. Griffin
- --------------------
R.J. Griffin
Controller
Green Mountain Power Corporation
163 Acorn Lane
Colchester, VT 05446
