<PAGE> File No. 70-7022
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
Post-Effective Amendment No. 13
to
FORM U-1
________________________________
APPLICATION OR DECLARATION
under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
***
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
AEP GENERATING COMPANY
1 Riverside Plaza, Columbus, Ohio 43215
(Names of companies filing this statement and
addresses of principal executive offices)
***
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of top registered holding company
parent of each applicant or declarant)
***
G. P. Maloney, Executive Vice President
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
Jeffrey D. Cross, Assistant General Counsel
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)
The undersigned American Electric Power Company, Inc.
("AEP") and AEP Generating Company ("AEGCo"), hereby amend as
follows the Application or Declaration on Form U-1 in File No.
70-7022, as heretofore amended:
1. By amending and restating the last five paragraphs
which were added at the end of Item 1 by Post-Effective Amendment
No. 12 as follows:
"In connection with an adjustment in the interest rate,
the Refunding Bonds may be tendered, or may be deemed to be
tendered, to the Trustee, by the owners thereof. AEGCo
intends to remarket any Refunding Bonds so tendered through
a remarketing agent, and may have a liquidity provider back
up AEGCo's obligations. If a remarketing is unsuccessful,
AEGCo may be obligated to, or may want to, purchase some or
all of the Refunding Bonds. The Refunding Bonds will be
subject to mandatory redemption and to optional redemption
at the direction of AEGCo under certain circumstances.
If it is deemed advisable, AEGCo may provide some form
of credit enhancement for the Refunding Bonds, such as a
letter of credit, surety bond or bond insurance, and AEGCo
may pay a fee in connection therewith. In addition, AEGCo
may provide for a liquidity provider for interest payments,
remarketing, redemption or maturity of the Refunding Bonds.
Any letter of credit would not exceed $120,000,000. The
type of credit enhancement may change while the Refunding
Bonds are outstanding. Unreimbursed drawings under the
letter of credit or liquidity provider would bear interest
at not more than 2% above the bank's prime rate. AEGCo may
pay an annual or upfront fee for the credit enhancement or
liquidity provider which would not exceed 1.25% annually of
the face amount.
In connection with such credit enhancement or liquidity
provider, AEGCo may enter into a reimbursement agreement,
standby bond purchase agreement or other comparable
agreement substantially in the form attached hereto as
Exhibit B-12.
AEGCo will not agree, without further order of this
Commission, to the issuance of any Refunding Bond by the
City (i) if the stated maturity of any such Bond shall be
more than forty (40) years, (ii) if the discount from the
initial public offering price of any such Bond shall exceed
5% of the principal amount thereof, or (iii) if the initial
public offering price shall be less than 95% of the
principal amount thereof.
The transactions described herein will be consummated
no later than December 31, 1996. AEGCo hereby requests that
an Order be issued by this Commission (i) releasing
jurisdiction with respect to the purchase price of the
Project as it is affected by the sale of the Refunding Bonds
and (ii) reserving jurisdiction with respect to the purchase
price of the Project as it is affected by the sale of
further series of Revenue Bonds."
2. By adding the following additional paragraphs to the
end of Item 1 of said Form U-1:
"Compliance with Rule 54
AEP Resources International, Limited ('AEPRI'), an indirect
subsidiary of AEP, is an exempt wholesale generator ('EWG'), as
defined in Section 32 of the Act. AEP, through its subsidiary,
AEP Resources, Inc., invested $5,000 in AEPRI. This investment
represents less than 1% of $1,331,245,000, the average of the
consolidated retained earnings of AEP reported on Form 10-K or
Form 10-Q, as applicable, for the four consecutive quarters ended
March 31, 1995.
AEPRI will maintain books and records and make available the
books and records required by Rule 53(a)(2). No more than 2% of
the employees of the operating subsidiaries of AEP will, at any
one time, directly or indirectly, render services to AEPRI. AEP
has submitted and will continue to submit a copy of Item 9 and
Exhibits G and H of AEP's Form U5S to each of the public service
commissions having jurisdiction over the retail rates of AEP's
operating utility subsidiaries. Data was filed under Item 9 and
Exhibits G and H in AEP's Form U5S for the calendar year 1994.
In addition, (i) neither AEP nor any subsidiary of AEP is
the subject of any pending bankruptcy or similar proceeding; (ii)
AEP's average consolidated retained earnings for the four most
recent quarterly periods ($1,331,245,000) represented an increase
of approximately $38,038,000 (or 2.9%) in the average
consolidated retained earnings from the previous four quarterly
periods ($1,293,207,000); and (iii) for the year ended December
31, 1994, there were no losses attributable to AEP's direct or
indirect investments in AEPRI other than $4,000 in start-up
costs."
3. By adding the following paragraph to the end of Item 2
of said U-1:
"Estimates of the fees, commissions and expenses to be
paid or incurred directly or indirectly by AEGCo in
connection with the preparation for and the issuance of
Refunding Bonds are as follows:
Goldman, Sachs & Co. (underwriting compensation,
including counsel fees) $ 405,000
CUSIP Service Bureau 240
Printing 25,000
Hotels and Airfare 8,000
Norwest Bank Indiana, N.A., Trustee (including
counsel) 28,000
Deloitte & Touche LLP 15,000
Simpson Thacher & Bartlett 75,000
Dewey Ballantine 4,000
Baker & Daniels 35,000
Counsel for City of Rockport 5,000
Rating Agency Fee 36,000
The Bank of New York 32,500
Bond Insurance Premium 825,000
Winthrop, Stimson, Putnam & Roberts 50,000
Miscellaneous 30,000
TOTAL $1,573,740"
4. By amending and restating the last paragraph of Item 4
as follows:
"The proposed issuance of the Refunding Bonds has been
authorized by the Indiana Utility Regulatory Commission by Order
dated July 22, 1985 in Cause No. 37758. No commission other than
that named and the Securities and Exchange Commission has
jurisdiction over the proposed transactions."
5. By filing Balance Sheets as of March 31, 1995 and
Statements of Income and Retained Earnings, per books and pro
forma, for the twelve months ended March 31, 1995, of AEGCo and
of AEP and its subsidiaries consolidated, together with journal
entries reflecting the proposed transactions.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned companies have duly caused
this Post-Effective Amendment No. 13 to be signed on their behalf
by the undersigned thereunto duly authorized.
AMERICAN ELECTRIC POWER COMPANY, INC.
AEP GENERATING COMPANY
By /s/ G. P. Maloney
Vice President
Dated: June 19, 1995
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 1
AEP GENERATING COMPANY
BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . $627,970 $627,970
General. . . . . . . . . . . . . . . . . . . . . . 2,678 2,678
Construction Work in Progress. . . . . . . . . . . 1,640 1,640
Total Electric Utility Plant . . . . . . . . . 632,288 632,288
Accumulated Depreciation . . . . . . . . . . . . . 204,534 204,534
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 427,754 427,754
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . 9,029 $(4,400) 4,629
Accounts Receivable. . . . . . . . . . . . . . . . 19,605 19,605
Fuel . . . . . . . . . . . . . . . . . . . . . . . 17,542 17,542
Materials and Supplies . . . . . . . . . . . . . . 4,160 4,160
Prepayments. . . . . . . . . . . . . . . . . . . . 426 426
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 50,762 (4,400) 46,362
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . 31,357 4,400 35,757
TOTAL . . . . . . . . . . . . . . . . $509,873 $ - $509,873
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 2
AEP GENERATING COMPANY
BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - Par Value $1,000:
Authorized and Outstanding - 1,000 Shares. . . . $ 1,000 $ 1,000
Paid-in Capital. . . . . . . . . . . . . . . . . . 47,735 47,735
Retained Earnings. . . . . . . . . . . . . . . . . 4,387 4,387
Total Common Shareholder's Equity. . . . . . . 53,122 53,122
Long-term Debt . . . . . . . . . . . . . . . . . . 53,378 $ 55,000 108,378
TOTAL CAPITALIZATION . . . . . . . . . . . . . 106,500 55,000 161,500
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . 1,929 1,929
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . 55,000 (55,000) -
Accounts Payable . . . . . . . . . . . . . . . . . 6,031 6,031
Taxes Accrued. . . . . . . . . . . . . . . . . . . 6,238 6,238
Interest Accrued . . . . . . . . . . . . . . . . . 738 738
Rent Accrued - Rockport Plant Unit 2 . . . . . . . 25,028 25,028
Other. . . . . . . . . . . . . . . . . . . . . . . 2,566 2,566
TOTAL CURRENT LIABILITIES. . . . . . . . . . . 95,601 (55,000) 40,601
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . 209,200 209,200
REGULATORY LIABILITIES:
Deferred Investment Tax Credits . . . . . . . . . . 79,625 79,625
Amounts Due to Customers for Federal Income Taxes . 9,585 9,585
TOTAL REGULATORY LIABILITIES . . . . . . . . . 89,210 89,210
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . 6,987 6,987
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . 446 446
TOTAL . . . . . . . . . . . . . . . . $509,873 $ - $509,873
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3
AEP GENERATING COMPANY
BALANCE SHEET
MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $110,000
Long-term Debt - Installment Purchase Contracts . . . . . . . . $110,000
To record the issuance and sale of $110,000,000 principal
amount of pollution control revenue bonds by City of
Rockport, Indiana at 100%*.
2) Deferred Charges - Unamortized Debt Expense . . . . . . . . . . . $3,300
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,300
To record estimated expense of debt issuance.
3) Long-term Debt - Installment Purchase Contracts . . . . . . . . . $55,000
Long-term Debt Due Within One Year. . . . . . . . . . . . . . . . 55,000
Deferred Charges - Unamortized Loss on Reacquired Debt. . . . . . 1,100
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $111,100
To record the redemption by City of Rockport, Indiana
of pollution control revenue bonds $55,000,000 Series A
due 2014 at 102% and $55,000,000 adjustable rate at 100%.
*Price assumed solely for the purpose of these Pro Forma
Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3A
AEP GENERATING COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Interest on City of Rockport, Indiana
Installment Purchase Contracts @ 6.5%* = $ 7,150
Amortization of Debt Issuance Expense and
Loss on Reacquired Debt over 30 years = 147
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 9-3/8% = (5,156)
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 6-5/8% = (3,644)
Federal Income Taxes @ 35% = 526
To reflect the pro forma changes in interest charges
associated with the proposed transactions and the
related federal income tax effect.
* Rate assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 4
AEP GENERATING COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $236,315 $236,315
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . 101,217 101,217
Rent - Rockport Plant Unit 2 . . . . . . . 67,375 67,375
Other Operation. . . . . . . . . . . . . . 11,047 11,047
Maintenance. . . . . . . . . . . . . . . . 10,477 10,477
Depreciation . . . . . . . . . . . . . . . 21,624 21,624
Taxes Other Than Federal Income Taxes. . . 4,990 4,990
Federal Income Taxes . . . . . . . . . . . 3,612 $ 526 4,138
TOTAL OPERATING EXPENSES. . . . . . 220,342 526 220,868
OPERATING INCOME . . . . . . . . . . . . . . 15,973 (526) 15,447
NONOPERATING INCOME. . . . . . . . . . . . . 3,425 3,425
INCOME BEFORE INTEREST CHARGES . . . . . . . 19,398 (526) 18,872
INTEREST CHARGES . . . . . . . . . . . . . . 9,660 (1,503) 8,157
NET INCOME . . . . . . . . . . . . . . . . . $ 9,738 $ 977 $ 10,715
The Pro Forma Adjustments are shown on Page 3A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 5
AEP GENERATING COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . $1,269
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,738
CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . . . . . . . . . 6,620
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . $4,387
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 6
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . $ 9,194,321 $ 9,194,321
Transmission . . . . . . . . . . . . . . . . . . . 3,267,739 3,267,739
Distribution . . . . . . . . . . . . . . . . . . . 4,004,232 4,004,232
General (including mining assets and nuclear fuel) 1,476,408 1,476,408
Construction Work in Progress. . . . . . . . . . . 274,611 274,611
Total Electric Utility Plant . . . . . . . . . 18,217,311 18,217,311
Accumulated Depreciation and Amortization. . . . . 6,876,038 6,876,038
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 11,341,273 11,341,273
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . 760,144 760,144
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . 87,498 $(4,400) 83,098
Accounts Receivable. . . . . . . . . . . . . . . . 443,048 443,048
Allowance for Uncollectible Accounts . . . . . . . (6,126) (6,126)
Fuel . . . . . . . . . . . . . . . . . . . . . . . 317,658 317,658
Materials and Supplies . . . . . . . . . . . . . . 220,011 220,011
Accrued Utility Revenues . . . . . . . . . . . . . 139,936 139,936
Prepayments and Other. . . . . . . . . . . . . . . 147,418 147,418
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 1,349,443 (4,400) 1,345,043
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . 1,951,442 1,100 1,952,542
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . 363,938 3,300 367,238
TOTAL . . . . . . . . . . . . . . . . $15,766,240 $ - $15,766,240
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 7
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - Par Value $6.50; Shares
Authorized - 300,000,000; Shares Issued -
194,584,992, of which 8,999,992 were held
in the treasury. . . . . . . . . . . . . . . . . $ 1,264,802 $ 1,264,802
Paid-in Capital. . . . . . . . . . . . . . . . . . 1,650,647 1,650,647
Retained Earnings. . . . . . . . . . . . . . . . . 1,362,170 1,362,170
Total Common Shareholders' Equity. . . . . . . 4,277,619 4,277,619
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption. . . . . . . 233,240 233,240
Subject to Mandatory Redemption. . . . . . . . . 590,300 590,300
Long-term Debt . . . . . . . . . . . . . . . . . . 4,579,207 $ 55,000 4,634,207
TOTAL CAPITALIZATION . . . . . . . . . . . . . 9,680,366 55,000 9,735,366
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . 768,593 768,593
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . 452,373 (55,000) 397,373
Short-term Debt. . . . . . . . . . . . . . . . . . 187,575 187,575
Accounts Payable . . . . . . . . . . . . . . . . . 196,115 196,115
Taxes Accrued. . . . . . . . . . . . . . . . . . . 420,322 420,322
Interest Accrued . . . . . . . . . . . . . . . . . 127,042 127,042
Obligations Under Capital Leases . . . . . . . . . 90,979 90,979
Other. . . . . . . . . . . . . . . . . . . . . . . 356,767 356,767
TOTAL CURRENT LIABILITIES. . . . . . . . . . . 1,831,173 (55,000) 1,776,173
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . 2,459,557 2,459,557
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . 450,052 450,052
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . 411,510 411,510
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . 164,989 164,989
TOTAL . . . . . . . . . . . . . . . . $15,766,240 $ - $15,766,240
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousand)
<S> <C> <C>
1) Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $110,000
Long-term Debt - Installment Purchase Contracts. . . . . . . $110,000
To record the issuance and sale of $110,000,000
principal amount of pollution control revenue
bonds by City of Rockport, Indiana at 100%*.
2) Deferred Charges - Unamortized Debt Expense. . . . . . . . . . $3,300
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,300
To record estimated expense of the debt issuance.
3) Long-term Debt - Installment Purchase Contracts. . . . . . . . $55,000
Long-term Debt Due Within One Year . . . . . . . . . . . . . . 55,000
Regulatory Assets - Unamortized Loss on Reacquired Debt. . . . 1,100
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . $111,100
To record the redemption by City of Rockport, Indiana
of pollution control revenue bonds $55,000,000 Series
A due 2014 at 102% and $55,000,000 adjustable rate at 100%.
*Price assumed solely for the purpose of these Pro Forma
Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8A
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Interest on City of Rockport, Indiana
Installment Purchase Contracts @ 6.5%* = $ 7,150
Amortization of Debt Issuance Expense
and Loss on Reacquired Debt over 30 years = 147
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 9-3/8% = (5,156)
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 6-5/8% = (3,644)
Federal Income Taxes @ 35% = 526
To reflect the pro forma changes in interest charges
associated with the proposed transactions and the
related federal income tax effect.
* Rate assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 9
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $5,432,655 $5,432,655
OPERATING EXPENSES:
Fuel and Purchased Power . . . . . . . . . 1,655,663 1,655,663
Other Operation. . . . . . . . . . . . . . 1,011,458 1,011,458
Maintenance. . . . . . . . . . . . . . . . 531,558 531,558
Depreciation and Amortization. . . . . . . 580,535 580,535
Taxes Other Than Federal Income Taxes. . . 498,025 498,025
Federal Income Taxes . . . . . . . . . . . 223,157 $ 526 223,683
TOTAL OPERATING EXPENSES. . . . . . 4,500,396 526 4,500,922
OPERATING INCOME . . . . . . . . . . . . . . 932,259 (526) 931,733
NONOPERATING INCOME:
Deferred Zimmer Plant Carrying Charges
(net of tax) . . . . . . . . . . . . . . 4,089 4,089
Other. . . . . . . . . . . . . . . . . . . 4,954 4,954
TOTAL NONOPERATING INCOME . . . . . 9,043 9,043
INCOME BEFORE INTEREST CHARGES
AND PREFERRED DIVIDENDS. . . . . . . . . . 941,302 (526) 940,776
INTEREST CHARGES . . . . . . . . . . . . . . 390,840 (1,503) 389,337
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES. . . . . . . . . . . . . . 55,554 55,554
NET INCOME . . . . . . . . . . . . . . . . . $ 494,908 $ 977 $ 495,885
AVERAGE NUMBER OF SHARES OUTSTANDING . . . . 184,861 184,861
EARNINGS PER SHARE . . . . . . . . . . . . . $2.68 $2.68
CASH DIVIDENDS PAID PER SHARE. . . . . . . . $2.40 $2.40
The Pro Forma Adjustments are shown on Page 8A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 10
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . $1,311,401
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,908
DEDUCTIONS:
Cash Dividends Declared. . . . . . . . . . . . . . . . . . . . . . . 443,521
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . $1,362,170
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 427,754
<OTHER-PROPERTY-AND-INVEST> 6
<TOTAL-CURRENT-ASSETS> 50,762
<TOTAL-DEFERRED-CHARGES> 31,351
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 509,873
<COMMON> 1,000
<CAPITAL-SURPLUS-PAID-IN> 47,735
<RETAINED-EARNINGS> 4,387
<TOTAL-COMMON-STOCKHOLDERS-EQ> 53,122
0
0
<LONG-TERM-DEBT-NET> 53,378
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 55,000
0
<CAPITAL-LEASE-OBLIGATIONS> 1,929
<LEASES-CURRENT> 407
<OTHER-ITEMS-CAPITAL-AND-LIAB> 346,037
<TOT-CAPITALIZATION-AND-LIAB> 509,873
<GROSS-OPERATING-REVENUE> 236,315
<INCOME-TAX-EXPENSE> 4,092
<OTHER-OPERATING-EXPENSES> 216,250
<TOTAL-OPERATING-EXPENSES> 220,342
<OPERATING-INCOME-LOSS> 15,973
<OTHER-INCOME-NET> 3,425
<INCOME-BEFORE-INTEREST-EXPEN> 19,398
<TOTAL-INTEREST-EXPENSE> 9,660
<NET-INCOME> 9,738
0
<EARNINGS-AVAILABLE-FOR-COMM> 9,738
<COMMON-STOCK-DIVIDENDS> 6,620
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 23,373
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 427,754
<OTHER-PROPERTY-AND-INVEST> 6
<TOTAL-CURRENT-ASSETS> 46,362
<TOTAL-DEFERRED-CHARGES> 35,751
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 509,873
<COMMON> 1,000
<CAPITAL-SURPLUS-PAID-IN> 47,735
<RETAINED-EARNINGS> 4,387
<TOTAL-COMMON-STOCKHOLDERS-EQ> 53,122
0
0
<LONG-TERM-DEBT-NET> 108,378
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 1,929
<LEASES-CURRENT> 407
<OTHER-ITEMS-CAPITAL-AND-LIAB> 346,037
<TOT-CAPITALIZATION-AND-LIAB> 509,873
<GROSS-OPERATING-REVENUE> 236,315
<INCOME-TAX-EXPENSE> 4,618
<OTHER-OPERATING-EXPENSES> 216,250
<TOTAL-OPERATING-EXPENSES> 220,868
<OPERATING-INCOME-LOSS> 15,447
<OTHER-INCOME-NET> 3,425
<INCOME-BEFORE-INTEREST-EXPEN> 18,872
<TOTAL-INTEREST-EXPENSE> 8,157
<NET-INCOME> 10,715
0
<EARNINGS-AVAILABLE-FOR-COMM> 10,715
<COMMON-STOCK-DIVIDENDS> 6,620
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 23,373
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 11,341,273
<OTHER-PROPERTY-AND-INVEST> 760,144
<TOTAL-CURRENT-ASSETS> 1,349,443
<TOTAL-DEFERRED-CHARGES> 363,938
<OTHER-ASSETS> 1,951,442
<TOTAL-ASSETS> 15,766,240
<COMMON> 1,264,802
<CAPITAL-SURPLUS-PAID-IN> 1,650,647
<RETAINED-EARNINGS> 1,362,170
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,277,619
590,300
233,240
<LONG-TERM-DEBT-NET> 4,579,207
<SHORT-TERM-NOTES> 20,825
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 166,750
<LONG-TERM-DEBT-CURRENT-PORT> 452,373
85
<CAPITAL-LEASE-OBLIGATIONS> 304,442
<LEASES-CURRENT> 90,979
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,050,420
<TOT-CAPITALIZATION-AND-LIAB> 15,766,240
<GROSS-OPERATING-REVENUE> 5,432,655
<INCOME-TAX-EXPENSE> 241,034
<OTHER-OPERATING-EXPENSES> 4,259,362
<TOTAL-OPERATING-EXPENSES> 4,500,396
<OPERATING-INCOME-LOSS> 932,259
<OTHER-INCOME-NET> 9,043
<INCOME-BEFORE-INTEREST-EXPEN> 941,302
<TOTAL-INTEREST-EXPENSE> 390,840
<NET-INCOME> 494,908
55,554 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 494,908
<COMMON-STOCK-DIVIDENDS> 443,521
<TOTAL-INTEREST-ON-BONDS> 268,652
<CASH-FLOW-OPERATIONS> 961,856
<EPS-PRIMARY> $2.68
<EPS-DILUTED> $2.68
<FN>
<F1> Represents preferred stock dividend requirements of subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 11,341,273
<OTHER-PROPERTY-AND-INVEST> 760,144
<TOTAL-CURRENT-ASSETS> 1,345,043
<TOTAL-DEFERRED-CHARGES> 367,238
<OTHER-ASSETS> 1,952,542
<TOTAL-ASSETS> 15,766,240
<COMMON> 1,264,802
<CAPITAL-SURPLUS-PAID-IN> 1,650,647
<RETAINED-EARNINGS> 1,362,170
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,277,619
590,300
233,240
<LONG-TERM-DEBT-NET> 4,634,207
<SHORT-TERM-NOTES> 20,825
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 166,750
<LONG-TERM-DEBT-CURRENT-PORT> 397,373
85
<CAPITAL-LEASE-OBLIGATIONS> 304,442
<LEASES-CURRENT> 90,979
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,050,420
<TOT-CAPITALIZATION-AND-LIAB> 15,766,240
<GROSS-OPERATING-REVENUE> 5,432,655
<INCOME-TAX-EXPENSE> 241,560
<OTHER-OPERATING-EXPENSES> 4,259,362
<TOTAL-OPERATING-EXPENSES> 4,500,922
<OPERATING-INCOME-LOSS> 931,733
<OTHER-INCOME-NET> 9,043
<INCOME-BEFORE-INTEREST-EXPEN> 940,776
<TOTAL-INTEREST-EXPENSE> 389,337
<NET-INCOME> 495,885
55,554 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 495,885
<COMMON-STOCK-DIVIDENDS> 443,521
<TOTAL-INTEREST-ON-BONDS> 268,652
<CASH-FLOW-OPERATIONS> 961,856
<EPS-PRIMARY> $2.68
<EPS-DILUTED> $2.68
<FN>
<F1> Represents preferred stock dividend requirements of subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
