AMERICAN ELECTRIC POWER COMPANY, INC.
FORM U5S - ANNUAL REPORT
For the Year Ended December 31, 1994
TABLE OF CONTENTS Page
ITEM 1. SYSTEM COMPANIES AND INVESTMENT THEREIN AS OF
DECEMBER 31, 1994. . . . . . . . . . . . . . . . . . . . . . 1-2
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS. . . . . . . . . . . 3
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM
SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . 3
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES . 4-5
ITEM 5. INVESTMENTS IN SECURITIES OF NON-SYSTEM COMPANIES. . . . . . 6
ITEM 6. OFFICERS AND DIRECTORS
Part I. Names, principal business address and positions
held as of December 31, 1994 . . . . . . . . . . 7-15
Part II. Banking connections. . . . . . . . . . . . . . . 16
Part III. Compensation and other related information . . . 17-25
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS . . . . . . . . . . . . . 26
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
Part I. Contracts for services or goods between system
companies. . . . . . . . . . . . . . . . . . . . 27
Part II. Contracts to purchase services or goods between
any system company and any affiliate . . . . . . 27
Part III. Employment of any person by any system company
for the performance on a continuing basis of
management services. . . . . . . . . . . . . . . 27
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES . . . . . 28
ITEM 10 FINANCIAL STATEMENTS AND EXHIBITS (Index). . . . . . . . . . 29
SIGNATURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
<PAGE>
<TABLE>
ITEM 1. SYSTEM COMPANIES AND INVESTMENT THEREIN AS OF DECEMBER 31, 1994.
<CAPTION>
Issuer Owner's
Number of Common Percent of Book Book
Name of Company Shares Owned Voting Power Value (D) Value (D)
(1) (2) (3) (4) (5)
(in thousands)
<S> <C> <C> <C> <C>
American Electric Power Company, Inc. (AEP) None None None None
AEP Energy Services, Inc. (AEPENS) 110 Shares 100 $ 637 $ 637
AEP Generating Company (AEGCo) 1,000 Shares 100 53,003 53,003
AEP Investments, Inc. (AEPINV) 100 Shares 100 4,400 4,400
AEP Resources, Inc. (AEPRES) 100 Shares 100 451 451
AEP Resources International, Ltd. (AEPRI) 1 Share 100 1 1
American Electric Power Service Corporation (AEPSC) 13,500 Shares 100 2,450 2,450
Appalachian Power Company* (APCo) 13,499,500 Shares 96.1 971,227 992,267
Cedar Coal Co. (CeCCo) 2,000 Shares 100 3,447 3,447
Central Appalachian Coal Company** (CACCo) 3,000 Shares 100 91 91
Central Coal Company** (CCCo) 1,500 Shares 50 (A) 604 604
Central Operating Company (COpCo) 1,500 Shares 50 (A) 89 89
Kanawha Valley Power Company (KVPCo) 500 Shares 100 6,242 6,242
Southern Appalachian Coal Company** (SACCo) 6,950 Shares 100 17,088 17,088
West Virginia Power Company** (WVPCo) 100 Shares 100 224 214
Total Appalachian Power Company 27,785 27,775
Columbus Southern Power Company (CSPCo)* 16,410,426 Shares 100 653,644 653,644
Colomet, Inc.** (COLM) 1,500 Shares 100 2,988 2,988
Conesville Coal Preparation Company (CCPC) 100 Shares 100 1,110 1,110
Simco Inc.** (SIMCo) 90,000 Shares 100 610 610
Ohio Valley Electric Corporation (OVEC) 4,300 Shares 4.3 470 430
Total Columbus Southern Power Company 5,178 5,138
Franklin Real Estate Company (FRECo) 100 Shares 100 30 28
Indiana Franklin Realty, Inc. (IFRI) 10 Shares 100 1 1
Indiana Michigan Power Company* (I&M) 1,400,000 Shares 100 1,007,753 1,014,939
Blackhawk Coal Company** (BHCCo) 39,521 Shares 100 90,812 90,812
Price River Coal Company** (PRCCo) 1,091 Shares 100 27 27
Total Indiana Michigan Power Company 90,839 90,839
Integrated Communications Systems, Inc.*** (ICS) 80,000 Shares 20.5 (106) -
Kentucky Power Company (KEPCo) 1,009,000 Shares 100 208,373 211,159
Kingsport Power Company (KGPCo) 410,000 Shares 100 16,782 17,439
</TABLE>
<PAGE>
<TABLE>
ITEM 1. (CONTINUED)
<CAPTION>
Issuer Owner's
Number of Common Percent of Book Book
Name of Company Shares Owned Voting Power Value (D) Value (D)
(1) (2) (3) (4) (5)
(in thousands)
<S> <C> <C> <C> <C>
Ohio Power Company* (OPCo) 27,952,473 Shares 94.2 $1,267,523 $1,271,936
Cardinal Operating Company (CdOCo) 250 Shares 50 (B) 155 155
Central Coal Company** (CCCo) 1,500 Shares 50 (A) 604 604
Central Ohio Coal Company (COCCo) 69,000 Shares 100 21,817 21,817
Central Operating Company (COpCo) 1,500 Shares 50 (A) 89 89
Southern Ohio Coal Company (SOCCo) 5,000 Shares 100 145,719 145,719
Windsor Coal Company (WCCo) 4,064 Shares 100 12,484 12,656
Total Ohio Power Company 180,868 181,040
Ohio Valley Electric Corporation* (OVEC) 39,900 Shares 39.9 4,365 4,082
Indiana-Kentucky Electric Corporation (IKEC) 17,000 Shares 100 (C) 3,400 3,400
Wheeling Power Company (WPCo) 150,000 Shares 100 21,040 22,022
Equity in Subsidiaries - Unallocated 16,410 16,410
Total American Electric Power Company, Inc. 4,227,982 4,264,867
Total All Companies $4,536,054 $4,573,061
(A) Owned 50% by Appalachian Power Company and 50% by Ohio Power Company.
(B) Ohio Power Company owns 50% of the stock; the other 50% is owned by a corporation not affiliated with
American Electric Power Company, Inc.
(C) This Company is a wholly owned subsidiary of Ohio Valley Electric Corporation, 44.2% of whose voting
securities are owned by the American Electric Power System, the balance by unaffiliated companies.
(D) Includes unsecured debt as follows: for AEPSC - $1,100,000, BHCCo - $40,200,000, CdOCo - $155,000,
COCCo - $1,500,000, and WCCo - $225,000.
*Exempt under Section 3(A) pursuant to Rule 2 thereof.
**Inactive.
***Exempt under Securities and Exchange Commission Release No. 35-24295.
</TABLE>
All of the active subsidiaries of AEP are involved in the electric utility
business with the exceptions of AEPENS, AEPINV, AEPRES, AEPRI and ICS.
AEPENS offers consulting services in AEP and its subsidiaries' areas of
expertise. AEPINV and ICS are involved in the development of demand side
management technologies. AEPRES and AEPRI are pursuing opportunities
in non-regulated electric activities.
AEPRI was incorporated in the Cayman Islands on June 24, 1994.
<PAGE>
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
None, except as reported in certificates filed pursuant to Rule 24.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
None, except as reported in certificates filed pursuant to Rule 24.
<PAGE>
<TABLE>
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
<CAPTION>
Name of Company Extinguished (EXT)
Name of Issuer and Acquiring, Redeeming or or Held (H) for Authorization
Title of Issue Retiring Securities Consideration Further Disposition or Exemption
(1) (2) (3) (4) (5)
(in thousands)
<S> <C> <C> <C> <C>
American Electric Power Service Corp:
Mortgage Notes
9% Series D Due 1999 AEPSC $ 2,500 EXT Rule 42(b)
9.60% Series E Due 2008 " 2,500 EXT "
Appalachian Power Company:
Cumulative Preferred Stock,
No Par Value
4.50% Series APCo 152 EXT Rule 42(b)
First Mortgage Bonds
8-3/4% Series Due 2017 APCo 57,175 EXT Rule 42(b)
9-1/8% Series Due 2019 " 500 EXT "
9-7/8% Series Due 2020 " 500 EXT "
Columbus Southern Power Company:
First Mortgage Bonds
8-5/8% Series Due 1996 CSPCo 100,000 EXT Rule 42(b)
9% Series Due 1999 " 20,043 EXT "
9% Series Due 2017 " 105,791 EXT "
Indiana Michigan Power Company:
Cumulative Preferred Stock,
$100 Par Value
7.76% Series I&M 35,798 EXT Rule 42(b)
First Mortgage Bonds
8-3/4% Series Due 2017 I&M 101,833 EXT Rule 42(b)
</TABLE>
<PAGE>
<TABLE>
ITEM 4. (CONTINUED)
<CAPTION>
Name of Company Extinguished (EXT)
Name of Issuer and Acquiring, Redeeming or or Held (H) for Authorization
Title of Issue Retiring Securities Consideration Further Disposition or Exemption
(1) (2) (3) (4) (5)
(in thousands)
<S> <C> <C> <C> <C>
Ohio Power Company:
First Mortgage Bonds
9-7/8% Series Due 2020 OPCo 3,839 EXT Rule 42(b)
Sinking Fund Debentures
5-1/8% Series Due 1996 OPCo 391 EXT Rule 42(b)
Southern Ohio Coal Company:
Notes Payable
8% Due 1994 SOCCo 20,000 EXT Rule 42(b)
8.01% Due 1994 " 25,000 EXT "
Windsor Coal Company:
Notes Payable
8% Due 1994 WCCo 5,000 EXT Rule 42(b)
</TABLE>
<PAGE>
<TABLE>
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES AS OF DECEMBER 31, 1994.
<CAPTION>
1. Aggregate amount of investments in persons operating in the retail service area and not exceeding $100,000 in
each person:
Aggregate Amount of Investments Number of
Name of in Persons (Entities), Operating in Persons Description of
Company Retail Service Area of Owner (Entities) Persons (Entities)
(1) (2) (3) (4)
(in thousands)
<S> <C> <C> <C>
APCo $137 7 Industrial Development Corporations
I&M 9 2 Industrial Companies
OPCo 5 3 Industrial Companies
WPCo 13 2 Industrial Development Corporation
<CAPTION>
2. Securities owned not included in 1 above.
Name of Nature of Description Number Percent of Owner's
Company Name of Issuer Issuer's Business of Securities of Shares Voting Power Book Value
(1) (2) (3) (4) (5) (6) (7)
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
AEPINV Intersource Research &
Technologies, Inc. Technology Development Common Stock 800,000 9.9 $11,500
Preferred Stock 95,000
APCo VEDCORP, L.C. Economic Development Limited Partner 500* 4.1 504
I&M CID Partnership, L.P. Economic Development Limited Partner 27* 2.5 57
I&M Sofamor Danek
Group, Inc. Medical Products Common Stock 5,902 - ** 111
OPCo Simetco, Inc. Primary Metals Common Stock 101,525 3.0 457
* Limited Partnership Interests
** Less than 0.1%.
</TABLE>
<PAGE>
ITEM 6. OFFICERS AND DIRECTORS OF AMERICAN ELECTRIC POWER SYSTEM
Part I. (1&2) As of December 31, 1994:
Officers and directors of American Electric Power Company, Inc. are
listed on page 8. Officers and directors of Ohio Valley Electric
Corporation and Indiana-Kentucky Electric Corporation are listed on
page 15. The officers and directors of all other AEP System
companies are located in the table on pages 9 through 14.
LEGEND OF ABBREVIATIONS
CB Chairman of the Board
D Director
CEO Chief Executive Officer
P President
COO Chief Operating Officer
EVP Executive Vice President
SVP Senior Vice President
VP Vice President
T Treasurer
S Secretary
C Controller
Address Codes:
(a) 1 Riverside Plaza, Columbus, OH
(b) 40 Franklin Road, Roanoke, VA
(c) 215 N. Front Street, Columbus, OH
(d) One Summit Square, Fort Wayne, IN
(e) 1701 Central Avenue, Ashland, KY
(f) 301 Cleveland Avenue, S.W., Canton, OH
(g) One Memorial Drive, Lancaster, OH
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC.
<CAPTION>
Name Address Position
<S> <C> <C>
Peter J. DeMaria (a) D,T
E. Linn Draper, Jr. (a) D,CB,P,CEO
Robert M. Duncan 190 N. Oval Mall, Columbus, OH D
Dr. Arthur G. Hansen 815 Sugarbush Ridge, Zionsville, IN D
Lester A. Hudson, Jr. P.O. Box 167, Greenville, SC D
G.P. Maloney (a) D,VP,S
Angus E. Peyton P.O. Box 226, Charleston, WV D
Toy F. Reid 2141 Heatherly Road, Kingsport, TN D
Donald G. Smith P.O. Box 13948, Roanoke, VA D
Linda Gillespie Stuntz 1050 Thomas Jefferson Street, NW, Washington, DC D
Dr. Morris Tanenbaum 74 Falmouth Street, Short Hills, NJ D
Ann Haymond Zwinger 1825 Culebra Place, Colorado Springs, CO D
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
| | | | | | | | | | | |
| AEPSC | APCo | CSPCo | I&M | KEPCo | KGPCo | OPCo | WPCo | AEPENS| AEGCo | AEPINV|
<S> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Anthony J. Ahern | | | | | | | | | | | |
6677 Busch Blvd. | | | | | | | | | | | |
Columbus, OH | | | | | | | | | | | |
2 L.V. Assante (a) |T | | | | | | | | | | |
3 Mark A. Bailey (d) |D | | |D,VP | | | | | | | |
4 Bruce M. Barber (a) |VP | | | | | | | | | | |
5 Bruce A. Beam | | | | | | | | | | | |
801 Pennsylvania Ave. NW |D,VP | | | | | | | | | | |
Washington, D.C. | | | | | | | | | | | |
6 Bruce H. Bennett (a) |D,VP | | | | | | | | | | |
7 R.A. Bird |D | | | | | | | | | | |
608 High Street | | | | | | | | | | | |
Hazard, KY | | | | | | | | | | | |
8 P.E. Bischof |D | | | | | | | | | | |
P.O. Box K | | | | | | | | | | | |
Moundsville, WV | | | | | | | | | | | |
9 A.A. Blind | | | |VP | | | | | | | |
One Cook Place | | | | | | | | | | | |
Bridgman, MI | | | | | | | | | | | |
10 C.R. Boyle, III (e) |D | | | |D,P,COO | | | | | | |
11 Richard K. Byrne | | | | | | | | | | | |
6677 Busch Blvd. | | | | | | | | | | | |
Columbus, OH | | | | | | | | | | | |
12 R.D. Carson, Jr. (b) | |VP | | | | | | | | | |
13 Donald M. Clements, Jr.(a) |D,SVP | | | | | | | | | | |
14 D.H. Crabtree (a) |VP | | | | | | | | | | |
15 Peter J. DeMaria (a) |D,EVP |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |
16 John F. DiLorenzo, Jr. (a) |D,VP,S |S |S |S |S |S |S |S |S |S |S |
17 W.N. D'Onofrio (d) |D | | |D,VP | | | | | | | |
18 Dr. E. Linn Draper, Jr. (a)|D,CB,P, |D,CB,CEO|D,CB,CEO|D,CB,CEO|D,CB,CEO|D,CB,CEO|D,CB,CEO|D,CB, |D,CB, |D,P, |D,CB, |
|CEO | | | | | | |CEO |CEO |CEO |CEO |
19 S.E. Early (e) |D | | | | | | | | | | |
20 Charles A. Ebetino, Jr. (g)|D,SVP | | | | | | | | | | |
21 Dr. Carl A. Erikson (c) |D | |D,P,COO | | | |D,P,COO | | | | |
22 Dr. Charles A. Falcone (a) |D,SVP | | | | | | | | | | |
23 Henry W. Fayne (a) |D,SVP,C | |D | | | |D | |D |D | |
24 Luke M. Feck (a) |D,SVP |D | | | | | | | | | |
25 Eugene E. Fitzpatrick (a) |D,SVP | | |VP | | | | | | | |
26 L.E. Gearhart |D | | | | | | | | | | |
P.O. Box 949 | | | | | | | | | | | |
Beckley, WV | | | | | | | | | | | |
27 Allen R. Glassburn | | | | | | | | | | | |
422 Broad Street |D | | | | |D,P,COO | | | | | |
Kingsport, TN | | | | | | | | | | | |
28 D.E. Heydlauff (a) |VP | | | | | | | | | | |
29 Lawrence R. Hoover (f) | | |VP | | | |VP | | | | |
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
| | | | | | | | | | |
| AEPRES | AEPRI | BHCCo | CdOCo | CeCCo | CACCo | CCCo | COCCo | COpCo | COLM | CCPC |
<S> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Anthony J. Ahern | | | |D | | | | | | | |
6677 Busch Blvd. | | | | | | | | | | | |
Columbus, OH | | | | | | | | | | | |
2 L.V. Assante (a) | | | | | | | | | | | |
3 Mark A. Bailey (d) | | | | | | | | | | | |
4 Bruce M. Barber (a) | | | | | | | | | | | |
5 Bruce A. Beam | | | | | | | | | | | |
801 Pennsylvania Ave, NW | | | | | | | | | | | |
Washington, D.C. | | | | | | | | | | | |
6 Bruce H. Bennett (a) | | | | | | | | | | | |
7 R.A. Bird | | | | | | | | | | | |
608 High Street | | | | | | | | | | | |
Hazard, KY | | | | | | | | | | | |
8 P.E. Bischof | | | | | | | | | | | |
P.O. Box K | | | | | | | | | | | |
Moundsville, WV | | | | | | | | | | | |
9 A.A. Blind | | | | | | | | | | | |
One Cook Place | | | | | | | | | | | |
Bridgman, MI | | | | | | | | | | | |
10 C.R. Boyle, III (e) | | | | | | | | | | | |
11 Richard K. Byrne | | | | | | | | | | | |
6677 Busch Blvd. | | | |D,VP | | | | | | | |
Columbus, OH | | | | | | | | | | | |
12 R.D. Carson, Jr. (b) | | | | | | | | | | | |
13 Donald M. Clements, Jr. (a)| | | | | | | | | | | |
14 D.H. Crabtree (a) | | | | | | | | | | | |
15 Peter J. DeMaria (a) |D,VP,T |D,VP,T |D,VP,T |T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |VP,T |D,VP,T |D,VP,T |
16 John F. DiLorenzo, Jr. (a) |S |S |S | |S |S |S |S |S |S |S |
17 W.N. D'Onofrio (d) | | | | | | | | | | | |
18 Dr. E. Linn Draper, Jr. (a)|D,CB,CEO|D,CB,CEO|D,CB,CEO|D,P |D,CB,CEO|D,CB,CEO|D,CB,CEO|D,CB,CEO|D,P,CEO |D,P,CEO |D,CB,CEO|
19 S.E. Early (e) | | | | | | | | | | | |
20 Charles A. Ebetino, Jr. (g)| | |D,P,COO | |D,P,COO |D,P,COO |D,P,COO |D,P,COO | | |D,P,COO |
21 Dr. Carl A. Erikson (c) | | | |D,VP | | |D,VP |D,VP |D,VP |D,VP |D,VP |
22 Dr. Charles A. Falcone (a) | | | | | | | | | | | |
23 Henry W. Fayne (a) |D |D | | | | | | | | | |
24 Luke M. Feck (a) | | | | | | | |D | | | |
25 Eugene E. Fitzpatrick (a) | | | | | | | | | | | |
26 L.E. Gearhart | | | | | | | | | | | |
P.O. Box 949 | | | | | | | | | | | |
Beckley, WV | | | | | | | | | | | |
27 Allen R. Glassburn | | | | | | | | | | | |
422 Broad Street | | | | | | | | | | | |
Kingsport, TN | | | | | | | | | | | |
28 D.E. Heydlauff (a) | | | | | | | | | | | |
29 Lawrence R. Hoover (f) | | | | | | | | | | | |
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
| | | | | | | | | |
| FRECo | IFRI | KVPCo | PRCCo | SIMCo | SACCo | SOCCo | WVPCo | WCCo |
<S> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Anthony J. Ahern | | | | | | | | | |
6677 Busch Blvd. | | | | | | | | | |
Columbus, OH | | | | | | | | | |
2 L.V. Assante (a) | | | | | | | | | |
3 Mark A. Bailey (d) |VP |VP | | | | | | | |
4 Bruce M. Barber (a) | | | | | | | | | |
5 Bruce A. Beam | | | | | | | | | |
801 Pennsylvania Ave, NW | | | | | | | | | |
Washington, D.C. | | | | | | | | | |
6 Bruce H. Bennett (a) | | | | | | | | | |
7 R.A. Bird | | | | | | | | | |
608 High Street | | | | | | | | | |
Hazard, KY | | | | | | | | | |
8 P.E. Bischof | | | | | | | | | |
P.O. Box K | | | | | | | | | |
Moundsville, WV | | | | | | | | | |
9 A.A. Blind | | | | | | | | | |
One Cook Place | | | | | | | | | |
Bridgman, MI | | | | | | | | | |
10 C.R. Boyle, III (e) |VP | | | | | | | | |
11 Richard K. Byrne | | | | | | | | | |
6677 Busch Blvd. | | | | | | | | | |
Columbus, OH | | | | | | | | | |
12 R.D. Carson, Jr. (b) | | | | | | | | | |
13 Donald M. Clements, Jr. (a)| | | | | | | | | |
14 D.H. Crabtree (a) | | | | | | | | | |
15 Peter J. DeMaria (a) |D,VP,T |VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |D,VP,T |
16 John F. DiLorenzo, Jr. (a) |S |S |D,S |S |S |S |S |S |S |
17 W.N. D'Onofrio (d) |VP |VP | | | | | | | |
18 Dr. E. Linn Draper, Jr. (a)|D,P,CEO |D,P,CEO |D,P,CEO |D,CB,CEO|D,CB,CEO|D,CB,CEO|D,CB,CEO|D,P,CEO |D,CB,CEO|
19 S.E. Early (e) | | | | | | | | | |
20 Charles A. Ebetino, Jr. (g)| | | |D,P,COO |D,P,COO |D,P,COO |D,P,COO | |D,P,COO |
21 Dr. Carl A. Erikson (c) |VP | | | |D,VP | |D,VP | |D,VP |
22 Dr. Charles A. Falcone (a) | | | | | | | | | |
23 Henry W. Fayne (a) | | | | | | | | | |
24 Luke M. Feck (a) | | | | | | | | | |
25 Eugene E. Fitzpatrick (a) | | | | | | | | | |
26 L. E. Gearhart | | | | | | | | | |
P.O. Box 949 | | | | | | | | | |
Beckley, WV | | | | | | | | | |
27 Allen R. Glassburn | | | | | | | | | |
422 Broad Street |VP | | | | | | | | |
Kingsport, TN | | | | | | | | | |
28 D.E. Heydlauff (a) | | | | | | | | | |
29 Lawrence R. Hoover (f) |VP | | | | | | | | |
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
| | | | | | | | | | |
| AEPSC | APCo | CSPCo | I&M | KEPCo | KGPCo | OPCo | WPCo | AEPENS | AEGCo |AEPINV|
<S> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
30 John R. Jones III (a) |D,SVP | | | | | | | |D |D | |
31 M.O. Julien (a) |VP | | | | | | | | | | |
32 W. Robert Kelley (a) |D,VP | | | | | | | | | | |
33 F.D. Kidwell |D | | | | | | | | | | |
95 E. Main Street | | | | | | | | | | | |
Chillicothe, OH | | | | | | | | | | | |
34 V.A. Lepore (a) |D,VP | | | | | | | | | | |
35 William J. Lhota (a) |D,EVP |D,VP |D,VP |D,VP |D,VP |D,VP |D,VP |D,VP |D |D |D,VP |
36 Hugh H. Lucas (g) |VP | | | | | | | | | | |
37 R.M. Maliszewski (a) |D,SVP | | | | |D | | | | | |
38 G.P. Maloney (a) |D,EVP |D,VP |D,VP |D,VP |D,VP |D,VP |D,VP |D,VP |D,P |D,VP |D,P |
39 Dr. James J. Markowsky (a) |D,EVP |D |D |VP | |D |D |D |D |D |D |
40 Thomas R. McCaffrey (a) |D,VP | | | | | | | | | | |
41 J.K. McWilliams (g) |D,VP | | | | | | | | | | |
42 Richard C. Menge (d) |D | | |D,P,COO | | | | | | | |
43 P.M. O'Brien (g) |D,VP | | | | | | | | | | |
44 Armando A. Pena (a) |D,VP | | | | | | | | | | |
45 Ronald A. Petti (a) |D,SVP | | | |D | | | | | | |
46 Harry D. Post (c) | | |VP | | | |VP | | | | |
47 A.H. Potter (d) | | | |D | | | | | | | |
48 C.A. Powell |D | | | | | | | | | | |
P.O. Box 419 | | | | | | | | | | | |
New Haven, WV | | | | | | | | | | | |
49 R.E. Prater (e) | | | | |VP | | | | | | |
50 Bruce A. Renz (a) |VP | | | | | | | | | | |
51 H.E. Rhodes, Jr. (b) | |VP | | | | | | | | | |
52 Samuel P. Riggle, Jr. | | | | | | | | | | | |
P.O. Box 112 | | | | | | | | | | | |
Millersburg, OH | | | | | | | | | | | |
53 Robert L. Roberts | | | | | | | | | | | |
P.O. Box 604 | | | | | | | | | | | |
Piqua, OH | | | | | | | | | | | |
54 Thomas A. Rotenberry (b) | |VP | | | | | | | | | |
55 T.J. Seeley (c) |D | | | | | | | | | | |
56 Charles A. Simmons (b) |D |VP | | | | | | | | | |
57 Lance G. Sogan (g) |VP | | | | | | | | | | |
58 Peter Splawnyk (c) |D | |VP | | | |VP | | | | |
59 R. Dane Swinehart | | | | | | | | | | | |
P.O. Box 250 | | | | | | | | | | | |
Lancaster, OH | | | | | | | | | | | |
60 James F. Tompkins | | | | | | | | | | | |
P.O. Box 490 | | | | | | | | | | | |
Athens, OH | | | | | | | | | | | |
61 D.M. Trenary (d) |D | | |D | | | | | | | |
62 Joseph A. Valentine (a) |VP | | | | | | | | | | |
63 Andrew P. Varley (a) |D,VP | | | | | | | | | | |
64 Joseph H. Vipperman (b) |D |D,P,COO | | | | | | | | | |
65 Dana E. Waldo |D | | | | | | |D,P,COO | | | |
P.O. Box 751 | | | | | | | | | | | |
Wheeling, WV | | | | | | | | | | | |
66 W.E. Walters | | | |D | | | | | | | |
100 East Wayne Street | | | | | | | | | | | |
South Bend, IN | | | | | | | | | | | |
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
| | | | | | | | | | |
| AEPRES | AEPRI | BHCCo | CdOCo | CeCCo | CACCo | CCCo | COCCo | COpCo | COLM | CCPC |
<S> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
30 John R. Jones III (a) |D |D,VP | | | | | | | | | |
31 M.O. Julien (a) | | | | | | | | | | | |
32 W. Robert Kelley (a) | | | | | | | | | | | |
33 F.D. Kidwell | | | | | | | | | | | |
95 E. Main Street | | | | | | | | | | | |
Chillicothe, OH | | | | | | | | | | | |
34 V.A. Lepore (a) | | | | | | | | | | | |
35 William J. Lhota (a) |D |D |D |D,VP |D |D |D |D |D |D,VP |D |
36 Hugh H. Lucas (g) | | | | | | | | | | | |
37 R.M. Maliszewski (a) | | | |D | | | | | | | |
38 G.P. Maloney (a) |D,P |D,P |D,VP | |D,VP |D,VP |D,VP |D,VP |VP |VP |D,VP |
39 Dr. James J. Markowsky (a) |D |D | |D | |D | | |D |D,VP | |
40 Thomas R. McCaffrey (a) | | | | | | | | | | | |
41 J.K. McWilliams (g) | | | | | | | | | | | |
42 Richard C. Menge (d) | | |D,VP | | | | | | | | |
43 P. M. O'Brien (g) | | | | | | | | | | | |
44 Armando A. Pena (a) | |VP | | | | | | | | | |
45 Ronald A. Petti (a) | | | | | | | | | | | |
46 Harry D. Post (c) | | | | | | | | | | | |
47 A.H. Potter (d) | | | | | | | | | | | |
48 C.A. Powell | | | | | | | | | | | |
P.O. Box 419 | | | | | | | | | | | |
New Haven, WV | | | | | | | | | | | |
49 R.E. Prater (e) | | | | | | | | | | | |
50 Bruce A. Renz (a) | | | | | | | | | | | |
51 H.E. Rhodes, Jr. (b) | | | | | | | | | | | |
52 Samuel P. Riggle, Jr. | | | | | | | | | | | |
P.O. Box 112 | | | |D,VP | | | | | | | |
Millersburg, OH | | | | | | | | | | | |
53 Robert L. Roberts | | | | | | | | | | | |
P.O. Box 604 | | | |D | | | | | | | |
Piqua, OH | | | | | | | | | | | |
54 Thomas A. Rotenberry (b) | | | | | | | | | | | |
55 T.J. Seeley (c) | | | | | | | | | | | |
56 Charles A. Simmons (b) | | | | | | | | | | | |
57 Lance G. Sogan (g) | | | | | | | | | | | |
58 Peter Splawnyk (c) | | | | | | | | | | | |
59 R. Dane Swinehart | | | | | | | | | | | |
P.O. Box 250 | | | |D,VP | | | | | | | |
Lancaster, OH | | | | | | | | | | | |
60 James F. Tompkins | | | | | | | | | | | |
P.O. Box 490 | | | | | | | | | | | |
Athens, OH | | | | | | | | | | | |
61 D.M. Trenary (d) | | | | | | | | | | | |
62 Joseph A. Valentine (a) | | | | | | | | | | | |
63 Andrew P. Varley (a) | | | | | | | | | | | |
64 Joseph H. Vipperman (b) | | | | |D,VP |D,VP |D,VP | |D,VP | | |
65 Dana E. Waldo | | | | | | | | | | | |
P.O. Box 751 | | | | | | | | | | | |
Wheeling, WV | | | | | | | | | | | |
66 W.E. Walters | | | | | | | | | | | |
100 East Wayne St. | | | | | | | | | | | |
South Bend, IN | | | | | | | | | | | |
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
| | | | | | | | | |
| FRECo | IFRI | KVPCo | PRCCo | SIMCo | SACCo | SOCCo | WVPCo | WCCo |
<S> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
30 John R. Jones III (a) | | | | | | | | | |
31 M.O. Julien (a) | | | | | | | | | |
32 W. Robert Kelley (a) | | | | | | | | | |
33 F.D. Kidwell | | | | | | | | | |
95 E. Main Street | | | | | | | | | |
Chillicothe, OH | | | | | | | | | |
34 V.A. Lepore (a) | | | | | | | | | |
35 William J. Lhota (a) |D,VP |D,VP |D,VP |D |D |D |D |D |D |
36 Hugh H. Lucas (g) | | | | | | | | | |
37 R.M. Maliszewski (a) | | | | | | | | | |
38 G.P. Maloney (a) |D,VP |D,VP |D,VP |D,VP |D,VP |D,VP |D,VP |VP |D,VP |
39 Dr. James J. Markowsky (a) |VP |VP | | |D | |D | |D |
40 Thomas R. McCaffrey (a) | | | | | | | | | |
41 J.K. McWilliams (g) | | | | | | | | | |
42 Richard C. Menge (d) |VP |D,VP | |D,VP | | | | | |
43 P.M. O'Brien (g) | | | | | | | | | |
44 Armando A. Pena (a) | | | | | | | | | |
45 Ronald A. Petti (a) | | | | | | | | | |
46 Harry D. Post (c) |VP | | | | | | | | |
47 A.H. Potter (d) | | | | | | | | | |
48 C.A. Powell | | | | | | | | | |
P.O. Box 419 | | | | | | | | | |
New Haven, WV | | | | | | | | | |
49 R.E. Prater (e) |VP | | | | | | | | |
50 Bruce A. Renz (a) | | | | | | | | | |
51 H.E. Rhodes, Jr. (b) | | | | | | | | | |
52 Samuel P. Riggle, Jr. | | | | | | | | | |
P.O. Box 112 | | | | | | | | | |
Millersburg, OH | | | | | | | | | |
53 Robert L. Roberts | | | | | | | | | |
P.O. Box 604 | | | | | | | | | |
Piqua, OH | | | | | | | | | |
54 Thomas A. Rotenberry (b) |VP | | | | | | | | |
55 T.J. Seeley (c) | | | | | | | | | |
56 Charles A. Simmons (b) |VP | | | | | | | | |
57 Lance G. Sogan (g) | | | | | | | | | |
58 Peter Splawnyk (c) | | | | | | | | | |
59 R. Dane Swinehart | | | | | | | | | |
P.O. Box 250 | | | | | | | | | |
Lancaster, OH | | | | | | | | | |
60 James F. Tompkins | | | | | | |VP | | |
P.O. Box 490 | | | | | | | | | |
Athens, OH | | | | | | | | | |
61 D.M. Trenary (d) | | | | | | | | | |
62 Joseph A. Valentine (a) | | | | | | | | | |
63 Andrew P. Varley (a) | | | | | | | | | |
64 Joseph H. Vipperman (b) |VP | |D,VP | | |D,VP | |D,VP | |
65 Dana E. Waldo | | | | | | | | | |
P.O. Box 751 |VP | | | | | | | | |
Wheeling, WV | | | | | | | | | |
66 W.E. Walters | | | | | | | | | |
100 East Wayne St. | | | | | | | | | |
South Bend, IN | | | | | | | | | |
</TABLE>
<PAGE>
<TABLE>
OHIO VALLEY ELECTRIC CORPORATION
INDIANA-KENTUCKY ELECTRIC CORPORATION
<CAPTION>
IKEC OVEC
Name Address Position Position
<S> <C> <C> <C>
Klaus Bergman 12 East 49th Street, New York, NY - D
John D. Brodt P.O. Box 468, Piketon, OH S,T S,T
W.N. D'Onofrio (d) D -
E. Linn Draper, Jr. (a) D,P D,P
Murray R. Edelman 6200 Oak Tree Blvd., Independence, OH - D
Carl A. Erikson (c) - D
Stanley I. Garnett, II 12 East 49th Street, New York, NY - D
David L. Hart (a) VP VP
Chris Hermann 220 West Main Street, Louisville, KY - D
Allen M. Hill P.O. Box 1247, Dayton, OH - D
W.R. Holland 76 South Main Street, Akron, OH D D
J. Gordon Hurst One N. Main Street, Evansville, IN D -
David E. Jones P.O. Box 468, Piketon, OH VP VP
G.P. Maloney (a) VP VP
Dr. James J. Markowsky (a) - D
Richard C. Menge (d) D -
John T. Newton One Quality Street, Lexington, KY - D
J.H. Randolph 139 East Fourth Street, Cincinnati, OH - D
Ronald G. Reherman 20 NW Fourth Street, Evansville, IN D D
Peter J. Skrgic 12 East 49th Street, New York, NY D D
Joseph H. Vipperman (b) - D
</TABLE>
<PAGE>
ITEM 6. (CONTINUED)
Part II. Each officer and director with a financial connection within the
provisions of Section 17(c) of the Act are as follows:
<TABLE>
<CAPTION>
Position
Name and Location Held in Applicable
Name of Officer of Financial Financial Exemption
or Director Institution Institution Rule
(1) (2) (3) (4)
<S> <C> <C> <C>
C.R. Boyle, III First American Bank,
Pikeville National
Ashland, Kentucky Director 70(c),(f)
Robert M. Duncan First Federal Savings and
Loan Association
Newark, Ohio Director 70(a)
L.A. Hudson, Jr. American National Bankshares, Inc.
Danville, Virginia Director 70(a)
American National Bank & Trust Co.
Danville, Virginia Director 70(a)
W.J. Lhota Huntington Bancshares, Inc.
Columbus, Ohio Director 70(c),(f)
R.C. Menge Fort Wayne National Bank
Fort Wayne, Indiana Director 70(c),(f)
Fort Wayne National Corporation
Fort Wayne, Indiana Director 70(c),(f)
A.E. Peyton One Valley Bank, N.A.
Charleston, West Virginia Director 70(a)
One Valley Bancorp of
West Virginia, Inc.
Charleston, West Virginia Director 70(a)
Samuel P. CSB Bank Corporation
Riggle, Jr. Millersburg, Ohio Director 70(c),(f)
Commercial & Saving Bank
Millersburg, Ohio Director 70(c),(f)
R.L. Roberts Third Savings and Loan Co.
Piqua, Ohio Director 70(c)
Donald G. Smith First Union National Bank
of Virginia
Roanoke, Virginia Director 70(a)
R.D. Swinehart Standing Stone National Bank
Lancaster, Ohio Director 70(c),(f)
</TABLE>
ITEM 6. (continued)
Part III. The disclosures made in the System companies' most recent
proxy statement and annual report on Form 10-K with
respect to items (a) through (f) follow:
(a) COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS
Executive Compensation
The following table shows for 1994, 1993 and 1992 the compensation
earned by the chief executive officer and the four other most
highly compensated executive officers (as defined by regulations of
the Securities and Exchange Commission) of the AEP System at
December 31, 1994.
<TABLE>
Summary Compensation Table
<CAPTION>
Long-Term
Annual Compensation Compensation All Other
Salary Bonus Payouts Compensation
Name Year ($) ($)(1) LTIP Payouts($)(2) ($)(3)
<S> <C> <C> <C> <C>
E. Linn Draper, Jr. 1994 620,000 209,436 137,362 29,385
1993 538,333 148,742 18,180
1992 395,833 8,730 63,700
Peter J. DeMaria 1994 305,000 103,029 59,032 18,750
1993 280,000 77,364 17,811
1992 273,000 6,021 15,576
G. P. Maloney 1994 300,000 101,340 58,094 19,745
1993 269,000 74,325 18,000
1992 261,000 5,757 17,036
William J. Lhota 1994 280,000 94,584 54,409 19,185
1993 249,000 68,799 17,160
1992 230,000 5,073 15,116
James J. Markowsky 1994 267,000 90,193 51,930 14,755
1993 247,000 65,259 11,165
1992 219,000 4,497 7,020
Notes to Summary Compensation Table
(1) Reflects payments under the Management Incentive Compensation Plan (MICP). Amounts for
1994 are estimates but should not change significantly. For 1994 and 1993, these amounts
include both cash paid and a portion deferred in the form of restricted stock units. These units
are paid out in cash after three years based on the price of AEP Common Stock at that time.
Dividend equivalents are paid during the three-year period. At December 31, 1994, the
deferred amounts (included in the above table) and accrued dividends for Dr. Draper,
Messrs. DeMaria, Maloney and Lhota and Dr. Markowsky were equivalent to 2,204, 1,109,
1,080, 1,004 and 956 units having values of $72,456, $36,458, $35,505, $33,006 and $31,428,
respectively, based upon a $32-7/8 per share closing price of AEP's Common Stock as reported
on the New York Stock Exchange. For 1992, MICP payments were made entirely in cash.
(2) Reflects payments under the Performance Share Incentive Plan (which became effective January
1, 1994) for the one-year transition performance period ending December 31, 1994. Dr.
Draper, Messrs. DeMaria, Maloney and Lhota and Dr. Markowsky received 2,050, 881, 867, 812
and 775 shares of AEP Common Stock, respectively, representing one-half of their payments.
See the discussion below for additional information.
(3) For 1994, includes (i) employer matching contributions under the AEP System Employees
Savings Plan: $4,500 for each of the named executive officers; (ii) employer matching
contributions under the AEP System Supplemental Savings Plan (which became effective
January 1, 1994), a non-qualified plan designed to supplement the AEP Savings Plan: Dr.
Draper, $14,100; Mr. DeMaria, $4,650; Mr. Maloney, $4,500; Mr. Lhota, $3,900; and Dr.
Markowsky, $3,510; and (iii) subsidiary companies director fees: Dr. Draper, $10,785; Mr.
DeMaria, $9,600; Mr. Maloney, $10,745; Mr. Lhota, $10,785; and Dr. Markowsky, $6,745.
</TABLE>
Compensation of Directors
Directors who are officers of AEP or employees of any of its
subsidiaries do not receive any compensation, other than their
regular salaries and the accident insurance coverage described
below, for attending meetings of the Board of Directors of AEP.
The other members of the Board receive an annual retainer of
$23,000 for their services, an additional annual retainer of $3,000
for each Committee that they chair, a fee of $1,000 for each
meeting of the Board and of any Committee that they attend (except
a meeting of the Executive Committee held on the same day as a
Board meeting), and a fee of $1,000 per day for any inspection trip
or conference (except a trip or conference on the same day as a
Board or Committee meeting).
AEP maintains a group 24-hour accident insurance policy to provide
a $1,000,000 accidental death benefit for each director (three-year
premium was $16,065). The current policy will expire on September
1, 1997, and AEP expects to renew the coverage. In addition, AEP
pays each director (excluding officers of AEP or employees of any
of its subsidiaries) an amount to provide for the federal and state
income taxes incurred in connection with the maintenance of this
coverage (approximately $1,000 annually).
The Board has adopted a policy which permits directors to elect
annually to defer receipt of all or a portion of their retainer and
fees to be payable in a lump sum or monthly installments after they
cease to be a director. The deferred compensation accrues interest
compounded quarterly at the daily prime lending rate in effect from
time to time at a specified major financial institution. This
policy is implemented by individual deferred-compensation
agreements which set forth the terms of the deferral.
The Board has adopted a retirement plan for directors (excluding
officers of AEP or employees of any of its subsidiaries) which
provides for annual retirement payments for life to such directors
commencing at the later of the director's retirement or age 72 in
an amount equal to the annual retainer at the time of retirement
with a 20% reduction for each year that service as a director is
less than five.
Directors of APCo, I&M and OPCo receive a fee of $100 for each
meeting of the Board of Directors attended in addition to their
salaries.
(b) OWNERSHIP OF SECURITIES
The following table sets forth the beneficial ownership of AEP
Common Stock as of December 31, 1994, for all directors as of the
date of the proxy statement, all nominees to the Board of
Directors, each of the persons named in the Summary Compensation
Table and all directors and executive officers as a group. Unless
otherwise noted, each person had sole voting and investment power
over the number of shares of AEP Common Stock set forth across from
his or her name. Fractions of shares have been rounded to the
nearest whole share.
<TABLE>
<CAPTION>
SHARES OF AEP COMMON
NAME DIRECTOR OF STOCK BENEFICIALLY OWNED (a)
<S> <C> <C>
M. A. Bailey I&M 1,050
P. J. DeMaria AEP, APCo, I&M, OPCo 6,105(b)(c)(d)(e)
W. N. D'Onofrio I&M 3,811(d)
E. L. Draper, Jr. AEP, APCo, I&M, OPCo 1,492(d)
R. M. Duncan AEP 1,340
C. A. Erikson OPCo 2,151
H. W. Fayne APCo, OPCo 2,921
L. M. Feck APCo 810(d)
A. G. Hansen AEP 923
L. A. Hudson, Jr. AEP 1,853(e)
W. J. Lhota APCo, I&M, OPCo 7,414(c)(d)
G. P. Maloney AEP, APCo, I&M, OPCo 4,249(c)(d)
J. J. Markowsky APCo, I&M, OPCo 4,861(e)
R. C. Menge I&M 3,011(d)
A. E. Peyton AEP 3,188(f)
A. H. Potter I&M 2,795(d)
T. F. Reid AEP 1,000(d)
D. G. Smith AEP 800
L. G. Stuntz AEP 400
M. Tanenbaum AEP 1,083
D. M. Trenary I&M 206
J. H. Vipperman APCo 4,110(d)
W. E. Walters I&M 4,242
A. H. Zwinger AEP 12,300(e)
All directors and executive officers of AEP
as a group (15 persons) 135,393(c)(g)
All directors and executive officers of APCo
as a group (9 persons) 120,348(c)(g)
All directors and executive officers of I&M
as a group (12 persons) 127,621(c)(g)
All directors and executive officers of OPCo
as a group (8 persons) 117,578(c)(g)
</TABLE>
<TABLE>
Notes on Stock Ownership
(a) The holdings of AEP Common Stock include shares held by the trustee of the AEP System
Employees Savings Plan (Savings Plan) and the AEP Employee Stock Ownership Plan
(Employee Plan), over which shares such persons have sole voting power, but the
investment/disposition power is subject to the terms of such plans. The shares held in such
plans were as follows:
<CAPTION>
NAME SAVINGS PLAN EMPLOYEE PLAN
<S> <C> <C>
Mr. Bailey 1,005 44
Mr. DeMaria 2,398 83
Mr. D'Onofrio 3,251 59
Dr. Draper 1,368 -
Mr. Erikson 2,105 46
Mr. Fayne 2,830 63
Mr. Feck 714 -
Mr. Lhota 5,986 60
Mr. Maloney 2,464 85
Dr. Markowsky 4,779 66
Mr. Menge 2,925 62
Mr. Potter 2,741 41
Mr. Trenary 165 41
Mr. Vipperman 3,977 80
Mr. Walters 4,197 45
All directors and executive
officers of AEP as a group 19,323 341
All directors and executive
officers of APCo as a group 26,844 484
All directors and executive
officers of I&M as a group 33,608 633
All directors and executive
officers of OPCo as a group 24,258 450
(b) Mr. DeMaria owns 100 shares of Cumulative Preferred Shares 9.50% Series, $100 par value,
of Columbus Southern Power Company.
(c) Does not include, for Messrs. DeMaria, Lhota and Maloney, 85,231 shares in the American
Electric Power System Educational Trust Fund over which Messrs. DeMaria, Lhota and
Maloney share voting and investment power as trustees (they disclaim beneficial ownership of
such shares). The amount of shares shown for all directors and executive officers as a group
includes these shares.
(d) Includes shares with respect to which such directors, nominees and executive officers share
voting and investment power as follows: Mr. DeMaria, 1,232 shares; Mr. D'Onofrio, 500 shares;
Dr. Draper, 124 shares; Mr. Feck, 97 shares; Mr. Lhota, 1,368 shares; Mr. Maloney, 1,700
shares; Mr. Menge, 24 shares; and Mr. Potter, 13 shares; Mr. Reid, 1,000 shares; and Mr.
Vipperman, 53 shares.
(e) Includes shares held by family members over which beneficial ownership is disclaimed as
follows: Mr. DeMaria, 2,392 shares; Mr. Hudson, 750 shares; Dr. Markowsky, 16 shares; and
Mrs. Zwinger, 3,000 shares.
(f) Includes 315 shares over which Mr. Peyton shares voting and investment power which are held
by trusts of which he is a trustee, but he disclaims beneficial ownership of 169 of such shares.
(g) Represents less than 1 percent of the total number of shares outstanding on December 31,
1994.
</TABLE>
(c) CONTRACTS AND TRANSACTIONS WITH SYSTEM COMPANIES
Employment Agreement
Dr. Draper has a contract with AEP and the Service Corporation
which provides for his employment for an initial term from no later
than March 15, 1992 until March 15, 1997. Dr. Draper commenced his
employment with AEP and the Service Corporation on March 1, 1992.
AEP or the Service Corporation may terminate the contract at any
time and, if this is done for reasons other than cause and other
than as a result of Dr. Draper's death or permanent disability, the
Service Corporation must pay Dr. Draper's then base salary through
March 15, 1997, less any amounts received by Dr. Draper from other
employment.
Ms. Stuntz, a director of AEP, was a partner in the Washington,
D.C. law firm of Van Ness Feldman, P.C. in 1994. Several
organizations of which certain AEP System companies have been
members and to which they have provided financial support, were
clients of Van Ness Feldman, P.C. in 1994.
(d) INDEBTEDNESS TO SYSTEM COMPANIES
None
(e) PARTICIPATION IN BONUS AND PROFIT SHARING ARRANGEMENTS AND
OTHER BENEFITS
Long-Term Incentive Plans - Awards In 1994
Each of the awards set forth below constitutes a grant of
performance share units, which represent units equivalent to shares
of AEP Common Stock, pursuant to AEP's Performance Share Incentive
Plan. Since it is not possible to predict future dividends and the
price of AEP Common Stock, credits of performance share units in
amounts equal to the dividends that would have been paid if the
performance share units were granted in the form of shares of AEP
Common Stock are not included in the table.
The ability to earn performance share units is tied to
achieving specified levels of total shareholder return (TSR)
relative to the S&P Electric Utility Index. Notwithstanding AEP's
TSR ranking, no performance share units are earned unless AEP
shareowners realize a positive TSR over the relevant three-year
performance period. The Human Resources Committee may, at its
discretion, reduce the number of performance share units otherwise
earned. In accordance with the performance goals established for
the periods set forth below, the threshold, target and maximum
awards are equal to 25%, 100% and 200%, respectively, of the
performance share units held. No payment will be made for
performance below the threshold.
Payment of awards earned for the one-year transition
performance period ending December 31, 1994 were made 50% in cash
and 50% in AEP Common Stock. For subsequent performance periods,
payments of earned awards are deferred in the form of restricted
stock units (equivalent to shares of AEP Common Stock) until the
officer has met the equivalent stock ownership target. Once
officers meet and maintain their respective targets, they may elect
either to continue to defer or to receive further earned awards in
cash and/or AEP Common Stock.
<TABLE>
<CAPTION>
Estimated Future Payouts of
Performance Performance Share Units Under
Number of Period Until Non-Stock Price-Based Plan
Performance Maturation Threshold Target Maximum
Name Share Units or Payout (#) (#) (#)
<S> <C> <C> <C> <C> <C>
E. L. Draper, Jr. 2,235 1994 (1) (1) (1)
4,470 1994-1995 1,118 4,470 8,940
6,705 1994-1996 1,676 6,705 13,410
P. J. DeMaria 960 1994 (1) (1) (1)
1,920 1994-1995 480 1,920 3,840
2,885 1994-1996 721 2,885 5,770
G. P. Maloney 945 1994 (1) (1) (1)
1,890 1994-1995 473 1,890 3,780
2,840 1994-1996 710 2,840 5,680
W. J. Lhota 885 1994 (1) (1) (1)
1,770 1994-1995 443 1,770 3,540
2,650 1994-1996 663 2,650 5,300
J. J. Markowsky 845 1994 (1) (1) (1)
1,690 1994-1995 423 1,690 3,380
2,525 1994-1996 631 2,525 5,050
Note to Long-Term Incentive Plan Table
(1) For the 1994 transition performance period, the actual number of performance share units
earned was: Dr. Draper 4,100; Mr. DeMaria 1,761; Mr. Maloney 1,734; Mr. Lhota 1,624; and
Dr. Markowsky 1,550 (see Summary Compensation Table for the cash value of these payouts).
</TABLE>
Retirement Benefits
The American Electric Power System Retirement Plan provides
pensions for all employees of AEP System companies (except for
employees covered by certain collective bargaining agreements),
including the executive officers. The Retirement Plan is a
noncontributory defined benefit plan.
The following table shows the approximate annual annuities
under the Retirement Plan that would be payable to employees in
certain higher salary classifications, assuming retirement at age
65 after various periods of service. The amounts shown in the
table are the straight life annuities payable under the Plan
without reduction for the joint and survivor annuity. Retirement
benefits listed in the table are not subject to any deduction for
Social Security or other offset amounts. The retirement annuity is
reduced 3% per year in the case of retirement between ages 60 and
62 and further reduced 6% per year in the case of retirement
between ages 55 and 60. If an employee retires after age 62, there
is no reduction in the retirement annuity.
<TABLE>
<CAPTION>
Pension Plan Table
Highest Average Years of Accredited Service
Annual Earnings 15 20 25 30 35 40
<S> <C> <C> <C> <C> <C> <C>
$250,000 $ 58,065 $ 77,420 $ 96,775 $116,130 $135,485 $152,110
350,000 82,065 109,420 136,775 164,130 191,485 214,760
450,000 106,065 141,720 176,775 212,130 247,485 277,410
600,000 142,065 189,420 236,775 284,130 331,485 371,385
750,000 178,065 237,420 296,775 356,130 415,485 465,360
</TABLE>
Compensation upon which retirement benefits are based consists
of the average of the 36 consecutive months of the employee's
highest salary, as listed in the Summary Compensation Table, out of
the employee's most recent 10 years of service. As of December 31,
1994, the number of full years of service credited under the
Retirement Plan to each of the executive officers of the Company
named in the Summary Compensation Table were as follows:
Dr. Draper, two years; Mr. DeMaria, 35 years; Mr. Maloney, 39
years; Mr. Lhota, 30 years; and Dr. Markowsky, 23 years.
Dr. Draper's employment agreement described above provides him
with a supplemental retirement annuity that credits him with 24
years of service in addition to his years of service credited under
the Retirement Plan less his actual pension entitlement under the
Retirement Plan and any pension entitlements from prior employers.
AEP has determined to pay supplemental retirement benefits to 23
AEP System employees (including Messrs. DeMaria, Maloney and Lhota
and Dr. Markowsky) whose pensions may be adversely affected by
amendments to the Retirement Plan made as a result of the Tax
Reform Act of 1986. Such payments, if any, will be equal to any
reduction occurring because of such amendments. Assuming
retirement in 1995 of the executive officers named in the Summary
Compensation Table, none would be eligible to receive supplemental
benefits.
AEP made available a voluntary deferred-compensation program in
1982 and 1986, which permitted certain executive employees of AEP
System companies to defer receipt of a portion of their salaries.
Under this program, an executive was able to defer up to 10% or 15%
annually (depending on the terms of the program offered), over a
four-year period, of his or her salary, and receive supplemental
retirement or survivor benefit payments over a 15-year period. The
amount of supplemental retirement payments received is dependent
upon the amount deferred, age at the time the deferral election was
made, and number of years until the executive retires. The
following table sets forth, for the executive officers named in the
Summary Compensation Table, the amounts of annual deferrals and,
assuming retirement at age 65, annual supplemental retirement
payments under the 1982 and 1986 programs.
<TABLE>
<CAPTION>
1982 Program 1986 Program
Annual Amount of Annual Amount of
Annual Supplemental Annual Supplemental
Amount Retirement Amount Retirement
Deferred Payment Deferred Payment
Name (4-Year Period) (15-Year Period) (4-Year Period) (15-Year Period)
<S> <C> <C> <C> <C>
P. J. DeMaria $10,000 $52,000 $13,000 $53,300
G. P. Maloney 15,000 67,500 16,000 56,400
</TABLE>
(f) RIGHTS TO INDEMNITY
The directors and officers of AEP and its subsidiaries are insured,
subject to certain exclusions, against losses resulting from any
claim or claims made against them while acting in their capacities
as directors and officers. The American Electric Power System
companies are also insured, subject to certain exclusions and
deductibles, to the extent that they have indemnified their
directors and officers for any such losses. Such insurance is
provided by Associated Electric & Gas Insurance Services, Energy
Insurance Mutual, The Chubb Insurance Company and Great American
Insurance Company, effective January 1, 1995 through December 31,
1995, and pays up to an aggregate amount of $100,000,000 on any one
claim and in any one policy year. The total premium for the four
policies is $1,455,334.
Fiduciary liability insurance provides coverage for System
companies, their directors and officers, and any employee deemed to
be a fiduciary or trustee, for breach of fiduciary responsibility,
obligation, or duties as imposed under the Employee Retirement
Income Security Act of 1974. This coverage, provided by Federal
Insurance Company, was renewed, effective July 1, 1994 through June
30, 1995, for a premium of $67,042. It provides $20,000,000 of
aggregate coverage with a $5,000 deductible for each loss.
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
Expenditures, disbursements or payments during the year, in money, goods
or services directly or indirectly to or for the account of:
(1) Any political party, candidate for public
office or holder of such office, or any
committee or agent thereof.
- NONE
(2) Any citizens group or public relations counsel.
Calendar Year 1994
Accounts Charged,
Name of Company and Name if any,
or Number of Recipients Per Books of
or Beneficiaries Purpose Disbursing Company Amounts
(in thousands)
AEGCo
Acid Rain Policies & 426 Other Income
Regulatory Issues A Deductions $38
1 Beneficiary A " " " 5
APCo
Coalition for Energy
and Economic Revitalization A " " " 24
CSPCo
1 Beneficiary A " " " 5
I&M
Indiana Electric Association A " " " 33
Climate Council A " " " 12
4 Beneficiaries A " " " 1
OPCo
1 Beneficiary A " " " 5
A = Defray Expenses
<PAGE>
<TABLE>
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
<CAPTION>
Part I. Contracts for services, including engineering or construction services, or goods supplied or sold
between System companies are as follows:
Calendar Year 1994
Company Company In Effect
Nature of Performing Receiving Date of On Dec. 31st
Transactions Service Service Compensation Contract (Yes or No)
(1) (2) (3) (4) (5) (6)
(in thousands)
<S> <C> <C> <C> <C> <C>
Machine Shop Services APCo System Operating Companies $ 9,619 12/08/78 Yes
Plant Maintenance APCo System Operating Companies 5,579 1/01/76 Yes
Racine Hydro Service APCo OPCo 248 12/08/78 Yes
Simulator Training Services APCo System Operating Companies 647 12/12/87 Yes
Coal BHCCo I&M - (a) 1/01/82 Yes
Coal CeCCo APCo - (b) 12/01/76 Yes
Coal CACCo APCo - (c) 9/14/48 Yes
Coal CCCo APCo/OPCo - (d) 1/1/80 Yes
Coal Washing CCPC CSPCo 9,093 11/05/84 Yes
Coal COCCo OPCo 100,837 4/01/83 Yes
Barging Transportation I&M System Operating Companies 24,001 5/01/86 Yes
Coal SACCo APCo - (e) 3/01/78 Yes
Coal SOCCo OPCo 196,477 2/01/74 Yes
Coal SOCCo OPCo - (f) 10/01/72 Yes
Coal WCCo OPCo 52,821 1/01/83 Yes
Coal Transportation Simco CCPC 463 5/01/91 Yes
(a) Excludes shutdown costs billed to I&M of $212,000.
(b) Excludes shutdown costs billed to APCo of $6,610,000.
(c) Excludes shutdown costs billed to APCo of $1,231,000.
(d) Excludes shutdown cost billed to OPCo and APCo of $302,000.
(e) Excludes shutdown costs billed to APCo of $420,000.
(f) Excludes shutdown costs credited to OPCo of $1,956,000.
</TABLE>
Part II. Contracts to purchase services or goods between any System company
and (1) any affiliate company (other than a System company) or (2)
any other company in which any officer or director of the System
company, receiving service under the contract, is a partner or owns
5 percent or more of any class of equity securities.
- NONE.
Part III. Employment of any other person, by any System company, for the
performance on a continuing basis, of management, supervisory or
financial advisory services.
- NONE.
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I.
(a) AEP Resources International, Ltd. was formed as a wholly-
owned subsidiary by AEP Resources, Inc. on June 24, 1994.
It is domiciled in the Cayman Islands and its business
address is 1 Riverside Plaza, Columbus, Ohio 43215. At
December 31, 1994, the Company owned no facilities.
(b) AEP Resources International, Ltd. issued one share of
$1.00 par value common stock to its parent, AEP
Resources, Inc., for $5,000. There is no other stock or
debt outstanding. The Company owned no fixed assets at
December 31, 1994.
(c) There was no debt outstanding at December 31, 1994.
(d) There were no contracts between AEP Resources
International, Ltd. and other system companies.
Part II.
See Exhibit's H and I
Part III.
American Electric Power Company, Inc.'s aggregate investment in
foreign utility companies is $5000 which is less than 1% of its
investment in domestic public utility subsidiary companies.
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
Section and
FINANCIAL STATEMENTS Page No.
Consent of Independent Public Accountants A-1
Consolidating Statements of Income B-1 to B-6
Consolidating Balance Sheets
Assets B-7 to B-13
Capitalization and Liabilities B-14 to B-20
Consolidating Statements of Cash Flows B-21 to B-28
Consolidating Statements of Retained Earnings B-29 to B-34
Note to Consolidating Financial Statements C-1
Financial Statements of Subsidiaries
Not Consolidated:
CdOCo D-1 to D-2
IKEC D-3 to D-5
OVEC D-6 to D-9
ICS *
EXHIBITS
Exhibit A E
Exhibit B & C **
Exhibit D **
Exhibit E **
Exhibit F None
Exhibit G **
Exhibit H **
Exhibit I **
Exhibit 27 **
* Omitted pursuant to Securities and Exchange Commission Release
No. 35-24295.
** These Exhibits are included only the in copy filed with
Securities and Exchange Commission.
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this American Electric
Power Company, Inc. Annual Report (Form U5S) to the Securities and
Exchange Commission, filed pursuant to the Public Utility Holding
Company Act of 1935, for the year ended December 31, 1994, of our
reports dated February 21, 1995 on the consolidated financial
statements of American Electric Power Company, Inc. and subsidiaries
and of certain of its subsidiaries (AEP Generating Company, Appalachian
Power Company and subsidiaries, Columbus Southern Power Company and
subsidiaries, Indiana Michigan Power Company and subsidiaries, Kentucky
Power Company, and Ohio Power Company and subsidiaries), incorporated
by reference in the combined Annual Report (Form 10-K) to the
Securities and Exchange Commission of American Electric Power Company,
Inc. and its subsidiaries and of certain of its subsidiaries for the
year ended December 31, 1994.
Deloitte & Touche LLP
Columbus, Ohio
April 28, 1995
A-1
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands, except per share amount)
<CAPTION>
JOURNAL ELIMINATIONS
AEP ENTRY AND COMBINED APCo
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL AEP CONSOLIDATED
------------ ------- ------------ -------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $5,504,670 1,2,4,8,9 ($1,019,444) $6,524,114 $1,535,500
Equity of American Electric Power Company, Inc.
in Earnings of Subsidiaries . . . . . . . . . . . 3,9 (506,356) 506,356 $506,356
Total . . . . . . . . . . . . . . . . . . . . 5,504,670 (1,525,800) 7,030,470 506,356 1,535,500
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 1,745,245 1 (751,498) 2,496,743 706,682
Other Operation . . . . . . . . . . . . . . . . . 997,235 1,2,4,8 (241,007) 1,238,242 4,200 196,097
Maintenance . . . . . . . . . . . . . . . . . . . 544,312 4,8 (9,242) 553,554 134,092
Depreciation and Amortization . . . . . . . . . . 572,189 8 (4,018) 576,207 128,192
Taxes Other Than Federal Income Taxes . . . . . . 496,260 4,8,9 (12,279) 508,539 177 119,458
Federal Income Taxes. . . . . . . . . . . . . . . 217,209 4,7 672 216,537 45,761
Total Operating Expenses. . . . . . . . . . . 4,572,450 (1,017,372) 5,589,822 4,377 1,330,282
Operating Income (Loss) . . . . . . . . . . . . . . 932,220 (508,428) 1,440,648 501,979 205,218
Nonoperating Income (Loss):
Deferred Zimmer Plant Carrying
Charges (net of tax). . . . . . . . . . . . . . 5,604 5,604
Other Nonoperating Income (Loss). . . . . . . . . 5,881 3-6,8,9 1,050 4,831 367 (4,716)
Total Nonoperating Income (Loss). . . . . . . 11,485 1,050 10,435 367 (4,716)
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . 943,705 (507,378) 1,451,083 502,346 200,502
Interest Charges (net). . . . . . . . . . . . . . . 388,998 9 1 388,997 2,334 98,157
Preferred Stock Dividend Requirements
of Subsidiaries . . . . . . . . . . . . . . . . . 54,695 54,695 15,660
Net Income (Loss) . . . . . . . . . . . . . . . . . $500,012 ($507,379) $1,007,391 $500,012 $86,685
Average Number of Shares Outstanding. . . . . . . . 184,666
Earnings Per Share . . . . . . . . . . . . . . . . $2.71
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands, except per share amount)
<CAPTION>
CSPCo I&M OPCo
CONSOLIDATED CONSOLIDATED KEPCo KGPCo CONSOLIDATED WPCo
------------ ------------ -------- -------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $1,031,151 $1,251,309 $307,443 $81,804 $1,738,726 $79,917
Equity of American Electric Power Company, Inc.
in Earnings of Subsidiaries . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . 1,031,151 1,251,309 307,443 81,804 1,738,726 79,917
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 338,750 332,973 156,637 61,130 742,493 57,393
Other Operation . . . . . . . . . . . . . . . . . 175,102 293,024 39,237 6,765 207,292 8,203
Maintenance . . . . . . . . . . . . . . . . . . . 71,629 139,423 31,967 2,506 150,568 3,748
Depreciation and Amortization . . . . . . . . . . 110,324 151,888 23,047 2,124 132,498 2,501
Taxes Other Than Federal Income Taxes . . . . . . 102,672 71,191 7,825 3,786 181,435 4,851
Federal Income Taxes. . . . . . . . . . . . . . . 46,806 41,079 2,641 558 79,567 (509)
Total Operating Expenses. . . . . . . . . . . 845,283 1,029,578 261,354 76,869 1,493,853 76,187
Operating Income (Loss) . . . . . . . . . . . . . . 185,868 221,731 46,089 4,935 244,873 3,730
Nonoperating Income (Loss):
Deferred Zimmer Plant Carrying
Charges (net of tax). . . . . . . . . . . . . . 5,604
Other Nonoperating Income (Loss). . . . . . . . . 1,426 7,428 (102) 158 7,722 (10)
Total Nonoperating Income (Loss). . . . . . . 7,030 7,428 (102) 158 7,722 (10)
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . 192,898 229,159 45,987 5,093 252,595 3,720
Interest Charges (net). . . . . . . . . . . . . . . 83,053 71,688 20,714 1,946 89,969 2,657
Preferred Stock Dividend Requirements
of Subsidiaries . . . . . . . . . . . . . . . . . 12,084 11,650 15,301
Net Income (Loss) . . . . . . . . . . . . . . . . . $97,761 $145,821 $25,273 $3,147 $147,325 $1,063
Average Number of Shares Outstanding. . . . . . . .
Earnings Per Share . . . . . . . . . . . . . . . .
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands, except per share amount)
<CAPTION>
AEPENS AEGCo AEPINV AEPRES AEPRI AEPSC CCCo COpCo FRECo IFRI
-------- -------- ------ ------ ----- -------- ------- ------ ----- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $236,041 $244,098 $18,125
Equity of American Electric Power Company, Inc.
in Earnings of Subsidiaries . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . $0 236,041 $0 $0 $0 244,098 $0 18,125 $0 $0
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 100,685
Other Operation . . . . . . . . . . . . . . . . . 78,282 219,544 10,496
Maintenance . . . . . . . . . . . . . . . . . . . 10,379 3,119 6,123
Depreciation and Amortization . . . . . . . . . . 21,615 4,018
Taxes Other Than Federal Income Taxes . . . . . . 4,866 11,079 1,199
Federal Income Taxes. . . . . . . . . . . . . . . 3,833 (3,553) 354
Total Operating Expenses. . . . . . . . . . . 0 219,660 0 0 0 234,207 0 18,172 0 0
Operating Income (Loss) . . . . . . . . . . . . . . 0 16,381 0 0 0 9,891 0 (47) 0 0
Nonoperating Income (Loss):
Deferred Zimmer Plant Carrying
Charges (net of tax). . . . . . . . . . . . . .
Other Nonoperating Income (Loss). . . . . . . . . (1,562) 3,413 (8,187) (54) (4) (1,096) 48
Total Nonoperating Income (Loss). . . . . . . (1,562) 3,413 (8,187) (54) (4) (1,096) 0 48 0 0
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . (1,562) 19,794 (8,187) (54) (4) 8,795 0 1 0 0
Interest Charges (net). . . . . . . . . . . . . . . 9,684 8,795
Preferred Stock Dividend Requirements
of Subsidiaries . . . . . . . . . . . . . . . . .
Net Income (Loss) . . . . . . . . . . . . . . . . . ($1,562) $10,110 ($8,187) ($54) ($4) $0 $0 $1 $0 $0
Average Number of Shares Outstanding. . . . . . . .
Earnings Per Share . . . . . . . . . . . . . . . .
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
APCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL APCo
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $1,535,500 10,12 ($3,942) $1,539,442 $1,535,501
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 706,682 10 (3,941) 710,623 710,623
Other Operation . . . . . . . . . . . . . . . . . 196,097 196,097 195,108
Maintenance . . . . . . . . . . . . . . . . . . . 134,092 134,092 133,566
Depreciation and Amortization . . . . . . . . . . 128,192 128,192 127,952
Taxes Other Than Federal Income Taxes . . . . . . 119,458 119,458 118,669
Federal Income Taxes. . . . . . . . . . . . . . . 45,761 45,761 45,292
Total Operating Expenses. . . . . . . . . . . 1,330,282 (3,941) 1,334,223 1,331,210
Operating Income . . . . . . . . . . . . . . . . . 205,218 (1) 205,219 204,291
Nonoperating Income (Loss):
Equity in Earnings of Subsidiary Companies. . . . 0 11 (16) 16 16
Other Nonoperating Income (Loss). . . . . . . . . (4,716) 12 1 (4,717) (3,952)
Total Nonoperating Income (Loss). . . . . . . (4,716) (15) (4,701) (3,936)
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . 200,502 (16) 200,518 200,355
Interest Charges (net). . . . . . . . . . . . . . . 98,157 98,157 98,010
Preferred Stock Dividend Requirements . . . . . . . 15,660 15,660 15,660
Earnings (Loss) Applicable to Common Stock. . . . . $86,685 ($16) $86,701 $86,685
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
CeCCo CACCo KVPCo SACCo WVPCo
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $3,941
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . .
Other Operation . . . . . . . . . . . . . . . . . 989
Maintenance . . . . . . . . . . . . . . . . . . . 526
Depreciation and Amortization . . . . . . . . . . 240
Taxes Other Than Federal Income Taxes . . . . . . 789
Federal Income Taxes. . . . . . . . . . . . . . . 469
Total Operating Expenses. . . . . . . . . . . $0 $0 3,013 $0 $0
Operating Income . . . . . . . . . . . . . . . . . 0 0 928 0 0
Nonoperating Income (Loss):
Equity in Earnings of Subsidiary Companies. . . .
Other Nonoperating Income (Loss). . . . . . . . . (849) (85) 1 163 5
Total Nonoperating Income (Loss). . . . . . . (849) (85) 1 163 5
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . (849) (85) 929 163 5
Interest Charges (net). . . . . . . . . . . . . . . 147
Preferred Stock Dividend Requirements . . . . . . .
Earnings (Loss) Applicable to Common Stock. . . . . ($849) ($85) $782 $163 $5
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
CSPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL CSPCo
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $1,031,151 13 ($9,556) $1,040,707 $1,031,151
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 338,750 13,15,16 (304) 339,054 339,054
Other Operation . . . . . . . . . . . . . . . . . 175,102 13 (7,700) 182,802 175,102
Maintenance . . . . . . . . . . . . . . . . . . . 71,629 13 (1,227) 72,856 71,629
Depreciation and Amortization . . . . . . . . . . 110,324 13 (122) 110,446 110,324
Taxes Other Than Federal Income Taxes . . . . . . 102,672 13 (215) 102,887 102,672
Federal Income Taxes. . . . . . . . . . . . . . . 46,806 16 1 46,805 46,714
Total Operating Expenses. . . . . . . . . . . 845,283 (9,567) 854,850 845,495
Operating Income. . . . . . . . . . . . . . . . . . 185,868 11 185,857 185,656
Nonoperating Income:
Deferred Zimmer Plant Carrying
Charges (net of tax). . . . . . . . . . . . . . 5,604 5,604 5,604
Equity in Earnings of Subsidiary Companies. . . . 0 14 (403) 403 403
Other Nonoperating Income . . . . . . . . . . . . 1,426 15 (11) 1,437 1,234
Total Nonoperating Income . . . . . . . . . . 7,030 (414) 7,444 7,241
Income Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . 192,898 (403) 193,301 192,897
Interest Charges (net). . . . . . . . . . . . . . . 83,053 83,053 83,052
Preferred Stock Dividend Requirements . . . . . . . 12,084 12,084 12,084
Earnings Applicable to Common Stock . . . . . . . . $97,761 ($403) $98,164 $97,761
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
COLM CCPC SIMCo
------- ------- -------
<S> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $9,093 $463
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . .
Other Operation . . . . . . . . . . . . . . . . . 7,592 108
Maintenance . . . . . . . . . . . . . . . . . . . 1,227
Depreciation and Amortization . . . . . . . . . . 15 107
Taxes Other Than Federal Income Taxes . . . . . . 174 41
Federal Income Taxes. . . . . . . . . . . . . . . 25 66
Total Operating Expenses. . . . . . . . . . . $0 9,033 322
Operating Income. . . . . . . . . . . . . . . . . . 0 60 141
Nonoperating Income:
Deferred Zimmer Plant Carrying
Charges (net of tax). . . . . . . . . . . . . . .
Equity in Earnings of Subsidiary Companies. . . .
Other Nonoperating Income . . . . . . . . . . . . 186 11 6
Total Nonoperating Income . . . . . . . . . . 186 11 6
Income Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . 186 71 147
Interest Charges (net). . . . . . . . . . . . . . . 1
Preferred Stock Dividend Requirements . . . . . . .
Earnings Applicable to Common Stock . . . . . . . . $186 $70 $147
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
I&M ENTRY AND COMBINED
CONSOLIDATED NUMBER ADJUSTMENTS TOTAL I&M
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $1,251,309 $1,251,309 $1,251,309
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 332,973 332,973 332,973
Other Operation . . . . . . . . . . . . . . . . . 293,024 293,024 293,024
Maintenance . . . . . . . . . . . . . . . . . . . 139,423 139,423 139,423
Depreciation and Amortization . . . . . . . . . . 151,888 151,888 151,888
Taxes Other Than Federal Income Taxes . . . . . . 71,191 71,191 71,191
Federal Income Taxes. . . . . . . . . . . . . . . 41,079 41,079 41,079
Total Operating Expenses. . . . . . . . . . . 1,029,578 1,029,578 1,029,578
Operating Income . . . . . . . . . . . . . . . . . 221,731 221,731 221,731
Nonoperating Income (Loss):
Equity in Earnings of Subsidiary Companies. . . . 0 17 $786 (786) (786)
Other Nonoperating Income (Loss). . . . . . . . . 7,428 7,428 8,214
Total Nonoperating Income (Loss). . . . . . . . 7,428 786 6,642 7,428
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . 229,159 786 228,373 229,159
Interest Charges (net). . . . . . . . . . . . . . . 71,688 71,688 71,688
Preferred Stock Dividend Requirements . . . . . . . 11,650 11,650 11,650
Earnings (Loss) Applicable to Common Stock. . . . . $145,821 $786 $145,035 $145,821
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
BHCCo PRCCo
------- -------
<S> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . .
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . .
Other Operation . . . . . . . . . . . . . . . . .
Maintenance . . . . . . . . . . . . . . . . . . .
Depreciation and Amortization . . . . . . . . . .
Taxes Other Than Federal Income Taxes . . . . . .
Federal Income Taxes. . . . . . . . . . . . . . .
Total Operating Expenses. . . . . . . . . . . $0 $0
Operating Income . . . . . . . . . . . . . . . . . 0 0
Nonoperating Income (Loss):
Equity in Earnings of Subsidiary Companies. . . .
Other Nonoperating Income (Loss). . . . . . . . . (786)
Total Nonoperating Income (Loss). . . . . . . . (786) 0
Income (Loss) Before Interest Charges and
Preferred Dividends . . . . . . . . . . . . . . . (786) 0
Interest Charges (net). . . . . . . . . . . . . . .
Preferred Stock Dividend Requirements . . . . . . .
Earnings (Loss) Applicable to Common Stock. . . . . ($786) $0
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
OPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL OPCo
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $1,738,726 18,19,23 ($359,526) $2,098,252 $1,748,117
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . . 742,493 18,19,22,23 (38,416) 780,909 780,909
Other Operation . . . . . . . . . . . . . . . . . 207,292 18 (229,953) 437,245 207,292
Maintenance . . . . . . . . . . . . . . . . . . . 150,568 18 (55,164) 205,732 150,568
Depreciation and Amortization . . . . . . . . . . 132,498 18 (14,810) 147,308 132,498
Taxes Other Than Federal Income Taxes . . . . . . 181,435 18 (19,627) 201,062 181,435
Federal Income Taxes. . . . . . . . . . . . . . . 79,567 21,23 30 79,537 71,462
Total Operating Expenses. . . . . . . . . . . 1,493,853 (357,940) 1,851,793 1,524,164
Operating Income . . . . . . . . . . . . . . . . . 244,873 (1,586) 246,459 223,953
Nonoperating Income (Loss):
Equity in Earnings of Subsidiary Companies. . . . 0 20 (14,387) 14,387 14,387
Other Nonoperating Income (Loss). . . . . . . . . 7,722 21,22,23 1,503 6,219 8,512
Total Nonoperating Income (Loss). . . . . . . 7,722 (12,884) 20,606 22,899
Income Before Interest Charges and. . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . . 252,595 (14,470) 267,065 246,852
Interest Charges (net). . . . . . . . . . . . . . . 89,969 21,23 (83) 90,052 84,226
Preferred Stock Dividend Requirements . . . . . . . 15,301 15,301 15,301
Earnings Applicable to Common Stock . . . . . . . . $147,325 ($14,387) $161,712 $147,325
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 1994
(in thousands)
<CAPTION>
COCCo SOCCo WCCo
------- ------- -------
<S> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . . $100,837 $196,477 $52,821
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . .
Other Operation . . . . . . . . . . . . . . . . . 83,326 111,591 35,036
Maintenance . . . . . . . . . . . . . . . . . . . 10,212 36,204 8,748
Depreciation and Amortization . . . . . . . . . . 1,802 11,595 1,413
Taxes Other Than Federal Income Taxes . . . . . . 3,473 10,761 5,393
Federal Income Taxes. . . . . . . . . . . . . . . 564 6,657 854
Total Operating Expenses. . . . . . . . . . . 99,377 176,808 51,444
Operating Income . . . . . . . . . . . . . . . . . 1,460 19,669 1,377
Nonoperating Income (Loss):
Equity in Earnings of Subsidiary Companies. . . .
Other Nonoperating Income (Loss). . . . . . . . . 1,253 (3,617) 71
Total Nonoperating Income (Loss). . . . . . . 1,253 (3,617) 71
Income Before Interest Charges and. . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . . 2,713 16,052 1,448
Interest Charges (net). . . . . . . . . . . . . . . 57 5,684 85
Preferred Stock Dividend Requirements . . . . . . .
Earnings Applicable to Common Stock . . . . . . . . $2,656 $10,368 $1,363
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
AEP ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL AEP
------------ -------- ------------ -------- ---
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . . $9,172,766 5 $1 $9,172,765
Transmission. . . . . . . . . . . . . . . . . . . . 3,247,280 5 (1) 3,247,281
Distribution. . . . . . . . . . . . . . . . . . . . 3,966,442 3,966,442
General(including mining assets and nuclear fuel) . 1,529,436 5 1 1,529,435
Construction Work In Progress . . . . . . . . . . . 258,700 5 (1) 258,701
Total Electric Utility Plant. . . . . . . . 18,174,624 0 18,174,624 $0
Accumulated Depreciation and Amortization. . . . . (6,826,514) 5 (1) (6,826,513)
Net Electric Utility Plant. . . . . . . . . 11,348,110 (1) 11,348,111 0
Other Property and Investments. . . . . . . . . . . . 735,042 1,5 (4,225,110) 4,960,152 4,265,177
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 62,866 2 231 62,635 177
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . . 350,518 5 1 350,517
Affiliated Companies. . . . . . . . . . . . . . . 0 2 (172,804) 172,804 25
Miscellaneous . . . . . . . . . . . . . . . . . . 86,397 2 8,328 78,069 280
Allowance for Uncollectible Accounts. . . . . . . (4,056) 5 (1) (4,055)
Fuel - at average cost . . . . . . . . . . . . . . 306,700 5 2 306,698
Materials and Supplies - at average cost. . . . . . 216,741 216,741
Accrued Utility Revenues. . . . . . . . . . . . . . 167,486 5 (1) 167,487
Prepayments and Other . . . . . . . . . . . . . . . 94,786 94,786 69
Total Current Assets. . . . . . . . . . . . 1,281,438 (164,244) 1,445,682 551
Regulatory Assets . . . . . . . . . . . . . . . . . . 1,949,852 3,5 8,834 1,941,018 (59)
Deferred Charges. . . . . . . . . . . . . . . . . . . 398,257 2,3,4 (16,536) 414,793 16,410
Total . . . . . . . . . . . . . . . . . . $15,712,699 ($4,397,057) $20,109,756 $4,282,079
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
APCo CSPCo I&M
CONSOLIDATED CONSOLIDATED CONSOLIDATED KEPCo KGPCo
------------ ------------ ------------ ----- -----
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . . $1,848,263 $1,461,484 $2,494,834 $224,365
Transmission. . . . . . . . . . . . . . . . . . . . 1,010,344 306,744 849,920 258,178 $10,543
Distribution. . . . . . . . . . . . . . . . . . . . 1,315,915 797,570 644,720 297,754 54,634
General(including mining assets and nuclear fuel) . 160,752 111,623 204,909 56,613 3,499
Construction Work In Progress . . . . . . . . . . . 63,453 52,156 74,923 15,002 330
Total Electric Utility Plant. . . . . . . . 4,398,727 2,729,577 4,269,306 851,912 69,006
Accumulated Depreciation and Amortization. . . . . (1,627,852) (884,237) (1,659,940) (259,984) (24,221)
Net Electric Utility Plant. . . . . . . . . 2,770,875 1,845,340 2,609,366 591,928 44,785
Other Property and Investments. . . . . . . . . . . . 48,928 26,744 468,513 6,533 162
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 5,297 14,065 9,907 879 564
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . . 108,785 41,056 74,491 19,144 4,973
Affiliated Companies. . . . . . . . . . . . . . . 10,980 4,624 24,848 514 3,751
Miscellaneous . . . . . . . . . . . . . . . . . . 4,327 10,025 32,714 2,048 355
Allowance for Uncollectible Accounts. . . . . . . (830) (1,768) (121) (260) (31)
Fuel - at average cost . . . . . . . . . . . . . . 65,581 28,060 35,802 11,735
Materials and Supplies - at average cost. . . . . . 49,451 24,923 59,897 9,615 568
Accrued Utility Revenues. . . . . . . . . . . . . . 51,686 31,595 40,582 9,128 3,486
Prepayments and Other . . . . . . . . . . . . . . . 6,487 31,241 8,414 1,476 1,137
Total Current Assets. . . . . . . . . . . . 301,764 183,821 286,534 54,279 14,803
Regulatory Assets . . . . . . . . . . . . . . . . . . 403,906 475,019 481,212 50,519 4,513
Deferred Charges. . . . . . . . . . . . . . . . . . . 59,015 63,418 70,104 11,049 12
Total . . . . . . . . . . . . . . . . . . $3,584,488 $2,594,342 $3,915,729 $714,308 $64,275
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
OPCo
CONSOLIDATED WPCo AEPENS AEGCo AEPINV AEPRES
------------ ---- ------ ----- ------ ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . . $2,516,390 $627,429
Transmission. . . . . . . . . . . . . . . . . . . . 790,736 $20,816
Distribution. . . . . . . . . . . . . . . . . . . . 798,387 57,462
General(including mining assets and nuclear fuel) . 782,719 6,442 2,658
Construction Work In Progress . . . . . . . . . . . 49,889 1,507 1,441
Total Electric Utility Plant. . . . . . . . 4,938,121 86,227 $0 631,528 $0 $0
Accumulated Depreciation and Amortization. . . . . (2,077,626) (33,572) (199,264)
Net Electric Utility Plant. . . . . . . . . 2,860,495 52,655 0 432,264 0 0
Other Property and Investments. . . . . . . . . . . . 120,856 2,636 6 11,500 2
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 30,700 452 215 (2,780) 34 460
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . . 94,984 7,084
Affiliated Companies. . . . . . . . . . . . . . . 37,257 413 1 19,683
Miscellaneous . . . . . . . . . . . . . . . . . . 26,440 94 334 185 1,040
Allowance for Uncollectible Accounts. . . . . . . (1,019) (26)
Fuel - at average cost . . . . . . . . . . . . . . 147,152 18,368
Materials and Supplies - at average cost. . . . . . 67,719 401 4,167
Accrued Utility Revenues. . . . . . . . . . . . . . 28,775 2,235
Prepayments and Other . . . . . . . . . . . . . . . 43,894 175 5 452
Total Current Assets. . . . . . . . . . . . 475,902 10,828 555 40,075 1,074 460
Regulatory Assets . . . . . . . . . . . . . . . . . . 521,855 17,127 (9,116)
Deferred Charges. . . . . . . . . . . . . . . . . . . 154,501 1,476 372 28,749
Total . . . . . . . . . . . . . . . . . . $4,133,609 $84,722 $927 $491,978 $12,574 $462
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
AEPRI AEPSC CCCo COpCo FRECo IFRI
----- ----- ---- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . .
Transmission. . . . . . . . . . . . . . . . . . . .
Distribution. . . . . . . . . . . . . . . . . . . .
General(including mining assets and nuclear fuel) . $200,220
Construction Work In Progress . . . . . . . . . . .
Total Electric Utility Plant. . . . . . . . $0 200,220 $0 $0 $0 $0
Accumulated Depreciation and Amortization. . . . . (59,817)
Net Electric Utility Plant. . . . . . . . . 0 140,403 0 0 0 0
Other Property and Investments. . . . . . . . . . . . 8,393 701 1
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 1 623 20 1,982 38 1
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . .
Affiliated Companies. . . . . . . . . . . . . . . 68,652 218 1,837 1
Miscellaneous . . . . . . . . . . . . . . . . . . 219 7 1
Allowance for Uncollectible Accounts. . . . . . .
Fuel - at average cost . . . . . . . . . . . . . .
Materials and Supplies - at average cost. . . . . .
Accrued Utility Revenues. . . . . . . . . . . . . .
Prepayments and Other . . . . . . . . . . . . . . . 1,418 2 16
Total Current Assets. . . . . . . . . . . . 1 70,912 247 3,836 39 1
Regulatory Assets . . . . . . . . . . . . . . . . . . (4,313) 355
Deferred Charges. . . . . . . . . . . . . . . . . . . 9,634 53
Total . . . . . . . . . . . . . . . . . . $1 $225,029 $948 $4,244 $40 $1
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
APCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL APCo
------------ ------- ----------- -------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . $1,848,263 $1,848,263 $1,835,075
Transmission. . . . . . . . . . . . . . . . . 1,010,344 1,010,344 1,008,971
Distribution. . . . . . . . . . . . . . . . . 1,315,915 1,315,915 1,315,915
General . . . . . . . . . . . . . . . . . . . 160,752 160,752 160,743
Construction Work In Progress . . . . . . . . 63,453 63,453 63,459
Total Electric Utility Plant. . . . . 4,398,727 0 4,398,727 4,384,163
Accumulated Depreciation and Amortization . (1,627,852) (1,627,852) (1,623,025)
Net Electric Utility Plant. . . . . . 2,770,875 0 2,770,875 2,761,138
Other Property and Investments. . . . . . . . . 48,928 6,8 (27,093) 76,021 57,424
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 5,297 5,297 4,281
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . 108,785 108,785 108,785
Affiliated Companies. . . . . . . . . . . . 10,980 7 (5,088) 16,068 11,035
Miscellaneous . . . . . . . . . . . . . . . 4,327 8 (1) 4,328 3,685
Allowance for Uncollectible Accounts. . . . (830) (830) (830)
Fuel - at average cost. . . . . . . . . . . . 65,581 65,581 65,581
Materials and Supplies - at average cost. . . 49,451 49,451 49,278
Accrued Utility Revenues. . . . . . . . . . . 51,686 51,686 51,686
Prepayments and Other . . . . . . . . . . . . 6,487 6,487 6,057
Total Current Assets. . . . . . . . . 301,764 (5,089) 306,853 299,558
Regulatory Assets . . . . . . . . . . . . . . . 403,906 403,906 399,287
Deferred Charges. . . . . . . . . . . . . . . . 59,015 7 2 59,013 56,393
Total . . . . . . . . . . . . . . . $3,584,488 ($32,180) $3,616,668 $3,573,800
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
CeCCo CACCo KVPCo SACCo WVPCo
------- ----- ------- ------- -----
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . $13,188
Transmission. . . . . . . . . . . . . . . . . 1,373
Distribution. . . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . 9
Construction Work In Progress . . . . . . . . (6)
Total Electric Utility Plant. . . . . $0 $0 14,564 $0 $0
Accumulated Depreciation and Amortization . (4,827)
Net Electric Utility Plant. . . . . . 0 0 9,737 0 0
Other Property and Investments. . . . . . . . . 746 17,841 10
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 322 34 61 387 212
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . .
Affiliated Companies. . . . . . . . . . . . 3,205 1,098 260 470
Miscellaneous . . . . . . . . . . . . . . . 68 48 526 1
Allowance for Uncollectible Accounts. . . .
Fuel - at average cost. . . . . . . . . . . .
Materials and Supplies - at average cost. . . 173
Accrued Utility Revenues. . . . . . . . . . .
Prepayments and Other . . . . . . . . . . . . 405 25
Total Current Assets. . . . . . . . . 4,000 1,132 567 1,383 213
Regulatory Assets . . . . . . . . . . . . . . . 1,382 673 2,564
Deferred Charges. . . . . . . . . . . . . . . . 2,403 217
Total . . . . . . . . . . . . . . . $8,531 $1,132 $11,194 $21,788 $223
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
CSPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL CSPCo
------------ ------- ------------ ----------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . . $1,461,484 $1,461,484 $1,461,484
Transmission. . . . . . . . . . . . . . . . . . . . 306,744 306,744 306,744
Distribution. . . . . . . . . . . . . . . . . . . . 797,570 797,570 797,570
General . . . . . . . . . . . . . . . . . . . . . . 111,623 111,623 108,524
Construction Work In Progress . . . . . . . . . . . 52,156 52,156 52,156
Total Electric Utility Plant. . . . . . . . 2,729,577 $0 2,729,577 2,726,478
Accumulated Depreciation. . . . . . . . . . . . . . (884,237) (884,237) (882,460)
Net Electric Utility Plant. . . . . . . . . 1,845,340 0 1,845,340 1,844,018
Other Property and Investments. . . . . . . . . . . . 26,744 9,11 (4,709) 31,453 28,568
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 14,065 14,065 13,711
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . . 41,056 41,056 41,056
Affiliated Companies. . . . . . . . . . . . . . . 4,624 10,11 (2,640) 7,264 4,625
Miscellaneous . . . . . . . . . . . . . . . . . . 10,025 10,025 9,965
Allowance for Uncollectible Accounts. . . . . . . (1,768) (1,768) (1,768)
Fuel - at average cost. . . . . . . . . . . . . . . 28,060 28,060 28,060
Materials and Supplies - at average cost. . . . . . 24,923 11 1 24,922 24,068
Accrued Utility Revenues. . . . . . . . . . . . . . 31,595 31,595 31,595
Prepayments and Other . . . . . . . . . . . . . . . 31,241 31,241 31,203
Total Current Assets. . . . . . . . . . . . 183,821 (2,639) 186,460 182,515
Regulatory Assets . . . . . . . . . . . . . . . . . . 475,019 475,019 474,697
Deferred Charges. . . . . . . . . . . . . . . . . . . 63,418 10 (32) 63,450 63,390
Total . . . . . . . . . . . . . . . . . . $2,594,342 ($7,380) $2,601,722 $2,593,188
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
COLM CCPC SIMCo
----- ------- -------
<S> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . .
Transmission. . . . . . . . . . . . . . . . . . . .
Distribution. . . . . . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . . . . $1,457 1,642
Construction Work In Progress . . . . . . . . . . .
Total Electric Utility Plant. . . . . . . . $0 1,457 $1,642
Accumulated Depreciation. . . . . . . . . . . . . . (926) (851)
Net Electric Utility Plant. . . . . . . . . 0 531 791
Other Property and Investments. . . . . . . . . . . . 2,877 8
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 155 40 159
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . .
Affiliated Companies. . . . . . . . . . . . . . . 2 2,592 45
Miscellaneous . . . . . . . . . . . . . . . . . . 43 17
Allowance for Uncollectible Accounts. . . . . . .
Fuel - at average cost. . . . . . . . . . . . . . .
Materials and Supplies - at average cost. . . . . . 854
Accrued Utility Revenues. . . . . . . . . . . . . .
Prepayments and Other . . . . . . . . . . . . . . . 38
Total Current Assets. . . . . . . . . . . . 200 3,541 204
Regulatory Assets . . . . . . . . . . . . . . . . . . 322
Deferred Charges. . . . . . . . . . . . . . . . . . . 60
Total . . . . . . . . . . . . . . . . . . $3,077 $4,462 $995
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
I&M ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL I&M
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . . $2,494,834 $2,494,834 $2,494,834
Transmission. . . . . . . . . . . . . . . . . . . . 849,920 849,920 849,920
Distribution. . . . . . . . . . . . . . . . . . . . 644,720 644,720 644,720
General (including nuclear fuel). . . . . . . . . . 204,909 204,909 204,909
Construction Work In Progress . . . . . . . . . . . 74,923 74,923 74,923
Total Electric Utility Plant. . . . . . . . 4,269,306 $0 4,269,306 4,269,306
Accumulated Depreciation and Amortization . . . . (1,659,940) (1,659,940) (1,659,940)
Net Electric Utility Plant. . . . . . . . . 2,609,366 0 2,609,366 2,609,366
Other Property and Investments. . . . . . . . . . . . 468,513 12 (90,839) 559,352 475,825
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 9,907 9,907 9,862
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . . 74,491 74,491 74,491
Affiliated Companies. . . . . . . . . . . . . . . 24,848 13 (536) 25,384 24,841
Miscellaneous . . . . . . . . . . . . . . . . . . 32,714 32,714 18,551
Allowance for Uncollectible Accounts. . . . . . . (121) (121) (121)
Fuel - at average cost. . . . . . . . . . . . . . . 35,802 35,802 35,802
Materials and Supplies - at average cost. . . . . . 59,897 59,897 59,897
Accrued Utility Revenues. . . . . . . . . . . . . . 40,582 40,582 40,582
Prepayments and Other . . . . . . . . . . . . . . . 8,414 8,414 8,369
Total Current Assets. . . . . . . . . . . . 286,534 (536) 287,070 272,274
Regulatory Assets . . . . . . . . . . . . . . . . . . 481,212 481,212 467,689
Deferred Charges. . . . . . . . . . . . . . . . . . . 70,104 70,104 70,103
Total . . . . . . . . . . . . . . . . . . $3,915,729 ($91,375) $4,007,104 $3,895,257
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
BHCCo PRCCo
----- -----
<S> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . . .
Transmission. . . . . . . . . . . . . . . . . . . .
Distribution. . . . . . . . . . . . . . . . . . . .
General (including nuclear fuel). . . . . . . . . .
Construction Work In Progress . . . . . . . . . . .
Total Electric Utility Plant. . . . . . . . $0 $0
Accumulated Depreciation and Amortization . . . .
Net Electric Utility Plant. . . . . . . . . 0 0
Other Property and Investments. . . . . . . . . . . . 83,527
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . . . 45
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . . .
Affiliated Companies. . . . . . . . . . . . . . . 522 21
Miscellaneous . . . . . . . . . . . . . . . . . . 14,163
Allowance for Uncollectible Accounts. . . . . . .
Fuel - at average cost. . . . . . . . . . . . . . .
Materials and Supplies - at average cost. . . . . .
Accrued Utility Revenues. . . . . . . . . . . . . .
Prepayments and Other . . . . . . . . . . . . . . . 45
Total Current Assets. . . . . . . . . . . . 14,775 21
Regulatory Assets . . . . . . . . . . . . . . . . . . 13,523
Deferred Charges. . . . . . . . . . . . . . . . . . . 1
Total . . . . . . . . . . . . . . . . . . $111,826 $21
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
OPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL OPCo
------------ ------- ------------ -------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . $2,516,390 $2,516,390 $2,516,390
Transmission. . . . . . . . . . . . . . . . . 790,736 790,736 790,736
Distribution. . . . . . . . . . . . . . . . . 798,387 798,387 798,387
General (including mining assets) . . . . . . 782,719 782,719 228,821
Construction Work In Progress . . . . . . . . 49,889 49,889 47,964
Total Electric Utility Plant. . . . . 4,938,121 $0 4,938,121 4,382,298
Accumulated Depreciation and Amortization . (2,077,626) (2,077,626) (1,804,656)
Net Electric Utility Plant. . . . . . 2,860,495 0 2,860,495 2,577,642
Other Property and Investments. . . . . . . . . 120,856 14 (180,020) 300,876 234,525
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 30,700 17 1 30,699 4,287
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . 94,984 94,984 94,984
Affiliated Companies. . . . . . . . . . . . 37,257 16 (11,795) 49,052 38,707
Miscellaneous . . . . . . . . . . . . . . . 26,440 17 1 26,439 8,926
Allowance for Uncollectible Accounts. . . . (1,019) (1,019) (1,019)
Fuel - at average cost. . . . . . . . . . . . 147,152 17 (1) 147,153 146,229
Materials and Supplies - at average cost. . . 67,719 67,719 46,126
Accrued Utility Revenues. . . . . . . . . . . 28,775 28,775 28,775
Prepayments and Other . . . . . . . . . . . . 43,894 43,894 41,089
Total Current Assets. . . . . . . . . 475,902 (11,794) 487,696 408,104
Regulatory Assets . . . . . . . . . . . . . . . 521,855 521,855 456,063
Deferred Charges. . . . . . . . . . . . . . . . 154,501 15,16,17 34 154,467 141,834
Total . . . . . . . . . . . . . . . $4,133,609 ($191,780) $4,325,389 $3,818,168
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
COCCo SOCCo WCCo
------ ------ -------
<S> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . .
Transmission. . . . . . . . . . . . . . . . .
Distribution. . . . . . . . . . . . . . . . .
General (including mining assets) . . . . . . $73,885 $413,583 $66,430
Construction Work In Progress . . . . . . . . 179 1,331 415
Total Electric Utility Plant. . . . . 74,064 414,914 66,845
Accumulated Depreciation and Amortization . (45,809) (200,496) (26,665)
Net Electric Utility Plant. . . . . . 28,255 214,418 40,180
Other Property and Investments. . . . . . . . . 63 66,272 16
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 6,025 20,369 18
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . .
Affiliated Companies. . . . . . . . . . . . 1,210 8,320 815
Miscellaneous . . . . . . . . . . . . . . . 535 16,823 155
Allowance for Uncollectible Accounts. . . .
Fuel - at average cost. . . . . . . . . . . . 413 121 390
Materials and Supplies - at average cost. . . 7,307 10,265 4,021
Accrued Utility Revenues. . . . . . . . . . .
Prepayments and Other . . . . . . . . . . . . 1,228 1,336 241
Total Current Assets. . . . . . . . . 16,718 57,234 5,640
Regulatory Assets . . . . . . . . . . . . . . . 4,564 64,368 (3,140)
Deferred Charges. . . . . . . . . . . . . . . . 7,336 4,819 478
Total . . . . . . . . . . . . . . . $56,936 $407,111 $43,174
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION> JOURNAL ELIMINATIONS
AEP ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL AEP
------------ ------- ------------ -------- ---
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $1,262,527 1 ($738,724) $2,001,251 $1,262,527
Paid-in Capital . . . . . . . . . . . . . . . . . 1,641,522 1 (2,419,265) 4,060,787 1,641,522
Retained Earnings . . . . . . . . . . . . . . . . 1,325,581 1,3 (1,049,612) 2,375,193 1,325,581
Total Common Shareholders' Equity . . . . 4,229,630 (4,207,601) 8,437,231 4,229,630
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. . . . . . . . . . . . . . . . . . 4,686,648 1 (1,100) 4,687,748
Total Capitalization. . . . . . . . . . . 9,739,818 (4,208,701) 13,948,519 4,229,630
Other Noncurrent Liabilities. . . . . . . . . . . . 667,722 4 (3,746) 671,468
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . 293,671 5 1 293,670
Short-term Debt . . . . . . . . . . . . . . . . . 316,985 316,985 52,000
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . . 251,186 2 7,398 243,788
Affiliated Companies . . . . . . . . . . . . . 0 2 (166,253) 166,253 82
Taxes Accrued . . . . . . . . . . . . . . . . . . 382,677 5 2 382,675
Interest Accrued. . . . . . . . . . . . . . . . . 88,916 88,916 34
Obligations Under Capital Leases. . . . . . . . . 93,252 5 1 93,251
Other . . . . . . . . . . . . . . . . . . . . . . 407,965 2,5 (1,358) 409,323 383
Total Current Liabilities . . . . . . . . 1,834,652 (160,209) 1,994,861 52,499
Deferred Federal Income Taxes . . . . . . . . . . . 2,473,539 3,5 8,837 2,464,702 (60)
Deferred Investment Tax Credits . . . . . . . . . . 456,043 5 (1) 456,044
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . . 415,226 5 (1) 415,227
Deferred Credits. . . . . . . . . . . . . . . . . . 125,699 3,5 (33,236) 158,935 10
Total . . . . . . . . . . . . . . . . . $15,712,699 ($4,397,057) $20,109,756 $4,282,079
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
APCo CSPCo I&M
CONSOLIDATED CONSOLIDATED CONSOLIDATED KEPCo KGPCo
------------ ------------ ------------ ----- -----
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $260,458 $41,026 $56,584 $50,450 $4,100
Paid-in Capital . . . . . . . . . . . . . . . . . 504,408 565,642 734,511 68,750 5,800
Retained Earnings . . . . . . . . . . . . . . . . 206,361 46,976 216,658 89,173 6,882
Total Common Shareholders' Equity . . . . 971,227 653,644 1,007,753 208,373 16,782
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption . . . . . . 55,000 52,000
Subject to Mandatory Redemption . . . . . . . . 190,300 150,000 135,000
Long-term Debt. . . . . . . . . . . . . . . . . . 1,228,911 917,608 929,887 253,583 20,000
Total Capitalization. . . . . . . . . . . 2,445,438 1,721,252 2,124,640 461,956 36,782
Other Noncurrent Liabilities. . . . . . . . . . . . 66,156 25,861 382,309 11,449 4,525
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . . . 80,000 140,000 2,000
Short-term Debt . . . . . . . . . . . . . . . . . 122,825 50,600 55,150 3,275
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . . 46,729 34,934 40,417 11,119 329
Affiliated Companies . . . . . . . . . . . . . 46,983 14,057 22,720 8,301 5,941
Taxes Accrued . . . . . . . . . . . . . . . . . . 34,623 113,362 63,621 6,256 679
Interest Accrued. . . . . . . . . . . . . . . . . 17,347 18,923 19,436 5,794 670
Obligations Under Capital Leases. . . . . . . . . 10,154 4,890 39,003 1,864 158
Other . . . . . . . . . . . . . . . . . . . . . . 81,444 32,631 87,821 16,900 1,566
Total Current Liabilities . . . . . . . . 360,105 298,797 463,618 105,384 14,618
Deferred Federal Income Taxes . . . . . . . . . . . 595,353 467,593 563,654 115,003 6,895
Deferred Investment Tax Credits . . . . . . . . . . 77,862 64,597 171,688 15,288 1,247
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . . . 204,138
Deferred Credits. . . . . . . . . . . . . . . . . . 39,574 16,242 5,682 5,228 208
Total . . . . . . . . . . . . . . . . . $3,584,488 $2,594,342 $3,915,729 $714,308 $64,275
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
OPCo
CONSOLIDATED WPCo AEPENS AEGCo AEPINV AEPRES
------------ ---- ------ ----- ------ ------
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $321,201 $2,428 $110 $1,000
Paid-in Capital . . . . . . . . . . . . . . . . . 463,100 12,596 2,390 47,735 $12,610 $510
Retained Earnings . . . . . . . . . . . . . . . . 483,222 6,016 (1,863) 4,268 (8,210) (59)
Total Common Shareholders' Equity . . . . 1,267,523 21,040 637 53,003 4,400 451
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption . . . . . . 126,240
Subject to Mandatory Redemption . . . . . . . . 115,000
Long-term Debt. . . . . . . . . . . . . . . . . . 1,188,319 15,000 53,340
Total Capitalization. . . . . . . . . . . 2,697,082 36,040 637 106,343 4,400 451
Other Noncurrent Liabilities. . . . . . . . . . . . 137,417 3,681 2,019
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . 670 11,000 55,000
Short-term Debt . . . . . . . . . . . . . . . . . 17,235 8,700 7,200
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . . 93,770 460 4,914
Affiliated Companies . . . . . . . . . . . . . 28,662 5,233 412 1,805 25 8
Taxes Accrued . . . . . . . . . . . . . . . . . . 156,525 1,490 (122) 3,648 (2) 3
Interest Accrued. . . . . . . . . . . . . . . . . 22,681 660 2,955
Obligations Under Capital Leases. . . . . . . . . 25,314 498 408
Other . . . . . . . . . . . . . . . . . . . . . . 139,247 1,947 10,538
Total Current Liabilities . . . . . . . . 484,104 29,988 290 86,468 23 11
Deferred Federal Income Taxes . . . . . . . . . . . 695,115 13,771 5,465 (4,389)
Deferred Investment Tax Credits . . . . . . . . . . 42,828 704 80,471
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . . 211,089
Deferred Credits. . . . . . . . . . . . . . . . . . 77,063 538 123 12,540
Total . . . . . . . . . . . . . . . . . $4,133,609 $84,722 $927 $491,978 $12,574 $462
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
<CAPTION>
AEPRI AEPSC CCCo COpCo FRECo IFRI
----- ----- ---- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $1,350 $3 $3 $10 $1
Paid-in Capital . . . . . . . . . . . . . . . . . $5 1,205 3
Retained Earnings . . . . . . . . . . . . . . . . (4) 172 20
Total Common Shareholders' Equity . . . . 1 1,350 1,208 178 30 1
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption . . . . . .
Subject to Mandatory Redemption . . . . . . . .
Long-term Debt. . . . . . . . . . . . . . . . . . 81,100
Total Capitalization. . . . . . . . . . . 1 82,450 1,208 178 30 1
Other Noncurrent Liabilities. . . . . . . . . . . . 36,078 1,973
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . 5,000
Short-term Debt . . . . . . . . . . . . . . . . .
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . . 10,747 369
Affiliated Companies . . . . . . . . . . . . . 31,410 7 597 10
Taxes Accrued . . . . . . . . . . . . . . . . . . 2,815 2 (225)
Interest Accrued. . . . . . . . . . . . . . . . . 416
Obligations Under Capital Leases. . . . . . . . . 10,962
Other . . . . . . . . . . . . . . . . . . . . . . 34,092 86 2,668
Total Current Liabilities . . . . . . . . 0 95,442 95 3,409 10 0
Deferred Federal Income Taxes . . . . . . . . . . . 8,123 (430) (1,391)
Deferred Investment Tax Credits . . . . . . . . . . 1,359
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . .
Deferred Credits. . . . . . . . . . . . . . . . . . 1,577 75 75
Total . . . . . . . . . . . . . . . . . $1 $225,029 $948 $4,244 $40 $1
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
APCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL APCo
------------ ------- ------------ ----------- ---------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . $260,458 6 ($211) $260,669 $260,458
Paid-in Capital . . . . . . . . . . . . . . . . 504,408 6 (25,541) 529,949 504,408
Retained Earnings . . . . . . . . . . . . . . . 206,361 6 (1,340) 207,701 206,361
Total Common Shareowners' Equity. . . . 971,227 (27,092) 998,319 971,227
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . . 55,000 55,000 55,000
Subject to Mandatory Redemption . . . . . . . 190,300 190,300 190,300
Long-term Debt. . . . . . . . . . . . . . . . . 1,228,911 1,228,911 1,228,911
Total Capitalization. . . . . . . . . . 2,445,438 (27,092) 2,472,530 2,445,438
Other Noncurrent Liabilities. . . . . . . . . . . 66,156 8 (1) 66,157 62,882
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . 0 0
Short-term Debt . . . . . . . . . . . . . . . . 122,825 122,825 120,400
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . 46,729 8 1 46,728 46,720
Affiliated Companies . . . . . . . . . . . . 46,983 7 (5,086) 52,069 51,990
Taxes Accrued . . . . . . . . . . . . . . . . . 34,623 8 (1) 34,624 34,536
Interest Accrued. . . . . . . . . . . . . . . . 17,347 17,347 17,338
Obligations Under Capital Leases. . . . . . . . 10,154 10,154 10,154
Other . . . . . . . . . . . . . . . . . . . . . 81,444 8 (1) 81,445 78,119
Total Current Liabilities . . . . . . . 360,105 (5,087) 365,192 359,257
Deferred Federal Income Taxes . . . . . . . . . . 595,353 595,353 592,986
Deferred Investment Tax Credits . . . . . . . . . 77,862 77,862 77,844
Deferred Credits. . . . . . . . . . . . . . . . . 39,574 39,574 35,393
Total . . . . . . . . . . . . . . . . $3,584,488 ($32,180) $3,616,668 $3,573,800
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
CeCCo CACCo KVPCo SACCo WVPCo
------ ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . $200 $3 $1 $7
Paid-in Capital . . . . . . . . . . . . . . . . 6,418 450 2,396 16,082 $195
Retained Earnings . . . . . . . . . . . . . . . (3,171) (362) 3,845 999 29
Total Common Shareowners' Equity. . . . 3,447 91 6,242 17,088 224
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . .
Subject to Mandatory Redemption . . . . . . .
Long-term Debt. . . . . . . . . . . . . . . . .
Total Capitalization. . . . . . . . . . 3,447 91 6,242 17,088 224
Other Noncurrent Liabilities. . . . . . . . . . . 983 1,598 104 590
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . .
Short-term Debt . . . . . . . . . . . . . . . . 2,425
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . 8
Affiliated Companies . . . . . . . . . . . . 10 56 13
Taxes Accrued . . . . . . . . . . . . . . . . . (178) (16) 300 (17) (1)
Interest Accrued. . . . . . . . . . . . . . . . 9
Obligations Under Capital Leases. . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . 2,540 254 471 61
Total Current Liabilities . . . . . . . 2,372 238 3,269 57 (1)
Deferred Federal Income Taxes . . . . . . . . . . (587) (818) 1,561 2,211
Deferred Investment Tax Credits . . . . . . . . . 18
Deferred Credits. . . . . . . . . . . . . . . . . 2,316 23 1,842
Total . . . . . . . . . . . . . . . . $8,531 $1,132 $11,194 $21,788 $223
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
CSPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL CSPCo
------------ ------- ------------ ----------- ---------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . . $41,026 9 ($1,609) $42,635 $41,026
Paid-in Capital . . . . . . . . . . . . . . . . . . 565,642 9 (870) 566,512 565,642
Retained Earnings . . . . . . . . . . . . . . . . . 46,976 9 (2,229) 49,205 46,976
Total Common Shareowners' Equity. . . . . . 653,644 (4,708) 658,352 653,644
Cumulative Preferred Stock -
Subject to Mandatory Redemption . . . . . . . . . 150,000 150,000 150,000
Long-term Debt. . . . . . . . . . . . . . . . . . . 917,608 917,608 917,608
Total Capitalization. . . . . . . . . . . . 1,721,252 (4,708) 1,725,960 1,721,252
Other Noncurrent Liabilities. . . . . . . . . . . . . 25,861 25,861 25,597
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . . 80,000 80,000 80,000
Short-term Debt . . . . . . . . . . . . . . . . . . 0 0
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . . . 34,934 34,934 34,735
Affiliated Companies . . . . . . . . . . . . . . 14,057 10,11 (2,633) 16,690 16,465
Taxes Accrued . . . . . . . . . . . . . . . . . . . 113,362 113,362 113,360
Interest Accrued. . . . . . . . . . . . . . . . . . 18,923 18,923 18,923
Obligations Under Capital Leases. . . . . . . . . . 4,890 11 1 4,889 4,753
Other . . . . . . . . . . . . . . . . . . . . . . . 32,631 10 (39) 32,670 31,053
Total Current Liabilities . . . . . . . . . 298,797 (2,671) 301,468 299,289
Deferred Federal Income Taxes . . . . . . . . . . . . 467,593 467,593 468,082
Deferred Investment Tax Credits . . . . . . . . . . . 64,597 64,597 64,542
Deferred Credits. . . . . . . . . . . . . . . . . . . 16,242 11 (1) 16,243 14,426
Total . . . . . . . . . . . . . . . . . . $2,594,342 ($7,380) $2,601,722 $2,593,188
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
COLM CCPC SIMCo
--------- -------- ------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . . $1,500 $100 $9
Paid-in Capital . . . . . . . . . . . . . . . . . . 30 400 440
Retained Earnings . . . . . . . . . . . . . . . . . 1,458 610 161
Total Common Shareowners' Equity. . . . . . 2,988 1,110 610
Cumulative Preferred Stock -
Subject to Mandatory Redemption . . . . . . . . .
Long-term Debt. . . . . . . . . . . . . . . . . . .
Total Capitalization. . . . . . . . . . . . 2,988 1,110 610
Other Noncurrent Liabilities. . . . . . . . . . . . . 264
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . .
Short-term Debt . . . . . . . . . . . . . . . . . .
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . . . 199
Affiliated Companies . . . . . . . . . . . . . . 56 131 38
Taxes Accrued . . . . . . . . . . . . . . . . . . . 23 18 (39)
Interest Accrued. . . . . . . . . . . . . . . . . .
Obligations Under Capital Leases. . . . . . . . . . 136
Other . . . . . . . . . . . . . . . . . . . . . . . 1,617
Total Current Liabilities . . . . . . . . . 79 2,101 (1)
Deferred Federal Income Taxes . . . . . . . . . . . . (670) 181
Deferred Investment Tax Credits . . . . . . . . . . . 55
Deferred Credits. . . . . . . . . . . . . . . . . . . 10 1,657 150
Total . . . . . . . . . . . . . . . . . . $3,077 $4,462 $995
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
I&M ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL I&M
------------ -------- ------------ ----------- ---------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $56,584 12 ($39,548) $96,132 $56,584
Paid-in Capital . . . . . . . . . . . . . . . . . 734,511 12 (1,303) 735,814 734,511
Retained Earnings . . . . . . . . . . . . . . . . 216,658 12 (9,788) 226,446 216,658
Total Common Shareowners' Equity. . . . . 1,007,753 (50,639) 1,058,392 1,007,753
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . . . 52,000 52,000 52,000
Subject to Mandatory Redemption . . . . . . . . 135,000 135,000 135,000
Long-term Debt. . . . . . . . . . . . . . . . . . 929,887 12 (40,200) 970,087 929,887
Total Capitalization. . . . . . . . . . . 2,124,640 (90,839) 2,215,479 2,124,640
Other Noncurrent Liabilities. . . . . . . . . . . . 382,309 382,309 382,309
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . 140,000 140,000 140,000
Short-term Debt . . . . . . . . . . . . . . . . . 50,600 50,600 50,600
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . . 40,417 40,417 40,414
Affiliated Companies . . . . . . . . . . . . . 22,720 13 (515) 23,235 23,220
Taxes Accrued . . . . . . . . . . . . . . . . . . 63,621 63,621 63,644
Interest Accrued. . . . . . . . . . . . . . . . . 19,436 19,436 19,436
Obligations Under Capital Leases. . . . . . . . . 39,003 39,003 39,003
Other . . . . . . . . . . . . . . . . . . . . . . 87,821 87,821 87,591
Total Current Liabilities . . . . . . . . 463,618 (515) 464,133 463,908
Deferred Federal Income Taxes . . . . . . . . . . . 563,654 563,654 544,996
Deferred Investment Tax Credits . . . . . . . . . . 171,688 171,688 171,688
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . . 204,138 204,138 204,138
Deferred Credits. . . . . . . . . . . . . . . . . . 5,682 13 (21) 5,703 3,578
Total . . . . . . . . . . . . . . . . . $3,915,729 ($91,375) $4,007,104 $3,895,257
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
BHCCo PRCCo
--------- -------
<S> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $39,521 $27
Paid-in Capital . . . . . . . . . . . . . . . . . 1,303
Retained Earnings . . . . . . . . . . . . . . . . 9,788
Total Common Shareowners' Equity. . . . . 50,612 27
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . . .
Subject to Mandatory Redemption . . . . . . . .
Long-term Debt. . . . . . . . . . . . . . . . . . 40,200
Total Capitalization. . . . . . . . . . . 90,812 27
Other Noncurrent Liabilities. . . . . . . . . . . .
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . .
Short-term Debt . . . . . . . . . . . . . . . . .
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . . 3
Affiliated Companies . . . . . . . . . . . . . 15
Taxes Accrued . . . . . . . . . . . . . . . . . . (18) (5)
Interest Accrued. . . . . . . . . . . . . . . . .
Obligations Under Capital Leases. . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . 230
Total Current Liabilities . . . . . . . . 230 (5)
Deferred Federal Income Taxes . . . . . . . . . . . 18,659 (1)
Deferred Investment Tax Credits . . . . . . . . . .
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . .
Deferred Credits. . . . . . . . . . . . . . . . . . 2,125
Total . . . . . . . . . . . . . . . . . $111,826 $21
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
OPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL OPCo
------------ ------- ------------ ----------- ---------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $321,201 14 ($7,311) $328,512 $321,201
Paid-in Capital . . . . . . . . . . . . . . . . . 463,100 14 (136,228) 599,328 463,100
Retained Earnings . . . . . . . . . . . . . . . . 483,222 14 (34,756) 517,978 483,222
Total Common Shareowners' Equity. . . . . 1,267,523 (178,295) 1,445,818 1,267,523
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . . . 126,240 126,240 126,240
Subject to Mandatory Redemption . . . . . . . . 115,000 115,000 115,000
Long-term Debt. . . . . . . . . . . . . . . . . . 1,188,319 14 (1,725) 1,190,044 1,089,072
Total Capitalization. . . . . . . . . . . 2,697,082 (180,020) 2,877,102 2,597,835
Other Noncurrent Liabilities. . . . . . . . . . . . 137,418 137,418 73,778
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . 670 17 (1) 671
Short-term Debt . . . . . . . . . . . . . . . . . 17,235 17,235 17,150
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . . 93,770 17 1 93,769 82,525
Affiliated Companies . . . . . . . . . . . . . 28,662 16 (11,761) 40,423 36,995
Taxes Accrued . . . . . . . . . . . . . . . . . . 156,525 156,525 153,816
Interest Accrued. . . . . . . . . . . . . . . . . 22,681 15 (1) 22,682 20,455
Obligations Under Capital Leases. . . . . . . . . 25,314 25,314 8,846
Other . . . . . . . . . . . . . . . . . . . . . . 139,246 139,246 76,739
Total Current Liabilities . . . . . . . . 484,103 (11,762) 495,865 396,526
Deferred Federal Income Taxes . . . . . . . . . . . 695,115 695,115 638,717
Deferred Investment Tax Credits . . . . . . . . . . 42,828 42,828 42,828
Deferred Credits. . . . . . . . . . . . . . . . . . 77,063 17 2 77,061 68,484
Total . . . . . . . . . . . . . . . . . $4,133,609 ($191,780) $4,325,389 $3,818,168
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET
December 31, 1994
(in thousands)
<CAPTION>
COCCo SOCCo WCCo
--------- --------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . . $6,900 $5 $406
Paid-in Capital . . . . . . . . . . . . . . . . . 13,069 112,689 10,470
Retained Earnings . . . . . . . . . . . . . . . . 348 33,025 1,383
Total Common Shareowners' Equity. . . . . 20,317 145,719 12,259
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . . .
Subject to Mandatory Redemption . . . . . . . .
Long-term Debt. . . . . . . . . . . . . . . . . . 1,978 90,000 8,994
Total Capitalization. . . . . . . . . . . 22,295 235,719 21,253
Other Noncurrent Liabilities. . . . . . . . . . . . 17,013 42,362 4,265
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . . 101 570
Short-term Debt . . . . . . . . . . . . . . . . . 19 66
Accounts Payable:
General. . . . . . . . . . . . . . . . . . . . 1,549 8,909 786
Affiliated Companies . . . . . . . . . . . . . 485 2,310 633
Taxes Accrued . . . . . . . . . . . . . . . . . . 1,447 1,095 167
Interest Accrued. . . . . . . . . . . . . . . . . 2,226 1
Obligations Under Capital Leases. . . . . . . . . 3,344 11,045 2,079
Other . . . . . . . . . . . . . . . . . . . . . . 18,834 34,517 9,156
Total Current Liabilities . . . . . . . . 25,779 60,102 13,458
Deferred Federal Income Taxes . . . . . . . . . . . (15,474) 67,875 3,997
Deferred Investment Tax Credits . . . . . . . . . .
Deferred Credits. . . . . . . . . . . . . . . . . . 7,323 1,053 201
Total . . . . . . . . . . . . . . . . . $56,936 $407,111 $43,174
See Note to Consolidating Financial Statements on Page C-1.
</TABLE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
AEP ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL AEP
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . $500,012 1,2,7 ($562,074) $1,062,086 $500,012
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . 561,188 561,188
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . (12,223) 3,7 178 (12,401)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . (31,275) 1 1,025 (32,300)
Equity in Undistributed Earnings of Affiliated Companies . . . 6 1 51,620 (51,614) (51,618)
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . 16,022 7 1 16,021
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . 30,906 5,7 25,357 5,549 (174)
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . (1,627) 7 (3) (1,624)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . 2,419 7 1 2,418
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . (7,959) 5 (24,554) 16,595 (20)
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . (26,521) 7 2 (26,523)
Other (net) . . . . . . . . . . . . . . . . . . . . . . . . . . (53,223) 2-5,7 (587) (52,636) 213
Net Cash Flows From (Used For) Operating Activities. . . . 977,725 (509,034) 1,486,759 448,413
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . (643,457) 4,7 4,033 (647,490)
Proceeds from Sales of Property and Other. . . . . . . . . . . . 49,802 4,7 (4,300) 54,102
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . 0 6 14,855 (14,855) (14,850)
Net Cash Flows Used For Investing Activities . . . . . . . (593,655) 14,588 (608,243) (14,850)
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent Company. . . . . 0 6 (14,850) 14,850
Issuance of Common Stock . . . . . . . . . . . . . . . . . . . . 22,256 6 (5) 22,261 22,256
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . 88,787 7 (1) 88,788
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . 411,869 7 1 411,868
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . 38,009 7 (1) 38,010 (12,650)
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . (35,949) 7 1 (35,950)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . (445,636) (445,636)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . (443,101) 1 454,733 (897,834) (443,101)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . 0 2 52,909 (52,909)
Net Cash Flows From (Used For) Financing Activities. . . . (363,765) 492,787 (856,552) (433,495)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . 20,305 (1,659) 21,964 68
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . 42,561 5 1,890 40,671 109
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . $62,866 5 $231 $62,635 $177
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . $379,361 7 ($1) $379,362 $2,327
Income Taxes Paid (Received) . . . . . . . . . . . . . . . . . $312,233 7 ($1) $312,234 $176
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . $227,055 7 ($1) $227,056
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
APCo CSPCo I&M
CONSOLIDATED CONSOLIDATED CONSOLIDATED KEPCo
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . $102,345 $109,845 $157,471 $25,273
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . . . 130,694 82,795 146,966 23,124
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . . . 17,355 (2,132) (17,049) (1,239)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . . . (5,492) (3,929) (13,877) (1,453)
Equity in Undistributed Earnings of Affiliated Companies . . . . .
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . . . 19,156 (3,135)
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . . . 7,600 (2,840) (10,596) 2,692
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . . . (24,800) 5,046 (3,423) (4,141)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . . . 6,608 (2,706) (5,940) 1,348
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . 25,554 (1,556) 5,219 964
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . . . (17,505) (871) 9,148 (511)
Other (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,357) (8,264) (11,444) 264
Net Cash Flows From (Used For) Operating Activities. . . . . . 218,002 194,544 253,340 46,321
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . . . (230,531) (80,973) (118,094) (53,119)
Proceeds from Sales of Property and Other. . . . . . . . . . . . . . 948 2,606 2,038 1,215
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . . .
Net Cash Flows Used For Investing Activities . . . . . . . . . (229,583) (78,367) (116,056) (51,904)
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent Company. . . . . . . 10,000 10,000
Issuance of Common Stock . . . . . . . . . . . . . . . . . . . . . .
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . . . 29,574 24,596 34,618
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . . . 70,443 198,298 89,221
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . . . 83,325 (25,225) 525 17,000
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . . . (152) (35,798)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . . . (58,236) (225,834) (101,833)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . . . (108,140) (68,788) (106,608) (21,396)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . . . (14,562) (11,792) (11,254)
Net Cash Flows From (Used For) Financing Activities. . . . . . 12,252 (108,745) (131,129) 5,604
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . 671 7,432 6,155 21
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . . . 4,626 6,633 3,752 858
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . . . $5,297 $14,065 $9,907 $879
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . . . $96,667 $83,251 $68,946 $20,604
Income Taxes Paid (Received) . . . . . . . . . . . . . . . . . . . $48,872 $59,218 $85,854 $7,606
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . . . $22,883 $14,899 $92,199 $3,339
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
OPCo
KGPCo CONSOLIDATED WPCo AEPENS AEGCo
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . $3,147 $162,626 $1,063 ($1,562) $10,110
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . . . 2,124 147,347 2,501 21,615
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . . . 398 (9,471) 256 (4) 5,297
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . . . (72) (3,630) (41) (3,430)
Equity in Undistributed Earnings of Affiliated Companies . . . . .
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . . .
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . . . (999) 21,513 (746) (299) (1,139)
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . . . (150) 31,474 (83) (5,547)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . . . (139) 3,459 (212)
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . (222) (17,657) (8,602) 328 272
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . . . (1,233) (11,570) (312) (86) (49)
Other (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,749 (26,530) 182 (9) (1,710)
Net Cash Flows From (Used For) Operating Activities. . . . . . 4,603 297,561 (5,994) (1,632) 25,419
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . . . (5,096) (151,255) (4,506) (3,909)
Proceeds from Sales of Property and Other. . . . . . . . . . . . . . 46,202 1,093
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . . .
Net Cash Flows Used For Investing Activities . . . . . . . . . (5,096) (105,053) (3,413) 0 (3,909)
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent Company. . . . . . . 1,500 (6,700)
Issuance of Common Stock . . . . . . . . . . . . . . . . . . . . . .
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . . .
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . . . 5,000 48,906
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . . . (2,600) (23,015) 8,700 (8,050)
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . . .
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . . . (54,733)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . . . (1,684) (138,468) (2,468) (7,181)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . . . (15,301)
Net Cash Flows From (Used For) Financing Activities. . . . . . 716 (182,611) 6,232 1,500 (21,931)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . 223 9,897 (3,175) (132) (421)
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . . . 341 20,803 3,627 347 (2,359)
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . . . $564 $30,700 $452 $215 ($2,780)
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . . . $1,532 $85,496 $2,362 $9,367
Income Taxes Paid (Received) . . . . . . . . . . . . . . . . . . . $1,444 $107,514 ($47) ($746) ($1,143)
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . . . $618 $65,008 $2,107 $828
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
AEPINV AEPRES AEPRI AEPSC CCCo COpCo FRECo IFRI
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . ($8,187) ($54) ($4) $1
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . $4,022
Deferred Federal Income Taxes. . . . . . . . . . . . . . (4,389) (1,199) ($47) (177)
Deferred Investment Tax Credits. . . . . . . . . . . . . (376)
Equity in Undistributed Earnings of Affiliated Companies 4
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . .
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . (20) 1 (9,310) (201) 63 $4
Fuel, Materials and Supplies . . . . . . . . . . . . .
Accrued Utility Revenues . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . 25 8 11,712 (12) 572 10
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . (5) 3 (3,305) (8) (219)
Other (net) . . . . . . . . . . . . . . . . . . . . . . . 12,541 21 3,344 127 1,237
Net Cash Flows From (Used For) Operating Activities. (35) (17) (4) 4,888 (141) 1,477 14 0
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . (7)
Proceeds from Sales of Property and Other. . . . . . . . .
Investment in Subsidiaries . . . . . . . . . . . . . . . . (5)
Net Cash Flows Used For Investing Activities . . . . 0 (5) 0 (7) 0 0 0 0
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent Company. . 50
Issuance of Common Stock . . . . . . . . . . . . . . . . . 5
Issuance of Cumulative Preferred Stock . . . . . . . . . .
Issuance of Long-term Debt . . . . . . . . . . . . . . . .
Change in Short-term Debt (net). . . . . . . . . . . . . .
Retirement of Cumulative Preferred Stock . . . . . . . . .
Retirement of Long-term Debt . . . . . . . . . . . . . . . (5,000)
Dividends Paid on Common Stock . . . . . . . . . . . . . .
Dividends Paid on Cumulative Preferred Stock . . . . . . .
Net Cash Flows From (Used For) Financing Activities. 50 0 5 (5,000) 0 0 0 0
Net Increase (Decrease) in Cash and Cash Equivalents . . . . 15 (22) 1 (119) (141) 1,477 14 0
Cash and Cash Equivalents January 1. . . . . . . . . . . . . 19 482 0 742 161 505 24 1
Cash and Cash Equivalents December 31. . . . . . . . . . . . $34 $460 $1 $623 $20 $1,982 $38 1
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . $8,810
Income Taxes Paid (Received) . . . . . . . . . . . . . . $60 ($27) $0 $2,372 $73 $1,008
Noncash Acquisitions Under Capital Leases. . . . . . . . $25,175
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
APCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL APCo
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . $102,345 8 ($16) $102,361 $102,345
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . 130,694 130,694 128,316
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . 17,355 17,355 19,626
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . (5,492) 11 (1) (5,491) (5,491)
Equity in Undistributed Earnings of Affiliated Companies . . . 0 8 16 (16) (16)
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . 7,600 9,11 1,337 6,263 7,525
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . (24,800) 11 1 (24,801) (24,794)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . 6,608 6,608 6,608
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . 25,554 9 (1,335) 26,889 28,129
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . (17,505) 11 (1) (17,504) (16,254)
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . (24,357) (24,357) (29,305)
Net Cash Flows From (Used For) Operating Activities. . . . 218,002 1 218,001 216,689
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . (230,531) (230,531) (230,527)
Proceeds from Sales of Property and Other. . . . . . . . . . . . 948 948 927
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . 0 10 (1,200) 1,200 1,200
Net Cash Flows From (Used For) Investing Activities. . . . (229,583) (1,200) (228,383) (228,400)
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent. . . . . . . . . 10,000 10 1,200 8,800 10,000
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . 29,574 29,574 29,574
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . 70,443 70,443 70,443
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . 83,325 83,325 84,300
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . (152) (152) (152)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . (58,236) (58,236) (58,236)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . (108,140) (108,140) (108,140)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . (14,562) (14,562) (14,562)
Net Cash Flows From (Used For) Financing Activities. . . . 12,252 1,200 11,052 13,227
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . 671 1 670 1,516
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . 4,626 (1) 4,627 2,765
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . $5,297 $0 $5,297 $4,281
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . $96,667 $96,667 $96,506
Income Taxes Paid. . . . . . . . . . . . . . . . . . . . . . . $48,872 $48,872 $43,206
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . $22,883 $22,883 $22,883
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
CeCCo CACCo KVPCo SACCo WVPCo
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . ($849) ($85) $782 $163 $5
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . . . 913 240 1,225
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . . . (1,680) (414) 128 (305)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . . .
Equity in Undistributed Earnings of Affiliated Companies . . . . .
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . . . (1,453) 153 13 26 (1)
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . . . (7)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . (542) (384) (105) (209)
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . . . (559) (431) (57) (202) (1)
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,151 765 (82) 113 1
Net Cash Flows From (Used For) Operating Activities. . . . . . (19) (396) 912 811 4
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . . . (4)
Proceeds from Sales of Property and Other. . . . . . . . . . . . . . 21
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . . .
Net Cash Flows From (Used For) Investing Activities. . . . . . 0 0 (4) 21 0
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent. . . . . . . . . . . (1,200)
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . . .
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . . .
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . . . (975)
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . . .
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . . .
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . . .
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . . .
Net Cash Flows From (Used For) Financing Activities. . . . . . 0 0 (975) (1,200) 0
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . (19) (396) (67) (368) 4
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . . . 341 430 128 755 208
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . . . $322 $34 $61 $387 $212
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . . . $161
Income Taxes Paid. . . . . . . . . . . . . . . . . . . . . . . . . $2,996 $1,013 $473 $1,180 $4
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . . .
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
CSPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL CSPCo
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . $109,845 12 ($403) $110,248 $109,845
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . 82,795 15 (1) 82,796 82,674
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . (2,132) (2,132) (2,139)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . (3,929) (3,929) (3,924)
Equity in Undistributed Earnings of Affiliated Companies . . . 0 12 4 (4) (4)
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . 19,156 19,156 19,156
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . (2,840) 13,15 (86) (2,754) (2,785)
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . 5,046 15 (1) 5,047 5,001
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . (2,706) (2,706) (2,706)
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . (1,556) 13 133 (1,689) (1,588)
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . (871) 15 1 (872) (789)
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . (8,264) 13,15 (45) (8,219) (8,341)
Net Cash Flows From (Used For) Operating Activities. . . . 194,544 (398) 194,942 194,400
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . (80,973) (80,973) (80,973)
Proceeds from Sale of Property and Other . . . . . . . . . . . . 2,606 2,606 2,606
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . 0 14 (300) 300 300
Net Cash Flows Used For Investing Activities . . . . . . . (78,367) (300) (78,067) (78,067)
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent Company. . . . . 0 14 300 (300)
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . 24,596 24,596 24,596
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . 198,298 198,298 198,298
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . (25,225) (25,225) (25,225)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . (225,834) (225,834) (225,834)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . (68,788) 12 399 (69,187) (68,788)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . (11,792) (11,792) (11,792)
Net Cash Flows Used For Financing Activities . . . . . . . (108,745) 699 (109,444) (108,745)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . 7,432 1 7,431 7,588
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . 6,633 15 (1) 6,634 6,123
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . $14,065 $0 $14,065 $13,711
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . $83,251 $83,251 $83,250
Income Taxes Paid. . . . . . . . . . . . . . . . . . . . . . . $59,218 $59,218 $58,943
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . $14,899 $14,899 $14,852
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
COLM CCPC SIMCo
<S> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $186 $70 $147
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . . . 15 107
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . . . 26 (19)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . . . (5)
Equity in Undistributed Earnings of Affiliated Companies . . . . .
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . . .
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . . . (41) 62 10
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . . . 46
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . 56 (195) 38
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . . . (19) (9) (55)
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 17
Net Cash Flows From (Used For) Operating Activities. . . . . . 287 32 223
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . . .
Proceeds from Sale of Property and Other . . . . . . . . . . . . . .
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . . .
Net Cash Flows Used For Investing Activities . . . . . . . . . 0 0 0
FINANCING ACTIVITIES:
Capital Contributions From (Returned to) Parent Company. . . . . . . (300)
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . . .
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . . .
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . . .
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . . .
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . . . (200) (199)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . . .
Net Cash Flows Used For Financing Activities . . . . . . . . . (200) 0 (499)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . 87 32 (276)
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . . . 68 8 435
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . . . $155 $40 $159
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . . . $1
Income Taxes Paid. . . . . . . . . . . . . . . . . . . . . . . . . $81 $46 $148
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . . . $47
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
I&M ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL I&M
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . $157,471 16 $786 $156,685 $157,471
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . 146,966 146,966 136,604
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . (17,049) (17,049) (15,332)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . (13,877) (13,877) (13,877)
Equity in Undistributed Earnings of Affiliated Companies . . . 0 16 (786) 786 786
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . (3,135) (3,135) (3,135)
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . (10,596) 17 (2,169) (8,427) (11,223)
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . (3,423) (3,423) (3,423)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . (5,940) (5,940) (5,940)
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . 5,219 17 2,172 3,047 3,041
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . 9,148 9,148 9,490
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . (11,444) 17 (3) (11,441) (10,942)
Net Cash Flows From Operating Activities . . . . . . . . . 253,340 0 253,340 243,520
INVESTING ACTIVITIES:
Construction Expenditures . . . . . . . . . . . . . . . . . . . (118,094) (118,094) (118,094)
Proceeds from Sales of Property and Other. . . . . . . . . . . . 2,038 2,038 2,038
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . 0 18 (9,800) 9,800 9,800
Net Cash Flows From (Used For) Investing Activities. . . . (116,056) (9,800) (106,256) (106,256)
FINANCING ACTIVITIES:
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . 34,618 34,618 34,618
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . 89,221 89,221 89,221
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . 525 525 525
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . (35,798) (35,798) (35,798)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . (101,833) 18 9,800 (111,633) (101,833)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . (106,608) (106,608) (106,608)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . (11,254) (11,254) (11,254)
Net Cash Flows Used For Financing Activities . . . . . . . (131,129) 9,800 (140,929) (131,129)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . 6,155 6,155 6,135
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . 3,752 3,752 3,727
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . $9,907 $0 $9,907 $9,862
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . $68,946 $68,946 $68,946
Income Taxes Paid (Received) . . . . . . . . . . . . . . . . . $85,854 $85,854 $81,657
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . $92,199 $92,199 $92,199
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
BHCCo PRCCo
<S> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . ($786)
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . . . 10,362
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . . . (1,717)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . . .
Equity in Undistributed Earnings of Affiliated Companies . . . . .
Deferred Operating Expenses and Carrying
Charges (net of amortization). . . . . . . . . . . . . . . . . .
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . . . 2,799 (3)
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . . .
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . 6
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . . . (345) 3
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . . . (499)
Net Cash Flows From Operating Activities . . . . . . . . . . . 9,820 0
INVESTING ACTIVITIES:
Construction Expenditures . . . . . . . . . . . . . . . . . . . . .
Proceeds from Sales of Property and Other. . . . . . . . . . . . . .
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . . .
Net Cash Flows From (Used For) Investing Activities. . . . . . 0 0
FINANCING ACTIVITIES:
Issuance of Cumulative Preferred Stock . . . . . . . . . . . . . . .
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . . .
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . . .
Retirement of Cumulative Preferred Stock . . . . . . . . . . . . . .
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . . . (9,800)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . . .
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . . .
Net Cash Flows Used For Financing Activities . . . . . . . . . (9,800) 0
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . 20
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . . . 25
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . . . $45 $0
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . . .
Income Taxes Paid (Received) . . . . . . . . . . . . . . . . . . . $4,201 ($4)
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . . .
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
OPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL OPCo
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . $162,626 19 ($14,387) $177,013 $162,626
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . 147,347 147,347 132,537
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . (9,471) (9,471) 8,054
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . (3,630) (3,630) (3,630)
Equity in Undistributed Earnings of Affiliated Companies . . . 0 19 684 (684) (684)
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . 21,513 20,22 6,429 15,084 14,855
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . 31,474 22 2 31,472 24,654
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . 3,459 3,459 3,459
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . (17,657) 20 (6,641) (11,016) (14,331)
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . (11,570) (11,570) (12,299)
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . (26,530) 20,22 210 (26,740) (35,782)
Net Cash Flows From (Used for) Operating Activities. . . . 297,561 (13,703) 311,264 279,459
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . (151,255) 22 (1) (151,254) (147,980)
Proceeds from Sales of Property and Other. . . . . . . . . . . . 46,202 22 (1) 46,203 43,922
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . 0 21 (3,300) 3,300 3,300
Net Cash Flows From (Used for) Investing Activities. . . . (105,053) (3,302) (101,751) (100,758)
FINANCING ACTIVITIES:
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . 48,906 22 1 48,905
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . (23,015) 22 2 (23,017) (20,850)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . (54,733) 21 3,300 (58,033) (4,230)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . (138,468) 19 13,703 (152,171) (138,468)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . (15,301) (15,301) (15,301)
Net Cash Flows From (Used For) Financing Activities. . . . (182,611) 17,006 (199,617) (178,849)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . 9,897 1 9,896 (148)
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . 20,803 20,803 4,435
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . $30,700 $1 $30,699 $4,287
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . $85,496 23 ($196) $85,692 $79,968
Income Taxes Paid. . . . . . . . . . . . . . . . . . . . . . . $107,514 $107,514 $82,385
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . $65,008 22 1 $65,007 $43,489
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 1994
(in thousands)
<CAPTION>
COCCo SOCCo WCCo
<S> <C> <C> <C>
OPERATING ACTIVITIES:
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,656 $10,368 $1,363
Adjustments for Noncash Items:
Depreciation and Amortization. . . . . . . . . . . . . . . . . . . 1,802 11,595 1,413
Deferred Federal Income Taxes. . . . . . . . . . . . . . . . . . . (9,937) (6,174) (1,414)
Deferred Investment Tax Credits. . . . . . . . . . . . . . . . . .
Equity in Undistributed Earnings of Affiliated Companies . . . . .
Changes in Certain Current Assets and Liabilities:
Accounts Receivable (net). . . . . . . . . . . . . . . . . . . . 1,583 (4,178) 2,824
Fuel, Materials and Supplies . . . . . . . . . . . . . . . . . . 5,989 1,043 (214)
Accrued Utility Revenues . . . . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . (490) 4,080 (275)
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . . . . 712 268 (251)
Other (net). . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,377) 11,231 3,188
Net Cash Flows From (Used for) Operating Activities. . . . . . (3,062) 28,233 6,634
INVESTING ACTIVITIES:
Construction Expenditures. . . . . . . . . . . . . . . . . . . . . . (1,053) (1,733) (488)
Proceeds from Sales of Property and Other. . . . . . . . . . . . . . 546 1,732 3
Investment in Subsidiaries . . . . . . . . . . . . . . . . . . . . .
Net Cash Flows From (Used for) Investing Activities. . . . . . (507) (1) (485)
FINANCING ACTIVITIES:
Issuance of Long-term Debt . . . . . . . . . . . . . . . . . . . . . 604 45,000 3,301
Change in Short-term Debt (net). . . . . . . . . . . . . . . . . . . 18 (2,185)
Retirement of Long-term Debt . . . . . . . . . . . . . . . . . . . . (25) (45,000) (8,778)
Dividends Paid on Common Stock . . . . . . . . . . . . . . . . . . . (2,655) (10,368) (680)
Dividends Paid on Cumulative Preferred Stock . . . . . . . . . . . .
Net Cash Flows From (Used For) Financing Activities. . . . . . (2,058) (10,368) (8,342)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . (5,627) 17,864 (2,193)
Cash and Cash Equivalents January 1. . . . . . . . . . . . . . . . . . 11,652 2,505 2,211
Cash and Cash Equivalents December 31. . . . . . . . . . . . . . . . . $6,025 $20,369 $18
Supplemental Disclosure:
Interest Paid (net of capitalized amounts) . . . . . . . . . . . . $57 $5,401 $266
Income Taxes Paid. . . . . . . . . . . . . . . . . . . . . . . . . $10,167 $11,830 $3,132
Noncash Acquisitions Under Capital Leases. . . . . . . . . . . . . $7,276 $13,660 $582
See Note to Consolidating Financial Statements on Page C-1
</TABLE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
AEP ENTRY AND COMBINED APCO
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL AEP CONSOLIDATED
------------ ------- ------------ -------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $1,269,283 ($997,579) $2,266,862 $1,269,283 $227,816
Net Income. . . . . . . . . . . . . . . . . . . 500,012 A (562,074) $1,062,086 500,012 102,345
1,769,295 (1,559,653) $3,328,948 1,769,295 330,161
Deductions:
Cash Dividends Declared on Common Stock:
American Electric Power Company, Inc.
($2.40 per Share) . . . . . . . . . . . . . 443,101 $443,101 443,101
Subsidiary Companies. . . . . . . . . . . . 0 B (454,733) $454,733 108,140
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . . 0 B (54,101) $54,101 14,920
Other . . . . . . . . . . . . . . . . . . . . 613 C (1,207) $1,820 613 740
Retained Earnings December 31 . . . . . . . . . $1,325,581 C ($1,049,612) $2,375,193 $1,325,581 $206,361
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
AEP ENTRY AND COMBINED APCO
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL AEP CONSOLIDATED
------------ ------- ------------ -------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $1,269,283 ($997,579) $2,266,862 $1,269,283 $227,816
Net Income. . . . . . . . . . . . . . . . . . . 500,012 A (562,074) $1,062,086 500,012 102,345
1,769,295 (1,559,653) $3,328,948 1,769,295 330,161
Deductions:
Cash Dividends Declared on Common Stock:
American Electric Power Company, Inc.
($2.40 per Share) . . . . . . . . . . . . . 443,101 $443,101 443,101
Subsidiary Companies. . . . . . . . . . . . 0 B (454,733) $454,733 108,140
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . . 0 B (54,101) $54,101 14,920
Other . . . . . . . . . . . . . . . . . . . . 613 C (1,207) $1,820 613 740
Retained Earnings December 31 . . . . . . . . . $1,325,581 C ($1,049,612) $2,375,193 $1,325,581 $206,361
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
CSPCo I&M OPCo
CONSOLIDATED CONSOLIDATED KEPCo KGPCo CONSOLIDATED WPCo
------------ ------------ -------- -------- ------------ -------
<S> <C> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $18,288 $177,638 $85,296 $5,419 $474,500 $7,421
Net Income. . . . . . . . . . . . . . . . . . . 109,845 157,471 25,273 3,147 162,626 1,063
128,133 335,109 110,569 8,566 637,126 8,484
Deductions:
Cash Dividends Declared on Common Stock:
American Electric Power Company, Inc.
($2.40 per Share) . . . . . . . . . . . . .
Subsidiary Companies. . . . . . . . . . . . 68,788 106,608 21,396 1,684 138,468 2,468
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . . 12,230 11,650 15,301
Other . . . . . . . . . . . . . . . . . . . . 139 193 135
Retained Earnings December 31 . . . . . . . . . $46,976 $216,658 $89,173 $6,882 $483,222 $6,016
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
AEPENS AEGCo AEPINV AEPRES AEPRI AEPSC CCCo COpCo FRECo IFRI
-------- -------- -------- -------- ----- ----- ------ ------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . ($301) $1,339 ($23) ($5) $171 $20
Net Income. . . . . . . . . . . . . . . . . . . (1,562) 10,110 (8,187) (54) ($4) 1
(1,863) 11,449 (8,210) (59) (4) 0 0 172 20 0
Deductions:
Cash Dividends Declared on Common Stock:
American Electric Power Company, Inc.
($2.40 per Share) . . . . . . . . . . . . .
Subsidiary Companies. . . . . . . . . . . . 7,181
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . .
Retained Earnings December 31 . . . . . . . . . ($1,863) $4,268 ($8,210) ($59) ($4) $0 $0 $172 $20 $0
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
APCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL APCo
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $227,816 ($1,324) $229,140 $227,816
Net Income. . . . . . . . . . . . . . . . . . . 102,345 A (16) 102,361 102,345
330,161 (1,340) 331,501 330,161
Deductions:
Cash Dividends Declared on Common Stock . . . 108,140 B 108,140 108,140
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . . 14,920 14,920 14,920
Other . . . . . . . . . . . . . . . . . . . . 740 740 740
Retained Earnings December 31 . . . . . . . . . $206,361 C ($1,340) $207,701 $206,361
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
CeCCo CACCo KVPCo SACCo WVPCo
--------- -------- -------- ------- --------
<S> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . ($2,322) ($277) $3,063 $836 $24
Net Income. . . . . . . . . . . . . . . . . . . (849) (85) 782 163 5
(3,171) (362) 3,845 999 29
Deductions:
Cash Dividends Declared on Common Stock . . .
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . .
Retained Earnings December 31 . . . . . . . . . ($3,171) ($362) $3,845 $999 $29
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
CSPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL CSPCo
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $18,288 ($2,225) $20,513 $18,288
Net Income. . . . . . . . . . . . . . . . . . . 109,845 A (403) 110,248 109,845
128,133 (2,628) 130,761 128,133
Deductions:
Cash Dividends Declared on Common Stock . . . 68,788 B (399) 69,187 68,788
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . . 12,230 12,230 12,230
Other . . . . . . . . . . . . . . . . . . . . 139 139 139
Retained Earnings December 31 . . . . . . . . . $46,976 C ($2,229) $49,205 $46,976
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
COLM CCPC SIMCo
--------- -------- --------
<S> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $1,472 $540 $213
Net Income. . . . . . . . . . . . . . . . . . . 186 70 147
1,658 610 360
Deductions:
Cash Dividends Declared on Common Stock . . . 200 199
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . .
Retained Earnings December 31 . . . . . . . . . $1,458 $610 $161
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
I&M ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL I&M BHCCo PRCCo
------------ ------- ------------ -------- ---------- ---------
- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . $177,638 ($10,574) $188,212 $177,638 $10,574 $0
Net Income. . . . . . . . . . . . . . . . . 157,471 A 786 156,685 157,471 (786)
335,109 (9,788) 344,897 335,109 9,788 0
Deductions:
Cash Dividends Declared on Common Stock . 106,608 B 0 106,608 106,608 0
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . 11,650 11,650 11,650
Other . . . . . . . . . . . . . . . . . . 193 193 193
Retained Earnings December 31 . . . . . . . $216,658 C ($9,788) $226,446 $216,658 $9,788 $0
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
JOURNAL ELIMINATIONS
OPCo ENTRY AND COMBINED
CONSOLIDATED NUMBERS ADJUSTMENTS TOTAL OPCo
------------ ------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $474,500 ($34,072) $508,572 $474,500
Net Income. . . . . . . . . . . . . . . . . . . 162,626 A (14,387) 177,013 162,626
637,126 (48,459) 685,585 637,126
Deductions:
Cash Dividends Declared on Common Stock . . . 138,468 B (13,703) 152,171 138,468
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . . 15,301 15,301 15,301
Other . . . . . . . . . . . . . . . . . . . . 135 135 135
Retained Earnings December 31 . . . . . . . . . $483,222 C ($34,756) $517,978 $483,222
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
<CAPTION>
COCCo SOCCo WCCo
--------- -------- --------
<S> <C> <C> <C>
Retained Earnings January 1 . . . . . . . . . . $347 $33,025 $700
Net Income. . . . . . . . . . . . . . . . . . . 2,656 10,368 1,363
3,003 43,393 2,063
Deductions:
Cash Dividends Declared on Common Stock . . . 2,655 10,368 680
Cash Dividends Declared on Cumulative
Preferred Stocks. . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . .
Retained Earnings December 31 . . . . . . . . . $348 $33,025 $1,383
See Note to Consolidating Financial Statements on Page C-1.
A See Consolidating Statement of Income.
B See Consolidating Statement of Cash Flows.
C See Consolidating Balance Sheet.
</TABLE>
Note to Consolidating Financial Statements.
Notes to financial statements are incorporated herein by
reference to the 1994 Annual Report on Form 10-K filed by the
respective companies reporting to the Securities and Exchange
Commission pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
C-1
<PAGE>
CARDINAL OPERATING COMPANY
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
OPERATING EXPENSES:
Fuel. . . . . . . . . . . . . . . . . . . . . . . . . $160,825
Other Operation . . . . . . . . . . . . . . . . . . . 12,255
Maintenance . . . . . . . . . . . . . . . . . . . . . 20,740
Taxes Other Than Federal Income Taxes . . . . . . . . 1,041
TOTAL OPERATING EXPENSES. . . . . . . . . . . $194,861
REIMBURSED BY:
Ohio Power Company. . . . . . . . . . . . . . . . . . $ 88,471
Buckeye Power, Inc. . . . . . . . . . . . . . . . . . 106,390
TOTAL . . . . . . . . . . . . . . . . . . . . $194,861
RETAINED EARNINGS . . . . . . . . . . . . . . . . . . . None
D-1
CARDINAL OPERATING COMPANY
BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
ASSETS
INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . $ 3
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . . . . 23
Accounts Receivable:
Affiliated Companies. . . . . . . . . . . . . . . . 22,194
Miscellaneous . . . . . . . . . . . . . . . . . . . 34
Other . . . . . . . . . . . . . . . . . . . . . . . . 114
TOTAL CURRENT ASSETS. . . . . . . . . . . . . 22,365
DEFERRED CHARGES:
Other Work in Progress. . . . . . . . . . . . . . . . 1,592
Other . . . . . . . . . . . . . . . . . . . . . . . . 957
TOTAL DEFERRED CHARGES. . . . . . . . . . . . 2,549
TOTAL . . . . . . . . . . . . . . . . . . . $24,917
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - Par Value $1:
Authorized - 500 Shares
Outstanding - 500 Shares. . . . . . . . . . . . . . $ 1
Advances from Affiliated Companies. . . . . . . . . . 400
TOTAL CAPITALIZATION. . . . . . . . . . . . . 401
CURRENT LIABILITIES:
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . . . . 14,243
Affiliated Companies. . . . . . . . . . . . . . . . 8,185
Other . . . . . . . . . . . . . . . . . . . . . . . . 2,087
TOTAL CURRENT LIABILITIES . . . . . . . . . . 24,515
DEFERRED CREDITS. . . . . . . . . . . . . . . . . . . . 1
TOTAL . . . . . . . . . . . . . . . . . . . $24,917
D-2
INDIANA-KENTUCKY ELECTRIC CORPORATION
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
OPERATING REVENUES. . . . . . . . . . . . . . . . . . . $131,177
OPERATING EXPENSES:
Fuel. . . . . . . . . . . . . . . . . . . . . . . . . 93,279
Other Operation . . . . . . . . . . . . . . . . . . . 16,095
Maintenance . . . . . . . . . . . . . . . . . . . . . 18,012
Taxes Other Than Federal Income Taxes . . . . . . . . 3,846
TOTAL OPERATING EXPENSES. . . . . . . . . . . 131,232
OPERATING LOSS. . . . . . . . . . . . . . . . . . . . . (55)
NONOPERATING INCOME . . . . . . . . . . . . . . . . . . 69
INCOME BEFORE INTEREST CHARGES. . . . . . . . . . . . . 14
INTEREST CHARGES. . . . . . . . . . . . . . . . . . . . 14
NET INCOME AND RETAINED EARNINGS. . . . . . . . . . . . None
D-3
INDIANA-KENTUCKY ELECTRIC CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
ASSETS
ELECTRIC UTILITY PLANT:
Electric Plant (at cost). . . . . . . . . . . . . . . $370,150
Construction Work in Progress . . . . . . . . . . . . 10,273
Total Electric Utility Plant. . . . . . . . . 380,423
Accumulated Depreciation and Amortization . . . . . . 303,712
NET ELECTRIC UTILITY PLANT. . . . . . . . . . 76,711
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . . . . 161
Accounts Receivable . . . . . . . . . . . . . . . . . 5,018
Coal in Storage - at average cost . . . . . . . . . . 13,369
Materials and Supplies - at average cost. . . . . . . 8,245
Prepayments and Other . . . . . . . . . . . . . . . . 402
TOTAL CURRENT ASSETS. . . . . . . . . . . . . 27,195
DEFERRED CHARGES:
Future Federal Income Tax Benefits. . . . . . . . . . 46,318
Other . . . . . . . . . . . . . . . . . . . . . . . . 9
TOTAL DEFERRED CHARGES. . . . . . . . . . . . 46,327
TOTAL . . . . . . . . . . . . . . . . . . . $150,233
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock, No Par Value
Authorized - 100,000 Shares
Outstanding - 17,000 Shares . . . . . . . . . . . . $ 3,400
CURRENT LIABILITIES:
Accounts Payable. . . . . . . . . . . . . . . . . . . 10,431
Taxes Accrued . . . . . . . . . . . . . . . . . . . . 2,416
Interest Accrued and Other. . . . . . . . . . . . . . 242
TOTAL CURRENT LIABILITIES . . . . . . . . . . 13,089
AMOUNTS DUE TO CUSTOMERS FOR FEDERAL INCOME TAXES . . . 46,318
ADVANCES FROM PARENT COMPANY FOR CONSTRUCTION . . . . . 78,825
DEFERRED CREDITS. . . . . . . . . . . . . . . . . . . . 8,601
TOTAL . . . . . . . . . . . . . . . . . . . $150,233
D-4
INDIANA-KENTUCKY ELECTRIC CORPORATION
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
OPERATING ACTIVITIES:
Net Income. . . . . . . . . . . . . . . . . . . . . . $ -
Adjustments for Noncash Items:
Changes in Certain Current Assets and Liabilities:
Accounts Receivable . . . . . . . . . . . . . . . (339)
Coal, Materials and Supplies. . . . . . . . . . . (5,974)
Accounts Payable. . . . . . . . . . . . . . . . . 664
Other (net) . . . . . . . . . . . . . . . . . . . . (13)
Net Cash Flows Used For Operating Activities . . (5,662)
INVESTING ACTIVITIES:
Construction Expenditures . . . . . . . . . . . . . . (34,195)
Reimbursement for Plant Replacements and
Additional Facilities. . . . . . . . . . . . . . . . 3,038
Advances from Parent. . . . . . . . . . . . . . . . . 36,198
Net Cash Flows From Investing Activities . . . . 5,041
Net Decrease in Cash and Cash Equivalents . . . . . . (621)
Cash and Cash Equivalents January 1 . . . . . . . . . 782
Cash and Cash Equivalents December 31 . . . . . . . . $ 161
Supplemental Disclosure:
Interest Paid (net of capitalized amounts). . . . . . $14
D-5
OHIO VALLEY ELECTRIC CORPORATION
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1994
(in thousands)
OPERATING REVENUES. . . . . . . . . . . . . . . . . . . $309,064
OPERATING EXPENSES:
Fuel. . . . . . . . . . . . . . . . . . . . . . . . . 120,572
Purchased Power . . . . . . . . . . . . . . . . . . . 136,563
Other Operation . . . . . . . . . . . . . . . . . . . 18,491
Maintenance . . . . . . . . . . . . . . . . . . . . . 19,915
Taxes Other Than Federal Income Taxes . . . . . . . . 4,903
Federal Income Taxes. . . . . . . . . . . . . . . . . 2,041
TOTAL OPERATING EXPENSES. . . . . . . . . . . 302,485
OPERATING INCOME. . . . . . . . . . . . . . . . . . . . 6,579
NONOPERATING INCOME . . . . . . . . . . . . . . . . . . 1,589
INCOME BEFORE INTEREST CHARGES. . . . . . . . . . . . . 8,168
INTEREST CHARGES. . . . . . . . . . . . . . . . . . . . 6,067
NET INCOME. . . . . . . . . . . . . . . . . . . . . . . $ 2,101
OHIO VALLEY ELECTRIC CORPORATION
STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
RETAINED EARNINGS JANUARY 1 . . . . . . . . . . . . . . $ 378
NET INCOME. . . . . . . . . . . . . . . . . . . . . . . 2,101
CASH DIVIDENDS DECLARED . . . . . . . . . . . . . . . . 1,540
RETAINED EARNINGS DECEMBER 31 . . . . . . . . . . . . . $ 939
D-6
OHIO VALLEY ELECTRIC CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
ASSETS
ELECTRIC UTILITY PLANT:
Electric Plant (at cost). . . . . . . . . . . . . . . $266,827
Construction Work in Progress . . . . . . . . . . . . 1,719
Total Electric Utility Plant. . . . . . . . . 268,546
Accumulated Depreciation and Amortization . . . . . . 263,215
NET ELECTRIC UTILITY PLANT. . . . . . . . . . 5,331
INVESTMENTS AND OTHER . . . . . . . . . . . . . . . . . 94,782
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . . . . 10,646
Accounts Receivable . . . . . . . . . . . . . . . . . 12,580
Coal in Storage - at average cost . . . . . . . . . . 19,031
Materials and Supplies - at average cost. . . . . . . 11,121
Refundable Federal Income Taxes . . . . . . . . . . . 1,545
Prepayments and Other . . . . . . . . . . . . . . . . 3,930
TOTAL CURRENT ASSETS. . . . . . . . . . . . . 58,853
REGULATORY ASSETS . . . . . . . . . . . . . . . . . . . 50,967
DEFERRED CHARGES. . . . . . . . . . . . . . . . . . . . 1,528
TOTAL . . . . . . . . . . . . . . . . . . . $211,461
D-7
OHIO VALLEY ELECTRIC CORPORATION
BALANCE SHEET
DECEMBER 31, 1994
(in thousands)
CAPITALIZATION AND LIABILITIES
SHAREOWNERS' EQUITY:
Common Stock - Par Value $100:
Authorized - 300,000 Shares
Outstanding - 100,000 Shares. . . . . . . . . . . . $ 10,000
Retained Earnings . . . . . . . . . . . . . . . . . . 939
Total Shareowners' Equity . . . . . . . . . . 10,939
Long-term Debt - Notes Payable. . . . . . . . . . . . 80,000
TOTAL CAPITALIZATION. . . . . . . . . . . . . 90,939
CURRENT LIABILITIES:
Long-term Debt Due Within One Year - Notes Payable. . 9,500
Short-term Debt - Note Payable. . . . . . . . . . . . 22,500
Accounts Payable. . . . . . . . . . . . . . . . . . . 15,370
Taxes Accrued . . . . . . . . . . . . . . . . . . . . 7,339
Interest Accrued and Other. . . . . . . . . . . . . . 533
TOTAL CURRENT LIABILITIES . . . . . . . . . . 55,242
INVESTMENT TAX CREDITS. . . . . . . . . . . . . . . . . 10,610
POSTRETIREMENT BENEFIT OBLIGATION . . . . . . . . . . . 31,474
AMOUNTS DUE TO CUSTOMERS FOR FEDERAL INCOME TAXES . . . 10,423
REGULATORY LIABILITIES AND DEFERRED CREDITS . . . . . . 12,773
TOTAL . . . . . . . . . . . . . . . . . . . $211,461
D-8
OHIO VALLEY ELECTRIC CORPORATION
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1994
(in thousands)
OPERATING ACTIVITIES:
Net Income. . . . . . . . . . . . . . . . . . . . . . $ 2,101
Adjustments for Noncash Items:
Future Federal Income Tax Benefits. . . . . . . . . 1,559
Changes in Certain Current Assets and Liabilities:
Accounts Receivable . . . . . . . . . . . . . . . (1,617)
Coal, Materials and Supplies. . . . . . . . . . . (9,209)
Accounts Payable. . . . . . . . . . . . . . . . . 4,447
Other (net) . . . . . . . . . . . . . . . . . . . . (390)
Net Cash Flows Used For Operating Activities . . (3,109)
INVESTING ACTIVITIES:
Construction Expenditures . . . . . . . . . . . . . . (1,456)
Reimbursement for Plant Replacements and
Additional Facilities. . . . . . . . . . . . . . . . 1,965
Advances in Subsidiary. . . . . . . . . . . . . . . . (36,198)
Net Cash Flows Used For Investing Activities . . (35,689)
FINANCING ACTIVITIES:
Special Funds Held by Trustees. . . . . . . . . . . . 35,046
Retirement of Long-term Debt. . . . . . . . . . . . . (500)
Change in Short-term Debt (net) . . . . . . . . . . . 12,500
Change in Coal Purchase Obligation. . . . . . . . . . (2,960)
Dividends Paid. . . . . . . . . . . . . . . . . . . . (1,540)
Net Cash Flows From Financing Activities . . . . 42,546
Net Increase in Cash and Cash Equivalents . . . . . . 3,748
Cash and Cash Equivalents January 1 . . . . . . . . . 6,898
Cash and Cash Equivalents December 31 . . . . . . . . $ 10,646
Supplemental Disclosure:
Interest Paid (net of capitalized amounts). . . . . . $5,879
Income Taxes Paid . . . . . . . . . . . . . . . . . . $781
D-9
Exhibit A
Incorporation By Reference
Form 10K
Annual Report
Year File Number
AEP 1994 1-3525
AEGCo 1994 0-18135
APCo 1994 1-3457
CSPCo 1994 1-2680
I&M 1994 1-3570
KEPCo 1994 1-6858
OPCo 1994 1-6543
E
SIGNATURE
The undersigned system company has duly caused this annual
report to be signed on its behalf by the undersigned, thereunto duly
authorized, pursuant to the requirements of the Public Utility Holding
Company Act of 1935.
AMERICAN ELECTRIC POWER COMPANY, INC.
By G. P. MALONEY
G. P. Maloney
Vice President
April 28, 1995
<PAGE>
Exhibit B & C
The following exhibits have been filed with the Commission and,
pursuant to 17 C.F.R. 201.24 and 240.12b-32, are incorporated
herein by reference to the documents indicated in brackets
following the descriptions of such exhibits. Certain of the
following exhibits, designated with an asterisk (*), were filed
with the Form 10-K Annual Report for 1994 and are also
incorporated by reference.
AEGCO
EXHIBIT
NUMBER DESCRIPTION
------- -----------
3(a) -- Copy of Articles of Incorporation of AEGCo
[Registration Statement on Form 10 for the Common
Shares of AEGCo, File No. 0-18135, Exhibit 3(a)].
3(b) -- Copy of the Code of Regulations of AEGCo [Registration
Statement on Form 10 for the Common Shares of AEGCo,
File No. 0-18135, Exhibit 3(b)].
10(a) -- Copy of Capital Funds Agreement dated as of December
30, 1988 between AEGCo and AEP [Registration Statement
No. 33-32752, Exhibit 28(a)].
10(b)(1) -- Copy of Unit Power Agreement dated as of March 31, 1982
between AEGCo and I&M, as amended [Registration
Statement No. 33-32752, Exhibits 28(b)(1)(A) and
28(b)(1)(B)].
10(b)(2) -- Copy of Unit Power Agreement, dated as of August 1,
1984, among AEGCo, I&M and KEPCo [Registration
Statement No. 33-32752, Exhibit 28(b)(2)].
10(b)(3) -- Copy of Agreement, dated as of October 1, 1984, among
AEGCo, I&M, APCo and Virginia Electric and Power
Company [Registration Statement No. 33-32752, Exhibit
28(b)(3)].
10(c) -- Copy of Lease Agreements, dated as of December 1, 1989,
between AEGCo and Wilmington Trust Company, as amended
[Registration Statement No. 33-32752, Exhibits
28(c)(1)(C), 28(c)(2)(C), 28(c)(3)(C), 28(c)(4)(C),
28(c)(5)(C) and 28(c)(6)(C); Annual Report on Form 10-K
of AEGCo for the fiscal year ended December 31, 1993,
File No. 0-18135, Exhibits 10(c)(1)(B), 10(c)(2)(B),
10(c)(3)(B), 10(c)(4)(B), 10(c)(5)(B) and 10(c)(6)(B)].
*13 -- Copy of those portions of the AEGCo 1994 Annual Report
(for the fiscal year ended December 31, 1994) which are
incorporated by reference in this filing.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
AEP++
3(a) -- Copy of Restated Certificate of Incorporation of AEP,
dated April 26, 1978 [Registration Statement No. 2-
62778, Exhibit 2(a)].
3(b)(1) -- Copy of Certificate of Amendment of the Restated
Certificate of Incorporation of AEP, dated April 23,
1980 [Registration Statement No. 33-1052, Exhibit
4(b)].
3(b)(2) -- Copy of Certificate of Amendment of the Restated
Certificate of Incorporation of AEP, dated April 28,
1982 [Registration Statement No. 33-1052, Exhibit
4(c)].
3(b)(3) -- Copy of Certificate of Amendment of the Restated
Certificate of Incorporation of AEP, dated April 25,
1984 [Registration Statement No. 33-1052, Exhibit
4(d)].
3(b)(4) -- Copy of Certificate of Change of the Restated
Certificate of Incorporation of AEP, dated July 5, 1984
[Registration Statement No. 33-1052, Exhibit 4(e)].
3(b)(5) -- Copy of Certificate of Amendment of the Restated
Certificate of Incorporation of AEP, dated April 27,
1988 [Registration Statement No. 33-1052, Exhibit
4(f)].
3(c) -- Composite copy of the Restated Certificate of
Incorporation of AEP, as amended [Registration
Statement No. 33-1052, Exhibit 4(g)].
3(d) -- Copy of By-Laws of AEP, as amended through July 26,
1989 [Annual Report on Form 10-K of AEP for the fiscal
year ended December 31, 1989, File No. 1-3525, Exhibit
3(d)].
10(a) -- Interconnection Agreement, dated July 6, 1951, among
APCo, CSPCo, KEPCo, OPCo and I&M and with the Service
Corporation, as amended [Registration Statement No. 2-
52910, Exhibit 5(a); Registration Statement No. 2-
61009, Exhibit 5(b); and Annual Report on Form 10-K of
AEP for the fiscal year ended December 31, 1990, File
No. 1-3525, Exhibit 10(a)(3)].
10(b) -- Copy of Transmission Agreement, dated April 1, 1984,
among APCo, CSPCo, I&M, KEPCo, OPCo and with the
Service Corporation as agent, as amended [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1985, File No. 1-3525, Exhibit 10(b); and Annual
Report on Form 10-K of AEP for the fiscal year ended
December 31, 1988, File No. 1-3525, Exhibit 10(b)(2)].
+10(c)(1) -- AEP Deferred Compensation Agreement for certain
executive officers [Annual Report on Form 10-K of AEP
for the fiscal year ended December 31, 1985, File No.
1-3525, Exhibit 10(e)].
+10(c)(2) -- Amendment to AEP Deferred Compensation Agreement for
certain executive officers [Annual Report on Form 10-K
of AEP for the fiscal year ended December 31, 1986,
File No. 1-3525, Exhibit 10(d)(2)].
+10(d) -- AEP Deferred Compensation Agreement for directors, as
amended, effective October 24, 1984 [Annual Report on
Form 10-K of AEP for the fiscal year ended December 31,
1984, File No. 1-3525, Exhibit 10(e)].
+10(e) -- AEP Accident Coverage Insurance Plan for directors
[Annual Report on Form 10-K of AEP for the fiscal year
ended December 31, 1985, File No. 1-3525, Exhibit
10(g)].
+10(f) -- AEP Retirement Plan for directors [Annual Report on
Form 10-K of AEP for the fiscal year ended December 31,
1986, File No. 1-3525, Exhibit 10(g)].
+10(g)(1)(A) -- Excess Benefits Plan [Annual Report on Form 10-K of AEP
for the fiscal year ended December 31, 1993, File No.
1-3525, Exhibit 10(g)(1)(A)].
+10(g)(1)(B) -- Guaranty by AEP of the Service Corporation Excess
Benefits Plan [Annual Report on Form 10-K of AEP for
the fiscal year ended December 31, 1990, File No. 1-
3525, Exhibit 10(h)(1)(B)].
+10(g)(2) -- AEP System Supplemental Savings Plan (Non-Qualified)
[Annual Report on Form 10-K of AEP for the fiscal year
ended December 31, 1993, File No. 1-3525, Exhibit
10(g)(2)].
+10(g)(3) -- Service Corporation Umbrella Trust TM for Executives
[Annual Report on Form 10-K of AEP for the fiscal year
ended December 31, 1993, File No. 1-3525, Exhibit
10(g)(3)].
+10(h)(1) -- Employment Agreement between E. Linn Draper, Jr. and
AEP and the Service Corporation [Annual Report on Form
10-K of AEGCo for the fiscal year ended December 31,
1991, File No. 0-18135, Exhibit 10(g)(3)].
*+10(i)(1) -- AEP Management Incentive Compensation Plan.
*+10(i)(2) -- American Electric Power System Performance Share
Incentive Plan, as Amended and Restated through January
1, 1995.
10(j) -- Copy of Lease Agreements, dated as of December 1, 1989,
between AEGCo or I&M and Wilmington Trust Company, as
amended [Registration Statement No. 33-32752, Exhibits
28(c)(1)(C), 28(c)(2)(C), 28(c)(3)(C), 28(c)(4)(C),
28(c)(5)(C) and 28(c)(6)(C); Registration Statement No.
33-32753, Exhibits 28(a)(1)(C), 28(a)(2)(C),
28(a)(3)(C), 28(a)(4)(C), 28(a)(5)(C) and 28(a)(6)(C);
and Annual Report on Form 10-K of AEGCo for the fiscal
year ended December 31, 1993, File No. 0-18135,
Exhibits 10(c)(1)(B), 10(c)(2)(B), 10(c)(3)(B),
10(c)(4)(B), 10(c)(5)(B) and 10(c)(6)(B); Annual Report
on Form 10-K of I&M for the fiscal year ended December
31, 1993, File No. 1-3570, Exhibits 10(e)(1)(B),
10(e)(2)(B), 10(e)(3)(B), 10(e)(4)(B), 10(e)(5)(B) and
10(e)(6)(B)].
10(k)(1) -- Copy of Agreement for Lease, dated as of September 17,
1992, between JMG Funding, Limited Partnership and OPCo
[Annual Report on Form 10-K of OPCo for the fiscal year
ended December 31, 1992, File No. 1-6543, Exhibit
10(l)].
10(k)(2) -- Lease Agreement between Ohio Power Company and JMG
Funding, Limited, dated January 20, 1995 [Annual Report
on Form 10-K of OPCo for the fiscal year ended December
31, 1994, File No. 1-6543, Exhibit 10(l)(2)].
10(l) -- Interim Allowance Agreement, dated July 28, 1994, among
APCo, CSPCo, I&M, KEPCo, OPCo and the Service
Corporation [Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1994, File No. 1-3457,
Exhibit 10(d)].
*13 -- Copy of those portions of the AEP 1994 Annual Report
(for the fiscal year ended December 31, 1994) which are
incorporated by reference in this filing.
*21 -- List of subsidiaries of AEP.
*23 -- Consent of Deloitte & Touche LLP.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
APCO++
3(a) -- Copy of Restated Articles of Incorporation of APCo, and
amendments thereto to November 4, 1993 [Registration
Statement No. 33-50163, Exhibit 4(a); Registration
Statement No. 33-53805, Exhibits 4(b) and 4(c)].
*3(b) -- Copy of Articles of Amendment to the Restated Articles
of Incorporation of APCo, dated June 6, 1994.
*3(c) -- Composite copy of the Restated Articles of
Incorporation of APCo, as amended.
3(d) -- Copy of By-Laws of APCo [Annual Report on Form 10-K of
APCo for the fiscal year ended December 31, 1990, File
No. 1-3457 Exhibit 3(d)].
4(a) -- Copy of Mortgage and Deed of Trust, dated as of
December 1, 1940, between APCo and Bankers Trust
Company and R. Gregory Page, as Trustees, as amended
and supplemented [Registration Statement No. 2-7289,
Exhibit 7(b); Registration Statement No. 2-19884,
Exhibit 2(1); Registration Statement No. 2-24453,
Exhibit 2(n); Registration Statement No. 2-60015,
Exhibits 2(b)(2), 2(b)(3), 2(b)(4), 2(b)(5), 2(b)(6),
2(b)(7), 2(b)(8), 2(b)(9), 2(b)(10), 2(b)(12),
2(b)(14), 2(b)(15), 2(b)(16), 2(b)(17), 2(b)(18),
2(b)(19), 2(b)(20), 2(b)(21), 2(b)(22), 2(b)(23),
2(b)(24), 2(b)(25), 2(b)(26), 2(b)(27) and 2(b)(28);
Registration Statement No. 2-64102, Exhibit 2(b)(29);
Registration Statement No. 2-66457, Exhibits (2)(b)(30)
and 2(b)(31); Registration Statement No. 2-69217,
Exhibit 2(b)(32); Registration Statement No. 2-86237,
Exhibit 4(b); Registration Statement No. 33-11723,
Exhibit 4(b); Registration Statement No. 33-17003,
Exhibit 4(a)(ii), Registration Statement No. 33-30964,
Exhibit 4(b); Registration Statement No. 33-40720,
Exhibit 4(b); Registration Statement No. 33-45219,
Exhibit 4(b); Registration Statement No. 33-46128,
Exhibits 4(b) and 4(c); Registration Statement No. 33-
53410, Exhibit 4(b); Registration Statement No. 33-
59834, Exhibit 4(b); Registration Statement No. 33-
50229, Exhibits 4(b) and 4(c); Annual Report on Form
10-K of APCo for the fiscal year ending December 31,
1993, File No. 1-3457, Exhibit 4(b)].
*4(b) -- Copy of Indentures Supplemental, dated August 15, 1994,
October 1, 1994 and March 1, 1995, to Mortgage and Deed
of Trust.
10(a)(1) -- Copy of Power Agreement, dated October 15, 1952,
between OVEC and United States of America, acting by
and through the United States Atomic Energy Commission,
and, subsequent to January 18, 1975, the Administrator
of the Energy Research and Development Administration,
as amended [Registration Statement No. 2-60015, Exhibit
5(a); Registration Statement No. 2-63234, Exhibit
5(a)(1)(B); Registration Statement No. 2-66301, Exhibit
5(a)(1)(C); Registration Statement No. 2-67728, Exhibit
5(a)(1)(D); Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1989, File No. 1-3457,
Exhibit 10(a)(1)(F); and Annual Report on Form 10-K of
APCo for the fiscal year ended December 31, 1992, File
No. 1-3457, Exhibit 10(a)(1)(B)].
10(a)(2) -- Copy of Inter-Company Power Agreement, dated as of July
10, 1953, among OVEC and the Sponsoring Companies, as
amended [Registration Statement No. 2-60015, Exhibit
5(c); Registration Statement No. 2-67728, Exhibit
5(a)(3)(B); and Annual Report on Form 10-K of APCo for
the fiscal year ended December 31, 1992, File No. 1-
3457, Exhibit 10(a)(2)(B)].
10(a)(3) -- Copy of Power Agreement, dated July 10, 1953, between
OVEC and Indiana-Kentucky Electric Corporation, as
amended [Registration Statement No. 2-60015, Exhibit
5(e)].
10(b) -- Copy of Interconnection Agreement, dated July 6, 1951,
among APCo, CSPCo, KEPCo, OPCo and I&M and with the
Service Corporation, as amended [Registration Statement
No. 2-52910, Exhibit 5(a); Registration Statement No.
2-61009, Exhibit 5(b); Annual Report on Form 10-K of
AEP for the fiscal year ended December 31, 1990, File
No. 1-3525, Exhibit 10(a)(3)].
10(c) -- Copy of Transmission Agreement, dated April 1, 1984,
among APCo, CSPCo, I&M, KEPCo, OPCo and with the
Service Corporation as agent, as amended [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1985, File No. 1-3525, Exhibit 10(b); Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1988, File No. 1-3525, Exhibit 10(b)(2)].
*10(d) -- Copy of AEP System Interim Allowance Agreement, dated
July 28, 1994, among APCo, CSPCo, I&M, KEPCo, OPCo and
the Service Corporation.
+10(e)(1) -- AEP Deferred Compensation Agreement for certain
executive officers [Annual Report on Form 10-K of AEP
for the fiscal year ended December 31, 1985, File No.
1-3525, Exhibit 10(e)].
+10(e)(2) -- Amendment to AEP Deferred Compensation Agreement for
certain executive officers [Annual Report on Form 10-K
of AEP for the fiscal year ended December 31, 1986,
File No. 1-3525, Exhibit 10(d)(2)].
+10(f)(1) -- Management Incentive Compensation Plan [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1994, File No. 1-3525, Exhibit 10(i)(1)].
+10(f)(2) -- American Electric Power System Performance Share
Incentive Plan [Annual Report on Form 10-K of AEP for
the fiscal year ended December 31, 1994, File No. 1-
3525, Exhibit 10(i)(2)].
+10(g)(1) -- Excess Benefits Plan [Annual Report on Form 10-K of AEP
for the fiscal year ended December 31, 1993, File No.
1-3525, Exhibit 10(g)(1)(A)].
+10(g)(2) -- AEP System Supplemental Savings Plan (Non-Qualified)
[Annual Report on Form 10-K of AEP for the fiscal year
ended December 31, 1993, File No. 1-3525, Exhibit
10(g)(2)].
+10(g)(3) -- Umbrella Trust TM for Executives [Annual Report on Form
10-K of AEP for the fiscal year ended December 31,
1993, File No. 1-3525, Exhibit 10(g)(3)].
+10(h)(1) -- Employment Agreement between E. Linn Draper, Jr. and
AEP and the Service Corporation [Annual Report on Form
10-K of AEGCo for the fiscal year ended December 31,
1991, File No. 0-18135, Exhibit 10(g)(3)].
*12 -- Statement re: Computation of Ratios.
*13 -- Copy of those portions of the APCo 1994 Annual Report
(for the fiscal year ended December 31, 1994) which are
incorporated by reference in this filing.
21 -- List of subsidiaries of APCo [Annual Report on Form 10-
K of AEP for the fiscal year ended December 31, 1994,
File No. 1-3525, Exhibit 21].
*23 -- Consent of Deloitte & Touche LLP.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
CSPCO++
3(a) -- Copy of Amended Articles of Incorporation of CSPCo, as
amended to March 6, 1992 [Registration Statement No.
33-53377, Exhibit 4(a)].
*3(b) -- Copy of Certificate of Amendment to Amended Articles of
Incorporation of CSPCo, dated May 19, 1994.
*3(c) -- Composite copy of Amended Articles of Incorporation of
CSPCo, as amended.
3(d) -- Copy of Code of Regulations and By-Laws of CSPCo
[Annual Report on Form 10-K of CSPCo for the fiscal
year ended December 31, 1987, File No. 1-2680, Exhibit
3(d)].
4(a) -- Copy of Indenture of Mortgage and Deed of Trust, dated
September 1, 1940, between CSPCo and City Bank Farmers
Trust Company (now Citibank, N.A.), as trustee, as
supplemented and amended [Registration Statement No. 2-
59411, Exhibits 2(B) and 2(C); Registration Statement
No. 2-80535, Exhibit 4(b); Registration Statement No.
2-87091, Exhibit 4(b); Registration Statement No. 2-
93208, Exhibit 4(b); Registration Statement No. 2-
97652, Exhibit 4(b); Registration Statement No. 33-
7081, Exhibit 4(b); Registration Statement No. 33-
12389, Exhibit 4(b); Registration Statement No. 33-
19227, Exhibits 4(b), 4(e), 4(f), 4(g) and 4(h);
Registration Statement No. 33-35651, Exhibit 4(b);
Registration Statement No. 33-46859, Exhibits 4(b) and
4(c); Registration Statement No. 33-50316, Exhibits
4(b) and 4(c); Registration Statement No. 33-60336,
Exhibits 4(b), 4(c) and 4(d); Registration Statement
No. 33-50447, Exhibits 4(b) and 4(c); Annual Report on
Form 10-K of CSPCo for the fiscal year ended December
31, 1993, File No. 1-2680, Exhibit 4(b)].
10(a)(1) -- Copy of Power Agreement, dated October 15, 1952,
between OVEC and United States of America, acting by
and through the United States Atomic Energy Commission,
and, subsequent to January 18, 1975, the Administrator
of the Energy Research and Development Administration,
as amended [Registration Statement No. 2-60015, Exhibit
5(a); Registration Statement No. 2-63234, Exhibit
5(a)(1)(B); Registration Statement No. 2-66301, Exhibit
5(a)(1)(C); Registration Statement No. 2-67728, Exhibit
5(a)(1)(B); Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1989, File No. 1-3457,
Exhibit 10(a)(1)(F); and Annual Report on Form 10-K of
APCo for the fiscal year ended December 31, 1992, File
No. 1-3457, Exhibit 10(a)(1)(B)].
10(a)(2) -- Copy of Inter-Company Power Agreement, dated July 10,
1953, among OVEC and the Sponsoring Companies, as
amended [Registration Statement No. 2-60015, Exhibit
5(c); Registration Statement No. 2-67728, Exhibit
5(a)(3)(B); and Annual Report on Form 10-K of APCo for
the fiscal year ended December 31, 1992, File No. 1-
3457, Exhibit 10(a)(2)(B)].
10(a)(3) -- Copy of Power Agreement, dated July 10, 1953, between
OVEC and Indiana-Kentucky Electric Corporation, as
amended [Registration Statement No. 2-60015, Exhibit
5(e)].
10(b) -- Copy of Interconnection Agreement, dated July 6, 1951,
among APCo, CSPCo, KEPCo, OPCo and I&M and the Service
Corporation, as amended [Registration Statement No. 2-
52910, Exhibit 5(a); Registration Statement No. 2-
61009, Exhibit 5(b); and Annual Report on Form 10-K of
AEP for the fiscal year ended December 31, 1990, File
No. 1-3525, Exhibit 10(a)(3)].
10(c) -- Copy of Transmission Agreement, dated April 1, 1984,
among APCo, CSPCo, I&M, KEPCo, OPCo, and with the
Service Corporation as agent, as amended [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1985, File No. 1-3525, Exhibit 10(b); and Annual
Report on Form 10-K of AEP for the fiscal year ended
December 31, 1988, File No. 1-3525, Exhibit 10(b)(2)].
10(d) -- Copy of Interim Allowance Agreement [Annual Report on
Form 10-K of APCo for the fiscal year ended December
31, 1994, File No. 1-3457, Exhibit 10(d)].
*12 -- Statement re: Computation of Ratios.
*13 -- Copy of those portions of the CSPCo 1994 Annual Report
(for the fiscal year ended December 31, 1994) which
are incorporated by reference in this filing.
21 -- List of subsidiaries of CSPCo [Annual Report on Form
10-K of AEP for the fiscal year ended December 31,
1994, File No. 1-3525, Exhibit 21].
*23 -- Consent of Deloitte & Touche LLP.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
I&M++
3(a) -- Copy of the Amended Articles of Acceptance of I&M and
amendments thereto [Annual Report on Form 10-K of I&M
for fiscal year ended December 31, 1993, File No. 1-
3570, Exhibit 3(a)].
3(b) -- Composite Copy of the Amended Articles of Acceptance of
I&M, as amended [Annual Report on Form 10-K of I&M for
fiscal year ended December 31, 1993, File No. 1-3570,
Exhibit 3(b)].
3(c) -- Copy of the By-Laws of I&M [Annual Report on Form 10-K
of I&M for the fiscal year ended December 31, 1990,
File No 1-3570, Exhibit 3(d)].
4(a) -- Copy of Mortgage and Deed of Trust, dated as of June 1,
1939, between I&M and Irving Trust Company (now The
Bank of New York) and various individuals, as Trustees,
as amended and supplemented [Registration Statement No.
2-7597, Exhibit 7(a); Registration Statement No. 2-
60665, Exhibits 2(c)(2), 2(c)(3), 2(c)(4), 2(c)(5),
2(c)(6), 2(c)(7), 2(c)(8), 2(c)(9), 2(c)(10), 2(c)(11),
2(c)(12), 2(c)(13), 2(c)(14), 2(c)(15), (2)(c)(16), and
2(c)(17); Registration Statement No. 2-63234, Exhibit
2(b)(18); Registration Statement No. 2-65389, Exhibit
2(a)(19); Registration Statement No. 2-67728, Exhibit
2(b)(20); Registration Statement No. 2-85016, Exhibit
4(b); Registration Statement No. 33-5728, Exhibit 4(c);
Registration Statement No. 33-9280, Exhibit 4(b);
Registration Statement No. 33-11230, Exhibit 4(b);
Registration Statement No. 33-19620, Exhibits 4(a)(ii),
4(a)(iii), 4(a)(iv) and 4(a)(v); Registration Statement
No. 33-46851, Exhibits 4(b)(i), 4(b)(ii) and 4(b)(iii);
Registration Statement No. 33-54480, Exhibits 4(b)(i)
and 4(b)(ii); Registration Statement No. 33-60886,
Exhibit 4(b)(i); Registration Statement No. 33-50521,
Exhibits 4(b)(i), 4(b)(ii) and 4(b)(iii); Annual Report
on Form 10-K of I&M for fiscal year ended December 31,
1993, File No. 1-3570, Exhibit 4(b)].
*4(b) -- Copy of Indenture Supplemental dated May 1, 1994 to
Mortgage and Deed of Trust.
10(a)(1) -- Copy of Power Agreement, dated October 15, 1952,
between OVEC and United States of America, acting by
and through the United States Atomic Energy Commission,
and, subsequent to January 18, 1975, the Administrator
of the Energy Research and Development Administration,
as amended [Registration Statement No. 2-60015, Exhibit
5(a); Registration Statement No. 2-63234, Exhibit
5(a)(1)(B); Registration Statement No. 2-66301, Exhibit
5(a)(1)(C); Registration Statement No. 2-67728, Exhibit
5(a)(1)(D); Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1989, File No. 1-3457,
Exhibit 10(a)(1)(F); and Annual Report on Form 10-K of
APCo for the fiscal year ended December 31, 1992, File
No. 1-3457, Exhibit 10(a)(1)(B)].
10(a)(2) -- Copy of Inter-Company Power Agreement, dated as of July
10, 1953, among OVEC and the Sponsoring Companies, as
amended [Registration Statement No. 2-60015, Exhibit
5(c); Registration Statement No. 2-67728, Exhibit
5(a)(3)(B); Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1992, File No. 1-3457,
Exhibit 10(a)(2)(B)].
10(a)(3) -- Copy of Power Agreement, dated July 10, 1953, between
OVEC and Indiana-Kentucky Electric Corporation, as
amended [Registration Statement No. 2-60015, Exhibit
5(e)].
10(b) -- Copy of Interconnection Agreement, dated July 6, 1951,
between APCo, CSPCo, KEPCo, I&M, and OPCo and with the
Service Corporation, as amended [Registration Statement
No. 2-52910, Exhibit 5(a); Registration Statement No.
2-61009, Exhibit 5(b); and Annual Report on Form 10-K
of AEP for the fiscal year ended December 31, 1990,
File No. 1-3525, Exhibit 10(a)(3)].
10(c) -- Copy of Transmission Agreement, dated April 1, 1984,
among APCo, CSPCo, I&M, KEPCo, OPCo and with the
Service Corporation as agent, as amended [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1985, File No. 1-3525, Exhibit 10(b); and Annual
Report on Form 10-K of AEP for the fiscal year ended
December 31, 1988, File No. 1-3525, Exhibit 10(b)(2)].
10(d) -- Copy of Interim Allowance Agreement [Annual Report on
Form 10-K of APCo for the fiscal year ended December
31, 1994, File No. 1-3457, Exhibit 10(d)].
10(e) -- Copy of Nuclear Material Lease Agreement, dated as of
December 1, 1990, between I&M and DCC Fuel Corporation
[Annual Report on Form 10-K of I&M for the fiscal year
ended December 31, 1993, File No. 1-3570, Exhibit
10(d)].
10(f) -- Copy of Lease Agreements, dated as of December 1, 1989,
between I&M and Wilmington Trust Company, as amended
[Registration Statement No. 33-32753, Exhibits
28(a)(1)(C), 28(a)(2)(C), 28(a)(3)(C), 28(a)(4)(C),
28(a)(5)(C) and 28(a)(6)(C); Annual Report on Form 10-K
of I&M for the fiscal year ended December 31, 1993,
File No. 1-3570, Exhibits 10(e)(1)(B), 10(e)(2)(B),
10(e)(3)(B), 10(e)(4)(B), 10(e)(5)(B) and 10(e)(6)(B)].
*12 -- Statement re: Computation of Ratios
*13 -- Copy of those portions of the I&M 1994 Annual Report
(for the fiscal year ended December 31, 1994) which are
incorporated by reference in this filing.
21 -- List of subsidiaries of I&M [Annual Report on Form 10-K
of AEP for the fiscal year ended December 31, 1994,
File No. 1-3525, Exhibit 21].
*23 -- Consent of Deloitte & Touche LLP.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
KEPCO
3(a) -- Copy of Restated Articles of Incorporation of KEPCo
[Annual Report on Form 10-K of KEPCo for the fiscal
year ended December 31, 1991, File No. 1-6858, Exhibit
3(a)].
*3(b) -- Copy of By-Laws of KEPCo.
4(a) -- Copy of Mortgage and Deed of Trust, dated May 1, 1949,
between KEPCo and Bankers Trust Company, as
supplemented and amended [Registration Statement No. 2-
65820, Exhibits 2(b)(1), 2(b)(2), 2(b)(3), 2(b)(4),
2(b)(5), and 2(b)(6); Registration Statement No. 33-
39394, Exhibits 4(b) and 4(c); Registration Statement
No. 33-53226, Exhibits 4(b) and 4(c); Registration
Statement No. 33-61808, Exhibits 4(b) and 4(c),
Registration Statement No. 33-53007, Exhibits 4(b),
4(c) and 4(d)].
10(a) -- Copy of Interconnection Agreement, dated July 6, 1951,
among APCo, CSPCo, KEPCo, I&M and OPCo and with the
Service Corporation, as amended [Registration Statement
No. 2-52910, Exhibit 5(a); Registration Statement No.
2-61009, Exhibit 5(b); and Annual Report on Form 10-K
of AEP for the fiscal year ended December 31, 1990,
File No. 1-3525, Exhibit 10(a)(3)].
10(b) -- Copy of Transmission Agreement, dated April 1, 1984,
among APCo, CSPCo, I&M, KEPCo, OPCo and with the
Service Corporation as agent, as amended [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1985, File No. 1-3525, Exhibit 10(b); and Annual
Report on Form 10-K of AEP for the fiscal year ended
December 31, 1988, File No. 1-3525, Exhibit 10(b)(2)].
10(c) -- Copy of Interim Allowance Agreement [Annual Report on
Form 10-K of APCo for the fiscal year ended December
31, 1994, File No. 1-3457, Exhibit 10(d)].
*12 -- Statement re: Computation of Ratios.
*13 -- Copy those portions of the KEPCo 1994 Annual Report
(for the fiscal year ended December 31, 1994) which are
incorporated by reference in this filing.
*23 -- Consent of Deloitte & Touche LLP.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
OPCO++
3(a) -- Copy of Amended Articles of Incorporation of OPCo, and
amendments thereto to December 31, 1993 [Registration
Statement No. 33-50139, Exhibit 4(a); Annual Report on
Form 10-K of OPCo for the fiscal year ended December
31, 1993, File No. 1-6543, Exhibit 3(b)].
*3(b) -- Certificate of Amendment to Amended Articles of
Incorporation of OPCo, dated May 3, 1994.
*3(c) -- Composite copy of the Amended Articles of Incorporation
of OPCo, as amended.
3(d) -- Copy of Code of Regulations of OPCo [Annual Report on
Form 10-K of OPCo for the fiscal year ended December
31, 1990, File No. 1-6543, Exhibit 3(d)].
4(a) -- Copy of Mortgage and Deed of Trust, dated as of October
1, 1938, between OPCo and Manufacturers Hanover Trust
Company (now Chemical Bank), as Trustee, as amended and
supplemented [Registration Statement No. 2-3828,
Exhibit B-4; Registration Statement No. 2-60721,
Exhibits 2(c)(2), 2(c)(3), 2(c)(4), 2(c)(5), 2(c)(6),
2(c)(7), 2(c)(8), 2(c)(9), 2(c)(10), 2(c)(11),
2(c)(12), 2(c)(13), 2(c)(14), 2(c)(15), 2(c)(16),
2(c)(17), 2(c)(18), 2(c)(19), 2(c)(20), 2(c)(21),
2(c)(22), 2(c)(23), 2(c)(24), 2(c)(25), 2(c)(26),
2(c)(27), 2(c)(28), 2(c)(29), 2(c)(30), and 2(c)(31);
Registration Statement No. 2-83591, Exhibit 4(b);
Registration Statement No. 33-21208, Exhibits 4(a)(ii),
4(a)(iii) and 4(a)(vi); Registration Statement No. 33-
31069, Exhibit 4(a)(ii); Registration Statement No. 33-
44995, Exhibit 4(a)(ii); Registration Statement No. 33-
59006, Exhibits 4(a)(ii), 4(a)(iii) and 4(a)(iv);
Registration Statement No. 33-50373, Exhibits 4(a)(ii),
4(a)(iii) and 4(a)(iv); Annual Report on Form 10-K of
OPCo for the fiscal year ended December 31, 1993, File
No. 1-6543, Exhibit 4(b)].
10(a)(1) -- Copy of Power Agreement, dated October 15, 1952,
between OVEC and United States of America, acting by
and through the United States Atomic Energy Commission,
and, subsequent to January 18, 1975, the Administrator
of the Energy Research and Development Administration,
as amended [Registration Statement No. 2-60015, Exhibit
5(a); Registration Statement No. 2-63234, Exhibit
5(a)(1)(B); Registration Statement No. 2-66301, Exhibit
5(a)(1)(C); Registration Statement No. 2-67728, Exhibit
5(a)(1)(D); Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1989, File No. 1-3457,
Exhibit 10(a)(1)(F); Annual Report on Form 10-K of APCo
for the fiscal year ended December 31, 1992, File No.
1-3457, Exhibit 10(a)(1)(B)].
10(a)(2) -- Copy of Inter-Company Power Agreement, dated July 10,
1953, among OVEC and the Sponsoring Companies, as
amended [Registration Statement No. 2-60015, Exhibit
5(c); Registration Statement No. 2-67728, Exhibit
5(a)(3)(B); Annual Report on Form 10-K of APCo for the
fiscal year ended December 31, 1992, File No. 1-3457,
Exhibit 10(a)(2)(B)].
10(a)(3) -- Copy of Power Agreement, dated July 10, 1953, between
OVEC and Indiana-Kentucky Electric Corporation, as
amended [Registration Statement No. 2-60015, Exhibit
5(e)].
10(b) -- Copy of Interconnection Agreement, dated July 6, 1951,
between APCo, CSPCo, KEPCo, I&M and OPCo and with the
Service Corporation, as amended [Registration Statement
No. 2-52910, Exhibit 5(a); Registration Statement No.
2-61009, Exhibit 5(b); Annual Report on Form 10-K of
AEP for the fiscal year ended December 31, 1990, File
1-3525, Exhibit 10(a)(3)].
10(c) -- Copy of Transmission Agreement, dated April 1, 1984,
among APCo, CSPCo, I&M, KEPCo, OPCo and with the
Service Corporation as agent [Annual Report on Form 10-
K of AEP for the fiscal year ended December 31, 1985,
File No. 1-3525, Exhibit 10(b); Annual Report on Form
10-K of AEP for the fiscal year ended December 31,
1988, File No. 1-3525, Exhibit 10(b)(2)].
10(d) -- Copy of Interim Allowance Agreement [Annual Report on
Form 10-K of APCo for the fiscal year ended December
31, 1994, File No. 1-3457, Exhibit 10(d)].
10(e) -- Copy of Agreement, dated June 18, 1968, between OPCo
and Kaiser Aluminum & Chemical Corporation (now known
as Ravenswood Aluminum Corporation) and First
Supplemental Agreement thereto [Registration Statement
No. 2-31625, Exhibit 4(c); Annual Report on Form 10-K
of OPCo for the fiscal year ended December 31, 1986,
File No. 1-6543, Exhibit 10(d)(2)].
10(f) -- Copy of Power Agreement, dated November 16, 1966,
between OPCo and Ormet Generating Corporation and First
Supplemental Agreement thereto [Annual Report on Form
10-K of OPCo for the fiscal year ended December 31,
1993, File No. 1-6543, Exhibit 10(e)].
10(g) -- Copy of Amendment No. 1, dated October 1, 1973, to
Station Agreement dated January 1, 1968, among OPCo,
Buckeye and Cardinal Operating Company, and amendments
thereto [Annual Report on Form 10-K of OPCo for the
fiscal year ended December 31, 1993, File No. 1-6543,
Exhibit 10(f)].
+10(h)(1) -- AEP Deferred Compensation Agreement for certain
executive officers [Annual Report on Form 10-K of AEP
for the fiscal year ended December 31, 1985, File No.
1-3525, Exhibit 10(e)].
+10(h)(2) -- Amendment to AEP Deferred Compensation Agreement for
certain executive officers [Annual Report on Form 10-K
of AEP for the fiscal year ended December 31, 1986,
File No. 1-3525, Exhibit 10(d)(2)].
+10(i)(1) -- Management Incentive Compensation Plan [Annual Report
on Form 10-K of AEP for the fiscal year ended December
31, 1994, File No. 1-3525, Exhibit 10(i)(1)].
+10(i)(2) -- American Electric Power System Performance Share
Incentive Plan, as Amended and Restated through January
1, 1995 [Annual Report on Form 10-K of AEP for the
fiscal year ended December 31, 1994, File No. 1-3525,
Exhibit 10(i)(2)].
+10(j)(1) -- Excess Benefits Plan [Annual Report on Form 10-K of AEP
for the fiscal year ended December 31, 1993, File No.
1-3525, Exhibit 10(g)(1)(A)].
+10(j)(2) -- AEP System Supplemental Savings Plan (Non-Qualified)
[Annual Report on Form 10-K of AEP for the fiscal year
ended December 31, 1993, File No. 1-3525, Exhibit
10(g)(2)].
+10(j)(3) -- Umbrella Trust TM for Executives [Annual Report on Form
10-K of AEP for the fiscal year ended December 31,
1993, File No. 1-3525, Exhibit 10(g)(3)].
+10(k)(1) -- Employment Agreement between E. Linn Draper, Jr. and
AEP and the Service Corporation [Annual Report on Form
10-K of AEGCo for the fiscal year ended December 31,
1991, File No. 0-18135, Exhibit 10(g)(2)].
10(l)(1) -- Agreement for Lease dated as of September 17, 1992
between JMG Funding, Limited Partnership and OPCo
[Annual Report on Form 10-K of OPCo for the fiscal year
ended December 31, 1992, File No. 1-6543, Exhibit
10(l)].
*10(l)(2) -- Lease Agreement dated January 20, 1995 between OPCo and
JMG Funding, Limited Partnership, and amendment thereto
(confidential treatment requested).
*12 -- Statement re: Computation of Ratios.
*13 -- Copy of those portions of the OPCo 1994 Annual Report
(for the fiscal year ended December 31, 1994) which are
incorporated by reference in this filing.
21 -- List of subsidiaries of OPCo [Annual Report on Form 10-
K of AEP for the fiscal year ended December 31, 1994,
File No. 1-3525, Exhibit 21].
*23 -- Consent of Deloitte & Touche LLP.
*24 -- Power of Attorney.
*27 -- Financial Data Schedules.
---------------
++Certain instruments defining the rights of holders of long-term
debt of the registrants included in the financial statements of
registrants filed herewith have been omitted because the total
amount of securities authorized thereunder does not exceed 10% of
the total assets of registrants. The registrants hereby agree to
furnish a copy of any such omitted instrument to the SEC upon
request.
<PAGE>
Exhibit D
Tax Agreement Regarding Method of Allocating
Consolidated Federal Income Taxes. . . . . See Following
Document
<PAGE>
FILED WITH 1994 FORM U5S
AMERICAN ELECTRIC POWER COMPANY, INC. AND
ITS CONSOLIDATED AFFILIATES
TAX AGREEMENT UNDER TITLE 17, CHAPTER II
OF THE CODE OF FEDERAL REGULATIONS PARAGRAPH
(C) OF SECTION 250.45 REGARDING METHOD OF
ALLOCATING CONSOLIDATED INCOME TAXES
The below listed affiliated companies, joining in the annual filing of
a consolidated federal income tax return with American Electric Power
Company, Inc., agree to allocate the consolidated annual net current federal
income tax liability and/or benefit to the members of the consolidated group
in accordance with the following procedures:
(1) The consolidated regular federal income tax, exclusive of
capital gains and preference taxes and before the application
of credits including investment tax credits, shall be
apportioned among the members of the consolidated group based
on corporate taxable income. Loss companies shall be
included in the allocation, receiving a negative tax
allocation which is similar to a separate return carryback
refund, before considering investment tax credit, which would
have resulted had the loss company historically filed a
separate return.
(2) The corporate taxable income of each member of the group
shall be first reduced by its proportionate share of American
Electric Power Company, Inc.'s (the holding company) tax loss
in arriving at adjusted corporate taxable income for each
member of the group with positive taxable income.
(3) To the extent that the consolidated and corporate taxable
incomes include material items taxed at rates other than the
statutory tax rate (such as capital gains and preference
items), the portion of the consolidated tax attributable to
these items shall be apportioned directly to the members of
the group giving rise to such items.
(4) Consolidated investment tax credits utilized shall be
apportioned to each member of the consolidated group by
applying the current statutory maximum investment tax credit
limitation to each member's allocated portion of the
consolidated regular federal income tax plus the tax on items
taxed at rates other than the statutory rate which can be
offset by investment tax credits as apportioned in procedures
(1) and (3) above. Members generating current corporate tax
losses shall be allocated a negative investment tax credit by
applying the current statutory maximum investment tax credit
limitation to their net negative allocation resulting from
procedures (1) and (3) above. The positive credit
apportioned to each member with corporate taxable income
shall be limited to that member's total available corporate
investment tax credit inclusive of carryforwards generated by
such member. Any difference between the total of each
member's allocated investment tax credit, in accordance with
the above procedures and the total consolidated investment
tax credit shall be allocated to the members of the
consolidated group with remaining corporate investment tax
credit available, inclusive of tax loss companies, in
proportion to the corporate credit available to each member,
again limiting the credit allocated to each member to the
remaining corporate credit available to that member. The
negative investment tax credit allocated to member companies
with tax losses is similar to a reversal of investment tax
credits utilized in prior years which would have resulted
from a net operating tax loss carryback had the loss company
filed a separate return. This reversal or negative
investment tax credit will reduce the credit tax allocated to
the loss company in procedure (1). Any negative credit
reversals allocated to a member generating a corporate tax
loss will be added to that member's available corporate
credit for future allocations.
(5) Any special benefits other than investment tax credits shall
be allocated directly to the members of the consolidated
group giving rise to them.
(6) Should the consolidated group generate a net operating tax
loss for a calendar year, special procedures shall be adopted
to allocate the resultant consolidated carryback refund or
the reduction in consolidated net current federal income
taxes, which will result in future years when the
carryforward tax losses are applied to reduce consolidated
taxable income. The tax benefits of any resultant carryback
shall be allocated proportionately to member companies that
generated corporate tax losses in the year the consolidated
net operating loss was generated. Any related loss of
credits, including investment tax credit reversals, shall be
allocated to the member companies that utilized the credits
in the prior year in the same proportion that the credit lost
is to the total credit utilized in the prior year.
Investment tax credit reversals allocated to a member will be
added to that member's available corporate investment tax
credit for future allocations. A prior year consolidated net
operating tax loss carryfoward applied to reduce current year
consolidated taxable income shall be allocated
proportionately to member companies that generated a
corporate tax loss in the year the consolidated net operating
tax loss was generated.
(7) A member with a net positive tax allocation shall pay the
holding company the net amount allocated, while a tax loss
member with a net negative tax allocation shall receive
current payment from the holding company in the amount of its
negative allocation. The payment made to a member with a tax
loss should equal the amount by which the consolidated tax is
reduced by including the member's net corporate tax loss in
the consolidated tax return. The holding company shall pay
to the Internal Revenue Service the consolidated group's net
current federal income tax liability from the net of the
receipts and payments.
(8) No member of the consolidated group shall be allocated a
federal income tax which is greater than the federal income
tax computed as if such member had filed a separate return.
Any current state tax liability and/or benefit associated with a state
tax return involving more than one member of the consolidated group, shall
be allocated to such members following the principles set forth above for
current federal income taxes. Due to certain states utilizing a unitary
approach, the consolidated return liability may exceed the sum of the
liabilities computed for each company on a separate return basis. If this
occurs, the excess of the consolidated liability over the sum of the
separate return liabilities shall be allocated proportionally based on each
member's contribution to the consolidated apportionment percentage. If
additional tax is attributable to a significant transaction or event, such
additional tax shall be allocated directly to the members who are party to
said transaction or event.
This agreement is subject to revision as a result of changes in federal
and state tax law and relevant facts and circumstances.
The above procedures for apportioning the consolidated annual net
current federal and state tax liabilities and expenses of American Electric
Power Company, Inc. and its consolidating affiliates have been agreed to by
each of the below listed members of the consolidated group as evidenced by
the signature of an officer of each company.
COMPANY OFFICER'S SIGNATURE
American Electric Power Company, Inc. W. L. Scott
American Electric Power Service Corporation W. L. Scott
AEP Energy Services, Inc. L. V. Assante
AEP Generating Company L. V. Assante
AEP Investments, Inc. L. V. Assante
AEP Resources, Inc. L. V. Assante
Appalachian Power Company L. V. Assante
Blackhawk Coal Company L. V. Assante
Cedar Coal Company L. V. Assante
Central Appalachian Coal Company L. V. Assante
Central Coal Company L. V. Assante
Central Ohio Coal Company L. V. Assante
Central Operating Company L. V. Assante
Colomet, Inc. L. V. Assante
Columbus Southern Power Company L. V. Assante
Conesville Coal Preparation Company L. V. Assante
The Franklin Real Estate Company L. V. Assante
Indiana Franklin Realty, Inc. L. V. Assante
Indiana Michigan Power Company L. V. Assante
Kanawha Valley Power Company L. V. Assante
Kentucky Power Company L. V. Assante
Kingsport Power Company L. V. Assante
Ohio Power Company L. V. Assante
Price River Coal Company, Inc. L. V. Assante
Simco, Inc. L. V. Assante
Southern Appalachian Coal Company L. V. Assante
Southern Ohio Coal Company L. V. Assante
West Virginia Power Company L. V. Assante
Wheeling Power Company L. V. Assante
Windsor Coal Company L. V. Assante
<PAGE>
Exhibit E
Copies of Personnel Policies as They
Relate to Rule 48(b). . . . . See Following Document
AMERICAN ELECTRIC POWER
EXEMPT EMPLOYEES AND NONEXEMPT SUPERVISORS
RELOCATION EXPENSE POLICY
HOMEQUITY PROGRAM IMPLEMENTED JUNE 1987
REVISED MARCH 1991
UPDATED DECEMBER 1994
<PAGE>
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE I. ELIGIBILITY
A. Full . . . . . . . . . . . . . . . . . . . . 1
B. Partial . . . . . . . . . . . . . . . . . . . 1
ARTICLE II. DISPOSAL OF PRESENT RESIDENCE
A. Home Defined . . . . . . . . . . . . . . . . 3
B. Home Sale Assistance . . . . . . . . . . . . 4
C. Lease Agreements . . . . . . . . . . . . . . 6
D. Land Contracts . . . . . . . . . . . . . . . 6
ARTICLE III. NEW RESIDENCE
A. Travel Expenses . . . . . . . . . . . . . . . 7
B. Hotel & Temporary Living Expenses
at New Location . . . . . . . . . . . . . . . 7
C. Equity Loan . . . . . . . . . . . . . . . . . 8
D. Home Purchase Expenses . . . . . . . . . . . 8
E. Duplicate Housing Expenses . . . . . . . . . 9
F. Miscellaneous Expense Allowance . . . . . . . 9
G. Movement of Household Goods . . . . . . . . . 10
ARTICLE IV. MORTGAGE ASSISTANCE AND COUNSELING
A. Monthly Interest Rate Differential
Allowance (MID) . . . . . . . . . . . . . . . 11
1. Duplicate Mortgages . . . . . . . . . . 11
2. Subsequent Relocations . . . . . . . . . 12
3. Variable Rate Mortgages . . . . . . . . 13
4. Leave of Absence . . . . . . . . . . . . 13
B. U. S. Mortgage Corporation . . . . . . . . . 13
ARTICLE V. TAXABILITY OF REIMBURSED EXPENSES
A. Long Move/Short Move . . . . . . . . . . . . 13
B. Direct/Indirect Expenses . . . . . . . . . . 14
C. Tax Allowance/Gross Up . . . . . . . . . . . 14
ARTICLE VI. APPROVALS OF RELOCATIONS AND REIMBURSEMENTS
A. Preliminary Review . . . . . . . . . . . . . 15
B. Approvals . . . . . . . . . . . . . . . . . 15
C. Excess Expenses . . . . . . . . . . . . . . 16
ARTICLE VII. ADMINISTRATION OF POLICY
A. Explanation of Policy . . . . . . . . . . . 16
B. Property Marketability . . . . . . . . . . . 16
C. Market Value . . . . . . . . . . . . . . . . 16
D. Accounting . . . . . . . . . . . . . . . . . 16
E. Approving Expenses . . . . . . . . . . . . . 16
F. Assistance . . . . . . . . . . . . . . . . . 17
ATTACHMENT I EMPLOYMENT CONTRACT (GRADES 10, 11, 12, 20-25)
ATTACHMENT I-A EMPLOYMENT CONTRACT (GRADES 13 AND OVER,
26 AND OVER)
ATTACHMENT II REQUEST TO GRANT THE SPECIAL RELOCATION
POLICY TO AN ELIGIBLE NEW HIRE
ATTACHMENT III RELOCATION AUTHORIZATION FORM
ATTACHMENT IV EQUITY LOAN AGREEMENT
ATTACHMENT V PROMISSORY NOTE
ATTACHMENT VI REQUEST FOR APPROVAL OF MOVING EXPENSES
<PAGE>
3/9l
AMERICAN ELECTRIC POWER SYSTEM
EXEMPT EMPLOYEES AND NONEXEMPT SUPERVISORS
RELOCATION EXPENSE POLICY
PHH HOMEQUITY PROGRAM IMPLEMENTED JUNE 1987
REVISED MARCH l99l
The relocation policy provides for the reimbursement of expenses
which are directly related to the relocation of an eligible
employee who is requested by the Company to transfer to a new
work location. The policy is designed to help relieve employees
of the financial and physical burdens which normally accompany a
relocation. Through close adherence to the policy, efficiency
and consistency of all employee relocations can be assured.
ARTICLE I. ELIGIBILITY
Employee relocations fall into two eligibility categories:
A. Eligible For Full Coverage
Regular, full-time exempt employees and nonexempt super-
visors are eligible under the relocation policy provided:
1. The relocation is considered permanent or indefinite
(i.e., there is no predetermined intention to return or
transfer the employee back to the previous location or to
another location within a one-year period).
2. The Company requests the employee to relocate.
B. Eligible For Partial Coverage
1. Newly hired exempt employees in salary grades below 10 in
the Service Corporation - Columbus (grades below 20 at
all other locations) -- are eligible for reimburse-ment
of only the moving of household effects, travel, motel,
and related expenses at the new location.
2. Newly hired exempt employees hired into salary grades 10,
11, and 12 in the Service Corporation - Columbus (grades
20 through 25 at all other locations) -- In addition to
being eligible for the same relocation benefits as
outlined in Paragraph 1 of this section, such exempt
employees are also eligible for reimbursement of the
following closing costs in connection with the
disposition of their former residences:
o Broker's commissions, if any
o Customary legal fees
3/9l
o Transfer charges and transfer taxes
o Mortgage prepayment penalties, but not any "points"
charged to the new hire by a lending institution in
connection with a mortgage obtained by the purchaser
o Miscellaneous seller's closing costs
o Any other taxes, other than federal, state, or local
taxes imposed on, or measured by, the gain on the sale
of the home.
Provided a newly hired exempt employee is granted reim-
bursement of certain closing costs in connection with the
disposition of his former residence, the new employee
will be required to enter into an employment contract
(Attachment I) with the Company whereby he agrees that
upon voluntary termination from the Company within three
years of his employment, he will, upon request from the
Company, be required to reimburse the Company for all
payments made to him or in his behalf except those made
pursuant to Article III, Sections A, B, and G.
3. Newly hired exempt employees hired into grades 13 and
above in the Service Corporation - Columbus (grades 26
and above at all other locations) -- are eligible for
all provisions of this Relocation Expense Policy except
the payment of one month's salary as a miscellaneous
allowance. Approval of the Chairman and Chief Executive
Officer must be obtained in advance of granting the
provisions of this paragraph to an applicant for
employment. Any such request should be submitted on
Form PS-97 (Attachment II) and sent through the Assistant
Vice President - Compensation and Benefits for the
Chairman's approval.
Provided a newly hired exempt employee is granted all
benefits and provisions of this policy (except one
month's salary as a miscellaneous allowance), the new
employee will be required to enter into an employment
contract (Attachment I-A) with the Company whereby he
agrees that upon voluntary termination from the Company
within three years of his employment, he will, upon
request from the Company, be required to reimburse the
Company for all payments made to him or in his behalf
except those made pursuant to Article III, Sections A, B
and G.
<PAGE>
2/9l
ARTICLE II. DISPOSAL OF PRESENT RESIDENCE
The Company has contracted with PHH Homequity, a national real
estate/relocation services firm, to assist the Company by offer-
ing to purchase, at the full appraised current market value, the
homes of employees who are being transferred by the Company
(Homequity's Home Sale Assistance Program). In addition, if so
desired by the employee, Homequity will assist the employee in
locating a new home for purchase at the new work location area
(Homequity Area Counseling and Homefinding). Assistance in
moving of household goods (HomeExpress) is are also available
through Homequity.
The home disposal benefit assists a transferred employee in dis-
posing of his home in the shortest possible time by providing an
alternative to the normal marketing of the home. An eligible
employee has the option of: (1) selling the home under the Home
Sale Assistance Program as described below, or (2) attempting to
sell the home on his own.
A. "Home" shall mean improved real estate:
1. Which is, at the issuance by the Company of the Homequity
relocation assistance authorization, owned and used by
the employee as his year-round one or two-family
principal residence, including condominiums, but exclud-
ing cooperative housing and mobile homes not permanently
affixed.
2. Which shall include only the items of personal property
set forth in the Contract of Sale.
3. With respect to which all mortgages can be prepaid. If a
prepayment penalty is required, it must not exceed the
greater of:
o one percent of the original loan, or
o six months' interest on the outstanding mortgage
balance.
4. With respect to which insurance is available at standard
rates for normal hazards of fire and extended coverage.
5. With respect to which all leases can be terminated by
Homequity with no more than a sixty-day notice to the
lessor.
6. Which is owned by an employee not involved in a company-
directed group move.
3/9l
7. Which is not fully or partially insulated with material
containing urea formaldehyde and/or which is not situated
on or near or containing any other hazardous or toxic
materials or gases that cannot be improved to normally
accepted or governmental determined conditions.
8. Which contains acreage (lot size) within the norm and
specific zoning limits for that particular locale or
neighborhood.
B. Home Sale Assistance
An eligible employee who owns a home at the old location
which meets the above definition may elect to sell the home
through the Home Sale Assistance Program offered by
Homequity.
1. The Company will authorize Homequity to prepare an offer
to purchase the employee's home. This authorization
should initially be given verbally to Homequity and
confirmed in writing on an Authorization Form
(Attachment III).
2. From Homequity's pre-approved list, the employee shall
select three appraisers (two primary and one back-up) to
evaluate the property based on normal marketing time for
a typical sale in the area. If the two appraisals from
the primary appraisers are within 7.5% of each other,
they will be averaged to determine the appraised value of
the home. If the higher appraisal exceeds the lower
appraisal by more than 7.5%, a third appraisal from the
back-up appraiser will be ordered, and the two closest
appraisals will be averaged to arrive at the appraised
value. Based upon these appraisals, Homequity will offer
to purchase the employee's home at 100% of its appraised
value. Homequity will notify the employee by telephone
of the offer price and confirm the offer in writing. The
employee has sixty days from the date of the telephone
offer to accept Homequity's offer.
3. In those cases where there is a negative equity situation
(employee mortgage balance is greater than Homequity's
purchase offer/appraised value), the employee must pay
the difference between the mortgage balance and the
appraised value to Homequity at the time of closing and
sale of his property to Homequity, should he accept
Homequity's guaranteed purchase offer. Failure to make
this payment to Homequity will result in the withdrawal
of Homequity's guaranteed purchase offer.
4. The employee also has the option of testing the housing
market on his own by attempting to better Homequity's
offer.
2/9l
a. For the protection of the employee and to retain the
right to sell the property to Homequity should the
employee not receive an acceptable offer, the follow-
ing clause must be inserted into (not as an attach-
ment) any listing agreement the employee signs with a
real estate broker:
"The owners hereby reserve the right:
(1) to sell this property directly to PHH
Homequity at any time and in such event to
cancel this agreement with no obligation for
commission or continuation of listing
thereafter; or
(2) to assign any acceptable written offer
hereunder to PHH Homequity for closing and
payment of commission (which shall be deemed
earned and payable on closing of title) in
accordance with the terms thereof."
b. An employee who otherwise qualifies for the Home Sale
Assistance Program and elects to sell his home without
the aid of Homequity (i.e., an "assigned" sale) will
be reimbursed by the Company for the following closing
expenses:
o Broker's commission
o Customary legal fees
o Transfer charges and transfer taxes
o Mortgage prepayment penalties as per
Article II, Section A.3 (but not points)
o Miscellaneous closing costs
o Taxes other than those incurred due to
gain on sale or property taxes
5. "Assigned" Sale - If, within the sixty-day offer period
and prior to accepting Homequity's offer, an employee
receives a written sales contract on the home which is
greater than Homequity's offer, Homequity will handle the
closing of the sale for the employee at the higher price.
6. Following acceptance of the outside (non-Homequity)
offer, the employee will receive payment from Homequity
equal to his equity based on the appraised value of his
home, less adjustments, if any, for charges or liens
against the property based upon the date the employee
will vacate the property. The equity will not be reduced
by any expenses of sale since these expenses are borne by
the Company. The remaining equity will be paid to the
employee at the time Homequity closes on the home for the
employee.
NOTE: Subsequent adjustments will be made if the
vacating date should change after the equity payment has
been made.
7. The employee remains responsible for mortgage, tax,
insurance, maintenance, and utility payments until either
the date the property is vacated or the date a new
residence is purchased. The vacating date normally will
not be later than sixty days from the date the employee
accepts the offer by Homequity; however, in unusual
cases, extensions may be granted with prior approval of
Homequity and the Human Resources Director.
Homequity will resell the home and handle the details of
closing the sale, including maintenance of the property
and payment of utility bills after the property is
vacated by the employee.
8. The cost of the Home Sale Assistance Program, including
the service fee of Homequity, will be paid by the
Company. This service fee is the only compensation paid
to Homequity. Homequity does not incur a profit or loss
on the sale of an employee's property. If a gain does
occur because of a sale (or contract) made within ninety
days of Homequity's takeover of the property, the gain
reverts to the employee minus any costs incurred to
improve the salability of the property. These costs
include, but are not limited to, payment of a purchaser's
points and/or closing costs plus any other incentives
deemed necessary by Homequity and/or System Human
Resources to consummate the sale of a property. Also
included would be costs incurred by the Company to repair
plumbing, electrical, or structural deficiencies of the
home as well as decorating costs needed to improve the
marketability of the home.
C. Lease Agreements
An eligible employee renting his primary residence at the
time of relocation who cannot cancel a lease arrangement
without being assessed a penalty, shall be reimbursed by the
Company for up to a three-month lease penalty for cancelling
the lease. A copy of the lease agreement, indicating the
penalty, and a paid receipt are required for reimbursement.
D. Land Contracts
For those eligible employees who have entered into a Land
Contract arrangement, the Home Sale Assistance Program is not
available unless the employee is able to provide a clear
title on the property or acceptable termination procedures
are included with the Land Contract agreement.
ARTICLE III. NEW RESIDENCE
All eligible employees may utilize Homequity's Area Counseling
and Homefinding Service at no cost even though they may not have
owned a home at their old location. At the employee's option,
Homequity will provide Homefinding counseling services, including
contact with reputable real estate brokers who are made familiar
with the employee's needs.
A. Travel Expenses To New Location For Househunting
Reimbursement will be made based upon reasonable expenses for
travel, food, and lodging in accordance with Company travel
expense guidelines.
1. Reimbursement will be made for one round trip for the
employee and/or spouse to the new location to search for
available housing. A second trip for that purpose
requires the prior approval of the Human Resources
Director.
2. Babysitting expenses incurred by the employee while on a
househunting trip will be reimbursed up to a maximum of
$35 per 24-hour day.
3. One trip for the employee and his family to the new
location at actual time of moving will also be
reimbursed.
4. For those employees who sell their homes without any
assistance from Homequity, reimbursement will be made for
one round trip for the employee and, when necessary, the
spouse from the new place of residence to the former
place of residence when his or their presence is required
in order to consummate the sale of the employee's house
and/or to settle affairs that could not be taken care of
prior to the move. However, every attempt shall be made
to grant a "power of attorney" to a representative in the
area of the former residence to avoid such expense.
B. Hotel And Temporary Living Expenses At New Location
1. Temporary living expenses for the employee shall not
exceed sixty calendar days without special prior approval
of the receiving Human Resources Director.
2. Temporary living expenses will be reimbursed for the
family, when necessary and approved in advance by the
Human Resources Director, but in no event for a period in
excess of two weeks (fourteen calendar days). This is
intended to cover special situations such as when, due to
unforeseen circumstances, the employee has vacated his
former home and cannot yet occupy his new home.
C. Equity Loan
An employee can apply for an equity loan, interest free, in
an amount equal to Homequity's appraised value offer less the
remaining mortgage balance, less 4% of the appraised value
held back for contingencies. An equity loan is available for
the purpose of purchasing a home or initiating construction
at the new location. This loan is available whether the
employee sells his home to Homequity or whether he tries to
sell it himself. If he eventually sells the property to
Homequity, the loan amount is deducted from the final equity
due the employee from Homequity. Any remaining balance of
the 4% holdback not used for any required taxes, interest,
liens, etc. is paid to the employee when the property is
vacant and the deed signed over to Homequity.
The employee is required to sign an Equity Loan Agreement and
a Promissory Note and demonstrate a definite financial need
in order to receive consideration for an equity loan. (See
Attachments IV and V).
At Homequity's option, it reserves the right to place a lien
on the property.
The equity loan, which is secured by the Promissory Note,
will require repayment to Homequity by the employee of the
principal as well as any costs incurred by Homequity in
collecting the Promissory Note should the employee default
(i.e., legal costs, collection, termination).
D. Home Purchase Expenses
1. Closing Costs - Miscellaneous buyer's closing costs are
eligible for reimbursement by the Company up to $3,000 as
follows:
o Loan origination fee (but not points)
o EPA endorsements
o Bank application including ARM fees
o Credit report
o Legal and tax service fees
o Land survey and flood check fees
o Title search and insurance fees
o Termite, gas line, or other required inspections
o Recording and notary fees
o Loan processing or underwriting fees
o Home appraisals, only if required by lending
institution
o Home inspections
2. The following expenses associated with a home closing are
not eligible for reimbursement:
o Mortgage or discount points
o Brokerage fees
o Mortgage insurance
o FHA and VA discount points
o Interest payments
o Seller's closing costs
E. Duplicate Housing Expenses
After an employee closes on his new residence, and if the
employee is still paying a mortgage on his former home, the
Company will reimburse the employee for the monthly mortgage
payments of the former home for a period of up to 60 calendar
days from the date of closing on his new home. The
reimbursement will be for the entire payment, principal and
interest. When the employee sells his property to either
Homequity or to a third party, the employee will reimburse
the Company the total amount of any payments which the
Company may have made toward the reduction of the principal
amount.
Whether or not the employee had a mortgage on his home, the
Company will also reimburse the employee for real estate
taxes, property insurance, utility expenses, and a reasonable
amount for lawn care and/or snow removal. This reimbursement
for duplicate residence expenses is available for a period up
to 60 calendar days from the date of closing on his new home.
F. Miscellaneous Expense Allowance
In those cases where the employee has, in fact, transferred
to his new work location, a payment to the employee of an
amount equal to 100% of one month's salary, to a maximum of
$5,000 (based on the salary at the new location) will be made
by the Company upon submission of an appropriate payment
request form. This payment is intended to cover all other
expenses (except certain tax consequences) the employee
incurs in moving to the new location beyond the expenses
specifically covered in this policy. The employee's FICA
expense on this payment will be withheld providing the
employee will not exceed the FICA income base in the year of
the move.
G. Movement Of Household Goods
AEP has contracted with Homequity to provide experienced,
efficient moving of all furniture and household effects to
the residence at the new work location. The employee will be
contacted by HomeExpress (Homequity's household goods moving
service) once authorization has been given by the Company.
1. The services provided by HomeExpress are:
o Shipment, packing and unpacking of all furniture and
household goods. Within one week of the move-in date,
HomeExpress will return to pick up packing boxes, if
necessary.
o All insurance premiums to cover loss or damage to
furniture and household goods caused by fire, theft,
collision, or water while in transit and/or storage.
o Storage of furniture and household goods for up to 60
calendar days. Extensions of this 60-day limitation
must be pre-approved by the Human Resources Director.
o Limited appliance disconnection and reconnection.
HomeExpress will transport items such as waterbeds,
pool tables, satellite discs and swing sets but will
not disassemble or reassemble.
o Shipping of automobiles (one car if move is over 500
miles), boats 14 feet and less (including trailer),
motorcycles, riding mowers/garden tractors and
snowmobiles with the number of each within reason for
the size of family.
2. HomeExpress is not authorized to ship:
o Any animals (including house pets)
o Trailers or campers
o Farm, or heavy machinery
o Furnishings from a second home
o Firewood and building materials
<PAGE>
2/9l
ARTICLE IV. MORTGAGE ASSISTANCE AND COUNSELING
A. A monthly mortgage interest rate differential allowance (MID)
of up to $3,500 per year will be paid, for up to five years,
if a higher mortgage interest rate is required on the
employee's new home as compared to his previous residence.
The MID for the first three years will be determined by
comparing the employee's monthly payment of principal and
interest for the mortgage on his present home with the
monthly payment that would be required if the employee takes
a mortgage on his new home in an amount and term equal to the
unpaid balance and remaining term of his present mortgage,
but at the interest rate used in the mortgage on his new
residence. The allowance will be figured on a mortgage
balance no greater than the amount of the present mortgage or
the amount of the new mortgage, whichever is less. During
the fourth and fifth years, the allowance will be two-thirds
and one-third respectively, of the allowance computed.
1. Duplicate Mortgages
If there is more than one mortgage involved for an
employee's present home, or for his new home, a mortgage
allowance differential will be based upon a weighted
average interest rate.
This weighted average interest rate is determined by
dividing the employee's total annual mortgage interest by
the total of the mortgage balances. For example, if an
employee had a first and second mortgage as follows:
Unpaid Interest Annual
Balance Rate Interest
1st Mortgage $50,000 12% $6,000
2nd Mortgage 11,000 14.5% 1,595
$61,000 $7,595
$ 7,595 - $61,000 = $12.45%
...the weighted average interest rate would be 12.45% for
determining the employee's differential. If the multiple
mortgages are on the employee's present home, to find a
(new) original principal and interest payment, use the
combined unpaid balance on the remaining term of only the
first mortgage. (Note that the remaining terms of the
mortgages are not averaged.)
The differential in the amount of the payment under the
old mortgage and the computed payment under the new
mortgage will be paid to the employee monthly for three
years. For the fourth and fifth years, monthly payments
<PAGE>
2/9l
will be made with the above stated reductions. These
mortgage allowance payments shall end sooner if the
employee's old mortgage reaches maturity, if he pays off
the mortgage, if he buys and moves again at the same work
location, if he is relocated again and chooses to rent
rather than own property, if he is transferred and rents
the property to someone else, or if he leaves the AEP
System for any reason (including retirement or death)
within the five-year period. If an employee refinances
his mortgage to obtain a lower interest rate, the allow-
ance will be recalculated, but the term of the allowance
will remain the same. The recalculation will use a mort-
gage balance no greater than that used in the original
calculation, and will use a lower balance if the amount
being refinanced is lower. The employee is obligated to
inform the Human Resources Department if any of the fore-
going conditions occur.
2. Subsequent Relocations
In the event an employee is again relocated at the
request of the Company while receiving an MID (before the
five-year mortgage allowance period has expired) the MID
will either: (1) be recalculated, or (2) a second
differential will be granted.
A differential would be recalculated, and a new five-year
term would begin if, in the second move, the interest
rate were lower than the first move. As previously
defined, when an employee transfers the first time, the
lesser of his original home mortgage balance or the
balance of the new mortgage, and the remaining term of
the original mortgage become the base on which the first
five-year differential was computed. When the employee
is again transferred (within five years), and obtains an
interest rate lower than he obtained as a result of the
first move, but higher than his original base, the MID
shall be recalculated using: (1) the newly obtained
interest rate, and (2) the mortgage balance and the
remaining term of the original loan. This feature
protects the original five-year MID benefit.
If the employee who is transferred the second time within
five years obtains an interest rate higher in the second
move than the first, he will receive a second
differential payment for a five-year period calculated
independent of the first move. He will also receive the
run-out of the first differential. The total of the two
concurrent differential payments will not exceed the
$3,500 per year maximum.
<PAGE>
2/9l
3. Variable Rate Mortgages
In the event a transferred employee enters into a
"variable rate" mortgage arrangement, he will also qual-
ify for an MID. The initial calculation will be the same
as for a conventional mortgage, but new computations will
be made annually during the sixty-month MID benefit
period. The calculation will adjust the benefit up or
down depending upon the variable rate in effect on each
benefit period anniversary date, and the benefit during
the fourth and fifth years will be two-thirds and one-
third, respectively, of the new computed allowance.
4. Leave Of Absence
For an employee who goes on a leave of absence and,
therefore, receives no wages from the Company, the MID
benefit is discontinued for the duration of the leave.
Upon return, he will finish the number of months' MID
that he had remaining at the commencement of the leave.
ARTICLE V. TAXABILITY OF REIMBURSED EXPENSES
All reimbursements of moving expenses must be reported on the
employee's W-2 as other compensation at the end of the year in
which such reimbursements were received. The Company is required
to withhold at statutory rates for all federal/state/local income
taxes.
Certain federal tax regulations require an employee to include in
his gross income moving expenses for which the employee is reim-
bursed by his employer (including items paid by the Company
directly to a third party, such as a moving company). In
addition, the one-month salary allowance under Article III,
Section F above, is also includable in the employee's gross
income.
A. While all reimbursements are gross income to the affected
employee, a "long-move" employee is entitled to an offsetting
adjustment for all direct moving expenses and up to $3,000 of
indirect moving expenses. A "long-move" means a transfer
where the employee's new work location is at least thirty-
five miles farther from his old home than his old work
location. All other transfers shall be considered a "short-
move".
B. Direct moving expenses are the cost of moving household goods
and traveling from the old to the new residence. Indirect
moving expenses fall into two categories. First, there is an
adjustment, limited to $1,500 for househunting and temporary
living expenses. Second, there is an adjustment, limited to
$3,000 minus the amount of the househunting and temporary
living expenses adjustment, for the expenses connected with:
(1) selling the old residence, (2) buying the new residence,
and (3) settling any leases. No offsetting adjustment is
permitted for the one-month salary adjustment. The offset-
ting adjustment is available for the MID benefit. In effect,
a long-move employee is taxed only on his indirect moving
expenses in excess of $3,000 and on his miscellaneous allow-
ance of one-month's salary and MID (Article IV, Section A).
The law requires that a "short-move" employee is not entitled
to any offsetting adjustment, so in effect he is taxed on all
moving expense reimbursements and the one-month salary
allowance.
C. The Company will pay to the appropriate taxing authorities on
behalf of the employee a tax allowance approximating the
federal, state, and local income taxes (there will be no tax
allowance for any additional FICA taxes) imposed as a result
of the employee receiving from the Company the following
benefits: (1) the one-month salary allowance, (2) househunt-
ing or temporary living expenses, (3) the cost of settling
any leases, (4) reimbursement of closing expenses on the old
residence if the employee sells the home without Homequity's
assistance, and (5) reimbursement of closing expenses associ-
ated with the purchase of a new home. In the case of a
short-move employee, the tax allowance will also cover his
direct moving expenses. The tax allowance itself is addi-
tional gross income to the employee, so the allowance will be
"grossed up" to cover the additional tax resulting from the
tax allowance.
The tax allowance will be calculated on the basis of:
(1) the employee's compensation from the Company less the
amount the employee is contributing through the Tax Deferral
Option of the Savings Plan, (2) the standard deduction or the
portion of the moving expenses which qualify as an itemized
deduction, and (3) the number of exemptions he is entitled to
claim on his federal income tax return (regardless of the
number claimed on his W-4 statement).
The Tax Division of American Electric Power has prepared a
comprehensive manual explaining the procedures to be followed
in calculating and reporting the employee's tax allowance.
NOTE: Relocation expenses should be submitted on an appro-
priate expense form covering those expenses only.
<PAGE>
2/9l
ARTICLE VI. APPROVALS OF RELOCATIONS AND REIMBURSEMENTS
A. A preliminary estimate of all expenses in connection with the
transfer of the employee shall be prepared by the Company
before the transfer is authorized. Approval of the transfer
and the estimated moving cost by the appropriate executive of
the operating unit receiving the transfer (Request for
Approval of Moving Expenses - Attachment VI) shall be secured
in advance, before a commitment is made to relocate the
employee. It is very important that any final decision
regarding the relocation of any employee be contingent on
Homequity's acceptance of the home as a valid, marketable
property.
B. Approval requirements for various types of System relocation
are as follows:
Type of Move Approval Required
Within Operating Company President of Operating
Company
Between two Operating President of Operating
Companies Company
Between two Subsidiary Executive Vice President of
Companies/Fuel Supply Fuel Supply
related Operations
functionally reporting
to Fuel Supply
Between Fuel Supply and Executive Vice President of
an Operating Company Fuel Supply or President of
Operating Company
Between Operating Company President of Operating
and Service Corporation Company or appropriate
member of Office of the
Chairman
Between Fuel Supply and Executive Vice President of
Service Corporation Fuel Supply or appropriate
member of Office of the
Chairman
Within the Service Appropriate member of Office
Corporation of the Chairman. In the
case of transfers within the
Construction Division, the
Senior Executive Vice
President - Engineering
and Construction has
approval authority.
<PAGE>
2/9l
NOTE: Any exceptions to this policy or home disposal procedures
require the approval of the Executive Vice President -
Operations. All requests for exceptions are to be submitted, in
writing, to the Assistant Vice President - Compensation and
Benefits.
ARTICLE VII. ADMINISTRATION OF POLICY
The Human Resources Director is responsible for the administra-
tion of the Relocation Policy.
A. Before a job or transfer is offered to an employee, the
employee shall be interviewed by the Human Resources Depart-
ment at the proposed location for the purpose of thoroughly
explaining the application of this Policy.
B. After an employee expresses a definite interest in a poten-
tial transfer but before a final offer for transfer is
extended, the Company receiving the transferee will give
Homequity the appraisal authorization by telephone and follow
up in writing (see Attachment III). Assuming the house is
marketable, the offer process will be continued. In
addition, the employee will be requested to inform Homequity
of the original purchase price of his home and the outstand-
ing balance of any existing mortgages on the property.
NOTE: No job offer shall be formally extended until appro-
priate approvals are obtained as outlined in Article VI.
C. At the time a formal offer of transfer is extended, the
employee should be informed of the price Homequity will pay
for his present home or the amount Homequity will loan him
pending the sale of his present home. The employee should
use the Homequity offer to assist him in determining whether
he accepts the transfer, whether to sell his house to
Homequity or through a broker, etc.
D. In the case of intercompany transfers, the Company to which
the employee is transferred will bear the cost of the
transfer.
E. All expenses pertaining to the move shall be approved by the
Human Resources Director at the new location.
F. The Human Resources Departments at the old and new locations
will offer the employee such assistance and advice as shall
be required.
<PAGE>
For Salary Grades 10, 11, & 12 in ATTACHMENT I
Service Corporation - Columbus and 2/9l
Grades 20-25 all other locations
AMERICAN ELECTRIC POWER
RELOCATION SERVICES - EMPLOYMENT CONTRACT
THIS AGREEMENT, made and entered into this ____________ day of
_________________, 19___ by and between (Company Name) , a
corporation (hereinafter called "Company", and ______________________
of ______________________ (hereinafter called "Employee").
WITNESSETH
THAT
WHEREAS, Employee proposes to accept employment as an exempt
employee of the Company at ______________________, and
WHEREAS, Employee, in order to accept such position, must move
his place of residence to ______________________ or its environs, and
WHEREAS, Company is willing to pay the moving and incidental
expenses of Employee providing Employee agrees to certain conditions,
NOW, THEREFORE, for and in consideration of the agreements
hereinafter contained, Company and Employee do hereby agree as
follows:
1. Company will pay the moving and incidental expenses of
Employee in accordance with Article I, Section B.2, of the
Exempt Employees and Nonexempt Supervisors Relocation
Expense Policy.
2. Should Employee voluntarily terminate his/her employment
with the Company within three years from the date of his/her
employment, Employee, upon request of the Company, agrees to
reimburse Company, promptly upon such termination, for all
payments made to Employee or in his/her behalf pursuant to
Article I, Section B.2, of the Exempt Employees and
Nonexempt Supervisors Relocation Expense Policy except
those made pursuant to Article III, Sections A, B, and G.
<PAGE>
ATTACH. I-Page 2
2/9l
IN WITNESS WHEREOF, the parties hereto have executed this
agreement, the day and year first above written.
(Company Name)
(Company Representative)
(Date)
By
(Employee)
(Date)
<PAGE>
For Salary Grades 13 and Above in ATTACHMENT I-A
Service Corporation - Columbus and 2/9l
Grades 26 and Above All Other
Locations
AMERICAN ELECTRIC POWER
RELOCATION SERVICES - EMPLOYMENT CONTRACT
THIS AGREEMENT, made and entered into this ______________ day of
________________, 19___ by and between (Company Name) ,
a corporation (hereinafter called "Company", and ____________________
of ____________________ (hereinafter called "Employee").
WITNESSETH
THAT
WHEREAS, Employee proposes to accept employment as an exempt
employee of the Company at ____________________, and
WHEREAS, Employee, in order to accept such position, must move
his place of residence to ____________________ or its environs, and
WHEREAS, Company is willing to pay the moving and incidental
expenses of Employee providing Employee agrees to certain conditions,
NOW, THEREFORE, for and in consideration of the agreements
hereinafter contained, Company and Employee do hereby agree as
follows:
1. Company will pay the moving and incidental expenses of
Employee in accordance with Article I, Section B.3, of the
Exempt Employees and Nonexempt Supervisors Relocation
Expense Policy.
2. Should Employee voluntarily terminate his/her employment
with the Company within three years from the date of his/her
employment, Employee, upon request of the Company, agrees to
reimburse Company, promptly upon such termination, for all
payments made to Employee, or in his/her behalf pursuant to
Article I, Section B.3, of the Exempt Employees and
Nonexempt Supervisors Relocation Expense Policy except
those made pursuant to Article III, Sections A, B, and G.
<PAGE>
ATTACH. I-A-Page 2
2/9l
IN WITNESS WHEREOF, the parties hereto have executed this
agreement, the day and year first above written.
(Company Name)
(Company Representative)
(Date)
By
(Employee)
(Date)
<PAGE>
Attachment II
3/9l
AMERICAN ELECTRIC POWER
REQUEST TO GRANT THE SPECIAL RELOCATION
POLICY TO AN ELIGIBLE NEW HIRE (ARTICLE I, SECTION B.3)
Company/Department
__________________________________________________________
Prospective Employee's Name
_________________________________________________
Salary
Proposed Position _____________________________________ Grade_______________
Proposed Date of Hire
_______________________________________________________
To be Relocated From
________________________________________________________
(City and State)
Estimated Moving Expenses:
1. MOVING HOUSEHOLD GOODS
(a) HomeExpress Fee ($150 per move and $__________
$100 for storage)
(b) Other: __________________________ $__________
TOTAL MOVING HOUSEHOLD GOODS . . . . . . . . . . . . .$____________
2. TRAVEL EXPENSES RELATED TO MOVE
(Accommodations, Meals, and Transportation)
(a) Househunting trip(s) to new location
plus trip at time of move $__________
(b) Expenses at new location while relo-
cating. . .Estimated days __________ $__________
(c) Other: ____________________________ $__________
TOTAL TRAVEL EXPENSES . . . . . . . . . . . . . . . .$____________
3. DISPOSAL OF RESIDENCE
*(Average of Home Appraisals - $___________)
*Not to be included in total
(a) Homequity Administrative and Sales
Expense Fees (19% of home's appraised
value) $__________
(b) Other: _____________________________ $__________
TOTAL DISPOSAL OF RESIDENCE . . . . . . . . . . . . . $____________
ATTACH. II-Page 2
2/9l
4. CLOSING COSTS ON HOME PURCHASE
($3,000 MAXIMUM) . . . . . . . . . . . . . . . . . . . . .$____________
5. ESTIMATED TAX LIABILITY . . . . . . . . . . . . . . . . .$____________
6. TOTAL ESTIMATED COST OF MOVING (SUM OF 1-6) . . . . . . .$____________
7. EIGHT TIMES EMPLOYEE'S MONTHLY SALARY AT NEW LOCATION . .$____________
This request to employ and make available to the new employee the benefits
defined in Article I, Section B.3, of this Relocation Expense Policy is made
for the following reasons:
(As part of explanation, indicate whether consideration was given
to promoting from within the Company or employing in the local
labor market, thus avoiding the necessity to relocate the
applicant.)
Prepared By ____________________________________________ Date______________
APPROVALS:
Human Resources Director ______________________________ Date______________
Appropriate Member
Office of The Chairman
or Company President ______________________________ Date______________
Assistant Vice President -
Compensation and Benefits ______________________________ Date______________
Chairman and
Chief Executive Officer ______________________________ Date______________
Attachment III
2/9l
Return Completed Form to:
PHH Homequity
222l Camden Court
Oakbrook, IL 6052l
AMERICAN ELECTRIC POWER
HOMEQUITY RELOCATION ASSISTANCE
AUTHORIZATION FORM
(Confirmation of Verbal Request)
1. (Company Name) hereby requests that Homequity provide the
following relocation assistance and services as specified for the
following employee:
___ ___
___ Home Sale Assistance ___ Destination Area Counseling & Home-
finding Service
___
___ HomeExpress Services
Employee Full Name: ____________________________________________________
Current Address: ____________________________________________________
Number and Street Apt No.
____________________________________________________
City and Town State Zip Code
___ ___
Employee is: ___ current employee ___ new hire
2. The above-named employee is eligible for Homequity relocation assistance
and services as specified above, per terms of the Agreement between
Homequity and (Company Name) . The relocation is:
From: ____________________________ To:______________________________
Present System Company Receiving System Company
____________________________ ______________________________
Division/Plant Location Division/Plant Location
______________________________
Billing Code
3. AEP Company Approval By: _______________________________________________
Name (Type or Print) and Title
_______________________________________________
Signature
<PAGE>
Attachment IV
2/9l
AMERICAN ELECTRIC POWER
PHH HOMEQUITY, INC.
EQUITY LOAN AGREEMENT
____________________________________________________________________________
(This box for PHH Homequity use only)
Employee Name ________________________________ Property Number _________
Last First M.I.
Transferred to ___________________ Div. ___________ Loan Amount $______
Check Number _________________________________ Date Issued _____________
PHH Homequity Approval __________________________________________________
____________________________________________________________________________
As part of the relocation services provided by PHH Homequity (hereinafter
"Homequity"), you may receive a loan based on the amount of equity in your
present home; equity being determined by PHH Homequity's appraised value
less the remaining mortgage balance on your property, less 4% of appraised
value held back for contingencies. In order to secure this loan, you (and
your spouse) must complete the "Employee" section of this Agreement, sign it
and the attached Promissory Note, and return them to Homequity.
To be Completed by Employee (Please Type or Print)
Employee Name _______________________________________ ___________________
Last First M.I. Employee Social
Security No.
Spouse's Name _______________________________________
Last First M.I.
Transferred From Home Address_______________________________________________
Street
______________________________________________
City State Zip Code
Transferred From: ________________________________ Division________________
AEP Company
<PAGE>
Attach. IV-Page 2
2/9l
1. Loan Amount
The loan amount shall be equal to the equity in your home, which
shall be the appraised value of your home as determined by
Homequity less the remaining mortgage balance on your property,
less 4% of the appraised value to be held as a reserve for contin-
gencies. The exact total of this computation shall be rounded
upward to the nearest $100 increment, which rounded figure shall
constitute your Equity Loan amount. Any remaining balance of the
4% holdback not used for any required taxes, interest, liens, etc.,
is paid to the employee when the property is vacant and the deed
signed over to Homequity.
2. Acknowledgement
Your execution of this Agreement and Promissory Note serves to
acknowledge your indebtedness. When you have executed this
Agreement and Promissory Note and returned both to Homequity, and
when Homequity has computed the amount of your Equity Loan, you
shall be forwarded a check in that amount along with a copy of this
Agreement and Promissory Note. Your endorsement of said check will
also acknowledge your indebtedness according to the terms of this
Agreement.
3. Term
You shall repay in full the amount of your Equity Loan on or before
the earlier to occur of: (a) the expiration of an offer by
Homequity to purchase your home; (b) the closing of a sale of your
home to a third-party buyer; (c) failure to consummate a sale under
a closing service program; (d) cancellation of your relocation by
your employer; (e) termination of your employment for any reason
whatsoever; or (f) the effective date of termination of the
Relocation Management Agreement between Homequity and American
Electric Power or the Equity Loan Administration Service contained
therein.
4. Payment
(a) If Homequity purchases your home, the principal sum of this
loan, which will then be due, shall be deducted from any
equity due you and if there is a deficit, it shall become
immediately due and payable to Homequity. In the event that
such equity is in excess of the Equity Loan amount, Homequity
shall send to you a check for such excess and a copy of the
cancelled Equity Loan Agreement and Promissory Note.
(b) Otherwise, payment shall be made by certified check or money
order at the office of Homequity.
<PAGE>
ATTACH. IV-Page 3
2/9l
(c) In the event that you receive any sums as the result of an
agreement to sell your home prior to the events specified in
paragraph 3 above, you hereby promise to pay all such sums to
Homequity immediately on account of and up to the amount of
your indebtedness.
5. Security
In order to secure repayment of your indebtedness, you hereby
assign, transfer, and set over unto Homequity all your rights,
title, and interest in and to any agreement for the sale of your
home which you have entered into or may in the future enter into,
and in and to all sums due or to become due thereunder or which may
be payable on account of the sale of said home. Any such sums
received by you shall be held by you in trust as the property of
Homequity, and shall be paid by you to Homequity as above provided
or on demand by Homequity, up to the amount of your indebtedness to
Homequity under this Agreement.
6. Conditions and Representations
In consideration of Homequity's entering into this Agreement:
(a) You represent that the loan will be used solely for the
purpose of purchasing a new principal residence in connection
with a transfer to a new principal place of employment and
that neither the former nor the new principal residence is or
will be located outside the United States or United States
possession.
(b) You represent that you intend to sell your home and have taken
appropriate action, such as listing with brokers, or will do
so within a reasonable time. You agree that you will notify
Homequity in writing when you enter into an agreement to sell
your home, and again when title passes.
(c) You represent that you or your spouse have no intention to
convert your former principal residence to business or
investment use.
(d) You agree that any loss which you sustain because of non-
fulfillment of contract to sell and purchase your home by
either you, the buyer, or any other third party, is your
responsibility, and that in such event you will be obligated
to repay your indebtedness to Homequity.
(e) You agree that the obligations and benefits under this Equity
Loan are personal to you and may not be transferred, assigned,
or otherwise disposed of to any person except your employer.
<PAGE>
ATTACH. IV-Page 4
2/9l
(f) You agree that your home will not be made subject to any
further indebtedness by your affirmative act subsequent to
this Equity Loan without the prior written approval of
Homequity.
(g) You agree to contemporaneously execute the attached Promissory
Note, without which this Equity Loan Agreement shall not be
binding on Homequity.
(h) To comply with I.R.S. regulations, you hereby represent that
you intend to and will itemize your deductions on your Federal
Income Tax Returns.
If the foregoing terms and conditions of payment of this Agreement are
acceptable to you, please indicate by signing below.
Employee Signature ________________________________ Date _____________
Spouse Signature ________________________________ Date _____________
<PAGE>
ATTACHMENT V
2/9l
AMERICAN ELECTRIC POWER
PHH HOMEQUITY, INC.
PROMISSORY NOTE
$____________________ Date _____________
For value received, the undersigned employee (and spouse) (Makers)
hereby promise to pay to PHH Homequity, Inc. (herein after
"Homequity"), or its order, at its designated office, the principal sum
of _____________________ Dollars ($ ) on or before the
earlier to occur of (a) the closing of a sale of the Makers' home
pursuant to a Contract of Sale between the Makers, as sellers, and a
third party, as buyer; (b) the expiration of an offer by Homequity or a
corporate affiliate thereof to purchase Makers' home; (c) failure to
consummate a sale referred to in item (b) just above; (d) cancellation
of Makers' relocation; (e) termination of employment with the Company
who is sponsoring the Makers' relocation for any reason whatsoever;
(f) the effective date of termination of the Relocation Management
Agreement between Homequity and American Electric Power or the Equity
Loan Administration Service contained herein.
In the event that Homequity or a corporate affiliate thereof purchases
the Makers' home, the principal sum due shall be deducted from the
equity due the Makers under the applicable contracts, and the deficit,
if any, shall become immediately due and payable to Homequity.
Makers hereby waive resentment and notice of dishonor and agree that
the obligations and benefits under this Promissory Note are personal to
them and may not be transferred, assigned, or otherwise disposed of to
any person except Makers' employer.
This instrument shall be governed by the laws of the State of
Connecticut.
Employee (Maker) ______________________________
Spouse (Maker) ______________________________
Date ______________________________
Accepted and Approved
by PHH Homequity
________________________
Date
<PAGE>
ATTACHMENT VI
2/9l
REQUEST FOR APPROVAL OF MOVING EXPENSES
This is to request your approval of the transfer and the estimated
moving expenses for the employee indicated below.
GENERAL INFORMATION
1. Employee's Name _______________________________
Soc. Sec. No. ___________________
2. Tax Status (check one): married ___ single ___
head of household ___
No. of tax exemptions claimed on your Federal tax return ___
3. Proposed transfer from _____________________________
to _______________________________
4. An estimated distance of ______________ miles
5. Distance from old to new work location _________ miles
6. Distance from old residence to old work location _______ miles
7. Increase in commuting distance (Line 5 minus Line 6) ______ miles
8. Present title __________________________________________
9. Proposed title __________________________________________
10. Proposed date of transfer ___________________
11. Name and address of employer at new work location:
_________________________________________________________
12. Name and address of employer at old work location:
_________________________________________________________
13. City and state of old residence
_________________________________________________________
14. City and state (if known) of new residence
_________________________________________________________
l5. Is move within state? (yes or no) ____________
l6. Is employee eligible for tax gross up? (yes or no) ______
<PAGE>
Request for Approval ATTACH. VI-Page 2
of Moving Expense 3/9l
RELOCATION EXPENSE BREAKDOWN
NOTE: If line 7 below is more than line 8, this estimated cost of
transfer must be approved by the Executive Vice President -
Operations, per Article VI, Section C, of the AEP Relocation
Expense Policy.
1. MOVING HOUSEHOLD GOODS
(a) HomeExpress Fee ($150 per move plus
$100 for storage, if necessary) $__________
(b) Packing, Moving, Unpacking, and
Insurance $__________
(c) Other: ____________________________ $__________
TOTAL MOVING HOUSEHOLD GOODS $_________
2. TRAVEL EXPENSES RELATED TO MOVE
(Accommodation, Meals, and Transportation)
(a) Househunting trip(s) to new location
plus trip at time of move $__________
(b) Expenses at new location while
relocating Estimated days ________ $__________
(c) Other: ____________________________ $__________
TOTAL TRAVEL EXPENSES $_________
3. DISPOSAL OF RESIDENCE
(a) Homequity Administrative and Sales
Expense Fees
(19% of home's appraised value) $__________
*(Average of Home Appraisals $_______)
(b) Other: _____________________________ $__________
*Not to be included in Total
TOTAL DISPOSAL OF RESIDENCE $__________
4. CLOSING COSTS ON HOME PURCHASE ($3,000 MAXIMUM) $__________
5. MISCELLANEOUS ALLOWANCE $__________
6. ESTIMATED TAX LIABILITY $__________
7. TOTAL ESTIMATED COST OF MOVING (sum of 1 - 6) $__________
8. EIGHT TIMES EMPLOYEE'S MONTHLY SALARY AT NEW LOCATION $__________
Request for Approval ATTACH. VI-Page 3
of Moving Expense 2/9l
This transfer is requested for the following reasons. (As part of
explanation, indicate whether consideration was given to transferring
or promoting an employee which would not involve a relocation of
residence):
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
Submitted by _____________________________
Date _____________________________
Approved by _____________________________
Date _____________________________
<PAGE>
EXHIBIT G
SEE EXHIBIT 27 FOR FINANCIAL DATA SCHEDULES.
EXHIBIT H
Organization chart showing the relationship of each EWG or foreign
utility company in which the system holds an interest to other system
companies.
American Electric Power Company, Inc.
|
|
AEP Resources, Inc.
|
|
AEP Resources International, Ltd.
Exhibit I
AEP Resources International, Limited (AEPRI) was organized June 24,
1994 and on July 12,1994 issued one (1) share of $1.00 par value common
stock for $5,000 to AEP Resources, Inc. which is a wholly-owned
subsidiary of American Electric Power Company, Inc. To date, audited
financial statements are not available, therefore unaudited statements
are included in this filing. At the next U5S filing, for the period
ending December 31, 1995, it is expected that the audited balance
sheet, income statement, and cash flow statement of AEPRI will be
available to be included.
The unaudited financial statements follow.
<PAGE>
<PAGE>
AEP RESOURCES INTERNATIONAL, LIMITED
CONTENTS
Page
Statements of Income and Retained Earnings 1
Balance Sheet 2
Statement of Cash Flows 3
Notes to Financial Statements 4
<PAGE>
<PAGE>
PAGE 1
AEP RESOURCES INTERNATIONAL, LIMITED
STATEMENT OF INCOME
FOR THE PERIOD JUNE 24, 1994 THROUGH DECEMBER 31, 1994
(UNAUDITED)
(in thousands)
REVENUES $ -
EXPENSES 4
NET LOSS $(4)
________________________________________
STATEMENT OF RETAINED EARNINGS
FOR THE PERIOD JUNE 24, 1994 THROUGH DECEMBER 31, 1994
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $ -
NET LOSS (4)
BALANCE AT END OF PERIOD* $(4)
*Parentheses Denote Accumulated Deficit.
See Notes to Financial Statements.
<PAGE>
<PAGE>
PAGE 2
AEP RESOURCES INTERNATIONAL, LIMITED
BALANCE SHEET
DECEMBER 31, 1994
(UNAUDITED)
(in thousands)
ASSETS
CURRENT ASSETS - Cash $ 1
TOTAL ASSETS $ 1
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - Par Value $1:
Authorized - 50,000 Shares
Outstanding - 1 Share
Paid-in Capital $ 5
Accumulated Deficit (4)
TOTAL CAPITALIZATION 1
TOTAL CAPITALIZATION AND LIABILITIES $ 1
See Notes to Financial Statements.
<PAGE>
<PAGE>
PAGE 3
AEP RESOURCES INTERNATIONAL, LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD JUNE 24, 1994 THROUGH DECEMBER 31, 1994
(UNAUDITED)
(in thousands)
OPERATING ACTIVITIES - Net Loss $(4)
FINANCING ACTIVITIES - Issuance of Common Stock 5
NET INCREASE IN CASH 1
CASH AT BEGINNING OF PERIOD -
CASH AT END OF PERIOD $ 1
See Notes to Financial Statements.
<PAGE>
<PAGE>
PAGE 4
AEP RESOURCES INTERNATIONAL, LIMITED
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES:
Organization
AEP Resources International, Limited (the Company or AEPRI) was organized
and incorporated under the laws of the Cayman Islands on June 24, 1994 as
a wholly-owned subsidiary of AEP Resources, Inc. (AEPRES), which is a
subsidiary of American Electric Power Company, Inc. (AEP Co., Inc.), a
public utility holding company. The purpose of the Company is to
develop, finance, construct, commission, operate, maintain and administer
independent power projects. An agreement of intent was signed by the
Company which may result in a joint venture with China to construct two
1300 megawatt coal-fired generating units (The Project) in Suizhong,
Liaoning Province, China.
The Company filed with the Federal Energy Regulatory Commission for
authority to be an exempt wholesale generator to operate and own an
interest in the Project. AEP Co., Inc. and AEPRES have filed with the
Securities and Exchange Commission under the Public Utility Holding
Company Act of 1935 for authority to issue up to $300 million of debt or
equity securities which may be invested in the Project and other
independent power projects.
2. COMMON STOCK AND OTHER PAID-IN CAPITAL
AEPRI is authorized to issue 50,000 shares of $1.00 par value common
stock. On July 12, 1994, AEPRI issued one (1) share of $1.00 par value
common stock to AEPRES for $5,000.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000004904
<NAME> AMERICAN ELECTRIC POWER COMPANY, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 11,348,110
<OTHER-PROPERTY-AND-INVEST> 735,042
<TOTAL-CURRENT-ASSETS> 1,281,438
<TOTAL-DEFERRED-CHARGES> 398,257
<OTHER-ASSETS> 1,949,852
<TOTAL-ASSETS> 15,712,699
<COMMON> 1,262,527
<CAPITAL-SURPLUS-PAID-IN> 1,641,522
<RETAINED-EARNINGS> 1,325,581
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,229,630
590,300
233,240
<LONG-TERM-DEBT-NET> 4,686,648
<SHORT-TERM-NOTES> 42,535
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 274,450
<LONG-TERM-DEBT-CURRENT-PORT> 293,671
85
<CAPITAL-LEASE-OBLIGATIONS> 306,947
<LEASES-CURRENT> 93,252
<OTHER-ITEMS-CAPITAL-AND-LIAB> 4,961,941
<TOT-CAPITALIZATION-AND-LIAB> 15,712,699
<GROSS-OPERATING-REVENUE> 5,504,670
<INCOME-TAX-EXPENSE> 235,043
<OTHER-OPERATING-EXPENSES> 4,337,407
<TOTAL-OPERATING-EXPENSES> 4,572,450
<OPERATING-INCOME-LOSS> 932,220
<OTHER-INCOME-NET> 11,485
<INCOME-BEFORE-INTEREST-EXPEN> 943,705
<TOTAL-INTEREST-EXPENSE> 388,998
<NET-INCOME> 500,012
54,695<F1>
<EARNINGS-AVAILABLE-FOR-COMM> 500,012
<COMMON-STOCK-DIVIDENDS> 443,101
<TOTAL-INTEREST-ON-BONDS> 270,745
<CASH-FLOW-OPERATIONS> 977,725
<EPS-PRIMARY> $2.71
<EPS-DILUTED> $2.71
<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
<CIK> 0000857571
<NAME> AEP GENERATING COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 432,264
<OTHER-PROPERTY-AND-INVEST> 6
<TOTAL-CURRENT-ASSETS> 42,862
<TOTAL-DEFERRED-CHARGES> 29,282
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 504,414
<COMMON> 1,000
<CAPITAL-SURPLUS-PAID-IN> 47,735
<RETAINED-EARNINGS> 4,268
<TOTAL-COMMON-STOCKHOLDERS-EQ> 53,003
0
0
<LONG-TERM-DEBT-NET> 53,340
<SHORT-TERM-NOTES> 7,200
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 55,000
0
<CAPITAL-LEASE-OBLIGATIONS> 2,019
<LEASES-CURRENT> 408
<OTHER-ITEMS-CAPITAL-AND-LIAB> 333,444
<TOT-CAPITALIZATION-AND-LIAB> 504,414
<GROSS-OPERATING-REVENUE> 236,041
<INCOME-TAX-EXPENSE> 4,344
<OTHER-OPERATING-EXPENSES> 215,316
<TOTAL-OPERATING-EXPENSES> 219,660
<OPERATING-INCOME-LOSS> 16,381
<OTHER-INCOME-NET> 3,413
<INCOME-BEFORE-INTEREST-EXPEN> 19,794
<TOTAL-INTEREST-EXPENSE> 9,684
<NET-INCOME> 10,110
0
<EARNINGS-AVAILABLE-FOR-COMM> 10,110
<COMMON-STOCK-DIVIDENDS> 7,181
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 25,844
<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
<CIK> 0000006879
<NAME> APPALACHIAN POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,770,875
<OTHER-PROPERTY-AND-INVEST> 48,928
<TOTAL-CURRENT-ASSETS> 301,764
<TOTAL-DEFERRED-CHARGES> 59,015
<OTHER-ASSETS> 403,906
<TOTAL-ASSETS> 3,584,488
<COMMON> 260,458
<CAPITAL-SURPLUS-PAID-IN> 504,408
<RETAINED-EARNINGS> 206,361
<TOTAL-COMMON-STOCKHOLDERS-EQ> 971,227
190,300
55,000
<LONG-TERM-DEBT-NET> 1,228,911
<SHORT-TERM-NOTES> 2,425
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 120,400
<LONG-TERM-DEBT-CURRENT-PORT> 0
85
<CAPITAL-LEASE-OBLIGATIONS> 32,984
<LEASES-CURRENT> 10,154
<OTHER-ITEMS-CAPITAL-AND-LIAB> 973,002
<TOT-CAPITALIZATION-AND-LIAB> 3,584,488
<GROSS-OPERATING-REVENUE> 1,535,500
<INCOME-TAX-EXPENSE> 51,672
<OTHER-OPERATING-EXPENSES> 1,278,610
<TOTAL-OPERATING-EXPENSES> 1,330,282
<OPERATING-INCOME-LOSS> 205,218
<OTHER-INCOME-NET> (4,716)
<INCOME-BEFORE-INTEREST-EXPEN> 200,502
<TOTAL-INTEREST-EXPENSE> 98,157
<NET-INCOME> 102,345
15,660
<EARNINGS-AVAILABLE-FOR-COMM> 86,685
<COMMON-STOCK-DIVIDENDS> 108,140
<TOTAL-INTEREST-ON-BONDS> 75,815
<CASH-FLOW-OPERATIONS> 218,002
<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
<CIK> 0000022198
<NAME> COLUMBUS SOUTHERN POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,845,340
<OTHER-PROPERTY-AND-INVEST> 26,744
<TOTAL-CURRENT-ASSETS> 183,821
<TOTAL-DEFERRED-CHARGES> 63,418
<OTHER-ASSETS> 475,019
<TOTAL-ASSETS> 2,594,342
<COMMON> 41,026
<CAPITAL-SURPLUS-PAID-IN> 565,642
<RETAINED-EARNINGS> 46,976
<TOTAL-COMMON-STOCKHOLDERS-EQ> 653,644
150,000
0
<LONG-TERM-DEBT-NET> 917,608
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 80,000
0
<CAPITAL-LEASE-OBLIGATIONS> 19,562
<LEASES-CURRENT> 4,890
<OTHER-ITEMS-CAPITAL-AND-LIAB> 768,638
<TOT-CAPITALIZATION-AND-LIAB> 2,594,342
<GROSS-OPERATING-REVENUE> 1,031,151
<INCOME-TAX-EXPENSE> 46,807
<OTHER-OPERATING-EXPENSES> 798,476
<TOTAL-OPERATING-EXPENSES> 845,283
<OPERATING-INCOME-LOSS> 185,868
<OTHER-INCOME-NET> 7,030
<INCOME-BEFORE-INTEREST-EXPEN> 192,898
<TOTAL-INTEREST-EXPENSE> 83,053
<NET-INCOME> 109,845
12,084
<EARNINGS-AVAILABLE-FOR-COMM> 97,761
<COMMON-STOCK-DIVIDENDS> 68,788
<TOTAL-INTEREST-ON-BONDS> 68,471
<CASH-FLOW-OPERATIONS> 194,544
<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
<CIK> 0000050172
<NAME> INDIANA MICHIGAN POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,609,366
<OTHER-PROPERTY-AND-INVEST> 468,513
<TOTAL-CURRENT-ASSETS> 286,534
<TOTAL-DEFERRED-CHARGES> 70,104
<OTHER-ASSETS> 481,212
<TOTAL-ASSETS> 3,915,729
<COMMON> 56,584
<CAPITAL-SURPLUS-PAID-IN> 734,511
<RETAINED-EARNINGS> 216,658
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,007,753
135,000
52,000
<LONG-TERM-DEBT-NET> 929,887
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 50,600
<LONG-TERM-DEBT-CURRENT-PORT> 140,000
0
<CAPITAL-LEASE-OBLIGATIONS> 113,586
<LEASES-CURRENT> 39,003
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,447,900
<TOT-CAPITALIZATION-AND-LIAB> 3,915,729
<GROSS-OPERATING-REVENUE> 1,251,309
<INCOME-TAX-EXPENSE> 47,876
<OTHER-OPERATING-EXPENSES> 981,702
<TOTAL-OPERATING-EXPENSES> 1,029,578
<OPERATING-INCOME-LOSS> 221,731
<OTHER-INCOME-NET> 7,428
<INCOME-BEFORE-INTEREST-EXPEN> 229,159
<TOTAL-INTEREST-EXPENSE> 71,688
<NET-INCOME> 157,471
11,650
<EARNINGS-AVAILABLE-FOR-COMM> 145,821
<COMMON-STOCK-DIVIDENDS> 106,608
<TOTAL-INTEREST-ON-BONDS> 43,564
<CASH-FLOW-OPERATIONS> 253,340
<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
<CIK> 0000055373
<NAME> KENTUCKY POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 591,928
<OTHER-PROPERTY-AND-INVEST> 6,533
<TOTAL-CURRENT-ASSETS> 54,279
<TOTAL-DEFERRED-CHARGES> 11,049
<OTHER-ASSETS> 50,519
<TOTAL-ASSETS> 714,308
<COMMON> 50,450
<CAPITAL-SURPLUS-PAID-IN> 68,750
<RETAINED-EARNINGS> 89,173
<TOTAL-COMMON-STOCKHOLDERS-EQ> 208,373
0
0
<LONG-TERM-DEBT-NET> 253,583
<SHORT-TERM-NOTES> 20,850
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 34,300
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 6,207
<LEASES-CURRENT> 1,864
<OTHER-ITEMS-CAPITAL-AND-LIAB> 189,131
<TOT-CAPITALIZATION-AND-LIAB> 714,308
<GROSS-OPERATING-REVENUE> 307,443
<INCOME-TAX-EXPENSE> 3,849
<OTHER-OPERATING-EXPENSES> 257,505
<TOTAL-OPERATING-EXPENSES> 261,354
<OPERATING-INCOME-LOSS> 46,089
<OTHER-INCOME-NET> (102)
<INCOME-BEFORE-INTEREST-EXPEN> 45,987
<TOTAL-INTEREST-EXPENSE> 20,714
<NET-INCOME> 25,273
0
<EARNINGS-AVAILABLE-FOR-COMM> 25,273
<COMMON-STOCK-DIVIDENDS> 21,396
<TOTAL-INTEREST-ON-BONDS> 19,090
<CASH-FLOW-OPERATIONS> 46,321
<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
<CIK> 0000073986
<NAME> OHIO POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,860,495
<OTHER-PROPERTY-AND-INVEST> 120,856
<TOTAL-CURRENT-ASSETS> 475,902
<TOTAL-DEFERRED-CHARGES> 154,501
<OTHER-ASSETS> 521,855
<TOTAL-ASSETS> 4,133,609
<COMMON> 321,201
<CAPITAL-SURPLUS-PAID-IN> 463,100
<RETAINED-EARNINGS> 483,222
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,267,523
115,000
126,240
<LONG-TERM-DEBT-NET> 1,188,319
<SHORT-TERM-NOTES> 85
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 17,150
<LONG-TERM-DEBT-CURRENT-PORT> 670
0
<CAPITAL-LEASE-OBLIGATIONS> 102,421
<LEASES-CURRENT> 25,314
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,290,887
<TOT-CAPITALIZATION-AND-LIAB> 4,133,609
<GROSS-OPERATING-REVENUE> 1,738,726
<INCOME-TAX-EXPENSE> 82,942
<OTHER-OPERATING-EXPENSES> 1,410,911
<TOTAL-OPERATING-EXPENSES> 1,493,853
<OPERATING-INCOME-LOSS> 244,873
<OTHER-INCOME-NET> 7,722
<INCOME-BEFORE-INTEREST-EXPEN> 252,595
<TOTAL-INTEREST-EXPENSE> 89,969
<NET-INCOME> 162,626
15,301
<EARNINGS-AVAILABLE-FOR-COMM> 147,325
<COMMON-STOCK-DIVIDENDS> 138,468
<TOTAL-INTEREST-ON-BONDS> 63,805
<CASH-FLOW-OPERATIONS> 297,561
<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
<CIK> 0000055986
<NAME> KINGSPORT POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 44,785
<OTHER-PROPERTY-AND-INVEST> 162
<TOTAL-CURRENT-ASSETS> 11,244
<TOTAL-DEFERRED-CHARGES> 12
<OTHER-ASSETS> 4,513
<TOTAL-ASSETS> 60,716
<COMMON> 4,100
<CAPITAL-SURPLUS-PAID-IN> 5,800
<RETAINED-EARNINGS> 6,882
<TOTAL-COMMON-STOCKHOLDERS-EQ> 16,782
0
0
<LONG-TERM-DEBT-NET> 20,000
<SHORT-TERM-NOTES> 3,275
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 2,000
0
<CAPITAL-LEASE-OBLIGATIONS> 646
<LEASES-CURRENT> 158
<OTHER-ITEMS-CAPITAL-AND-LIAB> 17,855
<TOT-CAPITALIZATION-AND-LIAB> 60,716
<GROSS-OPERATING-REVENUE> 81,804
<INCOME-TAX-EXPENSE> 558
<OTHER-OPERATING-EXPENSES> 76,311
<TOTAL-OPERATING-EXPENSES> 76,869
<OPERATING-INCOME-LOSS> 4,935
<OTHER-INCOME-NET> 158
<INCOME-BEFORE-INTEREST-EXPEN> 5,093
<TOTAL-INTEREST-EXPENSE> 1,946
<NET-INCOME> 3,147
0
<EARNINGS-AVAILABLE-FOR-COMM> 3,147
<COMMON-STOCK-DIVIDENDS> 1,684
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 4,603
<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
<CIK> 0000106617
<NAME> WHEELING POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 52,655
<OTHER-PROPERTY-AND-INVEST> 2,636
<TOTAL-CURRENT-ASSETS> 10,828
<TOTAL-DEFERRED-CHARGES> 1,476
<OTHER-ASSETS> 17,127
<TOTAL-ASSETS> 84,722
<COMMON> 2,428
<CAPITAL-SURPLUS-PAID-IN> 12,596
<RETAINED-EARNINGS> 6,016
<TOTAL-COMMON-STOCKHOLDERS-EQ> 21,040
0
0
<LONG-TERM-DEBT-NET> 15,000
<SHORT-TERM-NOTES> 8,700
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 11,000
0
<CAPITAL-LEASE-OBLIGATIONS> 3,179
<LEASES-CURRENT> 498
<OTHER-ITEMS-CAPITAL-AND-LIAB> 25,305
<TOT-CAPITALIZATION-AND-LIAB> 84,722
<GROSS-OPERATING-REVENUE> 79,917
<INCOME-TAX-EXPENSE> (476)
<OTHER-OPERATING-EXPENSES> 76,663
<TOTAL-OPERATING-EXPENSES> 76,187
<OPERATING-INCOME-LOSS> 3,730
<OTHER-INCOME-NET> (10)
<INCOME-BEFORE-INTEREST-EXPEN> 3,720
<TOTAL-INTEREST-EXPENSE> 2,657
<NET-INCOME> 1,063
0
<EARNINGS-AVAILABLE-FOR-COMM> 1,063
<COMMON-STOCK-DIVIDENDS> 2,468
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (5,994)
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
