<PAGE> File No. 70-8693
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Post-Effective Amendment No. 2
to
FORM U-1
APPLICATION OR DECLARATION
under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
***
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
AEP GENERATING COMPANY
1 Riverside Plaza, Columbus, Ohio 43215
APPALACHIAN POWER COMPANY
40 Franklin Road, S.W., Roanoke, Virginia 24011
COLUMBUS SOUTHERN POWER COMPANY
215 North Front Street, Columbus, Ohio 43215
INDIANA MICHIGAN POWER COMPANY
One Summit Square, P. O. Box 60, Fort Wayne, Indiana 46801
KENTUCKY POWER COMPANY
1701 Central Avenue, Ashland, Kentucky 41101
KINGSPORT POWER COMPANY
40 Franklin Road, S. W. Roanoke, Virginia 24011
OHIO POWER COMPANY
301 Cleveland Avenue, S. W., Canton, Ohio 44701
WHEELING POWER COMPANY
51 Sixteenth St., Wheeling, West Virginia 26003
(Name of company or companies filing this state-
ment and addresses of principal executive offices)
***
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of top registered holding company parent
of each applicant or declarant)
***
A. A. Pena, Treasurer
AMERICAN ELECTRIC POWER SERVICE CORPORATION
1 Riverside Plaza, Columbus, Ohio 43215
John F. DiLorenzo, Jr., Associate General Counsel
AMERICAN ELECTRIC POWER SERVICE CORPORATION
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)
American Electric Power Company, Inc. ("American"), AEP
Generating Company ("Generating"), Appalachian Power Company
("Appalachian"), Columbus Southern Power Company ("Columbus"),
Indiana Michigan Power Company ("Indiana"), Kentucky Power Company
("Kentucky"), Kingsport Power Company ("Kingsport"), Ohio Power
Company ("Ohio") and Wheeling Power Company ("Wheeling")
(collectively, "the Companies") propose to amend their
Application/Declaration on Form U-1, as amended, in File No. 70-
8693 by supplying the following financial statements and Sources of
Funds Statements:
ITEM 6. EXHIBITS AND FINANCIAL STATEMENTS
The following financial statements, and Source of Funds
Statements are filed as part of this statement:
(b) Financial Statements:
1. Balance Sheets as of December 31, 1997, and
Statements of Income and Retained Earnings for the 12 months
ended December 31, 1997, of American and its subsidiaries con-
solidated and of Generating, Appalachian, Columbus, Indiana,
Kentucky, Kingsport, Ohio and Wheeling.
2. Funds Flow Statements for American, Appalachian,
Columbus, Generating, Indiana, Kentucky, Kingsport, Ohio and
Wheeling for the years 1998, 1999, 2000, 2001, 2002 and 2003.
SIGNATURES
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned have duly caused this Post-
Effective Amendment No. 2 to Form U-1 to be signed on their behalf
by the undersigned thereunto duly authorized.
AMERICAN ELECTRIC POWER COMPANY, INC.
AEP GENERATING COMPANY
APPALACHIAN POWER COMPANY
COLUMBUS SOUTHERN POWER COMPANY
INDIANA MICHIGAN POWER COMPANY
KENTUCKY POWER COMPANY
KINGSPORT POWER COMPANY
OHIO POWER COMPANY
WHEELING POWER COMPANY
By: /s/ A. A. Pena
Treasurer
Dated: April 20, 1998
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per-share amounts)
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
<S> <C>
OPERATING REVENUES. . . . . . . . . . . . . . . $6,161,368
OPERATING EXPENSES:
Fuel. . . . . . . . . . . . . . . . . . . . . 1,627,066
Purchased Power . . . . . . . . . . . . . . . 416,266
Other Operation . . . . . . . . . . . . . . . 1,227,368
Maintenance . . . . . . . . . . . . . . . . . 483,268
Depreciation and Amortization . . . . . . . . 591,071
Taxes Other Than Federal Income Taxes . . . . 490,595
Federal Income Taxes. . . . . . . . . . . . . 341,280
TOTAL OPERATING EXPENSES. . . . . . . 5,176,914
OPERATING INCOME. . . . . . . . . . . . . . . . 984,454
NONOPERATING INCOME (net) . . . . . . . . . . . 59,572
INCOME BEFORE INTEREST CHARGES AND
PREFERRED DIVIDENDS . . . . . . . . . . . . . 1,044,026
INTEREST CHARGES. . . . . . . . . . . . . . . . 405,815
PREFERRED STOCK DIVIDEND
REQUIREMENTS OF SUBSIDIARIES. . . . . . . . . 17,831
INCOME BEFORE EXTRAORDINARY ITEM. . . . . . . . 620,380
EXTRAORDINARY LOSS - UK WINDFALL TAX. . . . . . (109,419)
NET INCOME. . . . . . . . . . . . . . . . . . . $ 510,961
AVERAGE NUMBER OF SHARES OUTSTANDING. . . . . . 189,039
EARNINGS PER SHARE:
Before Extraordinary Item . . . . . . . . . . $3.28
Extraordinary Loss. . . . . . . . . . . . . . (0.58)
Net Income. . . . . . . . . . . . . . . . . . $2.70
CASH DIVIDENDS PAID PER SHARE . . . . . . . . . $2.40
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
BALANCE AT BEGINNING OF PERIOD. . . . . . . . . $1,547,746
NET INCOME. . . . . . . . . . . . . . . . . . . 510,961
DEDUCTIONS:
Cash Dividends Declared . . . . . . . . . . . 453,453
Other . . . . . . . . . . . . . . . . . . . . 237
BALANCE AT END OF PERIOD. . . . . . . . . . . . $1,605,017
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $ 9,493,158
Transmission . . . . . . . . . . . . . . . . . . . . 3,501,580
Distribution . . . . . . . . . . . . . . . . . . . . 4,654,234
General (including mining assets and nuclear fuel) . 1,604,671
Construction Work in Progress. . . . . . . . . . . . 342,842
Total Electric Utility Plant . . . . . . . . 19,596,485
Accumulated Depreciation and Amortization. . . . . . 7,963,636
NET ELECTRIC UTILITY PLANT . . . . . . . . . 11,632,849
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 1,358,810
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 91,481
Accounts Receivable. . . . . . . . . . . . . . . . . 674,278
Allowance for Uncollectible Accounts . . . . . . . . (6,760)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 224,967
Materials and Supplies . . . . . . . . . . . . . . . 263,613
Accrued Utility Revenues . . . . . . . . . . . . . . 189,191
Prepayments and Other. . . . . . . . . . . . . . . . 81,366
TOTAL CURRENT ASSETS . . . . . . . . . . . . 1,518,136
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 1,817,540
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 288,011
TOTAL. . . . . . . . . . . . . . . . . . . $16,615,346
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock-Par Value $6.50:
Shares Authorized . . . .300,000,000
Shares Issued . . . . . .198,989,981
(8,999,992 shares were held in treasury) . . . . . $ 1,293,435
Paid-in Capital. . . . . . . . . . . . . . . . . . . 1,778,782
Retained Earnings. . . . . . . . . . . . . . . . . . 1,605,017
Total Common Shareholders' Equity. . . . . . 4,677,234
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption. . . . . . . . 46,724
Subject to Mandatory Redemption. . . . . . . . . . 127,605
Long-term Debt . . . . . . . . . . . . . . . . . . . 5,129,463
TOTAL CAPITALIZATION . . . . . . . . . . . . 9,981,026
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 1,246,537
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . 294,454
Short-term Debt. . . . . . . . . . . . . . . . . . . 555,075
Accounts Payable . . . . . . . . . . . . . . . . . . 353,256
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 380,771
Interest Accrued . . . . . . . . . . . . . . . . . . 76,361
Obligations Under Capital Leases . . . . . . . . . . 101,089
Other. . . . . . . . . . . . . . . . . . . . . . . . 322,687
TOTAL CURRENT LIABILITIES. . . . . . . . . . 2,083,693
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 2,560,921
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 376,250
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 231,320
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 135,599
TOTAL. . . . . . . . . . . . . . . . . . . $16,615,346
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AEP GENERATING COMPANY
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . $227,868
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 98,191
Rent - Rockport Plant Unit 2 . . . . . . . . . . . . 68,283
Other Operation. . . . . . . . . . . . . . . . . . . 11,506
Maintenance. . . . . . . . . . . . . . . . . . . . . 12,408
Depreciation . . . . . . . . . . . . . . . . . . . . 21,614
Taxes Other Than Federal Income Taxes. . . . . . . . 3,542
Federal Income Taxes . . . . . . . . . . . . . . . . 3,284
TOTAL OPERATING EXPENSES . . . . . . . . . . 218,828
OPERATING INCOME . . . . . . . . . . . . . . . . . . . 9,040
NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 3,603
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 12,643
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 3,857
NET INCOME . . . . . . . . . . . . . . . . . . . . . . $ 8,786
STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $1,886
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 8,786
CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . 8,144
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $2,528
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
</TABLE>
<PAGE>
PAGE>
<TABLE>
AEP GENERATING COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $627,803
General. . . . . . . . . . . . . . . . . . . . . . . 3,137
Construction Work in Progress. . . . . . . . . . . . 2,510
Total Electric Utility Plant . . . . . . . . 633,450
Accumulated Depreciation . . . . . . . . . . . . . . 257,191
NET ELECTRIC UTILITY PLANT . . . . . . . . . 376,259
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 237
Accounts Receivable. . . . . . . . . . . . . . . . . 20,710
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 10,107
Materials and Supplies . . . . . . . . . . . . . . . 4,246
Prepayments. . . . . . . . . . . . . . . . . . . . . 368
TOTAL CURRENT ASSETS . . . . . . . . . . . . 35,668
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 5,639
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 1,492
TOTAL. . . . . . . . . . . . . . . . . . . $419,058
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AEP GENERATING COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - Par Value $1,000:
Authorized and Outstanding - 1,000 Shares. . . . . $ 1,000
Paid-in Capital. . . . . . . . . . . . . . . . . . . 39,235
Retained Earnings. . . . . . . . . . . . . . . . . . 2,528
Total Common Shareholder's Equity. . . . . . 42,763
Long-term Debt . . . . . . . . . . . . . . . . . . . 69,570
TOTAL CAPITALIZATION . . . . . . . . . . . . 112,333
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 1,259
CURRENT LIABILITIES:
Short-term Debt - Notes Payable. . . . . . . . . . . 11,750
Accounts Payable . . . . . . . . . . . . . . . . . . 9,704
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 3,420
Interest Accrued . . . . . . . . . . . . . . . . . . 461
Rent Accrued - Rockport Plant Unit 2 . . . . . . . . 4,963
Other. . . . . . . . . . . . . . . . . . . . . . . . 3,747
TOTAL CURRENT LIABILITIES. . . . . . . . . . 34,045
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 138,901
REGULATORY LIABILITIES:
Deferred Investment Tax Credits. . . . . . . . . . . 70,016
Amounts Due to Customers For Income Taxes. . . . . . 31,375
TOTAL REGULATORY LIABILITIES . . . . . . . . 101,391
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 31,129
TOTAL. . . . . . . . . . . . . . . . . . . $419,058
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . $1,720,010
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 403,777
Purchased Power. . . . . . . . . . . . . . . . . . . 403,009
Other Operation. . . . . . . . . . . . . . . . . . . 246,785
Maintenance. . . . . . . . . . . . . . . . . . . . . 112,873
Depreciation and Amortization. . . . . . . . . . . . 137,670
Taxes Other Than Federal Income Taxes. . . . . . . . 116,590
Federal Income Taxes . . . . . . . . . . . . . . . . 59,312
TOTAL OPERATING EXPENSES . . . . . . . . . . 1,480,016
OPERATING INCOME . . . . . . . . . . . . . . . . . . . 239,994
NONOPERATING LOSS. . . . . . . . . . . . . . . . . . . (222)
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 239,772
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 119,258
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 120,514
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . 7,006
EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . $ 113,508
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $208,472
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 120,514
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . . . . . . 114,436
Cumulative Preferred Stock . . . . . . . . . . . . 3,221
Capital Stock Expense. . . . . . . . . . . . . . . . 3,785
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $207,544
The common stock of the Company is wholly owned by American Electric
Power Company, Inc.
/TABLE
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $1,942,325
Transmission . . . . . . . . . . . . . . . . . . . . 1,079,919
Distribution . . . . . . . . . . . . . . . . . . . . 1,583,161
General. . . . . . . . . . . . . . . . . . . . . . . 207,380
Construction Work in Progress. . . . . . . . . . . . 88,261
Total Electric Utility Plant . . . . . . . . 4,901,046
Accumulated Depreciation and Amortization. . . . . . 1,869,057
NET ELECTRIC UTILITY PLANT . . . . . . . . . 3,031,989
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 35,467
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 6,947
Accounts Receivable. . . . . . . . . . . . . . . . . 164,657
Allowance for Uncollectible Accounts . . . . . . . . (1,333)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 47,901
Materials and Supplies . . . . . . . . . . . . . . . 57,359
Accrued Utility Revenues . . . . . . . . . . . . . . 51,208
Prepayments. . . . . . . . . . . . . . . . . . . . . 6,037
TOTAL CURRENT ASSETS . . . . . . . . . . . . 332,776
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 441,223
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 41,975
TOTAL. . . . . . . . . . . . . . . . . . . $3,883,430
</TABLE>
<PAGE>
<PAGE>
<TABLE>
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 30,000,000 Shares
Outstanding - 13,499,500 Shares. . . . . . . . . . $ 260,458
Paid-in Capital. . . . . . . . . . . . . . . . . . . 613,048
Retained Earnings. . . . . . . . . . . . . . . . . . 207,544
Total Common Shareholder's Equity. . . . . . 1,081,050
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption. . . . . . . . 19,747
Subject to Mandatory Redemption. . . . . . . . . . 22,310
Long-term Debt . . . . . . . . . . . . . . . . . . . 1,415,026
TOTAL CAPITALIZATION . . . . . . . . . . . . 2,538,133
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 137,371
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . 79,509
Short-term Debt. . . . . . . . . . . . . . . . . . . 130,300
Accounts Payable . . . . . . . . . . . . . . . . . . 96,816
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 41,549
Customer Deposits. . . . . . . . . . . . . . . . . . 13,713
Interest Accrued . . . . . . . . . . . . . . . . . . 20,949
Other. . . . . . . . . . . . . . . . . . . . . . . . 71,394
TOTAL CURRENT LIABILITIES. . . . . . . . . . 454,230
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 658,655
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 67,496
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 27,545
TOTAL. . . . . . . . . . . . . . . . . . . $3,883,430
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . $1,139,604
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 180,086
Purchased Power. . . . . . . . . . . . . . . . . . . 221,064
Other Operation. . . . . . . . . . . . . . . . . . . 180,663
Maintenance. . . . . . . . . . . . . . . . . . . . . 66,956
Depreciation . . . . . . . . . . . . . . . . . . . . 90,723
Amortization of Zimmer Plant Phase-in Costs. . . . . 15,746
Taxes Other Than Federal Income Taxes. . . . . . . . 117,519
Federal Income Taxes . . . . . . . . . . . . . . . . 71,720
TOTAL OPERATING EXPENSES . . . . . . . . . . 944,477
OPERATING INCOME . . . . . . . . . . . . . . . . . . . 195,127
NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 3,137
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 198,264
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 78,885
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 119,379
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . 2,442
EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . $ 116,937
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $ 99,582
NET INCOME (LOSS). . . . . . . . . . . . . . . . . . . 119,379
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . . . . . . 78,684
Cumulative Preferred Stock . . . . . . . . . . . . 1,750
Capital Stock Expense. . . . . . . . . . . . . . . . 355
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $138,172
The common stock of the Company is wholly owned by American Electric
Power Company, Inc.
/TABLE
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $1,521,381
Transmission . . . . . . . . . . . . . . . . . . . . 336,446
Distribution . . . . . . . . . . . . . . . . . . . . 926,178
General. . . . . . . . . . . . . . . . . . . . . . . 138,041
Construction Work in Progress. . . . . . . . . . . . 54,064
Total Electric Utility Plant . . . . . . . . 2,976,110
Accumulated Depreciation . . . . . . . . . . . . . . 1,074,588
NET ELECTRIC UTILITY PLANT . . . . . . . . . 1,901,522
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 33,653
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 12,626
Accounts Receivable. . . . . . . . . . . . . . . . . 112,027
Allowance for Uncollectible Accounts . . . . . . . . (1,058)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 19,549
Materials and Supplies . . . . . . . . . . . . . . . 27,628
Accrued Utility Revenues . . . . . . . . . . . . . . 51,765
Prepayments and Other. . . . . . . . . . . . . . . . 29,979
TOTAL CURRENT ASSETS . . . . . . . . . . . . 252,516
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 359,481
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 66,688
TOTAL. . . . . . . . . . . . . . . . . . . $2,613,860
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 24,000,000 Shares
Outstanding - 16,410,426 Shares. . . . . . . . . . $ 41,026
Paid-in Capital. . . . . . . . . . . . . . . . . . . 572,112
Retained Earnings. . . . . . . . . . . . . . . . . . 138,172
Total Common Shareholder's Equity. . . . . . 751,310
Cumulative Preferred Stock - Subject to
Mandatory Redemption . . . . . . . . . . . . . . . 25,000
Long-term Debt . . . . . . . . . . . . . . . . . . . 887,850
TOTAL CAPITALIZATION . . . . . . . . . . . . 1,664,160
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 42,271
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . 81,750
Short-term Debt. . . . . . . . . . . . . . . . . . . 66,600
Accounts Payable . . . . . . . . . . . . . . . . . . 71,287
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 131,107
Interest Accrued . . . . . . . . . . . . . . . . . . 14,198
Other. . . . . . . . . . . . . . . . . . . . . . . . 28,619
TOTAL CURRENT LIABILITIES. . . . . . . . . . 393,561
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 433,593
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 52,934
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 27,341
TOTAL. . . . . . . . . . . . . . . . . . . $2,613,860
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . . $1,391,917
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . . . . . . . 226,402
Purchased Power. . . . . . . . . . . . . . . . . . . . 217,460
Other Operation. . . . . . . . . . . . . . . . . . . . 334,115
Maintenance. . . . . . . . . . . . . . . . . . . . . . 117,780
Depreciation and Amortization. . . . . . . . . . . . . 140,812
Amortization of Rockport Plant Unit 1
Phase-in Plan Deferrals. . . . . . . . . . . . . . . 11,871
Taxes Other Than Federal Income Taxes. . . . . . . . . 64,945
Federal Income Taxes . . . . . . . . . . . . . . . . . 70,744
TOTAL OPERATING EXPENSES . . . . . . . . . . . 1,184,129
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . 207,788
NONOPERATING INCOME. . . . . . . . . . . . . . . . . . . 4,415
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . 212,203
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . . 65,463
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 146,740
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . . 5,736
EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . . $ 141,004
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . $269,071
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 146,740
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . . . . . . . 131,260
Cumulative Preferred Stock . . . . . . . . . . . . . 4,757
Capital Stock Expense. . . . . . . . . . . . . . . . . 980
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . $278,814
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
/TABLE
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $2,545,484
Transmission . . . . . . . . . . . . . . . . . . . . 908,736
Distribution . . . . . . . . . . . . . . . . . . . . 737,902
General (including nuclear fuel) . . . . . . . . . . 233,888
Construction Work in Progress. . . . . . . . . . . . 88,487
Total Electric Utility Plant . . . . . . . . 4,514,497
Accumulated Depreciation and Amortization. . . . . . 1,973,937
NET ELECTRIC UTILITY PLANT . . . . . . . . . 2,540,560
NUCLEAR DECOMMISSIONING AND SPENT NUCLEAR
FUEL DISPOSAL TRUST FUNDS. . . . . . . . . . . . . . 566,390
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 156,228
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 5,860
Accounts Receivable. . . . . . . . . . . . . . . . . 137,310
Allowance for Uncollectible Accounts . . . . . . . . (1,188)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 17,182
Materials and Supplies . . . . . . . . . . . . . . . 78,701
Accrued Utility Revenues . . . . . . . . . . . . . . 30,521
Prepayments. . . . . . . . . . . . . . . . . . . . . 4,685
TOTAL CURRENT ASSETS . . . . . . . . . . . . 273,071
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 400,489
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 31,060
TOTAL. . . . . . . . . . . . . . . . . . . $3,967,798
</TABLE>
<PAGE>
<PAGE>
<TABLE>
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 2,500,000 Shares
Outstanding - 1,400,000 Shares . . . . . . . . . . $ 56,584
Paid-in Capital. . . . . . . . . . . . . . . . . . . 732,472
Retained Earnings. . . . . . . . . . . . . . . . . . 278,814
Total Common Shareholder's Equity. . . . . . 1,067,870
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption. . . . . . . . 9,435
Subject to Mandatory Redemption. . . . . . . . . . 68,445
Long-term Debt . . . . . . . . . . . . . . . . . . . 1,014,237
TOTAL CAPITALIZATION . . . . . . . . . . . . 2,159,987
OTHER NONCURRENT LIABILITIES:
Nuclear Decommissioning. . . . . . . . . . . . . . . 381,016
Other. . . . . . . . . . . . . . . . . . . . . . . . 232,667
TOTAL OTHER NONCURRENT LIABILITIES . . . . . 613,683
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . 35,000
Short-term Debt. . . . . . . . . . . . . . . . . . . 119,600
Accounts Payable . . . . . . . . . . . . . . . . . . 68,394
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 46,850
Interest Accrued . . . . . . . . . . . . . . . . . . 15,741
Obligations Under Capital Leases . . . . . . . . . . 34,033
Other. . . . . . . . . . . . . . . . . . . . . . . . 63,250
TOTAL CURRENT LIABILITIES. . . . . . . . . . 382,868
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 559,708
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 138,045
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 92,419
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 21,088
TOTAL. . . . . . . . . . . . . . . . . . . $3,967,798
</TABLE>
<PAGE>
<PAGE>
<TABLE>
KENTUCKY POWER COMPANY
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . $359,543
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 77,051
Purchased Power. . . . . . . . . . . . . . . . . . . 113,938
Other Operation. . . . . . . . . . . . . . . . . . . 51,544
Maintenance. . . . . . . . . . . . . . . . . . . . . 24,417
Depreciation . . . . . . . . . . . . . . . . . . . . 26,474
Taxes Other Than Federal Income Taxes. . . . . . . . 9,397
Federal Income Tax Expense . . . . . . . . . . . . . 9,866
TOTAL OPERATING EXPENSES . . . . . . . . . . 312,687
OPERATING INCOME . . . . . . . . . . . . . . . . . . . 46,856
NONOPERATING LOSS. . . . . . . . . . . . . . . . . . . (464)
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 46,392
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 25,646
NET INCOME . . . . . . . . . . . . . . . . . . . . . . $ 20,746
STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $84,090
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 20,746
CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . 26,760
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $78,076
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
KENTUCKY POWER COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $ 249,184
Transmission . . . . . . . . . . . . . . . . . . . . 303,456
Distribution . . . . . . . . . . . . . . . . . . . . 350,793
General. . . . . . . . . . . . . . . . . . . . . . . 71,462
Construction Work in Progress. . . . . . . . . . . . 32,060
Total Electric Utility Plant . . . . . . . . 1,006,955
Accumulated Depreciation and Amortization. . . . . . 296,318
NET ELECTRIC UTILITY PLANT . . . . . . . . . 710,637
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 6,591
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 1,381
Accounts Receivable. . . . . . . . . . . . . . . . . 29,125
Allowance for Uncollectible Accounts . . . . . . . . (525)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 10,685
Material and Supplies. . . . . . . . . . . . . . . . 14,054
Accrued Utility Revenues . . . . . . . . . . . . . . 12,981
Prepayments. . . . . . . . . . . . . . . . . . . . . 1,538
TOTAL CURRENT ASSETS . . . . . . . . . . . . 69,239
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 90,045
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 10,159
TOTAL. . . . . . . . . . . . . . . . . . . $ 886,671
</TABLE>
<PAGE>
<PAGE>
<TABLE>
KENTUCKY POWER COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - $50 Par Value:
Authorized - 2,000,000 Shares
Outstanding - 1,009,000 Shares . . . . . . . . . . $ 50,450
Paid-in Capital. . . . . . . . . . . . . . . . . . . 128,750
Retained Earnings. . . . . . . . . . . . . . . . . . 78,076
Total Common Shareholder's Equity. . . . . . 257,276
First Mortgage Bonds . . . . . . . . . . . . . . . . 179,410
Senior Unsecured Notes . . . . . . . . . . . . . . . 47,708
Notes Payable. . . . . . . . . . . . . . . . . . . . 75,000
Subordinated Debentures. . . . . . . . . . . . . . . 38,933
TOTAL CAPITALIZATION . . . . . . . . . . . . 598,327
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 26,693
CURRENT LIABILITIES:
Short-term Debt. . . . . . . . . . . . . . . . . . . 36,500
Accounts Payable . . . . . . . . . . . . . . . . . . 24,574
Customer Deposits. . . . . . . . . . . . . . . . . . 3,660
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 6,130
Interest Accrued . . . . . . . . . . . . . . . . . . 6,015
Other. . . . . . . . . . . . . . . . . . . . . . . . 14,935
TOTAL CURRENT LIABILITIES. . . . . . . . . . 91,814
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 153,945
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 15,615
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 277
TOTAL. . . . . . . . . . . . . . . . . . . $886,671
</TABLE>
<PAGE>
<PAGE>
<TABLE>
KINGSPORT POWER COMPANY
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . $79,922
OPERATING EXPENSES:
Purchased Power - Affiliated Company . . . . . . . . 57,931
Other Operation. . . . . . . . . . . . . . . . . . . 8,533
Maintenance. . . . . . . . . . . . . . . . . . . . . 1,982
Depreciation . . . . . . . . . . . . . . . . . . . . 2,582
Taxes Other Than Federal Income Taxes. . . . . . . . 3,937
Federal Income Taxes . . . . . . . . . . . . . . . . 825
TOTAL OPERATING EXPENSES . . . . . . . . . . 75,790
OPERATING INCOME . . . . . . . . . . . . . . . . . . . 4,132
NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 594
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 4,726
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 2,711
NET INCOME . . . . . . . . . . . . . . . . . . . . . . $ 2,015
STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $7,607
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 2,015
CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . 2,255
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $7,367
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
/TABLE
<PAGE>
<PAGE>
<TABLE>
KINGSPORT POWER COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Transmission . . . . . . . . . . . . . . . . . . . . $12,996
Distribution . . . . . . . . . . . . . . . . . . . . 65,255
General. . . . . . . . . . . . . . . . . . . . . . . 4,684
Construction Work in Progress. . . . . . . . . . . . 1,456
Total Electric Utility Plant . . . . . . . . 84,391
Accumulated Depreciation . . . . . . . . . . . . . . 27,824
NET ELECTRIC UTILITY PLANT . . . . . . . . . 56,567
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 288
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 763
Accounts Receivable (net). . . . . . . . . . . . . . 7,102
Materials and Supplies . . . . . . . . . . . . . . . 547
Accrued Utility Revenues . . . . . . . . . . . . . . 3,793
Prepayments. . . . . . . . . . . . . . . . . . . . . 1,058
TOTAL CURRENT ASSETS . . . . . . . . . . . . 13,263
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 5,598
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 3
TOTAL. . . . . . . . . . . . . . . . . . . $75,719
</TABLE>
<PAGE>
<PAGE>
<TABLE>
KINGSPORT POWER COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 500,000 Shares
Outstanding - 410,000 Shares . . . . . . . . . . . $ 4,100
Paid-in Capital. . . . . . . . . . . . . . . . . . . 10,800
Retained Earnings. . . . . . . . . . . . . . . . . . 7,367
Total Common Shareholder's Equity. . . . . . 22,267
Long-term Debt - Notes Payable to Banks. . . . . . . 25,000
TOTAL CAPITALIZATION . . . . . . . . . . . . 47,267
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 2,016
CURRENT LIABILITIES:
Short-term Debt - Notes Payable. . . . . . . . . . . 5,600
Accounts Payable . . . . . . . . . . . . . . . . . . 6,822
Customer Deposits. . . . . . . . . . . . . . . . . . 886
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 1,215
Other. . . . . . . . . . . . . . . . . . . . . . . . 2,203
TOTAL CURRENT LIABILITIES. . . . . . . . . . 16,726
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 8,506
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 1,027
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 177
TOTAL. . . . . . . . . . . . . . . . . . . $75,719
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . $1,965,818
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 642,135
Purchased Power. . . . . . . . . . . . . . . . . . . 145,861
Other Operation. . . . . . . . . . . . . . . . . . . 322,088
Maintenance. . . . . . . . . . . . . . . . . . . . . 143,831
Depreciation and Amortization. . . . . . . . . . . . 140,807
Taxes Other Than Federal Income Taxes. . . . . . . . 168,480
Federal Income Taxes . . . . . . . . . . . . . . . . 126,223
TOTAL OPERATING EXPENSES . . . . . . . . . . 1,689,425
OPERATING INCOME . . . . . . . . . . . . . . . . . . . 276,393
NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 14,822
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 291,215
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 82,526
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 208,689
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . 2,647
EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . $ 206,042
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $584,015
NET INCOME . . . . . . . . . . . . . . . . . . . . . . 208,689
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . . . . . . 199,333
Cumulative Preferred Stock . . . . . . . . . . . . 3,199
Capital Stock Expense. . . . . . . . . . . . . . . . 21
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $590,151
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . . . $2,606,981
Transmission . . . . . . . . . . . . . . . . . . . . . . 837,953
Distribution . . . . . . . . . . . . . . . . . . . . . . 927,239
General (including mining assets). . . . . . . . . . . . 709,475
Construction Work in Progress. . . . . . . . . . . . . . 74,149
Total Electric Utility Plant . . . . . . . . . . 5,155,797
Accumulated Depreciation and Amortization. . . . . . . . 2,349,995
NET ELECTRIC UTILITY PLANT . . . . . . . . . . . 2,805,802
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . . . 113,925
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . . . 44,203
Accounts Receivable. . . . . . . . . . . . . . . . . . . 296,173
Allowance for Uncollectible Accounts . . . . . . . . . . (2,501)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . . . 119,543
Materials and Supplies . . . . . . . . . . . . . . . . . 80,853
Accrued Utility Revenues . . . . . . . . . . . . . . . . 37,586
Prepayments. . . . . . . . . . . . . . . . . . . . . . . 36,611
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . 612,468
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . . . 523,891
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . . . 107,116
TOTAL. . . . . . . . . . . . . . . . . . . . . $4,163,202
</TABLE>
<PAGE>
<PAGE>
<TABLE>
OHIO POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 40,000,000 Shares
Outstanding - 27,952,473 Shares. . . . . . . . . . . . $ 321,201
Paid-in Capital. . . . . . . . . . . . . . . . . . . . . 462,296
Retained Earnings. . . . . . . . . . . . . . . . . . . . 590,151
Total Common Shareholder's Equity. . . . . . . . 1,373,648
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption. . . . . . . . . . 17,542
Subject to Mandatory Redemption. . . . . . . . . . . . 11,850
Long-term Debt . . . . . . . . . . . . . . . . . . . . . 1,012,031
TOTAL CAPITALIZATION . . . . . . . . . . . . . . 2,415,071
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . . . 295,375
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . . . 83,195
Short-term Debt. . . . . . . . . . . . . . . . . . . . . 78,700
Accounts Payable . . . . . . . . . . . . . . . . . . . . 184,747
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . 160,055
Interest Accrued . . . . . . . . . . . . . . . . . . . . 16,255
Obligations Under Capital Leases . . . . . . . . . . . . 30,307
Other. . . . . . . . . . . . . . . . . . . . . . . . . . 94,338
TOTAL CURRENT LIABILITIES. . . . . . . . . . . . 647,597
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . . . 723,172
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . . . 42,821
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . . . 39,166
TOTAL. . . . . . . . . . . . . . . . . . . . . $4,163,202
</TABLE>
<PAGE>
<PAGE>
<TABLE>
WHEELING POWER COMPANY
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Twelve Months Ended
December 31,
1997
(in thousands)
<S> <C>
OPERATING REVENUES . . . . . . . . . . . . . . . . . . . $85,297
OPERATING EXPENSES:
Purchased Power - Affiliated Company . . . . . . . . . 58,744
Other Operation. . . . . . . . . . . . . . . . . . . . 9,368
Maintenance. . . . . . . . . . . . . . . . . . . . . . 3,021
Depreciation . . . . . . . . . . . . . . . . . . . . . 2,774
Taxes Other Than Federal Income Taxes. . . . . . . . . 5,600
Federal Income Tax Expense . . . . . . . . . . . . . . 1,362
TOTAL OPERATING EXPENSES . . . . . . . . . . . 80,869
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . 4,428
NONOPERATING LOSS. . . . . . . . . . . . . . . . . . . . (255)
INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . 4,173
INTEREST CHARGES . . . . . . . . . . . . . . . . . . . . 1,982
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . $ 2,191
STATEMENT OF RETAINED EARNINGS
(UNAUDITED)
Twelve Months Ended
December 31,
1997
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . $6,048
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 2,191
CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . . 2,315
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . $5,924
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
WHEELING POWER COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
ASSETS
<S> <C>
ELECTRIC UTILITY PLANT:
Transmission . . . . . . . . . . . . . . . . . . . . . $22,074
Distribution . . . . . . . . . . . . . . . . . . . . . 63,706
General. . . . . . . . . . . . . . . . . . . . . . . . 7,450
Construction Work in Progress. . . . . . . . . . . . . 1,855
Total Electric Utility Plant . . . . . . . . . 95,085
Accumulated Depreciation . . . . . . . . . . . . . . . 37,355
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 57,730
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . . 2,951
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . . 197
Accounts Receivable. . . . . . . . . . . . . . . . . . 9,358
Allowance for Uncollectible Accounts . . . . . . . . . (82)
Materials and Supplies . . . . . . . . . . . . . . . . 148
Accrued Utility Revenues . . . . . . . . . . . . . . . 1,338
Prepayments and Other. . . . . . . . . . . . . . . . . 213
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 11,172
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . . 13,955
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . . 1,568
TOTAL. . . . . . . . . . . . . . . . . . . . $87,376
</TABLE>
<PAGE>
<PAGE>
<TABLE>
WHEELING POWER COMPANY
BALANCE SHEET
(UNAUDITED)
<CAPTION>
December 31,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized and Outstanding - 150,000 Shares. . . . . . . $ 2,428
Paid-in Capital. . . . . . . . . . . . . . . . . . . . . . 13,596
Retained Earnings. . . . . . . . . . . . . . . . . . . . . 5,924
Total Common Shareholder's Equity. . . . . . . . . 21,948
Long-term Debt - Notes Payable to Banks. . . . . . . . . . 26,000
TOTAL CAPITALIZATION . . . . . . . . . . . . . . . 47,948
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . . . . 6,353
CURRENT LIABILITIES:
Short-term Debt - Notes Payable. . . . . . . . . . . . . . 5,975
Accounts Payable . . . . . . . . . . . . . . . . . . . . . 6,144
Customer Deposits. . . . . . . . . . . . . . . . . . . . . 334
Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . 2,070
Interest Accrued . . . . . . . . . . . . . . . . . . . . . 599
Obligations Under Capital Leases . . . . . . . . . . . . . 597
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . 902
TOTAL CURRENT LIABILITIES. . . . . . . . . . . . . 16,621
DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . . . . 15,668
REGULATORY LIABILITIES . . . . . . . . . . . . . . . . . . . 786
TOTAL. . . . . . . . . . . . . . . . . . . . . . $87,376
</TABLE>
AMERICAN ELECTRIC POWER CO., INC.
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CAPITAL CONTRIBUTIONS:
AEP GENERATING COMPANY (8) (7) (6) (6) (8) (8)
APPALACHIAN POWER COMPANY 50 25 50 100 50 50
COLUMBUS SOUTHERN POWER CO 0 0 0 0 0 0
INDIANA MICHIGAN POWER CO (15) (30) (30) (25) (30) (30)
KENTUCKY POWER COMPANY 20 10 20 10 0 10
KINGSPORT POWER COMPANY 3 0 2 2 0 0
OHIO POWER COMPANY (45) 0 (25) (25) (50) (50)
WHEELING POWER COMPANY 1 2 2 2 2 2
ADD: FUNDS FOR MARKET UPSETS,
INVESTMENTS AND
CONTINGENCIES: 125 125 150 150 150 148
SUB-TOTAL 131 125 163 208 114 122
LESS: OTHER INCOME 45 52 65 75 85 95
EXTERNAL FUNDING REQUIRED: 86 73 98 133 29 27
SHORT-TERM DEBT 86 73 98 133 29 27
TOTAL EXTERNAL FUNDS 86 73 98 133 29 27
SHORT-TERM DEBT BALANCES:
BEGINNING 54 140 213 311 444 473
ENDING 140 213 311 444 473 500
<PAGE>
AEP GENERATING COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 4 4 3 3 3 3
DEBT MATURITIES 25 0 0 0 0 0
SUB-TOTAL 29 4 3 3 3 3
LESS: INTERNAL
FUNDS (EX-AFUDC) 0 0 0 0 0 0
EXTERNAL REQUIREMENTS 29 4 3 3 3 3
LONG-TERM DEBT 0 0 0 0 0 0
COMMON EQUITY (8) (7) (6) (6) (8) (8)
SHORT-TERM DEBT 37 11 9 9 11 11
TOTAL EXTERNAL FUNDS 29 4 3 3 3 3
SHORT-TERM DEBT BALANCES:
BEGINNING 12 49 60 69 78 89
ENDING 49 60 69 78 89 100
<PAGE>
APPALACHIAN POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 203 222 225 279 320 257
DEBT MATURITIES 194 30 102 102 80 106
SUB-TOTAL 397 252 327 381 400 363
LESS: INTERNAL
FUNDS (EX-AFUDC) 214 161 149 158 149 156
EXTERNAL REQUIREMENTS 183 91 178 223 251 207
LONG-TERM DEBT 100 0 75 80 250 110
COMMON EQUITY 50 25 50 100 50 50
SHORT-TERM DEBT 33 66 53 43 (49) 47
TOTAL EXTERNAL FUNDS 183 91 178 223 251 207
SHORT-TERM DEBT BALANCES:
BEGINNING 130 163 229 282 325 276
ENDING 163 229 282 325 276 323
<PAGE>
COLUMBUS SOUTHERN POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 116 124 135 103 112 114
DEBT MATURITIES 138 0 5 5 100 115
SUB-TOTAL 254 124 140 108 212 229
LESS: INTERNAL
FUNDS (EX-AFUDC) 127 145 124 126 133 121
EXTERNAL REQUIREMENTS 127 (21) 16 (18) 79 108
LONG-TERM DEBT 0 0 0 0 10 48
COMMON EQUITY 0 0 0 0 0 0
SHORT-TERM DEBT 127 (21) 16 (18) 69 60
TOTAL EXTERNAL FUNDS 127 (21) 16 (18) 79 108
SHORT-TERM DEBT BALANCES:
BEGINNING 67 194 173 189 171 240
ENDING 194 173 189 171 240 300
<PAGE>
INDIANA MICHIGAN POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 163 142 120 97 112 114
DEBT MATURITIES 55 35 48 40 90 70
SUB-TOTAL 218 177 168 137 202 184
LESS: INTERNAL
FUNDS (EX-AFUDC) 181 168 186 197 160 177
EXTERNAL REQUIREMENTS 37 9 (18) (60) 42 7
LONG-TERM DEBT 0 0 0 0 0 0
COMMON EQUITY (15) (30) (30) (25) (30) (30)
SHORT-TERM DEBT 52 39 12 (35) 72 37
TOTAL EXTERNAL FUNDS 37 9 (18) (60) 42 7
SHORT-TERM DEBT BALANCES:
BEGINNING 123 175 214 226 191 263
ENDING 175 214 226 191 263 300
<PAGE>
KENTUCKY POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 53 45 38 45 29 94
DEBT MATURITIES 10 60 25 60 25 45
SUB-TOTAL 63 105 63 105 54 139
LESS: INTERNAL
FUNDS (EX-AFUDC) 23 16 27 23 24 18
EXTERNAL REQUIREMENTS 40 89 36 82 30 121
LONG-TERM DEBT 0 60 25 50 35 45
COMMON EQUITY 20 10 20 10 0 10
SHORT-TERM DEBT 20 19 ( 9) 22 ( 5) 66
TOTAL EXTERNAL FUNDS 40 89 36 82 30 121
SHORT-TERM DEBT BALANCES:
BEGINNING 37 57 76 67 89 84
ENDING 57 76 67 89 84 150
<PAGE>
KINGSPORT POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 5 5 5 5 5 5
DEBT MATURITIES 0 10 5 10 0 0
SUB-TOTAL 5 15 10 15 5 5
LESS: INTERNAL
FUNDS (EX-AFUDC) 4 3 3 3 3 3
EXTERNAL REQUIREMENTS 1 12 7 12 2 2
LONG-TERM DEBT 0 0 0 1 5 0
COMMON EQUITY 3 0 2 2 0 0
SHORT-TERM DEBT ( 2) 12 5 9 ( 3) 2
TOTAL EXTERNAL FUNDS 1 12 7 12 2 2
SHORT-TERM DEBT BALANCES:
BEGINNING 6 4 16 21 30 27
ENDING 4 16 21 30 27 29
<PAGE>
OHIO POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 188 205 171 163 140 146
DEBT MATURITIES 156 0 0 0 0 207
SUB-TOTAL 344 205 171 163 140 353
LESS: INTERNAL
FUNDS (EX-AFUDC) 212 226 175 212 244 181
EXTERNAL REQUIREMENTS 132 (21) ( 4) (49)(104) 172
LONG-TERM DEBT 0 0 0 0 0 0
COMMON EQUITY (45) 0 (25) (25) (50) (50)
SHORT-TERM DEBT 177 (21) 21 (24) (54) 222
TOTAL EXTERNAL FUNDS 132 (21) ( 4) (49)(104) 172
SHORT-TERM DEBT BALANCES:
BEGINNING 79 256 235 256 232 178
ENDING 256 235 256 232 178 400
<PAGE>
WHEELING POWER COMPANY
1998 - 2003 FUNDS FLOW
($MILLIONS)
1998 1999 2000 2001 2002 2003
CONSTRUCTION
(EX-AFUDC) 4 6 7 4 4 4
DEBT MATURITIES 0 5 11 10 0 0
SUB-TOTAL 4 11 18 14 4 4
LESS: INTERNAL
FUNDS (EX-AFUDC) 4 3 3 3 3 2
EXTERNAL REQUIREMENTS 0 8 15 11 1 2
LONG-TERM DEBT 0 0 0 3 0 0
COMMON EQUITY 1 2 2 2 2 2
SHORT-TERM DEBT ( 1) 6 13 6 ( 1) 0
TOTAL EXTERNAL FUNDS 0 8 15 11 1 2
SHORT-TERM DEBT BALANCES:
BEGINNING 6 5 11 24 30 29
ENDING 5 11 24 30 29 29
