File No. 70-6458
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
Post-Effective Amendment No. 15
to
FORM U-1
________________________________
APPLICATION OR DECLARATION
under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
***
INDIANA MICHIGAN POWER COMPANY
One Summit Square, P.0. Box 60, Fort Wayne, Indiana 46801
(Name of company filing this statement and
address of principal executive offices)
***
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of top registered holding company
parent of each applicant or declarant)
***
G. P. Maloney, Executive Vice President
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
A. Joseph Dowd, General Counsel
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)<PAGE>
The undersigned Indiana Michigan Power Company, formerly
Indiana & Michigan Electric Company ("I&M"), hereby amends as
follows its Application or Declaration on Form U-1 in File No. 70-
6458, as heretofore amended:
By supplying the following Financial Statements:
Balance sheets as of June 30, 1994 and Statements of Income
and Retained Earnings, per books and pro forma, for the 12 months
ended June 30, 1994, of I&M and of American Electric Power Company,
Inc. and its subsidiaries consolidated, together with journal
entries reflecting the proposed transactions.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned company has duly caused this
Post-Effective Amendment No. 15 to be signed on its behalf by the
undersigned thereunto duly authorized.
INDIANA MICHIGAN POWER COMPANY
By _____/s/ G. P. Maloney_____
Vice President
Dated: September 14, 1994
[94FN0087.IMP]
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 1
INDIANA MICHIGAN POWER COMPANY
BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . $2,464,335 $2,464,335
Transmission . . . . . . . . . . . . . . . . . . . 844,349 844,349
Distribution . . . . . . . . . . . . . . . . . . . 620,304 620,304
General (including nuclear fuel) . . . . . . . . . 179,640 179,640
Construction Work in Progress. . . . . . . . . . . 97,613 97,613
Total Electric Utility Plant . . . . . . . . . 4,206,241 4,206,241
Accumulated Depreciation and Amortization. . . . . 1,617,738 1,617,738
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 2,588,503 2,588,503
OTHER PROPERTY AND INVESTMENTS*. . . . . . . . . . . 467,874 467,874
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . 7,895 $(1,800) 6,095
Accounts Receivable. . . . . . . . . . . . . . . . 115,719 115,719
Allowance for Uncollectible Accounts . . . . . . . (633) (633)
Fuel . . . . . . . . . . . . . . . . . . . . . . . 25,705 25,705
Materials and Supplies . . . . . . . . . . . . . . 58,700 58,700
Accrued Utility Revenues . . . . . . . . . . . . . 38,339 38,339
Prepayments. . . . . . . . . . . . . . . . . . . . 11,955 11,955
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 257,680 (1,800) 255,880
REGULATORY ASSETS:
Amounts Due From Customers For
Future Federal Income Taxes. . . . . . . . . . . 282,850 282,850
Other. . . . . . . . . . . . . . . . . . . . . . . 248,467 1,800 250,267
TOTAL REGULATORY ASSETS. . . . . . . . . . . . 531,317 1,800 533,117
TOTAL . . . . . . . . . . . . . . . . $3,845,374 $ - $3,845,374
* Includes Investments in Subsidiaries of $94,456,000.
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 2
INDIANA MICHIGAN POWER COMPANY
BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 2,500,000 Shares
Outstanding - 1,400,000 Shares . . . . . . . . . $ 56,584 $ 56,584
Paid-in Capital. . . . . . . . . . . . . . . . . . 734,477 734,477
Retained Earnings. . . . . . . . . . . . . . . . . 200,611 200,611
Total Common Shareowner's Equity . . . . . . . 991,672 991,672
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption. . . . . . . 52,000 52,000
Subject to Mandatory Redemption. . . . . . . . . 135,000 135,000
Long-term Debt . . . . . . . . . . . . . . . . . . 1,066,051 $ - 1,066,051
TOTAL CAPITALIZATION . . . . . . . . . . . . . 2,244,723 2,244,723
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . 350,050 350,050
CURRENT LIABILITIES:
Short-term Debt. . . . . . . . . . . . . . . . . . 76,150 76,150
Accounts Payable . . . . . . . . . . . . . . . . . 47,240 47,240
Taxes Accrued. . . . . . . . . . . . . . . . . . . 46,201 46,201
Interest Accrued . . . . . . . . . . . . . . . . . 17,954 17,954
Obligations Under Capital Leases . . . . . . . . . 30,204 30,204
Other. . . . . . . . . . . . . . . . . . . . . . . 79,998 79,998
TOTAL CURRENT LIABILITIES. . . . . . . . . . . 297,747 297,747
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . 545,654 545,654
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . 177,615 177,615
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . 207,792 207,792
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . 21,793 21,793
TOTAL . . . . . . . . . . . . . . . . $3,845,374 $ - $3,845,374
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3
INDIANA MICHIGAN POWER COMPANY
BALANCE SHEET
JUNE 30, 1994
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000
Long-term Debt - Installment Purchase Contracts . . . . . . . . $50,000
To record the issuance and sale of $50,000,000 principal amount
of pollution control revenue bonds by City of Rockport, Indiana
at 100%*.
2) Other Regulatory Assets - Unamortized Debt Expense. . . . . . . . $800
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800
To record estimated expense of the debt issuance.
3) Long-term Debt - Installment Purchase Contracts . . . . . . . . . $50,000
Other Regulatory Assets - Unamortized Loss on Reacquired Debt . . 1,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $51,000
To record the redemption by City of Rockport, Indiana of
pollution control revenue bonds $50,000,000 Series A due 2014
at 102%.
* Price assumed solely for the purpose of these
Pro Forma Financial Statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3A
INDIANA MICHIGAN POWER COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED JUNE 30, 1994
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Interest on City of Rockport, Indiana
Installment Purchase Contracts @ 7%* = $ 3,500
Amortization of Debt Issuance Expense
and Loss on Reacquired Debt over 27 years = 67
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 9-1/4% = (4,625)
Federal Income Taxes @ 35% = 370
To reflect the pro forma changes in interest charges
associated with the proposed transactions and the
related federal income tax effect.
* Rate assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 4
INDIANA MICHIGAN POWER COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED JUNE 30, 1994
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $1,269,600 $1,269,600
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . 209,137 209,137
Purchased Power. . . . . . . . . . . . . . 141,034 141,034
Other Operation. . . . . . . . . . . . . . 280,559 280,559
Maintenance. . . . . . . . . . . . . . . . 137,609 137,609
Depreciation and Amortization. . . . . . . 138,130 138,130
Amortization of Rockport Plant Unit 1
Phase-in Plan Deferrals. . . . . . . . . 15,644 15,644
Taxes Other Than Federal Income Taxes. . . 67,363 67,363
Federal Income Taxes . . . . . . . . . . . 50,748 $ 370 51,118
TOTAL OPERATING EXPENSES. . . . . . 1,040,224 370 1,040,594
OPERATING INCOME . . . . . . . . . . . . . . 229,376 (370) 229,006
NONOPERATING INCOME. . . . . . . . . . . . . 6,862 6,862
INCOME BEFORE INTEREST CHARGES . . . . . . . 236,238 (370) 235,868
INTEREST CHARGES . . . . . . . . . . . . . . 74,602 (1,058) 73,544
NET INCOME . . . . . . . . . . . . . . . . . 161,636 688 162,324
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . 12,819 12,819
EARNINGS APPLICABLE TO COMMON STOCK. . . . . $ 148,817 $ 688 $ 149,505
The Pro Forma Adjustments are shown on Page 3A of these Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 5
INDIANA MICHIGAN POWER COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED JUNE 30, 1994
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . $161,460
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,636
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,528
Cumulative Preferred Stock . . . . . . . . . . . . . . . . . . . . 12,819
Capital Stock Expense. . . . . . . . . . . . . . . . . . . . . . . . 138
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . $200,611
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 6
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . $ 9,026,405 $ 9,026,405
Transmission . . . . . . . . . . . . . . . . . . . 3,207,212 3,207,212
Distribution . . . . . . . . . . . . . . . . . . . 3,825,289 3,825,289
General (including mining assets and nuclear fuel) 1,482,872 1,482,872
Construction Work in Progress. . . . . . . . . . . 317,102 317,102
Total Electric Utility Plant . . . . . . . . . 17,858,880 17,858,880
Accumulated Depreciation and Amortization. . . . . 6,648,087 6,648,087
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 11,210,793 11,210,793
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . 732,069 732,069
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . 32,346 $(1,800) 30,546
Accounts Receivable. . . . . . . . . . . . . . . . 480,156 480,156
Allowance for Uncollectible Accounts . . . . . . . (5,103) (5,103)
Fuel . . . . . . . . . . . . . . . . . . . . . . . 285,041 285,041
Materials and Supplies . . . . . . . . . . . . . . 207,799 207,799
Accrued Utility Revenues . . . . . . . . . . . . . 152,843 152,843
Prepayments and Other. . . . . . . . . . . . . . . 132,069 132,069
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 1,285,151 (1,800) 1,283,351
REGULATORY ASSETS:
Amounts Due From Customers For
Future Federal Income Taxes. . . . . . . . . . . 1,360,858 1,360,858
Other. . . . . . . . . . . . . . . . . . . . . . . 924,952 1,800 926,752
TOTAL REGULATORY ASSETS. . . . . . . . . . . . 2,285,810 1,800 2,287,610
TOTAL . . . . . . . . . . . . . . . . $15,513,823 $ - $15,513,823
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 7
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - Par Value $6.50; Shares
Authorized - 300,000,000; Shares Issued -
193,534,992, of which 8,999,992 were held
in the treasury. . . . . . . . . . . . . . . . . $ 1,257,977 $ 1,257,977
Paid-in Capital. . . . . . . . . . . . . . . . . . 1,623,782 1,623,782
Retained Earnings. . . . . . . . . . . . . . . . . 1,304,036 1,304,036
Total Common Shareowners' Equity . . . . . . . 4,185,795 4,185,795
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption. . . . . . . 233,240 233,240
Subject to Mandatory Redemption. . . . . . . . . 590,450 590,450
Long-term Debt . . . . . . . . . . . . . . . . . . 4,849,189 $ - 4,849,189
TOTAL CAPITALIZATION . . . . . . . . . . . . . 9,858,674 9,858,674
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . 613,664 613,664
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . 55,584 55,584
Short-term Debt. . . . . . . . . . . . . . . . . . 367,303 367,303
Accounts Payable . . . . . . . . . . . . . . . . . 245,400 245,400
Taxes Accrued. . . . . . . . . . . . . . . . . . . 325,747 325,747
Interest Accrued . . . . . . . . . . . . . . . . . 85,534 85,534
Obligations Under Capital Leases . . . . . . . . . 83,324 83,324
Other. . . . . . . . . . . . . . . . . . . . . . . 372,984 372,984
TOTAL CURRENT LIABILITIES. . . . . . . . . . . 1,535,876 1,535,876
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . 2,461,642 2,461,642
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . 471,107 471,107
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . 422,659 422,659
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . 150,201 150,201
TOTAL . . . . . . . . . . . . . . . . $15,513,823 $ - $15,513,823
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 1994
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000
Long-term Debt - Installment Purchase Contracts . . . . . . . . $50,000
To record the issuance and sale of $50,000,000 principal amount
of pollution control revenue bonds by City of Rockport, Indiana
at 100%*.
2) Other Regulatory Assets - Unamortized Debt Expense. . . . . . . . $800
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800
To record estimated expense of the debt issuance.
3) Long-term Debt - Installment Purchase Contracts . . . . . . . . . $50,000
Other Regulatory Assets - Unamortized Loss on Reacquired Debt . . 1,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $51,000
To record the redemption by City of Rockport, Indiana
of pollution control revenue bonds $50,000,000 Series A
due 2014 at 102%.
* Price assumed solely for the purpose of these Pro Forma
Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8A
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED JUNE 30, 1994
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Interest on City of Rockport, Indiana
Installment Purchase Contracts @ 7%* = $ 3,500
Amortization of Debt Issuance Expense and
Loss on Reacquired Debt over 27 years = 67
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 9-1/4% = (4,625)
Federal Income Taxes @ 35% = 370
To reflect the pro forma changes in interest charges
associated with the proposed transactions and the
related federal income tax effect.
* Rate assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 9
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED JUNE 30, 1994
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $5,573,742 $5,573,742
OPERATING EXPENSES:
Fuel and Purchased Power . . . . . . . . . 1,801,262 1,801,262
Other Operation. . . . . . . . . . . . . . 987,752 987,752
Maintenance. . . . . . . . . . . . . . . . 535,093 535,093
Depreciation and Amortization. . . . . . . 549,441 549,441
Taxes Other Than Federal Income Taxes. . . 485,225 485,225
Federal Income Taxes . . . . . . . . . . . 245,885 $ 370 246,255
TOTAL OPERATING EXPENSES. . . . . . 4,604,658 370 4,605,028
OPERATING INCOME . . . . . . . . . . . . . . 969,084 (370) 968,714
NONOPERATING INCOME:
Deferred Zimmer Plant Carrying Charges
(net of tax) . . . . . . . . . . . . . . 12,958 12,958
Other. . . . . . . . . . . . . . . . . . . 7,506 7,506
TOTAL NONOPERATING INCOME . . . . . 20,464 20,464
LOSS FROM ZIMMER PLANT DISALLOWANCE:
Disallowed Cost. . . . . . . . . . . . . . 159,067 159,067
Related Income Taxes . . . . . . . . . . . (14,534) (14,534)
NET ZIMMER LOSS . . . . . . . . . . 144,533 144,533
INCOME BEFORE INTEREST CHARGES AND
PREFERRED DIVIDENDS. . . . . . . . . . . . 845,015 (370) 844,645
INTEREST CHARGES . . . . . . . . . . . . . . 398,340 (1,058) 397,282
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES. . . . . . . . . . . . . . 55,436 55,436
NET INCOME . . . . . . . . . . . . . . . . . $ 391,239 $ 688 $ 391,927
AVERAGE NUMBER OF SHARES OUTSTANDING . . . . 184,535 184,535
EARNINGS PER SHARE . . . . . . . . . . . . . $2.12 $2.12
CASH DIVIDENDS PAID PER SHARE. . . . . . . . $2.40 $2.40
The Pro Forma Adjustments are shown on Page 8A of these Financial Statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 10
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED JUNE 30, 1994
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . $1,356,530
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391,239
DEDUCTIONS:
Cash Dividends Declared. . . . . . . . . . . . . . . . . . . . . . . 442,891
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 842
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . $1,304,036
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> JUN-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,588,503
<OTHER-PROPERTY-AND-INVEST> 467,874
<TOTAL-CURRENT-ASSETS> 257,680
<TOTAL-DEFERRED-CHARGES> 531,317
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 3,845,374
<COMMON> 56,584
<CAPITAL-SURPLUS-PAID-IN> 734,477
<RETAINED-EARNINGS> 200,611
<TOTAL-COMMON-STOCKHOLDERS-EQ> 991,672
135,000
52,000
<LONG-TERM-DEBT-NET> 1,066,051
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 76,150
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 96,744
<LEASES-CURRENT> 30,204
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,397,553
<TOT-CAPITALIZATION-AND-LIAB> 3,845,374
<GROSS-OPERATING-REVENUE> 1,269,600
<INCOME-TAX-EXPENSE> 57,561
<OTHER-OPERATING-EXPENSES> 982,663
<TOTAL-OPERATING-EXPENSES> 1,040,224
<OPERATING-INCOME-LOSS> 229,376
<OTHER-INCOME-NET> 6,862
<INCOME-BEFORE-INTEREST-EXPEN> 236,238
<TOTAL-INTEREST-EXPENSE> 74,602
<NET-INCOME> 161,636
12,819
<EARNINGS-AVAILABLE-FOR-COMM> 148,817
<COMMON-STOCK-DIVIDENDS> 109,528
<TOTAL-INTEREST-ON-BONDS> 46,319
<CASH-FLOW-OPERATIONS> 259,228
<EPS-PRIMARY> 0<F1>
<EPS-DILUTED> 0<F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> JUN-30-1994
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 2,588,503
<OTHER-PROPERTY-AND-INVEST> 467,874
<TOTAL-CURRENT-ASSETS> 255,880
<TOTAL-DEFERRED-CHARGES> 533,117
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 3,845,374
<COMMON> 56,584
<CAPITAL-SURPLUS-PAID-IN> 734,477
<RETAINED-EARNINGS> 200,611
<TOTAL-COMMON-STOCKHOLDERS-EQ> 991,672
135,000
52,000
<LONG-TERM-DEBT-NET> 1,066,051
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 76,150
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 96,744
<LEASES-CURRENT> 30,204
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,397,553
<TOT-CAPITALIZATION-AND-LIAB> 3,845,374
<GROSS-OPERATING-REVENUE> 1,269,600
<INCOME-TAX-EXPENSE> 57,931
<OTHER-OPERATING-EXPENSES> 982,663
<TOTAL-OPERATING-EXPENSES> 1,040,594
<OPERATING-INCOME-LOSS> 229,006
<OTHER-INCOME-NET> 6,862
<INCOME-BEFORE-INTEREST-EXPEN> 235,868
<TOTAL-INTEREST-EXPENSE> 73,544
<NET-INCOME> 162,324
12,819
<EARNINGS-AVAILABLE-FOR-COMM> 149,505
<COMMON-STOCK-DIVIDENDS> 109,528
<TOTAL-INTEREST-ON-BONDS> 46,319
<CASH-FLOW-OPERATIONS> 259,228
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> JUN-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 11,210,793
<OTHER-PROPERTY-AND-INVEST> 732,069
<TOTAL-CURRENT-ASSETS> 1,285,151
<TOTAL-DEFERRED-CHARGES> 2,285,810
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 15,513,823
<COMMON> 1,257,977
<CAPITAL-SURPLUS-PAID-IN> 1,623,782
<RETAINED-EARNINGS> 1,304,036
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,185,795
590,450
233,240
<LONG-TERM-DEBT-NET> 4,849,189
<SHORT-TERM-NOTES> 45,953
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 321,350
<LONG-TERM-DEBT-CURRENT-PORT> 55,584
85
<CAPITAL-LEASE-OBLIGATIONS> 263,386
<LEASES-CURRENT> 83,324
<OTHER-ITEMS-CAPITAL-AND-LIAB> 4,885,467
<TOT-CAPITALIZATION-AND-LIAB> 15,513,823
<GROSS-OPERATING-REVENUE> 5,573,742
<INCOME-TAX-EXPENSE> 266,511
<OTHER-OPERATING-EXPENSES> 4,338,147
<TOTAL-OPERATING-EXPENSES> 4,604,658
<OPERATING-INCOME-LOSS> 969,084
<OTHER-INCOME-NET> (124,069)
<INCOME-BEFORE-INTEREST-EXPEN> 845,015
<TOTAL-INTEREST-EXPENSE> 398,340
<NET-INCOME> 391,239
55,436 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 391,239
<COMMON-STOCK-DIVIDENDS> 442,891
<TOTAL-INTEREST-ON-BONDS> 281,115
<CASH-FLOW-OPERATIONS> 1,177,332
<EPS-PRIMARY> 2.12
<EPS-DILUTED> 2.12
<FN>
<F1> Represents preferred stock dividend requirements of subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> JUN-30-1994
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 11,210,793
<OTHER-PROPERTY-AND-INVEST> 732,069
<TOTAL-CURRENT-ASSETS> 1,283,351
<TOTAL-DEFERRED-CHARGES> 2,287,610
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 15,513,823
<COMMON> 1,257,977
<CAPITAL-SURPLUS-PAID-IN> 1,623,782
<RETAINED-EARNINGS> 1,304,036
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,185,795
590,450
233,240
<LONG-TERM-DEBT-NET> 4,849,189
<SHORT-TERM-NOTES> 45,953
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 321,350
<LONG-TERM-DEBT-CURRENT-PORT> 55,584
85
<CAPITAL-LEASE-OBLIGATIONS> 263,386
<LEASES-CURRENT> 83,324
<OTHER-ITEMS-CAPITAL-AND-LIAB> 4,885,467
<TOT-CAPITALIZATION-AND-LIAB> 15,513,823
<GROSS-OPERATING-REVENUE> 5,573,742
<INCOME-TAX-EXPENSE> 266,881
<OTHER-OPERATING-EXPENSES> 4,338,147
<TOTAL-OPERATING-EXPENSES> 4,605,028
<OPERATING-INCOME-LOSS> 968,714
<OTHER-INCOME-NET> (124,069)
<INCOME-BEFORE-INTEREST-EXPEN> 844,645
<TOTAL-INTEREST-EXPENSE> 397,282
<NET-INCOME> 391,927
55,436 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 391,927
<COMMON-STOCK-DIVIDENDS> 442,891
<TOTAL-INTEREST-ON-BONDS> 281,115
<CASH-FLOW-OPERATIONS> 1,177,332
<EPS-PRIMARY> 2.12
<EPS-DILUTED> 2.12
<FN>
<F1> Represents preferred stock dividend requirements of subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
