<PAGE> File No. 70-6458
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
Post-Effective Amendment No. 19
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
Jeffrey D. Cross, Assistant General Counsel
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)
Indiana Michigan Power Company, formerly Indiana & Michigan
Electric Company ("I&M"), an electric utility subsidiary of
American Electric Power Company, Inc. ("AEP"), a registered
holding company under the Public Utility Holding Company Act of
1935, as amended, hereby amends its Application or Declaration on
Form U-1 in File No. 70-6458, as heretofore amended, by filing
Balance Sheets as of March 31, 1995 and Statements of Income and
Retained Earnings, per books and pro forma, for the twelve months
ended March 31, 1995, of I&M and of AEP and its subsidiaries
consolidated, together with journal entries reflecting the
proposed transactions.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned company has duly caused this
Post-Effective Amendment No. 19 to be signed on its behalf by the
undersigned thereunto duly authorized.
INDIANA MICHIGAN POWER COMPANY
By __/s/ G. P. Maloney________
Vice President
Dated: June 15, 1995
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 1
INDIANA MICHIGAN POWER COMPANY
BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . $2,499,792 $2,499,792
Transmission . . . . . . . . . . . . . . . . . . . 855,745 855,745
Distribution . . . . . . . . . . . . . . . . . . . 649,543 649,543
General (including nuclear fuel) . . . . . . . . . 198,657 198,657
Construction Work in Progress. . . . . . . . . . . 81,368 81,368
Total Electric Utility Plant . . . . . . . . . 4,285,105 4,285,105
Accumulated Depreciation and Amortization. . . . . 1,691,839 1,691,839
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 2,593,266 2,593,266
NUCLEAR DECOMMISSIONING AND SPENT NUCLEAR FUEL
DISPOSAL TRUST FUNDS . . . . . . . . . . . . . . . 371,885 371,885
OTHER PROPERTY AND INVESTMENTS*. . . . . . . . . . . 131,529 131,529
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . 5,549 $(1,500) 4,049
Accounts Receivable (net). . . . . . . . . . . . . 108,511 108,511
Fuel . . . . . . . . . . . . . . . . . . . . . . . 31,113 31,113
Materials and Supplies . . . . . . . . . . . . . . 61,487 61,487
Accrued Utility Revenues . . . . . . . . . . . . . 36,999 36,999
Prepayments. . . . . . . . . . . . . . . . . . . . 17,472 17,472
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 261,131 (1,500) 259,631
REGULATORY ASSETS. . . . . . . . . . . . . . . . . . 455,937 455,937
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . 84,107 1,500 85,607
TOTAL . . . . . . . . . . . . . . . . $3,897,855 $ - $3,897,855
* Includes Investments in Subsidiaries of $88,188,000.
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 2
INDIANA MICHIGAN POWER COMPANY
BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 2,500,000 Shares
Outstanding - 1,400,000 Shares . . . . . . . . . $ 56,584 $ 56,584
Paid-in Capital. . . . . . . . . . . . . . . . . . 734,511 734,511
Retained Earnings. . . . . . . . . . . . . . . . . 224,385 224,385
Total Common Shareholder's Equity. . . . . . . 1,015,480 1,015,480
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption. . . . . . . 52,000 52,000
Subject to Mandatory Redemption. . . . . . . . . 135,000 135,000
Long-term Debt . . . . . . . . . . . . . . . . . . 932,305 $ 50,000 982,305
TOTAL CAPITALIZATION . . . . . . . . . . . . . 2,134,785 50,000 2,184,785
OTHER NONCURRENT LIABILITIES:
Nuclear Decommissioning. . . . . . . . . . . . . . 232,147 232,147
Other. . . . . . . . . . . . . . . . . . . . . . . 175,678 175,678
TOTAL OTHER NONCURRENT LIABILITIES . . . . . . 407,825 407,825
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . 140,000 (50,000) 90,000
Short-term Debt. . . . . . . . . . . . . . . . . . 5,125 5,125
Accounts Payable . . . . . . . . . . . . . . . . . 37,375 37,375
Taxes Accrued. . . . . . . . . . . . . . . . . . . 97,118 97,118
Interest Accrued . . . . . . . . . . . . . . . . . 21,773 21,773
Rent Accrued - Rockport Plant Unit 2 . . . . . . . 25,028 25,028
Obligations Under Capital Leases . . . . . . . . . 34,249 34,249
Other. . . . . . . . . . . . . . . . . . . . . . . 77,844 77,844
TOTAL CURRENT LIABILITIES. . . . . . . . . . . 438,512 (50,000) 388,512
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . 538,383 538,383
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . 169,574 169,574
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . 202,311 202,311
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . 6,465 6,465
TOTAL . . . . . . . . . . . . . . . . $3,897,855 $ - $3,897,855
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3
INDIANA MICHIGAN POWER COMPANY
BALANCE SHEET
MARCH 31, 1995
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) Deferred Charges - Unamortized Debt Expense . . . . . . . . . . . $1,500
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500
To record estimated expense of the debt issuance.
3) Long-term Debt Due Within One Year. . . . . . . . . . . . . . . . $50,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000
To record the redemption by City of Rockport, Indiana of
pollution control revenue bonds $50,000,000 Series A due 2014
at 100%.
* Price assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3A
INDIANA MICHIGAN POWER COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Interest on City of Rockport, Indiana
Installment Purchase Contracts @ 6.5%* = $ 3,250
Amortization of Debt Issuance Expense over 30 years = 50
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 6-3/4% = (3,375)
Federal Income Taxes @ 35% = 26
To reflect the pro forma changes in interest charges
associated with the proposed transactions and the
related federal income tax effect.
* Rate assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 4
INDIANA MICHIGAN POWER COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $1,240,565 $1,240,565
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . 211,435 211,435
Purchased Power. . . . . . . . . . . . . . 113,957 113,957
Other Operation. . . . . . . . . . . . . . 291,579 291,579
Maintenance. . . . . . . . . . . . . . . . 134,964 134,964
Depreciation and Amortization. . . . . . . 136,230 136,230
Amortization of Rockport Plant Unit 1
Phase-in Plan Deferrals. . . . . . . . . 15,644 15,644
Taxes Other Than Federal Income Taxes. . . 71,608 71,608
Federal Income Taxes . . . . . . . . . . . 45,981 $26 46,007
TOTAL OPERATING EXPENSES. . . . . . 1,021,398 26 1,021,424
OPERATING INCOME . . . . . . . . . . . . . . 219,167 (26) 219,141
NONOPERATING INCOME. . . . . . . . . . . . . 3,094 3,094
INCOME BEFORE INTEREST CHARGES . . . . . . . 222,261 (26) 222,235
INTEREST CHARGES . . . . . . . . . . . . . . 71,378 (75) 71,303
NET INCOME . . . . . . . . . . . . . . . . . 150,883 49 150,932
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . 11,560 11,560
EARNINGS APPLICABLE TO COMMON STOCK. . . . . $ 139,323 $49 $ 139,372
The Pro Forma Adjustments are shown on Page 3A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 5
INDIANA MICHIGAN POWER COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . $192,929
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,883
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,669
Cumulative Preferred Stock . . . . . . . . . . . . . . . . . . . . 11,560
Capital Stock Expense. . . . . . . . . . . . . . . . . . . . . . . . 198
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . $224,385
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 6
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . $ 9,194,321 $ 9,194,321
Transmission . . . . . . . . . . . . . . . . . . . 3,267,739 3,267,739
Distribution . . . . . . . . . . . . . . . . . . . 4,004,232 4,004,232
General (including mining assets and nuclear fuel) 1,476,408 1,476,408
Construction Work in Progress. . . . . . . . . . . 274,611 274,611
Total Electric Utility Plant . . . . . . . . . 18,217,311 18,217,311
Accumulated Depreciation and Amortization. . . . . 6,876,038 6,876,038
NET ELECTRIC UTILITY PLANT . . . . . . . . . . 11,341,273 11,341,273
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . 760,144 760,144
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . 87,498 $(1,500) 85,998
Accounts Receivable. . . . . . . . . . . . . . . . 443,048 443,048
Allowance for Uncollectible Accounts . . . . . . . (6,126) (6,126)
Fuel . . . . . . . . . . . . . . . . . . . . . . . 317,658 317,658
Materials and Supplies . . . . . . . . . . . . . . 220,011 220,011
Accrued Utility Revenues . . . . . . . . . . . . . 139,936 139,936
Prepayments and Other. . . . . . . . . . . . . . . 147,418 147,418
TOTAL CURRENT ASSETS . . . . . . . . . . . . . 1,349,443 (1,500) 1,347,943
REGULATORY ASSETS . . . . . . . . . . . . . . . . . 1,951,442 1,951,442
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . 363,938 1,500 365,438
TOTAL . . . . . . . . . . . . . . . . $15,766,240 $ - $15,766,240
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 7
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Stock - Par Value $6.50; Shares
Authorized - 300,000,000; Shares Issued -
194,584,992, of which 8,999,992 were held
in the treasury. . . . . . . . . . . . . . . . . $ 1,264,802 $ 1,264,802
Paid-in Capital. . . . . . . . . . . . . . . . . . 1,650,647 1,650,647
Retained Earnings. . . . . . . . . . . . . . . . . 1,362,170 1,362,170
Total Common Shareholders' Equity. . . . . . . 4,277,619 4,277,619
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption. . . . . . . 233,240 233,240
Subject to Mandatory Redemption. . . . . . . . . 590,300 590,300
Long-term Debt . . . . . . . . . . . . . . . . . . 4,579,207 $ 50,000 4,629,207
TOTAL CAPITALIZATION . . . . . . . . . . . . . 9,680,366 50,000 9,730,366
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . 768,593 768,593
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . 452,373 (50,000) 402,373
Short-term Debt. . . . . . . . . . . . . . . . . . 187,575 187,575
Accounts Payable . . . . . . . . . . . . . . . . . 196,115 196,115
Taxes Accrued. . . . . . . . . . . . . . . . . . . 420,322 420,322
Interest Accrued . . . . . . . . . . . . . . . . . 127,042 127,042
Obligations Under Capital Leases . . . . . . . . . 90,979 90,979
Other. . . . . . . . . . . . . . . . . . . . . . . 356,767 356,767
TOTAL CURRENT LIABILITIES. . . . . . . . . . . 1,831,173 (50,000) 1,781,173
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . 2,459,557 2,459,557
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . 450,052 450,052
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . 411,510 411,510
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . 164,989 164,989
TOTAL . . . . . . . . . . . . . . . . $15,766,240 $ - $15,766,240
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in 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) Deferred Charges - Unamortized Debt Expense . . . . . . . . . . . $1,500
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500
To record estimated expense of the debt issuance.
3) Long-term Debt Due Within One Year. . . . . . . . . . . . . . . . $50,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000
To record the redemption by City of Rockport, Indiana
of pollution control revenue bonds $50,000,000 Series A
due 2014 at 100%.
* Price assumed solely for the purpose of these Pro Forma
Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8A
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Interest on City of Rockport, Indiana
Installment Purchase Contracts @ 6.5%* = $ 3,250
Amortization of Debt Issuance Expense over 30 years = 50
Interest on City of Rockport, Indiana
Series A Installment Purchase Contracts @ 6-3/4% = (3,375)
Federal Income Taxes @ 35% = 26
To reflect the pro forma changes in interest charges
associated with the proposed transactions and the
related federal income tax effect.
* Rate assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 9
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
(in thousands)
<S> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $5,432,655 $5,432,655
OPERATING EXPENSES:
Fuel and Purchased Power . . . . . . . . . 1,655,663 1,655,663
Other Operation. . . . . . . . . . . . . . 1,011,458 1,011,458
Maintenance. . . . . . . . . . . . . . . . 531,558 531,558
Depreciation and Amortization. . . . . . . 580,535 580,535
Taxes Other Than Federal Income Taxes. . . 498,025 498,025
Federal Income Taxes . . . . . . . . . . . 223,157 $ 26 223,183
TOTAL OPERATING EXPENSES. . . . . . 4,500,396 26 4,500,422
OPERATING INCOME . . . . . . . . . . . . . . 932,259 (26) 932,233
NONOPERATING INCOME:
Deferred Zimmer Plant Carrying Charges
(net of tax) . . . . . . . . . . . . . . 4,089 4,089
Other. . . . . . . . . . . . . . . . . . . 4,954 4,954
TOTAL NONOPERATING INCOME . . . . . 9,043 9,043
INCOME BEFORE INTEREST CHARGES AND
PREFERRED DIVIDENDS. . . . . . . . . . . . 941,302 (26) 941,276
INTEREST CHARGES . . . . . . . . . . . . . . 390,840 (75) 390,765
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES. . . . . . . . . . . . . . 55,554 55,554
NET INCOME . . . . . . . . . . . . . . . . . $ 494,908 $ 49 $ 494,957
AVERAGE NUMBER OF SHARES OUTSTANDING . . . . 184,861 184,861
EARNINGS PER SHARE . . . . . . . . . . . . . $2.68 $2.68
CASH DIVIDENDS PAID PER SHARE. . . . . . . . $2.40 $2.40
The Pro Forma Adjustments are shown on Page 8A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 10
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . $1,311,401
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,908
DEDUCTIONS:
Cash Dividends Declared. . . . . . . . . . . . . . . . . . . . . . . 443,521
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . $1,362,170
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,593,266
<OTHER-PROPERTY-AND-INVEST> 503,414
<TOTAL-CURRENT-ASSETS> 261,131
<TOTAL-DEFERRED-CHARGES> 84,107
<OTHER-ASSETS> 455,937
<TOTAL-ASSETS> 3,897,855
<COMMON> 56,584
<CAPITAL-SURPLUS-PAID-IN> 734,511
<RETAINED-EARNINGS> 224,385
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,015,480
135,000
52,000
<LONG-TERM-DEBT-NET> 932,305
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 5,125
<LONG-TERM-DEBT-CURRENT-PORT> 140,000
0
<CAPITAL-LEASE-OBLIGATIONS> 109,951
<LEASES-CURRENT> 34,249
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,473,745
<TOT-CAPITALIZATION-AND-LIAB> 3,897,855
<GROSS-OPERATING-REVENUE> 1,240,565
<INCOME-TAX-EXPENSE> 52,803
<OTHER-OPERATING-EXPENSES> 968,595
<TOTAL-OPERATING-EXPENSES> 1,021,398
<OPERATING-INCOME-LOSS> 219,167
<OTHER-INCOME-NET> 3,094
<INCOME-BEFORE-INTEREST-EXPEN> 222,261
<TOTAL-INTEREST-EXPENSE> 71,378
<NET-INCOME> 150,883
11,560
<EARNINGS-AVAILABLE-FOR-COMM> 139,323
<COMMON-STOCK-DIVIDENDS> 107,669
<TOTAL-INTEREST-ON-BONDS> 42,884
<CASH-FLOW-OPERATIONS> 249,670
<EPS-PRIMARY> 0<F1>
<EPS-DILUTED> 0<F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 2,593,266
<OTHER-PROPERTY-AND-INVEST> 503,414
<TOTAL-CURRENT-ASSETS> 259,631
<TOTAL-DEFERRED-CHARGES> 85,607
<OTHER-ASSETS> 455,937
<TOTAL-ASSETS> 3,897,855
<COMMON> 56,584
<CAPITAL-SURPLUS-PAID-IN> 734,511
<RETAINED-EARNINGS> 224,385
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,015,480
135,000
52,000
<LONG-TERM-DEBT-NET> 982,305
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 5,125
<LONG-TERM-DEBT-CURRENT-PORT> 90,000
0
<CAPITAL-LEASE-OBLIGATIONS> 109,951
<LEASES-CURRENT> 34,249
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,473,745
<TOT-CAPITALIZATION-AND-LIAB> 3,897,855
<GROSS-OPERATING-REVENUE> 1,240,565
<INCOME-TAX-EXPENSE> 52,829
<OTHER-OPERATING-EXPENSES> 968,595
<TOTAL-OPERATING-EXPENSES> 1,021,424
<OPERATING-INCOME-LOSS> 219,141
<OTHER-INCOME-NET> 3,094
<INCOME-BEFORE-INTEREST-EXPEN> 222,235
<TOTAL-INTEREST-EXPENSE> 71,303
<NET-INCOME> 150,932
11,560
<EARNINGS-AVAILABLE-FOR-COMM> 139,372
<COMMON-STOCK-DIVIDENDS> 107,669
<TOTAL-INTEREST-ON-BONDS> 42,884
<CASH-FLOW-OPERATIONS> 249,670
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 11,341,273
<OTHER-PROPERTY-AND-INVEST> 760,144
<TOTAL-CURRENT-ASSETS> 1,349,443
<TOTAL-DEFERRED-CHARGES> 363,938
<OTHER-ASSETS> 1,951,442
<TOTAL-ASSETS> 15,766,240
<COMMON> 1,264,802
<CAPITAL-SURPLUS-PAID-IN> 1,650,647
<RETAINED-EARNINGS> 1,362,170
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,277,619
590,300
233,240
<LONG-TERM-DEBT-NET> 4,579,207
<SHORT-TERM-NOTES> 20,825
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 166,750
<LONG-TERM-DEBT-CURRENT-PORT> 452,373
85
<CAPITAL-LEASE-OBLIGATIONS> 304,442
<LEASES-CURRENT> 90,979
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,050,420
<TOT-CAPITALIZATION-AND-LIAB> 15,766,240
<GROSS-OPERATING-REVENUE> 5,432,655
<INCOME-TAX-EXPENSE> 241,034
<OTHER-OPERATING-EXPENSES> 4,259,362
<TOTAL-OPERATING-EXPENSES> 4,500,396
<OPERATING-INCOME-LOSS> 932,259
<OTHER-INCOME-NET> 9,043
<INCOME-BEFORE-INTEREST-EXPEN> 941,302
<TOTAL-INTEREST-EXPENSE> 390,840
<NET-INCOME> 494,908
55,554 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 494,908
<COMMON-STOCK-DIVIDENDS> 443,521
<TOTAL-INTEREST-ON-BONDS> 268,652
<CASH-FLOW-OPERATIONS> 961,856
<EPS-PRIMARY> $2.68
<EPS-DILUTED> $2.68
<FN>
<F1> Represents preferred stock dividend requirements of subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 11,341,273
<OTHER-PROPERTY-AND-INVEST> 760,144
<TOTAL-CURRENT-ASSETS> 1,347,943
<TOTAL-DEFERRED-CHARGES> 365,438
<OTHER-ASSETS> 1,951,442
<TOTAL-ASSETS> 15,766,240
<COMMON> 1,264,802
<CAPITAL-SURPLUS-PAID-IN> 1,650,647
<RETAINED-EARNINGS> 1,362,170
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,277,619
590,300
233,240
<LONG-TERM-DEBT-NET> 4,629,207
<SHORT-TERM-NOTES> 20,825
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 166,750
<LONG-TERM-DEBT-CURRENT-PORT> 402,373
85
<CAPITAL-LEASE-OBLIGATIONS> 304,442
<LEASES-CURRENT> 90,979
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,050,420
<TOT-CAPITALIZATION-AND-LIAB> 15,766,240
<GROSS-OPERATING-REVENUE> 5,432,655
<INCOME-TAX-EXPENSE> 241,060
<OTHER-OPERATING-EXPENSES> 4,259,362
<TOTAL-OPERATING-EXPENSES> 4,500,422
<OPERATING-INCOME-LOSS> 932,233
<OTHER-INCOME-NET> 9,043
<INCOME-BEFORE-INTEREST-EXPEN> 941,276
<TOTAL-INTEREST-EXPENSE> 390,765
<NET-INCOME> 494,957
55,554 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 494,957
<COMMON-STOCK-DIVIDENDS> 443,521
<TOTAL-INTEREST-ON-BONDS> 268,652
<CASH-FLOW-OPERATIONS> 961,856
<EPS-PRIMARY> $2.68
<EPS-DILUTED> $2.68
<FN>
<F1> Represents preferred stock dividend requirements of subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
