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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended September 30, 1994 Commission File No. 1-4698
------------------ ------
Nevada Power Company
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 88-0045330
- -------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6226 West Sahara Avenue, Las Vegas, Nevada 89102
- ------------------------------------------ ---------
(Address of principal executive offices) (Zip Code)
(702) 367-5000
----------------------------------------------------
(Registrant's telephone number, including area code)
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
--- ---
Indicate the number of shares outstanding of each of the issuer's classes
of Common Stock, as of the latest practicable date.
Common Stock outstanding November 9, 1994, 45,242,575 shares.
----------
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PART I. FINANCIAL INFORMATION
STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
FOR THE FOR THE
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1994 1993 1994 1993
-------- -------- -------- --------
ELECTRIC REVENUES ...................... $268,359 $232,263 $608,805 $507,395
-------- -------- -------- --------
OPERATING EXPENSES AND TAXES:
Fuel .................................. 36,209 30,681 83,404 76,549
Purchased and interchanged power....... 85,775 82,378 205,270 189,931
Deferred energy cost adjustments, net.. 4,420 (9,254) 19,237 (34,854)
-------- -------- -------- --------
Net energy costs ................... 126,404 103,805 307,911 231,626
Other production operations ........... 4,884 4,805 12,899 12,750
Other operations ...................... 25,450 21,218 73,538 60,881
Maintenance and repairs ............... 7,991 7,293 27,176 27,564
Provision for depreciation ............ 13,396 11,350 37,422 32,577
General taxes ......................... 4,246 4,195 12,741 12,392
Federal income taxes .................. 26,291 24,640 37,064 35,005
-------- -------- -------- --------
208,662 177,306 508,751 412,795
-------- -------- -------- --------
OPERATING INCOME ....................... 59,697 54,957 100,054 94,600
-------- -------- -------- --------
OTHER INCOME (EXPENSES):
Allowance for other funds used
during construction .................. 1,633 2,350 5,304 7,372
Miscellaneous, net .................... 171 (492) 5,022 (1,579)
-------- -------- -------- --------
1,804 1,858 10,326 5,793
-------- -------- -------- --------
INCOME BEFORE INTEREST DEDUCTIONS....... 61,501 56,815 110,380 100,393
-------- -------- -------- --------
INTEREST DEDUCTIONS:
Interest on long-term debt ............ 11,168 10,727 33,199 32,406
Other interest ........................ 789 339 2,134 1,598
Allowance for borrowed funds used
during construction .................. (928) (1,364) (3,310) (4,341)
-------- -------- -------- --------
11,029 9,702 32,023 29,663
-------- -------- -------- --------
NET INCOME ............................. 50,472 47,113 78,357 70,730
DIVIDEND REQUIREMENTS ON PREFERRED STOCK 993 996 2,982 2,990
-------- -------- -------- --------
EARNINGS AVAILABLE FOR COMMON STOCK..... $ 49,479 $ 46,117 $ 75,375 $ 67,740
======== ======== ======== ========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING ........................... 42,714 40,904 42,256 38,850
======== ======== ======== ========
EARNINGS PER AVERAGE COMMON SHARE....... $ 1.16 $ 1.13 $ 1.78 $ 1.74
======== ======== ======== ========
DIVIDENDS PER COMMON SHARE ............. $ 0.40 $ 0.40 $ 1.20 $ 1.20
======== ======== ======== ========
See Notes to Financial Statements.
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BALANCE SHEETS
ASSETS
(Unaudited)
September 30, December 31,
1994 1993
---------- ----------
(In Thousands)
ELECTRIC PLANT:
Original cost ..................................... $1,791,465 $1,638,560
Less accumulated depreciation ..................... 484,467 451,302
---------- ----------
Net plant in service ............................ 1,306,998 1,187,258
Construction work in progress ..................... 129,531 167,652
Other plant, net .................................. 90,750 95,236
---------- ----------
1,527,279 1,450,146
---------- ----------
INVESTMENTS ......................................... 21,909 21,822
---------- ----------
CURRENT ASSETS:
Cash and temporary cash investments ............... 6,317 145
Customer receivables -
Billed .......................................... 67,890 37,270
Unbilled ........................................ 31,631 13,000
Reserve for doubtful accounts ................... (1,943) (1,125)
Other receivables ................................. 8,233 15,465
Fuel stock and materials and supplies ............. 38,083 40,327
Deferred energy costs ............................. 32,893 58,783
Prepayments ....................................... 6,526 8,313
---------- ----------
189,630 172,178
---------- ----------
DEFERRED CHARGES:
Debt expense, being amortized ..................... 27,647 28,645
Accumulated deferred taxes on proposed refund of
recovered energy costs - Mohave accident ........ - 5,417
Other ............................................. 131,586 131,129
---------- ----------
159,233 165,191
---------- ----------
$1,898,051 $1,809,337
========== ==========
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock, 42,874,447 and 41,505,195
shares issued and outstanding, respectively ..... $ 46,079 $ 44,709
Premium and unamortized expense on capital stock.. 518,373 491,856
Retained earnings ................................ 134,262 109,359
---------- ----------
698,714 645,924
---------- ----------
Cumulative preferred stock ........................ 42,063 42,264
---------- ----------
Long-term debt .................................... 692,927 716,589
---------- ----------
1,433,704 1,404,777
---------- ----------
CURRENT LIABILITIES:
Notes payable ..................................... - 25,000
Current maturities and sinking fund requirements... 57,635 7,496
Accounts payable, including salaries and wages .... 77,786 70,098
Accrued taxes ..................................... 33,098 (1,131)
Accrued interest .................................. 9,999 6,212
Accumulated deferred taxes on deferred energy costs 11,512 20,574
Customers' service deposits and other ............. 37,947 31,441
---------- ----------
227,977 159,690
---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Accumulated deferred investment tax credits ....... 34,289 35,384
Accumulated deferred taxes on income .............. 131,764 126,133
Customers' advances for construction .............. 33,297 28,455
Proposed refund of recovered energy
costs - Mohave accident ......................... - 16,698
Other ............................................. 37,020 38,200
---------- ----------
236,370 244,870
---------- ----------
$1,898,051 $1,809,337
========== ==========
See Notes to Financial Statements.
3
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STATEMENTS OF CASH FLOWS
(Unaudited)
FOR THE NINE MONTHS
ENDED SEPTEMBER 30,
-------------------
1994 1993
-------- --------
(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ............................................... $ 78,357 $ 70,730
Adjustments to reconcile net income to net cash provided -
Depreciation and amortization ........................... 47,439 40,400
Deferred income taxes and investment tax credits ........ 726 17,652
Allowance for other funds used during construction ...... (5,304) (7,372)
Changes in -
Receivables ............................................. (50,916) (30,840)
Fuel stock and materials and supplies ................... 997 4,715
Accounts payable and other current liabilities .......... 12,876 30,857
Deferred energy costs ................................... 16,037 (37,646)
Accrued taxes and interest .............................. 38,015 20,206
Other assets and liabilities ............................ (8,085) (713)
-------- --------
Net cash provided by operating activities .............. 130,142 107,989
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction expenditures and gross additions ............ (113,741) (108,746)
Investment in subsidiaries and other ..................... (302) (3,927)
Salvage net of removal cost .............................. (18) 229
-------- --------
Net cash used in investing activities .................. (114,061) (112,444)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of capital stock .................................... 27,876 97,077
Sale of long-term debt ................................... - 45,000
Change in funds held in trust ............................ 32,079 (1,236)
Retirement of preferred stock and long-term debt ......... (5,753) (57,731)
Coal contract buy-out .................................... (15,439) -
Change in short-term borrowing ........................... - -
Cash dividends ........................................... (53,524) (49,544)
Other financing activities ............................... 4,852 1,710
-------- --------
Net cash provided by financing activities .............. (9,909) 35,276
-------- --------
CASH AND TEMPORARY CASH INVESTMENTS:
Net increase during the period ........................... 6,172 30,821
Beginning of period ...................................... 145 160
-------- --------
End of period ............................................ $ 6,317 $ 30,981
======== ========
CASH PAID DURING THE PERIOD FOR:
Interest, net of amounts capitalized ..................... $ 35,997 $ 36,518
======== ========
Income taxes ............................................. $ 5,000 $ 1
======== ========
See Notes to Financial Statements.
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NOTES TO FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by
the registrant, pursuant to the rules and regulations of the Securities and
Exchange Commission, and reflect all adjustments which, in the opinion of
management, are necessary for a fair presentation. Certain information and
footnote disclosures have been condensed in accordance with generally accepted
accounting principles and pursuant to such rules and regulations. The
registrant believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these condensed financial
statements and notes thereto be read in conjunction with the financial
statements and the notes thereto included in the registrant's latest annual
report. Certain prior period amounts have been reclassified, with no effect on
income or common shareholders' equity, to conform with the current period
presentation.
(1) FEDERAL INCOME TAXES:
For interim financial reporting purposes, Nevada Power Company (Company)
reflects in the computation of the federal income tax provision liberalized
depreciation based upon the expected annual percentage relationship of book
and tax depreciation and reflects the allowance for funds used during
construction on an actual basis. The total federal income tax expense as set
forth in the accompanying statements of income results in an effective federal
income tax rate different than the statutory federal income tax rate. The
table below shows the effects of those transactions which created this
difference.
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1994 1993 1994 1993
------- ------- ------- -------
(In Thousands)
Federal income tax at statutory rate . $27,207 $25,520 $42,113 $38,100
Investment tax credit amortization ... (365) (365) (1,095) (938)
Other ................................ 421 751 950 966
------- ------- ------- -------
Recorded federal income taxes ........ $27,263 $25,906 $41,968 $38,128
======= ======= ======= =======
Federal income taxes included in-
Operating expenses ................. $26,291 $24,640 $37,064 $35,005
Other income, net .................. 972 1,266 4,904 3,123
------- ------- ------- -------
Recorded federal income taxes ........ $27,263 $25,906 $41,968 $38,128
======= ======= ======= =======
(2) COMMITMENTS AND CONTINGENCIES:
On July 11, l991, Nevada Electric Investment Company (NEICO), the
Company's unregulated subsidiary, entered into an agreement to sell a 50
percent undivided ownership interest in certain coal mining assets to the
Intermountain Power Agency (IPA). NEICO and IPA will continue the coal mining
operations as joint venturers under the name of the Crandall Canyon Project.
Additionally, IPA has executed a continuing coal purchase agreement. This
transaction has been inquired into by the PSC, and no gain has been recorded
pending regulatory review.
The Federal Clean Air Act Amendments of 1990 include provisions which will
affect the Company's existing steam generating facilities and all new fossil
fuel fired facilities. Title IV of the Amendments provides a national cap
on sulfur dioxide emissions by mandating emissions reductions for many
electric steam generating facilities. The sulfur dioxide provisions of the
Amendments will not adversely affect the Company because the Company's steam
units burn low sulfur fuels or have sulfur dioxide
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control equipment. Title IV of the Amendments also provides for reduction of
emissions of oxides of nitrogen by establishing new emission limits for coal-
fired generating units. This Title will require the installation of additional
pollution control technology at some of the Reid Gardner Station generating
units before 2000 at an estimated cost to the Company of no more than $6
million.
The United States Congress authorized $2 million for the U.S.
Environmental Protection Agency (EPA) to study the potential impact the Mohave
Generating Station (Mohave) may have on visibility in the Grand Canyon. The EPA
report is expected to be finalized in late 1995, with a follow-up report from
the Grand Canyon Visibility Transport Commission in late 1996. Also, the
Nevada Division of Environmental Protection has imposed more stringent stack
opacity limits for Mohave. This will affect the Company's utilization
of resources, but, as more experience is gained by operating at the new opacity
levels, optimal utilization will be determined. As a 14 percent owner
of Mohave, the Company will be required to fund any plant improvements that may
result from the EPA study and operation at the new opacity levels. The cost of
any potential improvements cannot be estimated at this time.
In 1991, the EPA published an order requiring the Navajo Generating
Station (Navajo) to install scrubbers to remove 90 percent of sulfur dioxide
beginning in 1997. As an 11.3 percent owner of Navajo, the Company will
be required to fund an estimated $56.5 million for installation of the
scrubbers. In 1992, the Company received resource planning approval from the
PSC for its share of the cost of the scrubbers up to $46.6 million.
(3) POSTRETIREMENT BENEFITS OTHER THAN PENSIONS:
The Company adopted Statement of Financial Accounting Standards No. 106
(FAS 106), Employers' Accounting for Postretirement Benefits Other Than
Pensions, effective January 1, 1993. The costs of these benefits have been
expensed on a pay-as-you-go basis prior to the Company adopting FAS 106. In
July 1992, the PSC authorized the Company to continue recognizing these benefit
costs on a pay-as-you-go basis after adopting FAS 106 and to record any
difference in costs resulting from the implementation of FAS 106 as a deferred
asset. As a result of the stipulation approved by the PSC on July 6, 1994, the
Company is no longer recognizing these benefit costs on a pay-as-you-go basis
and began amortizing the FAS 106 deferred asset at March 31, 1994 over a period
of 8 years.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
On July 6, 1994, the PSC approved a stipulation between the Company, PSC
staff, Office of Consumer Advocate and other intervenors to settle an earnings
investigation of the Company and several other pending regulatory matters. The
stipulation will reduce non-residential rates by $6.25 million beginning
October 1, 1994 and provides for no additional rate changes before July 1,
1995. The overall rate of return was reduced from 10.02 percent to 9.66
percent although the allowed return on common equity remains at 12.5 percent.
The stipulation resulted in the withdrawal of the Company's $38.5 million
energy rate request and $1 million resource planning rate request filed with
the PSC on February 28, 1994. In addition, as part of the stipulation, the
Company is required to use billed and unbilled sales to calculate deferred
energy balances. Implementation of this methodology has resulted in a credit
adjustment to deferred energy costs and a debit to unbilled customer
receivables of $19.4 million with no impact on the Company's earnings.
The stipulation also completely resolved the Mohave accident replacement
power case. As a part of the stipulation, $11 million of the reserved
$17.4 million previously
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collected from customers for fuel and purchased power costs and interest will
be refunded to customers. The $11 million was transferred from other deferred
credits to deferred energy costs to offset increased fuel and purchased power
costs that have been deferred for collection. The balance of $4.2 million,
net of tax, was reflected as other income in miscellaneous, net for the second
quarter of 1994.
The Company's customer growth rate during 1993 and 1992 was 5.4 and 4.6
percent, respectively. The increase in customers for the first nine months of
1994 was at an annualized rate of 6.1 percent. At September 30, 1994, the
Company provided electric service to 422,213 customers.
Every three years Nevada law requires the Company file with the PSC a
forecast of electricity demands for the next 20 years and the Company's plans
to meet those demands. In the third quarter of 1994, the Company filed with the
PSC its 1994 Resource Plan and an amendment thereto which collectively
requested approval of the following major items:
(1) Arden-Northwest 230 kV Transmission Project -
This project had previously been approved for partial construction.
The Company has requested approval for expenditures to complete this
project.
(2) A Comprehensive Renewable Energy Program -
The Company seeks to utilize all appropriate incentives, resources,
and expertise to foster the development of economically competitive
renewable energy systems with the intent to provide Southern Nevada
customers with 20 megawatts of solar-generated electricity by the
year 2002.
(3) Supply-Side Request for Proposal (RFP) Process -
For resources in 1997 and 1998, the Company is requesting approval of
the process used to select the bidders for projects, which include
utility system sales, combustion turbine projects, pumped
hydroelectric projects, a seasonal diversity exchange, and a wind
power project.
(4) Residential New Construction Program -
The Company would assist builders in meeting and exceeding minimum
building energy codes by analyzing their house plans and recommending
measures that would minimize summer air conditioning loads.
Incentives would be provided based on whether the recommended
measures were actually installed.
(5) Energy Service Company Contracts -
The Company is seeking approval to enter into demand-side management
contracts with three energy service companies to promote conservation
among certain commercial customers. The total targeted reduction
in demand is equivalent to 13.8 megawatts.
(6) Construction of a 72 MW Combustion Turbine Generator at the Harry
Allen Site -
The Company requested approval of this item to assist in meeting
the Company's latest load forecast.
Nevada Power Company, the PSC Staff, the OCA and the Land and Water Fund
of the Rockies stipulated the Renewable Energy Program section of the Resource
Plan on October 4, 1994. The PSC subsequently approved the stipulation which
includes establishing a solar test facility on Company property where new solar
technologies will be installed and tested. The Company will also install
several photovoltaic units in the Las Vegas Valley and will serve on the
Technical Advisory Committee of the Solar II Project in Barstow, California.
The PSC issued an Order on October 10, 1994 giving the Company approval to
construct the combustion turbine generator for commercial operation in 1996 if,
after review of all other options, including the Supply-Side RFP, it is still
determined to be in the best interest of the Company.
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The Company is anticipating filing another Amendment to this Resource
Plan by the end of 1994. The Amendment will request approval of the completed
Supply-Side RFP and the subsequent recommendation on the Company's resource
options.
To meet capital expenditure requirements through 1994, the Company plans
to utilize internally generated cash, the proceeds from industrial development
revenue bonds (IDBs), first mortgage bonds and common stock issues through
public offerings and the Stock Purchase and Dividend Reinvestment Plan (SPP).
The Company has the option of issuing new shares or using open
market purchases of Nevada Power common stock to meet the requirements of the
SPP. Under the SPP, the Company issued 1,640,326 and 1,331,854 shares,
respectively, of common stock in 1993 and the first nine months of 1994.
On November 9, 1994, the Company sold 2,000,000 shares of common stock
through a negotiated public offering. Net proceeds of $27.7 million will be
used primarily for construction and general corporate purposes including the
repayment of any amounts incurred for those purposes that are outstanding under
the Company's bank revolving credit facility.
In October 1994, the Company filed a request with the PSC for
authorization to issue and sell up to 15,000,000 shares of common stock, up to
$195 million of debt for the purpose of refinancing existing debt, up to $40
million of preferred stock for the purpose of refinancing existing preferred
stock, up to $320 million of new taxable debt and up to $100 million of new
preferred stock as an alternative to an equal amount of common stock and/or new
taxable debt with such authorization to expire on December 31, 1997.
In August 1994, the Company received PSC approval for authority to issue
short-term unsecured promissory notes not to exceed $150 million with such
authorization to expire on December 31, 1997, and for authority to issue an
additional 2 million shares of common stock under the SPP. The Company has
accepted a fully underwritten three-year commitment from the existing agent to
provide a $125 million revolving credit facility. The Company expects the new
credit facility to be effective before year end.
On June 24, 1992, Clark County, Nevada issued $105 million 6.70% fixed
rate 30-year IDBs (Nevada Power Company Project) Series 1992A. Net proceeds
from the sale of the IDBs were placed on deposit with a trustee and are being
used to finance the construction of certain facilities which qualify for tax-
exempt financing. At September 30, 1994, $27.0 million remained on deposit
with the trustee.
OPERATING RESULTS OF FIRST NINE MONTHS OF 1994
COMPARED TO FIRST NINE MONTHS OF 1993
Earnings per average common share were $1.78 for the first nine months of
1994, compared to $1.74 in the same period in 1993. The increase in earnings
was due primarily to an increase in kilowatthour sales and settlement of the
replacement power case from the 1985 Mohave Generating Station accident. Year
to date kilowatthour sales, excluding sales for resale, were up 11.1 percent,
as compared to the first nine months of 1993, due to a 6.2 percent increase in
the average number of customers as well as warmer weather in 1994.
The increase in revenues was due to the higher kilowatthour sales and
increases in rates to recover costs for fuel and purchased power. Higher
revenues also resulted from recording unbilled revenues for the recovery of
energy costs, with an offsetting increase in the deferred energy cost
adjustment and accordingly no impact on the Company's earnings, as required by
the stipulation approved by the PSC on July 6, 1994.
8
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Fuel expense increased by $6.9 million due mainly to increased generation
at Clark Station. The cost of purchased power increased by $15.3 million due
primarily to charges for energy and capacity purchased from qualifying
facilities under contracts with Nevada Cogeneration Associates and Las Vegas
Cogeneration. Other operations expense increased $12.7 million due primarily
to an increase in administrative and general expenses resulting mainly from an
increase in employee benefit costs, higher labor costs and an increase in the
uncollectible accounts reserve. Employee benefit costs were higher primarily
due to increased amounts for group medical insurance, pensions, postretirement
benefits other than pensions and amortization of reorganization, early
retirement and severance costs. Depreciation expense increased $4.8 million
because of a growing asset base. Other income miscellaneous, net increased
$6.6 million due mainly to the stipulated resolution of the Mohave accident.
Average common shares increased because of the sale of additional common
shares through public offerings and the SPP to partially provide funds for the
construction of facilities necessary to meet increased customer demand
for electricity.
OPERATING RESULTS OF THIRD QUARTER OF 1994
COMPARED TO THIRD QUARTER OF 1993
Third quarter earnings of $1.16 per average common share were up 3 cents
from the same period in 1993. Kilowatthour sales, excluding sales for resale,
were up 13.7 percent due to warmer weather in the third quarter of 1994 and an
increase of 6.3 percent in the average number of customers.
The increase in revenues was due to the higher kilowatthour sales and an
increase in rates to recover costs for fuel and purchased power. Higher
revenues also resulted from recording unbilled revenues for the recovery of
energy costs, with an offsetting increase in the deferred energy cost
adjustment and accordingly no impact on the Company's earnings, as required by
the stipulation approved by the PSC on July 6, 1994.
Fuel expense in the third quarter of 1994 increased by $5.5 million as
compared to the third quarter of 1993 due to increased generation at Clark
Station. Purchased power expense increased by $3.4 million due to increased
purchased power rates. Other operations expense rose $4.2 million as a result
of an increase in administrative and general expenses due mainly to higher
group medical insurance costs, pensions, postretirement benefits other than
pensions and the provision for uncollectible accounts. Depreciation expense
increased $2.0 million because of a growing asset base.
Average common shares increased because of the sale of additional common
shares through the SPP to partially provide funds for the construction of
facilities necessary to meet increased customer demand for electricity.
9
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PART II. OTHER INFORMATION
Items 1 through 5. None.
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibits.
Exhibits Filed Description
-------------- -----------
27 Financial Data Schedule
b. Reports on Form 8-K.
None.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Nevada Power Company
(Registrant)
Date: November 10, 1994 STEVEN W. RIGAZIO
-------------------------------------
Steven W. Rigazio
Vice President, Finance and Planning,
Treasurer, Chief Financial Officer
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET OF NEVADA POWER COMPANY AS OF SEPTEMBER 30, 1994, AND THE RELATED
STATEMENTS OF INCOME AND CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $1,527,279
<OTHER-PROPERTY-AND-INVEST> 21,909
<TOTAL-CURRENT-ASSETS> 189,630
<TOTAL-DEFERRED-CHARGES> 159,233
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 1,898,051
<COMMON> 46,079
<CAPITAL-SURPLUS-PAID-IN> 518,373
<RETAINED-EARNINGS> 134,262
<TOTAL-COMMON-STOCKHOLDERS-EQ> 698,714
38,000
4,063
<LONG-TERM-DEBT-NET> 592,481
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 52,101
200
<CAPITAL-LEASE-OBLIGATIONS> 100,446
<LEASES-CURRENT> 5,334
<OTHER-ITEMS-CAPITAL-AND-LIAB> 406,712
<TOT-CAPITALIZATION-AND-LIAB> 1,898,051
<GROSS-OPERATING-REVENUE> 608,805
<INCOME-TAX-EXPENSE> 37,064
<OTHER-OPERATING-EXPENSES> 471,687
<TOTAL-OPERATING-EXPENSES> 508,751
<OPERATING-INCOME-LOSS> 100,054
<OTHER-INCOME-NET> 10,326
<INCOME-BEFORE-INTEREST-EXPEN> 110,380
<TOTAL-INTEREST-EXPENSE> 32,023
<NET-INCOME> 78,357
2,982
<EARNINGS-AVAILABLE-FOR-COMM> 75,375
<COMMON-STOCK-DIVIDENDS> 50,472
<TOTAL-INTEREST-ON-BONDS> 0<F1>
<CASH-FLOW-OPERATIONS> 130,142
<EPS-PRIMARY> 1.78
<EPS-DILUTED> 0<F1>
<FN>
<F1>Inapplicable.
</FN>
<PAGE>
</TABLE>
