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NATIONAL GRID USA AND SUBSIDIARIES
Statement of Consolidated Income
Twelve Months Ended September 30, 2000
(Unaudited)
(In Thousands)
Operating revenue $ 2,912,044
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Operating expenses:
Fuel for generation 17,137
Purchased electric energy:
Contract termination charges and
nuclear unit shutdown costs 213,365
Other 1,027,464
Cost of sales, AllEnergy 306,817
Other operation 549,815
Maintenance 80,553
Depreciation and amortization 213,005
Taxes, other than income taxes 114,778
Income taxes 129,402
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Total operating expenses 2,652,336
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Operating income 259,708
Other income:
Allowance for equity funds used during construction (1)
Equity in income of generating companies 4,139
Amortization of goodwill (52,616)
Other income (expense), net 5,863
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Operating and other income 217,093
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Interest:
Interest on long-term debt 72,251
Other interest 18,538
Allowance for borrowed funds used during construction (1,687)
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Total interest 89,102
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Income after interest 127,991
Preferred dividends and net gain/loss on reacquisition
of preferred stock 1,984
Minority interests 5,481
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Net income $ 120,526
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Net income from continuing operations
less applicable income taxes of $130,479 $ 121,095
Net loss from discontinued operations of AllEnergy
less applicable income tax benefit of ($1,077) (569)
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Net income $ 120,526
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Statement of Consolidated Retained Earnings
Retained earnings at beginning of period $ 1,010,489
Net income 120,526
Dividends declared on common shares (73,960)
Purchase accounting fair value adjustment (1,006,522)
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Retained earnings at end of period $ 50,533
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