<PAGE>1
As Adopted and Amended November 1, 1993
File No.69-93
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Form U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION UNDER RULE U-3A-2
FROM THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To be filed annually prior to March 1
NIAGARA MOHAWK POWER CORPORATION
and
HYDRA-CO ENTERPRISES, INC.
hereby file with the Securities and Exchange Commission,
pursuant to Rule 2, their statement claiming exemptions as holding
companies from the provisions of the Public Utility Holding Company
Act of 1935 and submit the following information.
<PAGE>2
1. Name, State of organization, location and nature of business
claimant and every subsidiary thereof, other than any exempt
wholesale generator (EWG) or foreign utility company in which the
claimant directly or indirectly holds an interest.
<TABLE>
<CAPTION>
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by Claimant
<S> <C> <C> <C>
Niagara Mohawk Power
Corporation (NMPC or Electric and Gas
Claimant) . . . . New York Utility (Note A) -
Opinac Energy Province of Investment Company
Corporation . . Ontario, Canada (Note B) 100.00%
N M Uranium, Inc. Texas Mining 100.00%
NM Suburban
Gas, Inc. . . . New York Gas Utility (Note C) 100.00%
NM Holdings, Inc. New York Real Estate Development
(Notes A and D) 100.00%
HYDRA-CO Enterprises, Develops, owns and
Inc. (HYDRA-CO or operates co-generation
Claimant) . . . New York and small power plants (Note E)
Owns and operates a
hydroelectric
Moreau Manufacturing generating station
Corporation . New York (Note A) 66.67%
Owns and operates a
hydroelectric
Beebee Island generating station
Corporation . New York (Note A) 82.78%
</TABLE>
<PAGE> 3
Note A - Operates exclusively in the State of New York.
Note B - Owns 100.00% of Canadian Niagara Power Company, Limited (an
electric utility which operates exclusively in the Province of
Ontario, Canada), incorporated in the Province of Ontario, Canada.
Note C - Corporation was formed in 1992 to acquire the assets of
Syracuse Suburban Gas Company, Inc. in exchange for NMPC stock;
operates exclusively in the State of New York.
Note D - Owns 100.00% of Salmon Shores Inc., Riverview Inc. and
Moreau Park Inc. each of which are real estate
development projects incorporated in New York.
Note E - HYDRA-CO Enterprises, Inc. is 100.00% owned by the
co-claimant Niagara Mohawk Power Corporation.
HYDRA-CO, or its affiliates (identified below), own the following
partnership interests in partnerships which own only facilities that
are "qualifying facilities" under the Public Utility Regulatory
Policies Act of 1978 (PURPA) and, accordingly, are deemed not to be
public utility companies under the Public Utility Holding Company Act
of 1935 (1935 Act).
<PAGE>4
<TABLE>
<CAPTION>
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by HYDRA-CO
<S> <C> <C> <C>
Appomattox River Owns & operates a hydro-
Associates, L.P. . . Delaware electric facility 50%
Benton Falls Owns and operates a
Associates . . . . . New York Hydroelectric facility 25%
Black River Hydro Owns and operates three
Associates . . . . . New York Hydroelectric facilities 12.5%
Owns and operates a
Cogent Little Falls . New York cogeneration facility 50%
Owns and operates a
Copenhagen Associates New York hydroelectric facility 50%
Craven County Wood Owns and operates a
Energy Limited biomass fuel power
Partnership . . . . Delaware generation facility 50%
Dodge Falls Owns and operates a hydro-
Associates, L.P. . . Delaware electric facility 50%
Owns a limited partnership
interest in a biomass
Energy Investors Fund, facility and various other
L.P. . . . . . . . . Delaware energy projects 1.2%
Owns a limited partnership
Energy Investors Fund II, interests in various energy
L.P. . . . . . . . . Delaware projects 4.71%
<PAGE>5
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by HYDRA-CO
Fairfield Energy Owns and operates a wood-
Venture, L.P. . . . Delaware fired small power facility 43.375%
Imperial Valley Owns and operates a
Resource Recovery wood-fired small power
Associates, L.P. . . California facility 45%
Owns and operates a gas fired
project which is currently in
Irwindale Cogeneration the process of being
Associates, L.P. . . Delaware developed 50%
Little Falls Hydroelectric Owns and operates a
Associates . . . . . New York hydroelectric facility .33%
Owns and operates a
Lyonsdale Associates . New York hydroelectric facility 50%
Powersmith Cogeneration Owns and operates a
Project, L.P. . . . Delaware cogeneration facility 20%
Owns and operates a
Pyrites Associates . . New York hydroelectric facility 50%
<PAGE>6
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by HYDRA-CO
Salt City Energy Owns and will operate a
Venture, L.P. . . . Delaware co-generation facility 37.5%
Stratton Energy Owns and operates a wood-
Associates . . . . . New York fired small power facility 30%
Windpower Partners Owns and operates
1988 . . . . . . . . California windpower facilities 22.7%
Windpower Partners Owns and operates
1989 . . . . . . . . California windpower facilities 8.53%
The following entity is partly owned by HYDRA-CO and is a
public utility as defined under the 1935 Act but is exclusively
intrastate in character.
Curtis-Palmer Owns and operates two
Hydroelectric hydroelectric
Company . . . . . . New York generating stations 12.50%
The following entities own and/or operate facilities
which are exempt from the 1935 Act by virtue of being
"qualifying facilities" under PURPA and accordingly, are deemed
not to be public utility companies under the 1935 Act:
Lock 17 Management Manages a hydroelectric
Group . . . . . . . New York facility 33%
<PAGE>7
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by HYDRA-CO
Subsidiary of HYDRA-CO
that operates four PURPA
HYDRA-CO Operations, "qualifying facilities" and
Inc. . . . . . . . . New York one Exempt Wholesale Generator 100%
Subsidiary of HYDRA-CO that
owns 33.3% of Energy Investors
Partners, L.P., 33.3% interest
in Energy Investors Management,
Inc., 28.66% interest in Energy
Investors Partners II, L.P. and
a 33.3% interest in Energy
HYDRA-CO Energy, Inc. New York Investors Management Company 100%
Subsidiary of HYDRA-CO that
owns 50% interest in Pepperell
HCE Pepperell, Inc. . New York Power Associates, L.P. 100%
Subsidiary of HYDRA-CO that
was formed to be an owner
in the Jamaica Private Power
Co., Limited. Owning 35% of
HCE-Rockfort Diesel, Inc. New York Class A shares 100%
Subsidiary of HYDRA-CO that
owns 5% interest in Craven
New Bern Energy County Wood Energy Limited
Recovery, Inc. . . . New York Partnership 100%
Subsidiary of HYDRA-CO that
was formed to be an owner of
a plant to be proposed for
HCE-Biopower, Inc. . . New York San Diego Power Electric 100%
<PAGE>8
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by HYDRA-CO
Subsidiary of HYDRA-CO that
owns 1% interest in Dodge
HCE Dodge Falls, Inc. New York Falls Associates, L.P. 100%
Subsidiary of HYDRA-CO that
was formed to be an owner of
proposed hydroelectric plants
that might be acquired
HCE Nichuiles, Inc. . New York in Argentina 100%
Subsidiary of HYDRA-CO that
owns .75% interest in Salt
HYDRA-CO Generation, Inc. New York City Energy Venture, L.P. 100%
Subsidiary of HYDRA-CO
that owns 1% interest in
Imperial Resource Recovery
HCE Imperial, Inc. . . New York Associates, L.P. 100%
Subsidiary of HYDRA-CO that
has a 1% GP interest in the
Irwindale Cogeneration
HCE-Irwindale, Inc. . New York Associates, L.P. 100%
Subsidiary of HYDRA-CO that
owns 1% interest in
Lakewood Cogeneration
HCE Lakewood, Inc. . . New York Limited Partnership 100%
Subsidiary of HYDRA-CO that
owns 50% interest in Appomattox
River Associates Limited
HCE Appomattox, Inc. . New York Partnership 100%
<PAGE>9
Column A Column B Column C Column D
% of Voting
State of Nature of Sec. Owned
Name of Company Organization Business by HYDRA-CO
<S> <C> <C> <C>
Subsidiary of HYDRA-CO that
Lakewood Project Management was formed to construct Lake-
Inc. . . . . . . . . New York wood Cogeneration, L.P. 100%
</TABLE>
2. A brief description of the properties of claimants and each
of their subsidiary public utility companies used for the generation,
transmission, and distribution of electric energy for sale, or for
the production, transmission, and distribution of natural or
manufactured gas, indicating the location of principal generating
plants, transmission lines, producing fields, gas manufacturing
plants, and electric and gas distribution facilities, including all
such properties which are outside the State in which claimants and
their subsidiaries are organized and all transmission or pipelines
which deliver or receive electric energy or gas at the borders of
such State.
As of January 1, 1994, NMPC owned and operated four fossil fuel
steam plants (as well as having a 25% interest in the Roseton Steam
Station and its output), two nuclear fuel steam plants, various
combustion turbine and diesel generating units and 70 hydroelectric
plants. NMPC also leases two small hydroelectric plants and
purchases substantially all of the output of 71 others. NMPC's
Canadian subsidiary, Opinac Energy Corporation, owns Canadian
Niagara Power Company, Limited (which owns and operates the 76.8
megawatt Rankine hydroelectric plant) which distributes electric
power within the Province of Ontario. In addition, NMPC has
contracts to purchase electric energy from New York Power Authority
and other sources.
<PAGE>10
The following is a list of NMPC's major generating stations at
January 1, 1994:
<PAGE>
<TABLE>
<CAPTION>
NMPC's Share
of Net
Energy Capability
Station, Location and Percent Ownership Source in Megawatts
<S> <C> <C>
Huntley, Niagara River (100%) . . . . . . . . Coal 715
Dunkirk, Lake Erie (100%) . . . . . . . . . . Coal 57
Albany, Hudson River (100%) . . . . . . . . . Oil/Natural Gas 400
Oswego, Lake Ontario (100%) (Unit 5) . . . . . Oil 850
Oswego, Lake Ontario (76%) (Unit 6) . . . . . Oil 646
Roseton, Hudson River (25%) . . . . . . . . . Oil/Natural Gas 300
Nine Mile Point Unit 1, Lake Ontario (100%) . Nuclear 613
Nine Mile Point Unit 2, Lake Ontario (41%) . . Nuclear 435
</TABLE>
Central Hudson Gas and Electric Corporation, the operator of
the Roseton plant, has agreed to acquire the Company's 25% interest
in the plant in ten equal installments of 2.5% (30MW) starting on
December 31, 1994 and on each December 31 thereafter through and
including December 31, 2003. The Company has the option to purchase
up to a 25% (300MW) interest in the Roseton plant in December 2004.
The agreement is subject to approval by the New York State Public
Service Commission.
As of December 31, 1993, NMPC's electric transmission and
distribution systems were comprised of 960 substations with a rated
transformer capacity of approximately 28,500,000 kva., approximately
9,200 circuit miles of overhead transmission lines, approximately
1,200 cable miles of underground transmission lines, approximately
110,900 conductor miles of overhead distribution lines and
approximately 8,500 cable miles of underground distribution cables,
only a part of such transmission and distribution lines being
located on property owned by NMPC. The electric system of NMPC and
Canadian Niagara Power Company, Limited <PAGE>11
is directly interconnected with other electric utility systems in
Ontario, New York, Massachusetts, Vermont and Pennsylvania, and
indirectly interconnected with most of the electric utility systems
in the United States.
As of December 31, 1993, NMPC's natural gas system, including
NM Suburban Gas, Inc. was comprised of approximately 7,200 miles of
pipelines and mains, only a part of which is located on property
owned by the Company.
HYDRA-CO develops, owns (through partnership and stock
interests) and/or operates co-generation and small power plants both
within and outside of NMPC's service territory. HYDRA-CO does not
own utility property directly but rather holds partnership or stock
interests in entities which own electric generating facilities which
are not deemed to be public utility companies.
Beebee Island Corporation owns and operates a hydroelectric
generating station (8,000 kilowatt rated capacity) located on the
Black River in the City of Watertown, Jefferson County, New York.
Moreau Manufacturing Corporation owns and operates a
hydroelectric generating station (6,000 kilowatt rated capacity)
located on the Hudson River in the Town of Moreau, Saratoga County,
New York.
3. The following information for the last calendar year with
respect to claimants and each of their subsidiary public utility
companies:
(a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas distributed at
retail.
<PAGE>12
Number of kwh. of electric energy sold
(at retail or wholesale):
Company Kwh.
Niagara Mohawk Power Corporation . . . . . . 37,341,244,000 Canadian
Niagara Power Company, Limited . . . 627,111,000 (1)
Beebee Island Corporation . . . . . . . . . . 46,542,000 (2)
Moreau Manufacturing Corporation . . . . . . 23,673,600 (3)
(1) Includes sales to Niagara Mohawk Power Corporation of 243,924,000
Kwh.
(2) Includes sales to Niagara Mohawk Power Corporation of 38,555,000
Kwh.
(3) Includes sales to Niagara Mohawk Power Corporation of 15,783,000
Kwh.
Gas Sales (at retail):
Natural Gas
Company (Dekatherms) *
Niagara Mohawk Power Corporation 78,651,000
* During 1993 a dekatherm was equivalent to approximately 1.028 Mcf.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in which
each such company is organized.
None
<PAGE>13
(c) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which each
such company is organized, or at the State line.
Company Kwh.
Niagara Mohawk Power Corporation . . . . 508,150,000
(at the State line)
At the International boundary line between the
United States and Canada:
By Canadian Niagara Power Company, Limited . . 243,924,000 (1)
By Niagara Mohawk Power Corporation . . . . . 162,969,000
Natural Gas
(Dekatherms) *
Sales of gas outside the State or at the State . . . 13,222,569
line
(1) To Niagara Mohawk Power Corporation
* During 1993 a dekatherm was equivalent to approximately 1.028 Mcf.
(d) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each such
company is organized or at the State line.
Company Kwh.
Niagara Mohawk Power Corporation
At the State line . . . . . . . . . . . . 552,107,000
At the International boundary line between
the United States and Canada:
<PAGE>14
From Canadian Niagara Power Company
Limited . . . . . . . . . . . . . . 243,924,000
From Hydro-Quebec . . . . . . . . . . . 407,582,000
From Ontario Hydro. . . . . . . . . . . 442,516,000
From Cornwall Electric Company. . . . . 20,270,000
1,114,292,000
Natural Gas
(Dekatherms) *
Niagara Mohawk Power Corporation:
At the State Line . . . . . . . . . . . . . . . 89,871,205
At the International boundary line between the
United States and Canada:
From Western Gas Marketing, Ltd. . . . . 18,916,824
* During 1993 a dekatherm was equivalent to approximately 1.028 Mcf.
4. The following information for the reporting period with respect
to claimant and each interest it holds directly or indirectly in an
EWG or a foreign utility company, stating monetary amounts in United
States dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy for
sale or for the distribution at retail of natural or manufactured
gas.
<PAGE>15
<TABLE>
<CAPTION>
Name of Company Location Business Address Description
<S> <C> <C> <C>
Lakewood Lakewood, 100 Clinton Square 237 megawatt natural gas-
Cogeneration NJ Suite 400 fired cogeneration power-
Limited Syracuse, NY 13202 producing facility. This
Partnership facility is currently under
construction.
Pepperell Power Pepperell, 100 Clinton Square 36 megawatt natural gas-
Associates, L.P. MA Suite 400 fired cogeneration power-
Syracuse, NY 13202 producing facility.
(b) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of the
interest held.
EWG System Company Interest Held
Lakewood Cogeneration HYDRA-CO Enterprises, Inc. 44% L.P. Interest
Limited Partnership HCE Lakewood, Inc. 1% G.P. Interest
(100% sub of HYDRA-CO)
Pepperell Power HCE Pepperell 10% G.P. Interest
Associates, L.P. (100% sub of HYDRA-CO) 40% L.P. Interest
</TABLE>
(c) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company by
the holding company claiming exemption; and any debt or other
financial obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption or another
system company, other than the EWG or foreign utility company.
<PAGE>16
Lakewood Cogeneration Pepperell Power
Limited Partnership Associates, L.P.
(In Thousands of Dollars)
Equity $ 0 * $ 2,772
Letters of Credit 27,450 2,000
Recourse Liabilities 0 3,866
* Facility is currently under construction
and there has been no equity contributed.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Lakewood Cogeneration Pepperell Power
Limited Partnership Associates, L.P.
(In Thousands of Dollars)
Earnings for 1993 $ 0 $(1,442)
Capitalization At
December 31, 1993 0 2,772
(e) Identify any service, sales or construction contract(s) between
the EWG or foreign utility company and a system company, and describe
the services to be rendered or goods sold and fees or revenues under
such agreement(s).
None
<PAGE>17
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
and
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
EXHIBIT A
A consolidating statement of income and surplus of the
claimants and their subsidiary companies for the last calendar year,
together with a consolidating balance sheet of the claimants and
their subsidiary companies as of the close of such calendar year.
Attached hereto are consolidating balance sheet at December 31,
1993, consolidating statement of income, consolidating statement of
retained earnings and consolidating statement of cash flows for the
year ended December 31, 1993, and adjustments and inter-company
eliminations for each claimant. Subsidiaries of the claimants which
are not 100% owned, are not consolidated. They are included in the
accounts of the claimants under the equity method (see page S-14 for
summary financial information of such subsidiaries).
Notes to the financial statements are incorporated herein by
reference to the Current Report on Form 8-K dated February 18, 1994
of Niagara Mohawk Power Corporation, File No. 1-2987.
<PAGE>18 S-1
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
and
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
EXHIBIT A
INDEX TO FINANCIAL STATEMENTS
Page
NMPC
Consolidating Balance Sheet at December 31, 1993 . S-2
Consolidating Statement of Income for the Year
Ended December 31, 1993 . . . . . . . . . . . . S-4
Consolidating Statement of Retained Earnings for the
Year Ended December 31, 1993 . . . . . . . . . . S-5
Consolidating Statement of Cash Flows for
the Year Ended December 31, 1993 . . . . . . . . S-6
Inter-Company Eliminations . . . . . . . . . . . . S-7
HYDRA-CO
Consolidating Balance Sheet at December 31, 1993 . S-9
Consolidating Statement of Income for the Year
Ended December 31, 1993 . . . . . . . . . . . . S-10
<PAGE>19
Consolidating Statement of Retained Earnings for the
Year Ended December 31, 1993 . . . . . . . . . . S-11
Consolidating Statement of Cash Flows for
the Year Ended December 31, 1993 . . . . . . . . S-12
Inter-Company Eliminations . . . . . . . . . . . . S-13
Summary Financial Information for Subsidiaries
Accounted for Under the Equity Method as of
and for the Year Ended December 31, 1993 . . . . . S-14
<TABLE> S-7
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
INTER-COMPANY ELIMINATIONS
December 31, 1993
(In Thousands of Dollars)
(A) Detail Debit Credit
<S> <C> <C> <C>
Capital Stocks of Subsidiary Companies-
Consolidated . . . . . . . . . . . . . . . $ $ 7,453 $
Opinac Energy Corporation. . . . . . . . 7,433
N M Uranium, Inc. . . . . . . . . . . . 20
Capital Stock Premium and Expense. . . . . . 112,864
Opinac Energy Corporation. . . . . . . . . 21,336
NM Holdings. . . . . . . . . . . . . . . . 983
NM Suburban Gas. . . . . . . . . . . . . . 6,397
HYDRA-CO Enterprises, Inc. . . . . . . . . 80,000
Niagara Mohawk Power Corporation . . . . . 4,148
Retained Earnings (at beginning of year) . . 116,772
Opinac Energy Corporation. . . . . . . . . 95,311
NM Suburban. . . . . . . . . . . . . . . . (371)
HYDRA-CO Enterprises, Inc. . . . . . . . . 21,832
Net Income of Subsidiaries for the period
1/1/93 through 12/31/93. . . . . . . . . . 4,836
Opinac Energy Corporation. . . . . . . . (9,705)
HYDRA-CO Enterprises, Inc. . . . . . . . 4,914
NM Suburban Gas. . . . . . . . . . . . . (45)
Advances from Parent . . . . . . . . . . . . 2,386
N M Uranium, Inc. . . . . . . . . . . . . 2,386
Accrued Taxes. . . . . . . . . . . . . . . . 8,608
HYDRA-CO Enterprises, Inc. . . . . . . . . 8,608
Nuclear Fuel . . . . . . . . . . . . . . . . 2,386 20
Niagara Mohawk Power Corporation . . . . . 2,366
Investments in Subsidiary Companies-
consolidated . . . . . . . . . . . . . . . 223,625
Opinac Energy Corporation. . . . . . . . 118,523
HYDRA-CO Enterprises, Inc. . . . . . . . 98,138
NM Suburban. . . . . . . . . . . . . . . 5,981
NM Holdings. . . . . . . . . . . . . . . 983
</TABLE>
(A) To eliminate the investment in and advances to subsidiary
companies.
<PAGE>21
<TABLE> S-8
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
INTER-COMPANY ELIMINATIONS
December 31, 1993
(In Thousands of Dollars)
(B) Detail Debit Credit
<S> <C> <C> <C>
Accounts Payable . . . . . . . . . . . . . 3,628
Niagara Mohawk Power Corporation to
Opinac Energy Corporation. . . . . . . 492
NM Suburban Gas Inc. to
Niagara Mohawk Power Corporation . . . 3,127
HYDRA-CO Enterprises, Inc. to
Niagara Mohawk Power Corporation . . . 9
Accounts Receivable. . . . . . . . . . . . 3,628
Opinac Energy Corporation from
Niagara Mohawk Power Corporation . . . 492
Niagara Mohawk Power Corporation from
NM Suburban Gas, Inc.. . . . . . . . . 3,127
Niagara Mohawk Power Corporation from
HYDRA-CO Enterprises, Inc. . . . . . . 9
Long-Term Debt . . . . . . . . . . . . . . 1,596
NM Suburban Gas, Inc. . . . . . . . . . 1,596
Short-Term Debt. . . . . . . . . . . . . . 4,500
NM Suburban Gas, Inc. . . . . . . . . . 4,500
Accounts Receivable. . . . . . . . . . . . 6,096
Niagara Mohawk Power Corporation from
NM Suburban Gas, Inc. . . . . . . . . 6,096
(B) To eliminate inter-company accounts
<PAGE>22
(C) Detail Debit Credit
<S> <C> <C> <C>
Operating Revenues-Electric . . . . . . . . 4,910
Operating Revenues-Gas. . . . . . . . . . . 9,747
Opinac Energy Corporation from
Niagara Mohawk Power Corporation. . . . 4,910
Niagara Mohawk Power Corporation from
NM Suburban Gas, Inc. . . . . . . . . . 9,747
Other Income and Deductions
other items (net) . . . . . . . . . . . . 248
Niagara Mohawk Power Corporation from
NM Suburban Gas, Inc. . . . . . . . . 248
Operating Expenses - Operation -
Electricity Purchased . . . . . . . . . . 4,910
Niagara Mohawk Power Corporation from
Opinac Energy Corporation . . . . . . 4,910
Operating Expenses - Operation -
Gas Purchased . . . . . . . . . . . . . . 9,747
NM Suburban Gas, Inc. from
Niagara Mohawk Power Corporation. . . 9,747
Interest Charges - Interest
on Long-Term Debt . . . . . . . . . . . . 137
Interest Charges-other interest . . . . . . 111
Niagara Mohawk Power Corporation to
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation. . . 248
(C) To eliminate the inter-company revenues and expenses
</TABLE>
<PAGE>23
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
and
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
EXHIBIT B
FINANCIAL DATA SCHEDULE
Not currently required under EDGAR
<PAGE>24
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
and
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
EXHIBIT C
An organization chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding company
system.
NMPC
/
/
/
/
100%
HYDRA-CO---------------------/--------------------/
/ / /
/ / /
/ / /
/ / /
100% 100% /
HCE Pepperell, Inc. HCE Lakewood, Inc. /
/ / /
/ / /
/ / /
/ / /
50% / /
Pepperell Power / /
Associates, L.P. / 44%
/ Lakewood
/------1%----- Cogeneration
Limited
Partnership
<PAGE>25
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
and
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
The above-named claimants have caused this statement to be
duly executed on their behalf by their authorized officers on this
28th day of February, 1994.
Corporate Seal
Attest: NIAGARA MOHAWK POWER CORPORATION
(Name of Claimant)
/s/ Harold J. Bogan /s/ Steven W. Tasker
_______________________________ BY______________________________
Harold J. Bogan, Secretary Steven W. Tasker
Vice President-Controller
Corporate Seal
Attest: HYDRA-CO ENTERPRISES, INC.
(Name of Claimant)
/s/ Irvin A. Mermelstein /s/ Mark F. Mulhern
_______________________________ BY_____________________________
Irvin A. Mermelstein, Secretary Mark F. Mulhern
Director of Finance and
Controller
<PAGE>26
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Steven W. Tasker, Vice President- Irvin A. Mermelstein
Controller and Principal Secretary
Accounting Officer HYDRA-CO Enterprises, Inc.
Niagara Mohawk Power Corporation 100 Clinton Square
300 Erie Boulevard West Suite 400
Syracuse, New York 13202 Syracuse, New York 13202
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-2
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1993
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac N M HYDRA-CO
Inter-Co. Power Energy N M Uranium, Enterprises N M
Consolidated Eliminations Corporation Corp. Suburban Inc. Inc. <F1> Holding
------------ ------------ ---------- ------- ------- ----- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
-------
Utility Plant:
Electric $ 7,991,346 $ $ 7,957,287 $34,059 $ $ $ $
Nuclear fuel 458,186 2,366 (A) 454,625 1,195
Gas 845,299 833,644 11,655
Common 244,294 242,090 2,204
Construct. work in progress 569,404 565,954 3,450
----------- ---------- ----------- ------- ------- ------ ------- -----
Total 10,108,529 2,366 10,053,600 34,059 15,105 1,195 2,204 0
Less: accumulated
depreciation & amortization 3,231,237 3,211,260 15,858 2,467 1,652
----------- ---------- ----------- ------- ------- ------ -------- -----
Net Utility Plant 6,877,292 2,366 6,842,340 18,201 12,638 1,195 552 0
----------- ---------- ----------- ------- ------- ------ -------- -----
Other Property
and Investments:
Other physical property 18,057 18,057
Investment in subsidiary
companies-consolidated 0 (223,625)(A) 223,625
Investments 202,951 87,874 114,146 931
----------- ---------- ----------- ------- ------- ------ -------- ------
221,008 (223,625) 329,556 0 0 114,146 931
----------- ---------- ----------- ------- ------- ------ -------- ------
Current Assets:
Cash, including time
deposits of $100,182 124,351 19,590 98,481 1,413 4,827 40
<PAGE>
Accounts receivable (trade) 261,737 (9,724)(B) 257,340 4,710 1,640 7,756 15
Less-Allow. doubtful accts (3,600) (3,600)
Unbilled revenues 197,200 197,200
Electric margin recoverable 21,368 21,368
Materials and supplies,
at average cost:
Coal & oil for production
of electricity 29,469 29,469
Other 163,044 162,148 717 179
Gas storage 31,689 31,689
Prepayments:
Pension expense 37,238 37,238
Taxes 23,879 23,764 115
Other 29,498 28,900 119 10 469
----------- ---------- ----------- ------- ------- ------ -------- ----
915,873 (9,724) 805,106 104,027 3,357 13,052 55
----------- ---------- ----------- ------- ------- ------ -------- ----
Regulatory and Other Assets:
Unamortized debt expense 154,210 154,210
Deferred recov. energy
costs 67,632 67,112 520
Deferred finance charges 239,880 239,880
Income taxes recoverable 527,995 527,995
Recoverable environmental
restoration costs 240,000 240,000
Other 175,187 172,401 1,565 408 813
----------- ---------- ----------- ------- ------- ------ -------- -----
1,404,904 1,401,598 1,565 928 813 0
----------- ---------- ----------- ------- ------- ------ -------- -----
$9,419,077 ($230,983) $9,378,600 $123,793 $16,923 $1,195 $128,563 $986
========== ========== ========== ======== ======= ======= ========= =====
<FN>
<F1> Note (1) See Page S-9
</TABLE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-3
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1993
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac N M HYDRA-CO
Inter-Company Power Energy N M Uranium Enterprises N M
Consolidated Eliminations Corporation Corp Suburban Inc. Inc. <F1> Holdings
------------ ------------ ----------- -------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common stockholders' equity:
Common stock - $1
par value;
auth. 150,000,000 shares:
issued 142,427,057 shares $ 142,427 $ $ 142,427 $ $ $ $ $
Capital stock premium
and expense 1,762,706 (112,864)(A) 1,773,953 14,237 6,397 80,000 983
Capital stock in subsidiary
companies-consolidated (7,453)(A) 7,433 20
Retn. earnings (Page S-5) 551,332 (111,936) 551,332 85,606 (416) 26,746
---------- --------- ---------- -------- ------- ------ -------- ----
2,456,465 (232,253) 2,467,712 107,276 5,981 20 106,746 983
Cumulative preferred stock -
$100 par value; authorized
3,400,000 shares;
issued 2,394,000 shares:
Optionally redeemable 210,000 210,000
Mandatorily redeemable 29,400 29,400
Cumulative preferred stock -
$25 par value;
authorized 19,600,000
shares; issued
8,040,005 shares:
Optionally redeemable 80,000 80,000
Mandatorily redeemable 93,800 93,800
Cumulative preference stock -
$25 par value;
<PAGE>
authorized 8,000,000 shares;
issued none
Long-term debt 3,258,612 (1,596)(B) 3,258,612 1,596
Advances from parent 2,386 (A) (2,386)
---------- --------- ---------- -------- ------- ------ -------- ----
Total Capitalization 6,128,277 (231,463) 6,139,524 107,276 7,577 (2,366) 106,746 983
---------- -------- ---------- -------- ------ ------ -------- ----
Current Liabilities:
Short-term debt 368,016 (4,500)(B) 368,016 4,500
Long-term debt due
within one year 216,185 216,185
Sinking fund requirements
on preferred stock 27,200 27,200
Accounts payable 299,209 (3,628)(B) 295,528 2,199 3,149 1,961
Payable on outstanding
bank checks 35,284 35,284
Customer's deposits 14,072 13,659 189 224
Accrued taxes 56,382 8,608 (A) 16,775 13,323 564 1 17,108 3
Accrued interest 70,529 70,488 13 28
Accrued vacation pay 40,178 39,998 180
Other 82,145 75,880 449 38 3,560 2,218
---------- --------- ---------- -------- ------- ------ -------- ----
1,209,200 480 1,159,013 16,173 8,503 3,561 21,467 3
---------- --------- ---------- -------- ------- ------ -------- ----
Regulatory and Other
Liabilities:
Accumulated deferred
income taxes 1,313,483 1,312,336 344 803
Deferred finance charges 239,880 239,880
Unbilled revenues 94,968 94,968
Def. pension settlement gain 62,282 62,282
Customers refund for replace-
ment power cost disallow. 23,081 23,081
Other 107,906 107,516 40 350
---------- --------- ---------- -------- ------- ------ -------- ----
1,841,600 1,840,063 344 843 350 0
---------- --------- ---------- -------- ------- ------ -------- ----
Commitments and contingencies:
Liability for environmental
<PAGE>
restoration 240,000 240,000
---------- --------- ---------- -------- ------- ------ -------- ----
$9,419,077 ($230,983) $9,378,600 $123,793 $16,923 $1,195 $128,563 $986
========== ========= ========== ======== ======= ====== ======== ====
<FN>
<F1> Note (1) See Page S-9
</TABLE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-4
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1993
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac N M HYDRA-CO
Inter-Company Power Energy N M Uranium Enterprises N M
Consolidated Eliminations Corporation Corp. Suburban Inc. Inc. <F1> Holding
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues:
Electric $3,332,464 ($4,910)(C) $3,308,348 $29,026 $ $ $ $
Gas 600,967 (9,747)(C) 596,712 14,002
---------- ------- ---------- ------- ------- ------ -------- ----
3,933,431 (14,657) 3,905,060 29,026 14,002
---------- ------- ---------- ------- ------- ------ -------- ----
Operating Expenses:
Operation:
Fuel for elect generation 231,064 231,064
Electricity purchased 863,513 (4,910) 868,423
Gas purchased 326,273 (9,747)(C) 326,700 9,320
Other operation expenses 821,247 811,159 6,873 1,368 1,847
Maintenance 236,333 233,707 2,426 200
Depreciation & amortization 276,623 275,617 407 248 351
Federal and foreign
income taxes 162,515 150,330 8,445 410 3,330
Other taxes 491,363 487,735 2,095 1,286 247
---------- ------- ---------- ------- ------- ------ -------- ----
3,408,931 (14,657) 3,384,735 20,246 12,832 5,775
---------- ------- ---------- ------- ------- ------ -------- ----
Operating Income 524,500 0 520,325 8,780 1,170 (5,775)
---------- ------- ---------- ------- ------- ------ ------- ----
Other Income and Deductions:
Allowance for other funds
used during construction 7,119 7,119
Federal and foreign
income taxes 15,440 (8,145) 23,585
<PAGE>
Other items (net) 7,035 4,588 (A)/(C) 33,751 (41,696) (943) 11,335
---------- ------- ---------- ------- ------- ------ -------- ----
29,594 4,588 32,725 (18,111) (943) 11,335
---------- ------- ---------- ------- ------- ------ -------- ----
Income Before Interest
Charges 554,094 4,588 553,050 (9,331) 227 5,560
---------- ------- ---------- ------- ------- ------ -------- ----
Interest Charges:
Interest on long-term debt 279,902 (137)(C) 279,902 137
Other interest 11,474 (111)(C) 10,430 374 135 646
Allowance for borrowed funds
used during construction (9,113) (9,113)
---------- ------- ---------- ------- ------- ------ -------- ----
282,263 (248) 281,219 374 272 646
---------- ------- ---------- ------- ------- ------ -------- ----
Net Income/(Loss) $ 271,831 $4,836 $ 271,831 ($9,705) ($45) $0 $4,914 $0
========== ====== ========== ======= ======= ====== ======== ====
<FN>
<F1> See Page S-10
</TABLE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-5
CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac N M HYDRA-CO
Inter-Company Power Energy N M Uranium Enterprises N M
Consolidated Eliminations Corporation Corp. Suburban Inc Inc. <F1> Holding
------------ ------------ ----------- ------- -------- ------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retained Earnings
Balance, December 31, 1992 $445,266 ($116,772)(A) $ 445,266 $95,311 ($371) $ $21,832 $
Add:
Net income/(loss)
for the year 271,831 4,836 271,831 (9,705) (45) 4,914
-------- --------- ---------- -------- ------ ------ ------- ----
717,097 (111,936) 717,097 85,606 (416) 26,746
-------- --------- ---------- -------- ------ ------ ------- ----
Deduct:
Dividends paid in
cash on capital stock
Cumulative preferred
stock,
$100 par value
3.40% Series 680 680
3.60% Series 1,260 1,260
3.90% Series 936 936
4.10% Series 861 861
4.85% Series 1,212 1,212
5.25% Series 1,050 1,050
6.10% Series 1,525 1,525
7.45% Series 2,257 2,257
7.72% Series 3,088 3,088
Cumulative preferred stock,
$25 par value
8.375% Series 1,099 1,099
<PAGE>
8.70% Series 1,740 1,740
8.75% Series 3,937 3,937
9.75% Series 796 796
7.85% Series 1,793 1,793
Adjustable Rate Series A
(actual rate for 1993, 6.06%) 1,950 1,950
Adjustable Rate Series B
(actual rate for 1993, 8.68%) 3,898 3,898
Adjustable Rate Series C
(actual rate for 1993, 8.46%) 3,775 3,775
Common Stock, $1 par
value ($.95 per share) 133,908 133,908
-------- --------- -------- ------- ------- ------ ------- ----
Total dividends 165,765 165,765
-------- --------- -------- ------- ------- ------ ------- ----
Balance, December 31, 1993 $551,332 ($111,936) $551,332 $85,606 ($416) $ $26,746 $
======== ========= ======== ======= ======= ====== ======= ====
<FN>
<F1> Note (1) See Page S-11
</TABLE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-6
CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1993
INCREASE (DECREASE) IN CASH
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac N M HYDRA-CO
Inter-Company Power Energy N M Uranium Enterprises N M
Consolidated Eliminations Corporation Corp. Suburban Inc. Inc. <F1> Holding
------------ ------------ ----------- ------ -------- ------- ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income/(loss) $ 271,831 $ 4,836 $ 271,831 ($9,705) ($ 45) $ $ 4,914 $
Adjustments to reconcile net
income to net cash
provided by
operating activities:
Nuclear replacement power
costs disallowed (23,720) (23,720)
Depreciation & amortization 276,623 275,618 406 248 351
Amortization of nuclear fuel 35,971 35,971
Provision for deferred
income taxes 30,067 (23,048) 86,949 (33,876) 42
Electric margin recoverable (9,773) (9,773)
Allowance for other funds
used during construction (7,119) (7,119)
Deferred recoverable
energy costs (5,688) 12,458 (18,036) (110)
Loss/(Gain) on invest. - net (5,490) (2,378) (23,158) 20,046
Deferred operating expenses 15,746 15,746
(Increase) decrease in net
accounts receivable (36,972) 3,846 (38,002) 616 (559) (2,858) (15)
Decrease in materials
and supplies 43,581 309 42,824 448
<PAGE>
Increase (decrease) in
accounts payable and
accrued expenses 15,716 (7,000) 21,563 (1,617) 808 1,962
Increase (decrease) in
accrued interest & taxes 3,996 3,312 (11,533) 10,603 460 1,151 3
Changes in other assets
and liabilities 22,581 22,629 5,534 (822) (624) (1,767) (2,369)
--------- -------- --------- ------- ------ ------ ------- ----
Net cash provided by
(used in) operating
activities 627,350 14,964 624,695 (13,901) 220 (1,767) 3,151 (12)
--------- -------- --------- ------- ------ ------ ------- ----
CASH FLOWS FROM
INVESTING ACTIVITIES:
Construction additions (506,267) (498,693) (4,119) (3,241) (214)
Nuclear fuel (12,296) (5,212) (12,822) 5,738
Less: Allowance for
other funds used
during construction 7,119 7,119
--------- -------- --------- ------- ------ ------ ------- ----
Acquisition of utility plant (511,444) (5,212) (504,396) (4,119) (3,241) 5,738 (214)
(Increase) decrease in
materials and supplies
related to construction 3,837 (309) 3,847 299
Increase (decrease) in
accounts payable and
accrued expenses
related to construction 3,929 (1,260) 5,391 (404) 202
(Increase) decrease in other
investments (38,731) 4,059 (55,351) 29,061 (15,569) (931)
Proceeds from sale of oil
and gas investments 95,408 95,408
Other (15,260) (12,732) (3,794) 972 294
--------- -------- --------- ------- ------ ------ ------- ----
Net cash provided by
(used in) investing
activities (462,261) (2,722) (563,241) 116,451 (2,067) 5,738 (15,489) (931)
--------- -------- --------- ------- ------ ------ ------- ----
<PAGE>
CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from issuance
of capital stock 116,764 (13,812) 116,764 12,829 983
Sale of mortgage bonds 635,000 635,000
Redemp. of preferred stock (47,200) (47,200)
Reductions in long-term debt (641,990) (641,990)
Net change in short-term
debt & revol. credit
agreements 50,318 (2,400) 70,767 (20,449) 2,400
Dividends paid (165,765) (165,765)
Other (31,759) 3,971 (31,759) (3,971)
--------- -------- --------- ------- ------ ------ ------- ----
Net cash provided by
(used in) financing
activities (84,632) (12,243) (64,181) (20,449) 2,400 (3,971) 12,829 983
--------- -------- --------- ------- ------ ------ ------- ----
Net increase in cash 80,457 (2,728) 82,101 553 491 40
Cash at beginning of year 43,894 22,318 16,380 860 4,336
--------- -------- --------- -------- ------ ------ ------- ----
Cash at end of year $ 124,351 $ $ 19,590 $ 98,481 $1,413 $ $ 4,827 $ 40
========= ======== ========= ======== ====== ====== ======= ====
<FN>
<F1> Note (1) See Page S-12
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1993
(IN THOUSANDS OF DOLLARS)
HYDRA-CO HYDRA-CO HYDRA-CO NEW HCE HCE HYDRA-CO HCE HCE
ASSETS ENTERPRISE OPER. ENERGY BERN DODGE APPOMATTOX GENER. LPMI LAKEWOOD IMPERIAL ELMIN. TOTAL
====== ========== ======== ======== ==== ===== ========== ======== ==== ======== ======== ====== =====
UTILITY PLANT:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CONSTRUCT. WORK IN
PROGRESS $ 1,973 $ 229 $ $ $ $ $ $ 2 $ $ $ $ 2,204
LESS ACCUM DEPR
& AMORTIZ. (1,518) (133) ( 1) (1,652)
======== ====== ===== === === ==== ==== ==== === ==== ======= ========
UTILITY PLANT, NET 455 96 0 0 0 0 0 1 0 0 0 552
INVESTMENTS 115,528 78 650 654 61 796 130 (21) (69) (3,661) 114,146
CURRENT ASSETS:
CASH AND CASH
EQUIVALENTS 3,275 1,007 165 103 7 1 14 253 1 1 4,827
ACCOUNTS RECEIVABLE
TRADE 6,016 4,296 410 11 (2,977) 7,756
OTHER 440 28 1 469
======== ====== ===== === === ==== ==== ==== === ==== ======= ========
9,731 5,331 575 103 7 1 14 265 1 1 (2,977) 13,052
======== ====== ===== === === ==== ==== ==== === ==== ======== ========
DEFERRED DEBITS:
OTHER 813 813
======== ====== ===== === === ==== ==== ==== === ==== ======= ========
$126,527 $5,505 $1,225 $757 $68 $797 $144 $245 $ 1 $(68) $(6,638) $128,563
======== ====== ===== === === ==== ==== ==== === ==== ======= ========
CAPITALIZATION &
LIABILITIES
CAPITALIZATION:
CAPITAL STOCK
PREMIUM & EXP. $ 80,000 $ 250 $ 501 $ $49 $828 $151 $ 1 $ 1 $ 124 $(1,905) $ 80,000
RETAINED EARNINGS 26,746 766 493 564 20 (32) (10) 22 (67) (1,756) 26,746
======== ====== ===== === === ==== ==== ==== === ===== ======= ========
106,746 1,016 994 564 69 796 141 23 1 57 (3,661) 106,746
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1993
(IN THOUSANDS OF DOLLARS)
HYDRA-CO HYDRA-CO HYDRA-CO NEW HCE HCE HYDRA-CO HCE HCE
CAPITALIZATION & LIAB. ENTERPRISE OPER. ENERGY BERN DODGE APPOMATTOX GENER. LPMI LAKEWOOD IMPERIAL ELMIN. TOTAL
(CONT'D.) ========== ======== ======== ==== ===== ========== ======== ==== ======== ======== ====== =====
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
ACCOUNTS PAYABLE 1,972 2,022 57 148 1 1 3 202 6 11 (2,472) 1,961
ACCRUED TAXES 17,058 174 45 (2) (21) (6) (150) 0 17,108
ACCRUED INTEREST
ACCRUED VACATION 180 180
OTHER 571 1,617 31 4 (5) 2,218
======== ====== ===== === === ==== ==== ==== === ===== ======= ========
19,781 3,639 231 193 (1) 1 3 222 0 (125) (2,477) 21,467
======== ====== ===== === === ==== ==== ==== === ===== ======= ========
OTHER DEFERRED CREDITS 850 (500) 350
======== ====== ===== === === ==== ==== ==== === ===== ======= ========
$126,527 $5,505 $1,225 $757 $68 $797 $144 $245 $1 ($68) ($6,638) $128,563
======== ====== ===== === === ==== ==== ==== === ===== ======= ========
Note:
HCE - Rockfort Diesel, Inc.
Lakewood Project Management, Inc.
HCE - Irwindale, Inc.
HCE - Biopower, Inc.
HCE - Nihuiles, Inc.
HCE - Pepperell, Inc.
These Subsidiaries had no financial transactions during 1993.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1993
(IN THOUSANDS OF DOLLARS)
HYDRA-CO HYDRA-CO HYDRA-CO HCE NEW HCE HYDRA-CO HCE HCE
ENTERPRISE OPER. ENERGY APPOMATTOX BERN DODGE GENER. LPMI LAKEWOOD IMPERIAL ELMIN. TOTAL
========== ======== ======== ========== ==== ===== ======== ==== ======== ======== ====== =====
OPERATING EXPENSES
==================
<S>
OTHER OPERATING <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EXPENSES $ 1,829 $ $ 333 $ $ 3 $ 5 $ 1 $ $ $ $(324) $ 1,847
DEPRECIATION AND
AMORTIZ. 303 46 2 351
FEDERAL & FOREIGN
INCOME TAX 2,934 217 134 100 3 3 9 ( 70) 3,330
OTHER TAXES 247 247
------ ----- ----- ---- ----- ---- --- ---- ---- ----- ----- --------
5,313 263 467 0 103 8 4 11 0 (70) (324) 5,775
------ ----- ----- ---- ----- ---- --- ---- ---- ----- ----- --------
OPERATING LOSS (5,313) (263) (467) 0 (103) (8) (4) (11) 0 70 324 (5,775)
OTHER ITEMS (NET) 10,873 588 662 (32) 268 11 (2) 25 0 (180) (878) 11,335
------ ----- ----- ---- ----- --- --- --- ---- ---- ---- ------
10,873 588 662 (32) 268 11 (2) 25 0 (180) (878) 11,335
------ ----- ----- ---- ----- --- --- --- ---- ---- ---- ------
INCOME BEFORE
INTEREST CHARGE 5,560 325 195 (32) 165 3 (6) 14 0 (110) (554) 5,560
INTEREST ON
LONG-TERM DEBT 646 1 (1) 646
------ ----- ----- ---- ----- --- --- --- ---- ---- ---- ------
NET INCOME $4,914 $325 $195 ($32) $165 $3 ($6) $14 $0 ($111) ($553) $4,914
====== ==== ==== === ==== == === === === ==== ==== ======
Note:
HCE - Rockfort Diesel, Inc.
Lakewood Project Management, Inc.
HCE - Irwindale, Inc.
HCE - Biopower, Inc.
HCE - Nihuiles, Inc.
HCE - Pepperell, Inc.
These Subsidiaries had no financial transactions during 1993.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993
(IN THOUSANDS OF DOLLARS)
HYDRA-CO HYDRA-CO HYDRA-CO HCE NEW HCE HYDRA-CO HCE HCE
ENTERPRISE OPER. ENERGY APPOMATTOX BERN DODGE GENER. LPMI LAKEWOOD IMPERIAL ELIMIN. TOTAL
========== ======= ======== ========== ==== ===== ======== ==== ======== ======== ====== =====
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT
DECEMBER 31, 1992 $21,832 $441 $298 $ 0 $ 529 $16 $ (4) $ 9 $0 $ 44 $(1,333) $21,832
NET INCOME FOR THE
YEAR 4,914 325 195 (32) 165 4 (6) 13 0 (111) (553) 4,914
DIVIDEND (130) 130 0
------- ---- ---- ---- ----- --- ---- --- -- ----- ------- -------
BALANCE AT DECEMBER 31,
1993 $26,746 $766 $493 $(32) $ 564 $20 $(10) $22 $0 $(67) $(1,756) $26,746
======= ==== ==== ==== ===== === ==== === == ===== ======= =======
Note:
HCE - Rockfort Diesel, Inc.
Lakewood Project Management, Inc.
HCE - Irwindale, Inc.
HCE - Biopower, Inc.
HCE - Nihuiles, Inc.
HCE - Pepperell, Inc.
These Subsidiaries had no financial transactions during 1993.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1993
INCREASE (DECREASE) IN CASH
(IN THOUSANDS OF DOLLARS)
HYDRA-CO HYDRA-CO HYDRA-CO HCE NEW HCE HYDRA-CO HCE HCE
ENTERPRISE OPER. ENERGY APPOMATTOX BERN DODGE GEN. LPMI LAKEWOOD IMPERIAL ELIMIN. TOTAL
========== ======== ======== ========== ==== ===== ======== ==== ======== ======== ====== =====
CASH FLOWS FROM OPERATING
ACTIVITIES:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET INCOME $ 4,914 $ 325 $ 195 $ (32) $ 165 $ 3 $ (6) $ 14 $0 $(111) $(553) $4,914
ADJUSTMENTS TO RECONCILE
NET INCOME TO NET CASH
PROVIDED BY OPERATING
ACTIVITIES:
DEPRECIATION AND
AMORTIZATION 303 46 2 351
(INCREASE)DECR. IN
ACCT.REC. (2,307) (1,721) (397) 3 1,564 (2,858)
INCREASE(DECR.) IN
ACCT. PAY. 1,103 1,394 55 88 (3) 165 (840) 1,962
INC.(DECR.) IN ACCRUED
TAXES 969 122 18 (17) (70) 129 1,151
LOSS ON INVESTMENTS
0
CHANGES IN OTHER ASSETS
& LIABILITIES (851) 97 (1) (6) 1 (1,609) (2,369)
------ ----- ---- ------ --- --- ---- ---- ---- ------ ------ ------
NET CASH PROVIDED BY
(USED IN) OPERATING
ACTIVITIES 4,131 141 (25) (32) 271 3 (10) 161 0 (180) (1,309) 3,151
------ ----- ---- ------ --- --- ---- ---- ---- ------ ----- -------
CASH FLOWS FROM INVESTING
ACTIVITIES:
<PAGE>
DECREASE IN ACCOUNTS PAYABLE
RELATED TO CONSTRUCTION
(ACQUISTION) SALE OF
UTILITY PLANT (179) (33) (2) (214)
DEC.(INCREASE) IN
INVESTMENTS (15,977) (85) (796) (169) (2) 18 180 1,262 (15,569)
OTHER 294 294
------ ----- ---- ------ --- --- ---- ---- ---- ------ ----- -------
NET CASH PROVIDED BY
(USED IN) INVESTING
ACTIVITIES (15,862) (33) (85) (796) (169) (2) 18 (2) 0 180 1,262 (15,489)
CASH FLOWS FROM FINANCING
ACTIVITES:
OTHER 12,000 829 12,829
PAYMENTS FROM REVOLVING
CREDIT FACILITY
------ ----- ---- ------ --- --- ---- ---- ---- ------ ----- -------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 12,000 0 0 829 0 0 0 0 0 0 0 12,829
------ ----- ---- ------ --- --- ---- ---- ---- ------ ----- -------
NET CHANGE IN CASH 269 108 (110) 1 102 1 8 159 0 0 (47) 491
CASH AT BEGINNING OF YEAR 3,006 899 275 0 1 6 6 94 1 1 0 4,336
------ ----- ---- ------ --- --- ---- ---- ---- ------ ----- -------
CASH AT END OF YEAR $3,275 $1,007 $165 $ 1 $ 103 $ 7 $14 $253 $1 $ 1 0 $ 4,827
======= ====== ==== === ===== === === ==== == ===== ===== =======
Note:
HCE - Rockfort Diesel, Inc.
Lakewood Project Management, Inc.
HCE - Irwindale, Inc.
HCE - Biopower, Inc.
HCE - Nihuiles, Inc.
HCE - Pepperell, Inc.
These Subsidiaries had no financial transactions during 1993.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
SUMMARY OF FINANCIAL INFORMATION FOR SUBSIDIARIES
ACCOUNTED FOR UNDER THE EQUITY METHOD
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1993
TOTAL NET
TOTAL ASSETS REVENUES INCOME (LOSS)
HYDRO
<S> <C> <C> <C>
BEEBEE ISLAND $1,210,752 $1,045,555 $392,181
BENTON FALLS 8,359,757 1,158,897 200,288
BLACK RIVER 11,333,835 1,754,824 3,300,264
COPENHAGEN ASSOCIATES 3,648,795 681,840 394,735
CURTIS/PALMER 93,943,654 26,086,942 10,903,663
DODGE FALLS ASSOCIATES 14,444,590 2,471,351 1,084,696
LITTLE FALL HYDROELECTRIC 20,789,701 3,033,283 167,194
LYONSDALE ASSOCIATES 5,656,018 809,229 2,467,085
MOREAU MANUFACTURING 2,461,135 1,838,764 832,169
PYRITES ASSOCIATES 8,544,305 1,988,188 3,961,659
BIOMASS
CRAVEN COUNTY ENERGY 84,136,691 24,013,588 5,360,288
FAIRFIELD ENERGY 54,636,331 29,256,506 10,444,287
IMPERIAL VALLEY, L.P. 34,987,946 14,617,043 (12,342,692)
STRATTON ENERGY 80,026,765 27,776,511 9,144,654
NATURAL GAS
COGENT LITTLE FALLS 4,777,408 3,220,966 469,877
PEPPERELL 44,201,650 15,326,917 (2,883,070)
POWERSMITH COGENERATION 83,661,277 45,155,000 -
LAKEWOOD COGENERATION 171,496,437 - -
COAL
SALT CITY ENERGY VENTURE L.P. 135,406,043 42,257,494 (269,890)
MISCELLANEOUS
<PAGE>
ENERGY INVESTORS FUND 101,211,022 5,425,789 2,582,661
ENERGY INVESTORS MANAGEMENT 926,312 3,159,223 947,240
WINDPOWER PARTNERS 1988 33,756,712 7,136,521 1,176,149
WINDPOWER PARTNERS 1989 97,158,021 12,851,630 255,122
------------ ------------ -----------
TOTAL ALL PROJECTS $1,096,775,157 $271,066,061 $38,588,560
============== ============ ===========
</TABLE>
<PAGE>
HYDRA-CO ENTERPRISES, INC. AND SUBSIDIARY COMPANIES
INTERCOMPANY ELIMINATIONS
DECEMBER 31, 1993
(IN THOUSANDS OF DOLLARS)
Capital Stock Premium and Expense $ 1,905 $
Retained Earnings 1,756
Income Taxes Payable
Investments 3,661
To eliminate investment in subsidiary
companies
Accounts Payable 2,472
Other Liabilities 5
Other Deferred Credits 500
Income Taxes Payable
Notes & Receivables 2,977
To eliminate intercompany accounts
Other Items 324
Other Operating Expense 324
To eliminate intercompany fee income
Other Items 554
Interest on Long-Term Debt 1
Net Income 553
To eliminate subsidiaries net income from
the consolidated total and to eliminate
intercompany interest charged
<PAGE>
