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
hereby files with the Securities and Exchange Commission,
pursuant to Rule 2, their statement claiming exemption as a
holding company from the provisions of the Public Utility Holding
Company Act of 1935 and submits the following information.<PAGE>
<PAGE>
1. Name, State of organization, location and nature of business
of 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.
Column A Column B Column C Column D
% OF VOTING
STATE OF NATURE OF SEC. OWNED
NAME OF COMPANY ORGANIZATION BUSINESS BY CLAIMANT
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%
NM Uranium, Inc. Texas Mining 100.00%
NM Suburban Gas Utility
Gas, Inc. New York (Notes A and C) 100.00%
NM Holdings, Inc. New York Real Estate
Development
(Notes A and D) 100.00%
EMCO-TECH, Inc. New York (Note E) 100.00%
HYDRA-CO Develops, owns
Enterprises, Inc. and operates
(HYDRA-CO) New York co-generation and
small power plants (Note F)
Moreau Owns and operates
Manufacturing a hydroelectric
Corporation generating station
(Moreau) New York (Note A) 66.67%
Beebee Island Owns and operates
Corporation a hydroelectric
(Beebee) New York generating station
(Note A) 82.78%
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
-2-<PAGE>
Province of Ontario, Canada) incorporated in the
Province of Ontario, Canada.
<PAGE>
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.,
Land Management and Development Inc., Hudson Pointe
Inc., Upper Hudson Development Inc. and Moreau Park
Inc. each of which are real estate development projects
incorporated in New York.
Note E - EMCO-TECH, Inc. is inactive at December 31, 1994.
Note F - HYDRA-CO Enterprises, Inc. was 100.00% owned by Niagara
Mohawk Power Corporation. On January 9, 1995, NMPC
sold HYDRA-CO and its interest in all affiliates and
partnerships except Moreau and Beebee. For this
filing, HYDRA-CO is included in the detailed
consolidation schedules (S-2 through S-9).
2. A brief description of the properties of claimant and
each of the 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 claimant and its 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, 1995, 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 diesel generating
units and 70 hydroelectric plants. NMPC also leases two
small hydroelectric plants and purchases substantially
all of the output of 75 others. NMPC's Canadian
subsidiary, Opinac Energy Corporation, owns Canadian
-4-<PAGE>
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.
The following is a list of NMPC's major generating
stations at January 1, 1995:
NMPC's SHARE
OF NET
STATION, LOCATION ENERGY CAPABILITY
AND PERCENT OWNERSHIP SOURCE IN MEGAWATTS
Huntley, Niagara River (100%) Coal 715
Dunkirk, Lake Erie (100%) Coal 570
Albany, Hudson River (100%) Oil/Natural Gas 400
Oswego, Lake Ontario (100%) (Unit 5) Oil 850(1)
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
(1) On April 14, 1994, Unit 5 was put into long-term cold
standby.
On March 30, 1994, NMPC and Central Hudson Gas and
Electric Corporation (CHG&E), the operator of the Roseton
Steam Station, terminated and cancelled the agreement
with NMPC whereby CHG&E had 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. The cancellation
agreement is subject to approval by the New York State
-5-<PAGE>
Public Service Commission.
<PAGE>
As of December 31, 1994, NMPC's electric transmission
and distribution systems were comprised of 965
substations with a rated transformer capacity of
approximately 28,600,000 kva., approximately 9,200
circuit miles of overhead transmission lines,
approximately 1,200 cable miles of underground
transmission lines, approximately 111,000 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 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, 1994, 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 partnerships or stock
-7-<PAGE>
interests in entities which own electric generating
facilities which are not deemed to be public utility
companies (See Note E on page 2).
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 claimant and each of the 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.
Number of kwh. of electric energy sold
(at retail or wholesale):
COMPANY KWH.
Niagara Mohawk Power Corporation 41,223,872,000
Canadian Niagara Power Company, Limited 631,626,000 (1)
Beebee Island Corporation 50,081,000 (2)
Moreau Manufacturing Corporation 27,470,000 (3)
(1) Includes sales to Niagara Mohawk Power
Corporation of 256,070,000 Kwh.
(2) Includes sales to Niagara Mohawk Power
Corporation of 41,457,000 Kwh.
(3) Includes sales to Niagara Mohawk Power
Corporation of 18,314,000 Kwh.
-8-<PAGE>
<PAGE>
Gas Sales (at retail):
NATURAL GAS
COMPANY (Dekatherms) *
Niagara Mohawk Power Corporation 82,274,000
(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
(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
(at the State line) 1,869,423,000
At the International boundary line between
the United States and Canada:
By Canadian Niagara Power Company, Limited 256,070,000 (1)
By Niagara Mohawk Power Corporation 172,910,000
NATURAL GAS
(Dekatherms) *
Sales of gas outside the State or at the
State line. 1,572,192
(1) To Niagara Mohawk Power Corporation
* During 1994 a dekatherm was equivalent to approximately
1.028 Mcf.
-9-<PAGE>
<PAGE>
(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 244,401,000
At the International boundary line between
the United States and Canada:
From Canadian Niagara Power
Company Limited 256,070,000
From Hydro-Quebec 1,614,400,000
From Ontario Hydro 230,079,000
From Cornwall Electric
Company 23,436,000 2,123,985,000
NATURAL GAS
(Dekatherms) *
Niagara Mohawk Power Corporation:
At the State Line 71,721,234
At the International boundary line between
the United States and Canada:
From Western Gas Marketing, Ltd 18,861,401
* During 1994 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.
The Company, Canadian Niagara Power Company, Limited, and
Opinac Energy Corporation each own an indirect interest
in a wind power generating facility at Cowley Ridge in
the Province of Alberta, Canada, with a capacity of
approximately 18.9 MW (the "Facility") located at Cowley
Ridge, Pincher Creek, Alberta, Canada.
-10-<PAGE>
<PAGE>
(b) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of
the interest held.
The Facility is jointly owned by Cowley Ridge Wind Power
Company Inc. ("Cowley Company") and Cowley Ridge
Partnership ("Cowley Partnership") via a joint venture
agreement. Cowley Company directly holds (in trust for
the benefit of the joint venture) the legal title to the
Facility. Cowley Partnership beneficially owns 99% of
the property of the joint venture. Cowley Company is a
corporation incorporated under the laws of the Province
of Alberta, Canada. Cowley Partnership is an Alberta
general partnership.
In December of 1994, Canadian Niagara Power Company,
Limited ("CNP") acquired a 99.99% interest in Cowley
Company and Cowley Partnership, respectively, and a 100%
interest in the joint venture which owns and controls
the Facility. CNP is a corporation incorporated by
special act of the legislature of the Province of
Ontario. CNP is a wholly-owned subsidiary of Opinac
Energy Corporation ("Opinac"), a corporation
incorporated under the laws of the Province of Ontario,
Canada. Opinac is a wholly-owned subsidiary of the
Company.
(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.
$9,863,000 in Canadian dollars (see 4(d)
below), was invested by Canadian Niagara
Power Company, Limited.
(d) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
Cowley Ridge Partnership
Partnership Equity - $9,764,370
(in Canadian dollars)
Cowley Ridge Wind Power Company, Inc.
Capital Stock - $98,630
(in Canadian dollars)
The EWG was acquired on December 31, 1994; therefore no
earnings were recorded in 1994.
(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
-11-<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
EXHIBIT A
A consolidating statement of income and surplus of the
claimant and subsidiary companies for the last calendar year,
together with a consolidating balance sheet of the claimant and
subsidiary companies as of the close of such calendar year.
Attached hereto are consolidating balance sheet at December
31, 1994, consolidating statement of income, consolidating
statement of retained earnings and consolidating statement of
cash flows for the year ended December 31, 1994, and adjustments
and inter-company eliminations.
Notes to the financial statements are incorporated herein by
reference to the Current Report on Form 8-K dated February 15,
1995 of Niagara Mohawk Power Corporation, File No. 1-2987.<PAGE>
<PAGE> S-1
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
EXHIBIT A
INDEX TO FINANCIAL STATEMENTS
Page
Consolidating Balance Sheet at December 31, 1994 S-2
Consolidating Statement of Income for the Year
Ended December 31, 1994 S-4
Consolidating Statement of Retained Earnings for the
Year Ended December 31, 1994 S-5
Consolidating Statement of Cash Flows for
the Year Ended December 31, 1994 S-6
Inter-Company Eliminations S-7<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-2
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1994
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac NM NM HYDRA-CO NM
Inter-Co. Power Energy Suburban Uranium, Enterprises Holdings,
Consolidated Eliminations Corporation Corp. Gas, Inc. Inc. Inc. Inc.
------------ ------------ ---------- ------- -------- ----- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
-------
Utility Plant:
Electric $ 8,285,263 $ $ 8,249,261 $36,002 $ $ $ $
Nuclear fuel 504,320 963(A) 503,324 33
Gas 922,459 911,497 10,962
Common 291,962 289,564 2,398
Construct. work in progress 481,335 477,734 3,601
----------- ---------- ----------- ------- ------- ------ ------- ------
Total 10,485,339 963 10,431,380 36,002 14,563 33 2,398
Less: accumulated
depreciation & amortization 3,449,696 3,430,146 15,182 2,436 1,932
----------- ---------- ----------- ------- ------- ------ -------- ------
Net Utility Plant 7,035,643 963 7,001,234 20,820 12,127 33 466
----------- ---------- ----------- ------- ------- ------ -------- ------
Other Property
and Investments:
Other physical property 9,670 9,670
Investment in subsidiary
companies-consolidated (262,538)(A) 262,538
Investments 214,369 98,025 7,709 106,352 2,283
----------- ---------- ----------- ------- ------- ------ -------- ------
224,039 (262,538) 370,233 7,709 106,352 2,283
----------- ---------- ----------- ------- ------- ------ -------- ------
-14-<PAGE>
<PAGE>
Current Assets:
Cash, including time
deposits of $50,052 94,330 39,533 6,982 1,477 46,092 246
Accounts receivable (trade) 320,882 (73,597)(B) 303,966 75,324 907 14,282
Less-Allow. doubtful accts (3,600) (3,600)
Unbilled revenues 196,700 196,700
Electric margin recoverable 66,796 66,796
Materials and supplies,
at average cost:
Coal & oil for production
of electricity 31,652 31,652
Other 150,186 149,679 507
Gas storage 30,931 30,931
Prepayments:
Taxes 43,249 43,127 122
Other 45,189 44,779 106 8 296
----------- ---------- ----------- ------- ------- ------ -------- ------
976,315 (73,597) 903,563 82,919 2,514 60,670 246
----------- ---------- ----------- ------- ------- ------ -------- ------
Regulatory and Other Assets:
Unamortized debt expense 153,047 153,047
Deferred recov. energy
costs 62,884 62,180 704
Deferred finance charges 239,880 239,880
Income taxes recoverable 465,109 465,109
Recoverable environmental
restoration costs 240,000 240,000
Other 252,522 250,732 1,787 3
----------- ---------- ----------- ------- ------- ------ -------- ------
1,413,442 1,410,948 1,787 707
----------- ---------- ----------- ------- ------- ------ -------- ------
$9,649,439 ($335,172) $ 9,685,978 $113,235 $15,348 $ 33 $167,488 $2,529
=========== ========== =========== ======== ======= ====== ======== ======
</TABLE>
-15-<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-3
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1994
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac NM NM HYDRA-CO NM
Inter-Company Power Energy Suburban Uranium Enterprises Holdings,
Consolidated Eliminations Corporation Corp Gas, Inc. Inc. Inc. Inc.
------------ ------------ ----------- -------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common stockholders' equity:
Common stock - $1
par value;
auth. 185,000,000 shares:
issued 144,311,466 shares $ 144,311 $ $ 144,311 $ $ $ $ $
Capital stock premium
and expense 1,779,504 (139,441)(A) 1,796,964 8,023 6,456 105,000 2,502
Capital stock in subsidiary
companies-consolidated (7,454)(A) 7,433 20 1
Retn. earnings (Page S-5) 538,583 (130,459)(A) 538,583 91,059 (947) 40,334 13
---------- --------- ---------- -------- ------- ------ -------- ------
2,462,398 (277,354) 2,479,858 106,515 5,509 20 145,334 2,516
Cumulative preferred stock -
$100 par value; authorized
3,400,000 shares;
issued 2,376,000 shares:
Optionally redeemable 210,000 210,000
Mandatorily redeemable 27,600 27,600
Cumulative preferred stock -
$25 par value;
authorized 19,600,000
shares; issued
12,774,005 shares:
Optionally redeemable 80,000 80,000
-16-<PAGE>
<PAGE>
Mandatorily redeemable 228,400 228,400
Cumulative preference stock -
$25 par value;
authorized 8,000,000 shares;
issued none
Long-term debt 3,297,874 (4,596)(B) 3,297,874 4,596
Advances from parent 983 (A) (983)
---------- --------- ---------- -------- ------- ------ -------- ------
Total Capitalization 6,306,272 (280,967) 6,323,732 106,515 10,105 (963) 145,334 2,516
---------- --------- ---------- -------- ------ ------ -------- ------
Current Liabilities:
Short-term debt 416,750 (66,500)(B) 481,750 1,500
Long-term debt due
within one year 77,971 77,971
Sinking fund requirements
on preferred stock 10,950 10,950
Accounts payable 277,782 (2,383)(B) 276,072 1,561 1,940 579 13
Payable on outstanding
bank checks 64,133 64,133
Customer's deposits 14,562 14,129 179 254
Accrued taxes 43,358 14,796 (A) 12,463 (1,882) 101 1 17,879
Accrued interest 63,639 (118)(B) 63,697 13 47
Accrued vacation pay 36,550 36,550
Other 77,818 72,740 317 420 995 3,346
---------- --------- ---------- -------- ------- ------ -------- ------
1,083,513 (54,205) 1,110,455 188 4,262 996 21,804 13
---------- --------- ---------- -------- ------- ------ -------- ------
Regulatory and Other
Liabilities:
Accumulated deferred
income taxes 1,258,463 1,254,200 3,268 995
Deferred finance charges 239,880 239,880
Unbilled revenues 93,668 93,668
Def. pension settlement gain 50,261 50,261
Employee pension and other
benefits 235,741 235,741
-17-<PAGE>
<PAGE>
Other 141,641 138,041 3,264 (14) 350
---------- --------- ---------- -------- ------- ------ -------- ------
2,019,654 2,011,791 6,532 981 350
---------- --------- ---------- -------- ------- ------ -------- ------
Commitments and contingencies:
Liability for environmental
restoration 240,000 240,000
---------- --------- ---------- -------- ------- ------ -------- ------
$9,649,439 ($335,172) $9,685,978 $113,235 $15,348 $ 33 $167,448 $2,529
========== ========= ========== ======== ======= ====== ======== ======
</TABLE>
-18-<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-4
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1994
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac NM NM HYDRA-CO NM
Inter-Company Power Energy Suburban Uranium Enterprises Holdings,
Consolidated Eliminations Corporation Corp. Gas, Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues:
Electric $3,528,987 ($3,933)(C) $3,506,797 $26,123 $ $ $ $
Gas 623,191 (8,871)(C) 618,821 13,241
---------- ------- ---------- ------- ------- ------ -------- ----
4,152,178 (12,804) 4,125,618 26,123 13,241
---------- ------- ---------- ------- ------- ------ -------- ----
Operating Expenses:
Operation:
Fuel for elect generation 219,849 219,849
Electricity purchased 1,107,133 (3,933)(C) 1,111,066
Gas purchased 315,714 (8,871)(C) 315,690 8,895
Other operation expenses 754,695 741,387 9,516 1,501 2,291
Employee reduction program 196,625 196,625
Maintenance 202,682 200,194 2,268 220
Depreciation & amortization 308,351 307,197 495 319 340
Federal and foreign
income taxes 117,834 101,092 7,451 168 9,116 7
Other taxes 496,922 493,713 1,687 1,243 279
---------- ------- ---------- ------- ------- ------ -------- ----
3,719,805 (12,804) 3,686,813 21,417 12,346 12,026 7
---------- ------- ---------- ------- ------- ------ -------- ----
Operating Income 432,373 438,805 4,706 895 (12,026) (7)
---------- ------- ---------- ------- ------- ------ ------- ----
-19-<PAGE>
<PAGE>
Other Income and Deductions:
Allowance for other funds
used during construction 2,159 2,159
Federal and foreign
income taxes 6,365 8,935 (2,570)
Other items (net) 15,045 (19,123)(A)(C) 5,855 3,351 (951) 25,893 20
---------- ------- ---------- ------- ------- ------ -------- ----
23,569 (19,123) 16,949 781 (951) 25,893 20
---------- ------- ---------- ------- ------- ------ -------- ----
Income Before Interest
Charges 455,942 (19,123) 455,754 5,487 (56) 13,867 13
---------- ------- ---------- ------- ------- ------ -------- ----
Interest Charges:
Interest on long-term debt 264,891 (367)(C) 264,891 367
Other interest 20,987 (233)(C) 20,799 34 108 279
Allowance for borrowed funds
used during construction (6,920) (6,920)
---------- ------- ---------- ------- ------- ------ -------- ----
278,958 (600) 278,770 34 475 279
---------- ------- ---------- ------- ------- ------ -------- ----
Net Income/(Loss) $ 176,984 ($18,523) $ 176,984 $5,453 ($531) $13,588 $13
========== ====== ========== ======= ======= ====== ======== ====
</TABLE>
-20-<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-5
CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1994
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac NM NM HYDRA-CO NM
Inter-Company Power Energy Suburban Uranium Enterprises Holdings,
Consolidated Eliminations Corporation Corp. Gas, Inc. Inc Inc. Inc.
------------ ------------ ----------- ------- -------- ------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retained Earnings
Balance, December 31, 1993 $551,332 ($111,936)(A) $ 551,332 $85,606 ($416) $ $26,746 $
Add:
Net income/(loss)
for the year 176,984 (18,523) 176,984 5,453 (531) 13,588 13
-------- --------- ---------- -------- ------ ------ ------- ----
728,316 (130,459) 728,316 91,059 (947) 40,334 13
-------- --------- ---------- -------- ------ ------ ------- ----
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 2,123 2,123
7.72% Series 3,088 3,088
-21-<PAGE>
<PAGE>
Cumulative preferred stock,
$25 par value
8.375% Series 890 890
8.70% Series 870 870
8.75% Series 1,313 1,313
9.75% Series 633 633
7.85% Series 1,794 1,794
9.50% Series 5,700 5,700
Adjustable Rate Series A
(actual rate for 1994, 6.50%) 1,950 1,950
Adjustable Rate Series B
(actual rate for 1994, 8.05%) 3,900 3,900
Adjustable Rate Series C
(actual rate for 1994, 7.78%) 3,888 3,888
Common Stock, $1 par
value ($1.09 per share) 156,060 156,060
-------- --------- -------- ------- ------- ------ ------- ----
Total dividends 189,733 189,733
-------- --------- -------- ------- ------- ------ ------- ----
Balance, December 31, 1994 $538,583 ($130,459) $538,583 $91,059 ($947) $ $40,334 $ 13
======== ========= ======== ======= ======= ====== ======= ====
</TABLE>
-22-<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-6
CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994
INCREASE (DECREASE) IN CASH
(In Thousands of Dollars)
<CAPTION>
Niagara
Mohawk Opinac NM NM HYDRA-CO NM
Inter-Company Power Energy Suburban Uranium Enterprises Holdings,
Consolidated Eliminations Corporation Corp. Gas, Inc. Inc. Inc. Inc.
------------ ------------ ----------- ------ -------- ------- ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income/(loss) $ 176,984 ($18,523) $ 176,984 $ 5,453 ($ 531) $ $13,588 $ 13
Adjustments to reconcile net
income to net cash
provided by
operating activities:
Amortization of nuclear
replacement power cost
disallowance (23,081) (23,081)
Depreciation & amortization 308,351 (10) 307,197 495 319 340 10
Amortization of nuclear fuel 37,887 37,887
Provision for deferred
income taxes 7,866 23,047 (18,299) 2,924 194
Electric margin recoverable (45,428) (45,428)
Allowance for other funds
used during construction (2,159) (2,159)
Deferred recoverable
energy costs 4,748 5,314 (382) (184)
-23-<PAGE>
<PAGE>
Employee reduction program 196,625 196,625
(Increase) decrease in net
accounts receivable (59,145) 63,886 (46,624) (70,612) 732 (6,527)
Decrease in materials
and supplies 6,290 6,056 126 108
Increase (decrease) in
accounts payable and
accrued expenses (5,991) 4,207 (7,524) (519) (905) (1,250)
Increase (decrease) in
accrued interest & taxes (19,914) 3,423 (8,417) (15,205) (491) 771 5
Changes in other assets
and liabilities 14,188 (31,842) 38,866 2,922 725 1,403 2,114
--------- -------- --------- -------- ------ ------ ------- ------
Net cash provided by
(used in) operating
activities 597,221 49,502 611,701 (74,416) (33) 1,403 9,036 28
--------- -------- --------- ------- ------ ------ ------- ------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Construction additions (439,289) (434,172) (4,126) (731) (260)
Nuclear fuel (46,134) 2,195 (49,491) 1,162
Less: Allowance for
other funds used
during construction 2,159 2,159
--------- -------- --------- ------- ------ ------ ------- ------
Acquisition of utility plant (483,264) 2,195 (481,504) (4,126) (731) 1,162 (260)
(Increase) decrease in
materials and supplies
related to construction 5,143 4,987 84 72
Increase (decrease) in
accounts payable and
accrued expenses
related to construction (1,498) 1,051 (1,881) (130) (226) (312)
(Increase) decrease in other
investments (23,375) 37,909 (61,023) (7,709) 7,794 (346)
-24-<PAGE>
<PAGE>
Other (17,979) (2,638) (11,068) (5,202) 922 7
--------- -------- --------- ------- ------ ------ ------- ------
Net cash provided by
(used in) investing
activities (520,973) 38,517 (550,489) (17,083) 37 1,162 7,229 (346)
--------- -------- --------- ------- ------ ------ ------- ------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from sale of
common stock 29,514 (25,524) 29,514 25,000 524
Proceeds from long-term debt 424,705 424,705
Redemp. of preferred stock (33,450) (33,450)
Issuance of preferred stock 150,000 150,000
Reductions in long-term debt (526,584) (3,000) (526,584) 3,000
Net change in short-term
debt 48,734 (62,000) 113,734 (3,000)
Dividends paid (189,733) (189,733)
Other (9,455) 2,505 (9,455) 60 (2,565)
--------- -------- --------- ------- ------ ------ ------- ------
Net cash provided by
(used in) financing
activities (106,269) (88,019) (41,269) 60 (2,565) 25,000 524
--------- -------- --------- ------- ------ ------ ------- ------
Net increase (decrease)
in cash (30,021) 19,943 (91,499) 64 41,265 206
Cash at beginning of year 124,351 19,590 98,481 1,413 4,827 40
--------- -------- --------- -------- ------ ------ ------- ------
Cash at end of year $ 94,330 $ $ 39,533 $ 6,982 $1,477 $ $46,092 $ 246
========= ======== ========= ======== ====== ====== ======= ======
</TABLE>
-25-<PAGE>
<PAGE> S-7
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
INTER-COMPANY ELIMINATIONS
December 31, 1994
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
Capital Stocks of Subsidiary
Companies - Consolidated $ $ 7,454 $
Opinac Energy Corporation 7,433
NM Uranium, Inc. 20
NM Holdings, Inc. 1
Capital Stock Premium and Expense 139,441
Opinac Energy Corporation 21,336
NM Holdings, Inc. 2,502
NM Suburban Gas, Inc. 6,456
HYDRA-CO Enterprises, Inc 105,000
Niagara Mohawk Power Corporation 4,147
Retained Earnings (at beginning
of year) 111,936
Opinac Energy Corporation 85,606
NM Suburban Gas, Inc. (416)
HYDRA-CO Enterprises, Inc. 26,746
Net Income of Subsidiaries for the
period 1/1/94 through 12/31/94 18,523
Opinac Energy Corporation 5,453
HYDRA-CO Enterprises, Inc. 13,588
NM Suburban Gas, Inc. (531)
NM Holdings, Inc. 13
Advances from Parent 983
NM Uranium, Inc. 983
Accrued Taxes 14,796
HYDRA-CO Enterprises, Inc. 14,796
Nuclear Fuel 983 20
Niagara Mohawk Power Corporation 963
Investments in Subsidiary Companies-
consolidated 262,538
Opinac Energy Corporation 123,976
HYDRA-CO Enterprises, Inc. 130,537
NM Suburban Gas, Inc. 5,509
NM Holdings, Inc. 2,516
(A) To eliminate the investment in and advances to subsidiary
companies.<PAGE>
<PAGE> S-8
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
INTER-COMPANY ELIMINATIONS
December 31, 1994
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
Accounts Payable 2,383
Niagara Mohawk Power Corporation
to Opinac Energy Corporation 465
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation 1,885
HYDRA-CO Enterprises, Inc. to
Niagara Mohawk Power Corporation 33
Accounts Receivable 67,501
Opinac Energy Corporation from
Niagara Mohawk Power Corporation 65,583
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 1,885
Niagara Mohawk Power Corporation
from HYDRA-CO Enterprises, Inc. 33
Accrued Interest 118
Niagara Mohawk Power Corporation
to Opinac Energy Corporation 118
Short-Term Debt 66,500
Niagara Mohawk Power Corporation
to Opinac Energy Corporation 65,000
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation 1,500
Long-Term Debt 4,596
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation 4,596
Accounts Receivable 6,096
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 6,096
(B) To eliminate inter-company accounts<PAGE>
<PAGE> S-9
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
INTER-COMPANY ELIMINATIONS
December 31, 1994
(In Thousands of Dollars)
(C) DETAIL DEBIT CREDIT
Operating Revenues-Electric 3,933
Operating Revenues-Gas 8,871
Opinac Energy Corporation from
Niagara Mohawk Power Corporation 3,933
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 8,871
Other Income and Deductions
other items (net) 598
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 598
Operating Expenses - Operation -
Electricity Purchased 3,933
Niagara Mohawk Power Corporation
from Opinac Energy Corporation 3,933
Operating Expenses - Operation -
Gas Purchased 8,871
NM Suburban Gas, Inc. from
Niagara Mohawk Power Corporation 8,871
Interest Charges - Interest
on Long-Term Debt 367
Interest Charges-Other interest 231
Niagara Mohawk Power Corporation to
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation 598
(C) To eliminate the inter-company revenues and expenses
-28-<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
EXHIBIT B
FINANCIAL DATA SCHEDULE<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION 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.
Niagara Mohawk Power Corporation
*
Opinac Energy Corporation
*
Canadian Niagara Power Company, Limited
* *
Cowley Ridge Partnership Cowley Ridge Wind Power Company, Inc.<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
The above-named claimant has caused this statement to be
duly executed on their behalf by their authorized officers on
this 27th day of February, 1995.
Corporate Seal
Attest: NIAGARA MOHAWK POWER CORPORATION
(Name of Claimant)
\s\ Kapua Rice BY \s\ Steven W. Tasker
Kapua Rice, Secretary Steven W. Tasker
Vice President-Controller
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Steven W. Tasker, Vice President-
Controller and Principal
Accounting Officer
Niagara Mohawk Power Corporation
300 Erie Boulevard West
Syracuse, New York 13202<PAGE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET, CONSOLIDATED STATEMENT OF INCOME AND
CONSOLIDATED STATEMENT OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 7035643
<OTHER-PROPERTY-AND-INVEST> 224039
<TOTAL-CURRENT-ASSETS> 976315
<TOTAL-DEFERRED-CHARGES> 1413442
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 9649439
<COMMON> 144311
<CAPITAL-SURPLUS-PAID-IN> 1779504
<RETAINED-EARNINGS> 538583
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2462398
256000
290000
<LONG-TERM-DEBT-NET> 3297874
<SHORT-TERM-NOTES> 416750
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 77971
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2848448
<TOT-CAPITALIZATION-AND-LIAB> 9649439
<GROSS-OPERATING-REVENUE> 4152178
<INCOME-TAX-EXPENSE> 117834
<OTHER-OPERATING-EXPENSES> 3601971
<TOTAL-OPERATING-EXPENSES> 3719805
<OPERATING-INCOME-LOSS> 432373
<OTHER-INCOME-NET> 23569
<INCOME-BEFORE-INTEREST-EXPEN> 455942
<TOTAL-INTEREST-EXPENSE> 278958
<NET-INCOME> 176984
33673
<EARNINGS-AVAILABLE-FOR-COMM> 143311
<COMMON-STOCK-DIVIDENDS> 156060
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 597221
<EPS-PRIMARY> 1.00
<EPS-DILUTED> 0
</TABLE>
