File No. 69-93
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Form U-3A-2/A
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, its 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
NAME AND LOCATION STATE OF NATURE OF SEC. OWNED
OF COMPANY ORGANIZATION BUSINESS BY CLAIMANT
- --------------- ------------ -------- -----------
Niagara Mohawk New York Electric and Gas -
Power Corporation Utility
(NMPC or Claimant)
Syracuse, New York
Opinac Energy Province of Investment 100.00%
Corporation Ontario, Canada Company (Note A)
(Opinac)
Ontario, Canada
NM Uranium, Inc. Texas Mining 100.00%
Syracuse, New York
NM Suburban New York Gas Utility 100.00%
Gas, Inc. (Note B)
Syracuse, New York
NM Holdings, Inc. New York Real Estate 100.00%
Syracuse, New York Development
(Note C)
EMCO-TECH, Inc. New York (Note D) 100.00%
Syracuse, New York
HYDRA-CO New York (Note E)
Enterprises, Inc.
(HYDRA-CO)
Syracuse, New York
Moreau New York Owns and operates 66.67%
Manufacturing a hydroelectric
Corporation generating station
(Moreau)
Syracuse, New York
Beebee Island New York Owns and operates 82.84%
Corporation a hydroelectric
(Beebee) generating station
Syracuse, New York
<PAGE>
<PAGE>
Note A - Owns 100.00% of Canadian Niagara Power Company, Limited
(an electric utility located in Ontario, Canada),
incorporated in the Province of Ontario, Canada. Owns
100.00% of Plum Street Enterprises, Inc. (an energy
marketing and related energy services company located in
Syracuse, New York), incorporated in the State of
Delaware.
Note B - Corporation was formed in 1992 to acquire the assets of
Syracuse Suburban Gas Company, Inc. in exchange for NMPC
stock.
Note C - Owns 100.00% of Hudson Pointe, Inc., Land Management and
Development, Inc., LandWest, Inc., Moreau Park, Inc.,
Riverview, Inc., Salmon Shores, Inc., and Upper Hudson
Development, Inc., each of which are real estate
development projects located in Syracuse, New York and
incorporated in the State of New York.
Note D - EMCO-TECH, Inc. is inactive at December 31, 1995.
Note E - 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-4 through S-9).
2. A brief description of the properties of claimant and each of
its 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, 1996, 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 (as
well as having a majority interest in Beebee and Feeder Dam Hydro
Plants and their output). NMPC also purchases substantially all of
the output of 96 other hydroelectric facilities. NMPC's Canadian
subsidiary, Opinac Energy Corporation, owns Canadian Niagara Power
Company, Limited (owner and operator of the 76.8 MW Rankine
hydroelectric plant) which distributes electric power within the
Province of Ontario and a windmill generator in the Province of
Alberta. 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, 1996:
NMPC's SHARE
OF NET
STATION, LOCATION ENERGY CAPABILITY
AND PERCENT OWNERSHIP SOURCE IN MEGAWATTS
- --------------------- ------ ------------
Huntley, Niagara River (100%) Coal 740
Dunkirk, Lake Erie (100%) Coal 576
Albany, Hudson River (100%) Oil/Natural Gas 400
Oswego, Lake Ontario (76%) (Unit 6) Oil 636
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 469
As of December 31, 1995, NMPC's electric transmission and
distribution systems were comprised of 961 substations with a rated
transformer capacity of approximately 28,600,000 kva.,
approximately 8,000 circuit miles of overhead transmission lines,
approximately 1,100 cable miles of underground transmission lines,
approximately 113,900 conductor miles of overhead distribution
lines and approximately 5,900 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 and Quebec, Canada, New York, Massachusetts, Vermont and
Pennsylvania, and indirectly interconnected with most of the
electric utility systems in the United States.
As of December 31, 1995, NMPC's natural gas system, including
NM Suburban Gas, Inc. was comprised of approximately 7,700 miles of
pipelines and mains, only a part of which is located on property
owned by NMPC.
Beebee 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 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.
<PAGE>
3. The following information for the last calendar year with
respect to claimant and each of its 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.
COMPANY KWH.
------- ----
Niagara Mohawk Power Corporation 37,315,587,000
Canadian Niagara Power Company, Limited 621,758,000(1)
Beebee Island Corporation 39,161,000(2)
Moreau Manufacturing Corporation 22,200,000(3)
(1) Includes sales to Niagara Mohawk
Power Corporation of 253,373,000 Kwh.
(2) Includes sales to Niagara Mohawk Power
Corporation of 32,441,000 Kwh.
(3) Includes sales to Niagara Mohawk Power
Corporation of 14,801,000 Kwh.
COMPANY NATURAL GAS (Mcf.)
------- ------------------
Niagara Mohawk Power Corporation 80,278,000
NM Suburban Gas, Inc. 17,000
(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.
<PAGE>
<PAGE>
COMPANY KWH.
------- ----
Niagara Mohawk Power Corporation
(at the State line) 1,547,699,000
At the International boundary line between
the United States and Canada:
By Canadian Niagara Power Company, Limited 253,373,000 (1)
By Niagara Mohawk Power Corporation 62,673,000
(1) To Niagara Mohawk Power Corporation
NATURAL GAS (Mcf.)
------------------
Niagara Mohawk Power Corporation
(outside the State or at the State line). 1,765,858
(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) 21,165,000
At the International boundary line between
the United States and Canada:
From Canadian Niagara Power
Company Limited 253,373,000
From Hydro-Quebec 403,754,000
From Ontario Hydro 343,225,000
From Cornwall Electric
Company 24,844,000 1,025,196,000
----------- -------------
<PAGE>
<PAGE>
NATURAL GAS (Mcf.)
------------------
Niagara Mohawk Power Corporation:
(at the State Line) 79,548,768
At the International boundary line between
the United States and Canada:
From Western Gas Marketing, Ltd 19,163,136
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.
NMPC, 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.
(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 Canadian Niagara Wind
Power Company, Inc. ("Wind Power Company") and Cowley
Ridge Partnership ("Cowley Partnership") via a joint
venture agreement. Wind Power 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. Wind
Power Company is a corporation incorporated under the
laws of the Province of Alberta, Canada. Cowley
Partnership is an Alberta general partnership.
In December of 1995, Canadian Niagara Power Company,
Limited ("CNP") acquired a 99.99% interest in Wind Power
Company and Cowley Partnership, respectively, and a 100%
interest in the joint venture which owns and controls the
Facility. CNP is a wholly-owned subsidiary of Opinac, a
corporation incorporated under the laws of the Province
of Ontario, Canada. Opinac is a wholly- owned subsidiary
of NMPC.
(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.
$7,108,143 (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:
Shareholder's Equity - $7,037,061.
(Capital Stock - $7,156,307 and Accumulated Deficit -
($119,246))
Canadian Niagara Wind Power Company, Inc.:
Shareholder's Equity - $71,082.
(Capital Stock - $72,286 and Accumulated Deficit -
($1,204)).
(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>
<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 sheets at December
31, 1995, consolidating statements of income and consolidating
statements of retained earnings for the year ended December 31,
1995, and adjustments, reclassifications and inter-company
eliminations. The accounts of Beebee Island Corporation and Moreau
Manufacturing Corporation are not 100% owned and are not material,
therefore, they are not consolidated. They are included in the
accounts of the claimant under the equity method.
Notes to the financial statements are incorporated herein by
reference to the Annual Report on Form 10-K of Niagara Mohawk Power
Corporation for 1995, filed on March 29, 1996, 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 of Niagara Mohawk Power
Corporation at December 31, 1995 S-2
Consolidating Statement of Income of Niagara Mohawk
Power Corporation for the Year Ended December 31,
1995 S-4
Consolidating Statement of Retained Earnings of Niagara
Mohawk Power Corporation for the Year Ended
December 31, 1995 S-5
Inter-Company Eliminations S-6
Consolidating Balance Sheet of NM Holdings, Inc.
at December 31, 1995 S-9
Consolidating Statement of Income and Retained
Earnings of NM Holdings, Inc. for the Year
Ended December 31, 1995 S-10
Inter-Company Eliminations, Adjustments and
Reclassifications S-11
Consolidating Balance Sheet of Opinac Energy Corporation
at December 31, 1995 S-12
Consolidating Statement of Income and Retained
Earnings of Opinac Energy Corporation for the
Year Ended December 31, 1995 S-13
Inter-Company Eliminations, Adjustments and Reclassi-
fications S-14
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-2
- ---------------------------------------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1995
(In Thousands of Dollars)
<CAPTION>
Inter- Niagara N M
Company Mohawk Opinac N M N M Hold-
Elimina- Power Energy Suburban Uranium, ings,
Consolidated tions Corpor- Corp. Gas, Inc. Inc. Inc.
ation (S-12) (S-9)
------------ --------- ------- ------- --------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
- -------
Utility Plant:
Electric
plant $ 8,543,429 $ $8,503,952 $39,477 $ $ $
Nuclear
fuel 517,681 517,681
Gas plant 1,017,062 1,006,759 10,303
Common plant 281,525 281,525
Construct.
work in
progress 289,604 285,216 4,388
----------- --------- ---------- ------- ------ ------- ------
<PAGE>
<PAGE>
Total
Utility
Plant 10,649,301 10,595,133 39,477 14,691
Less: accumu-
lated depre-
ciation &
amortiza-
tion 3,641,448 3,623,259 15,917 2,272
----------- -------- ---------- ------- ------ ------- ------
Net Utility
Plant 7,007,853 6,971,874 23,560 12,419
------------ -------- ---------- ------- ------ ------- ------
Other Property
and Invest-
ments:
Other physical
property 6,396 6,293 103
Investment in
subsidiary
companies-
consolidated (149,493)(A) 149,493
Investments 212,021 146,265 55,828 9,928
---------- ----------- --------- ------- ------ --- -----
218,417 (149,493) 302,051 55,828 103 9,928
---------- ----------- --------- ------- ------ --- -----
<PAGE>
<PAGE>
Current Assets:
Cash, including
temporary cash
investments
of $114,415 153,475 106,591 45,752 840 105 187
Accounts receiv-
able 483,234 (7,642)(B) 485,489 3,997 1,390
Less-Allowance
for doubtful
accounts (20,000) (20,000)
Electric margin
recoverable 8,208 8,208
Materials and
supplies, at
average cost:
Coal & oil
for produc-
tion of
electricity 27,509 27,509
Other 141,820 141,239 581
Gas storage 26,431 26,431
Prepaid taxes 17,239 17,076 163
Other 45,834 45,724 103 7
--------- --------- ------- ------ ----- --- ---
883,750 (7,642) 838,267 50,433 2,400 105 187
--------- --------- ------- ------ ----- --- ---
<PAGE>
<PAGE>
Regulatory Assets:
Regulatory tax
asset 470,198 470,198
Deferred finance
charges 239,880 239,880
Deferred
environmental
restoration
costs 225,000 225,000
Unamortized debt
expense 92,548 92,548
Postretirement
benefits other
than pensions 68,933 68,690 243
Other 204,253 204,253
----------- -------- ---------- -------- ------- ------ -------
1,300,812 1,300,569 243
----------- --------- ---------- ------- ------- ------ -------
Other Assets: 67,037 65,471 1,850 (284)
----------- --------- ---------- ------- ------- ------ -------
$9,477,869 ($157,135) $9,478,232 $131,671 $14,778 $ 208 $10,115
=========== ========= ========== ======== ======= ====== =======
/TABLE
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-3
- ---------------------------------------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1995
(In Thousands of Dollars)
<CAPTION>
Niagara N M
CAPITALIZATION Inter- Mohawk Opinac N M N M Hold-
AND LIABILITIES Company Power Energy Suburban Uranium ings,
- --------------- Elimina- Corpor- Corp. Gas, Inc. Inc. Inc.
Consolidated tions ation (S-12) (S-9)
------------ -------- ------- ------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common
stockholders'
equity:
Common stock
- $1 par
value; auth.
185,000,000
shares:
issued
144,332,123
shares $ 144,332 $ $ 144,332 $ $ $ $
Capital stock
premium and
expense 1,784,247 (42,460)(A) 1,798,213 11,520 6,456 (169) 10,687
<PAGE>
<PAGE>
Capital stock
in subsidiary
companies-
consolidated (7,455)(A) 7,433 20 2
Retained
earnings
(Page S-5) 585,373 (99,578)(A) 585,373 100,643 (1,027) (38)
---------- ---------- --------- ------- ------- ------ -------
2,513,952 (149,493) 2,527,918 119,596 5,429 (149) 10,651
---------- ---------- --------- ------- ------- ------ -------
Cumulative
preferred stock -
$100 par value;
authorized
3,400,000
shares;issued
2,358,000 shares:
Optionally
redeemable 210,000 210,000
Mandatorily
redeemable 25,800 25,800
Cumulative
preferred stock -
$25 par value;
authorized
19,600,000
shares; issued
12,408,005 shares:
Optionally
redeemable 230,000 230,000
Mandatorily
redeemable 71,050 71,050
<PAGE>
<PAGE>
Cumulative
preference stock -
$25 par value;
authorized
8,000,000 shares;
issued none
Long-term debt 3,582,414 (4,596)(B) 3,582,414 4,596
---------- ----------- ---------- -------- ------- ------ -------
Total Capital-
ization 6,633,216 (154,089) 6,647,182 119,596 10,025 (149) 10,651
---------- ----------- ---------- -------- ------- ------ -------
Current
Liabilities:
Short-term
debt - (1,500)(B) 1,500
Long-term
debt due
within one
year 65,064 65,064
Sinking fund
requirements
on redeemable
preferred
stock 9,150 9,150
Accounts payable 268,603 (1,546)(B) 267,191 1,285 1,215 356 102
Payable on
outstanding bank
checks 36,371 36,371
Customers'
deposits 14,376 13,932 197 247
<PAGE>
<PAGE>
Accrued taxes 14,770 13,489 807 470 1 3
Accrued interest 64,448 64,383 17 48
Accrued vacation
pay 35,214 35,214
Other 57,748 57,179 329 240
---------- --------- ---------- -------- ------- ------ -------
565,744 (3,046) 561,973 2,635 3,720 357 105
---------- --------- ---------- -------- ------- ------ -------
Regulatory Liabilities:
Deferred finance
charges 239,880 239,880
Other 2,712 2,712
--------- --------- --------- -------- ------- ------ -------
242,592 242,592
--------- --------- --------- -------- ------- ------ -------
Other Liabilities:
Accumulated
deferred
income taxes 1,388,799 1,380,677 7,673 1,090 (641)
Employee pension
and other
benefits 245,047 245,047
Deferred pension
settlement gain 32,756 32,756
Unbilled
revenues 28,410 28,410
Other 116,305 114,595 1,767 (57)
---------- --------- ---------- -------- ------- ------ -------
1,811,317 1,801,485 9,440 1,033 (641)
---------- --------- ---------- -------- ------- ------ -------
<PAGE>
<PAGE>
Commitments and
Contingencies:
Liability for
environmental
restoration 225,000 225,000
---------- --------- ---------- -------- ------- ------ -------
$9,477,869 ($157,135) $9,478,232 $131,671 $14,778 $ 208 $10,115
========== ========= ========== ======== ======= ====== =======
</TABLE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-4
- ---------------------------------------------------------
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1995
(In Thousands of Dollars)
<CAPTION>
Niagara
Inter- Mohawk HYDRA-CO N M
Company Power Opinac N M N M Enter- Hold-
Elimina- Corpor- Energy Suburban Uranium prises, ings,
Consolidated tions ation Corp. Gas, Inc. Inc. Inc. Inc.
(S-13) (S-10)
------------ -------- -------- ----- --------- ------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues:
Electric $3,335,548 ($3,559)(C) $3,316,018 $23,089 $ $ $ $
Gas 581,790 (6,815)(C) 578,205 10,400
---------- -------- ---------- ------- ------- ------ -------- ----
3,917,338 (10,374) 3,894,223 23,089 10,400
---------- -------- ---------- ------- ------- ------ -------- ----
Operating Expenses:
Operation:
Fuel for
electric
generation 165,929 165,929
Electricity
purchased 1,137,937 (3,559)(C) 1,141,496
Gas pur-
chased 276,232 (6,815)(C) 276,845 6,202
Other oper-
ation
expenses 614,930 608,829 4,655 1,446
Maintenance 202,967 200,494 2,292 181
<PAGE>
<PAGE>
Depreciation
& amorti-
zation 317,831 317,003 588 290 (50)
Federal and
foreign
income
taxes 156,008 148,438 6,122 326 1,122
Other taxes 517,478 514,526 1,820 1,010 122
---------- ------- ---------- ------- ------- ------ -------- ----
3,389,312 (10,374) 3,373,560 15,477 9,455 1,194
---------- ------- ---------- ------- ------- ------ -------- ----
Operating
Income 528,026 520,663 7,612 945 (1,194)
---------- ------- ---------- ------- ------- ------ -------- ----
Other Income
and Deductions:
Allowance for
other funds
used during
construction 1,063 1,063
Federal and
foreign
income taxes (3,385) (1,512) (1,903) 30
Other items
(net) 2,006 (10,905)(A,C) 7,237 3,911 (456) 2,300 (81)
---------- ------- ---------- ------- ------- ------ -------- ----
(316) (10,905) 6,788 2,008 (456) 2,300 (51)
---------- ------- ---------- ------- ------- ------ -------- ----
<PAGE>
<PAGE>
Income Before
Interest
Charges 527,710 (10,905) 527,451 9,620 489 1,106 (51)
---------- ------- ---------- ------- ------- ------ -------- ----
Interest Charges:
Interest on
long-term
debt 267,019 (431)(C) 267,019 431
Other
interest 20,642 (207)(C) 20,383 36 138 292
Allowance for
borrowed funds
used during
construction (7,987) (7,987)
---------- ------- ---------- ------- ------- ------ -------- ----
279,674 (638) 279,415 36 569 292
---------- ------- ---------- ------- ------- ------ -------- ----
Net Income
(loss) $ 248,036 ($10,267) $ 248,036 $9,584 ($80) $ 814 ($51)
========== ======= ========== ====== ======= ====== ======== ====
/TABLE
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-5
- ---------------------------------------------------------
CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995
(In Thousands of Dollars)
<CAPTION> Niagara
Inter- Mohawk HYDRA-CO N M
Company Power Opinac N M N M Enter- Hold-
Elimina- Corpor- Energy Suburban Uranium prises ings,
Consolidated ations ation Corp. Gas, Inc. Inc. Inc. Inc.
(S-13) (S-10)
------------ ------- ------- -------- -------- ------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, Decem-
ber 31, 1994 $538,583 ($130,459)(A) $ 538,583 $91,059 ($947) $ $40,334 $ 13
Add:
Net income
(loss) for
the year 248,036 (10,267)(A) 248,036 (9,584) (80) 814 (51)
-------- --------- ---------- -------- ------ ------ ------ ----
786,619 (140,726) 786,619 100,643 (1,027) 41,148 (38)
-------- --------- ---------- -------- ------ ------ ------- ----
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 1,213 1,213
5.25% Series 1,050 1,050
6.10% Series 1,525 1,525
7.45% Series 1,989 1,989
7.72% Series 3,088 3,088
<PAGE>
Cumulative preferred stock, $25 par value
8.375% Series 680 680
8.70% Series 217 217
9.75% Series 472 472
7.85% Series 1,794 1,794
9.50% Series 14,250 14,250
Adjustable Rate
Series A
(actual rate
for 1995,
6.525%) 1,958 1,958
Adjustable Rate
Series B
(actual rate
for 1995,
8.05%) 3,723 3,723
Adjustable Rate
Series C
(actual rate
for 1995,
7.80%) 3,900 3,900
Common Stock,
$1 par value
($1.12 per
share) 161,650 161,650
-------- --------- --------- ------- ------- ------ ------- ----
Total
dividends 201,246 201,246
-------- --------- --------- ------- ------- ------ ------- ----
<PAGE>
<PAGE>
Sale of
subsidiary 41,148(A) (41,148)
Balance, Decem-
ber 1, 1995 $585,373 ($ 99,578) $585,373 $100,643 ($1,027) $ - ($38)
======== ========= ======== ======== ======= ====== ===== ====
/TABLE
<PAGE>
<PAGE> S-6
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 7,455
Opinac Energy Corporation 7,433
NM Uranium, Inc. 20
NM Holdings, Inc. 2
Capital Stock Premium and Expense 42,460
Opinac Energy Corporation 21,336
NM Holdings, Inc. 10,687
NM Suburban Gas, Inc. 6,456
NM Uranium, Inc. (169)
Niagara Mohawk Power Corporation 4,150
Retained Earnings (at beginning
of year) 130,459
Opinac Energy Corporation 91,059
NM Suburban Gas, Inc. (947)
HYDRA-CO Enterprises, Inc. 40,334
NM Holdings, Inc. 13
Net Income of Subsidiaries for the
period 1/1/95 through 12/31/95 10,267
Opinac Energy Corporation 9,584
HYDRA-CO Enterprises, Inc. 814
NM Suburban Gas, Inc. (80)
NM Holdings, Inc. (51)
Investments in Subsidiary Companies-
consolidated 149,493
Opinac Energy Corporation 133,562
NM Suburban Gas, Inc. 5,429
NM Holdings, Inc. 10,651
NM Uranium, Inc. (149)
Retained Earnings 41,148
HYDRA-CO Enterprises, Inc. 41,148
(A) To eliminate the investment in and advances to subsidiary
companies.
<PAGE>
<PAGE> S-7
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accounts Payable 1,546
Niagara Mohawk Power Corporation
to Opinac Energy Corporation 291
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation 1,214
NM Holdings, Inc. to
Niagara Mohawk Power Corporation 41
Accounts Receivable 1,546
Opinac Energy Corporation from
Niagara Mohawk Power Corporation 291
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 1,214
Niagara Mohawk Power Corporation
from NM Holdings, Inc. 41
Short-Term Debt 1,500
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-8
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(C) DETAIL DEBIT CREDIT
------ ----- ------
Operating Revenues-Electric 3,559
Operating Revenues-Gas 6,815
Opinac Energy Corporation from
Niagara Mohawk Power Corporation 3,559
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 6,815
Other Income and Deductions
other items (net) 638
Niagara Mohawk Power Corporation
from NM Suburban Gas, Inc. 570
Opinac Energy Corporation from
Niagara Mohawk Power Corporation 68
Operating Expenses - Operation -
Electricity Purchased 3,559
Niagara Mohawk Power Corporation
from Opinac Energy Corporation 3,559
Operating Expenses - Operation -
Gas Purchased 6,815
NM Suburban Gas, Inc. from
Niagara Mohawk Power Corporation 6,815
Interest Charges - Interest
on Long-Term Debt 431
Interest Charges-Other interest 207
NM Suburban Gas, Inc. to
Niagara Mohawk Power Corporation 570
Niagara Mohawk Power Corporation to
Opinac Energy Corporation 68
(C) To eliminate the inter-company revenues and expenses.
<PAGE>
<PAGE>
<TABLE> S-9
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
N M HOLDINGS, INC.
- ------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1995
(In Thousands of Dollars)
Upper Land
N M Hudson Manage-
Hold- Salmon Moreau River- Hudson Devel- ment & Land-
ings Shores Park view Pointe opment Develop- West Sub-
Inc. Inc. Inc. Inc. Inc. Inc. ment, Inc. Inc. Total
----- ------ ------ ------ ------ ------- ----------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash $ 13 $ 16 $ 39 $ 10 $ 10 $ 9 $ 82 $ 8 $ 187
Receivables 154 102 271 527
Due from
affiliates 876 876
Investment
in subsid-
iaries 3,822 3,822
Investment
in develop-
ment proj-
ects 5,932 136 676 725 573 466 806 8 9,322
Deferred fed-
eral income
taxes 602 39 641
Organization
costs 50 9 7 2 4 3 3 78
------ --- --- ----- --- --- ----- -- ------
Total
Assets $10,693 $315 $722 $1,339 $587 $619 $1,162 $16 $15,453
====== === === ===== === === ===== == ======
<PAGE>
<PAGE>
Inter-Company Consolidated Reported
Eliminations Total Reclasses Total
------------- ------------ --------- -------
Cash $ $ 187 $ $ 187
Receivables 527 (527)(B)
Due from
affiliates (876)(A)
Investment
in subsid-
iaries (3,822)(A)
Investment
in develop-
ment proj-
ects 9,322 606 (B) 9,928
Deferred fed-
eral income
taxes 641 (641)(B)
Organization
costs 78 (78)(B)
------- ------- ------ -------
Total
Assets $(4,698) $10,755 $(640) $10,115
======= ======= ====== =======
<PAGE>
<PAGE>
Upper Land
N M Hudson Manage-
Hold- Salmon Moreau River- Hudson Devel- ment & Land-
ings Shores Park view Pointe opment Develop- West Sub-
Inc. Inc. Inc. Inc. Inc. Inc. ment, Inc. Inc. Total
----- ------ ------ ------ ------ ------- ----------- ----- -----
Accounts
payable $ $ $ $ $ $ $ 23 $ 1 $ 24
Purchase depo-
sits held 14 21 35
Other 2 2
Accrued NY
franchise
tax 2 1 3
Accumulated
deferred
income taxes
Due to parent 41 231 84 23 312 132 85 11 919
Common stockholders'
equity:
Common
stock 2 1 3
Paid-in
capital 10,686 102 598 1,320 410 421 946 6 14,489
Retained
earnings (38) (18) 40 (5) (135) 51 85 (2) (22)
------- ---- ---- ------ ---- ---- ------ --- --------
Total
Liabilities
& Equity $10,693 $315 $722 $1,339 $587 $619 $1,162 $16 $15,453
======= ==== ==== ====== ==== ==== ====== === ========
<PAGE>
<PAGE>
Inter-Company Consolidated Reported
Eliminations Total Reclasses Total
------------- ------------ --------- -------
Accts. payable $ $ 24 $ 78 (B) $ 102
Purch. depo-
sits held 35 (35)(B)
Other 2 (2)(B)
Accrued NY
franchise
tax 3 3
Accumulated
deferred
income taxes (641)(B) (641)
Due to parent (879)(A) 40 (40)(B)
Common stockholders'
equity:
Common
stock (1)(A) 2 2
Paid-in
capital (3,802)(A) 10,687 10,687
Retained
earnings (16)(A) (38) (38)
------- ------- ------ -------
Total Liabil-
ities &
Equity $(4,698) $10,755 $(640) $10,115
======== ======= ====== =======
/TABLE
<PAGE>
<PAGE>
<TABLE> S-10
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
N M HOLDINGS, INC.
- ------------------
CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995
(In Thousands of Dollars)
Upper Land
N M Hudson Manage-
Hold- Salmon Moreau River- Hudson Devel- ment & Land-
ings Shores Park view Pointe opment Develop- West Sub-
Inc. Inc. Inc. Inc. Inc. Inc. ment, Inc. Inc. Total
----- ------ ------ ------ ------ ------- ----------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property
sales $ $ $ $ $ $145 $195 $340
Cost of
property
sold 182 66 77 325
Sale of
timber 34 34
Rent and
other
income 1 2 3
A&G expenses
Tax con-
sulting 1 1 1 1 1 1 1 1 8
Accounting 4 1 1 1 1 1 3 12
Legal 2 2 2 7 1 14
Donations 11 11
Management 14 1 1 2 1 2 21
<PAGE>
<PAGE>
NYS fran-
chise tax 5 4 1 2 14 1 27
Amortization
of org.
costs 15 3 2 1 21
Consulting
fees 14 2 16
Property
taxes 2 8 8 8 2 28
Other items
(net) 2 1 1 4
Bank service
charges --- --- --- --- ----- -- --- --- ---
57 9 11 5 22 25 29 4 162
--- --- --- --- ----- -- --- --- ---
Operating
income (57) (9) 23 (4) (204) 54 91 (4) (110)
Interest
income 2 15 1 3 42 63
Equity in subs
earnings (15) (34) (49)
---- ---- --- --- ----- -- --- --- ----
Income before
tax (70) (28) 24 (4) (204) 57 133 (4) (96)
Federal
income tax
(benefit) (19) (10) 8 (1) (71) 18 46 (1) (30)
---- ---- --- --- ----- -- --- --- ----
Net income
(loss) (51) (18) 16 (3) (133) 39 87 (3) (66)
---- ---- --- --- ----- -- --- === ====
<PAGE>
<PAGE>
Retained
earnings
(beginning
of year) 13 24 (2) (2) 12 (2) 1 44
----- ----- --- ---- ------ --- --- --- ----
Retained
earnings
(end of
year) $(38) $(18) $40 $(5) $(135) $51 $85 $(2) $(22)
===== ===== === ==== ====== === === === ====<PAGE>
<PAGE>
Inter-Company Consolidated Reported
Eliminations Total Reclasses Total
------------- ------------ --------- -------
Property sales $340 $(340)(C)
Cost of property
sold 325 325 (C)
Sale of timber 34 (34)(C)
Rent and other
income 3 (3)(C)
A&G expenses
Tax consulting 8 8 (C)
Accounting 12 12 (C)
Legal 14 14 (C)
Donations 11 11 (C)
Management 21 21 (C)
NYS franchise
tax 27 27 (C)
Amortization
of org. costs 21 21 (C)
Consulting fees 16 16 (C)
Property taxes 28 28 (C)
Other items
(net) 4 (77)(C) (81)
Bank service
charges
---- ---- --- -----
162 81 (81)
---- ---- --- -----
<PAGE>
<PAGE>
Operating income (110) 29 (81)
Interest income 63 (63)(C)
Equity in subs
earnings (15)(A) (34) 34 (C)
---- ----- ---- -----
Income before tax (15) (81) (81)
Federal income
tax (benefit) (30) (30)
---- ----- ---- -----
Net income
(loss) (15) (51) (51)
---- ----- ---- -----
Retained earnings
(beginning of year) 31 13 13
---- ----- ---- -----
Retained earnings
(end of year) $16 $(38) $(38)
==== ===== ==== =====
/TABLE
<PAGE>
NIAGARA MOHAWK POWER CORPORATION S-11
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 1
Upper Hudson Development Co. 1
Paid in Capital 3,802
Salmon Shores, Inc. 102
Moreau Park, Inc. 598
Riverview, Inc. 1,320
Hudson Pointe Inc. 409
Upper Hudson Development, Inc. 421
Land Mgmt & Develop., Inc. 946
LandWest, Inc. 6
Retained Earnings 31
Salmon Shores, Inc. -
Moreau Park, Inc. 24
Riverview, Inc. (2)
Hudson Pointe Inc. (2)
Upper Hudson Development, Inc. 12
Land Mgmt & Develop., Inc. (2)
LandWest, Inc. 1
Net Income of Subsidiaries for the
period 1/1/95 through 12/31/95 15
Salmon Shores, Inc. (18)
Moreau Park, Inc. 16
Riverview, Inc. (3)
Hudson Pointe Inc. (133)
Upper Hudson Development, Inc. 39
Land Mgmt & Develop., Inc. 87
LandWest, Inc. (3)
Investments in Subsidiary Companies -
Consolidated 3,822
Salmon Shores, Inc. 84
Moreau Park, Inc. 638
Riverview, Inc. 1,316
Hudson Pointe Inc. 275
Upper Hudson Development, Inc. 473
Land Mgmt & Develop., Inc. 1,032
LandWest, Inc. 4
<PAGE>
(A) DETAIL DEBIT CREDIT
------ ----- ------
Due to Parent 879
Due from Affiliates 876
Salmon Shores, Inc. 231
Moreau Park, Inc. 84
Riverview, Inc. 23
Hudson Pointe Inc. 313
Upper Hudson Development, Inc. 132
Land Mgmt & Develop., Inc. 85
LandWest, Inc. 11
To eliminate the investment in and advances to subsidiary companies.<PAGE>
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accumulated Deferred Income Taxes 641
Investment in Development Projects 606
Due to Parent 40
Purchase Deposits Held 35
Other 2
Deferred Federal Income Taxes 641
Receivables 527
Organization Costs 78
Accounts Payable 78
To reclass certain accounts for consolidation purposes.
(C)
Property Sales 340
Sale of Timber 34
Rent and other income 3
Other items (net) 77
Interest income 63
Cost of property sold 325
Tax consulting 8
Accounting 12
Legal 14
Donations 11
Management 21
NYS franchise 27
Amortization of org. costs 21
Consulting fees 16
Property taxes 28
Equity in subs earnings 34
To reclass certain accounts for consolidation purposes.<PAGE>
<PAGE>
<TABLE> S-12
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
OPINAC ENERGY CORPORATION
- -------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1995
(In Thousands of Dollars)
Cowley Ridge
Opinac Wind Power Cowley Ridge Consoli- Elimin-
Energy CNP Company, Inc. Partnership dated ations
<S> <C> <C> <C> <C> <C> <C>
Utility plant - elec. $ $53,864 $203 $ 8,950 $ 63,017 $ (9,153)(B)
Less: Accumulated
depreciation 21,718 21,718
-------- ------- ---- ------- -------- ---------
Net utility plant 32,146 203 8,950 41,299 (9,153)
-------- ------- ---- ------- -------- ---------
Other investments 2,340 9,699 12,039 (A,B)
Investments - sub- 69,142 69,142 (69,142)(A)
sidiaries -------- ------- ---- ------- ------- ---------
71,482 9,699 81,181 (69,142)
-------- ------- ---- ------- ------- ---------
Cash & temp. invest. 91,027 35,535 5 467 127,034 (472)(B)
Accounts receivable 1,835 3,620 4 397 5,856 (401)(B)
Materials & supplies 792 792
Other assets 140 4 359 503 (363)(B)
-------- ------ ---- ------- ------- ----------
92,862 40,087 13 1,223 134,185 (1,236)
-------- ------ ---- ------- ------- ----------
<PAGE>
<PAGE>
Pension costs 2,524 2,524
-------- ----- ---- --------- --------- ----------
Total assets $164,344 $84,456 $216 $10,173 $259,189 $(79,531)
======== ======= ==== ========= ========== =========
Common stock $ 9,007 $ 6,000 $ 99 $ 9,765 $ 24,871 $(15,864)(A)
Paid in surplus 24,750 9,813 34,563 (9,813)(A)
Retained earnings 129,426 53,329 (2) (163) 182,590 (53,164)(A)
Translation adj.
-------- ------- ---- -------- ---------- ---------
163,183 69,142 97 9,602 242,024 (78,841)
-------- ------- ---- -------- ---------- ---------
Long-term liability 113 113 (113)(B)
-------- ------- ---- -------- ---------- ---------
Accounts payable 95 1,659 6 571 2,331 (577)(B)
Customer deposits 268 268
Accrued taxes 1,101 1,101
Accrued interest 23 23
Accrued other 450 450
-------- ------- ---- ------- --------- ---------
95 3,501 6 571 4,173 (577)
-------- ------- ---- ------- --------- ---------
Acc. def. taxes 904 9,564 10,468
Deferred credits 162 2,249 2,411
-------- ------ ---- ------- --------- ---------
1,066 11,813 12,879
-------- ------ ---- ------- --------- ---------
Total liabilities $164,344 $84,456 $216 $10,173 $259,189 $(79,531)
======== ======= ==== ======= ========= =========
<PAGE>
<PAGE>
(1)
Total Consolidated
Canadian U.S. Reported
Dollars Dollars Reclasses U.S. Dollars
Utility plant - elec. $53,864 $ 39,477 $ $ 39,477
Less: Accumulated
depreciation 21,718 15,917 15,917
------- -------- --------- --------
Net utility plant 32,146 23,560 23,560
------- -------- --------- --------
Other investments 12,039 8,823 47,005 (C) 55,828
Investments - sub-
sidiaries ------- -------- --------- --------
12,039 8,823 47,005 55,828
------- -------- --------- --------
Cash & temp. invest. 126,562 92,757 (47,005)(C) 45,752
Accounts receivable 5,455 3,997 3,997
Materials & supplies 792 581 581
Other assets 140 103 103
------- -------- --------- --------
132,949 97,438 (47,005) 50,433
------- -------- --------- --------
Pension costs 2,524 1,850 1,850
----- -------- --------- -------
Total assets $179,658 $131,671 $131,671
======= ======== ========= =======
<PAGE>
<PAGE>
Common stock $ 9,007 $ 7,433 $ $ 7,433
Paid in surplus 24,750 21,692 (10,172)(D) 11,520
Retained earnings 129,426 100,643 100,643
Translation adj. (10,172) 10,172 (D)
------- -------- -------- -------
163,183 119,596 119,596
------- -------- -------- -------
Long-term liability
------- -------- -------- -------
Accounts payable 1,754 1,285 1,285
Customer deposits 268 197 197
Accrued Taxes 1,101 807 807
Accrued interest 23 17 17
Accrued other 450 329 329
------- -------- ------- --------
3,596 2,635 2,635
------- -------- ------- --------
Acc. def. taxes 10,468 7,673 7,673
Deferred credits 2,411 1,767 1,767
------ -------- ------- --------
12,879 9,440 9,440
------ -------- ------- --------
Total liabilities $179,658 $131,671 $131,671
======= ======== ======= ========
(1) Translated at December 31, 1995 at an exchange rate of .7329.
/TABLE
<PAGE>
<PAGE>
<TABLE> S-13
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
OPINAC ENERGY CORPORATION
- -------------------------
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995
(In Thousands of Dollars)
Opinac Canadian Cowley Ridge Adjustments
Energy Niagara Wind Power Cowley Ridge and
Corporation Power Company, Inc. Partnership Eliminations
<S> <C> <C> <C> <C> <C>
Electric Revenues $ 31,699 $ 24 $ 2,367 $ (2,391)
-------- -------- ---- -------- --------
Operating Expenses:
Other Operation
Expenses 11 1,098 (1,109)
Production 3,810
Transmission 2,377
Distribution 2,020
Maintenance
Customer Account-
ing. Admin. 1,249 37 (37)
Federal and Foreign
Income Taxes
Depreciation 806 7 639 (646)
Other Taxes 2,497
-------- -------- ---- ------- --------
<PAGE>
<PAGE>
Total Operating
Expenses 12,759 18 1,774 (1,792)
-------- ------- ---- ------ --------
Operating
Income 18,940 6 593 (599)
-------- ------- ---- ------ --------
Federal and Foreign
Income Taxes $(2,236)
Other Income 2,924 2,087 4 395 770
Subsidiary
Earnings 10,316 (164) (10,152)
-------- ------- ---- ------ --------
11,004 1,923 4 395 (9,382)
-------- ------- ---- ------ --------
Total Income 11,004 20,863 10 988 (9,981)
Other Income/
Deductions 706 53
-------- ------- ---- ------ --------
Income before
Interest Charges 10,298 20,810 10 988 (9,981)
Interest 48 12 1,150 (1,162)
-------- ------- ---- ------ --------
Income before
Taxes 10,298 20,762 (2) (162) (8,819)
Canadian Income
Taxes 8,415
-------- ------- ---- ------ --------
Net Income 10,298 12,347 (2) (162) (8,819)
Retained Earnings
(beginning of year) 119,128 40,982 (43,971)
-------- ------- ---- ------ --------
Retained Earnings
(end of year) $129,426 $53,329 $ (2) $(162) $(52,790)
======== ======== ==== ====== ========
<PAGE>
(1)
Consolidated
U.S. Reported
Consolidated Dollars Reclasses U.S. Dollars
Electric Revenues $31,699 $ 23,089 $ 23,089
------- -------- --------- --------
Operating Expenses:
Other Operation
Expenses $ 4,655 (E) 4,655
Production 3,810 2,777 (2,777)(E)
Transmission 2,377 1,737 (1,737)(E)
Distribution 2,020 1,474 (1,474)(E)
Maintenance 2,292 (E) 2,292
Customer Account-
ing Admin. 1,249 959 (959)(E)
Federal and Foreign
Income Taxes 6,122(E) 6,122
Depreciation 806 588 588
Other Taxes 2,497 1,820 1,820
-------- -------- -------- --------
Total Operating
Expenses 12,759 9,355 6,122 15,477
-------- -------- -------- --------
Operating
Income 18,940 13,734 (6,122) 7,612
-------- -------- -------- -------
Federal and Foreign
Income Taxes (2,236) (1,903) (1,903)
Other Income 6,180 4,465 554(E) 3,911
Subsidiary
Earnings -------- -------- -------- -------
3,944 2,562 554 2,008
-------- -------- -------- -------
<PAGE>
<PAGE>
Total Income 22,884 16,296 (5,568) 9,620
Other Income/
Deductions 759 554 (554)(E)
--------- ------- --------- -------
Income before
Interest Charges 22,125 15,742 (6,122) 9,620
Interest 48 36 36
--------- ------- --------- -------
Income before
Taxes 22,077 15,706 (6,122) 9,584
Canadian Income
Taxes 8,415 6,122 (6,122)(E)
--------- ------- --------- -------
Net Income 13,662 9,584 9,584
Retained Earnings
(beginning of year) 116,139 91,059 91,059
--------- -------- --------- -------
Retained Earnings
(end of year) $129,801 $100,643 $100,643
======= ======== ========= =======
(1) Translated monthly at a weighted average exchange rate of .721392.
/TABLE
<PAGE>
S-14
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 15,864
Canadian Niagara Power 6,000
Cowley Ridge Wind Power 99
Cowley Ridge Partnership 9,765
Paid in Surplus 9,813
Canadian Niagara Power 9,813
Retained Earnings (at beginning
of year) 40,982
Canadian Niagara Power 40,982
Cowley Ridge Wind Power -
Cowley Ridge Partnership -
Net Income of Subsidiaries for the
period 1/1/95 through 12/31/95 12,183
Canadian Niagara Power 12,347
Cowley Ridge Wind Power (2)
Cowley Ridge Partnership (162)
Investments in Subsidiary Companies-
consolidated 69,142
Canadian Niagara Power 69,142
Other Investments 9,699
Cowley Ridge Wind Power 97
Cowley Ridge Partnership 9,602
(A) To eliminate the investment in and advances to subsidiary
companies.
<PAGE>
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Electric Utility Plant 9,153
Cowley Ridge Wind Power 203
Cowley Ridge Partnership 8,950
Cash 472
Cowley Ridge Wind Power 5
Cowley Ridge Partnership 467
Accounts Receivable 401
Cowley Ridge Wind Power 4
Cowley Ridge Partnership 397
Other Assets 363
Cowley Ridge Wind Power 4
Cowley Ridge Partnership 359
Long Term Liability 113
Cowley Ridge Wind Power 113
Accounts Payable 577
Cowley Ridge Wind Power 6
Cowley Ridge Partnership 571
Other Investments 9,699
Cowley Ridge Wind Power 97
Cowley Ridge Partnership 9,602
(B) To eliminate inter-company accounts.
<PAGE>
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1995
(In Thousands of Dollars)
(C) DETAIL DEBIT CREDIT
------ ----- ------
Other Investments 47,005
Cash and temporary investments 47,005
To reclass temporary investments to other investments due to the
maturities being greater than three months.
(D)
Paid in Surplus 10,172
Translation Adjustment 10,172
To reclass the translation adjustment to paid in surplus.
(E)
Other Operation Expense 4,655
Maintenance 2,292
Federal and Foreign Income Taxes 6,122
Other Income - Other 554
Production 2,777
Transmission 1,737
Distribution 1,474
Customer Accounting Admin. 959
Other Income/Deductions 554
Canadian Income Taxes 6,122
To reclass certain accounts for consolidation purposes.<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
/ /
Canadian Niagara Wind Cowley Ridge
Power Company, Inc. Partnership
/ /
Cowley Ridge Joint Venture
<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
The above-named claimant has caused this amended statement to be
duly executed on its behalf by its authorized officers on
this 21st day of June, 1996.
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
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF INCOME AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 9477869
<TOTAL-OPERATING-REVENUES> 3917338
<NET-INCOME> 248036
</TABLE>
