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, 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
NM Receivables New York (Note E) 100.00%
Corp.
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 50.00% of Canadian Niagara Power Company, Limited
(CNP) (an electric utility located in Ontario, Canada),
incorporated in the Province of Ontario, Canada. On
October 10, 1996, Opinac sold 50% of its interest in CNP
to Fortis, Inc. Opinac also owns 100.00% of Plum Street
Enterprises, Inc. (an energy marketing and energy 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., Upper Hudson
Development, Inc. and OPropco, 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, 1996.
Note E - Corporation was formed in October 1996, whose business
consists of the purchase and resale of an undivided
interest in a designated pool of customer receivables,
including accrued unbilled revenues.
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 December 31, 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 and had
a majority interest in Beebee and Feeder Dam Hydro Plants and their
output. (NMPC also operates two other hydro facilities under
contract, High Dam Hydro and Marble Street Hydro, owned by the City
of Oswego, New York, and City of Watertown, New York, respectively.
NMPC purchases substantially all of the output of these
facilities.) NMPC's Canadian subsidiary, Opinac, has a 50%
interest in CNP, which owns and operates 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 the New York Power Authority and other sources.
The following is a list of NMPC's major generating stations
at December 31, 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 593
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, 1996, NMPC's electric transmission and
distribution systems were comprised of 952 substations with a rated
transformer capacity of approximately 28,500,000 kva.,
approximately 8,000 circuit miles of overhead transmission lines,
approximately 1,100 cable miles of underground transmission lines,
approximately 113,100 conductor miles of overhead distribution
lines and approximately 5,800 cable miles of underground
distribution cables. Only a part of such transmission and
distribution lines are located on property owned by NMPC. The
electric system of NMPC 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, 1996, 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.
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.
------- ----
NMPC 38,823,651,000
CNP* 479,731,000(1)
Beebee 51,774,000(2)
Moreau 22,423,000(3)
(1) Includes sales to NMPC of 177,164,000 Kwh.
(2) Includes sales to NMPC of 44,495,000 Kwh.
(3) Includes sales to NMPC of 16,282,000 Kwh.
* Held indirectly through Opinac. 50% of Opinac's interest in
CNP was sold in October 1996 to Fortis, Inc.
NATURAL GAS (Mcf.)
------------------
NMPC 86,973,000
NM Suburban Gas, Inc. 5,000
(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.
------- ----
NMPC (at the State line) 3,778,355,000
At the International boundary line between
the United States and Canada:
By CNP 209,540,000 (1)
By NMPC 22,824,750
(1) To NMPC
NATURAL GAS (Mcf.)
------------------
NMPC (outside the State or at the State line) 1,154,279
(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.
------- ----
NMPC (at the State line) 77,589,000
At the International boundary line between
the United States and Canada:
From CNP 209,540,000
From Hydro-Quebec 277,959,000
From Ontario Hydro 743,363,000
From Cornwall Electric
Company 24,643,000 1,255,505,000
-----------
<PAGE>
<PAGE>
NATURAL GAS (Mcf.)
------------------
NMPC (at the State Line): 90,162,299
At the International boundary line between
the United States and Canada:
From Western Gas Marketing, Ltd. 19,382,213
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, CNP, and Opinac each own a direct or 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, 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. On October 10, 1996, Opinac sold
50% of its interest in CNP to Fortis, Inc. Therefore, at
December 31, 1996, Opinac, a corporation incorporated
under the laws of the Province of Ontario, Canada has a
50% interest in CNP. 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.
$6,467,577 (see 4(d) below), was invested by CNP.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Cowley Partnership:
Shareholder's Equity - $6,402,901
(Capital Stock - $6,865,139 and Accumulated Deficit-
($462,238))
Wind Power Company:
Shareholder's Equity - $64,676
(Capital Stock - $69,345 and Accumulated Deficit-
($4,669)).
(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 sheet at December
31, 1996, consolidating statement of income and consolidating
statements of retained earnings for the year ended December 31,
1996, and adjustments, reclassifications and inter-company
eliminations. The accounts of CNP are consolidated until the sale
on October 10, 1996 in the consolidating statement of income. The
accounts of Beebee, Moreau and CNP (after October 10, 1996) 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 NMPC for 1996, filed
on March 27, 1997, 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 NMPC at
December 31, 1996 S-2
Consolidating Statement of Income of NMPC
for the Year Ended December 31, 1996 S-4
Consolidating Statement of Retained Earnings of
NMPC for the Year Ended December 31, 1996 S-5
Inter-Company Eliminations S-6
Consolidating Balance Sheet of NM Holdings, Inc.
at December 31, 1996 S-9
Consolidating Statement of Income and Retained
Earnings of NM Holdings, Inc. for the Year
Ended December 31, 1996 S-10
Inter-Company Eliminations, Adjustments and
Reclassifications S-11
Consolidating Balance Sheet of Opinac at
December 31, 1996 S-12
Consolidating Statement of Income and Retained
Earnings of Opinac for the Year Ended
December 31, 1996 S-13
Inter-Company Eliminations, Adjustments and
Reclassifications S-14
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-2
- ---------------------------------------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1996
(In Thousands of Dollars)
<CAPTION>
Niagara N M
Inter- Mohawk Opinac N M Hold-
Company Power Energy N M N M Receiv- ings,
Elimina- Corpor- Corp. Suburban Uranium, ables, Inc.
Consolidated tions ation (S-12) Gas, Inc. Inc. Corp. (S-9)
------------ --------- ------- ------- --------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
- -------
Utility plant:
Electric
plant $ 8,611,419 $ $8,611,419 $ $ $ $ $
Nuclear
fuel 573,041 573,041
Gas plant 1,082,298 1,067,637 14,661
Common plant 292,591 292,591
Construction
work in
progress 279,992 279,992
----------- --------- ---------- ------- ------ ---- ------- ------
<PAGE>
<PAGE>
Total utility
plant 10,839,341 10,824,680 14,661
Less: accumu-
lated depre-
ciation &
amortiza-
tion 3,881,726 3,879,564 2,162
---------- -------- ---------- ------ ------ ---- ------- ------
Net utility
plant 6,957,615 6,945,116 12,499
---------- -------- ---------- ------ ------ ---- ------- ------
Other property
and investments:
Other physical
property 402 299 103
Investment in
subsidiary
companies-
consolidated (403,323)(A) 403,323
Investment 256,743 196,044 47,508 13,191
--------- -------- --------- ------ ------ ---- ------- ------
257,145 (403,323) 599,666 47,508 103 13,191
--------- -------- --------- ------ ------ ---- ------- ------
<PAGE>
<PAGE>
Current assets:
Cash, including
temporary cash
investments
of $223,829 325,398 215,160 91,988 949 50 16,018 1,233
Accounts receiv-
able 425,405 (105,985)(B) 171,148 3,640 294 355,112 1,196
Less-Allowance
for doubtful
accounts (52,100) (52,100)
Materials and
supplies, at
average cost:
Coal & oil
for produc-
tion of
electricity 20,788 20,788
Other 120,914 120,914
Gas storage 43,431 43,431
Prepaid taxes 11,976 11,750 226
Other 25,329 21,030 788 3,511
--------- --------- ------- ------ ------- ---- ------- -----
921,141 (105,985) 604,221 96,416 1,469 50 322,541 2,429
--------- --------- ------- ------ ------- ---- ------- -----
<PAGE>
<PAGE>
Regulatory assets:
Regulatory tax
asset 390,994 (11,234)(B) 390,994 11,234
Deferred finance
charges 239,880 239,880
Deferred
environmental
restoration
costs 225,000 225,000
Unamortized debt
expense 65,993 65,993
Postretirement
benefits other
than pensions 60,482 60,482
Other 206,352 206,352
---------- --------- ---------- -------- ------- ----- -------- -------
1,188,701 (11,234) 1,188,701 11,234
---------- --------- ---------- -------- ------- ----- -------- -------
Other assets: 77,428 77,464 (36)
---------- --------- ---------- -------- ------- ----- -------- -------
$9,402,030 ($520,542) $9,415,168 $143,924 $13,932 $ 153 $333,775 $15,620
========== ========= ========== ======== ======= ===== ======== =======
/TABLE
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-3
- ---------------------------------------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1996
(In Thousands of Dollars)
<CAPTION>
Niagara N M
CAPITALIZATION Inter- Mohawk Opinac N M Hold-
AND LIABILITIES Company Power Energy N M N M Receiv- ings,
- --------------- Elimina- Corpor- Corp. Suburban Uranium, ables, Inc.
Consolidated tions ation (S-12) Gas, Inc. Inc. Corp. (S-9)
------------ -------- ------- ------- --------- -------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common
stockholders'
equity:
Common stock
- $1 par
value; auth.
185,000,000
shares:
issued
144,365,214
shares $ 144,365 $ $ 144,365 $ $ $ $ $
Capital stock
premium and
expense 1,783,725 (278,885)(A) 1,798,754 10,455 7,167 57 230,883 15,294
<PAGE>
<PAGE>
Capital stock
in subsidiary
companies -
consolidated (7,458)(A) 7,433 20 2 3
Retained
earnings
(Page S-5) 657,482 (116,980)(A) 657,482 123,064 (850) (6,007) 773
---------- -------- --------- ------- ------- ----- ------- -------
2,585,572 (403,323) 2,600,601 140,952 6,317 77 224,878 16,070
---------- -------- --------- ------- ------- ----- ------- -------
Cumulative
preferred stock -
$100 par value;
authorized
3,400,000
shares; issued
2,340,000 shares:
Optionally
redeemable 210,000 210,000
Mandatorily
redeemable 24,000 24,000
Cumulative
preferred stock -
$25 par value;
authorized
19,600,000
shares; issued
12,064,005 shares:
Optionally
redeemable 230,000 230,000
Mandatorily
redeemable 62,730 62,730
<PAGE>
<PAGE>
Cumulative
preference stock -
$25 par value;
authorized
8,000,000 shares;
issued none
Long-term debt 3,477,879 (4,596)(B) 3,477,879 4,596
---------- -------- ---------- ------- ------- ------ ------- ------
Total capital-
ization 6,590,181 (407,919) 6,605,210 140,952 10,913 77 224,878 16,070
---------- -------- ---------- ------- ------- ------ ------- ------
Current
liabilities:
Short-term
debt - (1,500)(B) 1,500
Long-term
debt due
within one
year 48,084 48,084
Sinking fund
requirements
on redeemable
preferred
stock 8,870 8,870
Accounts payable 271,830 (99,889)(B) 270,818 1,887 163 75 98,221 555
Payable on
outstanding bank
checks 32,008 32,008
Customers'
deposits 15,505 15,505
<PAGE>
<PAGE>
Accrued taxes 4,216 7,012 436 1 (3,233)
Accrued interest 63,252 63,015 52 185
Accrued vacation
pay 36,436 36,436
Other 52,455 48,999 966 2,490
---------- ------- --------- ------- ------- ------ ------- ------
532,656 (101,389) 530,747 2,853 2,151 76 97,663 555
---------- ------- --------- ------- ------- ------ ------- ------
Regulatory liabilities:
Deferred finance
charges 239,880 239,880
---------- ------- ---------- ------- ------- ------ ------- ------
Other liabilities:
Accumulated
deferred
income taxes 1,331,913 (11,234)(B) 1,331,576 119 1,223 11,234 (1,005)
Employee pension
and other
benefits 238,688 238,688
Deferred pension
settlement gain 19,269 19,269
Unbilled
revenues 49,881 49,881
Other 174,562 174,917 (355)
---------- ------- ---------- ------- ------- ------ ------- ------
1,814,313 (11,234) 1,814,331 119 868 11,234 (1,005)
---------- ------- ---------- ------- ------- ------ ------- ------
<PAGE>
<PAGE>
Commitments and
contingencies:
Liability for
environmental
restoration 225,000 225,000
---------- --------- ---------- -------- ------- ------ -------- -------
$9,402,030 ($520,542) $9,415,168 $143,924 $13,932 $ 153 $333,775 $15,620
========== ========= ========== ======== ======= ====== ======== =======
</TABLE>
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-4
- ---------------------------------------------------------
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1996
(In Thousands of Dollars)
<CAPTION>
Niagara N M
Inter- Mohawk Opinac N M Hold-
Company Power Energy N M N M Receiv- ings,
Elimina- Corpor- Corp. Suburban Uranium, ables, Inc.
Consolidated tions ation (S-13) Gas, Inc. Inc. Corp. (S-10)
------------ -------- -------- ----- --------- ------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues:
Electric $3,308,979 ($2,409)(C) $3,293,736 $17,652 $ $ $ $
Gas 681,674 (8,995)(C) 679,635 11,034
---------- ------- ---------- ------- ------- ------ -------- ------
3,990,653 (11,404) 3,973,371 17,652 11,034
---------- ------- ---------- ------- ------- ------ -------- ------
Operating Expenses:
Fuel for
electric
generation 181,486 181,486
Electricity
purchased 1,182,892 (2,409)(C) 1,185,301
Gas pur-
chased 370,040 (8,995)(C) 372,423 6,612
Other oper-
ation and
mainten-
ance 928,224 904,751 6,225 1,453 15,795
<PAGE>
<PAGE>
Depreciation
& amorti-
zation 329,827 328,930 573 324
Federal and
foreign
income
taxes 105,583 104,015 4,400 401 (3,233)
Other taxes 475,846 473,243 1,546 1,057
--------- ------- ---------- ------- ------- ------ -------- ------
3,573,898 (11,404) 3,550,149 12,744 9,847 12,562
--------- ------- ---------- ------- ------- ------ -------- ------
Operating
income 416,755 423,222 4,908 1,187 (12,562)
--------- ------- ---------- ------- ------- ------ -------- ------
Other income
and deductions:
Allowance for
other funds
used during
construction 3,665 3,665
Federal and
foreign
income taxes 3,089 5,271 (1,701) (481)
Other items
(net) 32,278 (17,945)(A,C) 23,602 19,224 (450) 6,555 1,292
-------- ------ ---------- ------- ------ ------ -------- ------
39,032 (17,945) 32,538 17,523 (450) 6,555 811
-------- ------ ---------- ------- ------ ------ -------- ------
<PAGE>
<PAGE>
Income before
interest
charges 455,787 (17,945) 455,760 22,431 737 (6,007) 811
-------- ------ -------- ------- ----- ------ ------- ----
Interest charges:
Interest on
long-term
debt 272,706 (432)(C) 272,706 432
Other
interest 9,017 (111)(C) 8,990 10 128
Allowance for
borrowed funds
used during
construction (3,690) (3,690)
-------- ------ -------- ------- ----- ------ ------ ----
278,033 (543) 278,006 10 560
-------- ------ -------- ------- ----- ------ ------ ----
Net income
(loss) before 177,754 (17,402) 177,754 22,421 177 (6,007) 811
extraordin- -------- ------- -------- ------- ----- ------ ------- ----
ary item
Extraordinary
item for the
discontinuance of
regulatory account-
ing principles,
net of income
taxes of
$36,273 (67,364) (67,364)
--------- -------- --------- ------- ----- ------ ------- ----
Net income
(loss) $110,390 ($17,402) $110,390 $22,421 $177 $ ($6,007) $811
========= ======== ========= ======= ===== ====== ======= ====
/TABLE
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-5
- ---------------------------------------------------------
CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1996
(In Thousands of Dollars)
<CAPTION>
Niagara N M
Inter- Mohawk Opinac N M Hold-
Company Power Energy N M N M Receiv- ings,
Elimina- Corpor- Corp. Suburban Uranium, ables, Inc.
Consolidated tions ation (S-13) Gas, Inc. Inc. Corp. (S-10)
------------ ------- ------- -------- -------- ------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, Decem-
ber 31, 1995 $585,373 ($99,578)(A) $585,373 $100,643 ($1,027) $ $ $ (38)
Add:
Net income
(loss) for
the year 110,390 (17,402)(A) 110,390 22,421 177 (6,007) 811
--------- --------- ---------- -------- ------ ------ ------ ---
695,763 (116,980) 695,763 123,064 (850) (6,007) 773
--------- --------- ---------- -------- ------ ------ ------- ---
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 1,855 1,855
7.72% Series 3,088 3,088
<PAGE>
Cumulative preferred stock, $25 par value
8.375% Series 471 471
9.75% Series 263 263
7.85% Series 1,794 1,794
9.50% Series 14,250 14,250
Adjustable Rate
Series A
(actual rate
for 1996,
6.525%) 1,950 1,950
Adjustable Rate
Series B
(actual rate
for 1996,
8.05%) 3,410 3,410
Adjustable Rate
Series C
(actual rate
for 1996,
7.80%) 3,675 3,675
-------- -------- -------- -------- ---- ------ ------ ----
Total
Dividends 38,281 38,281
-------- -------- -------- -------- ---- ------ ------ ----
Balance, Decem-
ber 31, 1996 $657,482 ($116,980) $657,482 $123,064 ($850) $ ($6,007) $773
======== ======== ======== ======== ==== ====== ====== ====
/TABLE
<PAGE>
<PAGE> S-6
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1996
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 7,458
Opinac 7,433
NM Uranium, Inc. 20
NM Holdings, Inc. 3
NM Receivables Corp. 2
Capital Stock Premium and Expense 278,885
Opinac 10,455
NM Receivables Corp. 230,883
NM Holdings, Inc. 15,294
NM Suburban Gas, Inc. 7,167
NM Uranium, Inc. 57
NMPC 15,029
Retained Earnings (at beginning
of year) 99,578
Opinac 100,643
NM Suburban Gas, Inc. (1,027)
NM Holdings, Inc. (38)
Net Income of Subsidiaries for the
period 1/1/96 through 12/31/96 17,402
Opinac 22,421
NM Receivables Corp. (6,007)
NM Holdings, Inc. 811
NM Suburban Gas, Inc. 177
Investments in Subsidiary Companies-
consolidated 403,323
Opinac 155,981
NM Suburban Gas, Inc. 6,317
NM Holdings, Inc. 16,070
NM Uranium, Inc. 77
NM Receivables Corp. 224,878
(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, 1996
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accounts Payable 99,889
NMPC to Opinac 203
NM Suburban Gas, Inc. to NMPC 163
NM Holdings, Inc. to NMPC 462
NMPC to Plum Street Ent. 840
NM Receivables Corp. to NMPC 98,221
Accounts Receivable 99,889
Opinac from NMPC 203
NMPC from NM Suburban Gas, Inc. 163
NMPC from NM Holdings, Inc. 462
Plum Street Ent. from NMPC 840
NMPC from NM Receivables Corp. 98,221
Short-Term Debt 1,500
NM Suburban Gas, Inc. to NMPC 1,500
Long-Term Debt 4,596
NM Suburban Gas, Inc. to NMPC 4,596
Accounts Receivable 6,096
NMPC from NM Suburban Gas, Inc. 6,096
Accumulated Deferred Income Tax 11,234
NM Receivables Corp. to NMPC 11,234
Regulatory Tax Asset 11,234
NMPC from NM Receivables Corp. 11,234
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1996
(In Thousands of Dollars)
(C) DETAIL DEBIT CREDIT
------ ----- ------
Operating Revenues-Electric 2,409
Operating Revenues-Gas 8,995
Opinac from NMPC 2,409
NMPC from NM Suburban Gas, Inc. 8,995
Operating Expenses - Operation -
Electricity Purchased 2,409
NMPC from Opinac 2,409
Operating Expenses - Operation -
Gas Purchased 8,995
NM Suburban Gas, Inc. from NMPC 8,995
Other Income and Deductions
other items (net) 543
NMPC from NM Suburban Gas, Inc. 543
Interest Charges - Interest
on Long-Term Debt 432
Interest Charges-Other interest 111
NM Suburban Gas, Inc. to NMPC 543
(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, 1996
(In Thousands of Dollars)
Upper Land
N M Hudson Manage-
Hold- Salmon Moreau River- Hudson Devel- ment & OProp- Land-
ings, Shores, Park, view, Pointe, opment, Develop-, co, West, Sub-
Inc. Inc. Inc. Inc. Inc. Inc. ment, Inc. Inc. Inc. Total
----- ------ ------ ------ ------ ------- ---------- ----- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash $ 74 $ 7 $ 50 $ 563 $ 39 $ 133 $ 188 $ 79 $ 100 $ 1,233
Receivables 154 55 360 145 280 1 201 1,196
Due from
affiliates 1,678 1,678
Investment
in subsid-
iaries 14,777 157 352 15,286
Investment
in develop-
ment proj-
ects 164 777 717 594 1,284 1,504 6,712 873 12,625
Deferred fed-
eral income
taxes 602 112 291 1,005
Organization
costs 36 6 5 2 4 2 2 57
------- ---- ---- ------ ---- ------ ------ ------ ------ -------
Total
Assets $16,565 $331 $832 $1,939 $997 $1,676 $2,131 $6,792 $1,817 $33,080
======= ==== ==== ====== ==== ====== ====== ====== ====== =======
<PAGE>
<PAGE>
Inter-Company
Eliminations Consolidated Reclasses Reported
Dr (Cr) Total Dr (Cr) Total
------------ ------------ --------- --------
Cash $ 1,233 $ 1,233
Receivables 1,196 1,196
Due from
affiliates ($1,678)(A) 0 0
Investment
in subsid-
iaries (14,777)(A) 509 (509)(B) 0
Investment
in develop-
ment proj-
ects 12,625 566 (B) 13,191
Deferred fed-
eral income
taxes 1,005 (1,005)(B) 0
Organization
costs 57 (57)(B) 0
------- ------- ------ -------
Total Assets ($16,455) $16,625 ($1,005) $15,620
======= ======= ====== =======
<PAGE>
<PAGE>
Upper Land
N M Hudson Manage-
Hold- Salmon Moreau River- Hudson Devel- ment & OProp- Land-
ings, Shores, Park, view, Pointe, opment, Develop- co, West, Sub-
Inc. Inc. Inc. Inc. Inc. Inc. ment, Inc. Inc. Inc. Total
----- ------ ------ ------ ------ ------- ---------- ----- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Accounts $ 19 $ $ $ $ $ $ 7 $ $ $ 26
payable
Purchase depo-
sits held 14 3 14 36 67
Accumulated
deferred
income taxes 0
Due to parent 462 252 109 8 717 115 121 28 328 2,140
Common stockholders'
equity:
Common
stock 3 1 1 1 1 7
Paid-in
capital 15,294 101 674 1,383 410 1,351 1,770 6,767 1,435 29,185
Retained
earnings 773 (22) 49 544 (130) 195 196 (4) 54 1,655
------- ---- ---- ------ ---- ------ ------ ------ ------ -------
Total
Liabilities
& Equity $16,565 $331 $832 $1,939 $997 $1,676 $2,131 $6,792 $1,817 $33,080
======= ==== ==== ====== ==== ====== ====== ====== ====== =======
<PAGE>
<PAGE>
Inter-Company
Eliminations Consolidated Reclasses Reported
Dr (Cr) Total Dr (Cr) Total
------------ ------------ --------- --------
Accts. payable $ $ 26 ($529)(B) $ 555
Purch. depo-
sits held 67 67 (B) 0
Accumulated
deferred
income taxes 0 1,005 (B) (1,005)
Due to parent 1,678 (A) 462 462 (B) 0
Common stockholders'
equity:
Common
stock 4 (A) 3 3
Paid-in
capital 13,891 (A) 15,294 15,294
Retained
earnings 882 (A) 773 773
------- ------- ------ -------
Total Liabil-
ities & Equity $16,455 $16,625 $1,005 $15,620
======= ======= ====== =======
/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, 1996
(In Thousands of Dollars)
Upper Land
N M Hudson Manage-
Hold- Salmon Moreau River- Hudson Devel- ment & OProp- Land-
ings, Shores, Park, view, Pointe, opment, Develop- co, West, Sub-
Inc. Inc. Inc. Inc. Inc. Inc. ment, Inc. Inc. Inc. Total
----- ------ ------ ------ ------ ------- ---------- ----- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property
sales $ $ $ $977 $ 36 $115 $308 $77 $275 $1,788
Cost of
property
sold 121 19 39 233 74 315 801
Sale of
timber 62 26 124 195 189 146 742
Rent and
other
income 4 4 14 22
A&G expenses
Logging oper-
ations 4 1 6 20 12 17 60
Accounting 23 3 3 3 3 3 3 3 44
Legal 12 12 1 25
Insurance 5 2 3 3 2 2 3 2 22
Management 42 3 2 7 2 2 22 2 82
NYS fran-
chise tax 12 1 88 2 13 14 1 131
<PAGE>
<PAGE>
Amortization
of org.
costs 14 2 2 1 1 1 1 22
Consulting
fees 19 17 1 32 22 7 6 104
Property
taxes 7 2 13 11 4 37
Other items
(net) 8 1 1 24 5 (13) 2 (1) 4 31
--- -- -- --- -- --- --- --- -- -----
139 9 12 156 19 73 101 10 39 558
--- -- -- --- -- --- --- --- -- -----
Operating
income (77) (9) 14 828 (2) 198 167 (7) 81 1,193
Interest
income 4 17 17 10 16 28 1 6 99
Equity in subs
earnings 867 (14) 14 (1) 866
--- ---- -- --- -- --- --- -- -- -----
Income before
tax 794 (6) 14 845 8 214 209 (6) 86 2,158
Federal
income tax
(benefit) (17) (2) 5 296 3 70 98 (2) 30 481
---- ---- -- --- -- --- --- --- -- -----
Net income/
(loss) 811 (4) 9 549 5 144 111 (4) 56 1,677
<PAGE>
<PAGE>
Retained
earnings
(beginning
of year) (38) (18) 40 (5) (135) 51 85 (2) (22)
Retained
earnings
(end of
year) $773 ($22) $49 $544 ($130) $195 $196 ($4) $54 $1,655
==== === === ==== ==== ==== ==== == === ======
<PAGE>
<PAGE>
Inter-Company
Eliminations Consolidated Reported
Dr (Cr) Total Reclasses Total
------------- ------------ --------- -------
Property sales $ $1,788 ($1,788)(C) $
Cost of property
sold 801 801 (C)
Sale of timber 742 (742)(C)
Rent and other
income 22 (22)(C)
A&G expenses
Logging operations 60 60 (C)
Accounting 44 44 (C)
Legal 25 25 (C)
Insurance 22 22 (C)
Management 82 82 (C)
NYS franchise tax 131 131 (C)
Amortization
of org. costs 22 22 (C)
Consulting fees 104 104 (C)
Property taxes 37 37 (C)
Other items
(net) 31 1,323 (C) 1,292
---- ---- ----- -----
558 1,850 1,292
---- ---- ----- -----
<PAGE>
<PAGE>
Operating income 1,193 99 1,292
Interest income 99 (99)(C)
Equity in subs
earnings 866 (A)
---- ----- ---- -----
Income before tax 866 1,292 1,292
Federal income
tax (benefit) 481 481
---- ----- ---- -----
Net income/(loss) 866 811 811
Retained earnings
(beginning of year) 16 (A) (38) (38)
---- ----- ---- -----
Retained earnings
(end of year) $882 $773 $773
==== ===== ==== =====
/TABLE
<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION S-11
INTER-COMPANY ELIMINATIONS
December 31, 1996
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 4
Riverview, Inc. 1
Upper Hudson Development Co. 1
Land Mgmt. & Develop., Inc. 1
OPropco, Inc. 1
Paid in Capital 13,891
Salmon Shores, Inc. 101
Moreau Park, Inc. 674
Riverview, Inc. 1,383
Hudson Pointe, Inc. 410
Upper Hudson Development, Inc. 1,351
Land Mgmt. & Develop., Inc. 1,770
OPropco, Inc. 6,767
LandWest, Inc. 1,435
Retained Earnings (at beginning of year) 16
Salmon Shores, Inc. (18)
Moreau Park, Inc. 40
Riverview, Inc. (5)
Hudson Pointe, Inc. (135)
Upper Hudson Development, Inc. 51
Land Mgmt. & Develop., Inc. 85
LandWest, Inc. (2)
<PAGE>
<PAGE>
(A) DETAIL DEBIT CREDIT
------ ----- ------
Net Income of Subsidiaries for the
period 1/1/96 through 12/31/96 866
Salmon Shores, Inc. (4)
Moreau Park, Inc. 9
Riverview, Inc. 549
Hudson Pointe, Inc. 5
Upper Hudson Development, Inc. 144
Land Mgmt. & Develop., Inc. 111
OPropco, Inc. (4)
LandWest, Inc. 56
Investments in Subsidiary Companies-
Consolidated 14,777
Salmon Shores, Inc. 79
Moreau Park, Inc. 723
Riverview, Inc. 1,928
Hudson Pointe, Inc. 280
Upper Hudson Development, Inc. 1,547
Land Mgmt. & Develop., Inc. 1,967
OPropco, Inc. 6,764
LandWest, Inc. 1,489
Due to Parent 1,678
Due from Affiliates 1,678
Salmon Shores, Inc. 252
Moreau Park, Inc. 109
Riverview, Inc. 8
Hudson Pointe, Inc. 717
Upper Hudson Development, Inc. 115
Land Mgmt. & Develop., Inc. 121
OPropco, Inc. 28
LandWest, Inc. 328
(A) To eliminate the investment in and advances to subsidiary
companies.<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1996
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accumulated Deferred Income Taxes 1,005
Investment in Development Projects 566
Due to Parent 462
Purchase Deposits Held 67
Deferred Federal Income Taxes 1,005
Accounts Payable 529
Investment in Subs 509
Organization Costs 57
(B) To reclass certain accounts for consolidated reporting
purposes.
(C)
Property Sales 1,788
Sale of Timber 742
Interest Income 99
Rent and Other Income 22
Other Items (net) 1,323
Cost of Property Sold 801
NYS Franchise Tax 131
Consulting Fees 104
Management 82
Logging Operations 60
Accounting 44
Property Taxes 37
Legal 25
Insurance 22
Amortization of Org. Costs 22
(C) To reclass certain accounts for consolidated reporting
purposes.<PAGE>
<PAGE>
<TABLE> S-12
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
OPINAC ENERGY CORPORATION
- -------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1996
(In Thousands of Dollars)
Opinac Plum
Energy Street
Corp. Enterprises Consolidated Eliminations
------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
Other investments $ 9,482 $ 4,595 $ 14,077 $
Investments -
subsidiaries 61,084 61,084 (61,084) (A)
-------- ------- -------- -------
70,566 4,595 75,161 (61,084)
-------- ------- -------- -------
Cash & temporary
investments 121,635 55,457 177,092
Accounts receivable 1,093 3,895 4,988
Other assets 291 789 1,080
-------- ------- -------- -------
123,019 60,141 183,160
-------- ------- -------- -------
TOTAL ASSETS $193,585 $64,736 $258,321 ($61,084)
======== ======= ======== =======
<PAGE>
<PAGE>
Common stock $ 9,007 $ 200 $ 9,207 $ (200) (A)
Paid in surplus 24,264 61,391 85,655 (61,391) (A)
Retained earnings 159,894 (507) 159,387 507 (A)
Translation adj.
-------- ------- -------- -------
193,165 61,084 254,249 (61,084)
-------- ------- -------- -------
Accounts payable 258 2,328 2,586
Accrued other 1,324 1,324
-------- ------- -------- -------
258 3,652 3,910
-------- ------- -------- -------
Accumulated deferred
taxes 162 162
-------- ------- -------- -------
TOTAL LIABILITIES
AND EQUITY $193,585 $64,736 $258,321 ($61,084)
======== ======= ======== =======
<PAGE>
<PAGE>
(1)
Total Consolidated
Canadian U.S. Reported
Dollars Dollars Reclasses U.S. Dollars
-------- ------------ --------- ------------
Other investments $ 14,077 $ 10,272 $ 37,236 (B) $ 47,508
Investments -
subsidiaries -------- -------- --------- --------
14,077 10,272 37,236 47,508
-------- -------- --------- --------
Cash & temp. invest. 177,092 129,224 (37,236)(B) 91,988
Accounts receivable 4,988 3,640 3,640
Other assets 1,080 788 788
-------- -------- --------- --------
183,160 133,652 (37,236) 96,416
-------- -------- --------- --------
TOTAL ASSETS $197,237 $143,924 $143,924
======== ======== ========= ========
<PAGE>
<PAGE>
Common stock $ 9,007 $ 7,433 $ $ 7,433
Paid in surplus 24,264 21,336 (10,881)(C) 10,455
Retained earnings 159,894 123,064 123,064
Translation adj. (10,881) 10,881 (C)
-------- -------- -------- --------
193,165 140,952 140,952
-------- -------- -------- --------
Accounts payable 2,586 1,887 1,887
Accrued other 1,324 966 966
-------- -------- -------- --------
3,910 2,853 2,853
-------- -------- -------- --------
Accumulated deferred taxes 162 119 119
-------- -------- -------- --------
TOTAL LIABILITIES
AND EQUITY $197,237 $143,924 $143,924
======== ======== ======== ========
(1) Translated at December 31, 1996 at an exchange rate of .7297.
/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, 1996
(In Thousands of Dollars)
Opinac Canadian Plum Canadian Niagara Adjustments
Energy Niagara Street Wind Power Cowley Ridge and
Corp. Power Enterprises Company, Inc. Partnership Eliminations
------ -------- ----------- --------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Electric Revenues $ $ 24,135 $ $ 25 $2,484 $(2,509)(D)
-------- -------- ------- ---- ------ -------
Other Operation and
Maintenance
Expenses 12 1,138 (1,150)(D)
Production 2,815
Transmission 1,441
Distribution 1,680
Customer Accounting
Administration 2,574 18 (18)(D)
Depreciation 783 5 523 (528)(D)
Federal and Foreign
Income Taxes
Other Taxes 2,115
-------- -------- ------- ---- ------ -------
Total Operating
Expenses 11,408 17 1,679 (1,696)
-------- -------- ------- ---- ------ -------
<PAGE>
<PAGE>
Operating
Income 12,727 8 805 (813)
-------- -------- ------- ---- ------ -------
Federal and Foreign
Income Taxes (2,319)
Other Income 25,549 1,247 21,098 (21,803)(D)
Subsidiary
Earnings 7,238 (7,238)(A)
-------- ------- ------- ---- ------ -------
30,468 1,247 21,098 (29,041)
-------- ------- ------- ---- ------ -------
Total Income 30,468 13,974 21,098 8 805 (29,854)
Other Income/
Deductions 81 21,605 (21,686)(D)
-------- ------- ------- ---- ------ -------
Income before
Interest Charges 30,468 13,893 (507) 8 805 (8,168)
Interest 14 9 921 (930)(D)
-------- ------- ------- ---- ------ -------
Income before
Taxes 30,468 13,879 (507) (1) (116) (7,238)
Canadian Income
Taxes 6,017
-------- ------- ------- ---- ------ -------
Net Income (Loss) 30,468 7,862 (507) (1) (116) (7,238)
Retained Earnings
(beginning of year) 129,426 53,329 (2) (162) (53,165)(A)
(61,191) 3 278 60,910 (A)
-------- ------- ------- ---- ------ -------
Retained Earnings
(end of year) $159,894 $ $ (507) $ $ $ 507
======== ======== ======== ==== ====== =======
<PAGE>
(1)
Consolidated
U.S. Reported
Consolidated Dollars Reclasses U.S. Dollars
------------ ------------ --------- ------------
Electric Revenues $24,135 $ 17,652 $ 17,652
------- -------- -------- --------
Other Operation and
Maintenance
Expenses $ 6,225 (E) 6,225
Production 2,815 2,058 (2,058)(E)
Transmission 1,441 1,053 (1,053)(E)
Distribution 1,680 1,231 (1,231)(E)
Customer Accounting
Administration 2,574 1,883 (1,883)(E)
Depreciation 783 573 573
Federal and Foreign
Income Taxes 4,400(E) 4,400
Other Taxes 2,115 1,546 1,546
-------- -------- -------- --------
Total Operating
Expenses 11,408 8,344 4,400 12,744
-------- -------- -------- --------
Operating Income 12,727 9,308 (4,400) 4,908
-------- -------- -------- --------
Federal and Foreign
Income Taxes (2,319) (1,701) (1,701)
Other Income 26,091 19,224 19,224
Subsidiary
Earnings -------- -------- -------- --------
23,772 17,523 17,523
-------- -------- -------- --------
<PAGE>
<PAGE>
Total Income 36,499 26,831 (4,400) 22,431
Other Income/
Deductions
-------- -------- -------- --------
Income before
Interest Charges 36,499 26,831 (4,400) 22,431
Interest 14 10 10
-------- -------- -------- --------
Income before
Taxes 36,485 26,821 (4,400) 22,421
Canadian Income
Taxes 6,017 4,400 (4,400)(E)
-------- -------- -------- --------
Net Income (Loss) 30,468 22,421 22,421
Retained Earnings
(beginning of year) 129,426 100,643 100,643
-------- -------- -------- --------
Retained Earnings
(end of year) $159,894 $123,064 $123,064
======== ======== ======== ========
(1) Translated monthly at a weighted average exchange rate of .7379.
/TABLE
<PAGE>
<PAGE>
S-14
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1996
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 200
Plum Street Enterprises 200
Paid in Surplus 61,391
Plum Street Enterprises 61,391
Retained Earnings (at beginning
of year) 53,165
CNP 53,329
Wind Power Company (2)
Cowley Partnership (162)
Net Income of Subsidiaries for the
period 1/1/96 through 12/31/96 7,238
CNP 7,862
Wind Power Company (1)
Cowley Partnership (116)
Plum Street Enterprises (507)
Retained Earnings 60,910
CNP 61,191
Wind Power Company (3)
Cowley Partnership (278)
Investments in Subsidiary Companies-
consolidated 61,084
Plum Street Enterprises 61,084
(A) To eliminate the investment in and advances to subsidiary
companies.
<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1996
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Other Investments 37,236
Cash and temporary investments 37,236
(B) To reclass temporary investments to other investments due to
the maturities being greater than three months.
(C)
Paid in Surplus 10,881
Translation Adjustment 10,881
(C) To reclass the translation adjustment to paid in surplus.
(D)
Electric Revenues 2,509
Opinac from Wind Power Company 25
Opinac from Cowley Partnership 2,484
Other Income 21,803
Opinac from Plum St. Ent. 21,098
Opinac from CNP 705
Other Operation and Maintenance
Expenses 1,150
Opinac from Wind Power Company 12
Opinac from Cowley Partnership 1,138
Customer Accounting Admin. 18
Opinac from Cowley Partnership 18
Depreciation 528
Opinac from Wind Power Company 5
Opinac from Cowley Partnership 523
Interest 930
Opinac from Wind Power Company 9
Opinac from Cowley Partnership 921
Other Income/Deductions 21,686
Opinac from CNP 81
Opinac from Plum St. Ent. 21,605
(D) To eliminate inter-company accounts.
(E)
Other Operation Expense 6,225
Federal and Foreign Income Taxes 4,400
Production 2,058
Transmission 1,053
Distribution 1,231
Customer Accounting Admin. 1,883
Canadian Income Taxes 4,400
(E) To reclass certain accounts for consolidated reporting
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.
NMPC
/
Opinac
/
CNP
/ /
Wind Power Company Cowley Partnership
/ /
Cowley Ridge Joint Venture<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
The above-named Claimant has caused this statement to be duly
executed on its behalf by its authorized officers on this 2nd day
of April, 1997.
Corporate Seal
Attest: NIAGARA MOHAWK POWER CORPORATION
(Name of Claimant)
/s/ Kapua A. Rice BY /s/ Steven W. Tasker
- ------------------------ -------------------------
Kapua A. 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-31-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 9402030
<TOTAL-OPERATING-REVENUES> 3990653
<NET-INCOME> 110390
</TABLE>
