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 -
POWER CORPORATION Gas Utility
("NMPC OR CLAIMANT")
SYRACUSE, NEW YORK
Opinac North Delaware Investment 100.00%
America, Inc. Company (Note A)
("Opinac NA")
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
<PAGE>
<PAGE>
Beebee Island New York Owns and operates 82.84%
Corporation a hydroelectric
("Beebee") generating station
Syracuse, New York
Note A - During 1997, Opinac NA was formed. Opinac NA owns 100%
of Opinac Energy and 100% 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. Opinac Energy
owns 50% of Canadian Niagara Power Company, Limited
("CNP") (an electric utility located in Ontario, Canada),
incorporated in the Province of Ontario, Canada. Plum
Street Enterprises, Inc. ("Plum Street"), an unregulated
company, is incorporated in the State of Delaware. Plum
Street owns Plum Street Energy Marketing, Inc.
(incorporated in the State of Delaware), Global Energy
India Private Limited, 90% of Dolphin Investments
International, Inc. (a corporation organized and existing
under the laws of Nevis, West Indies, which owns 45% of
Atlantis Energie Systeme AG (a corporation organized and
existing under the laws of the Federal Republic of
Germany)), 25% of Telergy Joint Venture and 26% of Direct
Global Power, Inc.
Note B - Corporation was formed in 1992 to acquire the assets of
Syracuse Suburban Gas Company, Inc. in exchange for NMPC
stock. Effective January 1, 1997, was dissolved into
NMPC.
Note C - Owns 100% 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, 1997.
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, 1997, NMPC owned and operated four fossil
fuel steam plants (as well as having a 25% interest in the Roseton
1Steam Station and its output), two nuclear fuel steam plants,
various diesel generating units and 72 hydroelectric plants and had
a majority interest in Beebee and Feeder Dam (owned by Moreau)
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 the City of Watertown,
New York, respectively. NMPC purchases substantially all of the
output of these facilities. NMPC's Canadian subsidiary, Opinac
Energy, has a 50% interest in CNP, which owns and operates the 76.8
megawatt 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, 1997:
NMPC's SHARE
OF NET
STATION, LOCATION ENERGY CAPABILITY
AND PERCENT OWNERSHIP SOURCE IN MEGAWATTS
- --------------------- ------ ------------
Huntley, Niagara River (100%) Coal 760
Dunkirk, Lake Erie (100%) Coal 600
Albany, Hudson River (100%) Oil/Natural Gas 400
Oswego, Lake Ontario (76%) (Unit 6) Oil 646
Roseton, Hudson River (25%) Oil/Natural Gas 300
Nine Mile Point Unit 1,
Lake Ontario (100%) Nuclear 613
Nine Mile Point Unit 2,
Lake Ontario (41%) Nuclear 469
In 1994, Oswego Unit 5 (with a capability of 850 megawatts)
was put into long-term cold standby, but can be returned to service
in three months if needed. As of December 31, 1997, 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, 1997, NMPC's natural gas system 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 megawatts 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 megawatts 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 37,135,808,000
Beebee 47,144,000(1)
Moreau 24,686,000(2)
CNP 647,758,000(3)
(1) Includes sales to NMPC of 40,516,000 Kwh.
(2) Includes sales to NMPC of 16,458,000 Kwh.
(3) Includes sales to NMPC of 103,133,000 Kwh.
NATURAL GAS (Mcf.)
------------------
NMPC 76,810,000
(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>
COMPANY KWH.
------- ----
NMPC (at the State line) 2,400,651,000
At the International boundary line between
the United States and Canada:
By NMPC 222,797,000
By CNP 103,133,000(1)
(1) To NMPC
NATURAL GAS (Mcf.)
------------------
NMPC (outside the State or at the State line) 3,699,523
(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) 283,088,000
At the International boundary line between
the United States and Canada:
From CNP 103,133,000
From Hydro-Quebec 198,034,000
From Ontario Hydro 204,035,000
From Cornwall Electric
Company 14,110,000 519,312,000
-----------
<PAGE>
<PAGE>
NATURAL GAS (Mcf.)
------------------
NMPC (at the State Line): 69,703,572
At the International boundary line between
the United States and Canada:
From Western Gas Marketing, Ltd. 18,351,229
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, Opinac NA, Opinac Energy and CNP each own a direct
or an indirect interest in a wind power generating
facility in the Province of Alberta, Canada, with a
capacity of approximately 18.9 megawatts (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 99%
of the joint venture. Cowley Partnership owns 1% of the
joint venture. The joint venture holds title to the
properties. Wind Power Company is a corporation
incorporated under the laws of the Province of Alberta,
Canada. Cowley Partnership is an Alberta general
partnership.
CNP has a 25% interest in Wind Power Company and a 100%
interest in Cowley Partnership. Cowley Partnership owns
the remaining 75% interest in Wind Power Company. At
December 31, 1997, Opinac Energy, a corporation
incorporated under the laws of the Province of Ontario,
Canada has a 50% interest in CNP and Opinac Energy is a
wholly-owned subsidiary of Opinac NA.
(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.
$1,371,224 (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:
Partners' Equity - $2,411,673
(Capital Stock - $2,835,858 and Accumulated Deficit-
($424,185))
Wind Power Company:
Shareholder's Equity - $1,211,135
(Capital Stock - $823,618 and Retained Earnings-
$387,507).
(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.
Following are NMPC consolidating balance sheet at December 31,
1997, consolidating statement of income and consolidating
statements of retained earnings for the year ended December 31,
1997, and adjustments, reclassifications and inter-company
eliminations. The accounts of Beebee and Moreau are not 100% owned
and are not material; therefore, they are not presented. They are
included in the accounts of the claimant under the equity method.
Notes to the NMPC financial statements are incorporated herein by
reference to its Annual Report on Form 10-K for 1997, File No.
1-2987.
Consolidating balance sheets at December 31, 1997,
consolidating statements of income and retained earnings for the
year ended December 31, 1997, and adjustments, inter-company
eliminations and reclassifications for subsidiaries owned
indirectly 100% by NMPC through NM Holdings, Inc. are also
attached.
Consolidating statements of income and retained earnings of
Opinac Energy and adjustments, inter-company eliminations and
reclassifications for the period January 1, 1997 to September 25,
1997, the date that Opinac Energy was restructured as a subsidiary
of Opinac NA, are also presented. The consolidating balance sheet
of Opinac NA at December 31, 1997, consolidating statements of
income and retained earnings for the period September 26 to
December 31, 1997 and adjustments, inter-company eliminations and
reclassifications are also attached. The accounts of CNP and the
subsidiaries of Plum Street are either not 100% owned and/or are
not material; therefore, they are not presented. Their results are
included in the accounts of Opinac Energy and Plum Street,
respectively, in accordance with generally accepted accounting
principles.<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, 1997 S-2
Consolidating Statement of Income of NMPC
for the Year Ended December 31, 1997 S-4
Consolidating Statement of Retained Earnings of
NMPC for the Year Ended December 31, 1997 S-5
NMPC Inter-Company Eliminations, Adjustments and
Reclassifications S-6
Consolidating Balance Sheet of NM Holdings, Inc.
at December 31, 1997 S-8
Consolidating Statement of Income and Retained
Earnings of NM Holdings, Inc. for the Year
Ended December 31, 1997 S-9
NM Holdings, Inc. Inter-Company Eliminations,
Adjustments and Reclassifications S-10
Consolidating Balance Sheet of Opinac NA at
December 31, 1997 S-12
Consolidating Statement of Income and Retained
Earnings of Opinac NA for the Period
September 26 to December 31, 1997 S-13
Opinac NA Inter-Company Eliminations, Adjustments
and Reclassifications S-14
Consolidating Statement of Income and Retained
Earnings of Opinac Energy for the Period January
1, 1997 through September 25, 1997 S-15
Opinac Energy Corporation Inter-Company
Eliminations, Adjustments and Reclassifications S-16
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-2
- ---------------------------------------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1997
(In Thousands of Dollars)
<CAPTION>
Niagara Opinac N M
Inter- Mohawk North N M Hold-
Company Power Opinac America, N M Receiv- ings,
Elimina- Corpor- Energy Inc. Uranium, ables, Inc.
Consolidated tions ation Corp. (S-12) Inc. Corp. (S-8)
------------ --------- ------- ------- --------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
- -------
Utility plant:
Electric
plant $8,752,865 $ $8,752,865 $ $ $ $ $
Nuclear
fuel 577,409 577,409
Gas plant 1,131,541 1,131,541
Common plant 319,409 319,409
Construction
work in
progress 294,650 294,650
----------- --------- ---------- ------- ------ ---- ------- ------
<PAGE>
<PAGE>
Total utility
plant 11,075,874 11,075,874
Less: accumu-
lated depre-
ciation &
amortiza-
tion 4,207,830 4,207,830
---------- -------- ---------- ------ ------- ---- ------- ------
Net utility
plant 6,868,044 6,868,044
---------- -------- ---------- ------ ------- ---- ------- ------
Other property
and investments:
Investment in
subsidiary
companies-
consolidated (478,912)(A) 478,912
Investment 371,709 255,177 104,848 103 11,581
--------- -------- --------- ------ ------- ---- ------- ------
371,709 (478,912) 734,089 104,848 103 11,581
--------- -------- --------- ------ ------- ---- ------- ------
<PAGE>
<PAGE>
Current assets:
Cash, including
temporary cash
investments
of $315,708 378,232 337,868 22,663 41 15,166 2,494
Accounts receiv-
able 554,744 (130,375)(B) 168,588 23,002 491,791 1,738
Less-Allowance
for doubtful
accounts (62,500) (62,500)
Materials and
supplies, at
average cost:
Coal & oil
for produc-
tion of
electricity 27,642 27,642
Gas storage 39,447 38,502 945
Other 118,308 118,308
Prepaid taxes 15,518 15,467 51
Other 20,309 17,494 919 1,896
--------- --------- ------- ------ ------- ---- ------- -----
1,091,700 (130,375) 723,869 47,529 41 446,404 4,232
--------- --------- ------- ------ ------- ---- ------- -----
<PAGE>
<PAGE>
Regulatory assets:
Regulatory tax
asset 399,119 (12,707)(B) 399,119 12,707
Deferred finance
charges 239,880 239,880
Deferred
environmental
restoration
costs 220,000 220,000
Unamortized debt
expense 57,312 57,312
Postretirement
benefits other
than pensions 56,464 56,464
Other 204,049 204,049
---------- --------- ---------- -------- ------- ----- -------- -------
1,176,824 (12,707) 1,176,824 12,707
---------- --------- ---------- -------- ------- ----- -------- -------
Other assets: 75,864 75,864
---------- --------- ---------- -------- ------- ----- -------- -------
$9,584,141 ($621,994) $9,578,690 $ $152,377 $ 144 $459,111 $15,813
========== ========= ========== ======== ======= ===== ======== =======
/TABLE
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-3
- ---------------------------------------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1997
(In Thousands of Dollars)
<CAPTION>
Niagara Opinac N M
CAPITALIZATION Inter- Mohawk North N M Hold-
AND LIABILITIES Company Power Opinac America, N M Receiv- ings,
- --------------- Elimina- Corpor- Energy Inc. Uranium, ables, Inc.
Consolidated tions ation Corp. (S-12) Inc. Corp. (S-8)
------------ -------- ------- ------- --------- -------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common
stockholders'
equity:
Common stock
- $1 par
value; auth.
185,000,000
shares:
issued
144,419,351
shares $ 144,419 $ $ 144,419 $ $ $ $ $
Capital stock
premium and
expense 1,779,688 (475,409)(A) 1,799,287 133,568 90 306,883 15,269
<PAGE>
<PAGE>
Capital stock
in subsidiary
companies -
consolidated (26)(A) 1 20 2 3
Retained
earnings
(Page S-5) 803,420 (3,477)(A) 803,420 (2,001) 4,600 878
---------- -------- --------- ------- -------- ----- ------- -------
2,727,527 (478,912) 2,747,126 131,568 110 311,485 16,150
---------- -------- --------- ------- -------- ----- ------- -------
Cumulative
preferred stock -
$100 par value;
authorized
3,400,000
shares; issued
2,322,000 shares:
Optionally
redeemable 210,000 210,000
Mandatorily
redeemable 20,400 20,400
Cumulative
preferred stock -
$25 par value;
authorized
19,600,000
shares; issued
11,781,204 shares:
Optionally
redeemable 230,000 230,000
Mandatorily
redeemable 56,210 56,210
<PAGE>
<PAGE>
Cumulative
preference stock -
$25 par value;
authorized
8,000,000 shares;
issued none
Long-term debt 3,417,381 (105,900)(B) 3,417,381 105,900
---------- -------- ---------- ------- ------- ------ ------- ------
Total capital-
ization 6,661,518 (584,812) 6,681,117 131,568 110 417,385 16,150
---------- -------- ---------- ------- ------- ------ ------- ------
Current
liabilities:
Long-term
debt due
within one
year 67,095 67,095
Sinking fund
requirements
on redeemable
preferred
stock 10,120 10,120
Accounts payable 263,095 (24,475)(B) 242,901 20,193 34 24,362 80
Payable on
outstanding bank
checks 23,720 23,720
Customers'
deposits 18,372 18,372
Accrued taxes 9,005 6,476 2,529
Accrued interest 62,643 62,465 178
Accrued vacation
pay 36,532 36,532
Other 64,756 61,818 989 1,949
---------- ------- --------- ------- ------- ------ ------- ------
555,338 (24,475) 529,499 21,182 34 29,018 80
---------- ------- --------- ------- ------- ------ ------- ------
<PAGE>
<PAGE>
Regulatory liabilities:
Deferred finance
charges 239,880 239,880
---------- ------- ---------- ------- ------- ------ ------- ------
Other liabilities:
Accumulated
deferred
income taxes 1,387,032 (12,707)(B) 1,388,076 (627) 12,707 (417)
Employee pension
and other
benefits 240,211 240,211
Deferred pension
settlement gain 12,428 12,438
Unbilled
revenues 43,281 43,281
Other 224,443 224,188 254 1
---------- ------- ---------- ------- ------- ------ ------- ------
1,907,405 (12,707) 1,908,194 (373) 12,708 (417)
---------- ------- ---------- ------- ------- ------ ------- ------
Commitments and
contingencies:
Liability for
environmental
restoration 220,000 220,000
---------- --------- ---------- -------- ------- ------ -------- -------
$9,584,141 ($621,994) $9,578,690 $ $152,377 $ 144 $459,111 $15,813
========== ========= ========== ======== ======= ====== ======== =======
/TABLE
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-4
- ---------------------------------------------------------
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1997
(In Thousands of Dollars)
<CAPTION>
Niagara Opinac N M
Inter- Mohawk Opinac North N M Hold-
Company Power Energy America, N M Receiv- ings,
Elimina- Corpor- Corp. Inc. Uranium, ables, Inc.
Consolidated tions ation (S-14) (S-13) Inc. Corp. (S-9)
------------ -------- -------- ------ --------- ------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues:
Electric $3,309,441 $ $3,309,441 $ $ $ $ $
Gas 656,963 656,963
---------- ------- ---------- ------- ------- ------ -------- -----
3,966,404 3,966,404
---------- ------- ---------- ------- ------- ------ -------- -----
Operating Expenses:
Fuel for
electric
generation 179,455 179,455
Electricity
purchased 1,236,108 1,236,108
Gas pur-
chased 345,610 345,610
Other oper-
ation and
mainten-
ance 835,282 852,619 (17,337)
<PAGE>
<PAGE>
Depreciation
& amorti-
zation 339,641 339,641
Other taxes 471,469 470,914 555
--------- ------- ---------- ------- ------- ------ -------- ----
3,407,565 3,424,347 (16,782)
--------- ------- ---------- ------- ------- ------ -------- ----
Operating
income 558,839 542,057 16,782
Other income 24,997 (6,360)(A,C) 34,116 (1,621) (1,300) 16,782 162
--------- ------- ---------- ------- ------ ------ ------- ----
Income before
interest
charges 583,836 (6,360) 576,173 (1,621) (1,300) 16,782 162
Interest
charges 273,906 (464)(C) 273,906 464
--------- ------- ---------- ------- ------ ------ ------- ----
Income before
federal and
foreign income
taxes 309,930 (5,896) 302,267 (1,621) (1,300) 16,318 162
Federal and
foreign income
taxes 126,595 118,932 1,194 701 5,711 57
-------- ------- -------- ------- ------ ------ ------- ----
Net income
(loss) $183,335 ($5,896) $183,335 ($2,815) ($2,001) $ $10,607 $105
======== ======== ======== ======= ====== ====== ======= ====
/TABLE
<PAGE>
<PAGE>
<TABLE>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES S-5
- ---------------------------------------------------------
CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1997
(In Thousands of Dollars)
<CAPTION>
Niagara Opinac NM
Inter- Mohawk Opinac North NM NM Hold-
Company Power Energy America, Suburban NM Receiv- ings,
Consoli- Elimina- Corpora- Corp. Inc. Gas Uranium ables, Inc.
dated tions ation (S-14) (S-13) Inc. Inc. Corp. (S-9)
--------- -------- --------- -------- -------- -------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, Decem-
ber 31, 1996 $657,482 ($116,980)(A) $657,482 $123,064 $ ($850) $ ($6,007) $ 773
Add:
Net income
(loss) for
the year 183,335 (5,896)(A) 183,335 (2,815) (2,001) 10,607 105
------- --------- ------- -------- ------- ----- ----- ------ ----
840,817 (122,876) 840,817 120,249 (2,001) (850) 4,600 878
------- --------- ------- -------- ------- ----- ----- ------ ----
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 1,721 1,721
7.72% Series 3,088 3,088
<PAGE>
Cumulative preferred stock, $25 par value
8.375% Series 262 262
7.85% Series 1,704 1,704
9.50% Series 14,250 14,250
Adjustable Rate
Series A
(actual rate
for 1997,
6.50%) 1,950 1,950
Adjustable Rate
Series B
(actual rate
for 1997,
7.54%) 3,297 3,297
Adjustable Rate
Series C
(actual rate
for 1997,
7.20%) 3,600 3,600
--------- --------- --------- -------- ------- ---- ----- ------ -----
Total
Dividends 37,397 37,397
--------- --------- --------- -------- ------- ---- ----- ------ -----
Adjustments:
Corporate
restructuring 120,249(A) (120,249)
Corporation
dissolved 850(A) 850
--------- --------- ---------- -------- -------- ---- ----- ------ -----
Balance, Decem-
ber 31, 1997 $803,420 ($3,477) $803,420 ($2,001) $ $4,600 $ 878
========= ========= ========== ======== ======== ==== ===== ====== ======
/TABLE
<PAGE>
<PAGE> S-6
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1997
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 26
Opinac North America 1
NM Uranium, Inc. 20
NM Holdings, Inc. 3
NM Receivables Corp. 2
Capital Stock Premium and Expense 475,409
Opinac North America 133,568
NM Receivables Corp. 306,883
NM Holdings, Inc. 15,269
NM Uranium, Inc. 90
NMPC 19,599
Retained Earnings (at beginning
of year) 116,980
Opinac Energy 123,064
NM Suburban Gas, Inc. (850)
NM Holdings, Inc. 773
NM Receivables Corp. (6,007)
Net Income of Subsidiaries for the
period 1/1/97 through 12/31/97 5,896
Opinac North America (2,001)
NM Receivables Corp. 10,607
NM Holdings, Inc. 105
Opinac Energy (2,815)
<PAGE>
<PAGE>
S-6 (cont.)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Investments in Subsidiary Companies-
consolidated 478,912
Opinac North America 151,167
NM Holdings, Inc. 16,150
NM Uranium, Inc. 110
NM Receivables Corp. 311,485
Retained Earnings (at end of year) 119,399
NM Suburban Gas, Inc. (850)
Opinac Energy 120,249
(A) To eliminate the investment in, advances to, dissolution and
restructuring of subsidiary companies.
<PAGE>
<PAGE> S-7
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
INTER-COMPANY ELIMINATIONS
December 31, 1997
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accounts Payable 24,475
NM Holdings, Inc. to NMPC (68)
NMPC to Plum Street Ent. 180
NM Receivables Corp. to NMPC 24,363
Accounts Receivable 24,475
NMPC from NM Holdings, Inc. (68)
Plum Street Ent. from NMPC 180
NMPC from NM Receivables Corp. 24,363
Long-Term Debt 105,900
NM Receivables Corp. to NMPC 105,900
Accounts Receivable 105,900
NMPC from NM Receivables Corp. 105,900
Accumulated Deferred Income Tax 12,707
NM Receivables Corp. to NMPC 12,707
Regulatory Tax Asset 12,707
NMPC from NM Receivables Corp. 12,707
(B) To eliminate inter-company accounts.
(C)
Other Income 464
NMPC from NM Receivables Corp. 464
Interest Charges-Other interest 464
NM Receivables Corp. to NMPC 464
(C) To eliminate the inter-company revenues and expenses.
<PAGE>
<PAGE>
<TABLE> S-8
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
N M HOLDINGS, INC.
- ------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1997
(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 $ 258 $ 6 $ 38 $1,503 $ 39 $ 334 $ 112 $ 101 $ 103 $ 2,494
Receivables 278 154 13 164 102 485 542 1,738
Due from
affiliates 655 655
Investment
in subsid-
iaries 14,933 387 (3) 15,317
Investment
in develop-
ment proj-
ects 165 814 251 411 1,276 1,578 6,565 102 11,162
Deferred fed-
eral income
taxes 112 63 242 417
Organization
costs 21 4 3 1 3 1 1 34
------- ---- ---- ------ ---- ------ ------ ------ ------ -------
Total
Assets $16,145 $329 $855 $1,768 $617 $1,825 $2,563 $6,729 $ 986 $31,817
======= ==== ==== ====== ==== ====== ====== ====== ====== =======
<PAGE>
<PAGE>
Inter-Company
Eliminations Consolidated Reclasses Reported
Dr (Cr) Total Dr (Cr) Total
------------ ------------ --------- --------
Cash $ 2,494 $ 2,494
Receivables 1,738 1,738
Due from
affiliates ($ 655)(A)
Investment
in subsid-
iaries (14,932)(A) 385 ($385)(B)
Investment
in develop-
ment proj-
ects 11,162 419 (B) 11,581
Deferred fed-
eral income
taxes 417 (417)(B)
Organization
costs 34 (34)(B)
------- ------- ------ -------
Total Assets ($15,587) $16,230 ($ 417) $15,813
======= ======= ====== =======
<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 $ 63 $ $ 1 $ (3) $ 10 $ 6 $ 27 $ 1 $ (9) $ 96
payable
Purchase depo-
sits held 28 16 1 3 4 52
Accumulated
deferred
income taxes
Due to parent (68) 262 89 (445) 250 96 341 (85) 147 587
Common stockholders'
equity:
Common
stock 3 1 1 1 1 7
Paid-in
capital 15,269 101 674 1,520 410 1,351 1,786 7,107 740 28,958
Retained
earnings 878 (34) 63 695 (53) 355 407 (298) 104 2,117
------- ---- ---- ------ ---- ------ ------ ------ ------ -------
Total
Liabilities
& Equity $16,145 $329 $855 $1,768 $617 $1,825 $2,563 $6,729 $ 986 $31,817
======= ==== ==== ====== ==== ====== ====== ====== ====== =======
<PAGE>
<PAGE>
Inter-Company
Eliminations Consolidated Reclasses Reported
Dr (Cr) Total Dr (Cr) Total
------------ ------------ --------- --------
Accts. payable $ $ 96 $ 16 (B) $ 80
Purch. depo-
sits held 52 52 (B)
Accumulated
deferred
income taxes 417 (B) (417)
Due to parent 655 (A) (68) (68)(B)
Common stockholders'
equity:
Common
stock 4 (A) 3 3
Paid-in
capital 13,689 (A) 15,269 15,269
Retained
earnings 1,239 (A) 878 878
------- ------- ------ -------
Total Liabil-
ities & Equity $15,587 $16,230 $ 417 $15,813
======= ======= ====== =======
/TABLE
<PAGE>
<PAGE>
<TABLE> S-9
<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, 1997
(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 $ $ $ $922 $ 352 $119 $591 $94 $139 $2,217
Cost of
property
sold 697 197 59 261 313 107 1,634
Sale of
timber 40 277 103 420
Rent and
other
income 1 22 3 28 54
A&G expenses
Logging oper-
ations 5 1 45 17 68
Accounting 13 2 2 2 2 3 3 3 3 33
Legal 1 2 2 1 7 1 14
Insurance 2 2 2 2 2 2 4 2 2 20
Management 148 10 3 7 30 3 62 15 278
NYS fran-
chise tax 21 1 23 12 38 41 23 3 162
<PAGE>
<PAGE>
Amortization
of org.
costs 14 3 2 1 1 1 22
Consulting
fees 198 1 10 34 30 4 277
Property
taxes 6 2 10 10 14 1 15 58
Other items
(net) 4 1 1 1 3 180 3 193
---- ---- --- --- --- --- --- ----- -- -----
401 20 21 40 60 113 185 239 46 1,125
---- ---- --- --- --- --- --- ----- -- -----
Operating
income (401) (20) 19 186 95 224 270 (455) 14 (68)
Interest
income 13 16 2 47 24 22 32 3 58 217
Equity in subs
earnings 357 (15) 23 5 370
---- ---- --- --- --- --- --- ----- -- -----
Income before
tax (31) (19) 21 233 119 246 325 (452) 77 519
Federal
income tax
(benefit) (136) (7) 7 82 42 86 114 (158) 27 57
---- ---- --- --- --- --- --- --- -- -----
Net income/
(loss) 105 (12) 14 151 77 160 211 (294) 50 462
<PAGE>
<PAGE>
Retained
earnings
(beginning
of year) 773 (22) 49 544 (130) 195 196 (4) 54 1,655
---- ----- --- ---- ----- ---- ---- ------ ---- ------
Retained
earnings
(end of
year) $878 ($34) $63 $695 ($53) $355 $407 ($298) $104 $2,117
==== ===== === ==== ===== ==== ==== ====== ==== ======
<PAGE>
<PAGE>
Inter-Company
Eliminations Consolidated Reported
Dr (Cr) Total Reclasses Total
------------- ------------ --------- -------
Property sales $ $2,217 ($2,217)(C) $
Cost of property
sold 1,634 1,634 (C)
Sale of timber 420 (420)(C)
Rent and other
income 54 (54)(C)
A&G expenses
Logging operations 68 68 (C)
Accounting 33 33 (C)
Legal 14 14 (C)
Insurance 20 20 (C)
Management 278 278 (C)
NYS franchise tax 162 162 (C)
Amortization
of org. costs 22 22 (C)
Consulting fees 277 277 (C)
Property taxes 58 58 (C)
Other items
(net) 193 342 (C) 149
---- ----- ----- -----
1,125 1,274 149
---- ----- ----- -----
<PAGE>
<PAGE>
Operating income (68) 217 149
Interest income 217 (217)(C)
Equity in subs
earnings (357)(A) 13 13
---- ----- ---- -----
Income before tax (357) 162 162
Federal income
tax (benefit) 57 57
---- ----- ---- -----
Net income/(loss) (357) 105 105
Retained earnings
(beginning of year) 882 (A) 773 773
---- ----- ---- -----
Retained earnings
(end of year) $525 $878 $878
==== ===== ==== =====
/TABLE
<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION S-10
NM HOLDINGS, INC.
INTER-COMPANY ELIMINATIONS
December 31, 1997
(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 13,689
Salmon Shores, Inc. 101
Moreau Park, Inc. 674
Riverview, Inc. 1,520
Hudson Pointe, Inc. 410
Upper Hudson Development, Inc. 1,351
Land Mgmt. & Develop., Inc. 1,786
OPropco, Inc. 7,107
LandWest, Inc. 740
Retained Earnings (at beginning of year) 882
Salmon Shores, Inc. (22)
Moreau Park, Inc. 49
Riverview, Inc. 554
Hudson Pointe, Inc. (130)
Upper Hudson Development, Inc. 195
Land Mgmt. & Develop., Inc. 196
LandWest, Inc. 54
OPropco, Inc. (4)
<PAGE>
<PAGE>
S-10 (cont.)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Net Income of Subsidiaries for the
period 1/1/97 through 12/31/97 357
Salmon Shores, Inc. (12)
Moreau Park, Inc. 14
Riverview, Inc. 151
Hudson Pointe, Inc. 77
Upper Hudson Development, Inc. 160
Land Mgmt. & Develop., Inc. 211
OPropco, Inc. (294)
LandWest, Inc. 50
Investments in Subsidiary Companies-
Consolidated 14,932
Salmon Shores, Inc. 67
Moreau Park, Inc. 737
Riverview, Inc. 2,216
Hudson Pointe, Inc. 357
Upper Hudson Development, Inc. 1,707
Land Mgmt. & Develop., Inc. 2,194
OPropco, Inc. 6,810
LandWest, Inc. 844
Due to Parent 655
Due from Affiliates 655
Salmon Shores, Inc. 262
Moreau Park, Inc. 89
Riverview, Inc. (445)
Hudson Pointe, Inc. 250
Upper Hudson Development, Inc. 96
Land Mgmt. & Develop., Inc. 341
OPropco, Inc. (85)
LandWest, Inc. 147
(A) To eliminate the investment in and advances to subsidiary
companies.<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION S-11
NM HOLDINGS, INC.
INTER-COMPANY ELIMINATIONS
December 31, 1997
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accumulated Deferred Income Taxes 417
Investment in Development Projects 419
Due to Parent 68
Purchase Deposits Held 52
Deferred Federal Income Taxes 417
Accounts Payable 16
Investment in Subs 385
Organization Costs 34
(B) To reclass certain accounts for consolidated reporting
purposes.
(C)
Property Sales 2,217
Sale of Timber 420
Interest Income 217
Rent and Other Income 54
Other Items (net) 342
Cost of Property Sold 1,634
NYS Franchise Tax 162
Consulting Fees 277
Management 278
Logging Operations 68
Accounting 33
Property Taxes 58
Legal 14
Insurance 20
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 NORTH AMERICA, INC.
- -------------------------
CONSOLIDATING BALANCE SHEET AT DECEMBER 31, 1997
(In Thousands of Dollars)
(Canadian $)
Opinac (1) Plum Opinac
Energy U.S. Street North
Corp. Dollars Enterprises America Consolidated
-------- ------- ----------- -------- ------------
<S> <C> <C> <C> <C> <C>
Other investments $ 12,725 $ 8,897 $ 1,786 $ $ 10,683
Investments -
subsidiaries 151,165 151,165
-------- ------- ------- -------- --------
12,725 8,897 1,786 151,165 161,848
-------- ------- ------- -------- --------
Cash & temporary
investments 126,010 88,106 28,722 116,828
Accounts receivable 3,060 2,140 20,862 23,002
Gas storage 945 945
Other assets (127) (89) 1,008 919
-------- ------- ------- -------- --------
128,943 90,157 51,537 141,694
-------- ------- ------- -------- --------
Deferred taxes 740 740
-------- ------- ------- -------- --------
TOTAL ASSETS $141,668 $99,054 $54,063 $151,165 $304,282
======== ======= ======= ======== ========
<PAGE>
Common stock $ 9,007 $ 7,433 $ $ 1 $ 7,434
Paid in surplus 24,264 21,336 44,999 153,165 219,500
Retained earnings 108,205 85,315 (12,066) (2,001) 71,248
Translation adj. (15,164) (285) (15,449)
-------- ------- -------- ------- --------
141,476 98,920 32,648 151,165 282,733
-------- ------- -------- ------- --------
Accounts payable 30 21 20,172 20,193
Accrued other 989 989
-------- ------- -------- ------- --------
30 21 21,161 21,182
-------- ------- -------- ------- --------
Other 254 254
Accumulated deferred
taxes 162 131 113
-------- ------- -------- ------- --------
TOTAL LIABILITIES
AND EQUITY $141,668 $99,054 $54,063 $151,165 $304,282
======== ======= ======== ======= ========
<PAGE>
<PAGE>
Total
U.S. Reported
Eliminations Dollars Reclasses U.S. Dollars
------------ -------- --------- ------------
Other investments $ $ 10,683 $ 94,165 (B) $104,848
Investments -
subsidiaries (151,165)(A)
-------- -------- --------- --------
(151,165) 10,683 94,165 104,848
-------- -------- --------- --------
Cash & temp. invest. 116,828 (94,165)(B) 22,663
Accounts receivable 23,002 23,002
Gas storage 945 945
Other assets 919 919
-------- -------- --------- --------
141,694 (94,165) 47,529
-------- -------- --------- --------
Deferred taxes 740 740 (B)
-------- -------- --------- --------
TOTAL ASSETS ($151,165) $153,117 ($740) $152,377
======== ======== ========= ========
<PAGE>
<PAGE>
Common stock ($7,433)(A) $ 1 $ $ 1
Paid in surplus (66,336)(A) 153,164 (19,596)(C) 133,568
Retained earnings (73,249)(A) (2,001) (2,001)
Translation adj. (4,147)(A) (19,596) 19,596 (C)
-------- -------- -------- ---------
(151,165) 131,568 131,568
-------- -------- -------- ---------
Accounts payable 20,193 20,193
Accrued other 989 989
-------- -------- -------- ---------
21,182 21,182
-------- -------- -------- ---------
Other 254 254
Accumulated deferred taxes 113 740 (B) (627)
-------- -------- -------- ---------
TOTAL LIABILITIES
AND EQUITY ($151,165) $153,117 ($740) $152,377
======== ======== ======== =========
(1) Translated at December 31, 1997 at an exchange rate of .6992.
/TABLE
<PAGE>
<PAGE>
<TABLE> S-13
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
OPINAC NORTH AMERICA, INC.
- -------------------------
CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD SEPTEMBER 26 TO DECEMBER 31, 1997
(In Thousands of Dollars)
Canadian U.S.
Dollars Dollars (1)
Opinac Opinac Plum Opinac
Energy Energy Street North Adj. and
Corp. Corp. Enterprises America Elimin. Consolidated
------ ------ ----------- ------- -------- ------------
Other Income:
<S> <C> <C> <C> <C> <C> <C>
Taxes ($998) ($701) $ $ $ ($701)
Other Income 9,122 6,512 53,165 (60,977)(D) (1,300)
Subsidiary Earnings (2,001) 2,001 (A) 0
-------- ------- -------- ------- -------- -------
Total 8,124 5,811 53,165 (2,001) (58,976) (2,001)
-------- ------- -------- ------- -------- --------
Other Income
Deductions 4,580 3,301 57,676 (60,977)(D) 0
-------- ------- -------- ------- -------- -------
Net Income (Loss) $3,544 $2,510 ($4,511) ($2,001) $2,001 ($2,001)
<PAGE>
<PAGE>
Retained earnings,
beginning 104,661 82,805 (7,555) 0 (75,250)(A) 0
-------- ------- -------- ------- -------- -------
Retained earnings,
end $108,205 $85,315 ($12,066) ($2,001) ($73,249) ($2,001)
======== ======= ======== ======= ======== =======
(1) Translated at a weighted exchange rate of .7101.
/TABLE
<PAGE>
<PAGE>
S-14
NIAGARA MOHAWK POWER CORPORATION
OPINAC NORTH AMERICA, INC.
INTER-COMPANY ELIMINATIONS
December 31, 1997
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Capital Stocks of Subsidiary
Companies - Consolidated 7,433
Opinac Energy 7,433
Paid in Surplus 66,336
Plum Street Enterprises 45,000
Opinac Energy 21,336
Retained Earnings (at beginning) 75,250
Opinac Energy 82,805
Plum Street Enterprises (7,555)
Translation Adjustment 4,147
Net Income of Subsidiaries for the
period 9/26/97 through 12/31/97 (2,001)
Plum Street Enterprises (4,511)
Opinac Energy 2,510
Investments in Subsidiary Companies-
consolidated 151,165
Plum Street Enterprises 32,934
Opinac Energy 118,231
(A) To eliminate the investment in and advances to subsidiary companies.
<PAGE>
<PAGE>
<TABLE> S-15
<CAPTION>
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
- ---------------------------------------------------------
OPINAC ENERGY CORPORATION
- -------------------------
CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE PERIOD JANUARY 1, 1997
THROUGH SEPTEMBER 25, 1997
(In Thousands of Dollars)
(2) (1)
Opinac Plum Adjustments Consolidated Reported
Energy Street and U.S U.S
Corp. Enterprises Eliminations Consolidated Dollars Reclasses Dollars
------ ----------- ------------ ------------ ----------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Income
Federal and Foreign
Income Taxes ($1,633) ($1,633) ($1,194) ($1,194)
Other Income 7,660 $87,762 ($9,417)(A) 86,005 64,207 $65,828(B) (1,621)
Subsidiary Earnings (9,417) 9,417 (A)
-------- -------- -------- ---------- --------- ------- ---------
(3,390) 87,762 84,372 63,013 65,828 (2,815)
-------- -------- -------- ---------- --------- ------- ---------
Total Income (3,390) 87,762 84,372 63,013 65,828 (2,815)
Other Income/
Deductions 315 97,548 97,863 65,828 (65,828)(B) (2,815)
Income before
Interest Charges (3,705) (9,786) (13,491) (2,815) (2,815)
Interest
-------- -------- -------- ---------- --------- -------- ---------
<PAGE>
<PAGE>
Income before
Taxes (3,705) (9,786) (13,491) (2,815) (2,815)
--------- -------- -------- ---------- --------- -------- ---------
Net Income (Loss) (3,705) (9,786) (13,491) (2,815) (2,815)
Retained Earnings
(beginning of
period) 159,894 (507) 507 159,894 123,064 123,064
--------- -------- -------- --------- --------- -------- ---------
156,189 (10,293) 507 146,403 120,249 120,249
Reorganization (47,984) 10,293 (4,051) (41,742) (37,444) (37,444)
--------- -------- -------- ---------- ---------- -------- ---------
Retained Earnings
(end of period) $108,205 $ 0 ($3,544) $104,661 $82,805 $82,805
======== ======== ======== ========== ========== ======== =========
(1) Translated monthly at a weighted average exchange rate of .7465
(2) Includes the results of Plum Street Enterprises through September 25, 1997.
/TABLE
<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION S-16
OPINAC ENERGY CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1997
(In Thousands of Dollars)
(B) DETAIL DEBIT CREDIT
------ ----- ------
Accumulated Deferred Taxes 740
Other Investments 94,165
Cash and temporary investments 94,165
Deferred Taxes 740
(B) To reclass temporary investments to other investments because the
original maturities are greater than three months, therefore they are
not considered cash equivalents.
(C)
Paid in Surplus 19,596
Translation Adjustment 19,596
(C) To reclass the translation adjustment to paid in surplus.
(D)
Other Income 60,977
Other Income Deductions 60,977
(D) To reclass for consolidated reporting purposes.
<PAGE>
<PAGE>
NIAGARA MOHAWK POWER CORPORATION S-16 (cont.)
OPINAC ENERGY CORPORATION
INTER-COMPANY ELIMINATIONS
December 31, 1997
(In Thousands of Dollars)
(A) DETAIL DEBIT CREDIT
------ ----- ------
Other Income - subsidiary earnings 9,417
Other Income 9,417
(A) To eliminate inter-company earnings of Plum Street Enterprises for
the period 1/1/97 - 9/25/97.
(B)
Other Income 65,828
Other Income Deductions 65,828
(B) To reclass certain accounts for consolidated reporting purposes.<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
(100%)
/
Opinac North America
(100%)
/
Opinac Energy
(50%)
/
CNP
(25%) (100%)
/ /
/ Cowley Partnership
/ (75%) (1%)
/ / /
Wind Power Company /
(99%) /
/ /
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 24th day of
June 1998.
Corporate Seal
Attest: NIAGARA MOHAWK POWER CORPORATION
(Name of Claimant)
BY -----------------------
Steven W. Tasker
Vice President-Controller
- ------------------------
Kapua A. Rice
Secretary
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-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 9584141
<TOTAL-OPERATING-REVENUES> 3966404
<NET-INCOME> 183335
</TABLE>
