File No. 1-1401
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-3A-2 FROM PROVISIONS OF THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
PECO Energy Company
(Name of Company)
For the Year Ended December 31, 1997
<PAGE>
PECO Energy Company
(Name of Company)
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. In support of such claim for
exemption the following information is submitted.
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF CLAIMANT
AND EVERY SUBSIDIARY THEREOF.
Incorporated in Pennsylvania in 1929, PECO Energy Company (Company)
provides retail electric and natural gas service in southeastern
Pennsylvania and, through pilot programs, natural gas service to areas
in Maryland and New Jersey. The Company also engages in the wholesale
marketing of electricity on a national basis and participates in joint
ventures which provide telecommunication services in the Philadelphia
area.
The Company's traditional retail service territory covers 2,107 square
miles. Electric service is furnished to an area of 1,972 square miles
with a population of about 3.6 million, including 1.6 million in the
City of Philadelphia. Approximately 94% of the retail electric service
area and 64% of retail kilowatthour (kWh) sales are in the suburbs
around Philadelphia, and 6% of the retail service area and 36% of such
sales are in the City of Philadelphia. Natural gas service is supplied
in a 1,475-square-mile area of southeastern Pennsylvania adjacent to
Philadelphia with a population of 1.9 million. Through Horizon Energy,
a wholly owned subsidiary of the Company, and PECO Energy/EnergyOne, a
franchised energy products brand, the Company participates in
Pennsylvania's competition pilot program.
Of the total electric and gas business done by Claimant and its
subsidiaries in 1997, the predominant portion was done directly by
Claimant as indicated in the following:
<TABLE>
Claimant after
eliminating Claimant and
inter-Company subsidiaries
transactions consolidated
<S> <C> <C>
Operating Revenue
Electric & Gas $4,617,902,824 $4,643,718,149
Electric Sales -
MKWH (Gross) 63,857,000 65,401,180
Electric Customers -
December 31 1,482,405 1,482,405
Gas Sales -
MCF (Natural Gas) 54,994,523 (1) 54,994,523 (1)
Gas Customers -
December 31 405,142 405,142
<FN>
(1) Claimant also transported 30,412,316 MCF of gas for its gas customers.
</FN>
</TABLE>
<PAGE>
Following is a list of the subsidiary companies of Claimant, and of their States
of organization, together with a description of the location and nature of their
business:
PECO Energy Power Company - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
This company, a wholly owned subsidiary of Claimant and a registered
holding company, together with its wholly owned subsidiary, The
Susquehanna Power Company, owns the Conowingo Hydroelectric Project
(Conowingo Project), which was constructed under a federal license
dated February 20, 1926, issued by the Federal Power Commission under
the Federal Water Power Act of 1920. The original license expired in
1976 after its 50-year term was completed. Subsequently, the Company
was issued annual licenses pending Federal Energy Regulatory Commission
(FERC) action on the application for a new license. The new license was
issued August 14, 1980 and will expire September 1, 2014. PECO Energy
Power Company owns that portion of the project located in Pennsylvania,
and its portion of the transmission line is leased to and operated by
Claimant.
Susquehanna Power Company - Incorporated in Maryland
2569 Shures Landing Road, Darlington, MD
Owns that portion of the Conowingo Project located in Maryland. This
property is leased to and operated by The Susquehanna Electric Company,
a wholly owned subsidiary of Claimant.
The Proprietors of the Susquehanna Canal - Incorporated in Maryland
Inactive.
Susquehanna Electric Company - Incorporated in Maryland
2569 Shures Landing Road, Darlington, MD
Operates the Maryland portion of Conowingo Project. It sells most of
the energy produced to Claimant.
Eastern Pennsylvania Development Company (EPDC) - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
The Company's sole function is to act as a holding company for Adwin
Realty Company and Energy Performance Services, Inc.
Adwin Equipment Company (AEC) - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
This company is a wholly owned subsidiary of PECO Energy Company and is
primarily engaged in electrical distribution equipment rental, and owns
a 50% managing partnership interest in a co-generation plant.
Adwin (Schuylkill) Cogeneration, Inc. - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
Special purpose corporation which holds a 33.3% interest in the Grays
Ferry Cogeneration Project.
Adwin Realty Company (ARC) - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
This company is a wholly owned subsidiary of EPDC and is engaged in
real estate development.
<PAGE>
Eastern Pennsylvania Exploration Company (EPEC) - Incorporated in Pennsylvania
Pending dissolution. Ceased operations as of October 31, 1997 and is in
the process of winding up. This wholly owned subsidiary of Claimant is
a partner with one or more subsidiaries of other utility companies in a
joint venture originally engaged in natural gas exploration and
drilling. EPEC no longer participates in new drilling and exploration
programs. All gas production, as well as oil and gas liquids are sold
where they are produced. The area of production is the Gulf Coast, both
on shore and in state water, but excluding federal waters.
Energy Performance Services, Inc. (EPS) - Incorporated In Pennsylvania
2003 Renaissance Blvd., King of Prussia, PA
EPS is 92% owned by EPDC and is engaged in providing engineering,
construction and management services to industrial, commercial and
institutional customers, worldwide. EPS has four majority owned
subsidiaries, Energy Performance Services (EPS/Canada),Inc., EPS
CR. sr., a Czech Republic limited liability company, EPS Portugal
and EPS Chile.
PECO Energy Capital LP (PECLP) - Incorporated in Delaware 1013 Center Road,
Wilmington, DE
PECLP exists for the sole purpose of issuing partner interests
represented by the Claimant's Series A, B and C Preferred Securities.
PECO Energy Capital Corp (PECC) - Incorporated in Delaware 1013 Center Road,
Wilmington, DE PECC is the General Partner of PECLP.
Horizon Energy Company (formerly known as PECO Gas Supply Company) -
Incorporated in Pennsylvania
965 Chesterbrook Blvd, 62-2, Wayne, PA 19087
This wholly owned subsidiary of the Claimant is engaged in the purchase
and sale of electricity and natural gas.
PECO Wireless, Inc. - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
This wholly owned subsidiary of the Claimant owns 49% of AT&T Wireless
PCS of Philadelphia, LLC, formed to offer personal communication
services in the Philadelphia Major Trading Area.
Exelon Corporation - Incorporated in Pennsylvania
2600 Monroe Blvd., Norristown, PA 19403
This wholly owned subsidiary of the Claimant is engaged in providing
operation management and consulting services for energy generation
equipment and plants.
Energy Trading Company - Incorporated in Delaware
1013 Centre Road, Wilmington, DE
This wholly owned subsidiary of the Claimant is engaged in developing
and marketing electronic commerce software to facilitate barter
trading via the internet.
<PAGE>
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.
CLAIMANT TOGETHER WITH ITS PUBLIC UTILITY SUBSIDIARIES
The properties of Claimant and PECO Energy Power Company are located within
Pennsylvania, except that the Claimant holds a 42.59 percent ownership interest
in certain generating facilities located in Salem, NJ which presently consist of
942 megawatts of nuclear and 16 megawatts of gas turbine generation as of
December 31, 1997. Claimant is also joint operator of a reservoir located near
Phillipsburg, NJ. The properties of Claimant's other public utility subsidiaries
are located wholly within Maryland. The location of the principal electric
generating plants, electric and gas transmission and distribution facilities,
including all transmission or pipelines which deliver or receive electric energy
or gas at state borders, with the exception of the jointly owned Keystone and
Conemaugh minemouth electric generating stations located near Johnstown, PA, and
the Salem plant.
The following information, unless otherwise indicated, is as of December 31,
1997:
The electric facilities of Claimant and its subsidiaries with a total net summer
capacity of 9,204 net megawatts, include seventeen generating stations of which
2,877 megawatts are fossil-fired steam; 845 megawatts are internal combustion;
1,392 megawatts are hydro; and 4,090 megawatts are nuclear. The seventeen
generating stations are interconnected through transmission lines, substations
and related facilities.
The electric facilities of Claimant also include 87,234 conductor miles of
transmission, distribution and street lighting lines serving 1,583,005 electric
meters installed on customers' premises. Additional bulk power capacity is
available to Claimant through the PJM Interconnection, L.L.C. among the
properties of Claimant, Pennsylvania Power & Light Company, Public Service
Electric and Gas Company, Baltimore Gas and Electric Company, Pennsylvania
Electric Company, Metropolitan Edison Company, Jersey Central Power & Light
Company, Potomac Electric Power Company, Atlantic Electric Company and Delmarva
Power and Light Company. The maximum peak load (hourly demand) for the calendar
year 1997, on the facilities of Claimant and subsidiaries was 7,390 megawatts
which occurred on July 16, 1997.
<PAGE>
The electricity generating plants of Claimant and subsidiary companies at
December 31, 1997 are as follows:
<TABLE>
<CAPTION> NET SUMMER
NAME OF PLANT LOCATION TYPE (A) CAPACITY -
CLAIMANT MEGAWATTS
<S> <C> <C> <C>
Chester Chester, PA on
Delaware River G 39.0
Cromby Phoenixville on
Schuylkill River S, G, I 347.7
Delaware Central Philadelphia
on Delaware River S, G, I 312.7
Richmond Northeast Philadelphia
on Delaware River G 96.0
Schuylkill Central Philadelphia
on Schuylkill River S, G, I 200.8
Southwark Southeast Philadelphia
on Delaware River G 54.0
Eddystone Eddystone, PA on
Delaware River S, G 1,405.0
Peach Bottom Atomic Near Delta, PA on
Power Station Susquehanna Riv N 928.0
Keystone Near Johnstown, PA M, I 359.3
Muddy Run 13 miles up-stream
from Conowingo Dam on
the Susquehanna Riv. HP 880.0
Conemaugh Near Johnstown, PA M, I 354.3
Moser Substation Pottstown, PA G 48.0
Falls Substation Falls Twp. PA G 50.0
Salem Gen. Station Salem Co., NJ N, G 958.0
Croydon Bristol Twp., PA G 373.0
Limerick Limerick Twp.,
Montgomery Co., PA N 2,220.0
Fairless Hill Falls Twp., PA G 60.0
Pennsbury Falls Twp., PA G 6.0
-------
Total for Claimant's Stations 8,691.8
PECO ENERGY POWER COMPANY
SUSQUEHANNA POWER COMPANY
Conowingo Near Conowingo, MD,
on Susquehanna River H 512.0
-------
Total for Claimant and Subsidiaries 9,203.8
=======
(A) G = Gas Turbine
S = Steam Turbine
I = Internal Combustion
N = Nuclear
M = Mine-mouth, steam turbine
HP= Hydro-Pumped Storage
H = Hydro
</TABLE>
<PAGE>
The following summary shows the relationship of the principal properties by
Claimant to those owned by subsidiaries,
<TABLE>
<CAPTION>
OWNED BY OWNED BY
ELECTRIC PROPERTIES CLAIMANT SUBSIDIARIES TOTAL
<S> <C> <C> <C>
Generating Capacity (MW) 8,692 512 9,204
Substation Transformer
Capacity (KVA) 34,877,382 -0- 34,877,382
Transmission and
Distribution Lines -
Conductor Mile 87,140 94 87,234
GAS PROPERTIES
Liquefied Natural Gas
Storage Capacity (MCF) 1,200,000 -0- 1,200,000
Max. Daily Sendout
(MCF/Day) 157,000 -0- 157,000
Propane-Air
Storage Capacity
(Gallons) 1,980,000 -0- 1,980,000
Max. Daily Sendout
(MCF/Day) 25,000 -0- 25,000
Distribution Main
(Miles) 5,458 -0- 5,458
</TABLE>
In addition to the electric generating plants described above, Claimant owns
87,234 conductor miles of transmission and distribution lines including 891
conductor miles of 500,000 volts, 1,634 conductor miles of 220,000 volts, 15
conductor miles of 132,000 volts, 570 conductor miles of 66,000 volts, 46,846
conductor miles of 33,000, 13,000 and 4,000 volts, and 37,278 conductor miles of
220-110 volts.
Claimant owns and operates 431 substations with a total installed capacity of
34,877,382 KVA in transformer equipment and 123,000 KW in 25 cycle frequency
converter equipment.
The capacities used in this statement are nameplate ratings, except where
limited by associated equipment or operating conditions, in which case the
limited capacity is used.
Claimant's transmission lines make five connections with Public Service Electric
and Gas Company (New Jersey) at the Pennsylvania-New Jersey line: two near New
Hope, Pennsylvania, one at Biles Island on the Delaware River near Morrisville,
Pennsylvania, one near Bristol, Pennsylvania and one on the Pennsylvania
Railroad Company bridge extending between Philadelphia, Pennsylvania and Camden,
New Jersey. Claimant's lines also connect with those of Delmarva Power and Light
Company at the Pennsylvania-Delaware line near Naamans, Pennsylvania and at the
Pennsylvania-Maryland state line near Pleasant Grove, Pennsylvania. Connection
is also made with the Atlantic City Electric Company at the Pennsylvania-New
Jersey state line in Chester, Pennsylvania. Two connections are made with the
Baltimore Gas and Electric Company transmission line at the
Pennsylvania-Maryland state line near Delta, Pennsylvania. Connection also is
made with Susquehanna Power Company, a subsidiary of the Claimant, at the
Pennsylvania-Maryland state line near Goat Hill, Pennsylvania by the
transmission lines which the Claimant leases from its subsidiary, PECO Energy
Power Company. A line of PECO Energy Company connects with a line of Susquehanna
Power Company at the Pennsylvania-Maryland state line near Slate Hill,
Pennsylvania. Finally, Claimant is interconnected with PP&L, Inc. near
Towamencin and Elroy, Pennsylvania. Provision of open access transmission
service over these lines and all the transmission lines of the Claimant has been
delegated to an independent system operator.
<PAGE>
<TABLE>
<CAPTION>
GAS PLANTS
Claimant owns and operates the following gate stations where natural gas is
received from suppliers:
TRANS
TEX.EAST CONT. LNG PROPANE/AIR
STATION MTR STAT. MTR STAT. FACILITIES FACILITIES
<S> <C> <C> <C> <C>
Buckingham *
Tilghman St., Chester * *
West Conshohocken * * * *
Ivyland *
Oreland *
Pottstown *
East Greenville *
Kennett Square *
Coatesville *
Parkesburg *
U. S. Steel-Dolington *
Morrisville *
Cromby-Phoenixville *
Lukens-Conshohocken *
Corson-Plymouth Meeting *
Planebrook *
Hatfield *
Merck-Worcester *
Upper Providence *
Eddystone *
Centerpoint *
Hershey Mill *
</TABLE>
Claimant owns and operates a natural gas liquefaction and storage plant at West
Conshohocken, Pennsylvania, having the following characteristics:
Gross Liquefaction Capacity: 6600 MCF/Day (Net 6000 MCF/Day after
boiloff)
Design Sendout Capacity: 157,000 MCF/Day
LNG Tank Capacity: 1,200,000 MCF of Natural Gas
Claimant also owns and operates a propane air peak shaving facility at Chester,
Pennsylvania, having the following characteristics:
Design Capacity: 25,000 MCF/Day Propane - Air
On Site LPG Capacity: Twenty-two 90,000 gallon tanks
<PAGE>
Claimant has contracts with Texas Eastern Transmission Corporation (TETCO),
Transcontinental Gas Pipe Line Corporation (Transco), and storage services under
Service Agreements and Tariffs on file with the FERC. Aggregate annual
entitlements are approximately 55 million dekatherms for supply and 21.5 million
dekatherms for storage.
<TABLE>
<CAPTION>
MAXIMUM
SUPPLY EXPIRATION DAILY ANNUAL
<S> <C> <C> <C>
Direct Produce 3/01 219,884dth(w) 57,101,987dth
125,533dth(s)
MAXIMUM
STORAGE EXPIRATION DAILY CAPACITY
CNG GSS Storage Service 3/31/06 34,663 dth 3,326,029 dth
Equitrans SS-3 Storage 3/31/02 12,495 1,306,250
Texas Eastern SS-1A 4/30/00 43,601 2,616,030
Texas Eastern SS-1B 4/30/00 10,381 726,670
Texas Eastern SS-1C 4/30/00 12,419 1,466,737
Transco GSS Storage 3/31/92* 54,508 2,794,365
Transco WSS Storage 3/31/98 43,382 3,687,492
Transco S-2 Storage Annual 31,142 2,800,347
Panhandle Eastern 3/01/15 30,511 2,745,990
FS Storage
Transco ESS Emin. Stor. 10/31/13 37,539 264,320
MAXIMUM
TRANSPORTATION EXPIRATION DAILY USE
Equitrans STS 3/31/02 12,495 to SS-3
Storage
Texas Eastern FT-1 10/31/99 35,000 Firm
Transport
Texas Eastern CDS 10/31/99 49,286 Firm
Transport
Texas Eastern FTS-2 3/31/02 13,486 From SS-3
Storage
Texas Eastern FTS-7 4/30/15 24,170 From CNG GSS
Storage
Texas Eastern FTS-8 4/30/15 9,850 From CNG GSS
Storage
Transco FT 4/31/06 154,278 (Nov-Mar) Firm
Transport 158,832 (Dec-Feb)
Panhandle Eastern 3/31/15 29,973 11/1-3/31 From FS
EFT 14,043 5/1-10/31 Storage
Texas Eastern 10/31/15 29,210 From FS
FT1 Storage
Panhandle Eastern 10/31/15 29,913 (Dec-Mar) From FS
LLFT 14,165 (Apr-Nov) Storage
<FN>
*Initial contract term expired continuing subject to service agreement term and
FERC Section 7 certification.
</FN>
</TABLE>
In addition to the pipeline services rendered under the above contracts,
Claimant also purchases short-term spot supplies on a best efforts basis from
various gas producers and gas marketing companies. During 1997, total natural
gas throughput from all sources, including transportation of customer-owned gas
delivered in the Commonwealth of Pennsylvania, was approximately 85.4 million
cubic feet.
The maximum one day sendout of Claimant for calendar year 1997 occurred on
January 18 and amounted to 566,504,000 cubic feet of gas.
<PAGE>
PECO ENERGY POWER COMPANY AND SUSQUEHANNA POWER COMPANY
PECO Energy Power Company and its subsidiary, Susquehanna Power Company, own the
Conowingo Hydroelectric Project, which they constructed under a federal license
dated February 20, 1926, issued by the Federal Power Commission under the
Federal Water Power Act of 1920. The original license expired in 1976 after its
50-year term was completed. A new license was issued August 14, 1980 and will
expire September 1, 2014. This expiration date is concurrent with the license
for the Claimant's Muddy Run Pumped Storage Project. The common expiration date
was based on FERC's desire to provide for concurrent future relicensing of both
projects since they are contiguous and are coordinated in operation.
Susquehanna Power Company owns the dam, power plant and substations which are
located at Conowingo, Maryland, on the Susquehanna River about four miles above
tidewater, and also owns the portion of the pool and transmission lines in
Maryland. PECO Energy Power Company owns the portion of the pool and
transmission lines in Pennsylvania. These properties are operated under lease by
the affiliated company as described under Item 1.
The dam is of solid concrete masonry construction and is approximately 4,650
feet in length, including the powerhouse, headworks, regulating gates,
gate-controlled spillway and abutments. The power station has a total rated
installed generating capacity of 512,000 kilowatts consisting of seven original
hydro-electric generating units each rated at 36,000 kilowatts capacity,
andfour additional units installed in 1964 each rated at 65,000 kilowatts
capacity. The total station capacity has been reduced to 410 MW in the summer
season due to the water releases required by FERC. The reservoir extends
upstream about 15 miles over land on which licensee subsidiaries of the
Claimant have flowage rights.
There are two transmission substations having a total rated capacity of 610,000
KVA. One, located on the roof of Conowingo Station, has a rated capacity of
560,000 KVA and steps up the energy generated at Conowingo Station from 13,200
volts to 230,000 volts for transmission to the electric lines of the Claimant.
The other is a 13,200-33,000 volt substation with a rated capacity of 50,000
KVA, from which energy is supplied to Conowingo Power Company, an affiliate of
Delmarva Power and Light Company, and to the Claimant for distribution.
There are 63 circuit miles of 220,000 volt transmission lines and 29 circuit
miles of 33,000 volt transmission lines. The 220,000 volt transmission lines
consist of two single circuit lines supported on steel towers, of which 42
circuit miles, from the Conowingo plant to the Maryland-Pennsylvania state line,
near Goat Hill, Pennsylvania, are owned by Susquehanna Power Company, and the
balance of 21 circuit miles from the Maryland-Pennsylvania state line to a point
at the boundary between West Nottingham and East Nottingham Townships in
Pennsylvania are owned by PECO Energy Power Company. The 33,000 volt
transmission lines are owned by Susquehanna Power Company.
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.
<TABLE>
<CAPTION>
KWH SOLD (AT RETAIL OR WHOLESALE)
ELECTRIC SALES BY INTERCOMPANY OTHER TOTAL
<S> <C> <C> <C>
PECO Energy Co. - 63,857,000,131(a) 63,857,000,131
PECO Energy
Power Co. - - -
Susquehanna
Power Co - - -
Susquehanna
Electric 1,544,180,164 - 1,544,180,164
<FN>
Note: (a) - Reflects gross deliveries including 1,926,828,000
kilowatthours accounted for under the purchased and
interchange power account.
</FN>
GAS SALES BY MCF OF GAS DISTRIBUTED AT RETAIL
PECO Energy Co. 54,994,523
</TABLE>
(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>
<TABLE>
<CAPTION>
KWH SOLD (AT RETAIL OR WHOLESALE)
ELECTRIC SALES BY INTERCOMPANY OTHER TOTAL
<S> <C> <C> <C>
PECO Energy Co. - 30,820,369,744(a) 30,820,369,744
PECO Energy
Power Co. - - -
Susquehanna
Power Co - - -
Susquehanna
Electric Co. 1,544,180,164 - 1,544,180,164
<FN>
Note: (a) - PECO Energy Company also had a delivery of 1,926,828,000
kilowatthours of energy to the Pennsylvania-New Jersey-Maryland
Interconnection, some portion of which was sold at state lines, but
the amount so sold cannot be determined. This energy is accounted
for using the purchased and interchange power account.
</FN>
GAS SALES BY MCF OF GAS DISTRIBUTED AT WHOLESALE
PECO Energy Co. None
</TABLE>
(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.
<TABLE>
<CAPTION>
KWH PURCHASED AT STATE LINE
ELECTRIC
PURCHASES BY INTERCOMPANY OTHER TOTAL
<S> <C> <C> <C>
PECO Energy Co. 1,544,180,164 3,000,000,000(a)* 4,544,180,164
PECO Energy
Power Co. - - -
Susquehanna
Power Co. - - -
Susquehanna
Electric Co. - - -
* Estimated
<FN>
Note: (a) - PECO Energy Company also received 29,139,000,000 kilowatthours
of energy from the Pennsylvania-New Jersey-Maryland Interconnection,
a portion of which was purchased at state lines, but the amount
purchased cannot be determined. This energy is accounted for using
the purchased and interchange power account.
</FN>
GAS PURCHASED BY MMCF OF GAS PURCHASED AT STATE LINE
PECO Energy Co. 54,994,523
</TABLE>
<PAGE>
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.
None
(B) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR
FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST HELD.
None
(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.
None
(D) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
None
(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>
EXHIBITS
Exhibit A - Consolidated statement of income and retained earnings of
Claimant and its subsidiary companies for the calendar year 1997, together with
a consolidated balance sheet of Claimant and its subsidiary companies as of the
close of such calendar year.
Exhibit B - Financial Data Schedule.
Exhibit C - Not Applicable.
*****************************************************************
<PAGE>
SIGNATURES
The above-named Claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 27th day of February 1998.
PECO Energy Company
2301 Market Street
Philadelphia, PA 19103
/s/ J. Barry Mitchell
------------------------
Vice President - Finance
and Treasurer
CORPORATE SEAL
Attest:
/s/ K. K. Dodd
- -----------------------------
Corporate Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
J. Barry Mitchell Vice President - Finance and Treasurer
------------------------------------------------------------------
(Name) (Title)
PECO Energy Company 2301 Market
Street, PO Box 8699, Philadelphia, PA 19101
----------------------------------------------------------------
(Mailing Address)
<TABLE>
PECO Energy Company Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
1 of 28
<CAPTION> PECO
Consol. Comb. Energy
Totals Eliminations Totals Co.
---------- ------------ ------- -----
Operating Revenues
<S> <C> <C> <C> <C>
Electric $4,166,669 $43,837 $4,210,506 $4,166,078
Gas 451,232 - 451,232 451,232
Nonutility Subsidies 65,270 - 65,270 -
---------- ------- ---------- ----------
Total Operatingvenues 4,683,171 43,837 4,727,008 4,617,310
---------- ------- ---------- ----------
Operating Expenses
Fuel and Energy Inter. 1,355,953 - 1,355,953 1,315,979
Operating and Maint. 1,455,886 43,837 1,499,723 1,423,326
Depreciation 581,265 - 581,265 578,934
Taxes Other Than Incom 310,284 - 310,284 307,459
---------- -------- --------- ---------
Total Operating Expes 3,703,388 43,837 3,747,225 3,625,698
--------- -------- --------- ---------
Operating Income 979,783 - 979,783 991,612
--------- -------- --------- ---------
Other Income and Deductions
Interest Charges (372,929) (34,040) (406,969) (376,931)
Company Obligated Mandatorily
Redeemable Preferred
Securities of a Partnership,
which holds Solely
Subordinated Debentures of the
Company (28,990) - (28,990) (28,990)
Allowance for Funds Used During
Construction 21,770 - 21,770 21,000
Settlement of Salem Litigation
69,849 - 69,849 69,849
Equity in Earnings of Subsidiary
Companies - (23,658) (23,658) (21,702)
Other, Net (48,158) 34,040 (14,118) (37,987)
--------- --------- -------- --------
Total Other Income and Deductions
(358,458) (23,658) (382,116) (374,761)
--------- --------- -------- --------
Income Before Income Taxes and
Extraordinary Item 621,325 (23,658) 597,667 616,851
--------- --------- -------- --------
Income Taxes 284,767 - 284,767 289,415
--------- --------- -------- --------
Income Before Extraordinary Item
336,558 (23,658) 312,900 327,436
--------- ---------- -------- --------
Extraordinary Item (1,833,664) - (1,833,664)(1,824,542)
---------- ---------- --------- ---------
Net (Loss)/Income $(1,497,106) $(23,658) $(1,520,764) $(1,497,106)
============ ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
2 of 28
<CAPTION>
PECO
Energy Susq. Susq.
Power Power Electric PECO Energy
Company Company Company Wireless
-------- --------- -------- ----------
Operating Revenues
<S> <C> <C> <C> <C>
Electric $ 1,073 $ 17,217 $ 26,138 $ -
Gas - - - -
Nonutility Subsidiaries - - - -
-------- ------- -------- --------
Total Operating Revenues 1,073 17,217 26,138 -
-------- ------- -------- --------
Operating Expenses
Fuel and Energy Interchange - - - -
Operating and Maintenance - - 25,937 -
Depreciation 45 1,615 - -
Taxes Other Than Income 209 2,361 60 -
-------- ------- ------ -------
Total Operating Expenses 254 3,976 25,997 -
-------- ------- ------ -------
Operating Income 819 13,241 141 -
-------- ------- ------ -------
Other Income and Deductions
Interest Charges (6) (5) (4) -
Company Obligated Mandatorily
Redeemable Preferred
Securities of a Partnership,
which holds Solely
Subordinated Debentures of the
Company - - - -
Allowance for Funds Used During
Construction - 770 - -
Settlement of Salem Litigation
- - - -
Equity in Earnings of Subsidiary
Companies 786 - - -
Other, Net - 130 106 (10,022)
----- ----- --- -------
Total Other Income and Deductions 780 895 102 (10,022)
----- ----- --- --------
Income Before Income Taxes and
Extraordinary Item 1,599 14,136 243 (10,022)
----- ------ --- --------
Income Taxes 302 5,093 176 (3,508)
----- ------ --- --------
Income Before Extraordinary Item
1,297 9,043 67 (6,514)
----- ------ --- --------
Extraordinary Item (328) (8,257) (537) -
----- ------ ---- --------
Net (Loss) / Income $ 969 $ 786 $(470) $(6,514)
===== ====== ===== =======
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
3 of 28
<CAPTION>
PECO Eastern
PECO Energy Cap. Pennsylvania
Energy Cap. Limited Devel. Company Adwin
Corporation Partnership -------------- Realty Co.
----------- ----------- ----------
Operating Revenues
<S> <C> <C> <C> <C>
Electric $ - $ - $ - $ -
Gas - - - -
Nonutility Subsidiaries - - 2,141
-------- ------- ------- --------
Total Operating Rev - - - 2,141
-------- ------- ------- --------
Operating Expenses
Fuel and Energy Inter. - - - -
Operating and Maintenance 8 170 1 4,765
Depreciation - - - 56
Taxes Other Than Income - - - 124
-------- ------- ------- --------
Total Operating Exp. 8 170 1 4,945
-------- ------- ------- --------
Operating Income (8) (170) (1) (2,804)
-------- ------- ------- --------
Other Income and Deductions
Interest Charges - (29,953) - (70)
Company Obligated Mandatorily
Redeemable Preferred
Securities of a Partnership,
which holds Solely
Subordinated Debentures of the
Company - - - -
Allowance for Funds Used During
Construction - - - -
Settlement of Salem Litigation
- - - -
Equity in Earnings of Subsidiary
Companies (236) - (2,506) -
Other, Net 4,149 29,887 - -
------ ------ ------- ---------
Total Other Inc and Ded 3,913 (66) (2,506) (70)
------ ------ ------- ---------
Income Before Income Taxes and
Extraordinary Item 3,905 (236) (2,507) (2,874)
------ ------ ------- ---------
Income Taxes 1,366 - - 629
------ ------ ------- ---------
Income Before Extraordinary Item
2,539 (236) (2,507) (3,503)
------ ------ ------- ---------
Extraordinary Item - - - -
------ ------ ------- ---------
Net (Loss) / Income $ 2,539 $(236) $(2,507) $ (3,503)
======= ====== ======== =========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
4 of 28
<CAPTION>
Energy Eastern
Adwin Equip Perform. Pennsylvania Horizon
Company Services Exploration Energy Co
------------ Incorp. Company ---------
--------- -----------
Operating Revenues
<S> <C> <C> <C> <C>
Electric $ - $ - $ - $ -
Gas - - - -
Nonutility Subsidiaries 2,627 16,270 - 39,414
----- ------ --------- ---------
Total Operating Rev 2,627 16,270 - 39,414
----- ------ --------- ---------
Operating Expenses
Fuel and Energy Inter. - - - 39,974
Operating and Maintenance 121 17,299 4 16,144
Depreciation 18 571 - -
Taxes Other Than Income 58 - - -
----- ------- --------- -------
Total Operating Exp. 197 17,870 4 56,118
----- ------- --------- -------
Operating Income 2,430 (1,600) (4) (16,704)
----- ------ --------- -------
Other Income and Deductions
Interest Charges - - - -
Company Obligated Mandatorily
Redeemable Preferred
Securities of a Partnership,
which holds Solely
Subordinated Debentures of the
Company - - -
Allowance for Funds Used During
Construction - - - -
Settlement of Salem Litigation
- - - -
Equity in Earnings of Subsidiary
Companies - - - -
Other, Net - (169) - -
----- ------- -------- -------
Total Other Income and Ded. - (169) - -
----- ------- -------- -------
Income Before Income Taxes and
Extraordinary Item 2,430 (1,769) (4) (16,704)
----- ------- -------- --------
Income Taxes 97 (433) 4 (5,829)
----- ------- -------- --------
Income Before Extra. Item 2,333 (1,336 (8) (10,875)
----- ------- -------- --------
Extraordinary Item - - - -
----- ------- -------- --------
Net (Loss) / Income $2,333 $(1,336) $ (8) $ (10,875)
====== ======== ======== =========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
5 of 28
<CAPTION>
Energy
Trading
Exelon Company
-------------- -------------
Operating Revenues
<S> <C> <C>
Electric $ - $ -
Gas - -
Nonutility Subsidiaries 4,818 -
-------------- --------------
Total Operating Revenues 4,818 -
-------------- --------------
Operating Expenses
Fuel and Energy Interchange - -
Operating and Maintenance 11,948 -
Depreciation 26 -
Taxes Other Than Income 13 -
-------------- --------------
Total Operating Expenses 11,987 -
-------------- --------------
Operating Income (7,169) -
-------------- --------------
Other Income and Deductions
Interest Charges - -
Company Obligated Mandatorily
Redeemable Preferred Securities
of a Partnership, which holds
Solely Subordinated Debentures
of the Company
- -
Allowance for Funds Used During
Construction - -
Settlement of Salem Litigation
- -
Equity in Earnings of Subsidiary
Companies - -
Other, Net - (212)
-------------- --------------
Total Other Income and Deductions - (212)
-------------- --------------
Income Before Income Taxes and
Extraordinary Item (7,169) (212)
------------- -------------
Income Taxes (2,471) (74)
------------- -------------
Income Before Extraordinary Item
(4,698) (138)
------------- -------------
Extraordinary Item - -
------------- -------------
Net (Loss) / Income $ (4,698) $ (138)
============= =============
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
6 of 28
<CAPTION>
PECO
Consol. Combined Energy
Totals Eliminations Totals Company
------- ------------ -------- -------
<S> <C> <C> <C> <C>
Balance at January 1, 1997 $1,127,041 $ - $ 1,127,041 $ 1,171,539
Additions:
Net Income for twelve months ended December 31, 1997 excluding Equity in
Earnings of Subsidiary Companies)
(1,497,106) - (1,497,106) (1,475,404)
Dividends Received from
Subsidiary Companies - (2,399 (2,399) (4,517)
--------- ----- --------- ---------
Total Additions (1,497,106) (2,399) (1,499,505) (1,479,921)
--------- ----- --------- ---------
Deductions:
Expenses in Connection with
Issuance of Preferred Stock
(98) - (98) -
Cash Dividend Declared
Preferred Stock 16,805 - 16,805 16,805
Common Stock 400,578 (2,399) 398,179 400,578
Divestment/Other - - - -
Stock Repurchase Forward Interest
4,889 - 4,889 4,889
Issuance of Stock
Long-Term Incentive Plan - - - -
------ ------ -------- -----
Total Deductions 422,174 (2,399) 419,775 422,272
------- ------ -------- -------
Balance at December 31, 1997 $(792,239) $ - $(792,239) $(730,654)
======== ====== ======== ========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
7 of 28
<CAPTION>
PECO
Energy Susquehanna Susquehanna PECO
Power Power Electric Energy
Company Company Company Wireless
------- ---------- ----------- -------
<S> <C> <C> <C> <C>
Balance at January 1, 1997 $ 948 $ 6,446 $ 6 $ 78
Additions:
Net Income for twelve months ended December 31, 1997 excluding Equity in
Earnings of Subsidiary Companies)
183 786 (470) (6,514)
Dividends Received from
Subsidiary Companies 9,166 - - -
------ -------- ------- --------
Total Additions 9,349 786 (470) (6,514)
------ -------- ------- ---------
Deductions:
Expenses in Connection with
Issuance of Preferred Stock
- - - -
Cash Dividend Declared
Preferred Stock - - - -
Common Stock 9,693 9,166 - -
Divestment/Other
Stock Repurchase Forward Interest
- - - -
Issuance of Stock
Long-Term Incentive Plan - - - -
------ ------ ------ -------
Total Deductions 9,693 9,166 - -
------ ------ ------ -------
Balance at December 31, 1997 $ 604 $(1,934) $ (464) $(6,436)
======= ======= ======= =========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
8 of 28
<CAPTION>
PECO
PECO Energy Eastern
Energy Capital Pennsylvania Adwin
Capital Limited Development Realty
Corporation Partnership Company Co.
------------- ------------ ------------ ------
<S> <C> <C> <C> <C>
Balance at January 1, 1997 $ (25) $ (10,656) $ 3,370 $(14,891)
Additions:
Net Income for twelve months ended December 31, 1997 excluding Equity in
Earnings of Subsidiary Companies)
2,775 (236) (1) (3,503)
Dividends Received from
Subsidiary Companies - - (3,524) -
------ --------- -------- --------
Total Additions 2,775 (236) (3,525) (3,503)
------ --------- -------- --------
Deductions:
Expenses in Connection with
Issuance of Preferred Stock
- (98) - -
Cash Dividend Declared
Preferred Stock - -
Common Stock 2,231 - (3,524) -
Divestment/Other - - - -
Stock Repurchase Forward Interest
- - - -
Issuance of Stock
Long-Term Incentive Plan - - - -
------- --------- ------- --------
Total Deductions 2,231 (98) (3,524) -
------- --------- ------- --------
Balance at December 31, 1997 $ 519 $ (10,794) $ 3,369 $(18,394)
======== ========= ======= ========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
9 of 28
<CAPTION>
(Sub of EPDC) Energy Eastern
Adwin Performance Pennsylvania Horizon
Equip Services Exploration Energy
Co. Incorp. Company Company
------------ ------------ --------- -------
<S> <C> <C> <C> <C>
Balance at January 1, 1997 $ (5,857) $ (5,831) $(16,433) $ (248)
Additions:
Net Income for twelve months ended December 31, 1997 excluding Equity in
Earnings of Subsidiary Companies)
2,333 (1,336) (8) (10,875)
Dividends Received from
Subsidiary Companies - - - -
------ -------- --------- ---------
Total Additions 2,333 (1,336) (8) (10,875)
------ -------- --------- ---------
Deductions:
Expenses in Connection with
Issuance of Preferred Stock
- - - -
Cash Dividend Declared
Preferred Stock - - - -
Common Stock (3,524) - (16,441) -
Divestment/Other - - - -
Stock Repurchase Forward Interest
- - - -
Issuance of Stock
Long-Term Incentive Plan - - - -
------- -------- --------- --------
Total Deductions (3,524) - (16,441) -
------- -------- --------- --------
Balance at December 31, 1997 $ - $(7,167) $ - $(11,123)
======= ========= ========= ========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
Exhibit A
10 of 28
<CAPTION>
(Sub of PECO)
Energy Adwin
Trading Equipment
Exelon Company Company
----------- ------------ ----------
<S> <C> <C> <C>
Balance at January 1, 1997 $ (1,405) $ - $ -
Additions:
Net Income for twelve months ended December 31, 1997 excluding Equity in
Earnings of Subsidiary Companies)
(4,698) (138) -
Dividends Received from
Subsidiary Companies - (3,524)
-------- --------- --------
Total Additions (4,698) (138) (3,524)
-------- --------- --------
Deductions:
Expenses in Connection with
Issuance of Preferred Stock
- - -
Cash Dividend Declared
Preferred Stock - - -
Common Stock
Divestment/Other - - -
Stock Repurchase Forward Interest
- - -
Issuance of Stock
Long-Term Incentive Plan - - -
------- -------- --------
Total Deductions - - -
------- -------- --------
Balance at December 31, 1997 $ 6,103) $ (138) $ (3,524)
======== ========== ==========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
11 of 28
<CAPTION>
PECO
Consolidted Combined Energy
Totals Elimin. Totals Company
----------- ------- ------- -------
Assets
Utility Plant, at Original Cost
<S> <C> <C> <C> <C>
Electric - Trans & Dist $ 3,617,666 $ - $ 3,617,666 $ 3,476,269
Electric - Generation 1,434,895 - 1,434,895 1,434,895
Gas 1,071,819 - 1,071,819 1,071,819
Common 331,926 - 331,926 302,672
----------- ------- ----------- ----------
6,456,306 - 6,456,306 6,285,655
Less: Accum. Prov. for Depr. 2,693,085 - 2,693,085 2,655,995
----------- ------- ----------- ---------
3,763,221 - 3,763,221 3,629,660
Nuclear Fuel, Net 147,359 - 147,359 147,359
Construction Work in Progress 611,204 - 611,204 604,169
Leased Property, Net 175,933 - 175,933 175,933
----------- ------- ----------- -----------
Net Utility Plant 4,697,717 - 4,697,717 4,557,121
----------- ------- ----------- -----------
Current Assets
Cash and Temp Cash Invest. 41,350 - 41,350 31,617
Accounts Receivable, net
Customers 191,666 - 191,666 173,350
Other 141,125 395,066 536,191 109,142
Inventories, at Average Cost
Fossil Fuel 85,842 - 85,842 84,858
Materials and Supplies 90,969 - 90,969 90,684
Def.Gen. Costs Rcvr.in Rates 424,497 - 424,497 424,497
Deferred Energy Costs - Gas 35,665 - 35,665 35,665
Other 22,963 - 22,963 19,852
---------- -------- ---------- ---------
Total Current Assets 1,034,077 395,066 1,429,143 969,665
---------- -------- ---------- ---------
Deferred Debits and Other Assets
Compet. Transition Charge 5,274,624 - 5,274,624 5,274,624
Rcvrble Def.Income Taxes 590,872 - 590,872 588,131
Deferred Limerick Costs - - - -
Deferred Non-pension Postretirement Benefit Costs
97,409 - 97,409 97,409
Investments 485,064 - 485,064 392,440
Investments in Sub. Cos. - 452,157 452,157 306,232
Loss on Reacquired Debt 83,918 - 83,918 83,918
Other 126,692 - 126,692 118,519
--------- --------- ---------- ----------
Tot.Def.Dbts & Othr Assts 6,658,579 452,157 7,110,736 6,861,273
---------- --------- ---------- ----------
Total $12,390,373 $ 847,223 $13,237,596 $12,388,059
=========== ========= =========== ===========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
12 of 28
<CAPTION>
PECO
Energy Susq. Susq. PECO
Power Pwr. Elec. Energy
Company Co. Co. Wireless
--------- ------ ----- ---------
Assets
Utility Plant, at Original Cost
<S> <C> <C> <C> <C>
Electric - Transmission & Distribution $ 6,103 $135,294 $ - $ -
Electric - Generation - - - -
Gas - - - -
Common - - - -
------- -------- ----- -----
6,103 135,294 - -
Less: Accumulated Provision for Depr. 689 34,140 - -
------- -------- ----- -----
5,414 101,154 - -
Nuclear Fuel, Net - - - -
Construction Work in Progress - 7,035 - -
Leased Property, Net - - - -
------- ------- ----- -----
Net Utility Plant 5,414 108,189 - -
------- ------- ----- -----
Current Assets
Cash and Temporary Cash Investments 235 609 73 1
Accounts Receivable, net
Customers - - - -
Other (644) 1,248 3,192 30,567
Inventories, at Average Cost
Fossil Fuel - - - -
Materials and Supplies - - 206 -
Deferred Generation Costs Recoverable in Rates - - - -
Deferred Energy Costs - Gas - - - -
Other 30 153 80 -
------ ----- ----- ------
Total Current Assets (379) 2,010 3,551 30,568
------ ----- ----- ------
Deferred Debits and Other Assets
Competitive Transition Charge - - - -
Recoverable Deferred Income Taxes 30 2,106 - -
Deferred Limerick Costs - - - -
Deferred Non-pension Postretirement Benefit Costs
- - - -
Investments 385 1,113 - 71,040
Investments in Subsidiary Companies 91,829 - - -
Loss on Reacquired Debt - - - -
Other - 87 (354) -
------- ------ ----- -----
Total Deferred Debits and Other Assets 92,244 3,306 (354) 71,040
------- ------ ----- --------
Total $ 97,279 $13,505 $3,197 $101,608
========= ======= ====== =======
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
13 of 28
<CAPTION>
PECO East.
PECO Energy Penn. Adwin
Capit. Capital Devel. Realty
Corp. Partner. Comp. Company
-------- -------- ------- ---------
Assets
Utility Plant, at Original Cost
<S> <C> <C> <C> <C>
Electric - T & D $ - $ - $ - $ -
Electric - Generation - - - -
Gas - - - -
Common - - - 19,220
------- -------- -------- -------
- - - 19,220
Less: Accumulated Provision for Depr. - - - 388
------- -------- -------- -------
- - - 18,832
------- -------- -------- -------
Nuclear Fuel, Net - - - -
Construction Work in Progress - - - -
Leased Property, Net - - - -
------- -------- -------- -------
Net Utility Plant - - - 18,832
------- -------- -------- -------
Current Assets
Cash and Temporary Cash Investments 831 8 2 2,094
Accounts Receivable, net
Customers - - - 1,640
Other 31,382 360,175 192 187
Inventories, at Average Cost
Fossil Fuel - - - -
Materials and Supplies - - - -
Deferred Gen. Costs Rcvrble in Rates - - - -
Deferred Energy Costs - Gas - - - -
Other - - - -
------- ------- ------ -----
Total Current Assets 32,213 360,183 194 3,921
------- ------- ------ -----
Deferred Debits and Other Assets
Competitive Transition Charge - - - -
Recoverable Deferred Income Taxes - - - -
Deferred Limerick Costs - - - -
Deferred Non-pension Postretirement Benefit Costs
- - - -
Investments - - 28 4,297
Investments in Subsidiary Companies 21,136 - 32,960 -
Loss on Reacquired Debt - - - -
Other - 2,764 2,428 -
------ ----- ------ -----
Total Def. Debits and Other Assets 21,136 2,764 35,416 4,297
------ ----- ------ -----
Total $53,349 $362,947 $35,610 $27,050
======= ======== ======= =======
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
14 of 28
<CAPTION>
Energy
Performance Horizon
Services Energy
Incorporated Exelon Company
------------ -------- -------
Assets
Utility Plant, at Original Cost
<S> <C> <C> <C>
Electric - T & D $ - $ - $ -
Electric - Generation - - -
Gas - - -
Common 8,985 622 -
-------- ------- ------
8,985 622 -
Less: Accumulated Provision for Depr. 1,735 25 -
-------- ------- ------
7,250 597 -
Nuclear Fuel, Net - - -
Construction Work in Progress - - -
Leased Property, Net - - -
-------- ------- ------
Net Utility Plant 7,250 597 -
-------- ------- ------
Current Assets
Cash and Temporary Cash Investments 837 14 2,465
Accounts Receivable, net - - -
Customers 4,350 2,010 10,316
Other 391 30 -
Inventories, at Average Cost
Fossil Fuel - 984 -
Materials and Supplies - - 79
Deferred Generation Costs Recoverable in Rates - - -
Deferred Energy Costs - Gas - - -
Other - 2,660 156
------ ------- -------
Total Current Assets 5,578 5,698 13,016
------ ------- ------
Deferred Debits and Other Assets
Competitive Transition Charge - - -
Recoverable Deferred Income Taxes - 605 -
Deferred Limerick Costs - - -
Deferred Non-pension Postretirement Benefit Costs
- - -
Investments 3,600 - 171
Investments in Subsidiary Companies - - -
Loss on Reacquired Debt - - -
Other 3,248 - -
------- ------ ------
Total Deferred Debits and Other Assets 6,848 605 171
------- ------ ------
Total $ 19,676 $ 6,900 $13,187
========= ======= ======
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
15 of 28
<CAPTION>
(Sub of PECO)
Adwin Energy
Equipment Trading
Company Company
------------ ------------
Assets
Utility Plant, at Original Cost
<S> <C> <C>
Electric - Transmission & Distribution $ - $ -
Electric - Generation - -
Gas - -
Common 427 -
------------ ------------
427 -
Less: Accumulated Provision for Depreciation 113 -
------------ ------------
314 -
Nuclear Fuel, Net - -
Construction Work in Progress - -
Leased Property, Net - -
------------ ------------
Net Utility Plant 314 -
------------ ------------
Current Assets
Cash and Temporary Cash Investments 2,534 30
Accounts Receivable, net
Customers - -
Other 329 -
Inventories, at Average Cost
Fossil Fuel - -
Materials and Supplies - -
Deferred Generation Costs Recoverable in Rates - -
Deferred Energy Costs - Gas - -
Other 32 -
------------ ------------
Total Current Assets 2,895 30
------------ ------------
Deferred Debits and Other Assets
Competitive Transition Charge - -
Recoverable Deferred Income Taxes - -
Deferred Limerick Costs - -
Deferred Non-pension Postretirement Benefit Costs
- -
Investments 11,802 188
Investments in Subsidiary Companies - -
Loss on Reacquired Debt - -
Other - -
------------ ------------
Total Deferred Debits and Other Assets 11,802 188
------------ ------------
Total $ 15,011 $ 218
============ ============
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
16 of 28
<CAPTION>
PECO
Consol. Combined Ener.
Totals Elimin. Totals Co.
-------- -------- --------- ----
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
<S> <C> <C> <C> <C>
Common Stock $3,517,731 $ 182,790 $3,700,521 $3,517,731
Other Paid-In Capital 1,239 348,636 349,875 1,239
Retained Earnings (792,239) (79,329) (871,568) (781,964)
---------- --------- ---------- ---------
2,726,731 452,097 3,178,828 2,737,006
Preferred and Preference Stock
Without Mandatory Redemption 137,472 - 137,472 137,472
With Mandatory Redemption 92,700 - 92,700 92,700
Minority Interest in Preferred Securities of Subsidiaries
352,085 - 352,085 -
Long-Term Debt 3,859,620 360,175 4,219,795 4,213,316
Advance from Subsidiary Companies - 31,442 31,442 31,382
--------- ------- --------- ---------
Total Capitalization 7,168,608 843,714 8,012,322 7,211,876
--------- ------- --------- ---------
Current Liabilities
Notes Payable, Bank 405,260 - 405,260 401,500
Long-Term Debt Due Within One Year 248,048 - 248,048 247,087
Cap. Lease Oblig. Due W/I One Year 58,873 - 58,873 55,808
Accounts Payable 328,710 3,509 332,219 309,907
Taxes Accrued 61,641 - 61,641 65,655
Deferred Income Taxes 185,741 - 185,741 185,696
Interest Accrued 77,911 - 77,911 77,911
Dividend Payable 16,969 - 16,969 16,969
Other 261,009 - 261,009 259,686
-------- ------- -------- --------
Total Current Liabilities 1,644,162 3,509 1,647,671 1,620,219
--------- ------- --------- ---------
Deferred Credits and Other Liabilities
Capital Lease Obligations 120,125 - 120,125 120,125
Deferred Income Taxes 2,298,611 - 2,298,611 2,279,787
Unamortized Investment Tax Credits 318,065 - 318,065 317,147
Pension Obligation 211,596 - 211,596 210,738
Non-Pension Postret. Benef. Obli. 324,850 - 324,850 324,258
Other 304,356 - 304,356 303,909
--------- ------ --------- ---------
Total Def. Cred. and Other Liab. 3,577,603 - 3,577,603 3,555,964
--------- ------ --------- ---------
Total $12,390,373 847,223 13,237,596 12,388,059
=========== ======= ========== =========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
17 of 28
<CAPTION>
PECO
Energy Susq. Susq. PECO
Power Power Elect. Energy
Company Company Company Wireless
-------- -------- ------- -------
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
<S> <C> <C> <C> <C>
Common Stock $24,600 $ 47,047 $ 10 $111,029
Other Paid-In Capital 73,740 46,715 1,050 -
Retained Earnings (1,332) (1,934) (463) (6,437)
-------- --------- ------- --------
97,008 91,828 597 104,592
Preferred and Preference Stock
Without Mandatory Redemption - - - -
With Mandatory Redemption - - - -
Minority Interest in Preferred Securities of Subsidiaries
- - - -
Long-Term Debt - - - -
Advance from Subsidiary Companies - - 60 -
-------- --------- ------- -------
Total Capitalization 97,008 91,828 657 104,592
-------- --------- ------- -------
Current Liabilities
Notes Payable, Bank - - - -
Long-Term Debt Due Within One Year - - - -
Capital Lease Oblig. Due Within One Year - - - -
Accounts Payable (844) 520 789 -
Taxes Accrued 446 4,669 (115) (4,535)
Deferred Income Taxes - - - -
Interest Accrued - - - -
Dividend Payable - - - -
Other 10 - 761 -
--------- -------- ------ -------
Total Current Liabilities (388) 5,189 1,435 (4,535)
--------- -------- ------ --------
Deferred Credits and Other Liabilities
Capital Lease Obligations - - - -
Deferred Income Taxes 659 15,570 (525) 1,551
Unamortized Investment Tax Credits - 918 - -
Pension Obligation - - 858 -
Non-Pension Postret. Benefits Oblig. - - 592 -
Other - - 180 -
--------- -------- ------ -------
Total Def. Cred. and Other Liab. 659 16,488 1,105 1,551
--------- -------- ------ -------
Total $ 97,279 $113,505$3,197 $101,608
========= ======== ====== ========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
18 of 28
<CAPTION>
PECO Energy Eastern
Energy Capital Penna. Adwin
Capital Limited Develop. Realty
Corp. Partner. Company Company
-------- ------- -------- --------
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
<S> <C> <C> <C> <C>
Common Stock $ - $ - $ 1 $ 1
Other Paid-In Capital 53,014 21,656 54,015 43,814
Retained Earnings - (10,794) (22,190) (18,399)
------- -------- ------ ------
53,014 10,862 31,826 25,416
Preferred and Preference Stock
Without Mandatory Redemption - - - -
With Mandatory Redemption - - - -
Minority Interest in Preferred Securities of Subsidiaries
- 352,085 - -
Long-Term Debt - - 3,600 -
Advance from Subsidiary Companies - - - -
------- -------- ------ ------
Total Capitalization 53,014 362,947 35,426 25,416
------- -------- ------ ------
Current Liabilities
Notes Payable, Bank - - - -
Long-Term Debt Due Within One Year - - - -
Cap. Lease Oblig. Due Within One Year - - - -
Accounts Payable (16) - 22 179
Taxes Accrued 351 - 1 907
Deferred Income Taxes - - - -
Interest Accrued - - - -
Dividend Payable - - - -
Other - - 161 391
-------- ------- -------- -------
Total Current Liabilities 335 - 184 1,477
-------- ------- -------- ------
Deferred Credits and Other Liabilities
Capital Lease Obligations - - - -
Deferred Income Taxes - - - 157
Unamortized Investment Tax Credits - - - -
Pension Obligation - - - -
Non-Pens.Postretirement Benef. Oblig. - - - -
Other - - - -
-------- ------- -------- ------
Total Defer. Cred. and Other Liab. - - - 157
-------- ------- -------- ------
Total $ 53,349 $362,947 $35,610 $27,050
========= ======== ======== =======
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
19 of 28
<CAPTION>
Energy
Performance Horizon
Services Energy
Incorporated Exelon Company
------------ --------- -----------
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
<S> <C> <C> <C>
Common Stock $ 1 $ - $ 100
Other Paid-In Capital 14,710 11,361 9,900
Retained Earnings (7,167) (6,103) (11,123)
------------ ------------- ---------
7,544 5,258 (1,123)
Preferred and Preference Stock
Without Mandatory Redemption - - -
With Mandatory Redemption - - -
Minority Interest in Preferred Securities of Subsidiaries
- - -
Long-Term Debt 2,879 - -
Advance from Subsidiary Companies - - -
------------ ------------- ---------
Total Capitalization 10,423 5,258 (1,123)
------------ ------------- ---------
Current Liabilities
Notes Payable, Bank 3,760 - -
Long-Term Debt Due Within One Year 961 - -
Capital Lease Oblig. Due Within One Year 3,065 - -
Accounts Payable - 1,498 19,942
Taxes Accrued - 13 (5,677)
Deferred Income Taxes - - 45
Interest Accrued - - -
Dividend Payable - - -
Other - - -
------------ ------------- ----------
Total Current Liabilities 7,786 1,511 14,310
------------ ------------- ----------
Deferred Credits and Other Liabilities
Capital Lease Obligations - - -
Deferred Income Taxes 1,369 22 -
Unamortized Investment Tax Credits - - -
Pension Obligation - - -
Non-Pension Postretirement Benefits Oblig. - - -
Other 98 109 -
------------ ------------- ----------
Total Def. Credits and Other Liab. 1,467 131 -
------------ ------------- ----------
Total $ 19,676 $ 6,900 $ 13,187
============ ============= ==========
</TABLE>
<PAGE>
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1997
(Thousands of Dollars)
Exhibit A
20 of 28
<CAPTION>
(Sub of PECO)
Adwin Energy
Equipment Trading
Company Company
------------ -------------
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
<S> <C> <C>
Common Stock $ 1 $ -
Other Paid-In Capital 18,231 430
Retained Earnings (3,524) (138)
------------ -------------
14,708 292
Preferred and Preference Stock
Without Mandatory Redemption - -
With Mandatory Redemption - -
Minority Interest in Preferred Securities of Subsidiaries
- -
Long-Term Debt - -
Advance from Subsidiary Companies - -
------------ -------------
Total Capitalization 14,708 292
------------ -------------
Current Liabilities
Notes Payable, Bank - -
Long-Term Debt Due Within One Year - -
Capital Lease Obligations Due Within One Year - -
Accounts Payable 222 -
Taxes Accrued - (74)
Deferred Income Taxes - -
Interest Accrued -
Dividend Payable - -
Other - -
------------ -------------
Total Current Liabilities 222 (74)
------------ -------------
Deferred Credits and Other Liabilities
Capital Lease Obligations - -
Deferred Income Taxes 21 -
Unamortized Investment Tax Credits - -
Pension Obligation - -
Non-Pension Postretirement Benefits Obligation - -
Other 60 -
------------ -------------
Total Deferred Credits and Other Liabilities 81 -
------------ -------------
Total $ 15,011 $ 218
============ =============
</TABLE>
<PAGE>
Exhibit A
21 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Income Eliminations
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
<CAPTION>
Elimination No. 1 Debit Credit
- ----------------- ---------- ----------
<S> <C>
Operating Revenue $ 43,837
<C>
Operating Expense $ 43,837
For eliminating intercompany transactions with respect to sales of energy and
rentals, as follows:
Operating Operating
Revenue Expenses
---------- ----------
Susquehanna Power Company $ 17,217
Rental of generating and transmission facilities to
Susquehanna Electric Company
$ 17,217
Susquehanna Electric Company 25,815
Sales of electric energy to PECO Energy Company
25,815
PECO Energy Power Company 805
Rental of transmission facilities to PECO Energy Company
805
---------- ----------
$ 43,837 $ 43,837
========== ==========
</TABLE>
<PAGE>
Exhibit A
22 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Income Eliminations
Twelve Months Ended December 31, 1997
(Thousands of Dollars)
<CAPTION>
Elimination No. 2 Debit Credit
- ----------------- ------------ ------------
<S> <C>
Other, Net $ 10,382
<C>
Interest Charges $ 34,040
Equity in Earnings of Subsidiary Companie (23,658)
</TABLE>
<TABLE>
For eliminating intercompany items in connection with interest on notes and
subsidiary earnings as follows:
<S> <C> <C> <C>Equity in
Earnings of
Other Interest Subsidiary
Income Charges Companies
------- --------- ------------
PECO Energy Company $ 4 $ - $ -
Interest from Susq. Elec. Co. 4 -
PECO Energy Capital Corporation 4,149 - -
Interest from PECO Energy Capital Limited Partnership
- 66 -
Interest from PECO Energy Company - 4,083 -
PECO Energy Capital Limited Partnership 29,887 - -
Interest from PECO Energy Company - 29,887 -
PECO Energy Company (21,702) - -
Equity in Earnings of Subsidiary Companies
PECO Energy Power Company - - 969
Susquehanna Electric Company - - (470)
PECO Energy Wireless - - (6,514)
PECO Energy Capital Corporatio - - 2,539
Eastern Pennsylvania Development Co. - - (2,507)
Eastern Pennsylvania Exploration Co. - - (8)
Horizon Energy Company - - (10,875)
Exelon - - (4,698)
Energy Trading Company - - (138)
PECO Energy Capital Corporation (236) - -
Equity in Earnings of Subsidiary Co.
PECO Energy Capital Ltd. Partnership - - (236)
PECO Energy Power Company 786 - -
Equity in Earnings of Subsidiary Company
Susquehanna Power Company - - 786
Eastern Pennsylvania Development Co. (2,506) - -
Equity in Earnings of Subsidiary Companies
Adwin Realty Company - - (3,503)
Adwin Equipment Company - - 2,333
Energy Performance Services Inc. - - (1,336)
---------- ---------- ----------
$ 10,382 $ 34,040 $ (23,658)
========== ========== ============
</TABLE>
<PAGE>
Exhibit A
23 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Note to Financial Statements
December 31, 1997
(Thousands of Dollars)
<CAPTION>
1. Utility Plant in the balance sheet consists of the following:
Company Consolidated
------------- -------------
Plant at Original Cost
<S> <C> <C>
Electric - Transmission & Distribution $3,476,369 $3,617,666
Electric - Generation 1,434,895 1,434,895
Gas 1,071,819 1,071,819
Common, Used in All Services 302,672 331,926
------------ -------------
$6,285,655 $6,456,306
------------ -------------
</TABLE>
<PAGE>
Exhibit A
24 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Schedule of Capital Stock
December 31, 1997
<CAPTION>
Number of Shares Amount
------------------------- -----------
Authorized Outstanding (In Thousands)
----------- ----------- --------------
PECO Energy Company
Preferred Stock - No Par
Cumulative (Note)
<S> <C> <C> <C> <C>
$7.48 Series 500,000 500,000 $ 50,000
$6.12 Series 927,000 927,000 92,700
$4.68 Series 150,000 150,000 15,000
$4.40 Series 274,720 274,720 27,472
$4.30 Series 150,000 150,000 15,000
$3.80 Series 300,000 300,000 30,000
Unclassified 12,698,280 - -
---------- ----------- -----------
Total Preferred Stock 15,000,000 2,301,720 230,172
---------- ----------- -----------
Common Stock - No Par 500,000,000 222,546,562 3,517,731
----------- ----------- -----------
Total Capital Stock $ 3,747,903
===========
<FN>
Note: Redeemable, at the option of the Company, at the following dollar amounts
per share, plus accrued dividends:
$4.68 Series - $104.00 $4.30 Series - $102.00
$4.40 Series - $112.50 $3.80 Series - $106.00
$7.48 Series - $103.74 beginning April 1, 2003
</FN>
</TABLE>
<PAGE>
Exhibit A
25 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Schedule of Long-Term Debt
December 31, 1997
(Thousands of Dollars)
<CAPTION>
Due Within
One Year
Long-Term (Included in
Debt Long-Term Debt)
------------ ---------------
PECO Energy Company
First and Refunding Mortgage Bonds
<S> <C> <C> <C>
5-3/8% Series due 1998 $ 225,000 $ 225,000
7-1/2% Series due 1999 250,000 -
9-1/4% Series due 1999 75,000 -
5-5/8% Series due 2001 250,000 -
7-3/8% Series due 2001 80,000 -
8% Series due 2002 200,000 -
7-1/2% Series due 2002 100,000 -
7-1/8% Series due 2002 200,000 -
6-1/2% Series due 2003 200,000 -
6-5/8% Series due 2003 250,000 -
6-3/8% Series due 2005 75,000 -
10-1/4% Series due 2007 40,625 4,063
7-3/8% Series due 2021 90,000 -
7.60% Series due 2021 27,030 -
6.70% Series due 2021 160,560 -
6-5/8% Series due 2022 29,540 -
8-1/4% Series due 2022 250,000 -
8-5/8% Series due 2022 125,000 -
8-3/4% Series due 2022 150,000 -
7-1/8% Series due 2023 200,000 -
7-3/4% Series due 2023 100,000 -
7-3/4% Series due 2023 250,000 -
7-1/4% Series due 2024 225,000 -
Floating Rate Delaware County 50,000 -
Floating Rate Delaware County 50,000 -
Floating Rate Delaware County 50,000 -
Floating Rate Salem County 4,200 -
------------ ------------
3,706,955 229,063
Medium-Term Notes 62,400 12,400
Notes Payable-Accts Rcvbl Agree 128,999 -
Notes Payable-Banks 15,574 5,624
Pollution Control Notes 212,705 -
Unamortized Premium on L-T Debt 6 -
Unamortized Discount on L-T Debt (26,411) -
------------ ------------
Total PECO Energy Company $ 4,100,228 $ 247,087
============ ============
</TABLE>
<PAGE>
Exhibit A
26 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet Eliminations
December 31, 1997
(Thousands of Dollars)
<CAPTION>
Elimination 1 Debit Credit
- ------------- -------- -------
<S> <C>
Capital Stock - Sub. Cos., Consol. $182,790
Investments in Capital Stock of <C>
Subsidiary Companies, Consolidated $182,790
For eliminating investments of PECO Energy Company and Subsidiary Companies,
consolidated, in Capital Stock of Subsidiary Companies as follows:
Stated Value
of Capital Stock Investment of
-------------- Owning Company
--------------
Susquehanna Power Company $ 47,047 $ -
PECO Energy Power Company 24,600 47,047
Susquehanna Electric Company 10 -
PECO Energy Capital Limited Partnership - -
PECO Energy Capital Corporation - -
Adwin Realty Company 1 -
Energy Performance Services Incorporated 1 -
Eastern Pennsylvania Development Company 1 -
Adwin Equipment Company 1 -
Horizon Energy Company 100 -
PECO Energy Wireless 111,029 -
PECO Energy Company - 135,743
-------- --------
$182,790 $182,790
======== ========
</TABLE>
<TABLE>
<CAPTION>
Elimination No. 2 Debit Credit
- ----------------- -------- --------
<S> <C>
Paid-In Capital - Subsid. Cos., Consol. $348,636
<C>
Investments in Paid-In Capital of Sub. $348,636
Companies, Consolidated
For eliminating investments of PECO Energy Company and Subsidiary Companies,
consolidated, in Paid-In Capital of Subsidiary Companies as follows:
Paid-In Investment of
Capital Owning Company
---------- --------------
Susquehanna Power Company $ 46,715 $ -
PECO Energy Power Company 73,740 46,715
Susquehanna Electric Company 1,050 -
PECO Energy Capital Limited Partnership 21,656 -
PECO Energy Capital Corporation 53,014 21,656
Adwin Realty Company 43,814 -
Energy Performance Services Incorporated 14,710 -
Eastern Pennsylvania Development Company 54,015 58,524
Adwin Equipment Company 18,231 -
PECO Energy Wireless - -
Horizon Energy Company 9,900 -
Exelon 11,361 -
Energy Trading Company 430 -
PECO Energy Company - 221,741
---------- ----------
$348,636 $348,636
========== ==========
</TABLE>
<PAGE>
Exhibit A
27 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet Eliminations
December 31, 1997
(Thousands of Dollars)
<CAPTION>
Elimination 3 Debit Credit
- ------------- --------- ---------
<S> <C>
Invest.in Ret. Earn. of Sub. Cos., Consol. $(79,329)
<C>
Retained Earnings - Subsidiary Companies, Consolidated $ (79,329)
For eliminating investments of PECO Energy Company and Subsidiary Companies,
consolidated, in Retained Earnings of Subsidiary Companies as follows:
Retained Investment of
Earnings Owning Company
------------- --------------
Susquehanna Power Company $ (1,934) $ -
PECO Energy Power Company (1,332) (1,934)
Susquehanna Electric Company (463) -
PECO Energy Capital Limited Partnership (519) -
PECO Energy Capital Corporation - (519)
Energy Trading Company (138) -
Adwin Realty Company (18,399) -
Energy Performance Services Incorporated (7,167) -
Eastern Pennsylvania Development Company (22,190) (25,566)
Adwin Equipment Company (3,524) -
PECO Energy Wireless (6,437) -
Horizon Energy Company (11,123) -
Exelon (6,103) -
PECO Energy Company - (51,310)
------------- -------------
$ (79,329) $ (79,329)
============= =============
</TABLE>
<TABLE>
<CAPTION>
Elimination No. 4 Debit Credit
- ----------------- --------- ---------
<S> <C>
L-T Debt - Advances from Sub. Cos., Consol. $ 31,442
L-T Debt - Debentures from Sub. Coms., Consol. 360,175
<C>
Accounts Receivable - Associated Companies, Consolidated $391,557
Investments in Indebtedness of Subsidiary Companies, Consolidated
60
For eliminating investments of PECO Energy Company and Subsidiary Companies,
consolidated, in indebtedness of Subsidiary Companies as follows:
Other Accounts
Receivable Investment of
Advances Debentures ------------ Owning Company
-------- ---------- --------------
Susq Elec Co $ 60 $ - $ - $ -
PECO Eng. Cap. Ltd. Part. - - 360,175 -
PECO Eng. Cap. Corp. - - 31,382 -
PECO Energy Company 31,382 360,175 - 60
------- ---------- ---------- -------------
$ 31,442 $ 360,175 $391,557 $ 60
======== ========== ========== =============
</TABLE>
<PAGE>
Exhibit A
28 of 28
<TABLE>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet Eliminations
December 31, 1997
(Thousands of Dollars)
<CAPTION>
Elimination No. 5 Debit Credit
- ----------------- -------- --------
<S> <C>
Accounts Payable -
Associated Companies, Consolidated $ 3,509
Accounts Receivable - Assoc. Cos.,
Consolidated
<C>
$ 3,509
For adjusting and eliminating intercompany Accounts Receivables and Payables, as
follows:
Accounts Accounts
Payable Receivable
--------- ----------
<S> <C> <C>
Susquehanna Power Company $ (254) $ 1,248
PECO Energy Power Company (832) (749)
Susquehanna Electric Company 1,647 2,787
PECO Energy Capital Corporation (14) -
PECO Energy Capital Limited Partnership - -
PECO Energy Company 2,962 (258)
PECO Energy Wireless - 481
--------- ----------
$ 3,509 $ 3,509
========= ==========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 15285102000
<TOTAL-OPERATING-REVENUES> 4308774000
<NET-INCOME> 517205000
</TABLE>
