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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
For the Year Ended December 31, 1998
1
<PAGE>
PECO Energy 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.
PECO Energy Company (PECO Energy), Claimant, is an electric and natural gas
distribution utility. The Company engages in the wholesale marketing of
electricity on a national basis and participates in joint ventures which provide
telecommunication services in the Philadelphia area. Claimant was incorporated
in Pennsylvania in 1929 and is located at 2301 Market Street, Philadelphia, PA.
PECO Energy'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 1.5 million in the City of Philadelphia.
PECO Energy operates nuclear, coal, oil, natural gas, landfill gas, and hydro
electric generating plants. PECO Energy is also a wholesale power marketer with
transactions in 47 states and Canada.
Through Horizon Energy doing business as Exelon Energy, a wholly owned
subsidiary of the Company, Claimant engages in the purchase and sale of
electricity and natural gas on the retail and wholesale level.
Of the total electric and gas business done by Claimant and its subsidiaries in
1998, the predominant portion was done directly by Claimant as indicated in the
following:
Claimant and
subsidiaries
Claimant consolidated
Operating Revenue
Electric & Gas $5,210,482,000 $5,235,420,000
Electric Sales -
MKWH (Gross) 74,863,733 74,863,733
Electric Customers -
December 31 1,493,244 1,493,244
Gas Sales -
MCF (Natural Gas) 46,768,966 (1) 46,768,966 (1)
Gas Customers -
December 31 415,429 415,429
(1) Claimant also transported 28,203,553 MCF of gas for its gas customers.
2
<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, 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
This company, a wholly owned subsidiary of PECO Energy Power Company,
owns that portion of the Conowingo Project located in Maryland. This
property is leased to and operated by 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
This company, a wholly owned subsidiary of Claimant, operates the
Conowingo Project. It sells most of the energy produced to Claimant.
Eastern Pennsylvania Development Company (EPDC) - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
This company is a wholly owned subsidiary of Claimant whose sole
function is to act as a holding company for Adwin Realty Company and
Energy Performance Services, Inc.
Adwin Equipment Company (AECO) - Incorporated in Pennsylvania
2301 Market Street, Philadelphia, PA
This company is a wholly owned subsidiary of Claimant 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
This company is a wholly owned subsidiary of AECO and is a 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.
3
<PAGE>
Eastern Pennsylvania Exploration Company (EPEC) - Incorporated in Pennsylvania
Pending dissolution. Ceased operations as of October 31, 1997.
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 drilling and exploration programs.
Energy Performance Services, Inc. (EPS) - Incorporated in Pennsylvania
2003 Renaissance Blvd., King of Prussia, PA
EPS is 95% 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, and EPS Portugal.
PECO Energy Capital LP (PECLP) - Formed 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 unregulated subsidiary of the Claimant is engaged in
the purchase and sale of electricity and natural gas on the retail and
wholesale level.
PECO Wireless, LLC - Formed in Delaware
2301 Market Street, Philadelphia, PA
This wholly owned subsidiary of the Claimant is the successor of PECO
Wireless, Inc. effective January 1, 1998. Peco Wireless, LLC owns 49%
of AT&T Wireless PCS of Philadelphia, LLC, and was 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.
4
<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, 1998. Claimant is also joint operator of a reservoir located near
Phillipsburg, NJ. The properties of Claimant's other public utility subsidiaries
are located entirely within Maryland. The location of the principal electric
generating plants, electric and gas transmission and distribution facilities,
including all transmission lines or pipelines which deliver or receive electric
energy or gas at state borders, is in southeastern Pennsylvania, with the
exception of the jointly owned Keystone and Conemaugh mine-mouth electric
generating stations located near Johnstown, PA, and the Salem plant.
The following information, unless otherwise indicated, is as of December 31,
1998:
The electric facilities of Claimant and its subsidiaries with a total net summer
capacity of 9,262 megawatts, include nineteen generating stations of which
2,877 megawatts are fossil-fired steam; 844 megawatts are internal combustion;
1,422 megawatts are hydro; and 4,119 megawatts are nuclear. The nineteen
generating stations are interconnected through transmission lines, substations
and related facilities.
The electric facilities of Claimant also include 88,639 conductor miles of
transmission, distribution and street lighting lines serving 1,589,007 electric
meters installed on customers' premises. Additional bulk power capacity is
available to Claimant through the PJM Interconnection, L.L.C. (PJM) 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, and Conectiv. The maximum peak load
(hourly demand) for the calendar year 1998, on the facilities of Claimant and
subsidiaries was 7,108 megawatts which occurred on June 26, 1998.
5
<PAGE>
The electricity generating plants of Claimant and subsidiary companies at
December 31, 1998 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 308.7
Richmond Northeast Philadelphia
on Delaware River G 96.0
Schuylkill Central Philadelphia
on Schuylkill River S, G, I 198.8
Southwark Southeast Philadelphia
on Delaware River G 52.0
Eddystone Eddystone, PA on
Delaware River S, G 1,401.0
Peach Bottom Atomic Near Delta, PA on
Power Station Susquehanna River N 928.0
Keystone Near Johnstown, PA M, I 359.3
Muddy Run 13 miles up-stream
from Conowingo Dam on
the Susquehanna River HP 910.0
Conemaugh Near Johnstown, PA M, I 354.3
Moser Moser Rd., Pottstown, PA G 51.0
Falls Falls Twp., Bucks Co., PA G 51.0
Salem Generating
Station Salem Co., New Jersey N, G 958.0
Croydon Bristol Twp., PA G 380.0
Limerick Limerick Twp.,
Montgomery Co., PA N 2,249.0
Fairless Hills Falls Twp., Bucks Co., PA S 60.0
Pennsbury Falls Twp., Bucks Co., PA G 5.7
-------
Total for Claimant's Stations 8,749.5
PECO ENERGY POWER COMPANY
SUSQUEHANNA POWER COMPANY
Conowingo Near Conowingo, MD,
on Susquehanna River H 512.0
-------
Total for Claimant and Subsidiaries 9,261.5
=======
<FN>
(A) G = Gas Turbine
S = Steam Turbine
I = Internal Combustion
N = Nuclear
M = Mine-mouth, steam turbine HP= Hydro-Pumped Storage H = Hydro
</FN>
</TABLE>
6
<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) 8,750 512 9,262
Substation Transformer
Capacity (KVA) 34,877,382 -0- 34,877,382
Transmission and
Distribution Lines -
Conductor Miles 88,545 94 88,639
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 (Water)
(Gallons) 1,980,000 -0- 1,980,000
Max. Daily Sendout
(MCF/Day) 28,800 -0- 28,800
Distribution Main
(Miles) 5,788 -0- 5,788
</TABLE>
The Claimant owns 88,639 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,
48,251 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 Marcus Hook, Pennsylvania and 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
7
<PAGE>
Hill, Pennsylvania by the transmission lines which the Claimant leases from its
subsidiary, PECO Energy Power Company. A line of PECO Energy connects with a
line of Susquehanna Power Company at the Pennsylvania-Maryland state line near
Slate Hill, Pennsylvania. Connection is also made with Metropolitan Edison
Company near York Furnace, 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.
GAS PLANTS
Claimant owns and operates the following gate stations where natural gas is
received from suppliers:
<TABLE>
<CAPTION>
TEXAS EASTER TRANS-
METER STATION CONTINENTAL LNG PROPANE/
STATION FACILITIES METER STATION FACILITIES AIR
<S> <C> <C> <C> <C>
Buckingham *
Tilghman St., Chester * *
West Conshohocken * * * *
Ivyland *
Oreland *
Pottstown *
East Greenville *
Kennett Square *
Coatesville *
Parkesburg *
USX Dolington/Tyburn Rd. *
Morrisville *
Cromby-Phoenixville *
Lukens-Conshohocken *
Planebrook *
Hatfield *
Merck-Worcester *
Upper Providence *
Eddystone *
Centerpoint *
Hershey Mill *
Brookhaven *
</TABLE>
Claimant owns and operates a natural gas liquefaction and storage plant at West
Conshohocken, Pennsylvania, having the following characteristics:
Gross Liquefaction Capacity: 6,600 MCF/Day (Net 6,000 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:
8
<PAGE>
Design Capacity: 25,000 MCF/Day Propane - Air
On Site LPG Capacity: Twenty-two 90,000 gallon tanks
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 Federal Energy Regulatory
Commission (FERC). Aggregate annual entitlements are approximately 87 million
dekatherms for supply and 21.5 million dekatherms for storage.
<TABLE>
<CAPTION>
MAXIMUM MAXIMUM
SUPPLY EXPIRATION DAILY ANNUAL
<S> <C> <C> <C>
Direct Produce 3/01 174,081 dth(w) 46,210,456 dth
136,524 dth(s)
MAXIMUM
STORAGE EXPIRATION DAILY CAPACITY
CNG GSS Storage Service 3/31/06 34,020 dth 3,326,029 dth
Equitrans SS-3 Storage 4/01/02 12,495 1,306,250
Texas Eastern SS-1A 4/30/04 66,401 4,809,437
Transco GSS Storage 6/30/01 54,508 2,667,189
Transco WSS Storage 3/31/99 43,382 3,687,492
Transco S-2 Storage 4/16/01 31,142 2,799,327
Panhandle Eastern 3/31/15 29,162 2,745,990
FS Storage
Transco ESS Eminence Storage 10/31/13 43,315 264,320
MAXIMUM
TRANSPORTATION EXPIRATION DAILY USE
Equitrans STS 3/31/02 12,495 to SS-3
Storage
Texas Eastern FT-1 11/01/02 35,000 Firm
Transport
Texas Eastern CDS 11/01/02 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
</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 1998, total natural
gas throughput
9
<PAGE>
from all sources, including transportation of customer-owned gas delivered in
the Commonwealth of Pennsylvania, was approximately 77.0 million cubic feet.
The maximum one day sendout of Claimant for calendar year 1998 occurred on
December 30 and amounted to 551.5 million cubic feet of gas.
PECO ENERGY POWER COMPANY AND SUSQUEHANNA POWER COMPANY
PECO Energy Power Company and its wholly owned 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, and
four 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
Conectiv, 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.
10
<PAGE>
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO
CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
(A) NUMBER OF KWH OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE), AND MCF OF
NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL.
<TABLE>
<CAPTION>
KWH SOLD (AT RETAIL OR WHOLESALE)
ELECTRIC SALES BY INTERCOMPANY OTHER TOTAL
<S> <C> <C> <C>
PECO Energy Co. - 74,863,732,646(a) 74,863,732,646
PECO Energy
Power Co. - - -
Susquehanna
Power Co. - - -
Susquehanna
Electric Co. 1,699,183,465 - 1,699,183,465
<FN>
Note: (a) - Reflects gross deliveries including 3,482,934,000
kilowatthours accounted for under the purchased and
interchange power account.
</FN>
</TABLE>
GAS SALES BY MCF OF GAS DISTRIBUTED AT RETAIL
PECO Energy Co. 46,768,966
(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
11
<PAGE>
(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.
<TABLE>
<CAPTION>
KWH SOLD (AT WHOLESALE)
ELECTRIC SALES BY INTERCOMPANY OTHER TOTAL
<S> <C> <C> <C>
PECO Energy Co. - 40,740,889,686(a) 40,740,889,686
PECO Energy
Power Co. - - -
Susquehanna
Power Co. - - -
Susquehanna
Electric Co. 1,699,183,465 - 1,699,183,465
<FN>
Note: (a) - Includes a delivery of 3,482,934,000 kilowatthours of energy
to PJM 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>
</TABLE>
GAS SALES BY MCF OF GAS DISTRIBUTED AT WHOLESALE
PECO Energy Co. None
(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. 1,699,183,465 3,000,000,000(a)* 4,699,183,465
PECO Energy
Power Co. - - -
Susquehanna
Power Co. - - -
Susquehanna
Electric Co. - - -
<FN>
* Estimated
Note: (a) - PECO Energy Company also received 32,548,000,000 kilowatthours
of energy from PJM, 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>
</TABLE>
GAS PURCHASED BY MMCF OF GAS PURCHASED AT STATE LINE
PECO Energy Co. 46,768,966
12
<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
13
<PAGE>
EXHIBITS
Exhibit A - Consolidating statement of income and retained earnings of
Claimant and its subsidiary companies for the calendar year 1998,
together with a consolidating 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.
*****************************************************************
14
<PAGE>
SIGNATURES
The above-named Claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 26th day of February 1999.
PECO Energy Company
2301 Market Street
Philadelphia, PA 19103
/s/ Jean H. Gibson
----------------------------------
Vice President & Controller
CORPORATE SEAL
Attest:
/s/ T. D. Cutler
- -----------------------------
Corporate Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Jean H. Gibson Vice President & Controller
- ------------------------------------------------------------------
(Name) (Title)
PECO Energy Company 2301 Market
Street, PO Box 8699, Philadelphia, PA 19101
----------------------------------------------------------------
(Mailing Address)
15
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1998
(Thousands of Dollars)
Exhibit A
1 of 15
PECO
Consolidated Energy
Totals Eliminations Combined Totals Company
<S> <C> <C> <C> <C>
Operating Revenues
Electric $ 4,810,840 $ 76,639 $ 4,887,479 $ 4,835,778
Gas 399,642 -- 399,642 399,642
----------- ----------- ----------- -----------
Total Operating Revenues 5,210,482 76,639 5,287,121 5,235,420
----------- ----------- ----------- -----------
Operating Expenses
Fuel and Energy Interchange 1,751,819 29,998 1,781,817 1,781,817
Operating and Maintenance 1,128,792 21,283 1,150,075 1,119,730
Early Retirement and Separation
Programs 124,200 -- 124,200 124,200
Depreciation 642,842 -- 642,842 640,764
Taxes Other Than Income 279,515 -- 279,515 276,328
----------- ----------- ----------- -----------
Total Operating Expenses 3,927,168 51,281 3,978,449 3,942,839
----------- ----------- ----------- -----------
Operating Income 1,283,314 25,358 1,308,672 1,292,581
----------- ----------- ----------- -----------
Other Income and Deductions
Interest Charges (330,842) (35,412) (366,254) (333,961)
Company Obligated Mandatorily
Redeemable Preferred Securities
of a Partnership, which holds
Solely Subordinated Debentures
of the Company (30,694) -- (30,694) (30,694)
Allowance for Funds Used During
Construction 3,522 -- 3,522 3,522
Other, Net (73,268) (44,296) (117,564) (77,006)
----------- ----------- ----------- -----------
Total Other Income and Deductions (431,282) (79,708) (510,990) (438,139)
----------- ----------- ----------- -----------
Income Before Income Taxes and
Extraordinary Item 852,032 (54,350) 797,682 854,442
Income Taxes 319,654 -- 319,654 322,064
----------- ----------- ----------- -----------
Income Before Extraordinary Item 532,378 (54,350) 478,028 532,378
Extraordinary Item (19,654) -- (19,654) (19,654)
----------- ----------- ----------- -----------
Net Income (Loss) $ 512,724 $ (54,350) $ 458,374 $ 512,724
=========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1998
(Thousands of Dollars)
Exhibit A
2 of 15
PECO PECO
Energy Susquehanna PECO Energy
Power Electric Energy Capital
Company Company Wireless Corporation
<S> <C> <C> <C> <C>
Operating Revenues
Electric $ 21,590 $ 30,111 $ -- $ --
Gas -- -- -- --
-------- -------- -------- --------
Total Operating Revenues 21,590 30,111 -- --
-------- -------- -------- --------
Operating Expenses
Fuel and Energy Interchange -- -- -- --
Operating and Maintenance -- 30,198 -- 147
Early Retirement and Separation
Programs -- -- -- --
Depreciation 2,078 -- -- --
Taxes Other Than Income 2,614 573 -- --
-------- -------- -------- --------
Total Operating Expenses 4,692 30,771 -- 147
-------- -------- -------- --------
Operating Income 16,898 (660) -- (147)
-------- -------- -------- --------
Other Income and Deductions
Interest Charges 511 (4) -- (32,800)
Company Obligated Mandatorily
Redeemable Preferred Securities
of a Partnership, which holds
Solely Subordinated Debentures
of the Company -- -- -- --
Allowance for Funds Used During
Construction -- -- -- --
Other, Net (18) 116 (44,800) 34,115
-------- -------- -------- --------
Total Other Income and Deductions 493 112 (44,800) 1,315
-------- -------- -------- --------
Income Before Income Taxes and
Extraordinary Item 17,391 (548) (44,800) 1,168
Income Taxes 7,686 (616) (2) 899
-------- -------- -------- --------
Income Before Extraordinary Item 9,705 68 (44,798) 269
Extraordinary Item -- -- -- --
-------- -------- -------- --------
Net Income (Loss) $ 9,705 $ 68 $(44,798) $ 269
======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Income
Twelve Months Ended December 31, 1998
(Thousands of Dollars)
Exhibit A
3 of 15
PECO
Horizon Energy Energy
Energy Trading Transition
Exelon Company Company Trust
<S> <C> <C> <C> <C>
Operating Revenues
Electric $ -- $ -- $ -- $ --
Gas -- -- -- --
-------- -------- -------- --------
Total Operating Revenues -- -- -- --
-------- -------- -------- --------
Operating Expenses
Fuel and Energy Interchange -- -- -- --
Operating and Maintenance -- -- -- --
Early Retirement and Separation
Programs -- -- -- --
Depreciation -- -- -- --
Taxes Other Than Income -- -- -- --
-------- -------- -------- --------
Total Operating Expenses -- -- -- --
-------- -------- -------- --------
Operating Income -- -- -- --
-------- -------- -------- --------
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 -- -- -- --
Other, Net (5,896) (23,826) (249) --
-------- -------- -------- --------
Total Other Income and Deductions (5,896) (23,826) (249) --
-------- -------- -------- --------
Income Before Income Taxes and
Extraordinary Item (5,896) (23,826) (249) --
Income Taxes (2,102) (8,188) (87) --
-------- -------- -------- --------
Income Before Extraordinary Item (3,794) (15,638) (162) --
Extraordinary Item -- -- -- --
-------- -------- -------- --------
Net Income (Loss) $ (3,794) $(15,638) $ (162) $ --
======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1998
(Thousands of Dollars)
Exhibit A
4 of 15
PECO
Consolidated Combined Energy
Totals Eliminations Totals Company
<S> <C> <C> <C> <C>
Balance at January 1, 1998 $(792,239) $ -- $(792,239) $(756,370)
Additions:
Net Income for twelve months ended
December 31, 1998 excluding Equity
in Earnings of Subsidiary
Companies) 512,724 -- 512,724 567,074
Dividends Received from
Subsidiary Companies -- 25,402 25,402 25,402
--------- --------- --------- ---------
Total Additions 512,724 25,402 538,126 592,476
--------- --------- --------- ---------
Deductions:
Cash Dividends Declared
Preferred Stock 13,109 -- 13,109 13,109
Common Stock 223,198 25,402 248,600 223,198
Stock Repurchase Forward Contract 7,677 -- 7,677 7,677
Capital Stock Activity
Long-Term Incentive Plan 12,157 -- 12,157 12,157
Expenses (2,731) -- (2,731) --
--------- --------- --------- ---------
Total Deductions 253,410 25,402 278,812 256,141
--------- --------- --------- ---------
Balance at December 31, 1998 $(532,925) $ -- $(532,925) $(420,035)
========= ========= ========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1998
(Thousands of Dollars)
Exhibit A
5 of 15
PECO PECO
Energy Susquehanna PECO Energy
Power Electric Energy Capital
Company Company Wireless Corporation
<S> <C> <C> <C> <C>
Balance at January 1, 1998 $ (1,330) $ (464) $ (6,436) $(10,275)
Additions:
Net Income for twelve months ended
December 31, 1998 excluding Equity
in Earnings of Subsidiary
Companies) 9,705 68 (44,798) 269
Dividends Received from
Subsidiary Companies -- -- -- --
-------- -------- -------- --------
Total Additions 9,705 68 (44,798) 269
-------- -------- -------- --------
Deductions:
Cash Dividends Declared
Preferred Stock -- -- -- --
Common Stock 9,809 -- 3,313 12,030
Stock Repurchase Forward Contract -- -- -- --
Capital Stock Activity
Long-Term Incentive Plan -- -- -- --
Expenses -- -- -- (2,731)
-------- -------- -------- --------
Total Deductions 9,809 -- 3,313 9,299
-------- -------- -------- --------
Balance at December 31, 1998 $ (1,434) $ (396) $(54,547) $(19,305)
======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Statement of Unappropriated Retained Earnings
Twelve Months Ended December 31, 1998
(Thousands of Dollars)
Exhibit A
6 of 15
PECO
Horizon Energy Energy
Energy Trading Transition
Exelon Company Company Trust
<S> <C> <C> <C> <C>
Balance at January 1, 1998 $ (6,103) $(11,123) $ (138) $ --
Additions:
Net Income for twelve months ended
December 31, 1998 excluding Equity
in Earnings of Subsidiary
Companies) (3,794) (15,638) (162) --
Dividends Received from
Subsidiary Companies -- -- -- --
-------- -------- -------- -----
Total Additions (3,794) (15,638) (162) --
-------- -------- -------- -----
Deductions:
Cash Dividends Declared
Preferred Stock -- -- -- --
Common Stock -- -- 250 --
Stock Repurchase Forward Contract -- -- -- --
Capital Stock Activity
Long-Term Incentive Plan -- -- -- --
Expenses -- -- -- --
-------- -------- -------- -----
Total Deductions -- -- 250 --
-------- -------- -------- -----
Balance at December 31, 1998 $ (9,897) $(26,761) $ (550) $ --
======== ======== ======== =====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1998
(Thousands of Dollars)
Exhibit A
7 of 15
PECO
Consolidated Combined Energy
Totals Eliminations Totals Company
<S> <C> <C> <C> <C>
Assets
Utility Plant, at Original Cost
Electric - Transmission & Distribution $ 3,833,780 $ -- $ 3,833,780 $ 3,681,234
Electric - Generation 1,713,430 -- 1,713,430 1,713,430
Gas 1,131,999 -- 1,131,999 1,131,999
Common 407,320 -- 407,320 407,320
----------- ----------- ----------- -----------
7,086,529 -- 7,086,529 6,933,983
Less: Accumulated Provision for Depreciation 2,891,321 -- 2,891,321 2,854,508
----------- ----------- ----------- -----------
4,195,208 -- 4,195,208 4,079,475
Nuclear Fuel, Net 141,907 -- 141,907 141,907
Construction Work in Progress 272,590 -- 272,590 268,618
Leased Property, Net 154,308 -- 154,308 154,308
----------- ----------- ----------- -----------
Net Utility Plant 4,764,013 -- 4,764,013 4,644,308
----------- ----------- ----------- -----------
Current Assets
Cash and Temporary Cash Investments 48,083 -- 48,083 40,745
Accounts Receivable, net
Customers 97,527 -- 97,527 89,427
Other 213,229 458,255 671,484 162,941
Inventories, at Average Cost
Fossil Fuel 79,488 -- 79,488 79,488
Materials and Supplies 82,068 -- 82,068 81,879
Deferred Energy Costs - Gas 29,847 -- 29,847 29,847
Other 19,013 -- 19,013 18,770
----------- ----------- ----------- -----------
Total Current Assets 569,255 458,255 1,027,510 503,097
----------- ----------- ----------- -----------
Deferred Debits and Other Assets
Competitive Transition Charge 5,274,624 -- 5,274,624 5,274,624
Recoverable Deferred Income Taxes 614,445 -- 614,445 614,445
Deferred Non-pension Postretirement Benefit Costs 90,915 -- 90,915 90,915
Investments 550,904 -- 550,904 525,431
Investments in Subsidiary Companies -- 261,077 261,077 253,532
Loss on Reacquired Debt 77,165 -- 77,165 77,165
Other 107,042 -- 107,042 102,322
----------- ----------- ----------- -----------
Total Deferred Debits and Other Assets 6,715,095 261,077 6,976,172 6,938,434
----------- ----------- ----------- -----------
Total $12,048,363 $ 719,332 $12,767,695 $12,085,839
=========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1998
(Thousands of Dollars)
Exhibit A
8 of 15
PECO PECO
Energy Susquehanna PECO Energy
Power Electric Energy Capital
Company Company Wireless Corporation
<S> <C> <C> <C> <C>
Assets
Utility Plant, at Original Cost
Electric - Transmission & Distribution $ 152,545 $ 1 $ -- $ --
Electric - Generation -- -- -- --
Gas -- -- -- --
Common -- -- -- --
--------- --------- --------- ---------
152,545 1 -- --
Less: Accumulated Provision for Depreciation 36,813 -- -- --
--------- --------- --------- ---------
115,732 1 -- --
Nuclear Fuel, Net -- -- -- --
Construction Work in Progress 3,972 -- -- --
Leased Property, Net -- -- -- --
--------- --------- --------- ---------
Net Utility Plant 119,704 1 -- --
--------- --------- --------- ---------
Current Assets
Cash and Temporary Cash Investments 7,528 (626) (105) 654
Accounts Receivable, net
Customers -- -- -- --
Other 5,497 5,260 95,422 385,436
Inventories, at Average Cost
Fossil Fuel -- -- -- --
Materials and Supplies -- 189 -- --
Deferred Energy Costs - Gas -- -- -- --
Other 235 -- -- --
--------- --------- --------- ---------
Total Current Assets 13,260 4,823 95,317 386,090
--------- --------- --------- ---------
Deferred Debits and Other Assets
Competitive Transition Charge -- -- -- --
Recoverable Deferred Income Taxes -- -- -- --
Deferred Non-pension Postretirement Benefit Costs -- -- -- --
Investments 1,490 -- 23,408 --
Investments in Subsidiary Companies -- -- -- 7,545
Loss on Reacquired Debt -- -- -- --
Other 86 (6) -- 2,570
--------- --------- --------- ---------
Total Deferred Debits and Other Assets 1,576 (6) 23,408 10,115
--------- --------- --------- ---------
Total $ 134,540 $ 4,818 $ 118,725 $ 396,205
========= ========= ========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1998
(Thousands of Dollars)
Exhibit A
9 of 15
PECO
Horizon Energy Energy
Energy Trading Transition
Exelon Corporation Company Trust
<S> <C> <C> <C> <C>
Assets
Utility Plant, at Original Cost
Electric - Transmission & Distribution $ -- $ -- $ -- $ --
Electric - Generation -- -- -- --
Gas -- -- -- --
Common -- -- -- --
-------- -------- -------- --------
-- -- -- --
Less: Accumulated Provision for Depreciation -- -- -- --
-------- -------- -------- --------
-- -- -- --
-------- -------- -------- --------
Nuclear Fuel, Net -- -- -- --
Construction Work in Progress -- -- -- --
Leased Property, Net -- -- -- --
-------- -------- -------- --------
Net Utility Plant -- -- -- --
-------- -------- -------- --------
--------
Current Assets
Cash and Temporary Cash Investments 72 (190) -- 5
Accounts Receivable, net
Customers -- 8,100 -- --
Other 1,756 15,098 74 --
Inventories, at Average Cost
Fossil Fuel -- -- -- --
Materials and Supplies -- -- -- --
Deferred Energy Costs - Gas -- -- -- --
Other 8 -- -- --
-------- -------- -------- --------
Total Current Assets 1,836 23,008 74 5
-------- -------- -------- --------
Deferred Debits and Other Assets
Competitive Transition Charge -- -- -- --
Recoverable Deferred Income Taxes -- -- -- --
Deferred Non-pension Postretirement Benefit Costs -- -- -- --
Investments 555 82 (62) --
Investments in Subsidiary Companies -- -- -- --
Loss on Reacquired Debt -- -- -- --
Other -- 176 -- 1,894
-------- -------- -------- --------
Total Deferred Debits and Other Assets 555 258 (62) 1,894
-------- -------- -------- --------
Total $ 2,391 $ 23,266 $ 12 $ 1,899
======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1998
(Thousands of Dollars)
Exhibit A
10 of 15
PECO
Consolidated Combined Energy
Totals Eliminations Totals Company
<S> <C> <C> <C> <C>
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
Common Stock $ 3,589,031 $ 188,609 $ 3,777,640 $ 3,589,031
Other Paid-In Capital 1,236 156,118 157,354 1,236
Retained Earnings (532,925) (83,710) (616,635) (525,380)
------------ ------------ ------------ ------------
3,057,342 261,017 3,318,359 3,064,887
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 349,355 -- 349,355 --
Long-Term Debt 2,919,592 360,175 3,279,767 3,279,767
Advance from Subsidiary Companies -- 24,195 24,195 24,135
------------ ------------ ------------ ------------
Total Capitalization 6,556,461 645,387 7,201,848 6,598,961
------------ ------------ ------------ ------------
Current Liabilities
Notes Payable 525,000 -- 525,000 525,000
Long-Term Debt Due Within One Year 361,523 -- 361,523 361,523
Capital Lease Obligations Due Within One Year 69,011 -- 69,011 69,011
Accounts Payable 316,292 73,945 390,237 329,632
Taxes Accrued 170,495 -- 170,495 174,687
Interest Accrued 61,515 -- 61,515 61,515
Deferred Income Taxes 14,168 -- 14,168 14,622
Other 217,416 -- 217,416 216,977
------------ ------------ ------------ ------------
Total Current Liabilities 1,735,420 73,945 1,809,365 1,752,967
------------ ------------ ------------ ------------
Deferred Credits and Other Liabilities
Capital Lease Obligations 85,297 -- 85,297 85,297
Deferred Income Taxes 2,376,792 -- 2,376,792 2,358,172
Unamortized Investment Tax Credits 299,999 -- 299,999 299,098
Pension Obligation 219,274 -- 219,274 217,616
Non-Pension Postretirement Benefits Obligation 421,083 -- 421,083 419,691
Other 354,037 -- 354,037 354,037
------------ ------------ ------------ ------------
Total Deferred Credits and Other Liabilities 3,756,482 -- 3,756,482 3,733,911
------------ ------------ ------------ ------------
Total $ 12,048,363 $ 719,332 $ 12,767,695 $ 12,085,839
============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1998
(Thousands of Dollars)
Exhibit A
11 of 15
PECO PECO
Energy Susquehanna PECO Energy
Power Electric Energy Capital
Company Company Wireless Corporation
<S> <C> <C> <C> <C>
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
Common Stock $ 24,600 $ 10 $ 163,245 $ --
Other Paid-In Capital 74,740 1,050 -- 57,365
Retained Earnings 4,929 (395) (48,112) (10,468)
--------- --------- --------- ---------
104,269 665 115,133 46,897
Preferred and Preference Stock
Without Mandatory Redemption -- -- -- --
With Mandatory Redemption -- -- -- --
Minority Interest in Preferred Securities of Subsidiaries -- -- -- 349,355
Long-Term Debt -- -- -- --
Advance from Subsidiary Companies -- 60 -- --
--------- --------- --------- ---------
Total Capitalization 104,269 725 115,133 396,252
--------- --------- --------- ---------
Current Liabilities
Notes Payable -- -- -- --
Long-Term Debt Due Within One Year -- -- -- --
Capital Lease Obligations Due Within One Year -- -- -- --
Accounts Payable 9,014 1,630 -- (330)
Taxes Accrued 4,540 194 (105) 283
Interest Accrued -- -- -- --
Deferred Income Taxes -- -- -- --
Other 9 278 -- --
--------- --------- --------- ---------
Total Current Liabilities 13,563 2,102 (105) (47)
--------- --------- --------- ---------
Deferred Credits and Other Liabilities
Capital Lease Obligations -- -- -- --
Deferred Income Taxes 15,807 (1,059) 3,697 --
Unamortized Investment Tax Credits 901 -- -- --
Pension Obligation -- 1,658 -- --
Non-Pension Postretirement Benefits Obligation -- 1,392 -- --
Other -- -- -- --
--------- --------- --------- ---------
Total Deferred Credits and Other Liabilities 16,708 1,991 3,697 --
--------- --------- --------- ---------
Total $ 134,540 $ 4,818 $ 118,725 $ 396,205
========= ========= ========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PECO Energy Company and Subsidiary Companies
Consolidating Balance Sheet
December 31, 1998
(Thousands of Dollars)
Exhibit A
12 of 15
PECO
Horizon Energy Energy
Energy Trading Transition
Exelon Company Company Trust
<S> <C> <C> <C> <C>
Capitalization and Liabilities
Capitalization
Common Shareholders' Equity
Common Stock $ -- $ 100 $ 649 $ 5
Other Paid-In Capital 13,063 9,900 -- --
Retained Earnings (9,898) (26,761) (550) --
-------- -------- -------- --------
3,165 (16,761) 99 5
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 3,165 (16,761) 99 5
-------- -------- -------- --------
Current Liabilities
Notes Payable -- -- -- --
Long-Term Debt Due Within One Year -- -- -- --
Capital Lease Obligations Due Within One Year -- -- -- --
Accounts Payable 1,720 46,677 -- 1,894
Taxes Accrued (2,253) (6,690) (161) --
Interest Accrued -- -- -- --
Deferred Income Taxes (454) -- -- --
Other 152 -- -- --
-------- -------- -------- --------
Total Current Liabilities (835) 39,987 (161) 1,894
-------- -------- -------- --------
Deferred Credits and Other Liabilities
Capital Lease Obligations -- -- -- --
Deferred Income Taxes 61 40 74 --
Unamortized Investment Tax Credits -- -- -- --
Pension Obligation -- -- -- --
Non-Pension Postretirement Benefits Obligation -- -- -- --
Other -- -- -- --
-------- -------- -------- --------
Total Deferred Credits and Other Liabilities 61 40 74 --
-------- -------- -------- --------
Total $ 2,391 $ 23,266 $ 12 $ 1,899
======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit A
13 of 15
PECO Energy Company and Subsidiary Companies
Schedule of Capital Stock
December 31, 1998
Number of Shares Amount
Authorized Outstanding (In Thousands)
<S> <C> <C> <C>
PECO Energy Company
Preferred Stock - No Par
Cumulative (Note)
$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 500,000,000 224,684,306 3,589,031
----------- ----------- -----------
Total Capital Stock $ 3,819,203
===========
<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 - $112.00
$4.40 Series - $112.50 $3.80 Series - $106.00
$7.48 Series - None of the shares of this series are subject
to redemption prior to April 1, 2003.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit A
14 of 15
PECO Energy Company and Subsidiary Companies
Schedule of Long-Term Debt
December 31, 1998
(Thousands of Dollars)
Due Within
One Year
Long-Term (Included in
Debt Long-Term Debt)
<S> <C> <C>
PECO Energy Company
First and Refunding Mortgage Bonds
5-3/8% Series due 1998 $ - $ -
7-1/2% Series due 1999 250,000 249,987
9-1/4% Series due 1999 75,000 74,966
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 - -
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 36,562 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 - -
8-5/8% Series due 2022 - -
8-3/4% Series due 2022 - -
7-1/8% Series due 2022 200,000 -
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 -
------------ ------------
2,952,892 329,016
Medium-Term Notes 50,000 29,936
Notes Payable-Accounts Receivable Agreement 66,837 -
Notes Payable-Banks 15,930 2,571
Pollution Control Notes 212,705 -
Unamortized Premium on Long-Term Debt 111 -
Unamortized Discount on Long-Term Debt (17,360) -
------------ ------------
Total PECO Energy Company $ 3,281,115 $ 361,523
============ ============
</TABLE>
<PAGE>
Exhibit A
15 of 15
PECO Energy Company and Subsidiary Companies
Note to Financial Statements
December 31, 1998
(Thousands of Dollars)
1. Utility Plant in the balance sheet consists of the following:
Company Consolidated
Plant at Original Cost
Electric - Transmission & Distribution $3,681,234 $3,833,780
Electric - Generation 1,713,430 1,713,430
Gas 1,131,999 1,131,999
Common, Used in All Services 407,320 407,320
---------- ----------
$6,933,983 $7,086,529
---------- ----------
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000078100
<NAME> PECO Energy Company
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<BOOK-VALUE> Per-Book
<TOTAL-ASSETS> $12,048,363,000
<TOTAL-OPERATING-REVENUES> $5,210,482,000
<NET-INCOME> $512,724,000
</TABLE>
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