FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended...September 30, 1994........
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from..............to..................
Commission file number...............1-1392...................
..............PECO Energy Power Company.............
(formerly Philadelphia Electric Power Company)
(Exact name of registrant as specified in its charter)
............Pennsylvania.................... 23-0970740.......
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
....2301 Market Street, Philadelphia, PA..........19103.......
(Address of principal executive offices) (Zip Code)
.................(215) 841-4000.....................
(Registrant's telephone number, including area code)
The registrant meets the conditions set forth in General
Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing
this Form with the reduced disclosure format.
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the
issuer's classes of common stock as of the latest practicable
date. The Company has 984,000 shares of common stock outstanding
at September 30, 1994.
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PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- ---------------------------------------------------------------------------------------------------------------
PECO Energy Power Company (Company) is a wholly owned subsidiary of PECO Energy Company (Parent Company). The
Company and its wholly owned subsidiary, Susquehanna Power Company (Maryland Company), own the Conowingo Hydro-
Electric Project which is licensed by the Federal Energy Regulatory Commission. The utility plant is leased to
and operated by the Parent Company and the Maryland Company. The accompanying condensed consolidated financial
statements are unaudited but include all adjustments (consisting only of normal recurring accruals) which the
Company considers necessary for a fair presentation of such condensed consolidated financial statements. The
year-end consolidated balance sheet data was derived from audited financial statements, but does not include
all disclosures required by generally accepted accounting principles. The accompanying condensed consolidated
financial statements also reflect the Company's adoption of Statement of Financial Accounting Standards No.
109, "Accounting for Income Taxes," effective January 1, 1993.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
1994 1993 1994 1993
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Rentals from Utility Plant Leased to Others $3,997,833 $3,696,266 $11,493,631 $11,122,226
---------- ---------- ----------- ----------
Expenses of Utility Plant Leased to Others
General 16,052 18,429 50,538 61,786
Depreciation and Amortization 397,254 375,528 1,150,622 1,121,976
Income Taxes 875,905 844,138 2,478,964 2,452,367
Other Taxes 579,798 470,425 1,736,992 1,486,262
---------- ---------- ---------- ----------
Total Expenses of Utility Plant
Leased to Others 1,869,009 1,708,520 5,417,116 5,122,391
---------- ---------- ---------- ----------
Income from Leased Utility Plant 2,128,824 1,987,746 6,076,515 5,999,835
---------- ---------- ---------- ----------
Other Income and Deductions
Allowance for Other Funds Used
During Construction 21,342 36,572 110,686 93,255
Income Taxes (9,165) (31,240) (32,321) (35,128)
Other, Net (1,854) 15,278 (5,414) (5,845)
---------- ---------- ---------- ----------
Total Other Income and Deductions 10,323 20,610 72,951 52,282
---------- ---------- ---------- ----------
Income Before Interest Charges 2,139,147 2,008,356 6,149,466 6,052,117
---------- ---------- ---------- ----------
Interest Charges
Interest on Debt 5,669 15,872 27,271 50,853
Allowance for Borrowed Funds Used
During Construction (27,063) (35,805) (124,046) (93,703)
Other 31,904 13,201 109,355 27,918
---------- ---------- ---------- ----------
Net Interest Charges 10,510 (6,732) 12,580 (14,932)
---------- ---------- ---------- ----------
Net Income $2,128,637 $2,015,088 $6,136,886 $6,067,049
========== ========== ========== ==========
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PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Sept. 30, Dec. 31,
1994 1993
ASSETS ------------ ------------
<S> <C> <C>
Utility Plant, at Original Cost $123,982,046 $119,434,378
Less Accumulated Provision for Depreciation
and Amortization 39,389,420 39,063,417
------------ ------------
84,592,626 80,370,961
Construction Work in Progress 3,386,029 8,245,891
------------ ------------
87,978,655 88,616,852
------------ ------------
Non-Utility Property, Net 1,395,590 1,386,016
Current Assets
Cash and Temporary Cash Investments 1,068,888 266,391
Accounts Receivable, Affiliates 2,884,119 4,476,173
Accounts Receivable, Other 65,622 51,561
Prepayments 279,328 966,990
------------ ------------
4,297,957 5,761,115
Deferred Debits ------------ ------------
Unamortized Debt Expense 651 1,823
Deferred Income Taxes Receivable 9,607,360 10,548,810
Miscellaneous Deferred Debits 227,489 227,489
------------ ------------
9,835,500 10,778,122
------------ ------------
TOTAL $103,507,702 $106,542,105
============ ============
LIABILITIES AND SHAREHOLDER'S EQUITY
Common Shareholder's Equity
Common Stock ($25 Par), Authorized 1,500,000 Shares,
Outstanding 984,000 Shares $24,600,000 $24,600,000
Other Paid-In Capital 36,500,000 35,700,000
Retained Earnings 7,455,602 7,419,516
------------ ------------
68,555,602 67,719,516
Long-Term Debt ------------ ------------
Sinking Fund Debentures, 4-1/2% due March 1, 1995 0 9,750,000
------------ ------------
0 9,750,000
------------ ------------
Current Liabilities
Notes Payable 2,150,000 1,350,000
Sinking Fund Debentures, 4-1/2% due March 1, 1995 9,750,000 800,000
Unamortized Debt Discount (1,168) (3,271)
Accounts Payable, Affiliates 4,334,682 9,152,348
Accounts Payable, Other (382,547) 11,032
Taxes Accrued 2,555,418 289,740
Interest Accrued 35,829 157,651
------------ ------------
18,442,214 11,757,500
------------ ------------
Deferred Credits
Unamortized Gain on Reacquired Debt 173,940 487,031
Accumulated Deferred Investment Tax Credits 967,494 979,887
Accumulated Deferred Income Taxes 15,368,452 15,848,171
------------ ------------
16,509,886 17,315,089
------------ ------------
TOTAL $103,507,702 $106,542,105
============ ============
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<CAPTION>
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
9 Months Ended Sept. 30,
1994 1993
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $6,136,886 $6,067,049
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization 1,150,622 1,121,976
Deferred Income Taxes 941,450 409,697
Investment Tax Credits, Net (12,393) (11,637)
Net Change in Receivables 1,577,993 (2,843,189)
Net Change in Payables and Accrued Expenses (3,067,389) 5,524,359
Net Change in Recoverable Deferred Income Taxes (479,719) ---
Other, Net (448,876) 59,010
---------- ----------
Net Cash Flows Provided by Operating Activities 5,798,574 10,327,265
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Utility Plant 312,194 (1,646,698)
Non-Utility Plant (9,574) 5,636
---------- ----------
Net Cash Flows Provided (Used) by Investing Activities 302,620 (1,641,062)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Capital Contribution from Parent Company 800,000 1,200,000
Repayment of Long-Term Debt (800,000) (800,000)
Change in Short-Term Debt 800,000 1,175,000
Other, Net 2,103 2,563
Dividends on Common Stock (6,100,800) (6,100,800)
---------- ----------
Net Cash Flows Used by Financing Activities (5,298,697) (4,523,237)
---------- ----------
Increase in Cash and Cash Equivalents 802,497 4,162,966
Cash and Cash Equivalents at beginning of period 266,391 373,817
---------- ----------
Cash and Cash Equivalents at end of period $1,068,888 $4,536,783
========== ==========
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
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Signatures
Pursuant to requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned
thereunto duly authorized.
PECO ENERGY POWER COMPANY
\s\ M. W. Rimerman
M. W. Rimerman
Treasurer
(Principal Financial Officer)
Date: November 10, 1994
<TABLE> <S> <C>
<ARTICLE> UT
<CIK> 0000078103
<NAME> PECO ENERGY POWER CO.
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<FISCAL-YEAR-END> DEC-31-1994
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