SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U5S
ANNUAL REPORT
For the year ended December 31, 1994
Filed pursuant to the Public Utility Holding
Company Act of 1935
By
PECO ENERGY POWER COMPANY
2301 Market Street, Philadelphia, Pennsylvania 19103
<PAGE>
- 2 -
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31,
1994
<TABLE>
<CAPTION>
% of Issuer Owner's
Number of Common Voting Book Book
Name of Company Shares Owned Power Value Value
<S> <C> <C> <C> <C>
PECO Energy Power Company
(PEPCO) (the registrant
and owner) (1)
Susquehanna Power Company
(SPCO) (the issuer) 1,273,000 100% $59.58 $59.58
The Proprietors of the
Susquehanna Canal (2*)
(1) $75,843,207 investment in Susquehanna Power Company
(2) This Company was acquired in connection with the development of the
Conowingo Hydroelectric Project. It is an inactive company, owning
no properties and conducting no business activities of any nature.
The total investment therein is reflected on the books of
Susquehanna Power Company at $1.
</TABLE>
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
None
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM
SECURITIES
None
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
The Company was required to make annual sinking fund payments (cash
and/or debentures), to the trustee for the 4-1/2% Sinking Fund
Debentures due 1995.
Sinking fund requirements in the period 1994-1995 were: 1994,
$800,000; 1995, $9,750,000.
On March 1, 1995, the Company's $9,750,000 of 4-1/2% Sinking Fund
Debentures matured and were paid.
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
None
<PAGE>
- 3 -
ITEM 6. OFFICERS AND DIRECTORS
PART I. AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Name of System
Companies with
Which Connected
---------------------------
PEPCO SPECO
<S> <C> <C> <C>
J. F. Paquette, Jr. 2301 Market St., Philadelphia, PA 19103 Pres. - Director Pres. - Director
K .G. Lawrence 2301 Market St., Philadelphia, PA 19103 VP - Director VP - Director
J. M. Madara, Jr. 2301 Market St., Philadelphia, PA 19103 VP - Director VP - Director
J. B. Mitchell 2301 Market St., Philadelphia, PA 19103 Treasurer Treasurer
K. K. Dodd 2301 Market St., Philadelphia, PA 19103 Secretary Secretary
E. J. Cullen, Jr. 2301 Market St., Philadelphia, PA 19103 Assist. Sec. Assist. Sec.
J. F. Hohenstein 2301 Market St., Philadelphia, PA 19103 Assist. Treas. Assist. Treas.
R. S. Steffens, Jr. 2301 Market St., Philadelphia, PA 19103 Assist. Treas. Assist. Treas.
J. W. Durham 2301 Market St., Philadelphia, PA 19103 Director Director
C. A. McNeill, Jr. 2301 Market St., Philadelphia, PA 19103 Director Director
</TABLE>
PART II.
<TABLE>
<CAPTION>
Position Held Applicable
Name of Officer Name and Location of in Financial Exemption
or Director Financial Institution Institution Rule
--------------- --------------------- ------------- ----------
- -
<S> <C> <C> <C>
J. F. Paquette, Jr. Meridian Bancorp, Inc. Director 70(e),(f)
Philadelphia, PA
Meridian Bank Director 70(e),(f)
Philadelphia, PA
</TABLE>
<PAGE>
- 4 -
PART III.
(a) COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS OF SYSTEM
COMPANIES
Directors' fees discontinued effective 5/23/88
(b) STOCK OPTIONS OR OTHER RIGHTS TO ACQUIRE SECURITIES
None
(c) CONTRACTS AND TRANSACTIONS
None
(d) INDEBTEDNESS
None
(e) BONUS AND PROFIT SHARING ARRANGEMENTS
None
(f) INDEMNIFICATION
None
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
None
ITEM 8. SERVICE, SALES, AND CONSTRUCTION CONTRACTS
Part I: None
Part II: None
Part III: None
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I: None
Part II: None
Part III: None
<PAGE>
- 5 -
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
(a) Index to Financial Statements and Schedules:
PAGE
----
6 Report of Independent Accountants
7 Consolidating Statement of Income for the year ended December
31, 1994
8 - 9 Consolidating Balance Sheet as of December 31, 1994
10 Consolidating Statement of Cash Flows for the year ended
December 31, 1994
11 Consolidating Statement of Changes in Shareholder's Equity
for the year ended December 31, 1994
12-15 Notes to Consolidating Financial Statements
16 Schedule of Utility Plant for the year ended December 31,
1994
17 Schedule of Accumulated Depreciation of Utility Plant for the
year ended December 31, 1994
Ex. 27 Financial Data Schedule as of December 31, 1994
(b) Index to Exhibits
Exhibit A
None
Exhibit B
1. PECO Energy Power Company's Certificate of Organization and
Charter, By-laws amended as of December 23, 1993, and
amendment to Articles of Incorporation filed February 8,
1994, are incorporated herein by reference (1991 Form U5S and
1993 Form 10-K, File No.1-1392).
2. Susquehanna Power Company's Certificate of Organization is
incorporated herein by reference (1991 Form U5S, File No. 1-
1392); By-laws amended December 23, 1993, and Charter
amendment filed February 8, 1994 are incorporated herein by
reference (1993 Form U5S, File No. 1-1392).
Exhibit C
Philadelphia Electric Power Company's and The Susquehanna
Power Company's Indenture dated as of March 1, 1965 is
incorporated herein by reference (Registration No. 3135).
Exhibit D
None
Exhibit E
None
Exhibit F
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit G
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit H
None
Exhibit I
None
<PAGE>
- 6 -
COOPERS Coopers & Lybrand L.L.P.
& LYBRAND a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors
PECO Energy Power Company
Philadelphia, Pennsylvania
We have audited the consolidating and individual financial statements
and the financial statement schedules of PECO Energy Power Company
(subsidiary of PECO Energy Company) and subsidiary company listed in
Item 10 of this form U5S. These financial statements and financial
statement schedules are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements and financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidating and individual
financial positions of PECO Energy Power Company and subsidiary company
as of December 31, 1994, and the consolidated and individual results of
their operations and their cash flows for the year ended December 31,
1994, in conformity with generally accepted accounting principles. In
addition, in our opinion, the financial statement schedules referred to
above, when considered in relation to the basic financial statements
taken as a whole, present fairly, in all material respects, the
information required to be included therein.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 30, 1995<PAGE>
<TABLE>
<CAPTION>
- 7 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1994
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ----------
<S> <C> <C> <C> <C>
Rentals from Utility Plant Leased to Others
Affiliates $806,112 $14,683,688 --- $15,489,800
Others 224,565 --- --- 224,565
---------- ------------ ------------ ------------
Total Rentals from Utility Plant
Leased to Others 1,030,677 14,683,688 --- 15,714,365
---------- ------------ ------------ ------------
Expenses of Utility Plant Leased to Others
General 26,701 37,039 --- 63,740
Depreciation and Amortization 45,294 1,543,720 --- 1,589,014
Income Taxes 43,179 3,496,180 --- 3,539,359
Other Taxes 366,400 1,950,515 --- 2,316,915
---------- ------------ ------------ ------------
Total Expenses of Utility Plant Leased to Others 481,574 7,027,454 --- 7,509,028
---------- ------------ ------------ ------------
Income from Leased Utility Plant 549,103 7,656,234 --- 8,205,337
---------- ------------ ------------ ------------
Other Income and Deductions
Allowance for Other Funds Used
During Construction --- 133,391 --- 133,391
Income Taxes (191) (39,598) --- (39,789)
Other, Net 445 (8,229) --- (7,784)
Equity in Net Income of Subsidiary 7,850,146 --- (7,850,146) ---
---------- ------------ ------------ ------------
Total Other Income and Deductions 7,850,400 85,564 (7,850,146) 85,818
---------- ------------ ------------ ------------
Income Before Interest Charges 8,399,503 7,741,798 (7,850,146) 8,291,155
---------- ------------ ------------ ------------
Net Interest Charges
Interest on Debt 34,361 --- --- 34,361
Allowance for Borrowed Funds Used
During Construction --- (152,838) --- (152,838)
Other 107,455 44,490 --- 151,945
---------- ------------ ------------ ------------
Net Interest Charges 141,816 (108,348) --- 33,468
---------- ------------ ------------ ------------
Net Income $8,257,687 $7,850,146 ($7,850,146) $8,257,687
---------- ------------ ------------ ------------
See Notes to Consolidating Financial Statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- 8 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(ASSETS)
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ------------ ------------ ----------
ASSETS
<S> <C> <C> <C> <C>
Utility Plant - at original cost $6,103,452 $117,878,594 --- $123,982,046
Less Accumulated Provision for Depreciation
and Amortization 553,481 39,213,065 --- 39,766,546
------------- -------------- -------------- -------------
5,549,971 78,665,529 --- 84,215,500
------------- -------------- -------------- -------------
Construction Work in Progress --- 3,797,896 --- 3,797,896
------------- -------------- -------------- -------------
5,549,971 82,463,425 --- 88,013,396
------------- -------------- -------------- -------------
Investments
Investment in Subsidiary Company 75,843,207 --- ($75,843,207) ---
Nonutility Property, Net 384,727 1,008,491 --- 1,393,218
------------- -------------- -------------- -------------
76,227,934 1,008,491 (75,843,207) 1,393,218
------------- -------------- -------------- -------------
Current Assets
Cash and Temporary Cash Investments 144,001 46,909 --- 190,910
Accounts Receivable, Affiliates (320,907) 1,957,265 --- 1,636,358
Accounts Receivable, Other 36,012 216,293 --- 252,305
Prepayments 30,168 1,388,133 --- 1,418,301
------------- -------------- -------------- -------------
(110,726) 3,608,600 --- 3,497,874
------------- -------------- -------------- -------------
Deferred Debits
Recoverable Deferred Income Taxes 119,240 9,533,471 9,652,711
Deferred Debits 260 27,229 --- 27,489
------------- -------------- -------------- -------------
119,500 9,560,700 --- 9,680,200
------------- -------------- -------------- -------------
Total Assets $81,786,679 $96,641,216 ($75,843,207) $102,584,688
============= ============== ============== =============
See Notes to Consolidating Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
- 9 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
(CAPITALIZATION & LIABILITIES)
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ------------ ------------ ------------
CAPITALIZATION & LIABILITIES
<S> <C> <C> <C> <C>
Capitalization
Common Shareholder's Equity
Common Stock ($25 par)
Authorized 1,500,000 Shares, $24,600,000 --- --- $24,600,000
Outstanding 984,000 Shares
Common Stock (without par value) --- $47,047,450 ($47,047,450) ---
Authorized 1,500,000 Shares,
Outstanding 1,273,000 Shares
Other Paid-In Capital 36,500,000 22,200,000 (22,200,000) 36,500,000
Retained Earnings 7,470,643 6,595,757 (6,595,757) 7,470,643
------------- -------------- -------------- --------------
68,570,643 75,843,207 (75,843,207) 68,570,643
------------- -------------- -------------- --------------
Current Liabilities
Notes Payable 2,350,000 1,649,344 --- 3,999,344
Long-Term Debt due Within One Year 9,750,000 --- --- 9,750,000
Accounts Payable, Affiliates 322,546 77,350 --- 399,896
Accounts Payable, Other 14,773 4,180 --- 18,953
Taxes Accrued 404,211 2,737,582 --- 3,141,793
Interest Accrued 151,184 2,963 --- 154,147
------------- -------------- -------------- --------------
12,992,714 4,471,419 --- 17,464,133
------------- -------------- -------------- --------------
Deferred Credits
Unamortized Gain on Reacquired Debt 69,576 --- --- 69,576
Unamortized Investment Tax Credits --- 963,363 --- 963,363
Deferred Income Taxes 153,746 15,363,227 --- 15,516,973
------------- -------------- -------------- --------------
223,322 16,326,590 --- 16,549,912
------------- -------------- -------------- --------------
Total Capitalization & Liabilities $81,786,679 $96,641,216 ($75,843,207) $102,584,688
============= ============== ============== =============
See Notes to Consolidating Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- 10 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 1994
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Cash Flows from Operating Activities
Net Income $8,257,687 $7,850,146 ($7,850,146) $8,257,687
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization 45,294 1,543,720 --- 1,589,014
Deferred Income Taxes 110,109 (441,307) --- (331,198)
Investment Tax Credits, Net --- (16,524) --- (16,524)
Decrease in Receivables 2,013,542 625,529 --- 2,639,071
Increase in Payables and
Accrued Expenses (1,866,837) (4,028,678) --- (5,895,515)
Recoverable Deferred Income Taxes (53,461) 949,560 --- 896,099
Other, Net (446,060) (220,883) --- (666,943)
---------- ------------ ------------ ------------
Net Cash Flows Provided by Operating Activities 8,060,274 6,261,563 (7,850,146) 6,471,691
---------- ------------ ------------ ------------
Cash Flows from Investing Activities
Investment in Utility Plant --- (985,558) --- (985,558)
Nonutility Plant --- (7,202) --- (7,202)
Net Investment in Subsidiary Company (859,386) --- 859,386 ---
---------- ------------ ------------ ------------
Net Cash Flows Used by Investing Activities (859,386) (992,760) 859,386 (992,760)
---------- ------------ ------------ ------------
Cash Flows from Financing Activities
Capital Contribution from Parent Company 800,000 800,000 (800,000) 800,000
Repayment of Long-Term Debt (800,000) --- --- (800,000)
Change in Short-Term Debt 1,000,000 1,649,344 --- 2,649,344
Other, Net 2,804 --- --- 2,804
Dividends on Common Stock (8,206,560) (7,790,760) 7,790,760 (8,206,560)
---------- ------------ ------------ ------------
Net Cash Flows Used by Financing Activities (7,203,756) (5,341,416) 6,990,760 (5,554,412)
---------- ------------ ------------ ------------
Decrease in Cash and Cash Equivalents (2,868) (72,613) --- (75,481)
---------- ------------ ------------ ------------
Cash & Cash Equivalents at beginning of period 146,869 119,522 --- 266,391
---------- ------------ ------------ ------------
Cash & Cash Equivalents at end of period $144,001 $46,909 --- $190,910
========== ============ ============ ============
See Notes to Consolidating Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
- 11 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
For the Year Ended December 31, 1994
Capital
Contributions
From
Balance Net Parent Balance
1/1/94 Dividends Income Company 12/31/94
---------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C> <C>
PECO Energy Power Company
Common Stock $24,600,000 --- --- --- $24,600,000
Other Paid-In Captial 35,700,000 --- --- 800,000 36,500,000
Retained Earnings 7,419,516 (8,206,560)* 8,257,687 --- 7,470,643
Susquehanna Power Company
Common Stock 47,047,450 --- --- --- 47,047,450
Other Paid-In Captial 21,400,000 --- --- 800,000 22,200,000
Retained Earnings 6,536,371 (7,790,760)** 7,850,146 --- 6,595,757
Eliminations
Common Stock (47,047,450) --- --- --- (47,047,450)
Other Paid-In Captial (21,400,000) --- --- (800,000) (22,200,000)
Retained Earnings (6,536,371) 7,790,760 (7,850,146) --- (6,595,757)
Consolidated
Common Stock 24,600,000 --- --- --- 24,600,000
Other Paid-In Captial 35,700,000 --- --- 800,000 36,500,000
Retained Earnings 7,419,516 (8,206,560) 8,257,687 --- 7,470,643
* $8.34 per share
** $6.12 per share
</TABLE>
<PAGE>
- 12 -
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CONSOLIDATION
The consolidating financial statements include the accounts
of PECO Energy Power Company (Company) and its subsidiary,
Susquehanna Power Company (SPCO). The Company and SPCO
(Companies) are owned by PECO Energy Company (Parent
Company), which together with another subsidiary leases and
operates the utility plant of the Company and SPCO.
The Companies are joint holders of a license from the
Federal Energy Regulatory Commission (FERC) for Project No.
405 (Conowingo Project).
DEPRECIATION AND AMORTIZATION
The annual provision for depreciation is provided over the
estimated service lives of plant on the straight-line
method. The annual provision for financial reporting
purposes in 1994, expressed as a percent of average
depreciable plant in service, was 1.07% for the property of
the Company and 1.42% for the property of SPCO.
Costs for relicensing the Conowingo Hydroelectric Project
are being amortized over 30 years on the straight-line
method.
INCOME TAXES
The Companies join with the Parent Company and its other
subsidiaries in filing a consolidated federal income tax
return. The provision for federal income taxes is computed
on a separate return basis after giving consideration to
consolidated return savings.
ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (AFUDC)
AFUDC is the cost, during the period of construction, of
debt and equity funds used to finance construction
projects. AFUDC is recorded as a charge to Construction
Work in Progress and the credits are to Interest Charges
for the cost of borrowed funds and to Other Income and
Deductions for the remainder as the allowance for other
funds. The rate used for capitalizing AFUDC, which
averaged 7.74% in 1994, was computed under a method
prescribed by the regulatory authorities on the basis of
the Parent Company's book balances and cost rates, and is
utilized by all of the subsidiaries of the Parent Company,
including the Companies. AFUDC is not included in regular
taxable income and the depreciation of capitalized AFUDC is
not tax deductible.
GAINS AND LOSSES ON REACQUIRED DEBT
Gains and losses on reacquired debt are deferred and
amortized to interest expense over the period approved for
ratemaking purposes. The balances in these accounts are
being amortized over the remaining life of the Sinking Fund
Debentures in accordance with the ratemaking treatment.
<PAGE>
- 13 -
2. Sinking Fund Requirements:
The Company retired the $9,750,000 of 4-1/2% Sinking Fund
Debentures on March 1, 1995.
3. Income Taxes:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- -----------
<S> <C> <C> <C>
Current $(13,469) $3,004,450 $2,990,981
Deferred 56,648 508,254 564,902
Amortization of Investment
Tax Credits -- (16,524) (16,524)
--------- ----------- -----------
Total 43,179 3,496,180 3,539,359
Included in other income-
current and deferred 191 39,598 39,789
--------- ----------- -----------
Total income tax provision $ 43,370 $3,535,778 $3,579,148
========= =========== ===========
</TABLE>
In accordance with Statement of Financial Accounting Standards (SFAS) No.
109, "Accounting for Income Taxes," the Companies have recorded an
additional accumulated net deferred income tax liability and pursuant to
SFAS No. 71, "Accounting for the Effects of Certain Types of Regulation,"
a corresponding recoverable deferred income tax asset of $9.7 million at
December 31, 1994, representing primarily the cumulative amount of
federal and state income taxes associated with the elimination of the
net-of-tax AFUDC accounting methodology.
The $9.7 million accumulated net deferred income tax liability reflects
the tax effect of anticipated revenues and reverses as the related
temporary differences reverse over the life of the related depreciable
assets concurrent with the recovery of their costs in rates.
Also included in the accumulated deferred income tax liability are other
accumulated deferred income taxes, principally associated with
liberalized tax depreciation, established in accordance with the
ratemaking policies of the Pennsylvania Public Utility Commission (PUC)
based on flow-through accounting.
<PAGE>
- 14 -
The tax effect of temporary differences which give rise to the Companies' net
deferred tax liability as of December 31, 1994 are as follows:
<TABLE>
<CAPTION>
Nature of Temporary Difference: Liability or (Asset)
-------------------------------------
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ------------ -----------
<S> <C> <C> <C>
Utility Plant
Accelerated Depreciation $ 220,115 $ 3,413,846 $ 3,633,961
Deferred Investment Tax Credit -- 963,363 963,363
AMT Credits (174,264) 2,639,778 2,465,514
Other Plant Related Temporary
Differences 62,149 5,305,545 5,367,694
Taxes Recoverable Through
Future Rates, Net 50,214 4,004,058 4,054,272
Deferred Debt Refinancing Costs (4,468) -- (4,468)
---------- ----------- ------------
Deferred Income Taxes per
the Balance Sheet $ 153,746 $16,326,590 $16,480,336
========== =========== ============
</TABLE>
The net deferred tax liability shown above is comprised of $16.7 million of
deferred tax liabilities partly offset by $176,000 of deferred tax assets.
The total provision for income taxes was less than the amount computed by
applying the federal statutory rate of 35% to income before income taxes
for the following reasons:
<TABLE>
<CAPTION>
Percent of Income Before Income Taxes
-------------------------------------
PECO Energy Susquehanna
Power Power
Company Company Consolidated
------------ ----------- ------------
<S> <C> <C> <C>
Federal statutory rate 35% 35% 35%
Reimbursement of income taxes
included in rentals from
utility plant leased to
affiliates 1 (7) (7)
State income tax, net of federal
income tax benefits - 4 4
Flow through of gain on
reacquired debt (26) - (1)
Other - (1) (1)
---- --- ---
Effective rate 10% 31% 30%
==== === ===
</TABLE>
<PAGE>
- 15 -
4. Taxes, Other Than Income Taxes:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Capital Stock $108,000 $634,800 $742,800
Real Estate 258,400 1,299,180 1,557,580
Gross Receipts -- 8,004 8,004
Superfund -- 8,004 8,004
Other -- 527 527
-------- ---------- ----------
$366,400 $1,950,515 $2,316,915
======== ========== ==========
</TABLE>
5. Notes Payable, Banks:
There are no specific requirements for compensating balances in
conjunction with the bank loans. The Parent Company maintains normal
working balances with all lending banks. During 1994, the Parent Company
was required to maintain a 5% average compensating balance for its credit
lines. At December 31, 1994, the Companies had approximately $4.0
million of outstanding loans under formal and informal lines of credit
aggregating approximately $9.5 million.
6. Utility Plant - Leased to Related Parties:
Utility plant consists principally of a hydroelectric generating station
and related transmission facilities and is leased to and operated by
affiliated companies. Rentals are based on an annual return on net
original cost of utility plant plus working capital together with a
reimbursement of operating expenses, taxes and depreciation as reflected
in the Consolidating Statement of Income. The license granted by the
Federal Energy Regulatory Commission for the Conowingo Project expires in
2014. Minimum rental payments due in future years through 2014
aggregated $155.7 million at December 31, 1994, with approximately $8.2
million of rentals, net of expenses, due in each of the next five years.
7. Cash and Cash Equivalents:
For purposes of the Consolidating Statement of Cash Flows, the Companies
consider all highly liquid debt instruments purchased with a maturity of
three months or less to be cash equivalents. The following disclosures
supplement the accompanying Consolidating Statement of Cash Flows:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Cash Paid During the Year:
Interest (net of amount
capitalized) $561,373 $(111,311) $450,061
Income taxes (net of refunds) 6,428 617,457 623,885
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- 16 -
PECO ENERGY POWER COMPANY
AND
PECO ENERGY POWER COMPANY AND SUBSIDIARY COMPANY
SCHEDULE OF UTILITY PLANT
For the Year Ended December 31, 1994
PECO Energy Power Company
Column A Column F
Balance at
Classification End of Year
<S> <C> <C>
Plant in Service
Electric Plant Leased to Others:
Intangibles $770,218
Production 5,149,556
Transmission 183,678
Construction Work in Progress -
------------
Total $6,103,452
============
Column B, Balance at Beginning of Year $6,103,452
Column C, Additions at Cost -
Column D, Retirements -
Column E, Other Changes -
PECO Energy Power Company & Subsidiary
Column A Column F
Balance at
Classification End of Year
Plant in Service
Electric Plant Leased to Others:
Intangibles $3,400,305
Production 113,238,202
Transmission 6,110,015
Distribution 309,070
General 4,254
Construction Work in Progress 3,797,896
Plant Held for Future Use 920,200
Total $127,779,942
Column B, Balance at Beginning of Year $127,680,269
Column C, Additions at Cost $920,626
Column D, Retirements $820,953
Column E, Other Changes -
The information required by Columns B, C, D, and E for PECO Energy Power Company
and for PECO Energy Power Company & Subsidiary, other than totals thereof, is omitted
since neither the total additions nor the total deductions during the year amount to more
than 10% of the balance at end of year.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- 17 -
PECO ENERGY POWER COMPANY
AND
PECO ENERGY POWER COMPANY AND SUBSIDIARY COMPANY
SCHEDULE OF ACCUMULATED DEPRECIATION OF UTILITY PLANT
For the Year Ended December 31, 1994
Column A Column B Column C Column D Column E Column F
Balance Depreciation Other Balance
Beginning and Changes, End of
Description of Year Amortization Retirements Net(a) Year
- ------------ --------- ------------ ----------- ---------- ---------
PECO Energy Power Company
<S> <C> <C> <C> <C> <C>
Utility Plant $ 508,187 $ 45,294 --- --- $ 553,481
=========== ========== =========== =========== ===========
PECO Energy Power Company
and Subsidiary Company
Utility Plant $39,063,417 $1,589,014 $820,953 ($64,932) $39,766,546
=========== ========== =========== =========== ===========
(a) Cost of removal.
</TABLE>
<PAGE>
SIGNATURE
The undersigned system company has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized pursuant
to the requirements of the Public Utility Holding Company Act of 1935.
The signature of the undersigned company shall be deemed to relate only to
matters having reference to such company or its subsidiary.
PECO ENERGY POWER COMPANY
Date: By:
---------------------------- ---------------------------
J. Barry Mitchell, Treasurer
[ARTICLE] OPUR1
[CIK] 0000078103
[NAME] PECO ENERGY POWER COMPANY
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[BOOK-VALUE] PER-BOOK
[TOTAL-NET-UTILITY-PLANT] 5,549,971
[OTHER-PROPERTY-AND-INVEST] 76,227,934
[TOTAL-CURRENT-ASSETS] (110,726)
[TOTAL-DEFERRED-CHARGES] 119,500
[OTHER-ASSETS] 0
[TOTAL-ASSETS] 81,786,679
[COMMON] 24,600,000
[CAPITAL-SURPLUS-PAID-IN] 36,500,000
[RETAINED-EARNINGS] 7,470,643
[TOTAL-COMMON-STOCKHOLDERS-EQ] 68,570,643
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[LONG-TERM-DEBT-NET] 0
[SHORT-TERM-NOTES] 0
[LONG-TERM-NOTES-PAYABLE] 2,350,000
[COMMERCIAL-PAPER-OBLIGATIONS] 0
[LONG-TERM-DEBT-CURRENT-PORT] 9,750,000
[PREFERRED-STOCK-CURRENT] 0
[CAPITAL-LEASE-OBLIGATIONS] 0
[LEASES-CURRENT] 0
[OTHER-ITEMS-CAPITAL-AND-LIAB] 1,116,036
[TOT-CAPITALIZATION-AND-LIAB] 81,786,679
[GROSS-OPERATING-REVENUE] 1,030,677
[INCOME-TAX-EXPENSE] 43,179
[OTHER-OPERATING-EXPENSES] 438,395
[TOTAL-OPERATING-EXPENSES] 481,574
[OPERATING-INCOME-LOSS] 549,103
[OTHER-INCOME-NET] 7,850,400
[INCOME-BEFORE-INTEREST-EXPEN] 8,399,503
[TOTAL-INTEREST-EXPENSE] 141,816
[NET-INCOME] 8,257,687
[PREFERRED-STOCK-DIVIDENDS] 0
[EARNINGS-AVAILABLE-FOR-COMM] 8,257,687
[COMMON-STOCK-DIVIDENDS] 8,206,560
[TOTAL-INTEREST-ON-BONDS] 34,361
[CASH-FLOW-OPERATIONS] 8,060,274
[EPS-PRIMARY] 0
[EPS-DILUTED] 0
</TABLE>
[ARTICLE] OPUR1
[CIK] 0000078103
[NAME] PECO ENERGY POWER COMPANY
[SUBSIDIARY]
[NUMBER] 1
[NAME] SUSQUEHANNA POWER COMPANY
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[BOOK-VALUE] PER-BOOK
[TOTAL-NET-UTILITY-PLANT] 82,463,425
[OTHER-PROPERTY-AND-INVEST] 1,008,491
[TOTAL-CURRENT-ASSETS] 3,608,600
[TOTAL-DEFERRED-CHARGES] 9,560,700
[OTHER-ASSETS] 0
[TOTAL-ASSETS] 96,641,216
[COMMON] 47,047,450
[CAPITAL-SURPLUS-PAID-IN] 22,200,000
[RETAINED-EARNINGS] 6,595,757
[TOTAL-COMMON-STOCKHOLDERS-EQ] 75,843,207
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[LONG-TERM-DEBT-NET] 0
[SHORT-TERM-NOTES] 0
[LONG-TERM-NOTES-PAYABLE] 1,649,344
[COMMERCIAL-PAPER-OBLIGATIONS] 0
[LONG-TERM-DEBT-CURRENT-PORT] 0
[PREFERRED-STOCK-CURRENT] 0
[CAPITAL-LEASE-OBLIGATIONS] 0
[LEASES-CURRENT] 0
[OTHER-ITEMS-CAPITAL-AND-LIAB] 19,148,665
[TOT-CAPITALIZATION-AND-LIAB] 96,641,216
[GROSS-OPERATING-REVENUE] 14,683,688
[INCOME-TAX-EXPENSE] 3,496,180
[OTHER-OPERATING-EXPENSES] 3,531,274
[TOTAL-OPERATING-EXPENSES] 7,027,454
[OPERATING-INCOME-LOSS] 7,656,234
[OTHER-INCOME-NET] 85,564
[INCOME-BEFORE-INTEREST-EXPEN] 7,741,798
[TOTAL-INTEREST-EXPENSE] (108,348)
[NET-INCOME] 7,850,146
[PREFERRED-STOCK-DIVIDENDS] 0
[EARNINGS-AVAILABLE-FOR-COMM] 7,850,146
[COMMON-STOCK-DIVIDENDS] 7,790,760
[TOTAL-INTEREST-ON-BONDS] 0
[CASH-FLOW-OPERATIONS] 6,261,563
[EPS-PRIMARY] 0
[EPS-DILUTED] 0
</TABLE>
[ARTICLE] OPUR1
[CIK] 0000078103
[NAME] PECO ENERGY POWER COMPANY
[SUBSIDIARY]
[NUMBER] 2
[NAME] PECO ENERGY PWR. CO./SUSQ. ELEC. CO. CONSOLIDATED
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[BOOK-VALUE] PER-BOOK
[TOTAL-NET-UTILITY-PLANT] 88,013,396
[OTHER-PROPERTY-AND-INVEST] 1,393,218
[TOTAL-CURRENT-ASSETS] 3,497,874
[TOTAL-DEFERRED-CHARGES] 9,680,200
[OTHER-ASSETS] 0
[TOTAL-ASSETS] 102,584,688
[COMMON] 24,600,000
[CAPITAL-SURPLUS-PAID-IN] 36,500,000
[RETAINED-EARNINGS] 7,470,643
[TOTAL-COMMON-STOCKHOLDERS-EQ] 68,570,643
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[LONG-TERM-DEBT-NET] 0
[SHORT-TERM-NOTES] 0
[LONG-TERM-NOTES-PAYABLE] 3,999,344
[COMMERCIAL-PAPER-OBLIGATIONS] 0
[LONG-TERM-DEBT-CURRENT-PORT] 9,750,000
[PREFERRED-STOCK-CURRENT] 0
[CAPITAL-LEASE-OBLIGATIONS] 0
[LEASES-CURRENT] 0
[OTHER-ITEMS-CAPITAL-AND-LIAB] 20,264,701
[TOT-CAPITALIZATION-AND-LIAB] 102,584,688
[GROSS-OPERATING-REVENUE] 15,714,365
[INCOME-TAX-EXPENSE] 3,539,359
[OTHER-OPERATING-EXPENSES] 3,969,669
[TOTAL-OPERATING-EXPENSES] 7,509,028
[OPERATING-INCOME-LOSS] 8,205,337
[OTHER-INCOME-NET] 85,818
[INCOME-BEFORE-INTEREST-EXPEN] 8,291,155
[TOTAL-INTEREST-EXPENSE] 33,468
[NET-INCOME] 8,257,687
[PREFERRED-STOCK-DIVIDENDS] 0
[EARNINGS-AVAILABLE-FOR-COMM] 8,257,687
[COMMON-STOCK-DIVIDENDS] 8,206,560
[TOTAL-INTEREST-ON-BONDS] 34,361
[CASH-FLOW-OPERATIONS] 6,471,691
[EPS-PRIMARY] 0
[EPS-DILUTED] 0
</TABLE>
