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File No. 1-9120
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
--------------------------------------------
(Name of company)
hereby files with the Securities and Exchange Commission, pursuant to Rule
2, its statement claiming exemption as a holding company from the
provisions of the Public Utility Holding Company Act of 1935 and submits
the following information:
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1. Name, State of organization, location and nature of business of
claimant, Public Service Enterprise Group Incorporated (Enterprise) and
every subsidiary thereof, other than any exempt wholesale generator (EWG)
or foreign utility company in which Enterprise directly or indirectly holds
an interest.
Enterprise is a New Jersey corporation and has its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07101. Enterprise
has two direct wholly-owned subsidiaries, Public Service Electric and Gas
Company (PSE&G) and Enterprise Diversified Holdings Incorporated (EDHI).
Enterprise also has 111 indirect subsidiaries. Details are as follows:
I. PSE&G, a New Jersey corporation, with its principal
executive offices at 80 Park Plaza, Newark, New Jersey
07101, is an operating public utility company engaged
principally in the generation, transmission, distribution
and sale of electric energy service and in the production,
transmission, distribution and sale of gas service in New
Jersey. PSE&G supplies electric and gas service in areas of
New Jersey in which approximately 5,500,000 persons, about
70% of the State's population reside. PSE&G supplements
natural gas with purchased refinery gas and liquefied
petroleum gas produced from propane. About 40% of PSE&G's
daily gas capacity is high load factor natural gas and is
available every day of the year. The remainder comes from
field storage, liquefied natural gas, seasonal sales,
contract peaking supply, propane and refinery gas. PSE&G is
Enterprise's principal operating subsidiary. As of December
31, 1994, PSE&G comprised 85% of Enterprise's assets.
PSE&G's 1994 revenues were 93% of Enterprise's revenues and
PSE&G's earnings available to Enterprise was 91% of
Enterprise's net income. Electric and gas production and
distribution will continue as the principal business of
Enterprise for the foreseeable future. The accounting and
rates of PSE&G are subject in certain respects to the
requirements of the New Jersey Board of Public Utilities
(BPU) and the Federal Energy Regulatory Commission (FERC).
PSE&G has six direct wholly-owned subsidiaries, as
follows:
A. PSE&G Fuel Corporation (Fuelco), a New Jersey
corporation, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07101. Fuelco provides
financing, unconditionally guaranteed by PSE&G, of up
to $150 million aggregate principal amount at any one
time of a 42.49% interest in the nuclear fuel acquired
for Peach Bottom Atomic Power Station Units 2 and 3.
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B. New Jersey Properties, Inc. (NJP), a New Jersey
corporation, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07101. NJP acquires
certain real estate from time to time.
C. Public Service Corporation of New Jersey (PSC of NJ), a
New Jersey corporation, has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07101.
PSC of NJ surveys and investigates potential nuclear
generation sites for the United States Department of
Energy.
D. Public Service Conservation Resources Corporation
(PSCRC), a New Jersey corporation, has its principal
executive offices at 9 Campus Drive, Parsippany, New
Jersey 07054. PSCRC finances, markets and develops
energy conservation projects, mostly within PSE&G's
service territory.
E. Soil Extraction Technologies, Inc., (SETI) a New Jersey
corporation, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07101. SETI, presently
inactive, was a general partner (50% partnership
interest) in a partnership developing and
commercializing soil remediation technology to cleanse
contaminants from soils.
F. The Francis Corporation (TFC), a New Jersey
corporation, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07101. The Francis
Corporation acquires certain real estate from time to
time in conjunction with certain wetlands mitigation
programs.
II. EDHI, a New Jersey corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New Jersey 07102.
EDHI is the parent of Enterprise's nonutility businesses. As
of December 31, 1994, EDHI comprised 15% of Enterprise's
assets. EDHI's 1994 revenues were 7% of Enterprise's
revenues and EDHI's 1994 net income was 9% of Enterprise's
net income. EDHI's six direct wholly-owned subsidiaries and
indirect 88 subsidiaries are as follows:
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A. Public Service Resources Corporation (PSRC), a New
Jersey corporation, has its principal executive offices
at One Riverfront Plaza, Newark, New Jersey 07102. PSRC
makes primarily passive investments in assets than can
provide funds for future growth as well as provide
incremental earnings for Enterprise. Investments have
been made in leveraged and direct financing leases,
project financings, venture capital funds, leveraged
buyout funds, real estate limited partnerships and
securities. The maturities of the portfolio's
investments are also fairly diverse, with some having
terms exceeding 30 years. PSRC's leveraged lease
investments include a wide range of asset sectors. Some
of the transactions in which PSRC and its subsidiaries
participate involve other equity investors. As of
December 31, 1994, PSRC comprised 8% of Enterprise's
assets. PSRC's 1994 revenues were 2% of Enterprise's
revenues and PSRC's 1994 net income was 5% of
Enterprise's net income. PSRC is a wholly-owned
subsidiary of EDHI. PSRC has eleven direct and four
indirect subsidiaries as follows:
1. Resources Capital Financing Corporation (RCFC), a
New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. RCFC is a wholly-owned
subsidiary of PSRC. RCFC has as its sole
investment an undivided interest in the Beaver
Valley 2 Nuclear Generating Station, Shippingport,
Pennsylvania by virtue of a leveraged lease
transaction.
2. Resources Capital Investment Corporation (RCIC), a
New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. RCIC is a wholly-owned
subsidiary of PSRC. RCIC has as its sole
investment an undivided interest in a paper mill
facility in Duluth, Minnesota by virtue of a
leveraged lease transaction.
3. The Water Source, Inc. (TWS), a New Jersey
corporation has its principal executive offices at
112 Woodcrest Shopping Center, Cherry Hill, New
Jersey 08003. TWS is a wholly-owned subsidiary of
PSRC. TWS operates a residential water treatment
business.
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4. Resources Capital Sales Corporation (RCSC) is
incorporated under the laws of the United States
Virgin Islands and has its principal executive
offices at Guardian Building, Havensight,
Charlotte Amalie, Saint Thomas, United States
Virgin Islands. RCSC is a wholly-owned
subsidiary of PSRC. RCSC was formed in connection
with investment activities of PSRC to receive the
benefits available to a foreign sales corporation
(FSC) under the Internal Revenue Code for the
purpose of arranging the export of sales and
leases of United States manufactured products,
including the financing, management, negotiation
and contracting of such sales and leases.
5. Resources Capital Management Corporation (RCMC), a
New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. RCMC is a wholly-owned
subsidiary of PSRC. As of December 31, 1994, RCMC
comprised 3% of Enterprise's assets. RCMC's 1994
revenues were .6% of Enterprise's revenues and
RCMC's 1994 net income was .9% of Enterprise's net
income. RCMC has invested in a project financing
and several leveraged leases. RCMC has four
direct wholly-owned subsidiaries as follows:
(a) Franklin Street Real Estate, Inc. (Franklin),
a Delaware corporation, has its principal
executive offices at One Riverfront Plaza,
Newark, New Jersey 07102. Franklin acts as a
lessee under a master lease and lessor under
an operating lease with regard to the
leveraged lease investment of RCMC in
Renaissance Center, a Detroit, Michigan
office complex.
(b) Renaissance Tower Associates, Inc. (Tower), a
Connecticut corporation, has its principal
executive offices at One Riverfront Plaza,
Newark, New Jersey 07102. Tower is the
lender under a loan agreement and issuer of
lender notes under the Renaissance Center
leveraged lease transaction.
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(c) RCMC Sales Corporation (RCMCSC) is
incorporated under the laws of the United
States Virgin Islands, and has its principal
executive offices at Guardian Building,
Havensight, Charlotte Amalie, Saint Thomas,
United States Virgin Islands. RCMCSC was
formed as a FSC in connection with investment
activities of RCMC.
(d) RCMC One, Incorporated (RCMC One), a New
Jersey corporation, has its principal
executive offices at One Riverfront Plaza,
Newark, New Jersey 07102. RCMC One is
presently inactive.
6. PSRC Sales Corporation One (PSRC One), is
incorporated under the laws of the United States
Virgin Islands and has its principal executive
offices at Guardian Building, Havensight,
Charlotte Amalie, Saint Thomas, United States
Virgin Islands. PSRC One was formed as a FSC in
connection with certain investment activities of
PSRC.
7. PSRC Sales Corporation Two (PSRC Two), is
incorporated under the laws of the United States
Virgin Islands and has its principal executive
offices at Guardian Building, Havensight,
Charlotte Amalie, Saint Thomas, United States
Virgin Islands. PSRC Two was formed as a FSC in
connection with certain investment activities of
PSRC.
8. PSRC Sales Corporation Three (PSRC Three), is
incorporated under the laws of the United States
Virgin Islands and has its principal executive
offices at Guardian Building, Havensight,
Charlotte Amalie, Saint Thomas, United States
Virgin Islands. PSRC Three was formed as a FSC in
connection with certain investment activities of
PSRC.
9. PSRC Sales Corporation Four (PSRC Four), is
incorporated under the laws of the United States
Virgin Islands and has its principal executive
offices at Guardian Building, Havensight,
Charlotte Amalie, Saint Thomas, United States
Virgin Islands. PSRC Four was formed as a FSC in
connection with certain investment activities of
PSRC.
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10. Public Service Gas Marketing Company (PSGMC), a
Delaware Corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. PSGMC was formed as a wholly-owned
gas marketing subsidiary and has entered into a
partnership with another major utility to market
natural gas and associated services on an
unregulated basis to commercial and industrial gas
consumers nationwide.
11. PSRC, Inc. (PSRCI), a Delaware Corporation, has
its principal executive offices at One Riverfront
Plaza, Newark, New Jersey 07102. PSCRI is a
wholly-owned subsidiary of PSRC. PSRCI has as its
sole investment the leveraged lease of a zinc
sintering facility in Monaca, Pennsylvania.
B. Energy Development Corporation (EDC), a New Jersey
corporation, has its principal executive offices at
1000 Louisiana Street, Suite 2900, Houston, Texas
77002. EDC is an oil and gas exploration and
production and marketing company with principal
operations both onshore and offshore in the southern
United States and has a growing international
production base. EDC's properties consist principally
of oil and gas leases and wells. EDC has been pursuing
a program to grow its reserve base in order to maintain
an annual production level of 130-140 Billion Cubic
Feet Equivalent (BCFE) through a combination of
exploratory and development activities. EDC's worldwide
1994 production totaled 108 BCFE. Year-end 1994
reserves were 594 billion cubic feet of gas and 49
million barrels of oil. As of December 31, 1994, EDC
comprised 4% of Enterprise's assets. EDC's 1994
revenues were 4% of Enterprise's revenues and EDC's
1994 net income was 2% of Enterprise's net income. EDC
is a wholly-owned subsidiary of EDHI. EDC has fourteen
direct and four indirect subsidiaries, as follows:
1. Gasdel Pipeline System Incorporated (GPSI), a New
Jersey corporation, has its principal executive
offices at 1000 Louisiana Street, Suite 2900,
Houston, Texas 77002. GPSI gathers and transports
gas from EDC's fields to delivery points on the
systems of interstate pipeline companies
transporting the gas for other companies. Its
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properties presently consist of full ownership and
partial interests in various pipelines connecting
onshore gas fields in Louisiana and Texas and
offshore gas fields in the Gulf of Mexico. GPSI
is regulated by FERC.
2. Pelto Oil Company International, a Delaware
corporation, has its principal executive offices
at 1000 Louisiana Street, Suite 2900, Houston,
Texas 77002. Pelto Oil Company International is
presently inactive.
3. Producers Service, Inc., (Producers) a New Jersey
corporation, has its principal executive offices
at 1000 Louisiana Street, Suite 2900, Houston,
Texas 77002. Producers operates a gas gathering
system in northern Louisiana. Producers owns, but
does not operate, an intrastate natural gas
pipeline in southern Louisiana.
4. Pelto Oil Company, Inc., a New Jersey corporation
has its principal executive offices at 1000
Louisiana Street, Suite 2900, Houston, Texas 77002
and is currently inactive.
5. HGC, Inc. (HGC), a Delaware corporation, has its
principal executive offices at 1000 Louisiana
Street, Suite 2900, Houston, Texas 77002. HGC
owns a 51% interest in a gas gathering system
which receives production from the South Lake
Arthur Field in Louisiana.
6. Energy Development Corporation (Argentina), Inc.
(EDC (Argentina),Inc.), a Delaware corporation,
has its principal executive offices at 1000
Louisiana Street, Suite 2900, Houston, Texas
77002. EDC (Argentina), Inc., is engaged in
exploratory and production activities for oil and
gas in Argentina.
7. Energy Development Corporation (China), Inc. (EDC
(China), Inc.), a Delaware corporation, has its
principal executive offices at 1000 Louisiana
Street, Suite 2900, Houston, Texas 77002. EDC
(China), Inc., is engaged in exploratory and
production activities for oil and gas in mainland
China.
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8. Energy Development Corporation (HIPS), Inc. (EDC
(HIPS), Inc.), a Delaware corporation, has its
principal executive offices at 1000 Louisiana
Street, Suite 2900, Houston, Texas 77002. EDC
(HIPS), Inc. was formed in connection with the
acquisition of an interest in the High Island
Pipeline System, a crude oil pipeline regulated by
FERC and located offshore Gulf of Mexico.
9. Energy Development Corporation (Peru), Inc. (EDC
(Peru), Inc.), a Delaware corporation, has its
principal executive offices at 1000 Louisiana
Street, Suite 2900, Houston, Texas 77002. EDC
(Peru), Inc., is engaged in exploratory and
production activities for oil and gas in Peru.
10. EDC Marketing Company (EDCMC), a Delaware
corporation, has its principal executive offices
at 1000 Louisiana Street, Suite 2600, Houston
Texas 77002 and is presently inactive.
11. EDC (Tunisia), Inc., a Delaware corporation, has
its principal executive offices at 1000 Louisiana
Street, Suite 2900, Houston, Texas 77002. EDC
(Tunisia), Inc., is engaged in exploratory oil and
gas activities in Tunisia.
12. EDC Ecuador Ltd. (Ecuador), a Delaware
corporation, has its principal executive offices
at 1000 Louisiana Street, Suite 2900, Houston,
Texas 77002. Ecuador is engaged in exploratory and
production activities for oil and gas in Ecuador.
13. Brabant Petroleum USA Company (Brabant), a Kansas
corporation, has its principal executive offices
at 1000 Louisiana Street, Suite 2900, Houston,
Texas 77002. Brabant is engaged in exploratory and
production activities for oil and gas in the
United States.
14. EDC (UK) Limited, a Delaware Corporation, has its
principal executive offices at 1000 Louisiana
Street, Suite 2900, Houston, Texas 77002. EDC
(UK) Limited is engaged in exploratory and
production activities for oil and gas in the
United Kingdom, Europe and Africa. EDC (UK)
Limited owns 100% of the stock of the following
entities:
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(a) Brabant Petroleum Ltd., a company chartered
in the United Kingdom (U.K.), with principal
executive offices at Sterling House, 150/152
High Street, Tonbridge, Kent, U.K. Brabant
Petroleum Ltd. is engaged in exploratory and
production activities for oil and gas in the
United Kingdom, Europe and Africa.
(b) Brabant Oil Ltd., a company chartered in the
U.K., with principal executive offices at
Sterling House, 150/152 High Street,
Tonbridge, Kent, U.K. Brabant Oil Ltd., is
engaged in exploratory and production
activities for oil and gas in the U.K.,
Europe and Africa.
(c) Brabant Oilex Limited, a company chartered in
the U.K., with principal executive offices at
Sterling House, 150/152 High Street,
Tonbridge, Kent, U.K. Brabant Oilex Limited
is engaged in exploratory and production
activities for oil and gas in the U.K.,
Europe and Africa.
(d) Burnside Overseas Limited Exploration, a
company chartered in the Isle of Man, with
principal executive offices at Sterling
House, 150/152 High Street, Tonbridge, Kent,
U.K. Burnside Overseas Limited Exploration
is engaged in exploratory and production
activities for oil and gas in New Zealand.
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C. Community Energy Alternatives Incorporated (CEA), a New
Jersey corporation, has its principal executive offices
at 1200 East Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA is a direct and indirect investor in and
developer of domestic and foreign cogeneration and
power production facilities, the majority of which
domestic facilities are qualifying facilities (QFs)
under the Public Utility Regulatory Policies Act of
1978 as amended (PURPA) and one foreign EWG. CEA is a
wholly-owned subsidiary of EDHI. CEA has two direct
wholly-owned subsidiaries: CEA New Jersey, Inc. and
CEA USA, Inc. and 46 indirect subsidiaries. CEA New
Jersey, Inc. and its subsidiaries invest in projects
which sell power to PSE&G. CEA USA, Inc. and its
subsidiaries invest in projects which sell power to
domestic and foreign utilities other than PSE&G. In
addition to its investment in CEA New Jersey, Inc. and
CEA USA, Inc., CEA is a limited partner UAH-Hydro
Kennebec Limited Partnership (16% partnership interest)
which owns a hydroelectric facility in Winslow, Maine,
and a limited partner in Luz Solar Partners, III (9%
partnership interest) which owns a solar facility in
Kramer Junction, California. Each of such facilities
is a QF. As of December 31, 1994, CEA comprised 1% of
Enterprise's assets. CEA's 1994 revenues were .8% of
Enterprise's revenues and CEA's 1994 net income was 2%
of Enterprise's net income.
1. CEA New Jersey, Inc. (CEA-NJ), a New Jersey
corporation, has its principal executive offices
at 1200 East Ridgewood Avenue, Ridgewood, New
Jersey 07450. CEA-NJ has five direct wholly-owned
subsidiaries and one indirect subsidiary,
(described below)and is a limited partner (49%
partnership interest) in Newark Bay Cogeneration
Partnership, L.P., a partnership that owns a
natural gas-fired cogeneration facility in Newark,
New Jersey which is a QF and that is the 100%
owner of NBCP Urban Renewal Corporation (described
below).
(a) CEA Bayonne, Inc., a New Jersey corporation,
has its principal executive offices at 1200
East Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA Bayonne, Inc. is a joint venture
in Cogen Technologies NJ Venture (5.25%
interest in venture distributions) which owns
a natural gas-fired cogeneration facility in
Bayonne, New Jersey, which is a QF.
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(b) CEA Eagle Point, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Eagle
Point, Inc. is a general partner in Eagle
Point Cogeneration Partnership (40%
partnership interest) which owns a natural
gas-fired cogeneration facility in West
Deptford, New Jersey, which is a QF.
(c) CEA Ironbound, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Ironbound,
Inc. is currently inactive.
(d) CEA Newark Bay, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Newark Bay,
Inc. is a general partner (1% partnership
interest) in Newark Bay Cogeneration
Partnership, L.P., a partnership which owns a
natural gas-fired cogeneration facility in
Newark, New Jersey which is a QF and the 100%
owner of NBCP Urban Renewal Corporation.
(i) NBCP Urban Renewal Corporation, a New
Jersey corporation has it principal
executive offices at 1200 East Ridgewood
avenue, Ridgewood, New Jersey 07450.
NBCP Urban Renewal Corporation is a
general partner (1% partnership
interest) in a partnership which leased
the site of a natural gas-fired
cogeneration facility in Newark, New
Jersey which is a QF. NBCP Urban
Renewal Corporation is an indirect 50%-
owned subsidiary of CEA-NJ.
(e) CEA Newark Bay Services, Inc., a New Jersey
corporation has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Newark Bay
Services, Inc. provides operation and
maintenance services to a natural gas-fired
cogeneration facility in Newark, New Jersey,
which is a QF. (See CEA Newark Bay, Inc.,
above.)
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2. CEA USA, Inc. (CEA-USA), a New Jersey corporation,
has its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450.
CEA-USA has 40 direct wholly-owned subsidiaries
and indirect subsidiaries (described below) and is
a limited partner (48.5% partnership interest) in
each of GWF Power Systems, L.P., (GWFLP) and
Hanford L.P. (HLP), Delaware limited partnerships
whose operations are described below. In
addition, CEA-USA is a general partner (50%
partnership interest) in National Energy Partners,
a partnership that is the 100% owner of GWF Power
Systems Company, Inc. (described below).
(a) CEA Asia, Inc., a Delaware corporation, has
its principal executive offices at Room 1710
Harbour Centre, 25 Harbour Road, Wanchai,
Hong Kong. CEA Asia, Inc. is a developer of
power production facilities in Asia which,
upon completion, are each expected to qualify
as an EWG.
(b) CEA Baja, Inc., a Delaware corporation, has
its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA Baja, Inc. is currently inactive.
(c) CEA Conemaugh Management, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Conemaugh
Management, Inc. is a general partner in
Pennsylvania Renewable Resources, Associates
(0.5% partnership interest) which owns a
hydroelectric facility in Saltsburg,
Pennsylvania, which is a QF.
(d) CEA GWF, Inc., a New Jersey corporation, has
its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA GWF, Inc. has the following two
direct wholly-owned subsidiaries:
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(i) CEA Bay Area, Inc., a Delaware
corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120,
Walnut Creek, California 94598. CEA Bay
Area, Inc. is a general partner (0.5%
partnership interest) in GWFLP, which is
the owner and operator of five petroleum
coke-fired small power production
facilities in Contra Costa County,
California. All of such facilities are
QFs.
(ii) CEA Hanford, Inc., a Delaware
corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120,
Walnut Creek, California 94598. CEA
Hanford, Inc. is a general partner (0.5%
partnership interest) in a petroleum
coke and natural gas-fired cogeneration
facility in Hanford, California owned by
HLP, which is a QF.
(e) CEA India, Inc., a Delaware corporation, has
its principal executive offices at B-3 Marble
Arch, 9-B Prithvi Raj Road, New Delhi-110
011, India. CEA India, Inc. is a developer
of power production facilities in Asia which
upon completion are each expected to qualify
as an EWG.
(f) CEA International, Inc., a Delaware
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA
International, Inc. has the following 14
direct and indirect wholly-owned
subsidiaries:
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(i) CEA (Bermuda) Holdings II, Ltd., a
Bermuda Corporation, has its principal
executive offices at Clarendon House,
Church Street, Hamilton, Bermuda. CEA
(Bermuda) Holdings II, Ltd. has the
following five direct wholly-owned
subsidiaries:
(A) CEA Bhilai Energy Company Ltd., a
Mauritius corporation, has its
principal executive offices at B-3
Marble Arch, 9-B Prithvi Raj Road,
New Delhi - 110011, India. CEA
Bhilai Energy Company Ltd. is
contemplating an investment in a
coal-fired electric power
generation facility in India which
will be an EWG.
(B) CEA Mauritius Energy Company, a
Mauritius corporation, has its
principal executive offices at B-3
Marble Arch, 9-B Prithvi Raj Road,
New Delhi - 110011, India. CEA
Mauritius Energy Company is
contemplating an investment in a
coal-fired electric power
generation facility in India which
will be an EWG.
(C) CIV GP Company, Ltd., a Bermuda
corporation, has its principal
executive offices at Clarendon
House, Church Street, Hamilton,
Bermuda. CIV GP Company, Ltd., is
contemplating an investment through
a partnership that through CEA
Mauritius Energy Company (see
above) will own an interest in a
coal-fired electric power
generation facility in India which
will be an EWG.
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(D) Meiya Jiangmen (GP) Ltd., a Bermuda
corporation, has its principal
executive offices at Clarendon
House, Church Street, Hamilton,
Bermuda. Meiya Jiangmen (GP) Ltd.
is contemplating an investment
through a partnership in an oil-
fired electric power generation
facility in China which will be an
EWG.
(E) Meiya Taishan (GP) Ltd., a Bermuda
corporation, has its principal
executive offices at Clarendon
House, Church Street, Hamilton,
Bermuda. Meiya Taishan (GP) Ltd.
is contemplating an investment
through a partnership in an oil-
fired electric power generation
facility in China which will be an
EWG.
(ii) CEA Gansu, Inc., a Delaware corporation,
has its principle executive offices at
1200 East Ridgewood Avenue, Ridgewood,
NJ 07450. CEA Gansu, Inc. has the
following direct wholly-owned
subsidiary:
(A) China US Power Partners I, Ltd., a
Bermuda corporation, has its
principal executive offices at
Clarendon House, Church Street,
Hamilton, Bermuda. China US Power
Partners I, Ltd. is contemplating
an investment through a joint
venture company in a coal-fired
electric power generation facility
in China which will be an EWG.
(iii) CEA Jinqiao, Inc., a Delaware
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, NJ 07450. CEA Jinqiao, Inc.
has the following direct wholly-owned
subsidiary.
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(A) CEA (Bermuda) Holdings I, Ltd., a
Bermuda Corporation, has its
principal executive office at
Clarendon House, Church Street,
Hamilton, Bermuda. CEA (Bermuda)
Holdings I, Ltd. has entered into a
development agreement concerning an
energy project in China.
(iv) CEA NewPar, Inc., a Delaware
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA
NewPar, Inc. has the following direct
wholly-owned subsidiary.
(A) Maracay Power Holdings, Ltd., a
Bermuda corporation, has its
principal executive offices at
Clarendon House, Church Street,
Hamilton, Bermuda. Maracay Power
Holdings, Ltd. is contemplating an
investment in a gas-fired electric
power generation facility in
Venezuela, which will be an EWG.
(v) CEA Salalah, Inc., a Bermuda
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA
Salalah, Inc. has the following direct-
wholly-owned subsidiary.
(A) Salalah Power Holdings, Ltd., a
Bermuda corporation, has its
principal executive offices at
Clarendon House, Church Street,
Hamilton, Bermuda. Salalah Power
Holdings, Ltd. is contemplating an
investment in a gas-fired electric
power generation facility in Oman,
which will be an EWG.
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(g) CEA International Services, Inc., a Delaware
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA
International Services, Inc. provides
management, operations and maintenance
personnel to Central Termica San Nicolas SA.,
an EWG located in San Nicolas, Argentina, in
which CEA USA has an indirect 19.19%
ownership interest (See CEA San Nicolas, Inc.
below) and management personnel to CEA Asia,
Inc. and CEA India, Inc. (see above).
(h) CEA Kennedy Operators, Inc., a New York
corporation, has its principal executive
offices at Building No. 49, JFK International
Airport, Jamaica, New York 11430. CEA
Kennedy Operators, Inc. provides operation
and maintenance services to the central
heating and refrigeration plant at John F.
Kennedy International Airport in New York,
New York (JFK) and provides operation and
maintenance services to a natural gas-fired
cogeneration facility at JFK (see CEA KIA,
Inc. below).
(i) CEA KIA, Inc., a New York Corporation, has
its principal executive offices at c/o KIAC
Partners, JFK International Airport, Trailer
Complex at the Central Heating Plant,
Jamaica, New York, 11430. CEA KIA, Inc. is a
general partner in KIAC Partners (50%
partnership interest) which owns a natural
gas-fired cogeneration facility constructed
by a partnership, EnergyPro Construction
Partners in which CEA KIA, Inc. is a 50%
general partner at JFK, which facility is a
QF.
(j) CEA Leasing, Inc., a New Jersey corporation,
has its principal executive offices at 1200
East Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA Leasing, Inc. is a general
partner (50% partnership interest) in
National Energy Leasing Partners, a
partnership that has entered into lease
transactions with respect to certain of the
equipment installed at the Hanford <PAGE>
cogeneration facility of Hanford, L.P. and
the five Contra Costa County, California
small power production facilities of GWFLP
(see above).
(k) CEA Mexico, Inc., a Delaware corporation, has
its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA Mexico, Inc. is currently
inactive.
(l) CEA Mount Carmel, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Mount
Carmel, Inc. is a limited partner in UAE Coal
Corp Associates (58.8% partnership interest),
which owns and operates an anthracite coal
mine in Mount Carmel, Pennsylvania and is a
limited partner (49.5% partnership interest)
in a hydro-electric facility in Saltsburg,
Pennsylvania which is a QF.
(m) CEA New Hampshire Incorporated, a New
Hampshire corporation, has its principal
executive offices in Bridgewater, New
Hampshire. CEA New Hampshire Incorporated is
a co-managing general partner in Bridgewater
Power Company, L.P. (40% partnership
interest), which owns a biomass-fired small
power production facility in Bridgewater, New
Hampshire, which is a QF.
(n) CEA Project Services, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Project
Services, Inc. provides engineering,
procurement, construction and management
services and has entered into a partnership
agreement (50% partnership interest) under
which it operates and maintains a biomass-
fired small power production facility in
Tracy, California in which CEA Tracy, Inc.
(see below) has an ownership interest.
<PAGE>
(o) CEA San Nicolas, Inc. (CEA San Nicolas), a
Delaware Corporation, has its principal
executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450. CEA San
Nicolas, Inc. through stockholdings in other
companies not controlled by it (see below) is
an indirect owner (19.19% indirect
stockholder interest) in a coal, petroleum
coke, natural gas and oil-fired electric
power generation facility in San Nicolas,
Argentina, which is an EWG.
(i) CEMAS Corporation (CEMAS), a Delaware
corporation, has its principal executive
offices as 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEMAS
Corporation owns a 37.264% stockholder
interest in Inversora de San Nicolas
(see below). CEMAS Corporation is a
50%-owned subsidiary of CEA San Nicolas.
(ii) Inversora de San Nicolas (ISN), an
Argentine corporation, has its principal
executive offices at Cerrito 1294, Piso
3, (1062), Buenos Aires (Capital
Federal), Argentina. ISN owns an 88%
controlling stockholder interest in
Central Termica San Nicolas, S.A. (CTSN)
which is an EWG. (For further
information regarding CTSN, see Item 4.)
ISN is an indirect 21.736%-owned
subsidiary of CEA San Nicolas.
(p) CEA Stony Brook, Inc., a New York
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Stony
Brook, Inc. is a general partner (50%
partnership interest) in Nissequoque Cogen
partners which owns a natural gas-fired
cogeneration facility under construction in
Stony Brook, New York, which upon completion
will be a QF.
<PAGE>
(q) CEA Stony Brook Operators, Inc., a New York
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA Stony Brook
Operators, Inc. will provide operation and
maintenance services to a natural gas-fired
cogeneration facility under construction in
Stony Brook, New York (see CEA Stony Brook,
Inc. above).
(r) CEA Tracy, Inc., a New Jersey corporation has
its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA Tracy, Inc. is a co-managing
general partner in Thermal Energy Development
Partnership, L. P. (34.5% partnership
interest) which owns a biomass-fired small
power production facility in Tracy,
California, which is a QF.
(s) Deblois Investments, Inc., a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. Deblois
Investments, Inc. is currently inactive.
(t) GWF Power Systems Company, Inc., a California
corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120, Walnut
Creek, California 94598. GWF Power Systems
Company, Inc. holds a 50% indirect interest
in the revenues (but does not share in
operating or other costs) derived from (1)
capacity payments related to 11.3 MW of
incremental capacity and (2) net dispatch
payment received by the owner of a natural
gas-fired cogeneration facility in Newhall,
California which is a QF. GWF Power Systems
Company, Inc. is an indirect 50%-owned
subsidiary of CEA-USA. GWF Power Systems
Company, Inc. has the following two direct
wholly-owned subsidiaries.
<PAGE>
(i) GWF Bay Area, Inc., a California
corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120,
Walnut Creek, California 94598. GWF Bay
Area, Inc. is managing general partner
of GWFLP (2% partnership interest) whose
operations are described above. GWF Bay
Area, Inc. is an indirect 50%-owned
subsidiary of CEA-USA.
(ii) GWF Hanford, Inc., a California
corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120,
Walnut Creek, California 94598. GWF
Hanford, Inc. is managing general
partner of HLP (2% partnership interest)
whose operations are described above.
GWF Hanford, Inc. is an indirect 50%-
owned subsidiary of CEA-USA
D. Enterprise Group Development Corporation (EGDC), a New
Jersey corporation, has its principal executive offices
at One Riverfront Plaza, Newark, New Jersey 07102.
EGDC is a diversified nonresidential real estate
development and investment business. EGDC has
investments in ten commercial real estate properties
(five of which are developed) in several states. EGDC
has invested in commercial office, retail and
industrial properties, both directly and in joint
ventures in which it has a majority interest. EGDC's
strategy is to preserve and build the value of its
assets to allow for the controlled disposition of its
properties as the real estate market improves. As of
December 31, 1994, EGDC comprised 1% of Enterprise's
assets. EGDC's 1994 revenues were .3% of Enterprise's
revenues. EGDC is a wholly-owned subsidiary of EDHI.
EGDC has 18 direct wholly-owned subsidiaries, described
below.
1. EGDC - Jacksonville, Incorporated (Jacksonville),
a Florida corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Jacksonville is a 50% general
partner in both One Harbert Center Partners and
Two Harbert Center Partners. Two Harbert Center
Partners is developing an office building complex
in Jacksonville, Florida. (See EGDC - Maitland
Green, Incorporated below.)
<PAGE>
2. EGDC - Maitland Green, Incorporated (Maitland), a
Florida corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Maitland is a 50% general partner
in both One Harbert Center Partners and Two
Harbert Center Partners. Two Harbert Center
Partners is developing an office complex in
Jacksonville, Florida. (See EGDC - Jacksonville,
Incorporated, above.)
3. EGDC - Concourse, Incorporated (Concourse), a
Florida corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Concourse is a 75% general partner
in Concourse at Maitland Associates, a partnership
which is developing an office complex in Orange
County, Florida.
4. PKS Realty Management, Inc. (PKS), a New Jersey
corporation, has its principal executive offices
at One Riverfront Plaza, Newark, New Jersey 07102.
PKS acts as a real estate brokerage and management
company in New Jersey.
5. EGDC - Fairfax, Incorporated (Fairfax), a Virginia
corporation, has its principal executive offices
at One Riverfront Plaza, Newark, New Jersey 07102.
Fairfax is a 50% general partner in Monument Place
Associates, a partnership which is developing an
office complex in Fairfax, Virginia.
6. EGDC - Rockaway, Incorporated (Rockaway), a New
Jersey corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Rockaway is developing an office
complex in Rockaway Township, New Jersey.
7. EGDC - Park Centre, Incorporated (Park Centre), a
Florida corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Park Centre is presently inactive.
8. EGDC - State Street I Incorporated (State Street
I), a New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. State Street I is an 80% joint
venture partner in State Street Square Urban
Renewal Partners-I, a partnership which owns an
office building in Trenton, New Jersey.
<PAGE>
9. EGDC - State Street II Incorporated (State Street
II), a New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. State Street II is an 80% joint
venture partner in State Street Square Urban
Renewal Partners-II, a partnership which is
developing a phase of an office complex in
Trenton, New Jersey.
10. EGDC - State Street III Incorporated (State Street
III), a New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. State Street III is an 80%
joint venture partner in State Street Square
Partners-III, a partnership which is developing a
phase of an office complex in Trenton, New Jersey.
11. EGDC - NSB Incorporated (NSB) a New Jersey
corporation, has its principal executive offices
at One Riverfront Plaza, Newark, New Jersey 07102.
NSB is an 80% joint venture partner in State
Street Square NSB Partners, a partnership which
owns an office building in Trenton, New Jersey.
12. EGDC - 36 West Incorporated (36 West), a New
Jersey corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. 36 West is an 80% joint venture
partner in State Street Square 36 West Partners, a
partnership which owns an office building in
Trenton, New Jersey.
13. EGDC-Meadows I, Incorporated (Meadows I), a New
Jersey corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Meadows I is presently inactive.
14. EGDC-Meadows II, Incorporated (Meadows II), a New
Jersey corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Meadows II is presently inactive.
15. EGDC-Meadows III, Incorporated (Meadows III), a
New Jersey corporation, has its principal
executive offices at One Riverfront Plaza, Newark,
New Jersey 07102. Meadows III is presently
inactive.
<PAGE>
16. EGDC-Largo Incorporated (Largo), a Maryland
corporation, has its principal executive offices
at One Riverfront Plaza, Newark, New Jersey 07102.
Largo is a 50% joint venture partner in a
partnership which is developing an office complex
in Largo, Maryland. (See EGDC - Largo Management
Incorporated below.)
17. EGDC-Largo Management Incorporated (Largo
Management), a Maryland corporation, has its
principal executive offices at One Riverfront
Plaza, Newark, New Jersey 07102. Largo Management
is a 50% joint venture partner in a partnership
which is developing an office complex in Largo,
Maryland. (See EGDC - Largo Incorporated above.)
18. EGDC - Neptune, Incorporated (Neptune), a New
Jersey corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New
Jersey 07102. Neptune is developing an office
complex in Monmouth County, New Jersey.
E. PSEG Capital Corporation (Capital), a New Jersey
corporation, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07101. Capital is a
finance subsidiary which has provided up to $750
million of privately-placed debt financing for EDHI and
its direct and indirect subsidiaries on the basis of a
minimum net worth maintenance agreement with
Enterprise. In 1993, Enterprise agreed with the BPU to
make a good-faith effort to eliminate such Enterprise
support within six to ten years. Intercompany borrowing
rates are established with reference to Capital's cost
of funds. Effective January 31, 1995, Capital will not
have more than $650 million of debt outstanding at any
time. Capital's assets consist principally of demand
notes of EDC, CEA, PSRC and EGDC. As of December 31,
1994, Capital had outstanding $632 million of its long-
term debt. Capital is a wholly-owned subsidiary of
EDHI.
<PAGE>
F. Enterprise Capital Funding Corporation (Funding), a New
Jersey corporation has its principal executive offices
at 80 Park Plaza, Newark, New Jersey 07101. Funding
serves as a financing vehicle for EDHI's businesses
(excluding EGDC), borrowing on their behalf, as well as
investing their short-term funds. Short-term
investments are made only if the funds cannot be
employed in intercompany loans. Intercompany borrowing
rates are established with reference to Funding's cost
of funds. Funding is providing both long- and short-
term capital for the nonutility businesses other than
EGDC on the basis of an unconditional guaranty from
EDHI, but without direct support from Enterprise. As of
December 31, 1994, Funding's assets consisted
principally of demand notes of EDC, CEA and PSRC and
their subsidiaries, all of which are pledged to
Funding's lenders and which aggregated $334 million.
Funding is a wholly-owned subsidiary of EDHI.
2. A brief description of the properties of Enterprise 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 Enterprise and its subsidiaries are organized and all
transmission or pipelines which deliver or receive electric energy or gas
at the borders of such State.
Enterprise owns no property used in the generation, transmission,
or distribution of electric energy for sale, or for the production,
transmission, and distribution of natural or manufactured gas.
Enterprise's only subsidiary public utility company is PSE&G,
which is an electric and gas utility company. A description of the
properties of PSE&G used for the generation, transmission, and distribution
of electric energy for sale, and for the production, transmission, and
distribution of natural gas, which are located predominantly in New Jersey,
follows:
<PAGE>
Electric Properties
<TABLE>
<CAPTION>
As of December 31, 1994, PSE&G's share of installed generating capacity was
10,497 MW, as shown in the following table:
INSTALLED NET
MEGAWATT PRINCIPAL HEAT GENERATION CAPACITY
NAME AND LOCATION CAPACITY FUEL USED RATE (000 MWH) FACTOR(a)
- -------------------------------------------- --------- --------- ------ --------- ---------
<S> <C> <C> <C> <C> <C>
Fossil
Bergen, Ridgefield, NJ ..................... 570 Gas 14,433 305 6.1
Burlington, Burlington, NJ ................. 180 Oil 16,921 57 3.6
Conemaugh, New Florence, PA - 22.50%(b)(c).. 382 Coal 9,488 2,463 73.6
Hudson, Jersey City, NJ .................... 983 Coal 10,975 2,611 30.3
Kearny, Kearny, NJ ......................... 292 Oil 14,349 101 3.9
Keystone, Shelocta, PA - 22.84%(b)(c)....... 388 Coal 9,647 2,381 70.1
Linden, Linden, NJ ......................... 481 Oil 16,540 177 4.2
Mercer, Hamilton, NJ ....................... 642 Coal 10,130 2,297 40.8
Sewaren, Woodbridge Twp., NJ ............... 453 Gas 13,480 441 11.1
------- ------ --------- ---------
Total Fossil........................... 4,371 10,953 10,833 28.5
------- ------ --------- ---------
Nuclear (Capacity factor calculated in
accordance with industries maximum
dependable capability standards)
Hope Creek, Lower Alloways Creek, NJ
95%(b)(c)................................. 979 Nuclear 10,751 6,752 78.9
Peach Bottom, Peach Bottom PA - 42.49%(b)... 886 Nuclear 10,798 6,873 89.3
Salem, Lower Alloways Creek, NJ
42.59%(b)................................. 942 Nuclear 11,032 4,809 58.5
------- ------ --------- ---------
Total Nuclear(b)(c).................... 2,807 10,842 18,434 75.4
------- ------ --------- ---------
Combustion Turbine
Bayonne, NJ ................................ 42 Oil 14,130 0.9
Bergen, Ridgefield, NJ ..................... 61 Oil 14,716 1.0
Burlington, NJ ............................. 629 Gas 9,291 413.7
Edison, Edison Township, NJ ................ 504 Gas 15,299 12.7
Essex, Newark, NJ .......................... 617 Gas 13,855 189.5
Hudson, Jersey City, NJ .................... 134 Oil 26,703 1.7
Kearny, Kearny, NJ ......................... 501 Oil 16,478 40.0
Linden, Linden, NJ ......................... 329 Oil 18,494 10.0
Mercer, Hamilton, NJ ....................... 134 Oil 47,299 1.0
National Park, National Park, NJ ........... 21 Oil 43,551 0.1
Salem, Lower Alloways Creek, NJ
42.59%(b)................................. 18 Oil 23,603 0.2
Sewaren, Woodbridge Township, NJ ........... 134 Oil 35,332 2.0
------- ------ --------- ---------
Total Combustion Turbine............... 3,124 11,432 672.8 0.2
------- ------ --------- ---------
Diesel
Conemaugh, New Florence, PA - 22.50%(b)..... 3 Oil 10,226 0.2 0.7
Keystone, Shelocta, PA - 22.84%(b).......... 2 Oil 10,261 0.7 4.0
------- ------ --------- ---------
Total Diesel........................... 5 10,254 0.9 2.0
------- ------ --------- ---------
Pumped Storage
Yards Creek, Blairstown, NJ - 50%(b)(c)..... 190 367 22.0
------- ------ --------- ---------
Total PSE&G............................ 10,497(d) 10,739 30,308(e) 33.0
======= ====== ========= =========
(a) Net generation divided by the product of weighted average generating capacity times total hours.
(b) PSE&G's share of jointly owned facility.
(c) Excludes energy for pumping and synchronous condensers.
(d) Excludes 664 MW of nonutility generation and temporary capacity sales of 173 MW to Baltimore Gas and
Electric and 111 MW to General Public Utilities.
(e) Excludes 4,876 of NUGs.
</TABLE>
<PAGE>
As of December 31, 1994, PSE&G owned 40 switching stations with an
aggregate installed capacity of 31,351,000 kilovolt-amperes, and 224
substations with an aggregate installed capacity of 7,277,000
kilovolt-amperes. In addition, 6 substations having an aggregate installed
capacity of 139,250 kilovolt-amperes were operated on leased property. All
of these facilities are located in New Jersey. Also at that date, PSE&G
owned undivided interests in similar jointly owned facilities at jointly
owned generating facilities in New Jersey and Pennsylvania as indicated in
the table above.
As of December 31, 1994, PSE&G's transmission and distribution system
included 149,533 circuit miles, of which 34,868 miles were underground, and
782,031 poles, of which 533,017 poles were jointly owned. Approximately 99%
of this property is located in New Jersey. In addition, as of December 31,
1994, PSE&G owned 4 electric distribution headquarters and five
subheadquarters in four operating divisions all located in New Jersey.
Gas Properties
As of December 31, 1994, the daily gas capacity of PSE&G's 100%-owned
peaking facilities (the maximum daily gas delivery available during the
three peak winter months) consisted of liquid petroleum air gas (LPG) and
liquefied natural gas (LNG) and aggregated 2,973,000 therms (approximately
297,300 Mcf. on an equivalent basis of 1,000 Btu/cubic foot) as shown in
the following table:
<TABLE>
<CAPTION>
Daily Capacity
Plant Location (Therms)
- -------------------------------- ------------------ --------------
<S> <C> <C>
Burlington LNG.................. Burlington, N.J. 773,000
Camden LPG...................... Camden, N.J. 280,000
Central LPG..................... Edison Twp., N.J. 960,000
Harrison LPG.................... Harrison, N.J. 960,000
---------
Total........................... 2,973,000
=========
</TABLE>
As of December 31, 1994, PSE&G owned and operated approximately 15,406
miles of gas mains, owned 12 gas distribution headquarters and one
subheadquarters and leased one other subheadquarters all in two operating
regions located in New Jersey and owned one meter shop in New Jersey
serving all such areas. In addition, PSE&G operated 61 natural gas metering
or regulating stations, all located in New Jersey, of which 28 were located
on land owned by customers or natural gas pipeline companies supplying
<PAGE>
PSE&G with natural gas and were operated under lease, easement or other
similar arrangement. In some instances, portions of the metering and
regulating facilities were owned by pipeline companies.
3. The following information is for the last calendar year with
respect to Enterprise and its subsidiary public utility company:
(a) Number of kwh. (megawatt (Mwh.) - 1,000 kilowatts) of
electric energy sold (at retail or wholesale), and Mcf. of
natural or manufactured gas distributed at retail.
Enterprise - None
PSE&G - 39,982,881 Mwh. (retail and wholesale)
PSE&G - 388,919,487 Mcf. (1994 basis of
1,037 BTU/cubic foot)
(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.
Enterprise - None
PSE&G - None
(c) Number of Mwh. 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.
Enterprise - None
PSE&G - 1,320,170 Mwh. interchanged
PSE&G - 3,679,652 Mcf.
(d) Number of Mwh. 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.
Enterprise - None
PSE&G - 8,411,564 Mwh. purchased
PSE&G - 300,367,039 Mcf. received through sales and
transportation agreements with interstate
pipelines having delivery points within the
State, of which 19,508,962 Mcf. were received
from EDC. (Average Btu value per cubic foot
is 1035.)
<PAGE>
4. The following information for the reporting period with respect
to Enterprise 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.
Central Termica San Nicolas, S.A., (CTSN), an Argentine
corporation, has its principal executive offices at Cerrito
1294, Piso 3, (1062), Buenos Aires (Capital Federal),
Argentina. CTSN owns and operates a coal, petroleum coke,
natural gas and oil-fired electric power generating
facility, San Nicolas, Argentina. CTSN is an indirect
19.19%-owned subsidiary of CEA San Nicolas.
(b) Name of each system company that holds an interest in such
EWG or foreign utility company; and description of the
interest held.
See Exhibit C attached hereto.
(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.
Enterprise has an indirect aggregate capital investment in
CTSN of U.S. $23,927,599, of which U.S. $14,105,491 is
equity and U.S. $9,822,108 is debt. Enterprise's indirect
subsidiary, ISN, has guaranteed the obligations of CTSN in
the amount of U.S. $3,750,000 with regard to CTSN's prior
purchases of natural gas, without further recourse to any
other system company. Enterprise's subsidiary, CEA, has
guaranteed certain CTSN borrowings through the loan of
securities of face value $2,064,895. In addition, CEA has
provided a counter guaranty in the amount of $1,190,733 for
a bank guaranty related to the CTSN coal purchase contract.
<PAGE>
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
<TABLE>
<CAPTION>
CTSN
----
$ U.S.
------------
<S> <C>
Assets
Current Assets ............................... $ 52,928,204
Non-current Assets ........................... 151,293,080
------------
Total Assets ...................................... $204,221,284
============
Liabilities
Current Liabilities .......................... $ 73,586,141
Non-current liabilities ...................... 50,872,275
------------
Total Liabilities ................................. 124,458,416
Equity ............................................ 79,762,868
------------
Total ............................................. $204,221,284
============
Net Income for Year-Ended 12/31/94 U.S. $ 1,687,084
============
(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).
CEA International Services, Inc. (CEAIS) (See Item II (c)
(2)(g) above) provides management, operations and
maintenance personnel from time to time to CTSN in a fully
allocated basis during 1994. Such costs reimbursed to CEAIS
by CTSN were U.S. $440,019, during 1994.
</TABLE>
<PAGE>
EXHIBIT A
---------
A consolidating statement of income and surplus of Enterprise and its
direct or indirect affiliated subsidiary companies for the last calendar
year, together with a consolidating balance sheet of Enterprise and its
subsidiary companies as of the close of such calendar year.
Exhibit A includes all required consolidating financial statements
described above to be filed with this report and are attached hereto.
Subsidiaries described under Item 1 above include all Enterprise's
direct and indirect subsidiaries. Direct and indirect subsidiaries of
Enterprise that exceeded 2% of Enterprise's consolidated assets or
consolidated revenues are PSE&G, EDHI, PRSC, RCMC and EDC and are
included in Exhibit A and cross-referenced for additional information
to Item I.
EXHIBIT B
---------
Financial Data Schedule
If, at the time a report on this form is filed, the registrant is
required to submit this report and any amendments thereto electronically
via EDGAR, the registrant shall furnish a Financial Data Schedule. The
Schedule shall set forth the financial and other data specified below that
are applicable to the registrant on a consolidated basis.
Exhibit B, attached to this report as Exhibit 27, in accordance with
Item 601(c) of Regulation S-K, includes all financial and other data
that are applicable to the registrant on a consolidated basis.
EXHIBIT C
---------
An organizational chart showing the relationship of each EWG or foreign
utility company to the associate companies in the holding-company system.
See attached Exhibit C.
<PAGE>
EXHIBIT C
---------
___________________________
| PUBLIC SERVICE ENTERPRISE |
| GROUP INCORPORATED |
|___________________________|
|
| 100%
_________________________
| ENTERPRISE DIVERSIFIED |
| HOLDINGS INCORPORATED |
|_________________________|
|
| 100%
____________________
| COMMUNITY ENERGY |
| ALTERNATIVES INC. |
|____________________|
|
| 100%
____________
| CEA USA |
|____________|
|
| 100%
________________________
| CEA SAN NICOLAS INC. |
|________________________|
| |
7.51% | | 50%
________________________ ____________________
| AES SAN NICOLAS, INC. | | CEMAS CORPORATION |
|_______________________| |___________________|
| |
41.336% | | 37.264%
_________________________________
| INVERSORA DE SAN NICOLAS S.A. |
|_________________________________|
|
| 88%
_________________________________
| CENTRAL TERMICA SAN NICOLAS S.A.|
|_________________________________|
<PAGE>
The above-named Claimant (Enterprise) has caused this statement
to be duly executed on its behalf by its authorized officer on this 27th
day of February, 1995.
Public Service Enterprise Group Incorporated
--------------------------------------------
(Name of Claimant)
By PATRICIA A. RADO
------------------------------------------
Patricia A. Rado
Vice President and Controller
(Principal Accounting Officer)
(CORPORATE SEAL)
Attest:
E. J. BIGGINS, JR.
--------------------------------
E. J. Biggins, Jr.
Assistant Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
James T. Foran Associate General Counsel
- ---------------------------------- --------------------------------
(Name) (Title)
80 Park Plaza, T5B, P. O. Box 1171, Newark, New Jersey 07101-1171
-----------------------------------------------------------------
(Address)
<PAGE>
<TABLE>
EXHIBIT A
PUBLIC SERVICE ENTERPRISE GROUP INC.
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1994
------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
(SEE LEGEND BELOW) CONSOL. & RECLASS. SUBS. (A) SUBS. (A) PSEG
- ------------------ ------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
- ------------------
Electric ............................. $ 3,733,113 $ -- $ 3,733,113 $ -- $ --
Gas .................................. 1,778,528 -- 1,778,528
Nonutility Activities ................ 404,202 (12,745) 416,625 322
------------ ----------- ----------- ----------- -----------
Total Operating Revenues ........... 5,915,843 (12,745) 5,511,641 416,625 322
------------ ----------- ----------- ----------- -----------
OPERATING EXPENSES
- ------------------
Operation
Fuel for Electric Generation and
Net Interchanged Power ........... 695,763 -- 695,763 -- --
Gas Purchased and Materials for
Gas Produced ..................... 1,023,956 (12,745) 1,036,701 -- --
Other .............................. 1,116,263 -- 957,599 158,342 -- 322
Maintenance .......................... 308,080 -- 308,080 -- --
Depreciation and Amortization ........ 629,688 -- 547,032 82,656 --
Taxes
Federal Income Taxes ............... 312,551 -- 294,529 18,022 --
New Jersey Gross Receipts Taxes .... 583,167 -- 583,167 -- --
Other .............................. 82,282 -- 76,100 6,182 --
------------ ----------- ----------- ----------- -----------
Total Operating Expenses ........... 4,751,750 (12,745) 4,498,971 265,202 322
------------ ----------- ----------- ----------- -----------
OPERATING INCOME ....................... 1,164,093 -- 1,012,670 151,423 --
- ---------------- ------------ ----------- ----------- ----------- -----------
OTHER INCOME
- ------------
Allowance for Funds Used During
Construction - Equity .............. 12,789 -- 12,789 -- --
Equity in Earnings of Subsidiary
Companies .......................... -- (679,033) -- -- 679,033
Miscellaneous - net .................. 6,430 -- 6,233 197 --
------------ ----------- ----------- ----------- -----------
Total Other Income ................ 19,219 (679,033) 19,022 197 679,033
------------ ----------- ----------- ----------- -----------
INCOME BEFORE INTEREST CHARGES AND
DIVIDENDS ON PREFERRED STOCK .......... 1,183,312 (679,033) 1,031,692 151,620 679,033
------------ ----------- ----------- ----------- -----------
INTEREST CHARGES
- ----------------
Long-Term Debt ....................... 459,158 -- 366,894 92,264 --
Short-Term Debt ...................... 23,962 -- 18,175 5,787 --
Other ................................ 12,805 -- 10,856 1,949 --
------------ ----------- ----------- ----------- -----------
Total Interest Charges ............. 495,925 -- 395,925 100,000 --
Allowance for Funds Used During
Construction - Debt and
Capitalized Interest ............... (33,793) -- (25,319) (8,474) --
------------ ----------- ----------- ----------- -----------
Net Interest Charges ............... 462,132 -- 370,606 91,526 --
------------ ----------- ----------- ----------- -----------
Preferred Securities Dividend
Requirements ....................... 42,147 -- 42,147 -- --
------------ ----------- ----------- ----------- -----------
NET INCOME ....................... $ 679,033 $ (679,033) $ 618,939 $ 60,094 $ 679,033
============ =========== =========== =========== ===========
SHARES OF COMMON STOCK OUTSTANDING
End of Year .......................... 244,697,930
Average for Year ..................... 244,470,794
EARNINGS PER AVERAGE SHARE OF COMMON STOCK $2.78
=====
DIVIDENDS PAID PER SHARE
OF COMMON STOCK ...................... $2.16
=====
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I.
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
EDHI (Holdings) - Enterprise Diversified Holdings Incorporated
</TABLE>
<PAGE>
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
--------------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS.(A) SUBS.(A) PSEG
----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1994 .................. $ 1,361,018 $(1,131,410) $ 1,180,532 $ (49,122) $ 1,361,018
ADD
Net Income ............................. 679,033 (719,499) 659,406 60,093 679,033
----------- ----------- ----------- ---------- -----------
Total .............................. 2,040,051 (1,850,909) 1,839,938 10,971 2,040,051
----------- ----------- ----------- --------- -----------
Additional Paid in Capital
DEDUCT
Cash Dividends on Common Stock ......... 528,071 (528,300) 505,300 23,000 528,071
Cash Dividends on Preferred Stock ...... -- (40,467) 40,467 -- --
----------- ----------- ----------- --------- -----------
528,071 (568,767) 545,767 23,000 528,071
Adjustment to Retained Earnings ..... 1,970 (1,970) 1,970 -- 1,970
----------- ----------- ----------- --------- -----------
Total Deductions ................... 530,041 (570,737) 547,737 23,000 530,041
----------- ----------- ----------- ---------- -----------
BALANCE DECEMBER 31, 1994 ................ $ 1,510,010 $(1,280,172) $ 1,292,201 $ (12,029) $ 1,510,010
=========== =========== =========== ========= ===========
</TABLE>
<PAGE>
PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS.(A) SUBS.(A) PSEG
----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
- ------
UTILITY PLANT - Original Cost
- -----------------------------
Electric ............................... $12,345,919 $ -- $12,345,919 $ -- $ --
Gas .................................... 2,318,233 -- 2,318,233 -- --
Common ................................. 545,131 -- 545,131 -- --
----------- ----------- ----------- ----------- -----------
Total .................................. 15,209,283 -- 15,209,283 -- --
Less Accumulated Depreciation
and Amortization ..................... 5,147,105 -- 5,147,105 -- --
----------- ----------- ----------- ----------- -----------
Net .................................... 10,062,178 -- 10,062,178 -- --
Nuclear Fuel in Service, net of
accumulated amortization of $302,906 . 205,273 -- 205,273 -- --
----------- ----------- ----------- ----------- -----------
Net Utility Plant in Service ......... 10,267,451 -- 10,267,451 -- --
Construction Work in Progress,
including Nuclear Fuel in
process - $65,429 .................... 806,934 -- 806,934 -- --
Plant Held for Future Use .............. 23,860 -- 23,860 -- --
----------- ----------- ----------- ----------- -----------
Net Utility Plant .................... 11,098,245 -- 11,098,245 -- --
----------- ----------- ----------- ----------- -----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
- ---------------------------------------
Long-Term Investments, net of
amortization - $2,365 and of
valuation allowances - $17,104 ....... 1,625,952 (5,306,739) 65,886 1,560,066 5,306,739
Oil and Gas Property, Plant and
Equipment, net of accumulated
depreciation and amortization
of $748,245 .......................... 577,913 -- -- 577,913 --
Real Estate Property and Equipment,
net of accumulated depreciation
of $14,242 and valuation
allowance of $23,264 ................. 115,210 -- -- 115,210 --
Other Plant, net of accumulated
depreciation and amortization
of $4,653 ............................ 36,063 -- 32,879 3,184 --
Nuclear Decommissioning and Other
Special Funds ........................ 233,022 -- 233,022 -- --
Other Investments - net ................ 85,478 (5,789) -- 91,267 --
----------- ----------- ----------- ----------- -----------
Total Investments and Other
Noncurrent Assets .................... 2,673,638 (5,312,528) 331,787 2,347,640 5,306,739
----------- ----------- ----------- ----------- -----------
CURRENT ASSETS
- --------------
Cash and Cash Equivalents .............. 67,866 -- 27,498 9,673 30,695
Accounts Receivable:
Customer Accounts Receivable.......... 434,207 -- 434,207 -- --
Other Accounts Receivable............. 211,779 -- 151,684 58,318 1,777
Less: Allowance for doubtful accounts... 40,915 -- 40,915 -- --
Accounts Receivable - Associated
Companies............................. -- (31,053) -- 11,127 19,926
Unbilled Revenues ...................... 204,056 -- 204,056 -- --
Fuel ................................... 268,927 -- 268,927 -- --
Materials and Supplies, net of inventory
valuation reserves - $18,200 ......... 148,285 -- 146,763 1,522 --
Deferred Income Taxes .................. 25,311 -- 25,311 -- --
Miscellaneous Current Assets ........... 37,356 -- 30,407 6,949 --
----------- ----------- ----------- ----------- -----------
Total Current Assets ................ 1,356,872 (31,053) 1,247,938 87,589 52,398
----------- ----------- ----------- ----------- -----------
DEFERRED DEBITS
- ---------------
Property Abandonments - net ............ 88,269 -- 88,269 -- --
Oil and Gas Property Write-Down ........ 41,232 -- 41,232 -- --
Unamortized Debt Expense ............... 134,599 -- 132,342 2,257 --
Deferred OPEB Costs..................... 116,476 -- 116,476 -- --
Underrecovered Electric Energy and Gas
Costs - net .......................... 172,563 -- 172,563 -- --
Unrecovered Environmental Costs ........ 135,499 -- 135,499 -- --
Unrecovered Plant and Regulatory Study
Costs ................................ 37,128 -- 37,128 -- --
Unrecovered SFAS 109 Deferred
Income Taxes ......................... 791,393 -- 791,393 -- --
Deferred Decontamination and
Decommissioning Costs................ 53,016 -- 53,016 -- --
Other .................................. 18,510 -- 18,510 -- --
----------- ----------- ----------- ----------- -----------
Total Deferred Debits ................ 1,588,685 -- 1,586,428 2,257 --
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS ......................... $16,717,440 $(5,343,581) $14,264,398 $ 2,437,486 $ 5,359,137
=========== =========== =========== =========== ===========
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS.(A) SUBS.(A) PSEG
----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
- ------------------------------
CAPITALIZATION
Common Equity
Common Stock .......................... $ 3,801,157 $(2,563,103) $ 2,563,003 $ 100 $ 3,801,157
Contributed Capital ................... -- (1,463,465) 534,395 929,070 --
Retained Earnings ..................... 1,510,010 (1,280,172) 1,292,201 (12,029) 1,510,010
----------- ----------- ----------- ----------- -----------
Total Common Equity ................ 5,311,167 (5,306,740) 4,389,599 917,141 5,311,167
Subsidiaries' Securities and Obligations
Preferred Stock:
Without Mandatory Redemption ......... 384,994 -- 384,994 -- --
With Mandatory Redemption ............ 150,000 -- 150,000 -- --
Monthly Income Preferred Securities .... 150,000 -- 150,000 -- --
Long-Term Debt ......................... 5,180,657 -- 4,486,787 693,870 --
----------- ----------- ----------- ----------- -----------
Total Capitalization ................ 11,176,818 (5,306,740) 9,561,380 1,611,011 5,311,167
----------- ----------- ----------- ----------- -----------
OTHER LONG-TERM LIABILITIES
- ---------------------------
Decontamination and Decommissioning
Costs ................................. 56,149 -- 56,149 -- --
Environmental Costs ..................... 105,684 -- 105,684 -- --
Capital Lease Obligations ............... 53,770 -- 53,770 -- --
----------- ----------- ----------- ----------- -----------
Total Other Long-Term Liabilities ... 215,603 -- 215,603 -- --
----------- ----------- ----------- ----------- -----------
CURRENT LIABILITIES
- -------------------
Long-Term Debt due within one year ..... 499,738 -- 310,200 189,538 --
Commercial Paper and Loans ............. 491,586 -- 401,759 89,827 --
Book Overdrafts ........................ 86,576 -- 86,576 -- --
Accounts Payable ....................... 433,471 2 370,005 35,566 27,898
Accounts Payable - Associated
Companies ............................ (31,054) 16,677 1,002 13,375
Other Taxes Accrued .................... 44,149 -- 36,030 3,820 4,299
Interest Accrued ....................... 107,962 -- 95,721 9,999 2,242
Estimated Liability for Vacation Pay ... 27,080 -- 27,080 -- --
Customer Deposits ...................... 33,698 -- 33,698 -- --
Liability for Injuries and Damages ..... 29,814 -- 29,814 -- --
Miscellaneous Environmental
Liabilities .......................... 15,365 -- 15,365 -- --
Other .................................. 87,480 -- 50,778 36,587 115
----------- ------------ ----------- ----------- -----------
Total Current Liabilities ........... 1,856,919 (31,052) 1,473,703 366,339 47,929
----------- ------------ ----------- ----------- -----------
DEFERRED CREDITS
- ----------------
Accumulated Deferred Income Taxes....... 2,905,390 -- 2,478,539 426,851 --
Accumulated Deferred Investment Tax
Credits .............................. 412,466 -- 389,721 22,745 --
Deferred OPEB Costs .................... 116,476 -- 116,476 -- --
Other .................................. 33,768 (5,789) 28,976 10,540 41
----------- ------------ ----------- ------------ -----------
Total Deferred Credits .............. 3,468,100 (5,789) 3,013,712 460,136 41
----------- ------------ ----------- ----------- -----------
TOTAL CAPITALIZATION AND
LIABILITIES ......................... $16,717,440 $(5,343,581) $14,264,398 $ 2,437,486 $ 5,359,137
=========== =========== =========== =========== ===========
</TABLE>
<PAGE>
PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1994
---------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS
(SEE LEGEND BELOW) CONSOL. & RECLASS. PSE&G (A) PSCRC
- ------------------ ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
OPERATING REVENUES
- ------------------
Electric ............................... $ 3,733,113 $ -- $ 3,733,113 $ --
Gas .................................... 1,778,528 -- 1,778,528
Other .................................. -- (45,078) -- 2,261
----------- ----------- ----------- -----------
Total Operating Revenues ........... 5,511,641 (45,078) 5,511,641 2,261
----------- ----------- ----------- -----------
OPERATING EXPENSES
- ------------------
Operation
Fuel for Electric Generation and
Net Interchanged Power ............. 695,763 -- 695,763 --
Gas Purchased and Materials for
Gas Produced ....................... 1,036,701 -- 1,036,701 --
Other ................................ 957,599 (2,571) 956,959 2,901
Maintenance ............................ 308,080 -- 308,080 --
Depreciation and Amortization .......... 547,032 (42,507) 547,032 --
Taxes
Federal Income Taxes ................. 294,529 -- 293,734 825
New Jersey Gross Receipts Taxes ...... 583,167 -- 583,167 --
Other ................................ 76,100 -- 76,008 92
----------- ----------- ----------- -----------
Total Operating Expenses ......... 4,498,971 (45,078) 4,497,444 3,818
----------- ----------- ----------- -----------
OPERATING INCOME ......................... 1,012,670 -- 1,014,197 (1,557)
- ---------------- ----------- ----------- ----------- -----------
OTHER INCOME
- ------------
Allowance for Funds Used During
Construction - Equity ................ 12,789 -- 12,789 --
Equity in Earnings of Subsidiary
Companies ............................ -- (1,075) 1,075 --
Miscellaneous - net .................... 6,233 (1,784) 3,683 2,926
----------- ----------- ----------- -----------
Total Other Income ................ 19,022 (2,859) 17,547 2,926
----------- ----------- ----------- -----------
INCOME BEFORE INTEREST CHARGES AND
DIVIDENDS ON PREFERRED STOCK ............. 1,031,692 (2,859) 1,031,744 1,369
----------- ----------- ----------- -----------
INTEREST CHARGES
- ----------------
Long-Term Debt ......................... 366,894 (1,732) 368,626 --
Short-Term Debt ........................ 18,175 -- 18,175 --
Other .................................. 10,856 -- 10,856 --
----------- ----------- ----------- -----------
Total Interest Charges ............... 395,925 (1,732) 397,657 --
Allowance for Funds Used During
Construction - Debt and Capitalized
Interest ............................. (25,319) -- (25,319) --
----------- ----------- ----------- -----------
Net Interest Charges ................. 370,606 (1,732) 372,338 --
----------- ----------- ----------- -----------
Monthly Income Preferred Securities
Dividend Requirements .................. 1,680 (52) -- --
----------- ----------- ----------- -----------
NET INCOME ............................... 659,406 (1,075) 659,406 1,369
Preferred Stock Dividend Requirements .. 40,467 -- 40,467 --
----------- ----------- ----------- -----------
EARNINGS AVAILABLE FOR PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED ............ $ 618,939 $ (1,075) $ 618,939 $ 1,369
=========== =========== =========== ===========
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I.
PSE&G - Public Service Electric and Gas Company
PSCRC - Public Service Conservation Resources Corporation
SETI - Soil Extraction Technologies, Inc.
FUELCO - PSE&G Fuel Corporation
PSE&G CAPITAL, L.P. - Public Service electric and Gas Capital, L.P.
</TABLE>
<PAGE>
PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1994
---------------------------------------
(Thousands of Dollars)
<CAPTION>
PSE&G
CAPITAL
(SEE LEGEND BELOW) SETI FUELCO L.P.
- ------------------ ----------- ----------- -----------
<S> <C> <C> <C>
OPERATING REVENUES
- ------------------
Electric .............................. $ -- $ -- $ --
Gas .................................... -- -- --
Other .................................. -- 42,817 --
----------- ----------- -----------
Total Operating Revenues ........... -- 42,817 --
OPERATING EXPENSES
- ------------------
Operation
Fuel for Electric Generation and
Net Interchanged Power ............. -- -- --
Gas Purchased and Materials for
Gas Produced ....................... -- -- --
Other ................................ -- 310 --
Maintenance ............................ -- -- --
Depreciation and Amortization .......... -- 42,507 --
Taxes
Federal Income Taxes ................. (30) -- --
New Jersey Gross Receipts Taxes ...... -- -- --
Other ................................ -- -- --
----------- ----------- -----------
Total Operating Expenses ......... (30) 42,817 --
OPERATING INCOME ......................... 30 -- --
- ----------------
OTHER INCOME
- ------------
Allowance for Funds Used During
Construction - Equity ................ -- -- --
Equity in Earnings of Subsidiary
Companies ............................ -- -- --
Miscellaneous - net .................... (324) -- 1,732
----------- ----------- -----------
Total Other Income ................ (324) -- 1,732
INCOME BEFORE INTEREST CHARGES AND
DIVIDENDS ON PREFERRED STOCK ............. (294) -- 1,732
----------- ----------- ----------
INTEREST CHARGES
- ----------------
Long-Term Debt ......................... -- -- --
Short-Term Debt ........................ -- -- --
Other .................................. -- -- --
Total Interest Charges ............... -- -- --
Allowance for Funds Used During
Construction - Debt and Capitalized
Interest ............................. -- -- --
----------- ----------- ----------
Net Interest Charges ................. -- -- --
----------- ----------- ----------
Monthly Income Preferred Securities
Dividend Requirements .................. -- -- 1,732
----------- ----------- ----------
NET INCOME ............................... (294) -- --
Preferred Stock Dividend Requirements .. -- -- --
----------- ----------- ----------
EARNINGS AVAILABLE FOR PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED ............ (294) -- --
=========== =========== ==========
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I.
PSE&G - Public Service Electric and Gas Company
PSCRC - Public Service Conservation Resources Corporation
SETI - Soil Extraction Technologies, Inc.
FUELCO - PSE&G Fuel Corporation
PSE&G CAPITAL, L.P. - Public Service electric and Gas Capital, L.P.
</TABLE>
<PAGE>
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
--------------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS FRANCIS
CONSOL. & RECLASS. PSE&G PSCRC SETI CORP.
----------- ------------ ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balance - January 1, 1994................. $ 1,180,532 $ (20,433) $ 1,180,532 $ 19,631 $ 301 $ 501
Add:
Net Income (Loss) ..................... 659,406 (1,053) 659,406 1,369 (316) --
----------- ----------- ----------- ----------- ----------- -----------
Total .................................... 1,839,938 (21,486) 1,839,938 21,000 (15) 501
----------- ----------- ----------- ----------- ----------- -----------
Additional Paid in Capital ............... -- (19,617) -- 19,676 376 (435)
----------- ----------- ----------- ----------- ----------- -----------
Deduct:
Cash Dividends on Common Stock......... 505,300 -- 505,300 -- -- --
Cash Dividends on Preferred Stock...... 40,467 -- 40,467 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
545,767 -- 545,767 -- -- --
Adjustment to Retained Earnings........... 1,970 -- 1,970 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Deductions....................... 547,737 -- 547,737 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Balance - December 31, 1994............... $ 1,292,201 $ (41,103) $ 1,292,201 $ 40,676 $ 361 $ 66
=========== =========== =========== =========== =========== ===========
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I.
</TABLE>
<PAGE> PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
---------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY SOIL
PSE&G ELIMINATIONS PSE&G EXTRACTION
CONSOL. & RECLASS. PSE&G FUEL CORP. TECHNOLOGIES
----------- ------------ ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
- ------
UTILITY PLANT - Original Cost
- -----------------------------
Electric................................ $12,345,919 $ -- $12,345,919 $ -- $ --
Gas..................................... 2,318,233 -- 2,318,233 -- --
Common.................................. 545,131 -- 545,131 -- --
----------- ------------ ----------- ---------- ----------
Total............................... 15,209,283 -- 15,209,283 -- --
Less Accumulated Depreciation
and Amortization...................... 5,147,105 -- 5,147,105 -- --
----------- ------------ ----------- ---------- ----------
Net..................................... 10,062,178 -- 10,062,178 -- --
Nuclear Fuel in Service, net of
accumulated amortization of $302,906 . 205,273 -- 116,622 88,651 --
----------- ------------ ----------- ---------- ----------
Net Utility Plant in Service.......... 10,267,451 -- 10,178,800 88,651 --
Construction Work in Progress,
including Nuclear Fuel in
Process - $65,429..................... 806,934 -- 805,947 987 --
Plant Held for Future Use............... 23,860 2,804 21,056 -- --
----------- ------------ ----------- ---------- ----------
Net Utility Plant....................... 11,098,245 2,804 11,005,803 89,638 --
----------- ------------ ----------- ---------- ----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
- ---------------------------------------
Long-Term Investments, net of
amortization - $2,365................. 65,886 (45,857) 69,984 -- --
Other Plant - net of Accumulated
Depreciation and Amortization
of $1,127............................. 32,879 -- 32,623 -- --
Nuclear Decommissioning and
Other Special Funds................... 233,022 -- 233,032 -- --
----------- ------------ ----------- ---------- ----------
Total Investments and Other
Noncurrent Assets....................... 331,787 (45,857) 335,629 -- --
----------- ------------ ----------- ---------- ----------
CURRENT ASSETS
- --------------
Cash and Cash Equivalents............... 27,498 -- 27,075 71 --
Accounts Receivable:
Customer Accounts Receivable.......... 434,207 -- 434,207 -- --
Other Accounts Receivable............. 151,684 (2,804) 147,893 -- --
Less:
Allowance for doubtful accounts ....... 40,915 -- 40,915 -- --
Debentures Receivable.................. -- (154,639) -- -- --
Accounts Receivable - Associated
Companies ........................... -- (9,517) 5,268 3,762 417
Unbilled Revenues ...................... 204,056 -- 204,056 -- --
Fuel ................................... 268,927 -- 268,927 -- --
Materials and Supplies, net of
inventory valuation reserves -
$18,200............................... 146,763 -- 146,763 -- --
Deferred Income Taxes................... 25,311 -- 25,311 -- --
Miscellaneous Current Assets........... 30,407 -- 29,872 219 --
----------- ------------ ----------- ---------- ----------
Total Current Assets.................. 1,247,938 (166,960) 1,248,457 4,052 417
----------- ------------ ----------- ---------- ----------
DEFERRED DEBITS
- ---------------
Property Abandonments - net............. 88,269 -- 88,269 -- --
Oil and Gas Property Write-Down......... 41,232 -- 41,232 -- --
Unamortized Debt Expense................ 132,342 -- 132,342 -- --
Deferred OPEB Costs..................... 116,476 -- 116,476 -- --
Unrecovered Environmental Costs......... 135,499 -- 135,499 -- --
Unrecovered Plant and Regulatory Study
Costs ................................ 37,128 -- 37,128 -- --
Underrecovered Electric Energy and Gas
Costs - net .......................... 172,563 -- 172,563 -- --
Deferred Decontamination and
Decommissioning Costs................. 53,016 -- 53,016 -- --
Unrecovered SFAS 109 Deferred
Income Taxes ......................... 791,393 -- 791,393 -- --
Other .................................. 18,510 -- 15,542 19 --
----------- ------------ ----------- ---------- ----------
Total Deferred Debits ................ 1,586,428 -- 1,583,460 19 --
----------- ------------ ----------- ---------- ----------
TOTAL ASSETS ......................... $14,264,398 $ (210,013) $14,173,349 $ 93,709 $ 417
=========== ============ =========== ========== ==========
</TABLE>
<PAGE> PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
---------------------------------------
(Thousands of Dollars)
<CAPTION>
PUBLIC SERVICE PUBLIC SERVICE
NEW JERSEY CONSERVATION CORPORATION
PROPERTIES THE FRANCIS RESOURCES OF PSE&G
INC. CORPORATION CORPORATION NEW JERSEY CAPITAL, L.P.
----------- ----------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS
- ------
UTILITY PLANT - Original Cost
- -----------------------------
Electric................................ $ -- $ -- $ -- $ -- $ --
Gas..................................... -- -- -- -- --
Common.................................. -- -- -- -- --
----------- ------------ ----------- ---------- ----------
Total............................... -- -- -- -- --
Less Accumulated Depreciation
and Amortization...................... -- -- -- -- --
----------- ------------ ----------- ---------- ----------
Net..................................... -- -- -- -- --
Nuclear Fuel in Service, net of
accumulated amortization of $302,906 . -- -- -- -- --
----------- ------------ ----------- ---------- ----------
Net Utility Plant in Service.......... -- -- -- -- --
Construction Work in Progress,
including Nuclear Fuel in
Process - $65,429..................... -- -- -- -- --
Plant Held for Future Use............... -- -- -- -- --
----------- ------------ ----------- ---------- ----------
Net Utility Plant....................... -- -- -- -- --
----------- ------------ ----------- ---------- ----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
- ---------------------------------------
Long-Term Investments, net of
amortization - $2,365................. -- 66 41,693 -- --
Other Plant - net of Accumulated
Depreciation and Amortization
of $1,127............................. -- -- 256 -- --
Nuclear Decommissioning and
Other Special Funds................... -- -- -- -- --
----------- ------------ ----------- ---------- ----------
Total Investments and Other
Noncurrent Assets....................... -- 66 41,949 -- --
----------- ------------ ----------- ---------- ----------
CURRENT ASSETS
- --------------
Cash and Cash Equivalents............... -- 1 350 1 --
Accounts Receivable:
Customer Accounts Receivable.......... -- -- -- -- --
Other Accounts Receivable............. -- -- 6,595 -- --
Less:
Allowance for doubtful accounts ....... -- -- -- -- --
Debentures Receivable.................. -- -- -- -- 154,639
Accounts Receivable - Associated
Companies ........................... -- -- 70 -- --
Unbilled Revenues ...................... -- -- -- -- --
Fuel ................................... -- -- -- -- --
Materials and Supplies, net of
inventory valuation reserves -
$18,200............................... -- -- -- -- --
Deferred Income Taxes................... -- -- -- -- --
Miscellaneous Current Assets........... -- -- 316 -- --
----------- ------------ ----------- ---------- ----------
Total Current Assets.................. -- 1 7,331 1 154,639
----------- ------------ ----------- ---------- ----------
DEFERRED DEBITS
- ---------------
Property Abandonments - net............. -- -- -- -- --
Oil and Gas Property Write-Down......... -- -- -- -- --
Unamortized Debt Expense................ -- -- -- -- --
Deferred OPEB Costs..................... -- -- -- -- --
Unrecovered Environmental Costs......... -- -- -- -- --
Unrecovered Plant and Regulatory Study
Costs ................................ -- -- -- -- --
Underrecovered Electric Energy and Gas
Costs - net .......................... -- -- -- -- --
Deferred Decontamination and
Decommissioning Costs................. -- -- -- -- --
Unrecovered SFAS 109 Deferred
Income Taxes ......................... -- -- -- -- --
Other .................................. 2,936 -- -- 13 --
----------- ------------ ----------- ---------- ----------
Total Deferred Debits ................ 2,936 -- -- 13 --
----------- ------------ ----------- ---------- ----------
TOTAL ASSETS ......................... $ 2,936 $ 67 $ 49,280 $ 14 $ 154,639
=========== ============ =========== ========== ==========
</TABLE>
<PAGE> PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
---------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY SOIL
PSE&G ELIMINATIONS THE FRANCIS EXTRACTION
CONSOL. & RECLASS. PSE&G CORPORATION TECHNOLOGIES
----------- ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
- ------------------------------
CAPITALIZATION
Common Equity
Common Stock .......................... $ 2,563,003 $ (24) $ 2,563,003 $ 1 $ 10
Contributed Capital ................... 534,395 -- 534,395 -- --
Retained Earnings ..................... 1,292,201 (45,742) 1,292,201 -- 361
----------- ----------- ----------- ----------- -----------
Total Common Equity ................. 4,389,599 (45,766) 4,389,599 1 371
Subsidiaries' Securities and Obligations
Preferred Stock
Without Mandatory Redemption ....... 384,994 -- 384,994 -- --
With Mandatory Redemption .......... 150,000 -- 150,000 -- --
Monthly Income Preferred Securities... 150,000 -- -- -- --
Long-Term Debt ....................... 4,486,787 -- 4,486,787 -- --
----------- ----------- ----------- ----------- -----------
Total Capitalization ............... 9,561,380 (45,766) 9,411,380 1 -- 371
OTHER LONG-TERM LIABILITIES
- ---------------------------
Decontamination and
Decommission Costs.................... 56,149 -- 56,149 -- --
Environmental Costs..................... 105,684 -- 105,684 -- --
Capital Lease Obligations............... 53,770 -- 53,770 -- --
----------- ----------- ----------- ----------- -----------
Total Other Long-Term Liabilities... 215,603 -- 215,603 -- --
----------- ----------- ----------- ----------- -----------
CURRENT LIABILITIES
- -------------------
Long-Term Debt due within one year...... 310,200 -- 310,200 -- --
Commercial Paper and Loans ............. 401,759 -- 308,070 93,689 --
Book Overdrafts......................... 86,576 -- 86,576 -- --
Accounts Payable ....................... 370,005 -- 369,203 -- --
Debentures Payable...................... -- (154,639) 154,639 -- --
Accounts Payable - Associated
Companies ............................ 16,677 (9,517) 22,921 19 122
Other Taxes Accrued..................... 36,030 (91) 36,341 -- --
Interest Accrued........................ 95,721 -- 95,721 -- --
Estimated Liability for Vacation Pay.... 27,080 -- 27,080 -- --
Customer Deposits....................... 33,698 -- 33,698 -- --
Liability for Injuries and Damages...... 29,814 -- 29,814 -- --
Miscellaneous Environmental Liabilities. 15,365 -- 15,365 -- --
Other .................................. 50,778 -- 48,642 -- --
----------- ----------- ----------- ----------- -----------
Total Current Liabilities ........... 1,473,703 (164,247) 1,538,270 93,708 122
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
- ----------------
Accumulated Deferred Income Taxes...... 2,478,539 -- 2,478,615 -- (76)
Accumulated Deferred Investment Tax
Credits ............................. 389,721 -- 389,721 -- --
Deferred OPEB Costs.................... 116,476 -- 116,476 -- --
Other ................................. 28,976 -- 23,284 -- --
----------- ----------- ----------- ----------- -----------
Total Deferred Credits ............. 3,013,712 -- 3,008,096 -- (76)
----------- ----------- ----------- ----------- -----------
TOTAL CAPITALIZATION AND
LIABILITIES ........................ $14,264,398 $ (210,013) $14,173,349 $ 93,709 $ 417
=========== =========== =========== =========== ===========
</TABLE>
<PAGE> PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
---------------------------------------
(Thousands of Dollars)
<CAPTION>
PUBLIC SERVICE
NEW JERSEY CONSERVATION PUBLIC SERVICE
PROPERTIES THE FRANCIS RESOURCES CORPORATION OF PSE&G
INC. CORPORATION CORPORATION NEW JERSEY CAPITAL, L.P.
----------- ------------ ----------- -------------- -------------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
- ------------------------------
CAPITALIZATION
Common Equity
Common Stock .......................... $ 1 $ 1 $ 10 $ 1 $ --
Contributed Capital ................... -- -- -- -- --
Retained Earnings ..................... -- 66 40,676 -- 4,639
----------- ----------- ----------- -------------- -----------
Total Common Equity ................. 1 67 40,686 1 4,639
Subsidiaries' Securities and Obligations
Preferred Stock
Without Mandatory Redemption ....... -- -- -- -- --
With Mandatory Redemption .......... -- -- -- -- --
Monthly Income Preferred Securities... -- -- -- -- 150,000
Long-Term Debt ....................... -- -- -- -- --
----------- ----------- ----------- -------------- -----------
Total Capitalization ............... 1 67 40,686 1 154,639
OTHER LONG-TERM LIABILITIES
- ---------------------------
Decontamination and
Decommission Costs.................... -- -- -- -- --
Environmental Costs..................... -- -- -- -- --
Capital Lease Obligations............... -- -- -- -- --
----------- ----------- ----------- -------------- -----------
Total Other Long-Term Liabilities... -- -- -- -- --
----------- ----------- ----------- -------------- -----------
CURRENT LIABILITIES
- -------------------
Long-Term Debt due within one year...... -- -- -- -- --
Commercial Paper and Loans ............. -- -- -- -- --
Book Overdrafts......................... -- -- -- -- --
Accounts Payable ....................... -- -- 802 -- --
Debentures Payable...................... -- -- -- -- --
Accounts Payable - Associated
Companies ............................ 2,935 -- 184 13 --
Other Taxes Accrued..................... -- -- (220) -- --
Interest Accrued........................ -- -- -- -- --
Estimated Liability for Vacation Pay.... -- -- -- -- --
Customer Deposits....................... -- -- -- -- --
Liability for Injuries and Damages...... -- -- -- -- --
Miscellaneous Environmental Liabilities. -- -- -- -- --
Other .................................. -- -- 2,136 -- --
----------- ----------- ----------- ------------- -----------
Total Current Liabilities ........... 2,935 -- 2,902 13 --
----------- ----------- ----------- ------------- -----------
DEFERRED CREDITS
- ----------------
Accumulated Deferred Income Taxes...... -- -- -- -- --
Accumulated Deferred Investment Tax
Credits ............................. -- -- -- -- --
Deferred OPEB Costs.................... -- -- -- -- --
Other ................................. -- -- 5,692 -- --
----------- ----------- ----------- ------------- -----------
Total Deferred Credits ............. -- -- 5,692 -- --
----------- ----------- ----------- ------------- -----------
TOTAL CAPITALIZATION AND
LIABILITIES ........................ $ 2,936 $ 67 $ 49,280 $ 14 $ 154,639
=========== =========== =========== ============= ===========
</TABLE>
<PAGE>
PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING INCOME STATEMENT
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOL. & RECLASS. EDHI PSRC EDC (A)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
- ------------------
Oil and gas sales ............ $ 230,538,238 $ -- $ -- $ 658,105 $ 229,880,133
Lease agreements ............. 61,754,935 -- -- 61,754,935 --
Partnerships ................. 75,266,874 -- -- 27,637,788 --
Interest and dividends ....... 6,889,778 -- 42,914 6,014,743 --
Realized gains(losses) on
investments ................ 4,989,280 -- -- 2,873,541 --
Unrealized gains(losses)
on investments ............. 16,425,951 -- -- 16,425,951 --
Rental income ................ 11,751,963 -- -- -- --
Interest and other -
associated companies ....... -- (102,002,021) 7,321,275 -- --
Other ........................ 9,008,666 4,727,698 -- 1,141,854 --
Equity in subsidiary
earnings ................... -- (60,093,784) 60,093,784 -- --
------------- ------------- ------------- ------------- -------------
Total Revenues ........... 416,625,685 (157,368,107) 67,457,973 116,506,917 229,880,133
------------- ------------- ------------- ------------- -------------
OPERATING EXPENSES
- ------------------
Oil and gas production ....... 59,556,779 -- -- -- 59,556,779
Oil and gas exploration ...... 40,963,945 -- -- -- 40,963,945
Rental properties ............ 10,857,025 -- -- -- --
Depreciation and
Amortization ............... 82,656,113 -- 296,188 1,404,545 78,566,749
Property Impairment .......... 2,079,549 -- -- -- --
Administrative and
General .................... 47,208,056 (7,554,294) 7,068,001 10,034,677 11,582,462
------------- ------------- ------------- ------------- -------------
Total Operating
Expenses ................. 243,321,467 (7,554,294) 7,364,189 11,439,222 190,669,935
------------- ------------- ------------- ------------- -------------
OPERATING INCOME ............. 173,304,218 (149,813,813) 60,093,784 105,067,695 39,210,198
- ---------------- ------------- ------------- ------------- ------------- -------------
OTHER INCOME.................. -- (4,727,698) -- -- 4,727,698
------------- ------------- ------------- ------------- -------------
INTEREST EXPENSE
- ----------------
Affiliated companies ......... -- (94,447,727) -- 56,450,287 33,441,743
Other ........................ 100,000,084 -- -- 3,525,270 293,576
Capitalized interest ......... (8,474,058) -- -- (210,846) (3,993,710)
------------- ------------- ------------- ------------- -------------
Net interest expense ......... 91,526,026 (94,447,727) -- 59,764,711 29,741,609
------------- ------------- ------------- ------------- -------------
INCOME BEFORE INCOME TAXES ... 81,778,192 (60,093,784) 60,093,784 45,302,984 14,196,287
------------- ------------- ------------- ------------- --------------
INCOME TAXES
- ------------
Current ...................... (67,309,919) -- -- (53,523,197) (3,902,457)
Deferred ..................... 93,280,647 -- -- 68,662,379 5,586,399
Investment and energy
tax credits - net .......... (4,089,202) -- -- (3,411,742) --
------------- ------------- ------------- ------------- -------------
Total income taxes ....... 21,881,526 -- -- 11,727,440 1,683,942
------------- ------------- ------------- ------------- -------------
MINORITY INTERESTS ........... (197,118) -- -- (180,121) --
------------- ------------- ------------- ------------- -------------
NET INCOME ................... $ 60,093,784 $ (60,093,784) $ 60,093,784 $ 33,755,665 $ 12,512,345
============= ============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING INCOME STATEMENT
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
PSEG
(SEE LEGEND BELOW) CEA EGDC CAPITAL ECFC
- ------------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
- ------------------
Oil and gas sales ............ $ -- $ -- $ -- $ --
Lease agreements ............. -- -- -- --
Partnerships ................. 47,264,421 364,665 -- --
Interest and dividends ....... 196,553 83,367 4,235 547,966
Realized gains(losses) on
investments ................ -- 2,115,739 -- --
Unrealized gains(losses)
on investments ............. -- -- -- --
Rental income ................ -- 11,751,963 -- --
Interest and other -
associated companies ....... -- 53,041 66,449,442 28,178,263
Other ........................ 2,119,832 1,019,282 -- --
Equity in subsidiary
earnings ................... -- -- -- --
------------- ------------- ------------- -------------
Total Revenues ........... 49,580,806 15,388,057 66,453,677 28,726,229
------------- ------------- ------------- -------------
OPERATING EXPENSES
- ------------------
Oil and gas production ....... -- -- -- --
Oil and gas exploration ...... -- -- -- --
Rental properties ............ -- 10,857,025 -- --
Depreciation and
Amortization ............... 370,355 2,018,276 -- --
Property Impairment .......... -- 2,079,549 -- --
Administrative and
General .................... 23,731,067 2,096,766 88,543 160,834
------------- ------------- ------------- -------------
Total Operating
Expenses ................. 24,101,422 17,051,616 88,543 160,834
------------- ------------- ------------- -------------
OPERATING INCOME ............. 25,479,384 (1,663,559) 66,365,134 28,565,395
- ----------------
OTHER INCOME.................. -- -- -- --
------------- ------------- ------------- -------------
INTEREST EXPENSE
- ----------------
Affiliated companies ......... 4,475,118 27,538 53,041 --
Other ........................ 154,970 1,148,780 66,312,093 28,565,395
Capitalized interest ......... (4,269,502) -- -- --
------------- ------------- ------------- -------------
Net interest expense ......... 360,586 1,176,318 66,365,134 28,565,395
------------- ------------- ------------- -------------
INCOME BEFORE INCOME TAXES ... 25,118,798 (2,839,877) -- --
------------- ------------- ------------- -------------
INCOME TAXES
- ------------
Current ...................... (2,869,743) (7,014,522) -- --
Deferred ..................... 12,975,079 6,056,790 -- --
Investment and energy
tax credits - net .......... (677,460) -- -- --
-------------- ------------- ------------- -------------
Total income taxes ....... 9,427,876 (957,732) -- --
MINORITY INTERESTS ........... -- (16,997) -- --
-------------- ------------- ------------- -------------
NET INCOME ................... $ 15,690,922 $ (1,865,148) $ -- $ --
============== ============= ============= =============
(A) Exceeds 2% of Enterprise's consolidated revenues. For additional information see Item I.
EDHI - Enterprise Diversified Holdings Incorporated
PSRC - Public Service Resources Corporation
EDC - Energy Development Corporation
CEA - Community Energy Alternatives Incorporated
EGDC - Enterprise Group Development Corporation
PSEG CAPITAL - PSEG Capital Corporation
ECFC - Enterprise Capital Funding Corporation
</TABLE>
<PAGE>
PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOL. & RECLASS. EDHI PSRC EDC
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994....... $ (49,122,407) $ 51,622,402 $ (49,122,407) $ 119,577,556 $(107,915,465)
ADD:
Net Income(Loss) ............. 60,093,784 (60,093,784) 60,093,784 33,755,665 12,512,345
------------- ------------- ------------- ------------- -------------
Total .......................... 10,971,377 (8,471,382) 10,971,377 153,333,221 (95,403,120)
------------- ------------- ------------- ------------- -------------
DEDUCT:
Dividends Declared............ 23,000,000 (23,000,000) 23,000,000 13,500,000 8,000,000
------------- ------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1994..... $ (12,028,623) $ 14,528,618 $ (12,028,623) $ 139,833,221 $(103,403,120)
============= ============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
---------------------------------------------
<CAPTION>
PSEG
CEA EGDC CAPITAL ECFC
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994....... $ 17,529,108 $ (80,813,601) $ -- $ --
ADD:
Net Income(Loss) ............. 15,690,922 (1,865,148) -- --
------------- ------------- ------------- -------------
Total .......................... 33,220,030 (82,678,749) -- --
------------- ------------- ------------- -------------
DEDUCT:
Dividends Declared............ 1,500,000 -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1994..... $ 31,720,030 $ (82,678,749) $ -- $ --
============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOLIDATED & RECLASS. EDHI PSRC EDC (A)
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
- --------------
Cash and temporary
investments .................. $ 9,671,566 $ -- $ 896,900 $ 3,792,402 $ 2,375,507
Accounts receivable:
Affiliated Companies ......... 11,126,727 (13,969,145) 710,183 4,697,259 7,603,677
Interest ..................... 1,487,596 -- -- 1,376,528 --
Other ........................ 56,830,628 -- 20,247 8,077,328 42,253,927
Notes receivable:
Affiliated companies ......... -- (603,647,000) -- -- --
Materials and supplies ......... 1,522,371 -- -- 1,522,371
Prepayments ................... 6,949,642 -- 414,813 972,884 5,127,619
--------------- --------------- --------------- --------------- ---------------
Total current assets ....... 87,588,530 (617,616,145) 2,042,143 18,916,401 58,883,101
--------------- --------------- --------------- --------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
- -----------------------------
Oil and Gas .................... 1,324,536,489 -- -- -- 1,324,536,489
Real estate .................... 151,558,102 -- -- 24,351,103 --
Furniture and equipment ........ 5,826,309 -- 1,479,864 970,592 --
Accumulated depreciation
and amortization ............. (763,971,597) -- (615,310) (3,077,155) (748,244,993)
Valuation allowance ............ (23,264,624) -- -- (7,782,439) --
--------------- --------------- --------------- --------------- ---------------
Total property, plant
and equipment ................ 694,684,679 -- 864,554 14,462,101 576,291,496
--------------- --------------- --------------- --------------- ---------------
INVESTMENTS
- -----------
Subsidiaries ................... -- (915,646,380) 915,646,380 -- --
Equity Securities .............. 11,727,430 -- -- 11,727,430 --
Other Securities ............... 63,085,687 -- -- 63,085,687 --
Lease agreements ............... 871,353,471 -- -- 871,353,471 --
Limited partnership interests .. 436,712,747 -- -- 373,704,702 --
General partnership interests .. 157,662,775 -- -- -- --
Joint venture .................. 36,627,836 -- -- -- --
Valuation allowance ............ (17,104,712) -- -- (12,412,557) --
--------------- --------------- --------------- --------------- ---------------
Total investments .......... 1,560,065,234 (915,646,380) 915,646,380 1,307,458,733 --
--------------- --------------- --------------- --------------- ---------------
OTHER ASSETS
- ------------
Natural gas receivable ......... 19,352,689 -- -- -- 19,352,689
Project start-up costs ......... 2,103,503 -- -- 281,695 --
Commissions & tenant
improvements ................. 10,462,215 -- -- -- --
Accumulated deferred income
taxes ........................ -- (53,660,786) -- -- 30,281,411
Preacquisition costs ........... 1,621,660 -- -- -- 1,621,660
Deferred debt issuance costs -
net .......................... 2,257,491 -- -- -- --
Notes received from
associated companies ......... 30,000 (365,421,000) -- -- --
Other .......................... 59,318,482 -- -- -- 42,455,907
--------------- --------------- --------------- --------------- ---------------
Total other assets ......... 95,146,040 (419,081,786) -- 281,695 93,711,667
--------------- --------------- --------------- --------------- ---------------
TOTAL ASSETS ............... $ 2,437,484,483 $(1,952,344,311) $ 918,553,077 $ 1,341,118,930 $ 728,886,264
=============== =============== =============== =============== ===============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
</TABLE>
<PAGE>
PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
PSEG
CEA EGDC CAPITAL ECFC
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
- --------------
Cash and temporary
investments .................. $ 274,565 $ 797,598 $ 43,216 $ 1,491,378
Accounts receivable:
Affiliated Companies ......... -- 18,412 9,454,256 2,612,085
Interest ..................... 1,635 109,433 -- --
Other ........................ 4,006,972 2,472,154 -- --
Notes receivable:
Affiliated companies ......... -- 4,700,000 391,610,093 207,336,907
Materials and supplies ......... -- -- -- --
Prepayments ................... 271,901 162,425 -- --
--------------- --------------- --------------- ---------------
Total current assets ....... 4,555,073 8,260,022 401,107,565 211,440,370
PROPERTY, PLANT AND EQUIPMENT
- -----------------------------
Oil and Gas .................... -- -- -- --
Real estate .................... -- 127,206,999 -- --
Furniture and equipment ........ 3,187,071 188,782 -- --
Accumulated depreciation
and amortization ............. (868,644) (11,165,495) -- --
Valuation allowance ............ -- (15,482,185) -- --
---------------- -------------- --------------- ---------------
Total property, plant
and equipment ................ 2,318,427 100,748,101 -- --
---------------- -------------- --------------- ---------------
INVESTMENTS
- -----------
Subsidiaries ................... -- -- -- --
Equity Securities .............. -- -- -- --
Other Securities ............... -- -- -- --
Lease agreements ............... -- -- -- --
Limited partnership interests .. 63,008,045 -- -- --
General partnership interests .. 126,715,068 30,947,707 -- --
Joint venture .................. 36,627,836 -- -- --
Valuation allowance ............ (3,845,142) (847,013) -- --
--------------- --------------- --------------- ---------------
Total investments .......... 222,505,807 30,100,694 -- --
--------------- --------------- --------------- ---------------
OTHER ASSETS
- ------------
Natural gas receivable ......... -- -- -- --
Project start-up costs ......... 1,821,808 -- -- --
Commissions & tenant
improvements ................. -- 10,462,215 -- --
Accumulated deferred income
taxes ........................ -- 23,379,375 -- --
Preacquisition costs ........... -- --
Deferred debt issuance costs -
net .......................... -- -- 220,454 2,037,037
Notes received from
associated companies ......... 30,000 -- 238,923,907 126,497,093
Other .......................... 1,262,575 15,600,000 -- --
--------------- --------------- --------------- ---------------
Total other assets ......... 3,114,383 49,441,590 239,144,361 128,534,130
--------------- --------------- --------------- ---------------
TOTAL ASSETS ............... $ 232,493,690 $ 188,550,407 $ 640,251,926 $ 339,974,500
=============== =============== =============== ===============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
</TABLE>
<PAGE>
PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
INTERCOMPANY
LIABILITIES AND EDHI ELIMINATIONS
STOCKHOLDERS' EQUITY CONSOL. & RECLASS. EDHI PSRC EDC
- -------------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
- -------------------
Accounts payable:
Affiliated companies ......... $ 1,000,370 $ (13,969,145) $ 254,567 $ 9,108,513 $ 3,430,664
Interest...................... 9,998,004 -- -- 1,500,000 --
Other ........................ 75,973,320 -- 906,752 7,445,369 56,948,284
Notes payable:
Affiliated companies ......... -- (603,647,000) -- 551,586,000 --
Other ........................ 201,732,204 -- -- -- --
Current portion of
long-term debt ............... 77,632,936 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total current
liabilities ................ 366,336,834 (617,616,145) 1,161,319 569,639,882 60,378,948
-------------- -------------- -------------- -------------- --------------
LONG-TERM DEBT
- --------------
Affiliated Companies.......... -- (365,421,000) -- -- 365,421,000
Other......................... 693,870,326 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total long-term debt ....... 693,870,326 (365,421,000) -- -- 365,421,000
-------------- -------------- -------------- -------------- --------------
DEFERRED CREDITS
- ----------------
Accumulated deferred income
taxes ........................ 426,850,960 (53,660,786) -- 432,173,484 --
Accumulated deferred investment
and energy tax credits........ 22,744,533 -- -- 8,095,745 --
Other .......................... 8,479,972 -- 250,256 73,924 5,789,436
-------------- -------------- -------------- -------------- --------------
Total deferred credits ..... 458,075,465 (53,660,786) 250,256 440,343,153 5,789,436
-------------- -------------- -------------- -------------- --------------
MINORITY INTERESTS ............. 2,060,356 -- -- 202,675 --
- ------------------ -------------- -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY
- --------------------
Capital stock .................. 100,000 (171,501,998) 100,000 107,000,999 920,000
Contributed capital ............ 929,070,125 (758,673,000) 929,070,125 84,099,000 399,780,000
Retained earnings (deficit)..... (12,028,623) 14,528,618 (12,028,623) 139,833,221 (103,403,120)
-------------- -------------- -------------- -------------- --------------
Total stockholders'
equity ................... 917,141,502 (915,646,380) 917,141,502 330,933,220 297,296,880
-------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ........... $2,437,484,483 $(1,952,344,311) $ 918,553,077 $1,341,118,930 $ 728,886,264
============== ============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1994
--------------------------------------------
<CAPTION>
LIABILITIES AND PSEG
STOCKHOLDERS' EQUITY CEA EGDC CAPITAL ECFC
- -------------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES
- -------------------
Accounts payable:
Affiliated companies ......... $ 1,816,991 $ 298,951 $ 23,717 $ 36,112
Interest...................... -- 59,549 4,433,866 4,004,589
Other ........................ 8,362,262 2,031,637 272,016 7,000
Notes payable:
Affiliated companies ......... 47,361,000 -- 4,700,000 --
Other ........................ -- -- 111,905,405 89,826,799
Current portion of
long-term debt ............... -- 132,936 42,500,000 35,000,000
-------------- -------------- -------------- --------------
Total current
liabilities ................ 57,540,253 2,523,073 163,835,004 128,874,500
-------------- -------------- -------------- --------------
LONG-TERM DEBT
- --------------
Affiliated Companies.......... -- -- -- --
Other......................... -- 6,553,404 476,316,922 211,000,000
-------------- -------------- -------------- --------------
Total long-term debt ....... -- 6,553,404 476,316,922 211,000,000
-------------- -------------- -------------- --------------
DEFERRED CREDITS
- ----------------
Accumulated deferred income
taxes ........................ 48,338,262 -- -- --
Accumulated deferred investment
and energy tax credits........ 14,648,788 -- -- --
Other .......................... 2,366,356 -- -- --
-------------- -------------- -------------- --------------
Total deferred credits ..... 65,353,406 -- -- --
-------------- -------------- -------------- --------------
MINORITY INTERESTS ............. -- 1,857,681 -- --
- ------------------ -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY
- --------------------
Capital stock .................. 62,880,001 500,998 100,000 100,000
Contributed capital ............ 15,000,000 259,794,000 -- --
Retained earnings (deficit)..... 31,720,030 (82,678,749) -- --
-------------- -------------- -------------- --------------
Total stockholders'
equity ................... 109,600,031 177,616,249 100,000 100,000
-------------- -------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ........... $ 232,493,690 $ 188,550,407 $ 640,251,926 $ 339,974,500
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED - DECEMBER 31, 1994
------------------------------------
<CAPTION>
RCMC
TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Lease agreements................ $ 61,754,934 $ -- $ 30,261,468 $ 25,748,729 $ 3,961,271
Partnerships.................... 27,637,788 -- 21,161,789 7,186,904 --
Marketing Revenues.............. 658,105 -- -- -- --
Interest and Dividends.......... 6,014,743 (14,466) 5,694,483 -- --
Gain (Loss) - security sales.... 19,299,492 -- 19,514,292 -- --
Other .......................... 1,141,855 -- (17,333) 1,017,649 --
Equity in subsidiary
earnings...................... -- (8,082,785) 8,082,785 -- --
------------ ------------ ------------ ------------ ------------
Total Revenues.............. 116,506,917 (8,097,251) 84,697,484 33,953,282 3,961,271
------------ ------------ ------------ ------------ ------------
OPERATING EXPENSES:
Depreciation and
amortization.................. 1,404,545 -- 198,609 1,181,568 --
Administrative
and general................... 9,767,583 -- 6,762,406 1,137,721 2,863
Taxes, other than
income taxes.................. 267,093 -- 61,933 174,010 3,750
------------ ------------ ------------ ------------ ------------
Total operating expenses.... 11,439,221 -- 7,022,948 2,493,299 6,613
------------ ------------ ------------ ------------ ------------
OPERATING INCOME................ 105,067,696 (8,097,251) 77,674,536 31,459,983 3,954,658
------------ ------------ ------------ ------------ ------------
INTEREST EXPENSE:
PSEG
PSEG Capital Corporation........ 40,324,045 -- 23,874,210 15,048,692 900,273
Enterprise Capital Funding Corp. 16,126,242 -- 8,929,832 6,582,902 396,143
Other........................... 3,525,270 (14,466) 3,525,270 -- --
Capitalized interest............ (210,846) -- (210,846) -- --
------------ ------------ ------------ ------------ ------------
Net interest expense............ 59,764,711 (14,466) 36,118,466 21,631,594 1,296,416
------------ ------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES...... 45,302,985 (8,082,785) 41,556,070 9,828,389 2,658,242
------------ ------------ ------------ ------------ ------------
INCOME TAXES:
Current ........................ (53,523,197) -- (15,266,288) (32,926,366) (2,536,807)
Deferred ....................... 68,662,379 -- 24,341,521 37,440,996 4,188,661
Investment and energy
tax credits - net............. (3,411,742) -- (1,274,829) (619,094) (1,517,819)
------------ ------------ ------------ ------------ ------------
Total income taxes.............. 11,727,440 -- 7,800,404 3,895,536 134,035
------------ ------------ ------------ ------------ ------------
MINORITY INTERESTS.............. (180,122) -- -- -- --
------------ ------------ ------------ ------------ ------------
NET INCOME...................... $ 33,755,667 $ (8,082,785) $ 33,755,666 $ 5,932,853 $ 2,524,207
============ ============ ============ ============ ============
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED - DECEMBER 31, 1994
------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Lease agreements................ $ 1,783,466 -- -- -- --
Partnerships.................... -- -- -- -- --
Marketing Revenues.............. -- -- -- -- --
Interest and Dividends.......... -- -- -- -- --
Gain (Loss)- security sales..... -- -- -- -- --
Other .......................... 21,400 2,100 900 900 900
Equity in subsidiary
earnings...................... -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total Revenues.............. 1,804,866 2,100 900 900 900
------------ ------------ ------------ ------------ ------------
OPERATING EXPENSES:
Depreciation and
amortization.................. -- -- -- -- --
Administrative
and general................... 1,753 -- -- -- --
Taxes, other than
income taxes.................. 21,400 2,100 900 900 900
------------ ------------ ------------ ------------ ------------
Total operating expenses.... 23,153 2,100 900 900 900
------------ ------------ ------------ ------------ ------------
OPERATING INCOME................ 1,781,713 -- -- -- --
------------ ------------ ------------ ------------ ------------
INTEREST EXPENSE:
PSEG
PSEG Capital Corporation........ 500,870 -- -- -- --
Enterprise Capital Funding Corp. 217,365 -- -- -- --
Other........................... -- -- -- -- --
Capitalized interest............ -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net interest expense............ 718,235 -- -- -- --
------------ ------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES...... 1,063,478 -- -- -- --
------------ ------------ ------------ ------------ ------------
INCOME TAXES:
Current ........................ (2,250,629) -- -- -- --
Deferred ....................... 2,766,817 -- -- -- --
Investment and energy
tax credits - net............. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total income taxes.............. 516,188 -- -- -- --
------------ ------------ ------------ ------------ ------------
MINORITY INTERESTS.............. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
NET INCOME...................... $ 547,290 $ -- $ -- $ -- $ --
============ ============ ============ ============ ============
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED - DECEMBER 31, 1994
------------------------------------
<CAPTION>
THE PSGMC
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC.
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES:
Lease agreements................ $ -- $ -- $ -- $ --
Partnerships.................... -- -- (710,905) --
Marketing Revenues.............. -- -- 658,105 --
Interest and Dividends.......... -- -- 334,726 --
Gain (Loss) - security sales.... -- -- (214,800) --
Other .......................... 900 107,297 7,142 --
Equity in subsidiary
earnings...................... -- -- -- --
------------ ------------ ------------ ------------
Total Revenues.............. 900 107,297 74,268 --
------------ ------------ ------------ ------------
OPERATING EXPENSES:
Depreciation and
amortization.................. -- 24,368 -- --
Administrative
and general................... -- 668,582 1,194,258 --
Taxes, other than
income taxes.................. 900 300 -- --
------------ ------------ ------------ ------------
Total operating expenses.... 900 693,250 1,194,258 --
------------ ------------ ------------ ------------
OPERATING INCOME................ -- (585,953) (1,119,990) --
------------ ------------ ------------ ------------
INTEREST EXPENSE:
PSEG
PSEG Capital Corporation........ -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other........................... -- -- 14,466 --
Capitalized interest............ -- -- -- --
------------ ------------ ------------ ------------
Net interest expense............ -- -- 14,466 --
------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES...... -- (585,953) (1,134,456) --
------------ ------------ ------------ ------------
INCOME TAXES:
Current ........................ -- (204,597) (338,510) --
Deferred ....................... -- (436) (75,180) --
Investment and energy
tax credits - net............. -- -- -- --
------------ ------------ ------------ ------------
Total income taxes.............. -- (205,033) (413,690) --
------------ ------------ ------------ ------------
MINORITY INTERESTS.............. -- -- (180,122) --
------------ ------------ ------------ ------------
NET INCOME...................... $ -- $ (380,920) $ (540,644) $ --
============ ============ ============ ============
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR-ENDED - DECEMBER 31, 1994
--------------------------------------------
<CAPTION>
RCMC
TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994....... $119,577,556 $ 5,134,394 $119,577,559 $ (538,448) $ (2,170,375)
Net Income...................... 33,755,665 (8,082,786) 33,755,665 5,932,853 2,524,207
------------ ------------ ------------ ------------ ------------
Total........................... 153,333,221 (2,948,392) 153,333,224 5,394,405 353,832
Dividends Declared.............. 13,500,000 -- 13,500,000 -- --
------------ ------------ ------------ ------------ ------------
BALANCE - DECEMBER 31, 1994..... $139,833,221 $ (2,948,392) $139,833,224 $ 5,394,405 $ 353,832
============ ============ ============ ============ ============
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR-ENDED - DECEMBER 31, 1994
--------------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994....... $ (1,970,290) $ (38,964) $ (3,140) $ (3,156) $ --
Net Income...................... 547,290 -- -- -- --
------------ ----------- ------------ ------------ ------------
Total........................... (1,423,000) (38,964) (3,140) (3,156) --
Dividends Delared............... -- -- -- -- --
------------ ----------- ------------ ------------ ------------
BALANCE - DECEMBER 31, 1994..... $ (1,423,000) $ (38,964) $ (3,140) $ (3,156) $ --
============ ============ ============ ============ ============
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR-ENDED - DECEMBER 31, 1994
--------------------------------------------
<CAPTION>
THE PSGMC
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC.
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994....... $ -- $ (410,024) $ -- $ --
Net Income...................... -- (380,920) (540,644) --
------------ ------------ ------------ ------------
Total........................... -- (790,944) (540,644) --
Dividends Declared.............. -- -- -- --
------------ ------------ ------------ ------------
BALANCE - DECEMBER 31, 1994..... -- (790,944) (540,644) --
============ ============ ============ ============
</TABLE>
<PAGE>
PAGE 1 of 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
<CAPTION>
RCMC (A)
TOTAL ELIMINATIONS PSRC CONSOLIDATED RCIC
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash & temporary
investments.......... $ 3,792,402 $ -- $ 2,093,502 $ 10,000 $ --
Accounts receivable:
Trade................. 8,077,328 -- 4,018,028 339,882 --
PSE&G................. -- -- -- -- --
PSEG, income taxes.... 4,697,259 -- 4,697,259 -- --
Other Associated
Companies........... -- (51,934,607) 229,033 48,820,903 1,314,359
Notes receivable --
associated companies -- (1,700,000) 1,700,000 -- --
Interest receivable.... 1,376,528 -- 1,295,228 -- --
Prepayments............ 972,884 -- 150,643 -- --
-------------- -------------- -------------- -------------- --------------
Total current assets... 18,916,401 (53,634,607) 14,183,693 49,170,785 1,314,359
-------------- -------------- -------------- -------------- --------------
PROPERTY, PLANT AND
EQUIPMENT:
Real estate............ 24,351,103 -- 2,538,147 21,812,956 --
Other.................. 970,593 -- 235,808 106,648 --
Accumulated depreciation
and amortization and
valuation allowance.... (10,859,594) -- (445,263) (10,342,504) --
-------------- -------------- -------------- -------------- --------------
Total Property, Plant
and Equipment........ 14,462,102 -- 2,328,692 11,577,100 --
-------------- -------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries........... -- (73,527,150) 73,527,150 -- --
Securities ............ 74,813,117 -- 71,396,717 -- --
Lease agreements ...... 871,353,472 -- 398,816,955 389,843,666 46,152,338
Partnerships .......... 373,704,702 -- 336,882,293 36,822,409 --
Valuation allowance ... (12,412,557) -- (12,412,557) -- --
-------------- -------------- -------------- -------------- --------------
Total Investments ..... 1,307,458,734 (73,527,150) 868,210,558 426,666,075 46,152,338
-------------- -------------- -------------- -------------- --------------
OTHER ASSETS:
Other................. 281,695 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Other Assets..... 281,695 -- -- -- --
-------------- -------------- -------------- -------------- --------------
TOTAL ASSETS........... $1,341,118,932 $ (127,161,757) $ 884,722,943 $ 487,413,960 $ 47,466,697
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
PAGE 2 of 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash & temporary
investments.......... $ -- $ 9,402 $ 5,000 $ 5,000 $ 5,000
Accounts receivable:
Trade................. 21,400 -- -- -- --
PSE&G................. -- -- -- -- --
PSEG, income taxes.... -- -- -- -- --
Other Associated
Companies........... 971,048 -- 1,860 1,844 5,000
Notes receivable --
associated companies -- -- -- -- --
Interest receivable.... -- -- -- -- --
Prepayments............ 1,679 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total current assets... 994,127 9,402 6,860 6,844 10,000
-------------- -------------- -------------- -------------- --------------
PROPERTY, PLANT AND
EQUIPMENT:
Real estate............ -- -- -- -- --
Other.................. -- -- -- -- --
Accumulated depreciation
and amortization and
valuation allowance.. -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Property, Plant
and Equipment........ -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries........... -- -- -- -- --
Securities ............ -- -- -- -- --
Lease agreements ...... 28,588,900 -- -- -- --
Partnerships .......... -- -- -- --
Valuation allowance ... -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Investments ..... 28,588,900 -- -- -- --
-------------- -------------- -------------- -------------- --------------
OTHER ASSETS:
Other................. -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Other Assets..... -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
TOTAL ASSETS........... $ 29,583,027 $ 9,402 $ 6,860 $ 6,844 $ 10,000
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
PAGE 3 of 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
<CAPTION>
THE PSGMC
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC.
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash & temporary
investments.......... $ 5,000 $ 34,004 $ 1,625,494 $ --
Accounts receivable:
Trade................. -- 21,011 3,676,006 1,001
PSE&G................. -- -- -- --
PSEG, income taxes.... -- -- -- --
Other Associated
Companies........... 5,000 -- 584,560 1,000
Notes receivable --
associated companies -- -- -- --
Interest receivable.... -- -- 81,300 --
Prepayments............ -- 51,869 768,693 --
-------------- -------------- -------------- --------------
Total current assets... 10,000 106,884 6,736,053 2,001
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND
EQUIPMENT:
Real estate............ -- -- -- --
Other.................. -- 241,464 386,673 --
Accumulated depreciation
and amortization and
valuation allowance.... -- (40,310) (31,517) --
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment........ -- 201,154 355,156 --
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries........... -- -- -- --
Securities ............ -- -- 3,416,400 --
Lease agreements ...... -- -- -- 7,951,613
Partnerships .......... -- -- -- --
Valuation allowance ... -- -- -- --
-------------- -------------- -------------- --------------
Total Investments ..... -- -- 3,416,400 7,951,613
-------------- -------------- -------------- --------------
OTHER ASSETS:
Other................. -- -- 281,695 --
-------------- -------------- -------------- --------------
Total Other Assets..... -- -- 281,695 --
-------------- -------------- -------------- --------------
TOTAL ASSETS........... $ 10,000 $ 308,038 $ 10,789,304 $ 7,953,614
============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
<CAPTION>
RCMC (A)
TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC
-------------- -------------- -------------- -------------- --------------
LIABILITIES AND <C> <C> <C> <C> <C>
STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable ......... $ 7,416,906 $ (353) $ 677,552 $ 2,334,525 $ 6,657
Accounts payable -
associated companies.... 9,108,513 (51,934,607) 56,873,406 3,582,633 226,239
Notes payable -
PSEG Capital Corp. ..... 360,643,988 -- 207,578,186 140,028,128 8,377,145
Notes payable - ECap Fund. 190,942,013 -- 109,901,537 74,137,725 4,435,250
Notes Payable - other
associated companies.... -- (1,700,000) -- -- --
Taxes accrued............. 28,464 -- -- 27,670 --
Interest accrued.......... 1,500,000 -- 1,500,000 -- --
-------------- -------------- -------------- -------------- --------------
Total current liabilities. 569,639,884 (53,634,960) 376,530,681 220,110,681 13,045,291
-------------- -------------- -------------- -------------- --------------
DEFERRED CREDITS:
Accumulated deferred FIT.. 432,173,484 -- 169,254,369 207,948,043 28,238,031
Accumulated deferred
investment and energy
tax credits.............. 8,095,745 -- 7,930,745 -- 165,000
Other .................... 73,924 -- 73,924 --
-------------- -------------- -------------- -------------- --------------
Total deferred credits.... 440,343,153 -- 177,259,038 207,948,043 28,403,031
-------------- -------------- -------------- -------------- --------------
MINORITY INTERESTS........ 202,675 -- -- -- --
-------------- -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY:
Capital stock ............ 107,000,999 (116,185) 107,000,999 1,995 1,095
Contributed capital ...... 84,099,000 (70,462,220) 84,099,000 53,958,836 5,663,448
Retained Earnings ........ 139,833,221 (2,948,392) 139,833,224 5,394,405 353,832
-------------- -------------- -------------- -------------- --------------
Total stockholders'
equity ................. 330,933,220 (73,526,797) 330,933,223 59,355,236 6,018,375
-------------- -------------- -------------- -------------- --------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY...... $1,341,118,931 $ (127,161,757) $ 884,722,942 $ 487,413,959 $ 47,466,697
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
-------------- -------------- -------------- -------------- --------------
LIABILITIES AND <C> <C> <C> <C> <C>
STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable ......... $ 16,032 $ -- $ -- $ -- $ --
Accounts payable -
associated companies.... 124,744 38,366 -- -- --
Notes payable -
PSEG Capital Corp. ..... 4,660,529 -- -- -- --
Notes payable - ECap Fund. 2,467,501 -- -- -- --
Notes Payable - other
associated companies.... -- -- -- -- --
Taxes accrued............. -- -- -- -- --
Interest accrued.......... -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total current liabilities. 7,268,806 38,366 -- -- --
-------------- -------------- -------------- -------------- --------------
DEFERRED CREDITS:
Accumulated deferred FIT.. 19,924,559 -- -- -- --
Accumulated deferred
investment and energy
tax credits.............. -- -- -- -- --
Other .................... -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total deferred credits.... 19,924,559 -- -- -- --
-------------- -------------- -------------- -------------- --------------
MINORITY INTERESTS........ -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY:
Capital stock ............ 1,095 10,000 10,000 10,000 10,000
Contributed capital ...... 3,811,567 -- -- -- --
Retained Earnings ........ (1,423,000) (38,964) (3,140) (3,156) --
-------------- -------------- -------------- -------------- --------------
Total stockholders'
equity ................. 2,389,662 (28,964) 6,860 6,844 10,000
-------------- -------------- -------------- -------------- --------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY...... $ 29,583,027 $ 9,402 $ 6,860 $ 6,844 $ 10,000
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------------
<CAPTION>
THE PSGMC
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC.
-------------- -------------- -------------- --------------
LIABILITIES AND <C> <C> <C> <C>
STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable ......... $ -- $ 8,057 $ 4,374,436 $ --
Accounts payable -
associated companies.... -- 178,415 19,317 --
Notes payable -
PSEG Capital Corp. ..... -- -- -- --
Notes payable - ECap Fund. -- -- -- --
Notes Payable - other
associated companies.... -- -- 1,700,000 --
Taxes accrued............. -- 794 -- --
Interest accrued.......... -- -- -- --
-------------- -------------- -------------- --------------
Total current liabilities. -- 187,266 6,093,753 --
-------------- -------------- -------------- --------------
DEFERRED CREDITS:
Accumulated deferred FIT.. -- (283) (75,180) 6,883,945
Accumulated deferred
investment and energy
tax credits.............. -- -- -- --
Other .................... -- -- -- --
-------------- -------------- -------------- --------------
Total deferred credits.... -- (283) (75,180) 6,883,945
-------------- -------------- -------------- --------------
MINORITY INTERESTS........ -- -- 202,675 --
-------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY:
Capital stock ............ 10,000 60,000 1,000 1,000
Contributed capital ...... -- 852,000 5,107,700 1,068,669
Retained Earnings ........ -- (790,944) (540,644) --
-------------- -------------- -------------- --------------
Total stockholders'
equity ................. 10,000 121,056 4,568,056 1,069,669
-------------- -------------- -------------- --------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY...... $ 10,000 $ 308,039 $ 10,789,304 $ 7,953,614
============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
</TABLE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED DECEMBER 31, 1994
----------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas operations........... $ -- $ -- $ -- $ --
Lease Agreements................. 25,748,729 -- 25,748,729 --
Partnerships..................... 7,186,904 -- 7,186,904 --
Other............................ 1,017,649 -- 1,017,049 600
-------------- -------------- -------------- --------------
Total Revenues............... 33,953,282 -- 33,952,682 600
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Depreciation and amortization.... 1,181,568 -- 1,181,568 --
Adminstrative and general........ 1,137,721 -- 1,137,721 --
Taxes, other than Income taxes... 174,010 -- 173,410 600
-------------- -------------- -------------- --------------
Total operating expenses..... 2,493,299 -- 2,492,699 600
-------------- -------------- -------------- --------------
OPERATING INCOME................. 31,459,983 -- 31,459,983 --
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation......... 15,048,692 -- 15,048,692 --
Ent. Capital Funding Corp. ...... 6,582,902 -- 6,582,902 --
-------------- -------------- -------------- --------------
Net interest expense............. 21,631,594 -- 21,631,594 --
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES....... 9,828,389 -- 9,828,389 --
-------------- -------------- -------------- --------------
INCOME TAXES:
Current.......................... (32,926,366) -- (32,926,366) --
Deferred......................... 37,440,996 -- 37,440,996 --
Investments and energy
tax credits - net.............. (619,094) -- (619,094) --
-------------- -------------- -------------- --------------
Total income taxes........... 3,895,536 -- 3,895,536 --
-------------- -------------- -------------- --------------
NET INCOME...................... $ 5,932,853 $ -- $ 5,932,853 $ --
============== ============== ============== ==============
</TABLE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
DECEMBER 31, 1994
--------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994........ $ (538,448) $ 15,956 $ (538,448) $ (15,956)
NET INCOME....................... 5,932,853 -- 5,932,853 --
------------ ------------ ------------ ------------
TOTAL...................... 5,394,405 15,956 5,394,405 (15,956)
------------ ------------ ------------ ------------
BALANCE - DECEMBER 31, 1994..... $ 5,394,405 $ 15,956 $ 5,394,405 $ (15,956)
============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
----------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments... $ 10,000 $ -- $ -- $ 10,000
Accounts receivable:
Trade.......................... 339,882 -- 339,882 --
PSE&G.......................... -- -- -- --
PSEG, income taxes............. -- -- -- --
Other associated companies..... 48,820,903 (133) 48,820,903 133
-------------- -------------- -------------- --------------
Total current assets......... 49,170,785 (133) 49,160,785 10,133
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas...................... -- -- -- --
Real estate...................... 21,812,956 -- 21,812,956 --
Other............................ 106,648 -- 106,648 --
Accumulated depreciation
and amortization............... (10,342,504) -- (10,342,504) --
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............... 11,577,100 -- 11,577,100 --
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries..................... -- 4,856 (4,856) --
Securities....................... -- -- -- --
Lease agreements................. 389,843,666 -- 389,843,666 --
Partnerships..................... 36,822,409 -- 36,822,409 --
-------------- -------------- -------------- --------------
Total investments............ 426,666,075 4,856 426,661,219 --
-------------- -------------- -------------- --------------
TOTAL ASSETS................ $ 487,413,960 $ 4,723 $ 487,399,104 $ 10,133
============== ============== ============== ==============
</TABLE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
----------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable................. $ 2,334,525 -- 2,334,525 --
Accounts payable -
associated companies........... 3,582,633 (133) 3,567,777 14,989
Notes payable -
PSEG Capital Corp. ............ 140,028,128 -- 140,028,128 --
Notes payable - ECap Fund........ 74,137,725 -- 74,137,725 --
Taxes accrued.................... 27,670 -- 27,670 --
-------------- -------------- -------------- --------------
Total current liabilities.... 220,110,681 (133) 220,095,825 14,989
-------------- -------------- -------------- --------------
DEFERRED CREDITS:
Accumulated deferred FIT......... 207,948,043 -- 207,948,043 --
-------------- -------------- -------------- --------------
Total deferred credits....... 207,948,043 -- 207,948,043 --
-------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY:
Capital stock ................... 1,995 (1,100) 1,995 1,100
Contributed capital ............. 53,958,836 (10,000) 53,958,836 10,000
Retained earnings ............... 5,394,405 15,956 5,394,405 (15,956)
-------------- -------------- -------------- --------------
Total stockholders' equity .. 59,355,236 4,856 59,355,236 (4,856)
-------------- -------------- -------------- --------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY........... $ 487,413,960 $ 4,723 $ 487,399,104 $ 10,133
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1994
---------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas sales.............. $ 229,880,133 $ (1,553,923) $ 195,314,500 $ 1,744,522
-------------- -------------- -------------- --------------
Total Revenues............. 229,880,133 (1,553,923) 195,314,500 1,744,522
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Oil and gas production......... 56,010,463 -- 42,163,080 443,829
Oil and gas exploration........ 40,963,945 -- 36,015,202 --
Depreciation and amortization.. 78,566,749 -- 68,951,909 389,487
Administrative and general..... 11,582,462 -- 10,263,581 343,928
Taxes, other than income taxes. 3,546,316 (1,553,923) 4,779,234 4,760
-------------- -------------- -------------- --------------
Total Operating Expenses... 190,669,935 (1,553,923) 162,173,006 1,182,004
-------------- -------------- -------------- --------------
OPERATING INCOME............... 39,210,198 -- 33,141,494 562,518
-------------- -------------- -------------- --------------
OTHER INCOME................... 4,727,698 (10,050,638) 11,811,254 1,413,997
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation....... 23,041,037 (2,033,257) 25,074,294 --
Enterprise Capital
Funding Corporation.......... 10,400,706 (2,185) 10,402,891 --
Other.......................... 293,576 (4,951,420) 293,576 --
Capitalized interest........... (3,993,710) -- (3,993,710) --
-------------- -------------- -------------- --------------
Net Interest Expense........... 29,741,609 (6,986,862) 31,777,051 --
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES..... 14,196,287 (3,063,776) 13,175,697 1,976,515
-------------- -------------- -------------- --------------
INCOME TAXES:
Current........................ (3,902,457) -- (4,851,246) 806,904
Deferred....................... 5,586,399 -- 5,514,598 (115,123)
-------------- -------------- -------------- --------------
Total Income Taxes......... 1,683,942 -- 663,352 691,781
-------------- -------------- -------------- --------------
NET INCOME..................... $ 12,512,345 $ (3,063,776) $ 12,512,345 $ 1,284,734
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1994
---------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas sales.............. $ 463,762 $ 876,164 $ 6,773,034 $ --
-------------- -------------- -------------- --------------
Total Revenues............. 463,762 876,164 6,773,034 --
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Oil and gas production......... 4,667 89,978 2,652,472 --
Oil and gas exploration........ -- -- (19,056) 663,864
Depreciation and amortization.. 84,092 56,881 1,135,298 --
Administrative and general..... 737 6,298 171,090 233,664
Taxes, other than income taxes. 2,099 8,700 305,446 --
-------------- -------------- -------------- --------------
Total Operating Expenses... 91,595 161,857 4,155,250 897,528
-------------- -------------- -------------- --------------
OPERATING INCOME............... 372,167 714,307 2,617,784 (897,528)
-------------- -------------- -------------- --------------
OTHER INCOME................... -- 626,747 2,828 1,165
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- 2,147,219 --
Capitalized interest........... -- -- -- --
-------------- -------------- -------------- --------------
Net Interest Expense........... -- -- 2,147,219 --
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES..... 372,167 1,341,054 473,393 (896,363)
-------------- -------------- -------------- --------------
INCOME TAXES:
Current........................ 55,799 527,854 399,134 (272,341)
Deferred....................... 66,940 (12,298) (51,068) (41,386)
-------------- -------------- -------------- --------------
Total Income Taxes......... 122,739 515,556 348,066 (313,727)
-------------- -------------- -------------- --------------
NET INCOME..................... $ 249,428 $ 825,498 $ 125,327 $ (582,636)
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1994
---------------------------------
<CAPTION>
DC PERU EDC HIPS EDC TUNISIA EDC UK
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas sales.............. $ -- $ 287,301 $ -- $ 25,974,773
-------------- -------------- -------------- --------------
Total Revenues............. -- 287,301 -- 25,974,773
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Oil and gas production......... -- 76,017 -- 10,670,420
Oil and gas exploration........ 100,301 -- (25,958) 4,229,592
Depreciation and amortization.. -- -- -- 7,949,082
Administrative and general..... 275 192,208 -- 370,681
Taxes, other than income taxes. -- -- -- --
-------------- -------------- -------------- --------------
Total Operating Expenses... 100,576 268,225 (25,958) 23,219,775
-------------- -------------- -------------- --------------
OPERATING INCOME............... (100,576) 19,076 25,958 2,754,998
-------------- -------------- -------------- --------------
OTHER INCOME................... 1,546 -- -- 920,799
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- -- 2,804,201
Capitalized interest........... -- -- -- --
-------------- -------------- -------------- --------------
Net Interest Expense........... -- -- -- 2,804,201
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES..... (99,030) 19,076 25,958 871,596
-------------- -------------- -------------- --------------
INCOME TAXES:
Current........................ (30,504) 6,677 (39,807) (504,927)
Deferred....................... (4,156) -- 48,892 180,000
-------------- -------------- -------------- --------------
Total Income Taxes......... (34,660) 6,677 9,085 (324,927)
-------------- -------------- -------------- --------------
NET INCOME..................... $ (64,370) $ 12,399 $ 16,873 $ 1,196,523
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
---------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994...... $(107,915,464) $ (8,608,273) $(107,915,464) $ 10,819,057
NET INCOME..................... 12,512,345 (3,063,776) 12,512,345 1,284,734
------------- ------------- ------------- -------------
TOTAL...................... (95,403,119) (11,672,049) (95,403,119) 12,103,791
------------- ------------- ------------- -------------
DIVIDENDS DECLARED............. 8,000,000 -- 8,000,000 --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1994.... $(103,403,119) $ (11,672,049) $(103,403,119) $ 12,103,791
============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
---------------------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994...... $ 414,765 $ 1,857,558 $ 1,292,264 $ (3,824,423)
NET INCOME..................... 249,428 825,498 125,327 (582,636)
------------- ------------- ------------- -------------
TOTAL...................... 664,193 2,683,056 1,417,591 (4,407,059)
------------- ------------- ------------- -------------
DIVIDENDS DECLARED............. -- -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1994.... $ 664,193 $ 2,683,056 $ 1,417,591 $ (4,407,059)
============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1994
--------------------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC TUNISIA EDC (UK) LTD.
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1994...... $ (836,379) $ 29,501 $ (532,128) $ (611,942)
NET INCOME..................... (64,370) 12,399 16,873 1,196,523
------------- ------------- ------------- -------------
TOTAL...................... (900,749) 41,900 (515,255) 584,581
------------- ------------- ------------- -------------
DIVIDENDS DECLARED............. -- -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1994.... $ (900,749) $ 41,900 $ (515,255) $ 584,581
============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments. $ 2,375,507 $ -- $ -- $ 278
Accounts receivable:
Trade......................... 42,253,927 -- 32,748,302 19,686
PSEG.......................... 7,585,777 -- 7,585,777 --
Other associated companies.... 17,900 (32,113,727) 26,849,599 35,288
Notes receivable -
associated companies (EDC)... -- (56,974,396) 41,222,396 15,752,000
Materials and Supplies......... 1,522,371 -- 888,996 --
Prepayments.................... 5,127,619 -- 2,092,177 99,375
-------------- -------------- -------------- --------------
Total current assets...... 58,883,101 (89,088,123) 111,387,247 15,906,627
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas.................... 1,324,536,489 -- 1,220,412,025 12,499,868
Accumulated depreciation &
amortization.................. (748,244,993) -- (720,852,609) (11,393,383)
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............. 576,291,496 -- 499,559,416 1,106,485
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries................... -- (31,098,446) 31,098,446 --
-------------- -------------- -------------- --------------
Total investments.......... -- (31,098,446) 31,098,446 --
-------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable......... 19,352,689 -- 19,352,689 --
Other Long-Term Receivable..... 42,455,907 (20,599,495) 53,021,271 --
Preacquisition expenses........ 1,621,660 -- 232,519 --
Deferred Taxes................. 30,281,411 -- 28,576,423 (425,834)
-------------- -------------- -------------- --------------
Total other assets......... 93,711,667 (20,599,495) 101,182,902 (425,834)
-------------- -------------- -------------- --------------
TOTAL ASSETS............... $ 728,886,264 $ (140,786,064) $ 743,228,011 $ 16,587,278
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments. $ -- $ -- $ 118,213 $ 26,225
Accounts receivable:
Trade......................... -- 181,770 2,145,959 24,710
PSEG.......................... -- -- -- --
Other associated companies.... 244,184 4,297,954 1,000 1,000
Notes receivable -
associated companies (EDC)... -- -- -- --
Materials and Supplies......... -- -- 633,375 --
Prepayments.................... -- 30,302 260,480 13,830
-------------- -------------- -------------- --------------
Total current assets...... 244,184 4,510,026 3,159,027 65,765
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas.................... 1,039,621 474,476 28,654,754 706,113
Accumulated depreciation &
amortization.................. (259,285) (333,532) (3,149,020) --
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............. 780,336 140,944 25,505,734 706,113
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries................... -- -- -- --
-------------- -------------- -------------- --------------
Total investments.......... -- -- -- --
-------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable......... -- -- -- --
Other Long-Term Receivable..... -- -- 652,961 6,830,857
Preacquisition expenses........ -- -- -- 1,389,141
Deferred Taxes................. (184,126) 174,369 326,400 1,493,555
-------------- -------------- -------------- --------------
Total other assets......... (184,126) 174,369 979,361 9,713,553
-------------- -------------- -------------- --------------
TOTAL ASSETS............... $ 840,394 $ 4,825,339 $ 29,644,122 $ 10,485,431
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC TUNISIA EDC (UK) LTD.
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments. $ 8,180 $ -- $ -- $ 2,222,611
Accounts receivable:
Trade......................... 2,879 -- -- 7,130,621
PSEG.......................... -- -- -- --
Other associated companies.... 1,000 699,602 1,000 1,000
Notes receivable -
associated companies (EDC)... -- -- -- --
Materials and Supplies......... -- -- -- --
Prepayments.................... 106,477 -- -- 2,524,978
-------------- -------------- -------------- --------------
Total current assets...... 118,536 699,602 1,000 11,879,210
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas.................... -- -- -- 60,749,632
Accumulated depreciation &
amortization.................. -- -- -- (12,257,164)
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............. -- -- -- 48,492,468
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries................... -- -- -- --
-------------- -------------- -------------- --------------
Total investments.......... -- -- -- --
-------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable......... -- -- -- --
Other Long-Term Receivable..... 69,881 -- 45,399 2,435,033
Preacquisition expenses........ -- -- -- --
Deferred Taxes................. 346,538 -- 154,086 (180,000)
-------------- -------------- -------------- --------------
Total other assets......... 416,419 -- 199,485 2,255,033
-------------- -------------- -------------- --------------
TOTAL ASSETS............... $ 534,955 $ 699,602 $ 200,485 $ 62,626,711
============== ============== ============== ==============
</TABLE>
<PAGE>
PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Associated companies.......... $ 3,430,664 $ (32,113,727) $ 8,706,969 $ 5,723
Other......................... 56,948,284 -- 50,261,726 152,764
Notes payable:
Gasdel Pipeline System........ -- (15,752,000) 15,752,000 --
Other......................... -- (41,222,396) -- --
------------- ------------- ------------- -------------
Total current liabilities.. 60,378,948 (89,088,123) 74,720,695 158,487
------------- ------------- ------------- -------------
LONG-TERM DEBT:
PSEG Capital Corporation....... 238,923,907 -- 238,923,907 --
Enterprise Capital
Funding Corporation.......... 126,497,093 -- 126,497,093
Other.......................... -- (20,599,495) -- --
------------- ------------- ------------- -------------
Total Long-Term Debt....... 365,421,000 (20,599,495) 365,421,000 --
------------- ------------- ------------- -------------
DEFERRED CREDITS:
Deferred Revenue............... 5,789,436 -- 5,789,436 --
------------- ------------- ------------- -------------
Total Deferred Credits..... 5,789,436 -- 5,789,436 --
------------- ------------- ------------- -------------
STOCKHOLDERS' EQUITY:
Capital Stock.................. 920,000 (4,333,000) 920,000 4,325,000
Contributed Capital............ 399,780,000 (15,093,397) 399,780,000 --
Accumulated Deficit............ (103,403,120) (11,672,049) (103,403,120) 12,103,791
------------- ------------- ------------- -------------
Total Stockholders' Equity. 297,296,880 (31,098,446) 297,296,880 16,428,791
------------- ------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY........... $ 728,886,264 $(140,786,064) $ 743,228,011 $ 16,587,278
============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Associated companies.......... $ 187,034 $ 1,781,244 $ 5,874,321 $ 14,802,831
Other......................... (11,833) 56,554 1,751,715 88,659
Notes payable:
Gasdel Pipeline System........ -- -- -- --
Other......................... -- -- -- --
------------- ------------- ------------- -------------
Total current liabilities.. 175,201 1,837,798 7,626,036 14,891,490
------------- ------------- ------------- -------------
LONG-TERM DEBT:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- 20,599,495 --
------------- ------------- ------------- -------------
Total Long-Term Debt....... -- -- 20,599,495 --
------------- ------------- ------------- -------------
DEFERRED CREDITS:
Deferred Revenue............... -- -- -- --
------------- ------------- ------------- -------------
Total Deferred Credits..... -- -- -- --
------------- ------------- ------------- -------------
STOCKHOLDERS' EQUITY:
Capital Stock.................. 1,000 1,000 1,000 1,000
Contributed Capital............ -- 303,485 -- --
Accumulated Deficit............ 664,193 2,683,056 1,417,591 (4,407,059)
------------- ------------- ------------- -------------
Total Stockholders' Equity. 665,193 2,987,541 1,418,591 (4,406,059)
------------- ------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY........... $ 840,394 $ 4,825,339 $ 29,644,122 $ 10,485,431
============= ============= ============= =============
</TABLE>
<PAGE>
PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1994
------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC TUNISIA EDC (UK), LTD.
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Associated companies.......... $ 1,434,704 $ 646,551 $ 714,740 $ 1,390,274
Other......................... -- 10,151 -- 4,638,548
Notes payable:
Gasdel Pipeline System........ -- -- -- --
Other......................... -- -- -- 41,222,396
------------- ------------- ------------- -------------
Total current liabilities.. 1,434,704 656,702 714,740 47,251,218
------------- ------------- ------------- -------------
LONG-TERM DEBT:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- -- --
------------- ------------- ------------- -------------
Total Long-Term Debt....... -- -- -- --
------------- ------------- ------------- -------------
DEFERRED CREDITS:
Deferred Revenue............... -- -- -- --
------------- ------------- ------------- -------------
Total Deferred Credits..... -- -- -- --
------------- ------------- ------------- -------------
STOCKHOLDERS' EQUITY:
Capital Stock.................. 1,000 1,000 1,000 1,000
Contributed Capital............ -- -- -- 14,789,912
Accumulated Deficit............ (900,749) 41,900 (515,255) 584,581
------------- ------------- ------------- -------------
Total Stockholders' Equity. (899,749) 42,900 (514,255) 15,375,493
------------- ------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY........... $ 534,955 $ 699,602 $ 200,485 $ 62,626,711
============= ============= ============= =============
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR3
<LEGEND>
This schedule contains summary financial information extracted
from Form U-3A-2 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<CIK> 0000788784
<NAME> PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 16,717,440
<TOTAL-OPERATING-REVENUES> 5,915,843
<NET-INCOME> 679,033
</TABLE>
