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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
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(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 138 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
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
supplies its gas customers principally with natural gas.
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. The adequacy of supply of all types of gas
is affected by the nationwide availability of all sources
for energy production. PSE&G is Enterprise's principal
operating subsidiary. As of December 31, 1995, PSE&G
comprised 85% of Enterprise's assets. PSE&G's 1995 revenues
were 93% of Enterprise's revenues and PSE&G's earnings
available to Enterprise were 88% of Enterprise's net
income. Generation, transmission, distribution and sale
of electric energy service and the transmission,
distribution and sale of gas service 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 seven 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, presently inactive, surveyed and
investigated 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 formed for the
purpose of developing and commercializing a soil
remediation technology.
F. The Francis Corporation (TFC), a New Jersey
corporation, has its principal executive offices at
80 Park Plaza, Newark, New Jersey 07101. TFC
acquires certain real estate from time to time.
G. Enterprise Ventures & Services Corporation
(Ventures), a New Jersey corporation formed in 1995,
has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07101. Ventures has been
established to develop and market new energy-related
products and services beyond traditional utility
geographic and/or industry boundaries.
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, 1995, EDHI comprised 15% of Enterprise's
assets. EDHI's 1995 revenues were 7% of Enterprise's
revenues and EDHI's 1995 net income was 12% of Enterprise's
net income. EDHI's six direct wholly-owned subsidiaries
and 126 indirect 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 that 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, 1995, PSRC comprised 8%
of Enterprise's assets. PSRC's 1995 revenues were 2%
of Enterprise's revenues and PSRC's 1995 net income
was 5% of Enterprise's net income. PSRC is a wholly-
owned subsidiary of EDHI. PSRC has fifteen direct
and six indirect wholly-owned 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 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 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 43 Charleston Road, Willingboro, New Jersey
08046. TWS operates a residential water
treatment business in New Jersey.
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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, Saint
Thomas, United States Virgin Islands. 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. As of December 31,
1995, RCMC comprised 3% of Enterprise's assets.
RCMC's 1995 revenues were 0.7% of Enterprise's
revenues and RCMC's 1995 net income was 1.7% of
Enterprise's net income. RCMC has invested in
a project financing and several leveraged
leases. RCMC has six 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 (RCMC SC) is
incorporated under the laws of the United
States Virgin Islands, and has its
principal executive offices at Guardian
Building, Havensight, Saint Thomas, United
States Virgin Islands. RCMC SC 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 and is presently
inactive.
(e) RCMC, Inc., a Delaware corporation formed
in 1995, has its principal executive
offices at 1105 North Market Street, Suite
1300, P.O. Box 8985, Wilmington, Delaware
19899. RCMC, Inc. holds investments in
four foreign aircraft leveraged leases, a
limited partnership investment in an
advanced flue gas desulfurization facility
at Northern Indiana Public Service
Company's Bailly Generating Station in
Indiana and a limited partnership
investment in a Phillips Petroleum ethylene
facility in Sweeney, Texas.
(f) RCMC Del., Inc. (RCMC Del.), a Delaware
corporation formed in 1995, has its
principal executive offices at 1105 North
Market Street, Suite 1300, P.O. Box 8985,
Wilmington, Delaware 19899. RCMC Del. has
investments in a leveraged lease of an
undivided interest of System Energy
Resources Inc.'s interest in the Grand Gulf
Unit 1 Nuclear Generating Station in Port
Gibson, Mississippi and in a leveraged
lease of US West's Communications' regional
headquarters in Denver, Colorado.
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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, 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, 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, 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, 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 is a 66.67%
general partner with U.S. Energy Partners, Inc.,
(USEP, Inc.) an affiliated corporation, in U.S.
Energy Partners (USEP), a Delaware general
partnership, which markets natural gas and
associated services on an unregulated basis to
commercial and industrial gas customers
nationwide.
11. USEP, Inc., a Delaware corporation formed in
1995, has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102 and
is a 33.33% general partner with PSGMC, an
affiliated corporation, in USEP, which markets
natural gas and associated services on an
unregulated basis to commercial and industrial
gas customers nationwide.
12. PSRC, Inc. (PSRCI), a Delaware corporation, has
its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102.
PSRCI is a wholly-owned subsidiary of PSRC.
PSRCI has as its sole investment the leveraged
lease of a zinc sintering facility in Monaca,
Pennsylvania.
13. PSRC Del., Inc. (PSRC Del.), a Delaware
corporation formed in 1995, has its principal
executive offices at 1105 North Market Street,
Suite 1300, P.O. Box 8985, Wilmington, Delaware
19899. PSRC Del. has investments in limited
partnership interests in the KKR 1987 and 1993
Funds, which are two leveraged buyout funds;
limited partnership interests in Solar Energy
Generating System (SEGS) III, IV, and V, each of
which sell electrical energy to Southern
California Edison; an interest in the operating
company, Kramer Junction Corp., which manages
the SEGS projects; a limited partnership
interest in Market Hub Partners, which owns and
operates salt dome natural gas storage
facilities located near the intersection of
major natural gas pipelines; an interest in the
operating company, Market Hub, Inc., which
manages the Market Hub Partners natural gas
storage facilities; a limited partnership
interest in DLJ Merchant Banking Partners L.P.,
a limited partnership which makes investments in
acquisitions, recapitalization, restructurings
and workouts of over-leveraged companies; and
limited partnership interests in Edison Venture
Fund, Edison Venture Fund II and Edison Venture
Fund III, each a venture capital fund targeted
to make investments in advanced technology
companies.
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14. Enterprise Energy Technology Group, Inc.
(EnterTech), a Delaware corporation formed in
1995, has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102.
EnterTech provides energy management services to
commercial facilities in the United States.
15. Enterprise Strategic Energy Solutions, Inc.
(ESES), a Delaware corporation formed in 1995,
has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102.
ESES provides energy management services to
industrial facilities in North America.
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,
production, and marketing company with principal
operations both onshore and offshore in the southern
United States and has a growing international
production base. As of December 31, 1995, EDC
comprised 4% of Enterprise's assets. EDC's 1995
revenues were 4% of Enterprise's revenues and EDC's
1995 net income was 5% of Enterprise's net income.
EDC is a wholly-owned subsidiary of EDHI. In
December 1995, Enterprise announced EDHI's intention
to divest itself of EDC during 1996. EDC has sixteen
direct and four indirect wholly-owned subsidiaries as
follows:
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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 EDC and other
companies. Its 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 and 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.
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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 activities for oil and gas in
mainland and offshore China.
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 the 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
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 2900, 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 activities for oil and gas 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.
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14. EDC Australia Ltd. (EDC Australia), a Delaware
corporation formed in 1995, has its principal
executive offices at 1000 Louisiana Street,
Suite 2900, Houston, Texas 77002. EDC Australia
is engaged in exploratory activities for oil and
gas in Australia.
15. EDC (UK) Limited (EDC UK), a Delaware
corporation, has its principal executive offices
at 1000 Louisiana Street, Suite 2900, Houston,
Texas 77002. EDC UK is engaged in exploratory
and production activities for oil and gas in the
United Kingdom (U.K.), Europe and Africa. EDC
UK Limited has three direct and one indirect
wholly-owned subsidiaries as follows:
(a) Brabant Petroleum Limited (Brabant
Petroleum), a company chartered in the
U.K., has its principal executive offices
at Suffolk House, 154 High Street,
Sevenoaks, Kent, U.K. Brabant Petroleum is
engaged in exploratory and production
activities for oil and gas in the U.K.,
Europe and Africa.
(b) Brabant Oil Limited (Brabant Oil), a
company chartered in the U.K., has its
principal executive offices at Suffolk
House, 154 High Street, Sevenoaks, Kent,
U.K. Brabant Oil, is engaged in
exploratory and production activities for
oil and gas in the U.K., Europe and Africa.
(i) Burnside Overseas Exploration Limited
(Burnside), a company chartered in the
Isle of Man, has its principal
executive offices at Suffolk House,
154 High Street, Sevenoaks, Kent, U.K.
Burnside is engaged in exploratory
activities for oil and gas in New
Zealand.
(c) Brabant Oilex Limited (Brabant Oilex), a
company chartered in the U.K., has its
principal executive offices at Suffolk
House, 154 High Street, Sevenoaks, Kent,
U.K. Brabant Oilex is engaged in
exploratory and production activities for
oil and gas in the U.K., Europe and Africa.
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16. EDC Senegal Ltd. (EDC Senegal), a Delaware
corporation formed in 1995, has its principal
executive offices at 1000 Louisiana Street,
Suite 2900, Houston, Texas 77002. EDC Senegal
Ltd. is engaged in exploratory activities for
oil and gas in Senegal.
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 and operator of domestic and foreign
cogeneration and power production facilities, the
majority of which are domestic facilities designated
as "qualifying facilities" (Qualifying Facilities)
under the Public Utility Regulatory Policies Act of
1978, as amended (PURPA), one of which is designated
as a "foreign utility company" (FUCO) under the
Public Utility Holding Company Act of 1935, as
amended (PUCHA), and two of which are designated as
"exempt wholesale generators" (EWGs) under PUHCA.
CEA is a wholly-owned subsidiary of EDHI. CEA has
two direct wholly-owned subsidiaries, CEA New Jersey,
Inc. (CEA NJ) and CEA USA, Inc. (CEA USA), two
direct partially owned subsidiaries, UAH-Hydro
Kennebec Limited Partnership and Indeck North
American Powers, L.P., and 69 indirect subsidiaries.
CEA NJ and its subsidiaries invest in projects which
sell power to PSE&G. CEA USA 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 NJ and CEA USA, CEA is a
limited partner in two Qualifying Facilities: (i)
UAH-Hydro Kennebec Limited Partnership (16%
partnership interest) which owns a hydroelectric
facility in Winslow, Maine, (ii) Luz Solar Partners,
III (9% partnership interest) which owns a solar
facility in Kramer Junction, California. CEA also is
a limited partner in (i) Indeck North American Power
Fund, L.P. (The Indeck Fund) (7% partnership
interest) which invests in Qualifying Facilities and
EWG's, and (ii) Indeck North American Powers, L.P.
(13.3% partnership interest), which is the general
partner of The Indeck Fund. As of December 31, 1995,
CEA comprised 1.6% of Enterprise's assets. CEA's
1995 revenues were 1% of Enterprise's revenues and
CEA's 1995 net income was 1.8% of Enterprise's net
income.
1. 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 three indirect subsidiaries, (described
below)
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and is a limited partner (49% partnership
interest) in Newark Bay Cogeneration
Partnership, L.P. The latter is a partnership
owning a natural gas-fired cogeneration
Qualifying Facility in Newark, New Jersey and
also owns 100% of NBCP Urban Renewal Corporation
(NBCPURC) which in turn owns 99% of NBC Urban
Renewal Partnership, a New Jersey partnership
(described below).
(a) CEA Bayonne, Inc. (CEA BI), a New Jersey
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450. CEA BI is a
joint venture in Cogen Technologies NJ
Venture (5.25% interest in venture
distributions) which owns a natural gas-
fired cogeneration Qualifying Facility in
Bayonne, New Jersey.
(b) CEA Eagle Point, Inc. (CEA EPI), a New
Jersey corporation, has its principal
executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450. CEA
EPI is a general partner in Eagle Point
Cogeneration Partnership (50% partnership
interest) which owns a natural gas-fired
cogeneration Qualifying Facility in West
Deptford, New Jersey.
(c) CEA Newark Bay, Inc. (CEA NBI), a New
Jersey corporation, has its principal
executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450. CEA
NBI is a general partner (1% partnership
interest) in Newark Bay Cogeneration
Partnership, L.P., a partnership which owns
a natural gas-fired cogeneration Qualifying
Facility in Newark, New Jersey and also
owns 100% of NBCPURC.
(i) NBCPURC, a New Jersey corporation has
its principal executive offices at
1200 East Ridgewood Avenue, Ridgewood,
New Jersey 07450. NBCPURC is a general
partner (1% partnership interest) in
a partnership which leases the site of
a natural gas-fired cogeneration
Qualifying Facility in Newark, New
Jersey. NBCPURC is an indirect, 50%-
owned subsidiary of CEA NJ.
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(d) CEA Newark Bay Services, Inc. (CEA NBS), a
New Jersey corporation, has its principal
executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450. CEA
NBS provides operation and maintenance
services to a natural gas-fired
cogeneration facility in Newark, New
Jersey, which is a Qualifying Facility.
(See CEA Newark Bay, Inc. above)
2. CEA USA, a New Jersey corporation, has its
principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450.
CEA USA has a total of 67 direct and indirect
subsidiaries including limited partnership
interests (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. (GWF PSC) (described
below).
(a) CEA Asia, Inc. (formerly MPC Development,
Ltd.), a Delaware corporation, has its
principal executive offices at Room 1710
Harbour Centre, 25 Harbour Road, Wanchai,
Hong Kong and is a developer of power
production facilities in Asia which are
each expected to qualify upon completion as
EWGs. CEA Asia, Inc. has one wholly-owned
subsidiary.
(i) CEA Asia, Ltd., a Bermuda corporation
with its principal executive offices
at Clarendon House, Church Street,
Hamilton, Bermuda is a developer of
EWG power production facilities in
Asia.
(b) CEA Baja, Inc., a Delaware corporation, has
its principal executive offices at 1200
East Ridgewood Avenue, Ridgewood, New
Jersey 07450 and is currently inactive.
(c) CEA Conemaugh Management, Inc. (CEA CMI),
a New Jersey corporation, has its principal
executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450. CEA
CMI is a general partner in Pennsylvania
Renewable Resources, Associates (0.5%
partnership interest) which owns a
hydroelectric Qualifying Facility in
Saltsburg, Pennsylvania.
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(d) CEA GWF, Inc., a New Jersey corporation,
has its principal executive offices at 1200
East Ridgewood Avenue, Ridgewood, New
Jersey 07450 and has the following two
direct wholly-owned subsidiaries:
(i) CEA Bay Area, Inc. (CEA Bay), a
Delaware corporation, has its
principal executive offices at 225
Lennon Lane, Suite 120, Walnut Creek,
California 94598. CEA Bay 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 five facilities are
Qualifying Facilities.
(ii) CEA Hanford, Inc. (CEA HI), a Delaware
corporation, has its principal
executive offices at 225 Lennon Lane,
Suite 120, Walnut Creek, California
94598. CEA HI is a general partner
(0.5% partnership interest) in a
petroleum coke and natural gas-fired
cogeneration Qualifying Facility in
Hanford, California owned by HLP.
(e) CEA India, Inc., a Delaware corporation,
has its principal executive offices at B-3
Marble Arch, 9-B Prithvi Raj Road, New
Delhi - 110011, India and is a developer of
power production facilities in India which
are each expected to qualify upon
completion as EWGs.
(f) CEA International, Inc., a Delaware
corporation, has its principal executive
offices at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450 and has the
following direct and indirect wholly-owned
subsidiaries:
(i) CEA Barka, Inc., a Delaware
corporation with its principal
executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New
Jersey 07450, was formed in 1995 for
the purpose of investing in a gas-
fired power production facility in
Muscat, Oman, which is expected to
qualify as an EWG, through a wholly-
owned subsidiary, Barka Power
Holdings, Ltd (BPH).
(A) BPH, a Bermuda corporation formed
in 1995, has its principal
offices at Clarendon House,
Church Street, Hamilton HMCX,
Bermuda.
<PAGE>
<PAGE>
(ii) CEA Elcho (Delaware), Inc., a Delaware
corporation formed in 1995, with
principal offices at 1200 East
Ridgewood Avenue, Ridgewood, New
Jersey 07450, has one wholly-owned
subsidiary, CEA Poland B.V.
(A) CEA Poland B.V., a
Netherlands company with
its principal executive
offices at Westblaak 6,
Rotterdam, The Netherlands,
was formed in 1995 for the
purpose of acquiring an as
yet undetermined interest
in Elektrocieplownia
Chorzow Elcho, S.z.o.o, a
Polish company, which is
developing a coal-fired
power station in Chorzow,
Poland, which is expected
to qualify upon completion
as an EWG.
(iii) CEA (Bermuda) Holdings II, Ltd., a
Bermuda corporation, has its principal
executive offices at Clarendon House,
Church Street, Hamilton, Bermuda and
has the following nine direct and one
indirect wholly-owned subsidiaries:
(A) CEA Ambalamugal Energy Company,
Ltd., a Mauritius company with
offices at Multiconsult Ltd., Les
Jamalacs Building, Vieux Conseil
Street, Port Louis, Mauritius,
was formed in 1995 for the
purpose of investing in a
residual oil-fired power plant in
Cochin, India which upon
completion is expected to qualify
as an EWG.
(B) CEA Bhilai Energy Company, Ltd.
(CEA BEC), a Mauritius company,
has its principal executive
offices at B-3 Marble Arch, 9-B
Prithvi Raj Road, New Delhi
110011, India. CEA BEC is
contemplating an investment in a
coal-fired electric power
generation facility in Bhilai,
India which is expected to
qualify as an EWG.
<PAGE>
<PAGE>
(C) CEA Full Moon (Malaysia) Ltd., a
Malaysian company with offices at
Level 9, Wisma Oceanic, Jalan
O.K.K. Awang Besar, 87016 Labuan
F.T., Malaysia, was formed in
1995 for the purpose of investing
in a coal-fired power plant in
Indonesia which is expected to
qualify upon completion as an
EWG.
(D) CEA Manali Energy Company
(formerly CEA Mauritius Energy
Company), a Mauritius corporation
with its principal executive
offices at B-3 Marble Arch, 9-B
Prithvi Raj Road, New Delhi
110011, India, was formed in 1995
for the purpose of investing in
a coal-fired electric power
generation facility in India
which is expected to qualify upon
completion as an EWG.
(E) CEA Pontianak (Malaysia) Ltd., a
Malaysian company with offices at
Level 9, Wisma Oceanic, Jalan
O.K.K. Awang Besar, 87016 Labuan
F.T., Malaysia, was formed in
1995 for the purpose of investing
in a coal-fired power plant in
Indonesia which is expected to
qualify upon completion as an
EWG.
(F) CEA Punjab Energy Company Ltd.,
a Mauritius company with offices
at Multiconsult Ltd., Les
Jamalacs Building, Vieux Conseil
Street, Port Louis, Mauritius,
was formed in 1995 for the
purpose of investing in a coal-
fired power plant in India which
is expected to qualify upon
completion as an EWG.
(G) CIV GP Company, Ltd., a Bermuda
corporation with its principal
executive offices at Clarendon
House, Church Street, Hamilton,
Bermuda, was formed in 1995 for
the purpose of investing in a
coal-fired electric power
generation facility in India
which is expected to qualify upon
completion as an EWG and has one
subsidiary:
<PAGE>
<PAGE>
(i) CEA IB Valley Power
Company, an Indian company
with offices at c/o Arthur
Andersen & Co., 426, World
Trade Centre, Barakhamba
Lane, New Delhi 110001,
India, was formed in 1995
for the purpose of
investing in a power plant
which is expected to
qualify upon completion as
an EWG.
(H) Meiya Jiangmen (GP) Ltd., a
Bermuda corporation with
principal executive offices at
Clarendon House, Church Street,
Hamilton, Bermuda, was formed in
1995 for the purpose of
investing, through a partnership,
in an oil-fired electric power
generation facility in Jiangmem,
China which is expected to
qualify upon completion as an
EWG.
(I) Meiya Taishan (GP) Ltd., a
Bermuda corporation with
principal executive offices at
Clarendon House, Church Street,
Hamilton, Bermuda, is presently
inactive.
(iv) CEA China, Inc. (CEA China)(formerly
known as CEA Jinqiao, Inc.), a
Delaware corporation, has its
principal executive offices at 1200
East Ridgewood Avenue, Ridgewood, NJ
07450 and owns 50% of:
(A) Meiya Power Company, Ltd., a
Bermuda corporation, which has
its principal executive offices
at Clarendon House, Church
Street, Hamilton, Bermuda, and
which has the following two
wholly-owned subsidiaries:
(i) China U.S. Power Partners
I, Ltd., which is a Bermuda
corporation with its
principal executive offices
at Clarendon House, Church
Street, Hamilton, Bermuda
<PAGE>
<PAGE>
and which has a 30% equity
interest in a Chinese joint
venture company, Jingyuan
Second Power Co., Ltd.
(Jingyuan), which owns a
coal-fired electric power
generation facility in
Jingyuan, China which is an
EWG.
(ii) CEA (Bermuda) Holdings,
Ltd., which is a Bermuda
corporation with its
principal executive office
at Clarendon House, Church
Street, Hamilton, Bermuda,
and which owns a 60% equity
interest in Shanghai Meiya
Jinqiao Energy Co., Ltd., a
Chinese joint venture
company which owns and
operates an oil-fired steam
plant in Shanghai, China.
(v) CEA Full Moon, Inc. (CEA FMI), a
Delaware corporation formed in
1995, has its principal executive
offices at 1200 East Ridgewood
Avenue, Ridgewood, NJ 07450. CEA
FMI is currently inactive.
(vi) CEA Pontianak, Inc. (CEA PI), a
Delaware corporation formed in
1995, has its principal executive
offices at 1200 East Ridgewood
Avenue, Ridgewood, NJ 07450. CEA
PI is currently inactive.
(vii) CEA Venezuela, Inc. (formerly
known as CEA New PAR, Inc.), a
Delaware corporation formed in
1995, with its principal
executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New
Jersey 07450 has the following
direct wholly-owned subsidiary:
(A) CEA Americas Ltd. (CEA
A)(formerly known as VENCO
Power Holdings, Ltd.), a
Bermuda corporation formed
in 1995, has its principal
executive offices at
Clarendon House, Church
Street, Hamilton, Bermuda.
CEA A owns an investment in
<PAGE>
<PAGE>
a gas-fired electric power
generation facility in
Maracay, Venezuela (which
is a FUCO) through an
investment in 50% of
Turbogeneradores de
Venezuela, C.A., (TGV) a
Venezuela company, which in
turn owns 17.13% of
Turbogeneradores Maracay,
C.A., (TGM) a Venezuelan
company.
(viii) CEA Salalah, Inc. (CEA SI), a
Delaware corporation formed in
1995, has its principal executive
offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey
07450. CEA SI has the following
direct-wholly-owned subsidiary:
(A) Salalah Power Holdings,
Ltd. (Salalah Power), a
Bermuda corporation formed
in 1995, has its principal
executive offices at
Clarendon House, Church
Street, Hamilton, Bermuda.
Salalah Power was formed
for the purpose of
investing in a diesel-fired
electric power generation
facility in Salalah, Oman,
which is expected to
qualify upon completion as
an EWG.
(ix) ECI International Development, Inc.
(ECI-ID), a Delaware corporation
formed in 1995, has its principal
office at 1200 East Ridgewood Avenue,
Ridgewood, New Jersey 07450.
(g) CEA International Services, Inc. (CEA-ISI), a
Delaware corporation, has its principal executive
offices at 1200 East Ridgewood Avenue, Ridgewood, New
Jersey 07450. CEA-ISI provides management,
operations and maintenance personnel to some of the
international subsidiaries of CEA USA.
<PAGE>
<PAGE>
(h) CEA Kennedy Operators, Inc. (CEA KO), a New York
corporation, has its principal executive offices at
Building No. 49, JFK International Airport, Jamaica,
New York 11430. CEA KO provides operation and
maintenance services to the central heating and
refrigeration plant at John F. Kennedy International
Airport in Jamaica, New York (JFK) and provides
operation and maintenance services to a natural gas-
fired cogeneration facility at JFK (see CEA KIA, Inc.
(CEA K) below).
(i) CEA K, 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 K is a
general partner in KIAC Partners (50% partnership
interest) which owns a natural gas-fired cogeneration
Qualifying Facility constructed by a partnership,
EnergyPro Construction Partners in which CEA K is a
50% general partner at JFK.
(j) CEA Leasing, Inc. (formerly CEA Grant Town, Inc.), a
New Jersey corporation, has its principal executive
offices at 1200 East Ridgewood Avenue, Ridgewood, New
Jersey 07450 and 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 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 with
principal executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450, is currently
inactive.
(l) CEA Mount Carmel, Inc. (formerly CEA Williamsburg,
Inc.), a New Jersey corporation, which has its
principal executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450, 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 Qualifying Facility in Saltsburg,
Pennsylvania.
<PAGE>
<PAGE>
(m) CEA New Hampshire Incorporated (CEA NH), a New
Hampshire corporation, has its principal executive
offices in Bridgewater, New Hampshire. CEA NH is a
co-managing general partner in Bridgewater Power
Company, L.P. (40% partnership interest), which owns
a biomass-fired small power production Qualifying
Facility in Bridgewater, New Hampshire.
(n) CEA Project Services, Inc. (CEA PRO), a New Jersey
corporation, has its principal executive offices at
1200 East Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA PRO 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.
(o) CEMAS Corporation (CEMAS), a Delaware corporation,
has its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450. CEMAS
owns directly and indirectly a 21.74% stockholder
interest in Inversora de San Nicolas (ISN).
(i) AES San Nicolas, Inc. (ASNI), a Delaware
corporation, has its principal office at 1001 N.
19th Street, Arlington, Virginia 22209 and is
owned 7.51% by CEMAS (however, CEMAS is the
beneficial owner of only 4.95% of the ISN shares
owned by ASNI). ASNI owns 62.74% of ISN.
(ii) 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 owns a coal-fired
power station in San Nicolas, Argentina, which
is an EWG.
<PAGE>
<PAGE>
(p) CEA Stony Brook, Inc., a New York corporation, with
its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450, is a
general partner (50% partnership interest) in
Nissequoque Cogen partners which owns a natural gas-
fired cogeneration facility in Stony Brook, New York,
which is a Qualifying Facility.
(q) CEA Stony Brook Operators, Inc. (CEA SBO), a New York
corporation, has its principal executive offices at
1200 East Ridgewood Avenue, Ridgewood, New Jersey
07450. CEA SBO provides operation and maintenance
services to a natural gas-fired congeneration
facility in Stony Brook, New York (see CEA Stony
Brook, Inc. above).
(r) CEA Tracy, Inc., a New Jersey corporation with its
principal executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450, is a co-managing
general partner in Thermal Energy Development
Partnership, L.P. (34.5% partnership interest) which
owns a small biomass-fired power production
Qualifying Facility in Tracy, California.
(s) Deblois Investments, Inc. (formerly CEA Down East
Peat, Inc.), a New Jersey corporation, with its
principal executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450 is currently
inactive.
(t) GWF PSC, a California corporation, has its principal
executive offices at 225 Lennon Lane, Suite 120,
Walnut Creek, California 94598. GWF PSC holds a 50%
indirect interest in the revenues (but does not share
in operating or other costs) derived from the (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 Qualifying
Facility in Newhall, California. GWF PSC is an
indirect 50%- owned subsidiary of CEA USA. GWF PSC
has the following two direct wholly-owned
subsidiaries:
<PAGE>
(i) GWF Bay Area, Inc. (GWF Bay), a California
corporation, has its principal executive offices
at 225 Lennon Lane, Suite 120, Walnut Creek,
California 94598. GWF Bay is managing general
partner of GWFLP (2% partnership interest) whose
operations are described above. GWF Bay is an
indirect 50%-owned subsidiary of CEA USA.
(ii) GWF Hanford, Inc. (GWF HI), a California
corporation, has its principal executive offices
at 225 Lennon Lane, Suite 120, Walnut Creek,
California 94598. GWF HI is managing general
partner of HLP (2% partnership interest) whose
operations are described above. GWF HI 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 nonresidential real estate development and investment
business. EGDC has investments in ten commercial office
real estate properties (two of which are developed) in
several states, both directly and in joint ventures in
which it has a 50% or greater interest. As of December 31,
1995, EGDC comprised 1% of Enterprise's assets. EGDC's 1995
revenues were 0.2% of Enterprise's revenues. EGDC is a
wholly-owned subsidiary of EDHI. EGDC has 9 direct wholly-
owned subsidiaries described below:
1. EGDC - Concourse, Incorporated (Concourse),
a Florida corporation, has its principal
executive offices at One Riverfront Plaza,
Newark, New Jersey 07102. Concourse is
developing an office building in
Jacksonville, Florida and is a 75% general
partner in Concourse at Maitland
Associates, a partnership which is
developing an office complex in Orange
County, Florida.
2. 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.
<PAGE>
<PAGE>
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.)
<PAGE>
<PAGE>
9. 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.)
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 wholly-owned
finance subsidiary of EDHI 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, 1995, Capital had outstanding $477.5
million of its long-term debt.
F. Enterprise Capital Funding Corporation (Funding), a New
Jersey corporation, has its principal executive offices at
80 Park Plaza, Newark, New Jersey 07101. Funding, a wholly-
owned subsidiary of EDHI, provides financing 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, 1995, 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 $495 million.
<PAGE>
<PAGE>
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 operating 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>
<PAGE>
Electric Properties
<TABLE>
<CAPTION>
As of December 31, 1995, PSE&G's share of installed generating capacity was
10,400 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
Burlington, Burlington, NJ ................. 180 Oil 17,742 30 1.9
Conemaugh, New Florence, PA - 22.50%(b)(c).. 382 Coal 9,380 2,650 79.2
Hudson, Jersey City, NJ .................... 983 Coal 11,351 1,861 21.6
Kearny, Kearny, NJ ......................... 292 Oil 16,221 46 1.8
Keystone, Shelocta, PA - 22.84%(b)(c)....... 388 Coal 9,635 2,643 77.8
Linden, Linden, NJ ......................... 415 Oil 18,007 117 3.2
Mercer, Hamilton, NJ ....................... 642 Coal 10,279 2,087 37.1
Sewaren, Woodbridge Twp., NJ ............... 453 Gas 13,808 360 9.1
------- ------ --------- ---------
Total Fossil........................... 3,735 10,343 9,794 29.9
------- ------ --------- ---------
Nuclear (Capacity factor calculated in
accordance with industries maximum
dependable capability standards)
Hope Creek, Lower Alloways Creek, NJ
95%(b)(c)................................. 979 Nuclear 10,801 6,694 78.9
Peach Bottom, Peach Bottom, PA - 42.49%(b).. 930 Nuclear 10,809 6,976 93.3
Salem, Lower Alloways Creek, NJ
42.59%(b)................................. 942 Nuclear 11,088 1,923 23.4
------- ------ --------- ---------
Total Nuclear(b)(c).................... 2,851 10,843 15,593 62.9
------- ------ --------- ---------
Combined Cycle
Bergen, Ridgefield, NJ..................... 650 Gas 8,034 1,533 26.9
Burlington, Burlington, NJ................. 240 Gas 9,255 513 23.5
------- ------ --------- ---------
Total Combined Cycle.................. 890 8,340 2,046 26.5
------- ------ --------- ---------
Combustion Turbine
Bayonne, Bayonne, NJ........................ 42 Oil 35,297 0.4 0.1
Bergen, Ridgefield, NJ ..................... 21 Oil 111,665 0.8 0.1
Burlington, Burlington, NJ.................. 389 Gas 18,937 7.1 0.2
Edison, Edison Township, NJ ................ 504 Gas 16,532 8.5 0.2
Essex, Newark, NJ .......................... 617 Gas 13,270 279.1 5.2
Hudson, Jersey City, NJ .................... 129 Oil 68,666 0.6 -
Kearny, Kearny, NJ ......................... 504 Oil 18,352 1.7 0.4
Linden, Linden, NJ ......................... 223 Oil 12,635 135.0 3.7
Mercer, Hamilton, NJ ....................... 129 Oil 72,912 0.4 -
National Park, National Park, NJ ........... 21 Oil 0 0.0 -
Salem, Lower Alloways Creek, NJ
42.59%(b)................................. 16 Oil 25,189 0.3 0.1
Sewaren, Woodbridge Township, NJ ........... 129 Oil 45,613 0.8 -
------- ------ --------- ---------
Total Combustion Turbine............... 2,724 13,761 434.7 10.4
------- ------ --------- ---------
Diesel
Conemaugh, New Florence, PA - 22.50%(b)..... 3 Oil 10,101 2.1 0.1
Keystone, Shelocta, PA - 22.84%(b).......... 2 Oil 10,448 5.5 3.1
------- ------ --------- ---------
Total Diesel........................... 5 10,354 7.6 1.7
------- ------ --------- ---------
Pumped Storage
Yards Creek, Blairstown, NJ - 50%(b)(c)..... 195 - 227 13.3
------- ------ --------- ---------
Total PSE&G............................ 10,400(d) 10,531 28,102(e) 30.8
======= ====== ========= =========
(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 200 MW of capacity sales to General Public Utilities
Corporation.
(e) Excludes 5,136 MWH of NUGs.
</TABLE>
<PAGE>
<PAGE>
As of December 31, 1995, PSE&G owned 41 switching stations with an
aggregate installed capacity of 31,591,000 kilovolt-amperes, and 222
substations with an aggregate installed capacity of 7,313,000
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 on that date, PSE&G
owned generating facilities in New Jersey and Pennsylvania as indicated
in the table above.
As of December 31, 1995, PSE&G's transmission and distribution system
included 151,449 circuit miles, of which 36,007 miles were underground,
and 789,106 poles, of which 534,106 poles were jointly owned.
Approximately 99% of this property is located in New Jersey. In addition,
as of December 31, 1995, 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, 1995, 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, 1995, PSE&G owned and operated approximately
15,467 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 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.
<PAGE>
<PAGE>
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 - 40,283,045 Mwh. (retail and wholesale)
PSE&G - 373,840,460 Mcf. (1995 basis of 1,033
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 - 1,047,996 Mwh. interchanged
PSE&G - 40,911,819 Mcf. total off-system sales
(including off-system sales at N.J.
City-Gate)
(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 - 11,327,638 Mwh. purchased
PSE&G - 239,804,106 Mcf. received through
sales and transportation agreements
with interstate pipelines having
delivery points within the State.
<PAGE>
<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 FUCO, stating monetary amounts in United States dollars:
(a) Name, location, business address and description
of the facilities used by the EWG or FUCO for
the generation, transmission and distribution of
electric energy for sale or the distribution at
retail of natural or manufactured gas.
(i) 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 located at San Nicolas, Argentina.
CTSN is an indirect 19.13% - owned
subsidiary of CEMAS.
(ii) Jingyuan has its principal executive
offices at No. 306 East Xijin Road, Lanzhou
City, Gansu Province, People's Republic of
China. Jingyuan is to construct and
operate the coal fired electric power
generating facility in Lanzhou City,
People's Republic of China. Jingyuan is a
15% - owned subsidiary of CEA China.
(iii) TGM, a Venezuela company, has its principal
offices located at Avenida Francisco de
Miranda, Piso 12, Torre Country Club,
Chacaito, Caracas, Venezuela. TGM owns and
operates two nominal 20 MW simple-cycle gas
turbine generators at the paper mill
facilities of Manufacturas de Papel C.A. in
Maracay, Venezuela. TGM is a direct 17.13%
owned subsidiary of TGV. TGV is a direct
50% owned subsidiary of CEA Americas, Ltd.
(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.
<PAGE>
(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 of 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.
(i) CTSN
As of 12/31/95, Enterprise has an indirect
aggregate capital investment in CTSN of US
$30,046,986, of which US $13,834,610 is
equity and US $16,212,376 is debt
(including interest). In addition, CEA has
provided a counter guaranty in the amount
of $647,302 for a bank guaranty related to
a CTSN coal purchase contract.
(ii) Jingyuan
As of 12/31/95, Enterprise has an indirect
aggregate capital investment in Jingyuan of
U.S. $12,318,272, which is all equity. CEA
has committed to fund up to a total of $130
million in Jingyuan pursuant to the joint
venture contract governing Jingyuan.
(iii) TGM
As of 12/31/95, Enterprise has an indirect
capital investment in TGM of US $2,117,552,
which is equity. Enterprise and its
subsidiaries (direct and indirect) have no
other security guarantees, debt or other
financial obligations relative to TGM.
<PAGE>
<PAGE>
(d) Capitalization and earnings of the EWG or FUCO during the
reporting period.
(i) CTSN
----
$ U.S.
------------
Assets
Current Assets .......................... $ 43,722,290
Non-current Assets ...................... 150,338,800
------------
Total Assets ............................... $194,061,090
============
Liabilities
Current Liabilities ..................... $ 44,783,060
Non-current liabilities ................. 75,267,891
------------
Total Liabilities .......................... 120,050,951
Equity ..................................... 74,010,139
------------
Total ...................................... $194,061,090
============
Net Income for Year-Ended 12/31/95 U.S. $ 108,552
============
<PAGE>
<PAGE> (ii) JINGYUAN
--------
Exchange
RMB Rate $ U.S.
-------- --------- ------------
Assets
Current Assets ......... 282,612,068 0.12 $ 33,913,448
Non-current Assets ..... 1,190,457 0.12 142,855
----------- ------ ------------
Total Assets ............. 283,802,525 0.12 $ 34,056,303
=========== ====== ============
Liabilities
Current Liabilities .... 1,198,784 0.12 $ 143,854
Non-current liabilities. -- 0.12 --
----------- ------ ------------
Total Liabilities ........ 1,198,784 0.12 143,854
Equity ................... 282,603,741 -- 33,912,449
----------- ------ ------------
Total .................... 283,802,525 -- $ 34,056,303
=========== ====== ============
Net Income for Year-Ended 12/31/95 U.S. $ 0
============
(iii) TGM
-------
$ U.S.
------------
Assets
Current Assets .......................... $ 2,850,090
Non-current Assets ...................... 4,092,875
------------
Total Assets ............................... $ 6,942,965
============
Liabilities
Current Liabilities ..................... $ 1,051,452
Non-current liabilities ................. 668,709
------------
Total Liabilities .......................... 1,720,161
Equity ..................................... 5,222,804
------------
Total ...................................... $ 6,942,965
============
Net Income for Year-Ended 12/31/95 U.S. $ 3,801,892
============
<PAGE>
<PAGE>
(e) Identify any service, sales or construction contract(s)
between the EWG or FUCO and a system company, and describe
the services to be rendered or goods sold and fees or
revenues under such agreement(s).
(i) CTSN
CEA International Services, Inc. (CEAIS) (See Item
II(c)(2)(g) above) provided management, operations and
maintenance personnel from time to time to CTSN on a
fully allocated basis during 1995. Such costs invoiced
(net of $42,545 costs paid by CTSN on behalf of CEIAS)
by CEAIS to CTSN were U.S. $300,085 during 1995.
(ii) Jingyuan
None.
(iii) TGM
None.
<PAGE>
<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>
<PAGE>
The above-named Claimant (Enterprise) has caused this statement to
be duly executed on its behalf by its authorized officer on this 29th day
of February, 1996.
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.
Corporate Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
James T. Foran General Corporate Counsel
- ---------------------------------- --------------------------------
(Name) (Title)
80 Park Plaza, T5B, P. O. Box 1171, Newark, New Jersey 07101-1171
-----------------------------------------------------------------
(Address)
<PAGE>
<PAGE>
EXHIBIT A
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INC.
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1995
------------------------------------
(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 ............................. $ 4,020,842 $ -- $ 4,020,842 $ -- $ --
Gas .................................. 1,686,403 -- 1,686,403 -- --
Nonutility Activities ................ 456,908 -- -- 456,439 469
------------ ----------- ----------- ----------- -----------
Total Operating Revenues ........... 6,164,153 -- 5,707,245 456,439 469
------------ ----------- ----------- ----------- -----------
OPERATING EXPENSES
- ------------------
Operation
Fuel for Electric Generation and
Net Interchanged Power ........... 891,782 -- 891,782 -- --
Gas Purchased and Materials for
Gas Produced ..................... 961,539 -- 961,539 -- --
Other .............................. 1,118,758 -- 949,400 168,889 469
Maintenance .......................... 312,610 -- 312,610 -- --
Depreciation and Amortization ........ 674,231 -- 591,114 83,117 --
Taxes
Federal Income Taxes ............... 353,997 -- 321,433 32,564 --
New Jersey Gross Receipts Taxes .... 612,961 -- 612,961 -- --
Other .............................. 80,565 -- 70,904 9,661 --
------------ ----------- ----------- ----------- -----------
Total Operating Expenses ........... 5,006,443 -- 4,711,743 294,231 469
------------ ----------- ----------- ----------- -----------
OPERATING INCOME ....................... 1,157,710 -- 995,502 162,208 --
- ---------------- ------------ ----------- ----------- ----------- -----------
OTHER INCOME
- ------------
Allowance for Funds Used During
Construction - Equity .............. 5,324 -- 5,324 -- --
Equity in Earnings of Subsidiary
Companies .......................... -- (662,323) -- -- 662,323
Miscellaneous - net .................. 8,041 -- 7,728 313 --
------------ ----------- ----------- ----------- -----------
Total Other Income ................ 13,365 (662,323) 13,052 313 662,323
------------ ----------- ----------- ----------- -----------
INCOME BEFORE INTEREST CHARGES AND
DIVIDENDS ON PREFERRED STOCK .......... 1,171,075 (662,323) 1,008,554 162,521 662,323
------------ ----------- ----------- ----------- -----------
INTEREST CHARGES
- ----------------
Long-Term Debt ....................... 434,066 -- 357,584 76,482 --
Short-Term Debt ...................... 32,822 -- 20,740 12,082 --
Other ................................ 29,172 -- 28,545 627 --
------------ ----------- ----------- ----------- -----------
Total Interest Charges ............. 496,060 -- 406,869 89,191 --
Allowance for Funds Used During
Construction - Debt and
Capitalized Interest ............... (37,208) -- (30,943) (6,265) --
------------ ----------- ----------- ----------- -----------
Net Interest Charges ............... 458,852 -- 375,926 82,926 --
------------ ----------- ----------- ----------- -----------
Preferred Securities Dividend
Requirements ....................... 49,426 -- 49,426 -- --
Preferred Stock Redemption Premium..... 474 -- 474 -- --
------------ ----------- ----------- ----------- -----------
NET INCOME ....................... $ 662,323 $ (662,323) $ 582,728 $ 79,595 $ 662,323
============ =========== =========== =========== ===========
SHARES OF COMMON STOCK OUTSTANDING
End of Year .......................... 244,697,930
Average for Year ..................... 244,697,930
EARNINGS PER AVERAGE SHARE OF COMMON STOCK $2.71
=====
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 - Enterprise Diversified Holdings Incorporated
</TABLE>
<PAGE>
<PAGE>
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
--------------------------------------------
(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, 1995 .................. $ 1,510,010 $(1,280,173) $ 1,292,201 $ (12,028) $ 1,510,010
ADD
Net Income ............................. 662,323 (696,559) 616,964 79,595 662,323
----------- ----------- ----------- ---------- -----------
Total .............................. 2,172,333 (1,976,732) 1,909,165 67,567 2,172,333
----------- ----------- ----------- --------- -----------
Additional Paid in Capital
DEDUCT
Cash Dividends on Common Stock ......... 528,548 (528,800) 502,200 26,600 528,548
Cash Dividends on Preferred Stock ...... -- (33,762) 33,762 -- --
Adjustment to Retained Earnings......... -- (474) 474
----------- ----------- ----------- --------- -----------
Total Deductions ................... 528,548 (563,036) 536,436 26,600 528,548
----------- ----------- ----------- ---------- -----------
BALANCE DECEMBER 31, 1995 ................ $ 1,643,785 $(1,413,696) $ 1,372,729 $ 40,967 $1,643,785
=========== =========== =========== ========= ===========
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
(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 ............................... $13,095,103 $ -- $13,095,103 $ -- $ --
Gas .................................... 2,442,572 -- 2,442,572 -- --
Common ................................. 517,104 -- 517,104 -- --
----------- ----------- ----------- ----------- -----------
Total .................................. 16,054,779 -- 16,054,779 -- --
Less Accumulated Depreciation
and Amortization ..................... 5,440,414 -- 5,440,414 -- --
----------- ----------- ----------- ----------- -----------
Net .................................... 10,614,365 -- 10,614,365 -- --
Nuclear Fuel in Service, net of
accumulated amortization of $297,435 . 180,018 -- 180,018 -- --
----------- ----------- ----------- ----------- -----------
Net Utility Plant in Service ........... 10,794,383 -- 10,794,383 -- --
Construction Work in Progress........... 369,082 -- 369,082 -- --
Plant Held for Future Use .............. 23,966 -- 23,966 -- --
----------- ----------- ----------- ----------- -----------
Net Utility Plant .................... 11,187,431 -- 11,187,431 -- --
----------- ----------- ----------- ----------- -----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
- ---------------------------------------
Long-Term Investments, net of
amortization - $7,213 and of
valuation allowances - $21,302 ....... 1,822,160 (5,426,470) 119,474 1,688,894 5,440,262
Oil and Gas Property, Plant and
Equipment, net of accumulated
depreciation and amortization
of $786,736 .......................... 608,015 -- -- 608,015 --
Real Estate Property and Equipment,
net of accumulated depreciation
of $5,063 and valuation
allowance of $8,228................... 75,558 (13,792) -- 89,350 --
Other Plant, net of accumulated
depreciation and amortization
of $6,531 ............................ 27,997 -- 24,976 3,021 --
Nuclear Decommissioning and Other
Special Funds ........................ 276,348 -- 276,348 -- --
Other Investments - net ................ 55,974 (6,497) -- 62,471 --
----------- ----------- ----------- ----------- -----------
Total Investments and Other
Noncurrent Assets .................... 2,866,052 (5,446,759) 420,798 2,451,751 5,440,262
----------- ----------- ----------- ----------- -----------
CURRENT ASSETS
- --------------
Cash and Cash Equivalents .............. 76,233 1 32,373 17,760 26,099
Accounts Receivable:
Customer Accounts Receivable............ 525,404 -- 525,404 -- --
Other Accounts Receivable............... 260,713 -- 163,976 71,949 24,788
Less: Allowance for doubtful accounts... 37,641 -- 37,641 -- --
Accounts Receivable - Associated
Companies............................. -- (17,368) -- 7,914 9,454
Unbilled Revenues ...................... 246,876 -- 246,876 -- --
Fuel ................................... 253,360 -- 253,360 -- --
Materials and Supplies, net of inventory
valuation reserves - $20,100 ......... 144,970 -- 143,741 1,229 --
Deferred Income Taxes .................. 27,571 -- 27,571 -- --
Other Special Funds..................... 62,631 -- 37,130 25,501 --
----------- ----------- ----------- ----------- -----------
Total Current Assets ................ 1,560,117 (17,367) 1,392,790 124,353 60,341
----------- ----------- ----------- ----------- -----------
DEFERRED DEBITS
- ---------------
Property Abandonments - net ............ 70,120 -- 70,120 -- --
Oil and Gas Property Write-Down ........ 36,078 -- 36,078 -- --
Unamortized Debt Expense ............... 123,833 1,784 122,049 -- --
Deferred OPEB Costs..................... 167,189 -- 167,189 -- --
Unrecovered Environmental Costs ........ 130,070 -- 130,070 -- --
Underrecovered Electric Energy and Gas
Costs - net .......................... 170,565 -- 170,565 -- --
Unrecovered Plant and Regulatory Study
Costs ................................ 35,150 -- 35,150 -- --
Deferred Decontamination and
Decommissioning Costs................ 49,872 -- 49,872 -- --
Unrecovered SFAS 109 Deferred
Income Taxes ......................... 769,136 -- 769,136 -- --
Other .................................. 5,826 (1) 5,700 -- 127
----------- ----------- ----------- ----------- -----------
Total Deferred Debits ................ 1,557,839 1,783 1,555,929 -- 127
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS ......................... $17,171,439 $(5,462,343) $14,556,948 $ 2,576,104 $ 5,500,730
=========== =========== =========== =========== ===========
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
(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) 594,395 869,070 --
Retained Earnings ..................... 1,643,785 (1,413,696) 1,372,729 40,967 1,643,785
----------- ----------- ----------- ----------- -----------
Total Common Equity ................ 5,444,942 (5,440,264) 4,530,127 910,137 5,444,942
Subsidiaries' Securities and Obligations
Preferred Stock:
Without Mandatory Redemption ......... 324,994 -- 324,994 -- --
With Mandatory Redemption ............ 150,000 -- 150,000 -- --
Monthly Income Preferred Securities .... 210,000 -- 210,000 -- --
Long-Term Debt ......................... 5,189,791 -- 4,586,268 603,523 --
----------- ----------- ----------- ----------- -----------
Total Capitalization ................ 11,319,727 (5,440,264) 9,801,389 1,513,660 5,444,942
----------- ----------- ----------- ----------- -----------
OTHER LONG-TERM LIABILITIES
- ---------------------------
Decontamination, Decommissioning and Low
Level Radwaste Costs .................. 50,449 -- 50,449 -- --
Environmental Costs ..................... 90,272 -- 96,272 -- --
Capital Lease Obligations ............... 53,111 -- 53,111 -- --
----------- ----------- ----------- ----------- -----------
Total Other Long-Term Liabilities ... 199,832 -- 199,832 -- --
----------- ----------- ----------- ----------- -----------
CURRENT LIABILITIES
- -------------------
Long-Term Debt and Capital Lease Obligations
due within one year ................. 90,630 -- -- 90,630 --
Commercial Paper and Loans ............. 849,567 -- 567,316 282,251 --
Book Overdrafts ........................ 70,014 -- 70,014 -- --
Accounts Payable ....................... 567,787 102 481,632 39,804 46,249
Accounts Payable - Associated
Companies ............................ (17,468) 8,011 989 8,468
N.J. Gross Receipts Taxes Accrued....... (32,767) 32,767
Dividends Declared......................
Other Taxes Accrued .................... 34,678 (63,044) 95,811 4,695 (2,784)
Interest Accrued ....................... 108,245 95,810 -- 8,723 3,712
Estimated Liability for Vacation Pay ... 17,089 -- 17,089 -- --
Customer Deposits ...................... 32,785 -- 32,785 -- --
Liability for Injuries and Damages ..... 38,141 -- 38,141 -- --
Miscellaneous Environmental
Liabilities .......................... 16,954 -- 16,954 -- --
Other .................................. 95,907 1 50,751 45,060 95
----------- ------------ ----------- ----------- -----------
Total Current Liabilities ........... 1,921,797 (17,366) 1,411,271 472,152 55,740
----------- ------------ ----------- ----------- -----------
DEFERRED CREDITS
- ----------------
Accumulated Deferred Income Taxes....... 3,094,620 -- 2,535,603 559,017 --
Accumulated Deferred Investment Tax
Credits .............................. 392,324 -- 370,610 21,714 --
Deferred OPEB Costs .................... 167,189 -- 167,189 -- --
Other .................................. 75,950 (4,713) 71,054 9,561 48
----------- ------------ ----------- ------------ -----------
Total Deferred Credits .............. 3,730,083 (4,713) 3,144,456 590,292 48
----------- ------------ ----------- ----------- -----------
TOTAL CAPITALIZATION AND
LIABILITIES ......................... $17,171,439 $(5,462,343) $14,556,948 $ 2,576,104 $ 5,500,730
=========== =========== =========== =========== ===========
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1995
---------------------------------------
(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 ............................... $ 4,020,842 $ -- $ 4,005,060 $ 15,782
Gas .................................... 1,686,403 -- 1,686,403
Nonutility Activities................... -- (38,172) -- --
----------- ----------- ----------- -----------
Total Operating Revenues ........... 5,707,245 (38,172) 5,691,463 15,782
----------- ----------- ----------- -----------
OPERATING EXPENSES
- ------------------
Operation
Fuel for Electric Generation and
Net Interchanged Power ............. 891,782 -- 891,782 --
Gas Purchased and Materials for
Gas Produced ....................... 961,539 -- 961,539 --
Other ................................ 949,400 (367) 946,383 3,017
Maintenance ............................ 312,610 -- 312,610 --
Depreciation and Amortization .......... 591,114 (37,805) 579,513 11,601
Taxes
Federal Income Taxes ................. 321,433 -- 319,922 1,511
New Jersey Gross Receipts Taxes ...... 612,961 -- 612,961 --
Other ................................ 70,904 -- 70,477 427
----------- ----------- ----------- -----------
Total Operating Expenses ......... 4,711,743 (38,172) 4,695,187 16,556
----------- ----------- ----------- -----------
OPERATING INCOME ......................... 995,502 -- 996,276 (774)
- ---------------- ----------- ----------- ----------- -----------
OTHER INCOME
- ------------
Allowance for Funds Used During
Construction - Equity ................ 5,324 -- 5,324 --
Equity in Earnings of Subsidiary
Companies ............................ -- (2,805) 2,805 --
Miscellaneous - net .................... 7,728 (16,244) 4,439 3,579
----------- ----------- ----------- -----------
Total Other Income ................ 13,052 (19,049) 12,568 3,579
----------- ----------- ----------- -----------
INCOME BEFORE INTEREST CHARGES AND
DIVIDENDS ON PREFERRED STOCK ............. 1,008,554 (19,049) 1,008,844 2,805
----------- ----------- ----------- -----------
INTEREST CHARGES
- ----------------
Long-Term Debt ......................... 357,584 (15,954) 373,538 --
Short-Term Debt ........................ 20,740 -- 20,740 --
Other .................................. 28,545 -- 28,545 --
----------- ----------- ----------- -----------
Total Interest Charges ............... 406,869 (15,954) 422,823 --
Allowance for Funds Used During
Construction - Debt and Capitalized
Interest ............................. (30,943) -- (30,943) --
----------- ----------- ----------- -----------
Net Interest Charges ................. 375,926 (15,954) 391,880 --
----------- ----------- ----------- -----------
Monthly Income Preferred Securities
Dividend Requirements .................. 15,664 (290) -- --
----------- ----------- ----------- -----------
NET INCOME ............................... 616,964 (2,805) 616,964 2,805
Preferred Stock Dividend Requirements .. 33,762 -- 33,762 --
Preferred Stock Redemption Premium ..... 474 -- 474
----------- ----------- ----------- -----------
EARNINGS AVAILABLE FOR PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED ............ $ 582,728 $ (2,805) $ 582,728 $ 2,805
=========== =========== =========== ===========
(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> PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1995
---------------------------------------
(Thousands of Dollars)
<CAPTION>
PSE&G
CAPITAL
(SEE LEGEND BELOW) FUELCO L.P.
- ------------------ ----------- -----------
<S> <C> <C>
OPERATING REVENUES
- ------------------
Electric ............................... $ -- $ --
Gas .................................... -- --
Nonutility Activities................... 38,172 --
----------- -----------
Total Operating Revenues ........... 38,172 --
OPERATING EXPENSES
- ------------------
Operation
Fuel for Electric Generation and
Net Interchanged Power ............. -- --
Gas Purchased and Materials for
Gas Produced ....................... -- --
Other ................................ 367 --
Maintenance ............................ -- --
Depreciation and Amortization .......... 37,805 --
Taxes
Federal Income Taxes ................. -- --
New Jersey Gross Receipts Taxes ...... -- --
Other ................................ -- --
----------- -----------
Total Operating Expenses ......... 38,172 --
OPERATING INCOME ......................... -- --
- ----------------
OTHER INCOME
- ------------
Allowance for Funds Used During
Construction - Equity ................ -- --
Equity in Earnings of Subsidiary
Companies ............................ -- --
Miscellaneous - net .................... -- 15,954
----------- -----------
Total Other Income ................ -- 15,954
INCOME BEFORE INTEREST CHARGES AND
DIVIDENDS ON PREFERRED STOCK ............. -- 15,954
----------- -----------
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 .................. -- 15,954
----------- -----------
NET INCOME ............................... -- --
Preferred Stock Dividend Requirements .. -- --
----------- -----------
EARNINGS AVAILABLE FOR PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED ............ -- --
=========== ===========
(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>
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1995
--------------------------------------------
(Thousands of Dollars)
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS FRANCIS
CONSOL.(A) & RECLASS. PSE&G PSCRC SETI CORP.
----------- ------------ ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balance - January 1, 1995......... $ 1,292,201 $ (41,103) $ 1,292,201 $ 40,676 $ 361 $ 66
Add:
Net Income..................... 616,964 (2,805) 616,964 2,805 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total ............................ 1,909,165 (43,909) 1,909,165 43,482 -- 361 66
----------- ----------- ----------- ----------- ----------- -----------
Additional Paid in Capital........ -- (1,225) -- (147) -- 1,372
----------- ----------- ----------- ----------- ----------- -----------
Deduct:
Cash Dividends on Common Stock.. 502,200 -- 502,200 -- -- --
Cash Dividends on Preferred Stock. 33,762 -- 33,762 -- -- --
Adjustment to Retained Earnings.. 474 474
----------- ----------- ----------- ----------- ----------- -----------
Total Deductions................ 536,436 -- 536,436 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Balance - December 31, 1995....... $ 1,372,729 $ (45,134) $ 1,372,729 $ 43,335 $ 361 $ 1,438
=========== =========== =========== =========== =========== ===========
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see
Item I.
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
---------------------------------------
(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...................... $13,095,103 $ -- $13,095,103 $ -- $ --
Gas........................... 2,442,572 -- 2,442,572 -- --
Common........................ 517,104 -- 517,104 -- --
----------- ------------ ----------- ---------- ----------
Total..................... 16,054,779 -- 16,054,779 -- --
Less Accumulated Depreciation
and Amortization............ 5,440,414 -- 5,440,414 -- --
----------- ------------ ----------- ---------- ----------
Net........................... 10,614,365 -- 10,614,365 -- --
Nuclear Fuel in Service,
net of accumulated
amortization of $297,435.... 180,018 -- 96,004 84,014 --
---------- ------------ ----------- ---------- ----------
Net Utility Plant in Service 10,794,383 -- 10,710,369 84,014 --
Construction Work in Progress 369,082 -- 368,639 443 --
Plant Held for Future Use..... 23,966 -- 23,966 -- --
----------- ------------ ----------- ---------- ----------
Net Utility Plant............. 11,187,431 -- 11,102,974 84,457 --
----------- ------------ ----------- ---------- ----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
- ---------------------------------------
Other Investments, net of
amortization of $6,009...... 119,474 (51,654) 78,854 -- --
Other Plant - net of Accumulated
Depreciation and Amortization
of $1,905................... 24,976 -- 24,668 -- --
Nuclear Decommissioning and
Other Special Funds......... 276,348 -- 276,348 -- --
---------- ------------ ----------- ---------- ----------
Total Investments and Other
Noncurrent Assets............. 420,798 (51,654) 379,870 -- --
---------- ------------ ----------- ---------- ----------
CURRENT ASSETS
- --------------
Cash and Cash Equivalents..... 32,373 -- 30,936 3 --
Accounts Receivable
Customer Accounts Receivable 525,404 -- 525,404 -- --
Other Accounts Receivable 163,976 -- 147,678 -- --
Notes Receivable-Associated
Companies................... (216,495)
Less Allowance for doubtful accounts 37,641 -- 37,641 2,820 401
Accounts Receivable - Associated
Companies ................... -- (3,291) -- -- --
Unbilled Revenues ............. 246,876 -- 246,876 -- --
Fuel .......................... 253,360 -- 253,360 -- --
Materials and Supplies, net of
inventory valuation reserve -
$20,100...................... 143,741 -- 143,741 -- --
Deferred Income Taxes.......... 27,571 -- 27,571 -- --
Miscellaneous Current Assets... 37,130 -- 35,958 426 --
---------- ------------ ----------- ---------- ----------
Total Current Assets......... 1,392,790 (219,786) 1,373,883 3,249 401
----------- ------------ ----------- ---------- ----------
DEFERRED DEBITS
- ---------------
Property Abandonments - net..... 70,120 -- 70,120 -- --
Oil and Gas Property Write-Down. 36,078 -- 36,078 -- --
Unamortized Debt Expense........ 122,049 -- 115,236 -- --
Deferred OPEB Costs............. 167,189 -- 167,189 -- --
Unrecovered Environmental Costs. 130,070 -- 126,350 -- --
Underrecovered Electric Energy
and Gas Costs - net .......... 170,565 -- 170,565 -- --
Unrecovered Plant and Regulatory
Study Costs .................. 35,150 -- 35,150 -- --
Deferred Decontamination and
Decommissioning Costs......... 49,872 -- 49,872 -- --
Unrecovered SFAS 109 Deferred
Income Taxes ................. 769,136 -- 769,136 -- --
Other .......................... 5,700 2 5,685 -- --
----------- ------------ ----------- ---------- ----------
Total Deferred Debits ........ 1,555,929 2 1,545,381 -- --
----------- ------------ ----------- ---------- ----------
TOTAL ASSETS ................ $14,556,948 $ (271,438) $14,402,108 $ 87,706 $ 401
=========== ============ =========== ========== ==========
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
---------------------------------------
(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
$297,435.......................... -- -- -- -- --
------- ------------ ----------- ---------- ----------
Net Utility Plant in Service........ -- -- -- -- --
Construction Work in Progress,
including Nuclear Fuel in Process. -- -- -- -- --
Plant Held for Future Use........... -- -- -- -- --
------- ------------ ----------- ---------- ----------
Net Utility Plant................... -- -- -- -- --
------- ------------ ----------- ---------- ----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
- ---------------------------------------
Other Investments................... -- 1,438 90,836 -- --
Other Plant - net of Accumulated
Depreciation and Amortization
of $1,905......................... -- -- 308 -- --
Nuclear Decommissioning and
Other Special Funds............... -- -- -- -- --
------- ------------ ----------- ---------- ----------
Total Investments and
Other Properties.................. -- 1,438 91,144 -- --
------- ------------ ----------- ---------- ----------
CURRENT ASSETS
- --------------
Cash and Cash Equivalents.......... -- 1 1,432 1 --
Customer Accounts Receivable....... -- -- -- -- --
Other Accounts Receivable........... -- -- 16,298 -- --
Allowance for doubtful accounts .... -- -- -- -- --
Notes receivable - Associated
Companies.......................... -- -- -- -- 216,495
Accounts Receivable - Associated
Companies ........................ -- -- 70 -- --
Unbilled Revenues .................. -- -- -- -- --
Fuel ............................... -- -- -- -- --
Materials and Supplies, net of
inventory valuation reserves -
$20,100........................... -- -- -- -- --
Deferred Income Taxes............... -- -- -- -- --
Other............................... -- -- 746 -- --
----------- ------------ ----------- ---------- ----------
Total Current Assets.............. -- 1 18,546 1 216,495
----------- ------------ ----------- ---------- ----------
DEFERRED DEBITS
- ---------------
Property Abandonments - net......... -- -- -- -- --
Oil and Gas Property Write-Down..... -- -- -- -- --
Unamortized Debt Expense............ -- -- -- -- 6,813
Deferred OPEB Costs................. -- -- -- -- --
Unrecovered Environmental Costs..... 3,720 -- -- -- --
Underrecovered Electric Energy
and Gas Costs - net............... -- -- -- -- --
Unrecovered Plant and Regulatory
Study Costs....................... -- -- -- -- --
Deferred Decontamination and
Decommissioning Costs............. -- -- -- -- --
Income Taxes-SFAS 109............... -- -- -- -- --
Other .............................. -- -- -- 13 --
------------ ------------ ---------- ---------- ----------
Total Deferred Debits ............ 3,720 -- -- 13 6,813
------------ ------------ ---------- ---------- ----------
TOTAL ASSETS ..................... $ 3,720 $ 1,439 $ 109,690 $ 14 $ 223,308
=========== ============ =========== ========== ==========
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
---------------------------------------
(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 ................... 594,395 (44,558) 594,395 1,438 3,130
Retained Earnings ..................... 1,372,729 (7,071) 1,372,729 -- (2,769)
----------- ----------- ----------- ----------- -----------
Total Common Equity ................. 4,530,127 (51,653) 4,530,127 1,439 371
Subsidiaries' Securities and Obligations
Preferred Stock
Without Mandatory Redemption ....... 324,994 -- 324,994 -- --
With Mandatory Redemption .......... 150,000 -- 150,000 -- --
Monthly Income Preferred Securities... 210,000 -- -- -- --
Long-Term Debt ....................... 4,586,268 (216,495) 4,802,763 -- --
----------- ----------- ----------- ----------- -----------
Total Capitalization ............... 9,801,389 (268,148) 9,807,884 1,439 -- 371
OTHER LONG-TERM LIABILITIES
- ---------------------------
Decontamination, Decommissioning
And Low Level Radwaste Costs.......... 50,449 -- 50,449 -- --
Unrecovered Environmental Costs......... 96,272 -- 96,272 -- --
Capital Lease Obligations............... 53,111 -- 53,111 -- --
----------- ----------- ----------- ----------- -----------
Total Long-Term Liabilities......... 199,832 -- 199,832 -- --
----------- ----------- ----------- ----------- -----------
CURRENT LIABILITIES
- -------------------
Commercial Paper and Loans ............. 567,316 -- 449,475 -- --
Book Overdrafts......................... 70,014 -- 70,014 -- --
Accounts Payable ....................... 481,632 -- 474,756 -- --
Accounts Payable - Associated
Companies ............................ 8,011 (3,290) (12,450) -- 106
Other Taxes Accrued..................... 32,767 -- 33,078 -- --
Interest Accrued........................ 95,811 -- 95,811 -- --
Estimated Liability for Vacation Pay.... 17,089 -- 17,089 -- --
Customer Deposits....................... 32,785 -- 32,785 -- --
Liability for Injuries and Damages...... 38,141 -- 38,141 -- --
Miscellaneous Environmental Liabilities. 16,954 -- 16,954 -- --
Other .................................. 50,751 -- 45,385 -- --
----------- ----------- ----------- ----------- -----------
Total Current Liabilities ........... 1,411,271 (3,290) 1,261,038 -- 106
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
- ----------------
Accumulated Deferred Income Taxes...... 2,535,603 -- 2,535,679 -- (76)
Accumulated Deferred Investment Tax
Credits ............................. 370,610 -- 370,610 -- --
Deferred Credit OPEB................... 167,189 -- 167,189 -- --
Other ................................. 71,054 -- 59,876 -- --
----------- ----------- ----------- ----------- -----------
Total Deferred Credits ............. 3,144,456 -- 3,133,354 -- (76)
----------- ----------- ----------- ----------- -----------
TOTAL CAPITALIZATION AND
LIABILITIES ........................ $14,556,948 $ (271,438) $14,402,108 $ 1,439 $ 401
=========== =========== =========== =========== ===========
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 2
<TABLE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
---------------------------------------
(Thousands of Dollars)
<CAPTION>
PUBLIC SERVICE
NEW JERSEY PSE&G CONSERVATION PUBLIC SERVICE
PROPERTIES FUEL 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 ............. -- -- 39,990 -- --
Retained Earnings ............... -- -- 3,345 -- 6,495
----------- ----------- ----------- -------------- -----------
Total Common Equity ........... 1 1 43,345 1 6,495
Subsidiaries' Securities and
Obligations Preferred Stock
Without Mandatory Redemption ..... -- -- -- -- --
With Mandatory Redemption ...... -- -- -- -- --
Monthly Income Preferred Securities -- -- -- -- 210,000
Long-Term Debt ................... -- -- -- -- --
----------- ----------- ----------- -------------- -----------
Total Capitalization ........... 1 1 43,345 1 216,495
OTHER LONG-TERM LIABILITIES
- ---------------------------
Decontamination, Decommissioning
and Low Level Radwaste Costs...... -- -- -- -- --
Unrecovered Environmental Costs..... -- -- -- -- --
Capital Lease Obligations........... -- -- -- -- --
----------- ----------- ----------- -------------- -----------
Total Other Long-Term Liabilities -- -- -- -- --
----------- ----------- ----------- -------------- -----------
CURRENT LIABILITIES
- -------------------
Commercial Paper and Loans ......... -- 87,705 30,136 -- --
Book Overdrafts..................... -- -- -- -- --
Accounts Payable ................... -- -- 6,876 -- --
Accounts Payable - Associated
Companies ........................ 3 ,719 -- 13,100 13 6,813
Other Taxes Accrued................. -- -- (311) -- --
Interest Accrued.................... -- -- -- -- --
Estimated Liability for Vacation Pay -- -- -- -- --
Customer Deposits................... -- -- -- -- --
Liability for Injuries and Damages.. -- -- -- -- --
Miscellaneous Environmental
Liabilities....................... -- -- -- -- --
Other .............................. -- -- 5,366 -- --
----------- ----------- ----------- ------------- -----------
Total Current Liabilities ....... 3,719 87,705 55,167 13 6,813
----------- ----------- ----------- ------------- -----------
DEFERRED CREDITS
- ----------------
Accumulated Deferred Income Taxes... -- -- -- -- --
Accumulated Deferred Investment Tax
Credits .......................... -- -- -- -- --
Deferred Credit OPEB................ -- -- -- -- --
Other .............................. -- -- 11,178 -- --
----------- ----------- ----------- ------------- -----------
Total Deferred Credits .......... -- -- 11,178 -- --
----------- ----------- ----------- ------------- -----------
TOTAL CAPITALIZATION AND
LIABILITIES .....................$ 3,720 $ 87,706 $ 109,690 $ 14 $ 223,308
=========== =========== =========== ============= ===========
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING INCOME STATEMENT
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDHI PSRC EDC
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
REVENUES
- --------
Oil and gas sales ............ $ 251,571,794 $ -- $ -- $ 3,570,130 $ 248,001,664
Lease agreements ............. 48,955,896 -- -- 48,955,896 --
Income from partnership....... 88,175,577 -- -- 42,573,438 --
Interest and dividends income. 6,164,671 -- 46,419 5,718,301 --
Realized gains on investments. 3,827,280 -- -- 3,825,480 --
Unrealized gains on investments 11,203,458 -- -- 11,203,458 --
Rental income ................ 12,319,091 -- -- 1,735,510 --
Interest and other revenues
from affiliated companies... -- (96,199,506) 7,525,838 -- --
Other ........................ 34,220,651 22,131,615 -- 344,490 --
Equity in subsidiary
earnings ................... -- (79,595,276) 79,595,276 -- --
------------- ------------- ------------- ------------- -------------
Total Revenues ........... 456,438,418 (153,663,167) 87,167,533 117,926,703 248,001,664
------------- ------------- ------------- ------------- -------------
OPERATING EXPENSES
- ------------------
Oil and gas production ....... 56,918,627 -- -- -- 56,918,627
Oil and gas exploration ...... 43,202,375 -- -- -- 43,202,375
Operation and Maintenance..... 12,640,848 -- -- 2,848,174 --
Depreciation and
Amortization ............... 83,117,303 -- 411,532 2,919,799 77,265,362
Property Impairment .......... 1,017,550 -- -- -- --
Administrative and
General .................... 57,346,617 (7,476,311) 7,160,725 13,084,151 11,961,117
------------- ------------- ------------- ------------- -------------
Total Operating
Expenses ................. 254,243,320 (7,476,311) 7,572,257 18,852,124 189,347,481
------------- ------------- ------------- ------------- -------------
OPERATING INCOME ............. 202,195,098 (146,186,856) 79,595,276 99,074,579 58,654,183
- ---------------- ------------- ------------- ------------- ------------- -------------
OTHER INCOME.................. -- (22,131,615) -- -- 22,131,615
------------- ------------- ------------- ------------- -------------
INTEREST EXPENSE
- ----------------
Affiliated companies ......... -- (88,723,195) -- 52,211,043 31,385,620
Other ........................ 89,190,765 -- -- 604,035 468,821
Capitalized interest ......... (6,264,374) -- -- (599,526) (4,368,383)
------------- ------------- ------------- ------------- -------------
Net interest expense ......... 82,926,391 (88,723,195) -- 52,215,552 27,486,058
------------- ------------- ------------- ------------- -------------
INCOME BEFORE INCOME TAXES ... 119,268,707 (79,595,276) 79,595,276 46,859,027 53,299,740
------------- ------------- ------------- ------------- --------------
INCOME TAXES
- ------------
Current ...................... (89,289,344) -- -- (50,800,020) (23,211,675)
Deferred ..................... 132,084,088 -- -- 66,412,097 41,474,998
Investment tax credits - net . (2,808,564) -- -- (2,131,094) --
------------- ------------- ------------- ------------- -------------
Total income taxes ....... 39,986,180 -- -- 13,480,983 18,263,323
------------- ------------- ------------- ------------- -------------
MINORITY INTERESTS ........... (312,749) -- -- (292,772) --
------------- ------------- ------------- ------------- -------------
NET INCOME ................... $ 79,595,276 $ (79,595,276) $ 79,595,276 $ 33,670,816 $ 35,036,417
============= ============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING INCOME STATEMENT
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
PSEG
(SEE LEGEND BELOW) CEA EGDC CAPITAL ECFC
- ------------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
REVENUES
- --------
Oil and gas sales ............ $ -- $ -- $ -- $ --
Lease agreements ............. -- -- -- --
Income from partnerships...... 45,359,810 242,329 -- --
Interest and dividends income. 208,835 138,611 -- 52,505
Realized gains on investments. -- 1,800 -- --
Unrealized gains on investments -- -- -- --
Rental income ................ -- 10,583,581 -- --
Interest and other revenues
from affiliated companies... -- 754,042 55,342,270 32,577,356
Other ........................ 11,684,546 60,000 -- --
Equity in subsidiary
earnings ................... -- -- -- --
------------- ------------- ------------- -------------
Total Revenues ........... 57,253,191 11,780,363 55,342,270 32,629,861
------------- ------------- ------------- -------------
OPERATING EXPENSES
- ------------------
Oil and gas production ....... -- -- -- --
Oil and gas exploration ...... -- -- -- --
Operation and Maintenance..... 2,220,032 7,572,642 -- --
Depreciation and
Amortization ............... 734,995 1,785,615 -- --
Property Impairment .......... -- 1,017,550 -- --
Administrative and
General .................... 30,364,154 2,022,925 66,840 163,016
------------- ------------- ------------- -------------
Total Operating
Expenses ................. 33,319,181 12,398,732 66,840 163,016
------------- ------------- ------------- -------------
OPERATING INCOME ............. 23,934,010 (618,369) 55,275,430 32,466,845
- ----------------
OTHER INCOME.................. -- -- -- --
------------- ------------- ------------- -------------
INTEREST EXPENSE
- ----------------
Affiliated companies ......... 4,365,637 6,853 754,042 --
Other ........................ 158,206 706,004 54,786,854 32,466,845
Capitalized interest ......... (1,296,465) -- -- --
------------- ------------- ------------- -------------
Net interest expense ......... 3,227,378 712,857 55,540,896 32,466,845
------------- ------------- ------------- -------------
INCOME BEFORE INCOME TAXES ... 20,706,632 (1,331,226) (265,466) --
------------- ------------- ------------- -------------
INCOME TAXES
- ------------
Current ...................... 273,661 (15,285,844) (265,466) --
Deferred ..................... 9,348,267 14,848,726 -- --
Investment tax credits - net . (677,470) -- -- --
------------- ------------- ------------- -------------
Total income taxes ....... 8,944,458 (437,118) (265,466) --
MINORITY INTERESTS ........... -- (19,977) -- --
------------- ------------- ------------- -------------
NET INCOME ................... $ 11,762,174 $ (874,131) $ -- $ --
============= ============= ============= =============
(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> PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDHI PSRC EDC
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995....... $ (12,028,623) $ 14,528,619 $ (12,028,623) $ 139,833,220 $(103,403,120)
ADD:
Net Income(Loss) ............. 79,595,276 (79,595,276) 79,595,276 33,670,816 35,036,417
------------- ------------- ------------- ------------- -------------
Total .......................... 67,566,653 (65,066,657) 67,566,653 173,504,036 (68,366,703)
------------- ------------- ------------- ------------- -------------
DEDUCT:
Dividends Declared............ 26,600,000 (14,600,000) 26,600,000 13,400,000 0
------------- ------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1995..... $ 40,966,653 $ (50,466,657) $ 40,966,653 $ 160,104,036 $ (68,366,703)
============= ============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1995
---------------------------------------------
<CAPTION>
PSEG
CEA EGDC CAPITAL ECFC
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995....... $ 31,720,030 $ (82,678,749) $ -- $ --
ADD:
Net Income(Loss) ............. 11,762,174 (874,131) -- --
------------- ------------- ------------- -------------
Total .......................... 43,482,204 (83,552,880) -- --
------------- ------------- ------------- -------------
DEDUCT:
Dividends Declared............ 1,200,000 -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1995..... $ 42,282,204 $ (83,552,880) $ -- $ --
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDHI PSRC EDC
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
- --------------
Cash and temporary
investments .................. $ 17,760,692 $ -- $ 633,185 $ 930 286 $ 14,269,302
Accounts receivable:
Affiliated Companies ......... 7,914,476 (19,207,808) 1,240,575 7,407,881 254,108
Interest ..................... 1,621,382 -- -- 1,371,724 --
Other ........................ 70,326,096 -- 13,750 12,708,824 52,486,112
Notes receivable:
Affiliated companies ......... -- (655,744,000) -- -- --
Other......................... -- -- --
Materials and supplies ......... 1,228,937 -- -- 1,228,937
Real Estate Held for Sale....... -- -- --
Prepayments ................... 25,502,130 -- 747,108 1,630,212 22,747,173
--------------- --------------- --------------- --------------- ---------------
Total current assets ....... 124,353,713 (674,951,808) 2,634,618 24,048,927 90,985,632
--------------- --------------- --------------- --------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
- -----------------------------
Oil and Gas .................... 1,393,064,696 -- -- -- 1,393,064,696
Real estate .................... 87,432,293 -- -- 24,351,103 --
Furniture and equipment ........ 22,017,037 -- 1,554,754 16,270,619 --
Accumulated depreciation
and amortization ............. (795,588,161) -- (999,374) (5,866,412) (786,735,793)
Valuation allowance ............ (8,227,131) -- -- (7,824,495) --
--------------- --------------- --------------- --------------- ---------------
Property, plant and equipment... 698,698,734 -- 555,380 26,930,815 606,328,903
--------------- --------------- --------------- --------------- ---------------
INVESTMENTS
- -----------
Subsidiaries ................... -- (908,641,653) 908,641,653 -- --
Equity Securities .............. 12,369,405 -- -- 12,369,405 --
Other Securities ............... 64,084,639 -- -- 64,084,639 --
Lease agreements ............... 885,677,947 -- -- 885,677,947 --
Limited partnership interests .. 522,415,753 -- -- 445,661,716 --
General partnership interests .. 176,523,196 -- -- -- --
Joint venture .................. 49,124,983 -- -- -- --
Valuation allowance ............ (21,301,571) -- -- (16,609,416) --
--------------- --------------- --------------- --------------- ---------------
Total investments .......... 1,688,894,352 (908,641,653) 908,641,653 1,391,184,291 --
--------------- --------------- --------------- --------------- ---------------
OTHER ASSETS
- ------------
Natural gas receivable ......... 12,760,326 -- -- -- 12,760,326
Project start-up costs ......... 1,720,597 -- -- 579,559 --
Commissions & tenant
improvements ................. -- -- -- -- --
Accumulated deferred income
taxes ........................ -- (8,530,649) -- -- --
Reacquisition costs ........... 1,686,000 -- -- -- 1,686,000
Deferred debt issuance costs -
net .......................... 1,784,585 -- -- -- --
Notes received from
associated companies ......... 29,621 (311,821,000) -- -- --
Other .......................... 46,175,902 -- -- -- 44,075,902
--------------- --------------- --------------- --------------- ---------------
Total other assets ......... 64,157,031 (320,351,649) -- 579,559 58,522,228
--------------- --------------- --------------- --------------- ---------------
TOTAL ASSETS ............... $ 2,576,103,830 $(1,903,945,110) $ 911,831,651 $ 1,442,743,592 $ 755,836,763
=============== =============== =============== =============== ===============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
PSEG
CEA EGDC CAPITAL ECFC
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
- --------------
Cash and temporary
investments .................. $ -- $ 1,897,351 $ 944 $ 29,624
Accounts receivable:
Affiliated Companies ......... 885,411 21,283 14,176,243 3,136,783
Interest ..................... 1,614 248,044 -- --
Other ........................ 4,103,565 1,013,845 -- --
Notes receivable:
Affiliated companies ......... -- 4,693,000 318,070,674 332,980,326
Other......................... -- -- -- --
Materials and supplies ......... -- -- -- --
Real Estate Held for Sale....... -- -- -- --
Prepayments ................... 270,257 107,380 -- --
--------------- --------------- --------------- ---------------
Total current assets ....... 5,260,847 7,980,903 332,247,861 336,146,733
PROPERTY, PLANT AND EQUIPMENT
- -----------------------------
Oil and Gas .................... -- -- -- --
Real estate .................... -- 63,081,190 -- --
Furniture and equipment ........ 4,049,824 141,840 -- --
Accumulated depreciation
and amortization ............. (1,585,161) (401,421) -- --
Valuation allowance ............ -- (402,636) -- --
--------------- -------------- --------------- ---------------
Property, plant and equipment... 2,464,663 62,418,973 -- --
--------------- -------------- --------------- ---------------
INVESTMENTS
- -----------
Subsidiaries ................... -- -- -- --
Equity Securities .............. -- -- -- --
Other Securities ............... -- -- -- --
Lease agreements ............... -- -- -- --
Limited partnership interests .. 76,754,037 -- -- --
General partnership interests .. 140,271,910 36,251,286 -- --
Joint venture .................. 49,124,983 -- -- --
Valuation allowance ............ (3,845,142) (847,013) -- --
--------------- --------------- --------------- ---------------
Total investments .......... 262,305,788 35,404,273 -- --
--------------- --------------- --------------- ---------------
OTHER ASSETS
- ------------
Natural gas receivable ......... -- -- -- --
Project start-up costs ......... 1,141,038 -- -- --
Commissions & tenant
improvements ................. -- -- -- --
Accumulated deferred income
taxes ........................ -- 8,530,649 -- --
Reacquisition costs ........... -- -- -- --
Deferred debt issuance costs -
net .......................... -- -- 117,014 1,667,571
Notes received from
associated companies ......... 29,621 -- 152,340,326 159,480,674
Other .......................... -- 2,100,000 -- --
--------------- --------------- --------------- ---------------
Total other assets ......... 1,170,659 10,630,649 152,457,340 161,148,245
--------------- --------------- --------------- ---------------
TOTAL ASSETS ............... $ 271,201,957 $ 116,434,798 $ 484,705,201 $ 497,294,978
=============== =============== =============== ===============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
LIABILITIES AND
STOCKHOLDERS' EQUITY TOTAL ELIMINATIONS EDHI PSRC EDC
- -------------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
- -------------------
Accounts payable:
Affiliated companies ......... $ 989,482 $ (19,207,808) $ 279,729 $ 11,686,726 $ 5,894,660
Interest...................... 8,722,473 -- -- 1,500,000 --
Other ........................ 89,559,696 -- 1,135,320 16,842,373 61,880,836
Notes payable:
Affiliated companies ......... -- (655,744,000) -- 595,110,000 --
Other ........................ 282,251,382 -- -- -- --
Current portion of
long-term debt ............... 90,630,207 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total current
liabilities ................ 472,153,240 (674,951,808) 1,415,049 625,139,099 67,775,496
-------------- -------------- -------------- -------------- --------------
LONG-TERM DEBT
- --------------
Affiliated Companies.......... -- (311,821,000) -- -- 311,821,000
Other......................... 693,523,043 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total long-term debt ....... 693,523,043 (311,821,000) -- -- 311,821,000
-------------- -------------- -------------- -------------- --------------
DEFERRED CREDITS
- ----------------
Accumulated deferred income
taxes ........................ 559,016,698 (8,530,649) -- 498,585,586 11,193,587
Accumulated deferred investment
and energy tax credits........ 21,713,049 -- -- 7,733,472 --
Other .......................... 7,702,346 -- 279,824 81,400 4,713,383
-------------- -------------- -------------- -------------- --------------
Total deferred credits ..... 588,432,093 (8,530,649) 279,824 506,400,458 15,906,970
-------------- -------------- -------------- -------------- --------------
MINORITY INTERESTS ............. 1,858,676 -- -- -- --
- ------------------ -------------- -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY
- --------------------
Capital stock .................. 100,000 (171,501,996) 100,000 107,000,999 920,000
Contributed capital ............ 869,070,125 (686,673,000) 869,070,125 44,099,000 427,780,000
Retained earnings (deficit)..... 40,966,653 (50,466,657) 40,966,653 160,104,036 (68,366,703)
-------------- -------------- -------------- -------------- --------------
Total stockholders'
equity ................... 910,136,778 (908,641,653) 910,136,778 311,204,035 360,333,297
-------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ........... $2,576,103,830 $(1,903,945,110) $ 911,831,651 $1,442,743,592 $ 755,836,736
============== ============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 2
<TABLE>
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
For the Year Ended December 31, 1995
--------------------------------------------
<CAPTION>
LIABILITIES AND PSEG
STOCKHOLDERS' EQUITY CEA EGDC CAPITAL ECFC
- -------------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES
- -------------------
Accounts payable:
Affiliated companies ......... $ 1,481,077 $ 775,550 $ 27,180 $ 52,368
Interest...................... -- 59,549 3,278,693 3,884,231
Other ........................ 9,242,185 445,505 6,480 6,997
Notes payable:
Affiliated companies ......... 55,941,000 -- 4,693,000 --
Other ........................ -- -- -- 282,251,382
Current portion of
long-term debt ............... -- 147,803 62,482,404 28,000,000
-------------- -------------- -------------- --------------
Total current
liabilities ................ 66,664,262 1,428,407 70,487,757 314,194,978
-------------- -------------- -------------- --------------
LONG-TERM DEBT
- --------------
Affiliated Companies.......... -- -- -- --
Other......................... -- 6,405,599 414,117,444 183,000,000
-------------- -------------- -------------- --------------
Total long-term debt ....... -- 6,405,599 414,117,444 183,000,000
-------------- -------------- -------------- --------------
DEFERRED CREDITS
- ----------------
Accumulated deferred income
taxes ........................ 57,768,174 -- -- --
Accumulated deferred investment
and energy tax credits........ 13,979,577 -- -- --
Other .......................... 2,627,739 -- -- --
-------------- -------------- -------------- --------------
Total deferred credits ..... 74,375,490 -- -- --
-------------- -------------- -------------- --------------
MINORITY INTERESTS ............. -- 1,858,676 -- --
- ------------------ -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY
- --------------------
Capital stock .................. 62,880,001 500,996 100,000 100,000
Contributed capital ............ 25,000,000 189,794,000 -- --
Retained earnings (deficit)..... 42,282,204 (83,552,880) -- --
-------------- -------------- -------------- --------------
Total stockholders'
equity ................... 130,162,205 106,742,116 100,000 100,000
-------------- -------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ........... $ 271,201,957 $ 116,434,798 $ 484,705,201 $ 497,294,978
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED - DECEMBER 31, 1995
------------------------------------
<CAPTION>
RCMC
TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Oil and gas operations.......... -- -- -- -- --
Lease agreements................ $ 48,955,896 $ 122,623 $ 22,679,519 $ 21,909,389 $ 2,842,707
Partnerships.................... 42,573,438 -- 24,394,101 18,219,434 --
Marketing Revenues.............. 3,570,130 (4,994) -- -- --
Interest and Dividends.......... 5,718,301 -- 5,350,896 -- --
Gain (Loss) - security sales.... 15,028,938 -- 14,960,428 -- --
Operating lease income.......... 1,735,510 -- 1,735,510 -- --
Interest & other - assoc. co. -- (20) -- -- --
Other .......................... 344,490 -- (22,252) 180,587 --
Equity in subsidiary
earnings...................... -- (11,710,569) 11,710,569 -- --
------------ ------------ ------------ ------------ ------------
Total Revenues.............. 117,926,703 (11,592,960) 80,808,771 40,309,410 2,842,707
------------ ------------ ------------ ------------ ------------
OPERATING EXPENSES:
Oil and gas production -- -- -- -- --
Rental operations -- -- -- -- --
Depreciation and
amortization.................. 2,919,799 -- 1,432,462 1,175,659 --
Administrative
and general................... 15,595,909 -- 8,831,814 489,682 (238)
Taxes, other than
income taxes.................. 336,415 -- 31,913 224,686 12,040
------------ ------------ ------------ ------------ ------------
Total operating expenses.... 18,852,124 -- 10,296,189 1,890,027 11,802
------------ ------------ ------------ ------------ ------------
OPERATING INCOME................ 99,074,579 (11,592,960) 70,512,582 38,419,383 2,830,905
------------ ------------ ------------ ------------ ------------
INTEREST EXPENSE:
PSEG
PSEG Capital Corporation........ 32,739,370 -- 19,010,480 12,486,169 746,951
Enterprise Capital Funding Corp. 19,474,993 -- 11,543,536 7,140,686 426,634
Other........................... 600,715 (5,014) 604,035 -- --
Capitalized interest............ (599,525) -- (599,525) -- --
------------ ------------ ------------ ------------ ------------
Net interest expense............ 52,215,553 (5,014) 30,558,526 19,626,856 1,173,585
------------ ------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES...... 46,859,027 (11,587,946) 39,954,056 18,792,528 1,657,320
------------ ------------ ------------ ------------ ------------
INCOME TAXES:
Current ........................ (50,800,020) -- (31,072,536) (11,262,458) (2,640,557)
Deferred ....................... 66,412,097 -- 38,155,181 19,197,819 3,650,459
Investment and energy
tax credits - net............. (2,131,094) -- (799,405) (523,692) (807,997)
------------ ------------ ------------ ------------ ------------
Total income taxes.............. 13,480,983 -- 6,283,240 7,411,669 201,905
------------ ------------ ------------ ------------ ------------
MINORITY INTERESTS.............. (292,772) 122,623 -- -- --
------------ ------------ ------------ ------------ ------------
CUM EFF ACCTG CHANGE FAS 109 -- -- -- -- --
------------ ------------ ------------ ------------ ------------
NET INCOME...................... $ 33,670,816 $(11,710,569) $ 33,670,816 $ 11,380,859 $ 1,455,415
============ ============ ============ ============ ============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED - DECEMBER 31, 1995
------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Oil and gas operations
Lease agreements................ $ 917,947 $ -- $ -- $ -- $ --
Partnerships.................... -- -- -- -- --
Marketing Revenues.............. -- -- -- -- --
Interest and Dividends.......... -- -- -- -- --
Gain (Loss)- security sales..... -- -- -- -- --
Operating lease income -- -- -- -- --
Interest & other - assoc. co. -- 20 -- -- --
Other .......................... -- 2,132 937 937 937
Equity in subsidiary
earnings...................... -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total Revenues.............. 917,947 2,152 937 937 937
------------ ------------ ------------ ------------ ------------
OPERATING EXPENSES:
Oil and gas production -- -- -- -- --
Rental operations -- -- -- -- --
Depreciation and
amortization.................. -- -- -- -- --
Administrative
and general................... 130 52 37 37 37
Taxes, other than
income taxes.................. 12,040 2,100 900 900 900
------------ ------------ ------------ ------------ ------------
Total operating expenses.... 12,170 2,152 937 937 937
------------ ------------ ------------ ------------ ------------
OPERATING INCOME................ 905,777 -- -- -- --
------------ ------------ ------------ ------------ ------------
INTEREST EXPENSE:
PSEG
PSEG Capital Corporation........ 415,561 -- -- -- --
Enterprise Capital Funding Corp. 234,061 -- -- -- --
Other........................... -- -- -- -- --
Capitalized interest............ -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net interest expense............ 649,622 -- -- -- --
------------ ------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES...... 256,155 -- -- -- --
------------ ------------ ------------ ------------ ------------
INCOME TAXES:
Current ........................ (4,753,047) -- -- -- --
Deferred ....................... 4,980,474 -- -- -- --
Investment and energy
tax credits - net............. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total income taxes.............. 227,427 -- -- -- --
------------ ------------ ------------ ------------ ------------
MINORITY INTERESTS.............. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
CUM EFF ACCTG CHANGE FAS 109 -- -- -- -- --
------------ ------------ ------------ ------------ ------------
NET INCOME...................... $ 28,728 $ -- $ -- $ -- $ --
============ ============ ============ ============ ============
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED - DECEMBER 31, 1995
------------------------------------
<CAPTION>
THE PSGMC PSRC USEP
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTE ES 2 DEL.,INC. INC.
------------ ------------ ------------ ------------ -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Oil and gas operations......... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Lease agreements............... -- -- -- 606,334 -- -- -- --
Partnerships................... -- -- -- -- -- -- -- (162,720)
Marketing Revenues............. -- -- 3,570,130 -- -- -- -- --
Interest and Dividends......... -- -- 372,399 -- -- -- -- --
Gain (Loss) - security sales... -- -- 68,510 -- -- -- -- --
Operating lease income -- -- -- -- -- -- -- --
interest & other - assoc. co. -- -- -- -- -- -- -- --
Other ......................... 937 130,143 -- -- -- 50,133 -- --
Equity in subsidiary
earnings..................... -- -- -- -- -- -- -- --
------------ ------------ ------------ ------------ -------- -------- -------- --------
Total Revenues............. 937 130,143 4,011,039 606,334 -- 50,133 -- (162,720)
------------ ------------ ------------ ------------ -------- -------- -------- --------
OPERATING EXPENSES:
Oil and gas production -- -- -- -- -- -- -- --
Rental operations -- -- -- -- -- -- -- --
Depreciation and
amortization................. -- 71,386 233,996 -- 5,754 543 -- --
Administrative
and general.................. 37 510,005 4,382,436 12,597 802,999 531,302 34,500 482
Taxes, other than
income taxes................. 900 300 24,736 25,000 -- -- -- --
------------ ------------ ------------ ------------ -------- --------- -------- --------
Total operating expenses... 937 581,691 4,641,168 37,597 808,753 531,845 34,500 482
------------ ------------ ------------ ------------ -------- --------- -------- --------
OPERATING INCOME............... -- (451,548) (630,130) 568,737 (808,753) (481,712) (34,500) (163,202)
------------ ------------ ------------ ------------ -------- --------- -------- --------
INTEREST EXPENSE:
PSEG
PSEG Capital Corporation....... -- -- 80,208 -- -- -- -- --
Enterprise Capital Funding Corp -- -- 130,076 -- -- -- -- --
Other.......................... -- -- 1,694 -- -- -- -- --
Capitalized interest........... -- -- -- -- -- -- -- --
------------ ------------ ------------ ------------ --------- --------- -------- -------
Net interest expense........... -- -- 211,978 -- -- -- -- --
------------ ------------ ------------ ------------ --------- --------- -------- -------
INCOME BEFORE INCOME TAXES..... -- (451,548) (842,108) 568,737 (808,753) (481,712) (34,500) (163,202)
------------ ------------ ------------ ------------ --------- --------- -------- -------
INCOME TAXES:
Current ....................... -- (158,952) (228,239) (177,575) (283,064) (168,599) (12,075) (42,918)
Deferred ...................... -- 942 (9,483) 450,908 -- -- -- (14,203)
Investment and energy
tax credits - net............ -- -- -- -- -- -- -- --
------------ ------------ ------------ ------------ --------- -------- -------- -------
Total income taxes............. -- (158,010) (237,722) 273,333 (283,064) (168,599) (12,075) (57,121)
------------ ------------ ------------ ------------ --------- -------- -------- -------
MINORITY INTERESTS............. -- -- (415,395) -- -- -- -- --
------------ ------------ ------------ ------------ --------- -------- -------- -------
CUM EFF ACCTG CHANGE FAS 109 -- -- -- -- -- -- -- --
------------ ------------ ------------ ------------ --------- -------- -------- -------
NET INCOME..................... $ -- $ (293,538) $ (188,991) $ 295,404 $(525,689)$(313,113)$(22,425)$(106,081)
============ ============ ============ ============ ========= ======== ======== =======
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR-ENDED - DECEMBER 31, 1995
--------------------------------------------
<CAPTION>
RCMC
TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995....... $139,833,220 $ 2,948,387 $139,833,223 $ 5,394,405 $ 353,833
Net Income...................... 33,670,816 (12,677,877) 33,670,816 11,380,859 1,455,415
------------ ------------ ------------ ------------ ------------
Total........................... 173,504,036 (9,729,490) 173,504,039 16,775,264 1,809,248
Dividends Declared.............. 13,400,000 -- 13,400,000 -- --
------------ ------------ ------------ ------------ ------------
BALANCE - DECEMBER 31, 1995..... $160,104,036 $ (9,729,490) $160,104,039 $ 16,775,264 $ 1,809,248
============ ============ ============ ============ ============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR-ENDED - DECEMBER 31, 1995
--------------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995....... $ (1,422,999) $ (38,964) $ (3,140) $ (3,156) $ --
Net Income...................... 28,728 -- -- -- --
------------ ----------- ------------ ------------ ------------
Total........................... (1,394,271) (38,964) (3,140) (3,156) --
Dividends Delared............... -- -- -- -- --
------------ ----------- ------------ ------------ ------------
BALANCE - DECEMBER 31, 1995..... $ (1,394,271) $ (38,964) $ (3,140) $ (3,156) $ --
============ ============ ============ ============ ============
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR-ENDED - DECEMBER 31, 1995
--------------------------------------------
<CAPTION>
THE PSGMC PSRC USEP
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTECH ES 2 DEL.,INC. INC.
------------ ------------ ------------ ------------ ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995...$ -- $ (790,945) $ (540,644) $ -- $ -- $ -- $ -- $ --
Net Income................... -- (293,538) (188,991) 295,404 (525,689) (313,113) (22,425) (106,081)
------------ ------------ ------------ ------------ ---------- ---------- ---------- -------
Total....................... -- (1,084,483) (729,635) 295,404 (525,689) (313,113) (22,425) (106,081)
Dividends Declared.......... -- -- -- -- -- -- -- --
------------ ------------ ------------ ------------ --------- ---------- ---------- --------
BALANCE - DECEMBER 31, 1995.$ -- (1,084,483) $ (729,635) $ 295,404 $(525,689) $ (313,113) $ (22,425) (106,081)
============ ============ ============ ============ ========= --======== ========== ========
</TABLE>
<PAGE>
<PAGE> PAGE 1 of 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
<CAPTION>
RCMC (A)
TOTAL ELIMINATIONS PSRC CONSOLIDATED RCIC
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash & temporary
investments.......... $ 930,286 $ -- $ 582,489 $ 12,000 $ --
Accounts receivable:
Trade................. 12,708,825 -- 491,120 196,300 --
PSE&G................. -- -- -- -- --
PSEG, income taxes.... 7,482,793 -- 7,482,793 -- --
Other Associated
Companies........... (74,912) (68,833,488) 701,980 56,874,993 4,664,371
Notes receivable --
associated companies -- (124,694) 124,694 -- --
other............... -- -- -- -- --
Interest receivable.... 1,371,724 -- 1,290,424 -- --
Prepayments............ 1,630,212 -- 86,322 -- --
-------------- -------------- -------------- -------------- --------------
Total current assets... 24,048,928 (68,958,182) 10,759,822 57,083,293 4,664,371
-------------- -------------- -------------- -------------- --------------
PROPERTY, PLANT AND
EQUIPMENT:
Aircraft............... 14,995,590 -- 14,995,590 -- --
Real estate............ 24,351,103 -- 2,538,147 13,087,773 --
Other.................. 1,275,029 -- 256,401 63,989 --
Accumulated depreciation
and amortization and
valuation allowance.... (13,690,908) -- (1,867,312) (6,936,131) --
-------------- -------------- -------------- -------------- --------------
Property, Plant
and Equipment........ 26,930,814 -- 15,922,826 6,215,631 --
-------------- -------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries........... -- (388,009,035) 388,171,755 -- --
Securities ............ 76,454,044 -- 72,968,044 -- --
Lease agreements ...... 885,677,947 -- 395,556,060 404,194,791 47,930,596
Partnerships .......... 445,661,716 -- 72,211,925 44,532,500 --
Valuation allowance ... (16,609,416) -- (13,519,416) -- --
-------------- -------------- -------------- -------------- --------------
Total Investments ..... 1,391,184,291 (388,009,035) 915,388,368 448,727,291 47,930,596
-------------- -------------- -------------- -------------- --------------
OTHER ASSETS:
Organization costs..... 197,568 -- -- 197,568 --
Note receivable-
associated companies.. -- -- -- -- --
Other................. 381,990 -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Other Assets..... 579,558 -- -- 197,568 --
-------------- -------------- -------------- -------------- --------------
TOTAL ASSETS........... $1,442,743,591 $ (456,967,217) $ 942,071,016 $ 512,223,783 $ 52,594,967
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
<PAGE> PAGE 2 of 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash & temporary
investments.......... $ -- $ 9,392 $ 5,000 $ 5,000 $ 5,000
Accounts receivable:
Trade................. 21,400 -- -- -- --
PSE&G................. -- -- -- -- --
PSEG, income taxes.... -- -- -- -- --
Other Associated
Companies........... 5,108,777 -- 1,860 1,844 5,000
Notes receivable --
associated companies -- -- -- -- --
other............... -- -- -- -- --
Interest receivable.... -- -- -- -- --
Prepayments............ -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total current assets... 5,130,177 9,392 6,860 6,844 10,000
-------------- -------------- -------------- -------------- --------------
PROPERTY, PLANT AND
EQUIPMENT:
Aircraft............... -- -- -- -- --
Real estate............ -- -- -- -- --
Other.................. -- -- -- -- --
Accumulated depreciation
and amortization and
valuation allowance.. -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Property, Plant
and Equipment........ -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries........... -- -- -- -- --
Securities ............ -- -- -- -- --
Lease agreements ...... 29,505,338 -- -- -- --
Partnerships .......... -- -- -- --
Valuation allowance ... -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Investments ..... 29,505,338 -- -- -- --
-------------- -------------- -------------- -------------- --------------
OTHER ASSETS:
Organization costs..... -- -- -- -- --
Note receivable -
associated companies.. -- -- -- -- --
Other................. -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total Other Assets..... -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
TOTAL ASSETS........... $ 34,635,515 $ 9,392 $ 6,860 $ 6,844 $ 10,000
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
<PAGE> PAGE 3 of 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
<CAPTION>
THE PSGMC PSRC USEP
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTECH ES 2 DEL.,INC INC.
------------ ------------- -------------- ------------ --------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash & temporary
investments........ $ 5,000 $ 5,226 $ 225,245 $ -- $ -- $ -- $ 75,934 $ --
Accounts receivable:
Trade............... -- 70,933 11,883,638 1,001 8,385 36,802 (754) --
PSE&G............... -- -- -- -- -- -- -- --
PSEG, income taxes.. -- -- -- -- -- -- -- --
Other Associated
Companies........... 5,000 -- 1,144,551 207,763 -- -- -- 42,436
Notes receivable --
associated companies -- -- -- -- -- -- -- --
Interest receivable.... -- -- 81,300 -- -- -- -- --
Prepayments............ -- 23,791 1,410,100 -- 109,999 -- -- --
------------ -------------- -------------- ------------ --------- --------- ----------- ---------
Total current assets. 10,000 99,950 14,744,834 208,764 118,384 36,802 75,180 42,436
------------ -------------- -------------- ------------ --------- --------- ----------- ---------
PROPERTY, PLANT AND
EQUIPMENT:
Real estate.......... -- -- -- 8,725,183 -- -- -- --
Other................ -- 246,407 590,769 42,659 47,193 27,613 -- --
Accumulated depreciation
and amortization and
valuation allowance.. -- (111,696) (145,384) (4,624,088) (5,754) (543) -- --
------------ -------------- -------------- ------------ --------- --------- ----------- ---------
Total Property, Plant
and Equipment...... -- 134,711 445,385 4,143,754 41,439 27,070 -- --
_------------ -------------- -------------- ------------ --------- --------- ----------- ---------
INVESTMENTS:
Subsidiaries......... -- -- -- -- -- -- -- (162,720)
Securities .......... -- -- 3,486,000 -- -- -- -- --
Lease agreements .... -- -- -- 8,491,163 -- -- -- --
Partnerships ........ -- -- -- -- -- -- 328,917,291 --
Valuation allowance . -- -- -- -- -- (3,090,000) --
------------ -------------- -------------- ------------ --------- --------- ----------- ---------
Total Investments ... -- -- 3,486,000 8,491,163 -- -- 325,827,291 (162,720)
------------ -------------- -------------- ------------ --------- --------- ---------- ---------
OTHER ASSETS:
Other............... -- -- 250,278 131,712 -- -- -- --
------------ -------------- -------------- ------------ --------- --------- ----------- ---------
Total Other Assets... -- -- 250,278 131,712 -- -- -- --
------------ -------------- -------------- ------------ --------- --------- ----------- ---------
TOTAL ASSETS......... $ 10,000 $ 234,661 $ 18,926,497 $ 12,975,393 $ 159,824 $ 63,872 $325,902,471 $(120,284)
============ ============== ============== ============ ========= ========= --========- =======--
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
<CAPTION>
RCMC (A)
TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC
-------------- -------------- -------------- -------------- --------------
LIABILITIES AND <C> <C> <C> <C> <C>
STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable ......... $ 16,756,405 $ (354) $ 4,475,549 $ 176,457 $ 6,663
Accounts payable -
associated companies.... 11,686,726 (68,833,487) 75,124,037 4,200,157 248,628
Notes payable -
PSEG Capital Corp. ..... 290,740,705 -- 178,219,003 101,924,847 6,259,494
Notes payable - ECap Fund. 304,369,295 -- 186,573,389 106,702,335 6,552,901
Notes payable - PSEG...... -- -- -- -- --
Notes Payable - other
associated companies.... -- (124,694) -- -- --
Taxes accrued............. 85,967 -- -- 74,826 --
Interest accrued.......... 1,500,000 -- 1,500,000 -- --
-------------- -------------- -------------- -------------- --------------
Total current liabilities. 625,139,098 (68,958,535) 445,891,979 213,078,622 13,067,686
-------------- -------------- -------------- -------------- --------------
LONG TERM DEBT:
PSEG Capital Corporation.. -- -- -- -- --
Other..................... -- -- -- -- --
-------------- -------------- -------------- --------------- --------------
Total long-term debt...... -- -- -- -- --
-------------- -------------- -------------- --------------- --------------
DEFERRED CREDITS:
Accumulated deferred FIT.. 498,585,586 -- 185,211,474 228,409,066 31,888,490
Accumulated deferred
investment and energy
tax credits.............. 7,733,472 -- (317,876) -- 165,000
Deferred gas revenue...... -- -- -- -- --
Other .................... 81,400 -- 81,400 -- --
-------------- -------------- -------------- -------------- --------------
Total deferred credits.... 506,400,458 -- 184,974,998 228,409,066 32,053,490
-------------- -------------- -------------- -------------- --------------
MINORITY INTERESTS........ -- 162,720 -- -- --
-------------- -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY:
Capital stock ............ 107,000,999 (68,185) 107,000,999 1,995 1,095
Contributed capital ...... 44,099,000 (373,444,256) 44,099,000 53,958,836 5,663,448
Retained Earnings ........ 160,104,036 (14,658,962) 160,104,039 16,775,264 1,809,248
-------------- -------------- -------------- -------------- --------------
Total stockholders'
equity ................. 311,204,035 (388,171,403) 311,204,038 70,736,095 7,473,791
-------------- -------------- -------------- -------------- --------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY...... $1,442,743,592 $ (456,967,215) $ 942,071,014 $ 512,223,783 $ 52,594,967
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
<CAPTION>
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE
-------------- -------------- -------------- -------------- --------------
LIABILITIES AND <C> <C> <C> <C> <C>
STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable ......... $ 35,132 $ -- $ -- $ -- $ --
Accounts payable -
associated companies.... 138,609 38,356 -- -- --
Notes payable -
PSEG Capital Corp. ..... 3,482,398 -- -- -- --
Notes payable - ECap Fund. 3,645,632 -- -- -- --
Notes payable - PSEG -- -- -- -- --
Notes Payable - other
associated companies.... -- -- -- -- --
Taxes accrued............. 10,321 -- -- -- --
Interest accrued.......... -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total current liabilities. 7,312,092 38,356 -- -- --
-------------- -------------- -------------- -------------- --------------
LONG-TERM DEBT:
PSEG Capital Corporation.. -- -- -- -- --
Other..................... -- -- -- -- --
-------------- -------------- -------------- --------------- --------------
Total long-term debt -- -- -- -- --
-------------- -------------- -------------- --------------- --------------
DEFERRED CREDITS:
Accumulated deferred FIT.. 24,905,033 -- -- -- --
Accumulated deferred
investment and energy
tax credits.............. -- -- -- -- --
Deferred gas revenue...... -- -- -- -- --
Other .................... -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
Total deferred credits.... 24,905,033 -- -- -- --
-------------- -------------- -------------- -------------- --------------
MINORITY INTERESTS........ -- -- -- -- --
-------------- -------------- -------------- -------------- --------------
STOCKHOLDERS' EQUITY:
Capital stock ............ 1,095 10,000 10,000 10,000 10,000
Contributed capital ...... 3,811,567 -- -- -- --
Retained Earnings ........ (1,394,271) (38,964) (3,140) (3,156) --
-------------- -------------- -------------- -------------- --------------
Total stockholders'
equity ................. 2,418,390 (28,964) 6,860 6,844 10,000
-------------- -------------- -------------- -------------- --------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY...... $ 34,635,515 $ 9,392 $ 6,860 $ 6,844 $ 10,000
============== ============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------------
<CAPTION>
THE PSGMC PSRC USEP
PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTECH ES 2 DEL.,INC. INC
------------- -------------- -------------- ------------ ---------- ---------- ---------- -------
LIABILITIES AND <C> <C> <C> <C>
STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable ........$ -- $ 7,622 $12,017,481 $ -- $ 22,165 $ 15,690 $ -- --
Accounts payable -
associated companies... -- 283,543 52,640 -- 225,248 186,570 22,425 --
Notes payable -
PSEG Capital Corp. .... -- -- 854,962 -- -- -- -- --
Notes payable - ECap Fund -- -- 895,038 -- -- -- -- --
Notes payable - PSEG..... -- -- -- -- -- -- -- --
Notes Payable - other
associated companies... -- -- 124,694 -- -- -- -- --
Taxes accrued............ -- 820 -- -- -- -- -- --
Interest accrued......... -- -- -- -- -- -- -- --
-------------- -------------- -------------- ------------ ---------- ---------- ---------- -------
Total current liabilities -- 291,985 13,944,815 -- 247,413 202,260 22,425 --
-------------- -------------- -------------- ------------ ---------- ---------- ---------- -------
LONG-TERM DEBT:
PSEG Capital Corporation. -- -- -- -- -- -- -- --
Other.................... -- -- -- -- -- -- -- --
-------------- -------------- -------------- ------------ ---------- ---------- ---------- -------
Total long-term debt..... -- -- -- -- -- -- -- --
-------------- -------------- -------------- ------------ ---------- ---------- ---------- --------
DEFERRED CREDITS:
Accumulated deferred FIT. -- 659 (84,663) 6,071,649 -- -- 22,198,081 (14,203)
Accumulated deferred
investment and energy
tax credits............. -- -- -- -- -- -- 7,886,348 --
Deferred gas revenue..... -- -- -- -- -- -- -- --
Other ................... -- -- -- --
-------------- -------------- -------------- ------------ ---------- ---------- ---------- --------
Total deferred credits... -- 659 (84,663) 6,071,649 -- -- 30,084,429 (14,203)
-------------- -------------- -------------- ------------ ---------- ---------- ---------- --------
MINORITY INTERESTS...... -- -- (162,720) -- -- -- -- --
-------------- -------------- -------------- ------------ ---------- ---------- ---------- --------
STOCKHOLDERS' EQUITY:
Capital stock ........... 10,000 10,000 1,000 1,000 1,000 -- 1,000 --
Contributed capital ..... -- 1,016,500 5,957,700 6,607,339 437,100 174,725 295,817,041 --
Retained Earnings ....... -- (1,084,483) (729,635) 295,404 (525,689) (313,113) (22,425) (106,081)
-------------- -------------- -------------- ------------ ---------- ---------- ---------- --------
Total stockholders'
equity ................ 10,000 (57,983) 5,229,065 6,903,744 (87,589) (138,388) 295,795,616 (106,081)
-------------- -------------- -------------- ------------ ---------- ---------- ---------- --------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY.....$ 10,000 $ 234,661 $ 18,926,497 $ 12,975,393 $ 159,824 $ 63,872 $325,902,470 $(120,284)
============== ============== ============== ============ ========== ========== ========== ========
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING INCOME STATEMENT
YEAR-ENDED DECEMBER 31, 1995
----------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC RCMC INC. RCMC DEL,
-------------- -------------- -------------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas operations........... $ -- $ -- $ -- $ -- $ -- $ --
Lease Agreements................. 21,909,389 -- 21,909,389 -- -- --
Partnerships..................... 18,219,434 -- 18,219,434 -- -- --
Interest and dividends........... -- -- -- -- -- --
Gain(Loss)-security sales........ -- -- -- -- -- --
Rental income.................... -- -- -- -- -- --
Interest & other-assoc. co....... -- -- -- -- -- --
Other............................ 180,587 -- 179,910 677 -- --
Equity in subsidiary earnings.... -- 44,850 (44,850) -- -- --
-------------- -------------- -------------- -------------- ----------- ------------
Total Revenues............... 40,309,410 44,850 40,263,883 677
-------------- -------------- -------------- -------------- ----------- ------------
OPERATING EXPENSES:
Oil and gas production........... -- -- -- -- -- --
Rental operations................ -- -- -- -- -- --
Depreciation and amortization.... 1,175,659 -- 1,175,659 -- -- --
Administrative and general........ 489,682 -- 420,645 37 34,500 34,500
Taxes, other than income taxes... 224,686 -- 224,046 640 -- --
-------------- -------------- -------------- -------------- ----------- ------------
Total operating expenses..... 1,890,027 -- 1,820,350 677 34,500 34,500
-------------- -------------- -------------- -------------- ----------- ------------
OPERATING INCOME................. 38,419,383 44,850 38,443,533 -- (34,500) (34,500)
-------------- -------------- -------------- -------------- ----------- ------------
INTEREST EXPENSE:
PSEG............................. -- -- -- -- -- --
PSEG Capital Corporation......... 12,486,169 -- 12,486,169 -- -- --
Ent. Capital Funding Corp. ...... 7,140,686 -- 7,140,686 -- -- --
Other............................ -- -- -- -- -- --
Capitalized interest............. -- -- -- -- -- --
-------------- -------------- -------------- -------------- ----------- ------------
Net interest expense............. 19,626,856 -- 19,626,856 -- -- --
-------------- -------------- -------------- -------------- ----------- ------------
INCOME BEFORE INCOME TAXES....... 18,792,527 44,850 18,816,678 -- (34,500) (34,500)
-------------- -------------- -------------- -------------- ----------- ------------
INCOME TAXES:
Current.......................... (11,262,458) -- (11,238,308) -- (12,075) (12,075)
Deferred......................... 19,197,819 -- 19,197,819 -- -- --
Investments and energy
tax credits - net.............. (523,692) -- (523,692) -- -- --
-------------- -------------- -------------- -------------- ----------- ------------
Total income taxes........... 7,411,669 -- 7,435,819 -- (12,075) (12,075)
-------------- -------------- -------------- -------------- ----------- ------------
MINORITY INTERESTS............... -- -- -- -- -- --
-------------- -------------- -------------- -------------- ----------- ------------
NET INCOME...................... $ 11,380,859 $ 44,850 $ 11,380,859 $ -- $ (22,425) $ (22,425)
============== ============== ============== ============== ----------- ------------
</TABLE>
<PAGE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
DECEMBER 31, 1995
--------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC RCMC INC. RCMC DEL, INC.
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995........ $ 5,394,405 $ 15,956 $ 5,394,405 $ (15,956) $ -- $ --
NET INCOME....................... 11,380,859 44,850 11,380,859 -- (22,425) (22,425)
------------ ------------ ------------ ------------ ------------ ------------
TOTAL...................... 16,775,264 60,806 16,775,264 (15,956) (22,425) (22,425)
------------ ------------ ------------ ------------ ------------ ------------
DIVIDENDS DECLARED -- -- -- -- -- --
============ ============ ============ ============ ============ ============
BALANCE - DECEMBER 31, 1995..... $ 16,775,264 $ 60,806 $ 16,775,264 $ (15,956) $ (22,425) $ (22,425)
============ ============ ============ ============ ============ ============
</TABLE>
<PAGE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
----------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC REMC INC. RCMC DEL, INC.
------------ -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments... $ 12,000 $ -- $ -- $ 10,000 $ 1,000 $ 1,000
Accounts receivable:
Trade.......................... 196,300 -- 196,300 -- -- --
PSE&G.......................... -- -- -- -- -- --
PSEG, income taxes............. -- -- -- -- -- --
Other associated companies..... 56,874,993 (173) 56,874,993 173 -- --
Notes receivable-
associated companies............ -- -- -- -- -- --
Interest receivable.............. -- -- -- -- -- --
Prepayments...................... -- -- -- -- -- --
------------ -------------- -------------- -------------- -------------- --------------
Total current assets......... 57,083,293 (173) 57,071,294 10,173 1,000 1,000
------------ -------------- -------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas...................... -- -- -- -- -- --
Real estate...................... 13,087,773 -- 13,087,773 -- -- --
Other............................ 63,989 -- 63,989 -- -- --
Accumulated depreciation
and amortization............... (6,936,131) -- (6,936,131) -- -- --
------------- -------------- -------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............... 6,215,631 -- 6,215,630 -- -- --
------------ -------------- -------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries..................... -- (14,357,716) 14,357,716 -- -- --
Securities....................... -- -- -- -- -- --
Lease agreements................. 404,194,790 -- 222,691,719 -- 30,959,825 150,543,246
Partnerships..................... 44,532,500 -- 22,029,332 -- 22,503,168 --
Valuation allowance.............. -- -- -- -- -- --
------------ -------------- -------------- -------------- -------------- --------------
Total investments............ 448,727,291 (14,357,716) 259,078,767 -- 53,462,993 150,543,246
------------ -------------- -------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable........... -- -- -- -- -- --
Note receivable-
associated companies............ -- -- -- -- -- --
Other............................ 197,568 -- 197,568 -- -- --
------------- -------------- -------------- -------------- -------------- --------------
Total other assets 197,568 -- 197,568 -- -- --
-------------- -------------- -------------- -------------- -------------- -------------
TOTAL ASSETS................$ 512,223,783 $ (14,357 889) $ 322,563,260 $ 10,173 $ 53,463,993 $ 150,544,246
============== ============== ============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE>
<TABLE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
----------------------------------------
<CAPTION>
TOTAL ELIMINATIONS RCMC RCMC-SC RCMC INC. RCMC DEL, INC
-------------- -------------- -------------- -------------- --------------- ------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable................. $ 176,457 $ -- $ 176,457 $ -- $ -- $ --
Accounts payable -
associated companies........... 4,200,157 (174) 4,140,452 15,929 22,425 22,425
Notes payable -
PSEG Capital Corp. ............ 101,924,847 -- 61,818,997 -- -- 40,105,850
Notes payable - ECap Fund........ 106,702,335 -- 64,708,185 -- -- 41,994,150
Notes payable - PSEG............. -- -- -- -- -- --
Notes payable - other............ -- -- -- -- -- --
Taxes accrued.................... 74,826 -- -- -- -- 74,826
Interest accrued................. -- -- -- -- -- --
-------------- -------------- -------------- -------------- --------------- ------------
Total current liabilities.... 213,078,622 (174) 130,844,091 15,029 22,425 82,197,251
-------------- -------------- -------------- -------------- --------------- ------------
LONG-TERM DEBT:
PSEG Capital corporation......... -- -- -- -- -- --
Other............................ -- -- -- -- -- --
-------------- -------------- -------------- -------------- --------------- ------------
Total long-term debt............. -- -- -- -- -- --
-------------- -------------- -------------- -------------- --------------- ------------
DEFERRED CREDITS:
Accumulated deferred FIT......... 228,409,066 -- 120,983,074 -- 24,442,569 82,983,422
Accumulated deferred investment
& energy tax credits............ -- -- -- -- -- --
Deferred gas revenue............. -- -- -- -- -- --
-------------- -------------- -------------- -------------- --------------- ------------
Total deferred credits....... 228,409,066 -- 120,983,074 -- 24,442,569 82,983,422
-------------- -------------- -------------- -------------- --------------- ------------
STOCKHOLDERS' EQUITY: -- -- -- -- -- --
Capital stock ................... 1,995 (3,100) 1,995 1,100 1,000 1,000
Contributed capital ............. 53,958,836 (14,415,422) 53,958,836 10,000 29,020,424 (14,615,002)
Retained earnings ............... 16,775,264 60,806 16,775,264 (15,956) (22,425) (22,425)
-------------- -------------- -------------- -------------- --------------- ------------
Total stockholders' equity .. 70,736,095 (14,357,716) 70,736,095 (4,856) 28,998,999 (14,636,427)
-------------- -------------- -------------- -------------- --------------- ------------
TOTAL LIABILITY AND
STOCKHOLDERS' EQUITY........... $ 512,223,783 $ (14,357,890) $ 322,563,260 $ 10,173 $ 53,463,993 $150,544,246
============== ============== ============== ============== =============== ============
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1995
---------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas sales.............. $ 248,001,664 $ (1,869,741) $ 206,361,743 $ 712,048
-------------- -------------- -------------- --------------
Total Revenues............. 248,001,664 (1,869,741) 206,361,743 712,048
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Oil and gas production......... 49,335,783 -- 38,286,032 393,466
Oil and gas exploration........ 43,202,375 -- 37,487,361 --
Depreciation and amortization.. 77,265,362 -- 67,071,923 325,700
Administrative and general..... 11,961,117 -- 10,617,535 72,103
Other operation expenses....... 7,582,844 (1,869,741) 3,842,936 381
-------------- -------------- -------------- --------------
Total Operating Expenses... 189,347,481 (1,869,741) 157,305,787 791,650
-------------- -------------- -------------- --------------
OPERATING INCOME............... 58,654,183 -- 49,055,956 (79,602)
-------------- -------------- -------------- --------------
OTHER INCOME................... 22,131,615 (11,665,273) 31,817,275 1,350,081
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation....... 20,014,616 -- 20,014,616 --
Enterprise Capital
Funding Corporation.......... 11,371,004 -- 11,371,004 --
Other.......................... 468,821 (6,599,195) 1,805,525 --
Capitalized interest........... (4,368,383) -- (4,368,383) --
-------------- -------------- -------------- --------------
Net Interest Expense........... 27,486,058 (6,599,195) 28,822,762 --
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES..... 53,299,740 (5,066,078) 52,050,469 1,270,479
-------------- -------------- -------------- --------------
INCOME TAXES:
Current........................ (23,211,675) -- (23,745,666) 486,480
Deferred....................... 41,474,998 -- 40,759,718 (46,895)
-------------- -------------- -------------- --------------
Total Income Taxes......... 18,263,323 -- 17,014,052 439,585
-------------- -------------- -------------- --------------
NET INCOME..................... $ 35,036,417 $ (5,066,078) $ 35,036,417 $ 830,894
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1995
---------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas sales.............. $ 347,342 $ 976,220 $ 7,979,892 $ --
-------------- -------------- -------------- --------------
Total Revenues............. 347,342 976,220 7,979,892 --
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Oil and gas production......... 3,534 93,972 2,790,064 --
Oil and gas exploration........ -- -- 214 1,216,273
Depreciation and amortization.. 157,143 35,126 1,335,321 --
Administrative and general..... 23,781 7,352 223,107 203,341
Other operation expenses....... 1,794 560 438,340 --
-------------- -------------- -------------- --------------
Total Operating Expenses... 186,252 137,010 4,787,046 1,419,614
-------------- -------------- -------------- --------------
OPERATING INCOME............... 161,090 839,210 3,192,846 (1,419,614)
-------------- -------------- -------------- --------------
OTHER INCOME................... -- 991 36,696 63
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- 13,377 2,303,228 --
Capitalized interest........... -- -- -- --
-------------- -------------- -------------- --------------
Net Interest Expense........... -- 13,377 2,303,228 --
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES..... 161,090 826,824 926,314 (1,419,551)
-------------- -------------- -------------- --------------
INCOME TAXES:
Current........................ 78,016 310,664 499,863 (428,423)
Deferred....................... (14,661) 4,529 (278,958) (48,651)
-------------- -------------- -------------- --------------
Total Income Taxes......... 63,355 315,193 220,905 (477,074)
-------------- -------------- -------------- --------------
NET INCOME..................... $ 97,735 $ 511,631 $ 705,409 $ (942,477)
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1995
---------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC SENEGAL EDC UK
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Oil and gas sales.............. $ -- $ 332,444 $ -- $ 33,161,716
-------------- -------------- -------------- --------------
Total Revenues............. -- 332,444 -- 33,161,716
-------------- -------------- -------------- --------------
OPERATING EXPENSES:
Oil and gas production......... -- 34,212 -- 7,734,503
Oil and gas exploration........ 126,891 -- 469,355 3,902,281
Depreciation and amortization.. -- -- -- 8,340,149
Administrative and general..... -- 196,978 -- 616,920
Other operation expenses....... -- 50 -- 5,168,524
-------------- -------------- -------------- --------------
Total Operating Expenses... 126,891 231,240 469,355 25,762,377
-------------- -------------- -------------- --------------
OPERATING INCOME............... (126,891) 101,204 (469,355) 7,399,339
-------------- -------------- -------------- --------------
OTHER INCOME................... 68 -- -- 591,714
-------------- -------------- -------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- -- 2,945,886
Capitalized interest........... -- -- -- --
-------------- -------------- -------------- --------------
Net Interest Expense........... -- -- -- 2,945,886
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES..... (126,823) 101,204 (469,355) 5,045,167
-------------- -------------- -------------- --------------
INCOME TAXES:
Current........................ (41,027) 35,421 (164,190) (242,813)
Deferred....................... -- -- (84) 1,100,000
-------------- -------------- -------------- --------------
Total Income Taxes......... (41,027) 35,421 (164,274) 857,187
-------------- -------------- -------------- --------------
NET INCOME..................... $ (85,796) $ 65,783 $ (305,081) $ 4,187,980
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1995
---------------------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995...... $ (103,403,120) $ 11,672,049 $(103,403,120) $ 12,103,792
NET INCOME..................... 35,036,417 (5,066,078) 35,036,417 830,894
------------- ------------- ------------- -------------
TOTAL...................... (68,366,703) (16,738,127) (68,366,703) 12,934,686
------------- ------------- ------------- -------------
DIVIDENDS DECLARED............. -- -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1995.... $ (68,366,703) $ (16,738,127) $ (68,366,703) $ 12,934,686
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1995
---------------------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995...... $ 664,193 $ 2,683,056 $ 1,417,591 $ (4,407,059)
NET INCOME..................... 97,735 511,631 705,409 (942,477)
------------- ------------- ------------- -------------
TOTAL...................... 761,928 3,194,687 2,123,000 (5,349,536)
------------- ------------- ------------- -------------
DIVIDENDS DECLARED............. -- -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1995.... $ 761,928 $ 3,194,687 $ 2,123,000 $ (5,349,536)
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1995
--------------------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC SENEGAL EDC (UK) LTD.
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
BALANCE - JANUARY 1, 1995...... $ (900,749) $ 41,900 $ (515,255) $ (584,580)
NET INCOME..................... (85,796) 65,783 305,081 4,187,980
------------- ------------- ------------- -------------
TOTAL...................... (986,545) 107,683 (820,336) 4,772,560
------------- ------------- ------------- -------------
DIVIDENDS DECLARED............. -- -- -- --
------------- ------------- ------------- -------------
BALANCE - DECEMBER 31, 1995.... $ (986,545) $ 107,683 $ (820,336) $ 4,772,560
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments. $ 14,269,302 $ -- $ -- $ --
Accounts receivable:
Trade......................... 52,486,112 -- 45,493,992 30,178
PSEG.......................... 242,180 -- 242,180 --
Other associated companies.... 11,928 (42,155,795) 35,306,880 335,083
Notes receivable -
associated companies (EDC)... -- (52,791,133) 37,928,266 14,862,867
Materials and Supplies......... 1,228,937 -- 660,299 --
Prepayments.................... 22,747,173 -- 20,497,247 134,185
-------------- -------------- -------------- --------------
Total current assets...... 90,985,632 (94,946,928) 140,128,864 15,362,313
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas.................... 1,393,064,696 -- 1,275,296,036 14,129,125
Accumulated depreciation &
amortization.................. (786,735,793) -- (749,178,442) (11,719,083)
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............. 606,328,903 -- 526,117,594 2,410,042
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries................... -- (36,679,779) 36,679,779 --
-------------- -------------- -------------- --------------
Total investments.......... -- (36,679,779) 36,679,779 --
-------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable......... 12,760,326 -- 12,760,326 --
Other Long-Term Receivable..... 44,075,902 (19,899,495) 54,713,145 --
Preacquisition expenses........ 1,686,000 -- 419,416 --
Deferred Taxes................. -- -- -- --
-------------- -------------- -------------- --------------
Total other assets......... 58,522,228 (19,899,495) 67,892,887 --
-------------- -------------- -------------- --------------
TOTAL ASSETS............... $ 755,836,763 $ (151,526,202) $ 770,819,124 $ 17,772,355
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments. $ -- $ -- $ 25,639 $ 41,533
Accounts receivable:
Trade......................... 4,878 208,685 2,986,452 37,977
PSEG.......................... -- -- -- --
Other associated companies.... 499,043 4,972,174 1,000 1,000
Notes receivable -
associated companies (EDC)... -- -- -- --
Materials and Supplies......... -- -- 568,638 --
Prepayments.................... -- 777 187,972 (59,020)
-------------- -------------- -------------- --------------
Total current assets...... 503,921 5,181,636 3,769,701 21,490
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas.................... 1,101,458 500,510 33,177,609 2,266,375
Accumulated depreciation &
amortization.................. (416,428) (368,658) (4,484,340) --
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............. 685,030 131,852 28,693,269 2,266,375
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries................... -- -- -- --
-------------- -------------- -------------- --------------
Total investments.......... -- -- -- --
-------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable......... -- -- -- --
Other Long-Term Receivable..... -- -- 707,360 8,168,712
Preacquisition expenses........ -- -- -- 1,266,584
Deferred Taxes................. -- -- -- --
-------------- -------------- -------------- --------------
Total other assets......... -- -- 707,360 9,435,296
-------------- -------------- -------------- --------------
TOTAL ASSETS............... $ 1,188,951 $ 5,313,488 $ 33,170,330 $ 11,723,161
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC SENEGAL EDC (UK) LTD.
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and temporary investments. $ 8,191 $ -- $ -- $ 14,193,939
Accounts receivable:
Trade......................... 244 -- -- 3,723,706
PSEG.......................... -- -- -- --
Other associated companies.... 1,000 1,049,543 1,000 1,000
Notes receivable -
associated companies (EDC)... -- -- -- --
Materials and Supplies......... -- -- -- --
Prepayments.................... -- -- 105,350 1,880,662
-------------- -------------- -------------- --------------
Total current assets...... 9,435 1,049,543 106,350 19,799,307
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT:
Oil and gas.................... -- -- 326,258 66,267,325
Accumulated depreciation &
amortization.................. -- -- -- (20,568,842)
-------------- -------------- -------------- --------------
Total Property, Plant
and Equipment............. -- -- 326,258 45,698,483
-------------- -------------- -------------- --------------
INVESTMENTS:
Subsidiaries................... -- -- -- --
-------------- -------------- -------------- --------------
Total investments.......... -- -- -- --
-------------- -------------- -------------- --------------
OTHER ASSETS:
Natural gas receivable......... -- -- -- --
Other Long-Term Receivable..... 69,881 -- -- 316,299
Reacquisition expenses........ -- -- -- --
Deferred Taxes................. -- -- -- --
-------------- -------------- -------------- --------------
Total other assets......... 69,881 -- -- 316,299
-------------- -------------- -------------- --------------
TOTAL ASSETS............... $ 79,316 $ 1,049,543 $ 432,608 $ 65,814,089
============== ============== ============== ==============
</TABLE>
<PAGE>
<PAGE> PAGE 1 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------
<CAPTION>
TOTAL ELIMINATIONS EDC GASDEL
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Associated companies.......... $ 5,894,660 $ (42,155,795) $ 12,750,212 $ 5,290
Other......................... 61,880,836 -- 54,309,156 128,440
Notes payable:
Gasdel Pipeline System........ -- (14,862,867) 14,862,867 --
Other......................... -- (37,928,266) -- --
------------- ------------- ------------- -------------
Total current liabilities.. 67,775,496 (94,946,928) 81,922,235 133,730
------------- ------------- ------------- -------------
LONG-TERM DEBT:
PSEG Capital Corporation....... 152,340,326 -- 152,340,326 --
Enterprise Capital
Funding Corporation.......... 159,480,674 -- 159,480,674
Other.......................... -- (19,899,495) -- --
------------- ------------- ------------- -------------
Total Long-Term Debt....... 311,821,000 (19,899,495) 311,821,000 --
------------- ------------- ------------- -------------
DEFERRED CREDITS:
Accumulated deferred FIT....... 11,193,587 -- 12,029,209 378,939
Other deferred credits......... 4,713,383 -- 4,713,383 --
------------- ------------- ------------- -------------
Total Deferred Credits..... 15,906,970 -- 16,742,592 378,939
------------- ------------- ------------- -------------
STOCKHOLDERS' EQUITY:
Capital Stock.................. 920,000 (4,333,000) 920,000 4,325,000
Contributed Capital............ 427,780,000 (15,093,397) 427,780,000 --
Accumulated Deficit............ (68,366,703) (17,253,382) (68,366,703) 12,934,686
------------- ------------- ------------- -------------
Total Stockholders' Equity. 360,333,297 (36,679,779) 360,333,297 17,259,686
------------- ------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY........... $ 755,836,763 $(151,526,202) $ 770,819,124 $ 17,772,355
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 2 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------
<CAPTION>
PRODUCERS
SERVICE HGC EDC ARGENTINA EDC CHINA
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Associated companies.......... $ 256 932 $ 1,961,402 $ 9,423,121 $ 17,814,391
Other......................... (374) 22,754 2,329,072 799,512
Notes payable:
Gasdel Pipeline System........ -- -- -- --
Other......................... -- -- -- --
------------- ------------- ------------- -------------
Total current liabilities.. 256,558 1,984,156 11,752,193 18,613,903
------------- ------------- ------------- -------------
LONG-TERM DEBT:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- 19,899,495 --
------------- ------------- ------------- -------------
Total Long-Term Debt....... -- -- 19,899,495 --
------------- ------------- ------------- -------------
DEFERRED CREDITS:
Accumulated deferred FIT....... 169,465 (169,840) (605,358) (1,542,206)
Other deferred credits
------------- ------------- ------------- -------------
Total Deferred Credits..... 169,465 (169,840) (605,358) (1,542,206)
------------- ------------- ------------- -------------
STOCKHOLDERS' EQUITY:
Capital Stock.................. 1,000 1,000 1,000 1,000
Contributed Capital............ -- 303,485 -- --
Accumulated Deficit............ 761,928 3,194,687 2,123,000 (5,349,536)
------------- ------------- ------------- -------------
Total Stockholders' Equity. 762,928 3,499,172 2,124,000 (5,348,536)
------------- ------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY........... $ 1,188,951 $ 5,313,488 $ 33,170,330 $ 11,723,161
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE> PAGE 3 OF 3
<TABLE>
ENERGY DEVELOPMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1995
------------------------------
<CAPTION>
EDC PERU EDC HIPS EDC SENEGAL EDC (UK), LTD.
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Associated companies.......... $ 1,411,399 $ 940,860 $ 736,773 $ 2,750,075
Other......................... -- -- -- 4,292,276
Notes payable:
Gasdel Pipeline System........ -- -- -- --
Other......................... -- -- -- 37,928,266
------------- ------------- ------------- -------------
Total current liabilities.. 1,411,399 940,860 736,773 44,970,617
------------- ------------- ------------- -------------
LONG-TERM DEBT:
PSEG Capital Corporation....... -- -- -- --
Enterprise Capital
Funding Corporation.......... -- -- -- --
Other.......................... -- -- -- --
------------- ------------- ------------- -------------
Total Long-Term Debt....... -- -- -- --
------------- ------------- ------------- -------------
DEFERRED CREDITS:
Accumulated deferred FIT....... (346,538) -- (84) 1,280,000
Other deferred credits......... -- -- -- --
------------- ------------- ------------- -------------
Total Deferred Credits..... (346,538) -- (84) 1,280,000
------------- ------------- ------------- -------------
STOCKHOLDERS' EQUITY:
Capital Stock.................. 1,000 1,000 1,000 1,000
Contributed Capital............ -- -- -- 14,789,912
Accumulated Deficit............ (986,545) 107,683 (305,081) 4,772,560
------------- ------------- ------------- -------------
Total Stockholders' Equity. (985,545) 108,683 (304,081) 19,563,472
------------- ------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY........... $ 79,316 $ 1,049,543 $ 432,608 $ 65,814,089
============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE>
EXHIBIT C
Organizational Chart - Response 4(a)(i)
CTSN
___________________________
| ENTERPRISE |
|___________________________|
|
| 100%
_________________________
| EDHI |
|_________________________|
|
| 100%
____________________
| CEA |
|____________________|
|
| 100%
____________
| CEA USA |
|____________|
|
| 100%
____________________
| CEMAS |
|____________________|
|
|
_______________________________
| 7.51%* |
__________|____________ |
| ASNI |_______ | 18.63%
|_______________________|62.74%| |
__|________|__________
| |
| ISN |
|______________________|
| 88%
_________|____________
| CTSN |
|______________________|
* Beneficially, CEMAS owns only 4.95% of the ISN shares owned by ASNI
<PAGE>
<PAGE>
Organizational Chart-Response 4(a)(ii)
JINGYUAN
__________________________________
| CEA |
|__________________________________|
|
| 100%
_______________
| CEA USA |
|_______________|
|
| 100%
_________________________
| CEA INTERNATIONAL, INC. |
|_________________________|
|
| 100%
__________________
| CEA CHINA |
|__________________|
|
| 50%
____________________________
|MEIYA POWER COMPANY LIMITED |
|____________________________|
|
________100%_____|___100%____________
______________|________________ _______________|______________
|CHINA U.S. POWER PARTNERS I, LTD| | CEA (BERMUDA) HOLDINGS, LTD. |
|________________________________| |______________________________|
| |
| 30% | 60%
__________|_______________ _________________|__________________
| JINGYUAN || SHANGHAI MEIYA ENERGY CO. LTD. |
|__________________________|| ___________________________________|
<PAGE>
<PAGE>
Organizational Chart-Response 4(a)(iii)
MANPA
___________________________
| ENTERPRISE |
|___________________________|
|
| 100%
_________________________
| EDHI |
|_________________________|
|
| 100%
____________________
| CEA |
|____________________|
|
| 100%
___________________
| CEA USA |
|___________________|
|
| 100%
___________________________
| CEA International, Inc. |
|___________________________|
|
| 100%
___________________________
| CEA Venezuela, Inc. |
|___________________________|
|
| 100%
_______________________
| CEA Americas, Ltd. |
|_______________________|
|
| 50%
____________
| TGV |
|____________|
|
| 17.13%
____________
| TGM |
|____________|
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 17,171,439
<TOTAL-OPERATING-REVENUES> 6,164,153
<NET-INCOME> 662,323
</TABLE>
