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Previous: LEHMAN BROTHERS CAPITAL PARTNERS I L P, NSAR-B, 1997-02-28 |
Next: OPPENHEIMER ZERO COUPON US TREASURIES TRUST SERIES B, 24F-2NT, 1997-02-28 |
<PAGE> 1
FILE NO. 1-9120
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
----------------------------------------
(Name of company)
hereby files with the Securities and Exchange Commission, pursuant to
Rule 2, its statement claiming exemption as a holding company from the
provisions of the Public Utility Holding Company Act of 1935 and
submits the following information:
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1. Name, State of organization, location and nature of business of
claimant, and every subsidiary thereof, other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly or
indirectly holds an interest.
Public Service Enterprise Group Incorporated (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 147 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 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, 1996, PSE&G comprised 88% of
Enterprise's assets. PSE&G's 1996 revenues were 96% of
Enterprise's revenues and PSE&G's earnings available to
Enterprise were 87% 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 and one direct 99%-owned subsidiary
(the remaining 1% of which is owned by PSE&G's subsidiary,
Public Service Corporation of New Jersey), 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 $125 million
aggregate principal amount at any one time outstanding with
respect to its 42.49% interest in the nuclear fuel acquired
for Peach Bottom Atomic Power Station Units 2 and 3.
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.
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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 owns 1%
of Public Service New Millennium Economic Development Fund
L.L.C. (see below).
D. Public Service Conservation Resources Corporation (PSCRC), a
New Jersey corporation, has its principal executive offices
at 499 Thornall Street, Edison, New Jersey 08837. PSCRC
finances, markets and develops energy conservation projects,
mostly within PSE&G's service territory.
E. Soil Extraction Technologies, Inc., a New Jersey
corporation, has its principal executive offices at 80 Park
Plaza, Newark, New Jersey 07101, and is presently inactive.
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, a New Jersey
corporation, has its principal executive offices at 80 Park
Plaza, Newark, New Jersey 07101, and is presently inactive.
H. Public Service New Millennium Economic Development Fund
L.L.C. (New Millennium), a New Jersey limited liability
company formed in 1997, has its principal executive offices
at 80 Park Plaza, Newark, New Jersey 07101. New Millennium
is a direct 99% - owned subsidiary of PSE&G, with the
remaining 1% owned by PSC of NJ. Pursuant to regulatory
agreement, New Millennium will provide up to $10 million per
year for three years, supporting economic development and
programs providing technology to improve education and
health care in urban areas of New Jersey.
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, 1996, EDHI comprised 12% of Enterprise's assets.
EDHI's 1996 revenues were 4% of Enterprise's revenues and EDHI's
1996 net income was 13% of Enterprise's net income. EDHI's six
direct wholly-owned subsidiaries and 133 indirect subsidiaries
are as follows:
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 EDHI. Investments have been made in leveraged
and direct financing leases, project financings, venture
capital funds, leveraged
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buyout funds 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, 1996, PSRC comprised 9% of Enterprise's assets. PSRC's
1996 revenues were 2% of Enterprise's revenues and PSRC's
1996 net income was 9% of Enterprise's net income. PSRC is a
wholly-owned subsidiary of EDHI. PSRC has thirteen 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., a New Jersey corporation, has
its principal executive offices at One Riverfront Plaza,
Newark, New Jersey 07102, and is presently inactive.
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 00801. 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, 1996, RCMC comprised 3.0% of Enterprise's
assets. RCMC's 1996 revenues were 0.5% of Enterprise's
revenues and RCMC's 1996 net income was 1.4% of
Enterprise's net income. RCMC
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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.
(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 00801. RCMC SC was formed as a FSC in
connection with investment activities of RCMC.
(d) RCMC One, Incorporated, a New Jersey corporation,
has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102, and is
presently inactive.
(e) RCMC, Inc. (RCMCI), a Delaware corporation, has its
principal executive offices at 1105 North Market
Street, Suite 1128, P.O. Box 8985, Wilmington,
Delaware 19899. RCMCI 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,
has its principal executive offices at 1105 North
Market Street, Suite 1128, 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
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lease of US West Communications' regional
headquarters in Denver, Colorado.
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 00801. 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 00801. 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 00801. 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 00801. PSRC Four was formed as a FSC in
connection with certain investment activities of PSRC.
10. Public Service Gas Marketing Company, a Delaware
corporation, has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102, and is
presently inactive.
11. PSRC, Inc. (PSRCI), a Delaware corporation, has its
principal executive offices at 1105 North Market Street,
Suite 1128, P.O. Box 8985, Wilmington, Delaware 19899.
PSRCI has investments in the leveraged lease of a zinc
sintering facility in Monaca, Pennsylvania and a limited
partnership interest in Chelsea Historic Properties I,
L.P., the developer of an historic real estate
rehabilitation project in Philadelphia, Pennsylvania.
12. PSRC Del., Inc. (PSRC Del.), a Delaware corporation, has
its principal executive offices at 1105 North Market
Street, Suite 1128, P.O. Box 8985, Wilmington, Delaware
19899. PSRC Del.
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has investments in leveraged buyout funds, limited
partnerships and securities.
13. Enterprise Energy Technology Group, Inc., a Delaware
corporation, has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102, and is
presently inactive.
B. 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" (QF's)
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 (PUHCA), and three 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), as well as 98 indirect
subsidiaries including limited and general partnership
interests. CEA NJ and its subsidiaries invest in projects in
New Jersey which sell power to PSE&G. CEA USA and its
subsidiaries invest in projects which sell power to other
domestic and foreign entities. In addition to its investment
in CEA NJ and CEA USA, CEA is a limited partner in two QF's:
(i) UAH-Hydro Kennebec Limited Partnership (15.6%
partnership interest) which owns a hydroelectric facility in
Winslow, Maine, and (ii) Luz Solar Partners, III (8.9%
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. (Indeck) (6.8%
partnership interest) which invests in QF's and EWGs, and
(ii) Indeck North American Power Partners, L.P. (13.3%
partnership interest), which is the general partner of
Indeck. As of December 31, 1996, CEA comprised 1.7% of
Enterprise's assets. CEA's 1996 revenues were 1.0% of
Enterprise's revenues and CEA's 1996 net income was 1.5% 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 four direct
subsidiaries and four indirect subsidiaries as
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 venturer in Cogen
Technologies NJ Venture (5.25% interest in venture
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distributions) which owns a natural gas-fired
cogeneration QF 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.
CEA EPI is a 50% general partner in Eagle Point
Cogeneration Partnership (EPCP).
(i) EPCP, a New Jersey limited partnership, has its
principal executive offices at U.S. Route 130
and Interstate 295, West Deptford, New Jersey,
and owns a natural gas-fired cogeneration QF 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 1% general partner in Newark Bay
Cogeneration Partnership, L.P. (NBCPLP). CEA NJ is a
49% limited partner in NBCPLP.
(i) NBCPLP, a New Jersey limited partnership, has
its principal executive offices at 414-462
Avenue P, Newark, New Jersey 07105. NBCPLP owns
a natural gas-fired cogeneration QF in Newark,
New Jersey. NBCPLP also owns 100% of NBCP Urban
Renewal Corporation (NBCPURC) and a 99% limited
partnership interest in NBCP Urban Renewal
Partnership (NBCPURP).
(A) NBCPURC, a New Jersey corporation, has its
principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey
07450. NBCPURC is a 1% general partner in
NBCPURP.
(i) NBCPURP, a New Jersey limited
partnership, has its principal executive
offices at 414-462 Avenue P, Newark, New
Jersey 07105. NBCPURP leases the site of
a natural gas-fired cogeneration
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QF in Newark, New Jersey.
NBCPURC is an indirect, 50% owned
subsidiary of CEA NJ.
(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 QF. (See CEA NBI 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 90
direct and indirect subsidiaries including limited and
general partnership interests as described below:
(a) CEA Asia, Inc., a Delaware corporation, has its
principal executive offices at Room 1710 Harbour
Centre, 25 Harbour Road, Wanchai, Hong Kong and is a
developer of power production facilities in Asia
which are each expected to qualify upon completion
as an EWG or a FUCO. CEA Asia, Inc. has one
wholly-owned subsidiary.
(i) CEA Asia Ltd., a Bermuda corporation, has its
principal executive offices at Clarendon House,
2 Church Street, Hamilton, Bermuda, and is a
developer of EWG and FUCO power production
facilities in Asia.
(b) CEA Baja, Inc., a Delaware corporation, has its
registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and is presently
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 0.5% general partner
in Pennsylvania Renewable Resources, Associates
(PRRA).
(i) PRRA, a Pennsylvania limited partnership, has
its principal executive offices at 50 Tice
Boulevard, Woodcliff Lake, New Jersey 07675.
PRRA owns a hydroelectric QF in Saltsburg,
Pennsylvania. CEA Mount Carmel, Inc. (described
below) is a 49.5% limited partner in PRRA.
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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 two
direct wholly-owned subsidiaries as well as a 24.25%
limited partnership interest in each of GWF Power
System, L.P. (GWFLP) and Hanford L.P. (HLP) whose
operations are described below:
(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 0.5%
general partner in GWFLP (described below),
which is the owner and operator of five
petroleum coke-fired small power production
facilities in Contra Costa County, California.
All five facilities are QF's.
(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 0.5%
general partner in HLP (described below), which
is the owner of a petroleum coke and natural
gas-fired cogeneration QF in Hanford,
California.
(e) CEA Hawaiian Investment, Inc., a Delaware
corporation, has its registered offices at 1209
Orange Street, Wilmington, Delaware 19801, and is
contemplating acquiring a 48.49% limited partnership
interest in Kalaeloa Investment Partners, L.P.
(KIPLP), a Delaware limited partnership.
(f) CEA Hawaiian Management, Inc., a Delaware
corporation, has its registered offices at 1209
Orange Street, Wilmington, Delaware 19801, and is a
general partner (1% partnership interest) in KIPLP.
(i) KIPLP, a Delaware limited partnership, has its
registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and is
contemplating acquiring a 99% limited
partnership interest in Kalaeloa Cogeneration
Partners, L.P. (KPLP), a Delaware limited
partnership.
(g) CEA India, Inc., a Delaware corporation, has its
principal executive offices at Ashok Hotel, 50-B,
Chanakya Puri, New Delhi 110021, India and is a
developer of power
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production facilities in India, each of which is
each expected to qualify upon completion as an EWG.
(h) CEA International, Inc., a Delaware corporation, has
its registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and has the following
direct and indirect wholly and partially owned
subsidiaries:
(i) CEA Americas, Inc. (formerly known as CEA
Venezuela, Inc.), a Delaware corporation, has
its registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and has the
following three direct wholly-owned
subsidiaries:
(A) CEA Americas Ltd. (formerly known as CEA
Americas II, Ltd.), a Bermuda corporation,
has its principal executive offices at
Clarendon House, 2 Church Street, Hamilton,
Bermuda, and is contemplating acquiring a
26% ownership interest in Alpha Colombia
Power Resources Opon (BVI) Limited (ALPHA)
and a 24% ownership interest in Beta
Colombia Power Resources Opon (BVI) Limited
(BETA) resulting in an indirect 50%
ownership interest in Termo Santander de
Colombia, E.S.P., and has a 1% ownership
interest in CEA India Unlimited
(described below).
(B) CEA Americas II, Ltd. (CEAAII) (formerly
known as CEA Americas Ltd.), a Bermuda
limited liability company, has its
principal executive offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda.
CEAAII has two direct wholly-owned
subsidiaries and one direct 50% owned
subsidiary and one indirect 17.13% award
subsidiary:
(i) CEA Peru L.L.C., a Delaware limited
liability company, has its
registered offices at 1209 Orange
Street, Wilmington, Delaware 19801,
and is presently inactive.
(ii) CEA (Peru) S.A., a Peruvian
corporation, has its principal
executive offices at Malecon
Cisneros 738, Suite 602, Miraflores,
Lima, Peru, and is presently
inactive.
(iii) Turbogeneradores de Venezuela, C.A.
(TGV), a Venezuela company, has its
principal executive offices at
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Avenida Francisco de Miranda, Torree
Country Club, Chacaito, Caracas
1050, Venezuela. TGV owns 17.13% of
Turbogeneradores Maracay, C.A.
(TGM).
(a) TGM, a Venezuela company, has
its principal executive offices
at Avenida Francisco de Miranda,
Torree Country Club, Chacaito,
Caracas 1050, Venezuela. TGM
owns an investment in a
gas-fired electric power
generation facility in Maracay,
Venezuela which is a FUCO.
(C) CEA (Peru), Inc., a Delaware corporation,
has its registered offices at 1209 Orange
Street, Wilmington, Delaware 19801, and is
presently inactive.
(ii) CEA Americas Services, Inc. (CEA-ASI)
(formerly CEA Pontianak, Inc.), a Delaware
corporation, has its registered offices at
1209 Orange Street, Wilmington, Delaware
19801. CEA-ASI provides management, operations
and maintenance personnel to some of the
international subsidiaries of CEA USA.
(iii) CEA Barka, Inc., a Delaware corporation, has
its registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and has one direct
wholly-owned subsidiary:
(A) Barka Power Holdings Ltd. (BPH), a Bermuda
corporation, has its principal offices at
Clarendon House, 2 Church Street, Hamilton
HMCX, Bermuda. BPH is contemplating
acquiring an interest in a gas-fired power
production facility in Muscat, Oman, which
is expected to qualify upon completion as
an EWG.
(iv) CEA (Bermuda) Holdings II, Ltd., a Bermuda
limited liability company, has its principal
executive
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offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda and has one direct
99%-owned subsidiary (the remaining 1% is
owned by CEA Americas Ltd.) and five
wholly-owned indirect subsidiaries:
(A) CEA India Unlimited, a Mauritius company,
has its offices at 608 St. James Court,
St. Denis Street, Port Louis, Mauritius,
and owns the following five direct
wholly-owned subsidiaries:
(i) CEA Ambalamugal Energy Company Ltd.,
a Mauritius company, has its offices
at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and
is contemplating acquiring an
interest in a residual oil-fired
power plant in Cochin, India which
upon completion is expected to
qualify as an EWG.
(ii) CEA Bhilai Energy Company Ltd., a
Mauritius company, has its offices
at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and
is contemplating acquiring an
interest in a coal-fired electric
power generation facility in Bhilai,
India which is expected to qualify
as an EWG.
(iii) CEA Kannur Energy Company Limited, a
Mauritius company, has its offices
at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and
is contemplating acquiring an
interest in a power plant located in
Kannur, India which is expected to
qualify as an EWG.
(iv) CEA Manali Energy Company, a
Mauritius company, has its offices
at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and
is
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contemplating acquiring an interest
in a coal-fired electric power
generation facility in India which
is expected to qualify upon
completion as an EWG.
(v) CEA Punjab Energy Company Ltd., a
Mauritius company, has its offices
at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and
is contemplating acquiring an
interest in a coal-fired power plant
in India which is expected to
qualify upon completion as an EWG.
(v) CEA China, Inc. (CEA China), a Delaware
corporation, has its registered offices at
1209 Orange Street, Wilmington, Delaware
19801, and has the following direct wholly and
partially owned subsidiaries:
(A) CEA Anqing Power, Ltd., a Bermuda limited
liability company, has its principal
executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, and is
contemplating acquiring an interest in a
power plant located in Anhui Province,
China which is expected to qualify upon
completion as an EWG.
(B) CEA Full Moon (Malaysia) (L) Ltd., a
Malaysian company, has its offices at
Level 9, Wisma Oceanic, Jalan O.K.K. Awang
Besar, 87016 Labuan F.T., Malaysia, and is
contemplating acquiring an interest in a
liquid fuel-fired power plant in Indonesia
which is expected to qualify upon
completion as an EWG.
(C) CEA Meiya Power, Ltd., a Bermuda limited
liability company, has its principal
executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, and is
contemplating acquiring an interest in a
coal-fired power plant located in Nanjing,
China which is an EWG.
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(D) CEA Pontianak (Malaysia) (L) Ltd., a
Malaysian company, has its offices at
Level 9, Wisma Oceanic, Jalan O.K.K. Awang
Besar, 87016 Labuan F.T., Malaysia, and is
contemplating acquiring an interest in a
coal-fired power plant in Indonesia which
is expected to qualify upon completion as
an EWG.
(E) CEA Tongzhou Cogen Power Ltd., a Bermuda
limited liability company, has its
principal executive offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda,
and is contemplating acquiring an interest
in a 2x15 MW coal-fired cogeneration
facility located in Tongzhou City, Jiangsu
Province, People's Republic of China,
which is expected to qualify upon
completion as an EWG.
(F) C.T. Meiya Power Company, Ltd. (formerly
CIV GP Company Ltd.), a Bermuda limited
liability company, has its principal
executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, and is
50% owned by CEA China. C.T. Meiya Power
Company, Ltd. is contemplating acquiring
an interest in a coal-fired power plant
located in Xibeipo, China which is
expected to qualify upon completion as an
EWG.
(G) Meiya Jiangmen (GP) Ltd., a Bermuda
corporation, has its principal executive
offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, and is
contemplating acquiring an interest in a
Philippines holding company which operates
a diesel-fired electric power generation
facility in Cavite, the Philippines which
is an EWG and in a second diesel-fired
electric power generation facility located
on Mactan Island, Cebu, Philippines, and
in a coal-fired electric power generation
facility located in Batangus, Philippines,
each of which is
15
<PAGE> 16
expected to qualify upon completion as an
EWG.
(H) Meiya Power Company, Ltd., a Bermuda
corporation, has its principal executive
offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, and is 50%
owned by CEA China, and has the following
two direct wholly-owned subsidiaries:
(i) CEA (Bermuda) Holdings, Ltd., a
Bermuda corporation, has its
principal executive office at
Clarendon House, 2 Church Street,
Hamilton, Bermuda, and owns a 60%
interest in Shanghai Meiya Jinqiao
Energy Co., Ltd. (SMJE).
(a) SMJE, a Chinese joint venture
company, has its registered
offices at Lot #21, Jinqiao EPZ,
Shanghai, China, and owns and
operates an oil-fired steam
plant in Shanghai, China. CEA
China indirectly owns 30% of
SMJE.
(ii) China U.S. Power Partners I, Ltd., a
Bermuda corporation, has its
principal executive offices at
Clarendon House, 2 Church Street,
Hamilton, Bermuda, which is an EWG,
and has a 30% interest in Jingyuan
Second Power Co., Ltd., (Jingyuan).
(a) Jingyuan, a Chinese joint
venture company, has its
registered offices at Lanzhou
City, Gansu Province, China, and
owns a coal-fired electric power
generation facility in Jingyuan,
China which is an EWG. CEA China
indirectly owns 15% of Jingyuan.
16
<PAGE> 17
(vi) CEA Elcho (Delaware), Inc. (CEA ELCHO), a
Delaware corporation, has its registered
offices at 1209 Orange Street, Wilmington,
Delaware 19801, and has one wholly-owned
subsidiary, CEA Europe B.V. (CEA Europe).
(A) CEA Europe (formerly CEA Poland B.V.), a
Netherlands company, has its principal
executive offices at Weena 340, Rotterdam,
The Netherlands, and directly owns a 17%
equity interest in Elektrocieplownia
Chorzow Elcho, S.z.o.o. (Chorzow). CEA
Europe also has three direct 99% owned
subsidiaries (described below). The
remaining 1% interest in each of the three
subsidiaries is owned by CEA ELCHO.
(i) CEA Investments B.V., a Netherlands
company, has its principal executive
offices at Weena 340, Rotterdam, The
Netherlands, and is contemplating
acquiring a 99% interest in Konya
Ilgin Madencilik Limitet Sirketi
(KIM), a Turkish company to be
established in 1997, which will own
a coal mine located in Turkey.
(ii) CEA Poland B.V., a Netherlands
company, has its principal executive
offices at Weena 340, Rotterdam, The
Netherlands, and is contemplating
acquiring in 1997 a 17% interest in
Chorzow.
(iii) Chorzow, a Polish company, has its
principal executive offices at Ul.
Sklodowskiej 3, 41-503 Chorzow,
Poland, and is developing coal-fired
power station in Chorzow, Poland,
which is expected to qualify upon
completion as an EWG.
(iv) Konya Ilgin Electric Production
B.V., a Netherlands company, has its
principal executive offices at Weena
17
<PAGE> 18
340, Rotterdam, The Netherlands, and
is contemplating acquiring an
interest in a coal-fired power
station in Konya Ilgin, Turkey,
which is expected to qualify upon
completion as an EWG and will own a
1% ownership interest in KIM.
(vii) CEA Salalah, Inc. (CEA SI), a Delaware
corporation, has its registered offices at
1209 Orange Street, Wilmington, Delaware
19801. CEA SI has the two following direct
wholly-owned subsidiaries:
(A) CEA International, Ltd., a Bermuda
limited liability company, has its
principal executive offices at Clarendon
House, 2 Church Street, Hamilton,
Bermuda, and is contemplating acquiring
an interest in a gas-fired power plant in
Rades, Tunisia which is expected to
qualify upon completion as an EWG.
(B) Salalah Power Holdings, Ltd., a Bermuda
limited liability company, has its
principal executive offices at Clarendon
House, 2 Church Street, Hamilton,
Bermuda, and is contemplating acquiring
an interest in a diesel-fired electric
power generation facility in Salalah,
Oman, which is expected to qualify upon
completion as an EWG.
(viii) ECI International Development, Inc., a
Delaware corporation, has its registered
offices at 1209 Orange Street, Wilmington,
Delaware 19801, and is presently inactive.
(i) CEA International Services, Inc., a Delaware
corporation, has its registered offices at 1209
Orange Street, Wilmington, Delaware 19801, and
provides management, operations and maintenance
personnel to some of the international subsidiaries
of CEA USA.
(j) CEA Kalaeloa, Inc., a Delaware corporation, has its
registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and is contemplating
acquiring a 1% general partnership interest in KPLP
(described above), a
18
<PAGE> 19
Delaware limited partnership (it is anticipated that
the remaining 99% limited partnership interest will
be acquired by KIPLP, which is also described
above).
(k) CEA Kennedy Operators, Inc. (CKO), a New York
corporation, has its principal executive offices at
Building No. 49, JFK International Airport, Jamaica,
New York 11430. CKO 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).
(l) 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 50% general partner in KIAC Partners.
(i) KIAC Partners, a New York limited
partnership, has its principal executive
offices at JFK International Airport, Trailer
Complex at the Central Heating Plant,
Jamaica, New York 11430, and owns a natural
gas-fired cogeneration QF constructed by a
partnership, EnergyPro Construction Partners,
in which CEA K is a 50% general partner at
JFK.
(m) CEA Leasing, Inc., a New Jersey corporation, has its
principal executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450, and is a 50%
general partner in National Energy Leasing Partners,
(NELP).
(i) NELP, a Delaware limited partnership, has its
principal executive offices at One Riverchase
Parkway South, Birmingham, Alabama 35244.
NELP has entered into lease transactions with
respect to certain of the equipment installed
at the Hanford cogeneration facility of HLP
(described below) and the five Contra Costa
County, California small power production
facilities of GWFLP (described above).
19
<PAGE> 20
(n) CEA Mexico, Inc., a Delaware corporation, has its
registered offices at 1209 Orange Street,
Wilmington, Delaware 19801, and is presently
inactive.
(o) CEA Mount Carmel, Inc., a New Jersey corporation,
has its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450, and
is a 58.8% limited partner in UAE CoalCorp
Associates (UAE).
(i) UAE, a Pennsylvania limited partnership, has
its principal executive offices at 1 Harmony
Mine, Mount Carmel, Pennsylvania 17851. UAE
owns and operates an anthracite coal mine in
Mount Carmel, Pennsylvania and is a 49.5%
limited partner in a PRRA hydro-electric QF
in Saltsburg, Pennsylvania (described above).
(p) 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 40% general partner in Bridgewater Power
Company, L.P. (BPCLP).
(i) BPCLP, a New Hampshire limited partnership,
has its principal executive offices at Route
3, Bridgewater, New Hampshire 03222. BPCLP
owns a biomass-fired small power production
QF in Bridgewater, New Hampshire.
(q) 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 owns a 50%
partnership interest in each of the following
limited partnerships:
(i) National Energy Constructors, a California
limited partnership, has its principal
executive offices at 14800 West Schulte Road,
Tracy, California 95376, and under which CEA
PRO constructed five petroleum coke-fired
small power production facilities owned and
operated by GWFLP (described above) and a
petroleum coke and natural gas-fired
cogeneration QF owned by HLP (described
above).
(ii) Tracy Operators, a California limited
partnership, has its principal executive
offices at 14800 West
20
<PAGE> 21
Schulte Road, Tracy, California 95376. Tracy
Operators operates and maintains a
biomass-fired small power production facility
in Tracy, California in which CEA Tracy, Inc.
(described below) has an ownership interest.
(r) CEA Stony Brook, Inc.(CSBI), a New York corporation,
has its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450. CSBI
is a 50% general partner in Nissequogue Cogen
Partners (NCP).
(i) NCP, a New York limited partnership, has its
principal executive offices at Gymnasium
Road, SUNY Campus, Stony Brook, Long Island,
New York 11794, and owns a natural gas-fired
cogeneration facility in Stony Brook, New
York, which is a QF.
(s) CEA Stony Brook Operators, Inc. (CSBO), a New York
corporation, has its principal executive offices at
1200 East Ridgewood Avenue, Ridgewood, New Jersey
07450. CSBO provides operation and maintenance
services to the CSBI natural gas-fired cogeneration
facility in Stony Brook, New York (see CSBI above).
(t) CEA Tracy, Inc., a New Jersey corporation has its
principal executive offices at 1200 East Ridgewood
Avenue, Ridgewood, New Jersey 07450, and is a
co-managing 34.5% general partner in Thermal Energy
Development Partnership, L.P. (TEDPLP).
(i) TEDPLP, a Delaware limited partnership, has
its principal executive offices at New York
Life Building, 501 W. Weber Avenue, Suite
104A, Stockton, California 95203. TEDPLP owns
a small biomass-fired power production QF in
Tracy, California.
(u) CEMAS Corporation (CEMAS), a Delaware corporation,
has its registered offices at 1209 Orange Street,
Wilmington, Delaware 19801. CEMAS owns directly and
indirectly, through AES San Nicolas, Inc. (ASNI), a
21.74% stockholder interest in Inversora de San
Nicolas, S.A. (ISN).
(i) ASNI, a Delaware corporation, has its
principal office at 1001 N. 19th Street,
Arlington, Virginia
21
<PAGE> 22
22209, and is owned 4.95% by CEMAS. ASNI owns
62.74% of ISN.
(A) 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).
(i) CTSN, an Argentine corporation, has
its principal executive offices at
Cerrito 1294, Piso 3, (1062), Buenos
Aires (Capital Federal), Argentina.
CTSN owns a coal-fired electric
generating station in San Nicolas,
Argentina, which is an EWG.
(v) Deblois Investments, Inc., a New Jersey corporation,
has its principal executive offices at 1200 East
Ridgewood Avenue, Ridgewood, New Jersey 07450, and
is presently inactive.
(w) National Energy Partners, a Delaware limited
partnership, has its principal executive offices at
11645 Wilshire Blvd., Suite 750, Los Angeles,
California 90024, and of which CEA USA is a 50%
general partner, owns 100% of GWF Power Systems
Company, Inc. (GWF PSC).
(i) GWF PSC, a California corporation, has its
principal executive offices at 225 Lennon
Lane, Suite 120, Walnut Creek, California
94598. GWF PSC and GWFLP together hold a 50%
indirect interest in the revenues (but do 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 QF in Newhall,
California. GWF PSC has the following two
direct wholly-owned subsidiaries:
(A) 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 a 2% managing general
partner of GWFLP. GWF Bay is an indirect
50% owned subsidiary of CEA USA.
22
<PAGE> 23
(i) GWFLP, a Delaware limited
partnership, has its principal
executive offices at 225 Lennon
Lane, Suite 120, Walnut Creek,
California 94598, and owns and
operates five petroleum coke-fired
small power production QF's in
Contra Costa County, California. CEA
USA directly owns a limited
partnership interest of 24.25% in
GWFLP. In addition, as described
above, CEA GWF owns a 24.25% limited
partnership interest in GWFLP and
CEA Bay owns a 0.5% general
partnership interest in GWFLP.
(B) 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
a 2% managing general partner of HLP.
(i) HLP, a Delaware limited partnership,
has its registered offices at 1209
Orange Street, Wilmington, Delaware
19801, and is the owner of a
petroleum coke and natural gas-fired
cogeneration QF in Hanford,
California. HLP is an indirect 50%
owned subsidiary of CEA USA. CEA USA
directly owns a 24.25% limited
partnership interest in HLP. In
addition, as described above, CEA
GWF owns a 24.25% limited
partnership interest in HLP and CEA
HI owns a 0.5% general partnership
interest in HLP
C. 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 nine commercial office
real estate properties (one of which is developed) in
several states, both directly and in joint ventures in which
it has a 50% or greater interest. As of December 31, 1996,
EGDC comprised 0.6% of Enterprise's assets. EGDC is a
wholly-owned subsidiary of EDHI. EGDC has 9 direct
wholly-owned subsidiaries described below:
23
<PAGE> 24
1. EGDC - Concourse, Incorporated (Concourse), a Florida
corporation, has its principal executive offices at One
Riverfront Plaza, Newark, New Jersey 07102. Concourse
owns land on which it intends to develop an office
building in Jacksonville, Florida and is a 75% general
partner in Concourse at Maitland Associates (CMA).
(a) CMA, a Florida general partnership, has its
principal executive offices at One Riverchase
parkway South, Birmingham, Alabama 35201, and owns
land on which it intends to develop 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 (MPA).
(a) MPA, a Virginia general partnership, has its
principal executive offices at 1416 Dodge Street,
Room 1100, Omaha, Nebraska 68179, and owns land on
which it intends to develop an office complex in
Fairfax County, Virginia.
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 a 31% joint venture partner in
State Street Square Urban Renewal Partners-I (SSSURPI).
EGDC owns an additional 49% of SSSURPI directly.
(a) SSSURPI, a New Jersey general partnership, has its
principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, and owns one phase of a
commercial office complex 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 a 31% joint venture partner in
State Street Square Urban Renewal Partners-II
(SSSURPII). EGDC owns an additional 49% of SSSURPII
directly.
(a) SSSURPII, a New Jersey general partnership, has its
principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, and owns one phase of a
commercial office complex in Trenton, New Jersey.
24
<PAGE> 25
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 a 31% joint venture partner
in State Street Square Partners-III (SSSPIII). EGDC owns
an additional 49% of SSSPIII directly.
(a) SSSPIII, a New Jersey general partnership, has its
principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, and owns one phase of a
commercial 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 a 31% joint
venture partner in State Street Square NSB Partners
(SSSNSB). EGDC owns an additional 49% of SSSNSB
directly.
(a) SSSNSB, a New Jersey general partnership, has its
principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, and owns one phase of a
commercial office complex 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 a
31% joint venture partner in State Street Square 36 West
Partners (SSS36W). EGDC owns an additional 46% of SSS36W
directly.
(a) SSS36W, a New Jersey general partnership, has its
principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, and owns one phase of a
commercial office complex 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, and owns
land on which it intends to develop an office complex in
Largo, Maryland.
9. EGDC - Largo Management Incorporated (Largo Management),
a Maryland corporation, has its principal executive
offices at One Riverfront Plaza, Newark, New Jersey
07102, and is presently inactive.
25
<PAGE> 26
D. Energis Resources Incorporated (ERI), a New Jersey
corporation, has its principal executive offices at 499
Thornall Street, Edison, New Jersey 08837. ERI is a
wholly-owned subsidiary of EDHI. ERI was established in 1996
and provides a variety of energy related services to
industrial and commercial customers. ERI includes PSRC's
former wholly-owned subsidiaries, U.S. Energy Incorporated
and Enterprise Strategic Energy Solutions. As of December
31, 1996, ERI comprised 0.3% of Enterprise's assets.
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
financing subsidiary, which serves as a capital financing
vehicle for EDHI's businesses (excluding ERI), borrowing up
to $650 million at any one time outstanding on their behalf
on the basis of a minimum net worth maintenance agreement
with Enterprise. Intercompany borrowing rates are
established with reference to Capital's cost of funds.
Capital's assets consist principally of demand notes of CEA
and PSRC. As of December 31, 1996, Capital had $415 million
of its long-term debt outstanding.
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, serves as a capital
financing vehicle for EDHI's businesses (excluding EGDC and
ERI), 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 based upon
Funding's cost of funds. Funding is providing both long and
short-term capital for such businesses on the basis of an
unconditional guarantee from EDHI, but without direct
support from Enterprise. As of December 31, 1996, Funding's
assets consisted of demand notes of CEA and PSRC, all of
which are pledged to Funding's lenders and which aggregated
$55 million and short-term investments of $145 million.
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies used for the generation, transmission, and
distribution of electric energy for sale, or for the production, transmission,
and distribution of natural or manufactured gas, indicating the location of
principal generating plants, transmission lines, producing fields, gas
manufacturing plants, and electric and gas distribution facilities, including
all such properties which are outside the State in which claimant and its
subsidiaries are organized and all transmission or pipelines which deliver or
receive electric energy or gas at the borders of such State.
26
<PAGE> 27
Enterprise owns no property used for 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 transmission and distribution of natural
gas, which are located predominantly in New Jersey, follows:
27
<PAGE> 28
ELECTRIC PROPERTIES
As of December 31, 1996, PSE&G's share of installed generating capacity was
10,405 MW, as shown in the following table:
<TABLE>
<CAPTION>
NET
INSTALLED PRINCIPAL GENERATION
MEGAWATT FUEL HEAT (THOUSANDS CAPACITY
NAME AND LOCATION CAPACITY USED RATE OF MWH) FACTOR(A)
- ------------------------------------------------------ --------- --------- ------ ---------- ---------
<S> <C> <C> <C> <C> <C>
Steam
Burlington, Burlington, NJ.......................... 180 Oil 31,109 10 0.6
Conemaugh, New Florence, PA -- 22.50%(b)(c)......... 382 Coal 9,507 2,563 76.4
Hudson, Jersey City, NJ............................. 983 Coal 10,894 2,035 23.6
Kearny, Kearny, NJ.................................. 292 Oil 33,667 9 0.4
Keystone, Shelocta, PA -- 22.84%(b)(c).............. 388 Coal 9,561 2,884 84.6
Linden, Linden, NJ.................................. 415 Oil 65,694 8 0.2
Mercer, Hamilton, NJ................................ 642 Coal 10,342 1,934 34.3
Sewaren, Woodbridge Twp., NJ........................ 453 Gas 15,963 139 3.5
------ ------ ------ ----
Total Steam.................................... 3,735 10,173 9,582 29.2
------ ------ ------ ----
Nuclear (Capacity factor calculated in accordance
with industries maximum dependable capability standards)
Hope Creek, Lower Alloways Creek, NJ 95%(b)(c)...... 979 Nuclear 10,656 6,400 74.6
Peach Bottom 2, Peach Bottom, PA 42.49%(b).......... 465 Nuclear 10,881 3,228 79.8
Peach Bottom 3, Peach Bottom, PA 42.49%(b).......... 465 Nuclear 10,565 3,988 98.2
Salem 1, Lower Alloways Creek, NJ 42.59%(b)......... 471 Nuclear 0 (14) 0
Salem 2, Lower Alloways Creek, NJ 42.59%(b)......... 471 Nuclear 0 (16) 0
------ ------ ------ ----
Total Nuclear(b)(c)............................ 2,851 10,843 13,586 54.6
------ ------ ------ ----
Combined Cycle
Bergen, Ridgefield, NJ.............................. 650 Gas 8,274 1,150 20.1
Burlington, Burlington, NJ.......................... 240 Gas 9,417 205 9.7
------ ------ ------ ----
Total Combined Cycle........................... 890 8,441 1,355 17.3
------ ------ ------ ----
Combustion Turbine
Bayonne, Bayonne, NJ................................ 42 Oil 0 (0.1) 0.0
Bergen, Ridgefield, NJ.............................. 21 Gas 21,764 0.3 0.2
Burlington, Burlington, NJ.......................... 389 Oil 21,882 3.1 0.1
Edison, Edison Township, NJ......................... 504 Gas 15,293 19.9 0.4
Essex, Newark, NJ................................... 617 Gas 13,639 71.5 1.3
Hudson, Jersey City, NJ............................. 129 Oil 187,174 0.0 0.0
Kearny, Kearny, NJ.................................. 504 Gas 40,655 3.4 0.1
Linden, Linden, NJ.................................. 223 Gas 12,872 63.0 3.2
Mercer, Hamilton, NJ................................ 129 Oil 0 (0.1) 0.0
National Park, National Park, NJ.................... 21 Oil 0 0.0 0.0
Salem, Lower Alloways Creek, NJ 42.59%(b)........... 16 Oil 29,397 0.1 0.1
Sewaren, Woodbridge Township, NJ.................... 129 Oil 0 (0.1) 0.0
------ ------ ------ ----
Total Combustion Turbine....................... 2,724 14,581 161.0 0.7
------ ------ ------ ----
Internal Combustion
Conemaugh, New Florence, PA -- 22.50%(b)............ 3 Oil 10,148 0.3 1.1
Keystone, Shelocta, PA -- 22.84%(b)................. 2 Oil 10,392 0.5 2.8
------ ------ ------ ----
Total Internal Combustion...................... 5 10,303 0.8 1.8
------ ------ ------ ----
Pumped Storage
Yards Creek, Blairstown, NJ -- 50%(b)(c)............ 200 -- 316 18.0
------ ------ ------ ----
Total PSE&G.................................... 10,405 (d) 10,402 25,001 (e) 27.4
====== ====== ====== ====
</TABLE>
(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 non-utility generation and 115 MW of capacity sales
to ACE, DP&L, and GPU.
(e) Excludes 4,960 (thousands of MWH) of non-utility generation.
28
<PAGE> 29
As of December 31, 1996, PSE&G owned 41 switching stations with an
aggregate installed capacity of 30,980,000 kilovolt-amperes, and 222 substations
with an aggregate installed capacity of 7,276,000 kilovolt-amperes. In addition,
7 substations having an aggregate installed capacity of 115,250 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, 1996, PSE&G's transmission and distribution system
included 151,612 circuit miles, of which 36,793 miles were underground, and
791,644 poles, of which 534,831 poles were jointly-owned. Approximately 99% of
this property is located in New Jersey. In addition, as of December 31, 1996,
PSE&G owned four electric distribution headquarters and five subheadquarters in
four operating divisions all located in New Jersey.
GAS PROPERTIES
As of December 31, 1996, 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, 1996, PSE&G owned and operated approximately 15,833
miles of gas mains, owned 11 gas distribution headquarters and two
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.
29
<PAGE> 30
3. The following information is for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(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 - 41,473,160 Mwh. (retail and wholesale)
PSE&G - 378,855,405 Mcf. (1996 basis of 1,035
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 - 2,556,287 Mwh. interchanged
PSE&G - 48,006,577 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 - 15,940,478 Mwh. purchased
PSE&G - 366,461,263 Mcf. received through sales
and transportation agreements with
interstate pipelines having delivery
points within the State.
30
<PAGE> 31
4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an EWG or a
foreign utility company, stating monetary amounts in United States dollars:
(a) Name, location, business address and description of
the facilities used by the EWG or foreign utility
company for the generation, transmission and
distribution of electric energy for sale or the
distribution at retail of natural or manufactured
gas.
(i) Central Termica San Nicolas, S.A. (CTSN),
an Argentine corporation, has its
principal executive offices at Cerrito
1294, Piso 3, (1062), Buenos Aires
(Capital Federal), Argentina. CTSN owns
and operates a coal, petroleum coke,
natural gas and oil-fired electric power
generating facility located at San
Nicolas, Argentina. CTSN is an indirect
19.13%-owned subsidiary of CEMAS
Corporation.
(ii) China U.S. Power Partners I, Ltd.
(CUPPI), a Bermuda limited liability
company, has its registered office at
Clarendon House, 2 Church Street,
Hamilton, Bermuda. CUPPI has a 30%
interest in Jingyuan Second Power Co.,
Ltd. (Jingyuan) which owns a coal-fired
electric power generation facility in
Jingyuan, China. CEA China indirectly
owns 15% of Jingyuan.
(iii) Turbogeneradores Maracay, C.A. (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
Turbogeneradores de Venezuela, C.A.,
(TGV). TGV is a direct 50% owned
subsidiary of CEA Americas II, Ltd.
(iv) CEA Meiya Power, Ltd. (CMP), a Bermuda
limited liability company, has its
principal executive offices at Clarendon
House, 2 Church Street, Hamilton,
Bermuda. CMP intends to acquire a
controlling interest (51%) in the voting
securities of Meiya Jingling (Nanjing)
Cogen Power Co. Ltd. (MJCP), a
Sino-Foreign Cooperative Joint Venture to
be formed under the laws of
31
<PAGE> 32
the People's Republic of China. MJCP,
after formation, will acquire an existing
100 MW coal-fired generation facility,
consisting of three pulverized coal-fired
boilers and two 50 MW
extracting/condensing steam turbine
generating sets located in Nanjing,
Jiangsu Province, People's Republic of
China. CMP is a direct wholly-owned
subsidiary of CEA China.
(b) Name of each system company that holds an interest in
such EWG or foreign utility company; and description
of the interest held.
See Exhibit C attached hereto.
(c) Type and amount of capital invested, directly or
indirectly, by the holding company claiming
exemption; any direct or indirect guarantee of the
security of the EWG or foreign utility company by the
holding company claiming exemption; and any debt or
other financial obligation for which there is
recourse, directly or indirectly, to the holding
company claiming exemption or another system company,
other than the EWG or foreign utility company.
(i) CTSN
As of December 31, 1996, Enterprise has
an indirect aggregate capital investment
in CTSN of U.S. $19,191,068, of which
U.S. $15,276,388 is equity and U.S.
$3,914,680 is debt (including interest).
(ii) CUPPI
As of December 31, 1996, Enterprise has
an indirect aggregate capital investment
in CUPPI of U.S. $49,953,304 of which
U.S. $41,339,082 is equity and U.S.
$8,614,222 is debt (including interest).
CEA has committed to fund up to a total
of $130 million in Jingyuan, (system
company of CUPPI) pursuant to the
joint venture contract governing
Jingyuan.
(iii) TGM
As of December 31, 1996, Enterprise has
an indirect capital investment in TGM of
U.S. $1,981,855, which is equity.
Enterprise and its subsidiaries (direct
and indirect) have no other security
guarantees, debt or other financial
obligations relative to TGM.
32
<PAGE> 33
(iv) CMP
As of December 31, 1996, Enterprise has
an indirect capital investment in CEA
Meiya Power, Ltd. of U.S. $0.
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
(I) CTSN
12/31/96
<TABLE>
<CAPTION>
$ U.S.
------
<S> <C>
Assets
Current Assets $ 48,917,765
Non-current Assets 153,664,283
------------
Total Assets $202,582,048
============
Liabilities
Current Liabilities $ 55,533,265
Non-current Liabilities 64,936,565
------------
Total Liabilities 120,469,830
Equity 82,112,218
------------
Total Liabilities and Equity $202,582,048
============
Net Income for Year-Ended 12/31/96 U.S. $ 7,481,975
============
</TABLE>
33
<PAGE> 34
(II) TGM
12/31/96
<TABLE>
<CAPTION>
$ U.S.
------
<S> <C>
Assets
Current Assets $3,688,190
Non-current Assets 5,590,262
----------
Total Assets $9,278,452
==========
Liabilities
Current Liabilities $ 127,060
Non-current Liabilities 1,348,594
----------
Total Liabilities 1,475,654
Equity 7,802,798
----------
Total Liabilities and Equity $9,278,452
==========
Net Income for Year-Ended 12/31/96 U.S. $3,639,949
==========
</TABLE>
(III) CUPPI
12/31/96
<TABLE>
<CAPTION>
$ U.S.
------
<S> <C>
Assets
Current Assets $ --
Non-current Assets 89,550,069
----------
Total Assets $89,550,069
==========
Liabilities
Current Liabilities $63,944,019
Non-current Liabilities --
----------
Total Liabilities 63,944,019
Equity 25,606,050
----------
Total Liabilities and Equity $89,550,069
==========
Net Income for Year-Ended 12/31/96 U.S. $ 349,600
==========
</TABLE>
34
<PAGE> 35
(IV) CMP
12/31/96
<TABLE>
<S> <C>
Capitalization U.S. $ 0
====
Net Income U.S. $ 0
====
</TABLE>
(e) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or goods
sold and fees or revenues under such agreement(s).
(i) CTSN
None.
(ii) TGM
None.
(iii) CUPPI
None.
(iv) CMP
None.
35
<PAGE> 36
EXHIBIT A
A consolidating statement of income and surplus of claimant and its direct
or indirect affiliated subsidiary companies for the last calendar year, together
with a consolidating balance sheet of claimant 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, PSRC, and RCMC 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, 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.
36
<PAGE> 37
The above-named Claimant (Enterprise) has caused this statement to
be duly executed on its behalf by its authorized officer on this 28th day of
February, 1997.
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)
37
<PAGE> 38
EXHIBIT A
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS. (A) SUBS. (A) PSEG
------- ---------- --------- ----- --- ----
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ 3,944,362 $ -- $ 3,944,362 $ -- $ --
Gas 1,880,994 -- 1,880,994 -- --
Nonutility Activities 215,893 -- -- 210,981 4,912
------------- --------- ----------- --------- --------
TOTAL OPERATING REVENUES 6,041,249 -- 5,825,356 210,981 4,912
------------- --------- ----------- --------- --------
OPERATING EXPENSES
Operation
Fuel for Electric Generation and
Interchanged Power 918,514 -- 918,514 -- --
Gas Purchased 1,117,716 -- 1,117,716 -- --
Other 1,053,520 -- 981,559 67,049 4,912
Maintenance 318,280 -- 318,280 -- --
Depreciation and Amortization 607,293 -- 604,245 3,048 --
Taxes:
Federal Income Taxes 290,253 -- 265,376 24,877 --
New Jersey Gross Receipts Taxes 598,016 -- 598,016 -- --
Other 80,698 -- 75,169 5,529 --
------------- --------- ----------- --------- --------
TOTAL OPERATING EXPENSES 4,984,290 -- 4,878,875 100,503 4,912
------------- --------- ----------- --------- --------
OPERATING INCOME 1,056,959 -- 946,481 110,478 --
------------- --------- ----------- --------- --------
OTHER INCOME (EXPENSES)
Equity in Earnings of Subsidiary Companies -- (611,596) -- -- 611,596
Miscellaneous - net (1,920) -- (1,942) 22 --
------------- --------- ----------- --------- --------
TOTAL OTHER INCOME (EXPENSES) (1,920) (611,596) (1,942) 22 611,596
------------- --------- ----------- --------- --------
INCOME BEFORE INTEREST CHARGES
AND DIVIDENDS ON PREFERRED SECURITIES 1,055,039 (611,596) 944,539 110,500 611,596
------------- --------- ----------- --------- --------
INTEREST CHARGES
Long - Term Debt 386,289 -- 343,351 42,938 --
Short - Term Debt 33,759 -- 26,014 7,745 --
Other 33,063 -- 29,216 3,847 --
------------- --------- ----------- --------- --------
Total Interest Charges 453,111 -- 398,581 54,530 --
Allowance for Funds Used During
Construction - Debt and Capitalized Interest (18,155) -- (16,854) (1,301) --
------------- --------- ----------- --------- --------
NET INTEREST CHARGES 434,956 -- 381,727 53,229 --
Preferred Securities Dividend Requirements 27,741 -- 27,741 -- --
Preferred Stock Dividend Requirements 23,161 -- 23,161 -- --
Net Gain (Loss) on Preferred Stock Redemptions 18,177 -- 18,177 -- --
------------- --------- ----------- --------- --------
INCOME FROM CONTINUING OPERATIONS 587,358 (611,596) 530,087 57,271 611,596
Discontinued Operations - Net of Taxes 10,746 -- -- 10,746 --
Gain on Sale of Discontinued Operations - Net of Taxes 13,492 -- -- 13,492 --
------------- --------- ----------- --------- --------
NET INCOME $ 611,596 $(611,596) $ 530,087 $ 81,509 $611,596
============= ========= =========== ========= ========
SHARES OF COMMON STOCK OUTSTANDING
End of Period 233,470,291
Average for Period 242,400,755
EARNINGS PER AVERAGE SHARE
Income From Continuing Operations $ 2.42
Income From Discontinued Operations 0.04
Gain on Sale of Discontinued Operations 0.06
-------------
TOTAL EARNINGS PER AVERAGE SHARE $ 2.52
=============
DIVIDENDS PAID PER SHARE OF COMMON STOCK $ 2.16
=============
</TABLE>
(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
<PAGE> 39
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS. SUBS. PSEG
------- ------------ ------- ------ ----
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $1,636,971 $(1,406,881) $1,365,915 $ 40,966 $1,636,971
ADD:
Net Income 611,596 (616,580) 535,071 81,509 611,596
---------- ----------- ---------- -------- ----------
Total 2,248,567 (2,023,461) 1,900,986 122,475 2,248,567
DEDUCT:
Cash Dividends:
Preferred Stock, at required rates -- (23,161) 23,161 -- --
Common Stock 522,565 (543,300) 524,300 19,000 522,565
---------- ----------- ---------- -------- ----------
Total Cash Dividends 522,565 (566,461) 547,461 19,000 522,565
Retirement of Common Stock 133,047 -- -- -- 133,047
Preferred Securities Issuance Expenses 6,699 (6,699) 6,699 -- 6,699
---------- ----------- ---------- -------- ----------
Total Deductions 662,311 (573,160) 554,160 19,000 662,311
---------- ----------- ---------- -------- ----------
Net gain (loss) on Preferred Stock Redemptions -- (18,177) 18,177 -- --
---------- ----------- ---------- -------- ----------
BALANCE DECEMBER 31, 1996 $1,586,256 $(1,468,478) $1,365,003 $103,475 $1,586,256
========== =========== ========== ======== ==========
</TABLE>
<PAGE> 40
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS. SUBS. PSEG
------- ------------ ------- ------ ----
<S> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT - Original Cost
Electric $13,314,033 $ -- $13,314,033 $ -- $ --
Gas 2,555,901 -- 2,555,901 -- --
Common 530,185 -- 530,185 -- --
----------- ----------- ----------- ---------- ----------
Total 16,400,119 -- 16,400,119 -- --
Less: Accumulated Depreciation
and Amortization 5,889,098 -- 5,889,098 -- --
----------- ----------- ----------- ---------- ----------
Net 10,511,021 -- 10,511,021 -- --
Nuclear Fuel in Service, net of
accumulated amortization of $259,384 198,845 -- 198,845 -- --
----------- ----------- ----------- ---------- ----------
Net Utility Plant in Service 10,709,866 -- 10,709,866 -- --
Construction Work in Progress including
Nuclear Fuel in Progress of $70,455 445,321 -- 445,321 -- --
Plant Held for Future Use 23,966 -- 23,966 -- --
----------- ----------- ----------- ---------- ----------
Net Utility Plant 11,179,153 -- 11,179,153 -- --
----------- ----------- ----------- ---------- ----------
INVESTMENTS AND OTHER NONCURRENT ASSETS
Long-Term Investments, net of
amortization of $12,679 1,854,304 (5,145,045) 133,342 1,720,962 5,145,045
Real Estate Property and Equipment, net of
accumulated depreciation of $5,906 64,753 -- -- 64,753 --
Other Plant, net of accumulated depreciation and
amortization of $6,518 37,031 -- 19,157 4,086 13,788
Nuclear Decommissioning and Other Special Funds 382,348 -- 382,348 -- --
Other Assets - net of valuation allowances of $826 13,548 -- -- 13,548 --
----------- ----------- ----------- ---------- ----------
Total Investments and Other Noncurrent Assets 2,351,984 (5,145,045) 534,847 1,803,349 5,158,833
----------- ----------- ----------- ---------- ----------
CURRENT ASSETS
Cash and Cash Equivalents 278,903 -- 47,639 148,427 82,837
Accounts Receivable:
Customer Accounts Receivable 499,858 -- 499,858 -- --
Other Accounts Receivable 241,483 -- 175,009 41,978 24,496
Less: Allowance for Doubtful Accounts 42,283 -- 42,283 -- --
Accounts Receivable - Associated Companies -- (11,130) 4,308 3,140 3,682
Unbilled Revenues 248,504 -- 248,504 -- --
Fuel, at average cost 313,019 -- 313,019 -- --
Materials and Supplies, at average cost, net of
inventory valuation reserves - $16,100 147,757 -- 147,757 -- --
Deferred Income Taxes 23,210 -- 23,210 -- --
Miscellaneous Current Assets 33,976 -- 30,409 3,567 --
----------- ----------- ----------- ---------- ----------
Total Current Assets 1,744,427 (11,130) 1,447,430 197,112 111,015
----------- ----------- ----------- ---------- ----------
DEFERRED DEBITS
Property Abandonments - net 52,573 -- 52,573 -- --
Oil and Gas Property Write Down 30,924 -- 30,924 -- --
Unamortized Debt Expense 139,067 -- 137,606 1,461 --
Deferred OPEB Costs 226,171 -- 226,171 -- --
Unrecovered Environmental Costs 125,900 -- 125,900 -- --
Unrecovered Plant and Regulatory Study Costs 33,941 -- 33,941 -- --
Underrecovered Electric Energy
and Gas Costs - net 176,055 -- 176,055 -- --
Unrecovered SFAS 109 Deferred Income Taxes 751,763 -- 751,763 -- --
Deferred Decontamination and Decommissioning Costs 46,643 -- 46,643 -- --
Other 56,730 -- 56,348 -- 382
----------- ----------- ----------- ---------- ----------
Total Deferred Debits 1,639,767 -- 1,637,924 1,461 382
----------- ----------- ----------- ---------- ----------
TOTAL ASSETS $16,915,331 $(5,156,175) $14,799,354 $2,001,922 $5,270,230
=========== =========== =========== ========== ==========
</TABLE>
<PAGE> 41
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSEG ELIMINATIONS PSE&G & EDHI &
CONSOL. & RECLASS. SUBS. SUBS. PSEG
------- ------------ ------- ------ ----
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Equity:
Common Stock $ 3,626,792 $(2,563,103) $ 2,563,003 $ 100 $ 3,626,792
Contributed Capital -- (1,113,465) 594,395 519,070 --
Retained Earnings 1,586,256 (1,468,478) 1,365,003 103,475 1,586,256
----------- ----------- ----------- ---------- -----------
Total Common Equity 5,213,048 (5,145,046) 4,522,401 622,645 5,213,048
Subsidiaries' Preferred Securities:
Preferred Stock Without Mandatory Redemption 113,392 -- 113,392 -- --
Preferred Stock With Mandatory Redemption 150,000 -- 150,000 -- --
Monthly Guaranteed Preferred Beneficial
Interest in PSE&G's Subordinated Debentures 210,000 -- 210,000 -- --
Quarterly Guaranteed Preferred Beneficial
Interest in PSE&G's Subordinated Debentures 208,000 -- 208,000 -- --
Long- Term Debt 4,580,231 -- 4,107,331 472,900 --
----------- ----------- ----------- ---------- -----------
Total Capitalization 10,474,671 (5,145,046) 9,311,124 1,095,545 5,213,048
----------- ----------- ----------- ---------- -----------
OTHER LONG-TERM LIABILITIES
Decontamination, Decommissioning, and Low
Level Radwaste Costs 46,643 -- 46,643 -- --
Environmental Costs 85,755 -- 85,755 -- --
Capital Lease Obligations 52,371 -- 52,371 -- --
----------- ----------- ----------- ---------- -----------
Total Other Long - Term Liabilities 184,769 -- 184,769 -- --
----------- ----------- ----------- ---------- -----------
CURRENT LIABILITIES
Long- Term Debt due within one year 547,981 -- 423,500 124,481 --
Commercial Paper and Loans 638,051 -- 638,051 -- --
Book Overdrafts 106,372 -- 106,372 -- --
Accounts Payable 590,932 (64) 520,651 15,830 54,515
Accounts Payable - Associated Companies -- (11,065) -- 2,702 8,363
Other Taxes Accrued 31,577 -- 33,745 6,410 (8,578)
Interest Accrued 95,800 -- 86,674 6,384 2,742
Provision for Rate Refund 89,210 -- 89,210 -- --
Other 171,831 -- 132,113 39,578 140
----------- ----------- ----------- ---------- -----------
Total Current Liabilities 2,271,754 (11,129) 2,030,316 195,385 57,182
----------- ----------- ----------- ---------- -----------
DEFERRED CREDITS
Deferred Income Taxes 3,250,343 -- 2,557,587 692,756 --
Deferred Investment Tax Credits 361,786 -- 351,637 10,149 --
Deferred OPEB Costs 226,171 -- 226,171 -- --
Other 145,837 -- 137,750 8,087 --
----------- ----------- ----------- ---------- -----------
Total Deferred Credits 3,984,137 -- 3,273,145 710,992 --
----------- ----------- ----------- ---------- -----------
TOTAL CAPITALIZATION AND LIABILITIES $16,915,331 $(5,156,175) $14,799,354 $2,001,922 $ 5,270,230
=========== =========== =========== ========== ===========
</TABLE>
<PAGE> 42
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS
CONSOL. & RECLASS. PSE&G (A) PSCRC
------- ---------- --------- -----
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric $ 3,944,362 $(36,064) $ 3,921,870 $ 22,492
Gas 1,880,994 -- 1,880,994 --
----------- -------- ----------- --------
TOTAL OPERATING REVENUES 5,825,356 (36,064) 5,802,864 22,492
----------- -------- ----------- --------
OPERATING EXPENSES
Operation
Fuel for Electric Generation and
Interchanged Power 918,514 -- 918,514 --
Gas Purchased 1,117,716 -- 1,117,716 --
Other 981,559 (370) 952,529 29,030
Maintenance 318,280 -- 318,280 --
Depreciation and Amortization 604,245 (35,694) 596,896 7,349
Taxes:
Federal Income Taxes 265,376 -- 270,140 (4,764)
New Jersey Gross Receipts Taxes 598,016 -- 598,016 --
Other 75,169 -- 76,515 (1,346)
----------- -------- ----------- --------
TOTAL OPERATING EXPENSES 4,878,875 (36,064) 4,848,606 30,269
----------- -------- ----------- --------
OPERATING INCOME 946,481 -- 954,258 (7,777)
----------- -------- ----------- --------
OTHER INCOME (EXPENSES)
Equity in Earnings of Subsidiary
Companies -- 8,847 (8,847) --
Miscellaneous - net (1,942) (29,643) 79 (1,070)
----------- -------- ----------- --------
TOTAL OTHER INCOME (EXPENSES) (1,942) (20,796) (8,768) (1,070)
----------- -------- ----------- --------
INCOME BEFORE INTEREST CHARGES
AND DIVIDENDS ON PREFERRED SECURITIES 944,539 (20,796) 945,490 (8,847)
----------- -------- ----------- --------
INTEREST CHARGES
Long - Term Debt 343,351 (28,692) 372,043 --
Short - Term Debt 26,014 26,014 --
Other 29,216 29,216 --
----------- -------- ----------- --------
Total Interest Charges 398,581 (28,692) 427,273 --
Allowance for Funds Used During
Construction - Debt (16,854) -- (16,854) --
----------- -------- ----------- --------
NET INTEREST CHARGES 381,727 (28,692) 410,419 --
Preferred Securities Dividend Requirements of Subsidiaries 27,741 (951) -- --
----------- -------- ----------- --------
NET INCOME 535,071 8,847 535,071 (8,847)
----------- -------- ----------- --------
Preferred Stock Dividend Requirements 23,161 -- 23,161 --
Net Gain (Loss) on Preferred Stock Redemptions 18,177 -- 18,177 --
----------- -------- ----------- --------
EARNINGS AVAILABLE FOR PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED $ 530,087 $ 8,847 $ 530,087 $ (8,847)
=========== ======== =========== ========
</TABLE>
<TABLE>
<CAPTION>
CAPITAL E & G
FUELCO TRUST CAPITAL
------ ----- -------
<S> <C> <C> <C>
OPERATING REVENUES
Electric $36,064 $ -- $ --
Gas -- -- --
------- ------ ------
TOTAL OPERATING REVENUES 36,064 -- --
------- ------ ------
OPERATING EXPENSES
Operation
Fuel for Electric Generation and
Interchanged Power -- -- --
Gas Purchased -- -- --
Other 370 -- --
Maintenance -- -- --
Depreciation and Amortization 35,694 -- --
Taxes:
Federal Income Taxes -- -- --
New Jersey Gross Receipts Taxes -- -- --
Other -- --
------- ------ ------
TOTAL OPERATING EXPENSES 36,064 -- --
------- ------ ------
OPERATING INCOME -- -- --
------- ------ ------
OTHER INCOME (EXPENSES)
Equity in Earnings of Subsidiary
Companies -- -- --
Miscellaneous - net -- 9,247 19,445
------- ------ ------
TOTAL OTHER INCOME (EXPENSES) -- 9,247 19,445
------- ------ ------
INCOME BEFORE INTEREST CHARGES
AND DIVIDENDS ON PREFERRED SECURITIES -- 9,247 19,445
------- ------ ------
INTEREST CHARGES
Long - Term Debt -- -- --
Short - Term Debt -- -- --
Other -- -- --
------- ------ ------
Total Interest Charges -- -- --
Allowance for Funds Used During
Construction - Debt -- -- --
------- ------ ------
NET INTEREST CHARGES -- -- --
Preferred Securities Dividend Requirements of Subsidiaries -- 9,247 19,445
------- ------ ------
NET INCOME -- -- --
------- ------ ------
Preferred Stock Dividend Requirements -- -- --
Net Gain (Loss) on Preferred Stock Redemptions -- -- --
------- ------ ------
EARNINGS AVAILABLE FOR PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED $ -- $ -- $ --
======= ====== ======
</TABLE>
(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
FUELCO - PSE&G Fuel Corporation
SETI - Soil Extraction Technologies, Incorporated
CAPITAL TRUST - Public Service Electric and Gas Capital Trust I
E&G CAPITAL - Public Service Electric and Gas Capital, L.P.
<PAGE> 43
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS
CONSOL. & RECLASS. PSE&G PSCRC SETI
------- ---------- ----- ----- ----
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $1,365,915 $( 576) $1,365,915 $ 3,345 $(2,769)
ADD:
Net Income 535,071 8,847 535,071 (8,847) --
---------- ------- ---------- ------- -------
Total 1,900,986 8,271 1,900,986 (5,502) (2,769)
---------- ------- ---------- ------- -------
DEDUCT
Cash Dividends:
Preferred Stock, at required rates 23,161 -- 23,161 -- --
Common Stock 524,300 -- 524,300 -- --
---------- ------- ---------- ------- -------
Total Cash Dividends 547,461 -- 547,461 -- --
-------
Preferred Securities Issuance Expenses 6,699 -- 6,699 -- --
---------- ------- ---------- ------- -------
Total Deductions 554,160 -- 554,160 -- --
---------- ------- ---------- ------- -------
Net gain (loss) on Preferred Stock Redemptions 18,177 -- 18,177 -- --
---------- ------- ---------- ------- -------
BALANCE DECEMBER 31, 1996 $1,365,003 $ 8,271 $1,365,003 $(5,502) $(2,769)
========== ======= ========== ======= =======
</TABLE>
<PAGE> 44
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY SOIL NEW JERSEY
PSE&G ELIMINATIONS PSE&G EXTRACTION PROPERTIES
CONSOL. & RECLASS. PSE&G FUEL CORP. TECHNOLOGIES INC.
------- ---------- ----- ---------- ------------ ----
<S> <C> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT - ORIGINAL COST
Electric $13,314,033 $ -- $13,314,033 $ -- $-- $ --
Gas 2,555,901 -- 2,555,901 -- -- --
Common 530,185 -- 530,185 -- -- --
----------- --------- ----------- ------- ---- ------
Total 16,400,119 -- 16,400,119 -- -- --
Less: Accumulated Depreciation
and Amortization 5,889,098 -- 5,889,098 -- -- --
----------- --------- ----------- ------- ---- ------
Net 10,511,021 -- 10,511,021 -- -- --
Nuclear Fuel in Service, net of
accumulated amortization of $259,384 198,845 -- 119,770 79,075 -- --
----------- --------- ----------- ------- ---- ------
Net Utility Plant in Service 10,709,866 -- 10,630,791 79,075 -- --
Construction Work in Progress including
Nuclear Fuel in Progress of $70,455 445,321 (1) 445,228 94 -- --
Plant Held for Future Use 23,966 1 23,965 -- -- --
----------- --------- ----------- ------- ---- ------
NET UTILITY PLANT 11,179,153 -- 11,099,984 79,169 -- --
----------- --------- ----------- ------- ---- ------
INVESTMENTS AND OTHER NONCURRENT ASSETS
Long-Term Investments, net of
amortization of $12,679 133,342 -- 31,993 -- -- --
Investment in Subs -- (68,247) 68,247 -- -- --
Nuclear Decommissioning and Other Special Funds 382,348 -- 382,348 -- -- --
Other Plant, net of accumulated depreciation and
amortization of $1,171 19,157 -- 18,827 -- -- --
----------- --------- ----------- ------- ---- ------
TOTAL INVESTMENTS AND OTHER NONCURRENT ASSETS 534,847 (68,247) 501,415 -- -- --
----------- --------- ----------- ------- ---- ------
CURRENT ASSETS
Cash and Cash Equivalents 47,639 -- 46,373 20 -- --
Accounts Receivable: -- --
Customer Accounts Receivable 499,858 -- 499,858 -- -- --
Other Accounts Receivable 175,009 -- 157,152 -- -- --
Less: Allowance for Doubtful Accounts 42,283 -- 42,283 -- -- --
Accounts Receivable - Associated Companies 4,308 (463,824) 33,058 3,675 401 --
Unbilled Revenues 248,504 -- 248,504 -- -- --
Fuel, at average cost 313,019 -- 313,019 -- -- --
Materials and Supplies, at average cost, net of
inventory valuation reserves - $16,100 147,757 -- 147,757 -- -- --
Deferred Income Taxes 23,210 -- 23,210 -- -- --
Miscellaneous Current Assets 30,409 -- 30,054 309 -- --
----------- --------- ----------- ------- ---- ------
TOTAL CURRENT ASSETS 1,447,430 (463,824) 1,456,702 4,004 401 --
----------- --------- ----------- ------- ---- ------
DEFERRED DEBITS
Property Abandonments - net 52,573 -- 52,573 -- -- --
Oil and Gas Property Write Down 30,924 -- 30,924 -- -- --
Unamortized Debt Expense 137,606 -- 137,606 -- -- --
Deferred OPEB Costs 226,171 -- 226,171 -- -- --
Unrecovered Environmental Costs 125,900 -- 118,088 -- -- 7,812
Unrecovered Plant and Regulatory Study Costs 33,941 -- 33,941 -- -- --
Underrecovered Electric Energy
and Gas Costs - net 176,055 -- 176,055 -- -- --
Unrecovered SFAS 109 Deferred Income Taxes 751,763 -- 751,763 -- -- --
Deferred Decontamination and Decommissioning Costs 46,643 -- 46,643 -- -- --
Other 56,348 -- 56,332 -- -- --
----------- --------- ----------- ------- ---- ------
TOTAL DEFERRED DEBITS 1,637,924 -- 1,630,096 -- -- 7,812
----------- --------- ----------- ------- ---- ------
TOTAL ASSETS $14,799,354 $(532,071) $14,688,197 $83,173 $401 $7,812
=========== ========= =========== ======= ==== ======
</TABLE>
<PAGE> 45
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THE PUBLIC SERVICE PUBLIC SERVICE
FRANCIS CONSERVATION CORPORATION PSE&G PSE&G CAPITAL
CORPORATION RESOURCES CORP. OF NEW JERSEY CAPITAL, L.P. TRUST I
----------- --------------- ------------- ------------- -------
<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 $259,384 -- -- -- -- --
---- -------- ---- -------- --------
Net Utility Plant in Service -- -- -- -- --
Construction Work in Progress including
Nuclear Fuel in Progress of $70,455 -- -- -- -- --
Plant Held for Future Use -- -- -- -- --
---- -------- ---- -------- --------
NET UTILITY PLANT -- -- -- -- --
---- -------- ---- -------- --------
INVESTMENTS AND OTHER NONCURRENT ASSETS
Long-Term Investments, net of
amortization of $12,679 445 100,904 -- -- --
Investment in Subs -- -- -- -- --
Nuclear Decommissioning and Other Special Funds -- -- -- -- --
Other Plant, net of accumulated depreciation and
amortization of $1,171 -- 330 -- -- --
---- -------- ---- -------- --------
TOTAL INVESTMENTS AND OTHER NONCURRENT ASSETS 445 101,234 -- -- --
---- -------- ---- -------- --------
CURRENT ASSETS
Cash and Cash Equivalents 1 1,244 1 -- --
Accounts Receivable: -- -- -- -- --
Customer Accounts Receivable -- -- -- -- --
Other Accounts Receivable -- 17,857 -- -- --
Less: Allowance for Doubtful Accounts -- -- -- -- --
Accounts Receivable - Associated Companies -- 70 -- 216,495 214,433
Unbilled Revenues -- -- -- -- --
Fuel, at average cost -- -- -- -- --
Materials and Supplies, at average cost, net of
inventory valuation reserves - $16,100 -- -- -- -- --
Deferred Income Taxes -- -- -- -- --
Miscellaneous Current Assets -- 46 -- -- --
---- -------- ---- -------- --------
TOTAL CURRENT ASSETS 1 19,217 1 216,495 214,433
---- -------- ---- -------- --------
DEFERRED DEBITS
Property Abandonments - net -- -- -- -- --
Oil and Gas Property Write Down -- -- -- -- --
Unamortized Debt Expense -- -- -- -- --
Deferred OPEB Costs -- -- -- -- --
Unrecovered Environmental Costs -- -- -- -- --
Unrecovered Plant and Regulatory Study Costs -- -- -- -- --
Underrecovered Electric Energy
and Gas Costs - net -- -- -- -- --
Unrecovered SFAS 109 Deferred Income Taxes -- -- -- -- --
Deferred Decontamination and Decommissioning Costs -- -- -- -- --
Other -- -- 16 -- --
---- -------- ---- -------- --------
TOTAL DEFERRED DEBITS -- -- 16 -- --
---- -------- ---- -------- --------
TOTAL ASSETS $446 $120,451 $ 17 $216,495 $214,433
==== ======== ==== ======== ========
</TABLE>
<PAGE> 46
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY SOIL NEW JERSEY
PSE&G ELIMINATIONS PSE&G EXTRACTION PROPERTIES
CONSOL. & RECLASS. PSE&G FUEL CORP. TECHNOLOGIES INC.
------- ---------- ----- ---------- ------------ ----
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Equity:
Common Stock $ 2,563,003 $ (24) $ 2,563,003 $ 1 $ 10 $ 1
Contributed Capital from Enterprise 594,395 (63,566) 594,395 -- 3,130 --
Retained Earnings 1,365,003 8,271 1,365,003 -- (2,769) --
----------- --------- ----------- ------- ------- ------
Total Common Equity 4,522,401 (55,319) 4,522,401 1 371 1
Preferred Stock Without Mandatory Redemption 113,392 -- 113,392 -- -- --
Preferred Stock With Mandatory Redemption 150,000 -- 150,000 -- -- --
Subsidiaries' Preferred Securities:
Monthly Guaranteed Preferred Beneficial Interest
in PSE&G's Subordinated Debentures 210,000 (6,495) -- -- -- --
Quarterly Guaranteed Preferred Beneficial Interest
in PSE&G's Subordinated Debentures 208,000 (6,433) -- -- -- --
Long- Term Debt 4,107,331 (430,928) 4,538,259 -- -- --
----------- --------- ----------- ------- ------- ------
Total Capitalization 9,311,124 (499,175) 9,324,052 1 371 1
----------- --------- ----------- ------- ------- ------
OTHER LONG-TERM LIABILITIES
Decontamination, Decommissioning, and Low
Level Radwaste Costs 46,643 -- 46,643 -- -- --
Environmental Costs 85,755 -- 85,755 -- -- --
Capital Lease Obligations 52,371 -- 52,371 -- -- --
----------- --------- ----------- ------- ------- ------
Total Other Long - Term Liabilities 184,769 -- 184,769 -- -- --
----------- --------- ----------- ------- ------- ------
CURRENT LIABILITIES
Long - Term Debt due within one year 423,500 -- 423,500 -- -- --
Commercial Paper and Loans 638,051 -- 524,879 83,172 -- --
Book Overdrafts 106,372 -- 106,372 -- -- --
Accounts Payable 520,651 -- 517,865 -- -- --
Accounts Payable - Associated Companies -- (32,896) 4,309 -- 106 7,811
Other Taxes Accrued 33,745 -- 33,745 -- -- --
Interest Accrued 86,674 -- 86,674 -- -- --
Provision for Rate Refund 89,210 -- 89,210 -- -- --
Other 132,113 -- 126,563 -- -- --
----------- --------- ----------- ------- ------- ------
Total Current Liabilities 2,030,316 (32,896) 1,913,117 83,172 106 7,811
----------- --------- ----------- ------- ------- ------
DEFERRED CREDITS
Deferred Income Taxes 2,557,587 -- 2,563,749 -- (76) --
Deferred Investment Tax Credits 351,637 -- 351,637 -- -- --
Deferred OPEB Costs 226,171 -- 226,171 -- -- --
Other 137,750 -- 124,702 -- -- --
----------- --------- ----------- ------- ------- ------
Total Deferred Credits 3,273,145 -- 3,266,259 -- (76) --
----------- --------- ----------- ------- ------- ------
TOTAL CAPITALIZATION AND LIABILITIES $14,799,354 $(532,071) $14,688,197 $83,173 $ 401 $7,812
=========== ========= =========== ======= ======= ======
</TABLE>
<PAGE> 47
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THE PUBLIC SERVICE PUBLIC SERVICE
FRANCIS CONSERVATION CORPORATION PSE&G PSE&G CAPITAL
CORPORATION RESOURCES CORP. OF NEW JERSEY CAPITAL, L.P. TRUST I
----------- --------------- ------------- ------------- -------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Equity:
Common Stock $ 1 $ 10 $ 1 $ -- $ --
Contributed Capital from Enterprise 445 59,991 -- -- --
Retained Earnings -- (5,502) -- -- --
------- --------- --- -------- --------
Total Common Equity 446 54,499 1 -- --
Preferred Stock Without Mandatory Redemption -- -- -- -- --
Preferred Stock With Mandatory Redemption -- -- -- -- --
Subsidiaries' Preferred Securities:
Monthly Guaranteed Preferred Beneficial Interest
in PSE&G's Subordinated Debentures -- -- -- 216,495 --
Quarterly Guaranteed Preferred Beneficial Interest
in PSE&G's Subordinated Debentures -- -- -- -- 214,433
Long- Term Debt -- -- -- -- --
------- --------- --- -------- --------
Total Capitalization 446 54,499 1 216,495 214,433
------- --------- --- -------- --------
OTHER LONG-TERM LIABILITIES
Decontamination, Decommissioning, and Low
Level Radwaste Costs -- -- -- -- --
Environmental Costs -- -- -- -- --
Capital Lease Obligations -- -- -- -- --
------- --------- --- -------- --------
Total Other Long - Term Liabilities -- -- -- -- --
------- --------- --- -------- --------
CURRENT LIABILITIES
Long - Term Debt due within one year -- -- -- -- --
Commercial Paper and Loans -- 30,000 -- -- --
Book Overdrafts -- -- -- -- --
Accounts Payable -- 2,786 -- -- --
Accounts Payable - Associated Companies 20,654 16 -- --
Other Taxes Accrued -- -- -- -- --
Interest Accrued -- -- -- -- --
Provision for Rate Refund -- -- -- -- --
Other -- 5,550 -- -- --
------- --------- --- -------- --------
Total Current Liabilities -- 58,990 16 -- --
------- --------- --- -------- --------
DEFERRED CREDITS
Deferred Income Taxes -- (6,086) -- -- --
Deferred Investment Tax Credits -- -- -- -- --
Deferred OPEB Costs -- -- -- -- --
Other -- 13,048 -- -- --
------- --------- --- -------- --------
Total Deferred Credits -- 6,962 -- -- --
------- --------- --- -------- --------
TOTAL CAPITALIZATION AND LIABILITIES $ 446 $ 120,451 $17 $216,495 $214,433
======= ========= === ======== ========
</TABLE>
<PAGE> 48
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOL. & RECLASS. EDHI CEA PSRC (A)
------- ---------- ---- --- --------
<S> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 120,767 $ -- $ -- $ 47,151 $ 72,838
Income from capital lease agreements 44,924 -- -- -- 44,924
Unrealized gains (losses) on investments 13,023 -- -- -- 13,023
Realized gains (losses) on investments (19) -- -- -- (180)
Interest and dividend income 15,461 -- 58 102 11,382
Gas marketing sales 1,585 -- -- -- --
Interest and other - associated cos -- (77,317) 9,384 26 --
Other 15,240 -- -- 12,863 742
Equity in subsidiary earnings -- (57,270) 57,270 -- --
--------- --------- ------- -------- ---------
Total revenues 210,981 (134,587) 66,712 60,142 142,729
--------- --------- ------- -------- ---------
OPERATING EXPENSES:
Operation and maintenance 12,080 -- -- 9,317 214
Depreciation and amortization 3,048 -- 297 732 1,560
Property impairment 635 -- -- -- --
Administrative and general 55,008 (9,444) 8,521 29,065 12,844
--------- --------- ------- -------- ---------
Total operating expenses 70,771 (9,444) 8,818 39,114 14,618
--------- --------- ------- -------- ---------
OPERATING INCOME 140,210 (125,143) 57,894 21,028 128,111
--------- --------- ------- -------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation -- (31,734) -- 4,131 27,528
Enterprise Capital Funding Corp. -- (15,319) 450 2,234 12,583
Enterprise Group Development Corp. -- (361) -- -- --
Enterprise Diversified Holdings Inc. -- (109) -- -- --
Community Energy Alternatives Inc. -- (26) -- -- --
Other 54,530 (20,324) 173 448 3,226
Capitalized interest (1,301) -- -- (1,301) --
--------- --------- ------- -------- ---------
Net interest expense 53,229 (67,873) 623 5,512 43,337
--------- --------- ------- -------- ---------
INCOME BEFORE INCOME TAXES 86,981 (57,270) 57,271 15,516 84,774
--------- --------- ------- -------- ---------
INCOME TAXES:
Current (113,469) -- -- 4,949 (108,145)
Deferred 145,890 -- -- 1,964 138,248
Investment and energy tax credits - net (2,689) -- -- (655) (2,034)
--------- --------- ------- -------- ---------
Total income taxes 29,732 -- -- 6,258 28,069
--------- --------- ------- -------- ---------
MINORITY INTERESTS (22) -- -- -- --
--------- --------- ------- -------- ---------
INCOME FROM CONTINUING OPERATIONS 57,271 (57,270) 57,271 9,258 56,705
--------- --------- ------- -------- ---------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes 10,746 -- 10,746 -- --
Gain on Sale of Discontinued Operations - Net of Taxes 13,492 -- 13,492 -- --
--------- --------- ------- -------- ---------
INCOME FROM DISCONTINUED OPERATIONS 24,238 -- 24,238 -- --
--------- --------- ------- -------- ---------
NET INCOME $ 81,509 $ (57,270) $81,509 $ 9,258 $ 56,705
========= ========= ======= ======== =========
</TABLE>
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional
information, see Item I.
EDHI - Enterprise Diversified Holdings Incorporated
CEA - Community Energy Alternatives Incorporated
PSRC - Public Service Resources Corporation
ERI - Energis Resources Incorporated
EGDC - Enterprise Group Development Corporation
PSEG CAPITAL - PSEG Capital Corporation
ECFC - Enterprise Capital Funding Corporation
<PAGE> 49
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
ERI EGDC CAPITAL ECFC
--- ---- ------- ----
<S> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ 778 $ -- $ --
Income from capital lease agreements -- -- -- --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments (77) 238 -- --
Interest and dividend income 75 118 -- 3,726
Gas marketing sales 1,585 -- -- --
Interest and other - associated cos. -- 361 41,597 25,949
Other 1,634 1 -- --
Equity in subsidiary earnings -- -- -- --
-------- ------- ----- -----
Total revenues 3,217 1,496 41,597 29,675
-------- ------- ----- -----
OPERATING EXPENSES:
Operation and maintenance 1,317 1,232 -- --
Depreciation and amortization 377 82 -- --
Property impairment -- 635 -- --
Administrative and general 11,576 2,266 35 145
-------- ------- ----- -----
Total operating expenses 13,270 4,215 35 145
-------- ------- ----- -----
OPERATING INCOME (10,053) (2,719) 41,562 29,530
-------- ------- ----- -----
INTEREST EXPENSE:
PSEG Capital Corporation 75 -- -- --
Enterprise Capital Funding Corp. 52 -- -- --
Enterprise Group Development Corp. -- -- 361 --
Enterprise Diversified Holdings Inc. -- -- -- 109
Community Energy Alternatives Inc. -- -- -- 26
Other -- 411 41,201 29,395
Capitalized interest -- -- -- --
-------- ------- ----- -----
Net interest expense 127 411 41,562 29,530
-------- ------- ----- -----
INCOME BEFORE INCOME TAXES (10,180) (3,130) -- --
-------- ------- ----- -----
INCOME TAXES:
Current (3,660) (6,613) -- --
Deferred 127 5,551 -- --
Investment and energy tax credits - net -- -- -- --
-------- ------- ----- -----
Total income taxes (3,533) (1,062) -- --
-------- ------- ----- -----
MINORITY INTERESTS -- (22) -- --
-------- ------- ----- -----
INCOME FROM CONTINUING OPERATIONS (6,647) (2,046) -- --
-------- ------- ----- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- ------- ----- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
-------- ------- ----- -----
NET INCOME $(6,647) $(2,046) $ -- $ --
======== ======= ===== =====
</TABLE>
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional
information, see Item I.
EDHI - Enterprise Diversified Holdings Incorporated
CEA - Community Energy Alternatives Incorporated
PSRC - Public Service Resources Corporation
ERI - Energis Resources Incorporated
EGDC - Enterprise Group Development Corporation
PSEG CAPITAL - PSEG Capital Corporation
ECFC - Enterprise Capital Funding Corporation
<PAGE> 50
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOL. & RECLASS. EDHI CEA PSRC
------- ---------- ---- --- ----
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $ 40,966 $(118,834) $ 40,966 $42,282 $161,253
NET INCOME 81,509 (57,270) 81,509 9,258 56,705
-------- --------- -------- ------- --------
TOTAL 122,475 (176,104) 122,475 51,540 217,958
-------- --------- -------- ------- --------
DIVIDENDS DECLARED 19,000 (15,500) 19,000 1,500 14,000
-------- --------- -------- ------- --------
BALANCE DECEMBER 31, 1996 $103,475 $(160,604) $103,475 $50,040 $203,958
======== ========= ======== ======= ========
</TABLE>
<PAGE> 51
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
ERI EGDC CAPITAL ECFC
--- ---- ------- ----
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $(1,149) $(83,552) $-- $--
NET INCOME (6,647) (2,046) -- --
------- -------- --- ---
TOTAL (7,796) (85,598) -- --
------- -------- --- ---
DIVIDENDS DECLARED -- -- -- --
------- -------- --- ---
------- -------- --- ---
BALANCE DECEMBER 31, 1996 $(7,796) $(85,598) $-- $--
======= ======== === ===
</TABLE>
<PAGE> 52
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOL. & RECLASS. EDHI CEA PSRC
------- ---------- ---- --- ----
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 148,427 $ -- $ -- $ 1,585 $ 119
Accounts receivable:
Trade 20,468 -- -- 4,102 --
Other 13,834 -- -- 1,033 375
PSE&G -- (43) 3 40 --
PSEG 3,140 (7,550) 8,882 1,808
Other associated companies -- (11,530) 3,115 79 --
Notes receivable:
Associated companies -- (509,316) 2,177 -- --
Other 5,880 -- -- -- 5,180
Interest and dividends receivable 1,796 -- -- 2 1,121
Prepayments 3,567 -- 738 274 1,502
----------- ----------- --------- --------- -----------
Total Current Assets 197,112 (528,439) 14,915 7,115 10,105
----------- ----------- --------- --------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 70,971 -- -- -- 16,502
Other 7,905 -- 1,624 4,022 372
Accum. depr. and amortization (9,211) -- (1,273) (1,628) (5,743)
Valuation allowances (826) -- -- -- --
----------- ----------- --------- --------- -----------
Property, Plant and Equipment-net 68,839 -- 351 2,394 11,131
----------- ----------- --------- --------- -----------
INVESTMENTS
Subsidiaries -- (640,079) 640,079 -- --
Capital lease agreements 968,284 -- -- -- 968,284
Partnership interests 632,636 -- -- 189,751 407,994
Corporate joint ventures 75,466 -- -- 75,466 --
Securities 47,576 -- -- -- 47,576
Valuation allowances (3,000) -- -- -- (3,000)
----------- ----------- --------- --------- -----------
Total Investments 1,720,962 (640,079) 640,079 265,217 1,420,854
----------- ----------- --------- --------- -----------
OTHER ASSETS
Other 15,009 (2,980) -- 11,624 479
----------- ----------- --------- --------- -----------
Total Other Assets 15,009 (2,980) -- 11,624 479
----------- ----------- --------- --------- -----------
TOTAL ASSETS $ 2,001,922 $(1,171,498) $ 655,345 $ 286,350 $ 1,442,569
=========== =========== ========= ========= ===========
</TABLE>
<PAGE> 53
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
ERI EGDC CAPITAL ECFC
--- ---- ------- ----
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 735 $ 577 $ -- $145,411
Accounts receivable:
Trade 16,338 28 -- --
Other 11,492 934 -- --
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies -- 57 7,477 802
Notes receivable:
Associated companies 15,721 13,231 422,772 55,415
Other -- 700 -- --
Interest and dividends receivable -- 249 -- 424
Prepayments 971 82 -- --
-------- --------- -------- --------
Total Current Assets 45,257 15,858 430,249 202,052
-------- --------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- 54,469 -- --
Other 1,745 142 -- --
Accum. depr. and amortization (404) (163) -- --
Valuation allowances -- (826) -- --
-------- --------- -------- --------
Property, Plant and Equipment-net 1,341 53,622 -- --
-------- --------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- 34,891 -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- --------- -------- --------
Total Investments -- 34,891 -- --
-------- --------- -------- --------
OTHER ASSETS
Other 745 3,680 52 1,409
-------- --------- -------- --------
Total Other Assets 745 3,680 52 1,409
-------- --------- -------- --------
TOTAL ASSETS $ 47,343 $ 108,051 $430,301 $203,461
======== ========= ======== ========
</TABLE>
<PAGE> 54
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
EDHI ELIMINATIONS
CONSOL. & RECLASS. EDHI CEA PSRC
------- ---------- ---- --- ----
<S> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 15,830 $ -- $ -- $ 3,764 $ --
Taxes 6,410 -- 4,659 1,343 203
Other 39,578 -- 23,513 5,329 4,176
Interest 6,384 -- -- -- 1,427
Associated companies 2,702 (19,123) 4,224 4,855 11,383
Notes payable:
PSEG Capital Corporation -- (422,772) -- 49,977 372,795
Enterprise Capital Funding Corp. -- (55,415) -- 6,828 48,587
Enterprise Group Development Corp. -- (13,231) -- -- --
Enterprise Diversified Holdings Inc. -- (2,177) -- -- --
U.S.Energy Incorporated -- (15,721) -- -- --
Current portion of long-term debt 124,481 -- -- -- --
---------- ----------- --------- -------- ----------
Total Current Liabilities 195,385 (528,439) 32,396 72,096 438,571
---------- ----------- --------- -------- ----------
TOTAL LONG-TERM DEBT 472,900 -- -- -- --
---------- ----------- --------- -------- ----------
DEFERRED CREDITS
Deferred income taxes 692,756 (2,980) (5) 59,417 636,242
Deferred investment
and energy tax credits 10,149 -- -- 9,984 165
Other 8,087 -- 309 5,833 89
---------- ----------- --------- -------- ----------
Total Deferred Credits 710,992 (2,980) 304 75,234 636,496
---------- ----------- --------- -------- ----------
STOCKHOLDER'S EQUITY
Capital stock 100 (170,592) 100 62,880 107,001
Contributed capital 519,070 (308,883) 519,070 26,100 56,543
Retained earnings 103,475 (160,604) 103,475 50,040 203,958
---------- ----------- --------- -------- ----------
Total Stockholder's Equity 622,645 (640,079) 622,645 139,020 367,502
---------- ----------- --------- -------- ----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,001,922 ($1,171,498) $ 655,345 $286,350 $1,442,569
========== =========== ========= ======== ==========
</TABLE>
<PAGE> 55
ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
ERI EGDC CAPITAL ECFC
--- ---- ------- ----
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 12,066 $ -- $ -- $ --
Taxes -- 205 -- --
Other 6,456 104 -- --
Interest -- -- 2,525 2,432
Associated companies 79 1,189 64 31
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- 13,231 --
Enterprise Diversified Holdings Inc. -- -- -- 2,177
U.S.Energy Incorporated -- -- -- 15,721
Current portion of long-term debt -- -- 69,481 55,000
-------- --------- -------- --------
Total Current Liabilities 18,601 1,498 85,301 75,361
-------- --------- -------- --------
TOTAL LONG-TERM DEBT -- -- 344,900 128,000
-------- --------- -------- --------
DEFERRED CREDITS
Deferred income taxes 82 -- -- --
Deferred investment
and energy tax credits -- -- -- --
Other -- 1,856 -- --
-------- --------- -------- --------
Total Deferred Credits 82 1,856 -- --
-------- --------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock 10 501 100 100
Contributed capital 36,446 189,794 -- --
Retained earnings (7,796) (85,598) -- --
-------- --------- -------- --------
Total Stockholder's Equity 28,660 104,697 100 100
-------- --------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 47,343 $ 108,051 $430,301 $203,461
======== ========= ======== ========
</TABLE>
<PAGE> 56
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSRC ELIMINATIONS RCMC
CONSOL. & RECLASS. PSRC CONSOL. (A) RCIC
------- ---------- ---- ----------- ----
<S> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 72,838 $ -- $ 8,696 $ 5,998 $ --
Income from capital lease agreements 44,924 -- 18,620 22,824 2,243
Unrealized gains (losses) on investments 13,023 -- (3,282) -- --
Realized gains (losses) on investments (180) -- (180) -- --
Interest and dividend income 11,382 (4) 11,223 -- --
Other 742 (83) (347) 1 912
Equity in subsidiary earnings -- (57,540) 57,532 -- --
--------- -------- -------- -------- -------
TOTAL REVENUES 142,729 (57,627) 92,262 28,823 3,155
--------- -------- -------- -------- -------
OPERATING EXPENSES:
Operation and maintenance 214 -- 214 -- --
Depreciation and amortization 1,560 -- 404 688 --
Administrative and general 12,844 (83) 11,273 461 15
--------- -------- -------- -------- -------
TOTAL OPERATING EXPENSES 14,618 (83) 11,891 1,149 15
--------- -------- -------- -------- -------
OPERATING INCOME 128,111 (57,544) 80,371 27,674 3,140
--------- -------- -------- -------- -------
INTEREST EXPENSE:
PSEG Capital Corporation 27,528 -- 17,933 8,758 538
Enterprise Capital Funding Corp. 12,583 (4) 7,142 4,970 305
Other 3,226 -- 1,707 55 80
Capitalized interest -- -- -- -- --
--------- -------- -------- -------- -------
NET INTEREST EXPENSE 43,337 (4) 26,782 13,783 923
--------- -------- -------- -------- -------
INCOME BEFORE INCOME TAXES 84,774 (57,540) 53,589 13,891 2,217
--------- -------- -------- -------- -------
INCOME TAXES:
Current (108,145) -- (60,267) (65,197) (5,285)
Deferred 138,248 -- 57,421 71,467 6,764
Investment and energy tax credits - net (2,034) -- (270) (823) (639)
--------- -------- -------- -------- -------
TOTAL INCOME TAXES 28,069 -- (3,116) 5,447 840
--------- -------- -------- -------- -------
MINORITY INTERESTS -- (85) -- -- --
--------- -------- -------- -------- -------
INCOME FROM CONTINUING OPERATIONS 56,705 (57,455) 56,705 8,444 1,377
--------- -------- -------- -------- -------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
--------- -------- -------- -------- -------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
--------- -------- -------- -------- -------
NET INCOME $ 56,705 $(57,455) $ 56,705 $ 8,444 $ 1,377
========= ======== ======== ======== =======
</TABLE>
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information,
see Item I.
<PAGE> 57
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRCSC PSRCSC PSRCSC PSRCSC
RCSC RCFC ONE TWO THREE FOUR
---- ---- --- --- ----- ----
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $-- $ -- $-- $-- $-- $--
Income from capital lease agreements -- 85 -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Other (2) -- 2 1 1 1
Equity in subsidiary earnings -- -- -- -- -- --
--- ------- --- --- --- ---
TOTAL REVENUES (2) 85 2 1 1 1
--- ------- --- --- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Administrative and general 2 281 2 1 1 1
--- ------- --- --- --- ---
TOTAL OPERATING EXPENSES 2 281 2 1 1 1
--- ------- --- --- --- ---
OPERATING INCOME (4) (196) -- -- -- --
--- ------- --- --- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- 299 -- -- -- --
Enterprise Capital Funding Corp. -- 170 -- --- --- ---
Other -- -- -- -- -- --
Capitalized interest -- -- -- -- -- --
--- ------- --- --- --- ---
NET INTEREST EXPENSE -- 469 -- -- -- --
--- ------- --- --- --- ---
INCOME BEFORE INCOME TAXES (4) (665) -- -- -- --
--- ------- --- --- --- ---
INCOME TAXES:
Current -- (5,591) -- -- -- --
Deferred -- 5,489 -- -- -- --
Investment and energy tax credits -- net -- -- -- -- -- --
--- ------- --- --- --- ---
TOTAL INCOME TAXES -- (102) -- -- -- --
--- ------- --- --- --- ---
MINORITY INTERESTS -- -- -- -- -- --
--- ------- --- --- --- ---
INCOME FROM CONTINUING OPERATIONS (4) (563) -- -- -- --
--- ------- --- --- --- ---
DISCONTINUED OPERATIONS
Income from Discontinued Operations -- Net of Taxes -- -- -- -- -- --
Gain on Sale of Discontinued Operations -- Net of Taxes -- -- -- -- -- --
--- ------- --- --- --- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- -- --
--- ------- --- --- --- ---
NET INCOME $(4) $ (563) $-- $-- $-- $--
=== ======= === === === ===
</TABLE>
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information,
see Item I.
<PAGE> 58
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THE PSGMC PSRC
WATER SOURCE CONSOL. PSRC, INC. ENTECH DEL., INC.
------------ ------- ---------- ------ ----------
<S> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $-- $-- $ -- $-- $ 58,144
Income from capital lease agreements -- -- 1,152 -- --
Unrealized gains (losses) on investments -- 30 -- -- 16,275
Realized gains (losses) on investments -- -- -- -- --
Interest and dividend income -- 163 -- -- --
Other 176 79 -- 1 --
Equity in subsidiary earnings -- 8 -- -- --
----- ----- ------- ----- --------
TOTAL REVENUES 176 280 1,152 1 74,419
----- ----- ------- ----- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Depreciation and amortization (2) -- 458 12 --
Administrative and general 131 45 56 677 (19)
----- ----- ------- ----- --------
TOTAL OPERATING EXPENSES 129 45 514 689 (19)
----- ----- ------- ----- --------
OPERATING INCOME 47 235 638 (688) 74,438
----- ----- ------- ----- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other -- -- 37 -- 1,347
Capitalized interest -- -- -- -- --
----- ----- ------- ----- --------
NET INTEREST EXPENSE -- -- 37 -- 1,347
----- ----- ------- ----- --------
INCOME BEFORE INCOME TAXES 47 235 601 (688) 73,091
----- ----- ------- ----- --------
INCOME TAXES:
Current 29 (229) (1,677) (241) 30,313
Deferred (13) 240 1,961 1 (5,082)
Investment and energy tax credits -- net -- -- -- -- (302)
----- ----- ------- ----- --------
TOTAL INCOME TAXES 16 11 284 (240) 24,929
----- ----- ------- ----- --------
MINORITY INTERESTS -- 85 -- -- --
----- ----- ------- ----- --------
INCOME FROM CONTINUING OPERATIONS 31 139 317 (448) 48,162
----- ----- ------- ----- --------
DISCONTINUED OPERATIONS
Income from Discontinued Operations -- Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations -- Net of Taxes -- -- -- -- --
----- ----- ------- ----- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
----- ----- ------- ----- --------
NET INCOME $ 31 $ 139 $ 317 $(448) $ 48,162
===== ===== ======= ===== ========
</TABLE>
(A) Exceeds 2% of Enterprise's consolidated assets. For additional information,
see Item I.
<PAGE> 59
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSRC ELIMINATIONS RCMC
CONSOL. & RECLASS. PSRC CONSOL. RCIC RCSC
------- ---------- ---- ------- ---- ----
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $161,253 $(15,078) $161,253 $16,775 $1,809 $(35)
NET INCOME 56,705 (57,455) 56,705 8,444 1,377 (4)
-------- -------- -------- ------- ------ ----
TOTAL 217,958 (72,533) 217,958 25,219 3,186 (39)
-------- -------- -------- ------- ------ ----
DIVIDENDS DECLARED 14,000 591 14,000 -- -- --
-------- -------- -------- ------- ------ ----
BALANCE DECEMBER 31, 1996 $203,958 $(73,124) $203,958 $25,219 $3,186 $(39)
======== ======== ======== ======= ====== ====
</TABLE>
<PAGE> 60
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRCSC PSRCSC PSRCSC PSRCSC
RCFC ONE TWO THREE FOUR
---- --- --- ----- ----
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $(1,396) $(3) $(3) $-- $--
NET INCOME (563) -- -- -- --
------- --- --- --- ---
TOTAL (1,959) (3) (3) -- --
------- --- --- --- ---
DIVIDENDS DECLARED -- -- -- -- --
------- --- --- --- ---
BALANCE DECEMBER 31, 1996 $(1,959) $(3) $(3) $-- $--
======= === === === ===
</TABLE>
<PAGE> 61
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THE PSGMC PSRC
WATER SOURCE CONSOL. PSRC, INC. ENTECH DEL., INC.
------------ ------- ---------- ------ ----------
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $(1,086) $(730) $295 $(526) $ (22)
NET INCOME 31 139 317 (448) 48,162
------- ----- ---- ----- --------
TOTAL (1,055) (591) 612 (974) 48,140
------- ----- ---- ----- --------
DIVIDENDS DECLARED -- (591) -- -- --
------- ----- ---- ----- --------
BALANCE DECEMBER 31, 1996 $(1,055) $ -- $612 $(974) $ 48,140
======= ===== ==== ===== ========
</TABLE>
<PAGE> 62
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSRC ELIMINATIONS RCMC
CONSOL. & RECLASS. PSRC CONSOL. RCIC
----------- --------- ----------- --------- -------
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 119 $ -- $ 40 $ 30 $ --
Accounts and Notes receivable:
Trade -- -- -- -- --
Other 375 -- 157 196 --
PSE&G -- -- -- -- --
PSEG 1,808 -- 1,808 -- --
Other associated companies -- (156,348) 50,346 42,588 6,806
Notes receivable:
Associated companies -- -- -- -- --
Other 5,180 -- 5,177 -- --
Interest receivable 1,121 -- 483 -- --
Prepayments 1,502 -- 1,347 74 --
----------- --------- ----------- --------- -------
Total Current Assets 10,105 (156,348) 59,358 42,888 6,806
----------- --------- ----------- --------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate 16,502 -- 2,539 2,698 --
Other 372 -- 265 21 --
Accum. depr. and amortization (5,743) -- (861) (987) --
Valuation allowances -- -- -- --
----------- --------- ----------- --------- -------
Property, Plant and Equipment-net 11,131 -- 1,943 1,732 --
----------- --------- ----------- --------- -------
INVESTMENTS
Subsidiaries -- (488,381) 488,381 -- --
Capital lease agreements 968,284 -- 432,831 429,903 48,137
Partnership interests 407,994 -- 29,428 36,062 --
Corporate joint ventures -- -- -- -- --
Securities 47,576 -- 37,063 -- --
Valuation allowances (3,000) -- (3,000) -- --
----------- --------- ----------- --------- -------
Total Investments 1,420,854 (488,381) 984,703 465,965 48,137
----------- --------- ----------- --------- -------
OTHER ASSETS
Other 479 -- -- 92 --
----------- --------- ----------- --------- -------
Total Other Assets 479 -- -- 92 --
----------- --------- ----------- --------- -------
TOTAL ASSETS $ 1,442,569 $(644,729) $ 1,046,004 $ 510,677 $54,943
=========== ========= =========== ========= =======
</TABLE>
<PAGE> 63
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRCSC PSRCSC PSRCSC PSRCSC
RCSC RCFC ONE TWO THREE FOUR
------- ---------- ---------- --------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 9 $ -- $ 5 $ 5 $ 5 $ 5
Accounts and Notes receivable:
Trade -- -- -- -- -- --
Other -- 21 -- -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
Other associated companies -- 6,104 2 2 5 5
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- -- -- -- --
------- ---------- --------- --------- --------- ------
Total Current Assets 9 6,125 7 7 10 10
------- ---------- --------- --------- --------- ------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- -- -- -- --
Accum. depr. and amortization -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
------- ---------- --------- --------- --------- ------
Property, Plant and Equipment-net -- -- -- -- -- --
------- ---------- --------- --------- --------- ------
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- 29,592 -- -- -- --
Partnership interests -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
------- ---------- --------- --------- --------- ------
Total Investments -- 29,592 -- -- -- --
------- ---------- --------- --------- --------- ------
OTHER ASSETS
Other -- -- -- -- -- --
------- ---------- --------- --------- --------- ------
Total Other Assets -- -- -- -- -- --
------- ---------- --------- --------- --------- ------
TOTAL ASSETS $ 9 $ 35,717 $ 7 $ 7 $ 10 $ 10
======= ========== ========= ========= ========= ======
</TABLE>
<PAGE> 64
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THE PSGMC PSRC
WATER SOURCE CONSOL. PSRC, INC. ENTECH DEL., INC.
------------ ------- --------- ------ ----------
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ 10 $ -- $ 10
Accounts and Notes receivable:
Trade -- -- -- -- --
Other -- -- 1 -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
Other associated companies -- 233 -- 46 50,211
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- 3
Interest receivable -- -- -- -- 638
Prepayments -- -- -- -- 81
------ ---- -------- --- --------
Total Current Assets -- 233 11 46 50,943
------ ---- -------- --- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- 11,265 -- --
Other -- -- 86 -- --
Accum. depr. and amortization -- -- (3,895) -- --
Valuation allowances -- -- -- -- --
------ ---- -------- --- --------
Property, Plant and Equipment-net -- -- 7,456 -- --
------ ---- -------- --- --------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- 27,821 -- --
Partnership interests -- -- -- -- 342,504
Corporate joint ventures -- -- -- -- --
Securities -- -- -- -- 10,513
Valuation allowances -- -- -- -- --
------ ---- -------- --- --------
Total Investments -- -- 27,821 -- 353,017
------ ---- -------- --- --------
OTHER ASSETS
Other -- -- 387 -- --
------ ---- -------- --- --------
Total Other Assets -- -- 387 -- --
------ ---- -------- --- --------
TOTAL ASSETS $ -- $233 $ 35,675 $46 $403,960
====== ==== ======== === ========
</TABLE>
<PAGE> 65
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSRC ELIMINATIONS RCMC
CONSOL. & RECLASS. PSRC CONSOL. RCIC
----------- --------- ----------- --------- -------
<S> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes 203 -- -- 182 --
Other 4,176 (1) 2,458 217 1,001
Interest 1,427 -- -- -- 80
Associated companies 11,383 (156,347) 115,524 36,016 104
Notes payable:
PSEG Capital Corporation 372,795 -- 281,820 82,634 5,359
Enterprise Capital Funding Corp. 48,587 -- 36,157 11,291 732
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
---------- --------- ---------- -------- -------
Total Current Liabilities 438,571 (156,348) 435,959 130,340 7,276
---------- --------- ---------- -------- -------
TOTAL LONG-TERM DEBT -- -- -- -- --
---------- --------- ---------- -------- -------
DEFERRED CREDITS
Deferred income taxes 636,242 -- 242,454 301,157 38,652
Deferred investment
and energy tax credits 165 -- -- -- 165
Other 89 -- 89 -- --
---------- --------- ---------- -------- -------
Total Deferred Credits 636,496 -- 242,543 301,157 38,817
---------- --------- ---------- -------- -------
STOCKHOLDER'S EQUITY
Capital stock 107,001 (69) 107,001 2 1
Contributed capital 56,543 (415,188) 56,543 53,959 5,663
Retained earnings 203,958 (73,124) 203,958 25,219 3,186
---------- --------- ---------- -------- -------
Total Stockholder's Equity 367,502 (488,381) 367,502 79,180 8,850
---------- --------- ---------- -------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $1,442,569 $(644,729) $1,046,004 $510,677 $54,943
========== ========= ========== ======== =======
</TABLE>
<PAGE> 66
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRCSC PSRCSC PSRCSC PSRCSC
RCSC RCFC ONE TWO THREE FOUR
---- ---- --- --- ----- ----
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $-- $--
Taxes -- 21 -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies 38 58 -- -- -- --
Notes payable:
PSEG Capital Corporation -- 2,982 -- -- -- --
Enterprise Capital Funding Corp. -- 407 -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
---- -------- ---- ---- --- ---
Total Current Liabilities 38 3,468 -- -- -- --
---- -------- ---- ---- --- ---
TOTAL LONG-TERM DEBT -- -- -- -- -- --
---- -------- ---- ---- --- ---
DEFERRED CREDITS -- 30,394 -- -- -- --
Deferred income taxes
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other ---- -------- ---- ---- --- ---
-- 30,394 -- -- -- --
Total Deferred Credits ---- -------- ---- ---- --- ---
STOCKHOLDER'S EQUITY 10 2 10 10 10 10
Capital stock -- 3,812 -- -- -- --
Contributed capital (39) (1,959) (3) (3) -- --
Retained earnings ---- -------- ---- ---- --- ---
(29) 1,855 7 7 10 10
Total Stockholder's Equity ---- -------- ---- ---- --- ---
TOTAL LIABILITIES AND $ 9 $ 35,717 $ 7 $ 7 $10 $10
STOCKHOLDER'S EQUITY ==== ======== ==== ==== === ===
</TABLE>
<PAGE> 67
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THE PSGMC PSRC
WATER SOURCE CONSOL. PSRC, INC. ENTECH DEL., INC.
------------ ------- --------- ------ ----------
<S> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes -- --
Other -- -- 501 -- --
Interest -- -- -- -- 1,347
Associated companies 41 -- 15,949 -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
------- ---- ------- ------- --------
Total Current Liabilities 41 -- 16,450 -- 1,347
------- ---- ------- ------- --------
TOTAL LONG-TERM DEBT -- -- -- -- --
------- ---- ------- ------- --------
DEFERRED CREDITS (13) 230 6,753 1 16,614
Deferred income taxes
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Other ------- ---- ------- ------- --------
(13) 230 6,753 1 16,614
Total Deferred Credits ------- ---- ------- ------- --------
STOCKHOLDER'S EQUITY 10 1 1 1 1
Capital stock 1,017 2 11,859 1,018 337,858
Contributed capital (1,055) -- 612 (974) 48,140
Retained earnings ------- ---- ------- ------- --------
(28) 3 12,472 45 385,999
Total Stockholder's Equity ------- ---- ------- ------- --------
TOTAL LIABILITIES AND $ -- $233 $35,675 $ 46 $403,960
STOCKHOLDER'S EQUITY ======= ==== ======= ======= ========
</TABLE>
<PAGE> 68
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC DEL.
------- ---------- ---- ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 5,998 $ -- $ 2,971 $-- $ 3,027 $ --
Income from capital lease agreements 22,824 -- 13,777 -- 966 8,081
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Other 1 -- -- 1 -- --
Equity in subsidiary earnings -- (3,785) 3,785 -- -- --
-------- ------- -------- --- ------- --------
TOtal Revenues 28,823 (3,785) 20,533 1 3,993 8,081
-------- ------- -------- --- ------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization 688 -- 688 -- -- --
Administrative and general 461 -- 214 1 49 197
-------- ------- -------- --- ------- --------
Total Operating Expenses 1,149 -- 902 1 49 197
-------- ------- -------- --- ------- --------
OPERATING INCOME 27,674 (3,785) 19,631 -- 3,944 7,884
-------- ------- -------- --- ------- --------
INTEREST EXPENSE:
PSEG Capital Corporation 8,758 -- 5,311 -- -- 3,447
Enterprise Capital Funding Corp. 4,970 -- 3,014 -- -- 1,956
Other 55 -- 55 -- -- --
Capitalized interest -- -- -- -- -- --
-------- ------- -------- --- ------- --------
Net Interest Expense 13,783 -- 8,380 -- -- 5,403
-------- ------- -------- --- ------- --------
INCOME BEFORE INCOME TAXES 13,891 (3,785) 11,251 -- 3,944 2,481
-------- ------- -------- --- ------- --------
INCOME TAXES:
Current (65,197) -- (46,747) -- (4,766) (13,684)
Deferred 71,467 -- 50,377 -- 6,163 14,927
Investment and energy tax credits - net (823) -- (823) -- -- --
-------- ------- -------- --- ------- --------
Total Income Taxes 5,447 -- 2,807 -- 1,397 1,243
-------- ------- -------- --- ------- --------
MINORITY INTERESTS -- -- -- -- -- --
-------- ------- -------- --- ------- --------
INCOME FROM CONTINUING OPERATIONS 8,444 (3,785) 8,444 -- 2,547 1,238
-------- ------- -------- --- ------- --------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- -- --
-------- ------- -------- --- ------- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- -- --
-------- ------- -------- --- ------- --------
NET INCOME $ 8,444 $(3,785) $ 8,444 $-- $ 2,547 $ 1,238
======== ======= ======== === ======= ========
</TABLE>
<PAGE> 69
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC DEL.
------- ---------- ---- ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1996 $16,775 $ 60 $16,775 $(16) $ (22) $ (22)
NET INCOME 8,444 (3,785) 8,444 -- 2,547 1,238
------- ------- ------- ---- ------- -------
TOTAL 25,219 (3,725) 25,219 (16) 2,525 1,216
------- ------- ------- ---- ------- -------
DIVIDENDS DECLARED -- -- -- -- -- --
------- ------- ------- ---- ------- -------
BALANCE DECEMBER 31, 1996 $25,219 $(3,725) $25,219 $(16) $ 2,525 $ 1,216
======= ======= ======= ==== ======= =======
</TABLE>
<PAGE> 70
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC DEL.
------- ---------- ---- ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 30 $ -- $ -- $10 $ 10 $ 10
Accounts and Notes receivable:
Trade -- -- -- -- -- --
Other 196 -- 196 -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
Other associated companies 42,588 -- 30,569 -- 12,019 --
Notes receivable:
Associated companies -- -- -- -- -- --
Prepayments 74 -- 14 -- -- 60
--------- -------- --------- --- ------- --------
Total Current Assets 42,888 -- 30,779 10 12,029 70
--------- -------- --------- --- ------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 2,698 -- 2,698 -- -- --
Other 21 -- 21 -- -- --
Accum. depr. and amortization (987) -- (987) -- -- --
Valuation allowances -- -- -- -- -- --
--------- -------- --------- --- ------- --------
Property, Plant and Equipment-net 1,732 -- 1,732 -- -- --
--------- -------- --------- --- ------- --------
INVESTMENTS
Subsidiaries -- (18,143) 18,143 -- -- --
Capital lease agreements 429,903 -- 239,410 -- 31,869 158,624
Partnership interests 36,062 -- 17,808 -- 18,254 --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- -------- --------- --- ------- --------
Total Investments 465,965 (18,143) 275,361 -- 50,123 158,624
--------- -------- --------- --- ------- --------
OTHER ASSETS
Other 92 -- 92 -- -- --
--------- -------- --------- --- ------- --------
Total Other Assets 92 -- 92 -- -- --
--------- -------- --------- --- ------- --------
TOTAL ASSETS $ 510,677 $(18,143) $ 307,964 $10 $62,152 $158,694
========= ======== ========= === ======= ========
</TABLE>
<PAGE> 71
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC DEL.
------- ---------- ---- ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $-- $ -- $ --
Taxes 182 -- -- -- -- 182
Other 217 -- 217 -- -- --
Interest -- -- -- -- --
Associated companies 36,016 -- 1,030 15 -- 34,971
Notes payable:
PSEG Capital Corporation 82,634 -- 48,297 -- -- 34,337
Enterprise Capital Funding Corp. 11,291 -- 6,600 -- -- 4,691
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- ---- ------- ---------
Total Current Liabilities 130,340 -- 56,144 15 -- 74,181
-------- -------- -------- ---- ------- ---------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- ---- ------- ---------
DEFERRED CREDITS
Deferred income taxes 301,157 -- 172,640 -- 30,606 97,911
Deferred investment
and energy tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
-------- -------- -------- ---- ------- ---------
Total Deferred Credits 301,157 -- 172,640 -- 30,606 97,911
-------- -------- -------- ---- ------- ---------
STOCKHOLDER'S EQUITY
Capital stock 2 (3) 2 1 1 1
Contributed capital 53,959 (14,415) 53,959 10 29,020 (14,615)
Retained earnings 25,219 (3,725) 25,219 (16) 2,525 1,216
-------- -------- -------- ---- ------- ---------
Total Stockholder's Equity 79,180 (18,143) 79,180 (5) 31,546 (13,398)
-------- -------- -------- ---- ------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $510,677 $(18,143) $307,964 $ 10 $62,152 $ 158,694
======== ======== ======== ==== ======= =========
</TABLE>
<PAGE> 72
EXHIBIT B
Financial Data Schedule
Public Service Enterprise Group Incorporated
December 31, 1996
(Thousands of Dollars)
<TABLE>
<S> <C>
Consolidated Total Assets $ 16,915,331
Consolidated Total Operating Revenues $ 6,041,249
Consolidated Net Income $ 611,596
</TABLE>
<PAGE> 73
EXHIBIT C
Organizational Chart - Response 4 (a) (i)
CTSN
-------------------------------------
ENTERPRISE
-------------------------------------
100%
-------------------------------------
EDHI
-------------------------------------
100%
-------------------------------------
CEA
-------------------------------------
100%
------------------------
CEA USA
------------------------
100%
------------------------
CEMAS
------------------------
4.95%
18.63%
-------------------------
ASNI
-------------------------
62.74%
-------------------------
ISN
-------------------------
88%
-------------------------
CTSN
-------------------------
<PAGE> 74
Organizational Chart - Response 4 (a) (ii)
CUPPI
-------------------------------
CEA
-------------------------------
100%
-------------------------------
CEA USA
-------------------------------
100%
-------------------------------
CEA INTERNATIONAL, INC.
-------------------------------
100%
-------------------------------
CEA CHINA
-------------------------------
50%
--------------------------------------------------------------------------
MEIYA POWER COMPANY LIMITED
--------------------------------------------------------------------------
100%
------------------------
CUPPI
------------------------
30%
------------------------
JINGYUAN
------------------------
<PAGE> 75
Organizational Chart - Response 4 (a) (iii)
MANPA
------------------------------------
ENTERPRISE
------------------------------------
100%
------------------------------------
EDHI
------------------------------------
100%
------------------------------------
CEA
------------------------------------
100%
------------------------------------
CEA USA
------------------------------------
100%
---------------------------------------------------------
CEA INTERNATIONAL, INC.
---------------------------------------------------------
100%
------------------------------------
CEA AMERICAS, INC.
------------------------------------
100%
------------------------------------
CEA AMERICAS II, LTD.
------------------------------------
50%
------------
TGV
------------
17.13%
------------
TGM
------------
<PAGE> 76
Organizational Chart - Response 4 (a) (iv)
CEA Meiya Power, Ltd.
-------------------------------------
ENTERPRISE
-------------------------------------
100%
-------------------------------------
EDHI
-------------------------------------
100%
-------------------------------------
CEA
-------------------------------------
100%
-------------------------------------
CEA USA
-------------------------------------
100%
--------------------------------------------------
CEA INTERNATIONAL, INC.
--------------------------------------------------
100%
-------------------------------------
CEA CHINA
-------------------------------------
100%
-------------------------------------
CMP
-------------------------------------
51% *
-------------------------
MJCP**
-------------------------
* The 51 % ownership interest shown is our anticipated investment.
** This company has not yet been formed.
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