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Previous: PIONEER II, 497, 1995-04-04 |
Next: AMERICAN CAPITAL EQUITY INCOME FUND INC, 497, 1995-04-04 |
File No. 69-233
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.
FORM U-3A-2/A
AMENDMENT NO. 1
Statement by Holding Company Claiming Exemption Under
Rule 2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PORTLAND GENERAL CORPORATION
hereby files with the Securities and Exchange Commission,
pursuant to Rule U-2, its statement claiming exemption as a
holding company from the provisions of the Public Utility Holding
Company Act of 1935. In support of such claim for exemption the
following information is submitted:
Exhibits A, B and C attached.
1 of 13
<PAGE> 1
<TABLE>
<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
For the year ended December 31, 1994
(Thousands of Dollars)
PowerLink
Kalamazoo Eliminations Consol-
PGC PGE CWD CWL PGFS RLI CWI PGH Corp Debit Credit idated
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $7,609 $958,955 $408 - - - $997 - $8,560 (D) $959,409
OPERATING EXPENSES
Purchased power
and fuel - 347,125 - - - - - - $347,125
Production and
distribution - 61,891 - - - - - - $61,891
Maintenance and
repairs 2 47,389 - - - - - - $47,391
Administrative
and other 9,222 97,987 409 - 61 - 793 - 7,876 (D) $100,596
Depreciation,
decomm. and
amortization 77 124,003 1 - - - - - $124,081
Taxes other than
income taxes 205 52,038 20 - - - - - 112 (D) $52,151
9,506 730,433 430 0 61 0 793 0 7,988 733,235
OPERATING INCOME
BEFORE TAXES (1,897) 228,522 (22) 0 (61) 0 204 0 8,560 7,988 226,174
Income taxes (2,844) 75,314 (21) 2 (28) 0 (507) (38) $71,878
NET OPERATING INCOME 947 153,208 (1) (2) (33) 0 711 38 8,560 7,988 154,296
OTHER INCOME
(DEDUCTIONS)
AFUDC - 4,314 - - - - - - $4,314
Interest expense (5,037) (67,281) - - - - (508) - 1,173 (D) ($71,653)
Equity in
earnings of
subsidiaries 102,071 - (34) 556 - - 618 - 103,211 (A) $0
Preferred dividend
of subsidiary - - - - - - - - 10,800 (E) ($10,800)
Other - net of
income tax 1,549 15,877 591 5 (1) 1 (540) 20 601 (D) $16,901
NET INCOME (LOSS) -
continuing opns 99,530 106,118 0 556 559 (34) 1 281 58 123,172 9,161 93,058
DISCONTINUED
OPERATIONS
- gain on sale of
real estate opns 6,472 $6,472
Preferred dividend
requirement 10,800 10,800 (E) -
NET INCOME (LOSS) $99,530 $95,318 $0 $556 $559 ($34) $1 $6,753 $58 $123,172 $19,961 $99,530
</TABLE>
2 of 13
<PAGE> 2
<TABLE>
<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
For the year ended December 31, 1994
(Thousands of Dollars)
PLC-
PGC PGE CWD CWL PGFS RLI CWI PGH KZOO
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
ELECTRIC
UTILITY PLANT -
ORIGINAL COST
Utility plant - $2,563,476 - - - - - - -
Accumulated
depreciation - (958,465) - - - - - - -
- 1,605,011 - - - - - - -
Nuclear fuel - - - - - - - - -
Capital leases - 11,523 - - - - - - -
- 1,616,534 - - - - - - -
OTHER PROPERTY
AND
INVESTMENTS
Leveraged leases - - - 141,151 - 12,181 - - -
Net assets of
discontinued
real estate
operations - - 10,938 - - - - - -
Nuclear
Decommission
Trust - 58,485 - - - - - - -
Investment in
and advances
to affiliates 911,395 0 - 11,116 - - - 34,111 -
Corporpate
Owned Life
Insurance -
less loan of
$21,731 25,653 40,034
Conservation
loans and
other 841 26,074 - - - - (6) 1,691 -
937,889 124,593 10,938 152,267 0 12,181 (6) 35,802 -
CURRENT ASSETS
Cash and cash
equivalents 6,715 9,590 - (68) - - - 1,305 -
Accounts and
notes
receivable 12,511 91,672 - 14,073 - 12,192 1,738 14,429 175
Estimated
unbilled
revenues - 158,259 - - - - - - -
Inventories - 43,269 - - - - - - -
Prepayments
and other 1,307 37,040 - - - - - - -
20,533 339,830 - 14,005 0 12,192 1,738 15,734 175
DEFERRED CHARGES
WNP-3 settle
exchange
agreement - 173,308
Unamortized
regulatory
costs
Trojan
Abandonment
costs -
Plant - 342,276 - - - - - - -
Trojan
Abandonment
costs -
Decommis-
sioning - 338,718 - - - - - - -
Other Trojan
related
costs 65,922
Income tax
recoverable 217,967
Debt
reacquisi-
tion costs 32,245
Energy
efficiency
costs - 58,894 - - - - - - -
Other 30,182 - - - - - - -
Miscellaneous 3,016 13,682 - - - - - - -
3,016 1,273,194 - 0 - - - - -
$961,438 $3,354,151 $10,938 $166,272 $0 $24,373 $1,732 $51,536 $175
Eliminations Consol-
Debit Credit idated
<S> <C> <C> <C> <C> <C>
$2,563,476
(958,465)
1,605,011
-
11,523
1,616,534
153,332
624 (C) 11,562
58,485
46,769 (A)
909,853 (B) 0
65,687
512 (B) 486 (C) 28,626
1,136 957,108 317,692
17,542
55,372 (C) 91,418
158,259
43,269
38,347
0 55,372 348,835
173,308
342,276
338,718
65,922
217,967
32,245
58,894
30,182
16,698
1,276,210
$1,136 $1,012,480 $3,559,271
</TABLE>
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<PAGE> 3
<TABLE>
<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
For the year ended December 31, 1994
(Thousands of Dollars)
PLC-
PGC PGE CWD CWL PGFS RLI CWI PGH KZOO
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITALI-
ZATION
AND
LIABILITIES
CAPITALIZA-
TION
Common
stock $189,358 $160,346 $38,016 $8,500 - $9,066 $10 $7 -
Other
paid-in
capital 572,447 470,008 39,772 7,000 - 458 34,676 166,794 3,260
Unearned
compen-
sation (1,040) (12,596) - - - - - - -
Retained
earn-
ings -
brought
forward
from
state-
ment of
retained
earnings $123,188 $216,468 ($66,850) $4,880 $0 $1,592 ($32,964)($131,307)($2,699)
883,953 834,226 10,938 20,380 0 11,116 1,722 35,494 561
Cumulative
preferred
stock of
subsidiary
Subject
to man-
datory
redemp-
tion - 50,000 - - - - - - -
Not
subject
to man-
datory
redemp-
tion - 69,704 - - - - - - -
Long-
term
debt 30,000 805,814 - - - - - - -
913,953 1,759,744 10,938 20,380 0 11,116 1,722 35,494 561
CURRENT
LIABILITIES
Long-term
debt &
prefer-
red
stock
due in
one year 0 81,506 - - - - - - -
Short-
term
borrowings 0 148,598 - - - - - 13,212 -
Accounts
payable
and other
accruals 17,023 104,612 - 12,634 - - - 3,070 -
Accrued
interest 1,573 19,084 - (1) - - - 161 -
Dividends
payable 15,235 15,702 - - - - - - -
Accrued
taxes (9,847) 32,820 - - - - 12 - -
23,984 402,322 - 12,633 0 0 12 16,443 0
OTHER
Nuclear
decom-
mission-
ing lia-
ability - 396,873 - - - - - - -
Regula-
tory
reserves - 118,939 - - - - - - -
Deferred
income
taxes (6,237) 549,160 - 133,211 - 13,257 - (1,335) (386)
Deferred
invest-
ment
tax
credits - 56,760 - - - - - - -
Miscel-
laneous 29,738 70,353 - 48 - - (2) 934 -
23,501 1,192,085 - 133,259 0 13,257 (2) (401) (386)
$961,438 $3,354,151 $10,938 $166,272 $0 $24,373 $1,732 $51,536 $175
Eliminations Consol-
Debit Credit idated
<S> <C> <C> <C> <C> <C>
$215,945 (B) $189,358
730,500 (B) 563,915
(13,636)
$103,211 $109,579 $118,676
1,049,656 109,579 858,313
50,000
69,704
835,814
1,049,656 109,579 1,813,831
81,506
13,212 (C) 148,598
33,085 (C) 104,254
902 (C) 19,915
12,828 (C) 18,109
4,793 (C) 27,778
60,027 4,793 400,160
396,873
118,939
687,670
56,760
16,033 (B) 85,038
16,033 1,345,280
$1,125,716 $114,372 $3,559,271
</TABLE>
4 of 13
<PAGE> 4
<PAGE>
<TABLE>
<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1994
(Thousands of Dollars)
PLC-
PGC PGE CWD CWL PGFS RLI CWI PGH KZOO
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at
beginning
of year $83,966 $179,297 ($73,913) $4,324 $11,220 $1,626 ($32,965) ($138,060) ($2,757)
Net income
(loss) -
from income
statement 99,530 95,318 0 556 559 (34) 1 6,753 58
183,496 274,615 (73,913) 4,880 11,779 1,592 (32,964) (131,307) (2,699)
Dividends
declared 60,308 56,442 - - - - - - -
Transfer
to parent/
adjs - (7,063) - 11,779 - - - -
ESOP tax
benefit and
Preferred
stock adjs - (1,705) - - - - - - -
Balance at
end of year $123,188 $216,468 ($66,850) $4,880 $0 $1,592 ($32,964) ($131,307) ($2,699)
Eliminations Consol-
Debit Credit idated
<S> <C> <C> <C> <C> <C>
$ 48,421 (B) 81,159
103,211 (A) 99,530
103,211 48,421 180,689
- 56,442 (A) 60,308
4,716 (B) 0
- - (1,705)
$103,211 $109,579 118,676
</TABLE>
5 of 13
<PAGE> 5
E X H I B I T A
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
ELIMINATION ENTRIES
(Thousands of Dollars)
DEBIT CREDIT
(A) Equity in earnings of subsidiaries $103,211
Investment in and advances to affiliates $46,769
Dividends declared 56,442
To reverse equity in earnings and
dividends of subsidiaries.
(B) Common stock 215,945
Other paid-in capital 730,500
Other - miscellaneous 16,033
Retained earnings 53,137
Conservation loans and other 512
Investment in and advances to subsidiaries 909,853
To eliminate the investment
in subsidiaries, as adjusted in the
preceding entry, against the common
equity balances of the subsidiaries.
(C) Net assets of discontinued real estate
operations 624
Short-term borrowings 13,212
Accounts payable and other accruals 33,085
Accrued interest 902
Dividends payable 12,828
Conservation loans and other 486
Accrued taxes 4,793
Accounts and notes receivable 55,372
To eliminate intercompany receivables and
payables.
(D) Operating revenues 8,560
Other (net of income taxes) 601
Administrative and other 7,876
Interest expense 1,173
Tax - other than income tax 112
To eliminate intercompany revenues and
expenses.
6 of 13
<PAGE> 6
E X H I B I T A
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
ELIMINATION ENTRIES (CONTINUED)
(Thousands of Dollars)
DEBIT CREDIT
(E) Preferred dividend requirement of
subsidiary 10,800
Preferred dividend requirement 10,800
To reclassify preferred dividend
requirement of Portland General Electric
Company.
7 of 13
<PAGE> 7
E X H I B I T A
SUBSIDIARIES NOT SHOWN ON CONSOLIDATING FINANCIAL STATEMENTS
The following subsidiaries, which are not shown on the
consolidating financial statements, are immaterial in relation to
the consolidated financial statements of Portland General
Corporation.
PERCENT OF PERCENT OF
CONSOLIDATED CONSOLIDATED
COMPANY REVENUES ASSETS
121 S.W. Salmon St. Corporation 0.62% 0.19%
Portland General Energy Systems, Inc. 0.11% 0.02%
Tule Hub Services Company - .015%
Bonneville Pacific Corporation and
Subsidiaries (Combined) (1) n/a n/a
(1) Portland General Holdings has a 46% interest in Bonneville Pacific
Corp. (BPC) who has filed for protection under Chapter 11 of the
federal Bankruptcy Code. BPC has not made available any financial
information.
8 of 13
<PAGE> 8
E X H I B I T A
COLUMBIA WILLAMETTE DEVELOPMENT COMPANY
Consolidated Statement of Income
For the year ended December 31, 1994
(Dollars in Thousands)
OPERATING REVENUES 1,436
OPERATING EXPENSE
Administrative and other 1,483
Depreciation 406
OPERATING LOSS (453)
OTHER INCOME (DEDUCTIONS)
Interest expense (556)
Investment income 517
INCOME (LOSS) BEFORE INCOME TAXES (492)
INCOME TAX 4,582
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (5,074)
APPLIED TO THE RESERVE 12,137
NET INCOME (LOSS) 7,063
9 of 13
<PAGE> 9
E X H I B I T A
COLUMBIA WILLAMETTE DEVELOPMENT COMPANY
Consolidated Balance Sheet
At December 31, 1994
(Dollars in Thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents -
Accounts receivable 136
Inventories 150
Prepayments 1
287
OTHER PROPERTY AND INVESTMENTS
Real estate development 2,902
Other Assets 504
3,406
DEFERRED CHARGES
Deferred income taxes 9,868
13,561
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable and other accruals 2,623
STOCKHOLDERS EQUITY
Common stock 38,016
Other paid-in capital 39,772
Retained Earnings (66,850)
10,938
13,561
10 of 13
<PAGE> 10
E X H I B I T B
(Thousands of Dollars)
1. Total Assets $3,559,271
2. Total Operating Revenues $ 959,409
3. Net Income $ 99,530
11 of 13
<PAGE> 11
E X H I B I T C
Organizational chart showing relationship of each EWG or foreign
utility to associate companies in the holding-company system.
None.
12 of 13
<PAGE> 12
The above-named Claimant has caused this statement to
be duly executed on its behalf by its authorized officer on this
3rd day of April 1995.
Portland General Corporation
By /s/ Joseph M. Hirko
Joseph M. Hirko
Vice President Finance,
Chief Financial Officer,
Chief Accounting Officer
and Treasurer
Corporate Seal
Attest:
/s/ Steven F. McCarrel
Steven F. McCarrel
Assistant Secretary
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Steven F. McCarrel
Assistant Secretary
121 S.W. Salmon Street
Portland, Oregon 97204
13 of 13
<PAGE> 13
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