Commission File No. 69-337
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-3A-2
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
ATLANTIC ENERGY, INC.
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:
<PAGE>
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.
Atlantic Energy, Inc. ("Claimant") organized under the laws
of New Jersey on August 13, 1986, has its principal office
at 6801 Black Horse Pike, Pleasantville, New Jersey 08232.
Claimant's business is holding directly or indirectly all of
the outstanding common stock of Atlantic City Electric
Company ("Atlantic Electric"), Atlantic Generation, Inc.
("Generation"), Atlantic Southern Properties, Inc.
("Properties")*, ATE Investment, Inc. ("Investment"),
Atlantic Energy Technology, Inc. ("Technology"), Atlantic
Thermal Systems, Inc. ("Thermal") and Deepwater Operating
Company ("Deepwater"). The Claimant acquired all of the
shares of Atlantic Electric Common Stock pursuant to a
corporate restructuring which became effective on November
1, 1987. For a description of the restructuring see the
Claimant's registration statement, on Form S-4, as amended,
filed with the Securities and Exchange Commission
(Registration No. 33-12654).
The Claimant's directly and indirectly-owned subsidiaries
are as follows:
(A) Atlantic Electric, organized under the laws of New
Jersey on April 28, 1924, has its principal offices at
6801 Black Horse Pike, Pleasantville, New Jersey 08232.
Atlantic Electric is engaged principally in the
business of furnishing electric service (involving
generation, purchase, interchange, transmission and
distribution of electric energy) to the public
throughout the southern part of New Jersey. It serves
an area having an estimated population exceeding
1,000,000. Atlantic Electric is a wholly-owned
subsidiary of Claimant.
(1) Deepwater, organized under the laws of New Jersey
on December 17, 1929, has its principal offices at
6801 Black Horse Pike, Pleasantville, New Jersey
08232. Deepwater operates the Deepwater Generating
Station which is owned by Atlantic Electric and
located in Salem County, New Jersey. Deepwater is
a wholly-owned subsidiary of Atlantic Electric.
(B) Generation, organized under the laws of New Jersey on
October 9, 1986, has its principal offices at 6801
Black Horse Pike, Pleasantville, New Jersey 08232.
Generation's current business is the development,
ownership, operation and management of cogeneration and
small power-production facilities. Generation is a
wholly-owned subsidiary of Claimant.
(C) Properties*, organized under the laws of New Jersey on
June 24, 1970, has its principal offices at 6801 Black
Horse Pike, Pleasantville, New Jersey 08232. Properties
current business is commercial real estate acquisition,
development and management of projects which can be
used by Atlantic Electric in its future operations.
Properties is a wholly-owned subsidiary of Claimant.
* On January 4, 1988, Atlantic Housing, Inc. ("Housing")
filed, with the Secretary of State of the State of New
Jersey, a Certificate of Amendment to The Certificate
of Incorporation changing the corporate name of Housing
to Atlantic Southern Properties, Inc.
(D) Investment, organized under the laws of New Jersey on
October 9, 1986, has its principal offices at 6801
Black Horse Pike, Pleasantville, New Jersey 08232.
Investment is principally engaged in leveraged lease
investments and is also involved in management of
capital resources on behalf of the holding company
system. Investment is a wholly-owned subsidiary of
Claimant.
(E) Technology, organized under the laws of Delaware on
April 11, 1991, has its principal offices at 6801 Black
Horse Pike, Pleasantville, New Jersey 08232.
Technology is engaged in acquiring and managing equity
interests in businesses functionally related and
complementary to the activities and interests of the
Claimant. Technology is a wholly-owned subsidiary of
Claimant.
(F) Thermal, organized under the laws of Delaware on May, 6
1994, has its principal offices at 6801 Black Horse
Pike, Pleasantville, New Jersey 08232. Thermal is
engaged in the business of providing heating and
cooling systems. Thermal is a wholly owned subsidiary
of Claimant.
(G) On January 3, 1995, Atlantic Energy Enterprises was
established as a New Jersey Corporation wholly owned by
the Claimant. Thereafter, all of the outstanding common
stock of Generation, Properties, Investment, Technology
and Thermal was transferred to Atlantic Energy
Enterprises. As a result, as of January 3, 1995,
Atlantic Energy Enterprises is a wholly owned
subsidiary of Claimant and Generation, Properties,
Investment, Technology and Thermal have been wholly
subsidiaries of Atlantic Energy Enterprises.
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.
Claimant owns no property used for the generation,
transmission and distribution of electric energy for sale,
or for the production, transmission and distribution of
natural or manufactured gas.
Claimant's subsidiary public utility companies are Atlantic
Electric and Deepwater which are electric utility companies.
A description of the properties of Atlantic Electric and
Deepwater, which are located predominantly in New Jersey,
used for the generation, transmission and distribution of
electric energy for sale is as follows:
Atlantic Electric
The principal New Jersey properties of Atlantic Electric
used for the generation, transmission and distribution of
electric energy for sale consist of two steam electric
generating stations:
(1) B.L. England Generating Station, a station of 452
MW capacity located in Cape May County.
(2) Deepwater Generating Station, a 239 MW capacity
station located in Salem County and
Seven combustion turbine stations:
(1) Missouri Ave. Station, a 60 MW capacity station
located in Atlantic County.
(2) Middle Station, a 77 MW capacity station located
in Cape May County.
(3,4,5) Carlls Corner Station (73 MW), Cumberland
Station (84 MW), and Sherman Ave.Station (81 MW),
all located in Cumberland County.
(6) Mickleton Station, a 59 MW capacity station
located in Gloucester County.
(7) Cedar Station, a 68 MW capacity station located in
Ocean County.
The Claimant also owns and maintains thirty-four
transmission and sixty-four distribution substations as
well as 11,652 transmission or distribution tower, pole,
and underground miles located throughout its service
territory which includes all of Atlantic, Cape May,
Cumberland, and Salem Counties and portions of
Burlington, Camden, Gloucester, and Ocean Counties.
In addition to the New Jersey properties, Claimant owns or
has ownership interests in the following:
(1) A generating station of 1,700 MW capacity (Keystone
Generating Station), located in Armstrong County,
Pennsylvania, of which Claimant owns a 2.47% undivided
interest as tenant in common with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Jersey Central Power and Light Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(2) A generating station of 1,700 MW capacity (Conemaugh
Steam Electric Station), located in Indiana County,
Pennsylvania, of which Claimant owns a 3.83% undivided
interest as tenant in common with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Metropolitan Edison Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Potomac Electric Power Company
Public Service Electric and Gas Company
The United Gas Improvement Company
(3) An extra-high-voltage transmission line (Conemaugh-
Conastone), of which Claimant owns an 8% undivided
interest as tenant in common of that portion of the
line traversing through 10 counties of Pennsylvania
with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Metropolitan Edison Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Potomac Electric Power Company
Public Service Electric and Gas Company
The United Gas Improvement Company
(4) A nuclear generating station of 2,128 MW capacity
(Peach Bottom Atomic Power Station), located in York
County, Pennsylvania, of which Claimant owns a 7.51%
undivided interest as tenant in common with the
following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(5) A nuclear generating station of 2,212 MW capacity
(Salem Nuclear Generating Station), located in Salem
County, New Jersey, of which Claimant owns a 7.41%
undivided interest as tenant in common with the
following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(6) A nuclear generating station of 1,031 MW capacity (Hope
Creek Nuclear Generating Station), located in Salem
County, New Jersey, of which Claimant owns a 5%
undivided interest as tenant in common with Public
Service Electric and Gas Company.
(7) Claimant owns a transmission line extending from Mantua
Creek to the New Jersey-Pennsylvania border at the
Delaware River, a distance of 9.7 miles, by means of
which electric energy and capacity is interchanged (not
sold or purchased) at the border of said states under
an interconnection agreement between Claimant and
Philadelphia Electric Company, now PECO Energy Company.
Claimant owns as tenants in common a transmission line
and switching station extending from Hope Creek Nuclear
Generating Station to the New Jersey-Delaware border, a
distance of 13 miles, by means of which electric energy
and capacity is interchanged (not sold or purchased)
under a transmission system agreement between Delmarva
Power and Light Company, Jersey Central Power and Light
Company, Philadelphia Electric Company, Public Service
Electric and Gas Company and Claimant.
Deepwater
Deepwater, a wholly-owned subsidiary of Atlantic
Electric, owns no utility plant. It operates
generating units owned by Atlantic Electric.
3. The following information for the last calendar year with
respect to claimant and each of its subsidiary public
utility companies:
FOR YEAR 1994
(A) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas
distributed at retail.
Claimant - None
Atlantic Electric - 10,057,077,000 kwh.
Deepwater - None
(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.
Claimant - None
Atlantic Electric - None
Deepwater - None
(C) Number of kwh. 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.
Claimant - None
Atlantic Electric - 90,900,000,000 kwh. (a)
Deepwater - None
(a) kwh includes 67,000,000 kwh sold to PECO
Energy,850,000 kwh sold to Consolidated
Edison of New York, 21,700,000 kwh sold to
ENRON, Houston, Texas and 1,350,000 sold to
the Allegheny Power System, Pennsylvania.
(D) Number of kwh. 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.
Claimant - None
Atlantic Electric - 3,291,266,000 kwh. (b)
Deepwater - None
(b) kwh includes 695,000 kwh purchased from
Public Service Electric and Gas, 651,930,000
kwh purchased from Pennsylvania Power and
Light, 2,177,652,000 kwh purchased from PECO
Energy, 23,664,000 kwh purchased from the
Allegheny Power System, Pennsylvania,
435,604,000 kwh purchased from Delaware
Resource Management, Pennsylvania and 1,300,000
kwh purchased from ENRON, Houston, Texas.
In 1994 Atlantic Electric received 392,807,000 kwh. of
interchanged energy and delivered 1,699,924,000 kwh. of
interchanged energy pursuant to arrangements mentioned
above.
In 1994, Deepwater, as operator of the Deepwater Generating
Station at Deepwater, New Jersey, delivered to Atlantic
Electric, the owner of that station, 548,066,000 kwh. of
electric energy. In addition, it furnished 42,904,000 kwh.
to E. I. du Pont de Nemours and Company in accordance with
the provisions of a contract covering the supply of steam,
by-product electric energy and water to that company.
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:
Claimant holds no interest, either directly or indirectly,
in an EWG or a foreign utility company.
(A) Name, location, business address and description of the
facilities used by the EWG or foreign utility company
for the generation, transmission and distribution of
electric energy for sale or for the distribution at
retail of natural or manufactured gas.
Non-applicable.
(B) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of
the interest held.
Non-applicable.
(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.
Non-applicable.
(D) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
Non-applicable.
(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).
Non-applicable.
EXHIBIT A
A consolidating statement of income and surplus of the
claimant and its 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.
A consolidating statement of income and retained earnings of
the Claimant and its subsidiary companies for the last
calendar year, together with a consolidating balance sheet
of Claimant and its subsidiary companies as of the close of
December 31, 1994 are attached hereto and made a part
hereof.
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.
Item No. Caption Heading
(thousands of dollars)
1 Total Assets
41,713
2 Total Operating Revenues
913,039
3 Net Income
76,113
EXHIBIT C
An organizational chart showing the relationship of each EWG
or foreign utility company to associate companies in the
holding-company system.
Non-applicable.
The above-named Claimant has caused this statement to be
duly executed on its behalf by its authorized officer on
this 28th day of February, 1995.
ATLANTIC ENERGY, INC.
By: /s/ J. E. Franklin, II
J. E. Franklin, II
Secretary and General Counsel
CORPORATE SEAL
ATTEST:
/s/ Alfred J. Vola
Alfred J. Vola
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
J. E. Franklin, II
Secretary and General Counsel
Atlantic Energy, Inc.
6801 Black Horse Pike
Pleasantville, New Jersey 08232
aeiu2.wpd
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Energy,
Inc.
ASSETS
Electric Utility Plant: $
In Service -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Companies 836,395
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 2
Other Investments and Funds -
Total Nonutility Property and
Investments 836,397
Current Assets:
Cash and Temporary Investments 132
Accounts Receivable:
Utility Service -
Miscellaneous 261
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies -
Advances-Associated Companies 8,610
Dividends Receivable-Subsidiaries 20,894
Accounts Receivable-Associated Companies 11,780
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes -
Deferred Energy Costs -
Other 36
Total Current Assets 41,713
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs -
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes -
Other Regulatory Assets -
Other 1,289
Total Deferred Debits 1,289
Total Assets $ 879,399
Page 1 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Energy,
Inc.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 593,474
Other Equity -
Retained Earnings 249,181
Total Common Equity 842,655
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization 842,655
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt -
Short Term Debt -
Accounts Payable 119
Advances-Associated Companies -
Accounts Payable-Associated Companies 8,566
Taxes Payable-Affiliates -
Taxes Accrued 6,894
Interest Accrued -
Dividends Declared 20,894
Employees Separation Costs -
Other 271
Total Current Liabilities 36,744
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other -
Total Deferred Credits
and Other Liabilities -
Total Liabilities and Capitalization $ 879,399
Page 2 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic City
Electric Co.
Consolidated
ASSETS
Electric Utility Plant:
In Service $ 2,348,873
Less Accumulated Depreciation (725,999)
Net 1,622,874
Construction Work in Progress 110,078
Land Held for Future Use 6,941
Leased Property-Net 42,030
Electric Utility Plant-Net 1,781,923
Investment in Subsidiary Companies -
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund 52,004
Nonutility Property and Equipment-Net 1,286
Other Investments and Funds 1,853
Total Nonutility Property and
Investments 55,143
Current Assets:
Cash and Temporary Investments 3,459
Accounts Receivable:
Utility Service 54,554
Miscellaneous 13,436
Allowance for Doubtful Accounts (3,300)
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 2,368
Unbilled Revenues 32,070
Fuel (at average cost) 28,030
Materials and Supplies (at average cost) 27,823
Working Funds 14,475
Deferred Income Taxes 12,141
Deferred Energy Costs 10,999
Other 11,760
Total Current Assets 207,815
Deferred Debits:
Unrecovered Purchased Power Costs 115,538
Unamortized Debt Costs 38,083
Unrecovered State Excise Taxes 73,834
Recoverable Federal Income Taxes 85,854
Deferred Income Taxes -
Other Regulatory Assets 47,055
Other 16,071
Total Deferred Debits 376,435
Total Assets $ 2,421,316
Page 3 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic City
Electric Co.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963
Other Equity 491,530
Retained Earnings 249,767
Total Common Equity 796,260
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 149,250
Long Term Debt 763,288
Total Capitalization 1,748,798
Current Liabilities:
Preferred Stock Redemption Requirement 12,250
Long Term Debt -
Short Term Debt 8,600
Accounts Payable 65,632
Advances-Associated Companies -
Accounts Payable-Associated Companies 9,537
Taxes Payable-Affiliates -
Taxes Accrued 3,490
Interest Accrued 19,048
Dividends Declared 24,681
Employees Separation Costs 26,600
Other 19,134
Total Current Liabilities 188,972
Deferred Credits and Other Liabilities:
Deferred Income Taxes 350,697
Deferred Income Tax Credits 51,646
Capital Lease Obligations 41,102
Other 40,101
Total Deferred Credits
and Other Liabilities 483,546
Total Liabilities and Capitalization $ 2,421,316
Page 4 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Generation
Inc.
Consolidated
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Companies -
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 40
Other Investments and Funds 27,087
Total Nonutility Property and
Investments 27,127
Current Assets:
Cash and Temporary Investments 850
Accounts Receivable:
Utility Service -
Miscellaneous 130
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 517
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes 1
Deferred Energy Costs -
Other 34
Total Current Assets 1,532
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs -
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes 1,170
Other Regulatory Assets -
Other -
Total Deferred Debits 1,170
Total Assets $ 29,829
Page 5 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Generation
Inc.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ -
Other Equity 24,802
Retained Earnings (1,192)
Total Common Equity 23,610
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization 23,610
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt -
Short Term Debt -
Accounts Payable 21
Advances-Associated Companies -
Accounts Payable-Associated Companies 2,751
Taxes Payable-Affiliates -
Taxes Accrued 26
Interest Accrued -
Dividends Declared -
Employees Separation Costs -
Other 120
Total Current Liabilities 2,918
Deferred Credits and Other Liabilities:
Deferred Income Taxes 2,321
Deferred Income Tax Credits -
Capital Lease Obligations -
Other 980
Total Deferred Credits
and Other Liabilities 3,301
Total Liabilities and Capitalization $ 29,829
Page 6 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Southern
Properties
Inc.
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Companies -
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 10,340
Other Investments and Funds -
Total Nonutility Property and
Investments 10,340
Current Assets:
Cash and Temporary Investments 371
Accounts Receivable:
Utility Service -
Miscellaneous 96
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 91
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes -
Deferred Energy Costs -
Other 25
Total Current Assets 583
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs -
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes 926
Other Regulatory Assets -
Other 152
Total Deferred Debits 1,078
Total Assets $ 12,001
Page 7 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Southern
Properties
Inc.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ -
Other Equity 7,197
Retained Earnings (4,022)
Total Common Equity 3,175
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization 3,175
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt -
Short Term Debt 5,875
Accounts Payable 27
Advances-Associated Companies -
Accounts Payable-Associated Companies 2,903
Taxes Payable-Affiliates -
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Employees Separation Costs -
Other 12
Total Current Liabilities 8,817
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations 9
Other -
Total Deferred Credits
and Other Liabilities 9
Total Liabilities and Capitalization $ 12,001
Page 8 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
ATE
Investment
Inc.
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Companies -
Investment in Leveraged Leases 78,216
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net -
Other Investments and Funds -
Total Nonutility Property and
Investments 78,216
Current Assets:
Cash and Temporary Investments 227
Accounts Receivable:
Utility Service -
Miscellaneous 51
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies 5,875
Advances-Associated Companies 1,825
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 9,267
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes -
Deferred Energy Costs -
Other 17
Total Current Assets 17,262
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs 101
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes 107
Other Regulatory Assets -
Other -
Total Deferred Debits 208
Total Assets $ 95,686
Page 9 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
ATE
Investment
Inc.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ -
Other Equity 6,550
Retained Earnings 2,899
Total Common Equity 9,449
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt 15,000
Total Capitalization 24,449
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt 1,000
Short Term Debt -
Accounts Payable -
Advances-Associated Companies 8,610
Accounts Payable-Associated Companies 6
Taxes Payable-Affiliates -
Taxes Accrued -
Interest Accrued 120
Dividends Declared -
Employees Separation Costs -
Other 92
Total Current Liabilities 9,828
Deferred Credits and Other Liabilities:
Deferred Income Taxes 61,409
Deferred Income Tax Credits -
Capital Lease Obligations -
Other -
Total Deferred Credits
and Other Liabilities 61,409
Total Liabilities and Capitalization $ 95,686
Page 10 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic Energy
Technology
Inc.
Consolidated
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Companies -
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 7
Other Investments and Funds -
Total Nonutility Property and
Investments 7
Current Assets:
Cash and Temporary Investments 33
Accounts Receivable:
Utility Service -
Miscellaneous -
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 1,549
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes 122
Deferred Energy Costs -
Other 6
Total Current Assets 1,710
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs -
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes -
Other Regulatory Assets -
Other -
Total Deferred Debits -
Total Assets $ 1,717
Page 11 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic Energy
Technology
Inc.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ -
Other Equity 7,308
Retained Earnings (5,984)
Total Common Equity 1,324
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization 1,324
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt -
Short Term Debt -
Accounts Payable -
Advances-Associated Companies -
Accounts Payable-Associated Companies 42
Taxes Payable-Affiliates -
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Employees Separation Costs -
Other 2
Total Current Liabilities 44
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other 349
Total Deferred Credits
and Other Liabilities 349
Total Liabilities and Capitalization $ 1,717
Page 12 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic Thermal
Systems
Inc.
Consolidated
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Companies -
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 6,488
Other Investments and Funds -
Total Nonutility Property and
Investments 6,488
Current Assets:
Cash and Temporary Investments 42
Accounts Receivable:
Utility Service -
Miscellaneous 4
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 127
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes -
Deferred Energy Costs -
Other 5
Total Current Assets 178
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs -
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes -
Other Regulatory Assets -
Other 3
Total Deferred Debits 3
Total Assets $ 6,669
Page 13 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic Thermal
Systems
Inc.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ -
Other Equity 2,904
Retained Earnings (327)
Total Common Equity 2,577
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization 2,577
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt -
Short Term Debt -
Accounts Payable 281
Advances-Associated Companies 1,825
Accounts Payable-Associated Companies 1,804
Taxes Payable-Affiliates -
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Employees Separation Costs -
Other 182
Total Current Liabilities 4,092
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other -
Total Deferred Credits
and Other Liabilities -
Total Liabilities and Capitalization $ 6,669
Page 14 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Eliminations and
reclassifications
Debits Credits
ASSETS
Electric Utility Plant:
In Service $ - $ -
Less Accumulated Depreciation - -
Net - -
Construction Work in Progress - -
Land Held for Future Use - -
Leased Property-Net - -
Electric Utility Plant-Net - -
Investment in Subsidiary Companies - 836,395
Investment in Leveraged Leases - -
Nuclear Decommissioning Trust Fund - -
Nonutility Property and Equipment-Net - -
Other Investments and Funds - -
Total Nonutility Property and
Investments - 836,395
Current Assets:
Cash and Temporary Investments - -
Accounts Receivable: - -
Utility Service - -
Miscellaneous 89 -
Allowance for Doubtful Accounts - -
Notes Receivable-Associated Companies - 5,875
Advances-Associated Companies - 10,435
Dividends Receivable-Subsidiaries - 20,894
Accounts Receivable-Associated Companies - 25,699
Unbilled Revenues - -
Fuel (at average cost) - -
Materials and Supplies (at average cost) - -
Working Funds - -
Deferred Income Taxes - -
Deferred Energy Costs - -
Other - -
Total Current Assets 89 62,903
Deferred Debits:
Unrecovered Purchased Power Costs - -
Unamortized Debt Costs - -
Unrecovered State Excise Taxes - -
Recoverable Federal Income Taxes - -
Deferred Income Taxes - 1,852
Other Regulatory Assets - -
Other - -
Total Deferred Debits - 1,852
Total Assets $ 89 $ 901,150
Page 15 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Eliminations and
reclassifications
Debits Credits
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963 $ -
Other Equity 542,591 2,300
Retained Earnings 241,141 -
Total Common Equity 838,695 2,300
Preferred Stock:
Not Subject to Mandatory Redemption - -
Subject to Mandatory Redemption - -
Long Term Debt - -
Total Capitalization 838,695 2,300
Current Liabilities:
Preferred Stock Redemption Requirement - -
Long Term Debt - -
Short Term Debt 5,875 -
Accounts Payable - -
Advances-Associated Companies 10,435 -
Accounts Payable-Associated Companies 25,610 -
Taxes Payable-Affiliates - -
Taxes Accrued - -
Interest Accrued - -
Dividends Declared 20,894 -
Employees Separation Costs - -
Other - -
Total Current Liabilities 62,814 -
Deferred Credits and Other Liabilities:
Deferred Income Taxes 1,852 -
Deferred Income Tax Credits - -
Capital Lease Obligations - -
Other - -
Total Deferred Credits
and Other Liabilities 1,852 -
Total Liabilities and Capitalization $903,361 $ 2,300
Page 16 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Energy, Inc.
Consolidated
Assets
Electric Utility Plant:
In Service $ 2,348,873
Less Accumulated Depreciation (725,999)
Net 1,622,874
Construction Work in Progress 110,078
Land Held for Future Use 6,941
Leased Property-Net 42,030
Electric Utility Plant-Net 1,781,923
Investment in Subsidiary Companies -
Investment in Leveraged Leases 78,216
Nuclear Decommissioning Trust Fund 52,004
Nonutility Property and Equipment-Net 18,163
Other Investments and Funds 28,940
Total Nonutility Property and
Investments 177,323
Current Assets:
Cash and Temporary Investments 5,114
Accounts Receivable: -
Utility Service 54,554
Miscellaneous 14,067
Allowance for Doubtful Accounts (3,300)
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies -
Unbilled Revenues 32,070
Fuel (at average cost) 28,030
Materials and Supplies (at average cost) 27,823
Working Funds 14,475
Deferred Income Taxes 12,264
Deferred Energy Costs 10,999
Other 11,883
Total Current Assets 207,979
Deferred Debits:
Unrecovered Purchased Power Costs 115,538
Unamortized Debt Costs 38,184
Unrecovered State Excise Taxes 73,834
Recoverable Federal Income Taxes 85,854
Deferred Income Taxes 350
Other Regulatory Assets 47,055
Other 17,515
Total Deferred Debits 378,330
Total Assets $ 2,545,555
Page 17 of 18
<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
Energy,
Inc.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 593,475
Other Equity -
Retained Earnings 249,181
Total Common Equity 842,656
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 149,250
Long Term Debt 778,288
Total Capitalization 1,810,194
Current Liabilities:
Preferred Stock Redemption Requirement 12,250
Long Term Debt 1,000
Short Term Debt 8,600
Accounts Payable 66,080
Advances-Associated Companies -
Accounts Payable-Associated Companies -
Taxes Payable-Affiliates -
Taxes Accrued 10,409
Interest Accrued 19,168
Dividends Declared 24,681
Employees Separation Costs 26,600
Other 19,813
Total Current Liabilities 188,601
Deferred Credits and Other Liabilities:
Deferred Income Taxes 412,574
Deferred Income Tax Credits 51,646
Capital Lease Obligations 41,111
Other 41,429
Total Deferred Credits
and Other Liabilities 546,760
Total Liabilities and Capitalization $ 2,545,555
Page 18 of 18<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
Energy,
Inc.
Operating Revenues
Electric $ -
Other -
Total Operating Revenue -
Operating Expenses:
Energy -
Purchased Capacity -
Operations 1,014
Maintenance 2
Depreciation and Amortization 1
State Excise Taxes -
State Income Taxes -
Federal Income Taxes (291)
Other Taxes -
Total Operating Expenses 726
Operating Income and Expense (726)
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies 93,372
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net 183
Total Other Income and Expense 93,555
Income Before Interest Charges 92,829
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges -
Preferred Dividends of Subsidiaries (16,716)
Net Income (Loss) 76,113
Preferred Dividend Requirements -
Income Available for Common Stock $ 76,113
Retained Earnings Beginning of Period $ 256,549
Net Income (Loss) 76,113
Dividends-Common Stock (83,481)
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ 249,181
Page 1 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
City
Electric
Co.
Consol.
Operating Revenues
Electric $ 913,226
Other -
Total Operating Revenue 913,226
Operating Expenses:
Energy 210,891
Purchased Capacity 130,929
Operations 157,047
Maintenance 37,662
Depreciation and Amortization 73,344
State Excise Taxes 97,072
State Income Taxes -
Federal Income Taxes 42,529
Other Taxes 10,757
Total Operating Expenses 760,231
Operating Income and Expense 152,995
Other Income and Expense:
AFDC Equity Funds 3,634
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 (17,335)
Miscellaneous Income-Net 9,568
Total Other Income and Expense (4,133)
Income Before Interest Charges 148,862
Interest Charges:
Interest on Long Term Debt 57,346
Other Interest Expense 1,114
Total Interest Charges 58,460
Allowance for Borrowed Funds Used During Construction (2,772)
Net Interest Charges 55,688
Preferred Dividends of Subsidiaries -
Net Income (Loss) 93,174
Preferred Dividend Requirements (16,716)
Income Available for Common Stock $ 76,458
Retained Earnings Beginning of Period $ 256,961
Net Income (Loss) 93,174
Dividends-Common Stock (83,482)
Dividends-Preferred Stock (16,716)
Preferred Stock Expense -
Other Changes (170)
Retained Earnings, End of Period $ 249,767
Page 2 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
Generation
Inc.
Consol.
Operating Revenues
Electric $ -
Other -
Total Operating Revenue -
Operating Expenses:
Energy -
Purchased Capacity -
Operations 1,397
Maintenance 5
Depreciation and Amortization 8
State Excise Taxes -
State Income Taxes 649
Federal Income Taxes 1,702
Other Taxes -
Total Operating Expenses 3,761
Operating Income and Expense (3,761)
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net 6,720
Total Other Income and Expense 6,720
Income Before Interest Charges 2,959
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges -
Preferred Dividends of Subsidiaries -
Net Income (Loss) 2,959
Preferred Dividend Requirements -
Income Available for Common Stock $ 2,959
Retained Earnings Beginning of Period $ (4,481)
Net Income (Loss) 2,959
Dividends-Common Stock 330
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ (1,192)
Page 3 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
Southern
Properties
Inc.
Operating Revenues
Electric $ -
Other 2,059
Total Operating Revenue 2,059
Operating Expenses:
Energy -
Purchased Capacity -
Operations 669
Maintenance 268
Depreciation and Amortization 536
State Excise Taxes -
State Income Taxes -
Federal Income Taxes (1,054)
Other Taxes 288
Total Operating Expenses 707
Operating Income and Expense 1,352
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net (2,620)
Total Other Income and Expense (2,620)
Income Before Interest Charges (1,268)
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense 688
Total Interest Charges 688
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges 688
Preferred Dividends of Subsidiaries -
Net Income (Loss) (1,956)
Preferred Dividend Requirements -
Income Available for Common Stock $ (1,956)
Retained Earnings Beginning of Period $ (2,066)
Net Income (Loss) (1,956)
Dividends-Common Stock -
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ (4,022)
Page 4 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
ATE
Investment,
Inc.
Operating Revenues
Electric $ -
Other 1,005
Total Operating Revenue 1,005
Operating Expenses:
Energy -
Purchased Capacity -
Operations 141
Maintenance -
Depreciation and Amortization -
State Excise Taxes -
State Income Taxes (104)
Federal Income Taxes 135
Other Taxes -
Total Operating Expenses 172
Operating Income and Expense 833
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net 688
Total Other Income and Expense 688
Income Before Interest Charges 1,521
Interest Charges:
Interest on Long Term Debt 1,254
Other Interest Expense -
Total Interest Charges 1,254
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges 1,254
Preferred Dividends of Subsidiaries -
Net Income (Loss) 267
Preferred Dividend Requirements -
Income Available for Common Stock $ 267
Retained Earnings Beginning of Period $ 2,632
Net Income (Loss) 267
Dividends-Common Stock -
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ 2,899
Page 5 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
Energy
Technology
Inc.
Consol.
Operating Revenues
Electric $ -
Other -
Total Operating Revenue -
Operating Expenses:
Energy -
Purchased Capacity -
Operations 662
Maintenance -
Depreciation and Amortization 2
State Excise Taxes -
State Income Taxes 1
Federal Income Taxes 695
Other Taxes -
Total Operating Expenses 1,360
Operating Income and Expense (1,360)
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net 616
Total Other Income and Expense 616
Income Before Interest Charges (744)
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges -
Preferred Dividends of Subsidiaries -
Net Income (Loss) (744)
Preferred Dividend Requirements -
Income Available for Common Stock $ (744)
Retained Earnings Beginning of Period $ (5,240)
Net Income (Loss) (744)
Dividends-Common Stock -
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ (5,984)
Page 6 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
Thermal
Systems,
Inc.
Consol.
Operating Revenues
Electric $ -
Other 12
Total Operating Revenue 12
Operating Expenses:
Energy -
Purchased Capacity -
Operations 499
Maintenance -
Depreciation and Amortization 14
State Excise Taxes -
State Income Taxes -
Federal Income Taxes (174)
Other Taxes -
Total Operating Expenses 339
Operating Income and Expense (327)
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net -
Total Other Income and Expense -
Income Before Interest Charges (327)
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges -
Preferred Dividends of Subsidiaries -
Net Income (Loss) (327)
Preferred Dividend Requirements -
Income Available for Common Stock $ (327)
Retained Earnings Beginning of Period $ -
Net Income (Loss) (327)
Dividends-Common Stock -
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ (327)
Page 7 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Elimination
& Reclass
Entries
Credit
Operating Revenues
Electric $ (187)
Other (3,076)
Total Operating Revenue (3,263)
Operating Expenses:
Energy -
Purchased Capacity -
Operations 5,020
Maintenance 370
Depreciation and Amortization 561
State Excise Taxes -
State Income Taxes 546
Federal Income Taxes 1,013
Other Taxes 288
Total Operating Expenses 7,798
Operating Income and Expense 4,535
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies (93,372)
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net (6,477)
Total Other Income and Expense (99,849)
Income Before Interest Charges (95,314)
Interest Charges:
Interest on Long Term Debt 1,254
Other Interest Expense 688
Total Interest Charges 1,942
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges 1,942
Preferred Dividends of Subsidiaries -
Net Income (Loss) (97,257)
Preferred Dividend Requirements 16,716
Income Available for Common Stock $ (80,541)
Retained Earnings Beginning of Period $ (247,806)
Net Income (Loss) (93,372)
Dividends-Common Stock 83,152
Dividends-Preferred Stock 16,716
Preferred Stock Expense -
Other Changes 170
Retained Earnings, End of Period $ (241,140)
Page 8 of 9<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1994
(thousands of dollars)
Atlantic
Energy,
Inc.
Consol.
Operating Revenues
Electric $ 913,039
Other -
Total Operating Revenue 913,039
Operating Expenses:
Energy 210,891
Purchased Capacity 130,929
Operations 156,409
Maintenance 37,568
Depreciation and Amortization 73,344
State Excise Taxes 97,072
State Income Taxes -
Federal Income Taxes 42,529
Other Taxes 10,757
Total Operating Expenses 759,499
Operating Income and Expense 153,540
Other Income and Expense:
AFDC Equity Funds 3,634
Earnings from Subsidiary Companies -
Employee Separation Costs, Net of tax of $9,265 (17,335)
Miscellaneous Income-Net 8,678
Total Other Income and Expense (5,023)
Income Before Interest Charges 148,517
Interest Charges:
Interest on Long Term Debt 57,346
Other Interest Expense 1,114
Total Interest Charges 58,460
Allowance for Borrowed Funds Used During Construction (2,772)
Net Interest Charges 55,688
Preferred Dividends of Subsidiaries (16,716)
Net Income (Loss) 76,113
Preferred Dividend Requirements -
Income Available for Common Stock $ 76,113
Retained Earnings Beginning of Period $ 256,549
Net Income (Loss) 76,113
Dividends-Common Stock (83,481)
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ 249,181
Page 9 of 9<PAGE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,545,555
<TOTAL-OPERATING-REVENUES> 913,039
<NET-INCOME> 76,113
</TABLE>
