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, Egg Harbor Township, New Jersey
08234-4130.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, Egg Harbor Township, New Jersey
08234-4130. 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, Egg Harbor Township, New
Jersey 08234-4130. 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 5100
Harding Highway, Mays Landing, New Jersey 08330.
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 5100
Harding Highway,Mays Landing,, New Jersey 08330.
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 5100
Harding Highway, Mays Landing, New Jersey 08330.
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 5100
Harding Highway, Mays Landing, New Jersey 08330.
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 5100 Harding Highway
Mays Landing, New Jersey 08330. 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 forty-four
transmission, has a joint interest in one transmission and
owns and maintains sixty-five distribution substations as
well as 11,659 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,
Philadelphia Electric Company, now PECO Energy Company
and Public Service Electric and Gas 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 1995
(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 - 9,741,647,000 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 - 335,284,000 kwh. (a)
Deepwater - None
(a) kwh excludes 151,994,000 kwh sold to power
brokers, ultimate destination not determinable.
(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 - 2,330,757,000 kwh. (b)
Deepwater - None
(b) kwh excludes 428,719,000 kwh purchased from
power brokers, original source not
determinable.
In 1995 Atlantic Electric received 563,244,000 kwh. of
interchanged energy and delivered 1,201,506,000 kwh. of
interchanged energy pursuant to arrangements mentioned
above.
In 1995, Deepwater, as operator of the Deepwater Generating
Station at Deepwater, New Jersey, delivered to Atlantic
Electric, the owner of that station, 489,474,000 kwh. of
electric energy.
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, 1995 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
887,898
2 Total Operating Revenues
953,137
3 Net Income
81,768
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, 1996.
ATLANTIC ENERGY, INC.
By: /s/ J. E. Franklin, II, Vice President
J. E. Franklin, II,Vice President
Secretary & 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
Vice President, Secretary & General Counsel
Atlantic Energy, Inc.
6801 Black Horse Pike
Pleasantville, New Jersey 08232
aeiu2.wpd
Exhibit #99
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(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 838,705
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 18
Other Investments and Funds -
Total Nonutility Property and
Investments 838,723
Current Assets:
Cash and Temporary Investments 714
Accounts Receivable:
Utility Service -
Miscellaneous -
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies 7,500
Advances-Associated Companies 1,684
Dividends Receivable-Subsidiaries 20,225
Accounts Receivable-Associated Companies 15,726
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes -
Deferred Energy Costs -
Other 2,961
Total Current Assets 48,810
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs -
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes -
Other Regulatory Assets -
Other 365
Total Deferred Debits 365
Total Assets $ 887,898
Page 1 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
Energy,
Inc.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 563,436
Other Equity -
Retained Earnings 249,741
Total Common Equity 813,177
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization 813,177
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt 34,500
Short Term Debt -
Accounts Payable -
Advances-Associated Companies -
Notes Payable-Associated Companies -
Accounts Payable-Associated Companies 19,199
Taxes Payable-Affiliates -
Taxes Accrued 3
Interest Accrued 162
Dividends Declared 20,225
Employees Separation Costs -
Other 632
Total Current Liabilities 74,721
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 $ 887,898
Page 2 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic City
Electric Co.
Consolidated
ASSETS
Electric Utility Plant:
In Service $ 2,429,176
Less Accumulated Depreciation (794,479)
Net 1,634,697
Construction Work in Progress 119,270
Land Held for Future Use 6,941
Leased Property-Net 40,878
Electric Utility Plant-Net 1,801,786
Investment in Subsidiary Companies -
Investment in Leveraged Leases -
Nuclear Decommissioning Trust Fund 61,802
Nonutility Property and Equipment-Net 50
Other Investments and Funds 2,027
Total Nonutility Property and
Investments 63,879
Current Assets:
Cash and Temporary Investments 3,987
Accounts Receivable:
Utility Service 66,099
Miscellaneous 16,017
Allowance for Doubtful Accounts (3,300)
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 1,362
Unbilled Revenues 41,515
Fuel (at average cost) 25,459
Materials and Supplies (at average cost) 25,434
Working Funds 14,420
Deferred Income Taxes -
Deferred Energy Costs 31,434
Other 21,002
Total Current Assets 243,429
Deferred Debits:
Unrecovered Purchased Power Costs 99,817
Unamortized Debt Costs 38,924
Unrecovered State Excise Taxes 64,274
Recoverable Federal Income Taxes 85,858
Deferred Income Taxes -
Other Regulatory Assets 54,568
Other 9,372
Total Deferred Debits 352,813
Total Assets $ 2,461,907
Page 3 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic City
Electric Co.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963
Other Equity 491,712
Retained Earnings 252,484
Total Common Equity 799,159
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 114,750
Long Term Debt 802,356
Total Capitalization 1,756,265
Current Liabilities:
Preferred Stock Redemption Requirement 22,250
Long Term Debt 12,247
Short Term Debt 30,545
Accounts Payable 60,831
Advances-Associated Companies -
Notes Payable-Associated Companies -
Accounts Payable-Associated Companies 11,574
Taxes Payable-Affiliates -
Taxes Accrued 3,382
Interest Accrued 19,961
Dividends Declared 23,490
Employees Separation Costs 7,488
Deferred Income Taxes 2,569
Other 17,806
Total Current Liabilities 212,143
Deferred Credits and Other Liabilities:
Deferred Income Taxes 354,218
Deferred Income Tax Credits 49,112
Capital Lease Obligations 40,227
Other 49,942
Total Deferred Credits
and Other Liabilities 493,499
Total Liabilities and Capitalization $ 2,461,907
Page 4 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
Energy
Enterprises
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 78,959
Nuclear Decommissioning Trust Fund -
Nonutility Property and Equipment-Net 22,676
Other Investments and Funds 50,752
Total Nonutility Property and
Investments 152,387
Current Assets:
Cash and Temporary Investments 990
Accounts Receivable:
Utility Service -
Miscellaneous 1,452
Allowance for Doubtful Accounts -
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies 19,207
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds 1
Deferred Income Taxes -
Deferred Energy Costs -
Other 129
Total Current Assets 21,779
Deferred Debits:
Unrecovered Purchased Power Costs -
Unamortized Debt Costs 80
Unrecovered State Excise Taxes -
Recoverable Federal Income Taxes -
Deferred Income Taxes -
Other Regulatory Assets -
Other 1,246
Total Deferred Debits 1,326
Total Assets $ 175,492
Page 5 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
Energy
Enterprises
Inc.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 48,762
Other Equity 166
Retained Earnings (9,382)
Total Common Equity 39,546
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt 27,500
Total Capitalization 67,046
Current Liabilities:
Preferred Stock Redemption Requirement -
Long Term Debt 18,500
Short Term Debt -
Accounts Payable 27
Advances-Associated Companies 1,684
Notes Payable-Associated Companies 7,500
Accounts Payable-Associated Companies 5,514
Taxes Payable-Affiliates -
Taxes Accrued 65
Interest Accrued 192
Dividends Declared -
Employees Separation Costs -
Other 2,116
Total Current Liabilities 35,598
Deferred Credits and Other Liabilities:
Deferred Income Taxes 71,657
Deferred Income Tax Credits -
Capital Lease Obligations -
Other 1,191
Total Deferred Credits
and Other Liabilities 72,848
Total Liabilities and Capitalization $ 175,492
Page 6 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(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 - 838,705
Investment in Leveraged Leases - -
Nuclear Decommissioning Trust Fund - -
Nonutility Property and Equipment-Net - -
Other Investments and Funds - -
Total Nonutility Property and
Investments - 838,705
Current Assets:
Cash and Temporary Investments - -
Accounts Receivable: - -
Utility Service - -
Miscellaneous 8 -
Allowance for Doubtful Accounts - -
Notes Receivable-Associated Companies - 7,500
Advances-Associated Companies - 1,684
Dividends Receivable-Subsidiaries - 20,225
Accounts Receivable-Associated Companies - 36,294
Unbilled Revenues - -
Fuel (at average cost) - -
Materials and Supplies (at average cost) - -
Working Funds - -
Deferred Income Taxes - -
Deferred Energy Costs - -
Other - -
Total Current Assets 8 65,703
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 $ 8 $ 904,408
Page 7 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Eliminations and
Reclassifications
Debits Credits
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $103,725 $ -
Other Equity 494,010 2,132
Retained Earning s 243,102 -
Total Common Equity 840,837 2,132
Preferred Stock:
Not Subject to Mandatory Redemption - -
Subject to Mandatory Redemption - -
Long Term Debt - -
Total Capitalization 840,837 2,132
Current Liabilities:
Preferred Stock Redemption Requirement - -
Long Term Debt - -
Short Term Debt - -
Accounts Payable - -
Advances-Associated Companies 1,684 -
Notes Payable-Associated Companies 7,500 -
Accounts Payable-Associated Companies 36,286 -
Taxes Payable-Affiliates - -
Taxes Accrued - -
Interest Accrued - -
Dividends Declared 20,225 -
Employees Separation Costs - -
Other - -
Total Current Liabilities 65,695 -
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 $ 906,532 $ 2,132
Page 8 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
Energy, Inc.
Consolidated
Assets
Electric Utility Plant:
In Service $ 2,429,176
Less Accumulated Depreciation (794,479)
Net 1,634,697
Construction Work in Progress 119,270
Land Held for Future Use 6,941
Leased Property-Net 40,878
Electric Utility Plant-Net 1,801,786
Investment in Subsidiary Companies -
Investment in Leveraged Leases 78,959
Nuclear Decommissioning Trust Fund 61,802
Nonutility Property and Equipment-Net 22,744
Other Investments and Funds 52,779
Total Nonutility Property and
Investments 216,284
Current Assets:
Cash and Temporary Investments 5,691
Accounts Receivable: -
Utility Service 66,099
Miscellaneous 17,477
Allowance for Doubtful Accounts (3,300)
Notes Receivable-Associated Companies -
Advances-Associated Companies -
Dividends Receivable-Subsidiaries -
Accounts Receivable-Associated Companies -
Unbilled Revenues 41,515
Fuel (at average cost) 25,459
Materials and Supplies (at average cost) 25,434
Working Funds 14,421
Deferred Income Taxes -
Deferred Energy Costs 31,434
Other 24,092
Total Current Assets 248,322
Deferred Debits:
Unrecovered Purchased Power Costs 99,817
Unamortized Debt Costs 39,004
Unrecovered State Excise Taxes 64,274
Recoverable Federal Income Taxes 85,858
Other Regulatory Assets 54,568
Other 10,983
Total Deferred Debits 354,504
Total Assets $ 2,620,896
Page 9 of 10
Atlantic Energy, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
Energy,
Inc.
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 563,436
Other Equity -
Retained Earnings 249,741
Total Common Equity 813,177
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 114,750
Long Term Debt 829,856
Total Capitalization 1,797,783
Current Liabilities:
Preferred Stock Redemption Requirement 22,250
Long Term Debt 65,247
Short Term Debt 30,545
Accounts Payable 66,858
Advances-Associated Companies -
Notes Payable- Associated Companies -
Accounts Payable-Associated Companies -
Taxes Payable-Affiliates -
Taxes Accrued 3,450
Interest Accrued 20,315
Dividends Declared 23,490
Employees Separation Costs 7,488
Deferred Income Taxes 2,569
Other 20,554
Total Current Liabilities 256,766
Deferred Credits and Other Liabilities:
Deferred Income Taxes 425,875
Deferred Income Tax Credits 49,112
Capital Lease Obligations 40,227
Other 51,133
Total Deferred Credits
and Other Liabilities 566,347
Total Liabilities and Capitalization $ 2,620,896
Page 10 of 10<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1995
(thousands of dollars)
Atlantic
Energy,
Inc.
Operating Revenues
Electric $ -
Other -
Total Operating Revenue -
Operating Expenses:
Energy -
Purchased Capacity -
Operations 1,137
Maintenance -
Depreciation and Amortization 1
State Excise Taxes -
State Income Taxes -
Federal Income Taxes (832)
Other Taxes -
Total Operating Expenses 308
Operating Income and Expense (308)
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies 97,997
Miscellaneous Income-Net 39
Total Other Income and Expense 98,036
Income Before Interest Charges 97,728
Interest Charges:
Interest on Long Term Debt 459
Other Interest Expense 874
Total Interest Charges 1,333
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges 1,333
Preferred Dividends of Subsidiaries (14,627)
Net Income (Loss) 81,768
Preferred Dividend Requirements -
Income Available for Common Stock $ 81,768
Retained Earnings Beginning of Period $ 249,181
Net Income (Loss) 81,768
Dividends-Common Stock (81,208)
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ 249,741
Page 1 of 5<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1995
(thousands of dollars)
Atlantic
City
Electric
Co.
Consol.
Operating Revenues
Electric $ 953,779
Other -
Total Operating Revenue 953,779
Operating Expenses:
Energy 191,766
Purchased Capacity 190,570
Operations 152,277
Maintenance 34,414
Depreciation and Amortization 78,461
State Excise Taxes 102,811
State Income Taxes -
Federal Income Taxes 45,876
Other Taxes 8,677
Total Operating Expenses 804,852
Operating Income and Expense 148,927
Other Income and Expense:
AFDC Equity Funds 817
Earnings from Subsidiary Companies -
Miscellaneous Income-Net 10,208
Total Other Income and Expense 11,025
Income Before Interest Charges 159,952
Interest Charges:
Interest on Long Term Debt 60,329
Other Interest Expense 2,550
Total Interest Charges 62,879
Allowance for Borrowed Funds Used During Construction (1,679)
Net Interest Charges 61,200
Preferred Dividends of Subsidiaries -
Net Income (Loss) 98,752
Preferred Dividend Requirements (14,627)
Income Available for Common Stock $ 84,125
Retained Earnings Beginning of Period $ 249,767
Net Income (Loss) 98,752
Dividends-Common Stock (81,239)
Dividends-Preferred Stock (14,627)
Preferred Stock Expense (169)
Other Changes -
Retained Earnings, End of Period $ 252,484
Page 2 of 5<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1995
(thousands of dollars)
Atlantic
Energy
Enterprises
Inc.
Consolidated
Operating Revenues
Electric $ -
Other 4,165
Total Operating Revenue 4,165
Operating Expenses:
Energy -
Purchased Capacity -
Operations 6,828
Maintenance 186
Depreciation and Amortization 769
State Excise Taxes -
State Income Taxes 390
Federal Income Taxes (875)
Other Taxes 300
Total Operating Expenses 7,598
Operating Income and Expense (3,433)
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies -
Miscellaneous Income-Net 4,516
Total Other Income and Expense 4,516
Income Before Interest Charges 1,083
Interest Charges:
Interest on Long Term Debt 1,026
Other Interest Expense 812
Total Interest Charges 1,838
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges 1,838
Preferred Dividends of Subsidiaries -
Net Income (Loss) (755)
Preferred Dividend Requirements -
Income Available for Common Stock $ (755)
Retained Earnings Beginning of Period $ -
Net Income (Loss) (755)
Dividends-Common Stock -
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes (8627)
Retained Earnings, End of Period $ (9,382)
Page 3 of 5<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1995
(thousands of dollars)
Elimination
& Reclass
Entries
(Debit)Credit
Operating Revenues
Electric $ (642)
Other (4,165)
Total Operating Revenue (4,807)
Operating Expenses:
Energy -
Purchased Capacity -
Operations 8,184
Maintenance 221
Depreciation and Amortization 770
State Excise Taxes -
State Income Taxes 390
Federal Income Taxes (1,707)
Other Taxes 300
Total Operating Expenses 8,158
Operating Income and Expense 3,351
Other Income and Expense:
AFDC Equity Funds -
Earnings from Subsidiary Companies (97,997)
Miscellaneous Income-Net (6,521)
Total Other Income and Expense (104,518)
Income Before Interest Charges (101,167)
Interest Charges:
Interest on Long Term Debt 1,485
Other Interest Expense 1,685
Total Interest Charges 3,170
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges 3,170
Preferred Dividends of Subsidiaries -
Net Income (Loss) (97,997)
Preferred Dividend Requirements 14,627
Income Available for Common Stock $ (83,370)
Retained Earnings Beginning of Period $ (249,767)
Net Income (Loss) (97,997)
Dividends-Common Stock 81,239
Dividends-Preferred Stock 14,627
Preferred Stock Expense 169
Other Changes 8,627
Retained Earnings, End of Period $ (243,102)
Page 4 of 5<PAGE>
Atlantic Energy, Inc. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
December 31, 1995
(thousands of dollars)
Atlantic
Energy,
Inc.
Consol.
Operating Revenues
Electric $ 953,137
Other -
Total Operating Revenue 953,137
Operating Expenses:
Energy 191,766
Purchased Capacity 190,570
Operations 152,060
Maintenance 34,379
Depreciation and Amortization 78,461
State Excise Taxes 102,811
State Income Taxes -
Federal Income Taxes 45,876
Other Taxes 8,677
Total Operating Expenses 804,600
Operating Income and Expense 148,537
Other Income and Expense:
AFDC Equity Funds 817
Earnings from Subsidiary Companies -
Miscellaneous Income-Net 8,241
Total Other Income and Expense 9,058
Income Before Interest Charges 157,595
Interest Charges:
Interest on Long Term Debt 60,329
Other Interest Expense 2,550
Total Interest Charges 62,879
Allowance for Borrowed Funds Used During Construction (1,679)
Net Interest Charges 61,200
Preferred Dividends of Subsidiaries (14,627)
Net Income (Loss) 81,768
Preferred Dividend Requirements -
Income Available for Common Stock $ 81,768
Retained Earnings Beginning of Period $ 249,181
Net Income (Loss) 81,768
Dividends-Common Stock (81,208)
Dividends-Preferred Stock -
Preferred Stock Expense -
Other Changes -
Retained Earnings, End of Period $ 249,741
Page 5 of 5<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000806393
<NAME> ATLANTIC ENERGY, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,620,896
<TOTAL-OPERATING-REVENUES> 953,137
<NET-INCOME> 81,768
</TABLE>
