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Previous: PUBLIC SERVICE CO OF OKLAHOMA, 35-CERT, 2000-02-29 |
Next: PUTNAM FUND FOR GROWTH & INCOME, 497J, 2000-02-29 |
FILE NO. 1-9120
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
--------------------------------------------
(Name of company)
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935 and submits the following
information:
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1. Name, State of organization, location and nature of business of
claimant, and every subsidiary thereof, other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly or
indirectly holds an interest.
1. Public Service Enterprise Group Incorporated (PSEG), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSEG has four direct wholly-owned subsidiaries, Public Service
Electric and Gas Company (PSE&G), PSEG Power LLC (Power), PSEG Energy
Holdings Inc. (Energy Holdings), and PSEG Services Corporation (Services). PSEG
also has 331 indirect subsidiaries. Details are as follows:
1.1. PSE&G, a New Jersey corporation, with its principal executive offices at 80
Park Plaza, Newark, New Jersey 07102, is an operating public utility company
engaged principally in the generation, transmission, distribution and sale of
electric energy service and in the transmission, distribution and sale of gas
service in New Jersey. Per the New Jersey Board of Public Utilities' (BPU)
mandate pursuant to the New Jersey Electric Discount and Energy Competition Act,
the New Jersey Energy Master Plan proceedings and associated BPU Orders, PSEG
Power L.L.C. was formed to provide generation services in the deregulated,
competitive electricity market throughout the Eastern United States. During
2000, PSE&G expects to sell its generation-related assets to Power and Power
will then own and operate PSE&G's generation business. As of December 31, 1999,
PSE&G comprised 77% of PSEG's assets. PSE&G's 1999 revenues were 91% of PSEG's
revenues and PSE&G's earnings available to PSEG were 89% of PSEG's income before
extraordinary item.
PSE&G has 6 direct wholly-owned subsidiaries; one direct 99%-owned subsidiary
(the remaining 1% of which is owned by PSE&G's subsidiary, Public Service
Corporation of New Jersey); one direct 50%-owned subsidiary (the remaining 50%
of which is owned by Potomac Electric Power Company, a Virginia and District of
Columbia corporation) and one indirect wholly-owned subsidiary, as follows:
1.1.A. PSE&G Fuel Corporation (Fuelco), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Fuelco
provides financing, unconditionally guaranteed by PSE&G, of up to $125 million
aggregate principal amount at any one time outstanding with respect to its
42.49% interest in the nuclear fuel acquired for Peach Bottom Atomic Power
Station Units 2 and 3.
1.1.B. New Jersey Properties, Inc. (NJP), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. NJP
acquires certain real estate from time to time.
1.1.C. Public Service Corporation of New Jersey (PSC of NJ), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSC of NJ owns 1% of Public Service New Millennium Economic
Development Fund L.L.C. (see below).
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1.1.D. The Francis Corporation (TFC), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. TFC
acquires certain real estate from time to time.
1.1.E. Public Service New Millennium Economic Development Fund LLC (New
Millennium) has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. New Millennium is a direct 99%-owned subsidiary of PSE&G, with the
remaining 1% owned by PSC of NJ. New Millennium supports economic development
and programs providing technology to improve education and health care in urban
areas of New Jersey, and has one direct subsidiary, discussed below.
1.1.E.1. Tradelink New Jersey International Business Center, Inc. (Tradelink), a
New Jersey corporation, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Tradelink is a direct subsidiary of Public Service New
Millennium Economic Development Fund LLC and operates a full service turn-key
office suite facility designed to attract foreign firms to establish a business
presence in New Jersey.
1.1.F. Public Service Energy Trading Company (PS Trading), a New Jersey
corporation formed in 1997, has its principal executive offices at 80 Park
Plaza, Newark, New Jersey, 07102 and is currently inactive.
1.1.G. Gridco International LLC (Gridco International), a Delaware
corporation, has its principal executive offices at 1209 Orange Street, New
Castle County, Wilmington, Delaware 19801. Gridco International, a direct
50%-owned subsidiary of PSE&G with the remaining 50% owned by Potomac Electric
Power Company, a Virginia and District of Columbia corporation, is currently
inactive.
1.1.H. PSE&G Transition Funding LLC (Transition Funding), a Delaware Limited
Liability Company, has its principal offices at 1209 Orange Street, Wilmington,
Delaware 19801. PSE&G is the sole member (parent) of Transition Funding.
Transition Funding is organized for the purpose of purchasing intangible
transition property, investing in investment securities, issuing transition
bonds and entering into related credit enhancement transactions.
1.2. PSEG Power LLC (Power), a Delaware Limited Liability Company, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Power, a
wholly-owned subsidiary of PSEG, was formed to acquire, own and operate the
electric generation-related assets of PSE&G which are anticipated to be sold to
Power during 2000. Power has three direct wholly-owned subsidiaries and one
indirect wholly-owned subsidiary, discussed below.
1.2.A. PSEG Energy Resources & Trade LLC (ER&T), a Delaware Limited Liability
Company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. ER&T, a wholly-owned subsidiary of Power, was formed to perform
energy marketing and energy trading functions for Power.
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1.2.B. PSEG Fossil LLC (Fossil), a Delaware Limited Liability Company, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Fossil,
a wholly-owned subsidiary of Power, is an EWG, and was formed to operate the
fossil-fueled electric generation assets of PSE&G which are anticipated to be
sold to Power during 2000. Fossil has one direct wholly-owned subsidiary,
discussed below.
1.2.B.1. PSEG Power New York Inc. (Power New York), a Delaware Corporation, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Power New York, a direct wholly-owned subsidiary of Fossil, was formed in 1999
to acquire fossil-fueled electric generation assets located in the state of New
York.
1.2.C. PSEG Nuclear LLC (Nuclear), a Delaware Limited Liability Company, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Nuclear,
a wholly-owned subsidiary of Power, is an EWG, and was formed to operate the
nuclear-fueled electric generation assets of PSE&G which are anticipated to be
sold to Power during 2000.
1.3. PSEG Energy Holdings Inc. (Energy Holdings), a New Jersey corporation, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Energy Holdings is the parent of PSEG's other energy-related businesses. As of
December 31, 1999, Energy Holdings comprised 22% of PSEG's assets. Energy
Holdings' 1999 revenues were 9% of PSEG's revenues and Energy Holdings' 1999
earnings available to PSEG were 11% of PSEG's income before extraordinary item.
Energy Holdings' 6 direct wholly-owned subsidiaries and 305 indirect
subsidiaries are as follows:
1.3.A. PSEG Resources Inc. (PSEG Resources), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. PSEG
Resources provides energy infrastructure financing in developed countries. PSEG
Resources invests in energy related financial transactions and manages a
diversified portfolio of more than 60 investments, including leveraged leases,
leveraged buyout (LBO) funds, limited partnerships and marketable securities.
The remainder of PSEG Resources' portfolio is further diversified across a wide
spectrum of asset types and business sectors, including leveraged leases of
aircraft, railcars, real estate and industrial equipment, limited partnership
interests in project finance transactions, LBO and venture funds and marketable
securities. Some of the transactions in which PSEG Resources and its
subsidiaries participate involve other equity investors. As of December 31,
1999, PSEG Resources comprised 11% of PSEG's assets. PSEG Resources' 1999
revenues were 3% of PSEG's revenues and PSEG Resources' 1999 earnings available
to PSEG were 9% of PSEG's income before extraordinary item. PSEG Resources is a
wholly-owned subsidiary of Energy Holdings. PSEG Resources has 13 direct and 10
indirect wholly-owned subsidiaries as follows:
1.3.A.1. Resources Capital Financing Corporation (RCFC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. RCFC is presently inactive.
1.3.A.2. Resources Capital Investment Corporation (RCIC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. RCIC has investments in several leveraged lease transactions.
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1.3.A.3. Resources Capital Sales Corporation (RCSC) is incorporated under the
laws of the United States Virgin Islands and has its principal executive offices
at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands
00801. RCSC was formed in connection with investment activities of PSEG
Resources to receive the benefits available to a foreign sales corporation (FSC)
under the Internal Revenue Code for the purpose of arranging the export of sales
and leases of United States manufactured products, including the financing,
management, negotiation and contracting of such sales and leases.
1.3.A.4. Resources Capital Management Corporation (RCMC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. As of December 31, 1999, RCMC comprised 4% of PSEG's assets.
RCMC's 1999 revenues were 1% of PSEG's revenues and RCMC's 1999 net income was
0.4% of PSEG's income before extraordinary item. RCMC has investments in a
project financing and several leveraged leases. RCMC has 6 direct wholly-owned
subsidiaries as follows:
1.3.A.4.(a) Franklin Street Real Estate, Inc. (Franklin), a Delaware
corporation, has its principal executive offices at 1300 Market Street,
Wilmington, Delaware 19801. Franklin acts as a lessee under a master lease and
lessor under an operating lease with regard to the leveraged lease investment of
RCMC in a Detroit, Michigan office complex.
1.3.A.4.(b) Renaissance Tower Associates, Inc. (Tower), a Connecticut
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. Tower is the lender under a loan agreement and issuer of lender
notes under a leveraged lease transaction.
1.3.A.4.(c) RCMC Sales Corporation (RCMC SC) is incorporated under the laws of
the United States Virgin Islands, and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
RCMC SC was formed as a FSC in connection with investment activities of RCMC.
1.3.A.4.(d) RCMC One, Incorporated, a New Jersey corporation, has its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently
inactive.
1.3.A.4.(e) RCMC, Inc. (RCMCI), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
RCMCI has investments in four foreign aircraft leveraged leases, a limited
partnership investment in an advanced flue gas desulfurization facility and a
limited partnership investment in an ethylene facility in Sweeny, Texas.
1.3.A.4.(f) RCMC I, Inc. (RCMC I), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
RCMC I has investments in a leveraged lease of an undivided interest of System
Energy Resources Inc.'s interest in a nuclear generating station in Port Gibson,
Mississippi and in a leveraged lease of an office facility in Denver, Colorado.
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1.3.A.5. PSRC Sales Corporation One (PSRC One) is incorporated under the laws of
the United States Virgin Islands and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
PSRC One was formed as a FSC in connection with certain investment activities of
PSEG Resources.
1.3.A.6. PSRC Sales Corporation Two (PSRC Two) is incorporated under the laws of
the United States Virgin Islands and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
PSRC Two was formed as a FSC in connection with certain investment activities of
PSEG Resources.
1.3.A.7. PSRC Sales Corporation Three (PSRC Three) is incorporated under the
laws of the United States Virgin Islands and has its principal executive offices
at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands
00801. PSRC Three was formed as a FSC in connection with certain investment
activities of PSEG Resources.
1.3.A.8. PSRC Sales Corporation Four (PSRC Four) is incorporated under the laws
of the United States Virgin Islands and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
PSRC Four was formed as a FSC in connection with certain investment activities
of PSEG Resources.
1.3.A.9. PSRC, Inc. (PSRCI), a Delaware corporation, has its principal executive
offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801. PSRCI has
investments in several leveraged lease transactions and a limited partnership
interest in a developer of an historic real estate rehabilitation project in
Philadelphia, Pennsylvania.
1.3.A.10. PSRC II, Inc. (PSRC II), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
PSRC II has investments in leveraged buyout funds, limited partnerships and
securities.
1.3.A.11. Enterprise Energy Technology Group, Inc., a Delaware corporation, has
its principal executive offices at 1300 Market Street, Wilmington, Delaware
19801, and is presently inactive.
1.3.A.12. The Water Source, Inc., a New Jersey corporation, has its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, is presently
inactive, and is in the process of dissolution.
1.3.A.13. PSEG Collins Generation, L.L.C. (Collins Generation), a Delaware
Limited Liability Company, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102, and is the sole member of four Delaware limited
liability companies, described below, which are the Owner Participants,
respectively, in connection with four undivided interests in five gas/oil-fired
steam generating units with a collective
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capacity of approximately 2,698 megawatts located in Grundy County, Illinois.
1.3.A.13(a) Collins Generation I, L.L.C. (Collins I), a Delaware Limited
Liability Company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, is the Owner Participant in connection with an undivided
interest in five gas/oil-fired steam generating units with a collective capacity
of approximately 2,698 megawatts located in Grundy County, Illinois.
1.3.A.13(b) Collins Generation II, L.L.C. (Collins II), a Delaware Limited
Liability Company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, is the Owner Participant in connection with an undivided
interest in five gas/oil-fired steam generating units with a collective capacity
of approximately 2,698 megawatts located in Grundy County, Illinois.
1.3.A.13(c) Collins Generation III, L.L.C. (Collins III), a Delaware Limited
Liability Company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, is the Owner Participant in connection with an undivided
interest in five gas/oil-fired steam generating units with a collective capacity
of approximately 2,698 megawatts located in Grundy County, Illinois.
1.3.A.13(d) Collins Generation IV, L.L.C. (Collins IV), a Delaware Limited
Liability Company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, is the Owner Participant in connection with an undivided
interest in five gas/oil-fired steam generating units with a collective capacity
of approximately 2,698 megawatts located in Grundy County, Illinois.
1.3.B. PSEG Global Inc. (PSEG Global), a New Jersey corporation, has its
principal executive offices at 35 Waterview Boulevard, Parsippany, New Jersey
07054. PSEG Global invests and participates in the development and operation of
projects in the generation and distribution of energy, which includes
cogeneration and independent power production facilities (IPP), and electric
distribution companies. The majority of such IPPs are domestic facilities
designated as "qualifying facilities" (QFs) under the Public Utility Regulatory
Policies Act of 1978, as amended (PURPA), 11 of which are designated as "foreign
utility companies" (FUCOs) under the Public Utility Holding Company Act of 1935,
as amended (PUHCA), and 14 of which are designated as "exempt wholesale
generators" (EWGs) under PUHCA. PSEG Global is a wholly-owned subsidiary of PSEG
Energy Holdings Inc. PSEG Global has 3 direct wholly-owned subsidiaries, PSEG
Global New Jersey Inc. (PSEG NJ), PSEG Global USA Inc. (PSEG Global USA), and
PSEG India Company, as well as 255 indirect subsidiaries including limited and
general partnership interests. PSEG NJ and its subsidiaries invest in projects
in New Jersey which sell power to PSE&G. PSEG Global USA and its subsidiaries
invest in projects which sell power to other domestic and foreign entities as
well as transmission and distribution projects. PSEG India Company and its
subsidiaries invest in projects in India. In addition to its investment in PSEG
NJ, PSEG Global USA, and PSEG India Company, PSEG Global is a limited partner in
2 QFs: (i) UAH-Hydro Kennebec Limited Partnership (15.6% partnership interest)
which owns a hydroelectric facility in Winslow, Maine, and (ii) Luz Solar
Partners, III (8.9% partnership interest) which owns a solar facility in Kramer
Junction, California. PSEG Global also is a limited partner in (i) Indeck North
American Power Fund, L.P. (Indeck) (6.8% partnership interest) which invests in
QFs and EWGs, and (ii) Indeck North American Power Partners, L.P. (13.3%
partnership interest), which is the general partner of Indeck. In addition,
Indeck owns a 99% interest in Indeck Harbor, L.L.C. (Indeck Harbor) and, in
turn, Indeck Harbor owns a 70% general partnership interest in Harbor
Cogeneration Company. As of December 31, 1999, PSEG Global comprised 9% of
PSEG's assets. PSEG Global's 1999 revenues were 2% of PSEG's revenues and PSEG
Global's 1999 earnings available to PSEG were 4% of PSEG's income before
extraordinary item.
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1.3.B.1. PSEG Global New Jersey Inc., a New Jersey corporation, has its
principal executive offices at 35 Waterview Boulevard, Parsippany, New Jersey
07054. PSEG NJ has 3 direct subsidiaries and 1 indirect subsidiary as described
below:
1.3.B.1.(a) PSEG Eagle Point Inc. (PSEG EPI), a New Jersey corporation,
has its principal executive offices at 35 Waterview Boulevard, Parsippany, New
Jersey 07054. PSEG EPI is a 50% general partner in Eagle Point Cogeneration
Partnership (EPCP).
1.3.B.1.(a)(i) EPCP, a New Jersey limited partnership, has its principal
executive offices at U.S. Route 130 and Interstate 295, West Deptford, New
Jersey 08096, and owns a natural gas-fired cogeneration QF in West Deptford, New
Jersey.
1.3.B.1.(b) PSEG Newark Bay Inc. (PSEG NBI), a New Jersey corporation, has its
principal executive offices at 35 Waterview Boulevard, Parsippany, New Jersey
07054, and is presently inactive.
1.3.B.1.(c) PSEG Newark Bay Services Inc. (PSEG NBS), a New Jersey corporation,
has its principal executive offices at 35 Waterview Boulevard, Parsippany, New
Jersey 07054. PSEG NBS is presently inactive.
1.3.B.2. PSEG Global USA Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054. PSEG
Global USA has a total of 246 direct and indirect subsidiaries including limited
and general partnership interests as described below:
1.3.B.2.(a) CEMAS Corporation (CEMAS), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801. CEMAS owns
18.63% of Inversora de San Nicolas, S.A. (ISN), 33.33% of Empresa Argentina
Electrica I, Inc. (EAEI), and 4.95% of AES San Nicolas, Inc. (ASNI).
1.3.B.2.(a)(i) ASNI, a Delaware corporation, has its principal office at 1001 N.
19th Street, Arlington, Virginia 22209, and is owned 4.95% by CEMAS. ASNI owns
62.74% of ISN.
1.3.B.2.(a)(i)(A) ISN, an Argentine corporation, has its principal executive
offices at Cerrito 1294, Piso 3, (1062), Buenos Aires (Capital Federal),
Argentina. ISN owns an 88% controlling stockholder interest in Central Termica
San Nicolas, S.A. (CTSN).
1.3.B.2.(a)(i)(A)(i) CTSN, an Argentine corporation, has its principal executive
offices at Cerrito 1294, Piso 3, (1062), Buenos Aires (Capital Federal),
Argentina. CTSN owns a coal-fired electric generating station in San Nicolas,
Argentina, and is an EWG.
1.3.B.2.(a)(i)(B) EAEI, a Delaware corporation, has its registered office at
1209 Orange Street, Wilmington, Delaware 19801, and has a 1% general partnership
interest in Empresa Argentina Electrica LP (EAELP). PSEG Americas, Inc. owns a
33% limited partnership interest in EAELP.
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1.3.B.2.(a)(i)(B)(i) EAELP, a Delaware limited partnership, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and has 1 direct and 1
indirect wholly-owned subsidiary as described below:
1.3.B.2.(a)(i)(B)(i)(a) Empresa Argentina Electrica II, a Delaware corporation,
has its registered office at 1209 Orange Street, Wilmington, Delaware 19801, and
has 1 direct wholly-owned subsidiary as described below:
1.3.B.2.(a)(i)(B)(i)(a)(i) Empresa Argentina Electrica, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman Islands, British West Indies, and is presently inactive.
1.3.B.2.(b) Deblois Investments, Inc., a New Jersey corporation, has its
principal executive offices at 35 Waterview Boulevard, Parsippany, New Jersey
07054, and is presently inactive.
1.3.B.2.(c) National Energy Partners, a Delaware limited partnership, has its
principal executive offices at 11645 Wilshire Blvd., Suite 750, Los Angeles,
California 90024, and owns 100% of GWF Power Systems Company, Inc. (GWF PSC).
PSEG Global USA is a 50% general partner in National Energy Partners. National
Energy Partners has 1 direct subsidiary and 2 indirect subsidiaries, described
below.
1.3.B.2.(c)(i) GWF PSC, a California corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. GWF PSC
has the following direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(c)(i)(A) GWF Bay Area, Inc. (GWF Bay), a California corporation, has
its principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek,
California 94598. GWF Bay is a 2% managing general partner of GWFLP. GWF Bay is
an indirect 50% owned subsidiary of PSEG Global USA.
1.3.B.2.(c)(i)(A)(i) GWFLP, a California limited partnership, has its principal
executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598,
and owns and operates five petroleum coke-fired small power production QFs in
Contra Costa County, California. PSEG Global USA directly owns a 48.5% limited
partnership interest in GWFLP. In addition PSEG Bay Area Inc. (PSEG Bay)
(described below), owns a 0.5% general partnership interest in GWFLP.
1.3.B.2.(c)(i)(B) GWF Hanford, Inc. (GWF HI), a California corporation, has its
principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek,
California 94598. GWF HI is a 2% managing general partner of Hanford L.P. (HLP).
GWF HI is an indirect 50% owned subsidiary of PSEG Global USA.
1.3.B.2.(c)(i)(B)(i) HLP, a California limited partnership, has its registered
office at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598, and is the
owner of a petroleum coke and natural gas-fired cogeneration QF in Hanford,
California. PSEG Global USA directly owns a 48.5% limited partnership interest
in HLP. PSEG Hanford Inc. (PSEG HI) owns a 0.5% general partnership interest in
HLP.
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1.3.B.2.(d) PSEG Asia Inc. (PSEG Asia), a Delaware corporation, has its
principal executive offices at Room 1701 Harbour Centre, 25 Harbour Road,
Wanchai, Hong Kong Special Administrative Region, People's Republic of China
(China) and is presently inactive. PSEG Asia has one direct wholly-owned
subsidiary, as discussed below.
1.3.B.2.(d)(i) PSEG Asia Ltd., a Bermuda corporation, has its principal
executive offices at Clarendon House, 2 Church Street, Hamilton, Bermuda and is
a developer of EWG and FUCO power production facilities in Asia. PSEG Asia Ltd.
is presently inactive.
1.3.B.2.(e) PSEG Baja Inc., a Delaware corporation, has its registered office at
1209 Orange Street, Wilmington, Delaware 19801, and is presently inactive.
1.3.B.2.(f) PSEG Conemaugh Management Inc. (PSEG CMI), a New Jersey corporation,
has its principal executive offices at 35 Waterview Boulevard, Parsippany, New
Jersey 07054. PSEG CMI is a 0.5% general partner in Pennsylvania Renewable
Resources, Associates (PRRA).
1.3.B.2.(f)(i) PRRA, a Pennsylvania limited partnership, has its principal
executive offices at 50 Tice Boulevard, Woodcliff Lake, New Jersey 07675. PRRA
owns a hydroelectric QF in Saltsburg, Pennsylvania. PSEG Mount Carmel Inc.
(described below) is a 49.5% limited partner in PRRA.
1.3.B.2.(g) PSEG GWF Inc., a New Jersey corporation, has its principal executive
offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and has 2
direct wholly-owned subsidiaries as described below:
1.3.B.2.(g)(i) PSEG Bay Area, Inc., a Delaware corporation, has its principal
executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598.
PSEG Bay is a 0.5% general partner in GWFLP (described above), which is the
owner and operator of five petroleum coke-fired small power production
facilities in Contra Costa County, California. PSEG Global USA directly owns a
48.5% limited partnership interest in GWFLP. All five facilities are QFs.
1.3.B.2.(g)(ii) PSEG HI, a Delaware corporation, has its principal executive
offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. PSEG HI
is a 0.5% general partner in Hanford L.P. (HLP) (described above), which is the
owner of a petroleum coke and natural gas-fired cogeneration QF in Hanford,
California. PSEG Global USA directly owns a 48.5% limited partnership interest
in HLP.
1.3.B.2.(h) PSEG Hawaiian Investment Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and owns a
48.49% limited partnership interest in Kalaeloa Investment Partners, L.P.
(KIPLP), a Delaware limited partnership.
1.3.B.2.(i) PSEG Hawaiian Management Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and is
anticipated to be a 1% general partner in KIPLP.
1.3.B.2.(i)(i) KIPLP, a Delaware limited partnership, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801, and owns a 99% limited
partnership interest in Kalaeloa Partners, L.P. (KPLP).
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1.3.B.2.(i)(i)(a) KPLP, a Delaware limited partnership, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and owns a heavy
oil-fired cogeneration QF on the Island of Oahu in Hawaii.
1.3.B.2.(j) PSEG India Inc., a Delaware corporation, has its principal executive
offices at Prakash Presidium II Floor, 110 Mahatma Gandhi Road, Nungambakkam,
Chennai, India 600034, and is a developer of power production facilities in
India, each of which is expected to qualify upon completion as an EWG.
1.3.B.2.(k) PSEG International Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and has the following
direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(k)(i) ECI International Development, Inc., a Delaware corporation, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, and is
presently inactive.
1.3.B.2.(k)(ii) PSEG Americas Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and has the following
direct and indirect wholly and partially owned subsidiaries and owns a 0.01%
interest in PSEG Americas Operating Company (PSEGAOC) as described below:
1.3.B.2.(k)(ii)(A) La Plata I Inc., a Delaware Company, has its principal
executive offices at 1001 North 19th Street, Arlington, Virginia 22209, and was
formed for the purpose of acting as a holding company for purposes of investing
in and holding interests in La Plata Partners, L.P. La Plata I Inc. is a direct
and wholly owned subsidiary of PSEG Americas Inc.
1.3.B.2.(k)(ii)(A)(i) La Plata Partners L.P., a Delaware limited partnership,
has its principal executive offices at 1001 North 19th Street, Arlington,
Virginia 22209, and was formed for the purpose of holding shares or other equity
interests and to invest in other entities which are directly or indirectly
engaged in the electric energy business. La Plata I, Inc. holds a direct 33.33%
interest in La Plata Partners L.P. La Plata II, Inc. (described below) holds a
direct 1% interest in La Plata Partners L.P.
1.3.B.2.(k)(ii)(A)(i)(a) La Plata Holdings, Inc., a Delaware corporation, has
its principal executive offices at 1001 North 19th Street, Arlington, Virginia
22209, and was formed for the purpose of acting as a holding company for
purposes of investing in and holding interests in Camille, Ltd. La Plata
Holdings Inc. is a direct wholly owned subsidiary of La Plata Partners, L.P.
1.3.B.2.(k)(ii)(A)(i)(a)(i) Camille Ltd., a Cayman Islands company, has its
registered offices at Leeward One Building, Safe Haven Corporate Centre, West
Bay Road, P.O. Box 31106SMB, George Town, Grand Cayman, Cayman Islands, British
West Indies, and was formed for the purpose of executing, delivering and
performing its obligations under and consummating the transaction contemplated
by the Stock Purchase Agreement. 100% of Class A Preferred stock is directly
owned by La Plata Holdings Inc. 33.33% of the Class B Common stock is directly
owned by Wildwood I Ltd. (described below).
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1.3.B.2.(k)(ii)(A)(i)(a)(i)(A) Luz de la Plata S.A., an Argentine Sociedad
Anonima, has its registered offices in Buenos Aires, Argentina, and was formed
for the purpose of investing in generation, transmission, distribution,
commercialization, purchase and sale of electricity. Luz de la Plata S.A. is a
direct wholly-owned subsidiary of Camille Ltd.
1.3.B.2.(k)(ii)(A)(i)(a)(i)(B) Compania de Inversiones en Electricidad S.A.
(COINELEC), an Argentine Sociedad Anonima, has its registered offices in Buenos
Aires, Argentina and was formed for the purpose of making investments, including
participation in joint ventures, buying and selling stocks, bonds, debentures or
other assets, public or private, and any related activities. A 40% interest in
COINELEC is directly owned by Camille Ltd. (described above), the remaining 60%
interest is directly owned by Luz de la Plata S.A. (described above).
1.3.B.2.(k)(ii)(A)(i)(a)(i)(B)(i) Empresa Distribuidora La Plata Sociedad
Anonima (EDELAP), an Argentine Sociedad Anonima, has its registered offices in
Buenos Aires, Argentina, is a FUCO, and was formed for the purpose of offering
services of distribution and commercialization of electricity in accordance with
the terms of the Concession Contract. 51% of EDELAP Class A stock is directly
owned by COINELEC (described above), 31.942% of EDELAP Class B shares is
directly owned by Luz de la Plata S.A. (described above) and an additional
7.058% of EDELAP Class B Shares are directly owned by Camille Ltd. (described
above).
1.3.B.2.(k)(ii)(A)(i)(a)(i)(B)(ii) Central Dique Sociedad Anonima (Central
Dique), an Argentine Sociedad Anonima, has its registered offices in Buenos
Aires, Argentina, and was formed for the purpose of producing electricity and
selling it in bulk. COINELEC (described above) holds a 51% direct interest in
Central Dique.
1.3.B.2.(k)(ii)(B) La Plata II, Inc., a Delaware Corporation, has its principal
executive offices at 1001 North 19th Street, Arlington, Virginia 22209, and was
formed for the purpose of acting as a holding company for purposes of investing
in and holding interests in La Plata Partners, L.P. A 33.33% interest in La
Plata II, Inc. is directly held by PSEG Americas Inc. (described above).
1.3.B.2.(k)(ii)(C) PSEG Americas Ltd., a Bermuda corporation, has its principal
executive offices at Clarendon House, 2 Church Street, Hamilton, Bermuda. PSEG
Americas Ltd. has the following direct and indirect wholly and partially owned
subsidiaries as described below.
1.3.B.2.(k)(ii)(C)(i) Andina Mendoza I Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman Islands, British West Indies and is presently inactive. Andina Mendoza I
Company is a direct wholly owned subsidiary of PSEG Americas Ltd.
1.3.B.2.(k)(ii)(C)(ii) PSEGAOC, a Cayman Island company, has its registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, and owns a 99.99% interest in PSEG Operating
Argentina S.A.(PSEG OA). The remaining 0.01% interest is owned by CEMAS
Corporation (described above). PSEGAOC is a directly 90% owned subsidiary of
PSEG Americas Ltd. PSEG Americas Inc. holds an additional 0.01% interest in this
company.
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1.3.B.2.(k)(ii)(C)(ii)(a) PSEG OA, an Argentine company, has its registered
office at Marcelo T. de Alvear 684, Piso 2, Buenos Aires, Argentina, and has two
33.34% owned subsidiaries:
1.3.B.2.(k)(ii)(C)(ii)(a)(i) Empresa Distribuidora de Energia Norte S.A., an
Argentine company, has its principal executive offices at Calle 48, numero 786,
La Plata, Argentina and owns a distribution facility in the province of Buenos
Aires, Argentina, and is a FUCO.
1.3.B.2.(k)(ii)(C)(ii)(a)(ii) Empresa Distribuidora de Energia Sur S.A., an
Argentine company, has its principal executive offices at Calle 48, numero 786,
La Plata, Argentina and owns a distribution facility in the province of Buenos
Aires, Argentina, and is a FUCO.
1.3.B.2.(k)(ii)(C)(iii) PSEG Brasil Ltda., a Brazilian company, has its
registered office at Rua Luigi Galvani 200, 8(degree)Andar Conjunto 81, Sao
Paulo, CEP04575-020, Brazil, and provides management and business development
services. PSEG Brasil Ltda. is 99.9% directly owned by PSEG Americas Ltd.
(described above) and 0.1% directly owned by IPE Energia S.A. (IPE) (described
below).
1.3.B.2.(k)(ii)(C)(iv) PSEG Brazil II Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and has one 50% owned subsidiary.
1.3.B.2.(k)(ii)(C)(iv)(a) PSEG II Participacoes S.A. (PSEGIISA), formerly Terra
Roxa Participacoes S.A., a Brazilian company, has its registered office at Rua
Luigi Galvani 200, 8(degree) Andar, Conjunto 81, Sala A Sao Paulo, CEP04575-020,
Brazil and is currently inactive. PSEG Brazil III Company owns the remaining 50%
interest in PSEGIISA.
1.3.B.2.(k)(ii)(C)(v) PSEG Brazil III Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and has one 50% owned subsidiary,
(PSEGIISA) (described above) which is also 50% owned by PSEG Brazil II Company
(described above).
1.3.B.2.(k)(ii)(C)(vi) PSEG Brazil Investment Company, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and was formed for the
purpose of indirectly acquiring privatized assets in Brazil. PSEG Brazil
Investment Company has the following direct and indirect wholly-owned
subsidiaries:
1.3.B.2.(k)(ii)(C)(vi)(a) Pampa Energia Ltda., a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
indirectly acquiring privatized assets in Brazil. Pampa Energia Ltda. has the
following direct and indirect wholly-owned subsidiaries:
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1.3.B.2.(k)(ii)(C)(vi)(a)(i) PSEG Brazil Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
indirectly acquiring an interest in Rio Grande Energia, S.A., formerly Companhia
Norte-Nordeste de Distribuicao de Energia Eletrica, a Brazilian electrical
distribution company located in the State of Rio Grande do Sul (RGE) and
currently owns a 50% interest in CEA Rio Grande S.A. and IPE. The remaining 50%
interest in each company is owned by PSEG Brazil I Company.
1.3.B.2.(k)(ii)(C)(vi)(a)(i)(A) CEA Rio Grande S.A., a Brazilian company, has
its registered office at Rua Luigi Galvani 200, 8(degree) Andar, Conjunto 81,
Sala B Sao Paulo, CEP04575-020, Brazil and is presently inactive.
1.3.B.2.(k)(ii)(C)(vi)(a)(i)(B) IPE, a Brazilian company, has its registered
office at Rua Luigi Galvani 200, 8(degree) Andar Conjunto 81, Sala B Sao Paulo,
CEP04575-020, Brazil, and owns a 31.41% interest in RGE. IPE also owns 0.01% of
PSEG Brasil Ltda. as described below:
1.3.B.2.(k)(ii)(C)(vi)(a)(i)(B)(i) RGE, a Brazilian company, has its registered
office at Rua da Consolaco #247, 8th Floor, Room 12, Sao Paulo, Brazil 01301903,
is 31.41% owned by IPE, and is a FUCO.
1.3.B.2.(k)(ii)(C)(vi)(a)(ii) PSEG Brazil I Company, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and was formed for the
purpose of acquiring an indirect ownership interest in RGE and currently owns a
50% interest in CEA Rio Grande S.A. and IPE (the remaining 50% interest in each
company is owned by PSEG Brazil Company), (described above), and a 99.9%
interest in Conversora de Fertilizante e Energia do Parana Ltda., a Brazilian
company. The remaining 0.1% ownership interest is held by PSEG Brazil Company.
1.3.B.2.(k)(ii)(C)(vi)(a)(ii)(A) Conversora de Fertilizante e Energia do Parana
Ltda. (formerly CEA Brasil Operacoes Ltda.), a Brazilian company, has its
registered office at Rua Luigi Galvani 200, 8(degree) Andar Conjunto 81, Sala C
Sao Paulo, CEP04575-020, Brazil, and is developing a cogeneration facility in
Brasil which is expected to qualify upon completion as an EWG. PSEG Brasil I
Company presently owns a direct 99.9% interest in Conversora de Fertilizante e
Energia do Parana Ltda., and PSEG Brazil Company directly owns the remaining
0.1%.
1.3.B.2.(k)(ii)(C)(vii) PSEG Brazil Operating Company, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and is presently inactive.
1.3.B.2.(k)(ii)(C)(viii) PSEG Cayman Americas Company, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and has the following
wholly-owned and partially-owned direct and indirect subsidiaries as described
below:
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1.3.B.2.(k)(ii)(C)(viii)(a) PSEG Cayman Americas III Company, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and was formed for the
purpose of making future investments in Latin America.
1.3.B.2.(k)(ii)(C)(viii)(b) PSEG Cayman Americas IV Company, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and was formed for the
purpose of making future investments in Latin America.
1.3.B.2.(k)(ii)(C)(viii)(c) PSEG Cayman Americas V Company, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and has three
directly-owned subsidiaries as described below:
1.3.B.2.(k)(ii)(C)(viii)(c)(i) AES Parana Operations SRL, an Argentine company,
has its registered office in Buenos Aires, Argentina and will provide
maintenance and operations services to the project being constructed by AES
Parana SCA. AES Parana Operations SRL is 33% owned by PSEG Cayman Americas V
Company.
1.3.B.2.(k)(ii)(C)(viii)(c)(ii) Shazia SRL, an Argentine company, has its
registered office in Buenos Aires, Argentina and owns 1% of AES Parana SCA.
Shazia SRL is 33.3% owned by PSEG Cayman Americas V Company.
1.3.B.2.(k)(ii)(C)(viii)(c)(iii) AES Parana SCA, an Argentine company, has its
registered office in Buenos Aires, Argentina and owns a natural gas-fired
electric generating facility under construction in Argentina and its FUCO
approval is pending. AES Parana SCA is 33% owned by PSEG Cayman Americas V
Company.
1.3.B.2.(k)(ii)(C)(viii)(d) PSEG Inversora S.A., an Argentine company, has its
registered office at Marcelo T. de Alvear 684, Piso 2, Buenos Aires, Argentina,
and was formed for the purpose of making future investments in Latin America.
PSEG Cayman Americas Company (described above) owns 99.99% of PSEG Inversora
S.A. PSEG Americas Ltd. owns the remaining 0.01% of PSEG Inversora S.A.
1.3.B.2.(k)(ii)(C)(ix) PSEG Electrica, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
making a future investment in Venezuela.
1.3.B.2.(k)(ii)(C)(x) PSEG Peru LLC, a Delaware limited liability company, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, and
provides management and operational support services to projects in Latin
America.
1.3.B.2.(k)(ii)(C)(xi) Peru Power Ltd., a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and is presently inactive.
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1.3.B.2.(k)(ii)(C)(xii) Terra Roxa I Ltda., a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and is presently inactive.
1.3.B.2.(k)(ii)(C)(xiii) Transamerica Energy Company, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and was formed for the
purpose of making a future investment in Panama.
1.3.B.2.(k)(ii)(C)(xiv) Venergy Holdings Company, formerly Turbogeneradores de
Maracay Company, a Cayman Islands company, has its registered office at Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies, and has the following direct and indirect partially owned
subsidiaries.
1.3.B.2.(k)(ii)(C)(xiv)(a) Turboven Company, a Cayman Islands company has its
registered office at c/o Trident Trust Company (Cayman) Limited, Fourth Floor,
One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands, British West
Indies, and has four direct wholly owned subsidiaries described below. Turboven
Company is a direct 50% owned subsidiary of Venergy Holdings Company.
1.3.B.2.(k)(ii)(C)(xiv)(a)(i) Turboven Cagua Company, a Cayman Islands company,
has its registered office at c/o Trident Trust Company (Cayman) Limited, Fourth
Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands, British
West Indies, is a FUCO, and was formed for the purpose of making a future
investment in Latin America.
1.3.B.2.(k)(ii)(C)(xiv)(a)(ii) Turboven Maracay Company, a Cayman Islands
company has its registered office at c/o Trident Trust Company (Cayman) Limited,
Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands,
British West Indies, is a FUCO, and was formed for the purpose of making a
future investment in Latin America.
1.3.B.2.(k)(ii)(C)(xiv)(a)(iii) Turboven Valencia Company, a Cayman Islands
company has its registered office at c/o Trident Trust Company (Cayman) Limited,
Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands,
British West Indies, is a FUCO, and was formed for the purpose of making a
future investment in Latin America.
1.3.B.2.(k)(ii)(C)(xiv)(a)(iv) Turboven Victoria Company, a Cayman Islands
company has its registered office at c/o Trident Trust Company (Cayman) Limited,
Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands,
British West Indies, and was formed for the purpose of making a future
investment in Latin America.
1.3.B.2.(k)(ii)(C)(xv) Rayo-Andino Gestora Company, formerly Turbogeneradores de
Valencia Company, a Cayman Islands company, has its registered office at Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies, and has one direct 0.014% owned subsidiary described below. A
92.843% interest is owned by Rayo-Andino Inversora Company, also described
below.
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1.3.B.2.(k)(ii)(C)(xv)(a) Promotora Termica del Cafe SCA, a Colombian company,
has its registered office at Carrera 11 No. 86-60, Oficina 301 de Santafe de
Bogota, Colombia, and was formed for the purpose of making future investments in
Colombia.
1.3.B.2.(k)(ii)(C)(xvi) Rayo-Andino Inversora Company, a Cayman Islands company
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and has one direct 92.843%
owned subsidiary described above. A 0.014% interest is owned by Rayo-Andino
Gestora Company, also described above.
1.3.B.2.(k)(ii)(C)(xvii) Venergy Distribudora Uno, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and was formed for the purpose of
making future investments in Latin America.
1.3.B.2.(k)(ii)(C)(xviii) Venergy Distribudora Dos, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies and was formed for the purpose
of making future investments in Latin America.
1.3.B.2.(k)(ii)(C)(xix) Wildwood I Ltd., a Cayman Islands company, has its
registered offices at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and is a direct wholly owned
subsidiary of PSEG Americas Ltd.
1.3.B.2.(k)(ii)(C)(xx) Peruvian Opportunity Company S.A.C., a Peruvian company,
has its registered office at Victor Andres Belaunde 147, Edificio Real 3, Piso
12, San Esidro and was formed for the purpose of making investments in Peru. A
50% interest in Peruvian Opportunity Company S.A.C. is directly held by PSEG
Americas Ltd.
1.3.B.2.(k)(ii)(C)(xxi) PSEG Chilean Equity II Ltd., a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, is a direct wholly-owned
subsidiary of PSEG Americas Ltd., and has the following direct and indirect
subsidiaries:
1.3.B.2.(k)(ii)(C)(xxi)(a) PSEG Chilean Equity Ltd. (Chilean Equity), a Cayman
Islands company, has its registered office at Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands, British West Indies and was formed
for the purpose of making investments in Chile and Peru. PSEG Chilean Equity II
Ltd. owns 99.9% of PSEG Chilean Equity I Ltd. Chilean Equity has the following
direct and indirect subsidiaries:
1.3.B.2.(k)(ii)(C)(xxi)(a)(i) Inversiones Sempra-PSEG Chile S.A. (Inversiones
Sempra-PSEG), a Chilean company, has its principal executive offices at Av.
Apoquindo 3721, Piso 13, Santiago, Chile and was formed for the purpose of
making investments in Chile and Peru. Chilean Equity holds a direct 50% interest
in Inversiones Sempra-PSEG. The remaining 50% interest is directly owned by
Sempra.
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1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A) Chilquinta Energia S.A., a Chilean company, has
its principal executive offices at General Cruz No. 222, Valparaiso, Chile, is a
FUCO and was formed for the purpose of making investments in Chile and Peru. A
100% interest in Chilquinta Energia S.A. is directly held by Inversiones
Sempra-PSEG.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(i) Chilquinta International A.V.V., an Aruban
company, has its principal executive offices at Zoutmanstraat 35, Oranjestad,
Aruba and was formed for the purpose of making investments in Peru. A 99%
interest in Chilquinta International A.V.V. is directly owned by Chilquinta
Energia S.A. The remaining 1% interest is directly owned by Tecnored S.A.
(described below).
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(i)(a) Ontario Quinta A.V.V., an Aruban company,
has its principal executive offices at Zoutmanstraat 35, Oranjestad, Aruba and
was formed for the purpose of making investments in Peru. A 55.29% interest in
Ontario Quinta A.V.V. is directly owned by Chilquinta International A.V.V.
Peruvian Opportunity Company S.A.C. holds a direct interest of 41.97% in Ontario
Quinta A.V.V. The remaining 2.74% interest is directly owned by the Peru
Privatization & Development Fund.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(i)(a)(1) Luz del Sur S.A.A., a Peruvian
company, has its principal executive offices at Canaval y Moreyra 380, Piso 18,
San Isidro Lima, Peru and is a FUCO and an electric distribution company serving
southern Lima, Peru. A 60% interest in Luz del Sur S.A.A. is directly owned by
Ontario Quinta A.V.V. Peruvian Opportunity Company S.A.C. holds a direct
interest of 22.4% in Luz del Sur S.A.A. Energy Business International A.V.V.
owns 3.76%.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(i)(a)(1)(A) Empresa de Distribucion Electrica
de Canete S.A. (EDE Canete S.A.), a Peruvian company, has its executive offices
at Av. 28 de Julio 386, San Vicente de Canete, Canete. A 99% interest is owned
by Luz del Sur S.A.A.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(i)(a)(2) Tecsur S.A.A., a Peruvian company, has
its executive offices at Pasaje Calango 158 San Juan De Mirafloref, Lima, Peru
and is an energy-related services company. A 3.72% interest is owned by Ontario
Quinta A.V.V.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(i)(b) Energy Business International A.V.V., an
Aruban company, has its principal place of business at Zoutmanstraat 35,
Oranjestad, Aruba and is a holding company owning a 3.76% interest in Luz del
Sur S.A.A.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(ii) Energas S.A., a Chilean company, has its
principal place of business at General Cruz No. 222, Valparaiso, Chile and was
formed for the purpose of acquiring, producing, storing, distributing and
selling gas and related business in the Fifth Region of Chile. A 99% interest in
Energas S.A. is directly owned by Chilquinta Energia S.A.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(iii) Energia de Casablanca S.A., a Chilean
company, has its principal place of business at Portales 187, Casablanca, Chile
and was formed for the purpose of distributing, generating, acquiring and
selling electric or other kinds of energy and related business. A 68.97%
interest in Energia de Casablanca S.A. is directly owned by Chilquinta Energia
S.A.
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1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(iv) Compania Electrica del Litoral S.A., a
Chilean company, has its principal place of business at Alameda 949, Of. 2002,
Santiago, Chile and was formed for the purpose of producing, acquiring,
transporting, distributing and selling electric energy and related business. A
68% interest in Compania Electrica del Litoral S.A. is directly owned by
Chilquinta Energia S.A.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(A)(v) Luzlinares S.A., a Chilean company, has its
principal place of business at Max Jara 478, Linares, Chile and was formed for
the purpose of distributing, generating, acquiring and selling electric or other
kinds of energy and related business. A 51% interest in Luzlinares S.A. is
directly owned by Chilquinta Energia S.A.
1.3.B.2.(k)(ii)(C)(xxi)(a)(i)(B) Tecnored S.A., a Chilean company, has its
principal executive offices at General Cruz No. 222, Valparaiso, Chile and is an
energy-related services company. A 100% interest in Tecnored S.A. is directly
held by Inversiones Sempra-PSEG.
1.3.B.2.(k)(ii)(C)(xxii) PSEG Peru SRL, a Peruvian limited liability company,
has its registered office at Victor Andres Belaunde 147, Via Principal 155,
Edificio Centro Empresarial Camino Real, Oficina 1201, San Isidro, Peru and is
99.99% owned by PSEG Americas Inc. and .01% owned by PSEG Americas Ltd.
1.3.B.2.(k)(ii)(C)(xxiii) PSEG Texgen Holdings Inc. (Texgen Holdings), a
Delaware company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801 and was formed for the purpose of future investments in Texas.
Texgen Holdings has the following direct and indirect subsidiaries:
1.3.B.2.(k)(ii)(C)(xxiii)(a) PSEG Texgen I Inc. (Texgen I), a Delaware company,
has its registered office at 1209 Orange Street, Wilmington, Delaware 19801 and
owns a 0.5% interest in Texas Independent Energy, L.P.
1.3.B.2.(k)(ii)(C)(xxiii)(b) PSEG Texgen II Inc. (Texgen II), a Delaware
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801 and owns a 49.5% interest in Texas Independent Energy, L.P.
1.3.B.2.(k)(ii)(C)(xxiii)(b)(i) Texas Independent Energy, L.P., a Delaware
limited partnership, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801 and was formed for future investments in Texas. PSEG
Texgen I and II together own 50% of Texas Independent Energy, L.P. and Texas
Independent Energy, L.P. owns a 50% interest in Odessa-Ector Power Partners,
L.P., which is an EWG.
1.3.B.2.(k)(ii)(C)(xxiv) PSEG Global Funding II Corp., a Delaware company, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801 and was
formed for future investments in South America.
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1.3.B.2.(k)(ii)(C)(xxv) InfraMax, a Cayman Islands company, has its registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands British West Indies, and was formed for the future provision of services
and materials relating to energy and communication delivery.
1.3.B.2(k)(ii)(C)(xxvi) e-Commerce & Energy Services Company (eES), a Cayman
Islands company, has its registered office at Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands British West Indies, and was formed
for the future provision of services and materials relating to energy and
communication delivery.
1.3.B.2.(k)(ii)(D) PSEG Americas II Ltd. (PSEGAII), a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda. PSEGAII has one direct wholly-owned subsidiary, one
direct 50% owned subsidiary, and one indirect 17.13% owned subsidiary as
described below:
1.3.B.2.(k)(ii)(D)(i) Bahia Participacoes Ltda., a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies. Bahia Participacoes Ltda., is a
directly wholly owned subsidiary of PSEGAII and is presently inactive.
1.3.B.2.(k)(ii)(D)(ii) Turbogeneradores de Venezuela, C.A. (TGV), a Venezuelan
company, has its principal executive offices at Avenida Francisco de Miranda,
Torre Country Club, Chacaito, Caracas 1050, Venezuela. TGV is 50% directly owned
by PSEGAII. TGV owns 17.13% of Turbogeneradores Maracay, C.A. (TGM).
1.3.B.2.(k)(ii)(D)(ii)(a) TGM, a Venezuelan company, has its principal executive
offices at Avenida Francisco de Miranda, Torre Country Club, Chacaito, Caracas
1050, Venezuela. TGM owns an investment in a gas-fired electric power generation
facility in Maracay, Venezuela, and is a FUCO.
1.3.B.2.(k)(ii)(E) Andina Electrica, Inc. (AEI), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and owns a
51% limited partnership interest in Andina Mendoza Partner L.P. (AMPLP) as
described below:
1.3.B.2.(k)(ii)(E)(i) AMPLP, a Delaware limited partnership, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and directly wholly-
owns Andina Mendoza Corporation (AMC) as described below:
1.3.B.2.(k)(ii)(E)(i)(a) AMC, a Delaware corporation, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801, and directly owns 51% of
Andina Mendoza Company (AMCO) as described below. The remaining 49% is directly
owned by PSEG Cayman Americas Company (described above).
1.3.B.2.(k)(ii)(E)(i)(a)(i) AMCO, a Cayman Islands company, has its registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, and has the following direct and indirect wholly
and partially owned subsidiaries:
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1.3.B.2.(k)(ii)(E)(i)(a)(i)(A) PSEG Cayman Americas I Company, a Cayman Islands
company, has its registered office Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and has one 99.9916%
subsidiary and one indirect partially owned subsidiary as described below (PSEG
Cayman Americas II Company (Cayman II) owns the remaining 0.0083%.).
1.3.B.2.(k)(ii)(E)(i)(a)(i)(A)(i) PSEG Operatora S.R.L., an Argentine company,
has its registered office at Marcelo T. de Alvear 684, Piso 2, Buenos Aires,
Argentina and has one 40% direct subsidiary as described below:
1.3.B.2.(k)(ii)(E)(i)(a)(i)(A)(i)(a) Inversora Electrica Cuyana S.A., an
Argentine company, has its registered office in Buenos Aires, Argentina and is
presently inactive.
1.3.B.2.(k)(ii)(E)(i)(a)(i)(B) PSEG Cayman II, a Cayman Islands company, has its
registered office Ugland House, South Church Street, George Town, Grand Cayman,
Cayman Islands, British West Indies, and owns 0.0083% of PSEG Operadora S.R.L.
(described above).
1.3.B.2.(k)(ii)(E)(i)(a)(i)(C) Cuyana, Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and owns a
1% general partnership interest in AMPLP (described above).
1.3.B.2.(k)(ii)(F) PSEG Global Funding II L.L.C., a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801 and directly owns PSEG Global Funding Corp. (PSEG GFC).
1.3.B.2.(k)(ii)(F)(i) PSEG GFC, a Delaware company, has its registered office at
1209 Orange Street, Wilmington, Delaware 19801 and owns PSEG Global Funding III
Company (PSEG GFCIII) and has a 80% interest in Cuinta nen Participaciones which
has an interest in PSEG Finance Company.
1.3.B.2.(k)(ii)(F)(i)(a) PSEG GFCIII, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has a 20% interest in Cuinta nen
Participaciones, a Chilean company formed in accordance with Chilean tax laws
and has the following subsidiaries:
1.3.B.2.(k)(ii)(F)(i)(a)(i) PSEG Finance Company (PSEGFC), a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for tax
reasons under Chilean tax law.
1.3.B.2.(k)(ii)(F)(i)(a)(ii) PSEG Peru Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and was formed for the purpose of
making future investments in South America.
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1.3.B.2.(k)(ii)(G) Mendoza Energia, Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and owns a
48% limited partnership interest in AMPLP (described above).
1.3.B.2.(k)(ii)(H) PSEG Peru Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and is presently
inactive.
1.3.B.2.(k)(ii)(I) PSEG Power Inc., a Delaware limited liability company, has
its registered office at 35 Waterview Boulevard, Parsippany, New Jersey 07054,
and was formed for the purpose of making investments in Latin America.
1.3.B.2.(k)(ii)(J) PSEG Americas Holdings Company, a Cayman Islands company, has
its registered office at Ugland House, P.O. Box 309, George Town, Grand Cayman,
Cayman Islands, British West Indies and was formed for the purpose of making
investments in South America.
1.3.B.2.(k)(iii) PSEG Americas Services Inc. (PSEG-ASI), a Delaware corporation,
has its registered office at 1209 Orange Street, Wilmington, Delaware 19801.
PSEG-ASI provides management, operations and maintenance personnel to some of
the international subsidiaries of PSEG Global USA.
1.3.B.2.(k)(iv) PSEG Barka Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and has one direct
wholly-owned subsidiary:
1.3.B.2.(k)(iv)(A) PSEG Global Power Holdings Ltd. (GPH), formerly Barka Power
Holdings Ltd., a Bermuda corporation, has its principal offices at Clarendon
House, 2 Church Street, Hamilton HMCX, Bermuda. GPH was formed for the purpose
of investing in power facilities in Muscat, Oman, which are expected to qualify
upon completion as an EWG.
1.3.B.2.(k)(v) PSEG (Bermuda) Holdings II Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, and has the following direct and indirect wholly and
partially owned subsidiaries:
1.3.B.2.(k)(v)(A) PSEG India Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and owns
the following 20 direct wholly-owned and 3 indirect partially-owned
subsidiaries:
1.3.B.2.(k)(v)(A)(i) PSEG Ambalamugal Energy Company Ltd. (Ambalamugal), a
Mauritius company, has its registered office at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and was formed for the purpose of investing in
power facilities in India, each of which upon completion is expected to qualify
as an EWG.
1.3.B.2.(k)(v)(A)(ii) PSEG Bhilai Energy Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius has one direct 45% owned subsidiary, and is an EWG.
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1.3.B.2.(k)(v)(A)(ii)(a) Bhilai Power Supply Company Limited, an Indian company,
has its registered office at Vijaya Building (7th Floor), 17 Barakhamba Road,
New Delhi 110001, India, and will construct and own a 587 MW coal-fired power
plant in Malhya Pradish, India.
1.3.B.2.(k)(v)(A)(iii) PSEG Cochin Energy Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(iv) PSEG Cuddalore Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(v) PSEG Hospet Energy Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(vi) PSEG Kakinada Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(vii) PSEG Kolhapur Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(viii) PSEG Kollumangudi Energy Company Ltd., a Mauritius
company, has its registered office at 608 St. James Court, St. Denis Street,
Port Louis, Mauritius, and was formed for the purpose of investing in power
facilities in India.
1.3.B.2.(k)(v)(A)(ix) PSEG Krishnapatnam Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(x) PSEG Manali Energy Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(xi) PSEG Narela Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in India.
1.3.B.2.(k)(v)(A)(xii) PSEG North Chennai Ltd. (formerly PSEG North Madras
Ltd.), a Mauritius company, has its registered office at 608 St. James Court,
St. Denis Street, Port Louis, Mauritius and was formed for the purpose of
investing in power facilities in India. PSEG North Chennai Ltd. has a 26%
interest in Tri-Sakthi Investments Limited (TSIL) and a 50% interest in
Tri-Sakthi Energy Private Limited (TSEPL).
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1.3.B.2.(k)(v)(A)(xii)(a) TSIL, a Mauritius company, has its registered office
at 608 St. James Court, St. Denis Street, Port Louis, Mauritius and has a 50%
interest in TSEPL.
1.3.B.2.(k)(v)(A)(xii)(a)(i) TSEPL, an Indian company, has its registered office
at Prakash Presidium II Floor, 110 Mahatma Gandhi Road, Nungambakkam, Chennai,
India 600034 and was formed for future investments in India.
1.3.B.2.(k)(v)(A)(xiii) PSEG Parbati Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(xiv) PSEG Mundra Energy Company Ltd. (formerly SAIL Energy
Company Ltd.), a Mauritius company, has its registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius, and was formed for the purpose
of investing in power facilities in India.
1.3.B.2.(k)(v)(A)(xv) PSEG SEPC Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in India.
1.3.B.2.(k)(v)(A)(xvi) PSEG Surat Garh Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(xvii) PSEG Teesta Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(xviii) PSEG Tuticorin Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(v)(A)(xix) PSEG Vembar Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in India.
1.3.B.2.(k)(v)(A)(xx) PSEG Yamunanagar Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(vi) PSEG China Inc. (PSEG China), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and has the
following direct and indirect wholly and partially owned subsidiaries:
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1.3.B.2.(k)(vi)(A) Meiya Power Company Limited (MPC), a Bermuda limited
liability company, has its principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, is 50% owned by PSEG China and has the
following direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(k)(vi)(A)(i) PSEG Zuojiang Hydropower Ltd. (ZHL), a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
Zuojiang, China and is an EWG. PSEG Zuojiang Hydropower Ltd. has a direct 60%
interest in Guangxi Zuojiang Meiya Hydropower Co. Ltd., described below:
1.3.B.2.(k)(vi)(A)(i)(a) Guangxi Zuojiang Meiya Hydropower Co. Ltd., a Chinese
joint venture company, has its registered office at 17 You Ai North Road,
Nanning City, Guangxi Zhuang Nationality Autonomous Region, China and owns and
operates a hydroelectric power facility in Zuojiang, Guangxi Zhuang Nationality
Autonomous Region, China which is an EWG.
1.3.B.2.(k)(vi)(A)(ii) PSEG Huangshi Power Ltd., a Bermuda limited liability
company, has its principal offices at Clarenden House, 2 Church Street,
Hamilton, Bermuda and was formed for the purpose of investing in power
facilities in China.
1.3.B.2.(k)(vi)(A)(iii) PSEG Shanghai BFG Company, a Cayman Island company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and has one direct 50% owned
subsidiary and one indirect subsidiary, described below:
1.3.B.2.(k)(vi)(A)(iii)(a) CanAm Energy China Holdings, L.L.C. (CanAm), a
Delaware limited liability company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801, and was formed for the purpose of investing
in power facilities in China which are expected to qualify upon completion as a
FUCO. PSEG China indirectly owns 25% of CanAm. Can Am has a 65% interest in
Shanghai Wei-Gang Energy Company Ltd., described below:
1.3.B.2.(k)(vi)(A)(iii)(a)(i) Shanghai Wei-Gang Energy Company Ltd. (SWGEC), a
Chinese joint venture company, has its registered office at 735 Changjiang Road,
Shanghai, China 200431, and owns and operates a blast furnace gas-fired electric
power generation facility in Shanghai, China which is expected to qualify upon
completion as a FUCO.
1.3.B.2.(k)(vi)(A)(iv) PSEG Tongzhou Cogen Power Ltd., (TMC), a Bermuda limited
liability company, has its principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, and has one direct 80% owned subsidiary as
described below:
1.3.B.2.(k)(vi)(A)(iv)(a) Tongzhou Meiya Cogeneration Company Limited (TMCC), a
Chinese joint venture company, has its offices at Tinsha Toun, Tongzhou City,
Jiangsu Province, China, and owns and operates a coal-fired cogeneration
facility in Tongzhou City, Jiangsu Province, China, which is an EWG. PSEG China
indirectly owns 40% of TMCC.
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1.3.B.2.(k)(vi)(A)(v) PSEG (Bermuda) Holdings Ltd., a Bermuda corporation, has
its principal executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda, and owns a 60% interest in Shanghai Meiya Jinqiao Energy Co., Ltd.
(SMJE), as described below:
1.3.B.2.(k)(vi)(A)(v)(a) SMJE, a Chinese joint venture company, has its
registered office at Lot #21, Jinqiao EPZ, Shanghai, China, and owns and
operates an oil-fired steam plant in Shanghai, China. PSEG China indirectly owns
30% of SMJE.
1.3.B.2.(k)(vi)(A)(vi) China U.S. Power Partners I, Ltd., a Bermuda limited
liability company, has its principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, is an EWG, and has a 30% interest in Jingyuan
Second Power Co., Ltd., (Jingyuan), as described below:
1.3.B.2.(k)(vi)(A)(vi)(a) Jingyuan, a Chinese joint venture company, has its
registered office at Lanzhou City, Gansu Province, China, and owns a coal-fired
electric power generation facility in Jingyuan, China which is an EWG. PSEG
China indirectly owns 15% of Jingyuan.
1.3.B.2.(k)(vi)(A)(vii) Meiya Power China Holdings Limited, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and owns the following
direct and indirect subsidiaries:
1.3.B.2.(k)(vi)(A)(vii)(a) Meiya Power International Holding I, Ltd., a Cayman
Islands company, has its registered office at Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands, British West Indies and owns a 100%
interest in Meiya Electric Asia, Ltd.
1.3.B.2.(k)(vi)(A)(vii)(a)(i) Meiya Electric Asia, Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius and owns a 92% interest in Nantong Entergy Heat & Power Ltd.,
(Nantong).
1.3.B.2.(k)(vi)(A)(vii)(a)(ii) Nantong, a Chinese joint venture company, has its
registered office at West of Shi Hua Road, Nantong Economic and Technological
Development Zone, Nantong Municipality, Jiangsu Province, China and owns and
operates a steam turbine electric power generation facility in Jiangsu, China
which is expected to qualify upon completion as an EWG.
1.3.B.2.(k)(vi)(A)(viii) Shanghai Yaneng Trading Company Limited, a Chinese
company, has its principal executive offices at No. 1 Ji Long Road, Room 2104,
Wai gao Qiao Bonded Zone, Shanghai, People's Republic of China, and is in the
process of liquidation.
1.3.B.2.(k)(vi)(A)(ix) Yaneng Consulting (Shanghai) Company Limited, a Chinese
company, has its principal executive office at Room 1202-1207, Suncome-CIMIC
Tower, 800 Shangcheng Road, Pudong New District, Shanghai, People's Republic of
China and to render consulting services on technology and other services in
relation to the electric and thermal power industry.
1.3.B.2.(k)(vi)(B) PSEG China Holdings Ltd., formerly PSEG Gongyi Power Ltd.,
(China Holdings), a Bermuda limited liability company, has its principal offices
at Clarendon House, 2 Church Street, Hamilton, Bermuda and has 10 wholly-owned
subsidiaries and two indirect partially owned subsidiaries as detailed below:
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1.3.B.2.(k)(vi)(B)(i) Pinyi Power Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in China.
1.3.B.2.(k)(vi)(B)(ii) PSEG Asia I Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in China.
1.3.B.2.(k)(vi)(B)(iii) PSEG Asia II Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
China.
1.3.B.2.(k)(vi)(B)(iv) PSEG Wuxue Cogeneration Ltd. (formerly PSEG Asia III
Ltd.), a Mauritius company, has its registered office at 608 St. James Court,
St. Denis Street, Port Louis, Mauritius, and was formed for the purpose of
investing in power facilities in China.
1.3.B.2.(k)(vi)(B)(v) PSEG Doulinzi Hydropower Ltd. (formerly PSEG Asia IV
Ltd.), a Mauritius company, has its registered office at 608 St. James Court,
St. Denis Street, Port Louis, Mauritius, and was formed for the purpose of
investing in power facilities in China.
1.3.B.2.(k)(vi)(B)(vi) PSEG Haian Power Co. Ltd. (formerly PSEG Asia V Ltd.), a
Mauritius company, has its registered office at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and was formed for the purpose of investing in
power facilities in China.
1.3.B.2.(k)(vi)(B)(vii) PSEG Philippines Power L.L.C., a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and is presently inactive.
1.3.B.2.(k)(vi)(A)(viii) PSEG Rongjiang Hydropower Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
China. PSEG Rongjiang Hydropower Ltd. owns a 55% interest in Guangxi Rongjiang
Meiya Company Ltd. (GRMCL) and an 80% interest in Guangxi Meiya Hydropower
Company Ltd. (GRMHCL).
1.3.B.2.(k)(vi)(B)(viii)(a) GRMCL, a Chinese joint venture company, has its
registered office at 29 Guang Ya Lu, Liuzhou City, Guangxi, China, and owns a
dam station, which is expected to qualify as an EWG upon completion.
1.3.B.2.(k)(vi)(B)(viii)(b) GRMHCL, a Chinese joint venture company, has its
registered office at 29 Guang Ya Lu, Liuzhou City, Guangxi, China, and owns a
hydropower station, which is expected to qualify as an EWG upon completion.
1.3.B.2.(k)(vi)(B)(ix) PSEG Xuzhou Cogeneration Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
China.
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1.3.B.2.(k)(vi)(B)(x) PSEG Zhuzhou Cogen Power Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
China.
1.3.B.2.(k)(vi)(C) PSEG Philippines Holdings L.L.C., a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, has one direct 27.8% owned subsidiary and five indirect
partially owned subsidiaries as described below:
1.3.B.2.(k)(vi)(C)(i) Magellan Capital Holdings Corporation (MCHC), a Philippine
company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig City,
Philippines, was formed for the purpose of investing in power facilities in the
Philippines which are expected to qualify upon completion as EWGs and has the
following direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(k)(vi)(C)(i)(a) Magellan Utilities Development Corporation (MUDC), a
Philippines company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig
City, Philippines, and was formed for the purpose of investing in a power
facility in the Philippines which is expected upon completion to qualify as an
EWG. MUDC is 60% owned by MCHC.
1.3.B.2.(k)(vi)(C)(i)(a)(1) Pinamucan Power Corporation (PPC), a Philippines
company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig City,
Philippines and is presently inactive. PPC is 99.8% owned by MUDC.
1.3.B.2.(k)(vi)(C)(i)(b) Batangas Agro-Industrial Development Corporation
(BAID), a Philippines company, has its offices at 4/F Ortigas Bldg., Ortigas
Avenue, Pasig City, Philippines and owns certain real property that is the site
of the EWG to be constructed by MUDC. BAID is 100% owned by MCHC.
1.3.B.2.(k)(vi)(C)(i)(c) Pinamucan Industrial Estates, Inc. (PIE), a Philippines
company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig City,
Philippines, and is presently inactive. PIE is 99.9% owned by MCHC.
1.3.B.2.(k)(vi)(D) PSEG Full Moon Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in Indonesia.
1.3.B.2.(k)(vi)(E) PSEG Pontianak Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and was
formed for the purpose of investing in power facilities in Indonesia.
1.3.B.2.(k)(vi)(F) PSEG Pontianak (L) Ltd., a Malaysian company, has its offices
at Level 10, Wisma Oceanic, Jalan O.K.K. Awang Besar, 87007 Labuan F.T.,
Malaysia, and has one direct 93.75% owned subsidiary as described below:
1.3.B.2.(k)(vi)(F)(i) PT Pontianak Power, an Indonesian company, has its
principal executive offices at JI. Dr. Saharjo 52 Jakarta, 12970 Indonesia, and
was formed for the purpose of investing in power facilities in Pontianak,
Indonesia.
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1.3.B.2.(k)(vi)(G) PSEG Zhou Kou Power Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, and has one direct wholly-owned subsidiary as
described below:
1.3.B.2.(k)(vi)(G)(i) PSEG Zhou Kou Power Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
Zhou Kou, China which are expected to qualify upon completion as an EWG.
1.3.B.2.(k)(vii) PSEG Elcho (Delaware) Inc. (PSEG Elcho), a Delaware
corporation, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and has the following direct and indirect wholly and partially
owned subsidiaries:
1.3.B.2.(k)(vii)(A) PSEG Europe B.V. (PSEG Europe), a Netherlands company, has
its principal executive offices at Weena 340, Rotterdam, The Netherlands. PSEG
Europe is a direct wholly owned subsidiary of PSEG Elcho and has two direct
wholly-owned subsidiaries, PSEG Italia B.V. (formerly Ramat Hovav B.V.) and PSEG
Poland B.V., three direct 99% owned subsidiaries (the remaining 1% interest in
each of the three subsidiaries is owned by PSEG Elcho), and two indirect
subsidiaries:
1.3.B.2.(k)(vii)(A)(i) PSEG Investments B.V., a Netherlands company, has its
principal executive offices at Weena 340, Rotterdam, The Netherlands, and was
formed for the purpose of investing in power facilities in Konya Ilgin, Turkey,
which are expected to qualify upon completion as an EWG.
1.3.B.2.(k)(vii)(A)(ii) PSEG Poland B.V., a Netherlands company, has its
principal executive offices at Weena 340, Rotterdam, The Netherlands, and
directly owns a 17% equity interest in Elektrocieplownia Chorzow Elcho, S.z.o.o.
("Chorzow").
1.3.B.2.(k)(vii)(A)(ii)(a) Chorzow, a Polish company, has its principal
executive offices at W. Sklodowskiez 3, 41-503 Chorzow, Poland, and is
developing a coal-fired power station in Chorzow, Poland, which is expected to
qualify upon completion as an EWG.
1.3.B.2.(k)(vii)(A)(iii) PSEG Turkey B.V., formerly Konya Ilgin Electric
Production B.V., a Netherlands company, has its principal executive offices at
Weena 340, Rotterdam, The Netherlands, and was formed for the purpose of
investing in power facilities in Konya Ilgin, Turkey, which are expected to
qualify upon completion as an EWG.
1.3.B.2.(k)(vii)(A)(iv) PSEG Italia B.V. (formerly Ramat Hovav, B.V.), a
Netherlands company, has its principal executive offices at Weena 340,
Rotterdam, The Netherlands and was formed for the purpose of investing in power
facilities in Italy. PSEG Italia B.V. owns a 70% interest in Prisma 2000 S.p.A.
1.3.B.2.(k)(vii)(A)(iv)(a) Prisma 2000 S.p.A., an Italian company, has its
registered office at Via Sant Andrea 19, Milan, Italy and invests in power
projects in Italy.
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1.3.B.2(k)(vii)(A)(v) PSEG Poland Distribution B.V., a Netherlands company, has
its principal executive offices at Weena 340, Rotterdam, The Netherlands, and
was formed for the purpose of investing in power facilities in Poland.
1.3.B.2.(k)(viii) PSEG Global Ltd., a United Kingdom company, has its principal
executive offices at 8 Bourdon Street, London E1X 9HX, England, and was formed
for the purpose of managing development activities in Europe, India and the
Middle East. PSEG Global Ltd. has one wholly-owned subsidiary described below:
1.3.B.2.(k)(viii)(A) PSEG Plan Ltd. (formerly Opalshore Limited), a United
Kingdom company, has its principal executive offices at 8 Bourdon Street, London
E1X 9HX, England, and was formed for the purpose of serving PSEG Global Ltd. as
Trustee for its benefits plan.
1.3.B.2.(k)(ix) PSEG Punjab Energy Company Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
India.
1.3.B.2.(k)(x) PSEG Salalah Inc. (PSEG SI), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801. PSEG SI has
the following direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(k)(x)(A) PSEG Oman L.L.C., a Delaware limited liability company, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801 and has
the following subsidiary:
1.3.B.2.(k)(x)(A)(i) PSEG Oman Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and was formed for the purposes of
future investment in Oman.
1.3.B.2.(k)(x)(B) Salalah Power Holdings, Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, is 50% owned by PSEG SI and has two direct
wholly-owned subsidiaries:
1.3.B.2.(k)(x)(B)(i) Salalah Power Holdings I Ltd. (SPHI), a Bermuda limited
liability company, has its principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, and was formed for the purpose of investing in
power facilities in Salalah, Oman, which are expected to qualify upon completion
as EWGs. PSEG SI indirectly owns 50% of SPHI.
1.3.B.2.(k)(x)(B)(ii) Salalah Power Holdings II, Ltd. (SPHII), a Bermuda limited
liability company, has its principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, and was formed for the purpose of investing in
power facilities in Salalah, Oman, which are expected to qualify upon completion
as an EWG. PSEG SI indirectly owns 50% of SPHII.
1.3.B.2.(k)(x)(C) PSEG Oman Power Holdings Company, a Cayman Islands company has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and has the following direct and
indirect subsidiaries:
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1.3.B.2.(k)(x)(C)(i) PSEG Sharquia Power Holdings Ltd., a Cayman Islands company
has its registered office at Ugland House, South Church Street, Georgetown,
Grand Cayman, Cayman Islands British West Indies and was formed for the purpose
of future investment in Oman.
1.3.B.2(k)(x)(C)(i)(a) PSEG Sharquia Power Holdings I Company, a Cayman Islands
company has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands British West Indies and was formed for the
purpose of future investment in Oman.
1.3.B.2(k)(x)(C)(i)(b) PSEG Sharquia Power Holdings II Company, a Cayman Islands
company has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands British West Indies and was formed for the
purpose of future investment in Oman.
1.3.B.2(k)(x)(C)(i)(c) PSEG Sharquia Power Holdings III Company, a Cayman
Islands company has its registered office at Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands British West Indies and was formed for
the purpose of future investment in Oman.
1.3.B.2.(k)(xi) PSEG International Holding Company, a Cayman Island company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and has the following subsidiary:
1.3.B.2.(k)(xi)(A) PSEG International Holding II Company, a Cayman Island
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and has the following
subsidiary:
1.3.B.2.(k)(xi)(A)(i) PSEG International Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, and has the following subsidiary and owns a 35%
interest in Carthage, which is an EWG.
1.3.B.2.(k)(xi)(A)(i)(a) PSEG Holdings Pte Ltd., a Singapore company, has its
principal executive offices at 95 South Bridge Road, #09-00 Pidemco Centre,
Singapore 058717, and was formed for the purpose of investing in power
facilities in Israel. PSEG Holdings Pte Ltd. has one 50% directly-owned
subsidiary as described below:
1.3.B.2.(k)(xi)(A)(i)(a)(i) O.P.C. Ramat Hovav Ltd., an Israeli company, has its
registered office at 2 Hanamal Street, Haifa, Israel, and was formed for the
purpose of investing in power facilities in Israel.
1.3.B.2.(l) PSEG International Services Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and
provides management, operations and maintenance personnel to some of the
international subsidiaries of PSEG Global USA.
1.3.B.2.(m) PSEG Kalaeloa Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and was formed for the
purpose of acquiring a 1% general partnership interest in KPLP (described
above), a Delaware limited partnership. (The remaining 99% limited partnership
interest is owned by KIPLP, which is also described above.)
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1.3.B.2.(n) PSEG Leasing Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and
is a 50% general partner in National Energy Leasing Partners, (NELP).
1.3.B.2.(n)(i) NELP, a Delaware limited partnership, has its principal executive
offices at One Riverchase Parkway South, Birmingham, Alabama 35244. NELP has
entered into lease transactions with respect to certain of the equipment
installed at the Hanford cogeneration facility of HLP (described above) and the
five Contra Costa County, California small power production facilities of GWFLP
(described above).
1.3.B.2.(o) PSEG Mexico Inc., a Delaware corporation, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801, and is presently inactive.
1.3.B.2.(p) PSEG Mount Carmel Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and
is a 49.5% limited partner in PRRA (described above). PSEG Conemaugh Management
Inc. owns a 0.5% general partnership interest in PRRA, resulting in a 50%
indirect ownership by PSEG Global USA.
1.3.B.2.(q) PSEG New Hampshire Incorporated (PSEG NH), a New Hampshire
corporation, has its principal executive offices in Bridgewater, New Hampshire.
PSEG NH is a co-managing 40% general partner in Bridgewater Power Company, L.P.
(BPCLP).
1.3.B.2.(q)(i) BPCLP, a New Hampshire limited partnership, has its principal
executive offices at Route 3, Bridgewater, New Hampshire 03222. BPCLP owns a
biomass-fired small power production QF in Bridgewater, New Hampshire.
1.3.B.2.(r) PSEG Project Services Inc. (PSEG PRO), a New Jersey corporation, has
its principal executive offices at 35 Waterview Boulevard, Parsippany, New
Jersey 07054. PSEG PRO provides engineering, procurement, construction and
management services and owns a 50% general partnership interest in each of the
two following limited partnerships:
1.3.B.2.(r)(i) National Energy Constructors, a California limited partnership,
has its principal executive offices at 14800 West Schulte Road, Tracy,
California 95376, under which PSEG PRO constructed five petroleum coke-fired
small power production facilities owned and operated by GWFLP (described above)
and a petroleum coke and natural gas-fired cogeneration QF owned by HLP
(described above).
1.3.B.2.(r)(ii) Tracy Operators, a California limited partnership, has its
principal executive offices at 14800 West Schulte Road, Tracy, California 95376,
and operates and maintains a biomass-fired small power production facility in
Tracy, California in which PSEG Tracy Inc. (described below) has an ownership
interest.
1.3.B.2.(s) PSEG Tracy Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and
is a co-managing 34.5% general partner in Thermal Energy Development
Partnership, L.P. (TEDPLP).
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1.3.B.2.(s)(i) TEDPLP, a Delaware limited partnership, has its principal
executive offices at New York Life Building, 501 W. Weber Avenue, Suite 104A,
Stockton, California 95203. TEDPLP owns a small biomass-fired power production
QF in Tracy, California.
1.3.B.2.(t) PSEG Americas Development Company L.L.C., a Delaware corporation,
has its registered office at 1209 Orange Street, Wilmington, Delaware, 19801 and
was formed for the purpose of future investments in independent power projects.
1.3.B.2.(u) PSEG U.S. Services Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and was formed for the
purpose of future investment in Texas and is now inactive.
1.3.B.3. PSEG India Company, a Cayman Islands company has its registered office
at Ugland House, South Church Street, George Town, Grand Cayman Islands, British
West Indies. PSEG India Company has one direct wholly owned subsidiary, two
indirect wholly owned subsidiaries, and two indirect, partially owned
subsidiaries, all of which are described below:
1.3.B.3.(a) PSEG EAMS Ltd. (PSEG EAMS), a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and is a
wholly owned subsidiary of PSEG India Company and has two direct, wholly owned
subsidiaries and two indirect, partially owned subsidiaries which are described
below:
1.3.B.3.(a)(i) PSEG Operations Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and has
one direct wholly owned subsidiary as described below.
1.3.B.3.(a)(i)(A) PSEG PPN Operations Private Ltd., an Indian company, has its
registered office at Prakash Presidium II Floor, 110 Mahatma Gandhi Road,
Nungambakkam, Chennai, India 600034, was formed for the purpose of operation and
maintenance of power facilities in India and is an EWG. PSEG Ambalamugal Energy
Company Ltd. (described above) owns one share of PSEG PPN Operations Private
Ltd.
1.3.B.3.(a)(ii) PSEG PPN Energy Company Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, was formed for the purpose of investing in power facilities in India.
As of March 1, 1999, status as an EWG was granted. PSEG PPN Energy Company Ltd.
has a 20% ownership interest in PPN Power Generating Company Limited (PPN PGC)
as described below:
1.3.B.3.(a)(ii)(A) PPN PGC, an Indian company, has its registered office at
Jhaver Plaza III Floor, I A Nungambakkam High Road, Nungambakkam, Chennai, India
600034, and was formed for the purpose of owning and operating power facilities
in India.
1.3.C. Enterprise Group Development Corporation (EGDC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. EGDC is a nonresidential real estate development and investment
business. EGDC has investments in 7 commercial real estate properties (one of
which is developed) in several states. EGDC is an 80% joint venture partner in
each of State Street Square Urban Renewal Partners (SSSURPI), State Street
Square Urban Renewal Partners II (SSSURPII), State Street Square Partners III
(SSSIII), State Street Square 36 West Partners (SSS36W) and State Street Square
NSB Partners (SSSNSB). As of December 31, 1999, EGDC comprised 0.4% of PSEG's
assets and EGDC's
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1999 net loss comprised (1)% of PSEG's income before extraordinary item. EGDC is
a wholly-owned subsidiary of Energy Holdings. EGDC has 9 direct and 2 indirect
subsidiaries, including general partnership interests as described below:
1.3.C.1. EGDC - Concourse, Incorporated (Concourse), a Florida corporation, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Concourse is a 75% general partner in Concourse at Maitland Associates (CMA).
EGDC owns 100% of Concourse.
1.3.C.1.(a) CMA, a Florida general partnership, has its principal executive
offices at One Riverchase Parkway South, Birmingham, Alabama 35201, and is
presently inactive.
1.3.C.2. EGDC - Fairfax, Incorporated (Fairfax), a Virginia corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Fairfax
is a 50% general partner in Monument Place Associates (MPA).
1.3.C.2.(a) MPA, a Virginia general partnership, has its principal executive
offices at 1416 Dodge Street, Room 1100, Omaha, Nebraska 68179, and owns land on
which it plans to develop an office complex in Fairfax County, Virginia.
1.3.C.3. SSSURPI, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns land and
improvements comprising one phase of a commercial office complex in Trenton, New
Jersey.
1.3.C.4. SSSURPII, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns vacant land
presently used for surface parking comprising one phase of a commercial office
complex in Trenton, New Jersey.
1.3.C.5. SSSIII, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns land and
improvements, including the former National State Bank Building, comprising one
phase of a commercial office complex in Trenton, New Jersey.
1.3.C.6. SSSNSB, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns one phase
of a commercial office complex in Trenton, New Jersey.
1.3.C.7. SSS36W, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and is presently
inactive.
1.3.C.8. EGDC - Largo Incorporated (Largo), a Maryland corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, and owns
land on which it plans to develop an office complex in Largo, Maryland.
1.3.C.9. EGDC - Largo Management Incorporated (Largo Management), a Maryland
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, and is presently inactive.
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1.3.D. PSEG Energy Technologies Inc. (PSEG Energy Technologies), a New Jersey
corporation, has its principal executive offices at 499 Thornall Street, Edison,
New Jersey 08837. PSEG Energy Technologies, an energy services business, is a
wholly-owned subsidiary of PSEG Energy Holdings. PSEG Energy Technologies
provides a variety of energy related services to industrial and commercial
customers in the Northeastern and Middle Atlantic regions of the United States.
As of December 31, 1999, PSEG Energy Technologies comprised 1% of PSEG's assets
and 4% of PSEG's revenues and PSEG Energy Technologies' 1999 net loss comprised
(1)% of PSEG's income before extraordinary item. PSEG Energy Technologies has
the following 12 direct and 8 indirect wholly-owned subsidiaries:
1.3.D.1. The Dowling Group, Inc. (Dowling Group), a Pennsylvania corporation,
has its principal executive offices at 4140 Whitaker Avenue, Philadelphia,
Pennsylvania 19035. Dowling Group is a wholly-owned subsidiary of PSEG Energy
Technologies. Dowling Group has one direct subsidiary and two indirect
subsidiaries, as follows:
1.3.D.1.(a) Fluidics, Inc. (Fluidics), a Pennsylvania corporation, has its
principal executive offices at 4140 Whitaker Avenue, Philadelphia, Pennsylvania
19124. Fluidics is a 14% directly owned subsidiary of PSEG Energy Technologies
and an 86% directly owned subsidiary of Dowling Group. Fluidics provides
mechanical, construction and building services. Fluidics has two wholly-owned
subsidiaries, as follows:
1.3.D.1.(a)(i) Fluidics of New Jersey, Inc., a New Jersey corporation, has its
principal executive offices at 499 Thornall Street, Edison, New Jersey 08837.
Fluidics of New Jersey, Inc. is a wholly-owned subsidiary of Fluidics and
provides mechanical, construction and building services.
1.3.D.1.(a)(ii) Wredna, Inc. (Wredna), a Delaware Corporation, has its principal
executive offices at 900 Market Street, Suite 200, Wilmington, Delaware 19801.
Wredna is a wholly-owned subsidiary of Fluidics and owns various Fluidics trade
and service marks which it licenses to Fluidics.
1.3.D.2. Public Service Conservation Resources Corporation (PSCRC), a New Jersey
corporation, has its principal executive offices at 499 Thornall Street, Edison,
New Jersey 08837. PSCRC finances, markets and develops energy conservation
projects, mostly within PSE&G's service territory, and is a wholly-owned
subsidiary of PSEG Energy Technologies.
1.3.D.3. Arden Engineering Constructors, Inc. (Arden), a Rhode Island
corporation, has its principal executive offices at 435 Narragansett Park Drive,
Pawtucket, Rhode Island 02861. Arden is a wholly-owned subsidiary of PSEG Energy
Technologies. Arden provides mechanical, construction and building services.
1.3.D.4. East Coast Mechanical, Inc. (East Coast), a Virginia corporation, has
its principal executive offices at 552 Central Drive, Suite 112, Virginia Beach,
Virginia 23454. East Coast is a wholly-owned subsidiary of PSEG Energy
Technologies. East Coast provides mechanical, construction and building
services.
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1.3.D.5. The Frank A. McBride Company (McBride), a New Jersey corporation, has
its principal executive offices at 233 Central Avenue, Hawthorne, New Jersey
07507. McBride is a wholly-owned subsidiary of PSEG Energy Technologies. McBride
provides mechanical contracting services and has five direct wholly-owned
subsidiaries.
1.3.D.5.(a) McBride Realty Company (McBride Realty), a New Jersey corporation,
has its principal executive offices at 233 Central Avenue, Hawthorne, New Jersey
07507, and is a wholly-owned subsidiary of The Frank A. McBride Company. McBride
Realty is currently inactive and in the process of dissolution, but had
previously been a holding company for various real estate investments made by
the prior owners of The Frank A. McBride Company and affiliates.
1.3.D.5.(b) Urban Comm-Data, Inc. (Urban C-D), a New Jersey corporation, has its
principal executive offices at 128 Bauer Drive, Suite 3, Oakland, New Jersey
07436, and is a wholly-owned subsidiary of The Frank A. McBride Company. Urban
C-D provides mechanical and electrical services.
1.3.D.5.(c) Independent Electrical Construction Company (Independent
Electrical), a New Jersey corporation, has its principal executive offices at
128 Bauer Drive, Suite 3, Oakland, New Jersey 07436. Independent Electrical is a
wholly-owned subsidiary of The Frank A. McBride Company. Independent Electrical
provides mechanical and electric contracting services
1.3.D.5.(d) Independent Sheet Metal Co. Inc. (Independent Sheet), a New Jersey
corporation, has its principal executive offices at PO Box 649, 50 Fifth Avenue,
Hawthorne, New Jersey 07506. Independent Sheet is a wholly-owned subsidiary of
The Frank A. McBride Company. Independent Sheet provides sheet metal fabrication
and installation services, primarily for mechanical applications.
1.3.D.5.(e) Hayes Construction Company (Hayes), a Georgia corporation, has its
principal executive offices at 233 Central Avenue, Hawthorne, New Jersey 07507.
Hayes is a wholly-owned subsidiary of The Frank A. McBride Company and is
currently inactive and in the process of dissolution.
1.3.D.6. Liber Rich & Sons, Inc. (Liber Rich), a New Jersey corporation, has its
principal executive offices at 701 West Delilah Road, Pleasantville, New Jersey
08232. Liber Rich is a wholly-owned subsidiary of PSEG Energy Technologies.
Liber Rich provides mechanical contracting services.
1.3.D.7. Rich Fire Protection Company, Inc. (Rich Fire), a New Jersey
corporation, has its principal executive offices at 701 West Delilah Road,
Pleasantville, New Jersey 08232. Rich Fire is a wholly-owned subsidiary of PSEG
Energy Technologies. Rich Fire provides fire protection and mechanical
contracting services.
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1.3.D.8. Keith H. Struble Air Conditioning, Inc. (Struble), a New Jersey
corporation, has its principal executive offices at 321 Fairfield Road,
Fairfield, New Jersey 07004. Struble is a wholly-owned subsidiary of PSEG Energy
Technologies. Struble provides mechanical contracting services.
1.3.D.9. Thomas H. Barham, Co. (Barham), a New Jersey company, has its principal
executive offices at 4239 Highway 33, Tinton Falls, NJ 07753. Barham is a
wholly-owned subsidiary of PSEG Energy Technologies. Barham provides mechanical
contracting services.
1.3.D.10 Central Plumbing and Heating Company, Inc. (Central), a Pennsylvania
corporation, has its principal offices at 622 Hanover Avenue, Allentown,
Pennsylvania 18103. Central is a wholly-owned subsidiary of PSEG Energy
Technologies. Central provides fire protection and mechanical services.
1.3.D.11 Tougher Industries, Inc. (Tougher), a New York corporation, has its
principal offices at 175 Broadway, Albany, NY 12204. Tougher is a wholly-owned
subsidiary of PSEG Energy Technologies. Tougher provides mechanical contracting
services and fabricates and installs sheet metal for primarily mechanical
applications.
1.3.D.12 McBride Energy Services Company, L.L.C. (MESCO), a New Jersey Limited
Liability Company, has its principal offices at 233 Central Avenue, Hawthorne,
New Jersey 07506. MESCO is an energy services business, whose members are
McBride (90%) and Todd Meyer (10%).
1.3.E. PSEG Capital Corporation (Capital), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Capital
is a wholly-owned financing subsidiary of Energy Holdings, which serves as a
capital financing vehicle for Energy Holdings' businesses, borrowing up to $650
million at any one time outstanding on their behalf on the basis of a minimum
net worth maintenance agreement with PSEG.
1.3.F. Enterprise Capital Funding Corporation (Funding), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. Funding, a wholly-owned subsidiary of Energy Holdings, formerly
served as a capital financing vehicle for Energy Holdings' businesses (excluding
EGDC and PSEG Energy Technologies), borrowing on their behalf, on the basis of
an unconditional guaranty from Energy Holdings, but without direct support from
PSEG, as well as investing their short-term funds. Funding is currently
inactive.
1.4. PSEG Services Corporation (Services), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Services, a wholly-owned subsidiary of PSEG, was formed in 1999 to provide
internal support services to PSEG's operating subsidiaries.
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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.
PSEG owns no property used for the generation, transmission, or
distribution of electric energy for sale, or for the production, transmission,
and distribution of natural or manufactured gas.
PSEG's only subsidiary public utility company is PSE&G, which is an
operating electric and gas utility company. A description of the properties of
PSE&G used for the generation, transmission, and distribution of electric energy
for sale, and for the transmission and distribution of natural gas, which are
located predominantly in New Jersey, follows. As noted previously, during 2000,
PSE&G will sell its generation-related assets to Power to own and operate such
assets in the deregulated electric generation market in New Jersey.
38
<PAGE>
ELECTRIC GENERATION PROPERTIES
As of December 31, 1999, PSE&G's share of installed generating capacity
was 10,287 MW, as shown in the following table:
INSTALLED PRINCIPAL
NAME AND LOCATION CAPACITY (MW) FUELS USED
----------------------------------------- --------------- -------------
Steam:
Hudson, Jersey City, NJ............ 991 Coal/Gas
Mercer, Hamilton, NJ............... 648 Coal/Gas
Sewaren, Woodbridge Twp., NJ....... 453 Gas/Oil
Linden, Linden, NJ................. 424 Oil
Keystone, Shelocta, PA--22.84%(A)... 388 Coal
Conemaugh, New Florence, 382 Coal
PA--22.50%(A).......................
Kearny, Kearny, NJ................. 300 Oil
--------
Total Steam..................... 3,586
--------
Nuclear: (Capacity factor calculated
in accordance with industry
maximum dependable capability
standards)
Hope Creek, Lower Alloways Creek,
NJ 95%(A).......................... 979 Nuclear
Salem 1, Lower Alloways Creek, NJ
42.59%(A).......................... 471 Nuclear
Salem 2, Lower Alloways Creek, NJ
42.59%(A).......................... 471 Nuclear
Peach Bottom 2, Peach Bottom, PA
42.49%(A).......................... 465 Nuclear
Peach Bottom 3, Peach Bottom, PA
42.49%(A).......................... 465 Nuclear
--------
Total Nuclear................... 2,851
--------
Combined Cycle:
Bergen, Ridgefield, NJ............. 675 Gas
Burlington, Burlington, NJ......... 245 Gas
--------
Total Combined Cycle............ 920
--------
Combustion Turbine:
Essex, Newark, NJ.................. 617 Gas/Oil
Edison, Edison Township, NJ........ 504 Gas/Oil
Kearny, Kearny, NJ................. 504 Gas/Oil
Burlington, Burlington, NJ......... 389 Oil
Linden, Linden, NJ................. 223 Gas/Oil
Hudson, Jersey City, NJ............ 129 Oil
Mercer, Hamilton, NJ............... 129 Oil
Sewaren, Woodbridge Township, NJ... 129 Oil
Bayonne, Bayonne, NJ............... 42 Oil
Bergen, Ridgefield, NJ............. 21 Gas
National Park, National Park, NJ... 21 Oil
Salem, Lower Alloways Creek, NJ
42.59%(A).......................... 16 Oil
--------
Total Combustion Turbine........ 2,724
--------
Internal Combustion:
Conemaugh, New Florence,
PA--22.50%(A)....................... 3 Oil
Keystone, Shelocta, PA--22.84%(A)... 3 Oil
--------
Total Internal Combustion....... 6
--------
Pumped Storage:
Yards Creek, Blairstown,
NJ--50%(A)(B)....................... 200
--------
Total PSE&G..................... 10,287
========
(A) PSE&G's share of jointly owned facility.
(B) Excludes energy for pumping and synchronous condensers.
39
<PAGE>
In addition to the generating facilities in New Jersey and Pennsylvania as
indicated in the table above, as of December 31, 1999, PSE&G owned 41 switching
and/or generating stations with an aggregate installed capacity of 30,417,670
kilovolt-amperes and 223 substations with an aggregate installed capacity of
7,396,000 kilovolt-amperes. In addition, six substations having an aggregate
installed capacity of 108,000 kilovolt-amperes were operated on leased property.
All of these facilities are located in New Jersey. It is anticipated that all of
these properties, as well as related assets of these properties, will be sold to
Power in accordance with the BPU's Final Order.
ELECTRIC TRANSMISSION AND DISTRIBUTION PROPERTIES
As of December 31, 1999, PSE&G's transmission and distribution system
included approximately 155,766 circuit miles, of which approximately 38,945
miles were underground, and approximately 812,697 poles, of which approximately
539,880 poles were jointly owned. Approximately 99% of this property is located
in New Jersey.
In addition, as of December 31, 1999, PSE&G owned four electric
distribution headquarters and five subheadquarters in four operating divisions
all located in New Jersey.
GAS DISTRIBUTION PROPERTIES
As of December 31, 1999, the daily gas capacity of PSE&G's 100%-owned
peaking facilities (the maximum daily gas delivery available during the three
peak winter months) consisted of liquid petroleum air gas (LPG) and liquefied
natural gas (LNG) and aggregated 2,973,000 therms (approximately 2,886,000 cubic
feet on an equivalent basis of 1,030 Btu/cubic foot) as shown in the following
table:
DAILY CAPACITY
--------------
PLANT LOCATION (THERMS)
----- --------
Burlington LNG................... Burlington, NJ 773,000
Camden LPG....................... Camden, NJ 280,000
Central LPG...................... Edison Twp., NJ 960,000
Harrison LPG..................... Harrison, NJ 960,000
---------
Total.......................... 2,973,000
=========
As of December 31, 1999, PSE&G owned and operated approximately 16,377
miles of gas mains, owned 11 gas distribution headquarters and two
subheadquarters all in two operating regions located in New Jersey and owned one
meter shop in New Jersey serving all such areas. In addition, PSE&G operated 61
natural gas metering or regulating stations, all located in New Jersey, of which
28 were located on land owned by customers or natural gas pipeline companies
supplying PSE&G with natural gas and were operated under lease, easement or
other similar arrangement. In some instances, portions of the metering and
regulating facilities were owned by the pipeline companies.
40
<PAGE>
3. The following information is for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(a) Number of kwh. (megawatt (Mwh.) = 1,000 kilowatts) of electric
energy sold (at retail or wholesale), and Mcf. of natural or
manufactured gas distributed at retail.
PSEG - None
PSE&G - 41,132,000 Mwh. (retail and wholesale) sold primarily in the
state of New Jersey providing revenue of approximately $4,181
million in 1999
PSE&G - 371,787,440 Mcf. (1999 basis of 1,035 BTU/cubic foot) sold
in the state of New Jersey providing revenue of approximately
$1,651 million in 1999
(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.
PSEG - None
PSE&G - None
(c) Number of Mwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which
each such company is organized, or at the State line.
PSEG - None
PSE&G - 8,673,056 Mwh. Interchanged of physical sales in multiple
states, including primarily those states in the following
power pools: New York, Pennsylvania, Virginia, Florida, Ohio
and Tennessee, providing revenue of approximately $236 million
in 1999
PSE&G - 64,544,342 Mcf. total off-system sales sold in the states of
New Jersey (at N.J. City-Gate), New York, Pennsylvania,
Maryland, South Carolina, Ohio, Washington D.C., Virginia,
North Carolina, Georgia, Texas, Mississippi and Louisiana
providing revenue of approximately $154 million in 1999
41
<PAGE>
(d) Number of Mwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each
such company is organized or at the State line.
PSEG - None
PSE&G - 13,436,942 Mwh. of physical purchases made in multiple
states, including primarily those states in the following
power pools: New York, Pennsylvania, Virginia, Florida, Ohio
and Tennessee, at a cost of approximately $435 million in
1999
PSE&G - 317,017,722 Mcf. received through sales and transportation
agreements with interstate pipelines having delivery points
within the State from the states of New Jersey, New York,
Pennsylvania, Ohio, Texas, Louisiana and Mississippi at a cost
of approximately $1,135 million in 1999
4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an EWG or a
foreign utility company, stating monetary amounts in United States dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy
for sale or the distribution at retail of natural or
manufactured gas.
(i) PSEG Bhilai Energy Company Ltd. (BHILAI), a Mauritius
company, has its registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius. BHILAI
has a 45% interest in Bhilai Power Supply Company
Limited, which will construct and own a 587 MW
coal-fired power plant in Malhya Pradish, India. BHILAI
is a direct wholly-owned subsidiary of PSEG India
Limited.
(ii) PSEG Meiya Power, Ltd. (PMP), a Bermuda limited
liability company, has its principal executive offices
at Clarendon House, 2 Church Street, Hamilton, Bermuda.
PMP was formed for the purpose of acquiring a
controlling interest (51%) in the voting securities of
Meiya Jingling (Nanjing) Cogen Power Co. Ltd. (MJCP), a
Sino-Foreign Cooperative Joint Venture to be formed
under the laws of the People's Republic of China. MJCP,
after formation,
42
<PAGE>
will acquire an existing 100 MW coal-fired generation
facility, consisting of three pulverized coal-fired
boilers and two 50 MW extracting/condensing steam
turbine generating sets located in Nanjing, Jiangsu
Province, People's Republic of China. PMP is a direct
wholly-owned subsidiary of PSEG China.
(iii) PSEG Philippines Holdings L.L.C. (PPHL.L.C.), a Delaware
limited liability company, has its registered office at
1209 Orange Street, Wilmington, Delaware 19801.
PPHL.L.C. has a 27.8% interest in Magellan Capital
Holdings Corporation, a Philippine company, which in
turn has a 56% interest in Magellan Cogeneration Inc., a
Philippine company, which owns and operates a
diesel-fired power generation facility in Cavite,
Philippines. PPHL.L.C. is a direct wholly-owned
subsidiary of PSEG China.
(iv) Central Termica San Nicolas, S.A. (CTSN), an Argentine
corporation, has its principal executive offices at
Cerrito 1294, Piso 3, (1062), Buenos Aires (Capital
Federal), Argentina. CTSN owns and operates a coal,
petroleum coke, natural gas and oil-fired electric power
generating facility located at San Nicolas, Argentina.
CTSN is an indirectly owned subsidiary of CEMAS
Corporation.
(v) China U.S. Power Partners I, Ltd. (CUPPI), a Bermuda
limited liability company, has its registered office at
Clarendon House, 2 Church Street, Hamilton, Bermuda.
CUPPI has a 30% interest in Jingyuan Second Power Co.,
Ltd. (Jingyuan), which owns a coal-fired electric power
generation facility in Jingyuan, China. PSEG China
indirectly owns 15% of Jingyuan.
(vi) PSEG Zuojiang Hydropower Ltd. (ZHL), a Mauritius
company, has its registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius. ZHL has
a direct 60% interest in Guangxi Zuojiang Meiya
Hydropower Co. Ltd. (GZMHCL), which owns a hydroelectric
power facility in Zuojiang, Guangxi Zhuang Nationality
Autonomous Region, China. PSEG China indirectly owns 30%
of GZMHCL.
43
<PAGE>
(vii) PSEG Tongzhou Cogen Power Ltd. (TMC), a Bermuda limited
liability company, has its principal executive offices
at Clarendon House, 2 Church Street, Hamilton, Bermuda.
TMC owns an 80% interest in Tongzhou Meiya Cogeneration
Company Limited (TMCC), which owns a coal-fired
cogeneration facility in Tongzhou City, Jiangsu
Province, China. PSEG China owns 40% of TMCC.
(viii) Rio Grande Energia, S.A.,(RGE), formerly Companhia
Norte-Nordeste de Distribuicao de Energia Eletrica, a
Brazilian company, has its registered office at Rua da
Consolacao #247, 8th Floor, Room 12, Sao Paulo, Brazil
01301903. RGE is an electric distribution company
serving the State of Rio Grande do Sul, Brazil. RGE is
91.80% owned by Doc 3 Participacoes S.A., a Brazilian
company, which in PSEG Brazil Company and PSEG Brazil I
Company, both Cayman companies, which in turn are
wholly-owned by Pampa Energia Ltda.
(ix) Empresa Distribuidora de Energia Norte S.A. (EDEN), an
Argentine company, has its principal executive offices
at Calle 48, numero 786, La Plata, Argentina. EDEN owns
a distribution facility in the province of Buenos Aires,
Argentina. EDEN is a direct 33.34% owned subsidiary of
PSEG OA, which in turn is 99.99% owned by PSEGAOC, a
Cayman company and 0.01% owned by CEMAS Corporation.
PSEGAOC is in turn 90% owned by PSEG Americas Ltd., a
Bermuda limited liability company. PSEG Americas Ltd. is
a wholly-owned subsidiary of PSEG Americas, Inc.
(x) Empresa Distribuidora de Energia Sur S.A. (EDES), an
Argentine company, has its principal executive offices
at Calle 48, numero 786, La Plata, Argentina. EDES owns
a distribution facility in the province of Buenos Aires,
Argentina. EDES is a direct 33.34% owned subsidiary of
PSEG OA, which in turn is 99.99% owned by PSEGAOC, a
Cayman company and 0.01% owned by CEMAS Corporation.
PSEGAOC is in turn 90% owned by PSEG Americas Ltd., a
Bermuda limited liability company. PSEG Americas Ltd. is
a wholly-owned subsidiary of PSEG Americas, Inc.
44
<PAGE>
(xi) Turbogeneradores Maracay, C.A. (TGM), a Venezuela
company, has its principal offices located at Avenida
Francisco de Miranda, Piso 12, Torre Country Club,
Chacaito, Caracas, Venezuela. TGM owns and operates two
nominal 20 MW simple-cycle gas turbine generators at the
paper mill facilities of Manufacturas de Papel C.A. in
Maracay, Venezuela. TGM is a direct 17.13% owned
subsidiary of Turbogeneradores de Venezuela, C.A.,
(TGV). TGV is a direct 50% owned subsidiary of PSEG
Americas II, Ltd.
(xii) Empresa Distribuidora La Plata Sociedad Anonima
(EDELAP), an Argentine Sociedad Anonima, with its
executive offices in Buenos Aires, Argentina. The
principal purpose of EDELAP is to offer services of
distribution and commercialization of electricity in
accordance with the terms of the Concession Contract.
51% of EDELAP Class A stock is directly owned by
COINELEC (described above), 31.942% of EDELAP Class B
shares is directly owned by Luz de la Plata S.A. and an
additional 7.058% of EDELAP Class B Shares are directly
owned by Camille Ltd. (described above).
(xiii) Turboven Cagua (CAGUA), a Cayman Islands company has
its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P. O.
Box 847, Grand Cayman, Cayman Islands, British West
Indies, is a FUCO, and was formed for the purpose of
making a future investment in Latin America.
(xiv) Turboven Maracay (MARACAY), a Cayman Islands company has
its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P. O.
Box 847, Grand Cayman, Cayman Islands, British West
Indies, is a FUCO, and was formed for the purpose of
making a future investment in Latin America.
(xv) Turboven Valencia (VALENCIA), a Cayman Islands company
has its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P. O.
Box 847, Grand Cayman, Cayman Islands, British West
Indies, is a FUCO, and was formed for the purpose of
making a future investment in Latin America.
45
<PAGE>
(xvi) PSEG PPN Energy Company Ltd. (PPN Energy), a Mauritius
company, has its registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius and was
formed for the purpose of investing in power facilities
in Kerala, India. PSEG PPN Energy Company Ltd. has a 20%
ownership interest in PPN Power Generating Company
Limited.
(xvii) PSEG PPN Operations Private Ltd. (PPN Operations), an
Indian company, has its registered office at Prakash
Presidium II Floor, 110 Mahatma Gandhi Road,
Nungambakkam, Chennai, India 600034, is an EWG and was
formed for the purpose of investing in power facilities
in India.
(xviii) Carthage Utilities Company (Carthage), a Tunisian
company, was formed for the purpose of making
investments in Tunisia. PSEG International Ltd., a
Bermuda limited liability company, has its principal
executive offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, and owns a 50% interest in Carthage.
(xix) Tri-Sakthi Energy Private Limited (TSEPL), an Indian
company, has its registered office at Prakash Presidium
II Floor, 110 Mahatma Gandhi Road, Nungambakkam,
Chennai, India 600034, and was formed for the purpose
of investing in power facilities in India. PSEG North
Chennai Ltd. and Tri-Sakthi Energy Private Limited both
own a 50% interest in TSEPL.
(xx) Texas Guadalupe Power Partners (Guadalupe), has its
registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and was formed for making future
investments in Texas. PSEG Texgen I and II together own
50% of Texas Independent Energy, L.P., which owns 100%
of Guadalupe.
(xxi) Archer Power Partners (Archer), has its registered
office at 1209 Orange Street, Wilmington, Delaware
19801, and was formed for making future investments in
Texas. PSEG Texgen I and II together own 50% of Texas
Independent Energy, L.P., which owns 100% of Archer.
(xxii) Odessa Power Partners (Odessa), has its registered
office at 1209 Orange Street, Wilmington, Delaware
19801, and was formed for making future investments in
Texas. PSEG Texgen I and II together own 50% of Texas
Independent Energy, L.P., which owns 100% of Odessa.
(xxiii) Chilquinta Energia S.A. (Chilquinta), a Chilean
company, has its principal executive offices at General
Cruz No. 222, Valparaiso, Chile, and was formed for the
purpose of making investments in Chile and Peru.
Sempra/PSEG Inversiones holds a 100% interest in
Chilquinta.
(xxiv) Luz del Sur S.A.A. (Luz del Sur), a Peruvian company,
has its principal executive offices at Canaval y
Moreyra 380, Piso 18, San Isidro Lima Peru, and is a
FUCO and an electric distribution company serving
southern Lima, Peru. A 60% interest in Luz del Sur is
directly owned by Ontario Quinta A.V.V.. Peruvian
Opportunity S.A.C. holds a direct interest of 22.4% in
Luz del Sur and Energy Business International A.V.V.
owns 3.76%.
(xxv) AES Parana Operations SRL (AES Parana), an Argentine
company, has registered office in Buenos Aires,
Argentina, and will provide maintenance and operations
services to the project being constructed by AES
Parana. AES Parana is 33% owned by PSEG Cayman Americas
V Company and was formed for the purpose of making
investments in Argentina.
(xxvi) PSEG Fossil LLC (Fossil), a Delaware Limited
Liability Company, has its principal executive offices
at 80 Park Plaza, Newark, New Jersey 07102. Fossil, a
wholly-owned subsidiary of Power, is an EWG, and was
formed to operate the fossil fueled electric generation
assets of PSE&G which are anticipated to be sold to
Power during 2000.
(xxvii) PSEG Nuclear LLC (Nuclear), a Delaware Limited
Liability Company, has its principal executive offices
at 80 Park Plaza, Newark, New Jersey 07102. Nuclear, a
wholly-owned subsidiary of Power, is an EWG, and was
formed to operate the nuclear fueled electric
generation assets of PSE&G which are anticipated to be
sold to Power during 2000.
(b) Name of each system company that holds an interest in such EWG
or foreign utility company; and description of the interest
held.
See Exhibit C attached hereto and Items 1 and 4(a) above.
(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.
46
<PAGE>
(i) BHILAI
As of December 31, 1999, PSEG has an indirect
aggregate capital investment in BHILAI of U.S. $0.
(ii) PMP
As of December 31, 1999, PSEG has an indirect
aggregate capital investment in PMP of U.S. $0.
(iii) PPHL.L.C.
As of December 31, 1999, PSEG has an indirect
aggregate capital investment in PPHL.L.C. of U.S.
$3,100,018 all of which is equity.
(iv) CTSN
As of December 31, 1999, PSEG has an indirect
aggregate capital investment in CTSN of U.S. $20,705,334
all of which is equity.
(v) CUPPI
As of December 31, 1999, PSEG has an indirect
aggregate capital investment in CUPPI of U.S.
$54,177,725 all of which is equity. PSEG Global has
committed to fund up to a total of $130 million in
Jingyuan, (system company of CUPPI) pursuant to the
joint venture contract governing Jingyuan.
(vi) ZHL
As of December 31, 1999, PSEG has an indirect aggregate
capital investment in ZHL of U.S. $4,211,203 all of
which is equity.
(vii) TMC
As of December 31, 1999, PSEG has an indirect aggregate
capital investment in TMC of U.S. $6,674,761 all of
which is equity.
(viii) RGE
As of December 31, 1999, PSEG has an indirect aggregate
capital investment in RGE of U.S. $330,116,874 of which
U.S. $238,496,174 is equity and U.S. $0 is debt
(including interest).
47
<PAGE>
(ix) EDEN
As of December 31, 1999, PSEG has an indirect aggregate
capital investment in EDEN of U.S. $155,444,733 of which
U.S. $98,045,737 is equity and U.S. $0 is debt
(including interest).
(x) EDES
As of December 31, 1999, PSEG has an indirect aggregate
capital investment in EDES of U.S. $63,707,752 of which
U.S. $40,183,308 is equity and U.S. $0 is debt
(including interest).
(xi) TGM
As of December 31, 1999, PSEG has an indirect capital
investment in TGM of U.S. $1,982,855 all of which is
equity. PSEG and its subsidiaries (direct and indirect)
have no other security guarantees, debt or other
financial obligations relative to TGM.
(xii) EDELAP
As of December 31, 1999, PSEG has an indirect capital
investment in EDELAP of U.S. $89,945,061 all of which is
equity.
(xiii) CAGUA
Turboven Company Inc., a Cayman company, is the 100%
direct parent of Cagua. PSEG has a 50% indirect interest
in Turboven Company, Inc. As of December 31, 1999, PSEG
has an indirect capital investment in Turboven Company
Inc. of US $41 million.
(xiv) MARACAY
Turboven Company Inc., a Cayman company, is the 100%
direct parent of Maracay. PSEG has a 50% indirect
interest in Turboven Company, Inc. As of December 31,
1999, PSEG has an indirect capital investment in
Turboven Company Inc. of US $41 million.
(xv) VALENCIA
Turboven Company Inc., a Cayman company, is the 100%
direct parent of Valencia. PSEG has a 50% indirect
interest in Turboven Company, Inc. As of December 31,
1999, PSEG has an indirect capital investment in
Turboven Company Inc. of US $41 million.
48
<PAGE>
(xvi) PPN Energy
As of December 31, 1999, PSEG has an indirect capital
investment in PPN Energy of U.S. $14,034,798 all of
which is equity.
(xvii) PPN Operations
As of December 31, 1999, PSEG has an indirect capital
investment in PPN Operations of U.S. $102,000.
(xviii) Carthage
As of December 31, 1999, PSEG has an indirect capital
investment in Carthage of U.S. $12,010,684.
(xix) Tri-Sakthi
As of December 31, 1999, PSEG has an indirect capital
investment in Tri-Sakthi of U.S. $0.
(xx) Guadalupe Power Partners
Texas Independent Energy L.P. is the 100% indirect
parent of Guadalupe Power Partners. PSEG has a 50%
indirect interest in Texas Independent Energy. As of
December 31, 1999, PSEG has an indirect capital
investment in Texas Independent Energy L.P. of U.S.
$32,378,559.
(xxi) Archer Power Partners
Texas Independent Energy L.P. is the 100% indirect
parent of Archer Power Partners. PSEG has a 50% indirect
interest in Texas Independent Energy. As of December 31,
1999, PSEG has an indirect capital investment in
Independent Energy L.P. of U.S. $32,378,559.
(xxii) Odessa Power Partners
Texas Independent Energy L.P. is the 100% indirect
parent of Odessa Power Partners. PSEG has a 50% indirect
interest in Texas Independent Energy. As of December 31,
1999, PSEG has an indirect capital investment in Texas
Independent Energy L.P. of U.S. $32,378,559.
(xxiii) Chilquinta
As of December 31, 1999, PSEG has an indirect capital
investment in Chilquinta of U.S. $411,356,583, of which
U.S. $251,196,583 is equity and U.S. $0 is debt
(including interest).
(xxiv) Luz del Sur
As of December 31, 1999, PSEG has an indirect capital
investment in Luz del Sur of U.S. $108,479,787.
(xxv) AES Parana
As of December 31, 1999, PSEG has an indirect capital
investment in AES Parana of U.S. $26,483,075.
(xxvi) Fossil
As of December 31, 1999, PSEG has an indirect capital
investment in Fossil of U.S. $2,000 all of which is
equity.
(xxvii) Nuclear
As of December 31, 1999, PSEG has an indirect capital
investment in Nuclear of U.S. $2,000 all of which is
equity.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
(i) BHILAI
12/31/99
$ U.S.
Capitalization $0
==============
Net Income $0
==============
(ii) PMP
12/31/99
$ U.S.
Capitalization $0
==============
Net Income $0
==============
49
<PAGE>
(iii) PPHL.L.C.
12/31/99
$ U.S.
ASSETS
Current Assets $0
Non-current Assets 3,100,018
--------------
Total Assets $3,100,018
==============
LIABILITIES
Current Liabilities $11,808,481
Non-current Liabilities (2,048,763)
--------------
Total Liabilities 9,759,718
EQUITY (6,659,700)
--------------
Total Liabilities and Equity $3,100,018
==============
Net Income for Year-Ended $(3,541,258)
12/31/99
(iv) CTSN
12/31/99
$ U.S.
ASSETS
Current Assets $51,358,668
Non-current Assets 131,866,506
--------------
Total Assets $183,225,174
==============
LIABILITIES
Current Liabilities $62,248,795
Non-current Liabilities 12,000,000
--------------
Total Liabilities 74,248,795
EQUITY 108,976,379
--------------
Total Liabilities and Equity $183,225,174
==============
Net Income for Year-Ended $14,245,153
12/31/99
50
<PAGE>
(v) CUPPI
12/31/99
$ U.S.
------
ASSETS
Current Assets $12,441,275
Non-current Assets 86,288,159
--------------
Total Assets $98,729,434
==============
LIABILITIES
Current Liabilities $4,374,807
Non-current Liabilities 56,044,921
--------------
Total Liabilities 60,419,728
EQUITY 38,349,706
--------------
Total Liabilities and Equity $98,769,434
==============
Net Income for Year-Ended 12/31/99 $3,082,254
(vi) ZHL
12/31/99
$ U.S.
------
ASSETS
Current Assets $2,055,947
Non-current Assets 40,784,743
--------------
Total Assets $42,840,690
==============
LIABILITIES
Current Liabilities $3,996,616
Non-current Liabilities 12,136,637
--------------
Total Liabilities 16,133,253
EQUITY 26,707,437
--------------
Total Liabilities and Equity $42,840,690
==============
Net Income for Year-Ended 12/31/99 $518,921
51
<PAGE>
(vii) TMC
12/31/99
$ U.S.
------
ASSETS
Current Assets $1,876,923
Non-current Assets 29,591,722
--------------
Total Assets $31,468,645
==============
LIABILITIES
Current Liabilities $15,476,148
Non-current Liabilities 6,701,613
--------------
Total Liabilities 22,177,761
EQUITY 9,290,884
--------------
Total Liabilities and Equity $31,468,645
==============
Net Income for Year-Ended 12/31/99 $640,556
(viii) RGE
12/31/99
$ U.S.
------
ASSETS
Current Assets $68,328,282
Non-current Assets 1,173,527,087
---------------
Total Assets $1,241,855,369
===============
LIABILITIES
Current Liabilities $120,830,625
Non-current Liabilities 378,046,773
---------------
Total Liabilities 498,877,398
EQUITY 742,977,971
---------------
Total Liabilities and Equity $1,241,855,369
===============
Net Income for Year-Ended 12/31/99 $24,936,035
52
<PAGE>
(ix) EDEN
12/31/99
$ U.S.
------
ASSETS
Current Assets $81,888,038
Non-current Assets 477,165,517
--------------
Total Assets $559,053,555
==============
LIABILITIES
Current Liabilities $58,083,045
Non-current Liabilities 69,879,180
--------------
Total Liabilities 127,962,225
EQUITY 431,091,330
--------------
Total Liabilities and Equity $559,053,555
==============
Net Income for Year-Ended 12/31/99 $23,326,347
(x) EDES
12/31/99
$ U.S.
------
ASSETS
Current Assets $39,824,191
Non-current Assets 178,342,332
--------------
Total Assets $218,166,523
==============
LIABILITIES
Current Liabilities $29,226,785
Non-current Liabilities 22,935,901
--------------
Total Liabilities 52,162,686
EQUITY 166,003,837
--------------
Total Liabilities and Equity $218,166,523
==============
Net Income for Year-Ended 12/31/99 $13,449,527
53
<PAGE>
(xi) TGM
12/31/99
$ U.S.
------
ASSETS
Current Assets $5,335,058
Non-current Assets 5,049,091
--------------
Total Assets $10,384,149
==============
LIABILITIES
Current Liabilities $659,530
Non-current Liabilities 841,438
--------------
Total Liabilities 1,500,968
EQUITY 8,883,181
--------------
Total Liabilities and Equity $10,384,149
==============
Net Income for Year-Ended 12/31/99 $1,902,298
(xii) EDELAP
12/31/99
$ U.S.
------
ASSETS
Current Assets $44,037,120
Non-current Assets 336,324,468
--------------
Total Assets $380,361,588
==============
LIABILITIES
Current Liabilities $62,254,780
Non-current Liabilities 57,732,514
--------------
Total Liabilities 119,987,294
EQUITY 260,374,294
--------------
Total Liabilities and Equity $380,361,588
==============
Net Income for Year-Ended 12/31/99 $12,285,528
54
<PAGE>
(xiii) CAGUA
12/31/99
$ U.S.
------
ASSETS
Current Assets $5,347,470
Non-current Assets 23,132,290
--------------
Total Assets $28,479,760
==============
LIABILITIES
Current Liabilities $3,164,750
Non-current Liabilities 856,090
--------------
Total Liabilities 4,020,840
EQUITY 24,458,920
--------------
Total Liabilities and Equity $28,479,760
==============
Net Income for Year-Ended 12/31/99 $0
(xiv) MARACAY
12/31/99
$ U.S.
------
ASSETS
Current Assets $4,905,460
Non-current Assets 24,677,200
--------------
Total Assets $29,582,660
==============
LIABILITIES
Current Liabilities $2,367,050
Non-current Liabilities 1,201,310
--------------
Total Liabilities 3,568,360
EQUITY 26,014,300
--------------
Total Liabilities and Equity $29,582,660
==============
Net Income for Year-Ended 12/31/99 $0
55
<PAGE>
(xv) VALENCIA
12/31/99
$ U.S.
------
ASSETS
Current Assets $54,510
Non-current Assets 2,512,290
--------------
Total Assets $2,566,800
==============
LIABILITIES
Current Liabilities $1,885,680
Non-current Liabilities 19,110
--------------
Total Liabilities 1,904,790
EQUITY 662,010
--------------
Total Liabilities and Equity $2,566,800
==============
Net Income for Year-Ended 12/31/99 $0
(xvi) PPN ENERGY
12/31/99
$ U.S.
------
ASSETS
Current Assets $24,434
Non-current Assets 14,034,797
--------------
Total Assets $14,059,231
==============
LIABILITIES
Current Liabilities $2,766,138
Non-current Liabilities (267,125)
--------------
Total Liabilities 2,499,013
EQUITY 11,560,218
--------------
Total Liabilities and Equity $14,059,231
==============
Net Income for Year-Ended 12/31/99 $(90,151)
56
<PAGE>
(xvii) PPN OPERATIONS
12/31/99
$ U.S.
------
ASSETS
Current Assets $13,259
Non-current Assets 102,000
--------------
Total Assets $115,259
==============
LIABILITIES
Current Liabilities $5,891
Non-current Liabilities 737
--------------
Total Liabilities 6,628
EQUITY 108,631
--------------
Total Liabilities and Equity $115,259
==============
Net Income for Year-Ended 12/31/99 $6,631
(xviii) Carthage
12/31/99
$ U.S.
------
Assets
Current Assets $ 1,041,655
Non-current Assets 16,179,533
--------------
Total Assets $17,221,188
==============
Liabilities
Current Liabilities $ 377,897
Non-current Liabilities $ 9,560,715
--------------
Total Liabilities 9,938,612
Equity 7,282,576
--------------
Total Liabilities and Equity $17,221,188
==============
Net Income for Year-Ended 12/31/99 $0
(xix) Tri-Sakthi
12/31/99
$ U.S.
------
Capitalization $0
--------------
Net Income $0
==============
(xx) Guadalupe
12/31/99
$ U.S.
------
Assets
Current Assets $ 313,000
Non-current Assets 178,651,000
--------------
Total Assets $178,964,000
==============
Liabilities
Current Liabilities $ 21,669,000
Non-current Liabilities 158,582,000
--------------
Total Liabilities 180,251,000
Equity (1,287,000)
--------------
Total Liabilities and Equity $178,964,000
==============
Net Income for Year-Ended 12/31/99 $(8,714,000)
(xxi) Archer
12/31/99
$ U.S.
------
Assets
Current Assets $0
Non-current Assets 3,246,000
--------------
Total Assets $3,246,000
==============
Liabilities
Current Liabilities $2,753,000
Non-current Liabilities 0
--------------
Total Liabilities $2,753,000
Equity 493,000
--------------
Total Liabilities and Equity $3,246,000
==============
Net Income for Year-Ended 12/31/99 $0
<PAGE>
(xxii) Odessa-Ector
12/31/99
$ U.S.
------
Assets
Current Assets $0
Non-current Assets 31,634,000
--------------
Total Assets $31,634,000
==============
Liabilities
Current Liabilities $26,762,000
Non-current Liabilities 0
--------------
Total Liabilities 26,762,000
Equity 4,872,000
--------------
Total Liabilities and Equity $31,634,000
==============
Net Income for Year-Ended 12/31/99 $0
(xxiii) Chilquinta
12/31/99
$ U.S.
------
Assets
Current Assets $ 112,367,308
Non-current Assets 424,152,840
--------------
Total Assets 536,520,148
==============
Liabilities
Current Liabilities $21,044,615
Non-current Liabilities 412,250,772
--------------
Total Liabilities 433,295,387
Equity 103,224,761
--------------
Total Liabilities and Equity $536,520,148
==============
Net Income for Year-Ended 12/31/99 $ 15,915,601
(xxiv) Luz del Sur
12/31/99
$ U.S.
------
Assets
Current Assets $ 73,842,489
Non-current Assets 396,541,020
--------------
Total Assets 470,383,509
==============
Liabilities
Current Liabilities 81,297,890
Non-current Liabilities 121,067,072
--------------
Total Liabilities 202,364,962
Equity 268,018,547
--------------
Total Liabilities and Equity 470,383,509
==============
Net Income for Year-Ended 12/31/99 $ 28,702,912
(xxv) AES Parana SCA
12/31/99
$ U.S.
------
Assets
Current Assets $ 19,686,370
Non-current Assets 42,678,678
--------------
Total Assets 62,365,048
==============
Liabilities
Current Liabilities 486,048
Non-current Liabilities 5,439,416
--------------
Total Liabilities 5,925,464
Equity 56,439,584
--------------
Total Liabilities and Equity 62,365,048
==============
Net Income for Year-Ended 12/31/99 $ (126,030)
(xxvi) FOSSIL
12/31/99
$ U.S.
ASSETS ------
Current Assets $2,000
Non-current Assets 0
--------------
Total Assets $2,000
==============
LIABILITIES
Current Liabilities $0
Non-current Liabilities 0
--------------
Total Liabilities 0
EQUITY 2,000
--------------
Total Liabilities and Equity $2,000
==============
Net Income for Year-Ended 12/31/99 $0
57
<PAGE>
(xxvii) NUCLEAR
12/31/99
$ U.S.
------
ASSETS
Current Assets $2,000
Non-current Assets 0
--------------
Total Assets $2,000
==============
LIABILITIES
Current Liabilities $0
Non-current Liabilities 0
--------------
Total Liabilities 0
EQUITY 2,000
--------------
Total Liabilities and Equity $2,000
==============
Net Income for Year-Ended 12/31/99 $0
(e) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or
goods sold and fees or revenues under such agreement(s).
(i) BHILAI
None.
(ii) PMP
None.
(iii) PPHL.L.C.
None.
(iv) CTSN
None.
(v) CUPPI
None.
(vi) ZHL
None.
58
<PAGE>
(vii) TMC
None.
(viii) RGE
RGE has an Operators Agreement with IPE under
which IPE provides certain support services to RGE
in connection with electricity distribution.
(ix) EDEN
PSEGAOC has an Operators Agreement with EDEN under
which PSEGAOC provides certain support services to
EDEN in connection with electricity distribution.
(x) EDES
PSEGAOC has an Operators Agreement with EDES under
which PSEGAOC provides certain support services to
EDES in connection with electricity distribution.
(xi) TGM
None.
(xii) EDELAP
None.
(xiii) CAGUA
None.
(xiv) MARACAY
None.
(xv) VALENCIA
None.
(xvi) PPN Energy
None.
(xvii) PPN Operations
PPN Operations has an Operation and Maintenance
Agreement with PPN PGC to provide certain services
in connection with mobilization, operation and
maintenance of 330 MW combined cycle electric
power generating facility of PPN PGC located in
Pillaiperumalnallur in the state of Tamilnadu,
India. Under said agreement, PPN Operations will
receive a fee equal to fifteen percent (15%) of
the non fuel and insurance related operating
expenses of the said facility.
(xviii) Carthage
None.
(xix) TSEPL
None.
(xx) Guadalupe
None.
(xxi) Archer
None.
(xxii) Odessa
None.
(xxiii) Chilquinta
None.
(xxiv) Luz del Sur
None.
(xxv) AES Parana
None.
59
<PAGE>
(xxvi) Fossil
Fossil has a Service Agreement with ER&T to
provide all energy, capacity, and ancillary
services to ER&T.
(xxvii) Nuclear
Nuclear has a Service Agreement with ER&T to
provide all energy, capacity, and ancillary
services to ER&T.
60
<PAGE>
EXHIBIT A
A consolidating statement of income and surplus of claimant and its direct
or indirect affiliated subsidiary companies for the last calendar year, together
with a consolidating balance sheet of claimant and its subsidiary companies as
of the close of such calendar year.
Exhibit A includes all required consolidating financial statements
described above to be filed with this report and are attached hereto.
Subsidiaries described under Item 1 above include all PSEG's direct and
indirect subsidiaries. Direct and indirect subsidiaries of PSEG that
exceeded 2% of PSEG's consolidated assets or consolidated revenues are
PSE&G, Energy Holdings, PSEG Resources, RCMC, PSEG Global, PSEG Global
USA, PSEG International, PSEG Americas Inc., PSEG Americas Ltd., and PSEG
Energy Technologies and are included in Exhibit A.
EXHIBIT B
Financial Data Schedule
If, at the time a report on this form is filed, the registrant is required
to submit this report and any amendments thereto electronically via EDGAR, the
registrant shall furnish a Financial Data Schedule. The Schedule shall set forth
the financial and other data specified below that are applicable to the
registrant on a consolidated basis.
Exhibit B, attached to this report, includes all financial and other data
that are applicable to the registrant on a consolidated basis.
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to the associate companies in the holding-company system.
See attached Exhibit C.
61
<PAGE>
The above-named Claimant (PSEG) has caused this statement to be duly
executed on its behalf by its authorized officer on this 29th day of February,
2000.
Public Service Enterprise Group Incorporated
(Name of Claimant)
By PATRICIA A. RADO
----------------
Patricia A. Rado
Vice President and Controller
(Principal Accounting Officer)
(CORPORATE SEAL)
Attest:
E. J. BIGGINS, JR.
- ------------------------------
E. J. Biggins, Jr.
Corporate Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
James T. Foran Associate General Counsel
- ------------------------------ -------------------------
(Name) (Title)
80 Park Plaza, T5B, P. O. Box 1171, Newark, New Jersey 07101-1171
-----------------------------------------------------------------
(Address)
62
<PAGE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1999
(MILLIONS OF DOLLARS, EXCEPT FOR PER SHARE DATA)
EXHIBIT A
<TABLE>
<CAPTION>
INTERCOMPANY ENERGY ENTERPRISE
PSEG ELIMINATIONS PSE&G & HOLDINGS & CAPITAL
CONSOL. & RECLASS. SUBS. SUBS. PSEG TRUST I
---------- ------------ ---------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric Revenues *
Bundled $ 2,480 $ -- $ 2,480 $ -- $ -- $ --
Generation 1,005 -- 1,005 -- -- --
Transmission and Distribution 688 -- 688 -- -- --
---------- ------------ ---------- ------------- ----------- -----------
Total Electric Revenues 4,173 -- 4,173 -- -- --
Gas Distribution 1,717 -- 1,717 -- -- --
Other 607 -- -- 607 -- --
---------- ------------ ---------- ------------- ----------- -----------
Total Operating Revenues 6,497 -- 5,890 607 -- --
---------- ------------ ---------- ------------- ----------- -----------
OPERATING EXPENSES
Electric Energy Costs 972 -- 958 14 -- --
Gas Costs 1,107 -- 1,038 69 -- --
Operation and Maintenance 1,849 1 1,573 277 (2) --
Depreciation and Amortization 536 -- 529 7 -- --
Taxes Other Than Income Taxes 196 -- 194 2 -- --
---------- ------------ ---------- ------------- ----------- -----------
Total Operating Expenses 4,660 1 4,292 369 (2) --
---------- ------------ ---------- ------------- ----------- -----------
OPERATING INCOME 1,837 (1) 1,598 238 2 --
Other Income and Deductions 33 5 (2) 34 (42) 17
Interest Expense (490) 39 (387) (95) (47) --
Preferred Securities Dividend Requirements (94) (1) (46) -- (9) (17)
---------- ------------ ---------- ------------- ----------- -----------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 1,286 42 1,163 177 (96) --
Income Taxes (563) 1 (510) (69) 15 --
---------- ------------ ---------- ------------- ----------- -----------
INCOME BEFORE EXTRAORDINARY ITEM 723 43 653 108 (81) --
Extraordinary Item (Net of Tax of $345) (804) -- (804) -- -- --
---------- ------------ ---------- ------------- ----------- -----------
NET INCOME (LOSS) $ (81) $ 43 $ (151) $ 108 $ (81) $ --
========== ============ ========== ============= =========== ===========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING (000's) 219,814
==========
EARNINGS (LOSSES) PER SHARE (BASIC AND DILUTED):
Income Before Extraordinary Item $ 3.29
Extraordinary Item (Net of Tax) (3.66)
----------
Net Income (Loss) $ (0.37)
==========
DIVIDENDS PAID PER SHARE OF COMMON STOCK $ 2.16
==========
<CAPTION>
ENTERPRISE ENTERPRISE
CAPITAL CAPITAL
TRUST II TRUST III
------------- -------------
<S> <C> <C>
OPERATING REVENUES
Electric Revenues *
Bundled $ -- $ --
Generation -- --
Transmission and Distribution -- --
------------- -------------
Total Electric Revenues -- --
Gas Distribution -- --
Other -- --
------------- -------------
Total Operating Revenues -- --
------------- -------------
OPERATING EXPENSES
Electric Energy Costs -- --
Gas Costs -- --
Operation and Maintenance -- --
Depreciation and Amortization -- --
Taxes Other Than Income Taxes -- --
------------- -------------
Total Operating Expenses -- --
------------- -------------
OPERATING INCOME -- --
Other Income and Deductions 10 11
Interest Expense -- --
Preferred Securities Dividend Requirements (10) (11)
------------- -------------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM -- --
Income Taxes -- --
------------- -------------
INCOME BEFORE EXTRAORDINARY ITEM -- --
Extraordinary Item (Net of Tax of $345) -- --
------------- -------------
NET INCOME (LOSS) $ -- $ --
============= =============
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING (000's)
EARNINGS (LOSSES) PER SHARE (BASIC AND DILUTED):
Income Before Extraordinary Item
Extraordinary Item (Net of Tax)
Net Income (Loss)
DIVIDENDS PAID PER SHARE OF COMMON STOCK
</TABLE>
* Note: Bundled revenues were recorded based on the bundled rates in effect
through 7/31/99. Commencing with the unbundling of rates on 8/1/99,
revenues are disaggregated between Generation Revenue and Transmission and
Distribution Revenue.
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
Energy Holdings - PSEG Energy Holdings Inc.
<PAGE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
INTERCOMPANY ENERGY
PSEG ELIMINATIONS PSE&G & HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. PSEG
---------- ------------ --------- ------------- --------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash and Cash Equivalents $ 259 $ -- $ 173 $ 43 $ 43
Accounts Receivable:
Customer Accounts Receivable 646 10 529 107 --
Other Accounts Receivable 371 (4) 313 41 21
Allowance for Doubtful Accounts (40) -- (35) (5) --
Unbilled Revenues 241 -- 241 -- --
Fuel 311 -- 308 3 --
Materials and Supplies, net of valuation reserves 130 -- 130 -- --
Prepayments 53 -- 48 5 --
Miscellaneous Current Assets 72 -- 36 36 --
---------- ------------ --------- ------------- --------
Total Current Assets 2,043 6 1,743 230 64
---------- ------------ --------- ------------- --------
PROPERTY, PLANT AND EQUIPMENT
Electric-- Generation 2,510 -- 2,439 -- 71
Electric-- Transmission and Distribution 5,093 -- 5,093 -- --
Gas-- Distribution 3,019 -- 3,019 -- --
Other 534 (2) 457 79 --
---------- ------------ --------- ------------- --------
Total 11,156 (2) 11,008 79 71
Accumulated depreciation and amortization (4,078) 1 (4,046) (33) --
---------- ------------ --------- ------------- --------
Net Property, Plant and Equipment 7,078 (1) 6,962 46 71
---------- ------------ --------- ------------- --------
NONCURRENT ASSETS
Regulatory Assets 5,041 -- 5,041 -- --
Long-Term Investments, net of accumulated amortization
and net of valuation allowances 3,848 (5,698) 99 3,759 5,146
Nuclear Decommissioning Fund 631 -- 631 -- --
Other Special Funds 148 -- 148 -- --
Other Noncurrent Assets, net of accumulated amortization 226 2 100 77 47
---------- ------------ --------- ------------- --------
Total Noncurrent Assets 9,894 (5,696) 6,019 3,836 5,193
---------- ------------ --------- ------------- --------
TOTAL $19,015 $ (5,691) $14,724 $ 4,112 $ 5,328
========== ============ ========= ============= ========
<CAPTION>
ENTERPRISE ENTERPRISE ENTERPRISE
CAPITAL CAPITAL CAPITAL
TRUST I TRUST II TRUST III
------------ ------------- -------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash and Cash Equivalents $ -- $ -- $ --
Accounts Receivable:
Customer Accounts Receivable -- -- --
Other Accounts Receivable -- -- --
Allowance for Doubtful Accounts -- -- --
Unbilled Revenues -- -- --
Fuel -- -- --
Materials and Supplies, net of valuation reserves -- -- --
Prepayments -- -- --
Miscellaneous Current Assets -- -- --
------------ ------------- -------------
Total Current Assets -- -- --
------------ ------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Electric-- Generation -- -- --
Electric-- Transmission and Distribution -- -- --
Gas-- Distribution -- -- --
Other -- -- --
------------ ------------- -------------
Total -- -- --
Accumulated depreciation and amortization -- -- --
--------------------------- -------------
Net Property, Plant and Equipment -- -- --
--------------------------- -------------
NONCURRENT ASSETS
Regulatory Assets -- -- --
Long-Term Investments, net of accumulated amortization
and net of valuation allowances 232 155 155
Nuclear Decommissioning Fund -- -- --
Other Special Funds -- -- --
Other Noncurrent Assets, net of accumulated amortization -- -- --
------------ ------------- -------------
Total Noncurrent Assets 232 155 155
------------ ------------- -------------
TOTAL $ 232 $ 155 $ 155
============ ============= =============
</TABLE>
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
Energy Holdings - PSEG Energy Holdings Inc.
<PAGE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
INTERCOMPANY ENERGY
PSEG ELIMINATIONS PSE&G & HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. PSEG
---------- ------------ ---------- ------------- --------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 1,073 $ -- $ 623 $ 175 $ 275
Commercial Paper and Loans 1,972 -- 1,475 351 146
Accounts Payable 738 (4) 676 32 34
Other 394 -- 281 81 32
---------- ------------ ---------- ------------- --------
Total Current Liabilities 4,177 (4) 3,055 639 487
---------- ------------ ---------- ------------- --------
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC 2,928 (1) 2,032 897 --
Regulatory Liability-- Excess Depreciation Reserve 569 -- 569 -- --
Nuclear Decommissioning 491 -- 491 -- --
OPEB Costs 390 -- 390 -- --
Other 681 1 654 26 --
---------- ------------ ---------- ------------- --------
Total Noncurrent Liabilities 5,059 -- 4,136 923 --
---------- ------------ ---------- ------------- --------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- --
---------- ------------ ---------- ------------- --------
CAPITALIZATION:
LONG TERM DEBT 4,575 (540) 3,099 1,175 841
---------- ------------ ---------- ------------- --------
SUBSIDIARIES' PREFERRED SECURITIES:
Preferred Stock Without Mandatory Redemption 95 (509) 95 509 --
Preferred Stock With Mandatory Redemption 75 -- 75 -- --
Guaranteed Preferred Beneficial Interest in
Subordinated Debentures 1,038 (17) 513 -- --
---------- ------------ ---------- ------------- --------
Total Subsidiaries' Preferred Securities 1,208 (526) 683 509 --
---------- ------------ ---------- ------------- --------
COMMON STOCKHOLDERS' EQUITY:
Common Stock, issued; 231,957,608 shares 3,604 (2,563) 2,563 -- 3,604
Contributed Capital -- (1,384) 594 790 --
Treasury Stock, at cost; 1999-- 15,540,390 shares,
1998-- 5,314,100 shares (597) -- -- -- (597)
Retained Earnings 1,193 (873) 597 276 1,193
Accumulated Other Comprehensive Income (Loss) (204) 199 (3) (200) (200)
---------- ------------ ---------- ------------- --------
Total Common Stockholders' Equity 3,996 (4,621) 3,751 866 4,000
---------- ------------ ---------- ------------- --------
Total Capitalization 9,779 (5,687) 7,533 2,550 4,841
---------- ------------ ---------- ------------- --------
TOTAL $19,015 $ (5,691) $ 14,724 $ 4,112 $5,328
========== ============ ========== ============= ========
<CAPTION>
ENTERPRISE ENTERPRISE ENTERPRISE
CAPITAL CAPITAL CAPITAL
TRUST I TRUST II TRUST III
------------- ------------- -------------
<S> <C> <C> <C>
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ -- $ -- $ --
Commercial Paper and Loans -- -- --
Accounts Payable -- -- --
Other -- -- --
------------- ------------- -------------
Total Current Liabilities -- -- --
------------- ------------- -------------
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC -- -- --
Regulatory Liability-- Excess Depreciation Reserve -- -- --
Nuclear Decommissioning -- -- --
OPEB Costs -- -- --
Other -- -- --
------------- ------------- -------------
Total Noncurrent Liabilities -- -- --
------------- ------------- -------------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- --
------------- ------------- -------------
CAPITALIZATION:
LONG TERM DEBT -- -- --
------------- ------------- -------------
SUBSIDIARIES' PREFERRED SECURITIES:
Preferred Stock Without Mandatory Redemption -- -- --
Preferred Stock With Mandatory Redemption -- -- --
Guaranteed Preferred Beneficial Interest in
Subordinated Debentures 232 155 155
------------- ------------- -------------
Total Subsidiaries' Preferred Securities 232 155 155
------------- ------------- -------------
COMMON STOCKHOLDERS' EQUITY:
Common Stock, issued; 231,957,608 shares -- -- --
Contributed Capital -- -- --
Treasury Stock, at cost; 1999-- 15,540,390 shares,
1998-- 5,314,100 shares -- -- --
Retained Earnings -- -- --
Accumulated Other Comprehensive Income (Loss) -- -- --
------------- ------------- -------------
Total Common Stockholders' Equity -- -- --
------------- ------------- -------------
Total Capitalization 232 155 155
------------- ------------- -------------
TOTAL $ 232 $ 155 $ 155
============= ============= =============
</TABLE>
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
Energy Holdings - PSEG Energy Holdings Inc.
<PAGE>
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
Intercompany Energy
PSEG Eliminations PSE&G & Holdings &
Consol. & Reclass. Subs. Subs. PSEG
-------- ------------- --------- ---------- --------
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 1,748 $ (1,583) $ 1,386 $ 197 $ 1,748
ADD:
Net Income (Loss) (81) 43 (151) 108 (81)
-------- ------------- --------- ---------- --------
Total 1,667 (1,540) 1,235 305 1,667
-------- ------------- --------- ---------- --------
DEDUCT:
Cash Dividends:
Preferred Stock, at required
rates -- (34) 9 25 --
Common Stock 474 (633) 629 4 474
-------- ------------- --------- ---------- --------
Total Cash Dividends 474 (667) 638 29 474
-------- ------------- --------- ---------- --------
BALANCE DECEMBER 31, 1999 $ 1,193 $ (873) $ 597 $ 276 $ 1,193
======== ============= ========= ========== ========
</TABLE>
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
Energy Holdings - PSEG Energy Holdings Inc.
<PAGE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
INTERCOMPANY PSE&G
PSE&G ELIMINATIONS CAPITAL
CONSOL. & RECLASS. PSE&G FUELCO TRUST I
---------- ------------ --------- -------------- -----------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric Revenues *
Bundled $ 2,480 $ -- $ 2,480 $ -- $ --
Generation 1,005 -- 1,005 -- --
Transmission and Distribution 688 -- 688 -- --
---------- ------------ --------- -------------- -----------
Total Electric Revenues 4,173 -- 4,173 -- --
Gas Distribution 1,717 -- 1,717 -- --
Other -- (34) -- 34 --
---------- ------------ --------- -------------- -----------
Total Operating Revenues 5,890 (34) 5,890 34 --
---------- ------------ --------- -------------- -----------
OPERATING EXPENSES
Electric Energy Costs 958 (30) 958 30 --
Gas Costs 1,038 -- 1,038 -- --
Operation and Maintenance 1,573 -- 1,573 -- --
Depreciation and Amortization 529 -- 529 -- --
Taxes Other Than Income Taxes 194 -- 194 -- --
---------- ------------ --------- -------------- -----------
Total Operating Expenses 4,292 (30) 4,292 30 --
---------- ------------ --------- -------------- -----------
OPERATING INCOME 1,598 (4) 1,598 4 --
Other Income and Deductions (2) (45) (2) -- 18
Interest Expense (387) 50 (433) (4) --
Preferred Securities Dividend Requirements (46) (1) -- -- (18)
---------- ------------ --------- -------------- -----------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 1,163 -- 1,163 -- --
Income Taxes (510) -- (510) -- --
---------- ------------ --------- -------------- -----------
INCOME BEFORE EXTRAORDINARY ITEM 653 -- 653 -- --
Extraordinary Item (Net of Tax of $345) (804) -- (804) -- --
---------- ------------ --------- -------------- -----------
NET INCOME (LOSS) $ (151) $ -- $ (151) $ -- $ --
========== ============ ========= ============== ===========
<CAPTION>
PSE&G
CAPITAL PSE&G
TRUST II CAPITAL, L.P.
---------- -------------
<S> <C> <C>
OPERATING REVENUES
Electric Revenues *
Bundled $ -- $ --
Generation -- --
Transmission and Distribution -- --
---------- -------------
Total Electric Revenues -- --
Gas Distribution -- --
Other -- --
---------- -------------
Total Operating Revenues -- --
---------- -------------
OPERATING EXPENSES
Electric Energy Costs -- --
Gas Costs -- --
Operation and Maintenance -- --
Depreciation and Amortization -- --
Taxes Other Than Income Taxes -- --
---------- -------------
Total Operating Expenses -- --
---------- -------------
OPERATING INCOME -- -
Other Income and Deductions 8 19
Interest Expense -- --
Preferred Securities Dividend Requirements (8) (19)
---------- -------------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM -- --
Income Taxes -- --
---------- -------------
INCOME BEFORE EXTRAORDINARY ITEM -- --
Extraordinary Item (Net of Tax of $345) -- --
---------- -------------
NET INCOME (LOSS) $ -- $ --
========== =============
</TABLE>
* Note: Bundled revenues were recorded based on the bundled rates in effect
through 7/31/99. Commencing with the unbundling of rates on 8/1/99,
revenues are disaggregated between Generation Revenue and Transmission and
Distribution Revenue.
PSE&G - Public Service Electric and Gas Company
FUELCO - PSE&G Fuel Corporation
<PAGE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS NEW
CONSOL. & RECLASS. PSE&G FUELCO MILLENNIUM
----------- --------------- ------------ ---------- ----------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash and Cash Equivalents $ 173 $ -- $ 173 $ -- $ --
Accounts Receivable: --
Customer Accounts Receivable 529 -- 529 -- --
Other Accounts Receivable 313 -- 313 -- --
Allowance for Doubtful Accounts (35) -- (35) -- --
Unbilled Revenues 241 -- 241 -- --
Fuel 308 -- 308 -- --
Materials and Supplies, net of valuation reserves 130 -- 130 -- --
Prepayments 48 -- 48 -- --
Miscellaneous Current Assets 36 -- 36 -- --
----------- --------------- ------------ ---------- ----------------
Total Current Assets 1,743 -- 1,743 -- --
----------- --------------- ------------ ---------- ----------------
PROPERTY, PLANT AND EQUIPMENT
Electric-- Generation 2,439 -- 2,225 214 --
Electric-- Transmission and Distribution 5,093 -- 5,093 -- --
Gas-- Distribution 3,019 -- 3,019 -- --
Other 457 (13) 457 -- --
----------- --------------- ------------ ---------- ----------------
Total 11,008 (13) 10,794 214 --
Accumulated depreciation and amortization (4,046) -- (3,904) (142) --
----------- --------------- ------------ ---------- ----------------
Net Property, Plant and Equipment 6,962 (13) 6,890 72 --
----------- --------------- ------------ ---------- ----------------
NONCURRENT ASSETS
Regulatory Assets 5,041 -- 5,041 -- --
Long-Term Investments, net of accumulated
amortization and net of valuation allowances 99 (563) 115 -- 19
Nuclear Decommissioning Fund 631 -- 631 -- --
Other Special Funds 148 -- 148 -- --
Other Noncurrent Assets 100 -- 100 -- --
----------- --------------- ------------ ---------- ----------------
Total Noncurrent Assets 6,019 (563) 6,035 -- 19
----------- --------------- ------------ ---------- ----------------
TOTAL $ 14,724 $ (576) $ 14,668 $ 72 $ 19
=========== =============== ============ ========== ================
<CAPTION>
PSE&G PSE&G
CAPITAL CAPITAL PSE&G
TFC NJP TRUST I TRUST II CAPITAL, L.P.
------ ------ ----------- ----------- ----------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash and Cash Equivalents $ -- $ -- $ -- $ -- $ --
Accounts Receivable:
Customer Accounts Receivable -- -- -- -- --
Other Accounts Receivable -- -- -- -- --
Allowance for Doubtful Accounts -- -- -- -- --
Unbilled Revenues -- -- -- -- --
Fuel -- -- -- -- --
Materials and Supplies, net of valuation reserves -- -- -- -- --
Prepayments -- -- -- -- --
Miscellaneous Current Assets -- -- -- -- --
------ ------ ----------- ----------- ----------------
Total Current Assets -- -- -- -- --
------ ------ ----------- ----------- ----------------
PROPERTY, PLANT AND EQUIPMENT
Electric-- Generation -- -- -- -- --
Electric-- Transmission and Distribution -- -- -- -- --
Gas-- Distribution -- -- -- -- --
Other 1 12 -- -- --
------ ------ ----------- ----------- ----------------
Total 1 12 -- -- --
Accumulated depreciation and amortization -- -- -- -- --
------ ------ ----------- ------------------------------
Net Property, Plant and Equipment 1 12 -- -- --
------ ------ ----------- ------------------------------
NONCURRENT ASSETS
Regulatory Assets -- -- -- -- --
Long-Term Investments, net of accumulated
amortization and net of valuation allowances -- -- 214 98 216
Nuclear Decommissioning Fund -- -- -- -- --
Other Special Funds -- -- -- -- --
Other Noncurrent Assets -- -- -- -- --
------ ------ ----------- ----------- ----------------
Total Noncurrent Assets -- -- 214 98 216
------ ------ ----------- ----------- ----------------
TOTAL $ 1 $ 12 $ 214 $ 98 $ 216
====== ====== =========== =========== ================
</TABLE>
PSE&G - Public Service Electric and Gas Company
FUELCO - PSE&G Fuel Corporation
TFC - The Francis Corporation
NJP - New Jersey Properties
<PAGE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
INTERCOMPANY
PSE&G ELIMINATIONS NEW
CONSOL. & RECLASS. PSE&G FUELCO MILLENNIUM
------------ --------------- ------------ ---------- ----------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 623 $ -- $ 623 $ -- $ --
Commercial Paper and Loans 1,475 -- 1,403 72 --
Accounts Payable 676 (12) 676 -- --
Other 281 -- 281 -- --
------------ --------------- ------------ ---------- ----------------
Total Current Liabilities 3,055 (12) 2,983 72 --
------------ --------------- ------------ ---------- ----------------
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC 2,032 -- 2,032 -- --
Regulatory Liability-- Excess Depreciation Reserve 569 -- 569 -- --
Nuclear Decommissioning 491 -- 491 -- --
OPEB Costs 390 -- 390 -- --
Other 654 -- 654 -- --
------------ --------------- ------------ ---------- ----------------
Total Noncurrent Liabilities 4,136 -- 4,136 -- --
------------ --------------- ------------ ---------- ----------------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- --
------------ --------------- ------------ ---------- ----------------
CAPITALIZATION:
LONG TERM DEBT 3,099 (529) 3,628 -- --
------------ --------------- ------------ ---------- ----------------
SUBSIDIARIES' PREFERRED SECURITIES:
Preferred Stock Without Mandatory Redemption 95 -- 95 -- --
Preferred Stock With Mandatory Redemption 75 -- 75 -- --
Guaranteed Preferred Beneficial Interest in
Subordinated Debentures 513 (15) -- -- --
------------ --------------- ------------ ---------- ----------------
Total Subsidiaries' Preferred Securities 683 (15) 170 -- --
------------ --------------- ------------ ---------- ----------------
COMMON STOCKHOLDERS' EQUITY:
Common Stock, issued; 231,957,608 shares 2,563 (1) 2,563 -- --
Contributed Capital 594 (20) 594 -- 20
Retained Earnings 597 1 597 -- (1)
Accumulated Other Comprehensive Income (Loss) (3) -- (3) -- --
------------ --------------- ------------ ---------- ----------------
Total Common Stockholders' Equity 3,751 (20) 3,751 -- 19
------------ --------------- ------------ ---------- ----------------
Total Capitalization 7,533 (564) 7,549 -- 19
------------ --------------- ------------ ---------- ----------------
TOTAL $ 14,724 $ (576) $ 14,668 $ 72 $ 19
============ =============== ============ ========== ================
<CAPTION>
PSE&G PSE&G
CAPITAL CAPITAL PSE&G
TFC NJP TRUST I TRUST II CAPITAL, L.P.
------ ------ ---------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ -- $ -- $ -- $ -- $ --
Commercial Paper and Loans -- -- -- -- --
Accounts Payable -- 12 -- -- --
Other -- -- -- -- --
------ ------ ---------- ---------- ---------------
Total Current Liabilities -- 12 -- -- --
------ ------ ---------- ---------- ---------------
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC -- -- -- -- --
Regulatory Liability-- Excess Depreciation Reserve -- -- -- -- --
Nuclear Decommissioning -- -- -- -- --
OPEB Costs -- -- -- -- --
Other -- -- -- -- --
------ ------ ---------- ---------- ---------------
Total Noncurrent Liabilities -- -- -- -- --
------ ------ ---------- ---------- ---------------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- --
------ ------ ---------- ---------- ---------------
CAPITALIZATION:
LONG TERM DEBT -- -- -- -- --
------ ------ ---------- ---------- ---------------
SUBSIDIARIES' PREFERRED SECURITIES:
Preferred Stock Without Mandatory Redemption -- -- -- -- --
Preferred Stock With Mandatory Redemption -- -- -- -- --
Guaranteed Preferred Beneficial Interest in
Subordinated Debentures -- -- 214 98 216
------ ------ ---------- ---------- ---------------
Total Subsidiaries' Preferred Securities -- -- 214 98 216
------ ------ ---------- ---------- ---------------
COMMON STOCKHOLDERS' EQUITY:
Common Stock, issued; 231,957,608 shares 1 -- -- -- --
Contributed Capital -- -- -- -- --
Retained Earnings -- -- -- -- --
Accumulated Other Comprehensive Income (Loss) -- -- -- -- --
------ ------ ---------- ---------- ---------------
Total Common Stockholders' Equity 1 -- -- -- --
------ ------ ---------- ---------- ---------------
Total Capitalization 1 -- 214 98 216
------ ------ ---------- ---------- ---------------
TOTAL $ 1 $ 12 $ 214 $ 98 $ 216
====== ====== ========== ========== ===============
</TABLE>
PSE&G - Public Service Electric and Gas Company
FUELCO - PSE&G Fuel Corporation
TFC - The Francis Corporation
NJP - New Jersey Properties
<PAGE>
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
INTERCOMPANY
PSE&G ELIMINATIONS
CONSOL. & RECLASS. PSE&G
---------- --------------- -----------
BALANCE JANUARY 1, 1999 $ 1,386 $ -- $ 1,386
ADD:
Net Income (Loss) (151) -- (151)
---------- --------------- -----------
Total 1,235 -- 1,235
---------- --------------- -----------
DEDUCT:
Cash Dividends:
Preferred Stock, at required rates 9 -- 9
Common Stock 629 -- 629
---------- --------------- -----------
Total Cash Dividends 638 -- 638
---------- --------------- -----------
BALANCE DECEMBER 31, 1999 $ 597 $ -- $ 597
========== =============== ===========
PSE&G - Public Service Electric and Gas Company
<PAGE>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
ENERGY HOLDINGS ELIMINATIONS PSEG
CONSOL. & RECLASS. ENERGY HOLDINGS
--------------------- -------------------- --------------------
<S> <C> <C> <C>
REVENUES:
Income from partnerships/joint ventures $ 135 $ -- $ --
Income from capital lease agreements 112 -- --
Investment gains 61 -- --
Interest and dividend income 4 -- 1
Mechanical service contract revenues 159 -- --
Consulting and O&M fees 26 -- --
Energy supply revenues 86 -- --
DSM revenues 24 -- --
Interest and other-- associated cos. -- (79) 30
Equity in subsidiary earnings -- (104) 104
--------------------- -------------------- --------------------
TOTAL REVENUES 607 (183) 135
--------------------- -------------------- --------------------
OPERATING EXPENSES:
Cost of energy sales 83 -- --
Operation and maintenance 160 -- --
Depreciation and amortization 7 -- --
Property impairment 11 -- --
Administrative and general 108 (8) 8
--------------------- -------------------- --------------------
TOTAL OPERATING EXPENSES 369 (8) 8
--------------------- -------------------- --------------------
OPERATING INCOME 238 (175) 127
--------------------- -------------------- --------------------
OTHER INCOME 33 -- 5
--------------------- -------------------- --------------------
INTEREST EXPENSE:
PSEG Capital Corporation -- (43) --
Enterprise Capital Funding Corp. -- (4) --
Enterprise Group Development Corp. -- -- --
PSEG Energy Holdings Inc. -- (23) --
PSEG Energy Technologies Inc. -- -- --
PSEG Global Inc. -- -- --
Other 103 -- 23
Capitalized interest (8) -- --
--------------------- -------------------- --------------------
NET INTEREST EXPENSE 95 (70) 23
--------------------- -------------------- --------------------
INCOME BEFORE INCOME TAXES 176 (105) 109
--------------------- -------------------- --------------------
INCOME TAXES:
Current 11 -- 1
Deferred 59 -- --
Investment and energy tax credits-- net (1) -- --
--------------------- -------------------- --------------------
TOTAL INCOME TAXES 69 -- 1
--------------------- -------------------- --------------------
MINORITY INTERESTS (1) -- --
--------------------- -------------------- --------------------
NET INCOME 108 (105) 108
--------------------- -------------------- --------------------
Preferred stock dividend requirements 25 (25) 25
--------------------- -------------------- --------------------
EARNINGS AVAILABLE TO COMMON STOCK $ 83 $ (80) $ 83
===================== ==================== ====================
<CAPTION>
PSEG PSEG
GLOBAL RESOURCES
---------------- -------------------
<S> <C> <C>
REVENUES:
Income from partnerships/joint ventures $ 129 $ 6
Income from capital lease agreements -- 112
Investment gains -- 61
Interest and dividend income -- 1
Mechanical service contract revenues -- --
Consulting and O&M fees 12 --
Energy supply revenues -- --
DSM revenues -- --
Interest and other-- associated cos. -- --
Equity in subsidiary earnings -- --
---------------- -------------------
TOTAL REVENUES 141 180
---------------- -------------------
OPERATING EXPENSES:
Cost of energy sales -- --
Operation and maintenance 1 --
Depreciation and amortization 1 1
Property impairment -- --
Administrative and general 50 10
---------------- -------------------
TOTAL OPERATING EXPENSES 52 11
---------------- -------------------
OPERATING INCOME 89 169
---------------- -------------------
OTHER INCOME 28 --
---------------- -------------------
INTEREST EXPENSE:
PSEG Capital Corporation 11 32
Enterprise Capital Funding Corp. 1 3
Enterprise Group Development Corp. -- --
PSEG Energy Holdings Inc. 12 11
PSEG Energy Technologies Inc. -- --
PSEG Global Inc. -- --
Other 32 --
Capitalized interest (8) --
---------------- -------------------
NET INTEREST EXPENSE 48 46
---------------- -------------------
INCOME BEFORE INCOME TAXES 69 123
---------------- -------------------
INCOME TAXES:
Current 36 (24)
Deferred (12) 75
Investment and energy tax credits-- net -- (1)
---------------- -------------------
TOTAL INCOME TAXES 24 50
---------------- -------------------
MINORITY INTERESTS (1) --
---------------- -------------------
NET INCOME 46 73
---------------- -------------------
Preferred stock dividend requirements 18 7
---------------- -------------------
EARNINGS AVAILABLE TO COMMON STOCK $ 28 $ 66
================ ===================
</TABLE>
<PAGE>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
PSEG
ENERGY PSEG
TECHNOLOGIES EGDC CAPITAL ECFC
------------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Income from partnerships/joint ventures $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- --
Investment gains -- -- -- --
Interest and dividend income 2 -- -- --
Mechanical service contract revenues 159 -- -- --
Consulting and O&M fees 14 -- -- --
Energy supply revenues 86 -- -- --
DSM revenues 24 -- -- --
Interest and other-- associated cos. 1 -- 43 5
Equity in subsidiary earnings -- -- -- --
------------------- -------------- --------------- --------------
TOTAL REVENUES 286 -- 43 5
------------------- -------------- --------------- --------------
OPERATING EXPENSES:
Cost of energy sales 83 -- -- --
Operation and maintenance 158 1 -- --
Depreciation and amortization 5 -- -- --
Property impairment -- 11 -- --
Administrative and general 48 -- -- --
------------------- -------------- --------------- --------------
TOTAL OPERATING EXPENSES 294 12 -- --
------------------- -------------- --------------- --------------
OPERATING INCOME (8) (12) 43 5
------------------- -------------- --------------- --------------
OTHER INCOME -- -- -- --
------------------- -------------- --------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
PSEG Energy Holdings Inc. -- -- -- --
PSEG Energy Technologies Inc. -- -- -- --
PSEG Global Inc. -- -- -- --
Other -- -- 43 5
Capitalized interest -- -- -- --
------------------- -------------- --------------- --------------
NET INTEREST EXPENSE -- -- 43 5
------------------- -------------- --------------- --------------
INCOME BEFORE INCOME TAXES (8) (12) -- --
------------------- -------------- --------------- --------------
INCOME TAXES:
Current (1) (1) -- --
Deferred (1) (3) -- --
Investment and energy tax credits-- net -- -- -- --
------------------- -------------- --------------- --------------
TOTAL INCOME TAXES (2) (4) -- --
------------------- -------------- --------------- --------------
MINORITY INTERESTS -- -- -- --
------------------- -------------- --------------- --------------
NET INCOME (6) (8) -- --
------------------- -------------- --------------- --------------
Preferred stock dividend requirements -- -- -- --
------------------- -------------- --------------- --------------
EARNINGS AVAILABLE TO COMMON STOCK $ (6) $ (8) $ -- $ --
=================== ============== =============== ==============
</TABLE>
<PAGE>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
ENERGY HOLDINGS ELIMINATIONS PSEG PSEG PSEG
CONSOL. & RECLASS. ENERGY HOLDINGS GLOBAL RESOURCES
--------------------- -------------------- -------------------- --------------- ----------
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 197 $ (57) $ 197 $ 71 $ 121
NET INCOME 108 (105) 108 46 73
--------------------- -------------------- -------------------- --------------- -----------
TOTAL 305 (162) 305 117 194
--------------------- -------------------- -------------------- --------------- -----------
DIVIDENDS DECLARED 29 (39) 29 22 17
--------------------- -------------------- -------------------- --------------- -----------
--------------------- -------------------- -------------------- --------------- -----------
BALANCE DECEMBER 31, 1999 $ 276 $ (123) $ 276 $ 95 $ 177
===================== ==================== ==================== =============== ===========
</TABLE>
<PAGE>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
PSEG
ENERGY PSEG
TECHNOLOGIES EGDC CAPITAL ECFC
------------------- ---------------- ----------------- ------------------
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ (43) $ (92) $ -- $ --
NET INCOME (6) (8) -- --
------------------- ---------------- ----------------- ------------------
TOTAL (49) (100) -- --
------------------- ---------------- ----------------- ------------------
DIVIDENDS DECLARED -- -- -- --
------------------- ---------------- ----------------- ------------------
------------------- ---------------- ----------------- ------------------
BALANCE DECEMBER 31, 1999 $ (49) $ (100) $ -- $ --
=================== ================ ================= ==================
</TABLE>
<PAGE>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
ENERGY HOLDINGS ELIMINATIONS PSEG
CONSOL. & RECLASS. ENERGY HOLDINGS
--------------------- -------------------- --------------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 42 $ -- $ 1
Accounts receivable:
Trade 107 -- --
Allowance for doubtful accounts (5) -- --
Other 15 -- 1
PSE&G -- (1) --
PSEG 4 (11) 1
Other associated companies -- (20) 6
Notes receivable:
PSE&G -- -- --
Associated companies -- (1,370) 749
Other 12 -- --
Interest and dividends receivable 1 -- --
Inventory 2 -- --
Cost and earnings in excess of billings 11
Assets held for sale 36
Prepayments 5 -- 1
--------------------- -------------------- --------------------
Total Current Assets 230 (1,402) 759
--------------------- -------------------- --------------------
PROPERTY AND EQUIPMENT
Real estate 34 -- --
Furniture and equipment 33 -- 3
Other 11 -- --
Accum. depr. and amortization (32) -- (2)
Valuation allowances -- -- --
--------------------- -------------------- --------------------
Property and Equipment-net 46 -- 1
--------------------- -------------------- --------------------
INVESTMENTS
Subsidiaries -- (1,580) 1,580
Capital lease agreements 1,765 -- --
Limited partnerships 437 -- --
General partnerships 60 -- --
Corporate joint ventures 1,427 -- --
Securities 15 -- --
DSM investments 60 -- --
Other investments 5 -- --
Valuation allowances (10) -- --
--------------------- -------------------- --------------------
Total Investments 3,759 (1,580) 1,580
--------------------- -------------------- --------------------
OTHER ASSETS
Deferred project costs 18 -- --
Debt service reserve 5 -- --
Prepaid pension costs 4 -- --
Goodwill 32 -- --
Other 18 (11) 6
--------------------- -------------------- --------------------
Total Other Assets 77 (11) 6
--------------------- -------------------- --------------------
TOTAL ASSETS $ 4,112 $ (2,993) $ 2,346
===================== ==================== ====================
<CAPTION>
PSEG PSEG
GLOBAL RESOURCES
---------------- -------------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 10 $ 31
Accounts receivable:
Trade 18 --
Allowance for doubtful accounts -- --
Other -- 11
PSE&G 1 --
PSEG 13 --
Other associated companies -- --
Notes receivable:
PSE&G -- --
Associated companies -- --
Other -- --
Interest and dividends receivable -- 1
Inventory -- --
Cost and earnings in excess of billings -- --
Assets held for sale -- --
Prepayments 1 --
---------------- -------------------
Total Current Assets 43 43
---------------- -------------------
PROPERTY AND EQUIPMENT
Real estate -- 17
Furniture and equipment 3 --
Other 2 --
Accum. depr. and amortization (1) (10)
Valuation allowances -- --
---------------- -------------------
Property and Equipment-net 4 7
---------------- -------------------
INVESTMENTS
Subsidiaries -- --
Capital lease agreements -- 1,765
Limited partnerships 157 280
General partnerships 50 --
Corporate joint ventures 1,427 --
Securities -- 8
DSM investments -- --
Other investments -- --
Valuation allowances -- (7)
---------------- -------------------
Total Investments 1,634 2,046
---------------- -------------------
OTHER ASSETS
Deferred project costs 17 --
Debt service reserve 5 --
Prepaid pension costs 3 --
Goodwill -- --
Other 9 --
---------------- -------------------
Total Other Assets 34 --
---------------- -------------------
TOTAL ASSETS $ 1,715 $ 2,096
================ ===================
</TABLE>
<PAGE>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
(MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
ENERGY PSEG
TECHNOLOGIES EGDC CAPITAL ECFC
------------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ --
Accounts receivable:
Trade 89 -- -- --
Allowance for doubtful accounts (5) -- -- --
Other 3 -- -- --
PSE&G -- -- -- --
PSEG 1 -- -- --
Other associated companies -- -- 14 --
Notes receivable:
PSE&G -- -- -- --
Associated companies -- 3 618 --
Other 12 -- -- --
Interest and dividends receivable -- -- -- --
Inventory 2 -- -- --
Cost and earnings in excess of billings 11 -- -- --
Assets held for sale -- 36 -- --
Prepayments 3 -- -- --
------------------- ---------------- ----------------- -----------------
Total Current Assets 116 39 632 --
------------------- ---------------- ----------------- -----------------
PROPERTY AND EQUIPMENT
Real estate -- 17 -- --
Furniture and equipment 27 -- -- --
Other 9 -- -- --
Accum. depr. and amortization (19) -- -- --
Valuation allowances -- -- -- --
------------------- ---------------- ----------------- -----------------
Property and Equipment-net 17 17 -- --
------------------- ---------------- ----------------- -----------------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Limited partnerships -- -- -- --
General partnerships -- 10 -- --
Corporate joint ventures -- -- -- --
Securities 7 -- -- --
DSM investments 60 -- -- --
Other investments 5 -- -- --
Valuation allowances -- (3) -- --
------------------- ---------------- ----------------- -----------------
Total Investments 72 7 -- --
------------------- ---------------- ----------------- -----------------
OTHER ASSETS
Deferred project costs 1 -- -- --
Debt service reserve -- -- -- --
Prepaid pension costs 1 -- -- --
Goodwill 32 -- -- --
Other 10 4 -- --
------------------- ---------------- ----------------- -----------------
Total Other Assets 44 4 -- --
------------------- ---------------- ----------------- -----------------
TOTAL ASSETS $ 249 $ 67 $ 632 $ --
=================== ================ ================= =================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999 PSEG INTERCOMPANY
(MILLIONS OF DOLLARS) ENERGY HOLDINGS ELIMINATIONS PSEG PSEG PSEG
CONSOL. & RECLASS. ENERGY HOLDINGS GLOBAL RESOURCES
----------------- --------------- ------------------ --------- --------------
<S> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 38 $ -- $ -- $ 5 $ --
Taxes 6 -- 4 1 1
Other 36 -- 7 8 4
Interest 20 -- 11 7 --
Associated companies 1 (32) 5 13 12
Billings in excess of costs and earnings 12 -- -- -- --
Notes payable:
PSEG Capital Corporation -- (619) -- 276 343
PSEG Energy Holdings -- (749) -- 296 437
Enterprise Group Development Corp. -- (2) -- -- --
Revolving credit facility 351 -- 351 -- --
Current portion of long-term debt 175 -- -- 97 --
----------------- --------------- ------------------ --------- --------------
Total Current Liabilities 639 (1,402) 378 703 797
----------------- --------------- ------------------ --------- --------------
TOTAL LONG-TERM DEBT 1,175 -- 395 230 --
----------------- --------------- ------------------ --------- --------------
DEFERRED CREDITS
Deferred income taxes 888 (11) (5) 24 880
Deferred investment and energy tax credits 9 -- -- 9 --
Deferred revenues 14 -- -- 5 --
Long-term liabilities 11 -- 3 6 1
----------------- --------------- ------------------ --------- --------------
Total Deferred Taxes and Other Liabilities 922 (11) (2) 44 881
----------------- --------------- ------------------ --------- --------------
MINORITY INTERESTS 1 -- -- 1 --
----------------- --------------- ------------------ --------- --------------
STOCKHOLDER'S EQUITY
Common stock -- (171) -- 63 107
Preferred stock 509 (509) 509 375 134
Contributed capital 790 (777) 790 404 --
Retained earnings 276 (123) 276 95 177
Accumulated Other Comprehensive Loss (200) -- -- (200) --
----------------- --------------- ------------------ --------- --------------
Total Stockholder's Equity 1,375 (1,580) 1,575 737 418
----------------- --------------- ------------------ --------- --------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 4,112 $ (2,993) $ 2,346 $ 1,715 $ 2,096
================= =============== ================== ========= ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PSEG ENERGY HOLDINGS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999 PSEG
(MILLIONS OF DOLLARS) ENERGY PSEG
TECHNOLOGIES EGDC CAPITAL ECFC
------------ ---- ------- ----
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 33 $ -- $ -- $ --
Taxes -- -- -- --
Other 17 -- -- --
Interest -- -- 2 --
Associated companies 3 -- -- --
Billings in excess of costs and earnings 12 -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings 16 -- -- --
Enterprise Group Development Corp. -- -- 2 --
Revolving credit facility -- -- -- --
Current portion of long-term debt -- -- 78 --
------------ ---- ------- ----
Total Current Liabilities 81 -- 82 --
------------ ---- ------- ----
TOTAL LONG-TERM DEBT -- -- 550 --
------------ ---- ------- ----
DEFERRED CREDITS
Deferred income taxes -- -- -- --
Deferred investment and energy tax credits -- -- -- --
Deferred revenues 9 -- -- --
Long-term liabilities 1 -- -- --
------------ ---- ------- ----
Total Deferred Taxes and Other Liabilities 10 -- -- --
------------ ---- ------- ----
MINORITY INTERESTS -- -- -- --
------------ ---- ------- ----
STOCKHOLDER'S EQUITY
Common stock -- 1 -- --
Preferred stock -- -- -- --
Contributed capital 207 166 -- --
Retained earnings (49) (100) -- --
Accumulated Other Comprehensive Loss -- -- -- --
------------ ---- ------- ----
Total Stockholder's Equity 158 67 -- --
------------ ---- ------- ----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 249 $ 67 $ 632 --
============ ==== ======= ====
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
RESOURCES ELIMINATIONS PSEG RCMC
CONSOL. & RECLASS. RESOURCES CONSOL.
---------------- ------------------ -------------- ------------
<S> <C> <C> <C> <C>
REVENUES:
Income (loss) from partnerships $ 5,209 $ -- $ (134) $ 3,469
Income from capital lease agreements 111,798 -- 54,475 40,617
Investment gains (losses) 60,548 -- 15,405 --
Interest and dividend income 1,326 -- 79 --
Other 58 -- 30 4
Equity in subsidiary earnings -- (61,900) 61,900 --
---------------- ------------------ -------------- ------------
TOTAL REVENUES 178,938 (61,900) 131,755 44,090
---------------- ------------------ -------------- ------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Depreciation and amortization 1,321 -- 196 --
Administrative and general 8,869 -- 7,898 625
---------------- ------------------ -------------- ------------
TOTAL OPERATING EXPENSES 10,190 -- 8,094 625
---------------- ------------------ -------------- ------------
OPERATING INCOME 168,748 (61,900) 123,660 43,465
---------------- ------------------ -------------- ------------
INTEREST EXPENSE:
PSEG Capital Corporation 31,865 -- 27,208 4,231
Enterprise Capital Funding Corp. 2,967 -- 2,216 682
Energy Holdings Inc. 10,859 -- 9,339 1,381
Other 370 -- -- --
Capitalized interest -- -- -- --
---------------- ------------------ -------------- ------------
NET INTEREST EXPENSE 46,061 -- 38,762 6,294
---------------- ------------------ -------------- ------------
INCOME BEFORE INCOME TAXES 122,688 (61,900) 84,898 37,172
---------------- ------------------ -------------- ------------
INCOME TAXES:
Current (23,918) -- (44,031) (33,626)
Deferred 74,366 -- 56,460 47,289
Investment and energy tax credits-- net (510) -- (281) (229)
---------------- ------------------ -------------- ------------
TOTAL INCOME TAXES 49,938 -- 12,148 13,433
---------------- ------------------ -------------- ------------
MINORITY INTERESTS -- -- -- --
---------------- ------------------ -------------- ------------
NET INCOME 72,750 (61,900) 72,750 23,738
---------------- ------------------ -------------- ------------
PREFERRED STOCK DIVIDEND REQUIREMENT 6,565 -- 6,565 --
---------------- ------------------ -------------- ------------
EARNINGS AVAILABLE TO COMMON STOCK $ 66,185 $ (61,900) $ 66,186 $ 23,738
================ ================== ============== ============
<CAPTION>
RCIC RCSC
-------------- --------------
<S> <C> <C>
REVENUES:
Income (loss) from partnerships $ -- $ --
Income from capital lease agreements 12,434 --
Investment gains (losses) -- --
Interest and dividend income -- --
Other -- 6
Equity in subsidiary earnings -- --
-------------- --------------
TOTAL REVENUES 12,434 6
-------------- --------------
OPERATING EXPENSES:
Operation and maintenance -- --
Depreciation and amortization -- --
Administrative and general 64 6
-------------- --------------
TOTAL OPERATING EXPENSES 64 6
-------------- --------------
OPERATING INCOME 12,371 --
--------------- --------------
INTEREST EXPENSE:
PSEG Capital Corporation 274 --
Enterprise Capital Funding Corp. 45 --
Energy Holdings Inc. 89 --
Other -- --
Capitalized interest -- --
--------------- --------------
NET INTEREST EXPENSE 408 --
--------------- --------------
INCOME BEFORE INCOME TAXES 11,962 --
--------------- --------------
INCOME TAXES:
Current (11,641) --
Deferred 15,828 --
Investment and energy tax credits-- net -- --
-------------- --------------
TOTAL INCOME TAXES 4,187 --
--------------- --------------
MINORITY INTERESTS -- --
--------------- --------------
NET INCOME 7,775 --
--------------- --------------
PREFERRED STOCK DIVIDEND REQUIREMENT -- --
--------------- --------------
EARNINGS AVAILABLE TO COMMON STOCK $ 7,775 $ --
=============== ==============
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRC SC PSRC SC PSRC SC
RCFC ONE TWO THREE
-------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
REVENUES:
Income (loss) from partnerships $ -- $ -- $ -- $ --
Income from capital lease agreements 83 -- -- --
Investment gains (losses) 18,283 -- -- --
Interest and dividend income -- -- -- --
Other -- 4 4 4
Equity in subsidiary earnings -- -- -- --
-------------- --------------- ---------------- ---------------
TOTAL REVENUES 18,366 4 4 4
-------------- --------------- ---------------- ---------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Depreciation and amortization -- -- -- --
Administrative and general 150 4 4 4
-------------- --------------- ---------------- ---------------
TOTAL OPERATING EXPENSES 150 4 4 4
-------------- --------------- ---------------- ---------------
OPERATING INCOME 18,216 -- -- --
-------------- --------------- ---------------- ---------------
INTEREST EXPENSE:
PSEG Capital Corporation 152 -- -- --
Enterprise Capital Funding Corp. 25 -- -- --
Energy Holdings Inc. 50 -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
-------------- --------------- ---------------- ---------------
NET INTEREST EXPENSE 226 -- -- --
-------------- --------------- ---------------- ---------------
INCOME BEFORE INCOME TAXES 17,989 -- -- --
-------------- --------------- ---------------- ---------------
INCOME TAXES:
Current 42,092 -- -- --
Deferred (32,483) -- -- --
Investment and energy tax credits-- net -- -- -- --
-------------- --------------- ---------------- ---------------
TOTAL INCOME TAXES 9,609 -- -- --
-------------- --------------- ---------------- ---------------
MINORITY INTERESTS -- -- -- --
-------------- --------------- ---------------- ---------------
NET INCOME 8,380 -- -- --
-------------- --------------- ---------------- ---------------
PREFERRED STOCK DIVIDEND REQUIREMENT -- -- -- --
-------------- --------------- ---------------- ---------------
EARNINGS AVAILABLE TO COMMON STOCK $ 8,380 $ -- $ -- $ --
============== =============== ================ ===============
<CAPTION>
PSRC SC THE
FOUR WATER SOURCE
-------------- ------------------
<S> <C> <C>
REVENUES:
Income (loss) from partnerships $ -- $ --
Income from capital lease agreements -- --
Investment gains (losses) -- --
Interest and dividend income -- --
Other 4 --
Equity in subsidiary earnings -- --
-------------- ------------------
TOTAL REVENUES 4 --
-------------- ------------------
OPERATING EXPENSES:
Operation and maintenance -- --
Depreciation and amortization -- --
Administrative and general 4 1
-------------- ------------------
TOTAL OPERATING EXPENSES 4 1
-------------- ------------------
OPERATING INCOME -- (1)
-------------- ------------------
INTEREST EXPENSE:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Energy Holdings Inc. -- --
Other -- --
Capitalized interest -- --
-------------- ------------------
NET INTEREST EXPENSE -- --
-------------- ------------------
INCOME BEFORE INCOME TAXES -- (1)
-------------- ------------------
INCOME TAXES:
Current -- --
Deferred -- --
Investment and energy tax credits-- net -- --
-------------- ------------------
TOTAL INCOME TAXES -- --
-------------- ------------------
MINORITY INTERESTS -- --
-------------- ------------------
NET INCOME -- (1)
-------------- ------------------
PREFERRED STOCK DIVIDEND REQUIREMENT -- --
-------------- ------------------
EARNINGS AVAILABLE TO COMMON STOCK $ -- $ (1)
============== ==================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSGMC
CONSOL. PSRC, INC. ENTECH PSRC I, INC. PSRC II, INC.
---------------- ------------ ---------- ------------ -------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Income (loss) from partnerships $ -- $ -- $ -- $ 3,757 $ (1,883)
Income from capital lease agreements -- 2,794 -- -- --
Investment gains (losses) -- -- -- 17,430 9,429
Interest and dividend income -- -- -- 1,024 223
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
TOTAL REVENUES -- 2,794 -- 22,211 7,769
---------------- ------------ ---------- ------------ -------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Depreciation and amortization -- 1,125 -- -- --
Administrative and general -- 57 3 46 3
---------------- ------------ ---------- ------------ -------------
TOTAL OPERATING EXPENSES -- 1,181 3 46 3
---------------- ------------ ---------- ------------ -------------
OPERATING INCOME -- 1,613 (3) 22,165 7,766
---------------- ------------ ---------- ------------ -------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Energy Holdings Inc. -- -- -- -- --
Other -- -- -- 278 93
Capitalized interest -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
NET INTEREST EXPENSE -- -- -- 278 93
---------------- ------------ ---------- ------------ -------------
INCOME BEFORE INCOME TAXES -- 1,613 (3) 21,888 7,674
---------------- ------------ ---------- ------------ -------------
INCOME TAXES:
Current -- (2,900) (1) 26,598 (410)
Deferred -- 3,518 -- (19,249) 3,004
Investment and energy tax credits-- net -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
TOTAL INCOME TAXES -- 618 (1) 7,349 2,594
---------------- ------------ ---------- ------------ -------------
MINORITY INTERESTS -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
NET INCOME -- 995 (2) 14,539 5,079
---------------- ------------ ---------- ------------ -------------
PREFERRED STOCK DIVIDEND REQUIREMENT -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
EARNINGS AVAILABLE TO COMMON STOCK $ -- $ 995 $ (2) $ 14,539 $ 5,079
================ ============ ========== ============ =============
<CAPTION>
PSEG COLLINS
CONSOL.
-----------------
<S> <C>
REVENUES:
Income (loss) from partnerships $ --
Income from capital lease agreements 1,395
Investment gains (losses) --
Interest and dividend income --
Other --
Equity in subsidiary earnings --
-----------------
TOTAL REVENUES 1,395
-----------------
OPERATING EXPENSES:
Operation and maintenance --
Depreciation and amortization --
Administrative and general --
-----------------
TOTAL OPERATING EXPENSES --
-----------------
OPERATING INCOME 1,395
-----------------
INTEREST EXPENSE:
PSEG Capital Corporation --
Enterprise Capital Funding Corp. --
Energy Holdings Inc. --
Other --
Capitalized interest --
-----------------
NET INTEREST EXPENSE --
-----------------
INCOME BEFORE INCOME TAXES 1,395
-----------------
INCOME TAXES:
Current --
Deferred --
Investment and energy tax credits-- net --
-----------------
TOTAL INCOME TAXES --
-----------------
MINORITY INTERESTS --
-----------------
NET INCOME 1,395
-----------------
PREFERRED STOCK DIVIDEND REQUIREMENT --
-----------------
EARNINGS AVAILABLE TO COMMON STOCK $ 1,395
=================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
RESOURCES ELIMINATIONS PSEG RCMC
CONSOL. & RECLASS. RESOURCES CONSOL.
---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 120,896 $ (199,877) $ 120,896 $ 65,871
NET INCOME 72,750 (61,900) 72,750 23,738
---------------- ------------------ ------------- -------------
TOTAL 193,646 (261,777) 193,646 89,610
---------------- ------------------ ------------- -------------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) 16,565 (3,236) 16,565 --
---------------- ------------------ ------------- -------------
TRANSFER OF ASSETS FROM PSRC I, INC TO PSRC II, INC -- 126,868 -- --
---------------- ------------------ ------------- -------------
BALANCE DECEMBER 31, 1999 $ 177,082 $ (131,673) $ 177,082 $ 89,610
================ ================== ============= =============
<CAPTION>
RCIC RCSC
--------------- --------------
<S> <C> <C>
BALANCE JANUARY 1, 1999 $ 22,149 $ (39)
NET INCOME 7,775 --
--------------- --------------
TOTAL 29,925 (39)
--------------- --------------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) -- --
--------------- --------------
TRANSFER OF ASSETS FROM PSRC I, INC TO PSRC II, INC -- --
--------------- --------------
BALANCE DECEMBER 31, 1999 $ 29,925 $ (39)
=============== ==============
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRC SC PSRC SC PSRC SC
RCFC ONE TWO THREE
-------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ (2,421) $ (3) $ (3) $ --
-------------- --------------- ---------------- ---------------
NET INCOME 8,380 -- -- --
-------------- --------------- ---------------- ---------------
TOTAL 5,959 (3) (3) --
-------------- --------------- ---------------- ---------------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) -- -- -- --
-------------- --------------- ---------------- ---------------
TRANSFER OF ASSETS FROM PSRC I, INC TO PSRC II, INC -- -- -- --
-------------- --------------- ---------------- ---------------
BALANCE DECEMBER 31, 1999 $ 5,959 $ (3) $ (3) $ --
============== =============== ================ ===============
<CAPTION>
PSRC SC THE
FOUR WATER SOURCE
-------------- -----------------
<S> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ (1,055)
-------------- -----------------
NET INCOME -- --
-------------- -----------------
TOTAL -- (1,055)
-------------- -----------------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) -- --
-------------- -----------------
TRANSFER OF ASSETS FROM PSRC I, INC TO PSRC II, INC -- --
-------------- -----------------
BALANCE DECEMBER 31, 1999 $ -- $ (1,055)
============== =================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSGMC
CONSOL. PSRC, INC. ENTECH PSRC I, INC.
---------------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ 3,120 $ (975) $ 113,231
---------------- ------------ ---------- ------------
NET INCOME -- 995 (2) 14,539
---------------- ------------ ---------- ------------
TOTAL -- 4,115 (977) 127,770
---------------- ------------ ---------- ------------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) -- -- -- 902
---------------- ------------ ---------- ------------
TRANSFER OF ASSETS FROM PSRC I, INC TO PSRC II, INC -- -- -- (126,868)
---------------- ------------ ---------- ------------
BALANCE DECEMBER 31, 1999 $ -- $ 4,115 $ (977) $ --
================ ============ ========== ============
<CAPTION>
PSEG COLLINS
PSRC II, INC. CONSOL.
------------- -----------------
<S> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ --
------------- -----------------
NET INCOME 5,079 1,395
------------- -----------------
TOTAL 5,079 1,395
------------- -----------------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) 2,334 --
------------- -----------------
TRANSFER OF ASSETS FROM PSRC I, INC TO PSRC II, INC -- --
------------- -----------------
BALANCE DECEMBER 31, 1999 $ 2,745 $ 1,395
============= =================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
RESOURCES ELIMINATIONS PSEG RCMC
CONSOL. & RECLASS. RESOURCES CONSOL.
---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 31,271 $ -- $ 31,087 $ 70
Accounts and Notes receivable:
Trade -- -- -- --
Other 10,598 -- -- 9,853
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies -- (423,762) 151,293 40,198
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest & dividend receivable 708 -- -- --
Prepayments -- -- -- --
---------------- ------------------ ------------- -------------
Total Current Assets 42,577 (423,762) 182,380 50,121
---------------- ------------------ ------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Real estate 16,502 -- 2,538 --
Other 1,092 -- 507 --
Accum. depr. and amortization (10,003) -- (1,458) --
Valuation allowances -- -- -- --
---------------- ------------------ ------------- -------------
Property, Plant and Equipment-net 7,591 -- 1,587 --
---------------- ------------------ ------------- -------------
INVESTMENTS
Subsidiaries -- (812,758) 812,758 --
Capital lease agreements 1,765,318 -- 759,130 727,029
Partnership interests 279,286 -- 2,419 25,563
Corporate joint ventures -- -- -- --
Securities 7,336 -- 400 --
Valuation allowances (6,604) -- (6,604) --
---------------- ------------------ ------------- -------------
Total Investments 2,045,335 (812,758) 1,568,102 752,592
---------------- ------------------ ------------- -------------
OTHER ASSETS
Special funds-pension 184 -- 184 --
---------------- ------------------ ------------- -------------
Total Other Assets 184 -- 184 --
---------------- ------------------ ------------- -------------
TOTAL ASSETS $ 2,095,688 $ (1,236,520) $ 1,752,253 $ 802,713
================ ================== ============= =============
<CAPTION>
RCIC RCSC
--------------- --------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 9
Accounts and Notes receivable:
Trade -- --
Other 332 --
PSE&G -- --
PSEG -- --
Other associated companies -- --
Notes receivable:
Associated companies -- --
Other -- --
Interest & dividend receivable -- --
Prepayments -- --
--------------- --------------
Total Current Assets 332 9
--------------- --------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- --
Other -- --
Accum. depr. and amortization -- --
Valuation allowances -- --
--------------- --------------
Property, Plant and Equipment-net -- --
--------------- --------------
INVESTMENTS
Subsidiaries -- --
Capital lease agreements 99,151 --
Partnership interests -- --
Corporate joint ventures -- --
Securities -- --
Valuation allowances -- --
--------------- --------------
Total Investments 99,151 --
--------------- --------------
OTHER ASSETS
Special funds-pension -- --
--------------- --------------
Total Other Assets -- --
--------------- --------------
TOTAL ASSETS $ 99,483 $ 9
=============== ==============
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRC SC PSRC SC PSRC SC
RCFC ONE TWO THREE
-------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 5 $ 5 $ 5
Accounts and Notes receivable:
Trade -- -- -- --
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies 13,133 2 2 5
Notes receivable: -- -- -- --
Associated companies -- -- -- --
Other -- -- -- --
Interest & dividend receivable -- -- -- --
Prepayments -- -- -- --
-------------- --------------- ---------------- ---------------
Total Current Assets 13,133 7 7 10
-------------- --------------- ---------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
-------------- --------------- ---------------- ---------------
Property, Plant and Equipment-net -- -- -- --
-------------- --------------- ---------------- ---------------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------------- --------------- ---------------- ---------------
Total Investments -- -- -- --
-------------- --------------- ---------------- ---------------
OTHER ASSETS
Special funds-pension -- -- -- --
-------------- --------------- ---------------- ---------------
Total Other Assets -- -- -- --
-------------- --------------- ---------------- ---------------
TOTAL ASSETS $ 13,133 $ 7 $ 7 $ 10
============== =============== ================ ===============
<CAPTION>
PSRC SC THE
FOUR WATER SOURCE
-------------- -----------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 5 $ --
Accounts and Notes receivable:
Trade -- --
Other -- --
PSE&G -- --
PSEG -- --
Other associated companies 5 30
Notes receivable:
Associated companies -- --
Other -- --
Interest & dividend receivable -- --
Prepayments -- --
-------------- -----------------
Total Current Assets 10 30
-------------- -----------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- --
Other -- --
Accum. depr. and amortization -- --
Valuation allowances -- --
-------------- -----------------
Property, Plant and Equipment-net -- --
-------------- -----------------
INVESTMENTS
Subsidiaries -- --
Capital lease agreements -- --
Partnership interests -- --
Corporate joint ventures -- --
Securities -- --
Valuation allowances -- --
-------------- -----------------
Total Investments -- --
-------------- -----------------
OTHER ASSETS
Special funds-pension -- --
-------------- -----------------
Total Other Assets -- --
-------------- -----------------
TOTAL ASSETS $ 10 $ 30
============== =================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSGMC
CONSOL. PSRC, INC. ENTECH PSRC I, INC. PSRC II, INC.
---------------- ------------ ---------- ------------ -------------
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 34 $ -- $ -- $ 50
Accounts and Notes receivable:
Trade -- -- -- -- --
Other -- -- -- -- 413
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
Other associated companies -- -- 44 -- 219,050
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest & dividend receivable -- -- -- -- 708
Prepayments -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
Total Current Assets -- 34 44 -- 220,221
---------------- ------------ ---------- ------------ -------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- 13,963 -- -- --
Other -- 585 -- -- --
Accum. depr. and amortization -- (8,545) -- -- --
Valuation allowances -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
Property, Plant and Equipment-net -- 6,004 -- -- --
---------------- ------------ ---------- ------------ -------------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- 42,571 -- -- --
Partnership interests -- -- -- -- 251,304
Corporate joint ventures -- -- -- -- --
Securities -- -- -- -- 6,936
Valuation allowances -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
Total Investments -- 42,571 -- -- 258,239
---------------- ------------ ---------- ------------ -------------
OTHER ASSETS
Special funds-pension -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
Total Other Assets -- -- -- -- --
---------------- ------------ ---------- ------------ -------------
TOTAL ASSETS $ -- $ 48,610 $ 44 $ -- $ 478,460
================ ============ ========== ============ =============
<CAPTION>
PSEG COLLINS
CONSOL.
-----------------
<S> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ --
Accounts and Notes receivable:
Trade --
Other --
PSE&G --
PSEG --
Other associated companies --
Notes receivable: --
Associated companies --
Other --
Interest & dividend receivable --
Prepayments --
-----------------
Total Current Assets --
-----------------
PROPERTY, PLANT AND EQUIPMENT
Real estate --
Other --
Accum. depr. and amortization --
Valuation allowances --
-----------------
Property, Plant and Equipment-net --
-----------------
INVESTMENTS
Subsidiaries --
Capital lease agreements 137,437
Partnership interests --
Corporate joint ventures --
Securities --
Valuation allowances --
-----------------
Total Investments 137,437
-----------------
OTHER ASSETS
Special funds-pension --
-----------------
Total Other Assets --
-----------------
TOTAL ASSETS $ 137,437
=================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY
RESOURCES ELIMINATIONS PSEG RCMC
CONSOL. & RECLASS. RESOURCES CONSOL.
---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes 1,034 -- 748 255
Other 3,596 -- 2,637 779
Interest 683 -- -- 250
Associated companies 11,710 (423,763) 282,582 127,624
Notes payable:
PSEG Capital Corporation 342,611 -- 289,589 48,161
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Energy Holdings Inc. 437,362 -- 397,023 36,641
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt -- -- -- --
---------------- ------------------ ------------- -------------
Total Current Liabilities 796,996 (423,763) 972,578 213,710
---------------- ------------------ ------------- -------------
TOTAL LONG-TERM DEBT -- -- -- --
---------------- ------------------ ------------- -------------
DEFERRED CREDITS
Deferred income taxes 879,670 -- 360,818 445,433
Deferred investment
and energy tax credits 165 -- -- --
Other 574 -- 574 --
---------------- ------------------ ------------- -------------
Total Deferred Credits 880,410 -- 361,393 445,433
---------------- ------------------ ------------- -------------
STOCKHOLDER'S EQUITY
Capital stock 107,001 (67) 107,001 2
Preferred stock 134,200 -- 134,200 --
Contributed capital -- (681,018) -- 53,959
Retained earnings 177,082 (131,672) 177,082 89,610
---------------- ------------------ ------------- -------------
Total Stockholder's Equity 418,283 (812,758) 418,283 143,571
---------------- ------------------ ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 2,095,688 $ (1,236,520) $ 1,752,253 $ 802,713
================ ================== ============= =============
<CAPTION>
RCIC RCSC
--------------- --------------
<S> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ --
Taxes -- --
Other 69 --
Interest -- --
Associated companies 15,863 38
Notes payable:
PSEG Capital Corporation 3,123 --
Enterprise Capital Funding Corp. -- --
Enterprise Group Development Corp. -- --
Energy Holdings Inc. 2,376 --
U.S.Energy Incorporated -- --
Current portion of long-term debt -- --
--------------- --------------
Total Current Liabilities 21,431 38
--------------- --------------
TOTAL LONG-TERM DEBT -- --
--------------- --------------
DEFERRED CREDITS
Deferred income taxes 42,297 --
Deferred investment
and energy tax credits 165 --
Other -- --
--------------- --------------
Total Deferred Credits 42,462 --
--------------- --------------
STOCKHOLDER'S EQUITY
Capital stock 1 10
Preferred stock -- --
Contributed capital 5,663 --
Retained earnings 29,925 (39)
--------------- --------------
Total Stockholder's Equity 35,589 (29)
--------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 99,483 $ 9
=============== ==============
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSRC SC PSRC SC PSRC SC
RCFC ONE TWO THREE
-------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes 31 -- -- --
Other 101 -- -- --
Interest -- -- -- --
Associated companies 52 -- -- --
Notes payable:
PSEG Capital Corporation 1,738 -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Energy Holdings Inc. 1,322 -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt -- -- -- --
-------------- --------------- ---------------- ---------------
Total Current Liabilities 3,244 -- -- --
-------------- --------------- ---------------- ---------------
TOTAL LONG-TERM DEBT -- -- -- --
-------------- --------------- ---------------- ---------------
DEFERRED CREDITS
Deferred income taxes 117 -- -- --
Deferred investment
and energy tax credits -- -- -- --
Other -- -- -- --
-------------- --------------- ---------------- ---------------
Total Deferred Credits 117 -- -- --
-------------- --------------- ---------------- ---------------
STOCKHOLDER'S EQUITY
Capital stock 1 10 10 10
Preferred stock -- -- -- --
Contributed capital 3,812 -- -- --
Retained earnings 5,959 (3) (3) --
-------------- --------------- ---------------- ---------------
Total Stockholder's Equity 9,772 7 7 10
-------------- --------------- ---------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 13,133 $ 7 $ 7 $ 10
============== =============== ================ ===============
<CAPTION>
PSRC SC THE
FOUR WATER SOURCE
-------------- -----------------
<S> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ --
Taxes -- --
Other -- --
Interest -- --
Associated companies -- --
Notes payable:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Enterprise Group Development Corp. -- --
Energy Holdings Inc. -- --
U.S.Energy Incorporated -- --
Current portion of long-term debt -- --
-------------- -----------------
Total Current Liabilities -- --
-------------- -----------------
TOTAL LONG-TERM DEBT -- --
-------------- -----------------
DEFERRED CREDITS
Deferred income taxes -- 58
Deferred investment
and energy tax credits -- --
Other -- --
-------------- -----------------
Total Deferred Credits -- 58
-------------- -----------------
STOCKHOLDER'S EQUITY
Capital stock 10 10
Preferred stock -- --
Contributed capital -- 1,017
Retained earnings -- (1,055)
-------------- -----------------
Total Stockholder's Equity 10 (28)
-------------- -----------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 10 $ 30
============== =================
</TABLE>
<PAGE>
PSEG RESOURCES INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSGMC
CONSOL. PSRC, INC. ENTECH
----------------------- ----------------- ---------------
<S> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ --
Taxes -- -- --
Other -- 10 --
Interest -- -- --
Associated companies -- 9,310 --
Notes payable:
PSEG Capital Corporation -- -- --
Enterprise Capital Funding Corp. -- -- --
Enterprise Group Development Corp. -- -- --
Energy Holdings Inc. -- -- --
U.S.Energy Incorporated -- -- --
Current portion of long-term debt -- -- --
----------------------- ----------------- ---------------
Total Current Liabilities -- 9,320 --
----------------------- ----------------- ---------------
TOTAL LONG-TERM DEBT -- -- --
----------------------- ----------------- ---------------
DEFERRED CREDITS
Deferred income taxes -- 20,640 2
Deferred investment
and energy tax credits -- -- --
Other -- -- --
----------------------- ----------------- ---------------
Total Deferred Credits -- 20,640 2
----------------------- ----------------- ---------------
STOCKHOLDER'S EQUITY
Capital stock -- 1 1
Preferred stock -- -- --
Contributed capital -- 14,534 1,018
Retained earnings -- 4,115 (977)
----------------------- ----------------- ---------------
Total Stockholder's Equity -- 18,650 43
----------------------- ----------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 48,610 $ 44
======================= ================= ===============
<CAPTION>
PSEG COLLINS
PSRC I, INC. PSRC II, INC. CONSOL.
----------------- ------------------- --------------
<S> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ --
Taxes -- -- --
Other -- -- --
Interest -- 434 --
Associated companies -- 3 --
Notes payable:
PSEG Capital Corporation -- -- --
Enterprise Capital Funding Corp. -- -- --
Enterprise Group Development Corp. -- -- --
Energy Holdings Inc. -- -- --
U.S.Energy Incorporated -- -- --
Current portion of long-term debt -- -- --
----------------- ------------------- --------------
Total Current Liabilities -- 437 --
----------------- ------------------- --------------
TOTAL LONG-TERM DEBT -- -- --
----------------- ------------------- --------------
DEFERRED CREDITS
Deferred income taxes -- 10,304 --
Deferred investment
and energy tax credits -- -- --
Other -- -- --
----------------- ------------------- --------------
Total Deferred Credits -- 10,304 --
----------------- ------------------- --------------
STOCKHOLDER'S EQUITY
Capital stock -- 1 --
Preferred stock -- -- --
Contributed capital -- 464,974 136,042
Retained earnings -- 2,745 1,395
----------------- ------------------- --------------
Total Stockholder's Equity -- 467,720 137,437
----------------- ------------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 478,460 $ 137,437
================= =================== ==============
</TABLE>
<PAGE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC I, INC.
----------- ------------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 3,469 $ -- $ -- $ -- $ 3,469 $ --
Income from capital lease agreements 40,617 -- 36,841 -- 93 3,682
Investment gains (losses) -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Other 4 -- -- 4 -- --
Equity in subsidiary earnings -- (2,398) 2,398 -- -- --
--------- ----------- ------- -------- -------- --------
TOTAL REVENUES 44,090 (2,398) 39,239 4 3,563 3,682
--------- ----------- ------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Administrative and general 625 -- 149 4 117 354
--------- ----------- ------- -------- -------- --------
TOTAL OPERATING EXPENSES 625 -- 149 4 117 354
--------- ----------- ------- -------- -------- --------
OPERATING INCOME 43,465 (2,398) 39,090 -- 3,445 3,328
--------- ----------- ------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation 4,231 -- 2,473 -- -- 1,758
Enterprise Capital Funding Corp. 682 -- 402 -- -- 279
Energy Holdings Inc. 1,381 -- 807 -- -- 574
Other -- -- -- -- -- --
Capitalized interest -- -- -- -- -- --
--------- ----------- ------- -------- -------- --------
NET INTEREST EXPENSE 6,294 -- 3,682 -- -- 2,611
--------- ----------- ------- -------- -------- --------
INCOME BEFORE INCOME TAXES 37,172 (2,398) 35,408 -- 3,445 717
--------- ----------- ------- -------- -------- --------
INCOME TAXES:
Current (33,626) -- (30,521) -- 3,417 (6,521)
Deferred 47,289 -- 42,420 -- (2,209) 7,078
Investment and energy tax credits -- net (229) -- (229) -- -- --
--------- ----------- ------- -------- -------- --------
TOTAL INCOME TAXES 13,433 -- 11,669 -- 1,207 557
--------- ----------- ------- -------- -------- --------
MINORITY INTERESTS -- -- -- -- -- --
--------- ----------- ------- -------- -------- --------
NET INCOME $ 23,738 $ (2,398) $23,738 $ -- $ 2,238 $ 160
========= =========== ======= ======== ======== ========
</TABLE>
<PAGE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC I, INC.
------- ------------ ---- ------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 65,871 $(16,520) $ 65,871 $ (16) $ 13,238 $ 3,298
NET INCOME 23,738 (2,398) 23,738 -- 2,238 160
-------- -------- -------- -------- -------- --------
TOTAL 89,610 (18,918) 89,610 (16) 15,476 3,458
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- (1,959) -- -- 1,959 --
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $ 89,610 $(16,959) $ 89,610 $ (16) $ 13,517 $ 3,458
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC I, INC.
----------- ------------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 70 $ -- $ -- $ 10 $ 30 $ 30
Accounts and Notes receivable:
Trade -- -- -- -- -- --
Other 9,853 -- -- -- 9,853 --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
Other associated companies 40,198 -- -- -- 36,497 3,701
Notes receivable:
Associated companies -- -- -- -- -- --
Prepayments -- -- -- -- -- --
--------- ----------- -------- -------- -------- --------
Total Current Assets 50,121 -- -- 10 46,380 3,731
--------- ----------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- -- -- -- --
Accum. depr. and amortization -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- ----------- -------- -------- -------- --------
Property, Plant and Equipment-net -- -- -- -- -- --
--------- ----------- -------- -------- -------- --------
INVESTMENTS
Subsidiaries -- (43,147) 43,147 -- -- --
Capital lease agreements 727,029 -- 518,702 -- 32,486 175,841
Partnership interests 25,563 -- -- -- 25,563 --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- ----------- -------- -------- -------- --------
Total Investments 752,592 (43,147) 561,849 -- 58,050 175,841
--------- ----------- -------- -------- -------- --------
OTHER ASSETS
Other -- -- -- -- -- --
--------- ----------- -------- -------- -------- --------
Total Other Assets -- -- -- -- -- --
--------- ----------- -------- -------- -------- --------
TOTAL ASSETS $ 802,713 $ (43,147) $561,849 $ 10 $104,430 $179,572
========= =========== ======== ======== ======== ========
</TABLE>
<PAGE>
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. RCMC I, INC.
----------- ------------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes 255 -- -- -- -- 255
Other 779 -- 779 -- -- --
Interest 250 -- -- -- 250 --
Associated companies 127,624 -- 127,008 15 -- 601
Notes payable:
PSEG Capital Corporation 48,161 -- 28,149 -- -- 20,013
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Energy Holdings Inc. 36,641 -- 21,416 -- -- 15,226
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
--------- ---------- -------- -------- -------- --------
Total Current Liabilities 213,710 -- 177,352 15 250 36,094
--------- ---------- -------- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
--------- ---------- -------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes 445,433 -- 240,927 -- 49,872 154,633
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
--------- ---------- -------- -------- -------- --------
Total Deferred Credits 445,433 -- 240,927 -- 49,872 154,633
--------- ---------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock 2 (3) 2 1 1 1
Preferred stock -- -- -- -- -- --
Contributed capital 53,959 (26,185) 53,959 10 40,790 (14,615)
Retained earnings 89,610 (16,959) 89,610 (16) 13,517 3,458
--------- ---------- -------- -------- -------- --------
Total Stockholder's Equity 143,571 (43,147) 143,571 (5) 54,308 (11,156)
--------- ---------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 802,713 $ (43,147) $561,849 $ 10 $104,430 $179,572
========= ========== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG GLOBAL INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY PSEG
GLOBAL ELIMINATIONS PSEG PSEG USA PSEG NJ India Company
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL. CONSOL.
---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $129,247 $ -- $ 320 $103,514 $ 25,413 $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income 252 (29) 29 252 -- --
Other 12,378 -- 3,160 7,518 1,685 15
Equity in subsidiary earnings -- (65,749) 65,749 -- -- --
-------- ----------- -------- -------- -------- ---------
TOTAL REVENUES 141,877 (65,778) 69,258 111,284 27,098 15
-------- ----------- -------- -------- -------- ---------
OPERATING EXPENSES:
Operation and maintenance 1,335 -- -- -- 1,335 --
Depreciation and amortization 1,057 -- 355 698 4 --
Administrative and general 50,509 -- 16,000 34,140 254 115
-------- ----------- -------- -------- -------- ---------
TOTAL OPERATING EXPENSES 52,901 -- 16,355 34,838 1,593 115
-------- ----------- -------- -------- -------- ---------
OPERATING INCOME 88,976 (65,778) 52,903 76,446 25,505 (100)
-------- ----------- -------- -------- -------- ---------
OTHER INCOME
Unrealized gains (losses) on investments (36,534) -- (665) (35,869) -- --
Realized gains (losses) on investments 61,535 -- -- (7,647) 69,182 --
Foreign currency Translation Gain/Loss 3,281 -- 86 3,195 -- --
-------- ----------- -------- -------- -------- ---------
TOTAL OTHER INCOME 28,282 -- (579) (40,321) 69,182 --
-------- ----------- -------- -------- -------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation 11,165 -- 10,377 564 224 --
PSEG Energy Holdings 11,259 -- 11,177 -- 82 --
Enterprise Capital Funding Corp. 1,208 -- 1,071 95 42 --
Other Associated Companies 749 (29) 388 390 -- --
Other 32,217 -- -- 32,764 (578) 31
Capitalized interest (8,483) -- (8,328) (155) -- --
-------- ----------- -------- -------- -------- ---------
NET INTEREST EXPENSE 48,115 (29) 14,685 33,658 (230) 31
-------- ----------- -------- -------- -------- ---------
INCOME BEFORE INCOME TAXES 69,143 (65,749) 37,639 2,467 94,917 (131)
-------- ----------- -------- -------- -------- ---------
INCOME TAXES:
Current 35,553 -- (16,243) 12,582 39,214 --
Deferred (11,529) -- 7,412 (18,556) (338) (47)
Investment and energy tax credits - net (459) -- (25) (434) -- --
-------- ----------- -------- -------- -------- ---------
TOTAL INCOME TAXES 23,565 -- (8,856) (6,408) 38,876 (47)
-------- ----------- -------- -------- -------- ---------
MINORITY INTERESTS (917) -- -- (917) -- --
-------- ----------- -------- -------- -------- ---------
INCOME FROM CONTINUING OPERATIONS 46,495 (65,749) 46,495 9,792 56,041 (84)
-------- ----------- -------- -------- -------- ---------
NET INCOME $ 46,495 $ (65,749) $ 46,495 $ 9,792 $ 56,041 $ (84)
======== =========== ======== ======== ======== =========
Preferred Dividend Requirement 18,442 -- 18,442 -- -- --
-------- ----------- -------- -------- -------- ---------
EARNINGS AVAILABLE TO COMMON STOCK 28,053 (65,749) 28,053 9,792 56,041 (84)
======== =========== ======== ======== ======== =========
</TABLE>
<PAGE>
PSEG GLOBAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY PSEG
GLOBAL ELIMINATIONS PSEG PSEG USA PSEG NJ India Company
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL. CONSOL.
---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 71,250 $ (38,781) $ 71,250 $ 9,562 $ 29,625 $ (406)
NET INCOME 46,495 (65,749) 46,495 9,792 56,041 (84)
-------- ----------- -------- -------- -------- ---------
TOTAL 117,745 (104,530) 117,745 19,354 85,666 (490)
-------- ----------- -------- -------- -------- ---------
DIVIDENDS DECLARED 22,226 -- 22,226 -- -- --
-------- ----------- -------- -------- -------- ---------
-------- ----------- -------- -------- -------- ---------
BALANCE DECEMBER 31, 1999 $ 95,519 $ (104,530) $ 95,519 $ 19,354 $ 85,666 $ (490)
======== =========== ======== ======== ======== =========
</TABLE>
<PAGE>
PSEG GLOBAL INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY PSEG
GLOBAL ELIMINATIONS PSEG PSEG USA PSEG NJ India Company
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL. CONSOL.
----------- ------------ ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 9,440 -- $ 34 $ 9,375 $ -- $ 31
Accounts and Notes receivable:
Trade 18,525 -- 9,020 9,482 22 1
Other 272 -- 97 175 -- --
PSE&G 1,093 -- 712 381 -- --
PSEG 12,704 -- 12,704 -- -- --
PSEG Energy Holdings 466 -- -- 466
Other associated companies -- (947,673) 234,150 635,923 77,592 8
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable 7 -- -- 7 -- --
Prepayments 529 -- 379 369 (219) --
----------- ----------- ---------- ---------- ----------- ----------
Total Current Assets 43,036 (947,673) 257,096 656,178 77,395 40
----------- ----------- ---------- ---------- ----------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other 5,394 -- 1,763 3,631 -- --
Accum. depr. and amortization (1,463) -- (443) (1,020) -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ---------- ---------- ----------- ----------
Property, Plant and Equipment-net 3,931 -- 1,320 2,611 -- --
----------- ----------- ---------- ---------- ----------- ----------
INVESTMENTS
Subsidiaries -- (1,420,359) 1,420,359 -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests 207,514 -- 5,054 168,646 33,814 --
Corporate joint ventures 1,426,986 -- 5,637 1,407,212 -- 14,137
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ---------- ---------- ----------- ----------
Total Investments 1,634,500 (1,420,359) 1,431,050 1,575,858 33,814 14,137
----------- ----------- ---------- ---------- ----------- ----------
OTHER ASSETS
Other 34,027 -- 4,168 29,859 -- --
----------- ----------- ---------- ---------- ----------- ----------
Total Other Assets 34,027 -- 4,168 29,859 -- --
----------- ----------- ---------- ---------- ----------- ----------
TOTAL ASSETS $ 1,715,494 $(2,368,032) $1,693,634 $2,264,506 $ 111,209 $ 14,177
=========== =========== ========== ========== =========== ==========
</TABLE>
<PAGE>
PSEG GLOBAL INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG INTERCOMPANY PSEG
GLOBAL ELIMINATIONS PSEG PSEG USA PSEG NJ India Company
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL. CONSOL.
----------- ------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,848 $ -- $ 905 $ 3,943 $ -- $ --
Taxes 577 -- 3,360 (3,793) 1,010 --
Other 8,473 -- 4,866 3,355 252 --
Interest 7,776 -- -- 7,776 -- --
Associated companies 12,488 (947,673) 368,383 588,519 484 2,775
Notes payable:
PSEG Capital Corporation 276,096 -- 266,835 6,529 2,732 --
PSEG Energy Holdings 295,327 -- 288,281 4,967 2,079
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt 96,919 -- -- 96,919 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Liabilities 702,504 (947,673) 932,630 708,215 6,557 2,775
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 230,040 -- -- 230,040 -- --
----------- ----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 24,397 -- 17,495 566 6,602 (266)
Deferred investment
and energy tax credits 8,770 -- 1,060 7,710 -- --
Other 11,091 -- 5,165 4,860 1,066 --
----------- ----------- ----------- ----------- ----------- -----------
Total Deferred Credits 44,258 -- 23,720 13,136 7,668 (266)
----------- ----------- ----------- ----------- ----------- -----------
MINORITY INTEREST 1,408 -- -- 1,408 -- --
----------- ----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 437,880 (20) 437,880 10 10 --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 403,938 (1,513,259) 403,938 1,489,793 11,308 12,158
Retained earnings 95,519 (104,530) 95,519 19,354 85,666 (490)
Cumulative Translation Adjustment (200,053) 197,450 (200,053) (197,450) -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 737,284 (1,420,359) 737,284 1,311,707 96,984 11,668
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,715,494 $(2,368,032) $ 1,693,634 $ 2,264,506 $ 111,209 $ 14,177
=========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY PSEG
PSEG USA ELIMINATIONS PSEG PSEG PSEG Project
CONSOL. & RECLASS. USA Conemaugh Tracy Services
--------- ------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 103,514 $ -- $ 43,176 $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income 252 -- -- -- -- --
Other 7,518 -- -- -- 171 --
Equity in subsidiary earnings -- (7,479) 7,478 -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL REVENUES 111,284 (7,479) 50,654 -- 171 --
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization 698 -- 163 -- -- --
Administrative and general 34,140 -- 8,784 -- 151 1
--------- --------- --------- --------- --------- ---------
TOTAL OPERATING EXPENSES 34,838 -- 8,947 -- 151 1
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 76,446 (7,479) 41,707 -- 20 (1)
--------- --------- --------- --------- --------- ---------
OTHER INCOME
Unrealized gains (losses) on investments (35,869) -- (30,508) -- -- --
Realized gains (losses) on investments (7,647) -- -- -- -- --
Foreign currency Translation Gain/Loss 3,195 -- 276 -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL OTHER INCOME (40,321) -- (30,232) -- -- --
--------- --------- --------- --------- --------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation 564 -- 564 -- -- --
Enterprise Capital Funding Corp. 95 -- 95 -- -- --
Other Associated Companies 390 -- 165 -- -- --
Other 32,764 -- 250 -- -- --
Capitalized interest (155) -- -- -- -- --
--------- --------- --------- --------- --------- ---------
NET INTEREST EXPENSE 33,658 -- 1,074 -- -- --
--------- --------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 2,467 (7,479) 10,401 -- 20 (1)
--------- --------- --------- --------- --------- ---------
INCOME TAXES:
Current 12,582 -- 19,396 1,130 1,201 58
Deferred (18,556) -- (18,428) (972) (1,064) (58)
Investment and energy tax credits - net (434) -- (359) -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL INCOME TAXES (6,408) -- 609 158 137 --
--------- --------- --------- --------- --------- ---------
MINORITY INTERESTS (917) (1) -- -- -- --
--------- --------- --------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS 9,792 (7,478) 9,792 (158) (117) (1)
--------- --------- --------- --------- --------- ---------
NET INCOME $ 9,792 $ (7,478) $ 9,792 $ (158) $ (117) $ (1)
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG PSEG India
GWF PSEG Deblois Mount PSEG Private
CONSOL. Leasing Investment Carmel Mexico Ltd.
--------- --------- ---------- --------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 429 $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- 1
Other -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
-------- -------- -------- ------- ------- -------
TOTAL REVENUES 429 -- -- -- -- 1
-------- -------- -------- ------- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- 2
Administrative and general 25 1 -- -- 1 750
-------- -------- -------- ------- ------- -------
TOTAL OPERATING EXPENSES 25 1 -- -- 1 752
-------- -------- -------- ------- ------- -------
OPERATING INCOME 404 (1) -- -- (1) (751)
-------- -------- -------- ------- ------- -------
OTHER INCOME
Unrealized gains (losses) on investments (317) -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Foreign currency Translation Gain/Loss -- -- 295 -- -- --
-------- -------- -------- ------- ------- -------
TOTAL OTHER INCOME (317) -- 295 -- -- --
-------- -------- -------- ------- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- (2)
Capitalized interest -- -- -- -- -- --
-------- -------- -------- ------- ------- -------
NET INTEREST EXPENSE -- -- -- -- -- (2)
-------- -------- -------- ------- ------- -------
INCOME BEFORE INCOME TAXES 87 (1) 295 -- (1) (749)
-------- -------- -------- ------- ------- -------
INCOME TAXES:
Current 131 -- 121 88 -- --
Deferred (151) -- -- (40) -- (262)
Investment and energy tax credits - net -- -- -- -- -- --
-------- -------- -------- ------- ------- -------
TOTAL INCOME TAXES (20) -- 121 48 -- (262)
-------- -------- -------- ------- ------- -------
MINORITY INTERESTS -- -- -- -- -- --
-------- -------- -------- ------- ------- -------
INCOME FROM CONTINUING OPERATIONS 107 (1) 174 (48) (1) (487)
-------- -------- -------- ------- ------- -------
NET INCOME $ 107 $ (1) $ 174 $ (48) $ (1) $ (487)
======== ======== ======== ======= ======= =======
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG Asia PSEG PSEG
PSEG International Inc. India US Services
Baja CEMAS Services CONSOL. Inc. Inc.
------- ------- ------------- ------- ------- -----------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ 1,842 $ -- $ 1,453 $ -- $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Other -- 290 -- 4,077 -- --
Equity in subsidiary earnings -- 1 -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL REVENUES -- 2,133 -- 5,530 -- --
------- ------- ------- ------- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- -- -- 70 53 --
Administrative and general -- 90 337 6,793 31 113
------- ------- ------- ------- ------- -------
TOTAL OPERATING EXPENSES -- 90 337 6,863 84 113
------- ------- ------- ------- ------- -------
OPERATING INCOME -- 2,043 (337) (1,333) (84) (113)
------- ------- ------- ------- ------- -------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- 74 -- --
Foreign currency Translation Gain/Loss -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL OTHER INCOME -- -- -- 74 -- --
------- ------- ------- ------- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- (81) -- --
Capitalized interest -- -- -- -- -- --
------- ------- ------- ------- ------- -------
NET INTEREST EXPENSE -- -- -- (81) -- --
------- ------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES -- 2,043 (337) (1,178) (84) (113)
------- ------- ------- ------- ------- -------
INCOME TAXES:
Current -- 70 (183) (128) (26) (40)
Deferred -- 184 65 (281) (3) --
Investment and energy tax credits - net -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL INCOME TAXES -- 254 (118) (409) (29) (40)
------- ------- ------- ------- ------- -------
MINORITY INTERESTS -- -- -- -- -- --
------- ------- ------- ------- ------- -------
INCOME FROM CONTINUING OPERATIONS -- 1,789 (219) (769) (55) (73)
------- ------- ------- ------- ------- -------
NET INCOME $ -- $ 1,789 $ (219) $ (769) $ (55) $ (73)
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
Americas International PSEG PSEG PSEG PSEG
Development Inc. New Hawaiian Hawaiian Kalaeloa
Co. L.L.C. CONSOL. Hampshire Mgt. Investment Inc.
----------- ------------- --------- --------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ 49,054 $ 4,297 $ (86) $ 3,349 $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income -- 251 -- -- -- --
Other -- 2,844 136 -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL REVENUES -- 52,149 4,433 (86) 3,349 --
-------- -------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- 410 -- -- -- --
Administrative and general -- 16,968 155 47 (107) --
-------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES -- 17,378 155 47 (107) --
-------- -------- -------- -------- -------- --------
OPERATING INCOME -- 34,771 4,278 (133) 3,456 --
-------- -------- -------- -------- -------- --------
OTHER INCOME
Unrealized gains (losses) on investments -- (5,044) -- -- -- --
Realized gains (losses) on investments -- (7,721) -- -- -- --
Foreign currency Translation Gain/Loss -- 2,624 -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL OTHER INCOME -- (10,141) -- -- -- --
-------- -------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- 225 -- -- -- --
Other -- 32,597 -- -- -- --
Capitalized interest -- (155) -- -- -- --
-------- -------- -------- -------- -------- --------
NET INTEREST EXPENSE -- 32,667 -- -- -- --
-------- -------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES -- (8,037) 4,278 (133) 3,456 --
-------- -------- -------- -------- -------- --------
INCOME TAXES:
Current -- (8,342) 1,613 (67) (2,440) --
Deferred -- (1,252) (92) 20 3,778 --
Investment and energy tax credits - net -- -- (75) -- -- --
-------- -------- -------- -------- -------- --------
TOTAL INCOME TAXES -- (9,594) 1,446 (47) 1,338 --
-------- -------- -------- -------- -------- --------
MINORITY INTERESTS -- (916) -- -- -- --
-------- -------- -------- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS -- 2,473 2,832 (86) 2,118 --
-------- -------- -------- -------- -------- --------
NET INCOME $ -- $ 2,473 $ 2,832 $ (86) $ 2,118 $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY PSEG
PSEG USA ELIMINATIONS PSEG PSEG PSEG Project
CONSOL. & RECLASS. USA Conemaugh Tracy Services
-------- ------------ ------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 9,562 $ 6,638 $ 9,562 $ (104) $(6,234) $(1,220)
NET INCOME 9,792 (7,478) 9,792 (158) (117) (1)
------- ------- ------- ------- ------- -------
TOTAL 19,354 (840) 19,354 (262) (6,351) (1,221)
------- ------- ------- ------- ------- -------
DIVIDENDS DECLARED -- -- -- -- -- --
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
BALANCE DECEMBER 31, 1999 $19,354 $ (840) $19,354 $ (262) $(6,351) $(1,221)
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG India
GWF PSEG PSEG Mount PSEG Private
CONSOL. Leasing Deblois Carmel Mexico Ltd.
------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $14,286 $(1,684) $(1,907) $(2,401) $ (6) $ --
NET INCOME 107 (1) 174 (48) (1) (487)
------- ------- ------- ------- ------- -------
TOTAL 14,393 (1,685) (1,733) (2,449) (7) (487)
------- ------- ------- ------- ------- -------
DIVIDENDS DECLARED -- -- -- -- -- --
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
BALANCE DECEMBER 31, 1999 $14,393 $(1,685) $(1,733) $(2,449) $ (7) $ (487)
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG Asia PSEG PSEG
PSEG International Inc. India US Services
Baja CEMAS Services CONSOL. Inc. Inc.
--------- -------- ------------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ (885) $ 6,676 $ (6,472) $(13,812) $ (1,763) $ --
NET INCOME -- 1,789 (219) (769) (55) (73)
-------- -------- -------- -------- -------- --------
TOTAL (885) 8,465 (6,691) (14,581) (1,818) (73)
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $ (885) $ 8,465 $ (6,691) $(14,581) $ (1,818) $ (73)
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
Americas International PSEG PSEG PSEG PSEG
Development Inc. New Hawaiian Hawaiian Kalaeloa
Co. L.L.C. CONSOL. Hampshire Mgt. Investment Inc.
----------- ------------- --------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $(4,465) $11,891 $ 33 $ 1,429 $ --
NET INCOME -- 2,473 2,832 (86) 2,118 --
--------- ------- ------- ------- ------- --------
TOTAL -- (1,992) 14,723 (53) 3,547 --
--------- ------- ------- ------- ------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
--------- ------- ------- ------- ------- --------
--------- ------- ------- ------- ------- --------
BALANCE DECEMBER 31, 1999 $ -- $(1,992) $14,723 $ (53) $ 3,547 $ --
========= ======= ======= ======= ======= ========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
INTERCOMPANY PSEG
PSEG USA ELIMINATIONS PSEG PSEG PSEG Project
CONSOL. & RECLASS. USA Conemaugh Tracy Services
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 9,375 $ -- $ 61 $ -- $ -- $ --
Accounts and Notes receivable:
Trade 9,482 (108) 1 -- 43 --
Other 175 -- 12 -- -- --
PSE&G 381 -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings 466 -- -- -- -- --
Other associated companies 635,923 -- 400,834 1,998 3 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable 7 -- -- -- -- --
Prepayments 369 -- 8 (1) -- 3
----------- ----------- ----------- ----------- ----------- -----------
Total Current Assets 656,178 (108) 400,916 1,997 46 3
----------- ----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other 3,631 -- 1,008 -- -- --
Accum. depr. and amortization (1,020) -- (313) -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 2,611 -- 695 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- (1,021,187) 1,021,167 -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests 168,646 -- 99,108 2 -- 7,580
Corporate joint ventures 1,407,212 -- 1 -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Investments 1,575,858 (1,021,187) 1,120,276 2 -- 7,580
----------- ----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Other 29,859 -- 7,919 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Other Assets 29,859 -- 7,919 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,264,506 $(1,021,295) $ 1,529,806 $ 1,999 $ 46 $ 7,583
=========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG India
GWF PSEG PSEG Mount PSEG Private
CONSOL. Leasing Deblois Carmel Mexico Ltd.
-------- -------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ -- $ -- $ 186
Accounts and Notes receivable:
Trade -- -- -- -- 1 100
Other -- -- -- -- -- 38
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 40,146 41,609 -- 213 9 16
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Assets 40,146 41,609 -- 213 10 340
-------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- -- -- -- 47
Accum. depr. and amortization -- -- -- -- -- (2)
Valuation allowances -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Property, Plant and Equipment-net -- -- -- -- -- 45
-------- -------- -------- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests 1,069 (2,671) -- 198 -- --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Investments 1,069 (2,671) -- 198 -- --
-------- -------- -------- -------- -------- --------
OTHER ASSETS
Other -- -- -- -- -- 173
-------- -------- -------- -------- -------- --------
Total Other Assets -- -- -- -- -- 173
-------- -------- -------- -------- -------- --------
TOTAL ASSETS $ 41,215 $ 38,938 $ -- $ 411 $ 10 $ 558
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG Asia PSEG
PSEG International Inc. PSEG US Services
Baja CEMAS Services CONSOL. India Inc.
------- ------- ------------- ------- ------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ 32 $ 99 $ --
Accounts and Notes receivable:
Trade 1 142 17 3,507 1 1
Other -- -- -- 102 15 --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 2,647 20,504 3,654 3,197 3,093 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- 24 -- -- (2)
------- ------- ------- ------- ------- -------
Total Current Assets 2,648 20,646 3,695 6,838 3,208 (1)
------- ------- ------- ------- ------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- -- 46 230 --
Accum. depr. and amortization -- -- -- (46) (135) --
Valuation allowances -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Property, Plant and Equipment-net -- -- -- -- 95 --
------- ------- ------- ------- ------- -------
INVESTMENTS
Subsidiaries -- 20 -- -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests -- -- -- -- -- --
Corporate joint ventures -- 20,705 -- 115 -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Total Investments -- 20,725 -- 115 -- --
------- ------- ------- ------- ------- -------
OTHER ASSETS
Other -- -- 399 1,385 -- --
------- ------- ------- ------- ------- -------
Total Other Assets -- -- 399 1,385 -- --
------- ------- ------- ------- ------- -------
TOTAL ASSETS $ 2,648 $41,371 $ 4,094 $ 8,338 $ 3,303 $ (1)
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
Americas International PSEG PSEG PSEG PSEG
Development Inc. New Hawaiian Hawaiian Kalaeloa
Co. L.L.C. CONSOL. Hampshire Mgt. Investment Inc.
----------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 8,997 $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- 5,702 1 1 71 1
Other -- 8 -- -- -- --
PSE&G -- 381 -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings -- 466 -- -- -- --
Other associated companies -- 101,763 10,482 130 5,625 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- 7 -- -- -- --
Prepayments -- 337 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Assets -- 117,661 10,483 131 5,696 1
----------- ----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- 2,300 -- -- -- --
Accum. depr. and amortization -- (524) -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net -- 1,776 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests -- 30,876 5,697 331 26,456 --
Corporate joint ventures 30 1,386,338 -- 23 -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Investments 30 1,417,214 5,697 354 26,456 --
----------- ----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Other -- 19,983 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Other Assets -- 19,983 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 30 $ 1,556,634 $ 16,180 $ 485 $ 32,152 $ 1
=========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
LIABILITIES AND INTERCOMPANY PSEG
STOCKHOLDER'S EQUITY PSEG USA ELIMINATIONS PSEG PSEG PSEG Project
CONSOL. & RECLASS. USA Conemaugh Tracy Services
----------- ------------ ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ 3,943 $ -- $ 1,348 $ -- $ -- $ --
Taxes (3,793) -- 137 (7) 42 --
Other 3,355 -- 1,656 -- -- --
Interest 7,776 -- 250 -- -- --
Associated companies 588,519 -- 173,707 -- 4,178 7,849
Notes payable:
PSEG Capital Corporation 6,529 -- 6,529 -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. 4,967 -- 4,967 -- -- --
Other Associated companies -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt 96,919 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ---------
Total Current Liabilities 708,215 -- 188,594 (7) 4,220 7,849
----------- ----------- ----------- ----------- ----------- ---------
TOTAL LONG-TERM DEBT 230,040 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ---------
DEFERRED CREDITS
Deferred income taxes 566 -- 22,266 2,263 (1,158) 950
Deferred investment
and energy tax credits 7,710 -- 7,131 -- -- --
Other 4,860 -- -- -- 3,330 --
----------- ----------- ----------- ----------- ----------- ---------
Total Deferred Credits 13,136 -- 29,397 2,263 2,172 950
----------- ----------- ----------- ----------- ----------- ---------
MINORITY INTEREST 1,408 (20) -- -- -- --
----------- ----------- ----------- ----------- ----------- ---------
STOCKHOLDER'S EQUITY
Capital stock 10 (142) 10 5 5 5
Stock Subs Payable -- (108) 108 -- -- --
Contributed capital 1,489,793 (1,217,635) 1,489,793 -- -- --
Retained earnings 19,354 (840) 19,354 (262) (6,351) (1,221)
Cumulative Translation Adjustment (197,450) 197,450 (197,450) -- -- --
----------- ----------- ----------- ----------- ----------- ---------
Total Stockholder's Equity 1,311,707 (1,021,275) 1,311,815 (257) (6,346) (1,216)
----------- ----------- ----------- ----------- ----------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 2,264,506 $(1,021,295) $ 1,529,806 $ 1,999 $ 46 $ 7,583
=========== =========== =========== =========== =========== =========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
LIABILITIES AND PSEG PSEG PSEG India
STOCKHOLDER'S EQUITY GWF PSEG Deblois Mount PSEG Private
CONSOL. Leasing Investment Carmel Mexico Ltd.
-------- -------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes 8 (2) 3 (17) -- --
Other -- -- -- -- -- 16
Interest -- -- -- -- -- --
Associated companies 27,246 9,222 1,724 2,606 16 18
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Liabilities 27,254 9,220 1,727 2,589 16 34
-------- -------- -------- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes (215) (540) 1 1,854 -- (262)
Deferred investment
and energy tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Deferred Credits (215) (540) 1 1,854 -- (262)
-------- -------- -------- -------- -------- --------
MINORITY INTEREST -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock 5 5 5 -- 1 100
Stock Subs Payable -- -- -- -- -- --
Contributed capital (222) 31,938 -- (1,583) -- 1,173
Retained earnings 14,393 (1,685) (1,733) (2,449) (7) (487)
Cumulative Translation Adjustment -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Stockholder's Equity 14,176 30,258 (1,728) (4,032) (6) 786
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 41,215 $ 38,938 $ -- $ 411 $ 10 $ 558
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
LIABILITIES AND PSEG Asia PSEG PSEG
STOCKHOLDER'S EQUITY PSEG International Inc. India US Services
Baja CEMAS Services CONSOL. Inc. Inc.
-------- -------- ------------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ 20 $ (109) $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- 1,722 (7) -- --
Interest -- -- -- -- -- --
Associated companies -- -- 8,072 25,259 5,231 71
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Liabilities -- -- 9,814 25,143 5,231 71
-------- -------- -------- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes (168) 1,855 (388) (6,004) (111) --
Deferred investment
and energy tax credits -- -- -- -- -- --
Other -- 913 159 -- -- --
-------- -------- -------- -------- -------- --------
Total Deferred Credits (168) 2,768 (229) (6,004) (111) --
-------- -------- -------- -------- -------- --------
MINORITY INTEREST -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock 1 -- -- -- 1 1
Stock Subs Payable -- -- -- -- -- --
Contributed capital 3,700 30,138 1,200 3,780 -- --
Retained earnings (885) 8,465 (6,691) (14,581) (1,818) (73)
Cumulative Translation Adjustment -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Stockholder's Equity 2,816 38,603 (5,491) (10,801) (1,817) (72)
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 2,648 $ 41,371 $ 4,094 $ 8,338 $ 3,303 $ (1)
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG USA
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
LIABILITIES AND Americas International PSEG PSEG PSEG PSEG
STOCKHOLDER'S EQUITY Development Inc. New Hawaiian Hawaiian Kalaeloa
Co. L.L.C. CONSOL. Hampshire Mgt. Investment Inc.
----------- ------------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 2,684 $ -- $ -- $ -- $ --
Taxes -- (3,999) -- 2 40 --
Other -- (33) 1 -- -- --
Interest -- 7,526 -- -- -- --
Associated companies -- 323,258 62 -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- 96,919 -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total Current Liabilities -- 426,355 63 2 40 --
---------- ---------- ---------- ---------- ---------- ----------
TOTAL LONG-TERM DEBT -- 230,040 -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
DEFERRED CREDITS
Deferred income taxes -- (24,600) 810 25 3,988 --
Deferred investment
and energy tax credits -- -- 579 -- -- --
Other -- 458 -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total Deferred Credits -- (24,142) 1,389 25 3,988 --
---------- ---------- ---------- ---------- ---------- ----------
MINORITY INTEREST -- 1,428 -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
STOCKHOLDER'S EQUITY
Capital stock -- 1 5 1 -- 1
Stock Subs Payable -- -- -- -- -- --
Contributed capital 30 1,122,394 -- 510 24,577 --
Retained earnings -- (1,992) 14,723 (53) 3,547 --
Cumulative Translation Adjustment -- (197,450) -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total Stockholder's Equity 30 922,953 14,728 458 28,124 1
---------- ---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 30 $1,556,634 $ 16,180 $ 485 $ 32,152 $ 1
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
International INTERCOMPANY PSEG Americas
Inc. ELIMINATIONS International Inc.
CONSOL. & RECLASS. Inc. CONSOL.
--------------- ------------------ -------------- ---------------
<S> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 49,054 $ -- $ -- $ 49,757
Income from capital lease agreements -- -- -- --
Interest and dividend income 251 -- -- 251
Other 2,844 -- -- 2,389
Equity in subsidiary earnings -- (1,354) 1,354 --
--------------- ------------------ -------------- ---------------
TOTAL REVENUES 52,149 (1,354) 1,354 52,397
--------------- ------------------ -------------- ---------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Depreciation and amortization 410 -- -- 69
Administrative and general 16,968 -- (1,721) 4,157
--------------- ------------------ -------------- ---------------
TOTAL OPERATING EXPENSES 17,378 -- (1,721) 4,226
--------------- ------------------ -------------- ---------------
OPERATING INCOME 34,771 (1,354) 3,075 48,171
--------------- ------------------ -------------- ---------------
OTHER INCOME:
Unrealized gains (losses) on investments (5,044) -- -- --
Realized gains (losses) on investments (7,721) -- -- 113
Foreign currency Translation Gain/Loss 2,624 -- -- 2,624
--------------- ------------------ -------------- ---------------
TOTAL OTHER INCOME (10,141) -- -- 2,737
--------------- ------------------ -------------- ---------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies 225 -- -- 225
Other 32,597 -- -- 32,459
Capitalized interest (155) -- -- --
--------------- ------------------ -------------- ---------------
NET INTEREST EXPENSE 32,667 -- -- 32,684
--------------- ------------------ -------------- ---------------
INCOME BEFORE INCOME TAXES (8,037) (1,354) 3,075 18,224
--------------- ------------------ -------------- ---------------
INCOME TAXES:
Current (8,342) -- 602 (4,333)
Deferred (1,252) -- -- 4,437
Investment and energy tax credits-- net -- -- -- --
--------------- ------------------ -------------- ---------------
TOTAL INCOME TAXES (9,594) -- 602 104
--------------- ------------------ -------------- ---------------
MINORITY INTERESTS (916) -- -- (916)
--------------- ------------------ -------------- ---------------
INCOME FROM CONTINUING OPERATIONS 2,473 (1,354) 2,473 19,036
--------------- ------------------ -------------- ---------------
NET INCOME $ 2,473 $ (1,354) $ 2,473 $ 19,036
=============== ================== ============== ===============
<CAPTION>
PSEG
PSEG PSEG Bermuda
Americas Barka Holdings
Services Inc. II Inc.
Inc. CONSOL. CONSOL.
--------------- --------------- -------------
<S> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ -- $ --
Income from capital lease agreements -- -- --
Interest and dividend income -- -- --
Other -- -- --
Equity in subsidiary earnings -- -- --
--------------- --------------- -------------
TOTAL REVENUES -- -- --
--------------- --------------- -------------
OPERATING EXPENSES:
Operation and maintenance -- -- --
Depreciation and amortization 16 -- 67
Administrative and general 1,123 -- 4,707
--------------- --------------- -------------
TOTAL OPERATING EXPENSES 1,139 -- 4,774
--------------- --------------- -------------
OPERATING INCOME (1,139) -- (4,774)
--------------- --------------- -------------
OTHER INCOME:
Unrealized gains (losses) on investments -- -- --
Realized gains (losses) on investments -- -- --
Foreign currency Translation Gain/Loss -- -- --
--------------- --------------- -------------
TOTAL OTHER INCOME -- -- --
--------------- --------------- -------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- --
Enterprise Capital Funding Corp. -- -- --
Other Associated Companies -- -- --
Other -- -- --
Capitalized interest -- -- --
--------------- --------------- -------------
NET INTEREST EXPENSE -- -- --
--------------- --------------- -------------
INCOME BEFORE INCOME TAXES (1,139) -- (4,774)
--------------- --------------- -------------
INCOME TAXES:
Current (388) -- --
Deferred (9) -- (1,475)
Investment and energy tax credits-- net -- -- --
--------------- --------------- -------------
TOTAL INCOME TAXES (397) -- (1,475)
--------------- --------------- -------------
MINORITY INTERESTS -- -- --
--------------- --------------- -------------
INCOME FROM CONTINUING OPERATIONS (742) -- (3,299)
--------------- --------------- -------------
NET INCOME $ (742) $ -- $ (3,299)
=============== =============== =============
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG International PSEG
China Holding PSEG Salalah
Inc. Co. Elcho Inc.
CONSOL. CONSOL. CONSOL. CONSOL.
--------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ (703) $ -- $ -- $ --
Income from capital lease agreements -- -- -- --
Interest and dividend income -- -- -- --
Other -- 455 -- --
Equity in subsidiary earnings -- -- -- --
--------------- -------------- ---------------- ---------------
TOTAL REVENUES (703) 455 -- --
--------------- -------------- ---------------- ---------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Depreciation and amortization 25 -- -- --
Administrative and general 43 461 (2,301) 46
--------------- -------------- ---------------- ---------------
TOTAL OPERATING EXPENSES 68 461 (2,301) 46
--------------- -------------- ---------------- ---------------
OPERATING INCOME (771) (6) 2,301 (46)
--------------- -------------- ---------------- ---------------
OTHER INCOME:
Unrealized gains (losses) on investments (5,044) -- -- --
Realized gains (losses) on investments (7,834) -- -- --
Foreign currency Translation Gain/Loss -- -- -- --
--------------- -------------- ---------------- ---------------
TOTAL OTHER INCOME (12,878) -- -- --
--------------- -------------- ---------------- ---------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other -- 26 43 --
Capitalized interest (155) -- -- --
--------------- -------------- ---------------- ---------------
NET INTEREST EXPENSE (155) 26 43 --
--------------- -------------- ---------------- ---------------
INCOME BEFORE INCOME TAXES (13,494) (32) 2,258 (46)
--------------- -------------- ---------------- ---------------
INCOME TAXES:
Current (4,217) -- (6) --
Deferred (1,090) (3) 227 (5)
Investment and energy tax credits-- net -- -- -- --
--------------- -------------- ---------------- ---------------
TOTAL INCOME TAXES (5,307) (3) 221 (5)
--------------- -------------- ---------------- ---------------
MINORITY INTERESTS -- -- -- --
--------------- -------------- ---------------- ---------------
INCOME FROM CONTINUING OPERATIONS (8,187) (29) 2,037 (41)
--------------- -------------- ---------------- ---------------
NET INCOME $ (8,187) $ (29) $ 2,037 $ (41)
=============== ============== ================ ===============
<CAPTION>
PSEG
ECI Punjab
International PSEG Energy
Development Ltd. Co. Ltd.
-------------- -------------- -------------
<S> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ -- $ --
Income from capital lease agreements -- -- --
Interest and dividend income -- -- --
Other -- -- --
Equity in subsidiary earnings -- -- --
-------------- -------------- -------------
TOTAL REVENUES -- -- --
-------------- -------------- -------------
OPERATING EXPENSES:
Operation and maintenance -- -- --
Depreciation and amortization -- 233 --
Administrative and general -- 10,450 3
-------------- -------------- -------------
TOTAL OPERATING EXPENSES -- 10,683 3
-------------- -------------- -------------
OPERATING INCOME -- (10,683) (3)
-------------- -------------- -------------
OTHER INCOME:
Unrealized gains (losses) on investments -- -- --
Realized gains (losses) on investments -- -- --
Foreign currency Translation Gain/Loss -- -- --
-------------- -------------- -------------
TOTAL OTHER INCOME -- -- --
-------------- -------------- -------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- --
Enterprise Capital Funding Corp. -- -- --
Other Associated Companies -- -- --
Other -- 69 --
Capitalized interest -- -- --
-------------- -------------- -------------
NET INTEREST EXPENSE -- 69 --
-------------- -------------- -------------
INCOME BEFORE INCOME TAXES -- (10,752) (3)
-------------- -------------- -------------
INCOME TAXES:
Current -- -- --
Deferred -- (3,333) (1)
Investment and energy tax credits-- net -- -- --
-------------- -------------- -------------
TOTAL INCOME TAXES -- (3,333) (1)
-------------- -------------- -------------
MINORITY INTERESTS -- -- --
-------------- -------------- -------------
INCOME FROM CONTINUING OPERATIONS -- (7,419) (2)
-------------- -------------- -------------
NET INCOME $ -- $ (7,419) $ (2)
============== ============== =============
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG PSEG
International INTERCOMPANY PSEG Americas Americas
Inc. ELIMINATIONS International Inc. Services
CONSOL. & RECLASS. Inc. CONSOL. Inc.
--------------- ------------------ -------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ (4,465) $ 4,444 $ (4,465) $ 7,580 $ (894)
NET INCOME 2,473 (1,354) 2,473 19,036 (742)
--------------- ------------------ -------------- --------------- ---------------
TOTAL (1,992) 3,090 (1,992) 26,616 (1,636)
--------------- ------------------ -------------- --------------- ---------------
DIVIDENDS DECLARED -- -- -- -- --
--------------- ------------------ -------------- --------------- ---------------
BALANCE DECEMBER 31, 1999 $ (1,992) $ 3,090 $ (1,992) $ 26,616 $ (1,636)
=============== ================== ============== =============== ===============
<CAPTION>
Bermuda
PSEG Holdings
Barka II
Inc. CONSOL.
--------------- -------------
<S> <C> <C>
BALANCE JANUARY 1, 1999 $ (3) $ (2,406)
NET INCOME -- (3,299)
--------------- -------------
TOTAL (3) (5,705)
--------------- -------------
DIVIDENDS DECLARED -- --
--------------- -------------
BALANCE DECEMBER 31, 1999 $ (3) $ (5,705)
=============== =============
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG International
China Holding PSEG PSEG ECI
Inc. Co. Elcho Salalah International
CONSOL. CONSOL. CONSOL. Inc. Development
--------------- -------------- ---------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ (1,797) $ (11) $ (1,240) $ (10) $ --
NET INCOME (8,187) (29) 2,037 (41) --
--------------- -------------- ---------------- --------------- --------------
TOTAL (9,984) (40) 797 (51) --
--------------- -------------- ---------------- --------------- --------------
DIVIDENDS DECLARED -- -- -- -- --
--------------- -------------- ---------------- --------------- --------------
BALANCE DECEMBER 31, 1999 $ (9,984) $ (40) $ 797 $ (51) $ --
=============== ============== ================ =============== ==============
<CAPTION>
PSEG
Punjab
PSEG Energy
Ltd. Co. Ltd.
-------------- ------------
<S> <C> <C>
BALANCE JANUARY 1, 1999 $ (4,044) $ (1,619)
NET INCOME (7,419) (2)
-------------- ------------
TOTAL (11,463) (1,621)
-------------- ------------
DIVIDENDS DECLARED -- --
-------------- ------------
BALANCE DECEMBER 31, 1999 $ (11,463) $ (1,621)
============== ============
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
International INTERCOMPANY PSEG Americas
Inc. ELIMINATIONS International Inc.
CONSOL. & RECLASS. Inc. CONSOL.
--------------- ------------------ -------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 8,997 $ -- $ -- $ 6,869
Accounts and Notes receivable:
Trade 5,702 (11) 1 3,221
Other 8 -- -- 6
PSE&G 381 -- -- 381
PSEG -- -- -- --
PSEG Energy Holdings 466 -- -- 466
Other associated companies 101,763 -- 214 90,842
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable 7 -- -- 7
Prepayments 337 -- -- --
--------------- ------------------ -------------- ---------------
Total Current Assets 117,661 (11) 215 101,792
--------------- ------------------ -------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other 2,300 -- -- 225
Accum. depr. and amortization (524) -- -- (58)
Valuation allowances -- -- -- --
--------------- ------------------ -------------- ---------------
Property, Plant and Equipment-net 1,776 -- -- 167
--------------- ------------------ -------------- ---------------
INVESTMENTS
Subsidiaries -- (928,676) 928,674 2
Capital lease agreements -- -- -- --
Partnership interests 30,876 -- -- 30,876
Corporate joint ventures 1,386,338 -- -- 1,227,018
Securities -- -- -- --
Valuation allowances -- -- -- --
--------------- ------------------ -------------- ---------------
Total Investments 1,417,214 (928,676) 928,674 1,257,896
--------------- ------------------ -------------- ---------------
OTHER ASSETS
Other 19,983 -- -- 6,517
--------------- ------------------ -------------- ---------------
Total Other Assets 19,983 -- -- 6,517
--------------- ------------------ -------------- ---------------
TOTAL ASSETS $ 1,556,634 $ (928,687) $ 928,889 $ 1,366,372
=============== ================== ============== ===============
<CAPTION>
PSEG
PSEG Bermuda
Americas PSEG Holdings
Services Barka II Inc.
Inc. Inc. CONSOL.
--------------- --------------- -------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 117 $ -- $ (75)
Accounts and Notes receivable:
Trade 21 -- --
Other -- -- (5)
PSE&G -- -- --
PSEG -- -- --
PSEG Energy Holdings -- -- --
Other associated companies 32 -- 31
Notes receivable:
Associated companies -- -- --
Other -- -- --
Interest receivable -- -- --
Prepayments -- -- --
--------------- --------------- -------------
Total Current Assets 170 -- (49)
--------------- --------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- --
Other 37 -- 248
Accum. depr. and amortization (21) -- (116)
Valuation allowances -- -- --
--------------- --------------- -------------
Property, Plant and Equipment-net 16 -- 132
--------------- --------------- -------------
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements -- -- --
Partnership interests -- -- --
Corporate joint ventures -- -- 5,560
Securities -- -- --
Valuation allowances -- -- --
--------------- --------------- -------------
Total Investments -- -- 5,560
--------------- --------------- -------------
OTHER ASSETS
Other 24 -- 1,747
--------------- --------------- -------------
Total Other Assets 24 -- 1,747
--------------- --------------- -------------
TOTAL ASSETS $ 210 $ -- $ 7,390
=============== =============== =============
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
International PSEG PSEG
China Holding Elcho Salalah
Inc. Co. Inc. Inc.
CONSOL. CONSOL. CONSOL. CONSOL.
--------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ 287 $ --
Accounts and Notes receivable:
Trade 1,316 1,109 45 --
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 1,458 -- 8,084 48
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Prepayments -- -- -- --
--------------- -------------- ---------------- ---------------
Total Current Assets 2,774 1,109 8,416 48
--------------- -------------- ---------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
--------------- -------------- ---------------- ---------------
Property, Plant and Equipment-net -- -- -- --
--------------- -------------- ---------------- ---------------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures 85,836 12,088 55,381 --
Securities -- -- -- --
Valuation allowances -- -- -- --
--------------- -------------- ---------------- ---------------
Total Investments 85,836 12,088 55,381 --
--------------- -------------- ---------------- ---------------
OTHER ASSETS
Other 74 -- 10,544 722
--------------- -------------- ---------------- ---------------
Total Other Assets 74 -- 10,544 722
--------------- -------------- ---------------- ---------------
TOTAL ASSETS $ 88,684 $ 13,197 $ 74,341 $ 770
=============== ============== ================ ===============
<CAPTION>
PSEG
ECI Punjab
International PSEG Energy
Development Ltd. Co. Ltd.
-------------- -------------- ------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 1,796 $ 3
Accounts and Notes receivable:
Trade -- -- --
Other -- 7 --
PSE&G -- -- --
PSEG -- -- --
PSEG Energy Holdings -- -- --
Other associated companies -- 1,035 19
Notes receivable:
Associated companies -- -- --
Other -- -- --
Interest receivable -- -- --
Prepayments -- 337 --
-------------- -------------- ------------
Total Current Assets -- 3,175 22
-------------- -------------- ------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- --
Other -- 1,790 --
Accum. depr. and amortization -- (329) --
Valuation allowances -- -- --
-------------- -------------- ------------
Property, Plant and Equipment-net -- 1,461 --
-------------- -------------- ------------
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements -- -- --
Partnership interests -- -- --
Corporate joint ventures -- 455 --
Securities -- -- --
Valuation allowances -- -- --
-------------- -------------- ------------
Total Investments -- 455 --
-------------- -------------- ------------
OTHER ASSETS
Other -- 355 --
-------------- -------------- ------------
Total Other Assets -- 355 --
-------------- -------------- ------------
TOTAL ASSETS $ -- $ 5,446 $ 22
============== ============== ============
</TABLE>
<PAGE>
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
International INTERCOMPANY PSEG Americas
LIABILITIES AND Inc. ELIMINATIONS International Inc.
STOCKHOLDER'S EQUITY CONSOL. & RECLASS. Inc. CONSOL.
--------------- ------------------ -------------- ---------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ 2,684 $ -- $ -- $ 425
Taxes (3,999) -- -- 224
Other (33) -- -- --
Interest 7,526 -- -- 7,526
Associated companies 323,258 -- 5,923 203,870
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt 96,919 -- -- 96,919
--------------- ------------------ -------------- ---------------
Total Current Liabilities 426,355 -- 5,923 308,964
--------------- ------------------ -------------- ---------------
TOTAL LONG-TERM DEBT 230,040 -- -- 230,040
--------------- ------------------ -------------- ---------------
DEFERRED CREDITS
Deferred income taxes (24,600) -- -- (16,354)
Deferred investment -- -- --
and energy tax credits -- -- -- --
Other 458 -- -- 213
--------------- ------------------ -------------- ---------------
Total Deferred Credits (24,142) -- -- (16,141)
------------------------------------- -------------- ---------------
MINORITY INTEREST 1,428 -- -- 1,428
--------------- ------------------ -------------- ---------------
STOCKHOLDER'S EQUITY
Capital stock 1 (13) 1 --
Stock Subs Payable -- (13) 13 --
Contributed capital 1,122,394 (1,129,201) 1,122,394 1,010,366
Retained earnings (1,992) 3,090 (1,992) 26,616
Cumulative Translation Adjustment (197,450) 197,450 (197,450) (194,901)
--------------- ------------------ -------------- ---------------
Total Stockholder's Equity 922,953 (928,687) 922,966 842,081
--------------- ------------------ -------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,556,634 $ (928,687) $ 928,889 $ 1,366,372
=============== ================== ============== ===============
<CAPTION>
PSEG
PSEG Bermuda
Americas PSEG Holdings
LIABILITIES AND Services Barka II Inc.
STOCKHOLDER'S EQUITY Inc. Inc. CONSOL.
--------------- --------------- -------------
<S> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ --
Taxes -- -- --
Other -- -- 29
Interest -- -- --
Associated companies 1,860 3 9,934
Notes payable:
PSEG Capital Corporation -- -- --
Enterprise Capital Funding Corp. -- -- --
Enterprise Group Development Corp. -- -- --
Enterprise Diversified Holdings Inc. -- -- --
U.S.Energy Incorporated -- -- --
Current portion of long-term debt -- -- --
--------------- --------------- -------------
Total Current Liabilities 1,860 3 9,963
--------------- --------------- -------------
TOTAL LONG-TERM DEBT -- -- --
--------------- --------------- -------------
DEFERRED CREDITS
Deferred income taxes (14) -- (2,420)
Deferred investment -- -- --
and energy tax credits -- -- --
Other -- -- --
--------------- --------------- -------------
Total Deferred Credits (14) -- (2,420)
--------------- --------------- -------------
MINORITY INTEREST -- -- --
--------------- --------------- -------------
STOCKHOLDER'S EQUITY
Capital stock -- -- --
Stock Subs Payable -- -- --
Contributed capital -- -- 5,552
Retained earnings (1,636) (3) (5,705)
Cumulative Translation Adjustment -- -- --
--------------- --------------- -------------
Total Stockholder's Equity (1,636) (3) (153)
--------------- --------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 210 $ -- $ 7,390
=============== =============== =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS) PSEG
International PSEG PSEG
China Holding Elcho Salalah
LIABILITIES AND Inc. Co. Inc. Inc.
STOCKHOLDER'S EQUITY CONSOL. CONSOL. CONSOL. CONSOL.
--------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes (4,223) -- -- --
Other -- -- 17 --
Interest -- -- -- --
Associated companies 56,766 6,496 15,187 826
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt -- -- -- --
--------------- -------------- ---------------- ---------------
Total Current Liabilities 52,543 6,496 15,204 826
--------------- -------------- ---------------- ---------------
TOTAL LONG-TERM DEBT -- -- -- --
--------------- -------------- ---------------- ---------------
DEFERRED CREDITS
Deferred income taxes 293 (4) (75) (5)
Deferred investment
and energy tax credits -- -- -- --
Other -- 245 -- --
--------------- -------------- ---------------- ---------------
Total Deferred Credits 293 241 (75) (5)
--------------- -------------- ---------------- ---------------
MINORITY INTEREST -- -- -- --
--------------- -------------- ---------------- ---------------
STOCKHOLDER'S EQUITY
Capital stock 1 12 -- --
Stock Subs Payable -- -- -- --
Contributed capital 48,380 6,488 58,415 --
Retained earnings (9,984) (40) 797 (51)
Cumulative Translation Adjustment (2,549) -- -- --
--------------- -------------- ---------------- ---------------
Total Stockholder's Equity 35,848 6,460 59,212 (51)
--------------- -------------- ---------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 88,684 $ 13,197 $ 74,341 $ 770
=============== ============== ================ ===============
<CAPTION>
PSEG
ECI Punjab
LIABILITIES AND International PSEG Energy
STOCKHOLDER'S EQUITY Development Ltd. Co. Ltd.
-------------- -------------- ------------
<S> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 2,259 $ --
Taxes -- -- --
Other -- (79) --
Interest -- -- --
Associated companies -- 19,878 2,515
Notes payable:
PSEG Capital Corporation -- -- --
Enterprise Capital Funding Corp. -- -- --
Enterprise Group Development Corp. -- -- --
Enterprise Diversified Holdings Inc. -- -- --
U.S.Energy Incorporated -- -- --
Current portion of long-term debt -- -- --
-------------- -------------- ------------
Total Current Liabilities -- 22,058 2,515
-------------- -------------- ------------
TOTAL LONG-TERM DEBT -- -- --
-------------- -------------- ------------
DEFERRED CREDITS
Deferred income taxes -- (5,149) (872)
Deferred investment
and energy tax credits -- -- --
Other -- -- --
-------------- -------------- ------------
Total Deferred Credits -- (5,149) (872)
-------------- -------------- ------------
MINORITY INTEREST -- -- --
-------------- -------------- ------------
STOCKHOLDER'S EQUITY
Capital stock -- -- --
Stock Subs Payable -- -- --
Contributed capital -- -- --
Retained earnings -- (11,463) (1,621)
Cumulative Translation Adjustment -- -- --
-------------- -------------- ------------
Total Stockholder's Equity -- (11,463) (1,621)
-------------- -------------- ------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 5,446 $ 22
============== ============== ============
</TABLE>
<PAGE>
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Americas INTERCOMPANY PSEG Mendoza
Inc. ELIMINATIONS Americas Energia
CONSOL. & RECLASS. Inc. Inc.
---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 49,757 $ -- $ -- $ --
Income from capital lease agreements -- -- -- --
Interest and dividend income 251 -- -- --
Other 2,389 -- -- --
Equity in subsidiary earnings -- (19,110) 19,110 --
---------------- ------------------ ------------- -------------
TOTAL REVENUES 52,397 (19,110) 19,110 --
---------------- ------------------ ------------- -------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Depreciation and amortization 69 -- -- --
Administrative and General 4,157 -- 99 --
---------------- ------------------ ------------- -------------
TOTAL OPERATING EXPENSES 4,226 -- 99 --
---------------- ------------------ ------------- -------------
OPERATING INCOME 48,171 (19,110) 19,011 --
---------------- ------------------ ------------- -------------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments 113 -- -- --
Foreign currency Translation Gain/Loss 2,624 -- -- --
---------------- ------------------ ------------- -------------
TOTAL OTHER INCOME 2,737 -- -- --
---------------- ------------------ ------------- -------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies 225 -- -- --
Other 32,459 -- -- --
Capitalized interest -- -- -- --
---------------- ------------------ ------------- -------------
NET INTEREST EXPENSE 32,684 -- -- --
---------------- ------------------ ------------- -------------
INCOME BEFORE INCOME TAXES 18,224 (19,110) 19,011 --
---------------- ------------------ ------------- -------------
INCOME TAXES:
Current (4,333) -- (1,830) --
Deferred 4,437 -- 1,805 --
Investment and energy tax credits-- net -- -- -- --
---------------- ------------------ ------------- -------------
TOTAL INCOME TAXES 104 -- (25) --
---------------- ------------------ ------------- -------------
MINORITY INTERESTS (916) -- -- --
---------------- ------------------ ------------- -------------
NET INCOME $ 19,036 $ (19,110) $ 19,036 $ --
================ ================== ============= =============
<CAPTION>
Andina
Cuyana Electrica
Inc. Inc.
------------- -------------
<S> <C> <C>
REVENUES:
Income from partnerships $ -- $ --
Income from capital lease agreements -- --
Interest and dividend income -- --
Other -- --
Equity in subsidiary earnings -- --
------------- -------------
TOTAL REVENUES -- --
------------- -------------
OPERATING EXPENSES:
Operation and maintenance -- --
Depreciation and amortization -- --
Administrative and general -- --
------------- -------------
TOTAL OPERATING EXPENSES -- --
------------- -------------
OPERATING INCOME -- --
------------- -------------
OTHER INCOME
Unrealized gains (losses) on investments -- --
Realized gains (losses) on investments -- --
Foreign currency Translation Gain/Loss -- --
------------- -------------
TOTAL OTHER INCOME -- --
------------- -------------
INTEREST EXPENSE:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Other Associated Companies -- --
Other -- --
Capitalized interest -- --
------------- -------------
NET INTEREST EXPENSE -- --
------------- -------------
INCOME BEFORE INCOME TAXES -- --
------------- -------------
INCOME TAXES:
Current -- --
Deferred -- --
Investment and energy tax credits-- net -- --
------------- -------------
TOTAL INCOME TAXES -- --
------------- -------------
MINORITY INTERESTS -- --
------------- -------------
NET INCOME $ -- $ --
============= =============
</TABLE>
<PAGE>
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG Global PSEG PSEG PSEG
Peru Funding II L.L.C. La Plata II La Plata I Americas II
Inc. CONSOL (US) (US) Ltd.
------------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ 7,278 $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Interest and dividend income -- 48 -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
------------- ------------ ------------- ------------- -------------
TOTAL REVENUES -- 7,326 -- -- --
------------- ------------ ------------- ------------- -------------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Administrative and general -- -- -- -- --
------------- ------------ ------------- ------------- -------------
TOTAL OPERATING EXPENSES -- -- -- -- --
------------- ------------ ------------- ------------- -------------
OPERATING INCOME -- 7,326 -- -- --
------------- ------------ ------------- ------------- -------------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- -- --
------------- ------------ ------------- ------------- -------------
TOTAL OTHER INCOME -- -- -- -- --
------------- ------------ ------------- ------------- -------------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- 8,103 -- -- --
Capitalized interest -- -- -- -- --
------------- ------------ ------------- ------------- -------------
NET INTEREST EXPENSE -- 8,103 -- -- --
------------- ------------ ------------- ------------- -------------
INCOME BEFORE INCOME TAXES -- (777) -- -- --
------------- ------------ ------------- ------------- -------------
INCOME TAXES:
Current -- (3,284) -- -- --
Deferred -- 861 -- -- --
Investment and energy tax credits-- net -- -- -- -- --
------------- ------------ ------------- ------------- -------------
TOTAL INCOME TAXES -- (2,423) -- -- --
------------- ------------ ------------- ------------- -------------
MINORITY INTERESTS -- -- -- -- --
------------- ------------ ------------- ------------- -------------
NET INCOME $ -- $ 1,646 $ -- $ -- $ --
============= ============ ============= ============= =============
<CAPTION>
PSEG
Americas
Ltd.
CONSOL.
---------------
<S> <C>
REVENUES:
Income from partnerships $ 42,479
Income from capital lease agreements --
Interest and dividend income 203
Other 2,389
Equity in subsidiary earnings --
---------------
Total revenues 45,071
---------------
OPERATING EXPENSES:
Operation and maintenance --
Depreciation and amortization 69
Administrative and general 4,058
---------------
TOTAL OPERATING EXPENSES 4,127
---------------
OPERATING INCOME 40,944
---------------
OTHER INCOME
Unrealized gains (losses) on investments --
Realized gains (losses) on investments 113
Foreign currency Translation Gain/Loss 2,624
---------------
TOTAL OTHER INCOME 2,737
---------------
INTEREST EXPENSE:
PSEG Capital Corporation --
Enterprise Capital Funding Corp. --
Other Associated Companies 225
Other 24,356
Capitalized interest --
---------------
NET INTEREST EXPENSE 24,581
---------------
INCOME BEFORE INCOME TAXES 19,100
---------------
INCOME TAXES:
Current 781
Deferred 1,771
Investment and energy tax credits-- net --
---------------
TOTAL INCOME TAXES 2,552
---------------
MINORITY INTERESTS (916)
---------------
NET INCOME $ 17,464
===============
</TABLE>
<PAGE>
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Americas INTERCOMPANY PSEG Mendoza
Inc. ELIMINATIONS Americas Energia
CONSOL. & RECLASS. Inc. Inc.
---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 7,580 $ (9,210) $ 7,580 $ --
NET INCOME 19,036 (19,110) 19,036 --
---------------- ------------------ ------------- -------------
TOTAL 26,616 (28,320) 26,616 --
---------------- ------------------ ------------- -------------
DIVIDENDS DECLARED -- -- -- --
---------------- ------------------ ------------- -------------
---------------- ------------------ ------------- -------------
BALANCE DECEMBER 31, 1999 $ 26,616 $ (28,320) $ 26,616 $ --
================ ================== ============= =============
<CAPTION>
Andina
Cuyana Electrica
Inc. Inc.
------------- -------------
<S> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ --
NET INCOME -- --
------------- -------------
TOTAL -- --
------------- -------------
DIVIDENDS DECLARED -- --
------------- -------------
------------- -------------
BALANCE DECEMBER 31, 1999 $ -- $ --
============= =============
</TABLE>
<PAGE>
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG PSEG
PSEG Global PSEG PSEG PSEG Americas
Peru Funding II L.L.C. La Plata II La Plata I Americas II Ltd.
Inc. CONSOL. (US) (US) Ltd. CONSOL.
------------- ------------ ------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ -- $ -- $ -- $ -- $ 9,210
NET INCOME -- 1,646 -- -- -- 17,464
------------- ------------ ------------- ------------- ------------- ---------------
TOTAL -- 1,646 -- -- -- 26,674
------------- ------------ ------------- ------------- ------------- ---------------
DIVIDENDS DECLARED -- -- -- -- -- --
------------- ------------ ------------- ------------- ------------- ---------------
------------- ------------ ------------- ------------- ------------- ---------------
BALANCE DECEMBER 31, 1999 $ -- $ 1,646 $ -- $ -- $ -- $ 26,674
============= ============ ============= ============= ============= ===============
</TABLE>
<PAGE>
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Americas INTERCOMPANY PSEG Mendoza
Inc. ELIMINATIONS Americas Energia
CONSOL. & RECLASS. Inc. Inc.
---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 6,869 $ -- $ -- $ --
Accounts and Notes receivable:
Trade 3,221 -- (32) --
Other 6 -- -- --
PSE&G 381 -- -- --
PSEG -- -- -- --
PSEG Energy Holdings 466 -- -- --
Other associated companies 90,842 (172) 54,079 --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable 7 -- -- --
Prepayments -- -- -- --
---------------- ------------------ ------------- -------------
Total Current Assets 101,792 (172) 54,047 --
---------------- ------------------ ------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other 225 -- -- --
Accum. depr. and amortization (58) -- -- --
Valuation allowances -- -- -- --
---------------- ------------------ ------------- -------------
Property, Plant and Equipment-net 167 -- -- --
---------------- ------------------ ------------- -------------
INVESTMENTS
Subsidiaries 2 (789,820) 789,820 --
Capital lease agreements -- -- -- --
Partnership interests 30,876 -- -- --
Corporate joint ventures 1,227,018 -- 1,982 --
Securities -- -- -- --
Valuation allowances -- -- -- --
---------------- ------------------ ------------- -------------
Total Investments 1,257,896 (789,820) 791,802 --
---------------- ------------------ ------------- -------------
OTHER ASSETS
Other 6,517 -- 812 --
---------------- ------------------ ------------- -------------
Total Other Assets 6,517 -- 812 --
---------------- ------------------ ------------- -------------
TOTAL ASSETS $ 1,366,372 $ (789,992) $ 846,661 $ --
================ ================== ============= =============
<CAPTION>
Andina
Cuyana Electrica
Inc. Inc.
------------- -------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ --
Accounts and Notes receivable:
Trade -- --
Other -- --
PSE&G -- --
PSEG -- --
PSEG Energy Holdings -- --
Other associated companies -- --
Notes receivable:
Associated companies -- --
Other -- --
Interest receivable -- --
Prepayments -- --
------------- -------------
Total Current Assets -- --
------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- --
Other -- --
Accum. depr. and amortization -- --
Valuation allowances -- --
------------- -------------
Property, Plant and Equipment-net -- --
------------- -------------
INVESTMENTS
Subsidiaries -- --
Capital lease agreements -- --
Partnership interests -- --
Corporate joint ventures -- --
Securities -- --
Valuation allowances -- --
------------- -------------
Total Investments -- --
------------- -------------
OTHER ASSETS
Other -- --
------------- -------------
Total Other Assets -- --
------------- -------------
TOTAL ASSETS $ -- $ --
============= =============
</TABLE>
<PAGE>
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG Global PSEG PSEG
Peru Funding II L.L.C. La Plata II La Plata I
Inc. CONSOL. (US) (US)
------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 6,563 $ -- $ --
Accounts and Notes receivable:
Trade -- 2,044 -- --
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies -- 3,282 -- --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Prepayments -- -- -- --
------------- ------------ ------------- -------------
Total Current Assets -- 11,889 -- --
------------- ------------ ------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
------------- ------------ ------------- -------------
Property, Plant and Equipment-net -- -- -- --
------------- ------------ ------------- -------------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures -- 155,315 51 39,270
Securities -- -- -- --
Valuation allowances -- -- -- --
------------- ------------ ------------- -------------
Total Investments -- 155,315 51 39,270
------------- ------------ ------------- -------------
OTHER ASSETS
Other -- -- -- --
------------- ------------ ------------- -------------
Total Other Assets -- -- -- --
------------- ------------ ------------- -------------
TOTAL ASSETS $ -- $ 167,204 $ 51 $ 39,270
============= ============ ============= =============
<CAPTION>
PSEG
PSEG Americas
Americas II Ltd.
Ltd. CONSOL.
-------------- ---------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 306
Accounts and Notes receivable:
Trade -- 1,209
Other -- 6
PSE&G -- 381
PSEG -- --
PSEG Energy Holdings -- 466
Other associated companies 10 33,643
Notes receivable:
Associated companies -- --
Other -- --
Interest receivable -- 7
Prepayments -- --
-------------- ---------------
Total Current Assets 10 36,018
-------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- --
Other -- 225
Accum. depr. and amortization -- (58)
Valuation allowances -- --
-------------- ---------------
Property, Plant and Equipment-net -- 167
-------------- ---------------
INVESTMENTS
Subsidiaries 2 --
Capital lease agreements -- --
Partnership interests -- 30,876
Corporate joint ventures -- 1,030,400
Securities -- --
Valuation allowances -- --
-------------- ---------------
Total Investments 2 1,061,276
-------------- ---------------
OTHER ASSETS
Other -- 5,705
-------------- ---------------
Total Other Assets -- 5,705
-------------- ---------------
TOTAL ASSETS $ 12 $ 1,103,166
============== ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999 PSEG
($ IN THOUSANDS) Americas INTERCOMPANY PSEG Mendoza
Inc. ELIMINATIONS Americas Energia
LIABILITIES AND CONSOL. & RECLASS. Inc. Inc.
STOCKHOLDER'S EQUITY ---------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ 425 $ -- $ -- $ --
Taxes 224 -- -- --
Other -- -- -- --
Interest 7,526 -- -- --
Associated companies 203,870 (172) 2,947 --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt 96,919 -- -- --
---------------- ------------------ ------------- -------------
Total Current Liabilities 308,964 (172) 2,947 --
---------------- ------------------ ------------- -------------
TOTAL LONG-TERM DEBT 230,040 -- -- --
---------------- ------------------ ------------- -------------
DEFERRED CREDITS
Deferred income taxes (16,354) -- 1,633 --
Deferred investment
and energy tax credits -- -- -- --
Other 213 -- -- --
---------------- ------------------ ------------- -------------
Total Deferred Credits (16,141) -- 1,633 --
---------------- ------------------ ------------- -------------
MINORITY INTEREST 1,428 (20) -- --
---------------- ------------------ ------------- -------------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Stock Subs Payable -- -- -- --
Contributed capital 1,010,366 (956,381) 1,010,366 --
Retained earnings 26,616 (28,320) 26,616 --
Cumulative Translation Adjustment (194,901) 194,901 (194,901) --
---------------- ------------------ ------------- -------------
Total Stockholder's Equity 842,081 (789,800) 842,081 --
---------------- ------------------ ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,366,372 $ (789,992) $ 846,661 $ --
================ ================== ============= =============
<CAPTION>
Andina
Cuyana Electrica
LIABILITIES AND Inc. Inc.
STOCKHOLDER'S EQUITY ------------- -------------
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ --
Taxes -- --
Other -- --
Interest -- --
Associated companies -- --
Notes payable:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Enterprise Group Development Corp. -- --
Enterprise Diversified Holdings Inc. -- --
U.S.Energy Incorporated -- --
Current portion of long-term debt -- --
------------- -------------
Total Current Liabilities -- --
------------- -------------
TOTAL LONG-TERM DEBT -- --
------------- -------------
DEFERRED CREDITS
Deferred income taxes -- --
Deferred investment
and energy tax credits -- --
Other -- --
------------- -------------
Total Deferred Credits -- --
------------- -------------
MINORITY INTEREST -- --
------------- -------------
STOCKHOLDER'S EQUITY
Capital stock -- --
Stock Subs Payable -- --
Contributed capital -- --
Retained earnings -- --
Cumulative Translation Adjustment -- --
------------- -------------
Total Stockholder's Equity -- --
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ --
============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999 PSEG
($ IN THOUSANDS) PSEG Global PSEG PSEG
Peru Funding II L.L.C. La Plata II La Plata I
LIABILITIES AND Inc. CONSOL. (US) (US)
STOCKHOLDER'S EQUITY ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other -- -- -- --
Interest -- 1,941 -- --
Associated companies -- -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt -- -- -- --
------------- ------------ ------------- -------------
Total Current Liabilities -- 1,941 -- --
------------- ------------ ------------- -------------
TOTAL LONG-TERM DEBT -- 160,000 -- --
------------- ------------ ------------- -------------
DEFERRED CREDITS
Deferred income taxes -- (91) -- --
Deferred investment
and energy tax credits -- -- -- --
Other -- -- -- --
------------- ------------ ------------- -------------
Total Deferred Credits -- (91) -- --
------------- ------------ ------------- -------------
MINORITY INTEREST -- -- -- --
------------- ------------ ------------- -------------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Stock Subs Payable -- -- -- --
Contributed capital -- 12,274 51 39,270
Retained earnings -- 1,646 -- --
Cumulative Translation Adjustment -- (8,566) -- --
------------- ------------ ------------- -------------
Total Stockholder's Equity -- 5,354 51 39,270
------------- ------------ ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 167,204 $ 51 $ 39,270
============= ============ ============= =============
<CAPTION>
PSEG
PSEG Americas
Americas II Ltd.
LIABILITIES AND Ltd. CONSOL.
STOCKHOLDER'S EQUITY ------------- ---------------
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 425
Taxes -- 224
Other -- --
Interest -- 5,585
Associated companies 12 201,083
Notes payable:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Enterprise Group Development Corp. -- --
Enterprise Diversified Holdings Inc. -- --
U.S.Energy Incorporated -- --
Current portion of long-term debt -- 96,919
------------- ---------------
Total Current Liabilities 12 304,236
------------- ---------------
TOTAL LONG-TERM DEBT -- 70,040
------------- ---------------
DEFERRED CREDITS
Deferred income taxes -- (17,896)
Deferred investment
and energy tax credits -- --
Other -- 213
------------- ---------------
Total Deferred Credits -- (17,683)
------------- ---------------
MINORITY INTEREST -- 1,448
------------- ---------------
STOCKHOLDER'S EQUITY
Capital stock -- --
Stock Subs Payable -- --
Contributed capital -- 904,786
Retained earnings -- 26,674
Cumulative Translation Adjustment -- (186,335)
------------- ---------------
Total Stockholder's Equity -- 745,125
------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 12 $ 1,103,166
============= ===============
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG Texgen
Americas INTERCOMPANY PSEG PSEG Americas Holdings PSEG
Ltd. ELIMINATIONS Americas Peru Holdings Inc. Inc. Peru S.R.L.
CONSOL. & RECLASS. Ltd. L.L.C. (Cayman) CONSOL. (Peru)
-------- ------------ -------- -------- ------------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 42,479 $ -- $ 3,315 $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- -- --
Interest and dividend income 203 -- -- -- -- -- --
Other 2,389 (8,253) 2,198 -- -- -- --
Equity in subsidiary earnings -- (2,368) 2,368 -- -- -- --
-------- -------- -------- -------- -------- -------- --------
TOTAL REVENUES 45,071 (10,621) 7,881 -- -- -- --
-------- -------- -------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- -- --
Depreciation and amortization 69 -- -- -- -- -- --
Administrative and general 4,058 (8,253) 2,985 -- -- (1,378) 93
-------- -------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES 4,127 (8,253) 2,985 -- -- (1,378) 93
-------- -------- -------- -------- -------- -------- --------
OPERATING INCOME 40,944 (2,368) 4,896 -- -- 1,378 (93)
-------- -------- -------- -------- -------- -------- --------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- -- -- -- --
Realized gains (losses) on investments 113 -- -- -- -- -- --
Foreign currency Translation Gain/Loss 2,624 -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
TOTAL OTHER INCOME 2,737 -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- -- --
Other Associated Companies 225 -- -- -- -- -- --
Other 24,356 -- (12,568) -- -- 4 --
Capitalized interest -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
NET INTEREST EXPENSE 24,581 -- (12,568) -- -- 4 --
-------- -------- -------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES 19,100 (2,368) 17,464 -- -- 1,374 (93)
-------- -------- -------- -------- -------- -------- --------
INCOME TAXES:
Current 781 -- -- -- -- 481 --
Deferred 1,771 -- -- -- -- -- (9)
Investment and energy tax credits - net -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
TOTAL INCOME TAXES 2,552 -- -- -- -- 481 (9)
-------- -------- -------- -------- -------- -------- --------
MINORITY INTERESTS (916) (917) -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ 17,464 $ (1,451) $ 17,464 $ -- $ -- $ 893 $ (84)
======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Andina PSEG Venergy Rayo-Andino Rayo-Andino
Mendoza I Brazil Distribuidora Terra Roxa I Gestora Inversora
Company Operating Co Dos Ltda. Company Company
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------ ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Other -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL REVENUES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Administrative and general -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
OPERATING INCOME -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL OTHER INCOME -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- --
Capitalized interest -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
NET INTEREST EXPENSE -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
INCOME TAXES:
Current -- -- -- -- -- --
Deferred -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL INCOME TAXES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
MINORITY INTERESTS -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
NET INCOME $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Transamerica Cayman PSEG Venergy
Energy PSEG Americas Peru Power Holdings PSEG
Company Brazil Company Ltd. Company Electrica
(Cayman) Ltda. CONSOL. (Cayman) (Cayman) (Cayman)
------------ -------- -------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Other -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL REVENUES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Depreciation and amortization -- 69 -- -- -- --
Administrative and general -- 1,616 (230) -- 570 --
-------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES -- 1,685 (230) -- 570 --
-------- -------- -------- -------- -------- --------
OPERATING INCOME -- (1,685) 230 -- (570) --
-------- -------- -------- -------- -------- --------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL OTHER INCOME -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- --
Capitalized interest -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
NET INTEREST EXPENSE -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES -- (1,685) 230 -- (570) --
-------- -------- -------- -------- -------- --------
INCOME TAXES:
Current -- -- -- -- -- --
Deferred -- (168) 608 -- (57) --
Investment and energy tax credits - net -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL INCOME TAXES -- (168) 608 -- (57) --
-------- -------- -------- -------- -------- --------
MINORITY INTERESTS -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
NET INCOME $ -- $ (1,517) $ (378) $ -- $ (513) $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Americas PSEG PSEG PSEG
Operating PSEG PSEG PSEG Global Chilean Brazil
Company Brazil II Brazil III Wildwood I Funding II Equity II Ltd. Investment
CONSOL. Company Company Ltd. Corp. CONSOL. CONSOL.
--------- --------- ---------- ---------- ---------- -------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Income from partnerships $ 12,072 $ -- $ -- $ (24) $ -- $ 7,453 $ 19,663
Income from capital lease agreements -- -- -- -- -- -- --
Interest and dividend income 199 -- -- -- -- -- 4
Other 8,444 -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
TOTAL REVENUES 20,715 -- -- (24) -- 7,453 19,667
-------- -------- -------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- -- --
Administrative and general 8,301 -- -- 116 -- (990) 1,228
-------- -------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES 8,301 -- -- 116 -- (990) 1,228
-------- -------- -------- -------- -------- -------- --------
OPERATING INCOME 12,414 -- -- (140) -- 8,443 18,439
-------- -------- -------- -------- -------- -------- --------
OTHER INCOME
Unrealized gains (losses) on investments -- -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- -- 113
Foreign currency Translation Gain/Loss -- -- -- -- -- -- 2,624
-------- -------- -------- -------- -------- -------- --------
TOTAL OTHER INCOME -- -- -- -- -- -- 2,737
-------- -------- -------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- -- 225
Other 21,595 -- -- -- -- 90 15,235
Capitalized interest -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
NET INTEREST EXPENSE 21,595 -- -- -- -- 90 15,460
-------- -------- -------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES (9,181) -- -- (140) -- 8,353 5,716
-------- -------- -------- -------- -------- -------- --------
INCOME TAXES:
Current -- -- -- -- -- -- 300
Deferred -- -- -- (10) -- 835 572
Investment and energy tax credits - net -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
TOTAL INCOME TAXES -- -- -- (10) -- 835 872
-------- -------- -------- -------- -------- -------- --------
MINORITY INTERESTS 1 -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
NET INCOME $ (9,182) $ -- $ -- $ (130) $ -- $ 7,518 $ 4,844
======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG Cayman
Americas INTERCOMPANY PSEG PSEG Americas Americas PSEG
Ltd. ELIMINATIONS Americas Peru Holdings Inc. Company Peru S.R.L.
CONSOL. & RECLASS. Ltd. L.L.C. (Cayman) CONSOL. (Peru)
--------- ------------ -------- -------- ------------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ 9,210 $ 11,013 $ 9,210 $ -- $ -- $ -- $ --
NET INCOME 17,464 (1,451) 17,464 -- -- 893 (84)
-------- -------- -------- -------- -------- -------- --------
TOTAL 26,674 9,562 26,674 -- -- 893 (84)
-------- -------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $ 26,674 $ 9,562 $ 26,674 $ -- $ -- $ 893 $ (84)
======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Andina PSEG Venergy Rayo-Andino Rayo-Andino
Mendoza I Brazil Distribuidora Terra Roxa I Gestora Inversora
Company Operating Co Dos Ltda. Company Company
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------ ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ -- $ -- $ -- $ -- $ --
NET INCOME -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Transamerica Cayman PSEG Venergy
Energy PSEG Americas Peru Power Holdings PSEG
Company Brazil Company Ltd. Company Electrica
(Cayman) Ltda. CONSOL. (Cayman) (Cayman) (Cayman)
------------ --------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ (1,250) $ -- $ -- $ -- $ --
NET INCOME -- (1,517) (378) -- (513) --
--------- --------- --------- --------- --------- ---------
TOTAL -- (2,767) (378) -- (513) --
--------- --------- --------- --------- --------- ---------
DIVIDENDS DECLARED -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
BALANCE DECEMBER 31, 1999 $ -- $ (2,767) $ (378) $ -- $ (513) $ --
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Americas PSEG PSEG PSEG
Operating PSEG PSEG PSEG Global Chilean Brazil
Company Brazil II Brazil III Wildwood I Funding II Equity II Ltd. Investment
CONSOL. Company Company Ltd. Corp. CONSOL. CONSOL.
--------- --------- ---------- ---------- ---------- -------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $(20,054) $ -- $ -- $ -- $ -- $ -- $ 10,291
NET INCOME (9,182) -- -- (130) -- 7,518 4,844
-------- -------- -------- -------- -------- -------- --------
TOTAL (29,236) -- -- (130) -- 7,518 15,135
-------- -------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $(29,236) $ -- $ -- $ (130) $ -- $ 7,518 $ 15,135
======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG Cayman
Americas INTERCOMPANY PSEG PSEG Americas Americas PSEG
Ltd. ELIMINATIONS Americas Peru Holdings Inc. Company Peru S.R.L.
CONSOL. & RECLASS. Ltd. L.L.C. (Cayman) CONSOL. (Peru)
----------- ------------ ----------- ------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 306 $ -- $ 11 $ -- $ -- $ -- $ 25
Accounts and Notes receivable:
Trade 1,209 (1) 557 -- -- -- --
Other 6 -- -- -- -- -- --
PSE&G 381 -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
PSEG Energy Holdings 466
Other associated companies 33,643 (101,675) 135,572 -- -- (430) --
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest receivable 7 -- -- -- -- -- --
Prepayments -- -- -- -- -- -- --
----------- ----------- ----------- ------ ------ ----------- -----------
Total Current Assets 36,018 (101,676) 136,140 -- -- (430) 25
----------- ----------- ----------- ------ ------ ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- --
Other 225 -- -- -- -- -- --
Accum. depr. and amortization (58) -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
----------- ----------- ----------- ------ ------ ----------- -----------
Property, Plant and Equipment-net 167 -- -- -- -- -- --
----------- ----------- ----------- ------ ------ ----------- -----------
INVESTMENTS
Subsidiaries -- (618,562) 618,562 -- -- -- --
Capital lease agreements -- -- -- -- -- -- --
Partnership interests 30,876 -- -- -- -- 30,876 --
Corporate joint ventures 1,030,400 -- 108,079 -- -- 659 --
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
----------- ----------- ----------- ------ ------ ----------- -----------
Total Investments 1,061,276 (618,562) 726,641 -- -- 31,535 --
----------- ----------- ----------- ------ ------ ----------- -----------
OTHER ASSETS
Other 5,705 -- (120) -- -- 878 --
----------- ----------- ----------- ------ ------ ----------- -----------
Total Other Assets 5,705 -- (120) -- -- 878 --
----------- ----------- ----------- ------ ------ ----------- -----------
TOTAL ASSETS $ 1,103,166 $ (720,238) $ 862,661 $ -- $ -- $ 31,983 $ 25
=========== =========== =========== ====== ====== =========== ===========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Andina PSEG Venergy Rayo-Andino Rayo-Andino
Mendoza I Brazil Distribuidora Terra Roxa I Gestora Inversora
Company Operating Co Dos Ltda. Company Company
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------ ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- -- -- -- --
Other -- -- -- -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings
Other associated companies -- -- -- -- -- --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Assets -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- -- -- -- --
Accum. depr. and amortization -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Property, Plant and Equipment-net -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Investments -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
OTHER ASSETS
Other -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Other Assets -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL ASSETS $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Transamerica Cayman PSEG Venergy
Energy PSEG Americas Peru Power Holdings PSEG
Company Brazil Company Ltd. Company Electrica
(Cayman) Ltda. CONSOL. (Cayman) (Cayman) (Cayman)
------------ --------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 151 $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- -- -- 13 --
Other -- 6 -- -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings
Other associated companies -- 121 -- -- -- --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Current Assets -- 278 -- -- 13 --
--------- --------- --------- --------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- 225 -- -- -- --
Accum. depr. and amortization -- (58) -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Property, Plant and Equipment-net -- 167 -- -- -- --
--------- --------- --------- --------- --------- ---------
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
Partnership interests -- -- -- -- -- --
Corporate joint ventures -- -- 25,868 -- 40,116 --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Investments -- -- 25,868 -- 40,116 --
--------- --------- --------- --------- --------- ---------
OTHER ASSETS
Other -- 21 -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Other Assets -- 21 -- -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL ASSETS $ -- $ 466 $ 25,868 $ -- $ 40,129 $ --
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Americas PSEG PSEG PSEG
Operating PSEG PSEG PSEG Global Chilean Brazil
Company Brazil II Brazil III Wildwood I Funding II Equity II Ltd. Investment
CONSOL. Company Company Ltd. Corp. CONSOL. CONSOL.
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 13 $ -- $ -- $ -- $ -- $ -- $ 106
Accounts and Notes receivable:
Trade 638 -- -- -- 1 1 --
Other -- -- -- -- -- -- --
PSE&G -- -- -- -- -- -- 381
PSEG -- -- -- -- -- -- --
PSEG Energy Holdings 466
Other associated companies -- -- -- -- -- -- 55
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest receivable 7 -- -- -- -- -- --
Prepayments -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total Current Assets 658 -- -- -- 1 1 1,008
-------- -------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Accum. depr. and amortization -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Property, Plant and Equipment-net -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- -- --
Partnership interests -- -- -- -- -- -- --
Corporate joint ventures 218,894 -- -- 50,625 -- 256,042 330,117
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total Investments 218,894 -- -- 50,625 -- 256,042 330,117
-------- -------- -------- -------- -------- -------- --------
OTHER ASSETS
Other 4,910 -- -- -- -- 3 13
-------- -------- -------- -------- -------- -------- --------
Total Other Assets 4,910 -- -- -- -- 3 13
-------- -------- -------- -------- -------- -------- --------
TOTAL ASSETS $224,462 $ -- $ -- $ 50,625 $ 1 $256,046 $331,138
======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
PSEG PSEG Cayman
Americas INTERCOMPANY PSEG PSEG Americas Americas PSEG
Ltd. ELIMINATIONS Americas Peru Holdings Inc. Company Peru S.R.L.
CONSOL. & RECLASS. Ltd. L.L.C. (Cayman) CONSOL. (Peru)
---------- ------------ --------- ------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 425 $ -- $ -- $ -- $ -- $ -- $ --
Taxes 224 -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest 5,585 -- -- -- -- -- --
Associated companies 201,083 (101,675) 117,715 -- -- 309 118
Notes payable:
PSEG Capital Corporation -- -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- -- --
Current portion of long-term debt 96,919 -- -- -- -- -- --
---------- ---------- --------- ------ ------ ----------- -----------
Total Current Liabilities 304,236 (101,675) 117,715 -- -- 309 118
---------- ---------- --------- ------ ------ ----------- -----------
TOTAL LONG-TERM DEBT 70,040 -- -- -- -- -- --
---------- ---------- --------- ------ ------ ----------- -----------
DEFERRED CREDITS
Deferred income taxes (17,896) -- (306) -- -- -- (9)
Deferred investment
and energy tax credits -- -- -- -- -- -- --
Other 213 -- 126 -- -- -- --
---------- ---------- --------- ------ ------ ----------- -----------
Total Deferred Credits (17,683) -- (180) -- -- -- (9)
---------- ---------- --------- ------ ------ ----------- -----------
MINORITY INTEREST 1,448 1,428 -- -- -- -- --
---------- ---------- --------- ------ ------ ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock -- (2) -- -- -- -- --
Stock Subs Payable -- (1) 1 -- -- -- --
Contributed capital 904,786 (813,127) 904,786 -- -- 30,781 --
Retained earnings 26,674 9,562 26,674 -- -- 893 (84)
Cumulative Translation Adjustment (186,335) 183,577 (186,335) -- -- -- --
---------- ---------- --------- ------ ------ ----------- -----------
Total Stockholder's Equity 745,125 (619,991) 745,126 -- -- 31,674 (84)
---------- ---------- --------- ------ ------ ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $1,103,166 $ (720,238) $ 862,661 $ -- $ -- $ 31,983 $ 25
========== ========== ========= ====== ====== =========== ===========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Andina PSEG Venergy Rayo-Andino Rayo-Andino
Mendoza I Brazil Distribuidora Terra Roxa I Gestora Inversora
Company Operating Co Dos Ltda. Company Company
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------ ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies -- -- -- -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Liabilities -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes -- -- -- -- -- --
Deferred investment
and energy tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Deferred Credits -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
MINORITY INTEREST -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital -- -- -- -- -- --
Retained earnings -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Stockholder's Equity -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Transamerica Cayman PSEG Venergy
Energy PSEG Americas Peru Power Holdings PSEG
Company Brazil Company Ltd. Company Electrica
(Cayman) Ltda. CONSOL. (Cayman) (Cayman) (Cayman)
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies -- 3,194 5,868 -- 3,590 --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Liabilities -- 3,194 5,868 -- 3,590 --
-------- -------- -------- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes -- (276) 608 -- (57) --
Deferred investment
and energy tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Deferred Credits -- (276) 608 -- (57) --
-------- -------- -------- -------- -------- --------
MINORITY INTEREST -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital -- 315 19,770 -- 37,109 --
Retained earnings -- (2,767) (378) -- (513) --
Cumulative Translation Adjustment -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Stockholder's Equity -- (2,452) 19,392 -- 36,596 --
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 466 $ 25,868 $ -- $ 40,129 $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG
Americas PSEG PSEG PSEG
Operating PSEG PSEG PSEG Global Chilean Brazil
Company Brazil II Brazil III Wildwood I Funding II Equity II Ltd. Investment
CONSOL. Company Company Ltd. Corp. CONSOL. CONSOL.
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 425 $ -- $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- -- -- 224
Other -- -- -- -- -- -- --
Interest 4,039 -- -- -- -- -- 1,546
Associated companies 128,922 -- -- 764 -- 7,315 34,963
Notes payable:
PSEG Capital Corporation -- -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- -- --
Current portion of long-term debt 66,894 -- -- -- -- -- 30,025
--------- --------- --------- --------- --------- --------- ---------
Total Current Liabilities 200,280 -- -- 764 -- 7,315 66,758
--------- --------- --------- --------- --------- --------- ---------
TOTAL LONG-TERM DEBT 9,990 -- -- -- -- -- 60,050
--------- --------- --------- --------- --------- --------- ---------
DEFERRED CREDITS
Deferred income taxes -- -- -- (10) -- (681) (17,165)
Deferred investment
and energy tax credits -- -- -- -- -- -- --
Other -- -- -- -- -- -- 87
--------- --------- --------- --------- --------- --------- ---------
Total Deferred Credits -- -- -- (10) -- (681) (17,078)
--------- --------- --------- --------- --------- --------- ---------
MINORITY INTEREST 20 -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- 1 1 --
Stock Subs Payable -- -- -- -- -- -- --
Contributed capital 43,408 -- -- 50,001 -- 255,545 376,198
Retained earnings (29,236) -- -- (130) -- 7,518 15,135
Cumulative Translation Adjustment -- -- -- -- -- (13,652) (169,925)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholder's Equity 14,172 -- -- 49,871 1 249,412 221,408
--------- --------- --------- --------- --------- --------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 224,462 $ -- $ -- $ 50,625 $ 1 $ 256,046 $ 331,138
========= ========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG ENERGY INTERCOMPANY
TECHNOLOGIES ELIMINATIONS PSEG ENERGY
CONSOL. & RECLASS TECHNOLOGIES PSCRC FLUIDICS ARDEN
------------ ------------ ------------ --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric Sales $ 14,990 $ -- $ 14,990 $ -- $ -- $ --
Gas Sales 70,792 -- 70,792 -- -- --
Consulting & Fee Revenue 13,665 -- 13,665 -- -- --
Mechanical Service Contracts 159,355 -- (9) -- 61,085 35,003
DSM-Revenue 24,342 -- 6 24,336 -- --
--------- --------- --------- --------- --------- ---------
TOTAL SALES 283,144 -- 99,444 24,336 61,085 35,003
--------- --------- --------- --------- --------- ---------
COST OF SALES:
Energy Supply 81,659 -- 81,659 -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL COST OF SALES 81,659 -- 81,659 -- -- --
--------- --------- --------- --------- --------- ---------
GROSS MARGIN 201,485 -- 17,785 24,336 61,085 35,003
Interest Income 2,038 -- 2,038 -- -- --
Interest Income-Assoc. Co. 739 -- 739 -- -- --
Investment in subsidiaries -- (6,077) 6,077 -- -- --
Joint Ventures 9 -- -- -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL OPERATING REVENUES 204,271 (6,077) 26,639 24,336 61,085 35,003
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 158,163 -- 11,304 10,276 54,558 28,299
Administrative and general 49,618 -- 23,348 1,442 7,196 5,501
Goodwill Amort. 806 -- 806 -- -- --
Depreciation & Amort. 4,082 -- 2,833 -- 313 215
--------- --------- --------- --------- --------- ---------
TOTAL OPERATING EXPENSES 212,669 -- 38,291 11,718 62,067 34,015
--------- --------- --------- --------- --------- ---------
OPERATING INCOME (8,398) (6,077) (11,652) 12,618 (982) 988
INTEREST EXPENSE 160 -- 1,190 (486) (317) (104)
TAXES:
Taxes-Current (1,272) -- (6,671) 5,440 181 449
Taxes-Deferred (748) -- 367 (88) (618) --
--------- --------- --------- --------- --------- ---------
TOTAL TAXES (2,020) -- (6,304) 5,352 (437) 449
--------- --------- --------- --------- --------- ---------
NET INCOME/(LOSS) $ (6,538) $ (6,077) $ (6,538) $ 7,752 $ (228) $ 643
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Frank A.
LIBER RICH McBride
& SONS RICH FIRE STRUBLE Company EAST COAST BARHAM
---------- --------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric Sales $ -- $ -- $ -- $ -- $ -- $ --
Gas Sales -- -- -- -- -- --
Consulting & Fee Revenue -- -- -- -- -- --
Mechanical Service Contracts 8,524 3,467 4,280 46,551 454 --
DSM-Revenue -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL SALES 8,524 3,467 4,280 46,551 454 --
-------- -------- -------- -------- -------- --------
COST OF SALES:
Energy Supply -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL COST OF SALES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
GROSS MARGIN 8,524 3,467 4,280 46,551 454 --
Interest Income -- -- -- -- -- --
Interest Income-Assoc. Co. -- -- -- -- -- --
Investment in subsidiaries -- -- -- -- -- --
Joint Ventures -- -- -- 9 -- --
-------- -------- -------- -------- -------- --------
TOTAL OPERATING REVENUES 8,524 3,467 4,280 46,560 454 --
-------- -------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance 7,596 2,718 2,486 40,579 347 --
Administrative and general 1,746 1,529 2,407 6,111 338 --
Goodwill Amort. -- -- -- -- -- --
Depreciation & Amort. 96 57 44 516 8 --
-------- -------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES 9,438 4,304 4,937 47,206 693 --
-------- -------- -------- -------- -------- --------
OPERATING INCOME (914) (837) (657) (646) (239) --
INTEREST EXPENSE 21 2 (7) (150) 11 --
TAXES:
Taxes-Current (327) (293) (210) 246 (87) --
Taxes-Deferred -- -- (18) (389) (2) --
-------- -------- -------- -------- -------- --------
TOTAL TAXES (327) (293) (228) (143) (89) --
-------- -------- -------- -------- -------- --------
NET INCOME/(LOSS) $ (608) $ (546) $ (422) $ (353) $ (161) $ --
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG ENERGY INTERCOMPANY
TECHNOLOGIES ELIMINATIONS PSEG ENERGY
CONSOL. & RECLASS TECHNOLOGIES PSCRC FLUIDICS ARDEN
------------ ------------ ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $(42,670) $ 1,908 $(42,670) $ (2,967) $ 914 $ --
NET INCOME/(LOSS) (6,538) (6,077) (6,538) 7,752 (228) 643
-------- -------- -------- -------- -------- --------
TOTAL (49,208) (4,169) (49,208) 4,785 686 643
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $(49,208) $ (4,169) $(49,208) $ 4,785 $ 686 $ 643
-------- -------- -------- -------- -------- --------
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Frank A.
LIBER RICH McBride
& SONS RICH FIRE STRUBLE Company EAST COAST BARHAM
---------- --------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
BALANCE JANUARY 1, 1999 $ -- $ -- $ -- $ (347) $ 492 $ --
NET INCOME/(LOSS) (608) (546) (422) (353) (161)
-------- -------- -------- -------- -------- --------
TOTAL (608) (546) (422) (700) 331 --
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 1999 $ (608) $ (546) $ (422) $ (700) $ 331 $ --
-------- -------- -------- -------- -------- --------
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG ENERGY INTERCOMPANY
TECHNOLOGIES ELIMINATIONS PSEG ENERGY
CONSOL. & RECLASS TECHNOLOGIES PSCRC FLUIDICS ARDEN
------------ ------------ ------------ --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents $ -- $ -- $ (938) $ -- $ 92 $ (167)
Escrow Deposit 273 -- 832 -- -- --
Trade Receivable:
Energy Supply - Gas & Electric 22,999 -- 22,999 -- -- --
Business Solutions 57,275 -- 2,010 -- 13,920 7,363
DSM Receivable 8,446 -- -- 8,446 -- --
Allow. For Doubtful Accts (5,052) -- (1,408) (3,582) -- (10)
A/R-Assoc. Companies 1,054 (11,529) 11,318 -- -- --
A/R-Other Receivables 3,271 -- 2,833 -- -- --
Notes Receivable 11,845 -- 11,845 -- -- --
N/R-Assoc. Companies (0) (30,911) 4,336 19,055 -- 7,520
Deferred Hedge Loss 550 -- 550 -- -- --
Inventory 2,051 -- 1,481 -- -- --
Cost & Earnings in Excess of Billings 10,515 -- 1,254 -- 4,104 305
Prepayments 2,946 -- 1,204 -- (39) 219
Interest Receivable 115 -- 115 -- -- --
--------- --------- --------- --------- --------- ---------
Total Current Assets 116,288 (42,440) 58,431 23,919 18,077 15,230
--------- --------- --------- --------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT
Office Furniture 21,949 -- 2,045 -- 5,415 1,826
Office Equipment 1,439 -- 1,260 -- -- --
Computers - Desktop 3,918 -- 3,918 -- -- --
Software - Bus Sol 52 -- 52 -- -- --
Intangible Assets 5,297 -- 5,297 -- -- --
Automobiles 958 -- 95 -- -- --
Misc. Equipment - Bus Sol 1,118 -- 1,118 -- -- --
Construction in Progress -- -- -- -- -- --
Franchise Fees 1,000 -- 1,000 -- -- --
Leasehold Improvements 211 -- 152 -- -- --
Accum. Depr. & Amort (19,392) -- (5,779) -- (3,435) (1,245)
--------- --------- --------- --------- --------- ---------
Property, Plant and Equipment-net 16,550 -- 9,158 -- 1,980 581
--------- --------- --------- --------- --------- ---------
INVESTMENTS
Marketable Securities 677 -- 677 -- -- --
Investment in subsidiaries (0) (118,066) 118,066 -- -- --
Joint Ventures 6,483 -- (282) -- -- 1,687
DSM Investments-Energy Tech 5,579 -- 5,579 -- -- --
DSM Investments 59,749 -- (359) 60,108 -- --
--------- --------- --------- --------- --------- ---------
Total Investments 72,488 (118,066) 123,681 60,108 -- 1,687
--------- --------- --------- --------- --------- ---------
OTHER ASSETS
Accum Def Inc Tax 6,994 -- 820 6,174 -- --
Other 3,531 -- 760 -- 1,142 238
Special Fund - Pension 1,332 -- 1,332 -- -- --
Goodwill 32,002 -- 32,002 -- -- --
--------- --------- --------- --------- --------- ---------
Total Other Assets 43,859 -- 34,914 6,174 1,142 238
--------- --------- --------- --------- --------- ---------
TOTAL ASSETS $ 249,185 $(160,506) $ 226,184 $ 90,201 $ 21,199 $ 17,736
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Frank A.
LIBER RICH McBride
& SONS RICH FIRE STRUBLE Company EAST COAST BARHAM
---------- --------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents $ 47 $ 118 $ 37 $ 243 $ -- $ 568
Escrow Deposit -- -- -- (616) 57 --
Trade Receivable:
Energy Supply - Gas & Electric -- -- -- -- -- --
Business Solutions 2,661 1,264 1,937 20,620 861 6,639
DSM Receivable -- -- -- -- -- --
Allow. For Doubtful Accts -- -- (52) -- -- --
A/R-Assoc. Companies -- -- -- 1,265 -- --
A/R-Other Receivables 227 -- -- 211 -- --
Notes Receivable -- -- -- -- -- --
N/R-Assoc. Companies -- -- -- -- -- --
Deferred Hedge Loss -- -- -- -- -- --
Inventory 50 4 -- 501 -- 15
Cost & Earnings in Excess of Billings 71 147 110 3,876 66 582
Prepayments 131 94 44 1,235 46 12
Interest Receivable -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Assets 3,187 1,627 2,076 27,335 1,030 7,816
-------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Office Furniture 474 965 1,036 8,251 648 1,289
Office Equipment 179 -- -- -- -- --
Computers - Desktop -- -- -- -- -- --
Software - Bus Sol -- -- -- -- -- --
Intangible Assets -- -- -- -- -- --
Automobiles 863 -- -- -- -- --
Misc. Equipment - Bus Sol -- -- -- -- -- --
Construction in Progress -- -- -- -- -- --
Franchise Fees -- -- -- -- -- --
Leasehold Improvements 59 -- -- -- -- --
Accum. Depr. & Amort (1,252) (800) (614) (5,258) (421) (588)
-------- -------- -------- -------- -------- --------
Property, Plant and Equipment-net 323 165 422 2,993 227 701
-------- -------- -------- -------- -------- --------
INVESTMENTS
Marketable Securities -- -- -- -- -- --
Investment in subsidiaries -- -- -- -- -- --
Joint Ventures -- -- -- 5,078 -- --
DSM Investments-Energy Tech -- -- -- -- -- --
DSM Investments -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Investments -- -- -- 5,078 -- --
-------- -------- -------- -------- -------- --------
OTHER ASSETS
Accum Def Inc Tax -- -- -- -- -- --
Other -- -- 16 534 17 824
Special Fund - Pension -- -- -- -- -- --
Goodwill -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Other Assets -- -- 16 534 17 824
-------- -------- -------- -------- -------- --------
TOTAL ASSETS $ 3,510 $ 1,792 $ 2,514 $ 35,940 $ 1,274 $ 9,341
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PSEG ENERGY INTERCOMPANY
TECHNOLOGIES ELIMINATIONS PSEG ENERGY
CONSOL. & RECLASS TECHNOLOGIES PSCRC FLUIDICS ARDEN
------------ ------------ ------------ --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
A/P-Accrued $ 16,486 $ -- $ 10,513 $ 513 $ 857 $ 1,081
A/P-Trade 32,929 -- 12,569 273 5,115 4,012
Billings in Excess of Costs & Earnings 11,871 -- 566 -- 2,075 3,538
Taxes Payable 373 -- 298 -- -- --
Other A/P - Margin (123) -- (123) -- -- --
Deferred Hedge Gains 414 -- 414 -- -- --
A/P-Associated Companies 2,576 (11,528) (779) 3,826 3,156 3,091
N/P-Associated Companies 16,218 (30,910) 42,792 -- 5,398 --
Current Portion of L/T Debt 30 -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Current Liabilities 80,774 (42,438) 66,250 4,612 16,601 11,722
--------- --------- --------- --------- --------- ---------
DEFERRED LIABILITIES
Other Deferred Balance 706 -- 1,306 -- (609) --
Long Term Payables 494 -- (43) -- -- --
Long Term Lease Obligations 151 -- 43 -- -- --
Deferred Revenue -- -- -- -- -- --
Deferred Revenue - DSM 8,710 -- 106 8,604 -- --
Non-Qualified Pension Accrual 401 -- 401 -- -- --
--------- --------- --------- --------- --------- ---------
Total Deferred liabilities 10,462 -- 1,813 8,604 (609) --
--------- --------- --------- --------- --------- ---------
STOCKHOLDER'S EQUITY
Capital Stock 10 (10) 10 10 -- --
Contributed Capital 207,319 (113,889) 207,319 72,190 4,521 5,371
Net Unrealized Gain/(Loss) on Mkt. Sec (172) -- -- -- -- --
Retained Earnings (49,208) (4,169) (49,208) 4,785 686 643
--------- --------- --------- --------- --------- ---------
Total Stockholder's Equity 157,949 (118,068) 158,121 76,985 5,207 6,014
--------- --------- --------- --------- --------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 249,185 $(160,506) $ 226,184 $ 90,201 $ 21,199 $ 17,736
========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
PSEG ENERGY TECHNOLOGIES INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDING DECEMBER 31, 1999
($ IN THOUSANDS)
<TABLE>
<CAPTION>
Frank A.
LIBER RICH McBride
& SONS RICH FIRE STRUBLE Company EAST COAST BARHAM
---------- --------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
A/P-Accrued $ 32 $ 18 $ 184 $ 1,962 $ 140 $ 1,186
A/P-Trade 1,107 176 388 4,996 267 4,026
Billings in Excess of Costs & Earnings 192 85 65 4,667 -- 683
Taxes Payable -- 75 -- -- -- --
Other A/P - Margin -- -- -- -- -- --
Deferred Hedge Gains -- -- -- -- -- --
A/P-Associated Companies 541 505 1,596 2,088 80 --
N/P-Associated Companies 720 200 -- (2,132) 150 --
Current Portion of L/T Debt -- -- -- -- 30
-------- -------- -------- -------- -------- --------
Total Current Liabilities 2,592 1,059 2,233 11,581 637 5,925
-------- -------- -------- -------- -------- --------
DEFERRED LIABILITIES
Other Deferred Balance -- -- (18) 29 (2) --
Long Term Payables 242 77 158 44 -- 16
Long Term Lease Obligations -- -- -- 108 -- --
Deferred Revenue -- -- -- -- -- --
Deferred Revenue - DSM -- -- -- -- -- --
Non-Qualified Pension Accrual -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Deferred liabilities 242 77 140 181 (2) 16
-------- -------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital Stock -- -- -- -- -- --
Contributed Capital 1,284 1,202 563 25,050 308 3,400
Net Unrealized Gain/(Loss) on Mkt. Sec -- -- -- (172) -- --
Retained Earnings (608) (546) (422) (700) 331 --
-------- -------- -------- -------- -------- --------
Total Stockholder's Equity 676 656 141 24,178 639 3,400
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 3,510 $ 1,792 $ 2,514 $ 35,940 $ 1,274 $ 9,341
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
EXHIBIT B
Financial Data Schedule
Public Service Enterprise Group Incorporated
December 31, 1999
(Millions of Dollars)
Consolidated Total Assets $ 19,015
Consolidated Total Operating Revenues $ 6,497
Consolidated Net Income (Loss) $ (81)
Income Before Extraordinary Item $ 723
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (i)
BHILAI
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG (Bermuda) Holdings II, Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG India Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Bhilai Energy Company Ltd.
---------------------------------------------------------------
| 45%
|
---------------------------------------------------------------
Bhilai Power Supply Company Limited
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (ii)
PSEG Meiya Power, Ltd.
(PMP)
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG China, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PMP
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (iii)
PPHL.L.C.
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG China, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PPHL.L.C.
---------------------------------------------------------------
| 27.8%
|
---------------------------------------------------------------
Magellan Capital Holdings Corporation
---------------------------------------------------------------
| 56%
|
---------------------------------------------------------------
Magellan Cogeneration Inc.
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (iv)
CTSN
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
CEMAS
---------------------------------------------------------------
4.95% | |
| |
------------------ |
ASNI | 18.63%
------------------ |
| |
| 62.74% --------------
--------------------------- ISN
--------------
|
| 88%
--------------
CTSN
--------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (v)
CUPPI
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG China, Inc.
---------------------------------------------------------------
| 50%
|
---------------------------------------------------------------
Meiya Power Company Limited
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
CUPPI
---------------------------------------------------------------
| 30%
|
---------------------------------------------------------------
Jingyuan
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (vi)
ZHL
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG China, Inc.
---------------------------------------------------------------
| 50%
|
---------------------------------------------------------------
Meiya Power Company Limited
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
ZHL
---------------------------------------------------------------
| 60%
|
---------------------------------------------------------------
GZMHCL
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (vii)
TMC
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG China, Inc.
---------------------------------------------------------------
| 50%
|
---------------------------------------------------------------
Meiya Power Company Limited
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
TMC
---------------------------------------------------------------
| 80%
|
---------------------------------------------------------------
TMCC
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (viii)
RGE
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Brazil Investment Company
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Pampa Energia Ltda.
---------------------------------------------------------------
|
100% | 100%
---------------------------------------------------------------
| |
| |
- ----------------------- -------------------------
PSEG Brazil Company ---------------+ PSEG Brazil I Company
- ----------------------- | -------------------------
| 50%|
0.1% | -----------------------------
| | |
| 50% | | 50%
| ----------------------- ----------------------
| IPE Energia S.A. CEA Rio Grande S.A.
| ----------------------- ----------------------
| |
| |
| ----------------------
| | |
| 99.9% | | 31.41%
- -------------------------- ------------------------
CEA Brasil Operacoes Ltda. Rio Grande Energia, S.A.
- -------------------------- ------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (ix), (x)
EDEN, EDES
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas Ltd.
---------------------------------------------------------------
| 90%
|
---------------------------------------------------------------
PSEG Americas Operating Company
---------------------------------------------------------------
| 99.99%
|
---------------------------------------------------------------
PSEG Operating Argentina S.A.
---------------------------------------------------------------
|
|
-------------------
| |
33.34% | | 33.34%
-------------- ---------------
EDEN EDES
-------------- ---------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xi)
TGM
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas II, Ltd.
---------------------------------------------------------------
| 50%
|
---------------------------------------------------------------
TGV
---------------------------------------------------------------
| 17.13%
|
---------------------------------------------------------------
TGM
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xii)
EDELAP
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Inc.
---------------------------------------------------------------
|
|
--------------------------------------------------------
| | |
100% | 100% | | 33.33%
- ----------------------- ----------------------- -----------------------
PSEG Americas Ltd. La Plata I La Plata II
- ----------------------- ----------------------- -----------------------
| | |
100% | | 33.33% | 1%
- ----------------------- ----------------------- |
Wildwood I Ltd. La Plata Partners LP ------------+
- ---------------------- -----------------------
| |
| | 100%
| -----------------------
| La Plata Holdings Inc.
| -----------------------
33.33% | |
+-----------------------+
| 100%
-----------------------
7.058% Camille Ltd.
-----------------------
|
|
-----------------------
| |
100% | | 40%
---------------------- ----------------------
Luz de la Plata S.A. COINELEC 51%
---------------------- /----------------------
| / |
31.942% | / | 51%
---------------------- / ----------------------
31.962% EDELAP / 51% Central Dique
----------------------/ ----------------------
<PAGE>
<TABLE>
Exhibit C
Organizational Chart - Response 4 (b) (xiii),(xiv),(xv)
CAGUA, MARACAY, VALENCIA
<CAPTION>
<S> <C> <C> <C>
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas, Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Venergy Holdings Company
---------------------------------------------------------------
| 50%
|
---------------------------------------------------------------
Turboven Company
---------------------------------------------------------------
|
|
--------------------------------------------------------------------------------------
| | | |
100% | 100% | 100% | | 100%
- ---------------------- ------------------------ ------------------------- ----------------------------
Turboven Cagua Company Turboven Maracay Company Turboven Valencia Company Turboven La Victoria Company
- ---------------------- ------------------------ ------------------------- ----------------------------
</TABLE>
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xvi), (xvii)
PPN Energy, PPN Operations
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG India Company
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG EAMS Ltd.
---------------------------------------------------------------
|
|
+--------------------------------------+
| |
100% | | 100%
--------------------------------- ---------------------------------------
PSEG Operations Ltd. PSEG PPN Energy Company Ltd.
--------------------------------- ---------------------------------------
| |
99.99% | | 20%
--------------------------------- ---------------------------------------
PSEG PPN Operations Private Ltd. PPN Power Generating Company Limited
--------------------------------- ---------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xviii)
CARTHAGE
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Holding Company
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Holding II Company
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Ltd.
---------------------------------------------------------------
| 50%
|
---------------------------------------------------------------
Carthage Utilities Company
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xix)
TRI-SAKTHI
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG (Bermuda) Holding II Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG India Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
+------- PSEG North Chennai Ltd.
| ---------------------------------------------------------------
| | 26%
| |
| ---------------------------------------------------------------
50% Tri-Sakthi Investments Limited
| ---------------------------------------------------------------
| | 50%
| |
| ---------------------------------------------------------------
+------- Tri-Sakthi Energy Private Limited
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b)
(xx), (xxi), (xxii)
Guadalupe, Archer, Odessa
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Texgen Inc.
---------------------------------------------------------------
|
|
+--------------------------------------+
| |
100% | | 100%
----------------------------- ----------------------------------
PSEG Texgen I Inc. PSEG Texgen II Inc.
----------------------------- ----------------------------------
.5% | | 49.5%
| |
+--------------------------------------+
|
|
---------------------------------------------------------------
Texas Independent Energy L.P.
------------------------------------------------------------------------------------------------
| |
| |
+--------------------------------------+ |
| | |
100% | | 100% | 100%
------------------------------ ---------------------------------- ----------------------------------
Archer Power Partners L.P. Odessa-Ector Power Partners L.P. Guadalupe Power Partners L.P.
------------------------------ ---------------------------------- ----------------------------------
</TABLE>
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xxiii), (xxiv)
Chilquinta, Luz del Sur
<TABLE>
<CAPTION>
-----------------------------
PSEG
-----------------------------
100%
-----------------------------
Energy Holdings
-----------------------------
| 100%
|
-----------------------------
PSEG Global
-----------------------------
| 100%
|
-----------------------------
PSEG Global USA
-----------------------------
| 100%
|
-----------------------------
PSEG International Inc.
-----------------------------
| 100%
|
-----------------------------
PSEG Americas Inc.
-----------------------------
| 100%
|
-------------------------------------
PSEG Americas Ltd. +---------------------------------------------+
------------------------------------- |
<S> <C> <C> <C> <C>
| 50%|
| 50% |
------------------------------ --------------- ------+---------
PSEG Cayman Equity I Company +-----| |--------------------+ Sempra +----+ Pervian
(Cayman) / 50% --------------- Opportunity Co.
------------------------------ / + S.A.
| / / -------+--------
| 100% / / |
99% ------------------------------ / / |
+------+ Sempra/PSEG Inversiones / / |
| (Chile) + +-----------+ |
| ------------------------------ / |
- -----+------ | 100% / |
Tecnored | / |
- -----+------ | / |
| ------------------------------ / |
| Chilquinta Energia 41.97% / |
| ------------------------------ / |
| | 100% / |
| | / --------------------- |
1% | ------------------------------ / Peru Privaitization |
+------+Chilquinta International A.V.V.--------+ / & |
------------------------------ | / / Development Fund |
| 100% | / / (PPF) |
| |55.29% / / --------------------- |
------------------------------ | / / |
+------+ Energy Business | / /2.74% 22.4% |
| ------------------------------ | / / +--------------------+
| | / / /
| ---+-----------+-------+------ /
| Ontario Quinta /
| ------------------------------ /
| | /
| | / -----------------------------------
| +-+ |60% / +-------+ Shareholders Trading on the Bolsa
| 1.9% / | | / / -----------------------------------
| / | | / / 11.95%
| 3.7% --+----+--------------------+- /
+------------------------------------------+ Lutz del Sur +----+
------------------------------
</TABLE>
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xxv)
AES Parana
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
Energy Holdings
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Global USA
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG International Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas Inc.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Americas Ltd.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Cayman Americas Co.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Cayman Americas V Co.
---------------------------------------------------------------
|
|
+-------------------------+-----------------------------+
| | |
33.33% | 33.33% | 33.33% |
- --------------------- ----------------------- ------------------------------
Shazia S.R.L. AES Parana S.C.A. AES Parana Operations S.R.L.
- --------------------- ----------------------- ------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xxvi)
PSEG Fossil L.L.C.
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Power L.L.C.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Fossil L.L.C.
---------------------------------------------------------------
<PAGE>
Exhibit C
Organizational Chart - Response 4 (b) (xxvii)
PSEG Nuclear L.L.C.
---------------------------------------------------------------
PSEG
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Power L.L.C.
---------------------------------------------------------------
| 100%
|
---------------------------------------------------------------
PSEG Nuclear L.L.C.
---------------------------------------------------------------
|
|