Commission File No. 1-3559
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-3A-2 FROM THE PROVISIONS OF THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To be filed annually prior to March 1
ATLANTIC CITY ELECTRIC COMPANY
Name of Company
Hereby files with the Securities and Exchange Commission,
pursuant to Rule 2, its statement claiming exemption as a holding
company from the provisions of the Public Utility Holding Company
Act of 1935 and submits the following information:
<PAGE>
1. Name, State of organization, location and nature of business
of claimant and every subsidiary thereof, other than any
exempt wholesale generator (EWG) or foreign utility company
in which claimant directly or indirectly holds an interest.
Atlantic City Electric Company ("Claimant"), organized under
the laws of New Jersey on April 28, 1924, has its principal
office at 6801 Black Horse Pike, Pleasantville, New Jersey
08232. Claimant is engaged principally in the business of
furnishing electric service (involving generation, purchase,
interchange, transmission and distribution of electric
energy) to the public throughout the southern part of New
Jersey. It serves an area having an estimated population
exceeding 1,000,000. Claimant is a wholly-owned subsidiary
of Atlantic Energy, Inc.
(A) Deepwater Operating Company ("Deepwater"),
organized under the laws of New Jersey on December
17, 1929, has its principal offices at 6801 Black
Horse Pike, Pleasantville, New Jersey 08232.
Deepwater operates the Deepwater Generating Station
which is owned by Claimant and located in Salem
County, New Jersey. Deepwater is a wholly-owned
subsidiary of Claimant.
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.
The principal New Jersey properties of Claimant used for the
generation, transmission and distribution of electric energy
for sale consist of two steam electric generating stations:
(1) B.L. England Generating Station, a station of 452
MW capacity located in Cape May County.
(2) Deepwater Generating Station, a 239 MW capacity
station located in Salem County and
Seven combustion turbine stations:
(1) Missouri Ave. Station, a 60 MW capacity station
located in Atlantic County.
(2) Middle Station, a 77 MW capacity station located
in Cape May County.
(3,4,5) Carlls Corner Station (73 MW), Cumberland
Station (84 MW), and Sherman Ave.Station (81 MW),
all located in Cumberland County.
(6) Mickleton Station, a 59 MW capacity station
located in Gloucester County.
(7) Cedar Station, a 68 MW capacity station located in
Ocean County.
The Claimant also owns and maintains thirty-four
transmission and sixty-four distribution substations as
well as 11,652 transmission or distribution tower, pole,
and underground miles located throughout its service
territory which includes all of Atlantic, Cape May,
Cumberland, and Salem Counties and portions of
Burlington, Camden, Gloucester, and Ocean Counties.
In addition to the New Jersey properties, Claimant owns or
has ownership interests in the following:
(1) A generating station of 1,700 MW capacity (Keystone
Generating Station), located in Armstrong County,
Pennsylvania, of which Claimant owns a 2.47% undivided
interest as tenant in common with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Jersey Central Power and Light Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(2) A generating station of 1,700 MW capacity (Conemaugh
Steam Electric Station), located in Indiana County,
Pennsylvania, of which Claimant owns a 3.83% undivided
interest as tenant in common with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Metropolitan Edison Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Potomac Electric Power Company
Public Service Electric and Gas Company
The United Gas Improvement Company
(3) An extra-high-voltage transmission line (Conemaugh-
Conastone), of which Claimant owns an 8% undivided
interest as tenant in common of that portion of the
line traversing through 10 counties of Pennsylvania
with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Metropolitan Edison Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Potomac Electric Power Company
Public Service Electric and Gas Company
The United Gas Improvement Company
(4) A nuclear generating station of 2,128 MW capacity
(Peach Bottom Atomic Power Station), located in York
County, Pennsylvania, of which Claimant owns a 7.51%
undivided interest as tenant in common with the
following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(5) A nuclear generating station of 2,212 MW capacity
(Salem Nuclear Generating Station), located in Salem
County, New Jersey, of which Claimant owns a 7.41%
undivided interest as tenant in common with the
following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(6) A nuclear generating station of 1,031 MW capacity (Hope
Creek Nuclear Generating Station), located in Salem
County, New Jersey, of which Claimant owns a 5%
undivided interest as tenant in common with Public
Service Electric and Gas Company.
(7) Claimant owns a transmission line extending from Mantua
Creek to the New Jersey-Pennsylvania border at the
Delaware River, a distance of 9.7 miles, by means of
which electric energy and capacity is interchanged (not
sold or purchased) at the border of said states under
an interconnection agreement between Claimant and
Philadelphia Electric Company, now PECO Energy Company.
Claimant owns as tenants in common a transmission line
and switching station extending from Hope Creek Nuclear
Generating Station to the New Jersey-Delaware border, a
distance of 13 miles, by means of which electric energy
and capacity is interchanged (not sold or purchased)
under a transmission system agreement between Delmarva
Power and Light Company, Jersey Central Power and Light
Company, Philadelphia Electric Company, Public Service
Electric and Gas Company and Claimant.
Deepwater
Deepwater, a wholly-owned subsidiary of Claimant, owns
no utility plant. It operates generating units owned by
Claimant.
3. The following information for the last calendar year with
respect to claimant and each of its subsidiary public
utility companies:
FOR YEAR 1994
(A) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas
distributed at retail.
Claimant - 10,057,077,000 kwh.
Deepwater - None
(B) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas distributed at retail outside the
State in which each such company is organized.
Claimant - None
Deepwater - None
(C) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas sold at wholesale outside the State
in which each such company is organized, or at the
State line.
Claimant - 90,900,000,000 kwh. (a)
Deepwater - None
(a) kwh includes 67,000,000 kwh sold to PECO
Energy,850,000 kwh sold to Consolidated Edison
of New York, 21,700,000 kwh sold to ENRON,
Houston, Texas and 1,350,000 sold to the
Allegheny Power System, Pennsylvania.
(D) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas purchased outside the State in
which each such company is organized, or at the State
line.
Claimant - 3,291,266,000 kwh. (b)
Deepwater - None
(b) kwh includes 695,000 kwh purchased from Public
Service Electric and Gas, 651,930,000 kwh purchased from
Pennsylvania Power and Light, 2,177,652,000 kwh
purchased from PECO Energy, 23,664,000 kwh purchased
from the Allegheny Power System, Pennsylvania,
435,604,000 kwh purchased from Delaware Resource
Management, Pennsylvania and 1,300,000 kwh purchased
from ENRON, Houston, Texas.
In 1994 Claimant received 392,807,000 interchanged energy
and delivered 1,699,924,000 kwh. of interchanged energy
pursuant to arrangements mentioned above.
In 1994, Deepwater, as operator of the Deepwater Generating
Station at Deepwater, New Jersey, delivered to Claimant, the
owner of that station, 548,066,000 kwh. of electric energy.
In addition, it furnished 42,904,000 kwh. to E. I. du Pont
de Nemours and Company in accordance with the provisions of
a contract covering the supply of steam, by-product electric
energy and water to that company.
4. The following information for the reporting period with
respect to claimant and each interest it holds directly or
indirectly in an EWG or a foreign utility company, stating
monetary amounts in United States dollars:
Claimant holds no interest, either directly or indirectly,
in an EWG or a foreign utility company.
(A) Name, location, business address and description of the
facilities used by the EWG or foreign utility company
for the generation, transmission and distribution of
electric energy for sale or for the distribution at
retail of natural or manufactured gas.
Non-applicable.
(B) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of
the interest held.
Non-applicable.
(C) Type and amount of capital invested, directly or
indirectly, by the holding company claiming exemption;
any direct or indirect guarantee of the security of the
EWG or foreign utility company by the holding company
claiming exemption; and any debt or other financial
obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption
or another system company, other than the EWG or
foreign utility company.
Non-applicable.
(D) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
Non-applicable.
(E) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or
goods sold and fees or revenues under such
agreement(s).
Non-applicable.
EXHIBIT A
A consolidating statement of income and surplus of the
claimant and its subsidiary companies for the last calendar
year, together with a consolidating balance sheet of
claimant and its subsidiary companies as of the close of
such calendar year.
A consolidating statement of income and retained earnings of
the Claimant and its subsidiary companies for the last
calendar year, together with a consolidating balance sheet
of Claimant and its subsidiary companies as of the close of
December 31, 1994 are attached hereto and made a part
hereof.
EXHIBIT B
If, at the time a report on this form is filed, the
registrant is required to submit this report and any
amendments thereto electronically via EDGAR, the registrant
shall furnish a Financial Data Schedule. The schedule shall
set forth the financial and other data specified below that
are applicable to the registrant on a consolidated basis.
Item No. Caption Heading
(thousands of dollars)
1 Total Assets
2,424,117
2 Total Operating Revenues
913,226
4 Net Income
93,174
EXHIBIT C
An organizational chart showing the relationship of each EWG
or foreign utility company to associate companies in the
holding-company system.
Non-applicable.
The above-named Claimant has caused this statement to be
duly executed on its behalf by its authorized officer on
this 28th day of February, 1995.
ATLANTIC CITY ELECTRIC COMPANY
By:/s/ J. E. Franklin, II
J. E. Franklin, II
Secretary and
General Counsel
CORPORATE SEAL
ATTEST:
/s/ Alfred J. Vola
Alfred J. Vola
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
J. E. Franklin, II
Secretary and General Counsel
Atlantic City Electric Company
6801 Black Horse Pike
Pleasantville, New Jersey 08232
200u1.wpd
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
City
Electric
Co.
ASSETS
Electric Utility Plant:
In Service $2,348,873
Less Accumulated Depreciation 725,999
Net 1,622,874
Construction Work in Progress 110,078
Land Held for Future Use 6,941
Leased Property-Net 42,030
Electric Utility Plant-Net 1,781,923
Investment in Subsidiary Company 3,620
Nuclear Decommissioning Trust Fund 52,004
Nonutility Property 1,286
Other Investments and Funds 1,853
Total Nonutility Property and
Investments 58,763
Current Assets:
Cash and Temporary Investments 3,414
Accounts Receivable:
Utility Service 54,554
Miscellaneous 13,307
Allowance for Doubtful Accounts (3,300)
Accounts Receivable-Associated Companies 3,040
Unbilled Revenues 32,070
Fuel (at average cost) 28,030
Materials and Supplies (at average cost) 24,720
Working Funds 14,474
Other Prepayments 11,311
Deferred Income Taxes 15,991
Deferred Energy Costs 10,999
Total Current Assets 208,610
Deferred Debits:
Unrecovered Purchased Power Costs 115,538
Recoverable Federal Income Taxes 85,854
Unrecovered State Excise Taxes 73,834
Unamortized Debt Costs 38,083
Other Regulatory Assets 45,441
Other 16,071
Total Deferred Debits 374,821
Total Assets $2,424,117
Page 1 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
City
Electric
Co.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963
Premium on Capital Stock 231,081
Contributed Capital 262,749
Capital Stock Expense (2,300)
Retained Earnings 249,767
Total Common Equity 796,260
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 149,250
Long Term Debt 763,288
Total Capitalization (Excluding Current Portion) 1,748,798
Current Liabilities:
Preferred Stock Redemption Requirement 12,250
Capital Lease Obligations due within one year 928
Short Term Debt 8,600
Accounts Payable 65,528
Advances-Associated Companies -
Accounts Payable-Associated Companies 1,518
Taxes Payable-Affiliates 9,537
Taxes Accrued 3,478
Interest Accrued 19,048
Dividends Declared 24,681
Deferred Taxes 3,850
Employees Separation Costs 26,600
Other 17,731
Total Current Liabilities 193,749
Deferred Credits and Other Liabilities:
Deferred Income Taxes 350,697
Deferred Income Tax Credits 51,646
Capital Lease Obligations 41,102
Other 38,125
Total Deferred Credits and Other Liabilities 481,570
Total Liabilities and Capitalization $2,424,117
Page 2 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Deepwater
Operating
Company
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Company -
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments -
Current Assets:
Cash and Temporary Investments 45
Accounts Receivable:
Utility Service -
Miscellaneous 128
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies 1,518
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) 3,103
Working Funds 1
Other Prepayments 449
Deferred Income Taxes -
Deferred Energy Costs -
Total Current Assets 5,244
Deferred Debits:
Unrecovered Purchased Power Costs -
Recoverable Federal Income Taxes -
Unrecovered State Excise Taxes -
Unamortized Debt Costs -
Other Regulatory Assets 1,614
Other -
Total Deferred Debits 1,614
Total Assets $ 6,858
Page 3 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Deepwater
Operating
Company
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 1
Premium on Capital Stock -
Contributed Capital -
Capital Stock Expense -
Retained Earnings -
Total Common Equity 1
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization (Excluding Current Portion) 1
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations due within one year -
Short Term Debt -
Accounts Payable 104
Advances-Associated Companies 3,619
Accounts Payable-Associated Companies 671
Taxes Payable-Affiliates -
Taxes Accrued 12
Interest Accrued -
Dividends Declared -
Deferred Taxes -
Employees Separation Costs -
Other 475
Total Current Liabilities 4,881
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other 1,976
Total Deferred Credits and Other Liabilities 1,976
Total Liabilities and Capitalization $ 6,858
Page 4 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Elimination
& Reclass
Entries
Debit
(Credit)
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Company 3,620
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments 3,620
Current Assets:
Cash and Temporary Investments -
Accounts Receivable:
Utility Service -
Miscellaneous -
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies 2,189
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Other Prepayments -
Deferred Income Taxes 3,850
Deferred Energy Costs -
Total Current Assets 6,039
Deferred Debits:
Unrecovered Purchased Power Costs -
Recoverable Federal Income Taxes -
Unrecovered State Excise Taxes -
Unamortized Debt Costs -
Other Regulatory Assets -
Other -
Total Deferred Debits -
Total Assets $ 9,659
Page 5 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Elimination
& Reclass
Entries
Debit
(Credit)
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 1
Premium on Capital Stock -
Contributed Capital -
Capital Stock Expense -
Retained Earnings -
Total Common Equity 1
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization (Excluding Current Portion) 1
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations due within one year -
Short Term Debt -
Accounts Payable -
Advances-Associated Companies 3,619
Accounts Payable-Associated Companies 2,189
Taxes Payable-Affiliates -
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Deferred Taxes 3,850
Employees Separation Costs -
Other -
Total Current Liabilities 9,658
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other -
Total Deferred Credits and Other Liabilities -
Total Liabilities and Capitalization $ 9,659
Page 6 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
City
Electric
Co.
Consol.
ASSETS
Electric Utility Plant:
In Service $2,348,873
Less Accumulated Depreciation 725,999
Net 1,622,874
Construction Work in Progress 110,078
Land Held for Future Use 6,941
Leased Property-Net 42,030
Electric Utility Plant-Net 1,781,923
Investment in Subsidiary Company -
Nuclear Decommissioning Trust Fund 52,004
Nonutility Property 1,286
Other Investments and Funds 1,853
Total Nonutility Property and
Investments 55,143
Current Assets:
Cash and Temporary Investments 3,459
Accounts Receivable:
Utility Service 54,554
Miscellaneous 13,435
Allowance for Doubtful Accounts (3,300)
Accounts Receivable-Associated Companies 2,369
Unbilled Revenues 32,070
Fuel (at average cost) 28,030
Materials and Supplies (at average cost) 27,823
Working Funds 14,475
Other Prepayments 11,760
Deferred Income Taxes 12,141
Deferred Energy Costs 10,999
Total Current Assets 207,815
Deferred Debits:
Unrecovered Purchased Power Costs 115,538
Recoverable Federal Income Taxes 85,854
Unrecovered State Excise Taxes 73,834
Unamortized Debt Costs 38,083
Other Regulatory Assets 47,055
Other 16,071
Total Deferred Debits 376,435
Total Assets $2,421,316
Page 7 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1994
(thousands of dollars)
Atlantic
City
Electric
Co.
Consol.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963
Premium on Capital Stock 231,081
Contributed Capital 262,749
Capital Stock Expense (2,300)
Retained Earnings 249,767
Total Common Equity 796,260
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 149,250
Long Term Debt 763,288
Total Capitalization (Excluding Current Portion) 1,748,798
Current Liabilities:
Preferred Stock Redemption Requirement 12,250
Capital Lease Obligations due within one year 928
Short Term Debt 8,600
Accounts Payable 65,632
Advances-Associated Companies -
Accounts Payable-Associated Companies -
Taxes Payable-Affiliates 9,537
Taxes Accrued 3,490
Interest Accrued 19,048
Dividends Declared 24,681
Deferred Taxes -
Employees Separation Costs 26,600
Other 18,206
Total Current Liabilities 188,972
Deferred Credits and Other Liabilities:
Deferred Income Taxes 350,697
Deferred Income Tax Credits 51,646
Capital Lease Obligations 41,102
Other 40,101
Total Deferred Credits and Other Liabilities 483,546
Total Liabilities and Capitalization $2,421,316
Page 8 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidated Statement of Income
December 31, 1994
(thousands of dollars)
Atlantic
City
Electric
Co.
Operating Revenues-Electric $ 913,226
Operating Expenses:
Energy 210,891
Purchased Capacity 130,929
Operations 157,047
Maintenance 37,662
Depreciation and Amortization 73,344
State Excise Taxes 97,072
Federal Income Taxes 42,529
Other Taxes 10,757
Reimbursed Expenses* -
Total Operating Expenses 760,231
Total Operating Income and Expense 152,995
Other Income and Expense:
AFDC Equity Funds 3,634
Employee Separation Costs, Net of tax of $9,265 (17,335)
Miscellaneous Income-Net 9,568
Total Other Income and Expense (4,133)
Income Before Interest Charges 148,862
Interest Charges:
Interest on Long Term Debt 57,346
Other Interest Expense 1,114
Total Interest Charges 58,460
Allowance for Borrowed Funds Used During Construction (2,772)
Net Interest Charges 55,688
Preferred Dividends of Subsidiaries -
Net Income $ 93,174
* The net production costs of Deepwater (after deducting charges
to E.I. duPont DeNemours & Company through June 1994) are charged
to the Company. These costs are included in the Company's income
accounts and classified as appropriate. The operating expenses
were apportioned and reimbursed as follows:
E.I duPont deNemours & Company, Inc. $ 7,544
Atlantic City Electric Company 24,003
Total $ 31,547
Page 1 of 2<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidated Statement of Income
December 31, 1994
(thousands of dollars)
Deepwater
Operating
Company
Operating Revenues-Electric $ -
Operating Expenses:
Energy 20,227
Purchased Capacity -
Operations 5,976
Maintenance 4,250
Depreciation and Amortization -
State Excise Taxes -
Federal Income Taxes -
Other Taxes 1,094
Reimbursed Expenses* (31,547)
Total Operating Expenses -
Total Operating Income and Expense -
Other Income and Expense:
AFDC Equity Funds -
Employee Separation Costs, Net of tax of $9,265 -
Miscellaneous Income-Net -
Total Other Income and Expense -
Income Before Interest Charges -
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges -
Preferred Dividends of Subsidiaries -
Net Income $ -
Page 2 of 2
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,421,316
<TOTAL-OPERATING-REVENUES> 913,226
<NET-INCOME> 93,174
</TABLE>
