Commission No. 1-3559
Form U-3A-2/A Atlantic City Electric Company
This amended Form U-3A-2 is being filed to correct Exhibit A as
follows:
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousand of dollars)
Atlantic City
As Reported As Corrected
Liabilities & Capitalization:
Current Liabilites:
Accounts Payable -
Associated Companies - $ 12,030
Other $ 29,826 17,796
Elimination &
Reclass Entries
Debit
(Credit)
As Reported As Corrected
Liabilities & Capitalization:
Capitalization:
Common Shareholder's Equity:
Contributed Capital $ 2,851 $ 3,441
Total Common
Shareholder's Equity $ 5,017 $ 5,607
Total Capitalization
(Excluding Current Portion) 77,182 77,772
Current Liabilities:
Other - (590)
Total Current Liabilities 25,090 24,500
Atlantic City
Electric Company
Consolidated
As Reported As Corrected
Liabilities & Capitalization:
Capitalization:
Common Shareholder's Equity:
Contributed Capital $ 259,668 $ 259,078
Total Common
Shareholder,s Equity 779,015 778,425
Total Capitalization
(Excluding Current Portion) 1,725,210 1,724,620
Current Liabilities:
Other 22,390 22,980
Total Current Liabilities 234,263 234,853
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
Amended
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, Egg Harbor Township, New Jersey 08234-4130.
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, Egg Harbor
Township, New Jersey 08234-4130. 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 447
MW capacity located in Cape May County.
(2) Deepwater Generating Station, a 239 MW capacity
station located in Salem County and
Seven combustion turbine stations:
(1) Missouri Ave. Station, a 60 MW capacity station
located in Atlantic County.
(2) Middle Station, a 77 MW capacity station located
in Cape May County.
(3,4,5) Carlls Corner Station (73 MW), Cumberland
Station (84 MW), and Sherman Ave.Station (81 MW),
all located in Cumberland County.
(6) Mickleton Station, a 59 MW capacity station
located in Gloucester County.
(7) Cedar Station, a 68 MW capacity station located in Ocean
County.
The Claimant also owns and maintains forty-four transmission, has
an interest in one transmission and owns and maintains fifty-nine
distribution substations as well as 10,184 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 2,126 MW capacity (Peach
Bottom Atomic Power Station), located in York County,
Pennsylvania, of which Claimant owns a 7.51% undivided
interest as tenant in common with the following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(5) A nuclear generating station of 2,212 MW capacity (Salem
Nuclear Generating Station), located in Salem County, New
Jersey, of which Claimant owns a 7.41% undivided interest as
tenant in common with the following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(6) A nuclear generating station of 1,031 MW capacity (Hope Creek
Nuclear Generating Station), located in Salem County, New
Jersey, of which Claimant owns a 5% undivided interest as
tenant in common with Public Service Electric and Gas Company.
(7) Claimant owns a transmission line extending from Mantua Creek
to the New Jersey-Pennsylvania border at the Delaware River, a
distance of 9.7 miles, by means of which electric energy and
capacity is interchanged (not sold or purchased) at the border
of said states under an interconnection agreement between
Claimant, Philadelphia Electric Company, now PECO Energy
Company and Public Service Electric and Gas Company. Claimant
owns as tenants in common a transmission line and switching
station extending from Hope Creek Nuclear Generating Station
to the New Jersey-Delaware border, a distance of 13 miles, by
means of which electric energy and capacity is interchanged
(not sold or purchased) under a transmission system agreement
between Delmarva Power and Light Company, Jersey Central Power
and Light Company, Philadelphia Electric Company, Public
Service Electric and Gas Company and Claimant.
Deepwater
Deepwater, a wholly-owned subsidiary of 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 1996
(A) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas
distributed at retail.
Claimant - 10,164,520,000 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 - 209,236,000 kwh. (a)
Deepwater - None
(a) kwh excludes 602,231,000 kwh sold to power
brokers, ultimate destination unknown.
(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 - 1,760,344,000kwh.
Deepwater - None
(b)kwh excludes 1,358,425,000 kwh purchased
from power
rokers, original sources not determinable.
In 1996 Claimant received 600,751,000 interchanged energy
and delivered 1,006,516,000 kwh. of interchanged energy
pursuant to arrangements mentioned above.
In 1996, Deepwater, as operator of the Deepwater Generating
Station at Deepwater, New Jersey, delivered to Claimant, the
owner of that station, 506,533,000 kwh. of electric energy.
4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an
EWG or a foreign utility company, stating monetary amounts in
United States dollars:
Claimant holds no interest, either directly or indirectly, in an
EWG or a foreign utility company.
(A) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy
for sale or for the distribution at retail of natural or
manufactured gas.
Non-applicable.
(B) Name of each system company that holds an interest in such EWG
or foreign utility company; and description of the interest
held.
Non-applicable.
(C) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or
indirect guarantee of the security of the EWG or foreign
utility company by the holding company claiming exemption; and
any debt or other financial obligation for which there is
recourse, directly or indirectly, to the holding company
claiming exemption or another system company, other than the
EWG or foreign utility company.
Non-applicable.
(D) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Non-applicable.
(E) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or goods
sold and fees or revenues under such agreement(s).
Non-applicable.
EXHIBIT A
A consolidating statement of income and surplus of the claimant and
its subsidiary companies for the last calendar year, together with
a consolidating balance sheet of claimant and its subsidiary
companies as of the close of such calendar year.
A consolidating statement of income and retained earnings of the
Claimant and its subsidiary companies for the last calendar year,
together with a consolidating balance sheet of Claimant and its
subsidiary companies as of the close of December 31, 1996 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
2,460,741
2 Total Operating Revenues
982,492
3 Net Income
75,017
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 amended statement to be
duly executed on its behalf by its authorized officer on this 9th
day of May, 1997.
ATLANTIC CITY ELECTRIC COMPANY
By: /s/ J. E. Franklin II
J. E. Franklin, II Senior Vice
President,Secretary &
General Counsel
CORPORATE SEAL
ATTEST:
Alfred J. Vola
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
J. E. Franklin, II
Senior Vice President,Secretary & General Counsel
Atlantic City Electric Company
6801 Black Horse Pike
Egg Harbor Township, New Jersey 08234-4130
Atlantic City Electric Company and Subsidiary
EXHIBIT A
Consolidating Statement of Income
December 31, 1996
(thousands of dollars)
Atlantic
City
Electric
Company
Operating Revenues-Electric $ 982,492
Operating Expenses:
Energy 223,091
Purchased Capacity 195,699
Operations 156,891
Maintenance 44,462
Depreciation and Amortization 80,845
State Excise Taxes 104,815
Federal Income Taxes 32,272
Other Taxes 9,888
Reimbursed Expenses* -
Total Operating Expenses 847,963
Total Operating Income and Expense 134,529
Other Income:
AFDC Equity Funds 879
Miscellaneous Income-Net 4,952
Total Other Income 5,831
Income Before Interest Charges 140,360
Interest Charges:
Interest on Long Term Debt 61,501
Other Interest Expense 4,818
Total Interest Charges 66,319
Allowance for Borrowed Funds
Used During Construction (976)
Net Interest Charges 65,343
Less Cumulative Quarterly Income
Preferred Securities Dividends - Net
Income $ 75,017
* The net production costs of Deepwater Operating Company are charged
to the Company. These costs are included in the Company's income
accounts and classified as appropriate.
Page 1 of 5<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Statement of Income
December 31, 1996
(thousands of dollars)
Deepwater
Operating
Company
Operating Revenues-Electric $ -
Operating Expenses:
Energy 52,334
Purchased Capacity -
Operations 17,327
Maintenance 9,770
Depreciation and Amortization -
State Excise Taxes -
Federal Income Taxes -
Other Taxes 3,677
Other 1,155
Reimbursed Expenses* (84,263)
Total Operating Expenses -
Total Operating Income and Expense -
Other Income:
AFDC Equity Funds -
Miscellaneous Income-Net -
Total Other Income -
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 -
Less Cumumulative Quarterly Income
Preferred Securities Dividends -
Net Income $ -
Page 2 of 5
Atlantic City Electric Company and Subsidiary
Consolidating Statement of Income
December 31, 1996
(thousands of dollars)
Atlantic
Capital 1
Operating Revenues-Electric $ -
Operating Expenses:
Energy -
Purchased Capacity -
Operations -
Maintenance -
Depreciation and Amortization -
State Excise Taxes -
Federal Income Taxes -
Other Taxes -
Other -
Reimbursed Expenses* -
Total Operating Expenses -
Total Operating Income and Expense -
Other Income:
AFDC Equity Funds -
Miscellaneous Income-Net 1,472
Total Other Income -
Income Before Interest Charges 1,472
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds
Used During Construction -
Net Interest Charges -
Less Cumumulative Quarterly Income
Preferred Securities Dividends 1,472
Net Income $ -
Page 3 of 5
Atlantic City Electric Company and Subsidiary
Consolidating Statement of Income
December 31, 1996
(thousands of dollars)
Elimination
& Reclass
Entries
(Debit)
Credit
Operating Revenues-Electric $ -
Operating Expenses:
Energy (52,334)
Purchased Capacity -
Operations (17,327)
Maintenance (9,770)
Depreciation and Amortization -
State Excise Taxes -
Federal Income Taxes -
Other Taxes (3,677)
Other (1,155)
Reimbursed Expenses* 84,263
Total Operating Expenses -
Total Operating Income and Expense -
Other Income:
AFDC Equity Funds -
Miscellaneous Income-Net (1,516)
Total Other Income -
Income Before Interest Charges -
Interest Charges:
Interest on Long Term Debt 1,472
Other Interest Expense -
Total Interest Charges 1,472
Allowance for Borrowed Funds
Used During Construction -
Net Interest Charges -
Less Cumumulative Quarterly Income
Preferred Securities Dividends 44
Net Income $ -
Page 4 of 5
Atlantic City Electric Company and Subsidiary
Consolidating Statement of Income
December 31, 1996
(thousands of dollars)
Atlantic
City
Electric
Company
Operating Revenues-Electric $ 982,492
Operating Expenses:
Energy 223,091
Purchased Capacity 195,699
Operations 156,891
Maintenance 44,462
Depreciation and Amortization 80,845
State Excise Taxes 104,815
Federal Income Taxes 32,272
Other Taxes 9,888
Reimbursed Expenses* -
Total Operating Expenses 847,963
Total Operating Income and Expense 134,529
Other Income:
AFDC Equity Funds 879
Miscellaneous Income-Net 4,908
Total Other Income 5,787
Income Before Interest Charges 140,316
Interest Charges:
Interest on Long Term Debt 60,029
Other Interest Expense 4,818
Total Interest Charges 64,847
Allowance for Borrowed Funds
Used During Construction (976)
Net Interest Charges 63,871
Less Cumulative Quarterly Income
Preferred Securities Dividends 1,428
Net Income $ 75,017
Page 5 of 5
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Atlantic
City
Electric
Company
ASSETS
Electric Utility Plant:
In Service $2,508,220
Less Accumulated Depreciation (871,531)
Net 1,636,689
Construction Work in Progress 117,188
Land Held for Future Use 5,604
Leased Property-Net 39,914
Electric Utility Plant-Net 1,799,395
Investment in Subsidiary Company 9,617
Investment in Trust 2,165
Nuclear Decommissioning Trust Fund 71,120
Nonutility Property 7,588
Other Investments and Funds 2,162
Total Nonutility Property and
Investments 92,652
Current Assets:
Cash and Temporary Investments 7,920
Accounts Receivable:
Utility Service 64,432
Miscellaneous 19,717
Allowance for Doubtful Accounts (3,500)
Accounts Receivable-Associated Companies 4,020
Unbilled Revenues 33,315
Fuel (at average cost) 29,603
Materials and Supplies (at average cost) 15,257
Working Funds 15,505
Deferred Income Taxes 8,545
Deferred Energy Costs 33,529
Prepaid Excise Tax 7,125
Other Prepayments 8,545
Total Current Assets 244,013
Deferred Debits:
Unrecovered Purchased Power Costs 83,400
Recoverable Federal Income Taxes 85,858
Unrecovered State Excise Taxes 54,714
Unamortized Debt Costs 43,579
Other Regulatory Assets 55,882
Other 12,950
Total Deferred Debits 336,383
Total Assets $2,472,443
Page 1 of 10<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Atlantic
City
Electric
Company
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Shareholder's Equity:
Common Stock $ 54,963
Premium on Capital Stock 231,081
Contributed Capital 262,519
Capital Stock Expense (1,645)
Retained Earnings 234,948
Total Shareholder's Equity: 781,866
Preferred Securities:
Not Subject to Mandatory Redemption 30,000
Subject to Mandatory Redemption 43,950
Cumulative Quarterly Income
Preferred Securities -
Long Term Debt 874,410
Total Capitalization (Excluding Current Portion) 1,730,226
Current Liabilities:
Preferred Stock Redemption Requirement 10,000
Capital Lease Obligations - Current 702
Long Term Debt - Current 175
Short Term Debt 64,950
Accounts Payable 62,739
Advances - Associated Companies -
Accounts Payable - Associated Companies 12,030
Taxes Accrued 7,341
Interest Accrued 19,618
Dividends Declared 21,701
Deferred Income Taxes 11,735
Provision for Rate Refunds 13,000
Other 17,796
Total Current Liabilities 241,787
Deferred Credits and Other Liabilities:
Deferred Income Taxes 357,581
Deferred Income Tax Credits 46,577
Capital Lease Obligations 39,212
Other 57,060
Total Deferred Credits and Other Liabilities 500,430
Total Liabilities and Capitalization $2,472,443
Page 2 of 10<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(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 -
Investment in Trust -
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments -
Current Assets:
Cash and Temporary Investments 7
Accounts Receivable:
Utility Service -
Miscellaneous 210
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies 4,632
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) 8,558
Working Funds 11
Deferred Income Taxes -
Deferred Energy Costs -
Prepaid Excise Tax -
Other Prepayments 1,545
Total Current Assets 14,963
Deferred Debits:
Unrecovered Purchased Power Costs -
Recoverable Federal Income Taxes -
Unrecovered State Excise Taxes -
Unamortized Debt Costs -
Other Regulatory Assets 3,693
Other (251)
Total Deferred Debits 3,442
Total Assets $ 18,405
Page 3 of 10 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Deepwater
Operating
Company
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Shareholder's Equity:
Common Stock $ 1
Premium on Capital Stock -
Contributed Capital -
Capital Stock Expense -
Retained Earnings -
Total Common Shareholder's Equity 1
Preferred Securities:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Cumulative Quarterly Income
Preferred Securities -
Long Term Debt
Total Capitalization (Excluding Current Portion) 1
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations - Current -
Long Term Debt - Current -
Short Term Debt -
Accounts Payable 905
Advances-Associated Companies 9,617
Accounts Payable-Associated Companies 2,296
Taxes Accrued 154
Interest Accrued -
Dividends Declared -
Deferred Income Taxes -
Provision for Rate Refunds -
Other 4,594
Total Current Liabilities 17,566
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other 838
Total Deferred Credits and Other Liabilities 838
Total Liabilities and Capitalization $ 18,405
Page 4 of 10
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Atlantic
Capital 1
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 -
Investment in Trust -
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments -
Current Assets:
Cash and Temporary Investments -
Accounts Receivable:
Utility Service -
Miscellaneous -
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies 72,165
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes -
Deferred Energy Costs -
Prepaid Excise Tax -
Other Prepayments -
Total Current Assets 72,165
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 $ 72,165
Page 5 of 10 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Atlantic
Capital 1
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Shareholder's Equity:
Common Stock $ 2,165
Premium on Capital Stock -
Contributed Capital -
Capital Stock Expense -
Retained Earnings -
Total Common Shareholder's Equity 2,165
Preferred Securities:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Cumulative Quarterly Income
Preferred Securities -
Long Term Debt 70,000
Total Capitalization (Excluding Current Portion) 72,165
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations - Current -
Long Term Debt - Current -
Short Term Debt -
Accounts Payable -
Advances-Associated Companies -
Accounts Payable-Associated Companies -
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Deferred Income Taxes -
Provision for Rate Refunds -
Other -
Total Current Liabilities -
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 $ 72,165
Page 6 of 10<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(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 (9,617)
Investment in Trust (2,165)
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments (11,782)
Current Assets:
Cash and Temporary Investments -
Accounts Receivable:
Utility Service -
Miscellaneous -
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies (72,165)
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Deferred Income Taxes (8,545)
Deferred Energy Costs -
Prepaid Excise Tax -
Other Prepayments
Total Current Assets (87,639)
Deferred Debits:
Unrecovered Purchased Power Costs -
Recoverable Federal Income Taxes -
Unrecovered State Excise Taxes -
Unamortized Debt Costs -
Other Regulatory Assets -
Other (2,851)
Total Deferred Debits (2,851)
Total Assets $ (102,272)
Page 7 of 10<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Elimination
& Reclass
Entries
Debit
(Credit)
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Shareholder's Equity:
Common Stock $ 2,166
Premium on Capital Stock -
Contributed Capital 3,441
Capital Stock Expense -
Retained Earnings -
Total Common Shareholder's Equity 5,607
Preferred Securities:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Cumulative Quarterly Income
Preferred Securities -
Long Term Debt 72,165
Total Capitalization (Excluding Current Portion) 77,772
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations - Current -
Long Term Debt - Current -
Short Term Debt -
Accounts Payable -
Advances-Associated Companies 9,617
Accounts Payable-Associated Companies 6,928
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Deferred Income Taxes 8,545
Provision for Rate Refunds -
Other (590)
Total Current Liabilities 24,500
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 $102,272
Page 8 of 10<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Atlantic
City
Electric
Company
Consolidated
ASSETS
Electric Utility Plant:
In Service $2,508,220
Less Accumulated Depreciation (871,531)
Net 1,636,689
Construction Work in Progress 117,188
Land Held for Future Use 5,604
Leased Property-Net 39,914
Electric Utility Plant-Net 1,799,395
Investment in Subsidiary Company -
Investment in Trust -
Nuclear Decommissioning Trust Fund 71,120
Nonutility Property 7,588
Other Investments and Funds 2,162
Total Nonutility Property and
Investments 80,870
Current Assets:
Cash and Temporary Investments 7,927
Accounts Receivable:
Utility Service 64,432
Miscellaneous 19,927
Allowance for Doubtful Accounts (3,500)
Accounts Receivable-Associated Companies 1,723
Unbilled Revenues 33,315
Fuel (at average cost) 29,603
Materials and Supplies (at average cost) 23,815
Working Funds 15,517
Deferred Income Taxes -
Deferred Energy Costs 33,529
Prepaid Excise Tax 7,125
Other Prepayments 10,089
Total Current Assets 243,502
Deferred Debits:
Unrecovered Purchased Power Costs 83,400
Recoverable Federal Income Taxes 85,858
Unrecovered State Excise Taxes 54,714
Unamortized Debt Costs 43,579
Other Regulatory Assets 59,575
Other 9,848
Total Deferred Debits 336,974
Total Assets $2,460,741
Page 9 of 10<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1996
(thousands of dollars)
Atlantic
City
Electric
Company
Consolidated
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Shareholder's Equity:
Common Stock $ 54,963
Premium on Capital Stock 231,081
Contributed Capital 259,078
Capital Stock Expense (1,645)
Retained Earnings 234,948
Total Common Shareholder's Equity 778,425
Preferred Stock:
Not Subject to Mandatory Redemption 30,000
Subject to Mandatory Redemption 43,950
Cumulative Quarterly Income
Preferred Securities 70,000
Long Term Debt 802,245
Total Capitalization (Excluding Current Portion) 1,724,620
Current Liabilities:
Preferred Stock Redemption Requirement 10,000
Capital Lease Obligations - Current 702
Long Term Debt - Current 175
Short Term Debt 64,950
Accounts Payable 63,644
Advances-Associated Companies -
Accounts Payable-Associated Companies 7,398
Taxes Accrued 7,494
Interest Accrued 19,619
Dividends Declared 21,701
Deferred Income Taxes 3,190
Provision for Rate Refunds 13,000
Other 22,980
Total Current Liabilities 234,853
Deferred Credits and Other Liabilities:
Deferred Income Taxes 357,581
Deferred Income Tax Credits 46,577
Capital Lease Obligations 39,212
Other 57,898
Total Deferred Credits and Other Liabilities 501,268
Total Liabilities and Capitalization $2,460,741
Page 10 of 10
