UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2
File No. 69-344
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
EDISON INTERNATIONAL
(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>
<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.
00 EDISON INTERNATIONAL (formerly SCEcorp) is a corporation organized
under the laws of the State of California and having its principal
place of business at 2244 Walnut Grove Avenue (P.O. Box 999),
Rosemead, California 91770. It was organized principally to acquire
and hold securities of other corporations for investment purposes.
Edison International has the following subsidiaries:
01 SOUTHERN CALIFORNIA EDISON COMPANY ("SCE") is a California
corporation having its principal place of business at 2244 Walnut
Grove Avenue (P.O. Box 800), Rosemead, California 91770. SCE is a
public utility primarily engaged in the business of supplying
electric energy to portions of central and southern California,
excluding the City of Los Angeles and certain other cities. Its
subsidiaries have the same principal place of business as Southern
California Edison Company:
02 CALIFORNIA ELECTRIC POWER COMPANY is an inactive California
corporation that remains from a 1964 merger with SCE.
02 CONSERVATION FINANCING CORPORATION is a California corporation
engaged in the remediation and mitigation of environmental
liabilities.
02 ENERGY SERVICES, INC. is a California corporation engaged in the
business of assisting SCE in optimizing the use of its resources
for the benefit of its ratepayers by marketing SCE's
capabilities, facilities, products, information, and copyrighted
materials to third parties. Energy Services, Inc. does not
engage in any activities that would constitute owning or
operating facilities used for the generation, transmission, or
distribution of electric energy for sale.
02 MONO POWER COMPANY is an inactive California corporation that has
been engaged in the business of exploring for and developing fuel
resources.
03 THE BEAR CREEK URANIUM COMPANY is an inactive California
partnership between Mono Power Company (50%) and Union Pacific
Resources (50%) that has been engaged in reclamation of an
integrated uranium mining and milling complex in Wyoming.
02 SCE CAPITAL COMPANY is an inactive Delaware corporation that
acted as a financing vehicle for SCE.
02 SCE FUNDING LLC is a Delaware limited liability company that acts
as a financing vehicle for rate reduction bonds.
02 SOUTHERN STATES REALTY is a California corporation engaged in
providing real estate and consulting services to SCE and third
parties.
01 EDISON INSURANCE SERVICES, INC., is a captive insurance company,
incorporated and having its principal executive office in Hawaii,
formed for the purpose of issuing domestic and foreign property
damage and business interruption insurance to Edison International
and its subsidiaries.
PAGE 2
<PAGE>
01 EDISON VENTURES (formerly Edison Enterprises) is a California
corporation having its principal place of business at 2244 Walnut
Grove Avenue, Rosemead, California 91770, which was organized to own
the stock and coordinate the activities of nonutility companies.
The subsidiaries of Edison Ventures are as follows:
02 EDISON TRANSENERGY is a California corporation engaged in
pipeline development activities to transport crude oil.
01 EDISON ENERGY (inactive)
01 THE MISSION GROUP is a California corporation having its principal
place of business at 18101 Von Karman Avenue, Suite 1700, Irvine,
California 92612-1046, which was organized to own the stock and
coordinate the activities of nonutility companies. The subsidiaries
of The Mission Group are as follows:
02 EDISON TECHNOLOGY SOLUTIONS (formerly Edison Technologies, Inc.)
is a California corporation having its principal place of
business at 18101 Von Karman Avenue, Suite 1700, Irvine,
California 92612-1046, which was organized to engage in research
and development.
02 EDISON ENTERPRISES is a California corporation having its
principal place of business at 13191 Crossroads Parkway North,
City of Industry, California 91745, which was organized to own
the stock and coordinate the activities of various retail
companies. The subsidiaries of Edison Enterprises are as
follows:
03 EDISON EV is a California corporation having its principal
place of business at 515 South Figueroa Street, Suite 950, Los
Angeles, California 90071. It is engaged in the business of
providing services related to electric vehicles, including the
distribution and installation of electric vehicle charging
equipment.
03 EDISON SOURCE is a California corporation having its principal
place of business at 13191 Crossroads Parkway North, City of
Industry, California 91746. It is engaged in the business of
integrated energy services and wholesale power marketing.
03 EDISON SELECT (formerly Edison Spectrum) is a California
corporation having its principal place of business 13191
Crossroads Parkway North, City of Industry, California 91746.
It is engaged in the business of providing consumer products
and services.
04 EDISON HOME PROTECTION COMPANY (inactive)
04 SELECT HOME WARRANTY COMPANY is a California corporation
having its principal place of business at 13191 Crossroads
Parkway North, City of Industry, California 91746. It is
engaged in the business of providing consumer products and
services governed by the California Department of
Insurance.
03 EDISON UTILITY SERVICES is a California corporation having its
principal place of business at 13191 Crossroads Parkway North,
City of Industry, California 91746. It is engaged in the
business of providing services including billing and
transmission and distribution outsourcing.
PAGE 3
<PAGE>
02 EDISON CAPITAL (formerly Mission First Financial) is a California
corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 800, Irvine, California 92612-1046. It is
engaged in the business of leveraged-leasing transactions and
other project financings, either directly or through
subsidiaries. Edison Capital owns a group of subsidiaries and
has interests in various partnerships through its subsidiaries.
The subsidiaries and partnerships of Edison Capital are listed
below. Unless otherwise indicated, all entities are
corporations, are organized under the laws of the State of
California, and have the same principal place of business as
Edison Capital. (P)=partnership; (C)=commitment.
03 BURLINGTON APARTMENTS, INC.
04 Burlington Arboretum L.P. (P) 1%
03 EDISON CAPITAL EUROPE LIMITED (UK corporation)
03 EDISON FUNDING COMPANY (formerly Mission Funding Company)
04 EDISON CAPITAL HOUSING INVESTMENTS (formerly Edison Housing
Investments and Mission Housing Investments)
05 16th & Church Street Associates L.P. (P) 99%
05 1732 Champa L.P. (Buerger Brothers Lofts) (P) 99%
05 18303 Kittridge Associates - 39 L.P. (P) 99%
05 1856 Wells Court Partners, L.P. (Wells Court) (P) 99%
05 210 Washington Avenue Associates (Renaissance Plaza)
(Connecticut partnership) 99%
05 2814 Fifth Street Associates L.P. (Land Park Woods) (P) 99%
05 AE Associates L.P. (Avenida Espana) (P) 99%
05 Agape Housing L.P. (P) 99%
05 Anglo Edison Pinecrest L.L.C. (P) 99%
05 Anglo Edison Ravenwood L.L.C. (P) 99%
05 Argyle Redevelopment Partnership, Ltd. (Colorado partnership)
99%
05 Avalon Courtyard L.P. (Carson Senior Housing) (P) 3%
05 B.A.I. Anglo Edison Pinecrest, LLC (Pinecrest) (P) 99%
05 B.A.I. Anglo Edison Ravenwood, LLC (Ravenwood) (P) 99%
05 Bartlett Hill Associates L.P. (P) 70%; 100% w/ MBHCo.
05 Beacon Manor Associates L.P. (P) 99%
05 Bermuda Gardens Apartments L.P. (C) 99%
05 Borregas Court L.P. (P) 99%
05 Brantwood II Associates L.P. (P) 98.99%
05 Brooks School Associates L.P. (P) 99%
05 Bryn Mawr - Belle Shore L.P. (P) 99%
05 Burlington Arboretum L.P. (P) 94.66%
05 Bush Hotel L.P. (P) 99%
05 Carson Housing L.P. (P) 99%
05 CCS/Bellingham L.P. (Washington Grocery Building) (P) 99%
05 CCS/Renton Housing L.P. (C) 99%
05 Cedarshores L.P. (P) 98.99%
05 Centertown Associates L.P. (P) 99%
05 Centro Partners L.P. (El Centro) (P) 99%
05 Cochrane Village Apartments L.P. (P) 99%
05 Conejo Valley Community Housing Associates (Community House
Apartments) (P) 99%
05 Coolidge Station Apartments L.L.C. (P) 99%
05 Coyote Springs Apartments Associates L.P. (P) 99%
05 Cypress Cove Associates (P) 99%
05 Delta Plaza Apartments L.P. (P) 99%
05 EAH Larkspur Creekside Associates L.P. (P) 99%
05 EAST COAST CAPITAL, INC. (Massachusetts corporation)
05 East Cotati Avenue Partners L.P. (P) 99%
05 Eastwood Homes L.P. (P) 98.99%
05 EC ASSET SERVICES, INC. (Massachusetts corporation)
PAGE 4
<PAGE>
05 EC PROPERTIES, INC. (Massachusetts corporation)
06 Corporations for Affordable Housing L.P. (P) 1%
07 Arbor Lane Associates Phase II L.P. (Timberwood) (P) 99%
07 Arroyo Vista Associates L.P. (P) 99%
07 Artloft Associates L.P. (P) 35.6%
07 Caleb Affordable Housing Associates L.P. (Ledges/Pinebrook)
(P) 99%
07 The Carlin L.P. (P) 99%
07 Diamond Phase III Venture L.P. (P) 99%
07 Fairmount Hotel Urban Renewal Associates L.P. (P) 99%
07 Mackenzie Park Associates L.P. (P) 99%
07 Parkside Associates L.P. (Parkside Garden) (P) 99%
07 Pines Housing L.P. (P) 99%
07 Pines Housing II, L.P. (P) 99%
07 Smyrna Gardens Associates L.P. (P) 99%
07 Tioga Gardens L.P. (P) 99%
07 Walden Pond, L.P. (Hamlet) (P) 99%
06 Corporations for Affordable Housing L.P. II (P) 1%
07 2601 North Board Street Associates L.P. (Station House) (P)
99%
07 Artloft Associates L.P. (P) 53.43%
07 Brookline Housing Associates LLC (Bridgewater) (P) 99%
07 EDA L.P. (Eagle's Nest) (P) 99%
07 Edgewood Manor Associates II L.P. (P) 99%
07 Gateway Housing L.P. (Gateway Townhomes) (P) 99%
07 Homestead Village Associates L.P. (P) 99%
07 Junction City Apartments L.P. (Green Park) (P) 99%
07 Liberty House Associates L.P. (P) 99%
07 Maple Ridge Development Associates L.P. (P) 99%
07 Parsonage Cottage Senior Residence L.P. (P) 99%
07 Rittenhouse School L.P. (P) 99%
07 Silver City Housing L.P. (P) 99%
07 South 55th Street, L.P. (P) 99%
07 W. M. Housing Associates L.P. (Williamsport Manor) (P) 99%
07 Winnsboro Apartments L.P. (Deer Wood) (P) 99%
05 EC PROPERTIES III, INC. (Massachusetts corporation)
06 Corporations for Affordable Housing L.P. III (P) 1%
07 Piedmont Housing Associates (P) 99%
07 Pines Housing III (P) 99%
07 Salem-Lafayette Urban Renewal Associates, L.P. (P) 99%
07 Spring Valley Commons (P) 99%
07 Stevenson Housing Associates (Park Vista) (P) 99%
05 EC-SLP, INC. (Massachusetts corporation)
05 ECHI WYVERNWOOD, INC. [dead project]
05 ECH/HFC GP Partnership No. 1 (P) 34.9%
06 Edison Capital Housing Partners VII L.P. (P) 19.4%
07 C-Court L.P. (Cawelti Court) (P) 99%
07 Cottonwood Affordable Housing L.P. (P) 99%
07 Fifth & Wilshire (P) 99%
07 Flagstaff Affordable Housing II, L.P. (Forest View Apts.)
(P) 99%
07 Huff Avenue Associates L.P. (P) 99%
07 Mountain View Townhomes Associates L.P. (P) 99%
07 Oak Forest Associates L.P. (P) 99%
07 Paradise Road Partners L.P. (Gateway Village) (P) 99%
07 Woodland Arms Apartments, Ltd. (P) 99%
05 ECH/HFC GP Partnership No. 2 (P) 56.7%
06 Edison Capital Housing Partners VIII L.P. (P) 18.54%
07 Catalonia Associates L.P. (P) 99%
07 Ohlone Housing Associates L.P. (P) 99%
05 EDISON CAPITAL AFFORDABLE HOUSING 97 V
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VI
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VII
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VIII
PAGE 5
<PAGE>
05 Edison Capital Contributions VI Partners (P) 91.77%
06 ECH Investors Partner VI-A L.P. (P) 15.39%
07 Edison Capital Housing Partners VI L.P. (P) 61.82%
08 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
08 Altamont Hotel Associates L.P. (P) 99%
08 Bradley Manor Senior Apartments L.P. (P) 99%
08 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
08 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
08 Hamilton Place Senior Living L.P. (P) 99%
08 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
08 KDF Malabar L.P. (P) 99%
08 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
08 MAS-WT, L.P. (Washington Terrace) (P) 99%
08 Northwood Manor Associates L.P. (P) 99%
08 Silver Lake Properties L.P. (P) 99%
08 University Park Properties L.P. (P)99%
08 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
08 Vista Verde Townhomes II LLC (P) 99%
08 Vista Properties LLC (Vista View) (P) 99%
06 ECH Investors Partner VI-B L.P. (P) 15.39%
07 Edison Capital Housing Partners VI L.P. (P) 37.18%
08 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
08 Altamont Hotel Associates L.P. (P) 99%
08 Bradley Manor Senior Apartments L.P. (P) 99%
08 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
08 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
08 Hamilton Place Senior Living L.P. (P) 99%
08 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
08 KDF Malabar L.P. (P) 99%
08 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
08 MAS-WT, L.P. (Washington Terrace) (P) 99%
08 Northwood Manor Associates L.P. (P) 99%
08 Silver Lake Properties L.P. (P) 99%
08 University Park Properties L.P. (P)99%
08 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
08 Vista Verde Townhomes II LLC (P) 99%
08 Vista Properties LLC (Vista View) (P) 99%
05 Edison Capital Housing Partners V L.P. (P) 16.38%
06 AMCAL Santa Barbara Fund XXXVI L.P. (Positano) (P) 99%
06 Bodega Hills Investors L.P. (P) 99%
06 Mercy Housing California IV L.P. (Vista Grande) (P) 99%
06 Park Place Terrace L.P. (P) 99%
06 River Walk Apartments Homes L.P. (P) 99%
06 San Diego Golden Villa Partners L.P. (P) 99%
06 Santa Alicia Gardens Townhomes L.P. (The Gardens) (P) 99%
06 St. Hedwigs Gardens (P) 99%
06 Sunshine Terrace L.P. (P) 99%
06 Union Meadows Apartments (P) 99%
05 EDISON CAPITAL HOUSING FLORIDA
05 EDISON CAPITAL HOUSING MANAGEMENT
06 JOHN STEWART COMPANY
Address: 2310 Mason Street, San Francisco, CA 94133
07 2814 Fifth Street Associates L.P. (P) 0.5%GP
07 381 Turk Street L.P. (P) 1%GP
07 Community Investment L.P. (Oak Village Apartments) (P) 1%GP
07 Crescent Manor Associates L.P. (P) 2.85%GP
07 Del Norte Place L.P. (P) 18%GP
07 The IBEX Group (P) 10%GP
PAGE 6
<PAGE>
07 Jackie Robinson Apartments L.P. (P) 1.67%GP
07 Larkspur Isle L.P. (P) 0.5%GP
07 Las Casitas L.P. (P) 0.5%GP
07 Mason Street Enterprises L.P. (P) 1%GP
07 Mountain View Apartments L.P. (P) 0.26%GP
07 Piper Court G.P. (P) 50%GP
07 Shiloh Arms L.P. (P) 1%GP/9.8%LP
07 St. John's L.P. (P) 1%GP/19.6%LP
07 Village East Apartments L.P. (P) 3%GP
07 Woodhaven Senior Residences L.P. (P) 1%GP
05 EDISON CAPITAL HOUSING NEW JERSEY
06 El Barrio Academy Urban Renewal Associates, L.P. (P) 98.99%
06 Pellettieri Homes Urban Renewal Associates, L.P. (P) 98.99%
05 EDISON CAPITAL HOUSING NEW YORK
06 Pier A Historic Rehabilitation at Battery Park (P) 99%
05 EDISON CAPITAL HOUSING PENNSYLVANIA
06 Lackawana Housing Associates LLC (Goodwill Neighborhood
Residences) (P) 99%
06 McFarland Press Associates (P) 98.9%
06 Villa Maria Housing L.P. (P) 98.9%
05 EDISON HOUSING GEORGIA
06 HMB-Atlanta I L.P. (Spring Branch) (P) 99%
05 EDISON HOUSING NORTH CAROLINA
06 Edison Capital Contributions VI Partners (P) 4.03%
07 ECH Investors Partner VI-A L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 61.82%
09 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
07 ECH Investors Partner VI-B L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 37.18%
09 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
PAGE 7
<PAGE>
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
05 EDISON HOUSING OREGON, INC.
05 EDISON HOUSING SOUTH CAROLINA
06 Edison Capital Contributions VI Partners (P) 4.20%
07 ECH Investors Partner VI-A L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 61.82%
09 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
07 ECH Investors Partner VI-B L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 37.18%
09 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
05 Edmundson Associates L.P. (Willows) (P) 99%
05 EHI DEVELOPMENT COMPANY (formerly MHI Development Company)
05 EHI DEVELOPMENT FUND (formerly MHI Development Fund)
05 Elizabeth West & East L.P. (P) 99%
05 Elk View Homes (C) 99%
05 Farm (The) Associates L.P. (P) 99%
05 Florence Apartments LLC (P) 99%
05 Garnet Housing Associates (P) 99%
05 Gilroy Redwood Associates L.P. (Redwoods) (P) 99%
05 Ginzton Associates L.P. (P) 99%
05 Grace Housing L.P. (P) 99%
05 Grandy Lake 1996 L.P. (Grandy Lake Residences) (P) 99%
05 Grossman Apartments Investors L.P. (P) 99%
05 Harry Clark Jr. Residential Center LLC (P) 99%
05 Heartland-Wisconsin Rapids Timber Trails LLC (Timber Trails)
(P) 99%
05 Heather Glen Associates L.P. (P) 99%
PAGE 8
<PAGE>
05 Holy Family Associates L.P. (P) 99%
05 Kennedy Lofts Associates L.P. (Massachusetts partnership) 97%
05 Lark Ellen L.P. (P) 99%
05 Las Brisas Apartments L.P. (P) 99%
05 Maplewood School Apartments L.P. (P) 99%
05 Mar Associates L.P. (P) 99%
05 Marlton Residences Associates L.P. (P) 99%
05 Mercy Housing California IX L.P. (Sycamore) (P) 99%
05 Merrill Road Associates L.P. (P) 99%
05 MH I L.P. (P) 1%
06 California Park Apartments L.P. (P) 1% of 99%
05 MH II L.P. (P) 1%
06 5363 Dent Avenue Associates L.P. (P) 1% of 99%
05 MH III L.P. (P) 1%
06 DeRose Housing Associates L.P. (P) 1% of 99%
05 MH IV L.P. (P) 1%
06 MPT Apartments L.P. (MacArthur Park) (P) 1% of 99%
05 MH V L.P. (P) 1%
06 Centennial Place L.P. (P) 1% of 99%
05 MHIFED 94 COMPANY
05 MHIFED 94 L.P. (Delaware partnership) 1%GP; 99%LP to NYNEX
06 Berry Avenue Associates L.P. (P) 1% of 99%
06 Carlton Way Apartments L.P. (P) 1% of 99%
06 CDR Senior Housing Associates (Casa del Rio) (P) 1% of 99%
06 Corona Ely/Ranch Associates L.P. (P) 1% of 99%
06 Fairview Village Associates L.P. (P) 1% of 99%
06 Fell Street Housing Associates L.P. (P) 1% of 99%
06 Hope West Apartments L.P. (P) 1% of 99%
06 Morrone Gardens Associates L.P. (P) 1% of 99%
06 Pajaro Court Associates L.P. (P) 1% of 99%
06 Tierra Linda Associates L.P. (P) 1% of 99%
06 Tlaquepaque Housing Associates L.P. (P) 1% of 99%
05 MHIFED 95 COMPANY
05 MHIFED 95 L.P. (Delaware partnership) 1%GP; 99%LP to NYNEX
06 Avalon Courtyard L.P. (Carson Senior Housing) (P) 1% of 99%
06 Hollywood El Centro L.P. (P) 1% of 99%
06 La Brea/Franklin L.P. (P) 1% of 99%
06 Larkin Pine L.P. (P) 1% of 99%
06 Mercy Housing California III L.P. (3rd & Reed) (P) 1% of 99%
06 Pinole Grove Associates L.P. (P) 1% of 99%
06 Second Street Center L.P. (Santa Monica) (P) 1% of 99%
06 Solinas Village Partners L.P. (P) 1% of 99%
06 Three Oaks Housing L.P. (P) 1% of 99%
06 1101 Howard Street Associates L.P. (P) 1% of 99%
05 MHIFED 95C COMPANY
05 MHIFED 96 COMPANY
05 MHIFED 96 L.P. (Delaware partnership) 5%GP; 95%LP to Cargill
06 Lavell Village Associates L.P. (P) 5% of 99%
06 North Town Housing Partners L.P. (Villa del Norte Village)
(P) 5% of 99%
06 Poco Way Associates L.P. (P) 5% of 99%
06 Seasons Affordable Senior Housing L.P. (P) 5% of 99%
05 MHIFED 96A COMPANY
05 MHIFED 96A L.P. (Delaware partnership) 1%GP; 99%LP to NYNEX
06 Good Samaritan Associates L.P. (P) 1% of 99%
06 Reseda Village L.P. (P) 1% of 99%
06 Oxnard Housing Associates L.P. (P) 1% of 99%
06 Metro Senior Associates L.P. (P) 1% of 99%
06 Round Walk Village Apartments L.P. (P) 1% of 99%
06 Santa Alicia Family Housing Associates (P) 1% of 99%
06 Vine Street Court L.P. (P) 1% of 99%
06 Vine Street Court L.P. II (P) 1% of 99%
05 MHIFED 97 COMPANY
PAGE 9
<PAGE>
05 MHICAL 94 COMPANY
06 MHICAL 94 L.P. (Delaware partnership) 99%LP
07 Mayacamas Village Associates L.P. (P) 99% of 99%
07 Rincon De Los Esteros Associates L.P. (P) 99% of 99%
07 West Capital Courtyard L.P. (P) 99% of 99%
07 Winfield Hill Associates L.P. (P) 99% of 99%
05 MHICAL 94 L.P. (Delaware partnership) 1%GP
06 Mayacamas Village Associates L.P. (P) 1% of 99%
06 Rincon De Los Esteros Associates L.P. (P) 1% of 99%
06 West Capital Courtyard L.P. (P) 1% of 99%
06 Winfield Hill Associates L.P. (P) 1% of 99%
05 MHICAL 95 COMPANY
06 MHICAL 95 L.P. (Delaware partnership) 99%LP
07 Abby Associates L.P. (Windmere) (P) 99% of 99%
07 Antelope Associates L.P. (P) 99% of 99%
07 Baker Park Associates L.P. (P) 99% of 99%
07 Bracher Associates L.P. (P) 99% of 99%
07 Colina Vista L.P. (P) 99% of 99%
07 ECH/HFC GP Partnership No. 2 (P) 43.3%
08 Edison Capital Housing Partners VIII L.P. (P) 18.54%
09 Catalonia Associates L.P. (P) 99%
09 Ohlone Housing Associates L.P. (P) 99%
07 Florin Woods Associates L.P. (P) 99% of 99%
07 Mercy Housing California VI L.P. (205 Jones) (P) 99% of 99%
07 Pinmore Associates L.P. (P) 99% of 99%
07 Sunset Creek Partners L.P. (P) 99% of 99%
05 MHICAL 95 L.P. (Delaware partnership) 1%GP
06 Abby Associates L.P. (Windmere) (P) 1% of 99%
06 Antelope Associates L.P. (P) 1% of 99%
06 Baker Park Associates L.P. (P) 1% of 99%
06 Bracher Associates L.P. (P) 1% of 99%
06 Colina Vista L.P. (P) 1% of 99%
06 Florin Woods Associates L.P. (P) 1% of 99%
06 Mercy Housing California VI L.P. (205 Jones) (P) 1% of 99%
06 Pinmore Associates L.P. (P) 1% of 99%
06 Sunset Creek Partners L.P. (P) 1% of 99%
05 MHICAL 96 COMPANY
06 MHICAL 96 L.P. (Delaware partnership) 99%LP
07 ECH/HFC GP Partnership No. 1 (P) 50.4%
08 Edison Capital Housing Partners VII L.P. (P) 19.4%
09 C-Court L.P. (Cawelti Court) (P) 99%
09 Cottonwood Affordable Housing L.P. (P) 99%
09 Fifth & Wilshire (P) 99%
09 Flagstaff Affordable Housing II, L.P. (Forest View
Apts.) (P) 99%
09 Huff Avenue Associates L.P. (P) 99%
09 Mountain View Townhomes Associates L.P. (P) 99%
09 Oak Forest Associates L.P. (P) 99%
09 Paradise Road Partners L.P. (Gateway Village) (P) 99%
09 Woodland Arms Apartments, Ltd. (P) 99%
07 Greenway Village Associates L.P. (P) 99% of 99%
07 Kennedy Court Partners L.P. (P) 99% of 99%
07 Klamath Associates L.P. (P) 99% of 99%
07 Monterra Village Associates L.P. (P) 99% of 99%
07 Sky Parkway Housing Associates L.P. (P) 99% of 99%
07 Strobridge Housing Associates L.P. (P) 99% of 99%
07 Westgate Townhomes Associates L.P. (P) 99% of 99%
07 1010 SVN Associates L.P. (P) 99% of 99%
05 MHICAL 96 L.P. (Delaware partnership) 1%GP
06 Greenway Village Associates L.P. (P) 1% of 99%
06 Kennedy Court Partners L.P. (P) 1% of 99%
06 Klamath Associates L.P. (P) 1% of 99%
06 Monterra Village Associates L.P. (P) 1% of 99%
06 Sky Parkway Housing Associates L.P. (P) 1% of 99%
PAGE 10
<PAGE>
06 Strobridge Housing Associates L.P. (P) 1% of 99%
06 Westgate Townhomes Associates L.P. (P) 1% of 99%
06 1010 SVN Associates L.P. (P) 1% of 99%
05 MHICAL 97 COMPANY
06 MHICAL 97 L.P. 99%LP
07 Alma Place Associates L.P. (P) 99% of 99%
07 ECH/HFC GP Partnership No. 1 (P) 14.7%
08 Edison Capital Housing Partners VII L.P. (P) 19.4%
09 C-Court L.P. (Cawelti Court) (P) 99%
09 Cottonwood Affordable Housing L.P. (P) 99%
09 Fifth & Wilshire (P) 99%
09 Flagstaff Affordable Housing II, L.P. (Forest View
Apts.) (P) 99%
09 Huff Avenue Associates L.P. (P) 99%
09 Mountain View Townhomes Associates L.P. (P) 99%
09 Oak Forest Associates L.P. (P) 99%
09 Paradise Road Partners L.P. (Gateway Village) (P) 99%
09 Woodland Arms Apartments, Ltd. (P) 99%
05 MHICAL 97 L.P. 1%GP
06 Alma Place Associates L.P. (P) 1% of 99%
05 Mid-Peninsula Century Village Associates L.P. (Century Village)
(P) 99%
05 Mid-Peninsula Sharmon Palms Associates L.P. (Sharmon Palms) (P)
99%
05 Mission Capp L.P. (P) 99%
05 MISSION HOUSING ALPHA
06 Lee Park Investors L.P. (Pennsylvania partnership) 99%
05 MISSION HOUSING BETA
06 Richmond City Center Associates L.P. (P) 99%
05 MISSION HOUSING DELTA
06 MH I L.P. (P) 99%
07 California Park Apartments L.P. (P) 99% of 99%
06 MH II L.P. (P) 99%
07 5363 Dent Avenue Associates L.P. (P) 99% of 99%
06 MH III L.P. (P) 99%
07 DeRose Housing Associates L.P. (P) 99% of 99%
06 MH IV L.P. (P) 99%
07 MPT Apartments L.P. (MacArthur Park) (P) 99% of 99%
06 MH V L.P. (P) 99%
07 Centennial Place L.P. (P) 99% of 99%
05 MISSION HOUSING DENVER
06 Mercantile Square L.P. (P) 99%
06 North Park Village LLC (P) 99%
05 MISSION HOUSING EPSILON
06 Riverside/Liebrandt Partners L.P. (La Playa) (P) 99%
05 MISSION HOUSING GAMMA
06 Del Carlo Court Associates L.P. (P) 99%
05 MISSION HOUSING HOLDINGS (formerly MHIFED 95B Company)
06 Mission Housing Partnership 1996 L.P. 99%LP (formerly MHIFED
95B L.P.) (Delaware partnership)
07 La Terraza Associates L.P. (Carlsbad Villas at Camino Real)
(P) 99% of 99%
05 Mission Housing Partnership 1996 L.P. 1%GP (formerly MHIFED 95B
L.P.) (Delaware partnership)
06 La Terraza Associates L.P. (Carlsbad Villas at Camino Real)
(P) 1% of 99%
05 MISSION HOUSING THETA
06 MISSION FUNDING THETA
07 Brantwood II Associates L.P. (P) 0.01%
07 Cedarshores L.P. (P) 0.01%
07 Eastwood Homes L.P. (P) 0.01%
07 El Barrio Academy Urban Renewal Associates, L.P. (P) 0.01%
07 McFarland Press Associates (P) 0.01%
07 Pellettieri Homes Urban Renewal Associates, L.P. (P) 0.01%
PAGE 11
<PAGE>
07 Persimmon Associates L.P. (P) 0.01%
07 Roebling Village Inn Urban Renewal L.P. (P) 0.01%
07 Sherman Glen, L.L.C. (P) 0.01%
07 Timber Sound, Ltd. (P) 0.01%
07 Timber Sound II, Ltd. (P) 0.01%
07 Villa Maria Housing L.P. (P) 0.01%
07 Woodleaf Village L.P. (P) 0.01%
06 Mission Housing Investors Partnership 5%GP; 95%LP to GECC
07 Forest Winds Associates L.P. (P) 5% of 99%
07 Glen Eden Associates L.P. (P) 5% of 99%
07 Gray's Meadows Investors L.P. (P) 5% of 99%
07 Prince Bozzuto L.P. (Fairground Commons) (Maryland
partnership) 5% of 99%
07 Rancho Park Associates L.P. (P) 5% of 99%
07 Rustic Gardens Associates L.P. (P) 5% of 99%
07 Sea Ranch Apartments L.P. (P) 5% of 99%
07 Springdale Kresson Associates L.P. (Jewish Federation) (New
Jersey partnership) 5% of 99%
07 1028 Howard Street Associates L.P. (P) 5% of 99%
05 MISSION HOUSING ZETA
06 Fremont Building L.P. (Crescent Arms) (P) 99%
05 MISSION SA COMPANY
05 Montview Park Apartments (C) 99%
05 Morgan Hill Ranch Housing L.P. (P) 99%
05 Neary Lagoon Partners L.P. (P) 99%
05 New Harbor Vista Apartments (C) 99%
05 Northstar Apartments (C) 99%
05 Oceanside Gardens L.P. (P) 99%
05 Olive Court Apartments L.P. (P) 98.9%
05 Omaha Amber Ridge L.P. (Amber Ridge) (P) 99%
05 Ontario Senior Housing L.P. (Ontario Plaza) (P) 98.9%
05 Open Doors Associates L.P. (West Valley) (P) 99%
05 Pacific Terrace Associates L.P. (C) 99%
05 Pacifica Community Associates L.P. (Villa Pacifica) (P) 99%
05 Palmer House L.P. (P) 99%
05 Pecan Court Associates L.P. (C) 99%
05 Persimmon Associates L.P. (P) 98.99%
05 Pilot Grove L.P. (Massachusetts partnership) 99%
05 Post Office Plaza L.P. (Ohio partnership) 99%
05 Red Lake Homes (C) 99%
05 Riverwalk Apartments (Colorado) (C) 99%
05 Roebling Village Inn Urban Renewal L.P. (P) 98.99%
05 Rosebloom Associates L.P. (Oakshade) (P) 99%
05 San Juan Commons 1996 L.P. (P) 99%
05 San Pablo Senior Housing Associates L.P. (P) 99%
05 San Pedro Gardens Associates L.P. (P) 99%
05 Santa Paulan Senior Apartments Associates L.P.(P) 99%
05 School Court Housing Associates L.P. (C) 99%
05 Sherman Glen, L.L.C. (P) 98.99%
05 South Beach Housing Associates L.P. (Steamboat) (P) 99%
05 South Winery Associates L.P. (The Winery Apartments) (P) 99%
05 Stoney Creek Associates L.P. (P) 99%
05 Studebaker Building L.P. (P) 99%
05 Sultana Acres Associates L.P. (P) 99%
05 Tabor Grand L.P. (Colorado partnership) 99%
05 Terra Cotta Housing Associates L.P. (C) 99%
05 The Cornerstone Building (C) 99%
05 The Josephinum Associates L.P. (Washington partnership) 99%
05 The World Schoolhouse Residences L.P. (C) 99%
05 Thomson Rental Housing, L.P. (Washington Place) (P) 99%
05 Timber Sound, Ltd. (P) 98.99%
05 Timber Sound II, Ltd. (P) 98.99%
05 Trinity Park Apartments L.P. (P) 99%
05 Tuscany Associates L.P. (Tuscany Villa) (P) 99%
PAGE 12
<PAGE>
05 Venbury Trail L.P. (P) 99%
05 Walnut Avenue Partnership L.P. (P) 99%
05 WGA INVESTORS COMPANY [dead project]
05 Washington Creek Associates L.P. (P) 99%
05 Westfield Condominium Investment L.P. (P) 99%
05 Westport Village Homes Associates L.P. (P) 99%
05 Wheeler Manor Associates L.P. (P) 99%
05 White Mountain Apache Housing (P) 99%
05 Winfield Hill Associates L.P. (P) 99%
05 Woodleaf Village L.P. (P) 98.99%
05 Yanktown Sioux Homes (P) 99%
05 YWCA Villa Nueva Partners L.P. (P) 99%
04 EDISON FUNDING OMICRON GP
05 Olive Court Housing Associates L.P. (P) 0.1%
05 Ontario Senior Housing L.P. (Ontario Plaza) (P) 0.1%
04 EDISON INTEGRATED ENERGY SERVICES (formerly Mission Integrated
Energy Services)
04 MISSION FIRST ASSET INVESTMENT
04 MISSION FUNDING BETA
04 MISSION FUNDING EPSILON
05 EDISON CAPITAL (BERMUDA) INVESTMENTS, LTD. (formerly Mission
(Bermuda) Investments Pi, Ltd.) (Bermuda corporation)
Address: Clarendon House, 2 Church Street,
Hamilton HM CX, Bermuda
06 Edison Capital LAI (Bermuda) Ltd. (Bermuda corporation)
06 Edison Capital Latin American Investments (Bermuda) Ltd.
(Bermuda corporation) 50%
05 EDISON CAPITAL LATIN AMERICAN INVESTMENTS HOLDING COMPANY
(Delaware corporation)
06 Edison Capital Latin American Investments (Bermuda) Ltd.
(Bermuda corporation) 50%
05 GEM Energy Company (New York partnership) 50%
05 MISSION FUNDING ALPHA
06 MISSION FUNDING MU
07 EPZ Mission Funding Mu Trust (equity interest in foreign
utility company) [see 4.01]
05 MISSION FUNDING DELTA
06 MISSION FUNDING NU
07 EPZ Mission Funding Nu Trust (equity interest in foreign
utility company) [see 4.02]
05 MISSION INVESTMENTS, INC. (U.S. Virgin Islands corporation)
Address: ABN Trustcompany, Guardian Building, Havensight,
2nd Floor, St. Thomas, U.S. Virgin Islands
05 MISSION (BERMUDA) INVESTMENTS, LTD. (Bermuda corporation)
Address: Clarendon House, 2 Church Street,
Hamilton HM CX, Bermuda
04 MISSION FUNDING GAMMA
04 MISSION FUNDING KAPPA
05 ABB Funding Partners, L.P. (P) 14.27%
04 MISSION FUNDING ZETA
05 Huntington L.P. (New York partnership) 50%
03 EDISON MORTGAGE COMPANY
03 MISSION BARTLETT HILL COMPANY
04 Bartlett Hill Associates L.P. (P) 30% [29%LP, 1%GP]; 100% w/ ECHI
03 MISSION INTERNATIONAL CAPITAL, INC.
03 RENEWABLE ENERGY CAPITAL COMPANY
PAGE 13
<PAGE>
02 MISSION LAND COMPANY is a California corporation having its
principal place of business at 18101 Von Karman Avenue, Suite 800,
Irvine, California 92612-1046. It is engaged, directly and
through its subsidiaries, in the business of owning, managing and
selling industrial parks and other real property investments. The
subsidiaries and partnerships of Mission Land Company are listed
below. Unless otherwise indicated, all entities are corporations,
are organized under the laws of the State of California, and have
the same principal place of business as Mission Land Company.
03 ASSOCIATED SOUTHERN INVESTMENT COMPANY
04 Calabasas Park Company (P) (inactive) 79%GP
05 Central Valley/Calabasas L.P. (P) [in dissolution] 50%LP
03 CALABASAS PALATINO, INC.
04 Central Valley/Calabasas L.P. (P) [in dissolution] 50%GP
03 Carol Stream Developers G.P. (Illinois partnership) 60%GP
03 Centrelake Partners, L.P. (limited partnership) 98%GP
03 IRWINDALE LAND COMPANY
04 Mission-Koll I (limited partnership) 4%GP
03 MISSION AIRPORT PARK DEVELOPMENT CO.
04 Carol Stream Developers G.P. (Illinois partnership) 40%GP
04 Centrelake Partners, L.P. (limited partnership) 2%LP
04 Mission-Nexus II, L.P. (limited partnership) 50%GP
04 Mission Vacaville L.P. (limited partnership) (formerly Mission-
Messenger Vacaville G.P.) 1%GP
03 MISSION INDUSTRIAL CONSTRUCTORS, INC. (inactive)
03 Mission-Koll I (limited partnership) 96%LP
03 Mission-Nexus II, L.P. (limited partnership) 50%LP
03 Mission-Oceangate (P) (formerly Mission Comstock Crosser Hickey)
75%GP
03 MISSION/ONTARIO, INC.
03 MISSION SOUTH BAY COMPANY (inactive)
04 Mission-Oceangate (P) (formerly Mission Comstock, Crosser Hickey
G.P.) 25%GP
03 MISSION TEXAS PROPERTY HOLDINGS, INC.
03 Mission Vacaville L.P. (limited partnership) (formerly Mission-
Messenger Vacaville G.P.) 99%LP
02 MISSION POWER ENGINEERING COMPANY is a California corporation
having its principal place of business at 18101 Von Karman Avenue,
Suite 1700, Irvine, California 92612-1046. It is currently an
inactive company. The subsidiaries of Mission Power Engineering
Company are listed below. Unless otherwise indicated, all
entities are corporations, are organized under the laws of the
State of California, and have the same principal place of business
as Mission Power Engineering Company.
03 ASSOCIATED SOUTHERN ENGINEERING COMPANY (inactive)
PAGE 14
<PAGE>
02 EDISON MISSION ENERGY (formerly Mission Energy Company) is a
California corporation having its principal place of business at
18101 Von Karman Avenue, Suite 1700, Irvine, California 92612-
1046. Edison Mission Energy owns the stock of a group of
corporations which, primarily through partnerships with non-
affiliated entities, are engaged in the business of developing,
owning and/or operating cogeneration, geothermal and other energy
or energy-related projects pursuant to the Public Utility
Regulatory Policies Act of 1978. Edison Mission Energy, through
wholly owned subsidiaries, also has ownership interests in a
number of independent power projects in operation or under
development that either have been reviewed by the Commission's
staff for compliance with the Act or are or will be exempt
wholesale generators under the Energy Policy Act of 1992. In
addition, some Edison Mission Energy subsidiaries have made fuel-
related investments and a limited number of non-energy related
investments. The subsidiaries and partnerships of Edison Mission
Energy are listed below. Unless otherwise indicated, all entities
are corporations, are organized under the laws of the State of
California and have the same principal place of business as Edison
Mission Energy.
DOMESTIC:
03 AGUILA ENERGY COMPANY (LP)
04 American Bituminous Power Partners, L.P. (Delaware limited
partnership) 49.5%; 50% with Pleasant Valley
05 American Kiln Partners, L.P. (Delaware limited partnership)
03 ANACAPA ENERGY COMPANY (GP)
04 Salinas River Cogeneration Company (P) 50%
03 ARROWHEAD ENERGY COMPANY (inactive)
03 BALBOA ENERGY COMPANY (GP)
04 Smithtown Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Kingspark
03 BERGEN POINT ENERGY COMPANY (GP)
04 TEVCO/Mission Bayonne Partnership (Delaware G.P.) 50%
03 BLUE RIDGE ENERGY COMPANY (GP)
04 Bretton Woods Cogeneration, L.P. (Delaware limited partnership)
50%; 100% w/Bretton Woods
03 BRETTON WOODS ENERGY COMPANY (GP & LP)
04 Bretton Woods Cogeneration, L.P. (Delaware L.P.) 50%; 100% w/Blue
Ridge
03 CAMINO ENERGY COMPANY (GP)
04 Watson Cogeneration Company (general partnership) 49%
03 CAPISTRANO COGENERATION COMPANY (GP)
04 James River Cogeneration Company (North Carolina partnership) 50%
03 CENTERPORT ENERGY COMPANY (GP & LP)
04 Riverhead Cogeneration I, L.P. (Delaware partnership) 50%; 100%
w/Ridgecrest
03 CHESAPEAKE BAY ENERGY COMPANY (formerly Woodland Energy Company)
(GP)
04 Delaware Clean Energy Project (Delaware general partnership) 50%
03 CHESTER ENERGY COMPANY (no partners; option Chesapeake,VA)
03 CLAYVILLE ENERGY COMPANY
04 Oconee Energy, L.P. (Delaware L.P.) 50%; 100% w/Coronado
03 COLONIAL ENERGY COMPANY (formerly Hentland Energy Company)
(inactive)
03 CORONADO ENERGY COMPANY
04 Oconee Energy, L.P. (Delaware L.P.) 50%; 100% w/Clayville
03 CRESCENT VALLEY ENERGY COMPANY (GP)
04 Beowawe Geothermal Power Company (general partnership) 50%
03 DEL MAR ENERGY COMPANY (GP)
04 Mid-Set Cogeneration Company (P) 50%
03 DELAWARE ENERGY CONSERVERS, INC. (Delaware corporation) (inactive)
PAGE 15
<PAGE>
03 DESERT SUNRISE ENERGY COMPANY (Nevada corporation) (inactive)
03 DEVEREAUX ENERGY COMPANY (LP)
04 Auburndale Power Partners, L.P. (Delaware L.P.) 49%; 50% w/El
Dorado
03 EASTERN SIERRA ENERGY COMPANY (GP & LP)
04 Saguaro Power Company, L.P. (P) 50%
03 EAST MAINE ENERGY COMPANY (inactive) [dissolving]
03 EDISON MISSION ENERGY FUEL [formerly MISSION ENERGY FUEL COMPANY]
04 EDISON MISSION ENERGY OIL AND GAS [formerly MISSION ENERGY OIL AND
GAS COMPANY]
05 Four Star Oil & Gas Company (P) 46.85% (owns Lost Hills
Cogeneration Facility)
04 EDISON MISSION ENERGY PETROLEUM [formerly MISSION ENERGY PETROLEUM
COMPANY] (Gas contracts w/ Tex. Gas Mktg)
04 POCONO FUELS COMPANY (inactive)
04 SOUTHERN SIERRA GAS COMPANY
05 TM Star Fuel Company (general partnership) 50%
03 EDISON MISSION ENERGY FUNDING CORP. (Delaware corporation) 1%
03 EDISON MISSION OPERATION & MAINTENANCE, INC. (formerly Mission
Operation and Maintenance, Incorporated) (no partnership)
04 Mission Operations de Mexico, S.A. de C.V. 95%
03 EL DORADO ENERGY COMPANY (GP)
04 Auburndale Power Partners, L.P. (Delaware L.P.) 1%; 50% w/
Devereaux
03 EMP, INC. (Oregon corporation) (GP & LP)
04 GEO East Mesa Limited Partnership (P) 50%
05 GEO East Mesa Electric Co. (Nevada corp.) (McCabe Plant) 100%
03 FOUR COUNTIES GAS COMPANY (inactive)
03 HANOVER ENERGY COMPANY
04 CHICKAHOMINY RIVER ENERGY CORP. (Virginia corporation) (GP & LP)
05 Commonwealth Atlantic L.P. (Delaware partnership) [see 4.03]
50%
03 HOLTSVILLE ENERGY COMPANY (GP & LP) (formerly Brookhaven Energy
Company)
04 Brookhaven Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Madera
03 INDIAN BAY ENERGY COMPANY (GP & LP)
04 Riverhead Cogeneration III, L.P. (Delaware partnership) 50%; 100%
w/Santa Ana
03 JEFFERSON ENERGY COMPANY (GP & LP) (inactive)
03 KINGS CANYON ENERGY COMPANY (inactive)
03 KINGSPARK ENERGY COMPANY (GP & LP)
04 Smithtown Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Balboa
03 LAGUNA ENERGY COMPANY (inactive) (former interest in Ambit)
03 LA JOLLA ENERGY COMPANY (inactive) (used for Belridge)
03 LAKE GROVE ENERGY COMPANY (former Mid-County subsidiary) (inactive)
03 LAKEVIEW ENERGY COMPANY
04 Georgia Peaker, L.P. (Delaware L.P.) 50%; 100% w/Silver Springs
03 LEHIGH RIVER ENERGY COMPANY (inactive)
03 LONGVIEW COGENERATION COMPANY (formerly Columbia River Cogeneration
Company, formerly Cabrillo Energy Company) (held for Weyerhauser)
03 MADERA ENERGY COMPANY (GP)
04 Brookhaven Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Holtsville
03 MADISON ENERGY COMPANY (formerly Sunshine Generators, Inc.) (LP)
04 Gordonsville Energy, L.P. (Delaware partnership) [see 4.04] 49%;
50% w/Rapidan
03 Mission Capital, L.P. (Delaware L.P.) 3%; MIPS partnership
03 MISSION/EAGLE ENERGY COMPANY (inactive)
03 MISSION ENERGY CONSTRUCTION SERVICES, INC. (formerly Glenwood
Springs Property, Inc.)
PAGE 16
<PAGE>
03 MISSION ENERGY HOLDINGS, INC.
04 Mission Capital, L.P. (Delaware L.P.) 97%; MIPS partnership
03 MISSION ENERGY HOLDINGS INTERNATIONAL, INC. (formerly Patapsco
Energy Company) [holds all the issued and outstanding stock of MEC
International B.V.--see INTERNATIONAL section]
03 MISSION ENERGY INDONESIA (formerly Chula Energy Company)
03 MISSION ENERGY MEXICO (inactive) formerly the branch office in
Mexico (no partnership)
03 MISSION ENERGY NEW YORK, INC. (formerly Allegheny Energy Company)
(GP & LP)
04 Brooklyn Navy Yard Cogeneration Partners, L.P. (Delaware
partnership) [see 4.05] 50%
03 MISSION ENERGY WALES COMPANY (formerly San Jacinto Energy Company)
04 Mission Hydro Limited Partnership (UK limited partnership)
05 EME Generation Holdings Limited (UK limited partnership) 30%
[See International section for structure of EME Generation
Holdings Ltd.]
03 MISSION ENERGY WESTSIDE, INC. (formerly Sun Coast Energy Company)
03 Mission Operations de Mexico, S.A. de C.V. 5%
03 MISSION TRIPLE CYCLE SYSTEMS COMPANY (GP)
04 Triple Cycle Partnership (Texas G.P.) 50%
03 NORTH JACKSON ENERGY COMPANY (inactive) [held for Akso Salt Proj]
03 NORTHERN SIERRA ENERGY COMPANY (GP)
04 Sobel Cogeneration Company (general partnership) 50%
03 ORTEGA ENERGY COMPANY (Mid-County Cogen gas contracts)
03 PANTHER TIMBER COMPANY (GP)
04 American Kiln Partners, L.P. (Delaware limited partnership) 2%
03 PARADISE ENERGY COMPANY (inactive)
03 PLEASANT VALLEY ENERGY COMPANY (GP)
04 American Bituminous Power Partners, L.P. (Delaware limited
partnership) 0.5%; 50% w/Aguila
05 American Kiln Partners, L.P. (Delaware Limited Partnership)
03 PRINCE GEORGE ENERGY COMPANY (LP)
04 Hopewell Cogeneration Limited Partnership (Delaware limited
partnership) 24.75%
04 Hopewell Cogeneration Inc. (Delaware corporation) 25%
05 Hopewell Cogeneration Limited Partnership (Delaware limited
partnership) 1%
03 QUARTZ PEAK ENERGY COMPANY (LP)
04 Nevada Sun-Peak L.P. (Nevada partnership) [see 4.06] 50%
03 RAPIDAN ENERGY COMPANY (GP)
04 Gordonsville Energy, L.P. (Delaware partnership) [see 4.04] 1%;
50% w/Madison
03 REEVES BAY ENERGY COMPANY (GP & LP)
04 North Shore Energy L.P. (Delaware partnership) 50%; 100% w/Santa
Clara
05 Northville Energy Corporation (New York corporation) 100%
03 RIDGECREST ENERGY COMPANY (GP)
04 Riverhead Cogeneration I, L.P. (Delaware partnership) 50%; 100%
w/Centerport
03 RIO ESCONDIDO ENERGY COMPANY
03 RIVERPORT ENERGY COMPANY (GP & LP)
04 Riverhead Cogeneration II, L.P. (Delaware partnership) 50%; 100%
w/San Pedro
03 SAN GABRIEL ENERGY COMPANY (inactive) (McKenzie gas contracts)
03 SAN JOAQUIN ENERGY COMPANY (GP)
04 Midway-Sunset Cogeneration Company, L.P. (P) 50%
03 SAN JUAN ENERGY COMPANY (GP)
04 March Point Cogeneration Company (P) 50%
03 SAN PEDRO ENERGY COMPANY (GP)
04 Riverhead Cogeneration II, L.P. (Delaware partnership) 50%; 100%
w/Riverport
03 SANTA ANA ENERGY COMPANY (GP)
PAGE 17
<PAGE>
04 Riverhead Cogeneration III, L.P. (Delaware partnership) 50%; 100%
w/Indian Bay
03 SANTA CLARA ENERGY COMPANY (GP)
04 North Shore Energy, L.P. (Delaware partnership) 50%; 100% w/Reeves
Bay
05 Northville Energy Corporation (New York corporation) 100%
03 SILVERADO ENERGY COMPANY (GP)
04 Coalinga Cogeneration Company (P) 50%
03 SILVER SPRINGS ENERGY COMPANY
04 Georgia Peaker, L.P. (Delaware limited partnership) 50%; 100%
w/Lakeview
03 SONOMA GEOTHERMAL COMPANY (GP & LP)
04 Geothermal Energy Partners Ltd. (P) (Aidlin) 5%LP
03 SOUTH COAST ENERGY COMPANY (GP)
04 Harbor Cogeneration Company (P) 30%
03 SOUTHERN SIERRA ENERGY COMPANY (GP)
04 Kern River Cogeneration Company (general partnership) 50%
03 THOROFARE ENERGY COMPANY (inactive)
03 VIEJO ENERGY COMPANY (GP)
04 Sargent Canyon Cogeneration Company (P) 50%
03 VISTA ENERGY COMPANY (New Jersey corporation) (inactive)
03 WESTERN SIERRA ENERGY COMPANY (GP)
04 Sycamore Cogeneration Company (general partnership) 50%
EME INTERNATIONAL:
04 MEC International B.V. (Netherlands corporation) (Holding Company
100% owned by MEC Holdings International, Inc. (California corp.))
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 Edison Mission Energy Asia Pte Ltd. (formerly Mission Energy
Asia Pte Ltd.) (Singapore private company limited by shares)
100% (EME's Regional Asia Pacific Headquarters)
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 Edison Mission Energy Asia Pacific Pte Ltd. (Singapore
corporation) 100%
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 Edison Mission Energy Fuel Company Pte Ltd. (Singapore
corporation) 100%
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 Edison Mission Operation & Maintenance Services Pte Ltd 100%
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 P.T. Edison Mission Operation and Maintenance Indonesia
[formerly P.T. Mission Operation and Maintenance Indonesia
(Indonesian company) 99%
Address: Jl. Gen. A Yani No. 54
Probolinggo, East Java, Indonesia
05 Loy Yang Holdings Pty Ltd (Australia corporation) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
06 Edison Mission Energy Holdings Pty Ltd (formerly Mission
Energy Holdings Pty. Ltd.) (Australian corporation) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Edison Mission Energy Australia Ltd. (formerly Mission
Energy Australia Ltd.) (Australian public company) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
08 Latrobe Power Partnership (Australian partnership) 1%
09 Loy Yang B Joint Venture (Australian J.V.) [see 4.09]
51%
PAGE 18
<PAGE>
07 Edison Mission Operation & Maintenance Kwinana Pty Ltd
(formerly Mission Operations (Kwinana) Pty Ltd) (Australia)
100% (Operator of Kwinana Project)
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Edison Mission Operation & Maintenance Loy Yang Pty Ltd
(formerly Mission Energy Management Australia Pty. Ltd.)
(Australian corporation) 100%
Address: P.O. Box 1792, Traralgon, Victoria 3844,Australia
07 Mission Energy Holdings Superannuation Fund Pty Ltd.
(retirement fund required by Australia law) 100%
07 Mission Energy (Kwinana) Pty Ltd (Australia) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
08 Kwinana Power Partnership (Australian G.P.) 1%
Address: Level 23, St. Martins Tower
44 St George's Terrace, Perth WA 6000
06 Latrobe Power Pty. Ltd. (Australian corporation) 1%
07 Mission Victoria Partnership (Australian partnership)
52.31%
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture (Australian J.V.) [see 4.09]
51%
06 Mission Energy Ventures Australia Pty. Ltd. (Australian
company) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Mission Victoria Partnership (Australian partnership) 1%
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture (Australian J.V.) [see 4.09]
51%
06 Traralgon Power Pty. Ltd. (Australian corporation) 1%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Mission Victoria Partnership (Australian partnership) 46.69%
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture (Australian J.V.) [see 4.09]
51%
05 Edison Mission Energy International B.V. (formerly MEC Mission
B.V.) (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 EME Victoria B.V. 100%
05 Hydro Energy B.V. (Netherlands limited liability company)
(formerly Continfin Management B.V.) 10%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Iberica de Energias, S.A. (Spain corp) 100% (equity) [see
4.07]
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
07 Electrometalurgica del Ebro, S.A. ("EMESA") (Spain
corporation) (equity) [see 4.08] 91%
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
08 Monasterio de Rueda, S.L. (Spain) 100%
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
05 Iberian Hy-Power Amsterdam B.V. (Netherlands limited liability
company) 100%
Address: Strawinskylaan 1725, Amsterdam, NOORD-HOLL 1077 XX
06 Aprohiso S.A. (Spain corporation) (inactive) 100%
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
PAGE 19
<PAGE>
06 Hydro Energy B.V. (Netherlands company) 90%
07 Iberica de Energias, S.A. (Spain corporation) 100% [see
4.07]
08 Electrometalurgica del Ebro, S.A. ("EMESA") (Spain
corporation) [see 4.08] 91%
09 Monasterio de Rueda, S.L. (Spain) 100%
06 Saltos del Porma, S.A.
05 Latrobe Power Pty. Ltd. (Australian corporation) 99%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
06 Mission Victoria Partnership (Australian partnership) 52.31%
(100% w/ Traralgon PPL 46.69% and MEVALP 1%)
07 Latrobe Power Partnership (Australian partnership) 99%
08 Loy Yang B Joint Venture (Australian joint venture) [see
4.09] 51%; 49% to Gippsland
05 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Doga Enerji Uretim Sanayi ve Ticaret Anomin Sirketi (Turkish
corporation) 80%
Address: Merkez Man, Mahallesi Caddesi 11/8,
Esenyurt, Istanbul, Turkey
06 Doga Isi Satis Hizmetteri Ticaret L.S. (Turkish corporation)
80%
Address: Merkez Man, Mahallesi Caddesi 11/8,
Esenyurt, Istanbul, Turkey
06 Doga Isletme ve Bakim Ticaret L.S. (Turkish corporation) 80%
Address: Merkez Man, Mahallesi Caddesi 11/8,
Esenyurt, Istanbul, Turkey
05 MEC IES B.V. (formerly MEC ESA B.V.) (Netherlands company)
(ISAB Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 ISAB Energy Services s.r.l. 49% (services co ISAB Project)
05 MEC India B.V. (Netherlands company) (Jojobera Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Edison Mission Energy Power (Mauritius corporation) (formerly
Mission Energy, formerly Mission Energy Jojobera) (Branch
office in India)
Address: Louis Leconte Street, Curepipe, Mauritius
05 MEC Indo Coal B.V. (Netherlands company) (Adaro Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 P. T. Adaro Indonesia 10%
Address: Suite 704, World Trade Centre, Jl. Jend.
Sudirman Kav. 31, Jakarta 12920 Indonesia
05 MEC Indonesia B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 P. T. Paiton Energy Company (Indonesia company) (equity)
(Paiton Project) [see 4.10] 40%
Address: Mid Plaza 2, 15th Floor, Jl. Jend.
Sudirman Kav. 10-11, Jakarta 10220 Indonesia
05 MEC International Holdings B.V. (Netherlands corp) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Edison Mission Energy International B.V. (formerly MEC
Mission B.V.) (Netherlands company) 1%
06 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 1%
07 Doga Enerji Uretim Sanayi ve Ticaret Anomin Sirketi
(Turkish corporation)
07 Doga Isi Satis Hizmetteri Ticaret L.S. (Turkish
corporation) 80%
07 Doga Isletme ve Bakim Ticaret L.S. (Turkish corporation)
80%
06 MEC IES B.V. (Netherlands company) (ISAB Project) 1%
07 ISAB Energy Services s.r.l.
06 MEC India B.V. (Netherlands company) 1%
PAGE 20
<PAGE>
07 Edison Mission Energy Power (Mauritius corporation)
(formerly Mission Energy, formerly Mission Energy
Jojobera)
06 MEC Indo Coal B.V. (Netherlands company) (Adaro Project) 1%
07 P. T. Adaro Indonesia 10%
06 MEC Indonesia B.V. (Netherlands company) 1%
07 P. T. Paiton Energy Company (Indonesia company) (equity)
(Paiton Project) [see 4.10] 40%
06 MEC Laguna Power B.V. (Netherlands company) (Thailand
Project) 1%
07 Gulf Power Generation Co. Ltd. (Bangkok corporation) 40%
06 MEC Perth B.V. (Netherlands company) (Kwinana Project) 1%
07 Kwinana Power Partnership (Australian G.P.) [See 4.13]
06 MEC Priolo B.V. (Netherlands company) (ISAB Project) 1%
07 ISAB Energy, s.r.l. (Italian J.V. company) (equity) [see
4.11] 1% of 49% (quota, not shares)
06 MEC San Pascual B.V. (Netherlands company) 1%
07 San Pascual Cogeneration Company International B.V.
06 MEC Sidi Krir B.V. [formerly MEC Colombia B.V.] (Netherlands
company) 1%
06 MEC Sumatra B.V. (formerly MEC Turkey B.V.) (Netherlands
company) 1%
06 MEC Wales B.V. (formerly MEC Global Services B.V.)
(Netherlands Company) 1%
07 Mission Hydro Limited Partnership (UK limited partnership)
08 EME Generation Holdings Limited (UK company) 100%
09 Loyvic Pty Ltd. (Australia company) 100%
10 Energy Capital Partnership (Australia partnership)
1%
11 Enerloy Pty Ltd. (Australia company) 100%
09 EME Victoria Generation Limited (UK company) 100%
10 Energy Capital Partnership (Australia partnership
98%
11 Enerloy Pty Ltd. (Australia company) 100%
10 Mission Energy Development Australia Pty Ltd
11 Gippsland Power Pty Ltd 100%
12 Loy Yang B Joint Venture 49%
09 Energy Capital Partnership (Australia partnership)
1%LP
10 Enerloy Pty Ltd. (Australia company) 100%
09 First Hydro Holdings Company (Australia partnership)
99%
10 First Hydro Company [see 4.12] 99%
10 First Hydro Finance plc
11 First Hydro Company [see 4.12] 1%
06 Mission Energy Italia s.r.l. 10% (Office in Italy)
06 P.T. Edison Mission Operation and Maintenance Indonesia
[formerly P.T. Mission Operation & Maintenance Indonesia
(Indonesian company) 1%
05 MEC Laguna Power B.V. (Netherlands co) (Malaya Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Gulf Power Generation Co. Ltd. (Bangkok corporation) 40%
Address: 888/101 Mahatun Plaza Tower, 10th Floor, Ploenchit,
Lumphini, Patumwan, Bangkok 10330
05 MEC Perth B.V. (Netherlands company) (Kwinana Project) 99%
06 Kwinana Power Partnership (Australian G.P.) 99% [See 4.13]
Address: Level 23, St. Martins Tower
44 St George's Terrace, Perth WA 6000
05 MEC Priolo B.V. (Netherlands company) (ISAB Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 ISAB Energy, s.r.l. (Italian J.V. company) (equity) [see
4.11] 99% of 49% (quota, not shares)
Address: Corso Gelone No. 103, Siracusa, Sicily, Italy
PAGE 21
<PAGE>
05 MEC San Pascual B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3521 GT Utrecht, The Netherlands
06 San Pascual Cogeneration Company International B.V. 50%
Address: Croeselaan 18, 3521 GT Utrecht, The Netherlands
05 MEC Sidi Krir B.V. [formerly MEC Colombia B.V.] (Netherlands
company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 MEC Sumatra B.V. (formerly MEC Turkey B.V.) (Netherlands
company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 MEC Wales B.V. (formerly MEC Global Services, B.V.)(Netherlands
company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Mission Hydro Limited Partnership 69%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
07 EME Generation Holdings Limited (UK company) 100%
08 Loyvic Pty Ltd. (Australia company) 100%
09 Energy Capital Partnership (Australia partnership) 1%
10 Enerloy Pty Ltd. (Australia company) 100%
08 EME Victoria Generation Limited (UK company) 100%
09 Energy Capital Partnership (Australia partnership 98%
10 Enerloy Pty Ltd. (Australia company) 100%
09 Mission Energy Development Australia Pty Ltd
10 Gippsland Power Pty Ltd 100%
11 Loy Yang B Joint Venture 49%
08 Energy Capital Partnership (Australia partnership) 1%LP
09 Enerloy Pty Ltd. (Australia company) 100%
08 First Hydro Holdings Company (Australia partnership) 99%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
09 First Hydro Company [see 4.12] 99%
Address: Bala House, St. David's Park
Ewloe, Dlwyd, Wales CH5 3XJ
09 First Hydro Finance plc 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
10 First Hydro Company [see 4.12] 1%
Address: Bala House, St. David's Park
Ewloe, Dlwyd, Wales CH5 3XJ
05 Mission Energy Company (UK) Limited (United Kingdom private
limited company) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Derwent Cogeneration Limited (United Kingdom private limited
liability company) (equity) [see 4.14] 33%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Edison Mission Energy Limited (formerly Mission Energy
Limited) (UK private limited company) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Edison Mission Operation & Maintenance Limited (a United
Kingdom corporation) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Mission Energy Services Limited (UK private limited company)
100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Mission Hydro (UK) Limited 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
PAGE 22
<PAGE>
07 First Hydro Holdings Company 1%
08 First Hydro Company [see 4.12] 99%
08 First Hydro Finance plc 100%
09 First Hydro Company [see 4.12] 1%
07 Mission Hydro Limited Partnership 1%GP
08 EME Generation Holdings Limited (UK company) 100%
09 Loyvic Pty Ltd. (Australia company) 100%
10 Energy Capital Partnership (Australia partnership)
1%
11 Enerloy Pty Ltd. (Australia company) 100%
09 EME Victoria Generation Limited (UK company) 100%
10 Energy Capital Partnership (Australia partnership
98%
11 Enerloy Pty Ltd. (Australia company) 100%
10 Mission Energy Development Australia Pty Ltd
11 Gippsland Power Pty Ltd 100%
12 Loy Yang B Joint Venture 49%
09 Energy Capital Partnership (Australia partnership)
1%LP
10 Enerloy Pty Ltd. (Australia company) 100%
09 First Hydro Holdings Company (Australia partnership)
99%
10 First Hydro Company [see 4.12] 99%
10 First Hydro Finance plc 99%
11 First Hydro Company [see 4.12] 1%
06 Mission (No. 2) Limited (UK private limited company)
(formerly Mowlem Power Ltd.) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Pride Hold Limited (United Kingdom corporation) 99%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
07 Lakeland Power Ltd. (United Kingdom private limited
liability company) [see 4.15] 80%
Address: Roosecote Power Station, Barrow-In-Furness,
Cumbria, England LA13 OPX
07 Lakeland Power Development Company (UK corporation) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
05 Mission Energy Italia s.r.l. 90% Representative Office in Italy
Address: Villa Brasini, Via Flaminia 497, 00191 Rome Italy
05 Pride Hold Limited (United Kingdom corporation) 1%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Lakeland Power Ltd. (United Kingdom private limited liability
company) [see 4.15] 80%
Address: Roosecote Power Station, Barrow-In-Furness,
Cumbria, England LA13 OPX
06 Lakeland Power Development Company (UK corporation) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
05 Traralgon Power Pty. Ltd. (Australian corporation) 99%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
06 Mission Victoria Partnership (Australian partnership) 46.69%
(100% w/ Latrobe PPL 52.31% and MEVALP 1%)
07 Latrobe Power Partnership (Australian partnership)
08 Loy Yang B Joint Venture (Australian J.V.) [see 4.09]
51%; 49% to Gippsland
PAGE 23
<PAGE>
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS
SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION,
TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE
PRODUCTION, TRANSMISSION, AND DISTRIBUTION OF NATURAL OR MANUFACTURED
GAS, INDICATING THE LOCATION OF PRINCIPAL GENERATING PLANTS,
TRANSMISSION LINES, PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND
ELECTRIC AND GAS DISTRIBUTION FACILITIES, INCLUDING ALL SUCH
PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS
SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH
DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH
STATE.
Claimant is not a "public utility company" as that term is defined in
the Public Utility Holding Company Act of 1935 (the "Act") and does not
own any properties used for the generation, transmission and distribution
of electric energy for sale, or for the production, transmission and
distribution of natural or manufactured gas. None of Claimant's
subsidiaries, other than SCE, is a public utility company. SCE is an
"electric utility company" as defined in the Act and owns properties used
for the generation, transmission and distribution of electric energy for
sale, as described herein.
SCE owns and operates 12 oil- and gas-fueled generating plants, one
diesel-fueled generating plant, 38 hydroelectric plants and an undivided
75.05% interest in Units 2 and 3 of the San Onofre Nuclear Generating
Station. These plants are located in Central and Southern California and
the oil- and gas-fueled generating plants are supported by a fuel pipeline
and storage system. SCE has entered into agreements to sell eleven of its
oil- and gas-fueled generating plants. The sales are expected to take
place in the late-first quarter or early-second quarter of 1998. Pursuant
to the sale agreements, SCE will continue to operate the plants for two
years after their sale. Of the above mentioned hydroelectric plants, one
of them, along with the diesel-fueled generating plant, serve isolated
load on Catalina Island. SCE also owns an undivided 15.8% interest in
Units 1, 2 and 3 of the Palo Verde Nuclear Generating Station, located
near Phoenix, Arizona; and an undivided 48% interest in Units 4 and 5 of
the Four Corners Project, a coal-fueled steam electric generating plant in
New Mexico; all of which are operated by other utilities. SCE operates
and owns a 56% undivided interest in two coal-fueled steam electric
generating units at the Mohave Project in Clark County, Nevada. Schedule
I attached hereto contains a list of all of the SCE-owned generating
plants with their locations, initial dates of operation and generator
nameplate ratings.
SCE's transmission facilities consist of approximately 7,235 circuit
miles of 33kV, 55kV, 66kV, 115kV and 161kV lines, 3,473 circuit miles of
220kV lines, and 500kV line circuit miles consisting of 999.7 miles in
California, 125 miles in Nevada and 112 miles in Arizona, for a total
500kV miles of 1,236.7. SCE's distribution facilities consist of
approximately 61,162 overhead circuit miles and 30,615 underground circuit
miles, and 555 distribution substations, all of which are located in
California.
<PAGE 24>
<PAGE>
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO
CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
(a) NUMBER OF KWH. OF ELECTRIC ENERGY SOLD (AT RETAIL OR
WHOLESALE), AND MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED
AT RETAIL.
Claimant: None.
SCE: 76,056,556,000 kwh of electric energy sold at retail
or wholesale.
(b) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE STATE IN
WHICH EACH COMPANY IS ORGANIZED.
Claimant: None.
SCE: None.
(c) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE STATE IN WHICH
EACH SUCH COMPANY IS ORGANIZED, OR AT THE STATE LINE.
Claimant: None.
SCE: 618,286,000 kwh of electric energy sold at wholesale
outside California or at the state line.
(d) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR
MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN WHICH EACH SUCH
COMPANY IS ORGANIZED OR AT THE STATE LINE.
Claimant: None.
SCE: 13,264,332,993 kwh of electric energy purchased
outside California or at the state line.
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 FOR THE DISTRIBUTION AT RETAIL OF NATURAL OR
MANUFACTURED GAS.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG
OR FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST
HELD.
(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.
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY
COMPANY DURING THE REPORTING PERIOD.
(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).
PAGE 25
<PAGE>
4.01 EPZ MISSION FUNDING MU TRUST [FUCO]
(a) EPZ Mission Funding MU Trust ("EPZMFMT")
c/o Wilmington Trust Company, Rodney Square North,
1100 North Market Square, Wilmington, Delaware 19890-0004
EPZMFMT owns a 7.88% interest in the Amercentrale Power Station
Unit 9, which is leased to N.V. Elektriciteits-
Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands
Public Utility. The Amercentrale Power Station Unit 9 is a 600
megawatt (net) coal-fired cogeneration facility, with natural
gas back-up capability, located on 50 hectares (approximately
125 acres) at the Brabandt site in Geertruidenberg,
approximately 50 kilometers southeast of Rotterdam, The
Netherlands.
EPZMFMT has also acquired an undivided interest in or the right
to use certain transmission facilities leading from the
Amercentrale Power Station to the 150 kV grid owned by
Provinciale Noordbrabantse Energie-Maatschappij ("PNEM"), the
distribution company that receives the power from Unit 9.
EPZMFMT also owns an interest in or rights to use transformers
and associated equipment of EPZ designed to step up the power
from the 21 kV level at the generator to the 150 kV level
required to enter the PNEM system. EPZMFMT has also acquired
rights to use certain other common facilities necessary to
permit operation of Unit 9.
(b) Edison International owns 100% of The Mission Group; The
Mission Group owns 100% of Edison Capital, which owns 100% of
Edison Funding Company, which owns 100% of Mission Funding
Epsilon, which owns 100% of Mission Funding Alpha, which owns
100% of Mission Funding Mu. EPZMFMT is a business trust
created under the laws of the State of Delaware. Mission
Funding Mu is the 100% beneficial owner of the beneficial
interest in EPZMFMT. Wilmington Trust Company is the trustee
of the Trust.
(c) Mission Funding Mu made a $13,000,000 equity investment in the
sale/leaseback, and funds were borrowed on a non-recourse basis
in the amount of $87,000,000, in order to acquire the interest
in the asset with a total cost of $100,000,000. Mission
Funding Mu also incurred out-of-pocket costs and fees of
approximately $1,750,000.
The Mission Funding Mu investment and the related obligations
have been guaranteed by its parent, Mission Funding Alpha.
(d) Capitalization or total equity = $13,000,000
Net income after taxes for 1997 = $1,157,967
(e) There are no contracts between EPZ and any system company.
4.02 EPZ MISSION FUNDING NU TRUST [FUCO]
(a) EPZ Mission Funding Nu Trust ("EPZMFNT")
c/o Wilmington Trust Company, Rodney Square North,
1100 North Market Square, Wilmington, Delaware 19890-0004
PAGE 26
<PAGE>
EPZMFNT owns a 17.72% interest in the Amercentrale Power
Station Unit 9, which is leased to N.V. Elektriciteits-
Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands
Public Utility. The Amercentrale Power Station Unit 9 is a 600
megawatt (net) coal-fired cogeneration facility, with natural
gas back-up capability, located on 50 hectares (approximately
125 acres) at the Brabandt site in Geertruidenberg,
approximately 50 kilometers southeast of Rotterdam, The
Netherlands.
EPZMFNT has also acquired an undivided interest in or the right
to use certain transmission facilities leading from the
Amercentrale Power Station to the 150 kV grid owned by
Provinciale Noordbrabantse Energie-Maatschappij ("PNEM"), the
distribution company that receives the power from Unit 9.
EPZMFNT also owns an interest in or rights to use transformers
and associated equipment of EPZ designed to step up the power
from the 21 kV level at the generator to the 150 kV level
required to enter the PNEM system. EPZMFNT has also acquired
rights to use certain other common facilities necessary to
permit operation of Unit 9.
(b) Edison International owns 100% of The Mission Group; The
Mission Group owns 100% of Edison Capital, which owns 100% of
Edison Funding Company, which owns 100% of Mission Funding
Epsilon, which owns 100% of Mission Funding Delta, which owns
100% of Mission Funding Nu. EPZMFNT is a business trust
created under the laws of the State of Delaware. Mission
Funding Nu is the 100% beneficial owner of the beneficial
interest in EPZMFNT. Wilmington Trust Company is the trustee
of the Trust.
(c) Mission Funding Nu made a $29,250,000 equity investment in the
sale/leaseback, and funds were borrowed on a non-recourse basis
in the amount of $195,750,000, in order to acquire the interest
in the asset with a total cost of $225,000,000. Mission
Funding Nu also incurred out-of-pocket costs and fees of
approximately $3,937,500.
The Mission Funding Nu investment and the related obligations
have been guaranteed by an affiliate, Mission Housing
Investments.
(d) Capitalization or total equity = $29,250,000
Net income after taxes for 1997 = $2,571,407
(e) There are no contracts between EPZ and any system company.
4.03 COMMONWEALTH ATLANTIC LIMITED PARTNERSHIP [EWG]
(a) Commonwealth Atlantic Limited Partnership ("CALP")
2837 South Military Highway, Chesapeake, VA 23323-0286
CALP is a 340 MW natural gas and distillate oil fired peaking
power generation facility selling power to Virginia Power (the
"Facility").
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which through its
subsidiary Hanover Energy Company owns Chickahominy River
Energy Corp. which in turn owns a 1% general partner interest
and a 49% limited partner interest in CALP.
PAGE 27
<PAGE>
(c) Chickahominy River Energy Corp. made a capital contribution of
$14,020,000 to CALP. Edison Mission Energy owns a 50% interest
through its wholly owned subsidiary Hanover Energy Company, in
CALP, which is the owner of the Facility. The Facility went
into operation on June 4, 1992.
(d) Capitalization or total equity = $14,020,000
Net loss after taxes for 1997 = ($244,493)
(e) There are no contracts between CALP and any system company.
4.04 GORDONSVILLE ENERGY, L.P. [EWG]
(a) Gordonsville Energy, L.P. ("GELP")
115 Red Hill Road, Gordonsville, VA 22942
GELP is a gas fired cogeneration facility with the anticipated
net capacity during the winter months of 290 megawatts and 220
megawatts during the summer months. The electricity generated
by the facility will be sold to Virginia Electric & Power
Company under two executed 30-year Power Purchase Agreements.
The steam generated by the facility is sold to Rapidan Service
Authority. This facility is located one mile southwest of
Gordonsville, Virginia in Louisa County. GELP went into
operation on June 1, 1994.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which through its
subsidiaries Madison Energy Company ("Madison") and Rapidan
Energy Company ("Rapidan") owns 49% (LP) and 1% (GP)
respectively in GELP.
(c) Madison made a capital contribution of $25,823,000 and Rapidan
made a capital contribution of $527,000, providing a total
amount of $26,350,000. As a condition to receiving the
extension of credit necessary to develop GELP, Madison, Rapidan
and Jefferson Energy Company ("Jefferson"), a wholly owned
subsidiary of Edison Mission Energy which sold its interest to
Northern Hydro Limited, entered into separate Equity
Subscription Agreements with GELP with the condition that
Edison Mission Energy guaranty the obligations under such
agreements by entering into an Equity Subscription Agreement
Guaranty for each of Madison, Rapidan and Jefferson in an
amount not to exceed an aggregate of $55,250,000.
(d) Capitalization or total equity = $25,752,500
Net loss after taxes for 1997 = ($860,580)
(e) Edison Mission Operation & Maintenance, Inc. ("EMOM") operates
this facility. EMOM received $699,000 in compensation as
operator in 1997.
4.05 BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]
(a) Brooklyn Navy Yard Cogeneration Partners, L.P. ("BNY")
230 Park Avenue, Suite 515, New York, NY 10169
BNY's facilities will consist of a 286MW combined cycle
cogeneration facility located at Brooklyn Navy Yard Industrial
Park in Brooklyn, NY.
PAGE 28
<PAGE>
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which through its
wholly owned subsidiary Mission Energy New York, Inc., owns 50%
of Brooklyn Navy Yard Cogeneration Partners, L.P.
(c) Capital contribution made by Edison Mission Energy through its
subsidiary Mission Energy New York, Inc., was in the amount of
$33,158,043. BNY completed a $407 million permanent non-
recourse financing for the project (the "Financing"). Edison
Mission Energy agreed to indemnify BNY and its partners from
all claims and costs arising from or in connection with any
litigation. Said indemnification has been assigned to the
lenders of the Financing. In connection with the Financing,
Mission Energy New York, Inc., has entered into a Construction
Loan Note (approximately $94 million) in favor of BNY.
(d) Capitalization or total equity = $12,758,043
Net loss after taxes for 1997= ($17,206,282)
(e) Other than with respect to the Edison Mission Energy guarantee
as listed in Item (c) above, there are no contracts between BNY
and any system company.
4.06 NEVADA SUN-PEAK LIMITED PARTNERSHIP [EWG]
(a) Nevada Sun-Peak Limited Partnership
200 South Virginia Street, Reno, Nevada 89501
Nevada Sun-Peak L.P. owns a three unit, natural gas and oil
fired combustion turbine generation facility designed to
produce a net output of approximately 210 MW. The combustion
turbines (General Electric PG 7111-EA-CTGs) are capable of
operating on either natural gas or No. 2 distillate fuel oil.
The transmission facilities associated with the plant are owned
by Nevada Power Company. The facility is located near Las
Vegas, Nevada. Commercial operation began on June 8, 1991.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Quartz Peak Energy Company, which in turn owns Nevada Sun-Peak
Limited Partnership, the exempt wholesale generator.
(c) The capital contribution of $8,125,500 was made by Quartz Peak
Energy Company.
(d) Capitalization or total equity = $8,125,500
Net loss after taxes for 1997 = ($357,117)
(e) There are no contracts between Nevada Sun-Peak and any system
company.
4.07 IBERICA DE ENERGIAS, S.A. [FUCO]
(a) Iberica de Energias, S.A. ("Iberica")
Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
Iberica's facilities consist of the following fifteen
mini-hydroelectric facilities which are capable of producing a
total of 40.82 MW:
1. Quintana: 1.48MW facility in Herrera de Valdecana,
Palencia
PAGE 29
<PAGE>
2. La Flecha: 2.66MW facility in Arroyo Encomienda,
Valladolid
3. Toro: 4.50MW facility in Toro, Zamora
4. Tudela: 1.48MW facility in Tudela de Duero, Valladolid
5. Sardon Bajo: 1.60MW facility in Villabanez, Valladolid
6. Bocos: 1.60MW facility in Bocos de Duero, Valladolid
7. Monasterio: 1.60MW facility in Quintanilla de Arriba,
Valladolid
8. Logrono: 3.68MW facility in Logrono, La Rioja
9. Mendavia: 5.60MW facility in Mendavia, Navarra
10. La Ribera: 4.40MW facility in Pradejon, La Rioja
11. Gelsa: 7.20MW facility in Gelsa, Zaragoza
12. Alos: 4.80MW facility in Alos de Balaguer, Lerida
13. Castellas: 2.25MW facility in Valls de Aguilar, Lerida
14. Olvera: 2.3MW facility near Guadalimar River, east of
Linares (Jaen)
15. Sossis: 3.75MW facility in Noguera Pallovesa, north of
Lerida, Catalonia.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100%
of MEC International B.V., which owns 100% of Iberian Hy-Power
Amsterdam B.V., which owns 90% of Hydro Energy B.V., which in
turns owns 100% of Iberica. MECI also owns directly 10% of
Hydro Energy B.V.
(c) The capital contribution made by MECI through Iberian Hy-Power
Amsterdam B.V. was $5,157,703. In August, 1993, MECI, through
its 34% ownership interest and its direct ownership interest in
Hydro Energy B.V., acquired an aggregate 40.6% interest in
Energias Hidraulicas, S.A. ("EH") from Energies, S.A., the
hydroelectric development subsidiary of Compagne Generale des
Eaux ("CGE"). Subsequently, EH sold Iberica and Mediterranea
to Hydro Energy B.V. CGE is a French water utility company.
EH is a Spanish holding company which will develop water right
concessions, but has no operating facilities. During 1996, the
five facilities previously owned by Compania Mediterranea de
Energias, S.A., were merged into Iberica. Also in 1996,
Energias Hidraulicas' name was changed to Edison Mission Energy
Espana, S.A.
In connection with the acquisition of EH, CGE provided to
Iberica and Mediterranea a 10-year limited revenue guaranty,
which allowed Iberica and Mediterranea to secure non-recourse
project financing. Consideration to CGE for the acquisition
of Iberica and Mediterranea included the assumption by Hydro
Energy B.V. of an existing loan with deferred payments to CGE
beginning in 1999 and ending in 2003. Edison Mission Energy
has provided a guaranty for any such deferred payments which
are outstanding as of September 30, 2003 (six months after the
due date for all such deferred payments). The guaranty by
Edison Mission Energy provides for no rights of acceleration by
CGE under any circumstances. At December 31, 1995, the present
value of the deferred payments will amount to $19.3 million
($44.2 million face value discounted at 11.5%).
(d) Capitalization or total equity = $23,814,148
Net Income after taxes for 1997 = $2,292,960
(e) There are no contracts between Iberica and any system company.
PAGE 30
<PAGE>
4.08 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
(a) Electrometalurgica del Ebro, S.A. ("EMESA")
Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
EMESA's facilities consist of three mini-hydroelectric
facilities (Sastago I, Sastago II and Menza) all located near
the Ebro River in Zaragoza. The three mini-facilities are
masonry weir, concrete intake structures capable of producing
3 MW, 17.3 MW and 16.5 MW, respectively.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100%
of MEC International B.V., which owns 100% of Iberian Hy-Power
Amsterdam B.V., which through its 90% interest in Hydro Energy
B.V. owns 100% of Iberica, which owns 91.32% of EMESA. MECI
also directly owns 10% of Hydro Energy B.V., which owns 100% of
Iberica, which owns 91.32% of EMESA.
(c) The capital contribution made by MECI through Iberian Hy-Power
Amsterdam B.V. was $3,140,000.
(d) Capitalization or total equity = $80,354
Net Income after taxes for 1997 = $1,583,085
(e) There are no contracts between EMESA and any system company.
4.09 LOY YANG B JOINT VENTURE [FUCO]
(a) Loy Yang B Joint Venture ("LYBJV")
Bartons Lane, Loy Yang, Victoria, Australia 3844
LYBJV owns two coal-fired generating units with generator name
plate ratings of 500,000 kW each, located in the Latrobe Valley
in the State of Victoria, Australia. Unit 1 began commercial
operation on September 30, 1993, and Unit 2 began commercial
operation on September 30, 1996.
(b) Edison International owns 100% of The Mission Group; The
Mission Group owns 100% of Edison Mission Energy, which owns
100% of Mission Energy Holdings International, Inc., which owns
100% of MEC International B.V.; indirect, wholly owned
subsidiaries of Edison Mission Energy collectively own 100% of
the interests in Loy Yang B Joint Venture, the foreign utility
company, as explained below.
The system-owned venturer is Latrobe Power Partnership ("LPP"),
which owns the 51% interest. LPP is 1% owned by Edison Mission
Energy Australia Ltd (the managing general partner) and 99%
owned by Mission Victoria Partnership (a general partner).
Edison Mission Energy Australia Ltd is wholly owned by Edison
Mission Energy Holdings Pty Ltd, which is wholly owned by Loy
Yang Holdings Pty Ltd, which is a wholly owned subsidiary of
MEC International B.V.
PAGE 31
<PAGE>
Mission Victoria Partnership is 52.31% owned by Latrobe Power
Pty Ltd (general partner), 46.69% owned by Traralgon Power Pty
Ltd (general partner), and 1% owned by Mission Energy Ventures
Australia Pty Ltd (managing general partner). Latrobe Power
Pty Ltd and Traralgon Power Pty Ltd are both owned 99% by MEC
International B.V. and 1% by Loy Yang Holdings Pty Ltd.
Mission Energy Ventures Australia Pty Ltd is wholly owned by
Loy Yang Holdings Pty Ltd, which is owned as described above.
Gippsland Power Pty Ltd. owns the remaining 49% in Loy Yang B
Joint Venture. Gippsland is 100% owned by Mission Energy
Development Australia Pty Ltd., which is 100% owned by EME
Victoria Generation Ltd. (a UK company), which is 100% owned by
EME Generation Holdings Ltd. (a UK company), which is 100%
owned by Mission Hydro Limited Partnership (a UK company) which
is 69% owned by MEC Wales BV (a Dutch company), 30% owned by
Mission Energy Wales Company and 1% owned by Mission Hydro (UK)
Limited. All three partners to Mission Hydro Limited
Partnership are 100% directly or indirectly owned by Edison
Mission Energy.
(c) EME, through its indirect and direct subsidiaries, closed
financing of $964 million (the "Financing") for the purchase
of the remaining 49% of LYBJV. The Financing consists of (i)
a 15 year interest-only term facility, (ii) a 20 year
amortizing term facility with principal and interest payments
scheduled quarterly commencing September 30, 1998, and (iii)
a working capital facility with a term equal to that of the 20
year amortizing term facility. The Financing was structured on
a non-recourse basis. Lenders look solely to the cash proceeds
of LYBJV to repay the debt and have taken a security interest
in the LYBJV.
In the document between EME and the Bank Group entitled "MEC
Undertaking," EME is obligated (i) to support all performance
obligations of EME Management Australia Pty Ltd ("MEMA") (the
operator under the Operations & Maintenance "O&M" Agreement)
and (ii) to provide up to 5,000,000 Australian Dollars in any
year to MEMA in the event that MEMA incurs certain liabilities
under the O&M Agreement.
LPP's and Gippsland's capital contribution = US$363,356,338
(d) LPP's and Gippsland's Equity = US$363,356,333
LPP's and Gippsland's Net Income after taxes
for 1997 = US$17,247,682
(e) An indirect, wholly owned subsidiary of MEC International B.V.,
Edison Mission Operation & Maintenance Loy Yang Pty Ltd.
operates the generating plant pursuant to an amended operating
and maintenance contract. The intermediate holding company of
Edison Mission Operation & Maintenance Loy Yang Pty Ltd. is
Edison Mission Energy Holdings Pty Ltd. As operator, Edison
Mission Operation & Maintenance Loy Yang Pty Ltd. performs the
following services: management and supervision of the
construction commissioning, testing, operation and maintenance
of the Loy Yang B power station on behalf of the joint venture
participants.
In 1997, Edison Mission Operation & Maintenance Loy Yang Pty
Ltd was paid as follows: Management Fee -- US$1,030,000;
Operator Performance Incentive -- US$1,800,000
PAGE 32
<PAGE>
4.10 P. T. PAITON ENERGY COMPANY [FUCO]
(a) P. T. Paiton Energy Company ("Paiton")
Mid Plaza 2, 15th Floor, Jl. Jend. Sudirman Kav. 10-11
Jakarta 10220 Indonesia
Paiton's facilities consist of two coal-fired electric
generating units (under development) in Paiton, Indonesia, on
the northeast Java coast. Each unit has a nominal net design
capacity of 605MW and will be comprised of a boiler and steam
turbine generator with ancillary facilities. The two units
will share a control room.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V., which directly owns 99% of MEC
Indonesia B.V. and through its wholly owned subsidiary MEC
International Holdings B.V. indirectly owns the remaining 1%
of MEC Indonesia B.V.; MEC Indonesia B.V. owns 40% of P. T.
Paiton Energy Company.
(c) Capital contribution made by Edison Mission Energy through MEC
Indonesia B.V. to Paiton was in the amount of $125,694,200.
Edison International, Edison Mission Energy, MEC Indonesia
B.V., MEC International B.V., and MEC International Holdings
B.V. have entered into an Equity Support Agreement wherein each
jointly and severally guarantees payment of 47.06% of Paiton's
obligations to contribute base equity, overrun equity, and
contingent overrun equity to the Project. The total EME
commitment is $461,200,000. The initial value of said
obligation was $374,752,000.
(d) Capitalization or total equity = $313,000,000
Paiton is in development stages; anticipated date of operation
is late 1999.
(e) (1) Edison Mission Energy Asia Pte. Ltd., the wholly owned
Singapore corporation of MEC International B.V., has
entered into an Operation and Maintenance Agreement with
P. T. Paiton Energy Company to provide operation and
maintenance services. The services under the Operation and
Maintenance Agreement have been assumed by P.T. Edison
Mission Operation & Maintenance Indonesia, another indirect
subsidiary of Edison Mission Energy. PTEMO&M has received
$233,000 net income after taxes in 1997.
(2) Mission Energy Construction Services, Inc. ("MECSI"), a
wholly owned subsidiary of Edison Mission Energy, entered
into a Secondment Agreement with Paiton on April 20, 1995
("Agreement"). MECSI is to recruit and second appropriate
personnel to Paiton in connection with the construction of
the Paiton facility. MECSI will receive compensation in
the amount of US$25,000 from Paiton for the provision of
seconded personnel. MECSI executed a letter of
confirmation relating to the Agreement on April 21, 1995,
which states that in the event the salaries, benefits,
wages, taxes and expenses ("Costs") of the seconded
personnel equal an amount less than $6.975 million at the
beginning of the 59th month following the commencement of
construction under the construction contract, Paiton is to
immediately pay the difference to
PAGE 33
<PAGE>
MECSI or its designee in US dollars. In the event the
Costs exceed $6.975 million, then MECSI shall pay to Paiton
the amount of such overage.
(3) MECSI and Paiton entered into an Owner Representative
Agreement on March 31, 1995, wherein MECSI is authorized
to represent Paiton with regard to overseas suppliers and
procurement on the construction of the facility and
interface with the contractor and Perussahan Umum Listrik
Negara, the Indonesian state-owned utility, on technical,
budgeting, and scheduling matters. Under this agreement,
MECSI is to receive compensation in the amount of US$8
million payable in arrears in accordance with a schedule
attached to the Owner Representative Agreement.
4.11 ISAB ENERGY, s.r.l. [FUCO]
(a) ISAB Energy, s.r.l. ("ISAB")
Corso Gelone No. 103, Siracusa, Sicily, Italy
ISAB's facilities will consist of a 512MW integrated
gasification and combined cycle power plant, located in Priolo
Gargallo, 8 km. from Siracusa, Sicily, on approximately 100
hectares of land.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100%
of MEC International B.V., which directly owns 99% of MEC
Priolo B.V. and through its wholly owned subsidiary MEC
International Holdings B.V. indirectly owns the remaining 1%
of MEC Priolo B.V., MEC Priolo B.V. owns 49% of ISAB Energy,
s.r.l.
(c) Edison Mission Energy has guaranteed (for the benefit of the
banks financing the construction of the power plant) MEC Priolo
B.V.'s obligation to inject into ISAB equity and subordinated
debt totaling US$137,977. This amount must be injected on the
earlier of: (i) 56 months after signing the loan documents;
(ii) 52 months after first drawdown of funds; (iii) conversion
of the debt into a term loan or (iv) upon acceleration of the
debt. If an event of default occurs under the financing
documents, prior to the occurrence of one of the four events
described above, EME's equity and subordinated debt is required
to the extent necessary to bring the equity amount to a pari
passu basis with the current level of loans outstanding from
the banks. Also in connection with the financing of ISAB,
Edison Mission Operation & Maintenance, Inc. ("EMO&M") pursuant
to a guarantee (the "EMO&M Guarantee") has guaranteed (for the
benefit of ISAB and the banks financing the construction of the
ISAB power plant) ISAB Energy Services, S.r.l.'s financial
obligations (as the operator) to ISAB under the Operation and
Maintenance Agreement for the operation and maintenance of the
power plant. The maximum payable by EMO&M under the EMO&M
Guarantee is capped at the mobilization fee or base fee paid in
any given year (anywhere from $3-5 million per year).
PAGE 34
<PAGE>
(d) Capitalization or total equity = $12,784,178
Net income after taxes for 1997 = $0
ISAB is scheduled to become operational by July 1, 2001.
(e) ISAB and Edison Mission Energy Limited ("EMEL") entered into a
Secondment Agreement on January 1, 1997, wherein EMEL seconds
certain of its employees to ISAB to assist in areas related to
ISAB's business (i.e., project management.). Under this
agreement, EMEL has received compensation in the amount of
US$142,853 for 1997. Mission Energy Italia SRL ("MEI") and
ISAB have entered into a Secondment Agreement effective January
1, 1997, wherein MEI seconds certain of its employees to ISAB
to assist in areas related to ISAB's business (i.e., project
control and general management). Under this Secondment
Agreement, MEI has received US$632,337 as of December 31, 1997.
EMEL entered into a Sponsor Support Agreement with ISAB
effective January 1, 1997, wherein EMEL provides activities to
ISAB in the areas which include the following: financial model
administration; maintenance and development of relationship
with lenders to ISAB; advice on finance; maintenance and
development of relationship with insurance companies;
maintenance and development of relationship with international
law firms; supervision and preparation of legal contracts and
provide interpretation of existing contracts. During 1997,
EMEL has received US$175,698 under this Sponsor Support
Agreement.
4.12 FIRST HYDRO COMPANY [FUCO]
(a) First Hydro Company ("First Hydro")
Bala House, St. David's Park, Ewloe, Clwyd, Wales CH5 3XJ
The principal assets of First Hydro are two pumped storage
stations located in North Wales at Dinorwig and Ffestiniog
which have a combined registered capacity of 2,088MW. These
facilities were built to provide additional generation for
meeting peak demand throughout the day and to provide rapid
generation response to sudden changes in electricity demands.
(b) Edison International's wholly owned subsidiary The Mission
Group owns 100% of Edison Mission Energy, which through its
subsidiaries (i) wholly owned Mission Energy Wales Company,
owns 30%LP of Mission Hydro Limited Partnership, which in turn
owns 99% of First Hydro Holdings Company, which owns 100% of
First Hydro Finance plc, which owns 1% of First Hydro Company;
(ii) wholly owned Mission Energy Holdings International, Inc.
owns 100% of MEC International B.V., which owns 100% of Mission
Energy Company (UK) Limited, which owns 100% of Mission Hydro
(UK) Limited, which in turn directly owns 1% of First Hydro
Holdings Company and indirectly owns the remaining 99% of First
Hydro Holdings Company through its 1%GP interest in Mission
Hydro Limited Partnership, First Hydro Holdings Company owns
100% of First Hydro Finance plc, which in turn owns 100% of
First Hydro Company; and (iii) the wholly owned subsidiary
Mission Energy Holdings International, Inc. owns 100% of MEC
International B.V. which directly owns 99% of MEC Wales B.V.
and through its wholly owned subsidiary MEC International
Holdings B.V. indirectly owns the remaining 1% of MEC Wales
B.V., MEC Wales B.V. owns 69%LP of Mission Hydro Limited
Partnership which owns 99% of First Hydro Holdings Company,
which owns 100% of First Hydro Finance plc, which owns 100% of
First Hydro Company.
PAGE 35
<PAGE>
(c) First Hydro Finance plc ("First Hydro Finance"), indirect
subsidiary of Edison Mission Energy, purchased all of the
outstanding shares of First Hydro Company for $1.0 billion plus
$45.7 million as consideration for the working capital of First
Hydro at the date of acquisition. This acquisition was funded
through a combination of (i) a $621.4 million credit facility
with Barclays Bank Plc, (ii) a $350 million capital
contribution from Edison International, and (iii) the remaining
$50.4 came from Edison Mission Energy's working capital. First
Hydro Finance obtained the financing for First Hydro Holdings
Company, a wholly owned indirect subsidiary of Edison Mission
Energy. To support the financing for First Hydro Finance,
Edison Mission Energy issued two letters of credit from its
$400 million corporate revolving credit.
(i) Revenue Support Letter of Credit - This 12 million
sterling pound Letter of Credit was issued in favor of
First Hydro Finance and assigned to Prudential Trustee
Company Limited as security trustee. The Revenue Support
Letter of Credit must be provided during the initial five
years of financing and be issued from the bank in short-
term ratings of at least A-1/P-1. The Revenue Support
Letter of Credit may be used to make up any shortfalls in
interest payments owing and may also be used toward
curing any default arising from interest coverage ratios
dropping below 1.05 to 1.0 for applicable reference
periods.
(ii) Debt Service Reserve Letter of Credit - This 16 million
sterling pound Letter of Credit was issued in favor of
First Hydro Finance and issued to Prudential Trustee
Company Limited as security trustee. The Debt Service
Reserve Letter of Credit meets the requirement that the
debt service reserve account contain at least 6 months of
interest under the bank credit facility agreement with
Barclays Bank Plc.
(d) Capital Contribution = $405,513,507
Net income after taxes for 1997 = $67,821,551
(e) There are no contracts between First Hydro and any system
company.
4.13 DERWENT COGENERATION LIMITED [FUCO]
(a) Derwent Cogeneration Limited ("Derwent")
Lansdowne House, Berkeley Square, London W1X5DH England
The 214 MW plant at Spondon, Derbyshire, England, went into
operation in 1995.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; MEC International B.V. owns 100% of
Mission Energy Company (UK) Limited which owns 33% of Derwent
Cogeneration Limited.
(c) Total capital contribution = US$12,485,130 (approx.)
PAGE 36
<PAGE>
(d) Capitalization or total equity = US$16,678,368
Net Income after taxes for 1997 = US$612,436
(e) Mission Energy Services Limited ("MESL") provided construction
management services to Derwent Cogeneration Limited throughout
the construction phase of the project and is now the operator
of the facility. MESL is to receive a fixed fee of US$381,470
per year for operation and maintenance services as well as
reimbursement from Derwent for expenditures incurred for
operation and maintenance services.
4.14 LAKELAND POWER LTD. [FUCO]
(a) Lakeland Power Ltd.
Roosecote Power Station, Barrow-in-Furness
Cumbria, England LA13 OPX
Lakeland's facilities consist of a 220 MW gas fired combined
cycle electricity generation plant.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; MEC International B.V. ("MECI"), owns
2 shares (1%) of Pride Hold Limited and 100 shares (100%) of
Mission Energy Company (UK) Limited; Mission Energy Company (UK)
Limited owns 99% of Pride Hold Limited and MECI owns 1%. Pride
Hold Limited owns 80% of Lakeland Power Ltd. Pride Hold Limited
owns 100% of Lakeland Power Development Company.
(c) The capital contribution made by MECI through Pride Hold Limited
was $2,617,149.
(d) Capitalization or total equity = $0.
Net income after taxes for 1997 = US$9,998,531.
(e) There are no contracts between Lakeland and any system company.
4.15 KWINANA POWER PARTNERSHIP
(a) Kwinana Power Partnership ("KPP")
c/o Edison Mission Energy Holdings Pty. Ltd.
Southgate Complex
Level 20, HWT Tower
40 City Road
South Melbourne, Australia
KPP's facilities used for the generation, transmission, or
distribution of electric energy for sale consist of a 116 MW
gas-fired combined cycle cogeneration plant at the oil refinery
owned and operated by British Petroleum Refinery Proprietary
Limited at Kwinana near Perth, Australia, and interconnection
equipment necessary to connect the plant with the refinery and
with KPP's wholesale purchaser, Western Power Corporation. KPP
commenced operation in December 1996.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; indirect, wholly owned subsidiaries of
MEC International B.V. collectively own 100% of the interests of
KPP, the foreign utility company.
PAGE 37
<PAGE>
(c) The Shareholder and Equity Subscription Agreement provides for
an equity contribution from MEC Perth B.V. to be made upon
conversion from a construction loan to a term loan which is
scheduled for late 1996; Edison Mission Energy is obligated to
contribute the equity required to be paid by its subsidiary.
The equity contribution is $24,254,167. No capital contribution
was made.
(d) Capitalization or total equity = $0
Net income after taxes for 1997 = $3,596,729
(e) An indirect, wholly owned subsidiary of MEC International B.V.,
Edison Mission Operation (Kwinana) Pty Ltd ("EMOK"), operates
the facility pursuant to an operation and maintenance agreement.
EMOK received $409,000 in compensation as operator in 1997.
<PAGE 38>
<PAGE>
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.
EXHIBIT B
FINANCIAL DATA SCHEDULE.
EXHIBIT C
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR
FOREIGN UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING COMPANY
SYSTEM.
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officer on this 27th day of
February, 1998.
EDISON INTERNATIONAL
By Kenneth S. Stewart
-----------------------------
Kenneth S. Stewart
Assistant General Counsel
Corporate Seal
Attest:
Bonita J. Smith
- ----------------------------
Bonita J. Smith
Assistant Secretary
NAME, TITLE AND ADDRESS OF OFFICER TO WHOM NOTICES AND CORRESPONDENCE
CONCERNING THIS STATEMENT SHOULD BE ADDRESSED:
Kenneth S. Stewart Assistant General Counsel
- ------------------------------------------------------------------------
(Name) (Title)
2244 Walnut Grove Avenue, Post Office Box 999, Rosemead, CA 91770
- ------------------------------------------------------------------------
(Address)
PAGE 39
<PAGE>
Schedule I
Southern California Edison Company
Electric Generating Properties
MAIN SYSTEM
- -----------
SCE OWNED
- ------------
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- --------- ----- --------------------------
OIL & GAS:
- ---------
<S> <C> <C> <C> <C>
Alamitos Los Angeles 1 Sep 11, 1956 163,200
2 Feb 19, 1957 163,200
3 Dec 04, 1961 333,000
4 Jun 01, 1962 333,000
5 Mar 05, 1966 495,000
6 Sep 06, 1966 495,000
7CT Jul 01, 1969 138,125
-----------
TOTAL PLANT 2,120,525
Cool Water San Bernardino1 Jun 15, 1961 65,280
2 May 01, 1964 81,600
3CC May 31, 1978 290,000
4CC Aug 31, 1978 290,000
----------
TOTAL PLANT 726,880
Ellwood Santa Barbara 1CT Aug 01, 1974 56,700
El Segundo Los Angeles 1 May 25, 1955 156,250
2 Aug 27, 1956 156,250
3 Aug 01, 1964 342,000
4 Apr 01, 1965 342,000
----------
TOTAL PLANT 996,500
Etiwanda San Bernardino1 Jul 09, 1953 122,500
2 Nov 23, 1953 122,500
3 May 01, 1963 333,000
4 Oct 18, 1963 333,000
5CT Jan 01, 1969 138,125
----------
TOTAL PLANT 1,049,125
Highgrove San Bernardino1 Aug 01, 1952 34,500
2 Jul 01, 1952 34,500
3 Nov 20, 1953 50,000
4 Oct 23, 1955 50,000
----------
TOTAL PLANT 169,000
Huntington Beach Orange 1 Jun 30, 1958 217,600
2 Dec 05, 1958 217,600
3 May 22, 1961 217,600
4 Jul 09, 1961 217,600
5CT Apr 01, 1969 138,125
----------
TOTAL PLANT 1,008,525
</TABLE>
<PAGE 40>
<PAGE>
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- --------- ----- --------------------------
OIL & GAS: (continued)
- ----------------------
<S> <C> <C> <C> <C>
Long Beach Los Angeles 8CC Dec 31, 1976 334,500
9CC Apr 30, 1977 252,000
----------
TOTAL PLANT 586,500
Mandalay Ventura 1 May 15, 1959 217,600
2 Aug 27, 1959 217,600
3CT Apr 01, 1970 138,125
----------
TOTAL PLANT 573,325
Ormond Beach Ventura 1 Dec 14, 1971 806,400
2 Jun 01, 1973 806,400
----------
TOTAL PLANT 1,612,800
Redondo Los Angeles 1 Mar 01, 1948 66,000
2 Apr 17, 1948 69,000
3 Aug 31, 1949 66,000
4 Oct 10, 1949 69,000
5 Oct 11, 1954 156,250
6 Jul 15, 1957 163,200
7 Feb 01, 1967 495,000
8 Jul 01, 1967 495,000
----------
TOTAL PLANT 1,579,450
San Bernardino San Bernardino1 Jun 15, 1957 65,280
2 Jul 01, 1958 65,280
----------
TOTAL PLANT 130,560
==========
TOTAL OIL & GAS: 10,609,890
----------------
COAL:
- ----
Four Corners San Juan, NM 4 Jul 01, 1969 818,100
Owned by Others - 52% (425,412)
----------
Owned by SCE - 48% 392,688
5 Jul 01, 1970 818,100
Owned by Others - 52% (425,412)
----------
Owned by SCE - 48% 392,688
==========
TOTAL SCE 785,376
Mohave Clark, NV 1 Apr 01, 1971 818,100
Owned by Others - 44% (359,964)
----------
Owned by SCE - 56% 458,136
2 Oct 01, 1971 818,100
Owned by Others - 44% (359,964)
----------
Owned by SCE - 56% 458,136
==========
TOTAL SCE 916,272
==========
TOTAL COAL: 1,701,648
----------
</TABLE>
PAGE 41
<PAGE>
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- --------- ----- --------------------------
NUCLEAR:
- ---------
(S> <C> <C> <C> <C>
San Onofre San Diego Jan 01, 1968 0
Owned by Others - 20% 0
----------
Owned by SCE - 80% 0
2 Aug 08, 1983 1,127,000
Owned by Others - 24.95% (281,185)
----------
Owned by SCE - 75.05% 845,815
3 Apr 01, 1984 1,127,000
Owned by Others - 24.95% (281,185)
----------
Owned by SCE - 75.05% 845,815
==========
TOTAL SCE 1,691,630
Palo Verde Maricopa, AZ 1 Feb 01, 1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------
Owned by SCE - 15.8% 221,690
2 Sep 19, 1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------
Owned by SCE - 15.8% 221,690
3 Jan 20, 1988 1,403,100
Owned by Others - 84.2% (1,181,410)
----------
Owned by SCE - 15.8% 221,690
==========
TOTAL SCE 665,070
==========
TOTAL NUCLEAR: 2,356,700
-------------
HYDRO:
- ------
NORTHERN REGION HYDROELECTRIC PLANTS:
- ------------------------------------
Big Creek #1 Fresno 1 Nov 08, 1913 19,800
2 Nov 08, 1913 15,750
3 Jul 12, 1923 21,600
4 Jun 08, 1925 28,000
----------
TOTAL PLANT 85,150
Big Creek #2 Fresno 3 Dec 18, 1913 15,750
4 Jan 11, 1914 15,750
5 Feb 01, 1921 17,500
6 Mar 31, 1925 17,500
----------
TOTAL PLANT 66,500
Big Creek #2A Fresno 1 Aug 06, 1928 55,000
2 Dec 21, 1928 55,000
----------
TOTAL PLANT 110,000
Big Creek #3 Fresno & Madera1 Oct 03, 1923 34,000
2 Sep 30, 1923 34,000
3 Oct 05, 1923 34,000
4 Apr 28, 1948 36,000
5 Feb 24, 1980 36,450
----------
TOTAL PLANT 174,450
</TABLE>
<PAGE 42>
<PAGE>
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- --------- ----- --------------------------
NORTHERN REGION HYDROELECTRIC PLANTS: (continued)
- ------------------------------------
<S> <C> <C> <C> <C>
Big Creek #4 Fresno & Madera1 Jun 12, 1951 50,000
2 Jul 02, 1951 50,000
----------
TOTAL PLANT 100,000
Big Creek #8 Fresno 1 Aug 16, 1921 30,000
2 Jun 08, 1929 45,000
----------
TOTAL PLANT 75,000
Kaweah #1 Tulare 1 May 25, 1929 2,250
Kaweah #2 Tulare 2 Sep 13, 1929 1,800
Kaweah #3 Tulare 1 May 29, 1913 2,400
2 May 29, 1913 2,400
----------
TOTAL PLANT 4,800
Mammoth Pool Madera 1 Mar 28, 1960 95,000
2 Mar 28, 1960 95,000
----------
TOTAL PLANT 190,000
Portal Fresno 1 Dec 22, 1956 10,800
John S. Eastwood Fresno 1 Dec 01, 1987 199,800
Tule River Tulare 1 Sep 14, 1909 1,260
2 Sep 14, 1909 1,260
----------
TOTAL PLANT 2,520
==========
TOTAL NORTHERN REGION HYDRO PLANTS1,023,070
----------------------------------
EASTERN REGION HYDROELECTRIC PLANTS:
- -----------------------------------
Fontana San Bernardino1 Dec 22, 1917 1,475
2 Dec 22, 1917 1,475
----------
TOTAL PLANT 2,950
Kern River #1 Kern 1 May 19, 1907 6,570
2 Jun 07, 1907 6,570
3 Jul 29, 1907 6,200
4 Jun 27, 1907 6,570
----------
TOTAL PLANT 25,910
Kern River #3 Kern 1 May 13, 1921 20,500
2 Mar 22, 1921 19,670
----------
TOTAL PLANT 40,170
Kern River-Borel Kern 1 Dec 31, 1904 3,000
2 Dec 31, 1904 3,000
3 Jan 23, 1932 6,000
----------
TOTAL PLANT 12,000
</TABLE>
PAGE 43
<PAGE>
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- --------- ----- --------------------------
EASTERN REGION HYDROELECTRIC PLANTS: (continued)
- -----------------------------------
<S> <C> <C> <C> <C>
Lytle Creek San Bernardino1 Oct 23, 1904 250
2 Sep 15, 1904 250
----------
TOTAL PLANT 500
Ontario #1 Los Angeles 1 Dec 00, 1902 200
2 Dec 00, 1902 200
3 Dec 00, 1902 200
----------
TOTAL PLANT 600
Ontario #2 Los Angeles 1 Jun 13, 1963 320
San Gorgonio #1 Riverside 1 Dec 05, 1923 1,500
San Gorgonio #2 Riverside 1 Dec 17, 1923 938
Santa Ana #1 San Bernardino1 Feb 14, 1899 800
2 Feb 10, 1899 800
3 Jan 09, 1899 800
4 Jan 10, 1899 800
----------
TOTAL PLANT 3,200
Santa Ana #2 San Bernardino1 Jun 07, 1905 400
2 May 20, 1905 400
----------
TOTAL PLANT 800
Santa Ana #3 San Bernardino1 Apr 01, 1947 1,200
Sierra Los Angeles 1 Jan 12, 1922 240
2 Feb 16, 1922 240
----------
TOTAL PLANT 480
Mill Creek #1 San Bernardino1 Sep 07, 1893 800
Mill Creek #2 San Bernardino1 Aug 03, 1904 250
Mill Creek #3 San Bernardino3 Mar 20, 1903 1,000
4 Jan 23, 1904 1,000
5 Mar 03, 1904 1,000
----------
TOTAL PLANT 3,000
Bishop Creek #2 Inyo 1 Nov 00, 1908 2,500
2 Nov 00, 1908 2,500
3 Jun 00, 1911 2,320
----------
TOTAL PLANT 7,320
Bishop Creek #3 Inyo 1 Jun 12, 1913 2,750
2 Jun 12, 1913 2,340
3 Jun 12, 1913 2,500
----------
TOTAL PLANT 7,590
</TABLE>
PAGE 44
<PAGE>
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- --------- ----- --------------------------
<S> <C> <C> <C> <C>
EASTERN REGION HYDRO PLANTS:(continued)
- ---------------------------------------
Bishop Creek #4 Inyo 1 Sep 20, 1905 1,000
2 Sep 20, 1905 1,000
3 1906 1,985
4 Oct 01, 1907 1,985
5 1909 1,985
----------
TOTAL PLANT 7,955
Bishop Creek #5 Inyo 1 May 30, 1943 2,000
2 Jun 01, 1919 2,532
----------
TOTAL PLANT 4,532
Bishop Creek #6 Inyo 1 Mar 12, 1913 1,600
Lundy Mono 1 Dec 09, 1911 1,500
2 Feb 02, 1912 1,500
----------
TOTAL PLANT 3,000
Poole Mono 1 1924 11,250
Rush Creek Mono 1 Oct 17, 1916 4,400
2 Dec 11, 1917 4,000
----------
TOTAL PLANT 8,400
==========
TOTAL EASTERN REGION HYDROELECTRIC PLANTS 146,265
-----------------------------------------
TOTAL HYDROELECTRIC PLANTS 1,169,335
- -------------------------- ==========
OTHER:
- ------
SYN FUEL,IGCC - DEMO:
- ---------------------
Cool Water Coal San Bernardino1 Jun 24, 1984 100,000
BATTERY STORAGE:
- ----------------
Chino Battery Storage Chino 1 Jan 03, 1991 10,000
----------
TOTAL OTHER: 110,000
- ------------
TOTAL SCE OWNED RESOURCES (MAIN SYSTEM): 15,947,573
========================================== ==========
</TABLE>
PAGE 45
<PAGE>
ISOLATED SYSTEMS:
- -----------------
<TABLE>
<CAPTION>
Generator Name
Location Unit Date of Plate Rating
Name of Plant County No. Operation kW
- ------------- -------- ---- --------- -----------
<S> <C> <C> <C> <C>
Pebbly Beach (Diesel)Los Angeles 7 Jul 03, 1958 1,000
(Catalina) 8 Jun 26, 1963 1,500
10 Jul 25, 1966 1,125
12 Jun 18, 1976 1,550
14 Oct 24, 1986 1,400
15 Dec 31, 1995 2,800
----------
9,375
Catalina Hydro Los Angeles 1 May 05, 1983 30
(Catalina) 2 Jul 24, 1985 22
3 Jul 24, 1985 57
----------
109
==========
TOTAL SCE OWNED RESOURCES: 9,484
- -----------------------------
TOTAL ISOLATED SYSTEMS RESOURCES: 9,484
================================ ==========
</TABLE>
<PAGE 46>
<PAGE>
Attached hereto as Exhibit A are the following financial statements
dated as of December 31, 1997, or for the year then ended:
PAGES
- -------------------------------Part 2------------------------------
Edison International and Subsidiaries Consolidating
Balance Sheet 51-56
Edison International and Subsidiaries Consolidating
Statements of Income and Retained Earnings 57-59
Southern California Edison Company and Subsidiaries
Consolidating Balance Sheet 60-65
Southern California Edison Company and Subsidiaries
Consolidating Statements of Income and Retained
Earnings 66-68
Southern California Edison Company and Subsidiaries
Equity Investments 69
Edison Ventures and Subsidiaries Consolidating Balance
Sheet 70-71
Edison Ventures and Subsidiaries Consolidating Statement
of Income and Retained Earnings 72
The Mission Group Consolidating Balance Sheet 73-78
The Mission Group Consolidating Statements of Income
and Retained Earnings 79-81
Edison Enterprises and Subsidiaries Consolidating Balance
Sheet 82-87
Edison Enterprises and Subsidiaries Consolidating
Statement of Income and Retained Earnings 88-90
Edison Select and Subsidiaries Consolidating Balance
Sheet 91-94
Edison Select and Subsidiaries Consolidating Statement
of Income and Retained Earnings 95-96
- -------------------------------Part 3------------------------------
Edison Capital and Subsidiaries Consolidating Balance
Sheet (ASSETS) 97-127
- -------------------------------Part 4------------------------------
Edison Capital and Subsidiaries Consolidating
Balance Sheet (LIABILITIES) 128-158
- -------------------------------Part 5------------------------------
Edison Capital and Subsidiaries Consolidating
Statements of Income and Retained Earnings 159-189
- -------------------------------Part 6------------------------------
Edison Capital Equity Investments in Real Estate
Limited Partnerships 190-342
- -------------------------------Part 7------------------------------
Mission Land Company and Subsidiaries Consolidating
Balance Sheet 343-354
Mission Land Company and Subsidiaries Consolidating
Statements of Income and Retained Earnings 355-360
Mission Power Engineering Company and Subsidiaries
Consolidating Balance Sheet 361-364
Mission Power Engineering Company and Subsidiaries
Consolidating Statements of Income and Retained
Earnings 365-366
- -------------------------------Part 8------------------------------
Edison Mission Energy and Subsidiaries Consolidating
Balance Sheet 367-424
<PAGE 47>
<PAGE>
PAGES
- -------------------------------Part 9------------------------------
Edison Mission Energy and Subsidiaries Consolidating
Statements of Income and Retained Earnings 425-453
Edison Mission Energy and Subsidiaries Equity Investments 454-465
Hanover Energy Company Consolidating Balance Sheet 466-469
Hanover Energy Company Consolidating Statements of
Income and Retained Earnings 470-471
Mission Energy Fuel Company Consolidating Balance Sheet 472-477
Mission Energy Fuel Company Consolidating Statements
of Income and Retained Earnings 478-480
- -------------------------------Part 10------------------------------
MEC International B.V. Consolidating Balance Sheet 481-498
MEC International B.V. Consolidating Statements of
Income and Retained Earnings 499-507
MEC International B.V., Edison Mission Energy
Asia Pte Ltd. Consolidating Balance Sheet 508-513
MEC International B.V., Edison Mission Energy
Asia Pte Ltd. Consolidating Statements of
Income and Retained Earnings 514-516
MEC International B.V., MEC Esenyurt B.V.
Consolidating Balance Sheet 517-520
MEC International B.V., MEC Esenyurt B.V. Consolidating
Statements of Income and Retained Earnings 521-522
MEC International B.V., MEC Wales B.V.
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 523-570
- -------------------------------Part 11------------------------------
MEC International B.V., MEC International Holdings B.V.
Consolidating Balance Sheet 571-582
MEC International B.V., MEC International Holdings B.V.
Consolidating Statements of Income and
Retained Earnings 583-588
MEC International B.V., MEC International Holdings B.V.,
MEC Esenyurt B.V. Consolidating Balance Sheet 589-592
MEC International B.V., MEC International Holdings B.V.,
MEC Esenyurt B.V. Consolidating Statements of
Income and Retained Earnings 593-594
MEC International Holdings B.V., MEC Wales B.V.
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 595-640
- -------------------------------Part 12------------------------------
MEC International B.V., Hydro Energy B.V. Consolidating 641-642 &
Balance Sheet 651-652
MEC International B.V., Hydro Energy B.V. Consolidating
Statements of Income and Retained Earnings 661-662
MEC International B.V., Hydro Energy B.V., Iberica de 643-644 &
Energias, S.A. Consolidating Balance Sheet 653-654
MEC International B.V., Hydro Energy B.V., Iberica de
Energias, S.A. Consolidating Statements of
Income and Retained Earnings 663-664
MEC International B.V., Iberian Hy-Power Amsterdam B.V. 645-646 &
Consolidating Balance Sheet 655-656
MEC International B.V., Iberian Hy-Power Amsterdam B.V.
Consolidating Statements of Income and Retained
Earnings 665-666
MEC International B.V., Iberian Hy-Power Amsterdam B.V., 647-648 &
Hydro Energy B.V. Consolidating Balance Sheet 657-658
<PAGE 48>
<PAGE>
PAGES
MEC International B.V., Iberian Hy-Power Amsterdam B.V.,
Hydro Energy B.V. Consolidating Statements of
Income and Retained Earnings 667-668
Iberian Hy-Power Amsterdam B.V., Hydro Energy B.V.,
Iberica de Energias, S.A. Consolidating 649-650 &
Balance Sheet 659-660
Iberian Hy-Power Amsterdam B.V., Hydro Energy B.V.,
Iberica de Energias, S.A. Consolidating
Statements of Income and Retained Earnings 669-670
- -------------------------------Part 13------------------------------
MEC International B.V., Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet 671-676
MEC International B.V., Loy Yang Holdings Pty. Ltd.
Consolidating Statements of Income and
Retained Earnings 677-679
MEC International B.V., Edison Mission Energy
Holdings Pty. Ltd. Consolidating Balance Sheet 680-685
MEC International B.V., Edison Mission Energy
Holdings Pty. Ltd. Consolidating Statements
of Income and Retained Earnings 686-688
Loy Yang Holdings Pty. Ltd., Latrobe Power Pty. Ltd.
Consolidating Balance Sheet 689-692
Loy Yang Holdings Pty. Ltd., Latrobe Power Pty. Ltd.
Consolidating Statements of Income and
Retained Earnings 693-694
MEC International B.V., Latrobe Power Pty. Ltd.
Consolidating Balance Sheet 695-698
MEC International B.V., Latrobe Power Pty. Ltd.
Consolidating Statements of Income and
Retained Earnings 699-700
Loy Yang Holdings Pty. Ltd., Edison Mission Energy
Holdings Pty Ltd., Edison Mission Energy
Australia Ltd. Consolidating Balance Sheet 701-704
Loy Yang Holdings Pty. Ltd., Edison Mission Energy
Holdings Pty Ltd., Edison Mission Energy
Australia Ltd. Consolidating Statements of
Income and Retained Earnings 705-706
Loy Yang Holdings Pty. Ltd., Mission Energy Ventures
Australia Pty. Ltd. Consolidating Balance Sheet 707-710
Loy Yang Holdings Pty. Ltd., Mission Energy Ventures
Australia Pty. Ltd. Consolidating Statements of
Income and Retained Earnings 711-712
MEC International B.V., Traralgon Power Pty. Ltd.
Consolidating Balance Sheet 713-716
MEC International B.V., Traralgon Power Pty. Ltd.
Consolidating Statements of Income and Retained
Earnings 717-718
Loy Yang Holdings Pty. Ltd., Latrobe Power Pty. Ltd.
Consolidating Balance Sheet 719-722
Loy Yang Holdings Pty. Ltd., Latrobe Power Pty. Ltd.
Consolidating Statements of Income and
Retained Earnings 723-724
- -------------------------------Part 14------------------------------
MEC International B.V., Pride Hold Limited
Consolidating Balance Sheet 725-728
MEC International B.V., Pride Hold Limited
Consolidating Statements of Income and
Retained Earnings 729-730
MEC International B.V., Mission Energy Company
(U.K.) Limited Consolidating Balance Sheet 731-736
PAGE 49
<PAGE>
PAGES
MEC International B.V., Mission Energy Company
(U.K.) Limited Consolidating Statements of
Income and Retained Earnings 737-739
Mission Energy Company (U.K.) Limited, Pride Hold Ltd.
Consolidating Balance Sheet 740-743
Mission Energy Company (U.K.) Limited, Pride Hold Ltd.
Consolidating Statements of Income and
Retained Earnings 744-745
Mission Energy Company (UK) Limited, Mission Hydro (UK)
Limited Consolidating Balance Sheets and Consoli-
dating Statements of Income and Retained Earnings 746-793
MEC International B.V. Equity Investments 794-797
<PAGE 50>
<PAGE>
Edison International and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
California The Mission Edison
Edison Co. Group Ventures
Consolidated Consolidated Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation $11,213,352
Accumulated provision for depreciation (5,573,742)
Construction work in progress 492,614
------------------------------------------------------
6,132,224
------------------------------------------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation 9,522,127
Accumulated provision for depreciation and
decommissioning (4,970,137)
Construction work in progress 100,283
Nuclear fuel, at amortized cost 154,757
------------------------------------------------------
4,807,030
------------------------------------------------------
Total utility plant 10,939,254
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation 67,869 $3,110,280
Nuclear decommissioning trusts 1,831,460
Investments in partnerships
and unconsolidated subsidiaries 1,407,954
Investments in leveraged leases 959,646
Other investments 171,399
------------------------------------------------------
Total other property and investments 2,070,728 5,477,880
------------------------------------------------------
Cash and equivalents 962,272 670,338
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 906,388 173,856
Fuel inventory 58,059
Materials and supplies, at average cost 132,980
Accumulated deferred income taxes - net 123,146
Regulatory balancing accounts 193,311
Prepayments and other current assets 93,098 34,968
------------------------------------------------------
Total current assets 2,469,254 879,162
------------------------------------------------------
Unamortized debt issuance and
reacquisition expense 359,304
Rate phase-in plan 3,777
Income tax-related deferred charges 1,543,380
Other deferred charges 673,601 569,026 $2,406
------------------------------------------------------
Total deferred charges 2,580,062 569,026 2,406
------------------------------------------------------
TOTAL ASSETS $18,059,298 $6,926,068 $2,406
======================================================
</TABLE>
<PAGE 51>
<PAGE>
Edison International and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Insurance Edison Consolidating
Services, Inc. International Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation
Accumulated provision for depreciation
Construction work in progress
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation
Accumulated provision for depreciation and
decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $226
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 5,128,793 ($5,128,793)
Investments in leveraged leases
Other investments $21,927
------------------------------------------------------
Total other property and investments 21,927 5,129,019 (5,128,793)
------------------------------------------------------
Cash and equivalents 292 273,603
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 137,571 (140,144)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 218 398 (22,871)
------------------------------------------------------
Total current assets 510 411,572 (163,015)
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan (3,777)
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 118 (154,266)
------------------------------------------------------
Total deferred charges 118 (158,043)
------------------------------------------------------
TOTAL ASSETS $22,437 $5,540,709 ($5,449,851)
======================================================
</TABLE>
<PAGE 52>
<PAGE>
Edison International and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
International
Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation $11,213,352
Accumulated provision for depreciation (5,573,742)
Construction work in progress 492,614
------------------------------------------------------
6,132,224
------------------------------------------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation 9,522,127
Accumulated provision for depreciation and
decommissioning (4,970,137)
Construction work in progress 100,283
Nuclear fuel, at amortized cost 154,757
------------------------------------------------------
4,,807,030
------------------------------------------------------
Total utility plant 10,939,254
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation 3,178,375
Nuclear decommissioning trusts 1,831,461
Investments in partnerships
and unconsolidated subsidiaries 1,407,954
Investments in leveraged leases 959,646
Other investments 193,325
------------------------------------------------------
Total other property and investments 7,570,761
------------------------------------------------------
Cash and equivalents 1,906,505
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,077,671
Fuel inventory 58,059
Materials and supplies, at average cost 132,980
Accumulated deferred income taxes - net 123,146
Regulatory balancing accounts 193,311
Prepayments and other current assets 105,811
------------------------------------------------------
Total current assets 3,597,483
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense 359,304
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges 1,543,380
Other deferred charges 1,090,885
------------------------------------------------------
Total deferred charges 2,993,569
------------------------------------------------------
TOTAL ASSETS $25,101,067
======================================================
</TABLE>
PAGE 53
<PAGE>
Edison International and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
California The Mission Edison
Edison Co. Group Ventures
Consolidated Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $2,168,054 $147,866
Additional Paid in Capital 334,031 816,877 $2,406
Cumulative Translation Adjustments, Net 30,456
Unrealized gain in equity investments-net 48,023
Retained earnings 1,407,834 249,980
------------------------------------------------------
3,957,942 1,245,179 2,406
Preferred securities of subsidiaries:
Not subject to mandatory redemption 183,755
Subject to mandatory redemption 275,000 150,000
Long-term debt 6,144,597 2,726,184
------------------------------------------------------
Total capitalization 10,561,294 4,121,363 2,406
------------------------------------------------------
Other long-term liabilities 479,637
------------------------------------------------------
Current portion of long-term debt 692,875 175,151
Short-term debt 322,028
Accounts payable 406,704 85,096
Accrued taxes 509,270 91,857
Accrued interest 85,406 46,479
Dividends payable 95,146
Regulatory balancing accounts--net
Deferred unbilled revenue and other
current liabilities 931,856 352,315
------------------------------------------------------
Total current liabilities 3,043,285 750,898
------------------------------------------------------
Accumulated deferred income taxes - net 2,939,471 1,137,595
Accumulated deferred investment tax credits 326,728 23,957
Customer advances and other deferred credits 708,745 883,302
------------------------------------------------------
Total deferred credits 3,974,944 2,044,854
------------------------------------------------------
Minority interest 138 8,953
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $18,059,298 $6,926,068 $2,406
======================================================
</TABLE>
<PAGE 54>
<PAGE>
Edison International and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Insurance Edison Consolidating
Services, Inc. International Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $1 $2,260,974 ($2,315,921)
Additional Paid in Capital 1,729 (1,155,043)
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net 12,007
Retained earnings 15 3,175,883 (1,657,829)
------------------------------------------------------
13,752 5,436,857
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 13,752 5,436,857 (5,128,793)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt 7,522
Accounts payable 23,366 (74,117)
Accrued taxes 12 (24,298)
Accrued interest
Dividends payable 93,941 (93,941)
Regulatory balancing accounts--net
Deferred unbilled revenue and other
current liabilities 483 1,025
------------------------------------------------------
Total current liabilities 495 101,556 (168,058)
------------------------------------------------------
Accumulated deferred income taxes - net 8,190 40
Accumulated deferred investment tax credits
Customer advances and other deferred credits 2,256 (153,000)
------------------------------------------------------
Total deferred credits 8,190 2,296 (153,000)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $22,437 $5,540,709 ($5,449,851)
======================================================
</TABLE>
<PAGE 55>
<PAGE>
Edison International and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
International
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $2,260,974
Additional Paid in Capital
Cumulative Translation Adjustments, Net 30,456
Unrealized gain in equity investments-net 60,030
Retained earnings 3,175,883
------------------------------------------------------
5,527,343
Preferred securities of subsidiaries:
Not subject to mandatory redemption 183,755
Subject to mandatory redemption 425,000
Long-term debt 8,870,781
------------------------------------------------------
Total capitalization 15,006,879
------------------------------------------------------
Other long-term liabilities 479,637
------------------------------------------------------
Current portion of long-term debt 868,026
Short-term debt 329,550
Accounts payable 441,049
Accrued taxes 576,841
Accrued interest 131,885
Dividends payable 95,146
Regulatory balancing accounts--net
Deferred unbilled revenue and other 1,285,679
------------------------------------------------------
Total current liabilities 3,728,176
------------------------------------------------------
Accumulated deferred income taxes - net 4,085,296
Accumulated deferred investment tax credits 350,685
Customer advances and other deferred credits 1,441,303
------------------------------------------------------
Total deferred credits 5,877,284
------------------------------------------------------
Minority interest 9,091
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $25,101,067
======================================================
</TABLE>
<PAGE 56>
<PAGE>
Edison International and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
California The Mission Edison EnvestSce
Edison Co. Group Ventures Catalina
Consolidated Consolidated Consolidated EPTC Taxes
============================================================================================================
<S> <C> <C> <C> <C>
Electric utility revenue $7,953,386
Diversified operations $1,281,820
--------------------------------------------------------------
Total operating revenue 7,953,386 1,281,820
--------------------------------------------------------------
Fuel 881,471 192,325
Purchased power 2,854,002
Provisions for regulatory adjustment
clauses - net (410,935)
Other operating expenses 1,212,468 548,880
Maintenance 405,545 734
Depreciation and decommissioning 1,239,878 122,233
Income taxes 582,031 (27,277)
Property and other taxes 129,038 5,095
--------------------------------------------------------------
Total operating expenses 6,893,498 841,990
--------------------------------------------------------------
Operating income 1,059,888 439,830
--------------------------------------------------------------
Provision for rate phase-in plan (48,486)
Allowance for equity funds used during
construction 7,651
Interest income 44,636 41,380
Minority interest (38,825)
Other nonoperating income - net (23,036) (37,948)
--------------------------------------------------------------
Total other income (deductions) - net (19,235) (35,393)
--------------------------------------------------------------
Income before interest and other expense 1,040,653 404,437
--------------------------------------------------------------
Interest on long-term debt 345,592 244,734
Other interest expense 101,078 8,726
Allowance for borrowed funds used during
construction (9,213)
Capitalized interest (2,398) (12,539)
Dividends on subsidiary preferred
securities 29,488 13,167
--------------------------------------------------------------
Total interest and other expenses - net 464,547 254,088
--------------------------------------------------------------
NET INCOME 576,107 150,349
Retained earnings - beginning of year 2,665,612 474,631
Dividends declared on common stock (1,833,884) (375,000)
Stock repurchase and retirement
--------------------------------------------------------------
Retained earnings - end of year $1,407,834 $249,980
==============================================================
</TABLE>
<PAGE 57>
<PAGE>
Edison International and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
CAPTION>
Edison
Insurance Edison Consolidating
Services, Inc. International Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $68 $38,648 ($38,870)
------------------------------------------------------
Total operating revenue 68 38,648 (38,870)
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 41 58,594 (38,870)
Maintenance
Depreciation and decommissioning 30
Income taxes 12 (17,918)
Property and other taxes
------------------------------------------------------
Total operating expenses 53 40,706 (38,870)
------------------------------------------------------
Operating income 15 (2,058)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 6,274
Minority interest
Other nonoperating income - net (1)
------------------------------------------------------
Total other income (deductions) - net 15 6,273
------------------------------------------------------
Income before interest and other expense 4,215
------------------------------------------------------
Interest on long-term debt 1,825 (7,576)
Other interest expense 29,004
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 30,829 (7,576)
------------------------------------------------------
NET INCOME 15 (26,614)
Retained earnings - beginning of year 3,752,549 (3,140,243)
Dividends declared on common stock 1,813,981
Stock repurchase and retirement (550,052) (331,567)
------------------------------------------------------
Retained earnings - end of year $15 $3,175,883 ($1,657,829)
======================================================
</TABLE
<PAGE 58>
<PAGE>
Edison International and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
</TABLE>
<TABLE>
<CAPTION>
Edison
International
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $7,953,386
Diversified operations 1,281,666
------------------------------------------------------
Total operating revenue 9,235,052
------------------------------------------------------
Fuel 1,073,796
Purchased power 2,854,002
Provisions for regulatory adjustment
clauses - net (410,935)
Other operating expenses 1,781,113
Maintenance 406,279
Depreciation and decommissioning 1,362,141
Income taxes 536,848
Property and other taxes 134,133
------------------------------------------------------
Total operating expenses 7,737,377
------------------------------------------------------
Operating income 1,497,675
------------------------------------------------------
Provision for rate phase-in plan (48,486)
Allowance for equity funds used during
construction 7,651
Interest income 84,714
Minority interest (38,960)
Other nonoperating income - net (60,850)
------------------------------------------------------
Total other income (deductions) - net (55,931)
------------------------------------------------------
Income before interest and other expense 1,441,744
------------------------------------------------------
Interest on long-term debt 584,575
Other interest expense 138,808
Allowance for borrowed funds used during
construction (9,213)
Capitalized interest (14,937)
Dividends on subsidiary preferred
securities 42,655
------------------------------------------------------
Total interest and other expenses - net 741,888
------------------------------------------------------
NET INCOME 699,856
Retained earnings - beginning of year 3,752,549
Dividends declared on common stock (394,903)
Stock repurchase and retirement (881,619)
------------------------------------------------------
Retained earnings - end of year $3,175,883
======================================================
</TABLE>
<PAGE 59>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
California
Electric Conservation Energy
Power Financing Services,
Company Corporation Inc.
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation
Accumulated provision for depreciation
Construction work in progress
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation
Accumulated provision for depreciation and
decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $56
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 56
------------------------------------------------------
Cash and equivalents $922 1,006
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,453 3,404
Fuel inventory
Materials and supplies, at average cost 82
Accumulated deferred income taxes - net
Prepayments and other current assets 2,132
------------------------------------------------------
Total current assets 2,375 6,624
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 151,000
------------------------------------------------------
Total deferred charges 151,000
------------------------------------------------------
TOTAL ASSETS $153,375 $6,680
======================================================
</TABLE>
<PAGE 60>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
SCE SCE Southern
Mono Power Capital Funding States
Company Company LLC Realty
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation
Accumulated provision for depreciation
Construction work in progress
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation
Accumulated provision for depreciation and
decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------
Total utility plant
---------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $818 $69
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 43
---------------------------------------------------
Total other property and investments 818 112
---------------------------------------------------
Cash and equivalents 159 $18,871 609
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $200,004 9,429 8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 3
Prepayments and other current assets 864
---------------------------------------------------
Total current assets 159 200,004 28,300 1,484
---------------------------------------------------
Unamortized debt issuance and reacquisition
expense 340 2,456,732
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (4,682) 401
---------------------------------------------------
Total deferred charges (4,342) 2,456,732 401
---------------------------------------------------
TOTAL ASSETS $977 $195,662 $2,485,032 $1,997
===================================================
</TABLE>
<PAGE 61>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Southern California
California Consolidating Edison Co.
Edison Co. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation $11,213,352 $11,213,352
Accumulated provision for depreciation 5,573,742 5,573,742
Construction work in progress 492,614 492,614
-------------------------------------------------------
6,132,224 6,132,224
-------------------------------------------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation 9,522,127 9,522,127
Accumulated provision for depreciation and
decommissioning 4,970,137 4,970,137
Construction work in progress 100,283 100,283
Nuclear fuel, at amortized cost 154,757 154,757
-------------------------------------------------------
4,807,030 4,807,030
------------------------------------------------------
Total utility plant 10,939,254 10,939,254
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation 66,926 67,869
Nuclear decommissioning trusts 1,831,460 1,831,460
Investments in partnerships
and unconsolidated subsidiaries 15,816 ($15,816)
Investments in leveraged leases
Other investments 171,356 171,399
------------------------------------------------------
Total other property and investments 2,085,558 (15,816) 2,070,728
------------------------------------------------------
Cash and equivalents 940,705 962,272
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 907,442 215,352 906,388
Fuel inventory 58,059 58,059
Materials and supplies, at average cost 132,898 132,980
Accumulated deferred income taxes - net 123,143 123,146
Regulatory balancing accounts 193,311
Prepayments and other current assets 90,102 93,098
------------------------------------------------------
Total current assets 2,445,660 215,352 2,469,254
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense 346,282 (2,444,050) 359,304
Rate phase-in plan 3,777 3,777
Unamortized nuclear plant--net
Income tax-related deferred charges 1,543,380 1,543,380
Other deferred charges 522,200 (4,682) 673,601
----------------------------------------------------
Total deferred charges 2,415,639 (2,439,368) 2,580,062
------------------------------------------------------
TOTAL ASSETS $17,886,111 ($2,670,536) $18,059,298
======================================================
</TABLE>
<PAGE 62> <PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
California
Electric Conservation Energy
Power Financing Services
Company Corporation Inc.
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $23
Additional Paid in Capital $100
Cumulative translation adjustment-net
Unrealized gain in equity investments-net
Retained earnings 899 1,917
------------------------------------------------------
922 2,017
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 922 2,017
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1,710 3,680
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other (3) (16)
------------------------------------------------------
Total current liabilities 1,707 3,664
------------------------------------------------------
Accumulated deferred income taxes - net 751 863
Accumulated deferred investment tax credits
Customer advances and other deferred credits 149,857 136
------------------------------------------------------
Total deferred credits 150,608 999
------------------------------------------------------
Minority interest 138
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $153,375 $6,680
======================================================
</TABLE>
<PAGE 63>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
SCE SCE Southern
Mono Power Capital Funding States
Company Company LLC Realty
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C> <C>
Common shareholders' equity:
Common stock $20
Additional Paid in Capital $2,749 100 $13,240 $620
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net
Retained earnings (2,694) (2,195) 59 978
---------------------------------------------------
55 (2,075) 13,299 1,598
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 195,658 2,216,011
---------------------------------------------------
Total capitalization 55 193,583 2,229,310 1,598
---------------------------------------------------
Other long-term liabilities
---------------------------------------------------
Current portion of long-term debt
Short-term debt 246,300
Accounts payable 104 1,464 14 (3)
Accrued taxes
Accrued interest 615 9,408
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
---------------------------------------------------
Total current liabilities 104 2,079 255,722 (3)
---------------------------------------------------
Accumulated deferred income taxes - net 402
Accumulated deferred investment tax credits
Customer advances and other deferred credits 818
---------------------------------------------------
Total deferred credits 818 402
---------------------------------------------------
Minority interest
---------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $977 $195,662 $2,485,032 $1,997
===================================================
</TABLE>
<PAGE 64>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Southern California
California Consulating Edison Co.
Edison Co. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $2,168,054 ($20) $2,168,054
Additional Paid in Capital 334,031 (5,754) 334,031
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net 48,023 48,023
Retained earnings 1,407,834 2,595 1,407,834
------------------------------------------------------
3,957,942 (15,816) 3,957,942
Preferred securities of subsidiaries:
Not subject to mandatory redemption 183,755 183,755
Subject to mandatory redemption 275,000 275,000
Long-term debt 6,372,296 (2,639,368) 6,144,597
------------------------------------------------------
Total capitalization 10,788,993 (2,655,184) 10,561,294
------------------------------------------------------
Other long-term liabilities 479,637 479,637
------------------------------------------------------
Current portion of long-term debt 446,575 692,875
Short-term debt 322,028 322,028
Accounts payable 415,087 15,352 406,704
Accrued taxes 504,270 509,270
Accrued interest 75,383 85,406
Dividends payable 95,146 95,146
Regulatory balancing accounts--net
Deferred unbilled revenue and other 931,875 931,856
------------------------------------------------------
Total current liabilities 2,795,364 15,352 3,043,285
------------------------------------------------------
Accumulated deferred income taxes - net 2,937,455 2,939,471
Accumulated deferred investment tax credits 326,728 326,728
Customer advances and other deferred credits 557,934 708,745
------------------------------------------------------
Total deferred credits 3,822,117 3,974,944
------------------------------------------------------
Minority interest 138
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $17,886,111 ($204,842) $18,059,298
======================================================
</TABLE>
<PAGE 65>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
California
Electric Conservation Energy
Power Financing Services
Company Corporation Inc.
============================================================================================================
<S> <C> <C> <C>
(Inactive)
Electric utility revenue $17,476
Diversified operations
------------------------------------------------------
Total operating revenue 17,476
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $7 16,751
Maintenance
Depreciation and decommissioning
Income taxes 712 416
Property and other taxes
------------------------------------------------------
Total operating expenses 719 17,167
------------------------------------------------------
Operating income (719) 309
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,753 45
Minority interest (135)
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net 1,618 45
------------------------------------------------------
Income before interest and other expenses 899 354
------------------------------------------------------
Interest on long-term debt
Other interest expense 158
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on preferred securities
------------------------------------------------------
Total interest and other expenses - net 158
------------------------------------------------------
NET INCOME 899 196
Retained earnings - beginning of year 1,721
Dividends declared on stock
------------------------------------------------------
Retained earnings - end of year $899 $1,917
======================================================
</TABLE>
<PAGE 66>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Statement of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
SCE SCE Southern
Mono Power Capital Funding States
Company Company LLC Realty
============================================================================================================
<S> <C> <C> <C> <C>
(Inactive)
Electric utility revenue $9 $9,408 $3,211
Diversified operations
---------------------------------------------------
Total operating revenue 9 9,408 3,211
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 9 $12 2 2,258
Maintenance 827
Depreciation and decommissioning
Income taxes (4) 42
Property and other taxes
---------------------------------------------------
Total operating expenses 9 8 2 3,127
---------------------------------------------------
Operating income (8) 9,406 84
---------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 15,536 61
Minority interest
Other nonoperating income - net (1) (1)
---------------------------------------------------
Total other income (deductions) - net 15,536 60 (1)
---------------------------------------------------
Income before interest and other expenses 15,528 9,466 83
---------------------------------------------------
Interest on long-term debt 15,536 9,408
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on preferred stock
---------------------------------------------------
Total interest and other expenses - net 15,536 9,408
---------------------------------------------------
NET INCOME (8) 58 83
Retained earnings - beginning of year (2,694) (2,187) 895
Dividends declared on stock
---------------------------------------------------
Retained earnings - end of year ($2,694) ($2,195) $58 $978
===================================================
</TABLE>
<PAGE 67>
<PAGE>
Southern California Edison Co. and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Southern California
California Consolidating Edison Co.
Edison Co. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $7,933,440 ($10,158) $7,953,386
Diversified operations
------------------------------------------------------
Total operating revenue 7,933,440 (10,158) 7,953,386
------------------------------------------------------
Fuel 881,475 (4) 881,471
Purchased power 2,854,002 2,854,002
Provisions for regulatory adjustment
clauses - net (410,935) (410,935)
Other operating expenses 1,193,348 81 1,212,468
Maintenance 405,545 405,545
Depreciation and decommissioning 1,239,879 1,239,878
Income taxes 580,865 582,031
Property and other taxes 129,039 129,038
------------------------------------------------------
Total operating expenses 6,873,218 (752) 6,893,498
------------------------------------------------------
Operating income 1,060,222 (9,406) 1,059,888
------------------------------------------------------
Provision for rate phase-in plan (48,486) (48,486)
Allowance for equity funds used during
construction 7,651 7,651
Interest income 42,935 (15,694) 44,636
Minority interest
Other nonoperating income - net (23,200) 166 (23,036)
------------------------------------------------------
Total other income (deductions) - net (21,100) (15,393) (19,235)
------------------------------------------------------
Income before interest and other expenses 1,039,423 (25,100) 1,040,653
------------------------------------------------------
Interest on long-term debt 345,593 (24,944) 345,592
Other interest expense 101,078 (158) 101,078
Allowance for borrowed funds used during
construction (9,213) (9,213)
Capitalized interest (2,398) (2,398)
Dividends on preferred stocks 29,488 29,488
------------------------------------------------------
Total interest and other expenses - net 464,548 (25,102) 464,548
------------------------------------------------------
NET INCOME 574,875 3 576,106
Retained earnings - beginning of year 2,665,612 2,265 2,665,612
Dividends declared on stock (1,833,884) (1,833,884)
------------------------------------------------------
Retained earnings - end of year $1,407,834 $2,268 $1,407,834
======================================================
</TABLE>
<PAGE 68>
<PAGE>
Southern California Edison Company and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Mono Power
Company
=====================================================================
=====================================================================
<S> <C>
Name of Entity: Bear Creek
Uranium
Company
Ownership Interest: 50%
Nature/Purpose of Business: (a)
Ownership Interest in (000):
Assets
Revenue
Net Income
</TABLE>
(a) To develop and operate an integrated uranium mining complex in Wyoming.
<PAGE 69>
<PAGE>
Edison Ventures and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Edison Consolidating Ventures
TransEnergy Ventures Adjustments Consolidated
==============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
---------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------------
Total utility plant
---------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------------
Total other property and investments
---------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
---------------------------------------------------------
Total current assets
---------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges $2,406
----------------------------------------------------------
Total deferred charges 2,406
----------------------------------------------------------
TOTAL ASSETS $2,406
==========================================================
</TABLE>
PAGE 70
<PAGE>
Edison Ventures and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Edison Consolidating Ventures
TransEnergy Ventures Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $2,406
Retained earnings
Cumulative Translation Adjustments, Net
---------------------------------------------------------
2,406
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
---------------------------------------------------------
Total capitalization 2,406
---------------------------------------------------------
Other long-term liabilities
---------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
---------------------------------------------------------
Total current liabilities
---------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
---------------------------------------------------------
Total deferred credits
---------------------------------------------------------
Minority interest
---------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,406
=========================================================
</TABLE>
<PAGE 71>
<PAGE>
Edison Ventures and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Edison Consolidating Ventures
TransEnergy Ventures Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C> <C>
Electric utility revenue
Diversified operations
---------------------------------------------------------
Total operating revenue
---------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
---------------------------------------------------------
Total operating expenses
---------------------------------------------------------
Operating income
---------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
---------------------------------------------------------
Total other income (deductions) - net
---------------------------------------------------------
Income before interest and other expenses
---------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
---------------------------------------------------------
Total interest and other expenses - net
---------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
--------------------------------------------------------
Retained Earnings - end of year
========================================================
</TABLE>
<PAGE 72>
<PAGE>
The Mission Group
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
The Mission Technology Enterprises
Group Solutions Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $6,602
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments $1,046,370
------------------------------------------------------
Total other property and investments 1,046,370 6,602
------------------------------------------------------
Cash and equivalents 619 1,228
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 12,951 5,079
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 665
------------------------------------------------------
Total current assets 13,570 6,972
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 10,600 5,619
-------------------------------------------------------
Total deferred charges 10,600 5,619
-------------------------------------------------------
TOTAL ASSETS $1,070,540 $19,193
=======================================================
</TABLE>
<PAGE 73>
<PAGE>
The Mission Group
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Power
Edison Land Engineering
Capital Company Company
Consolidated Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $39,321 $122,605 $765
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 490,200
Investments in leveraged leases 959,646
Other investments
------------------------------------------------------
Total other property and investments 1,489,167 122,605 765
------------------------------------------------------
Cash and equivalents 79,999 2,609
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 87,505 4,931 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,752 169
------------------------------------------------------
Total current assets 169,256 7,709 1
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 124,813 17,538 413
-------------------------------------------------------
Total deferred charges 124,813 17,538 413
-------------------------------------------------------
TOTAL ASSETS $1,783,236 $147,852 $1,179
=======================================================
</TABLE>
<PAGE 74>
<PAGE>
The Mission Group
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission The Mission
Energy Consolidating Group
Consolidated Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
---------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------------
Total utility plant
---------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $2,940,987 $3,110,280
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 919,789 ($2,035) 1,407,954
Investments in leveraged leases 959,646
Other investments (1,046,370)
---------------------------------------------------------
Total other property and investments 3,860,776 (1,048,405) 5,477,880
---------------------------------------------------------
Cash and equivalents 585,883 670,338
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 99,193 (12,933) 173,856
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 9,511 34,968
---------------------------------------------------------
Total current assets 694,587 (12,933) 879,162
---------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 429,782 (19,739) 569,026
----------------------------------------------------------
Total deferred charges 429,782 (19,739) 569,026
----------------------------------------------------------
TOTAL ASSETS $4,985,145 ($1,081,077) $6,926,068
==========================================================
</TABLE>
<PAGE 75>
<PAGE>
The Mission Group
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
The Mission Technology Enterprises
Group Solutions Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $147,866
Additional Paid in Capital 816,877 $47
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net
Retained earnings 100,600 (36,200)
------------------------------------------------------
1,065,343 (36,153)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 1,065,343 (36,153)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 480 45,088
Accrued taxes 66
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 4,717 8,288
------------------------------------------------------
Total current liabilities 5,197 53,442
------------------------------------------------------
Accumulated deferred income taxes - net 656
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1,248
------------------------------------------------------
Total deferred credits 1,904
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,070,540 $19,193
======================================================
</TABLE>
<PAGE 76>
<PAGE>
The Mission Group
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Power
Edison Land Engineering
Capital Company Company
Consolidated Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $3,000
Additional Paid in Capital $80,597 $142,984
Cumulative Translation Adjustments, Net 10
Unrealized gain in equity investments-net
Retained earnings 221,780 888 (12,451)
------------------------------------------------------
302,387 143,872 (9,451)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 272,063
------------------------------------------------------
Total capitalization 574,450 143,872 (9,451)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock 99,768
Short-term debt
Accounts payable 9,955 346 1
Accrued taxes 195
Accrued interest 4,933
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 216,238 401
------------------------------------------------------
Total current liabilities 330,894 942 1
------------------------------------------------------
Accumulated deferred income taxes - net 684,620
Accumulated deferred investment tax credits
Customer advances and other deferred credits 193,421 3,038 10,629
------------------------------------------------------
Total deferred credits 878,041 3,038 10,629
------------------------------------------------------
Minority interest (149)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,783,236 $147,852 $1,179
======================================================
</TABLE>
<PAGE 77>
<PAGE>
The Mission Group
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission The Mission
Energy Consolidating Group
Consolidated Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $64,130 ($67,130) $147,866
Additional Paid in Capital 629,406 (853,034) 816,877
Cumulative Translation Adjustments, Net 30,446 30,456
Unrealized gain in equity investments-net
Retained earnings 102,620 (127,257) 249,980
---------------------------------------------------------
826,602 (1,047,421) 1,245,179
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership 150,000 150,000
Long-term debt 2,454,121 2,726,184
---------------------------------------------------------
Total capitalization 3,430,723 (1,047,421) 4,121,363
---------------------------------------------------------
Other long-term liabilities
---------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock 75,383 175,151
Short-term debt
Accounts payable 38,446 (10,301) 84,015
Accrued taxes 91,596 91,857
Accrued interest 42,627 47,560
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 122,671 352,315
---------------------------------------------------------
Total current liabilities 370,723 (10,301) 750,898
---------------------------------------------------------
Accumulated deferred income taxes - net 462,513 (10,194) 1,137,595
Accumulated deferred investment tax credits 23,957 23,957
Customer advances and other deferred credits 688,127 (13,161) 883,302
---------------------------------------------------------
Total deferred credits 1,174,597 (23,355) 2,044,854
---------------------------------------------------------
Minority interest 9,102 8,953
---------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $4,985,145 ($1,081,077) $6,926,068
=========================================================
</TABLE>
<PAGE 78>
<PAGE>
The Mission Group
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
The Mission Technology Enterprises
Group Solutions Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $60,173
------------------------------------------------------
Total operating revenue 60,173
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $351 100,750
Maintenance
Depreciation and decommissioning 1,345
Income taxes (140) (16,808)
Property and other taxes
------------------------------------------------------
Total operating expenses 211 85,287
------------------------------------------------------
Operating income (211) (25,114)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2
Minority interest
Taxes on nonoperating income (1)
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net 1
------------------------------------------------------
Income before interest and other expenses (210) (25,114)
------------------------------------------------------
Interest on long-term debt
Other interest expense 1,223
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 1,223
------------------------------------------------------
NET INCOME (210) (26,337)
Retained Earnings - beginning of year 366,628 (9,863)
Deduct - Dividends on Common Stock and Other (265,818)
------------------------------------------------------
Retained Earnings - end of year $100,600 ($36,200)
======================================================
</TABLE>
<PAGE 79>
<PAGE>
The Mission Group
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Power
Edison Land Engineering
Capital Company Company
Consolidated Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $140,332 $106,108
------------------------------------------------------
Total operating revenue 140,332 106,108
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 61,532 100,670
Maintenance 734
Depreciation and decommissioning 16,775 1,318 $1
Income taxes (37,671) (788) (9)
Property and other taxes 4,680 23
------------------------------------------------------
Total operating expenses 40,636 106,614 15
------------------------------------------------------
Operating income 99,696 (506) (15)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,798 1,870 1
Minority interest 33
Taxes on nonoperating income 6,539 (645) (25)
Other nonoperating income - net (19,844) 166 61
------------------------------------------------------
Total other income (deductions) - net (9,474) 1,391 37
------------------------------------------------------
Income before interest and other expenses 90,222 885 22
------------------------------------------------------
Interest on long-term debt 22,044 (3)
Other interest expense 7,346
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 29,390 (3)
------------------------------------------------------
NET INCOME 60,832 888 22
Retained Earnings - beginning of year 160,948 45,576 (12,473)
Deduct - Dividends on Common Stock and Other (45,576)
-----------------------------------------------------
Retained Earnings - end of year $221,780 $888 ($12,451)
======================================================
</TABLE>
<PAGE 80>
<PAGE>
The Mission Group
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission The Mission
Energy Consolidating Group
Consolidated Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $744,675 $744,675
Diversified operations 230,316 $216 537,145
---------------------------------------------------------
Total operating revenue 974,991 216 1,281,820
---------------------------------------------------------
Fuel 192,325 192,325
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 285,577 548,880
Maintenance 734
Depreciation and decommissioning 102,794 122,233
Income taxes 28,051 88 (27,277)
Property and other taxes 392 5,095
---------------------------------------------------------
Total operating expenses 609,139 88 841,990
---------------------------------------------------------
Operating income 365,852 128 439,830
---------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 35,709 41,380
Minority interest (38,858) (38,825)
Taxes on nonoperating income (29,312) (23,444)
Other nonoperating income - net 5,113 (14,504)
---------------------------------------------------------
Total other income (deductions) - net (27,348) (35,393)
---------------------------------------------------------
Income before interest and other expenses 338,504 128 404,437
---------------------------------------------------------
Interest on long-term debt 222,693 244,734
Other interest expense 157 8,726
Allowance for borrowed funds used during
construction
Capitalized interest (12,539) (12,539)
Dividends on subsidiary preferred
securities 13,167 13,167
---------------------------------------------------------
Total interest and other expenses - net 223,478 254,088
---------------------------------------------------------
NET INCOME 115,026 128 150,349
Retained Earnings - beginning of year 262,594 (338,779) 474,631
Deduct - Dividends on Common Stock and Other (275,000) 211,394 (375,000)
--------------------------------------------------------
Retained Earnings - end of year $102,620 ($127,257) $249,980
========================================================
</TABLE>
<PAGE 81>
<PAGE>
Edison Enterprises
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Enterprises Edison EV Source
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning ------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,232 $574 $3,344
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,232 574 3,344
------------------------------------------------------
Cash and equivalents 221
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,319 2,456 10,083
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 7 404 167
------------------------------------------------------
Total current assets 1,326 3,081 10,250
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1,666 2 2,914
------------------------------------------------------
Total deferred charges 1,666 2 2,914
------------------------------------------------------
TOTAL ASSETS $4,224 $3,657 $16,508
=======================================================
</TABLE>
PAGE 82
<PAGE>
Edison Enterprises
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Select Utility Consolidating
Consolidated Services Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,452
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,452
------------------------------------------------------
Cash and equivalents 1,007
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,721 ($11,500)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 87
------------------------------------------------------
Total current assets 3,815 (11,500)
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1,037
-------------------------------------------------------
Total deferred charges 1,037
-------------------------------------------------------
TOTAL ASSETS $6,304 ($11,500)
=======================================================
</TABLE>
<PAGE 83>
<PAGE>
Edison Enterprises
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Enterprises
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $6,602
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 6,602
------------------------------------------------------
Cash and equivalents 1,228
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,079
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 665
------------------------------------------------------
Total current assets 6,972
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 5,619
-------------------------------------------------------
Total deferred charges 5,619
-------------------------------------------------------
TOTAL ASSETS $19,193
=======================================================
</TABLE>
<PAGE 84>
<PAGE>
Edison Enterprises
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Enterprises Edison EV Source
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $47
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net
Retained earnings ($3,968) ($3,684) (20,324)
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (3,968) (3,684) (20,277)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 7,007 6,239 31,340
Accrued taxes 41
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 1,033 1,156 4,915
------------------------------------------------------
Total current liabilities 8,040 7,436 36,255
------------------------------------------------------
Accumulated deferred income taxes - net 152 (95) 445
Accumulated deferred investment tax credits
Customer advances and other deferred credits 85
------------------------------------------------------
Total deferred credits 152 (95) 530
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $4,224 $3,657 $16,508
======================================================
</TABLE>
PAGE 85
<PAGE>
Edison Enterprises
Consolidating Balance Sheet
December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Edison
Select Utility Consolidating
Consolidated Services Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net
Retained earnings ($8,224)
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (8,224)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 12,002 ($11,500)
Accrued taxes 25
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 1,184
------------------------------------------------------
Total current liabilities 13,211 (11,500)
------------------------------------------------------
Accumulated deferred income taxes - net 154
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1,163
------------------------------------------------------
Total deferred credits 1,317
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $6,304 ($11,500)
======================================================
</TABLE>
<PAGE 86>
<PAGE>
Edison Enterprises
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Enterprises
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $47
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net
Retained earnings (36,200)
------------------------------------------------------
(36,153)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (36,153)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 45,088
Accrued taxes 66
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 8,288
------------------------------------------------------
Total current liabilities 53,442
------------------------------------------------------
Accumulated deferred income taxes - net 656
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1,248
------------------------------------------------------
Total deferred credits 1,904
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $19,193
======================================================
</TABLE>
<PAGE 87>
<PAGE>
Edison Enterprises
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Enterprises Edison EV Source
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $4,164 $53,458
------------------------------------------------------
Total operating revenue 4,164 53,458
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $6,470 6,980 75,490
Maintenance
Depreciation and decommissioning 238 152 662
Income taxes (2,740) (1,125) (9,328)
Property and other taxes
------------------------------------------------------
Total operating expenses 3,968 6,007 66,824
------------------------------------------------------
Operating income (loss) (3,968) (1,843) (13,366)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense 186 802
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 186 802
------------------------------------------------------
NET INCOME (LOSS) (3,968) (2,029) (14,168)
Retained Earnings - beginning of year (1,655) (6,156)
Deduct - Dividends on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($3,968) ($3,684) ($20,324)
======================================================
</TABLE>
<PAGE 88>
<PAGE>
Edison Enterprises
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Select Utility Consolidating
Consolidated Services Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $2,551
------------------------------------------------------
Total operating revenue 2,551
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 11,810
Maintenance
Depreciation and decommissioning 293
Income taxes (3,615)
Property and other taxes
------------------------------------------------------
Total operating expenses 8,488
------------------------------------------------------
Operating income (loss) (5,937)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense 235
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 235
------------------------------------------------------
NET INCOME (LOSS) (6,172)
Retained Earnings - beginning of year (2,052)
Deduct - Dividends on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($8,224)
======================================================
</TABLE>
<PAGE 89>
<PAGE>
Edison Enterprises
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Enterprises
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue
Diversified operations $60,173
------------------------------------------------------
Total operating revenue 60,173
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 100,750
Maintenance
Depreciation and decommissioning 1,345
Income taxes (16,808)
Property and other taxes
------------------------------------------------------
Total operating expenses 85,287
------------------------------------------------------
Operating income (loss) (25,114)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense 1,223
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 1,223
------------------------------------------------------
NET INCOME (LOSS) (26,337)
Retained Earnings - beginning of year (9,863)
Deduct - Dividends on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($36,200)
======================================================
</TABLE>
<PAGE 90>
<PAGE>
Edison Select
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Select Edison
Home Home
Warranty Protection Edison
Company Company Select
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,452
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 2,244
------------------------------------------------------
Total other property and investments 3,696
------------------------------------------------------
Cash and equivalents $1,007
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 764 1,957
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 87
------------------------------------------------------
Total current assets 1,771 2,044
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1,037
-------------------------------------------------------
Total deferred charges 1,037
-------------------------------------------------------
TOTAL ASSETS $1,771 $6,777
=======================================================
</TABLE>
<PAGE 91>
<PAGE>
Edison Select
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Consolidating Select
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,452
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases ($2,244)
Other investments 2,244)
------------------------------------------------------
Total other property and investments 1,452
------------------------------------------------------
Cash and equivalents 1,007
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,721
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 87
------------------------------------------------------
Total current assets 3,815
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1,037
-------------------------------------------------------
Total deferred charges 1,037
-------------------------------------------------------
TOTAL ASSETS ($2,244) $6,304
=======================================================
</TABLE>
PAGE 92
<PAGE>
Edison Select
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Select Edison
Home Home
Warranty Protection Edison
Company Company Select
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $2,244
Cumulative Translation Adjustments, Net
Unrealized gain in equity investments-net
Retained earnings (1,544) ($6,680)
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 700 (6,680)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 975 11,027
Accrued taxes 25
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 96 1,088
------------------------------------------------------
Total current liabilities 1,071 12,140
------------------------------------------------------
Accumulated deferred income taxes - net 154
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1,163
------------------------------------------------------
Total deferred credits 1,317
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,771 $6,777
======================================================
</TABLE>
<PAGE 93>
<PAGE>
Edison Select
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Consolidating Select
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net ($2,244)
Unrealized gain in equity investments-net
Retained earnings ($8,224)
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (2,244) (8,224)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 12,002
Accrued taxes 25
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 1,184
------------------------------------------------------
Total current liabilities 13,211
------------------------------------------------------
Accumulated deferred income taxes - net 154
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1,163
------------------------------------------------------
Total deferred credits 1,317
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($2,244) $6,304
======================================================
</TABLE>
<PAGE 94>
<PAGE>
Edison Select
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Select Edison
Home Home
Warranty Protection Edison
Company Company Select
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $1,590 $961
-------------------------------------------------------
Total operating revenue 1,590 961
-------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,816 7,994
Maintenance
Depreciation and decommissioning 68 225
Income taxes (750) (2,865)
Property and other taxes
------------------------------------------------------
Total operating expenses 3,134 5,354
------------------------------------------------------
Operating income (loss) (1,544) (4,393)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense 235
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 235
------------------------------------------------------
NET INCOME (LOSS) (1,544) (4,628)
Retained Earnings - beginning of year (2,052)
Deduct - Dividends on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($1,544) ($6,680)
======================================================
</TABLE>
<PAGE 95>
<PAGE>
Edison Select
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Consolidating Select
Adjustments Consolidated
============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $2,551
------------------------------------------------------
Total operating revenue 2,551
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 11,810
Maintenance
Depreciation and decommissioning 293
Income taxes (3,615)
Property and other taxes
------------------------------------------------------
Total operating expenses 8,488
------------------------------------------------------
Operating income (loss) (5,937)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense 235
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 235
------------------------------------------------------
NET INCOME (LOSS) (6,172)
Retained Earnings - beginning of year (2,052)
Deduct - Dividends on Common Stock and Other
-----------------------------------------------------
Retained Earnings - end of year ($8,224)
======================================================
</TABLE>
<PAGE 96>
<PAGE>
Edison Capital and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Renewable Capital Edison Funding
Energy Europe Mortgage Company
Capital Co. Limited Company Consolidated
==============================================================================================================
ASSETS
==============================================================================================================
<S> <C> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------
Total utility plant
------------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $177 $3,974
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 490,420
Investments in leveraged leases 959,646
Other investments
-----------------------------------------------------------
Total other property and investments 177 1,454,040
-----------------------------------------------------------
Cash and equivalents 209 79,033
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $36,622 12 $104 123,147
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 124 170
----------------------------------------------------------
Total current assets 36,622 345 104 202,350
----------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 29,445 3,641 120,170
----------------------------------------------------------
Total deferred charges 29,445 3,641 120,170
----------------------------------------------------------
TOTAL ASSETS $66,067 $522 $3,745 $1,776,560
==========================================================
</TABLE>
<PAGE 97> <PAGE>
Edison Capital and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Burlington
International Bartlett Apartments,
Capital, Inc. Hill Company Inc.
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $5,440 $28,645
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
--------------------------------------------------------
Total other property and investments 5,440 28,645
--------------------------------------------------------
Cash and equivalents 9 458
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $2 636 801
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 105 479
--------------------------------------------------------
Total current assets 2 750 1,738
--------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 496 812
--------------------------------------------------------
Total deferred charges 496 812
--------------------------------------------------------
TOTAL ASSETS $2 $6,686 $31,195
========================================================
</TABLE>
<PAGE 98> <PAGE>
Edison Capital and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Consolidating Capital
Capital Adjustments Consolidated
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,086 ($1) $39,321
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 23,364 (23,584) 490,200
Investments in leveraged leases 959,646
Other investments
--------------------------------------------------------
Total other property and investments 24,450 (23,585) 1,489,167
--------------------------------------------------------
Cash and equivalents 292 (2) 79,999
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 9,052 (82,871) 87,505
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 875 (1) 1,752
--------------------------------------------------------
Total current assets 10,219 (82,874) 169,256
--------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 50 (29,801) 124,813
--------------------------------------------------------
Total deferred charges 50 (29,801) 124,813
--------------------------------------------------------
TOTAL ASSETS $34,719 ($136,260) $1,783,236
========================================================
</TABLE>
<PAGE 99>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding Funding
Beta Gamma Kappa
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases $182,102 $153,347
Other investments
--------------------------------------------------------
Total other property and investments 182,102 153,347
--------------------------------------------------------
Cash and equivalents 24
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 64,869 46,630 $14
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
-------------------------------------------------------
Total current assets 64,893 46,630 14
-------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
-------------------------------------------------------
Total deferred charges
-------------------------------------------------------
TOTAL ASSETS $246,995 $199,977 $14
=======================================================
</TABLE>
PAGE 100
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Funding First
Zeta Asset Investment
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $20,902
Investments in leveraged leases
Other investments
--------------------------------------------------------
Total other property and investments 20,902
--------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 46,754 $19,773
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
--------------------------------------------------------
Total current assets 46,754 19,773
--------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
--------------------------------------------------------
Total deferred charges
--------------------------------------------------------
TOTAL ASSETS $67,656 $19,773
--------------------------------------------------------
</TABLE>
<PAGE 101> <PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Integrated Edison Edison
Energy Funding Funding
Services Omicron Company
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------
Total utility plant
-------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $2,588
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1 $1,308,728
Investments in leveraged leases
Other investments
-------------------------------------------------------
Total other property and investments 2,589 1,308,728
-------------------------------------------------------
Cash and equivalents 75,539
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $29 266 32,616
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
-------------------------------------------------------
Total current assets 29 266 108,155
-------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 233 1,317
-------------------------------------------------------
Total deferred charges 233 1,317
-------------------------------------------------------
TOTAL ASSETS $29 $3,088 $1,418,200
=======================================================
</TABLE>
<PAGE 102> <PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing Mission Funding
Investments Epsilon
Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------
Total utility plant
-------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,386
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 387,335 $82,497
Investments in leveraged leases 479 623,718
Other investments
-------------------------------------------------------
Total other property and investments 389,200 706,215
-------------------------------------------------------
Cash and equivalents 2,922 548
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 500,448 332,692
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 79 91
-------------------------------------------------------
Total current assets 503,449 333,331
-------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 118,485 135
-------------------------------------------------------
Total deferred charges 118,485 135
-------------------------------------------------------
TOTAL ASSETS $1,011,134 $1,039,681
=======================================================
</TABLE>
<PAGE 103>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Funding
Consolidating Company
Adjustments Consolidated
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $3,974
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($1,309,043) 490,420
Investments in leveraged leases 959,646
Other investments
--------------------------------------------------------
Total other property and investments (1,309,043) 1,454,040
--------------------------------------------------------
Cash and equivalents 79,033
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (920,944) 123,147
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 170
--------------------------------------------------------
Total current assets (920,944) 202,350
--------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 120,170
--------------------------------------------------------
Total deferred charges 120,170
--------------------------------------------------------
TOTAL ASSETS ($2,229,987) $1,776,560
========================================================
</TABLE>
<PAGE 104>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding Funding
Alpha Mu Delta
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------
Total utility plant
-------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases $390,549 $18,165
Other investments
-------------------------------------------------------
Total other property and investments 390,549 18,165
-------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 180,524 9,307 $25,509
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
-------------------------------------------------------
Total current assets 180,524 9,307 25,509
-------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
-------------------------------------------------------
Total deferred charges
-------------------------------------------------------
TOTAL ASSETS $571,073 $27,472 $25,509
=======================================================
</TABLE>
<PAGE 105> <PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Investments (Bermuda)
Nu Inc. Investments, Ltd.
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases $43,589
Other investments
--------------------------------------------------------
Total other property and investments 43,589
--------------------------------------------------------
Cash and equivalents $1 $3
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 15,674 1 12
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
--------------------------------------------------------
Total current assets 15,674 2 15
--------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
--------------------------------------------------------
Total deferred charges
--------------------------------------------------------
TOTAL ASSETS $59,263 $2 $15
========================================================
</TABLE>
<PAGE 106> <PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
(Bermuda) Edison Capital
Investments, LAI
Ltd. (Bermuda) Ltd.
=============================================================================================================
ASSETS
=============================================================================================================
<S> <C> <C
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
--------------------------------------------------------
Total utility plant
--------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $6,147
Investments in leveraged leases
Other investments
--------------------------------------------------------
Total other property and investments 6,147
--------------------------------------------------------
Cash and equivalents 544
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 320
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
--------------------------------------------------------
Total current assets 864
--------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred
--------------------------------------------------------
Total deferred charges
--------------------------------------------------------
TOTAL ASSETS $7,011
========================================================
</TABLE>
PAGE 107
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
Latin American Latin American Mission
Investments Investments Funding
(Bermuda), Ltd. Holdings Co. Epsilon
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $76,350 $116,989
Investments in leveraged leases 171,415
Other investments
------------------------------------------------------
Total other property and investments 76,350 288,404
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,557 157,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 78 13
------------------------------------------------------
Total current assets 2,635 157,367
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred 133 3
------------------------------------------------------
Total deferred charges 133 3
------------------------------------------------------
TOTAL ASSETS $79,118 $445,774
======================================================
</TABLE>
PAGE 108
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Funding
Consolidating Epsilon
Adjustments Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($116,989) $82,497
Investments in leveraged leases 623,718
Other investments
------------------------------------------------------
Total other property and investments (116,989) 706,215
------------------------------------------------------
Cash and equivalents 548
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (58,566) 332,692
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 91
------------------------------------------------------
Total current assets (58,566) 333,331
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (1) 135
------------------------------------------------------
Total deferred charges (1) 135
------------------------------------------------------
TOTAL ASSETS ($175,556) $1,039,681
======================================================
</TABLE>
<PAGE 109>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Housing Housing Housing
Alpha Beta Delta
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2,079 $3,762
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 2,079 3,762
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $4,487 4,409 11,266
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 4,487 4,409 11,266
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 90
------------------------------------------------------
Total deferred charges 90
------------------------------------------------------
TOTAL ASSETS $4,577 $6,488 $15,028
======================================================
</TABLE>
<PAGE 110> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Housing Housing Housing
Epsilon Gamma Theta
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $486 $1,668 $734
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 486 1,668 734
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 644 3,291 1,267
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 644 3,291 1,267
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 65
------------------------------------------------------
Total deferred charges 65
------------------------------------------------------
TOTAL ASSETS $1,130 $4,959 $2,066
======================================================
</TABLE>
<PAGE 111>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Funding
Theta
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 8
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $8
======================================================
</TABLE>
<PAGE 112>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Housing MHIFED 94 MHICAL 94
Zeta Company Company
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $11,711 $1 $17,872
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 11,711 1 17,872
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 4,196 20,468 25,559
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 4,196 20,468 25,559
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 7,399 505
------------------------------------------------------
Total deferred charges 7,399 505
------------------------------------------------------
TOTAL ASSETS $15,907 $27,868 $43,936
======================================================
</TABLE>
<PAGE 113>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EHI
Development MHIFED 95 MHICAL 95
Fund Company Company
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $26,965
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 26,965
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $267 $20,488 27,542
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 267 20,488 27,542
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,262 6,500 3,449
------------------------------------------------------
Total deferred charges 6,262 6,500 3,449
------------------------------------------------------
TOTAL ASSETS $6,529 $26,988 $57,956
======================================================
</TABLE>
<PAGE 114>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
East Coast
Capital, Inc. MHIFED 96A MHIFED 95C
Consolidated Company Company
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $73
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 73
------------------------------------------------------
Cash and equivalents 45
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 857 $4,881
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 7
------------------------------------------------------
Total current assets 909 4,881
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 10,438
------------------------------------------------------
Total deferred charges 10,438
------------------------------------------------------
TOTAL ASSETS $982 $15,319
======================================================
</TABLE>
<PAGE 115>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EHI Mission
Development MHIFED 96 Housing
Company Company Holdings
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $13,966
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 13,966
------------------------------------------------------
Cash and equivalents $1,078
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 125 $106 6,906
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 1,203 106 6,906
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 11,618
------------------------------------------------------
Total deferred charges 11,618
------------------------------------------------------
TOTAL ASSETS $1,203 $11,724 $20,872
======================================================
</TABLE>
<PAGE 116>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
MHICAL 96 Mission Housing
Company SA Company Denver
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $27,062 $6,742
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 27,062 6,742
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 13,970 $38 4,927
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 13,970 38 4,927
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 9,041
------------------------------------------------------
Total deferred charges 9,041
------------------------------------------------------
TOTAL ASSETS $50,073 $38 $11,669
======================================================
</TABLE>
<PAGE 117>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Housing Housing Housing
Georgia South Carolina Oregon, Inc.
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $890 $503
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 890 503
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 195 2,048 $2
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 195 2,048 2
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $1,085 $2,551 $2
======================================================
</TABLE>
<PAGE 118> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Capital Edison Capital
Housing Housing Housing
North Carolina Florida New Jersey
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $483 $8,819
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 483 8,819
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,907 $2 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 2,907 2 1
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $3,390 $2 $8,820
======================================================
</TABLE>
<PAGE 119> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
MHIFED 97 Housing MHICAL 97
Company Pennsylvania Company
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $9,051 $7,064
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 9,051 7,064
------------------------------------------------------
Cash and equivalents
of allowance for uncollectible accounts
Fuel inventory
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $1 2,699 1,846
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
-----------------------------------------------------
Total current assets 1 2,699 1,846
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 2,628
------------------------------------------------------
Total deferred charges 2,268
------------------------------------------------------
TOTAL ASSETS $1 $11,750 $11,538
======================================================
</TABLE>
PAGE 120
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
Housing Housing John Stewart
New York Management Company
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts $1,313
Investments in partnerships
and unconsolidated subsidiaries $4,570 $1,201 (32)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 4,570 1,201 1,281
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, 1,093
net of allowance for uncollectible accounts 3,501 1 417
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 72
------------------------------------------------------
Total current assets 3,501 1 1,582
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 2,463 269
------------------------------------------------------
Total deferred charges 2,463 269
------------------------------------------------------
TOTAL ASSETS $8,071 $3,665 $3,132
======================================================
</TABLE>
PAGE 121
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
WGA Investors ECHI Wyvernwood, Affordable
Company Inc. Housing 97 V
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
PAGE 122
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Affordable Affordable Affordable
Housing 97 VI Housing 97 VII Housing 97 VIII
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue
net of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 123> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Edison Capital Housing
Housing Consolidating Investments
Investments Adjustments Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulate
provision for depreciation $1,386
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $492,141 ($250,403) 387,335
Investments in leveraged leases 479 479
Other investments
------------------------------------------------------
Total other property and investments 492,620 (250,403) 389,200
------------------------------------------------------
Cash and equivalents 706 2,922
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 361,819 (30,693) 500,448
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 79
------------------------------------------------------
Total current assets 362,525 (30,693) 503,449
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 57,758 118,485
------------------------------------------------------
Total deferred charges 57,758 118,485
------------------------------------------------------
TOTAL ASSETS $912,903 ($281,096) $1,011,134
======================================================
</TABLE>
<PAGE 124>
<PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consoliated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
East
Coast EC Asset EC
Capital, Inc. Services, Inc. Properties, Inc.
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $73
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 73
------------------------------------------------------
Cash and equivalents 18 $4
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 508 272 $128
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 7
------------------------------------------------------
Total current assets 533 276 128
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $606 $276 $128
======================================================
</TABLE>
<PAGE 125> <PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EC
Properties III, Inc. EC-SLP, Inc.
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents $2 $21
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 2 21
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $2 $21
======================================================
</TABLE>
<PAGE 126> <PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
East Coast
Consolidating Capital, Inc.
Adjustments Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $73
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 73
------------------------------------------------------
Cash and equivalents 45
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts ($51) 857
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 7
------------------------------------------------------
Total current assets (51) 909
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS ($51) $982
======================================================
</TABLE>
<PAGE 127>
<PAGE>
Edison Capital and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Renewable Capital Edison Funding
Energy Europe Mortgage Company
Capital Co. Limited Company Consolidated
=============================================================================================================
CAPITALIZATION AND LIABILITIES
=============================================================================================================
<S> <C> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $3 $126,744
Cumulative Translation Adjustments, Net $10
Retained earnings 143 10 $97 217,500
-------------------------------------------------------
146 20 97 344,244
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 29,491 312,517
-------------------------------------------------------
Total capitalization 29,637 20 97 656,761
-------------------------------------------------------
Other long-term liabilities
-------------------------------------------------------
Current portion of long-term debt 34,721 99,714
Short-term debt 405
Accounts payable 472 3,648 13,416
Accrued taxes
Accrued interest 1,709 3,088
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 22 209,438
-------------------------------------------------------
Total current liabilities 36,430 494 3,648 326,061
-------------------------------------------------------
Accumulated deferred income taxes - net 8 687,256
Accumulated deferred investment tax credits
Customer advances and other deferred credits 106,350
-------------------------------------------------------
Total deferred credits 8 793,606
-------------------------------------------------------
Minority interest 132
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $66,067 $522 $3,745 $1,776,560
=======================================================
</TABLE>
<PAGE 128> <PAGE>
Edison Capital and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Burlington
International Bartlett Apartments,
Capital, Inc. Hill Company Inc.
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid In Capital $819 $1,682
Cumulative Translation Adjustments, Net
Retained earnings ($7) 292 (2,512)
------------------------------------------------------
(7) 1,111 (830)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 5,133 29,327
------------------------------------------------------
Total capitalization (7) 6,244 28,497
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt 34
Short-term debt
Accounts payable 9 119 195
Accrued taxes
Accrued interest 137
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 29 535
------------------------------------------------------
Total current liabilities 9 182 867
------------------------------------------------------
Accumulated deferred income taxes - net 42 2,078
Accumulated deferred investment tax credits
Customer advances and other deferred credits 36
------------------------------------------------------
Total deferred credits 42 2,114
------------------------------------------------------
Minority interest 218 (283)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2 $6,686 $31,195
======================================================
</TABLE>
<PAGE 129> <PAGE>
Edison Capital and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Consolidating Capital
Capital Adjustments Consolidated
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $80,597 ($129,248) $80,597
Cumulative Translation Adjustments, Net 10
Retained earnings (99,626) 105,883 221,780
------------------------------------------------------
(19,029) (23,365) 302,387
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (104,405) 272,063
------------------------------------------------------
Total capitalization (19,029) (127,770) 574,450
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt (34,701) 99,768
Short-term debt (405)
Accounts payable 39,773 (47,677) 9,955
Accrued taxes
Accrued interest (1) 4,933
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 6,706 (492) 216,238
------------------------------------------------------
Total current liabilities 46,479 (83,276) 330,894
------------------------------------------------------
Accumulated deferred income taxes - net (4,764) 684,620
Accumulated deferred investment tax credits
Customer advances and other deferred credits 12,033 75,002 193,421
------------------------------------------------------
Total deferred credits 7,269 75,002 878,041
------------------------------------------------------
Minority interest (216) (149)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $34,719 ($136,260) $1,783,236
======================================================
</TABLE>
<PAGE 130>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding Funding
Beta Gamma Kappa
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $133,940 $110,680 $17
Cumulative Translation Adjustments, Net
Retained earnings 9,518 10,132 (25)
------------------------------------------------------
143,458 120,812 (8)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 143,458 120,812 (8)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 53 1,262 22
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 53 1,262 22
------------------------------------------------------
Accumulated deferred income taxes - net 103,201 77,903
Accumulated deferred investment tax credits
Customer advances and other deferred credits 283
------------------------------------------------------
Total deferred credits 103,484 77,903
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $246,995 $199,977 $14
======================================================
</TABLE>
<PAGE 131> <PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding First
Theta Zeta Asset Investment
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $26,450 $19,764
Cumulative Translation Adjustments, Net
Retained earnings 8,691 9
------------------------------------------------------
35,141 19,773
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 35,141 19,773
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 432
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 432
------------------------------------------------------
Accumulated deferred income taxes - net 32,083
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 32,083
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $67,656 $19,773
======================================================
</TABLE>
<PAGE 132> <PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Integrated Edison Edison
Energy Funding Funding
Services Omicron Company
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $126,747
Cumulative Translation Adjustments, Net
Retained earnings ($7) ($4) (50,901)
------------------------------------------------------
(7) (4) 75,846
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 2,676 308,791
------------------------------------------------------
Total capitalization (7) 2,672 384,637
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt 24 99,690
Short-term debt
Accounts payable 36 4 923,415
Accrued taxes
Accrued interest 3,088
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 74
------------------------------------------------------
Total current liabilities 36 102 1,026,193
------------------------------------------------------
Accumulated deferred income taxes - net (4,391)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 11,761
------------------------------------------------------
Total deferred credits 7,370
------------------------------------------------------
Minority interest 314
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $29 $3,088 $1,418,200
======================================================
</TABLE>
<PAGE 133> <PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing Mission Funding
Investments Epsilon
Consolidated Consolidated
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $550,574 $479,208
Cumulative Translation Adjustments, Net
Retained earnings 183,269 44,911
------------------------------------------------------
733,843 524,119
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,045
------------------------------------------------------
Total capitalization 734,888 524,119
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt 405
Accounts payable 7,787 1,350
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 191,188 18,176
------------------------------------------------------
Total current liabilities 199,380 19,526
------------------------------------------------------
Accumulated deferred income taxes - net 36,750 441,710
Accumulated deferred investment tax credits
Customer advances and other deferred credits 39,981 54,326
------------------------------------------------------
Total deferred credits 76,731 496,036
-------------------------------------------------------
Minority interest 135
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,011,134 $1,039,681
======================================================
</TABLE>
<PAGE 134>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Funding
Consolidating Company
Adjustments Consolidated
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital ($1,320,636) $126,744
Cumulative Translation Adjustments, Net
Retained earnings 11,907 217,500
------------------------------------------------------
(1,308,729) 344,244
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 5 312,517
------------------------------------------------------
Total capitalization (1,308,724) 656,761
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt 99,714
Short-term debt 405
Accounts payable (920,945) 13,416
Accrued taxes
Accrued interest 3,088
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 209,438
------------------------------------------------------
Total current liabilities (920,945) 326,061
------------------------------------------------------
Accumulated deferred income taxes - net 687,256
Accumulated deferred investment tax credits
Customer advances and other deferred credits (1) 106,350
------------------------------------------------------
Total deferred credits (1) 793,606
------------------------------------------------------
Minority interest (317) 132
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($2,229,987) $1,776,560
======================================================
</TABLE>
<PAGE 135>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding Funding
Alpha Mu Delta
==========================================================================================================
CAPITALIZATION AND LIABILITIES
==========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $263,907 $14,750 $13,880
Cumulative Translation Adjustments, Net
Retained earnings 20,529 5,267 5,989
-----------------------------------------------------
284,436 20,017 19,869
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
-----------------------------------------------------
Total capitalization 284,436 20,017 19,869
-----------------------------------------------------
Other long-term liabilities
-----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 54,603 12 5,169
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
-----------------------------------------------------
Total current liabilities 54,603 12 5,169
-----------------------------------------------------
Accumulated deferred income taxes - net 232,034 7,443 471
Accumulated deferred investment tax credits
Customer advances and other deferred credits
-----------------------------------------------------
Total deferred credits 232,034 7,443 471
-----------------------------------------------------
Minority interest
-----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $571,073 $27,472 $25,509
=====================================================
</TABLE>
<PAGE 136> <PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Investments (Bermuda)
Nu Inc. Investments, Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $33,188 $1 $12
Cumulative Translation Adjustments, Net
Retained earnings 9,137
-------------------------------------------------------
42,325 1 12
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 42,325 1 12
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 12 1 3
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 12 1 3
------------------------------------------------------
Accumulated deferred income taxes - net 16,926
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 16,926
-----------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $59,263 $2 $15
======================================================
</TABLE>
<PAGE 137>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Capital Capital
(Bermuda) Edison Capital Latin American
Investments, LAI Investments
Ltd. (Bermuda) Ltd. (Bermuda), Ltd.
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $5,784
Cumulative Translation Adjustments, Net
Retained earnings 1,049
------------------------------------------------------
6,833
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
-----------------------------------------------------
Total capitalization 6,833
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 178
------------------------------------------------------
Total current liabilities 178
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $7,011
======================================================
</TABLE>
PAGE 138
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Latin American Mission
Investments Funding
Holdings Co. Epsilon
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $6,789 $257,886
Cumulative Translation Adjustments, Net
Retained earnings (31) 2,971
-----------------------------------------------------
6,758 260,857
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
-----------------------------------------------------
Total capitalization 6,758 260,857
-----------------------------------------------------
Other long-term liabilities
-----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 103 14
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 17,931 67
-----------------------------------------------------
Total current liabilities 18,034 81
--------------------------------------------------------
Accumulated deferred income taxes - net 184,836
Accumulated deferred investment tax credits
Customer advances and other deferred credits 54,326
-------------------------------------------------------
Total deferred credits 54,326 184,836
-----------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $79,118 $445,774
======================================================
</TABLE>
<PAGE 139> <PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Funding
Consolidating Epsilon
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital ($116,990) $479,208
Cumulative Translation Adjustments, Net
Retained earnings 1 44,911
------------------------------------------------------
(116,989) 524,119
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization (116,989) 524,119
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (58,567) 1,350
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 18,176
-----------------------------------------------------
Total current liabilities (58,567) 19,526
------------------------------------------------------
Accumulated deferred income taxes - net 441,710
Accumulated deferred investment tax credits
Customer advances and other deferred credits 54,326
------------------------------------------------------
Total deferred credits 496,036
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($175,556) $1,039,681
======================================================
</TABLE>
<PAGE 140>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Housing Housing Housing
Alpha Beta Delta
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $3,264 $4,459 $10,110
Cumulative Translation Adjustments, Net
Retained earnings 41 2,269 4,798
------------------------------------------------------
3,305 6,728 14,908
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 3,305 6,728 14,908
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 32 22 22
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 32 22 22
------------------------------------------------------
Accumulated deferred income taxes - net 1,240 (262) 98
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 1,240 (262) 98
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $4,577 $6,488 $15,028
======================================================
</TABLE>
<PAGE 141>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Housing Housing Housing
Epsilon Gamma Theta
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additinal Paid in Capital $1,100 $3,340 $1,181
Cumulative Translation Adjustments, Net
Retained earnings 52 1,790 682
-----------------------------------------------------
1,152 5,130 1,863
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 1,152 5,130 1,863
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 22 22 43
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 1 132
------------------------------------------------------
Total current liabilities 23 22 175
------------------------------------------------------
Accumulated deferred income taxes - net (45) (193) 28
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (45) (193) 28
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,130 $4,959 $2,066
======================================================
</TABLE>
<PAGE 142>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Funding
Theta
========================================================================================================
CAPITALIZATION AND LIABILITIES
========================================================================================================
<S> <C>
Common shareholders' equity:
Common stock
Additional paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings ($14)
--------------------------------------------------
(14)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization (14)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 22
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 22
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $8
======================================================
</TABLE>
<PAGE 143>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Housing MHIFED 94 MHICAL 94
Zeta Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $7,558 $20,040 $30,581
Cumulative Translation Adjustments, Net
Retained earnings 62 6,156 11,180
------------------------------------------------------
7,620 26,196 41,761
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 7,620 26,196 41,761
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 23 963 330
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 8,266 42
------------------------------------------------------
Total current liabilities 8,289 1,005 330
------------------------------------------------------
Accumulated deferred income taxes - net (2) 310 1,845
Accumulated deferred investment tax credits
Customer advances and other deferred credits 357
------------------------------------------------------
Total deferred credits (2) 667 1,845
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $15,907 $27,868 $43,936
======================================================
</TABLE>
<PAGE 144>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EHI
Development MHIFED 95 MHICAL 95
Fund Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $5,000 $8,662 $44,132
Cumulative Translation Adjustments, Net
Retained earnings 244 7,138 10,770
------------------------------------------------------
5,244 15,800 54,902
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 5,244 15,800 54,902
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1,285 8,544 8
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 95
------------------------------------------------------
Total current liabilities 1,285 8,639 8
------------------------------------------------------
Accumulated deferred income taxes - net 2,151 2,577
Accumulated deferred investment tax credits
Customer advances and other deferred credits 398 469
------------------------------------------------------
Total deferred credits 2,549 3,046
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $6,529 $26,988 $57,956
======================================================
</TABLE>
<PAGE 145>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
East Coast
Capital, Inc. MHIFED 96A MHIFED 95C
Consolidated Company Company
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $332 $12,054
Cumulative Translation Adjustments, Net
Retained earnings 405 719
------------------------------------------------------
737 12,773
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 737 12,773
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 186 5
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 59 1,583
------------------------------------------------------
Total current liabilities 245 1,588
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 958
------------------------------------------------------
Total deferred credits 958
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $982 $15,319
======================================================
</TABLE>
<PAGE 146>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EHI Mission
Development MHIFED 96 Housing
Company Company Holdings
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $1,002 $670 $17,684
Cumulative Translation Adjustments, Net
Retained earnings 66 (330) 3,272
------------------------------------------------------
1,068 340 20,956
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 1,068 340 20,956
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 135 11,371 9
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other (522) 366
------------------------------------------------------
Total current liabilities 135 10,849 375
------------------------------------------------------
Accumulated deferred income taxes - net 87 (459)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 448
------------------------------------------------------
Total deferred credits 535 (459)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,203 $11,724 $20,872
======================================================
</TABLE>
<PAGE 147>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
MHICAL 96 Mission Housing
Company SA Company Denver
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $29,887 $54 $7,925
Cumulative Translation Adjustments, Net
Retained earnings 4,475 (64) 2,788
------------------------------------------------------
34,362 (10) 10,713
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 34,362 (10) 10,713
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 8 8 9
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 12,615
------------------------------------------------------
Total current liabilities 12,623 8 9
------------------------------------------------------
Accumulated deferred income taxes - net 2,007 40 947
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1,081
------------------------------------------------------
Total deferred credits 3,088 40 947
------------------------------------------------------
Minority interest
-----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $50,073 $38 $11,669
======================================================
</TABLE>
<PAGE 148>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Housing Housing Housing
Georgia South Carolina Oregon, Inc.
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $405 $2,078
Cumulative Translation Adjustments, Net
Retained earnings 87 252 ($3)
------------------------------------------------------
492 2,330 (3)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 492 2,330 (3)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 6 5 5
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 571
------------------------------------------------------
Total current liabilities 577 5 5
------------------------------------------------------
Accumulated deferred income taxes - net 16 192
Accumulated deferred investment tax credits
Customer advances and other deferred credits 24
------------------------------------------------------
Total deferred credits 16 216
-----------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,085 $2,551 $2
======================================================
</TABLE>
<PAGE 149> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Capital Edison Capital
Housing Housing Housing
North Carolina Florida New Jersey
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $2,156 $8,542
Cumulative Translation Adjustments, Net
Retained earnings 1,007 ($4) (4)
------------------------------------------------------
3,163 (4) 8,538
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 3,163 (4) 8,538
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 6 6 6
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 276
------------------------------------------------------
Total current liabilities 6 6 282
------------------------------------------------------
Accumulated deferred income taxes - net 198
Accumulated deferred investment tax credits
Customer advances and other deferred credits 23
------------------------------------------------------
Total deferred credits 221
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $3,390 $2 $8,820
======================================================
</TABLE>
<PAGE 150> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
MHIFED 97 Housing MHICAL 97
Company Pennsylvania Company
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $8,990 $9,722
Cumulative Translation Adjustments, Net
Retained earnings ($3) 1,489 595
------------------------------------------------------
(3) 10,479 10,317
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization (3) 10,479 10,317
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 4 9 83
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 393 431
------------------------------------------------------
Total current liabilities 4 402 514
------------------------------------------------------
Accumulated deferred income taxes - net 869 393
Accumulated deferred investment tax credits
Customer advances and other deferred credits 314
------------------------------------------------------
Total deferred credits 869 707
-----------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1 $11,750 $11,538
======================================================
</TABLE>
<PAGE 151> <PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Edison Capital Housing John Stewart
Housing New York Management Company
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $4,500 $3,772 $1,201
Cumulative Translation Adjustments, Net
Retained earnings (8) (94) 208
------------------------------------------------------
4,492 3,678 1,409
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,045
------------------------------------------------------
Total capitalization 4,492 3,678 2,454
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt 49 292
Accounts payable 9
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 3,570 98
------------------------------------------------------
Total current liabilities 3,579 49 390
------------------------------------------------------
Accumulated deferred income taxes - net (62) 155
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (62) 155
------------------------------------------------------
Minority interest 133
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $8,071 $3,665 $3,132
======================================================
</TABLE>
PAGE 152
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
WGA Investors ECHI Affordable
Company Wyvernwood Inc. Housing 97 V
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
-----------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
======================================================
</TABLE>
PAGE 153
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Affordable Affordable Affordable
Housing 97 VI Housing 97 VII 97 VIII
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
======================================================
</TABLE>
PAGE 154
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Edison Capital Housing
Housing Consolidating Investments
Investments Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $552,063 ($251,890) $550,574
Cumulative Translation Adjustments, Net
Retained earnings 121,758 1,490 183,269
------------------------------------------------------
673,821 (250,400) 733,843
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,045
------------------------------------------------------
Total capitalization 673,821 (250,400) 734,888
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt 64 405
Accounts payable 15,341 (30,762) 7,787
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 163,214 (2) 191,188
------------------------------------------------------
Total current liabilities 178,555 (30,700) 199,380
------------------------------------------------------
Accumulated deferred income taxes - net 24,618 2 36,750
Accumulated deferred investment tax credits
Customer advances and other deferred credits 35,909 39,981
------------------------------------------------------
Total deferred credits 60,527 2 76,731
-----------------------------------------------------
Minority interest 2 135
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $912,903 ($281,096) $1,011,134
======================================================
</TABLE>
<PAGE 155>
<PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
East EC Asset EC
Coast Services, Properties,
Capital, Inc. Inc. Inc.
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $242 $58 $30
Cumulative Translation Adjustments, Net
Retained earnings 185 127 96
------------------------------------------------------
427 185 126
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 427 185 126
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 147 83 2
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 32 8
------------------------------------------------------
Total current liabilities 179 91 2
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $606 $276 $128
======================================================
</TABLE>
<PAGE 156> <PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EC
Properties III, Inc. EC-SLP, Inc.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $2
Cumulative Translation Adjustments, Net
Retained earnings (1) ($2)
------------------------------------------------------
1 (2)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 1 (2)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1 4
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 19
------------------------------------------------------
Total current liabilities 1 23
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2 $21
======================================================
</TABLE>
<PAGE 157> <PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
East Coast
Consolidating Capital, Inc.
Adjustments Consolidated
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $332
Cumulative Translation Adjustments, Net
Retained earnings 405
------------------------------------------------------
737
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 737
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable ($51) 186
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 59
------------------------------------------------------
Total current liabilities (51) 245
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($51) $982
======================================================
</TABLE>
<PAGE 158>
<PAGE>
Edison Capital and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Edison
Renewable Capital Edison Funding
Energy Europe Mortgage Company
Capital Co. Limited Company Consolidated
============================================================================================================
<S> <C> <C> <C> <C>
Electric Utility revenue
Diversified operations $594 $134,774
----------------------------------------------------------
Total operating revenue 594 134,774
----------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 555 $3 22,560
Maintenance
Depreciation and decommissioning $45 32 15,360
Income taxes (1,163) 2 3 (22,735)
Property and other taxes
----------------------------------------------------------
Total operating expenses (1,118) 589 6 15,185
----------------------------------------------------------
Operating income 1,118 5 (6) 119,589
----------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,809 2 177 3,653
Minority interest 1
Taxes on nonoperating income (1,145) (1) (72) 6,748
Other nonoperating income - net (20,113)
----------------------------------------------------------
Total other income (deductions) - net (1,664) 1 105 (9,711)
----------------------------------------------------------
Income before interest and other expenses 2,782 6 99 109,878
----------------------------------------------------------
Interest on long-term debt 2,051 19,277
Other interest expense 758 7,112
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred stock
-----------------------------------------------------------
Total interest and other expenses - net 2,809 26,389
-----------------------------------------------------------
NET INCOME (27) 6 99 83,489
Retained earnings - beginning of year 170 4 (2) 154,012
Dividends declared on common stock (20,000)
-----------------------------------------------------------
Retained earnings - end of year $143 $10 $97 $217,501
===========================================================
</TABLE>
<PAGE 159>
<PAGE>
Edison Capital and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission Burlington
International Bartlett Apartments,
Capital, Inc. Hill Company Inc.
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $423 $4,506
------------------------------------------------------------
Total operating revenue 423 4,506
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 286 1,638
Maintenance
Depreciation and decommissioning (1) 193 839
Income taxes (1) (243) 1
Property and other taxes
------------------------------------------------------------
Total operating expenses 1 236 2,478
------------------------------------------------------------
Operating income (1) 187 2,028
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest 270 32
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total other income (deductions) - net 270 32
-----------------------------------------------------------
Income before interest and other expenses (1) 457 2,060
-----------------------------------------------------------
Interest on long-term debt 247 1,944
Other interest expense 91 719
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net 338 2,663
-----------------------------------------------------------
NET INCOME (1) 119 (603)
Retained earnings - beginning of year (6) 173 (1,909)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($7) $292 ($2,512)
===========================================================
</TABLE>
<PAGE 160>
<PAGE>
Edison Capital and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison
Edison Consolidating Capital
Capital Adjustments Consolidated
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $35 $140,332
------------------------------------------------------------
Total operating revenue 35 140,332
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $36,488 (1) 61,532
Maintenance
Depreciation and decommissioning 307 (1) 16,775
Income taxes (14,547) 1,012 (37,671)
Property and other taxes
------------------------------------------------------------
Total operating expenses 22,248 1,010 40,636
------------------------------------------------------------
Operating income (22,248) (975) 99,696
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (2,843) 3,798
Minority interest (270) 33
Taxes on nonoperating income 1,009 6,539
Other nonoperating income - net 269 (19,844)
-----------------------------------------------------------
Total other income (deductions) - net (1,835) (9,474)
-----------------------------------------------------------
Income before interest and other expenses (22,248) (2,810) 90,222
-----------------------------------------------------------
Interest on long-term debt (1,475) 22,044
Other interest expense (1,334) 7,346
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net (2,809) 29,390
-----------------------------------------------------------
NET INCOME (22,248) (1) 60,832
Retained earnings - beginning of year (77,378) 105,883 160,948
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($99,626) $105,882 $221,780
===========================================================
</TABLE>
<PAGE 161>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding Funding
Beta Gamma Kappa
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $17,510 $15,334
------------------------------------------------------------
Total operating revenue 17,510 15,334
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3 3 $3
Maintenance
Depreciation and decommissioning
Income taxes 8,801 6,565 (1)
Property and other taxes
------------------------------------------------------------
Total operating expenses 8,804 6,568 2
------------------------------------------------------------
Operating income 8,706 8,766 (2)
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses 8,706 8,766 (2)
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 8,706 8,766 (2)
Retained earnings - beginning of year 812 1,366 (23)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $9,518 $10,132 ($25)
===========================================================
</TABLE>
<PAGE 162>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission
Funding First
Zeta Asset Investment
===============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3
Maintenance
Depreciation and decommissioning 893
Income taxes 136 (1)
Property and other taxes
------------------------------------------------------------
Total operating expenses 1,032 2
------------------------------------------------------------
Operating income (1,032) (2)
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income (1,110)
Other nonoperating income - net 2,724
-----------------------------------------------------------
Total other income (deductions) - net 1,614
-----------------------------------------------------------
Income before interest and other expenses 582 (2)
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 582 (2)
Retained earnings - beginning of year 8,109 11
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $8,691 $9
===========================================================
</TABLE>
<PAGE 163>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison
Integrated Edison Edison
Energy Funding Funding
Services Omicron Company
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $416 $2,157
------------------------------------------------------------
Total operating revenue 416 2,157
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 264 4,391
Maintenance
Depreciation and decommissioning 104 555
Income taxes (1) (12,151)
Property and other taxes
------------------------------------------------------------
Total operating expenses 2 368 (7,205)
------------------------------------------------------------
Operating income (2) 48 9,362
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,388
Minority interest 70 (973)
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total other income (deductions) - net 70 1,415
-----------------------------------------------------------
Income before interest and other expenses (2) 118 10,777
-----------------------------------------------------------
Interest on long-term debt 88 19,140
Other interest expense 33 7,079
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net 121 26,219
-----------------------------------------------------------
NET INCOME (2) (3) (15,442)
Retained earnings - beginning of year (5) (1) (15,459)
Dividends declared on common stock (20,000)
-----------------------------------------------------------
Retained Earnings - end of year ($7) ($4) ($50,901)
===========================================================
</TABLE>
<PAGE 164>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Statements of Income and Retained Earnings
For the year ended December 31, 1997
(In Thousnds)
<TABLE>
<CAPTION>
Edison Capital Mission
Housing Funding
Investments Epsilon
Consolidated Consolidated
===========================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $45,894 $53,461
------------------------------------------------------------
Total operating revenue 45,894 53,461
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 17,842 48
Maintenance
Depreciation and decommissioning 13,772 33
Income taxes (50,083) 23,997
Property and other taxes
------------------------------------------------------------
Total operating expenses (18,469) 24,078
------------------------------------------------------------
Operating income 64,363 29,383
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 449 816
Minority interest
Taxes on nonoperating income 9,163 (332)
Other nonoperating income - net (22,906)
-----------------------------------------------------------
Total other income (deductions) - net (13,294) 484
-----------------------------------------------------------
Income before interest and other expenses 51,069 29,867
-----------------------------------------------------------
Interest on long-term debt 49
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net 49
-----------------------------------------------------------
NET INCOME 51,020 29,867
Retained earnings - beginning of year 132,250 15,045
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $183,270 $44,912
===========================================================
</TABLE>
<PAGE 165>
<PAGE>
Edison Capital and Subsidiaries
Edison Funding Company Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison
Funding
Consolidating Company
Adjustments Consolidated
===============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $2 $134,774
------------------------------------------------------------
Total operating revenue 2 134,774
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (3) 22,560
Maintenance
Depreciation and decommissioning 3 15,360
Income taxes 3 (22,735)
Property and other taxes
------------------------------------------------------------
Total operating expenses 3 15,185
------------------------------------------------------------
Operating income (1) 119,589
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,653
Minority interest 902 1
Taxes on nonoperating income (973) 6,748
Other nonoperating income - net 69 (20,113)
-----------------------------------------------------------
Total other income (deductions) - net (9,711)
-----------------------------------------------------------
Income before interest and other expenses (1) 109,878
-----------------------------------------------------------
Interest on long-term debt 19,277
Other interest expense 7,112
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net 26,389
-----------------------------------------------------------
NET INCOME (1) 83,489
Retained earnings - beginning of year 11,907 154,012
Dividends declared on common stock (20,000)
-----------------------------------------------------------
Retained Earnings - end of year $11,906 $217,501
===========================================================
</TABLE>
<PAGE 166>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Funding Funding
Alpha Mu Delta
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $33,993 $1,964 $12,580
------------------------------------------------------------
Total operating revenue $33,993 1,964 12,580
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3 3 3
Maintenance
Depreciation and decommissioning
Income taxes 16,237 (19) 6,435
Property and other taxes
------------------------------------------------------------
Total operating expenses 16,240 (16) 6,438
------------------------------------------------------------
Operating income 17,753 1,980 6,142
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses 17,753 1,980 6,142
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 17,753 1,980 6,142
Retained earnings - beginning of year 2,776 3,287 (153)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $20,529 $5,267 $5,989
===========================================================
</TABLE>
<PAGE 167>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Investments, (Bermuda)
Nu Inc. Investments, Ltd.
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $4,355 $4 $1
------------------------------------------------------------
Total operating revenue $4,355 4 1
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3 4 1
Maintenance
Depreciation and decommissioning
Income taxes 2,445
Property and other taxes
------------------------------------------------------------
Total operating expenses 2,448 $4 $1
------------------------------------------------------------
Operating income 1,907
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses 1,907
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 1,907
Retained earnings - beginning of year
Dividends declared on common stock 7,230
-----------------------------------------------------------
Retained Earnings - end of year $9,137
===========================================================
</TABLE>
<PAGE 168>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
(Bermuda) Edison Capital Latin America
Investments, LAI Investments
Ltd. (Bermuda) Ltd. (Bermuda Ltd.)
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $15
------------------------------------------------------------
Total operating revenue 15
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 9
Maintenance
Depreciation and decommissioning
Income taxes (560)
Property and other taxes
------------------------------------------------------------
Total operating expenses (551)
------------------------------------------------------------
Operating income 566
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 816
Minority interest
Taxes on nonoperating income (332)
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net 484
-----------------------------------------------------------
Income before interest and other expenses 1,050
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME
Retained earnings - beginning of year 1,050
Dividends declared on common stock (1)
-----------------------------------------------------------
Retained Earnings - end of year $1,049
===========================================================
</TABLE>
<PAGE 169>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital
Latin American Mission
Investments Holdings Funding
Company Epsilon
===============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $548
------------------------------------------------------------
Total operating revenue 548
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $21 3
Maintenance
Depreciation and decommissioning 33
Income taxes (23) (518)
Property and other taxes
------------------------------------------------------------
Total operating expenses 31 (515)
------------------------------------------------------------
Operating income (31) 1,063
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses (31) 1,063
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME (31) 1,063
Retained earnings - beginning of year 1,908
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($31) $2,971
===========================================================
</TABLE>
<PAGE 170>
<PAGE>
Edison Capital and Subsidiaries
Mission Funding Epsilon Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Funding
Consolidating Epsilon
Adjustments Consolidated
===============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $1 $53,461
------------------------------------------------------------
Total operating revenue 1 53,461
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (2) 48
Maintenance
Depreciation and decommissioning 33
Income taxes 23,997
Property and other taxes
------------------------------------------------------------
Total operating expenses (2) 24,078
------------------------------------------------------------
Operating income 3 29,383
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 816
Minority interest
Taxes on nonoperating income (332)
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net 484
-----------------------------------------------------------
Income before interest and other expenses 3 29,867
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 3 29,867
Retained earnings - beginning of year (2) 15,045
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $1 $44,912
===========================================================
</TABLE>
<PAGE 171>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Funding Housing Housing
Alpha Beta Delta
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3 $3
Maintenance
Depreciation and decommissioning 23 165 262
Income taxes 365 (846) (1,978)
Property and other taxes
------------------------------------------------------------
Total operating expenses 391 (678) (1,713)
------------------------------------------------------------
Operating income (391) 678 1,713
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income 110 521
Other nonoperating income - net (270) (1,277)
-----------------------------------------------------------
Total Other income (deductions) - net (160) (756)
-----------------------------------------------------------
Income before interest and other expenses (391) 518 957
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME (391) 518 957
Retained earnings - beginning of year 432 1,751 3,841
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $41 $2,269 $4,798
===========================================================
</TABLE>
<PAGE 172>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Housing Housing Housing
Epsilon Gamma Theta
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3 $3
Maintenance
Depreciation and decommissioning 19 113 66
Income taxes (109) (608) (305)
Property and other taxes
------------------------------------------------------------
Total operating expenses (87) (492) (236)
------------------------------------------------------------
Operating income 87 492 236
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4
Minority interest
Taxes on nonoperating income 41 89 39
Other nonoperating income - net (100) (219) (100)
-----------------------------------------------------------
Total Other income (deductions) - net (59) (130) (57)
-----------------------------------------------------------
Income before interest and other expenses 28 362 179
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 28 362 179
Retained earnings - beginning of year 24 1.428 503
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $52 $1,790 $682
===========================================================
</TABLE>
<PAGE 173>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission
Funding
Theta
===============================================================================================================
<S> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3
Maintenance
Depreciation and decommissioning (1)
Income taxes
Property and other taxes
------------------------------------------------------------
Total operating expenses 2
------------------------------------------------------------
Operating income (2)
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses (2)
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME (2)
Retained earnings - beginning of year (12)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($14)
===========================================================
</TABLE>
<PAGE 174>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission
Funding MHIFED 94 MHICAL 94
Zeta Company Copany
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $579
------------------------------------------------------------
Total operating revenue 579
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3
Maintenance
Depreciation and decommissioning 679 1,301
Income taxes (1,650) 99 (5,058)
Property and other taxes
------------------------------------------------------------
Total operating expenses (968) 99 (3,754)
------------------------------------------------------------
Operating income 968 480 3,754
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 36
Minority interest
Taxes on nonoperating income 17 569
Other nonoperating income - net (42) (1,433)
-----------------------------------------------------------
Total Other income (deductions) - net (25) (828)
-----------------------------------------------------------
Income before interest and other expenses 943 480 2,926
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 943 480 2,926
Retained earnings - beginning of year (881) 5,676 8,254
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $62 $6,156 $11,180
===========================================================
</TABLE>
<PAGE 175>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
EHI
Development MHIFED 95 MHICAL 95
Fund Company Company
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $572 $1,432
------------------------------------------------------------
Total operating revenue 572 1,432
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 3
Maintenance
Depreciation and decommissioning 2,867
Income taxes 3 63 (8,053)
Property and other taxes
------------------------------------------------------------
Total operating expenses 6 63 (5,183)
------------------------------------------------------------
Operating income (6) 509 6,615
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 333
Minority interest
Taxes on nonoperating income (136) 859
Other nonoperating income - net (2,108)
-----------------------------------------------------------
Total Other income (deductions) - net 197 (1,249)
-----------------------------------------------------------
Income before interest and other expenses 191 509 5,366
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 191 509 5,366
Retained earnings - beginning of year 53 6,629 5,404
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $244 $7,138 $10,770
===========================================================
</TABLE>
<PAGE 176>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
East Coast
Capital, Inc. MHIFED 96A MHIFED 95C
Consoliated Company Company
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $1,208 $1,021
------------------------------------------------------------
Total operating revenue 1,208 1,021
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 901 $2
Maintenance
Depreciation and decommissioning 36 124
Income taxes (22) 196 (848)
Property and other taxes
------------------------------------------------------------
Total operating expenses 915 196 (722)
------------------------------------------------------------
Operating income 293 825 722
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4
Minority interest
Taxes on nonoperating income (2) 137
Other nonoperating income - net (335)
-----------------------------------------------------------
Total Other income (deductions) - net 2 (198)
-----------------------------------------------------------
Income before interest and other expenses 293 827 524
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 293 827 524
Retained earnings - beginning of year 112 (108) ($524)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $405 $719
===========================================================
</TABLE>
<PAGE 177>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
EHI Mission
Development MHIFED 96 Housing
Company Company Holdings
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $794
------------------------------------------------------------
Total operating revenue 794
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3
Maintenance
Depreciation and decommissioning 802
Income taxes 365 (2,992)
Property and other taxes
------------------------------------------------------------
Total operating expenses (3) 365 (2,187)
------------------------------------------------------------
Operating income (3) 429 2,187
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 35
Minority interest
Taxes on nonoperating income 291
Other nonoperating income - net (1) (714)
-----------------------------------------------------------
Total Other income (deductions) - net 34 (423)
-----------------------------------------------------------
Income before interest and other expenses 31 429 1,764
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 31 429 1,764
Retained earnings - beginning of year 35 (759) 1,508
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $66 ($330) $3,272
===========================================================
</TABLE>
<PAGE 178>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Mission
MHICAL 96 Mission Housing
Company SA Company Denver
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $4,476
------------------------------------------------------------
Total operating revenue 4,476
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1,083 $3 $3
Maintenance
Depreciation and decommissioning 1,330 228
Income taxes (2,888) 27 (1,228)
Property and other taxes
------------------------------------------------------------
Total operating expenses (475) 30 (997)
------------------------------------------------------------
Operating income 4,951 (30) 997
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income 963 272
Other nonoperating income - net (2,363) (668)
-----------------------------------------------------------
Total Other income (deductions) - net (1,400) (396)
-----------------------------------------------------------
Income before interest and other expenses 3,551 (30) 601
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 3,551 (30) 601
Retained earnings - beginning of year 924 (34) 2,187
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $4,475 ($64) $2,788
===========================================================
</TABLE>
<PAGE 179>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Housing Housing Housing
Georgia South Carolina Oregon, Inc.
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $544
------------------------------------------------------------
Total operating revenue 544
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 27 $3
Maintenance
Depreciation and decommissioning 39
Income taxes (143) 161 (1)
Property and other taxes
------------------------------------------------------------
Total operating expenses (140) 227 2
------------------------------------------------------------
Operating income 140 317 (2)
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income 35 42
Other nonoperating income - net (86) (105)
-----------------------------------------------------------
Total Other income (deductions) - net (51) (63)
-----------------------------------------------------------
Income before interest and other expenses 89 254 (2)
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 89 254 (2)
Retained earnings - beginning of year (2) (2) (1)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $87 $252 ($3)
===========================================================
</TABLE>
<PAGE 180>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
North Carolina Florida New Jersey
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $522
------------------------------------------------------------
Total operating revenue 522
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 26 $3 $3
Maintenance
Depreciation and decommissioning 108
Income taxes (735) (1) (1)
Property and other taxes
------------------------------------------------------------
Total operating expenses (601) 2 2
------------------------------------------------------------
Operating income 1,123 (2) (2)
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income 79
Other nonoperating income - net (193)
-----------------------------------------------------------
Total Other income (deductions) - net (114)
-----------------------------------------------------------
Income before interest and other expenses 1,009 (2) (2)
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 1,009 (2) (2)
Retained earnings - beginning of year (2) (2) (2)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $1,007 ($4) ($4)
===========================================================
</TABLE>
<PAGE 181>
<PAGE>
Edison Capital and Subsidiaries
Edisofn Capial Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital
MHIFED 97 Housing MHICAL 97
Company Pennsylvania Company
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $1,301
------------------------------------------------------------
Total operating revenue 1,301
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3 317
Maintenance
Depreciation and decommissioning 5
Income taxes (1,566) 379
Property and other taxes
------------------------------------------------------------
Total operating expenses 3 (1,563) 701
------------------------------------------------------------
Operating income (3) 1,563 600
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income 50 2
Other nonoperating income - net (122) (6)
-----------------------------------------------------------
Total Other income (deductions) - net (72) (4)
-----------------------------------------------------------
Income before interest and other expenses (1) 1,491 596
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME (3) 1,491 596
Retained earnings - beginning of year (2) (1)
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($3) $1,489 $595
===========================================================
</TABLE>
<PAGE 182>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
Housing Housing John Stewart
New York Management Company
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $2,601
------------------------------------------------------------
Total operating revenue 2,601
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 $3 2,248
Maintenance
Depreciation and decommissioning 153 17
Income taxes 5 (62) 144
Property and other taxes
------------------------------------------------------------
Total operating expenses 8 94 2,409
------------------------------------------------------------
Operating income (8) (94) 192
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 30
Minority interest
Taxes on nonoperating income (12)
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net 18
-----------------------------------------------------------
Income before interest and other expenses (8) (94) 210
-----------------------------------------------------------
Interest on long-term debt 2
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net 2
-----------------------------------------------------------
NET INCOME (8) (94) 208
Retained earnings - beginning of year
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($8) ($94) $208
===========================================================
</TABLE>
<PAGE 183>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital
WGA Investors ECHI Affordable
Company Wyvernwood, Inc. Housing 97 V
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------------
Total operating expenses
------------------------------------------------------------
Operating income
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME
Retained earnings - beginning of year
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year
===========================================================
</TABLE>
<PAGE 184>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Affordable Affordable Affordable
Housing 97 VI Housing 97 VII Housing 97 VIII
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------------
Total operating expenses
------------------------------------------------------------
Operating income
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME
Retained earnings - beginning of year
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year
===========================================================
</TABLE>
<PAGE 185>
<PAGE>
Edison Capital and Subsidiaries
Edison Capital Housing Investments Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Capital
Edison Capital Housing
Housing Consolidating Investments
Investments Adjustments Consolidated
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $30,844 $45,894
------------------------------------------------------------
Total operating revenue 30,844 45,894
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 13,169 17,842
Maintenance
Depreciation and decommissioning 5,436 13,772
Income taxes (22,795) ($1) (50,083)
Property and other taxes
------------------------------------------------------------
Total operating expenses (4,190) (1) (18,469)
------------------------------------------------------------
Operating income 35,034 1 64,363
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 7 449
Minority interest
Taxes on nonoperating income 5,197 9,163
Other nonoperating income - net (12,764) (22,906)
-----------------------------------------------------------
Total Other income (deductions) - net (7,560) (13,294)
-----------------------------------------------------------
Income before interest and other expenses 27,474 1 51,069
-----------------------------------------------------------
Interest on long-term debt 47 49
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net 47 49
-----------------------------------------------------------
NET INCOME 27,427 1 51,020
Retained earnings - beginning of year 94,331 1,489 132,250
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $121,758 $1,490 $183,270
===========================================================
</TABLE>
<PAGE 186>
<PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
East
Coast EC Asset EC
Capital, Inc. Services, Inc. Properties, Inc.
===============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $882 $326
------------------------------------------------------------
Total operating revenue 882 326
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 752 148
Maintenance
Depreciation and decommissioning 36
Income taxes 3 69 ($96)
Property and other taxes
------------------------------------------------------------
Total operating expenses 791 217 (96)
------------------------------------------------------------
Operating income 91 109 96
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses 91 109 96
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 91 109 96
Retained earnings - beginning of year 94 18
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $185 $127 $96
===========================================================
</TABLE>
<PAGE 187>
<PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
EC
Properties, III, EC-SLP,
Inc. Inc.
===============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------------
Total operating revenue
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $1
Maintenance
Depreciation and decommissioning
Income taxes $1 1
Property and other taxes
------------------------------------------------------------
Total operating expenses 1 2
------------------------------------------------------------
Operating income (1) (2)
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses (1) (2)
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME (1) (2)
Retained earnings - beginning of year
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year ($1) ($2)
===========================================================
</TABLE>
<PAGE 188>
<PAGE>
Edison Capital and Subsidiaries
East Coast Capital Consolidated
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
East Coast
Consolidating Capital,
Adjustments Consolidated
===============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $1,208
------------------------------------------------------------
Total operating revenue 1,208
------------------------------------------------------------
Fuel
Purchased Power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 901
Maintenance
Depreciation and decommissioning 36
Income taxes (22)
Property and other taxes
------------------------------------------------------------
Total operating expenses 915
------------------------------------------------------------
Operating income 293
------------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
-----------------------------------------------------------
Total Other income (deductions) - net
-----------------------------------------------------------
Income before interest and other expenses 293
-----------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
stock
-----------------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------------
NET INCOME 293
Retained earnings - beginning of year 112
Dividends declared on common stock
-----------------------------------------------------------
Retained Earnings - end of year $405
===========================================================
</TABLE>
<PAGE 189>
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Burlington Edison Capital Edison Capital
Apartments Housing Housing
Inc. Investments Investments
============================================================================================================
<S> <C> <C> <C>
Name of Entity: Burlington 16th & Church St. 18303 Kittridge
Aboretum L.P. Associates L.P. Assoc-39 LP
Ownership Interest 1.00% 99.00% 99.00%
Equity Interest (000's)
Assets $267 $2,409 $444
Revenues $41 $122 $136
Net Income (Loss) ($9) ($135) ($68)
</TABLE>
PAGE 190
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
============================================================================================================
<S> <C> <C> <C>
Name of Entity: 1856 Wells Court 210 Washington 2814 Fifth St.
Partners, LP Ave Assoc Assoc LP
(Wells Court) Renaissance Plaza) (Land Park
Woods)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $3,244 $7,680 $3,040
Revenues $180 $509 $392
Net Income (Loss) ($145) ($542) ($196)
</TABLE>
PAGE 191
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
Housing Housing
Investments Investments
============================================================================================================
<S> <C> <C>
Name of Entity: AE Assoc LP Agape Homes
(Avenida Espana)
Ownership Interest: 99.00% 99.00%
Equity Interest (000's)
Assets $8,395 $510
Revenues $467 $16
Net Income (Loss) ($313) ($8)
</TABLE>
<PAGE 192>
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
S> <C> <C> <C>
Name of Entity: Anglo Edison Argyle Redevelop Avalon
Ravenwood LLC Partnership Ltd Courtyard LP
(Carson Senior
Housing)
Ownership Interest: 99.00% 99.00% 3.00%
Equity Interest (000's)
Assets $3,540 $5,981 $282
Revenues $0 $2,876 $19
Net Income (Loss) $0 ($308) ($29)
</TABLE>
PAGE 193
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: BAI Anglo Edison BAI Anglo Edison Bartlett Hill
Pinecrest LLC Ravenwood LLC Assoc LP
(Pinecrest) (Ravenwood)
Ownership Interest: 99.00% 99.00% 70.00%
Equity Interest (000's)
Assets $1,160 $3,540 $4,334
Revenues $0 $0 $300
Net Income (Loss) $0 $0 ($319)
</TABLE>
PAGE 194
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Beacon Manor Bermuda Gardens Borregas Court
Assoc LP Apartments LP LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $3,150 $600 $2,400
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 195
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital Edison Capital
Housing Housing Housing Housing
Investments Investments Investments Investments
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Brantwood II Brooks Bryn Mawr 1732 Champa LP
Associates LP School Belle Shore LP (Buerger
Assoc LP Bros Lofts)
Ownership Interest: 98.99% 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $1,680 $2,750 $6,980 $1,130
Revenues $0 $0 $0 $0
Net Income (Loss) $0 $0 $0 $0
</TABLE>
PAGE 196
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Burlington Bush Hotel LP Carson Hsg LP
Arboretum LP
Ownership Interest: 94.66% 99.00% 99.00%
Equity Interest (000's)
Assets $25,321 $4,800 $2,570
Revenues $3,865 $59 $0
Net Income (Loss) ($842) ($29) $0
</TABLE>
PAGE 197
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: CCS/Bellingham CCS/Renton Hsg Cedarshores
LP LP LP
(Washington
Grocery Building)
Ownership Interest: 99.00% 99.00% 98.99%
Equity Interest (000's)
Assets $2,510 $2,200 $6,910
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 198
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Centertown Centro Partners Cochrane Village
Assoc LP LP (El Centro) Apartments LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $7,412 $5,189 $500
Revenues $385 $260 $0
Net Income (Loss) ($208) ($251) $0
</TABLE>
PAGE 199
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Conejo Valley Coolidge Station Coyote Springs
Community Hsg Apartments LLC Apts Assoc LP
Association
(Community
House Apts)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $560 $1,170 $11,575
Revenues $0 $0 $621
Net Income (Loss) $0 $0 ($384)
</TABLE>
PAGE 200
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Cypress Cove Delta Plaza EAH Larkspur
Associates Apartments LP Creekside
Associates LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $2,872 $2,096 $2,695
Revenues $204 $0 $224
Net Income (Loss) ($60) ($83) ($107)
</TABLE>
PAGE 201
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital ECHI/ ECHI/
Housing Housing EC Properties EC Properties
Investments Investments Inc. Inc./CAHLP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: East Cotati Ave Eastwood Corps for Arbor Lane
Partners LP Homes LP Afford Hsg LP Assoc Phase II
LP (Timberwood)
Ownership Interest: 99.00% 98.99% 1.00% 1.00%*99.00%
Equity Interest (000's)
Assets $5,634 $5,600 $376 $24
Revenues $267 $0 $55 $2
Net Income (Loss) ($203) $0 ($16) $0
</TABLE>
PAGE 202
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc./CAHLP Inc./CAHLP Inc./CAHLP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Arroyo Vista Artloft Assoc LP Caleb Afford
Associates LP Hsg Assoc LP
(Ledges/
Pinebrook)
Ownership Interest: 1.00%*99.00% 1.00%*35.60% 1.00%*99.00%
Equity Interest (000's)
Assets $93 $32 $23
Revenues $15 $4 $12
Net Income (Loss) ($5) ($2) ($2)
</TABLE>
PAGE 203
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc./CAHLP Inc./CAHLP Inc./CAHLP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: The Carlin LP Diamond Phase Fairmount Hotel
III Venture LP Urban Renewal
Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $46 $28 $54
Revenues $5 $2 $2
Net Income (Loss) ($1) $0 ($4)
</TABLE>
PAGE 204
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc./CAHLP Inc./CAHLP Inc./CAHLP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mackenzie Park Parkside Assoc LP Pines Hsg LP
Associates LP (Parkside Garden)
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $7 $20 $22
Revenues $1 $3 $4
Net Income (Loss) ($0) ($1) ($1)
</TABLE>
PAGE 205
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties EC Properties
Inc./CAHLP Inc./CAHLP Inc./CAHLP Inc./CAHLP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Pines Hsg II Smyrna Gardens Tioga Gardens Walden Pond
LP Associates LP LP LP (Hamlet)
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $8 $17 $0 $0
Revenues $3 $2 $0 $0
Net Income (Loss) $1 ($1) $0 $0
</TABLE>
PAGE 206
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc. Inc./CAHLP II Inc./CAHLP II
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Corps for 2601 N. Board Artloft
Afford Hsg St. Assoc LP Assoc LP
LP II (Station House)
Ownership Interest: 1.00% 1.00%*99.00% 1.00%*53.43%
Equity Interest (000's)
Assets $0 $39 $32
Revenues $0 $0 $3
Net Income (Loss) $0 $0 ($2)
</TABLE>
PAGE 207
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc./CAHLP II Inc./CAHLP II Inc./CAHLP II
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Brookline Hsg. EDA LP Edgewood Manor
Associates LLC (Eagle's Nest) Assoc II LP
(Bridgewater)
Ownership Interest: 1.00%*99.00% 1.00%*99.99% 1.00%*99.00%
Equity Interest (000's)
Assets $24 $18 $36
Revenues $4 $26 $3
Net Income (Loss) ($7) ($5) ($1)
</TABLE>
PAGE 208
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc./CAHLP II Inc./CAHLP II Inc./CAHLP II
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Gateway Hsg LP Homestead Village Junction City
(Gateway Associates LP Apartments LP
Townhomes) (Green Park)
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $28 $31 $20
Revenues $14 $3 $5
Net Income (Loss) $2 ($3) $1
</TABLE>
PAGE 209
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties EC Properties
Inc./CAHLP II Inc./CAHLP II Inc./CAHLP II Inc./CAHLP II
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Liberty House Maple Ridge Parsonage Cottage Rittenhouse
Associates LP Development Sr Residence LP School LP
Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $22 $0 $14 $29
Revenues $3 $0 $4 $1
Net Income (Loss) ($1) $0 ($2) ($1)
</TABLE>
PAGE 210
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
EC Properties EC Properties EC Properties
Inc./CAHLP II Inc./CAHLP II Inc./CAHLP II
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Silver City South 55th W.M. Housing
Housing LP Street LP Associates LP
(Williamsport
Manor)
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $21 $5 $10
Revenues $9 $0 $9
Net Income (Loss) $2 $0 ($2)
</TABLE>
PAGE 211
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/EC ECHI/EC
EC Properties Properties III Properties III
Inc./CAHLP II Inc. Inc./CAHLP III
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Winnsboro Apts. Corps for Afford Piedmont
LP (Deer Wood) Hsg LP III Hsg Assoc
Ownership Interest: 1.00%*99.00% 1.00% 1.00%*99.00%
Equity Interest (000's)
Assets $19 $89 $18
Revenues $0 $12 $7
Net Income (Loss) ($1) $5 $2
</TABLE>
PAGE 212
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Properties III Properties III Properties III
Inc./CAHLP III Inc./CAHLP III Inc./CAHLP III
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Pines Hsg III Salem-Lafayette Spring Valley
Urban Renewal Commons
Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $12 $27 $23
Revenues $1 $3 $0
Net Income (Loss) $0 $2 $0
</TABLE>
PAGE 213
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison ECHI/ECH/HFC
ECHI/EC Capital Capital GP Partnership
Properties III Housing Housing No. 1/
Inc./CAHLP III Investments Investments ECHP VII LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Stevenson Hsg. ECH/HFC GP Edison Capital C-Court
Associates Partnership Hsg Partners LP
(Park Vista) No.1 VII LP
Ownership Interest: 1.00%*99.00% 34.90% 34.90%*19.40% 34.90%*19.40%*
99.00%
Equity Interest (000's)
Assets $10 $1,691 $1,902 $211
Revenues $0 $96 $99 $3
Net Income (Loss) $0 ($48) ($51) ($3)
</TABLE>
PAGE 214
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECH/HFC ECHI/ECH/HFC ECHI/ECH/HFC ECHI/ECH/HFC
GP Partnership GP Partnership GP Partnership GP Partnership
No. 1/ No. 1/ No. 1/ No. 1/
ECHP VII LP ECHP VII LP ECHP VII LP ECHP VII LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Cottonwood Fifth & Flagstaff Afford. Huff Avenue
Affordable Wilshire Hsg II LP Associates LP
Housing LP (Forest View
Apartments)
Ownership Interest: 34.90%*19.40%* 34.90%*19.40%* 34.90%*19.40%* 34.90%*19.40%
99.00% 99.00% 99.00% *99.00%
Equity Interest (000's)
Assets $216 $202 $214 $333
Revenues $0 $0 $0 $50
Net Income (Loss) $0 $0 $0 ($25)
</TABLE>
PAGE 215
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC/HFC ECHI/EC/HFC ECHI/EC/HFC
GP Partnership GP Partnership GP Partnership
No. 1/ECHP VII LP No. 1/ECHP VII LP No. 1/ECHP VII LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mountain View Oak Forest Paradise Road
Townhomes Associates LP Partners LP
Associates LP (Gateway
Village)
Ownership Interest: 34.90%*19.40%* 34.90%*19.40%* 34.90%*19.40%
99.00% 99.00% *99.00%
Equity Interest (000's)
Assets $174 $81 $181
Revenues $18 $12 $16
Net Income (Loss) ($9) ($6) ($8)
</TABLE>
PAGE 216
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECH/HFC Edison Capital ECHI/ECH/HFC
GP Partnership Housing GP Partnership
No. 1/ECHP VII LP Investments No. 2
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Woodland Arms ECH/HFC GP Edison Capital
Apartments Ltd Partnership No.2 Hsg Partners
VIII LP
Ownership Interest: 34.90%*19.40%* 56.70% 56.70%*18.54%
99.00%
Equity Interest (000's)
Assets $288 $736 $736
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 217
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECH/HFC ECHI/ECH/HFC ECHI/Edison
GP Partnership GP Partnership Edison Capital Capital
No. 2/ No. 2/ Housing Contributions
ECHP VIII LP ECHP VIII LP Investments VI Partners
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Catalonia Ohlone Housing Edison Capital ECH Investors
Associates LP Associates LP Contributions Partner VI-A
VI Partners LP
Ownership Interest: 56.70%*18.54%* 56.70%*18.54%* 91.77% 91.77%*15.39%
99.00% 99.00%
Equity Interest (000's)
Assets $1,211 $736 $5,626 $5,626
Revenues $39 $0 $168 $168
Net Income (Loss) ($45) $0 ($84) ($84)
</TABLE>
PAGE 218
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC
Contributions Contributions
ECHI/EC VI Partners/ VI Partners/
Contributions ECH Investors ECH Investors
VI Partners/ Partner VI-A LP/ Partner VI-A LP/
ECH Investors ECH Partners ECH Partners
Partner VI-A LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Edison Capital Admiralty Heights Afford/Citrus
Housing Assoc II 1995 LP Glenn Phase II
Partners VI LP (Kent Manor) Ltd (Citrus
Glenn Apts.
Phase II)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
61.82% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $5,626 $255 $295
Revenues $168 $0 $0
Net Income (Loss) ($84) $0 $0
</TABLE>
PAGE 219
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-A LP/ Partner VI-A LP/ Partner VI-A LP/
ECH Partners ECH Partners ECH Partners
VI- LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Altamont Hotel Bradley Manor Double X
Associates LP Sr Apartments Associates
LP 1995 LP
(Terrace
Manor)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $242 $111 $255
Revenues $43 $15 $0
Net Income (Loss) ($22) ($7) $0
</TABLE>
PAGE 220
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-A LP/ Partner VI-A LP/ Partner VI-A LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Hamilton Place Hamilton Place Hearthstone
Apartments LP Sr Living LP Group 3 LP
(Larkin Place) (Evergreen
Court)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $232 $1,979 $164
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 221
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-A LP/ Partner VI-A LP/ Partner VI-A LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: KDF Malabar LP LINC-Bristol MAS-WT LP
Associates I LP (Washingaton
(City Gardens) Terrace)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $185 $257 $639
Revenues $0 $23 $39
Net Income (Loss) $0 ($12) ($19)
</TABLE>
PAGE 222
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-A LP/ Partner VI-A LP/ Partner VI-A LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Northwood Manor Silver Lake University Park
Associates LP Properties LP Properties LP
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $271 $131 $175
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 223
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors ECHI/
Partner VI-A LP/ Partner VI-A LP/ Partner VI-A LP/ Edison Capital
ECH Partners ECH Partners ECH Partners Contributions
VI LP VI LP VI LP VI Partners
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Upland Senior Vista Verde Vista Properties ECH Investors
Housing LP Townhomes II LLC Partner VI-B
(Coy D. Estes) LLC (Vista View) LP
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $284 $149 $260 $2,494
Revenues $48 $0 $0 $116
Net Income (Loss) ($24) $0 $0 ($58)
</TABLE>
PAGE 224
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC
Contributions Contributions
ECHI/EC VI Partners/ VI Partners/
Contributions ECH Investors ECH Investors
VI Partners/ Partner VI-B LP/ Partner VI-B LP/
ECH Investors ECH Partners ECH Partners
Partner VI-B LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Edison Capital Admiralty Heights Affordable/
Housing Partners Associates II Citrus Glenn
VI LP 1995 LP Phase II Ltd.
(Kent Manor) (Citrus Glenn
Apts Phase II)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
37.18% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $2,494 $155 $180
Revenues $116 $0 $0
Net Income (Loss) ($58) $0 $0
</TABLE>
PAGE 225
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-B LP/ Partner VI-B LP/ Partner VI-B LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Altamont Hotel Bradley Manor Double X
Associates LP Sr Apartments Associates
LP 1995 LP
(Terrace
Manor)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $147 $68 $155
Revenues $26 $9 $0
Net Income (Loss) $13) ($5) $0
</TABLE>
PAGE 226
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-B LP/ Partner VI-B LP/ Partner VI-B LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Hamilton Place Hamilton Place Hearthstone
Apartments LP Senior Living LP Group 3 LP
(Larkin Place) (Evergreen
Court)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $141 $120 $100
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 227
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-B LP/ Partner VI-B LP/ Partner VI-B LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: KDF Malabar LP LINC-Bristol MAS-WT LP
Associates I LP (Washington
(City Gardens) Terrace)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $112 $156 $389
Revenues $0 $14 $24
Net Income (Loss) $0 ($7) ($12)
</TABLE>
PAGE 228
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-B LP/ Partner VI-B LP/ Partner VI-B LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Northwood Manor Silver Lake University
Associates LP Properties LP Park
Properties LP
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $165 $80 $107
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 229
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC ECHI/EC ECHI/EC
Contributions Contributions Contributions
VI Partners/ VI Partners/ VI Partners/
ECH Investors ECH Investors ECH Investors
Partner VI-B LP/ Partner VI-B LP/ Partner VI-B LP/
ECH Partners ECH Partners ECH Partners
VI LP VI LP VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Upland Senior Vista Verde Vista
Housing LP Townhomes II Properties
(Coy D. Estes) LLC LLC
(Vista View)
Ownership Interest: 91.77%*15.39%* 91.77%*15.39%* 91.77%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $173 $91 $158
Revenues $29 $0 $15
Net Income (Loss) ($14) $0 ($7)
</TABLE>
PAGE 230
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Partners V LP Partners V LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Edison Capital AMCAL Santa Bodega Hills
Housing Barbara Fund Investors LP
Partners V LP XXXVI LP
(Positano)
Ownership Interest: 16.38% 16.38%*99.00% 16.38%*99.00%
Equity Interest (000's)
Assets $0 $983 $283
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 231
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Partners V LP Partners V LP Partners V LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mercy Housing Park Place River Walk
California IV LP Terrace LP Apartments
(Vista Grande) Homes LP
Ownership Interest: 16.38%*99.00% 16.38%*99.00% 16.38%*99.00%
Equity Interest (000's)
Assets $778 $1,607 $364
Revenues $18 $73 $32
Net Income (Loss) ($24) ($47) ($16)
</TABLE>
PAGE 232
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
Edison Edison Edison Edison
Capital Capital Capital Capital
Housing Housing Housing Housing
Partners V Partners V Partners V Partners V
LP LP LP LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: San Diego Santa Alicia St. Hedwig's Sunshine
Golden Villa Gardens Gardens Terrace
Partners LP Townhomes LP LP
(The Gardens)
Ownership Interest: 16.38%*99.00% 16.38%*99.00% 16.38%*99.00% 16.38%*99.00%
Equity Interest (000's)
Assets $239 $451 $328 $686
Revenues $0 $17 $0 $0
Net Income (Loss) $0 ($12) $0 $0
</TABLE>
PAGE 233
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI
Edison Capital ECHI/ECHM/ ECHI/ECHM/
Housing John Stewart John Stewart
Partners V LP Company Company
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Union Meadows 2814 Fifth St 381 Turk St
Apartments Associates LP LP
Ownership Interest: 16.38%*99.00% 0.50% 1.00%
Equity Interest (000's)
Assets $490 $9 $4
Revenues $0 $1 $2
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 234
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECHM/ ECHI/ECHM/ ECHI/ECHM/
John Stewart John Stewart John Stewart
Company Company Company
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Community Crescent Manor Del Norte
Investment LP Associates LP Place LP
(Oak Village
Apartments)
Ownership Interest: 1.00% 2.85% 18.00%
Equity Interest (000's)
Assets $6 $20 $2,681
Revenues $5 $21 $285
Net Income (Loss) $0 $1 ($91)
</TABLE>
PAGE 235
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECHM/ ECHI/ECHM/ ECHI/ECHM/
John Stewart John Stewart John Stewart
Company Company Company
=================================================================================================
<S> <C> <C> <C>
Name of Entity: The IBEX Group Jackie Robinson Larkspur
Apartments LP Isle LP
Ownership Interest: 10.00% 1.67% 0.50%
Equity Interest (000's)
Assets $298 $29 $3
Revenues $0 $20 $1
Net Income (Loss) ($53) $2 $0
</TABLE>
PAGE 236
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECHM/ ECHI/ECHM/ ECHI/ECHM/
John Stewart John Stewart John Stewart
Company Company Company
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Las Casitas LP Mason Street Mountain View
Enterprises LP Apts LP
Ownership Interest: 0.50% 1.00% 0.26%
Equity Interest (000's)
Assets $4 $14 $0
Revenues $2 $2 $0
Net Income (Loss) ($1) $1 $0
</TABLE>
PAGE 237
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECHM/ ECHI/ECHM/ ECHI/ECHM/ ECHI/ECHM/
John Stewart John Stewart John Stewart John Stewart
Company Company Company Company
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Piper Court Shiloh Arms St. John's LP Village East
GP LP Apartments LP
Ownership Interest: 50.00% 10.80% 20.60% 3.00%
Equity Interest (000's)
Assets $510 $117 $310 $23
Revenues $134 $6 $285 $25
Net Income (Loss) ($21) $2 $282 $1
</TABLE>
PAGE 238
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECHM/
John Stewart ECHI/ECH ECHI/ECH ECHI/ECH
Company New Jersey New Jersey New Jersey
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Woodhaven El Barrio Pellettieri Pier A
Senior Academy Urban Homes Urban Historic
Residence LP Renewal Renewal Rehabilitation
Assoc LP Assoc LP at Battery Park
Ownership Interest: 1.00% 98.99% 98.99% 99.00%
Equity Interest (000's)
Assets $24 $3,218 $5,613 $4,386
Revenues $5 $0 $0 $0
Net Income (Loss) ($1) $0 $0 $0
</TABLE>
PAGE 239
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ECH ECHI/ECH ECHI/ECH
Pennsylvania Pennsylvania Pennsylvania
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Lackawana Hsg McFarland Press Villa Maria
Associates LLC Associates Housing LP
(Goodwill
Neighborhood
Residences)
Ownership Interest: 99.00% 98.90% 98.90%
Equity Interest (000's)
Assets $1,980 $4,316 $2,594
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 240
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
North Carolina/
ECHI/EH EC Contributions
North Carolina/ VI Partners/ECH
ECHI/EH ECHI/EH EC Contributions Investors Partner
Georgia North Carolina VI Partners VI-8 LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: HMB- Edison Capital ECH Edison Capital
Atlanta I LP Contributions VI Investors Housing
(Spring Partners Partner VI-A Partner VI-A
Branch) LP LP
Ownership Interest: 99.00% 4.03% 4.03%*15.39% 4.03%*15.39%*61.82%
Equity Interest (000's)
Assets $990 $175 $175 $195
Revenues $0 $8 $8 $9
Net Income (Loss) $0 ($4) ($4) ($4)
</TABLE>
PAGE 241
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EC
ECHI/EH ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Parners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Admiralty Heights Affordable/Citrus Altamont Hotel Bradley Manor
Associates II Glenn Phase II Associates LP Senior Apts
1995 LP Ltd. LP LP
(Kent Manor) (Citrus Glenn
Apts PhaseII
Ownership
Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $12 $14 $14 $5
Revenues $0 $0 $0 $1
Net Income (Loss) $0 $0 $0 $0
</TABLE>
PAGE 242
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Double X Hamilton Place Hamilton Place Hearthstone
Associates Apartments LP Senior Living LP Group 3 LP
1995 LP (Larkin Place) (Evergreen
(Terrace Manor) Court)
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $11 $5 $12 $11
Revenues $2 $1 $0 $0
Net Income (Loss) ($1) $0 $0 $0
</TABLE>
PAGE 243
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
===============================================================================================
<S> <C> <C> <C>
Name of Entity: KDF Malabar LP LINC-Bristol MAS-WT LP
Associates I LP (Washington
(City Gardens) Terrace)
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $9 $8 $9
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 244
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
===============================================================================================
<S> <C> <C> <C>
Name of Entity: Northwood Manor Silver Lake University
Associates LP Properties LP Park
Properties LP
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $12 $30 $13
Revenues $1 $2 $0
Net Income (Loss) ($1) ($1) $0
</TABLE>
PAGE 245
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
===============================================================================================
<S> <C> <C> <C>
Name of Entity: Upland Senior Vista Verde Vista
Housing LP Townhomes II Properties
(Coy D. Estes) LLC LLC
(Vista View)
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $6 $8 $13
Revenues $0 $0 $2
Net Income (Loss) $0 $0 ($1)
</TABLE>
PAGE 246
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH
ECHI/EH North Carolina/ North Carolina/
North Carolina/ EC Contributions EC Contributions
ECHI/EH EC Contributions VI Partners/ECH VI Partners/ECH
North Carolina VI Partners/ECH Investors Partner Investors Partner
EC Contributions Investors Partner VI-B LP/ECH VI-B LP/ECH
VI Partners VI-B LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: ECH Investors Edison Capital Admiralty Heights Affordable/
Partner VI-B LP Housing Partners Associates II Citrus Glenn
VI LP 1995 LP Phase II
(Kent Manor) Ltd
(Citrus
Glenn Apts
Phase II)
Ownership Interest: 4.03%*15.39% 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
37.18% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $110 $98 $7 $8
Revenues $5 $4 $0 $0
Net Income (Loss) ($3) ($2) $0 $0
</TABLE>
PAGE 247
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
===============================================================================================
<S> <C> <C> <C>
Name of Entity: Altamont Hotel Bradley Manor Double X
Associates LP Senior Apts LP Associates
1995 LP
(Terrace
Manor)
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $6 $3 $7
Revenues $1 $0 $0
Net Income (Loss) ($1) $0 $0
</TABLE>
PAGE 248
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH North Carolina/
North Carolina/ North Carolina/ EC Contributions
EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
===============================================================================================
<S> <C> <C> <C>
Name of Entity: Hamilton Place Hamilton Place Hearthstone
Apartments LP Senior Living LP Group 3 LP
(Larkin Place) (Evergreen
Court)
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $6 $5 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 249
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH ECHI/EH
North Carolina/ North Carolina/ North Carolina/ North Carolina/
EC Contributions EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: KDF Malabar LP LINC-Bristol MAS-WT LP Northwood Manor
Associates I LP (Washington Associates LP
(City Gardens) Terrace)
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $5 $4 $7 $7
Revenues $0 $0 $1 $1
Net Income (Loss) $0 $0 $0 $0
</TABLE>
PAGE 250
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH ECHI/EH
North Carolina/ North Carolina/ North Carolina/ North Carolina/
EC Contributions EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Silver Lake University Park Upland Senior Vista Verde
Properties LP Properties LP Housing LP Townhomes II
(Coy D. Estes) LLC
Ownership Interest: 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%* 4.03%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $17 $7 $3 $5
Revenues $1 $0 $0 $0
Net Income (Loss) ($1) $0 $0 $0
</TABLE>
PAGE 251
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
North Carolina/
EC Contributions
VI Partners/ECH ECHI/EH
Investors Partner South Carolina/
VI-B LP/ECH ECHI/EH EC Contributions
Partners VI LP South Carolina VI Partners
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Vista Properties Edison Capital ECH Investors
LLC Contributions VI Partner VI-A
(Vista View) Partners LP
Ownership Interest: 4.03%*15.39%* 4.20% 4.20%*15.39%
37.18%*99%
Equity Interest (000's)
Assets $8 $171 $171
Revenues $1 $8 $8
Net Income (Loss) ($1) ($4) ($4)
</TABLE>
PAGE 252
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH South Carolina/
ECHI/EH South Carolina/ EC Contributions
South Carolina/ EC Contributions VI Partners/
EC Contributions VI Partners/ECH ECH Investors
VI Partners/ECH Investors Partner Partner
Investors Partner VI-A LP/ECH VI-A LP/ECH
VI-A LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Edison Capital Admiralty Heights Affordable/
Housing Partners Associates II 1995 Citrus Glenn
VI LP LP Phase II Ltd
(Kent Manor) (Citrus Glenn
Apts
Phase II)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
61.82% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $171 $12 $14
Revenues $8 $0 $0
Net Income (Loss) ($4) $0 $0
</TABLE>
PAGE 253
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EC ECHI/EH South Carolina/
South Carolina/ South Carolina/ EC Contributions
EC Contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Altamont Hotel Bradley Manor Double X
Associates LP Senior Apts LP Associates
1995 LP
(Terrace
Manor)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $11 $5 $12
Revenues $2 $1 $0
Net Income (Loss) ($1) $0 $0
</TABLE>
PAGE 254
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH ECHI/EH South Carolina/
South Carolina/ South Carolina/ EC Contributions
EC contributions EC Contributions VI Partners/
VI Partners/ECH VI Partners/ECH ECH Investors
Investors Partner Investors Partner Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Hamilton Place Hamilton Place Hearthstone
Apartments LP Senior Living LP Group 3 LP
(Larkin Place) (Evergreen Court)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $11 $9 $8
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 255
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: KDF Malabar LP LINC-Bristol MAS-WT LP
Associates I LP (Washington
(City Gardens) Terrace)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $9 $12 $30
Revenues $0 $1 $2
Net Income (Loss) $0 ($1) ($1)
</TABLE>
PAGE 256
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VII LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Northwood Manor Silver Lake University
Associates LP Properties LP Park
Properties LP
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $13 $6 $8
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 257
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-A LP/ECH VI-A LP/ECH VI-A LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Upland Senior Vista Verde Vista
Housing LP Townhomes II Properties LLC
(Coy D. Estes) LLC (Vista View)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
61.82%*99% 61.82%*99% 61.82%*99%
Equity Interest (000's)
Assets $13 $13 $0
Revenues $2 $2 $0
Net Income (Loss) ($1) ($1) $0
</TABLE>
PAGE 258
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
ECHI/EH South Carolina/
South Carolina/ EC Contributions
ECHI/EH EC Contributions VI Partners/ECH
South Carolina/ VI Partners/ECH Investors Partner
EC Contributions Investors Partner VI-B LP/ECH
VI Partners VI-B LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: ECH Investors Edison Capital Admiralty
Partner VI-B LP Housing Partners Heights
VI LP Associates II
1995 LP
(Kent Manor)
Ownership Interest: 4.20%*15.39% 4.20%*15.39%* 4.20%*15.39%*
37.18% 37.18%*99%
Equity Interest (000's)
Assets $103 $103 $7
Revenues $5 $5 $0
Net Income (Loss) ($2) ($2) $0
</TABLE>
PAGE 259
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Affordable/ Altamont Hotel Bradley Manor
Citrus Glenn Associates LP Senior Apts LP
Phase II Ltd
(Citrus Glenn
Apts Phase II)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $8 $7 $3
Revenues $0 $1 $0
Net Income (Loss) $0 ($1) $0
</TABLE>
PAGE 260
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Double X Hamilton Place Hamilton Place
Associates Apartments LP Senior Living
1995 LP (Larkin Place) LP
(Terrace Manor)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $7 $6 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 261
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Hearthstone KDF Malabar LP LINC-Bristol
Group 3 LP Associates I
(Evergreen Court) LP
(City Gardens)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $5 $5 $7
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 262
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: MAS-WT LP Northwood Manor Silver Lake
(Washington Associates LP Properties LP
Terrace)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $18 $8 $4
Revenues $1 $0 $0
Net Income (Loss) ($1) $0 $0
</TABLE>
PAGE 263
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH ECHI/EH ECHI/EH
South Carolina/ South Carolina/ South Carolina/
EC Contributions EC Contributions EC Contributions
VI Partners/ECH VI Partners/ECH VI Partners/ECH
Investors Partner Investors Partner Investors Partner
VI-B LP/ECH VI-B LP/ECH VI-B LP/ECH
Partners VI LP Partners VI LP Partners VI LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: University Park Upland Senior Vista Verde
Properties LP Housing LP Townhomes II LLC
(Coy D. Estes)
Ownership Interest: 4.20%*15.39%* 4.20%*15.39%* 4.20%*15.39%*
37.18%*99% 37.18%*99% 37.18%*99%
Equity Interest (000's)
Assets $5 $8 $0
Revenues $0 $1 $0
Net Income (Loss) $0 ($1) $0
</TABLE>
<PAGE 264>
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/EH
South Carolina/
EC Contributions
VI Partners/ECH
Investors Partner Edison Capital Edison Capital
VI-B LP/ECH Housing Housing
Partners VI LP Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Vista Properties Edmundson Elizabeth
LLC Associates LP West & East LP
(Vista View) (Willows)
Ownership Interest: 4.20%*15.39%* 99.00% 99.00%
37.18%*99%
Equity Interest (000's)
Assets $0 $3,388 $600
Revenues $0 $160 $102
Net Income (Loss) $0 ($145) ($51)
</TABLE>
PAGE 265
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Elk View Homes Farm (The) Florence
Associates LP Apts LLC
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $0 $5,986 $2,090
Revenues $0 $258 $0
Net Income (Loss) $0 ($170) $0
</TABLE>
PAGE 266
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
================================================================================================
<S> <C> <C> <C>
Name of Entity: Garnet Housing Gilroy Redwood Ginzton
Associates Associates LP Assoc LP
(Redwoods)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $900 $3,157 $9,406
Revenues $44 $180 $651
Net Income (Loss) ($22) ($133) ($251)
</TABLE>
PAGE 267
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Grace Hsg LP Grandy Lake Grossman
1996 LP Apartments
(Grandy Lake Investors
Residences) LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $3,290 $0 $1,181
Revenues $0 $0 $100
Net Income (Loss) $0 $0 ($36)
</TABLE>
<PAGE 268>
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Harry Clark Jr Heartland- Heather Glen
Residential Wisconsin Associates LP
Center LLC Rapids
Timber Trails LLC
(Timber Trails)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $890 $3,681 $5,343
Revenues $0 $101 $344
Net Income (Loss) $0 ($109) ($238)
</TABLE>
PAGE 269
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Holy Family Kennedy Lofts Lark Ellen LP
Associates LP Associates LP
Ownership Interest: 99.00% 97.00% 99.00%
Equity Interest (000's)
Assets $9,978 $18,804 $3,590
Revenues $563 $2,045 $0
Net Income (Loss) ($301) ($865) $0
</TABLE>
PAGE 270
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Las Brisas Maplewood School Mar
Apartments LP Apartments LP Associates
LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $830 $2,420 $11,420
Revenues $172 $0 $706
Net Income (Loss) ($86) $0 ($490)
</TABLE>
PAGE 271
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Marlton Mercy Housing Merrill Road
Residences California IX LP Associates LP
Associates LP (Sycamore)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $1,940 $4,520 $1,009
Revenues $0 $0 $24
Net Income (Loss) $0 $0 ($54)
</TABLE>
PAGE 272
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
Housing ECHI/ Housing
Investments MH I LP Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: MH I LP California Park MH II LP
Apartments LP
Ownership Interest: 1.00% 1.00%*99.00% 1.00%
Equity Interest (000's)
Assets $33 $33 $12
Revenues $4 $4 $2
Net Income (Loss) ($2) ($2) ($1)
</TABLE>
PAGE 273
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Capital Capital
ECHI/ Housing ECHI/ Housing
MH III LP Investments MH III LP Investments
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: 5363 Dent MH III LP DeRose Housing MH IV LP
Avenue Associates LP
Associates LP
Ownership Interest: 1.00%*99.00% 1.00% 1.00%*99.00% 1.00%
Equity Interest (000's)
Assets $12 $12 $49 $70
Revenues $2 $2 $5 $10
Net Income (Loss) ($1) ($1) ($4) ($2)
</TABLE>
PAGE 274
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital
ECHI/ Housing ECHI/ Housing
MH IV LP Investments MH V LP Investments
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: MPT Apartments MH V LP Centennial MHIFED 94 LP
LP Place LP
(MacArthur Park)
Ownership Interest: 1.00%*99.00% 1.00% 1.00%*99.00% 1.00%
Equity Interest (000's)
Assets $70 $99 $99 $662
Revenues $10 $5 $5 $31
Net Income (Loss) ($2) (4) ($4) ($19)
</TABLE>
PAGE 275
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
MHIFED 94 LP MHIFED 94 LP MHIFED 94 LP MHIFED 94 LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Berry Avenue Carlton Way CDR Senior Hsg Corona
Associates LP Apartments Associates Ely/Ranch
LP (Casa del Rio) Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $84 $41 $68 $101
Revenues $3 $2 $3 $4
Net Income (Loss) ($3) ($1) ($2) ($3)
</TABLE>
PAGE 276
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 94 LP MHIFED 94 LP MHIFED 94 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Fairview Village Fell Street Hope West
Associates LP Housing Apartments LP
Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $8 $141 $28
Revenues $0 $6 $1
Net Income (Loss) $0 ($3) ($1)
</TABLE>
PAGE 277
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 94 LP MHIFED 94 LP MHIFED 94 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Morrone Gardens Pajaro Court Tierra Linda
Associates LP Associates LP Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $80 $17 $30
Revenues $6 $1 $1
Net Income (Loss) ($2) ($1) ($1)
</TABLE>
PAGE 278
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
ECHI/ Housing ECHI/
MHIFED 94 LP Investments MHIFED 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Tlaquepaque MHIFED 95 LP Avalon
Housing Courtyard LP
Associates LP (Carson Senior
Housing)
Ownership Interest: 1.00%*99.00% 1.00% 1.00%*99.00%
Equity Interest (000's)
Assets $64 $691 $94
Revenues $4 $35 $6
Net Income (Loss) ($2) ($30) ($10)
</TABLE>
PAGE 279
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 95 LP MHIFED 95 LP MHIFED 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Hollywood LaBrea/ Larkin Pine
El Centro LP Franklin LP LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $117 $62 $87
Revenues $6 $3 $3
Net Income (Loss) ($4) ($3) ($3)
</TABLE>
PAGE 280
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 95 LP MHIFED 95 LP MHIFED 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mercy Housing Pinole Grove Second Street
California III LP Associates LP Center LP
(3rd & Reed) (Santa Monica)
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $74 $58 $52
Revenues $4 $4 $2
Net Income (Loss) ($2) ($1) ($2)
</TABLE>
PAGE 281
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 95 LP MHIFED 95 LP MHIFED 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Solinas Village Three Oaks 1101 Howard St
Partners LP Housing LP Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $44 $45 $58
Revenues $2 $3 $2
Net Income (Loss) ($2) ($1) ($2)
</TABLE>
PAGE 282
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing ECHI/ ECHI/
Investments MHIFED 96 LP MHIFED 96 LP
=================================================================================================
===
<S> <C> <C> <C>
Name of Entity: MHIFED 96 LP Lavell Village North Town
Associates LP Housing
Partners LP
(Villa del
Norte
Village)
Ownership Interest: 5.00% 5.00%*99.00% 5.00%*99.00%
Equity Interest (000's)
Assets $971 $286 ($726)
Revenues $82 $15 $23
Net Income (Loss) ($107) ($22) ($28)
</TABLE>
PAGE 283
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
ECHI/ ECHI/ Housing
MHIFED 96 LP MHIFED 96 LP Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Poco Way Seasons Afford MHIFED 96A LP
Associates LP Senior Hsg LP
Ownership Interest: 5.00%*99.00% 5.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $1,105 $306 $291
Revenues $25 $19 $3
Net Income (Loss) ($35) ($22) ($3)
</TABLE>
PAGE 284
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 96A LP MHIFED 96A LP MHIFED 96A LP
=================================================================================================
===
<S> <C> <C> <C>
Name of Entity: Good Samaritan Reseda Village Oxnard
Associates LP LP Housing
Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $26 $19 $14
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 285
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHIFED 96A LP MHIFED 96A LP MHIFED 96A LP
=================================================================================================
===
<S> <C> <C> <C>
Name of Entity: Metro Senior Round Walk Santa Alicia
Associates LP Village Family Hsg
Apartments LP Associates
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $24 $141 $51
Revenues $0 $3 $0
Net Income (Loss) $0 ($3) $0
</TABLE>
PAGE 286
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/
ECHI/ MHICAL 94
ECHI/ ECHI/ MHICAL 94 Company/
MHIFED 96A LP MHIFED 96A LP Company MHICAL 94 LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Vine Street Vine Street MHICAL 94 LP Mayacamas
Court LP Court LP II Village
Associates
LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 99.00% 99.00%*99.00%
Equity Interest (000's)
Assets $16 $5 $63,710 $6,478
Revenues $0 $0 $3,665 $295
Net Income (Loss) $0 $0 ($1,449) ($184)
</TABLE>
PAGE 287
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 94 MHICAL 94 MHICAL 94
Company/ Company/ Company/
MHICAL 94 LP MHICAL 94 LP MHICAL 94 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Rincon De Los West Capital Winfield Hill
Esteros Courtyard LP Associates LP
Associates LP
Ownership Interest: 99.00%*99.00% 99.00%*99.00% 99.00%*99.00%
Equity Interest (000's)
Assets $31,463 $6,272 $19,497
Revenues $2,025 $276 $1,069
Net Income (Loss) ($622) ($268) ($375)
</TABLE>
PAGE 288
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing ECHI/ ECHI/
Investments MHICAL 94 LP MHICAL 94 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: MHICAL 94 LP Mayacamas Rincon De Los
Village Esteros
Associates LP Associates LP
Ownership Interest: 1.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $643 $65 $318
Revenues $37 $3 $20
Net Income (Loss) ($15) ($2) ($6)
</TABLE>
PAGE 289
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/
ECHI/ ECHI/ MHICAL 95
MHICAL 94 LP MHICAL 94 LP Company
=================================================================================================
<S> <C> <C> <C>
Name of Entity: West Capital Winfield Hill MHICAL 95 LP
Courtyard LP Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 99.00%
Equity Interest (000's)
Assets $63 $197 $41,190
Revenues $3 $11 $1,716
Net Income (Loss) ($3) ($4) ($1,128)
</TABLE>
PAGE 290
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 95 MHICAL 95 MHICAL 95
Company/ Company/ Company/
MHICAL 95 LP MHICAL 95 LP MHICAL 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Abby Assoc LP Antelope Assoc Baker Park
(Windmere) LP Associates LP
Ownership Interest: 99.00%*99.00% 99.00%*99.00% 99.00%*99.00%
Equity Interest (000's)
Assets $5,191 $11,145 $15,346
Revenues $305 $855 $698
Net Income (Loss) ($99) ($208) ($450)
</TABLE>
PAGE 291
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/
MHICAL 95
Company/
ECHI/ ECHI/ ECHI/ MHICAL 95 LP/
MHICAL 95 MHICAL 95 MHICAL 95 ECH/HFC GP
Company/ Company/ Company/ Partnership
MHICAL 95 LP MHICAL 95 LP MHICAL 95 LP No. 2
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Bracher Colina Vista LP ECH/HFC GP Edison Capital
Associates LP Partnership Hsg Partners
No. 2 VIII LP
Ownership Interest: 99.00%*99.00% 99.00%*99.00% 99.00%*43.30% 99.00%*43.30%*
18.54%
Equity Interest (000's)
Assets $7,167 $6,046 $8,067 $8,067
Revenues $438 $225 $29 $29
Net Income (Loss) ($213) ($211) ($34) ($34)
</TABLE>
PAGE 292
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 95 MHICAL 95
Company/ Company/
MHICAL 95 LP/ MHICAL 95 LP/
ECH/HFC GP ECH/HFC GP
Partnership Partnership ECHI/
No. 2/ECH No. 2/ECH MHICAL 95
Partners VIII Partners VIII Company/
LP LP MHICAL 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Catalonia Ohlone Housing Florin Woods
Associates LP Associates LP Associates LP
Ownership Interest: 99.00%*43.30%* 99.00%*43.30%* 99.00%*99.00%
18.54%*99% 18.54%*99%
Equity Interest (000's)
Assets $916 $7,151 $7,515
Revenues $29 $0 $397
Net Income (Loss) ($34) $0 ($254)
</TABLE>
PAGE 293
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 95 MHICAL 95 MHICAL 95
Company/ Company/ Company/
MHICAL 95 LP MHICAL 95 LP MHICAL 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mercy Housing Pinmore Sunset Creek
California VI LP Associates LP Partners LP
(205 Jones)
Ownership Interest: 99.00%*99.00% 99.00%*99.00% 99.00%*99.00%*
Equity Interest (000's)
Assets $4,128 $6,867 $8,567
Revenues $167 $403 $495
Net Income (Loss) ($147) ($208) ($274)
</TABLE>
PAGE 294
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing ECHI/ ECHI/
Investments MHICAL 95 LP MHICAL 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: MHICAL 95 LP Abby Antelope
Associates LP Associates LP
(Windmere)
Ownership Interest: 1.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $727 $52 $113
Revenues $40 $3 $9
Net Income (Loss) ($21) ($1) ($2)
</TABLE>
PAGE 295
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 95 LP MHICAL 95 LP MHICAL 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Baker Park Bracher Colina Vista
Associates LP Associates LP LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $155 $72 $61
Revenues $7 $4 $2
Net Income (Loss) ($5) ($2) ($2)
</TABLE>
PAGE 296
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 95 LP MHICAL 95 LP MHICAL 95 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Florin Woods Mercy Housing Pinmore
Associates LP California VI LP Associates LP
(205 Jones)
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $76 $42 $69
Revenues $4 $2 $4
Net Income (Loss) ($3) ($1) ($2)
</TABLE>
PAGE 297
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/
ECHI/ MHICAL 96
ECHI/ MHICAL 96 Company/
MHICAL 95 LP Company MHICAL 96 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Sunset Creek MHICAL 96 LP ECH/HFC GP
Partners LP Partnership
No.1
Ownership Interest: 1.00%*99.00% 99.00% 99.00%*50.40%
Equity Interest (000's)
Assets $87 $36,735 $2,480
Revenues $5 $367 $108
Net Income (Loss) ($3) ($547) ($27)
</TABLE>
PAGE 298
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 96 MHICAL 96 LP/ MHICAL 96 LP/
Company/ ECH/HFC GP ECH/HFC GP
MHICAL 96 LP/ Partnership Partnership
ECH/HFC GP No. 1/ No. 1/
Partnership ECH Partners ECH Partners
No. 1 VII LP VII LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Edison Capital C-Court LP Cottonwood
Housing (Cawelti Court) Affordable
Partners VII LP Housing LP
Ownership Interest: 99.00%*50.40%* 99.00%*50.40%* 99.00%*50.40%*
19.40% 19.40%*99% 19.40%*99%
Assets $2,480 $20 $309
Revenues $108 $0 $0
Net Income (Loss) ($27) $0 $0
</TABLE>
PAGE 299
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 96 LP/ MHICAL 96 LP/ MHICAL 96 LP/
ECH/HFC GP ECH/HFC GP ECH/HFC GP
Partnership Partnership Partnership
No. 1/ No. 1/ No. 1/
ECH Partners ECH Partners ECH Partners
VII LP VII LP VII LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Fifth & Wilshire Flagstaff Huff Ave
Affordable Associates LP
Housing II LP
(Forest View
Apartments)
Ownership Interest: 99.00%*50.40%* 99.00%*50.40%* 99.00%*50.40%*
19.40%*99% 19.40%*99% 19.40%*99%
Equity Interest (000's)
Assets $289 $307 $526
Revenues $0 $0 $79
Net Income (Loss) $0 $0 ($4)
</TABLE>
PAGE 300
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 96 LP/ MHICAL 96 LP/ MHICAL 96 LP/
ECH/HFC GP ECH/HFC GP ECH/HFC GP
Partnership Partnership Partnership
No. 1/ No. 1/ No. 1/
ECH Partners ECH Partners ECH Partners
VII LP VII LP VII LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mountain View Oak Forest Paradise Rd
Townhomes Associates LP Partners LP
Associates LP (Gateway
Village)
Ownership Interest: 99.00%*50.40%* 99.00%*50.40%* 99.00%*50.40%*
19.40%*99% 19.40%*99% 19.40%*99%
Equity Interest (000's)
Assets $275 $13 $285
Revenues $3 $2 $25
Net Income (Loss) ($1) ($9) ($12)
</TABLE>
PAGE 301
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 96 LP/
ECH/HFC GP
Partnership ECHI/ ECHI/
No. 1 MHICAL 96 MHICAL 96
ECH Partners Company/ Company/
VII LP MHICAL 96 LP MHICAL 96 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Woodland Arms Greenway Village Kennedy Court
Apartments Ltd Associates LP Partners LP
Ownership Interest: 99.00%*50.40%* 99.00%*99.00% 99.00%*99.00%
19.40%*99%
Equity Interest (000's)
Assets $455 $3,729 $3,731
Revenues $0 $19 $165
Net Income (Loss) $0 ($131) ($205)
</TABLE>
PAGE 302
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
MHICAL 96 MHICAL 96 MHICAL 96 MHICAL 96
Company/ Company/ Company/ Company/
MHICAL 96 LP MHICAL 96 LP MHICAL 96 LP MHICAL 96 LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Klamath Monterra Village Sky Parkway Strobridge
Associates LP Associates LP Housing Housing
Associates LP Associates LP
Ownership Interest: 99.00%*99.00% 99.00%*99.00% 99.00%*99.00% 99.00%*99.00%
Equity Interest (000's)
Assets $4,311 $3,218 $5,130 $8,550
Revenues $14 $0 $0 $0
Net Income (Loss) ($49) $0 $0 $0
</TABLE>
PAGE 303
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 96 MHICAL 96 MHICAL 96
Company/ Company/ Company/
MHICAL 96 LP MHICAL 96 LP MHICAL 96 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Westgate 1010 SVN MHICAL 96 LP
Townhomes Associates LP
Associates LP
Ownership Interest: 99.00%*99.00% 99.00%*99.00% 1.00%
Equity Interest (000's)
Assets $4,784 $4,020 $345
Revenues $61 $0 $3
Net Income (Loss) ($135) $0 ($4)
</TABLE>
PAGE 304
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
MHICAL 96 LP MHICAL 96 LP MHICAL 96 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Greenway Village Kennedy Court Klamath
Associates LP Partners LP Associates LP
Ownership Interest: 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $38 $38 $44
Revenues $0 $2 $0
Net Income (Loss) ($1) ($2) $0
</TABLE>
PAGE 305
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
MHICAL 96 LP MHICAL 96 LP MHICAL 96 LP MHICAL 96 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Monterra Village Sky Parkway Strobridge Westgate
Associates LP Housing Housing Townhomes
Associates LP Associates LP Associates LP
Ownership Interest: 1.00%*99.99% 1.00%*99.00% 1.00%*99.00% 1.00%*99.00%
Equity Interest (000's)
Assets $33 $51 $86 $48
Revenues $0 $0 $0 $1
Net Income (Loss) $0 $0 $0 ($1)
</TABLE>
PAGE 306
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/
ECHI/ MHICAL 97 MHICAL 97
ECHI/ MHICAL 97 Company/ Company/
MHICAL 96 LP Company MHICAL 97 LP MHICAL 97 LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: 1010 SVN MHICAL 97 LP Alma Place ECH/HFC GP
Associates LP Assoc. LP Partnership
No.1
Ownership Interest: 1.00%*99.00% 99.00% 99.00%*99.00% 99.00%*14.70%
Equity Interest (000's)
Assets $40 $2,150 $5,150 $2,150
Revenues $0 $108 $0 $108
Net Income (Loss) $0 ($27) $0 ($27)
</TABLE>
PAGE 307
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 97 CO/ MHICAL 97 LP/ MHICAL 97 LP/ MHICAL 97 LP/
MHICAL 97 LP/ ECH/HFC GP ECH/HFC GP ECH/HFC GP
ECH/HFC GP Partnership Partnership Partnership
Partnership No. 1/ECH No. 1/ECH No. 1/ECH
No. 1 Partners VII LP Partners VII LP Partners VII LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Edison Capital C-Court LP Cottonwood Fifth &
Housing (Cawelti Affordable Wilshire
Partners VII LP Court) Housing LP
Ownership Interest: 99.00%*14.70%* 99.00%*14.70%* 99.00%*14.70%* 99.00%*14.70%*
19.40% 19.40%*99% 19.40%*99% 19.40%*99%
Equity Interest (000's)
Assets $2,150 $20 $309 $289
Revenues $108 $0 $0 $0
Net Income (Loss) ($27) $0 $0 $0
</TABLE>
PAGE 308
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 97 LP/ MHICAL 97 LP/ MHICAL 97 LP/ MHICAL 97 LP/
ECH/HFC GP ECH/HFC GP ECH/HFC GP ECH/HFC GP
Partnership Partnership Partnership Partnership
No. 1/ECH No. 1/ECH No. 1/ECH No. 1/ECH
Partners VII LP Partners VII LP Partners VII LP Partners VII LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Flagstaff Huff Ave Mountain View Oak Forest
Affordable Associates LP Townhomes Associates LP
Hsg II LP Associates LP
(Forest View
Apartments)
Ownership Interest: 99.00%*14.70%* 99.00%*14.70%* 99.00%*14.70%*
99.00%*14.70%*
19.40%*99% 19.40%*99% 19.40%*99% 19.40%*99%
Equity Interest (000's)
Assets $307 $526 $275 $13
Revenues $0 $79 $3 $2
Net Income (Loss) $0 ($4) ($1) ($9)
</TABLE>
PAGE 309
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MHICAL 97 LP/ MHICAL 97 LP/
ECH/HFC GP ECH/HFC GP
Partnership Partnership Edison Capital
No. 1/ECH No. 1/ECH Housing ECHI/
Partners VII LP Partners VII LP Investments MHICAL 97 LP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Paradise Rd Woodland Arms MHICAL 97 LP Alma Place
Partners LP Apartments Ltd Assoc LP
(Gateway
Village)
Ownership Interest: 99.00%*14.70%* 99.00%*14.70%* 1.00% 1.00%*99%
19.40%*99% 19.40%*99%
Equity Interest (000's)
Assets $285 $455 $0 $0
Revenues $25 $0 $0 $0
Net Income (Loss) ($12) $0 $0 $0
</TABLE>
PAGE 310
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Mid-Peninsula Mid-Peninsula Mission Capp
Century Village Sharmon Palms LP
Associates LP Associates LP
(Century Village) (Sharmon Palms)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $1,000 $2,959 $5,321
Revenues $0 $193 $377
Net Income (Loss) $0 ($102) ($255)
</TABLE>
PAGE 311
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
Mission Housing Mission Housing Mission Housing
Alpha Beta Delta
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Lee Park Richmond City MH I LP
Investors LP Center
Associates LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $33,431 $7,041 $3,261
Revenues $7,951 $362 $372
Net Income (Loss) $629 ($295) ($154)
</TABLE>
PAGE 312
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
Mission Mission Mission Mission
Housing Housing Housing Housing
Delta/MH I LP Delta Delta/MH II LP Delta
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: California Park MH II LP 5363 Dent Ave MH III LP
Apartments LP Associates LP
Ownership Interest: 99.00%*99.00% 99.00% 99.00%*99.00% 99.00%
Equity Interest (000's)
Assets $3,261 $1,193 $1,193 $4,819
Revenues $372 $162 $162 $463
Net Income (Loss) ($154) ($65) ($65) ($381)
</TABLE>
PAGE 313
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
Mission Mission Mission Mission
Housing Housing Housing Housing
Delta/MH III LP Delta Delta/MH IV LP Delta
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: DeRose Housing MH IV LP MPT Apartments LP MH V LP
Associates LP (MacArthur Park)
Ownership Interest: 99.00%*99.00% 99.00% 99.00%*99.00% 99.00%
Equity Interest (000's)
Assets $4,819 $6,937 $6,937 $9,802
Revenues $463 $1,033 $1,033 $523
Net Income (Loss) ($381) ($247) ($247) ($415)
</TABLE>
PAGE 314
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
Mission Mission Mission Mission
Housing Housing Housing Housing
Delta/MH V LP Denver Denver Epsilon
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Centennial Mercantile Sq LP North Park Riverside/
Place LP Village LLC Liebrandt
Partners LP
(La Playa)
Ownership Interest: 99.00%*99.00% 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $9,802 $20,547 $2,428 $2,585
Revenues $523 $566 $129 $74
Net Income (Loss) ($415) ($216) ($59) ($106)
</TABLE>
PAGE 315
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/
Mission Housing
ECHI/ ECHI/ Holdings/
Mission Housing Mission Housing MH Partnership
Gamma Holdings 1996 LP
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Del Carlo Court Mission Housing La Terraza
Associates LP Partnership Associates LP
1966 LP (Carlsbad
Villas at
Camino Real)
Ownership Interest: 99.00% 99.00% 99.00%*99.00%
Equity Interest (000's)
Assets $5,164 $28,702 $28,702
Revenues $177 $1,575 $1,575
Net Income (Loss) ($219) ($1,363) ($1,363)
</TABLE>
PAGE 316
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/
Edison Capital ECHI/ Mission Hsg Mission Hsg
Housing MH Partnership Theta/Mission Theta/Mission
Investments 1996 LP Funding Theta Funding Theta
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Mission Hsg La Terraza Brantwood II Cedarshores LP
Partnership Associates LP Associates LP
1966 LP (Carlsbad Villas
at Camino Real)
Ownership Interest: 1.00% 1.00%*99.00% 1.00% 0.01%
Equity Interest (000's)
Assets $290 $290 $17 $1
Revenues $16 $16 $0 $0
Net Income (Loss) ($14) ($14) $0 $0
</TABLE>
PAGE 317
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
Mission Hsg Mission Hsg Mission Hsg Mission Hsg
Theta/Mission Theta/Mission Theta/Mission Theta/Mission
Funding Theta Funding Theta Funding Theta Funding Theta
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Eastwood Homes LP El Barrio McFarland Press Pellettieri
Academy Urban Associates Homes Urban
Renewal Assoc LP Renewal
Assoc LP
Ownership Interest: 0.01% 0.01% 0.01% 0.01%
Equity Interest (000's)
Assets $56 $0 $0 $1
Revenues $0 $0 $0 $0
Net Income (Loss) $0 $0 $0 $0
</TABLE>
PAGE 318
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/ ECHI/
Mission Hsg Mission Hsg Mission Hsg Mission Hsg
Theta/Mission Theta/Mission Theta/Mission Theta/Mission
Funding Theta Funding Theta Funding Theta Funding Theta
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Persimmon Roebling Village Sherman Glen Timber Sound
Associates LP Inn Urban Renewal LLC Ltd
LP
Ownership Interest: 0.01% 0.01% 0.01% 0.01%
Equity Interest (000's)
Assets $0 $0 $0 $0
Revenues $0 $0 $0 $0
Net Income (Loss) $0 $0 $0 $0
</TABLE>
PAGE 319
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI ECHI/
Mission Hsg Mission Hsg Mission Hsg ECHI/
Theta/Mission Theta/Mission Theta/Mission Mission Hsg
Funding Theta Funding Theta Funding Theta Theta
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Timber Sound Villa Maria Woodleaf Village Mission Hsg
II Ltd Housing LP LP Investors
Partnership
Ownership Interest: 0.01% 0.01% 0.01% 5.00%
Equity Interest (000's)
Assets $1 $0 $0 $2,687
Revenues $0 $0 $0 $166
Net Income (Loss) $0 $0 $0 ($105)
</TABLE>
PAGE 320
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
Mission Hsg Mission Hsg Mission Hsg
Theta/MH Theta/MH Theta/MH
Investors Investors Investors
Partnership Partnership Partnership
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Forest Winds Glen Eden Gray's Meadows
Associates LP Associates LP Investors LP
Ownership Interest: 5.00%*99.00% 5.00%*99.00% 5.00%*99.00%
Equity Interest (000's)
Assets $290 $330 $276
Revenues $14 $13 $15
Net Income (Loss) ($10) ($12) ($9)
</TABLE>
PAGE 321
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
Mission Hsg Mission Hsg Mission Hsg
Theta/MH Theta/MH Theta/MH
Investors Investors Investors
Partnership Partnership Partnership
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Prince Bozzuto Rancho Park Rustic Gardens
LP (Fairground Associates LP Associates LP
Commons)
Ownership Interest: 5.00%*99.00% 5.00%*99.00% 5.00%*99.00%
Equity Interest (000's)
Assets $512 $370 $142
Revenues $61 $15 $5
Net Income (Loss) ($27) ($12) ($6)
</TABLE>
PAGE 322
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ ECHI/ ECHI/
Mission Hsg Mission Hsg Mission Hsg
Theta/MH Theta/MH Theta/MH
Investors Investors Investors
Partnership Partnership Partnership
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Sea Ranch Springdale 1028 Howard St
Apartments LP Kresson Associates LP
Associates LP
(Jewish
Federation)
Ownership Interest: 5.00%*99.00% 5.00%*99.00% 5.00%*99.00%
Equity Interest (000's)
Assets $129 $403 $235
Revenues $8 $24 $11
Net Income (Loss) ($6) ($15) ($8)
</TABLE>
PAGE 323
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
ECHI/ Edison Capital Edison Capital
Mission Housing Housing Housing
Zeta Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Fremont Montview Park Morgan Hill
Building LP Apartments Ranch Hsg LP
(Crescent Arms)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $20,811 $0 $5,370
Revenues $373 $0 $0
Net Income (Loss) ($770) $0 $0
</TABLE>
PAGE 324
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Neary Lagoon New Harbor Vista Northstar
Partners LP Apartments Apartments
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $9,572 $5,000 $1,130
Revenues $475 $0 $0
Net Income (Loss) ($387) $0 $0
</TABLE>
PAGE 325
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Oceanside Olive Court Omaha Amber
Gardens LP Apartments LP Ridge LP
Ownership Interest: 99.00% 98.99% 99.00%
Equity Interest (000's)
Assets $802 $366 $842
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 326
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
===========================================================================================
<S> <C> <C> <C>
Name of Entity: Ontario Senior Open Doors Pacific
Housing LP Associates LP Terrace
(Ontario Plaza) (West Valley) Associates LP
Ownership Interest: 98.90% 99.00% 99.00%
Equity Interest (000's)
Assets $1,230 $8,214 $2,680
Revenues $0 $418 $0
Net Income (Loss) $0 ($240) $0
</TABLE>
PAGE 327
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Pacifica Palmer House LP Pecan Court
Community Associates LP
Associates LP
(Villa Pacifica)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $2,560 $1,796 $0
Revenues $0 $196 $0
Net Income (Loss) $0 ($58) $0
</TABLE>
PAGE 328
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Persimmon Tree Pilot Grove LP Post Office
Associates LP Plaza LP
Ownership Interest: 98.99% 99.00% 99.00%
Equity Interest (000's)
Assets $0 $6,877 $60,301
Revenues $0 $613 $8,868
Net Income (Loss) $0 ($585) ($274)
</TABLE>
PAGE 329
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital Edison Capital
Housing Housing Housing Housing
Investments Investments Investments Investments
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Red Lake Riverwalk Roebling Village Rosebloom
Homes Apartments Inn Urban Associates LP
Renewal LP
Ownership Interest: 99.00% 99.00% 98.99% 99.00%
Equity Interest (000's)
Assets $1,310 $1,690 $1,138 $3,064
Revenues $0 $0 $0 $166
Net Income (Loss) $0 $0 $0 ($152)
</TABLE>
PAGE 330
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: San Juan San Pablo Sr San Pedro
Commons 1996 LP Hsg Assoc LP Gardens
Associates LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $2,420 $4,059 $2,963
Revenues $0 $296 $116
Net Income (Loss) $0 ($175) ($132)
</TABLE>
PAGE 331
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
===
<S> <C> <C> <C>
Name of Entity: Santa Paulan Sr School Court Sherman Glen
Apartments Housing LLC
Associates LP Associates LP
Ownership Interest: 99.00% 99.00% 98.99%
Equity Interest (000's)
Assets $8,718 $0 $3,320
Revenues $794 $0 $0
Net Income (Loss) ($261) $0 $0
</TABLE>
PAGE 332
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investment
=================================================================================================
<S> <C> <C> <C>
Name of Entity: South Beach Hsg South Winery Stoney Creek
Associates LP Associates LP Associates LP
(Steamboat) (The Winery
Apts)
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $13,288 $1,970 $9,474
Revenues $679 $0 $392
Net Income (Loss) ($379) $0 ($326)
</TABLE>
PAGE 333
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
===
<S> <C> <C> <C>
Name of Entity: Studebaker Sultana Acres Tabor Grand LP
Building LP Associates LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $3,024 $2,556 $3,437
Revenues $226 $149 $206
Net Income (Loss) ($125) ($82) ($114)
</TABLE>
PAGE 334
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
==
<S> <C> <C> <C>
Name of Entity: Terra Cotta Hsg The Cornerstone The Josephinum
Associates LP Building Associates LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $4,460 $2,180 $9,476
Revenues $0 $0 $1,037
Net Income (Loss) $0 $0 ($543)
</TABLE>
PAGE 335
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
===
<S> <C> <C> <C>
Name of Entity: The World Thomson Rental Timber Sound
Schoolhouse Housing LP Ltd
Residences LP (Washington
Place)
Ownership Interest: 99.00% 99.00% 98.99%
Equity Interest (000's)
Assets $0 $1,520 $3,420
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
</TABLE>
PAGE 336
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital Edison Capital
Housing Housing Housing Housing
Investments Investments Investments Investments
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Timber Sound II Trinity Park Tuscany Assoc LP Venbury Trails
Ltd Apartments LP (Tuscany Villa) LP
Ownership Interest: 98.99% 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $7,840 $1,580 $4,035 $3,220
Revenues $0 $0 $220 $0
Net Income (Loss) $0 $0 ($187) $0
</TABLE>
PAGE 337
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Walnut Avenue Washington Creek Westfield
Partnership LP Associates LP Condominium
Investment LP
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $2,320 $3,738 $670
Revenues $0 $188 $0
Net Income (Loss) $0 ($131) $0
</TABLE>
PAGE 338
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing
Investments Investments Investments
=================================================================================================
<S> <C> <C> <C>
Name of Entity: Westport Village Wheeler Manor White Mountain
Homes Assoc LP Associates LP Apache Housing
Ownership Interest: 99.00% 99.00% 99.00%
Equity Interest (000's)
Assets $1,204 $11,614 $970
Revenues $123 $614 $0
Net Income (Loss) ($16) ($366) $0
</TABLE>
PAGE 339
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Housing Housing Edison Funding
Investments Investments Investments Omicron GP
=================================================================================================
<S> <C> <C> <C> <C>
Name of Entity: Winfield Hill Woodleaf Yankton Sioux YWCA Villa Nueva
Associates LP Village LP Homes Partners LP
Ownership Interest: 99.00% 98.99% 99.00% 99.00%
Equity Interest (000's)
Assets $19,893 $3,460 $430 $8,561
Revenues $1,091 $0 $0 $532
Net Income (Loss) ($383) $0 $0 $16
</TABLE>
PAGE 340
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Edison Funding Edison Funding Funding Funding
Omicron GP Omicron GP Epsilon Kappa
=================================================================================================
<S> <C> C> <C> <C>
Name of Entity: Olive Court Ontario Senior GEM Energy ABB Funding
Hsg Assoc LP Housing LP Company Partners LP
(Ontario Plaza)
Ownership Interest: 0.10% 0.10% 50.00% 14.27%
Equity Interest (000's)
Assets $0 $1 $869 $74
Revenues $0 $0 $127 $2
Net Income (Loss) $0 $0 $126 ($2)
</TABLE>
PAGE 341
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Bartlett
Zeta Hill Company
=================================================================================================
===
<S> <C> <C>
Name of Entity: Huntington LP Bartlett Hill
Associates LP
Ownership Interest: 50.00% 30.00%
Equity Interest (000's)
Assets $109,459 $1,858
Revenues $15,051 $129
Net Income (Loss) $4,198 ($137)
</TABLE>
<PAGE 342>
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Associated
Southern Irwindale
Investment Calabasas Land
Company Palatino, Inc. Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
-------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------
Total utility plant
-------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $4 $2 $228
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (870) (1,786)
Investments in leveraged leases
Other investments
-------------------------------------------------------
Total other property and investments (866) (1,784) 228
-------------------------------------------------------
Cash and equivalents 395 16 56
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,507 1,045 406
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 2
-------------------------------------------------------
Total current assets 5,902 1,061 464
-------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
-------------------------------------------------------
Total deferred charges
-------------------------------------------------------
TOTAL ASSETS $5,036 ($723) $692
=======================================================
</TABLE>
<PAGE 343> <PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Mission/ South Bay Industrial
Ontario, Inc. Company Constructors, Inc.
===========================================================================================================
ASSETS (Inactive) (Inactive)
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $22,383
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 22,383
------------------------------------------------------
Cash and equivalents 32
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 532 $382
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 9
------------------------------------------------------
Total current assets 573 382
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $22,956 $382
======================================================
</TABLE>
<PAGE 344> <PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Airport Park Texas Mission
Development Property Land
Company Holdings, Inc. Company
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $4,720 ($21,716)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $750 141,850
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 4,720 750 120,134
------------------------------------------------------
Cash and equivalents 139 3 1,570
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 42,877 (662) 94,091
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 172
------------------------------------------------------
Total current assets 43,016 (659) 95,833
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 898 (1) 2,380
------------------------------------------------------
Total deferred charges 898 (1) 2,380
------------------------------------------------------
TOTAL ASSETS $48,634 $90 $218,347
======================================================
</TABLE>
PAGE 355
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Carol Stream Centrelake
Developers Partners LP
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1) $20,481
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (1) 20,481
------------------------------------------------------
Cash and equivalents 59 26
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,850 7
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5
------------------------------------------------------
Total current assets 1,914 33
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1 (1)
------------------------------------------------------
Total deferred charges 1 (1)
------------------------------------------------------
TOTAL ASSETS $1,914 $20,513
======================================================
</TABLE>
PAGE 346
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Oceangate Koll I Vacaville LP
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $52,299 $46,281
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 52,299 46,281
------------------------------------------------------
Cash and equivalents 219 $1 83
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,365 335
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets(13) (13) (9)
------------------------------------------------------
Total current assets 1,571 1 409
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 653 806
------------------------------------------------------
Total deferred charges 653 806
------------------------------------------------------
TOTAL ASSETS $54,523 $1 $47,496
======================================================
</TABLE>
PAGE 347
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Land
Mission Consolidating Company
Nexus II LP Adjustments Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($2,076) $122,605
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (139,944)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (142,020) 122,605
------------------------------------------------------
Cash and equivalents $9 1 2,609
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (142,804) 4,931
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1 2 169
------------------------------------------------------
Total current assets 10 (142,801) 7,709
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (1) 12,803 17,538
------------------------------------------------------
Total deferred charges (1) 12,803 17,538
------------------------------------------------------
TOTAL ASSETS $9 ($272,018) $147,852
======================================================
</TABLE>
PAGE 348
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Associated
Southern Irwindale
Investment Calabasas Land
Company Palatino, Inc. Company
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $1
Additional Paid in Capital 1,240
Retained earnings 793 ($2,152) $3,567
------------------------------------------------------
2,034 (2,152) 3,567
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 54 973 3,414
------------------------------------------------------
Total capitalization 2,088 (1,179) 6,981
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term
debt and redeemable preferred stock
Short-term debt
Accounts payable 1,729 309 (9,611)
Accrued taxes 434 81 3,098
Accrued interest 116 430
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 6
------------------------------------------------------
Total current liabilities 2,163 506 (6,077)
------------------------------------------------------
Accumulated deferred income taxes - net 785 (48) (212)
Accumulated deferred investment tax credits
Customer advances and other deferred credits (2)
------------------------------------------------------
Total deferred credits 785 (50) (212)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $5,036 ($723) $692
======================================================
</TABLE>
PAGE 349
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Mission/ South Bay Industrial
Ontario, Inc. Company Constructors, Inc.
===========================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive) (Inactive)
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($1,250)
Additional Paid in Capital 6,546
Retained earnings (707) ($158) ($2)
------------------------------------------------------
4,589 (158) (2)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 4,589 (158) (2)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
debt and redeemable preferred stock
Short-term debt
Accounts payable 19,796 1
Accrued taxes (920) 136 2
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 10
------------------------------------------------------
Total current liabilities 18,886 136 3
------------------------------------------------------
Accumulated deferred income taxes - net (520) 404
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1 (1)
------------------------------------------------------
Total deferred credits (519) 404 ($1)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $22,956 $382
======================================================
</TABLE>
PAGE 350
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Texas Mission
Airport Park Property Land
Development Co. Holdings, Inc. Company
===========================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $326 $32 $335
Additional Paid in Capital 44,756 106,569
Retained earnings 2,181 (931) 52,154
------------------------------------------------------
47,263 (899) 159,058
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (4,829) 75 8,390
------------------------------------------------------
Total capitalization 42,434 (824) 167,448
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 6,703 729 56,263
Accrued taxes (2,798) 1,792
Accrued interest 842
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 5 310
------------------------------------------------------
Total current liabilities 4,752 729 58,365
------------------------------------------------------
Accumulated deferred income taxes - net 1,446 186 (9,798)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 2 (1) 1,579
------------------------------------------------------
Total deferred credits 1,448 185 (8,219)
------------------------------------------------------
Minority interest 753
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $48,634 $90 $218,347
======================================================
</TABLE>
PAGE 351
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Carol Stream Centerlake
Developers Partners LP
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock $4,027 $16,874
Additional Paid in Capital
Retained earnings 1,691 (1,606)
------------------------------------------------------
5,718 15,268
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (3,820) 4,534
------------------------------------------------------
Total capitalization 1,898 19,802
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 310
Accrued taxes 16 3
Accrued interest 384
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 16 697
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 14
------------------------------------------------------
Total deferred credits 14
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,914 $20,513
======================================================
</TABLE>
PAGE 352
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Oceangate Koll I Vacaville LP
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $17,903 $3,639 $44,171
Additional Paid in Capital
Retained earnings 1,030 (3,678) (12,193)
------------------------------------------------------
18,933 (39) 31,978
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 29,870 12,046
------------------------------------------------------
Total capitalization 48,803 (39) 44,024
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt (10)
Short-term debt
Accounts payable 16 50 879
Accrued taxes 31 (218)
Accrued interest 5,565 1,405
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other 60 33
------------------------------------------------------
Total current liabilities 5,672 40 2,099
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 48 1,373
------------------------------------------------------
Total deferred credits 48 1,373
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $54,523 $1 $47,496
======================================================
</TABLE>
PAGE 353
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
Mission Land
Mission Consolidating Company
Nexus II, LP Adjustments Consolidated
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $2,928 ($88,986)
Additional Paid in Capital (16,127) $142,984
Retained earnings (3,209) (35,892) 888
------------------------------------------------------
(281) (141,005) 143,872
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (50,707)
------------------------------------------------------
Total capitalization (281) (191,712) 143,872
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt 10
Short-term debt
Accounts payable 292 (77,120) 346
Accrued taxes (1,462) 195
Accrued interest (8,742)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other (23) 401
------------------------------------------------------
Total current liabilities 292 (87,337) 942
------------------------------------------------------
Accumulated deferred income taxes - net 7,757
Accumulated deferred investment tax credits
Customer advances and other deferred credits (2) 27 3,038
------------------------------------------------------
Total deferred credits (2) 7,784 3,038
------------------------------------------------------
Minority interest (753)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $9 ($272,018) $147,852
======================================================
</TABLE>
PAGE 354
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Associated
Southern Irwindale
Investment Calabasas Land
Company Palatino, Inc. Company
===========================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $993 $10,257
--------------------------------------------------------
Total operating revenue 993 10,257
--------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21 $32 3,004
Maintenance 19
Depreciation and decommissioning 1 31
Income taxes 390 (2) 2904
Property and other taxes 3 73
--------------------------------------------------------
Total operating expenses 414 31 6,031
--------------------------------------------------------
Operating income 579 (31) 4,226
--------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 5
Minority interest
Taxes on nonoperating income 19 1
Other - net 173 13
--------------------------------------------------------
Total other income - net 197 14
--------------------------------------------------------
Income before interest and other expenses 776 (17) 4,226
--------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
--------------------------------------------------------
Total interest and other expenses - net
--------------------------------------------------------
NET INCOME 776 (17) 4,226
--------------------------------------------------------
Retained Earnings at Beginning of Period 30,598 (2,135) (658)
Deduct - Dividends on Common Stock and Other (30,581) (1)
--------------------------------------------------------
RETAINED EARNINGS AT END OF PERIOD $793 ($2,152) $3,567
========================================================
</TABLE>
PAGE 355
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Mission/ South Bay Industrial
Ontario, Inc Company Constructors, Inc.
===========================================================================================================
<S> <C> <C> <C>
(Inactive) (Inactive)
===========================================================================================================
Electric utility revenue
Diversified operations $3,498
--------------------------------------------------------
Total operating revenue 3,498
--------------------------------------------------------
Fuel 3,498
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,800
Maintenance 10
Depreciation and decommissioning 2
Income taxes (258) $150 $1
Property and other taxes 1,255
--------------------------------------------------------
Total operating expenses 3,809 150 1
--------------------------------------------------------
Operating income (311) (150) (1)
--------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1
Minority interest
Taxes on nonoperating income
Other - net
--------------------------------------------------------
Total other income - net 1
--------------------------------------------------------
Income before interest and other expenses (310) (150) (1)
--------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
--------------------------------------------------------
Total interest and other expenses - net
--------------------------------------------------------
NET INCOME (310) (150) (1)
--------------------------------------------------------
Retained Earnings at Beginning of Period (395) (8) (2)
Deduct - Dividends on Common Stock and Other (2) 1
--------------------------------------------------------
Retained Earnings at End of Period ($707) ($158) ($2)
========================================================
</TABLE>
PAGE 356
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Texas Mission
Airport Park Property Land
Development Co. Holdings, Inc. Company
===========================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $505 $67,244
------------------------------------------------------
Total operating revenue 505 67,244
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 849 63,955
Maintenance 131
Depreciation and decommissioning 745
Income taxes (836) $1 (2,229)
Property and other taxes 73 786
------------------------------------------------------
Total operating expenses 86 1 63,388
------------------------------------------------------
Operating income 419 (1) 3,856
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 90 1,730
Minority interest
Taxes on nonoperating income 9 239
Other - net 14
------------------------------------------------------
Total other income - net 99 1,983
------------------------------------------------------
Income before interest and other expenses 518 (1) 5,839
------------------------------------------------------
Interest on long-term debt (3)
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (3)
------------------------------------------------------
NET INCOME 518 (1) 5,842
------------------------------------------------------
Retained Earnings at Beginning of Period 1,663 (930) 46,315
Deduct - Dividends on Common Stock and Other (3)
------------------------------------------------------
Retained Earnings at End of Period $2,181 ($931) $52,154
======================================================
</TABLE>
PAGE 357
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Carol Stream Centerlake
Developers Partners, LP
===========================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $5,042 $65
------------------------------------------------------
Total operating revenue 5,042 65
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,847 42
Maintenance 12 8
Depreciation and decommissioning 1
Income taxes (1)
Property and other taxes (41) 218
------------------------------------------------------
Total operating expenses 3,818 268
------------------------------------------------------
Operating income 1,224 (203)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income - net
------------------------------------------------------
Income before interest and other expenses 1,224 (203)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 1,224 (203)
------------------------------------------------------
Retained Earnings at Beginning of Period 466 (1,404)
Deduct - Dividends on Common Stock and Other 1 1
------------------------------------------------------
Retained Earnings at End of Period $1,691 ($1,606)
======================================================
</TABLE>
PAGE 358
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Oceangate Koll I Vacaville L.P.
===========================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $3,618 $4,711 $7,468
------------------------------------------------------
Total operating revenue 3,618 4,711 7,468
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 359 7,653 10,226
Maintenance 222 7 256
Depreciation and decommissioning 239 298
Income taxes (1) (1) 2
Property and other taxes 955 36 1,291
------------------------------------------------------
Total operating expenses 1,774 7,695 12,073
------------------------------------------------------
Operating income 1,844 (2,984) (4,605)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2 7
Minority interest
Taxes on nonoperating income (1) (3) 1
Other - net
------------------------------------------------------
Total other income - net (1) (1) 8
------------------------------------------------------
Income before interest and other expenses 1,843 (2,985) (4,597)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 1,843 (2,985) (4,597)
------------------------------------------------------
Retained Earnings at Beginning of Period (813) (692) (7,596)
Deduct - Dividends on Commonstock and Other (1)
------------------------------------------------------
Retained Earnings at End of Period $1,030 ($3,678) ($12,193)
======================================================
</TABLE>
PAGE 359
<PAGE>
Mission Land Company and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Land
Mission Consolidating Company
Nexus II, LP Adjustments Consolidated
===========================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $2,707 $106,108
------------------------------------------------------
Total operating revenue 2,707 106,108
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 5,738 $2,144 100,670
Maintenance 61 8 734
Depreciation and decommissioning 1 1,318
Income taxes 1 (909) (788)
(Property and other taxes 31 4,680
-------------------------------------------------------
Total operating expenses 5,831 1,244 106,614
-------------------------------------------------------
Operating income (3,124) (1,244) (506)
-------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 35 1,870
Minority interest
Taxes on nonoperating income (910) (645)
Other - net (34) 166
------------------------------------------------------
Total other income - net (909) 1,391
------------------------------------------------------
Income before interest and other expenses (3,124) (2,153) 885
------------------------------------------------------
Interest on long-term debt (3)
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (3)
------------------------------------------------------
NET INCOME (3,124) (2,153) 888
------------------------------------------------------
Retained Earnings at Beginning of Period (85) (18,748) 45,576
Deduct - Dividends on Common Stock and Other 14,991 (45,576)
------------------------------------------------------
Retained Earnings at End of Period ($3,209) ($35,892) $888
======================================================
</TABLE>
PAGE 360
<PAGE>
Mission Power Engineering Company and Subsidiaries
Consolidating Balance Sheets
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Associated
Southern Mission Power
Engineering Engineering Consolidated
Company Company Adjustments
===========================================================================================================
ASSETS (Inactive)
===========================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $765
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 765
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 1
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant - net
Income tax-related deferred charges
Other deferred charges 413
------------------------------------------------------
Total deferred charges 413
------------------------------------------------------
TOTAL ASSETS $1,179
======================================================
</TABLE>
<PAGE 361>
<PAGE>
Mission Power Engineering Company and Subsidiary
Consolidating Balance Sheet
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Power
Engineering Co.
Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $765
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 765
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 1
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant - net
Income tax-related deferred charges
Other deferred charges 413
------------------------------------------------------
Total deferred charges 413
------------------------------------------------------
TOTAL ASSETS $1,179
======================================================
</TABLE>
<PAGE 362>
<PAGE>
Mission Power Engineering Company and Subsidiary
Consolidating Balance Sheet
Decembeer 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Associated
Southern Mission Power
Engineering Engineering Consolidating
Company Company Adjustments
===========================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
===========================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $3,000
Additional Paid in Capital
Retained earnings ($3) (12,451) $3
--------------------------------------------------------
(3) (9,451) 3
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
--------------------------------------------------------
Total capitalization (3) (9,451) 3
--------------------------------------------------------
Other long-term liabilities
--------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 3 1 (3)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
--------------------------------------------------------
Total current liabilities $3 1 ($3)
--------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 10,629
--------------------------------------------------------
Total deferred credits 10,629
--------------------------------------------------------
Minority interest
--------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITY $1,179
========================================================
</TABLE>
<PAGE 363>
<PAGE>
Mission Power Engineering Company and Subsidiary
Consolidating Balance Sheet
Decembeer 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Power
Engineering Co.
Consolidated
===========================================================================================================
CAPITALIZATION AND LIABILITIES
===========================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $3,000
Additional Paid in Capital
Retained earnings (12,451)
--------------------------------------------------------
(9,451)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
--------------------------------------------------------
Total capitalization (9,451)
--------------------------------------------------------
Other long-term liabilities
--------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
--------------------------------------------------------
Total current liabilities 1
--------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 10,629
--------------------------------------------------------
Total deferred credits 10,629
--------------------------------------------------------
Minority interest
--------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITY $1,179
========================================================
</TABLE>
<PAGE 364>
<PAGE>
Mission Power Engineering Company and Subsidiary
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Associated
Southern Mission Power
Engineering Engineering Consolidating
Company Company Adjustments
======================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
--------------------------------------------------------
Total operating revenue
--------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning $1
Income taxes $1 (9) ($1)
Property and other taxes 23
--------------------------------------------------------
Total operating expenses 1 15 (1)
--------------------------------------------------------
Operating income (1) (15) 1
--------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1
Taxes on nonoperating income (25)
Minority interest
Other nonoperating income - net 61
--------------------------------------------------------
Total other income (deductions) - net 37
--------------------------------------------------------
Income before interest and other expenses (1) 22 1
--------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred securities
--------------------------------------------------------
Total interest and other expenses - net
--------------------------------------------------------
NET INCOME (1) 22 1
Retained earnings - beginning of year (2) (12,473) 2
Dividends declared on common stock
--------------------------------------------------------
Retained Earnings - end of year ($3) ($12,451) $3
========================================================
</TABLE>
<PAGE 365>
<PAGE>
Mission Power Engineering Company and Subsidiary
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Power
Engineering Co.
Consolidated
======================================================================================================
(Inactive)
<S> <C>
Electric utility revenue
Diversified operations
--------------------------------------------------------
Total operating revenue
--------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning $1
Income taxes (9)
Property and other taxes 23
--------------------------------------------------------
Total operating expenses 15
--------------------------------------------------------
Operating income (15)
--------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1
Taxes on nonoperating income (25)
Minority interest
Other nonoperating income - net 61
--------------------------------------------------------
Total other income (deductions) - net 37
--------------------------------------------------------
Income before interest and other expenses 22
--------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred securities
--------------------------------------------------------
Total interest and other expenses - net
--------------------------------------------------------
NET INCOME 22
Retained earnings - beginning of year (12,473)
Dividends declared on common stock
--------------------------------------------------------
Retained Earnings - end of year ($12,451)
========================================================
</TABLE>
<PAGE 366>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Aguila Anacapa Arrowhead
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $12,822 $8,658
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 12,822 8,658
------------------------------------------------------
Cash and equivalents 5
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 8
------------------------------------------------------
Total current assets 5 8
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $12,827 $8,666
======================================================
</TABLE>
<PAGE 367>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Bergen Blue
Balboa Point Ridge
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $991
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 991
------------------------------------------------------
Cash and equivalents 7
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 7
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $998
======================================================
</TABLE>
<PAGE 368>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Bretton
Woods Camino Capistrano
Energy Energy Cogeneration
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $121,361 $25,656
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 121,361 25,656
------------------------------------------------------
Cash and equivalents 3
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 329
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 24
------------------------------------------------------
Total current assets 356
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 16,049
------------------------------------------------------
Total deferred charges 16,049
------------------------------------------------------
TOTAL ASSETS $137,766 $25,656
======================================================
</TABLE>
<PAGE 369>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Centerport Chesapeake Chester
Energy Bay Energy Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 370>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Clayville Colonial Coronado
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 371>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Crescent
Valley Del Mar Delaware
Energy Energy Energy
Company Company Conservers, Inc.
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $18,053 $6,706
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 18,053 6,706
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 5 5
------------------------------------------------------
Total current assets 5 6
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $18,058 $6,712
======================================================
</TABLE>
<PAGE 372>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Desert Eastern
Sunrise Devereaux Sierra
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15,311 $12,190
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 15,311 12,190
------------------------------------------------------
Cash and equivalents 27
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 139
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 166
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 921
------------------------------------------------------
Total deferred charges 921
------------------------------------------------------
TOTAL ASSETS $16,232 $12,356
======================================================
</TABLE>
<PAGE 373>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
East Maine Mission Energy
Energy Energy Fuel Funding
Company Consolidated Corp
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $67,101
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 67,101
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts $41,748
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 41,748
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 387,214
------------------------------------------------------
Total deferred charges 387,214
------------------------------------------------------
TOTAL ASSETS $67,101 $428,962
======================================================
</TABLE>
<PAGE 374>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Operation & El Dorado
Energy Maintenance Energy
Interface Ltd. Inc. Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $54
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $339 ($8)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 339 54 (8)
------------------------------------------------------
Cash and equivalents 5,194
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 4,538 121
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 21
------------------------------------------------------
Total current assets 9,753 121
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 28 19
------------------------------------------------------
Total deferred charges 28 19
------------------------------------------------------
TOTAL ASSETS $339 $9,835 $132
======================================================
</TABLE>
<PAGE 375>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Four Hanover
Counties Energy
EMP, Gas Company
Inc. Company Consolidated
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $8,214 $10,958
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 8,214 10,958
------------------------------------------------------
Cash and equivalents 15 34
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 67 136
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 82 170
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $8,296 $11,128
======================================================
</TABLE>
<PAGE 376>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Holtsville Indian Bay Jefferson
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 377>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Kings
Canyon Kingspark Laguna
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive) (Inactive)
============================================================================================================
<S> <C> <C> C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 378>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
La Jolla Lake Grove Lakeview
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive) (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 379>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lehigh
River Longview Madera
Energy Cogeneration Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balanced accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 380>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission/
Madison Mission Eagle
Energy Capital Energy
Company L.P. Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $31,354
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 31,354
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balanced accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 451
------------------------------------------------------
Total deferred charges 451
------------------------------------------------------
TOTAL ASSETS $31,805
======================================================
</TABLE>
<PAGE 381>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Mission Energy
Construction Energy Holdings
Services, Inc. Holdings, Inc. International, Inc.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $2,935,436
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3,812 ($1) 170,827
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 3,812 (1) 3,106,263
------------------------------------------------------
Cash and equivalents 453,969
Receivables, including unbilled revenue, net 76,900
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balanced accounts - net
Prepayments and other current assets 8,584
------------------------------------------------------
Total current assets 539,453
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 5,913 361,076
------------------------------------------------------
Total deferred charges 5,913
------------------------------------------------------
TOTAL ASSETS $3,812 $5,912 $4,006,792
======================================================
</TABLE>
<PAGE 382>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Energy Energy Energy
Indonesia Mexico New York, Inc.
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $111,824
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 111,824
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $111,824
======================================================
</TABLE>
<PAGE 383> <PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Mission Operations de
Wales Energy Mexico,
Company Westside, Inc. S.A. de C.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $170,745
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 170,745
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $170,745
======================================================
</TABLE>
<PAGE 384>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission North Northern
Triple Cycle Jackson Sierra
Systems Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant - net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 385>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Ortega Panther Paradise
Energy Timber Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant - net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
<PAGE 386>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pleasant Prince Quartz
Valley George Peak
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2,759 $16,389 $12,549
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 2,759 16,389 12,549
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 30
------------------------------------------------------
Total current assets 30
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $2,759 $16,389 $12,579
======================================================
</TABLE>
<PAGE 387>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Rapidan Reeves Bay Ridgecreast
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $671
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 671
------------------------------------------------------
Cash and equivalents 45
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 205
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 250
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 9
------------------------------------------------------
Total deferred charges 9
------------------------------------------------------
TOTAL ASSETS $930
======================================================
</TABLE>
<PAGE 388>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Rio San
Escondido Riverport Gabriel
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents $3
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,169 $35
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 1,172 35
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 21,246
------------------------------------------------------
Total deferred charges 21,246
------------------------------------------------------
TOTAL ASSETS $22,418 $35
======================================================
</TABLE>
<PAGE 389>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
San
Joaquin San Juan San Pedro
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $40,783 $12,907
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 40,783 12,907
------------------------------------------------------
Cash and equivalents 11 5
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 18 20
Fuel inventory
Materials and supplies, at average cost
Regulatory balanced accounts - net
Prepayments and other current assets 21 27
------------------------------------------------------
Total current assets 50 52
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 7,051
------------------------------------------------------
Total deferred charges 7,051
------------------------------------------------------
TOTAL ASSETS $47,884 $12,959
======================================================
</TABLE>
<PAGE 390>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Santa Ana Santa Clara Silverado
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $6,868
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 6,868
------------------------------------------------------
Cash and equivalents 1
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 6
------------------------------------------------------
Total current assets 7
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $6,875
======================================================
</TABLE>
<PAGE 391>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Silver
Springs Somona South Coast
Energy Geothermal Energy
Company Company Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5,723 $10,594
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 5,723 10,594
------------------------------------------------------
Cash and equivalents 536 1,000
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 20 76
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 556 1,076
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $6,279 $11,670
======================================================
</TABLE>
<PAGE 392>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Sierra Thorofare Viejo
Energy Energy Energy
Company Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $51,320 $8,964
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 51,320 8,964
------------------------------------------------------
Cash and equivalents 6
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7 1
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 36 8
------------------------------------------------------
Total current assets 49 9
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 9,663
------------------------------------------------------
Total deferred charges 9,663
------------------------------------------------------
TOTAL ASSETS $61,032 $8,973
======================================================
</TABLE>
<PAGE 393>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Western
Vista Sierra
Energy Energy
Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $69,170
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 69,170
------------------------------------------------------
Cash and equivalents $70 6
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,332 7
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 37
------------------------------------------------------
Total current assets 2,402 50
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 3,104 11,660
------------------------------------------------------
Total deferred charges 3,104 11,660
------------------------------------------------------
TOTAL ASSETS $5,506 $80,880
======================================================
</TABLE>
<PAGE 394>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Consolidating Energy
Energy Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $5,496 $1 $2,940,987
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,346,429 (1,462,250) 919,789
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,351,925 (1,462,249) 3,860,776
------------------------------------------------------
Cash and equivalents 124,925 1 585,883
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 13,072 (41,748) 99,193
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets 719 9,511
------------------------------------------------------
Total current assets 138,716 (41,747) 694,587
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,757 (403,379) 429,782
------------------------------------------------------
Total deferred charges 8,757 (403,379) 429,782
------------------------------------------------------
TOTAL ASSETS $1,499,398 ($1,907,375) $4,985,145
======================================================
</TABLE>
<PAGE 395>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Aguila Anacapa Arrowhead
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $17,301 $3,295
Cumulative Translation Adjustments, Net
Retained earnings (6,774) (429) $14
------------------------------------------------------
10,527 2,866 14
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 10,527 2,866 14
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (18,852) 5,129 40
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 671
------------------------------------------------------
Total current liabilities (18,852) 5,800 40
------------------------------------------------------
Accumulated deferred income taxes - net 21,152 (54)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 21,152 ($54)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $12,827 $8,666
=======================================================
</TABLE>
<PAGE 396>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Bergen Blue
Balboa Point Ridge
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $968
Cumulative Translation Adjustments, Net
Retained earnings ($8) (3,163) ($8)
------------------------------------------------------
(8) (2,195) (8)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (8) (2,195) (8)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13 3,544 12
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 13 3,544 12
------------------------------------------------------
Accumulated deferred income taxes - net (5) (351) (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits ($5) (351) ($4)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $998
=======================================================
</TABLE>
<PAGE 397>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Bretton
Woods Camino Capistrano
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $314 $8,371 $4,122
Cumulative Translation Adjustments, Net
Retained earnings 66 (824) 2,175
------------------------------------------------------
380 7,547 6,297
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 387,214
------------------------------------------------------
Total capitalization 380 394,761 6,297
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 32,997
Short-term debt
Accounts payable (432) (333,503) 2,268
Accrued taxes
Accrued interest 8,740
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 19
------------------------------------------------------
Total current liabilities (432) (291,747) 2,268
------------------------------------------------------
Accumulated deferred income taxes - net 52 26,819 14,973
Accumulated deferred investment tax credits 7,933 2,118
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits $52 34,752 17,091
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $137,766 $25,656
=======================================================
</TABLE>
<PAGE 398>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Centerport Chesapeake Chester
Energy Bay Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $241 $2,484 $114
Cumulative Translation Adjustments, Net
Retained earnings 48 (1,519) (141)
------------------------------------------------------
289 965 (27)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 289 965 (27)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (333) (1,028) 27
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (333) (1,028) 27
------------------------------------------------------
Accumulated deferred income taxes - net 44 63
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits $44 $63
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 399>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Clayville Colonial Coronado
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings ($5) ($3) ($5)
------------------------------------------------------
(5) (3) (5)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (5) (3) (5)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable stock
Short-term debt
Accounts payable 5 3 5
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $5 $3 $5
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 400>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Crescent
Valley Del Mar Delaware
Energy Energy Energy
Company Company Conservers, Inc.
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $2,240
Cumulative Translation Adjustments, Net
Retained earnings $6,454 160 ($1)
------------------------------------------------------
6,454 2,400 (1)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 6,454 2,400 (1)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 5,016 2,491 1
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 5,016 2,491 $1
------------------------------------------------------
Accumulated deferred income taxes - net 3,645 1,821
Accumulated deferred investment tax credits 2,943
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 6,588 1,821
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $18,058 $6,712
=======================================================
</TABLE>
<PAGE 401>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Desert Eastern
Sunrise Devereaux Sierra
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $1
Additional Paid in Capital 12 $32,413 $9,153
Cumulative Translation Adjustments, Net
Retained earnings (4) (7,008) 1,700
------------------------------------------------------
9 25,405 10,853
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 9 25,405 10,853
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (10) (14,010) 1,282
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (10) (14,010) 1,282
------------------------------------------------------
Accumulated deferred income taxes - net 1 3,916 221
Accumulated deferred investment tax credits
Customer advances and other deferred credits 921
------------------------------------------------------
Total deferred credits $1 4,837 221
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $16,232 $12,356
=======================================================
</TABLE>
PAGE 402
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
East Maine Mission Mission
Energy Energy Fuel Energy
Company Consolidated Funding Corp
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $69,367
Cumulative Translation Adjustments, Net
Retained earnings ($6) (139)
------------------------------------------------------
(6) 69,228
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred stock of Limited Partnership
Long-term debt $387,214
------------------------------------------------------
Total capitalization (6) 69,228 387,214
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 32,997
Short-term debt
Accounts payable 6 765
Accrued taxes
Accrued interest 8,740
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 1,211 11
------------------------------------------------------
Total current liabilities $6 1,976 41,748
------------------------------------------------------
Accumulated deferred income taxes - net (4,103)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (4,103)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $67,101 $428,962
=======================================================
</TABLE>
<PAGE 403>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Operation & El Dorado
Energy Maintenance Energy
Interface Ltd. Inc. Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $315 $10,302 $12,246
Cumulative Translation Adjustments, Net (37)
Retained earnings 36 1,119 (7,682)
------------------------------------------------------
314 11,421 4,564
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 314 11,421 4,564
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (5,046) (2,366)
Accrued taxes 25
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 4,881
------------------------------------------------------
Total current liabilities 25 (165) (2,366)
------------------------------------------------------
Accumulated deferred income taxes - net (1,421) (2,085)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 19
------------------------------------------------------
Total deferred credits (1,421) (2,066)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $339 $9,835 $132
=======================================================
</TABLE>
<PAGE 404>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Four Hanover
Counties Energy
EMP, Gas Company
Inc. Company Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $8,800
Additional Paid in Capital 480 $5,810
Cumulative Translation Adjustments, Net
Retained earnings (14,559) ($5) (354)
------------------------------------------------------
(5,279) (5) 5,456
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (5,279) (5) 5,456
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 5,491 5 1,331
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 5,491 $5 1,331
------------------------------------------------------
Accumulated deferred income taxes - net 3,666 4,341
Accumulated deferred investment tax credits 4,418
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 8,084 4,341
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $8,296 $11,128
=======================================================
</TABLE>
<PAGE 405>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Holtsville Indian Bay Jefferson
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $1,272 $207
Cumulative Translation Adjustments, Net
Retained earnings (895) 40 $189
------------------------------------------------------
377 247 189
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 377 247 189
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (546) (285) (212)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (546) (285) (212)
------------------------------------------------------
Accumulated deferred income taxes - net 169 38 23
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits $169 $38 $23
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 406>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Kings
Canyon Kingspark Laguna
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive) (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $3,094 $11,535
Cumulative Translation Adjustments, Net
Retained earnings ($5) 243 (1,633)
------------------------------------------------------
(5) 3,337 9,902
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 1,751
------------------------------------------------------
Total capitalization (5) 3,337 11,653
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 5 (4,596) (12,075)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $5 (4,596) (12,075)
------------------------------------------------------
Accumulated deferred income taxes - net 1,259 422
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits $1,259 $422
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 407>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
La Jolla Lake Grove Lakeview
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive) (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $697
Cumulative Translation Adjustments, Net
Retained earnings ($5) (509) ($5)
------------------------------------------------------
(5) 188 (5)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (5) 188 (5)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 5 (188) 5
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $5 ($188) $5
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 408>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lehigh
River Longview Madera
Energy Cogeneration Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $8,092
Cumulative Translation Adjustments, Net
Retained earnings (8,578) ($4) ($8)
------------------------------------------------------
(486) (4) (8)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (486) (4) (8)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (262) 4 12
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (262) $4 12
------------------------------------------------------
Accumulated deferred income taxes - net 740 (4)
Accumulated deferred investment tax credits 8
Customer advances and other deferred credits ($4)
------------------------------------------------------
Total deferred credits $748
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 409>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission/
Madison Mission Eagle
Energy Capital Energy
Company L.P. Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($1)
Additional Paid in Capital $25,440
Cumulative Translation Adjustments, Net
Retained earnings 5 ($1)
------------------------------------------------------
25,445 (1) (1)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership 150,000
Long-term debt
------------------------------------------------------
Total capitalization 25,445 149,999 (1)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable stock
Short-term debt
Accounts payable 613 (149,998)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other (1)
------------------------------------------------------
Total current liabilities 613 ($149,999)
------------------------------------------------------
Accumulated deferred income taxes - net 5,296 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits 451
------------------------------------------------------
Total deferred credits 5,747 $1
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $31,805
=======================================================
</TABLE>
<PAGE 410>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Mission Energy
Construction Energy Holdings
Services, Inc. Holdings, Inc. International, Inc.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $133,131
Additional Paid in Capital 645,265
Cumulative Translation Adjustments, Net 186,695
Retained earnings ($1) ($637) 23,245
------------------------------------------------------
(1) (637) 988,336
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 1,847,424
------------------------------------------------------
Total capitalization (1) (637) 2,835,760
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 41,445
Short-term debt
Accounts payable 3,813 6,267 37,246
Accrued taxes 80,007
Accrued interest 32,859
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 3,813 6,267 191,557
------------------------------------------------------
Accumulated deferred income taxes - net 282 823,290
Accumulated deferred investment tax credits
Customer advances and other deferred credits 55,370
------------------------------------------------------
Total deferred credits 282 878,660
------------------------------------------------------
Minority interest 100,815
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $3,812 $5,912 $4,006,792
=======================================================
</TABLE>
<PAGE 411>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Energy Energy Energy
Indonesia Mexico New York, Inc.
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $200
Cumulative Translation Adjustments, Net
Retained earnings ($5) (1,142) ($41,569)
------------------------------------------------------
(5) (942) (41,569)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 17,641
------------------------------------------------------
Total capitalization (5) (942) (23,928)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 5 937 133,450
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $5 937 133,450
------------------------------------------------------
Accumulated deferred income taxes - net 5 2,302
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits $5 2,302
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $111,824
=======================================================
</TABLE>
<PAGE 412>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Mission Operations de
Wales Energy Mexico
Company Westside, Inc. S.A, de C.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $142,138
Cumulative Translation Adjustments, Net
Retained earnings 19,810 ($3)
------------------------------------------------------
161,948 (3)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 161,948 (3)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (57,536) 3
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (57,536) $3
------------------------------------------------------
Accumulated deferred income taxes - net 66,333
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 66,333
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $170,745
=======================================================
</TABLE>
<PAGE 413>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission North Northern
Triple Cycle Jackson Sierra
Systems Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $335
Cumulative Translation Adjustments, Net
Retained earnings 154 ($2) $133
------------------------------------------------------
489 (2) 133
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 489 (2) 133
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (313) 2 (133)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (313) $2 ($133)
------------------------------------------------------
Accumulated deferred income taxes - net (176)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits ($176)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 414>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Ortega Panther Paradise
Energy Timber Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $966
Cumulative Translation Adjustments, Net
Retained earnings ($6) 254 ($57)
------------------------------------------------------
(6) 1,220 (57)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (6) 1,220 (57)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 6 (766) (3,925)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $6 (766) (3,925)
------------------------------------------------------
Accumulated deferred income taxes - net (454) 3,982
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits ($454) $3,982
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
=======================================================
</TABLE>
<PAGE 415>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pleasant Prince Quartz
Valley George Peak
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $119 $11,508 $9,278
Cumulative Translation Adjustments, Net
Retained earnings (798) (69) (671)
------------------------------------------------------
(679) 11,439 8,607
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (679) 11,439 8,607
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 2,660 1,778 1,258
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 2,660 1,778 1,258
------------------------------------------------------
Accumulated deferred income taxes - net 778 3,172 2,714
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 778 3,172 2,714
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,759 $16,389 $12,579
=======================================================
</TABLE>
<PAGE 416>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Rapidan Reeves Bay Ridgecrest
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $1,976 $788
Cumulative Translation Adjustments, Net
Retained earnings (1,504) (671) ($8)
------------------------------------------------------
472 117 (8)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 472 117 (8)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,890 (117) 12
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,890 ($117) 12
------------------------------------------------------
Accumulated deferred income taxes - net (1,441) (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 9
------------------------------------------------------
Total deferred credits (1,432) ($4)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $930
=======================================================
</TABLE>
<PAGE 417>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Rio San
Escondido Riverport Gabriel
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $21,615 $332
Cumulative Translation Adjustments, Net
Retained earnings (3,061) 75 ($1,455)
------------------------------------------------------
18,554 407 (1,455)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 18,554 407 (1,455)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (387) (459) 1,464
Accrued taxes 3,365
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 2,978 (459) 1,464
------------------------------------------------------
Accumulated deferred income taxes - net 886 52 26
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 886 $52 26
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $22,418 $35
=======================================================
</TABLE>
<PAGE 418>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
San Joaquin San Juan San Pedro
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $3,000 $4,942
Cumulative Translation Adjustments, Net
Retained earnings 2,779 3,664 ($8)
------------------------------------------------------
5,779 8,606 (8)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 387,213
------------------------------------------------------
Total capitalization 392,992 8,606 (8)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 32,997
Short-term debt
Accounts payable (402,419) 2,210 12
Accrued taxes
Accrued interest 8,740
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 6
------------------------------------------------------
Total current liabilities (360,676) 2,210 12
------------------------------------------------------
Accumulated deferred income taxes - net 12,706 2,143 (4)
Accumulated deferred investment tax credits 2,862
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 15,568 2,143 ($4)
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $47,884 $12,959
=======================================================
</TABLE>
<PAGE 419>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Santa Ana Santa Clara Silverado
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $2,910
Cumulative Translation Adjustments, Net
Retained earnings ($8) ($6) 1,398
------------------------------------------------------
(8) (6) 4,308
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (8) (6) 4,308
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 12 6 2,337
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 12 $6 2,337
------------------------------------------------------
Accumulated deferred income taxes - net (4) 230
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits ($4) 230
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $6,875
=======================================================
</TABLE>
<PAGE 420>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Silver
Springs Sonoma South Coast
Energy Geothermal Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $5,000
Additional Paid in Capital $5,511 (2,930)
Cumulative Translation Adjustments, Net
Retained earnings ($5) (1,718) 4,705
------------------------------------------------------
(5) 3,793 6,775
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (5) 3,793 6,775
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 5 3,734 1,552
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 50
------------------------------------------------------
Total current liabilities $5 3,734 1,602
------------------------------------------------------
Accumulated deferred income taxes - net (1,272) 2,609
Accumulated deferred investment tax credits 24 684
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (1,248) 3,293
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $6,279 $11,670
=======================================================
</TABLE>
<PAGE 421>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Sierra Thorofare Viejo
Energy Energy Energy
Company Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $15,000
Additional Paid in Capital (9,543) $3,255
Cumulative Translation Adjustments, Net
Retained earnings 4,145 ($2) (203)
------------------------------------------------------
9,602 (2) 3,052
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 387,213
------------------------------------------------------
Total capitalization 396,815 (2) 3,052
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 32,997
Short-term debt
Accounts payable (391,305) (24) 5,136
Accrued taxes
Accrued interest 8,740
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 11
------------------------------------------------------
Total current liabilities (349,557) (24) 5,136
------------------------------------------------------
Accumulated deferred income taxes - net 9,842 26 785
Accumulated deferred investment tax credits 3,932
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 13,774 $26 785
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $61,032 $8,973
=======================================================
</TABLE>
<PAGE 422>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Western
Vista Sierra
Energy Energy
Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock $21,000
Additional Paid in Capital $13,380 (12,393)
Cumulative Translation Adjustments, Net
Retained earnings (1,348) 1,668
------------------------------------------------------
12,032 10,275
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt 975 387,214
------------------------------------------------------
Total capitalization 13,007 397,489
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 941 32,997
Short-term debt
Accounts payable (12,841) (375,834)
Accrued taxes
Accrued interest 8,740
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 666 14
------------------------------------------------------
Total current liabilities (11,234) (334,083)
------------------------------------------------------
Accumulated deferred income taxes - net 3,733 13,366
Accumulated deferred investment tax credits 4,108
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 3,733 17,474
------------------------------------------------------
Minority interest
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $5,506 $80,880
=======================================================
</TABLE>
<PAGE 423>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Consolidating Energy
Energy Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $64,248 ($183,049) $64,130
Additional Paid in Capital 636,790 (1,079,921) 629,406
Cumulative Translation Adjustments, Net 7,312 (74) 30,446
Retained earnings 95,115 (120,987) 102,620
------------------------------------------------------
803,465 (1,384,031) 826,602
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership 150,000
Long-term debt 277,116 (1,626,854) 2,454,121
------------------------------------------------------
Total capitalization 1,080,581 (3,010,885) 3,430,723
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (131,988) 75,383
Short-term debt
Accounts payable 325,745 1,268,629 38,446
Accrued taxes 8,199 91,596
Accrued interest 1,028 34,960 42,627
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 102,229 12,903 122,671
------------------------------------------------------
Total current liabilities 437,201 1,114,584 370,723
------------------------------------------------------
Accumulated deferred income taxes - net (36,232) (527,797) 462,513
Accumulated deferred investment tax credits (2,732) (2,341) 23,957
Customer advances and other deferred credits 20,580 610,777 688,127
------------------------------------------------------
Total deferred credits (18,384) 80,639 1,174,597
------------------------------------------------------
Minority interest (91,713) 9,102
-------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,499,398 $1,907,375 $4,985,145
=======================================================
</TABLE>
<PAGE 424>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Aguila Anacapa Arrowhead
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations ($2,627) $1,606
-----------------------------------------------------
Total operating revenue (2,627) 1,606
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1,105 2,221
Maintenance
Depreciation and decommissioning 68
Income taxes (1,788) (292) $3
Property and other taxes
------------------------------------------------------
Total operating expenses (683) 1,997 3
------------------------------------------------------
Operating income (1,944) (391) (3)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 6
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net 6
------------------------------------------------------
Income before interest and
other expenses (1,944) (391) 3
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1,944) (391) 3
Retained Earnings - beginning of year (4,830) (38) 11
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($6,774) ($429) $14
======================================================
</TABLE>
<PAGE 425>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Bergen Blue
Balboa Point Ridge
Energy Energy Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $84
-----------------------------------------------------
Total operating revenue 84
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,210
Maintenance
Depreciation and decommissioning 14
Income taxes (884) $1
Property and other taxes
------------------------------------------------------
Total operating expenses 1,340 1
------------------------------------------------------
Operating income (1,256) (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1,256) (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1,256) (1)
Retained Earnings - beginning of year ($8) (1,907) (7)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($8) ($3,163) ($8)
======================================================
</TABLE>
<PAGE 426>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Bretton
Woods Camino Capistrano
Energy Energy Cogeneration
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $37,650 $5,063
-----------------------------------------------------
Total operating revenue 37,650 5,063
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,279 2,210
Maintenance
Depreciation and decommissioning 688 8
Income taxes 1,839 1,000
Property and other taxes
------------------------------------------------------
Total operating expenses 4,806 3,218
------------------------------------------------------
Operating income 32,844 1,845
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 26,157
Minority interest
Taxes on nonoperating income (10,191)
Other nonoperating income - net (420)
------------------------------------------------------
Total other income (deductions) - net 15,546
------------------------------------------------------
Income before interest and
other expenses 48,390 1,845
------------------------------------------------------
Interest on long-term debt 31,220
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net 31,220
------------------------------------------------------
NET INCOME 17,170 1,845
Retained Earnings - beginning of year $66 43,985 329
Deduct - Dividend on Common Stock and Other (61,979) 1
------------------------------------------------------
Retained Earnings - end of year $66 ($824) $2,175
======================================================
</TABLE>
<PAGE 427>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Centerport Chesapeake Chester
Energy Bay Energy Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1
Property and other taxes
------------------------------------------------------
Total operating expenses 1
------------------------------------------------------
Operating income (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income $1,005
Other nonoperating income - net (2,539)
------------------------------------------------------
Total other income (deductions) - net (1,534)
------------------------------------------------------
Income before interest and
other expenses (1) (1,534)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1,534)
Retained Earnings - beginning of year 49 15 ($141)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year $48 ($1,519) ($141)
======================================================
</TABLE>
<PAGE 428>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Clayville Colonial Coronado
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1 $1
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1
------------------------------------------------------
Operating income (1) (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1)
Retained Earnings - beginning of year (4) ($3) (4)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($5) ($3) ($5)
======================================================
</TABLE>
<PAGE 429>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Crescent
Valley Del Mar Delaware
Energy Energy Energy
Company Company Conservers, Inc.
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $894 $1,170
-----------------------------------------------------
Total operating revenue 894 1,170
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,217 2,218
Maintenance
Depreciation and decommissioning 14
Income taxes (779) (429)
Property and other taxes
------------------------------------------------------
Total operating expenses 1,438 1,803
------------------------------------------------------
Operating income (544) (633)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (544) (633)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (544) (633)
Retained Earnings - beginning of year 6,998 793 ($1)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year $6,454 $160 ($1)
======================================================
</TABLE>
<PAGE 430>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Desert Eastern
Sunrise Devereaux Sierra
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C>
Electric utility revenue
Diversified operations ($2,469) $4,334
-----------------------------------------------------
Total operating revenue (2,469) 4,334
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1,105 2,210
Maintenance
Depreciation and decommissioning 204
Income taxes $1 (1,679) 634
Property and other taxes
------------------------------------------------------
Total operating expenses 1 (574) 3,048
------------------------------------------------------
Operating income (1) (1,895) 1,286
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income (29)
Other nonoperating income - net 72
------------------------------------------------------
Total other income (deductions) - net 43
------------------------------------------------------
Income before interest and
other expenses (1) (1,895) 1,329
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1,895) 1,329
Retained Earnings - beginning of year (3) (5,114) 1,452
Deduct - Dividend on Common Stock and Other 1 (1,081)
------------------------------------------------------
Retained Earnings - end of year ($4) ($7,008) $1,700
======================================================
</TABLE>
<PAGE 431>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Edison Edison
East Maine Mission Mission
Energy Energy Fuel Energy
Company Consolidated Funding Corp.
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $35,110
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 4,620
Maintenance
Depreciation and decommissioning 7,121
Income taxes 4,642
Property and other taxes
------------------------------------------------------
Total operating expenses 16,383
------------------------------------------------------
Operating income 18,727
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income $31,230
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net 31,230
------------------------------------------------------
Income before interest and
other expenses 18,727 31,230
------------------------------------------------------
Interest on long-term debt 31,230
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net $31,230
------------------------------------------------------
NET INCOME 18,727
Retained Earnings - beginning of year ($6) 3,862
Deduct - Dividend on Common Stock and Other (22,728)
------------------------------------------------------
Retained Earnings - end of year ($6) ($139)
======================================================
</TABLE>
<PAGE 432>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Operation & El Dorado
Energy Maintenance Energy
Interface Ltd. Inc. Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $48 $29,149 $177
-----------------------------------------------------
Total operating revenue 48 29,149 177
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 24,940 1,105
Maintenance
Depreciation and decommissioning 66 212
Income taxes 19 1,612 (415)
Property and other taxes 3
------------------------------------------------------
Total operating expenses 19 26,621 902
------------------------------------------------------
Operating income 29 2,528 (725)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 227
Minority interest
Taxes on nonoperating income (134) (51)
Other nonoperating income - net 112 129
------------------------------------------------------
Total other income (deductions) - net 205 78
------------------------------------------------------
Income before interest and
other expenses 29 2,733 (647)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 29 2,733 (647)
Retained Earnings - beginning of year 5,564 (7,035)
Deduct - Dividend on Common Stock and Other 7 (7,178)
------------------------------------------------------
Retained Earnings - end of year $36 $1,119 ($7,682)
======================================================
</TABLE>
<PAGE 433>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Four Hanover
Counties Energy
EMP, Gas Company
Inc. Company Consolidated
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $4,851 $1,732
-----------------------------------------------------
Total operating revenue 4,851 1,732
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,210 2,210
Maintenance
Depreciation and decommissioning 126
Income taxes 561 $1 (351)
Property and other taxes
------------------------------------------------------
Total operating expenses 2,771 1 1,985
------------------------------------------------------
Operating income 2,080 (1) (253)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 81
Minority interest
Taxes on nonoperating income (55)
Other nonoperating income - net 57 9
------------------------------------------------------
Total other income (deductions) - net 83 9
------------------------------------------------------
Income before interest and
other expenses 2,163 (1) (244)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 2,163 (1) (244)
Retained Earnings - beginning of year (16,722) (4) (18)
Deduct - Dividend on Common Stock and Other (92)
------------------------------------------------------
Retained Earnings - end of year ($14,559) ($5) ($354)
======================================================
</TABLE>
<PAGE 434>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Holtsville Indian Bay Jefferson
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1 ($1,137)
Property and other taxes
------------------------------------------------------
Total operating expenses 1 (1,137)
------------------------------------------------------
Operating income (1) 1,137
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) 1,137
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) 1,137
Retained Earnings - beginning of year (894) $40 (948)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($895) $40 $189
======================================================
</TABLE>
<PAGE 435>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Kings
Canyon Kingspark Laguna
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive) (Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1 $1 ($51)
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1 (51)
------------------------------------------------------
Operating income (1) (1) 51
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) (1) 51
------------------------------------------------------
Interest on long-term debt 133
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net 133
------------------------------------------------------
NET INCOME (1) (1) (82)
Retained Earnings - beginning of year (4) 244 (1,551)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($5) $243 ($1,633)
======================================================
</TABLE>
<PAGE 436>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
La Jolla Lake Grove Lakeview
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive) (Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1 $1 $1
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1 1
------------------------------------------------------
Operating income (1) (1) (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) (1) (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1) (1)
Retained Earnings - beginning of year (4) (508) (4)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($5) ($509) ($5)
======================================================
</TABLE>
<PAGE 437>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Lehigh
River Longview Madera
Energy Congeneration Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $2,210
Maintenance
Depreciation and decommissioning
Income taxes (935) $1
Property and other taxes
------------------------------------------------------
Total operating expenses 1,275 1
------------------------------------------------------
Operating income (1,275) (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net (1)
------------------------------------------------------
Total other income (deductions) - net (1)
------------------------------------------------------
Income before interest and
other expenses (1,276) (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1,276) (1)
Retained Earnings - beginning of year (7,302) ($4) (7)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($8,578) ($4) ($8)
======================================================
</TABLE>
<PAGE 438>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Mission/
Madison Mission Eagle
Energy Capital Energy
Company L.P. Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $2,466
-----------------------------------------------------
Total operating revenue 2,466
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1,105
Maintenance
Depreciation and decommissioning 132
Income taxes 1,485 ($5,525)
Property and other taxes
------------------------------------------------------
Total operating expenses 2,722 (5,525)
------------------------------------------------------
Operating income (256) 5,525
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 13,953
Minority interest
Taxes on nonoperating income (5,525)
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net 8,428
------------------------------------------------------
Income before interest and
other expenses (256) 13,953
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities 13,953
------------------------------------------------------
Total interest and other expenses - net 13,953
------------------------------------------------------
NET INCOME (256)
Retained Earnings - beginning of year 2,755 (1) ($1)
Deduct - Dividend on Common Stock and Other (2,494) $1
------------------------------------------------------
Retained Earnings - end of year $5 ($1)
======================================================
</TABLE>
<PAGE 439>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Mission Energy
Construction Energy Holdings
Services, Inc. Holdings,Inc. International, Inc.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $744,675
Diversified operations 35,698
-----------------------------------------------------
Total operating revenue 780,373
-----------------------------------------------------
192,325
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 144,212
Maintenance
Depreciation and decommissioning 109,682
Income taxes 22,943
Property and other taxes 18,859
------------------------------------------------------
Total operating expenses 488,021
------------------------------------------------------
Operating income 292,352
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction 23,109
Interest income (59,001)
Minority interest
Taxes on nonoperating income (8,088)
Other nonoperating income - net (6,279)
------------------------------------------------------
Total other income (deductions) - net (50,259)
------------------------------------------------------
Income before interest and
other expenses 242,093
------------------------------------------------------
167,041
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest (5)
Dividend on subsidiary preferred securities $218
------------------------------------------------------
Total interest and other expenses - net 218 167,036
------------------------------------------------------
NET INCOME (218) 75,057
Retained Earnings - beginning of year ($1) (418) 111,638
Deduct - Dividend on Common Stock and Other (1)
------------------------------------------------------
Retained Earnings - end of year ($1) ($637) $186,695
======================================================
</TABLE>
<PAGE 440>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Mission Mission Mission
Energy Energy Energy
Indonesia Mexico New York, Inc.
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations ($3,204)
-----------------------------------------------------
Total operating revenue (3,204)
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,894
Maintenance
Depreciation and decommissioning
Income taxes $1 $1 (12,051)
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1 (9,157)
------------------------------------------------------
Operating income (1) (1) 5,953
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 618
Minority interest
Taxes on nonoperating income (95)
Other nonoperating income - net (377)
------------------------------------------------------
Total other income (deductions) - net 146
------------------------------------------------------
Income before interest and
other expenses (1) (1) 6,099
------------------------------------------------------
Interest on long-term debt 23,305
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net 23,305
------------------------------------------------------
NET INCOME (1) (1) (17,206)
Retained Earnings - beginning of year (4) (1,141) (24,362)
Deduct - Dividend on Common Stock and Other (1)
------------------------------------------------------
Retained Earnings - end of year ($5) ($1,142) ($41,569)
======================================================
</TABLE>
<PAGE 441>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Mission Operations
Wales Energy de Mexico
Company Westside, Inc. S.A. de C.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $20,143
-----------------------------------------------------
Total operating revenue 20,143
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes 8,634 $1
Property and other taxes
------------------------------------------------------
Total operating expenses 8,634 1
------------------------------------------------------
Operating income 11,509 (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,073
Minority interest
Taxes on nonoperating income (425)
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net 648
------------------------------------------------------
Income before interest and
other expenses 12,157 (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 12,157 1
Retained Earnings - beginning of year 7,633 (2)
Deduct - Dividend on Common Stock and Other 20
------------------------------------------------------
Retained Earnings - end of year $19,810 ($3)
======================================================
</TABLE>
<PAGE 442>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Mission North Northern
Triple Cycle Jackson Sierra
Systems Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1 $1
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1
------------------------------------------------------
Operating income (1) (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1)
Retained Earnings - beginning of year $154 (1) 134
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year $154 ($2) $133
======================================================
</TABLE>
<PAGE 443>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Ortega Panther Paradise
Energy Timber Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
-----------------------------------------------------
Total operating revenue
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $1 $1 ($1)
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1 (1)
------------------------------------------------------
Operating income (1) (1) 1
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) (1) 1
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1) 1
Retained Earnings - beginning of year (5) 255 (58)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($6) $254 ($57)
======================================================
</TABLE>
<PAGE 444>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Pleasant Prince Quartz
Valley George Peak
Energy Energy Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations ($26) $4,040 $1,508
-----------------------------------------------------
Total operating revenue (26) 4,040 1,508
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1,105 2,210 2,283
Maintenance
Depreciation and decommissioning 614 61
Income taxes (465) 397 (406)
Property and other taxes
------------------------------------------------------
Total operating expenses 640 3,221 1,938
------------------------------------------------------
Operating income (666) 819 (430)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 121
Minority interest
Taxes on nonoperating income (3) (48)
Other nonoperating income - net 7
------------------------------------------------------
Total other income (deductions) - net 4 73
------------------------------------------------------
Income before interest and
other expenses (662) 819 (357)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (662) 819 (357)
Retained Earnings - beginning of year (136) 361 71
Deduct - Dividend on Common Stock and Other (1,249) (385)
------------------------------------------------------
Retained Earnings - end of year ($798) ($69) ($671)
======================================================
</TABLE>
<PAGE 445>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Rapidan Reeves Bay Ridgecrest
Energy Energy Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $51
-----------------------------------------------------
Total operating revenue 51
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 1,105
Maintenance
Depreciation and decommissioning 4
Income taxes (411) $1 $1
Property and other taxes
------------------------------------------------------
Total operating expenses 698 1 1
------------------------------------------------------
Operating income (647) (1) (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income (29)
Other nonoperating income - net 72
------------------------------------------------------
Total other income (deductions) - net 43
------------------------------------------------------
Income before interest and
other expenses (604) (1) (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (604) (1) (1)
Retained Earnings - beginning of year (900) (670) (7)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($1,504) ($671) ($8)
======================================================
</TABLE>
<PAGE 446>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Rio San
Escondido Riverport Gabriel
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations ($797)
-----------------------------------------------------
Total operating revenue (797)
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes $815 $1 (333)
Property and other taxes
------------------------------------------------------
Total operating expenses 815 1 (333)
------------------------------------------------------
Operating income (815) (1) (464)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 6,358
Minority interest
Taxes on nonoperating income (3,872) 99
Other nonoperating income - net 3,421 (251)
------------------------------------------------------
Total other income (deductions) - net 5,907 (152)
------------------------------------------------------
Income before interest and
other expenses 5,092 (1) (616)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 5,092 (1) (616)
Retained Earnings - beginning of year (8,153) 76 (839)
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($3,061) $75 ($1,455)
======================================================
</TABLE>
<PAGE 447>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
San Joaquin San Juan San Pedro
Energy Energy Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $12,613 $8,328
-----------------------------------------------------
Total operating revenue 12,613 8,328
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,249 2,241
Maintenance
Depreciation and decommissioning 30 90
Income taxes (8,017) 2,257 $1
Property and other taxes
------------------------------------------------------
Total operating expenses (5,738) 4,588 1
------------------------------------------------------
Operating income 18,351 3,740 (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 30,122
Minority interest
Taxes on nonoperating income (11,956)
Other nonoperating income - net 71
------------------------------------------------------
Total other income (deductions) - net 18,237
------------------------------------------------------
Income before interest and
other expenses 36,588 3,740 (1)
------------------------------------------------------
Interest on long-term debt 31,032
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net 31,032
------------------------------------------------------
NET INCOME 5,556 3,740 (1)
Retained Earnings - beginning of year 13,490 1,438 (7)
Deduct - Dividend on Common Stock and Other (16,267) (1,514)
------------------------------------------------------
Retained Earnings - end of year $2,779 $3,664 ($8)
======================================================
</TABLE>
<PAGE 448>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Santa Ana Santa Clara Silverado
Energy Energy Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $2,044
-----------------------------------------------------
Total operating revenue 2,044
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,219
Maintenance
Depreciation and decommissioning 50
Income taxes $1 $1 (98)
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1 2,171
------------------------------------------------------
Operating income (1) (1) (127)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and
other expenses (1) (1) (127)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (1) (127)
Retained Earnings - beginning of year (7) (5) 1,525
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($8) ($6) $1,398
======================================================
</TABLE>
<PAGE 449>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Silver
Springs Sonoma South Coast
Energy Geothermal Energy
Company Company Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $645 $5,094
-----------------------------------------------------
Total operating revenue 645 5,094
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,210 2,222
Maintenance
Depreciation and decommissioning 4
Income taxes $1 (670) 1,177
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1,540 3,403
------------------------------------------------------
Operating income (1) (895) 1,691
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 34
Minority interest
Taxes on nonoperating income (5) 206
Other nonoperating income - net 12 (554)
------------------------------------------------------
Total other income (deductions) - net 7 (314)
------------------------------------------------------
Income before interest and
other expenses (1) (888) 1,377
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (888) 1,377
Retained Earnings - beginning of year (4) (830) 3,328
Deduct - Dividend on Common Stock and Other
------------------------------------------------------
Retained Earnings - end of year ($5) ($1,718) $4,705
======================================================
</TABLE>
<PAGE 450>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Southern
Sierra Thorofare Viejo
Energy Energy Energy
Company Company Company
============================================================================================================
(Inactive)
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $30,387 $1,725
-----------------------------------------------------
Total operating revenue 30,387 1,725
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,264 2,222
Maintenance
Depreciation and decommissioning 58 65
Income taxes (820) $1 (240)
Property and other taxes
------------------------------------------------------
Total operating expenses 1,502 1 2,047
------------------------------------------------------
Operating income 28,885 (1) (322)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 29,300
Minority interest
Taxes on nonoperating income (11,598)
Other nonoperating income - net (9)
------------------------------------------------------
Total other income (deductions) - net 17,693
------------------------------------------------------
Income before interest and
other expenses 46,578 (1) (322)
------------------------------------------------------
Interest on long-term debt 31,095
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net 31,095
------------------------------------------------------
NET INCOME 15,483 (1) (322)
Retained Earnings - beginning of year 30,724 (1) 119
Deduct - Dividend on Common Stock and Other (42,062)
------------------------------------------------------
Retained Earnings - end of year $4,145 ($2) ($203)
======================================================
</TABLE>
<PAGE 451>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Western
Vista Sierra
Energy Energy
Company Company
============================================================================================================
(Inactive)
<S> <C> <C>
Electric utility revenue
Diversified operations $31,264
-----------------------------------------------------
Total operating revenue 31,264
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,285
Maintenance
Depreciation and decommissioning 37
Income taxes ($407) (532)
Property and other taxes
------------------------------------------------------
Total operating expenses (407) 1,790
------------------------------------------------------
Operating income 407 29,474
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 479 29,257
Minority interest
Taxes on nonoperating income (190) (11,581)
Other nonoperating income - net (11)
------------------------------------------------------
Total other income (deductions) - net 289 17,665
------------------------------------------------------
Income before interest and
other expenses 696 47,139
------------------------------------------------------
Interest on long-term debt 31,144
Other interest expense 157
Allowance for borrowed funds used during
construction
Capitalized interest
Dividend on subsidiary preferred securities
------------------------------------------------------
Total interest and other expenses - net 157 31,144
------------------------------------------------------
NET INCOME 539 15,995
Retained Earnings - beginning of year (1,887) 16,693
Deduct - Dividend on Common Stock and Other (31,020)
------------------------------------------------------
Retained Earnings - end of year ($1,348) $1,668
======================================================
</TABLE>
<PAGE 452>
<PAGE>
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(in thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Consolidating Energy
Energy Adjustments Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $744,675
Diversified operations $895 ($39,330) 230,316
-----------------------------------------------------
Total operating revenue 895 (39,330) 974,991
-----------------------------------------------------
Fuel 192,325
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 37,630 20,051 285,577
Maintenance
Depreciation and decommissioning 4,088 (20,642) 102,794
Income taxes (39,731) 58,452 28,051
Property and other taxes 94 (18,564) 392
------------------------------------------------------
Total operating expenses 2,081 39,297 609,139
------------------------------------------------------
Operating income (1,186) 78,627 365,852
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 23,571 (179,987) 35,709
Minority interest 20,143 (38,858)
Taxes on nonoperating income (10,716) 43,969 (29,312)
Other nonoperating income - net 3,491 8,101 5,113
------------------------------------------------------
Total other income (deductions) - net 16,346 (107,774) (27,348)
------------------------------------------------------
Income before interest and
other expenses 15,160 (186,401) 338,504
------------------------------------------------------
Interest on long-term debt 55,489 (178,996) 222,693
Other interest expense 157
Allowance for borrowed funds used during
construction
Capitalized interest (12,539) 5 (12,539)
Dividend on subsidiary preferred securities (1,004) 13,167
------------------------------------------------------
Total interest and other expenses - net 42,950 (179,995) 223,478
------------------------------------------------------
NET INCOME (27,790) (6,406) 115,026
Retained Earnings - beginning of year 256,174 (160,871) 262,594
Deduct - Dividend on Common Stock and Other (133,269) 46,290 (275,000)
------------------------------------------------------
Retained Earnings - end of year $95,115 $120,987 $102,620
======================================================
</TABLE>
<PAGE 453>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Bergen
Aguila Anacapa Balboa Point
Energy Energy Energy Energy
Company Company Company Company
==============================================================================
Name of Entity: American Salinas River Smithtown TEVCO/
Bituminous Cogeneration Cogeneration, Mission
Power Company L.P. Bayonne
Partners, Partnership
L.P.
<S> <C> <C> <C> <C>
Ownership Interest: 49.5% 50% 50% 50%
Nature/Purpose of Business: (a) (b) (c) (d)
Ownership Interest in (000):
Assets $79,697 $21,852 $2,488 $830
Revenue $13,115 $8,809 $78
Net Income (Loss) ($2,739) $1,489 $78
</TABLE>
(a) To own an 80 MW cogeneration facility located in Grant Town, West
Virginia.
(b) To own and operate the 38 MW cogeneration facility located in Monterey
County, California.
(c) To own and operate power production facilities.
(d) To own a limited partnership interest in the Cogen
Technologies NJ Venture.
<PAGE 454>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Bretton
Blue Ridge Woods Camino Capistrano Centerport
Energy Energy Energy Cogeneration Energy
Company Company Company Company Company
==============================================================================
Name of Entity: Bretton Woods Bretton Woods Watson James River Riverhead
Cogeneration, Cogeneration, Cogeneration Cogeneration Cogeneration
L.P. L.P. Company Company I, L.P.
<S> <C> <C> <C> <C> <C>
Ownership Interest: 50% 50% 49% 50% 50%
Nature/Purpose of Business: (e) (f) (g) (h) (I)
Ownership Interest in (000):
Assets $359 $359 $126,955 $40,036 $244
Revenue $111,373 $25,167
Net Income (Loss) $38,673 $4,681
</TABLE>
(e) To own and operate power production facilities.
(f) To own and operate power production facilities.
(g) To own and operate the 385 MW cogeneration facility at ARCO's Los Angeles
Refinery in Carson, California.
(h) To own and operate the 110 MW cogeneration facility located in Hopewell,
Chester County, Virginia.
(I) To own and operate power production facilities.
<PAGE 455>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Chesapeake Crescent
Bay Chickahominy Clayville Coronado Valley
Energy River Energy Energy Energy Energy
Company Corp. Company Company Company
==============================================================================
Name of Entity: Delaware Commonwealth Oconee Oconee Beowawe
Clean Atlantic Energy, Energy, Geothermal
Energy Limited L.P. L.P. Power
Project Partnership Company
<S> <C> <C> <C> <C> <C>
Ownership Interest: 50% 50% 50% 50% 50%
Nature/Purpose of Business: (j) (k) (l) (m) (n)
Ownership Interest in (000):
Assets $61,206 ($70)
Revenue $11,968 $2,702
Net Income (Loss) $1,669 $761
</TABLE>
(j) To own and operate power production facilities.
(k) To own a 340 MW power production facility located in Chesapeake,
Virginia.
(l) To own and operate power production facilities.
(m) To own and operate power production facilities.
(n) To own and operate the 15 MW geothermal facility at the Beowawe
Known Geothermal Resource Area of Eureka and Lander County, Nevada.
<PAGE 456>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Eastern Edison Edison
Del Mar Devereaux Sierra Mission Mission
Energy Energy Energy Energy Energy
Company Company Company Interface Ltd. Oil & Gas
==============================================================================
Name of Entity: Mid-Set Auburndale Saguaro Mission Four Star
Cogeneration Power Power Interface Oil & Gas
Company Partners, L.P. Company, L.P. Partnership Company
<S> <C> <C> <C> <C> <C>
Ownership Interest: 50% 49% 50% 50% 46.85%
Nature/Purpose of Business: (o) (p) (q) (r) (s)
Ownership Interest in (000):
Assets $12,284 $78,634 $52,940 $352 $243,854
Revenue $9,253 $24,548 $24,304 $44 $130,712
Net Income (Loss) $1,124 ($2,317) $4,130 $49 $35,138
</TABLE>
(o) To own and operate the 38 MW cogeneration facility located in Kern
County, California.
(p) To own and operate a 150 MW power production facility located in
Florida.
(q) To own and operate the 90 MW cogeneration facility located in
Henderson, Nevada.
(r) To own and operate power production facilities.
(s) To own an interest in the common stock of a domestic oil and gas
exploration and production company.
PAGE 457
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
(1)
GEO
El Dorado East Mesa Holtsville Indian Bay
Energy EMP, Limited Energy Energy
Company Inc. Partnership Company Company
==============================================================================
Name of Entity: Auburndale GEO GEO Brookhaven Riverhead
Power East Mesa East Mesa Cogeneration Cogeneration
Partners, Limited Electric L.P. III, L.P.
L.P. Partnership Company
(1)
<S> <C> <C> <C> <C> <C>
Ownership Interest: 1% 50% 100% 50% 50%
Nature/Purpose of Business: (t) (u) (v) (w) (x)
Ownership Interest in (000):
Assets $1,605 $31,271 $533 $1,294 $216
Revenue $501 $23,869 $30
Net Income (Loss) ($47) $2,259 ($57)
</TABLE>
(t) To own and operate a 150 MW power production facility located in Florida.
(u) To own and operate geothermal facilities (40 MW) located near Holtsville
in Imperial Valley, California.
(v) To own and operate a geothermal facility located near Holtsville in
Imperial Valley, California.
(w) To own and operate power production facilities.
(x) To own and operate power production facilities.
<PAGE 458>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Kingspark Lakeview Madera Madison Mission
Energy Energy Energy Energy Energy
Company Company Company Company New York, Inc.
==============================================================================
Name of Entity: Smithtown Georgia Brookhaven Gordonsville Brooklyn
Cogeneration, Peaker, Cogeneration, Energy, Navy Yard
L.P. L.P. L.P. L.P. Cogeneration
Partners, L.P.
<S> <C> <C> <C> <C> <C>
Ownership Interest: 50% 50% 50% 49% 50%
Nature/Purpose of Business: (y) (z) (aa) (ab) (ac)
Ownership Interest in (000):
Assets $2,488 $1,294 $101,392 $268,461
Revenue $15,532 $51,801
Net Income (Loss) ($991) ($13,496)
</TABLE>
(y) To own and operate power production facilities.
(z) To own and operate power production facilities.
(aa) To own and operate power production facilities.
(ab) To own and operate a 240 MW cogeneration facility
located in Gordonsville, Virginia.
(ac) To own and operate the 286 MW power production facility
located near the Brooklyn Bridge in NY.
<PAGE 459>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Mission Northern Pleasant
Triple Cycle Sierra Panther Valley
Systems Energy Timber Energy
Company Company Company Company
==============================================================================
Name of Entity: Triple Cycle Sobel American American
Partnership, Cogeneration Kiln Bituminous
a Texas G.P. Company Partners, L.P. Power
Partners, L.P.
<S> <C> <C> <C> <C>
Ownership Interest: 50% 50% 2% 0.5%
Nature/Purpose of Business: (ad) (ae) (af) (ag)
Ownership Interest in (000):
Assets $805
Revenue $132
Net Income (Loss) ($28)
</TABLE>
(ad) To own 25% interest in a partnership that has rights
to a proprietary technology.
(ae) Currently is inactive.
(af) Currently is inactive.
(ag) To own and operate the 80 MW cogeneration facility located
in Grant Town, West Virginia.
PAGE 460
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Prince Prince (2) Quartz
George George Hopewell Peak Rapidan
Energy Energy Cogeneration. Energy Energy
Company Company Inc. Company Company
==============================================================================
Name of Entity: Hopewell Hopewell Hopewell Nevada Gordonsville
Cogeneration Cogeneration, Cogeneration Sun-Peak Energy,
Limited Inc. Limited Limited L.P.
Partnership (2) Partnership Partnership
<S> <C> <C> <C> <C> <C>
Ownership Interest: 24.75% 25% 1% 50% 1%
Nature/Purpose of Business: (ah) (ai) (aj) (ak) (al)
Ownership Interest in (000):
Assets $41,889 $423 $1,692 $31,066 $2,069
Revenue $13,480 $136 $545 $6,451 $317
Net Income (Loss) $3,983 $40 $161 $1,420 ($20)
</TABLE>
(ah) To own and operate a 356 MW cogeneration facility located in
Chester County, Virginia.
(ai) To own and operate a 356 MW cogeneration facility located in
Chester County, Virginia.
(aj) To own and operate a 356 MW cogeneration facility located in
Chester County, Virginia.
(ak) To own 50% of the 210 MW independent power production plant
located near Las Vegas, Nevada.
(al) To own and operate a 240 MW cogeneration facility located in
Gordonsville, Virginia.
<PAGE 461>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Reeves Bay Ridgecrest Riverport San Joaquin San Juan
Energy Energy Energy Energy Energy
Company Company Company Company Company
==============================================================================
Name of Entity: North Shore Riverhead Riverhead Midway-Sunset March Point
Energy, L.P. Cogeneration Cogeneration Cogeneration Cogeneration
I, L.P. II, L.P. Company Company
<S> <C> <C> <C> <C> <C>
Ownership Interest: 50% 50% 50% 50% 50%
Nature/Purpose of Business: (am) (an) (ao) (ap) (aq)
Ownership Interest in (000):
Assets $865 $244 $316 $59,658 $66,521
Revenue $41,463 $37,457
Net Income (Loss) $12,050 $8,400
</TABLE>
(am) To own and operate power production facilities.
(an) To own and operate power production facilities.
(ao) To own and operate power production facilities.
(ap) To own and operate the 225 MW cogeneration facility
located near Taft in Kern County, California.
(aq) To own and operate the 140 MW cogeneration facility
located in Anacortes, Washington.
PAGE 462
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
San Pedro Santa Ana Santa Clara Silverado
Energy Energy Energy Energy
Company Company Company Company
==============================================================================
Name of Entity: Riverhead Riverhead North Shore Coalinga
Cogeneration Cogeneration Energy, L.P. Cogeneration
II, L.P. III, L.P. Company
<S> <C> <C> <C>
Ownership Interest: 50% 50% 50% 50%
Nature/Purpose of Business: (ar) (as) (at) (au)
Ownership Interest in (000):
Assets $316 $216 $865 $18,247
Revenue $9,841
Net Income (Loss) $2,131
</TABLE>
(ar) To own and operate power production facilities.
(as) To own and operate power production facilities.
(at) To own and operate power production facilities.
(au) To own and operate the 38 MW cogeneration facility
located in Fresno County, California.
<PAGE 463>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Silver Southern
Springs Sonoma South Coast Sierra
Energy Geothermal Energy Energy
Company Company Company Company
==============================================================================
Name of Entity: Georgia Geothermal Harbor Kern River
Peaker, Energy Cogeneration Cogeneration
L.P. Partners, Company Company
Ltd.
<S> <C> <C> <C> <C>
Ownership Interest: 50% 5% 30% 50%
Nature/Purpose of Business: (av) (aw) (ax) (ay)
Ownership Interest in (000):
Assets $3,182 $14,405 $67,459
Revenue $1,250 $16,158 $88,448
Net Income (Loss) $460 4,995 $30,434
</TABLE>
(av) To own and operate power production facilities.
(aw) To own and operate the 20 MW geothermal facility located
in Cloverdale, California.
(ax) To own and operate the 80 MW cogeneration facility at the
Wilmington Oil Field located in Los Angeles,
California.
(ay) To own and operate the 300 MW Kern River ("Omar Hill")
cogeneration facility at Texaco's Kern River Oil
Field located near Bakersfield, California.
<PAGE 464>
<PAGE>
Edison Mission Energy and Subsidiaries
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Southern Western
Sierra Viejo Sierra Edison
Gas Energy Energy Mission
Company Company Company Energy
==============================================================================
Name of Entity: TM Star Sargent Sycamore N/A
Fuel Canyon Cogeneration
Company Cogeneration Company
Company
<S> <C> <C> <C> <C>
Ownership Interest: 50% 50% 50% N/A
Nature/Purpose of Business: (az) (ba) (bb) (bc)
Ownership Interest in (000):
Assets $964 $21,953 $89,557 $4,749
Revenue $9,381 $8,935 $89,864
Net Income (Loss) $995 $1,618 $30,032
</TABLE>
(az) To own an 50% interest in a domestic oil and gas exploration and
production company.
(ba) To own and operate the 38 MW cogeneration facility located in
Monterey County, California.
(bb) To own and operate the 300 MW cogeneration facility located at
Texaco's Kern River Oil Field near Bakersfield, California.
(bc) Represents goodwill resulting from the acquisition of an entity
having a partnership interest as its sole asset. The goodwill
is being amortized over a twenty-seven year period.
N/A Not Applicable
<PAGE 465>
<PAGE>
Hanover Energy Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Chickahominy Hanover
River Energy Consolidating
Energy Corp. Company Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
----------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $10,958 $5,456 ($5,456)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 10,958 5,456 (5,456)
----------------------------------------------------
Cash and equivalents 34
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 136
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
----------------------------------------------------
Total current assets 170
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
----------------------------------------------------
Total deferred charges
----------------------------------------------------
TOTAL ASSETS $11,128 $5,456 ($5,456)
====================================================
</TABLE>
PAGE 466
<PAGE>
Hanover Energy Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hanover
Energy
Company
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
----------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $10,958
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 10,958
----------------------------------------------------
Cash and equivalents 34
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 136
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
----------------------------------------------------
Total current assets 170
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
----------------------------------------------------
Total deferred charges
----------------------------------------------------
TOTAL ASSETS $11,128
====================================================
</TABLE>
<PAGE 467>
<PAGE>
Hanover Energy Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Chickhominy Hanover
River Energy Consolidating
Energy Corp. Company Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $5,810 $5,482 ($5,482)
Retained earnings (354) (28) 28
-----------------------------------------------------
5,456 5,454 (5,454)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
-----------------------------------------------------
Total capitalization 5,456 5,454 (5,454)
-----------------------------------------------------
Other long-term liabilities
-----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,331 2 (2)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
-----------------------------------------------------
Total current liabilities 1,331 2 (2)
-----------------------------------------------------
Accumulated deferred income taxes - net 4,341
Accumulated deferred investment tax credits
Customer advances and other deferred credits
-----------------------------------------------------
Total deferred credits 4,341
-----------------------------------------------------
Minority interest
-----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $11,128 $5,456 ($5,456)
=====================================================
</TABLE>
<PAGE 468>
<PAGE>
Hanover Energy Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hanover
Energy
Company
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $5,810
Retained earnings (354)
-----------------------------------------------------
5,456
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
-----------------------------------------------------
Total capitalization 5,456
-----------------------------------------------------
Other long-term liabilities
-----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,331
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
-----------------------------------------------------
Total current liabilities 1,331
-----------------------------------------------------
Accumulated deferred income taxes - net 4,341
Accumulated deferred investment tax credits
Customer advances and other deferred credits
-----------------------------------------------------
Total deferred credits 4,341
-----------------------------------------------------
Minority interest
-----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $11,128
=====================================================
</TABLE>
<PAGE 469>
<PAGE>
Hanover Energy Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Chickhominy Hanover
River Energy Consolidating
Energy Corp. Company Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $1,732
-----------------------------------------------------
Total operating revenue 1,732
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,210
Maintenance
Depreciation and decommissioning 126
Income taxes (351) $1 ($1)
Property and other taxes
-----------------------------------------------------
Total operating expenses 1,985 1 (1)
-----------------------------------------------------
Operating income (253) (1) 1
-----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net 9
-----------------------------------------------------
Total other income (deductions) - net 9
-----------------------------------------------------
Income before interest and other expenses (244) (1) 1
-----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred securities
-----------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------
NET INCOME (244) (1) 1
Retained Earnings - beginning of year (18) 683 (683)
Dividends declared on common stock (92) (710) 710
-----------------------------------------------------
Retained Earnings - end of year ($354) ($28) $28
=====================================================
</TABLE>
<PAGE 470>
<PAGE>
Hanover Energy Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hanover
Energy
Company
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue
Diversified operations $1,732
-----------------------------------------------------
Total operating revenue 1,732
-----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,210
Maintenance
Depreciation and decommissioning 126
Income taxes (351)
Property and other taxes
-----------------------------------------------------
Total operating expenses 1,985
-----------------------------------------------------
Operating income (253)
-----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net 9
-----------------------------------------------------
Total other income (deductions) - net 9
-----------------------------------------------------
Income before interest and other expenses (244)
-----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred securities
-----------------------------------------------------
Total interest and other expenses - net
-----------------------------------------------------
NET INCOME (244)
Retained Earnings - beginning of year (18)
Dividends declared on common stock (92)
-----------------------------------------------------
Retained Earnings - end of year ($354)
=====================================================
</TABLE>
<PAGE 471>
<PAGE>
Mission Energy Fuel Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Mission Mission Mission
Energy Energy Energy
Oil & Gas Petroleum Fuel
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $66,919 $69,228
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 66,919 69,228
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $66,919 $69,228
======================================================
</TABLE>
<PAGE 472>
<PAGE>
Mission Energy Fuel Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Pocono Sierra
Fuels Gas
Company Company
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $182
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 182
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $182
======================================================
</TABLE>
<PAGE 473>
<PAGE>
Mission Energy Fuel Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Consolidating Energy Fuel
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
------------------------------------------------------
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($69,228) $67,101
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (69,228) 67,101
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Regulatory balancing accounts - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS ($69,228) $67,101
======================================================
</TABLE>
<PAGE 474>
<PAGE>
Mission Energy Fuel Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Mission Mission Mission
Energy Energy Energy
Oil & Gas Petroleum Fuel
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $67,730 $39,013
Retained earnings (1,153) ($5) 31,664
------------------------------------------------------
66,577 (5) 70,677
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 66,577 (5) 70,677
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 3,245 (3,740)
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 1,211
------------------------------------------------------
Total current liabilities 4,456 (3,740)
------------------------------------------------------
Accumulated deferred income taxes - net (4,114) 5 2,291
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (4,114) 5 2,291
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $66,919 $69,228
======================================================
</TABLE>
<PAGE 475>
<PAGE>
Mission Energy Fuel Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Pocono Sierra
Fuels Gas
Company Company
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $1,637
Retained earnings 542 $477
------------------------------------------------------
2,179 477
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization 2,179 477
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (2,742) 262
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (2,742) 262
------------------------------------------------------
Accumulated deferred income taxes - net 563 (557)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits $563 (557)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $182
======================================================
</TABLE>
<PAGE 476>
<PAGE>
Mission Energy Fuel Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Consolidating Energy Fuel
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital ($39,013) $69,367
Retained earnings (31,664) (139)
------------------------------------------------------
(70,677) 69,228
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Preferred Stock of Limited Partnership
Long-term debt
------------------------------------------------------
Total capitalization (70,677) 69,228
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 3,740 765
Accrued taxes
Accrued interest
Dividends payable
Accumulated deferred income taxes - net
Deferred unbilled revenue and other 1,211
------------------------------------------------------
Total current liabilities 3,740 1,976
------------------------------------------------------
Accumulated deferred income taxes - net (2,291) (4,103)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (2,291) (4,103)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($69,228) $67,101
======================================================
</TABLE>
<PAGE 477>
<PAGE>
Mission Energy Fuel Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Mission Mission Mission
Energy Energy Energy
Oil & Gas Petroleum Fuel
============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $34,129
------------------------------------------------------
Total operating revenue 34,129
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,410
Maintenance
Depreciation and decommissioning 7,121
Income taxes 5,181 $1
Property and other taxes
------------------------------------------------------
Total operating expenses 14,712 1
------------------------------------------------------
Operating income 19,417 (1)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses 19,417 (1)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 19,417 (1)
Retained Earnings - beginning of year 2,158 (4) $32,155
Dividends declared on common stock (22,728) (491)
-----------------------------------------------------
Retained Earnings - end of year ($1,153) ($5) $31,664
======================================================
</TABLE>
<PAGE 478>
<PAGE>
Mission Energy Fuel Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Southern
Pocono Sierra
Fuels Gas
Company Company
============================================================================================================
(Inactive)
<S> <C> <C>
Electric utility revenue
Diversified operations $981
------------------------------------------------------
Total operating revenue 981
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,210
Maintenance
Depreciation and decommissioning
Income taxes $1 (541)
Property and other taxes
------------------------------------------------------
Total operating expenses 1 1,669
------------------------------------------------------
Operating income (1) (688)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses (1) (688)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (1) (688)
Retained Earnings - beginning of year 542 1,166
Dividends declared on common stock 1 (1)
-----------------------------------------------------
Retained Earnings - end of year $542 $477
======================================================
</TABLE>
<PAGE 479>
<PAGE>
Mission Energy Fuel Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Consolidating Energy Fuel
Adjustments Consolidated
============================================================================================================
<S> <C> <C>
Electric utility revenue
Diversified operations $35,110
------------------------------------------------------
Total operating revenue 35,110
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 4,620
Maintenance
Depreciation and decommissioning 7,121
Income taxes 4,642
Property and other taxes
------------------------------------------------------
Total operating expenses 16,383
------------------------------------------------------
Operating income 18,727
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other nonoperating income - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses 18,727
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 18,727
Retained Earnings - beginning of year ($32,155) 3,862
Dividends declared on common stock 491 (22,728)
-----------------------------------------------------
Retained Earnings - end of year ($31,664) ($139)
======================================================
</TABLE>
<PAGE 480>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission Loy Edison
Energy Yang Mission
Asia Holdings Energy
Pte Ltd Pty. Ltd. International
Consolidated Consolidated B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $945 $563
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 65,096 2,408
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 66,041 2,971
-----------------------------------------------------
Cash and equivalents 2,491 3,961 $50
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,039 23
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 296 60
-----------------------------------------------------
Total current assets 3,826 4,044 50
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 638 405
-----------------------------------------------------
Total deferred charges 638 405
-----------------------------------------------------
TOTAL ASSETS $70,505 $7,420 $50
=====================================================
</TABLE>
<PAGE 481>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian
Hydro Hy-Power
EME Energy Amsterdam
Victoria B.V. B.V.
B.V. Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $119,269 $132,231
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 9
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 119,278 132,231
-----------------------------------------------------
Cash and equivalents $5 6,372 6,685
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469 1,469
-----------------------------------------------------
Total current assets 5 13,195 13,508
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812 8,573
-----------------------------------------------------
Total deferred charges 6,812 8,573
-----------------------------------------------------
TOTAL ASSETS $5 $139,285 $154,312
=====================================================
</TABLE>
<PAGE 482>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe MEC
Power Esenyurt MEC
Pty. Ltd. B.V. IES
Consolidated Consolidated B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $85,169
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $6
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 734,592 85,169 6
-----------------------------------------------------
Cash and equivalents 4,446 270 11
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 4,206 317
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 137
-----------------------------------------------------
Total current assets 8,812 724 11
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 7,036
-----------------------------------------------------
Total deferred charges 6,230 7,036
-----------------------------------------------------
TOTAL ASSETS $749,634 $92,929 $17
=====================================================
</TABLE>
<PAGE 483>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Indo MEC
India Coal Indonesia
B.V. B.V. B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $22,306 $125,694
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 22,306 125,694
-----------------------------------------------------
Cash and equivalents $44 503 30
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1
-----------------------------------------------------
Total current assets 45 503 30
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 99 1,001
-----------------------------------------------------
Total deferred charges 99 1,001
-----------------------------------------------------
TOTAL ASSETS $45 $22,908 $126,725
=====================================================
</TABLE>
<PAGE 484> <PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
International MEC
Holdings Laguna MEC
B.V. Power Perth
Consolidated B.V. B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $83,611
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5,354 $1,566
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 5,354 1,566 83,611
-----------------------------------------------------
Cash and equivalents 35 3,570
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,389
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 16
-----------------------------------------------------
Total current assets 35 5,975
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 15 7,373
-----------------------------------------------------
Total deferred charges 15 7,373
-----------------------------------------------------
TOTAL ASSETS $5,389 $1,581 $96,959
=====================================================
</TABLE>
<PAGE 485> <PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
Priolo San Pascual Sidi Krir
B.V. B.V. B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15,650 $115
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 15,650 115
-----------------------------------------------------
Cash and equivalents 1,086 $19
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
-----------------------------------------------------
Total current assets 1,086 19
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 112
-----------------------------------------------------
Total deferred charges 112
-----------------------------------------------------
TOTAL ASSETS $16,848 $115 $19
=====================================================
</TABLE>
<PAGE 486>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
MEC Energy
MEC Wales Company
Sumatra B.V. (UK) Limited
B.V. Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085 $175,948
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) 26,231
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 1,624,670 202,179
-----------------------------------------------------
Cash and equivalents $17 97,009 59,641
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749 14,884
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,998 384
-----------------------------------------------------
Total current assets 17 150,756 74,909
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 322,861 5,974
-----------------------------------------------------
Total deferred charges 322,861 5,974
-----------------------------------------------------
TOTAL ASSETS $17 $2,098,287 $283,062
=====================================================
</TABLE>
<PAGE 487>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Pride Traralgon
Energy Hold Power
Italia Limited Pty. Ltd.
s.r.l. Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $210 $174,677
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $93,030
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 210 174,677 93,030
-----------------------------------------------------
Cash and equivalents 94 48,632
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 879 14,185
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 44 (519)
-----------------------------------------------------
Total current assets 1,017 62,298
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 53 (15,415)
-----------------------------------------------------
Total deferred charges 53 (15,415)
-----------------------------------------------------
TOTAL ASSETS $1,280 $221,560 $93,030
=====================================================
</TABLE>
<PAGE 488>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC International
International Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $2,402 ($286,266) $2,935,436
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 929,969 (1,029,192) 170,827
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 932,371 (1,315,458) 3,106,263
-----------------------------------------------------
Cash and equivalents 279,077 (60,059) 453,989
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 60 (19,539) 76,900
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (951) 8,564
-----------------------------------------------------
Total current assets 279,137 (80,549) 539,453
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 704 8,605 361,076
-----------------------------------------------------
Total deferred charges 704 8,605 361,076
-----------------------------------------------------
TOTAL ASSETS $1,212,212 ($1,387,402) $4,006,792
=====================================================
</TABLE>
<PAGE 489>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission Edison
Energy Loy Yang Mission
Asia Holdings Energy
Pte Ltd Pty. Ltd. International
Consolidated Consolidated B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $41,000 $55
Additional Paid in Capital 22,945
Cumulative Translation Adjustments, Net (136) ($1,459)
Retained earnings 4,138 11,476 (10)
----------------------------------------------------
67,947 10,017 45
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 3,584
----------------------------------------------------
Total capitalization 67,947 13,601 45
----------------------------------------------------
Other long-term liabilities 68
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1,241 (8,290) 7
Accrued taxes 1,039 2,528 (2)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 2,280 (5,762) 5
----------------------------------------------------
Accumulated deferred income taxes - net 195 (419)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 195 (419)
----------------------------------------------------
Minority interest 15
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $70,505 $7,420 $50
====================================================
</TABLE>
<PAGE 490>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian
Hydro Hy-Power
EME Energy Amsterdam
Victoria B.V. B.V.
B.V. Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $21 $25 ($500)
Additional Paid in Capital 8,938
Cumulative Translation Adjustments, Net (2,744) (2,744)
Retained earnings (3) (5,828) (6,837)
----------------------------------------------------
18 (8,547) (1,143)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 132,837 140,035
----------------------------------------------------
Total capitalization 18 124,290 138,892
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172 8,183
Short-term debt
Accounts payable (12) 3,459 3,737
Accrued taxes (1) 546 682
Accrued interest 242 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities (13) 12,419 12,844
----------------------------------------------------
Accumulated deferred income taxes - net 2,339 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 2,339 2,339
----------------------------------------------------
Minority interest 237 237
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $5 $139,285 $154,312
====================================================
</TABLE>
PAGE 491
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe MEC
Power Esenyurt MEC
Pty. Ltd. B.V. IES
Consolidated Consolidated B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125) $30 $25
Additional Paid in Capital 78,353 15,976
Cumulative Translation Adjustments, Net (36,073) (251)
Retained earnings 18,412 86 (47)
----------------------------------------------------
17,567 15,841 (22)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 515,644 59,327
----------------------------------------------------
Total capitalization 533,211 75,168 (22)
----------------------------------------------------
Other long-term liabilities (1,132)
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (268,866) 8,831 62
Accrued taxes 26,222 (8) (23)
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities (242,291) 8,823 39
----------------------------------------------------
Accumulated deferred income taxes - net 357,392
Accumulated deferred investment tax credits
Customer advances and other deferred credits 4,992
----------------------------------------------------
Total deferred credits 357,392 4,992
----------------------------------------------------
Minority interest 102,454 3,946
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $749,634 $92,929 $17
====================================================
</TABLE>
<PAGE 492>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
India Indo Coal Indonesia
B.V. B.V. B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $23 $22 $21
Additional Paid in Capital 1 17,426 126,849
Cumulative Translation Adjustments, Net 33
Retained earnings (13) 3,349 (104)
----------------------------------------------------
44 20,797 126,766
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
----------------------------------------------------
Total capitalization 44 20,797 126,766
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (6) 11
Accrued taxes 6 (186) (41)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities (175) (41)
----------------------------------------------------
Accumulated deferred income taxes - net 1 2,286
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 1 2,286
----------------------------------------------------
Minority interest
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $45 $22,908 $126,725
====================================================
</TABLE>
<PAGE 493>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
International MEC
Holdings Laguna MEC
B.V. Power Perth
Consolidated B.V. B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $21 $22 $23
Additional Paid in Capital 4,818 1,549 24,254
Cumulative Translation Adjustments, Net (4,097)
Retained earnings 540 (9) 3,451
----------------------------------------------------
5,379 1,562 23,631
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 64,551
----------------------------------------------------
Total capitalization 5,379 1,562 88,182
----------------------------------------------------
Other long-term liabilities 467
----------------------------------------------------
Current portion of long-term debt
And redeemable preferred stock 2,628
Short-term debt
Accounts payable 18 24 (2,549)
Accrued taxes (8) (5)
Accrued interest 3,222
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 10 19 3,301
----------------------------------------------------
Accumulated deferred income taxes - net 1,663
Accumulated deferred investment tax credits
Customer advances and other deferred credits 3,300
----------------------------------------------------
Total deferred credits 4,963
----------------------------------------------------
Minority interest 46
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $5,389 $1,581 $96,959
====================================================
</TABLE>
PAGE 494
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC San MEC
Priolo Pascual Sidi Krir
B.V. B.V. B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $22 $23 $25
Additional Paid in Capital 17,929 115
Cumulative Translation Adjustments, Net 187
Retained earnings (416) (12) (12)
----------------------------------------------------
17,722 126 13
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
----------------------------------------------------
Total capitalization 17,722 126 13
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (1,072) (6) 10
Accrued taxes 198 (5) (4)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities (874) (11) 6
----------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits
----------------------------------------------------
Minority interest
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $16,848 $115 $19
====================================================
</TABLE>
<PAGE 495>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
MEC Energy
MEC Wales Company
Sumatra B.V. (UK) Limited
B.V. Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $25 $26 $22,751
Additional Paid in Capital 276,698 11,620
Cumulative Translation Adjustments, Net 68,400 4,967
Retained earnings (13) 67,543 21,682
----------------------------------------------------
12 412,667 61,020
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020 161,573
----------------------------------------------------
Total capitalization 12 1,517,687 222,593
----------------------------------------------------
Other long-term liabilities 33,730
----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293 21,605
Short-term debt
Accounts payable 9 (34,951) 9,138
Accrued taxes (4) 29,027 158
Accrued interest 24,943 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 5 25,312 35,353
----------------------------------------------------
Accumulated deferred income taxes - net 304,475 19,082
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 455,469 19,082
----------------------------------------------------
Minority interest 66,089 6,034
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $17 $2,098,287 $283,062
====================================================
</TABLE>
<PAGE 496>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Pride Traralgon
Energy Hold Power
Italia Limited Pty. Ltd.
s.r.l. Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $13
Additional Paid in Capital
Cumulative Translation Adjustments, Net 11 $1,033 ($20,793)
Retained earnings 93 23,471 9,695
----------------------------------------------------
117 24,504 (11,098)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 130,723 133,068
----------------------------------------------------
Total capitalization 117 155,227 121,970
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 25,128
Short-term debt
Accounts payable 1,157 11,593 (10,124)
Accrued taxes 6 44
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 1,163 41,217 (10,124)
----------------------------------------------------
Accumulated deferred income taxes - net 19,082 (18,816)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 19,082 (18,816)
----------------------------------------------------
Minority interest 6,034
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,280 $221,560 $93,030
====================================================
</TABLE>
<PAGE 497>
<PAGE>
MEC International B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC International
International Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $133,131 ($20,548) $133,131
Additional Paid In Capital 645,265 (607,471) 645,265
Cumulative Translation Adjustments, Net 63,206 (46,295) 23,245
Retained earnings (1,180) 37,243 186,695
----------------------------------------------------
840,422 (637,071) 988,336
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 327,844 (926,782) 1,847,424
----------------------------------------------------
Total capitalization 1,168,266 (1,563,853) 2,835,760
----------------------------------------------------
Other long-term liabilities (33,133)
----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 2,705 (33,269) 41,445
Short-term debt
Accounts payable 42,970 280,855 37,246
Accrued taxes (1,461) 21,299 80,007
Accrued interest (5,047) 32,859
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 44,214 263,838 191,557
----------------------------------------------------
Accumulated deferred income taxes - net (268) 133,939 823,290
Accumulated deferred investment tax credits (150,994)
Customer advances and other deferred credits 47,078 55,370
----------------------------------------------------
Total deferred credits (268) 30,023 878,660
----------------------------------------------------
Minority interest (84,277) 100,815
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,212,212 ($1,387,402) $4,006,792
====================================================
</TABLE>
<PAGE 498>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission Loy Edison
Energy Yang Mission
Asia Holdings Energy
Pte Ltd Pty. Ltd. International
Consolidated Consolidated B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $17,042 $15,824 $69
----------------------------------------------------
Total operating revenue 17,042 15,824 69
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 14,971 14,799 65
Maintenance
Depreciation and decommissioning 377 145 4
Income taxes 1,030 326
Property and other taxes
----------------------------------------------------
Total operating expenses 16,378 15,270 69
----------------------------------------------------
Operating income 664 554
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,821 298
Minority Interest
Taxes on nonoperating income (450) (99)
Other - net (55) 4,946 (2)
----------------------------------------------------
Total other income (deductions) - net 1,316 5,145 (2)
----------------------------------------------------
Income before interest and other expenses 1,980 5,699 (2)
----------------------------------------------------
Interest on long-term debt
Other interest expense 21
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 21
----------------------------------------------------
NET INCOME 1,959 5,699 (2)
Retained Earnings - beginning of year 2,179 5,777 (8)
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $4,138 $11,476 ($10)
====================================================
</TABLE>
<PAGE 499>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian
Hydro Hy-Power
EME Energy Amsterdam
Victoria B.V. B.V.
B.V. Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $24,801 $24,801
Diversified operations
----------------------------------------------------
Total operating revenue 24,801 24,801
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 3,408 3,436
Maintenance
Depreciation and decommissioning 3,097 3,326
Income taxes (1) 1,962 1,236
Property and other taxes 108 108
----------------------------------------------------
Total operating expenses 2 8,575 8,106
----------------------------------------------------
Operating income (2) 16,226 16,695
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349 2,726
Minority Interest (236) (236)
Taxes on nonoperating income (472) (954)
Other - net (1) (5,687) (4,964)
----------------------------------------------------
Total other income (deductions) - net (1) (5,046) (3,428)
----------------------------------------------------
Income before interest and other expenses (3) 11,180 13,267
----------------------------------------------------
Interest on long-term debt 11,562 13,418
Other interest expense 786 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 12,348 14,204
----------------------------------------------------
NET INCOME (3) (1,168) (937)
Retained Earnings - beginning of year 4,783 3,541
Dividends declared on common stock (9,443) (9,441)
----------------------------------------------------
Retained Earnings - end of year ($3) ($5,828) ($6,837)
====================================================
</TABLE>
PAGE 500
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe MEC
Power Esenyurt MEC
Pty. Ltd. B.V. IES
Consolidated Consolidated B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511
Diversified operations ($55)
----------------------------------------------------
Total operating revenue 175,511 (55)
----------------------------------------------------
Fuel 29,670
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 $1 (1)
Maintenance
Depreciation and decommissioning 52,880 7 2
Income taxes 6,914 (40) (19)
Property and other taxes
----------------------------------------------------
Total operating expenses 110,637 (32) (18)
----------------------------------------------------
Operating income 64,874 32 (37)
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 15,911
Minority Interest (36,696)
Taxes on nonoperating income 8,074
Other - net 65 (1)
----------------------------------------------------
Total other income (deductions) - net (12,711) 65 (1)
----------------------------------------------------
Income before interest and other expenses 52,163 97 (38)
----------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,543)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 51,586
----------------------------------------------------
NET INCOME 577 97 (38)
Retained Earnings - beginning of year 17,835 (11) (9)
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $18,412 $86 ($47)
====================================================
</TABLE>
<PAGE 501>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
India Indo Coal Indonesia
B.V. B.V. B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $288 $3,056
----------------------------------------------------
Total operating revenue 288 3,056
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 223 2 $6
Maintenance
Depreciation and decommissioning 7 650 96
Income taxes 21 672 (27)
Property and other taxes
----------------------------------------------------
Total operating expenses 251 1,324 75
----------------------------------------------------
Operating income 37 1,732 (75)
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 61 2
Minority Interest
Taxes on nonoperating income (21) (1)
Other - net (41) 182 19
----------------------------------------------------
Total other income (deductions) - net (41) 222 20
----------------------------------------------------
Income before interest and other expenses (4) 1,954 (55)
----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net
----------------------------------------------------
NET INCOME (4) 1,954 (55)
Retained Earnings - beginning of year (9) 1,395 (49)
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year ($13) $3,349 ($104)
====================================================
</TABLE>
<PAGE 502>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
International MEC
Holdings Laguna MEC
B.V. Power Perth
Consolidated B.V. B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $46,078
Diversified operations $439
----------------------------------------------------
Total operating revenue 439 46,078
----------------------------------------------------
Fuel 24,375
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2 $1 4,043
Maintenance
Depreciation and decommissioning 1 1 4,216
Income taxes (1) (1) 1,922
Property and other taxes
----------------------------------------------------
Total operating expenses 2 1 34,556
----------------------------------------------------
Operating income 437 (1) 11,522
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 264
Minority Interest
Taxes on nonoperating income (95)
Other - net 3
----------------------------------------------------
Total other income (deductions) - net 3 169
----------------------------------------------------
Income before interest and other expenses 440 (1) 11,691
----------------------------------------------------
Interest on long-term debt 8,094
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 8,094
----------------------------------------------------
NET INCOME 440 (1) 3,597
Retained Earnings - beginning of year 100 (8) (146)
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $540 ($9) $3,451
====================================================
</TABLE>
PAGE 503
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
Priolo San Pascual Sidi Krir
B.V. B.V. B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $147
----------------------------------------------------
Total operating revenue 147
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (16) $1 $1
Maintenance
Depreciation and decommissioning 19 1 2
Income taxes 226
Property and other taxes
----------------------------------------------------
Total operating expenses 229 2 3
----------------------------------------------------
Operating income (82) (2) (3)
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 11
Minority Interest
Taxes on nonoperating income (4)
Other - net (320) (1) (1)
----------------------------------------------------
Total other income (deductions) - net (313) (1) (1)
----------------------------------------------------
Income before interest and other expenses (395) (3) (4)
----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net
----------------------------------------------------
NET INCOME (395) (3) (4)
Retained Earnings - beginning of year (21) (9) (8)
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year ($416) ($12) ($12)
====================================================
</TABLE>
<PAGE 504>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
MEC Energy
MEC Wales Company
Sumatra B.V. (UK) Limited
B.V. Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026 $99,541
Diversified operations 14,378
----------------------------------------------------
Total operating revenue 400,026 113,919
----------------------------------------------------
Fuel 91,696 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $3 73,101 28,109
Maintenance
Depreciation and decommissioning 2 36,453 10,263
Income taxes (1) 19,779 3,873
Property and other taxes 16,474 2,281
----------------------------------------------------
Total operating expenses 4 237,503 91,002
----------------------------------------------------
Operating income (4) 162,523 22,917
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 5,245 2,847
Minority Interest (20,143) (2,003)
Taxes on nonoperating income (1,670) (883)
Other - net (1) (158) 29
----------------------------------------------------
Total other income (deductions) - net (1) (16,726) (10)
----------------------------------------------------
Income before interest and other expenses (5) 145,797 22,907
- ----------------------------------------------------
Interest on long-term debt 59,091 15,720
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 81,637 15,720
----------------------------------------------------
NET INCOME (5) 64,160 7,187
Retained Earnings - beginning of year (8) 99,167 12,331
Dividends declared on common stock (95,784) 2,164
----------------------------------------------------
Retained Earnings - end of year ($13) $67,543 $21,682
====================================================
</TABLE>
<PAGE 505>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Pride Traralgon
Energy Hold Power
Italia Limited Pty.Ltd.
s.r.l. Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $99,541 ($1,281)
Diversified operations $3,136
----------------------------------------------------
Total operating revenue 3,136 99,541 (1,281)
----------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,941 15,348
Maintenance
Depreciation and decommissioning 22 8,265
Income taxes 112 4,705 (26)
Property and other taxes 1 1,987
----------------------------------------------------
Total operating expenses 3,076 76,781 (26)
----------------------------------------------------
Operating income 60 22,760 (1,255)
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2 2,339 2,636
Minority Interest (1,926)
Taxes on nonoperating income (1) (730) (949)
Other - net (16)
----------------------------------------------------
Total other income (deductions) - net (15) (317) 1,687
----------------------------------------------------
Income before interest and other expenses 45 22,443 432
----------------------------------------------------
Interest on long-term debt 14,370
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 14,370
----------------------------------------------------
NET INCOME 45 8,073 432
Retained Earnings - beginning of year 48 15,398 9,262
Dividends declared on common stock 1
----------------------------------------------------
Retained Earnings - end of year $93 $23,471 $9,695
====================================================
</TABLE>
<PAGE 506>
<PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC International
International Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($124,343) $744,675
Diversified operations ($69) (18,557) 35,698
----------------------------------------------------
Total operating revenue (69) (142,900) 780,373
----------------------------------------------------
Fuel (46,368) 192,325
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 33 (37,441) 144,212
Maintenance
Depreciation and decommissioning 1,195 (11,349) 109,682
Income taxes (7,212) (12,507) 22,943
Property and other taxes (2,100) 18,859
----------------------------------------------------
Total operating expenses (5,984) (109,765) 488,021
----------------------------------------------------
Operating income 5,915 (33,135) 292,352
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 13,533 (25,936) 23,109
Minority Interest 77 2,162 (59,001)
Taxes on nonoperating income (4,737) (5,096) (8,088)
Other - net (1,047) 772 (6,279)
----------------------------------------------------
Total other income (deductions) - net 7,826 (28,098) (50,259)
----------------------------------------------------
Income before interest and other expenses 13,741 (61,233) 242,093
----------------------------------------------------
Interest on long-term debt 457 (29,800) 167,041
Other interest expense 17,532 (19,128)
Allowance for borrowed funds used during
construction
Capitalized interest (5) (5)
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 17,989 (48,933) 167,036
----------------------------------------------------
NET INCOME (4,248) (12,300) 75,057
Retained Earnings - beginning of year 3,068 (62,959) 111,638
Dividends declared on common stock 112,502
----------------------------------------------------
Retained Earnings - end of year ($1,180) $37,243 $186,695
====================================================
</TABLE>
<PAGE 507>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison
Mission Edison Mission
Energy Mission Operation &
Asia Energy Fuel Maintenance
Pacific Company Services
Pte. Ltd. Pte Ltd. Pte Ltd
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments
----------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
----------------------------------------------------
Total current assets
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
----------------------------------------------------
Total deferred charges
----------------------------------------------------
TOTAL ASSETS
====================================================
</TABLE>
<PAGE 508>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison Edison
Mission Mission
Operation and Energy
Maintenance Asia Consolidating
Indonesia Pte Ltd. Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $27 $919 ($1)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 66,581 (1,485)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 27 67,500 (1,486)
----------------------------------------------------
Cash and equivalents 970 1,521
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,014 25
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 39 256 1
----------------------------------------------------
Total current assets 2,023 1,802 1
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 638
----------------------------------------------------
Total deferred charges 638
----------------------------------------------------
TOTAL ASSETS $2,050 $69,940 ($1,485)
====================================================
</TABLE>
<PAGE 509>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION> Edison
Mission
Energy
Asia
Pte Ltd.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-----------------------------------------------------
Total utility plant
-----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $945
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 65,096
Investments in leveraged leases
Other investments
-----------------------------------------------------
Total other property and investments 66,041
-----------------------------------------------------
Cash and equivalents 2,491
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 1,039
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 296
-----------------------------------------------------
Total current assets 3,826
-----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 638
-----------------------------------------------------
Total deferred charges 638
-----------------------------------------------------
TOTAL ASSETS $70,505
=====================================================
</TABLE>
<PAGE 510>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE> Edison
<CAPTION> Edison Edison Mission
Mission Mission Operation &
Energy Energy Fuel Maintenance
Asia Pacific Company Services
Pte Ltd. Pte Ltd. Pte Ltd
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
----------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
----------------------------------------------------
Total capitalization
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities
----------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits
----------------------------------------------------
Minority interest
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
====================================================
</TABLE>
PAGE 511
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison Edison
Mission Mission
Operation and Energy
Maintenance Asia Consolidating
Indonesia Pte Ltd. Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $41,000
Additional Paid in Capital $1,500 22,945 ($1,500)
Cumulative Translation Adjustments, Net (136)
Retained earnings 965 3,174 (1)
----------------------------------------------------
2,465 66,983 (1,501)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
----------------------------------------------------
Total capitalization 2,465 66,983 (1,501)
----------------------------------------------------
Other long-term liabilities 68
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (505) 1,746
Accrued taxes 90 948 1
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities (415) 2,694 1
----------------------------------------------------
Accumulated deferred income taxes - net 195
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 195
----------------------------------------------------
Minority interest 15
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,050 $69,940 ($1,485)
====================================================
</TABLE>
<PAGE 512>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Energy Asia
Pte Ltd.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $41,000
Additional Paid In Capital 22,945
Cumulative Translation Adjustments, Net (136)
Retained earnings 4,138
----------------------------------------------------
67,947
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
----------------------------------------------------
Total capitalization 67,947
----------------------------------------------------
Other long-term liabilities 68
----------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,241
Accrued taxes 1,039
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 2,280
----------------------------------------------------
Accumulated deferred income taxes - net 195
Accumulated deferred investment tax credits
Customer advances and other deferred credits
----------------------------------------------------
Total deferred credits 195
----------------------------------------------------
Minority interest 15
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $70,505
====================================================
</TABLE>
<PAGE 513>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Edison Mission
Mission Mission Operation &
Energy Energy Fuel Maintenance
Asia Pacific Company Services
Pte Ltd. Pte Ltd. Pte Ltd
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
----------------------------------------------------
Total operating revenue
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
----------------------------------------------------
Total operating expenses
----------------------------------------------------
Operating income
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority Interest
Taxes on nonoperating income
Other - net
----------------------------------------------------
Total other income (deductions) - net
----------------------------------------------------
Income before interest and other expenses
----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net
----------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year
====================================================
</TABLE>
<PAGE 514>
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
PT. Edison Edison
Mission Mission
Operation and Energy
Maintenance Asia Consolidating
Indonesia Pte Ltd. Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $5,238 $11,804
----------------------------------------------------
Total operating revenue 5,238 11,804
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 4,677 10,293 $1
Maintenance
Depreciation and decommissioning 377
Income taxes 222 808
Property and other taxes
----------------------------------------------------
Total operating expenses 4,899 11,478 1
----------------------------------------------------
Operating income 339 326 (1)
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 109 1,712
Minority Interest
Taxes on nonoperating income (31) (419)
Other - net 3 (58)
----------------------------------------------------
Total other income (deductions) - net 81 1,235
----------------------------------------------------
Income before interest and other expenses 420 1,561 (1)
----------------------------------------------------
Interest on long-term debt
Other interest expense 21
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 21
----------------------------------------------------
NET INCOME 420 1,540 (1)
Retained Earnings - beginning of year 545 1,634
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $965 $3,174 ($1)
====================================================
</TABLE>
<PAGE 515> <PAGE>
MEC International B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Energy Asia
Pte Ltd.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue
Diversified operations $17,042
----------------------------------------------------
Total operating revenue 17,042
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 14,971
Maintenance
Depreciation and decommissioning 377
Income taxes 1,030
Property and other taxes
----------------------------------------------------
Total operating expenses 16,378
----------------------------------------------------
Operating income 664
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,821
Minority Interest
Taxes on nonoperating income (450)
Other - net (55)
----------------------------------------------------
Total other income (deductions) - net 1,316
----------------------------------------------------
Income before interest and other expenses 1,980
----------------------------------------------------
Interest on long-term debt
Other interest expense 21
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net 21
----------------------------------------------------
NET INCOME 1,959
Retained Earnings - beginning of year 2,179
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $4,138
====================================================
</TABLE>
<PAGE 516>
<PAGE>
MEC International B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Doga Doga
Enerji Isi Doga
Uretim Satis Isletme
Sanayi ve Hizmetteri ve Bakim
Ticaret A.S. Ticaret L.S. Ticaret L.S.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $85,169
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 85,169
----------------------------------------------------
Cash and equivalents 131 $58 $58
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 317
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 137
----------------------------------------------------
Total current assets 585 58 58
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 210
----------------------------------------------------
Total deferred charges 210
----------------------------------------------------
TOTAL ASSETS $85,964 $58 $58
====================================================
</TABLE>
<PAGE 517>
<PAGE>
MEC International B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Esenyurt
Esenyurt Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $85,169
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $16,003 ($16,003)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 16,003 (16,003) 85,169
----------------------------------------------------
Cash and equivalents 23 270
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 317
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 137
----------------------------------------------------
Total current assets 23 724
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,826 7,036
----------------------------------------------------
Total deferred charges 6,826 7,036
----------------------------------------------------
TOTAL ASSETS $22,852 ($16,003) $92,929
====================================================
</TABLE>
<PAGE 518>
<PAGE>
MEC International B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Doga
Enerji Doga Isi Doga
Uretim Satis Isletme
Sanayi ve Hizmetteri ve Bakim
Ticaret A.S. Ticaret L.S. Ticaret L.S.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $99 $63 $63
Additional Paid in Capital 19,786
Cumulative Translation Adjustments, Net (305) (5) (5)
Retained earnings 1
----------------------------------------------------
19,581 58 58
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 59,327
----------------------------------------------------
Total capitalization 78,908 58 58
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 2,064
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 2,064
----------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 4,992
----------------------------------------------------
Total deferred credits 4,992
----------------------------------------------------
Minority interest
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $85,964 $58 $58
====================================================
</TABLE>
PAGE 519
<PAGE>
MEC International B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Esenyurt
Esenyurt Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $30 ($225) $30
Additional Paid in Capital 15,976 (19,786) 15,976
Cumulative Translation Adjustments, Net 64 (251)
Retained earnings 86 (1) 86
----------------------------------------------------
16,092 (19,948) 15,841
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 59,327
----------------------------------------------------
Total capitalization 16,092 (19,948) 75,168
----------------------------------------------------
Other long-term liabilities
----------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 6,768 (1) 8,831
Accrued taxes (8) (8)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
----------------------------------------------------
Total current liabilities 6,760 (1) 8,823
----------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 4,992
----------------------------------------------------
Total deferred credits 4,992
----------------------------------------------------
Minority interest 3,946 3,946
----------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $22,852 ($16,003) $92,929
====================================================
</TABLE>
PAGE 520
<PAGE>
MEC International B.V.
MEC Esenyurt B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Doga
Enerji Doga Doga
Uretim Isi Satis Isletme
Sanayi ve Hizmetteri ve Bakim
Ticaret A.S. Tircaret L.S. Ticaret L.S.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
----------------------------------------------------
Total operating revenue
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
----------------------------------------------------
Total operating expenses
----------------------------------------------------
Operating income
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority Interest
Taxes on nonoperating income
Other - net
----------------------------------------------------
Total other income (deductions) - net
----------------------------------------------------
Income before interest and other expenses
----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net
----------------------------------------------------
NET INCOME
Retained Earnings - beginning of year $1
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $1
====================================================
</TABLE>
<PAGE 521> <PAGE>
MEC International B.V.
MEC Esenyurt B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Esenyurt
Esenyurt Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
----------------------------------------------------
Total operating revenue
----------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $1 $1
Maintenance
Depreciation and decommissioning 7 7
Income taxes (40) (40)
Property and other taxes
----------------------------------------------------
Total operating expenses (32) (32)
----------------------------------------------------
Operating income 32 32
----------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority Interest
Taxes on nonoperating income
Other - net 65 65
----------------------------------------------------
Total other income (deductions) - net 65 65
----------------------------------------------------
Income before interest and other expenses 97 97
----------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
----------------------------------------------------
Total interest and other expenses - net
----------------------------------------------------
NET INCOME 97 97
Retained Earnings - beginning of year (11) ($1) (11)
Dividends declared on common stock
----------------------------------------------------
Retained Earnings - end of year $86 ($1) $86
====================================================
</TABLE>
PAGE 522
<PAGE>
MEC International B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited MEC
Partnership Wales Consolidating
Consolidated B.V. Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) $318,371 ($318,371)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670 318,371 (318,371)
------------------------------------------------------
Cash and equivalents 96,905 104
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997 1
------------------------------------------------------
Total current assets 150,651 104 1
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907 1,954
------------------------------------------------------
Total deferred charges 320,907 1,954
------------------------------------------------------
TOTAL ASSETS $2,096,228 $320,429 ($318,370)
======================================================
</TABLE>
<PAGE 523>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
Wales
B.V.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 97,009
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,998
------------------------------------------------------
Total current assets 150,756
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 322,861
------------------------------------------------------
Total deferred charges 322,861
------------------------------------------------------
TOTAL ASSETS $2,098,287
======================================================
</TABLE>
<PAGE 524>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited MEC
Partnership Wales Consolidating
Consolidated B.V. Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477 $26 ($347,477)
Additional Paid in Capital 276,698
Cumulative Translation Adjustments, Net 29,850 35,366 3,184
Retained earnings 56,570 51,139 (40,166)
------------------------------------------------------
433,897 363,229 (384,459)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917 363,229 (384,459)
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476 (42,427)
Accrued taxes 29,400 (373)
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112 (42,800)
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest 66,089
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228 $320,429 ($318,370)
======================================================
</TABLE>
<PAGE 525>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
Wales
B.V.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $26
Additional Paid in Capital 276,698
Cumulative Translation Adjustments, Net 68,400
Retained earnings 67,543
------------------------------------------------------
412,667
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,517,687
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (34,951)
Accrued taxes 29,027
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 25,312
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest 66,089
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,098,287
======================================================
</TABLE>
<PAGE 526>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited MEC
Partnership Wales Consolidating
Consolidated B.V. Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081 $20
Maintenance
Depreciation and decommissioning 36,192 261
Income taxes 20,073 (294)
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516 (13)
------------------------------------------------------
Operating income 162,510 13
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619 626
Minority interest ($20,143)
Taxes on nonoperating income (1,463) (207)
Other - net 1 (158) (1)
------------------------------------------------------
Total other income (deductions) - net 3,157 261 (20,144)
------------------------------------------------------
Income before interest and other expenses 165,667 274 (20,144)
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030 274 (20,144)
Retained Earnings - beginning of year 68,324 50,865 (20,022)
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570 $51,139 ($40,166)
======================================================
</TABLE>
<PAGE 527>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
Wales
B.V.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue
Diversified operations $400,026
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,101
Maintenance
Depreciation and decommissioning 36,453
Income taxes 19,779
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,503
------------------------------------------------------
Operating income 162,523
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 5,245
Minority interest (20,143)
Taxes on nonoperating income (1,670)
Other - net (158)
------------------------------------------------------
Total other income (deductions) - net (16,726)
------------------------------------------------------
Income before interest and other expenses 145,797
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 64,160
Retained Earnings - beginning of year 99,167
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $67,543
======================================================
</TABLE>
<PAGE 528>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) $405,515 ($405,515)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670 405,515 (405,515)
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228 $405,515 ($405,515)
======================================================
</TABLE>
PAGE 529
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228
======================================================
</TABLE>
PAGE 530
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477 $405,515 ($405,515)
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897 405,515 (405,515)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917 405,515 (405,515)
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 455,469 (150,994)
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228 $405,515 ($405,515)
======================================================
</TABLE>
<PAGE 531>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228
======================================================
</TABLE>
<PAGE 532>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 533>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 534>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $624,425
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 624,425
------------------------------------------------------
Cash and equivalents 31,018
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7,013
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 154
------------------------------------------------------
Total current assets 38,185
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,268
------------------------------------------------------
Total deferred charges 8,268
------------------------------------------------------
TOTAL ASSETS $670,878
======================================================
</TABLE>
PAGE 535
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,087,660
Nuclear decommissioning trusts
Investments in partnerships (87,415)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,000,245
------------------------------------------------------
Cash and equivalents 65,887
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 40,736
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843
------------------------------------------------------
Total current assets 112,466
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 312,639
------------------------------------------------------
Total deferred charges 312,639
------------------------------------------------------
TOTAL ASSETS $1,425,350
======================================================
</TABLE>
PAGE 536
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships (87,415)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228
======================================================
</TABLE>
PAGE 537
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,863)
Retained earnings 16,207
------------------------------------------------------
56,469
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 447,940
------------------------------------------------------
Total capitalization 504,409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (986)
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 5,660
------------------------------------------------------
Accumulated deferred income taxes - net 159,677
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 159,677
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $670,878
======================================================
</TABLE>
<PAGE 538>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $304,352
Additional Paid in Capital
Cumulative Translation Adjustments, Net 28,132 $4,581
Retained earnings 40,363
------------------------------------------------------
372,847 4,581
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 657,080
------------------------------------------------------
Total capitalization 1,029,927 4,581
------------------------------------------------------
Other long-term liabilities 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13,043 (4,581)
Accrued taxes 29,400
Accrued interest 24,590
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 67,033 (4,581)
------------------------------------------------------
Accumulated deferred income taxes - net 295,792
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 295,792
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,425,350
======================================================
</TABLE>
<PAGE 539>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 455,469
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228
======================================================
</TABLE>
<PAGE 540>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $75,596
Diversified operations
------------------------------------------------------
Total operating revenue 75,596
------------------------------------------------------
Fuel 9,831
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 6,431
Maintenance
Depreciation and decommissioning 9,777
Income taxes 11,206
Property and other taxes
------------------------------------------------------
Total operating expenses 37,245
------------------------------------------------------
Operating income 38,351
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 623
Minority interest
Taxes on nonoperating income (224)
Other - net
------------------------------------------------------
Total other income (deductions) - net 399
------------------------------------------------------
Income before interest and other expenses 38,750
------------------------------------------------------
Interest on long-term debt
Other interest expense 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 22,543
------------------------------------------------------
NET INCOME 16,207
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,207
======================================================
</TABLE>
<PAGE 541>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430
------------------------------------------------------
Fuel 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,650
Maintenance
Depreciation and decommissioning 26,415
Income taxes 8,867
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 200,271
------------------------------------------------------
Operating income 124,159
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,996
Minority interest
Taxes on nonoperating income (1,239)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 2,758
------------------------------------------------------
Income before interest and other expenses 126,917
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,094
------------------------------------------------------
NET INCOME 67,823
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $40,363
======================================================
</TABLE>
<PAGE 542>
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 543>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships $817,131
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131
======================================================
</TABLE>
PAGE 544
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($817,131)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (817,131)
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS ($817,131)
======================================================
</TABLE>
PAGE 545
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131
Additional Paid in Capital
Cumulative Translation Adjustments, Net $6,635 (6,635)
Retained earnings (53,321) 53,321
------------------------------------------------------
(46,686) 863,817
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 810,838 (817,131)
------------------------------------------------------
Total capitalization 764,152 46,686
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 46,333 (46,686)
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 52,979 (46,686)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131
======================================================
</TABLE>
<PAGE 546>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock ($817,131)
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
(817,131)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 6,293
------------------------------------------------------
Total capitalization (810,838)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (6,293)
Short-term debt
Accounts payable 353
Accrued taxes
Accrued interest (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (6,293)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($817,131)
======================================================
</TABLE>
<PAGE 547>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt $53,321 ($53,321)
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 53,321 (53,321)
------------------------------------------------------
NET INCOME (53,321) 53,321
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($53,321) $53,321
======================================================
</TABLE>
<PAGE 548>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year
======================================================
</TABLE>
<PAGE 549>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $817,131
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131
======================================================
</TABLE>
PAGE 550
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $624,425 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 624,425 1,359,017
------------------------------------------------------
Cash and equivalents 31,018 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7,013 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 154 314
------------------------------------------------------
Total current assets 38,185 46,997
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,268 14,498
------------------------------------------------------
Total deferred charges 8,268 14,498
------------------------------------------------------
TOTAL ASSETS $670,878 $1,420,512
======================================================
</TABLE>
PAGE 551
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidated Limited
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1,359,017) $624,425
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (817,131)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (2,176,148) 624,425
------------------------------------------------------
Cash and equivalents (35,464) 31,018
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (11,219) 7,013
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (314) 154
------------------------------------------------------
Total current assets (46,997) 38,185
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (14,498) 8,268
------------------------------------------------------
Total deferred charges (14,498) 8,268
------------------------------------------------------
TOTAL ASSETS ($2,237,643) $670,878
======================================================
</TABLE>
PAGE 552
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131
Additional Paid in Capital
Cumulative Translation Adjustments, Net (6,635) $6,635
Retained earnings 53,321 (53,321)
------------------------------------------------------
863,817 (46,686)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (817,131) 810,838
------------------------------------------------------
Total capitalization 46,686 764,152
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (46,686) 46,333
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (46,686) 52,979
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131
======================================================
</TABLE>
<PAGE 553>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital $87,778
Cumulative Translation Adjustments, Net (1,731) (58,596)
Retained earnings 16,207 44,312
------------------------------------------------------
57,601 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 453,100 1,108,105
------------------------------------------------------
Total capitalization 510,701 1,181,599
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (633) (307,853)
Accrued taxes 48,160
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (633) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net 159,677 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits 159,677 498,253
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $670,877 $1,420,512
======================================================
</TABLE>
<PAGE 554>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidating Limited
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($817,131) $43,125
Additional Paid in Capital (87,778)
Cumulative Translation Adjustments, Net 57,464 (2,863)
Retained earnings (44,312) 16,207
------------------------------------------------------
(891,757) 56,469
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (1,106,972) 447,940
------------------------------------------------------
Total capitalization (1,998,729) 504,409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 307,853 (986)
Accrued taxes (48,160)
Accrued interest (353) 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 259,340 5,660
------------------------------------------------------
Accumulated deferred income taxes - net 31,223 159,677
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (498,253) 159,677
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($2,237,642) $670,878
======================================================
</TABLE>
<PAGE 555>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt ($53,321) $53,321
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (53,321) 53,321
------------------------------------------------------
NET INCOME 53,321 (53,321)
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $53,321 ($53,321)
======================================================
</TABLE>
<PAGE 556>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $75,596 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 75,596 249,826
------------------------------------------------------
Fuel 9,831 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 6,431 27,605
Maintenance
Depreciation and decommissioning 9,777 62,657
Income taxes 11,206 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses 37,245 134,055
------------------------------------------------------
Operating income 38,351 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 623 19,170
Minority interest (36,696)
Taxes on nonoperating income (224) (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 399 (24,427)
------------------------------------------------------
Income before interest and other expenses 38,750 91,344
------------------------------------------------------
Interest on long-term debt
Other interest expense 22,543 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 22,543 74,129
------------------------------------------------------
NET INCOME 16,207 17,215
Retained Earnings - beginning of year 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,207 $44,312
======================================================
</TABLE>
<PAGE 557>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidating Limited
Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($249,826) $75,596
Diversified operations
------------------------------------------------------
Total operating revenue (249,826) 75,596
------------------------------------------------------
Fuel (39,501) 9,831
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (27,605) 6,431
Maintenance
Depreciation and decommissioning (62,657) 9,777
Income taxes (4,292) 11,206
Property and other taxes
------------------------------------------------------
Total operating expenses (134,055) 37,245
------------------------------------------------------
Operating income (115,771) 38,351
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (19,170) 623
Minority interest 36,696
Taxes on nonoperating income 6,901 (224)
Other - net
------------------------------------------------------
Total other income (deductions) - net 24,427 399
------------------------------------------------------
Income before interest and other expenses (91,344) 38,750
------------------------------------------------------
Interest on long-term debt
Other interest expense (74,129) 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (74,129) 22,543
------------------------------------------------------
NET INCOME (17,215) 16,207
Retained Earnings - beginning of year (27,097)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($44,312) $16,207
======================================================
</TABLE>
<PAGE 558>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships $817,131 ($817,131)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131 (817,131)
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131 ($817,131)
======================================================
</TABLE>
PAGE 559
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
PAGE 560
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131 ($817,131)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (6,635) $6,635
Retained earnings 53,321 (53,321)
------------------------------------------------------
863,817 (46,686) (817,131)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (817,131) 810,838 6,293
------------------------------------------------------
Total capitalization 46,686 764,152 (810,838)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293 (6,293)
Short-term debt
Accounts payable (46,686) 46,333 353
Accrued taxes
Accrued interest 353 (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (46,686) 52,979 (6,293)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131 ($817,131)
======================================================
</TABLE>
<PAGE 561>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
======================================================
</TABLE>
<PAGE 562>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holding Limited
Energy Capital Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt ($53,321) $53,321
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (53,321) 53,321
------------------------------------------------------
NET INCOME 53,321 (53,321)
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $53,321 ($53,321)
======================================================
</TABLE>
<PAGE 563>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year
======================================================
</TABLE>
<PAGE 564>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $17,139 $173 $796,466
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 994,949 10,050
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,012,088 10,223 796,466
------------------------------------------------------
Cash and equivalents 232 60,265
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,977 26,565 34,951
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843
------------------------------------------------------
Total current assets 6,209 26,565 101,059
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 33
------------------------------------------------------
Total deferred charges 33
------------------------------------------------------
TOTAL ASSETS $1,018,297 $36,788 $897,558
======================================================
</TABLE>
PAGE 565
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $796,466 ($522,584) $1,087,660
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,092,414) (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 796,466 (1,614,998) 1,000,245
------------------------------------------------------
Cash and equivalents 60,265 (54,875) 65,887
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 34,951 (61,708) 40,736
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843 (5,843) 5,843
------------------------------------------------------
Total current assets 101,059 (122,426) 112,466
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 33 312,573 312,639
------------------------------------------------------
Total deferred charges 33 312,573 312,639
------------------------------------------------------
TOTAL ASSETS $897,558 ($1,424,851) $1,425,350
======================================================
</TABLE>
PAGE 566
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $181,987 $19 $171,313
Additional Paid in Capital 498,759
Cumulative Translation Adjustments, Net (51,906) (363) 11,000
Retained earnings (24,882) 26,691 151,810
------------------------------------------------------
105,199 26,347 832,882
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 889,153 10,412 (10,412)
------------------------------------------------------
Total capitalization 994,352 36,759 822,470
------------------------------------------------------
Other long-term liabilities 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (642) 29 13,655
Accrued taxes 29,400
Accrued interest 24,587 3
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 23,945 29 43,058
------------------------------------------------------
Accumulated deferred income taxes - net (568)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (568)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,018,297 $36,788 $897,558
======================================================
</TABLE>
<PAGE 567>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $171,313 ($220,280) $304,352
Additional Paid in Capital 498,759 (997,518)
Cumulative Translation Adjustments, Net 11,000 58,401 28,132
Retained earnings 151,810 (265,066) 40,363
------------------------------------------------------
832,882 (1,424,463) 372,847
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (10,412) (221,661) 657,080
------------------------------------------------------
Total capitalization 822,470 (1,646,124) 1,029,927
------------------------------------------------------
Other long-term liabilities 32,598 (32,598) 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13,655 (13,654) 13,043
Accrued taxes 29,400 (29,400) 29,400
Accrued interest 3 (3) 24,590
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 43,058 (43,057) 67,033
------------------------------------------------------
Accumulated deferred income taxes - net (568) 296,928 295,792
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (568) 296,928 295,792
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $897,558 ($1,424,851) $1,425,350
======================================================
</TABLE>
<PAGE 568>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430
------------------------------------------------------
Fuel 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $820 ($657) 66,490
Maintenance
Depreciation and decommissioning 26,415
Income taxes (273) (19,546) 9,002
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 547 (20,203) 200,246
------------------------------------------------------
Operating income (547) 20,203 124,184
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,082 59,142 3,589
Minority interest
Taxes on nonoperating income (336) (18,334) (1,113)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 746 40,808 2,477
------------------------------------------------------
Income before interest and other expenses 199 61,011 126,661
------------------------------------------------------
Interest on long-term debt 59,091 59,772
Other interest expense 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,091 59,772 3
------------------------------------------------------
NET INCOME (58,892) 1,239 126,658
Retained Earnings - beginning of year 34,010 25,452 120,935
Dividends declared on common stock (95,783)
------------------------------------------------------
Retained Earnings - end of year ($24,882) $26,691 $151,810
======================================================
</TABLE>
<PAGE 569>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430 ($324,430) $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430 (324,430) 324,430
------------------------------------------------------
Fuel 81,865 (81,865) 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,490 (66,493) 66,650
Maintenance
Depreciation and decommissioning 26,415 (26,415) 26,415
Income taxes 9,002 10,682 8,867
Property and other taxes 16,474 (16,474) 16,474
------------------------------------------------------
Total operating expenses 200,246 (180,565) 200,271
------------------------------------------------------
Operating income 124,184 (143,865) 124,159
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,589 (63,406) 3,996
Minority interest
Taxes on nonoperating income (1,113) 19,657 (1,239)
Other - net 1 (1) 1
------------------------------------------------------
Total other income (deductions) - net 2,477 (43,750) 2,758
------------------------------------------------------
Income before interest and other expenses 126,661 (187,615) 126,917
------------------------------------------------------
Interest on long-term debt (59,772) 59,091
Other interest expense 3 (3) 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 3 (59,775) 59,094
------------------------------------------------------
NET INCOME 126,658 (127,840) 67,823
Retained Earnings - beginning of year 120,935 (233,008) 68,324
Dividends declared on common stock (95,783) 95,782 (95,784)
------------------------------------------------------
Retained Earnings - end of year $151,810 ($265,066) $40,363
======================================================
</TABLE>
<PAGE 570>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission MEC
Energy Esenyurt MEC
International B.V. IES
B.V. Consolidated B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $85,169
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $6
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 85,169 6
------------------------------------------------------
Cash and equivalents $50 270 11
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 317
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 137
------------------------------------------------------
Total current assets 50 724 11
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 7,036
------------------------------------------------------
Total deferred charges 7,036
------------------------------------------------------
TOTAL ASSETS $50 $92,929 $17
======================================================
</TABLE>
<PAGE 571>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Indo MEC
India Coal Indonsia
B.V. B.V. B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $22,306 $125,694
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 22,306 125,694
------------------------------------------------------
Cash and equivalents $44 503 30
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1
------------------------------------------------------
Total current assets 45 503 30
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 99 1,001
------------------------------------------------------
Total deferred charges 99 1,001
------------------------------------------------------
TOTAL ASSETS $45 $22,908 $126,725
======================================================
</TABLE>
<PAGE 572>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
Laguna Power Perth Priolo
B.V. B.V. B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $83,611
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1,566 $15,650
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,566 83,611 15,650
------------------------------------------------------
Cash and equivalents 3,570 1,086
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,389
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 16
------------------------------------------------------
Total current assets 5,975 1,086
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 15 7,373 112
------------------------------------------------------
Total deferred charges 15 7,373 112
------------------------------------------------------
TOTAL ASSETS $1,581 $96,959 $16,848
======================================================
</TABLE>
<PAGE 573>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
San Pascual Sidi Krir Sumatra
B.V. B.V. B.V.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $115
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 115
------------------------------------------------------
Cash and equivalents $19 $17
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets 19 17
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $115 $19 $17
======================================================
</TABLE>
<PAGE 574>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison
MEC Mission Mission
Wales Energy Operation and
B.V. Italia Maintenance
Consolidated s.r.l. Indonesia
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085 $210 $27
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670 210 27
------------------------------------------------------
Cash and equivalents 97,009 94 970
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749 879 1,014
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,998 44 39
------------------------------------------------------
Total current assets 150,756 1,017 2,023
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 322,861 53
------------------------------------------------------
Total deferred charges 322,861 53
------------------------------------------------------
TOTAL ASSETS $2,098,287 $1,280 $2,050
======================================================
</TABLE>
PAGE 575
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC International
International Holdings
Holdings Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1,881,102)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5,354 (77,922) $5,354
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 5,354 (1,959,024) 5,354
------------------------------------------------------
Cash and equivalents 35 (103,673) 35
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (52,348)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (6,235)
------------------------------------------------------
Total current assets 35 (162,256) 35
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (338,550)
------------------------------------------------------
Total deferred charges (338,550)
------------------------------------------------------
TOTAL ASSETS $5,389 ($2,459,830) $5,389
======================================================
</TABLE>
<PAGE 576>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission MEC
Energy Esenyurt MEC
International B.V. IES
B.V. Consolidated B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $55 $30 $25
Additional Paid in Capital 15,976
Cumulative Translation Adjustments, Net (251)
Retained earnings (10) 86 (47)
------------------------------------------------------
45 15,841 (22)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 59,327
------------------------------------------------------
Total capitalization 45 75,168 (22)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 7 8,831 62
Accrued taxes (2) (8) (23)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 5 8,823 39
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 4,992
------------------------------------------------------
Total deferred credits 4,992
------------------------------------------------------
Minority interest 3,946
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $50 $92,929 $17
======================================================
</TABLE>
<PAGE 577>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Indo MEC
India Coal Indonesia
B.V. B.V. B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $23 $22 $21
Additional Paid in Capital 1 17,426 126,849
Cumulative Translation Adjustments, Net 33
Retained earnings (13) 3,349 (104)
------------------------------------------------------
44 20,797 126,766
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 44 20,797 126,766
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (6) 11
Accrued taxes 6 (186) (41)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (175) (41)
------------------------------------------------------
Accumulated deferred income taxes - net 1 2,286
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 1 2,286
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $45 $22,908 $126,725
======================================================
</TABLE>
<PAGE 578>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
Laguna Power Perth Priolo
B.V. B.V. B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $22 $23 $22
Additional Paid in Capital 1,549 24,254 17,929
Cumulative Translation Adjustments, Net (4,097) 187
Retained earnings (9) 3,451 (416)
------------------------------------------------------
1,562 23,631 17,722
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 64,551
------------------------------------------------------
Total capitalization 1,562 88,182 17,722
------------------------------------------------------
Other long-term liabilities 467
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 2,628
Short-term debt
Accounts payable 24 (2,549) (1,072)
Accrued taxes (5) 198
Accrued interest 3,222
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 19 3,301 (874)
------------------------------------------------------
Accumulated deferred income taxes - net 1,663
Accumulated deferred investment tax credits
Customer advances and other deferred credits 3,300
------------------------------------------------------
Total deferred credits 4,963
------------------------------------------------------
Minority interest 46
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,581 $96,959 $16,848
======================================================
</TABLE>
<PAGE 579>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
San MEC MEC
Pascual Sidi Krir Sumatra
B.V. B.V. B.V.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $23 $25 $25
Additional Paid in Capital 115
Cumulative Translation Adjustments, Net
Retained earnings (12) (12) (13)
------------------------------------------------------
126 13 12
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 126 13 12
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (6) 10 9
Accrued taxes (5) (4) (4)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (11) 6 5
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $115 $19 $17
======================================================
</TABLE>
<PAGE 580>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison
MEC Mission Mission
Wales Energy Operation and
B.V. Italia Maintenance
Consolidated s.r.l. Indonesia
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $26 $13
Additional Paid in Capital 276,698 $1,500
Cumulative Translation Adjustments, Net 68,400 11
Retained earnings 67,543 93 965
------------------------------------------------------
412,667 117 2,465
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,517,687 117 2,465
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (34,951) 1,157 (505)
Accrued taxes 29,027 6 90
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 25,312 1,163 (415)
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest 66,089
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,098,287 $1,280 $2,050
======================================================
</TABLE>
<PAGE 581>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC International
International Holdings
Holdings Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $21 ($355) $21
Additional Paid in Capital 4,818 (482,297) 4,818
Cumulative Translation Adjustments, Net (64,283)
Retained earnings 540 (74,851) 540
------------------------------------------------------
5,379 (621,786) 5,379
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (1,228,898)
------------------------------------------------------
Total capitalization 5,379 (1,850,684) 5,379
------------------------------------------------------
Other long-term liabilities (34,197)
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (8,921)
Short-term debt
Accounts payable 18 28,978 18
Accrued taxes (8) (29,049) (8)
Accrued interest (28,165)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 10 (37,157) 10
------------------------------------------------------
Accumulated deferred income taxes - net (308,425)
Accumulated deferred investment tax credits (150,994)
Customer advances and other deferred credits (8,292)
------------------------------------------------------
Total deferred credits (467,711)
------------------------------------------------------
Minority interest (70,081)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $5,389 ($2,459,830) $5,389
======================================================
</TABLE>
<Page 582>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission MEC
Energy Esenyurt MEC
International B.V. IES
B.V. Consolidated B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $69 ($55)
------------------------------------------------------
Total operating revenue 69 (55)
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 65 $1 (1)
Maintenance
Depreciation and decommissioning 4 7 2
Income taxes (40) (19)
Property and other taxes
------------------------------------------------------
Total operating expenses 69 (32) (18)
------------------------------------------------------
Operating income 32 (37)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net (2) 65 (1)
------------------------------------------------------
Total other income (deductions) - net (2) 65 (1)
------------------------------------------------------
Income before interest and other expenses (2) 97 (38)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (2) 97 (38)
Retained Earnings - beginning of year (8) (11) (9)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($10) $86 ($47)
======================================================
</TABLE>
PAGE 583
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Indo MEC
India Coal Indonesia
B.V. B.V. B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $288 $3,056
------------------------------------------------------
Total operating revenue 288 3,056
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 223 2 $6
Maintenance
Depreciation and decommissioning 7 650 96
Income taxes 21 672 (27)
Property and other taxes
------------------------------------------------------
Total operating expenses 251 1,324 75
------------------------------------------------------
Operating income 37 1,732 (75)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 61 2
Minority interest
Taxes on nonoperating income (21) (1)
Other - net (41) 182 19
------------------------------------------------------
Total other income (deductions) - net (41) 222 20
------------------------------------------------------
Income before interest and other expenses (4) 1,954 (55)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (4) 1,954 (55)
Retained Earnings - beginning of year (9) 1,395 (50)
Dividends declared on common stock 1
------------------------------------------------------
Retained Earnings - end of year ($13) $3,349 ($104)
======================================================
</TABLE>
<PAGE 584>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC MEC MEC
Laguna Power Perth Priolo
B.V. B.V. B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $46,078
Diversified operations $147
------------------------------------------------------
Total operating revenue 46,078 147
------------------------------------------------------
Fuel 24,375
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $1 4,043 (16)
Maintenance
Depreciation and decommissioning 1 4,216 19
Income taxes (1) 1,922 226
Property and other taxes
------------------------------------------------------
Total operating expenses 1 34,556 229
------------------------------------------------------
Operating income (1) 11,522 (82)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 264 11
Minority interest
Taxes on nonoperating income (95) (4)
Other - net (320)
------------------------------------------------------
Total other income (deductions) - net 169 (313)
------------------------------------------------------
Income before interest and other expenses (1) 11,691 (395)
------------------------------------------------------
Interest on long-term debt 8,094
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 8,094
------------------------------------------------------
NET INCOME (1) 3,597 (395)
Retained Earnings - beginning of year (8) (146) (21)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($9) $3,451 ($416)
======================================================
</TABLE>
<PAGE 585>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
San MEC MEC
Pascual Sidi Krir Sumatra
B.V. B.V. B.V.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $1 $1 $3
Maintenance
Depreciation and decommissioning 1 2 2
Income taxes (1)
Property and other taxes
------------------------------------------------------
Total operating expenses 2 3 4
------------------------------------------------------
Operating income (2) (3) (4)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net (1) (1) (1)
------------------------------------------------------
Total other income (deductions) - net (1) (1) (1)
------------------------------------------------------
Income before interest and other expenses (3) (4) (5)
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (3) (4) (5)
Retained Earnings - beginning of year (9) (8) (8)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($12) ($12) ($13)
======================================================
</TABLE>
PAGE 586
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison
MEC Mision Mission
Wales Energy Operation and
B.V. Italia Maintenance
Consolidated s.r.l. Indonesia
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations $3,136 $5,238
------------------------------------------------------
Total operating revenue 400,026 3,136 5,238
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,101 2,941 4,677
Maintenance
Depreciation and decommissioning 36,453 22
Income taxes 19,779 112 222
Property and other taxes 16,474 1
------------------------------------------------------
Total operating expenses 237,503 3,076 4,899
------------------------------------------------------
Operating income 162,523 60 339
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 5,245 2 109
Minority interest (20,143)
Taxes on nonoperating income (1,670) (1) (31)
Other - net (158) (16) 3
------------------------------------------------------
Total other income (deductions) - net (16,726) (15) 81
------------------------------------------------------
Income before interest and other expenses 145,797 45 420
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 64,160 45 420
Retained Earnings - beginning of year 99,167 48 545
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $67,543 $93 $965
======================================================
</TABLE>
<PAGE 587>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC International
International Holdings
Holdings Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($446,104)
Diversified operations $439 (11,879) $439
------------------------------------------------------
Total operating revenue 439 (457,983) 439
------------------------------------------------------
Fuel (116,071)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $2 (85,048) 2
Maintenance
Depreciation and decommissioning 1 (41,482) 1
Income taxes (1) (22,866) (1)
Property and other taxes (16,475)
------------------------------------------------------
Total operating expenses 2 (281,942) 2
------------------------------------------------------
Operating income 437 (176,041) 437
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (5,694)
Minority interest 20,143
Taxes on nonoperating income 1,823
Other - net 3 271 3
------------------------------------------------------
Total other income (deductions) - net 3 16,543 3
------------------------------------------------------
Income before interest and other expenses 440 (159,498) 440
------------------------------------------------------
Interest on long-term debt (67,185)
Other interest expense (22,546)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (89,731)
------------------------------------------------------
NET INCOME 440 (69,766) 440
Retained Earnings - beginning of year 100 (100,868) 100
Dividends declared on common stock 95,783
------------------------------------------------------
Retained Earnings - end of year $540 ($74,851) $540
======================================================
</TABLE>
Page 588
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Doga
Enerji Doga Isi Doga
Uretim Satis Isletme ve
Sanayi ve Hizmetteri Bakim
Ticaret A.S. Ticaret L.S. Ticaret L.S.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $85,169
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 85,169
------------------------------------------------------
Cash and equivalents 131 $58 $58
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 317
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 137
------------------------------------------------------
Total current assets 585 58 58
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 210
------------------------------------------------------
Total deferred charges 210
------------------------------------------------------
TOTAL ASSETS $85,964 $58 $58
======================================================
</TABLE>
<PAGE 589>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Esenyurt
Esenyurt Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $85,169
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $16,003 ($16,003)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 16,003 (16,003) 85,169
------------------------------------------------------
Cash and equivalents 23 270
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 317
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 137
------------------------------------------------------
Total current assets 23 724
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,826 7,036
------------------------------------------------------
Total deferred charges 6,826 7,036
------------------------------------------------------
TOTAL ASSETS $22,852 ($16,003) $92,929
======================================================
</TABLE>
<PAGE 590>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Doga Doga
Enerji Isision Doga
Uretim Satis Isletme
Sanayi ve Hizmetteri ve Bakim
Ticaret A.S. Ticaret L.S. Ticaret L.S.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $99 $63 $63
Additional Paid in Capital 19,786
Cumulative Translation Adjustments, Net (305) (5) (5)
Retained earnings 1
------------------------------------------------------
19,581 58 58
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 59,327
------------------------------------------------------
Total capitalization 78,908 58 58
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 2,063
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 2,063
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 4,993
------------------------------------------------------
Total deferred credits 4,993
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $85,964 $58 $58
======================================================
</TABLE>
<PAGE 591>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Mec Esenyurt B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Esenyurt
Esenyurt Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $30 ($225) $30
Additional Paid in Capital 15,976 (19,786) 15,976
Cumulative Translation Adjustments, Net 64 (251)
Retained earnings 86 (1) 86
------------------------------------------------------
16,092 (19,948) 15,841
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 59,327
------------------------------------------------------
Total capitalization 16,092 (19,948) 75,168
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 6,768 8,831
Accrued taxes (8) (8)
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 6,760 8,823
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits (1) 4,992
------------------------------------------------------
Total deferred credits (1) 4,992
------------------------------------------------------
Minority interest 3,946 3,946
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $22,852 ($16,003) $92,929
======================================================
</TABLE>
<PAGE 592>
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
Mec Esenyurt B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Doga
Enerji Doga Doga
Uretim Isi Satis Isletme
Sanayi ve Hizmetteri ve Bakim
Ticaret A.S. Ticaret L.S. Ticaret L.S.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year $1
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $1
======================================================
</TABLE>
PAGE 593
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
MEC Esenyurt
Esenyurt Consolidating B.V.
B.V. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $1 $1
Maintenance
Depreciation and decommissioning 8 ($1) 7
Income taxes (40) (40)
Property and other taxes
------------------------------------------------------
Total operating expenses (31) (1) (32)
------------------------------------------------------
Operating income 31 1 32
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net 65 65
------------------------------------------------------
Total other income (deductions) - net 65 65
------------------------------------------------------
Income before interest and other expenses 96 1 97
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 96 1 97
Retained Earnings - beginning of year (11) ($1) (11)
Dividends declared on common stock 1
------------------------------------------------------
Retained Earnings - end of year $86 $86
======================================================
</TABLE>
PAGE 594
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited MEC
Partnership Wales Consolidating
Consolidated B.V. Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) $318,371 ($318,371)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670 318,371 (318,371)
------------------------------------------------------
Cash and equivalents 96,905 104
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997 1
------------------------------------------------------
Total current assets 150,651 104 1
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907 1,954
------------------------------------------------------
Total deferred charges 320,907 1,954
------------------------------------------------------
TOTAL ASSETS $2,096,228 $320,429 ($318,370)
======================================================
</TABLE>
<PAGE 595>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
Wales
B.V.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 97,009
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,998
------------------------------------------------------
Total current assets 150,756
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 322,861
------------------------------------------------------
Total deferred charges 322,861
------------------------------------------------------
TOTAL ASSETS $2,098,287
======================================================
</TABLE>
<PAGE 596>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited MEC
Partnership Wales Consolidating
Consolidated B.V. Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477 $26 ($347,477)
Additional Paid in Capital 276,698
Cumulative Translation Adjustments, Net 29,850 35,366 3,184
Retained earnings 56,570 51,139 (40,166)
------------------------------------------------------
433,897 363,229 (384,459)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917 363,229 (384,459)
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476 (42,427)
Accrued taxes 29,400 (373)
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112 (42,800)
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest 66,089
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228 $320,429 ($318,370)
======================================================
</TABLE>
<PAGE 597>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
Wales
B.V.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $26
Additional Paid in Capital 276,698
Cumulative Translation Adjustments, Net 68,400
Retained earnings 67,543
------------------------------------------------------
412,667
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,517,687
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (34,951)
Accrued taxes 29,027
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 25,312
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest 66,089
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,098,287
======================================================
</TABLE>
<PAGE 598>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited MEC
Partnership Wales Consolidating
Consolidated B.V. Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081 $20
Maintenance
Depreciation and decommissioning 36,192 261
Income taxes 20,073 (294)
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516 (13)
------------------------------------------------------
Operating income 162,510 13
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619 626
Minority interest ($20,143)
Taxes on nonoperating income (1,463) (207)
Other - net 1 (158) (1)
------------------------------------------------------
Total other income (deductions) - net 3,157 261 (20,144)
------------------------------------------------------
Income before interest and other expenses 165,667 274 (20,144)
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030 274 (20,144)
Retained Earnings - beginning of year 68,324 50,865 (20,022)
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570 $51,139 ($40,166)
======================================================
</TABLE>
<PAGE 599>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
MEC
Wales
B.V.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,101
Maintenance
Depreciation and decommissioning 36,453
Income taxes 19,779
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,503
------------------------------------------------------
Operating income 162,523
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 5,245
Minority interest (20,143)
Taxes on nonoperating income (1,670)
Other - net (158)
------------------------------------------------------
Total other income (deductions) - net (16,726)
------------------------------------------------------
Income before interest and other expenses 145,797
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 64,160
Retained Earnings - beginning of year 99,167
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $67,543
======================================================
</TABLE>
<PAGE 600>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) $405,515 ($405,515)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670 405,515 (405,515)
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228 $405,515 ($405,515)
======================================================
</TABLE>
PAGE 601
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228
======================================================
</TABLE>
PAGE 602
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477 $405,515 ($405,515)
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897 405,515 (405,515)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917 405,515 (405,515)
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 455,469 (150,994)
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228 $405,515 ($405,515)
======================================================
</TABLE>
<PAGE 603>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228
======================================================
</TABLE>
<PAGE 604>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 605>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 606>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $624,425
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 624,425
------------------------------------------------------
Cash and equivalents 31,018
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7,013
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 154
------------------------------------------------------
Total current assets 38,185
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,268
------------------------------------------------------
Total deferred charges 8,268
------------------------------------------------------
TOTAL ASSETS $670,878
======================================================
</TABLE>
PAGE 607
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,087,660
Nuclear decommissioning trusts
Investments in partnerships (87,415)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,000,245
------------------------------------------------------
Cash and equivalents 65,887
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 40,736
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843
------------------------------------------------------
Total current assets 112,466
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 312,639
------------------------------------------------------
Total deferred charges 312,639
------------------------------------------------------
TOTAL ASSETS $1,425,350
======================================================
</TABLE>
PAGE 608
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships (87,415)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228
======================================================
</TABLE>
PAGE 609
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,863)
Retained earnings 16,207
------------------------------------------------------
56,469
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 447,940
------------------------------------------------------
Total capitalization 504,409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (986)
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 5,660
------------------------------------------------------
Accumulated deferred income taxes - net 159,677
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 159,677
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $670,878
======================================================
</TABLE>
<PAGE 610>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $304,352
Additional Paid in Capital
Cumulative Translation Adjustments, Net 28,132 $4,581
Retained earnings 40,363
------------------------------------------------------
372,847 4,581
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 657,080
------------------------------------------------------
Total capitalization 1,029,927 4,581
------------------------------------------------------
Other long-term liabilities 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13,043 (4,581)
Accrued taxes 29,400
Accrued interest 24,590
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 67,033 (4,581)
------------------------------------------------------
Accumulated deferred income taxes - net 295,792
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 295,792
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,425,350
======================================================
</TABLE>
<PAGE 611>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 455,469
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228
======================================================
</TABLE>
<PAGE 612>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $75,596
Diversified operations
------------------------------------------------------
Total operating revenue 75,596
------------------------------------------------------
Fuel 9,831
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 6,431
Maintenance
Depreciation and decommissioning 9,777
Income taxes 11,206
Property and other taxes
------------------------------------------------------
Total operating expenses 37,245
------------------------------------------------------
Operating income 38,351
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 623
Minority interest
Taxes on nonoperating income (224)
Other - net
------------------------------------------------------
Total other income (deductions) - net 399
------------------------------------------------------
Income before interest and other expenses 38,750
------------------------------------------------------
Interest on long-term debt
Other interest expense 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 22,543
------------------------------------------------------
NET INCOME 16,207
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,207
======================================================
</TABLE>
<PAGE 613>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430
------------------------------------------------------
Fuel 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,650
Maintenance
Depreciation and decommissioning 26,415
Income taxes 8,867
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 200,271
------------------------------------------------------
Operating income 124,159
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,996
Minority interest
Taxes on nonoperating income (1,239)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 2,758
------------------------------------------------------
Income before interest and other expenses 126,917
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,094
------------------------------------------------------
NET INCOME 67,823
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $40,363
======================================================
</TABLE>
<PAGE 614>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 615>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships $817,131
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131
======================================================
</TABLE>
PAGE 616
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($817,131)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (817,131)
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS ($817,131)
======================================================
</TABLE>
PAGE 617
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131
Additional Paid in Capital
Cumulative Translation Adjustments, Net $6,635 (6,635)
Retained earnings (53,321) 53,321
------------------------------------------------------
(46,686) 863,817
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 810,838 (817,131)
------------------------------------------------------
Total capitalization 764,152 46,686
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 46,333 (46,686)
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 52,979 (46,686)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131
======================================================
</TABLE>
<PAGE 618>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock ($817,131)
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
(817,131)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 6,293
------------------------------------------------------
Total capitalization (810,838)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (6,293)
Short-term debt
Accounts payable 353
Accrued taxes
Accrued interest (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (6,293)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($817,131)
======================================================
</TABLE>
<PAGE 619>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt $53,321 ($53,321)
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 53,321 (53,321)
------------------------------------------------------
NET INCOME (53,321) 53,321
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($53,321) $53,321
======================================================
</TABLE>
<PAGE 620>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year
======================================================
</TABLE>
<PAGE 621>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $817,131
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131
======================================================
</TABLE>
PAGE 622
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $624,425 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 624,425 1,359,017
------------------------------------------------------
Cash and equivalents 31,018 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7,013 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 154 314
------------------------------------------------------
Total current assets 38,185 46,997
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,268 14,498
------------------------------------------------------
Total deferred charges 8,268 14,498
------------------------------------------------------
TOTAL ASSETS $670,878 $1,420,512
======================================================
</TABLE>
PAGE 623
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidated Limited
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1,359,017) $624,425
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (817,131)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (2,176,148) 624,425
------------------------------------------------------
Cash and equivalents (35,464) 31,018
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (11,219) 7,013
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (314) 154
------------------------------------------------------
Total current assets (46,997) 38,185
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (14,498) 8,268
------------------------------------------------------
Total deferred charges (14,498) 8,268
------------------------------------------------------
TOTAL ASSETS ($2,237,643) $670,878
======================================================
</TABLE>
PAGE 624
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131
Additional Paid in Capital
Cumulative Translation Adjustments, Net (6,635) $6,635
Retained earnings 53,321 (53,321)
------------------------------------------------------
863,817 (46,686)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (817,131) 810,838
------------------------------------------------------
Total capitalization 46,686 764,152
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (46,686) 46,333
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (46,686) 52,979
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131
======================================================
</TABLE>
<PAGE 625>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital $87,778
Cumulative Translation Adjustments, Net (1,731) (58,596)
Retained earnings 16,207 44,312
------------------------------------------------------
57,601 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 453,100 1,108,105
------------------------------------------------------
Total capitalization 510,701 1,181,599
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (633) (307,853)
Accrued taxes 48,160
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (633) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net 159,677 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits 159,677 498,253
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $670,877 $1,420,512
======================================================
</TABLE>
<PAGE 626>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidating Limited
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($817,131) $43,125
Additional Paid in Capital (87,778)
Cumulative Translation Adjustments, Net 57,464 (2,863)
Retained earnings (44,312) 16,207
------------------------------------------------------
(891,757) 56,469
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (1,106,972) 447,940
------------------------------------------------------
Total capitalization (1,998,729) 504,409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 307,853 (986)
Accrued taxes (48,160)
Accrued interest (353) 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 259,340 5,660
------------------------------------------------------
Accumulated deferred income taxes - net 31,223 159,677
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (498,253) 159,677
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($2,237,642) $670,878
======================================================
</TABLE>
<PAGE 627>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt ($53,321) $53,321
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (53,321) 53,321
------------------------------------------------------
NET INCOME 53,321 (53,321)
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $53,321 ($53,321)
======================================================
</TABLE>
<PAGE 628>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $75,596 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 75,596 249,826
------------------------------------------------------
Fuel 9,831 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 6,431 27,605
Maintenance
Depreciation and decommissioning 9,777 62,657
Income taxes 11,206 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses 37,245 134,055
------------------------------------------------------
Operating income 38,351 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 623 19,170
Minority interest (36,696)
Taxes on nonoperating income (224) (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 399 (24,427)
------------------------------------------------------
Income before interest and other expenses 38,750 91,344
------------------------------------------------------
Interest on long-term debt
Other interest expense 22,543 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 22,543 74,129
------------------------------------------------------
NET INCOME 16,207 17,215
Retained Earnings - beginning of year 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,207 $44,312
======================================================
</TABLE>
<PAGE 629>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidating Limited
Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($249,826) $75,596
Diversified operations
------------------------------------------------------
Total operating revenue (249,826) 75,596
------------------------------------------------------
Fuel (39,501) 9,831
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (27,605) 6,431
Maintenance
Depreciation and decommissioning (62,657) 9,777
Income taxes (4,292) 11,206
Property and other taxes
------------------------------------------------------
Total operating expenses (134,055) 37,245
------------------------------------------------------
Operating income (115,771) 38,351
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (19,170) 623
Minority interest 36,696
Taxes on nonoperating income 6,901 (224)
Other - net
------------------------------------------------------
Total other income (deductions) - net 24,427 399
------------------------------------------------------
Income before interest and other expenses (91,344) 38,750
------------------------------------------------------
Interest on long-term debt
Other interest expense (74,129) 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (74,129) 22,543
------------------------------------------------------
NET INCOME (17,215) 16,207
Retained Earnings - beginning of year (27,097)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($44,312) $16,207
======================================================
</TABLE>
<PAGE 630>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships $817,131 ($817,131)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131 (817,131)
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131 ($817,131)
======================================================
</TABLE>
PAGE 631
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
PAGE 632
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131 ($817,131)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (6,635) $6,635
Retained earnings 53,321 (53,321)
------------------------------------------------------
863,817 (46,686) (817,131)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (817,131) 810,838 6,293
------------------------------------------------------
Total capitalization 46,686 764,152 (810,838)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293 (6,293)
Short-term debt
Accounts payable (46,686) 46,333 353
Accrued taxes
Accrued interest 353 (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (46,686) 52,979 (6,293)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131 ($817,131)
======================================================
</TABLE>
<PAGE 633>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
======================================================
</TABLE>
<PAGE 634>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holding Limited
Energy Capital Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt ($53,321) $53,321
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (53,321) 53,321
------------------------------------------------------
NET INCOME 53,321 (53,321)
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $53,321 ($53,321)
======================================================
</TABLE>
<PAGE 635>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year
======================================================
</TABLE>
<PAGE 636>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $17,139 $173 $796,466
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 994,949 10,050
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,012,088 10,223 796,466
------------------------------------------------------
Cash and equivalents 232 60,265
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,977 26,565 34,951
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843
------------------------------------------------------
Total current assets 6,209 26,565 101,059
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 33
------------------------------------------------------
Total deferred charges 33
------------------------------------------------------
TOTAL ASSETS $1,018,297 $36,788 $897,558
======================================================
</TABLE>
PAGE 637
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $796,466 ($522,584) $1,087,660
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,092,414) (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 796,466 (1,614,998) 1,000,245
------------------------------------------------------
Cash and equivalents 60,265 (54,875) 65,887
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 34,951 (61,708) 40,736
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843 (5,843) 5,843
------------------------------------------------------
Total current assets 101,059 (122,426) 112,466
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 33 312,573 312,639
------------------------------------------------------
Total deferred charges 33 312,573 312,639
------------------------------------------------------
TOTAL ASSETS $897,558 ($1,424,851) $1,425,350
======================================================
</TABLE>
PAGE 638
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $181,987 $19 $171,313
Additional Paid in Capital 498,759
Cumulative Translation Adjustments, Net (51,906) (363) 11,000
Retained earnings (24,882) 26,691 151,810
------------------------------------------------------
105,199 26,347 832,882
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 889,153 10,412 (10,412)
------------------------------------------------------
Total capitalization 994,352 36,759 822,470
------------------------------------------------------
Other long-term liabilities 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (642) 29 13,655
Accrued taxes 29,400
Accrued interest 24,587 3
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 23,945 29 43,058
------------------------------------------------------
Accumulated deferred income taxes - net (568)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (568)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,018,297 $36,788 $897,558
======================================================
</TABLE>
<PAGE 639>
<PAGE>
MEC International Holdings B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $171,313 ($220,280) $304,352
Additional Paid in Capital 498,759 (997,518)
Cumulative Translation Adjustments, Net 11,000 58,401 28,132
Retained earnings 151,810 (265,066) 40,363
------------------------------------------------------
832,882 (1,424,463) 372,847
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (10,412) (221,661) 657,080
------------------------------------------------------
Total capitalization 822,470 (1,646,124) 1,029,927
------------------------------------------------------
Other long-term liabilities 32,598 (32,598) 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13,655 (13,654) 13,043
Accrued taxes 29,400 (29,400) 29,400
Accrued interest 3 (3) 24,590
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 43,058 (43,057) 67,033
------------------------------------------------------
Accumulated deferred income taxes - net (568) 296,928 295,792
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (568) 296,928 295,792
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $897,558 ($1,424,851) $1,425,350
======================================================
</TABLE>
<PAGE 640>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430
------------------------------------------------------
Fuel 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $820 ($657) 66,490
Maintenance
Depreciation and decommissioning 26,415
Income taxes (273) (19,546) 9,002
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 547 (20,203) 200,246
------------------------------------------------------
Operating income (547) 20,203 124,184
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,082 59,142 3,589
Minority interest
Taxes on nonoperating income (336) (18,334) (1,113)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 746 40,808 2,477
------------------------------------------------------
Income before interest and other expenses 199 61,011 126,661
------------------------------------------------------
Interest on long-term debt 59,091 59,772
Other interest expense 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,091 59,772 3
------------------------------------------------------
NET INCOME (58,892) 1,239 126,658
Retained Earnings - beginning of year 34,010 25,452 120,935
Dividends declared on common stock (95,783)
------------------------------------------------------
Retained Earnings - end of year ($24,882) $26,691 $151,810
======================================================
</TABLE>
<PAGE 640A>
<PAGE>
MEC International B.V.
MEC Wales B.V.
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430 ($324,430) $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430 (324,430) 324,430
------------------------------------------------------
Fuel 81,865 (81,865) 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,490 (66,493) 66,650
Maintenance
Depreciation and decommissioning 26,415 (26,415) 26,415
Income taxes 9,002 10,682 8,867
Property and other taxes 16,474 (16,474) 16,474
------------------------------------------------------
Total operating expenses 200,246 (180,565) 200,271
------------------------------------------------------
Operating income 124,184 (143,865) 124,159
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,589 (63,406) 3,996
Minority interest
Taxes on nonoperating income (1,113) 19,657 (1,239)
Other - net 1 (1) 1
------------------------------------------------------
Total other income (deductions) - net 2,477 (43,750) 2,758
------------------------------------------------------
Income before interest and other expenses 126,661 (187,615) 126,917
------------------------------------------------------
Interest on long-term debt (59,772) 59,091
Other interest expense 3 (3) 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 3 (59,775) 59,094
------------------------------------------------------
NET INCOME 126,658 (127,840) 67,823
Retained Earnings - beginning of year 120,935 (233,008) 68,324
Dividends declared on common stock (95,783) 95,782 (95,784)
------------------------------------------------------
Retained Earnings - end of year $151,810 ($265,066) $40,363
======================================================
</TABLE>
<PAGE 640B>
PAGE
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
Hydro de Energias
Energy S.A. Consolidating
B.V. Consolidated Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $109,326 $9,943
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $34,313 9 (34,313)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 34,313 109,335 (24,370)
------------------------------------------------------
Cash and equivalents 1 6,371
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 1 13,194
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812
------------------------------------------------------
Total deferred charges 6,812
------------------------------------------------------
TOTAL ASSETS $34,314 $129,341 ($24,370)
======================================================
</TABLE>
<PAGE 641>
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hydro
Energy
B.V.
Consolidated
===========================================================================================================
ASSETS
===========================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $119,269
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 9
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 119,278
------------------------------------------------------
Cash and equivalents 6,372
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 13,195
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812
------------------------------------------------------
Total deferred charges 6,812
------------------------------------------------------
TOTAL ASSETS $139,285
======================================================
</TABLE>
<PAGE 642>
<PAGE>
MEC International B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Electro
Iberica Metalurgica
de Energias del Ebro, Consolidating
S.A. S.A. Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $55,928 $7,209 $46,189
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,713 2 (3,706)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 59,641 7,211 42,483
------------------------------------------------------
Cash and equivalents 3,794 2,576 1
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 4,606 1,178 (430)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 574 894 1
------------------------------------------------------
Total current assets 8,974 4,648 (428)
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 9,484 53,064 (55,736)
------------------------------------------------------
Total deferred charges 9,484 53,064 (55,736)
------------------------------------------------------
TOTAL ASSETS $78,099 $64,923 ($13,681)
======================================================
</TABLE>
<PAGE 643>
<PAGE>
MEC International B.V.
Iberica de Energias S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
de Energias
S.A.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $109,326
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 9
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 109,335
------------------------------------------------------
Cash and equivalents 6,371
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 13,194
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812
------------------------------------------------------
Total deferred charges 6,812
------------------------------------------------------
TOTAL ASSETS $129,341
======================================================
</TABLE>
<PAGE 644>
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian Hydro
Hy-Power Energy
Amsterdam Aprohiso B.V.
B.V. S.A. Consolidated
============================================================================================================
ASSETS (Inactive)
============================================================================================================
<S> <C> <C> C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $119,269
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $9,377 9
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 9,377 119,278
------------------------------------------------------
Cash and equivalents 312 6,372
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 312 13,195
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1,762 6,812
------------------------------------------------------
Total deferred charges 1,762 6,812
------------------------------------------------------
TOTAL ASSETS $11,451 $139,285
======================================================
</TABLE>
<PAGE 645>
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian
Saltos Hy-Power
del Porma, Consolidating Amsterdam B.V.
S.A. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $12,962 $132,231
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5 (9,391)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 5 3,571 132,231
------------------------------------------------------
Cash and equivalents 1 6,685
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 81 (81) 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1 (1) 1,469
------------------------------------------------------
Total current assets 83 (82) 13,508
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 2,318 (2,319) 8,573
------------------------------------------------------
Total deferred charges 2,318 (2,319) 8,573
------------------------------------------------------
TOTAL ASSETS $2,406 $1,170 $154,312
======================================================
</TABLE>
<PAGE 646>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
Hydro de Energias
Energy S.A. Consolidating
B.V. Consolidated Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $109,326 $9,943
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $34,313 9 (34,313)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 34,313 109,335 (24,370)
------------------------------------------------------
Cash and equivalents 1 6,371
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 1 13,194
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812
------------------------------------------------------
Total deferred charges 6,812
------------------------------------------------------
TOTAL ASSETS $34,314 $129,341 ($24,370)
======================================================
</TABLE>
<PAGE 647>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hydro
Energy
B.V.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $119,269
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 9
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 119,278
------------------------------------------------------
Cash and equivalents 6,372
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 13,195
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812
------------------------------------------------------
Total deferred charges 6,812
------------------------------------------------------
TOTAL ASSETS $139,285
======================================================
</TABLE>
<PAGE 648>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Electro
Iberica Metalurgica
de Energias, del Ebro, Consolidating
S.A. S.A. Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $55,928 $7,209 $46,189
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,713 2 (3,706)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 59,641 7,211 42,483
------------------------------------------------------
Cash and equivalents 3,794 2,576 1
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 4,606 1,178 (430)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 574 894 1
------------------------------------------------------
Total current assets 8,974 4,648 (428)
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 9,484 53,064 (55,736)
------------------------------------------------------
Total deferred charges 9,484 53,064 (55,736)
------------------------------------------------------
TOTAL ASSETS $78,099 $64,923 ($13,681)
======================================================
</TABLE>
<PAGE 649>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
de Energias
S.A.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $109,326
Nuclear decommissioning trusts
Investments in partnerships 9
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 109,335
------------------------------------------------------
Cash and equivalents 6,371
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,354
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 1,469
------------------------------------------------------
Total current assets 13,194
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,812
------------------------------------------------------
Total deferred charges 6,812
------------------------------------------------------
TOTAL ASSETS $129,341
======================================================
</TABLE>
<PAGE 650>
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
Hydro de Energias,
Energy S.A. Consolidating
B.V. Consolidated Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $25 $23,749 ($23,749)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,743) (1)
Retained earnings (304) (5,524)
------------------------------------------------------
(279) 15,482 (23,750)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 34,592 98,866 (621)
------------------------------------------------------
Total capitalization 34,313 114,348 (24,371)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt
Accounts payable 21 3,437 1
Accrued taxes (20) 566
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1 12,417 1
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $34,314 $129,341 ($24,370)
======================================================
</TABLE>
<PAGE 651>
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hydro
Energy
B.V.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $25
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,744)
Retained earnings (5,828)
------------------------------------------------------
(8,547)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 132,837
------------------------------------------------------
Total capitalization 124,290
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt
Accounts payable 3,459
Accrued taxes 546
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 12,419
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $139,285
======================================================
</TABLE>
<PAGE 652>
<PAGE>
MEC International B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Electro
Iberica Metalurgica
de Engergias, del Ebro, Consolidating
S.A. S.A. Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $24,832 $72 ($1,155)
Additional Paid in Capital 1,902 25 (1,927)
Cumulative Translation Adjustments, Net (11,181) 242 8,196
Retained earnings 12,200 2,134 (19,858)
------------------------------------------------------
27,753 2,473 (14,744)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 45,906 52,534 426
------------------------------------------------------
Total capitalization 73,659 55,007 (14,318)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 1,699 6,488 (15)
Short-term debt
Accounts payable 2,225 789 423
Accrued taxes 404 154 8
Accrued interest 112 82 48
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 4,440 7,513 464
------------------------------------------------------
Accumulated deferred income taxes - net 2,172 167
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,172 167
------------------------------------------------------
Minority interest 231 6
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $78,099 $64,923 ($13,681)
======================================================
</TABLE>
<PAGE 653>
<PAGE>
MEC International B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
de Energias
S.A.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $23,749
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,743)
Retained earnings (5,524)
------------------------------------------------------
15,482
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 98,866
------------------------------------------------------
Total capitalization 114,348
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt
Accounts payable 3,437
Accrued taxes 566
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 12,417
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $129,341
======================================================
</TABLE>
<PAGE 654>
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian Hydro
Hy-Power Energy
Amsterdam Aprohiso B.V.
B.V. S.A. Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES (Inactive)
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $1,186 $25
Additional Paid in Capital 193
Cumulative Translation Adjustments, Net (2,744)
Retained earnings 2,465 (5,828)
------------------------------------------------------
3,844 (8,547)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 7,199 132,837
------------------------------------------------------
Total capitalization 11,043 124,290
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt (572)
Accounts payable 844 3,459
Accrued taxes 136 546
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 408 12,419
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $11,451 $139,285
======================================================
</TABLE>
<PAGE 655>
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian
Saltos Hy-Power
de Porma, Consolidating Amsterdam B.V.
S.A. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $826 ($2,537) ($500)
Additional Paid in Capital 8,745 8,938
Cumulative Translation Adjustments, Net (169) 169 (2,744)
Retained earnings (3,474) (6,837)
------------------------------------------------------
657 2,903 (1,143)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 846 (847) 140,035
------------------------------------------------------
Total capitalization 1,503 2,056 138,892
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 11 8,183
Short-term debt 542 30
Accounts payable 313 (879) 3,737
Accrued taxes 1 (1) 682
Accrued interest 47 (47) 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 903 (886) 12,844
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,406 $1,170 $154,312
======================================================
</TABLE>
<PAGE 656>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
Hydro de Energias
Energy S.A. Consolidating
B.V. Consolidated Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $25 $23,749 ($23,749)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,743) (1)
Retained earnings (304) (5,524)
------------------------------------------------------
(279) 15,482 (23,750)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 34,592 98,866 (621)
------------------------------------------------------
Total capitalization 34,313 114,348 (24,371)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt
Accounts payable 21 3,437 1
Accrued taxes (20) 566
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1 12,417 1
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $34,314 $129,341 ($24,370)
======================================================
</TABLE>
<PAGE 657>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hydro
Energy
B.V.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $25
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,744)
Retained earnings (5,828)
------------------------------------------------------
(8,547)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 132,837
------------------------------------------------------
Total capitalization 124,290
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt
Accounts payable 3,459
Accrued taxes 546
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 12,419
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $139,285
======================================================
</TABLE>
<PAGE 658>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Electro
Iberica Metalurgica
de Energias, del Ebro, Consolidating
S.A. S.A. Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $24,832 $72 ($1,155)
Additional Paid in Capital 1,902 25 (1,927)
Cumulative Translation Adjustments, Net (11,181) 242 8,196
Retained earnings 12,200 2,134 (19,858)
------------------------------------------------------
27,753 2,473 (14,744)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 45,906 52,534 426
------------------------------------------------------
Total capitalization 73,659 55,007 (14,318)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 1,699 6,488 (15)
Short-term debt
Accounts payable 2,225 789 423
Accrued taxes 404 154 8
Accrued interest 112 82 48
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 4,440 7,513 464
------------------------------------------------------
Accumulated deferred income taxes - net 2,172 167
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,172 167
------------------------------------------------------
Minority interest 231 6
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $78,099 $64,923 ($13,681)
======================================================
</TABLE>
<PAGE 659>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
de Energias
S.A.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock $23,749
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,743)
Retained earnings (5,524)
------------------------------------------------------
15,482
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 98,866
------------------------------------------------------
Total capitalization 114,348
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 8,172
Short-term debt
Accounts payable 3,437
Accrued taxes 566
Accrued interest 242
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 12,417
------------------------------------------------------
Accumulated deferred income taxes - net 2,339
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 2,339
------------------------------------------------------
Minority interest 237
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $129,341
======================================================
</TABLE>
<PAGE 660>
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
Hydro del Energias,
Energy S.A. Consolidating
B.V. Consolidated Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $22 3,386
Maintenance
Depreciation and decommissioning 3,097
Income taxes (36) 1,998
Property and other taxes 108
------------------------------------------------------
Total operating expenses (14) 8,589
------------------------------------------------------
Operating income 14 16,212
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349
Minority Interest (236)
Taxes on nonoperating income (472)
Other - net 30 (5,717)
------------------------------------------------------
Total other income (deductions) - net 30 (5,076)
------------------------------------------------------
Income before interest and other expenses 44 11,136
------------------------------------------------------
Interest on long-term debt 78 11,484
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 78 12,270
------------------------------------------------------
NET INCOME (34) (1,134)
Retained Earnings - beginning of year (270) 5,053
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year ($304) ($5,524)
======================================================
</TABLE>
<PAGE 661>
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hydro
Energy
B.V.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,408
Maintenance
Depreciation and decommissioning 3,097
Income taxes 1,962
Property and other taxes 108
------------------------------------------------------
Total operating expenses 8,575
------------------------------------------------------
Operating income 16,226
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349
Minority Interest (236)
Taxes on nonoperating income (472)
Other - net (5,687)
------------------------------------------------------
Total other income (deductions) - net (5,046)
------------------------------------------------------
Income before interest and other expenses 11,180
------------------------------------------------------
Interest on long-term debt 11,562
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 12,348
------------------------------------------------------
NET INCOME (1,168)
Retained Earnings - beginning of year 4,783
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year ($5,828)
======================================================
</TABLE>
PAGE 662
<PAGE>
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Electro
Iberica Metalurgica
de Energias, del Ebro, Consolidating
S.A. S.A. Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $11,887 $10,175 $2,739
Diversified operations 691 (691)
------------------------------------------------------
Total operating revenue 12,578 10,175 2,048
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,482 1,637 (733)
Maintenance
Depreciation and decommissioning 1,760 2,088 (751)
Income taxes 257 (984) 2,725
Property and other taxes 52 56
------------------------------------------------------
Total operating expenses 4,551 2,797 1,241
------------------------------------------------------
Operating income 8,027 7,378 807
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 534 816 (1)
Minority Interest (236)
Taxes on nonoperating income (187) (285)
Other - net (835) 1,335 (6,217)
------------------------------------------------------
Total other income (deductions) - net (488) 1,630 (6,218)
------------------------------------------------------
Income before interest and other expenses 7,539 9,008 (5,411)
------------------------------------------------------
Interest on long-term debt 3,936 6,519 1,029
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 3,936 6,519 1,815
------------------------------------------------------
NET INCOME 3,603 2,489 (7,226)
Retained Earnings - beginning of year 8,597 (355) (3,189)
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year $12,200 $2,134 ($19,858)
======================================================
</TABLE>
<PAGE 663>
<PAGE>
MEC International B.V.
Iberica de Energias, S.A.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
de Energias,
S.A.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,386
Maintenance
Depreciation and decommissioning 3,097
Income taxes 1,998
Property and other taxes 108
------------------------------------------------------
Total operating expenses 8,589
------------------------------------------------------
Operating income 16,212
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349
Minority Interest (236)
Taxes on nonoperating income (472)
Other - net (5,717)
------------------------------------------------------
Total other income (deductions) - net (5,076)
------------------------------------------------------
Income before interest and other expenses 11,136
------------------------------------------------------
Interest on long-term debt 11,484
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 12,270
------------------------------------------------------
NET INCOME (1,134)
Retained Earnings - beginning of year 5,053
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year ($5,524)
======================================================
</TABLE>
<PAGE 664>
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian Hydro
Hy-Power Energy
Amsterdam Aprohiso B.V.
B.V. S.A. Consolidated
============================================================================================================
<S> <C> <C> <C>
(Inactive)
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $28 3,408
Maintenance
Depreciation and decommissioning 228 3,097
Income taxes (726) 1,962
Property and other taxes 108
------------------------------------------------------
Total operating expenses (470) 8,575
------------------------------------------------------
Operating income 470 16,226
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,377 1,349
Minority Interest (236)
Taxes on nonoperating income (482) (472)
Other - net 722 (5,687)
------------------------------------------------------
Total other income (deductions) - net 1,617 (5,046)
------------------------------------------------------
Income before interest and other expenses 2,087 11,180
------------------------------------------------------
Interest on long-term debt 1,856 11,562
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 1,856 12,348
------------------------------------------------------
NET INCOME 231 (1,168)
Retained Earnings - beginning of year 2,234 4,783
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year $2,465 ($5,828)
======================================================
</TABLE>
<PAGE 665>
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberian
Saltos Hy-Power
del Porma, Consolidating Amsterdam B.V.
S.A. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,436
Maintenance
Depreciation and decommissioning $1 3,326
Income taxes 1,236
Property and other taxes 108
------------------------------------------------------
Total operating expenses 1 8,106
------------------------------------------------------
Operating income (1) 16,695
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,726
Minority Interest (236)
Taxes on nonoperating income (954)
Other - net 1 (4,964)
------------------------------------------------------
Total other income (deductions) - net 1 (3,428)
------------------------------------------------------
Income before interest and other expenses 13,267
------------------------------------------------------
Interest on long-term debt 13,418
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 14,204
------------------------------------------------------
NET INCOME (937)
Retained Earnings - beginning of year (3,476) 3,541
Dividends declared on common stock 2 (9,441)
------------------------------------------------------
Retained Earnings - end of year ($3,474) ($6,837)
======================================================
</TABLE>
<PAGE 666>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
Hydro de Energias,
Energy S.A. Consolidating
B.V. Consolidated Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $22 3,386
Maintenance
Depreciation and decommissioning 3,097
Income taxes (36) 1,998
Property and other taxes 108
------------------------------------------------------
Total operating expenses (14) 8,589
------------------------------------------------------
Operating income 14 16,212
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349
Minority Interest (236)
Taxes on nonoperating income (472)
Other - net 30 (5,717)
------------------------------------------------------
Total other income (deductions) - net 30 (5,076)
------------------------------------------------------
Income before interest and other expenses 44 11,136
------------------------------------------------------
Interest on long-term debt 78 11,484
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 78 12,270
------------------------------------------------------
NET INCOME (34) (1,134)
Retained Earnings - beginning of year (270) 5,053
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year ($304) ($5,524)
======================================================
</TABLE>
<PAGE 667>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Hydro
Energy
B.V.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,408
Maintenance
Depreciation and decommissioning 3,097
Income taxes 1,962
Property and other taxes 108
------------------------------------------------------
Total operating expenses 8,575
------------------------------------------------------
Operating income 16,226
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349
Minority Interest (236)
Taxes on nonoperating income (472)
Other - net (5,687)
------------------------------------------------------
Total other income (deductions) - net (5,046)
------------------------------------------------------
Income before interest and other expenses 11,180
------------------------------------------------------
Interest on long-term debt 11,562
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 12,348
------------------------------------------------------
NET INCOME (1,168)
Retained Earnings - beginning of year 4,783
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year ($5,828)
======================================================
</TABLE>
<PAGE 668>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Electro
Iberica Metalurgica
de Energias, del Ebro, Consolidating
S.A. S.A. Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $11,887 $10,175 $2,739
Diversified operations 691 (691)
------------------------------------------------------
Total operating revenue 12,578 10,175 2,048
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,482 1,637 (733)
Maintenance
Depreciation and decommissioning 1,760 2,088 (751)
Income taxes 257 (984) 2,725
Property and other taxes 52 56
------------------------------------------------------
Total operating expenses 4,551 2,797 1,241
- ------------------------------------------------------
Operating income 8,027 7,378 807
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 534 816 (1)
Minority Interest (236)
Taxes on nonoperating income (187) (285)
Other - net (835) 1,335 (6,217)
------------------------------------------------------
Total other income (deductions) - net (488) 1,630 (6,218)
------------------------------------------------------
Income before interest and other expenses 7,539 9,008 (5,411)
------------------------------------------------------
Interest on long-term debt 3,936 6,519 1,029
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 3,936 6,519 1,815
------------------------------------------------------
NET INCOME 3,603 2,489 (7,226)
Retained Earnings - beginning of year 8,597 (355) (3,189)
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year $12,200 $2,134 ($19,858)
======================================================
</TABLE>
<PAGE 669>
<PAGE>
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Iberica
de Energias,
S.A.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue $24,801
Diversified operations
------------------------------------------------------
Total operating revenue 24,801
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 3,386
Maintenance
Depreciation and decommissioning 3,097
Income taxes 1,998
Property and other taxes 108
------------------------------------------------------
Total operating expenses 8,589
------------------------------------------------------
Operating income 16,212
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349
Minority Interest (236)
Taxes on nonoperating income (472)
Other - net (5,717)
------------------------------------------------------
Total other income (deductions) - net (5,076)
------------------------------------------------------
Income before interest and other expenses 11,136
------------------------------------------------------
Interest on long-term debt 11,484
Other interest expense 786
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 12,270
------------------------------------------------------
NET INCOME (1,134)
Retained Earnings - beginning of year 5,053
Dividends declared on common stock (9,443)
------------------------------------------------------
Retained Earnings - end of year ($5,524)
======================================================
</TABLE>
<PAGE 670>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Mission Energy
Energy Latrobe Ventures
Holdings Power Australia
Pty Ltd Pty. Ltd. Pty. Ltd.
Consolidated Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $563 $734,592
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 241 $2,167
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 804 734,592 2,167
----------------------------------------------------
Cash and equivalents 3,961 4,446
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 23 4,206
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 60 160
----------------------------------------------------
Total current assets 4,044 8,812
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 405 6,230
----------------------------------------------------
Total deferred charges 405 6,230
----------------------------------------------------
TOTAL ASSETS $5,253 $749,634 $2,167
====================================================
</TABLE>
PAGE 671
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Power Loy Yang
Pty. Ltd. Holdings Consolidating
Consolidated Pty. Ltd. Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($734,592)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $93,030 (93,030)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 93,030 (827,622)
----------------------------------------------------
Cash and equivalents (4,446)
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (4,206)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (160)
----------------------------------------------------
Total current assets (8,812)
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (6,230)
----------------------------------------------------
Total deferred charges (6,230)
----------------------------------------------------
TOTAL ASSETS $93,030 ($842,664)
====================================================
</TABLE>
<PAGE 672>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loy Yang
Holdings
Pty. Ltd.
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $563
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,408
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 2,971
----------------------------------------------------
Cash and equivalents 3,961
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 23
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 60
----------------------------------------------------
Total current assets 4,044
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 405
----------------------------------------------------
Total deferred charges 405
----------------------------------------------------
TOTAL ASSETS $7,420
====================================================
</TABLE>
PAGE 673
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Mission Energy
Energy Latrobe Ventures
Holdings Power Australia
Pty Ltd Pty. Ltd. Pty. Ltd.
Consolidated Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital 78,353
Cumulative Translation Adjustments, Net ($985) (36,073) ($474)
Retained earnings 11,079 18,412 397
------------------------------------------------------
10,094 17,567 (77)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 734 515,644 2,850
------------------------------------------------------
Total capitalization 10,828 533,211 2,773
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (7,651) (268,866) (639)
Accrued taxes 2,021 26,222 507
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (5,630) (242,291) (132)
------------------------------------------------------
Accumulated deferred income taxes - net 55 357,392 (474)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 55 357,392 (474)
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $5,253 $749,634 $2,167
======================================================
</TABLE>
<PAGE 674>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Power Loy Yang
Pty. Ltd. Holdings Consolidated
Consolidated Pty. Ltd. Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital (78,353)
Cumulative Translation Adjustments, Net ($20,793) 56,866
Retained earnings 9,695 (28,107)
------------------------------------------------------
(11,098) (6,469)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 133,068 (648,712)
------------------------------------------------------
Total capitalization 121,970 (655,181)
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (10,124) 278,990
Accrued taxes (26,222)
Accrued interest (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (10,124) 252,415
------------------------------------------------------
Accumulated deferred income taxes - net (18,816) (338,576)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (18,816) (338,576)
------------------------------------------------------
Minority interest (102,454)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $93,030 ($842,664)
======================================================
</TABLE>
<PAGE 675>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loy Yang
Holdings
Pty. Ltd.
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net ($1,459)
Retained earnings 11,476
------------------------------------------------------
10,017
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 3,584
------------------------------------------------------
Total capitalization 13,601
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (8,290)
Accrued taxes 2,528
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (5,762)
------------------------------------------------------
Accumulated deferred income taxes - net (419)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (419)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $7,420
======================================================
</TABLE>
<PAGE 676>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Mission Energy
Energy Latrobe Ventures
Holdings Power Australia
Pty Ltd. Pty. Ltd. Pty. Ltd.
Consolidated Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511
Diversified operations $15,824
------------------------------------------------------
Total operating revenue 15,824 175,511
------------------------------------------------------
Fuel 29,670
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 14,793 21,173 $6
Maintenance
Depreciation and decommissioning 145 52,880
Income taxes 320 6,914 6
Property and other taxes
------------------------------------------------------
Total operating expenses 15,258 110,637 12
------------------------------------------------------
Operating income 566 64,874 (12)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 242 15,911 57
Minority interest (36,696)
Taxes on nonoperating income (86) 8,074 (13)
Other - net 4,945
------------------------------------------------------
Total other income (deductions) - net 5,101 (12,711) 44
------------------------------------------------------
Income before interest and other expenses 5,667 52,163 32
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,543)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,586
------------------------------------------------------
NET INCOME 5,667 577 32
Retained Earnings - beginning of year 5,412 17,835 365
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $11,079 $18,412 $397
======================================================
</TABLE>
<PAGE 677>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Power Loy Yang
Pty. Ltd. Holdings Consolidating
Consolidated Pty. Ltd. Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($1,281) ($174,230)
Diversified operations
------------------------------------------------------
Total operating revenue (1,281) (174,230)
------------------------------------------------------
Fuel (29,670)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (21,173)
Maintenance
Depreciation and decommissioning (52,880)
Income taxes (26) (6,888)
Property and other taxes
------------------------------------------------------
Total operating expenses (26) (110,611)
------------------------------------------------------
Operating income (1,255) (63,619)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,636 (18,548)
Minority interest 36,696
Taxes on nonoperating income (949) (7,125)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 1,687 11,024
------------------------------------------------------
Income before interest and other expenses 432 (52,595)
------------------------------------------------------
Interest on long-term debt (74,129)
Other interest expense 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (51,586)
------------------------------------------------------
NET INCOME 432 (1,009)
Retained Earnings - beginning of year 9,262 (27,097)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $9,695 ($28,106)
======================================================
</TABLE>
PAGE 678
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loy Yang
Holdings
Pty. Ltd.
Consolidated
============================================================================================================
<S> <C>
Electric utility revenue
Diversified operations $15,824
------------------------------------------------------
Total operating revenue 15,824
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 14,799
Maintenance
Depreciation and decommissioning 145
Income taxes 326
Property and other taxes
------------------------------------------------------
Total operating expenses 15,270
------------------------------------------------------
Operating income 554
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 298
Minority interest
Taxes on nonoperating income (99)
Other - net 4,946
------------------------------------------------------
Total other income (deductions) - net 5,145
------------------------------------------------------
Income before interest and other expenses 5,699
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 5,699
Retained Earnings - beginning of year 5,777
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $11,476
======================================================
</TABLE>
<PAGE 679>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Mission Mission Mission
Energy Operation & Operation &
Australia Maintenance Management
Ltd Kwinana Loy Yang
Consolidated Pty. Ltd. Pty. Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 5
----------------------------------------------------
Cash and equivalents 1,282
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
----------------------------------------------------
Total current assets 1,282
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
----------------------------------------------------
Total deferred charges
----------------------------------------------------
TOTAL ASSETS $1,287
====================================================
</TABLE>
PAGE 680
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission
Holdings Energy Kwinana
Superannuation (Kwinana) Power
Fund Pty. Ltd Pty. Ltd. Partnership
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated $83,605
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $236
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 236 83,605
----------------------------------------------------
Cash and equivalents 3,550
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 2,389
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 16
----------------------------------------------------
Total current assets 5,955
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 7,373
----------------------------------------------------
Total deferred charges 7,373
----------------------------------------------------
TOTAL ASSETS $236 $96,933
====================================================
</TABLE>
PAGE 681
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Energy
Energy Holdings
Holdings Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $563 ($83,605) $563
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 241
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 563 (83,605) 804
----------------------------------------------------
Cash and equivalents 2,679 (3,550) 3,961
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 23 (2,389) 23
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 60 (16) 60
----------------------------------------------------
Total current assets 2,762 (5,955) 4,044
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 405 (7,373) 405
----------------------------------------------------
Total deferred charges 405 (7,373) 405
----------------------------------------------------
TOTAL ASSETS $3,730 ($96,933) $5,253
====================================================
</TABLE>
<PAGE 682>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In Thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Mission Mission Mission
Energy Operation & Operation &
Australia Maintenance Management
Ltd Kwinana Loy Yang
Consolidated Pty. Ltd. Pty. Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustment, Net ($97) ($65) ($893)
Retained earnings 506 331 4,577
------------------------------------------------------
409 266 3,684
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 409 266 3,684
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 730 (385) (4,192)
Accrued taxes 119 508
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 730 ($266) ($3,684)
------------------------------------------------------
Accumulated deferred income taxes - net 148
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 148
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,287
======================================================
</TABLE>
<PAGE 683>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission
Holdings Energy Kwinana
Superannuation (Kwinana) Power
Fund Pty. Ltd. Pty. Ltd. Partnership
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $24,254
Cumulative Translation Adjustments, Net ($6) (4,325)
Retained earnings 33 5,402
------------------------------------------------------
27 25,331
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 193 64,551
------------------------------------------------------
Total capitalization 220 89,882
------------------------------------------------------
Other long-term liabilities 467
------------------------------------------------------
Current portion of long-term debt
And redeemable preferred stock 2,628
Short-term debt
Accounts payable (2,566)
Accrued taxes
Accrued interest 3,222
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 3,284
------------------------------------------------------
Accumulated deferred income taxes - net 16
Accumulated deferred investment tax credits
Customer advances and other deferred credits 3,300
------------------------------------------------------
Total deferred credits 16 3,300
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $236 $96,933
======================================================
</TABLE>
<PAGE 684>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Energy
Energy Holdings
Holdings Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital ($24,254)
Cumulative Translation Adjustments, Net $75 4,326 ($985)
Retained earnings 5,632 (5,402) 11,079
------------------------------------------------------
5,707 (25,330) 10,094
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 541 (64,551) 734
------------------------------------------------------
Total capitalization 6,248 (89,881) 10,828
------------------------------------------------------
Other long-term liabilities (467)
------------------------------------------------------
Current portion of long-term debt
And redeemable preferred stock (2,628)
Short-term debt
Accounts payable (3,803) 2,565 (7,651)
Accrued taxes 1,394 2,021
Accrued interest (3,222)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (2,409) (3,285) (5,630)
------------------------------------------------------
Accumulated deferred income taxes - net (109) 55
Accumulated deferred investment tax credits
Customer advances and other deferred credits (3,300)
------------------------------------------------------
Total deferred credits (109) (3,300) 55
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $3,730 ($96,933) $5,253
======================================================
</TABLE>
<PAGE 685>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Edison
Mission Mission Mission
Energy Operation & Operation &
Australia Maintenance Management
Ltd Kwinana Loy Yang
Consolidated Pty. Ltd. Pty. Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($29)
Diversified operations 392 $1,899 $12,403
------------------------------------------------------
Total operating revenue 363 1,899 12,403
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 390 1,483 10,599
Maintenance
Depreciation and decommissioning
Income taxes 153 653
Property and other taxes
------------------------------------------------------
Total operating expenses 390 1,636 11,252
------------------------------------------------------
Operating income (27) 263 1,151
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses (27) 263 1,151
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME (27) 263 1,151
Retained Earnings - beginning of year 533 68 3,426
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $506 $331 $4,577
======================================================
</TABLE>
<PAGE 686>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission
Holdings Energy Kwinana
Superannuation (Kwinana) Power
Fund Pty. Ltd. Pty. Ltd. Partnership
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $55 $46,078
Diversified operations
------------------------------------------------------
Total operating revenue 55 46,078
------------------------------------------------------
Fuel 24,375
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 4,043
Maintenance
Depreciation and decommissioning 4,216
Income taxes 21 (95)
Property and other taxes
------------------------------------------------------
Total operating expenses 21 32,539
------------------------------------------------------
Operating income 34 13,539
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 264
Minority interest
Taxes on nonoperating income (95)
Other - net
------------------------------------------------------
Total other income (deductions) - net 169
------------------------------------------------------
Income before interest and other expenses 34 13,708
------------------------------------------------------
Interest on long-term debt 8,092
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 8,092
------------------------------------------------------
NET INCOME 34 5,616
Retained Earnings - beginning of year (1) (214)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $33 $5,402
======================================================
</TABLE>
<PAGE 687>
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Edison Mission
Mission Energy
Energy Holdings
Holdings Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($26) ($46,078)
Diversified operations 1,130 $15,824
------------------------------------------------------
Total operating revenue 1,104 (46,078) 15,824
------------------------------------------------------
Fuel (24,375)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 2,322 (4,044) 14,793
Maintenance
Depreciation and decommissioning 145 (4,216) 145
Income taxes (507) 95 320
Property and other taxes
------------------------------------------------------
Total operating expenses 1,960 (32,540) 15,258
------------------------------------------------------
Operating income (856) (13,538) 566
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 242 (264) 242
Minority interest
Taxes on nonoperating income (86) 95 (86)
Other - net 4,946 (1) 4,945
------------------------------------------------------
Total other income (deductions) - net 5,102 (170) 5,101
------------------------------------------------------
Income before interest and other expenses 4,246 (13,708) 5,667
------------------------------------------------------
Interest on long-term debt (8,092)
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (8,092)
------------------------------------------------------
NET INCOME 4,246 (5,616) 5,667
Retained Earnings - beginning of year 1,386 214 5,412
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $5,632 ($5,402) $11,079
======================================================
</TABLE>
PAGE 688
<PAGE>
Loy Yang Holdings Pty. Ltd.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $203,638 (309,119)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 203,638 425,473 1,359,017
----------------------------------------------------
Cash and equivalents 53 4,393 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 89 4,117 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 314
----------------------------------------------------
Total current assets 142 8,670 46,997
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 14,498
----------------------------------------------------
Total deferred charges 6,230 14,498
----------------------------------------------------
TOTAL ASSETS $203,780 $440,373 $1,420,512
====================================================
</TABLE>
<PAGE 689>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe
Latrobe Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1,359,017) $734,592
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $105,481
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 105,481 (1,359,017) 734,592
----------------------------------------------------
Cash and equivalents (35,464) 4,446
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (11,219) 4,206
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (314) 160
----------------------------------------------------
Total current assets (46,997) 8,812
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (14,498) 6,230
----------------------------------------------------
Total deferred charges (14,498) 6,230
----------------------------------------------------
TOTAL ASSETS $105,481 ($1,420,512) $749,634
====================================================
</TABLE>
PAGE 690
<PAGE>
Loy Yang Holdings Pty. Ltd.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital $180,708 (102,355) $87,778
Cumulative Translation Adjustments, Net 36,677 (79,453) (58,596)
Retained earnings 183 16,440 44,312
------------------------------------------------------
217,568 (208,493) 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 387,875 1,108,105
------------------------------------------------------
Total capitalization 217,568 179,382 1,181,599
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,867 (234,812) (307,853)
Accrued taxes 48,160
Accrued interest 353 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,867 (234,459) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net (15,655) 394,128 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits (15,655) 394,128 498,253
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $203,780 $440,373 $1,420,512
======================================================
</TABLE>
<PAGE 691>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe
Latrobe Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital ($87,778) 78,353
Cumulative Translation Adjustments, Net $6,703 58,596 (36,073)
Retained earnings 1,790 (44,313) 18,412
------------------------------------------------------
8,493 (73,495) 17,567
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 127,769 (1,108,105) 515,644
------------------------------------------------------
Total capitalization 136,262 (1,181,600) 553,211
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (35,922) 307,854 (268,866)
Accrued taxes 26,222 (48,160) 26,222
Accrued interest (353) 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (9,700) 259,341 (242,291)
------------------------------------------------------
Accumulated deferred income taxes - net (21,081) 31,223 357,392
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (21,081) (498,253) 357,392
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $105,481 ($1,420,512) $749,634
======================================================
</TABLE>
<PAGE 692> <PAGE>
Loy Yang Holdings Pty. Ltd.
Latrobe Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 175,511 249,826
------------------------------------------------------
Fuel 29,670 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 27,605
Maintenance
Depreciation and decommissioning 52,880 62,657
Income taxes ($61) 6,875 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses (61) 110,598 134,055
------------------------------------------------------
Operating income 61 64,913 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 191 12,767 19,170
Minority interest (36,696) (36,696)
Taxes on nonoperating income (69) 9,206 (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 122 (14,723) (24,427)
------------------------------------------------------
Income before interest and other expenses 183 50,190 91,344
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,544) 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,585 74,129
------------------------------------------------------
NET INCOME 183 (1,395) 17,215
Retained Earnings - beginning of year 17,835 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $183 $16,440 $44,312
======================================================
</TABLE>
<PAGE 693>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Latrobe Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe
Latrobe Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($249,826) $175,511
Diversified operations
------------------------------------------------------
Total operating revenue (249,826) 175,511
------------------------------------------------------
Fuel (39,501) 29,670
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (27,605) 21,173
Maintenance
Depreciation and decommissioning (62,657) 52,880
Income taxes $100 (4,292) 6,914
Property and other taxes
------------------------------------------------------
Total operating expenses 100 (134,055) 110,637
------------------------------------------------------
Operating income (100) (115,771) 64,874
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,953 (19,170) 15,911
Minority interest 36,696) (36,696)
Taxes on nonoperating income (1,063) 6,901 8,074
Other - net
------------------------------------------------------
Total other income (deductions) - net 1,890 24,427 (12,711)
------------------------------------------------------
Income before interest and other expenses 1,790 (91,344) 52,163
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (74,128) (22,543)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (74,128) 51,586
------------------------------------------------------
NET INCOME 1,790 (17,216) 577
Retained Earnings - beginning of year (27,097) 17,835
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $1,790 ($44,313) $18,412
======================================================
</TABLE>
PAGE 694
<PAGE>
MEC International B.V.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $203,638 (309,119)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 203,638 425,473 1,359,017
----------------------------------------------------
Cash and equivalents 53 4,393 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 89 4,117 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 314
----------------------------------------------------
Total current assets 142 8,670 46,997
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 14,498
----------------------------------------------------
Total deferred charges 6,230 14,498
----------------------------------------------------
TOTAL ASSETS $203,780 $440,373 $1,420,512
====================================================
</TABLE>
<PAGE 695>
<PAGE>
MEC International B.V.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe
Latrobe Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1,359,017) $734,592
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $105,481
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 105,481 (1,359,017) 734,592
----------------------------------------------------
Cash and equivalents (35,464) 4,446
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (11,219) 4,206
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (314) 160
----------------------------------------------------
Total current assets (46,997) 8,812
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (14,498) 6,230
----------------------------------------------------
Total deferred charges (14,498) 6,230
----------------------------------------------------
TOTAL ASSETS $105,481 ($1,420,512) $749,634
====================================================
</TABLE>
<PAGE 696>
<PAGE>
MEC International B.V.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital $180,708 (102,355) $87,778
Cumulative Translation Adjustments, Net 36,677 (79,453) (58,596)
Retained earnings 183 16,440 44,312
------------------------------------------------------
217,568 (208,493) 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 387,875 1,108,105
------------------------------------------------------
Total capitalization 217,568 179,382 1,181,599
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,867 (234,812) (307,853)
Accrued taxes 48,160
Accrued interest 353 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,867 (234,459) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net (15,655) 394,128 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits (15,655) 394,128 498,253
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $203,780 $440,373 $1,420,512
======================================================
</TABLE>
<PAGE 697>
<PAGE>
MEC International B.V.
Latrobe Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe
Latrobe Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital ($87,778) 78,353
Cumulative Translation Adjustments, Net $6,703 58,496 (36,073)
Retained earnings 1,790 (44,313) 18,412
------------------------------------------------------
8,493 (73,495) 17,567
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 127,769 (1,108,105) 515,644
------------------------------------------------------
Total capitalization 136,262 (1,181,600) 533,211
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (35,922) 307,854 (268,866)
Accrued taxes 26,222 (48,160) 26,222
Accrued interest (353) 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (9,700) 259,341 (242,291)
------------------------------------------------------
Accumulated deferred income taxes - net (21,081) 31,223 357,392
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (21,081) (498,253) 357,392
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $105,481 ($1,420,512) $749,634
======================================================
</TABLE>
<PAGE 698>
<PAGE>
MEC International B.V.
Latrobe Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 175,511 249,826
------------------------------------------------------
Fuel 29,670 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 27,605
Maintenance
Depreciation and decommissioning 52,880 62,657
Income taxes ($61) 6,875 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses (61) 110,598 134,055
------------------------------------------------------
Operating income 61 64,913 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 191 12,767 19,170
Minority interest (36,696) (36,696)
Taxes on nonoperating income (69) 9,206 (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 122 (14,723) (24,427)
------------------------------------------------------
Income before interest and other expenses 183 50,190 91,344
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,544) 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,585 74,129
------------------------------------------------------
NET INCOME 183 (1,395) 17,215
Retained Earnings - beginning of year 17,835 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $183 $16,440 $44,312
======================================================
</TABLE>
<PAGE 699>
<PAGE>
MEC International B.V.
Latrobe Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Latrobe
Latrobe Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($249,826) $175,511
Diversified operations
------------------------------------------------------
Total operating revenue (249,826) 175,511
------------------------------------------------------
Fuel (39,501) 29,670
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (27,605) 21,173
Maintenance
Depreciation and decommissioning (62,657) 52,880
Income taxes $100 (4,292) 6,914
Property and other taxes
------------------------------------------------------
Total operating expenses 100 (134,055) 110,637
------------------------------------------------------
Operating income (100) (115,771) 64,874
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,953 (19,170) 15,911
Minority interest 36,696 (36,696)
Taxes on nonoperating income (1,063) 6,901 8,074
Other - net
------------------------------------------------------
Total other income (deductions) - net 1,890 24,427 (12,711)
------------------------------------------------------
Income before interest and other expenses 1,790 (91,344) 52,163
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (74,128) (22,543)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (74,128) 51,586
------------------------------------------------------
NET INCOME 1,790 (17,216) 577
Retained Earnings - beginning of year (27,097) 17,835
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $1,790 ($44,313) $18,412
======================================================
</TABLE>
PAGE 700
<PAGE>
Loy Yang Holdings Pty. Ltd.
Edison Mission Energy Holdings Pty. Ltd.
Edison Mission Energy Australia Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Latrobe Energy
Power Loy Yang B Australia
Partnership Joint Venture Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (309,119) $5
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 425,473 1,359,017 5
----------------------------------------------------
Cash and equivalents 4,393 35,464 1,282
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 4,117 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 314
----------------------------------------------------
Total current assets 8,670 46,997 1,282
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 14,498
----------------------------------------------------
Total deferred charges 6,230 14,498
----------------------------------------------------
TOTAL ASSETS $440,373 $1,420,512 $1,287
====================================================
</TABLE>
<PAGE 701>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Edison Mission Energy Holdings Pty.Ltd.
Edison Mission Energy Australia Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Energy
Australia
Consolidating Ltd.
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($2,093,609)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 309,119 $5
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments (1,784,490) 5
----------------------------------------------------
Cash and equivalents (39,857) 1,282
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (15,336)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (474)
----------------------------------------------------
Total current assets (55,667) 1,282
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (20,728)
----------------------------------------------------
Total deferred charges (20,728)
----------------------------------------------------
TOTAL ASSETS ($1,860,885) $1,287
====================================================
</TABLE>
<PAGE 702>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Edison Mission Energy Holdings Pty. Ltd.
Edison Mission Energy Australia Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Latrobe Energy
Power Loy Yang B Australia
Partnership Joint Venture Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital (102,355) $87,778
Cumulative Translation Adjustments, Net (79,453) (58,596) ($97)
Retained earnings 16,440 44,312 506
------------------------------------------------------
(208,493) 73,494 409
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 387,875 1,108,105
------------------------------------------------------
Total capitalization 179,382 1,181,599 409
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (234,812) (307,853) 730
Accrued taxes 48,160
Accrued interest 353 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (234,459) (259,340) 730
------------------------------------------------------
Accumulated deferred income taxes - net 394,128 (31,223) 148
Accumulated deferred investment tax credits
Customer advances and other deferred credits 519,476
------------------------------------------------------
Total deferred credits 394,128 498,253 148
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $440,373 $1,420,512 $1,287
======================================================
</TABLE>
<PAGE 703>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Edison Mission Energy Holdings Pty. Ltd.
Edison Mission Energy Australia Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Energy
Australia
Consolidating Ltd.
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital 14,577
Cumulative Translation Adjustments, Net 138,049 ($97)
Retained earnings (60,752) 506
------------------------------------------------------
134,999 409
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (1,495,980)
------------------------------------------------------
Total capitalization (1,360,981) 409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 542,665 730
Accrued taxes (48,160)
Accrued interest (706)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 493,799 730
------------------------------------------------------
Accumulated deferred income taxes - net (362,905) 148
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (892,381) 148
------------------------------------------------------
Minority interest (102,454)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($1,860,885) $1,287
======================================================
</TABLE>
PAGE 704
<PAGE>
Loy Yang Holdings Pty. Ltd.
Edison Mission Energy Holdings Pty. Ltd
Edison Mission Energy Australia Ltd.
Consolidating Statements of Income and Retained Earnings
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Latrobe Energy
Power Loy Yang B Australia
Partnership Joint Venture Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511 $249,826 ($29)
Diversified operations 392
------------------------------------------------------
Total operating revenue 175,511 249,826 363
------------------------------------------------------
Fuel 29,670 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 27,605 390
Maintenance
Depreciation and decommissioning 52,880 62,657
Income taxes 6,875 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses 110,598 134,055 390
------------------------------------------------------
Operating income 64,913 115,771 (27)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 12,767 19,170
Minority interest (36,696) (36,696)
Taxes on nonoperating income 9,206 (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net (14,723) (24,427)
------------------------------------------------------
Income before interest and other expenses 50,190 91,344 (27)
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,544) 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,585 74,129
------------------------------------------------------
NET INCOME (1,395) 17,215 (27)
Retained Earnings - beginning of year 17,835 27,087 533
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,440 $44,312 $506
======================================================
</TABLE>
PAGE 705
<PAGE>
Loy Yang Holdings Pty. Ltd.
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd.
Consolidating Statements of Income and Retained Earnings
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Mission
Energy
Australia
Consolidating Ltd.
Adjustments Consolidated
============================================================================================================
<S> <C> <C>
Electric utility revenue ($425,337) ($29)
Diversified operations 392
------------------------------------------------------
Total operating revenue (425,337) 363
------------------------------------------------------
Fuel (69,171)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (48,778) 390
Maintenance
Depreciation and decommissioning (115,537)
Income taxes (11,167)
Property and other taxes
------------------------------------------------------
Total operating expenses (244,653) 390
------------------------------------------------------
Operating income (180,684) (27)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (31,937)
Minority interest 73,392
Taxes on nonoperating income (2,305)
Other - net
------------------------------------------------------
Total other income (deductions) - net 39,150
------------------------------------------------------
Income before interest and other expenses (141,534) (27)
------------------------------------------------------
Interest on long-term debt (74,129)
Other interest expense (51,585)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (125,714)
------------------------------------------------------
NET INCOME (15,820) (27)
Retained Earnings - beginning of year (44,932) 533
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($60,752) $506
======================================================
</TABLE>
PAGE 706
<PAGE>
Loy Yang Holdings Pty. Ltd.
Mission Energy Ventures Australia Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $203,638 (309,119)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 203,638 425,473 1,359,017
----------------------------------------------------
Cash and equivalents 53 4,393 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 89 4,117 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 314
----------------------------------------------------
Total current assets 142 8,670 46,997
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 14,498
----------------------------------------------------
Total deferred charges 6,230 14,498
----------------------------------------------------
TOTAL ASSETS $203,780 $440,373 $1,420,512
====================================================
</TABLE>
<PAGE 707>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Mission Energy Ventures Australia Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Energy
Energy Ventures
Ventures Australia
Australia Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($2,093,609)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2,167 105,481 $2,167
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 2,167 (1,988,128) 2,167
----------------------------------------------------
Cash and equivalents (39,910)
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (15,425)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (474)
----------------------------------------------------
Total current assets (55,809)
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (20,728)
----------------------------------------------------
Total deferred charges (20,728)
----------------------------------------------------
TOTAL ASSETS $2,167 ($2,064,665) $2,167
====================================================
</TABLE>
PAGE 708
<PAGE>
Loy Yang Holdings Pty. Ltd.
Mission Energy Venture Australia Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital $180,708 (102,355) $87,778
Cumulative Translation Adjustments, Net 36,677 (79,453) (58,596)
Retained earnings 183 16,440 44,312
------------------------------------------------------
217,568 (208,493) 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 387,875 1,108,105
------------------------------------------------------
Total capitalization 217,568 179,382 1,181,599
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1,867 (234,812) (307,853)
Accrued taxes 48,160
Accrued interest 353 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,867 (234,459) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net (15,655) 394,128 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits (15,655) 394,128 498,253
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $203,780 $440,373 $1,420,512
======================================================
</TABLE>
<PAGE 709>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Mission Energy Ventures Australia Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Energy
Energy Ventures
Ventures Australia
Australia Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital (166,131)
Cumulative Translation Adjustments, Net ($474) 101,372 ($474)
Retained earnings 397 (60,935) 397
------------------------------------------------------
(77) (82,569) (77)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 2,850 (1,495,980) 2,850
------------------------------------------------------
Total capitalization 2,773 (1,578,549) 2,773
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (639) 540,798 (639)
Accrued taxes 507 (48,160) 507
Accrued interest (706)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (132) 491,932 (132)
------------------------------------------------------
Accumulated deferred income taxes - net (474) (347,250) (474)
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (474) (876,726) (474)
------------------------------------------------------
Minority interest (102,454)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,167 ($2,064,665) $2,167
======================================================
</TABLE>
<PAGE 710>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Mission Energy Ventures Australia Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 175,511 249,826
------------------------------------------------------
Fuel 29,670 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 27,605
Maintenance
Depreciation and decommissioning 52,880 62,657
Income taxes ($61) 6,875 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses (61) 110,598 134,055
------------------------------------------------------
Operating income 61 64,913 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 191 12,767 19,170
Minority interest (36,696) (36,696)
Taxes on nonoperating income (69) 9,206 (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 122 (14,723) (24,427)
------------------------------------------------------
Income before interest and other expenses 183 50,190 91,344
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,544) 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,585 74,129
------------------------------------------------------
NET INCOME 183 (1,395) 17,215
Retained Earnings - beginning of year 17,835 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $183 $16,440 $44,312
======================================================
</TABLE>
<PAGE 711>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Mission Energy Ventures Australia Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Mission Energy
Energy Ventures
Ventures Australia
Australia Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($425,337)
Diversified operations
------------------------------------------------------
Total operating revenue (425,337)
------------------------------------------------------
Fuel (69,171)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $6 (48,778) $6
Maintenance
Depreciation and decommissioning (115,537)
Income taxes 6 (11,106) 6
Property and other taxes
------------------------------------------------------
Total operating expenses 12 (244,592) 12
------------------------------------------------------
Operating income (12) (180,745) (12)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 57 (32,128) 57
Minority interest 73,392
Taxes on nonoperating income (13) (2,236) (13)
Other - net
------------------------------------------------------
Total other income (deductions) - net 44 39,028 44
------------------------------------------------------
Income before interest and other expenses 32 (141,717) 32
------------------------------------------------------
Interest on long-term debt (74,129)
Other interest expense (51,585)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (125,714)
------------------------------------------------------
NET INCOME 32 (16,003) 32
Retained Earnings - beginning of year 365 (44,932) 365
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $397 ($60,935) $397
======================================================
</TABLE>
PAGE 712
<PAGE>
MEC International B.V.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $203,638 (309,119)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 203,638 425,473 1,359,017
----------------------------------------------------
Cash and equivalents 53 4,393 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 89 4,117 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 314
----------------------------------------------------
Total current assets 142 8,670 46,997
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 14,498
----------------------------------------------------
Total deferred charges 6,230 14,498
----------------------------------------------------
TOTAL ASSETS $203,780 $440,373 $1,420,512
====================================================
</TABLE>
PAGE 713
<PAGE>
MEC International B.V.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Traralgon Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($2,093,609)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $93,030 105,481 $93,030
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 93,030 (1,988,128) 93,030
----------------------------------------------------
Cash and equivalents (39,910)
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (15,425)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (474)
----------------------------------------------------
Total current assets (55,809)
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (20,728)
----------------------------------------------------
Total deferred charges (20,728)
----------------------------------------------------
TOTAL ASSETS $93,030 ($2,064,665) $93,030
====================================================
</TABLE>
<PAGE 714>
<PAGE>
MEC International B.V.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital $180,708 (102,355) $87,778
Cumulative Translation Adjustments, Net 36,677 (79,453) (58,596)
Retained earnings 183 16,440 44,312
------------------------------------------------------
217,568 (208,493) 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 387,875 1,108,105
------------------------------------------------------
Total capitalization 217,568 179,382 1,181,599
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1,867 (234,812) (307,853)
Accrued taxes 48,160
Accrued interest 353 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,867 (234,459) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net (15,655) 394,128 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits (15,655) 394,128 498,253
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $203,780 $440,373 $1,420,512
======================================================
</TABLE>
<PAGE 715>
<PAGE>
MEC International B.V.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Traralgon Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital (166,131)
Cumulative Translation Adjustments, Net ($20,793) 101,372 ($20,793)
Retained earnings 9,695 (60,935) 9,695
------------------------------------------------------
(11,098) (82,569) (11,098)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 133,068 (1,495,980) 133,068
------------------------------------------------------
Total capitalization 121,970 (1,578,549) 121,970
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (10,124) 540,798 (10,124)
Accrued taxes (48,160)
Accrued interest (706)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (10,124) 491,932 (10,124)
------------------------------------------------------
Accumulated deferred income taxes - net (18,816) (347,250) (18,816)
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (18,816) (876,726) (18,816)
------------------------------------------------------
Minority interest (102,454)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $93,030 ($2,064,665) $93,030
======================================================
</TABLE>
PAGE 716
<PAGE>
MEC International B.V.
Traralgon Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 175,511 249,826
------------------------------------------------------
Fuel 29,670 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 27,605
Maintenance
Depreciation and decommissioning 52,880 62,657
Income taxes ($61) 6,875 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses (61) 110,598 134,055
------------------------------------------------------
Operating income 61 64,913 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 191 12,767 19,170
Minority interest (36,696) (36,696)
Taxes on nonoperating income (69) 9,206 (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 122 (14,723) (24,427)
------------------------------------------------------
Income before interest and other expenses 183 50,190 91,344
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,544) 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,585 74,129
------------------------------------------------------
NET INCOME 183 (1,395) 17,215
Retained Earnings - beginning of year 17,835 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $183 $16,440 $44,312
======================================================
</TABLE>
<PAGE 717>
<PAGE>
MEC International B.V.
Traralgon Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Traralgon Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($1,281) ($425,337) ($1,281)
Diversified operations
------------------------------------------------------
Total operating revenue (1,281) (425,337) (1,281)
------------------------------------------------------
Fuel (69,171)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (48,778)
Maintenance
Depreciation and decommissioning (115,537)
Income taxes (26) (11,106) (26)
Property and other taxes
------------------------------------------------------
Total operating expenses (26) (244,592) (26)
------------------------------------------------------
Operating income (1,255) (180,745) (1,255)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,636 (32,128) 2,636
Minority interest 73,392
Taxes on nonoperating income (949) (2,236) (949)
Other - net
------------------------------------------------------
Total other income (deductions) - net 1,687 39,028 1,687
------------------------------------------------------
Income before interest and other expenses 432 (141,717) 432
------------------------------------------------------
Interest on long-term debt (74,129)
Other interest expense (51,585)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (125,714)
------------------------------------------------------
NET INCOME 432 (16,003) 432
Retained Earnings - beginning of year 9,262 (44,932) 9,262
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $9,695 ($60,935) $9,695
======================================================
</TABLE>
PAGE 718
<PAGE>
Loy Yang Holdings Pty. Ltd.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $734,592 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $203,638 (309,119)
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 203,638 425,473 1,359,017
----------------------------------------------------
Cash and equivalents 53 4,393 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 89 4,117 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 160 314
----------------------------------------------------
Total current assets 142 8,670 46,997
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 6,230 14,498
----------------------------------------------------
Total deferred charges 6,230 14,498
----------------------------------------------------
TOTAL ASSETS $203,780 $440,373 $1,420,512
====================================================
</TABLE>
<PAGE 719>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Traralgon Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------
Total utility plant
----------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($2,093,609)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $93,030 105,481 $93,030
Investments in leveraged leases
Other investments
----------------------------------------------------
Total other property and investments 93,030 (1,988,128) 93,030
----------------------------------------------------
Cash and equivalents (39,910)
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (15,425)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (474)
----------------------------------------------------
Total current assets (55,809)
----------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (20,728)
----------------------------------------------------
Total deferred charges (20,728)
----------------------------------------------------
TOTAL ASSETS $93,030 ($2,064,665) $93,030
====================================================
</TABLE>
<PAGE 720>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($43,125)
Additional Paid in Capital $180,708 (102,355) $87,778
Cumulative Translation Adjustments, Net 36,677 (79,453) (58,596)
Retained earnings 183 16,440 44,312
------------------------------------------------------
217,568 (208,493) 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 387,875 1,108,105
------------------------------------------------------
Total capitalization 217,568 179,382 1,181,599
------------------------------------------------------
Other long-term liabilities (1,132)
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable 1,867 (234,812) (307,853)
Accrued taxes 48,160
Accrued interest 353 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,867 (234,459) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net (15,655) 394,128 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits (15,655) 394,128 498,253
------------------------------------------------------
Minority interest 102,454
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $203,780 $440,373 $1,420,512
======================================================
</TABLE>
<PAGE 721>
<PAGE>
Loy Yang Holdings Pty. Ltd.
Traralgon Power Pty. Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Traralgon Power
Power Consolidating Pty. Ltd.
Pty. Ltd. Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital (166,131)
Cumulative Translation Adjustments, Net ($20,793) 101,372 ($20,793)
Retained earnings 9,695 (60,935) 9,695
------------------------------------------------------
(11,098) (82,569) (11,098)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 133,068 (1,495,980) 133,068
------------------------------------------------------
Total capitalization 121,970 (1,578,549) 121,970
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
Short-term debt
Accounts payable (10,124) 540,798 (10,124)
Accrued taxes (48,160)
Accrued interest (706)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (10,124) 491,932 (10,124)
------------------------------------------------------
Accumulated deferred income taxes - net (18,816) (347,250) (18,816)
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (18,816) (876,726) (18,816)
------------------------------------------------------
Minority interest (102,454)
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $93,030 ($2,064,665) $93,030
======================================================
</TABLE>
PAGE 722
<PAGE>
Loy Yang Holdings Pty. Ltd.
Traralgon Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Latrobe
Victoria Power Loy Yang B
Partnership Partnership Joint Venture
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $175,511 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 175,511 249,826
------------------------------------------------------
Fuel 29,670 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 21,173 27,605
Maintenance
Depreciation and decommissioning 52,880 62,657
Income taxes ($61) 6,875 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses (61) 110,598 134,055
------------------------------------------------------
Operating income 61 64,913 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 191 12,767 19,170
Minority interest (36,696) (36,696)
Taxes on nonoperating income (69) 9,206 (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 122 (14,723) (24,427)
------------------------------------------------------
Income before interest and other expenses 183 50,190 91,344
------------------------------------------------------
Interest on long-term debt 74,129
Other interest expense (22,544) 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 51,585 74,129
------------------------------------------------------
NET INCOME 183 (1,395) 17,215
Retained Earnings - beginning of year 17,835 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $183 $16,440 $44,312
======================================================
</TABLE>
PAGE 723
<PAGE>
Loy Yang Holdings Pty. Ltd.
Traralgon Power Pty. Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Traralgon
Traralgon Power
Power Consolidating Pty. Ltd.
Pty Ltd. Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($1,281) ($425,337) ($1,281)
Diversified operations
------------------------------------------------------
Total operating revenue (1,281) (425,337) (1,281)
------------------------------------------------------
Fuel (69,171)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (48,778)
Maintenance
Depreciation and decommissioning (115,537)
Income taxes (26) (11,106) (26)
Property and other taxes
------------------------------------------------------
Total operating expenses (26) (244,592) (26)
------------------------------------------------------
Operating income (1,255) (180,745) (1,255)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,636 (32,128) 2,636
Minority interest 73,392
Taxes on nonoperating income (949) (2,236) (949)
Other - net
------------------------------------------------------
Total other income (deductions) - net 1,687 39,028 1,687
------------------------------------------------------
Income before interest and other expenses 432 (141,717) 432
------------------------------------------------------
Interest on long-term debt (74,129)
Other interest expense (51,585)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (125,714)
------------------------------------------------------
NET INCOME 432 (16,003) 432
Retained Earnings - beginning of year 9,262 (44,932) 9,262
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $9,695 ($60,935) $9,695
======================================================
</TABLE>
<PAGE 724>
<PAGE>
MEC International B.V.
Pride Hold Limited
Consolidating Balance Sheet
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lakeland
Power Lakeland Pride
Development Power Hold
Company Ltd. Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $174,677
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 174,677 1
------------------------------------------------------
Cash and equivalents 45,872 2,760
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 14,185
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (519)
------------------------------------------------------
Total current assets 59,538 2,760
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (15,416)
------------------------------------------------------
Total deferred charges (15,416)
------------------------------------------------------
TOTAL ASSETS $218,799 $2,761
======================================================
</TABLE>
PAGE 725
<PAGE>
MEC International B.V.
Pride Hold Limited
Consolidating Balance Sheet
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pride
Hold
Consolidating Limited
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $174,677
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($1)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (1) 174,677
------------------------------------------------------
Cash and equivalents 48,632
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 14,185
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (519)
------------------------------------------------------
Total current assets 62,298
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1 (15,415)
------------------------------------------------------
Total deferred charges $1 (15,415)
------------------------------------------------------
TOTAL ASSETS $221,560
======================================================
</TABLE>
<PAGE 726>
<PAGE>
MEC International B.V.
Pride Hold Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lakeland
Power Lakeland Pride
Development Power Hold
Company Ltd. Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $1
Additional Paid in Capital
Cumulative Translation Adjustments, Net 1,034
Retained earnings ($2) 32,014 ($2,508)
------------------------------------------------------
(2) 33,049 (2,508)
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 130,723
------------------------------------------------------
Total capitalization (2) 163,772 (2,508)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 25,128
Short-term debt
Accounts payable 2 6,321 5,269
Accrued taxes 44
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $2 35,945 5,269
------------------------------------------------------
Accumulated deferred income taxes - net 19,082
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 19,082
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $218,799 $2,761
======================================================
</TABLE>
<PAGE 727>
<PAGE>
MEC International B.V.
Pride Hold Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pride
Hold
Consolidating Limited
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock ($1)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (1) $1,033
Retained earnings (6,033) 23,471
------------------------------------------------------
(6,035) 24,504
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 130,723
------------------------------------------------------
Total capitalization (6,035) 155,227
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 25,128
Short-term debt
Accounts payable 1 11,593
Accrued taxes 44
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1 41,217
------------------------------------------------------
Accumulated deferred income taxes - net 19,082
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 19,082
------------------------------------------------------
Minority interest $6,034 6,034
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $221,560
======================================================
</TABLE>
PAGE 728
<PAGE>
MEC International B.V.
Pride Hold Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lakeland
Power Lakeland Pride
Development Power Hold
Company Ltd. Limited
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $99,541
Diversified operations
------------------------------------------------------
Total operating revenue 99,541
------------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $2 12,838 $2,508
Maintenance
Depreciation and decommissioning 8,265
Income taxes 4,705
Property and other taxes 1,987
------------------------------------------------------
Total operating expenses 2 74,271 2,508
------------------------------------------------------
Operating income (2) 25,270 (2,508)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,339
Minority interest (1,926)
Taxes on nonoperating income (730)
Other - net
------------------------------------------------------
Total other income (deductions) - net (317)
------------------------------------------------------
Income before interest and other expenses (2) 24,953 (2,508)
------------------------------------------------------
Interest on long-term debt 14,370
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 14,370
------------------------------------------------------
NET INCOME (2) 10,583 (2,508)
Retained Earnings - beginning of year 21,431
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($2) $32,014 ($2,508)
======================================================
</TABLE>
<PAGE 729>
<PAGE>
MEC International B.V.
Pride Hold Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pride
Hold
Consolidated Limited
Adjustments Consolidated
============================================================================================================
<S> <C> <C>
Electric utility revenue $99,541
Diversified operations
------------------------------------------------------
Total operating revenue 99,541
------------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 15,348
Maintenance
Depreciation and decommissioning 8,265
Income taxes 4,705
Property and other taxes 1,987
------------------------------------------------------
Total operating expenses 76,781
------------------------------------------------------
Operating income 22,760
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,339
Minority interest (1,926)
Taxes on nonoperating income (730)
Other - net
------------------------------------------------------
Total other income (deductions) - net (317)
------------------------------------------------------
Income before interest and other expenses 22,443
------------------------------------------------------
Interest on long-term debt 14,370
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 14,370
------------------------------------------------------
NET INCOME 8,073
Retained Earnings - beginning of year ($6,033) 15,398
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($6,033) $23,471
======================================================
</TABLE>
PAGE 730
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Edison Mission Hydro
Mission Energy (UK)
Energy Services Limited
Limited Limited Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,269 $2
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3,956
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,269 2 3,956
------------------------------------------------------
Cash and equivalents 592 32 1,713
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 61 576
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 948 (56) 9
------------------------------------------------------
Total current assets 1,601 552 1,722
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 118
------------------------------------------------------
Total deferred charges 118
------------------------------------------------------
TOTAL ASSETS $2,988 $554 $5,678
======================================================
</TABLE>
<PAGE 731>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Pride Mission
Mission Hold Operation &
(No. 2) Limited Maintenance
Limited Consolidated Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $174,677
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 174,677
------------------------------------------------------
Cash and equivalents 48,632 $1
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 14,185
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (519) 2
------------------------------------------------------
Total current assets 62,298 3
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (15,415)
------------------------------------------------------
Total deferred charges (15,415)
------------------------------------------------------
TOTAL ASSETS $221,560 $3
======================================================
</TABLE>
<PAGE 732>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Energy
Company Company
(UK) Consolidating (UK) Limited
Limited Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $175,948
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $9,401 $12,874 26,231
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 9,401 12,874 202,179
------------------------------------------------------
Cash and equivalents 38,903 (30,232) 59,641
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 62 14,884
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 384
------------------------------------------------------
Total current assets 38,903 (30,170) 74,909
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 46,019 (24,748) 5,974
------------------------------------------------------
Total deferred charges 46,019 (24,748) 5,974
------------------------------------------------------
TOTAL ASSETS $94,323 ($42,044) $283,062
======================================================
</TABLE>
<PAGE 733>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Edison Mission Hydro
Mission Energy (UK)
Energy Services Limited
Limited Limited Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital $8,889
Cumulative Translation Adjustments, Net 16
Retained earnings $1,808 $878 2,278
------------------------------------------------------
1,808 878 11,183
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization 1,808 878 11,183
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 1,120 (329) (5,505)
Accrued taxes 60 5
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1,180 (324) (5,505)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,988 $554 $5,678
======================================================
</TABLE>
<PAGE 734>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Pride Mission
Mission Hold Operation &
(No. 2) Limited Maintenance
Limited Consolidated Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net $1,033 $50
Retained earnings 23,471 534
------------------------------------------------------
24,504 584
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 130,723
------------------------------------------------------
Total capitalization 155,227 584
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 25,128
Short-term debt
Accounts payable 11,593 (629)
Accrued taxes 44 48
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 41,217 (581)
------------------------------------------------------
Accumulated deferred income taxes - net 19,082
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 19,082
------------------------------------------------------
Minority interest 6,034
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $221,560 $3
======================================================
</TABLE>
<PAGE 735>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Energy
Company Company
(UK) Consolidating (UK) Limited
Limited Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $22,751 $22,751
Additional Paid in Capital 11,620 ($8,889) 11,620
Cumulative Translation Adjustments, Net (3,610) 7,478 4,967
Retained earnings (6,798) (489) 21,682
------------------------------------------------------
23,963 (1,900) 61,020
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 33,674 (2,824) 161,573
------------------------------------------------------
Total capitalization 57,637 (4,724) 222,593
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (3,523) 21,605
Short-term debt
Accounts payable 36,686 (33,798) 9,138
Accrued taxes 1 158
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 36,686 (37,320) 35,353
------------------------------------------------------
Accumulated deferred income taxes - net 19,082
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 19,082
------------------------------------------------------
Minority interest 6,034
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $94,323 ($42,044) $283,062
======================================================
</TABLE>
PAGE 736
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Edison Mission Hydro
Mission Energy (UK)
Energy Services Limited
Limited Limited Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations $11,545 $2,963
------------------------------------------------------
Total operating revenue 11,545 2,963
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 10,313 2,720 $5
Maintenance
Depreciation and decommissioning 643 1
Income taxes (26) (12) 104
Property and other taxes 296
------------------------------------------------------
Total operating expenses 11,226 2,709 109
------------------------------------------------------
Operating income 319 254 (109)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 43 39 1,436
Minority interest
Taxes on nonoperating income (13) (12) (445)
Other - net 28
------------------------------------------------------
Total other income (deductions) - net 58 27 991
------------------------------------------------------
Income before interest and other expenses 377 281 882
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME 377 281 882
Retained Earnings - beginning of year 1,431 597 1,396
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $1,808 $878 $2,278
======================================================
</TABLE>
<PAGE 737>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Edison
Pride Mission
Mission Hold Operation &
(No. 2) Limited Maintenance
Limited Consolidated Limited
===========================================================================================================
<S> <C> <C> <C>
Electric utility revenue $99,541
Diversified operations $2,313
------------------------------------------------------
Total operating revenue 99,541 2,313
------------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 15,348 1,987
Maintenance
Depreciation and decommissioning 8,265
Income taxes 4,705 (3)
Property and other taxes 1,987
------------------------------------------------------
Total operating expenses 76,781 1,984
------------------------------------------------------
Operating income 22,760 329
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,339 4
Minority interest (1,926)
Taxes on nonoperating income (730) (1)
Other - net
------------------------------------------------------
Total other income (deductions) - net (317) 3
------------------------------------------------------
Income before interest and other expenses 22,443 332
------------------------------------------------------
Interest on long-term debt 14,370
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 14,370
------------------------------------------------------
NET INCOME 8,073 332
Retained Earnings - beginning of year 15,398 202
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $23,471 $534
======================================================
</TABLE>
<PAGE 738>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission Mission
Energy Energy
Company Company
(UK) Consolidating (UK) Limited
Limited Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $99,541
Diversified operations ($2,443) 14,378
------------------------------------------------------
Total operating revenue (2,443) 113,919
------------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $324 (2,588) 28,109
Maintenance
Depreciation and decommissioning 1,355 (1) 10,263
Income taxes (418) (477) 3,873
Property and other taxes (2) 2,281
------------------------------------------------------
Total operating expenses 1,261 (3,068) 91,002
------------------------------------------------------
Operating income (1,261) 625 22,917
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,349 (2,363) 2,847
Minority interest (77) (2,003)
Taxes on nonoperating income (418) 736 (883)
Other - net 1 29
------------------------------------------------------
Total other income (deductions) - net 854 (1,626) (10)
------------------------------------------------------
Income before interest and other expenses (407) (1,001) 22,907
------------------------------------------------------
Interest on long-term debt 2,352 (1,002) 15,720
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 2,352 (1,002) 15,720
------------------------------------------------------
NET INCOME (2,759) 1 7,187
Retained Earnings - beginning of year (4,039) (2,654) 12,331
Dividends declared on common stock 2,164 2,164
------------------------------------------------------
Retained Earnings - end of year ($6,798) ($489) $21,682
======================================================
</TABLE>
PAGE 739
<PAGE>
Mission Energy Company (UK) Limited
Pride Hold Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lakeland
Power Lakeland Pride
Development Power Hold
Company Ltd. Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $174,677
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 174,677 1
------------------------------------------------------
Cash and equivalents 45,872 2,760
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 14,185
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (519)
------------------------------------------------------
Total current assets 59,538 2,760
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (15,416)
------------------------------------------------------
Total deferred charges (15,416)
------------------------------------------------------
TOTAL ASSETS $218,799 $2,761
======================================================
</TABLE>
<PAGE 740>
<PAGE>
Mission Energy Company (UK) Limited
Pride Hold Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pride
Consolidating Hold Limited
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $174,677
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($1)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (1) 174,677
------------------------------------------------------
Cash and equivalents 48,632
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 14,185
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (519)
------------------------------------------------------
Total current assets 62,298
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 1 (15,415)
------------------------------------------------------
Total deferred charges $1 (15,415)
------------------------------------------------------
TOTAL ASSETS $221,560
======================================================
</TABLE>
<PAGE 741>
<PAGE>
Mission Energy Company (UK) Limited
Pride Hold Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lakeland
Power Lakeland Pride
Development Power Hold
Company Ltd. Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $1
Additional Paid in Capital
Cumulative Translation Adjustments, Net 1,034
Retained earnings ($2) 32,014 ($2,508)
------------------------------------------------------
(2) 33,049 (2,508)
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 130,723
------------------------------------------------------
Total capitalization (2) 163,772 (2,508)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 25,128
Short-term debt
Accounts payable 2 6,321 5,269
Accrued taxes 44
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities $2 35,945 5,269
------------------------------------------------------
Accumulated deferred income taxes - net 19,082
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 19,082
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $218,799 $2,761
======================================================
</TABLE>
<PAGE 742>
<PAGE>
Mission Energy Company (UK) Limited
Pride Hold Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pride
Consolidating Hold Limited
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock ($1)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (1) $1,033
Retained earnings (6,033) 23,471
------------------------------------------------------
(6,035) 24,504
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 130,723
------------------------------------------------------
Total capitalization (6,035) 155,227
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 25,128
Short-term debt
Accounts payable 1 11,593
Accrued taxes 44
Accrued interest 4,452
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 1 41,217
------------------------------------------------------
Accumulated deferred income taxes - net 19,082
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 19,082
------------------------------------------------------
Minority interest $6,034 6,034
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $221,560
======================================================
</TABLE>
<PAGE 743>
<PAGE>
Mission Energy Company (UK) Limited
Pride Hold Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Lakeland
Power Lakeland Pride
Development Power Hold
Company Ltd. Limited
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $99,541
Diversified operations
------------------------------------------------------
Total operating revenue 99,541
------------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $2 12,838 $2,508
Maintenance
Depreciation and decommissioning 8,265
Income taxes 4,705
Property and other taxes 1,987
------------------------------------------------------
Total operating expenses 2 74,271 2,508
------------------------------------------------------
Operating income (2) 25,270 (2,508)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,339
Minority interest (1,926)
Taxes on nonoperating income (730)
Other - net
------------------------------------------------------
Total other income (deductions) - net (317)
------------------------------------------------------
Income before interest and other expenses (2) 24,953 (2,508)
------------------------------------------------------
Interest on long-term debt 14,370
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 14,370
------------------------------------------------------
NET INCOME (2) 10,583 (2,508)
Retained Earnings - beginning of year 21,431
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($2) $32,014 ($2,508)
======================================================
</TABLE>
<PAGE 744>
<PAGE>
Mission Energy Company (UK) Limited
Pride Hold Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Pride
Consolidating Hold Limited
Adjustments Consolidated
============================================================================================================
<S> <C> <C>
Electric utility revenue $99,541
Diversified operations
------------------------------------------------------
Total operating revenue 99,541
------------------------------------------------------
Fuel 46,476
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 15,348
Maintenance
Depreciation and decommissioning 8,265
Income taxes 4,705
Property and other taxes 1,987
------------------------------------------------------
Total operating expenses 76,781
------------------------------------------------------
Operating income 22,760
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 2,339
Minority interest (1,926)
Taxes on nonoperating income (730)
Other - net
------------------------------------------------------
Total other income (deductions) - net (317)
------------------------------------------------------
Income before interest and other expenses 22,443
------------------------------------------------------
Interest on long-term debt 14,370
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 14,370
------------------------------------------------------
NET INCOME 8,073
Retained Earnings - beginning of year ($6,033) 15,398
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($6,033) $23,471
======================================================
</TABLE>
PAGE 745
<PAGE>
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First Mission
Hydro Hydro Mission
Holdings Limited Hydro
Company Partnership (UK)
Consolidated Consolidated Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,087,660 $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) (87,415) $3,956
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,000,245 1,624,670 3,956
------------------------------------------------------
Cash and equivalents 65,887 96,905 1,713
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 40,736 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843 5,997 9
------------------------------------------------------
Total current assets 112,466 150,651 1,722
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 312,639 320,907
------------------------------------------------------
Total deferred charges 312,639 320,907
------------------------------------------------------
TOTAL ASSETS $1,425,350 $2,096,228 $5,678
======================================================
</TABLE>
<PAGE 746>
<PAGE>
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Consolidating (UK) Limited
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($2,799,745)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 174,830 $3,956
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (2,624,915) 3,956
------------------------------------------------------
Cash and equivalents (162,792) 1,713
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (88,485)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (11,840) 9
------------------------------------------------------
Total current assets (263,117) 1,722
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (633,546)
------------------------------------------------------
Total deferred charges (633,546)
------------------------------------------------------
TOTAL ASSETS ($3,521,578) $5,678
======================================================
</TABLE>
<PAGE 747>
<PAGE>
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First Mission
Hydro Hydro Mission
Holdings Limited Hydro
Company Partnership (UK)
Consolidated Consolidated Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $304,352 $347,477
Additional Paid in Capital $8,889
Cumulative Translation Adjustments, Net 28,132 29,850 16
Retained earnings 40,363 56,570 2,278
------------------------------------------------------
372,847 433,897 11,183
Preferred stock:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 657,080 1,105,020
------------------------------------------------------
Total capitalization 1,029,927 1,538,917 11,183
------------------------------------------------------
Other long-term liabilities 32,598 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 13,043 7,476 (5,505)
Accrued taxes 29,400 29,400
Accrued interest 24,590 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 67,033 68,112 (5,505)
------------------------------------------------------
Accumulated deferred income taxes - net 295,792 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 295,792 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,425,350 $2,096,228 $5,678
======================================================
</TABLE>
<PAGE 748>
<PAGE>
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Consolidating (UK) Limited
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock ($651,829)
Additional Paid in Capital $8,889
Cumulative Translation Adjustments, Net (57,982) 16
Retained earnings (96,933) 2,278
------------------------------------------------------
(806,744) 11,183
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (1,762,100)
------------------------------------------------------
Total capitalization (2,568,844) 11,183
------------------------------------------------------
Other long-term liabilities (66,328)
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (6,293)
Short-term debt
Accounts payable (20,519) (5,505)
Accrued taxes (58,800)
Accrued interest (49,533)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (135,145) (5,505)
------------------------------------------------------
Accumulated deferred income taxes - net (600,267)
Accumulated deferred investment tax credits (150,994)
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (751,261)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($3,521,578) $5,678
======================================================
</TABLE>
<PAGE 749>
<PAGE>
Mission Energy Company (UK) Limited
Mission Hydro (UK) Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First Mission
Hydro Hydro Mission
Holdings Limited Hydro
Company Partnership (UK)
Consolidated Consolidated Limited
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430 $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 324,430 400,026
------------------------------------------------------
Fuel 81,865 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,650 73,081 $5
Maintenance
Depreciation and decommissioning 26,415 36,192
Income taxes 8,867 20,073 104
Property and other taxes 16,474 16,474
------------------------------------------------------
Total operating expenses 200,271 237,516 109
------------------------------------------------------
Operating income 124,159 162,510 (109)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,996 4,619 1,436
Minority interest
Taxes on nonoperating income (1,239) (1,463) (445)
Other - net 1 1
------------------------------------------------------
Total other income (deductions) - net 2,758 3,157 991
------------------------------------------------------
Income before interest and other expenses 126,917 165,667 882
------------------------------------------------------
Interest on long-term debt 59,091 59,091
Other interest expense 3 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,094 81,637
------------------------------------------------------
NET INCOME 67,823 84,030 882
Retained Earnings - beginning of year 68,324 68,324 1,396
Dividends declared on common stock (95,784) (95,784)
------------------------------------------------------
Retained Earnings - end of year $40,363 $56,570 $2,278
======================================================
</TABLE>
PAGE 750
<PAGE>
Mission Energy Company (UK) Limited
Mission Hydro (UK) Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Consolidating (UK) Limited
Adjustments Consolidated
============================================================================================================
<S> <C> <C>
Electric utility revenue ($724,456)
Diversified operations
------------------------------------------------------
Total operating revenue (724,456)
------------------------------------------------------
Fuel (173,561)
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (139,731) $5
Maintenance
Depreciation and decommissioning (62,607)
Income taxes (28,940) 104
Property and other taxes (32,948)
------------------------------------------------------
Total operating expenses (437,787) 109
------------------------------------------------------
Operating income (286,669) (109)
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (8,615) 1,436
Minority interest
Taxes on nonoperating income 2,702 (445)
Other - net (2)
------------------------------------------------------
Total other income (deductions) - net (5,915) 991
------------------------------------------------------
Income before interest and other expenses (292,584) 882
------------------------------------------------------
Interest on long-term debt (118,182)
Other interest expense (22,549)
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (140,731)
------------------------------------------------------
NET INCOME (151,853) 882
Retained Earnings - beginning of year (136,648) 1,396
Dividends declared on common stock 191,568
------------------------------------------------------
Retained Earnings - end of year ($96,933) $2,278
======================================================
</TABLE>
PAGE 751
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415) $405,515 ($405,515)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670 405,515 (405,515)
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228 $405,515 ($405,515)
======================================================
</TABLE>
PAGE 752
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228
======================================================
</TABLE>
PAGE 753
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477 $405,515 ($405,515)
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897 405,515 (405,515)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917 405,515 (405,515)
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 455,469 (150,994)
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228 $405,515 ($405,515)
======================================================
</TABLE>
<PAGE 754>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Ltd. Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 304,475
Accumulated deferred investment tax credits 150,994
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228
======================================================
</TABLE>
<PAGE 755>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation Mission
Holdings Hydro
Limited Limited Consolidating
Consolidated Partnership Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 756>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Hydro
Limited
Partnership
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 757>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $624,425
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 624,425
------------------------------------------------------
Cash and equivalents 31,018
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7,013
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 154
------------------------------------------------------
Total current assets 38,185
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,268
------------------------------------------------------
Total deferred charges 8,268
------------------------------------------------------
TOTAL ASSETS $670,878
======================================================
</TABLE>
PAGE 758
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,087,660
Nuclear decommissioning trusts
Investments in partnerships (87,415)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,000,245
------------------------------------------------------
Cash and equivalents 65,887
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 40,736
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843
------------------------------------------------------
Total current assets 112,466
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 312,639
------------------------------------------------------
Total deferred charges 312,639
------------------------------------------------------
TOTAL ASSETS $1,425,350
======================================================
</TABLE>
PAGE 759
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $1,712,085
Nuclear decommissioning trusts
Investments in partnerships (87,415)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,624,670
------------------------------------------------------
Cash and equivalents 96,905
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 47,749
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,997
------------------------------------------------------
Total current assets 150,651
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 320,907
------------------------------------------------------
Total deferred charges 320,907
------------------------------------------------------
TOTAL ASSETS $2,096,228
======================================================
</TABLE>
PAGE 760
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital
Cumulative Translation Adjustments, Net (2,863)
Retained earnings 16,207
------------------------------------------------------
56,469
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 447,940
------------------------------------------------------
Total capitalization 504,409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (986)
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 5,660
------------------------------------------------------
Accumulated deferred income taxes - net 159,677
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 159,677
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $670,878
======================================================
</TABLE>
<PAGE 761>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $304,352
Additional Paid in Capital
Cumulative Translation Adjustments, Net 28,132 $4,581
Retained earnings 40,363
------------------------------------------------------
372,847 4,581
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 657,080
------------------------------------------------------
Total capitalization 1,029,927 4,581
------------------------------------------------------
Other long-term liabilities 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13,043 (4,581)
Accrued taxes 29,400
Accrued interest 24,590
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 67,033 ($4,581)
------------------------------------------------------
Accumulated deferred income taxes - net 295,792
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 295,792
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,425,350
======================================================
</TABLE>
<PAGE 762>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $347,477
Additional Paid in Capital
Cumulative Translation Adjustments, Net 29,850
Retained earnings 56,570
------------------------------------------------------
433,897
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 1,105,020
------------------------------------------------------
Total capitalization 1,538,917
------------------------------------------------------
Other long-term liabilities 33,730
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 7,476
Accrued taxes 29,400
Accrued interest 24,943
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 68,112
------------------------------------------------------
Accumulated deferred income taxes - net 455,469
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits 455,469
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $2,096,228
======================================================
</TABLE>
<PAGE 763>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria Energy
Loyvic Generation Capital
Pty Ltd. Limited Partnership
Consolidated Consolidated Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $75,596
Diversified operations
------------------------------------------------------
Total operating revenue 75,596
------------------------------------------------------
Fuel 9,831
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 6,431
Maintenance
Depreciation and decommissioning 9,777
Income taxes 11,206
Property and other taxes
------------------------------------------------------
Total operating expenses 37,245
------------------------------------------------------
Operating income 38,351
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 623
Minority interest
Taxes on nonoperating income (224)
Other - net
------------------------------------------------------
Total other income (deductions) - net 399
------------------------------------------------------
Income before interest and other expenses 38,750
------------------------------------------------------
Interest on long-term debt
Other interest expense 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 22,543
------------------------------------------------------
NET INCOME 16,207
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,207
======================================================
</TABLE>
<PAGE 764>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro EME
Holdings Generation
Company Holdings Consolidating
Consolidated Limited Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430
------------------------------------------------------
Fuel 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,650
Maintenance
Depreciation and decommissioning 26,415
Income taxes 8,867
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 200,271
------------------------------------------------------
Operating income 124,159
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,996
Minority interest
Taxes on nonoperating income (1,239)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 2,758
------------------------------------------------------
Income before interest and other expenses 126,917
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,094
------------------------------------------------------
NET INCOME 67,823
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $40,363
======================================================
</TABLE>
<PAGE 765>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro Limited Partnership
EME Generation Holdings Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Generation
Holdings
Limited
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $400,026
Diversified operations
------------------------------------------------------
Total operating revenue 400,026
------------------------------------------------------
Fuel 91,696
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 73,081
Maintenance
Depreciation and decommissioning 36,192
Income taxes 20,073
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 237,516
------------------------------------------------------
Operating income 162,510
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 4,619
Minority interest
Taxes on nonoperating income (1,463)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 3,157
------------------------------------------------------
Income before interest and other expenses 165,667
------------------------------------------------------
Interest on long-term debt 59,091
Other interest expense 22,546
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 81,637
------------------------------------------------------
NET INCOME 84,030
Retained Earnings - beginning of year 68,324
Dividends declared on common stock (95,784)
------------------------------------------------------
Retained Earnings - end of year $56,570
======================================================
</TABLE>
<PAGE 766>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships $817,131
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131
======================================================
</TABLE>
PAGE 767
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($817,131)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (817,131)
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS ($817,131)
======================================================
</TABLE>
PAGE 768
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131
Additional Paid in Capital
Cumulative Translation Adjustments, Net $6,635 (6,635)
Retained earnings (53,321) 53,321
------------------------------------------------------
(46,686) 863,817
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 810,838 (817,131)
------------------------------------------------------
Total capitalization 764,152 46,686
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 46,333 (46,686)
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 52,979 (46,686)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131
======================================================
</TABLE>
<PAGE 769>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C>
Common shareholders' equity:
Common stock ($817,131)
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
(817,131)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 6,293
------------------------------------------------------
Total capitalization (810,838)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock (6,293)
Short-term debt
Accounts payable 353
Accrued taxes
Accrued interest (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (6,293)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($817,131)
======================================================
</TABLE>
<PAGE 770>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital Enerloy Loyvic
Partnership Pty Ltd. Pty Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt $53,321 ($53,321)
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 53,321 (53,321)
------------------------------------------------------
NET INCOME (53,321) 53,321
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($53,321) $53,321
======================================================
</TABLE>
<PAGE 771>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Loyvic Pty Ltd.
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Loyvic
Consolidating Pty Ltd.
Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year
======================================================
</TABLE>
<PAGE 772>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $817,131
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131
======================================================
</TABLE>
PAGE 773
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $624,425 $1,359,017
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 624,425 1,359,017
------------------------------------------------------
Cash and equivalents 31,018 35,464
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 7,013 11,219
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 154 314
------------------------------------------------------
Total current assets 38,185 46,997
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 8,268 14,498
------------------------------------------------------
Total deferred charges 8,268 14,498
------------------------------------------------------
TOTAL ASSETS $670,878 $1,420,512
======================================================
</TABLE>
PAGE 774
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidated Limited
Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation ($1,359,017) $624,425
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (817,131)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments (2,176,148) 624,425
------------------------------------------------------
Cash and equivalents (35,464) 31,018
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts (11,219) 7,013
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets (314) 154
------------------------------------------------------
Total current assets (46,997) 38,185
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges (14,498) 8,268
------------------------------------------------------
Total deferred charges (14,498) 8,268
------------------------------------------------------
TOTAL ASSETS ($2,237,643) $670,878
======================================================
</TABLE>
PAGE 775
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131
Additional Paid in Capital
Cumulative Translation Adjustments, Net (6,635) $6,635
Retained earnings 53,321 (53,321)
------------------------------------------------------
863,817 (46,686)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (817,131) 810,838
------------------------------------------------------
Total capitalization 46,686 764,152
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable (46,686) 46,333
Accrued taxes
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities ($46,686) 52,979
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131
======================================================
</TABLE>
<PAGE 776>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $43,125
Additional Paid in Capital $87,778
Cumulative Translation Adjustments, Net (1,731) (58,596)
Retained earnings 16,207 44,312
------------------------------------------------------
57,601 73,494
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 453,100 1,108,105
------------------------------------------------------
Total capitalization 510,701 1,181,599
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (633) (307,853)
Accrued taxes 48,160
Accrued interest 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (633) (259,340)
------------------------------------------------------
Accumulated deferred income taxes - net 159,677 (31,223)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 529,476
------------------------------------------------------
Total deferred credits 159,677 498,253
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $670,877 $1,420,512
======================================================
</TABLE>
<PAGE 777>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidating Limited
Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock ($817,131) $43,125
Additional Paid in Capital (87,778)
Cumulative Translation Adjustments, Net 57,464 (2,863)
Retained earnings (44,312) 16,207
------------------------------------------------------
(891,757) 56,469
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (1,106,972) 447,940
------------------------------------------------------
Total capitalization (1,998,729) 504,409
------------------------------------------------------
Other long-term liabilities 1,132
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293
Short-term debt
Accounts payable 307,853 (986)
Accrued taxes (48,160)
Accrued interest (353) 353
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 259,340 5,660
------------------------------------------------------
Accumulated deferred income taxes - net 31,223 159,677
Accumulated deferred investment tax credits
Customer advances and other deferred credits (529,476)
------------------------------------------------------
Total deferred credits (498,253) 159,677
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES ($2,237,642) $670,878
======================================================
</TABLE>
<PAGE 778>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Mission
Energy
Energy Development
Enerloy Capital Australia
Pty Ltd. Partnership Pty Ltd.
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt ($53,321) $53,321
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (53,321) 53,321
------------------------------------------------------
NET INCOME 53,321 (53,321)
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $53,321 ($53,321)
======================================================
</TABLE>
<PAGE 779>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Gippsland Loy Yang B Victoria
Power Joint Generation
Pty Ltd. Venture Limited
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $75,596 $249,826
Diversified operations
------------------------------------------------------
Total operating revenue 75,596 249,826
------------------------------------------------------
Fuel 9,831 39,501
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 6,431 27,605
Maintenance
Depreciation and decommissioning 9,777 62,657
Income taxes 11,206 4,292
Property and other taxes
------------------------------------------------------
Total operating expenses 37,245 134,055
------------------------------------------------------
Operating income 38,351 115,771
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 623 19,170
Minority interest (36,696)
Taxes on nonoperating income (224) (6,901)
Other - net
------------------------------------------------------
Total other income (deductions) - net 399 (24,427)
------------------------------------------------------
Income before interest and other expenses 38,750 91,344
------------------------------------------------------
Interest on long-term debt
Other interest expense 22,543 74,129
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 22,543 74,129
------------------------------------------------------
NET INCOME 16,207 17,215
Retained Earnings - beginning of year 27,097
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $16,207 $44,312
======================================================
</TABLE>
<PAGE 780>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
EME Victoria Generation Limited
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
EME
Victoria
Generation
Consolidating Limited
Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue ($249,826) $75,596
Diversified operations
------------------------------------------------------
Total operating revenue (249,826) 75,596
------------------------------------------------------
Fuel (39,501) 9,831
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses (27,605) 6,431
Maintenance
Depreciation and decommissioning (62,657) 9,777
Income taxes (4,292) 11,206
Property and other taxes
------------------------------------------------------
Total operating expenses (134,055) 37,245
------------------------------------------------------
Operating income (115,771) 38,351
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income (19,170) 623
Minority interest 36,696
Taxes on nonoperating income 6,901 (224)
Other - net
------------------------------------------------------
Total other income (deductions) - net 24,427 399
------------------------------------------------------
Income before interest and other expenses (91,344) 38,750
------------------------------------------------------
Interest on long-term debt
Other interest expense (74,129) 22,543
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (74,129) 22,543
------------------------------------------------------
NET INCOME (17,215) 16,207
Retained Earnings - beginning of year (27,097)
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year ($44,312) $16,207
======================================================
</TABLE>
<PAGE 781>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships $817,131 ($817,131)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 817,131 (817,131)
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS $817,131 ($817,131)
======================================================
</TABLE>
PAGE 782
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments
------------------------------------------------------
Cash and equivalents
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets
------------------------------------------------------
Total current assets
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges
------------------------------------------------------
Total deferred charges
------------------------------------------------------
TOTAL ASSETS
======================================================
</TABLE>
PAGE 783
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $817,131 ($817,131)
Additional Paid in Capital
Cumulative Translation Adjustments, Net (6,635) $6,635
Retained earnings 53,321 (53,321)
------------------------------------------------------
863,817 (46,686) (817,131)
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (817,131) 810,838 6,293
------------------------------------------------------
Total capitalization 46,686 764,152 (810,838)
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock 6,293 (6,293)
Short-term debt
Accounts payable (46,686) 46,333 353
Accrued taxes
Accrued interest 353 (353)
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities (46,686) 52,979 (6,293)
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $817,131 ($817,131)
======================================================
</TABLE>
<PAGE 784>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock
Additional Paid in Capital
Cumulative Translation Adjustments, Net
Retained earnings
------------------------------------------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt
------------------------------------------------------
Total capitalization
------------------------------------------------------
Other long-term liabilities
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable
Accrued taxes
Accrued interest
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities
------------------------------------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES
======================================================
</TABLE>
<PAGE 785>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holding Limited
Energy Capital Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Enerloy Capital Consolidating
Pty Ltd. Partnership Adjustments
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt ($53,321) $53,321
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net (53,321) 53,321
------------------------------------------------------
NET INCOME 53,321 (53,321)
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year $53,321 ($53,321)
======================================================
</TABLE>
<PAGE 786>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
Energy Capital Partnership
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
Energy
Capital
Partnership
Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue
Diversified operations
------------------------------------------------------
Total operating revenue
------------------------------------------------------
Fuel
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses
Maintenance
Depreciation and decommissioning
Income taxes
Property and other taxes
------------------------------------------------------
Total operating expenses
------------------------------------------------------
Operating income
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income
Minority interest
Taxes on nonoperating income
Other - net
------------------------------------------------------
Total other income (deductions) - net
------------------------------------------------------
Income before interest and other expenses
------------------------------------------------------
Interest on long-term debt
Other interest expense
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net
------------------------------------------------------
NET INCOME
Retained Earnings - beginning of year
Dividends declared on common stock
------------------------------------------------------
Retained Earnings - end of year
======================================================
</TABLE>
<PAGE 787>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $17,139 $173 $796,466
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 994,949 10,050
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 1,012,088 10,223 796,466
------------------------------------------------------
Cash and equivalents 232 60,265
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 5,977 26,565 34,951
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843
------------------------------------------------------
Total current assets 6,209 26,565 101,059
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 33
------------------------------------------------------
Total deferred charges 33
------------------------------------------------------
TOTAL ASSETS $1,018,297 $36,788 $897,558
======================================================
</TABLE>
PAGE 788
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
ASSETS
============================================================================================================
<S> <C> <C> <C>
Utility plant, at original cost
Less-accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------
Total utility plant
------------------------------------------------------
Nonutility property - net of accumulated
provision for depreciation $796,466 ($522,584) $1,087,660
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,092,414) (87,415)
Investments in leveraged leases
Other investments
------------------------------------------------------
Total other property and investments 796,466 (1,614,998) 1,000,245
------------------------------------------------------
Cash and equivalents 60,265 (54,875) 65,887
Receivables, including unbilled revenue, net
of allowance for uncollectible accounts 34,951 (61,708) 40,736
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Prepayments and other current assets 5,843 (5,843) 5,843
------------------------------------------------------
Total current assets 101,059 (122,426) 112,466
------------------------------------------------------
Unamortized debt issuance and reacquisition
expense
Rate phase-in plan
Unamortized nuclear plant--net
Income tax-related deferred charges
Other deferred charges 33 312,573 312,639
------------------------------------------------------
Total deferred charges 33 312,573 312,639
------------------------------------------------------
TOTAL ASSETS $897,558 ($1,424,851) $1,425,350
======================================================
</TABLE>
PAGE 789
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $181,987 $19 $171,313
Additional Paid in Capital 498,759
Cumulative Translation Adjustments, Net (51,906) (363) 11,000
Retained earnings (24,882) 26,691 151,810
------------------------------------------------------
105,199 26,347 832,882
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt 889,153 10,412 (10,412)
------------------------------------------------------
Total capitalization 994,352 36,759 822,470
------------------------------------------------------
Other long-term liabilities 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable (642) 29 13,655
Accrued taxes 29,400
Accrued interest 24,587 3
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 23,945 29 43,058
------------------------------------------------------
Accumulated deferred income taxes - net (568)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (568)
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $1,018,297 $36,788 $897,558
======================================================
</TABLE>
<PAGE 790>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Balance Sheet
December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
CAPITALIZATION AND LIABILITIES
============================================================================================================
<S> <C> <C> <C>
Common shareholders' equity:
Common stock $171,313 ($220,280) $304,352
Additional Paid in Capital 498,759 (997,518)
Cumulative Translation Adjustments, Net 11,000 58,401 28,132
Retained earnings 151,810 (265,066) 40,363
------------------------------------------------------
832,882 (1,424,463) 372,847
Preferred securities of subsidiaries:
Not subject to mandatory redemption
Subject to mandatory redemption
Long-term debt (10,412) (221,661) 657,080
------------------------------------------------------
Total capitalization 822,470 (1,646,124) 1,029,927
------------------------------------------------------
Other long-term liabilities 32,598 (32,598) 32,598
------------------------------------------------------
Current portion of long-term debt
and redeemable preferred stock
Short-term debt
Accounts payable 13,655 (13,654) 13,043
Accrued taxes 29,400 (29,400) 29,400
Accrued interest 3 (3) 24,590
Dividends payable
Regulatory balancing accounts--net
Deferred unbilled revenue and other
------------------------------------------------------
Total current liabilities 43,058 (43,057) 67,033
------------------------------------------------------
Accumulated deferred income taxes - net (568) 296,928 295,792
Accumulated deferred investment tax credits
Customer advances and other deferred credits
------------------------------------------------------
Total deferred credits (568) 296,928 295,792
------------------------------------------------------
Minority interest
------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES $897,558 ($1,424,851) $1,425,350
======================================================
</TABLE>
<PAGE 791>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First First
Hydro Hydro First
Holdings Finance Hydro
Company plc Company
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430
------------------------------------------------------
Fuel 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses $820 ($657) 66,490
Maintenance
Depreciation and decommissioning 26,415
Income taxes (273) (19,546) 9,002
Property and other taxes 16,474
------------------------------------------------------
Total operating expenses 547 (20,203) 200,246
------------------------------------------------------
Operating income (547) 20,203 124,184
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 1,082 59,142 3,589
Minority interest
Taxes on nonoperating income (336) (18,334) (1,113)
Other - net 1
------------------------------------------------------
Total other income (deductions) - net 746 40,808 2,477
------------------------------------------------------
Income before interest and other expenses 199 61,011 126,661
------------------------------------------------------
Interest on long-term debt 59,091 59,772
Other interest expense 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 59,091 59,772 3
------------------------------------------------------
NET INCOME (58,892) 1,239 126,658
Retained Earnings - beginning of year 34,010 25,452 120,935
Dividends declared on common stock (95,783)
------------------------------------------------------
Retained Earnings - end of year ($24,882) $26,691 $151,810
======================================================
</TABLE>
<PAGE 792>
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
EME Generation Holdings Limited
First Hydro Holdings Company
Consolidating Statements of Income and Retained Earnings
For The Year Ended December 31, 1997
(In thousands)
<TABLE>
<CAPTION>
First
Hydro
First Holdings
Hydro Consolidating Company
Company Adjustments Consolidated
============================================================================================================
<S> <C> <C> <C>
Electric utility revenue $324,430 ($324,430) $324,430
Diversified operations
------------------------------------------------------
Total operating revenue 324,430 (324,430) 324,430
------------------------------------------------------
Fuel 81,865 (81,865) 81,865
Purchased power
Provisions for regulatory adjustment
clauses - net
Other operating expenses 66,490 (66,493) 66,650
Maintenance
Depreciation and decommissioning 26,415 (26,415) 26,415
Income taxes 9,002 10,682 8,867
Property and other taxes 16,474 (16,474) 16,474
------------------------------------------------------
Total operating expenses 200,246 (180,565) 200,271
------------------------------------------------------
Operating income 124,184 (143,865) 124,159
------------------------------------------------------
Provision for rate phase-in plan
Allowance for equity funds used during
construction
Interest income 3,589 (63,406) 3,996
Minority interest
Taxes on nonoperating income (1,113) 19,657 (1,239)
Other - net 1 (1) 1
------------------------------------------------------
Total other income (deductions) - net 2,477 (43,750) 2,758
------------------------------------------------------
Income before interest and other expenses 126,661 (187,615) 126,917
------------------------------------------------------
Interest on long-term debt (59,772) 59,091
Other interest expense 3 (3) 3
Allowance for borrowed funds used during
construction
Capitalized interest
Dividends on subsidiary preferred
securities
------------------------------------------------------
Total interest and other expenses - net 3 (59,775) 59,094
------------------------------------------------------
NET INCOME 126,658 (127,840) 67,823
Retained Earnings - beginning of year 120,935 (233,008) 68,324
Dividends declared on common stock (95,783) 95,782 (95,784)
------------------------------------------------------
Retained Earnings - end of year $151,810 ($265,066) $40,363
======================================================
</TABLE>
<PAGE 793>
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
MEC Hydro Iberica
International Energy de Energias,
B.V. B.V. S.A.
====================================================================================================
Name of Entity: Hydro Iberica Electrometalurgica
Energy de Energias del Ebro,
B.V. S.A. S.A.
<S> <C> <C> <C>
Ownership Interest: 10% 100% 91%
Nature/Purpose of Business: (a) (a) (a)
Ownership Interest in (000):
Assets $3,431 $78,099 $59,080
Revenue $0 $11,887 $9,259
Net Income (Loss) ($3) $3,603 $2,265
</TABLE>
(a) To own hydroelectric facilities located throughout Spain.
PAGE 794
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
Mission
MEC Energy
International Company (UK)
B.V. Limited
===================================================================
Name of Entity: Mission Derwent
Energy Cogeneration
Company (UK) Company
Limited
<S> <C> <C>
Ownership Interest: 100% 33%
Nature/Purpose of Business: (b) (b)
Ownership Interest in (000):
Assets $94,323 $794
Revenue $0 $13,961
Net Income (Loss) ($2,759) $570
</TABLE>
(b) To own and operate a 214 MW power production facility
in the United Kingdom.
<PAGE 795>
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
MEC
MEC MEC MEC International MEC
International Indonesia International Holdings Indonesia
B.V. B.V. B.V. B.V. B.V.
================================================================================
Name of Entity: MEC P.T. Paiton MEC MEC P.T.Paiton
Indonesia Energy International Indonesia Energy
B.V. Company Holdings B.V. Company
B.V.
<S> <C> <C> <C> <C> <C>
Ownership Interest: 99% 40% 100% 1% 40%
Nature/Purpose of Business: (c) (c) (c) (c) (c)
Ownership Interest in (000):
Assets $84,892 $657,020 $4,174 $849 $657,020
Revenue $0 $0 $0 $0 $0
Net Income (Loss) ($82) ($92) ($5) ($1) ($92)
(c) To own and operate a 1,230 MW cogeneration facility
located in Indonesia.
</TABLE>
<PAGE 796>
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1997
<TABLE>
<CAPTION>
MEC
MEC MEC MEC International MEC
International Priolo International Holdings Priolo
B.V. B.V. B.V. B.V. B.V.
============================================================================================================
Name of Entity: MEC ISAB MEC MEC ISAB
Priolo Energy International Priolo Energy
B.V. s.r.l. Holdings B.V. s.r.l.
B.V.
<S> <C> <C> <C> <C> <C>
Ownership Interest: 99% 49% 100% 1% 49%
Nature/Purpose of Business: (d) (d) (d) (d) (d)
Ownership Interest in (000):
Assets $18,816 $105,159 $4,174 $188 $105,159
Revenue $468 $3 $0 $5 $3
Net Income (Loss) $27 ($329) ($5) $0 ($329)
</TABLE>
(d) To own and operate a 512 MW cogeneration facility
located in Sicily, Italy.
<PAGE 797>
EXHIBIT B
FINANCIAL DATA SCHEDULE
The following is provided for Edison International on a
consolidated basis:
Item No. Caption Heading Amount
- -------- --------------- ------
1 Total Assets $25,101,067,000
2 Total Operating Revenues $ 9,235,052,000
3 Net Income $ 699,856,000
PAGE 798
<PAGE>
EXHIBIT C
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
4.01 EPZ MISSION FUNDING MU TRUST [FUCO]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Alpha
06 Mission Funding Mu
07 EPZ Mission Funding Mu Trust
4.02 EPZ MISSION FUNDING NU TRUST [FUCO]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Delta
06 Mission Funding Nu
07 EPZ Mission Funding Nu Trust
4.03 COMMONWEALTH ATLANTIC LIMITED PARTNERSHIP [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Hanover Energy Company
04 Chickahominy River Energy Corp.
05 Commonwealth Atlantic Limited Partnership (50%)
4.04 GORDONSVILLE ENERGY, L.P. [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Madison Energy Company
04 Gordonsville Energy, L.P. (49%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Rapidan Energy Company
04 Gordonsville Energy, L.P. (1%)
PAGE 799
<PAGE>
4.05 BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy New York, Inc.
04 Brooklyn Navy Yard Cogeneration Partners, L.P. (50%)
4.06 NEVADA SUN-PEAK LIMITED PARTNERSHIP [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Quartz Peak Energy Company
04 Nevada Sun-Peak Limited Partnership (50%)
4.07 IBERICA DE ENERGIAS, S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Hydro Energy B.V. (10%)
06 Iberica de Energias, S.A.
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Iberian Hy-Power Amsterdam B.V.
06 Hydro Energy B.V. (90%)
07 Iberica de Energias, S.A.
4.08 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Hydro Energy B.V. (10%)
06 Iberica de Energias, S.A.
07 Electrometalurgica del Ebro, S.A. (91%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Iberian Hy-Power Amsterdam B.V.
06 Hydro Energy B.V. (90%)
07 Iberica de Energias, S.A.
08 Electrometalurgica del Ebro, S.A. (91%)
PAGE 800
<PAGE>
4.09 LOY YANG B JOINT VENTURE [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
- ---
05A Loy Yang Holdings Pty Ltd
06A Edison Mission Energy Holdings Pty Ltd
07A Edison Mission Energy Australia Ltd.
08A Latrobe Power Partnership (1%)
09A Loy Yang B Joint Venture (51%)
- ---
05B Loy Yang Holdings Pty Ltd
06B Latrobe Power Pty Ltd (1%)
07B Mission Victoria Partnership (52.31%)
08B Latrobe Power Partnership (99%)
09B Loy Yang B Joint Venture (51%)
- ---
05C Loy Yang Holdings Pty Ltd
06C Mission Energy Ventures Australia Pty Ltd.
07C Mission Victoria Partnership (1%)
08C Latrobe Power Partnership (99%)
09C Loy Yang B Joint Venture (51%)
- ---
05D Loy Yang Holdings Pty Ltd
06D Traralgon Power Pty Ltd (1%)
07D Mission Victoria Partnership (46.69%)
08D Latrobe Power Partnership (99%)
09D Loy Yang B Joint Venture (51%)
- ---
05E Latrobe Power Pty Ltd (99%)
06E Mission Victoria Partnership (52.31%)
07E Latrobe Power Partnership (99%)
08E Loy Yang B Joint Venture (51%)
- ---
05F Traralgon Power Pty Ltd (99%)
06F Mission Victoria Partnership (46.69%)
07F Latrobe Power Partnership (99%)
08F Loy Yang B Joint Venture (51%)
- ---
05G Mission Energy Company (UK) Limited
06G Mission Hydro (UK) Ltd.
07G Mission Hydro Limited Partnership (1%)
08G EME Generation Holdings Ltd
09G EME Victoria Generation Ltd.
10G Mission Energy Development Australia
Pty Ltd.
11G Gippsland Power Pty Ltd.
12G Loy Yang B Joint Venture (49%)
- ---
PAGE 801
<PAGE>
05H MEC Wales B.V. (99%)
06H Mission Hydro Limited Partnership (69%)
07H EME Generation Holdings Ltd
08H EME Victoria Generation Ltd.
09H Mission Energy Development Australia
Pty Ltd.
10H Gippsland Power Pty Ltd.
11H Loy Yang B Joint Venture (49%)
- ---
05I MEC International Holdings B.V.
06I MEC Wales B.V. (1%)
07I Mission Hydro Limited Partnership (69%)
08I EME Generation Holdings Ltd
09I EME Victoria Generation Ltd.
10I Mission Energy Development Australia
Pty Ltd.
11I Gippsland Power Pty Ltd.
12I Loy Yang B Joint Venture (49%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Wales Company
04 Mission Hydro Limited Partnership (30%)
05 EME Generation Holdings Ltd.
06 EME Victoria Generation Ltd.
07 Mission Energy Development Australia
Pty Ltd.
08 Gippsland Power Pty Ltd
09 Loy Yang B Joint Venture (49%)
4.10 P. T. PAITON ENERGY COMPANY [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC Indonesia B.V. (99%)
06 P. T. Paiton Energy Company
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC International Holdings B.V.
06 MEC Indonesia B.V. (1%)
07 P. T. Paiton Energy Company
PAGE 802
<PAGE>
4.11 ISAB ENERGY, s.r.l. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC Priolo B.V. (99%)
06 ISAB Energy, s.r.l.
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC International Holdings B.V.
06 MEC Priolo B.V. (1%)
07 ISAB Energy, s.r.l.
4.12 FIRST HYDRO COMPANY [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
- ---
05J Mission Energy Company (UK) Limited
06J Mission Hydro (UK) Ltd.
07J Mission Hydro Limited Partnership (1%)
08J EME Generation Holdings Ltd
09J First Hydro Holdings Company (99%)
10J First Hydro Company (99%)
- ---
05K Mission Energy Company (UK) Limited
06K Mission Hydro (UK) Ltd.
07K Mission Hydro Limited Partnership (1%)
08K EME Generation Holdings Ltd
09K First Hydro Holdings Company (99%)
10K First Hydro Finance plc
11K First Hydro Company (1%)
- ---
05L MEC Wales B.V. (99%)
06L Mission Hydro Limited Partnership (69%)
07L EME Generation Holdings Ltd
08L First Hydro Holdings Company (99%)
09L First Hydro Company (99%)
- ---
05M MEC Wales B.V. (99%)
06M Mission Hydro Limited Partnership (69%)
07M EME Generation Holdings Ltd
08M First Hydro Holdings Company (99%)
09M First Hydro Finance plc
10M First Hydro Company (1%)
- ---
PAGE 803
<PAGE>
05N MEC International Holdings B.V.
06N MEC Wales B.V. (1%)
07N Mission Hydro Limited Partnership (69%)
08N EME Generation Holdings Ltd
09N First Hydro Holdings Company (99%)
10N First Hydro Company (99%)
- ---
05O MEC International Holdings B.V.
06O MEC Wales B.V. (1%)
07O Mission Hydro Limited Partnership (69%)
08O EME Generation Holdings Ltd
09O First Hydro Holdings Company (99%)
10O First Hydro Finance plc
11O First Hydro Company (1%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Wales Company
04 Mission Hydro Limited Partnership (30%)
05 EME Generation Holdings Ltd.
06 First Hydro Holdings Company (99%)
- ---
07 First Hydro Company (99%)
- ---
07 First Hydro Finance plc
08 First Hydro Company (1%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Mission Energy Company (UK) Limited
06 Mission Hydro (UK) Ltd.
07 First Hydro Holdings Company (1%)
08 First Hydro Company (99%)
- ---
08 First Hydro Finance plc
09 First Hydro Company (1%)
4.13 KWINANA POWER PARTNERSHIP [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC Perth B.V. (99%)
06 Kwinana Power Partnership
PAGE 804
<PAGE>
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC International Holdings B.V.
06 MEC Perth B.V. (1%)
07 Kwinana Power Partnership
4.14 DERWENT COGENERATION LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Mission Energy Company (UK) Limited
06 Derwent Cogeneration Limited (33%)
4.15 LAKELAND POWER LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Mission Energy Company (UK) Limited
06 Pride Hold Limited (99%)
07 Lakeland Power Limited (80%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Pride Hold Limited (1%)
06 Lakeland Power Limited (80%)
<PAGE 805>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
Exhibit 27 to Edison International Form U-3A-2 for 12/31/97
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 25,101,067,000
<TOTAL-OPERATING-REVENUES> 9,235,052,000
<NET-INCOME> 699,856,000
</TABLE>
