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Previous: DTE ENERGY CO, 8-B12B, 1996-01-02 |
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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
DTE ENERGY COMPANY
(Name of Company)
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, and submits the following
information:
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.
DTE Energy Company (formerly known as DTE Holdings, Inc. and
hereinafter referred to as "Claimant") is a Michigan corporation, incorporated
on January 26, 1995. From the date of its incorporation through December 31,
1995, Claimant was a wholly owned subsidiary of The Detroit Edison Company, a
Michigan public utility. On January 1, 1996, pursuant to a share exchange
accomplished in accordance with the provisions of the Michigan Business
Corporation Act, all outstanding Common Stock of The Detroit Edison Company was
exchanged on a one-for-one basis for the Common Stock of Claimant. Thus, as of
January 1, 1996, Claimant became a publicly held corporation with the purpose
of holding the outstanding stock of its subsidiaries. Claimant's address is
2000 2nd Avenue, Detroit, Michigan 48226-1279.
The Detroit Edison Company ("Detroit Edison"), incorporated in
Michigan since 1967, is a Michigan public utility engaged in the generation,
purchase, transmission, distribution and sale of electric energy in a 7,600 -
square-mile area in southeastern Michigan. It also owns and operates a steam
heating system in Detroit, Michigan. On January 1, 1996, Detroit Edison
became a wholly owned subsidiary of Claimant. Detroit Edison's address is 2000
2nd Avenue, Detroit, Michigan 48226-1279.
Midwest Energy Resources Company ("MERC") is a Michigan
corporation established on June 5, 1974. MERC is a wholly owned subsidiary
of Detroit Edison and is engaged in operating a coal-transshipment facility in
Superior, Wisconsin.
The Edison Illuminating Company of Detroit ("EIC") is a
Michigan corporation established on May 28, 1886. EIC is a wholly owned
subsidiary of Detroit Edison and holds real estate.
St. Clair Energy Corporation ("St. Clair") is a Michigan
corporation established on August 27, 1906. St. Clair is a wholly owned
subsidiary of Detroit Edison and is engaged in fuel procurement.
MERC, EIC and St. Clair have offices at 2000 2nd Avenue,
Detroit, Michigan 48226-1279.
<PAGE> 2
DE Energy Services, Inc. ("DE ES") is a Michigan
corporation established on August 29, 1994. This corporation became a
wholly owned subsidiary of Claimant on January 1, 1996. DE ES has offices
at 425 S. Main, Ann Arbor, Michigan 48104 and it is engaged in energy services
and landfill gas projects.
Biomass Energy Systems, Inc. ("Biomass") is a Michigan
corporation established on July 15, 1993, with offices at 425 S. Main, Ann
Arbor, Michigan 48104. On January 1, 1995 Biomass became a wholly owned
subsidiary of DE ES and it is engaged in landfill gas projects.
Edison Energy Services, Inc. ("EES") is a Michigan corporation
established on June 29, 1994, with offices at 425 S. Main, Ann Arbor, Michigan
48104. EES is a wholly owned subsidiary of DE ES and it is engaged in energy
services activities.
Utility Technical Services, Inc., (currently RES Power, Inc.
and formerly SYNDECO, Inc.), ("RES") is a Michigan corporation established
January 6, 1983, with offices at 425 S. Main Street, Ann Arbor, Michigan
48104. RES is a wholly owned subsidiary of Biomass and it is engaged in
landfill gas projects.
Sonoma Energy Systems, Inc. ("Sonoma") is a Michigan
corporation established on January 24, 1994, with offices at 425 S. Main, Ann
Arbor, Michigan 48104. Sonoma is a wholly-owned subsidiary of Biomass and it is
engaged in landfill gas projects.
Riverview Gas Producers, Inc. ("Riverview") is a Michigan
corporation established on August 16, 1993, with offices at 425 S. Main, Ann
Arbor, Michigan 48104. Riverview is a wholly owned subsidiary of Biomass and
it is engaged in landfill gas projects.
Syndeco Realty Corporation ("Syndeco") is a Michigan
corporation established on August 22, 1986. This corporation became a
wholly owned subsidiary of Claimant on January 1, 1996. Syndeco has offices
at 2000 2nd Avenue, Detroit, Michigan 48226-1279, and it is engaged in real
estate projects.
Edison Development Corporation ("EDC") is a Michigan
corporation established on May 24, 1994. This corporation became a
wholly owned subsidiary of Claimant on January 1, 1996. EDC has offices at
2000 2nd Avenue, Detroit, Michigan 48226-1279 and it is engaged in business
development.
EdVenture Capital Corp. ("EdVenture") is a Michigan
Corporation established on May 24, 1994, with offices at 2000 2nd Avenue,
Detroit, Michigan 48226-1279. EdVenture is a wholly owned subsidiary of EDC
and it is engaged in equity investment.
UTS Systems, Inc. (formerly Utility Technical Services, Inc.)
("UTS") is a Michigan corporation established on April 23, 1985. This
corporation became a wholly owned subsidiary of Claimant on January 1, 1996.
UTS has offices at 2000 2nd Avenue, Detroit, Michigan 48226-1279 and it is
engaged in professional engineering services.
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 - none
The Detroit Edison Company maintains the following generating facilities which
are located in the State of Michigan, as follows:
2
<PAGE> 3
<TABLE>
<CAPTION>
Location By Summer Net
Michigan Rated Capability (1)(2)
Plant Name County Megawatts (MW) %
- -------------------------------- ------- -------------- ---
<S> <C> <C> <C>
Fossil-fuel and Steam-Electric
Belle River (3) St. Clair 1,026 10.0%
Greenwood St. Clair 785 7.7
Harbor Beach Huron 103 1.0
Marysville St. Clair 167 1.6
Monroe Monroe 3,000 29.4
River Rouge Wayne 500 4.9
St. Clair St. Clair 1,379 13.5
Trenton Channel Wayne 725 7.1
------ ------
7,685 75.2%
Oil or Gas-fueled Peaking
Units Various 525 5.2
Nuclear-fueled Steam-
Electric-Fermi 2 Monroe 1,085 10.6
Hydroelectric Pumped Storage
Ludington (4) Mason 917 9.0
------ ------
10,212 100.0%
====== ======
</TABLE>
===============
(1) Summer net rated capabilities of generating units in service are based
on periodic load tests and are changed depending on operating experience, the
physical condition of units, environmental control limitations and customer
requirements for steam, which otherwise would be used for electric generation.
(2) Excludes two oil-fueled units, River Rouge Unit No. 1 (206 MW) and St.
Clair Unit No. 5 (250 MW), and one coal-fueled power plant, Conners Creek (236
MW), all in economy reserve status.
(3) The Belle River capability represents the Company's entitlement to
81.39% of the capacity and energy of the plant.
(4) Represents the Company's 49% interest in Ludington with a total
capability of 1,872 MW.
The Detroit Edison Company and Consumers Power Company are parties to
an Electric Coordination Agreement providing for emergency assistance,
coordination of operations and planning for bulk power supply, with energy
interchanged at nine interconnections. The Detroit Edison Company and
Consumers Power Company also have interchange agreements to exchange electric
energy through 12 interconnections with The Toledo Edison Company, Indiana
Michigan Power Company, Northern Indiana Public Service Company and Ontario
Hydro. In addition, The Detroit Edison Company has interchange agreements for
the exchange of electric energy with Michigan South Central Power Agency, Rouge
Steel Company and the City of Wyandotte.
Transmission and Distribution. The Detroit Edison Company owns and
operates within the State of Michigan 577 distribution substations with a
capacity of 16,670,100 kilovolt amperes and 385,776 line transformers with a
capacity of 22,381,545 kilovolt amperes. Electric transmission and
distribution lines owned and in service as of December 31, 1994 are as follows:
<TABLE>
<CAPTION>
Overhead Lines Underground Lines
-------------------- ------------------
Conduit
Pole Circuit Bank Cable
Design Line Voltage-KV Miles Miles Miles Miles
- ---------------------- ------ ------- ------- -----
<S> <C> <C> <C> <C>
Transmission-
Under 24 KV -- -- 63 273
24 KV 105 105 254 1,029
40 KV 2,752 2,752 87 315
120 KV 1,134 1,649 -- 161
140 KV 31 31 -- --
230 KV 77 87 -- --
345 KV 525 954 -- 7
------ ----- ----- -----
4,624 5,578 404 1,785
=====
Distribution-
4.8 KV and 13.2 KV 31,368 433 9,890
------ ----- -----
Grand Total 35,992 837 11,675
====== ===== ======
</TABLE>
3. The following information for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
3
<PAGE> 4
(a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas distributed at retail.
Claimant - None
Detroit Edison - 46,131,511,000 Kwh.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in which each such
company is organized.
Claimant - None
Detroit Edison - 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
Detroit Edison - 237,429,000 Kwh. delivered under interchange
power agreements for the year ended December
31, 1994.
(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
Detroit Edison - 5,324,086,000 Kwh. purchased under
interchange power agreements for the year
ended December 31, 1994.
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:
Not applicable.
(a) Name, location, business address and description of the
facilitates 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
4
<PAGE> 5
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).
EXHIBIT A
A consolidating statement of income and surplus of the Claimant and its
subsidiary companies for the calendar year 1994, together with a consolidating
balance sheet of Claimant and its subsidiary companies as of the close of
such calendar year follows.
The above-named Claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 2nd day of January, 1996.
DTE Energy Company
--------------------------
(Name of claimant)
By /s/ Ronald W. Gresens
------------------------
Vice President
and Controller
CORPORATE SEAL
Attest:
/s/ Susan M. Beale
- --------------------------
Susan M. Beale
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Susan M. Beale, Vice President and Corporate Secretary
- ------------------------------------------------------
(Name) (Title)
2000 2nd Avenue, Detroit, Michigan 48226-1279
- ---------------------------------------------
(Address)
5
<PAGE> 6
EXHIBIT A
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
The
The Midwest Edison Biomass DE Energy
Detroit Energy Illuminating St. Clair Syndeco Energy Services,
Edison Resources Company Energy Realty Systems, Inc. Inc.
Company Company of Detroit Corporation Corporation Consolidated Consolidated
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $3,439,777 $8,574 $ -- $ -- $ -- $ -- $ --
Electric-Interconnection 43,141 -- -- -- -- -- --
Steam 27,849 -- -- -- -- -- --
-----------------------------------------------------------------------------------
Total operating revenues 3,510,767 8,574 -- -- -- -- --
-----------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel 719,215 -- -- -- -- -- --
Purchased power 116,947 -- -- -- -- -- --
Other operation 618,185 2,881 -- -- -- -- --
Maintenance 262,409 -- -- -- -- -- --
Depreciation and amortization 474,798 1,617 -- -- -- -- --
Deferred Fermi 2 depreciation
and amortization (7,465) -- -- -- -- -- --
Amortization of deferred Fermi 2
depreciation and return 84,828 -- -- -- -- -- --
Taxes other than income 254,282 1,592 -- -- -- -- --
Income Taxes 270,813 (156) -- -- -- -- --
-----------------------------------------------------------------------------------
Total operating expenses 2,794,012 5,934 -- -- -- -- --
-----------------------------------------------------------------------------------
OPERATING INCOME 716,755 2,640 -- -- -- -- --
-----------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds used
during construction 1,684 -- -- -- -- -- --
Other income and (deductions) (24,249) 14 16 (1) 353 (844) (499)
Income taxes 7,373 -- (6) -- (119) 802 172
Accretion income 13,644 -- -- -- -- -- --
Income taxes (4,252) -- -- -- -- -- --
-----------------------------------------------------------------------------------
Net other income and (deductions) (5,800) 14 10 (1) 234 (42) (327)
-----------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt 271,169 2,594 -- -- -- -- --
Amortization of debt discount, premium
and expense 10,772 60 -- -- -- -- --
Other 11,170 -- -- -- -- 5 --
Allowance for borrowed funds used
during construction (2,065) -- -- -- -- -- --
-----------------------------------------------------------------------------------
Net interest charges 291,046 2,654 -- -- -- 5 --
-----------------------------------------------------------------------------------
PREFERRED STOCK DIVIDEND REQUIREMENTS 29,640 -- -- -- -- -- --
-----------------------------------------------------------------------------------
NET INCOME (LOSS) $ 390,269 $ -- $ 10 $ (1) $ 234 $ (47) $(327)
===================================================================================
</TABLE>
<TABLE>
<CAPTION> Edison Utility
Development Technical Inter- DTE Energy
Corporation Services, Inc. Company Company
Consolidated Consolidated Eliminations Consolidated
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ 3,448,351
Electric-Interconnection -- -- -- 43,141
Steam -- -- -- 27,849
-----------------------------------------------------------------
Total operating revenues -- -- -- 3,519,341
-----------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- 719,215
Purchased power -- -- -- 116,947
Other operation -- -- -- 621,066
Maintenance -- -- -- 262,409
Depreciation and amortization -- -- -- 476,415
Deferred Fermi 2 depreciation
and amortization -- -- -- (7,465)
Amortization of deferred Fermi 2
depreciation and return -- -- -- 84,828
Taxes other than income -- -- -- 255,874
Income Taxes -- -- -- 270,657
-----------------------------------------------------------------
Total operating expenses -- -- -- 2,799,946
-----------------------------------------------------------------
OPERATING INCOME -- -- -- 719,395
-----------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds used
during construction -- -- -- 1,684
Other income and (deductions) (87) 403 (79) (24,973)
Income taxes 30 (141) -- 8,111
Accretion income -- -- -- 13,644
Income taxes -- -- -- (4,252)
-----------------------------------------------------------------
Net other income and (deductions) (57) 262 (79) (5,786)
-----------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- 273,763
Amortization of debt discount, premium
and expense -- -- -- 10,832
Other -- -- 5 11,170
Allowance for borrowed funds used
during construction -- -- -- (2,065)
-----------------------------------------------------------------
Net interest charges -- -- 5 293,700
-----------------------------------------------------------------
PREFERRED STOCK DIVIDEND REQUIREMENTS -- -- -- 29,640
-----------------------------------------------------------------
NET INCOME (LOSS) $ (57) $ 262 $ (74) $ 390,269
=================================================================
Common Shares Outstanding-Average
(Thousands) 146,152
Earnings Per Share of Common Stock $2.67
</TABLE>
1
<PAGE> 7
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
The Midwest The Edison Biomass
Detroit Energy Illuminating St. Clair Syndeco Energy
Edison Resources Company Energy Realty Systems, Inc.
Company Company of Detroit Corporation Corporation Consolidated
<S> <C> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $12,954,337 $ 56,890 $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization (4,507,139) (22,553) -- -- -- --
Construction work in progress 104,431 -- -- -- -- --
Property under capital leases - net 327,953 -- -- -- -- --
------------------------------------------------------------------------------------
Total owned and leased properties 8,879,582 34,337 -- -- -- --
------------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 7,463 -- 131 -- 2,180 1,400
Investments and special funds 26,726 3,131 11 -- 27 2,620
Nuclear decommissioning trust funds 76,492 -- -- -- -- --
------------------------------------------------------------------------------------
Total other property and investments 110,681 3,131 142 -- 2,207 4,020
------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 3,370 438 -- -- 1,248 1,602
Customer accounts receivable and
unbilled revenues 193,869 1,955 -- -- -- --
Other accounts receivable 32,833 -- -- -- 1,167 67
Fuel and materials and supplies
inventories 289,517 2,735 -- -- -- --
Prepayments 10,274 158 -- -- 42 42
------------------------------------------------------------------------------------
Total current assets 529,863 5,286 -- -- 2,457 1,711
------------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES -- 8,696 425 10 46 340
------------------------------------------------------------------------------------
DEFERRED DEBITS
Unamortized debt expense 41,943 933 -- -- -- --
Unamortized loss on reacquired debt 123,319 677 -- -- -- --
Recoverable income taxes 1,570,798 7,633 -- -- -- --
Other postretirement benefits 36,562 -- -- -- -- --
Fermi 2 phase-in plan 390,764 -- -- -- -- --
Fermi 2 deferred amortization 52,259 -- -- -- -- --
Other 120,643 -- -- -- 155 --
------------------------------------------------------------------------------------
Total deferred debits 2,336,288 9,243 -- -- 155 --
------------------------------------------------------------------------------------
TOTAL $11,856,414 $ 60,693 $ 567 $ 10 $ 4,865 $ 6,071
====================================================================================
<CAPTION>
Edison Utility
DE Energy Development Technical Inter- DTE Energy
Services, Inc. Corporation Services, Inc. Company Company
Consolidated Consolidated Consolidated Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ -- $ 13,011,227
Less: Accumulated depreciation
and amortization -- -- -- -- (4,529,692)
Construction work in progress -- -- -- -- 104,431
Property under capital leases - net -- -- -- -- 327,953
-------------------------------------------------------------------------
Total owned and leased properties -- -- -- -- 8,913,919
-------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 107 -- -- -- 11,281
Investments and special funds -- 10,000 1,661 (25,454) 18,722
Nuclear decommissioning trust funds -- -- -- -- 76,492
-------------------------------------------------------------------------
Total other property and investments 107 10,000 1,661 (25,454) 106,495
-------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 299 100 1,065 -- 8,122
Customer accounts receivable and
unbilled revenues -- -- -- -- 195,824
Other accounts receivable 6 -- 139 -- 34,212
Fuel and materials and supplies
inventories -- -- -- -- 292,252
Prepayments -- -- -- -- 10,516
-------------------------------------------------------------------------
Total current assets 305 100 1,204 -- 540,926
-------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 176 30 3 (9,726) --
-------------------------------------------------------------------------
DEFERRED DEBITS
Unamortized debt expense -- -- -- -- 42,876
Unamortized loss on reacquired debt -- -- -- -- 123,996
Recoverable income taxes -- -- -- (915,330) 663,101
Other postretirement benefits -- -- -- -- 36,562
Fermi 2 phase-in plan -- -- -- -- 390,764
Fermi 2 deferred amortization -- -- -- -- 52,259
Other 1,282 -- -- -- 122,080
-------------------------------------------------------------------------
Total deferred debits 1,282 -- -- (915,330) 1,431,638
-------------------------------------------------------------------------
TOTAL $ 1,870 $ 10,130 $ 2,868 $(950,510) $ 10,992,978
=========================================================================
</TABLE>
2
<PAGE> 8
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
The Edison St. Clair Syndeco Biomass Energy
The Detroit Midwest Energy Illuminating Energy Realty Systems, Inc.
Edison Company Resources Company Company of Detroit Corporation Corporation Consolidated
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 1,448,635 $ -- $ -- $ 10 $ 4 $ 6
Premium on
common stock 545,825 1 50 -- 4,009 5,679
Common stock expense (47,461) -- -- -- -- --
Retained earnings
(deficit) 1,379,081 1 385 (1) 669 (58)
--------------------------------------------------------------------------------------------------
Total common
shareholders'
equity 3,326,080 2 435 9 4,682 5,627
Preferred stock 380,283 -- -- -- -- --
Long-term debt 3,787,696 37,600 -- -- -- --
--------------------------------------------------------------------------------------------------
Total capitalization 7,494,059 37,602 435 9 4,682 5,627
--------------------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases 126,076 -- -- -- -- --
Other postretirement
benefits 37,143 -- -- -- -- --
Other 48,707 -- -- -- -- --
Affiliated companies 9,620 -- 108 1 169 137
--------------------------------------------------------------------------------------------------
Total other non-current
liabilities 221,546 -- 108 1 169 137
--------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings 39,489 -- -- -- -- --
Current portion of
long-term debt 19,214 -- -- -- -- --
Current portion of
capital leases 201,877 -- -- -- -- --
Accounts payable 145,283 1,403 -- -- 11 307
Property and
general taxes 29,209 2,378 23 -- -- --
Income taxes 5,304 -- -- -- -- --
Accumulated deferred
income taxes 32,625 -- -- -- -- --
Interest 59,133 1,081 -- -- -- --
Dividends payable 82,012 -- -- -- -- --
Payrolls 71,950 -- -- -- -- --
Fermi 2 refueling outage 1,267 -- -- -- -- --
Other 96,500 712 -- -- 3 --
--------------------------------------------------------------------------------------------------
Total current
liabilities 783,863 5,574 23 -- 14 307
--------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 2,912,178 17,517 -- -- -- --
Accumulated deferred
investment tax credits 346,379 -- -- -- -- --
Other 98,389 -- 1 -- -- --
--------------------------------------------------------------------------------------------------
Total deferred credits 3,356,946 17,517 1 -- -- --
--------------------------------------------------------------------------------------------------
TOTAL $11,856,414 $ 60,693 $ 567 $ 10 $ 4,865 $ 6,071
====================================================================================================
<CAPTION>
DE Energy Edison Development Utility Technical DTE Energy
Services, Inc. Corporation Services, Inc. Inter-Company Company
Consolidated Consolidated Consolidated Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 1 $ 10,100 $ 4 $ (10,125) $ 1,448,635
Premium on
common stock 499 -- 996 (11,234) 545,825
Common stock expense -- -- -- -- (47,461)
Retained earnings
(deficit) (327) (57) 1,228 (1,840) 1,379,081
------------------------------------------------------------------------------------
Total common
shareholders'
equity 173 10,043 2,228 (23,199) 3,326,080
Preferred stock -- -- -- -- 380,283
Long-term debt -- -- -- -- 3,825,296
------------------------------------------------------------------------------------
Total capitalization 173 10,043 2,228 (23,199) 7,531,659
------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- -- 126,076
Other postretirement
benefits -- -- -- -- 37,143
Other -- -- -- -- 48,707
Affiliated companies 1,700 87 159 (11,981) --
------------------------------------------------------------------------------------
Total other non-current
liabilities 1,700 87 159 (11,981) 211,926
------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- 39,489
Current portion of
long-term debt -- -- -- -- 19,214
Current portion of
capital leases -- -- -- -- 201,877
Accounts payable -- -- 16 -- 147,020
Property and
general taxes (3) -- 1 -- 31,608
Income taxes -- -- -- -- 5,304
Accumulated deferred
income taxes -- -- -- -- 32,625
Interest -- -- -- -- 60,214
Dividends payable -- -- -- -- 82,012
Payrolls -- -- 8 -- 71,958
Fermi 2 refueling outage -- -- -- -- 1,267
Other -- -- -- -- 97,215
------------------------------------------------------------------------------------
Total current
liabilities (3) -- 25 -- 789,803
------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- -- 456 (915,330) 2,014,821
Accumulated deferred
investment tax credits -- -- -- -- 346,379
Other -- -- -- -- 98,390
------------------------------------------------------------------------------------
Total deferred credits -- -- 456 (915,330) 2,459,590
------------------------------------------------------------------------------------
TOTAL $ 1,870 $ 10,130 $ 2,868 $ (950,510) $10,992,978
======================================================================================
</TABLE>
3
<PAGE> 9
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
The Edison
Midwest Energy Illuminating St. Clair Syndeco
The Detroit Resources Company Energy Realty
Edison Company Company of Detroit Corporation Corporation
<S> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $1,319,685 $ 1 $375 $ -- $435
Net income (loss) 390,269 -- 10 (1) 234
Deduct:
Cash dividends on common stock (300,676) -- -- -- --
Common stock reacquired from
Detroit Edison Savings &
Investment Plans (30,198) -- -- -- --
Other 1 -- -- -- --
------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $1,379,081 $ 1 $385 $ (1) $669
==============================================================================
<CAPTION>
Edison Utility
Biomass Energy DE Energy Development Technical
Systems, Inc. Services, Inc. Corporation Services, Inc. Inter-Company
Consolidated Consolidated Consolidated Consolidated Eliminations
<S> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $ (11) $ -- $ -- $1,006 $(1,806)
Net income (loss) (47) (327) (57) 262 (74)
Deduct:
Cash dividends on common stock -- -- -- (40) 40
Common stock reacquired from
Detroit Edison Savings &
Investment Plans -- -- -- -- --
Other -- -- -- -- --
------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (58) $ (327) $ (57) $1,228 $(1,840)
==============================================================================
<CAPTION>
DTE Energy
Company
Consolidated
<S> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $1,319,685
Net income (loss) 390,269
Deduct:
Cash dividends on common stock (300,676)
Common stock reacquired from
Detroit Edison Savings &
Investment Plans (30,198)
Other 1
------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $1,379,081
==================
</TABLE>
4
<PAGE> 10
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<Caption)
Sonoma Biomass Energy
Biomass Energy Riverview Gas Energy Inter-Company Systems, Inc.
Systems, Inc. Producers, Inc. Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric - System $ -- $ -- $ -- $ -- $ --
Electric - Interconnection -- -- -- -- --
Steam -- -- -- -- --
-------------------------------------------------------------------------------------
Total operating revenues -- -- -- -- --
-------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- -- --
Purchased power -- -- -- -- --
Other operation -- -- -- -- --
Maintenance -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Deferred Fermi 2 depreciation
and amortization -- -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- -- --
Taxes other than income -- -- -- -- --
Income taxes -- -- -- -- --
-------------------------------------------------------------------------------------
Total operating expenses -- -- -- -- --
-------------------------------------------------------------------------------------
OPERATING INCOME -- -- -- -- --
OTHER INCOME AND DEDUCTIONS -------------------------------------------------------------------------------------
Allowance for other funds
used during construction -- -- -- -- --
Other income and (deductions) (296) (378) (157) (13) (844)
Income taxes 101 388 313 -- 802
Accretion income -- -- -- -- --
Income taxes -- -- -- -- --
-------------------------------------------------------------------------------------
Net other income and (195) 10 156 (13) (42)
(deductions) -------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- -- --
Amortization of debt discount,
premium and expense -- -- -- -- --
Other 5 -- 13 13 5
Allowance for borrowed funds
used during construction -- -- -- -- --
-------------------------------------------------------------------------------------
Net interest charges 5 -- 13 13 5
-------------------------------------------------------------------------------------
PREFERRED STOCK DIVIDEND
REQUIREMENTS -- -- -- -- --
-------------------------------------------------------------------------------------
NET INCOME (LOSS) $ (200) $ 10 $ 143 $ -- $ (47)
======================================================================================
</TABLE>
5
<PAGE> 11
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Biomass Sonoma
Energy Riverview Gas Energy
Systems, Inc. Producers, Inc. Systems, Inc.
<S> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ --
Less: Accumulated depreciation and amortization -- -- --
Construction work in progress -- -- --
Property under capital leases - net -- -- --
--------------------------------------------------------
Total owned and leased properties -- -- --
--------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 20 923 457
Investments and special funds 4,737 533 --
Nuclear decommissioning trust funds -- -- --
--------------------------------------------------------
Total other property and investments 4,757 1,456 457
--------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 778 574 250
Customer accounts receivable and unbilled revenues -- -- --
Other accounts receivable 34 20 13
Fuel and materials and supplies inventories -- -- --
Prepayments 27 4 11
--------------------------------------------------------
Total current assets 839 598 274
--------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 426 191 74
--------------------------------------------------------
DEFERRED DEBITS
Unamortized debt expense -- -- --
Unamortized loss on reacquired debt -- -- --
Recoverable income taxes -- -- --
Other postretirement benefits -- -- --
Fermi 2 phase-in plan -- -- --
Fermi 2 deferred amortization -- -- --
Other -- -- --
--------------------------------------------------------
Total deferred debits -- -- --
--------------------------------------------------------
TOTAL $ 6,022 $ 2,245 $ 805
========================================================
<CAPTION>
Biomass Energy
Inter-Company Systems, Inc.
Eliminations Consolidated
<S> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ --
Less: Accumulated depreciation and amortization -- --
Construction work in progress -- --
Property under capital leases - net -- --
--------------------------------
Total owned and leased properties -- --
--------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- 1,400
Investments and special funds (2,650) 2,620
Nuclear decommissioning trust funds -- --
--------------------------------
Total other property and investments (2,650) 4,020
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments -- 1,602
Customer accounts receivable and unbilled revenues -- --
Other accounts receivable -- 67
Fuel and materials and supplies inventories -- --
Prepayments -- 42
--------------------------------
Total current assets -- 1,711
--------------------------------
AFFILIATED COMPANY RECEIVABLES (351) 340
--------------------------------
DEFERRED DEBITS
Unamortized debt expense -- --
Unamortized loss on reacquired debt -- --
Recoverable income taxes -- --
Other postretirement benefits -- --
Fermi 2 phase-in plan -- --
Fermi 2 deferred amortization -- --
Other -- --
--------------------------------
Total deferred debits -- --
--------------------------------
TOTAL $ (3,001) $ 6,071
================================
</TABLE>
6
<PAGE> 12
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Biomass Riverview Sonoma Biomass Energy
Energy Gas Energy Inter-Company Systems, Inc.
Systems, Inc. Producers, Inc. Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 6 $ 2 $ 1 $ (3) $ 6
Premium on common stock 5,679 1,998 649 (2,647) 5,679
Common stock expense -- -- -- -- --
Retained earnings (211) 10 143 -- (58)
------------------------------------------------------------------------
Total common shareholders'
equity 5,474 2,010 793 (2,650) 5,627
Preferred stock -- -- -- -- --
Long-term debt -- -- -- -- --
------------------------------------------------------------------------
Total capitalization 5,474 2,010 793 (2,650) 5,627
------------------------------------------------------------------------
OTHER NON-CURRENT LIABILITIES
Obligations under capital leases -- -- -- -- --
Other postretirement benefits -- -- -- -- --
Other -- -- -- -- --
Affiliated companies 402 43 -- (308) 137
------------------------------------------------------------------------
Total other non-current
liabilities 402 43 -- (308) 137
------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
Current portion of capital leases -- -- -- -- --
Accounts payable 146 192 12 (43) 307
Property and general taxes -- -- -- -- --
Income taxes -- -- -- -- --
Accumulated deferred
income taxes -- -- -- -- --
Interest -- -- -- -- --
Dividends payable -- -- -- -- --
Payrolls -- -- -- -- --
Fermi 2 refueling outage -- -- -- -- --
Other -- -- -- -- --
------------------------------------------------------------------------
Total current liabilities 146 192 12 (43) 307
------------------------------------------------------------------------
DEFERRED CREDITS
Accummulated deferred income taxes -- -- -- -- --
Accummulated deferred investment tax
credits -- -- -- -- --
Other -- -- -- -- --
------------------------------------------------------------------------
Total deferred credits -- -- -- -- --
------------------------------------------------------------------------
TOTAL $6,022 $2,245 $805 $(3,001) $6,071
========================================================================
</TABLE>
7
<PAGE> 13
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Biomass Riverview Gas Sonoma Biomass Energy
Energy Producers, Energy Inter-Company Systems, Inc.
Systems, Inc. Inc. Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $ (11) $ -- $ -- $ -- $ (11)
Net income (loss) (200) 10 143 -- (47)
Deduct:
Cash dividends on common stock -- -- -- -- --
Common stock reacquired from
Detroit Edison Savings &
Investment Plans -- -- -- -- --
Other -- -- -- -- --
----------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (211) $ 10 $ 143 $ -- $ (58)
==================================================================================
</TABLE>
8
<PAGE> 14
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
DE Energy
DE Energy Edison Energy Inter-Company Services, Inc.
SERVICES, INC. Services, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric--System $ -- $ -- $ -- $ --
Electric--Interconnection -- -- -- --
Steam -- -- -- --
--------------------------------------------------------------
Total operating revenues -- -- -- --
--------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- --
Purchased power -- -- -- --
Other operation -- -- -- --
Maintenance -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 depreciation
and amortization -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- --
Taxes other than income -- -- -- --
Income taxes -- -- -- --
--------------------------------------------------------------
Total operating expenses -- -- -- --
--------------------------------------------------------------
OPERATING INCOME -- -- -- --
--------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds used
during construction -- -- -- --
Other income and (deductions) (96) (403) -- (499)
Income taxes 34 138 -- 172
Accretion income -- -- -- --
Income taxes -- -- -- --
--------------------------------------------------------------
Net other income and (deductions) (62) (265) -- (327)
--------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- --
Amortization of debt discount, premium
and expense -- -- -- --
Other -- -- -- --
Allowance for borrowed funds used
during construction -- -- -- --
--------------------------------------------------------------
Net interest charges -- -- -- --
--------------------------------------------------------------
PREFERRED STOCK DIVIDEND REQUIREMENTS -- -- -- --
--------------------------------------------------------------
NET INCOME (LOSS) $ (62) $ (265) $ -- $ (327)
==============================================================
</TABLE>
9
<PAGE> 15
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Inter- DE Energy
DE Energy Energy Company Services, Inc.
Services, Inc. Services, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service -- at cost $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- --
Construction work in progress -- -- -- --
Property under capital leases -- net -- -- -- --
----------------------------------------------------------
Total owned and leased properties -- -- -- --
----------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 107 -- -- 107
Investments and special funds 500 -- (500) --
Nuclear decommissioning trust funds -- -- -- --
----------------------------------------------------------
Total other property and investments 607 -- (500) 107
----------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 5 294 -- 299
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable -- 6 -- 6
Fuel and materials and supplies
inventories -- -- -- --
Prepayments -- -- -- --
----------------------------------------------------------
Total current assets 5 300 -- 305
----------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 187 1,639 (1,650) 176
----------------------------------------------------------
DEFERRED DEBITS
Unamortized debt expense -- -- -- --
Unamortized loss on reacquired debt -- -- -- --
Recoverable income taxes -- -- -- --
Other postretirement benefits -- -- -- --
Fermi 2 phase-in plan -- -- -- --
Fermi 2 deferred amortization -- -- -- --
Other 1,282 -- -- 1,282
----------------------------------------------------------
Total deferred debits 1,282 -- -- 1,282
----------------------------------------------------------
TOTAL $ 2,081 $ 1,939 $(2,150) $ 1,870
==========================================================
</TABLE>
10
<PAGE> 16
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
DE Energy
DE Energy Edison Energy Inter-Company Services, Inc.
Services, Inc. Services, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 1 $ 1 $ (1) $ 1
Premium on
common stock 499 499 (499) 499
Common stock expense -- -- -- --
Retained earnings (62) (265) -- (327)
--------------------------------------------------------------------
Total common
shareholders'
equity 438 235 (500) 173
Preferred stock -- -- -- --
Long-term debt -- -- -- --
--------------------------------------------------------------------
Total capitalization 438 235 (500) 173
--------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- --
Other postretirement
benefits -- -- -- --
Other -- -- -- --
Affiliated companies 1,643 1,707 (1,650) 1,700
--------------------------------------------------------------------
Total other non-current
liabilities 1,643 1,707 (1,650) 1,700
--------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of
long-term debt -- -- -- --
Current portion of
capital leases -- -- -- --
Accounts payable -- -- -- --
Property and
general taxes -- (3) -- (3)
Income taxes -- -- -- --
Accumulated deferred
income taxes -- -- -- --
Interest -- -- -- --
Dividends payable -- -- -- --
Payrolls -- -- -- --
Fermi 2 refueling outage -- -- -- --
Other -- -- -- --
--------------------------------------------------------------------
Total current
liabilities -- (3) -- (3)
--------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- -- -- --
Accumulated deferred
investment tax credits -- -- -- --
Other -- -- -- --
--------------------------------------------------------------------
Total deferred credits -- -- -- --
--------------------------------------------------------------------
TOTAL $ 2,081 $ 1,939 $ (2,150) $ 1,870
====================================================================
</TABLE>
11
<PAGE> 17
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
DE Energy
DE Energy Edison Energy Inter-Company Services, Inc.
Services, Inc. Services, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $ -- $ -- $ -- $ --
Net Income (loss) (62) (265) -- (327)
Deduct:
Cash dividends on common stock -- -- -- --
Common stock reacquired from
Detroit Edison Savings &
Investment Plans -- -- -- --
Other -- -- -- --
---------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (62) $ (265) $ -- $ (327)
===============================================================
</TABLE>
12
<PAGE> 18
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corporation Eliminations Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ --
Electric-Interconnection -- -- -- --
Steam -- -- -- --
--------------------------------------------------------------------
Total operating revenues -- -- -- --
--------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- --
Purchased power -- -- -- --
Other operation -- -- -- --
Maintenance -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 depreciation
and amortization -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- --
Taxes other than income -- -- -- --
Income Taxes -- -- -- --
--------------------------------------------------------------------
Total operating expenses -- -- -- --
--------------------------------------------------------------------
OPERATING INCOME -- -- -- --
--------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds used
during construction -- -- -- --
Other income and (deductions) (41) (46) -- (87)
Income taxes 14 16 -- 30
Accretion income -- -- -- --
Income taxes -- -- -- --
--------------------------------------------------------------------
Net other income and (deductions) (27) (30) -- (57)
--------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- --
Amortization of debt discount, premium
and expense -- -- -- --
Other -- -- -- --
Allowance for borrowed funds used
during construction -- -- -- --
--------------------------------------------------------------------
Net interest charges -- -- -- --
--------------------------------------------------------------------
PREFERRED STOCK DIVIDEND REQUIREMENTS -- -- -- --
--------------------------------------------------------------------
NET INCOME (LOSS) $ (27) $ (30) $ -- $ (57)
====================================================================
</TABLE>
13
<PAGE> 19
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Inter- Development
Development Capital Company Corporation
Corporation Corporation Eliminations Consolidated
<S> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- --
Construction work in progress -- -- -- --
Property under capital leases - net -- -- -- --
--------------------------------------------------------
Total owned and leased properties -- -- -- --
--------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- -- -- --
Investments and special funds 10,000 10,000 (10,000) 10,000
Nuclear decommissioning trust funds -- -- -- --
--------------------------------------------------------
Total other property and investments 10,000 10,000 (10,000) 10,000
--------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 100 -- -- 100
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable -- -- -- --
Fuel and materials and supplies
inventories -- -- -- --
Prepayments -- -- -- --
--------------------------------------------------------
Total current assets 100 -- -- 100
--------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 14 16 -- 30
--------------------------------------------------------
DEFERRED DEBITS
Unamortized debt expense -- -- -- --
Unamortized loss on reacquired debt -- -- -- --
Recoverable income taxes -- -- -- --
Other postretirement benefits -- -- -- --
Fermi 2 phase-in plan -- -- -- --
Fermi 2 deferred amortization -- -- -- --
Other -- -- -- --
--------------------------------------------------------
Total deferred debits -- -- -- --
--------------------------------------------------------
TOTAL $10,114 $10,016 $(10,000) $ 10,130
========================================================
</TABLE>
14
<PAGE> 20
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corporation Eliminations Consolidated
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $10,100 $10,000 $(10,000) $10,100
Premium on common stock -- -- -- --
Common stock expense -- -- -- --
Retained earnings (27) (30) -- (57)
--------------------------------------------------------------------
Total common shareholders' equity 10,073 9,970 (10,000) 10,043
Preferred stock -- -- -- --
Long-term debt -- -- -- --
--------------------------------------------------------------------
Total capitalization 10,073 9,970 (10,000) 10,043
--------------------------------------------------------------------
OTHER NON-CURRENT LIABILITIES
Obligations under capital leases -- -- -- --
Other postretirement benefits -- -- -- --
Other -- -- -- --
Affiliated companies 41 46 -- 87
--------------------------------------------------------------------
Total other non-current
liabilities 41 46 -- 87
--------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of long-term debt -- -- -- --
Current portion of capital leases -- -- -- --
Accounts payable -- -- -- --
Property and general taxes -- -- -- --
Income taxes -- -- -- --
Accumulated deferred income taxes -- -- -- --
Interest -- -- -- --
Dividends payable -- -- -- --
Payrolls -- -- -- --
Fermi 2 refueling outage -- -- -- --
Other -- -- -- --
--------------------------------------------------------------------
Total current liabilities -- -- -- --
--------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes -- -- -- --
Accumulated deferred investment
tax credits -- -- -- --
Other -- -- -- --
--------------------------------------------------------------------
Total deferred credits -- -- -- --
--------------------------------------------------------------------
TOTAL $10,114 $10,016 $(10,000) $10,130
====================================================================
</TABLE>
15
<PAGE> 21
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION> Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corporation Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $ -- $ -- $ -- $ --
Net income (loss) (27) (30) -- (57)
Deduct:
Cash dividends on common stock -- -- -- --
Common stock reacquired from
Detroit Edison Savings &
Investment Plans -- -- -- --
Other -- -- -- --
-------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (27) $ (30) $ -- $ (57)
==============================================================
</TABLE>
16
<PAGE> 22
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<Caption)
Utility Technical
Utility Technical UTS Inter-Company Services, Inc.
Services, Inc. Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric - System $ -- $ -- $ -- $ --
Electric - Interconnection -- -- -- --
Steam -- -- -- --
----------------------------------------------------------------------------------------
Total operating revenues -- -- -- --
----------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- --
Purchased power -- -- -- --
Other operation -- -- -- --
Maintenance -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 depreciation
and amortization -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- --
Taxes other than income -- -- -- --
Income taxes -- -- -- --
----------------------------------------------------------------------------------------
Total operating expenses -- -- -- --
----------------------------------------------------------------------------------------
OPERATING INCOME -- -- -- --
----------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds
used during construction -- -- -- --
Other income and (deductions) 403 -- -- 403
Income taxes (141) -- -- (141)
Accretion income -- -- -- --
Income taxes -- -- -- --
----------------------------------------------------------------------------------------
Net other income and
(deductions) 262 -- -- 262
----------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- --
Amortization of debt discount,
premium and expense -- -- -- --
Other -- -- -- --
Allowance for borrowed funds
used during construction -- -- -- --
----------------------------------------------------------------------------------------
Net interest charges -- -- -- --
----------------------------------------------------------------------------------------
PREFERRED STOCK DIVIDEND
REQUIREMENTS -- -- -- --
----------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 262 $ -- $ -- $ 262
========================================================================================
</TABLE>
17
<PAGE> 23
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION> Utility
Utility UTS Technical
Technical Systems, Inter-Company Services, Inc.
Services, Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- --
Construction work in progress -- -- -- --
Property under capital leases - net -- -- -- --
---------------------------------------------------------
Total owned and leased properties -- -- -- --
---------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- -- -- --
Investments and special funds 1,661 -- -- 1,661
Nuclear decommissioning trust funds -- -- -- --
---------------------------------------------------------
Total other property and investments 1,661 -- -- 1,661
---------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1,065 -- -- 1,065
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable 139 -- -- 139
Fuel and materials and supplies
inventories -- -- -- --
Prepayments -- -- -- --
---------------------------------------------------------
Total current assets 1,204 -- -- 1,204
---------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 3 50 (50) 3
---------------------------------------------------------
DEFERRED DEBITS
Unamortized debt expense -- -- -- --
Unamortized loss on reacquired debt -- -- -- --
Recoverable income taxes -- -- -- --
Other postretirement benefits -- -- -- --
Fermi 2 phase-in plan -- -- -- --
Fermi 2 deferred amortization -- -- -- --
Other -- -- -- --
---------------------------------------------------------
Total deferred debits -- -- -- --
---------------------------------------------------------
TOTAL $ 2,868 $ 50 $ (50) $ 2,868
=========================================================
</TABLE>
18
<PAGE> 24
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION>
Utility Technical
Utility Technical UTS Inter-Company Services, Inc.
Services, Inc. Systems, Inc. Eliminations Consolidated
-------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 4 $ -- $ -- $ 4
Premium on
common stock 996 50 (50) 996
Common stock expense -- -- -- --
Retained earnings 1,228 -- -- 1,228
---------------------------------------------------------------------------
Total common
shareholders'
equity 2,228 50 (50) 2,228
Preferred stock -- -- -- --
Long-term debt -- -- -- --
---------------------------------------------------------------------------
Total
capitalization 2,228 50 (50) 2,228
---------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- --
Other postretirement
benefits -- -- -- --
Other -- -- -- --
Affiliated companies 159 -- -- 159
---------------------------------------------------------------------------
Total other
non-current
liabilities 159 -- -- 159
---------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of
long-term debt -- -- -- --
Current portion of
capital leases -- -- -- --
Accounts payable 16 -- -- 16
Property and
general taxes 1 -- -- 1
Income taxes -- -- -- --
Accumulated deferred
income taxes -- -- -- --
Interest -- -- -- --
Dividends payable -- -- -- --
Payrolls 8 -- -- 8
Fermi 2 refueling outage -- -- -- --
Other -- -- -- --
---------------------------------------------------------------------------
Total current
liabilities 25 -- -- 25
---------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 456 -- -- 456
Accumulated deferred
investment
tax credits -- -- -- --
Other -- -- -- --
---------------------------------------------------------------------------
Total deferred
credits 456 -- -- 456
---------------------------------------------------------------------------
TOTAL $ 2,868 $ 50 $ (50) $ 2,868
===========================================================================
</TABLE>
19
<PAGE> 25
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1994
Thousands of Dollars
<TABLE>
<CAPTION> Utility
Technical UTS Utility Technical
Services, Systems, Inter-Company Services, Inc.
Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1993 $ 1,006 $ -- $ -- $ 1,006
Net income (loss) 262 -- -- 262
Deduct:
Cash dividends on common stock (40) -- -- (40)
Common stock reacquired from
Detroit Edison Savings &
Investment Plans -- -- -- --
Other -- -- -- --
-----------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ 1,228 $ -- $ -- $ 1,228
===========================================================
</TABLE>
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DTE ENERGY COMPANY
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
Entities for which financial statements are not presented.
The following affiliates of the claimant have had no financial activity during
the calendar year 1994. Accordingly, financial information for these companies
is not provided.
DEFO, Inc.
Sumpter Gas Producers, Inc.
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EXHIBIT B
Financial Data Schedule
This schedule contains summary financial information extracted from DTE Energy
Company's consolidated balance sheet and statement of income as of December 31,
1994 contained herein and is qualified in its entirety by reference to such
financial statements.
Multiplier 1,000
Period Type Year
Fiscal Year End December 31, 1994
Period End December 31, 1994
Total Assets $10,992,978
Total Operating Revenues $ 3,519,341
Net Income $ 390,269
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign utility
company to associate companies in the holding company system.
Not Applicable
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