|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: LPT VARIABLE INSURANCE SERIES TRUST, 497, 1996-02-29 |
Next: QUEST FOR VAL UNIT INVEST LAD TR SER QUILTS INC US TRE SER 8, 24F-2NT, 1996-02-29 |
<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 ("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.
RES Power, Inc. (formerly Utility Technical Services, Inc.)
("RES") is a Michigan corporation established on 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.
PCI Enterprises, Inc. ("PCI") is a Michigan corporation
established on August 1, 1995, with offices at 425 S. Main, Ann Arbor, Michigan
48104. PCI is a wholly owned subsidiary of EES and it plans to operate
a pulverized coal facility.
DTE Capital Corporation ("DTE Capital") is a Michigan
corporation established on September 6, 1995. This corporation became a wholly
owned subsidiary of Claimant on January 1, 1996. DTE Capital has offices
at 2000 Second Avenue, Detroit, Michigan 48226-1279, and it provides financial
services for the non-utility affiliates of Claimant.
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. ("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 10.3%
Greenwood St. Clair 785 7.8
Harbor Beach Huron 103 1.0
Marysville St. Clair 167 1.7
Monroe Monroe 3,000 30.0
River Rouge Wayne 500 5.0
St. Clair St. Clair 1,379 13.8
Trenton Channel Wayne 725 7.2
------ ------
7,685 76.8%
Oil or Gas-fueled Peaking
Units Various 525 5.2
Nuclear-fueled Steam-
Electric-Fermi 2 (4) Monroe 876 8.8
Hydroelectric Pumped Storage
Ludington (5) Mason 917 9.2
------ ------
10,003 100.0%
====== ======
</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) Fermi 2 has a design electrical rating (net) of 1,139 MW. However,
due to certain equipment limitations, the plant is operating at a reduced
capacity.
(5) 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 579 distribution substations with a
capacity of 16,932,700 kilovolt amperes and 400,899 line transformers with a
capacity of 23,280,644 kilovolt amperes. Electric transmission and
distribution lines owned and in service as of December 31, 1995 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 -- -- 63 274
24 KV 105 105 257 1,043
40 KV 2,752 2,752 91 331
120 KV 1,148 1,663 -- 179
140 KV 31 31 -- --
230 KV 77 87 -- --
345 KV 525 954 -- 7
------ ----- ----- ------
4,638 5,592 411 1,834
=====
Distribution-
4.8 KV and 13.2 KV 31,566 437 10,515
------ ----- ------
Grand Total 36,204 848 12,349
====== ===== ======
</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 - 48,941,703,000 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 - 104,871,000 Kwh. delivered under interchange
power agreements for the year ended December
31, 1995.
(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 - 4,536,951,000 Kwh. purchased under
interchange power agreements for the year
ended December 31, 1995.
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 1995, 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 29th day of February, 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, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
The
The Midwest Edison DE Energy
DTE Detroit Energy Illuminating St. Clair Syndeco DTE Services,
Energy Edison Resources Company Energy Realty Capital Inc.
Company Company Company of Detroit Corporation Corporation Corporation Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $3,551,999 $8,471 $ -- $ -- $ -- $ -- $ --
Electric-Interconnection -- 50,979 -- -- -- -- -- --
Steam -- 24,095 -- -- -- -- -- --
----------------------------------------------------------------------------------------------
Total operating revenues -- 3,627,073 8,471 -- -- -- -- --
----------------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- 715,967 -- -- -- -- -- --
Purchased power -- 133,557 -- -- -- -- -- --
Other operation -- 632,255 3,042 -- -- -- -- --
Maintenance -- 240,115 -- -- -- -- -- --
Steam plant impairment loss -- 42,029 -- -- -- -- -- --
Depreciation and amortization -- 499,061 1,550 -- -- -- -- --
Deferred Fermi 2 amortization -- (5,972) -- -- -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- 92,990 -- -- -- -- -- --
Taxes other than income -- 250,494 1,447 -- -- -- -- --
Income Taxes -- 289,890 (203) -- -- -- -- --
----------------------------------------------------------------------------------------------
Total operating expenses -- 2,890,386 5,836 -- -- -- -- --
----------------------------------------------------------------------------------------------
OPERATING INCOME -- 736,687 2,635 -- -- -- -- --
----------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds used
during construction -- 1,408 -- -- -- -- -- --
Other income and (deductions) -
net (3,150) (27,967) 20 (6) -- 220 101 (2,789)
Income taxes 48 7,490 -- 2 -- (77) (35) 2,359
Accretion income -- 11,041 -- -- -- -- -- --
Income taxes -- (3,355) -- -- -- -- -- --
----------------------------------------------------------------------------------------------
Net other income and
(deductions) (3,102) (11,383) 20 (4) -- 143 66 (430)
----------------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- 273,005 2,594 -- -- -- -- --
Amortization of debt discount,
premium and expense -- 11,251 61 -- -- -- -- --
Other -- 9,666 -- -- -- -- -- --
Allowance for borrowed funds
used during construction -- (2,269) -- -- -- -- -- --
----------------------------------------------------------------------------------------------
Net interest charges -- 291,653 2,655 -- -- -- -- --
----------------------------------------------------------------------------------------------
PREFERRED STOCK DIVIDENDS OF
SUBSIDIARY -- 27,737 -- -- -- -- -- --
----------------------------------------------------------------------------------------------
NET INCOME (LOSS) $(3,102) $ 405,914 $ -- $ (4) $ -- $ 143 $ 66 $(430)
==============================================================================================
</TABLE>
<TABLE>
<CAPTION> Edison
Development Inter- DTE Energy
Corporation UTS Company Company
Consolidated Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ 3,560,470
Electric-Interconnection -- -- -- 50,979
Steam -- -- -- 24,095
-----------------------------------------------------------------
Total operating revenues -- -- -- 3,635,544
-----------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- 715,967
Purchased power -- -- -- 133,557
Other operation -- -- -- 635,297
Maintenance -- -- -- 240,115
Steam plant impairment loss -- -- -- 42,029
Depreciation and amortization -- -- -- 500,611
Deferred Fermi 2 amortization -- -- -- (5,972)
Amortization of deferred Fermi 2
depreciation and return -- -- -- 92,990
Taxes other than income -- -- -- 251,941
Income Taxes -- -- -- 289,687
-----------------------------------------------------------------
Total operating expenses -- -- -- 2,896,222
-----------------------------------------------------------------
OPERATING INCOME -- -- -- 739,322
-----------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for other funds used
during construction -- -- -- 1,408
Other income and (deductions) -
net (178) 172 3,331 (30,246)
Income taxes 62 (60) -- 9,789
Accretion income -- -- -- 11,041
Income taxes -- -- -- (3,355)
-----------------------------------------------------------------
Net other income and (deductions) (116) 112 3,331 (11,363)
-----------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- 275,599
Amortization of debt discount, premium
and expense -- -- -- 11,312
Other -- -- -- 9,666
Allowance for borrowed funds used
during construction -- -- -- (2,269)
-----------------------------------------------------------------
Net interest charges -- -- -- 294,308
-----------------------------------------------------------------
PREFERRED STOCK DIVIDENDS
OF SUBSIDIARY -- -- -- 27,737
-----------------------------------------------------------------
NET INCOME (LOSS) $(116) $ 112 $3,331 $ 405,914
=================================================================
Common Shares Outstanding - Average
(Thousands) 144,939,875
Earnings Per Share of Common Stock $ 2.80
</TABLE>
1
<PAGE> 7
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
The Midwest The Edison
DTE Detroit Energy Illuminating St. Clair Syndeco DTE
Energy Edison Resources Company Energy Realty Captial
Company Company Company of Detroit Corporation Corporation Corporation
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $13,246,998 $ 56,994 $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- (4,904,403) (23,913) -- -- -- --
Construction work in progress 142,726 -- -- -- -- --
Property under capital leases - net -- 282,669 -- -- -- -- --
------------------------------------------------------------------------------------------
Total owned and leased properties -- 8,767,990 33,081 -- -- -- --
------------------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- 7,509 -- 214 -- 3,154 --
Investments and special funds -- 97,333 2,940 10 -- 27 --
Nuclear decommissioning trust funds -- 119,843 -- -- -- -- --
------------------------------------------------------------------------------------------
Total other property and investments -- 224,685 2,940 224 -- 3,181 --
------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1 8,091 347 -- -- 419 50,000
Customer accounts receivable and
unbilled revenues -- 413,997 406 -- -- -- --
Other accounts receivable -- 36,144 -- 1 -- 1,075 --
Fuel and materials and supplies
inventories -- 302,999 2,579 -- -- -- --
Prepayments -- 12,570 221 -- -- 52 --
------------------------------------------------------------------------------------------
Total current assets 1 773,801 3,553 1 -- 1,546 50,000
------------------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES -- 3,752 10,664 430 10 48 --
------------------------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- 2,111,387 8,164 -- -- -- --
Prepaid pensions -- 81,865 -- -- -- -- --
Unamortized debt expense -- 40,038 898 -- -- -- --
Other -- 41,578 136 -- -- 387 150
------------------------------------------------------------------------------------------
Total deferred debits -- 2,274,868 9,198 -- -- 387 150
------------------------------------------------------------------------------------------
TOTAL $ 1 $12,045,096 $ 59,436 $ 655 $ 10 $ 5,162 $ 50,150
==========================================================================================
<CAPTION>
Edison
DE Energy Development Inter- DTE Energy
Services, Inc. Corporation UTS Company Company
Consolidated Consolidated Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ -- $ 13,303,992
Less: Accumulated depreciation
and amortization -- -- -- -- (4,928,316)
Construction work in progress -- -- -- -- 142,726
Property under capital leases - net -- -- -- -- 282,669
-------------------------------------------------------------------------
Total owned and leased properties -- -- -- -- 8,801,071
-------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 10,699 -- -- -- 21,576
Investments and special funds 2,416 10,000 -- (83,668) 29,058
Nuclear decommissioning trust funds -- -- -- -- 119,843
-------------------------------------------------------------------------
Total other property and investments 13,115 10,000 -- (83,668) 170,477
--------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 4,753 166 1,171 -- 64,948
Customer accounts receivable and
unbilled revenues -- -- -- -- 414,403
Other accounts receivable 209 -- 235 -- 37,664
Fuel and materials and supplies
inventories -- -- -- -- 305,578
Prepayments 67 -- -- -- 12,910
-------------------------------------------------------------------------
Total current assets 5,029 166 1,406 -- 835,503
-------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 462 2 50 (15,418) --
-------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- (964,069) 1,155,482
Prepaid pensions -- -- -- -- 81,865
Unamortized debt expense -- -- -- -- 40,936
Other 3,006 -- -- -- 45,257
-------------------------------------------------------------------------
Total deferred debits 3,006 -- -- (964,069) 1,323,540
-------------------------------------------------------------------------
TOTAL $ 21,612 $10,168 $ 1,456 $(1,063,155) $ 11,130,591
=========================================================================
</TABLE>
2
<PAGE> 8
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
The Midwest The Edison
DTE Detroit Energy Illuminating St. Clair Syndeco DTE
Energy Edison Resources Company Energy Realty Capital
Company Company Company of Detroit Corporation Corporation Corporation
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ -- $ 1,951,437 $ 1 $ 50 $ 10 $ 4,013 $ 50,000
Retained earnings
(deficit) (3,102) 1,484,871 1 381 (1) 812 66
----------------------------------------------------------------------------------------------------
Total common
shareholders'
equity (3,102) 3,436,308 2 431 9 4,825 50,066
Preferred stock
of subsidiary -- 326,604 -- -- -- -- --
Long-term debt -- 3,718,494 37,600 -- -- -- --
-----------------------------------------------------------------------------------------------------
Total capitalization (3,102) 7,481,406 37,602 431 9 4,825 50,066
----------------------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- 128,362 -- -- -- -- --
Other postretirement
benefits -- 24,381 -- -- -- -- --
Other -- 58,424 -- -- -- -- --
Affiliated companies 3,103 11,560 -- 200 1 218 84
----------------------------------------------------------------------------------------------------
Total other non-current
liabilities 3,103 222,727 -- 200 1 218 84
-----------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- 36,990 -- -- -- -- --
Current portion of
long-term debt -- 119,214 -- -- -- -- --
Current portion of
capital leases -- 154,307 -- -- -- -- --
Accounts payable -- 163,494 666 -- -- 15 --
Property and
general taxes -- 32,519 1,870 23 -- -- --
Accumulated deferred
income taxes -- 51,697 -- -- -- -- --
Interest payable -- 61,047 1,081 -- -- -- --
Dividends payable -- 81,102 -- -- -- -- --
Payrolls -- 72,116 -- -- -- -- --
Fermi 2 refueling outage -- 14,342 -- -- -- -- --
Other -- 129,977 708 -- -- 4 --
-----------------------------------------------------------------------------------------------------
Total current
liabilities -- 916,805 4,325 23 -- 19 --
-----------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- 2,998,913 17,509 -- -- -- --
Accumulated deferred
investment tax credits -- 330,085 -- -- -- -- --
Other -- 95,160 -- 1 -- 100 --
------------------------------------------------------------------------------------------------------
Total deferred credits -- 3,424,158 17,509 1 -- 100 --
------------------------------------------------------------------------------------------------------
TOTAL $ 1 $12,045,096 $ 59,436 $ 655 $ 10 $ 5,162 $ 50,150
========================================================================================================
<CAPTION>
DE Energy Edison Development DTE Energy
Services, Inc. Corporation UTS Inter-Company Company
Consolidated Consolidated Systems, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 20,685 $ 10,350 $ 50 $ (85,159) $ 1,951,437
Retained earnings
(deficit) (729) (173) 1,254 1,491 1,484,871
------------------------------------------------------------------------------------
Total common
shareholders'
equity 19,956 10,177 1,304 (83,668) 3,436,308
Preferred stock
of subsidiary -- -- -- -- 326,604
Long-term debt -- -- -- -- 3,756,094
------------------------------------------------------------------------------------
Total capitalization 19,956 10,177 1,304 (83,668) 7,519,006
------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- -- 128,362
Other postretirement
benefits -- -- -- -- 24,381
Other -- -- -- -- 58,424
Affiliated companies 134 (9) 127 (15,418) --
------------------------------------------------------------------------------------
Total other non-current
liabilities 134 (9) 127 (15,418) 211,167
------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- 36,990
Current portion of
long-term debt -- -- -- -- 119,214
Current portion of
capital leases -- -- -- -- 154,307
Accounts payable 948 -- 25 -- 165,148
Property and
general taxes 4 -- -- -- 34,416
Accumulated deferred
income taxes -- -- -- -- 51,697
Interest payable -- -- -- -- 62,128
Dividends payable -- -- -- -- 81,102
Payrolls 48 -- -- -- 72,164
Fermi 2 refueling outage -- -- -- -- 14,342
Other -- -- -- -- 130,689
------------------------------------------------------------------------------------
Total current
liabilities 1,000 -- 25 -- 922,197
------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 522 -- -- (964,069) 2,052,875
Accumulated deferred
investment tax credits -- -- -- -- 330,085
Other -- -- -- -- 95,261
------------------------------------------------------------------------------------
Total deferred credits 522 -- -- (964,069) 2,478,221
------------------------------------------------------------------------------------
TOTAL $ 21,612 $ 10,168 $ 1,456 $(1,063,155) $11,130,591
======================================================================================
</TABLE>
3
<PAGE> 9
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
The Edison
Midwest Energy Illuminating St. Clair Syndeco
DTE Energy The Detroit Resources Company Energy Realty
Company Edison Company Company of Detroit Corporation Corporation
<S> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ -- $1,379,081 $ 1 $385 $ (1) $669
Net income (loss) (3,102) 405,914 -- (4) -- 143
Deduct:
Cash dividends on common stock -- (298,635) -- -- -- --
Expense associated with
preferred stock redeemed -- (1,645) -- -- -- --
Other -- 156 -- -- -- --
---------------------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (3,102) $1,484,871 $ 1 $381 $ (1) $812
=============================================================================================
<CAPTION>
Edison
DE Energy Development
DTE Capital Services, Inc. Corporation UTS
Corporation Consolidated Consolidated Systems, Inc.
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ -- $ (299) $ (57) $ 1,142
Net income (loss) 66 (430) (116) 112
Deduct:
Cash dividends on common stock -- -- -- --
Expense associated with
preferred stock redeemed -- -- -- --
Other -- -- -- --
---------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ 66 $ (729) $ (173) $ 1,254
===============================================================
<CAPTION>
DTE Energy
Inter-Company Company
Eliminations Consolidated
<S> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $(1,840) $1,379,081
Net income (loss) 3,331 405,914
Deduct:
Cash dividends on common stock -- (298,635)
Expense associated with
preferred stock redeemed -- (1,645)
Other -- 156
------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ 1,491 $1,484,871
======================================
</TABLE>
4
<PAGE> 10
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy Biomass Energy DE Energy
DE Energy Services, Inc. Systems, Inc. Inter-Company Services, Inc.
Services, Inc. Consolidated Consolidated 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 -- -- -- -- --
Steam plant impairment loss -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Deferred Fermi 2 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) - net (301) (2,161) (327) -- (2,789)
Income taxes 95 749 1,515 -- 2,359
Accretion income -- -- -- -- --
Income taxes -- -- -- -- --
-------------------------------------------------------------------------------------
Net other income and
(deductions) (206) (1,412) 1,188 -- (430)
-------------------------------------------------------------------------------------
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 DIVIDENDS
OF SUBSIDIARY -- -- -- -- --
-------------------------------------------------------------------------------------
NET INCOME (LOSS) $ (206) $(1,412) $1,188 $ -- $ (430)
======================================================================================
</TABLE>
5
<PAGE> 11
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy Biomass Energy
DE Energy Services, Inc. Systems, Inc.
Services, Inc. Consolidated Consolidated
<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 251 7,123 3,325
Investments and special funds 19,082 -- 2,416
Nuclear decommissioning trust funds -- -- --
--------------------------------------------------------------
Total other property and investments 19,333 7,123 5,741
--------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 83 1,945 2,725
Customer accounts receivable and unbilled revenues -- -- --
Other accounts receivable -- 32 177
Fuel and materials and supplies inventories -- -- --
Prepayments -- -- 67
--------------------------------------------------------------
Total current assets 83 1,977 2,969
--------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 462 163 268
--------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- --
Prepaid pensions -- -- --
Unamortized debt expense -- -- --
Other 1,013 -- 1,993
--------------------------------------------------------------
Total deferred debits 1,013 -- 1,993
--------------------------------------------------------------
TOTAL $ 20,891 $ 9,263 $ 10,971
==============================================================
<CAPTION>
DE Energy
Inter-Company Services, 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 -- 10,699
Investments and special funds (19,082) 2,416
Nuclear decommissioning trust funds -- --
------------------------------------
Total other property and investments (19,082) 13,115
------------------------------------
CURRENT ASSETS
Cash and temporary cash investments -- 4,753
Customer accounts receivable and unbilled revenues -- --
Other accounts receivable -- 209
Fuel and materials and supplies inventories -- --
Prepayments -- 67
------------------------------------
Total current assets -- 5,029
------------------------------------
AFFILIATED COMPANY RECEIVABLES (431) 462
------------------------------------
DEFERRED DEBITS
Regulatory assets -- --
Prepaid pensions -- --
Unamortized debt expense -- --
Other -- 3,006
------------------------------------
Total deferred debits -- 3,006
------------------------------------
TOTAL $(19,513) $ 21,612
====================================
</TABLE>
6
<PAGE> 12
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy Biomass Energy DE Energy
DE Energy Services, Inc. Systems, Inc. Inter-Company Services, Inc.
Services, Inc. Consolidated Consolidated Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $20,685 $ 9,800 $ 9,185 $(18,985) $20,685
Retained earnings (deficit) (244) (1,677) 1,192 -- (729)
-----------------------------------------------------------------------------
Total common shareholders'
equity 20,441 8,123 10,377 (18,985) 19,956
Preferred stock of subsidiary -- -- -- -- --
Long-term debt -- -- -- -- --
-----------------------------------------------------------------------------
Total capitalization 20,441 8,123 10,377 (18,985) 19,956
-----------------------------------------------------------------------------
OTHER NON-CURRENT LIABILITIES
Obligations under capital leases -- -- -- -- --
Other postretirement benefits -- -- -- -- --
Other -- -- -- -- --
Affiliated companies 431 187 44 (528) 134
-----------------------------------------------------------------------------
Total other non-current
liabilities 431 187 44 (528) 134
-----------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
Current portion of capital leases -- -- -- -- --
Accounts payable 2 933 13 -- 948
Property and general taxes 1 -- 3 -- 4
Accumulated deferred
income taxes -- -- -- -- --
Interest payable -- -- -- -- --
Dividends payable -- -- -- -- --
Payrolls -- 20 28 -- 48
Fermi 2 refueling outage -- -- -- -- --
Other -- -- -- -- --
-----------------------------------------------------------------------------
Total current liabilities 3 953 44 -- 1,000
-----------------------------------------------------------------------------
DEFERRED CREDITS
Accummulated deferred income taxes 16 -- 506 -- 522
Accummulated deferred investment tax
credits -- -- -- -- --
Other -- -- -- -- --
-----------------------------------------------------------------------------
Total deferred credits 16 -- 506 -- 522
-----------------------------------------------------------------------------
TOTAL $20,891 $9,263 $10,971 $(19,513) $21,612
=============================================================================
</TABLE>
7
<PAGE> 13
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION> DE Edison Biomass DE
Energy Energy Energy Inter- Energy
Services, Services, Inc. Systems, Inc. Company Services, Inc.
Inc. Consolidated Consolidated Eliminations Consolidated
<S> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (62) $ (265) $ 28 $ -- $ (299)
Net income (loss) (206) (1,412) 1,188 -- (430)
Deduct:
Cash dividends on common stock -- -- -- -- --
Expense associated with
preferred stock redeemed -- -- -- -- --
Other 24 -- (24) -- --
----------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (244) $(1,677) $ 1,192 $ -- $ (729)
==================================================================================
</TABLE>
8
<PAGE> 14
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy
Edison Energy PCI Inter-Company Services, Inc.
Services, Inc. Enterprises, 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 -- -- -- --
Steam plant impairment loss -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 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) - net (2,161) -- -- (2,161)
Income taxes 749 -- -- 749
Accretion income -- -- -- --
Income taxes -- -- -- --
--------------------------------------------------------------
Net other income and (deductions) (1,412) -- -- (1,412)
--------------------------------------------------------------
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 DIVIDENDS
OF SUBSIDIARY -- -- -- --
--------------------------------------------------------------
NET INCOME (LOSS) $(1,412) $ -- $ -- $(1,412)
==============================================================
</TABLE>
9
<PAGE> 15
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION> Edison
Edison PCI Inter- Energy
Energy Enterprises, 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 7,123 -- -- 7,123
Investments and special funds 1 -- (1) --
Nuclear decommissioning trust funds -- -- -- --
----------------------------------------------------------
Total other property and investments 7,124 -- (1) 7,123
----------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1,944 1 -- 1,945
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable 31 -- 1 32
Fuel and materials and supplies
inventories -- -- -- --
Prepayments -- -- -- --
----------------------------------------------------------
Total current assets 1,975 1 1 1,977
----------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 163 -- -- 163
----------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- --
Prepaid pensions -- -- -- --
Unamortized debt expense -- -- -- --
Other -- -- -- --
----------------------------------------------------------
Total deferred debits -- -- -- --
----------------------------------------------------------
TOTAL $ 9,262 $ 1 $ -- $ 9,263
==========================================================
</TABLE>
10
<PAGE> 16
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy
Edison Energy PCI Inter-Company Services, Inc.
Services, Inc. Enterprises, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 9,800 $ 1 $ (1) $ 9,800
Retained earnings
(deficit) (1,677) -- -- (1,677)
--------------------------------------------------------------------
Total common
shareholders'
equity 8,123 1 (1) 8,123
Preferred stock
of subsidiary -- -- -- --
Long-term debt -- -- -- --
--------------------------------------------------------------------
Total capitalization 8,123 1 (1) 8,123
--------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- --
Other postretirement
benefits -- -- -- --
Other -- -- -- --
Affiliated companies 186 -- 1 187
--------------------------------------------------------------------
Total other non-current
liabilities 186 -- 1 187
--------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of
long-term debt -- -- -- --
Current portion of
capital leases -- -- -- --
Accounts payable 933 -- -- 933
Property and
general taxes -- -- -- --
Accumulated deferred
income taxes -- -- -- --
Interest payable -- -- -- --
Dividends payable -- -- -- --
Payrolls 20 -- -- 20
Fermi 2 refueling outage -- -- -- --
Other -- -- -- --
--------------------------------------------------------------------
Total current
liabilities 953 -- -- 953
--------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- -- -- --
Accumulated deferred
investment tax credits -- -- -- --
Other -- -- -- --
--------------------------------------------------------------------
Total deferred credits -- -- -- --
--------------------------------------------------------------------
TOTAL $ 9,262 $ 1 $ -- $ 9,263
====================================================================
</TABLE>
11
<PAGE> 17
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy
Edison Energy PCI Inter-Company Services, Inc.
Services, Inc. Enterprises, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (265) $ -- $ -- $ (265)
Net Income (loss) (1,412) -- -- (1,412)
Deduct:
Cash dividends on common stock -- -- -- --
Expense associated with
preferred stock redeemed -- -- -- --
Other -- -- -- --
---------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $(1,677) $ -- $ -- $(1,677)
===============================================================
</TABLE>
12
<PAGE> 18
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
RES Biomass Energy
Biomass Energy Riverview Gas Sonoma Energy Power, Inter-Company Systems, Inc.
Systems, Inc. Producers, Inc. Systems, Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ -- $ -- $ --
Electric-Interconnection -- -- -- -- -- --
Steam -- -- -- -- -- --
---------------------------------------------------------------------------------------
Total operating revenues -- -- -- -- -- --
---------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- -- -- --
Purchased power -- -- -- -- -- --
Other operation -- -- -- -- -- --
Maintenance -- -- -- -- -- --
Steam plant impairment loss -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Deferred Fermi 2 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) - net 347 (133) (372) 631 (800) (327)
Income taxes 258 745 732 (220) -- 1,515
Accretion income -- -- -- -- -- --
Income taxes -- -- -- -- -- --
---------------------------------------------------------------------------------------
Net other income and (deductions) 605 612 360 411 (800) 1,188
---------------------------------------------------------------------------------------
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 DIVIDENDS
OF SUBSIDIARY -- -- -- -- -- --
---------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 605 $ 612 $ 360 $ 411 $ (800) $ 1,188
=======================================================================================
</TABLE>
13
<PAGE> 19
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
RES Biomass Energy
Biomass Energy Riverview Gas Sonoma Energy Power, Inter-Company Systems, Inc.
Systems, Inc. Producers, Inc. Systems, Inc. Inc. Eliminations Consolidated
<S> <C> <C> <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 911 1,681 733 -- -- 3,325
Investments and special funds 4,811 -- -- 1,892 (4,287) 2,416
Nuclear decommissioning trust funds -- -- -- -- -- --
------------------------------------------------------------------------------------------
Total other property and investments 5,722 1,681 733 1,892 (4,287) 5,741
------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 2,331 198 196 -- -- 2,725
Customer accounts receivable and
unbilled revenues -- -- -- -- -- --
Other accounts receivable 103 46 27 -- 1 177
Fuel and materials and supplies
inventories -- -- -- -- -- --
Prepayments 30 9 28 -- -- 67
------------------------------------------------------------------------------------------
Total current assets 2,464 253 251 -- 1 2,969
------------------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 268 439 196 98 (733) 268
------------------------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- -- -- --
Prepaid pensions -- -- -- -- -- --
Unamortized debt expense -- -- -- -- -- --
Other 1,993 -- -- -- -- 1,993
------------------------------------------------------------------------------------------
Total deferred debits 1,993 -- -- -- -- 1,993
------------------------------------------------------------------------------------------
TOTAL $10,447 $ 2,373 $ 1,180 $ 1,990 $ (5,019) $10,971
==========================================================================================
</TABLE>
14
<PAGE> 20
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Biomass
Biomass Riverview Sonoma Energy
Energy Gas Energy RES Inter- Systems
Systems Producers Systems Power Company Inc.
Inc. Inc. Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 9,185 $2,000 $1,050 $1,000 $(4,050) $ 9,185
Retained earnings (deficit) 370 222 103 497 -- 1,192
---------------------------------------------------------------------------
Total common shareholders' equity 9,555 2,222 1,153 1,497 (4,050) 10,377
Preferred stock of subsidiary -- -- -- -- -- --
Long-term debt -- -- -- -- -- --
---------------------------------------------------------------------------
Total capitalization 9,555 2,222 1,153 1,497 (4,050) 10,377
---------------------------------------------------------------------------
OTHER NON-CURRENT LIABILITIES
Obligations under capital leases -- -- -- -- -- --
Other postretirement benefits -- -- -- -- -- --
Other -- -- -- -- -- --
Affiliated companies 778 45 1 190 (970) 44
---------------------------------------------------------------------------
Total other non-current
liabilities 778 45 1 190 (970) 44
---------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
Current portion of capital leases -- -- -- -- -- --
Accounts payable -- -- 13 -- -- 13
Property and general taxes 3 -- -- -- -- 3
Accumulated deferred income taxes -- -- -- -- -- --
Interest payable -- -- -- -- -- --
Dividends payable -- -- -- -- -- --
Payrolls 28 -- -- -- -- 28
Fermi 2 refueling outage -- -- -- -- -- --
Other -- -- -- -- -- --
---------------------------------------------------------------------------
Total current liabilities 31 -- 13 -- -- 44
---------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 83 106 13 303 1 506
Accumulated deferred investment
tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
---------------------------------------------------------------------------
Total deferred credits 83 106 13 303 1 506
---------------------------------------------------------------------------
TOTAL $10,447 $2,373 $1,180 $1,990 $(5,019) $10,971
==========================================================================
</TABLE>
15
<PAGE> 21
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Biomass
Biomass Riverview Sonoma Energy
Energy Gas Energy RES Inter- Systems
Systems Producers Systems Power Company Inc.
Inc. Inc. Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (211) $ 10 $ 143 $ 86 $ -- $ 28
Net income (loss) 605 612 360 411 (800) 1,188
Deduct:
Cash dividends on common stock -- (400) (400) -- 800 --
Expense associated with
preferred stock redeemed -- -- -- -- -- --
Other (24) -- -- -- -- (24)
------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ 370 $ 222 $ 103 $ 497 $ -- $1,192
------------------------------------------------------------------------------
</TABLE>
16
<PAGE> 22
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<Caption) Edison
Edison EdVenture Inter- Development
Development Capital Company Corporation
Corporation Corp. 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 -- -- -- --
Steam plant impairment loss -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 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) (175) (3) -- (178)
Income taxes 61 1 -- 62
Accretion income -- -- -- --
Income taxes -- -- -- --
----------------------------------------------------------------------------------------
Net other income and
(deductions) (114) (2) -- (116)
----------------------------------------------------------------------------------------
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 DIVIDENDS
OF SUBSIDIARY -- -- -- --
----------------------------------------------------------------------------------------
NET INCOME (LOSS) $ (114) $ (2) $ -- $ (116)
========================================================================================
</TABLE>
17
<PAGE> 23
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION> Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corp. 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 166 -- -- 166
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable -- -- -- --
Fuel and materials and supplies
inventories -- -- -- --
Prepayments -- -- -- --
---------------------------------------------------------
Total current assets 166 -- -- 166
---------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 2 -- -- 2
---------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- --
Prepaid pensions -- -- -- --
Unamortized debt expense -- -- -- --
Other -- -- -- --
---------------------------------------------------------
Total deferred debits -- -- -- --
---------------------------------------------------------
TOTAL $ 10,168 $ 10,000 $(10,000) $ 10,168
=========================================================
</TABLE>
18
<PAGE> 24
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corp. Eliminations Consolidated
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 10,350 $ 10,000 $(10,000) $ 10,350
Retained earnings
(deficit) (141) (32) -- (173)
---------------------------------------------------------------------------
Total common
shareholders'
equity 10,209 9,968 (10,000) 10,177
Preferred stock
of subsidiary -- -- -- --
Long-term debt -- -- -- --
---------------------------------------------------------------------------
Total
capitalization 10,209 9,968 (10,000) 10,177
---------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- --
Other postretirement
benefits -- -- -- --
Other -- -- -- --
Affiliated companies (41) 32 -- (9)
---------------------------------------------------------------------------
Total other
non-current
liabilities (41) 32 -- (9)
---------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of
long-term debt -- -- -- --
Current portion of
capital leases -- -- -- --
Accounts payable -- -- -- --
Property and
general taxes -- -- -- --
Accumulated deferred
income taxes -- -- -- --
Interest payable -- -- -- --
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 $ 10,168 $ 10,000 $ (10,000) $ 10,168
===========================================================================
</TABLE>
19
<PAGE> 25
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1995
Thousands of Dollars
<TABLE>
<CAPTION> Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corp. Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1994 $ (27) $ (30) $ -- $ (57)
Net income (loss) (114) (2) -- (116)
Deduct:
Cash dividends on common stock -- -- -- --
Expense associated with
preferred stock redeemed -- -- -- --
Other -- -- -- --
-----------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (141) $ (32) $ -- $ (173)
===========================================================
</TABLE>
20
<PAGE> 26
DTE ENERGY COMPANY
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
Effective January 1, 1995, Biomass Energy Systems, Inc. became a wholly owned
subsidiary of DE Energy Services, Inc.
Effective January 1, 1995, the assets and liabilities of Utility Technical
Services, Inc. were transferred to UTS Systems, Inc. and RES Power, Inc.
Entities for which financial statements are not presented.
The following affiliates of the Claimant have had no financial activity during
the calendar year 1995. Accordingly, financial information for these companies
is not provided.
DEFO, Inc.
Huron Energy Services, Inc.
Sumpter Gas Producers, Inc.
Superior Energy Services, Inc.
Wolverine Energy Services, Inc.
This report does not contain information for affiliates of the Claimant which
are accounted for using the equity method.
21
<PAGE> 27
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,
1995 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, 1995
Period End December 31, 1995
Total Assets $11,130,591
Total Operating Revenues $ 3,635,544
Net Income $ 405,914
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
22
|
|