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Previous: SOUTHWESTERN ENERGY CO, U-3A-2, 1994-02-28 |
Next: SIGNET BANKING CORP, SC 13G/A, 1994-02-28 |
FORM U3A-2
File No. 69-206
SECURITIES AND EXCHANGE COMMISSION
Statement by Holding Company Claiming Exemption Under
Rule U-2 from the Provisions of the Public Utility
Holding Company Act of 1935
BANGOR HYDRO-ELECTRIC COMPANY
hereby files with the Securities and Exchange Commission pursuant to Rule
U-2, its statement claiming exemption as a holding company from the
provisions of the Public Utilities Holding Company Act of 1935. In support
of such claim for exemption the following information is submitted:
1. Bangor Hydro-Electric Company (Bangor Hydro) is a Maine
corporation having its principal place of business at 33 State Street,
Bangor, Maine.
Bangor Hydro is principally engaged in the generation,
transmission, distribution and sale of electric energy in eastern Maine and
serves approximately 97,000 customers.
Bangor Var Co., Inc. is a corporation organized under Maine law
in 1990. It was formed to be a general partner whose sole function is to own
a 50% interest in Chester SVC Partnership, a partnership which owns the
static var compensator electrical equipment which supports the Hydro Quebec
Phase II transmission line.
East Branch Improvement Company is a water storage corporation
organized under the laws of the State of Maine. It operates on the East
Branch of the Penobscot River in Maine. Its capital stock consists of
3,029.25 shares of which Bangor Hydro owns 1,817.55 shares, the remaining
1,211.70 shares being owned by Great Northern Paper Company. East Branch
Improvement Company's office is at 33 State Street, Bangor, Maine.
Godfrey's Falls Dam Company is a Maine corporation having its
office at 33 State Street, Bangor, Maine. All of its capital stock is owned
by East Branch Improvement Company. Ownership of this corporation was
acquired to permit future water storage development in the basin of the East
Branch of the Penobscot River in the State of Maine.
The Sawtelle Brook Dam & Improvement Company is a Maine
corporation having its office at 33 State Street, Bangor, Maine. All of its
capital stock is owned by East Branch Improvement Company. This corporation
controls certain dams and water rights in the basin of the East Branch of the
Penobscot River in Maine and was acquired to permit future water storage
development in the East Branch basin.<PAGE>
-2-
Sebois Dam Company is a Maine corporation organized to
improve the navigation of certain of the Sebois waters which enter the
Piscataquis River. It has the right to maintain dams for the driving of logs
and lumber. It is presently an inactive corporation and has no income. All
of its capital stock is owned by Bangor Hydro. Its address is 33 State
Street, Bangor, Maine.
Pleasant River Gulf Improvement Company is a corporation
organized under Maine law. It is a water improvement company authorized by
its charter to erect and maintain dams and to improve the flow of water in
the West Branch of the Piscataquis River in Maine for the purpose of making
the West Branch floatable and facilitating the driving of logs and lumber
upon the same. It is presently an inactive corporation and has no income.
All of its capital stock is owned by Bangor Hydro. Its address is 33 State
Street, Bangor, Maine.
Northeastern Company is an inactive corporation organized under
Maine law. It was acquired to hold certain real and personal properties
useful at the time of the acquisition thereof in the conduct of Bangor
Hydro's business. These holdings have since been disposed of and the
corporation has no present assets or liabilities. All of its capital stock
is owned by Bangor Hydro. Its address is 33 State Street, Bangor, Maine.
Eastern Development Company is an inactive corporation organized
under Maine law. It was organized to acquire and hold certain properties for
ultimate transfer to Bangor Hydro. All holdings have been disposed of and
the corporation has no present assets or liabilities. Its address is 33
State Street, Bangor, Maine.
Maine Electric Power Company, Inc. ("MEPCO") is a Maine
corporation with its principal office at Edison Drive, Augusta, Maine, formed
for the purpose of constructing, owning and operating a 345 KV transmission
line between Wiscasset, Maine and the Maine-New Brunswick international
border at Orient, Maine, where its lines connect with that portion of the
interconnection constructed in the Province of New Brunswick by the New
Brunswick Power Commission. (See File No. 704798). Bangor Hydro owns
14.188% of MEPCO'S common stock; the remainder of the stock is held by other
Maine electric utility companies.
Penobscot Hydro Co., Inc. ("PHC") is a corporation organized
under Maine law in 1986 as a wholly owned subsidiary of Bangor Hydro, in
connection with the project financing of the redevelopment of a hydroelectric
generating facility on the Penobscot River in Howland and Enfield, Maine. In
1986 Bangor Hydro formed a partnership ("Bangor-Pacific Hydro Associates" or
"Bangor-Pacific") with Pacific Lighting Energy Systems ("PLES"), a California
corporation (the "West Enfield project") in order to finance the $45,000,000
redevelopment of Bangor Hydro's existing hydroelectric facility. Bangor
Hydro transferred its interest in the facility to Bangor-Pacific, and
purchases all the power from the facility pursuant to a long-term contract. <PAGE>
-3-
Prior to the closing of the financing, Bangor Hydro transferred its 50%
interest in the partnership to PHC. The entire transaction was reviewed and
approved by the Maine Public Utilities Commission.
Neither Bangor Var Co. Inc., East Branch Improvement Company,
Godfrey's Falls Dam Company, The Sawtelle Brook Dam and Improvement Company,
Northeastern Company, Eastern Development Company, Pleasant River Gulf
Improvement Company nor Sebois Dam Company is a public utility.
2. Bangor Hydro owns seven hydro-electric generating plants,
one steam generating plant and four internal combustion generating plants,
all located within its service area in the State of Maine. It also owns
approximately 600 miles of transmission lines and approximately 3100 miles of
distribution lines, all being located within its service area in the State of
Maine. A map of Bangor Hydro's service area indicating major transmission
lines and the location of generating plants has been filed on Form SE on
February 25, 1994. In addition, Bangor Hydro has an approximate 7% ownership
interest in Maine Yankee Atomic Power Company in Wiscasset, Maine, a nuclear
generating facility, an 8.33% interest as a tenant in common with other
utilities in Wyman Unit No. 4, a fossil fuel generating unit located in
Yarmouth, Maine.
As indicated above, MEPCO owns a 345 KV transmission line and
PHC owns a 50% interest in a hydroelectric facility.
3. Bangor Hydro submits the following information with respect
to its sales and purchases of electric energy during the calendar year 1993:
(a) 1,652,946,019 KWH of electric energy sold
(at retail and wholesale).
(b) None KWH distributed at retail
outside the State of Maine.
(c) 86,142,400 KWH of electric energy sold
at wholesale outside of Maine or
at the State line sold through
the New England Power Pool.
(d) 909,984,100 KWH purchased outside the State
of Maine or at the State line.
EXHIBIT A
The consolidating statements of income and surplus of Bangor
Hydro and its subsidiary companies for the calendar year 1993, together with
consolidating balance sheets of Bangor Hydro and its subsidiary companies as
of the close of the calendar year 1993 are attached hereto as Exhibit A. <PAGE>
-4-
With the exception of MEPCO; Penobscot Hydro Co., Inc. and Bangor Var Co.,
Inc. the subsidiaries referred to in item 1 above considered in the aggregate
would not constitute a significant subsidiary and their income is not
material in relation to the total enterprise. Consequently, financial
statements for such subsidiaries are not consolidated. In the case of MEPCO,
financial statements are not consolidated because Bangor Hydro does not own a
majority interest. The 1993 financial statements for East Branch Improvement
Company which includes investment in its wholly owned subsidiaries, Godfrey
Falls Dam Company and Sawtelle Brook Dam & Improvement Co. are included in
Exhibit A as are the 1993 financial statements for MEPCO.
Bangor Hydro has caused this statement to be executed on its
behalf by its duly authorized officer this 28th day of February, 1994.
BANGOR HYDRO-ELECTRIC COMPANY
by John P. O'Sullivan
___________________________
John P. O'Sullivan
Vice President-Finance
& Administration
(Corporate Seal)
Attest: Frederick S. Samp
___________________________
Frederick S. Samp
Corporate Clerk
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
John P. O'Sullivan
Vice President - Finance & Administration
Bangor Hydro-Electric Company
33 State Street
P.O. Box 932
Bangor, Maine 04401<PAGE>
<TABLE>
EAST BRANCH IMPROVEMENT COMPANY
STATEMENTS OF INCOME
Year Ended December 31, 1993
<CAPTION>
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
Operating Revenues:
- -------------------
Downstream Charges $ 90,000 $ 90,000 $ 90,000
------------ ------------ ------------
Operating Expenses:
- -------------------
Operations and Maintenance
of Reservoirs, Dams and
Waterways $ 64,780 $ 55,728 $ 60,550
Depreciation 25,200 25,200 25,200
General Taxes 42,195 35,097 33,980
Insurance 9,600 9,600 9,600
------------ ------------ ------------
$ 141,775 $ 125,625 $ 129,330
------------ ------------ ------------
NET OPERATING INCOME (LOSS) $ (51,775) $ (35,625) $ (39,330)
------------ ------------ ------------
OTHER INCOME:
- --------------------
Interest Income $ 552 $ 828 $ 1,099
Other 550 550 550
------------ ------------ ------------
$ 1,102 $ 1,378 $ 1,649
------------ ------------ ------------
Income (Loss) Before Federal
and State Income Taxes $ (50,673) $ (34,247) $ (37,681)
------------ ------------ ------------
Provisions for:
Federal Income Taxes $ (7,335) $ (4,957) $ (5,454)
(1,774) (1,199) (1,319)
------------ ------------ ------------
$ (9,109) $ (6,156) $ (6,773)
------------ ------------ ------------
NET INCOME (LOSS) $ (41,564) $ (28,091) $ (30,908)
============ ============ ============
</TABLE>
<TABLE>
EAST BRANCH IMPROVEMENT COMPANY
BALANCE SHEETS
December 31,
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
ASSETS
----
Property
------
Dams, Buildings and Equipment
Land and Rights $ 1,178,683 $ 1,178,683
Construction Work In Progress - -
--------------- ---------------
$ 1,178,683 $ 1,178,683
Less Reserve for Depreciation 618,920 593,720
--------------- ---------------
$ 559,763 $ 584,963
--------------- ---------------
Investments
-------
Godfrey Falls Dam Company $ 2,850 $ 2,850
Sawtelle Brook Dam & Improvement Co. 825 825
--------------- ---------------
$ 3,675 $ 3,675
--------------- ---------------
Current Assets
--------
Cash and Temporary Cash Investments $ 17,917 $ 22,271
Temporary Cash Investments 3,729 33,177
Accounts Receivable 22,530 22,530
Prepaid Insurance - -
Prepaid Taxes 10,427 8,314
--------------- ---------------
$ 54,603 $ 86,292
--------------- ---------------
--------------- ---------------
TOTAL ASSETS $ 618,041 $ 674,930
=============== ===============
<CAPTION>
LIABILITIES AND CAPITALIZATION
--------------------
<S> <C> <C>
Capitalization
-------------------
Capital Stock $ 302,925 $ 302,925
Retained Earnings 94,921 136,485
--------------- ---------------
$ 397,846 $ 439,410
--------------- ---------------
Current Liabilities
--------------------
Accounts Payable $ 71,011 $ 76,886
Accrued General Taxes 711 1,046
--------------- ---------------
$ 71,722 $ 77,932
Long-Term Liabilities --------------- ---------------
--------------------
Dividends Payable $ 0 $ 0
Accrued Taxes, General 184 190
State Income Taxes - Current (18,746) (14,015)
Federal Income Taxes - Current (62,657) (45,608)
State Income Taxes - Deferred 42,067 39,109
Federal Income Taxes - Deferred 187,625 177,912
--------------- ---------------
$ 148,473 $ 157,588
--------------- ---------------
TOTAL LIABILITIES AND CAPITALIZATION $ 618,041 $ 674,930
=============== ===============
</TABLE>
EAST BRANCH IMPROVEMENT COMPANY
STATEMENTS OF RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31,
1993 1992
Balance at Beginning of Year $ 136,485 $ 164,576
Add: Net Income ( Loss) Year To Date (41,564) (28,091)
------------ ------------
$ 94,921 $ 136,485
Deduct : Dividends - -
------------ ------------
Balance at End of Year $ 94,921 $ 136,485
============ ============
<TABLE>
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 7
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED 12/31/93
<CAPTION>
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
<S> <C> <C> <C> <C> <C>
BASE RATE REVENUE (74,718,382.95) (705,677.00) 415,978.00 (75,008,081.95)
FUEL CHARGE REVENUE (87,176,464.91) (15,787,223.29) (102,963,688.20)
EQUITY EARNINGS (784,086.00) 784,086.00
------------------------------------------------------------------------------------------------
TOTAL REVENUES (161,894,847.86) 0.00 (784,086.00) (15,708,814.29) 415,978.00 (177,971,770.15)
------------------------------------------------------------------------------------------------
FUEL FOR GENERATION 87,344,052.10 15,326,165.29 102,670,217.39
PURCHASED POWER 13,716,435.66 0.00 13,716,435.66
OPERATION & MAINT:
OPERATION 21,903,430.65 29.00
MAINTENANCE 6,480,055.26
UNCOLL. REVENUE 1,090,812.84
--------------------------------------------------------------------------------
TOTAL O&M 29,474,298.75 0.00 29.00 0.00 0.00 29,474,327.75
DEPRECIATION 4,747,490.99 4,747,490.99
SEABROOK AMORTIZATION 1,699,050.00 1,699,050.00
TAXES:
PROPERTY & OTHER:
GENERAL TAXES 4,108,547.94 (6,451.26) 4,102,096.68
INCOME:
STATE-CURRENT (2,091,062.00) (65,623.40) 95,484.00
STATE-DEFERRED 2,585,557.00 66,735.00 (32,090.00) 0.00
FEDERAL-CURRENT (7,031,932.00) (233,844.30) 362,496.00 0.00
FEDERAL-DEFERRED 11,183,806.00 237,812.00 (136,217.00) 0.00
ITC-AMORTIZATION (178,176.00)
ITC EARNED 0
----------------------------------------------------------------
TOTAL INCOME TAXES 4,468,193.00 5,079.30 289,673.00 0.00 4,762,945.30
---------------------------------------------------------------- ----------------
TOTAL OPERATING EXPS. 145,558,068.44 5,079.30 289,702.00 15,319,714.03 161,172,563.77
------------------------------------------------------------------------------------------------
OPERATING INCOME (16,336,779.42) 5,079.30 (494,384.00) (389,100.26) 415,978.00 (16,799,206.38)
------------------------------------------------------------------------------------------------
PAGE 2 OF 7
CONSOLIDATED STATEMENT CONSOLIDATED
OF INCOME, CONTINUED BHE BVC PHC RECLASSES ELIMINS. TOTALS
OTHER INCOME:
AFUDC-EQUITY (2,464,934.17) (2,464,934.17)
OTHER, NET:
MISC. INTEREST (652,302.78) (12,447.89)
MISC. INCOME (506,325.20) 8,975,762.33
EQUITY EARNINGS-BVC (7,368.60) 7,368.59
EQUITY EARNINGS-PHC (46,219.71) 46,220.00
STATE TAXES (592,066.00) 7,044.00 0.00
FEDERAL TAXES (2,122,479.00) 25,142.00 0.00
--------------------------------------------------------------------------------
TOTAL OTHER, NET (3,926,761.29) (12,447.89) 32,186.00 8,975,762.33 53,588.59 5,122,327.74
------------------------------------------------------------------------------------------------
TOTAL OTHER INCOME (6,391,695.46) (12,447.89) 32,186.00 8,975,762.33 53,588.59 2,657,393.57
------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
LONG-TERM DEBT 10,438,827.90 10,438,827.90
OTHER:
MISC. INTEREST 483,240.34 461,058.00
DEBT DISCOUNT & EXP 220,496.57
MISCELLANEOUS 9,047,720.07 (9,047,720.07)
--------------------------------------------------------------------------------
TOTAL OTHER INTEREST 9,751,456.98 (8,586,662.07) 1,164,794.91
AFUDC-DEBT (2,798,241.14) (2,798,241.14)
------------------------------------------------------------------------------------------------
TOTAL INTEREST EXP. 17,392,043.74 0.00 0.00 (8,586,662.07) 8,805,381.67
------------------------------------------------------------------------------------------------
NET INCOME (5,336,431.14) (7,368.59) (462,198.00) 0.00 469,566.59 (5,336,431.14)
================================================================================
PREFERRED DIVIDENDS 1,645,663.34
EARNINGS APPLICABLE TO ----------------
COMMON STOCK (3,690,767.80)
================
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED STATEMENT
OF RETAINED EARNINGS PAGE 3 OF 7
FOR THE YEAR ENDED 12/31/93
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
BEG. RETAINED EARNINGS:
BANGOR HYDRO (21,639,369.59) (21,639,369.59)
BANGOR VAR (531,154.48) 531,154.48 0.00
PENOBSCOT HYDRO (261,465.00) 261,465.00 0.00
------------------------------------------------------------------------------------------------
(21,639,369.59) (531,154.48) (261,465.00) 792,619.48 (21,639,369.59)
0.00
NET INCOME (5,336,431.14) (7,368.59) (462,198.00) 0.00 469,566.59 (5,336,431.14)
0.00
DIVIDENDS DECLARED- 0.00
COMMON 7,943,693.67 0.00 0.00 7,943,693.67
0.00
DIVIDENDS DECLARED- 0.00
PREFERRED 1,579,570.00 0.00 0.00 1,579,570.00
0.00
DIVS DECLARED-SUB 0.00
0.00
OTHER DEBITS 66,093.34 66,093.34
------------------------------------------------------------------------------------------------
END RETAINED EARNINGS (17,386,443.72) (538,523.07) (723,663.00) 0.00 1,262,186.07 (17,386,443.72)
================================================================================================
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET PAGE 4 OF 7
DECEMBER 31, 1993
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
INVEST. IN UTILITY PLANT:
ELEC OPERATING PROP. 250,122,520.51 250,122,520.51
LESS: ACCUM DEPR. (71,183,585.69) (71,183,585.69)
178,938,934.82 178,938,934.82
0.00
CWIP BY COMPANY 22,768,633.77 3,833,361.73 26,601,995.50
201,707,568.59 3,833,361.73 205,540,930.32
INVESTMENT IN MYAPCO 4,880,347.60 (124,500.00) 4,755,847.60
INVESTMENT IN MEPCO 128,647.00 (3,747.00) 124,900.00
206,716,563.19 3,705,114.73 210,421,677.92
OTHER INVESTMENTS: 0.00
INVESTMENT IN BVC 538,523.08 (538,523.07) 0.01
INVESTMENT IN PHC 723,662.02 (723,663.00) (0.98)
INVESTMENT IN BPHA 2,175,233.00 2,175,233.00
SPECIAL DEPOSITS 1,178,310.76 1,178,310.76
INVESTMENT IN EBI 238,707.64 238,707.64
OTHER INVESTMENTS 317,584.55 317,584.55
NON-OPERATING PROP. 564,331.67 564,331.67
TOTAL OTHER INVESTMENTS 3,561,119.72 2,175,233.00 (1,262,186.07) 4,474,166.65
0.00
CASH & TEMP. INVESTS. 1,823,819.94 561,363.70 1,972.00 2,387,155.64
ACCOUNTS RECEIVABLE: 0.00
NOTES RECEIVABLE 181,763.13 181,763.13
A/R CUSTOMER ACCTS. 16,684,750.17 236,005.87 (1,353,585.00) 15,567,171.04
MISCELLANEOUS 3,115,513.23 170,201.00 1,178,535.00 0.00 4,464,249.23
RES. FOR BAD DEBTS (1,450,000.00) (1,450,000.00)
TOTAL ACCOUNTS RECEIV. 18,532,026.53 170,201.00 1,178,535.00 236,005.87 (1,353,585.00) 18,763,183.40
0.00
UNBILLED REVENUE 7,161,747.00 7,161,747.00
INCOME TAX REFUND REC. 0.00 0.00 0.00
ADVANCES TO BPHA 0.00 0.00 0.00
INVENTORIES: 0.00
MATERIALS & SUPPLIES 3,940,247.35 (719,765.37) 3,220,481.98
FUEL OIL 0.00 635,072.21 635,072.21
PREPAID EXPENSES: 0.00
INSURANCE 374,711.73 374,711.73
TAXES 1,198,995.45 1,198,995.45
TOTAL PREPAID EXPENSES 374,711.73 1,198,995.45 1,573,707.18
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET PAGE 5 OF 7
DECEMBER 31, 1993
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
DEFERRED FUEL COSTS 2,568,538.65 2,568,538.65
DEFERRED PURCH POWER 1,795,543.90 1,795,543.90
CURRENT DEF. TAXES 0.00 (169,230.00) (11,864.00) 181,094.00 0.00
TOTAL CURRENT ASSETS 33,628,096.45 562,334.70 1,168,643.00 4,099,940.81 (1,353,585.00) 38,105,429.96
0.00
INVEST. IN SEABROOK 37,164,128.65 37,164,128.65
0.00
DEFERRED FUEL: 0.00
DEF. FUEL COSTS 2,642,685.65 (2,568,538.65) 74,147.00
INT. ON DEF FUEL (74,147.00) (74,147.00)
TOTAL DEFERRED FUEL 2,568,538.65 (2,568,538.65) 0.00
0.00
DEF. QF CONTRACT BUYOUT 40,301,602.63 40,301,602.63
0.00
DEF. REGULATORY ASSET 604,529.00 32,463,712.00 33,068,241.00
INVESTMENT IN BASIN MILLS 8,695,539.52 8,695,539.52
PREPAID PENSION 0.00 2,398,498.00 2,398,498.00
0.00
OTHER DEFERRED DEBITS: 0.00
UNAMORT DEBT DISCOUNT 991,959.50 991,959.50
CLEARING ACCOUNTS 4,387,305.25 4,387,305.25
PRELIM. SURVEY 8,954,109.37 (8,695,539.52) 258,569.85
OTHER DEF. DEBITS 4,597,962.53 4,597,962.53
ACCUM. CONSERV PROGMS 3,691,248.25 3,691,248.25
22,622,584.90 (15,035,158.12) 7,587,426.78
TOTAL DEFERRED CHARGES 103,261,383.83 0.00 0.00 25,954,052.75 0.00 129,215,436.58
0.00
TOTAL ASSETS 347,167,163.19 562,334.70 3,343,876.00 33,759,108.29 (2,615,771.07) 382,216,711.11
0.00
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET PAGE 6 OF 7
DECEMBER 31, 1993
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
CAPITALIZATION:
COMMON STOCK INVEST.
COMMON STOCK BHE (31,126,970.00) (31,126,970.00)
PAID IN CAPITAL (45,430,734.59) (45,430,734.59)
RETAINED EARNINGS (17,386,443.72) (538,523.07) (723,663.00) 1,262,186.07 (17,386,443.72)
(93,944,148.31) (538,523.07) (723,663.00) 1,262,186.07 (93,944,148.31)
0.00
PREFERRED STOCK (19,901,629.42) 15,167,629.42 (4,734,000.00)
PFD STOCK-MAND. RED. 0.00 (15,167,629.42) (15,167,629.42)
0.00
LONG-TERM DEBT: 0.00
LONG-TERM DEBT (120,423,304.00) (120,423,304.00)
LESS: SINKING FUND REQ 1,297,448.00 1,297,448.00
TOTAL LONG-TERM DEBT (119,125,856.00) (119,125,856.00)
0.00
TOTAL CAPITALIZATION (232,971,633.73) (538,523.07) (723,663.00) 0.00 1,262,186.07 (232,971,633.73)
0.00
NOTES PAYABLE (36,000,000.00) (36,000,000.00)
0.00
CURRENT MATUR. LTD (1,297,448.00) (1,297,448.00)
ACCOUNTS PAYABLE: 0.00
ACCOUNTS PAYABLE (17,935,390.04) (4,849.00) 1,353,585.00 (16,586,654.04)
WAGES PAYABLE 14,190.69 14,190.69
GENERAL TAXES 1,810,558.76 (1,198,995.45) 611,563.31
TOTAL ACCOUNTS PAYABLE (16,110,640.59) 0.00 (4,849.00) (1,198,995.45) 1,353,585.00 (15,960,900.04)
0.00
DIVIDENDS PAYABLE (2,449,308.82) (2,449,308.82)
ACCRUED INTEREST: 0.00
LONG-TERM DEBT (3,591,275.16) (3,591,275.16)
MISC. DEBT (114,251.64) (114,251.64)
TOTAL ACCRD. INTEREST (3,705,526.80) (3,705,526.80)
0.00
CUSTOMER DEPOSITS (498,331.85) (498,331.85)
INCOME TAXES PAYABLE: 0.00
STATE-CURRENT 450,728.18 229,152.35 1,047,778.00 1,727,658.53
FEDERAL-CURRENT 2,033,226.40 842,606.02 2,562,916.00 5,438,748.42
TOTAL INC. TAXES PAY. 2,483,954.58 1,071,758.37 3,610,694.00 (7,166,406.95) 0.00
TOTAL CURRENT LIABILITIES (21,577,301.48) 1,071,758.37 3,605,845.00 (8,365,402.40) 1,353,585.00 (23,911,515.51)
0.00
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET PAGE 7 OF 7
DECEMBER 31, 1993
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
DEFERRED CREDITS & RES:
DEF INC TAXES-SEABROOK (9,126,724.00) (10,049,508.00) (19,176,232.00)
0.00
OTHER DEF INC TAXES (33,597,308.81) (1,095,570.00) (6,226,058.00) (6,081,842.05) (47,000,778.86)
0.00
DEFERRED REG. LIABILITY (1,009,100.00) (9,347,049.00) (10,356,149.00)
0.00
BASIN MILLS RESERVE (8,695,539.45) (8,695,539.45)
0.00
UNAMORTIZED ITC (2,271,550.00) (2,271,550.00)
0.00
OTHER: 0.00
CUSTOMER ADVANCES (685,988.43) (685,988.43)
DEF. REVENUE SHARING 0.00 0.00
DEF. ESTAB. CHARGES 0.00 0.00
OTHER DEF. CREDITS (1,207,017.29) 84,693.16 (1,122,324.13)
ACCRD AUDIT & TAX (25,000.00) (25,000.00)
(1,918,005.72) 84,693.16 (1,833,312.56)
TOTAL DEF CREDITS & RES. (56,618,227.98) (1,095,570.00) (6,226,058.00) (25,393,705.89) 0.00 (89,333,561.87)
0.00
TOTAL LIABS & CAPITAL. (347,167,163.19) (562,334.70) (3,343,876.00) (33,759,108.29) 2,615,771.07 (382,216,711.11)
0.00
TOTAL ASSETS 347,167,163.19 562,334.70 3,343,876.00 33,759,108.29 (2,615,771.07) 382,216,711.11
</TABLE>
<TABLE>
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 3
<CAPTION>
RECLASSIFICATION ENTRIES REVISED 2/17/94
FOR THE YEAR ENDED 12/31/93
NUMBER DESCRIPTION DEBIT CREDIT
BANGOR HYDRO RECLASSIFICATIONS
<S> <C> <C>
1 CONST WORK IN PROGRESS 3,833,361.73
CLEARING ACCOUNTS (3,833,361.73)
TO RECLASSIFY CWIP PROJECTS
2 ACCOUNTS RECEIVABLE 128,247.00
INVESTMENT IN MYAPCO (124,500.00)
INVESTMENT IN MEPCO (3,747.00)
TO RECLASSIFY DIVIDENDS RECEIVABLE
3 OTHER RESERVES 84,693.16
MATERIALS & SUPPLIES (84,693.16)
TO RECLASSIFY OBSO INVENT. RESERVE
4 FUEL OIL INVENTORIES 635,072.21
MATERIALS & SUPPLIES (635,072.21)
TO SEPARATELY BREAK-OUT FUEL OIL
5 ACCOUNTS RECEIVABLE 107,758.87
CLEARING ACCOUNTS (107,758.87)
TO BREAK-OUT ADVANCES TO BPHA
6 INVESTMENT IN BASIN MILLS 8,695,539.52
PRELIMINARY SURVEY & INVEST. (8,695,539.52)
CONSTRUCTION WORK IN PROGRESS 0.00
RECLASS BASIN MILLS INVESTMENT
7 DEFERRED FUEL-CURRENT 2,568,538.65
DEFERRED FUEL-NONCURRENT (2,568,538.65)
TO RECLASS CURRENT PORTION DEF FUEL
8 OTHER ACCUM DEF. INCOME TAXES N/A
CURRENT INCOME TAXES PAYABLE SEE BELOW N/A
INCOME TAX RECLASS-DEF FUEL TO CURRENT SEE BELOW
9 PREPAID PENSION COST 2,398,498.00
OTHER DEFERRED CHARGES (2,398,498.00)
TO RECLASS PREPAID PENSION COST
10 PREPAID EXPENSES 1,198,995.45
GENERAL TAXES (A/P) (1,198,995.45)
TO RECLASS GENERAL TAXES DEBIT BAL.
11 RECEIVABLE-FED TAXES (A/R) 0.00
CURRENT DEF. TAX ASSETS 181,094.00
OTHER ACCUM DEF. INCOME TAXES 6,985,312.95
CURRENT INCOME TAXES PAYABLE (7,166,406.95)
ENTRY TO CORRECT DEFD & CURRENT TAXES
12 PREFERRED STOCK 15,167,629.42
PRFD STOCK-MANDATORY RED. (15,167,629.42)
RECLASS MAND RED. PRFD STOCK
BANGOR HYDRO-ELECTRIC COMPANY
RECLASSIFICATION ENTRIES PAGE 2 OF 3
FOR THE YEAR ENDED 12/31/93
NUMBER DESCRIPTION DEBIT CREDIT
BANGOR HYDRO RECLASSIFICATIONS
13 DEF REGULATORY ASSET 32,463,712.00
DEF INC TAXES-SEABROOK (10,049,508.00)
OTHER DEF INC TAXES (13,067,155.00)
DEFERRED REGULATORY LIABILITY (9,347,049.00)
TO RECORD FASB 109 IMPACT
14 INCOME TAX REFUND REC. 0.00
MISCELLANEOUS ACCOUNTS RECEIVABLE 0.00
TO RECLASSIFY FED & STATE TAX REFUNDS
15 FUEL EXPENSE 15,326,165.29
PURCHASED POWER EXPENSE 0.00
FUEL CHARGE REVENUE (15,326,165.29)
TO RECORD AR 14 RECLASSIFICATION
16 FEDERAL INCOME TAXES ON OTHER INCOME 0.00
STATE INC. TAXES ON OTHER INCOME 0.00
FEDERAL INCOME TAXES 0.00 0.00
STATE INCOME TAXES 0.00
INCOME TAX RECLASSIFICATION 0.00
0.00
17 MISC. INTEREST 461,058.00
FUEL CHARGE REVENUE (461,058.00)
RECLASS INTEREST ON DEFERRED FUEL
18 MISCELLANEOUS INCOME 9,047,720.07
MISCELLANEOUS OTHER (9,047,720.07)
RECLASS MISC INCOME TO NON-OPERATING
19 MISCELLANEOUS INCOME 6,451.26
GENERAL TAXES (6,451.26)
RECLASS BELOW-THE-LINE PROPERTY TAXES
PHC AND BANGOR VAR RECLASSIFS.
20 EQUITY EARNINGS IN BPHA 784,086.00
BASE RATE REVENUE
MISCELLANEOUS INCOME
(705,677.00)
(78,409.00)
0.00
0.00
100,073,933.58 (100,073,933.58)
BANGOR HYDRO-ELECTRIC COMPANY
RECLASSIFICATION ENTRIES PAGE 3 OF 3
FOR THE YEAR ENDED 12/31/93
DEBITS CREDITS
SUMMARY OF IMPACT OF RECLASSIFICATIONS
INCOME STATEMENT ACCOUNTS:
BASE RATE REVENUE (705,677.00)
FUEL CHARGE REVENUE (15,787,223.29)
EQUITY EARNINGS IN BPHA 784,086.00
FUEL EXPENSE 15,326,165.29
PURCHASED POWER EXPENSE 0.00
GENERAL TAXES (6,451.26)
STATE INCOME TAXES 0.00
STATE INCOME TAXES DEFERRED
FEDERAL INCOME TAXES 0.00 0.00
FEDERAL INCOME TAXES DEFERRED 0.00
MISCELLANEOUS INCOME, NET 8,975,762.33
STATE INCOME TAXES ON OTHER INCOME 0.00
FEDERAL INCOME TAXES ON OTHER INCOME 0.00
MISCELLANEOUS INTEREST 461,058.00
MISCELLANEOUS OTHER (9,047,720.07)
TOTAL INCOME STATEMENT ACCOUNTS 25,547,071.62 (25,547,071.62)
BALANCE SHEET ACCOUNTS:
CONSTRUCTION WORK IN PROGRESS, NET 3,833,361.73
INVESTMENT IN MYAPCO (124,500.00)
INVESTMENT IN MEPCO (3,747.00)
ACCOUNTS RECEIVABLE 236,005.87
ACCOUNTS RECEIVABLE MISCELLANEOUS 0.00
INCOME TAX REFUNDS RECEIVABLE 0.00
ADVANCES TO BPHA
MATERIALS AND SUPPLIES INVENTORIES (719,765.37)
FUEL OIL INVENTORIES 635,072.21
PREPAID EXPENSES 1,198,995.45
DEFERRED FUEL-CURRENT 2,568,538.65
CURRENT DEFERRED INCOME TAXES 181,094.00
DEFERRED FUEL COSTS-NONCURRENT (2,568,538.65)
DEF. REGULATORY ASSET 32,463,712.00
PRELIMINARY SURVEY & INVESTIGATION (8,695,539.52)
INVESTMENT IN BASIN MILLS 8,695,539.52
PREPAID PENSION COSTS 2,398,498.00
OTHER DEFERRED CHARGES, NET (6,339,618.60)
PREFERRED STOCK 15,167,629.42
PRFD STOCK-MANDATORY RED. (15,167,629.42)
GENERAL TAXES (A/P) (1,198,995.45)
INCOME TAXES PAYABLE, NET (7,166,406.95)
DEFERRED INC. TAXES-SEABROOK (10,049,508.00)
OTHER DEF INC TAXES, NET 6,985,312.95 (13,067,155.00)
DEFERRED REG. LIABILITY (9,347,049.00)
OTHER RESERVES, NET 84,693.16
BALANCE SHEET TOTALS 74,363,759.80 (74,363,759.80)
GRAND TOTALS 99,910,831.42 (99,910,831.42)
</TABLE>
<TABLE>
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 1
ELIMINATING ENTRIES
<CAPTION>
FOR THE YEAR ENDED 12/31/93 REVISED 2/17/94
NUMBER DESCRIPTION DEBIT CREDIT
<S> <C> <C>
1 GENERAL RATE REVENUES 415,978.00
MISCELLANEOUS INCOME 46,220.00
INVESTMENT IN PENOBSCOT HYDRO (462,198.00)
TO ELIMINATE PHC P&L ACTIVITY
2 MISC. INTEREST INCOME 7,368.59
INVESTMENT IN BANGOR VAR (7,368.59)
TO ELIMINATE BVC P&L ACTIVITY
3 RETAINED EARNINGS-PHC 261,465.00
INVESTMENT IN PHC (261,465.00)
ELIMINATE BHE INVESTMENT IN PHC
4 RETAINED EARNINGS-BANGOR VAR 531,154.48
INVESTMENT IN BVC (531,154.48)
ELIMINATE BHE INVESTMENT IN BVC
5 ACCOUNTS PAYABLE-PHC 4,849.00
ACCOUNTS RECEIVABLE (4,849.00)
ELIMINATE INTERCO. REC/PAY.
6 ACCOUNTS PAY-BHE TAX BENEFITS 1,348,736.00
A/R-PHC TAX BENEFITS (1,178,535.00)
A/R-BVC TAX BENEFITS (170,201.00)
ELIMINATE INTERCO. TAX ALLOCATION
2,615,771.07 (2,615,771.07)
SUMMARY OF IMPACT OF ELIMINATIONS DEBIT CREDIT
INVESTMENT IN BANGOR VAR (538,523.07)
INVESTMENT IN PHC (723,663.00)
ACCOUNTS RECEIVABLE (1,353,585.00)
RETAINED EARNINGS-BANGOR VAR 531,154.48
RETAINED EARNINGS-PHC 261,465.00
ACCOUNTS PAYABLE 1,353,585.00
BASE RATE REVENUES 415,978.00
EQUITY EARNINGS-PHC 46,220.00
EQUITY EARNINGS-BVC 7,368.59
2,615,771.07 (2,615,771.07)
</TABLE>
MAINE ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR PERIODS ENDING DECEMBER 31, 1993 AND 1992
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
1993 1992
OPERATING REVENUES
SALES FOR RESALE $ 9,693 $ 8,412
WHEELING 1,952 1,939
SUPPORT CHARGES AND OTHER 1,164 1,257
--------- ---------
TOTAL OPERATING REVENUES $ 12,809 $ 11,608
OPERATING EXPENSES
PURCHASED POWER $ 9,693 $ 8,412
OPERATION 849 755
MAINTENANCE 382 682
DEPRECIATION 1,395 1,250
TAXES
FEDERAL/STATE INCOME 46 25
LOCAL PROPERTY/OTHER 225 219
--------- ---------
TOTAL OPERATING EXPENSES $ 12,590 $ 11,343
OPERATING INCOME $ 219 $ 265
ALLOWANCE FOR EQUITY FUNDS
USED DURING CONSTRUCTION (2) 3
OTHER INCOME AND DEDUCTIONS 12 23
--------- ---------
INCOME BEFORE INTEREST CHARGES $ 229 $ 291
--------- ---------
INTEREST CHARGES
LONG-TERM DEBT $ 122 $ 189
OTHER INTEREST CHARGES-NET - 1
ALLOWANCE FOR BORROWED FUNDS
USED DURING CONSTRUCTION 2 (4)
--------- ---------
TOTAL INTEREST CHARGES $ 124 $ 186
NET INCOME $ 105 $ 105
========= =========
WEIGHTED AVERAGE NUMBER OF
SHARES OF COMMON STOCK OUTSTANDING 8,785 8,785
========= =========
EARNINGS PER SHARE COMMON STOCK $ 12.00 $ 12.00
========= =========
MAINE ELECTRIC POWER COMPANY
BALANCE SHEET
AT DECEMBER 31, 1993 AND 1992
(DOLLARS IN THOUSANDS)
1993 1992
ELECTRIC PROPERTY, ORIGINAL COST $ 23,123 $ 22,916
LESS:ACCUMULATED DEPRECIATION 19,174 17,891
--------- ---------
$ 3,949 $ 5,025
CONSTRUCTION WORK IN PROGRESS - 195
--------- ---------
NET ELECTRIC PROPERTY $ 3,949 $ 5,220
--------- ---------
CURRENT ASSETS
CASH $ 103 $ 5
TEMPORARY INVESTMENTS, ETC. 360 150
ACCOUNTS RECEIVABLE 1,165 798
OTHER CURRENT ASSETS 138 129
--------- ---------
TOTAL CURRENT ASSETS $ 1,766 $ 1,082
--------- ---------
DEFERRED CHARGES $ 648 $ 537
--------- ---------
$ 6,363 $ 6,839
========= =========
COMMON STOCK INVESTMENT AND LIABILITIES
CAPITALIZATION
COMMON STOCK, $100 PAR VALUE, AUTHORIZED
20,000 SHARES, OUTSTANDING 8,785. $ 878 $ 878
RETAINED EARNINGS - -
--------- ---------
TOTAL COMMON STOCK EQUITY $ 878 $ 878
LONG TERM NOTES DUE IN ANNUAL
INSTALLMENTS THROUGH JULY 1, 1996-
LESS CURRENT SINKING FUND REQUIREMENT $ 2,590 $ 3,450
--------- ---------
TOTAL CAPITALIZATION $ 3,468 $ 4,328
--------- ---------
CURRENT LIABILITIES
CURRENT SINKING FUND REQUIREMENT $ 860 $ 860
ACCOUNTS PAYABLE 252 470
BANK CHECKS OUTSTANDING - -
DIVIDENS PAYABLE 26 26
ACCRUED PURCHASED POWER 796 11
ACCRUED INTEREST. TAXES AND OTHER 78 29
--------- ---------
TOTAL CURRENT LIABILITIES $ 2,012 $ 1,396
--------- ---------
DEFERRED CREDITS
ACCUMULATED DEFERRED INCOME TAXES $ 593 $ 700
UNAMORTIZED INVESTMENT TAX CREDITS 124 160
OTHER DEFERRED CREDITS 14 44
UNAMORTIZED GAIN ON REAQUIRED DEBT 152 211
--------- ---------
TOTAL DEFERRED CREDITS $ 883 $ 1,115
--------- ---------
$ 6,363 $ 6,839
========= =========
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