UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U3A-2
File No. 69-206
Statement by Holding Company Claiming Exemption Under
Rule U-3A-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 2,
its statement claiming exemption as a holding company from the provisions of
the Public Utilities Holding Company Act of 1935, and submits the following
information:
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 100,000 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 the 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.
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.
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, Sebois Dam Company, nor Penobscot Hydro Co. Inc. 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 3400 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 is attached hereto. 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 1995:
(a) 1,736,348,307 KWH of electric energy sold
(at retail and wholesale).
(b) None KWH distributed at retail
outside the State of Maine.
(c) 171,602,580 KWH of electric energy sold
at wholesale outside of Maine or
at the State line sold through
the New England Power Pool.
(d) 1,520,295,600 KWH purchased outside the State
of Maine or at the State line.
4. Bangor Hydro has no direct or indirect interest in an EWG or
a foreign utility company.
EXHIBIT A
The consolidating statements of income and surplus of Bangor
Hydro and its subsidiary companies for the calendar year 1995, together with
consolidating balance sheets of Bangor Hydro and its subsidiary companies as
of the close of the calendar year 1995 are attached hereto as Exhibit A.
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,
the Chester SVC Partnership, and Bangor-Pacific, financial statements are not
consolidated because Bangor Hydro or its wholly-owned subsidiaries do not own
a majority interest. The 1995 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 1995 financial statements for MEPCO,
the Chester SVC Partnership and Bangor-Pacific.
EXHIBIT B
A Financial Data Schedule is attached as Exhibit B.
EXHIBIT C
No organizational chart is attached because Bangor Hydro has no
relationship with any EWG or foreign utility company.
Bangor Hydro has caused this statement to be executed on its
behalf by its duly authorized officer this 28th day of February, 1996.
BANGOR HYDRO-ELECTRIC COMPANY
by /s/ Frederick S. Samp
________________________________
Frederick S. Samp
Chief Financial Officer
(Corporate Seal)
Attest: /s/ Andrew Landry
_________________________
Andrew Landry
Corporate Clerk
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Frederick S. Samp
Chief Financial Officer
Bangor Hydro-Electric Company
33 State Street
P.O. Box 932
Bangor, Maine 04401
<TABLE>
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 7
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1995
<CAPTION>
CONSOLIDATED
BHE BVC PHC RECLASSES ELIMINS. TOTALS
<S> <C> <C> <C> <C> <C> <C>
GENERAL RATE REVENUE (170,402,029.36) (922,763.97) 610,422.48 (170,714,370.85)
FUEL CHARGE REVENUE 0.00 (14,199,400.92) (14,199,400.92)
EQUITY EARNINGS (1,025,293.30) 1,025,293.30 0.00
-----------------------------------------------------------------------------------------------
TOTAL REVENUES (170,402,029.36) 0.00 (1,025,293.30) (14,096,871.59) 610,422.48 (184,913,771.77)
-----------------------------------------------------------------------------------------------
FUEL FOR GENERATION 68,202,581.39 14,098,445.45 82,301,026.84
PURCHASED POWER 16,282,008.95 100,955.47 16,382,964.42
OPERATION & MAINT:
OPERATION 27,173,597.93 10.13
MAINTENANCE 5,900,275.45
UNCOLL. REVENUE 2,637,301.95
-----------------------------------------------------------------------------------------------
TOTAL O&M 35,711,175.33 10.13 35,711,185.46
DEPRECIATION 6,522,019.34 6,522,019.34
SEABROOK AMORTIZATION 1,699,050.00 1,699,050.00
Q.F. BUYOUT AMORTIZATION 12,322,569.66 12,322,569.66
TAXES:
PROPERTY & OTHER:
GENERAL TAXES 4,884,565.02 0.00 4,884,565.02
INCOME:
STATE-CURRENT 0.00 0.00 0.00 0.00
STATE-DEFERRED (152,517.00) 752.58 80,508.07 0.00
FEDERAL-CURRENT 0.00 0.00 0.00 0.00
FEDERAL-DEFERRED 1,319,449.80 2,848.32 231,825.29 0.00
ITC-AMORTIZATION (676,248.00)
ITC EARNED 615,055.00
-----------------------------------------------------------------------------------------------
TOTAL INCOME TAXES 1,105,739.80 3,600.90 312,333.36 0.00 1,421,674.06
-----------------------------------------------------------------------------------------------
TOTAL OPERATING EXPS. 146,729,709.49 3,600.90 312,343.49 14,199,400.92 0.00 161,245,054.80
-----------------------------------------------------------------------------------------------
OPERATING INCOME (23,672,319.87) 3,600.90 (712,949.81) 102,529.33 610,422.48 (23,668,716.97)
-----------------------------------------------------------------------------------------------
OTHER INCOME:
AFUDC-EQUITY (561,897.51) (561,897.51)
OTHER, NET:
MISC. INTEREST INCOME (1,308,146.42) (26,188.20)
MISC. INCOME 3,514.76 824,679.90
EQUITY EARNINGS-BVC (22,587.30) 22,587.30
EQUITY EARNINGS-PHC (67,823.62) 67,823.62
STATE TAXES 61,165.00 8,945.34
FEDERAL TAXES 212,347.00 25,758.37 0.00
-----------------------------------------------------------------------------------------------
TOTAL OTHER, NET (1,121,530.58) (26,188.20) 34,703.71 824,679.90 90,410.92 (197,924.25)
-----------------------------------------------------------------------------------------------
TOTAL OTHER INCOME (1,683,428.09) (26,188.20) 34,703.71 824,679.90 90,410.92 (759,821.76)
-----------------------------------------------------------------------------------------------
INTEREST EXPENSE:
LONG-TERM DEBT 17,596,586.06 17,596,586.06
OTHER:
MISC. INTEREST 2,835,395.44 0.00
DEBT DISCOUNT & EXP 365,633.98
MISCELLANEOUS 927,209.23 (927,209.23)
-----------------------------------------------------------------------------------------------
TOTAL OTHER INTEREST 4,128,238.65 (927,209.23) 3,201,029.42
AFUDC-DEBT (705,551.87) (705,551.87)
-----------------------------------------------------------------------------------------------
TOTAL INTEREST EXP. 21,019,272.84 0.00 0.00 (927,209.23) 20,092,063.61
-----------------------------------------------------------------------------------------------
NET INCOME (4,336,475.12) (22,587.30) (678,246.10) (0.00) 700,833.40 (4,336,475.12)
===============================================================================================
PREFERRED DIVIDENDS 1,701,959.76
EARNINGS APPLICABLE TO
COMMON STOCK (2,634,515.36)
BEG. RETAINED EARNINGS:
BANGOR HYDRO (13,757,750.92) (13,757,750.92)
BANGOR VAR (554,759.40) 554,759.40 0.00
PENOBSCOT HYDRO (642,955.10) 642,955.10 0.00
-----------------------------------------------------------------------------------------------
(13,757,750.92) (554,759.40) (642,955.10) 1,197,714.50 (13,757,750.92)
NET INCOME (4,336,475.12) (22,587.30) (678,246.10) (0.00) 700,833.40 (4,336,475.12)
DIVIDENDS DECLARED-
COMMON 6,318,919.14 0.00 0.00 6,318,919.14
DIVIDENDS DECLARED-
PREFERRED 1,579,570.00 0.00 0.00 1,579,570.00
DIVS DECLARED-SUB 270,000.00 (270,000.00) 0.00
PENOBSCOT HYDRO
OTHER DEBITS 122,389.76 122,389.76
-----------------------------------------------------------------------------------------------
END RETAINED EARNINGS (10,073,347.14) (577,346.70) (1,051,201.20) (0.00) 1,628,547.90 (10,073,347.14)
===============================================================================================
INVEST. IN UTILITY PLANT:
ELEC OPERATING PROP. 300,374,077.56 300,374,077.56
LESS: ACCUM DEPR. (81,933,769.05) (81,933,769.05)
-----------------------------------------------------------------------------------------------
218,440,308.51 218,440,308.51
CWIP BY COMPANY 13,833,800.66 4,317,464.40 18,151,265.06
-----------------------------------------------------------------------------------------------
232,274,109.17 4,317,464.40 236,591,573.57
INVESTMENT IN MYAPCO 5,131,030.66 (117,250.00) 5,013,780.66
INVESTMENT IN MEPCO 128,647.00 (3,747.00) 124,900.00
-----------------------------------------------------------------------------------------------
237,533,786.83 4,196,467.40 241,730,254.23
-----------------------------------------------------------------------------------------------
OTHER INVESTMENTS:
FUNDS HELD BY TRUSTEE 21,191,940.00 21,191,940.00
INVESTMENT IN BVC 577,346.70 (577,346.70) 0.00
INVESTMENT IN PHC 1,051,201.20 (1,051,201.20) 0.00
INVESTMENT IN BPHA 3,076,221.56 3,076,221.56
SPECIAL DEPOSITS 232,392.48 232,392.48
INVESTMENT IN EBI 0.00 0.00
OTHER INVESTMENTS 368,823.07 368,823.07
NON-OPERATING PROP. 507,189.23 507,189.23
-----------------------------------------------------------------------------------------------
TOTAL OTHER INVESTMENTS 23,928,892.68 3,076,221.56 (1,628,547.90) 25,376,566.34
-----------------------------------------------------------------------------------------------
CASH & TEMP. INVESTS. 817,001.13 605,312.31 1,952.17 1,424,265.61
-----------------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE:
NOTES RECEIVABLE 114,671.17 114,671.17
A/R CUSTOMER ACCTS. 17,573,032.79 121,296.92 (1,353,585.00) 16,340,744.71
MISCELLANEOUS 1,872,300.79 170,201.00 1,178,535.00 3,221,036.79
RES. FOR BAD DEBTS (1,450,000.00) (1,450,000.00)
-----------------------------------------------------------------------------------------------
TOTAL ACCOUNTS RECEIV. 18,110,004.75 170,201.00 1,178,535.00 121,296.92 (1,353,585.00) 18,226,452.67
-----------------------------------------------------------------------------------------------
UNBILLED REVENUE 8,821,440.00 8,821,440.00
-----------------------------------------------------------------------------------------------
INCOME TAX REFUND REC.
-----------------------------------------------------------------------------------------------
ADVANCES TO BPHA 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------
INVENTORIES:
MATERIALS & SUPPLIES 3,219,475.12 (190,564.47) 3,028,910.65
-----------------------------------------------------------------------------------------------
FUEL OIL 0.00 105,871.31 105,871.31
-----------------------------------------------------------------------------------------------
PREPAID EXPENSES:
INSURANCE 1,123,936.21 1,123,936.21
TAXES 613,571.11 613,571.11
-----------------------------------------------------------------------------------------------
TOTAL PREPAID EXPENSES 1,123,936.21 613,571.11 1,737,507.32
-----------------------------------------------------------------------------------------------
DEFERRED FUEL COSTS 0.00 (2,016,798.35) (2,016,798.35)
-----------------------------------------------------------------------------------------------
DEFERRED PURCH POWER 2,418,658.51 2,418,658.51
-----------------------------------------------------------------------------------------------
CURRENT DEF. TAXES 0.00 (129,633.00) (44,660.55) 174,293.55 0.00
-----------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 34,510,515.72 645,880.31 1,135,826.62 (1,192,329.93) (1,353,585.00) 33,746,307.72
-----------------------------------------------------------------------------------------------
INVEST. IN SEABROOK 33,766,028.65 33,766,028.65
-----------------------------------------------------------------------------------------------
DEFERRED FUEL:
DEF. FUEL COSTS AND
INTEREST COSTS (2,016,798.35) 2,016,798.35 0.00
0.00 0.00
-----------------------------------------------------------------------------------------------
TOTAL DEFERRED FUEL (2,016,798.35) 2,016,798.35
-----------------------------------------------------------------------------------------------
DEF. QF CONTRACT BUYOUT 192,140,252.03 192,140,252.03
-----------------------------------------------------------------------------------------------
DEF. REGULATORY ASSET 575,981.41 29,752,470.00 30,328,451.41
-----------------------------------------------------------------------------------------------
INVESTMENT IN BASIN MILLS 8,695,539.45 8,695,539.45
-----------------------------------------------------------------------------------------------
PREPAID PENSION 0.00 (626,249.00) (626,249.00)
-----------------------------------------------------------------------------------------------
OTHER DEFERRED DEBITS:
UNAMORT DEBT DISCOUNT 4,063,872.83 4,063,872.83
CLEARING ACCOUNTS 4,134,611.03 (4,033,460.50) 101,150.53
PRELIM. SURVEY 8,954,109.37 (8,954,109.37) 0.00
OTHER DEF. DEBITS 260,349.10 600,515.10 860,864.20
-----------------------------------------------------------------------------------------------
TOTAL OTHER DEFERRED DEBITS 17,412,942.33 0.00 0.00 (12,387,054.77) 0.00 5,025,887.56
-----------------------------------------------------------------------------------------------
DEMAND-SIDE MANAGEMENT COSTS 1,945,943.58 1,945,943.58
-----------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES 243,824,349.65 0.00 0.00 27,451,504.03 0.00 271,275,853.68
-----------------------------------------------------------------------------------------------
TOTAL ASSETS 539,797,544.88 645,880.31 4,212,048.18 30,455,641.50 (2,982,132.90) 572,128,981.97
===============================================================================================
CAPITALIZATION
COMMON STOCK INVEST.
COMMON STOCK BHE (36,507,785.00) (36,507,785.00)
PAID IN CAPITAL (56,610,547.80) (56,610,547.80)
RETAINED EARNINGS (10,073,347.14) (577,346.70) (1,051,201.20) 1,628,547.90 (10,073,347.14)
-----------------------------------------------------------------------------------------------
(103,191,679.94) (577,346.70) (1,051,201.20) 1,628,547.90 (103,191,679.94)
-----------------------------------------------------------------------------------------------
PREFERRED STOCK (20,096,881.30) 15,362,881.30 (4,734,000.00)
-----------------------------------------------------------------------------------------------
PFD STOCK-MAND. RED. 3,000,000.00 (15,362,881.30) (12,362,881.30)
-----------------------------------------------------------------------------------------------
LONG-TERM DEBT:
LONG-TERM DEBT (301,720,703.00) (301,720,703.00)
LESS: SINKING FUND REQ
(INCLUDES PFD STOCK) 13,645,737.00 13,645,737.00
-----------------------------------------------------------------------------------------------
TOTAL LONG-TERM DEBT (288,074,966.00) (288,074,966.00)
-----------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION (408,363,527.24) (577,346.70) (1,051,201.20) 1,628,547.90 (408,363,527.24)
-----------------------------------------------------------------------------------------------
NOTES PAYABLE (35,000,000.00) (35,000,000.00)
-----------------------------------------------------------------------------------------------
CURRENT MATUR. LTD AND
PREFERRED STOCK (16,645,737.00) (16,645,737.00)
-----------------------------------------------------------------------------------------------
ACCOUNTS PAYABLE:
ACCOUNTS PAYABLE
(INCLUDES WAGES PAY.) (13,261,521.62) (4,849.00) 1,353,585.00 (11,912,785.62)
WAGES PAYABLE 0.00 0.00
GENERAL TAXES 1,999,715.31 (613,571.11) 1,386,144.20
-----------------------------------------------------------------------------------------------
TOTAL ACCOUNTS PAYABLE (11,261,806.31) (4,849.00) (613,571.11) 1,353,585.00 (10,526,641.42)
-----------------------------------------------------------------------------------------------
DIVIDENDS PAYABLE (1,709,209.06) (1,709,209.06)
-----------------------------------------------------------------------------------------------
ACCRUED INTEREST:
LONG-TERM DEBT AND MISC DEBT (4,907,819.61) (4,907,819.61)
MISC. DEBT 0.00 0.00
-----------------------------------------------------------------------------------------------
TOTAL ACCRD. INTEREST (4,907,819.61) (4,907,819.61)
-----------------------------------------------------------------------------------------------
CUSTOMER DEPOSITS (348,675.99) (348,675.99)
-----------------------------------------------------------------------------------------------
INCOME TAXES PAYABLE:
STATE-CURRENT 12,808,606.32 269,068.68 836,160.90 13,913,835.90
FEDERAL-CURRENT 46,763,537.67 956,365.38 1,894,849.37 49,614,752.42
-----------------------------------------------------------------------------------------------
TOTAL INC. TAXES PAY. 59,572,143.99 1,225,434.06 2,731,010.27 (63,528,588.32) 0.00
-----------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 24,698,896.02 1,225,434.06 2,726,161.27 (64,142,159.43) 1,353,585.00 (34,138,083.08)
-----------------------------------------------------------------------------------------------
DEFERRED CREDITS & RES:
DEF INC TAXES-SEABROOK (8,303,992.00) (9,242,363.00) (17,546,355.00)
-----------------------------------------------------------------------------------------------
OTHER DEF INC TAXES (95,006,149.81) (1,293,967.67) (5,887,008.25) 51,412,091.77 (50,775,033.96)
-----------------------------------------------------------------------------------------------
DEFERRED REG. LIABILITY (8,567,904.00) (8,567,904.00)
-----------------------------------------------------------------------------------------------
BASIN MILLS RESERVE (8,695,539.45) (8,695,539.45)
-----------------------------------------------------------------------------------------------
UNAMORTIZED ITC (2,354,052.00) (2,354,052.00)
-----------------------------------------------------------------------------------------------
OTHER:
CUSTOMER ADVANCES (746,746.45) (746,746.45)
DEF. REVENUE SHARING 0.00
DEF. ESTAB. CHARGES 0.00
OTHER DEF. CREDITS
(INCLUDES ACCRD AUDIT) (6,026,433.95) 84,693.16 (5,941,740.79)
ACCRD AUDIT & TAX 0.00 0.00
-----------------------------------------------------------------------------------------------
(6,773,180.40) 84,693.16 (6,688,487.24)
-----------------------------------------------------------------------------------------------
TOTAL DEF CREDITS & RES. (121,132,913.66) (1,293,967.67) (5,887,008.25) 33,686,517.93 (94,627,371.65)
-----------------------------------------------------------------------------------------------
TOTAL LIABS & CAPITAL. (539,797,544.88) (645,880.31) (4,212,048.18) (30,455,641.50) 2,982,132.90 (572,128,981.97)
===============================================================================================
TOTAL ASSETS 539,797,544.88 645,880.31 4,212,048.18 30,455,641.50 (2,982,132.90) 572,128,981.97
===============================================================================================
</TABLE>
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 3
RECLASSIFICATION ENTRIES
FOR THE TWELVE MONTHS ENDED 12/31/95
NUMBER DESCRIPTION DEBIT CREDIT
BANGOR HYDRO RECLASSIFICATIONS
1 CONST WORK IN PROGRESS 4,317,464.40
CLEARING ACCOUNTS (4,033,160.58)
OTHER DEFERRED CHARGES (25,733.90)
PRELIMINARY SURVEY & INVEST. (258,569.92)
TO RECLASSIFY CWIP PROJECTS
2 ACCOUNTS RECEIVABLE 120,997.00
INVESTMENT IN MYAPCO (117,250.00)
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 105,871.31
MATERIALS & SUPPLIES (105,871.31)
TO SEPARATELY BREAK-OUT FUEL OIL
5 ACCOUNTS RECEIVABLE 299.92
CLEARING ACCOUNTS (299.92)
TO BREAK-OUT ADVANCES TO BPHA
6 INVESTMENT IN BASIN MILLS 8,695,539.45
PRELIMINARY SURVEY & INVEST. (8,695,539.45)
CONSTRUCTION WORK IN PROGRESS 0.00
RECLASS BASIN MILLS INVESTMENT
7 DEFERRED FUEL-CURRENT (2,016,798.35)
DEFERRED FUEL-NONCURRENT 2,016,798.35
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 (626,249.00)
OTHER DEFERRED CHARGES 626,249.00
TO RECLASS PREPAID PENSION COST
10 PREPAID EXPENSES 613,571.11
GENERAL TAXES (A/P) (613,571.11)
TO RECLASS GENERAL TAXES DEBIT BAL.
11 RECEIVABLE-FED TAXES (A/R) 0.00
CURRENT DEF. TAX ASSETS 174,293.55
OTHER ACCUM DEF. INCOME TAXES 63,354,294.77
CURRENT INCOME TAXES PAYABLE (63,528,588.32)
ENTRY TO CORRECT DEFD & CURRENT TAXES
12 PREFERRED STOCK 15,362,881.30
PRFD STOCK-MANDATORY RED. (15,362,881.30)
RECLASS MAND RED. PRFD STOCK
BANGOR HYDRO-ELECTRIC COMPANY
RECLASSIFICATION ENTRIES PAGE 2 OF 3
FOR THE TWELVE MONTHS ENDED 12/31/95
NUMBER DESCRIPTION DEBIT CREDIT
BANGOR HYDRO RECLASSIFICATIONS
13 DEF REGULATORY ASSET 29,752,470.00
DEF INC TAXES-SEABROOK (9,242,363.00)
OTHER DEF INC TAXES (11,942,203.00)
DEFERRED REGULATORY LIABILITY (8,567,904.00)
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 14,098,445.45
PURCHASED POWER EXPENSE 100,955.47
FUEL CHARGE REVENUE (14,199,400.92)
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 0.00
FUEL CHARGE REVENUE 0.00
RECLASS INTEREST ON DEFERRED FUEL
18 MISCELLANEOUS INCOME 927,209.23
MISCELLANEOUS OTHER (927,209.23)
RECLASS MISC INCOME TO NON-OPERATING
19 MISCELLANEOUS INCOME 0.00
GENERAL TAXES 0.00
RECLASS BELOW-THE-LINE PROPERTY TAXES
PHC AND BANGOR VAR RECLASSIFS.
20 EQUITY EARNINGS IN BPHA 1,025,293.30
BASE RATE REVENUE (922,763.97)
MISCELLANEOUS INCOME (102,529.33)
-------------- ----------------
136,091,232.07 (136,091,232.07)
-------------- ----------------
BANGOR HYDRO-ELECTRIC COMPANY
RECLASSIFICATION ENTRIES PAGE 3 OF 3
FOR THE TWELVE MONTHS ENDED 9/30/95
DEBITS CREDITS
SUMMARY OF IMPACT OF RECLASSIFICATIONS
INCOME STATEMENT ACCOUNTS:
BASE RATE REVENUE (922,763.97)
FUEL CHARGE REVENUE (14,199,400.92)
EQUITY EARNINGS IN BPHA 1,025,293.30
FUEL EXPENSE 14,098,445.45
PURCHASED POWER EXPENSE 100,955.47
GENERAL TAXES 0.00
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 824,679.90
STATE INCOME TAXES ON OTHER INCOME 0.00
FEDERAL INCOME TAXES ON OTHER INCOME 0.00
MISCELLANEOUS INTEREST 0.00
MISCELLANEOUS OTHER (927,209.23)
------------- ---------------
TOTAL INCOME STATEMENT ACCOUNTS 16,049,374.12 (16,049,374.12)
------------- ---------------
BALANCE SHEET ACCOUNTS:
CONSTRUCTION WORK IN PROGRESS, NET 4,317,464.40
INVESTMENT IN MYAPCO (117,250.00)
INVESTMENT IN MEPCO (3,747.00)
ACCOUNTS RECEIVABLE 121,296.92
ACCOUNTS RECEIVABLE MISCELLANEOUS 0.00
INCOME TAX REFUNDS RECEIVABLE 0.00
ADVANCES TO BPHA
MATERIALS AND SUPPLIES INVENTORIES (190,564.47)
FUEL OIL INVENTORIES 105,871.31
PREPAID EXPENSES 613,571.11
DEFERRED FUEL-CURRENT (2,016,798.35)
CURRENT DEFERRED INCOME TAXES 174,293.55
DEFERRED FUEL COSTS-NONCURRENT 2,016,798.35
DEF. REGULATORY ASSET 29,752,470.00
PRELIMINARY SURVEY & INVESTIGATION (8,954,109.37)
INVESTMENT IN BASIN MILLS 8,695,539.45
PREPAID PENSION COSTS (626,249.00)
OTHER DEFERRED CHARGES, NET (3,432,945.40)
PREFERRED STOCK 15,362,881.30
PRFD STOCK-MANDATORY RED. (15,362,881.30)
GENERAL TAXES (A/P) (613,571.11)
INCOME TAXES PAYABLE, NET (63,528,588.32)
DEFERRED INC. TAXES-SEABROOK (9,242,363.00)
OTHER DEF INC TAXES, NET 63,354,294.77 (11,942,203.00)
DEFERRED REG. LIABILITY (8,567,904.00)
OTHER RESERVES, NET 84,693.16
-------------- ----------------
BALANCE SHEET TOTALS 119,939,328.62 (119,939,328.62)
-------------- ----------------
GRAND TOTALS 135,988,702.74 (135,988,702.74)
============== ================
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 1
ELIMINATING ENTRIES
FOR THE TWELVE MONTHS ENDED 9/30/95
NUMBER DESCRIPTION DEBIT CREDIT
1 GENERAL RATE REVENUES 610,422.48
MISCELLANEOUS INCOME 67,823.62
INVESTMENT IN PENOBSCOT HYDRO (678,246.10)
TO ELIMINATE PHC P&L ACTIVITY
2 MISC. INTEREST INCOME 22,587.30
INVESTMENT IN BANGOR VAR (22,587.30)
TO ELIMINATE BVC P&L ACTIVITY
3 RETAINED EARNINGS-PHC 642,955.10
INVESTMENT IN PHC (642,955.10)
ELIMINATE BHE INVESTMENT IN PHC
4 RETAINED EARNINGS-BANGOR VAR 554,759.40
INVESTMENT IN BVC (554,759.40)
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
7 INVESTMENT IN SUB.-PHC 270,000.00
DIVIDENDS DECLARED-SUB. PHC (270,000.00)
------------- --------------
3,522,132.90 (3,522,132.90)
------------- --------------
SUMMARY OF IMPACT OF ELIMINATIONS DEBIT CREDIT
INVESTMENT IN BANGOR VAR (577,346.70)
INVESTMENT IN PHC, NET (1,051,201.20)
ACCOUNTS RECEIVABLE (1,353,585.00)
RETAINED EARNINGS-BANGOR VAR 554,759.40
RETAINED EARNINGS-PHC 642,955.10
DIVIDENDS DECLARED-PHC (270,000.00)
ACCOUNTS PAYABLE 1,353,585.00
BASE RATE REVENUES 610,422.48
EQUITY EARNINGS-PHC 67,823.62
EQUITY EARNINGS-BVC 22,587.30
------------ --------------
3,252,132.90 (3,252,132.90)
============ ==============
EAST BRANCH IMPROVEMENT COMPANY
BALANCE SHEETS
DECEMBER 31, 1995 AND 1994
1995 1994
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $8,310 $10,062
Accounts receivable 37,500 37,500
Prepaid taxes 17,023 9,976
------------------------
Total Current Assets $62,833 $57,538
------------------------
Investments:
Godfrey Falls Dam Company $2,850 $2,850
Sawtelle Brook Dam and
Improvement Company 825 825
------------------------
Total Investments $3,675 $3,675
------------------------
Property and Equipment:
Dams, Buildings, Equipment,
Land & Land Rights $1,216,197 $1,216,197
Accumulated Depreciation (673,810) (645,641)
------------------------
Net Property and Equipment $542,387 $570,556
------------------------
Total Assets $608,895 $631,769
========================
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Accounts Payable, Trade $0 $14,354
Accounts Payable, Bangor Hydro-
Electric Company 83,305 110,674
Other Accrued Expenses 908 711
------------------------
Total Current Liabilities $84,213 $125,739
------------------------
Long-term Liabilities:
Deferred Federal and State
Income Taxes $160,996 $163,216
------------------------
Capitalization:
Common Stock $302,925 $302,925
Retained Earnings 60,761 39,889
------------------------
Total Capitalization $363,686 $342,814
------------------------
$608,895 $631,769
========================
Unaudited - For Management Discussion Purposes Only
EAST BRANCH IMPROVEMENT COMPANY
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, AND 1993
1995 1994 1993
---- ---- ----
Revenues:
Downstream Charges $150,000 $105,000 $90,000
------------------------------------
Expenses:
Operation and Maintenance $74,441 $76,981 $74,380
Depreciation Expense 28,169 26,721 25,200
Property and Payroll Taxes 29,288 41,822 42,195
Income Taxes (2,220) (6,568) 12,387
------------------------------------
Total Expenses $129,678 $138,956 $154,162
------------------------------------
Gross Profit (Loss) $20,322 ($33,956) ($64,162)
------------------------------------
Other Income:
Interest and Rental Income $550 $420 $1,102
------------------------------------
Net Income (Loss) $20,872 ($33,536) ($63,060)
Add: Retained Earnings Balance
at Beginning of Year 39,889 73,425 136,485
------------------------------------
Retained Earnings at End of Year $60,761 $39,889 $73,425
====================================
Unaudited - For Management Discussion Purposes Only
MAINE ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR PERIOD ENDING DECEMBER 31, 1995 AND 1994
(Dollars in thousands except per share amounts)
1995 1994
OPERATING REVENUES
SALES FOR RESALE $ 46,697 $ 22,047
WHEELING 2,491 2,128
SUPPORT CHARGES AND OTHER 511 571
--------- ---------
TOTAL OPERATING REVENUES $ 49,699 $ 24,746
OPERATING EXPENSES
PURCHASED POWER $ 46,697 $ 22,047
OPERATION 759 634
MAINTENANCE 442 220
DEPRECIATION 1,383 1,383
TAXES
FEDERAL/STATE INCOME 0 29
LOCAL PROPERTY/OTHER 250 241
--------- ---------
TOTAL OPERATING EXPENSES $ 49,531 $ 24,554
OPERATING INCOME $ 168 $ 192
ALLOWANCE FOR EQUITY FUNDS
USED DURING CONSTRUCTION - -
OTHER INCOME AND DEDUCTIONS 33 19
--------- ---------
INCOME BEFORE INTEREST CHARGES $ 201 $ 211
--------- ---------
INTEREST CHARGES
LONG-TERM DEBT $ 96 $ 106
OTHER INTEREST CHARGES-NET - -
ALLOWANCE FOR BORROWED FUNDS
USED DURING CONSTRUCTION - -
--------- ---------
TOTAL INTEREST CHARGES $ 96 $ 106
--------- ---------
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, 1995 AND 1994
(DOLLARS IN THOUSANDS)
1995 1994
ELECTRIC PROPERTY, ORIGINAL COST $ 23,135 $ 23,099
LESS:ACCUMULATED DEPRECIATION 21,777 20,463
--------- ---------
$ 1,358 $ 2,636
CONSTRUCTION WORK IN PROGRESS 12 -
--------- ---------
NET ELECTRIC PROPERTY $ 1,370 $ 2,636
--------- ---------
CURRENT ASSETS
CASH $ 2 $ 33
TEMPORARY INVESTMENTS, ETC. 420 490
ACCOUNTS RECEIVABLE 3,268 2,634
REFUND DUE FROM PARTICIPANTS 76 -
OTHER CURRENT ASSETS 145 141
--------- ---------
TOTAL CURRENT ASSETS $ 3,911 $ 3,298
--------- ---------
DEFERRED CHARGES $ 638 $ 628
--------- ---------
$ 5,919 $ 6,562
========= =========
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 $ 870 $ 1,730
--------- ---------
TOTAL CAPITALIZATION $ 1,748 $ 2,608
--------- ---------
CURRENT LIABILITIES
CURRENT SINKING FUND REQUIREMENT $ 860 $ 860
ACCOUNTS PAYABLE 211 216
BANK CHECKS OUTSTANDING 12 -
DIVIDENDS PAYABLE 26 26
ACCRUED PURCHASED POWER 2,906 2,323
REFUND DUE TO PARTICIPANTS - 43
ACCRUED INTEREST. TAXES AND OTHER 40 13
--------- ---------
TOTAL CURRENT LIABILITIES $ 4,055 $ 3,481
--------- ---------
DEFERRED CREDITS
ACCUMULATED DEFERRED INCOME TAXES $ 0 $ 250
UNAMORTIZED INVESTMENT TAX CREDITS 53 89
OTHER DEFERRED CREDITS 31 41
UNAMORTIZED GAIN ON REAQUIRED DEBT 32 93
--------- ---------
TOTAL DEFERRED CREDITS $ 116 $ 473
--------- ---------
$ 5,919 $ 6,562
========= =========
BANGOR-PACIFIC HYDRO ASSOCIATES AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1995 AND 1994
ASSETS 1995 1994
Current Assets:
Cash and Cash Equivalents $2,055,651.70 $1,807,556.04
Accounts Receivable 1,326,254.37 1,154,675.43
Prepaid Expenses 16,912.50 15,392.59
--------------------------------
Total Current Assets $3,398,818.57 $2,977,624.06
--------------------------------
Property, Plant and Equipment,
at Cost $44,035,110.54 $43,977,498.10
Less: Accumulated Depreciation (6,426,943.47) (5,572,433.08)
--------------------------------
$37,608,167.07 $38,405,065.02
--------------------------------
TOTAL ASSETS $41,006,985.64 $41,382,689.08
================================
LIABILITIES AND PARTNERS' CAPITAL
Current Liabilities:
Current Portion of Long-term Debt $1,900,000.00 $1,800,000.00
Accounts Payable 0.00 24,980.31
Accrued Expenses 51,630.76 98,824.49
Accrued Interest 302,911.83 317,027.83
--------------------------------
Total Current Liabilities $2,254,542.59 $2,240,832.63
Long-term Debt, Net of
Current Portion 32,599,999.98 34,499,999.98
--------------------------------
Total Liabilities $34,854,542.57 $36,740,832.61
Partners' Capital 6,152,443.07 4,641,856.47
--------------------------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $41,006,985.64 $41,382,689.08
================================
UNAUDITED-FOR MANAGEMENT DISCUSSION PURPOSES ONLY
BANGOR-PACIFIC HYDRO ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 and 1993
1995 1994 1993
REVENUES:
Sale of Power $7,276,621.59 $6,880,409.36 $7,369,773.93
------------------------------------------------
EXPENSES:
Operation and Maintenance $282,291.53 $623,456.63 $478,858.41
Depreciation expense 862,279.00 855,365.00 856,494.08
Property Taxes 403,941.64 380,878.11 391,030.56
Prop., Personal, & Liab. Insur 29,682.63 76,632.86 74,001.16
Royalty Expense 67,444.15 59,886.25 67,608.62
G & A Expenses-Pacific Energy 11,455.60 9,107.37 10,281.48
G & A Expenses-Bangor Hydro 18,615.37 61,243.40 83,640.63
------------------------------------------------
Total Expenses $1,675,709.92 $2,066,569.62 $1,961,914.94
------------------------------------------------
Operating Income $5,600,911.67 $4,813,839.74 $5,407,858.99
------------------------------------------------
OTHER INCOME AND (EXPENSE):
Interest Expense ($3,657,357.35) ($3,790,585.15) ($3,908,582.18)
Investment and Other Income 107,032.28 76,942.94 68,895.28
------------------------------------------------
($3,550,325.07) ($3,713,642.21) ($3,839,686.90)
------------------------------------------------
NET INCOME $2,050,586.60 $1,100,197.53 $1,568,172.09
Partners' Capital Beginning
of Year 4,641,856.47 4,341,658.94 2,773,486.85
Less: Partners' Distributions (540,000.00) (800,000.00) 0.00
------------------------------------------------
Partners' Capital End of Year $6,152,443.07 $4,641,856.47 $4,341,658.94
================================================
UNAUDITED-FOR MANAGEMENT DISCUSSION PURPOSES ONLY
Chester SVC Partnership
Balance Sheets
December 31, 1995 and 1994
1995 1994
ASSETS
Electric Property, Original Cost $31,993,248 $31,990,624
Less: Accumulated Depreciation (5,296,095) (4,221,057)
-------------------------
Net Electric Property $26,697,153 $27,769,567
-------------------------
Current Assets
Cash $95,651 $48,430
Temporary Investments 200,000 325,000
Accounts Receivable 426,558 421,808
Other Current Assets 101,164 118,368
-------------------------
Total Current Assets $823,373 $913,606
-------------------------
Other Assets
Deferred Charges $639,842 $678,262
Special Funds 1,887,682 1,963,696
-------------------------
Total Other Assets $2,527,524 $2,641,958
-------------------------
TOTAL ASSETS $30,048,050 $31,325,131
=========================
LIABILITIES AND PARTNERS' CAPITAL
Capitalization
Partners' Capital $0 $0
Notes Payable, Less Current Portion 28,203,619 29,386,709
-------------------------
Total Capitalization $28,203,619 $29,386,709
-------------------------
Current Liabilities
Notes Payable $1,183,090 $1,183,090
Accounts Payable 205,445 258,395
Accrued Interest 84,045 87,428
Advanced Billing - NHH 371,851 409,509
-------------------------
Total Current Liabilities $1,844,431 $1,938,422
-------------------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $30,048,050 $31,325,131
=========================
Chester SVC Partnership
Statement of Income
For the Years Ended December 31, 1995, 1994 and 1993
1995 1994 1993
Operating Revenues $5,016,259 $5,173,287 $5,056,539
-------------------------------------
Operating Expenses:
Operation & Maintenance $829,974 $883,006 $868,754
Depreciation 1,075,038 1,074,951 995,233
Taxes - Property 156,716 148,570 150,371
-------------------------------------
Total Operating Expenses $2,061,728 $2,106,527 $2,014,358
-------------------------------------
Operating Income $2,954,531 $3,066,760 $3,042,181
-------------------------------------
Other Expense(Income)
Interest Charges $3,114,299 $3,226,808 $3,200,682
Interest Income (159,768) (160,048) (158,501)
-------------------------------------
Total Other Expense(Income) $2,954,531 $3,066,760 $3,042,181
-------------------------------------
Net Income $0 $0 $0
=====================================
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from Bangor
Hydro-Electric Company's 1995 Form U3A2 and is qualified in its entirety by
reference to such U3A2.
</LEGEND>
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