UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-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 107,000 customers.
Penobscot Natural Gas Company, Inc. ("Penobscot Gas") is a
corporation organized under Maine law in 1998. It was formed to be a
general partner whose sole function is to own Bangor Hydro's interest
in Bangor Gas Company, LLC ("Bangor Gas"). Bangor Gas is a limited
liability company organized under Maine law in 1997. It was formed
to be a local natural gas distribution company in the greater Bangor,
Maine area. Bangor Gas has obtained all necessary regulatory
approvals to provide such service and is currently in the process of
constructing a gas distribution system in the Bangor area with the
expectation of providing natural gas service in 2000. Bangor Gas's
address is 21 Main Street, Bangor, Maine. Penboscot Gas has the
option to acquire through capital contribution up to fifty percent
(50%) of Bangor Gas's capital stock, with the remainder held by
Sempra Energy Utility Ventures.
Bangor Energy Resale, Inc. ("Bangor Energy") is a corporation
organized under Maine law in 1997. It was formed for a single
purpose, to facilitate Bangor Hydro's use of a power sales agreement
with Unitil Power Corp. (the "Unitil contract") as collateral for a
bank loan. Under the arrangement (1) Bangor Hydro assigned the
Unitil contract to Bangor Energy; (2) Bangor Energy purchases
wholesale utility service from Bangor Hydro to allow Bangor Energy to
perform the Unitil contract; (3) Bangor Energy borrowed money from
lenders, assigning said lenders a security interest in the Unitil
contract; and (4) Bangor Energy transferred the net proceeds of the
loan to Bangor Hydro. The entire transaction was reviewed and
approved by the Federal Energy Regulatory Commission and the Maine
Public Utilities Commission. Bangor Energy's address is 33 State
Street, Bangor, Maine. All of its capital stock is owned by Bangor
Hydro.
CareTaker, Inc. is a corporation organized under Maine law in
1997. It was formed to provide security alarm services on a retail
basis to residential and commercial customers within Maine.
CareTaker's address is 30 Industrial Plaza, Brewer, Maine. All of
its capital stock is owned by Bangor Hydro.
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.
Bangor Var Co.'s address is 33 State Street, Bangor, Maine. All of
its capital stock is owned by Bangor Hydro.
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.
Neither Bangor Energy Resale, Inc., CareTaker, Inc., 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. Bangor Gas
Company, LLC is a natural gas utility, but did not provide service
during 1999 to any customers.
2. Bangor Hydro owns four internal combustion generating plants
and one inactive steam generating plant, all located within its
service area in the State of Maine. It also owns approximately 600
miles of transmission lines and approximately 3,600 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, an inactive nuclear generating facility in the process of
being decommissioned.
As indicated above, MEPCO owns a 345 KV transmission line.
3. Bangor Hydro submits the following information with respect
to its sales and purchases of electric energy during the calendar
year 1999:
(a) KWH of electric energy sold
(at retail and wholesale):
STATE KWH REVENUES
ALL 1,898,119,700 $195,712,591
(b) KWH distributed at retail
outside the State of Maine: None
(c) KWH of electric energy sold
at wholesale outside of Maine or
at the State line sold through
the New England Power Pool:
STATE* KWH REVENUES
Massachusetts 84,138,000 $1,315,218
New Hampshire 44,711,000 $11,626,531
Kentucky 160,000 $5,480
TOTAL 129,009,000 $12,947,230
(d) KWH purchased outside the State
of Maine or at the State line:
STATE* KWH EXPENSES
Massachusetts 278,144,000 $10,702,328
New Hampshire 125,077,000 $3,502,888
New Brunswick 781,047,000 $21,484,207
Connecticut 252,456,000 $7,159,185
Pennsylvania 13,711,000 $352,107
TOTAL 1,450,435,000 $43,200,715
*-For purposes of this analysis, system purchases and
sales are assumed to be made in the State that is the
principal place of business of the wholesale purchaser
or seller.
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 retained earnings of
Bangor Hydro and its subsidiary companies for the calendar year 1999
together with consolidating balance sheets of Bangor Hydro and its
subsidiary companies as of the close of the calendar year 1999 are
attached hereto as Exhibit A. With the exception of MEPCO, Penobscot
Gas and Bangor Var Co., Inc., during 1999 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, Bangor-Pacific and Bangor Gas, financial statements
are not consolidated because Bangor Hydro or its wholly-owned
subsidiaries do not own a majority interest. The 1999 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 1999 financial statements for MEPCO, the Chester
SVC Partnership and Bangor Gas.
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 25th day of February,
2000.
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 04402
<TABLE>
Bangor Hydro-Electric Company
Consolidating Statement of Income
For the Twelve Months Ended December 31, 1999
<CAPTION>
Bangor
Hydro PHC BVC Caretaker BERI
<S> <C> <C> <C> <C> <C>
Total Operating Revenue 187,494,919 865,173 0 0 0
Operating Expenses:
Fuel for Generation and Purchased Power 73,893,414 0 0 0 (6,092,258)
Other Operation & Maintenance 36,473,367 57 0 0 18,242
Depreciation and Amortization 8,063,939 0 0 0 0
Amortization of Seabrook Nuclear Unit 1,699,050 0 0 0 0
Amortization of Contract Buyouts 20,801,816 0 0 0 0
Taxes -
Property and Payroll 5,059,140 0 0 0 0
Federal and State Income 7,024,683 353,285 (245,555) 0 1,876,082
Total Operating Expenses 153,015,409 353,342 (245,555) 0 (4,197,934)
Operating Income 34,479,510 511,831 245,555 0 4,197,934
Other Income and (Deductions):
Allowance for Equity Funds Used
During Construction (326,026) 0 0 0 0
Other, Net of Applicable Income Taxes 3,333,925 0 2,929 (86,349) 43,709
3,007,899 0 2,929 (86,349) 43,709
Income Before Interest Expense 37,487,409 511,831 248,484 (86,349) 4,241,643
Interest Expense:
Long-term Debt 17,636,022 0 0 0 1,368,602
Other 1,285,853 0 0 13 107,681
Allowance for Borrowed Funds Used
During Construction 284,933 0 0 0 0
19,206,808 0 0 13 1,476,283
Net Income 18,280,601 511,831 248,484 (86,362) 2,765,360
Preferred Dividend Accrual ---------- ------- -------- -------- ---------
Weighted Avg. No. of Shares Outstanding
Earnings Per Common Share
Penobscot BHE/BERI
Gas Elim. Elim. Reclass Totals
<S> <C> <C> <C> <C> <C>
Total Operating Revenue 0 (460,648) (2,765,360) 12,860,712 197,994,796
Operating Expenses:
Fuel for Generation and Purchased Power 0 0 0 12,947,229 80,748,385
Other Operation & Maintenance 0 0 0 0 36,491,666
Depreciation and Amortization 0 0 0 0 8,063,939
Amortization of Seabrook Nuclear Unit 0 0 0 0 1,699,050
Amortization of Contract Buyouts 0 0 0 0 20,801,816
Taxes -
Property and Payroll 0 0 0 0 5,059,140
Federal and State Income 0 0 0 (35,329) 8,973,166
Total Operating Expenses 0 0 0 12,911,900 161,837,162
Operating Income 0 (460,648) (2,765,360) (51,188) 36,157,634
Other Income and (Deductions):
Allowance for Equity Funds Used
During Construction 0 0 0 0 (326,026)
Other, Net of Applicable Income Taxes (147,178) (66,127) 0 51,188 3,132,097
(147,178) (66,127) 0 51,188 2,806,071
Income Before Interest Expense (147,178) (526,775) (2,765,360) 0 38,963,705
Interest Expense:
Long-term Debt 0 0 0 0 19,004,624
Other 0 0 0 0 1,393,547
Allowance for Borrowed Funds Used
During Construction 0 0 0 0 284,933
0 0 0 0 20,683,104
Net Income (147,178) (526,775) (2,765,360) 0 18,280,601
Preferred Dividend Accrual --------- --------- ---------- ---------- -----------
945,396
17,335,205
Weighted Avg. No. of Shares Outstanding 7,363,424
Earnings Per Common Share 2.35
==========
</TABLE>
<TABLE>
Bangor Hydro-Electric Company
Consolidating Statement of Retained Earnings
For the Twelve Months Ended December 31, 1998
<CAPTION>
Bangor Penobscot
Bangor Penobscot Bangor Caretaker Energy Natural BHE/BERI
Hydro Hydro Var Resale Gas Elimins. Elimins. Totals
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retained Earnings Balance
at Beginning of Year 22,992,769 1,547,882 62,721 0 2,225,871 (58,270) (3,778,204) 0 22,992,769
Add: Net Income
Year to Date 18,280,601 511,831 248,484 (86,362) 2,765,360 (147,178) (526,775) (2,765,360) 18,280,601
---------- --------- ------- -------- --------- --------- ----------- ----------- ----------
Total 41,273,370 2,059,713 311,205 (86,362) 4,991,231 (205,448) (4,304,979) (2,765,360) 41,273,370
---------- --------- ------- -------- --------- ---------- ----------- ----------- ----------
Deduct:
Dividends -
Preferred Stock (899,718) 0 0 0 0 0 0 0 (899,718)
Common Stock (3,313,541) 0 0 0 0 0 0 0 (3,313,541)
Other (45,678) 0 0 0 0 0 0 0 (45,678)
----------- --------- ------- -------- ---------- --------- ----------- ----------- -----------
Total (4,258,937) 0 0 0 0 0 0 0 (4,258,937)
----------- --------- ------- --------- --------- --------- ----------- ---------- -----------
Retained Earnings at
End of Period 37,014,433 2,059,713 311,205 (86,362) 4,991,231 (205,448) (4,304,979) (2,765,360) 37,014,433
========== ========= ======= ======== ========= ========= ============ =========== ==========
</TABLE>
<TABLE>
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
<CAPTION>
Bangor Penobscot Bangor
ASSETS Hydro Hydro Var Beri Caretaker
<S> <C> <C> <C> <C> <C>
INVESTMENT IN UTILITY PLANT:
Electric Plant in Service 306,970,789 0 0 0 0
Less: Accumulated Depreciation & Amortization 84,825,432 0 0 0 0
222,145,357 0 0 0 0
Construction Work in Progress 5,670,448 0 0 0 (2,202)
227,815,805 0 0 0 (2,202)
Investments in Corporate Joint Ventures:
Maine Yankee Atomic Power Co. 5,441,697 0 0 0 0
Maine Electric Power Co. 533,065 0 0 0 0
233,790,567 0 0 0 (2,202)
OTHER INVESTMENTS 9,182,034 0 0 0 96,836
FUNDS HELD BY TRUSTEE: 21,191,940 0 0 1,506,903 0
CURRENT ASSETS:
Cash & Cash Equivalents 15,503,310 0 116,502 52,523 18,831
Accounts Receivable, Net 17,145,154 0 0 24,468,716 10,120
Unbilled Revenue Receivable 14,127,645 0 0 0 0
Inventories, at Average Cost: 0 0 0 0 0
Materials and Supplies 2,770,211 0 0 0 22,693
Fuel Oil 45,310 0 0 0 0
Prepaid Expenses 277,697 0 0 0 0
Deferred Maine Yankee Refueling Costs 0 0 0 0 0
Total Current Assets 49,869,327 0 116,502 24,521,239 51,644
DEFERRED CHARGES:
Investment in Seabrook Nuclear Project 26,969,829 0 0 0 0
Costs to Terminate Purchased Power Contracts 118,565,234 0 0 0 0
Maine Yankee Decommissioning Costs 46,041,644 0 0 0 0
Deferred Regulatory Assets 293,868 0 0 0 0
Other 14,184,407 0 0 278,175 2
Total Deferred Charges 206,054,982 0 0 278,175 2
Total Assets 520,088,850 0 116,502 26,306,317 146,280
=========== =========== ========= ============ ============
Penobscot BHE/BERI Totals
ASSETS Natural Gas Elimins. Elimins. Reclasses
<S> <C> <C> <C> <C> <C>
INVESTMENT IN UTILITY PLANT:
Electric Plant in Service 0 0 0 0 306,970,789
Less: Accumulated Depreciation & Amortization 0 0 0 0 84,825,432
0 0 0 0 222,145,357
Construction Work in Progress 0 0 0 0 5,668,246
0 0 0 0 227,813,603
Investments in Corporate Joint Ventures:
Maine Yankee Atomic Power Co. 0 0 0 (175,000) 5,266,697
Maine Electric Power Co. 0 0 0 (3,435) 529,630
0 0 0 (178,435) 233,609,930
OTHER INVESTMENTS 328,183 (986,390) (4,991,232) 0 3,629,431
FUNDS HELD BY TRUSTEE: 0 0 0 0 22,698,843
CURRENT ASSETS:
Cash & Cash Equivalents 0 0 0 0 15,691,166
Accounts Receivable, Net 0 0 (23,532,753) 178,435 18,269,672
Unbilled Revenue Receivable 0 0 0 0 14,127,645
Inventories, at Average Cost: 0 0 0 0 0
Materials and Supplies 0 0 0 0 2,792,904
Fuel Oil 0 0 0 0 45,310
Prepaid Expenses 0 0 0 650,301 927,998
Deferred Maine Yankee Refueling Costs 0 0 0 0 0
Total Current Assets 0 0 (23,532,753) 828,736 51,854,695
DEFERRED CHARGES:
Investment in Seabrook Nuclear Project 0 0 0 0 26,969,829
Costs to Terminate Purchased Power Contracts 0 0 0 0 118,565,234
Maine Yankee Decommissioning Costs 0 0 0 0 46,041,644
Deferred Regulatory Assets 0 0 0 36,631,797 36,925,665
Other 0 0 0 (10,807,575) 3,655,009
Total Deferred Charges 0 0 0 25,824,222 232,157,381
Total Assets 328,183 (986,390) (28,523,985) 26,474,523 543,950,280
======= ========= ============ ========== ===========
</TABLE>
<TABLE>
BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
<CAPTION>
Bangor Penobscot Bangor
Hydro Hydro Var Beri Caretaker
STOCKHOLDERS' INVESTMENT & LIABILITIES
<S> <C> <C> <C> <C> <C>
CAPITALIZATION:
Common Stock Investment 132,721,895 0 311,205 4,991,232 205,383
Preferred Stock 4,734,000 0 0 0 0
Preferred Stock Subject to Mandatory Redemption
Exclusive of Current Sinking Fund Requirements 0 0 0 0 0
Long-term Debt, Net of Current Portion 171,600,000 0 0 11,700,000 0
Total Capitalization 309,055,895 0 311,205 16,691,232 205,383
CURRENT LIABILITIES:
Notes Payable-Banks 0 0 0 0 0
Other Current Liabilities-
Current Portion of Long-term Debt and Sinking
Fund Requirements on Preferred Stock 14,000,000 0 0 5,460,000 0
Accounts Payable 36,395,583 0 0 661,850 427
Dividends Payable 1,170,942 0 0 0 0
Accrued Interest 2,500,066 0 0 52,692 0
Customers' Deposits 398,897 0 0 0 0
Deferred Revenue 0 0 0 0 0
Current Income Taxes Payable 3,410,963 0 (2,772,788) 3,704,078 (64,090)
Total Other Current Liabilities 57,876,451 0 (2,772,788) 9,878,620 (63,663)
Total Current Liabilties 57,876,451 0 (2,772,788) 9,878,620 (63,663)
DEFERRED CREDITS & RESERVES:
Deferred Income Taxes - Seabrook 6,661,267 0 0 0 0
Other Accumulated Deferred Income Taxes 45,587,674 0 1,868,710 (263,535) 4,560
Maine Yankee Decommissioning Costs 46,041,644 0 0 0 0
Deferred Gain on Asset Sale 29,357,358 0 0 0 0
Deferred Regulatory Liability 0 0 0 0 0
Unamort. Invest. Tax Credits 882,352 0 709,375 0 0
Accrued Pension 1,094,808 0 0 0 0
Other 23,531,401 0 0 0 0
Total Deferred. Credits & Reserves 153,156,504 0 2,578,085 (263,535) 4,560
Total Stockholders' Investment. & Liabilities 520,088,850 0 116,502 26,306,317 146,280
=========== ========== ========== =========== =========
Penobscot BHE/BERI Totals
STOCKHOLDERS' INVESTMENT & LIABILITIES Natural Gas Elimins. Elimins. Reclasses
<S> <C> <C> <C> <C> <C>
CAPITALIZATION:
Common Stock Investment 469,802 (986,390) (4,991,232) 0 132,721,895
Preferred Stock 0 0 0 0 4,734,000
Preferred Stock Subject to Mandatory Redemption
Exclusive of Current Sinking Fund Requirements 0 0 0 0 0
Long-term Debt, Net of Current Portion 0 0 0 0 183,300,000
Total Capitalization 469,802 (986,390) (4,991,232) 0 320,755,895
CURRENT LIABILITIES:
Notes Payable-Banks 0 0 0 0 0
Other Current Liabilities-
Current Portion of Long-term Debt and Sinking
Fund Requirements on Preferred Stock 0 0 0 0 19,460,000
Accounts Payable 0 0 (23,532,753) 650,301 14,175,408
Dividends Payable 0 0 0 0 1,170,942
Accrued Interest 0 0 0 0 2,552,758
Customers' Deposits 0 0 0 0 398,897
Deferred Revenue 0 0 0 0 0
Current Income Taxes Payable (152,467) 0 0 0 4,125,696
Total Other Current Liabilities (152,467) 0 (23,532,753) 650,301 41,883,701
Total Current Liabilties (152,467) 0 (23,532,753) 650,301 41,883,701
DEFERRED CREDITS & RESERVES:
Deferred Income Taxes - Seabrook 0 0 0 7,333,401 13,994,668
Other Accumulated Deferred Income Taxes 10,848 0 0 8,618,633 55,826,890
Maine Yankee Decommissioning Costs 0 0 0 0 46,041,644
Deferred Gain on Asset Sale 0 0 0 0 29,357,358
Deferred Regulatory Liability 0 0 0 9,872,188 9,872,188
Unamort. Invest. Tax Credits 0 0 0 0 1,591,727
Accrued Pension 0 0 0 10,206,249 11,301,057
Other 0 0 0 (10,206,249) 13,325,152
Total Deferred. Credits & Reserves 10,848 0 0 25,824,222 181,310,684
Total Stockholders' Investment. & Liabilities 328,183 (986,390) (28,523,985) 26,474,523 543,950,280
========= ========= ============ ========== ===========
</TABLE>
EAST BRANCH IMPROVEMENT COMPANY
BALANCE SHEETS
DECEMBER 31, 1999 AND 1998
1999 1998
ASSETS
Current Assets:
Cash and cash equivalents $22,886 $12,225
Accounts receivable 25,000 25,000
Prepaid taxes 16,274 14,573
------------------------
Total Current Assets $64,160 $51,798
------------------------
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, Builds., Equip., Land & Land Rights $1,211,990 $1,211,990
Accumulated Depreciation (771,799) (746,354)
------------------------
Net Property and Equipment $440,191 $465,636
------------------------
Total Assets $508,026 $521,109
========================
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Accounts Payable-Bangor Hydro-Electric Co. $16,228 $14,916
Other Accrued Expenses 908 908
------------------------
Total Current Liabilities $17,136 $15,824
------------------------
Long-term Liabilities:
Deferred Federal and State Income Taxes $147,683 $150,173
------------------------
Capitalization:
Common Stock $302,925 $302,925
Retained Earnings 40,282 52,187
------------------------
Total Capitalization $343,207 $355,112
------------------------
$508,026 $521,109
========================
Unaudited - For Management Discussion Purposes Only
EAST BRANCH IMPROVEMENT COMPANY
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997
1999 1998 1997
Revenues:
Downstream Charges $100,000 $100,000 $100,000
------------------------------------
Expenses:
Operation and Maintenance $59,005 $58,665 $74,622
Depreciation Expense 25,445 25,894 25,904
Property and Payroll Taxes 30,495 29,260 31,189
Income Taxes (2,490) (4,202) (972)
------------------------------------
Total Expenses $112,455 $109,617 $130,743
------------------------------------
Gross Loss ($12,455) ($9,617) ($30,743)
------------------------------------
Other Income:
Interest and Rental Income $550 $550 $1,050
------------------------------------
Net Loss ($11,905) ($9,067) ($29,693)
Add: Retained Earnings Balance at
Beginning of Year 52,187 61,254 90,947
------------------------------------
Retained Earnings at End of Year $40,282 $52,187 $61,254
====================================
Unaudited - For Management Discussion Purposes Only
MAINE ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR PERIOD ENDING DECEMBER 31, 1999 AND 1998
(Dollars in thousands except per share amounts)
1999 1998
OPERATING REVENUES
OPERATING REVENUES $ 2,738 $ 3,514
OTHER NON-UTITLITY REVENUES 198 198
SUPPORT CHARGES AND OTHER 0 0
--------- ---------
TOTAL OPERATING REVENUES $ 2,936 $ 3,712
OPERATING EXPENSES
PURCHASED POWER $ 0 $ 0
OPERATION & MAINTENANCE 1,406 1,440
DEPRECIATION 326 364
TAXES
FEDERAL/STATE INCOME 2,211 629
LOCAL PROPERTY/OTHER 528 457
--------- ---------
TOTAL OPERATING EXPENSES $ 4,471 $ 2,890
OPERATING INCOME $ (1,535) $ 822
ALLOWANCE FOR EQUITY FUNDS
USED DURING CONSTRUCTION 25 4
OTHER INCOME AND DEDUCTIONS 325 202
GAIN ON SALE OF INVESTMENTS AND PROPERTIES 4,567
FEDERAL AND STATE TAXES 0 0
--------- ---------
INCOME BEFORE INTEREST CHARGES $ 3,382 $ 1,028
--------- ---------
INTEREST CHARGES
SHORT-TERM DEBT $ 54 $ 43
LONG-TERM DEBT 18 34
OTHER INTEREST CHARGES-NET - -
ALLOWANCE FOR BORROWED FUNDS
USED DURING CONSTRUCTION - -
--------- ---------
TOTAL INTEREST CHARGES $ 72 $ 77
--------- ---------
NET INCOME $ 3,310 $ 951
========= =========
WEIGHTED AVERAGE NUMBER OF
SHARES OF COMMON STOCK OUTSTANDING 8,785 8,785
========= =========
EARNINGS PER SHARE COMMON STOCK $ 107.93 $ 107.93
========= =========
MAINE ELECTRIC POWER COMPANY
BALANCE SHEET
AT DECEMBER 31, 1999 AND 1998
(Dollars in thousands)
1999 1998
ELECTRIC PROPERTY, ORIGINAL COST $ 23,493 $ 23,633
LESS:ACCUMULATED DEPRECIATION 23,015 22,899
--------- ---------
$ 478 $ 734
CONSTRUCTION WORK IN PROGRESS 2,271 0
--------- ---------
NET ELECTRIC PROPERTY $ 2,749 $ 734
--------- ---------
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $ 4,905 $ 3,494
ACCOUNTS RECEIVABLE 302 577
ACCRUED TAXES 0 0
OTHER CURRENT ASSETS 73 16
--------- ---------
TOTAL CURRENT ASSETS $ 5,280 $ 4,087
--------- ---------
DEFERRED CHARGES $ 38 $ 129
--------- ---------
$ 8,067 $ 4,950
========= =========
COMMON STOCK INVESTMENT AND LIABILITIES
CAPITALIZATION
COMMON STOCK, $100 PAR VALUE, AUTHORIZED
20,000 SHARES, OUTSTANDING 8,785. $ 878 $ 878
RETAINED EARNINGS 2,850 2,338
--------- ---------
TOTAL COMMON STOCK EQUITY $ 3,728 $ 3,216
LONG TERM NOTES DUE IN ANNUAL
INSTALLMENTS THROUGH JULY 1, 1997-
LESS CURRENT SINKING FUND REQUIREMENT $ - $ 220
--------- ---------
TOTAL CAPITALIZATION $ 3,728 $ 3,436
--------- ---------
CURRENT LIABILITIES
CURRENT SINKING FUND REQUIREMENT $ - $ 200
ACCOUNTS PAYABLE 2,506 728
DIVIDENDS PAYABLE 24 24
ACCRUED PURCHASED POWER - -
ACCRUED INTEREST. TAXES AND OTHER 1,144 (79)
--------- ---------
TOTAL CURRENT LIABILITIES $ 3,674 $ 873
--------- ---------
DEFERRED CREDITS
ACCUMULATED DEFERRED INCOME TAXES $ (410) $ (555)
UNAMORTIZED INVESTMENT TAX CREDITS 4 13
OTHER DEFERRED CREDITS 1,071 1,183
--------- ---------
TOTAL DEFERRED CREDITS $ 665 $ 641
--------- ---------
$ 8,067 $ 4,950
========= =========
Chester SVC Partnership
Statement of Income
For the Years Ended December 31, 1999, 1998 and 1997
1999 1998 1997
Operating Revenues $4,406,377 $4,534,759 $4,642,147
------------------------------------------
Operating Expenses:
Operation & Maintenance $670,665 $687,419 $694,946
Depreciation 1,075,470 1,075,476 1,075,476
Taxes - Property 166,520 168,405 156,565
------------------------------------------
Total Operating Expenses $1,912,655 $1,931,300 $1,926,987
------------------------------------------
Operating Income $2,493,722 $2,603,459 $2,715,160
------------------------------------------
Other Expense(Income)
Interest Charges $2,615,798 $2,737,345 $2,858,677
Interest Income (122,076) (133,886) (143,517)
------------------------------------------
Total Other Expense(Income) $2,493,722 $2,603,459 $2,715,160
------------------------------------------
Net Income $0 $0 $0
==========================================
Chester SVC Partnership
Balance Sheets
December 31, 1999 and 1998
1999 1998
ASSETS
Electric Property, Original Cost $31,993,248 $31,993,248
Less: Accumulated Depreciation (9,597,993) (8,522,523)
----------------------------
Net Electric Property $22,395,255 $23,470,725
----------------------------
Construction Work in Progress 85,402 0
----------------------------
Current Assets
Cash And Temporary Investments $401,786 $372,193
Temporary Investments 0 0
Accounts Receivable 262,079 382,297
Other Current Assets 13,937 5,299
----------------------------
Total Current Assets $677,802 $759,789
----------------------------
Other Assets
Other Deferred Charges and Other Assets $2,143,298 $2,247,727
----------------------------
Total Other Assets $2,143,298 $2,247,727
----------------------------
TOTAL ASSETS $25,301,757 $26,478,241
============================
LIABILITIES AND PARTNERS' CAPITAL
Capitalization
Partners' Capital $0 $0
Notes Payable, Less Current Portion 23,471,260 24,654,349
----------------------------
Total Capitalization $23,471,260 $24,654,349
----------------------------
Current Liabilities
Notes Payable $1,183,090 $1,183,090
Accounts Payable 347,109 303,457
Accrued Interest 70,294 73,893
Advanced Billing - NHH 230,004 263,452
----------------------------
Total Current Liabilities $1,830,497 $1,823,892
----------------------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $25,301,757 $26,478,241
============================
Bangor Gas Company, LLC
Statement of Operations
For the Years Ended December 31, 1999 and 1998
1999 1998
Revenues from Sale of Gas $ 0 $ 0
-------------- --------------
Operating Expenses:
Operation expenses $ 432,197 $ 184,218
Depreciation 14,723 4,947
General taxes 21,506 7,383
-------------- --------------
Total Operating Expenses $ 468,426 $ 196,548
-------------- --------------
Net Operating Expense $ (468,426) $ (196,548)
Nonoperating Expense (28,836) (325)
-------------- --------------
Net Loss $ (497,262) $ (196,873)
============== ==============
Unauditied - For Management Discussion Purposes Only
Bangor Gas Company, LLC
Balance Sheet
December 31, 1999 and 1998
1999 1998
ASSETS
Investment in Utility Plant:
Construction work in progress $ 12,195,376 $ 2,864,806
-------------- --------------
Electric plant in service $ 65,058 $ 34,626
Less: Accumulated depreciation (19,671) (4,947)
-------------- --------------
45,387 29,679
-------------- --------------
Net investment in utility plant $ 12,240,763 $ 2,894,485
-------------- --------------
Current Assets:
Cash and cash equivalents $ 237,145 $ 31,194
Other current assets 676 0
-------------- --------------
Total current assets $ 237,821 $ 31,194
-------------- --------------
Total Assets $ 12,478,584 $ 2,925,679
============== ==============
PARTNERS' CAPITAL AND LIABILITIES
Partners' Capital:
Partners' contributions $ 1,350,250 $ 370,250
Accumulated deficit (694,135) (196,873)
-------------- --------------
Total Partners' Capital 656,115 173,377
-------------- --------------
Current Liabilities:
Accrued expenses $ 402,070 $ 25,696
Payable to Partner - Sempra Energy 11,420,399 2,726,606
-------------- --------------
Total Current Liabilities 11,822,469 2,752,302
-------------- --------------
Total Partners' Capital and Liabilities $ 12,478,584 $ 2,925,679
============== ==============
Unauditied - For Management Discussion Purposes Only
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from Bangor Hydro
Electric Company's U3A2 Report for 12/31/99 and is qualified in its entirety by
reference to such U3A2 filing.
</LEGEND>
<CIK> 0000009548
<NAME> BANGOR HYDRO-ELECTRIC COMPANY
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