-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TdudSvRFMEwsMcwV4JLiiDrxNc6ZNwOlj9SiAlHyeXPVeAcpWCzVVTuwjGzMRZHU qSuTzZ7MnAWYyGpKmDuygg== 0000018808-99-000024.txt : 19990323 0000018808-99-000024.hdr.sgml : 19990323 ACCESSION NUMBER: 0000018808-99-000024 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL VERMONT PUBLIC SERVICE CORP CENTRAL INDEX KEY: 0000018808 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 030111290 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: SEC FILE NUMBER: 069-00065 FILM NUMBER: 99563680 BUSINESS ADDRESS: STREET 1: 77 GROVE ST CITY: RUTLAND STATE: VT ZIP: 05701 BUSINESS PHONE: 8027732711 U-3A-2 1 FORM U-3A-2 Adopted November 9, 1939 File No. 69-65 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM U-3A-2 For the Year Ended December 31, 1998 STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION UNDER RULE U-3A-2 FROM THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 CENTRAL VERMONT PUBLIC SERVICE CORPORATION ------------------------------------------ (Name of Company) hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the following information: l. Name, State of organization, location and nature of business of claimant and every subsidiary thereof, other than any exempt wholesale generator (EWG) or foreign utility company in which claimant directly or indirectly holds an interest. CENTRAL VERMONT PUBLIC SERVICE CORPORATION ------------------------------------------ Central Vermont Public Service Corporation ("CVPS"), incorporated under the laws of the State of Vermont, has its principal executive office in Rutland, Vermont. The principal business of the Company is the generation and purchase of electric energy and its transmission, distribution and sale for light, power, heat and other purposes to about 140,000 customers in Middlebury, Randolph, Rutland, Springfield, Windsor, Bradford, Bennington, Brattleboro, St. Johnsbury, St. Albans, Woodstock, Poultney, Manchester and 163 other towns and villages in Vermont. CVPS also sells electric energy at wholesale in New Hampshire to its subsidiary, Connecticut Valley Electric Company Inc.; Woodsville Fire District Water and Light Dept.; New Hampshire Electric Cooperative Inc.; and in Vermont to one small private utility. It also interchanges economy and emergency power through the New England Power Pool. CONNECTICUT VALLEY ELECTRIC COMPANY INC. ---------------------------------------- Connecticut Valley Electric Company Inc. ("CVEC"), a wholly owned subsidiary of CVPS, incorporated under the laws of the State of New Hampshire, has its principal office in Claremont, New Hampshire. CVEC acquired on December 31, 1949, the business and properties of CVPS located in New Hampshire and used in carrying on the intrastate business of CVPS in that State. (See Form U-1 in File No. 70-2075) The principal business of CVEC is the purchase of electric energy and its transmission, distribution, and sale for light, power, heat and other purposes to about 10,000 customers in Claremont and 12 other towns and villages in New Hampshire. VERMONT ELECTRIC POWER COMPANY, INC. ------------------------------------ Vermont Electric Power Company, Inc. ("VELCO"), a subsidiary of CVPS which owns 56.8% of its outstanding Common Stock, $100 Par Value, and 46.6% of its outstanding Preferred Stock, $100 Par Value, incorporated under the laws of the State of Vermont, has its principal office in the Town of Rutland, Vermont. VELCO operates pursuant to the terms of the 1985 Four-Party Agreement (as amended) with the Company and two other major distribution companies in Vermont. Although the Company owns 56.8% of VELCO's outstanding common stock, the Four-Party Agreement effectively restricts the Company's control of VELCO and therefore VELCO's financial statements have not been consolidated. The Four-Party Agreement continued in full force and effect until May 1995 and was extended for an additional two-year term in May 1995, and every two years thereafter, unless at least ninety (90) days prior to any two-year anniversary, any party shall notify the other parties in writing that it desires to terminate the agreement as of such anniversary. No such notification has been filed by the parties. VELCO provides transmission services for the State of Vermont acting by and through the Vermont Department of Public Service and for all of the electric distribution utilities in the State of Vermont. VELCO is reimbursed for its costs (as defined in the agreements relating thereto) for the transmission of power which VELCO transmits for the State of Vermont and the electric distribution utilities. VELCO also has agreements for single unit and system power purchases which it resells at its cost to various electric distribution utilities in the State of Vermont. VELCO is also a participant with all of the major electric utilities in New England in the New England Power Pool, acting for itself and as agent for twenty-two other electric utilities in Vermont, including CVPS, whereby the generating and transmission facilities of all of the participants are coordinated on a New England-wide basis through a central dispatching agency to assure their operation and maintenance in accordance with proper standards of reliability, and to attain the maximum practicable economy for all of the participants through the interchange of economy and emergency power. VERMONT ELECTRIC TRANSMISSION COMPANY, INC. ------------------------------------------- Vermont Electric Transmission Company, Inc. ("VETCO"), a wholly owned subsidiary of VELCO, incorporated under the laws of the State of Vermont, has its principal office in the Town of Rutland, Vermont. VETCO was formed to construct, finance and operate the Vermont portion of the high voltage DC transmission line which ties the New England transmission system to the Hydro-Quebec transmission system. VERMONT YANKEE NUCLEAR POWER CORPORATION ---------------------------------------- Vermont Yankee Nuclear Power Corporation ("VY"), an affiliate of CVPS which owns 31.3% of its outstanding common stock, $100 Par Value, incorporated under the laws of the State of Vermont, has its principal in Brattleboro, Vermont. Vermont Yankee was formed by a group of New England Utilities for the purpose of constructing and operating a nuclear-powered generating plant in Vernon, Vermont. The electricity generated by the Vernon plant is sold to Vermont Yankee's sponsoring stockholders. C. V. REALTY, INC. ------------------ C. V. Realty, Inc., incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. C. V. Realty, Inc., a wholly owned subsidiary of CVPS, was formed for the purpose of owning, acquiring, buying, selling, and leasing real and personal property and interests therein. It is not the purpose of this Company to own or operate facilities used for the generation, transmission or distribution of electric energy as an electric utility company. CENTRAL VERMONT PUBLIC SERVICE CORPORATION - EAST BARNET HYDROELECTRIC, INC. -------------------------------------------- Central Vermont Public Service Corporation - East Barnet Hydroelectric, Inc. ("East Barnet"), a wholly owned subsidiary of CVPS incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. East Barnet was formed for the purpose of acquiring and constructing a hydroelectric project having a capacity of 2200 KW in East Barnet, Vermont and leasing said project to CVPS. For financial reporting purposes, East Barnet's financial data is included with CVPS on the Consolidating Financial Statements. CATAMOUNT INVESTMENT CORPORATION -------------------------------- Catamount Investment Corporation ("CIC"), incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Catamount Investment Corporation, a wholly owned subsidiary of CVPS, was formed for the purpose of holding CVPS' subsidiaries that invest in unregulated business opportunities. SMARTENERGY SERVICES, INC. -------------------------- SmartEnergy Services, Inc. ("SES"), incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. SES, a wholly owned subsidiary of CIC, was formed for the purpose of engaging in the sale or rental of electric water heaters, energy efficient products and other related goods and services. SES has three wholly owned subsidiaries: Home Service Solutions, L.L.C., SmartEnergy Control Systems, Inc. and SmartEnergy USA, Inc. For financial reporting purposes, SES's financial data is included with CIC on the Consolidating Financial Statements. SMARTENERGY CONTROL SYSTEMS, INC. --------------------------------- SmartEnergy Control Systems, Inc. ("SCS"), incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. SCS, a wholly owned subsidiary of SES, was formed for the purpose of developing and distributing energy efficiency products with dairy industry applications. For financial reporting purposes, SCS's financial data is included with CIC on the Consolidating Financial Statements. HOME SERVICE SOLUTIONS, L.L.C. ------------------------------ Home Service Solutions, L.L.C., incorporated under the laws of the State of Delaware, has its principal office in Rutland, Vermont. Home Service Solutions, L.L.C., a wholly owned subsidiary of SES, was formed for the purpose of marketing and engaging in a national home maintenance and repair business. For financial reporting purposes, Home Service Solutions, L.L.C.'s financial data is included with CIC on the Consolidating Financial Statements. SMARTENERGY USA, INC. --------------------- SmartEnergy USA, Inc., incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. SmartEnergy USA, Inc., a wholly owned subsidiary of SES, was formed for the purpose of engaging in rate swap transactions in Virginia. For financial reporting purposes, SmartEnergy USA, Inc.'s financial data is included with CIC on the Consolidating Financial Statements. CATAMOUNT ENERGY CORPORATION ---------------------------- Catamount Energy Corporation ("CEC"), incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. CEC, a wholly owned subsidiary of CIC, was formed primarily for the purpose of investing in energy supply projects. CEC has eleven wholly owned subsidiaries: Catamount Rumford Corporation, Equinox Vermont Corporation, Appomattox Vermont Corporation, Catamount Rupert Corporation, Catamount Glenns Ferry Corporation, Summersville Hydro Corporation, Gauley River Management Corporation, Catamount Thetford Corporation, Catamount Heartlands Corporation, Catamount Heartlands Limited, and Catamount Operations, Inc. For financial reporting purposes, CEC's financial data is included with CIC on the Consolidating Financial Statements. CATAMOUNT RUMFORD CORPORATION ----------------------------- Catamount Rumford Corporation, formerly CV Rumford, Inc., incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Catamount Rumford Corporation, a wholly owned subsidiary of CEC, is a 15.0537% limited partner in the Rumford Cogeneration Company, a limited partnership that owns an 85 MW cogeneration facility located in Rumford, Maine. For financial reporting purposes, Catamount Rumford Corporation's financial data is included with CIC on the Consolidating Financial Statements. RUMFORD COGENERATION COMPANY, L.P. ---------------------------------- Rumford Cogeneration Company, L.P., formed under the laws of the State of Maine, has its principal office in Rumford, Maine. EQUINOX VERMONT CORPORATION --------------------------- Equinox Vermont Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Equinox Vermont Corporation, a wholly owned subsidiary of CEC, is a 33.11265% general partner in Ryegate Associates, a general partnership that owns a 20 MW wood-fired generating facility in East Ryegate, Vermont. For financial reporting purposes, Equinox Vermont Corporation's financial data is included with CIC on the Consolidating Financial Statements. RYEGATE ASSOCIATES ------------------ Ryegate Associates is a general partnership formed under the laws of the State of Utah and has its principal office in Houston, Texas. APPOMATTOX VERMONT CORPORATION ------------------------------ Appomattox Vermont Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Appomattox Vermont Corporation, a wholly owned subsidiary of CEC, is a 24.75% limited partner in Appomattox Cogeneration Limited Partnership, a limited partnership that owns a leasehold interest in a 41 MW coal and wood-fired cogeneration facility located in Hopewell, Virginia. For financial reporting purposes, Appomattox Vermont Corporation's financial data is included with CIC on the Consolidating Financial Statements. APPOMATTOX COGENERATION, INC. ----------------------------- Appomattox Cogeneration, Inc., a subsidiary of CEC which owns 50% of its outstanding Common Stock, $1 Par Value, is incorporated under the laws of the State of Delaware and has its principal office in Houston, Texas. Appomattox Cogeneration, Inc. was formed for the purpose of acquiring a general partnership interest in Appomattox Cogeneration Limited Partnership, a limited partnership that owns a leasehold interest in a 41 MW coal and wood-fired cogeneration facility located in Hopewell, Virginia. APPOMATTOX COGENERATION L.P. ---------------------------- Appomattox Cogeneration L.P., formed under the laws of the State of Delaware, has its principal office in Houston, Texas. CATAMOUNT RUPERT CORPORATION ---------------------------- Catamount Rupert Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Catamount Rupert Corporation, a wholly owned subsidiary of CEC, was formed for the purpose of owning a 49.5% limited partnership interest in Rupert Cogeneration Partners, Ltd., which developed and owns a 10 MW gas-fired cogeneration facility in Rupert, Idaho. For financial reporting purposes, Catamount Rupert Corporation's financial data is included with CIC on the Consolidating Financial Statements. RUPERT MANAGEMENT, INC. ----------------------- Rupert Management, Inc., a subsidiary of CEC which owns 50% of its outstanding Common Stock, no Par Value, is incorporated under the laws of the State of Delaware and has its principal office in Rutland, Vermont. Rupert Management, Inc. was formed for the purpose of acquiring a general partnership interest in Rupert Cogeneration Partners, Limited, which developed and owns a 10 MW gas-fired cogeneration facility in Rupert, Idaho. RUPERT COGENERATION PARTNERS, LIMITED ------------------------------------- Rupert Cogeneration Partners, Limited, formed under the laws of the State of Colorado, has its principal office in Rutland, Vermont. CATAMOUNT GLENNS FERRY CORPORATION ---------------------------------- Catamount Glenns Ferry Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Catamount Glenns Ferry Corporation, a wholly owned subsidiary of CEC, is a 49.5% limited partner in Glenns Ferry Cogeneration Partners, Ltd., which developed and owns a 10 MW gas-fired cogeneration facility in Glenns Ferry, Idaho. For financial reporting purposes, Catamount Glenns Ferry Corporation's financial data is included with CIC on the Consolidating Financial Statements. GLENNS FERRY MANAGEMENT, INC. ----------------------------- Glenns Ferry Management, Inc., a subsidiary of CEC which owns 50% of its outstanding Common Stock, no Par Value, is incorporated under the laws of the State of Delaware and has its principal office in Rutland, Vermont. Glenns Ferry Management, Inc. was formed for the purpose of acquiring a general partnership interest in Glenns Ferry Cogeneration Partners, Limited, which developed and owns a 10 MW gas-fired cogeneration facility in Glenns Ferry, Idaho. GLENNS FERRY COGENERATION PARTNERS, LIMITED ------------------------------------------- Glenns Ferry Cogeneration Partners, Limited, formed under the laws of the State of Colorado, has its principal office in Rutland, Vermont. GAULEY RIVER MANAGEMENT CORPORATION ----------------------------------- Gauley River Management Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Gauley River Management Corporation, a wholly owned subsidiary of CEC, was formed for the purpose of serving as the General Partner in Gauley River Power Partners, L.P., which was formed to develop, own and operate a small power production hydroelectric facility on the Gauley River, Nicholas County, West Virginia. SUMMERSVILLE HYDRO CORPORATION ------------------------------ Summersville Hydro Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Summersville Hydro Corporation, a wholly owned subsidiary of CEC, was formed for the purpose of owning the limited partnership interest in Gauley River Power Partners, L.P. which was formed to develop, own and operate a small power production hydroelectric facility on the Gauley River, Nicholas County, West Virginia. GAULEY RIVER POWER PARTNERS, L.P. --------------------------------- Gauley River Power Partners, L.P., formed under the laws of the State of Vermont, has its principal office in Rutland, Vermont. CATAMOUNT THETFORD CORPORATION ------------------------------ Catamount Thetford Corporation, incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont. Catamount Thetford Corporation, a wholly owned subsidiary of CEC, was formed for the purpose of owning approximately 44% of the common stock of Fibrothetford Ltd., a private company limited by shares which was formed to develop, own and operate a poultry litter fired power station in Thetford, England designed to produce 38.5 MW. For financial reporting purposes, Catamount Thetford Corporation's financial data is included with CIC on the Consolidating Financial Statements. FIBROTHETFORD, LTD. ------------------- Fibrothetford, Ltd., formerly Fibrowatt Thetford, Ltd., formed under the laws of England is a private company limited by shares, has its registered office at London, England. CATAMOUNT HEARTLANDS CORPORATION -------------------------------- Catamount Heartlands Corporation, incorporated under the laws of the State of Delaware, has its principal office in Rutland, Vermont. Catamount Heartlands Corporation, a wholly owned subsidiary of CEC, was formed for the purpose of making certain loans to Heartlands Power Limited, a limited liability corporation which was formed to develop, own and operate a natural gas-fired power station in Fort Dunlop, England designed to produce 98 MW. For financial reporting purposes, Catamount Heartlands Corporation's financial data is included with CIC on the Consolidating Financial Statements. CATAMOUNT HEARTLANDS LIMITED ---------------------------- Catamount Heartlands Limited, a private company limited by shares, formed under the laws of England, has its registered office at 69 Old Broad Street, London, United Kingdom. Catamount Heartlands Limited, a wholly owned subsidiary of CEC, was formed for the purpose of investing in a foreign subsidiary. Currently, Catamount Heartlands Limited has no investments. For financial reporting purposes, Catamount Heartlands Limited's financial data is included with CIC on the Consolidating Financial Statements. CATAMOUNT OPERATIONS, INC. -------------------------- Catamount Operations, Inc., a subsidiary of CEC which owns 95% of its outstanding Common Stock, no Par Value, is incorporated under the laws of the State of Vermont and has its principal office in Rutland, Vermont. The remaining 5% of the outstanding Common Stock is owned by Gauley River Power Partners, L.P. Catamount Operations, Inc. was formed for the purpose of providing operations and maintenance services to independent power facilities. 2. A brief description of the properties of claimant and each of its subsidiary public utility companies used for the generation, transmission, and distribution of electric energy for sale, or for the production, transmission and distribution of natural or manufactured gas, indicating the location of principal generating plants, transmission lines, producing fields, gas manufacturing plants, and electric and gas distribution facilities, including all such properties which are outside the State in which claimant and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such State. CENTRAL VERMONT PUBLIC SERVICE CORPORATION ------------------------------------------ CVPS's electric properties consist of five principal distribution systems, namely, the so-called Central, Bennington, St. Albans, St. Johnsbury and Brattleboro systems. All, except the Brattleboro system, are connected with the transmission facilities of VELCO (an affiliate of CVPS) and all except the St. Albans system are interconnected at the Vermont State line with the facilities of New England Power Company (not an affiliate of CVPS); also the Brattleboro System is directly connected at the Vermont State line with the facilities of the Public Service Company of New Hampshire (not an affiliate of CVPS). The electric generating plants of the Company consist of 20 hydroelectric generating stations, two gas turbine generating stations, and one diesel-electric generating station, of which one hydroelectric generating station is located in New York and the remainder in Vermont. The electric systems of CVPS include about 614 miles of transmission lines, about 7,322 miles of overhead distribution lines and about 257 miles of underground distribution lines, which are located in Vermont except for about 23 miles of transmission lines which are located in New Hampshire and about two miles which are located in New York. CVPS is a stockholder, together with other New England utilities, in four nuclear generating companies. CVPS is entitled to a percentage of the power output of each of such companies, as follows: Vermont Yankee Nuclear Power Corporation in Vermont (31.141% - 154.8 MW); Maine Yankee Atomic Power Company ("MY") in Maine (2% - 16.9 MW); Connecticut Yankee Atomic Power Company ("CY") in Connecticut (2% - 11.6 MW); and Yankee Atomic Electric Company ("YA") in Massachusetts (3.5% - 6.153 MW). MY, CY & YA permanently ceased power operations of their nuclear power plants. CVPS is a participant with other New England utilities in three major electric generating stations pursuant to joint ownership agreements under each of which the Lead Participant has constructed and is operating the plant for the Participants (including itself) as tenants-in-common. The plants and locations, and the amount of CVPS's participation is as follows: Wyman #4 in Maine (1.7769% - 11 MW); Millstone #3 in Connecticut (1.7303% - 20 MW); Joseph C. McNeil Generating Station in Vermont (20% - 10.76 MW). The Company, along with eight other Vermont Joint-Owners, owns and operates a 200 MW converter station and associated transmission line in Highgate, Vermont. The station and the associated transmission line interconnects the VELCO system with the system of Hydro-Quebec. The Company is a 47.35% owner of this project. CONNECTICUT VALLEY ELECTRIC COMPANY INC. ---------------------------------------- CVEC's electric properties consist of two principal systems in New Hampshire which are not interconnected with each other but each of which is connected directly with facilities of CVPS. The electric systems of CVEC include about two miles of transmission lines, about 430 miles of overhead distribution lines and about 12 miles of underground distribution lines. VERMONT ELECTRIC POWER COMPANY, INC. ------------------------------------ VELCO has no generating facilities but has approximately 483 miles of transmission lines and twenty-five associated substations located in the State of Vermont. VELCO's properties interconnect with the lines of the New York Power Authority at the New York-Vermont State line near Plattsburgh, New York; with the transmission facilities of Niagara Mohawk Power Corporation at the New York-Vermont State line near Whitehall, New York, and North Troy, New York; with lines of New England Power Company at or near the New Hampshire-Vermont State line at Wilder, Vermont and at Monroe, New Hampshire, Claremont, New Hampshire, and at the Massachusetts- Vermont State line near North Adams, Massachusetts; with the lines of Public Service Company of New Hampshire at or near the New Hampshire- Vermont State line at Littleton, New Hampshire, Ascutney, Vermont and Vernon, Vermont; and with the lines of Hydro-Quebec at the Quebec/Vermont border near Highgate, Vermont through an AC/DC/AC converter and 7.6 miles of transmission lines jointly owned by several Vermont utilities. All of its transmission facilities are in Vermont except for approximately 4.3 miles of transmission lines which are located in New Hampshire. VERMONT ELECTRIC TRANSMISSION COMPANY, INC. ------------------------------------------- VETCO has approximately 52 miles of high voltage DC transmission line connecting at the Quebec-Vermont border in the Town of Norton, Vermont with the transmission line of Hydro-Quebec and connecting at the Vermont-New Hampshire border near New England Power Company's Moore Hydroelectric Generating Station with the transmission line of New England Electric Transmission Corporation, a subsidiary of New England Electric System (not an affiliate of CVPS). VERMONT YANKEE NUCLEAR POWER CORPORATION ---------------------------------------- Upon installation of the new low pressure turbines in April 1995, Vermont Yankee declared its nuclear power electric generating plant with a net maximum dependable capacity of 510 (MWe). The plant, which began commercial operation on November 30, 1972, is located on the west bank of the Connecticut River in Vernon, Vermont. CENTRAL VERMONT PUBLIC SERVICE CORPORATION - EAST BARNET HYDROELECTRIC, INC. -------------------------------------------- Electric properties of East Barnet consist of a 2200 KW hydroelectric generating station and associated facilities at East Barnet, Vermont, involving real estate of 25.54 acres. 3. The following information for the last calendar year with respect to claimant and each of its subsidiary public utility companies: (a) Number of KWH of electric energy sold (at retail or wholesale), and Mcf of natural or manufactured gas distributed at retail. State Electric (KWH) Revenues Gas (Mcf) ----- -------- -------- --- VY VY 3,358,696,000 (1) $195,249,105. None CVPS VT 3,404,520,616 $277,523,207. None NH 171,457,543 13,966,299. None VA 13,383,615 681,100. None ------------- ------------ 3,589,361,774 (2) $292,170,606. CVEC NH 168,184,503 $21,081,107. None VELCO VT 360,787 $18,015,919 None (1) Includes sales to Vermont Electric Power Company, Inc. (2) Includes sales to Connecticut Valley Electric Company Inc. and Vermont Electric Power Company, Inc. (b) Number of KWH of electric energy and Mcf of natural or manufactured gas distributed at retail outside the State in which each company is organized. None (c) Number of KWH of electric energy and Mcf of natural or manufactured gas sold at wholesale outside the State in which each such company is organized, or at the State line. State Electric (KWH)(1) Expenses Gas (Mcf) ----- -------- -------- --- VY None None None CVPS NH 171,457,543 $13,966,299. None VA 13,383,615 681,100. ----------- ------------ 184,841,158 (2) $14,647,399. CVEC None None None VELCO None None None (1) Deliveries made at the step-up substation at the site. (2) Includes sales to Connecticut Valley Electric Company Inc. and Vermont Electric Power Company, Inc. (d) Number of KWH of electric energy and Mcf of natural or manufactured gas purchased outside the State in which each such company is organized, or at the State line. State Electric (KWH) Revenues Gas (Mcf) ----- -------- -------- --- VY None None None CVPS AL 40,292,000 $ 1,085,861. None CT 106,295,285 2,685,344. None KY 16,786,030 456,846. None MA 265,981,140 5,312,906. None MD 720,000 16,560. None ME 26,390,630 610,959. None NE 6,000,000 150,000. None NH 125,137,105 3,778,782. None NY 2,619 338. None PA 3,720,000 96,720. None TX 109,647,790 2,971,147. None ----------- ----------- 700,972,599 $17,165,463. CVEC VT 132,810,300 $ 6,730,188. None VELCO NH 152,662 $ 5,917,115 None Central Vermont Public Service Corporation - East Barnet Hydroelectric, Inc. -------------------------------------------- East Barnet leases one hydroelectric generating station, which went into service September 1, 1984 to CVPS. 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an exempt wholesale generator ("EWG") or a foreign utility company, stating monetary amounts in United States dollars: (a) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution of electric energy for sale or for the distribution at retail of natural or manufactured gas. Fibrothetford Limited, under construction in Thetford in Norfolk, England; its registered office is 38 Clarendon Road, London, England W11 3AD. The facility is a poultry litter fired power station designed to produce 38.5 MW. Glenns Ferry Cogeneration Partners, Ltd. located in Glenns Ferry, Idaho; its registered office is 71 Allen Street, Building A, Rutland, Vermont. The facility is a 10 MW gas- fired cogeneration facility placed in operation on December 2, 1996. Rupert Cogeneration Partners, Ltd. located in Rupert, Idaho; its registered office is 71 Allen Street, Building A, Rutland, Vermont. The facility is a 10 MW gas-fired cogeneration facility placed in operation on November 21, 1996. (b) Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly owned subsidiary of Catamount Investment Corporation; Catamount Thetford Corporation ("CTC") is a wholly owned subsidiary of CEC. CTC is currently a 15% (ultimately 44%) shareholder of Fibrothetford Limited ("Thetford"), Foster Wheeler Energy Limited is a 5% shareholder; and Fibrowatt Limited is currently an 80% (ultimately 51%) shareholder. Thetford is incorporated as a private company limited by shares under the Companies Act of 1985, formed under and in accordance with the laws of England and Wales, United Kingdom. Thetford is constructing and operating an electric power station fueled predominantly by poultry litter. Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly owned subsidiary of Catamount Investment Corporation; Catamount Glenns Ferry Corporation ("CGFC") is a wholly owned subsidiary of CEC. CEC owns 50% of Glenns Ferry Management Inc. ("GFM"), the 1% general partner of Glenns Ferry Cogeneration Partners, Ltd. ("Glenns Ferry") and The Eastern Group owns 50%. CGFC owns 49.5% of Glenns Ferry and Eastern Glenns Ferry owns the remaining 49.5%. Glenns Ferry is a limited partnership formed under and in accordance with the laws of the State of Colorado. The facility is used for the generation of electric energy for sale at wholesale and steam for sale at wholesale. Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly owned subsidiary of Catamount Investment Corporation; Catamount Rupert Corporation ("CRC") is a wholly owned subsidiary of CEC. CEC owns 50% of Rupert Management Inc. ("RM"), the 1% general partner of Rupert Cogeneration Partners, Ltd. ("Rupert") and Eastern Power Corporation owns 50%. CRC owns 49.5% of Rupert and Eastern Rupert owns the remaining 49.5%. Rupert is a limited partnership formed under and in accordance with the laws of the State of Colorado. The facility is used for the generation of electric energy for sale at wholesale and steam for sale at wholesale. (c) Type and amount of capital invested, directly or indirectly, by the holding company claiming exemption; any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption; and any debt or other financial obligation for which there is recourse, directly or indirectly, to the holding company claiming exemption or another system company, other than the EWG or foreign utility company. Indirect Debt or Capital Guarantee Financial Invested of Security Obligation -------- ----------- ---------- CATAMOUNT THETFORD $7,601,039. None None CORPORATION CATAMOUNT GLENNS FERRY CORPORATION $1,164,837. None None CATAMOUNT RUPERT CORPORATION $1,494,821. None None (d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. Capitalization Earnings -------------- -------- CATAMOUNT THETFORD CORPORATION $106,618,000. $2,464,000. CATAMOUNT GLENNS FERRY CORPORATION $ 13,724,049. $ 930,808. CATAMOUNT RUPERT CORPORATION $ 13,093,119. $ 959,391. (e) Identify any service, sales or construction contract(s) between the EWG or foreign utility company and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreement(s). Construction management oversight provided at Fibrothetford, fees - $90,937. plus reimbursement of expenses - $66,568. Administrative management services provided at Glenns Ferry Cogeneration, fees - $76,837. Administrative management services provided at Rupert Cogeneration, fees - $76,837. EXHIBITS -------- Exhibit A consists of a consolidating statement of income and retained earnings of the claimant and its subsidiary companies for the last calendar year, together with a consolidating balance sheet of claimant and its subsidiary companies as of the close of such calendar year. See attachments for consolidating financial statements of CVPS and its subsidiaries for the year 1998. Exhibit B is the Financial Data Schedule. Exhibit C is the Organizational chart showing the relationship of each exempt wholesale generator ("EWG") to associate companies in the holding- company system. The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 12th day of March 1999. CENTRAL VERMONT PUBLIC SERVICE CORPORATION ------------------------------------------ (Name of Claimant) By: /s/ James M. Pennington James M. Pennington, Vice President, Controller CORPORATE SEAL Attest: /c/ Carole L. Root Assistant Secretary Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed: Carole L. Root Assistant Secretary ---------------------------------------------------------------------- (Name) (Title) Central Vermont Public Service Corporation ---------------------------------------------------------------------- 77 Grove Street, Rutland, VT 05701 (Address)
Exhibit A CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 2 AND ITS SUBSIDIARIES Consolidating Statement of Income and Retained Earnings Year Ended December 31, 1998 (Dollars in thousands) Consol- idating TOTAL CVPS-CONS VELCO VETCO VY Entries CONS --------- --------- --------- --------- --------- ---------- 56.8% (Note C) 31.3% Owned Owned Operating revenues $303,835 $17,268 $5,614 $195,249 ($74,935) $447,031 --------- --------- --------- --------- --------- ---------- Operating expenses: Operation: Purchased power 184,887 - - - (60,754) 124,133 Production and transmission 23,383 1,182 39 15,902 (13,842) 26,664 Other operation 44,110 5,159 177 89,441 (339) 138,548 Maintenance 15,613 1,928 472 34,494 - 52,507 Depreciation 16,708 4,027 2,440 17,059 - 40,234 Decommissioning expense - - - 12,625 - 12,625 Other taxes, principally property taxes 11,426 2,349 560 8,223 - 22,558 Taxes on income (Note B) (283) (68) 485 2,223 - 2,357 --------- --------- --------- --------- --------- ---------- Total operating expenses 295,844 14,577 4,173 179,967 (74,935) 419,626 --------- --------- --------- --------- --------- ---------- Operating income 7,991 2,691 1,441 15,282 - 27,405 Other income and deductions: Equity in earnings of companies not consolidated 3,191 609 - - (3,409) 391 Allow. for equity funds during construction 61 - - 36 - 97 Other income, net 4,050 178 148 5,114 - 9,490 Other taxes (224) - - (1,911) - (2,135) Benefit (provision) for income taxes (426) - - - - (426) --------- --------- --------- --------- --------- ---------- Total operating and other income 14,643 3,478 1,589 18,521 (3,409) 34,822 Net interest expense 10,660 2,325 980 11,396 - 25,361 --------- --------- --------- --------- --------- ---------- Net income (loss) before minority interest 3,983 1,153 609 7,125 (3,409) 9,461 Minority interest in net income - - - - (5,478) (5,478) --------- --------- --------- --------- --------- ---------- Net income after minority interest 3,983 1,153 609 7,125 (8,887) 3,983 Retained Earnings, January 1 75,841 204 23 1,191 (1,418) 75,841 --------- --------- --------- --------- --------- ---------- 79,824 1,357 632 8,316 (10,305) 79,824 Cash dividends declared: --------- --------- --------- --------- --------- ---------- Preferred stock 1,945 550 - - (550) 1,945 Common stock 10,131 540 550 6,770 (7,860) 10,131 --------- --------- --------- --------- --------- ---------- Total dividends 12,076 1,090 550 6,770 (8,410) 12,076 --------- --------- --------- --------- --------- ---------- Retained Earnings, December 31 $67,748 $267 $82 $1,546 ($1,895) $67,748 ========= ========= ========= ========= ========= ==========
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 2 of 2 AND ITS SUBSIDIARIES Consolidating Statement of Income and Retained Earnings Year Ended December 31, 1998 (Dollars in thousands) Reclassi- fying & Consol- idating CVPS CVEC CV Realty CIC Entries CVPS-CONS --------- --------- --------- --------- --------- ---------- Operating revenues $297,662 $18,933 $0 $7,596 ($20,356) $303,835 --------- --------- --------- --------- --------- ---------- Operating expenses: Operation and maintenance: Purchased power 184,413 12,704 - - ($12,230) 184,887 Production and transmission 23,363 20 - - - 23,383 Other operation 41,506 3,004 - 11,504 (11,904) 44,110 Maintenance 15,071 542 - - - 15,613 Depreciation 16,266 442 3 395 (398) 16,708 Other taxes 10,710 715 - 194 (193) 11,426 Taxes on income (Note B) (681) 398 5 827 (832) (283) --------- --------- --------- --------- --------- ---------- Total operating expenses 290,648 17,825 8 12,920 (25,557) 295,844 --------- --------- --------- --------- --------- ---------- Operating income (loss) 7,014 1,108 (8) (5,324) 5,201 7,991 Other income and deductions: Equity in earnings of companies not consolidated 5,649 - - 6,740 (9,198) 3,191 Allow. for equity funds during construction 61 - - - - 61 Other income (expenses), net 888 41 17 568 2,536 4,050 Other taxes (31) - - - (193) (224) Benefit (provision) for income taxes 425 (19) - - (832) (426) --------- --------- --------- --------- --------- ---------- Total operating and other income (loss) 14,006 1,130 9 1,984 (2,486) 14,643 Net interest expense 10,023 388 - 277 (28) 10,660 --------- --------- --------- --------- --------- ---------- Net income (loss) 3,983 742 9 1,707 (2,458) 3,983 Retained Earnings, January 1 75,841 (2,237) 206 (93) 2,124 75,841 --------- --------- --------- --------- --------- ---------- 79,824 (1,495) 215 1,614 (334) 79,824 Cash dividends declared: --------- --------- --------- --------- --------- ---------- Preferred stock 1,945 - - - - 1,945 Common stock 10,131 - - 300 (300) 10,131 --------- --------- --------- --------- --------- ---------- Total dividends 12,076 - - 300 (300) 12,076 --------- --------- --------- --------- --------- ---------- Retained Earnings, December 31 $67,748 ($1,495) $215 $1,314 ($34) $67,748 ========= ========= ========= ========= ========= ==========
Exhibit A CENTRAL VERMONT PUBLIC SERVICE CORPORATION 1 of 4 AND ITS SUBSIDIARIES Consolidating Balance Sheet Year Ended December 31, 1998 (Dollars in thousands) Consol- VERMONT idating TOTAL CVPS-Cons VELCO VETCO YANKEE Entries CONS --------- --------- --------- --------- --------- ---------- 56.8% (Note C) 31.3% Owned Owned Assets ------- Utility plant, at original cost $469,204 $98,226 $47,847 410,574 - $1,025,851 Less accumulated depreciation 160,666 55,909 29,958 269,494 - 516,027 --------- --------- --------- --------- --------- ---------- 308,538 42,317 17,889 141,080 - 509,824 Construction work in progress 10,461 - - 3,731 - 14,192 --------- --------- --------- --------- --------- ---------- 318,999 42,317 17,889 144,811 - 524,016 Nuclear fuel 7,280 - - 420,332 - 427,612 Less accumulated amortization 6,332 - - 397,152 - 403,484 --------- --------- --------- --------- --------- ---------- Net utility plant 319,947 42,317 17,889 167,991 - 548,144 --------- --------- --------- --------- --------- ---------- Investments in affiliates, at equity (Note D) Nuclear generating companies 21,331 - - - (16,969) 4,362 Other affiliated companies 4,811 2,782 - - (7,593) 0 --------- --------- --------- --------- --------- ---------- Total 26,142 2,782 - - (24,562) 4,362 --------- --------- --------- --------- --------- ---------- Nonutility investments 35,896 - - - - 35,896 --------- --------- --------- --------- --------- ---------- Nonutility property, less accumulated depreciation of $4,291 consolidated 2,920 - - - - 2,920 --------- --------- --------- --------- --------- ---------- Current assets: Cash & Cash Equivilents 10,475 256 88 93 - 10,912 Accounts receivable, less allowance for uncollectible accts. $2,242 consolidated 28,525 10,188 - 12,049 - 50,762 Accounts receivable - affiliates 699 6,924 5 4,814 (12,396) 46 Unbilled revenue 18,677 (103) - - - 18,574 Materials and supplies, at average cost 3,746 1,840 102 16,149 - 21,837 Prepayments 1,881 141 4 3,841 - 5,867 Other current assets 9,768 2,433 - - - 12,201 --------- --------- --------- --------- --------- ---------- Total current assets 73,771 21,679 199 36,946 (12,396) 120,199 --------- --------- --------- --------- --------- ---------- Regulatory assets and other deferred charge 71,606 880 1,176 402,840 - 476,502 --------- --------- --------- --------- --------- ---------- Total Assets $530,282 $67,658 $19,264 $607,777 ($36,958) $1,188,023 ========= ========= ========= ========= ========= ==========
CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES 2 of 4 Consolidating Balance Sheet Year Ended December 31, 1998 (Dollars in thousands) Consol- idating TOTAL CVPS-CONS VELCO VETCO VY Entries CONS --------- --------- --------- --------- --------- ---------- 56.8% (Note C) 31.3% Capitalization and Liabilities Owned Owned ------------------------------ Capitalization: Common stock (Note E) $70,715 $6,000 $1 $40,001 ($46,002) $70,715 Other paid-in capital 47,189 - 2,699 14,226 (7,037) 57,077 Capital stock expense (1,871) - - - - (1,871) Accum other comprehensive income (365) - - - - (365) Treasury stock, at cost (Note E) (4,234) - - (1,130) 1,130 (4,234) Retained earnings 67,748 268 82 1,546 (1,896) 67,748 --------- --------- --------- --------- --------- ---------- Total common stock equity 179,182 6,268 2,782 54,643 (53,805) 189,070 --------- --------- --------- --------- --------- ---------- Cumulative preferred and preference stock (Note F) 26,054 10,000 - - (10,000) 26,054 Return of Capital - (7,300) - - 7,300 0 --------- --------- --------- --------- --------- ---------- Total preferred stock 26,054 2,700 - - (2,700) 26,054 --------- --------- --------- --------- --------- ---------- First Mortgage bonds 73,500 29,236 - 75,845 - 178,581 Notes payable 16,577 - 6,680 - - 23,257 Other long-term debt - 384 - 17,429 - 17,813 Long-Term lease arrangements 16,141 - - - - 16,141 --------- --------- --------- --------- --------- ---------- Total long-term debt 106,218 29,620 6,680 93,274 - 235,792 --------- --------- --------- --------- --------- ---------- Minority interest - - - - 31,943 31,943 --------- --------- --------- --------- --------- ---------- Total capitalization 311,454 38,588 9,462 147,917 (24,562) 482,859 --------- --------- --------- --------- --------- ---------- Current liabilities: Notes payable - banks 37,000 1,400 2,500 - - 40,900 Long-term debt - current portion 6,773 4,024 1,880 - - 12,677 Accounts payable 11,589 14,849 1 444 - 26,883 Accounts payable - affiliates 11,784 779 261 44 (12,396) 472 Accrued interest 594 469 31 1,708 - 2,802 Accrued income taxes 2,975 164 67 2,177 - 5,383 Other current liabilities 31,511 68 - 27,877 - 59,456 --------- --------- --------- --------- --------- ---------- Total current liabilities 102,226 21,753 4,740 32,250 (12,396) 148,573 --------- --------- --------- --------- --------- ---------- Accumulated deferred income taxes 47,581 1,262 3,475 13,683 - 66,001 Deferred investment tax credits 6,831 579 1,043 4,432 - 12,885 Accrued decommissioning costs 23,239 - - 260,141 - 283,380 Regulatory liabilities & other deferred cre 38,951 5,476 544 149,354 - 194,325 --------- --------- --------- --------- --------- ---------- 116,602 7,317 5,062 427,610 - 556,591 --------- --------- --------- --------- --------- ---------- Total Capitalization and Liabilities $530,282 $67,658 $19,264 $607,777 ($36,958) $1,188,023 ========= ========= ========= ========= ========= ==========
CENTRAL VERMONT PUBLIC SERVICE CORPORATION 3 of 4 AND ITS SUBSIDIARIES Consolidating Balance Sheet Year Ended December 31, 1998 (Dollars in thousands) Consol- idating CVPS CVEC CV Realty CIC Entries CVPS-CONS --------- --------- --------- --------- --------- ---------- (Note A) (Note A) (Note A) Assets ------- Utility plant, at original cost $455,975 $13,229 - - - $469,204 Less accumulated depreciation 155,981 4,685 - - - 160,666 --------- --------- --------- --------- --------- ---------- 299,994 8,544 - - - 308,538 Construction work in progress 9,882 579 - - - 10,461 --------- --------- --------- --------- --------- ---------- 309,876 9,123 - - - 318,999 Nuclear fuel 7,280 - - - - 7,280 Less accumulated amortization 6,332 - - - - 6,332 --------- --------- --------- --------- --------- ---------- Net utility plant 310,824 9,123 - - - 319,947 --------- --------- --------- --------- --------- ---------- Investments in affiliates, at equity (Note D) Nuclear generating companies 21,331 - - - - 21,331 Other affiliated companies 42,902 - - - (38,091) 4,811 --------- --------- --------- --------- --------- ---------- Total 64,233 0 0 0 (38,091) 26,142 --------- --------- --------- --------- --------- ---------- Nonutility investments 0 - - 35,896 - 35,896 --------- --------- --------- --------- --------- ---------- Nonutility property, less accumulated depreciation of $266 parent company and $4,291 consolidated 656 - 36 2,228 - 2,920 --------- --------- --------- --------- --------- ---------- Current assets: Cash & Cash Equivilents 4,809 111 246 5,309 - 10,475 Accounts receivable, less allowance for uncollectible accounts $2,018 parent company and $2,424 consolidated 20,699 2,130 - 5,696 - 28,525 Accounts receivable - affiliates 5,687 (46) 54 732 (5,728) 699 Unbilled revenue 18,324 353 - - - 18,677 Materials and supplies, at average cost 3,745 - - 1 - 3,746 Prepayments 1,778 103 - - - 1,881 Other current assets 9,624 21 - 123 - 9,768 --------- --------- --------- --------- --------- ---------- Total current assets 64,666 2,672 300 11,861 (5,728) 73,771 --------- --------- --------- --------- --------- ---------- Regulatory assets and other deferred charge 71,592 6 - 8 - 71,606 --------- --------- --------- --------- --------- ---------- Total Assets $511,971 $11,801 $336 $49,993 ($43,819) $530,282 ========= ========= ========= ========= ========= ==========
CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES 4 of 4 Consolidating Balance Sheet Year Ended December 31, 1998 (Dollars in thousands) CONSOL- IDATING CVPS CVEC CV Realty CIC ENTRIES CVPS-CONS --------- --------- --------- --------- --------- ---------- (Note A) (Note A) (Note A) Capitalization and Liabilities ------------------------------ Capitalization: Common stock (Note E) $70,715 $700 30 - ($730) $70,715 Other paid-in capital 47,189 1,250 - 26,378 (27,628) 47,189 Capital stock expense (1,871) - - - - (1,871) Accum other comprehensive income (365) - - - - (365) Retained earnings 67,748 (1,495) 215 11,013 (9,733) 67,748 Treasury stock (Note E) (4,234) - - - - (4,234) --------- --------- --------- --------- --------- ---------- Total common stock equity 179,182 455 245 37,391 (38,091) 179,182 --------- --------- --------- --------- --------- ---------- Cumulative preferred and preference stock (Note F) 26,054 - - - - 26,054 --------- --------- --------- --------- --------- ---------- First Mortgage bonds 73,500 - - - - 73,500 Notes payable 16,300 - - 277 - 16,577 Long-Term lease arrangements 16,141 - - - - 16,141 --------- --------- --------- --------- --------- ---------- Total long-term debt 105,941 - - 277 - 106,218 --------- --------- --------- --------- --------- ---------- Total capitalization 311,177 455 245 37,668 (38,091) 311,454 --------- --------- --------- --------- --------- ---------- Current liabilities: Notes payable - banks 37,000 0 - - - 37,000 Long-term debt - current portion 3,000 3,750 - 23 - 6,773 Accounts payable 9,758 293 - 1,538 - 11,589 Accounts payable - affiliates 12,583 3,631 91 1,207 (5,728) 11,784 Accrued interest 595 (2) - 1 - 594 Accrued Income taxes 3,021 (107) - 61 - 2,975 Other current liabilities 29,276 1,741 - 494 - 31,511 --------- --------- --------- --------- --------- ---------- Total current liabilities 95,233 9,306 91 3,324 (5,728) 102,226 --------- --------- --------- --------- --------- ---------- Accumulated deferred income taxes 41,347 (775) - 7,009 - 47,581 Deferred investment tax credits 6,754 77 - - - 6,831 Nuclear decommissioning costs 23,239 - - - - 23,239 Deferred credits 34,221 2,738 - 1,992 - 38,951 --------- --------- --------- --------- --------- ---------- 105,561 2,040 - 9,001 - 116,602 --------- --------- --------- --------- --------- ---------- Total Capitalization and Liabilities $511,971 $11,801 $336 $49,993 ($43,819) $530,282 ========= ========= ========= ========= ========= ==========
Exhibit A CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES Notes to Consolidating Financial Statements For the Year Ended December 31, 1998 Note A-Consolidation: The consolidating financial statements include the accounts of Central Vermont Public Service Corporation (CVPS), its wholly owned subsidiaries, Connecticut Valley Electric Company Inc. (CVEC), C. V. Realty, Inc., and Catamount Investment Corporation (CIC) which compose CVPS consolidated. In addition, for purposes of this SEC Form U-3A-2, the consolidating financial statements include the accounts of CVPS's affiliates, Vermont Electric Power Company, Inc. (VELCO) 56.8% owned, Vermont Electric Transmission Company, Inc. (VETCO), a wholly owned subsidiary of VELCO and Vermont Yankee Nuclear Power Corporation (VY) 31.3% owned, which constitutes total consolidated. CVPS follows the equity method of accounting for its investments in affiliates. See Note D. Note B-Income taxes: CVPS and its wholly owned subsidiaries -------------------------------------- The Company records income taxes in accordance with the Financial Accounting Standards Board's (SFAS) No. 109, "Accounting for Income Taxes," requiring an asset and liability approach to determine income tax liabilities. The Standard requires recognition of tax assets and liabilities for the cumulative effect of all temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. A valuation allowance has not been recorded, as the Company expects all deferred income tax assets will be utilized in the future. VELCO ----- VELCO records income taxes in accordance with SFAS No. 109, "Accounting for Income Taxes," requiring an asset and liability approach to determine income tax liabilities. The Standard requires recognition of tax assets and liabilities for the cumulative effect of all temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Under SFAS No. 109, additional deferred tax assets and liabilities resulting from VELCO's transmission billing calculation will be returned to, or collected from, ratepayers in future transmission billings. VELCO expects all deferred income tax assets will be utilized in the future. CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES Notes to Consolidating Financial Statements (continued) VY -- Vermont Yankee records taxes in accordance with SFAS No. 109, "Accounting for Income Taxes," requiring an asset and liability approach to determine income tax liabilities. The Standard requires recognition of tax assets and liabilities for the cumulative effect of all temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Note C-VETCO: VETCO was incorporated in 1982, and is a wholly owned subsidiary of VELCO. VETCO was formed to construct, own and operate the Vermont portion of a high voltage transmission line connecting the electric system of New England with that of Hydro Quebec, a Canadian utility. VETCO has entered into support agreements in connection with construction of the transmission line with substantially all of the New England electric utilities. The support agreements require the utilities to reimburse VETCO for all operating and capital costs of the transmission line on an unconditional and absolute basis. In return, VETCO has agreed to build, own, operate and maintain the line and to involve itself in no other activities during the term of the agreement, which extends for 30 years from the date of commercial operation of the line. These support agreements also provide for an advisory committee made up of participants to review the operations of VETCO and to make recommendations on major decisions. VETCO is obligated to follow these recommendations to the extent reasonably practical. Because these provisions of the support agreements effectively restrict VELCO's control, VELCO has not consolidated its financial information with that of VETCO and instead is accounting for its investment using the equity method. CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES Notes to Consolidating Financial Statements Note D-Investments in affiliates: CVPS accounts for investments in its affiliates by the equity method (dollars in thousands): December 31, 1998 ------------ Nuclear generating companies VY $16,969 Maine Yankee Atomic Power Company 1,578 Connecticut Yankee Atomic Power Company 2,094 Yankee Atomic Electric Company 690 Other affiliated companies: CVEC 455 C. V. Realty, Inc. 245 CIC 37,391 VELCO: Common stock 3,513 Preferred stock 1,298 ------- Total investments - CVPS 64,233 VELCO investment in VETCO 2,782 ------- Total investments 67,015 Consolidating eliminations 62,653 ------- Total consolidated $ 4,362 ======= CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES Notes to Consolidating Financial Statements Note E-Common stock: The authorized and outstanding common stock for each of the companies was as follows (dollars in thousands): December 31, 1998 ------------ CVPS: Common stock, $6 par value, authorized 19,000,000 shares; outstanding 11,785,848 shares $ 70,715 Treasury stock, at cost 324,717 shares (4,234) CVEC: Common stock, $50 par value, authorized 20,000 shares; outstanding 14,000 shares 700 C. V. Realty, Inc.: Common stock, $100 par value, authorized 500 shares; outstanding 300 shares 30 CIC: Common stock, $100 par value, authorized 10,000 shares; outstanding 1 share - VELCO: Common stock, $100 par value, Class B-authorized 92,000 shares; outstanding 60,000 shares 6,000 VETCO: Common stock, $100 par value, authorized and outstanding 10 shares 1 VY: Common stock, $100 par value, authorized 400,100 shares; outstanding 400,014 shares 40,001 Treasury stock, at cost 7,533 shares (1,130) -------- Total common stock equity 112,083 Consolidating eliminations 45,602 -------- Total consolidated $ 66,481 ======== CENTRAL VERMONT PUBLIC SERVICE CORPORATION AND ITS SUBSIDIARIES Notes to Consolidating Financial Statements Note F-Preferred and preference stock: Cumulative preferred and preference stock outstanding were as follows (dollars in thousands): December 31, 1998 ------------ CVPS: Preferred stock, $100 par value, authorized 500,000 shares Outstanding: 4.15% series, 37,856 shares $ 3,786 4.65% series, 10,000 shares 1,000 4.75% series, 17,682 shares 1,768 5.375% series, 15,000 shares 1,500 8.30% series, 180,000 shares 18,000 Preferred stock, $25 par value, authorized 1,000,000 shares; outstanding - none - Preference stock, $1 par value, authorized 1,000,000 shares; outstanding - none - VELCO: Preferred stock, $100 par value, authorized 125,000 shares; outstanding 100,000 shares 10,000 Return of capital (7,300) VY: Preferred stock, $100 par value, authorized 300,000 shares; outstanding - none - -------- Total cumulative preferred and preference stock 28,754 Consolidating eliminations 2,700 -------- Total consolidated $ 26,054 ======== EXHIBIT C --------- Organizational chart showing the relationship of each EWG or foreign utility company to associate companies in the holding-company system.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION (Name of Holding Company) 100% CATAMOUNT INVESTMENT CORPORATION 100% CATAMOUNT ENERGY CORPORATION 100% 100% 50% 100% 50% CATAMOUNT CATAMOUNT GLENNS CATAMOUNT RUPERT THETFORD GLENNS FERRY RUPERT MGMNT., CORP. FERRY MGMNT., CORP. INC. CORP. INC. 15% 49.5% 1% 49.5% 1% FIBROTHETFORD GLENNS GLENNS RUPERT RUPERT LTD. FERRY FERRY COGEN. COGEN. COGEN. COGEN. PARTNERS, PARTNERS PARTNERS, PARTNERS, LTD. LTD. LTD. LTD.
EX-27 2 FORM U-3A-2 FINANCIAL DATA SCHEDULE
OPUR3 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 1,188,023 447,031 3,983
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